Small/Mid Cap Growth Fund

Overview

The Small/Mid Cap Growth Fund seeks long-term capital growth from investments in common stocks or other equity securities

Primary Benchmark

Russell 2500 Growth Index

Portfolio Management

Mark Burns

Portfolio Manager

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John Slavik

Portfolio Manager

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Total Fund Assets (as of 11/30/2024)

$222.8 million

Lipper Category

Small-Cap Growth Funds

Morningstar Category

Mid-Cap Growth

Strategy Highlights

Our goal is a lower volatility approach to high growth investing
Active stock selection primarily drives returns by focusing on what we define as high quality "emerging winners" that may benefit from secular growth stories
Bottom-up portfolio construction is based on fundamental research and discounted cash flow valuation analysis
Idea generation includes an internally developed growth screen
Risk management approach integrated throughout the process, including a clear stop/loss discipline to help manage downside risk
Turnover typically 30-80%; typically 65 to 85 stocks; position size: typically 0.75% to 3%
Sector weightings limited to +/- 50% of sectors greater than 10% of benchmark allocation
Stock selection focuses primarily on companies with a market capitalization between 75% to 125% of the benchmark's weighted average market cap
Recent IPOs and early-stage (unprofitable) companies are limited* in the portfolio

Investment Strategy

The fund normally invests at least 80% of its net assets (plus any borrowings made for investment purposes) in the equity securities of small/mid-cap companies, including preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity
The fund may invest the rest of its assets in companies of any size, including large-capitalization companies. In addition, the fund may invest any portion of its assets in securities of Canadian issuers and up to 20% of its assets in other foreign securities, including emerging markets securities

About Risk

Equity securities are volatile and can decline significantly in response to broad market and economic conditions.
Investments in small and mid-size companies can be more volatile than those of larger companies.
Growth stocks may be more sensitive to market conditions than other equities as their prices strongly reflect future expectations.
Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.

Ticker	LSMNX
Class Inception	10/1/2019
CUSIP	543488654
Minimum Initial Investment	$1,000,000
Gross Expense Ratio¹	0.92%
Net Expense Ratio¹	0.83%
Net Asset Value	14.62

Ticker	LSMIX
Class Inception	6/30/2015
CUSIP	543488779
Minimum Initial Investment	$100,000
Gross Expense Ratio¹	0.93%
Net Expense Ratio¹	0.85%
Net Asset Value	14.61

Our Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Investment return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, please see the following tab labeled “Performance”.

*Typically, unprofitable companies or recent IPOs are limited to the greater of 10% of the portfolio or 50% of the benchmark weighting.

¹As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 1/31/25. When an expense limitation has not been exceeded, the fund may have similar expense ratios.

The Russell 2500 Growth Index is an unmanaged index that measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values. Indices are unmanaged and do not incur fees. It is not possible to invest directly in an index.

Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. There is no initial investment minimum for Certain Retirement Plans and funds of funds that are distributed by Natixis Distribution, LLC (the “Distributor”).

Performance

Primary Benchmark: Russell 2500 Growth Index

Year-to-Date Performance as of 12/20/2024

	Class N	Class I
	18.85%	18.86%

Month-End Performance as of 11/30/2024

Cumulative Total Return	Class N	Class I
3 month	7.58%	7.58%
Year-to-date	25.82%	25.84%

Annualized Total Return	Class N	Class I
Inception Date	10/1/2019	6/30/2015
1 Year	34.75%	34.65%
3 Years	0.39%	0.39%
5 Years	8.97%	8.98%
Since Inception	10.48%	10.10%

Quarter-End Performance as of 9/30/2024

Cumulative Total Return	Class N	Class I
3 month	6.03%	6.03%
Year-to-date	16.61%	16.62%

Annualized Total Return	Class N	Class I
Inception Date	10/1/2019	6/30/2015
1 Year	25.81%	25.84%
3 Years	-0.79%	-0.79%
5 Years	N/A	8.85%
Since Inception	9.17%	9.39%

Gross Expense Ratio: (N) 0.92%, (I) 0.93%; Net Expense Ratio: (N) 0.83%, (I) 0.85% As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 1/31/25. When an expense limitation has not been exceeded, the fund may have similar expense ratios.

Lipper Ranking as of 11/30/2024

	Class N	Class I
1 Year	305/574	311/574
3 Years	367/553	366/553
5 Years	354/533	353/533
10 Years	N/A	N/A
Lipper Category: Small-Cap Growth Funds

Morningstar Ranking as of 11/30/2024

	Class N	Class I
1 Year	200/494	201/494
3 Years	329/477	328/477
5 Years	352/440	350/440
10 Years	N/A	N/A
Morningstar Category: Mid-Cap Growth

Lipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.

Morningstar Percentile Rankings are based on total return and do not account for sales charges. Percentile ranks are based on absolute rank within specific fund categories and time periods. Within a category, all funds' percentile rankings range from 1 (best) to 100 (worst), with all intermediate values spread evenly over that range. The fund's absolute peer ranking may not be available for all time periods. Morningstar does not calculate an absolute peer ranking when a fund's performance has been linked to a preexisting share class.

Past performance is no guarantee of future results.

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any..

Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2024 © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Monthly Characteristics

Monthly as of 11/30/2024

Characteristics
Number of Holdings	84
P/E (trailing 12 months)	27.00
P/E (forward 12 months)	27.58
3-5 Year EPS Growth	16.35
ROE (1 year equal weighted)	8.60
Annual Portfolio Turnover as of 9/30/2023	62.84%

Sector Distribution
Information Technology	20.4%
Industrials	20.0%
Health Care	19.2%
Consumer Discretionary	12.2%
Financials	10.9%
Consumer Staples	5.4%
Energy	4.7%
Materials	3.2%
Real Estate	1.0%
Cash	2.9%

Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.

Due to rounding, market capitalization and sector distribution totals may not equal 100%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.

P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. P/E (forward) measures price-to-earnings ratio using forecasted earnings for the price-to-earnings calculation; the forward measure is not a forecast of the fund’s performance. 3-5 Year EPS Growth is sourced from FactSet and based on long-term EPS growth rate estimates gathered directly from brokers. The portfolio and benchmark statistic is a weighted average of company level estimates. ROE (1-year equal weighted) is the 1-year ROE of all holdings divided by number of holdings. Median active share indicates the proportion of the portfolio’s holdings (by market value) that is different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio.

Quarterly Characteristics

Quarterly as of 9/30/2024

Characteristics	Fund	Index
Number of Holdings	80	1293
P/E (trailing 12 months)	23.93	24.21
P/E (forward 12 months)	24.54	23.12
3-5 Year EPS Growth	19.28	18.32
ROE (1 year equal weighted)	10.28	-2.56
Median Active Share (since inception)	87.08%
Annual Portfolio Turnover as of 9/30/2023	62.84%

Market Capitalization	Fund	Index
> $10 Billion	28.2%	22.5%
$5 to 10 Billion	50.2%	33.2%
$3 to 5 Billion	13.2%	20.2%
< $3 Billion	4.9%	24.0%
Cash & Equivalents	3.5%	0.0%

Sector Distribution	Fund	Index
Health Care	20.9%	22.1%
Industrials	19.4%	20.1%
Information Technology	17.6%	20.0%
Consumer Discretionary	13.6%	14.4%
Financials	10.9%	9.4%
Consumer Staples	5.1%	3.0%
Energy	4.8%	3.7%
Materials	3.3%	3.7%
Real Estate	0.9%	1.3%
Communication Services	0.0%	1.7%
Utilities	0.0%	0.7%
Cash	3.5%	0.0%

Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.

Sustainability

About Us

Advisor Solutions

Small/Mid Cap Growth Fund

Overview

Primary Benchmark

Portfolio Management

Total Fund Assets (as of 11/30/2024)

Lipper Category

Morningstar Category

Strategy Highlights

Investment Strategy

About Risk

Fund Facts as of 11/30/2024

Performance

Year-to-Date Performance as of 12/20/2024

Month-End Performance as of 11/30/2024

Quarter-End Performance as of 9/30/2024

Lipper Ranking as of 11/30/2024

Morningstar Ranking as of 11/30/2024

Monthly Characteristics

Monthly as of 11/30/2024

Quarterly Characteristics

Quarterly as of 9/30/2024

Holdings