SEG Partners Long/Short Equity Fund
Schedule of Investments
January 31, 2026 (Unaudited)


COMMON STOCKS - 82.2%
    
Shares
    
Value
 
Banks - 0.4%
        
Southstate Bank Corp
      
6,665
    
$
682,030
  
                       
Building Products - 0.7%
          
Fortune Brands Innovations, Inc.
      
19,472
      
1,053,435
  
                       
Commercial Services & Supplies - 1.8%
          
Rollins, Inc.
      
43,980
      
2,785,693
  
                       
Construction & Engineering - 0.8%
          
Quanta Services, Inc.
      
2,714
      
1,288,146
  
                       
Construction Materials - 5.5%
          
Martin Marietta Materials, Inc.
      
13,345
      
8,700,273
  
                       
Containers & Packaging - 2.9%
          
Packaging Corp. of America
      
20,834
      
4,636,607
  
                       
Electronic Equipment, Instruments & Components - 3.6%
          
Amphenol Corp. - Class A
      
18,489
      
2,663,895
  
CDW Corp./DE
      
13,918
      
1,759,096
  
Teledyne Technologies, Inc. (a)
      
2,054
      
1,274,096
  
               
5,697,087
  
Entertainment - 5.7%
          
Live Nation Entertainment, Inc. (a)
      
61,707
      
8,975,283
  
                       
Financial Services - 2.7%
          
Corpay, Inc. (a)
      
13,806
      
4,343,782
  
                       
Health Care Equipment & Supplies - 4.4%
          
Steris PLC
      
26,788
      
7,034,529
  
                       
Health Care Providers & Services - 4.7%
          
Labcorp Holdings, Inc.
      
27,568
      
7,485,263
  
                       
Hotels, Restaurants & Leisure - 5.0%
          
Viking Holdings Ltd. (a) (Bermuda)
      
109,428
      
7,895,230
  
                       
Household Durables - 7.5%
          
Garmin Ltd. (Switzerland)
      
12,601
      
2,540,866
  
Somnigroup International, Inc.
      
106,832
      
9,385,191
  
               
11,926,057
  
Insurance - 4.8%
          
Brown & Brown, Inc.
      
96,238
      
6,938,760
  
Cincinnati Financial Corp.
      
3,914
      
629,723
  
               
7,568,483
  
IT Services - 1.4%
          
Cloudflare, Inc. - Class A (a)
      
12,659
      
2,245,074
  
                       
Life Sciences Tools & Services - 1.7%
          
Bio-Techne Corp.
      
42,487
      
2,722,992
  
                       
Machinery - 7.5%
          
Middleby Corp. (a)
      
32,302
      
4,753,885
  
Westinghouse Air Brake Technologies Corp.
      
31,377
      
7,221,103
  
               
11,974,988
  
Metals & Mining - 0.8%
          
Newmont Corp.
      
11,465
      
1,288,093
  
                       
Real Estate Management & Development - 2.7%
          
Jones Lang LaSalle, Inc. (a)
      
12,139
      
4,344,670
  
Semiconductors & Semiconductor Equipment - 0.6%
          
Entegris, Inc.
      
7,805
      
921,536
  
                       
Software - 3.3%
          
Trimble, Inc. (a)
      
78,357
      
5,296,933
  
                       
Specialty Retail - 10.8%
          
Dick's Sporting Goods, Inc.
      
10,493
      
2,119,586
  
Signet Jewelers Ltd.
      
55,913
      
5,159,092
  
Tractor Supply Co.
      
166,154
      
8,453,916
  
Williams-Sonoma, Inc.
      
7,248
      
1,483,303
  
               
17,215,897
  
Trading Companies & Distributors - 2.9%
          
Core & Main, Inc. - Class A (a)
      
84,556
      
4,511,908
  
TOTAL COMMON STOCKS (Cost $116,067,112)
      
130,593,989
  
                       
PURCHASED OPTIONS - 2.9% (a)
  
Notional Amount
    
Contracts
    
Value
 
Call Options - 2.5%
                  
Adobe, Inc., Expiration: 01/21/2028; Exercise Price: $470.00 (b)(c)
    
146,625
      
5
      
14,050
  
Agilent Technologies, Inc., Expiration: 09/18/2026; Exercise Price: $150.00 (b)(c)
    
1,070,800
      
80
      
56,800
  
Autodesk, Inc., Expiration: 01/21/2028; Exercise Price: $330.00 (b)(c)
    
101,148
      
4
      
12,800
  
Builders FirstSource, Inc., Expiration: 01/21/2028; Exercise Price: $100.00 (b)(c)
    
251,680
      
22
      
87,890
  
CoStar Group, Inc., Expiration: 01/21/2028; Exercise Price: $75.00 (b)(c)
    
2,127,900
      
346
      
377,140
  
Entegris, Inc., Expiration: 01/21/2028; Exercise Price: $110.00 (b)(c)
    
377,824
      
32
      
124,800
  
Fortune Brands Innovations, Inc., Expiration: 01/21/2028; Exercise Price: $60.00 (b)(c)
    
1,103,640
      
204
      
214,200
  
Intuit, Inc., Expiration: 01/21/2028; Exercise Price: $820.00 (b)(c)
    
598,704
      
12
      
36,600
  
Microsoft Corp., Expiration: 03/20/2026; Exercise Price: $450.00 (b)(c)
    
1,635,102
      
38
      
32,870
  
Middleby Corp., Expiration: 06/18/2026; Exercise Price: $125.00 (b)(c)
    
103,019
      
7
      
19,495
  
Mrk Gy 12/17/27 C100, Counterparty: Over the Counter, Expiration: 12/17/2027; Exercise Price: $100.00
    
1,030,592
      
69
      
281,353
  
Newmont Corp., Expiration: 01/15/2027; Exercise Price: $65.00 (b)(c)
    
1,977,360
      
176
      
897,160
  
NIKE, Inc., Expiration: 01/21/2028; Exercise Price: $70.00 (b)(c)
    
574,833
      
93
      
92,302
  
On Holding AG, Expiration: 01/15/2027; Exercise Price: $45.00 (b)(c)
    
1,610,900
      
356
      
332,860
  
Owens Corning, Expiration: 05/15/2026; Exercise Price: $110.00 (b)(c)
    
179,760
      
15
      
24,450
  
Polaris, Inc., Expiration: 01/15/2027; Exercise Price: $40.00 (b)(c)
    
1,353,408
      
212
      
544,840
  
Salesforce, Inc. (b)(c)
                  
Expiration: 03/20/2026; Exercise Price: $230.00
    
997,763
      
47
      
32,665
  
Expiration: 01/15/2027; Exercise Price: $250.00
    
594,412
      
28
      
58,240
  
Expiration: 01/21/2028; Exercise Price: $370.00
    
594,412
      
28
      
40,110
  
ServiceNow, Inc., Expiration: 03/20/2026; Exercise Price: $130.00 (b)(c)
    
1,603,037
      
137
      
38,360
  
VF Corp., Expiration: 01/15/2027; Exercise Price: $17.50 (b)(c)
    
2,574,126
      
1,314
      
712,845
  
Workday, Inc. (b)(c)
                  
Expiration: 03/20/2026; Exercise Price: $180.00
    
597,142
      
34
      
34,510
  
Expiration: 01/21/2028; Exercise Price: $290.00
    
158,067
      
9
      
11,610
  
Total Call Options
                    
4,077,950
  
                         
Put Options - 0.4% (b)(c)
                  
Adobe, Inc., Expiration: 01/21/2028; Exercise Price: $175.00
    
381,225
      
13
      
15,535
  
Autodesk, Inc., Expiration: 01/21/2028; Exercise Price: $155.00
    
429,879
      
17
      
18,360
  
Bloom Energy Corp., Expiration: 01/15/2027; Exercise Price: $22.00
    
2,800,345
      
185
      
10,175
  
CoreWeave, Inc., Expiration: 01/15/2027; Exercise Price: $20.00
    
1,696,058
      
182
      
29,302
  
Eli Lilly & Co., Expiration: 12/18/2026; Exercise Price: $510.00
    
1,866,870
      
18
      
8,442
  
Intuit, Inc., Expiration: 01/21/2028; Exercise Price: $320.00
    
399,136
      
8
      
18,000
  
Invesco QQQ Trust Series 1, Expiration: 02/20/2026; Exercise Price: $600.00
    
9,203,676
      
148
      
77,848
  
Oklo, Inc., Expiration: 01/15/2027; Exercise Price: $20.00
    
1,353,540
      
170
      
12,665
  
Robinhood Markets, Inc., Expiration: 05/15/2026; Exercise Price: $70.00
    
3,541,488
      
356
      
93,628
  
ROBLOX Corp., Expiration: 09/18/2026; Exercise Price: $55.00
    
1,328,352
      
202
      
160,085
  
Salesforce, Inc., Expiration: 01/21/2028; Exercise Price: $140.00
    
339,664
      
16
      
17,800
  
Strategy, Inc., Expiration: 09/18/2026; Exercise Price: $240.00
    
179,652
      
12
      
120,720
  
Workday, Inc., Expiration: 01/21/2028; Exercise Price: $110.00
    
333,697
      
19
      
16,150
  
Total Put Options
                    
598,710
  
TOTAL PURCHASED OPTIONS (Cost $3,365,324)
      
4,676,660
  
                         
TOTAL INVESTMENT ASSETS - 85.1% (Cost $119,432,436)
      
135,270,649
  
Other Assets in Excess of Liabilities - 14.9%
      
23,669,563
  
TOTAL NET ASSETS - 100.0%
                  
$
158,940,212
  
           
Percentages are stated as a percent of net assets.
          
   
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  

PLC - Public Limited Company

(a)
Non-income producing security.
(b)
Exchange-traded.
(c)
100 shares per contract.
   
All securities are United States companies, unless noted otherwise in parentheses.


SEG Partners Long/Short Equity Fund
Schedule of Investments (continued)
Securities Sold Short
January 31, 2026 (Unaudited)
 

COMMON STOCKS - (56.4)%
  
Shares
    
Value
  
Aerospace & Defense - (0.5)%
            
Axon Enterprise, Inc.
    
(903
)
  
$
(436,673
)
Boeing Co.
    
(1,246
)
    
(291,215
)
             
(727,888
)
Air Freight & Logistics - (1.1)%
                
United Parcel Service, Inc. - Class B
    
(16,271
)
    
(1,728,306
)
 
Automobiles - (1.7)%
                
Ferrari NV (Italy)
    
(967
)
    
(322,175
)
Mercedes-Benz Group AG (Germany)
    
(9,060
)
    
(622,876
)
Tesla, Inc.
    
(4,223
)
    
(1,817,622
)
             
(2,762,673
)
Beverages - (1.7)%
                
Anheuser-Busch InBev SA/NV - ADR (Belgium)
    
(14,223
)
    
(1,019,504
)
Coca-Cola Co.
    
(13,486
)
    
(1,008,888
)
PepsiCo, Inc.
    
(3,897
)
    
(598,696
)
             
(2,627,088
)
Building Products - (0.8)%
                
A O Smith Corp.
    
(10,729
)
    
(788,474
)
Lennox International, Inc.
    
(989
)
    
(489,634
)
             
(1,278,108
)
Capital Markets - (3.8)%
                
Ares Management Corp. - Class A
    
(4,660
)
    
(697,462
)
Blackstone, Inc.
    
(16,463
)
    
(2,344,660
)
FactSet Research Systems, Inc.
    
(1,821
)
    
(463,189
)
Interactive Brokers Group, Inc. - Class A
    
(19,736
)
    
(1,477,832
)
T Rowe Price Group, Inc.
    
(10,145
)
    
(1,072,124
)
             
(6,055,267
)
Chemicals - (0.8)%
                
International Flavors & Fragrances, Inc.
    
(18,733
)
    
(1,307,751
)
 
Commercial Services & Supplies - (0.9)%
                
Copart, Inc.
    
(36,735
)
    
(1,490,706
)
 
Construction & Engineering - (0.4)%
                
Comfort Systems USA, Inc.
    
(595
)
    
(679,550
)
 
Consumer Staples Distribution & Retail - (1.4)%
                
Alimentation Couche-Tard, Inc. (Canada)
    
(17,240
)
    
(901,881
)
Walmart, Inc.
    
(11,230
)
    
(1,337,942
)
             
(2,239,823
)
Diversified Consumer Services - (0.4)%
                
Duolingo, Inc.
    
(4,138
)
    
(554,740
)
 
Electrical Equipment - (1.7)%
                
Bloom Energy Corp. - Class A
    
(1,513
)
    
(229,023
)
Generac Holdings, Inc.
    
(6,509
)
    
(1,093,772
)
nVent Electric PLC (United Kingdom)
    
(8,293
)
    
(930,972
)
Sensata Technologies Holding PLC
    
(14,090
)
    
(487,373
)
             
(2,741,140
)
Entertainment - (1.6)%
                
ROBLOX Corp. - Class A
    
(27,730
)
    
(1,823,525
)
TKO Group Holdings, Inc.
    
(3,288
)
    
(666,083
)
             
(2,489,608
)
Financials - (0.4)%
                
Citigroup, Inc.
    
(5,006
)
    
(579,244
)
Food Products - (0.7)%
            
Mondelez International, Inc. - Class A
    
(18,584
)
    
(1,086,606
)
 
Ground Transportation - (0.2)%
                
Ryder System, Inc.
    
(1,753
)
    
(335,314
)
 
Health Care Equipment & Supplies - (0.8)%
                
Becton Dickinson & Co.
    
(3,705
)
    
(753,893
)
Dexcom, Inc.
    
(7,845
)
    
(572,999
)
             
(1,326,892
)
Health Care Providers & Services - (1.4)%
                
DaVita, Inc.
    
(10,830
)
    
(1,184,152
)
UnitedHealth Group, Inc.
    
(3,759
)
    
(1,078,570
)
             
(2,262,722
)
Hotels, Restaurants & Leisure - (6.2)%
                
Airbnb, Inc. - Class A
    
(14,835
)
    
(1,919,204
)
Brinker International, Inc.
    
(4,450
)
    
(701,854
)
Carnival Corp.
    
(18,544
)
    
(556,691
)
Dutch Bros, Inc. - Class A
    
(16,469
)
    
(895,749
)
Norwegian Cruise Line Holdings Ltd.
    
(21,453
)
    
(471,108
)
Restaurant Brands International, Inc.
    
(11,242
)
    
(753,102
)
Royal Caribbean Cruises Ltd.
    
(2,541
)
    
(824,936
)
Starbucks Corp.
    
(30,172
)
    
(2,774,315
)
Yum China Holdings, Inc. (China)
    
(18,706
)
    
(924,450
)
             
(9,821,409
)
Household Products - (0.6)%
                
Procter & Gamble Co.
    
(5,819
)
    
(883,150
)
 
Industrial Conglomerates - (0.4)%
                
Honeywell International, Inc.
    
(2,806
)
    
(638,421
)
 
Insurance - (2.5)%
                
Arthur J Gallagher & Co.
    
(5,172
)
    
(1,289,742
)
Progressive Corp.
    
(9,624
)
    
(2,001,792
)
Selective Insurance Group, Inc.
    
(7,112
)
    
(597,977
)
             
(3,889,511
)
IT Services - (3.2)%
                
Accenture PLC - Class A (Ireland)
    
(6,406
)
    
(1,688,878
)
CoreWeave, Inc. - Class A
    
(12,346
)
    
(1,150,524
)
Gartner, Inc.
    
(10,958
)
    
(2,296,906
)
             
(5,136,308
)
Life Sciences Tools & Services - (0.3)%
                
Revvity, Inc.
    
(4,437
)
    
(482,746
)
 
Machinery - (3.1)%
                
Dover Corp.
    
(4,336
)
    
(873,661
)
Illinois Tool Works, Inc.
    
(3,703
)
    
(967,446
)
Oshkosh Corp.
    
(6,716
)
    
(965,895
)
PACCAR, Inc.
    
(7,131
)
    
(876,471
)
Snap-on, Inc.
    
(3,380
)
    
(1,237,452
)
             
(4,920,925
)
Media - (1.9)%
                
Omnicom Group, Inc.
    
(38,500
)
    
(2,966,040
)
 
Oil, Gas & Consumable Fuels - (3.3)%
                
Texas Pacific Land Corp.
    
(15,244
)
    
(5,310,400
)
 
Passenger Airlines - (0.3)%
                
United Airlines Holdings, Inc.
    
(4,888
)
    
(500,140
)
 
Personal Care Products - (0.7)%
                
L'Oreal SA (France)
    
(2,530
)
    
(1,164,803
)
 
Pharmaceuticals - (0.9)%
                
Novo Nordisk AS (Denmark)
    
(24,683
)
    
(1,453,132
)
 
Professional Services - (3.1)%
            
Automatic Data Processing, Inc.
    
(14,831
)
    
(3,660,587
)
Booz Allen Hamilton Holding Corp.
    
(6,587
)
    
(582,423
)
FTI Consulting, Inc.
    
(4,199
)
    
(733,439
)
             
(4,976,449
)
Real Estate Management & Development - (0.5)%
                
Zillow Group, Inc. - Class C
    
(13,397
)
    
(844,413
)
 
Semiconductors & Semiconductor Equipment - (1.5)%
                
Infineon Technologies AG (Germany)
    
(20,178
)
    
(998,842
)
ON Semiconductor Corp.
    
(23,713
)
    
(1,420,172
)
             
(2,419,014
)
Software - (2.5)%
                
Bentley Systems, Inc. - Class B
    
(16,352
)
    
(574,282
)
Oracle Corp.
    
(12,015
)
    
(1,977,429
)
Palantir Technologies, Inc. - Class A
    
(2,678
)
    
(392,568
)
Procore Technologies, Inc.
    
(5,478
)
    
(309,452
)
Tyler Technologies, Inc.
    
(1,919
)
    
(708,879
)
             
(3,962,610
)
Specialty Retail - (3.4)%
                
AutoZone, Inc.
    
(1,146
)
    
(4,245,117
)
Burlington Stores, Inc.
    
(1,920
)
    
(568,051
)
Wayfair, Inc. - Class A
    
(5,633
)
    
(582,959
)
             
(5,396,127
)
Textiles, Apparel & Luxury Goods - (0.2)%
                
Tapestry, Inc.
    
(2,475
)
    
(314,102
)
 
Trading Companies & Distributors - (1.5)%
                
SiteOne Landscape Supply, Inc.
    
(6,030
)
    
(865,546
)
Watsco, Inc.
    
(3,130
)
    
(1,209,588
)
WESCO International, Inc.
    
(892
)
    
(258,172
)
             
(2,333,306
)
TOTAL COMMON STOCKS (Proceeds $92,446,335)
            
(89,686,432
)
                 
REAL ESTATE INVESTMENT TRUSTS - (1.2)%
  
Shares
    
Value
  
Specialized REITs - (1.2)%
                
Iron Mountain, Inc.
    
(20,860
)
    
(1,921,832
)
TOTAL REAL ESTATE INVESTMENT TRUSTS (Proceeds $1,841,192)
          
$
(1,921,832
)
                 
TOTAL SECURITIES SOLD SHORT - (57.6)% (Proceeds $94,287,527)
          $
 (91,608,264 )

Percentages are stated as a percent of net assets.
    
     
The Global Industry AE") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial AE is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
 
ADR - American Depositary Receipt
    
PLC - Public Limited Company
    
     
All securities are United States companies, unless noted otherwise in parentheses.
    


SEG Partners Long/Short Equity Fund
Schedule of Investments (continued)
Total Return Swap Contracts
January 31, 2026 (Unaudited)

Reference Entity
  
Counterparty
  
Long/Short
  
Pay/Receive
Reference Entity
    
Financing Rate
    
Maturity Date
    
Notional Amount
    
Value/Unrealized Appreciation (Depreciation)
  
Footnotes
Aritzia, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
05/04/2026-08/05/2026
    
$
2,217,330
    
$
1,054,223
    
Assurant, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
12/14/2026-02/03/2027
      
2,099,592
      
79,603
    
Azenta, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/09/2027-02/23/2027
      
203,964
      
6,654
    
BJ's Wholesale Club Holdings, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
12/25/2026
      
2,089,884
      
34,058
    
Brunello Cucinelli SpA
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
10/27/2026-03/02/2027
      
284,878
      
6,465
    
BWX Technologies, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
08/18/2026-02/03/2027
      
2,461,051
      
445,226
    
CAE, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
05/04/2026-02/03/2027
      
2,185,769
      
294,209
    
Casey's General Stores, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
05/04/2026-02/03/2027
      
1,226,950
      
199,027
    
CH Robinson Worldwide, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
11/17/2026-02/03/2027
      
6,571,765
      
1,535,760
    
Clean Harbors, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
05/04/2026-02/03/2027
      
2,834,059
      
408,522
    
Crane Co.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
05/04/2026-01/05/2027
      
2,280,078
      
291,512
    
EMCOR Group, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
05/04/2026-02/03/2027
      
5,698,812
      
1,923,963
    
ESCO Technologies, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
12/25/2026-02/03/2027
      
279,965
      
25,221
    
GSCBOZVT
  
Goldman Sachs
  
Short
  
Pay
    
EFFR + (0.35)-(0.33)%
    
12/29/2026-01/12/2027
      
(7,719,118
)
    
275,058
  
 (a)
Hubbell, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/09/2027-03/01/2027
      
1,942,001
      
29,128
    
ITT, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
05/04/2026-02/03/2027
      
8,394,550
      
2,051,620
    
JPSEETRS
  
J.P. Morgan Securities, Inc.
  
Short
  
Pay
    
EFFR + 0.20%
    
02/15/2027
      
(1,050,849
)
    
116,023
  
 (a)
Lamar Advertising Co.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
09/22/2026-01/13/2027
      
1,133,875
      
31,133
    
Lindblad Expeditions Holdings, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/17/2027-03/02/2027
      
83,783
      
2,196
    
Markel Group, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
05/04/2026-12/01/2026
      
7,966,659
      
397,581
    
MLSEAIVC
  
Bank of America Securities, Inc.
  
Short
  
Pay
    
EFFR + (0.20)%
    
11/09/2026-02/03/2027
      
(1,169,215
)
    
104,596
  
 (a)
MLSEHYPE
  
Bank of America Securities, Inc.
  
Short
  
Pay
    
EFFR + (0.20)%
    
01/22/2027
      
(1,385,577
)
    
48,763
  
 (a)
Moog, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/23/2027-03/02/2027
      
747,802
      
16,709
    
Nasdaq, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
07/01/2026-02/03/2027
      
5,062,503
      
323,933
    
On Holding AG
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
12/11/2026-12/29/2026
      
1,422,796
      
182,660
    
Polaris, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
05/04/2026-11/03/2026
      
884,439
      
324,778
    
Pop Mart International Group Ltd.
  
Bank of America Securities, Inc.
  
Short
  
Pay
    
EFFR + (0.35)%
    
10/23/2026-11/03/2026
      
(698,884
)
    
170,408
  
 (a)
QXO, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
09/23/2026-02/03/2027
      
1,877,870
      
242,331
    
Service Corp. International/US
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
09/01/2026-02/03/2027
      
837,357
      
25,201
    
Simpson Manufacturing Co., Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
12/22/2026-02/03/2027
      
909,710
      
52,666
    
St Joe Co.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
07/07/2026-02/08/2027
      
1,995,298
      
418,862
    
TransDigm Group, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/09/2027-02/17/2027
      
1,773,005
      
27,319
    
UBSEAISB
  
UBS
  
Short
  
Pay
    
EFFR + (0.20)%
    
03/02/2027
      
(2,393,768
)
    
95,455
  
 (a)
UBSEPCSB
  
UBS
  
Short
  
Pay
    
EFFR + (0.15)%
    
01/25/2027-02/03/2027
      
(1,426,620
)
    
56,208
  
 (a)
United States Lime & Minerals, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
05/04/2026-09/01/2026
      
924,947
      
185,451
    
Watches of Switzerland Group PLC
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
05/05/2026-02/22/2027
      
1,344,024
      
289,400
    
White Mountains Insurance Group Ltd.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
05/04/2026-11/30/2026
      
848,646
      
30,040
    
                                       
11,801,960
    
                                                     
Reference Entity
  
Counterparty
  
Long/Short
  
Pay/Receive
Reference Entity
    
Financing Rate
    
Maturity Date
    
Notional Amount
    
Value/Unrealized Appreciation (Depreciation)
  
Footnotes
Assurant, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
01/20/2027-01/26/2027
    
$
294,805
    
$
(2,831
)
  
Azenta, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/17/2027
      
132,270
      
(303
)
  
Bio-Rad Laboratories, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/15/2027-02/23/2027
      
410,593
      
(36,300
)
  
Brunello Cucinelli SpA
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
05/06/2026-02/24/2027
      
3,977,934
      
(817,634
)
  
BWX Technologies, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
12/01/2026
      
228,233
      
(12,829
)
  
CAE, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/23/2027
      
236,359
      
(7,079
)
  
Crane Co.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
08/04/2026-03/02/2027
      
415,323
      
(15,731
)
  
EMCOR Group, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
12/01/2026
      
374,780
      
(28,281
)
  
GSCBCORD
  
Goldman Sachs
  
Short
  
Pay
    
EFFR + (0.15)%
    
12/01/2026-03/01/2027
      
(1,412,405
)
    
(85,070
)
 (a)
GSCBOZVT
  
Goldman Sachs
  
Short
  
Pay
    
EFFR + (0.33)%
    
02/03/2027
      
(523,985
)
    
(4,876
)
 (a)
GSCBSCHN
  
Goldman Sachs
  
Short
  
Pay
    
EFFR + (0.20)%
    
02/09/2027
      
(979,134
)
    
(44,164
)
 (a)
GSCBSLTC
  
Goldman Sachs
  
Short
  
Pay
    
EFFR + (0.33)%
    
11/17/2026-02/03/2027
      
(261,455
)
    
(11,544
)
 (a)
Hubbell, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
03/02/2027
      
647,008
      
(241
)
  
Intel Corp.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
03/02/2027
      
1,580,073
      
(47,488
)
  
JPSEFLAG
  
J.P. Morgan Securities, Inc.
  
Short
  
Pay
    
EFFR + 0.20%
    
12/07/2026
      
(7,541,184
)
    
(151,904
)
 (a)
Kirby Corp.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/09/2027-03/02/2027
      
695,959
      
(36,319
)
  
Lamar Advertising Co.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/17/2027-02/23/2027
      
243,661
      
(6,374
)
  
Liberty Media Corp.-Liberty Formula One
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/17/2027-03/02/2027
      
1,673,221
      
(52,987
)
  
Markel Group, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
09/01/2026-02/03/2027
      
461,185
      
(23,430
)
  
MLSEHYPE
  
Bank of America Securities, Inc.
  
Short
  
Pay
    
EFFR + (0.20)%
    
02/03/2027
      
(124,658
)
    
(1,380
)
 (a)
Morningstar, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/17/2027
      
4,288,956
      
(321,453
)
  
MSSEALCO
  
Morgan Stanley
  
Short
  
Pay
    
EFFR + (0.15)%
    
01/25/2027-02/10/2027
      
(1,431,089
)
    
(69,423
)
 (a)
Nasdaq, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
08/31/2026-09/09/2026
      
671,545
      
(2,725
)
  
On Holding AG
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
01/05/2027-02/23/2027
      
1,382,116
      
(63,318
)
  
Paychex, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
12/25/2026-02/03/2027
      
6,610,736
      
(447,306
)
  
Perimeter Solutions, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
01/18/2027-02/03/2027
      
91,080
      
(7,351
)
  
Polaris, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/03/2027
      
163,941
      
(2,938
)
  
Pop Mart International Group Ltd.
  
Bank of America Securities, Inc.
  
Short
  
Pay
    
EFFR + (0.35)%
    
11/09/2026-02/17/2027
      
(497,665
)
    
(30,957
)
 (a)
Service Corp. International/US
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
05/04/2026-02/23/2027
      
5,836,403
      
(178,276
)
  
Simpson Manufacturing Co., Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/17/2027
      
148,495
      
(7,108
)
  
TransDigm Group, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
02/23/2027-03/02/2027
      
729,473
      
(5,773
)
  
UBSECFRA
  
UBS
  
Short
  
Pay
    
EFFR + (0.20)%
    
02/23/2027
      
(675,124
)
    
(5,209
)
 (a)
UBSEPCSB
  
UBS
  
Short
  
Pay
    
EFFR + (0.15)%
    
02/23/2027
      
(165,805
)
    
(2,513
)
 (a)
United States Lime & Minerals, Inc.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40-0.50%
    
11/03/2026-02/08/2027
      
184,893
      
(6,341
)
  
White Mountains Insurance Group Ltd.
  
Goldman Sachs
  
Long
  
Receive
    
EFFR + 0.40%
    
01/25/2027
      
77,707
      
(2,060
)
  
                                     
$
(2,539,516
)
  
Net Unrealized Appreciation (Depreciation)                                 $
 9,262,444    
                                                     
There are no upfront payments or receipts associated with total return swaps in the Fund as of January 31, 2026.
                                                     
EFFR - Effective Federal Funds Rate was 3.64% as of January 31, 2026.
                             
                                                     
Payment frequency is at the applicable maturity date.
                                    
                                                     
(a) The fund receives the total return on a portfolio of short equity positions.
                      
                                                     
                                                     
The following tables represent disclosures associated with a subset of the underlying components of the total return basket swap contract as of period end:

GSCBOZVT
                        
Reference Entity
  
Shares
    
Notional Value
    
Net Unrealized Appreciation (Depreciation)
    
Percentage of
Swap Value
  
ABBOTT LABORATORIES
    
(3,231
)
  
$
(353,172
)
  
$
39,964
      
14.8
%
AMCOR PLC
    
(5,613
)
    
(248,390
)
    
(199,168
)
    
(73.7
)%
BOSTON SCIENTIFIC CORP
    
(2,469
)
    
(230,931
)
    
2,859
      
1.1
%
CELSIUS HOLDINGS INC
    
(1,879
)
    
(98,620
)
    
(33,769
)
    
(12.5
)%
CHEESECAKE FACTORY INC/THE
    
(2,119
)
    
(122,836
)
    
(20,756
)
    
(7.7
)%
COCA-COLA CONSOLIDATED INC
    
(3,122
)
    
(474,729
)
    
(119,845
)
    
(44.4
)%
DAVITA INC
    
(4,283
)
    
(468,339
)
    
156,206
      
57.8
%
DEXCOM INC
    
(6,390
)
    
(466,753
)
    
10,009
      
3.7
%
DOMINO'S PIZZA INC
    
(381
)
    
(156,411
)
    
16,759
      
6.2
%
EDWARDS LIFESCIENCES CORP
    
(3,358
)
    
(273,175
)
    
(24,672
)
    
(9.1
)%
GENERAL MILLS INC
    
(4,251
)
    
(196,635
)
    
16,227
      
6.0
%
HERSHEY CO/THE
    
(3,594
)
    
(700,016
)
    
(79,645
)
    
(29.5
)%
HIMS & HERS HEALTH INC
    
(4,695
)
    
(127,175
)
    
36,432
      
13.5
%
INSPIRE MEDICAL SYSTEMS INC
    
(1,597
)
    
(121,007
)
    
103,984
      
38.5
%
INSULET CORP
    
(1,677
)
    
(429,064
)
    
25,514
      
9.4
%
KEURIG DR PEPPER INC
    
(7,790
)
    
(213,757
)
    
44,034
      
16.3
%
KRAFT HEINZ CO/THE
    
(16,667
)
    
(395,674
)
    
93,668
      
34.7
%
MCDONALD'S CORP
    
(753
)
    
(237,188
)
    
(13,686
)
    
(5.1
)%
MEDTRONIC PLC
    
(3,992
)
    
(411,012
)
    
(62,695
)
    
(23.2
)%
MERIT MEDICAL SYSTEMS INC
    
(935
)
    
(75,811
)
    
14,556
      
5.4
%
MONDELEZ INTERNATIONAL INC-A
    
(7,609
)
    
(444,879
)
    
56,386
      
20.9
%
MONSTER BEVERAGE CORP
    
(5,533
)
    
(446,833
)
    
(130,288
)
    
(48.2
)%
PEPSICO INC
    
(2,010
)
    
(308,776
)
    
(31,100
)
    
(11.5
)%
RESMED INC
    
(2,348
)
    
(606,556
)
    
(39,919
)
    
(14.8
)%
RESTAURANT BRANDS INTERN
    
(3,983
)
    
(266,834
)
    
7,213
      
2.7
%
SONOCO PRODUCTS CO
    
(2,942
)
    
(141,211
)
    
2,170
      
0.8
%
WENDY'S CO/THE
    
(10,892
)
    
(84,847
)
    
48,362
      
17.9
%
YUM! BRANDS INC
    
(884
)
    
(137,474
)
    
(8,930
)
    
(3.3
)%
                                 
JPSEFLAG
                                
Reference Entity
  
Shares
    
Notional Value
    
Net Unrealized Appreciation (Depreciation)
    
Percentage of
Swap Value
  
AAON INC
    
(2,783
)
  
$
(253,419
)
  
$
10,644
      
(7.0
)%
AIR PRODUCTS & CHEMICALS INC
    
(1,472
)
    
(401,014
)
    
(9,715
)
    
6.4
%
ALIGNMENT HEALTHCARE INC
    
(5,302
)
    
(119,445
)
    
(26,653
)
    
17.5
%
BRUKER CORP
    
(11,394
)
    
(504,652
)
    
(97,546
)
    
64.2
%
CADENCE DESIGN SYS INC
    
(665
)
    
(197,176
)
    
30,943
      
(20.4
)%
CHIME FINANCIAL INC-CL A
    
(19,266
)
    
(489,744
)
    
(91,200
)
    
60.0
%
CINTAS CORP
    
(535
)
    
(102,383
)
    
2,303
      
(1.5
)%
CNH INDUSTRIAL NV
    
(718
)
    
(7,727
)
    
(97
)
    
0.1
%
COCA-COLA CO/THE
    
(5,498
)
    
(411,332
)
    
(27,124
)
    
17.9
%
COGENT COMMUNICATIONS HOLDIN
    
(4,879
)
    
(118,550
)
    
79,482
      
(52.3
)%
CONSTRUCTION PARTNERS INC-A
    
(3,268
)
    
(359,099
)
    
34,563
      
(22.8
)%
DELL TECHNOLOGIES -C
    
(755
)
    
(86,414
)
    
33,278
      
(21.9
)%
EATON CORP PLC
    
(380
)
    
(133,611
)
    
8,518
      
(5.6
)%
EMERSON ELECTRIC CO
    
(107
)
    
(15,790
)
    
(1,571
)
    
1.0
%
FLUOR CORP
    
(382
)
    
(17,651
)
    
(882
)
    
0.6
%
GENEDX HOLDINGS CORP
    
(516
)
    
(49,627
)
    
13,984
      
(9.2
)%
HENRY SCHEIN INC
    
(2,816
)
    
(212,540
)
    
(28,707
)
    
18.9
%
HERSHEY CO/THE
    
(1,565
)
    
(304,777
)
    
(1,245
)
    
0.8
%
JACK HENRY & ASSOCIATES INC
    
(890
)
    
(159,459
)
    
(24,650
)
    
16.2
%
KODIAK GAS SERVICES INC
    
(4,892
)
    
(205,525
)
    
(31,655
)
    
20.8
%
MODINE MANUFACTURING CO
    
(2,643
)
    
(488,103
)
    
(88,495
)
    
58.3
%
MONSTER BEVERAGE CORP
    
(2,196
)
    
(177,326
)
    
(25,158
)
    
16.6
%
PALO ALTO NETWORKS INC
    
(302
)
    
(53,370
)
    
11,213
      
(7.4
)%
PLANET FITNESS INC - CL A
    
(382
)
    
(34,732
)
    
2,291
      
(1.5
)%
RTX CORP
    
(308
)
    
(61,819
)
    
(9,963
)
    
6.6
%
RUBRIK INC-A
    
(5,109
)
    
(285,861
)
    
134,539
      
(88.6
)%
SHARPLINK GAMING INC
    
(17,428
)
    
(154,763
)
    
141,042
      
(92.8
)%
SILGAN HOLDINGS INC
    
(5,087
)
    
(219,512
)
    
(1,299
)
    
0.9
%
SITEONE LANDSCAPE SUPPLY INC
    
(694
)
    
(99,655
)
    
(14,774
)
    
9.7
%
SNOWFLAKE INC
    
(229
)
    
(44,165
)
    
12,557
      
(8.3
)%
THE CAMPBELL'S COMPANY
    
(11,434
)
    
(319,927
)
    
29,483
      
(19.4
)%
UNIVERSAL DISPLAY CORP
    
(1,776
)
    
(203,900
)
    
46,042
      
(30.3
)%
VALVOLINE INC
    
(1,705
)
    
(55,790
)
    
2,228
      
(1.5
)%
WATERS CORP
    
(1,240
)
    
(459,658
)
    
(46,525
)
    
30.6
%
WATSCO INC
    
(1,005
)
    
(388,379
)
    
1,812
      
(1.2
)%
WORKIVA INC
    
(4,609
)
    
(354,982
)
    
49,474
      
(32.6
)%
                                 
UBSEAISB
                                
Reference Entity
  
Shares
    
Notional Value
    
Net Unrealized Appreciation (Depreciation)
    
Percentage of
Swap Value
  
ADVANCED ENERGY INDUSTRIES
    
(176
)
  
$
(44,918
)
  
$
(6,719
)
    
(7.0
)%
ADVANCED MICRO DEVICES
    
(145
)
    
(34,213
)
    
(1,237
)
    
(1.3
)%
AMKOR TECHNOLOGY INC
    
(1,086
)
    
(52,476
)
    
(9,232
)
    
(9.7
)%
APPLIED MATERIALS INC
    
(162
)
    
(52,306
)
    
(10,717
)
    
(11.2
)%
ARISTA NETWORKS INC
    
(277
)
    
(39,312
)
    
(2,924
)
    
(3.1
)%
ASTERA LABS INC
    
(237
)
    
(35,727
)
    
584
      
0.6
%
BLOOM ENERGY CORP- A
    
(295
)
    
(44,708
)
    
(12,463
)
    
(13.1
)%
BROADCOM INC
    
(105
)
    
(34,898
)
    
2,305
      
2.4
%
CELESTICA INC
    
(153
)
    
(42,934
)
    
(547
)
    
(0.6
)%
CENTRUS ENERGY CORP-CLASS A
    
(136
)
    
(37,777
)
    
(2,496
)
    
(2.6
)%
COMFORT SYSTEMS USA INC
    
(38
)
    
(43,902
)
    
(6,716
)
    
(7.0
)%
COMSTOCK RESOURCES INC
    
(1,484
)
    
(36,136
)
    
(801
)
    
(0.8
)%
CONSTRUCTION PARTNERS INC-A
    
(335
)
    
(36,838
)
    
(394
)
    
(0.4
)%
CORNING INC
    
(420
)
    
(43,407
)
    
(6,626
)
    
(6.9
)%
CREDO TECHNOLOGY GROUP HOLDI
    
(233
)
    
(29,229
)
    
5,560
      
5.8
%
D-WAVE QUANTUM INC
    
(1,418
)
    
(30,087
)
    
6,222
      
6.5
%
DYCOM INDUSTRIES INC
    
(127
)
    
(46,191
)
    
(3,989
)
    
(4.2
)%
FABRINET
    
(84
)
    
(40,961
)
    
(2,921
)
    
(3.1
)%
FLEX LTD
    
(595
)
    
(37,499
)
    
305
      
0.3
%
GE VERNOVA INC
    
(65
)
    
(47,191
)
    
(6,055
)
    
(6.3
)%
IES HOLDINGS INC
    
(96
)
    
(36,545
)
    
3,625
      
3.8
%
IONQ INC
    
(738
)
    
(29,510
)
    
6,750
      
7.1
%
IREN LTD
    
(672
)
    
(36,110
)
    
(5,033
)
    
(5.3
)%
KLA CORP
    
(31
)
    
(44,453
)
    
(5,910
)
    
(6.2
)%
LAM RESEARCH CORP
    
(232
)
    
(54,128
)
    
(15,451
)
    
(16.2
)%
LUMENTUM HOLDINGS INC
    
(147
)
    
(57,775
)
    
(12,785
)
    
(13.4
)%
MACOM TECHNOLOGY SOLUTIONS H
    
(219
)
    
(47,962
)
    
(8,939
)
    
(9.4
)%
MARA HOLDINGS INC
    
(2,597
)
    
(24,675
)
    
5,261
      
5.5
%
MARVELL TECHNOLOGY INC
    
(419
)
    
(33,063
)
    
3,126
      
3.3
%
MASTEC INC
    
(188
)
    
(45,105
)
    
(4,951
)
    
(5.2
)%
MICRON TECHNOLOGY INC
    
(153
)
    
(63,391
)
    
(22,838
)
    
(23.9
)%
MKS INC
    
(244
)
    
(57,501
)
    
(17,787
)
    
(18.6
)%
MONOLITHIC POWER SYSTEMS INC
    
(39
)
    
(44,016
)
    
(6,377
)
    
(6.7
)%
NEBIUS GROUP NV
    
(397
)
    
(33,783
)
    
2,327
      
2.4
%
NOVA LTD
    
(120
)
    
(54,919
)
    
(15,436
)
    
(16.2
)%
NRG ENERGY INC
    
(222
)
    
(33,826
)
    
2,427
      
2.5
%
NVENT ELECTRIC PLC
    
(336
)
    
(37,688
)
    
(2,081
)
    
(2.2
)%
NVIDIA CORP
    
(193
)
    
(36,919
)
    
(1,433
)
    
(1.5
)%
OKLO INC
    
(337
)
    
(26,810
)
    
4,933
      
5.2
%
ORACLE CORP
    
(165
)
    
(27,148
)
    
6,395
      
6.7
%
PRIMORIS SERVICES CORP
    
(304
)
    
(45,082
)
    
(6,576
)
    
(6.9
)%
PURE STORAGE INC - CLASS A
    
(423
)
    
(29,387
)
    
2,869
      
3.0
%
RAMBUS INC
    
(366
)
    
(41,678
)
    
(5,823
)
    
(6.1
)%
RIGETTI COMPUTING INC
    
(1,322
)
    
(24,030
)
    
9,557
      
10.0
%
SEAGATE TECHNOLOGY HOLDINGS
    
(132
)
    
(53,861
)
    
(15,500
)
    
(16.2
)%
SEMTECH CORP
    
(522
)
    
(41,638
)
    
(3,929
)
    
(4.1
)%
SITIME CORP
    
(122
)
    
(44,437
)
    
(3,283
)
    
(3.4
)%
STERLING INFRASTRUCTURE INC
    
(98
)
    
(35,174
)
    
(2,625
)
    
(2.8
)%
SUPER MICRO COMPUTER INC
    
(987
)
    
(28,739
)
    
4,439
      
4.7
%
SYMBOTIC INC
    
(593
)
    
(32,249
)
    
3,698
      
3.9
%
TALEN ENERGY CORP
    
(102
)
    
(35,514
)
    
1,783
      
1.9
%
TEXAS PACIFIC LAND CORP
    
(112
)
    
(38,905
)
    
6,869
      
7.2
%
TTM TECHNOLOGIES
    
(531
)
    
(52,129
)
    
(13,193
)
    
(13.8
)%
UBIQUITI INC
    
(64
)
    
(35,276
)
    
591
      
0.6
%
URANIUM ENERGY CORP
    
(3,038
)
    
(52,378
)
    
(12,526
)
    
(13.1
)%
VERTIV HOLDINGS CO-A
    
(216
)
    
(40,178
)
    
(3,074
)
    
(3.2
)%
VISTRA CORP
    
(210
)
    
(33,247
)
    
2,692
      
2.8
%
WESCO INTERNATIONAL INC
    
(140
)
    
(40,560
)
    
(3,683
)
    
(3.9
)%
WESTERN DIGITAL CORP
    
(225
)
    
(56,374
)
    
(16,316
)
    
(17.1
)%
                                 
                                 
UBSEPCSB
                                
Reference Entity
  
Shares
    
Notional Value
    
Net Unrealized Appreciation (Depreciation)
    
Percentage of
Swap Value
  
ALLSTATE CORP
    
(4,375
)
  
$
(870,482
)
  
$
(12,963
)
    
(24.1
)%
CNA FINANCIAL CORP
    
(756
)
    
(36,176
)
    
(1,625
)
    
(3.0
)%
HANOVER INSURANCE GROUP INC
    
(1,051
)
    
(182,971
)
    
(5,726
)
    
(10.7
)%
KEMPER CORP
    
(2,702
)
    
(106,485
)
    
40,458
      
75.3
%
LEMONADE INC
    
(700
)
    
(60,707
)
    
(21,660
)
    
(40.3
)%
MERCURY GENERAL CORP
    
(1,290
)
    
(112,986
)
    
(17,542
)
    
(32.7
)%
PROASSURANCE CORP
    
(1,448
)
    
(35,066
)
    
(549
)
    
(1.0
)%
SAFETY INSURANCE GROUP INC
    
(225
)
    
(17,712
)
    
(1,095
)
    
(2.0
)%
SELECTIVE INSURANCE GROUP
    
(1,995
)
    
(167,756
)
    
(4,667
)
    
(8.7
)%


Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)
 
SEG Partners Long/Short Equity Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of January 31, 2026:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
130,593,989
    
$
–
    
$
–
    
$
130,593,989
  
  Purchased Options
    
4,676,660
      
–
      
–
      
4,676,660
  
Total Investment Assets
  
$
135,270,649
    
$
–
    
$
–
    
$
135,270,649
  
  Equity Swaps*
  
$
–
    
$
11,801,960
    
$
–
    
$
11,801,960
  
Total Assets at Fair Value
  
$
–
    
$
11,801,960
    
$
–
    
$
11,801,960
  
                                 
Liabilities:
                                
Investments:
                                
  Common Stocks
  
$
(89,686,432
)
  
$
–
    
$
–
    
$
(89,686,432
)
  Real Estate Investment Trusts
    
(1,921,832
)
    
–
      
–
      
(1,921,832
)
Total Investment Liabilities
  
$
(91,608,264
)
  
$
–
    
$
–
    
$
(91,608,264
)
  Equity Swaps*
  
$
–
    
$
(2,539,516
)
  
$
–
    
$
(2,539,516
)
Total Liabilities at Fair Value
  
$
–
    
$
(2,539,516
)
  
$
–
    
$
(2,539,516
)
   
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of January 31, 2026.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.