Emerging Markets Fund

General Market Risk; Recent Market Events: The market value of a security may move up or down, sometimes rapidly and unpredictably.  These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time.  Market risk may affect a single issuer, industry, sector of the economy or the market as a whole.  U.S. and international markets have experienced volatility in recent months and years due to a number of economic, political and global macro factors, including elevated inflation levels, trade tensions, tariff arrangements and wars in Europe and in the Middle East.  Uncertainties regarding interest rate levels, political events, geopolitical conflicts, trade tensions and the possibility of a national or global recession have also contributed to market volatility.  Global economies and financial markets are increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact issuers in a different country or region.  Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund’s returns.  The Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the fund’s investment objective, but there can be no assurance that it will be successful in doing so.

Equity Securities: Equity securities, such as common stocks, are subject to market, economic and business risks that may cause their prices to fluctuate.

Foreign and Emerging Markets: Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation.  Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid, and more volatile than securities markets in more developed markets.

New Fund Risk: The Fund is a recently organized investment company with no operating history.  As a result, prospective investors have no track record or history on which to base their investment decision.

Past performance does not guarantee future results.  Alpha is a measure of an investment’s performance relative to a market benchmark, representing the excess return an investment earns above the expected return for its level of risk.  Digital leapfrogging is the adoption of advanced digital technolgies by skipping over older, traditional ones.  This is often seen in developing countries that lack traditional infrastructure but can use new technologies to bypass older systems and solve problems. 

The Fund invests in large-cap securities as well as small-cap and mid-cap securities, which present a greater risk of loss than large-cap securities, and in growth companies which can be more sensitive to the company’s earnings and more volatile than the stock market in general. The Fund may also invest in foreign securities which are subject to risks including currency fluctuations, economic and political change and differing accounting standards. The Fund may invest in emerging and frontier markets, which have risks including potential for extreme price volatility and illiquidity; government ownership or control of parts of the private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures; and relatively new and unsettled securities laws.  To the extent the Fund invests a significant portion of its assets in the securities of companies of a single region or country, it is more likely to be affected by events or conditions impacting that region or country.  The Fund may invest in derivatives and initial public offerings (IPOs), which are highly volatile. Additional risk information may be found in the prospectus.

Investors should carefully consider the Fund’s investment objective, risks, charges and expenses before investing. The Fund is a recently organized investment company with no operating history.  As a result, prospective investors have no track record or history on which to base their investment decision. For a prospectus, which contains this and other important information about the Fund, please call 800-497-2960. Please read the prospectus carefully before investing or sending money.

Investments involve risk, principal loss is possible.

The Hood River Funds are distributed by Quasar Distributors, LLC. Hood River Capital is the advisor to the Funds.