Portfolio and Performance Update

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.

Current share price (NAV) as of close of business TBD : TBD

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. Effective May 1, 2025, the Fund’s contractual expense waiver is no longer in effect. However, the Adviser has voluntarily agreed to waive its fee and/or reimburse expenses to limit the expense ratio to 1.99%. This voluntary expense limitation will continue on a voluntary basis at the Adviser’s discretion, subject to consultation with the Board of Trustees of the Fund. NAV is the Fund's value per share.

The recent growth rate in the stock market has helped to produce short—term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short—term changes.

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.

Effective May 1, 2024, the Fund changed its primary benchmark from the Russell 2000 Growth Index to the Russell 2000 Index due to regulatory requirements. The Fund retained the Russell 2000 Growth Index as a secondary benchmark because the Russell 2000 Growth Index more closely aligns with the Fund’s investment strategies and investment restrictions.

* The Russell 2000® Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index which is designed to represent approximately 98% of the investable US equity market. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Growth Index includes those Russell 2000 companies with relatively higher price-to-book ratios and higher forecasted growth values. One cannot invest directly in an index. Price to book ratio is the ratio of a stock’s price to its book value per share. Forecasted growth values is the year over year growth in earnings per share.