LS

Opportunity

Fund

Schedule

of

Investments

August

31,

2023

-

(Unaudited)

COMMON

STOCKS

-

LONG

-

DOMESTIC

—

77.66%

Shares

Fair

Value

Communication

Services

—

2.11%

Alphabet,

Inc.,

Class

A

(a)

14,600‌

$

1,988,082‌

Alphabet,

Inc.,

Class

C

(a)

9,900‌

1,359,765‌

3,347,847‌

Consumer

Discretionary

—

4.61%

Darden

Restaurants,

Inc.

(b)

9,050‌

1,407,366‌

eBay,

Inc.

(b)

27,675‌

1,239,286‌

Expedia

Group,

Inc.

(a)

13,977‌

1,514,967‌

Home

Depot,

Inc.

(The)

(b)

7,225‌

2,386,417‌

Texas

Roadhouse,

Inc.

7,375‌

767,738‌

7,315,774‌

Consumer

Staples

—

6.45%

Campbell

Soup

Co.

25,700‌

1,071,690‌

Church

&

Dwight

Co.,

Inc.

(b)

24,800‌

2,399,896‌

Colgate-Palmolive

Co.

27,575‌

2,025,935‌

Mondelez

International,

Inc.,

Class

A

(b)

38,600‌

2,750,636‌

Procter

&

Gamble

Co.

(The)

12,845‌

1,982,498‌

10,230,655‌

Energy

—

6.30%

Hess

Corp.

12,050‌

1,861,725‌

Pioneer

Natural

Resources

Co.

(b)

17,912‌

4,261,802‌

Schlumberger

Ltd.

(b)

65,550‌

3,864,828‌

9,988,355‌

Financials

—

28.18%

Arthur

J.

Gallagher

&

Co.

(b)

20,316‌

4,682,431‌

Banc

of

California,

Inc.

60,575‌

759,005‌

Berkshire

Hathaway,

Inc.,

Class

B

(a)

(b)

13,985‌

5,037,397‌

Brown

&

Brown,

Inc.

(b)

56,532‌

4,189,021‌

Cboe

Global

Markets,

Inc.

(b)

16,125‌

2,414,074‌

Citigroup,

Inc.

(b)

48,275‌

1,993,275‌

Federated

Hermes,

Inc.,

Class

B

(b)

37,891‌

1,317,091‌

Fidelity

National

Information

Services,

Inc.

(b)

30,362‌

1,696,021‌

Globe

Life,

Inc.

(b)

39,255‌

4,379,680‌

Goldman

Sachs

Group,

Inc.

(The)

2,225‌

729,155‌

Markel

Corp.

(a)

(b)

1,430‌

2,114,856‌

PJT

Partners,

Inc.,

Class

A

(b)

18,050‌

1,425,770‌

PNC

Financial

Services

Group,

Inc.

(The)

(b)

11,630‌

1,404,090‌

Primerica,

Inc.

(b)

13,150‌

2,642,624‌

Progressive

Corp.

(The)

(b)

31,380‌

4,188,289‌

SouthState

Corp.

14,175‌

1,024,852‌

Synovus

Financial

Corp.

22,150‌

685,764‌

Voya

Financial,

Inc.

(b)

21,612‌

1,505,924‌

W.R.

Berkley

Corp.

(b)

40,870‌

2,528,218‌

44,717,537‌

Health

Care

—

8.35%

Abbott

Laboratories

(b)

15,230‌

1,567,167‌

Cigna

Corp.

(b)

9,443‌

2,608,723‌

DENTSPLY

SIRONA,

Inc.

50,050‌

1,856,354‌

LS

Opportunity

Fund

Schedule

of

Investments

(continued)

August

31,

2023

-

(Unaudited)

COMMON

STOCKS

-

LONG

-

DOMESTIC

—

77.66%

-

continued

Shares

Fair

Value

Health

Care

—

8.35%

-

continued

Johnson

&

Johnson

(b)

10,029‌

$

1,621,489‌

Merck

&

Co.,

Inc.

(b)

33,674‌

3,669,793‌

Pfizer,

Inc.

(b)

54,625‌

1,932,632‌

13,256,158‌

Industrials

—

13.74%

Carrier

Global

Corp.

(b)

55,235‌

3,173,251‌

Curtiss-Wright

Corp.

(b)

11,650‌

2,423,083‌

Eaton

Corp.

PLC

(b)

18,550‌

4,273,363‌

General

Dynamics

Corp.

(b)

7,965‌

1,805,188‌

Leidos

Holdings,

Inc.

(b)

38,243‌

3,729,075‌

Otis

Worldwide

Corp.

(b)

22,930‌

1,961,662‌

Paychex,

Inc.

(b)

11,600‌

1,417,868‌

RTX

Corp.

(b)

16,360‌

1,407,614‌

Sensata

Technologies

Holding

PLC

(b)

42,500‌

1,598,850‌

21,789,954‌

Information

Technology

—

3.82%

Littelfuse,

Inc.

(b)

3,130‌

835,961‌

Microsoft

Corp.

(b)

6,490‌

2,127,163‌

Trimble,

Inc.

(a)

39,370‌

2,157,082‌

Zebra

Technologies

Corp.,

Class

A

(a)

3,435‌

944,659‌

6,064,865‌

Materials

—

2.80%

Axalta

Coating

Systems

Ltd.

(a)

30,800‌

871,640‌

Newmont

Goldcorp

Corp.

19,495‌

768,493‌

PPG

Industries,

Inc.

(b)

19,799‌

2,806,706‌

4,446,839‌

Real

Estate

—

1.30%

Howard

Hughes

Holdings

Inc

(a)

(b)

26,295‌

2,068,102‌

Total

Common

Stocks

-

Long

-

Domestic

(Cost $103,309,365)

123,226,086‌

COMMON

STOCKS

-

LONG

-

INTERNATIONAL

—

11.30%

Consumer

Staples

—

1.05%

Nestle

S.A.

13,850‌

1,668,240‌

Financials

—

6.37%

Everest

Re

Group

Ltd.

(b)

7,130‌

2,571,648‌

Fairfax

Financial

Holdings

Ltd.

4,476‌

3,690,373‌

Fidelis

Insurance

Holdings

Ltd.

(a)

89,185‌

1,278,913‌

First

BanCorp.

93,120‌

1,290,643‌

RenaissanceRe

Holdings

Ltd.

(b)

6,755‌

1,269,197‌

10,100,774‌

Health

Care

—

1.77%

Medtronic

PLC

(b)

34,450‌

2,807,675‌

LS

Opportunity

Fund

Schedule

of

Investments

(continued)

August

31,

2023

-

(Unaudited)

COMMON

STOCKS

-

LONG

-

INTERNATIONAL

—

11.30%

-

continued

Shares

Fair

Value

Industrials

—

1.58%

Pentair

PLC

(b)

35,750‌

$

2,511,795‌

Materials

—

0.53%

Agnico

Eagle

Mines

Ltd.

(b)

17,382‌

843,201‌

Total

Common

Stocks

-

Long

-

International

(Cost $15,335,504)

17,931,685‌

EXCHANGE-TRADED

FUNDS

—

0.87%

Aberdeen

Standard

Physical

Platinum

Shares

ETF

(a)

(b)

15,365‌

1,375,935‌

Total

Exchange-Traded

Funds

(Cost $1,490,428)

1,375,935‌

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

PUT

OPTIONS

PURCHASED

—

0.20%

Dollar

Tree,

Inc.  

80

$

978,880‌

$

135.00‌

1/19/2024

$

117,600‌

Industrial

Select

Sector

SPDR

Fund

(The)  

455

4,924,465‌

100.00‌

12/15/2023

43,225‌

Sysco

Corp.  

322

2,242,730‌

70.00‌

11/17/2023

86,135‌

Sysco

Corp.  

219

1,525,335‌

70.00‌

2/16/2024

85,410‌

Total

Put

Options

Purchased

(Cost

$283,539)

332,370‌

CALL

OPTIONS

PURCHASED

—

0.03%

Goldman

Sachs

Group,

Inc.

(The)

32

$

1,048,672‌

$

350.00‌

11/17/2023

$

18,880‌

Goldman

Sachs

Group,

Inc.

(The)

23

753,733‌

350.00‌

1/19/2024

24,725‌

Total

Call

Options

Purchased

(Cost

$91,161)

43,605‌

MONEY

MARKET

FUNDS

-

6.79%

Shares

Invesco

Treasury

Portfolio,

Institutional

Class,

5.25%

(c)

10,769,345‌

10,769,345‌

Total

Money

Market

Funds

(Cost

$10,769,345)

10,769,345‌

Total

Investments

—

96.85%

    (Cost

$131,279,342)

153,679,026‌

Other

Assets

in

Excess

of

Liabilities — 3.15%

4,997,726‌

NET

ASSETS

—

100.00%

$

158,676,752‌

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

the

security

is

held

as

collateral

for

securities

sold

short

and

written

options.

The

fair

value

of

this

collateral

on

August

31,

2023

was

$69,799,122.

(c)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

August

31,

2023.

ETF

-

Exchange-Traded

Fund

SPDR

-

Standard

&

Poor's

Depositary

Receipt

LS

Opportunity

Fund

Schedule

of

Securities

Sold

Short

August

31,

2023

-

(Unaudited)

COMMON

STOCKS

-

SHORT

-

DOMESTIC

-

(19.87)%

Shares

Fair

Value

Consumer

Discretionary

-

(3.15)%

Brinker

International,

Inc.

(a)

(18,990‌)

$

(621,543‌)

Harley-Davidson,

Inc.

(19,075‌)

(643,781‌)

McDonald's

Corp.

(5,200‌)

(1,461,980‌)

Service

Corp.

International

(35,925‌)

(2,267,227‌)

(4,994,531‌)

Consumer

Staples

-

(5.16)%

Dollar

Tree,

Inc.

(a)

(19,350‌)

(2,367,666‌)

Edgewell

Personal

Care

Co.

(37,750‌)

(1,455,640‌)

Hershey

Co.

(The)

(5,605‌)

(1,204,290‌)

Kimberly-Clark

Corp.

(10,860‌)

(1,399,094‌)

Sysco

Corp.

(25,425‌)

(1,770,851‌)

(8,197,541‌)

Financials

-

(6.73)%

Berkshire

Hills

Bancorp,

Inc.

(38,250‌)

(799,425‌)

Byline

Bancorp,

Inc.

(31,350‌)

(663,993‌)

CNO

Financial

Group,

Inc.

(48,300‌)

(1,130,220‌)

Enterprise

Financial

Services

Corp.

(27,100‌)

(1,049,041‌)

First

Hawaiian,

Inc.

(55,075‌)

(1,041,469‌)

Old

Republic

International

Corp.

(28,875‌)

(789,731‌)

Prudential

Financial,

Inc.

(13,759‌)

(1,302,565‌)

Travelers

Companies,

Inc.

(The)

(11,900‌)

(1,918,637‌)

Truist

Financial

Corp.

(44,175‌)

(1,349,546‌)

Washington

Trust

Bancorp,

Inc.

(22,700‌)

(635,600‌)

(10,680,227‌)

Health

Care

-

(1.50)%

UnitedHealth

Group,

Inc.

(2,325‌)

(1,108,048‌)

Zimmer

Biomet

Holdings,

Inc.

(10,650‌)

(1,268,628‌)

(2,376,676‌)

Information

Technology

-

(3.33)%

Amphenol

Corp.,

Class

A

(27,325‌)

(2,414,984‌)

Apple,

Inc.

(15,275‌)

(2,869,714‌)

(5,284,698‌)

TOTAL

COMMON

STOCKS

-

SHORT

-

DOMESTIC 

(Proceeds

Received $33,311,441)

(31,533,673‌)

COMMON

STOCKS

-

SHORT

-

INTERNATIONAL

-

(6.06)%

Financials

-

(6.06)%

Aon

PLC,

Class

A

(5,825‌)

(1,941,997‌)

Commonwealth

Bank

of

Australia

(31,705‌)

(2,099,149‌)

Muenchener

Rueckversicherungs-Gesellshaft

AG

(6,300‌)

(2,448,367‌)

Swiss

Re

AG

(22,375‌)

(2,175,822‌)

Westpac

Banking

Corp.

(66,720‌)

(948,943‌)

(9,614,278‌)

TOTAL

COMMON

STOCKS

-

SHORT

-

INTERNATIONAL 

(Proceeds

Received $9,580,411)

(9,614,278‌)

LS

Opportunity

Fund

Schedule

of

Securities

Sold

Short

(continued)

August

31,

2023

-

(Unaudited)

EXCHANGE-TRADED

FUNDS

-

(2.71)%

Shares

Fair

Value

Vanguard

Energy

ETF

(34,450‌)

$

(4,293,503‌)

TOTAL

EXCHANGE-TRADED

FUNDS 

(Proceeds

Received $4,285,798)

(4,293,503‌)

TOTAL

SECURITIES

SOLD

SHORT

-

(28.64)%

(Proceeds

Received

$47,177,650)

$

(45,441,454‌)

(a)

Non-dividend

expense

producing

security.

ETF

-

Exchange-Traded

Fund

The

sectors

shown

on

the

schedule

of

investments

and

schedule

of

securities

sold

short

are

based

on

the

Global

Industry

Classification

Standard,

or

GICS®

("GICS").  The

GICS

was

developed

by

and/or

is

the

exclusive

property

of

MSCI,

Inc.

and

Standard

&

Poor's

Financial

Services

LLC

("S&P").  GICS

is

a

service

mark

of

MSCI,

Inc.

and

S&P

and

has

been

licensed

for

use

by

Ultimus

Fund

Solutions,

LLC.

LS

Opportunity

Fund

Schedule

of

Written

Options

August

31,

2023

-

(Unaudited)

Description

Number

of

Contracts

Notional

Amount

Exercise

Price

Expiration

Date

Fair

Value

CALL

OPTIONS

WRITTEN

-

(0.07)%

Cboe

Global

Markets,

Inc.

(44)

$

(658,724

)

$

140.00

1/19/2024

$

(64,680

)

Cigna

Corp.

(78)

(2,154,828

)

330.00

1/19/2024

(16,185

)

Texas

Roadhouse,

Inc.

(40)

(416,400

)

105.00

1/19/2024

(25,200

)

Texas

Roadhouse,

Inc.

(29)

(301,890

)

110.00

1/19/2024

(11,745

)

Total

Call

Options

Written  (Premiums

Received

$345,664)

$

(117,810

)