(9/7/16) David Swank, portfolio manager was featured in the September 7, 2016 Barron’s article, “7 Under-the-Radar Small-Cap Growth Stocks.”

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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 IPOs, which are highly volatile. Additional risk information may be found in the prospectus.

Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

Performance quoted represents past performance 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 above. Please call 800-497-2960 to obtain current and the most recent month-end performance data.

Performance quoted within the article is that of the Institutional Share Class.

Hood River Small Cap Growth Fund (Class I) was rated against the following numbers of U.S.-domiciled small growth funds over the following time periods: 599 funds in the last three years, 531 funds in the last five years, 389 funds in the last 10 years. With respect to these Small Growth Funds, Hood River Small Cap Growth Fund received a Morningstar Rating of 4 stars, 5 stars and 4 stars for the three-, five- and 10-year periods, respectively as of December 31, 2016. 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.

2016 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.

Earnings growth is not a measure of the Fund’s future performance.  

The Russell 2000® Growth Index, defined as an unmanaged, capitalization weighted index of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000® Value Index, defined as an unmanaged, capitalization weighted index of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.  Index returns include dividends and/or interest income and do not reflect fees or expenses. Investors cannot directly invest in an index.

“Cash flow” is the net amount of cash and cash-equivalents moving into and out of a business.  “Forward earnings” is a company’s forecasted, or estimated, earnings.  “Earnings Per Share (EPS)” is the portion of a company’s profit allocated to each outstanding share of common stock. “Price/Earnings (P/E)” is the ratio for valuing a company that measures its current share price relative to its per-share earnings. “Price/Sales Ratio (PSR)” is the valuation ratio that compares a company’s stock price to its revenues.

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 Please read the prospectus carefully before investing or sending money.

Investments involve risk, principal loss is possible.

While the Fund is no-load, management and other expenses still apply.  Please refer to the prospectus for more information.

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

Hood River Capital Management LLC serves as the advisor to the Fund.