![](hoodriverlogo.jpg)
![](hoodriverlogo.jpg)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21897
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Scott M. Ostrowski, President
Manager Directed Portfolios
c/o
U.S. Bank Global Fund Services
777 East Wisconsin Avenue, 6th Floor
Milwaukee,
WI 53202
(Name and address of agent for service)
(414) 516-3087
Registrant’s telephone number, including area code
Date of fiscal year end: June 30, 2024
Date
of reporting period:
Item 1. Reports to Stockholders.
(a) |
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Annual Shareholder Report |
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Class Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Institutional Shares
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$
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Top Contributors
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↑
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FTAI Aviation Ltd.
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↑
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Vertiv Holdings Co.
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↑
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Comfort Systems USA, Inc.
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↑
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Onto Innovcation, Inc.
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↑
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FormFactor, Inc.
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Top Detractors
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↓
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DocGo, Inc.
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↓
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MasTec, Inc.
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↓
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Applied Digital Corporation
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↓
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Five9, Inc.
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↓
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Harmonic, Inc.
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Hood River Small-Cap Growth Fund | PAGE 1 | TSR_AR_56170L208 |
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1 Year
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5 Year
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10 Year
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* |
Net Assets
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$
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Number of Holdings
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Net Advisory Fee
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$
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Portfolio Turnover Rate
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Top 10 Holdings
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(% of Net Assets)
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Mount Vernon Liquid Assets Portfolio, LLC
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FTAI Aviation Ltd.
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First American Treasury Obligations Fund
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MasTec, Inc.
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Rambus, Inc.
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Clean Harbors, Inc.
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Comfort Systems USA, Inc.
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FormFactor, Inc.
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Coherent Corp.
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Kirby Corp.
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* | 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. |
Hood River Small-Cap Growth Fund | PAGE 2 | TSR_AR_56170L208 |
Hood River Small-Cap Growth Fund | PAGE 3 | TSR_AR_56170L208 |
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Annual Shareholder Report |
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Class Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Investor Shares
|
$
|
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Top Contributors
|
|
↑
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FTAI Aviation Ltd.
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↑
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Vertiv Holdings Co.
|
↑
|
Comfort Systems USA, Inc.
|
↑
|
Onto Innovcation, Inc.
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↑
|
FormFactor, Inc.
|
Top Detractors
|
|
↓
|
DocGo, Inc.
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↓
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MasTec, Inc.
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↓
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Applied Digital Corporation
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↓
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Five9, Inc.
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↓
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Harmonic, Inc.
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Hood River Small-Cap Growth Fund | PAGE 1 | TSR_AR_56170L109 |
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1 Year
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5 Year
|
Since Inception
(07/07/2015) |
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* |
Net Assets
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$
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Number of Holdings
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Net Advisory Fee
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$
|
Portfolio Turnover Rate
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Top 10 Holdings
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(% of Net Assets)
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Mount Vernon Liquid Assets Portfolio, LLC
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FTAI Aviation Ltd.
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First American Treasury Obligations Fund
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MasTec, Inc.
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Rambus, Inc.
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Clean Harbors, Inc.
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Comfort Systems USA, Inc.
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FormFactor, Inc.
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Coherent Corp.
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Kirby Corp.
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|
* | 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. |
Hood River Small-Cap Growth Fund | PAGE 2 | TSR_AR_56170L109 |
Hood River Small-Cap Growth Fund | PAGE 3 | TSR_AR_56170L109 |
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Annual Shareholder Report |
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Retirement Shares
|
$
|
|
Top Contributors
|
|
↑
|
FTAI Aviation Ltd.
|
↑
|
Vertiv Holdings Co.
|
↑
|
Comfort Systems USA, Inc.
|
↑
|
Onto Innovcation, Inc.
|
↑
|
FormFactor, Inc.
|
Top Detractors
|
|
↓
|
DocGo, Inc.
|
↓
|
MasTec, Inc.
|
↓
|
Applied Digital Corporation
|
↓
|
Five9, Inc.
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↓
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Harmonic, Inc.
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Hood River Small-Cap Growth Fund | PAGE 1 | TSR_AR_56170L505 |
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1 Year
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5 Year
|
Since Inception
(03/03/2017) |
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|
|
|
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* |
Net Assets
|
$
|
Number of Holdings
|
|
Net Advisory Fee
|
$
|
Portfolio Turnover Rate
|
|
Top 10 Holdings
|
(% of Net Assets)
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
FTAI Aviation Ltd.
|
|
First American Treasury Obligations Fund
|
|
MasTec, Inc.
|
|
Rambus, Inc.
|
|
Clean Harbors, Inc.
|
|
Comfort Systems USA, Inc.
|
|
FormFactor, Inc.
|
|
Coherent Corp.
|
|
Kirby Corp.
|
|
* | 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. |
Hood River Small-Cap Growth Fund | PAGE 2 | TSR_AR_56170L505 |
Hood River Small-Cap Growth Fund | PAGE 3 | TSR_AR_56170L505 |
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Annual Shareholder Report |
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Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Shares
|
$
|
|
Top Contributors
|
|
↑
|
FTAI Aviation Ltd.
|
↑
|
Micronics Japan Co., Ltd.
|
↑
|
Camtek Ltd
|
↑
|
Applied Digital Corporation
|
↑
|
Voltamp Transformers Limited
|
Top Detractors
|
|
↓
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Establishment Labs Holdings, Inc.
|
↓
|
Inspired Entertainment, Inc.
|
↓
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ODDITY Tech Ltd.
|
↓
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Lilium N.V.
|
↓
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Toyo Gosei Co., Ltd.
|
Hood River International Opportunity Fund | PAGE 1 | TSR_AR_56170L778 |
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1 Year
|
Since Inception
(09/28/2021) |
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-
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* |
Net Assets
|
$
|
Number of Holdings
|
|
Net Advisory Fee
|
$
|
Portfolio Turnover Rate
|
|
Top 10 Holdings
|
(% of Net Assets)
|
Applied Digital Corp.
|
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Marubeni Corp.
|
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GFL Environmental, Inc.
|
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First American Treasury Obligations Fund
|
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Voltamp Transformers Ltd.
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Camtek Ltd./Israel
|
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Denison Mines Corp.
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Alphawave IP Group PLC
|
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VIKING HOLDINGS Ltd. ORD SHS
|
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Munters Group AB
|
|
* | 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. |
Hood River International Opportunity Fund | PAGE 2 | TSR_AR_56170L778 |
Hood River International Opportunity Fund | PAGE 3 | TSR_AR_56170L778 |
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Annual Shareholder Report |
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Investor Shares
|
$
|
|
Top Contributors
|
|
↑
|
FTAI Aviation Ltd.
|
↑
|
Micronics Japan Co., Ltd.
|
↑
|
Camtek Ltd
|
↑
|
Applied Digital Corporation
|
↑
|
Voltamp Transformers Limited
|
Top Detractors
|
|
↓
|
Establishment Labs Holdings, Inc.
|
↓
|
Inspired Entertainment, Inc.
|
↓
|
ODDITY Tech Ltd.
|
↓
|
Lilium N.V.
|
↓
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Toyo Gosei Co., Ltd.
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Hood River International Opportunity Fund | PAGE 1 | TSR_AR_56170L760 |
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Since Inception
(08/11/2023) |
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|
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|
|
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* |
Net Assets
|
$
|
Number of Holdings
|
|
Net Advisory Fee
|
$
|
Portfolio Turnover Rate
|
|
Top 10 Holdings
|
(% of Net Assets)
|
Applied Digital Corp.
|
|
Marubeni Corp.
|
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GFL Environmental, Inc.
|
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First American Treasury Obligations Fund
|
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Voltamp Transformers Ltd.
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Camtek Ltd./Israel
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Denison Mines Corp.
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Alphawave IP Group PLC
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VIKING HOLDINGS Ltd. ORD SHS
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Munters Group AB
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|
* | 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. |
Hood River International Opportunity Fund | PAGE 2 | TSR_AR_56170L760 |
Hood River International Opportunity Fund | PAGE 3 | TSR_AR_56170L760 |
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Annual Shareholder Report |
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Retirement Shares
|
$
|
|
Top Contributors
|
|
↑
|
FTAI Aviation Ltd.
|
↑
|
Micronics Japan Co., Ltd.
|
↑
|
Camtek Ltd
|
↑
|
Applied Digital Corporation
|
↑
|
Voltamp Transformers Limited
|
Top Detractors
|
|
↓
|
Establishment Labs Holdings, Inc.
|
↓
|
Inspired Entertainment, Inc.
|
↓
|
ODDITY Tech Ltd.
|
↓
|
Lilium N.V.
|
↓
|
Toyo Gosei Co., Ltd.
|
Hood River International Opportunity Fund | PAGE 1 | TSR_AR_56170L752 |
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1 Year
|
Since Inception
(12/22/2021) |
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-
|
* |
Net Assets
|
$
|
Number of Holdings
|
|
Net Advisory Fee
|
$
|
Portfolio Turnover Rate
|
|
Top 10 Holdings
|
(% of Net Assets)
|
Applied Digital Corp.
|
|
Marubeni Corp.
|
|
GFL Environmental, Inc.
|
|
First American Treasury Obligations Fund
|
|
Voltamp Transformers Ltd.
|
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Camtek Ltd./Israel
|
|
Denison Mines Corp.
|
|
Alphawave IP Group PLC
|
|
VIKING HOLDINGS Ltd. ORD SHS
|
|
Munters Group AB
|
|
* | 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. |
Hood River International Opportunity Fund | PAGE 2 | TSR_AR_56170L752 |
Hood River International Opportunity Fund | PAGE 3 | TSR_AR_56170L752 |
(b) | Not applicable. |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined that there are at least two audit committee financial experts serving on its audit committee. Messrs. Gaylord B. Lyman and Scott C. Jones are the “audit committee financial experts” and are considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services and tax services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
FYE 6/30/2024 | FYE 6/30/2023 | |
Audit Fees | $28,150 | $26,000 |
Audit-Related Fees | N/A | N/A |
Tax Fees | $7,000 | $6,500 |
All Other Fees | N/A | N/A |
The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, as well as non-audit services provided to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant relating to the operations and financial reporting of the registrant.
The percentage of fees billed by Cohen & Company Ltd. applicable to non-audit services pursuant to waiver of the pre-approval requirement were as follows for each of the Hood River Small-Cap Growth Fund and the Hood River International Opportunity Fund:
FYE 6/30/2024 | FYE 6/30/2023 | |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
Non-Audit Related Fees | FYE 6/30/2024 | FYE 6/30/2023 |
Registrant | N/A | N/A |
Registrant’s Investment Adviser | N/A | N/A |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form. |
(b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
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Page |
Schedule
of Investments |
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Financial
Highlights |
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Shares |
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Value |
COMMON
STOCKS - 95.4% | ||||||
COMMUNICATION
SERVICES - 1.2% |
|
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Diversified
Telecommunication Services - 1.0% |
|
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Cogent
Communications Holdings, Inc.(a) |
|
|
467,731 |
|
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$ 26,398,738
|
Media
& Entertainment – 0.2% |
|
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||
Webtoon
Entertainment, Inc.(b) |
|
|
268,357 |
|
|
6,126,590
|
TOTAL
COMMUNICATION SERVICES |
|
|
|
|
32,525,328
| |
CONSUMER
DISCRETIONARY - 8.6% |
|
|
|
|
||
Broadline
Retail - 1.1% |
|
|
|
|
||
Global-e
Online Ltd.(a)(b) |
|
|
478,491 |
|
|
17,354,868
|
Ollie’s
Bargain Outlet Holdings, Inc.(a)(b) |
|
|
124,204 |
|
|
12,193,107
|
|
|
|
|
29,547,975
| ||
Diversified
Consumer Services - 0.5% |
|
|
|
|
||
Duolingo,
Inc.(a)(b) |
|
|
67,490 |
|
|
14,083,138
|
Hotels,
Restaurants & Leisure - 4.1% |
|
|
|
|
||
Caesars
Entertainment, Inc.(b) |
|
|
549,198 |
|
|
21,825,128
|
Cava
Group, Inc.(a)(b) |
|
|
346,437 |
|
|
32,132,032
|
Genius
Sports Ltd.(b) |
|
|
960,031 |
|
|
5,232,169
|
Life
Time Group Holdings, Inc.(a)(b) |
|
|
1,009,323 |
|
|
19,005,552
|
Sweetgreen,
Inc. - Class A(a)(b) |
|
|
971,235 |
|
|
29,273,023
|
|
|
|
|
107,467,904
| ||
Household
Durables - 1.5% |
|
|
|
|
||
Lovesac
Co.(a)(b) |
|
|
454,265 |
|
|
10,257,304
|
SharkNinja,
Inc. |
|
|
379,769 |
|
|
28,539,640
|
|
|
|
|
38,796,944
| ||
Specialty
Retail - 0.4% |
|
|
|
|
||
Arhaus,
Inc.(a) |
|
|
606,673 |
|
|
10,277,041
|
Textiles,
Apparel & Luxury Goods - 1.0% |
|
|
|
|
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Amer
Sports, Inc.(a)(b) |
|
|
2,027,384 |
|
|
25,484,217
|
TOTAL
CONSUMER DISCRETIONARY |
|
|
|
|
225,657,219
| |
CONSUMER
STAPLES - 0.5% |
|
|
|
|
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Personal
Care Products - 0.5% |
|
|
|
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||
Oddity
Tech Ltd. - Class A(a)(b) |
|
|
349,749 |
|
|
13,731,146
|
TOTAL
CONSUMER STAPLES |
|
|
|
|
13,731,146
| |
ENERGY
- 2.0% |
|
|
|
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Oil,
Gas & Consumable Fuels - 2.0% |
|
|
|
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Denison
Mines Corp.(b) |
|
|
14,843,478 |
|
|
29,538,521
|
Northern
Oil & Gas, Inc.(a) |
|
|
504,994 |
|
|
18,770,627
|
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1 |
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Shares |
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Value |
COMMON
STOCKS - (Continued) | ||||||
ENERGY
- (Continued) | ||||||
Oil,
Gas & Consumable Fuels - (Continued) | ||||||
Scorpio
Tankers, Inc. |
|
|
64,399 |
|
|
$ 5,234,995
|
|
|
|
|
53,544,143
| ||
TOTAL
ENERGY |
|
|
|
|
53,544,143
| |
FINANCIALS
- 5.1% |
|
|
|
|
||
Banks
- 1.4% |
|
|
|
|
||
Customers
Bancorp, Inc.(b) |
|
|
329,557 |
|
|
15,812,145
|
Western
Alliance Bancorp |
|
|
334,191 |
|
|
20,993,879
|
|
|
|
|
36,806,024
| ||
Consumer
Finance - 1.3% |
|
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|
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FirstCash
Holdings, Inc. |
|
|
326,942 |
|
|
34,289,677
|
Financial
Services - 0.6% |
|
|
|
|
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I3
Verticals, Inc. - Class A(a)(b) |
|
|
695,931 |
|
|
15,366,156
|
Insurance
- 1.8% |
|
|
|
|
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HCI
Group, Inc.(a) |
|
|
453,999 |
|
|
41,845,088
|
Root,
Inc.(a)(b) |
|
|
112,463 |
|
|
5,804,215
|
|
|
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|
47,649,303
| ||
TOTAL
FINANCIALS |
|
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134,111,160
| |
HEALTH
CARE - 18.6% |
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Biotechnology
- 9.4% |
|
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Biohaven
Ltd.(a)(b) |
|
|
193,464 |
|
|
6,715,135
|
Blueprint
Medicines Corp.(a)(b) |
|
|
263,633 |
|
|
28,414,365
|
Crinetics
Pharmaceuticals, Inc.(b) |
|
|
212,313 |
|
|
9,509,499
|
Cytokinetics,
Inc.(a)(b) |
|
|
390,280 |
|
|
21,145,370
|
Insmed,
Inc.(a)(b) |
|
|
693,112 |
|
|
46,438,504
|
Iovance
Biotherapeutics, Inc.(a)(b) |
|
|
1,408,584 |
|
|
11,296,844
|
Krystal
Biotech, Inc.(a)(b) |
|
|
275,426 |
|
|
50,579,231
|
Neurocrine
Biosciences, Inc.(b) |
|
|
126,422 |
|
|
17,404,517
|
REVOLUTION
Medicines, Inc.(b) |
|
|
476,913 |
|
|
18,508,993
|
Scholar
Rock Holding Corp.(a)(b) |
|
|
420,114 |
|
|
3,499,549
|
TG
Therapeutics, Inc.(a)(b) |
|
|
815,949 |
|
|
14,515,733
|
Viking
Therapeutics, Inc.(a)(b) |
|
|
373,563 |
|
|
19,802,575
|
|
|
|
|
247,830,315
| ||
Health
Care Equipment & Supplies - 3.6% |
|
|
|
|
||
AtriCure,
Inc.(a)(b) |
|
|
935,154 |
|
|
21,293,456
|
Haemonetics
Corp.(a)(b) |
|
|
144,030 |
|
|
11,915,602
|
Inspire
Medical Systems, Inc.(a)(b) |
|
|
48,982 |
|
|
6,555,261
|
Lantheus
Holdings, Inc.(b) |
|
|
571,727 |
|
|
45,903,961
|
TransMedics
Group, Inc.(b) |
|
|
66,293 |
|
|
9,985,052
|
|
|
|
|
95,653,332
| ||
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - (Continued) | ||||||
HEALTH
CARE - (Continued) | ||||||
Health
Care Providers & Services - 3.1% |
|
|
|
|
||
Alignment
Healthcare, Inc.(a)(b) |
|
|
1,821,926 |
|
|
$ 14,247,461
|
Option
Care Health, Inc.(b) |
|
|
920,147 |
|
|
25,488,072
|
RadNet,
Inc.(a)(b) |
|
|
589,519 |
|
|
34,734,460
|
Select
Medical Holdings Corp. |
|
|
223,501 |
|
|
7,835,945
|
|
|
|
|
82,305,938
| ||
Health
Care Technology - 0.6% |
|
|
|
|
||
Evolent
Health, Inc. - Class A(a)(b) |
|
|
849,221 |
|
|
16,237,106
|
Pharmaceuticals
- 1.9% |
|
|
|
|
||
Axsome
Therapeutics, Inc.(a)(b) |
|
|
286,036 |
|
|
23,025,898
|
Intra-Cellular
Therapies, Inc.(b) |
|
|
252,695 |
|
|
17,307,081
|
Verona
Pharma PLC - ADR(a)(b) |
|
|
550,651 |
|
|
7,962,413
|
|
|
|
|
48,295,392
| ||
TOTAL
HEALTH CARE |
|
|
|
|
490,322,083
| |
INDUSTRIALS
- 28.8%(c) |
|
|
|
|
||
Aerospace
& Defense - 2.4% |
|
|
|
|
||
Axon
Enterprise, Inc.(b) |
|
|
117,944 |
|
|
34,703,843
|
Kratos
Defense & Security Solutions, Inc.(a)(b) |
|
|
1,406,028 |
|
|
28,134,620
|
|
|
|
|
62,838,463
| ||
Commercial
Services & Supplies - 2.5% |
|
|
|
|
||
CECO
Environmental Corp.(b) |
|
|
320,223 |
|
|
9,238,433
|
Clean
Harbors, Inc.(b) |
|
|
256,867 |
|
|
58,090,472
|
|
|
|
|
67,328,905
| ||
Construction
& Engineering - 8.2% |
|
|
|
|
||
API
Group Corp.(b) |
|
|
598,893 |
|
|
22,536,344
|
Comfort
Systems USA, Inc. |
|
|
190,275 |
|
|
57,866,433
|
Construction
Partners, Inc. - Class A(b) |
|
|
280,199 |
|
|
15,469,787
|
Fluor
Corp.(b) |
|
|
576,262 |
|
|
25,096,210
|
Granite
Construction, Inc.(a) |
|
|
248,648 |
|
|
15,408,716
|
MasTec,
Inc.(a)(b) |
|
|
631,407 |
|
|
67,554,235
|
MDU
Resources Group, Inc. |
|
|
513,139 |
|
|
12,879,789
|
|
|
|
|
216,811,514
| ||
Electrical
Equipment - 2.2% |
|
|
|
|
||
American
Superconductor Corp.(a)(b) |
|
|
1,016,506 |
|
|
23,776,075
|
Vertiv
Holdings Co. - Class A |
|
|
407,919 |
|
|
35,313,548
|
|
|
|
|
59,089,623
| ||
Ground
Transportation - 3.5% |
|
|
|
|
||
FTAI
Infrastructure, Inc. |
|
|
1,756,852 |
|
|
15,161,632
|
RXO,
Inc.(b) |
|
|
966,459 |
|
|
25,272,903
|
TFI
International, Inc.(a) |
|
|
127,005 |
|
|
18,436,046
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - (Continued) | ||||||
INDUSTRIALS
- (Continued) | ||||||
Ground
Transportation - (Continued) | ||||||
XPO,
Inc.(a)(b) |
|
|
308,046 |
|
|
$ 32,699,083
|
|
|
|
|
91,569,664
| ||
Machinery
- 1.0% |
|
|
|
|
||
Flowserve
Corp.(a) |
|
|
259,370 |
|
|
12,475,697
|
SPX
Technologies, Inc.(b) |
|
|
97,713 |
|
|
13,888,926
|
|
|
|
|
26,364,623
| ||
Marine
Transportation - 2.0% |
|
|
|
|
||
Kirby
Corp.(b) |
|
|
431,660 |
|
|
51,682,652
|
Trading
Companies & Distributors - 7.0% |
|
|
|
|
||
FTAI
Aviation Ltd.(a) |
|
|
1,648,164 |
|
|
170,139,970
|
Transcat,
Inc.(a)(b) |
|
|
116,312 |
|
|
13,920,220
|
|
|
|
|
184,060,190
| ||
TOTAL
INDUSTRIALS |
|
|
|
|
759,745,634
| |
INFORMATION
TECHNOLOGY - 27.4%(c) |
|
|
|
|
||
Communications
Equipment - 0.9% |
|
|
|
|
||
Applied
Optoelectronics, Inc.(a)(b) |
|
|
811,963 |
|
|
6,731,173
|
Infinera
Corp.(a)(b) |
|
|
2,798,887 |
|
|
17,045,222
|
|
|
|
|
23,776,395 | ||
Electronic
Equipment, Instruments & Components - 3.7% |
|
|
|
|
||
Coherent
Corp.(b) |
|
|
756,786 |
|
|
54,836,714
|
Itron,
Inc.(b) |
|
|
119,991 |
|
|
11,874,309
|
OSI
Systems, Inc.(b) |
|
|
187,582 |
|
|
25,796,277
|
TTM
Technologies, Inc.(b) |
|
|
268,649 |
|
|
5,219,850
|
|
|
|
|
97,727,150
| ||
IT
Services - 2.3% |
|
|
|
|
||
Applied
Digital Corp.(b) |
|
|
4,848,159 |
|
|
28,846,546
|
Couchbase,
Inc.(b) |
|
|
963,776 |
|
|
17,598,550
|
DigitalOcean
Holdings, Inc.(a)(b) |
|
|
427,147 |
|
|
14,843,358
|
|
|
|
|
61,288,454
| ||
Semiconductors
& Semiconductor Equipment - 12.5% |
|
|
|
|
||
Camtek
Ltd./Israel(a) |
|
|
347,803 |
|
|
43,558,848
|
FormFactor,
Inc.(a)(b) |
|
|
943,770 |
|
|
57,126,398
|
Ichor
Holdings Ltd.(b) |
|
|
655,264 |
|
|
25,260,427
|
indie
Semiconductor, Inc. - Class A(a)(b) |
|
|
2,041,279 |
|
|
12,594,691
|
MACOM
Technology Solutions Holdings, Inc.(a)(b) |
|
|
370,728 |
|
|
41,325,050
|
MaxLinear,
Inc.(b) |
|
|
714,558 |
|
|
14,391,198
|
Onto
Innovation, Inc.(b) |
|
|
210,042 |
|
|
46,116,822
|
Rambus,
Inc.(b) |
|
|
1,136,944 |
|
|
66,806,830
|
Silicon
Motion Technology Corp. - ADR |
|
|
155,834 |
|
|
12,620,996
|
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - (Continued) | ||||||
INFORMATION
TECHNOLOGY - (Continued) | ||||||
Semiconductors
& Semiconductor Equipment - (Continued) | ||||||
Ultra
Clean Holdings, Inc.(b) |
|
|
215,697 |
|
|
$ 10,569,153
|
|
|
|
|
330,370,413
| ||
Software
- 8.0% |
|
|
|
|
||
ACI
Worldwide, Inc.(b) |
|
|
1,276,840 |
|
|
50,550,096
|
Clearwater
Analytics Holdings, Inc. - Class A(b) |
|
|
1,252,653 |
|
|
23,199,134
|
CyberArk
Software Ltd.(b) |
|
|
122,083 |
|
|
33,379,934
|
Intapp,
Inc.(a)(b) |
|
|
126,384 |
|
|
4,634,501
|
Iris
Energy Ltd.(a)(b) |
|
|
712,174 |
|
|
8,040,444
|
Q2
Holdings, Inc.(a)(b) |
|
|
659,825 |
|
|
39,807,242
|
Terawulf,
Inc.(a)(b) |
|
|
2,753,463 |
|
|
12,252,910
|
Varonis
Systems, Inc.(b) |
|
|
799,431 |
|
|
38,348,705
|
|
|
|
|
210,212,966
| ||
TOTAL
INFORMATION TECHNOLOGY |
|
|
|
|
723,375,378
| |
MATERIALS
- 3.2% |
|
|
|
|
||
Chemicals
- 0.9% |
|
|
|
|
||
Aspen
Aerogels, Inc.(b) |
|
|
1,048,847 |
|
|
25,015,001
|
Construction
Materials - 2.3% |
|
|
|
|
||
Eagle
Materials, Inc. |
|
|
146,797 |
|
|
31,922,475
|
Knife
River Corp.(b) |
|
|
395,184 |
|
|
27,718,206
|
|
|
|
|
59,640,681
| ||
TOTAL
MATERIALS |
|
|
|
|
84,655,682
| |
TOTAL
COMMON STOCKS
(Cost
$1,832,065,402) |
|
|
|
|
2,517,667,773
| |
REAL
ESTATE INVESTMENT TRUSTS - 0.7% |
|
|
|
|
||
Financial
Services - 0.7% |
|
|
|
|
||
Hannon
Armstrong Sustainable Infrastructure Capital, Inc.(a) |
|
|
588,628 |
|
|
17,423,389
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS
(Cost
$13,885,411) |
|
|
|
|
17,423,389
| |
|
|
Units |
|
|
||
SHORT-TERM
INVESTMENTS - 17.6% | ||||||
Investments
Purchased with Proceeds from Securities Lending - 13.9% | ||||||
Mount
Vernon Liquid Assets Portfolio, LLC |
|
|
367,137,073 |
|
|
367,137,073
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
SHORT-TERM
INVESTMENTS - (Continued) | ||||||
Money
Market Funds - 3.7% | ||||||
First
American Treasury Obligations Fund - Class Z, 5.17%(d) |
|
|
97,498,087 |
|
|
$97,498,087
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$464,635,160) |
|
|
|
|
464,635,160
| |
TOTAL
INVESTMENTS - 113.7%
(Cost
$2,310,585,973) |
|
|
|
|
$2,999,726,322
| |
Liabilities
in Excess of Other Assets - (13.7)% |
|
|
|
|
(362,062,495)
| |
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$2,637,663,827 | |
|
|
|
|
|
|
|
(a) |
All or a portion
of this security is on loan as of June 30, 2024. The total market value of these securities was $359,741,377 which represented 13.6%
of net assets. |
(b) |
Non-income producing
security. |
(c) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
(d) |
The rate shown represents
the 7-day effective yield as of June 30, 2024. |
|
6 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - 95.2% | ||||||
COMMUNICATION
SERVICES - 0.8% | ||||||
Media
& Entertainment - 0.8% | ||||||
Webtoon
Entertainment, Inc. |
|
|
5,300 |
|
|
$ 120,999
|
TOTAL
COMMUNICATION SERVICES |
|
|
|
|
120,999
| |
CONSUMER
DISCRETIONARY - 12.6% | ||||||
Automobile
Components - 3.8% | ||||||
Aisan
Industry Co. Ltd. |
|
|
4,486 |
|
|
39,246
|
MRF
Ltd. |
|
|
106 |
|
|
164,459
|
Nifco,
Inc. |
|
|
2,838 |
|
|
68,041
|
Niterra
Co. Ltd. |
|
|
4,800 |
|
|
139,971
|
Sumitomo
Rubber Industries Ltd. |
|
|
8,800 |
|
|
88,290
|
Toyoda
Gosei Co. Ltd. |
|
|
2,293 |
|
|
40,521
|
|
|
|
|
540,528 | ||
Broadline
Retail - 0.6% | ||||||
Jumia
Technologies AG - ADR(a) |
|
|
13,225 |
|
|
92,840
|
Hotels,
Restaurants & Leisure - 4.1% | ||||||
Basic-Fit
NV(a)(b) |
|
|
2,263 |
|
|
48,760
|
Despegar.com
Corp.(a) |
|
|
14,461 |
|
|
191,319
|
eDreams
ODIGEO SA(a) |
|
|
22,046 |
|
|
153,466
|
Genius
Sports Ltd.(a) |
|
|
27,015 |
|
|
147,232
|
HomeToGo
SE(a) |
|
|
28,129 |
|
|
55,279
|
|
|
|
|
596,056
| ||
Household
Durables - 1.0% | ||||||
Nikon
Corp. |
|
|
13,700 |
|
|
139,032
|
Management
of Companies and Enterprises - 1.7% | ||||||
Viking
Holdings Ltd. ORD SHS(a) |
|
|
7,234 |
|
|
245,522
|
Textiles,
Apparel & Luxury Goods - 1.4% | ||||||
Amer
Sports, Inc.(a) |
|
|
10,227 |
|
|
128,553
|
Asics
Corp. |
|
|
4,400 |
|
|
67,840
|
|
|
|
|
196,393
| ||
TOTAL
CONSUMER DISCRETIONARY |
|
|
|
|
1,810,371
| |
CONSUMER
STAPLES - 2.7% | ||||||
Consumer
Staples Distribution & Retail - 1.1% | ||||||
BBB
Foods, Inc. - Class A(a) |
|
|
4,958 |
|
|
118,298
|
Redcare
Pharmacy NV(a)(b) |
|
|
322 |
|
|
39,279
|
|
|
|
|
157,577
| ||
Personal
Care Products - 1.6% | ||||||
Oddity
Tech Ltd. - Class A(a) |
|
|
4,020 |
|
|
157,825
|
Warpaint
London PLC |
|
|
9,025 |
|
|
70,504
|
|
|
|
|
228,329
| ||
TOTAL
CONSUMER STAPLES |
|
|
|
|
385,906
| |
|
|
|
|
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - (Continued) | ||||||
ENERGY
- 5.7% | ||||||
Energy
Equipment & Services - 0.7% | ||||||
Secure
Energy Services, Inc. |
|
|
10,554 |
|
|
$ 93,424
|
Oil,
Gas & Consumable Fuels - 5.0% | ||||||
Denison
Mines Corp.(a) |
|
|
139,465 |
|
|
277,536
|
Great
Eastern Shipping Co. Ltd. |
|
|
14,079 |
|
|
206,451
|
NexGen
Energy Ltd.(a) |
|
|
33,396 |
|
|
233,104
|
|
|
|
|
717,091
| ||
TOTAL
ENERGY |
|
|
|
|
810,515
| |
FINANCIALS
- 8.4% | ||||||
Banks
- 1.0% | ||||||
Sumitomo
Mitsui Trust Holdings, Inc. |
|
|
6,431 |
|
|
147,792
|
Capital
Markets - 1.0% | ||||||
Plus500
Ltd. |
|
|
5,135 |
|
|
147,626
|
Consumer
Finance - 2.8% | ||||||
Kaspi.KZ
JSC - ADR |
|
|
1,310 |
|
|
169,003
|
Sundaram
Finance Ltd. |
|
|
3,996 |
|
|
224,583
|
|
|
|
|
393,586
| ||
Financial
Services - 1.2% | ||||||
Payfare,
Inc.(a) |
|
|
39,137 |
|
|
177,655
|
Insurance
- 2.4% | ||||||
Just
Group PLC |
|
|
136,748 |
|
|
181,515
|
Revo
Insurance SpA |
|
|
16,717 |
|
|
162,560
|
|
|
|
|
344,075
| ||
TOTAL
FINANCIALS |
|
|
|
|
1,210,734
| |
HEALTH
CARE - 4.3% | ||||||
Biotechnology
- 0.1% | ||||||
Exscientia
PLC - ADR(a) |
|
|
2,680 |
|
|
13,668
|
Electronic
Equipment, Instruments & Components - 1.1% | ||||||
Jeol
Ltd. |
|
|
3,500 |
|
|
158,944
|
Health
Care Equipment & Supplies - 1.9% | ||||||
Establishment
Labs Holdings, Inc.(a) |
|
|
950 |
|
|
43,168
|
Implantica
AG(a) |
|
|
72,597 |
|
|
226,031
|
|
|
|
|
269,199
| ||
Health
Care Technology - 0.4% | ||||||
Craneware
PLC |
|
|
1,743 |
|
|
50,896
|
|
|
|
|
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - (Continued) | ||||||
HEALTH
CARE - (Continued) | ||||||
Pharmaceuticals
- 0.8% | ||||||
Dr
Reddy’s Laboratories Ltd. |
|
|
1,160 |
|
|
$ 88,977
|
Verona
Pharma PLC - ADR(a) |
|
|
1,898 |
|
|
27,445
|
|
|
|
|
116,422
| ||
TOTAL
HEALTH CARE |
|
|
|
|
609,129
| |
INDUSTRIALS
- 30.7%(d) | ||||||
Aerospace
& Defense - 3.7% | ||||||
Bharat
Electronics Ltd. |
|
|
43,516 |
|
|
159,253
|
Bombardier,
Inc. - Class B(a) |
|
|
2,897 |
|
|
185,778
|
Hindustan
Aeronautics Ltd. |
|
|
2,881 |
|
|
181,709
|
|
|
|
|
526,740
| ||
Building
Products - 3.5% | ||||||
Grupo
Rotoplas SAB de CV |
|
|
42,595 |
|
|
63,677
|
Munters
Group AB(b) |
|
|
12,664 |
|
|
238,511
|
Nitto
Boseki Co. Ltd. |
|
|
4,800 |
|
|
195,505
|
|
|
|
|
497,693
| ||
Commercial
Services & Supplies - 4.0% | ||||||
DO
& CO AG |
|
|
402 |
|
|
71,562
|
GFL
Environmental, Inc. |
|
|
10,696 |
|
|
416,395
|
ION
Exchange India Ltd. |
|
|
13,700 |
|
|
94,219
|
|
|
|
|
582,176
| ||
Construction
& Engineering - 1.8% | ||||||
Ahluwalia
Contracts India Ltd. |
|
|
5,762 |
|
|
85,957
|
Larsen
& Toubro Ltd. |
|
|
3,992 |
|
|
169,571
|
|
|
|
|
255,528
| ||
Electrical
Equipment - 4.3% | ||||||
CG
Power & Industrial Solutions Ltd. |
|
|
11,800 |
|
|
99,599
|
Triveni
Turbine Ltd. |
|
|
28,733 |
|
|
213,599
|
Voltamp
Transformers Ltd. |
|
|
2,325 |
|
|
306,334
|
|
|
|
|
619,532
| ||
Ground
Transportation - 1.5% | ||||||
Grupo
Traxion SAB de CV(a)(b) |
|
|
31,567 |
|
|
46,932
|
TFI
International, Inc. |
|
|
1,207 |
|
|
175,208
|
|
|
|
|
222,140
| ||
Machinery
- 6.3% | ||||||
AIA
Engineering Ltd. |
|
|
1,113 |
|
|
55,671
|
Alfa
Laval AB |
|
|
2,287 |
|
|
100,151
|
Cummins
India Ltd. |
|
|
2,900 |
|
|
137,705
|
Elgi
Equipments Ltd. |
|
|
7,904 |
|
|
67,969
|
Kurita
Water Industries Ltd. |
|
|
2,000 |
|
|
84,984
|
Mitsubishi
Heavy Industries Ltd. |
|
|
10,707 |
|
|
115,262
|
Nomura
Micro Science Co. Ltd. |
|
|
1,600 |
|
|
43,187
|
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - (Continued) | ||||||
INDUSTRIALS
- (Continued) | ||||||
Machinery
- (Continued) | ||||||
Pentair
PLC |
|
|
1,271 |
|
|
$ 97,448
|
Silex
Systems Ltd.(a) |
|
|
5,360 |
|
|
18,915
|
Thermax
Ltd. |
|
|
1,475 |
|
|
94,615
|
VAT
Group AG(b) |
|
|
147 |
|
|
83,004
|
|
|
|
|
898,911
| ||
Trading
Companies & Distributors - 5.6% | ||||||
FTAI
Aviation Ltd. |
|
|
2,228 |
|
|
229,996
|
Marubeni
Corp. |
|
|
30,773 |
|
|
570,611
|
|
|
|
|
800,607
| ||
TOTAL
INDUSTRIALS |
|
|
|
|
4,403,327
| |
INFORMATION
TECHNOLOGY - 22.1% | ||||||
Electronic
Equipment, Instruments & Components - 1.6% | ||||||
Kaynes
Technology India Ltd.(a) |
|
|
2,412 |
|
|
111,362
|
Nayax
Ltd.(a) |
|
|
5,313 |
|
|
113,698
|
|
|
|
|
225,060
| ||
IT
Services - 6.9% | ||||||
Applied
Digital Corp.(a) |
|
|
150,637 |
|
|
896,290
|
Globant
SA(a) |
|
|
570 |
|
|
101,608
|
|
|
|
|
997,898
| ||
Semiconductors
& Semiconductor Equipment - 10.0% | ||||||
Alphawave
IP Group PLC(a) |
|
|
143,503 |
|
|
260,538
|
ASMPT
Ltd. |
|
|
5,800 |
|
|
80,321
|
BE
Semiconductor Industries NV |
|
|
477 |
|
|
79,683
|
Camtek
Ltd./Israel |
|
|
2,243 |
|
|
280,913
|
Kokusai
Electric Corp. |
|
|
2,293 |
|
|
67,422
|
Powertech
Technology, Inc. |
|
|
39,000 |
|
|
225,507
|
Renesas
Electronics Corp. |
|
|
5,542 |
|
|
105,102
|
Shibaura
Mechatronics Corp. |
|
|
3,004 |
|
|
158,858
|
SPEL
Semiconductor Ltd.(a) |
|
|
42,795 |
|
|
110,211
|
WONIK
IPS Co. Ltd.(a) |
|
|
2,428 |
|
|
60,887
|
|
|
|
|
1,429,442
| ||
Software
- 2.6% | ||||||
Iris
Energy Ltd.(a) |
|
|
11,138 |
|
|
125,748
|
Sylogist
Ltd. |
|
|
9,377 |
|
|
69,366
|
Zoo
Digital Group PLC(a) |
|
|
219,891 |
|
|
179,286
|
|
|
|
|
374,400
| ||
Technology
Hardware, Storage & Peripherals - 1.0% | ||||||
Asia
Vital Components Co. Ltd. |
|
|
6,231 |
|
|
145,906
|
TOTAL
INFORMATION TECHNOLOGY |
|
|
|
|
3,172,706
| |
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - (Continued) | ||||||
MATERIALS
- 4.0% | ||||||
Chemicals
- 1.6% | ||||||
Kemira
Oyj |
|
|
9,252 |
|
|
$ 225,289
|
Metals
& Mining - 2.4% | ||||||
Ferroglobe
PLC |
|
|
20,816 |
|
|
111,574
|
Jindal
Saw Ltd. |
|
|
19,999 |
|
|
129,974
|
Vedanta
Ltd. |
|
|
18,600 |
|
|
101,177
|
|
|
|
|
342,725
| ||
TOTAL
MATERIALS |
|
|
|
|
568,014
| |
REAL
ESTATE - 1.6% | ||||||
Real
Estate Management & Development - 1.6% | ||||||
Lavvi
Empreendimentos Imobiliarios SA |
|
|
47,649 |
|
|
73,219
|
Tosei
Corp. |
|
|
10,725 |
|
|
162,727
|
|
|
|
|
235,946
| ||
TOTAL
REAL ESTATE |
|
|
|
|
235,946
| |
UTILITIES
- 2.3% | ||||||
Multi-Utilities
- 1.3% | ||||||
Veolia
Environnement SA |
|
|
5,917 |
|
|
177,231
|
Water
Utilities - 1.0% | ||||||
VA
Tech Wabag Ltd.(a) |
|
|
9,600 |
|
|
146,928
|
TOTAL
UTILITIES |
|
|
|
|
324,159
| |
TOTAL
COMMON STOCKS | ||||||
(Cost
$11,892,125) |
|
|
|
|
13,651,806
| |
CLOSED
END INVESTMENT TRUSTS - 1.4% | ||||||
Sprott
Physical Uranium Trust(a) |
|
|
11,127 |
|
|
206,517
|
TOTAL
CLOSED END INVESTMENT TRUSTS
(Cost
$196,369) |
|
|
|
|
206,517
| |
REAL
ESTATE INVESTMENT TRUSTS - 0.5% | ||||||
Industrial
REITs - 0.5% | ||||||
FIBRA
Macquarie Mexico(b) |
|
|
45,171 |
|
|
76,688
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS
(Cost
$73,225) |
|
|
|
|
76,688
| |
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
SHORT-TERM
INVESTMENTS - 2.3% | ||||||
Money
Market Funds - 2.3% | ||||||
First
American Treasury Obligations Fund - Class X, 5.21%(c) |
|
|
326,838 |
|
|
$326,838
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$326,838) |
|
|
|
|
326,838
| |
TOTAL
INVESTMENTS - 99.4%
(Cost
$12,488,557) |
|
|
|
|
$14,261,849
| |
Other
Assets in Excess of Liabilities - 0.6% |
|
|
|
|
79,579
| |
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$14,341,428 | |
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
(b) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $533,174
or 3.7% of the Fund’s net assets. |
(c) |
The rate shown represents
the 7-day effective yield as of June 30, 2024. |
(d) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
|
12 |
|
|
|
|
|
|
|
|
|
|
|
Hood River
Small-Cap
Growth Fund |
|
|
Hood River
International
Opportunity
Fund |
Assets: | ||||||
Investments
at value* (Including securities on loan valued at $359,741,377 and $0, respectively) |
|
|
$2,999,726,322 |
|
|
$14,261,849
|
Foreign
Currency at value ** |
|
|
— |
|
|
391
|
Cash |
|
|
25,760 |
|
|
— |
Receivables: | ||||||
Securities
sold |
|
|
45,636,701 |
|
|
196,874
|
Fund
shares sold |
|
|
3,355,596 |
|
|
70,000
|
Dividends
and interest |
|
|
730,657 |
|
|
8,039
|
Securities
lending income |
|
|
42,046 |
|
|
—
|
Due
From Advisor |
|
|
— |
|
|
15,075
|
Prepaid
expenses |
|
|
187,130 |
|
|
39,236
|
Total
assets |
|
|
3,049,704,212 |
|
|
14,591,464
|
Liabilities: | ||||||
Payables: | ||||||
Payable
upon return of collateral for securities loaned |
|
|
367,137,073 |
|
|
—
|
Securities
purchased |
|
|
41,142,086 |
|
|
200,319
|
Advisory
fee |
|
|
1,857,463 |
|
|
—
|
Fund
shares redeemed |
|
|
1,028,596 |
|
|
—
|
Service
fees |
|
|
308,943 |
|
|
1,817
|
Distribution
fees |
|
|
195,433 |
|
|
331
|
Administration
and fund accounting fees |
|
|
164,963 |
|
|
4,237
|
Transfer
agent fees and expenses |
|
|
40,616 |
|
|
9,599
|
Printing
and Mailing Fees |
|
|
30,521 |
|
|
5,219
|
Custody
fees |
|
|
23,757 |
|
|
4,414
|
Audit
Fees |
|
|
16,739 |
|
|
18,096
|
Compliance
fees |
|
|
2,092 |
|
|
2,032
|
Other
accrued expenses |
|
|
92,103 |
|
|
3,972
|
Total
liabilities |
|
|
412,040,385 |
|
|
250,036
|
Net
assets |
|
|
$2,637,663,827 |
|
|
$14,341,428
|
Net
Assets Consist of: |
|
|
|
|
||
Capital
stock |
|
|
$1,971,542,106 |
|
|
$13,053,405
|
Total
distributable earnings |
|
|
666,121,721 |
|
|
1,288,023
|
Net
Assets |
|
|
$2,637,663,827 |
|
|
$14,341,428
|
*
Investments at cost |
|
|
$2,310,585,973 |
|
|
$12,488,557
|
**
Foreign currency at cost |
|
|
$— |
|
|
$391
|
Investor
Shares: |
|
|
|
|
||
Net
assets applicable to outstanding Investor Shares |
|
|
$185,678,997 |
|
|
$411,609
|
Shares
issued (Unlimited number of beneficial interest authorized, $0.01 par value) |
|
|
2,853,801 |
|
|
$36,513
|
Net
asset value, offering price and redemption price per share |
|
|
$65.06 |
|
|
$11.27
|
|
|
|
|
|
|
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
Hood River
Small-Cap
Growth Fund |
|
|
Hood River
International
Opportunity
Fund |
Institutional
Shares: | ||||||
Net
assets applicable to outstanding Institutional Shares |
|
|
$1,392,826,265 |
|
|
$11,446,079
|
Shares
issued (Unlimited number of beneficial interest authorized, $0.01 par value) |
|
|
20,936,932 |
|
|
1,013,362
|
Net
asset value, offering price and redemption price per share |
|
|
$66.52 |
|
|
$11.30
|
Retirement
Shares: | ||||||
Net
assets applicable to outstanding Retirement Shares |
|
|
$1,059,158,565 |
|
|
$2,483,740
|
Shares
issued (Unlimited number of beneficial interest authorized, $0.01 par value) |
|
|
15,822,529 |
|
|
219,439
|
Net
asset value, offering price and redemption price per share |
|
|
$66.94 |
|
|
$11.32 |
|
|
|
|
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
Hood River
Small-Cap
Growth Fund |
|
|
Hood River
International
Opportunity
Fund |
Investment
income: | ||||||
Dividends
(net of foreign taxes withheld of $131,504 and $9,422, respectively) |
|
|
$7,827,994 |
|
|
$60,780
|
Interest |
|
|
2,557,892 |
|
|
21,583
|
Securities
lending income |
|
|
856,197 |
|
|
—
|
Total
investment income |
|
|
11,242,083 |
|
|
82,363
|
Expenses: | ||||||
Investment
advisory fees (Note 4) |
|
|
17,110,292 |
|
|
69,715
|
Administration
and fund accounting fees (Note 4) |
|
|
830,554 |
|
|
24,099
|
Service
fees (Note 6) |
|
|
|
|
||
Service
fees - Investor Shares |
|
|
126,453 |
|
|
97
|
Service
fees - Institutional Shares |
|
|
768,529 |
|
|
2,774
|
Distribution
fees (Note 5) |
|
|
|
|
||
Distribution
fees - Investor Shares |
|
|
312,341 |
|
|
331
|
Transfer
agent fees and expenses |
|
|
244,536 |
|
|
75,078
|
Federal
and state registration fees |
|
|
219,572 |
|
|
40,556
|
Reports
to shareholders |
|
|
126,540 |
|
|
4,178
|
Custody
fees |
|
|
114,034 |
|
|
17,564
|
Trustees’
fees and expenses |
|
|
30,000 |
|
|
29,908
|
Legal
fees |
|
|
27,238 |
|
|
34,362
|
Audit
fees |
|
|
16,746 |
|
|
22,398
|
Compliance
expense |
|
|
12,352 |
|
|
12,354
|
Other |
|
|
37,401 |
|
|
15,334
|
Total
expenses before reimbursement from advisor |
|
|
19,976,588 |
|
|
348,748
|
Expense
recoupment to (reimbursement from) Advisor (Note 4) |
|
|
56,290 |
|
|
(269,486)
|
Net
expenses |
|
|
20,032,878 |
|
|
79,262
|
Net
investment income (loss) |
|
|
$(8,790,795) |
|
|
$3,101
|
Realized
and unrealized gain (loss) on investments: | ||||||
Net
realized gain (loss) on transactions from: |
|
|
|
|
||
Investments |
|
|
$114,205,889 |
|
|
$209,418
|
Foreign
currency related transactions |
|
|
— |
|
|
(13,875)
|
Net
change in unrealized appreciation on: |
|
|
|
|
||
Investments |
|
|
355,795,924 |
|
|
1,452,007
|
Foreign
currency related translations |
|
|
— |
|
|
11,253
|
Net
realized and unrealized gain on investments |
|
|
470,001,813 |
|
|
1,658,803
|
Net
increase in net assets resulting from operations |
|
|
$461,211,018 |
|
|
$1,661,904 |
|
|
|
|
|
|
|
|
15 |
|
|
|
|
| |||
|
|
|
Hood River
Small-Cap Growth Fund | |||
|
|
|
Year Ended
June 30, | |||
|
|
|
2024 |
|
|
2023 |
Operations: | ||||||
Net
investment loss |
|
|
$(8,790,795) |
|
|
$(6,294,777)
|
Net
realized gain (loss) on investments |
|
|
114,205,889 |
|
|
(107,293,666)
|
Net
change in unrealized appreciation on investments |
|
|
355,795,924 |
|
|
330,954,691
|
Net
increase in net assets resulting from operations |
|
|
461,211,018 |
|
|
217,366,248
|
Capital
Share Transactions: | ||||||
Proceeds
from shares sold | ||||||
Investor
shares |
|
|
113,611,267 |
|
|
51,175,497
|
Institutional
shares |
|
|
651,973,250 |
|
|
354,068,959
|
Retirement
shares |
|
|
251,377,698 |
|
|
177,286,523
|
Cost
of shares redeemed | ||||||
Investor
shares |
|
|
(48,617,075) |
|
|
(15,412,272)
|
Institutional
shares |
|
|
(214,509,296) |
|
|
(165,348,295)
|
Retirement
shares |
|
|
(131,526,849) |
|
|
(92,821,897)
|
Net
increase in net assets from capital share transactions |
|
|
622,308,995 |
|
|
308,948,515
|
Total
Increase in Net Assets |
|
|
1,083,520,013 |
|
|
526,314,763
|
Net
Assets: | ||||||
Beginning
of year |
|
|
1,554,143,814 |
|
|
1,027,829,051
|
End
of year |
|
|
$2,637,663,827 |
|
|
$1,554,143,814
|
Changes
in Shares Outstanding: | ||||||
Shares
sold | ||||||
Investor
shares |
|
|
2,102,866 |
|
|
1,027,397
|
Institutional
shares |
|
|
11,162,697 |
|
|
7,094,441
|
Retirement
shares |
|
|
4,338,610 |
|
|
3,525,994
|
Shares
redeemed | ||||||
Investor
shares |
|
|
(858,937) |
|
|
(318,337)
|
Institutional
shares |
|
|
(3,728,665) |
|
|
(3,330,574)
|
Retirement
shares |
|
|
(2,297,504) |
|
|
(1,871,673)
|
Net
increase in shares outstanding |
|
|
10,719,067 |
|
|
6,127,248 |
|
|
|
|
|
|
|
|
16 |
|
|
|
|
| |||
|
|
|
Hood River
International
Opportunity
Fund | |||
|
|
|
Year Ended
June 30, | |||
|
|
|
2024 |
|
|
2023 |
Operations: | ||||||
Net
investment income |
|
|
$3,101 |
|
|
$12,606
|
Net
realized gain (loss) on investments |
|
|
195,543 |
|
|
(305,922)
|
Net
change in unrealized appreciation on investments |
|
|
1,463,260 |
|
|
797,701
|
Net
increase in net assets resulting from operations |
|
|
1,661,904 |
|
|
504,385
|
Distributions: | ||||||
Investor
Shares |
|
|
(1,367) |
|
|
—
|
Institutional
Shares |
|
|
(59,139) |
|
|
—
|
Retirement
Shares |
|
|
(20,029) |
|
|
— |
Total
distributions |
|
|
(80,535) |
|
|
—
|
Capital
Share Transactions: | ||||||
Proceeds
from shares sold |
|
|
|
|
||
Investor
Shares |
|
|
375,632 |
|
|
—
|
Institutional
Shares |
|
|
9,329,858 |
|
|
101,200
|
Retirement
Shares |
|
|
1,417,676 |
|
|
261,932
|
Proceeds
from shares issued to holders in reinvestment of dividends |
|
|
|
|
||
Investor
Shares |
|
|
1,367 |
|
|
—
|
Institutional
Shares |
|
|
56,155 |
|
|
—
|
Retirement
Shares |
|
|
20,029 |
|
|
—
|
Cost
of shares redeemed |
|
|
|
|
||
Investor
Shares |
|
|
(11,585) |
|
|
—
|
Institutional
Shares |
|
|
(732,597) |
|
|
(400,015)
|
Retirement
Shares |
|
|
(220,999) |
|
|
(28,888)
|
Net
increase (decrease) in net assets from capital share transactions |
|
|
10,235,536 |
|
|
(65,771)
|
Total
increase in net assets |
|
|
11,816,905 |
|
|
438,614
|
Net
Assets: |
|
|
|
|
||
Beginning
of year |
|
|
2,524,523 |
|
|
2,085,909
|
End
of year |
|
|
$14,341,428 |
|
|
$2,524,523
|
Changes
in Shares Outstanding: | ||||||
Shares
sold | ||||||
Investor
Shares |
|
|
37,558 |
|
|
— |
Institutional
Shares |
|
|
901,225 |
|
|
11,256
|
Retirement
Shares |
|
|
137,866 |
|
|
33,400
|
Proceeds
from shares issued to holders in reinvestment of dividends | ||||||
Investor
Shares |
|
|
146 |
|
|
— |
Institutional
shares |
|
|
5,980 |
|
|
—
|
Retirement
shares |
|
|
2,131 |
|
|
—
|
Shares
redeemed | ||||||
Investor
shares |
|
|
(1,191) |
|
|
— |
Institutional
shares |
|
|
(72,713) |
|
|
(58,999)
|
Retirement
shares |
|
|
(20,636) |
|
|
(3,881)
|
Net
increase (decrease) in shares outstanding |
|
|
990,366 |
|
|
(18,224) |
|
|
|
|
|
|
|
|
17 |
|
|
|
|
| ||||||||||||
|
|
|
Year Ended
June 30, | ||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
Net
Asset Value - Beginning of Year |
|
|
$52.65 |
|
|
$44.26 |
|
|
$75.04 |
|
|
$44.40 |
|
|
$41.36
|
Income
from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|||||
Net
investment loss1 |
|
|
(0.41) |
|
|
(0.34) |
|
|
(0.41) |
|
|
(0.42) |
|
|
(0.34)
|
Net
realized and unrealized gain (loss) on investments |
|
|
12.82 |
|
|
8.73 |
|
|
(17.41) |
|
|
35.02 |
|
|
3.38
|
Total
from investment operations |
|
|
12.41 |
|
|
8.39 |
|
|
(17.82) |
|
|
34.60 |
|
|
3.04
|
Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|||||
Distributions
from net realized gains |
|
|
— |
|
|
— |
|
|
(12.96) |
|
|
(3.96) |
|
|
—
|
Total
distributions |
|
|
— |
|
|
— |
|
|
(12.96) |
|
|
(3.96) |
|
|
—
|
Net
Asset Value - End of Year |
|
|
$65.06 |
|
|
$52.65 |
|
|
$44.26 |
|
|
$75.04 |
|
|
$44.40
|
Total
Return |
|
|
23.57% |
|
|
18.96% |
|
|
(28.85)% |
|
|
80.27% |
|
|
7.35%
|
Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|||||
Net
assets, end of year (thousands) |
|
|
$ 185,679 |
|
|
$ 84,753 |
|
|
$ 39,866 |
|
|
$ 18,428 |
|
|
$ 9,274
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
Before
recoupments/reimbursements |
|
|
1.31% |
|
|
1.24% |
|
|
1.25% |
|
|
1.26% |
|
|
1.27%
|
After
recoupments/reimbursements |
|
|
1.31% |
|
|
1.24% |
|
|
1.25% |
|
|
1.25% |
|
|
1.25%
|
Ratio
of net investment loss to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
Before
recoupments/reimbursements |
|
|
(0.73)% |
|
|
(0.71)% |
|
|
(0.71)% |
|
|
(0.69)% |
|
|
(0.90)%
|
After
recoupments/reimbursements |
|
|
(0.73)% |
|
|
(0.71)% |
|
|
(0.71)% |
|
|
(0.68)% |
|
|
(0.88)%
|
Portfolio
turnover rate |
|
|
98% |
|
|
95% |
|
|
77% |
|
|
119% |
|
|
157% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
The net investment
loss per share was calculated using the average shares outstanding method. |
|
18 |
|
|
|
|
| ||||||||||||
|
|
|
Year Ended
June 30, | ||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
Net
Asset Value - Beginning of Year |
|
|
$53.70 |
|
|
$45.07 |
|
|
$76.04 |
|
|
$44.87 |
|
|
$41.71
|
Income
from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|||||
Net
investment loss1 |
|
|
(0.28) |
|
|
(0.26) |
|
|
(0.32) |
|
|
(0.30) |
|
|
(0.27)
|
Net
realized and unrealized gain (loss) on investments |
|
|
13.10 |
|
|
8.89 |
|
|
(17.69) |
|
|
35.43 |
|
|
3.43
|
Total
from investment operations |
|
|
12.82 |
|
|
8.63 |
|
|
(18.01) |
|
|
35.13 |
|
|
3.16
|
Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|||||
Distributions
from net realized gains |
|
|
— |
|
|
— |
|
|
(12.96) |
|
|
(3.96) |
|
|
—
|
Total
distributions |
|
|
— |
|
|
— |
|
|
(12.96) |
|
|
(3.96) |
|
|
—
|
Net
Asset Value - End of Year |
|
|
$66.52 |
|
|
$53.70 |
|
|
$45.07 |
|
|
$76.04 |
|
|
$44.87
|
Total
Return |
|
|
23.89% |
|
|
19.15% |
|
|
(28.71)% |
|
|
80.66% |
|
|
7.55%
|
Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|||||
Net
assets, end of year (thousands) |
|
|
$1,392,826 |
|
|
$725,117 |
|
|
$438,898 |
|
|
$433,921 |
|
|
$257,909
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
Before
recoupments/reimbursements |
|
|
1.07% |
|
|
1.07% |
|
|
1.06% |
|
|
1.06% |
|
|
1.07%
|
After
recoupments/reimbursements |
|
|
1.07% |
|
|
1.07% |
|
|
1.06% |
|
|
1.05% |
|
|
1.05%
|
Ratio
of net investment loss to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
Before
recoupments/reimbursements |
|
|
(0.48)% |
|
|
(0.53)% |
|
|
(0.52)% |
|
|
(0.49)% |
|
|
(0.69)%
|
After
recoupments/reimbursements |
|
|
(0.48)% |
|
|
(0.53)% |
|
|
(0.52)% |
|
|
(0.48)% |
|
|
(0.67)%
|
Portfolio
turnover rate |
|
|
98% |
|
|
95% |
|
|
77% |
|
|
119% |
|
|
157% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
The net investment
loss per share was calculated using the average shares outstanding method. |
|
19 |
|
|
|
|
| ||||||||||||
|
|
|
Year Ended
June 30, | ||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
Net
Asset Value - Beginning of Year |
|
|
$54.01 |
|
|
$45.28 |
|
|
$76.29 |
|
|
$44.98 |
|
|
$41.78
|
Income
from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|||||
Net
investment loss1 |
|
|
(0.23) |
|
|
(0.22) |
|
|
(0.29) |
|
|
(0.26) |
|
|
(0.25)
|
Net
realized and unrealized gain (loss) on investments |
|
|
13.16 |
|
|
8.95 |
|
|
(17.76) |
|
|
35.53 |
|
|
3.45
|
Total
from investment operations |
|
|
12.93 |
|
|
8.73 |
|
|
(18.05) |
|
|
35.27 |
|
|
3.20
|
Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|||||
Distributions
from net realized gains |
|
|
— |
|
|
— |
|
|
(12.96) |
|
|
(3.96) |
|
|
—
|
Total
distributions |
|
|
— |
|
|
— |
|
|
(12.96) |
|
|
(3.96) |
|
|
—
|
Net
Asset Value - End of Year |
|
|
$66.94 |
|
|
$54.01 |
|
|
$45.28 |
|
|
$76.29 |
|
|
$44.98
|
Total
Return |
|
|
23.94% |
|
|
19.28% |
|
|
(28.66)% |
|
|
80.76% |
|
|
7.61%
|
Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|||||
Net
assets, end of year (thousands) |
|
|
$1,059,159 |
|
|
$744,273 |
|
|
$549,066 |
|
|
$710,935 |
|
|
$335,863
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
Before
recoupments/reimbursements |
|
|
0.99% |
|
|
0.99% |
|
|
0.99% |
|
|
1.00% |
|
|
1.01%
|
After
recoupments/reimbursements |
|
|
0.99% |
|
|
0.99% |
|
|
0.99% |
|
|
0.99% |
|
|
0.99%
|
Ratio
of net investment loss to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
Before
recoupments/reimbursements |
|
|
(0.40)% |
|
|
(0.43)% |
|
|
(0.45)% |
|
|
(0.41)% |
|
|
(0.64)%
|
After
recoupments/reimbursements |
|
|
(0.40)% |
|
|
(0.43)% |
|
|
(0.45)% |
|
|
(0.40)% |
|
|
(0.62)%
|
Portfolio
turnover rate |
|
|
98% |
|
|
95% |
|
|
77% |
|
|
119% |
|
|
157% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
The net investment
loss per share was calculated using the average shares outstanding method. |
|
20 |
|
|
|
|
|
|
|
|
Period from
August 11,
2023
through June 30,
2024* |
Net
Asset Value - Beginning of Period |
|
|
$9.15
|
Income
from Investment Operations: |
|
|
|
Net
investment loss1 |
|
|
(0.02)
|
Net
realized gain on investments |
|
|
2.28
|
Total
from investment operations |
|
|
2.26
|
Less
Distributions: |
|
|
|
Distributions
from net investment income |
|
|
(0.14)
|
Total
distributions |
|
|
(0.14)
|
Net
Asset Value - End of Period |
|
|
$11.27
|
Total
Return |
|
|
25.08%^
|
Ratios
and Supplemental Data: |
|
|
|
Net
assets, end of period (thousands) |
|
|
$412
|
Ratio
of operating expenses to average net assets: |
|
|
|
Before
reimbursements |
|
|
5.15%+
|
After
reimbursements |
|
|
1.47%+
|
Ratio
of net investment loss to average net assets: |
|
|
|
Before
reimbursements |
|
|
(3.87)%+
|
After
reimbursements |
|
|
(0.19)%+
|
Portfolio
turnover rate |
|
|
119%^ |
|
|
|
|
* |
The Investor Shares
class commenced operations on August 11, 2023. |
+ |
Annualized |
^ |
Not Annualized |
1 |
The net investment
loss per share was calculated using the average shares outstanding method. |
|
21 |
|
|
|
|
|
|
|
| |||
|
|
|
Year Ended
June 30, |
|
|
September 28,
2021*
through June 30,
2022 | |||
|
|
|
2024 |
|
|
2023 |
| ||
Net
Asset Value - Beginning of Year (Period) |
|
|
$9.04
|
|
|
$7.02
|
|
|
$10.00
|
Income
from Investment Operations: |
|
|
|
|
|
|
|||
Net
investment income(loss)1 |
|
|
0.01
|
|
|
0.04
|
|
|
(0.03)
|
Net
realized and unrealized gain (loss) on investments |
|
|
2.39
|
|
|
1.98
|
|
|
(2.93)
|
Total
from investment operations |
|
|
2.40
|
|
|
2.02
|
|
|
(2.96)
|
Less
Distributions: |
|
|
|
|
|
|
|||
Distributions
from net investment income |
|
|
(0.14) |
|
|
— |
|
|
— |
Distributions
from net realized gains |
|
|
— |
|
|
—
|
|
|
(0.02)
|
Total
distributions |
|
|
(0.14) |
|
|
—
|
|
|
(0.02)
|
Net
Asset Value - End of Year (Period) |
|
|
$11.30
|
|
|
$9.04
|
|
|
$7.02
|
Total
Return |
|
|
26.73% |
|
|
28.77% |
|
|
(29.65)%^
|
Ratios
and Supplemental Data: |
|
|
|
|
|
|
|||
Net
assets, end of year (period) (thousands) |
|
|
$11,446
|
|
|
$1,618
|
|
|
$1,590
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|||
Before
reimbursements |
|
|
5.53% |
|
|
15.95% |
|
|
12.57%+
|
After
reimbursements |
|
|
1.27% |
|
|
1.50% |
|
|
1.50%+
|
Ratio
of net investment income (loss) to average net assets: |
|
|
|
|
|
|
|||
Before
reimbursements |
|
|
(4.21)% |
|
|
(13.87)% |
|
|
(11.57)%+
|
After
reimbursements |
|
|
0.05% |
|
|
0.58% |
|
|
(0.50)%+
|
Portfolio
turnover rate |
|
|
119% |
|
|
172% |
|
|
98%^ |
|
|
|
|
|
|
|
|
|
|
* |
The Institutional Shares class commenced operations
on September 28, 2021. |
+ |
Annualized |
^ |
Not Annualized |
1 |
The net investment
income/(loss) per share was calculated using the average shares outstanding method. |
|
22 |
|
|
|
|
|
|
|
| |||
|
|
|
Year Ended
June 30, |
|
|
December
22, 2021*
through June 30,
2022 | |||
|
|
|
2024 |
|
|
2023 |
| ||
Net
Asset Value - Beginning of Year (Period) |
|
|
$9.06
|
|
|
$7.02
|
|
|
$10.06
|
Income
from Investment Operations: |
|
|
|
|
|
|
|||
Net
investment income1 |
|
|
0.002
|
|
|
0.05
|
|
|
0.02
|
Net
realized and unrealized gain (loss) on investments |
|
|
2.40
|
|
|
1.99
|
|
|
(3.06)
|
Total
from investment operations |
|
|
2.40
|
|
|
2.04
|
|
|
(3.04)
|
Less
Distributions: |
|
|
|
|
|
|
|||
Distributions
from net investment income |
|
|
(0.14) |
|
|
—
|
|
|
—
|
Total
distributions |
|
|
(0.14) |
|
|
—
|
|
|
—
|
Net
Asset Value - End of Year (Period) |
|
|
$11.32
|
|
|
$9.06
|
|
|
$7.02
|
Total
Return |
|
|
26.81% |
|
|
29.06% |
|
|
(30.22)%^
|
Ratios
and Supplemental Data: |
|
|
|
|
|
|
|||
Net
assets, end of year (period) (thousands) |
|
|
$ 2,484
|
|
|
$907
|
|
|
$496
|
Ratio
of operating expenses to average net assets: |
|
|
|
|
|
|
|||
Before
reimbursements |
|
|
5.61% |
|
|
16.29% |
|
|
11.80%+
|
After
reimbursements |
|
|
1.21% |
|
|
1.40% |
|
|
1.40%+
|
Ratio
of net investment income (loss) to average net assets: |
|
|
|
|
|
|
|||
Before
reimbursements |
|
|
(4.32)% |
|
|
(14.22)% |
|
|
(9.95)%+
|
After
reimbursements |
|
|
0.08% |
|
|
0.67% |
|
|
0.45%+
|
Portfolio
turnover rate |
|
|
119% |
|
|
172% |
|
|
98%^ |
|
|
|
|
|
|
|
|
|
|
* |
The Retirement Shares class commenced operations
on December 22, 2021. |
+ |
Annualized |
^ |
Not Annualized |
1 |
The net investment
income per share was calculated using the average shares outstanding method. |
2 |
The value is less
than 0.005. |
|
23 |
|
A. |
Security Valuation:
All investments in securities are recorded at their estimated fair value, as described in Note 3. |
B. |
Federal Income
Taxes: It is each Fund’s policy to continue to comply with the requirements of Subchapter M of the Internal Revenue Code
applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore,
no federal income or excise tax provisions are required. |
C. |
Securities
Transactions, Income, Expenses and Distributions: Securities transactions are accounted for on the trade date. Realized gains and
losses on securities sold are determined on the basis of identified cost. Interest income is recorded on an accrual basis. Dividend income
and distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for
in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. |
|
24 |
|
D. |
Use of Estimates:
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those
estimates. |
E. |
Reclassification
of Capital Accounts: GAAP requires that certain components of net assets relating to permanent differences be reclassified between
financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. |
F. |
Foreign Currency:
Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rate of exchange at the
time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market rate of exchange
prevailing on the respective dates of such transactions. The Funds do not isolate the portion of the results of operations resulting from
fluctuations in foreign exchange rates on investments from fluctuations resulting from changes in the market prices of securities held.
Such fluctuations are included with the net realized and unrealized gain/loss on investments. Foreign investments present additional risks
due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in accounting standards,
and other factors. |
G. |
Events Subsequent
to the Fiscal Period End: In preparing the financial statements as of June 30, 2024, and through the date the financial statements
were available to be issued, management considered the impact of subsequent events for potential recognition or disclosure in the financial
statements and had concluded that no additional recognition or disclosures are necessary. |
|
25 |
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
Common
Stocks |
|
|
$
2,517,667,773 |
|
|
$ — |
|
|
$ — |
|
|
$2,517,667,773
|
REITs |
|
|
17,423,389 |
|
|
— |
|
|
— |
|
|
17,423,389
|
Investments
Purchased with Cash Proceeds from Securities Lending* |
|
|
— |
|
|
— |
|
|
— |
|
|
367,137,073
|
Money
Market Funds |
|
|
97,498,087 |
|
|
— |
|
|
— |
|
|
97,498,087
|
Total
Investments in Securities |
|
|
$2,632,589,249 |
|
|
$— |
|
|
$— |
|
|
$2,999,726,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Investments valued using the NAV per share practical
expedient in accordance with Topic 820, the investment is excluded from the fair value hierarchy. The investment is included in the total
column for the purpose of reconciling the table to the schedule of investments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
Common
Stocks |
|
|
$ 6,056,021 |
|
|
$7,595,785 |
|
|
$ — |
|
|
$ 13,651,806
|
Closed
End Investment Trusts |
|
|
206,517 |
|
|
— |
|
|
— |
|
|
206,517
|
REITs |
|
|
76,688 |
|
|
— |
|
|
— |
|
|
76,688
|
Short-Term
Investments |
|
|
326,838 |
|
|
— |
|
|
— |
|
|
326,838
|
Total
Investments in Securities |
|
|
$6,666,064 |
|
|
$7,595,785 |
|
|
$— |
|
|
$14,261,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor
Shares |
|
|
0.99%
|
Institutional
Shares |
|
|
0.99%
|
Retirement
Shares |
|
|
0.99% |
|
|
|
|
|
27 |
|
|
|
|
|
Investor
Shares |
|
|
1.15%
|
Institutional
Shares |
|
|
1.15%
|
Retirement
Shares |
|
|
1.15% |
|
|
|
|
|
|
|
|
Amount |
|
|
Expiration
|
Small-Cap
Growth Fund |
|
|
|
$16,942 |
|
|
6/30/2027 |
International
Opportunity Fund |
|
|
|
$191,498 |
|
|
6/30/2025 |
$300,864 |
|
|
6/30/2026 |
$269,486 |
|
|
6/30/2027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small-Cap
Growth Fund |
|
|
International
Opportunity
Fund |
Administration
& fund accounting |
|
|
$830,554 |
|
|
$24,099
|
Custody |
|
|
$114,034 |
|
|
$17,564
|
Transfer
agency |
|
|
$244,536 |
|
|
$75,078
|
Compliance |
|
|
$ 12,352 |
|
|
$12,354 |
|
|
|
|
|
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
Small-Cap
Growth Fund |
|
|
International
Opportunity
Fund |
Administration
& fund accounting |
|
|
$164,963 |
|
|
$4,237
|
Custody |
|
|
$ 23,757 |
|
|
$4,414
|
Transfer
agency |
|
|
$ 40,616 |
|
|
$9,599
|
Compliance |
|
|
$ 2,092 |
|
|
$2,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small-Cap
Growth Fund |
|
|
International
Opportunity
Fund |
Investor
Shares |
|
|
$126,453 |
|
|
$97
|
Institutional
Shares |
|
|
$768,529 |
|
|
$2,774 |
|
|
|
|
|
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
Purchases |
|
|
Sales |
Small-Cap
Growth Fund |
|
|
$2,403,653,820 |
|
|
$1,836,138,896
|
International
Opportunity Fund |
|
|
$ 17,376,705 |
|
|
$7,337,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small-Cap
Growth Fund |
|
|
International
Opportunity
Fund |
Cost
of investments(a) |
|
|
$2,324,513,767 |
|
|
$12,577,487
|
Gross
unrealized appreciation |
|
|
770,037,308 |
|
|
2,156,629
|
Gross
unrealized depreciation |
|
|
(94,824,753) |
|
|
(472,267)
|
Net
unrealized appreciation |
|
|
675,212,555 |
|
|
1,684,362
|
Undistributed
ordinary income |
|
|
— |
|
|
47,055
|
Undistributed
long-term capital gain |
|
|
— |
|
|
—
|
Total
distributable earnings |
|
|
— |
|
|
47,055
|
Other
accumulated gains/(losses) |
|
|
(9,090,834) |
|
|
(443,394)
|
Total
accumulated earnings/(losses) |
|
|
$ 666,121,721 |
|
|
$ 1,288,023 |
|
|
|
|
|
|
|
(a) |
The difference
between the book basis and tax basis net unrealized appreciation and cost is attributable primarily to wash sales and partnership adjustments.
|
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
Ordinary
Late Year
Loss Deferral
|
Small-Cap
Growth Fund |
|
|
$ — |
|
|
$5,807,816
|
International
Opportunity Fund |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total accumulated
earnings/(loss) |
|
|
Capital
stock |
Small-Cap
Growth Fund |
|
|
$4,995,211 |
|
|
$(4,995,211)
|
International
Opportunity Fund |
|
|
10 |
|
|
(10) |
|
|
|
|
|
|
|
|
30 |
|
|
|
|
|
|
|
|
|
|
|
Year Ended
June 30,
2024 |
|
|
Year Ended
June 30,
2023 |
International
Opportunity Fund | ||||||
Ordinary
income |
|
|
$80,535 |
|
|
$ — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overnight
and
Continuous |
|
|
Market Value
of Securities
on Loan |
|
|
Investment
Asset Class
of Securities
Purchased |
|
|
Collateral
Proceeds
from
Securities
Lending |
|
|
Pledged
Counterparty^ |
|
|
Net
Exposure
|
Hood
River Small –
Cap
Growth Fund |
|
|
$359,741,377 |
|
|
Non-registered
money market
fund |
|
|
$367,137,073 |
|
|
$367,137,073 |
|
|
$ — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
As of the end of the reporting period, the value
of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Schedule of
Investments for details on the securities out on loan. |
|
31 |
|
|
32 |
|
|
33 |
|
|
|
|
|
Hood
River Small-Cap Growth Fund |
|
|
0.00% |
Hood
River International Opportunity Fund |
|
|
61.00% |
|
|
|
|
|
|
|
|
Hood
River Small-Cap Growth Fund |
|
|
0.00% |
Hood
River International Opportunity Fund |
|
|
0.14% |
|
|
|
|
|
34 |
|
(b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosures for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Statement of Operations within Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 16. Controls and Procedures.
(a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d 15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service providers. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(5) | Change in the registrant’s independent public accountant. Not applicable. |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Manager Directed Portfolios |
By (Signature and Title)* | /s/ Scott M. Ostrowski | ||
Scott M. Ostrowski, President/ Principal Executive Officer |
Date | September 3, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Scott M. Ostrowski | ||
Scott M. Ostrowski, President/ Principal Executive Officer |
Date | September 3, 2024 |
By (Signature and Title)* | /s/ Ryan Frank | ||
Ryan Frank, Treasurer/ Principal Financial Officer |
Date | September 3, 2024 |
* Print the name and title of each signing officer under his or her signature.