NPORT-EX 2 wpg-select.htm NPORT-EX

WPG Partners Select Small Cap Value Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 96.4%
  
Shares
    
Value
 
Communication Services - 2.1%
        
Cars.com, Inc. (a)
    
191,640
    
$
3,807,887
  
                 
Consumer Discretionary - 11.9%
          
Dave & Buster's Entertainment, Inc. (a)
    
113,654
      
4,468,875
  
Denny's Corp. (a)
    
177,812
      
1,166,447
  
Gildan Activewear, Inc.
    
83,445
      
4,140,541
  
National Vision Holdings, Inc. (a)
    
140,377
      
1,698,561
  
PlayAGS, Inc. (a)
    
150,140
      
1,744,627
  
Under Armour, Inc. - Class C (a)
    
244,610
      
2,145,230
  
Wayfair, Inc. - Class A (a)
    
58,193
      
2,690,844
  
Whirlpool Corp.
    
28,133
      
3,134,579
  
             
21,189,704
  
                 
Consumer Staples - 3.3%
          
Grocery Outlet Holding Corp. (a)
    
232,145
      
4,875,045
  
Nomad Foods Ltd.
    
48,947
      
896,220
  
             
5,771,265
  
                 
Energy - 0.9%
          
Kosmos Energy Ltd. (a)
    
399,965
      
1,575,862
  
                 
Financials - 25.1%
          
BGC Group, Inc. - Class A
    
670,734
      
6,532,949
  
Dime Community Bancshares, Inc.
    
119,447
      
4,285,758
  
Fidelis Insurance Holdings Ltd.
    
146,983
      
3,017,561
  
FirstCash Holdings, Inc.
    
15,737
      
1,713,130
  
Independent Bank Corp.
    
72,511
      
2,728,589
  
Kemper Corp.
    
138,693
      
9,915,163
  
National Bank Holdings Corp. - Class A
    
61,936
      
2,956,825
  
Perella Weinberg Partners
    
99,329
      
2,549,775
  
Popular, Inc.
    
18,170
      
1,805,371
  
Prosperity Bancshares, Inc.
    
46,614
      
3,902,990
  
Webster Financial Corp.
    
83,227
      
5,141,764
  
             
44,549,875
  
                 
Health Care - 13.6%
          
CareDx, Inc. (a)
    
97,259
      
2,386,736
  
Enovis Corp. (a)
    
251,588
      
12,280,010
  
Innoviva, Inc. (a)
    
81,719
      
1,551,844
  
Teleflex, Inc.
    
13,810
      
2,663,259
  
Tenet Healthcare Corp. (a)
    
21,255
      
3,032,663
  
Varex Imaging Corp. (a)
    
127,379
      
2,124,682
  
             
24,039,194
  
                 
Industrials - 16.1%
          
Air Lease Corp.
    
111,070
      
5,653,463
  
Arcosa, Inc.
    
38,476
      
4,180,033
  
Beacon Roofing Supply, Inc. (a)
    
15,286
      
1,727,624
  
BrightView Holdings, Inc. (a)
    
38,239
      
653,887
  
Clarivate PLC (a)
    
1,045,091
      
5,988,371
  
Custom Truck One Source, Inc. (a)
    
325,698
      
1,947,674
  
MYR Group, Inc. (a)
    
17,313
      
2,733,723
  
Tutor Perini Corp. (a)
    
83,575
      
2,271,568
  
V2X, Inc. (a)
    
56,630
      
3,411,957
  
             
28,568,300
  
                 
Information Technology - 11.2%
          
8x8, Inc. (a)
    
1,419,741
      
4,401,197
  
NCR Voyix Corp. (a)
    
146,250
      
2,122,088
  
Ooma, Inc. (a)
    
96,894
      
1,434,031
  
Silicon Motion Technology Corp. - ADR
    
75,031
      
3,981,895
  
Tower Semiconductor Ltd. (a)
    
112,219
      
5,288,882
  
Verint Systems, Inc. (a)
    
102,516
      
2,583,403
  
             
19,811,496
  
                 
Materials - 9.2%
          
Alcoa Corp.
    
89,777
      
4,168,346
  
Ashland, Inc.
    
55,145
      
4,304,619
  
ERO Copper Corp. (a)
    
167,670
      
2,551,937
  
Kronos Worldwide, Inc.
    
240,406
      
2,718,992
  
Rayonier Advanced Materials, Inc. (a)
    
292,404
      
2,576,079
  
             
16,319,973
  
                 
Real Estate - 3.0%
          
Brixmor Property Group, Inc.
    
178,402
      
5,364,548
  
TOTAL COMMON STOCKS (Cost $144,660,830)
      
170,998,104
  
                 
TOTAL INVESTMENTS - 96.4% (Cost $144,660,830)
      
170,998,104
  
Other Assets in Excess of Liabilities - 3.6%
      
6,449,252
  
TOTAL NET ASSETS - 100.0%
          
$
177,447,356
  
two
      
–
%
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

(a)
Non-income producing security.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
WPG Partners Select Small Cap Value Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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, 2024:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
170,998,104
    
$
–
    
$
–
    
$
170,998,104
  
Total Investments
  
$
170,998,104
    
$
–
    
$
–
    
$
170,998,104
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.