Shareholder Report
Jun. 30, 2026
USD ($)
Holding
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Kennedy Capital ESG SMID Cap Fund (Institutional Class/KESGX) |
$45 | 0.82%1 |
|
1
|
Annualized.
|
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $93,155,596 |
| Total number of portfolio holdings | 100 |
| Portfolio turnover rate as of the end of the reporting period | 39% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.
Top Ten Holdings
| Ralliant Corporation | 2.4% |
| Assurant, Inc. | 1.7% |
| JFrog, Ltd. | 1.7% |
| SPX Technologies, Inc. | 1.6% |
| U.S. Foods Holding Corp. | 1.5% |
| Onto Innovation, Inc. | 1.5% |
| SharkNinja, Inc. | 1.5% |
| Allegro MicroSystems, Inc. | 1.4% |
| Winmark Corp. | 1.4% |
| East West Bancorp, Inc. | 1.4% |
Asset Allocation
Sector Allocation
Top Ten Holdings
| Ralliant Corporation | 2.4% |
| Assurant, Inc. | 1.7% |
| JFrog, Ltd. | 1.7% |
| SPX Technologies, Inc. | 1.6% |
| U.S. Foods Holding Corp. | 1.5% |
| Onto Innovation, Inc. | 1.5% |
| SharkNinja, Inc. | 1.5% |
| Allegro MicroSystems, Inc. | 1.4% |
| Winmark Corp. | 1.4% |
| East West Bancorp, Inc. | 1.4% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Kennedy Capital Small Cap Growth Fund (Institutional Class/KGROX) |
$52 | 0.89%1 |
|
1
|
Annualized.
|
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $700,519 |
| Total number of portfolio holdings | 81 |
| Portfolio turnover rate as of the end of the reporting period | 29% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.
Top Ten Holdings
| JFrog, Ltd. | 3.7% |
| Onto Innovation, Inc. | 3.1% |
| Chefs' Warehouse, Inc. | 3.1% |
| Mercury Systems, Inc. | 2.6% |
| Powell Industries, Inc. | 2.4% |
| Magnite, Inc. | 2.4% |
| Terex Corp. | 2.4% |
| Applied Optoelectronics, Inc. | 2.1% |
| SiTime Corp. | 2.1% |
| Universal Technical Institute, Inc. | 2.1% |
Asset Allocation
Sector Allocation
Top Ten Holdings
| JFrog, Ltd. | 3.7% |
| Onto Innovation, Inc. | 3.1% |
| Chefs' Warehouse, Inc. | 3.1% |
| Mercury Systems, Inc. | 2.6% |
| Powell Industries, Inc. | 2.4% |
| Magnite, Inc. | 2.4% |
| Terex Corp. | 2.4% |
| Applied Optoelectronics, Inc. | 2.1% |
| SiTime Corp. | 2.1% |
| Universal Technical Institute, Inc. | 2.1% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Kennedy Capital Small Cap Value Fund (Institutional Class/KVALX) |
$50 | 0.89%1 |
|
1
|
Annualized.
|
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $87,773,807 |
| Total number of portfolio holdings | 115 |
| Portfolio turnover rate as of the end of the reporting period | 22% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.
Top Ten Holdings
| AZZ, Inc. | 2.0% |
| Mercury Systems, Inc. | 1.5% |
| EnerSys | 1.5% |
| Alamo Group, Inc. | 1.5% |
| Bank OZK | 1.5% |
| Valmont Industries, Inc. | 1.5% |
| Enpro, Inc. | 1.5% |
| 1st Source Corp. | 1.5% |
| National Bank Holdings Corp. - Class A | 1.5% |
| Astec Industries, Inc. | 1.5% |
Asset Allocation
Sector Allocation
Top Ten Holdings
| AZZ, Inc. | 2.0% |
| Mercury Systems, Inc. | 1.5% |
| EnerSys | 1.5% |
| Alamo Group, Inc. | 1.5% |
| Bank OZK | 1.5% |
| Valmont Industries, Inc. | 1.5% |
| Enpro, Inc. | 1.5% |
| 1st Source Corp. | 1.5% |
| National Bank Holdings Corp. - Class A | 1.5% |
| Astec Industries, Inc. | 1.5% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
| [1] | Annualized. |
| [2] | Annualized. |
| [3] | Annualized. |