WPG Partners Select Hedged Fund
|
||||||||
Schedule of Investments
|
||||||||
as of May 31, 2024 (Unaudited)
|
||||||||
COMMON STOCKS - 95.8%
|
Shares
|
Value
|
||||||
Communication Services - 3.1%
|
||||||||
Cars.com, Inc.(a)(b)
|
78,140
|
$
|
1,580,772
|
|||||
Consumer Discretionary - 5.8%
|
||||||||
Gildan Activewear, Inc.(b)
|
51,285
|
1,962,677
|
||||||
PlayAGS, Inc.(a)(b)
|
89,329
|
1,031,750
|
||||||
2,994,427
|
||||||||
Consumer Staples - 6.6%
|
||||||||
Adecoagro SA
|
74,783
|
735,865
|
||||||
Grocery Outlet Holding Corp.(a)(b)
|
27,787
|
611,036
|
||||||
Nomad Foods Ltd.
|
115,624
|
2,030,357
|
||||||
3,377,258
|
||||||||
Energy - 6.3%
|
||||||||
International Seaways, Inc.(b)
|
27,601
|
1,778,056
|
||||||
Kosmos Energy Ltd.(a)(b)
|
236,657
|
1,443,608
|
||||||
3,221,664
|
||||||||
Financials - 23.5%
|
||||||||
Axis Capital Holdings Ltd.
|
3,543
|
261,757
|
||||||
BGC Group, Inc. - Class A(b)
|
290,366
|
2,517,473
|
||||||
Dime Community Bancshares, Inc.(b)
|
29,279
|
540,783
|
||||||
EZCORP, Inc. - Class A(a)(b)
|
47,742
|
500,814
|
||||||
Federal Agricultural Mortgage Corp. - Class C(b)
|
2,611
|
456,063
|
||||||
Fidelis Insurance Holdings Ltd.(b)
|
100,145
|
1,660,404
|
||||||
FirstCash Holdings, Inc.(b)
|
7,087
|
835,699
|
||||||
Kemper Corp.(b)
|
38,977
|
2,332,384
|
||||||
National Bank Holdings Corp. - Class A(b)
|
22,565
|
822,945
|
||||||
Pagseguro Digital Ltd. - Class A(a)
|
21,819
|
267,283
|
||||||
Perella Weinberg Partners(b)
|
40,095
|
619,067
|
||||||
Popular, Inc.
|
14,173
|
1,261,539
|
||||||
12,076,211
|
||||||||
Health Care - 9.9%
|
||||||||
Enovis Corp.(a)(b)
|
36,552
|
1,837,469
|
||||||
Halozyme Therapeutics, Inc.(a)(b)
|
21,260
|
941,605
|
||||||
Innoviva, Inc.(a)(b)
|
46,250
|
730,288
|
||||||
Tenet Healthcare Corp.(a)(b)
|
11,749
|
1,588,700
|
||||||
5,098,062
|
||||||||
Industrials - 11.9%
|
||||||||
Air Lease Corp.(b)
|
26,109
|
1,243,833
|
||||||
Arcosa, Inc.(b)
|
29,466
|
2,590,356
|
||||||
Clarivate PLC(a)(b)
|
82,802
|
471,971
|
||||||
Frontier Group Holdings, Inc.(a)(b)
|
136,698
|
747,738
|
||||||
Janus International Group, Inc.(a)(b)
|
18,836
|
261,444
|
||||||
KBR, Inc.(b)
|
6,341
|
416,350
|
||||||
MasTec, Inc.(a)(b)
|
3,543
|
397,702
|
||||||
6,129,394
|
||||||||
Information Technology - 12.8%
|
||||||||
8x8, Inc.(a)(b)
|
484,503
|
1,322,693
|
||||||
LiveRamp Holdings, Inc.(a)(b)
|
26,482
|
828,622
|
||||||
Ooma, Inc.(a)(b)
|
57,253
|
494,666
|
||||||
Silvaco Group, Inc.(a)
|
52,217
|
954,005
|
||||||
SMART Global Holdings, Inc.(a)
|
49,606
|
1,020,891
|
||||||
Tower Semiconductor Ltd.(a)
|
39,722
|
1,491,164
|
||||||
Verint Systems, Inc.(a)(b)
|
16,038
|
475,687
|
||||||
6,587,728
|
||||||||
Materials - 9.6%
|
||||||||
Ashland, Inc.(b)
|
10,630
|
1,064,807
|
||||||
ERO Copper Corp.(a)(b)
|
43,639
|
929,511
|
||||||
Rayonier Advanced Materials, Inc.(a)(b)
|
249,524
|
1,409,810
|
||||||
Tronox Holdings PLC(b)
|
78,886
|
1,562,732
|
||||||
4,966,860
|
||||||||
Real Estate - 6.3%
|
||||||||
Brixmor Property Group, Inc.(b)
|
69,188
|
1,557,422
|
||||||
Equity Commonwealth(a)(b)
|
88,397
|
1,706,946
|
||||||
3,264,368
|
||||||||
TOTAL COMMON STOCKS (Cost $48,302,900)
|
49,296,744
|
|||||||
SHORT-TERM INVESTMENTS - 0.3%
|
||||||||
Money Market Funds - 0.3%
|
Shares
|
|||||||
MSILF Prime Portfolio - Class Institutional, 5.38%(c)
|
163,493
|
163,493
|
||||||
TOTAL SHORT-TERM INVESTMENTS
(Cost $163,493)
|
163,493
|
|||||||
TOTAL INVESTMENTS - 96.1% (Cost
$48,466,393)
|
$
|
49,460,237
|
||||||
Money Market Deposit Account - 5.3%(b)(d)
|
2,702,056
|
|||||||
Liabilities in Excess of Other Assets - (1.4)%
|
(708,533
|
)
|
||||||
TOTAL NET ASSETS - 100.0%
|
$
|
51,453,760
|
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.
|
PLC - Public Limited Company
|
SA - Sociedad Anónima
|
(a)
|
Non-income producing security.
|
(b)
|
Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
|
(c)
|
The rate shown represents the 7-day effective yield as of May 31, 2024.
|
(d)
|
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA
will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of May 31, 2024 was 5.17%.
|
WPG Partners Select Hedged Fund
|
||||||||
Schedule of Securities Sold Short
|
||||||||
as of May 31, 2024 (Unaudited)
|
||||||||
COMMON STOCKS - (64.2)%
|
Shares
|
Value
|
||||||
Consumer Discretionary - (9.9)%
|
||||||||
Boot Barn Holdings, Inc.
|
(2,430
|
)
|
$
|
(289,000
|
)
|
|||
Bright Horizons Family Solutions, Inc.
|
(4,403
|
)
|
(462,843
|
)
|
||||
LGI Homes, Inc.
|
(3,420
|
)
|
(328,320
|
)
|
||||
Lithia Motors, Inc.
|
(929
|
)
|
(235,167
|
)
|
||||
Monro Muffler Brake, Inc.
|
(6,231
|
)
|
(147,363
|
)
|
||||
Planet Fitness, Inc. - Class A
|
(3,900
|
)
|
(248,196
|
)
|
||||
Signet Jewelers Ltd.
|
(6,899
|
)
|
(755,372
|
)
|
||||
Thor Industries, Inc.
|
(2,747
|
)
|
(272,612
|
)
|
||||
Vail Resorts, Inc.
|
(2,075
|
)
|
(391,594
|
)
|
||||
Williams-Sonoma, Inc.
|
(1,744
|
)
|
(511,376
|
)
|
||||
Wingstop, Inc.
|
(2,076
|
)
|
(765,317
|
)
|
||||
Winmark Corp.
|
(1,143
|
)
|
(406,794
|
)
|
||||
XPEL, Inc.
|
(6,892
|
)
|
(261,896
|
)
|
||||
(5,075,850
|
)
|
|||||||
Consumer Staples - (3.1)%
|
||||||||
Andersons, Inc.
|
(15,889
|
)
|
(831,630
|
)
|
||||
Archer-Daniels-Midland Co.
|
(4,105
|
)
|
(256,316
|
)
|
||||
Hershey Co.
|
(2,495
|
)
|
(493,586
|
)
|
||||
(1,581,532
|
)
|
|||||||
Financials - (12.0)%
|
||||||||
Blackstone Mortgage Trust, Inc. - Class A
|
(16,461
|
)
|
(287,080
|
)
|
||||
CME Group, Inc.
|
(1,729
|
)
|
(350,952
|
)
|
||||
CVB Financial Corp.
|
(26,316
|
)
|
(435,267
|
)
|
||||
Encore Capital Group, Inc.
|
(5,576
|
)
|
(246,682
|
)
|
||||
FactSet Research Systems, Inc.
|
(1,073
|
)
|
(433,771
|
)
|
||||
Freedom Holding Corp.
|
(3,153
|
)
|
(240,385
|
)
|
||||
Live Oak Bancshares, Inc.
|
(16,640
|
)
|
(573,747
|
)
|
||||
Mercantile Bank Corp.
|
(9,855
|
)
|
(377,545
|
)
|
||||
Moelis & Co. - Class A
|
(4,448
|
)
|
(251,801
|
)
|
||||
MSCI, Inc.
|
(754
|
)
|
(373,366
|
)
|
||||
Towne Bank
|
(11,365
|
)
|
(309,014
|
)
|
||||
US Bancorp
|
(19,964
|
)
|
(809,540
|
)
|
||||
Walker & Dunlop, Inc.
|
(6,548
|
)
|
(628,543
|
)
|
||||
Wintrust Financial Corp.
|
(8,870
|
)
|
(874,671
|
)
|
||||
(6,192,364
|
)
|
|||||||
Health Care - (2.4)%
|
||||||||
Dentsply Sirona, Inc.
|
(8,640
|
)
|
(242,006
|
)
|
||||
Fortrea Holdings, Inc.
|
(10,168
|
)
|
(258,166
|
)
|
||||
Option Care Health, Inc.
|
(24,953
|
)
|
(744,098
|
)
|
||||
(1,244,270
|
)
|
|||||||
Industrials - (20.4)%
|
||||||||
ArcBest Corp.
|
(4,599
|
)
|
(485,287
|
)
|
||||
Boeing Co.
|
(2,117
|
)
|
(376,000
|
)
|
||||
Dayforce, Inc.
|
(12,943
|
)
|
(640,161
|
)
|
||||
Expeditors International of Washington, Inc.
|
(2,280
|
)
|
(275,652
|
)
|
||||
Griffon Corp.
|
(8,102
|
)
|
(547,209
|
)
|
||||
H&E Equipment Services, Inc.
|
(9,179
|
)
|
(434,809
|
)
|
||||
Herc Holdings, Inc.
|
(4,964
|
)
|
(720,128
|
)
|
||||
JB Hunt Transport Services, Inc.
|
(2,247
|
)
|
(361,205
|
)
|
||||
MillerKnoll, Inc.
|
(33,069
|
)
|
(912,043
|
)
|
||||
MSC Industrial Direct Co., Inc. - Class A
|
(5,095
|
)
|
(437,661
|
)
|
||||
PACCAR, Inc.
|
(4,928
|
)
|
(529,760
|
)
|
||||
Paychex, Inc.
|
(2,415
|
)
|
(290,186
|
)
|
||||
Paylocity Holding Corp.
|
(2,256
|
)
|
(320,736
|
)
|
||||
Regal Rexnord Corp.
|
(2,624
|
)
|
(392,393
|
)
|
||||
Rockwell Automation, Inc.
|
(3,354
|
)
|
(863,756
|
)
|
||||
Spirit AeroSystems Holdings, Inc. - Class A
|
(22,292
|
)
|
(675,893
|
)
|
||||
Symbotic, Inc.
|
(12,707
|
)
|
(502,816
|
)
|
||||
Terex Corp.
|
(14,196
|
)
|
(847,075
|
)
|
||||
Triumph Group, Inc.
|
(29,677
|
)
|
(418,742
|
)
|
||||
WESCO International, Inc.
|
(2,500
|
)
|
(448,725
|
)
|
||||
(10,480,237
|
)
|
|||||||
Information Technology - (10.9)%
|
||||||||
Amdocs Ltd.
|
(6,737
|
)
|
(532,223
|
)
|
||||
Axcelis Technologies, Inc.
|
(5,158
|
)
|
(580,223
|
)
|
||||
Dolby Laboratories, Inc. - Class A
|
(5,098
|
)
|
(412,989
|
)
|
||||
EPAM Systems, Inc.
|
(1,384
|
)
|
(246,255
|
)
|
||||
GlobalFoundries, Inc.
|
(7,630
|
)
|
(373,870
|
)
|
||||
HubSpot, Inc.
|
(413
|
)
|
(252,364
|
)
|
||||
Lattice Semiconductor Corp.
|
(6,631
|
)
|
(492,285
|
)
|
||||
Lumentum Holdings, Inc.
|
(11,826
|
)
|
(514,431
|
)
|
||||
Methode Electronics, Inc.
|
(35,852
|
)
|
(422,337
|
)
|
||||
Plexus Corp.
|
(5,034
|
)
|
(554,445
|
)
|
||||
Power Integrations, Inc.
|
(3,207
|
)
|
(243,764
|
)
|
||||
Rambus, Inc.
|
(4,327
|
)
|
(239,110
|
)
|
||||
Teledyne Technologies, Inc.
|
(1,905
|
)
|
(756,190
|
)
|
||||
(5,620,486
|
)
|
|||||||
Materials - (3.9)%
|
||||||||
Alpha Metallurgical Resources, Inc.
|
(2,957
|
)
|
(932,668
|
)
|
||||
Eagle Materials, Inc.
|
(3,328
|
)
|
(773,394
|
)
|
||||
Sealed Air Corp.
|
(6,968
|
)
|
(270,846
|
)
|
||||
(1,976,908
|
)
|
|||||||
Real Estate - (1.6)%
|
||||||||
CubeSmart
|
(7,117
|
)
|
(301,120
|
)
|
||||
eXp World Holdings, Inc.
|
(21,926
|
)
|
(245,790
|
)
|
||||
Rexford Industrial Realty, Inc.
|
(6,513
|
)
|
(295,430
|
)
|
||||
(842,340
|
)
|
|||||||
TOTAL COMMON STOCKS (Proceeds $33,790,608)
|
(33,013,987
|
)
|
||||||
TOTAL SECURITIES SOLD SHORT - (64.2)% (Proceeds $33,790,608)
|
(33,013,987
|
)
|
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.
|
Level 1 -
|
Prices are determined using quoted prices in active markets for identical securities.
|
Level 2 -
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, etc.).
|
Level 3 -
|
Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of
investments).
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
||||||||||||||||
Investments:
|
||||||||||||||||
Common Stocks
|
49,296,744
|
–
|
–
|
49,296,744
|
||||||||||||
Money Market Funds
|
163,493
|
–
|
–
|
163,493
|
||||||||||||
Total Investments
|
49,460,237
|
–
|
–
|
49,460,237
|
||||||||||||
Liabilities:
|
||||||||||||||||
Investments:
|
||||||||||||||||
Common Stocks
|
(33,013,987
|
)
|
–
|
–
|
(33,013,987
|
)
|
||||||||||
Total Investments
|
(33,013,987
|
)
|
–
|
–
|
(33,013,987
|
)
|
||||||||||
Refer to the Schedule of Investments for additional information.
|