NPORT-EX 2 03120.htm
ACUITAS
US
MICROCAP
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
March
31,
2024
1
Shares
Security
Description
Value
Common
Stock
-
97.1%
Basic
Materials
-
2.3%
7,167‌
AdvanSix,
Inc.
$
204,976‌
36,111‌
Gatos
Silver,
Inc. 
(a)
302,971‌
15,967‌
LifeMD,
Inc. 
(a)
164,141‌
15,436‌
Northern
Technologies
International
Corp.
207,614‌
15,425‌
Orion
SA
362,796‌
9,814‌
Proto
Labs,
Inc. 
(a)
350,851‌
10,207‌
US
Silica
Holdings,
Inc. 
(a)
126,669‌
1,720,018‌
Consumer
Discretionary
-
11.7%
32,318‌
Alta
Equipment
Group,
Inc.
418,518‌
42,088‌
Arhaus,
Inc.
647,734‌
5,950‌
Beazer
Homes
USA,
Inc. 
(a)
195,160‌
4,750‌
Beyond,
Inc. 
(a)
170,572‌
5,056‌
BJ's
Restaurants,
Inc. 
(a)
182,926‌
8,870‌
Blue
Bird
Corp. 
(a)
340,076‌
8,700‌
Cardlytics,
Inc. 
(a)
126,063‌
9,275‌
Climb
Global
Solutions,
Inc.
657,412‌
45,440‌
Duluth
Holdings,
Inc.,
Class B 
(a)
222,656‌
326,969‌
Fluent,
Inc. 
(a)
161,130‌
17,585‌
Guess?,
Inc.
553,400‌
31,098‌
Holley,
Inc. 
(a)
138,697‌
16,271‌
Hudson
Technologies,
Inc. 
(a)
179,144‌
48,812‌
Interface,
Inc.
821,018‌
5,101‌
Jack
in
the
Box,
Inc.
349,316‌
11,942‌
Lindblad
Expeditions
Holdings,
Inc. 
(a)
111,419‌
71,607‌
Motorcar
Parts
of
America,
Inc. 
(a)
575,720‌
26,712‌
Portillo's,
Inc.,
Class A 
(a)
378,776‌
12,026‌
Potbelly
Corp. 
(a)
145,635‌
6,872‌
QuinStreet,
Inc. 
(a)
121,359‌
16,267‌
Shoe
Carnival,
Inc.
596,023‌
5,500‌
The
Honest
Co.,
Inc. 
(a)
22,275‌
14,285‌
The
Lovesac
Co. 
(a)
322,841‌
49,238‌
The
ONE
Group
Hospitality,
Inc. 
(a)
274,256‌
16,998‌
Travelzoo 
(a)
173,040‌
13,440‌
Universal
Technical
Institute,
Inc. 
(a)
214,234‌
7,885‌
Viad
Corp. 
(a)
311,379‌
604‌
Victoria's
Secret
&
Co. 
(a)
11,706‌
24,064‌
Vivid
Seats,
Inc. 
(a)
144,143‌
15,495‌
Zumiez,
Inc. 
(a)
235,369‌
8,801,997‌
Consumer
Staples
-
1.5%
47,487‌
Cronos
Group,
Inc. 
(a)
123,941‌
48,184‌
SunOpta,
Inc. 
(a)
331,024‌
9,369‌
The
Chefs'
Warehouse,
Inc. 
(a)
352,837‌
14,315‌
The
Vita
Coco
Co.,
Inc. 
(a)
349,715‌
1,157,517‌
Energy
-
6.6%
15,600‌
American
Superconductor
Corp. 
(a)
210,756‌
82,843‌
Berry
Corp.
666,886‌
11,845‌
Civitas
Resources,
Inc.
899,154‌
11,999‌
DMC
Global,
Inc. 
(a)
233,860‌
15,319‌
DNOW,
Inc. 
(a)
232,849‌
14,484‌
Dril-Quip,
Inc. 
(a)
326,325‌
53,770‌
Geospace
Technologies
Corp. 
(a)
709,226‌
89,846‌
Newpark
Resources,
Inc. 
(a)
648,688‌
20,179‌
Oil
States
International,
Inc. 
(a)
124,303‌
1,819‌
REX
American
Resources
Corp. 
(a)
106,793‌
13,500‌
Stabilis
Solutions,
Inc. 
(a)
54,405‌
110,005‌
VAALCO
Energy,
Inc.
766,735‌
4,979,980‌
Shares
Security
Description
Value
Financials
-
11.4%
11,824‌
Amalgamated
Financial
Corp.
$
283,776‌
73,770‌
American
Coastal
Insurance
Corp. 
(a)
788,601‌
6,496‌
Arrow
Financial
Corp.
162,530‌
6,757‌
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class E
200,142‌
10,678‌
Bank
of
Marin
Bancorp
179,070‌
10,889‌
Bankwell
Financial
Group,
Inc.
282,461‌
7,279‌
Business
First
Bancshares,
Inc.
162,176‌
8,761‌
Central
Valley
Community
Bancorp/CA
174,256‌
2,768‌
Community
Trust
Bancorp,
Inc.
118,055‌
14,725‌
CrossFirst
Bankshares,
Inc. 
(a)
203,794‌
17,520‌
Customers
Bancorp,
Inc. 
(a)
929,611‌
17,348‌
eHealth,
Inc. 
(a)
104,609‌
11,815‌
Enova
International,
Inc. 
(a)
742,337‌
17,892‌
EZCORP,
Inc.,
Class A 
(a)
202,716‌
8,739‌
First
Internet
Bancorp
303,593‌
10,860‌
First
Western
Financial,
Inc. 
(a)
158,339‌
28,701‌
Heritage
Commerce
Corp.
246,255‌
10,712‌
Heritage
Insurance
Holdings,
Inc. 
(a)
114,083‌
6,802‌
Hippo
Holdings,
Inc. 
(a)
124,273‌
1,744‌
Investors
Title
Co.
284,603‌
9,399‌
Macatawa
Bank
Corp.
92,016‌
59,215‌
Medallion
Financial
Corp.
468,391‌
4,162‌
Mercantile
Bank
Corp.
160,195‌
6,668‌
Mid
Penn
Bancorp,
Inc.
133,427‌
6,865‌
NMI
Holdings,
Inc.,
Class A 
(a)
222,014‌
15,734‌
OP
Bancorp
157,025‌
3,181‌
Preferred
Bank/Los
Angeles
CA
244,205‌
2,619‌
QCR
Holdings,
Inc.
159,078‌
7,800‌
Regional
Management
Corp.
188,838‌
6,795‌
Texas
Capital
Bancshares,
Inc. 
(a)
418,232‌
19,710‌
Veritex
Holdings,
Inc.
403,858‌
4,467‌
Westamerica
BanCorp
218,347‌
8,630,906‌
Health
Care
-
20.2%
28,947‌
908
Devices,
Inc. 
(a)
218,550‌
113,069‌
Accuray,
Inc. 
(a)
279,280‌
2,537‌
Addus
HomeCare
Corp. 
(a)
262,174‌
35,635‌
ADMA
Biologics,
Inc. 
(a)
235,191‌
6,973‌
Alpine
Immune
Sciences,
Inc. 
(a)
276,410‌
4,403‌
ANI
Pharmaceuticals,
Inc. 
(a)
304,379‌
12,184‌
Anika
Therapeutics,
Inc. 
(a)
309,474‌
14,800‌
ARS
Pharmaceuticals,
Inc. 
(a)
151,256‌
51,315‌
BioLife
Solutions,
Inc. 
(a)
951,893‌
57,669‌
Bluebird
Bio,
Inc. 
(a)
73,816‌
39,109‌
Brookdale
Senior
Living,
Inc. 
(a)
258,511‌
19,549‌
Cantaloupe,
Inc. 
(a)
125,700‌
11,117‌
CareDx,
Inc. 
(a)
117,729‌
27,800‌
Caribou
Biosciences,
Inc. 
(a)
142,892‌
12,283‌
Castle
Biosciences,
Inc. 
(a)
272,068‌
13,267‌
Catalyst
Pharmaceuticals,
Inc. 
(a)
211,476‌
224,440‌
ChromaDex
Corp. 
(a)
781,051‌
13,974‌
Edgewise
Therapeutics,
Inc. 
(a)
254,886‌
166,857‌
Harvard
Bioscience,
Inc. 
(a)
707,474‌
66,814‌
Health
Catalyst,
Inc. 
(a)
503,109‌
12,226‌
Healthcare
Services
Group,
Inc. 
(a)
152,581‌
55,632‌
InfuSystem
Holdings,
Inc. 
(a)
476,766‌
28,291‌
Inogen,
Inc. 
(a)
228,308‌
7,671‌
iRadimed
Corp.
337,447‌
9,900‌
KalVista
Pharmaceuticals,
Inc. 
(a)
117,414‌
14,034‌
Kiniksa
Pharmaceuticals,
Ltd.,
Class A 
(a)
276,891‌
48,539‌
KORU
Medical
Systems,
Inc. 
(a)
114,552‌
8,511‌
LeMaitre
Vascular,
Inc.
564,790‌
ACUITAS
US
MICROCAP
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
March
31,
2024
2
Shares
Security
Description
Value
Health
Care
-
20.2%
(continued)
16,513‌
MacroGenics,
Inc. 
(a)
$
243,071‌
35,303‌
MannKind
Corp. 
(a)
159,923‌
25,400‌
Mersana
Therapeutics,
Inc. 
(a)
113,792‌
3,120‌
Nature's
Sunshine
Products,
Inc. 
(a)
64,802‌
10,983‌
Nurix
Therapeutics,
Inc. 
(a)
161,450‌
10,868‌
Olema
Pharmaceuticals,
Inc. 
(a)
123,026‌
14,809‌
OrthoPediatrics
Corp. 
(a)
431,830‌
6,559‌
PetIQ,
Inc. 
(a)
119,899‌
21,699‌
Phibro
Animal
Health
Corp.,
Class A
280,568‌
10,800‌
Pliant
Therapeutics,
Inc. 
(a)
160,920‌
85,535‌
Precigen,
Inc. 
(a)
124,026‌
3,608‌
Prothena
Corp.
PLC 
(a)
89,370‌
21,064‌
Quanterix
Corp. 
(a)
496,268‌
44,324‌
Quipt
Home
Medical
Corp. 
(a)
193,696‌
44,609‌
Savara,
Inc. 
(a)
222,153‌
10,322‌
Scholar
Rock
Holding
Corp. 
(a)
183,319‌
27,194‌
SI-BONE,
Inc. 
(a)
445,166‌
20,628‌
Stoke
Therapeutics,
Inc. 
(a)
278,478‌
8,828‌
Supernus
Pharmaceuticals,
Inc. 
(a)
301,123‌
7,515‌
Syndax
Pharmaceuticals,
Inc. 
(a)
178,857‌
10,836‌
Tela
Bio,
Inc. 
(a)
61,440‌
20,536‌
The
Joint
Corp. 
(a)
268,200‌
11,196‌
The
Pennant
Group,
Inc. 
(a)
219,778‌
2,141‌
US
Physical
Therapy,
Inc.
241,655‌
4,229‌
Utah
Medical
Products,
Inc.
300,724‌
8,186‌
Verve
Therapeutics,
Inc. 
(a)
108,710‌
17,911‌
Voyager
Therapeutics,
Inc. 
(a)
166,751‌
5,699‌
Xenon
Pharmaceuticals,
Inc. 
(a)
245,342‌
10,447‌
Zymeworks,
Inc. 
(a)
109,902‌
37,769‌
Zynex,
Inc. 
(a)
467,203‌
15,267,510‌
Industrials
-
24.5%
12,161‌
ACM
Research,
Inc.,
Class A 
(a)
354,372‌
18,569‌
AerSale
Corp. 
(a)
133,325‌
10,599‌
Allient,
Inc.
378,172‌
5,177‌
Barrett
Business
Services,
Inc.
656,029‌
9,721‌
Bel
Fuse,
Inc.,
Class B
586,274‌
69,240‌
BGSF,
Inc.
720,788‌
2,442‌
BlueLinx
Holdings,
Inc. 
(a)
318,046‌
15,870‌
CECO
Environmental
Corp. 
(a)
365,327‌
36,083‌
Columbus
McKinnon
Corp.
1,610,384‌
17,516‌
Commercial
Vehicle
Group,
Inc. 
(a)
112,628‌
33,997‌
Conduent,
Inc. 
(a)
114,910‌
5,110‌
Core
Molding
Technologies,
Inc. 
(a)
96,732‌
4,467‌
CRA
International,
Inc.
668,174‌
20,235‌
Cryoport,
Inc. 
(a)
358,160‌
34,271‌
Daktronics,
Inc. 
(a)
341,339‌
143,455‌
DHI
Group,
Inc. 
(a)
365,810‌
4,359‌
Distribution
Solutions,
Inc. 
(a)
154,657‌
14,684‌
Ducommun,
Inc. 
(a)
753,289‌
7,740‌
FARO
Technologies,
Inc. 
(a)
166,487‌
17,566‌
Great
Lakes
Dredge
&
Dock
Corp. 
(a)
153,703‌
20,763‌
Information
Services
Group,
Inc.
83,883‌
11,286‌
Insteel
Industries,
Inc.
431,351‌
11,901‌
Kornit
Digital,
Ltd. 
(a)
215,646‌
22,964‌
LSB
Industries,
Inc. 
(a)
201,624‌
26,165‌
Mayville
Engineering
Co.,
Inc. 
(a)
374,945‌
19,150‌
Myers
Industries,
Inc.
443,706‌
3,991‌
MYR
Group,
Inc. 
(a)
705,409‌
42,822‌
Nordic
American
Tankers,
Ltd.
167,862‌
2,418‌
Olympic
Steel,
Inc.
171,388‌
158,080‌
Orion
Energy
Systems,
Inc. 
(a)
137,561‌
21,922‌
Orion
Group
Holdings,
Inc. 
(a)
179,760‌
Shares
Security
Description
Value
Industrials
-
24.5%
(continued)
26,536‌
Park
Aerospace
Corp.
$
441,294‌
95,123‌
Paysign,
Inc. 
(a)
348,150‌
1,263‌
Powell
Industries,
Inc.
179,725‌
13,410‌
Primoris
Services
Corp.
570,864‌
80,667‌
Radiant
Logistics,
Inc. 
(a)
437,215‌
50,482‌
Ranpak
Holdings
Corp. 
(a)
397,293‌
21,775‌
Research
Solutions,
Inc./CA 
(a)
68,809‌
11,005‌
REV
Group,
Inc.
243,101‌
14,291‌
SoundThinking,
Inc. 
(a)
226,941‌
11,747‌
Sterling
Infrastructure,
Inc. 
(a)
1,295,812‌
2,746‌
Teekay
Tankers,
Ltd.,
Class A
160,394‌
3,291‌
The
Gorman-Rupp
Co.
130,159‌
14,762‌
Thermon
Group
Holdings,
Inc. 
(a)
483,013‌
12,160‌
Titan
International,
Inc. 
(a)
151,514‌
13,542‌
Triumph
Group,
Inc. 
(a)
203,672‌
11,593‌
Ultralife
Corp. 
(a)
102,134‌
17,974‌
Vishay
Precision
Group,
Inc. 
(a)
635,021‌
2,550‌
VSE
Corp.
204,000‌
22,363‌
Wabash
National
Corp.
669,548‌
18,470,400‌
Real
Estate
-
1.8%
9,437‌
Alpine
Income
Property
Trust,
Inc.
REIT
144,197‌
34,802‌
Apartment
Investment
and
Management
Co.
REIT 
(a)
285,028‌
7,780‌
BRT
Apartments
Corp.
REIT
130,704‌
6,464‌
NET
Lease
Office
Properties
REIT
153,843‌
20,717‌
Plymouth
Industrial
REIT,
Inc.
466,133‌
15,100‌
Whitestone
REIT
189,505‌
1,369,410‌
Technology
-
14.7%
33,329‌
A10
Networks,
Inc.
456,274‌
73,515‌
ADTRAN
Holdings,
Inc.
399,922‌
43,333‌
Arteris,
Inc. 
(a)
317,198‌
28,900‌
AXT,
Inc. 
(a)
132,651‌
13,100‌
Backblaze,
Inc. 
(a)
134,013‌
6,648‌
Benchmark
Electronics,
Inc.
199,506‌
43,858‌
Blend
Labs,
Inc.,
Class A 
(a)
142,538‌
36,600‌
BM
Technologies,
Inc. 
(a)
60,390‌
9,688‌
Celestica,
Inc. 
(a)
435,379‌
36,288‌
Cerence,
Inc. 
(a)
571,536‌
17,403‌
CEVA,
Inc. 
(a)
395,222‌
5,101‌
Consensus
Cloud
Solutions,
Inc. 
(a)
80,902‌
5,660‌
Couchbase,
Inc. 
(a)
148,915‌
4,783‌
Diebold
Nixdorf,
Inc. 
(a)
164,726‌
5,577‌
Donnelley
Financial
Solutions,
Inc. 
(a)
345,830‌
5,184‌
EverQuote,
Inc.,
Class A 
(a)
96,215‌
18,772‌
Hurco
Cos.,
Inc.
378,444‌
7,486‌
Ichor
Holdings,
Ltd. 
(a)
289,109‌
82,113‌
indie
Semiconductor,
Inc.,
Class A 
(a)
581,360‌
45,485‌
Key
Tronic
Corp. 
(a)
211,960‌
74,117‌
Magnite,
Inc. 
(a)
796,758‌
27,329‌
Methode
Electronics,
Inc.
332,867‌
1,818‌
Moneylion,
Inc. 
(a)
129,660‌
5,868‌
NVE
Corp.
529,176‌
64,430‌
Outbrain,
Inc. 
(a)
254,498‌
12,105‌
PDF
Solutions,
Inc. 
(a)
407,575‌
42,349‌
Photronics,
Inc. 
(a)
1,199,324‌
36,800‌
Pixelworks,
Inc. 
(a)
94,944‌
10,566‌
PROS
Holdings,
Inc. 
(a)
383,863‌
66,010‌
Rackspace
Technology,
Inc. 
(a)
104,296‌
10,540‌
Radware,
Ltd. 
(a)
197,309‌
22,917‌
Solaris
Oilfield
Infrastructure,
Inc.,
Class A
198,690‌
14,469‌
Tactile
Systems
Technology,
Inc. 
(a)
235,121‌
ACUITAS
US
MICROCAP
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
March
31,
2024
3
At
March
31,
2024
,
the
Fund
held
the
following
exchange
traded
futures
contract:
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
March
31,
2024.
The
Fund
has
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
the
various
“inputs”
used
to
determine
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
–
quoted
prices
in
active
markets
for
identical
assets
Level
2
–
Prices
determined
using
significant
other
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Short-term
securities
with
maturities
of
sixty
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value,
and
are
categorized
as
Level
2
in
the
hierarchy.
Municipal
securities,
long-term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
in
accordance
with
the
evaluated
price
supplied
by
the
pricing
service
and
generally
categorized
as
Level
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
warrants
that
do
not
trade
on
an
exchange,
securities
valued
at
the
mean
between
the
last
reported
bid
and
ask
quotation
and
international
equity
securities
valued
by
an
independent
third
party
with
adjustments
for
changes
in
value
between
the
time
of
the
securities
respective
local
market
closes
and
the
close
of
the
U.S.
market.
Level
3
–
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
* Other
Financial
Instruments
are
derivatives
not
reflected
in
the
Schedule
of
Investments,
such
as
futures,
which
are
valued
at
the
unrealized
appreciation/
(depreciation)
at
period
end. 
The
Level
1
value
displayed
in
this
table
is
Common
Stock
and
a
Money
Market
Fund.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
industry.
THE
PORTFOLIO
OF
INVESTMENTS
SHOULD
BE
READ
IN
CONJUNCTION
WITH
THE
FINANCIAL
STATEMENTS
AND
NOTES
TO
FINANCIAL
STATEMENTS
WHICH
ARE
INCLUDED
IN
THE
FUND’S
AUDITED
ANNUAL
REPORT
OR
SEMI-ANNUAL
REPORT.
THESE
REPORTS
INCLUDE
ADDITIONAL
INFORMATION
ABOUT
THE
FUND’S
SECURITY
VALUATION
POLICIES
AND
ABOUT
CERTAIN
SECURITY
TYPES
INVESTED
BY
THE
FUND. 
Shares
Security
Description
Value
Technology
-
14.7%
(continued)
44,086‌
TrueCar,
Inc. 
(a)
$
149,452‌
11,631‌
Veeco
Instruments,
Inc. 
(a)
409,062‌
14,296‌
Weave
Communications,
Inc. 
(a)
164,118‌
11,128,803‌
Telecommunications
-
0.4%
35,549‌
Cambium
Networks
Corp. 
(a)
153,216‌
3,465‌
Digi
International,
Inc. 
(a)
110,638‌
263,854‌
Utilities
-
2.0%
36,289‌
Aris
Water
Solutions,
Inc.,
Class A
513,490‌
15,582‌
Enviri
Corp. 
(a)
142,575‌
92,222‌
Select
Water
Solutions,
Inc.,
Class A
851,209‌
1,507,274‌
Total
Common
Stock
(Cost
$61,103,714)
73,297,669‌
Shares
Security
Description
Value
Money
Market
Fund
-
2.7%
2,055,282‌
First
American
Government
Obligations
Fund,
Class X,
5.24% 
(b)
(Cost
$2,055,281)
2,055,282‌
Investments,
at
value
-
99.8%
(Cost
$63,158,995)
$
75,352,951‌
Other
Assets
&
Liabilities,
Net
-
0.2%
143,174‌
Net
Assets
-
100.0%
$
75,496,125‌
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
March
31,
2024.
Contracts
Description
Exp.
Date
Notional
Contract
Value
Value
Net
Unrealized
Depreciation
50
CME
E-mini
Russell
2000
Index
Future
6/22/24
$
1,055,107‌
$
1,072,950‌
$
17,843‌
Valuation
Inputs
Investments
in
Securities
Other
Financial
Instruments*
Level
1
-
Quoted
Prices
$
75,352,951‌
$
17,843‌
Level
2
-
Other
Significant
Observable
Inputs
–‌
–‌
Level
3
-
Significant
Unobservable
Inputs
–‌
–‌
Total
$
75,352,951‌
$
17,843‌