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Fact Sheet 9/30/26
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Diversification does not assure a profit, nor protect against loss in a declining market.
Alpha measures nonsystematic return, or the return that cannot be attributed to the market.
We seek companies with durable business models able to deploy assets into growing sets of opportunities with the potential to generate superior rates of return.
We invest across the full spectrum of growth and classify these investments as:
Early Growth | Steady Compounder | Material Positive Change
We utilize these classifications because it defines the key risks to be monitored as we evaluate the investment.
Cash Flow Return On Investments (CFROI) is the ratio of gross cash flow to gross investments, translated into an internal rate of return. HOLT Lens © UBS 2026. All rights reserved. Reproduced with permission. May not be forwarded or otherwise distributed.
Fact Sheet 9/30/26
The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 0.89% of the average daily net assets of the Institutional Class, exclusive of certain expenses identified in the Fund’s prospectus. This agreement is in effect until April 30th, 2027, and it may be terminated before that date only by the Trust’s Board of Trustees. The Fund’s advisor is permitted to seek reimbursement from the Fund of fees waived or payments made to the Fund for a period ending three full years after the date of the waiver or payment, subject to limitations described in the prospectus.
Kennedy Capital Management is a boutique investment firm focused on a goal of generating attractive returns in the micro, small, and mid-cap domestic equity markets for our clients since 1980. Led by our Director of Research, our centralized research team uses a detail-oriented, bottom-up proprietary research process driven by a team of more than a dozen sector-specific analysts. We believe this level of specialization provides a competitive advantage allowing us to regularly capitalize on overlooked opportunities.
Not FDIC Insured. No Bank Guarantee. May Lose Value. Distributed by IMST Distributors, LLC
Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. This and other important information is contained in the fund's full Prospectus and Summary Prospectus. Please read carefully before investing.
| Month-End Returns as of 9/30/2026 | Cumulative | Annualized | ||||||
| 1 Month | Quarter-to-Date | Year-to-Date | Since Inception (04/27/2022) | 1 Year | 3 Years | Since Inception (04/27/2022) |
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| Small Cap Growth Fund (I-Share Class) | -3.43% | -11.90% | 20.02% | 67.02% | 23.21% | 20.78% | 12.28% | |
| RUSSELL 2000® GROWTH | -5.31% | -9.39% | 10.71% | 62.32% | 12.05% | 17.55% | 11.56% | |
| Quarter-End Returns as of 9/30/2026 | Cumulative | Annualized | ||||||
| 1 Month | Quarter-to-Date | Year-to-Date | Since Inception (04/27/2022) | 1 Year | 3 Years | Since Inception (04/27/2022) |
||
| Small Cap Growth Fund (I-Share Class) | -3.43% | -11.90% | 20.02% | 67.02% | 23.21% | 20.78% | 12.28% | |
| RUSSELL 2000® GROWTH | -5.31% | -9.39% | 10.71% | 62.32% | 12.05% | 17.55% | 11.56% | |
The performance data quoted represents past performance and is no guarantee of future results. 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 their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call (833) 737-7788. Cumulative performance may not be indicative of the Fund’s long-term potential. The Fund returns will fluctuate over long and short-term period. Periods over one year are annualized.
Expense ratio as of most recent prospectus is 38.92% (gross) / 0.89% (net). The net expense ratio reflects the contractual agreement to waive fees and/or pay operating expenses until April 30th, 2027. The net expense ratio ensures total annual fund operating expenses do not exceed 0.89% (exclusions exist) until April 30th, 2027.
The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses do not exceed 0.89% of the average daily net assets of the Institutional Class, exclusive of certain expenses identified in the Fund’s prospectus. This agreement is in effect until April 30th, 2027 and it may be terminated before that date only by the Trust’s Board of Trustees. The Fund’s advisor is permitted to seek reimbursement from the Fund of fees waived or payments made to the Fund for a period ending three full years after the date of the waiver or payment, subject to limitations described in the prospectus.
The Russell 2000® Growth Index measures the performance of the small cap segment of the U.S. equity universe, commonly referred to as “small” cap . It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. You cannot invest directly into an index.
Not FDIC Insured. No Bank Guarantee. May Lose Value. Distributed by IMST Distributors, LLC
Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. This and other important information is contained in the fund's full Prospectus and Summary Prospectus. Please read carefully before investing.
The Fund is generally managed on a sector neutral basis with modest over- and under-weights as compared to the Index, driven by bottom-up stock selection The fund seeks to manage investment risk by maintaining broad issuer and industry diversification among the Fund’s holdings, and by utilizing fundamental analysis of risk/return characteristics in the security selection process.
The Advisor may sell all or a portion of a position of the Fund’s portfolio holding when in its opinion one or more of the following occurs, among other reasons:
Important Information: Equity securities (stocks) are generally more volatile and carry more risk than fixed income securities (bonds) and money market investments. The net asset value per share of the Small Cap Growth fund (the Fund) will fluctuate as the value of the securities in the portfolio changes. Common stocks, and funds investing in common stocks, generally provide greater returns over long time periods than fixed income securities. The Fund is comprised primarily of equity securities and is subject to market risk. Stocks may decline due to general market and economic conditions or due to company specific circumstances. The Fund is comprised of small capitalization (“Small cap”) stocks. Small cap stocks typically carry additional risk, since smaller companies generally have a higher risk of failure, and historically have experienced a greater degree of volatility. Small capitalization companies generally have a greater risk of failure, and their stocks generally have greater volatility, than large companies. Growth securities may be particularly sensitive to market conditions. Mutual fund investing involves risk, including loss of principal.
Not FDIC Insured. No Bank Guarantee. May Lose Value. Distributed by IMST Distributors, LLC
Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. This and other important information is contained in the fund's full Prospectus and Summary Prospectus. Please read carefully before investing.
Data as of 9/30/26
| Company Name | % of Assets |
|---|---|
| Magnite, Inc. | 3.4% |
| Chefs Warehouse, Inc. | 3.1% |
| Jfrog, Ltd | 3.0% |
| Onto Innovation, Inc. | 2.7% |
| Solaris Energy Infrastructure, Inc. | 2.1% |
| Adaptive Biotechnologies Corp. | 2.0% |
| Sitime Corp. | 1.9% |
| Mercury Systems, Inc. | 1.8% |
| Globus Med, Inc. | 1.8% |
| Terex Corp. | 1.8% |
| Sector | KGROX | RUSSELL 2000® GROWTH |
|---|---|---|
| Health Care | 24.8% | 29.3% |
| Information Technology | 23.6% | 20.0% |
| Industrials | 22.8% | 15.8% |
| Financials | 8.2% | 9.8% |
| Consumer Discretionary | 6.3% | 8.7% |
| Communication Services | 3.4% | 2.4% |
| Consumer Staples | 3.1% | 1.7% |
| Materials | 2.1% | 4.3% |
| Energy | 2.1% | 5.6% |
| Real Estate | 0.0% | 2.2% |
The holdings and weightings are subject to change.
| KGROX | RUSSELL 2000® GROWTH | |
|---|---|---|
| Number of Holdings | 79 | 1,120 |
| Weighted Average Market Cap ($M)2 | 6,052 | 4,418 |
| Weighted Median Market Cap ($M)3 | 4,911 | 4,051 |
| CFROI FY1 (Current Year)4 | 9.6 | 6 |
| Asset Growth FYI (%)5 | 7.7 | 8.2 |
| Forecasted P/E (FY2) (x)6 | 23.7 | 30.9 |
Source: FactSet Research Systems, Inc., HOLT Lens © UBS
1.) Based on Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of The McGraw Hill Companies, Inc. (S&P). Excludes cash.
2.) The weighted average market capitalization is a stock market index constructed on the market capitalization of individual stocks.
3.) The weighted median market capitalization is the midpoint of market capitalization (market price multiplied by the number of shares outstanding) of the stocks in a portfolio.
4.) Cash Flow Return On Investments (CFROI) is the ratio of gross cash flow to gross investments, translated into an internal rate of return. HOLT Lens © UBS 2026. All rights reserved. Reproduced with permission. May not be forwarded or otherwise distributed.
5.) Asset Growth FY1 is the difference between the current value of an asset and its purchase price, the value at the time the asset was acquired.
6.) The price to earnings (P/E) ratio is defined as a ratio for valuing a company that measures its current share price relative to its per share earnings.
Not FDIC Insured. No Bank Guarantee. May Lose Value. Distributed by IMST Distributors, LLC
Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. This and other important information is contained in the fund's full Prospectus and Summary Prospectus. Please read carefully before investing.
Not FDIC Insured. No Bank Guarantee. May Lose Value. Distributed by IMST Distributors, LLC
Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. This and other important information is contained in the fund's full Prospectus and Summary Prospectus. Please read carefully before investing.
For more information about Kennedy Capital Management’s strategies and investment management services, call (833) 737-7788 or send us an email at funds@kennedycapital.com.
Not FDIC Insured. No Bank Guarantee. May Lose Value. Distributed by IMST Distributors, LLC
Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. This and other important information is contained in the fund's full Prospectus and Summary Prospectus. Please read carefully before investing.
© 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. As of 9/30/2026, KGROX was rated against 519 Small Growth funds for the 3-year period. KGROX received 4 stars for this period, based on risk-adjusted returns. The Small Growth category includes funds that typically invest in faster-growing small US companies whose shares are at the lower end of the market-capitalization range. These portfolios tend to favor companies in up-and-coming industries or young firms in their early growth stages. Because these businesses are fast-growing and often richly valued, their stocks tend to be volatile. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Stocks in the bottom 10% of the capitalization of the US equity market are defined as small cap. KCM has paid a standard fee to Morningstar for access to the rankings data.
