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.  Alpha is the excess returns earned on an investment above the benchmark return.  Earnings estimates are an analyst’s estimate for a company’s future quarterly or annual earnings per share.  Inflation is the decline of purchasing power of a given currency over time.  Credit spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality.  Consumer Price Index (“CPI”) is an index of the variation in prices paid by the typical consumers for retail goods and other items.  The S&P 500 Index is a market capitalization weighted index of the 500 largest publicly traded companies in the U.S.  The Russell 2000 Index is a small cap market index comprised of the smallest 2,000 stocks in the Russell 3000 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 Small Cap Growth Fund is distributed by Quasar Distributors, LLC. Hood River Capital is the adviser to the Fund.