# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001133228-25-009616
**Filing Date:** 2025-9
**Character Count:** 226178
**Document Hash:** be44c8c786a0b9179bdcc7ed88f4e135
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009616.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001133228-25-009616

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 251300849

**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           |

?xml version='1.0' encoding='ASCII'? 2025-07-03193340_HoodRiverInternationalOpportunityFund_InstitutionalShares_TSRAnnual

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>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**Manager Directed Portfolios**</u>

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street 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, 2025</u>**

Date of reporting period: **<u>June 30, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img325520_202502261928270.jpg) |

---

This annual shareholder report contains important information about the Hood River International Opportunity Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 PAST YEAR?** (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 | $141 | 1.30% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

International equity markets navigated a complex landscape from late 2024 through early 2025, shaped by divergent regional economic trends, evolving monetary policies, and renewed geopolitical tensions. Early-year volatility and shifting U.S. policy temporarily disrupted the link between company fundamentals and stock performance—particularly for businesses tied to U.S. demand. However, as tariff concerns subsided and fundamentals regained focus in the second quarter, markets stabilized. Amid these fluctuations, the Hood River International Opportunity Fund Institutional Share Class (HRIOX) rebounded alongside the broader equity recovery, returning +17.09% for the 12 months ending June 30, 2025, versus +18.34% for the MSCI AC World Index ex US Small Cap.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Stock selection was the primary driver of relative results during the period. Notably, strong contributions came from the consumer discretionary, healthcare, and utilities sectors, while financials, information technology and materials detracted from performance.

Through it all, our investment philosophy and disciplined process remain our foundation. We continue to rely on a bottom-up approach to identify companies with durable, long-term earnings growth. While market dislocations may obscure fundamentals in the short term, they tend to reassert themselves just as swiftly. We believe our edge lies in remaining true to our process and staying alert to the best opportunities in the most inefficient segments of the market.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $25,000 chart reflects a hypothetical $25,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including shareholder servicing fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $25,000)

![image](ts5021img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/28/2021)** |
| **Institutional Shares**  | 17.09 | 8.23 |
| **MSCI AC WORLD INDEX ex USA Net (USD)**  | 17.72 | 5.54 |
| **MSCI AC World Index ex US Small Cap Net TR**  | 18.34 | 3.24 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $142655662 |
| **Number of Holdings** | 87 |
| **Net Advisory Fee** | $94654 |
| **Portfolio Turnover Rate** | 220% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts5021img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Applied Digital Corp.  | 6.1% |
|  Fabrinet  | 3.5% |
|  Siemens Energy AG  | 3.0% |
|  Cameco Corp.  | 2.4% |
|  Kawasaki Heavy Industries Ltd.  | 2.3% |
|  IREN Ltd.  | 2.2% |
|  Kandenko Co. Ltd.  | 2.1% |
|  IHI Corp.  | 2.1% |
|  Aixtron SE  | 2.1% |
|  Musashi Seimitsu Industry Co. Ltd.  | 2.1% |

---

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

![image](ts5021img005.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/.

**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-AR-56170L778

25000175872267328733336422500020664232922599930607250001929221400238102817730.724.214.111.04.84.64.12.42.02.118.910.07.86.96.55.14.54.34.331.7 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img325520_202502261928270.jpg) |

---

This annual shareholder report contains important information about the Hood River International Opportunity Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 PAST YEAR?** (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 | $174 | 1.61% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

International equity markets navigated a complex landscape from late 2024 through early 2025, shaped by divergent regional economic trends, evolving monetary policies, and renewed geopolitical tensions. Early-year volatility and shifting U.S. policy temporarily disrupted the link between company fundamentals and stock performance—particularly for businesses tied to U.S. demand. However, as tariff concerns subsided and fundamentals regained focus in the second quarter, markets stabilized. Amid these fluctuations, the Hood River International Opportunity Fund Investor Share Class (HRIIX) rebounded alongside the broader equity recovery, returning +16.70% for the 12 months ending June 30, 2025, versus +18.34% for the MSCI AC World Index ex US Small Cap.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Stock selection was the primary driver of relative results during the period. Notably, strong contributions came from the consumer discretionary, healthcare, and utilities sectors, while financials, information technology and materials detracted from performance.

Through it all, our investment philosophy and disciplined process remain our foundation. We continue to rely on a bottom-up approach to identify companies with durable, long-term earnings growth. While market dislocations may obscure fundamentals in the short term, they tend to reassert themselves just as swiftly. We believe our edge lies in remaining true to our process and staying alert to the best opportunities in the most inefficient segments of the market.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees and shareholder servicing fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5022img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(08/11/2023)** |
| **Investor Shares**  | 16.78 | 22.18 |
| **MSCI AC WORLD INDEX ex USA Net (USD)**  | 17.72 | 15.31 |
| **MSCI AC World Index ex US Small Cap Net TR**  | 18.34 | 14.41 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $142655662 |
| **Number of Holdings** | 87 |
| **Net Advisory Fee** | $94654 |
| **Portfolio Turnover Rate** | 220% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts5022img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Applied Digital Corp.  | 6.1% |
|  Fabrinet  | 3.5% |
|  Siemens Energy AG  | 3.0% |
|  Cameco Corp.  | 2.4% |
|  Kawasaki Heavy Industries Ltd.  | 2.3% |
|  IREN Ltd.  | 2.2% |
|  Kandenko Co. Ltd.  | 2.1% |
|  IHI Corp.  | 2.1% |
|  Aixtron SE  | 2.1% |
|  Musashi Seimitsu Industry Co. Ltd.  | 2.1% |

---

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

![image](ts5022img005.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/.

**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-AR-56170L760

10000125081460810000111151308510000108951289430.724.214.111.04.84.64.12.42.02.118.910.07.86.96.55.14.54.34.331.7 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img325520_202502261928270.jpg) |

---

This annual shareholder report contains important information about the Hood River International Opportunity Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 PAST YEAR?** (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 | $130 | 1.20% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

International equity markets navigated a complex landscape from late 2024 through early 2025, shaped by divergent regional economic trends, evolving monetary policies, and renewed geopolitical tensions. Early-year volatility and shifting U.S. policy temporarily disrupted the link between company fundamentals and stock performance—particularly for businesses tied to U.S. demand. However, as tariff concerns subsided and fundamentals regained focus in the second quarter, markets stabilized. Amid these fluctuations, the Hood River International Opportunity Fund Retirement Share Class (HRITX) rebounded alongside the broader equity recovery, returning +17.17% for the 12 months ending June 30, 2025, versus +18.34% for the MSCI AC World Index ex US Small Cap.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Stock selection was the primary driver of relative results during the period. Notably, strong contributions came from the consumer discretionary, healthcare, and utilities sectors, while financials, information technology and materials detracted from performance.

Through it all, our investment philosophy and disciplined process remain our foundation. We continue to rely on a bottom-up approach to identify companies with durable, long-term earnings growth. While market dislocations may obscure fundamentals in the short term, they tend to reassert themselves just as swiftly. We believe our edge lies in remaining true to our process and staying alert to the best opportunities in the most inefficient segments of the market.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5023img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/22/2021)** |
| **Retirement Shares**  | 17.26 | 8.84 |
| **MSCI AC WORLD INDEX ex USA Net (USD)**  | 17.72 | 6.09 |
| **MSCI AC World Index ex US Small Cap Net TR**  | 18.34 | 4.25 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $142655662 |
| **Number of Holdings** | 87 |
| **Net Advisory Fee** | $94654 |
| **Portfolio Turnover Rate** | 220% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts5023img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Applied Digital Corp.  | 6.1% |
|  Fabrinet  | 3.5% |
|  Siemens Energy AG  | 3.0% |
|  Cameco Corp.  | 2.4% |
|  Kawasaki Heavy Industries Ltd.  | 2.3% |
|  IREN Ltd.  | 2.2% |
|  Kandenko Co. Ltd.  | 2.1% |
|  IHI Corp.  | 2.1% |
|  Aixtron SE  | 2.1% |
|  Musashi Seimitsu Industry Co. Ltd.  | 2.1% |

---

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

![image](ts5023img005.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/.

**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-AR-56170L752

1000070279069115011348610000831393701045912312100007926879297821157630.724.214.111.04.84.64.12.42.02.118.910.07.86.96.55.14.54.34.331.7 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img325520_202502261928270.jpg) |

---

This annual shareholder report contains important information about the Hood River New Opportunities Fund (the "Fund") for the period of August 5, 2024 (commencement of operations) to June 30, 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 FROM AUGUST 5, 2024 TO JUNE 30, 2025?** (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 | $102 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from August 5, 2024 (commencement of operations) through June 30, 2025. Expenses would be higher if the Fund had been in operation for the full year.

\*\* Annualized

**HOW DID THE FUND PERFORM SINCE INCEPTION AND WHAT AFFECTED ITS PERFORMANCE?**

U.S. small/mid-cap growth stocks experienced notable volatility from mid-2024 through early 2025, driven by a sharp rotation into value, persistent macroeconomic pressures, and heightened geopolitical tensions. Despite these challenges, the Russell 2500® Growth Index delivered a +12.27% cumulative return from August 5, 2024 through June 30, 2025\*, as improving sentiment in Q2 helped shift market focus back to company fundamentals. This environment played to Hood River's strengths—namely, a bottom-up, research-driven approach aimed at identifying mispriced opportunities while seeking to mitigate downside risk. With fundamentals once again taking center stage, our portfolio was well positioned, resulting in a +38.20% cumulative return for the Hood River New Opportunities Fund Institutional Share Class (HRNOX) over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's outperformance since inception was driven primarily by strong stock selection. Key contributors included positions in the information technology, financials and industrials sectors, while energy, healthcare and materials modestly detracted from relative performance.

Through it all, our investment philosophy and disciplined process remain our foundation. We continue to rely on a bottom-up approach to identify companies with durable, long-term earnings growth. While market dislocations may obscure fundamentals in the short term, they tend to reassert themselves just as swiftly. We believe our edge lies in remaining true to our process and staying alert to the best opportunities in the most inefficient segments of the market.

\*Fund inception 8/5/2024

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $25,000 chart reflects a hypothetical $25,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including shareholder servicing fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $25,000)

![image](ts5027img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(08/05/2024)** |
| **Institutional Shares**  | 38.20 |
| **Russell 3000 Total Return**  | 20.90 |
| **Russell 2500 Growth Total Return**  | 12.27 |

---

Visit https://hoodrivercapital.com/new-opportunities-fund/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $167011059 |
| **Number of Holdings** | 107 |
| **Net Advisory Fee** | $285346 |
| **Portfolio Turnover Rate** | 105% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts5027img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Dave, Inc.  | 6.8% |
|  MasTec, Inc.  | 3.3% |
|  Lumentum Holdings, Inc.  | 3.3% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 3.2% |
|  QXO, Inc.  | 2.9% |
|  Applied Digital Corp.  | 2.5% |
|  GFL Environmental, Inc.  | 2.3% |
|  Verona Pharma PLC  | 2.1% |
|  Comfort Systems USA, Inc.  | 2.1% |
|  ACI Worldwide, Inc.  | 1.8% |

---

\* *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 2 TSR-AR-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 3 TSR-AR-56170L646

25000345502500030224250002806730.023.218.89.35.93.32.11.81.24.4 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img325520_202502261928270.jpg) |

---

This annual shareholder report contains important information about the Hood River New Opportunities Fund (the "Fund") for the period of August 5, 2024 (commencement of operations) to June 30, 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 FROM AUGUST 5, 2024 TO JUNE 30, 2025?** (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 | $129 | 1.20% |

---

\* Amount shown reflects the expenses of the Fund from August 5, 2024 (commencement of operations) through June 30, 2025. Expenses would be higher if the Fund had been in operation for the full year.

\*\* Annualized

**HOW DID THE FUND PERFORM SINCE INCEPTION AND WHAT AFFECTED ITS PERFORMANCE?**

U.S. small/mid-cap growth stocks experienced notable volatility from mid-2024 through early 2025, driven by a sharp rotation into value, persistent macroeconomic pressures, and heightened geopolitical tensions. Despite these challenges, the Russell 2500® Growth Index delivered a +12.27% cumulative return from August 5, 2024 through June 30, 2025\*, as improving sentiment in Q2 helped shift market focus back to company fundamentals. This environment played to Hood River's strengths—namely, a bottom-up, research-driven approach aimed at identifying mispriced opportunities while seeking to mitigate downside risk. With fundamentals once again taking center stage, our portfolio was well positioned, resulting in a +37.90% cumulative return for the Hood River New Opportunities Fund Investor Share Class (HRNIX) over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's outperformance since inception was driven primarily by strong stock selection. Key contributors included positions in the information technology, financials and industrials sectors, while energy, healthcare and materials modestly detracted from relative performance.

Through it all, our investment philosophy and disciplined process remain our foundation. We continue to rely on a bottom-up approach to identify companies with durable, long-term earnings growth. While market dislocations may obscure fundamentals in the short term, they tend to reassert themselves just as swiftly. We believe our edge lies in remaining true to our process and staying alert to the best opportunities in the most inefficient segments of the market.

\*Fund inception 8/5/2024

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees and shareholder servicing fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5028img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(08/05/2024)** |
| **Investor Shares**  | 37.90 |
| **Russell 3000 Total Return**  | 20.90 |
| **Russell 2500 Growth Total Return**  | 12.27 |

---

Visit https://hoodrivercapital.com/new-opportunities-fund/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $167011059 |
| **Number of Holdings** | 107 |
| **Net Advisory Fee** | $285346 |
| **Portfolio Turnover Rate** | 105% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts5028img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Dave, Inc.  | 6.8% |
|  MasTec, Inc.  | 3.3% |
|  Lumentum Holdings, Inc.  | 3.3% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 3.2% |
|  QXO, Inc.  | 2.9% |
|  Applied Digital Corp.  | 2.5% |
|  GFL Environmental, Inc.  | 2.3% |
|  Verona Pharma PLC  | 2.1% |
|  Comfort Systems USA, Inc.  | 2.1% |
|  ACI Worldwide, Inc.  | 1.8% |

---

\* *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 2 TSR-AR-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 3 TSR-AR-56170L638

10000137901000012090100001122730.023.218.89.35.93.32.11.81.24.4 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img325520_202502261928270.jpg) |

---

This annual shareholder report contains important information about the Hood River New Opportunities Fund (the "Fund") for the period of August 5, 2024 (commencement of operations) to June 30, 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 FROM AUGUST 5, 2024 TO JUNE 30, 2025?** (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 | $92 | 0.85% |

---

\* Amount shown reflects the expenses of the Fund from August 5, 2024 (commencement of operations) through June 30, 2025. Expenses would be higher if the Fund had been in operation for the full year.

\*\* Annualized

**HOW DID THE FUND PERFORM SINCE INCEPTION AND WHAT AFFECTED ITS PERFORMANCE?**

U.S. small/mid-cap growth stocks experienced notable volatility from mid-2024 through early 2025, driven by a sharp rotation into value, persistent macroeconomic pressures, and heightened geopolitical tensions. Despite these challenges, the Russell 2500® Growth Index delivered a +12.27% cumulative return from August 5, 2024 through June 30, 2025\*, as improving sentiment in Q2 helped shift market focus back to company fundamentals. This environment played to Hood River's strengths—namely, a bottom-up, research-driven approach aimed at identifying mispriced opportunities while seeking to mitigate downside risk. With fundamentals once again taking center stage, our portfolio was well positioned, resulting in a +38.20% cumulative return for the Hood River New Opportunities Fund Retirement Share Class (HRNRX) over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's outperformance since inception was driven primarily by strong stock selection. Key contributors included positions in the information technology, financials and industrials sectors, while energy, healthcare and materials modestly detracted from relative performance.

Through it all, our investment philosophy and disciplined process remain our foundation. We continue to rely on a bottom-up approach to identify companies with durable, long-term earnings growth. While market dislocations may obscure fundamentals in the short term, they tend to reassert themselves just as swiftly. We believe our edge lies in remaining true to our process and staying alert to the best opportunities in the most inefficient segments of the market.

\*Fund inception 8/5/2024

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5031img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(08/05/2024)** |
| **Retirement Shares**  | 38.20 |
| **Russell 3000 Total Return**  | 20.90 |
| **Russell 2500 Growth Total Return**  | 12.27 |

---

Visit https://hoodrivercapital.com/new-opportunities-fund/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $167011059 |
| **Number of Holdings** | 107 |
| **Net Advisory Fee** | $285346 |
| **Portfolio Turnover Rate** | 105% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts5031img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Dave, Inc.  | 6.8% |
|  MasTec, Inc.  | 3.3% |
|  Lumentum Holdings, Inc.  | 3.3% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 3.2% |
|  QXO, Inc.  | 2.9% |
|  Applied Digital Corp.  | 2.5% |
|  GFL Environmental, Inc.  | 2.3% |
|  Verona Pharma PLC  | 2.1% |
|  Comfort Systems USA, Inc.  | 2.1% |
|  ACI Worldwide, Inc.  | 1.8% |

---

\* *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 2 TSR-AR-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 3 TSR-AR-56170L620

10000138201000012090100001122730.023.218.89.35.93.32.11.81.24.4 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img325520_202502261928270.jpg) |

---

This annual shareholder report contains important information about the Hood River Small-Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 PAST YEAR?** (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 | $115 | 1.07% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

U.S. small-cap growth stocks experienced notable volatility from mid-2024 through early 2025, driven by a sharp rotation into value, persistent macroeconomic pressures, and heightened geopolitical tensions. Despite these challenges, the Russell 2000® Growth Index delivered a +9.73% return over the 12 months ending June 30, 2025, as improving sentiment in Q2 helped shift market focus back to company fundamentals. This environment played to Hood River's strengths—namely, a bottom-up, research-driven approach aimed at identifying mispriced opportunities while seeking to mitigate downside risk. With fundamentals once again taking center stage, our portfolio was well positioned, resulting in a +14.78% return for the Hood River Small-Cap Growth Fund Institutional Share Class (HRSMX) over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's outperformance over the trailing 12 months was driven primarily by strong stock selection. Key contributors included positions in the financials, healthcare and information technology sectors, while energy, materials and communication services modestly detracted from relative performance.

Through it all, our investment philosophy and disciplined process remain our foundation. We continue to rely on a bottom-up approach to identify companies with durable, long-term earnings growth. While market dislocations may obscure fundamentals in the short term, they tend to reassert themselves just as swiftly. We believe our edge lies in remaining true to our process and staying alert to the best opportunities in the most inefficient segments of the market.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $25,000 chart reflects a hypothetical $25,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including shareholder servicing fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $25,000)

![image](ts5024img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 14.78 | 16.91 | 13.21 |
| **Russell 3000 Total Return Index**  | 15.30 | 15.96 | 12.96 |
| **Russell 2000 Growth Total Return Index**  | 9.73 | 7.42 | 7.14 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3903492685 |
| **Number of Holdings** | 106 |
| **Net Advisory Fee** | $31917294 |
| **Portfolio Turnover Rate** | 102% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts5024img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  MasTec, Inc.  | 4.1% |
|  Dave, Inc.  | 3.4% |
|  Applied Digital Corp.  | 3.0% |
|  Lumentum Holdings, Inc.  | 2.9% |
|  QXO, Inc.  | 2.6% |
|  ACI Worldwide, Inc.  | 2.2% |
|  HCI Group, Inc.  | 2.2% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 2.2% |
|  Verona Pharma PLC  | 2.0% |
|  Kratos Defense & Security Solutions, Inc.  | 1.8% |

---

\* *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/.

**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-AR-56170L208

25000223973019535204367953957471495510156078375294864212500025535302613473337853403245813350073595637333884555250002231227757338253365934830527193509441598453984981531.823.720.38.96.72.11.61.41.12.4 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img325520_202502261928270.jpg) |

---

This annual shareholder report contains important information about the Hood River Small-Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 PAST YEAR?** (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 | $142 | 1.32% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

U.S. small-cap growth stocks experienced notable volatility from mid-2024 through early 2025, driven by a sharp rotation into value, persistent macroeconomic pressures, and heightened geopolitical tensions. Despite these challenges, the Russell 2000® Growth Index delivered a +9.73% return over the 12 months ending June 30, 2025, as improving sentiment in Q2 helped shift market focus back to company fundamentals. This environment played to Hood River's strengths—namely, a bottom-up, research-driven approach aimed at identifying mispriced opportunities while seeking to mitigate downside risk. With fundamentals once again taking center stage, our portfolio was well positioned, resulting in a +14.49% return for the Hood River Small-Cap Growth Fund Investor Share Class (HRSRX) over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's outperformance over the trailing 12 months was driven primarily by strong stock selection. Key contributors included positions in the financials, healthcare and information technology sectors, while energy, materials and communication services modestly detracted from relative performance.

Through it all, our investment philosophy and disciplined process remain our foundation. We continue to rely on a bottom-up approach to identify companies with durable, long-term earnings growth. While market dislocations may obscure fundamentals in the short term, they tend to reassert themselves just as swiftly. We believe our edge lies in remaining true to our process and staying alert to the best opportunities in the most inefficient segments of the market.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees and shareholder servicing fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5025img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/07/2015)** |
| **Investor Shares**  | 14.49 | 16.66 | 13.08 |
| **Russell 3000 Total Return Index**  | 15.30 | 15.96 | 12.90 |
| **Russell 2000 Growth Total Return Index**  | 9.73 | 7.42 | 7.20 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3903492685 |
| **Number of Holdings** | 106 |
| **Net Advisory Fee** | $31917294 |
| **Portfolio Turnover Rate** | 102% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts5025img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  MasTec, Inc.  | 4.1% |
|  Dave, Inc.  | 3.4% |
|  Applied Digital Corp.  | 3.0% |
|  Lumentum Holdings, Inc.  | 2.9% |
|  QXO, Inc.  | 2.6% |
|  ACI Worldwide, Inc.  | 2.2% |
|  HCI Group, Inc.  | 2.2% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 2.2% |
|  Verona Pharma PLC  | 2.0% |
|  Kratos Defense & Security Solutions, Inc.  | 1.8% |

---

\* *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/.

**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-AR-56170L109

100009004121251410714714157962847520277241212980734126100001013712013137891502716008230781987823646291143356710000896711155135941352813998211871410416718182462002031.823.720.38.96.72.11.61.41.12.4 ------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| June 30, 2025  | ![image](img325520_202502261928270.jpg) |

---

This annual shareholder report contains important information about the Hood River Small-Cap Growth Fund (the "Fund") for the period of July 1, 2024 to June 30, 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 PAST YEAR?** (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 | $104 | 0.97% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

U.S. small-cap growth stocks experienced notable volatility from mid-2024 through early 2025, driven by a sharp rotation into value, persistent macroeconomic pressures, and heightened geopolitical tensions. Despite these challenges, the Russell 2000® Growth Index delivered a +9.73% return over the 12 months ending June 30, 2025, as improving sentiment in Q2 helped shift market focus back to company fundamentals. This environment played to Hood River's strengths—namely, a bottom-up, research-driven approach aimed at identifying mispriced opportunities while seeking to mitigate downside risk. With fundamentals once again taking center stage, our portfolio was well positioned, resulting in a +14.88% return for the Hood River Small-Cap Growth Fund Retirement Share Class (HRSIX) over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's outperformance over the trailing 12 months was driven primarily by strong stock selection. Key contributors included positions in the financials, healthcare and information technology sectors, while energy, materials and communication services modestly detracted from relative performance.

Through it all, our investment philosophy and disciplined process remain our foundation. We continue to rely on a bottom-up approach to identify companies with durable, long-term earnings growth. While market dislocations may obscure fundamentals in the short term, they tend to reassert themselves just as swiftly. We believe our edge lies in remaining true to our process and staying alert to the best opportunities in the most inefficient segments of the market.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5026img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/03/2017)** |
| **Retirement Shares**  | 14.88 | 17.00 | 14.62 |
| **Russell 3000 Total Return Index**  | 15.30 | 15.96 | 13.44 |
| **Russell 2000 Growth Total Return Index**  | 9.73 | 7.42 | 7.87 |

---

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3903492685 |
| **Number of Holdings** | 106 |
| **Net Advisory Fee** | $31917294 |
| **Portfolio Turnover Rate** | 102% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

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

![image](ts5026img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  MasTec, Inc.  | 4.1% |
|  Dave, Inc.  | 3.4% |
|  Applied Digital Corp.  | 3.0% |
|  Lumentum Holdings, Inc.  | 2.9% |
|  QXO, Inc.  | 2.6% |
|  ACI Worldwide, Inc.  | 2.2% |
|  HCI Group, Inc.  | 2.2% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 2.2% |
|  Verona Pharma PLC  | 2.0% |
|  Kratos Defense & Security Solutions, Inc.  | 1.8% |

---

\* *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/.

**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-AR-56170L505

10000108161262113200142052567618336218712710731140100001022811739127941362919648169242013124787285781000010471127601269713139198871323915692171261879231.823.720.38.96.72.11.61.41.12.4 ------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's Board of Trustees has determined that there are two audit committee financial experts serving on its audit committee. Gaylord B. Lyman and Scott C. Jones are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 06/30/2025 | FYE 06/30/2024 |
| (a) Audit Fees | $43500 | $28150 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $10500 | $7000 |
| (d) All Other Fees | N/A | N/A |

---

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant as well as non-audit services provided to the registrant's investment adviser and any entity controlling, controlled by or under the common control with the registrant's investment adviser that provides ongoing services to the registrant, relating to the operations and financial reporting of the registrant.

The percentage of fees billed by Cohen & Company Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows for the Hood River Funds:

---

| | | |
|:---|:---|:---|
| | FYE 06/30/2025 | FYE 06/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

The following table indicates the non-audit fees billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any entity controlling, controlled by, or under common control with the registrant's investment adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 06/30/2025 | FYE 06/30/2024 |
| Registrant | $10500 | $7000 |
| Registrant's Investment Adviser | N/A | N/A |

---

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

**<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 as part of the report to shareholders 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) ![](hoodriver_coverlogo.jpg)

**Hood River Funds** 

Core Financial Statements

June 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#sai_77)<br>|  |
| &nbsp;&nbsp;&nbsp; [Hood River International Opportunity Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Hood River New Opportunities Fund](#soi2) | [6](#soi2) |
| &nbsp;&nbsp;&nbsp; [Hood River Small-Cap Growth Fund](#soi3) | [12](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [18](#sal) |
| [Statements of Operations](#sop) | [20](#sop) |
| [Statements of Changes in Net Assets](#scna) | [21](#scna) |
| [Financial Highlights](#sai_79)<br>|  |
| &nbsp;&nbsp;&nbsp; [Hood River International Opportunity Fund](#fihi) | [26](#fihi) |
| &nbsp;&nbsp;&nbsp; [Hood River New Opportunities Fund](#fihi1) | [29](#fihi1) |
| &nbsp;&nbsp;&nbsp; [Hood River Small-Cap Growth Fund](#fihi2) | [32](#fihi2) |
| [Notes to Financial Statements](#notes) | [35](#notes) |
| [Report of the Independent Registered Public Accounting Firm](#report) | [47](#report) |
| [Notice to Shareholders](#ns1) | [48](#ns1) |
| [Additional Information](#ai1) | [49](#ai1) |

---

------

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

**HOOD RIVER INTERNATIONAL OPPORTUNITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.5%**<br>|  |  |
| **COMMUNICATION SERVICES - 4.6%**<br>|  |  |
| **Entertainment - 3.0%**<br>|  |  |
| CD Projekt SA | 35835 | $2796614  |
| Hacksaw AB<sup>(a)</sup> | 175000 | 1405786  |
|  |  | 4202400  |
| **Interactive Media & Services - 1.6%**<br>|  |  |
| Karnov Group AB<sup>(a)</sup> | 99688 | 1134128  |
| Trustpilot Group PLC<sup>(a)(b)</sup> | 358900 | 1194301  |
|  |  | 2328429  |
| **TOTAL COMMUNICATION SERVICES** |  | 6530829  |
| **CONSUMER DISCRETIONARY - 11.0%**<br>|  |  |
| **Automobile Components - 2.1%**<br>|  |  |
| Musashi Seimitsu Industry Co. Ltd. | 141000 | 2993546  |
| **Broadline Retail - 1.3%**<br>|  |  |
| Falabella SA | 353010 | 1875647  |
| **Hotels, Restaurants & Leisure - 3.3%**<br>|  |  |
| Genius Sports Ltd.<sup>(a)(c)</sup> | 243392 | 2531277  |
| WEB Travel Group Ltd.<sup>(a)</sup> | 752258 | 2199853  |
|  |  | 4731130  |
| **Household Durables - 0.7%**<br>|  |  |
| Cury Construtora e Incorporadora SA | 180906 | 985592  |
| **Management of Companies and Enterprises - 1.0%**<br>|  |  |
| Viking Holdings Ltd. ORD SHS<sup>(a)</sup> | 26674 | 1421457  |
| **Specialty Retail - 0.3%**<br>|  |  |
| KITS Eyecare Ltd.<sup>(a)</sup> | 45400 | 507093  |
| **Textiles, Apparel & Luxury Goods - 2.3%**<br>|  |  |
| Kurabo Industries Ltd. | 37000 | 1916298  |
| Pandora AS | 7500 | 1321466  |
|  |  | 3237764  |
| **TOTAL CONSUMER DISCRETIONARY** |  | 15752229  |
| **CONSUMER STAPLES - 4.8%**<br>|  |  |
| **Consumer Staples Distribution & Retail - 3.0%**<br>|  |  |
| BBB Foods, Inc. - Class A<sup>(a)</sup> | 56067 | 1556420  |
| Cencosud SA | 511821 | 1741551  |
| Redcare Pharmacy NV<sup>(a)(b)</sup> | 8455 | 935358  |
|  |  | 4233329  |
| **Food Products - 0.4%**<br>|  |  |
| Winfarm SAS<sup>(a)</sup> | 145683 | 632074  |

---

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

1<br>

------

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

**HOOD RIVER INTERNATIONAL OPPORTUNITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **CONSUMER STAPLES - (Continued)**  | **CONSUMER STAPLES - (Continued)**  | **CONSUMER STAPLES - (Continued)**  |
| **Personal Care Products - 1.4%**<br>|  |  |
| Oddity Tech Ltd. - Class A<sup>(a)(c)</sup> | 25597 | $1931805  |
| **TOTAL CONSUMER STAPLES** |  | 6797208  |
| **ENERGY - 2.4%**<br>|  |  |
| **Oil, Gas & Consumable Fuels - 2.4%**<br>|  |  |
| Cameco Corp.<sup>(c)</sup> | 46794 | 3473519 |
| **TOTAL ENERGY** |  | 3473519  |
| **FINANCIALS - 14.1%**<br>|  |  |
| **Banks - 7.4%**<br>|  |  |
| Banco BPM SpA | 91702 | 1070397  |
| Banco de Chile | 14610885 | 2209766  |
| BPER Banca SpA | 93351 | 847282  |
| Capitec Bank Holdings Ltd. | 4485 | 896757  |
| Credicorp Ltd. | 6000 | 1341120  |
| Credito Emiliano SpA | 55114 | 813324  |
| Grupo Cibest SA - ADR | 38836 | 1793835  |
| Mediobanca Banca di Credito Finanziario SpA | 68400 | 1591738  |
|  |  | 10564219  |
| **Capital Markets - 3.1%**<br>|  |  |
| Bitcoin Treasury Corp.<sup>(a)</sup> | 100000 | 718194  |
| flatexDEGIRO AG | 31664 | 896634  |
| Pensionbee Group PLC<sup>(a)</sup> | 348517 | 796520  |
| Plus500 Ltd. | 43603 | 2034665  |
|  |  | 4446013  |
| **Consumer Finance - 0.8%**<br>|  |  |
| Kaspi.KZ JSC - ADR | 12835 | 1089563  |
| **Financial Services - 0.9%**<br>|  |  |
| Pagseguro Digital Ltd. - Class A | 57000 | 549480  |
| StoneCo Ltd. - Class A<sup>(a)</sup> | 41600 | 667264  |
|  |  | 1216744  |
| **Insurance - 1.9%**<br>|  |  |
| Just Group PLC | 686494 | 1249919  |
| Revo Insurance SpA | 79468 | 1479190  |
|  |  | 2729109  |
| **TOTAL FINANCIALS** |  | 20045648  |
| **HEALTH CARE - 4.1%**<br>|  |  |
| **Health Care Equipment & Supplies - 1.8%**<br>|  |  |
| Establishment Labs Holdings, Inc.<sup>(a)(c)</sup> | 53124 | 2268926  |
| Implantica AG<sup>(a)</sup> | 60000 | 258085  |
|  |  | 2527011  |

---

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

2<br>

------

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

**HOOD RIVER INTERNATIONAL OPPORTUNITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **HEALTH CARE - (Continued)**  | **HEALTH CARE - (Continued)**  | **HEALTH CARE - (Continued)**  |
| **Health Care Technology - 0.9%**<br>|  |  |
| Craneware PLC | 45769 | $1331882  |
| **Pharmaceuticals - 1.4%**<br>|  |  |
| Verona Pharma PLC - ADR<sup>(a)(c)</sup> | 20707 | 1958468  |
| **TOTAL HEALTH CARE** |  | 5817361  |
| **INDUSTRIALS - 30.7%<sup>(d)</sup>**<br>|  |  |
| **Aerospace & Defense - 3.8%**<br>|  |  |
| Avio SpA | 53000 | 1478704  |
| Hanwha Systems Co. Ltd.<sup>(a)</sup> | 41000 | 1758809  |
| Theon International PLC | 61876 | 2219410  |
|  |  | 5456923  |
| **Building Products - 0.5%**<br>|  |  |
| KRN Heat Exchanger And Refrigeration Ltd.<sup>(a)</sup> | 66800 | 661630  |
| **Commercial Services & Supplies - 2.6%**<br>|  |  |
| GFL Environmental, Inc.<sup>(c)</sup> | 52520 | 2650159  |
| Orizon Valorizacao de Residuos SA<sup>(a)</sup> | 99919 | 995678  |
|  |  | 3645837  |
| **Construction & Engineering - 8.7%**<br>|  |  |
| Dai-Dan Co. Ltd. | 86000 | 2643879  |
| Hyundai Engineering & Construction Co. Ltd. | 33377 | 1937989  |
| Kandenko Co. Ltd. | 131000 | 3023626  |
| Sanki Engineering Co. Ltd. | 72000 | 2021599  |
| Sumitomo Densetsu Co. Ltd. | 66000 | 2821670  |
|  |  | 12448763  |
| **Electrical Equipment - 4.1%**<br>|  |  |
| Hyosung Heavy Industries Corp.<sup>(a)</sup> | 2412 | 1588550  |
| Siemens Energy AG<sup>(a)</sup> | 36230 | 4234608  |
|  |  | 5823158  |
| **Machinery - 10.4%**<br>|  |  |
| Circus SE<sup>(a)</sup> | 76190 | 1301350  |
| Hanwha Ocean Co. Ltd.<sup>(a)</sup> | 18459 | 1081254  |
| IHI Corp. | 27900 | 3017769  |
| Japan Steel Works Ltd. | 15300 | 875321  |
| Kawasaki Heavy Industries Ltd. | 43000 | 3250696  |
| Kornit Digital Ltd.<sup>(a)</sup> | 80531 | 1603372  |
| Mitsubishi Heavy Industries Ltd. | 119000 | 2977902  |
| Zhejiang Sanhua Intelligent Controls Co. Ltd.<sup>(a)</sup> | 237000 | 759311  |
|  |  | 14866975  |

---

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

3<br>

------

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

**HOOD RIVER INTERNATIONAL OPPORTUNITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **INDUSTRIALS - (Continued)** | **INDUSTRIALS - (Continued)** | **INDUSTRIALS - (Continued)** |
| **Trading Companies & Distributors - 0.6%**<br>|  |  |
| Karat Packaging, Inc. | 27500 | $774400  |
| Zedcor, Inc.<sup>(a)</sup> | 36300 | 109027  |
|  |  | 883427  |
| **TOTAL INDUSTRIALS** |  | 43786713  |
| **INFORMATION TECHNOLOGY - 24.2%**<br>|  |  |
| **Electronic Equipment, Instruments & Components - 6.1%**<br>|  |  |
| Fabrinet<sup>(a)</sup> | 16931 | 4989227  |
| Kraken Robotics, Inc.<sup>(a)</sup> | 503400 | 1134891  |
| Maruwa Co. Ltd. | 4900 | 1404433  |
| Taiwan Union Technology Corp. | 155000 | 1207571  |
|  |  | 8736122  |
| **IT Services - 6.9%**<br>|  |  |
| Applied Digital Corp.<sup>(a)(c)</sup> | 866481 | 8725464  |
| GDS Holdings Ltd. - ADR<sup>(a)(c)</sup> | 25297 | 773329  |
| Spyrosoft SA<sup>(a)</sup> | 2381 | 387805  |
|  |  | 9886598  |
| **Semiconductors & Semiconductor Equipment - 6.7%**<br>|  |  |
| AIXTRON SE | 164000 | 3016653  |
| BE Semiconductor Industries NV | 18500 | 2766745  |
| Canatu PLC<sup>(a)</sup> | 51364 | 571162  |
| Infineon Technologies AG | 60000 | 2560330  |
| Sequans Communications SA - ADR<sup>(a)(e)</sup> | 464551 | 682890  |
|  |  | 9597780  |
| **Software - 4.5%**<br>|  |  |
| BlackBerry Ltd.<sup>(a)(c)</sup> | 352108 | 1612654  |
| Gorilla Technology Group, Inc.<sup>(a)</sup> | 37100 | 737919  |
| Innoscripta SE<sup>(a)</sup> | 2000 | 237004  |
| IREN Ltd.<sup>(a)(c)</sup> | 215000 | 3132550  |
| SimilarWeb Ltd.<sup>(a)</sup> | 78446 | 615017  |
|  |  | 6335144  |
| **TOTAL INFORMATION TECHNOLOGY** |  | 34555644  |
| **MATERIALS - 2.0%**<br>|  |  |
| **Construction Materials - 1.4%**<br>|  |  |
| Heidelberg Materials AG | 8530 | 2008794  |
| **Metals & Mining - 0.6%**<br>|  |  |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | 140746 | 802283  |
| **TOTAL MATERIALS** |  | 2811077  |

---

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** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **UTILITIES - 0.6%**<br>|  |  |
| **Independent Power and Renewable Electricity Producers - 0.6%**<br>|  |  |
| Capital Power Corp. | 22066 | $887987 |
| **TOTAL UTILITIES** |  | 887987  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $115,431,100)** |  | 140458215  |
|  | **Contracts** |  |
| **WARRANTS - 0.2%**<br>|  |  |
| Sequans Communications (SQNS), Expires 09/30/2025, Exercise Price $0.01<sup>(a)(e)</sup> | 240795 | 334705  |
| Sequans Communications (SQNS), Expires 09/30/2025, Exercise Price $0.01<sup>(a)(e)(f)</sup> | 105802 | —  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $334,705)** |  | 334705 |
|  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS - 17.1%**<br>|  |  |
| **Investments Purchased with Proceeds from Securities Lending - 14.1%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(g)</sup> | 20143599 | 20143599  |
| **Money Market Funds - 3.0%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(g)</sup> | 4281972 | 4281972  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $24,425,571)** |  | 24425571  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 115.8%** <br>**(Cost $140,191,376)** |  | $165218491  |
| Liabilities in Excess of Other Assets - (15.8)% |  | (22562829)  |
| **TOTAL NET ASSETS - 100.0%** |  | $142655662 |

---

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> 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 June 30, 2025, the value of these securities totaled $2,129,659 or 1.5% of the Fund's net assets.

<sup>(c)</sup> All or a portion of this security was on loan as of June 30, 2025. The fair value of these securities was $19,471,241.

<sup>(d)</sup> To the extent that the Fund invests more heavily in a particular industry or sector 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 June 30, 2025.

<sup>(f)</sup> Security received at no cost in connection with Sequans Communications June 2025 PIPE transaction. The security had no market value as of June 30, 2025.

<sup>(g)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

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

5<br>

------

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

**HOOD RIVER NEW OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.5%**<br>|  |  |
| **COMMUNICATION SERVICES - 1.2%**<br>|  |  |
| **Entertainment - 1.2%**<br>|  |  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 8466 | $2055968 |
| **TOTAL COMMUNICATION SERVICES** |  | 2055968  |
| **CONSUMER DISCRETIONARY - 9.3%**<br>|  |  |
| **Broadline Retail - 2.5%**<br>|  |  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)(b)</sup> | 31964 | 4212216  |
| **Hotels, Restaurants & Leisure - 3.8%**<br>|  |  |
| Genius Sports Ltd.<sup>(a)</sup> | 225082 | 2340853  |
| Kura Sushi USA, Inc. - Class A<sup>(a)(b)</sup> | 7510 | 646461  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 64898 | 1968356  |
| Rush Street Interactive, Inc.<sup>(a)</sup> | 93301 | 1390185  |
|  |  | 6345855  |
| **Management of Companies and Enterprises - 0.8%**<br>|  |  |
| Viking Holdings Ltd. ORD SHS<sup>(a)</sup> | 26655 | 1420445  |
| **Specialty Retail - 1.1%**<br>|  |  |
| Signet Jewelers Ltd. | 10641 | 846492  |
| Williams-Sonoma, Inc. | 6306 | 1030211  |
|  |  | 1876703  |
| **Textiles, Apparel & Luxury Goods - 1.1%**<br>|  |  |
| Amer Sports, Inc.<sup>(a)(b)</sup> | 30304 | 1174583  |
| Tapestry, Inc. | 6736 | 591488  |
|  |  | 1766071  |
| **TOTAL CONSUMER DISCRETIONARY** |  | 15621290  |
| **CONSUMER STAPLES - 3.3%**<br>|  |  |
| **Beverages - 0.8%**<br>|  |  |
| Celsius Holdings, Inc.<sup>(a)(b)</sup> | 29097 | 1349810  |
| **Consumer Staples Distribution & Retail - 2.1%**<br>|  |  |
| BBB Foods, Inc. - Class A<sup>(a)</sup> | 37787 | 1048967  |
| Sprouts Farmers Market, Inc.<sup>(a)(b)</sup> | 14747 | 2427946  |
|  |  | 3476913  |
| **Food Products - 0.4%**<br>|  |  |
| Freshpet, Inc.<sup>(a)</sup> | 10627 | 722211  |
| **TOTAL CONSUMER STAPLES** |  | 5548934  |
| **ENERGY - 1.8%**<br>|  |  |
| **Oil, Gas & Consumable Fuels - 1.8%**<br>|  |  |
| Antero Resources Corp.<sup>(a)</sup> | 49392 | 1989510  |
| Expand Energy Corp. | 8040 | 940198  |
| **TOTAL ENERGY** |  | 2929708  |

---

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

6<br>

------

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

**HOOD RIVER NEW OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **FINANCIALS - 5.9%**<br>|  |  |
| **Banks - 1.3%**<br>|  |  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 23680 | $1390963  |
| Western Alliance Bancorp<sup>(b)</sup> | 10442 | 814267  |
|  |  | 2205230  |
| **Consumer Finance - 2.6%**<br>|  |  |
| FirstCash Holdings, Inc. | 13538 | 1829525  |
| Kaspi.KZ JSC - ADR | 9271 | 787015  |
| SoFi Technologies, Inc.<sup>(a)(b)</sup> | 92809 | 1690052  |
|  |  | 4306592  |
| **Financial Services - 0.6%**<br>|  |  |
| Priority Technology Holdings, Inc.<sup>(a)</sup> | 125343 | 975169  |
| **Insurance - 1.4%**<br>|  |  |
| Ategrity Specialty Holdings LLC<sup>(a)</sup> | 3159 | 67982  |
| Hippo Holdings, Inc.<sup>(a)</sup> | 64012 | 1787855  |
| Slide Insurance Holdings, Inc.<sup>(a)</sup> | 20059 | 434478  |
|  |  | 2290315  |
| **TOTAL FINANCIALS** |  | 9777306  |
| **HEALTH CARE - 18.8%**<br>|  |  |
| **Biotechnology - 7.6%**<br>|  |  |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 25745 | 230675  |
| CareDx, Inc.<sup>(a)</sup> | 38113 | 744728  |
| Crinetics Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 18792 | 540458  |
| Insmed, Inc.<sup>(a)</sup> | 27552 | 2772833  |
| Krystal Biotech, Inc.<sup>(a)(b)</sup> | 9993 | 1373638  |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 4635 | 1402736  |
| MoonLake Immunotherapeutics<sup>(a)(b)</sup> | 14547 | 686618  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 10151 | 1275879  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 11848 | 578656  |
| REVOLUTION Medicines, Inc.<sup>(a)</sup> | 18250 | 671418  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 9730 | 614839  |
| Scholar Rock Holding Corp.<sup>(a)(b)</sup> | 39440 | 1396965  |
| TG Therapeutics, Inc.<sup>(a)(b)</sup> | 11340 | 408127  |
|  |  | 12697570  |
| **Health Care Equipment & Supplies - 4.7%**<br>|  |  |
| AtriCure, Inc.<sup>(a)(b)</sup> | 66909 | 2192608  |
| Butterfly Network, Inc.<sup>(a)(b)</sup> | 662966 | 1325932  |
| Enovis Corp.<sup>(a)(b)</sup> | 34492 | 1081669  |
| Lantheus Holdings, Inc.<sup>(a)(b)</sup> | 3582 | 293223  |
| Senseonics Holdings, Inc.<sup>(a)</sup> | 973139 | 463604  |
| Tandem Diabetes Care, Inc.<sup>(a)(b)</sup> | 32485 | 605520  |
| TransMedics Group, Inc.<sup>(a)(b)</sup> | 14494 | 1942341  |
|  |  | 7904897  |

---

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

7<br>

------

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

**HOOD RIVER NEW OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **HEALTH CARE - (Continued)** <br>|  |  |
| **Health Care Providers & Services - 3.6%**<br>|  |  |
| Community Health Systems, Inc.<sup>(a)</sup> | 89265 | $303501  |
| Ensign Group, Inc. | 4942 | 762353  |
| Guardant Health, Inc.<sup>(a)</sup> | 31778 | 1653727  |
| Hinge Health, Inc. - Class A<sup>(a)</sup> | 10108 | 523089  |
| National HealthCare Corp. | 6149 | 658004  |
| RadNet, Inc.<sup>(a)(b)</sup> | 27693 | 1576009  |
| Select Medical Holdings Corp. | 36712 | 557288  |
|  |  | 6033971  |
| **Health Care Technology - 0.6%**<br>|  |  |
| Waystar Holding Corp.<sup>(a)</sup> | 21983 | 898445  |
| **Pharmaceuticals - 2.3%**<br>|  |  |
| Axsome Therapeutics, Inc.<sup>(a)(b)</sup> | 7687 | 802446  |
| Verona Pharma PLC - ADR<sup>(a)(b)</sup> | 32655 | 3088510  |
|  |  | 3890956  |
| **TOTAL HEALTH CARE** |  | 31425839  |
| **INDUSTRIALS - 23.2%**<br>|  |  |
| **Aerospace & Defense - 3.8%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1837 | 1520926  |
| Curtiss-Wright Corp. | 1635 | 798779  |
| Karman Holdings, Inc.<sup>(a)(b)</sup> | 16603 | 836293  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup> | 50733 | 2356548  |
| Redwire Corp.<sup>(a)(b)</sup> | 49391 | 805073  |
|  |  | 6317619  |
| **Commercial Services & Supplies - 2.1%**<br>|  |  |
| GFL Environmental, Inc.<sup>(b)</sup> | 68243 | 3443542  |
| **Construction & Engineering - 6.1%**<br>|  |  |
| API Group Corp.<sup>(a)(b)</sup> | 31650 | 1615733  |
| Comfort Systems USA, Inc. | 5699 | 3055861  |
| MasTec, Inc.<sup>(a)</sup> | 32708 | 5574424  |
|  |  | 10246018  |
| **Electrical Equipment - 1.4%**<br>|  |  |
| NANO Nuclear Energy, Inc.<sup>(a)(d)</sup> | 33413 | 1152414  |
| Vertiv Holdings Co. - Class A | 9189 | 1179960  |
|  |  | 2332374  |
| **Ground Transportation - 1.7%**<br>|  |  |
| XPO, Inc.<sup>(a)(b)</sup> | 22866 | 2887747  |

---

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

8<br>

------

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

**HOOD RIVER NEW OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **INDUSTRIALS - (Continued)** <br>|  |  |
| **Machinery - 2.8%**<br>|  |  |
| Chart Industries, Inc.<sup>(a)</sup> | 7457 | $1227795  |
| ESCO Technologies, Inc. | 6915 | 1326781  |
| Symbotic, Inc.<sup>(a)(b)</sup> | 54961 | 2135235  |
|  |  | 4689811  |
| **Marine Transportation - 1.0%**<br>|  |  |
| Kirby Corp.<sup>(a)</sup> | 14680 | 1664859  |
| **Professional Services - 0.9%**<br>|  |  |
| Parsons Corp.<sup>(a)</sup> | 20667 | 1483270  |
| **Trading Companies & Distributors - 3.4%**<br>|  |  |
| QXO, Inc.<sup>(a)(d)</sup> | 179227 | 3860550  |
| Xometry, Inc. - Class A<sup>(a)(b)</sup> | 52407 | 1770832  |
|  |  | 5631382  |
| **TOTAL INDUSTRIALS** |  | 38696622  |
| **INFORMATION TECHNOLOGY - 30.0%<sup>(c)</sup>**<br>|  |  |
| **Communications Equipment - 5.5%**<br>|  |  |
| Ciena Corp.<sup>(a)(b)</sup> | 30307 | 2464868  |
| Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 50981 | 4846254  |
| Ondas Holdings, Inc.<sup>(a)(b)</sup> | 960961 | 1845045  |
|  |  | 9156167  |
| **Consumer Finance - 6.8%**<br>|  |  |
| Dave, Inc.<sup>(a)</sup> | 42006 | 11274831  |
| **Electronic Equipment, Instruments & Components - 0.8%**<br>|  |  |
| Corning, Inc. | 21428 | 1126898  |
| Fabrinet<sup>(a)</sup> | 885 | 260792  |
|  |  | 1387690  |
| **IT Services - 4.4%**<br>|  |  |
| Applied Digital Corp.<sup>(a)(b)</sup> | 353614 | 3560893  |
| DigitalOcean Holdings, Inc.<sup>(a)(b)</sup> | 19194 | 548181  |
| Okta, Inc.<sup>(a)</sup> | 11677 | 1167350  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 17268 | 2147448  |
|  |  | 7423872  |
| **Professional Services - 1.1%**<br>|  |  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 41767 | 1828977  |
| **Semiconductors & Semiconductor Equipment - 3.3%**<br>|  |  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 20303 | 994644  |
| Rambus, Inc.<sup>(a)</sup> | 24307 | 1556134  |
| Semtech Corp.<sup>(a)</sup> | 46907 | 2117382  |
| Sequans Communications SA - ADR<sup>(a)(d)</sup> | 549745 | 808125  |
|  |  | 5476285  |

---

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** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **INFORMATION TECHNOLOGY - (Continued)** <br>|  |  |
| **Software - 8.1%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 63416 | $2911429  |
| Bit Digital, Inc.<sup>(a)</sup> | 350876 | 768418  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 3798 | 1170354  |
| Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 96785 | 2122495  |
| CyberArk Software Ltd.<sup>(a)(b)</sup> | 3451 | 1404143  |
| IREN Ltd.<sup>(a)(b)</sup> | 102682 | 1496077  |
| Red Violet, Inc. | 8266 | 406687  |
| Unity Software, Inc.<sup>(a)(b)</sup> | 61875 | 1497375  |
| Varonis Systems, Inc.<sup>(a)</sup> | 33544 | 1702358  |
|  |  | 13479336  |
| **TOTAL INFORMATION TECHNOLOGY** |  | 50027158  |
| **MATERIALS - 1.0%**<br>|  |  |
| **Chemicals - 0.6%**<br>|  |  |
| DuPont de Nemours, Inc. | 13343 | 915196  |
| **Construction Materials - 0.4%**<br>|  |  |
| Eagle Materials, Inc. | 3554 | 718299  |
| **TOTAL MATERIALS** |  | 1633495  |
| **UTILITIES - 2.0%**<br>|  |  |
| **Electric Utilities - 2.0%**<br>|  |  |
| NRG Energy, Inc. | 16720 | 2684898  |
| Oklo, Inc.<sup>(a)(b)</sup> | 14476 | 810511  |
| **TOTAL UTILITIES** |  | 3495409  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $135,397,932)** |  | 161211729  |
|  | **Contracts** |  |
| **WARRANTS - 0.2%**<br>|  |  |
| Sequans Communications (SQNS), Expires 09/30/2025, Exercise Price $0.01<sup>(a)(d)</sup> | 284955 | 396087  |
| Sequans Communications (SQNS), Expires 09/30/2025, Exercise Price $0.01<sup>(a)(d)(e)</sup> | 125205 | —  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $396,087)** |  | 396087 |

---

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** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 26.8%**<br>|  |  |
| **Investments Purchased with Proceeds from Securities Lending - 23.6%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(f)</sup> | 39372326 | $39372326  |
| **Money Market Funds - 3.2%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(f)</sup> | 5416740 | 5416740  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $44,789,066)** |  | 44789066  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 123.6%** <br>**(Cost $180,583,085)** |  | $206396882  |
| Liabilities in Excess of Other Assets - (23.6)% |  | (39385823)  |
| **TOTAL NET ASSETS - 100.0%** |  | $167011059 |

---

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 June 30, 2025. The fair value of these securities was $38,536,536.

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

<sup>(d)</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 June 30, 2025.

<sup>(e)</sup> Security received at no cost in connection with Sequans Communications June 2025 PIPE transaction. The security had no market value as of June 30, 2025.

<sup>(f)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

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

11<br>

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

**HOOD RIVER SMALL-CAP GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%**<br>|  |  |
| **COMMUNICATION SERVICES - 0.5%**<br>|  |  |
| **Interactive Media & Services - 0.5%**<br>|  |  |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | 1849611 | $18718063  |
| **TOTAL COMMUNICATION SERVICES**  |  | 18718063  |
| **CONSUMER DISCRETIONARY - 8.7%**<br>|  |  |
| **Automobile Components - 0.9%**<br>|  |  |
| Modine Manufacturing Co.<sup>(a)(b)</sup> | 365299 | 35981951  |
| **Broadline Retail - 2.2%**<br>|  |  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)(b)</sup> | 647368 | 85310155  |
| **Diversified Consumer Services - 0.8%**<br>|  |  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 891164 | 30201548  |
| **Hotels, Restaurants & Leisure - 2.7%**<br>|  |  |
| Genius Sports Ltd.<sup>(a)</sup> | 3135884 | 32613193  |
| Kura Sushi USA, Inc. - Class A<sup>(a)(b)</sup> | 199136 | 17141627  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 1843212 | 55904620  |
|  |  | 105659440  |
| **Household Durables - 0.3%**<br>|  |  |
| Lovesac Co.<sup>(a)(b)</sup> | 633889 | 11536780  |
| **Specialty Retail - 1.8%**<br>|  |  |
| Academy Sports & Outdoors, Inc.<sup>(b)</sup> | 504771 | 22618789  |
| Camping World Holdings, Inc. - Class A<sup>(b)</sup> | 975358 | 16766404  |
| Signet Jewelers Ltd.<sup>(b)</sup> | 412015 | 32775793  |
|  |  | 72160986  |
| **TOTAL CONSUMER DISCRETIONARY** |  | 340850860  |
| **CONSUMER STAPLES - 2.1%**<br>|  |  |
| **Beverages - 0.8%**<br>|  |  |
| Celsius Holdings, Inc.<sup>(a)(b)</sup> | 694011 | 32195170  |
| **Food Products - 0.5%**<br>|  |  |
| Freshpet, Inc.<sup>(a)(b)</sup> | 264630 | 17984255  |
| **Personal Care Products - 0.8%**<br>|  |  |
| Oddity Tech Ltd. - Class A<sup>(a)(b)</sup> | 443567 | 33476002  |
| **TOTAL CONSUMER STAPLES** |  | 83655427  |
| **ENERGY - 1.4%**<br>|  |  |
| **Oil, Gas & Consumable Fuels - 1.4%**<br>|  |  |
| Denison Mines Corp.<sup>(a)(b)</sup> | 17021024 | 30978264  |
| Northern Oil & Gas, Inc.<sup>(b)</sup> | 777893 | 22053266  |
| **TOTAL ENERGY** |  | 53031530  |

---

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

12<br>

------

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

**HOOD RIVER SMALL-CAP GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **FINANCIALS - 6.3%**<br>|  |  |
| **Banks - 2.4%**<br>|  |  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 858280 | $50415367  |
| WesBanco, Inc. | 615198 | 19458713  |
| Western Alliance Bancorp<sup>(b)</sup> | 328947 | 25651287  |
|  |  | 95525367  |
| **Consumer Finance - 1.2%**<br>|  |  |
| FirstCash Holdings, Inc. | 331821 | 44842290  |
| **Insurance - 2.7%**<br>|  |  |
| HCI Group, Inc. | 561887 | 85519201  |
| Slide Insurance Holdings, Inc.<sup>(a)</sup> | 849570 | 18401686  |
|  |  | 103920887  |
| **TOTAL FINANCIALS** |  | 244288544  |
| **HEALTH CARE - 20.3%**<br>|  |  |
| **Biotechnology - 8.4%**<br>|  |  |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 672061 | 6021666  |
| CareDx, Inc.<sup>(a)(b)</sup> | 951377 | 18589907  |
| Crinetics Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 471731 | 13566983  |
| Insmed, Inc.<sup>(a)</sup> | 446410 | 44926702  |
| Krystal Biotech, Inc.<sup>(a)</sup> | 288745 | 39690888  |
| Madrigal Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 134720 | 40771661  |
| MoonLake Immunotherapeutics<sup>(a)(b)</sup> | 354124 | 16714653  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 119014 | 14958870  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 349019 | 17046088  |
| REVOLUTION Medicines, Inc.<sup>(a)(b)</sup> | 623433 | 22936100  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 297444 | 18795486  |
| Scholar Rock Holding Corp.<sup>(a)(b)</sup> | 1070604 | 37920794  |
| TG Therapeutics, Inc.<sup>(a)(b)</sup> | 933712 | 33604295  |
|  |  | 325544093  |
| **Health Care Equipment & Supplies - 4.6%**<br>|  |  |
| AtriCure, Inc.<sup>(a)(b)</sup> | 1637849 | 53672312  |
| Enovis Corp.<sup>(a)(b)</sup> | 951917 | 29852117  |
| Lantheus Holdings, Inc.<sup>(a)(b)</sup> | 240668 | 19701082  |
| Tandem Diabetes Care, Inc.<sup>(a)(b)</sup> | 1479430 | 27576575  |
| TransMedics Group, Inc.<sup>(a)(b)</sup> | 365464 | 48975831  |
|  |  | 179777917  |
| **Health Care Providers & Services - 4.2%**<br>|  |  |
| Alignment Healthcare, Inc.<sup>(a)(b)</sup> | 3554937 | 49769118  |
| Ensign Group, Inc. | 292054 | 45052250  |
| Hinge Health, Inc. - Class A<sup>(a)</sup> | 267640 | 13850370  |
| RadNet, Inc.<sup>(a)(b)</sup> | 738220 | 42012101  |
| Select Medical Holdings Corp. | 902240 | 13696003  |
|  |  | 164379842  |

---

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

13<br>

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

**HOOD RIVER SMALL-CAP GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **HEALTH CARE - (Continued)** <br>|  |  |
| **Health Care Technology - 0.6%**<br>|  |  |
| Waystar Holding Corp.<sup>(a)</sup> | 542709 | $22180517  |
| **Pharmaceuticals - 2.5%**<br>|  |  |
| Axsome Therapeutics, Inc.<sup>(a)(b)</sup> | 200174 | 20896164  |
| Verona Pharma PLC - ADR<sup>(a)(b)</sup> | 820644 | 77616509  |
|  |  | 98512673  |
| **TOTAL HEALTH CARE** |  | 790395042  |
| **INDUSTRIALS - 23.7%**<br>|  |  |
| **Aerospace & Defense - 3.6%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 37856 | 31342497  |
| Karman Holdings, Inc.<sup>(a)(b)</sup> | 395749 | 19933877  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup> | 1518459 | 70532421  |
| Redwire Corp.<sup>(a)(b)</sup> | 1203287 | 19613578  |
|  |  | 141422373  |
| **Commercial Services & Supplies - 2.0%**<br>|  |  |
| CECO Environmental Corp.<sup>(a)</sup> | 1247755 | 35323944  |
| Clean Harbors, Inc.<sup>(a)</sup> | 85734 | 19819986  |
| Interface, Inc. | 1046515 | 21903559  |
|  |  | 77047489  |
| **Construction & Engineering - 8.0%**<br>|  |  |
| API Group Corp.<sup>(a)</sup> | 841980 | 42983079  |
| Comfort Systems USA, Inc. | 128037 | 68654719  |
| Granite Construction, Inc.<sup>(b)</sup> | 418627 | 39145811  |
| MasTec, Inc.<sup>(a)</sup> | 940409 | 160273906  |
|  |  | 311057515  |
| **Electrical Equipment - 1.5%**<br>|  |  |
| American Superconductor Corp.<sup>(a)</sup> | 756135 | 27742593  |
| NANO Nuclear Energy, Inc.<sup>(a)(e)</sup> | 892513 | 30782774  |
|  |  | 58525367  |
| **Ground Transportation - 2.5%**<br>|  |  |
| FTAI Infrastructure, Inc. | 3796029 | 23421499  |
| RXO, Inc.<sup>(a)(b)</sup> | 413574 | 6501383  |
| XPO, Inc.<sup>(a)(b)</sup> | 539269 | 68104282  |
|  |  | 98027164  |
| **Machinery - 2.0%**<br>|  |  |
| Chart Industries, Inc.<sup>(a)</sup> | 126591 | 20843208  |
| ESCO Technologies, Inc. | 164456 | 31554173  |
| Kornit Digital Ltd.<sup>(a)</sup> | 1373156 | 27339536  |
|  |  | 79736917  |
| **Marine Transportation - 1.0%**<br>|  |  |
| Kirby Corp.<sup>(a)</sup> | 347247 | 39381282  |

---

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

14<br>

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

**HOOD RIVER SMALL-CAP GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **INDUSTRIALS - (Continued)** <br>|  |  |
| **Trading Companies & Distributors - 3.1%**<br>|  |  |
| QXO, Inc.<sup>(a)(e)</sup> | 4715757 | $101577406  |
| Transcat, Inc.<sup>(a)</sup> | 218385 | 18772374  |
|  |  | 120349780  |
| **TOTAL INDUSTRIALS** |  | 925547887  |
| **INFORMATION TECHNOLOGY - 31.8%<sup>(c)</sup>**<br>|  |  |
| **Communications Equipment - 4.4%**<br>|  |  |
| Calix, Inc.<sup>(a)</sup> | 149461 | 7949831  |
| Ciena Corp.<sup>(a)</sup> | 638052 | 51892769  |
| Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 1179954 | 112166427  |
|  |  | 172009027  |
| **Consumer Finance - 3.4%**<br>|  |  |
| Dave, Inc.<sup>(a)</sup> | 493710 | 132516701  |
| **Electronic Equipment, Instruments & Components - 4.1%**<br>|  |  |
| Fabrinet<sup>(a)(b)</sup> | 154091 | 45407536  |
| Mirion Technologies, Inc.<sup>(a)(b)</sup> | 951076 | 20476666  |
| OSI Systems, Inc.<sup>(a)(b)</sup> | 241803 | 54371823  |
| PAR Technology Corp.<sup>(a)(b)</sup> | 239606 | 16621468  |
| TTM Technologies, Inc.<sup>(a)</sup> | 540997 | 22083498  |
|  |  | 158960991  |
| **IT Services - 3.4%**<br>|  |  |
| Applied Digital Corp.<sup>(a)(b)</sup> | 11728777 | 118108784  |
| DigitalOcean Holdings, Inc.<sup>(a)(b)</sup> | 480278 | 13716740  |
|  |  | 131825524  |
| **Professional Services - 1.3%**<br>|  |  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 1145394 | 50156803  |
| **Semiconductors & Semiconductor Equipment - 4.9%**<br>|  |  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 396552 | 19427082  |
| Rambus, Inc.<sup>(a)</sup> | 492496 | 31529594  |
| Semtech Corp.<sup>(a)</sup> | 1235498 | 55770380  |
| Sequans Communications SA - ADR<sup>(a)(e)</sup> | 13098863 | 19255329  |
| SiTime Corp.<sup>(a)</sup> | 313711 | 66845540  |
|  |  | 192827925  |
| **Software - 10.3%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 1868270 | 85772276  |
| BlackBerry Ltd.<sup>(a)(b)</sup> | 7248714 | 33199110  |
| Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 2434846 | 53396173  |
| CyberArk Software Ltd.<sup>(a)</sup> | 135049 | 54948737  |
| IREN Ltd.<sup>(a)(b)</sup> | 2695133 | 39268088  |
| JFrog Ltd.<sup>(a)</sup> | 673290 | 29543965  |
| nCino, Inc.<sup>(a)(b)</sup> | 644473 | 18025910  |

---

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** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **INFORMATION TECHNOLOGY - (Continued)** <br>|  |  |
| **Software - (Continued)** <br>|  |  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 401090 | $37538013  |
| Varonis Systems, Inc.<sup>(a)</sup> | 1036934 | 52624400  |
|  |  | 404316672  |
| **TOTAL INFORMATION TECHNONOLGY** |  | 1242613643  |
| **MATERIALS - 1.6%**<br>|  |  |
| **Construction Materials - 1.6%**<br>|  |  |
| Eagle Materials, Inc. | 178747 | 36126556  |
| Knife River Corp.<sup>(a)(b)</sup> | 336164 | 27444429  |
| **TOTAL MATERIALS** |  | 63570985  |
| **REAL ESTATE - 1.1%**<br>|  |  |
| **Real Estate Management & Development - 1.1%**<br>|  |  |
| Landbridge Co. LLC - Class A<sup>(b)</sup> | 645110 | 43596534 |
| **TOTAL REAL ESTATE** |  | 43596534  |
| **UTILITIES - 0.6%**<br>|  |  |
| **Electric Utilities - 0.6%**<br>|  |  |
| Oklo, Inc.<sup>(a)(b)</sup> | 402535 | 22537935  |
| **TOTAL UTILITIES** |  | 22537935 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,758,580,697)** |  | 3828806450  |
| **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 | 14302977  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $12,165,463)** |  | 14302977  |
|  | **Contracts** |  |
| **WARRANTS - 0.2%**<br>|  |  |
| Sequans Communications (SQNS), Expires 09/30/2025, Exercise Price $0.01<sup>(a)(e)</sup> | 6789662 | 9437630  |
| Sequans Communications (SQNS), Expires 09/30/2025, Exercise Price $0.01<sup>(a)(e)(f)</sup> | 2983278 | —  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $9,437,630)** |  | 9437630 |

---

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

16<br>

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

**HOOD RIVER SMALL-CAP GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **PRIVATE NOTES - 0.2%**<br>|  |  |
| **CONSUMER DISCRETIONARY - 0.2%**<br>|  |  |
| Cariloha, 15.00%, 12/31/2025<sup>(d)(g)</sup> | $6500000 | $6500000  |
| &nbsp;&nbsp;&nbsp; **TOTAL PRIVATE NOTES** <br>**(Cost $6,500,000)** |  | 6500000 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 20.0%**<br>|  |  |
| **Investments Purchased with Proceeds from Securities Lending - 19.0%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(h)</sup> | 743085431 | $743085431  |
| **Money Market Funds - 1.0%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(h)</sup> | 39099762 | 39099762  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $782,185,193)** |  | 782185193  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 118.9%** <br>**(Cost $3,568,868,983)** |  | $4641232250  |
| Liabilities in Excess of Other Assets - (18.9)% |  | (737739565)  |
| **TOTAL NET ASSETS - 100.0%** |  | $3903492685 |

---

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

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 June 30, 2025. The fair value of these securities was $722,217,402.

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

<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 $6,500,000 or 0.2% of net assets as of June 30, 2025.

<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 June 30, 2025.

<sup>(f)</sup> Security received at no cost in connection with Sequans Communications June 2025 PIPE transaction. The security had no market value as of June 30, 2025.

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

<sup>(h)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

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

17<br>

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

**Hood River Funds** 

**Statements of Assets and Liabilities** 

**June 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Hood River** <br>**International** <br>**Opportunity Fund** | **Hood River New** <br>**Opportunities Fund** | **Hood River** <br>**Small-Cap** <br>**Growth Fund**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value\*  | $165218491 | &nbsp;&nbsp; $206396882 | $4641232250  |
| Cash | 982797 | &nbsp;&nbsp; 1165730 | 27776038  |
| Foreign currency, at value\*\* | 32219 | &nbsp;&nbsp; — | —  |
| Receivable for investments sold | 778201 | &nbsp;&nbsp; 231543 | 17306494  |
| Receivable for fund shares sold | 285185 | &nbsp;&nbsp; 147042 | 4367139  |
| Dividends receivable | 147256 | &nbsp;&nbsp; 5678 | 644116  |
| Receivable from advisor | 64135 | &nbsp;&nbsp; — | —  |
| Dividend tax reclaims receivable | 52998 | &nbsp;&nbsp; — | —  |
| Security lending income receivable | 19870 | &nbsp;&nbsp; 15789 | 352871  |
| Interest receivable | 9859 | &nbsp;&nbsp; 20126 | 835595  |
| Prepaid expenses and other assets | 25573 | &nbsp;&nbsp; 41669 | 125337  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 167616584 | &nbsp;&nbsp; 208024459 | 4692639840  |
| **LIABILITIES:**<br>|  |  |  |
| Payable upon return of securities loaned | 20143599 | &nbsp;&nbsp; 39372326 | 743085431  |
| Payable for investments purchased | 4521901 | &nbsp;&nbsp; 1436302 | 37522407  |
| Payable for capital shares redeemed | 134225 | &nbsp;&nbsp; 24449 | 4430937  |
| Payable for distribution and shareholder servicing fees | 63341 | &nbsp;&nbsp; 41983 | 757059  |
| Payable for registration fees | 16586  | &nbsp;&nbsp; 20883  | 143446 |
| Payable for fund administration and accounting fees | 15480 | &nbsp;&nbsp; 11606 | 262263  |
| Payable for custodian fees | 14904 | &nbsp;&nbsp; 7683 | 36003  |
| Payable for transfer agent fees and expenses | 12090 | &nbsp;&nbsp; 11921 | 48809  |
| Payable for compliance fees | 1770 | &nbsp;&nbsp; 2099 | 2045  |
| Payable to advisor |  | &nbsp;&nbsp; 67598 | 2808841  |
| Payable for expenses and other liabilities | 37026 | &nbsp;&nbsp; 16550 | 49914  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 24960922 | &nbsp;&nbsp; 41013400 | 789147155  |
| **NET ASSETS** | $142655662 | &nbsp;&nbsp; $167011059 | $3903492685  |
| **Net Assets Consist of:**<br>|  |  |  |
| Capital stock | $185387749 | &nbsp;&nbsp; $157427116 | $2954195987  |
| Total accumulated earnings | (42732087) | &nbsp;&nbsp; 9583943 | 949296698  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $142655662 | &nbsp;&nbsp; $167011059 | $3903492685 |
| **Cost:** <br>|  |  |  |
| \*Investments, at cost  | $140191376  | &nbsp;&nbsp; $180583085  | $3568868983  |
| \*\*Foreign currency, at cost  | $32170  | &nbsp;&nbsp; $—  | $— |
| **LOANED SECURITIES:**<br>|  |  |  |
| at value (included in investments) | $19471241 | &nbsp;&nbsp; $38536536 | $722217402 |

---

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

18<br>

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

**Hood River Funds** 

**Statements of Assets and Liabilities** 

**June 30, 2025 (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Hood River** <br>**International** <br>**Opportunity Fund** | **Hood River New** <br>**Opportunities Fund** | **Hood River** <br>**Small-Cap** <br>**Growth Fund**  |
| **Institutional Shares**<br>|  |  |  |
| Net assets | &nbsp;&nbsp; $82592335 | &nbsp;&nbsp; $162467008 | $2184064468  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 6250596 | &nbsp;&nbsp; 11755970 | 29623033  |
| Net asset value per share | &nbsp;&nbsp; $13.21 | &nbsp;&nbsp; $13.82 | $73.73  |
| **Investor Shares**<br>|  |  |  |
| Net assets | &nbsp;&nbsp; $55005656 | &nbsp;&nbsp; $1503371 | $145927994  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 4176400 | &nbsp;&nbsp; 109023 | 2030574  |
| Net asset value per share | &nbsp;&nbsp; $13.17 | &nbsp;&nbsp; $13.79 | $71.87  |
| **Retirement Shares**<br>|  |  |  |
| Net assets | &nbsp;&nbsp; $5057671 | &nbsp;&nbsp; $3040680 | $1573500223  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 381733 | &nbsp;&nbsp; 219966 | 21183408  |
| Net asset value per share | &nbsp;&nbsp; $13.25 | &nbsp;&nbsp; $13.82 | $74.28 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

19<br>

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

**HOOD RIVER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended June 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Hood River** <br>**International** <br>**Opportunity Fund<sup>(a)</sup>** | **Hood River New** <br>**Opportunities Fund<sup>(b)</sup>** | **Hood River** <br>**Small-Cap** <br>**Growth Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $1057440 | &nbsp;&nbsp;&nbsp;&nbsp; $339068 | $12889397  |
| Interest income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 699952  |
| Securities lending income (Note 9) | &nbsp;&nbsp;&nbsp; 47412 | &nbsp;&nbsp;&nbsp;&nbsp; 52495 | 1374554  |
| Dividend tax reclaims | &nbsp;&nbsp;&nbsp; 59098 | &nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Less: Dividend withholding taxes | &nbsp;&nbsp;&nbsp; (171815) | &nbsp;&nbsp;&nbsp;&nbsp; (230) | (9494)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 992135 | &nbsp;&nbsp;&nbsp;&nbsp; 391333 | 14954409  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee (Note 4) | &nbsp;&nbsp;&nbsp; 570392 | &nbsp;&nbsp;&nbsp;&nbsp; 576994 | 31980090  |
| Fund administration and accounting fees (Note 4) | &nbsp;&nbsp;&nbsp; 112920 | &nbsp;&nbsp;&nbsp;&nbsp; 47974 | 1432975  |
| Federal and state registration fees | &nbsp;&nbsp;&nbsp; 76480 | &nbsp;&nbsp;&nbsp;&nbsp; 21975 | 356017  |
| Transfer agent fees | &nbsp;&nbsp;&nbsp; 75664 | &nbsp;&nbsp;&nbsp;&nbsp; 63819 | 284493  |
| Custody fees | &nbsp;&nbsp;&nbsp; 74726 | &nbsp;&nbsp;&nbsp;&nbsp; 28919 | 196003  |
| Legal fees | &nbsp;&nbsp;&nbsp; 68612 | &nbsp;&nbsp;&nbsp;&nbsp; 21107 | 41322  |
| Service fees (Note 6)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | &nbsp;&nbsp;&nbsp; 38237 | &nbsp;&nbsp;&nbsp;&nbsp; 74290 | 1920480  |
| &nbsp;&nbsp;&nbsp; Investor Shares | &nbsp;&nbsp;&nbsp; 11981 | &nbsp;&nbsp;&nbsp;&nbsp; 591 | 195676  |
| Tax related fees | &nbsp;&nbsp;&nbsp; 34638  | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Distribution fees (Note 5)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Shares | &nbsp;&nbsp;&nbsp; 30005 | &nbsp;&nbsp;&nbsp;&nbsp; 1477 | 489190  |
| Trustees' fees | &nbsp;&nbsp;&nbsp; 28298 | &nbsp;&nbsp;&nbsp;&nbsp; 27118 | 28204  |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 19912 | &nbsp;&nbsp;&nbsp;&nbsp; 3126 | 150505  |
| Compliance fees | &nbsp;&nbsp;&nbsp; 12404 | &nbsp;&nbsp;&nbsp;&nbsp; 11369 | 12313  |
| Audit fees | &nbsp;&nbsp;&nbsp; 7324 | &nbsp;&nbsp;&nbsp;&nbsp; 16780 | 19965  |
| Organizational costs | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 112415  |  |
| Other expenses and fees | &nbsp;&nbsp;&nbsp; 53722 | &nbsp;&nbsp;&nbsp;&nbsp; 13978 | 53209  |
| &nbsp;&nbsp;&nbsp; Total expenses before reimbursement from advisor | &nbsp;&nbsp;&nbsp; 1215315 | &nbsp;&nbsp;&nbsp;&nbsp; 1021932 | 37160442  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement from advisor (Note 4) | &nbsp;&nbsp;&nbsp; (475738) | &nbsp;&nbsp;&nbsp;&nbsp; (291648) | (94602)  |
| &nbsp;&nbsp;&nbsp; Net expenses before recoupment by advisor | &nbsp;&nbsp;&nbsp; 739577 | &nbsp;&nbsp;&nbsp;&nbsp; 730284 | 37065840  |
| &nbsp;&nbsp;&nbsp; Expense recoupment by advisor (Note 4)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | 31806 |
| &nbsp;&nbsp;&nbsp; Net expenses  | &nbsp;&nbsp;&nbsp; 739577  | &nbsp;&nbsp;&nbsp;&nbsp; 730284  | 37097646  |
| **NET INVESTMENT income (loss)** | &nbsp;&nbsp;&nbsp; 252558 | &nbsp;&nbsp;&nbsp;&nbsp; (338951) | (22143237)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) on transactions from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (4139255) | &nbsp;&nbsp;&nbsp;&nbsp; (15928420) | 65156544  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;(90) | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; (112537) | &nbsp;&nbsp;&nbsp;&nbsp; 1540 | (2122)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (4251882) | &nbsp;&nbsp;&nbsp;&nbsp; (15926880) | 65154422  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 30793088 | &nbsp;&nbsp;&nbsp;&nbsp; 25813796 | 383223239  |
| &nbsp;&nbsp;&nbsp; Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; (11569) | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; 2340 | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Net change in unrealized appreciation  | &nbsp;&nbsp;&nbsp; 30783859 | &nbsp;&nbsp;&nbsp;&nbsp; 25813796 | 383223239  |
| **Net realized and unrealized gain**  | &nbsp;&nbsp;&nbsp; 26531977 | &nbsp;&nbsp;&nbsp;&nbsp; 9886916 | 448377661  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $26784535 | &nbsp;&nbsp;&nbsp;&nbsp; $9547965 | $426234424 |

---

(a) The Seven Canyons Strategic Global Fund and the 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 (See Note 13 of the Notes to Financial Statements).

(b) The Hood River New Opportunities Fund commenced operations on August 5, 2024.

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

20<br>

------

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

**HOOD RIVER FUNDS** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Hood River** <br>**International** <br>**Opportunity Fund** | **Hood River** <br>**International** <br>**Opportunity Fund** |
|  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $252558 | $3101 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4251882) | 195543 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation  | 30783859 | 1463260 |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 26784535 | 1661904 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Shares | (57687) | (59139) |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Shares | (132) | (1367) |
| &nbsp;&nbsp;&nbsp; From earnings - Retirement Shares | (4806) | (20029) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (62625) | (80535) |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 64896024 | 9329858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with reorganization<sup>(a)</sup> | 2351286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 54899 | 56155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (6355537) | (732597) |
| &nbsp;&nbsp;&nbsp; Investor Shares<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 679045 | 375632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with reorganization<sup>(a)</sup> | 41243042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 132 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (3186044) | (11585) |
| &nbsp;&nbsp;&nbsp; Retirement Shares<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2604333 | 1417676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 4806 | 20029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (699662) | (220999) |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 101592324 | 10235536 |
| **NET INCREASE IN NET ASSETS** | 128314234 | 11816905 |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 14341428 | 2524523 |
| &nbsp;&nbsp;&nbsp; End of the year | $142655662 | $14341428 |

---

<sup>(a)</sup> The Seven Canyons Strategic Global Fund and the 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 (See Note 13 of the Notes to Financial Statements).

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

21<br>

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

**HOOD RIVER FUNDS** 

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

---

| | | |
|:---|:---|:---|
|  | **Hood River** <br>**International** <br>**Opportunity Fund**  | **Hood River** <br>**International** <br>**Opportunity Fund**  |
|  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025**  | **2024**  |
| **SHARES TRANSACTIONS** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 5563071  | 901225  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with reorganization<sup>(a)</sup> | 248595 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 4515  | 5980  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (578947)  | (72713)  |
| &nbsp;&nbsp;&nbsp; Investor Shares <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 57752  | 37558  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in connection with reorganization<sup>(a)</sup> | 4372069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 11  | 146  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (289931)  | (1191)  |
| &nbsp;&nbsp;&nbsp; Retirement Shares <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 218999  | 137866  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 394  | 2131  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (57100)  | (20636)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding**  | 9539428  | 990366 |

---

<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 (See Note 13 of the Notes to Financial Statements).

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

22<br>

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

**HOOD RIVER FUNDS** 

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

---

| | |
|:---|:---|
|  | **Hood River New** <br>**Opportunities Fund**  |
|  | **Period from** <br>**August 5, 2024 to** <br>**June 30, 2025<sup>(a)</sup>**  |
|  | **Period from** <br>**August 5, 2024 to** <br>**June 30, 2025<sup>(a)</sup>**  |
| **OPERATIONS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Net investment loss | &nbsp;&nbsp; $(338951)  |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (15926880)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation  | &nbsp;&nbsp; 25813796  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations**  | &nbsp;&nbsp; 9547965  |
| **CAPITAL TRANSACTIONS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Institutional Shares <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | &nbsp;&nbsp; 173038178  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | &nbsp;&nbsp; (19920049)  |
| &nbsp;&nbsp;&nbsp; Investor Shares <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | &nbsp;&nbsp; 2031452  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | &nbsp;&nbsp; (594326)  |
| &nbsp;&nbsp;&nbsp; Retirement Shares <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | &nbsp;&nbsp; 2988551  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | &nbsp;&nbsp; (80712)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions**  | &nbsp;&nbsp; 157463094  |
| **NET INCREASE IN NET ASSETS**  | &nbsp;&nbsp; 167011059  |
| **NET ASSETS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period  | &nbsp;&nbsp; $167011059 |

---

<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.

23<br>

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

**HOOD RIVER FUNDS** 

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

---

| | |
|:---|:---|
|  | **Hood River New** <br>**Opportunities Fund**  |
|  | **Period from** <br>**August 5, 2024 to** <br>**June 30, 2025<sup>(a)</sup>**  |
|  | **Period from** <br>**August 5, 2024 to** <br>**June 30, 2025<sup>(a)</sup>**  |
| **SHARES TRANSACTIONS**<br>|  |
| &nbsp;&nbsp;&nbsp; Institutional Shares<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | &nbsp;&nbsp; 13535247  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | &nbsp;&nbsp; (1779277)  |
| &nbsp;&nbsp;&nbsp; Investor Shares<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 154617  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | &nbsp;&nbsp; (45594)  |
| &nbsp;&nbsp;&nbsp; Retirement Shares<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 225939  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | &nbsp;&nbsp; (5973)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp; 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.

24<br>

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

**HOOD RIVER FUNDS** 

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

---

| | | |
|:---|:---|:---|
|  | **Hood River Small-Cap** <br>**Growth Fund**  | **Hood River Small-Cap** <br>**Growth Fund**  |
|  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $(22143237) | $(8790795)  |
| &nbsp;&nbsp;&nbsp; Net realized gain  | 65154422 | 114205889  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation  | 383223239 | 355795924  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 426234424 | 461211018  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Shares | (75716503) | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Shares | (8843957) | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Retirement Shares | (56401900) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (140962360) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1141396737 | 651973250  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 73463488 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (573264964) | (214509296)  |
| &nbsp;&nbsp;&nbsp; Investor Shares<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 84804347 | 113611267  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 8829429 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (139975098) | (48617075)  |
| &nbsp;&nbsp;&nbsp; Retirement Shares<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 657074392 | 251377698  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 56401854 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (328173391) | (131526849)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 980556794 | 622308995  |
| **NET INCREASE IN NET ASSETS** | 1265828858 | 1083520013  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 2637663827 | 1554143814  |
| &nbsp;&nbsp;&nbsp; End of the year | $3903492685 | $2637663827  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 16041147 | 11162697  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 935364 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (8290410) | (3728665)  |
| &nbsp;&nbsp;&nbsp; Investor Shares <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1201089 | 2102866  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 115161 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (2139477) | (858937)  |
| &nbsp;&nbsp;&nbsp; Retirement Shares <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 9209044 | 4338610  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 713135 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (4561301) | (2297504)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 13223752 | 10719067 |

---

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

25<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** 

---

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

---

<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 year (period).

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Not Annualized.

<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.

26<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** 

---

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

---

<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 year (period).

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Not Annualized.

<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 1.50%.

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

27<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** 

---

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

---

<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 year (period).

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Not Annualized.

<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.

28<br>

------

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

**Hood River New Opportunities Fund** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Shares** 

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

---

| | |
|:---|:---|
|  | **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; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.05)  |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.87  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.82  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $13.82  |
| TOTAL RETURN | &nbsp;&nbsp;&nbsp; 38.20%<sup>(d)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $162467  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | &nbsp;&nbsp;&nbsp; 1.33%<sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | &nbsp;&nbsp;&nbsp; 0.95%<sup>(c)</sup>  |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp; (0.44)%<sup>(c)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 105%<sup>(d)</sup> |

---

<sup>(a)</sup> The Institutional 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 period.

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Not annualized.

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

29<br>

------

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

**Hood River New Opportunities Fund** 

**FINANCIAL HIGHLIGHTS** 

**Investor Shares** 

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

---

| | |
|:---|:---|
|  | **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; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.08)  |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.87  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.79  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $13.79  |
| TOTAL RETURN | &nbsp;&nbsp;&nbsp;&nbsp; 37.90%<sup>(d)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1503  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | &nbsp;&nbsp;&nbsp;&nbsp;1.60%<sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | &nbsp;&nbsp;&nbsp;&nbsp; 1.20%<sup>(c)</sup>  |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; (0.70)%<sup>(c)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 105%<sup>(d)</sup> |

---

<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 period.

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Not annualized.

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

30<br>

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

**Hood River New Opportunities Fund** 

**FINANCIAL HIGHLIGHTS** 

**Retirement Shares** 

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

---

| | |
|:---|:---|
|  | **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; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)  |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.86  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.82  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $13.82  |
| TOTAL RETURN | &nbsp;&nbsp;&nbsp;&nbsp; 38.20%<sup>(d)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $3041  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | &nbsp;&nbsp;&nbsp;&nbsp;0.85%<sup>(c)</sup>  |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; (0.35)%<sup>(c)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 105%<sup>(d)</sup> |

---

<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 period.

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Not annualized.

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

31<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 year presented** 

---

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

---

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

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

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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 year presented** 

---

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

---

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

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

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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 year presented** 

---

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

---

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

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

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**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025** 

**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 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 New Opportunities Fund is long-term capital appreciation. 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 tax return for the New Opportunities Fund for the current 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 year (period) ended June 30, 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 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.

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**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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 that 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 fiscal year ended June 30, 2025, the Fund incurred organizational costs of $112,415, 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.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Events Subsequent to the Fiscal Year End*: In preparing the financial statements as of June 30, 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.

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**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

**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 –

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 –

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.

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.

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

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**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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 International Opportunity Fund uses ICE Data Services ("ICE") as a third party fair valuation vendor. ICE provides a fair value for foreign securities in the 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 the 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 the Fund may invest in foreign securities, the value of the 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 June 30, 2025:

**Hood River International Opportunity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $65985076 | $74473139 | $— | $140458215  |
| &nbsp;&nbsp;&nbsp; Warrants. |  | 334705 |  | 334705  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>. |  |  |  | 20143599  |
| &nbsp;&nbsp;&nbsp; Money Market Funds. | 4281972 |  |  | 4281972  |
| **Total Investments.** | $70267048 | $74807844 | $— | $165218491 |

---

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 $20,143,599 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. | $155755420 | $5456309 | $— | $161211729  |
| &nbsp;&nbsp;&nbsp; Warrants |  | 396087 |  | 396087  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>. |  |  |  | 39372326  |
| &nbsp;&nbsp;&nbsp; Money Market Funds. | 5416740 |  |  | 5416740  |
| **Total Investments.** | $161172160 | $5852396 | $— | $206396882 |

---

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 $39,372,326 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

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

**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

**Hood River Small-Cap Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks. | $3677190942 | $151615508 | $— | $3828806450  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts. | 14302977 |  |  | 14302977  |
| &nbsp;&nbsp;&nbsp; Warrants |  | 9437630 |  | 9437630  |
| &nbsp;&nbsp;&nbsp; Private Notes |  |  | 6500000 | 6500000  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>. |  |  |  | 743085431  |
| &nbsp;&nbsp;&nbsp; Money Market Funds. | 39099762 |  |  | 39099762  |
| **Total Investments.** | $3730593681 | $161053138 | $6500000 | $4641232250 |

---

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 $743,085,431 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, 2024 Market Value. | $—  |
| Purchases | 6500000  |
| 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 June 30, 2025 | $6500000 |

---

As of June 30, 2025, there was no change in unrealized depreciation on positions held in the Small-Cap Growth Fund for Cariloha.

**Significant Unobservable Inputs** 

The following table summarizes the significant unobservable inputs used to value the Level 3 investments in the Small-Cap Growth Fund of June 30, 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**  |
| NOTE | $6500000 | 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.

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**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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

For the fiscal year (period) ended June 30, 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 1.05% of the average daily net assets for the International Opportunity Fund, 0.75% for the New Opportunities Fund, and 0.90% for the Small Cap-Growth Fund. For the fiscal year ended June 30, 2025, the International Opportunity Fund incurred $570,392 in advisory fees. Advisory fees due from Advisor at June 30, 2025 for the International Opportunity Fund were $64,135. For the fiscal period ended June 30, 2025, the New Opportunities Fund incurred $576,994 in advisory fees. Advisory fees payable at June 30, 2025 for the New Opportunities Fund were $67,598. For the fiscal year ended June 30, 2025, the Small-Cap Growth Fund incurred $31,980,090 in advisory fees. Advisory fees payable at June 30, 2025 for the Small-Cap Growth Fund were $2,808,841.

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 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% |

---

**Hood River Small-Cap Growth Fund** 

---

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

---

For the fiscal year (period) ended June 30, 2025, the Advisor waived fees and reimbursed expenses in the amounts of $475,738, $291,648 and $94,602, respectively, for the International Opportunity Fund, the New Opportunities Fund, and the Small-Cap Growth Fund. The Small-Cap Growth Fund also paid recoupments to the Advisor in the amount of $31,806 during the fiscal year ended June 30, 2025. The waivers and reimbursements will remain in effect through January 31, 2026 for the International Opportunity Fund, through August 5, 2027 for the New Opportunities Fund, and through November 30, 2025 for 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 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

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**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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**  |
| International Opportunity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; $300864 | 6/30/2026  |
| &nbsp;&nbsp;&nbsp; $269486 | 6/30/2027  |
| &nbsp;&nbsp;&nbsp; $475738 | 6/30/2028  |
| New Opportunities Fund |  |
| &nbsp;&nbsp;&nbsp; $291648 | 6/30/2028  |
| Small Cap Growth |  |
| &nbsp;&nbsp;&nbsp; $79781 | 6/30/2028 |

---

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 fiscal year (period) ended June 30, 2025, the Funds incurred the following expenses for administration, fund accounting, transfer agency, custody, and compliance fees:

---

| | | | |
|:---|:---|:---|:---|
|  | **International** <br>**Opportunity Fund**  | **New** <br>**Opportunities Fund** | **Small-Cap** <br>**Growth Fund** |
| Fund Administration & Accounting | &nbsp;&nbsp;&nbsp;&nbsp; $112920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $47974  | $1432975  |
| Custody. | &nbsp;&nbsp;&nbsp;&nbsp; $74726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28919  | $196003  |
| Transfer agency. | &nbsp;&nbsp;&nbsp;&nbsp; $75664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $63819  | $284493  |
| Compliance. | &nbsp;&nbsp;&nbsp;&nbsp; $12404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11369  | $12313 |

---

At June 30, 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:

---

| | | | |
|:---|:---|:---|:---|
|  | **International** <br>**Opportunity Fund**  | **New** <br>**Opportunities Fund**  | **Small-Cap** <br>**Growth Fund**  |
| Fund Administration & Accounting | &nbsp;&nbsp;&nbsp;&nbsp; $15480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11606  | &nbsp;&nbsp; $262263 |
| Custody. | &nbsp;&nbsp;&nbsp;&nbsp; $14904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7683  | &nbsp;&nbsp; $36003 |
| Transfer agency. | &nbsp;&nbsp;&nbsp;&nbsp; $12090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11921  | &nbsp;&nbsp; $48809 |
| Compliance. | &nbsp;&nbsp;&nbsp;&nbsp; $1770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2099 | &nbsp;&nbsp; $2045 |

---

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 Funds 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

41<br>

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

**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

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 fiscal year (period) ended June 30, 2025, the Funds incurred, under the Plan, distribution expenses as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **International** <br>**Opportunity Fund** | **New** <br>**Opportunities Fund** | **Small-Cap**<br>**Growth Fund**  |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; $30005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1477  | &nbsp;&nbsp; $489190 |

---

**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 fiscal year (period) ended June 30, 2025, the Funds incurred, under the Plan, shareholder servicing fees as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **International** <br>**Opportunity Fund** | **New** <br>**Opportunities Fund** | **Small-Cap**<br>**Growth Fund**  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; $38237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $74290  | $1920480  |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; $11981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $591 | $195676 |

---

**NOTE 7 – SECURITIES TRANSACTIONS** 

For the fiscal year (period) ended June 30, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| International Opportunity Fund<sup>(a)</sup> | $179212824 | $118139385  |
| New Opportunities Fund | $246086025 | $94352189  |
| Small-Cap Growth Fund | $4409011487 | $3530997836 |

---

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

<sup>(a)</sup> Securities acquired by the International Opportunity Fund in connection with the reorganization described in Note 13 of the Notes to the Financial Statements were also excluded.

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

**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

**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.

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 fiscal period ended June 30, 2025. The New Opportunities Fund commenced operations after June 30, 2024.

43<br>

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

**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

**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 its portfolio. 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 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 June 30, 2025, each Fund 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.

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 | $19471241 | Non-registered money <br>market fund | $20143599 | $20143599 | $— |
| &nbsp;&nbsp;&nbsp; Hood River New <br>Opportunities Fund | $38536536 | Non-registered money <br>market fund | $39372326 | $39372326 | $—  |
| &nbsp;&nbsp;&nbsp; Hood River Small – <br>Cap Growth Fund | $722217402 | Non-registered money <br>market fund | $743085431 | $743085431 | $— |

---

^ 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.

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

**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

**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 June 30, 2025 National Financial Services LLC held 35% of the outstanding shares of the International Opportunity Fund and Charles Schwab & Co., Inc. held 31% 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 June 30, 2025, National Financial Services LLC held 76% of the outstanding shares of the New Opportunities 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.

As of June 30, 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** 

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Advisor, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

**NOTE 13 – FUND REORGANIZATIONS AND IN-KIND CONTRIBUTIONS**

On March 6, 2025, shareholders of the Seven Canyons Strategic Global Fund and the Seven Canyons World Innovators Fund (each, a "Target Fund," and together, the "Target Funds"), each a series of ALPS Series Trust, approved the reorganization of each Target Fund with and into the International Opportunity Fund, a series of the Trust, pursuant to an Agreement and Plan of Reorganization. The reorganization of each Target Fund into the International Opportunity Fund was a separate transaction (each, a "Reorganization," and together, the "Reorganizations"). The primary purpose of the Reorganizations was to combine each Target Fund with the International Opportunity Fund in order to gain scale in the International Opportunity Fund. The costs of the Reorganizations, other than trading costs related to the repositioning of the Target Funds prior to the closing of the Reorganizations, were borne by the Advisor. The International Opportunity Fund is the accounting survivor for financial statement and performance reporting purposes. Each Reorganization provided for the transfer of assets of the Target Fund to the International Opportunity Fund in exchange for shares of beneficial interest, par value $0.01 per share, of the applicable class of the International Opportunity Fund and its assumption of the liabilities of the Target Fund. Each Reorganization was effective after the close of business on April 4, 2025.

The reorganization was accomplished by the exchange of 1,045,379 shares of the Seven Canyons Strategic Global Fund's Investor Class valued at $10,841,861 for 1,149,318 shares of the International Opportunity Fund's Investor Shares; 2,540,759 shares of the Seven Canyons World Innovators Fund's Investor Class valued at $30,401,181 for 3,222,751 shares of the International Opportunity Fund's Investor Shares; and 191,208 shares of the Seven Canyons World Innovators Fund's Institutional Class valued at $2,351,286 for 248,595 shares of the International Opportunity Fund's Institutional Shares.

---

| | | |
|:---|:---|:---|
|  | **Shares Outstanding** | **Net Assets** |
| International Opportunity Fund (immediately prior to Reorganization) | &nbsp;&nbsp;&nbsp;&nbsp; 5720250  | $54108104 |

---

---

| | | |
|:---|:---|:---|
| **Target Fund** | **Target Fund** <br>**Shares Exchanged** | **Net Assets of Target** <br>**Fund Exchanged** |
| Seven Canyons Strategic Global Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1045379 | &nbsp;&nbsp;&nbsp; $10841861 |
| Seven Canyons World Innovators Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2731967 | &nbsp;&nbsp;&nbsp; $32752467 |

---

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

**HOOD RIVER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Continued)** 

The investment portfolio cost, fair value, and unrealized depreciation for the International Opportunity Fund immediately prior to the Reorganizations were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Cost of** <br>**Investments** | **Portfolio** <br>**Value** | **Unrealized**<br>**Depreciation** |
| International Opportunity Fund | $60866168 | $54842186 | $(6023982) |
| Seven Canyons Strategic Global Fund  | $11966618  | $10596839  | $(1369779)  |
| Seven Canyons World Innovators Fund  | $38415178  | $32247360  | $(6167818) |

---

Immediately following the Reorganizations, the net assets of the combined fund was $97,702,432.

Each Reorganization qualified as a tax-free "reorganization" under the Internal Revenue Code of 1986, as amended. For financial reporting purposes, assets received and shares issued by the International Opportunity Fund were recorded at fair value; however, the cost basis of the investments received from each Target Fund were carried forward to align ongoing reporting of the International Opportunity Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming each Reorganization had been completed on July 1, 2024, the beginning of the Fund's fiscal year, the pro forma results of operation for the fiscal year ended June 30, 2025, would have been as follows:

---

| | |
|:---|:---|
| Net investment income | $191287 |
| Net realized and unrealized gain on investments | 18477763 |
| Net increase in net assets resulting from operations | $18669050 |

---

Because the International Opportunity Fund has been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of each Target Fund and the International Opportunity Fund that have been included in the International Opportunity Fund's Statement of Operations since April 4, 2025.

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

**HOOD RIVER FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Hood River Funds and

Board of Trustees of Manager Directed Portfolios

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Hood River Funds comprising the funds listed below (the "Funds"), each a series of Manager Directed Portfolios, as of June 30, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Statements of <br>Operations | Statements of Changes <br>in Net Assets  | Financial Highlights  |
| Hood River International Opportunity Fund | For the year ended <br>June 30, 2025 | For the years ended <br>June 30, 2025 and 2024 | For the years ended <br>June 30, 2025, 2024, and 2023  |
| Hood River New Opportunities Fund | For the period from August 5, 2024 (commencement of operations) through <br>June 30, 2025  | For the period from August 5, 2024 (commencement of operations) through <br>June 30, 2025  | For the period from August 5, 2024 (commencement of operations) through <br>June 30, 2025  |
| Hood River Small-Cap Growth Fund | For the year ended <br>June 30, 2025 | For the years ended <br>June 30, 2025 and 2024 | For the years ended <br>June 30, 2025, 2024, and 2023 |

---

The Funds' financial highlights for the years ended June 30, 2022, and prior, were audited by other auditors whose report dated August 29, 2022, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodians, transfer agents, issuers, and brokers; when replies were not received, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![](cohensign_efp16845.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

August 29, 2025

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

**HOOD RIVER FUNDS** 

**NOTICE TO SHAREHOLDERS** 

**at June 30, 2025 (Unaudited)** 

**Qualified Dividend Income/Dividends Received Deduction**

For the fiscal year (period) ended June 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income, designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| International Opportunity Fund | 54.70%  |
| New Opportunities Fund  | 0.00%  |
| Small Cap Growth Fund | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for corporate dividends received deduction for the fiscal year (period) ended June 30, 2025, was as follows:

---

| | |
|:---|:---|
| International Opportunity Fund | 0.00%  |
| New Opportunities Fund  | 0.00%  |
| Small Cap Growth Fund | 0.00% |

---

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

**HOOD RIVER FUNDS** 

**ADDITIONAL INFORMATION** 

**June 30, 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.**

Not applicable.

49<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*. Filed herewith.](hrf-efp16845_ex99code.htm)

&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.](hrf-efp16845_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.](hrf-efp16845_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>September 8, 2025</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>September 8, 2025</u>

---

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

---

Date <u>September 8, 2025</u>

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

## Ex-99.Codeeth

**EX.99.CODE ETH**

**MANAGER DIRECTED PORTFOLIOS**

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

Effective January 1, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction/Covered Persons** 

Manager Directed Portfolios (the "Trust") has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder.

This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the "Covered Persons").

The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust's Chief Compliance Officer (the "Chief Compliance Officer") the responsibility to oversee the day-to-day operation of this Code of Ethics.

This Code of Ethics is in addition to, not in replacement of, the Trust's Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Investment Company Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Code of Ethics Requirements** 

This Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act
 with honesty and integrity, including the ethical handling of actual or apparent conflicts
 of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide
 full, fair, accurate, timely and understandable disclosure in reports submitted to or filed
 with the SEC and in all other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply
 with laws, rules and regulations of the federal government, state governments and other regulatory
 agencies as they apply to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose
 promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the
 Covered Person may become aware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not
 retaliate against any other Covered Person or any employee of the Trust or their affiliated
 persons for reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Conflicts of Interest** 

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust's own mutual fund shares) because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the Trust whereby the Covered Person would benefit personally
 to the detriment of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 cause the Trust to take action, or fail to take action, for the individual personal benefit
 of the Covered Person rather than for the benefit of the Trust.

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 ownership interest in, or any consulting or employment relationship with, any of the Trust's
 service providers, other than its investment adviser, principal underwriter, administrator
 or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the Trust for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Person's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Accurate, Complete, Timely and Understandable Information** 

The Covered Persons are responsible for ensuring that Trust's shareholders and the public receive financial and other information that is accurate, complete, timely and understandable.

Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust's books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose.

Each Covered Person shall also comply with the Trust's disclosure controls and procedures and the Trust's internal controls and procedures for financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Waivers** 

The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.

"Waiver" shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an "implicit waiver" from this Code of Ethics.

If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund's website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust's next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund's website, the Trust must have first disclosed in its most recent Form N-CSR relating to the applicable Fund that it intends to disclose these events on the Fund's website and website's address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

This Code of Ethics may be amended by the Board of Trustees, including a majority of independent Trustees. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the applicable Fund to shall (a) post a notice and description of the amendment on the Fund's website within five business days following the amendment, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust's next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund's website, the rules applicable to website postings of waivers, discussed in Section V above, apply.

Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Violations** 

If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation. If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Disclosure** 

The Trust shall make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust's annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund's website, provided that the Fund has first disclosed the website's address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund's website for as long as the Trust remains subject to the SEC's rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Acknowledgement** 

Each Covered Person shall, in the form attached hereto as <u>Appendix A</u>, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as <u>Appendix B</u>, acknowledge receipt of and compliance with this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI.** **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

## 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 material, or not, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 8, 2025 | /s/ Ryan Frank |
|  |  | Ryan Frank<br> 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 material, or not, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 8, 2025 | /s/ Colton Scarmardo |
|  |  | Colton Scarmardo<br> 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 year ended June 30, 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>September 8, 2025 </u> Dated: <u>September 8, 2025 </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.