NPORT-EX 2 scdiversified.htm NPORT-EX

WPG Partners Small Cap Value Diversified Fund
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 98.6%
  
Shares
    
Value
 
Communication Services - 1.5%
        
Cargurus, Inc. (a)
    
4,260
    
$
150,293
  
IAC, Inc. (a)(b)
    
9,828
      
344,668
  
             
494,961
  
                 
Consumer Discretionary - 6.5%
          
Academy Sports & Outdoors, Inc. (b)
    
5,970
      
288,053
  
ADT, Inc.
    
38,524
      
317,823
  
Advance Auto Parts, Inc. (b)
    
4,110
      
213,227
  
Century Communities, Inc.
    
3,128
      
204,227
  
Dave & Buster's Entertainment, Inc. (a)
    
4,221
      
73,825
  
Driven Brands Holdings, Inc. (a)(b)
    
31,130
      
454,809
  
Fox Factory Holding Corp. (a)
    
7,154
      
105,808
  
Gentherm, Inc. (a)
    
6,142
      
219,085
  
Gildan Activewear, Inc. (b)
    
1,983
      
110,691
  
Under Armour, Inc., Class A - Class A (a)(b)
    
23,397
      
108,094
  
             
2,095,642
  
                 
Consumer Staples - 2.2%
          
BellRing Brands, Inc. (a)
    
6,014
      
185,773
  
Freshpet, Inc. (a)(b)
    
1,618
      
92,485
  
Grocery Outlet Holding Corp. (a)(b)
    
19,879
      
221,253
  
Nomad Foods Ltd.
    
17,166
      
209,940
  
             
709,451
  
                 
Energy - 9.1%
          
Antero Resources Corp. (a)
    
7,290
      
265,575
  
Atlas Energy Solutions, Inc. (b)
    
12,435
      
107,190
  
BKV Corp. (a)
    
24,081
      
664,876
  
DHT Holdings, Inc.
    
25,425
      
331,288
  
Expro Group Holdings NV (a)(b)
    
16,483
      
229,938
  
Kodiak Gas Services, Inc.
    
5,455
      
192,016
  
Liberty Energy, Inc. (b)
    
17,061
      
303,344
  
Scorpio Tankers, Inc.
    
7,404
      
424,471
  
SM Energy Co. (b)
    
11,492
      
218,923
  
Viper Energy, Inc. - Class A
    
5,892
      
215,235
  
             
2,952,856
  
                 
Financials - 18.8%
          
BGC Group, Inc. - Class A
    
64,578
      
561,829
  
CNO Financial Group, Inc.
    
12,322
      
504,339
  
Enterprise Financial Services Corp.
    
11,736
      
640,903
  
First BanCorp (b)
    
19,502
      
385,555
  
FirstCash Holdings, Inc.
    
601
      
95,204
  
Hanover Insurance Group, Inc.
    
1,445
      
268,120
  
National Bank Holdings Corp. - Class A
    
12,147
      
451,990
  
Popular, Inc.
    
2,545
      
291,937
  
Primerica, Inc.
    
1,203
      
309,556
  
Prosperity Bancshares, Inc. (b)
    
10,924
      
750,588
  
SLM Corp. (b)
    
22,017
      
645,098
  
Webster Financial Corp.
    
10,417
      
620,853
  
WesBanco, Inc.
    
17,405
      
561,659
  
             
6,087,631
  
                 
Health Care - 10.0%
          
Acadia Healthcare Co., Inc. (a)
    
6,399
      
110,063
  
Aveanna Healthcare Holdings, Inc. (a)
    
31,951
      
298,422
  
Enovis Corp. (a)
    
18,528
      
560,842
  
Haemonetics Corp. (a)
    
4,200
      
341,670
  
Halozyme Therapeutics, Inc. (a)(b)
    
3,127
      
223,268
  
Option Care Health, Inc. (a)(b)
    
6,127
      
190,550
  
Phreesia, Inc. (a)(b)
    
13,675
      
280,201
  
PTC Therapeutics, Inc. (a)
    
5,268
      
452,995
  
Teleflex, Inc.
    
6,677
      
763,982
  
             
3,221,993
  
                 
Industrials - 17.6%
          
ABM Industries, Inc.
    
10,673
      
458,939
  
Allegiant Travel Co. (a)
    
2,235
      
169,860
  
Arcosa, Inc.
    
3,315
      
353,180
  
BrightView Holdings, Inc. (a)
    
40,311
      
508,725
  
First Advantage Corp. (a)(b)
    
10,913
      
151,472
  
Generac Holdings, Inc. (a)(b)
    
874
      
132,525
  
Gibraltar Industries, Inc. (a)
    
5,303
      
264,938
  
GXO Logistics, Inc. (a)(b)
    
9,145
      
464,017
  
Hillman Solutions Corp. (a)
    
39,036
      
341,565
  
Hub Group, Inc. - Class A
    
7,452
      
287,424
  
Knight-Swift Transportation Holdings, Inc.
    
11,155
      
510,899
  
Maximus, Inc.
    
6,742
      
580,419
  
MYR Group, Inc. (a)
    
1,811
      
406,243
  
Regal Rexnord Corp.
    
2,222
      
324,390
  
Star Bulk Carriers Corp.
    
18,192
      
362,021
  
Timken Co. (b)
    
2,699
      
219,671
  
UFP Industries, Inc.
    
1,630
      
151,574
  
             
5,687,862
  
                 
Information Technology - 11.8%
          
ASGN, Inc. (a)
    
4,553
      
204,930
  
Crane NXT Co. (b)
    
8,262
      
465,151
  
Diodes, Inc. (a)
    
3,899
      
180,173
  
Littelfuse, Inc.
    
646
      
165,389
  
NCR Voyix Corp. (a)(b)
    
58,262
      
589,029
  
Onto Innovation, Inc. (a)
    
2,485
      
355,753
  
Ralliant Corp.
    
1,634
      
80,670
  
Semtech Corp. (a)
    
3,066
      
227,374
  
Silicon Motion Technology Corp. - ADR
    
6,683
      
594,520
  
Teradata Corp. (a)
    
24,283
      
695,465
  
Tower Semiconductor Ltd. (a)
    
2,412
      
260,761
  
             
3,819,215
  
                 
Materials - 10.6%
          
Alcoa Corp.
    
8,319
      
347,235
  
Ashland, Inc. (b)
    
6,095
      
322,426
  
Capstone Copper Corp. (a)
    
39,719
      
352,723
  
Commercial Metals Co.
    
5,700
      
363,546
  
Constellium SE (a)
    
22,055
      
370,745
  
Huntsman Corp.
    
17,918
      
186,706
  
Ingevity Corp. (a)
    
6,076
      
317,349
  
Louisiana-Pacific Corp.
    
1,814
      
148,766
  
Sonoco Products Co.
    
5,617
      
236,869
  
thyssenkrupp AG
    
42,586
      
465,963
  
Warrior Met Coal, Inc.
    
4,221
      
330,462
  
             
3,442,790
  
                 
Real Estate - 5.7%
          
Brixmor Property Group, Inc.
    
23,946
      
625,948
  
Broadstone Net Lease, Inc.
    
21,904
      
384,853
  
Getty Realty Corp.
    
19,346
      
550,781
  
Newmark Group, Inc. - Class A
    
15,560
      
270,433
  
             
1,832,015
  
                 
Utilities - 4.8%
          
Black Hills Corp.
    
6,348
      
468,419
  
IDACORP, Inc.
    
1,810
      
238,522
  
Portland General Electric Co. (b)
    
8,270
      
420,281
  
Spire, Inc.
    
4,847
      
429,735
  
             
1,556,957
  
TOTAL COMMON STOCKS (Cost $28,656,240)
      
31,901,373
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 21.7%
  
Units
    
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.09% (c)
    
7,008,961
      
7,008,961
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $7,008,961)
      
7,008,961
  
                 
TOTAL INVESTMENTS - 120.3% (Cost $35,665,201)
      
38,910,334
  
Liabilities in Excess of Other Assets - (20.3)%
      
(6,552,877
)
TOTAL NET ASSETS - 100.0%
          
$
32,357,457
  
                 
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.
  
   
More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
  

ADR - American Depositary Receipt
LLC - Limited Liability Company

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of November 30, 2025. The fair value of these securities was $6,863,342.
(c)
The rate shown represents the 7-day annualized yield as of November 30, 2025.


Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
 
WPG Partners Small Cap Value Diversified Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
31,435,410
    
$
465,963
    
$
–
    
$
31,901,373
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
7,008,961
  
Total Investments
  
$
31,435,410
    
$
465,963
    
$
–
    
$
38,910,334
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $7,008,961 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.