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. Consumer Price Index (“CPI”) measures the monthly change in prices paid by U.S. consumers.  Revenue growth is the amount of money a company makes over a pre-determined time compared to, the previous identical period of time.  A basis point is a standard measure for interest rates and other percentages in finance.  A basis point is equal to 1/100 of 1%, or 0.01%.  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 directly into an index.

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.