NPORT-EX 2 wpg-diversified.htm NPORT-EX

WPG Partners Small Cap Value Diversified Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 96.8%
  
Shares
    
Value
 
Communication Services - 1.8%
        
Cargurus, Inc. (a)
    
12,152
    
$
459,589
  
Sirius XM Holdings, Inc. (b)
    
6,777
      
182,640
  
             
642,229
  
                 
Consumer Discretionary - 7.3%
          
ADT, Inc. (b)
    
55,841
      
425,508
  
Bowlero Corp. (b)
    
7,242
      
89,149
  
Dave & Buster's Entertainment, Inc. (a)(b)
    
12,268
      
482,378
  
Gentherm, Inc. (a)
    
5,535
      
233,024
  
Gildan Activewear, Inc.
    
10,387
      
515,403
  
Under Armour, Inc. - Class C (a)(b)
    
21,881
      
191,896
  
Wayfair, Inc. - Class A (a)(b)
    
7,065
      
326,686
  
Whirlpool Corp. (b)
    
2,936
      
327,129
  
             
2,591,173
  
                 
Consumer Staples - 3.6%
          
Grocery Outlet Holding Corp. (a)(b)
    
34,450
      
723,450
  
Nomad Foods Ltd.
    
30,224
      
553,402
  
             
1,276,852
  
                 
Energy - 8.0%
          
Antero Resources Corp. (a)
    
6,456
      
211,047
  
Atlas Energy Solutions, Inc. (b)
    
11,124
      
262,193
  
BKV Corp. (a)
    
10,471
      
229,943
  
DHT Holdings, Inc.
    
38,912
      
366,551
  
Kodiak Gas Services, Inc.
    
8,783
      
355,185
  
Kosmos Energy Ltd. (a)(b)
    
64,559
      
254,362
  
Scorpio Tankers, Inc.
    
9,547
      
483,651
  
SM Energy Co. (b)
    
4,681
      
211,534
  
Tidewater, Inc. (a)
    
3,112
      
160,953
  
Transocean Ltd. (a)(b)
    
43,651
      
192,064
  
Vermilion Energy, Inc. (b)
    
8,998
      
92,140
  
             
2,819,623
  
                 
Financials - 20.1%
          
AGNC Investment Corp. (b)
    
31,950
      
308,637
  
Axis Capital Holdings Ltd.
    
4,386
      
408,073
  
BGC Group, Inc. - Class A (b)
    
62,948
      
613,114
  
DigitalBridge Group, Inc.
    
6,538
      
85,648
  
Enterprise Financial Services Corp.
    
10,434
      
632,196
  
Fidelis Insurance Holdings Ltd.
    
22,578
      
463,526
  
First American Financial Corp. (b)
    
2,669
      
187,230
  
First BanCorp
    
16,445
      
340,083
  
First Commonwealth Financial Corp.
    
23,881
      
449,679
  
FirstCash Holdings, Inc.
    
2,377
      
258,760
  
Hanover Insurance Group, Inc.
    
3,372
      
556,414
  
Kemper Corp.
    
13,229
      
945,741
  
National Bank Holdings Corp. - Class A
    
7,636
      
364,543
  
Popular, Inc.
    
3,489
      
346,667
  
Prosperity Bancshares, Inc.
    
4,827
      
404,165
  
Webster Financial Corp.
    
11,916
      
736,170
  
             
7,100,646
  
                 
Health Care - 7.5%
          
Enovis Corp. (a)
    
19,026
      
928,659
  
Halozyme Therapeutics, Inc. (a)
    
3,167
      
152,649
  
Phreesia, Inc. (a)
    
19,493
      
409,938
  
Teleflex, Inc.
    
2,972
      
573,150
  
Tenet Healthcare Corp. (a)
    
4,248
      
606,105
  
             
2,670,501
  
                 
Industrials - 21.1%
          
ABM Industries, Inc. (b)
    
5,593
      
319,752
  
Air Lease Corp. (b)
    
11,614
      
591,152
  
Allison Transmission Holdings, Inc.
    
1,625
      
192,562
  
Arcosa, Inc. (b)
    
6,591
      
716,046
  
Beacon Roofing Supply, Inc. (a)
    
2,831
      
319,960
  
Bloom Energy Corp. - Class A (a)(b)
    
4,516
      
123,964
  
BrightView Holdings, Inc. (a)(b)
    
22,141
      
378,611
  
Clarivate PLC (a)(b)
    
108,293
      
620,519
  
Driven Brands Holdings, Inc. (a)
    
21,434
      
361,163
  
Embraer SA - ADR (a)(b)
    
3,557
      
135,984
  
Fluor Corp. (a)
    
6,399
      
359,176
  
ICF International, Inc.
    
2,411
      
334,092
  
IES Holdings, Inc. (a)
    
671
      
207,913
  
KBR, Inc. (b)
    
5,684
      
345,758
  
Knight-Swift Transportation Holdings, Inc.
    
6,300
      
373,968
  
Leonardo DRS, Inc. (a)
    
9,014
      
313,417
  
MasTec, Inc. (a)
    
3,286
      
473,381
  
Moog, Inc. - Class A
    
444
      
98,244
  
MYR Group, Inc. (a)
    
1,694
      
267,483
  
RXO, Inc. (a)(b)
    
9,862
      
297,339
  
Star Bulk Carriers Corp.
    
27,481
      
475,971
  
UFP Industries, Inc.
    
1,318
      
179,116
  
             
7,485,571
  
                 
Information Technology - 8.2%
          
BlackBerry Ltd. (a)(b)
    
168,641
      
433,407
  
Crane NXT Co. (b)
    
5,376
      
336,968
  
Diodes, Inc. (a)(b)
    
3,215
      
208,975
  
Ingram Micro Holding Corp. (a)(b)
    
7,370
      
175,553
  
NCR Voyix Corp. (a)(b)
    
15,652
      
227,111
  
Silicon Motion Technology Corp. - ADR (b)
    
8,005
      
424,825
  
Teradata Corp. (a)
    
2,995
      
92,545
  
Tower Semiconductor Ltd. (a)
    
13,482
      
635,407
  
Verint Systems, Inc. (a)
    
14,484
      
364,997
  
             
2,899,788
  
                 
Materials - 9.8%
          
Alcoa Corp.
    
8,973
      
416,616
  
Ardagh Metal Packaging SA
    
47,450
      
174,616
  
Ashland, Inc. (b)
    
5,642
      
440,415
  
Capstone Copper Corp. (a)
    
52,328
      
361,798
  
Commercial Metals Co.
    
3,418
      
210,856
  
Constellium SE (a)
    
26,906
      
329,868
  
ERO Copper Corp. (a)(b)
    
17,953
      
273,245
  
Huntsman Corp.
    
16,893
      
330,765
  
Summit Materials, Inc. - Class A (a)(b)
    
7,609
      
387,602
  
Tronox Holdings PLC
    
25,985
      
314,418
  
Warrior Met Coal, Inc. (b)
    
3,515
      
247,175
  
             
3,487,374
  
                 
Real Estate - 4.7%
          
Brixmor Property Group, Inc.
    
25,127
      
755,569
  
Equity Commonwealth (a)
    
17,251
      
350,885
  
Getty Realty Corp. (b)
    
16,603
      
545,907
  
             
1,652,361
  
                 
Utilities - 4.7%
          
ALLETE, Inc.
    
6,729
      
436,577
  
Portland General Electric Co.
    
12,353
      
591,956
  
Spire, Inc. (b)
    
7,073
      
517,673
  
Talen Energy Corp. (a)
    
487
      
104,418
  
             
1,650,624
  
TOTAL COMMON STOCKS (Cost $27,276,746)
      
34,276,742
  
                 
SHORT-TERM INVESTMENTS - 30.4%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 30.4%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.64% (c)
    
10,766,349
      
10,766,349
  
TOTAL SHORT-TERM INVESTMENTS (Cost $10,766,349)
      
10,766,349
  
                 
TOTAL INVESTMENTS - 127.2% (Cost $38,043,095)
      
45,043,091
  
Liabilities in Excess of Other Assets - (27.2)%
      
(9,625,764
)
TOTAL NET ASSETS - 100.0%
          
$
35,417,327
  
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
SA - Sociedad Anónima
SE - Societas Europeae

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $10,503,145 which represented 29.7% of net assets.
(c)
The rate shown represents the 7-day annualized effective yield as of November 30, 2024.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
WPG Partners Small Cap Value Diversified 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
  
$
34,276,742
    
$
–
    
$
–
    
$
34,276,742
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
10,766,349
  
Total Investments
  
$
34,276,742
    
$
–
    
$
–
    
$
45,043,091
  
   
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 $10,766,349 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.