Past performance does not guarantee future results.  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. Inflation is defined as the decline of purchasing power of a given currency over time. Liquidity is the availability of liquid assets to a market or company. Trade at a premium/discount is a phrase attached to situations where a current value or transactional value of an asset is trading above or below its fundamental or intrinsic value. Recession is a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in gross domestic product in two successive quarters. Cost of capital measures the cost that a business incurs to finance its operations. High-yield spread is the percentage difference in current yields of various classes of high-yield bonds compared against the investment-grade corporate bonds, Treasury bonds, or another benchmark bond measure.

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