NPORT-EX 2 hr-iof.htm
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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
REIT – Real Estate Investmnet Trust
   
(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.