U.S. Equity Fund

The Fund’s objective seeks to provide long-term capital appreciation by investing in a concentrated portfolio of Small to Mid-Cap U.S. companies.

Portfolio Manager

 PHILLIP COOK                 CIO & Managing Partner

Documents

Fact Sheet
Commentary
Summary Prospectus
Prospectus
Annual Report 
Semi-Annual Report 
SAI
Schedule F (12.31.2025)
Schedule F (06.30.2025)

2025 Form N-PX 
Annual Shareholder Report – Class N 
Annual Shareholder Report – Class I
Semi-Annual Shareholder Report – Class N 
Semi-Annual Shareholder Report – Class I

Fund Information

• The Fund generally invests in companies with market capitalizations within the trailing twelve month range of the Russell 2500 Index (at initiation of position).
• The Fund typically invests in companies the manager believes are niche dominant and attractively valued with financial flexibility and uniquely fitted management teams.
• We seek to invest in companies which we believe have 50-100% upside over a 3-5 year time period at initial purchase.

DISTRIBUTIONS

Class N Distributions

Class I Distributions

Statements received directly from the account custodian should be regarded as the official record for a client’s account. This information is being furnished to you for informational purposes only and should not be solely relied upon when making an investment decision. All information has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed.

Small- and Mid-Capitalization Companies Risk — The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

Non-Diversified Fund Risk— The Fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent that the Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers than a diversified fund.

Before investing in any SouthernSun funds, you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. The Prospectus and Summary Prospectus contain this and other important information. Please read the Prospectus and Summary Prospectus carefully before investing.

The SouthernSun funds are distributed by SEI Investments Distribution Co. (SIDCO). The Funds are managed by SouthernSun Asset Management, LLC. SIDCO is not affiliated with SouthernSun Asset Management, LLC or any of its affiliates. SIDCO is a member of FINRA/SIPC. FINRA Broker Check.