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 | ||||||||