NPORT-EX 2 wpg-hedged2.htm NPORT-EX

WPG Partners Select Hedged Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 93.4%
  
Shares
    
Value
 
Communication Services - 4.6%
        
Cars.com, Inc. (a)(b)
    
15,089
    
$
154,662
  
Vimeo, Inc. (a)(b)
    
103,362
      
450,659
  
Vivid Seats, Inc. - Class A (a)(b)
    
77,993
      
121,669
  
             
726,990
  
                 
Consumer Discretionary - 10.9%
          
Bath & Body Works, Inc. (b)
    
4,367
      
122,800
  
Denny's Corp. (a)(b)
    
59,089
      
225,720
  
Gildan Activewear, Inc. (b)
    
6,063
      
282,536
  
Holley, Inc. (a)(b)
    
60,799
      
117,950
  
Matthews International Corp. - Class A (b)
    
12,511
      
268,361
  
National Vision Holdings, Inc. (a)(b)
    
17,748
      
351,588
  
Tri Pointe Homes, Inc. (a)(b)
    
12,527
      
369,296
  
             
1,738,251
  
                 
Consumer Staples - 0.5%
          
Grocery Outlet Holding Corp. (a)(b)
    
5,411
      
73,481
  
                 
Energy - 4.4%
          
BKV Corp. (a)(b)
    
16,378
      
352,127
  
Expro Group Holdings NV (a)(b)
    
20,272
      
168,663
  
Viper Energy, Inc.
    
4,779
      
189,679
  
             
710,469
  
                 
Financials - 15.1%
          
BGC Group, Inc. - Class A (b)
    
61,443
      
570,191
  
Kemper Corp. (b)
    
10,382
      
661,645
  
National Bank Holdings Corp. - Class A (b)
    
6,205
      
224,311
  
Perella Weinberg Partners (b)
    
8,644
      
150,146
  
Prosperity Bancshares, Inc. (b)
    
7,530
      
524,464
  
Webster Financial Corp. (b)
    
5,499
      
283,089
  
             
2,413,846
  
                 
Health Care - 9.5%
          
Enovis Corp. (a)(b)
    
19,476
      
609,599
  
Innoviva, Inc. (a)(b)
    
14,991
      
293,374
  
Teleflex, Inc. (b)
    
5,058
      
618,441
  
             
1,521,414
  
                 
Industrials - 18.0%
          
Air Lease Corp. (b)
    
8,457
      
487,208
  
BrightView Holdings, Inc. (a)(b)
    
15,596
      
242,986
  
Custom Truck One Source, Inc. (a)(b)
    
82,757
      
355,855
  
Ferroglobe PLC (b)
    
13,885
      
50,402
  
Matrix Service Co. (a)(b)
    
12,173
      
148,754
  
Maximus, Inc.
    
2,765
      
200,490
  
MYR Group, Inc. (a)(b)
    
2,027
      
317,935
  
Proficient Auto Logistics, Inc. (a)(b)
    
31,327
      
252,496
  
TAT Technologies Ltd. (a)
    
5,506
      
143,321
  
TrueBlue, Inc. (a)
    
7,282
      
43,692
  
Tutor Perini Corp. (a)(b)
    
17,098
      
630,574
  
             
2,873,713
  
                 
Information Technology - 13.1%
          
8x8, Inc. (a)(b)
    
120,207
      
197,139
  
Alpha & Omega Semiconductor Ltd. (a)(b)
    
18,990
      
402,968
  
NCR Voyix Corp. (a)(b)
    
46,762
      
518,591
  
Silicon Motion Technology Corp. - ADR (b)
    
9,951
      
609,001
  
Teradata Corp. (a)
    
9,307
      
204,382
  
Tower Semiconductor Ltd. (a)(b)
    
3,902
      
153,895
  
             
2,085,976
  
                 
Materials - 8.4%
          
Century Aluminum Co. (a)(b)
    
19,246
      
298,121
  
ERO Copper Corp. (a)(b)
    
16,443
      
232,011
  
Huntsman Corp.
    
19,636
      
218,745
  
Kronos Worldwide, Inc. (b)
    
38,062
      
240,932
  
Mosaic Co.
    
4,864
      
175,785
  
thyssenkrupp AG
    
17,240
      
167,888
  
             
1,333,482
  
                 
Real Estate - 6.3%
          
Brixmor Property Group, Inc. (b)
    
9,634
      
244,800
  
Broadstone Net Lease, Inc. (b)
    
28,359
      
451,191
  
Newmark Group, Inc. - Class A (b)
    
27,670
      
304,647
  
             
1,000,638
  
                 
Utilities - 2.6%
          
Portland General Electric Co. (b)
    
9,926
      
420,862
  
TOTAL COMMON STOCKS (Cost $14,740,357)
      
14,899,122
  
                 
SHORT-TERM INVESTMENTS - 0.0%(c)
          
Value
 
Money Market Funds - 0.0%(c)
  
Shares
          
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 4.18% (b)(d)
    
379
      
379
  
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 4.09% (b)(d)
    
379
      
379
  
Fidelity Treasury Portfolio - Class I, 4.19% (b)(d)
    
379
      
379
  
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 4.15% (b)(d)
    
379
      
379
  
TOTAL SHORT-TERM INVESTMENTS (Cost $1,516)
      
1,516
  
                 
TOTAL INVESTMENTS - 93.4% (Cost $14,741,873)
      
14,900,638
  
Other Assets in Excess of Liabilities - 6.6%
      
1,058,158
  
TOTAL NET ASSETS - 100.0%
          
$
15,958,796
  

     

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
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
All or a portion of security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of May 31, 2025 is $12,927,726.
(c)
Represents less than 0.05% of net assets.
(d)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.



WPG Partners Select Hedged Fund
  
Schedule of Securities Sold Short
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - (64.3)%
  
Shares
    
Value
  
Communication Services - (0.3)%
        
AST SpaceMobile, Inc.
    
(2,313
)
  
$
(53,361
)
                 
Consumer Discretionary - (12.7)%
          
Brinker International, Inc.
    
(1,089
)
    
(187,994
)
Five Below, Inc.
    
(1,848
)
    
(215,421
)
Frontdoor, Inc.
    
(3,061
)
    
(168,386
)
Garmin Ltd.
    
(966
)
    
(196,069
)
Green Brick Partners, Inc.
    
(3,361
)
    
(196,450
)
Light & Wonder, Inc.
    
(981
)
    
(88,408
)
Lululemon Athletica, Inc.
    
(1,033
)
    
(327,120
)
Modine Manufacturing Co.
    
(897
)
    
(81,448
)
Restaurant Brands International, Inc.
    
(2,440
)
    
(174,240
)
RH
    
(428
)
    
(77,515
)
Stride, Inc.
    
(1,098
)
    
(166,226
)
Williams-Sonoma, Inc.
    
(956
)
    
(154,643
)
             
(2,033,920
)
                 
Consumer Staples - (3.1)%
          
Hershey Co.
    
(100
)
    
(16,069
)
J & J Snack Foods Corp.
    
(689
)
    
(79,352
)
Natural Grocers by Vitamin Cottage, Inc.
    
(3,029
)
    
(147,906
)
Sprouts Farmers Market, Inc.
    
(1,488
)
    
(257,216
)
             
(500,543
)
                 
Energy - (3.2)%
          
Comstock Resources, Inc.
    
(5,214
)
    
(121,486
)
Texas Pacific Land Corp.
    
(348
)
    
(387,683
)
             
(509,169
)
                 
Financials - (14.6)%
          
Arch Capital Group Ltd.
    
(3,655
)
    
(347,371
)
Atlanticus Holdings Corp.
    
(2,270
)
    
(111,343
)
Axos Financial, Inc.
    
(4,343
)
    
(302,012
)
CME Group, Inc.
    
(100
)
    
(28,900
)
Federal National Mortgage Association
    
(20,696
)
    
(217,929
)
Fifth Third Bancorp
    
(11,629
)
    
(444,111
)
Moelis & Co. - Class A
    
(3,042
)
    
(173,729
)
Radian Group, Inc.
    
(12,146
)
    
(414,786
)
Victory Capital Holdings, Inc. - Class A
    
(4,673
)
    
(289,773
)
             
(2,329,954
)
                 
Health Care - (4.3)%
          
CVS Health Corp.
    
(1,940
)
    
(124,238
)
Fortrea Holdings, Inc.
    
(75,140
)
    
(323,102
)
Integer Holdings Corp.
    
(1,004
)
    
(119,235
)
Integra LifeSciences Holdings Corp.
    
(9,235
)
    
(116,915
)
Owens & Minor, Inc.
    
(74
)
    
(488
)
             
(683,978
)
                 
Industrials - (11.3)%
          
ArcBest Corp.
    
(3,268
)
    
(204,871
)
Carrier Global Corp.
    
(2,012
)
    
(143,255
)
Hillenbrand, Inc.
    
(13,995
)
    
(273,462
)
Joby Aviation, Inc.
    
(23,809
)
    
(186,186
)
Loar Holdings, Inc.
    
(490
)
    
(42,655
)
Matson, Inc.
    
(819
)
    
(92,424
)
REV Group, Inc.
    
(2,267
)
    
(84,990
)
TriNet Group, Inc.
    
(4,585
)
    
(381,518
)
United Airlines Holdings, Inc.
    
(3,895
)
    
(309,438
)
Willis Lease Finance Corp.
    
(568
)
    
(76,305
)
             
(1,795,104
)
                 
Information Technology - (10.2)%
          
Benchmark Electronics, Inc.
    
(2,972
)
    
(108,538
)
DigitalOcean Holdings, Inc.
    
(2,680
)
    
(75,844
)
Fabrinet
    
(551
)
    
(128,311
)
Ingram Micro Holding Corp.
    
(12,124
)
    
(231,932
)
Nova Ltd.
    
(1,250
)
    
(267,025
)
PAR Technology Corp.
    
(2,770
)
    
(181,601
)
Rigetti Computing, Inc.
    
(15,839
)
    
(191,810
)
RingCentral, Inc. - Class A
    
(7,936
)
    
(205,781
)
Synopsys, Inc.
    
(510
)
    
(236,630
)
             
(1,627,472
)
                 
Materials - (2.4)%
          
Carpenter Technology Corp.
    
(1,146
)
    
(269,310
)
United States Lime & Minerals, Inc.
    
(1,135
)
    
(116,655
)
             
(385,965
)
                 
Real Estate - (2.2)%
          
Iron Mountain, Inc.
    
(3,472
)
    
(342,721
)
TOTAL COMMON STOCKS (Proceeds $10,161,096)
      
(10,262,187
)
                 
TOTAL SECURITIES SOLD SHORT - (64.3)% (Proceeds $10,161,096)
          
$
(10,262,187
)
                 
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 May 31, 2025 (Unaudited)
 
WPG Partners Select Hedged 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 May 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
    $
14,731,234
      $
167,888
      $
–
      $
14,899,122
  
  Money Market Funds
    
1,516
      
–
      
–
      
1,516
  
Total Investments
    $
14,732,750
      $
167,888
      $
–
      $
14,900,638
  
                                 
Liabilities:
                                
Investments:
                                
  Common Stocks
    $
(10,262,187
)
    $
–
      $
–
      $
(10,262,187
)
Total Investments
    $
(10,262,187
)
    $
–
      $
–
      $
(10,262,187
)
   
   
Refer to the Schedule of Investments for further disaggregation of investment categories.