International Opportunity Fund

Past performance does not guarantee future results.

Information provided with respect to the Fund’s Holdings and Weightings are subject to change at any time and are not a recommendation to buy or sell any security. The Fund discloses its quarterly top ten holdings on its website within 45 business days after the quarter-end. The quarter-end portfolio holdings for the Fund will remain posted on the Fund’s website until the following quarter-end portfolio holdings are posted.  The MSCI ACWI ex USA Small Cap® Index is defined as an index that captures the small cap securities exhibiting overall growth style characteristics across 22 of 23 developed markets (excluding the US) and 27 emerging markets countries. Index returns include dividends and/or interest income and do not reflect fees or expenses. Unlike the Fund, which periodically maintains a cash position, the MSCI ACWI Ex USA Small Cap® Index is fully invested. Investors cannot directly invest in an index.

The Fund invests in small-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 derivatives and initial public offerings (IPOs), which are highly volatile. The Fund may invest in emerging and frontier markets. The risks include potential for price volatility and illiquidity; government ownership or control of parts of the private sector and certain companies; trade barriers; exchange controls, managed adjustments in relative currency values (foreign currency risk) and other protectionist measures; and relatively new and unsettled securities laws. Additional risk information may be found in the prospectus.

Hood River International Opportunity Fund (Class I) was rated against the following numbers of foreign small/mid growth funds over the following time periods: 117 funds in the last three years. With respect to these foreign small/mid growth funds, Hood River International Opportunity Fund received a Morningstar Rating of 5 stars for the three-year period, as of February 28, 2025, based on risk-adjusted returns. The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.  

Past performance is no guarantee of future results. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower. Rankings are the fund’s total return-percentile rank relative to all funds that have the same category for the same time period. The highest (or most favorable) percentile rank is 1, and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1.

2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.  The Fund does not pay Morningstar for ratings or rankings but does pay a licensing fee for the use of this data.

Investors should carefully consider the Fund’s investment objective, risks, charges and expenses before investing. 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.