Firm Description Lisanti Capital Growth, LLC ("Lisanti" or the "Adviser" or the "Firm"), a registered investment advisor, was founded in 2003, based in New York, New York. Lisanti is certified as a Woman-owned Business Enterprise by the Women's Business Enterprise National Council.
Lisanti offers investment advisory services (including investment sub-advisory and model delivery services), also known as asset management services, on a discretionary and non-discretionary basis to institutional investors, pension funds, pooled investment vehicles, corporations, pension and profit sharing plans, public funds, employee benefit plans, educational organizations, trusts, endowments and foundations, individuals, investment companies, registered investment advisers and broker dealers. Lisanti is strictly an investment management firm. The firm does not sell annuities, insurance, stocks, bonds, mutual funds, limited partnerships, or other commissioned products. The firm is affiliated with Dinosaur Financial Group, LLC, a U.S. based broker dealer registered with FINRA and the SEC, and DCM Advisors, LLC, a registered Investment Advisor.
Principal Owners Lisanti Capital Growth is 52% owned by Mary Lisanti, the firm's president and Managing Member Dinosaur Group Holdings, LLC, a global investment bank and broker dealer, with offices in London, Spain, Italy, and the United States is a passive financial investor with a 48% Ownership in Lisanti Capital Growth.
Types of Advisory Services Lisanti provides investment supervisory services, also known as asset management services, as follows: Separately Managed Accounts Lisanti offers two U.S. domestic long-only equity strategies, primarily to institutional clients, as separately managed accounts. Lisanti adheres to its clients' written investment objectives, guidelines, and restrictions. Lisanti's separately managed accounts are offered to city and state government entities, corporations, pension and profit-sharing plans, employee benefit plans, educational organizations, trusts, endowments and foundations, pooled investment vehicles, and high net worth individuals typically.
Mutual Funds Lisanti serves as the Adviser to the Lisanti Small Cap Growth Mutual Fund, an open-ended series of Forum Funds, a Delaware statutory trust (the "Forum Trust"). The Forum Trust is a registered investment company under the Investment Company Act of 1940, as amended. The Adviser utilizes its Small Cap Growth Strategy in managing this Fund.
Model Portfolio Management/UMA Platforms & Programs Lisanti also provides portfolio management and advisory services to model-based unified managed account platforms and programs ("UMA"s). Each model portfolio is designed to meet a particular investment strategy. Lisanti provides these model portfolios to select brokers-dealers and investment advisers. For clients who receive model delivery, Lisanti does not determine whether a model is suitable to a particular client's circumstances. The client portfolio is managed according to the model's strategy, and it is up to the broker dealer or investment advisor to tailor the portfolio to the individual needs of their clients. We structure these models using the same approach as we do for our separately managed account clients. Generally, the only differences in our management of the models are due to separately managed client-imposed investment, trading guidelines and restrictions, and the frequency 4 of the trading as model clients may require lower turnover. However, Lisanti may, at its discretion, structure custom models at the request of the Sponsors. Lisanti is not responsible for trade execution or reconciliation, (unless the program allows for step out trades), and other functions within the models it advises and has no discretion over the assets subscribed to our model portfolios made available through these programs. For that reason, we exclude these assets from our assets under management and instead report them under assets under advisement ("AUA") as noted below. Model delivery may be facilitated through wrap account platforms or programs, referred to as "wrap fee programs". Lisanti is not a sponsor of a wrap fee program.
Collectively, the entities referenced above are referred to herein as ("Clients"), unless otherwise

noted.
Lisanti manages the assets of its Clients in accordance with the Firm's Small Cap Growth and SMID Cap Growth equity investment management styles, subject to reasonable investment restrictions or other investment guidelines imposed by Clients ("Investment Guidelines"). Each Client is responsible for informing Lisanti of any changes to its Investment Guidelines. Lisanti does not assume any responsibility for the accuracy of the information provided by Clients. Refer to Investment Discretion for additional information on Conditions for Managing Accounts. Lisanti's small cap growth strategy invests in the equity securities of smaller, rapidly growing U.S. and foreign companies whose equities are traded on U.S. stock exchanges. Lisanti focuses primarily on seeking to maximize capital appreciation for its Clients. Given its focus, under certain market conditions, a portion of Lisanti's strategy can be invested in companies that have newly come public ("Initial Public Offerings" or "IPOs"). Due to the volatile nature of smaller, high growth issues and the risks involved when investing in these types of securities and strategies, the actual return of a Client's account likely will fluctuate and at any point in time be worth more or less than the amount originally invested. Refer to Methods of Analysis, Investment Strategy, and Risk of Loss for additional information regarding Lisanti's investment strategy. Lisanti's SMID Cap growth strategy utilizes the same investment process as the Firm's Small Cap Growth strategy but has a higher range of market capitalization stocks in which it invests.
Investment Advisory Agreement Lisanti requires that each Client enter into an investment advisory agreement with Lisanti prior to Lisanti's performance of any investment management services for the benefit of the Client. The agreement is a written contract between Lisanti and a Client and sets forth the terms of the portfolio management services to be rendered to the Client and the fees to be paid for such services.
Under the terms of Lisanti's form of the investment advisory agreement ("Agreement"), Lisanti offers investment advice to a Client and manages the cash, securities, and other assets which the Client has allocated to Lisanti for investment ("Account"). The Agreement may empower Lisanti, as agent and attorney-in-fact on behalf of an Account, with full power and authority to invest Account assets on a discretionary basis subject to applicable Investment Guidelines or on a non-discretionary basis subject applicable Investment Guidelines.
Pursuant to the Agreement, Lisanti does not maintain custody of securities or other assets contained in an Account. Rather, the custodian of each Account is designated in the Agreement and, under the Agreement, Client agrees to instruct its custodian to accept instructions from Lisanti on behalf of the Account.
Under the Agreement and subject to the duty to obtain best execution for each transaction on behalf of an Account, Lisanti has full discretion to place orders for the execution of transactions with or through brokers, dealers, or banks ("Brokers"). In selecting Brokers, Lisanti may, in compliance with Section 5 28(e) under the Securities Exchange Act of 1934, incur commissions on transactions in excess of the amount of commission another Broker would charge when Lisanti receives research of execution services from the Brokers. As a general rule, Lisanti prohibits trading with its affiliated broker dealer, Dinosaur Financial Group.
The Agreement permits a Client to either delegate the responsibility of voting proxies with respect to Account securities to Lisanti or retain the voting responsibility. If proxy voting is delegated to Lisanti, the Agreement requires Lisanti to vote proxies on a client's behalf by employing Lisanti's proxy voting policies and procedures. Clients utilizing Model delivery may not be able to delegate proxy voting to Lisanti.
Lisanti allows certain clients to use their own agreement/contract. These contracts may contain provisions different from the provisions Lisanti has in its Agreement.
Assets Under Management As of December 31, 2023, we provide continuous management services for $438,500,000 in client assets on a discretionary basis.