# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001133228-26-003321
**Filing Date:** 2026-3
**Character Count:** 241099
**Document Hash:** a058eb6a7078d0569011a744ce9bbaf7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003321.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003321

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Manager Directed Portfolios
- **CENTRAL INDEX KEY:** 0001359057

**ORGANIZATION NAME:**
- **EIN:** 571138125
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 26734322

**BUSINESS ADDRESS:**
- **STREET 1:** C/O U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 9522306140

**MAIL ADDRESS:**
- **STREET 1:** C/O U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Roxbury Funds
- **DATE OF NAME CHANGE:** 20060411

## Series and Classes Contracts Data

### Hood River Small-Cap Growth Fund (Series ID: S000012813)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000034642 | Institutional Shares | HRSMX           |
| C000160233 | Investor Shares      | HRSRX           |
| C000179260 | Retirement Shares    | HRSIX           |

### Hood River International Opportunity Fund (Series ID: S000073660)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230725 | Retirement Shares    | HRITX           |
| C000230726 | Institutional Shares | HRIOX           |
| C000230727 | Investor Shares      | HRIIX           |

### Hood River New Opportunities Fund (Series ID: S000086255)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000251704 | Institutional Shares | HRNOX           |
| C000251705 | Investor Shares      | HRNIX           |
| C000251706 | Retirement Shares    | HRNRX           |

### Hood River Emerging Markets Fund (Series ID: S000097192)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000266368 | Retirement    | HRERX           |
| C000266369 | Investor      | HREIX           |
| C000266370 | Institutional | HREOX           |

?xml version='1.0' encoding='ASCII'? 2026-01-28195036_HoodRiverEmergingMarketsFund_InstitutionalShares_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-21897</u>**

**<u>Manager Directed Portfolios</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Ryan Frank, President**

**Manager Directed Portfolios**

**c/o U.S. Bank Global Fund Services**

**777 East Wisconsin Avenue, 6<sup>th</sup> Floor**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>(414) 516-1519</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>June 30, 2026</u>**

Date of reporting period: **<u>December 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img646883_202602261507249.jpg) | **Hood River Emerging Markets Fund**  | ![image](img325520_202502261928270.jpg) |
| ![image](img646883_202602261507249.jpg) | Institutional Shares \| HREOX  | ![image](img325520_202502261928270.jpg) |
| ![image](img646883_202602261507249.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img325520_202502261928270.jpg) |

---

This semi-annual shareholder report contains important information about the Hood River Emerging Markets Fund (the "Fund") for the period of November 24, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at https://hoodrivercapital.com/emerging-markets-fund/. You can also request this information by contacting us at (800) 497-2960 or info@hoodrivercapital.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)\*

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Annualized costs paid as a** **percentage of a $10,000** **investment** **\*\*** |
| Institutional Shares | $13 | 1.25% |

---

\* Amount shown reflects the expenses of the Fund from November 24, 2025 (commencement of operations) through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1303636 |
| **Number of Holdings** | 76 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover Rate** | 42% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of Net** **Assets)** **\***

![image](ts7006img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 10.1% |
|  Tencent Holdings Ltd.  | 5.0% |
|  Samsung Electronics Co. Ltd.  | 4.2% |
|  SK hynix, Inc.  | 3.3% |
|  Alibaba Group Holding Ltd.  | 2.8% |
|  Zhongji Innolight Co. Ltd.  | 2.7% |
|  ASE Technology Holding Co. Ltd.  | 1.8% |
|  Lens Technology Co. Ltd.  | 1.8% |
|  Standard Chartered PLC  | 1.8% |
|  HSBC Holdings PLC  | 1.7% |

---

**Geographic Breakdown (% of Net** **Assets)**

![image](ts7006img004.jpg)

\* *The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.*

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://hoodrivercapital.com/emerging-markets-fund/.

Hood River Emerging Markets Fund PAGE 1 TSR-SAR-56170L596

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 497-2960, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hood River Emerging Markets Fund PAGE 2 TSR-SAR-56170L596

34.118.818.39.46.75.42.30.74.340.618.314.55.74.64.33.52.20.85.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img646883_202602261507249.jpg) | **Hood River Emerging Markets Fund**  | ![image](img325520_202502261928270.jpg) |
| ![image](img646883_202602261507249.jpg) | Investor Shares \| HREIX  | ![image](img325520_202502261928270.jpg) |
| ![image](img646883_202602261507249.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img325520_202502261928270.jpg) |

---

This semi-annual shareholder report contains important information about the Hood River Emerging Markets Fund (the "Fund") for the period of November 24, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at https://hoodrivercapital.com/emerging-markets-fund/. You can also request this information by contacting us at (800) 497-2960 or info@hoodrivercapital.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)\*

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Annualized costs paid as a** **percentage of a $10,000** **investment** **\*\*** |
| Investor Shares | $16 | 1.50% |

---

\* Amount shown reflects the expenses of the Fund from November 24, 2025 (commencement of operations) through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1303636 |
| **Number of Holdings** | 76 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover Rate** | 42% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of Net** **Assets)** **\***

![image](ts7005img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 10.1% |
|  Tencent Holdings Ltd.  | 5.0% |
|  Samsung Electronics Co. Ltd.  | 4.2% |
|  SK hynix, Inc.  | 3.3% |
|  Alibaba Group Holding Ltd.  | 2.8% |
|  Zhongji Innolight Co. Ltd.  | 2.7% |
|  ASE Technology Holding Co. Ltd.  | 1.8% |
|  Lens Technology Co. Ltd.  | 1.8% |
|  Standard Chartered PLC  | 1.8% |
|  HSBC Holdings PLC  | 1.7% |

---

**Geographic Breakdown (% of Net** **Assets)**

![image](ts7005img004.jpg)

\* *The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.*

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://hoodrivercapital.com/emerging-markets-fund/.

Hood River Emerging Markets Fund PAGE 1 TSR-SAR-56170L588

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 497-2960, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hood River Emerging Markets Fund PAGE 2 TSR-SAR-56170L588

34.118.818.39.46.75.42.30.74.340.618.314.55.74.64.33.52.20.85.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img646883_202602261507249.jpg) | **Hood River Emerging Markets Fund**  | ![image](img325520_202502261928270.jpg) |
| ![image](img646883_202602261507249.jpg) | Retirement Shares \| HRERX  | ![image](img325520_202502261928270.jpg) |
| ![image](img646883_202602261507249.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img325520_202502261928270.jpg) |

---

This semi-annual shareholder report contains important information about the Hood River Emerging Markets Fund (the "Fund") for the period of November 24, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at https://hoodrivercapital.com/emerging-markets-fund/. You can also request this information by contacting us at (800) 497-2960 or info@hoodrivercapital.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)\*

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Annualized costs paid as a** **percentage of a $10,000** **investment** **\*\*** |
| Retirement Shares | $12 | 1.15% |

---

\* Amount shown reflects the expenses of the Fund from November 24, 2025 (commencement of operations) through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1303636 |
| **Number of Holdings** | 76 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover Rate** | 42% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of Net** **Assets)** **\***

![image](ts7004img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 10.1% |
|  Tencent Holdings Ltd.  | 5.0% |
|  Samsung Electronics Co. Ltd.  | 4.2% |
|  SK hynix, Inc.  | 3.3% |
|  Alibaba Group Holding Ltd.  | 2.8% |
|  Zhongji Innolight Co. Ltd.  | 2.7% |
|  ASE Technology Holding Co. Ltd.  | 1.8% |
|  Lens Technology Co. Ltd.  | 1.8% |
|  Standard Chartered PLC  | 1.8% |
|  HSBC Holdings PLC  | 1.7% |

---

**Geographic Breakdown (% of Net** **Assets)**

![image](ts7004img004.jpg)

\* *The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.*

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://hoodrivercapital.com/emerging-markets-fund/.

Hood River Emerging Markets Fund PAGE 1 TSR-SAR-56170L570

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 497-2960, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hood River Emerging Markets Fund PAGE 2 TSR-SAR-56170L570

34.118.818.39.46.75.42.30.74.340.618.314.55.74.64.33.52.20.85.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img325484_202502242122672.jpg) | **Hood River International Opportunity Fund**  | ![image](img325520_202502261928270.jpg) |
| ![image](img325484_202502242122672.jpg) | Institutional Shares \| HRIOX  | ![image](img325520_202502261928270.jpg) |
| ![image](img325484_202502242122672.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img325520_202502261928270.jpg) |

---

This semi-annual shareholder report contains important information about the Hood River International Opportunity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://hoodrivercapital.com/international-opportunity-fund/. You can also request this information by contacting us at (800) 497-2960 or info@hoodrivercapital.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $72 | 1.26% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $197624775 |
| **Number of Holdings** | 90 |
| **Net Advisory Fee** | $799097 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of Net** **Assets)** **\***

![image](ts6640img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Applied Digital Corp.  | 4.3% |
|  Tower Semiconductor Ltd.  | 2.6% |
|  Almonty Industries, Inc.  | 2.5% |
|  Cameco Corp.  | 2.4% |
|  BE Semiconductor Industries NV  | 2.3% |
|  Kandenko Co. Ltd.  | 2.3% |
|  Establishment Labs Holdings, Inc.  | 2.1% |
|  Dai-Dan Co. Ltd.  | 2.1% |
|  IHI Corp.  | 1.8% |
|  MEC Co. Ltd.  | 1.8% |

---

**Geographic Breakdown (% of Net** **Assets)**

![image](ts6640img004.jpg)

\* *The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.*

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://hoodrivercapital.com/international-opportunity-fund/.

Hood River International Opportunity Fund PAGE 1 TSR-SAR-56170L778

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 497-2960, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hood River International Opportunity Fund PAGE 2 TSR-SAR-56170L778

33.226.311.89.35.83.72.81.20.95.021.315.811.510.97.14.84.54.44.315.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img325484_202502242122672.jpg) | **Hood River International Opportunity Fund**  | ![image](img325520_202502261928270.jpg) |
| ![image](img325484_202502242122672.jpg) | Investor Shares \| HRIIX  | ![image](img325520_202502261928270.jpg) |
| ![image](img325484_202502242122672.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img325520_202502261928270.jpg) |

---

This semi-annual shareholder report contains important information about the Hood River International Opportunity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://hoodrivercapital.com/international-opportunity-fund/. You can also request this information by contacting us at (800) 497-2960 or info@hoodrivercapital.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $85 | 1.48% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $197624775 |
| **Number of Holdings** | 90 |
| **Net Advisory Fee** | $799097 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of Net** **Assets)** **\***

![image](ts6641img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Applied Digital Corp.  | 4.3% |
|  Tower Semiconductor Ltd.  | 2.6% |
|  Almonty Industries, Inc.  | 2.5% |
|  Cameco Corp.  | 2.4% |
|  BE Semiconductor Industries NV  | 2.3% |
|  Kandenko Co. Ltd.  | 2.3% |
|  Establishment Labs Holdings, Inc.  | 2.1% |
|  Dai-Dan Co. Ltd.  | 2.1% |
|  IHI Corp.  | 1.8% |
|  MEC Co. Ltd.  | 1.8% |

---

**Geographic Breakdown (% of Net** **Assets)**

![image](ts6641img004.jpg)

\* *The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.*

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://hoodrivercapital.com/international-opportunity-fund/.

Hood River International Opportunity Fund PAGE 1 TSR-SAR-56170L760

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 497-2960, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hood River International Opportunity Fund PAGE 2 TSR-SAR-56170L760

33.226.311.89.35.83.72.81.20.95.021.315.811.510.97.14.84.54.44.315.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img325484_202502242122672.jpg) | **Hood River International Opportunity Fund**  | ![image](img325520_202502261928270.jpg) |
| ![image](img325484_202502242122672.jpg) | Retirement Shares \| HRITX  | ![image](img325520_202502261928270.jpg) |
| ![image](img325484_202502242122672.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img325520_202502261928270.jpg) |

---

This semi-annual shareholder report contains important information about the Hood River International Opportunity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://hoodrivercapital.com/international-opportunity-fund/. You can also request this information by contacting us at (800) 497-2960 or info@hoodrivercapital.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Retirement Shares | $66 | 1.16% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $197624775 |
| **Number of Holdings** | 90 |
| **Net Advisory Fee** | $799097 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of Net** **Assets)** **\***

![image](ts6642img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Applied Digital Corp.  | 4.3% |
|  Tower Semiconductor Ltd.  | 2.6% |
|  Almonty Industries, Inc.  | 2.5% |
|  Cameco Corp.  | 2.4% |
|  BE Semiconductor Industries NV  | 2.3% |
|  Kandenko Co. Ltd.  | 2.3% |
|  Establishment Labs Holdings, Inc.  | 2.1% |
|  Dai-Dan Co. Ltd.  | 2.1% |
|  IHI Corp.  | 1.8% |
|  MEC Co. Ltd.  | 1.8% |

---

**Geographic Breakdown (% of Net** **Assets)**

![image](ts6642img004.jpg)

\* *The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.*

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://hoodrivercapital.com/international-opportunity-fund/.

Hood River International Opportunity Fund PAGE 1 TSR-SAR-56170L752

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 497-2960, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hood River International Opportunity Fund PAGE 2 TSR-SAR-56170L752

33.226.311.89.35.83.72.81.20.95.021.315.811.510.97.14.84.54.44.315.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img325486_202502242124632.jpg) | **Hood River New Opportunities Fund**  | ![image](img325520_202502261928270.jpg) |
| ![image](img325486_202502242124632.jpg) | Institutional Shares \| HRNOX  | ![image](img325520_202502261928270.jpg) |
| ![image](img325486_202502242124632.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img325520_202502261928270.jpg) |

---

This semi-annual shareholder report contains important information about the Hood River New Opportunities Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://hoodrivercapital.com/new-opportunities-fund/. You can also request this information by contacting us at (800) 497-2960 or info@hoodrivercapital.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $55 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $374995007 |
| **Number of Holdings** | 117 |
| **Net Advisory Fee** | $912138 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of Net Assets)** **\***

![image](ts6643img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Applied Digital Corp.  | 4.6% |
|  Ondas Inc.  | 3.8% |
|  Dave Inc.  | 3.4% |
|  MasTec Inc.  | 2.7% |
|  Comfort Systems USA Inc.  | 2.4% |
|  Insmed Inc.  | 2.2% |
|  Kratos Defense & Security Solutions Inc.  | 1.9% |
|  FirstCash Holdings Inc.  | 1.8% |
|  Symbotic Inc.  | 1.6% |
|  XPO Inc.  | 1.6% |

---

\* *The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.*

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://hoodrivercapital.com/new-opportunities-fund/.

Hood River New Opportunities Fund PAGE 1 TSR-SAR-56170L646

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 497-2960, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hood River New Opportunities Fund PAGE 2 TSR-SAR-56170L646

26.323.621.89.48.32.31.91.61.43.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img325486_202502242124632.jpg) | **Hood River New Opportunities Fund**  | ![image](img325520_202502261928270.jpg) |
| ![image](img325486_202502242124632.jpg) | Investor Shares \| HRNIX  | ![image](img325520_202502261928270.jpg) |
| ![image](img325486_202502242124632.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img325520_202502261928270.jpg) |

---

This semi-annual shareholder report contains important information about the Hood River New Opportunities Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://hoodrivercapital.com/new-opportunities-fund/. You can also request this information by contacting us at (800) 497-2960 or info@hoodrivercapital.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $69 | 1.20% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $374995007 |
| **Number of Holdings** | 117 |
| **Net Advisory Fee** | $912138 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of Net Assets)** **\***

![image](ts6645img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Applied Digital Corp.  | 4.6% |
|  Ondas Inc.  | 3.8% |
|  Dave Inc.  | 3.4% |
|  MasTec Inc.  | 2.7% |
|  Comfort Systems USA Inc.  | 2.4% |
|  Insmed Inc.  | 2.2% |
|  Kratos Defense & Security Solutions Inc.  | 1.9% |
|  FirstCash Holdings Inc.  | 1.8% |
|  Symbotic Inc.  | 1.6% |
|  XPO Inc.  | 1.6% |

---

\* *The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.*

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://hoodrivercapital.com/new-opportunities-fund/.

Hood River New Opportunities Fund PAGE 1 TSR-SAR-56170L638

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 497-2960, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hood River New Opportunities Fund PAGE 2 TSR-SAR-56170L638

26.323.621.89.48.32.31.91.61.43.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img325486_202502242124632.jpg) | **Hood River New Opportunities Fund**  | ![image](img325520_202502261928270.jpg) |
| ![image](img325486_202502242124632.jpg) | Retirement Shares \| HRNRX  | ![image](img325520_202502261928270.jpg) |
| ![image](img325486_202502242124632.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img325520_202502261928270.jpg) |

---

This semi-annual shareholder report contains important information about the Hood River New Opportunities Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://hoodrivercapital.com/new-opportunities-fund/. You can also request this information by contacting us at (800) 497-2960 or info@hoodrivercapital.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Retirement Shares | $49 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $374995007 |
| **Number of Holdings** | 117 |
| **Net Advisory Fee** | $912138 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of Net Assets)** **\***

![image](ts6644img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Applied Digital Corp.  | 4.6% |
|  Ondas Inc.  | 3.8% |
|  Dave Inc.  | 3.4% |
|  MasTec Inc.  | 2.7% |
|  Comfort Systems USA Inc.  | 2.4% |
|  Insmed Inc.  | 2.2% |
|  Kratos Defense & Security Solutions Inc.  | 1.9% |
|  FirstCash Holdings Inc.  | 1.8% |
|  Symbotic Inc.  | 1.6% |
|  XPO Inc.  | 1.6% |

---

\* *The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.*

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://hoodrivercapital.com/new-opportunities-fund/.

Hood River New Opportunities Fund PAGE 1 TSR-SAR-56170L620

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 497-2960, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hood River New Opportunities Fund PAGE 2 TSR-SAR-56170L620

26.323.621.89.48.32.31.91.61.43.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img325487_202502242125942.jpg) | **Hood River Small-Cap Growth Fund**  | ![image](img325520_202502261928270.jpg) |
| ![image](img325487_202502242125942.jpg) | Institutional Shares \| HRSMX  | ![image](img325520_202502261928270.jpg) |
| ![image](img325487_202502242125942.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img325520_202502261928270.jpg) |

---

This semi-annual shareholder report contains important information about the Hood River Small-Cap Growth Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://hoodrivercapital.com/us-small-cap-growth-fund/. You can also request this information by contacting us at (800) 497-2960 or info@hoodrivercapital.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $60 | 1.06% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4848611793 |
| **Number of Holdings** | 119 |
| **Net Advisory Fee** | $20332306 |
| **Portfolio Turnover Rate** | 41% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of Net Assets)** **\***

![image](ts6647img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Applied Digital Corp.  | 6.0% |
|  MasTec, Inc.  | 3.6% |
|  Comfort Systems USA, Inc.  | 2.5% |
|  Dave, Inc.  | 2.5% |
|  Kratos Defense & Security Solutions, Inc.  | 2.3% |
|  FirstCash Holdings, Inc.  | 1.9% |
|  HCI Group, Inc.  | 1.9% |
|  Semtech Corp.  | 1.8% |
|  QXO, Inc.  | 1.7% |
|  XPO, Inc.  | 1.7% |

---

\* *The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.*

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://hoodrivercapital.com/us-small-cap-growth-fund/.

Hood River Small-Cap Growth Fund PAGE 1 TSR-SAR-56170L208

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 497-2960, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hood River Small-Cap Growth Fund PAGE 2 TSR-SAR-56170L208

27.525.421.39.68.02.01.91.21.02.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img325487_202502242125942.jpg) | **Hood River Small-Cap Growth Fund**  | ![image](img325520_202502261928270.jpg) |
| ![image](img325487_202502242125942.jpg) | Investor Shares \| HRSRX  | ![image](img325520_202502261928270.jpg) |
| ![image](img325487_202502242125942.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img325520_202502261928270.jpg) |

---

This semi-annual shareholder report contains important information about the Hood River Small-Cap Growth Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://hoodrivercapital.com/us-small-cap-growth-fund/. You can also request this information by contacting us at (800) 497-2960 or info@hoodrivercapital.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $74 | 1.31% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4848611793 |
| **Number of Holdings** | 119 |
| **Net Advisory Fee** | $20332306 |
| **Portfolio Turnover Rate** | 41% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of Net Assets)** **\***

![image](ts6648img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Applied Digital Corp.  | 6.0% |
|  MasTec, Inc.  | 3.6% |
|  Comfort Systems USA, Inc.  | 2.5% |
|  Dave, Inc.  | 2.5% |
|  Kratos Defense & Security Solutions, Inc.  | 2.3% |
|  FirstCash Holdings, Inc.  | 1.9% |
|  HCI Group, Inc.  | 1.9% |
|  Semtech Corp.  | 1.8% |
|  QXO, Inc.  | 1.7% |
|  XPO, Inc.  | 1.7% |

---

\* *The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.*

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://hoodrivercapital.com/us-small-cap-growth-fund/.

Hood River Small-Cap Growth Fund PAGE 1 TSR-SAR-56170L109

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 497-2960, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hood River Small-Cap Growth Fund PAGE 2 TSR-SAR-56170L109

27.525.421.39.68.02.01.91.21.02.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img325487_202502242125942.jpg) | **Hood River Small-Cap Growth Fund**  | ![image](img325520_202502261928270.jpg) |
| ![image](img325487_202502242125942.jpg) | Retirement Shares \| HRSIX  | ![image](img325520_202502261928270.jpg) |
| ![image](img325487_202502242125942.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img325520_202502261928270.jpg) |

---

This semi-annual shareholder report contains important information about the Hood River Small-Cap Growth Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://hoodrivercapital.com/us-small-cap-growth-fund/. You can also request this information by contacting us at (800) 497-2960 or info@hoodrivercapital.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Retirement Shares | $54 | 0.96% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4848611793 |
| **Number of Holdings** | 119 |
| **Net Advisory Fee** | $20332306 |
| **Portfolio Turnover Rate** | 41% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of Net Assets)** **\***

![image](ts6646img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Applied Digital Corp.  | 6.0% |
|  MasTec, Inc.  | 3.6% |
|  Comfort Systems USA, Inc.  | 2.5% |
|  Dave, Inc.  | 2.5% |
|  Kratos Defense & Security Solutions, Inc.  | 2.3% |
|  FirstCash Holdings, Inc.  | 1.9% |
|  HCI Group, Inc.  | 1.9% |
|  Semtech Corp.  | 1.8% |
|  QXO, Inc.  | 1.7% |
|  XPO, Inc.  | 1.7% |

---

\* *The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.*

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://hoodrivercapital.com/us-small-cap-growth-fund/.

Hood River Small-Cap Growth Fund PAGE 1 TSR-SAR-56170L505

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at (800) 497-2960, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Hood River Small-Cap Growth Fund PAGE 2 TSR-SAR-56170L505

27.525.421.39.68.02.01.91.21.02.1 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](hood-river_cover-logo.jpg)

**Hood River Funds** 

Core Financial Statements

December 31, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Hood River Emerging Markets Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Hood River International Opportunity Fund](#soi2) | [5](#soi2) |
| &nbsp;&nbsp;&nbsp; [Hood River New Opportunities Fund](#soi3) | [10](#soi3) |
| &nbsp;&nbsp;&nbsp; [Hood River Small-Cap Growth Fund](#soi4) | [16](#soi4) |
| [Statements of Assets and Liabilities](#sal) | [23](#sal) |
| [Statements of Operations](#sop) | [25](#sop) |
| [Statements of Changes in Net Assets](#scna) | [27](#scna) |
| [Financial Highlights](#fihi)<br>|  |
| &nbsp;&nbsp;&nbsp; [Hood River Emerging Markets Fund](#fihi) | [32](#fihi) |
| &nbsp;&nbsp;&nbsp; [Hood River International Opportunity Fund](#fihi1) | [35](#fihi1) |
| &nbsp;&nbsp;&nbsp; [Hood River New Opportunities Fund](#fihi2) | [38](#fihi2) |
| &nbsp;&nbsp;&nbsp; [Hood River Small-Cap Growth Fund](#fihi3) | [41](#fihi3) |
| [Notes to Financial Statements](#notes) | [44](#notes) |
| [Approval of the Investment Advisory Agreement for the Hood River Emerging Markets Fund](#app1) | [56](#app1) |
|  [Approval of the Investment Advisory Agreement for the Hood River Small-Cap Growth Fund, Hood River International Opportunity Fund and Hood River New Opportunities Fund](#aap2) | [58](#aap2) |
| [Additional Information](#add) | [61](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Emerging Markets Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.7%**<br>|  |  |
| **Communication Services - 5.4%**<br>|  |  |
| **Interactive Media & Services - 5.4%**<br>|  |  |
| Baidu, Inc. - ADR<sup>(a)</sup> | 45 | $5880  |
| Tencent Holdings Ltd. | 845 | 64848  |
| **Total Communication Services** |  | 70728  |
| **Consumer Discretionary - 9.4%**<br>|  |  |
| **Automobile Components - 2.2%**<br>|  |  |
| Essence Fastening Systems Shanghai Co. Ltd. - Class A | 700 | 15528  |
| Minth Group Ltd. | 3000 | 12291  |
|  |  | 27819  |
| **Automobiles - 0.8%**<br>|  |  |
| Zhejiang Taotao Vehicles Co. Ltd. - Class A | 300 | 10780  |
| **Broadline Retail - 3.2%**<br>|  |  |
| Alibaba Group Holding Ltd. - ADR | 253 | 37085  |
| Jumia Technologies AG - ADR<sup>(a)</sup> | 402 | 5021  |
|  |  | 42106  |
| **Hotels, Restaurants & Leisure - 0.4%**<br>|  |  |
| Trip.com Group Ltd. | 70 | 5019  |
| **Household Durables - 1.5%**<br>|  |  |
| Cury Construtora e Incorporadora SA | 2300 | 13529  |
| SharkNinja, Inc.<sup>(a)</sup> | 55 | 6155  |
|  |  | 19684  |
| **Specialty Retail - 0.9%**<br>|  |  |
| ATRenew, Inc. - ADR<sup>(a)</sup> | 2190 | 11607  |
| **Textiles, Apparel & Luxury Goods - 0.4%**<br>|  |  |
| Amer Sports, Inc.<sup>(a)</sup> | 135 | 5042  |
| **Total Consumer Discretionary** |  | 122057  |
| **Consumer Staples - 0.7%**<br>|  |  |
| **Food Products - 0.7%**<br>|  |  |
| China Youran Dairy Group Ltd.<sup>(a)(b)</sup> | 14000 | 9153  |
| **Financials - 18.8%**<br>|  |  |
| **Banks - 13.6%**<br>|  |  |
| Bank of Jiangsu Co. Ltd. - Class A | 8300 | 12352  |
| Bank of Nanjing Co. Ltd. - Class A | 7600 | 12431  |
| China Construction Bank Corp. - Class H | 11450 | 11333  |
| Credicorp Ltd. | 30 | 8610  |
| Grupo Cibest SA - ADR | 165 | 10496  |
| HDFC Bank Ltd. - ADR | 395 | 14433  |
| HSBC Holdings PLC | 1450 | 22730  |
| ICICI Bank Ltd. - ADR | 480 | 14304  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Emerging Markets Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| **Banks - (Continued)** | **Banks - (Continued)** | **Banks - (Continued)** |
| Industrial & Commercial Bank of China Ltd. - Class H | 19800 | $16022  |
| KB Financial Group, Inc. - ADR | 119 | 10239  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | 930 | 15568  |
| Shinhan Financial Group Co. Ltd. - ADR | 100 | 5363  |
| Standard Chartered PLC | 950 | 23008  |
|  |  | 176889  |
| **Consumer Finance - 0.4%**<br>|  |  |
| Kaspi.KZ JSC - ADR<sup>(a)</sup> | 65 | 5078  |
| **Financial Services - 0.5%**<br>|  |  |
| FirstRand Ltd. | 1200 | 6576  |
| **Insurance - 4.3%**<br>|  |  |
| Cathay Financial Holding Co. Ltd. | 4000 | 9649  |
| China Taiping Insurance Holdings Co. Ltd. | 6800 | 16375  |
| Fubon Financial Holding Co. Ltd. | 4000 | 12243  |
| Ping An Insurance Group Co. of China Ltd. - Class H | 2100 | 17639  |
|  |  | 55906  |
| **Total Financials** |  | 244449  |
| **Health Care - 2.3%**<br>|  |  |
| **Health Care Equipment & Supplies - 0.8%**<br>|  |  |
| Establishment Labs Holdings, Inc.<sup>(a)</sup> | 143 | 10422  |
| **Life Sciences Tools & Services - 1.5%**<br>|  |  |
| Insilico Medicine Cayman TopCo<sup>(a)</sup> | 4000 | 19089  |
| **Total Health Care** |  | 29511  |
| **Industrials - 18.3%**<br>|  |  |
| **Aerospace & Defense - 2.3%**<br>|  |  |
| Embraer SA - ADR | 160 | 10299  |
| Hanwha Systems Co. Ltd. | 240 | 9065  |
| Theon International PLC | 340 | 10649  |
|  |  | 30013  |
| **Construction & Engineering - 1.0%**<br>|  |  |
| Hyundai Engineering & Construction Co. Ltd. | 266 | 12963  |
| **Electrical Equipment - 9.4%**<br>|  |  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | 130 | 11296  |
| Contemporary Amperex Technology Co. Ltd. - Class H | 250 | 16260  |
| Dajin Heavy Industry Co. Ltd. - Class A | 1900 | 14107  |
| Doosan Enerbility Co. Ltd.<sup>(a)</sup> | 290 | 15168  |
| HD Hyundai Electric Co. Ltd. | 20 | 10741  |
| Hyosung Heavy Industries Corp. | 8 | 9883  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Emerging Markets Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| **Electrical Equipment - (Continued)** | **Electrical Equipment - (Continued)** | **Electrical Equipment - (Continued)** |
| LS Electric Co. Ltd. | 32 | $10252  |
| Shenzhen UUGreenPower Co. Ltd. - Class A | 600 | 15223  |
| Sieyuan Electric Co. Ltd. - Class A | 900 | 19895  |
|  |  | 122825  |
| **Machinery - 5.6%**<br>|  |  |
| Anhui Yingliu Electromechanical Co. Ltd. - Class A | 3200 | 19072  |
| Hanwha Ocean Co. Ltd.<sup>(a)</sup> | 102 | 8054  |
| Jiangsu Hengli Hydraulic Co. Ltd. - Class A | 800 | 12572  |
| UBTech Robotics Corp. Ltd. - Class H<sup>(a)</sup> | 700 | 11407  |
| Xi'an Bright Laser Technologies Co. Ltd. - Class A | 600 | 9572  |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. - Class H | 2500 | 12348  |
|  |  | 73025  |
| **Total Industrials** |  | 238826  |
| **Information Technology - 34.1%<sup>(c)</sup>**<br>|  |  |
| **Communications Equipment - 3.6%**<br>|  |  |
| Suzhou TFC Optical Communication Co. Ltd. | 400 | 11550  |
| Zhongji Innolight Co. Ltd. - Class A | 400 | 34755  |
|  |  | 46305  |
| **Electronic Equipment, Instruments & Components - 6.2%**<br>|  |  |
| Delta Electronics, Inc. | 600 | 18302  |
| Eoptolink Technology, Inc. Ltd. | 300 | 18381  |
| Lens Technology Co. Ltd. - Class H | 7300 | 23629  |
| Luxshare Precision Industry Co. Ltd. - Class A | 2600 | 21147  |
|  |  | 81459  |
| **Semiconductors & Semiconductor Equipment - 18.4%**<br>|  |  |
| ASE Technology Holding Co. Ltd. | 3000 | 23655  |
| Biwin Storage Technology Co. Ltd. - Class A<sup>(a)</sup> | 800 | 13116  |
| King Yuan Electronics Co. Ltd. | 1811 | 14256  |
| SK hynix, Inc. | 94 | 42571  |
| Suzhou Maxwell Technologies Co. Ltd. - Class A | 500 | 14714  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 433 | 131584  |
|  |  | 239896  |
| **Technology Hardware, Storage & Peripherals - 5.9%**<br>|  |  |
| Lite-On Technology Corp. | 3600 | 18728  |
| Samsung Electronics Co. Ltd. | 650 | 54480  |
| Xiaomi Corp. - Class B<sup>(a)(b)</sup> | 850 | 4290  |
|  |  | 77498  |
| **Total Information Technology** |  | 445158  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Emerging Markets Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - 6.7%**<br>|  |  |
| **Chemicals - 1.5%**<br>|  |  |
| Guangzhou Tinci Materials Technology Co. Ltd. - Class A | 1600 | $10613  |
| Shida Shinghwa Advanced Material Group Co. Ltd. - Class A<sup>(a)</sup> | 900 | 9631  |
|  |  | 20244  |
| **Containers & Packaging - 1.0%**<br>|  |  |
| Zhejiang Zhongxin Environmental Protection Technology Group Co. Ltd. - Class A | 1100 | 12478  |
| **Metals & Mining - 4.2%**<br>|  |  |
| CMOC Group Ltd. - Class H | 5500 | 13665  |
| Jiangxi Copper Co. Ltd. - Class H | 1900 | 10502  |
| Vale SA - ADR | 1300 | 16939  |
| Zijin Mining Group Co. Ltd. - Class H | 3000 | 13735  |
|  |  | 54841  |
| **Total Materials** |  | 87563  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,182,252)** |  | 1247445  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 3.2%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(d)</sup> | 41601 | 41601  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $41,601)** |  | 41601  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $1,223,853)** |  | $1289046  |
| Other Assets in Excess of Liabilities - 1.1% |  | 14590  |
| **TOTAL NET ASSETS - 100.0%** |  | $1303636 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

JSC - Public Joint Stock Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $13,443 or 1.0% of the Fund's net assets.

<sup>(c)</sup> To the extent that the Fund invests more heavily in one or more particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River International Opportunity Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.0%**<br>|  |  |
| **Communication Services - 0.9%**<br>|  |  |
| **Entertainment - 0.9%**<br>|  |  |
| CD Projekt SA | 26700 | $1783718  |
| **Consumer Discretionary - 9.3%**<br>|  |  |
| **Automobile Components - 2.2%**<br>|  |  |
| Minth Group Ltd. | 444300 | 1820283  |
| Schaeffler AG | 256408 | 2496327  |
|  |  | 4316610  |
| **Broadline Retail - 2.0%**<br>|  |  |
| Falabella SA | 374280 | 2610869  |
| Jumia Technologies AG - ADR<sup>(a)(b)</sup> | 110365 | 1378459  |
|  |  | 3989328  |
| **Hotels, Restaurants & Leisure - 3.3%**<br>|  |  |
| Genius Sports Ltd.<sup>(a)</sup> | 276963 | 3052132  |
| Lottomatica Group SpA | 37000 | 969666  |
| WEB Travel Group Ltd.<sup>(a)</sup> | 797558 | 2536805  |
|  |  | 6558603  |
| **Household Durables - 0.4%**<br>|  |  |
| Cury Construtora e Incorporadora SA | 130565 | 768014  |
| **Specialty Retail - 1.4%**<br>|  |  |
| KITS Eyecare Ltd.<sup>(a)</sup> | 110666 | 1477912  |
| Sanrio Co. Ltd. | 41400 | 1295415  |
|  |  | 2773327  |
| **Total Consumer Discretionary** |  | 18405882  |
| **Consumer Staples - 1.2%**<br>|  |  |
| **Food Products - 0.3%**<br>|  |  |
| Winfarm SAS<sup>(a)</sup> | 111258 | 517771  |
| **Personal Care Products - 0.9%**<br>|  |  |
| Oddity Tech Ltd. - Class A<sup>(a)(b)</sup> | 46601 | 1872428  |
| **Total Consumer Staples** |  | 2390199  |
| **Energy - 3.7%**<br>|  |  |
| **Oil, Gas & Consumable Fuels - 3.7%**<br>|  |  |
| Cameco Corp. | 52640 | 4816034  |
| Denison Mines Corp.<sup>(a)(b)</sup> | 663637 | 1765274  |
| Energy Fuels, Inc.<sup>(a)</sup> | 56000 | 814240  |
| **Total Energy** |  | 7395548  |
| **Financials - 11.8%**<br>|  |  |
| **Banks - 4.4%**<br>|  |  |
| Banco BPM SpA | 91702 | 1392487  |
| BPER Banca SPA | 93351 | 1261402  |
| Credicorp Ltd.<sup>(b)</sup> | 7432 | 2132984  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River International Opportunity Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| **Banks - (Continued)**  | **Banks - (Continued)**  | **Banks - (Continued)**  |
| Credito Emiliano SpA | 54850 | $979953  |
| Grupo Cibest SA - ADR | 45876 | 2918173  |
|  |  | 8684999  |
| **Capital Markets - 3.3%**<br>|  |  |
| flatexDEGIRO AG | 31664 | 1356545  |
| IP Group PLC<sup>(a)</sup> | 1240000 | 979474  |
| Meitav Investment House Ltd. | 20000 | 726670  |
| Pensionbee Group PLC<sup>(a)</sup> | 525000 | 1145008  |
| Plus500 Ltd. | 46230 | 2258028  |
|  |  | 6465725  |
| **Consumer Finance - 1.8%**<br>|  |  |
| Kaspi.KZ JSC - ADR<sup>(a)(b)</sup> | 24193 | 1890199  |
| Zip Co. Ltd.<sup>(a)</sup> | 820000 | 1779938  |
|  |  | 3670137  |
| **Financial Services - 1.3%**<br>|  |  |
| Boku, Inc.<sup>(a)(c)</sup> | 510000 | 1443649  |
| Wise PLC - Class A<sup>(a)</sup> | 102500 | 1227948  |
|  |  | 2671597  |
| **Insurance - 1.0%**<br>|  |  |
| Revo Insurance SpA | 84256 | 1892832  |
| **Total Financials** |  | 23385290  |
| **Health Care - 2.8%**<br>|  |  |
| **Health Care Equipment & Supplies - 2.4%**<br>|  |  |
| Establishment Labs Holdings, Inc.<sup>(a)(b)</sup> | 58166 | 4239138  |
| Implantica AG<sup>(a)</sup> | 83204 | 452780  |
|  |  | 4691918  |
| **Health Care Technology - 0.4%**<br>|  |  |
| Craneware PLC | 30769 | 801892  |
| **Total Health Care** |  | 5493810  |
| **Industrials - 33.2%<sup>(d)</sup>**<br>|  |  |
| **Aerospace & Defense - 3.5%**<br>|  |  |
| A2Z Cust2Mate Solutions Corp.<sup>(a)(b)</sup> | 227721 | 1482464  |
| Avio SpA | 71355 | 2433923  |
| Hanwha Systems Co. Ltd. | 41000 | 1548550  |
| Theon International PLC | 48000 | 1503422  |
|  |  | 6968359  |
| **Air Freight & Logistics - 0.7%**<br>|  |  |
| InPost SA<sup>(a)</sup> | 115000 | 1413201  |
| **Building Products - 0.7%**<br>|  |  |
| KRN Heat Exchanger And Refrigeration Ltd.<sup>(a)</sup> | 163000 | 1321420  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River International Opportunity Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| **Commercial Services & Supplies - 2.9%**<br>|  |  |
| GFL Environmental, Inc. | 60469 | $2597143  |
| Orizon Valorizacao de Residuos SA<sup>(a)</sup> | 248206 | 3158833  |
|  |  | 5755976  |
| **Construction & Engineering - 6.6%**<br>|  |  |
| Dai-Dan Co. Ltd. | 263200 | 4164627  |
| Hyundai Engineering & Construction Co. Ltd. | 33377 | 1626585  |
| Kandenko Co. Ltd. | 138900 | 4461233  |
| Sanki Engineering Co. Ltd. | 76300 | 2794699  |
|  |  | 13047144  |
| **Electrical Equipment - 6.1%**<br>|  |  |
| Fujikura Ltd. | 23300 | 2583863  |
| HD Hyundai Electric Co. Ltd. | 3392 | 1821668  |
| Hyosung Heavy Industries Corp. | 2558 | 3160007  |
| Shenzhen UUGreenPower Co. Ltd. - Class A | 39919 | 1012806  |
| Siemens Energy AG<sup>(a)</sup> | 24386 | 3421073  |
|  |  | 11999417  |
| **Machinery - 10.2%**<br>|  |  |
| Anhui Yingliu Electromechanical Co. Ltd. - Class A | 339000 | 2020418  |
| Circus SE<sup>(a)</sup> | 211816 | 2970819  |
| Hanwha Ocean Co. Ltd.<sup>(a)</sup> | 18459 | 1457530  |
| IHI Corp. | 207100 | 3640941  |
| Japan Steel Works Ltd. | 15300 | 753508  |
| Mitsubishi Heavy Industries Ltd. | 126100 | 3078409  |
| Union Tool Co. | 31800 | 1732876  |
| Wartsila OYJ Abp | 94363 | 3340882  |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. - Class H | 237000 | 1170577  |
|  |  | 20165960  |
| **Professional Services - 0.8%**<br>|  |  |
| Chrysos Corp. Ltd.<sup>(a)</sup> | 320000 | 1573883  |
| **Trading Companies & Distributors - 1.7%**<br>|  |  |
| Zedcor, Inc.<sup>(a)</sup> | 724685 | 3326302  |
| **Total Industrials** |  | 65571662  |
| **Information Technology - 26.3%<sup>(d)</sup>**<br>|  |  |
| **Communications Equipment - 0.7%**<br>|  |  |
| Parrot SA<sup>(a)</sup> | 157000 | 1357284  |
| **Electronic Equipment, Instruments & Components - 7.3%**<br>|  |  |
| Jenoptik AG | 88000 | 1998029  |
| Kitron ASA | 251500 | 1811605  |
| Kraken Robotics, Inc.<sup>(a)</sup> | 536831 | 2503164  |
| Lens Technology Co. Ltd. - Class H | 427000 | 1382133  |
| Maruwa Co. Ltd. | 4900 | 1331644  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River International Opportunity Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| **Electronic Equipment, Instruments & Components - (Continued)**  | **Electronic Equipment, Instruments & Components - (Continued)**  | **Electronic Equipment, Instruments & Components - (Continued)**  |
| Next Vision Stabilized Systems Ltd. | 43471 | $2865392  |
| Taiwan Union Technology Corp. | 164400 | 2585366  |
|  |  | 14477333  |
| **IT Services - 5.3%**<br>|  |  |
| Applied Digital Corp.<sup>(a)(b)</sup> | 350000 | 8582000  |
| Indra Sistemas SA | 31000 | 1762204  |
|  |  | 10344204  |
| **Semiconductors & Semiconductor Equipment - 11.0%**<br>|  |  |
| AIXTRON SE | 173882 | 3491109  |
| ASE Technology Holding Co. Ltd. | 273600 | 2157315  |
| BE Semiconductor Industries NV | 29157 | 4558285  |
| Biwin Storage Technology Co. Ltd. - Class A<sup>(a)</sup> | 60000 | 983700  |
| Infineon Technologies AG | 39229 | 1711597  |
| King Yuan Electronics Co. Ltd. | 243000 | 1912867  |
| Shibaura Mechatronics Corp. | 14100 | 1703856  |
| Tower Semiconductor Ltd.<sup>(a)</sup> | 44596 | 5236462  |
|  |  | 21755191  |
| **Software - 2.0%**<br>|  |  |
| BlackBerry Ltd.<sup>(a)(b)</sup> | 352108 | 1334489  |
| Gorilla Technology Group, Inc.<sup>(a)(b)</sup> | 37100 | 405132  |
| IREN Ltd.<sup>(a)(b)</sup> | 58634 | 2214606  |
|  |  | 3954227  |
| **Total Information Technology** |  | 51888239  |
| **Materials - 5.8%**<br>|  |  |
| **Chemicals - 1.8%**<br>|  |  |
| MEC Co. Ltd. | 109300 | 3560263  |
| **Construction Materials - 1.2%**<br>|  |  |
| Heidelberg Materials AG | 9043 | 2344458  |
| **Metals & Mining - 2.8%**<br>|  |  |
| Almonty Industries, Inc.<sup>(a)</sup> | 561364 | 4945617  |
| IperionX Ltd.<sup>(a)</sup> | 180000 | 669911  |
|  |  | 5615528  |
| **Total Materials** |  | 11520249  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $143,711,553)** |  | 187834597 |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River International Opportunity Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Contracts** | **Value**  |
| **WARRANTS - 0.1%**  | **WARRANTS - 0.1%**  | **WARRANTS - 0.1%**  |
| &nbsp;&nbsp;&nbsp; Sequans Communications (SQNS), Expires 09/30/2030, Exercise <br>Price $0.01<sup>(a)(e)</sup> | 24080 | $108117  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $334,705)** |  | 108117 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES** <br>**LENDING - 10.5%**  | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES** <br>**LENDING - 10.5%**  | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES** <br>**LENDING - 10.5%**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(f)</sup> | 20716786 | 20716786  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $20,716,786)** |  | 20716786 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 5.3%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(f)</sup> | 10417512 | 10417512  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $10,417,512)** |  | 10417512  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 110.9%** <br>**(Cost $175,180,556)** |  | $219077012  |
| Liabilities in Excess of Other Assets - (10.9)% |  | (21452237)  |
| **TOTAL NET ASSETS - 100.0%** |  | $197624775 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

JSC - Public Joint Stock Company

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was on loan as of December 31, 2025. The fair value of these securities was $20,234,519.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $1,443,649 or 0.7% of the Fund's net assets.

<sup>(d)</sup> To the extent that the Fund invests more heavily in one or more particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(e)</sup> All or some of the shares of the security were acquired through a private investment in public equity (PIPE) transaction. Security may be subject

to legal restrictions on sales and was illiquid as of December 31, 2025.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River New Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.0%**<br>|  |  |
| **Communication Services - 1.9%**<br>|  |  |
| **Entertainment - 1.0%**<br>|  |  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 15013 | $3843778  |
| **Interactive Media & Services - 0.9%**<br>|  |  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 14670 | 3372193  |
| **Total Communication Services** |  | 7215971  |
| **Consumer Discretionary - 8.3%**<br>|  |  |
| **Automobile Components - 0.0%<sup>(b)</sup>**<br>|  |  |
| Visteon Corp. | 2180 | 207318  |
| **Broadline Retail - 0.9%**<br>|  |  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 30565 | 3350230  |
| **Diversified Consumer Services - 0.1%**<br>|  |  |
| Phoenix Education Partners, Inc.<sup>(a)</sup> | 11595 | 351329  |
| **Hotels, Restaurants & Leisure - 4.3%**<br>|  |  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 33218 | 1144692  |
| Genius Sports Ltd.<sup>(a)</sup> | 386034 | 4254095  |
| Kura Sushi USA, Inc. - Class A<sup>(a)(c)</sup> | 20957 | 1096680  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 150148 | 3990934  |
| Rush Street Interactive, Inc.<sup>(a)</sup> | 217663 | 4229192  |
| Viking Holdings Ltd.<sup>(a)</sup> | 21260 | 1518176  |
|  |  | 16233769  |
| **Specialty Retail - 1.9%**<br>|  |  |
| Build-A-Bear Workshop, Inc.<sup>(c)</sup> | 11660 | 714408  |
| Camping World Holdings, Inc. - Class A | 125849 | 1224511  |
| Five Below, Inc.<sup>(a)</sup> | 8641 | 1627619  |
| Signet Jewelers Ltd. | 17884 | 1482226  |
| Williams-Sonoma, Inc. | 11646 | 2079859  |
|  |  | 7128623  |
| **Textiles, Apparel & Luxury Goods - 1.1%**<br>|  |  |
| Amer Sports, Inc.<sup>(a)</sup> | 40723 | 1521004  |
| Ralph Lauren Corp. | 6999 | 2474916  |
|  |  | 3995920  |
| **Total Consumer Discretionary** |  | 31267189  |
| **Consumer Staples - 1.4%**<br>|  |  |
| **Beverages - 1.1%**<br>|  |  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 88804 | 4061895  |
| **Food Products - 0.3%**<br>|  |  |
| Freshpet, Inc.<sup>(a)</sup> | 19031 | 1159559  |
| **Total Consumer Staples** |  | 5221454  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River New Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Energy - 2.3%**<br>|  |  |
| **Energy Equipment & Services - 0.7%**<br>|  |  |
| WaterBridge Infrastructure LLC - Class A<sup>(a)(c)</sup> | 23848 | $477199  |
| X-Energy Reactor Company, LLC<sup>(a)(d)</sup> | 137586 | 2000005  |
|  |  | 2477204  |
| **Oil, Gas & Consumable Fuels - 1.6%**<br>|  |  |
| Antero Resources Corp.<sup>(a)</sup> | 87317 | 3008944  |
| Comstock, Inc.<sup>(a)</sup> | 400066 | 1504248  |
| Expand Energy Corp. | 14220 | 1569319  |
|  |  | 6082511  |
| **Total Energy** |  | 8559715  |
| **Financials - 9.4%**<br>|  |  |
| **Banks - 1.5%**<br>|  |  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 46819 | 3423405  |
| East West Bancorp, Inc. | 20273 | 2278483  |
|  |  | 5701888  |
| **Consumer Finance - 5.7%**<br>|  |  |
| Dave, Inc.<sup>(a)(c)</sup> | 57911 | 12822074  |
| FirstCash Holdings, Inc. | 43250 | 6893185  |
| SoFi Technologies, Inc.<sup>(a)</sup> | 64609 | 1691464  |
|  |  | 21406723  |
| **Insurance - 2.2%**<br>|  |  |
| Hippo Holdings, Inc.<sup>(a)(c)</sup> | 114711 | 3450507  |
| Slide Insurance Holdings, Inc.<sup>(a)</sup> | 237127 | 4619234  |
|  |  | 8069741  |
| **Total Financials** |  | 35178352  |
| **Health Care - 21.8%**<br>|  |  |
| **Biotechnology - 12.4%**<br>|  |  |
| Arcellx, Inc.<sup>(a)(c)</sup> | 11567 | 754168  |
| Bridgebio Pharma, Inc.<sup>(a)(c)</sup> | 39016 | 2984334  |
| Cytokinetics, Inc.<sup>(a)</sup> | 30804 | 1957286  |
| Insmed, Inc.<sup>(a)</sup> | 48456 | 8433282  |
| Krystal Biotech, Inc.<sup>(a)</sup> | 21335 | 5259931  |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 7926 | 4615627  |
| Mirum Pharmaceuticals, Inc.<sup>(a)(c)</sup> | 9628 | 760516  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 26458 | 3752538  |
| Nuvalent, Inc. - Class A<sup>(a)</sup> | 15607 | 1569908  |
| Praxis Precision Medicines, Inc.<sup>(a)</sup> | 11594 | 3417216  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 34820 | 2644927  |
| Revolution Medicines, Inc.<sup>(a)(c)</sup> | 29784 | 2372296  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 7860 | 841334  |
| Scholar Rock Holding Corp.<sup>(a)(c)</sup> | 76180 | 3355729  |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River New Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - (Continued)** | **Health Care - (Continued)** | **Health Care - (Continued)** |
| **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  |
| Soleno Therapeutics, Inc.<sup>(a)</sup> | 21383 | $990033  |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 91367 | 1919621  |
| TG Therapeutics, Inc.<sup>(a)(c)</sup> | 23156 | 690280  |
|  |  | 46319026  |
| **Health Care Equipment & Supplies - 5.0%**<br>|  |  |
| AtriCure, Inc.<sup>(a)</sup> | 114843 | 4543189  |
| Butterfly Network, Inc.<sup>(a)(c)</sup> | 1499889 | 5699578  |
| Enovis Corp.<sup>(a)</sup> | 59215 | 1577488  |
| Kestra Medical Technologies Ltd.<sup>(a)(c)</sup> | 124123 | 3291742  |
| Owlet, Inc.<sup>(a)</sup> | 7795 | 126201  |
| Senseonics Holdings, Inc.<sup>(a)</sup> | 92980 | 513250  |
| TransMedics Group, Inc.<sup>(a)</sup> | 25954 | 3157304  |
|  |  | 18908752  |
| **Health Care Providers & Services - 3.3%**<br>|  |  |
| Ensign Group, Inc.<sup>(c)</sup> | 9196 | 1601943  |
| Guardant Health, Inc.<sup>(a)</sup> | 55916 | 5711260  |
| National HealthCare Corp. | 10546 | 1445751  |
| RadNet, Inc.<sup>(a)</sup> | 49171 | 3508351  |
|  |  | 12267305  |
| **Pharmaceuticals - 1.1%**<br>|  |  |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | 14234 | 2599698  |
| Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | 31707 | 1475961  |
|  |  | 4075659  |
| **Total Health Care** |  | 81570742  |
| **Industrials - 23.6%**<br>|  |  |
| **Aerospace & Defense - 4.9%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 3283 | 1864514  |
| Curtiss-Wright Corp. | 2945 | 1623490  |
| Intuitive Machines, Inc.<sup>(a)(c)</sup> | 89138 | 1446710  |
| Karman Holdings, Inc.<sup>(a)(c)</sup> | 28043 | 2051906  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)(c)</sup> | 94129 | 7145332  |
| Rocket Lab Corp.<sup>(a)(c)</sup> | 53592 | 3738578  |
| VSE Corp. | 2954 | 510363  |
|  |  | 18380893  |
| **Commercial Services & Supplies - 1.4%**<br>|  |  |
| GFL Environmental, Inc. | 116603 | 5008099  |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River New Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| **Construction & Engineering - 6.0%**<br>|  |  |
| API Group Corp.<sup>(a)</sup> | 89020 | $3405905  |
| Comfort Systems USA, Inc. | 9651 | 9007182  |
| MasTec, Inc.<sup>(a)</sup> | 46567 | 10122269  |
|  |  | 22535356  |
| **Electrical Equipment - 2.4%**<br>|  |  |
| Amprius Technologies, Inc.<sup>(a)</sup> | 179391 | 1415395  |
| Babcock & Wilcox Enterprises, Inc.<sup>(a)</sup> | 371965 | 2358258  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | 61569 | 5349730  |
|  |  | 9123383  |
| **Ground Transportation - 2.5%**<br>|  |  |
| Knight-Swift Transportation Holdings, Inc. | 63938 | 3342679  |
| XPO, Inc.<sup>(a)</sup> | 43419 | 5901076  |
|  |  | 9243755  |
| **Machinery - 2.2%**<br>|  |  |
| ESCO Technologies, Inc. | 11656 | 2277466  |
| Symbotic, Inc.<sup>(a)(c)</sup> | 100558 | 5983201  |
|  |  | 8260667  |
| **Professional Services - 0.5%**<br>|  |  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 43692 | 1854288  |
| **Trading Companies & Distributors - 3.7%**<br>|  |  |
| Core & Main, Inc. - Class A<sup>(a)</sup> | 52036 | 2704311  |
| QXO, Inc.<sup>(a)</sup> | 295415 | 5698555  |
| Xometry, Inc. - Class A<sup>(a)(c)</sup> | 93795 | 5577989  |
|  |  | 13980855  |
| **Total Industrials** |  | 88387296  |
| **Information Technology - 26.3%<sup>(e)</sup>**<br>|  |  |
| **Communications Equipment - 6.1%**<br>|  |  |
| Ciena Corp.<sup>(a)</sup> | 20705 | 4842278  |
| Lumentum Holdings, Inc.<sup>(a)(c)</sup> | 10344 | 3812695  |
| Ondas Holdings, Inc.<sup>(a)(c)</sup> | 1471691 | 14363704  |
|  |  | 23018677  |
| **Electronic Equipment, Instruments & Components - 1.9%**<br>|  |  |
| Coherent Corp.<sup>(a)</sup> | 10286 | 1898487  |
| Fabrinet<sup>(a)</sup> | 2588 | 1178265  |
| LightPath Technologies, Inc. - Class A<sup>(a)</sup> | 173822 | 1877278  |
| Unusual Machines, Inc./US<sup>(a)(c)</sup> | 183968 | 2343752  |
|  |  | 7297782  |
| **Information Technology - 0.6%**<br>|  |  |
| Exzeo Group, Inc.<sup>(a)(c)</sup> | 97952 | 2375336  |

---

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River New Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - 26.3%** | **Information Technology - 26.3%** | **Information Technology - 26.3%** |
| **IT Services - 6.8%<sup>(e)</sup>**<br>|  |  |
| Applied Digital Corp.<sup>(a)(c)</sup> | 711031 | $17434480  |
| DigitalOcean Holdings, Inc.<sup>(a)(c)</sup> | 42456 | 2042983  |
| Okta, Inc.<sup>(a)</sup> | 17253 | 1491867  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 30794 | 4380138  |
|  |  | 25349468  |
| **Semiconductors & Semiconductor Equipment - 5.2%**<br>|  |  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 34695 | 2552858  |
| MKS, Inc. | 13016 | 2079957  |
| Qnity Electronics, Inc. | 11858 | 968206  |
| Rambus, Inc.<sup>(a)</sup> | 33128 | 3044132  |
| Semtech Corp.<sup>(a)</sup> | 79467 | 5855923  |
| Teradyne, Inc. | 16796 | 3251034  |
| Tower Semiconductor Ltd.<sup>(a)</sup> | 13755 | 1615112  |
|  |  | 19367222  |
| **Software - 5.7%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 99509 | 4757525  |
| Clearwater Analytics Holdings, Inc. - Class A<sup>(a)(c)</sup> | 166273 | 4010505  |
| Hut 8 Corp.<sup>(a)</sup> | 55808 | 2563820  |
| Pegasystems, Inc. | 62299 | 3720496  |
| Red Violet, Inc. | 15499 | 882668  |
| Unity Software, Inc.<sup>(a)</sup> | 121390 | 5361796  |
|  |  | 21296810  |
| **Total Information Technology** |  | 98705295  |
| **Materials - 1.6%**<br>|  |  |
| **Chemicals - 0.3%**<br>|  |  |
| DuPont de Nemours, Inc. | 23716 | 953383  |
| **Construction Materials - 0.3%**<br>|  |  |
| Eagle Materials, Inc. | 5988 | 1237600  |
| **Metals & Mining - 1.0%**<br>|  |  |
| Almonty Industries, Inc.<sup>(a)(c)</sup> | 443687 | 3908882  |
| **Total Materials** |  | 6099865  |
| **Utilities - 1.4%**<br>|  |  |
| **Electric Utilities - 1.4%**<br>|  |  |
| NRG Energy, Inc. | 33706 | 5367343  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $292,439,606)** |  | 367573222 |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River New Opportunities Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Contracts** | **Value**  |
| **WARRANTS - 0.1%**  | **WARRANTS - 0.1%**  | **WARRANTS - 0.1%**  |
| &nbsp;&nbsp;&nbsp; Sequans Communications (SQNS), Expires 09/30/2030, Exercise <br>Price $0.01<sup>(a)(f)</sup> | 28496 | $127945  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $396,087)** |  | 127945 |

---

---

| | |
|:---|:---|
|  | **Shares** |
| **RIGHTS - 0.0%**<br>|  |
| **Health Care - 0.0%**<br>|  |
| **Pharmaceuticals - 0.0%**<br>|  |
| Novo Nordisk AS, Exercise Price $0.00<sup>(a)(d)</sup> | 20805 |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $—)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 19.2%**  |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(g)</sup> | 72156189 | 72156189  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $72,156,189)** |  | 72156189 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 2.1%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(g)</sup> | 7881976 | 7881976  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $7,881,976)** |  | 7881976  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 119.4%** <br>**(Cost $372,873,858)** |  | $447739332  |
| Liabilities in Excess of Other Assets - (19.4)% |  | (72744325)  |
| **TOTAL NET ASSETS - 100.0%** |  | $374995007 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> All or a portion of this security was on loan as of December 31, 2025. The fair value of these securities was $71,292,177.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of Hood River Capital Management LLC (the "Advisor"), acting as Valuation Designee. These securities represented $2,000,005 or 0.5% of net assets as of December 31, 2025.

<sup>(e)</sup> To the extent that the Fund invests more heavily in one or more particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(f)</sup> All or some of the shares of the security were acquired through a private investment in public equity (PIPE) transaction. Security may be subject

to legal restrictions on sales and was illiquid as of December 31, 2025.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Small-Cap Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.0%**<br>|  |  |
| **Communication Services - 1.0%**<br>|  |  |
| **Diversified Telecommunication Services - 1.0%**<br>|  |  |
| Globalstar, Inc.<sup>(a)</sup> | 793931 | $48461548  |
| **Consumer Discretionary - 7.9%**<br>|  |  |
| **Automobile Components - 0.1%**<br>|  |  |
| Visteon Corp. | 31227 | 2969688  |
| **Broadline Retail - 1.1%**<br>|  |  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 488873 | 53585369  |
| **Diversified Consumer Services - 1.2%**<br>|  |  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 198139 | 32952497  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 1033052 | 26993649  |
|  |  | 59946146  |
| **Hotels, Restaurants & Leisure - 3.0%**<br>|  |  |
| Genius Sports Ltd.<sup>(a)</sup> | 3135884 | 34557442  |
| Kura Sushi USA, Inc. - Class A<sup>(a)(b)</sup> | 315101 | 16489235  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 2374635 | 63117798  |
| Rush Street Interactive, Inc.<sup>(a)</sup> | 1605032 | 31185772  |
|  |  | 145350247  |
| **Household Durables - 0.2%**<br>|  |  |
| Lovesac Co.<sup>(a)(b)</sup> | 620308 | 9149543  |
| **Specialty Retail - 2.3%**<br>|  |  |
| Academy Sports & Outdoors, Inc.<sup>(b)</sup> | 587797 | 29366338  |
| Camping World Holdings, Inc. - Class A | 1661426 | 16165675  |
| Five Below, Inc.<sup>(a)</sup> | 143734 | 27073736  |
| Signet Jewelers Ltd. | 489397 | 40561224  |
|  |  | 113166973  |
| **Total Consumer Discretionary** |  | 384167966  |
| **Consumer Staples - 1.9%**<br>|  |  |
| **Beverages - 1.2%**<br>|  |  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 1277619 | 58438293  |
| **Food Products - 0.3%**<br>|  |  |
| Freshpet, Inc.<sup>(a)(b)</sup> | 264630 | 16123906  |
| **Personal Care Products - 0.4%**<br>|  |  |
| Oddity Tech Ltd. - Class A<sup>(a)(b)</sup> | 467902 | 18800302  |
| **Total Consumer Staples** |  | 93362501  |

---

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Small-Cap Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Energy - 2.0%**<br>|  |  |
| **Energy Equipment & Services - 0.8%**<br>|  |  |
| WaterBridge Infrastructure LLC - Class A<sup>(a)(b)</sup> | 316406 | $6331285  |
| Xenergy Reactor Company<sup>(a)(c)</sup> | 2166973 | 31499986  |
|  |  | 37831271  |
| **Oil, Gas & Consumable Fuels - 1.2%**<br>|  |  |
| Denison Mines Corp.<sup>(a)(b)</sup> | 16566804 | 44067699  |
| Northern Oil & Gas, Inc.<sup>(b)</sup> | 804897 | 17281138  |
|  |  | 61348837  |
| **Total Energy** |  | 99180108  |
| **Financials - 9.2%**<br>|  |  |
| **Banks - 2.9%**<br>|  |  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 966029 | 70636041  |
| East West Bancorp, Inc. | 346313 | 38922118  |
| WesBanco, Inc. | 554505 | 18431746  |
| Western Alliance Bancorp | 156871 | 13188145  |
|  |  | 141178050  |
| **Consumer Finance - 4.4%**<br>|  |  |
| Dave, Inc.<sup>(a)</sup> | 537850 | 119085368  |
| FirstCash Holdings, Inc. | 586561 | 93486092  |
|  |  | 212571460  |
| **Insurance - 1.9%**<br>|  |  |
| HCI Group, Inc. | 475065 | 91065210  |
| **Total Financials**  |  | 444814720 |
| **Health Care - 21.3%**<br>|  |  |
| **Biotechnology - 12.1%**<br>|  |  |
| Arcellx, Inc.<sup>(a)(b)</sup> | 180878 | 11793246  |
| Bridgebio Pharma, Inc.<sup>(a)(b)</sup> | 684355 | 52346314  |
| Insmed, Inc.<sup>(a)</sup> | 267732 | 46596077  |
| Krystal Biotech, Inc.<sup>(a)(b)</sup> | 329780 | 81303961  |
| Madrigal Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 134720 | 78452845  |
| Mirum Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 149307 | 11793760  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 173881 | 24661542  |
| Nuvalent, Inc. - Class A<sup>(a)</sup> | 255949 | 25745910  |
| Praxis Precision Medicines, Inc.<sup>(a)</sup> | 152200 | 44859428  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 537434 | 40823487  |
| Revolution Medicines, Inc.<sup>(a)</sup> | 513668 | 40913656  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 129034 | 13811799  |
| Scholar Rock Holding Corp.<sup>(a)(b)</sup> | 1069421 | 47107995  |
| Soleno Therapeutics, Inc.<sup>(a)(b)</sup> | 331392 | 15343449  |

---

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Small-Cap Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - (Continued)** | **Health Care - (Continued)** | **Health Care - (Continued)** |
| **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  | **Biotechnology - (Continued)**  |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 1211108 | $25445379  |
| TG Therapeutics, Inc.<sup>(a)(b)</sup> | 933712 | 27833955  |
|  |  | 588832803  |
| **Health Care Equipment & Supplies - 3.1%**<br>|  |  |
| Alphatec Holdings, Inc.<sup>(a)</sup> | 729758 | 15354108  |
| AtriCure, Inc.<sup>(a)</sup> | 1637849 | 64793306  |
| Enovis Corp.<sup>(a)(b)</sup> | 931521 | 24815720  |
| TransMedics Group, Inc.<sup>(a)(b)</sup> | 365464 | 44458696  |
|  |  | 149421830  |
| **Health Care Providers & Services - 4.9%**<br>|  |  |
| Alignment Healthcare, Inc.<sup>(a)</sup> | 3924617 | 77511186  |
| Ensign Group, Inc.<sup>(b)</sup> | 285797 | 49785837  |
| Guardant Health, Inc.<sup>(a)(b)</sup> | 456628 | 46639984  |
| RadNet, Inc.<sup>(a)</sup> | 738220 | 52671997  |
| Select Medical Holdings Corp. | 769135 | 11421655  |
|  |  | 238030659  |
| **Pharmaceuticals - 1.2%**<br>|  |  |
| Axsome Therapeutics, Inc.<sup>(a)(b)</sup> | 189665 | 34640416  |
| Crinetics Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 471731 | 21959078  |
|  |  | 56599494  |
| **Total Health Care** |  | 1032884786  |
| **Industrials - 25.4%<sup>(d)</sup>**<br>|  |  |
| **Aerospace & Defense - 4.3%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 37856 | 21499558  |
| Karman Holdings, Inc.<sup>(a)(b)</sup> | 742858 | 54354920  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup> | 1472405 | 111770263  |
| PDW Holdings Inc.<sup>(a)(c)</sup>  | 3335186  | 14999999  |
| VSE Corp.<sup>(b)</sup> | 39492 | 6823033  |
|  |  | 209447773  |
| **Building Products - 0.9%**<br>|  |  |
| Modine Manufacturing Co.<sup>(a)</sup> | 328933 | 43915845  |
| **Commercial Services & Supplies - 1.0%**<br>|  |  |
| Clean Harbors, Inc.<sup>(a)</sup> | 79604 | 18665546  |
| Interface, Inc. | 1046515 | 29218699  |
|  |  | 47884245  |
| **Construction & Engineering - 8.3%**<br>|  |  |
| API Group Corp.<sup>(a)</sup> | 1217003 | 46562535  |
| Comfort Systems USA, Inc. | 128037 | 119495652  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Small-Cap Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| **Construction & Engineering - (Continued)**  | **Construction & Engineering - (Continued)**  | **Construction & Engineering - (Continued)**  |
| Granite Construction, Inc.<sup>(b)</sup> | 532833 | $61462287  |
| MasTec, Inc.<sup>(a)</sup> | 811177 | 176325544  |
|  |  | 403846018  |
| **Electrical Equipment - 2.2%**<br>|  |  |
| Babcock & Wilcox Enterprises, Inc.<sup>(a)</sup> | 5601435 | 35513098  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | 814204 | 70746185  |
|  |  | 106259283  |
| **Ground Transportation - 3.3%**<br>|  |  |
| Knight-Swift Transportation Holdings, Inc. | 832211 | 43507991  |
| RXO, Inc.<sup>(a)(b)</sup> | 1266937 | 16014084  |
| Schneider National, Inc. - Class B | 658230 | 17462842  |
| XPO, Inc.<sup>(a)(b)</sup> | 609364 | 82818661  |
|  |  | 159803578  |
| **Machinery - 1.4%**<br>|  |  |
| ESCO Technologies, Inc. | 156851 | 30647117  |
| Flowserve Corp. | 529542 | 36739624  |
|  |  | 67386741  |
| **Professional Services - 0.8%**<br>|  |  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 872116 | 37012603  |
| **Trading Companies & Distributors - 3.2%**<br>|  |  |
| Core & Main, Inc. - Class A<sup>(a)</sup> | 697012 | 36223714  |
| QXO, Inc.<sup>(a)(b)</sup> | 4372357 | 84342766  |
| Transcat, Inc.<sup>(a)(b)</sup> | 346817 | 19674928  |
| Xometry, Inc. - Class A<sup>(a)(b)</sup> | 231299 | 13755352  |
|  |  | 153996760  |
| **Total Industrials** |  | 1229552846  |
| **Information Technology - 27.5%<sup>(d)</sup>**<br>|  |  |
| **Communications Equipment - 4.7%**<br>|  |  |
| Applied Optoelectronics, Inc.<sup>(a)(b)</sup> | 808818 | 28195395  |
| Calix, Inc.<sup>(a)</sup> | 332843 | 17617380  |
| Ciena Corp.<sup>(a)</sup> | 230012 | 53792906  |
| Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 162891 | 60039994  |
| Ondas Holdings, Inc.<sup>(a)(b)</sup> | 7075022 | 69052215  |
|  |  | 228697890  |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Small-Cap Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| **Electronic Equipment, Instruments & Components - 3.7%**<br>|  |  |
| Fabrinet<sup>(a)</sup> | 44629 | $20318691  |
| LightPath Technologies, Inc. - Class A<sup>(a)</sup> | 984371 | 10631207  |
| Mirion Technologies, Inc.<sup>(a)(b)</sup> | 1766569 | 41373046  |
| nLight, Inc.<sup>(a)</sup> | 512380 | 19219374  |
| OSI Systems, Inc.<sup>(a)(b)</sup> | 241803 | 61674273  |
| TTM Technologies, Inc.<sup>(a)</sup> | 400450 | 27631050  |
|  |  | 180847641  |
| **IT Services - 6.6%**<br>|  |  |
| Applied Digital Corp.<sup>(a)(b)</sup> | 11854278 | 290666897  |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 601600 | 28948992  |
|  |  | 319615889  |
| **Semiconductors & Semiconductor Equipment - 5.4%**<br>|  |  |
| AXT, Inc.<sup>(a)</sup> | 1279526 | 20920250  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 488631 | 35953469  |
| Rambus, Inc.<sup>(a)</sup> | 356682 | 32775509  |
| Semtech Corp.<sup>(a)</sup> | 1196933 | 88201993  |
| SiTime Corp.<sup>(a)(b)</sup> | 170582 | 60247856  |
| Tower Semiconductor Ltd.<sup>(a)</sup> | 183692 | 21569115  |
|  |  | 259668192  |
| **Software - 7.1%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 1654236 | 79089023  |
| BlackBerry Ltd.<sup>(a)(b)</sup> | 6748226 | 25575777  |
| Clearwater Analytics Holdings, Inc. - Class A<sup>(a)(b)</sup> | 2260924 | 54533487  |
| Hut 8 Corp.<sup>(a)(b)</sup> | 503193 | 23116686  |
| nCino, Inc.<sup>(a)(b)</sup> | 777782 | 19942331  |
| PAR Technology Corp.<sup>(a)(b)</sup> | 336083 | 12193091  |
| Pegasystems, Inc.<sup>(b)</sup> | 830432 | 49593399  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 249745 | 18021599  |
| Unity Software, Inc.<sup>(a)</sup> | 1427361 | 63046535  |
|  |  | 345111928  |
| **Total Information Technology** |  | 1333941540  |
| **Materials - 1.2%**<br>|  |  |
| **Construction Materials - 0.7%**<br>|  |  |
| Eagle Materials, Inc. | 169956 | 35126506  |
| **Metals & Mining - 0.5%**<br>|  |  |
| Almonty Industries, Inc.<sup>(a)(b)</sup> | 1689205 | 14881896  |
| United States Antimony Corp.<sup>(a)(b)</sup> | 1524365 | 7652312  |
|  |  | 22534208  |
| **Total Materials** |  | 57660714  |

---

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Small-Cap Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Real Estate - 0.6%**<br>|  |  |
| **Real Estate Management & Development - 0.6%**<br>|  |  |
| Landbridge Co. LLC - Class A<sup>(b)</sup> | 593216 | $29061652  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,104,377,391)** |  | 4753088381  |
| **REAL ESTATE INVESTMENT TRUSTS - 0.4%**<br>|  |  |
| **Financials - 0.4%**<br>|  |  |
| **Financial Services - 0.4%**<br>|  |  |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc.<sup>(b)</sup> | 532501 | 16736507  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $12,595,908)** |  | 16736507 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **PRIVATE NOTES - 0.1%**<br>|  |  |
| **Consumer Discretionary - 0.1%**<br>|  |  |
| Cariloha 15.00%, 12/31/2026<sup>(c)(g)</sup> | $6500000 | 6500000  |
| &nbsp;&nbsp;&nbsp; **TOTAL PRIVATE NOTES** <br>**(Cost $6,500,000)** |  | 6500000 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** |  |
| **WARRANTS - 0.1%**  | **WARRANTS - 0.1%**  | **WARRANTS - 0.1%**  |
| Ondas Holdings, Inc., Expires 10/06/2032, Exercise Price $20.00<sup>(a)(c)(e)(f)</sup> | 4320000 | —  |
| &nbsp;&nbsp;&nbsp; Sequans Communications (SQNS), Expires 09/30/2030, Exercise <br>Price $0.01<sup>(a)(e)</sup> | 678966 | 3048558  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $9,437,630)** |  | 3048558 |

---

---

| | |
|:---|:---|
|  | **Shares** |
| **RIGHTS - 0.0%**<br>|  |
| **Health Care - 0.0%**<br>|  |
| **Pharmaceuticals - 0.0%**<br>|  |
| Novo Nordisk AS, Exercise Price $0.00<sup>(a)(c)</sup> | 350637 |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $—)** |  |

---

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Small-Cap Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 23.0%** <br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(h)</sup> | 1113311467 | $1113311467  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,113,311,467)** |  | 1113311467 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 1.2%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(h)</sup> | 60917685 | 60917685  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $60,917,685)** |  | 60917685  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 122.8%** <br>**(Cost $4,307,140,081)** |  | $5953602598  |
| Liabilities in Excess of Other Assets - (22.8)% |  | (1104990805)  |
| **TOTAL NET ASSETS - 100.0%** |  | $4848611793 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was on loan as of December 31, 2025. The fair value of these securities was $1,082,913,785.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Advisor, acting as Valuation Designee. These securities represented $52,999,985 or 1.1% of net assets as of December 31, 2025.

<sup>(d)</sup> To the extent that the Fund invests more heavily in one or more particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(e)</sup> All or some of the shares of the security were acquired through a private investment in public equity (PIPE) transaction. Security may be subject

to legal restrictions on sales and was illiquid as of December 31, 2025.

<sup>(f)</sup> Security received at no cost in connection with Ondas Holdings 2025 PIPE transaction. The security had no market value as of December 31, 2025.

<sup>(g)</sup> Private investment.

<sup>(h)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Funds** 

**Statements of Assets and Liabilities** 

**December 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hood River** <br>**Emerging** <br>**Markets Fund** | **Hood River** <br>**International** <br>**Opportunity Fund** | **Hood River** <br>**New Opportunities** <br>**Fund** | **Hood River** <br>**Small-Cap** <br>**Growth Fund**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at value\* | $1289046 | $219077012 | &nbsp;&nbsp; $447739332 | $5953602598  |
| Cash | 9312 |  | &nbsp;&nbsp; — | —  |
| Receivable from advisor | 38428 |  | &nbsp;&nbsp; — | —  |
| Receivable for investments sold | 11455 | 451230 | &nbsp;&nbsp; 3191530 | 39484733  |
| Dividends receivable | 2225 | 93245 | &nbsp;&nbsp; 45628 | 1426257  |
| Receivable for fund shares sold |  | 1560870 | &nbsp;&nbsp; 994768 | 3969791  |
| Dividend tax reclaims receivable |  | 54224 | &nbsp;&nbsp; — | —  |
| Security lending income receivable |  | 10394 | &nbsp;&nbsp; 20579 | 249956  |
| Interest receivable |  |  | &nbsp;&nbsp; — | 1203619  |
| Prepaid expenses and other assets | 500 | 42777 | &nbsp;&nbsp; 86934 | 116077  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1350966 | 221289752 | &nbsp;&nbsp; 452078771 | 6000053031  |
| **LIABILITIES:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable to custodian foreign currency, <br>at value\*\* | 9298 | 145623 | &nbsp;&nbsp; — | —  |
| Deferred organizational expenses | 8748 |  | &nbsp;&nbsp; 7861 | —  |
| Payable for transfer agent fees and expenses | 7363  | 23774  | &nbsp;&nbsp; 22649  | 87614  |
| Payable for custodian fees  | 5106  | 21918  | &nbsp;&nbsp; 6392  | 80303 |
| Payable for legal fees  | 4736 |  | &nbsp;&nbsp; — | —  |
|  Payable for fund administration and accounting fees  | 4572  | 26880  | &nbsp;&nbsp; 48221  | 608598  |
| Payable for audit fees  | 2997  | 13543  | &nbsp;&nbsp; 8284  | 8830 |
| Payable for compliance fees  | 1258  | 3814  | &nbsp;&nbsp; 3871  | 3999  |
|  Payable for distribution and shareholder servicing fees | 110 | 86196 | &nbsp;&nbsp; 36785 | 358781  |
| Payable for investments purchased | 15 | 2079085 | &nbsp;&nbsp; 4446671 | 23057035  |
| Payable for capital shares redeemed |  | 366235 | &nbsp;&nbsp; 94117 | 10062000  |
| Payable upon return of securities loaned |  | 20716786 | &nbsp;&nbsp; 72156189 | 1113311467  |
| Payable to advisor |  | 157211 | &nbsp;&nbsp; 225917 | 3783668  |
| Payable for expenses and other liabilities | 3127 | 23912 | &nbsp;&nbsp; 26807 | 78933  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 47330 | 23664977 | &nbsp;&nbsp; 77083764 | 1151441238  |
| **NET ASSETS** | $1303636 | $197624775 | &nbsp;&nbsp; $374995007 | $4848611793  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital Stock | $1237545 | $211265477 | &nbsp;&nbsp; $305565091 | $3135650026  |
| Total accumulated earnings (loss) | 66091 | (13640702) | &nbsp;&nbsp; 69429916 | 1712961767  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1303636 | $197624775 | &nbsp;&nbsp; $374995007 | $4848611793  |

---

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Funds** 

**Statements of Assets and Liabilities** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hood River** <br>**Emerging** <br>**Markets Fund** | **Hood River** <br>**International** <br>**Opportunity Fund** | **Hood River** <br>**New Opportunities** <br>**Fund** | **Hood River** <br>**Small-Cap** <br>**Growth Fund**  |
| **Institutional Shares**<br>|  |  |  |  |
| Net assets | $1028217 | $120854842 | &nbsp;&nbsp; $331766235 | $2762592551  |
| Shares issued and outstanding<sup>(a)</sup> | 97061 | 7626135 | &nbsp;&nbsp; 18556037 | 31218201  |
| Net asset value per share | $10.59 | $15.85 | &nbsp;&nbsp; $17.88 | $88.49  |
| **Investor Shares**<br>|  |  |  |  |
| Net assets | $26494 | $69163749 | &nbsp;&nbsp; $17387809 | $171687426  |
| Shares issued and outstanding<sup>(a)</sup> | 2501 | 4378734 | &nbsp;&nbsp; 975736 | 1995094  |
| Net asset value per share | $10.59 | $15.80 | &nbsp;&nbsp; $17.82 | $86.05  |
| **Retirement Shares**<br>|  |  |  |  |
| Net assets | $248925 | $7606184 | &nbsp;&nbsp; $25840963 | $1914331816  |
| Shares issued and outstanding<sup>(a)</sup> | 23492 | 478726 | &nbsp;&nbsp; 1444388 | 21454417  |
| Net asset value per share | $10.60 | $15.89 | &nbsp;&nbsp; $17.89 | $89.23  |
| **Cost:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; \*Investments, at cost | $1223853 | $175180556 | &nbsp;&nbsp; $372873858 | $4307140081  |
| **Proceeds:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; \*\*Foreign currency proceeds | $9308 | $145700 | &nbsp;&nbsp; $— | $—  |
| **Loaned Securities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $— | $20234519 | &nbsp;&nbsp; $71292177 | $1082913785 |

---

<sup>(a)</sup> Unlimited shares authorized with par value of $0.01. 

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER FUNDS** 

**Statements of Operations** 

**For the Period Ended December 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hood River** <br>**Emerging** <br>**Markets Fund<sup>(a)</sup>** | **Hood River** <br>**International** <br>**Opportunity Fund** | **Hood River** <br>**New Opportunities** <br>**Fund** | **Hood River** <br>**Small-Cap** <br>**Growth Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $3518 | &nbsp;&nbsp; $773507 | &nbsp;&nbsp;&nbsp; $354225 | $6650602  |
| Interest income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1588 | &nbsp;&nbsp;&nbsp; — | 503667  |
| Securities lending income (Note 9) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 98888 | &nbsp;&nbsp;&nbsp; 96319 | 1866669  |
| Less: Dividend withholding taxes | &nbsp;&nbsp;&nbsp; (251) | &nbsp;&nbsp; (60785) | &nbsp;&nbsp;&nbsp; (377) | —  |
| Other income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (25216) | &nbsp;&nbsp;&nbsp; — | 12  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 3267 | &nbsp;&nbsp; 787982 | &nbsp;&nbsp;&nbsp; 450167 | 9020950  |
| **EXPENSES:**<br>|  |  |  |  |
| Organizational costs | &nbsp;&nbsp;&nbsp; 9990 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9540 |  |
| Transfer agent fees | &nbsp;&nbsp;&nbsp; 7363 | &nbsp;&nbsp; 39928 | &nbsp;&nbsp;&nbsp; 36341 | 134736  |
| Custodian fees | &nbsp;&nbsp;&nbsp; 5106 | &nbsp;&nbsp; 27876 | &nbsp;&nbsp;&nbsp; 10629 | 92566  |
| Legal fees | &nbsp;&nbsp;&nbsp; 4737 | &nbsp;&nbsp; 14260 | &nbsp;&nbsp;&nbsp; 9608 | 17846  |
| Fund administration and accounting fees (Note 4) | &nbsp;&nbsp;&nbsp; 4572 | &nbsp;&nbsp; 46246 | &nbsp;&nbsp;&nbsp; 64613 | 834869  |
| Audit fees | &nbsp;&nbsp;&nbsp; 2996 | &nbsp;&nbsp; 9384 | &nbsp;&nbsp;&nbsp; 9105 | 9477  |
| Trustees' fees  | &nbsp;&nbsp;&nbsp; 1554  | &nbsp;&nbsp; 14536  | &nbsp;&nbsp;&nbsp; 15098  | 14643  |
| Compliance fees | &nbsp;&nbsp;&nbsp; 1258 | &nbsp;&nbsp; 6164 | &nbsp;&nbsp;&nbsp; 5892 | 6074  |
| Investment advisory fee (Note 4) | &nbsp;&nbsp;&nbsp; 1157 | &nbsp;&nbsp; 915139 | &nbsp;&nbsp;&nbsp; 969197 | 20252526  |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 333 | &nbsp;&nbsp; 1104 | &nbsp;&nbsp;&nbsp; 465 | 64369  |
| Federal and state registration fees | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp; 34132 | &nbsp;&nbsp;&nbsp; 15694 | 95182  |
| Service fees (Note 6)<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp; 52240 | &nbsp;&nbsp;&nbsp; 122450 | 1280271  |
| &nbsp;&nbsp;&nbsp; Investor Shares | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 26997 | &nbsp;&nbsp;&nbsp; 3567 | 78379  |
| Distribution fees (Note 5)<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Shares | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 75206 | &nbsp;&nbsp;&nbsp; 8917 | 195948  |
| Tax related fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 7726 | &nbsp;&nbsp;&nbsp; — | —  |
| Other expenses and fees | &nbsp;&nbsp;&nbsp; 1702 | &nbsp;&nbsp; 9568 | &nbsp;&nbsp;&nbsp; 9301 | 31923  |
| &nbsp;&nbsp;&nbsp; Total expenses before reimbursement from advisor | &nbsp;&nbsp;&nbsp; 41025 | &nbsp;&nbsp; 1280506 | &nbsp;&nbsp;&nbsp; 1290417 | 23108809  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement from advisor (Note 4) | &nbsp;&nbsp;&nbsp; (39586) | &nbsp;&nbsp; (116042) | &nbsp;&nbsp;&nbsp; (57059) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses before recoupment by advisor | &nbsp;&nbsp;&nbsp; 1439 | &nbsp;&nbsp; 1164464 | &nbsp;&nbsp;&nbsp; 1233358 | 23108809  |
| &nbsp;&nbsp;&nbsp; Expense recoupment by advisor (Note 4) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 79780  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp;&nbsp; 1439 | &nbsp;&nbsp; 1164464 | &nbsp;&nbsp;&nbsp; 1233358 | 23188589  |
| **NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp;&nbsp; 1828 | &nbsp;&nbsp; (376482) | &nbsp;&nbsp;&nbsp; (783191) | (14167639)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 923 | &nbsp;&nbsp; 21562713 | &nbsp;&nbsp;&nbsp; 11577487 | 402902971  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; (1070) | &nbsp;&nbsp; (166197) | &nbsp;&nbsp;&nbsp; — | —  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (147) | &nbsp;&nbsp; 21396516 | &nbsp;&nbsp;&nbsp; 11577487 | 402902971  |

---

The accompanying notes are an integral part of these financial statements.

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER FUNDS** 

**Statements of Operations** 

**For the Period Ended December 31, 2025 (Unaudited) (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hood River** <br>**Emerging** <br>**Markets Fund<sup>(a)</sup>** | **Hood River** <br>**International** <br>**Opportunity Fund** | **Hood River** <br>**New Opportunities** <br>**Fund** | **Hood River** <br>**Small-Cap** <br>**Growth Fund**  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp; $65193 | &nbsp;&nbsp; $18857773 | &nbsp;&nbsp;&nbsp; $49051677 | $574099250  |
| &nbsp;&nbsp;&nbsp; Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 11569 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp; (6) | &nbsp;&nbsp; (7978) | &nbsp;&nbsp;&nbsp; — | —  |
| Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 65187 | &nbsp;&nbsp; 18861364 | &nbsp;&nbsp;&nbsp; 49051677 | 574099250  |
| **Net realized and unrealized gain** | &nbsp;&nbsp;&nbsp;&nbsp; 65040 | &nbsp;&nbsp; 40257880 | &nbsp;&nbsp;&nbsp; 60629164 | 977002221  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;&nbsp; $66868 | &nbsp;&nbsp; $39881398 | &nbsp;&nbsp;&nbsp; $59845973 | $962834582 |

---

<sup>(a)</sup> The Hood River Emerging Markets Fund commenced operations on November 24, 2025.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER FUNDS** 

**Statements of Changes in Net Assets** 

---

| | |
|:---|:---|
|  | **Hood River Emerging** <br>**Markets Fund** |
|  | **Period from** <br>**November 24,** <br>**2025 to** <br>**December 31,** <br>**2025<sup>(a)</sup>** <br>(Unaudited) |
| **OPERATIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $1828 |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp; (147) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 65187 |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 66868 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; (628) |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (10) |
| &nbsp;&nbsp;&nbsp; From earnings - Retirement Shares | &nbsp;&nbsp;&nbsp;&nbsp; (139) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; (777) |
| **CAPITAL TRANSACTIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** | &nbsp;&nbsp;&nbsp; **Institutional Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 970000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | &nbsp;&nbsp;&nbsp;&nbsp; 628 |
| &nbsp;&nbsp;&nbsp; **Investor Shares** | &nbsp;&nbsp;&nbsp; **Investor Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; **Retirement Shares** | &nbsp;&nbsp;&nbsp; **Retirement Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 241768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 1237545 |
| **NET INCREASE IN NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp; 1303636 |
| **NET ASSETS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $1303636  |
| **SHARES TRANSACTIONS**<br>|  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** | &nbsp;&nbsp;&nbsp; **Institutional Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 97000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; **Investor Shares** | &nbsp;&nbsp;&nbsp; **Investor Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; **Retirement Shares** | &nbsp;&nbsp;&nbsp; **Retirement Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 23479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; 123054 |

---

<sup>(a)</sup> The Hood River Emerging Markets Fund commenced operations on November 24, 2025.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER FUNDS** 

**Statements of Changes in Net Assets (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Hood River** <br>**International Opportunity Fund**  | **Hood River** <br>**International Opportunity Fund**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(376482) | $252558  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 21396516 | (4251882)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | &nbsp;&nbsp; 18861364 | 30783859  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | &nbsp;&nbsp; 39881398 | 26784535  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Shares | &nbsp;&nbsp; (6580775) | (57687)  |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Shares | &nbsp;&nbsp; (3792709) | (132)  |
| &nbsp;&nbsp;&nbsp; From earnings - Retirement Shares | &nbsp;&nbsp; (416529) | (4806)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (10790013) | (62625)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** | &nbsp;&nbsp;&nbsp; **Institutional Shares** | &nbsp;&nbsp;&nbsp; **Institutional Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 27170590 | 64896024  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | &nbsp;&nbsp; 5933532 | 54899  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with reorganization<sup>(a)</sup> | &nbsp;&nbsp; — | 2351286  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (12182698) | (6355537)  |
| &nbsp;&nbsp;&nbsp; **Investor Shares** | &nbsp;&nbsp;&nbsp; **Investor Shares** | &nbsp;&nbsp;&nbsp; **Investor Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 6112692 | 679045  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | &nbsp;&nbsp; 3624297 | 132  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with reorganization<sup>(a)</sup> | &nbsp;&nbsp; — | 41243042  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (6256883) | (3186044)  |
| &nbsp;&nbsp;&nbsp; **Retirement Shares** | &nbsp;&nbsp;&nbsp; **Retirement Shares** | &nbsp;&nbsp;&nbsp; **Retirement Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 1470466 | 2604333  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | &nbsp;&nbsp; 416528 | 4806  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (410796) | (699662)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | &nbsp;&nbsp; 25877728 | 101592324  |
| **NET INCREASE IN NET ASSETS** | &nbsp;&nbsp; 54969113 | 128314234  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 142655662 | 14341428  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $197624775 | $142655662  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** | &nbsp;&nbsp;&nbsp; **Institutional Shares** | &nbsp;&nbsp;&nbsp; **Institutional Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 1801399 | 5563071  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | &nbsp;&nbsp; 366947 | 4515  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with reorganization<sup>(a)</sup> | &nbsp;&nbsp; — | 248595  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (792807) | (578947)  |
| &nbsp;&nbsp;&nbsp; **Investor Shares** | &nbsp;&nbsp;&nbsp; **Investor Shares** | &nbsp;&nbsp;&nbsp; **Investor Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 383699 | 57752  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | &nbsp;&nbsp; 224832 | 11  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with reorganization<sup>(a)</sup> | &nbsp;&nbsp; — | 4372069  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (406197) | (289931)  |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER FUNDS** 

**Statements of Changes in Net Assets (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Hood River** <br>**International Opportunity Fund**  | **Hood River** <br>**International Opportunity Fund**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025**  |
| &nbsp;&nbsp;&nbsp; **Retirement Shares** | &nbsp;&nbsp;&nbsp; **Retirement Shares** | &nbsp;&nbsp;&nbsp; **Retirement Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 98409 | &nbsp;&nbsp; 218999  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | &nbsp;&nbsp;&nbsp;&nbsp; 25696 | &nbsp;&nbsp; 394  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (27112) | &nbsp;&nbsp; (57100)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; 1674866 | &nbsp;&nbsp; 9539428 |

---

<sup>(a)</sup> The Seven Canyons Strategic Global Fund and Seven Canyons World Innovators Fund were reorganized in to the Hood River International Opportunity Fund, which occurred after the close of business on April 4, 2025.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER FUNDS** 

**Statements of Changes in Net Assets (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Hood River** <br>**New Opportunities Fund** | **Hood River** <br>**New Opportunities Fund** |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Period from** <br>**August 5, 2024 to** <br>**June 30, 2025<sup>(a)</sup>** |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | &nbsp;&nbsp; $(783191) | $(338951) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 11577487 | (15926880) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation  | &nbsp;&nbsp; 49051677 | 25813796 |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | &nbsp;&nbsp; 59845973 | 9547965 |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** | &nbsp;&nbsp;&nbsp; **Institutional Shares** | &nbsp;&nbsp;&nbsp; **Institutional Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 135642743 | 173038178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (23150977) | (19920049) |
| &nbsp;&nbsp;&nbsp; **Investor Shares** | &nbsp;&nbsp;&nbsp; **Investor Shares** | &nbsp;&nbsp;&nbsp; **Investor Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 15441360 | 2031452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (630842) | (594326) |
| &nbsp;&nbsp;&nbsp; **Retirement Shares** | &nbsp;&nbsp;&nbsp; **Retirement Shares** | &nbsp;&nbsp;&nbsp; **Retirement Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 20895048 | 2988551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (59357) | (80712) |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | &nbsp;&nbsp; 148137975 | 157463094 |
| **NET INCREASE IN NET ASSETS** | &nbsp;&nbsp; 207983948 | 167011059 |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 167011059 |  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $374995007 | $167011059  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** | &nbsp;&nbsp;&nbsp; **Institutional Shares** | &nbsp;&nbsp;&nbsp; **Institutional Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 8196325 | 13535247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (1396258) | (1779277) |
| &nbsp;&nbsp;&nbsp; **Investor Shares** | &nbsp;&nbsp;&nbsp; **Investor Shares** | &nbsp;&nbsp;&nbsp; **Investor Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 907230 | 154617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (40517) | (45594) |
| &nbsp;&nbsp;&nbsp; **Retirement Shares** | &nbsp;&nbsp;&nbsp; **Retirement Shares** | &nbsp;&nbsp;&nbsp; **Retirement Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 1228364 | 225939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (3942) | (5973) |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp; 8891202 | 12084959 |

---

<sup>(a)</sup> The Hood River New Opportunities Fund commenced operations on August 5, 2024.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER FUNDS** 

**Statements of Changes in Net Assets (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Hood River** <br>**Small-Cap Growth Fund**  | **Hood River** <br>**Small-Cap Growth Fund**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $(14167639) | $(22143237)  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 402902971 | 65154422  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation  | 574099250 | 383223239  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 962834582 | 426234424  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Shares | (113973985) | (75716503)  |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Shares | (7004081) | (8843957)  |
| &nbsp;&nbsp;&nbsp; From earnings - Retirement Shares | (78191447) | (56401900)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (199169513) | (140962360)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** | &nbsp;&nbsp;&nbsp; **Institutional Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 411779309 | 1141396737  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | 106584918 | 73463488  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (375157921) | (573264964)  |
| &nbsp;&nbsp;&nbsp; **Investor Shares** | &nbsp;&nbsp;&nbsp; **Investor Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 25530545 | 84804347  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | 6990544 | 8829429  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (32813918) | (139975098)  |
| &nbsp;&nbsp;&nbsp; **Retirement Shares** | &nbsp;&nbsp;&nbsp; **Retirement Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 214765672 | 657074392  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | 78167546 | 56401854  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (254392656) | (328173391)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 181454039 | 980556794  |
| **NET INCREASE IN NET ASSETS** | 945119108 | 1265828858  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3903492685 | 2637663827  |
| &nbsp;&nbsp;&nbsp; End of the period | $4848611793 | $3903492685  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Institutional Shares** | &nbsp;&nbsp;&nbsp; **Institutional Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4888786 | 16041147  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | 1145335 | 935364  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4438953) | (8290410)  |
| &nbsp;&nbsp;&nbsp; **Investor Shares** | &nbsp;&nbsp;&nbsp; **Investor Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 301277 | 1201089  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | 77235 | 115161  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (413992) | (2139477)  |
| &nbsp;&nbsp;&nbsp; **Retirement Shares** | &nbsp;&nbsp;&nbsp; **Retirement Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2447354 | 9209044  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | 833076 | 713135  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3009421) | (4561301)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 1830697 | 13223752 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER EMERGING MARKETS FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL SHARES** 

**For a capital share outstanding throughout the period** 

---

| | |
|:---|:---|
|  | **November 24,** <br>**2025 through** <br>**December 31,** <br>**2025<sup>(a)</sup>** <br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.58  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.60  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.01)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.01)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $10.59  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 5.97%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1028  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 35.58%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.25%  |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.54%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 42% |

---

<sup>(a)</sup> The Institutional Shares class commenced operations on November 24, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER EMERGING MARKETS FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR SHARES** 

**For a capital share outstanding throughout the period** 

---

| | |
|:---|:---|
|  | **November 24,** <br>**2025 through** <br>**December 31,** <br>**2025<sup>(a)</sup>**<br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.58  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.59  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $10.59  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 5.94%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $26  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 35.81%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.50%  |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.27%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 42% |

---

<sup>(a)</sup> The Investor Shares class commenced operations on November 24, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

33<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER EMERGING MARKETS FUND** 

**FINANCIAL HIGHLIGHTS** 

**RETIREMENT SHARES** 

**For a capital share outstanding throughout the period** 

---

| | |
|:---|:---|
|  | **November 24,** <br>**2025 through** <br>**December 31,** <br>**2025<sup>(a)</sup>**<br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.59  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.61  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.01)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.01)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $10.60  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 6.08%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $249  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 34.51%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.15%  |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.97%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 42% |

---

<sup>(a)</sup> The Retirement Shares class commenced operations on November 24, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

34<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER INTERNATIONAL OPPORTUNITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL SHARES** 

**For a capital share outstanding throughout each period presented** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended**<br>**December 31, 2025**<br>(Unaudited) | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **September 28,** <br>**2021 through** <br>**June 30, 2022<sup>(a)</sup>**  |
|  | **Period Ended**<br>**December 31, 2025**<br>(Unaudited) | **2025** | **2024** | **2023**  | **September 28,** <br>**2021 through** <br>**June 30, 2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $13.21 | $11.30 | $9.04 | $7.02 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | 0.06 | 0.01 | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | 1.87 | 2.39 | 1.98 | &nbsp;&nbsp;&nbsp;&nbsp; (2.93)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | 1.93 | 2.40 | 2.02 | &nbsp;&nbsp;&nbsp;&nbsp; (2.96)  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | (0.02) | (0.14) |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.71) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.93) | (0.02) | (0.14) |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $15.85 | $13.21 | $11.30 | $9.04 | &nbsp;&nbsp;&nbsp;&nbsp; $7.02  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26.90% | 17.09% | 26.73% | 28.77% | &nbsp;&nbsp;&nbsp;&nbsp; (29.65)%  |
|  **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
|  Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $120855 | $82592 | $11446 | $1618 | &nbsp;&nbsp;&nbsp;&nbsp; $1590  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.39% | 2.16% | 5.53% | 15.95% | &nbsp;&nbsp;&nbsp;&nbsp; 12.57%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.26%<sup>(e)</sup> | 1.30%<sup>(e)</sup> | 1.27% | 1.50% | &nbsp;&nbsp;&nbsp;&nbsp; 1.50%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.35)% | 0.55% | 0.05% | 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; (0.50)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 76% | 220% | 119% | 172% | &nbsp;&nbsp;&nbsp;&nbsp; 98% |

---

<sup>(a)</sup> The Institutional Shares class commenced operations on September 28, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> The ratio reflects non-recurring tax expenses carried over during the Fund's reorganization. Excluding these expenses, the ratio would have been 1.25%. 

The accompanying notes are an integral part of these financial statements.

35<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER INTERNATIONAL OPPORTUNITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR SHARES** 

**For a capital share outstanding throughout each period presented** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended**<br>**December 31, 2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025** | **August 11, 2023** <br>**through**<br>**June 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $13.17 | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp;&nbsp;&nbsp; $9.15  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.28  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.26  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.00)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.71) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (0.00)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $15.80 | &nbsp;&nbsp; $13.17 | &nbsp;&nbsp;&nbsp;&nbsp; $11.27  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26.74% | &nbsp;&nbsp; 16.78% | &nbsp;&nbsp;&nbsp;&nbsp; 25.08%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $69164 | &nbsp;&nbsp; $55006 | &nbsp;&nbsp;&nbsp;&nbsp; $412  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 2.46% | &nbsp;&nbsp;&nbsp;&nbsp; 5.15%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.48%<sup>(f)</sup> | &nbsp;&nbsp; 1.61%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.47%  |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.59)% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp; (0.19)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 76% | &nbsp;&nbsp; 220% | &nbsp;&nbsp;&nbsp;&nbsp; 119% |

---

<sup>(a)</sup> The Investor Shares class commenced operations on August 11, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> The value is less than 0.005.

<sup>(f)</sup> The ratio reflects non-recurring tax expenses carried over during the Fund's reorganization. Excluding these expenses, the ratio would have been 1.47%.

<sup>(g)</sup> The ratio reflects non-recurring tax expenses carried over during the Fund's reorganization. Excluding these expenses, the ratio would have been 1.50%. 

The accompanying notes are an integral part of these financial statements.

36<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER INTERNATIONAL OPPORTUNITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**RETIREMENT SHARES** 

**For a capital share outstanding throughout each period presented** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**December 31, 2025**<br>(Unaudited) | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **December 22,** <br>**2021 through** <br>**June 30, 2022<sup>(a)</sup>**  |
|  | **Period Ended** <br>**December 31, 2025**<br>(Unaudited) | **2025** | **2024** | **2023**  | **December 22,** <br>**2021 through** <br>**June 30, 2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.25 | $11.32 | $9.06 | $7.02 | &nbsp;&nbsp;&nbsp;&nbsp; $10.06  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | 0.03 | 0.00<sup>(e)</sup> | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 | 1.92 | 2.40 | 1.99 | &nbsp;&nbsp;&nbsp;&nbsp; (3.06)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | 1.95 | 2.40 | 2.04 | &nbsp;&nbsp;&nbsp;&nbsp; (3.04)  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23) | (0.02) | (0.14) |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.94) | (0.02) | (0.14) |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.89 | $13.25 | $11.32 | $9.06 | &nbsp;&nbsp;&nbsp;&nbsp; $7.02  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.92% | 17.26% | 26.81% | 29.06% | &nbsp;&nbsp;&nbsp;&nbsp; (30.22)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7606 | $5058 | $2484 | $907 | &nbsp;&nbsp;&nbsp;&nbsp; $496  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.29% | 2.34% | 5.61% | 16.29% | &nbsp;&nbsp;&nbsp;&nbsp; 11.80%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.16%<sup>(f)</sup> | 1.20%<sup>(f)</sup> | 1.21% | 1.40% | &nbsp;&nbsp;&nbsp;&nbsp; 1.40%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25)% | 0.30% | 0.08% | 0.67% | &nbsp;&nbsp;&nbsp;&nbsp; 0.45%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76% | 220% | 119% | 172% | &nbsp;&nbsp;&nbsp;&nbsp; 98% |

---

<sup>(a)</sup> The Retirement Shares class commenced operations on December 22, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> The value is less than 0.005.

<sup>(f)</sup> The ratio reflects non-recurring tax expenses carried over during the Fund's reorganization. Excluding these expenses, the ratio would have been 1.15%. 

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER NEW OPPORTUNITIES FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL SHARES** 

**For a capital share outstanding throughout each period presented** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**December 31, 2025**<br>(Unaudited) | **August 5, 2024** <br>**through**<br>**June 30, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $13.82 | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; (0.05)  |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.87  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.82  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $17.88 | &nbsp;&nbsp;&nbsp; $13.82  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29.38% | &nbsp;&nbsp;&nbsp; 38.20%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $331766 | &nbsp;&nbsp;&nbsp; $162467  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 1.33%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95%  |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.60)% | &nbsp;&nbsp;&nbsp; (0.44)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp; 105% |

---

<sup>(a)</sup> The Instituional Shares class commenced operations on August 5, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER NEW OPPORTUNITIES FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR SHARES** 

**For a capital share outstanding throughout each period presented** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**December 31, 2025**<br>(Unaudited) | **August 5, 2024** <br>**through**<br>**June 30, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $13.79 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08)  |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.87  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.79  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $17.82 | &nbsp;&nbsp;&nbsp;&nbsp; $13.79  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29.22% | &nbsp;&nbsp;&nbsp;&nbsp; 37.90%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $17388 | &nbsp;&nbsp;&nbsp;&nbsp; $1503  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp; 1.60%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20%  |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.86)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.70)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp;&nbsp; 105% |

---

<sup>(a)</sup> The Investor Shares class commenced operations on August 5, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER NEW OPPORTUNITIES FUND** 

**FINANCIAL HIGHLIGHTS** 

**RETIREMENT SHARES** 

**For a capital share outstanding throughout each period presented** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**December 31, 2025**<br>(Unaudited) | **August 5, 2024** <br>**through**<br>**June 30, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $13.82 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)  |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.86  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.82  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $17.89 | &nbsp;&nbsp;&nbsp;&nbsp; $13.82  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29.45% | &nbsp;&nbsp;&nbsp;&nbsp; 38.20%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $25841 | &nbsp;&nbsp;&nbsp;&nbsp; $3041  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.15%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.52)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.35)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp;&nbsp; 105% |

---

<sup>(a)</sup> The Retirement Shares class commenced operations on August 5, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

40<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER SMALL-CAP GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL SHARES** 

**For a capital share outstanding throughout each period presented** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended**<br>**December 31, 2025**<br>(Unaudited) | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **Period Ended**<br>**December 31, 2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $73.73 | $66.52 | $53.70 | $45.07 | $76.04 | $44.87  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | (0.46) | (0.28) | (0.26) | (0.32) | (0.30)  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;18.78 | 10.46 | 13.10 | 8.89 | (17.69) | 35.43  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;18.50 | 10.00 | 12.82 | 8.63 | (18.01) | 35.13  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (3.74) | (2.79) |  |  | (12.96) | (3.96)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (3.74) | (2.79) |  |  | (12.96) | (3.96)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $88.49 | $73.73 | $66.52 | $53.70 | $45.07 | $76.04  |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24.85% | 14.78% | 23.89% | 19.15% | (28.71)% | 80.66%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $2762593 | $2184064 | $1392826 | $725117 | $438898 | $433921  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.06% | 1.07% | 1.07% | 1.07% | 1.06% | 1.06%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.06% | 1.07% | 1.07% | 1.07% | 1.06% | 1.05%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.66)% | (0.65)% | (0.48)% | (0.53)% | (0.52)% | (0.48)%  |
| Portfolio turnover rate<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 41% | 102% | 98% | 95% | 77% | 119% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

41<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER SMALL-CAP GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR SHARES** 

**For a capital share outstanding throughout each period presented** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended**<br>**December 31, 2025**<br>(Unaudited) | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **Period Ended**<br>**December 31, 2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $71.87 | $65.06 | $52.65 | $44.26 | $75.04 | $44.40  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.38) | (0.63) | (0.41) | (0.34) | (0.41) | (0.42)  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;18.30 | 10.23 | 12.82 | 8.73 | (17.41) | 35.02  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;17.92 | 9.60 | 12.41 | 8.39 | (17.82) | 34.60  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (3.74) | (2.79) |  |  | (12.96) | (3.96)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (3.74) | (2.79) |  |  | (12.96) | (3.96)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $86.05 | $71.87 | $65.06 | $52.65 | $44.26 | $75.04  |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24.68% | 14.49% | 23.57% | 18.96% | (28.85)% | 80.27%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $171687 | $145928 | $185679 | $84753 | $39866 | $18428  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.31% | 1.32% | 1.31% | 1.24% | 1.25% | 1.26%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.31% | 1.32% | 1.31% | 1.24% | 1.25% | 1.25%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.91)% | (0.90)% | (0.73)% | (0.71)% | (0.71)% | (0.68)%  |
| Portfolio turnover rate<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 41% | 102% | 98% | 95% | 77% | 119% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

42<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER SMALL-CAP GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**RETIREMENT SHARES** 

**For a capital share outstanding throughout each period presented** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended**<br>**December 31, 2025**<br>(Unaudited) | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **Period Ended**<br>**December 31, 2025**<br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $74.28 | $66.94 | $54.01 | $45.28 | $76.29 | $44.98  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | (0.40) | (0.23) | (0.22) | (0.29) | (0.26)  |
|  Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;18.93 | 10.53 | 13.16 | 8.95 | (17.76) | 35.53  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;18.69 | 10.13 | 12.93 | 8.73 | (18.05) | 35.27  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (3.74) | (2.79) |  |  | (12.96) | (3.96)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (3.74) | (2.79) |  |  | (12.96) | (3.96)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $89.23 | $74.28 | $66.94 | $54.01 | $45.28 | $76.29  |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24.92% | 14.88% | 23.94% | 19.28% | (28.66)% | 80.76%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1914332 | $1573500 | $1059159 | $744273 | $549066 | $710935  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | 0.97% | 0.99% | 0.99% | 0.99% | 1.00%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | 0.97% | 0.99% | 0.99% | 0.99% | 0.99%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.56)% | (0.55)% | (0.40)% | (0.43)% | (0.45)% | (0.40)%  |
| Portfolio turnover rate<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 41% | 102% | 98% | 95% | 77% | 119% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

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**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

Manager Directed Portfolios (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company consisting of multiple series, and was organized as a Delaware statutory trust on April 4, 2006. These financial statements relate to the Hood River Emerging Markets Fund (the "Emerging Markets Fund"), the Hood River International Opportunity Fund (the "International Opportunity Fund"), the Hood River New Opportunities Fund (the "New Opportunities Fund"), and the Hood River Small-Cap Growth Fund (the "Small-Cap Growth Fund") (each a "Fund" and collectively, the "Funds"). Each Fund is an open-end management investment company that is a diversified series of the Trust. The investment objective of the International Opportunity Fund and the Small-Cap Growth Fund is long-term growth of capital. The investment objective of the Emerging Markets Fund and New Opportunities Fund is long-term capital appreciation. The Emerging Markets Fund commenced operations for all three of its share classes on November 24, 2025. The International Opportunity Fund's Institutional Shares commenced operations on September 28, 2021. The International Opportunity Fund's Retirement Shares commenced operations on December 22, 2021. The International Opportunity Fund's Investor Shares commenced operations on August 11, 2023. The New Opportunities Fund commenced operations for all three of its share classes on August 5, 2024. The Small-Cap Growth Fund's Institutional Shares commenced operations on January 2, 2003. The Small-Cap Growth Fund's Investor Shares commenced operations on July 7, 2015. The Small-Cap Growth Fund's Retirement Shares commenced operations on March 3, 2017. Each class of shares differs principally in its respective distribution or shareholder servicing expenses. Each class of shares has identical rights to earnings, assets and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update ASU 2013-08.

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation*:
 All investments in securities are recorded at their estimated fair value, as described in Note 3.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes*: It is each Fund's policy to continue to comply with the requirements of Subchapter M of the Internal Revenue Code
 applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore,
 no federal income or excise tax provisions are required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions to be taken or expected to be taken on a tax return. The tax returns for the International Opportunity and the Small Cap Growth Fund for the prior three fiscal years are open for examination. The Emerging Markets Fund did not have a tax return due for the prior fiscal year. The tax return for the New Opportunities Fund for the prior fiscal year is open for examination. The Funds identify their major tax jurisdictions as U.S. Federal and the state of Delaware. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. Management of the Funds is required to determine whether a tax position taken by the Funds is more likely than not to be sustained upon examination by the applicable taxing authority. Based on its analysis, Management has concluded that the Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the period ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Securities Transactions, Income, Expenses and Distributions*: Securities transactions are accounted for on the trade date. Realized gains and
 losses on securities sold are determined on the basis of identified cost. Interest

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**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

income is recorded on an accrual basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

The Funds distribute substantially all of their net investment income, if any, and net realized capital gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which differ from GAAP. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax treatment.

Investment income, expenses (other than those specific to the class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of the Funds' shares based upon their relative net assets on the date income is earned or expensed and realized and unrealized gains and losses are incurred.

Each Fund is charged for those expenses that are directly attributable to it, such as investment advisory, custody and transfer agent fees. Expenses that are not attributable to the Funds are typically allocated among the funds in the Trust proportionately based on allocation methods approved by the Board of Trustees (the "Board"). Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund's respective net assets, or by other equitable means.

Organizational Costs: Organizational costs for the New Opportunities Fund, which commenced operations on August 5, 2024, include legal fees, accounting fees, and other costs incurred in connection with the formation and organization of the Fund. These costs are expensed as incurred. For the period ended December 31, 2025, the Fund incurred organizational costs of $7,861, which are reflected in the Statement of Operations.

Organizational costs for the Emerging Markets Fund, which commenced operations on November 24, 2025, include legal fees, accounting fees, and other costs incurred in connection with the formation and organization of the Fund. These costs are expensed as incurred. For the period ended December 31, 2025, the Fund incurred organizational costs of $8,748, which are reflected in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Use of Estimates*:
 The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
 reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases
 in net assets during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Reclassification of Capital Accounts*: GAAP requires that certain components of net assets relating to permanent differences be reclassified between
 financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Foreign Currency*:
 Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rate of exchange at the
 time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market rate of exchange
 prevailing on the respective dates of such transactions. The Funds do not isolate the portion of the results of operations resulting from
 fluctuations in foreign exchange rates on investments from fluctuations resulting from changes in the market prices of securities held.
 Such fluctuations are included with the net realized and unrealized gain/loss on investments. Foreign investments present additional risks
 due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in accounting standards,
 and other factors.

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**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;G. *Events Subsequent to the Fiscal Year End*: In preparing the financial statements as of December 31, 2025, and through the date the financial statements
 were available to be issued, management considered the impact of subsequent events for potential recognition or disclosure in the financial
 statements and concluded that no additional recognition or disclosures are necessary.

**NOTE 3 – SECURITIES VALUATION** 

The Funds have adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing a Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

Following is a description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis.

Equity Securities: Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, closed-end mutual funds and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the mean between the bid and asked prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Registered Investment Companies: Investments in mutual funds are generally priced at the ending NAV provided by the applicable registered investment company's service agent and will be classified in Level 1 of the fair value hierarchy. Exchange-traded funds are valued at the last reported sale price on the exchange on which that security is principally traded.

Short-Term Debt Securities: Short-term debt instruments having a maturity of less than 60 days, are valued at the evaluated mean price supplied by an approved pricing service. Pricing services may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.

Warrants: Warrants are measured at fair value based on readily available market quotations. Valuation methods may include reference to the underlying equity's market price, adjusted for the terms of the warrant, including the exercise price and time to expiration.

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**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

Restricted Securities: The Funds may invest in securities acquired through private investment in public equity ("PIPE") transactions. Although such securities are listed on an exchange, certain restrictions and trading limitations exist. Accordingly, these restricted securities are classified as Level 2 within the fair value hierarchy and may be deemed illiquid.

Rights: Subscription rights are valued at the last reported sales price on the principal exchange in which they are traded. Rights may be classified in either Level 2 or Level 3 of the fair market hierarchy.

In the absence of prices from a pricing service or in the event that market quotations are not readily available, fair value will be determined under the Funds' valuation procedures adopted pursuant to Rule 2a-5. Pursuant to those procedures, the Board has appointed the Advisor as the valuation designee (the "Valuation Designee") to perform all fair valuations of each Fund's portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has established procedures for its fair valuation of each Fund's portfolio investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation.

The fair valuation of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The Emerging Markets Fund and the International Opportunity Fund use ICE Data Services ("ICE") as a third party fair valuation vendor. ICE provides a fair value for foreign securities in a Fund based on certain factors and methodologies applied by ICE in the event that there is a movement in the U.S. markets that exceeds a specific threshold established by the Valuation Designee. The effect of using fair value pricing is that a Fund's NAV will reflect the affected portfolio securities' values as determined by the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from the foreign security's most recent closing price and from the prices used by other investment companies to calculate their NAVs and are generally classified in Level 2 of the fair valuation hierarchy. Because each Fund may invest in foreign securities, the value of a Fund's portfolio securities may change on days when you will not be able to purchase or redeem your shares.

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Funds' securities as of December 31, 2025:

**Hood River Emerging Markets Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $394515 | $852930 | $— | $1247445  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 41601 |  |  | 41601  |
| **Total Investments** | $436116 | $852930 | $— | $1289046 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

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**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**Hood River International Opportunity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $66596110 | $121238487 | $— | $187834597  |
| &nbsp;&nbsp;&nbsp; Warrants | 108117 |  |  | 108117  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 20716786  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 10417512 |  |  | 10417512  |
| **Total Investments** | $77121739 | $121238487 | $— | $219077012 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $20,716,786 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

**Hood River New Opportunities Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $365573217 | $— | $2000005 | $367573222  |
| &nbsp;&nbsp;&nbsp; Warrants | 127945 |  |  | 127945  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 72156189  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 7881976 |  |  | 7881976  |
| **Total Investments** | $373583138 | $— | $2000005 | $447739332 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $72,156,189 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

**Level 3 Reconciliation Disclosure** 

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

---

| | |
|:---|:---|
|  | **Investments**  |
| July 1, 2025 Market Value | $—  |
| Purchases | 2000005  |
| Sales proceeds (and/or rights exercised) | —  |
| Accrued discounts/premiums net | —  |
| Change in unrealized appreciation/(depreciation) | —  |
| Transfer in and/or (out) of Level 3 | —  |
| Balance as of December 31, 2025 | $2000005 |

---

As of December 31, 2025, there was no change in unrealized depreciation on positions held in the New Opportunities Fund for X-Energy Reactor Company, LLC.

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**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**Significant Unobservable Inputs** 

The following table summarizes the significant unobservable inputs used to value the Level 3 investments in the New Opportunities Fund as of December 31, 2025. The table is not intended to be all-inclusive but instead identifies the significant unobservable inputs relevant to the determination of fair values.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Category**  | **Fair Value**  | **Valuation** <br>**Technique**  | **Unobservable** <br>**Inputs**  | **Weighted** <br>**Average<sup>(a)</sup>**  | **Change in** <br>**Valuation from** <br>**a Decrease in** <br>**Input**  |
| Common Stocks | $2000005  | Market Approach  | Purchase Price  | &nbsp;&nbsp;&nbsp; 100%  | &nbsp;&nbsp;&nbsp; Decrease |

---

<sup>(a)</sup> Weighted Averages are calculated based on Fair Value of investments.

**Hood River Small-Cap Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4706588396 | $— | $46499985 | $4753088381  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 16736507 |  |  | 16736507  |
| &nbsp;&nbsp;&nbsp; Private Notes |  |  | 6500000 | 6500000  |
| &nbsp;&nbsp;&nbsp; Warrants | 3048558 |  |  | 3048558  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 1113311467  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 60917685 |  |  | 60917685  |
| **Total Investments** | $4787291146 | $— | $52999985 | $5953602598 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There was a purchase into a Level 3 security during the reporting period as compared to the security classifications from the prior year's annual report.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $1,113,311,467 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

**Level 3 Reconciliation Disclosure** 

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

---

| | |
|:---|:---|
|  | **Investments**  |
| July 1, 2025 Market Value | $6500000  |
| Purchases | 46499985  |
| Sales proceeds (and/or rights exercised) | —  |
| Accrued discounts/premiums net | —  |
| Change in unrealized appreciation/(depreciation) | —  |
| Transfer in and/or (out) of Level 3 | —  |
| Balance as of December 31, 2025 | $52999985 |

---

As of December 31, 2025, there was no change in unrealized depreciation on positions held in the Small-Cap Growth Fund.

49<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**Significant Unobservable Inputs** 

The following table summarizes the significant unobservable inputs used to value the Level 3 investments in the Small-Cap Growth Fund as of December 31, 2025. The table is not intended to be all-inclusive but instead identifies the significant unobservable inputs relevant to the determination of fair values.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Category** | **Fair Value** | **Valuation** <br>**Technique** | **Unobservable** <br>**Inputs** | **Weighted** <br>**Average<sup>(a)</sup>** | **Change in** <br>**Valuation from** <br>**a Decrease in** <br>**Input**  |
| Common Stocks | $31499986 | Market Approach | Last quoted trade price | 14.54 USD | &nbsp;&nbsp;&nbsp; Decrease  |
| Common Stocks | $14999999  | Market Approach  | Last quoted trade price  | 4.50 USD  | &nbsp;&nbsp;&nbsp; Decrease |
| Note | $6500000 | Market Approach | Purchase Price | 100% | &nbsp;&nbsp;&nbsp; Decrease |

---

<sup>(a)</sup> Weighted Averages are calculated based on Fair Value of investments.

**NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

For the period ended December 31, 2025, Hood River Capital Management LLC (the "Advisor") provided the Funds with investment management services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, and facilities, and provides most of the personnel needed by the Funds. As compensation for its services, the Advisor is entitled to a monthly fee at an annual rate of 1.00% of the average daily net assets for the Emerging Markets Fund, 1.05% for the International Opportunity Fund, 0.75% for the New Opportunities Fund, and 0.90% for the Small Cap-Growth Fund. For the period ended December 31, 2025, the Emerging Markets Fund incurred $1,157 in advisory fees. The Fund did not have any advisory fees payable to the Advisor for the period ended December 31, 2025. For the period ended December 31, 2025, the International Opportunity Fund incurred $915,139 in advisory fees. Advisory fees payable to the Advisor at December 31, 2025 for the International Opportunity Fund were $157,211. For the period ended December 31, 2025, the New Opportunities Fund incurred $969,197 in advisory fees. Advisory fees payable at December 31, 2025 for the New Opportunities Fund were $225,917. For the period ended December 31, 2025, the Small-Cap Growth Fund incurred $20,252,526 in advisory fees. Advisory fees payable at December 31, 2025 for the Small-Cap Growth Fund were $3,783,668.

Each Fund is responsible for its own operating expenses. The Advisor has contractually agreed to waive a portion of its fees and reimburse certain expense for each Fund to ensure that the total annual operating expenses (excluding taxes, Rule 12b-1 fees, shareholder servicing fees, extraordinary expenses, brokerage commissions, interest and acquired fund fees and expenses (collectively, "Excludable Expenses")) do not exceed the following amounts of the average daily net assets for each class of shares:

**Hood River Emerging Markets Fund** 

---

| | |
|:---|:---|
| Investor Shares. | 1.15%  |
| Institutional Shares. | 1.15%  |
| Retirement Shares. | 1.15% |

---

**Hood River International Opportunity Fund** 

---

| | |
|:---|:---|
| Investor Shares. | 1.15%  |
| Institutional Shares. | 1.15%  |
| Retirement Shares. | 1.15% |

---

**Hood River New Opportunities Fund** 

---

| | |
|:---|:---|
| Investor Shares. | 0.85%  |
| Institutional Shares. | 0.85%  |
| Retirement Shares. | 0.85% |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**Hood River Small-Cap Growth Fund** 

---

| | |
|:---|:---|
| Investor Shares | 0.99%  |
| Institutional Shares | 0.99%  |
| Retirement Shares | 0.99% |

---

For the period ended December 31, 2025, the Advisor waived fees and reimbursed expenses in the amounts of $39,586, $116,042, and $57,059, respectively, for the Emerging Markets Fund, International Opportunity Fund, and the New Opportunities Fund. The Small-Cap Growth Fund paid recoupments to the Advisor in the amount of $79,780 during the period ended December 31, 2025. The waivers and reimbursements will remain in effect through November 24, 2028 for the Emerging Markets Fund, through August 5, 2027 for the New Opportunities Fund, and through November 30, 2026 for both the International Opportunity Fund and the Small-Cap Growth Fund, unless terminated sooner by a mutual agreement of the Board and Advisor.

The Advisor may request recoupment of previously waived fees and paid expenses in any subsequent month dating back to November 24, 2025 (commencement of operations) for the Emerging Markets Fund, August 5, 2024 (commencement of operations) for the New Opportunities Fund, and any subsequent month in the three-year period from the date of the management fee reduction and expense payment, for both the Small-Cap Growth Fund and International Opportunity Fund, if such reimbursement will not cause a Fund's total expense ratio to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon the Trust's prior review and approval at the time the reimbursement is made. Such reimbursement may not be paid prior to the Funds' payment of current ordinary operating expenses. Cumulative expenses subject to recapture pursuant to the aforementioned conditions expire as follows:

---

| | |
|:---|:---|
| **Amount** | **Expiration**  |
| Emerging Markets Fund |  |
| &nbsp;&nbsp;&nbsp; $39586 | 12/31/2028  |
| International Opportunity Fund |  |
| &nbsp;&nbsp;&nbsp; $300864 | 6/30/2026  |
| &nbsp;&nbsp;&nbsp; $269486 | 6/30/2027  |
| &nbsp;&nbsp;&nbsp; $475738 | 6/30/2028 |
| &nbsp;&nbsp;&nbsp; $116042 | 12/31/2028  |
| New Opportunities Fund |  |
| &nbsp;&nbsp;&nbsp; $291648 | 6/30/2028  |
| &nbsp;&nbsp;&nbsp; $57059 | 12/31/2028 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, LLC ("Fund Services" or the "Administrator") acts as the Funds' Administrator under an Administration Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds' custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds' expenses and reviews the Funds' expense accruals. Fund Services also serves as the fund accountant and transfer agent to the Funds and provides Chief Compliance Officer Services. U.S. Bank N.A., an affiliate of Fund Services, serves as the Funds' custodian. For the period ended December 31, 2025, the Funds incurred the following expenses for administration, fund accounting, transfer agency, custody, and compliance fees:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging** <br>**Markets Fund** | **International** <br>**Opportunity Fund** | **New** <br>**Opportunities Fund** | **Small-Cap** <br>**Growth Fund**  |
| Fund administration & accounting. | &nbsp;&nbsp;&nbsp;&nbsp; $4572 | &nbsp;&nbsp;&nbsp;&nbsp; $46246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64613 | &nbsp;&nbsp; $834869  |
| Custodian | &nbsp;&nbsp;&nbsp;&nbsp; $5106 | &nbsp;&nbsp;&nbsp;&nbsp; $27876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10629 | &nbsp;&nbsp; $92566  |
| Transfer agent | &nbsp;&nbsp;&nbsp;&nbsp; $7363 | &nbsp;&nbsp;&nbsp;&nbsp; $39928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36341 | &nbsp;&nbsp; $134736  |
| Compliance | &nbsp;&nbsp;&nbsp;&nbsp; $1258 | &nbsp;&nbsp;&nbsp;&nbsp; $6164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5892 | &nbsp;&nbsp; $6074 |

---

51<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

At December 31, 2025, the Funds had payables due to Fund Services for administration, fund accounting, transfer agency, and compliance fees, and to U.S. Bank N.A. for custody fees in the following amounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging** <br>**Markets Fund** | **International** <br>**Opportunity Fund** | **New** <br>**Opportunities Fund** | **Small-Cap** <br>**Growth Fund**  |
| Fund administration & accounting | &nbsp;&nbsp;&nbsp;&nbsp; $4572 | &nbsp;&nbsp;&nbsp;&nbsp; $26880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48221 | &nbsp;&nbsp; $608598  |
| Custodian | &nbsp;&nbsp;&nbsp;&nbsp; $5106 | &nbsp;&nbsp;&nbsp;&nbsp; $21918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6392 | &nbsp;&nbsp; $80303  |
| Transfer agent | &nbsp;&nbsp;&nbsp;&nbsp; $7363 | &nbsp;&nbsp;&nbsp;&nbsp; $23774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22649 | &nbsp;&nbsp; $87614  |
| Compliance | &nbsp;&nbsp;&nbsp;&nbsp; $1258 | &nbsp;&nbsp;&nbsp;&nbsp; $3814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3871 | &nbsp;&nbsp; $3999 |

---

Quasar Distributors, LLC (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of each Fund's shares.

Certain officers of the Trust are employees of the Administrator and are not paid any fees by the Funds for serving in such capacities.

**NOTE 5 – DISTRIBUTION AGREEMENT AND PLAN** 

Each of the Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the "12b-1 Plan"). The 12b-1 Plan permits the Funds to pay for distribution and related expenses at an annual rate of up to 0.25% of the average daily net assets of each Fund's Investor Shares. The expenses covered by the 12b-1 Plan may include costs in connection with the promotion and distribution of shares and the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, and the printing and mailing of sales literature. Payments made pursuant to the 12b-1 Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred. For the period ended December 31, 2025, the Funds incurred, under the Plan, distribution expenses as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging** <br>**Markets Fund** | **International** <br>**Opportunity Fund** | **New** <br>**Opportunities Fund** | **Small-Cap** <br>**Growth Fund**  |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6 | &nbsp;&nbsp;&nbsp;&nbsp; $75206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8917 | &nbsp;&nbsp; $195948 |

---

**NOTE 6 – SHAREHOLDER SERVICING FEE** 

The Funds have adopted a shareholder servicing plan (the "Plan") on behalf of each Fund's Institutional and Investor Share Classes. Under the Plan, the Institutional and Investor Share Classes for each Fund are authorized to pay an annual shareholder servicing fee of up to 0.10% of each class's average daily net assets. This fee is used to finance certain activities related to servicing and maintaining shareholder accounts. Payments made under the Plan may not be used to pay for any services in connection with the distribution and sale of the Institutional and Investor Shares.

Payments to the Advisor under the Plan may reimburse the Advisor for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Advisor for services provided to Institutional and Investor Class shareholders of the Funds. The services provided by such intermediaries are primarily designed to assist Institutional and Investor Class shareholders of the Funds, and include the furnishing of office space and equipment, telephone facilities, personnel, and assistance to the Funds in servicing such shareholders. Services provided by such intermediaries include the provision of support services to the Funds and include establishing and maintaining shareholders' accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other services to shareholders as the Funds may reasonably request. For the period ended December 31, 2025, the Funds incurred, under the Plan, shareholder servicing fees as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging** <br>**Markets Fund** | **International** <br>**Opportunity Fund** | **New** <br>**Opportunities Fund** | **Small-Cap** <br>**Growth Fund**  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; $101 | &nbsp;&nbsp;&nbsp;&nbsp; $52240 | &nbsp;&nbsp;&nbsp;&nbsp; $122450 | $1280271  |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp;&nbsp; $26997 | &nbsp;&nbsp;&nbsp;&nbsp; $3567 | $78379 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

**NOTE 7 – SECURITIES TRANSACTIONS** 

For the period ended December 31, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Emerging Markets Fund | $1609144 | $428221  |
| International Opportunity Fund | $134120100 | $127382790  |
| New Opportunities Fund | $243080419 | $96492743  |
| Small-Cap Growth Fund | $1813751167 | $1851372228 |

---

There were no purchases or sales of long-term U.S. Government securities.

**NOTE 8 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

As of June 30, 2025, the Funds' most recent fiscal year (period) end, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **International** <br>**Opportunity Fund** | **New** <br>**Opportunities Fund** | **Small-Cap** <br>**Growth Fund**  |
| Cost of investments<sup>(a)</sup> | $141915326 | &nbsp;&nbsp; $183165011 | $3616287234  |
| Gross unrealized appreciation | 28225449 | &nbsp;&nbsp; 31447627 | 1189214643  |
| Gross unrealized depreciation | (4890065) | &nbsp;&nbsp; (8215756) | (164269627)  |
| Net unrealized appreciation | 23335384 | &nbsp;&nbsp; 23231871 | 1024945016  |
| Undistributed ordinary income | 1320260 | &nbsp;&nbsp; — | —  |
| Undistributed long-term capital gain |  | &nbsp;&nbsp; — | —  |
| Total distributable earnings | 1320260 | &nbsp;&nbsp; — | —  |
| Other accumulated gains/(losses) | (67387731) | &nbsp;&nbsp; (13647928) | (75648318)  |
| Total accumulated earnings/(losses) | $(42732087) | &nbsp;&nbsp; $9583943 | $949296698 |

---

<sup>(a)</sup> The difference between the book basis and tax basis net unrealized appreciation and cost is attributable primarily to wash sales and partnership adjustments.

As of June 30, 2025, the International Opportunity Fund had short-term capital losses in the amount of $4,463,299, with no expiration to offset future capital gains. The New Opportunities Fund had short-term capital losses in the amount of $13,455,366 with no expiration to offset future capital gains. The Small-Cap Growth Fund had no capital losses to offset future capital gains.

As of June 30, 2025, the Funds deferred, on a tax basis, post-October losses of:

---

| | | |
|:---|:---|:---|
|  | **Capital** | **Ordinary Late Year** <br>**Loss Deferral**  |
| International Opportunity Fund | $— | &nbsp;&nbsp;&nbsp; $—  |
| New Opportunities Fund |  | &nbsp;&nbsp;&nbsp; 192562  |
| Small-Cap Growth Fund | 44736106 | &nbsp;&nbsp;&nbsp; 24586456 |

---

For the fiscal year (period) ended June 30, 2025, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Funds' net assets as follows:

---

| | | |
|:---|:---|:---|
|  | **Total Accumulated** <br>**Earnings/(Loss)**  | **Capital** <br>**Stock**  |
| International Opportunity Fund | &nbsp;&nbsp; $(63216111) | $63216111  |
| New Opportunities Fund | &nbsp;&nbsp; 35978 | (35978)  |
| Small-Cap Growth Fund | &nbsp;&nbsp; (2097087) | 2097087 |

---

These differences primarily relate to net operating losses.

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

The tax character of distributions paid during the year ended June 30, 2025, and the year ended June 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2024**  |
| International Opportunity Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | $62625 | &nbsp;&nbsp; $80535  |
| Small-Cap Growth Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; Long-Term Capital Gains | $140962360 | &nbsp;&nbsp; $— |

---

The New Opportunities Fund did not pay any distributions in the period ended June 30, 2025. The New Opportunities Fund commenced operations after June 30, 2024.

**NOTE 9 – SECURITIES LENDING** 

The Funds participate in securities lending arrangements whereby they lend certain portfolio securities to brokers, dealers and financial institutions (not with individuals) in order to receive additional income and increase the rate of return of their portfolios. U.S. Bank, N.A. serves as the Funds' securities lending agent.

U.S. Bank, N.A. oversees the securities lending process, which includes the screening, selection and ongoing review of borrowers, monitoring the availability of securities, negotiating rebates, daily marking to market of loans, monitoring and maintaining cash collateral levels, processing securities movements and reinvesting cash collateral as directed by the Advisor.

The Funds may lend securities pursuant to agreements that require the loans to be secured by collateral consisting of cash, securities of the U.S. Government or it agencies, or any combination of cash and such securities. At the time of loans, the collateral value should at least be equal to 102% of domestic securities and 105% of foreign securities. The value of loaned securities will then be marked-to-market daily and the collateral will be continuously secured by collateral equal to 100% of the market value of the loaned securities. Such loans will not be made if, as a result, the aggregate amount of all outstanding securities loans for a Fund exceeds one-third of the value of the Fund's total assets taken at fair market value. The Funds will earn interest on the investment of the cash collateral in U.S. Government securities, short-term money market instruments or such other approved vehicle. However, the Funds will normally pay lending fees to such broker-dealers and related expenses from the interest earned on invested collateral. There may be risks of delay in receiving additional collateral or risks of delay in recovery of the securities and even loss of rights in the collateral should the borrower of the securities fail financially. However, loans are made only to borrowers deemed by the Advisor to be of good standing and when, in the judgment of the Advisor, the consideration that can be earned currently from such securities loans justifies the attendant risk. Either party, upon reasonable notice to the other party, may terminate the loan.

As of December 31, 2025, the International Opportunity Fund, New Opportunities Fund, and Small-Cap Growth Fund each had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund's Schedule of Investments.

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**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

The following table presents the securities out on loan for each Fund, and the collateral delivered related to those securities, as of the end of the reporting period.

**Securities Lending Transactions** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Overnight and** <br>**Continuous** | **Market Value** <br>**of Securities** <br>**on Loan** | **Investment** <br>**Asset Class** <br>**of Securities** <br>**Purchased** | **Collateral** <br>**Proceeds from** <br>**Securities Lending** | **Pledged** <br>**Counterparty^** | **Net** <br>**Exposure**  |
|  Hood River International Opportunity Fund | $20234519 | Non-registered money <br>market fund | $20716786 | $20716786 | $—  |
| &nbsp;&nbsp;&nbsp; Hood River New <br>Opportunities Fund | $71292177 | Non-registered money <br>market fund | $72156189 | $72156189 | $—  |
| &nbsp;&nbsp;&nbsp; Hood River Small – <br>Cap Growth Fund | $1082913785 | Non-registered money <br>market fund | $1113311467 | $1113311467 | $— |

---

^ As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan.

Refer to the Funds' Schedules of Investments for details on the securities out on loan.

**NOTE 10 – GUARANTEES AND INDEMNIFICATIONS** 

In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**NOTE 11 – CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2025, one of the Emerging Market Fund's portfolio managers beneficially owned 49.6% of the outstanding shares of the Fund.

As of December 31, 2025 National Financial Services LLC held 35% of the outstanding shares of the International Opportunity Fund and Charles Schwab & Co., Inc. held 33% of the outstanding shares of the Fund. The Fund has no knowledge as to whether all or any portion of the shares owned of record by National Financial Services LLC or by Charles Schwab & Co., Inc. are also beneficially owned.

As of December 31, 2025, National Financial Services LLC held 56% of the outstanding shares of the New Opportunities Fund and Charles Schwab & Co., Inc. held 26% of the outstanding shares of the Fund. The Fund has no knowledge as to whether all or any portion of the shares owned of record by National Financial Services LLC or by Charles Schwab & Co., Inc. are also beneficially owned.

As of December 31, 2025, National Financial Services LLC held 31% of the outstanding shares of the Small-Cap Growth Fund. The Fund has no knowledge as to whether all or any portion of the shares owned of record by National Financial Services LLC are also beneficially owned.

**NOTE 12 – SEGMENT REPORTING** 

Each Fund operates as a single segment entity. The income, expenses, assets, and performance of each Fund are regularly monitored and assessed by the respective portfolio management team responsible for that Fund. Each portfolio management team serves as the chief operating decision maker for its Fund, using the information presented in the financial statements and financial highlights.

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**Hood River Funds** 

**Approval of the INVESTMENT ADVISORY AGREEMENT FOR THE Hood River Emerging Markets Fund** 

**Investment Advisory Agreement** 

The Board of Trustees (the "Board") of Manager Directed Portfolios (the "Trust") met on November 19, 2025, to consider the initial approval of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust, on behalf of the Hood River Emerging Markets Fund (the "Fund"), a new series of the Trust, and the Fund's investment adviser, Hood River Capital Management, LLC ("Hood River").

In conjunction with the meeting, the Board requested and received materials to assist it in considering the approval of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including copies of the Advisory Agreement, a memorandum prepared by the Trust's outside legal counsel discussing the Board's fiduciary obligations and the factors the Board should consider in considering the approval of the Advisory Agreement, the proposed advisory fee of the Fund and due diligence materials relating to Hood River, including Hood River's Form ADV, information about Hood River's compliance program, financial information and other pertinent information. The Independent Trustees also met in executive session with legal counsel to review their duties in considering the Advisory Agreement and the information provided.

Based on their evaluation of the information provided, the Trustees (all of whom are Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended (the "Independent Trustees")), approved the Advisory Agreement for an initial two-year term. Below is a summary of the material factors considered by the Board and the conclusions that formed the basis for the Board's approval of the Advisory Agreement.

1. Nature, Extent and Quality of Services Provided to the Fund

The Trustees considered the nature, extent and quality of services that would be provided by Hood River to the Fund. The Board considered the services to be provided by Hood River, such as portfolio management, proxy voting, research and trading services, shareholder servicing and marketing. The Trustees considered the responsibilities of Hood River in the management of the Fund, as well as the qualifications, experience and responsibilities of key personnel at Hood River who would be involved in the day-to-day activities of the Fund, including Rohan Kumar, Lance Cannon and Ruoshi Qi, who would serve as the portfolio managers of the Fund. The Trustees noted that Hood River has managed another series of the Trust in an international strategy since 2021 and has extensive experience in small- and mid-cap investing.

The Trustees reviewed the information provided by Hood River in response to the due diligence questionnaire and other information provided by Hood River. The Trustees noted that they had met with representatives of Hood River at meetings held over the past year to discuss Hood River's business and operations as well as matters related to the launch of the Fund. The Board considered Hood River's compliance program and reports from the Trust's Chief Compliance Officer (the "CCO") regarding the CCO's review of Hood River's compliance program. The Trustees concluded that Hood River had sufficient quality and depth of personnel, resources, investment methods, and compliance policies and procedures necessary to perform its duties under the Advisory Agreement and that the nature, overall quality, and extent of the management services to be provided by Hood River to the Fund were satisfactory.

2. Investment Performance of the Adviser

The Trustees noted Hood River has managed the Hood River Small-Cap Growth Fund, another series of the Trust with a comprehensive operating history, since 2003, has managed the Hood River International Opportunity Fund since 2021 and has managed the Hood River New Opportunities Fund since 2024. The Board determined that Hood River has sufficient investment management experience to oversee the Fund. The Trustees noted that the International Opportunity Fund has a good performance track record and considered that this will be the first account managed by Hood River in an emerging markets strategy.

3. Advisory Fees and Expenses

The Trustees considered the projected cost of services and the proposed advisory fee to be paid to Hood River by the Fund. The Trustees considered the cost structure of the Fund relative to a peer group of diversified emerging markets funds with similar pricing features, as compiled by FUSE Research Network, an independent third-party analytics firm. The Board considered the Fund's proposed advisory fee of 1.00% of the average annual net assets of the Fund, noting

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**Hood River Funds** 

**Approval of the INVESTMENT ADVISORY AGREEMENT FOR THE Hood River Emerging Markets Fund (Continued)** 

the fee was equal to the peer group median. The Trustees considered Hood River's commentary regarding the appropriateness of the Fund's proposed advisory fee and net expense ratio. The Trustees considered that Hood River had agreed to waive its advisory fee and/or reimburse the Fund's expenses for an initial term of three years.

The Trustees concluded the Fund's expenses and the advisory fee to be paid to Hood River under the Advisory Agreement were fair and reasonable in light of the quality of services to be provided to the Fund.

4. Costs of Services Provided and Profits Realized by the Adviser

The Trustees considered Hood River's financial condition. The Trustees noted that the Adviser did not expect to generate profits under the Investment Advisory Agreement during the Fund's initial year of operations. The Trustees concluded that Hood River had sufficient financial resources to support its services to the Fund.

5. Extent of Economies of Scale as the Fund Grows.

The Trustees did not consider economies of scale to be a material factor given that the Fund had not yet commenced operations.

6. Benefits to be Derived from the Relationship with the Fund.

The Trustees considered the direct and indirect benefits that could be realized by Hood River from its association with the Fund. The Trustees concluded that the benefits Hood River may receive, such as soft dollar research, appear to be reasonable and may benefit the Fund.

**Conclusion** 

In considering the approval of the Hood River Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Fund's surrounding circumstances. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the Advisory Agreement for an initial two-year term as being in the best interests of the Fund.

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**Hood River Funds** 

**Approval of the INVESTMENT ADVISORY AGREEMENT FOR THE Hood River Small-Cap Growth Fund, Hood River International Opportunity Fund and Hood River New Opportunities Fund** 

**Investment Advisory Agreement** 

The Board of Trustees (the "Board" or the "Trustees") of Manager Directed Portfolios (the "Trust") met on November 19, 2025 to consider the renewal of the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of the Hood River Small-Cap Growth Fund (the "Small-Cap Growth Fund"), the Hood River International Opportunity Fund (the "International Opportunity Fund") and the Hood River New Opportunities Fund (the "New Opportunities Fund") (each, a "Fund," and together, the "Funds"), each a series of the Trust, and the Funds' investment adviser, Hood River Capital Management, LLC ("Hood River" or the "Adviser"). The Board, which is comprised solely of Trustees who are not "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940 (the "Independent Trustees"), had previously met at a special meeting held on October 23, 2025 to discuss the renewal of the Advisory Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the continuation of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Advisory Agreement, a memorandum prepared by counsel to the Independent Trustees discussing factors relevant to the renewal of the Advisory Agreement, comparative performance information, Hood River's Form ADV Part 1A, brochure and brochure supplements, due diligence materials provided by Hood River, including information regarding Hood River's compliance program, personnel and financial condition, profitability information, and other pertinent information. The Board also reviewed the advisory fee payable by each Fund under the Advisory Agreement, the expense limitation agreements between Hood River and the Trust, on behalf of each Fund, and comparative fee and expense information as reported by a third-party analytics firm.

The Trustees met with the officers of the Trust and legal counsel to discuss the information provided and also met in executive session with legal counsel to the Independent Trustees to review their duties in considering the Advisory Agreement and the information provided. The Trustees noted that they had met with representatives of Hood River during the year to discuss Hood River's investment strategy for the Funds, each Fund's performance, updates about the Adviser's business and personnel and other matters. The Board also took into account information reviewed periodically throughout the year regarding the services provided by the Adviser, the performance of each Fund, brokerage and trading services, Fund expenses, asset flows, compliance matters and other information deemed relevant.

Based on their evaluation of the information provided as part of the October and November meetings, as well as information provided over the course of the year, the Trustees approved the continuation of the Advisory Agreement for an additional one-year term. Below is a summary of the material factors considered by the Board and the conclusions that formed the basis for the Board's approval of the Advisory Agreement.

1. Nature, Extent and Quality of Services Provided to the Funds

The Trustees considered the nature, extent and quality of services provided by the Adviser in the management of the Funds, including portfolio management, research, trading and compliance monitoring, as well as the qualifications and experience of personnel at the Adviser who are involved in the day-to-day activities of the Funds. The Board considered the Adviser's compliance program and past reports from the Trust's Chief Compliance Officer ("CCO") regarding the CCO's review of the Adviser's compliance program. The Board also considered its previous experience with the Adviser providing investment management services to the Funds. The Trustees considered the information provided by the Adviser in response to the due diligence questionnaire and as part of their meetings with the Adviser.

The Trustees concluded that the nature, extent and quality of services provided to each Fund by Hood River were appropriate and that each Fund was likely to continue to benefit from the services provided by Hood River under the Advisory Agreement.

2. Investment Performance of the Funds

<u>Small-Cap Growth Fund</u>. The Trustees considered the performance of the Fund for the one-year, three-year, five-year, ten-year and since-inception periods ended June 30, 2025 on an absolute basis and in comparison to (1) the Fund's benchmark index, (2) a peer group of funds constructed using Morningstar, Inc. data and presented by FUSE Research Network, an independent third-party analytics firm, and (3) a performance universe of other small growth funds with similar pricing features.

58<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Funds** 

**Approval of the INVESTMENT ADVISORY AGREEMENT FOR THE Hood River Small-Cap Growth Fund, Hood River International Opportunity Fund and Hood River New Opportunities Fund (Continued)** 

The Trustees noted that the Fund outperformed its benchmark, the Russell 2000 Growth Index, the peer group median and the performance universe for all periods. The Trustees reviewed the Fund's performance relative to Hood River's composite of other separately managed accounts managed with investment strategies similar to the Fund and noted that the composite performance was similar to the Fund's performance.

<u>International Opportunity Fund</u>. The Trustees considered the performance of the Fund for the one-year, three-year and since-inception periods ended June 30, 2025 on an absolute basis and in comparison to (1) the Fund's benchmark index, (2) a peer group of funds constructed using Morningstar, Inc. data and presented by FUSE Research Network, and (3) a performance universe of other foreign small/mid growth funds with similar pricing features.

The Trustees noted that the Fund underperformed its benchmark, the MSCI All Country World ex-USA Small Cap Index, peer group median and performance universe median for the one-year period and outperformed the benchmark, peer group median and performance universe median for the three-year and since-inception periods. The Trustees reviewed the Fund's performance relative to Hood River's composite of other separately managed accounts managed with investment strategies similar to the Fund and noted that the composite performance was similar to the Fund's performance.

<u>New Opportunities Fund</u>. The Trustees considered the performance of the Fund for the since-inception period ended June 30, 2025 on an absolute basis and in comparison to (1) the Fund's benchmark index, (2) a peer group of funds constructed using Morningstar, Inc. data and presented by FUSE Research Network, and (3) a performance universe of other mid-cap growth funds with similar pricing features.

The Trustees noted that the Fund outperformed its benchmark, the Russell 2500 Growth Total Return Index, peer group median and performance universe median for the since-inception period. The Trustees reviewed the Fund's performance relative to Hood River's composite of other separately managed accounts managed with investment strategies similar to the Fund but did not consider composite performance to be a material factor given that the Fund has only a short performance track record since it commenced operations in August 2024.

The Trustees concluded that each Fund's performance was satisfactory and that each Fund and its shareholders were likely to benefit from Hood River's continued management.

3. Advisory Fees and Expenses

The Trustees considered each Fund's advisory fee rate and expense ratio relative to those of peer funds in the respective FUSE peer group. The Trustees also considered Hood River's commentary regarding each Fund's advisory fee rate.

<u>Small-Cap Growth Fund</u>. The Trustees noted that the Fund's contractual advisory fee rate of 0.90% was higher than the peer group median. The Trustees noted that the total net expense ratio for the Institutional Shares was higher than the peer group median and universe median. The Trustees considered the fee waivers and expense reimbursements previously provided by Hood River and Hood River's commitment to renew the expense limitation agreement.

The Board did not consider advisory fees charged to accounts managed by Hood River in a similar strategy to be a material factor, noting that Hood River does not believe any of the separately managed accounts are equivalent to the Fund due to differences in services and regulatory requirements.

<u>International Opportunity Fund</u>. The Trustees noted that the Fund's contractual advisory fee of 1.05% was higher than the peer group median. The Trustees also considered the net advisory fee, which was below the peer group median. The Trustees noted that the total net expense ratio for the Institutional Shares was higher than the peer group median and universe median. The Trustees considered the fee waivers and expense reimbursements previously provided by Hood River and Hood River's commitment to renew the expense limitation agreement.

The Board did not consider advisory fees charged to accounts managed by Hood River in a similar strategy to be a material factor, noting that Hood River does not believe any of the separately managed accounts are equivalent to the Fund due to differences in services and regulatory requirements.

59<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Hood River Funds** 

**Approval of the INVESTMENT ADVISORY AGREEMENT FOR THE Hood River Small-Cap Growth Fund, Hood River International Opportunity Fund and Hood River New Opportunities Fund (Continued)** 

<u>New Opportunities Fund</u>. The Trustees noted that the Fund's contractual advisory fee of 0.75% was in line with the peer group median and equal to the universe median. The Trustees also considered the net advisory fee, which was below the peer group median. The Trustees noted that the total net expense ratio for the Institutional Shares was higher than the peer group median and the universe median. The Trustees considered the fee waivers and expense reimbursements provided by Hood River under the terms of the operating expense limitation agreement, which is in place until at least August 5, 2027.

The Trustees concluded that each Fund's expenses and the advisory fee paid to Hood River were fair and reasonable in light of the comparative expense and advisory fee information and the quality of the services provided to each Fund by Hood River.

4. Costs of Services Provided and Profits Realized by the Adviser

The Trustees considered Hood River's financial statements and a profitability analysis prepared by Hood River based on the fees payable under the Advisory Agreement. The Trustees concluded that Hood River's level of profitability from its relationship with the Small-Cap Growth Fund and the New Opportunities Fund was reasonable.

Given that Hood River had not yet generated profits from the International Opportunity Fund, the Trustees did not consider profitability to be a material factor for this Fund.

5. Economies of Scale

The Trustees compared each Fund's expenses relative to its peer group and universe and considered potential economies of scale. The Trustees noted that the Funds' advisory fee structures did not contain any breakpoint reductions as the Funds' assets grow in size but considered that Hood River has been waiving fees or reimbursing expenses since each Fund's inception. The Trustees considered that the Small-Cap Growth Fund is closed to most new investors and discussed information provided by Hood River regarding investments in personnel, research, technology and other resources that benefit the Funds.

With respect to the Small-Cap Growth Fund, the Trustees concluded that the current fee structure was reasonable and reflects a sharing of economies of scale between the Hood River and the Fund at the Fund's current asset level. With respect to the International Opportunity Fund and the New Opportunities Fund, the Trustees did not consider economies of scale to be a material factor given the current asset size of each Fund.

6. Benefits Derived from the Relationship with the Funds

The Trustees considered the direct and indirect benefits that could be realized by Hood River from its association with the Funds. The Trustees concluded that the benefits Hood River receives, such as soft dollar research, appear to be reasonable.

**Conclusion** 

In considering the renewal of the Advisory Agreement, the Trustees did not identify any one factor as all important but rather considered these factors collectively in light of each Fund's surrounding circumstances. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement for an additional one-year term as being in the best interests of each Fund and its shareholders.

60<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOOD RIVER FUNDS** 

**ADDITIONAL INFORMATION** 

**as of December 31, 2025 (Unaudited)** 

**Item 7(b). Financial Highlights are included within the financial statements under Item 7(a) above.**

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.**

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.**

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

See above.

61<br>

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service providers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](hr-efp22776_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](hr-efp22776_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Manager
 Directed Portfolios

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Ryan Frank |
|  | Ryan Frank, President/Principal Executive Officer |

---

Date <u>March 3, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Ryan Frank |
|  | Ryan Frank, President/Principal Executive Officer |

---

Date <u>March 3, 2026</u> <br>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Colton Scarmardo |
|  | Colton Scarmardo, Treasurer/Principal Financial Officer |

---

Date <u>March 3, 2026</u>

 

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Ryan Frank, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Manager Directed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 3, 2026 | /s/ Ryan Frank |
|  |  | Ryan Frank |
|  |  | President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Colton Scarmardo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Manager Directed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 3, 2026 | /s/ Colton Scarmardo |
|  |  | Colton Scarmardo |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Manager Directed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Manager Directed Portfolios for the period ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Manager Directed Portfolios for the stated period.

---

| | |
|:---|:---|
| /s/ Ryan Frank | /s/ Colton Scarmardo |
| Ryan Frank | Colton Scarmardo |
| President/Principal Executive Officer, | Treasurer/Principal Financial Officer, |
| Manager Directed Portfolios | Manager Directed Portfolios |

---

Dated: <u>March 3, 2026</u> Dated: <u>March 3, 2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Manager Directed Portfolios for purposes of Section 18 of the Securities Exchange Act of 1934.