U.S. Small-Cap Growth Fund

Past performance does not guarantee future results.

Information provided with respect to the Fund’s Holdings and Weightings are subject to change at any time and are not a recommendation to buy or sell any security. The Fund discloses its quarterly top ten holdings on its website within 45 business days after the quarter-end. The quarter-end portfolio holdings for the Fund will remain posted on the Fund’s website until the following quarter-end portfolio holdings are posted. The benchmark is the Russell 2000® Growth Index, which is defined as an unmanaged, capitalization weighted index of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Index returns include dividends and/or interest income and do not reflect fees or expenses. Unlike the Fund, which periodically maintains a cash position, the Russell 2000® Growth Index is fully invested. Investors cannot directly invest in an index.

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: 585 funds in the last three years, 533 funds in the last five years, 395 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, 4 stars and 5 stars for the three-, five- and 10-year periods, respectively as of May 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 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.

Past performance is no guarantee of future results. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower. Rankings are the fund’s total return-percentile rank relative to all funds that have the same category for the same time period. The highest (or most favorable) percentile rank is 1, and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1.

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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 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. Please read the prospectus carefully before investing or sending money.

Investments involve risk, principal loss is possible.

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