WPG Partners Small Cap Value Diversified Fund
|
||||||||
Schedule of Investments
|
||||||||
as of May 31, 2024 (Unaudited)
|
||||||||
COMMON STOCKS - 96.5%
|
Shares
|
Value
|
||||||
Communication Services - 0.2%
|
||||||||
Cargurus, Inc.(a)
|
3,292
|
$
|
79,699
|
|||||
Consumer Discretionary - 8.9%
|
||||||||
ADT, Inc.
|
53,433
|
379,909
|
||||||
Bowlero Corp.(b)
|
15,306
|
190,560
|
||||||
Dave & Buster's Entertainment, Inc.(a)
|
3,767
|
192,456
|
||||||
Frontdoor, Inc.(a)
|
2,513
|
88,885
|
||||||
Gentherm, Inc.(a)
|
3,723
|
200,819
|
||||||
Gildan Activewear, Inc.
|
21,280
|
814,385
|
||||||
Goodyear Tire & Rubber Co.(a)
|
15,212
|
187,260
|
||||||
Savers Value Village, Inc.(a)(b)
|
14,776
|
200,362
|
||||||
Stride, Inc.(a)
|
4,541
|
311,785
|
||||||
Wayfair, Inc. - Class A(a)(b)
|
4,823
|
286,920
|
||||||
2,853,341
|
||||||||
Consumer Staples - 3.7%
|
||||||||
Grocery Outlet Holding Corp.(a)
|
13,323
|
292,973
|
||||||
Nomad Foods Ltd.(b)
|
36,102
|
633,951
|
||||||
TreeHouse Foods, Inc.(a)
|
6,792
|
246,617
|
||||||
1,173,541
|
||||||||
Energy - 9.0%
|
||||||||
Antero Resources Corp.(a)
|
4,644
|
165,466
|
||||||
Atlas Energy Solutions, Inc.(b)
|
12,422
|
300,861
|
||||||
DHT Holdings, Inc.
|
38,132
|
461,397
|
||||||
Kodiak Gas Services, Inc.
|
11,297
|
311,232
|
||||||
Kosmos Energy Ltd.(a)
|
90,943
|
554,752
|
||||||
Scorpio Tankers, Inc.
|
6,929
|
568,663
|
||||||
SM Energy Co.
|
3,074
|
155,022
|
||||||
Tidewater, Inc.(a)
|
1,493
|
154,272
|
||||||
Transocean Ltd.(a)
|
32,778
|
203,224
|
||||||
2,874,889
|
||||||||
Financials - 18.4%
|
||||||||
AGNC Investment Corp.(b)
|
30,954
|
296,849
|
||||||
Axis Capital Holdings Ltd.
|
2,253
|
166,452
|
||||||
BGC Group, Inc. - Class A
|
72,121
|
625,289
|
||||||
Essent Group Ltd.
|
6,986
|
396,106
|
||||||
Fidelis Insurance Holdings Ltd.(b)
|
34,397
|
570,302
|
||||||
First American Financial Corp.(b)
|
2,583
|
143,563
|
||||||
First BanCorp
|
23,234
|
411,939
|
||||||
First Commonwealth Financial Corp.
|
24,968
|
337,318
|
||||||
FirstCash Holdings, Inc.
|
2,895
|
341,378
|
||||||
Hanover Insurance Group, Inc.
|
3,276
|
432,203
|
||||||
Kemper Corp.
|
12,176
|
728,612
|
||||||
National Bank Holdings Corp. - Class A
|
10,565
|
385,305
|
||||||
Pagseguro Digital Ltd. - Class A(a)
|
27,147
|
332,551
|
||||||
Popular, Inc.
|
4,980
|
443,270
|
||||||
Webster Financial Corp.
|
6,491
|
287,032
|
||||||
5,898,169
|
||||||||
Health Care - 7.2%
|
||||||||
Enovis Corp.(a)
|
10,056
|
505,515
|
||||||
Halozyme Therapeutics, Inc.(a)
|
7,233
|
320,350
|
||||||
Pacira BioSciences, Inc.(a)
|
5,617
|
170,364
|
||||||
Phreesia, Inc.(a)
|
7,407
|
140,140
|
||||||
Teleflex, Inc.
|
1,665
|
348,101
|
||||||
Tenet Healthcare Corp.(a)
|
6,009
|
812,537
|
||||||
2,297,007
|
||||||||
Industrials - 21.9%
|
||||||||
ABM Industries, Inc.
|
6,745
|
318,836
|
||||||
Air Lease Corp.(b)
|
9,127
|
434,810
|
||||||
Allison Transmission Holdings, Inc.
|
3,310
|
250,931
|
||||||
Arcosa, Inc.
|
8,584
|
754,619
|
||||||
Atkore, Inc.
|
1,066
|
162,192
|
||||||
Bloom Energy Corp. - Class A(a)(b)
|
10,112
|
165,028
|
||||||
Clarivate PLC(a)
|
38,576
|
219,883
|
||||||
Driven Brands Holdings, Inc.(a)
|
13,391
|
153,863
|
||||||
Embraer SA - ADR(a)
|
8,029
|
223,126
|
||||||
Fluor Corp.(a)
|
7,645
|
331,793
|
||||||
Frontier Group Holdings, Inc.(a)(b)
|
47,107
|
257,675
|
||||||
Generac Holdings, Inc.(a)
|
1,068
|
157,220
|
||||||
Hillman Solutions Corp.(a)
|
24,913
|
228,951
|
||||||
ICF International, Inc.
|
2,190
|
312,623
|
||||||
Janus International Group, Inc.(a)
|
11,771
|
163,382
|
||||||
KBR, Inc.
|
5,923
|
388,904
|
||||||
Knight-Swift Transportation Holdings, Inc.
|
7,215
|
348,124
|
||||||
Leonardo DRS, Inc.(a)
|
18,945
|
446,155
|
||||||
MasTec, Inc.(a)
|
2,715
|
304,759
|
||||||
Moog, Inc. - Class A
|
1,447
|
245,165
|
||||||
RXO, Inc.(a)
|
17,323
|
353,562
|
||||||
Star Bulk Carriers Corp.
|
19,974
|
540,896
|
||||||
Stericycle, Inc.(a)
|
4,430
|
228,322
|
||||||
6,990,819
|
||||||||
Information Technology - 7.0%
|
||||||||
Extreme Networks, Inc.(a)
|
6,720
|
74,928
|
||||||
Harmonic, Inc.(a)
|
25,434
|
311,058
|
||||||
LiveRamp Holdings, Inc.(a)
|
16,285
|
509,557
|
||||||
Mirion Technologies, Inc.(a)(b)
|
26,748
|
290,483
|
||||||
Silicon Motion Technology Corp. - ADR
|
2,089
|
163,130
|
||||||
Teradata Corp.(a)
|
4,888
|
159,398
|
||||||
Tower Semiconductor Ltd.(a)
|
13,413
|
503,524
|
||||||
Verint Systems, Inc.(a)
|
7,448
|
220,908
|
||||||
2,232,986
|
||||||||
Materials - 10.2%
|
||||||||
Ashland, Inc.
|
2,953
|
295,802
|
||||||
Capstone Copper Corp.(a)
|
46,871
|
330,138
|
||||||
Commercial Metals Co.
|
3,645
|
205,287
|
||||||
Constellium SE(a)
|
16,648
|
360,762
|
||||||
ERO Copper Corp.(a)(b)
|
13,598
|
289,637
|
||||||
Huntsman Corp.
|
9,816
|
243,437
|
||||||
Stelco Holdings, Inc.
|
14,341
|
428,878
|
||||||
Summit Materials, Inc. - Class A(a)
|
7,364
|
284,545
|
||||||
Tronox Holdings PLC(b)
|
32,080
|
635,505
|
||||||
Warrior Met Coal, Inc.
|
2,870
|
196,394
|
||||||
3,270,385
|
||||||||
Real Estate - 5.7%
|
||||||||
Brixmor Property Group, Inc.
|
29,739
|
669,425
|
||||||
DigitalBridge Group, Inc.
|
15,436
|
210,547
|
||||||
Equity Commonwealth(a)
|
26,620
|
514,032
|
||||||
Getty Realty Corp.
|
16,135
|
445,487
|
||||||
1,839,491
|
||||||||
Utilities - 4.3%
|
||||||||
ALLETE, Inc.
|
7,625
|
481,519
|
||||||
Portland General Electric Co.(b)
|
10,215
|
455,180
|
||||||
Spire, Inc.(b)
|
7,086
|
434,301
|
||||||
1,371,000
|
||||||||
TOTAL COMMON STOCKS (Cost $24,485,347)
|
30,881,327
|
|||||||
SHORT-TERM INVESTMENTS - 16.0%
|
||||||||
Tri-State Deposit 5.45%(c)
|
785,641
|
785,641
|
||||||
Investments Purchased with Proceeds from Securities Lending - 13.5%
|
Shares
|
|||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.52%(c)
|
4,331,252
|
4,331,252
|
||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,116,893)
|
5,116,893
|
|||||||
TOTAL INVESTMENTS - 112.5% (Cost $29,602,240)
|
$
|
35,998,220
|
||||||
Money Market Deposit Account - 0.9%(d)
|
291,071
|
|||||||
Liabilities in Excess of Other Assets - (13.4)%
|
(4,299,858
|
)
|
||||||
TOTAL NET ASSETS - 100.0%
|
$
|
31,989,433
|
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
|
(a)
|
Non-income producing security.
|
(b)
|
All or a portion of this security is on loan as of May 31, 2024. The total market value of these securities was $4,207,166 which represented 13.2% of net assets.
|
(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%.
|
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
|
|||||||||||||
Investments:
|
||||||||||||||||
Common Stocks
|
30,881,327
|
–
|
–
|
30,881,327
|
||||||||||||
Short-Term Investments
|
–
|
785,641
|
–
|
785,641
|
||||||||||||
Investments Purchased with Proceeds from Securities Lending(a)
|
–
|
–
|
–
|
4,331,252
|
||||||||||||
Total Investments
|
30,881,327
|
785,641
|
–
|
35,998,220
|
||||||||||||
Refer to the Schedule of Investments for additional information.
|
(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 amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
|