Lisanti Capital Growth LLC

Item 5 Fees and Compensation
Investment Advisory Fees
Investment advisory fees may vary from Client to Client. Lisanti reserves the right to negotiate
investment advisory fees with each Client and may charge a higher or lower fee than the fee described
herein. Lisanti may waive or reduce the advisory fee with respect to any Client. Some of the factors
relevant to charging fees different from the standard account fee stated above are account size and
the nature of the relationship between a Client and Lisanti. Where the Firm sub advises or manages
through model delivery, fees on accounts may be lower than the Firm's stated fee schedule.

In addition to Lisanti's advisory fee, each Client incurs custodial account fees, brokerage, and other
transaction costs in connection with Lisanti's management of their Account(s). Refer to Brokerage
Practices for additional information regarding brokerage costs.

To the extent that a Client invests in a pooled investment vehicle such as a mutual fund or an
exchange-traded fund, the Client will indirectly bear fees and expenses charged by the underlying
pooled investment.

Separately Managed Accounts
Generally, Lisanti charges an annual investment management fee for the advisory services it provides
to a Client based on a percentage of the Client's assets under management. Lisanti's standard
investment advisory fee charged to a Client as follows:

Small Cap Growth:
0.90% on the first $10 million
0.80% on the next $10million
0.70% on the next $10 million
and Negotiable above $30 million

SMID Cap Growth:
0.80% on the first $10 million
0.70% on the next $10 million
0.60% on the next $10 million
And Negotiable above $30 million

Fees for services may be negotiable. Lisanti may group multiple accounts of a client (or group of
related clients) together for fee calculation or billing purposes. Sub-advisory fees will generally be less
than fees for direct client mandates.

We typically calculate investment advisory fees quarterly or monthly based on the Client preference.
They are typically billed after the quarter or month ends, (in arrears) based upon the market value of
an Account at the end of the most recently completed calendar quarter, or based on the average daily
balance, as stated in the investment advisory agreement. The initial fee for a new Account is prorated
based upon the date the Account is opened. In the event an Account terminates prior to the end of a
billing cycle, fees will be prorated based upon the date the account is terminated. Fees due at the date
of termination shall be paid by the Client at or prior to termination, or shortly thereafter, depending
upon the terms of the Client's investment advisory agreement. If termination occurs within five days
after a Client enters into the advisory arrangement, no fee is incurred. Certain clients, typically those
for which Lisanti acts as a sub advisor, calculate the fee, and determine the frequency for which the
fee is charged, and whether it is charged in advance or arrears as per the written contract with Lisanti.

Advisory or management fees are typically invoiced directly to Clients, however certain clients may
have the fees directly debited from an Account as per the Investment Advisory Agreement.

Mutual Funds
The Lisanti Small Cap Growth Fund pays Lisanti advisory fees at an annual rate equal to 0.95% of the
Fund's average annual daily net assets. Fees are calculated by the Fund Administrator, Apex, and
accrued daily and payable monthly in arrears. Lisanti has contractually agreed to waive a portion of its
fee and/or reimburse expenses to limit the expense ratio of the Fund. Investors should refer to a
current copy of the Fund prospectus for the most updated information about the Fund's fees and
expenses.

Model Delivery and UMA Program Fees
For Model Delivery and UMA program services, the client will pay the manager for its services, which
includes Lisanti's fee, on a quarterly or monthly basis in advance or arrears. Lisanti will be paid by the
Advisor or sponsor for its services on a quarterly or monthly basis in arrears or according to the
investment advisory agreement. Our fees for such services are negotiated with the Model Delivery and
UMA Program advisors, and not with the account owner or end client. The minimum account size and
account minimums along with billing arrangements may vary and are determined by the Advisor or
UMA sponsor, not by Lisanti.

Item 7 Types of Clients
Description of Types of Clients
Lisanti offers investment advisory services (including investment sub-advisory and model portfolio
services), also known as asset management services, on a discretionary and non- discretionary basis
to city and state government entities, corporations, pension and profit-sharing plans, employee benefit
plans, educational organizations, trusts, endowments and foundations, high net worth individuals,
investment companies and investment advisers and broker-dealer UMA platforms. Lisanti is strictly an
investment management firm.

Conditions for Managing Accounts and Account Minimums
Lisanti reserves the right to decline any potential Client. Prior to Lisanti's performance of investment
advisory services, Lisanti requires all of its Clients to enter into a written investment advisory
agreement. Refer to Advisory Business – Investment Advisory Agreement for additional information
regarding Lisanti's investment advisory agreements. Lisanti generally has a minimum account size of
$1.0 million for SMAs. Lisanti reserves the right to waive the account minimum for a particular account,
determined on a case-by-case basis.

There may be times when certain restrictions are placed by a Client, which prevents Lisanti from
accepting or continuing to manage the account. Lisanti reserves the right not to accept and/or
terminate management of an Account if it feels that the Client imposed restrictions would limit or
prevent it from effectively executing and/or maintaining its investment strategy.

Lisanti encourages Clients to carefully consider committing only those funds that can be invested on a
long-term basis, usually a minimum of three to five years, and that can be subject to the volatility of
investments in equity securities of smaller, high growth companies.