OAK RIDGE SMALL CAP GROWTH FUND

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1 OAK RIDGE SMALL CAP GROWTH FUND Performance Analysis & Commentary 2Q2015 Second Quarter Summary The broad U.S. stock market was remarkably stable for a second consecutive quarter. In general, smaller cap stocks fared better than large cap stocks and the Growth style bested Value. The Growth Fund (the Fund ) ended the second quarter slightly below the Russell 2000 Growth Index. The Fund s Class A shares returned 1.71% at net asset value, while the Fund s benchmark, the Russell 2000 Growth Index, returned 1.98%. Stock selection in the and Industrial sectors were the largest contributors to the Fund s positive returns while stock selection in and detracted from performance. Market Review The broad stock market was remarkably stable for a second consecutive quarter. There was greater volatility among sectors, with and leading, due in part to their greater exposure to more dynamic segments of the U.S. economy. Smaller cap stocks fared better due to their domestic orientation and their attractiveness to slow growing large cap companies seeking acquisitions. The Growth style bested Value, due to the relative appeal of earnings growth over yields in a rising rate environment. Recent economic data has generally been modestly positive, although the Fed watch continues to be focused on an interest rate rise. A modest increase in rates should not eliminate the appeal of stocks and would coincide with reasonable economic expansion. Valuations are a bit expensive, particularly given a year of slow earnings growth, but those companies able to grow earnings should continue to fare well. Merger activity has accelerated and expanded beyond tax inversion deals. Many companies with mature businesses are focused on adding products and expanding into new verticals. While this is most prevalent in the pharmaceutical and broad healthcare spaces, consolidation has also been popular in other sectors and should continue. Russell 2000 Growth sectors finished with mixed returns. The clear leader was, which returned 6% during the quarter, followed by (+4%) and (+3%). These sectors benefitted from many faster growing, company specific developments. Weaker areas were cyclically sensitive and sectors, both down 3% during the quarter. Security Selection & Sector Allocation, the Fund s highest weighted sector, saw success in the software services and cyber security segments. The Fund s largest holding in the sector, EPAM Systems (+16% over the quarter), an IT outsourcing and development company, saw strong demand in the digital, big data and cloud business segments. FireEye (+25%), a cyber security solutions company, has addressed many high-profile data breaches and has grown both organically and through acquisition. We remain very positive on the cyber security space given its critical high profile nature and more visible growth prospects. Fortinet, another company with network security solutions, contributed to sector performance gaining 18%. Stock selection in the Industrial sector contributed positively to performance during the quarter, in which specialty niche companies, Middleby (+9%) and A.O. Smith (+10%) outperformed the benchmark. Middleby, a worldwide manufacturer of commercial foodservice equipment and residential kitchen equipment, has seen continued growth

2 in chain restaurant customers. A.O. Smith is a leader in manufacturing commercial and residential water heaters and has continued to expand in high growth markets China and India and benefitted from improving U.S. construction growth. Portfolio positioning also benefitted the Fund over the course of the quarter, particularly our choice not to own stocks in the sector. We currently see limited sustainable growth opportunities in, and that sector was down 3% during the quarter in the benchmark. For the quarter, stock selection in the sector lagged the benchmark with an overall negative return of 2% compared to the benchmark sector return of 6%. Of our holdings in the sector, Spectranetics and Akorn were underperformers returning -33% and -8%, respectively. Although Spectranetics earnings have lagged recently, the company s unique and well positioned minimally invasive medical devices used in cardiovascular procedures should gain widespread use. Akorn, a leading ophthalmic and niche injectable generics producer, has established a leading portfolio of products. During the quarter the stock came under pressure due to concerns of financial reporting accuracy around proper accounting reserve requirements for an acquired company. We believe corrective steps the company has taken to improve internal controls further add to the attractive long-term fundamentals of the company. We remain overweight in the sector and confident in our diverse holdings of leading developers of drugs and medical solutions with exceptional long-term prospects. The sector also proved to be an area of weakness for the Fund. Wolverine World Wide and Burlington Stores, maker of branded apparel and footwear, and clothing retailer, respectively, were both caught up in the softer than expected sales environment of specific product segments. Both companies have been making adjustments to offer a diversified, higher margin product mix. Trading Activity Six new names were added to the portfolio and six were eliminated in second quarter trading. Our sector weightings changed slightly, with an increase in our position from 9% to 12% of the portfolio. We also decreased our exposure to more globally cyclical names in the Industrial sector; our weighting went from 18% to 16%. In the sector, we initiated a position in ClubCorp Holdings, a golf, country club and sports club company, and LaQuinta Holdings, a hotel operator and franchisor. We also purchased a position in clothing retailer Burlington Stores. We eliminated our position in health and wellness products retailer Vitamin Shoppe. In the sector, we added positions in biotechnology company Prothena and specialty pharmaceutical company Pacira Pharmaceuticals. Both of these companies focus on treating various unmet medical conditions and serve as an alternative method of care to more traditional, costly treatment. We eliminated our position in Industrial company WageWorks, which operates employee benefit platforms. We also exited our position in global diversified industrial manufacturing company Actuant. The Fund also made adjustments in the sector by adding online marketplace HomeAway, a company focused on the vacation rental industry. Three positions were sold in the sector: ATM and financial service kiosk company Cardtronics, consumer electronic company InvenSense and online professional and recruiting network DHI Group. Current Outlook & Positioning The current conditions of slow earnings growth, tame inflation expectations, and low interest rates have led to U.S. equities being attractive relative to most other investment choices. This often favors growth strategies as earnings

3 trends often dictate stock prices over time. Recent economic data has generally been only modestly positive, although widespread. The job market has continued to grow, home prices are rising, auto sales are healthy, new construction projects are increasing, banks seem to be easing lending standards, oil prices are low, inflation is meager, and consumers appear to be slightly more positive regarding the future. The concerns on the other hand are worrisome, although only when taken to unlikely extremes. Wages have been largely stagnant, new jobs are often lower paying, and many of the unemployed have given up even looking for jobs. Subdued growth in China, the worsening Greece experience and strengthening dollar could pose economic challenges but we see the positives outweighing the current woes. While valuations are indeed somewhat expensive in relation to historical levels, it s also important to keep in mind that the small cap space has an abundance of fast-growing companies that aren t dependent on broader economic growth trends to drive earnings. As a result, in many cases the higher valuations are justified by superior top-line growth. We believe our emphasis on growing companies with high-quality businesses and consistent market share growth will enable the Fund to continue participating in the many positive trends within the small cap space in the years ahead. Our active approach identifies opportunities in faster-growing areas such as and, while striving to mitigate risk by emphasizing companies with earnings visibility and attractive valuations. We believe this remains the most effective strategy for generating long-term outperformance within the small cap space. Top Ten Holdings As of 6/30/2015 Sector Portfolio % Akorn 4.5% EPAM Systems 3.9 Middleby 3.4 Fortinet 2.8 A.O. Smith 2.7 PRA Group 2.7 Acadia 2.6 Mallinckrodt 2.5 Watsco 2.5 FireEye 2.4 Total 30.0% Holdings and sector weightings are subject to change without notice and are represented as a percentage of total net assets. The positions listed are not a recommendation to buy or sell.

4 Performance Review Growth Fund s Class A shares returned 1.71% at net asset value in the second quarter, while the Fund s benchmark, the Russell 2000 Growth Index, returned 1.98%. Average Annual Total Returns June 30, 2015 Growth Fund A (NAV) Growth Fund A (POP) Growth Fund Y Russell 2000 Growth % Return 1 Year Year Year Year Since Inception* *Inception 1/3/1994 Class A Share (POP): Reflects the deduction of the maximum 5.75% sales charge Gross Expense Ratio: 1.32% Please call us at for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which 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. The Fund acquired the assets and liabilities of the Pioneer Growth Fund (the "predecessor fund") on October 17, 2014, at the same time as a change in control of the Advisor. As a result of the reorganization, the Fund is the accounting successor of the predecessor fund. Performance results shown in the chart and the performance table above for the period prior to October 17, 2014, reflect the performance of the predecessor fund. The predecessor fund acquired the assets and liabilities of another fund on February 13, Performance results shown for the period prior to February 13, 2004 reflect the performance of the prior fund. For Class A shares, a contingent deferred sales charge ("CDSC") of 1% will be imposed on certain redemptions of such shares within 12 months of the date of purchase. No sales charge applies on investment purchases of $500,000 or more. Important Risks: Equity securities, such as common stocks, are subject to market, economic and business risks that may cause their prices to fluctuate. Investments made in small capitalization companies may be more volatile and less liquid due to limited resources or product lines and more sensitive to economic factors. The Fund invests in foreign securities which involves certain risks such as currency volatility, political and social instability and reduced market liquidity. Emerging markets may be more volatile and less liquid than more developed markets and therefore may involve greater risks. The Fund invests in ETFs (Exchange-Traded Funds) and is therefore subject to the same risks as the underlying securities in which the ETF invests as well as entails higher expenses than if invested into the underlying ETF directly. The Russell 2000 Growth Index is an unmanaged index that measures the performance of U.S. small cap growth stocks. It is not possible to invest directly in an index.

5 [Cash] Total Total [Cash] The Fund performance attribution information shown below does not reflect the deduction of fees, charges and expenses associated with investing in the Fund, such as sales charges, management fees, distribution and service (12b-1) fees, or any other fees associated with the Fund. Such expenses would reduce the overall returns shown. Please refer to the average annual total returns table for performance that reflects the deduction of these fees and charges. Chart 1 Sector Weightings 35 Growth Fund % 0 Russell 2000 Growth Chart 2 Sector Returns % Growth Fund Russell 2000 Growth Chart 3 Growth Fund Performance Attribution % Weighting Selection Before investing you should carefully consider the Fund s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling or visiting oakridgefunds.com. Please read the prospectus carefully before you invest Oak Ridge Investments, LLC. Distributed by IMST Distributors, LLC. Not FDIC Insured May Lose Value No Bank Guarantee