Performance quoted represents past performance for the Fund’s institutional class shares and there is no guarantee of future results.  The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost.  Current performance may be higher or lower than the performance data quoted in the article.  Please call 800-497-2960 to obtain current and the most recent month-end performance data.  Click here for standardized fund performance.   Click here to view the Fund’s Top Ten Holdings. Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Valuation is the analytical process of determining the current (or projected) worth of a company. Earnings estimates are an analyst’s estimate for a company’s future quarterly or annual earnings per share. Price-to-earnings ratio is the ratio for valuing a company that measures its current share price relative to its per-share earnings.  Price-to-cash-flow ratio is a stock valuation indicator or multiple that measures the value of a stock’s price relative to its operating cash flow per share.  The Russell 2000® Index is a small-cap stock market index that makes up the smallest 2,000 stocks in the Russell 3000® Index.   The S&P 500® Index is a market capitalization weighted index of the 500 largest publicly traded companies in the U.S. Investors cannot invest in an index.

2022 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 Hood River Small-Cap Growth Fund was compared to the U.S.-domiciled small-cap growth category, which consisted of 578 managers over a three-year period, 518 managers over a five-year period, 391 managers over a 10-year period and 294 managers over a 15-year period as of March 31, 2022. For each of those time periods the small-cap category returned 13.86% for three-years, 13.69% for five-years, 12.20% for 10-years, and 9.51% for 15-years, respectively. Hood River Small Cap Growth Fund (Class I) was rated against the following numbers of U.S.-domiciled small-cap growth funds over the following time periods: 580 funds in the last three years, 521 funds in the last five years, 391 funds in the last 10 years. With respect to these Small Growth Funds, Hood River Small Cap Growth Fund received a Morningstar Rating™ of 5 stars for the three-year, 5 stars for the five-year, and 5 stars for the 10-year periods, respectively as March 31, 2022. 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 top10% of products in each product category receive 5 stars, then 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.

Earnings growth for a Fund holding does not not guarantee a corresponding increase in the market value of the holding or the Fund. Opinions expressed are those of the portfolio manager and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice. References to securities are not a recommendation to buy or sell.

Investment Considerations
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. Additional risk information may be found in the prospectus.

Investors should carefully consider the Hood River Small Cap Growth 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 or go to www.hoodrivercapital.com. Please read the prospectus carefully before investing or sending money.

Performance quoted represents past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than quoted. Please call 800-497-2960 to obtain current and the most recent month-end performance data. Investments involve risk, principal loss is possible.

The Hood River Small Cap Growth Fund is distributed by Quasar Distributors, LLC. Hood River Capital is the adviser to the Fund.