Beck
Mack
+
Oliver
Partners
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
June
30,
2026
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
June
30,
2026.
The
Fund
has
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
the
various
“inputs”
used
to
determine
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
–
quoted
prices
in
active
markets
for
identical
assets
Level
2
–
Prices
determined
using
significant
other
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Short-term
securities
with
maturities
of
sixty
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value,
and
are
categorized
as
Level
2
in
the
hierarchy.
Municipal
securities,
long-term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
in
accordance
with
the
evaluated
price
supplied
by
the
pricing
service
and
generally
categorized
as
Level
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
warrants
that
do
not
trade
on
an
exchange,
securities
valued
at
the
mean
between
the
last
reported
bid
and
ask
quotation
and
international
equity
securities
valued
by
an
independent
third
party
with
adjustments
for
changes
in
value
between
the
time
of
the
securities
respective
local
market
closes
and
the
close
of
the
U.S.
market.
Level
3
–
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Shares
Security
Description
Value
Common
Stock
-
99.5%
Communication
Services
-
6.2%
13,500
Alphabet,
Inc.,
Class C
$
4,769,955
Consumer
Discretionary
-
10.4%
7,000
Amazon.com,
Inc.
(a)
1,668,380
11,000
Hilton
Worldwide
Holdings,
Inc.
3,635,060
35,000
Somnigroup
International,
Inc.
2,744,000
8,047,440
Energy
-
0.9%
20,000
Enterprise
Products
Partners
LP
735,200
Financials
-
31.4%
43,000
Apollo
Global
Management,
Inc.
5,087,330
16,000
Arthur
J
Gallagher
&
Co.
3,673,120
37,000
Blackstone,
Inc.,
Class A
4,353,790
6,000
Credit
Acceptance
Corp.
(a)
3,820,440
8,000
JPMorgan
Chase
&
Co.
2,618,640
2,700
Mastercard,
Inc.,
Class A
1,386,720
35,000
The
Charles
Schwab
Corp.
3,229,450
24,169,490
Health
Care
-
21.3%
23,000
Abbott
Laboratories
2,087,020
18,000
Alcon
AG
1,207,800
115,000
Fortrea
Holdings,
Inc.
(a)
2,001,000
10,000
Labcorp
Holdings,
Inc.
2,800,000
80,000
RadNet,
Inc.
(a)
4,933,600
9,000
Waters
Corp.
(a)
3,375,360
16,404,780
Industrials
-
20.8%
17,000
Ferguson
Enterprises,
Inc.
4,034,610
47,000
Rush
Enterprises,
Inc.,
Class A
3,430,295
60,000
Sunbelt
Rentals
Holdings,
Inc.
4,488,600
80,000
Zurn
Elkay
Water
Solutions
Corp.
4,042,400
15,995,905
Information
Technology
-
6.8%
10,500
Microsoft
Corp.
3,916,710
4,000
Roper
Technologies,
Inc.
1,353,560
5,270,270
Real
Estate
-
1.7%
45,000
CoStar
Group,
Inc.
(a)
1,274,400
Total
Common
Stock
(Cost
$40,079,233)
76,667,440
Shares
Security
Description
Value
Money
Market
Fund
-
0.5%
380,276
First
American
Government
Obligations
Fund,
Class X,
3.56%
(b)
(Cost
$380,276)
380,276
Shares
Security
Description
Value
Investments,
at
value
-
100.0%
(Cost
$40,459,509)
$
77,047,716
Other
Assets
&
Liabilities,
Net
-
0.0%
(32,430)
Net
Assets
-
100.0%
$
77,015,286
LP
Limited
Partnership
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2026.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
77,047,716
Level
2
-
Other
Significant
Observable
Inputs
–
Level
3
-
Significant
Unobservable
Inputs
–
Total
$
77,047,716
Beck
Mack
+
Oliver
Partners
Fund
SCHEDULE
OF
INVESTMENTS
(Unaudited)
June
30,
2026
The
Level
1
value
displayed
in
this
table
includes
Common
Stock
and
a
Money
Market
Fund.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
industry.
THE
PORTFOLIO
OF
INVESTMENTS
SHOULD
BE
READ
IN
CONJUNCTION
WITH
THE
FINANCIAL
STATEMENTS
AND
NOTES
TO
FINANCIAL
STATEMENTS
WHICH
ARE
INCLUDED
IN
THE
FUND’S
AUDITED
ANNUAL
REPORT
OR
SEMI-ANNUAL
REPORT.
THESE
REPORTS
INCLUDE
ADDITIONAL
INFORMATION
ABOUT
THE
FUND’S
SECURITY
VALUATION
POLICIES
AND
ABOUT
CERTAIN
SECURITY
TYPES
INVESTED
BY
THE
FUND.