Hood River International Opportunity Fund
  
Schedule of Investments
  
March 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 97.7%
  
Shares
   
Value
 
Communication Services - 0.6%
        
Entertainment - 0.6%
            
CD Projekt SA
    
34,361
    
$
2,210,774
  
                 
Communications - 0.9%
          
IT Services - 0.9%
                
SharonAI Holdings, Inc. (a)(b)
    
137,538
      
3,126,239
  
                 
Consumer Discretionary - 10.9%
          
Automobile Components - 2.6%
                
Minth Group Ltd.
    
611,500
      
2,554,572
  
Schaeffler AG
    
384,301
      
3,209,968
  
WeRide, Inc. - ADR (a)(b)
    
392,036
      
3,171,571
  
             
8,936,111
  
Broadline Retail - 1.4%
                
Falabella SA
    
540,753
      
3,310,160
  
Jumia Technologies AG - ADR (a)(b)
    
254,782
      
1,757,996
  
             
5,068,156
  
Hotels, Restaurants & Leisure - 3.3%
                
Genius Sports Ltd. (a)
    
1,306,098
      
5,786,014
  
Super Group SGHC Ltd.
    
360,000
      
3,888,000
  
WEB Travel Group Ltd. (a)
    
1,001,697
      
1,842,585
  
             
11,516,599
  
Household Durables - 0.4%
                
Cury Construtora e Incorporadora SA
    
188,000
      
1,285,914
  
                 
Specialty Retail - 2.2%
                
ATRenew, Inc. - ADR (a)
    
360,669
      
1,691,537
  
Groupe Dynamite, Inc.
    
89,194
      
4,910,767
  
Sanrio Co. Ltd.
    
207,000
      
1,286,972
  
             
7,889,276
  
Textiles, Apparel & Luxury Goods - 1.0%
                
Canada Goose Holdings, Inc. (a)(b)
    
309,510
      
3,395,325
  
Total Consumer Discretionary
      
38,091,381
  
                 
Consumer Staples - 1.0%
          
Food Products - 1.0%
                
Samyang Foods Co. Ltd.
    
3,762
      
3,049,790
  
Winfarm SAS (a)
    
70,491
      
325,910
  
Total Consumer Staples
      
3,375,700
  
                 
Energy - 4.6%
          
Oil, Gas & Consumable Fuels - 4.6%
                
Cameco Corp.
    
62,655
      
6,804,959
  
Denison Mines Corp. (a)(b)
    
994,639
      
3,511,076
  
Energy Fuels, Inc. (a)(b)
    
148,461
      
2,709,413
  
Secure Waste Infrastructure Corp. (a)
    
190,923
      
2,996,082
  
Total Energy
      
16,021,530
  
                 
Financials - 9.2%
          
Banks - 3.5%
                
Banco BPM SpA
    
91,702
      
1,275,626
  
BPER Banca SPA
    
93,351
      
1,223,391
  
Credicorp Ltd.
    
11,134
      
3,776,430
  
Credito Emiliano SpA
    
54,850
      
929,545
  
Grupo Cibest SA - ADR
    
68,761
      
5,006,488
  
             
12,211,480
  
Capital Markets - 4.3%
                
Angel One Ltd.
    
1,458,072
      
3,561,222
  
IP Group PLC (a)
    
3,594,311
      
2,529,091
  
KIWOOM Securities Co. Ltd.
    
5,143
      
1,378,384
  
Meitav Investment House Ltd.
    
71,200
      
2,518,084
  
Pensionbee Group PLC (a)
    
719,514
      
1,345,882
  
Plus500 Ltd.
    
69,288
      
3,752,605
  
             
15,085,268
  
Financial Services - 1.1%
                
Boku, Inc. (a)(c)
    
510,000
      
1,110,428
  
Wise PLC - Class A (a)
    
222,206
      
2,675,829
  
             
3,786,257
  
Insurance - 0.3%
                
Revo Insurance SpA
    
40,000
      
1,093,439
  
Total Financials
      
32,176,444
  
                 
Health Care - 4.0%
          
Health Care Equipment & Supplies - 3.8%
                
Establishment Labs Holdings, Inc. (a)
    
87,179
      
4,950,024
  
Implantica AG (a)
    
319,967
      
1,519,283
  
SS Innovations International, Inc. (a)
    
833,333
      
4,166,665
  
Xvivo Perfusion AB (a)
    
109,700
      
2,705,526
  
             
13,341,498
  
Health Care Technology - 0.2%
                
Craneware PLC
    
30,769
      
541,650
  
Total Health Care
      
13,883,148
  
                 
Industrials - 34.2% (d)
          
Aerospace & Defense - 6.5%
                
A2Z Cust2Mate Solutions Corp. (a)(b)
    
355,459
      
2,370,912
  
Avio SpA
    
103,092
      
4,002,317
  
Electro Optic Systems Holdings Ltd. (a)
    
667,951
      
3,751,905
  
Gabler Group AG (a)
    
49,115
      
2,412,719
  
Hanwha Systems Co. Ltd.
    
59,235
      
4,638,144
  
MDA Space Ltd. (a)
    
84,687
      
2,144,275
  
Theon International PLC
    
48,000
      
1,735,156
  
Vincorion SE (a)
    
88,452
      
1,659,318
  
             
22,714,746
  
Building Products - 1.9%
                
KRN Heat Exchanger And Refrigeration Ltd. (a)
    
492,589
      
4,511,036
  
TOTO Ltd.
    
62,000
      
2,049,803
  
             
6,560,839
  
Commercial Services & Supplies - 2.7%
                
GFL Environmental, Inc. (b)
    
66,108
      
2,758,026
  
Japan Elevator Service Holdings Co. Ltd.
    
195,000
      
2,016,408
  
Orizon Valorizacao de Residuos SA (a)
    
340,929
      
4,690,213
  
             
9,464,647
  
Construction & Engineering - 7.0%
                
Dai-Dan Co. Ltd.
    
395,000
      
6,785,578
  
Kandenko Co. Ltd.
    
208,000
      
7,899,759
  
Maas Group Holdings Ltd.
    
1,605,615
      
4,818,720
  
Sanki Engineering Co. Ltd.
    
114,700
      
4,983,091
  
             
24,487,148
  
Electrical Equipment - 7.1%
                
Fujikura Ltd.
    
210,000
      
5,775,427
  
HD Hyundai Electric Co. Ltd.
    
4,898
      
2,775,638
  
Hyosung Heavy Industries Corp.
    
3,889
      
6,566,855
  
Rosebank Industries PLC (a)
    
841,651
      
3,509,107
  
Siemens Energy AG
    
36,553
      
6,303,580
  
             
24,930,607
  
Machinery - 7.3%
                
Anhui Yingliu Electromechanical Co. Ltd. - Class A
    
471,100
      
4,270,442
  
Circus SE (a)
    
266,402
      
1,816,778
  
IHI Corp.
    
312,000
      
6,437,498
  
Japan Steel Works Ltd.
    
15,300
      
842,783
  
Leader Harmonious Drive Systems Co. Ltd. - Class A
    
62,000
      
1,712,419
  
Mitsubishi Heavy Industries Ltd.
    
123,000
      
3,379,629
  
Union Tool Co.
    
43,800
      
3,781,120
  
Wartsila OYJ Abp
    
84,885
      
3,161,811
  
             
25,402,480
  
Professional Services - 0.5%
                
Chrysos Corp. Ltd. (a)
    
320,000
      
1,569,775
  
                 
Trading Companies & Distributors - 1.2%
                
Zedcor, Inc. (a)
    
1,191,493
      
4,171,210
  
Total Industrials
      
119,301,452
  
                 
Information Technology - 25.6% (d)
          
Communications Equipment - 1.5%
                
Filtronic PLC (a)
    
1,349,266
      
3,430,992
  
Parrot SA (a)
    
157,000
      
1,786,822
  
             
5,217,814
  
Electronic Equipment, Instruments & Components - 6.6%
                
Jenoptik AG
    
121,278
      
4,079,420
  
Kitron ASA
    
420,788
      
4,061,798
  
Kraken Robotics, Inc. (a)
    
652,494
      
3,752,392
  
Lens Technology Co. Ltd. - Class H
    
427,000
      
1,119,395
  
Maruwa Co. Ltd.
    
4,900
      
1,730,562
  
Next Vision Stabilized Systems Ltd.
    
38,726
      
3,756,458
  
Taiwan Union Technology Corp.
    
246,000
      
4,592,135
  
             
23,092,160
  
IT Services - 5.1%
                
Applied Digital Corp. (a)(b)
    
626,507
      
14,873,276
  
Indra Sistemas SA
    
53,282
      
2,977,968
  
             
17,851,244
  
Semiconductors & Semiconductor Equipment - 11.2%
                
AIXTRON SE
    
260,613
      
10,169,278
  
ASE Technology Holding Co. Ltd.
    
423,000
      
4,655,608
  
BE Semiconductor Industries NV
    
31,630
      
6,774,985
  
King Yuan Electronics Co. Ltd.
    
351,000
      
3,002,522
  
Kioxia Holdings Corp. (a)
    
38,000
      
4,962,804
  
Sequans Communications SA - ADR (a)
    
22,429
      
56,746
  
Shibaura Mechatronics Corp.
    
147,300
      
3,918,005
  
Suzhou Maxwell Technologies Co. Ltd. - Class A
    
53,300
      
1,791,625
  
Tower Semiconductor Ltd. (a)
    
21,659
      
3,800,721
  
             
39,132,294
  
Software - 1.2%
                
IREN Ltd. (a)(b)
    
114,065
      
3,910,148
  
Total Information Technology
      
89,203,660
  
                 
Materials - 6.7%
          
Chemicals - 2.0%
                
MEC Co. Ltd.
    
164,500
      
6,880,092
  
                 
Construction Materials - 0.8%
                
Heidelberg Materials AG
    
13,551
      
2,859,769
  
                 
Metals & Mining - 3.9%
                
Almonty Industries, Inc. (a)(b)
    
600,221
      
8,691,200
  
IperionX Ltd. (a)
    
180,000
      
454,268
  
Ucore Rare Metals, Inc. (a)
    
1,079,975
      
4,347,538
  
             
13,493,006
  
Total Materials
      
23,232,867
  
TOTAL COMMON STOCKS (Cost $286,702,575)
      
340,623,195
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.9%
  
Units
   
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (e)
    
23,940,417
      
23,940,417
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $23,940,417)
      
23,940,417
  
                 
MONEY MARKET FUNDS - 3.7%
  
Shares
   
Value
 
First American Treasury Obligations Fund - Class X, 3.59% (e)
    
13,043,645
      
13,043,645
  
TOTAL MONEY MARKET FUNDS (Cost $13,043,645)
      
13,043,645
  
                 
TOTAL INVESTMENTS - 108.3% (Cost $323,686,637)
      
377,607,257
  
Liabilities in Excess of Other Assets - (8.3)%
      
(28,788,101
)
TOTAL NET ASSETS - 100.0%
          
$
348,819,156
  
                 
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. (“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.
          

ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $25,785,991.
(c)
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 March 31, 2026, the value of these securities total $1,110,428 or 0.3% of the Fund’s 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 yield as of March 31, 2026.
Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
 
Hood River International Opportunity Fund (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2026:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
140,687,788
    
$
199,935,407
    
$
–
    
$
340,623,195
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
23,940,417
  
  Money Market Funds
    
13,043,645
      
–
      
–
      
13,043,645
  
Total Investments
  
$
153,731,433
    
$
199,935,407
    
$
–
    
$
377,607,257
  
   
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 $23,940,417 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.