ACR International Quality Return (IQR) Fund
SCHEDULE OF INVESTMENTS
As of February 29, 2024 (Unaudited)
Number of Shares | Value | |
COMMON STOCKS — 91.7% | ||
BERMUDA — 8.8% | ||
83,000 | Liberty Global Ltd. - Class A*1 | $1,452,500 |
178,218 | Liberty Global Ltd. - Class C*1 | 3,305,944 |
331,502 | Liberty Latin America Ltd. - Class C*1 | 2,161,393 |
6,919,837 | ||
CANADA — 4.6% | ||
2,116 | Fairfax Financial Holdings Ltd. | 2,258,485 |
271,910 | KITS Eyecare Ltd.* | 1,340,317 |
3,598,802 | ||
DENMARK — 6.4% | ||
280,578 | ISS A/S | 5,045,542 |
FRANCE — 9.7% | ||
62,673 | Accor S.A. | 2,722,495 |
308,153 | Cie Plastic Omnium S.E. | 3,679,551 |
20,210 | Danone S.A. | 1,289,685 |
7,691,731 | ||
IRELAND — 13.0% | ||
87,754 | DCC PLC | 6,236,948 |
3,142,977 | Greencore Group PLC* | 4,054,686 |
10,291,634 | ||
NORWAY — 2.9% | ||
103,891 | Multiconsult A.S.A.2 | 1,418,300 |
42,640 | Protector Forsikring A.S.A. | 865,141 |
2,283,441 | ||
SWITZERLAND — 6.9% | ||
121,478 | Medmix A.G.2 | 2,082,323 |
28,595 | Sulzer A.G. | 3,345,428 |
5,427,751 | ||
UNITED KINGDOM — 39.4% | ||
50,220 | Ashtead Group PLC | 3,612,087 |
437,426 | Barclays PLC - ADR | 3,718,121 |
3,340,660 | Eurocell PLC | 5,018,159 |
2,464,131 | JD Sports Fashion PLC | 3,682,199 |
2,637,386 | Naked Wines PLC* | 2,230,559 |
535,372 | Victoria PLC* | 1,635,446 |
476,735 | Vistry Group PLC | 6,344,211 |
ACR International Quality Return (IQR) Fund
SCHEDULE OF INVESTMENTS - Continued
As of February 29, 2024 (Unaudited)
Number of Shares | Value | |
COMMON STOCKS (Continued) | ||
UNITED KINGDOM (Continued) | ||
542,362 | Vodafone Group PLC - ADR | $4,848,716 |
31,089,498 | ||
TOTAL COMMON STOCKS | ||
(Cost $77,527,454) | 72,348,236 | |
EXCHANGE-TRADED FUNDS — 4.5% | ||
UNITED STATES — 4.5% | ||
35,255 | Goldman Sachs Access Treasury 0-1 Year ETF | 3,529,731 |
TOTAL EXCHANGE-TRADED FUNDS | ||
(Cost $3,519,551) | 3,529,731 |
Principal Amount | ||
SHORT-TERM INVESTMENTS — 2.6% | ||
$2,049,065 | UMB Bank, Institutional Banking Money Market II Deposit Investment, 4.78%3 | 2,049,065 |
TOTAL SHORT-TERM INVESTMENTS | ||
(Cost $2,049,065) | 2,049,065 | |
TOTAL INVESTMENTS — 98.8% | ||
(Cost $83,096,070) | 77,927,032 | |
Other Assets in Excess of Liabilities — 1.2% | 929,363 | |
TOTAL NET ASSETS — 100.0% | $78,856,395 |
ADR – American Depository Receipt |
ETF – Exchange-Traded Fund |
PLC – Public Limited Company |
*Non-income producing security. |
1Foreign security denominated in U.S. Dollars. |
2Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $3,500,623 which represents 4.4% of total net assets of the Fund. |
3The rate is the annualized seven-day yield at period end. |