NPORT-EX 2 hj-soi.htm
   
Hardman Johnston International Growth Fund
  
Schedule of Investments
  
as of January 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 95.3%
  
Shares
    
Value
  
COMMUNICATION SERVICES - 5.2%
        
Deutsche Telekom AG
    
103,870
    
$
2,549,772
  
                 
CONSUMER DESCRETIONARY - 18.8%
          
LVMH Moet Hennessy Louis Vuitton SE
    
1,444
      
1,201,488
  
Melco Resorts & Entertainment Ltd. - ADR(a)
    
114,230
      
892,136
  
MercadoLibre, Inc.(a)
    
1,777
      
3,041,887
  
Prosus NV
    
75,669
      
2,251,270
  
Suzuki Motor Corp.
    
40,500
      
1,819,207
  
             
9,205,988
  
                 
ENERGY - 3.1%
          
TechnipFMC PLC
    
77,840
      
1,505,426
  
                 
FINANCIALS - 15.2%
          
AIA Group Ltd.
    
207,360
      
1,626,204
  
Dai-ichi Life Holdings, Inc.
    
57,500
      
1,261,134
  
HDFC Bank Ltd. - ADR
    
19,160
      
1,063,188
  
ICICI Bank Ltd. - ADR
    
54,310
      
1,325,164
  
Standard Chartered PLC
    
132,580
      
1,001,978
  
T&D Holdings, Inc.
    
68,500
      
1,134,275
  
             
7,411,943
  
                 
HEALTHCARE - 16.4%
          
Alkermes PLC(a)
    
45,700
      
1,236,185
  
AstraZeneca PLC
    
18,340
      
2,431,457
  
Genmab AS(a)
    
4,070
      
1,125,445
  
Grifols SA(a)
    
105,940
      
1,153,973
  
Novo Nordisk AS
    
18,460
      
2,110,060
  
             
8,057,120
  
                 
INDUSTRIALS - 22.2%
          
Airbus SE
    
16,345
      
2,603,517
  
Daifuku Co. Ltd.
    
67,975
      
1,340,467
  
Prysmian SpA
    
42,115
      
1,853,468
  
Rheinmetall AG
    
6,830
      
2,391,657
  
Safran SA
    
14,545
      
2,715,668
  
             
10,904,777
  
                 
INFORMATION TECHNOLOGY - 14.4%
          
ASML Holding NV
    
2,680
      
2,325,127
  
Atlassian Corp. - Class A(a)
    
4,882
      
1,219,377
  
Nordic Semiconductor ASA(a)
    
87,207
      
875,679
  
Taiwan Semiconductor Manufacturing Co. Ltd.
    
132,000
      
2,642,442
  
             
7,062,625
  
TOTAL COMMON STOCKS (Cost $40,233,761)
      
46,697,651
  
                 
SHORT-TERM INVESTMENTS - 6.8%
                
Money Market Funds - 6.8%
                
First American Government Obligations Fund - Class X, 5.23%(b)
    
3,323,752
      
3,323,752
  
TOTAL SHORT-TERM INVESTMENTS (Cost $3,323,752)
      
3,323,752
  
                 
TOTAL INVESTMENTS - 102.1% (Cost $43,557,513)
    
$
50,021,403
  
Liabilities in Excess of Other Assets - (2.1)%
      
(1,016,681
)
TOTAL NET ASSETS - 100.0%
          
$
49,004,722
  
               
Percentages are stated as a percent of net assets.
          
   
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.
  

AG – Aktiengesellschaft
SE - Societas Europea
ADR - American Depositary Receipt
PLC - Public Limited Company
AS – Aktieselskab
SA - Sociedad Anónima
SpA– Societa per azioni
NV – Naamloze Vennootschap
ASA – Allmennaksjeselskap

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day effective yield as of January 31, 2024.


Summary of Fair Value Measurements at January 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 January 31, 2024:

Hardman Johnston International Growth Fund
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks:
                        
        Communication Services
  
$
–
    
$
2,549,772
    
$
–
    
$
2,549,772
  
        Consumer Discretionary
    
6,185,293
      
3,020,695
      
–
      
9,205,988
  
        Energy
    
1,505,426
      
–
      
–
      
1,505,426
  
        Financials
    
2,388,352
      
5,023,591
      
–
      
7,411,943
  
        Health Care
    
1,236,185
      
6,820,935
      
–
      
8,057,120
  
        Industrials
    
–
      
10,904,777
      
–
      
10,904,777
  
        Information Technology
    
1,219,377
      
5,843,248
      
–
      
7,062,625
  
  Common Stocks - Total
  
$
12,534,633
    
$
34,163,018
    
$
–
    
$
46,697,651
  
  Money Market Funds
    
3,323,752
      
–
      
–
      
3,323,752
  
Total Assets
  
$
15,858,385
    
$
34,163,018
    
$
–
    
$
50,021,403