Elevation Series Trust files Vulcan small-cap summary prospectus
Elevation Series Trust filed a Form 497K on Friday, September 4, 2026, a summary prospectus dated August 28 for Vulcan Value Partners Small Cap Fund (VVPSX and VVISX), with net expenses limited to 1.15% and 1.00% through at least September 14, 2027.
Elevation Series Trust filed a summary prospectus Friday for Vulcan Value Partners Small Cap Fund, the two-class mutual fund that seeks long-term capital appreciation. The paper is dated August 28 and incorporates the statutory prospectus and statement of additional information of the same date. It is a Form 497K: the short prospectus for an existing open-end fund, not a registration of a new product.
Vulcan Value Partners, LLC, the adviser, has contractually agreed to limit total annual fund operating expenses to 1.15% on Investor Class shares (VVPSX) and 1.00% on Institutional Class shares (VVISX) through at least September 14, 2027, excluding acquired-fund fees, brokerage, interest, taxes and extraordinary expenses. Both classes pay a 1.00% management fee; Investor shares also carry a 0.25% 12b-1 fee. Gross expenses in the table are 1.48% and 1.30%. On the paper's $10,000 example, with that cap in force through the 2027 date, the one-year cost is $117 for Investor shares and $102 for Institutional shares.
Under normal circumstances the fund invests at least 80% of net assets in small-cap companies, defined at purchase as names inside the Russell 2000 market-cap range over the most recent 12 months. As of June 30, the index's latest reconstitution, that range ran from about $146.4 million to $71.9 billion. The fund is non-diversified. A core position is generally about 5% of the portfolio, so the paper describes a book that would, in theory, hold about 20 companies.
C.T. Fitzpatrick, Vulcan's chief investment officer, has managed the fund since its inception in December 2009. Stephen Simmons, CFA, Colin Casey and Taylor Cline, CFA, have been portfolio managers since 2024; Robert Smith, CFA, and Brad Headley, CFA, since 2026. The six are jointly and primarily responsible for day-to-day management.
The paper records one structural fact already completed: the fund is the successor to a Financial Investors Trust series reorganized into Elevation Series Trust on September 12, 2025. Initial purchases start at $5,000 for a regular Investor account and $1 million for Institutional shares.
Frequently asked
What does the fund actually buy?
Under normal circumstances it puts at least 80% of net assets in small-cap companies, defined at purchase as names within the Russell 2000 market-cap range over the trailing 12 months.
How long does the expense cap last?
The adviser has contractually agreed to the limits through at least September 14, 2027, excluding acquired-fund fees, brokerage, interest, taxes and extraordinary expenses.
What would the fund cost me?
On the prospectus's $10,000 example, with the cap in force, one-year costs are $117 for Investor shares and $102 for Institutional shares.
How much do I need to get in?
Initial purchases start at $5,000 for a regular Investor account and $1 million for Institutional shares.