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  | About the Fund |
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The Lisanti Small Cap Growth Fund uses an aggressive growth approach to seek above-average maximum capital appreciation through small cap investing. The Fund normally invests at least 80% of its assets in the common stock of smaller, lesser-known U.S. companies that the Portfolio Manager believes are in an early stage or transitional point in their development and have above average prospects for growth.
The Fund's investment process focuses on two key areas-security selection and portfolio construction. The Portfolio Manager uses a disciplined investment process that includes the following components:
-The Portfolio Manager applies a quantitative screening process to the universe of small capitalization companies to identify those companies with fundamental strengths. The Portfolio Manager also looks for companies with positive catalysts that may offer a potential acceleration in the growth rate of the company.
-The Portfolio Manager intends the Fund's investments to reflect what she believes to be the major social, economic and technological trends (collectively, "Themes") that will shape the future of business and commerce over the next three to five years. These themes will provide a framework for identifying the industries and companies in which the Fund will invest.
-Fundamental research focuses on identifying several types of companies that the Portfolio Manager believes offer promising growth potential: small, fast growing companies that offer innovative products, services or technologies to a rapidly expanding marketplace; companies experiencing a major change which is expected to produce advantageous results, such as new management, products or technologies, restructuring or reorganization, or merger and acquisition. Once purchased, portfolio holdings are monitored closely, and new information is evaluated relative to the original reason for investing.
-In general, stocks are sold when valuation targets are achieved, changing circumstances affect the original reasons for the investment, the company exhibits deteriorating fundamentals, or when the Portfolio Manager believes more attractive alternatives exist.
Mutual funds are subject to
market risk. Investments in small-sized companies pose greater
risks than those typically associated with larger, more
established companies such as increased volatility of earnings
and prospects, higher failure rates, and limited markets,
product lines or financial resources.
Other fees and expenses
apply to a continued investment in the Lisanti Small Cap Growth Fund ("the
Fund"), and are described in the Fund's current prospectus. This Internet site is not an offer to
sell or a solicitation
of an offer to buy shares of the Fund in any jurisdiction outside the United States.
For more complete information about the Fund, including fees and expenses,
please download a prospectus or request one by
calling 800.441.7031. Foreside
Fund Services, LLC, Distributor.
Alpha is the difference between a fund's actual
returns and its expected performance, given its level of risk as measured by
Beta. The difference is expressed as an annualized percentage. Beta is the
measure of a fund's relative volatility as compared to a comparative index. By
definition, the beta of an index is 1.00. Accordingly, a fund with a 1.10 beta
is expected to perform 10% better than the index in up markets and 10% worse in
down markets
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