NPORT-EX 2 03120.htm
ACUITAS
US
MICROCAP
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
March
31,
2025
1
Shares
Security
Description
Value
Common
Stock
-
96.3%
Basic
Materials
-
1.3%
16,384‌
LifeMD,
Inc.
(a)
$
89,129‌
37,467‌
Northern
Technologies
International
Corp.
390,032‌
141,760‌
Taseko
Mines,
Ltd.
(a)
317,542‌
8,455‌
Worthington
Steel,
Inc.
214,165‌
1,010,868‌
Consumer
Discretionary
-
9.7%
4,169‌
Acme
United
Corp.
165,134‌
3,302‌
Allegiant
Travel
Co.
170,548‌
48,826‌
Arhaus,
Inc.
(a)
424,786‌
6,097‌
Beazer
Homes
USA,
Inc.
(a)
124,318‌
3,204‌
BJ's
Restaurants,
Inc.
(a)
109,769‌
9,200‌
Civeo
Corp.
211,600‌
5,750‌
Climb
Global
Solutions,
Inc.
636,870‌
23,902‌
Crown
Crafts,
Inc.
87,003‌
5,821‌
Digital
Turbine,
Inc.
(a)
15,804‌
48,165‌
Duluth
Holdings,
Inc.,
Class B
(a)
83,807‌
37,000‌
El
Pollo
Loco
Holdings,
Inc.
(a)
381,100‌
14,733‌
First
Watch
Restaurant
Group,
Inc.
(a)
245,305‌
74,910‌
Fluent,
Inc.
(a)
163,304‌
58,333‌
FTAI
Infrastructure,
Inc.
264,249‌
8,973‌
Gentherm,
Inc.
(a)
239,938‌
30,730‌
Guess?,
Inc.
340,181‌
53,209‌
Interface,
Inc.
1,055,667‌
5,760‌
Jack
in
the
Box,
Inc.
156,614‌
4,391‌
Kura
Sushi
USA,
Inc.,
Class A
(a)
224,819‌
18,663‌
Lands'
End,
Inc.
(a)
189,989‌
6,697‌
Liquidity
Services,
Inc.
(a)
207,674‌
10,148‌
Malibu
Boats,
Inc.,
Class A
(a)
311,341‌
5,488‌
Matthews
International
Corp.,
Class A
122,053‌
2,138‌
Miller
Industries,
Inc./TN
90,587‌
11,062‌
Pursuit
Attractions
and
Hospitality,
Inc.
(a)
391,484‌
7,903‌
Rocky
Brands,
Inc.
137,275‌
54,602‌
Sportsman's
Warehouse
Holdings,
Inc.
(a)
54,280‌
10,400‌
The
Lovesac
Co.
(a)
189,072‌
37,617‌
Topgolf
Callaway
Brands
Corp.
(a)
247,896‌
13,291‌
Universal
Technical
Institute,
Inc.
(a)
341,313‌
646‌
Victoria's
Secret
&
Co.
(a)
12,003‌
17,025‌
Zumiez,
Inc.
(a)
253,502‌
7,649,285‌
Consumer
Staples
-
1.7%
22,148‌
B&G
Foods,
Inc.
152,157‌
48,636‌
Cronos
Group,
Inc.
(a)
88,031‌
35,731‌
Mama's
Creations,
Inc.
(a)
232,609‌
5,360‌
Oil-Dri
Corp.
of
America
246,131‌
91,708‌
SunOpta,
Inc.
(a)
445,701‌
3,674‌
The
Chefs'
Warehouse,
Inc.
(a)
200,086‌
1,364,715‌
Energy
-
3.6%
11,843‌
American
Superconductor
Corp.
(a)
214,832‌
2,527‌
Centrus
Energy
Corp.,
Class A
(a)
157,205‌
13,065‌
Civitas
Resources,
Inc.
455,838‌
58,025‌
Geospace
Technologies
Corp.
(a)
418,360‌
22,432‌
Innovex
International,
Inc.
(a)
402,879‌
96,026‌
NPK
International,
Inc.
(a)
557,911‌
29,810‌
Oil
States
International,
Inc.
(a)
153,521‌
12,090‌
Stabilis
Solutions,
Inc.
(a)
58,636‌
119,560‌
VAALCO
Energy,
Inc.
449,546‌
2,868,728‌
Financials
-
16.1%
4,520‌
Alpine
Banks
of
Colorado
140,120‌
7,045‌
Amalgamated
Financial
Corp.
202,544‌
80,480‌
American
Coastal
Insurance
Corp.
(a)
931,154‌
Shares
Security
Description
Value
Financials
-
16.1%
(continued)
6,921‌
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class E
$
253,309‌
12,041‌
Bank
of
Marin
Bancorp
265,745‌
12,272‌
Bankwell
Financial
Group,
Inc.
370,369‌
7,457‌
Business
First
Bancshares,
Inc.
181,578‌
8,418‌
Central
Pacific
Financial
Corp.
227,623‌
5,720‌
Community
Trust
Bancorp,
Inc.
288,059‌
9,905‌
ConnectOne
Bancorp,
Inc.
240,790‌
19,150‌
Customers
Bancorp,
Inc.
(a)
961,330‌
4,011‌
Dave,
Inc.
(a)
331,549‌
8,718‌
Dime
Community
Bancshares,
Inc.
243,058‌
6,945‌
Enova
International,
Inc.
(a)
670,609‌
18,326‌
EZCORP,
Inc.,
Class A
(a)
269,759‌
8,952‌
First
Internet
Bancorp
239,735‌
28,909‌
First
Western
Financial,
Inc.
(a)
568,062‌
13,344‌
Flushing
Financial
Corp.
169,469‌
29,396‌
Heritage
Commerce
Corp.
279,850‌
7,873‌
Heritage
Financial
Corp./WA
191,550‌
15,758‌
Heritage
Insurance
Holdings,
Inc.
(a)
227,230‌
14,292‌
International
General
Insurance
Holdings,
Ltd.
376,022‌
1,968‌
Investors
Title
Co.
474,445‌
5,455‌
LendingTree,
Inc.
(a)
274,223‌
65,070‌
Medallion
Financial
Corp.
566,760‌
4,265‌
Mercantile
Bank
Corp.
185,272‌
6,832‌
Mid
Penn
Bancorp,
Inc.
177,017‌
5,317‌
MidWestOne
Financial
Group,
Inc.
157,436‌
3,531‌
Northrim
BanCorp,
Inc.
258,540‌
16,115‌
OP
Bancorp
193,702‌
13,130‌
PRA
Group,
Inc.
(a)
270,741‌
2,684‌
QCR
Holdings,
Inc.
191,423‌
16,850‌
Regional
Management
Corp.
507,353‌
6,605‌
Silvercrest
Asset
Management
Group,
Inc.
108,058‌
31,599‌
SuRo
Capital
Corp.
(a)
157,047‌
7,355‌
Texas
Capital
Bancshares,
Inc.
(a)
549,418‌
4,248‌
Third
Coast
Bancshares,
Inc.
(a)
141,756‌
4,740‌
Unity
Bancorp,
Inc.
192,918‌
6,144‌
Univest
Financial
Corp.
174,244‌
21,815‌
Veritex
Holdings,
Inc.
544,720‌
12,754,587‌
Health
Care
-
18.6%
127,585‌
Accuray,
Inc.
(a)
228,377‌
43,917‌
Aclaris
Therapeutics,
Inc.
(a)
67,193‌
16,367‌
Adaptive
Biotechnologies
Corp.
(a)
121,607‌
2,865‌
Addus
HomeCare
Corp.
(a)
283,320‌
21,226‌
ADMA
Biologics,
Inc.
(a)
421,124‌
10,647‌
AnaptysBio,
Inc.
(a)
197,928‌
14,911‌
Anika
Therapeutics,
Inc.
(a)
224,112‌
17,229‌
ARS
Pharmaceuticals,
Inc.
(a)
216,741‌
14,309‌
Astria
Therapeutics,
Inc.
(a)
76,410‌
9,122‌
Avanos
Medical,
Inc.
(a)
130,718‌
11,825‌
Axogen,
Inc.
(a)
218,762‌
24,461‌
BioLife
Solutions,
Inc.
(a)
558,689‌
41,741‌
Butterfly
Network,
Inc.
(a)
95,169‌
16,581‌
Cantaloupe,
Inc.
(a)
130,492‌
11,407‌
CareDx,
Inc.
(a)
202,474‌
19,642‌
Corvus
Pharmaceuticals,
Inc.
(a)
62,462‌
10,301‌
Electromed,
Inc.
(a)
245,782‌
29,185‌
Embecta
Corp.
372,109‌
10,399‌
Eton
Pharmaceuticals,
Inc.
(a)
134,979‌
183,193‌
Harvard
Bioscience,
Inc.
(a)
103,687‌
20,090‌
Health
Catalyst,
Inc.
(a)
91,008‌
12,524‌
Healthcare
Services
Group,
Inc.
(a)
126,242‌
ACUITAS
US
MICROCAP
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
March
31,
2025
2
Shares
Security
Description
Value
Health
Care
-
18.6%
(continued)
4,978‌
HealthStream,
Inc.
$
160,192‌
25,863‌
Immunome,
Inc.
(a)
174,058‌
53,015‌
InfuSystem
Holdings,
Inc.
(a)
285,221‌
15,096‌
Inmode,
Ltd.
(a)
267,803‌
13,465‌
Intellia
Therapeutics,
Inc.
(a)
95,736‌
19,424‌
iRadimed
Corp.
1,019,372‌
14,206‌
Kiniksa
Pharmaceuticals
International
PLC
(a)
315,515‌
65,216‌
KORU
Medical
Systems,
Inc.
(a)
165,649‌
4,342‌
LeMaitre
Vascular,
Inc.
364,294‌
4,772‌
LENZ
Therapeutics,
Inc.
(a)
122,688‌
36,377‌
MannKind
Corp.
(a)
182,976‌
70,551‌
MiMedx
Group,
Inc.
(a)
536,188‌
160,051‌
Niagen
Bioscience,
Inc.
(a)
1,104,352‌
24,656‌
Organogenesis
Holdings,
Inc.
(a)
106,514‌
10,386‌
Orthofix
Medical,
Inc.
(a)
169,396‌
16,042‌
OrthoPediatrics
Corp.
(a)
395,114‌
11,838‌
Pacira
BioSciences,
Inc.
(a)
294,174‌
24,883‌
Pediatrix
Medical
Group,
Inc.
(a)
360,555‌
7,801‌
Phibro
Animal
Health
Corp.,
Class A
166,629‌
50,015‌
Quipt
Home
Medical
Corp.
(a)
116,535‌
5,879‌
Scholar
Rock
Holding
Corp.
(a)
189,010‌
7,626‌
Sensus
Healthcare,
Inc.
(a)
36,071‌
34,205‌
SI-BONE,
Inc.
(a)
479,896‌
26,737‌
Stoke
Therapeutics,
Inc.
(a)
177,801‌
9,957‌
Supernus
Pharmaceuticals,
Inc.
(a)
326,092‌
19,775‌
Syndax
Pharmaceuticals,
Inc.
(a)
242,936‌
142,255‌
Taysha
Gene
Therapies,
Inc.
(a)
197,734‌
24,892‌
The
Joint
Corp.
(a)
310,901‌
16,245‌
The
Pennant
Group,
Inc.
(a)
408,562‌
17,996‌
Trevi
Therapeutics,
Inc.
(a)
113,195‌
4,357‌
TruBridge,
Inc.
(a)
119,905‌
9,908‌
Tyra
Biosciences,
Inc.
(a)
92,144‌
4,313‌
US
Physical
Therapy,
Inc.
312,089‌
4,776‌
Utah
Medical
Products,
Inc.
267,647‌
18,303‌
Voyager
Therapeutics,
Inc.
(a)
61,864‌
7,326‌
Xenon
Pharmaceuticals,
Inc.
(a)
245,787‌
30,299‌
Xeris
Biopharma
Holdings,
Inc.
(a)
166,341‌
26,171‌
Zymeworks,
Inc.
(a)
311,697‌
14,772,018‌
Industrials
-
23.1%
28,305‌
AerSale
Corp.
(a)
212,004‌
15,429‌
Allient,
Inc.
339,129‌
2,574‌
American
Woodmark
Corp.
(a)
151,428‌
40,956‌
Archer
Aviation,
Inc.,
Class A
(a)
291,197‌
26,039‌
Barrett
Business
Services,
Inc.
1,071,505‌
4,642‌
Bel
Fuse,
Inc.,
Class B
347,500‌
91,532‌
BGSF,
Inc.
336,838‌
7,180‌
BlueLinx
Holdings,
Inc.
(a)
538,356‌
12,481‌
CECO
Environmental
Corp.
(a)
284,567‌
34,721‌
Columbus
McKinnon
Corp.
587,827‌
43,473‌
Concrete
Pumping
Holdings,
Inc.
237,363‌
34,820‌
Conduent,
Inc.
(a)
94,014‌
44,443‌
Core
Molding
Technologies,
Inc.
(a)
675,534‌
29,839‌
Core
Scientific,
Inc.
(a)
216,034‌
3,936‌
CRA
International,
Inc.
681,715‌
202,421‌
DHI
Group,
Inc.
(a)
281,365‌
5,495‌
Douglas
Dynamics,
Inc.
127,649‌
27,846‌
Ducommun,
Inc.
(a)
1,615,903‌
1,933‌
DXP
Enterprises,
Inc./TX
(a)
159,009‌
22,811‌
eHealth,
Inc.
(a)
152,378‌
8,797‌
Energy
Recovery,
Inc.
(a)
139,784‌
6,541‌
Franklin
Covey
Co.
(a)
180,662‌
Shares
Security
Description
Value
Industrials
-
23.1%
(continued)
16,548‌
Graham
Corp.
(a)
$
476,913‌
29,550‌
Great
Lakes
Dredge
&
Dock
Corp.
(a)
257,085‌
37,777‌
Information
Services
Group,
Inc.
147,708‌
12,735‌
Insteel
Industries,
Inc.
334,931‌
23,250‌
Kornit
Digital,
Ltd.
(a)
443,610‌
23,943‌
Mayville
Engineering
Co.,
Inc.
(a)
321,555‌
2,786‌
Mesa
Laboratories,
Inc.
330,587‌
49,635‌
Motorcar
Parts
of
America,
Inc.
(a)
471,533‌
29,460‌
Myers
Industries,
Inc.
351,458‌
4,515‌
MYR
Group,
Inc.
(a)
510,601‌
11,867‌
Napco
Security
Technologies,
Inc.
273,178‌
6,139‌
Natural
Gas
Services
Group,
Inc.
(a)
134,874‌
166,559‌
Orion
Energy
Systems,
Inc.
(a)
120,106‌
32,302‌
Park
Aerospace
Corp.
434,462‌
100,841‌
Paysign,
Inc.
(a)
213,783‌
4,650‌
Primoris
Services
Corp.
266,957‌
18,767‌
Proficient
Auto
Logistics,
Inc.
(a)
157,080‌
79,917‌
Ranpak
Holdings
Corp.
(a)
433,150‌
66,265‌
Resources
Connection,
Inc.
433,373‌
3,226‌
Tectonic
Therapeutic,
Inc.
(a)
57,132‌
3,373‌
The
Gorman-Rupp
Co.
118,392‌
2,030‌
The
Monarch
Cement
Co.
446,600‌
45,694‌
The
Real
Brokerage,
Inc.
(a)
185,518‌
25,073‌
Thermon
Group
Holdings,
Inc.
(a)
698,283‌
8,458‌
Titan
Machinery,
Inc.
(a)
144,124‌
4,436‌
Transcat,
Inc.
(a)
330,260‌
17,694‌
Ultralife
Corp.
(a)
95,194‌
40,975‌
Vishay
Precision
Group,
Inc.
(a)
987,088‌
38,569‌
Wabash
National
Corp.
426,187‌
18,323,483‌
Real
Estate
-
2.3%
28,815‌
Anywhere
Real
Estate,
Inc.
(a)
95,954‌
45,237‌
Apartment
Investment
and
Management
Co.
REIT
(a)
398,086‌
6,178‌
BRT
Apartments
Corp.
REIT
105,026‌
5,990‌
One
Liberty
Properties,
Inc.
REIT
157,357‌
49,335‌
Plymouth
Industrial
REIT,
Inc.
804,161‌
18,553‌
Whitestone
REIT
270,317‌
1,830,901‌
Technology
-
14.9%
30,015‌
A10
Networks,
Inc.
490,445‌
130,652‌
ADTRAN
Holdings,
Inc.
(a)
1,139,285‌
39,810‌
Amplitude,
Inc.,
Class A
(a)
405,664‌
49,819‌
Arteris,
Inc.
(a)
344,249‌
20,463‌
AstroNova,
Inc.
(a)
188,055‌
6,963‌
AudioEye,
Inc.
(a)
77,289‌
17,302‌
Backblaze,
Inc.,
Class A
(a)
83,569‌
6,808‌
Benchmark
Electronics,
Inc.
258,908‌
52,496‌
Blend
Labs,
Inc.,
Class A
(a)
175,862‌
8,524‌
Cerence,
Inc.
(a)
67,340‌
13,219‌
CEVA,
Inc.
(a)
338,539‌
17,673‌
Cohu,
Inc.
(a)
259,970‌
16,272‌
Consensus
Cloud
Solutions,
Inc.
(a)
375,558‌
7,033‌
Donnelley
Financial
Solutions,
Inc.
(a)
307,412‌
21,232‌
Hurco
Cos.,
Inc.
329,308‌
16,264‌
Ichor
Holdings,
Ltd.
(a)
367,729‌
24,720‌
Immersion
Corp.
187,378‌
165,131‌
indie
Semiconductor,
Inc.,
Class A
(a)
336,042‌
41,245‌
inTEST
Corp.
(a)
288,303‌
52,100‌
Key
Tronic
Corp.
(a)
134,418‌
64,561‌
Magnite,
Inc.
(a)
736,641‌
16,398‌
Mitek
Systems,
Inc.
(a)
135,283‌
6,628‌
NVE
Corp.
422,469‌
ACUITAS
US
MICROCAP
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
March
31,
2025
3
At
March
31,
2025
,
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,
2025.
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
-
14.9%
(continued)
25,246‌
OneSpan,
Inc.
$
385,001‌
11,939‌
Ouster,
Inc.
(a)
107,212‌
86,697‌
Outbrain,
Inc.
(a)
323,380‌
5,818‌
PDF
Solutions,
Inc.
(a)
111,182‌
53,697‌
Photronics,
Inc.
(a)
1,114,750‌
10,565‌
PROS
Holdings,
Inc.
(a)
201,052‌
67,608‌
Rackspace
Technology,
Inc.
(a)
114,258‌
52,573‌
Ribbon
Communications,
Inc.
(a)
206,086‌
5,819‌
Rigetti
Computing,
Inc.
(a)
46,086‌
1,591‌
SEMrush
Holdings,
Inc.
(a)
14,844‌
19,260‌
Shutterstock,
Inc.
358,814‌
20,143‌
Solaris
Energy
Infrastructure,
Inc.,
Class A
438,312‌
10,393‌
SoundHound
AI,
Inc.,
Class A
(a)
84,391‌
22,212‌
Spire
Global,
Inc.
(a)
179,695‌
17,305‌
Veeco
Instruments,
Inc.
(a)
347,484‌
15,425‌
Viant
Technology,
Inc.,
Class A
(a)
191,424‌
28,836‌
Vimeo,
Inc.
(a)
151,677‌
11,825,364‌
Telecommunications
-
1.5%
44,435‌
Aviat
Networks,
Inc.
(a)
851,819‌
137,510‌
Ondas
Holdings,
Inc.
(a)
147,136‌
33,843‌
Powerfleet,
Inc.
NJ
(a)
185,798‌
1,184,753‌
Utilities
-
3.5%
27,046‌
Aris
Water
Solutions,
Inc.,
Class A
866,554‌
40,904‌
Enviri
Corp.
(a)
272,012‌
35,812‌
Perma-Fix
Environmental
Services,
Inc.
(a)
260,353‌
14,319‌
Pure
Cycle
Corp.
(a)
149,920‌
114,013‌
Select
Water
Solutions,
Inc.,
Class A
1,197,136‌
2,745,975‌
Total
Common
Stock
(Cost
$76,602,941)
76,330,677‌
Shares
Security
Description
Value
Money
Market
Fund
-
3.4%
2,697,508‌
First
American
Government
Obligations
Fund,
Class X,
4.27%
(b)
(Cost
$2,697,508)
2,697,508‌
Investments,
at
value
-
99.7%
(Cost
$79,300,449)
$
79,028,185‌
Other
Assets
&
Liabilities,
Net
-
0.3%
200,939‌
Net
Assets
-
100.0%
$
79,229,124‌
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,
2025.
Contracts
Description
Exp.
Date
Notional
Contract
Value
Value
Net
Unrealized
Depreciation
16
CME
E-mini
Russell
2000
Index
Future
6/20/25
$
1,648,219‌
$
1,621,680‌
$
(26,539‌)
Valuation
Inputs
Investments
in
Securities
Other
Financial
Instruments*
Level
1
-
Quoted
Prices
$
79,028,185‌
$
(26,539‌)
Level
2
-
Other
Significant
Observable
Inputs
–‌
–‌
Level
3
-
Significant
Unobservable
Inputs
–‌
–‌
Total
$
79,028,185‌
$
(26,539‌)