OAK RIDGE SMALL CAP GROWTH FUND

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1 OAK RIDGE SMALL CAP GROWTH FUND Performance Analysis & Commentary 4Q2017 Performance Summary The ninth year of the bull market saw almost all domestic broad indices advance in excess of double their historical averages. The largest companies dominated, but small caps managed strong positive returns. The Growth Fund (the Fund ) ended the quarter above the Index. The Fund s Class I shares returned 7.15 at net asset value, while the Fund s benchmark, the Index, returned For the full year, the Fund returned verse the benchmark s Stock selection in the, and sectors were the largest positive contributors to relative returns for the year while stock selection in the, and sectors detracted from performance. 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. Market Review The ninth year of this albeit tepid recovery saw almost all domestic broad indices advance in excess of double their historical averages. The largest companies led the market and not only are these returns remarkable for such large companies compared to small caps, but this follows multiple years of exceptional performance. Absent any meaningful market correction, investors confidently favored riskier securities in pursuit of the highest returns and were generally well rewarded, as volatility, measured by the VIX index, hit all-time record lows. The Growth Fund outperformed the benchmark during the quarter with Class I share returns of 7.15 at NAV compared to our benchmark, the Index, return of Over the course of the year, returns of the Fund trailed the benchmark returns of verse 22.17, respectively. In 2017, stock selection in the, and sectors were our primary areas of outperformance. The primary detractors to performance were stock selections in the, and. All benchmark sectors had strong positive full year returns, with the exception of., and were up the most in the benchmark (+37, +34 and +22, respectively). In addition, the and were each up around 20. The relatively smaller sector was down, returning -23 for the year. Security Selection & Sector Allocation The largest contributor to small cap performance in 2017 in the Fund was. Leading the way was Ollie s Bargain Outlet Holdings (+87). The company is effectively the off-price of non-apparel, a category that has virtually little vulnerability to ecommerce, and has the scope to quadruple its store base. The fourth quarter is off to a strong start as well, which compelled the company to raise guidance to a mid-20 growth rate. Ollie s is a solid performer and projected long-term hold. Another standout name was Five Below (+66), a discount retailer. Five Below s strong Q2 continued into Q3 as the company delivered 80 EPS growth on a comparable store sales increase of both above expectations. The company raised fourth quarter guidance as well. In addition, the company has scope to gain considerable share, and should sustain 20+ EPS growth for the near future. Lastly, discount apparel company Burlington Stores (+45) continues to be a solid performer and core portfolio holding. Well-positioned in the off-price category, the company is a

2 beneficiary of secular change, market share gains, and margin expansion, which is translating into sustainable EPS growth. Another outperforming sector during 2017 for the Fund was. Leading this group was SAGE Therapeutics (+223) which is a biopharmaceutical company focused on treating nervous system disorders. The stock soared in Q4 after releasing data showing that its Phase 2 trial of Sage-217 to treat patients with moderate to severe major depressive disorder met its primary and secondary endpoints. The potential market for this drug could be substantial, not to mention the company has a number of other promising drug candidates progressing through clinical trials as well. Another positive performer was ABIOMED (+66), a provider of mechanical circulatory devices, which had a strong year as it continues to demonstrate strong growth in its Impella heart catheter technology. Lastly, medical device company Globus Medical (+66) was also a positive contributor. The company remains one of our top picks on the strength of its new robotic surgery system roll out, trauma systems launch, and salesforce ramp up. Fundamentals and growth prospects remain strong and we anticipate strong leadership with the management the company has in place. The remains a minor sector weighting and was positive for the year in terms of relative performance against the benchmark sector, but performed negatively on an absolute basis. Both of our exploration and production holdings in the sector were down, but our outperformer RSP Permian -9 fared well compared to the benchmark sector (-23). Our other holding PDC was sold during the fourth quarter. The main area of underperformance for 2017 was. Most of the underperformance is attributable to PRA Group (-15). The company had a rough year as elevated dispute levels, attrition of debt collectors, and added legal compliance led to slower than expected debt collection and, ultimately, a large impairment charge. However, after seven consecutive quarters of declines, cash collections grew almost 3 in the third quarter, and both call center and European core growth were strong. With that said, we remain very cautious on the name and continue to monitor developments. Another underperformer was BankUnited (-11), which had a number of struggles with its loan portfolio and was sold during the year. Another area of underperformance for the year was. The main detractor from performance was Synchronoss Technologies (-65), a provider of cloud capabilities for service providers. A botched acquisition and management transition removed any sense of confidence investors had in the company. We sold out of the name during the year. Electronics For Imaging (-27), a digital printing company, also detracted from performance as a result of poor sales execution and concerns over internal accounting controls. Lastly, Inphi (- 25), a semiconductor company, was a laggard due to softer demand for optical networking components in the China telecom market, which stemmed from a temporary inventory correction. The sector also underperformed during the year. Contributing to that underperformance was Middleby (+5), a food service equipment company, which continues to experience pressure on its commercial food service business. Adding to that pressure was Amazon s acquisition of Whole Foods, which could make it cheaper for consumers to eat at home and prompt restaurants to take more of a wait and see approach to capital equipment spending. Trading Activity Four stocks were eliminated from the portfolio, and seven were added in fourth quarter trading. In terms of sector weightings, declined slightly from 24 to 23 with additions of Quantenna Communications and MaxLinear (both semiconductor companies) and Gigamon (network monitoring solutions). The two divestments in the sector were Criteo (digital marketing solutions) and KEYW Holdings (a cybersecurity services firm). dropped from 26 to 23 with the divestment of Akorn (generic pharmaceuticals), despite the addition of Corcept Therapeutics (biopharmaceuticals). increased a point from 16 to 17 with the investment of Advanced Disposal (waste removal). bumped up slightly from 17 to 18 with added position Duluth Holdings (apparel) offset the sale of Core-Mark Holdings (convenience

3 store distribution). Lastly, grew slightly to 6 with the addition of one community bank, Home Bancshares. Current Outlook & Positioning Much depends on interest rates remaining well below historical levels. Positive sentiment is influenced not only by the lack of a meaningful market decline, but also high levels of consumer confidence and continued near record low returns on safe fixed rate options. The Federal Reserve has indicated a desire to continue gradually increasing short-term interest rates. The aggressive stimulus provided by the corporate tax cuts may overshadow these increasing rates. While it may appear markets are ignoring political turmoil throughout the world, they seem to have accurately anticipated economic improvements that may continue and even accelerate with more investment friendly policies and reductions in regulation. Our philosophy has been to remain good stock pickers and focus on risk management, which has kept us quite out of style the past several years. Most investors fail to match the market returns because they become emotional and lose conviction - we are proud of our discipline and confident patience will be rewarded, as it has over time. The year ahead is unlikely to be as easy an environment for investors, particularly with mid-term elections expected to threaten Republican majorities and a strong economy creating a risk for inflation. Earnings growth should create attractive investment opportunities and we maintain a constructive outlook for equity markets. Top Ten Holdings As of 12/31/2017 Sector Portfolio Ligand Pharma 3.2 SAGE Therapeutics 3.0 Globus Medical 3.0 Omnicell 3.0 Pool Corp 2.9 Burlington Stores 2.8 Ollie s Bargain Outlet 2.8 Beacon Roofing 2.8 Five Below 2.7 Bright Horizons 2.5 Total Percentage 28.7 Holdings and sector weightings in this commentary 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 I shares returned 7.15 at net asset value in the fourth quarter, while the Fund s benchmark, the Index, returned Annualized Returns December 31, 2017 Growth Fund A (NAV) Growth Fund A (POP) Growth Fund I Return Latest Quarter Year Year Year Year Since Inception* *Inception 1/3/1994 Class A Share (POP): Reflects the deduction of the maximum 5.75 sales charge Total Expense Ratio: Class A , Class I 1.15 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 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/Other 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 as of 12/31/ Growth Fund Chart 2 Sector Returns 4Q Growth Fund -5 Chart 3 Growth Fund Performance Attribution 4Q 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