NPORT-EX 2 intl-opp.htm

Hood River International Opportunity Fund
  
Schedule of Investments
  
September 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 97.2%
  
Shares
    
Value
  
CONSUMER DISCRETIONARY - 11.4%
        
Automobile Components - 2.9%
            
MRF Ltd.
    
161
    
$
266,015
  
Sumitomo Electric Industries Ltd.
    
9,900
      
160,753
  
Sumitomo Rubber Industries Ltd.
    
4,900
      
53,913
  
             
480,681
  
Broadline Retail - 0.5%
                
Jumia Technologies AG - ADR (a)
    
14,706
      
78,530
  
           
$
–
  
Hotels, Restaurants & Leisure - 6.4%
                
Basic-Fit NV (a)(b)
    
2,459
      
64,126
  
Codere Online Luxembourg SA (a)
    
15,537
      
124,141
  
Despegar.com Corp. (a)
    
15,711
      
194,816
  
eDreams ODIGEO SA (a)
    
11,951
      
90,595
  
Genius Sports Ltd. (a)
    
66,959
      
524,959
  
HomeToGo SE (a)
    
30,559
      
63,781
  
             
1,062,418
  
Household Durables - 0.4%
                
Nikon Corp.
    
7,400
      
76,642
  
           
$
–
  
Leisure Products - 0.3%
                
Yonex Co. Ltd.
    
3,300
      
49,049
  
                 
Management of Companies and Enterprises - 0.9%
Viking Holdings Ltd. ORD SHS (a)
    
4,166
      
145,352
  
TOTAL CONSUMER DISCRETIONARY
      
1,892,672
  
                 
CONSUMER STAPLES - 4.9%
          
Consumer Staples Distribution & Retail - 2.1%
                
BBB Foods, Inc. - Class A (a)
    
5,387
      
161,610
  
Redcare Pharmacy NV (a)(b)
    
1,239
      
179,623
  
             
341,233
  
Food Products - 0.7%
                
LT Foods Ltd.
    
26,073
      
123,955
  
           
$
–
  
Personal Care Products - 2.1%
                
Oddity Tech Ltd. - Class A (a)
    
4,368
      
176,380
  
Warpaint London PLC
    
23,004
      
175,920
  
             
352,300
  
TOTAL CONSUMER STAPLES
      
817,488
  
                 
ENERGY - 8.1%
          
Oil, Gas & Consumable Fuels - 8.1%
                
Cameco Corp.
    
5,248
      
250,644
  
Denison Mines Corp. (a)
    
151,512
      
277,267
  
Great Eastern Shipping Co. Ltd.
    
21,581
      
309,583
  
NexGen Energy Ltd. (a)
    
36,281
      
236,915
  
Secure Energy Services, Inc.
    
29,821
      
269,667
  
             
1,344,076
  
TOTAL ENERGY
      
1,344,076
  
                 
FINANCIALS - 9.3%
          
Banks - 3.0%
                
Banco BBVA Argentina SA - ADR
    
11,026
      
114,340
  
Banco Macro SA - ADR
    
1,993
      
126,556
  
Grupo Financiero Galicia SA - ADR
    
3,994
      
168,107
  
Sumitomo Mitsui Trust Holdings, Inc.
    
3,500
      
83,772
  
             
492,775
  
Capital Markets - 1.1%
                
Plus500 Ltd.
    
5,579
      
186,770
  
           
$
–
  
Consumer Finance - 2.3%
                
Sundaram Finance Ltd.
    
6,127
      
384,730
  
           
$
–
  
Insurance - 2.9%
                
Just Group PLC
    
148,560
      
276,476
  
Revo Insurance SpA
    
19,810
      
210,492
  
             
486,968
  
TOTAL FINANCIALS
      
1,551,243
  
                 
HEALTH CARE - 5.7%
          
Biotechnology - 0.5%
                
MoonLake Immunotherapeutics (a)(c)
    
1,798
      
90,655
  
           
$
–
  
Health Care Equipment & Supplies - 2.1%
                
Establishment Labs Holdings, Inc. (a)
    
1,760
      
76,155
  
Implantica AG (a)
    
65,944
      
278,883
  
             
355,038
  
Health Care Technology - 1.8%
                
Craneware PLC
    
6,271
      
167,681
  
kneat.com, inc. (a)
    
36,299
      
125,340
  
             
293,021
  
Pharmaceuticals - 1.3%
                
Dr Reddy's Laboratories Ltd.
    
1,780
      
143,286
  
Verona Pharma PLC - ADR (a)
    
2,679
      
77,075
  
             
220,361
  
TOTAL HEALTH CARE
      
959,075
  
                 
INDUSTRIALS - 32.9%(d)
          
Aerospace & Defense - 4.2%
                
Bharat Electronics Ltd.
    
66,701
      
227,266
  
Bombardier, Inc. - Class B (a)
    
3,099
      
235,807
  
Hindustan Aeronautics Ltd.
    
4,418
      
233,128
  
             
696,201
  
Building Products - 2.6%
                
Munters Group AB (b)
    
13,758
      
314,492
  
Nitto Boseki Co. Ltd.
    
2,800
      
116,412
  
             
430,904
  
Commercial Services & Supplies - 4.9%
                
DO & CO AG (a)
    
1,290
      
194,717
  
GFL Environmental, Inc.
    
11,620
      
463,406
  
ION Exchange India Ltd.
    
21,000
      
159,881
  
             
818,004
  
Construction & Engineering - 2.8%
                
Ahluwalia Contracts India Ltd.
    
8,835
      
120,799
  
Larsen & Toubro Ltd.
    
6,121
      
268,427
  
Thyssenkrupp Nucera AG & Co. KGaA (a)(b)
    
7,855
      
82,045
  
             
471,271
  
Electrical Equipment - 8.6%
                
CG Power & Industrial Solutions Ltd.
    
18,089
      
163,715
  
HD Hyundai Electric Co. Ltd.
    
691
      
174,111
  
Legrand SA
    
1,521
      
175,228
  
Triveni Turbine Ltd.
    
44,042
      
359,033
  
Voltamp Transformers Ltd.
    
3,565
      
560,882
  
             
1,432,969
  
Ground Transportation - 1.1%
                
TFI International, Inc.
    
1,312
      
179,600
  
           
$
–
  
Machinery - 7.4%
                
AIA Engineering Ltd.
    
1,708
      
88,450
  
Alfa Laval AB
    
2,485
      
119,469
  
Cummins India Ltd.
    
4,447
      
202,186
  
Elgi Equipments Ltd.
    
12,117
      
98,326
  
Kornit Digital Ltd. (a)
    
6,983
      
180,406
  
Kurita Water Industries Ltd.
    
2,200
      
95,188
  
Mitsubishi Heavy Industries Ltd.
    
5,800
      
86,675
  
Pentair PLC
    
1,381
      
135,048
  
Silex Systems Ltd. (a)
    
5,823
      
17,359
  
Thermax Ltd.
    
2,262
      
137,380
  
VAT Group AG (b)
    
159
      
81,312
  
             
1,241,799
  
Trading Companies & Distributors - 1.3%
                
FTAI Aviation Ltd.
    
1,627
      
216,228
  
TOTAL INDUSTRIALS
      
5,486,976
  
                 
INFORMATION TECHNOLOGY - 13.6%
          
Electronic Equipment, Instruments & Components - 5.0%
                
Fabrinet (a)
    
1,565
      
370,028
  
Jeol Ltd.
    
2,000
      
78,353
  
Kaynes Technology India Ltd. (a)
    
3,699
      
239,284
  
Nayax Ltd. (a)
    
5,772
      
148,052
  
             
835,717
  
IT Services - 3.6%
                
Applied Digital Corp. (a)(c)
    
71,875
      
592,969
  
           
$
–
  
Semiconductors & Semiconductor Equipment - 2.2%
                
Alphawave IP Group PLC (a)
    
155,899
      
217,519
  
BE Semiconductor Industries NV
    
519
      
66,194
  
Shibaura Mechatronics Corp.
    
1,600
      
88,486
  
             
372,199
  
Software - 2.8%
                
JFrog Ltd. (a)
    
5,970
      
173,369
  
Sylogist Ltd.
    
10,187
      
85,039
  
Zoo Digital Group PLC (a)
    
413,891
      
199,207
  
             
457,615
  
TOTAL INFORMATION TECHNOLOGY
      
2,258,500
  
                 
MATERIALS - 4.8%
          
Chemicals - 1.5%
                
Kemira OYJ
    
10,052
      
250,866
  
           
$
–
  
Metals & Mining - 3.3%
                
Ferroglobe PLC (c)
    
22,614
      
104,929
  
Jindal Saw Ltd.
    
30,655
      
272,348
  
Vedanta Ltd.
    
28,510
      
174,225
  
             
551,502
  
TOTAL MATERIALS
      
802,368
  
                 
REAL ESTATE - 0.5%
          
Real Estate Management & Development - 0.5%
                
Tosei Corp.
    
5,800
      
93,396
  
TOTAL REAL ESTATE
            
93,396
  
                 
UTILITIES - 6.0%
          
Electric Utilities - 1.9%
                
Korea Electric Power Corp. (a)
    
10,322
      
161,320
  
Kyushu Electric Power Co., Inc.
    
15,000
      
163,987
  
             
325,307
  
Independent Power and Renewable Electricity Producers - 1.2%
                
Capital Power Corp.
    
5,312
      
193,124
  
           
$
–
  
Multi-Utilities - 1.3%
                
Veolia Environnement SA
    
6,429
      
211,664
  
           
$
–
  
Water Utilities - 1.6%
                
VA Tech Wabag Ltd. (a)
    
14,715
      
265,634
  
TOTAL UTILITIES
      
995,729
  
TOTAL COMMON STOCKS (Cost $14,188,354)
      
16,201,523
  
                 
CLOSED END INVESTMENT TRUSTS - 1.3%
  
Shares
    
Value
  
Sprott Physical Uranium Trust (a)
    
11,127
      
215,085
  
TOTAL CLOSED END INVESTMENT TRUSTS (Cost $196,369)
      
215,085
  
                 
PREFERRED STOCKS - 0.5%
  
Shares
    
Value
  
CONSUMER DISCRETIONARY - 0.5%
          
Specialty Retail - 0.5%
                
Track & Field Co. SA 0.00%,
    
41,283
      
80,100
  
TOTAL PREFERRED STOCKS (Cost $86,560)
      
80,100
  
                 
SHORT-TERM INVESTMENTS - 7.7%
                
Investments Purchased with Proceeds from Securities Lending - 4.4%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (e)
    
732,194
      
732,194
  
                 
Money Market Funds - 3.3%
  
Shares
          
First American Treasury Obligations Fund - Class X, 4.79% (e)
    
548,955
      
548,955
  
TOTAL SHORT-TERM INVESTMENTS (Cost $1,281,149)
      
1,281,149
  
                 
TOTAL INVESTMENTS - 106.7% (Cost $15,752,432)
      
17,777,857
  
Liabilities in Excess of Other Assets - (6.7)%
      
(1,123,403
)
TOTAL NET ASSETS - 100.0%
          
$
16,654,454
  
                 
Percentages are stated as a percent of net assets.
          

AG - Aktiengesellschaft
ADR - American Depositary Receipt
NV - Naamloze Vennootschap
SA - Sociedad Anónima
SE - Societas Europeae
PLC – Public Limited Company
SpA - Societa per Azioni
AB – Aktiebolag
KGaA - Kommanditgesellschaft auf Aktien
OYJ - Julkinen Asakeyhtio

(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 September 30, 2024, the value of these securities total $721,598 or 4.3% of the Fund’s net assets.
(c)
All or a portion of this security is on loan as of September 30, 2024. The total market value of these securities was $712,577 which represented 4.3% of net assets.
(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.
(e)
The rate shown represents the 7-day annualized effective yield as of September 30, 2024.

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.


Summary of Fair Value Disclosure as of September 30, 2024 (Unaudited)
 
Hood River International Opportunity Fund has adopted authoritative 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. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, 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 following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2024:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
8,476,320
    
$
7,725,203
    
$
–
    
$
16,201,523
  
  Closed End Investment Trusts
    
215,085
      
–
      
–
      
215,085
  
  Preferred Stocks
    
80,100
      
–
      
–
      
80,100
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
732,194
  
  Money Market Funds
    
548,955
      
–
      
–
      
548,955
  
Total Investments
  
$
9,320,460
    
$
7,725,203
    
$
–
    
$
17,777,857
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $732,194 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.