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SMID Opportunities Fund

Mutual Funds

SMID Opportunities Fund


Fund Managers

Photo of Lee  Houser

Lee Houser, CFA®

Photo of James  Curtis

James Curtis, CFA®

Overview

I
Shares

SMDOX

Inception
Date

09.30.2016

Investment
Min.

$1,000,000

Subsequent
Investment Min.1

N/A

Max. Up Front
Sales Charge

N/A

Max. Deferred
Sales Charge

N/A

1If subsequent investments are made as part of an AIP, the minimum is $25.

Philosophy & Process

To pursue its investment objective of long-term capital appreciation, the Fund normally invests principally in equity securities and will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in the securities of small or middle capitalization companies (commonly referred to collectively as "SMID"). Small or middle capitalization companies are defined as companies with market capitalizations within the range of those companies in the Russell 2500â„¢ Index at the time of purchase.

The Fund invests, under normal market conditions, primarily in domestically-traded U.S. common stocks and U.S.-traded equity stocks of foreign companies, including ADRs. The Fund uses a multi-style approach, meaning that it invests across both value- and growth-oriented companies targeting SMID-capitalization levels.

Investment Considerations

The Fund uses a multi-style approach and invests in both growth and value-oriented companies. A growth investment style may be particularly sensitive to market conditions. Value investing involves the risk that an investment made in undervalued securities may not appreciate in value as anticipated or remain undervalued for long periods of time.

The Fund invests in small and middle capitalization companies which may be riskier, more volatile and vulnerable to economic, market and industry changes than investments in larger more established companies. As a result, share price changes may be more erratic or trade less frequently in lesser quantities.

Fund Facts

Term Class A Shares Class C Shares Class I Shares
Ticker SMDPXSMDQXSMDOX
Inception Date 09.30.201609.30.201609.30.2016
Investment Min. $1,000,000$1,000,000$1,000,000
Subsequent Investment Min.2 N/AN/AN/A
Max. Up Front Sales Charge 5.75%N/AN/A
Max. Deferred Sales Charge N/A1%N/A

2If subsequent investments are made as part of an AIP, the minimum is $25.

SMID Opportunities Fund

Management

View professional designations disclosures

Photo of Lee  Houser

Lee Houser, CFA®

Co-Portfolio Manager

Photo of James  Curtis

James Curtis, CFA®

Co-Portfolio Manager

Performance

Fund Performance as of 12.31.2022

Term QTR YTD 1 Year 3 Years 5 Years Since Inception
A Shares with 5.75% Sales Charge 2.01% -22.48% -22.48% -0.19% 3.81% 5.96%
A Shares without Sales Charge 8.26% -17.75% -17.75% 1.79% 5.05% 6.97%
Institutional Shares 8.40% -17.53% -17.53% 2.05% 5.33% 7.24%
Lipper Mid-Cap Core Median 10.14% -12.34% -12.34% 5.98% 5.89% N/A

The gross expense ratios for Class A, C and I Shares are 1.35%, 2.10% and 1.10%, respectively. The net expense ratios for Class A, C and I Shares are 1.05%, 1.80% and 0.80%, respectively.

The Advisor has contractually agreed to limit certain fees paid by the Fund from February 1, 2021 through January 31, 2022. Performance would have been lower without limitations in effect.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit the performance summary.

The performance of the SMID Opportunities Fund reflects the deduction of fees for value-added services associated with a mutual fund, such as investment management and fund accounting fees. The inception date for Class A Shares is 09.30.2016. The inception date for Class C Shares is 09.30.2016. The inception date for Class Inst'l Shares is 09.30.2016. The performance shown reflects the reinvestment of all dividend and capital gains distributions.

Characteristics

Top Ten Holdings as of 12.31.2022

# Company Name Value
1 Cable One, Inc. 4.13%
2 Encompass Health Corp 4.05%
3 Nextera Energy Partners LP 3.98%
4 FMC Corp. 3.88%
5 Waste Connections, Inc. 3.87%
6 Callon Petroleum Co. 3.72%
7 SLM Corp. 3.62%
8 Amdocs, Ltd. 3.49%
9 Centene Corp. 3.34%
10 Evoqua Water Technologies Corp. 3.31%

Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.

Sector Allocation as of 12.31.2022

Name Value
Info Technology 21.17%
Financials 16.04%
Health Care 12.72%
Industrials 11.86%
Consumer Dis 9.53%
Comm Services 7.34%
Materials 6.91%
Energy 5.87%
Utilities 4.00%
Real Estate 3.88%
Cash 0.67%

Allocations are based on the current weight to funds in the cited Sector. The composition of the fund\'s holdings is subject to change.

Growth of $10,000 as of 12.31.2022

Date A-Shares Russell 2500® Index
12.31.2022 $15,239 (Down $748) $16,501 (Down $1,043)
10.31.2022 $15,987 (Up $757) $17,544 (Up $710)
09.30.2022 $15,230 (Up $1,154) $16,834 (Up $1,474)
09.30.2022 $14,076 (Down $1,375) $15,360 (Down $1,617)
07.31.2022 $15,451 (Down $862) $16,977 (Down $464)
06.30.2022 $16,313 (Up $1,130) $17,441 (Up $1,636)
06.30.2022 $15,183 (Down $1,445) $15,805 (Down $1,670)
04.30.2022 $16,628 (Down $1,049) $17,475 (Down $1,563)
03.31.2022 $17,677 (Up $1,329) $19,038 (Up $1,622)
03.31.2022 $16,348 (Down $781) $17,416 (Down $1,324)
01.31.2022 $17,129 (Down $1,398) $18,740 (Down $1,474)
12.31.2021 $18,527 (Up $1,095) $20,214 (Up $1,682)
12.31.2021 $17,432 (Down $77) $18,532 (Down $1,040)
10.31.2021 $17,509 (Down $374) $19,572 (Down $852)
09.30.2021 $17,883 (Up $685) $20,424 (Up $954)
09.30.2021 $17,198 (Down $760) $19,470 (Down $632)
07.31.2021 $17,958 (Down $64) $20,102 (Up $446)
06.30.2021 $18,022 (Up $396) $19,656 (Down $350)
06.30.2021 $17,626 (Up $85) $20,006 (Up $234)
04.30.2021 $17,541 (Down $139) $19,772 (Up $41)
03.31.2021 $17,680 (Up $770) $19,731 (Up $758)
03.31.2021 $16,910 (Up $899) $18,973 (Up $307)
01.31.2021 $16,011 (Up $385) $18,666 (Up $1,562)
12.31.2020 $15,626 (Up $43) $17,104 (Down $419)
12.31.2020 $15,583 (Up $738) $17,523 (Up $1,629)
10.31.2020 $14,845 (Up $1,529) $15,894 (Up $2,469)
09.30.2020 $13,316 (Up $203) $13,425 (Down $243)
09.30.2020 $13,113 (Down $331) $13,668 (Down $113)
07.31.2020 $13,444 (Up $321) $13,781 (Up $597)
06.30.2020 $13,123 (Up $802) $13,184 (Up $505)
06.30.2020 $12,321 (Down $54) $12,679 (Up $356)
04.30.2020 $12,375 (Up $631) $12,323 (Up $848)
03.31.2020 $11,744 (Up $1,284) $11,475 (Up $1,457)
03.31.2020 $10,460 (Down $2,621) $10,018 (Down $2,776)
01.31.2020 $13,081 (Down $1,561) $12,794 (Down $1,171)
12.31.2019 $14,642 (Up $192) $13,965 (Down $289)
12.31.2019 $14,450 (Up $211) $14,254 (Up $295)
10.31.2019 $14,239 (Up $572) $13,959 (Up $574)
09.30.2019 $13,667 (Up $143) $13,385 (Up $252)
09.30.2019 $13,524 (Up $92) $13,133 (Up $229)
07.31.2019 $13,432 (Down $205) $12,904 (Down $538)
06.30.2019 $13,637 (Up $368) $13,442 (Up $138)
06.30.2019 $13,269 (Up $776) $13,304 (Up $882)
04.30.2019 $12,493 (Down $132) $12,422 (Down $952)
03.31.2019 $12,625 (Up $398) $13,374 (Up $453)
03.31.2019 $12,227 (Up $92) $12,921 (Down $108)
01.31.2019 $12,135 (Up $470) $13,029 (Up $588)
12.31.2018 $11,665 (Up $1,072) $12,441 (Up $1,284)
12.31.2018 $10,593 (Down $1,430) $11,157 (Down $1,372)
10.31.2018 $12,023 (Down $684) $12,529 (Down $1,158)
09.30.2018 $12,707 (Up $1,021) $13,687 (Up $1,390)
09.30.2018 $11,686 (Down $899) $12,297 (Down $1,600)
07.31.2018 $12,585 (Up $542) $13,897 (Up $571)
06.30.2018 $12,043 (Up $255) $13,326 (Up $253)
06.30.2018 $11,788 (Up $61) $13,073 (Up $94)
04.30.2018 $11,727 (Up $195) $12,979 (Up $583)
03.31.2018 $11,532 (Up $20) $12,396 (Up $29)
03.31.2018 $11,512 (Down $184) $12,367 (Up $118)
01.31.2018 $11,696 (Down $498) $12,249 (Down $526)
12.31.2017 $12,194 (Up $285) $12,775 (Up $379)
12.31.2017 $11,909 (Up $70) $12,396 (Up $41)
10.31.2017 $11,839 (Down $20) $12,355 (Up $393)
09.30.2017 $11,859 (Up $100) $11,962 (Up $183)
09.30.2017 $11,759 (Up $151) $11,779 (Up $511)
07.31.2017 $11,608 (Down $111) $11,268 (Up $22)
06.30.2017 $11,719 (Up $60) $11,246 (Down $117)
06.30.2017 $11,659 (Up $281) $11,363 (Up $391)
04.30.2017 $11,378 (Up $150) $10,972 (Down $39)
03.31.2017 $11,228 (Up $50) $11,011 (Down $85)
03.31.2017 $11,178 (Down $10) $11,096 (Up $77)
01.31.2017 $11,188 (Up $260) $11,019 (Up $259)
12.31.2016 $10,928 (Up $470) $10,760 (Up $148)
12.31.2016 $10,458 (Up $188) $10,612 (Up $202)
10.31.2016 $10,270 (Up $270) $10,410 (Up $410)
09.30.2016 $10,000 (Up $50) $10,000 (Up $406)
09.30.2016 $9,950 $9,594

The Growth of $10,000 is hypothetical based upon the performance of net A Shares at NAV for the period ended 12.31.2022. It includes the reinvestment of dividends and capital gains.

Statistics

Risk/Return Statistics vs. Russell 1000® Value Index3 as of 12.31.2022

Term Value
Alpha N/A
Beta N/A
R-Squared N/A
Standard Deviation N/A
Sharpe Ratio N/A

3The Funds composition is subject to change. Annual Turnover Ratio is 12 month rolling calculation. Alpha, Beta, R-Squared, Standard Deviation, and Sharpe Ratio are based on a 10-year calculation.

View a Glossary of Terms.

Summary Statistics as of 12.31.2022

Term Value
P/E FY1 21.95
Weighted Average P/B 2.28
Weighted Average Market Cap $14.07B
Annual Turnover 35%

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