SEG Partners Long/Short Equity Fund

07/07/2026 | Press release | Distributed by Public on 07/07/2026 12:50

Amendment to Annual Report by Investment Company (Form N-CSR/A)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

811-24024

Investment Company Act file number

SEG Partners Long/Short Equity Fund
(Exact name of registrant as specified in charter)

380 Lafayette Street New York, New York 10003
(Address of principal executive offices) (Zip code)

Troy Statczar

190 Middle Street, Suite 301, Portland, Maine 04101
(Name and address of agent for service)

207-400-0760

Registrant's telephone number, including area code

Date of fiscal year end: October 31, 2025

Date of reporting period: October 31, 2025

The Registrant is filing this amendment to its Form N-CSR for the period ended October 31, 2025, originally filed with the U.S. Securities and Exchange Commission on January 6, 2026 (Accession Number 0001213900-26-001704). The purpose of this amendment is to: (i) restate financial statements for the period ended October 31, 2025 to reflect the receipt of interest income related to short equities which resulted in corrections to (a) the understatement of the net assets and investment income beginning on April 8, 2025 and (b) an overstatement of cash and cash equivalents and an understatement of due from broker; (ii) amend and restate the response to Item 16 of Form N-CSR; (iii) make other non-material revisions to Items 3, 4, 11 and 13 of Form N-CSR; and (iv) amend the execution and certification dates of the amended Form N-CSR. The effects of this restatement on the Registrant's financial statements for the period ended October 31, 2025 are described in Note 2 to the financial statements. For convenience, the Registrant is refiling its entire report on Form N-CSR for the period ended October 31, 2025 by means of this amended Form N-CSR. All material events occurring subsequent to the filing of the original Form N-CSR have been disclosed within Note 13.

Item 1. Reports to Stockholders.

(a)

SEG Partners Long/Short Equity Fund

Annual Report

Period from April 1, 2025 (Commencement of Operations)
through October 31, 2025 (as Restated)

SEG Partners Long/Short Equity Fund

TABLE OF CONTENTS

Shareholder Letter (Unaudited) (as Restated) 1-2
Allocation of Portfolio Holdings (Unaudited) 3
Schedule of Investments (as Restated) 4-13
Statement of Assets and Liabilities (as Restated) 14
Statement of Operations (as Restated) 15
Statement of Changes in Net Assets (as Restated) 16
Financial Highlights (as Restated) 17
Notes to Financial Statements (as Restated) 18-38
Report of the Independent Registered Public Accounting Firm 39
Additional Information (Unaudited) 40-44

SEG Partners Long/Short Equity Fund

Shareholder Letter

October 31, 2025 (Unaudited)

Since the launch of ChatGPT three years ago, AI-associated companies have accounted for 75% of the S&P 500's returns. The values of perceived winners are soaring; the combined market capitalization of the Magnificent Seven has risen from roughly $5 trillion in late 2019 to more than $20 trillion today, taking those companies' share of the S&P 500 from 17% to 35%. The very real prospect of a long-term AI-driven economic transformation has given rise to a powerful market dynamic with an energy and a character all its own. In recent months during which smaller cap companies have outperformed, the winners have largely been high-momentum, low-quality stocks, borne up by the broader risk-on environment.

We believe that the high-quality, long-term compounders in our long portfolio have rarely looked this affordable relative to the market and feel confident that market sentiment will eventually shift. Importantly, we believe that our companies' robust earnings growth will continue, thanks largely to their durable competitive positions serving a diversified swath of the US economy.

There is scope for growth in the US economy to broaden out beyond consumption and AI investment. Tariff-driven price increases are feeding into inflation figures and will probably continue to do so for the rest of the year, though the overall inflation picture continues to look relatively benign. Wage growth continues to decelerate, meanwhile, which means that there is limited scope for any reacceleration in overall inflation. This, combined with slower hiring, has allowed the Federal Reserve to resume a course of interest-rate cuts. Lower rates should reduce the headwinds buffeting the housing and industrial industries.

In a deglobalizing and aging world shrouded in geopolitical uncertainty, there will inevitably be difficulties for businesses to navigate over the years ahead. Yet, the US economy has shown that it can take many obstacles in its stride, and we expect it to continue to do so.

1

SEG Partners Long/Short Equity Fund

Shareholder Letter

October 31, 2025 (Unaudited) (as Restated, See Note 2) (continued)

Inception Date Since Inception Value of $10,000 investment at
the time of inception as of
October 31, 2025
SEG Partners Long/Short Equity Fund (Class I) 4/1/2025 4.72 % 10,472
SEG Partners Long/Short Equity Fund (Class A) 7/1/2025 0.94 % 10,094
Russell Midcap 4/1/2025 13.37 % 11,337
S&P 500 TR 4/1/2025 22.76 % 12,276
Past performance is not an indication of future results. The above graph and total returns table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

2

SEG Partners Long/Short Equity Fund

Allocation of Portfolio Holdings (1)
October 31, 2025 (Unaudited)

(1) Portfolio holdings and allocations are subject to change. Percentages are as of October 31, 2025, and are based on the total market value of all investments, including derivatives unless otherwise noted.

3

SEG Partners Long/Short Equity Fund

Schedule of Investments

October 31, 2025 (as Restated, See Note 2)

COMMON STOCKS - 78.9% Shares Value
Building Products - 1.3%
Fortune Brands Innovations, Inc. 40,635 $ 2,064,258

Commercial Services & Supplies - 1.2%

Rollins, Inc. 33,581 1,934,601

Construction & Engineering - 1.1%

Quanta Services, Inc. 3,765 1,690,975

Construction Materials - 4.3%

Martin Marietta Materials, Inc. 11,235 6,888,179

Containers & Packaging - 3.2%

Packaging Corp. of America 25,949 5,079,776

Electronic Equipment, Instruments & Components - 11.5%

Amphenol Corp. - Class A 24,217 3,374,397
CDW Corp. 37,783 6,021,477
Teledyne Technologies, Inc. (a) 4,336 2,284,291
Trimble, Inc. (a) 82,652 6,591,497
18,271,662
Entertainment - 4.8%
Live Nation Entertainment, Inc. (a) 51,505 7,701,543

Financial Services - 2.2%

Corpay, Inc. (a) 13,255 3,450,939

Health Care Equipment & Supplies - 4.2%

IDEXX Laboratories, Inc. (a) 1,235 777,445
STERIS PLC (Ireland) 24,866 5,860,916
6,638,361
Health Care Providers & Services - 3.9%
Labcorp Holdings, Inc. 24,320 6,176,307

Hotels, Restaurants & Leisure - 4.8%

Viking Holdings Ltd. (a) (Bermuda) 125,579 7,641,482

Household Durables - 7.6%

Garmin Ltd. (Switzerland) 10,467 2,239,310
Mohawk Industries, Inc. (a) 5,617 638,316
Somnigroup International, Inc. 117,180 9,297,061
12,174,687
Insurance - 4.3%
Brown & Brown, Inc. 78,459 6,256,321
Cincinnati Financial Corp. 4,075 629,954
6,886,275
Life Sciences Tools & Services - 1.7%
Bio-Techne Corp. 42,425 2,654,532

Machinery - 7.4%

Middleby Corp. (a) 39,095 4,856,772
Westinghouse Air Brake Technologies Corp. 33,540 6,856,918
11,713,690
Metals & Mining - 0.8%
Newmont Corp. 15,295 1,238,436

Real Estate Management & Development - 3.6%

Jones Lang LaSalle, Inc. (a) 18,781 5,729,895

Software - 2.1%

PTC, Inc. (a) 16,823 3,340,038

4

SEG Partners Long/Short Equity Fund

Schedule of Investments

October 31, 2025 (as Restated, See Note 2) (continued)

COMMON STOCKS - 80.0% (continued) Shares Value
Specialty Retail - 9.1%
Signet Jewelers Ltd. (Bermuda) 53,295 $ 5,268,211
Tractor Supply Co. 147,277 7,969,159
Williams-Sonoma, Inc. 6,263 1,217,151
14,454,521
TOTAL COMMON STOCKS (Cost $115,652,884) 125,730,157
PURCHASED OPTIONS - 1.6% (a) Notional Amount Contracts Value
Call Options - 1.5%
CSX Corp., Expiration: 06/17/2027; Exercise Price: $32.50 (b)(c) $ 1,451,606 403 $ 265,980
FMC Corp., Expiration: 01/15/2027; Exercise Price: $50.00 (b)(c) 303,400 200 7,500
Merck KGaA, Expiration: 12/17/2027; Exercise Price: $100.00 1,558,235 119 343,116
Newmont Corp., Expiration: 01/15/2027; Exercise Price: $65.00 (b)(c) 1,554,624 192 462,240
On Holding AG, Expiration: 01/15/2027; Exercise Price: $45.00 (b)(c) 925,035 249 146,288
Owens Corning, Expiration: 05/15/2026; Exercise Price: $120.00 (b)(c) 458,316 36 67,680
Polaris, Inc., Expiration: 01/15/2027; Exercise Price: $40.00 (b)(c) 1,308,780 198 572,220
Teradyne, Inc., Expiration: 12/17/2027; Exercise Price: $110.00 (b)(c) 163,584 9 85,950
VF Corp., Expiration: 01/15/2027; Exercise Price: $17.50 (b)(c) 2,034,396 1,449 381,811
Total Call Options 2,332,785

Put Options - 0.1% (b)(c)

Eli Lilly & Co., Expiration: 12/18/2026; Exercise Price: $510.00 1,553,148 18 20,970
Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $590.00 8,806,980 140 36,330
iShares Russell 2000 ETF, Expiration: 12/19/2025; Exercise Price: $220.00 11,277,334 458 74,196
Strategy, Inc., Expiration: 09/18/2026; Exercise Price: $240.00 646,824 24 111,600
Total Put Options 243,096
TOTAL PURCHASED OPTIONS (Cost $2,135,883) 2,575,881

TOTAL INVESTMENT ASSETS - 80.5% (Cost $117,788,767)

128,306,038

CASH EQUIVALENTS

MONEY MARKET FUNDS - 0.8% Shares Value
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Institutional Class, 3.88% (d) 1,200,000 1,200,000
TOTAL MONEY MARKET FUNDS (Cost $1,200,000) 1,200,000
TOTAL ASSETS AT FAIR VALUE - 81.3% (Cost $118,988,767) 129,506,038
Other Assets in Excess of Liabilities - 18.7% 29,795,429
TOTAL NET ASSETS - 100.0% $ 159,301,467

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.
(d) The rate shown represents the 7-day annualized yield as of October 31, 2025.

All securities are United States companies, unless noted otherwise in parentheses.

See accompanying notes to financial statements.

5

SEG Partners Long/Short Equity Fund

Schedule of Investments
Securities Sold Short

October 31, 2025 (as Restated, See Note 2) (continued)

COMMON STOCKS - (56.7)% Shares Value
Aerospace & Defense - (0.5)%
Boeing Co. (3,770 ) $ (757,845 )

Air Freight & Logistics - (0.9)%

United Parcel Service, Inc. - Class B (15,145 ) (1,460,281 )

Automobiles - (1.1)%

Tesla, Inc. (3,878 ) (1,770,540 )

Beverages - (1.9)%

Anheuser-Busch InBev SA/NV - ADR (Belgium) (14,341 ) (873,367 )
Coca-Cola Co. (8,046 ) (554,369 )
Monster Beverage Corp. (15,868 ) (1,060,459 )
PepsiCo, Inc. (3,648 ) (532,936 )
(3,021,131 )
Building Products - (2.9)%
A O Smith Corp. (16,477 ) (1,087,317 )
Carlisle Cos., Inc. (3,522 ) (1,144,826 )
Lennox International, Inc. (2,214 ) (1,118,070 )
Masco Corp. (13,156 ) (851,982 )
Trex Co., Inc. (9,352 ) (451,889 )
(4,654,084 )
Capital Markets - (2.9)%
Ares Management Corp. - Class A (6,863 ) (1,020,596 )
Blackstone, Inc. (11,334 ) (1,662,018 )
FactSet Research Systems, Inc. (2,996 ) (799,333 )
T Rowe Price Group, Inc. (11,142 ) (1,142,389 )
(4,624,336 )
Chemicals - (0.9)%
International Flavors & Fragrances, Inc. (13,872 ) (873,520 )
LyondellBasell Industries NV - Class A (Netherlands) (12,927 ) (600,071 )
Solstice Advanced Materials, Inc. (1 ) (34 )
(1,473,625 )
Commercial Services & Supplies - (0.7)%
Copart, Inc. (24,540 ) (1,055,465 )

Communications Equipment - (0.1)%

F5, Inc. (498 ) (126,019 )

Construction & Engineering - (0.2)%

Comfort Systems USA, Inc. (329 ) (317,676 )

Consumer Staples Distribution & Retail - (0.5)%

Alimentation Couche-Tard, Inc. (Canada) (15,932 ) (810,501 )

Distributors - (1.2)%

Pool Corp. (7,060 ) (1,885,444 )

Diversified Consumer Services - (0.6)%

Duolingo, Inc. (3,553 ) (961,584 )
Stubhub Holdings, Inc. - Class A (2,131 ) (40,809 )
(1,002,393 )
Electrical Equipment - (0.4)%
Generac Holdings, Inc. (3,222 ) (541,360 )

Entertainment - (0.5)%

ROBLOX Corp. - Class A (2,788 ) (317,051 )
TKO Group Holdings, Inc. (2,846 ) (536,187 )
(853,238 )

6

SEG Partners Long/Short Equity Fund

Schedule of Investments
Securities Sold Short

October 31, 2025 (as Restated, See Note 2) (continued)

COMMON STOCKS - (56.7)% (continued) Shares Value
Financial Services - (0.2)%
Jack Henry & Associates, Inc. (1,587 ) $ (236,368 )

Food Products - (0.3)%

Mondelez International, Inc. - Class A (6,910 ) (397,049 )

Ground Transportation - (0.4)%

Ryder System, Inc. (3,593 ) (608,043 )

Health Care Equipment & Supplies - (0.4)%

Becton Dickinson & Co. (3,442 ) (615,120 )

Health Care Providers & Services - (1.5)%

DaVita, Inc. (10,056 ) (1,196,865 )
UnitedHealth Group, Inc. (3,498 ) (1,194,777 )
(2,391,642 )
Hotels, Restaurants & Leisure - (6.5)%
Airbnb, Inc. - Class A (13,266 ) (1,678,680 )
Brinker International, Inc. (1,792 ) (194,719 )
Carnival Corp. (Panama) (12,991 ) (374,530 )
Dutch Bros, Inc. - Class A (8,416 ) (467,425 )
Marriott International, Inc. - Class A (3,824 ) (996,458 )
Norwegian Cruise Line Holdings Ltd. (Bermuda) (20,685 ) (463,758 )
Planet Fitness, Inc. - Class A (8,069 ) (731,777 )
Restaurant Brands International, Inc. (Canada) (16,323 ) (1,072,258 )
Royal Caribbean Cruises Ltd. (Liberia) (1,943 ) (557,311 )
Starbucks Corp. (28,368 ) (2,294,120 )
Wingstop, Inc. (715 ) (154,890 )
Yum China Holdings, Inc. (30,022 ) (1,298,752 )
(10,284,678 )
Industrial Conglomerates - (0.7)%
3M Co. (1,824 ) (303,696 )
Honeywell International, Inc. (3,683 ) (741,498 )
(1,045,194 )
Industrials - (0.4)%
Builders FirstSource, Inc. (5,403 ) (627,666 )

Insurance - (3.0)%

Arthur J Gallagher & Co. (12,273 ) (3,061,991 )
Progressive Corp. (5,881 ) (1,211,486 )
Selective Insurance Group, Inc. (7,330 ) (552,242 )
(4,825,719 )
IT Services - (2.9)%
Accenture PLC - Class A (Ireland) (14,405 ) (3,602,690 )
Gartner, Inc. (3,926 ) (974,983 )
(4,577,673 )
Machinery - (4.9)%
Allison Transmission Holdings, Inc. (6,217 ) (513,213 )
Dover Corp. (7,228 ) (1,311,593 )
Illinois Tool Works, Inc. (4,067 ) (992,023 )
Nordson Corp. (4,891 ) (1,134,467 )
Oshkosh Corp. (8,160 ) (1,006,046 )
PACCAR, Inc. (17,857 ) (1,757,129 )
Snap-on, Inc. (3,207 ) (1,076,109 )
(7,790,580 )
Media - (1.0)%
Omnicom Group, Inc. (21,290 ) (1,597,176 )

7

SEG Partners Long/Short Equity Fund

Schedule of Investments
Securities Sold Short

October 31, 2025 (as Restated, See Note 2) (continued)

COMMON STOCKS - (56.7)% (continued) Shares Value
Metals & Mining - (0.4)%
BHP Group Ltd. - ADR (Australia) (6,934 ) $ (395,585 )
Rio Tinto PLC - ADR (United Kingdom) (2,477 ) (177,700 )
(573,285 )
Oil, Gas & Consumable Fuels - (2.8)%
Texas Pacific Land Corp. (4,744 ) (4,475,395 )

Passenger Airlines - (0.6)%

United Airlines Holdings, Inc. (10,476 ) (985,163 )

Personal Care Products - (0.7)%

L'Oreal SA (France) (2,530 ) (1,058,985 )

Pharmaceuticals - (0.6)%

Novo Nordisk AS (Denmark) (19,561 ) (955,290 )

Professional Services - (4.3)%

Amentum Holdings, Inc. (21,255 ) (476,320 )
Automatic Data Processing, Inc. (10,848 ) (2,823,734 )
Booz Allen Hamilton Holding Corp. (15,033 ) (1,310,276 )
FTI Consulting, Inc. (3,390 ) (559,384 )
Genpact Ltd. (Bermuda) (19,298 ) (736,219 )
Maximus, Inc. (5,580 ) (463,810 )
TriNet Group, Inc. (7,616 ) (456,960 )
(6,826,703 )
Semiconductors & Semiconductor Equipment - (1.7)%
Infineon Technologies AG (Germany) (35,509 ) (1,406,589 )
ON Semiconductor Corp. (25,805 ) (1,292,315 )
(2,698,904 )
Software - (1.6)%
Bentley Systems, Inc. - Class B (13,923 ) (707,706 )
BILL Holdings, Inc. (8,063 ) (400,408 )
Fair Isaac Corp. (393 ) (652,195 )
Tyler Technologies, Inc. (1,660 ) (790,592 )
(2,550,901 )
Specialty Retail - (4.1)%
American Eagle Outfitters, Inc. (45,276 ) (756,562 )
AutoZone, Inc. (884 ) (3,248,196 )
Floor & Decor Holdings, Inc. - Class A (16,368 ) (1,022,673 )
O'Reilly Automotive, Inc. (3,745 ) (353,678 )
Ulta Beauty, Inc. (375 ) (194,955 )
Urban Outfitters, Inc. (10,720 ) (692,619 )
Valvoline, Inc. (9,714 ) (320,659 )
(6,589,342 )
Textiles, Apparel & Luxury Goods - (0.1)%
Ralph Lauren Corp. (633 ) (202,345 )

Trading Companies & Distributors - (1.7)%

SiteOne Landscape Supply, Inc. (5,627 ) (730,216 )
Watsco, Inc. (3,386 ) (1,246,082 )
WESCO International, Inc. (3,087 ) (801,169 )
(2,777,467 )
TOTAL COMMON STOCKS (Proceeds $95,572,156) (89,044,626 )
TOTAL SECURITIES SOLD SHORT - (55.9)% (Proceeds $95,572,156) $ (89,044,626 )

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.

ADR - American Depositary Receipt

PLC - Public Limited Company

All securities are United States companies, unless noted otherwise in parentheses.

See accompanying notes to financial statements.

8

SEG Partners Long/Short Equity Fund

Schedule of Investments (continued)
Total Return Swap Contracts
October 31, 2025

Reference Entity Counterparty Long/Short

Pay/Receive
Reference
Entity

Financing Rate Maturity Date Notional
Amount

Value/Unrealized
Appreciation
(Depreciation)

Aritzia, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/04/2026-08/05/2026 $ 2,600,097 $ 1,117,922
Brunello Cucinelli SpA Goldman Sachs Long Receive EFFR + 0.40% 10/27/2026 161,323 14,458
BWX Technologies, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 12/01/2026 3,475,221 1,191,250
CAE, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/04/2026 1,052,587 94,667
Casey's General Stores, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/04/2026-05/05/2026 871,397 77,446
CH Robinson Worldwide, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 11/17/2026-12/01/2026 1,899,005 289,668
Clean Harbors, Inc. Goldman Sachs Long Receive EFFR + 0.50% 05/04/2026 1,344,527 37,942
Cloudflare, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 08/31/2026-12/01/2026 1,931,159 213,443
Core & Main, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/04/2026-05/05/2026 4,937,793 188,343
Crane Co. Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/04/2026-05/11/2026 2,376,710 405,220
Dick's Sporting Goods, Inc. Goldman Sachs Long Receive EFFR + 0.40% 07/28/2026-08/25/2026 676,751 35,763
EMCOR Group, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/04/2026-11/03/2026 5,748,185 2,130,583
Entegris, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/04/2026-09/02/2026 524,971 63,288
GSCBCORD (b) Goldman Sachs Short Pay EFFR + (0.15)% 12/01/2026 (968,874 ) 205
GSCBOZVT (b) Goldman Sachs Short Pay EFFR + (0.33)-(0.35)% 11/17/2026-12/01/2026 (7,397,195 ) 376,523
ITT, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/04/2026-09/02/2026 8,171,026 2,242,367
JPSEFLAG (a) J.P. Morgan Securities, Inc. Long Pay EFFR + 0.05% 10/30/2026 (7,531,661 ) 222,227
Markel Group, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/04/2026-12/01/2026 7,254,423 236,985
MLSEAIVC (b) Bank of America Securities, Inc. Short Pay EFFR + (0.20)% 11/09/2026 (1,196,047 ) 9,546
MSSEALCO (b) Morgan Stanley Short Pay EFFR + 0.15% 05/26/2026-11/02/2026 (1,424,934 ) 233,004
Nasdaq, Inc. Goldman Sachs Long Receive EFFR + 0.40% 06/30/2026-07/07/2026 1,223,533 11,928
Owens Corning Goldman Sachs Long Receive EFFR + 0.40% 11/17/2026-12/01/2026 527,700 541
Polaris, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/04/2026-11/03/2026 915,749 352,961
Pop Mart International Group Ltd. Bank of America Securities, Inc. Short Pay EFFR + (0.35)% 10/23/2026-11/03/2026 (695,975 ) 165,854
Service Corp. International/US Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/04/2026-11/03/2026 6,416,741 125,968
Shopify, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/12/2026-11/03/2026 2,529,315 706,937
St Joe Co. Goldman Sachs Long Receive EFFR + 0.40-0.50% 07/07/2026-12/01/2026 1,503,648 159,149
Swatch Group AG Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/05/2026-11/04/2026 401,314 72,089
UBSECFRA (b) UBS Short Pay EFFR + (0.30)% 12/01/2026 (751,383 ) 42,251
UBSEPCSB (b) UBS Short Pay EFFR + (0.15)-(.25)% 09/15/2026-11/03/2026 (1,165,220 ) 81,002
United States Lime & Minerals, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/04/2026-09/01/2026 899,546 167,426
Watches of Switzerland Group PLC Goldman Sachs Long Receive EFFR + 0.40% 10/13/2026-11/04/2026 102,473 4,731
White Mountains Insurance Group Ltd. Goldman Sachs Long Receive EFFR + 0.40-0.50% 08/04/2026-11/03/2026 51,423 3,223
WisdomTree, Inc. Goldman Sachs Long Receive EFFR + 0.40% 09/02/2026 19,961 77

11,074,986

9

SEG Partners Long/Short Equity Fund

Schedule of Investments (continued)
Total Return Swap Contracts
October 31, 2025

Reference Entity Counterparty Long/Short

Pay/Receive
Reference
Entity

Financing Rate Maturity Date Notional
Amount

Value/Unrealized
Appreciation
(Depreciation)

Aflac, Inc. Goldman Sachs Long Receive EFFR + 0.40% 11/3/2026-11/17/2026 $ 232,709 $ (7,861 )
Brunello Cucinelli SpA Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/06/2026-11/03/2026 3,301,795 (529,887 )
BWX Technologies, Inc. Goldman Sachs Long Receive EFFR + 0.40% 6/16/2026-11/03/2026 237,321 (1,487 )
CAE, Inc. Goldman Sachs Long Receive EFFR + 0.40% 08/05/2026-10/05/2026 168,220 (4,054 )
Casey's General Stores, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 08/04/2026-11/03/2026 181,669 (11,936 )
Clean Harbors, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 06/02/2026-11/03/2026 344,605 (27,457 )
Core & Main, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 08/04/2026-11/03/2026 825,749 (119,463 )
Crane Co. Goldman Sachs Long Receive EFFR + 0.40% 08/04/2026-11/03/2026 182,780 (3,029 )
Dick's Sporting Goods, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 09/15/2026-12/01/2026 667,893 (19,440 )
EMCOR Group, Inc. Goldman Sachs Long Receive EFFR + 0.40% 12/01/2026 351,406 (47,633 )
Entegris, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 11/03/2026-12/01/2026 647,217 (18,249 )
GSCBSCHN (b) Goldman Sachs Short Pay EFFR + (0.20)-(0.35)% 09/15/2026-11/03/2026 (1,087,555 ) (104,925 )
GSCBSHLC(b) Goldman Sachs Short Pay EFFR + (0.33)% 11/17/2026 (494,753 ) (21,799 )
GSCBSLTC (b) Goldman Sachs Short Pay EFFR + (0.33)% 11/17/2026 (787,350 ) (31,048 )
Hamilton Lane, Inc. Goldman Sachs Long Receive EFFR + 0.50% 12/01/2026 157,493 (1,952 )
Hubbell, Inc. Goldman Sachs Long Receive EFFR + 0.40% 12/01/2026 553,190 (3,560 )
Itron, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 11/03/2026-12/01/2026 1,930,951 (569,626 )
JPSEETRS (b) J.P. Morgan Securities, Inc. Short Pay EFFR + 0.05% 11/17/2026 (985,740 ) (29,135 )
Lamar Advertising Co. Goldman Sachs Long Receive EFFR + 0.40-0.50% 09/22/2026-11/03/2026 624,139 (25,770 )
Markel Group, Inc. Goldman Sachs Long Receive EFFR + 0.40% 08/04/2026-09/09/2026 815,481 (12,045 )
MLSEHYPE Bank of America Securities, Inc. Short Pay EFFR + (0.20)% 11/09/2026-11/30/2026 (1,198,679 ) (6,008 )
Morningstar, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/04/2026-11/03/2026 5,017,923 (2,147,928 )
MSSEMEDI (b) Morgan Stanley Short Pay EFFR + (0.50)-0.15% 07/10/2026-11/02/2026 (1,300,631 ) (114,974 )
Nasdaq, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 07/13/2026-12/01/2026 4,089,927 (292,768 )

10

SEG Partners Long/Short Equity Fund

Schedule of Investments (continued)
Total Return Swap Contracts
October 31, 2025

Reference Entity Counterparty Long/Short Pay/Receive
Reference
Entity 		Financing Rate Maturity Date Notional
Amount 		Value/Unrealized
Appreciation
(Depreciation)
Owens Corning Goldman Sachs Long Receive EFFR + 0.40-0.50% 09/23/2026-11/10/2026 $ 1,680,492 $ (326,472 )
QXO, Inc. Goldman Sachs Long Receive EFFR + 0.40% 07/21/2026-09/23/2026 823,157 (215,488 )
SOUTHSTATE BANK CORP Goldman Sachs Long Receive EFFR + 0.40-0.50% 08/25/2026-11/24/2026 1,326,470 (153,787 )
UBSELBJ (a) UBS Long Receive EFFR + 0.25% 11/25/2026 3,971,646 (202,983 )
UBSEPAYX (a) UBS Long Receive EFFR + 0.25% 11/25/2026 6,488,047 (328,217 )
UBSEPCSB (b) UBS Short Pay EFFR + (0.15)% 12/01/2026 (240,833 ) (1,731 )
United States Lime & Minerals, Inc. Goldman Sachs Long Receive EFFR + 0.50% 11/03/2026 34,697 (4,609 )
Victory Capital Holdings, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 10/06/2026-11/12/2026 329,782 (34,074 )
Watches of Switzerland Group PLC Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/05/2026-08/12/2026 742,005 (43,205 )
White Mountains Insurance Group Ltd. Goldman Sachs Long Receive EFFR + 0.40-0.50% 05/04/2026-11/30/2026 916,093 (29,500 )
WisdomTree, Inc. Goldman Sachs Long Receive EFFR + 0.40-0.50% 08/19/2026-11/03/2026 669,126 (87,103 )
$ (5,579,203 )
Net Unrealized Appreciation (Depreciation) $ 5,495,783

There are no upfront payments or receipts associated with total return swaps in the Fund as of October 31, 2025.

EFFR - Effective Federal Funds Rate was 3.86% as of October 31, 2025.

Payment frequency is at the applicable maturity date.

(a) The fund receives the total return on a portfolio of long equity positions.
(b) 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:

UBSELBJ

Reference Entity Shares Notional Value Net Unrealized
Appreciation
(Depreciation) 		Percentage of
Swap Value
ALBERTSONS COS INC - CLASS A 2,751 $ 48,665 $ (2,641 ) 1.3 %
BBB FOODS INC-CLASS A 1,822 49,785 (2,770 ) 1.4 %
BJ'S WHOLESALE CLUB HOLDINGS 29,399 2,594,771 (109,895 ) 54.1 %
CHURCH & DWIGHT CO INC 609 53,443 1,097 (0.5 )%
COCA-COLA EUROPACIFIC PARTNERS 579 51,421 (1,517 ) 0.7 %
COLGATE-PALMOLIVE CO 674 51,911 (640 ) 0.3 %
COSTCO WHOLESALE CORP 56 51,112 (1,160 ) 0.6 %
DOLLAR GENERAL CORP 513 50,624 (1,709 ) 0.8 %
EBAY INC 553 44,985 (8,791 ) 4.3 %
GENUINE PARTS CO 397 50,489 (1,436 ) 0.7 %
GROCERY OUTLET HOLDING CORP 3,412 46,432 (5,220 ) 2.6 %
GUARDIAN PHRMCY SERVICES-A 1,885 52,866 (924 ) 0.5 %
HOME DEPOT INC 137 52,107 (973 ) 0.5 %
INGREDION INC 443 51,154 (1,201 ) 0.6 %
KIMBERLY-CLARK CORP 445 53,272 347 (0.2 )%
KROGER CO 770 48,976 (2,679 ) 1.3 %
MAPLEBEAR INC 1,341 49,415 (3,070 ) 1.5 %
MURPHY USA INC 140 49,999 (2,973 ) 1.5 %
NATURAL GROCERS BY VITAMIN C 1,297 41,626 (10,909 ) 5.4 %
ODDITY TECH LTD-CL A 1,122 50,749 (550 ) 0.3 %
OLLIE'S BARGAIN OUTLET HOLDINGS 436 52,684 1,605 (0.8 )%
PRICESMART INC 430 49,370 (3,526 ) 1.7 %
PROCTER & GAMBLE CO/THE 347 52,208 (736 ) 0.4 %
SAVERS VALUE VILLAGE INC 4,004 36,872 (17,135 ) 8.4 %
SPROUTS FARMERS MARKET INC 488 38,536 (13,316 ) 6.6 %
SYSCO CORP 676 50,192 (2,074 ) 1.0 %
TJX COMPANIES INC 371 52,011 (657 ) 0.3 %
UNIVERSAL TECHNICAL INSTITUTE 1,557 46,262 (7,425 ) 3.7 %
WD-40 CO 256 49,709 (2,106 ) 1.0 %

11

SEG Partners Long/Short Equity Fund

Schedule of Investments (continued)
Total Return Swap Contracts
October 31, 2025

UBSEPAYX

Reference Entity Shares Notional Value Net Unrealized
Appreciation
(Depreciation) 		Percentage of
Swap Value
ARCH CAPITAL GROUP LTD 939 $ 81,029 $ (789 ) 0.2 %
ASSURANT INC 388 82,163 (54 ) 0.0 %
AXIS CAPITAL HOLDINGS LTD 888 83,147 2,237 (0.7 )%
BERKSHIRE HATHAWAY INC-CL B 168 79,996 (2,442 ) 0.7 %
CHUBB LTD 290 80,362 (1,451 ) 0.4 %
ENACT HOLDINGS INC 2,258 80,664 (2,145 ) 0.7 %
GLOBE LIFE INC 605 79,575 (1,277 ) 0.4 %
GRACO INC 1,005 82,208 (633 ) 0.2 %
HARTFORD INSURANCE GROUP INC 656 81,406 (610 ) 0.2 %
LOEWS CORP 822 81,798 (403 ) 0.1 %
MARSH & MCLENNAN COS 437 77,772 (3,667 ) 1.1 %
MASTERCARD INC - A 143 78,982 (3,102 ) 0.9 %
METLIFE INC 1,050 83,841 1,197 (0.4 )%
MGIC INVESTMENT CORP 2,993 82,079 120 (0.0 )%
OLD REPUBLIC INTL CORP 2,016 79,549 (2,117 ) 0.6 %
PAYCHEX INC 35,448 4,148,525 (284,808 ) 86.8 %
PAYCOM SOFTWARE INC 410 76,710 (5,092 ) 1.6 %
PAYLOCITY HOLDING CORP 540 76,330 (5,965 ) 1.8 %
PINNACLE WEST CAPITAL 887 78,524 (3,193 ) 1.0 %
PRIMERICA INC 310 80,552 (1,398 ) 0.4 %
PRINCIPAL FINANCIAL GROUP 1,034 86,862 4,568 (1.4 )%
PRUDENTIAL FINANCIAL INC 807 83,918 1,469 (0.4 )%
REINSURANCE GROUP OF AMERICA 433 78,953 (3,012 ) 0.9 %
REPUBLIC SERVICES INC 368 76,639 (5,465 ) 1.7 %
SEI INVESTMENTS COMPANY 1,007 81,181 (1,309 ) 0.4 %
SS&C TECHNOLOGIES HOLDINGS 1,015 86,209 294 (0.1 )%
TRAVELERS COS INC/THE 305 81,960 (387 ) 0.1 %
WASTE MANAGEMENT INC 380 75,898 (5,657 ) 1.7 %
WR BERKLEY CORP 1,091 77,854 (4,027 ) 1.2 %
WW GRAINGER INC 85 83,363 902 (0.3 )%

GSCBOZVT

Reference Entity Shares Notional Value Net Unrealized
Appreciation
(Depreciation) 		Percentage of
Swap Value
ABBOTT LABORATORIES (2,928 ) $ (361,935 ) $ (7,339 ) (1.9 )%
AMCOR PLC (25,431 ) (200,906 ) 54,440 14.5 %
BOSTON SCIENTIFIC CORP (2,237 ) (225,330 ) (15,443 ) (4.1 )%
CELSIUS HOLDINGS INC (1,703 ) (102,557 ) (44,530 ) (11.8 )%
CHEESECAKE FACTORY INC/THE (1,920 ) (95,631 ) (4,035 ) (1.1 )%
COCA-COLA CONSOLIDATED INC (2,829 ) (368,822 ) (52,369 ) (13.9 )%
DAVITA INC (3,881 ) (461,931 ) 78,476 20.8 %
DEXCOM INC (5,790 ) (337,112 ) 79,038 21.0 %
DOMINO'S PIZZA INC (345 ) (137,628 ) 19,685 5.2 %
EDWARDS LIFESCIENCES CORP (3,042 ) (250,839 ) (27,743 ) (7.4 )%
GENERAL MILLS INC (3,852 ) (179,519 ) 13,865 3.7 %
HERSHEY CO/THE (3,287 ) (557,581 ) 12,141 3.2 %
HIMS & HERS HEALTH INC (4,254 ) (193,374 ) (49,624 ) (13.2 )%
INSPIRE MEDICAL SYSTEMS INC (2,977 ) (214,556 ) 252,602 67.1 %
INSULET CORP (1,520 ) (475,706 ) (93,312 ) (24.8 )%
KEURIG DR PEPPER INC (7,058 ) (191,709 ) 44,979 11.9 %
KRAFT HEINZ CO/THE (15,102 ) (373,470 ) 55,808 14.8 %
MCDONALD'S CORP (682 ) (203,615 ) (1,171 ) (0.3 )%
MEDTRONIC PLC (3,617 ) (328,072 ) (15,757 ) (4.2 )%
MERIT MEDICAL SYSTEMS INC (847 ) (74,156 ) 7,944 2.1 %
MONDELEZ INTERNATIONAL INC-A (6,894 ) (396,141 ) 62,413 16.6 %
MONSTER BEVERAGE CORP (5,013 ) (335,040 ) (52,524 ) (13.9 )%
PEPSICO INC (1,821 ) (266,052 ) (10,064 ) (2.7 )%
RESMED INC (2,128 ) (525,286 ) (13,188 ) (3.5 )%
RESTAURANT BRANDS INTERN (3,609 ) (237,087 ) 11,162 3.0 %
SONOCO PRODUCTS CO (2,666 ) (108,146 ) 23,425 6.2 %
WENDY'S CO/THE (9,869 ) (84,281 ) 42,942 11.4 %
YUM! BRANDS INC (801 ) (110,714 ) 4,701 1.2 %

12

SEG Partners Long/Short Equity Fund

Schedule of Investments (continued)
Total Return Swap Contracts
October 31, 2025

JPSEFLAG

Reference Entity Shares Notional Value

Net Unrealized
Appreciation
(Depreciation)

Percentage of
Swap Value
AAON INC (2,735 ) $ (269,134 ) $ (16,102 ) (7.2 )%
AIR PRODUCTS & CHEMICALS INC (1,446 ) (350,890 ) 35,375 15.9 %
ALIGNMENT HEALTHCARE INC (5,211 ) (87,856 ) 3,791 1.7 %
BRUKER CORP (11,195 ) (435,926 ) (53,955 ) (24.3 )%
CADENCE DESIGN SYS INC (654 ) (221,482 ) 5,131 2.3 %
CHIME FINANCIAL INC-CL A (18,936 ) $ (325,139 ) $ 59,375 26.7 %
CINTAS CORP (526 ) (96,365 ) 7,188 3.2 %
CNH INDUSTRIAL NV (706 ) (7,404 ) 159 0.1 %
COCA-COLA CO/THE (5,404 ) (372,356 ) 6,003 2.7 %
COGENT COMMUNICATIONS HOLDIN (4,795 ) (197,799 ) 8,119 3.7 %
CONSTRUCTION PARTNERS INC-A (3,212 ) (367,314 ) 24,038 10.8 %
DELL TECHNOLOGIES -C (742 ) (120,241 ) (308 ) (0.1 )%
EATON CORP PLC (374 ) (142,591 ) (1,828 ) (0.8 )%
EMERSON ELECTRIC CO (106 ) (14,739 ) (696 ) (0.3 )%
FLUOR CORP (376 ) (18,319 ) (1,769 ) (0.8 )%
GENEDX HOLDINGS CORP (507 ) (69,379 ) (7,123 ) (3.2 )%
HAMILTON LANE INC-CLASS A (1,855 ) (211,408 ) 13,931 6.3 %
HENRY SCHEIN INC (2,768 ) (174,917 ) 4,035 1.8 %
HERSHEY CO/THE (1,538 ) (260,920 ) 29,448 13.3 %
JACK HENRY & ASSOCIATES INC (875 ) (130,258 ) 959 0.4 %
KODIAK GAS SERVICES INC (4,809 ) (177,342 ) (5,347 ) (2.4 )%
MODINE MANUFACTURING CO (2,598 ) (398,044 ) 310 0.1 %
MONSTER BEVERAGE CORP (2,158 ) (144,230 ) 4,707 2.1 %
PALO ALTO NETWORKS INC (296 ) (65,286 ) (1,378 ) (0.6 )%
PLANET FITNESS INC - CL A (375 ) (34,006 ) 2,067 0.9 %
RTX CORP (302 ) (53,977 ) (3,160 ) (1.4 )%
RUBRIK INC-A (5,022 ) (377,993 ) 30,708 13.8 %
SHARPLINK GAMING INC (17,130 ) (237,081 ) 55,580 25.0 %
SILGAN HOLDINGS INC (5,000 ) (193,106 ) 23,968 10.8 %
SITEONE LANDSCAPE SUPPLY INC (682 ) (88,552 ) (5,444 ) (2.4 )%
SNOWFLAKE INC (225 ) (61,925 ) (6,278 ) (2.8 )%
THE CAMPBELL'S COMPANY (11,239 ) (338,616 ) 4,334 2.0 %
UNIVERSAL DISPLAY CORP (1,745 ) (257,072 ) (6,716 ) (3.0 )%
VALVOLINE INC (1,676 ) (55,322 ) 2,244 1.0 %
WATERS CORP (1,219 ) (426,052 ) (25,908 ) (11.7 )%
WATSCO INC (988 ) (363,515 ) 25,409 11.4 %
WORKIVA INC (4,530 ) (385,106 ) 11,358 5.1 %

See accompanying notes to financial statements.

13

SEG Partners Long/Short Equity Fund
Statement of Assets and Liabilities
October 31, 2025 (as Restated, See Note 2)
Assets
Investments, at fair value (cost $117,788,767) $ 128,306,038
Cash and cash equivalents 21,951,779
Foreign Currency, at fair value (cost $45,597) 45,343
Receivable for fund shares sold 356,383
Dividends receivable 21,188
Interest receivable 4,000
Receivable for investments sold 514,852
Due from broker 93,698,137
Derivative assets, equity swaps 11,074,986
Due from Adviser (Note 6) 168,755
Deferred offering costs (Note 3) 142,414
Prepaid expenses and other assets 12,332
Total assets 256,296,207
Liabilities
Investments in securities sold short, at value (cost $95,572,156) 89,044,626
Payable for investments purchased 646,248
Dividends payable 29,747
Derivative liabilities, equity swaps 5,579,203
Management fee payable (Note 6) 100,877
Distribution fees payable 968
Incentive fee payable (Note 6) 1,240,532
Professional fees payable 295,781
Other accrued expenses 56,758
Total liabilities 96,994,740
Commitments and Contingencies (Note 12)
Net assets $ 159,301,467
Net Assets
Paid-in capital - (unlimited shares authorized - $0.001 par value) $ 152,037,308
Distributable earnings / (Accumulated loss) 7,264,159
Net assets $ 159,301,467
Class I:
Net asset value $ 157,435,449
Price per share (6,013,671 shares) $ 26.18
Class A:
Net asset value $ 1,866,018
Price per share (72,400 shares) $ 25.77

See accompanying notes to financial statements.

14

SEG Partners Long/Short Equity Fund
Statement of Operations
Period from April 1, 2025 (Commencement of Operations) through October 31, 2025 (as Restated, See Note 2)
Investment income
Interest income $ 2,126,789
Dividend income 566,744
Total investment income 2,693,533
Expenses
Incentive fee 1,240,532
Investment advisory fees (Note 6) 891,591
Dividend expense 617,086
Professional fees 453,070
Organizational costs 358,700
Offering costs 198,157
Compliance officer fees 74,375
Trustees' fees 65,750
Administration fees 64,833
Distribution fees 2,392
Other expenses 107,940
Total expenses 4,074,426
Less expense reimbursement (Note 6) (743,388 )
Investment advisory fee waiver (Note 6) (222,899 )
Net expenses 3,108,139
Net investment loss (414,606 )
Realized gain/(loss) and unrealized appreciation/(depreciation)
Net realized gain/(loss) on:
Investments 4,135,702
Swap contracts (3,672,103 )
Foreign currency translation 1,251
Investments sold short (15,531,538 )
Net realized loss (15,066,688 )
Net change in unrealized appreciation/(depreciation) of:
Investments 10,517,272
Swap contracts 5,495,783
Foreign currency translation 793
Investments sold short 6,527,530
Net change in unrealized appreciation 22,541,378
Net realized gain and unrealized appreciation 7,474,690
Net increase in net assets resulting from operations $ 7,060,084

See accompanying notes to financial statements.

15

SEG Partners Long/Short Equity Fund
Statements of Changes in Net Assets
Period from
April 1, 2025 (Commencement of
Operations) through
October 31, 2025
(as Restated,
See Note 2)
Net increase in net assets resulting from operations
Net investment loss $ (414,606 )
Net realized loss (15,066,688 )
Net change in unrealized appreciation 22,541,378
Net increase in net assets resulting from operations 7,060,084
Share transactions (Note 10)
Class I
Shares sold (6,009,671 shares) 150,250,000
Class A
Shares sold (72,400 shares) 1,891,383
Net increase in net assets resulting from shareholders' transactions 152,141,383
Net increase in net assets, during the period 159,201,467
Net assets
Beginning of period (4,000 Class I shares) 100,000
End of period $ 159,301,467

See accompanying notes to financial statements.

16

SEG Partners Long/Short Equity Fund
Financial Highlights
Class I Class A

Period from April 1, 2025

Period from July 1, 2025
(Commencement of
Operations) through 		(Commencement of
Operations) through
October 31, 2025 October 31, 2025
(as Restated, See Note 2) (as Restated, See Note 2)
Per share operating performance (1)
Net asset value, beginning of period $ 25.00 $ 25.53
Activity from investment operations:
Net investment income/(loss)(exclusive of incentive fee) 0.14 -
Net realized and unrealized gain/(loss) 1.25 0.24
Incentive fee (0.21 ) -
Total from investment operations 1.18 0.24
Distributions from: -
Net investment income - -
Net realized gain/loss - -
Total distributions - -
Net asset value, end of period $ 26.18 $ 25.77
Total return before incentive fees 5.53 % 0.94 %
Incentive fees (0.81 )% -
Total return after incentive fees 4.72 %(2) 0.94 %(2)
Ratios to average net assets
Net investment income, excluding fee waivers, expense reimbursements (0.08 )%(3) 0.38 %(3)
Net investment income, including fee waivers and expense reimbursements 0.66 %(3) 0.87 %(3)
Operating expenses 1.86 % 2.17 %
Dividend expenses 0.40 % 0.24 %
Incentive fees 0.81 % 0.00 %
Total expenses, excluding fee waivers and expense reimbursements 3.07 % 2.41 %
Waived and reimbursed expenses -0.74 % -0.49 %
Net expenses, including fee waivers and expense reimbursements 2.33 % 1.92 %
Supplemental data
Net assets, end of period (000's) $ 157,435 $ 1,866
Portfolio turnover rate 117 %(4) 117 %(4)
(1) Per share calculations were performed using average shares.
(2) Total Return is calculated assuming an investment made at the net asset value at the beginning of the period. Total return includes the Fund's operating expense limitation and advisory fee waiver, as applicable. Total investment return does not reflect brokerage commissions, if any, and is not annualized.
(3) Includes 0.82% of incentive fees on Class I, 0% incentive fees on Class A. Incentive fees are not annualized.
(4) Not annualized

See accompanying notes to financial statements.

17

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated)

1. Organization

SEG Partners Long/Short Equity Fund (the "Fund") was organized under the laws of the State of Delaware as a statutory trust on November 4, 2024. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. While non-diversified for 1940 Act purposes, the Fund intends to comply with the diversification requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), as such requirements are described in more detail below. The Fund's term is perpetual; however, the Fund may be dissolved upon approval of a majority of the Trustees in accordance with the Fund's Declaration of Trust. The Fund currently offers two separate classes of shares of beneficial interest (the "Shares"), designated as Class A Shares and Class I Shares.

The Fund's investment objective is to achieve maximum total return. The Fund seeks to achieve its investment objective by investing primarily in equity securities. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. For purposes of the Fund's 80% investment policy, "equity securities" means common and preferred stocks (including investments in initial public offerings ("IPOs")), convertible securities, warrants and rights. To the extent the Fund invests in derivative or other strategic instruments that have similar economic characteristics to equity securities, the market value of such instruments will be included for purposes of calculating the Fund's compliance with its 80% investment policy. The Fund includes cash or money market instruments earmarked or otherwise held as collateral for derivative instruments that have similar economic characteristics to equity securities towards its 80% investment requirement. The Fund may invest in equity securities without restriction as to market capitalization. Under extraordinary circumstances, the Fund may choose to acquire substantial or control stakes in public companies.

Select Equity Group, L.P.'s ("SEG" or the "Adviser") approach involves taking long and short positions in equity securities. The majority of the Fund's long portfolio will be invested in growing companies with high returns on capital and high barriers to competition that the Adviser believes are trading at a discount to their intrinsic value. The majority of these companies have been researched for several years before investment and are purchased with an expectation of a multi-year holding period. The long portfolio also includes investments in more opportunistic situations that may be held for shorter periods of time. In the short portfolio, SEG attempts to identify companies that are exposed to ongoing competitive pressures with poor returns on capital and deteriorating fundamentals. The short positions are generally not selected as direct hedges to the long positions. In addition to taking short positions on individual securities, the short portfolio may also include baskets of securities, shorts on indices, long puts and/or short calls. SEG, an investment adviser registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), serves as the Fund's investment adviser.

The Fund's Board of Trustees (the "Board") has overall responsibility for the management and supervision of the business operations of the Fund. To the extent permitted by applicable law, the Board may delegate any of its rights, powers, and authority to, among others, the officers of the Fund, any committee of the Board or the Adviser.

18

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

2. Restatement

Subsequent to the issuance of the October 31, 2025 financial statements, management identified two material errors. The first in accounting for the receipt of interest income related to short equities, which resulted in an understatement of the Fund's net assets and investment income beginning on April 8, 2025. The second error relates to an overstatement of Cash and cash equivalents and an understatement of Due from broker. In accordance with the Fund's NAV error correction policy, the Fund reprocessed shareholder transactions effected from April 8, 2025 through February 18, 2026 for Class I shares and for the period July 2, 2025 through February 18, 2026 for Class A shares, (the "Error Periods").

The accompanying financial statements of the Fund for the period from April 1, 2025 (commencement of operations) to October 31, 2025 have been restated from amounts previously reported to correct the errors. The following information presents the previously reported and restated information on each of the impacted financial statements. The schedule of portfolio investments was required to be restated to reflect the impact of the restatement in net assets; there was no impact on fair value or cost of investments as previously reported. In addition, the Fund has corrected the accompanying footnotes in correction with the restatement.

19

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

2. Restatement (continued)

Statement of Assets and Liabilities
October 31, 2025

Previously Reported Adjustments As Restated
Assets
Investments, at fair value (cost $117,788,767) $ 128,306,038 $ - $ 128,306,038
Cash and cash equivalents 23,192,983 (1,241,204 ) 21,951,779
Foreign Currency, at fair value (cost $45,597) 45,343 - 45,343
Receivable for fund shares sold 356,383 - 356,383
Dividends receivable 21,188 - 21,188
Interest receivable 4,000 - 4,000
Receivable for investments sold 514,852 - 514,852
Due from broker 90,330,144 3,367,993 93,698,137
Derivative assets, equity swaps 11,074,986 - 11,074,986
Due from Adviser (Note 6) 168,755 - 168,755
Deferred offering costs (Note 3) 142,414 - 142,414
Prepaid expenses and other assets 12,332 - 12,332
Total assets 254,169,418 2,126,789 256,296,207
Liabilities
Investments in securities sold short, at value (cost $95,572,156) 89,044,626 - 89,044,626
Payable for investments purchased 646,248 - 646,248
Dividends payable 29,747 - 29,747
Derivative liabilities, equity swaps 5,579,203 - 5,579,203
Management fee payable (Note 6) 100,877 - 100,877
Distribution fees payable 968 - 968
Incentive fee payable (Note 6) 1,240,532 - 1,240,532
Professional fees payable 295,781 - 295,781
Other accrued expenses 56,758 - 56,758
Total liabilities 96,994,740 - 96,994,740
Commitments and Contingencies (Note 12)
Net assets $ 157,174,678 $ 2,126,789 $ 159,301,467
Net Assets
Paid-in capital - (unlimited shares authorized - $0.001 par value) $ 150,063,835 $ 1,973,473 $ 152,037,308
Distributable earnings / (Accumulated loss) 7,110,843 153,316 7,264,159
Net assets $ 157,174,678 $ 2,126,789 $ 159,301,467

20

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

2. Restatement (continued)
Class I: Previously Reported Adjustments As Restated
Net asset value $ 155,315,727 $ 2,119,722 $ 157,435,449
Price per share (6,013,671 shares) $ 25.83 $ 0.35 $ 26.18
Class A:
Net asset value $ 1,858,951 $ 7,067 $ 1,866,018
Price per share (72,400 shares) $ 25.68 $ 0.09 $ 25.77

21

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

2. Restatement (continued)

Statement of Operations
Period from April 1, 2025 (Commencement of Operations) through October 31, 2025

Previously Reported Adjustments As Restated
Investment income
Interest income $ - $ 2,126,789 $ 2,126,789
Dividend income 566,744 - 566,744
Total investment income 566,744 2,126,789 2,693,533
Expenses
Incentive fee 1,240,532 - 1,240,532
Investment advisory fees (Note 6) 891,591 - 891,591
Dividend expense 617,086 - 617,086
Professional fees 453,070 - 453,070
Organizational costs 358,700 - 358,700
Offering costs 198,157 - 198,157
Compliance officer fees 74,375 - 74,375
Trustees' fees 65,750 - 65,750
Administration fees 64,833 - 64,833
Distribution fees 2,392 - 2,392
Other expenses 107,940 - 107,940
Total expenses 4,074,426 - 4,074,426
Less expense reimbursement (Note 6) (743,388 ) - (743,388 )
Investment advisory fee waiver (Note 6) (222,899 ) - (222,899 )
Net expenses 3,108,139 - 3,108,139
Net investment loss (2,541,395 ) 2,126,789 (414,606 )
Realized gain/(loss) and unrealized appreciation/(depreciation)
Net realized gain/(loss) on:
Investments 4,135,702 - 4,135,702
Swap contracts (3,672,103 ) - (3,672,103 )
Foreign currency translation 1,251 - 1,251
Investments sold short (15,531,538 ) - (15,531,538 )
Net realized loss (15,066,688 ) - (15,066,688 )
Net change in unrealized appreciation/(depreciation) of:
Investments 10,517,272 - 10,517,272
Swap contracts 5,495,783 - 5,495,783
Foreign currency translation 793 - 793
Investments sold short 6,527,530 - 6,527,530
Net change in unrealized appreciation 22,541,378 - 22,541,378
Net realized gain and unrealized appreciation 7,474,690 - 7,474,690
Net increase in net assets resulting from operations $ 4,933,295 $ 2,126,789 $ 7,060,084

22

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

2. Restatement (continued)

Statements of Changes in Net Assets
Period from April 1, 2025 (Commencement of Operations) through October 31, 2025

Previously Reported Adjustments As Restated
Net increase in net assets resulting from operations
Net investment loss $ (2,541,395 ) $ 2,126,789 $ (414,606 )
Net realized loss (15,066,688 ) - (15,066,688 )
Net change in unrealized appreciation 22,541,378 - 22,541,378
Net increase in net assets resulting from operations 4,933,295 2,126,789 7,060,084
Share transactions (Note 10)
Class I
Shares sold (6,009,671 shares) 150,250,000 - 150,250,000
Class A
Shares sold (72,400 shares) 1,891,383 - 1,891,383
Net increase in net assets resulting from shareholders' transactions 152,141,383 - 152,141,383
Net increase in net assets, during the period 157,074,678 2,126,789 159,201,467
Net assets
Beginning of period (4,000 Class I shares) 100,000 - 100,000
End of period $ 157,174,678 $ 2,126,789 $ 159,301,467

23

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

2. Restatement (continued)

Financial Highlights
Period from April 1, 2025 (Commencement of Operations) through October 31, 2025.

Class I

Previously Reported

Adjustments

As Restated

Per share operating performance (1)
Net asset value, beginning of period $ 25.00 $ - $ 25.00
Activity from investment operations:
Net investment income/(loss)(exclusive of incentive fee) (0.21 ) 0.35 0.14
Net realized and unrealized gain/(loss) 1.25 - 1.25
Incentive fee (0.21 ) - (0.21 )
Total from investment operations 0.83 0.35 1.18
Net asset value, end of period $ 25.83 $ 0.35 $ 26.18
Total return before incentive fees 4.14 % 1.39 % 5.53 %
Incentive fees (0.82 )% 0.01 % (0.81 )%
Total return after incentive fees 3.32 % 1.40 % 4.72 %(2)
Ratios to average net assets
Net investment income, excluding fee waivers, expense reimbursements (2.45 )% 2.37 % (0.08 )%(3)
Net investment income, including fee waivers and expense reimbursements (1.71 )% 2.37 % 0.66 %(3)
Operating expenses 1.87 % (0.01 )% 1.86 %
Dividend expenses 0.40 % 0.00 % 0.40 %
Incentive fees 0.82 % (0.01 )% 0.81 %
Total expenses, excluding fee waivers and expense reimbursements 3.09 % (0.02 )% 3.07 %
Waived and reimbursed expenses (0.74 )% 0.00 % (0.74 )%
Net expenses, including fee waivers and expense reimbursements 2.35 % (0.02 )% 2.33 %
Supplemental data
Net assets, end of period (000's) $ 155,316 $ 2,119 $ 157,435
Portfolio turnover rate 117 % 0 % 117 %(4)
(1) Per share calculations were performed using average shares.
(2) Total Return is calculated assuming an investment made at the net asset value at the beginning of the period. Total return includes the Fund's operating expense limitation and advisory fee waiver, as applicable. Total investment return does not reflect brokerage commissions, if any, and is not annualized.
(3) Includes 0.81% of incentive fees. Incentive fees are not annualized.
(4) Not annualized

24

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

2. Restatement (continued)

Financial Highlights
Period from July 1, 2025 (Commencement of Operations) through October 31, 2025.

Class A

Previously Reported

Adjustments

As Restated

Per share operating performance (1)
Net asset value, beginning of period $ 25.53 $ - $ 25.53
Activity from investment operations:
Net investment income/(loss)(exclusive of incentive fee) (0.21 ) 0.21 -
Net realized and unrealized gain/(loss) 0.36 (0.12 ) 0.24
Incentive fee - - -
Total from investment operations 0.15 0.09 0.24
Net asset value, end of period $ 25.68 $ 0.09 $ 25.77
Total return before incentive fees 0.59 % 0.35 % 0.94 %
Incentive fees 0.00 % 0.00 % 0.00 %
Total return after incentive fees 0.59 % 0.35 % 0.94 %(2)
Ratios to average net assets
Net investment income, excluding fee waivers, expense reimbursements (2.19 )% 2.57 % 0.38 %
Net investment income, including fee waivers and expense reimbursements (1.69 )% 2.56 % 0.87 %
Operating expenses 2.47 % (0.30 )% 2.17 %
Dividend expenses 0.25 % (0.01 )% 0.24 %
Incentive fees 0.00 % 0.00 % 0.00 %
Total expenses, excluding fee waivers and expense reimbursements 2.72 % (0.31 )% 2.41 %
Waived and reimbursed expenses (0.50 )% 0.01 % (0.49 )%
Net expenses, including fee waivers and expense reimbursements 2.22 % (0.30 )% 1.92 %
Supplemental data
Net assets, end of period (000's) $ 1,859 $ 7 $ 1,866
Portfolio turnover rate 117 % 0 % 117 %(3)
(1) Per share calculations were performed using average shares.
(2) Total Return is calculated assuming an investment made at the net asset value at the beginning of the period. Total return includes the Fund's operating expense limitation and advisory fee waiver, as applicable. Total investment return does not reflect brokerage commissions, if any, and is not annualized.
(3) Not annualized

25

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

3. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies utilized by the Fund in the preparation of its financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is an investment company and applies specific accounting and financial reporting requirements under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services-Investment Companies.

Portfolio Valuation and Fair Value Measurements - The Fund's fair value policies and procedures and valuation practices are designed to comply with Rule 2a-5 under the 1940 Act. The Board has approved valuation procedures for the Fund (the "Valuation Policy"), and has approved the delegation of the day-to-day valuation and pricing responsibility for the Fund to the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the 1940 Act, subject to the oversight of the Board. The valuation of the Fund's investments is performed in accordance with FASB Accounting Standards Codification 820 - Fair Value Measurements and Disclosures. The Valuation Policy provides that the Fund will value its investments at fair value.

Securities listed on a securities exchange or an automated quotation system for which market quotations are readily available, including securities traded over-the-counter, generally are valued at the last quoted sale price on the principal exchange or market on which these securities are traded on the valuation date or, if there is no such reported sale on the valuation date, at the most recent quoted bid price for these securities.

For debt and equity securities which are not publicly traded or for which market prices are not readily available (unquoted investments) the fair value is determined by employing methodologies that utilize (a) market transactions, (b) broker-dealer supplied valuations, or (c) other electronic processing techniques. In determining the fair values of these investments, the Adviser will typically apply widely recognized market and income valuation methodologies including, but not limited to, security prices, yields, maturities, call features, ratings, and significant events or other developments relating to specific securities.

Options contracts are valued using the mean/mid of quoted "bid" (for long positions) and "ask" (for short positions) spread prices, as provided by independent pricing vendors at the close of business on such day.

Due to the inherent uncertainty in determining the fair value of investments for which market values are not readily available, the fair values of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.

26

SEG Partners Long/Short Equity Fund

Notes to Financial Statements

October 31, 2025 (as Restated) (continued)

3. Summary of Significant Accounting Policies (continued)

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments' complexity for disclosure purposes. The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund's investments and are summarized in the following fair value hierarchy:

Level 1: Inputs that reflect unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access at the measurement date;

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly including inputs in markets that are not considered to be active or in active markets for similar assets or liabilities, observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data;

Level 3: Significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments).

The following tables represent the investments carried on the Statement of Assets and Liabilities by security type and level within the valuation hierarchy at October 31, 2025:

Level 1 Level 2 Level 3 Total
Assets:
Investments:
Common Stocks $ 125,730,157 $ - $ - $ 125,730,157
Purchased Options 2,575,881 - - 2,575,881
Total Investment Assets $ 128,306,038 $ - $ - $ 128,306,038
Cash Equivalents $ 1,200,000 $ - $ - $ 1,200,000
Equity Swaps* - 11,074,986 - 11,074,986
Total Assets at Fair Value $ 129,506,038 $ 11,074,986 $ - $ 140,581,024
Liabilities:
Investments:
Common Stocks $ (89,044,626 ) $ - $ - $ (89,044,626 )
Total Investment Liabilities $ (89,044,626 ) $ - $ - $ (89,044,626 )
Equity Swaps* $ - $ (5,579,203 ) $ - $ (5,579,203 )
Total Liabilities at Fair Value $ - $ (5,579,203 ) $ - $ (5,579,203 )
* The fair value of the Fund's investment represents the net unrealized appreciation/(depreciation) as of October 31, 2025.
Refer to the Schedule of Investments for further disaggregation of investment categories.
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period.

Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Code, as amended, necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareholders sufficient to relieve it from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.

The Fund has adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the period ended October 31, 2025, the Fund did not incur any interest or penalties. The Fund has reviewed all open tax years and concluded that there is no effect to the Fund's financial position or results of operations and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund has no examinations in progress.

27

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

3. Summary of Significant Accounting Policies (continued)

Use of Estimates - The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and accompanying notes. The Board believes that the estimates utilized in preparing its financial statements are reasonable and prudent; however, actual results could differ from those estimates and such differences could be material.

Distribution of Income and Gains - The Fund contemplates declaring all or substantially all of its taxable income after payment of the Fund's operating expenses as dividends each year. From time to time, the Fund may also pay special interim distributions in the form of cash or Shares at the discretion of the Board. The Fund declares and makes distributions of net capital gains annually, if any, in the month of December. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax purposes. Distributions are recorded on the ex-dividend date.

The tax character of distributions paid may differ from the character of distributions shown in the Statement of Changes in Net Assets due to short-term realized capital gains being treated as ordinary income for tax purposes.

Investment Transactions, Income Recognition and Expenses - Investment transactions are recorded on the trade date. The Fund recognizes income and records expenses on an accrual basis. Interest income is net of amortization/accretion of any premiums/discounts, if any, from purchases. The changes in fair value of the investments are included in net change in unrealized appreciation/(depreciation) on investments in the Statement of Operations. Realized gains and losses from investments are calculated using specific identification.

Share Valuation - The net asset value ("NAV") per Share is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for the Fund, rounded to the nearest cent. Fund Shares will not be priced on the days on which the New York Stock Exchange is closed for trading.

Indemnifications - The Fund indemnifies its officers and trustees for certain liabilities that may arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

Organization and Offering Costs - Organization and offering expenses shall mean all third party charges and out-of-pocket costs and expenses incurred by the Fund, in the connection with the formation of the Fund, the offering of the Shares, and the admission of investors in the Fund, including, without limitation, legal, accounting, filing, advertising and all other expenses incurred in connection with the offer and sale of interests in the Fund. The Fund incurred organizational costs of $358,700 that are subject to reimbursement pursuant to the Expense Limitation Agreement between the Fund and the Adviser as described in Note 6. The Fund incurred offering costs of $340,571 prior to commencement of operations. These offering costs are being amortized to expense over twelve months on a straight-line basis and are not subject to reimbursement pursuant to an expense limitation and reimbursement agreement between the Fund and the Adviser as described in Note 6. The remaining deferred offering costs are presented on the Statement of Assets and Liabilities.

28

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

3. Summary of Significant Accounting Policies (continued)

Cash and Cash Equivalents - Cash and cash equivalents are comprised of cash at the bank and short-term deposits with an original maturity of three months or less, held at a custodian bank and controlled by the Fund's Board. A portion of cash and cash equivalents was invested in a money market fund, which invests primarily in a portfolio of short-term U.S. Treasury securities, which is currently listed and expected to remain at $1.00 per share.

Reclassification of Capital Accounts - GAAP requires that certain components of net assets be reclassified between financial and tax reporting. Temporary differences do not require reclassification. Temporary and permanent differences have no effect on net assets or NAV per share. For the fiscal period ended October 31, 2025, the Fund made the following permanent book to tax reclassification primarily related to offering costs:

Accumulated
Earnings/(Deficit) 		Paid in Capital
$204,075 $(204,075)

Other - Pursuant to ASC 230-10-15-4 ("ASC"), the Fund is not required to include a Statement of Cash Flows, based on the criteria set forth in ASC.

4. Risk Considerations

Investing in Shares is subject to risks, including the risks set forth in the "Types of Investments and Related Risk Factors" section of the Fund's prospectus, which include, but are not limited to the following:

Investment risk

All investments risk the loss of capital. An investment in the Fund involves a high degree of risk, including the risk that the Shareholder's entire investment may be lost. The value of the Fund's assets should be expected to fluctuate. To the extent that the Fund's portfolio is concentrated in securities of a single issuer or issuers in a single sector, the risk of any investment decision is increased. The Fund's use of leverage is likely to cause the Fund's assets to appreciate or depreciate at a greater rate than if leverage were not used. In addition, the Fund's use of leverage, short sales or derivative transactions can result in significant losses to the Fund.

Closed-end fund; liquidity limited to periodic repurchases of Shares

The Fund is a non-diversified, closed-end management investment company designed primarily for long-term investors, and is not intended to be a trading vehicle. The Fund is not a liquid investment and you should not invest in this Fund if you need a liquid investment. The Fund does not intend to list its Shares for trading on any national securities exchange. There is no secondary trading market for Shares, and none is expected to develop. Shares are, therefore, not readily marketable. Because the Fund is a closed-end investment company, its Shares are not redeemable at the option of Shareholders and they are not exchangeable for Shares of any other fund. Although the Board may, in its sole discretion, cause the Fund to offer to repurchase outstanding Shares at their net asset value (after all applicable fees), or, in certain circumstances, at a discount, and the Adviser intends to recommend that, in normal market circumstances, the Board conduct repurchase offers of no more than 25% of the Fund's net assets quarterly on or about each January 1, April 1, July 1 and October 1. It is possible that the Fund may be unable to repurchase all of the Shares that an investor tenders due to the illiquidity of the Fund's investments or if the Shareholders request the Fund to repurchase more Shares than the Fund is then offering to repurchase. There can be no assurance that the Fund will conduct repurchase offers in any particular period and Shareholders may be unable to tender Shares for repurchase for an indefinite period of time.

29

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

4. Risk Considerations (continued)

No Operating History

The Fund is a newly organized, non-diversified, closed-end management investment company with no operating history.

Non-Diversified Status

The Fund is a "non-diversified" management investment company. Thus, there are no percentage limitations imposed by the 1940 Act on the Fund's assets that may be invested, directly or indirectly, in the securities of any one issuer. Consequently, if one or more Fund investments are allocated a relatively large percentage of the Fund's assets, losses suffered by such Fund investments could result in a higher reduction in the Fund's capital than if such capital had been more proportionately allocated among a larger number of investments.

Equity securities

The Fund primarily invests in equity securities, which, for these purposes, means common and preferred stocks (including investments in initial public offerings), convertible securities, warrants and rights. As a result, the value of the Fund's portfolio will be affected by daily movements in the prices of equity securities. These price movements may result from factors affecting individual companies, industries or the securities markets as a whole. Individual companies may report poor results or be negatively affected by industry, regulatory or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, stock markets can be volatile at times, and stock prices can change drastically. This market risk will affect the Fund's net asset value per Share, which will fluctuate as the values of the Fund's investments and other assets change. Not all stock prices change uniformly or at the same time, and not all stock markets move in the same direction at the same time.

Concentration risk

The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class.

Derivatives risks

The Fund may invest in, or enter into, derivatives, including swaps (including total return swaps), swaptions, contracts for difference, futures and forward agreements and options, for investment or hedging purposes. A total return swap is an agreement between counterparties to exchange periodic payments based on the value of asset or non-asset references. Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument or index. Total return swaps are less standard in structure than other types of swaps and can isolate and/or include multiple types of market risk factors including equity risk, credit risk, and interest rate risk.

30

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

4. Risk Considerations (continued)

Short selling risk

The Fund will engage in short selling. Selling securities short runs the risk of losing an amount greater than the amount invested. Short selling is subject to theoretically unlimited risk of loss because there is no limit on how much the price of the stock may appreciate before the short position is closed. A short sale may result in a sudden and substantial loss if, for example, an acquisition proposal is made for the subject company at a substantial premium over market price.

Swaps risk

In a standard "swap" transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and subject to counterparty risk (e.g., the risk of a counterparty's defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Swaps may also be considered illiquid.

5. Derivatives

The Fund may seek to hedge against interest rate and currency exchange rate fluctuations by using structured financial instruments such as futures, options, swaps and forward contracts, subject to the requirements of the 1940 Act. Use of structured financial instruments for hedging purposes may present significant risks, including the risk of loss of the amounts invested. Defaults by the other party to a hedging transaction can result in losses in the hedging transaction. Hedging activities also involve the risk of an imperfect correlation between the hedging instrument and the asset being hedged, which could result in losses both on the hedging transaction and on the instrument being hedged. Use of hedging activities may not prevent significant losses and could increase losses. Further, hedging transactions may reduce cash available to pay distributions to Shareholders.

Statement of Assets and Liabilities

The fair value of derivative instruments as of October 31, 2025:

Asset Derivatives Liability Derivatives
Equity Risk Contracts Statement of
Assets and
Liabilities
Location 		Value Statement of
Assets and
Liabilities
Location 		Value
Purchased Options Investments, at fair value $ 2,575,881 $ -
Total Return Swaps Derivative assets, equity swaps 11,074,986 Derivative liabilities, equity swaps 5,579,203
Total $ 13,650,867 $ 5,579,203

31

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

5. Derivatives (continued)

Statement of Operations

The effect of derivative instruments on the Statement of Operations for the period from April 1, 2025 (Commencement of Operations) through October 31, 2025:

Realized Change in Unrealized
Equity Risk Contracts Statement of Operations Location Value Statement of Operations Location Value
Purchased Options Net realized gain/(loss) on
Investments 		$ 1,933,955 Net change in unrealized appreciation (depreciation) of
Investments 		$ 439,998
Total Return Swaps Net realized gain/(loss) on Swap contracts (3,672,103 ) Net change in unrealized appreciation (depreciation) of Swap contracts 5,495,783
Total $ (1,738,148 ) $ 5,935,781

The average monthly notional amount is shown as an indicator of volume. The average monthly notional amounts during the period from April 1, 2025 (Commencement of Operations) through October 31, 2025 were:

Average Notional Amount
Long
Contracts 		Short
Contracts
Purchased Options $ 24,975,979 $ -
Total Return Swaps 93,028,881 27,477,897

Balance Sheet Offsetting Information

The following table provides a summary of offsetting financial liabilities and derivatives and the effect of derivative instruments on the Statements of Assets and Liabilities as of October 31, 2025.

Gross Amounts Not Offset in Statement of
Assets and Liabilities
Derivative Assets, Equity
Swaps by Counterparty 		Gross
Amounts
Recognized 		Gross
Amounts
Offset in
Statement of
Assets and
Liabilities 		Net Amounts of
Assets Presented
in Statement of
Assets and
Liabilities 		Financial
Instruments 		Cash
Collateral
Received 		Net Amount
Bank of America Sec., Inc. $ 175,400 $ - $ 175,400 $ 6,008 $ - $ 169,392
Goldman Sachs 10,321,102 - 10,321,102 4,896,155 - 5,424,947
J.P. Morgan Securities, Inc. 222,227 - 222,227 29,135 - 193,092
Morgan Stanley 233,004 - 233,004 14,974 - 118,030
UBS 123,253 - 123,253 123,253 - -
Total $ 11,074,986 $ - $ 11,074,986 $ 5,169,525 $ - $ 5,905,461

32

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

5. Derivatives (continued)
Gross Amounts Not Offset in Statement of
Assets and Liabilities
Derivative Liabilities, Equity
Swaps by Counterparty 		Gross
Amounts
Recognized 		Gross
Amounts
Offset in
Statement of
Assets and
Liabilities 		Net Amounts of
Assets Presented
in Statement of
Assets and
Liabilities 		Financial
Instruments 		Cash
Collateral
Pledged 		Net Amount
Bank of America Sec., Inc. $ 6,008 $ - $ 6,008 $ 6,008 $ - $ -
Goldman Sachs 4,896,155 - 4,896,155 4,896,155 - -
J.P. Morgan Securities, Inc. 29,135 - 29,135 29,135 - -
Morgan Stanley 114,974 - 114,974 114,974 - -
UBS 532,931 - 532,931 123,253 - 409,678
Total $ 5,579,203 $ - $ 5,579,203 $ 5,169,525 $ - $ 409,678

During the ordinary course of business, the Fund may enter into transactions subject to enforceable netting agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreement. Generally, the fund manages its cash collateral and securities collateral on a counterparty basis. As of October 31, 2025, the Fund did not enter into any netting agreements which would require any portfolio securities to be netted.

6. Management Fee, Related Party Transactions and Other

The Fund pays the Adviser an investment management fee (the "Investment Management Fee") in consideration of the advisory and other services provided by the Adviser to the Fund. The Fund pays the Adviser an Investment Management Fee at the annual rate of 1.00%, calculated and accrued daily and payable monthly in arrears based upon the Fund's average daily net assets. The Investment Management Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date. Additionally, for purposes of determining the Investment Management Fee payable to the Adviser for any month, net assets will be calculated prior to the reduction for any fees and expenses of the Fund for that month, including, without limitation, the Investment Management Fee payable to the Adviser for that month. The Adviser has contractually agreed that it shall waive 0.25% of the Investment Management Fee through, July 1, 2026. The waiver of the Investment Management Fee under a management fee waiver agreement between the Fund and the Adviser is not subject to recoupment by the Adviser. The investment management agreement between the Fund and the Adviser (the "Investment Management Agreement") became effective as of March 13, 2025 and will continue in effect for an initial two-year term. Thereafter, the Investment Management Agreement will continue in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund, or a majority of the Board, and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval. For the period ended October 31, 2025, the Fund incurred management fees of $891,591, of which $222,899 was waived as noted above.

33

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

6. Management Fee, Related Party Transactions and Other (continued)

Promptly after the end of each fiscal year of the Fund, the Fund pays to the Adviser an incentive fee (the "Incentive Fee") in an amount equal to 20.00% of the amount by which the Fund's net profits attributable to each class of Shares for all Performance Periods (as defined below) ending within or coterminous with the close of such fiscal year exceed the balance of the loss carryforward account (as described below) maintained in respect of such class, without duplication for any Incentive Fee paid by the Fund in respect of such class during such fiscal year. The Fund also pays the Adviser the Incentive Fee in the event that a Performance Period ends in connection with the repurchase of Shares by the Fund or a dividend or other distribution payable by the Fund, in each case on the date as of which the Fund's net asset value attributable to any class is calculated for such purpose; provided that only that portion of the Incentive Fee that is attributable to (i) the Shares being repurchased (not taking into account any proceeds from any contemporaneous issuance of Shares, by reinvestment of dividends and other distributions or otherwise), or (ii) the dividend or other distribution being paid by the Fund and not being reinvested in Shares of the Fund, will be paid to the Adviser for such Performance Period. The Incentive Fee, if any, is calculated and accrued on each date that the Fund calculates its net asset value.

For purposes of calculating the Incentive Fee, net profits means the amount by which: (a) the net assets of the Fund attributable to a class as of the end of a Performance Period, increased by the dollar amount of Shares of such class repurchased by the Fund during the Performance Period (excluding Shares of such class to be repurchased as of the last day of the Performance Period after the determination of the Incentive Fee) and by the amount of dividends and other distributions paid in respect of Shares of such class during the Performance Period and not reinvested in additional Shares of such class (excluding any dividends and other distributions to be paid as of the last day of the Performance Period), exceeds (b) the net assets of the Fund attributable to such class as of the beginning of the Performance Period, increased by the dollar amount of Shares of such class issued during the Performance Period (excluding any Shares of such class issued in connection with the reinvestment of dividends and other distributions paid by the Fund in respect of such class).

"Performance Period" means each 12-month period ending or the Fund's first fiscal year end (if less than 12 months) as of the Fund's fiscal year-end (or such other period ending as of the Fund's fiscal year-end in the event the Fund's fiscal year is changed); provided that the period of time from the prior Performance Period-end through the valuation date of (i) a repurchase offer and (ii) a dividend or other distribution also constitutes a Performance Period.

The Incentive Fee is payable for a Performance Period only if and to the extent that the Fund's loss carryforward account has a balance of zero. The loss carryforward account is a memorandum account with respect to each class that will have an initial balance of zero upon commencement of the class's operations and, thereafter, will be credited as of the end of each Performance Period with the amount of any net loss of the Fund attributable to such class for that Performance Period, and will be debited with the amount of any net profits of the Fund attributable to such class for that Performance Period, as applicable. For the period ended October 31, 2025, the Fund incurred Incentive Fees of $1,240,532.

34

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

6. Management Fee, Related Party Transactions and Other (continued)

The Adviser has contractually entered into an Expense Limitation and Reimbursement Agreement with the Fund to limit for a period of three years following the commencement of the Fund's operations (the "Limitation Period") the amount of "Specified Expenses" (as defined below) borne by the Fund in respect of Class I Shares and Class A Shares during the Limitation Period to an amount not to exceed 0.65% per annum of the Fund's net assets attributable to such Class (the "Expense Cap"). "Specified Expenses" is defined to include all expenses incurred in the business of the Fund, provided that the following expenses are excluded from the definition of Specified Expenses: (i) the Investment Management Fee; (ii) the Incentive Fee; (iii) Distribution and Servicing Fees in respect of any class of Shares; (iv) brokerage costs; (v) certain transaction-related expenses, including those incurred in connection with effecting short sales; (vi) interest payments; (vii) fees and expenses incurred in connection with a credit facility, if any, obtained by the Fund; (viii) taxes; and (ix) extraordinary expenses. The Adviser may extend the Limitation Period for the Fund on an annual basis. To the extent that Specified Expenses in respect of any class of Shares for any month exceed the Expense Cap applicable to a class of Shares, the Adviser will reimburse the Fund for expenses to the extent necessary to eliminate such excess. To the extent that the Adviser bears Specified Expenses in respect of a class of Shares, the Adviser may receive reimbursement for any expense amounts that were previously waived by the Adviser, for a period not to exceed three years from the date on which such expenses were waived by the Adviser, even if such reimbursement occurs after the termination of the Limitation Period, provided that the Fund may only make a repayment to the Adviser if such repayment does not cause the Fund's expense ratio (after the repayment is taken into account) to exceed either (1) the Expense Cap in place at the time such amounts were waived by the Adviser; or (2) the Fund's current Expense Cap. The Adviser's waived fees and reimbursed expenses that are subject to potential recoupment are as follows:

Fiscal Year Incurred Amount Waived or Expenses Reimbursed by the
Adviser 		Amount Recouped Amount Subject to Potential
Reimbursement 		Expiration Date
October 31, 2025 $ 743,388 $ - $ 743,388 October 31, 2028

U.S. Bank Global Fund Services serves as Administrator, Fund Accounting Agent, and Transfer Agent.

U.S. Bank National Association serves as custodian for the securities and cash of the Fund's portfolio. Quasar Distributors, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Global) (the "Distributor") serves as the Fund's principal underwriter, within the meaning of the 1940 Act, and acts as distributor of the Fund's shares on a best effort basis, subject to various conditions pursuant to the terms of the Distribution Agreement.

As of October 31, 2025, an affiliate of the Adviser, as the majority shareholder in the Fund, owned 99.8% of the outstanding Class I Shares and 98.6% of the total of Class I and Class A Shares outstanding. Also, as of October 31, 2025, an investor, as the majority shareholder in the Fund's Class A Shares owned 26.0% of those Shares and 0.3% of the total of Class A and Class I Shares. Under section 2(a)(9) of the 1940 Act, owning more than 25% of voting securities of a fund creates a presumption of a "control person". A control person may be able to determine the outcome of a matter put to a shareholder vote. In addition, a large repurchase of shares held by a controlling shareholder could, under certain circumstances, significantly reduce the asset size of a fund, which may adversely affect such fund's investment flexibility and expense ratio.

35

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

7. Distribution and Service Plan

The Fund has adopted a distribution and service plan (the "Distribution and Service Plan") for the Class A Shares of the Fund. The Distribution and Service Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its shares. Although the Fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 12b-1 as a condition of exemptive relief which it has been granted under the 1940 Act which permits it to have, among other things, a multi-class structure and distribution and/or shareholder servicing fees. The Distribution and Service Plan permits the Fund to compensate the Distributor for providing or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to the Class A Shares. Most or all of the distribution and/or service fees are paid to financial firms through which Shareholders may purchase or hold Class A Shares. Under the Distribution and Service Plan, the Fund may pay as compensation up to 0.75% on an annualized basis of the Fund's net asset value attributable to Class A Shares to the Fund's Distributor or other qualified recipients. Payment of the Distribution and/or Service Fee is governed by the Fund's Distribution and Service Plan. The Fund also may pay for sub-transfer agency, sub-accounting and certain other administrative services outside of its Distribution and Service Plan. Class I Shares do not incur a Distribution and/or Service Fee. As of October 31, 2025, Class A Shares accrued $2,392 in distribution fees.

8. Investment Transactions

During the period from April 1, 2025 (Commencement of Operations) through October 31, 2025, the Fund purchased (at cost) and sold interests (proceeds) in investment securities in the amount of $447,359,618 and $253,651,091 (excluding short-term securities and U.S. government securities), respectively.

9. Income Taxes and Distributions to Shareholders

At October 31, 2025, the Fund's most recent fiscal year end, the components of accumulated earnings and cost of investments on a tax basis were as follows:

Tax cost of investments $ 25,658,645
Gross unrealized appreciation 36,438,046
Gross unrealized depreciation (17,338,702 )
Net unrealized appreciation / (depreciation) 19,099,344
Total distributable earnings 153,355
Other accumulated gain / (loss) (11,988,540 )
Total accumulated gain / (loss) $ 7,264,159

At October 31, 2025, the Fund had capital loss carryforwards of $(11,389,952) that will not expire.

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund's next taxable year. As of the fiscal period ended October 31, 2025, the Fund had post-October or late-year losses as follows:

Post-October Losses Late-Year Losses
$0 $0

36

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

9. Income Taxes and Distributions to Shareholders (continued)

The character of distributions made during the period from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by the Fund. The amount of distributions from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP as a result of book and tax differences considered to be temporary adjustments in nature. An example of a temporary adjustment includes wash sales.

10. Shareholder Transactions

The Fund is a closed-end "tender offer" fund and will seek to make periodic offers to repurchase Shares. Except as permitted by the Fund's structure, no shareholder will have the right to require the Fund to repurchase Shares. The Shares are not listed on any securities exchange and no public market for Shares exists, and none is expected to develop in the future. Consequently, the Fund is not a liquid investment and shareholders generally will not be able to liquidate their investment other than as a result of repurchases of their Shares by the Fund. The Adviser intends to recommend that, in normal market circumstances, the Board conduct repurchase offers of no more than 25% of the Fund's net assets quarterly on or about each January 1, April 1, July 1 and October 1.

During the period ended October 31, 2025, the Fund conducted the following repurchase offers:

Class I Class A
Tender Offer
Filing Date 		Tender
Offer
Pricing
Date 		Offer
Percentage 		Shares
Redeemed 		Dollars
Redeemed 		Shares
Redeemed 		Dollars
Redeemed
7/1/2025 9/30/2025 25% 0 $ 0 0 $ 0
10/2/2025* 12/31/2025 25% 4,000 - 0 $ 0
* The Fund filed a tender offer with the SEC on October 2, 2025. In the filing, the Fund offered to repurchase up to 25% of its issued and outstanding Shares at a price equal to the net asset value of each Class of Shares as of December 31, 2025. As of the close of the Tender Offer window on October 31, 2025, 4,000 Class I Shares were tendered for repurchase. The dollar amount redeemed for those Class I Shares will be determined on the tender offer pricing date on December 31, 2025. No Class A Shares were offered for tender.

Transactions to the Shares were as follows:

Fiscal Period Ended
October 31, 2025
Shares Amount
Shares Sold
Class I 6,009,671 $ 150,250,000
Class A 72,400 1,891,383
Net Increase in Shares/Net Assets 6,082,071 $ 152,141,383

37

SEG Partners Long/Short Equity Fund

Notes to Financial Statements
October 31, 2025 (as Restated) (continued)

11. Segment Reporting

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Adviser's Senior Management act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

12. Commitments and Contingencies

The Fund indemnifies its officers and trustees for certain liabilities that may arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

13. Subsequent Events

The Fund has evaluated subsequent events through December 26, 2025, the date the financial statements were available to be issued, and confirmed that the only subsequent events requiring disclosure were as follows:

During the period November 1, 2025 through December 26, 2025, the Fund processed capital contributions of $405,000 of which $355,000 were recorded as "receivable for fund shares sold" at year end. No withdrawals were processed during the period.

Events Subsequent to Original Issuance of Financial Statements (Unaudited)

In connection with the reissuance of the financial statements, the Fund has evaluated subsequent events through June 25, 2026, the date the financial statements were available to be reissued, and confirmed that the only subsequent events requiring disclosure were as follows:

During the period December 27, 2025 through June 25, 2026, the Fund processed capital contributions of $1,440,000 and processed capital withdrawals of $103,760.

38

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of SEG Partners Long/Short Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of SEG Partners Long/Short Equity Fund (the "Fund") as of October 31, 2025, the related statements of operations and changes in net assets for the period from April 1, 2025 (commencement of operations) through October 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations and the changes in its net assets for the period from April 1, 2025 (commencement of operations) through October 31, 2025, and the financial highlights for each of the periods indicated therein are in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers. We believe that our audit provides a reasonable basis for our opinion.

Restatement of Previously Issued Financial Statements

As discussed in Note 2 to the financial statements, the Fund has restated its October 31, 2025 financial statements to correct errors.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 26, 2025, except for the effects of the restatement discussed in Note 2 to the financial statements, as to which the date is June 25, 2026

We have served as the Fund's auditor since 2025.

www.pwc.com/us PricewaterhouseCoopers LLP
300 Madison Avenue, New York, NY 10017
+1 (646) 471 3000

39

SEG Partners Long/Short Equity Fund

Additional Information

October 31, 2025 (Unaudited)

Independent Trustees

Name, Address (1)

and Year of Birth

Position(s) Held
with Registrant

Term of
Office (2) and

Length Served*

Principal Occupation(s)
during past 5 years and other

directorships held by the
Trustee (3)

Number of
Portfolios in Fund

Complex Overseen by Trustee (4)

Jon Morgan (1963) Chairman and Trustee Since Inception

Managing Member of Sound Fund Advisors LLC. Independent Director:

OHA Senior Private Lending Fund (U) LLC (2022 - present); T.Rowe Price OHA Flexible Credit Income Fund

(2024 - present); Angel Oak Mortgage, Inc. (Jan

2022 - present).

1
Kristen Leopold (1967) Trustee Since Inception

Founder of KL Associates, LLC (hedge fund consulting) (2022-present); Chief Financial Officer of WFL Real Estate Services, LLC (2007-2022).

Independent Director: Blackstone Alternative Investment Funds

(1 portfolio)(2013 - present); Macquarie Asset Management/Central Park Group Suite of Funds (10 Current

Portfolios)(2007 - present); Constitution Capital Access Fund, LLC (2022 - present)

1
Maureen O'Toole (1957) Trustee Since Inception

Retired (2023 - present); Managing Director, Head of Americas Investor Development Group of Actis LLP (investment management)(2019 - 2023).

Independent Director:

Bridge Investment Group Industrial REIT

(2023 - present); ALTI Private Equity Access and Commitments Fund

(2023 - present); AOG Institutional Fund

(2023 - present). North Haven Private Assets Fund 2024-present

1

40

SEG Partners Long/Short Equity Fund

Additional Information (continued)

October 31, 2025 (Unaudited)

Interested Trustee and officers

Name, Address (1)

and Year of Birth

Position(s) Held
with Registrant 		Term of
Office (2) and
Length Served* 		Principal Occupation(s)
during past 5 years and other
directorships held by the
Trustee (3)

Number of
Portfolios in Fund
Complex Overseen

by Trustee or

Officer (4)

Matthew Stadtmauer(5) (1973)

Interested Trustee, President and Principal

Executive Officer

Since Inception Head of Private Wealth at Select Equity Group, LP (2019 - present) N/A
Jennifer Vinsonhaler (1967) Vice President Since Inception

Principal and Chief Compliance Officer at Select Equity Group, LP (2000 - present), Director of Select Equity Group UCITS ICAV

N/A
Troy Statczar(6)
(1971)

Treasurer, Principal Financial Officer and Principal

Accounting Officer

Since Inception Director, Fund Officers since 2023; Senior Director, Foreside Treasurer Services since 2020-Foreside Financial Group N/A
Andrew Jones(6)
(1994) 		Chief Compliance Officer Since Inception

Senior Principal Consultant, (since April 2024), Principal Consultant, Fund Officers (2022 - 2024), Associate Director and Due Diligence Manager, Fund Officers at ACA Group (2019 - 2022).

N/A
Tracy Thomas
(1977) 		Secretary Since Inception

Senior Deputy General Counsel at Select Equity Group, LP (2024 - Present); Deputy General Counsel at Select Equity Group, LP (2018 - 2024); Associate General Counsel at Select Equity Group, LP (2013 - 2018).

N/A
1 Unless otherwise indicated, the mailing address for each Trustee and Officer is 380 Lafayette St, New York, NY 10003.
2 Each Trustee and Officer serves an indefinite term, until his or her successor is elected.
3 Includes any company with a class of securities registered pursuant to Section 12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the Investment Company Act.
4 The Fund Complex consists of the Fund.
5 Mr. Stadtmauer is considered an "Interested" Trustee as defined in the Investment Company Act because of his position with the Fund's investment adviser.
6 Mr. Statczar's and Mr. Jones's address is Foreside Fund Officer Services, LLC, 3 Canal Plaza, Suite 100, Portland, ME 04101.

41

SEG Partners Long/Short Equity Fund

Additional Information (continued)

October 31, 2025 (Unaudited)

N-PORT

The Fund will file its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission ("SEC") on Form N-PORT. The Fund's Form N-PORT will be available without charge by visiting the SEC's website at www.sec.gov.

Proxy Voting

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities owned by the Fund and information regarding how the Fund voted proxies relating to the portfolio of securities for the most recent 12-month period ended June 30, are available to shareholders without charge, upon request by calling the Adviser toll free at 1-844-536-2990 or on the SEC's website at www.sec.gov.

Availability of Fund Updates

The Fund updates performance and certain other material information as necessary from time to time on its website at https://www.selectequity.com/funds/. Investors and others are advised to check the website for updated performance information and other material information about the Fund. References herein to the Fund's website are intended to allow investors public access to information regarding the Fund and are not intended to, incorporate the Fund's website in this report.

Forward-Looking Statements

This report contains "forward-looking statements,'' which are based on current management expectations. Actual future results, however, may prove to be different from expectations. You can identify forward-looking statements by words such as "may'', "will'', "believe'', "attempt'', "seem'', "think'', "ought'', "try'' and other similar terms. The Fund cannot promise future returns. Management's opinions are a reflection of its best judgment at the time this report is compiled, and it disclaims any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.

42

SEG Partners Long/Short Equity Fund

Additional Information (continued)

October 31, 2025 (Unaudited)

Privacy Policy

The Fund adopts the following privacy policy in order to safeguard the personal information of its consumers and customers in accordance with SEC Regulation S- P, 17 CFR 284.30

Commitment to Consumer Privacy

The Fund recognizes and respects the privacy expectations of each of our customers and believes that the confidentiality and protection of consumer information is one of our fundamental responsibilities. The Fund is committed to maintaining the confidentiality, integrity and security of the customers' personal information and will handle personal consumer and customer information only in accordance with Regulation S-P and any other applicable laws, rules and regulations. The Fund will ensure: (a) the security and confidentiality of customer records and information; (b) that customer records and information are protected from any anticipated threats and hazards; and (c) that unauthorized access to, or use of, customer records or information is protected against.

Collection and Disclosure of Shareholder Information

Consumer information collected by, or on behalf of, the Fund generally consists of the following:

▪ Information received from consumers or customers on or in applications or other forms, correspondence, or conversations, including, but not limited to, their name, address, phone number, social security number, assets, income and date of birth; and
▪ Information about transactions with us, our affiliates, or others, including, but not limited to, shareholder account numbers and balance, payments history, parties to transactions, cost basis information, and other financial information.

The Fund does not disclose any nonpublic personal information about our current or former consumers or customers to nonaffiliated third parties, except as permitted by law. For example, as the Fund has no employees, it conducts its business affairs through third parties that provide services pursuant to agreements with the Fund (as well as through its officers and trustees).

Security of Consumer and Customer Information

The Fund will determine that the policies and procedures of its affiliates and service providers are reasonably designed to safeguard customer information and require only appropriate and authorized access to, and use of, customer information through the application of appropriate administrative, technical, physical, and procedural safeguards that comply with applicable federal standards and regulations. The Fund directs each of its service providers to adhere to the Fund's privacy policy and to their respective privacy policies with respect to all customer information of the Fund and to take all actions reasonably necessary so that the Fund is in compliance with the provisions of 17 CFR 248.30, including, as applicable, the development and delivery of initial and annual privacy notices and maintenance of appropriate and adequate records. The Fund will require its service providers to restrict access to nonpublic personal information about customers to those employees who need to know that information to provide products or services to customers.

The Fund may require its service providers to provide periodic reports to the Board of Trustees outlining their privacy policies and implementation and promptly report to the Fund any material changes to their privacy policy before, or promptly after, their adoption.

43

SEG Partners Long/Short Equity Fund

Additional Information (continued)

October 31, 2025 (Unaudited)

SEG Partners Long/Short Equity Fund

Investment Manager

Select Equity Group, L.P.

380 Lafayette Street
New York, New York 10003

Custodian

U.S. Bank, N.A.

1555 N. River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

Transfer Agent

U.S. Bank Global Fund Services

615 East Michigan Street, 3rd Floor

Milwaukee, Wisconsin 53212

Administrator and Accounting Agent

U.S. Bank Global Fund Services

615 East Michigan Street, 3rd Floor

Milwaukee, Wisconsin 53212

Legal Counsel

Faegre Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, Pennsylvania 19103

Independent Registered Public Accounting Firm

PricewaterhouseCoopers, LLP

300 Madison Avenue,

New York, New York 10017

Principal Underwriter and Distributor

ACA

190 Middle Street, Suite 301

Portland, Maine 04101

44

(b) Not applicable

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer (the "Code of Ethics"). During the period covered by this report, no amendments were made to the provisions of the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant's Board of Trustees has determined that Ms. Kristen Leopold is qualified to serve as the audit committee financial expert serving on its Audit Committee and that she is "independent," as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past fiscal year. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for that fiscal year. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other Services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the last fiscal year for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

10/31/2025 10/31/2024
(a)Audit Fees $85,000 N/A
(b)Audit-Related Fees $0 N/A
(c)Tax Fees $78,250 N/A
(d)All Other Fees $0 N/A

(e)(1) The Audit Committee pre-approves, to the extent required by applicable regulations (including paragraph (c)(7) of Rule 2-01 of Regulation S-X), (i) all audit and permitted non-audit services rendered by the independent accountants to the registrant and (ii) all non-audit services rendered by the independent accountants to the registrant's investment adviser and to certain affiliates of the investment adviser.

(e)(2) The percentage of fees billed by PWC, Ltd, applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

10/31/2025 10/31/2024
Audit-Related Fees 0% N/A
Tax Fees 0% N/A

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC., for the fiscal periods were $0 and $0.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a) Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

(b) Not applicable

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not Applicable

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

Not applicable to closed-end investment companies.

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

Not applicable to closed-end investment companies.

Item 9. Proxy Disclosure for Open-End Investment Companies.

Not applicable to closed-end investment companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

Not applicable to closed-end investment companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable for the period covered by this Report.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

The registrant's proxy voting and corporate actions policy and procedures are as follows:

Issue:

Rule 206(4)-61 under the Advisers Act requires every investment adviser to adopt and implement written policies and procedures, reasonably designed to ensure that the adviser votes proxies in the best interest of its clients and in a manner that is free of conflicts of interest. The Rule further requires the adviser to provide a concise summary of the adviser's proxy voting process and offer to provide copies of the complete proxy voting policy and procedures to clients upon request. Lastly, the Rule requires that the adviser disclose to clients how they may obtain information on how the adviser voted their proxies.

Select Equity Group, L.P. ("SEG") votes proxies for a great majority of its clients, and therefore has adopted and implemented this Proxy Voting policy and procedures. Any questions about this document should be directed to the Proxy Committee (the "Committee") or Legal/Compliance, as appropriate.

Policy

It is the general policy of SEG to vote client proxies in the interest of maximizing shareholder value.

To that end, SEG has developed the following guidelines, which are designed to be responsive to the wide range of subjects that can have a significant effect on the investment value of the securities held in clients' accounts. However, these guidelines are not exhaustive due to the variety of proxy voting issues that SEG may be required to consider. Furthermore, SEG reserves the right to depart from these guidelines in order to avoid voting decisions that it believes may be contrary to SEG's clients' best interests. In reviewing proxy issues, SEG will apply the following general guidelines. The firm may also retain, as needed, proxy advisory services to assist in analysis.

A. Elections of Directors: SEG will vote in favor of management's proposed slate of directors unless there is a proxy fight for seats on the board or SEG determines that there are other compelling reasons to vote against or withhold votes. SEG believes that directors have a duty to respond to shareholder actions that have received significant shareholder support. Accordingly, SEG may vote against or withhold votes for directors that, for instance, fail to submit a rights plan to a shareholder vote or fail to act on tender offers where a majority of shareholders have tendered their shares.

B. Appointment of Auditors: SEG believes that the company remains in the best position to choose the auditors and will generally support management's recommendation. However, SEG recognizes that there may be inherent conflicts when a company's independent auditor performs substantial non-audit related services for the company. Therefore, SEG may vote against the appointment of auditors if the fees for non-audit related services are disproportionate to the total audit fees paid by the company or there are other reasons to question the independence or competence of the company's auditors.

C. Changes in Capital Structure: Changes in a company's charter, articles of incorporation or by-laws are often technical and administrative in nature, or driven by changes in laws or regulations. Absent a compelling reason to the contrary, SEG will cast its votes in accordance with the company's management on such proposals. However, SEG will review and analyze on a case-by-case basis any non-routine proposals that are likely to affect the structure and operation of the company or have a material economic effect on the company. For example, SEG will generally support proposals to increase authorized common stock when it is necessary to implement a stock split, aid in restructuring or acquisition or provide a sufficient number of shares for an employee savings plan, stock option or executive compensation plan as long as the parameters of the plan are reasonable and dilution is not outsized. However, a satisfactory explanation of a company's intentions must be disclosed in the proxy statement for proposals requesting an increase of greater than one hundred percent of the shares outstanding. SEG will generally oppose increases in authorized common stock where there is evidence that the shares will be used to implement a poison pill or another form of anti-takeover device.

D. Corporate Restructurings, Mergers and Acquisitions: SEG believes proxy votes dealing with corporate reorganizations are an extension of the investment decision. Accordingly, SEG will analyze such proposals on a case-by-case basis.

1 Rule 206(4)-6 is supplemented by Investment Advisers Act Release No. 5325 (September 10, 2019) ("Release No. 5325"), which contains guidance regarding the proxy voting responsibilities of investment advisers under the Advisers Act. Among other subjects, Release No. 5325 addresses the oversight of proxy advisory firms by investment advisers.

E. Proposals Affecting Shareholder Rights: SEG believes that certain fundamental rights of shareholders must be protected. SEG will generally vote in favor of proposals that give shareholders a greater voice in the affairs of the company and generally oppose measures that seek to limit those rights, including dual class shares that concentrate voting power. However, when analyzing such proposals SEG will weigh the financial impact of the proposal against the impairment of shareholder rights.

F. Corporate Governance: SEG recognizes the importance of good corporate governance in ensuring that management and the board of directors fulfill their obligations to the shareholders. SEG favors proposals promoting transparency and accountability within a company. For example, SEG will vote for proposals providing for equal access to proxies and a majority of independent directors on key committees.

G. Anti-Takeover Measures: SEG believes that measures that impede takeovers or entrench management not only infringe on the rights of shareholders but may also have a detrimental effect on the value of the company. SEG will generally oppose proposals, regardless of whether they are advanced by management or shareholders, if its purpose or effect is to entrench management or dilute shareholder ownership. Conversely, SEG supports proposals that would restrict or otherwise eliminate anti-takeover measures that have already been adopted by corporate issuers. For example, SEG will support shareholder proposals that seek to require the company to submit a shareholder rights plan to a shareholder vote. SEG will evaluate, on a case-by-case basis, proposals to completely redeem or eliminate such plans. Furthermore, SEG will generally oppose proposals put forward by management (including blank check preferred stock, classified boards and supermajority vote requirements) that appear to be intended as management entrenchment mechanisms.

H. Executive Compensation: SEG believes that company management and the compensation committee of the board of directors should, within reason, be given latitude to determine the types and mix of compensation and benefit awards offered. Whether proposed by a shareholder or management, SEG will review proposals relating to executive compensation plans on a case-by-case basis to ensure that the long-term interests of management and shareholders are properly balanced and aligned. SEG will analyze the proposed plans to ensure that shareholder equity will not be excessively diluted, the option exercise price is not below market price on the date of grant and an acceptable number of employees are eligible to participate in such programs. As a general rule, SEG strongly supports the granting of performance based stock units and restricted stock in addition to, or instead of, stock options, and SEG will generally oppose plans that permit re-pricing of underwater stock options without shareholder approval. Other factors such as the company's performance and industry practice will generally be factored into SEG's analysis. SEG will support proposals to submit severance packages triggered by a change in control to a shareholder vote and proposals that seek additional disclosure of executive compensation.

Any general or specific proxy voting guidelines provided by an advisory client or its designated agent in writing will supersede this policy. Clients may wish to have their proxies voted by an independent third party or other named fiduciary or agent, at the client's cost.

I. Environmental and Social Proposals: SEG believes companies should understand the full range of risks facing their businesses that can impact long term shareholder value, including those related to natural and social capital. While we will review proposals on a case-by-case basis, we will generally support resolutions that ask for reasonable environmental or social disclosures where we identify the issue as material to the business, where we believe there is insufficient disclosure for investors to appropriately assess the risks, and where greater attention to these issues may help protect shareholder value.

Procedures for Identification and Voting of Proxies; Conflicts of Interest

These proxy voting procedures are designed to enable SEG to resolve material conflicts of interest with clients before voting their proxies in the interest of shareholder value.

1. SEG shall maintain a list of all clients for which it votes proxies. The list will be maintained electronically and updated with proxy voting information from client agreements.
2. SEG shall work with the client to ensure that SEG is the designated party to receive proxy voting materials from companies or intermediaries.
3. SEG or its designated third-party proxy administrator shall receive all proxy voting materials and will be responsible for ensuring that proxies are voted and submitted in a timely manner.
4. SEG will regularly monitor any shares out on loan and ask to recall any such securities prior to the record date of any scheduled vote.
5. The Analyst voting the proxy will reasonably try to assess any material conflicts between SEG's interests and those of its clients with respect to proxy voting (e.g., if, at the time of the scheduled vote, the Analyst voting the proxy is aware that SEG or its affiliates hold securities of a company for which an advisory client of SEG (a) acts as an officer or director or (b) is a significant shareholder).
6. So long as no material conflicts of interest have been identified by the Analyst voting the proxy, SEG will vote proxies according to the guidelines set forth above. SEG may also elect to abstain from voting if it deems such abstention in its clients' best interests. The rationale for the occurrence of voting that deviates from the guidelines will be documented and the documentation will be maintained in a permanent file.
7. If the Analyst voting the proxy detects a conflict of interest, the following process will be followed:
a. The Committee and Legal/Compliance will be notified of the conflict of interest.
b. If SEG's proposed vote is consistent with the proxy voting guidelines and policy as set forth above, no further action is required.
c. If SEG's proposed vote is inconsistent with the proxy voting guidelines or policy, then, the Chairperson of the Committee will, as soon as is reasonably practicable, convene the Committee, and the proceedings of and decisions made in such meeting will be recorded in the minutes. Members of the Committee include the persons listed on Attachment G of SEG's Compliance Manual.
d. The Committee will identify the issuer and proposal to be considered. The Committee will also identify any conflict of interest that has been detected, the vote that the relevant Analyst believes is in the interest of shareholder value and the reasons why.
e. The members of the Committee will then consider the proposal by reviewing the proxy voting materials and any additional documentation a member(s) feels necessary in determining the appropriate vote.
f. The Committee will then discuss the proposal at hand and determine the vote that it believes will best promote shareholder value ("Determination") (the Committee shall be entitled to liaise with its professional advisors to inform its Determination if it deems advisable. Committee members will be required to certify that they are not personally subject to any additional material conflicts of interest with respect to the proposal at hand in order to participate in the Determination). The Committee will document its decision for SEG's internal records, and the vote will be cast in line with the Committee's final Determination.
8. All proxy votes will be recorded on an internal SEG proxy voting record or in another suitable place, including electronic storage format with any third party SEG engages to facilitate proxy voting. In the event that SEG votes the same proxy in two directions, it shall maintain documentation to support its voting (this may occur if a client requires SEG to vote a certain way on an issue, while SEG deems it beneficial to vote in the opposite direction for its other clients) in the file.
9. SEG shall have procedures in place to reconcile proxies voted with client positions.
10. SEG may abstain from voting proxies for which their clients were the account holder of record but have since completely liquidated the position before the proxy voting deadline for submission is reached. SEG may additionally abstain from voting proxies when it is deemed in the client's best interests to not vote.
11. The Committee is responsible for overseeing the services provided by the proxy advisory firm in accordance with the Vendor Management Oversight policy and the guidance set out in Release No. 5325.

Recordkeeping

SEG must maintain the documentation described in the following section for a period of not less than five years, the first two years at its principal place of business. The Committee or its designee will be responsible for the following procedures and for ensuring that the required documentation is retained.

Client request to review proxy votes:

• Any request, whether written (including e-mail) or oral, for SEG's proxy voting policies and procedures or for information as to how a particular client's securities were voted, received by any employee of SEG, must be promptly reported to Client Services. All written requests must be retained in the client's file.
• Clients are permitted to request the proxy voting record for the 5-year period prior to their request.

Proxy Voting Policy and Procedures:

• "Concise" Proxy Policy and Procedure separate disclosure documentation must be provided to clients prior to or at the time of entering into an advisory agreement. This disclosure document (attached as Attachment H) discloses how clients may obtain information about how SEG voted with respect to their securities and describes SEG's voting policies and procedures.

Proxy statements received regarding client securities:

• Upon receipt of a proxy, maintain a copy of the proxy statement or card along with a copy of the proxy solicitation instructions.
• Note: SEG is permitted to rely on proxy statements filed on the SEC's EDGAR system instead of keeping its own copies.

Proxy voting records:

SEG proxy voting record. The following information must be maintained in connection with each proxy vote:

• Issuer Name
• Security's ticker symbol or CUSIP, as applicable
• Shareholder meeting date
• Number of shares voted by SEG
• Brief identification of the matter voted on
• Whether the matter was proposed by issuer or a security-holder
• Whether SEG cast a vote
• How SEG cast its vote (for the proposal, against the proposal or abstain)
• Whether SEG cast its vote with or against management
• Documents prepared or created by SEG that were material to deciding how to vote, or that formed the basis for the decision. This includes Committee minutes.

Proxy Solicitation

SEG may disclose how it has voted on a particular proxy or proxies to clients or other third parties after the applicable vote(s) have been counted at the relevant shareholder meeting(s).

There may be special circumstances that warrant earlier disclosure to outside parties of our vote or intended vote; however, no advance disclosures should take place without express prior approval from Legal/Compliance.

At no time may any employee accept any remuneration or other benefit in connection with the solicitation of proxies. The Committee, in consultation with Legal/Compliance, shall handle all responses to such solicitations.

Class Actions and Other Litigation

SEG does not undertake to provide advice or participate on behalf of its individually managed account clients with respect to legal matters, including class action settlements and bankruptcies. SEG does not believe it has the requisite authority to act on its clients' behalf in such matters. SEG may, however, where it deems appropriate in its discretion, elect to participate in class action settlements or other litigation on behalf of its private funds where it does have the requisite authority to take such action.

Though SEG does not have the authority to act on behalf of its individually managed account clients, SEG will assist clients who wish to participate in such litigation by providing relevant client account information in conjunction with such clients' custodian.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

The following individuals share primary responsibility for managing the Fund and have served as portfolio managers since the inception of the Fund.

The personnel of the Adviser who currently have primary responsibility for the day-to-day management of the Fund's portfolio (the "Portfolio Management Team") are:

George S. Loening. George is the Chairman of the Investment Adviser and served in the same position at SEGI and SOA, which he founded in 1990 and 2001, respectively. Mr. Loening has a B.A. from Columbia University.

Joseph Tennant. Joseph is an Associate Portfolio Manager of the Partnership. Mr. Tennant joined the Investment Adviser in September 2016. Prior to joining the Investment Adviser, Mr. Tennant was an Associate at Berkshire Partners. Prior to Berkshire Partners, he was an Analyst in the Restructuring & Reorganization Group at Blackstone. Mr. Tennant received a B.S. from the University of Pennsylvania (summa cum laude).

Michael O'Reilly. Michael is an Associate Portfolio Manager for the Partnership. Mr. O'Reilly joined the Investment Adviser in January 2008. Prior to joining the Investment Adviser's Research team, Mr. O'Reilly served as a Strategist and Business Analyst for the Investment Adviser's Trading team. Prior to joining the Investment Adviser, he was Director at Trader Forum, a membership group for buyside equity traders owned by Institutional Investor, from 2001 to 2007. Prior to working at Trader Forum, he was a journalist for several trading publications. Mr. O'Reilly received a B.A. from Fordham University.

Other Accounts Managed

As of October 31, 2025, the portfolio managers of the Fund were responsible for the management of the following other accounts (in addition to the Fund):

George S. Loening
Other Accounts Managed Other Accounts Managed
Subject to a Performance Fee
Account Type Number of
Accounts 		Assets Under
Management 		Number of
Accounts 		Assets Under
Management
Registered Investment Companies - - - -
Other Pooled Investment Vehicles 8 7,228,207,623 8 7,228,207,623
Other Accounts 738 3,382,351,872 73 897,945,263
Joesph Tennant
Other Accounts Managed Other Accounts Managed
Subject to a Performance Fee
Account Type Number of
Accounts 		Assets Under
Management 		Number of
Accounts 		Assets Under
Management
Registered Investment Companies - - - -
Other Pooled Investment Vehicles 6 5,726,638,908 6 5,726,638,908
Other Accounts 4 847,244,791 3 707,578,551
Michael O'Reilly
Other Accounts Managed Other Accounts Managed
Subject to a Performance Fee
Account Type Number of
Accounts 		Assets Under
Management 		Number of
Accounts 		Assets Under
Management
Registered Investment Companies - - - -
Other Pooled Investment Vehicles 6 5,703,608,026 6 5,703,608,026
Other Accounts 1 158,789,840 1 158,789,840

Conflicts of interest

Members of the Portfolio Management Team are involved in the management of other accounts, including proprietary accounts, separate accounts, and other pooled investment vehicles. Members of the Portfolio Management Team may manage separate accounts or other pooled investment vehicles that may have materially higher or different fee arrangements than the Fund and may also be subject to performance-based fees. The side-by-side management of these separate accounts and pooled investment vehicles may raise potential conflicts of interest relating to cross trading and the allocation of investment opportunities.

The Adviser has a fiduciary responsibility to manage all client accounts in a fair and equitable manner. The Adviser seeks to provide best execution of all securities transactions and to allocate investments to client accounts in a fair and reasonable manner. To this end, the Adviser has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management.

Compensation of the Portfolio Management Team

Each Portfolio Manager's compensation is comprised of a fixed annual salary, a discretionary bonus and potentially an annual supplemental distribution paid by the Adviser, or its parent company, and not by the Fund.

Portfolio Management Team's ownership of securities in the Fund

As of October 31, 2025, the following is listing the dollar range of the Shares owned by each Portfolio Management Team member.

NAME OF PORTFOLIO MANAGEMENT TEAM
MEMBER 		DOLLAR RANGE OF SECURITIES
BENEFICIALLY OWNED BY PORTFOLIO
MANAGEMENT TEAM MEMBER
George S. Loening over $1,000,000
Joesph Tennant none
Michael O'Reilly none

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 16. Controls and Procedures.

(a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
At the time our Shareholder Report on Form N-CSR as of October 31, 2025 and for the period from April 1, 2025 (commencement of operations) through October 31, 2025 was filed on January 6, 2026, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of October 31, 2025. Subsequent to that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective as of October 31, 2025 due to a material weakness in internal control over financial reporting as we did not design and maintain effective controls over the timely review of account reconciliations and financial statement analyses to support the completeness and accuracy of the financial statement presentation and disclosures. Specifically, we did not design and maintain controls to ensure that broker and cash account reconciliations capture all balances and activity in the broker account statements to address complete, accurate, and timely recognition of certain interest income, amounts due from brokers, and cash in the financial statements and related disclosures. A material weakness (as defined in Rule 12b-2 under the Exchange Act) is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds' annual or interim financial statements will not be prevented or detected on a timely basis. This material weakness resulted in the restatement to our financial statements as of October 31, 2025 and for the period April 1, 2025 (commencement of operations) through October 31, 2025. Additionally, this material weakness could result in further misstatements of the Fund's accounts or disclosures that would result in a material misstatement to the annual or semi-annual financial statements that would not be prevented or detected.

Management's Remediation Plan

Management is implementing enhancements to its disclosure controls and procedures to remediate the material weakness described above, including implementing controls over the completeness and accuracy of the broker and cash reconciliations.

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Other than the steps taken to enhance the controls noted above subsequent to October 31, 2025, there were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

The registrant did not engage in securities lending activities during the fiscal period reported on this Form N-CSR.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not Applicable.
(b) Not Applicable.

Item 19. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed Herewith.
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.
(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable.
(5) Change in the registrant's independent public accountant. There was no change in the registrant's independent public accountant for the period covered by this report.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) SEG Partners Long/Short Equity Fund
By (Signature and Title)* /s/ Matthew Stadtmauer
Matthew Stadtmauer, President and Principal Executive Officer
Date 7/07/2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Matthew Stadtmauer
Matthew Stadtmauer, President and Principal Executive Officer
Date 7/07/2026
By (Signature and Title)* /s/ Troy Statczar
Troy Statczar, Principal Financial Officer
Date 7/07/2026

* Print the name and title of each signing officer under his or her signature.

SEG Partners Long/Short Equity Fund published this content on July 07, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 07, 2026 at 18:50 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]