Hood River Emerging Markets Fund Institutional Shares HREOX Strategy

The investment seeks long-term capital appreciation. The fund, under normal market conditions, invests at least 80% of its net assets plus any borrowings for investment purposes in companies located in emerging market countries, without regard to market capitalization. The Adviser defines emerging market countries to be any country that has an emerging market economy, considering factors such as vulnerability to political and economic instability, average per-capita income and the development of the country’s financial and capital markets. The Adviser considers frontier markets to be a subset of emerging markets.