WPG Partners Select Small Cap Value Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 94.1%
  
Shares
    
Value
 
Communication Services - 4.6%
        
Cars.com, Inc. (a)
    
152,362
    
$
1,561,711
  
Vimeo, Inc. (a)
    
1,042,837
      
4,546,769
  
Vivid Seats, Inc. - Class A (a)
    
786,123
      
1,226,352
  
             
7,334,832
  
                 
Consumer Discretionary - 11.0%
          
Bath & Body Works, Inc.
    
44,130
      
1,240,936
  
Denny's Corp. (a)
    
596,389
      
2,278,206
  
Gildan Activewear, Inc.
    
61,072
      
2,845,955
  
Holley, Inc. (a)
    
614,099
      
1,191,352
  
Matthews International Corp. - Class A
    
125,944
      
2,701,499
  
National Vision Holdings, Inc. (a)
    
178,806
      
3,542,147
  
Tri Pointe Homes, Inc. (a)
    
126,392
      
3,726,036
  
             
17,526,131
  
                 
Consumer Staples - 0.5%
          
Grocery Outlet Holding Corp. (a)
    
54,721
      
743,111
  
                 
Energy - 4.5%
          
BKV Corp. (a)
    
165,272
      
3,553,348
  
Expro Group Holdings NV (a)
    
201,536
      
1,676,780
  
Viper Energy, Inc.
    
48,241
      
1,914,685
  
             
7,144,813
  
                 
Financials - 15.2%
          
BGC Group, Inc. - Class A
    
619,901
      
5,752,681
  
Kemper Corp.
    
104,744
      
6,675,335
  
National Bank Holdings Corp. - Class A
    
62,626
      
2,263,930
  
Perella Weinberg Partners
    
87,275
      
1,515,967
  
Prosperity Bancshares, Inc.
    
75,967
      
5,291,102
  
Webster Financial Corp.
    
55,488
      
2,856,522
  
             
24,355,537
  
                 
Health Care - 9.6%
          
Enovis Corp. (a)
    
196,482
      
6,149,887
  
Innoviva, Inc. (a)
    
151,298
      
2,960,902
  
Teleflex, Inc.
    
51,030
      
6,239,438
  
             
15,350,227
  
                 
Industrials - 17.8%
          
Air Lease Corp.
    
85,341
      
4,916,495
  
BrightView Holdings, Inc. (a)
    
157,412
      
2,452,479
  
Custom Truck One Source, Inc. (a)
    
835,062
      
3,590,766
  
Matrix Service Co. (a)
    
122,927
      
1,502,168
  
Maximus, Inc.
    
27,833
      
2,018,171
  
MYR Group, Inc. (a)
    
20,454
      
3,208,210
  
Proficient Auto Logistics, Inc. (a)
    
316,179
      
2,548,403
  
TAT Technologies Ltd. (a)
    
55,693
      
1,449,689
  
TrueBlue, Inc. (a)
    
72,360
      
434,160
  
Tutor Perini Corp. (a)
    
172,431
      
6,359,255
  
             
28,479,796
  
                 
Information Technology - 13.2%
          
8x8, Inc. (a)
    
1,212,879
      
1,989,122
  
Alpha & Omega Semiconductor Ltd. (a)
    
191,609
      
4,065,943
  
NCR Voyix Corp. (a)
    
469,665
      
5,208,585
  
Silicon Motion Technology Corp. - ADR
    
100,646
      
6,159,535
  
Teradata Corp. (a)
    
93,823
      
2,060,353
  
Tower Semiconductor Ltd. (a)
    
39,394
      
1,553,699
  
             
21,037,237
  
                 
Materials - 8.7%
          
Century Aluminum Co. (a)
    
194,225
      
3,008,545
  
ERO Copper Corp. (a)
    
165,988
      
2,342,090
  
Ferroglobe PLC
    
140,376
      
509,565
  
Huntsman Corp.
    
198,200
      
2,207,948
  
Kronos Worldwide, Inc.
    
384,157
      
2,431,714
  
Mosaic Co., (The)
    
49,021
      
1,771,619
  
thyssenkrupp AG
    
171,286
      
1,668,035
  
             
13,939,516
  
                 
Real Estate - 6.3%
          
Brixmor Property Group, Inc.
    
97,242
      
2,470,919
  
Broadstone Net Lease, Inc.
    
285,846
      
4,547,810
  
Newmark Group, Inc. - Class A
    
279,223
      
3,074,245
  
             
10,092,974
  
                 
Utilities - 2.7%
          
Portland General Electric Co.
    
100,147
      
4,246,233
  
TOTAL COMMON STOCKS (Cost $153,762,260)
      
150,250,407
  
                 
TOTAL INVESTMENTS - 94.1% (Cost $153,762,260)
      
150,250,407
  
Other Assets in Excess of Liabilities - 5.9%
      
9,447,155
  
TOTAL NET ASSETS - 100.0%
          
$
159,697,562
  

     

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.


Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
WPG Partners Select Small Cap Value 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
    $
148,582,372
      $
1,668,035
      $
–
      $
150,250,407
  
Total Investments
    $
148,582,372
      $
1,668,035
      $
–
      $
150,250,407
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.