NPORT-EX 2 wpg-diversified2.htm NPORT-EX

WPG Partners Small Cap Value Diversified Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 96.3%
  
Shares
    
Value
 
Communication Services - 1.4%
        
Cargurus, Inc. (a)
    
13,371
    
$
419,047
  
                 
Consumer Discretionary - 6.6%
          
ADT, Inc.
    
34,412
      
286,308
  
Advance Auto Parts, Inc. (b)
    
4,110
      
196,992
  
Bath & Body Works, Inc.
    
7,702
      
216,580
  
Century Communities, Inc.
    
2,607
      
135,225
  
Dave & Buster's Entertainment, Inc. (a)(b)
    
3,603
      
79,122
  
Gentherm, Inc. (a)
    
6,142
      
168,076
  
Gildan Activewear, Inc.
    
9,208
      
429,093
  
Under Armour, Inc. - Class C (a)(b)
    
24,448
      
154,022
  
Wayfair, Inc. - Class A (a)(b)
    
2,317
      
95,553
  
Whirlpool Corp. (b)
    
939
      
73,327
  
Wyndham Hotels & Resorts, Inc.
    
1,586
      
131,289
  
             
1,965,587
  
                 
Consumer Staples - 1.4%
          
Grocery Outlet Holding Corp. (a)(b)
    
10,204
      
138,570
  
Nomad Foods Ltd. (b)
    
15,940
      
278,950
  
             
417,520
  
                 
Energy - 7.4%
          
Atlas Energy Solutions, Inc. (b)
    
5,680
      
69,012
  
BKV Corp. (a)(b)
    
17,503
      
376,315
  
DHT Holdings, Inc.
    
30,535
      
353,595
  
Expro Group Holdings NV (a)
    
20,878
      
173,705
  
Infinity Natural Resources, Inc. - Class A (a)
    
20,376
      
339,872
  
Liberty Energy, Inc.
    
9,612
      
111,403
  
Scorpio Tankers, Inc.
    
11,110
      
441,512
  
SM Energy Co. (b)
    
9,008
      
210,967
  
Viper Energy, Inc.
    
3,086
      
122,483
  
             
2,198,864
  
                 
Financials - 21.3%
          
Axis Capital Holdings Ltd.
    
2,888
      
299,774
  
BGC Group, Inc. - Class A
    
71,563
      
664,105
  
CNO Financial Group, Inc.
    
8,452
      
320,838
  
Enterprise Financial Services Corp.
    
10,587
      
560,476
  
First BanCorp
    
14,270
      
285,115
  
First Commonwealth Financial Corp.
    
24,232
      
378,504
  
FirstCash Holdings, Inc.
    
1,126
      
144,027
  
Hanover Insurance Group, Inc.
    
3,422
      
602,203
  
Kemper Corp.
    
11,296
      
719,894
  
National Bank Holdings Corp. - Class A
    
10,504
      
379,720
  
Popular, Inc.
    
3,306
      
342,270
  
Primerica, Inc.
    
268
      
72,521
  
Prosperity Bancshares, Inc.
    
6,871
      
478,565
  
SLM Corp.
    
8,522
      
275,857
  
Webster Financial Corp.
    
10,490
      
540,025
  
WesBanco, Inc.
    
9,407
      
289,547
  
             
6,353,441
  
                 
Health Care - 6.5%
          
Enovis Corp. (a)(b)
    
18,528
      
579,926
  
Halozyme Therapeutics, Inc. (a)(b)
    
3,127
      
175,331
  
Phreesia, Inc. (a)
    
12,760
      
312,492
  
Teleflex, Inc.
    
5,029
      
614,896
  
Tenet Healthcare Corp. (a)
    
1,539
      
259,737
  
             
1,942,382
  
                 
Industrials - 19.6%
          
ABM Industries, Inc.
    
8,665
      
456,212
  
Air Lease Corp.
    
9,927
      
571,895
  
Arcosa, Inc.
    
3,315
      
285,985
  
BrightView Holdings, Inc. (a)
    
30,653
      
477,574
  
Driven Brands Holdings, Inc. (a)
    
21,749
      
387,567
  
First Advantage Corp. (a)
    
7,500
      
128,400
  
Fluor Corp. (a)
    
3,553
      
147,734
  
GXO Logistics, Inc. (a)(b)
    
10,702
      
440,280
  
Hillman Solutions Corp. (a)
    
34,564
      
250,243
  
KBR, Inc.
    
6,804
      
355,101
  
Knight-Swift Transportation Holdings, Inc.
    
9,014
      
399,501
  
Leonardo DRS, Inc.
    
9,147
      
386,918
  
MasTec, Inc. (a)
    
1,725
      
268,979
  
Maximus, Inc.
    
3,255
      
236,020
  
MYR Group, Inc. (a)
    
1,927
      
302,250
  
NV5 Global, Inc. (a)
    
6,840
      
151,164
  
Star Bulk Carriers Corp. (b)
    
18,140
      
299,491
  
Timken Co., (The) (b)
    
2,277
      
155,952
  
UFP Industries, Inc.
    
1,630
      
159,023
  
             
5,860,289
  
                 
Information Technology - 10.5%
          
BlackBerry Ltd. (a)(b)
    
26,403
      
104,556
  
Calix, Inc. (a)
    
1,680
      
77,683
  
Coherent Corp. (a)
    
3,731
      
282,175
  
Crane NXT Co. (b)
    
7,280
      
390,281
  
Diodes, Inc. (a)
    
3,899
      
173,116
  
NCR Voyix Corp. (a)(b)
    
42,456
      
470,837
  
Silicon Motion Technology Corp. - ADR
    
11,706
      
716,407
  
Teradata Corp. (a)
    
13,546
      
297,470
  
Tower Semiconductor Ltd. (a)
    
7,254
      
286,098
  
Verint Systems, Inc. (a)
    
19,459
      
341,311
  
             
3,139,934
  
                 
Materials - 9.6%
          
Alcoa Corp.
    
8,598
      
230,169
  
Ashland, Inc.
    
5,504
      
272,503
  
Capstone Copper Corp. (a)
    
74,029
      
401,338
  
Commercial Metals Co.
    
4,795
      
223,399
  
Constellium SE (a)
    
30,155
      
366,082
  
ERO Copper Corp. (a)(b)
    
25,704
      
362,683
  
Huntsman Corp.
    
22,915
      
255,273
  
Mosaic Co.
    
5,293
      
191,289
  
thyssenkrupp AG
    
23,969
      
233,417
  
Warrior Met Coal, Inc. (b)
    
7,011
      
318,650
  
             
2,854,803
  
                 
Real Estate - 6.1%
          
Brixmor Property Group, Inc.
    
23,946
      
608,468
  
Broadstone Net Lease, Inc.
    
23,794
      
378,562
  
Getty Realty Corp. (b)
    
19,346
      
566,064
  
Newmark Group, Inc. - Class A (b)
    
23,703
      
260,970
  
             
1,814,064
  
                 
Utilities - 5.9%
          
Black Hills Corp.
    
5,806
      
339,477
  
Northwestern Energy Group, Inc.
    
6,818
      
377,240
  
Portland General Electric Co.
    
12,526
      
531,102
  
Spire, Inc.
    
5,996
      
451,379
  
Talen Energy Corp. (a)
    
308
      
75,137
  
             
1,774,335
  
TOTAL COMMON STOCKS (Cost $26,767,277)
      
28,740,266
  
                 
SHORT-TERM INVESTMENTS - 17.5%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 17.5%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.45% (c)
    
5,216,133
      
5,216,133
  
TOTAL SHORT-TERM INVESTMENTS (Cost $5,216,133)
      
5,216,133
  
                 
TOTAL INVESTMENTS - 113.8% (Cost $31,983,410)
      
33,956,399
  
Liabilities in Excess of Other Assets - (13.8)%
      
(4,112,225
)
TOTAL NET ASSETS - 100.0%
          
$
29,844,174
  

     

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 May 31, 2025. The fair value of these securities was $5,031,893.
(c)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.


Summary of Fair Value Disclosure as of May 31, 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 May 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
    $
28,506,849
      $
233,417
      $
–
      $
28,740,266
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
5,216,133
  
Total Investments
    $
28,506,849
      $
233,417
      $
–
      $
33,956,399
  
   
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 $5,216,133 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.