REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No.
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Post-Effective Amendment No.
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461
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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Amendment No.
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462
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X
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Brian R. Wiedmeyer, President and Principal Executive Officer
Managed Portfolio Series
615 East Michigan Street
Milwaukee, WI 53202
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Michael P. O’Hare, Esq.
Stradley Ronon Stevens & Young, LLP.
2005 Market Street, Suite 2600
Philadelphia, PA 19103
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immediately upon filing pursuant to paragraph (b)
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On February 28, 2020 pursuant to paragraph (b)
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60 days after filing pursuant to paragraph (a)(1)
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on (date) pursuant to paragraph (a)(1)
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75 days after filing pursuant to paragraph (a)(2)
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on (date) pursuant to paragraph (a)(2) of Rule 485.
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This post-effective amendment designates a new effective date for a previously filed post- effective amendment.
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Ticker Symbols
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Investor Class
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Institutional
Class
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IS Class
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Jackson Square All-Cap Growth Fund
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[Not available
for purchase]
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[Not available
for purchase]
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JSSSX
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Jackson Square Global Growth Fund
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[Not available
for purchase]
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JSPTX
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JSPUX
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Jackson Square Large-Cap Growth Fund
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JSPJX
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JSPIX
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DPLGX
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Jackson Square Select 20 Growth Fund
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[Not available
for purchase]
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[Not available
for purchase]
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DPCEX
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Jackson Square SMID-Cap Growth Fund
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JSMVX
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JSMTX
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DCGTX
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51
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Summary Sections
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Shareholder Fees
(fees paid directly from your investment)
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Investor
Class
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Institutional
Class
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IS
Class
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None
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None
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None
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
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Investor
Class
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Institutional
Class
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IS
Class
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Management Fees
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0.65%
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0.65%
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0.65%
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Shareholder Servicing Plan Fee
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0.10%
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0.10%
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0.00%
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Distribution and Service (Rule 12b-1) Fees
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0.25%
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0.00%
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0.00%
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Other Expenses
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1.82%(1)
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1.82%(1)
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1.82%
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Total Annual Fund Operating Expenses
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2.82%
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2.57%
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2.47%
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Less: Fee Waiver and Expense Reimbursement (2)
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(1.57)%
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(1.57)%
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(1.57)%
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Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (2)
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1.25%
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1.00%
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0.90%
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(1)
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Other Expenses for Investor Class and Institutional Class are based on estimated amounts for the current fiscal year.
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(2)
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Jackson Square Partners, LLC (the “Adviser” or “Jackson Square”) has contractually agreed to waive its management fees and pay Fund expenses in order to ensure that Total Annual Fund Operating Expenses (excluding Rule 12b-1 fees, Shareholder Servicing Plan fees, leverage/borrowing interest, interest expense, dividends paid on short sales, brokerage and other transactional expenses, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, or extraordinary expenses) do not exceed 0.90% of the average daily net assets of the Fund. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and/or expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least February 28, 2021. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser.
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One Year
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Three Years
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Five Years
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Ten Years
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Investor Class
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$127
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$725
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$1,350
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$3,034
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Institutional Class
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$102
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$650
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$1,224
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$2,787
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IS Class
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$92
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$619
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$1,174
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$2,687
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Portfolio Managers
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Title with Jackson Square
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Jeffrey S. Van Harte, CFA
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Chairman, Chief Investment Officer
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Christopher J. Bonavico, CFA
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Portfolio Manager, Analyst
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Kenneth F. Broad, CFA
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Portfolio Manager, Analyst
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Christopher M. Ericksen, CFA
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Portfolio Manager, Analyst
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Ian D. Ferry
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Portfolio Manager, Analyst
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Patrick G. Fortier, CFA
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Portfolio Manager, Analyst
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Daniel J. Prislin, CFA
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Portfolio Manager, Analyst
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William Montana (1)
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Portfolio Manager, Analyst
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Gregory Chory (1)
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Portfolio Manager, Analyst
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Brian Tolles (1)
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Portfolio Manager, Analyst
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Investor
Class
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Institutional
Class
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IS
Class
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Minimum Initial Investment (non-IRA)
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$2,500
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$100,000
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$1,000,000
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Minimum Initial Investment (IRA)
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$1,000
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$100,000
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$1,000,000
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Subsequent Minimum Investment
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$100
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N/A
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N/A
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Shareholder Fees
(fees paid directly from your investment)
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Investor
Class
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Institutional
Class
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IS
Class
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None
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None
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None
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
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Investor
Class
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Institutional
Class
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IS
Class
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Management Fees
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0.80%
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0.80%
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0.80%
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Shareholder Servicing Plan Fee
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0.10%
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0.10%(1)
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0.00%
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Distribution and Service (Rule 12b-1) Fees
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0.25%
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0.00%
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0.00%
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Other Expenses
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1.21%(2)
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1.21%
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1.21%
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Total Annual Fund Operating Expenses
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2.36%
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2.11%
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2.01%
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Less: Fee Waiver and Expense Reimbursement (3)
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-0.96%
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-0.96%
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-0.96%
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Total Annual Fund Operating Expenses After
Fee Waiver and Expense Reimbursement (1)(3)
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1.40%
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1.15%
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1.05%
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(1)
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The Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement do not correlate to the ratio of expenses to average net assets included in the Financial Highlights section of the Fund’s Statutory Prospectus, which reflects the operating expenses of the Fund and does not include available shareholder servicing plan fees for the Institutional Class.
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(2)
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Other Expenses for Investor Class are based on estimated amounts for the current fiscal year.
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(3)
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Jackson Square Partners, LLC (the “Adviser” or “Jackson Square”) has contractually agreed to waive its management fees and pay Fund expenses in order to ensure that Total Annual Fund Operating Expenses (excluding Rule 12b-1 fees, Shareholder Servicing Plan fees, leverage/borrowing interest, interest expense, dividends paid on short sales, brokerage and other transactional expenses, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, or extraordinary expenses) do not exceed 1.05% of the average daily net assets of the Fund. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and/or expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least February 28, 2021. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser.
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One Year
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Three Years
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Five Years
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Ten Years
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Investor Class
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$143
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$645
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$1,173
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$2,623
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Institutional Class
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$117
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$568
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$1,046
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$2,365
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IS Class
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$107
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$538
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$994
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$2,261
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Portfolio Managers
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Title with Jackson Square
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Christopher J. Bonavico, CFA
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Portfolio Manager, Analyst
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Patrick G. Fortier, CFA
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Portfolio Manager, Analyst
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Brian Tolles (1)
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Portfolio Manager, Analyst
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Investor
Class
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Institutional
Class
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IS
Class
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Minimum Initial Investment (non-IRA)
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$2,500
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$100,000
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$1,000,000
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Minimum Initial Investment (IRA)
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$1,000
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$100,000
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$1,000,000
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Subsequent Minimum Investment
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$100
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N/A
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N/A
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Shareholder Fees
(fees paid directly from your investment)
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Investor
Class
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Institutional
Class
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IS
Class
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None
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None
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None
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
Investor
Class
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Institutional
Class
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IS
Class
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Management Fees
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0.55%
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0.55%
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0.55%
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Shareholder Servicing Plan Fee
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0.10%(1)
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0.10%(1)
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0.00%
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Distribution and Service (Rule 12b-1) Fees
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0.25%
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0.00%
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0.00%
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Other Expenses
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0.26%
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0.26%
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0.25%
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Total Annual Fund Operating Expenses
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1.16%
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0.91%
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0.80%
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Less: Fee Waiver (2)
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(0.17)%
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(0.17)%
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(0.16)%
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Total Annual Fund Operating Expenses After
Fee Waiver (1)(2)
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0.99%
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0.74%
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0.64%
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(1)
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The Total Annual Fund Operating Expenses After Fee Waiver do not correlate to the ratio of expenses to average net assets included in the Financial Highlights section of the Fund’s Statutory Prospectus, which reflects the operating expenses of the Fund and does not include available shareholder servicing plan fees for the Investor Class and Institutional Class.
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(2)
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Jackson Square Partners, LLC (the “Adviser” or “Jackson Square”) has contractually agreed to waive its management fees and pay Fund expenses in order to ensure that Total Annual Fund Operating Expenses (excluding Rule 12b-1 fees, Shareholder Servicing Plan fees, leverage/borrowing interest, interest expense, dividends paid on short sales, brokerage and other transactional expenses, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, or extraordinary expenses) do not exceed 0.64% of the average daily net assets of the Fund. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and/or expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least February 28, 2021. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser.
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One Year
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Three Years
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Five Years
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Ten Years
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Investor Class
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$101
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$352
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$622
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$1,394
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Institutional Class
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$76
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$273
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$487
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$1,104
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IS Class
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$65
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$239
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$428
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$975
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(1)
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The Fund is the accounting successor to the Large-Cap Growth Equity Portfolio, a series of Delaware Pooled Trust (the “Predecessor Fund”). The Fund acquired the assets and liabilities of the Predecessor Fund in exchange for IS Class shares of the Fund on September 19, 2016 (the “Reorganization”). Accordingly, the performance shown in the bar chart and the performance table for periods prior to September 19, 2016 represents the performance of the Predecessor Fund. Prior to September 19, 2016, the Adviser served as the sole sub-adviser to the Predecessor Fund. The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.
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(1)
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The Institutional Class and Investor Class shares of the Fund commenced operations on September 19, 2016. The performance results above for the Institutional Class and Investor Class shares for the periods prior to September 19, 2016 reflect the performance of the IS Class shares of the Fund adjusted for the expense ratios of the Institutional and Investor Class shares.
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Portfolio Managers
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Title with Jackson Square
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Jeffrey S. Van Harte, CFA
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Chairman, Chief Investment Officer
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Christopher J. Bonavico, CFA
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Portfolio Manager, Analyst
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Christopher M. Ericksen, CFA
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Portfolio Manager, Analyst
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Daniel J. Prislin, CFA
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Portfolio Manager, Analyst
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William Montana (1)
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Portfolio Manager, Analyst
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Investor
Class
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Institutional
Class
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IS
Class
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Minimum Initial Investment (non-IRA)
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$2,500
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$100,000
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$1,000,000
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Minimum Initial Investment (IRA)
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$1,000
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$100,000
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$1,000,000
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Subsequent Minimum Investment
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$100
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N/A
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N/A
|
Shareholder Fees
(fees paid directly from your investment)
|
Investor
Class
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Institutional
Class
|
IS
Class
|
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None
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None
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None
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
Investor
Class
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Institutional
Class
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IS
Class
|
Management Fees
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0.65%
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0.65%
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0.65%
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Shareholder Servicing Plan Fee
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0.10%
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0.10%
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0.00%
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Distribution and Service (Rule 12b-1) Fees
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0.25%
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0.00%
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0.00%
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Other Expenses
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2.03%(1)
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2.03%(1)
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2.03%
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Total Annual Fund Operating Expenses
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3.03%
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2.78%
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2.68%
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Less: Fee Waiver (2)
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(1.81)%
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(1.81)%
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(1.81)%
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Total Annual Fund Operating Expenses After
Fee Waiver (2)
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1.22%
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0.97%
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0.87%
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(1)
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Other Expenses for Investor Class and Institutional Class are based on estimated amounts for the current fiscal year.
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(2)
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Jackson Square Partners, LLC (the “Adviser” or “Jackson Square”) has contractually agreed to waive its management fees and pay Fund expenses in order to ensure that Total Annual Fund Operating Expenses (excluding Rule 12b-1 fees, Shareholder Servicing Plan fees, leverage/borrowing interest, interest expense, dividends paid on short sales, brokerage and other transactional expenses, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, or extraordinary expenses) do not exceed 0.87% of the average daily net assets of the Fund. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and/or expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least February 28, 2021. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser.
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One Year
|
Three Years
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Five Years
|
Ten Years
|
Investor Class
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$124
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$766
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$1,433
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$3,218
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Institutional Class
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$99
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$690
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$1,308
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$2,977
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IS Class
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$89
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$660
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$1,258
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$2,879
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(1)
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The Fund is the accounting successor to The Select 20 Portfolio, a series of Delaware Pooled Trust (the “Predecessor Fund”). The Fund acquired the assets and liabilities of the Predecessor Fund in exchange for IS Class shares of the Fund on September 19, 2016 (the “Reorganization”). Accordingly, the performance shown in the bar chart and the performance table for periods prior to September 19, 2016 represents the performance of the Predecessor Fund. Prior to September 19, 2016, the Adviser served as the sole sub-adviser to the Predecessor Fund. The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.
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Investor
Class
|
Institutional
Class
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IS
Class
|
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Minimum Initial Investment (non-IRA)
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$2,500
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$100,000
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$1,000,000
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Minimum Initial Investment (IRA)
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$1,000
|
$100,000
|
$1,000,000
|
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|
Subsequent Minimum Investment
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$100
|
N/A
|
N/A
|
Shareholder Fees
(fees paid directly from your investment)
|
Investor
Class
|
Institutional
Class
|
IS
Class
|
|
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|
None
|
None
|
None
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
Investor
Class
|
Institutional
Class
|
IS
Class
|
Management Fees
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0.75%
|
0.75%
|
0.75%
|
Shareholder Servicing Plan Fee
|
0.10%
|
0.10%(1)
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0.00%
|
Distribution and Service (Rule 12b-1) Fees
|
0.25%
|
0.00%
|
0.00%
|
Other Expenses
|
0.12%
|
0.12%
|
0.12%
|
Total Annual Fund Operating Expenses
|
1.22%
|
0.97%
|
0.87%
|
(1)
|
The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Financial Highlights section of the Fund’s Statutory Prospectus, which reflects the operating expenses of the Fund and does not include available shareholder servicing plan fees for Institutional Class.
|
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
Investor Class
|
$124
|
$389
|
$670
|
$1,477
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Institutional Class
|
$99
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$309
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$536
|
$1,190
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IS Class
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$89
|
$278
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$482
|
$1,073
|
(1)
|
The Fund is the accounting successor to The Focus Smid-Cap Growth Equity Portfolio, a series of Delaware Pooled Trust (the “Predecessor Fund”). The Fund acquired the assets and liabilities of the Predecessor Fund in exchange for IS Class shares of the Fund on September 19, 2016 (the “Reorganization”). Accordingly, the performance shown in the bar chart and the performance table for periods prior to September 19, 2016 represents the performance of the Predecessor Fund. Prior to September 19, 2016, the Adviser served as the sole sub-adviser to the Predecessor Fund. The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.
|
(1)
|
The Institutional Class commenced operations on September 16, 2016. The Investor Class commenced operations on September 19, 2016. The performance results above for the Institutional Class and Investor Class shares for the prior periods reflect the performance of the IS Class shares of the Fund adjusted for the expense ratios of the Institutional and Investor Class shares.
|
Portfolio Managers
|
Title with Jackson Square
|
Christopher J. Bonavico, CFA
|
Portfolio Manager, Analyst
|
Kenneth F. Broad, CFA
|
Portfolio Manager, Analyst
|
Ian Ferry (1)
|
Portfolio Manager, Analyst
|
|
Investor
Class
|
Institutional Class
|
IS
Class
|
|
|
|
|
Minimum Initial Investment (non-IRA)
|
$2,500
|
$100,000
|
$1,000,000
|
|
|
|
|
Minimum Initial Investment (IRA)
|
$1,000
|
$100,000
|
$1,000,000
|
|
|
|
|
Subsequent Minimum Investment
|
$100
|
N/A
|
N/A
|
Investment Objective, Strategies, Risks and Disclosure of Portfolio Holdings
|
Management of the Funds
|
Fund
|
Annual Management Fee
|
All-Cap Growth Fund
|
0.65%
|
Global Growth Fund
|
0.80%
|
Large-Cap Growth Fund
|
0.55%
|
Select 20 Growth Fund
|
0.65%
|
SMID-Cap Growth Fund
|
0.75%
|
Fund
|
Expense Limitation
|
All-Cap Growth Fund
|
0.90%
|
Global Growth Fund
|
1.05%
|
Large-Cap Growth Fund
|
0.64%
|
Select 20 Growth Fund
|
0.87%
|
SMID-Cap Growth Fund
|
0.87%
|
Fund
|
Advisory Fee Paid
|
All-Cap Growth Fund
|
0.00%
|
Global Growth Fund
|
0.00%
|
Large-Cap Growth Fund
|
0.39%
|
Select 20 Growth Fund
|
0.00%
|
SMID-Cap Growth Fund
|
0.75%
|
|
For the Periods Ended December 31, 2019
|
|||
|
One Year
|
Five Years
|
Ten Years
|
Since Inception
5/31/2005
|
All-Cap Growth Equity Composite (Net of Fees) 1
|
28.04%
|
8.65%
|
13.13%
|
10.42%
|
Russell 3000® Growth Index2 (reflects no deduction for fees, expenses or taxes)
|
35.85%
|
14.23%
|
15.05%
|
10.83%
|
1
|
The All-Cap Growth Composite performance, characteristics and portfolio information for the time period preceding May 1, 2014 represent results achieved by the Jackson Square team at Delaware Investments. The Adviser was established as a registered investment adviser on May 1, 2014, and the same investment professionals who comprised the Jackson Square team at Delaware Investments have been continually responsible for the performance of the All-Cap Growth Composite at the Adviser since May 1, 2014.
|
2
|
The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values, as defined by Russell's leading style methodology.
|
|
For the Periods Ended December 31, 2019
|
|||
|
One Year
|
Five Years
|
Ten Years
|
Since Inception
12/31/2008
|
Focus Global Growth Equity Composite (Net of Fees) 1
|
28.16%
|
11.09%
|
12.00%
|
15.18%
|
MSCI All Country World Index2
(reflects no deduction for fees, expenses or taxes)
|
26.60%
|
8.41%
|
8.79%
|
10.92%
|
1
|
The Global Growth Composite performance, characteristics and portfolio information for the time period preceding May 1, 2014 represent results achieved by the Jackson Square team at Delaware Investments. The Adviser was established as a
|
2
|
The MSCI All Country World Index is a free float adjusted market capitalization weighted index that is designed to measure the equity market performance of markets worldwide.
|
Shareholder Information
|
•
|
Clients of financial intermediaries that have an agreement in place with Quasar Distributors, LLC (the “Distributor”) or its affiliates who charge clients an ongoing fee for advisory, investment, consulting or similar services;
|
•
|
Clients of financial intermediaries that have an agreement in place with the Distributor or its affiliates that charge their clients transaction fees with respect to their investments in the Funds;
|
•
|
Individuals and institutional investors such as defined benefit plans, foundations or endowments, that meet the minimum initial investment set by the Fund;
|
•
|
Institutions and individuals that use trust departments or family/multi-family offices that exercise investment discretion;
|
•
|
Certain retirement and benefit plans, including pension plans and employer sponsored retirement plans established under Section 403(b) or Section 457 of the Internal Revenue Code, or qualified under Section 401, of the Internal Revenue Code;
|
•
|
Certain qualified plans under Section 529 of the Internal Revenue Code;
|
•
|
Certain insurance related products that have an agreement in place with the Distributor or its affiliates;
|
•
|
Certain advisory accounts of the Adviser or its affiliates;
|
•
|
Trustees and officers of the Trust; directors, officers and employees of the Adviser and its affiliates (including the spouse, life partner, parents, or minor children under 21 of any such person); any
|
•
|
Employee retirement plans sponsored by, affiliates of, or employees (including their immediate families) of, the Adviser or its affiliates.
|
•
|
Directors, officers and employees of the Adviser and its affiliates (including the spouse, life partner, parents, or minor children under 21 of any such person);
|
•
|
Employee retirement plans sponsored by, affiliates of, or employees (including their immediate families) of, the Adviser or its affiliates;
|
•
|
Qualified retirement plans, including, but not limited to 401(k) plans, 457 plans, employer sponsored 403(b) plans, defined benefit plans and other accounts or plans whereby IS Shares are held on the books of the Fund through omnibus accounts (either at the plan level or the level of the plan administrator);
|
•
|
Bank and trust companies;
|
•
|
Insurance companies;
|
•
|
Registered investment companies;
|
•
|
Non-qualified deferred compensation plans; and
|
•
|
Other institutional investors (subject to the Adviser’s determination of eligibility) that:
|
◦
|
Meet the minimum initial investment requirement for IS Class shares; and
|
◦
|
Hold interests in the Fund through a single plan level account held directly through the Fund and not traded through an intermediary.
|
◦
|
In certain cases, clients of consultants, registered investment advisers or other intermediaries may be aggregated for purposes of meeting the minimum requirement.
|
|
Investor
Class
|
Institutional
Class
|
IS
Class
|
|
|
|
|
Minimum Initial Investment (non-IRA)
|
$2,500
|
$100,000
|
$1,000,000
|
|
|
|
|
Minimum Initial Investment (IRA)
|
$1,000
|
$100,000
|
$1,000,000
|
|
|
|
|
Subsequent Minimum Investment
|
$100
|
N/A
|
N/A
|
•
|
Investors making purchases through financial intermediaries that aggregate customer accounts to accumulate the minimum initial investment;
|
•
|
Clients of financial intermediaries who charge clients an ongoing fee for advisory, investment, consulting or similar services;
|
•
|
Clients of financial intermediaries that charge their clients transaction fees with respect to their investments in the Funds;
|
•
|
Financial institutions, corporations, trusts, endowments, foundations, estates, education, religious and charitable organizations;
|
•
|
Institutions or high net worth individuals using a trust or custodial platform;
|
•
|
Certain retirement and benefit plans, including pension plans and employer sponsored retirement plans established under Section 403(b) or Section 457 of the Internal Revenue Code, or qualified under Section 401, of the Internal Revenue Code;
|
•
|
Certain qualified plans under Section 529 of the Internal Revenue Code, as amended;
|
•
|
Certain insurance related products;
|
•
|
Certain advisory accounts of the Adviser or its affiliates;
|
•
|
Trustees and Officers of the Trust;
|
•
|
Employees (including their immediate families) of the Adviser or its affiliates; and
|
•
|
Clients of consultants, registered investment advisers or other intermediaries.
|
•
|
The name of the Fund(s);
|
•
|
The class of shares to be purchased;
|
•
|
The dollar amount of shares to be purchased;
|
•
|
Your account application or Invest By Mail form that is attached to your confirmation statement; and
|
•
|
A check payable to the name of the Fund(s) or a wire transfer received by the Fund(s).
|
Regular Mail
Jackson Square Partners Funds
c/o U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201-0701
|
Overnight or Express Mail
Jackson Square Partners Funds
c/o U.S. Bank Global Fund Services
615 East Michigan Street, 3rd Floor
Milwaukee, WI 53202
|
Wire to:
|
U.S. Bank N.A.
|
ABA Number:
|
075000022
|
Credit:
|
U.S. Bancorp Fund Services, LLC
|
Account:
|
112-952-137
|
Further Credit:
|
[Name of the Fund(s)]
|
•
|
Full name;
|
•
|
Date of birth (individuals only);
|
•
|
Social Security or taxpayer identification number; and
|
•
|
Permanent street address (a P.O. Box number alone is not acceptable).
|
•
|
The shareholder’s name;
|
•
|
The name of the Fund;
|
•
|
The class of shares to be redeemed;
|
•
|
The account number;
|
•
|
The share or dollar amount to be redeemed; and
|
•
|
Signatures by all shareholders on the account and signature guarantee(s), if applicable.
|
•
|
If ownership is being changed on your account;
|
•
|
When redemption proceeds are payable or sent to any person, address or bank account not on record;
|
•
|
When a redemption is received by the Transfer Agent and the account address has changed within the last 15 calendar days; and
|
•
|
For all redemptions in excess of $100,000 from any shareholder account where the proceeds are requested to be sent by check.
|
Regular Mail
Jackson Square Partners Funds
c/o U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201-0701
|
Overnight or Express Mail
Jackson Square Partners Funds
c/o U.S. Bank Global Fund Services
615 East Michigan Street, 3rd Floor
Milwaukee, WI 53202
|
•
|
Your Fund account number;
|
•
|
The name in which your account is registered; and/or
|
•
|
The Social Security or taxpayer identification number under which the account is registered.
|
Regular Mail
Jackson Square Partners Funds
c/o U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201-0701
|
Overnight or Express Mail
Jackson Square Partners Funds
c/o U.S. Bank Global Fund Services
615 East Michigan Street, 3rd Floor
Milwaukee, WI 53202
|
•
|
Your account number;
|
•
|
The names of each Fund and Share Class you are exchanging;
|
•
|
The dollar amount or number of shares you want to sell (and exchange); and
|
•
|
A completed Account Application for the Fund into which you want to exchange if you desire different account privileges than those currently associated with your Fund account.
|
•
|
Your Fund account number(s);
|
•
|
The name in which your account is registered; and/or
|
•
|
The social security or taxpayer identification number under which the account is registered.
|
Distribution of Fund Shares
|
Financial Highlights
|
Per Share Data
|
Year
Ended
October
31, 2019
|
|
Year
Ended
October
31, 2018
|
|
Year
Ended
October
31, 2017
|
|
For the
Period
Inception(1)
Through
October
31, 2016
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$22.68
|
|
$21.21
|
|
$17.55
|
|
$18.00
|
|
|
|
|
|
|
|
|
Investment Operations:
|
|
|
|
|
|
|
|
Net investment loss(2)
|
(0.04)
|
|
(0.03)
|
|
(0.02)
|
|
(0.01)
|
Net realized and unrealized gain (loss) on investments
|
2.24
|
|
1.53
|
|
3.69
|
|
(0.44)
|
Total from investment operations
|
2.20
|
|
1.50
|
|
3.67
|
|
(0.45)
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
Net investment income
|
—(3)
|
|
—
|
|
(0.01)
|
|
—
|
Net realized gains
|
(2.28)
|
|
(0.03)
|
|
—
|
|
—
|
Total distributions
|
(2.28)
|
|
(0.03)
|
|
(0.01)
|
|
—
|
Net asset value, end of period
|
$22.60
|
|
$22.68
|
|
$21.21
|
|
$17.55
|
|
|
|
|
|
|
|
|
Total Return(4)
|
11.85%
|
|
7.10%
|
|
20.90%
|
|
-2.50%
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
Net assets, end of period (in 000’s)
|
$5,990
|
|
$5,470
|
|
$5,070
|
|
$2,681
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
Before expense reimbursement/waiver(5)
|
2.47%
|
|
2.45%
|
|
2.93%
|
|
18.59%
|
After expense reimbursement/waiver(5)
|
0.90%
|
|
0.90%
|
|
0.90%
|
|
0.90%
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net assets:
|
|
|
|
|
|
|
|
After expense reimbursement/waiver(5)
|
(0.17)%
|
|
(0.12)%
|
|
(0.10)%
|
|
(0.50)%
|
|
|
|
|
|
|
|
|
Portfolio Turnover(4)
|
49%
|
|
61%
|
|
60%
|
|
3%
|
(1)
|
Inception date of the IS Class was September 19, 2016.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Amount is less than $0.01 per share.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
Per Share Data
|
Year Ended October 31, 2019
|
|
Year Ended
October 31,
2018
|
|
Year Ended
October 31,
2017
|
|
For the
Period
Inception(1)
Through
October 31,
2016
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$23.28
|
|
$22.73
|
|
$17.66
|
|
$18.00
|
|
|
|
|
|
|
|
|
Investment Operations:
|
|
|
|
|
|
|
|
Net investment loss(2)
|
(0.04)
|
|
(0.07)
|
|
(0.02)
|
|
(0.01)
|
Net realized and unrealized gain (loss) on investments
|
2.87
|
|
1.08
|
|
5.09
|
|
(0.33)
|
Total from investment operations
|
2.83
|
|
1.01
|
|
5.07
|
|
(0.34)
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
Net investment income
|
—
|
|
(0.01)
|
|
—
|
|
—
|
Net realized gains
|
(1.41)
|
|
(0.45)
|
|
—
|
|
—
|
Total distributions
|
(1.41)
|
|
(0.46)
|
|
—
|
|
—
|
Net asset value, end of period
|
$24.70
|
|
$23.28
|
|
$22.73
|
|
$17.66
|
|
|
|
|
|
|
|
|
Total Return(3)
|
13.47%
|
|
4.49%
|
|
28.71%
|
|
-1.89%
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
Net assets, end of period (in 000’s)
|
$11,599
|
|
$10,074
|
|
$9,121
|
|
$3,516
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
Before expense reimbursement/waiver(4)
|
2.01%
|
|
2.00%
|
|
2.39%
|
|
14.49%
|
After expense reimbursement/waiver(4)
|
1.05%
|
|
1.05%
|
|
1.05%
|
|
1.05%
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net assets:
|
|
|
|
|
|
|
|
After expense reimbursement/waiver(4)
|
(0.17)%
|
|
(0.31)%
|
|
(0.12)%
|
|
(0.62)%
|
|
|
|
|
|
|
|
|
Portfolio Turnover(3)(5)
|
28%
|
|
41%
|
|
37%
|
|
3%
|
(1)
|
Inception date of the IS Class was September 19, 2016.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Not annualized for periods less than one year.
|
(4)
|
Annualized for periods less than one year.
|
(5)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
Per Share Data
|
Year Ended October 31, 2019
|
|
Year Ended
October 31,
2018
|
|
Year Ended
October 31,
2017
|
|
For the
Period
Inception(1)
Through
October 31,
2016
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$23.25
|
|
$22.71
|
|
$17.66
|
|
$18.00
|
|
|
|
|
|
|
|
|
Investment Operations:
|
|
|
|
|
|
|
|
Net investment loss(2)
|
(0.04)
|
|
(0.07)
|
|
(0.04)
|
|
(0.02)
|
Net realized and unrealized gain (loss) on investments
|
2.88
|
|
1.07
|
|
5.09
|
|
(0.32)
|
Total from investment operations
|
2.84
|
|
1.00
|
|
5.05
|
|
(0.34)
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
Net investment income
|
—
|
|
(0.01)
|
|
—
|
|
—
|
Net realized gains
|
(1.41)
|
|
(0.45)
|
|
—
|
|
—
|
Total distributions
|
(1.41)
|
|
(0.46)
|
|
—
|
|
—
|
Net asset value, end of period
|
$24.68
|
|
$23.25
|
|
$22.71
|
|
$17.66
|
|
|
|
|
|
|
|
|
Total Return(3)
|
13.53%
|
|
4.45%
|
|
28.60%
|
|
-1.89%
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
Net assets, end of period (in 000’s)
|
$70
|
|
$66
|
|
$64
|
|
$49
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
Before expense reimbursement/waiver(4)
|
2.01%
|
|
2.01%
|
|
2.59%
|
|
14.61%
|
After expense reimbursement/waiver(4)
|
1.05%
|
|
1.05%
|
|
1.12%
|
|
1.15%
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net assets:
|
|
|
|
|
|
|
|
After expense reimbursement/waiver(4)
|
(0.18)%
|
|
(0.31)%
|
|
(0.19)%
|
|
(0.72)%
|
|
|
|
|
|
|
|
|
Portfolio Turnover(3)(5)
|
28%
|
|
41%
|
|
37%
|
|
3%
|
(1)
|
Inception date of the Institutional Class was September 19, 2016.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Not annualized for periods less than one year.
|
(4)
|
Annualized for periods less than one year.
|
(5)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
Per Share Data
|
Year
Ended
October
31, 2019
|
|
Year
Ended
October
31, 2018
|
|
Year
Ended
October
31, 2017
|
|
Year
Ended
October
31, 2016
|
|
Year
Ended
October
31, 2015
|
Net asset value, beginning of year
|
$13.94
|
|
$14.79
|
|
$13.89
|
|
$16.79
|
|
$17.04
|
Investment Operations:
|
|
|
|
|
|
|
|
|
|
Net investment income(1)
|
0.02
|
|
0.02
|
|
0.04
|
|
0.05
|
|
0.11
|
Net realized and unrealized gain (loss) on investments
|
1.26
|
|
0.74
|
|
2.83
|
|
(0.51)
|
|
1.19
|
Total from investment operations
|
1.28
|
|
0.76
|
|
2.87
|
|
(0.46)
|
|
1.30
|
Less distributions from:
|
|
|
|
|
|
|
|
|
|
Net investment income
|
(0.02)
|
|
(0.04)
|
|
(0.04)
|
|
(0.11)
|
|
(0.11)
|
Net realized gains
|
(3.21)
|
|
(1.57)
|
|
(1.93)
|
|
(2.33)
|
|
(1.44)
|
Total distributions
|
(3.23)
|
|
(1.61)
|
|
(1.97)
|
|
(2.44)
|
|
(1.55)
|
Net asset value, end of year
|
$11.99
|
|
$13.94
|
|
$14.79
|
|
$13.89
|
|
$16.79
|
Total Return
|
14.40%
|
|
5.49%
|
|
24.21%
|
|
-3.20%
|
|
8.06%
|
Supplemental data and Ratios
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (in 000’s)
|
$72,150
|
|
$116,867
|
|
$155,475
|
|
$191,583
|
|
$313,511
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
Before expense waiver
|
0.80%
|
|
0.76%
|
|
0.76%
|
|
0.65%
|
|
0.64%
|
After expense waiver
|
0.64%
|
|
0.64%
|
|
0.64%
|
|
0.64%
|
|
0.64%
|
Ratio of net investment income to average net assets:
|
|
|
|
|
|
|
|
|
|
After expense waiver
|
0.17%
|
|
0.12%
|
|
0.29%
|
|
0.36%
|
|
0.67%
|
Portfolio Turnover(2)
|
37%
|
|
53%
|
|
25%
|
|
27%(3)
|
|
49%
|
(1)
|
Per share amounts calculated using the average shares method.
|
(2)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
(3)
|
Excludes value of Fund securities received or delivered as a result of in-kind purchases or redemptions of the Fund’s capital shares.
|
Per Share Data
|
Year Ended October 31, 2019
|
|
Year Ended
October 31,
2018
|
|
Year Ended
October 31,
2017
|
|
For the
Period
Inception(1)
Through
October 31,
2016
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$13.95
|
|
$14.78
|
|
$13.89
|
|
$14.12
|
|
|
|
|
|
|
|
|
Investment Operations:
|
|
|
|
|
|
|
|
Net investment income (loss)(2)
|
0.02
|
|
0.02
|
|
0.03
|
|
(0.01)
|
Net realized and unrealized gain (loss) on investments
|
1.26
|
|
0.75
|
|
2.83
|
|
(0.22)
|
Total from investment operations
|
1.28
|
|
0.77
|
|
2.86
|
|
(0.23)
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
Net investment income
|
(0.01)
|
|
(0.03)
|
|
(0.04)
|
|
–
|
Net realized gains
|
(3.21)
|
|
(1.57)
|
|
(1.93)
|
|
–
|
Total distributions
|
(3.22)
|
|
(1.60)
|
|
(1.97)
|
|
–
|
Net asset value, end of period
|
$12.01
|
|
$13.95
|
|
$14.78
|
|
$13.89
|
|
|
|
|
|
|
|
|
Total Return(3)
|
14.44%
|
|
5.54%
|
|
24.08%
|
|
-1.63%
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
Net assets, end of period (in 000’s)
|
$2,654
|
|
$1,783
|
|
$179
|
|
$49
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
Before expense waiver(4)
|
0.81%
|
|
0.75%
|
|
0.82%
|
|
0.83%
|
After expense waiver(4)
|
0.64%
|
|
0.64%
|
|
0.70%
|
|
0.74%
|
|
|
|
|
|
|
|
|
Ratio of net investment income (loss) to average net assets:
|
|
|
|
|
|
|
|
After expense waiver(4)
|
0.17%
|
|
0.12%
|
|
0.23%
|
|
(0.60)%
|
|
|
|
|
|
|
|
|
Portfolio Turnover(3)(5)
|
37%
|
|
53%
|
|
25%
|
|
27% (6)
|
(1)
|
Inception date of the Institutional Class was September 19, 2016.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Not annualized for periods less than one year.
|
(4)
|
Annualized for periods less than one year.
|
(5)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
(6)
|
Excludes value of Fund securities received or delivered as a result of
|
Per Share Data
|
Year
Ended
October
31, 2019
|
|
Year
Ended
October
31, 2018
|
|
Year
Ended
October
31, 2017
|
|
For the
Period
Inception(1)
Through
October
31, 2016
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$13.91
|
|
$14.75
|
|
$13.89
|
|
$14.12
|
|
|
|
|
|
|
|
|
Investment Operations:
|
|
|
|
|
|
|
|
Net investment loss(2)
|
(0.01)(3)
|
|
(0.02)
|
|
—(4)
|
|
(0.01)
|
Net realized and unrealized gain (loss) on investments
|
1.26
|
|
0.75
|
|
2.82
|
|
(0.22)
|
Total from investment operations
|
1.25
|
|
0.73
|
|
2.82
|
|
(0.23)
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
Net investment income
|
—
|
|
—
|
|
(0.03)
|
|
—
|
Net realized gains
|
(3.21)
|
|
(1.57)
|
|
(1.93)
|
|
—
|
Total distributions
|
(3.21)
|
|
(1.57)
|
|
(1.96)
|
|
—
|
Net asset value, end of period
|
$11.95
|
|
$13.91
|
|
$14.75
|
|
$13.89
|
|
|
|
|
|
|
|
|
Total Return(5)
|
14.18%
|
|
5.25%
|
|
23.74%
|
|
-1.63%
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
Net assets, end of period (in 000’s)
|
$42
|
|
$49
|
|
$52
|
|
$49
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
Before expense waiver(6)
|
1.06%
|
|
1.01%
|
|
1.08%
|
|
1.08%
|
After expense waiver(6)
|
0.89%
|
|
0.89%
|
|
0.96%
|
|
0.99%
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net assets:
|
|
|
|
|
|
|
|
After expense waiver(6)
|
(0.08)%
|
|
(0.13)%
|
|
(0.03)%
|
|
(0.84)%
|
|
|
|
|
|
|
|
|
Portfolio Turnover(5)(7)
|
37%
|
|
53%
|
|
25%
|
|
27% (7)
|
(1)
|
Inception date of the Investor Class was September 19, 2016.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Net realized and unrealized loss per share in this caption is a balancing amount necessary to reconcile the change in net asset per value per share for the year, and may not reconcile with the aggregate gain on the Statement of Operations due to share transactions for the year.
|
(4)
|
Amount is less than $0.01 per share.
|
(5)
|
Not annualized for periods less than one year.
|
(6)
|
Annualized for periods less than one year.
|
(7)
|
Portfolio turnover disclosed is for the Fund as a whole
|
(8)
|
Excludes value of Fund securities received or delivered as a result of
|
Per Share Data
|
Year Ended October 31, 2019
|
|
Year
Ended
October 31, 2018
|
|
Year Ended
October 31, 2017
|
|
Year
Ended
October 31, 2016
|
|
Year
Ended
October 31, 2015
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of year
|
$5.54
|
|
$7.80
|
|
$6.83
|
|
$8.95
|
|
$11.05
|
|
|
|
|
|
|
|
|
|
|
Investment operations:
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) (1)
|
(0.01)
|
|
0.01
|
|
—(2)
|
|
—(2)
|
|
—(2)
|
Net realized and unrealized gain on investments
|
0.59
|
|
0.44
|
|
0.97
|
|
(0.52)
|
|
0.98
|
Total from investment operations
|
0.58
|
|
0.45
|
|
0.97
|
|
(0.52)
|
|
0.98
|
|
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
|
|
Net investment income
|
—
|
|
—
|
|
—
|
|
(0.01)
|
|
(0.01)
|
Net realized gains
|
—
|
|
(2.71)
|
|
—
|
|
(1.59)
|
|
(3.07)
|
Total distributions
|
—
|
|
(2.71)
|
|
—
|
|
(1.60)
|
|
(3.08)
|
Net asset value, end of year
|
$6.12
|
|
$5.54
|
|
$7.80
|
|
$6.83
|
|
$8.95
|
|
|
|
|
|
|
|
|
|
|
Total Return
|
10.47%
|
|
9.05%
|
|
14.20%
|
|
-6.54%
|
|
10.60%
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (in 000’s)
|
$5,520
|
|
$4,803
|
|
$34,082
|
|
$79,941
|
|
$93,625
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
Before expense reimbursement/waiver
|
2.68%
|
|
2.00%
|
|
0.89%
|
|
0.90%
|
|
0.89%
|
After expense reimbursement/waiver
|
0.87%
|
|
0.87%
|
|
0.87%
|
|
0.89%
|
|
0.89%
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income (loss) to average net assets:
|
|
|
|
|
|
|
|
|
|
After expense reimbursement/waiver
|
(0.09)%
|
|
0.10%
|
|
0.01%
|
|
0.04%
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
Portfolio Turnover
|
42%
|
|
41%(3)
|
|
40%
|
|
22%
|
|
31%
|
(1)
|
Per share amounts calculated using the average shares method.
|
(2)
|
Amount is less than $0.01 per share.
|
(3)
|
Excludes value of Fund securities received or delivered as a result of
|
Per Share Data
|
Year Ended October 31, 2019
|
|
Year Ended
October 31,
2018
|
|
Year Ended
October 31,
2017
|
|
Year Ended
October 31,
2016
|
|
Year Ended
October 31,
2015
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of year
|
$23.83
|
|
$21.37
|
|
$17.24
|
|
$18.44
|
|
$21.85
|
|
|
|
|
|
|
|
|
|
|
Investment operations:
|
|
|
|
|
|
|
|
|
|
Net investment income(1)
|
0.01(2)
|
|
0.08
|
|
0.02
|
|
0.05
|
|
0.07
|
Net realized and unrealized gain on investments
|
2.70
|
|
2.50
|
|
4.20
|
|
0.91
|
|
1.49
|
Total from investment operations
|
2.71
|
|
2.58
|
|
4.22
|
|
0.96
|
|
1.56
|
|
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
|
|
Net investment income
|
(0.06)
|
|
—
|
|
(0.02)
|
|
(0.04)
|
|
(0.08)
|
Net realized gains
|
(2.60)
|
|
(0.12)
|
|
(0.07)
|
|
(2.12)
|
|
(4.89)
|
Total distributions
|
(2.66)
|
|
(0.12)
|
|
(0.09)
|
|
(2.16)
|
|
(4.97)
|
Net asset value, end of year
|
$23.88
|
|
$23.83
|
|
$21.37
|
|
$17.24
|
|
$18.44
|
|
|
|
|
|
|
|
|
|
|
Total Return
|
14.02%
|
|
12.13%
|
|
24.57%
|
|
5.27%
|
|
8.30%
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (in 000’s)
|
$452,234
|
|
$197,380
|
|
$162,033
|
|
$72,224
|
|
$51,443
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
Before expense waiver/recoupment
|
0.87%
|
|
0.89%
|
|
0.93%
|
|
0.91%
|
|
0.92%
|
After expense waiver/recoupment
|
0.87%
|
|
0.87%
|
|
0.87%
|
|
0.90%
|
|
0.92%
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets:
|
|
|
|
|
|
|
|
|
|
After expense waiver/recoupment
|
0.04%
|
|
0.33%
|
|
0.10%
|
|
0.27%
|
|
0.38%
|
Portfolio Turnover(3)
|
35%
|
|
47%
|
|
23%
|
|
20%
|
|
21%
|
(1)
|
Per share amounts calculated using the average shares method.
|
(2)
|
Net realized and unrealized loss per share in this caption is a balancing amount necessary to reconcile the change in net asset per value per share for the year, and may not reconcile with the aggregate gain on the Statement of Operations due to share transactions for the year.
|
(3)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
Per Share Data
|
Year
Ended
October
31, 2019
|
|
Year
Ended
October
31, 2018
|
|
Year
Ended
October
31, 2017
|
|
For the
Period
Inception(1)
Through
October 31,
2016
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$23.81
|
|
$21.37
|
|
$17.24
|
|
$17.82
|
|
|
|
|
|
|
|
|
Investment operations:
|
|
|
|
|
|
|
|
Net investment income (loss)(2)
|
(0.01)
|
|
0.06
|
|
0.01
|
|
—(3)
|
Net realized and unrealized gain (loss) on investments
|
2.74
|
|
2.50
|
|
4.21
|
|
(0.58)(4)
|
Total from investment operations
|
2.73
|
|
2.56
|
|
4.22
|
|
(0.58)
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
Net investment income
|
(0.05)
|
|
—
|
|
(0.02)
|
|
—
|
Net realized gains
|
(2.60)
|
|
(0.12)
|
|
(0.07)
|
|
—
|
Total distributions
|
(2.65)
|
|
(0.12)
|
|
(0.09)
|
|
—
|
Net asset value, end of period
|
$23.89
|
|
$23.81
|
|
$21.37
|
|
$17.24
|
|
|
|
|
|
|
|
|
Total Return(5)
|
14.08%
|
|
12.04%
|
|
24.57%
|
|
-3.25%
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
Net assets, end of period (in 000’s)
|
$499,461
|
|
$297,203
|
|
$211,787
|
|
$87,274
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
Before expense waiver/recoupment(6)
|
0.95%
|
|
0.97%
|
|
0.99%
|
|
1.00%
|
After expense waiver/recoupment(6)
|
0.95%
|
|
0.95%
|
|
0.92%
|
|
0.97%
|
|
|
|
|
|
|
|
|
Ratio of net investment income (loss) to average net assets:
|
|
|
|
|
|
|
|
After expense waiver/recoupment(6)
|
(0.04)%
|
|
0.26%
|
|
0.04%
|
|
0.05%
|
Portfolio Turnover(5)(7)
|
35%
|
|
47%
|
|
23%
|
|
20%
|
(1)
|
Inception date of the Institutional Class was September 16, 2016.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Amount is less than $0.01 per share.
|
(4)
|
Net realized and unrealized loss per share in this caption is a balancing amount
|
(5)
|
Not annualized for periods less than one year.
|
(6)
|
Annualized for periods less than one year.
|
(7)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
Per Share Data
|
Year
Ended
October
31, 2019
|
|
Year
Ended
October
31, 2018
|
|
Year
Ended
October
31, 2017
|
|
For the
Period
Inception(1)
Through
October 31,
2016
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$23.67
|
|
$21.30
|
|
$17.23
|
|
$17.84
|
|
|
|
|
|
|
|
|
Investment operations:
|
|
|
|
|
|
|
|
Net investment loss(2)
|
(0.07)
|
|
—(3)
|
|
(0.05)
|
|
—(3)
|
Net realized and unrealized gain (loss) on investments
|
2.70
|
|
2.49
|
|
4.21
|
|
(0.61)(4)
|
Total from investment operations
|
2.63
|
|
2.49
|
|
4.16
|
|
(0.61)
|
|
|
|
|
|
|
|
|
Less distributions from:
|
|
|
|
|
|
|
|
Net investment income
|
(0.02)
|
|
—
|
|
(0.02)
|
|
—
|
Net realized gains
|
(2.60)
|
|
(0.12)
|
|
(0.07)
|
|
—
|
Total distributions
|
(2.62)
|
|
(0.12)
|
|
(0.09)
|
|
—
|
Net asset value, end of period
|
$23.68
|
|
$23.67
|
|
$21.30
|
|
$17.23
|
|
|
|
|
|
|
|
|
Total Return(5)
|
13.69%
|
|
11.75%
|
|
24.12%
|
|
-3.42%
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios
|
|
|
|
|
|
|
|
Net assets, end of period (in 000’s)
|
$78,819
|
|
$68,451
|
|
$4,935
|
|
$48
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
Before expense waiver/recoupment(6)
|
1.22%
|
|
1.24%
|
|
1.28%
|
|
1.25%
|
After expense waiver/recoupment(6)
|
1.22%
|
|
1.22%
|
|
1.22%
|
|
1.22%
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net assets:
|
|
|
|
|
|
|
|
After expense waiver/recoupment(6)
|
(0.31)%
|
|
(0.02)%
|
|
(0.25)%
|
|
(0.20)%
|
Portfolio Turnover(5)(7)
|
35%
|
|
47%
|
|
23%
|
|
20%
|
(1)
|
Inception date of the Investor Class was September 19, 2016.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Amount is less than $0.01 per share.
|
(4)
|
Net realized and unrealized loss per share in this caption is a balancing amount
|
(5)
|
Not annualized for periods less than one year.
|
(6)
|
Annualized for periods less than one year.
|
(7)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
PRIVACY NOTICE
|
|
FOR MORE INFORMATION
|
•
|
Free of charge from the SEC’s EDGAR database on the SEC’s Internet website at http://www.sec.gov; or
|
•
|
For a fee, by electronic request at the following e-mail address: publicinfo@sec.gov.
|
|
•
|
Loss absorption risk. CoCos have fully discretionary coupons. This means coupons can potentially be cancelled at the banking institution’s discretion or at the request of the relevant regulatory authority in order to help the bank absorb losses.
|
•
|
Subordinated instruments. CoCos will, in the majority of circumstances, be issued in the form of subordinated debt instruments in order to provide the appropriate regulatory capital treatment prior to a conversion. Accordingly, in the event of liquidation, dissolution or winding-up of an issuer prior to a conversion having occurred, the rights and claims of the holders of the CoCos, such as the Funds, against the issuer in respect of or arising under the terms of the CoCos shall generally rank junior to the claims of all holders of unsubordinated obligations of the issuer. In addition, if the CoCos are converted into the issuer’s underlying equity securities following a conversion event (i.e., a “trigger”), each holder will be subordinated due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument.
|
•
|
Market value will fluctuate based on unpredictable factors. The value of CoCos is unpredictable and will be influenced by many factors including, without limitation: (i) the creditworthiness of the issuer and/or fluctuations in such issuer’s applicable capital ratios; (ii) supply and demand for the CoCos; (iii) general market conditions and available liquidity; and (iv) economic, financial and political events that affect the issuer, its particular market or the financial markets in general.
|
1.
|
Issue senior securities, borrow money or pledge their assets, except that (i) a Fund may borrow from banks in amounts not exceeding one-third of its total assets (including the amount borrowed) less liabilities (other than borrowings); and (ii) this restriction shall not prohibit a Fund from engaging in options transactions, reverse repurchase agreements, purchasing securities on a when-issued, delayed delivery, or forward delivery basis, or short sales in accordance with its objectives and strategies;
|
2.
|
Underwrite the securities of other issuers (except that a Fund may engage in transactions involving the acquisition, disposition or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act);
|
3.
|
Purchase or sell real estate or interests in real estate, unless acquired as a result of ownership of securities (although a Fund may purchase and sell securities which are secured by real estate and securities of companies that invest or deal in real estate);
|
4.
|
Purchase or sell physical commodities or commodities contracts, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent a Fund from engaging in transactions involving currencies and futures contracts and options thereon or investing in securities or other instruments that are secured by physical commodities;
|
5.
|
Make personal loans of money or loans of its assets to persons who control or are under common control with a Fund (except that a Fund may lend its portfolio securities, enter into repurchase agreements, purchase debt securities consistent with the investment policies of the Fund, and invest in loans, including assignments and participation interests); or
|
6.
|
Invest in the securities of any one industry or group of industries if, as a result, 25% or more of a Fund’s total assets would be invested in the securities of such industry or group of industries; except that, the foregoing does not apply to securities issued or guaranteed by the U.S. government, its agencies or instrumentalities.
|
•
|
information technology companies will be divided into various subcategories (e.g. internet software & services, IT services, software, communication equipment, computer & peripherals, electronic equipment, instruments & components, office electronics, and semiconductors & semiconductor equipment) and each subcategory will be considered a separate industry;
|
•
|
healthcare companies will be divided into various subcategories (e.g. health care equipment & supplies, health care providers & services, health care technology, biotechnology, pharmaceuticals, and life sciences tools & services) and each subcategory will be considered a separate industry;
|
•
|
consumer discretionary companies will be divided into various subcategories (e.g. auto components, automobiles, household durables, leisure equipment & products, textiles, apparel & luxury goods, hotels, restaurants & leisure, diversified consumer services, media, distributors, internet & catalog retail, multiline retail, and specialty retail) and each subcategory will be considered a separate industry;
|
•
|
financial service companies will be divided according to the end users of their services (e.g. commercial banks, thrifts & mortgage finance, diversified financial services and consumer finance, capital markets, insurance, real estate, real estate investment trusts, and real estate management & development) and each subcategory will be considered a separate industry;
|
•
|
utility companies will be divided according to their services (e.g. gas utilities, electric utilities, water utilities, independent power producers & energy traders, and multiple utilities) and each subcategory will be considered a separate industry;
|
•
|
asset-backed securities will be divided according to the underlying assets securing such securities, and each subcategory will be considered a separate industry.
|
Name, Address and Year of Birth
|
Position(s) Held with
the Trust
|
Term of Office and Length of Time Served
|
Number of Portfolios in Trust Overseen by Trustee
|
Principal Occupation(s) During the Past Five Years
|
Other Directorships Held by Trustee During the Past Five Years
|
Officers
|
|||||
Brian R. Wiedmeyer
615 E. Michigan St.
Milwaukee, WI 53202
Year of Birth: 1973
|
President and Principal Executive Officer
|
Indefinite Term; Since November 2018
|
N/A
|
Vice President, U.S. Bancorp Fund Services, LLC (2005-present).
|
N/A
|
Deborah Ward
615 E. Michigan St.
Milwaukee, WI 53202
Year of Birth: 1966
|
Vice President, Chief Compliance Officer and Anti-Money Laundering Officer
|
Indefinite Term; Since April 2013
|
N/A
|
Senior Vice President, U.S. Bancorp Fund Services, LLC (2004-present).
|
N/A
|
Benjamin Eirich
615 E. Michigan St.
Milwaukee, WI 53202
Year of Birth: 1981
|
Treasurer, Principal Financial Officer and Vice President
|
Indefinite
Term; Since
August
2019
(Treasurer);
Indefinite
Term; Since
November
2018 (Vice
President)
|
N/A
|
Assistant Vice President, U.S. Bancorp Fund Services, LLC (2008-present).
|
N/A
|
Thomas A. Bausch
615 E. Michigan St.
Milwaukee, WI 53202
Year of Birth: 1979
|
Secretary
|
Indefinite Term; Since November 2017
|
N/A
|
Vice President, U.S. Bancorp Fund Services, LLC (2016-present); Associate, Godfrey & Kahn S.C. (2012-2016).
|
N/A
|
Douglas Schafer
615 E. Michigan St.
Milwaukee, WI 53202
Year of Birth: 1970
|
Assistant
Treasurer and Vice President
|
Indefinite Term;
Since May 2016 (Assistant Treasurer); Since November 2018 (Vice President)
|
N/A
|
Assistant Vice President, U.S. Bancorp Fund Services, LLC (2002-present).
|
N/A
|
Michael J. Cyr II
615 E. Michigan St.
Milwaukee, WI 53202
Year of Birth: 1992
|
Assistant Treasurer and Vice President
|
Indefinite Term: Since August 2019
|
N/A
|
Officer, U.S. Bancorp Fund Services, LLC (2013-present).
|
N/A
|
|
|
Dollar Range of Shares Beneficially Owned
(None; $1-$10,000; $10,001-$50,000; $50,001-$100,000; Over $100,000)
|
||||
|
David A. Massart
|
Leonard M. Rush
|
David M. Swanson
|
Robert J. Kern
|
|
|
All-Cap Growth Fund
|
None
|
None
|
$1-$10,000
|
None
|
|
|
Global Growth Fund
|
None
|
None
|
$1-$10,000
|
None
|
|
|
Select 20 Growth Fund
|
None
|
None
|
$1-$10,000
|
None
|
|
|
SMID-Cap Growth Fund
|
None
|
None
|
$1-$10,000
|
None
|
|
|
Large-Cap Growth Fund
|
None
|
None
|
$1-$10,000
|
None
|
|
|
All Trust Portfolios
|
None
|
$10,001-$50,000
|
$50,001-$100,000
|
None
|
|
Name of Person/Position
|
||||||
|
Leonard M. Rush,
Lead Independent Trustee & Audit Committee Chair
|
David A. Massart, Independent Trustee & Valuation Committee Chair
|
David M. Swanson
Independent
Trustee and Nominating & Governance Committee Chairman
|
Robert J. Kern,
Interested
Trustee
|
||
Aggregate Compensation From: (1)
|
|
|
|
|
||
All-Cap Growth Fund
|
$3,320
|
$3,064
|
$3,064
|
$2,876
|
||
Global Growth Fund
|
$3,320
|
$3,064
|
$3,064
|
$2,876
|
||
Large-Cap Growth Fund
|
$3,320
|
$3,064
|
$3,064
|
$2,876
|
||
Select 20 Growth Fund
|
$3,320
|
$3,064
|
$3,064
|
$2,876
|
||
SMID-Cap Growth Fund
|
$3,320
|
$3,064
|
$3,064
|
$2,876
|
||
Pension or Retirement Benefits Accrued as Part of Fund Expenses
|
None
|
None
|
None
|
None
|
||
Estimated Annual Benefits Upon Retirement
|
None
|
None
|
None
|
None
|
||
Total Compensation from the Fund and the Trust(2) Paid to Trustees
|
$126,000
|
$116,500
|
$116,500
|
$109,500
|
Name and Address
|
% Ownership
|
Parent Company
|
Jurisdiction
|
Type of
Ownership (1)
|
Charles Schwab & Co., Inc.
Special Custody Account FBO Customers Attention Mutual Funds 211 Main St. San Francisco, CA 94105-1905 |
45.09%
|
The Charles Schwab Corporation
|
DE
|
Record
|
Name and Address
|
% Ownership
|
Parent Company
|
Jurisdiction
|
Type of
Ownership (1)
|
Charles Schwab & Co., Inc.
Special Custody Account FBO Customers Attention Mutual Funds 211 Main St. San Francisco, CA 94105-1905 |
31.80%
|
The Charles Schwab Corporation
|
DE
|
Record
|
Christopher Bonavico
PO Box 26289 San Francisco, CA 94105-1905 |
27.01%
|
N/A
|
N/A
|
Beneficial
|
Name and Address
|
% Ownership
|
Parent Company
|
Jurisdiction
|
Type of
Ownership (1)
|
National Financial Services, LLC
For the Exclusive Benefit of our Customers Attention Mutual Funds Department, 4th Floor 499 Washington, Blvd. Jersey City, NJ 07310-1995 |
29.41%
|
Fidelity Global Brokerage Group, Inc.
|
DE
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership (1)
|
Christopher Bonavico
PO Box 26289 San Francisco, CA 94126-6289 |
24.53%
|
Beneficial
|
Kenneth F. Broad TOD
903 Alturas Way Mill Valley, CA 94941-4135 |
22.01%
|
Beneficial
|
Van Harte Smith Family Revocable Trust
1025 Alameda De Las Pulgas Box 533 Belmont, CA 94002-3507 |
21.59%
|
Beneficial
|
Fortier Family Revocable Trust
414 Spruce St. San Francisco, CA 94118-1712 |
12.10%
|
Beneficial
|
Charles Schwab & Co., Inc.
Special Custody Account FBO Customers Attention Mutual Funds 211 Main St. San Francisco, CA 94105-1905 |
11.01%
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership (1)
|
Van Harte Smith Family Revocable Trust
Jeffrey S. Van Harte & Melissa L. Smith TR U/A 02/14/1997 1025 Alameda De Las Pulgas Box 533 Belmont, CA 94002-3507 |
98.42%
|
Beneficial
|
Name and Address
|
% Ownership
|
Type of Ownership (1)
|
Charles Schwab & Co., Inc.
Special Custody Account FBO Customers Attention Mutual Funds 211 Main St. San Francisco, CA 94105-1905 |
45.35%
|
Record
|
Chris Bonavico
PO Box 26289 San Francisco, CA 94126-6289 |
13.21%
|
Beneficial
|
Van Harte Smith Family Revocable Trust
Jeffrey S. Van Harte & Melissa L. Smith TR U/A 02/14/1997 1025 Alameda De Las Pulgas Box 533 Belmont, CA 94002-3507 |
12.10%
|
Beneficial
|
Gregory M. Heywood & Kristen P. Kwan
JTWROS 5465 Hilltop Crescent Oakland, CA 94618-2603 |
9.27%
|
Beneficial
|
Daniel and Joelle Prislin Family
Trust Under Revocable Trust Agreement Daniel J. Prislin & Joelle M. Prislin TR U/A 10/15/2001 7 Hays Ct. Alameda, CA 94502-7774 |
6.75%
|
Beneficial
|
Kenneth F. Broad TOD
903 Alturas Way Mill Valley, CA 94941-4135 |
6.46%
|
Beneficial
|
Fortier Family Revocable Trust
Patrick Fortier & Annemarie Fortier TR U/A 06/09/2009 414 Spruce St. San Francisco, CA 94118-1712 |
6.46%
|
Beneficial
|
Name and Address
|
% Ownership
|
Type of Ownership (1)
|
Van Harte Smith Family Revocable Trust
Jeffrey S. Van Harte & Mellisa L. Smith TR U/A 02/14/1997 1025 Alameda De Las Pulgas Box 533 Belmont, CA 94002-3507 |
100.00%
|
Beneficial
|
Name and Address
|
% Ownership
|
Type of Ownership (1)
|
Saint Agatha Foundation
165 Township Line Road, Suite 1200 Jenkintown, PA 19046-3549 |
69.19%
|
Beneficial
|
Visiting Nurse Association of Northern New Jersey Foundation, Inc.
175 South St. Morristown, NJ 07960-7701 |
23.73%
|
Record
|
Christopher Bonavico
PO Box 26289 San Francisco, CA 94126-6289 |
5.75%
|
Beneficial
|
Name and Address
|
% Ownership
|
Type of Ownership (1)
|
Comerica Bank FBO CF NE FL Mutual
PO Box 75000, Mail Code 3446 Detroit, MI 48275-0001 |
14.67%
|
Record
|
The Canisius College of Buffalo NY
2001 Main St. Buffalo, NY 14208-1035 |
9.85%
|
Beneficial
|
National Financial Services, LLC
For the Exclusive Benefit of our Customers Attention Mutual Funds Department 4th Floor 499 Washington, Blvd. Jersey City, NJ 07310-1995 |
9.84%
|
Record
|
Northern Trust Company
FBO Hobart and William Smith Colleges Equity, 44-66556 PO Box 92956 Chicago, IL 60675-2956 |
8.32%
|
Record
|
Charles Schwab & Co., Inc.
Special Custody Account FBO Customers Attention Mutual Funds 211 Main St. San Francisco, CA 94105-1905 |
7.73%
|
Record
|
Amarillo Area Foundation, Inc.
Organized in Texas, USA The Don & Sybil Harrington Foundation 801 S. Fillmore St., Suite 700 Amarillo, TX 79101-3514 |
6.75%
|
Beneficial
|
Jay & Deanie Stein Foundation Trust
Mark J. Shortstein TR 8265 Bayberry, Rd. Jacksonville, FL 32256-7472 |
5.22%
|
Beneficial
|
Comerica Bank FBO Dingle - ERISA
PO Box 75000, Mail Code 3446 Detroit, MI 48275-0001 |
5.18%
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership (1)
|
Charles Schwab & Co., Inc.
Special Custody Account FBO Customers Attention Mutual Funds 211 Main St. San Francisco, CA 94105-1905 |
31.80%
|
Record
|
Christopher Bonavico
PO Box 26289 San Francisco, CA 94126-6289 |
27.01%
|
Beneficial
|
Daniel and Joelle Prislin Family Trust
Joelle M. Prislin & Daniel J. Prislin TR U/A 10/15/2001 7 Hays Ct. Alameda, CA 94502-7774 |
23.83%
|
Beneficial
|
Van Harte Smith Family Revocable Trust
Jeffrey S. Van Harte & Melissa L. Smith TR U/A 02/14/1997 1025 Alameda De Las Pulgas Box 533 Belmont, CA 94002-3507 |
15.97%
|
Beneficial
|
Name and Address
|
% Ownership
|
Type of Ownership (1)
|
National Financial Services, LLC
For the Exclusive Benefit of our Customers Attention Mutual Funds Department, 4th Floor 499 Washington Blvd. Jersey City, NJ 07310-1995 |
93.65%
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership (1)
|
National Financial Services, LLC
For the Exclusive Benefit of Our Customers Attention Mutual Funds Department, 4th Floor 499 Washington Blvd. Jersey City, NJ 07310-1995 |
31.54%
|
Record
|
Pershing, LLC
1 Pershing Plaza, Fl. 14 Jersey City, NJ 07399-0002 |
27.93%
|
Record
|
Charles Schwab & Co., Inc.
Special Custody Account FBO Customers Attention Mutual Funds 211 Main St. San Francisco, CA 94105-1905 |
27.73%
|
Record
|
Name and Address
|
% Ownership
|
Type of Ownership (1)
|
National Financial Services, LLC
For the Exclusive Benefit of Our Customers Attention Mutual Funds Department, 4th Floor 499 Washington Blvd. Jersey City, NJ 07310-1995 |
17.00%
|
Record
|
Capinco C/O US Bank N.A.
PO Box 1787 Milwaukee, WI 53201-1787 |
12.23%
|
Record
|
Transamerica Retirement Solutions
Various Retirement Plans 440 Mamaroneck Ave. Harrison, NY 10528-4218 |
11.60%
|
Record
|
Charles Schwab & Co., Inc.
Special Custody Account FBO Customers Attention Mutual Funds 211 Main St. San Francisco, CA 94105-1905 |
10.86%
|
Record
|
Saxon & Co. Cust
FBO Account 21460016916396 PO Box 94597 Cleveland, OH 44101-4597 |
5.41%
|
Record
|
Mitra & Co.
FBO FCB C/O Reliance Trust Co. 480 Pilgrim Way, Suite 1000 Green Bay, WI 54304-5280 |
5.32%
|
Record
|
SEI Private Trust Company
C/O Suntrust Bank ID 866 FBO West Cant Corp. Inv. Funds 7014076 1 Freedom Valley Dr. Oaks, PA 19456-9989 |
5.17%
|
Record
|
Jackson Square All-Cap Growth Fund
|
October 31, 2017
|
October 31, 2018
|
October 31, 2019
|
Advisory Fee Accrued
|
$25,829
|
$35,657
|
$37,490
|
Advisory Fees Waived
|
$(25,829)
|
$(35,657)
|
$(37,490)
|
Total Advisory Fees Paid to Adviser
|
$0
|
$0
|
$0
|
Jackson Square Large-Cap Growth Fund
|
October 31, 2017
|
October 31, 2018
|
October 31, 2019
|
Advisory Fee Accrued
|
$947,687
|
$813,962
|
$610,338
|
Advisory Fees Waived
|
$(205,262)
|
$(171,824)
|
$(178,742)
|
Total Advisory Fees Paid to Adviser
|
$742,425
|
$642,138
|
$431,596
|
Jackson Square Select 20 Growth Fund
|
October 31, 2017
|
October 31, 2018
|
October 31, 2019
|
Advisory Fee Accrued
|
$428,283
|
$46,981
|
$34,261
|
Advisory Fees Waived
|
$(17,627)
|
$(46,981)
|
$(34,261)
|
Advisory Fees Recouped
|
$6,324
|
–
|
–
|
Total Advisory Fees Paid to Adviser
|
$416,980
|
$0
|
$0
|
Jackson Square SMID-Cap Growth Fund
|
October 31, 2017
|
October 31, 2018
|
October 31, 2019
|
Advisory Fee Accrued
|
$2,014,714
|
$3,562,626
|
$6,216,708
|
Advisory Fees Waived
|
$(172,928)
|
$(102,233)
|
$(18,761)
|
Advisory Fees Recouped
|
–
|
–
|
$26,934
|
Total Advisory Fees Paid to Adviser
|
$1,841,786
|
$3,460,393
|
$6,224,881
|
Fund
|
Expense Limitation
|
All-Cap Growth Fund
|
0.90%
|
Global Growth Fund
|
1.05%
|
Large-Cap Growth Fund
|
0.64%
|
Select 20 Growth Fund
|
0.87%
|
SMID-Cap Growth Fund
|
0.87%
|
Manager
|
Category
|
# of Accounts
|
Total Assets (in millions)
|
# of Accounts Paying a Performance Fee
|
Total Assets Paying a Performance Fee (in millions)
|
|
|
|
|
|
|
Jeffrey S. Van Harte, CFA
|
Registered investment companies
|
8
|
$7,757
|
2
|
$4,176
|
|
Other pooled investment vehicles
|
4
|
$482
|
0
|
$0
|
|
Other accounts
|
26
|
$3,734
|
2
|
$376
|
|
|
|
|
|
|
Christopher J. Bonavico, CFA
|
Registered investment companies
|
8
|
$7,757
|
2
|
$4,176
|
|
Other pooled investment vehicles
|
12
|
$4,407
|
0
|
$0
|
|
Other accounts
|
37
|
$5,221
|
3
|
$468
|
|
|
|
|
|
|
Manager
|
Category
|
# of Accounts
|
Total Assets (in millions)
|
# of Accounts Paying a Performance Fee
|
Total Assets Paying a Performance Fee (in millions)
|
Kenneth F. Broad, CFA
|
Registered investment companies
|
1
|
$290
|
0
|
$0
|
|
Other pooled investment vehicles
|
6
|
$1,109
|
0
|
$0
|
|
Other accounts
|
27
|
$1,267
|
2
|
$259
|
|
|
|
|
|
|
Christopher M. Ericksen, CFA
|
Registered investment companies
|
8
|
$7,757
|
2
|
$4,176
|
|
Other pooled investment vehicles
|
4
|
$482
|
0
|
$0
|
|
Other accounts
|
22
|
$3,520
|
1
|
$209
|
|
|
|
|
|
|
Ian D. Ferry, CFA
|
Registered investment companies
|
1
|
$290
|
0
|
$0
|
|
Other pooled investment vehicles
|
6
|
$1,109
|
0
|
$0
|
|
Other accounts
|
17
|
$1,081
|
1
|
$91
|
|
|
|
|
|
|
Patrick G. Fortier, CFA
|
Registered investment companies
|
1
|
$290
|
0
|
$0
|
|
Other pooled investment vehicles
|
2
|
$2,816
|
0
|
$0
|
|
Other accounts
|
9
|
$419
|
0
|
$0
|
|
|
|
|
|
|
Daniel J. Prislin, CFA
|
Registered investment companies
|
8
|
$7,757
|
2
|
$4,176
|
|
Other pooled investment vehicles
|
4
|
$482
|
0
|
$0
|
|
Other accounts
|
29
|
$3,984
|
2
|
$376
|
|
|
|
|
|
|
Gregory Chory
|
Registered investment companies
|
1
|
$290
|
0
|
$0
|
|
Other pooled investment vehicles
|
0
|
$0
|
0
|
$0
|
|
Other accounts
|
17
|
$169
|
1
|
$167
|
|
|
|
|
|
|
William Montana
|
Registered investment companies
|
8
|
$7,467
|
2
|
$4,176
|
|
Other pooled investment vehicles
|
4
|
$482
|
0
|
$0
|
|
Other accounts
|
19
|
$3,518
|
1
|
$209
|
|
|
|
|
|
|
Brian Tolles
|
Registered investment companies
|
1
|
$290
|
0
|
$0
|
|
Other pooled investment vehicles
|
2
|
$2,816
|
0
|
$0
|
|
Other accounts
|
6
|
$419
|
0
|
$0
|
|
Dollar Range of Shares Beneficially Owned
(None, $1-$10,000; $10,001-$50,000;
$50,001-$100,000; $100,001 - $500,000;
$500,001-$1,000,000; Over $1,000,000)
|
Jackson Square All-Cap Fund
|
|
Portfolio Manager
|
|
Jeffrey S. Van Harte, CFA
|
Over $1,000,000
|
Christopher J. Bonavico, CFA
|
Over $1,000,000
|
Kenneth F. Broad, CFA
|
Over $1,000,000
|
Christopher M. Ericksen, CFA
|
$100,001-$500,000
|
|
Dollar Range of Shares Beneficially Owned
(None, $1-$10,000; $10,001-$50,000;
$50,001-$100,000; $100,001 - $500,000;
$500,001-$1,000,000; Over $1,000,000)
|
Ian D. Ferry, CFA
|
$100,001-$500,000
|
Patrick G. Fortier, CFA
|
$500,001-$1,000,000
|
Daniel J. Prislin, CFA
|
$100,001-$500,000
|
William Montana
|
None
|
Gregory Chory
|
$10,001-$50,000
|
Brian Tolles
|
None
|
Jackson Square Global Growth Fund
|
|
Portfolio Manager
|
|
Christopher J. Bonavico, CFA
|
Over $1,000,000
|
Patrick G. Fortier, CFA
|
Over $1,000,000
|
Brian Tolles
|
$100,001-$500,000
|
Jackson Square Select 20 Fund
|
|
Portfolio Manager
|
|
Jeffrey S. Van Harte, CFA
|
$500,001 - $1,000,000
|
Christopher J. Bonavico, CFA
|
Over $1,000,000
|
Kenneth F. Broad, CFA
|
Over $1,000,000
|
Daniel J. Prislin, CFA
|
Over $1,000,000
|
Gregory Chory
|
$100,001-$500,000
|
Jackson Square SMID-Cap Growth Fund
|
|
Portfolio Manager
|
|
Christopher J. Bonavico, CFA
|
Over $1,000,000
|
Kenneth F. Broad, CFA
|
Over $1,000,000
|
Ian Ferry
|
$100,001-$500,000
|
Jackson Square Large-Cap Growth Fund
|
|
Portfolio Manager
|
|
Jeffrey S. Van Harte, CFA
|
$500,001 - $1,000,000
|
Christopher J. Bonavico, CFA
|
Over $1,000,000
|
Christopher M. Ericksen, CFA
|
Over $1,000,000
|
Daniel J. Prislin, CFA
|
Over $1,000,000
|
William Montana
|
$500,001 - $1,000,000
|
|
2019
|
2018
|
2017
|
All-Cap Growth Fund
|
$14,131
|
$15,490
|
$8,657
|
Global Growth Fund
|
$21,773
|
$22,077
|
$13,599
|
Large-Cap Growth Fund
|
$85,995
|
$118,059
|
$133,198
|
Select 20 Growth Fund
|
$8,235
|
$9,575
|
$47,597
|
SMID-Cap Growth Fund
|
$532,898
|
$345,358
|
$203,635
|
|
2019
|
All-Cap Growth Fund
|
$0
|
Global Growth Fund
|
$0
|
Large-Cap Growth Fund
|
$104
|
Select 20 Growth Fund
|
$0
|
SMID-Cap Growth Fund
|
$213,288
|
|
2019
|
All-Cap Growth Fund
|
$0
|
Global Growth Fund
|
$0
|
Large-Cap Growth Fund
|
$0
|
Select 20 Growth Fund
|
$0
|
SMID-Cap Growth Fund
|
$409,790
|
(1)
|
The Select 20 Growth Fund’s brokerage commissions decreased for the fiscal year ended October 31, 2019 relative to the prior fiscal year due to a reduction in the Select 20 Growth Fund’s assets.
|
(2)
|
The SMID-Cap Growth Fund’s brokerage commissions increased for the fiscal years ended October 31, 2018 and 2019 due to the increase in the SMID-Cag Growth Fund’s assets.
|
Net Assets Per Share Class
|
=
|
Net Asset Value Per Share Class
|
Shares Outstanding Per Share Class
|
•
|
The name of the Fund;
|
•
|
The class of shares to be purchased;
|
•
|
The dollar amount of shares to be purchased;
|
•
|
Your account application or investment stub; and
|
•
|
A check payable to the name of the Fund.
|
•
|
The shareholder’s name;
|
•
|
The name of the Fund you are redeeming;
|
•
|
The class of shares to be redeemed;
|
•
|
The account number;
|
•
|
The share or dollar amount to be redeemed; and
|
•
|
Signatures by all shareholders on the account (with signature(s) guaranteed, if applicable).
|
•
|
If ownership is changed on your account;
|
•
|
When redemption proceeds are payable or sent to any person, address or bank account not on record;
|
•
|
When a redemption is received by the Transfer Agent and the account address has changed within the last 15 calendar days; or
|
•
|
For all redemptions in excess of $100,000 from any shareholder account where the proceeds are requested to be sent by check.
|
(a)
|
(1)
|
|
Certificate of Trust – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on February 4, 2011.
|
|
(2)
|
|
Amended and Restated Agreement and Declaration of Trust – incorporated herein by reference from Post-Effective Amendment No. 314 to Registrant’s Registration Statement on Form N-1A filed on October 24, 2017.
|
(b)
|
|
|
Amended and Restated Bylaws – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011.
|
(c)
|
|
|
Instruments Defining Rights of Security Holders – incorporated by reference to the Amended and Restated Agreement and Declaration of Trust and Amended and Restated Bylaws filed on May 5, 2011.
|
(d)
|
(1)
|
|
Investment Advisory Agreement between the Trust, on behalf of the Jackson Square All-Cap Growth Fund, Jackson Square Global Growth Fund, Jackson Square Select 20 Growth Fund, Jackson Square SMID-Cap Growth Fund, Jackson Square Large-Cap Growth Fund, and Jackson Square Partners, LLC – incorporated herein by reference from Post-Effective Amendment No. 219 to Registrant’s Registration Statement on Form N-1A filed on March 29, 2016.
|
|
|
(i)
|
Amendment to the Investment Advisory Agreement between the Trust, on behalf of the Jackson Square All-Cap Growth Fund, Jackson Square Global Growth Fund, Jackson Square Select 20 Growth Fund, Jackson Square SMID-Cap Growth Fund, Jackson Square Large-Cap Growth Fund, and Jackson Square Partners, LLC – incorporated herein by reference from Post-Effective Amendment No. 346 to Registrant’s Registration Statement on Form N-1A filed on February 27, 2018.
|
(e)
|
(1)
|
|
Distribution Agreement between the Trust, on behalf of the Jackson Square All-Cap Growth Fund, Jackson Square Global Growth Fund, Jackson Square Select 20 Growth Fund, Jackson Square SMID-Cap Growth Fund, Jackson Square Large-Cap Growth Fund, Jackson Square Partners U.S. Growth Fund, and Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 219 to Registrant’s Registration Statement on Form N-1A filed on March 29, 2016.
|
(f)
|
|
|
Bonus or Profit Sharing Contracts – not applicable.
|
(g)
|
(1)
|
|
Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011.
|
|
(2)
|
|
Twenty-eighth Amendment to the Custody Agreement between the Trust and U.S. Bank National Association – incorporated herein by reference from Post-Effective Amendment No. 219 to Registrant’s Registration Statement on Form N-1A filed on March 29, 2016.
|
(h)
|
(1)
|
|
Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011.
|
|
|
(i)
|
Twenty-seventh Amendment to the Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 219 to Registrant’s Registration Statement on Form N-1A filed on March 29, 2016.
|
|
(2)
|
|
Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011.
|
|
|
(i)
|
Twenty-seventh Amendment to the Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 219 to Registrant’s Registration Statement on Form N-1A filed on March 29, 2016.
|
|
(3)
|
|
Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011.
|
|
|
(i)
|
Twenty-seventh Amendment to the Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference from Post-Effective Amendment No. 219 to Registrant’s Registration Statement on Form N-1A filed on March 29, 2016.
|
|
(4)
|
|
Operating Expenses Limitation Agreement between the Trust, on behalf of Jackson Square All-Cap Growth Fund, Jackson Square Global Growth Fund, Jackson Square Select 20 Growth Fund, Jackson Square SMID-Cap Growth Fund, Jackson Square Large-Cap Growth Fund, and Jackson Square Partners, LLC – incorporated herein by reference from Post-Effective Amendment No. 346 to Registrant’s Registration Statement on Form N-1A filed on February 27, 2018.
|
(i)
|
(1)
|
|
Opinion and Consent of Counsel by Bernstein, Shur, Sawyer & Nelson, P.A. for the Jackson Square All-Cap Growth Fund, Jackson Square Global Growth Fund, Jackson Square Select 20 Growth Fund, Jackson Square SMID-Cap Growth Fund, Jackson Square Large-Cap Growth Fund – incorporated herein by reference from Post-Effective Amendment No. 219 to Registrant’s Registration Statement on Form N-1A filed on March 29, 2016.
|
(j)
|
(1)
|
|
Consent of Independent Registered Public Accounting Firm Cohen & Company Ltd. for the Jackson Square All-Cap Growth Fund, Jackson Square Global Growth Fund, Jackson Square Large-Cap Growth Fund, Jackson Square Select 20 Growth Fund, and Jackson Square SMID-Cap Growth Fund – filed herewith.
|
|
(2)
|
|
Power of Attorneys for Roel C. Campos, Robert J. Kern, David A. Massart, Leonard M. Rush and David M. Swanson dated August 8, 2018 – incorporated herein by reference from Post-Effective Amendment No. 379 to the Trust’s Registration Statement on Form N-1A filed on August 24, 2018.
|
(k)
|
|
|
Omitted Financial Statements – not applicable.
|
(l)
|
|
|
Seed Capital Agreements – incorporated herein by reference to Registrant’s Registration Statement on Form N-1A filed on May 5, 2011.
|
(m)
|
|
|
Amended and Restated Rule 12b-1 Plan – filed herewith.
|
(n)
|
|
|
Amended and Restated Rule 18f-3 Plan – incorporated herein by reference from Post-Effective Amendment No. 285 to Registrant’s Registration Statement on Form N-1A filed on March 29, 2017.
|
(o)
|
|
|
Reserved.
|
(p)
|
(1)
|
|
Code of Ethics for the Trust – incorporated herein by reference from Post-Effective Amendment No. 314 to Registrant’s Registration Statement on Form N-1A filed on October 24, 2017.
|
|
(2)
|
|
Code of Ethics for Jackson Square Partners, LLC – filed herewith.
|
|
(3)
|
|
Code of Ethics for the Distributor, Quasar Distributors, LLC – incorporated herein by reference from Post-Effective Amendment No. 193 to Registrant’s Registration Statement on Form N-1A filed on December 18, 2015.
|
(a)
|
Quasar Distributors, LLC, the Registrant’s principal underwriter, acts as principal underwriter for the following investment companies:
|
Advisors Series Trust
|
Managed Portfolio Series
|
Aegis Funds
|
Manager Directed Portfolios
|
Allied Asset Advisors Funds
|
Matrix Advisors Fund Trust
|
Alpha Architect ETF Trust
|
Matrix Advisors Value Fund, Inc.
|
Angel Oak Funds Trust
|
Monetta Trust
|
Barrett Opportunity Fund, Inc.
|
Nicholas Equity Income Fund, Inc.
|
Bridges Investment Fund, Inc.
|
Nicholas Family of Funds, Inc.
|
Brookfield Investment Funds
|
North Capital Funds Trust
|
Buffalo Funds
|
Permanent Portfolio Family of Funds
|
CG Funds Trust
|
Perritt Funds, Inc.
|
Chestnut Street Fund
|
PRIMECAP Odyssey Funds
|
Cushing® Mutual Funds Trust
|
Procure ETF Trust I
|
DoubleLine Funds Trust
|
Procure ETF Trust II
|
ETF Series Solutions
|
Professionally Managed Portfolios
|
First American Funds, Inc.
|
Prospector Funds, Inc.
|
FundX Investment Trust
|
Provident Mutual Funds, Inc.
|
Glenmede Fund, Inc.
|
Rainier Investment Management Mutual Funds
|
Glenmede Portfolios
|
RBB Fund, Inc.
|
GoodHaven Funds Trust
|
RBC Funds Trust
|
Greenspring Fund, Inc.
|
Series Portfolios Trust
|
Harding Loevner Funds, Inc.
|
Thompson IM Funds, Inc.
|
Hennessy Funds Trust
|
TIGERSHARES Trust
|
Horizon Funds
|
TrimTabs ETF Trust
|
Hotchkis & Wiley Funds
|
Trust for Professional Managers
|
Intrepid Capital Management Funds Trust
|
Trust for Advised Portfolios
|
Jacob Funds, Inc.
|
USA Mutuals
|
Jensen Quality Growth Fund Inc.
|
USCA Fund Trust
|
Kirr Marbach Partners Funds, Inc.
|
USQ Core Real Estate Fund
|
LKCM Funds
|
Wall Street EWM Funds Trust
|
LoCorr Investment Trust
|
Westchester Capital Funds
|
Lord Asset Management Trust
|
Wisconsin Capital Funds, Inc.
|
MainGate Trust
|
YCG Funds
|
Records Maintained By:
|
Are located at:
|
Registrant’s Fund Administrator, Fund Accountant and Transfer Agent
|
U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202
|
Registrant’s Custodian
|
U.S. Bank National Association
1555 N. RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212
|
Registrant’s Distributor
|
Quasar Distributors, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
|
Registrant’s Investment Advisers
|
Jackson Square Partners, LLC
101 California Street, Suite 3750
San Francisco, California 94111
|
Signature
|
Title
|
|
|
|
|
Robert J. Kern*
|
Trustee
|
|
Robert J. Kern
|
|
|
|
|
|
David A. Massart*
|
Trustee
|
|
David A. Massart
|
|
|
|
|
|
Leonard M. Rush*
|
Trustee
|
|
Leonard M. Rush
|
|
|
|
|
|
David M. Swanson*
|
Trustee
|
|
David M. Swanson
|
|
|
|
|
|
/s/ Brian R. Wiedmeyer
|
President and Principal Executive Officer
|
|
Brian R. Wiedmeyer
|
|
|
|
|
|
/s/ Benjamin Eirich
|
Treasurer, Principal Financial Officer and Principal Accounting Officer
|
|
Benjamin Eirich
|
|
|
|
|
|
*By:
|
/s/ Brian R. Wiedmeyer
|
|
|
Brian R. Wiedmeyer, Attorney-In-Fact pursuant to Power of Attorney
|
|
Exhibit
Number
|
Description
|
(j)(1)
|
Consent of Independent Registered Public Accounting Firm Cohen & Company Ltd. for the Jackson Square All-Cap Growth Fund, Jackson Square Global Growth Fund, Jackson Square Large-Cap Growth Fund, Jackson Square Select 20 Growth Fund, and Jackson Square SMID-Cap Growth Fund
|
(m)
|
Amended and Restated Rule 12b-1 Plan
|
(p)(2)
|
Code of Ethics for Jackson Square Partners, LLC
|
2.
|
RULE 12B-1 AGREEMENTS
|
Series of Managed Portfolio Series
|
|
Rule 12b-1 Fee
|
|
|
|
ATAC Rotation Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Great Lakes Small Cap Opportunity Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Principal Street High Income Municipal Fund
|
|
|
Investor Class Shares
|
|
0.50% of average daily net assets
|
Jackson Square All-Cap Growth Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Jackson Square Global Growth Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Jackson Square Select 20 Growth Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Jackson Square SMID-Cap Growth Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Jackson Square Large-Cap Growth Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Nuance Concentrated Value Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Nuance Concentrated Value Long-Short Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Nuance Mid Cap Value Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Reinhart Mid Cap PMV Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Reinhart Genesis PMV Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Smith Group Large Cap Core Growth Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
TorrayResolute Small/Mid Cap Growth Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
|
|
|
Tortoise MLP & Energy Income Fund
|
|
|
A Class Shares
|
|
0.25% of average daily net assets
|
C Class Shares
|
|
1.00% of average daily net assets
|
Tortoise MLP & Pipeline Fund
|
|
|
A Class Shares
|
|
0.25% of average daily net assets
|
C Class Shares
|
|
1.00% of average daily net assets
|
|
|
|
Tortoise North American Pipeline Fund
|
|
|
Tortoise North American Pipeline Fund
|
|
0.25% of average daily net assets
|
|
|
|
Tortoise Global Water ESG Fund
|
|
|
Tortoise Global Water ESG Fund
|
|
0.25% of average daily net assets
|
|
|
|
Tortoise Cloud Infrastructure Fund
|
|
|
Tortoise Cloud Infrastructure Fund
|
|
0.25% of average daily net assets
|
|
|
|
Tortoise Digital Payments Infrastructure Fund
|
|
|
Tortoise Digital Payments Infrastructure Fund
|
|
0.25% of average daily net assets
|
|
|
|
Tortoise Select Opportunity Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
Class C Shares
|
|
1.00% of average daily net assets
|
|
|
|
Series of Managed Portfolio Series
|
|
Rule 12b-1 Fee
|
|
|
|
|
|
|
ATAC Rotation Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Great Lakes Small Cap Opportunity Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Principal Street High Income Municipal Fund
|
|
|
Investor Class Shares
|
|
0.50% of average daily net assets
|
|
|
|
Jackson Square All-Cap Growth Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Jackson Square Global Growth Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Jackson Square Select 20 Growth Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Jackson Square SMID-Cap Growth Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Jackson Square Large-Cap Growth Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Nuance Concentrated Value Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Nuance Concentrated Value Long-Short Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Nuance Mid Cap Value Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Reinhart Mid Cap PMV Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Reinhart Genesis PMV Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
Smith Group Large Cap Core Growth Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
TorrayResolute Small/Mid Cap Growth Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
|
|
|
|
|
|
Tortoise MLP & Energy Income Fund
|
|
|
A Class Shares
|
|
0.25% of average daily net assets
|
C Class Shares
|
|
1.00% of average daily net assets
|
|
|
|
Tortoise MLP & Pipeline Fund
|
|
|
A Class Shares
|
|
0.25% of average daily net assets
|
C Class Shares
|
|
1.00% of average daily net assets
|
|
|
|
Tortoise North American Pipeline Fund
|
|
|
Tortoise North American Pipeline Fund
|
|
0.25% of average daily net assets
|
|
|
|
Tortoise Global Water ESG Fund
|
|
|
Tortoise Global Water ESG Fund
|
|
0.25% of average daily net assets
|
|
|
|
Tortoise Digital Payments Infrastructure Fund
|
|
|
Tortoise Digital Payments Infrastructure Fund
|
|
0.25% of average daily net assets
|
|
|
|
Tortoise Select Opportunity Fund
|
|
|
Investor Class Shares
|
|
0.25% of average daily net assets
|
Class C Shares
|
|
1.00% of average daily net assets
|
|
|
|
•
|
You have a duty to place the interests of our Clients ahead of your own interests at all times;
|
•
|
You have a duty to attempt to avoid actual and potential conflicts of interest between your personal activities and the activities of our Clients, as well as to avoid any activities that may give the appearance of creating a conflict of interest; and
|
•
|
You must not take inappropriate advantage of your position at Jackson Square.
|
•
|
Involuntary transactions: The acquisition or disposition of a security as the result of a stock dividend, stock split, reverse stock split, merger, consolidation, spin-off or other similar corporate distribution or reorganization applicable to all holders of a class of securities does not require pre-clearance under the Code.
|
•
|
Transactions in Managed Accounts: Pre-clearance is not required for transactions made in an account over which neither you nor an Immediate Family Member (a) exercises investment discretion, (b) receives notice of transactions prior to execution, and/or (c) otherwise has direct or indirect influence or control (“Managed Account”).
|
•
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Donated Shares: Pre-clearance and approval are not required for any securities that are donated to a charitable organization. However, such transactions are still subject to the reporting requirements of the Code.
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Foreign Governmental Obligations: Direct obligations of national governments other than the United States of America and futures and options with respect to such obligations.
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Transactions otherwise exempted from preclearance by the CCO or his designee.
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Purchases or sales of unaffiliated open-end mutual funds;
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Purchases or sales of direct obligations of the U.S. Government;
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Purchases or sales of bank certificates of deposit, bankers acceptances, commercial paper and other high quality short-term debt instruments (having a maturity at issuance of less than 366 calendar days and rated in one of the two highest ratings categories by a nationally recognized statistical ratings organization, including repurchase agreements);
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Purchases which are made by reinvesting cash dividends including reinvestments pursuant to an Automatic Investment Plan;
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Purchases or sales of money market funds; and
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Transactions in Section 529 plans with the exception of plans for which an Affiliated Mutual Fund is an underlying investment.
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Involuntary and/or automatic transactions;
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Transactions made in an approved Managed Account, provided that such transactions do not reflect a prohibited pattern of conduct; and
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Transactions for which specific approval has been granted due to unusual or unforeseen circumstances.
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Jackson Square was serving its own interests or one client’s interest at the expense of another; or
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Business with clients or Jackson Square was done on the basis of friendship, family ties, the giving and receiving of gifts, or to curry favour with some specific entity or individual rather than on the merits.
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(i)
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“Pecuniary interest” means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the security.
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(ii)
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“Indirect pecuniary interest” includes, but is not limited to: (a) securities held by members of the person’s “immediate family” (this means any child, child-in-law, stepchild, grandchild, parent, parent-in-law, stepparent, grandparent, spouse, sibling, or sibling-in-law and includes adoptive relationships) sharing the same household (which ownership interest may be rebutted); (b) a general partner’s proportionate interest in portfolio securities held by a general or limited partnership; (c) a person’s right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person’s interest in securities held by a trust; (e) a person’s right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, trustee, or person or entity performing a similar function, with certain exceptions (see Rule 16a-1(a)(2)).
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1.
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The purpose of influencing any election for federal, state or local office;
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2.
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The payment of debt incurred in connection with any such election; or
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3.
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Transition or inaugural expenses incurred by the successful candidate for state or local office.
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