Hood River New Opportunities Fund
  
Schedule of Investments
  
March 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 95.8%
  
Shares
   
Value
 
Communication Services - 1.6%
        
Entertainment - 1.1%
            
Take-Two Interactive Software, Inc. (a)
    
36,940
    
$
7,295,650
  
                 
Interactive Media & Services - 0.5%
                
Reddit, Inc. - Class A (a)
    
24,653
      
3,319,526
  
Total Communication Services
      
10,615,176
  
                 
Consumer Discretionary - 7.7%
          
Broadline Retail - 0.7%
                
Ollie's Bargain Outlet Holdings, Inc. (a)
    
47,916
      
4,410,189
  
                 
Hotels, Restaurants & Leisure - 3.8%
                
Cava Group, Inc. (a)(b)
    
74,774
      
6,049,217
  
DraftKings, Inc. - Class A (a)
    
141,312
      
3,055,165
  
Genius Sports Ltd. (a)
    
333,641
      
1,478,030
  
Kura Sushi USA, Inc. - Class A (a)(b)
    
54,223
      
3,784,223
  
Rush Street Interactive, Inc. (a)
    
365,235
      
7,943,861
  
Viking Holdings Ltd. (a)
    
35,679
      
2,621,693
  
             
24,932,189
  
Household Durables - 1.0%
                
SharkNinja, Inc. (a)(b)
    
61,356
      
6,497,600
  
                 
Specialty Retail - 1.6%
                
Bob's Discount Furniture, Inc. (a)(b)
    
298,155
      
3,503,321
  
Camping World Holdings, Inc. - Class A
    
242,499
      
1,656,268
  
Five Below, Inc. (a)
    
14,502
      
3,313,417
  
Signet Jewelers Ltd.
    
30,002
      
2,539,370
  
             
11,012,376
  
Textiles, Apparel & Luxury Goods - 0.6%
                
Ralph Lauren Corp.
    
11,799
      
4,058,738
  
Total Consumer Discretionary
      
50,911,092
  
                 
Consumer Staples - 0.7%
          
Beverages - 0.4%
                
Celsius Holdings, Inc. (a)
    
68,682
      
2,436,838
  
                 
Food Products - 0.3%
                
Freshpet, Inc. (a)
    
3,593
      
211,843
  
Once Upon a Farm PBC (a)(b)
    
132,457
      
2,165,672
  
             
2,377,515
  
Total Consumer Staples
      
4,814,353
  
                 
Energy - 3.1%
          
Energy Equipment & Services - 0.5%
                
WaterBridge Infrastructure LLC - Class A
    
41,776
      
1,119,179
  
X-Energy Reactor Company, LLC (a)(c)
    
137,586
      
2,000,005
  
             
3,119,184
  
Oil, Gas & Consumable Fuels - 2.6%
                
Antero Resources Corp. (a)
    
146,523
      
6,218,436
  
Comstock, Inc. (a)(b)
    
1,806,079
      
5,508,541
  
Expand Energy Corp.
    
23,863
      
2,619,680
  
Ur-Energy, Inc. (a)
    
1,959,582
      
2,919,777
  
             
17,266,434
  
Total Energy
      
20,385,618
  
                 
Financials - 9.0%
          
Banks - 2.0%
                
Customers Bancorp, Inc. (a)
    
78,568
      
5,453,405
  
Texas Capital Bancshares, Inc. (a)
    
33,050
      
3,135,784
  
WesBanco, Inc.
    
129,077
      
4,451,866
  
             
13,041,055
  
Consumer Finance - 4.7%
                
Dave, Inc. (a)
    
101,938
      
17,746,386
  
FirstCash Holdings, Inc.
    
70,998
      
13,347,624
  
             
31,094,010
  
Insurance - 2.3%
                
Hippo Holdings, Inc. (a)
    
192,485
      
5,016,159
  
Palomar Holdings, Inc. (a)
    
26,688
      
3,189,216
  
Slide Insurance Holdings, Inc. (a)
    
397,898
      
7,162,164
  
             
15,367,539
  
Total Financials
      
59,502,604
  
                 
Health Care - 21.0%
          
Biotechnology - 12.5%
                
Arrowhead Pharmaceuticals, Inc. (a)
    
55,397
      
3,473,392
  
Bridgebio Pharma, Inc. (a)
    
65,746
      
4,882,298
  
Corvus Pharmaceuticals, Inc. (a)
    
62,321
      
911,756
  
Insmed, Inc. (a)
    
88,575
      
14,483,784
  
Krystal Biotech, Inc. (a)
    
35,627
      
9,203,167
  
Madrigal Pharmaceuticals, Inc. (a)
    
13,307
      
6,965,815
  
Mirum Pharmaceuticals, Inc. (a)(b)
    
17,674
      
1,632,724
  
Neurocrine Biosciences, Inc. (a)
    
44,018
      
5,798,931
  
Nuvalent, Inc. - Class A (a)(b)
    
26,187
      
2,682,858
  
Praxis Precision Medicines, Inc. (a)
    
23,176
      
7,467,076
  
Protagonist Therapeutics, Inc. (a)(b)
    
48,230
      
5,083,442
  
PTC Therapeutics, Inc. (a)
    
99,058
      
6,748,822
  
Rhythm Pharmaceuticals, Inc. (a)(b)
    
13,192
      
1,147,308
  
Scholar Rock Holding Corp. (a)(b)
    
127,834
      
6,284,319
  
Soleno Therapeutics, Inc. (a)
    
33,778
      
1,130,888
  
Syndax Pharmaceuticals, Inc. (a)
    
153,949
      
3,596,249
  
TG Therapeutics, Inc. (a)
    
38,851
      
1,290,630
  
             
82,783,459
  
Health Care Equipment & Supplies - 4.7%
                
AtriCure, Inc. (a)
    
181,394
      
5,175,171
  
Butterfly Network, Inc. (a)
    
2,747,417
      
11,099,564
  
Enovis Corp. (a)
    
99,770
      
2,269,767
  
Kestra Medical Technologies Ltd. (a)(b)
    
205,946
      
4,104,504
  
LivaNova PLC (a)
    
31,209
      
1,983,644
  
MiniMed Group, Inc. (a)(b)
    
92,940
      
1,386,665
  
Senseonics Holdings, Inc. (a)(b)
    
59,383
      
395,491
  
TransMedics Group, Inc. (a)(b)
    
43,556
      
4,329,902
  
             
30,744,708
  
Health Care Providers & Services - 2.9%
                
Ensign Group, Inc.
    
15,425
      
3,108,137
  
Guardant Health, Inc. (a)
    
94,226
      
8,703,656
  
National HealthCare Corp.
    
17,691
      
2,825,253
  
RadNet, Inc. (a)
    
82,515
      
4,611,763
  
             
19,248,809
  
Pharmaceuticals - 0.9%
                
Axsome Therapeutics, Inc. (a)(b)
    
23,987
      
4,054,283
  
Crinetics Pharmaceuticals, Inc. (a)
    
53,426
      
1,940,432
  
             
5,994,715
  
Total Health Care
      
138,771,691
  
                 
Industrials - 28.7% (d)
          
Aerospace & Defense - 5.8%
                
Axon Enterprise, Inc. (a)
    
7,020
      
2,981,324
  
Curtiss-Wright Corp.
    
4,964
      
3,381,079
  
FTAI Aviation Ltd.
    
28,248
      
6,920,760
  
Karman Holdings, Inc. (a)(b)
    
44,296
      
3,545,895
  
Kratos Defense & Security Solutions, Inc. (a)
    
151,616
      
10,690,444
  
Rocket Lab Corp. (a)
    
89,931
      
5,775,369
  
VSE Corp.
    
19,792
      
3,649,645
  
York Space Systems, Inc. (a)
    
60,514
      
1,341,595
  
             
38,286,111
  
Commercial Services & Supplies - 1.2%
                
GFL Environmental, Inc. (b)
    
196,478
      
8,197,062
  
                 
Construction & Engineering - 8.0%
                
API Group Corp. (a)
    
149,382
      
6,052,959
  
Comfort Systems USA, Inc.
    
16,779
      
23,138,073
  
MasTec, Inc. (a)
    
64,744
      
20,830,735
  
Solv Energy, Inc. - Class A (a)
    
98,871
      
2,969,096
  
             
52,990,863
  
Electrical Equipment - 5.4%
                
American Superconductor Corp. (a)
    
127,029
      
4,299,932
  
Amprius Technologies, Inc. (a)(b)
    
302,263
      
5,096,154
  
Babcock & Wilcox Enterprises, Inc. (a)
    
738,480
      
10,848,271
  
Bloom Energy Corp. - Class A (a)
    
102,980
      
13,952,760
  
LSI Industries, Inc.
    
99,604
      
1,852,635
  
             
36,049,752
  
Ground Transportation - 3.6%
                
Knight-Swift Transportation Holdings, Inc.
    
169,257
      
9,745,818
  
XPO, Inc. (a)
    
71,038
      
13,820,443
  
             
23,566,261
  
Machinery - 2.2%
                
ESCO Technologies, Inc.
    
19,562
      
5,504,160
  
Symbotic, Inc. (a)(b)
    
166,315
      
8,847,958
  
             
14,352,118
  
Marine Transportation - 0.6%
                
Kirby Corp. (a)
    
29,280
      
3,890,726
  
                 
Trading Companies & Distributors - 1.9%
                
QXO, Inc. (a)
    
490,515
      
9,525,801
  
Xometry, Inc. - Class A (a)(b)
    
79,991
      
3,266,833
  
             
12,792,634
  
Total Industrials
      
190,125,527
  
                 
Information Technology - 21.2%
          
Aerospace & Defense - 0.4%
                
Red Cat Holdings, Inc. (a)(b)
    
195,072
      
2,553,493
  
                 
Communications Equipment - 3.4%
                
Lumentum Holdings, Inc. (a)(b)
    
15,464
      
10,867,481
  
Ondas Holdings, Inc. (a)(b)
    
1,284,754
      
11,614,176
  
             
22,481,657
  
Electronic Equipment, Instruments & Components - 1.2%
                
Fabrinet (a)
    
5,860
      
3,056,107
  
LightPath Technologies, Inc. - Class A (a)
    
291,669
      
2,925,440
  
Unusual Machines, Inc. /US (a)
    
141,575
      
1,755,530
  
             
7,737,077
  
IT Services - 7.6%
                
Applied Digital Corp. (a)(b)
    
1,313,316
      
31,178,122
  
DigitalOcean Holdings, Inc. (a)(b)
    
223,013
      
19,130,055
  
             
50,308,177
  
Semiconductors & Semiconductor Equipment - 5.5%
                
Lattice Semiconductor Corp. (a)
    
81,221
      
7,534,060
  
MKS, Inc.
    
21,836
      
5,018,131
  
Rambus, Inc. (a)(b)
    
55,950
      
4,813,378
  
Semtech Corp. (a)
    
142,481
      
10,955,364
  
Sequans Communications SA - ADR (a)
    
26,543
      
67,154
  
Teradyne, Inc.
    
27,917
      
8,276,274
  
             
36,664,361
  
Software - 3.1%
                
ACI Worldwide, Inc. (a)
    
125,800
      
5,159,058
  
Hut 8 Corp. (a)
    
142,597
      
6,689,225
  
Pegasystems, Inc.
    
61,626
      
2,622,802
  
Unity Software, Inc. (a)
    
281,123
      
6,167,839
  
             
20,638,924
  
Total Information Technology
      
140,383,689
  
                 
Materials - 1.3%
          
Chemicals - 0.3%
                
DuPont de Nemours, Inc.
    
39,964
      
1,830,351
  
                 
Metals & Mining - 1.0%
                
Almonty Industries, Inc. (a)
    
257,055
      
3,722,156
  
USA Rare Earth, Inc. (a)
    
190,419
      
2,881,992
  
             
6,604,148
  
Total Materials
      
8,434,499
  
                 
Utilities - 1.5%
          
Electric Utilities - 1.5%
                
NRG Energy, Inc.
    
54,993
      
8,036,677
  
Oklo, Inc. (a)(b)
    
37,945
      
1,881,693
  
Total Utilities
      
9,918,370
  
TOTAL COMMON STOCKS (Cost $563,096,009)
      
633,862,619
  
                 
WARRANTS - 0.6%
  
Contracts
   
Value
 
Ekso Bionics Holdings Inc., Expires 01/21/2031, Exercise Price $8.22 (a)(c)
    
177,980
      
-
  
Ekso Bionics Holdings Inc., Expires 01/21/2031, Exercise Price $8.22 (a)(c)
    
2,926
      
3,790,984
  
TOTAL WARRANTS (Cost $2,926,000)
      
3,790,984
  
                 
RIGHTS - 0.0% (f)
  
Contracts
   
Value
 
Health Care - 0.0% (f)
          
Pharmaceuticals — 0.0% (f)
          
Novo Nordisk AS, Exercise Price $0.00 (a)(c)
    
20,805
      
-
  
TOTAL RIGHTS (Cost $-)
      
-
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 15.7%
  
Units
   
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (g)
    
104,272,756
      
104,272,756
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $104,272,756)
      
104,272,756
  
                 
MONEY MARKET FUNDS - 3.3%
  
Shares
   
Value
 
First American Treasury Obligations Fund - Class X, 3.59% (g)
    
21,603,266
      
21,603,266
  
TOTAL MONEY MARKET FUNDS (Cost $21,603,266)
      
21,603,266
  
                 
TOTAL INVESTMENTS - 115.4% (Cost $691,898,031)
      
763,529,625
  
Liabilities in Excess of Other Assets - (15.4)%
      
(101,675,812
)
TOTAL NET ASSETS - 100.0%
          
$
661,853,813
  
                 
Percentages are stated as a percent of net assets.
          

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 $112,368,985.
(c)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $5,790,989 or 0.9% of net assets as of March 31, 2026.
(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)
All or some of the shares of the security were acquired through a private investment in public equity (PIPE) transaction. Security may be subject
to legal restrictions on sales and was illiquid as of March 31, 2026.
(f)
Represents less than 0.05% of net assets.
(g)
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 New Opportunities 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
  
$
631,862,614
    
$
–
    
$
2,000,005
    
$
633,862,619
  
  Warrants
    
–
      
–
      
3,790,984
      
3,790,984
  
  Rights
    
–
      
–
      
-
      
-
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
104,272,756
  
  Money Market Funds
    
21,603,266
      
–
      
–
      
21,603,266
  
Total Investments
  
$
653,465,880
    
$
–
    
$
5,790,989
    
$
763,529,625
  
   
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 $104,272,756 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.