NPORT-EX 2 wpg-hedged.htm NPORT-EX

WPG Partners Select Hedged Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 99.6%
  
Shares
    
Value
 
Communication Services - 2.3%
        
Cars.com, Inc. (a)(b)
    
63,077
    
$
1,253,340
  
                 
Consumer Discretionary - 12.6%
          
Dave & Buster's Entertainment, Inc. (a)(b)
    
36,961
      
1,453,306
  
Denny's Corp. (a)
    
58,321
      
382,586
  
Gildan Activewear, Inc. (b)
    
27,398
      
1,359,489
  
National Vision Holdings, Inc. (a)
    
43,083
      
521,304
  
PlayAGS, Inc. (a)(b)
    
50,666
      
588,739
  
Under Armour, Inc. - Class C (a)
    
77,367
      
678,509
  
Wayfair, Inc. - Class A (a)(b)
    
18,858
      
871,994
  
Whirlpool Corp.
    
9,143
      
1,018,713
  
             
6,874,640
  
                 
Consumer Staples - 3.4%
          
Grocery Outlet Holding Corp. (a)(b)
    
73,717
      
1,548,057
  
Nomad Foods Ltd. (b)
    
15,081
      
276,133
  
             
1,824,190
  
                 
Energy - 1.0%
          
Kosmos Energy Ltd. (a)(b)
    
131,647
      
518,689
  
                 
Financials - 25.8%
          
BGC Group, Inc. - Class A (b)
    
211,695
      
2,061,909
  
Dime Community Bancshares, Inc. (b)
    
37,610
      
1,349,447
  
Fidelis Insurance Holdings Ltd. (b)
    
45,287
      
929,742
  
FirstCash Holdings, Inc. (b)
    
4,997
      
543,974
  
Independent Bank Corp./MI (b)
    
23,867
      
898,115
  
Kemper Corp. (b)
    
42,353
      
3,027,816
  
National Bank Holdings Corp. - Class A (b)
    
20,257
      
967,069
  
Perella Weinberg Partners (b)
    
31,740
      
814,766
  
Popular, Inc.
    
5,747
      
571,022
  
Prosperity Bancshares, Inc. (b)
    
15,343
      
1,284,669
  
Webster Financial Corp.
    
26,441
      
1,633,525
  
             
14,082,054
  
                 
Health Care - 13.7%
          
CareDx, Inc. (a)
    
32,012
      
785,575
  
Enovis Corp. (a)(b)
    
76,261
      
3,722,299
  
Innoviva, Inc. (a)(b)
    
26,898
      
510,793
  
Teleflex, Inc.
    
4,232
      
816,141
  
Tenet Healthcare Corp. (a)(b)
    
6,637
      
946,967
  
Varex Imaging Corp. (a)
    
41,322
      
689,251
  
             
7,471,026
  
                 
Industrials - 16.5%
          
Air Lease Corp. (b)
    
34,266
      
1,744,139
  
Arcosa, Inc. (b)
    
11,855
      
1,287,927
  
Beacon Roofing Supply, Inc. (a)
    
4,710
      
532,324
  
BrightView Holdings, Inc. (a)
    
12,040
      
205,884
  
Clarivate PLC (a)(b)
    
323,286
      
1,852,429
  
Custom Truck One Source, Inc. (a)
    
104,926
      
627,458
  
MYR Group, Inc. (a)
    
5,482
      
865,608
  
Tutor Perini Corp. (a)(b)
    
27,133
      
737,475
  
V2X, Inc. (a)(b)
    
18,607
      
1,121,072
  
             
8,974,316
  
                 
Information Technology - 11.6%
          
8x8, Inc. (a)(b)
    
467,084
      
1,447,960
  
NCR Voyix Corp. (a)
    
46,407
      
673,366
  
Ooma, Inc. (a)(b)
    
32,038
      
474,162
  
Silicon Motion Technology Corp. - ADR (b)
    
24,487
      
1,299,525
  
Tower Semiconductor Ltd. (a)(b)
    
34,729
      
1,636,778
  
Verint Systems, Inc. (a)(b)
    
31,586
      
795,967
  
             
6,327,758
  
                 
Materials - 9.7%
          
Alcoa Corp.
    
29,506
      
1,369,963
  
Ashland, Inc. (b)
    
17,877
      
1,395,478
  
ERO Copper Corp. (a)(b)
    
53,244
      
810,374
  
Kronos Worldwide, Inc. (b)
    
78,780
      
891,002
  
Rayonier Advanced Materials, Inc. (a)(b)
    
95,670
      
842,853
  
             
5,309,670
  
                 
Real Estate - 3.0%
          
Brixmor Property Group, Inc. (b)
    
55,207
      
1,660,075
  
TOTAL COMMON STOCKS (Cost $48,080,733)
      
54,295,758
  
                 
SHORT-TERM INVESTMENTS - 0.0%(c)
          
Value
 
Money Market Funds - 0.0%(c)
  
Shares
          
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 4.53% (b)(d)
    
4,140
      
4,140
  
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 4.49% (b)(d)
    
4,140
      
4,140
  
Fidelity Treasury Portfolio - Class I, 4.51% (b)(d)
    
4,141
      
4,141
  
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 4.50% (b)(d)
    
4,140
      
4,140
  
TOTAL SHORT-TERM INVESTMENTS (Cost $16,561)
      
16,561
  
                 
TOTAL INVESTMENTS - 99.6% (Cost $48,097,294)
      
54,312,319
  
Other Assets in Excess of Liabilities - 0.4%
      
221,309
  
TOTAL NET ASSETS - 100.0%
          
$
54,533,628
  
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.
(b)
All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of November 30, 2024 is $40,610,748 which represented 74.5% of net assets.
(c)
Represents less than 0.05% of net assets.
(d)
The rate shown represents the 7-day annualized effective yield as of November 30, 2024.


WPG Partners Select Hedged Fund
  
Schedule of Securities Sold Short
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - (62.7)%
  
Shares
    
Value
  
Communication Services - (0.5)%
        
AST SpaceMobile, Inc.
    
(11,024
)
  
$
(262,482
)
                 
Consumer Discretionary - (9.1)%
          
Garmin Ltd.
    
(1,405
)
    
(298,703
)
Green Brick Partners, Inc.
    
(7,730
)
    
(552,386
)
Latham Group, Inc.
    
(49,043
)
    
(325,155
)
Lithia Motors, Inc.
    
(1,480
)
    
(572,612
)
Modine Manufacturing Co.
    
(5,178
)
    
(703,121
)
Restaurant Brands International, Inc.
    
(16,086
)
    
(1,119,746
)
Thor Industries, Inc.
    
(10,973
)
    
(1,224,587
)
Vail Resorts, Inc.
    
(772
)
    
(138,373
)
             
(4,934,683
)
                 
Consumer Staples - (5.6)%
          
Andersons, Inc.
    
(19,990
)
    
(954,323
)
Archer-Daniels-Midland Co.
    
(2,603
)
    
(142,124
)
Central Garden & Pet Co. - Class A
    
(12,246
)
    
(413,792
)
Hershey Co.
    
(3,162
)
    
(556,923
)
J & J Snack Foods Corp.
    
(3,037
)
    
(527,800
)
WK Kellogg Co.
    
(23,214
)
    
(482,851
)
             
(3,077,813
)
                 
Energy - (1.5)%
          
Liberty Energy, Inc.
    
(44,304
)
    
(815,194
)
                 
Financials - (6.1)%
          
Ally Financial, Inc.
    
(15,195
)
    
(607,496
)
CME Group, Inc.
    
(2,392
)
    
(569,296
)
Live Oak Bancshares, Inc.
    
(21,951
)
    
(1,040,477
)
Moelis & Co. - Class A
    
(14,213
)
    
(1,094,117
)
             
(3,311,386
)
                 
Health Care - (5.0)%
          
Charles River Laboratories International, Inc.
    
(2,552
)
    
(508,001
)
Henry Schein, Inc.
    
(16,615
)
    
(1,280,186
)
Option Care Health, Inc.
    
(5,931
)
    
(141,158
)
Owens & Minor, Inc.
    
(20,556
)
    
(276,889
)
US Physical Therapy, Inc.
    
(5,336
)
    
(526,983
)
             
(2,733,217
)
                 
Industrials - (21.5)%
          
AAR Corp.
    
(6,402
)
    
(445,067
)
ArcBest Corp.
    
(5,102
)
    
(588,159
)
Boeing Co.
    
(3,661
)
    
(569,066
)
Boise Cascade Co.
    
(3,918
)
    
(578,297
)
Core & Main, Inc. - Class A
    
(20,737
)
    
(1,006,781
)
Griffon Corp.
    
(6,243
)
    
(526,285
)
Herc Holdings, Inc.
    
(2,419
)
    
(561,208
)
Hillenbrand, Inc.
    
(19,081
)
    
(649,326
)
Maximus, Inc.
    
(3,552
)
    
(264,624
)
MillerKnoll, Inc.
    
(23,088
)
    
(580,432
)
PACCAR, Inc.
    
(11,822
)
    
(1,383,174
)
Rockwell Automation, Inc.
    
(1,958
)
    
(577,884
)
Spirit AeroSystems Holdings, Inc. - Class A
    
(29,240
)
    
(946,206
)
Symbotic, Inc.
    
(21,826
)
    
(587,119
)
Tetra Tech, Inc.
    
(3,352
)
    
(139,141
)
TransDigm Group, Inc.
    
(216
)
    
(270,642
)
TriNet Group, Inc.
    
(4,413
)
    
(412,307
)
Triumph Group, Inc.
    
(66,103
)
    
(1,272,483
)
Willdan Group, Inc.
    
(8,480
)
    
(370,661
)
             
(11,728,862
)
                 
Information Technology - (12.5)%
          
Benchmark Electronics, Inc.
    
(13,300
)
    
(644,917
)
Dolby Laboratories, Inc. - Class A
    
(10,147
)
    
(794,713
)
EPAM Systems, Inc.
    
(1,176
)
    
(286,850
)
FormFactor, Inc.
    
(27,677
)
    
(1,108,740
)
Klaviyo, Inc. - Class A
    
(11,555
)
    
(429,153
)
MKS Instruments, Inc.
    
(9,663
)
    
(1,098,103
)
PAR Technology Corp.
    
(10,399
)
    
(843,775
)
Salesforce, Inc.
    
(912
)
    
(300,951
)
Synopsys, Inc.
    
(2,367
)
    
(1,321,946
)
             
(6,829,148
)
                 
Materials - (0.9)%
          
Alpha Metallurgical Resources, Inc.
    
(1,167
)
    
(286,580
)
Mativ Holdings, Inc.
    
(14,164
)
    
(186,257
)
             
(472,837
)
TOTAL COMMON STOCKS (Proceeds $32,319,846)
      
(34,165,622
)
                 
TOTAL SECURITIES SOLD SHORT - (62.7)% (Proceeds $32,319,846)
          
$
(34,165,622
)
                 
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.
  


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
WPG Partners Select Hedged 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
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
54,295,758
    
$
–
    
$
–
    
$
54,295,758
  
  Money Market Funds
    
16,561
      
–
      
–
      
16,561
  
Total Investments
  
$
54,312,319
    
$
–
    
$
–
    
$
54,312,319
  
                                 
Liabilities:
                                
Investments:
                                
  Common Stocks
  
$
(34,165,622
)
  
$
–
    
$
–
    
$
(34,165,622
)
Total Investments
  
$
(34,165,622
)
  
$
–
    
$
–
    
$
(34,165,622
)
   
   
Refer to the Schedule of Investments for further disaggregation of investment categories.