Strategy. The Fund, under normal market conditions, invests at least 80% of its net assets plus any borrowings for investment purposes in common stocks of U.S. corporations that are judged by Hood River Capital Management LLC (Hood River or the Adviser), the Funds investment adviser, to have strong growth characteristics or to be undervalued in the marketplace relative to underlying profitability and have a market capitalization which, at the time of purchase, is consistent with the capitalization ranges of the S&P SmallCap 600 Index and the Russell 2000 Growth Index (small-cap companies). Although the Fund does not invest in derivatives as part of its principal investment strategy, the Fund may include in its 80% calculation derivative investments that are tied economically … Show more… The Fund, under normal market conditions, invests at least 80% of its net assets plus any borrowings for investment purposes in common stocks of U.S. corporations that are judged by Hood River Capital Management LLC (Hood River or the Adviser), the Funds investment adviser, to have strong growth characteristics or to be undervalued in the marketplace relative to underlying profitability and have a market capitalization which, at the time of purchase, is consistent with the capitalization ranges of the S&P SmallCap 600 Index and the Russell 2000 Growth Index (small-cap companies). Although the Fund does not invest in derivatives as part of its principal investment strategy, the Fund may include in its 80% calculation derivative investments that are tied economically to small-cap companies. The Fund may purchase securities of companies engaged in initial public offerings (IPOs). The Fund may also invest in equity securities of Special Purpose Acquisitions Corporations (SPACs) and companies derived from SPACs. SPACs (also known as blank check companies) are companies with no commercial operations that are established solely to raise capital from investors for the purpose of acquiring one or more operating businesses ( i.e. , a SPAC-derived company). The Fund may invest in securities that are purchased in private investment in public equity (PIPE) transactions. The Fund may from time to time invest in foreign securities including American Depositary Receipts (ADRs). In selecting securities, the research process utilized by Hood River begins by screening a universe of stocks with market capitalizations of generally less than $5 billion which exhibit strong growth characteristics and attractive valuation relative to underlying profitability. In order to identify companies with such attributes, Hood River conducts fundamental analysis through discussions with management, customers, suppliers, competitors, and industry experts to forecast financial metrics for a potential investment target. The Funds portfolio will consist of companies for which Hood River has conviction in its own proprietary estimates and believes that they are significantly higher than consensus estimates. Hood River then performs valuation analysis and additional research to select stocks for the Fund. The Fund maintains a portfolio of approximately 60-120 stocks, which is constructed with the overall goal of mitigating risk. However, the actual amount of the portfolio holdings may vary due to market conditions. Portfolio risk is addressed through position and sector sizing limits. The Fund is expected to have significant exposure to the health care, industrials, and information technology sectors. Hood River periodically engages in active trading of Fund securities. Hood River generally sells stocks when it believes they have become overvalued, when the fundamentals weaken or if poor relative price performance persists. As of September 30, 2025, the average weighted market capitalization represented by companies in the Russell 2000 Growth Index was approximately $5.3 billion, and the average weighted market capitalization represented by companies in the S&P SmallCap 600 Index was $4.9 billion. Due to market price adjustments or other events after the time of purchase, it is possible that a companys market capitalization may drift above or below this range. Nevertheless, a company whose capitalization no longer meets this definition after purchase continues to be considered to have a small market capitalization for purposes of the 80% policy. The Fund may invest up to 20% of its total assets in stocks of companies in other capitalization ranges. Show less