|
Hood River International Opportunity Fund
|
||||||||
|
Schedule of Investments
|
||||||||
|
as of March 31, 2024 (Unaudited)
|
||||||||
|
COMMON STOCKS - 88.6%
|
Shares
|
Value
|
||||||
|
COMMUNICATION SERVICES - 1.2%
|
||||||||
|
Diversified Telecommunication Services - 0.5%
|
||||||||
|
Infrastrutture Wireless Italiane SpA
|
3,400
|
38,583
|
||||||
|
$
|
–
|
|||||||
|
Interactive Media & Services - 0.7%
|
||||||||
|
Baltic Classifieds Group PLC
|
19,458
|
55,173
|
||||||
|
TOTAL COMMUNICATION SERVICES
|
93,756
|
|||||||
|
CONSUMER DESCRETIONARY - 9.0%
|
||||||||
|
Automobile Components - 3.1%
|
||||||||
|
Aisan Industry Co. Ltd.
|
3,400
|
37,971
|
||||||
|
MRF Ltd.
|
68
|
108,836
|
||||||
|
Nifco, Inc.
|
2,100
|
52,841
|
||||||
|
Toyoda Gosei Co. Ltd.
|
1,700
|
37,495
|
||||||
|
237,143
|
||||||||
|
Hotels, Restaurants & Leisure - 4.8%
|
||||||||
|
Basic-Fit NV(a)
|
1,688
|
37,650
|
||||||
|
Despegar.com Corp.(a)
|
8,450
|
101,062
|
||||||
|
eDreams ODIGEO SA(a)
|
13,057
|
95,004
|
||||||
|
Genius Sports Ltd.(a)
|
4,190
|
23,925
|
||||||
|
HomeToGo SE(a)
|
29,000
|
65,946
|
||||||
|
Inspired Entertainment, Inc.(a)
|
3,106
|
30,625
|
||||||
|
354,212
|
||||||||
|
Textiles, Apparel & Luxury Goo - 0.4%
|
||||||||
|
Vaibhav Global Ltd.(a)
|
6,900
|
30,230
|
||||||
|
$
|
–
|
|||||||
|
Textiles, Apparel & Luxury Goods - 0.7%
|
||||||||
|
Amer Sports, Inc.(a)
|
3,358
|
54,735
|
||||||
|
TOTAL CONSUMER DESCRETIONARY
|
676,320
|
|||||||
|
CONSUMER STAPLES - 2.0%
|
||||||||
|
Consumer Staples Distribution & Retail - 1.1%
|
||||||||
|
BBB Foods, Inc. - Class A(a)
|
2,269
|
53,957
|
||||||
|
DocMorris AG(a)
|
300
|
30,037
|
||||||
|
83,994
|
||||||||
|
Household Products - 0.9%
|
||||||||
|
Jyothy Labs Ltd.
|
13,299
|
70,358
|
||||||
|
TOTAL CONSUMER STAPLES
|
154,352
|
|||||||
|
ENERGY - 5.3%
|
||||||||
|
Energy Equipment & Services - 1.1%
|
||||||||
|
Vallourec SA(a)
|
4,300
|
79,871
|
||||||
|
$
|
–
|
|||||||
|
Oil, Gas & Consumable Fuels - 4.2%
|
||||||||
|
Denison Mines Corp.(a)
|
43,500
|
84,825
|
||||||
|
Great Eastern Shipping Co. Ltd.
|
8,800
|
105,834
|
||||||
|
NexGen Energy Ltd.(a)
|
16,244
|
126,216
|
||||||
|
316,875
|
||||||||
|
TOTAL ENERGY
|
396,746
|
|||||||
|
FINANCIALS - 12.5%
|
||||||||
|
Banks - 1.1%
|
||||||||
|
Sumitomo Mitsui Trust Holdings, Inc.
|
3,800
|
81,877
|
||||||
|
$
|
–
|
|||||||
|
Capital Markets - 1.6%
|
||||||||
|
Banco BTG Pactual SA
|
16,600
|
120,907
|
||||||
|
$
|
–
|
|||||||
|
Consumer Finance - 5.5%
|
||||||||
|
Kaspi.KZ JSC - ADR
|
2,200
|
283,008
|
||||||
|
Sundaram Finance Ltd.
|
2,496
|
124,125
|
||||||
|
407,133
|
||||||||
|
Financial Services - 1.6%
|
||||||||
|
Payfare, Inc.(a)
|
23,800
|
122,290
|
||||||
|
$
|
–
|
|||||||
|
Insurance - 2.7%
|
||||||||
|
Just Group PLC
|
81,000
|
107,466
|
||||||
|
Revo Insurance SpA(a)
|
9,900
|
96,767
|
||||||
|
204,233
|
||||||||
|
TOTAL FINANCIALS
|
936,440
|
|||||||
|
HEALTH CARE - 3.5%
|
||||||||
|
Biotechnology - 0.7%
|
||||||||
|
Exscientia PLC - ADR(a)
|
2,000
|
11,440
|
||||||
|
MDxHealth SA(a)
|
16,925
|
43,836
|
||||||
|
55,276
|
||||||||
|
Health Care Equipment & Supplies - 1.7%
|
||||||||
|
Implantica AG(a)
|
43,000
|
125,738
|
||||||
|
$
|
–
|
|||||||
|
Health Care Technology - 0.8%
|
||||||||
|
Augmedix, Inc.(a)
|
14,183
|
58,009
|
||||||
|
$
|
–
|
|||||||
|
Pharmaceuticals - 0.3%
|
||||||||
|
Verona Pharma PLC - ADR(a)
|
1,416
|
22,783
|
||||||
|
TOTAL HEALTHCARE
|
261,806
|
|||||||
|
INDUSTRIALS - 26.4%
|
||||||||
|
Aerospace & Defense - 1.9%
|
||||||||
|
Bharat Electronics Ltd.
|
27,200
|
65,878
|
||||||
|
Hindustan Aeronautics Ltd.
|
1,800
|
72,030
|
||||||
|
137,908
|
||||||||
|
Building Products - 1.7%
|
||||||||
|
Munters Group AB
|
7,500
|
134,532
|
||||||
|
$
|
–
|
|||||||
|
Commercial Services & Supplies - 3.4%
|
||||||||
|
DO & CO AG
|
300
|
44,794
|
||||||
|
GFL Environmental, Inc.
|
6,250
|
215,625
|
||||||
|
260,419
|
||||||||
|
Construction & Engineering - 2.2%
|
||||||||
|
Ahluwalia Contracts India Ltd.
|
4,300
|
52,746
|
||||||
|
Larsen & Toubro Ltd.
|
2,494
|
112,802
|
||||||
|
165,548
|
||||||||
|
Electrical Equipment - 4.4%
|
||||||||
|
Amara Raja Energy & Mobility Ltd.
|
6,400
|
58,471
|
||||||
|
Triveni Turbine Ltd.
|
17,960
|
116,029
|
||||||
|
Voltamp Transformers Ltd.
|
1,453
|
168,797
|
||||||
|
343,297
|
||||||||
|
Ground Transportation - 2.6%
|
||||||||
|
Grupo Traxion SAB de CV(a)
|
43,000
|
80,134
|
||||||
|
TFI International, Inc.
|
700
|
111,622
|
||||||
|
191,756
|
||||||||
|
Machinery - 4.7%
|
||||||||
|
AIA Engineering Ltd.
|
830
|
38,936
|
||||||
|
Elgi Equipments Ltd.
|
5,900
|
42,628
|
||||||
|
Mitsubishi Heavy Industries Ltd.
|
8,000
|
72,507
|
||||||
|
MTAR Technologies Ltd.(a)
|
3,287
|
66,513
|
||||||
|
Silex Systems Ltd.(a)
|
4,000
|
13,369
|
||||||
|
Thermax Ltd.
|
1,100
|
55,453
|
||||||
|
VAT Group AG
|
110
|
56,825
|
||||||
|
346,231
|
||||||||
|
Trading Companies & Distributors - 5.5%
|
||||||||
|
FTAI Aviation Ltd.
|
1,561
|
105,055
|
||||||
|
Marubeni Corp.
|
18,300
|
316,949
|
||||||
|
422,004
|
||||||||
|
TOTAL INDUSTRIALS
|
2,001,695
|
|||||||
|
INFORMATION TECHNOLOGY - 22.4%
|
||||||||
|
Electronic Equipment, Instruments & Components - 2.2%
|
||||||||
|
Kaynes Technology India Ltd.(a)
|
1,800
|
62,369
|
||||||
|
Nayax Ltd.(a)
|
3,912
|
102,964
|
||||||
|
165,333
|
||||||||
|
Semiconductors & Semiconductor Equipment - 11.7%
|
||||||||
|
Alchip Technologies Ltd.
|
605
|
59,869
|
||||||
|
Alphawave IP Group PLC(a)
|
85,000
|
187,744
|
||||||
|
BE Semiconductor Industries NV
|
355
|
54,347
|
||||||
|
Camtek Ltd.(a)
|
1,570
|
131,519
|
||||||
|
Kokusai Electric Corp.
|
1,700
|
43,642
|
||||||
|
Micronics Japan Co. Ltd.
|
2,000
|
109,766
|
||||||
|
Renesas Electronics Corp.
|
3,900
|
69,501
|
||||||
|
Shibaura Mechatronics Corp.
|
1,800
|
76,317
|
||||||
|
SPEL Semiconductor Ltd.(a)
|
33,500
|
50,463
|
||||||
|
Technoprobe SpA(a)
|
5,700
|
51,744
|
||||||
|
WONIK IPS Co. Ltd.(a)
|
2,000
|
54,225
|
||||||
|
889,137
|
||||||||
|
Software - 5.9%
|
||||||||
|
Darktrace PLC(a)
|
10,500
|
57,956
|
||||||
|
NICE Ltd. - ADR(a)
|
440
|
114,673
|
||||||
|
Opera Ltd. - ADR
|
3,180
|
50,276
|
||||||
|
Pagaya Technologies Ltd. - Class A(a)
|
7,526
|
76,009
|
||||||
|
Sylogist Ltd.
|
7,000
|
44,856
|
||||||
|
Tata Elxsi Ltd.
|
500
|
46,781
|
||||||
|
Zoo Digital Group PLC(a)
|
121,000
|
54,063
|
||||||
|
444,614
|
||||||||
|
Technology Hardware, Storage & Peripherals - 2.6%
|
||||||||
|
Asia Vital Components Co. Ltd.
|
3,800
|
64,359
|
||||||
|
Wistron Corp.
|
33,000
|
124,313
|
||||||
|
188,672
|
||||||||
|
TOTAL INFORMATION TECHNOLOGY
|
1,687,756
|
|||||||
|
MATERIALS - 2.8%
|
||||||||
|
Metals & Mining - 2.8%
|
||||||||
|
Ferroglobe PLC
|
14,725
|
73,331
|
||||||
|
Pilbara Minerals Ltd.
|
27,000
|
67,377
|
||||||
|
Ratnamani Metals & Tubes Ltd.
|
2,031
|
68,194
|
||||||
|
208,902
|
||||||||
|
TOTAL MATERIALS
|
208,902
|
|||||||
|
REAL ESTATE - 3.5%
|
||||||||
|
Real Estate Management & Development - 3.5%
|
||||||||
|
Corp. Inmobiliaria Vesta SAB de CV
|
24,300
|
95,148
|
||||||
|
Lavvi Empreendimentos Imobiliarios SA
|
35,574
|
67,525
|
||||||
|
Tosei Corp.
|
6,400
|
101,479
|
||||||
|
264,152
|
||||||||
|
TOTAL REAL ESTATE
|
264,152
|
|||||||
|
TOTAL COMMON STOCKS (Cost $5,691,577)
|
6,681,925
|
|||||||
|
REAL ESTATE INVESTMENT TRUSTS (REITs) - 1.5%
|
Shares
|
Value
|
||||||
|
Diversified REITs - 0.6%
|
||||||||
|
Fibra Uno Administracion SAB de CV
|
29,200
|
48,569
|
||||||
|
$
|
–
|
|||||||
|
Industrial REITs - 0.9%
|
||||||||
|
FIBRA Macquarie Mexico
|
33,724
|
65,644
|
||||||
|
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $87,946)
|
114,213
|
|||||||
|
MUTUAL FUNDS - 1.3%
|
Shares
|
Value
|
||||||
|
Sprott Physical Uranium Trust(a)
|
4,643
|
95,785
|
||||||
|
TOTAL MUTUAL FUNDS (Cost $58,413)
|
95,785
|
|||||||
|
SHORT-TERM INVESTMENTS - 9.4%
|
||||||||
|
Money Market Funds - 9.4%
|
Shares
|
|||||||
|
First American Treasury Obligations Fund - Class X, 5.29%(b)
|
704,563
|
704,563
|
||||||
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $704,563)
|
704,563
|
|||||||
|
TOTAL INVESTMENTS - 100.8% (Cost
$6,542,499)
|
$
|
7,596,486
|
||||||
|
Liabilities in Excess of Other Assets - (0.8)%
|
(63,244
|
)
|
||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
7,533,242
|
||||||
|
Percentages are stated as a percent of net assets.
|
||||||||
|
SpA – Societa per azioni
PLC - Public Limited Company
NV - Naamloze Vennootschap
SA - Sociedad Anónima
SE – Sociedad del Estado
AG – Aktiengesellschaft
ADR - American Depositary Receipt
|
|
SAB de CV - Sociedad Anónima Bursátil de Capital Variable
|
|
ASA – Allmennaksjeselskap
|
|
AB – Publikt Aktiebolag
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
The rate shown represents the 7-day effective yield as of March 31, 2024.
|
|
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and
Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
|
|
|
Summary of Fair Value Measurements at March 31, 2024 (Unaudited)
|
|
|
|
|
||||
|
The Fund has adopted fair value accounting standards which establish an authoritative definition of
fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures
about the various inputs and valuation techniques used to develop the measurements of fair value,
|
||||||||
|
a discussion of changes in valuation techniques and related inputs during the period, and expanded
|
||||||||
|
disclosure of valuation levels for major security types. These inputs are summarized in the three
broad levels listed below:
|
||||||||
|
Level 1 -
|
Unadjusted, quoted prices in active markets for identical assets or liabilities that the Fund has the ability
to access at the date of measurement.
|
||||||||||
|
Level 2 -
|
Other significant observable inputs (including, but not limited to, quoted prices in active markets
for similar instruments, quoted prices in markets that are not active for identical or similar instruments
|
||||||||||
|
|
model-derived valuations in which all
|
||||||||||
|
|
significant inputs and significant value drivers are observable in active markets, such as interest rates,
prepayment speeds, credit risk curves, default rates, and similar data).
|
||||||||||
|
Level 3 -
|
Significant unobservable inputs for the asset or liability, to the extent relevant observable inputs,
are not available, are representing the Fund's own assumptions about the assumptions a market
|
||||||||||
|
|
participant would use in valuing the asset or liability, and would be based on the best information
available.
|
||||||||||
|
The inputs or methodology used for valuing securities are not an indication of the risk associated
with investing in those securities. The following is a summary of the fair valuation hierarchy of the Fund's
|
|||||||||||
|
securities as of March 31, 2024:
|
|||||||||||
|
Hood River International Opportunity Fund
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Assets:
|
||||||||||||||||
|
Common Stocks
|
2,848,750
|
3,833,175
|
–
|
6,681,925
|
||||||||||||
|
Real Estate Investment Trusts
|
–
|
114,213
|
–
|
114,213
|
||||||||||||
|
Mutual funds
|
95,785
|
–
|
–
|
95,785
|
||||||||||||
|
Money Market Funds
|
704,563
|
–
|
–
|
704,563
|
||||||||||||
|
Total Assets
|
3,649,098
|
3,947,388
|
–
|
7,596,486
|
||||||||||||
|
Refer to the Schedule of Investments for industry classifications.
|
||||||||||||||||