ck0001511699-20231031
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| Ticker
Symbols |
| Investor
Class |
Institutional
Class |
IS
Class |
Jackson
Square Large-Cap Growth Fund |
JSPJX |
JSPIX |
DPLGX |
Jackson
Square SMID-Cap Growth Fund |
JSMVX |
JSMTX |
DCGTX |
Prospectus
February 28,
2024
The
SEC has not approved or disapproved of these securities or determined if this
Prospectus is truthful or complete. Any representation to the contrary is a
criminal offense.
Jackson
Square Partners Funds
Series
of Managed Portfolio Series (the “Trust”)
Large-Cap
Growth Fund
Investment
Objective
The
Jackson
Square Large-Cap Growth Fund (the “Fund” or the “Large-Cap
Growth Fund”) seeks long-term capital appreciation.
Fees and Expenses of the
Fund
This
table describes the fees and expenses that you may pay if you buy, hold and sell
shares of the Fund. You may pay other fees, such as brokerage commissions and
other fees to financial intermediaries, which are not reflected in the tables
and examples below.
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Shareholder
Fees
(fees
paid directly from your investment) |
Investor Class |
Institutional Class |
IS Class |
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| None |
None |
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 |
Institutional Class |
IS Class |
Management
Fees |
0.55% |
0.55% |
0.55% |
Shareholder
Servicing Plan Fee(1) |
0.10% |
0.10% |
0.00% |
Distribution
and Service (Rule 12b-1) Fees |
0.25% |
0.00% |
0.00% |
Other
Expenses(2) |
0.20% |
0.20% |
0.20% |
Total
Annual Fund Operating Expenses(1)(3) |
1.10% |
0.85% |
0.75% |
Less:
Fee Waiver and Expense Reimbursement(4) |
-0.11% |
-0.11% |
-0.11% |
Total
Annual Fund Operating Expenses after Fee Waiver and Expense
Reimbursement(3)(4) |
0.99% |
0.74% |
0.64% |
(1)Shareholder
servicing plan fees for the Investor Class and Institutional Class reflect the
maximum fee available.
(2)Other
expenses have been restated to reflect current
expenses.
(3)The
Total Annual Fund Operating Expenses and 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 does not include the restatement of other
expenses or the maximum shareholder servicing plan fees for Investor Class and
Institutional Class.
(4)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. Expenses that were waived prior to April 16, 2021, may not
be recouped. The Operating Expenses Limitation Agreement is indefinite but
cannot be terminated through at least February 28,
2025. Thereafter, the agreement may be terminated at any time
upon 60 days’ written notice by the Fund’s Board or the
Adviser.
Example
This Example is intended to help you compare the costs of
investing in the Fund with the cost of investing in other mutual funds. The
Example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that the
Fund’s operating expenses remain the same (taking into account the expense
limitation for one year). Although your actual
costs may be higher or lower, based on these assumptions, your costs would
be:
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| One
Year |
Three
Years |
Five
Years |
Ten
Years |
Investor
Class |
$101 |
$339 |
$596 |
$1,330 |
Institutional
Class |
$76 |
$260 |
$461 |
$1,039 |
IS
Class |
$65 |
$229 |
$406 |
$920 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
the annual fund operating expenses or in the Example, affect the Fund’s
performance. During the most recent fiscal year, the Fund’s portfolio turnover
rate was 37% of the average value of its
portfolio.
Principal Investment
Strategies
The
Fund is non-diversified and invests primarily in common stocks of
growth-oriented, U.S. companies that the Adviser believes have capital
appreciation potential and may grow faster than the U.S. economy. Under normal
circumstances, the Fund invests at least 80% of its net assets (plus any
borrowings for investment purposes) in securities issued by large-capitalization
companies, which the Adviser defines as companies having a market
capitalization, at the time of purchase, within the range of the market
capitalization of companies constituting the Russell 1000® Growth Index. As of December 31, 2023, the
capitalization range of the Russell 1000®
Growth Index was between approximately $978 million and $3 trillion. This
investment policy can be changed by the Fund upon 60 days’ prior written notice
to shareholders. While the market capitalization range for the Russell
1000®
Growth Index will change on a periodic basis, the Fund will normally invest in
common stocks of companies with market capitalizations of at least $3 billion at
the time of purchase. The Fund tends to hold a relatively focused portfolio of
between 25 and 35 companies, although from time to time the Fund may hold fewer
or more companies depending on the Adviser’s assessment of the investment
opportunities available.
From
time to time, the Fund may focus its investments in securities of companies in
the same economic sector, including the Information Technology
sector.
Using
a bottom-up approach in selecting securities for the Fund, the Adviser seeks to
select securities of companies that it believes are beneficiaries of fundamental
change, have strong competitive positions, attractive unit economics capable of
generating strong and consistent cash flows as the business scales,
shareholder-aligned management teams and the opportunity to generate consistent,
long-term growth of intrinsic value. The Adviser typically considers a company’s
operational efficiency and management’s plans for capital allocation. Through
the Adviser’s investment research process, it seeks to identify the companies
that it believes will exceed the market’s expectations for: 1) key financial
metrics and 2) sustainable competitive advantage. The Adviser purchases these
securities for the Fund when it believes the market has not already reflected
these expectations in the current stock price. Additionally, the Adviser
typically invests for a 3-5 year time horizon, allowing it to take advantage of
discrepancies between short-term price movements and long-term fundamental
prospects.
The
Fund may invest up to 20% of its net assets in securities of foreign issuers,
which may include global depositary receipts (“GDRs”) and, without limitation,
sponsored and unsponsored American depositary receipts (“ADRs”) that are
actively traded in the United States, including issuers located or operating in
emerging markets and frontier markets. The Fund determines that a market is an
emerging market if it is included in the MSCI Emerging Markets Index; the Fund
determines that a market is a frontier market if it is included in the MSCI
Frontier Markets Index. To the extent the Fund invests in securities denominated
in a particular currency, it may invest in forward foreign currency exchange
contracts to hedge currency risks associated with the investment.
In
addition, the Fund may invest in real estate investment trusts (“REITs”). REITs
are corporations or trusts that invest primarily in fee or leasehold ownership
of real estate, mortgages or shares issued by other REITs, and that receive
favorable tax treatment provided they meet certain conditions, including the
requirement that they distribute at least 90% of their taxable
income.
Holdings
are typically sold to make room in the portfolio for more attractive stocks, or
where the holding reaches the Adviser’s estimate for its intrinsic value, or in
response to an unexpected, negative fundamental change, including a change in
management’s strategic direction.
Principal
Risks
An investment in
the Fund is not a deposit of a bank and is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other governmental
agency. In addition to not
achieving your investment goals, you
could lose all or a portion of your investment in the Fund over short or even
long periods of time. The principal risks of investing in the Fund
are:
General
Market Risk. The
Fund’s net asset value and investment return will fluctuate based upon changes
in the value of its portfolio securities. Certain securities selected for the Fund’s portfolio may be worth less
than the price originally paid for them, or less than they were worth at an
earlier time.
Management
Risk. The Fund may not meet its investment objective or may underperform the
market or other mutual funds with similar investment strategies if the Adviser
cannot successfully implement the Fund’s investment
strategies.
Equity
Securities Risk.
The equity securities held in the Fund’s portfolio may experience sudden,
unpredictable drops in value or long periods of decline in value. This may occur
because of factors that affect securities markets generally or factors affecting
specific industries, sectors, geographic markets or companies in which the Fund
invests.
Large-Cap
Companies Risk. The Fund’s investment in larger companies is subject to the risk that
larger companies are sometimes unable to attain the high growth rates of
successful, smaller companies, especially during extended periods of economic
expansion.
REIT
Risk.
The real estate industry has been subject to substantial fluctuations and
declines on a local, regional and national basis in the past and may continue to
be in the future. Also, the value of a REIT can be hurt by economic downturns or
by changes in real estate values, rents, property taxes, interest rates, tax
treatment, regulations, or the legal structure of a real estate investment
trust.
Foreign
Securities Risk.
Investments in securities of foreign issuers involve risks not ordinarily
associated with investments in securities and instruments of U.S. issuers,
including risks relating to political, social and economic developments abroad,
differences between U.S. and foreign regulatory and accounting requirements, tax
risks, and market practices, as well as fluctuations in foreign currencies.
There may be less information publicly available about foreign companies than
about a U.S. company, and many foreign companies are not subject to accounting,
auditing, and financial reporting standards, regulatory framework and practices
comparable to those in the U.S.
Emerging
Markets Risk.
Emerging markets are markets of countries in the initial stages of
industrialization and that generally have low per capita income. In
addition to the risks of foreign securities in general, emerging markets are
generally more volatile, have relatively unstable governments, social and legal
systems that do not protect shareholders, economies based on only a few
industries and securities markets that are substantially smaller, less liquid
and more volatile with less government oversight than more developed
countries.
Frontier
Market Countries Risk.
Frontier market countries generally have smaller economies and even less
developed capital markets than traditional emerging markets, and, as a result,
the risks of investing in emerging market countries are magnified in frontier
market countries. The magnification of risks are the result of: potential for
extreme price volatility and illiquidity in frontier markets; government
ownership or control of parts of the private sector and of certain companies;
trade barriers, exchange controls, managed adjustments in relative currency
values and other protectionist measures imposed or
negotiated
by the countries with which frontier market countries trade; and the relatively
new and unsettled securities laws in many frontier market
countries.
Currency
and Foreign Exchange Risk. When the Fund buys or sells securities on a foreign stock exchange,
the transaction is undertaken in the local currency rather than in U.S. dollars.
The value of the foreign currency may increase or decrease against the value of
the U.S. dollar, which may impact the value of the Fund’s portfolio holdings and
your investment. Other countries may adopt economic policies and/or currency
exchange controls that affect their currency valuations in a manner that is
disadvantageous to U.S. investors and companies. Such practices may restrict or
prohibit the Fund’s ability to repatriate both investment capital and income, or
may impose fees for doing so, which could place the Fund’s assets at risk of
total loss. Currency risks may be greater in emerging market and frontier market
countries than in developed market countries.
Forward
Foreign Currency Risk. The
use of forward foreign currency exchange contracts may substantially change the
Fund’s exposure to currency exchange rates and could result in losses to the
Fund if currencies do not perform as the Adviser expects. The use of these
investments as a hedging technique to reduce the Fund’s exposure to currency
risks may also reduce its ability to benefit from favorable changes in currency
exchange rates.
Depositary
Receipts Risk. Depositary
receipts are generally subject to the same risks as the foreign
securities they represent because their values depend on the performance of
the underlying foreign securities. The Fund may invest in unsponsored
depositary receipts that are issued without an agreement with the company that
issues the underlying foreign securities. Holders of unsponsored depositary
receipts generally bear all the costs of such depositary receipts, and the
issuers of unsponsored depositary receipts frequently are under no obligation to
distribute shareholder communications received from the company that issues the
underlying foreign securities or to pass through voting rights to the holders of
the depositary receipts. Accordingly, available information
concerning the issuer may not be current and the prices of unsponsored
depositary receipts may be more volatile than the prices of sponsored depositary
receipts.
Liquidity
Risk. From
time to time, the trading market for a particular security or type of security
in which the Fund invests may become less liquid or even illiquid. Reduced
liquidity will have an adverse impact on the Fund’s ability to sell such
securities when necessary to meet the Fund’s liquidity needs or in response to a
specific economic event and will also generally lower the value of a security.
Market prices for such securities may be
volatile.
Growth-Style
Investing Risk.
Investors expect growth companies to increase their earnings at a certain rate
that is generally higher than the rate expected for non-growth companies. If a
growth company does not meet these expectations, the price of its stock may
decline significantly, even if it has increased earnings. Growth companies also
typically do not pay dividends. Companies that pay dividends may experience less
significant stock price declines during market
downturns.
Investment
Focus Risk. The
Fund may focus its investments, or have a relatively high concentration of
assets in a small number of issuers and/or industry subcategories, which may
reduce its diversification and result in increased
volatility.
Non-Diversified
Fund Risk. Because
the Fund is “non-diversified” and may invest a greater percentage of its assets
in the securities of a single issuer, a decline in the value of an investment in
a single issuer could cause the Fund’s overall value to decline to a greater
degree than if the Fund held a more diversified
portfolio.
Sector
Emphasis Risk.
The securities of companies in the same or related businesses, if comprising a
significant portion of the Fund’s portfolio, may in some circumstances react
negatively to market conditions, interest rates and economic, regulatory or
financial developments and adversely affect the
value
of the portfolio to a greater extent than if such securities comprised a lesser
portion of the Fund’s portfolio or the Fund’s portfolio was diversified across a
greater number of industry sectors. Some industry sectors have particular risks
that may not affect other sectors.
Technology
Sector Risk:
Technology companies face intense competition, both domestically and
internationally, which may have an adverse effect on profit margins. Technology
companies may have limited product lines, markets, financial resources or
personnel.
Performance
The accompanying
bar chart and table provide some indication of the risks of investing in the
Fund by showing how the Fund’s total returns have varied for the annual periods
through December 31, 2023.
The
Fund acquired the assets and assumed the liabilities of the Delaware U.S. Growth
Fund, a series of Delaware Group Adviser Funds (the “Predecessor Fund”),
effective at the close of business on April 16, 2021 (the “Reorganization”), and
the Predecessor Fund is the accounting and performance history survivor of the
Reorganization. The performance information shown below for the Fund’s Investor
Class Shares represent the performance of the Predecessor Fund’s Class A shares,
performance for the Fund’s Institutional Class Shares represent the performance
of the Predecessor Fund’s Institutional Class shares, and performance for the
Fund’s IS Class Shares represent the performance of the Predecessor Fund’s Class
R6 shares. 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.
The Adviser of the Fund served as the sole sub-adviser to the Predecessor
Fund.
Following
the bar chart are the Fund’s highest and lowest quarterly returns during the
period shown in the bar chart. The performance table that follows shows how the
Fund’s average annual returns over time compare with a broad-based securities
market index. The returns reflect any expense limitation arrangements in effect
during these periods, without which, the returns would be lower. Past
performance (before and after taxes) will not necessarily continue in the
future. Updated performance information is available on the
Fund’s website at https://jspartners.com/funds/
or by calling 844-577-3863.
Year-by-year total return as
of December 31 – Investor Class
During
the periods illustrated in this bar chart, the highest quarterly
return for the Investor Class was 29.79% for the quarter ended
June 30, 2020, and its
lowest quarterly return was
-23.47% for the quarter ended June 30,
2022.
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Average Annual
Total Returns for the periods ended December 31,
2023 |
| One
Year |
Five
Years |
Ten
Years |
Investor
Class Shares(1) |
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Return Before
Taxes |
51.50% |
12.67% |
9.59% |
Return After
Taxes on Distributions |
51.50% |
9.09% |
6.44% |
Return After
Taxes on Distributions and Sale of Portfolio
Shares |
30.49% |
9.92% |
7.22% |
Institutional
Class Shares |
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Return Before
Taxes |
51.75% |
12.94% |
9.86% |
IS
Class Shares |
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Return
Before Taxes(2) |
51.87% |
13.10% |
10.02% |
Russell
1000®
Growth Index
(reflects no deduction for
fees, expenses or taxes) |
42.68% |
19.50% |
14.86% |
(1)The
performance shown for the Investor Class Shares reflects the Predecessor Fund’s
5.75% sales charge for its Class A shares, which does not apply to Investor
Class shares. Had the sales charge not been reflected, the performance shown
would be higher.
(2)The
R6 Class shares of the Predecessor Fund, which were reorganized into the IS
Class shares of the Fund effective at the close of business on April 16, 2021,
commenced operations on May 2, 2016.
After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
The “Return After Taxes on
Distributions and Sale of Fund Shares” may be higher than other return figures
because when a capital loss occurs upon redemption of portfolio shares, a tax
deduction is provided that benefits the investor. Actual after-tax returns
depend on the investor’s individual tax situation and may differ from the
returns shown. After-tax returns are not relevant for shares held in
tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and
individual retirement accounts (“IRAs”). After tax returns are shown for IS Class shares only.
After-tax returns for other classes will vary.
During the quarter ended September 30, 2023, the Large-Cap Growth
Fund received proceeds from a class action settlement from a company it no
longer owns. This settlement had a material impact on the Fund’s performance. On
the day the proceeds were received, the IS Class, Institutional Class, and
Investor Class had their net asset value positively impacted by 5.81%, 5.79%,
and 5.84% respectively. This is a one-time event that is not likely to be
repeated.
Management
Investment
Adviser
Jackson
Square is the Fund’s investment adviser.
Portfolio
Managers
The
following individuals are jointly and primarily responsible for the day-to-day
management of the Fund’s portfolio and, except where indicated, have managed the
Fund since its inception:
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Portfolio
Managers |
| Title
with Jackson Square |
William
Montana (1) |
| Portfolio
Manager, Analyst |
Brian
Tolles (2) |
| Portfolio
Manager, Analyst |
(1)Mr.
Montana has managed the Fund since January 2019. |
(2)Mr.
Tolles has managed the Fund since June 2023.
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Purchase
and Sale of Fund Shares
You
may purchase, redeem or exchange Fund shares on any day that the New York Stock
Exchange (“NYSE”) is open for business by written request via mail (Jackson
Square Large-Cap Growth Fund, c/o U.S. Bank Global Fund Services, P.O. Box
701, Milwaukee, Wisconsin 53201-0701), by contacting the Fund by telephone at
844-577-3863 or through a financial intermediary. You may also purchase or
redeem Fund shares by wire transfer. Investors who wish to purchase, redeem or
exchange Fund shares through a financial intermediary should contact the
financial intermediary directly. The minimum initial and subsequent investment
amounts are shown below. The Adviser may reduce or waive the
minimum.
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| Investor Class |
Institutional Class |
IS Class |
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Minimum
Initial Investment (non-IRA) |
$2,500 |
$100,000 |
$1,000,000 |
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Minimum
Initial Investment (IRA) |
$1,000 |
$100,000 |
$1,000,000 |
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Subsequent
Minimum Investment |
$100 |
N/A |
N/A |
Tax
Information
The
Fund’s distributions are taxable, and will be taxed as ordinary income or
capital gains, unless you are a tax-exempt organization or are investing through
a tax-advantaged arrangement such as a 401(k) plan or IRA. Distributions on
investments made through tax-advantaged arrangements may be taxed as ordinary
income when withdrawn from those accounts.
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase Fund shares through a broker-dealer or other financial intermediary
(such as a bank or financial advisor), the Fund and/or its Adviser may pay the
intermediary for the sale of Fund shares and related services. These payments
may create conflicts of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
SMID-Cap
Growth Fund
Investment
Objective
The
Jackson
Square SMID-Cap Growth Fund (the “Fund” or the “SMID-Cap Growth
Fund”) seeks long-term capital appreciation.
Fees and Expenses of the
Fund
This
table describes the fees and expenses that you may pay if you buy, hold and sell
shares of the Fund. You may pay other fees, such as brokerage commissions and
other fees to financial intermediaries, which are not reflected in the tables
and examples below.
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Shareholder
Fees
(fees
paid directly from your investment) |
Investor Class |
Institutional Class |
IS Class |
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| None |
None |
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 |
Institutional Class |
IS Class |
Management
Fees |
0.75% |
0.75% |
0.75% |
Shareholder
Servicing Plan Fee |
0.10% |
0.10% |
0.00% |
Distribution
and Service (Rule 12b-1) Fees |
0.25% |
0.00% |
0.00% |
Other
Expenses |
0.11% |
0.11% |
0.11% |
Total
Annual Fund Operating Expenses(1) |
1.21% |
0.96% |
0.86% |
Fee
Waiver/Reimbursement or Recoupment(2) |
0.01% |
0.01% |
0.01% |
Total
Annual Fund Operating Expenses After Fee Waiver/Reimbursement or
Recoupment(1)(2) |
1.22% |
0.97% |
0.87% |
(1)The Total Annual Fund Operating Expenses for the Investor
Class and Institutional Class 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 all available shareholder servicing plan fees for these share
classes.
(2)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. Expenses that were waived prior to April 16, 2021, may not
be recouped. The Operating Expenses Limitation Agreement is indefinite but
cannot be terminated through at least February 28,
2025. Thereafter, the agreement may be terminated at any time
upon 60 days’ written notice by the Fund’s Board or the
Adviser.
Example
This Example is intended to help you compare the costs of
investing in the Fund with the cost of investing in other mutual funds. The
Example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that the
Fund’s operating expenses remain the same. Although your
actual costs may be higher or lower, based on these assumptions, your costs
would be:
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| One
Year |
Three
Years |
Five
Years |
Ten
Years |
Investor
Class |
$124 |
$385 |
$666 |
$1,467 |
Institutional
Class |
$99 |
$307 |
$532 |
$1,179 |
IS
Class |
$89 |
$275 |
$478 |
$1,062 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
the annual fund operating expenses or in the Example, affect the Fund’s
performance. During the most recent fiscal year, the Fund’s portfolio turnover
rate was 49% of the average value of its
portfolio.
Principal Investment
Strategies
The
Fund is non-diversified and invests primarily in common stocks of
growth-oriented companies that the Adviser believes have long-term capital
appreciation potential and may grow faster than the U.S. economy. Under normal
circumstances, the Fund invests at least 80% of its net assets (plus any
borrowings for investment purposes) in securities issued by small-and
mid-capitalization companies. This investment policy can be changed by the Fund
upon 60 days’ prior written notice to shareholders. The Adviser defines
small-and mid-capitalization companies as companies, at the time of purchase,
within the range of the capitalization of companies constituting the Russell
2500®
Growth Index. As of December 31, 2023, the capitalization range of the Russell
2500®
Growth Index was between approximately $24 million and $21 billion. The Fund
tends to hold a relatively focused portfolio of between 25 and 35 companies,
although from time to time the Fund may hold fewer or more stocks depending on
the Adviser’s assessment of the investment opportunities available. From time to
time, the Fund may focus its investments in securities of companies in the same
economic sector, including the Information Technology
sector.
The
Fund may invest up to 20% of its net assets in securities of foreign issuers,
which may include global depositary receipts (“GDRs”) and, without limitation,
sponsored and unsponsored American depositary receipts (“ADRs”) that are
actively traded in the United States, including issuers located or operating in
emerging markets and frontier markets. The Fund determines that a market is an
emerging market if it is included in the MSCI Emerging Markets Index; the Fund
determines that a market is a frontier market if it is included in the MSCI
Frontier Markets Index. To the extent the Fund invests in securities denominated
in a particular currency, it may invest in forward foreign currency exchange
contracts to hedge currency risks associated with the investment.
In
addition, the Fund may invest in real estate investment trusts (“REITs”). REITs
are corporations or trusts that invest primarily in fee or leasehold ownership
of real estate, mortgages or shares issued by other REITs, and that receive
favorable tax treatment provided they meet certain conditions, including the
requirement that they distribute at least 90% of their taxable
income.
Using
a bottom-up approach in selecting securities for the Fund, the Adviser seeks to
select securities of companies that it believes are beneficiaries of fundamental
change, have strong competitive positions, attractive unit economics capable of
generating strong and consistent cash flows as the business scales,
shareholder-aligned management teams and the opportunity to generate consistent,
long-term growth of intrinsic value. The Adviser typically considers a company’s
operational efficiency and management’s plans for capital allocation. Through
the Adviser’s investment research process, it seeks to identify the companies
that it believes will exceed the market’s expectations for: 1) key financial
metrics and 2) sustainable competitive advantage. The Adviser purchases these
securities for the Fund when it believes the market has not already reflected
these expectations in the current stock price. Additionally, the Adviser
typically invests for a 3-5 year time horizon, allowing it to take advantage of
discrepancies between short-term price movements and long-term fundamental
prospects.
Holdings
are typically sold to make room in the portfolio for more attractive stocks, or
where the holding reaches the Adviser’s estimate for its intrinsic value, or in
response to an unexpected, negative fundamental change, including a change in
management’s strategic direction.
Principal
Risks
An investment
in the Fund is not a deposit of a bank and is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other governmental
agency. In addition to not
achieving your investment goals, you
could lose all or a portion of your investment in the Fund over short or even
long periods of time. The principal risks of investing in the Fund
are:
General
Market Risk. The
Fund’s net asset value and investment return will fluctuate based upon changes
in the value of its portfolio securities. Certain securities selected for the Fund’s portfolio may be worth
less than the price originally paid for them, or less than they were worth at an
earlier time.
Management
Risk. The Fund may not meet its investment objective or may underperform
the market or other mutual funds with similar investment strategies if the
Adviser cannot successfully implement the Fund’s investment
strategies.
Equity
Securities Risk.
The equity securities held in the Fund’s portfolio may experience sudden,
unpredictable drops in value or long periods of decline in value. This may occur
because of factors that affect securities markets generally or factors affecting
specific industries, sectors, geographic markets or companies in which the Fund
invests.
Small-Cap
and Mid-Cap Companies Risk.
The small-cap companies in which the Fund invests may not have the management
experience, financial resources, product diversification and competitive
strengths of large cap companies. Small-cap company stocks may also be bought
and sold less often and in smaller amounts than larger company stocks.
Securities of small-cap and mid-cap companies may be more volatile and less
liquid than the securities of large-cap
companies.
REIT
Risk.
The real estate industry has been subject to substantial fluctuations and
declines on a local, regional and national basis in the past, and may continue
to be in the future. Also, the value of a REIT can be hurt by economic downturns
or by changes in real estate values, rents, property taxes, interest rates, tax
treatment, regulations, or the legal structure of a real estate investment
trust.
Foreign
Securities Risk.
Investments in securities of foreign issuers involve risks not ordinarily
associated with investments in securities and instruments of U.S. issuers,
including risks relating to political, social, and economic developments abroad,
differences between U.S. and foreign regulatory and accounting requirements, tax
risks, and market practices, as well as fluctuations in foreign currencies.
There may be less information publicly available about foreign companies than
about a U.S. company, and many foreign companies are not subject to accounting,
auditing, and financial reporting standards, regulatory framework and practices
comparable to those in the U.S.
Emerging
Markets Risk.
Emerging markets are markets of countries in the initial stages of
industrialization and that generally have low per capita income. In
addition to the risks of foreign securities in general, emerging markets are
generally more volatile, have relatively unstable governments, social, and legal
systems that do not protect shareholders, economies based on only a few
industries, and securities markets that are substantially smaller, less liquid,
and more volatile with less government oversight than more developed
countries.
Frontier
Market Countries Risk. Frontier market countries generally have smaller economies and even
less developed capital markets than traditional emerging markets, and, as a
result, the risks of investing in emerging market countries are magnified in
frontier market countries. The magnification of risks are the result of:
potential for extreme price volatility and illiquidity in frontier markets;
government ownership or control of parts of the private sector and of certain
companies; trade barriers, exchange controls, managed adjustments in relative
currency values and other protectionist measures imposed or negotiated by the
countries with which frontier market countries trade; and the relatively new and
unsettled securities laws in many frontier market countries.
Currency
and Foreign Exchange Risk. When the Fund buys or sells securities on a foreign stock exchange,
the transaction is undertaken in the local currency rather than in U.S. dollars.
The value of the foreign currency may increase or decrease against the value of
the U.S. dollar, which may impact the value of the Fund’s portfolio holdings and
your investment. Other countries may adopt economic policies and/or currency
exchange controls that affect their currency valuations in a manner that is
disadvantageous to U.S. investors and companies. Such practices may restrict or
prohibit the Fund’s ability to repatriate both investment capital and income, or
may impose fees for doing so, which could place the Fund’s assets at risk of
total loss. Currency risks may be greater in emerging market and frontier market
countries than in developed market countries.
Forward
Foreign Currency Risk. The
use of forward foreign currency exchange contracts may substantially change the
Fund’s exposure to currency exchange rates and could result in losses to the
Fund if currencies do not perform as the Adviser expects. The use of these
investments as a hedging technique to reduce the Fund’s exposure to currency
risks may also reduce its ability to benefit from favorable changes in currency
exchange rates.
Depositary
Receipts Risk. Depositary
receipts are generally subject to the same risks as the foreign
securities they represent because their values depend on the performance of
the underlying foreign securities. The Fund may invest in unsponsored
depositary receipts that are issued without an agreement with the company that
issues the underlying foreign securities. Holders of unsponsored depositary
receipts generally bear all the costs of such depositary receipts, and the
issuers of unsponsored depositary receipts frequently are under no obligation to
distribute shareholder communications received from the company that issues the
underlying foreign securities or to pass through voting rights to the holders of
the depositary receipts. Accordingly, available information
concerning the issuer may not be current and the prices of unsponsored
depositary receipts may be more volatile than the prices of sponsored depositary
receipts.
Liquidity
Risk. From
time to time, the trading market for a particular security or type of security
in which the Fund invests may become less liquid or even illiquid. Reduced
liquidity may have an adverse impact on the Fund’s ability to sell such
securities when necessary to meet the Fund’s liquidity needs or in response to a
specific economic event and may also generally lower the value of a security.
Market prices for such securities may be
volatile.
Growth-Style
Investing Risk.
Investors expect growth companies to increase their earnings at a certain rate
that is generally higher than the rate expected for non-growth companies. If a
growth company does not meet these expectations, the price of its stock may
decline significantly, even if it has increased earnings. Growth companies also
typically do not pay dividends. Companies that pay dividends may experience less
significant stock price declines during market
downturns.
Investment
Focus Risk. The
Fund may focus its investments, or have a relatively high concentration of
assets in a small number of issuers and/or industry subcategories, which may
reduce its diversification and result in increased
volatility.
Non-Diversified
Fund Risk. Because
the Fund is “non-diversified” and may invest a greater percentage of its assets
in the securities of a single issuer, a decline in the value of an investment in
a single issuer could cause the Fund’s overall value to decline to a greater
degree than if the Fund held a more diversified
portfolio.
Sector
Emphasis Risk.
The securities of companies in the same or related businesses, if comprising a
significant portion of the Fund’s portfolio, may in some circumstances react
negatively to market conditions, interest rates and economic, regulatory or
financial developments and adversely affect the value of the portfolio to a
greater extent than if such securities comprised a lesser portion of the Fund’s
portfolio or the Fund’s portfolio was diversified across a greater number of
industry sectors. Some industry sectors have particular risks that may not
affect other sectors.
Technology
Sector Risk:
Technology companies face intense competition, both domestically and
internationally, which may have an adverse effect on profit margins. Technology
companies may have limited product lines, markets, financial resources or
personnel.
Healthcare
Sector Risk:
To the extent the Fund invests a significant portion of its assets in the
healthcare sector, the Fund’s performance will be sensitive to changes in and,
to a greater extent, depend on the overall condition of the healthcare sector.
Companies in the healthcare sector are subject to extensive government
regulation and their profitability can be significantly affected by regulatory
changes. Other factors impacting the healthcare sector include rising costs of
medical products and services, pricing pressure and limited product lines, loss
or impairment of intellectual property rights and litigation regarding product
or service liability.
Performance
The accompanying
bar chart and table below provide some indication of the risks of investing in
the Fund. The bar chart shows how the Fund’s total returns for
the Fund's IS Class have varied for annual periods through December 31, 2023.
Next to the bar chart are the Fund’s highest and lowest quarterly returns during
the period shown in the bar chart. The performance table that follows shows how
the Fund’s average annual returns over time compare with a broad-based
securities market index. Past performance (before and
after taxes) will not necessarily continue in the future.
Updated performance information is available on the Fund’s website at
https://jspartners.com/funds/
or by calling 844-577-3863.
Year-by-year
total return as of December 31(1)
– IS Class
(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.
During the periods illustrated in this bar chart, the Fund’s
highest quarterly return
was 41.73% for the quarter ended June 30, 2020 and its
lowest quarterly return was
-24.17% for the quarter ended June 30,
2022.
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Average
Annual Total Returns for the periods ended December 31,
2023 |
| One
Year |
Five
Years |
Ten
Years |
IS
Class Shares |
|
| |
Return Before
Taxes |
13.88% |
5.48% |
6.70% |
Return After
Taxes on Distributions |
13.88% |
4.03% |
4.62% |
Return After
Taxes on Distributions and Sale of Portfolio
Shares |
8.21% |
4.66% |
5.08% |
Institutional
Class Shares |
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| |
Return
Before Taxes(1) |
13.80% |
5.39% |
6.62% |
Investor
Class Shares |
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Return
Before Taxes(1) |
13.46% |
5.11% |
6.33% |
Russell
2500®
Growth Index
(reflects no deduction for
fees, expenses or taxes) |
18.93% |
11.43% |
8.78% |
(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.
After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
The “Return After Taxes on
Distributions and Sale of Fund Shares” may be higher than other return figures
because when a capital loss occurs upon redemption of portfolio shares, a tax
deduction is provided that benefits the investor. Actual after-tax returns
depend on the investor’s individual tax situation and may differ from the
returns shown. After-tax returns are not relevant for shares held in
tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and
individual retirement accounts (“IRAs”). After tax
returns are shown for IS Class shares only. After-tax returns for other classes
will vary.
Management
Investment
Adviser
Jackson
Square is the Fund’s investment adviser.
Portfolio
Managers
The
following individuals are jointly and primarily responsible for the day-to-day
management of the Fund’s portfolio and, except where indicated, have managed the
Fund since its inception:
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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 |
(1)
Mr.
Ferry has managed the Fund since January
2019. |
Purchase
and Sale of Fund Shares
You
may purchase, redeem or exchange Fund shares on any day that the New York Stock
Exchange (“NYSE”) is open for business by written request via mail (Jackson
Square SMID-Cap Growth Fund, c/o U.S. Bank Global Fund Services, P.O. Box
701, Milwaukee, Wisconsin 53201-0701), by contacting the Fund by telephone at
844-577-3863 or through a financial intermediary. You may also purchase or
redeem Fund shares by wire transfer. Investors who wish to purchase, redeem or
exchange Fund shares through a financial intermediary should contact the
financial intermediary directly. The minimum initial and subsequent investment
amounts are shown below. The Adviser may reduce or waive the
minimum.
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| Investor Class |
Institutional
Class |
IS Class |
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Minimum
Initial Investment (non-IRA) |
$2,500 |
$100,000 |
$1,000,000 |
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Minimum
Initial Investment (IRA) |
$1,000 |
$100,000 |
$1,000,000 |
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Subsequent
Minimum Investment |
$100 |
N/A |
N/A |
Tax
Information
The
Fund’s distributions are taxable, and will be taxed as ordinary income or
capital gains, unless you are a tax-exempt organization or are investing through
a tax-advantaged arrangement such as a 401(k) plan or IRA. Distributions on
investments made through tax-advantaged arrangements may be taxed later as
ordinary income when withdrawn from those accounts.
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase Fund shares through a broker-dealer or other financial intermediary
(such as a bank or financial advisor), the Fund and/or its Adviser may pay the
intermediary for the sale of Fund shares and related services. These payments
may create conflicts of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
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Investment
Objective, Strategies, Risks and Disclosure of Portfolio
Holdings |
Investment
Objectives
Each
Fund seeks long-term capital appreciation. Each Fund’s investment objective is
not fundamental and may be changed without the approval of a Fund’s shareholders
upon 60 days’ prior written notice to shareholders.
Principal
Investment Strategies
Large-Cap
Growth Fund
The
Large-Cap Growth Fund is a non-diversified fund that invests primarily in common
stocks of growth-oriented, U.S. companies that the Adviser believes have capital
appreciation potential and may grow faster than the U.S. economy. Under normal
circumstances, the Large-Cap Growth Fund invests at least 80% of its net assets
(plus any borrowings for investment purposes) in securities issued by
large-capitalization companies, which the Adviser defines as companies having a
market capitalization, at the time of purchase, within the range of the market
capitalization of companies constituting the Russell 1000® Growth Index. As of
December 31, 2023, the capitalization range of the Russell 1000® Growth Index
was between approximately $978 million and $3 trillion. This investment policy
can be changed by the Fund upon 60 days’ prior written notice to shareholders.
While the market capitalization range for the Russell 1000® Growth Index will
change on a periodic basis, the Fund will normally invest in common stocks of
companies with market capitalizations of at least $3 billion at the time of
purchase. The Large-Cap Growth Fund tends to hold a relatively focused portfolio
of between 25 and 35 companies, although from time to time the Fund may hold
fewer or more companies depending on the Adviser’s assessment of the investment
opportunities available.
SMID-Cap
Growth Fund
The
SMID-Cap Growth Fund is a non-diversified fund that invests primarily in common
stocks of growth-oriented companies that the Adviser believes have long-term
capital appreciation potential and may grow faster than the U.S. economy. Under
normal circumstances, the SMID-Cap Growth Fund invests at least 80% of its net
assets (plus any borrowings for investment purposes) in securities issued by
small-and mid-capitalization companies. This investment policy can be changed by
the Fund upon 60 days’ prior written notice to shareholders. The Adviser defines
small-and mid-capitalization companies as companies, at the time of purchase,
within the range of the capitalization of companies constituting the Russell
2500®
Growth Index. As of December 31, 2023, the capitalization range of the Russell
2500®
Growth Index was between approximately $24 million and $21 billion. The SMID-Cap
Growth Fund tends to hold a relatively focused portfolio of between 25 and 35
companies, although from time to time the Fund may hold fewer or more companies
depending on the Adviser’s assessment of the investment opportunities
available.
Investment
Strategies of the Funds
The
Adviser researches individual companies, seeking to identify the securities and
long-term market trends that it believes are the best investments for each Fund.
Using a bottom-up approach, the Adviser looks for companies that it believes:
Are
beneficiaries of fundamental change, have strong competitive positions,
attractive unit economics capable of generating strong and consistent cash flows
as the business scales, and the opportunity to generate consistent, long-term
growth of intrinsic value which are not recognized in the current market price
for the security;
Demonstrate
operational efficiency;
Have
sophisticated return of capital policies and capital allocation which the
Adviser considers to be a thoughtful approach to capital allocation from both an
external and internal financing options standpoint, which translates into a view
on whether a company’s capital would be better utilized through share buy backs
or dividends in the long run; and
Have
governance policies that tend to be favorable to shareholders such as the
absence of control shares, equal votes for all shareholders, majority
independent boards of directors, rigorous short- and long-term executive
incentive plans aligned with shareholder interest and adequate disclosure around
corporate governance issues.
All
of these factors provide insight into the outlook for a company and help the
Adviser to identify companies that it believes will exceed the market’s
expectations for 1) key financial metrics and 2) sustainable competitive
advantage. The Adviser believes that sustainable free cash flow growth, if it
occurs, tends to result in price appreciation for a company’s stock. There are a
number of catalysts that might increase a company’s potential for free cash flow
growth. The Adviser’s disciplined, research-intensive selection process is
designed to identify catalysts such as:
New,
innovative and/or disruptive products;
Structural
changes in the economy;
Management
changes; or
Corporate
restructurings.
Although
each Fund generally holds a limited number of securities, the Adviser attempts
to maintain a portfolio representing a number of different sectors and
industries. The Adviser believes that this approach helps to minimize the impact
that any one security or industry could have on a Fund if it were to experience
a period of slow or declining growth.
In
addition, each Fund may invest up to 20% of its net assets in securities of
non-U.S. issuers, which may include global depositary receipts (“GDRs”) and,
without limitation, sponsored and unsponsored American depositary receipts
(“ADRs”) that are actively traded in the United States, including issuers
located in emerging and frontier markets. The Funds determine that a market is
an emerging market if it is included in the MSCI Emerging Markets Index; the
MSCI Emerging Markets Index currently identifies Argentina, Brazil, Chile,
China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia,
Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia,
Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates as
emerging markets. The Fund determines that a market is a frontier market if it
is included in the MSCI Frontier Markets Index; the MSCI Frontier Markets Index
currently identifies Bahrain, Bangladesh, Croatia, Estonia, Jordan, Kenya,
Kuwait, Kazakhstan, Lebanon, Lithuania, Mauritius, Morocco, Nigeria, Oman,
Romania, Serbia, Slovenia, Sri Lanka, Tunisia, Vietnam and the West African
Economic and Monetary Union as frontier markets. To the extent a Fund invests in
securities denominated in a particular currency, it may invest in forward
foreign currency exchange contracts to hedge currency risks associated with the
investment. A Fund may conduct its foreign currency exchange transactions on a
spot (i.e.,
cash) basis at the spot rate prevailing in the foreign currency exchange market
or through entering into contracts to purchase or sell foreign currencies at a
future date (i.e.,
a “forward foreign currency” contract or “forward” contract).
From
time to time, each of the Funds may focus its investments in securities of
companies in the same economic sector.
The
Funds may also invest in real estate investment trusts (“REITs”). REITs are
corporations or trusts that invest primarily in fee or leasehold ownership of
real estate, mortgages or shares issued by other REITs, and that receive
favorable tax treatment provided they meet certain conditions, including the
requirement that they distribute at least 90% of their taxable income.
Holdings
are typically sold in response to an unexpected, negative fundamental change,
including a change in management’s strategic direction, or where the holding
reaches the Adviser’s estimate for its intrinsic value, or to make room in the
portfolio for more attractive stocks.
Cash
or Similar Investments and Temporary Strategies of the Funds
At
the Adviser’s discretion, a Fund may invest in high-quality, short-term debt
securities and money market instruments for (i) temporary defensive purposes in
amounts up to 100% of its assets in response to adverse market, economic or
political conditions and (ii) retaining flexibility in meeting redemptions,
paying expenses, and identifying and assessing investment opportunities. These
short-term debt securities and money market instruments include cash, shares of
other mutual funds, commercial paper, certificates of deposit, bankers’
acceptances, U.S. government securities, discount notes and repurchase
agreements. To the extent that a Fund invests in money market mutual funds for
its cash position, there will be some duplication of expenses because the Fund
will bear its pro rata portion of such money market funds’ management fees and
operational expenses. When investing for temporary defensive purposes, the
Adviser may invest up to 100% of a Fund’s total assets in such instruments.
Taking a temporary defensive position may result in the Fund not achieving its
investment objective.
Principal
Risks of Investing in the Funds
Before
investing in the Funds, you should carefully consider your own investment goals,
the amount of time you are willing to leave your money invested, and the amount
of risk you are willing to take. Remember, in addition to not achieving your
investment goals, you
could lose all or a portion of your investment in the Funds.
The principal risks of investing in the Funds are:
General
Market Risk (Both Funds).
The net asset value and investment return of each Fund will fluctuate based upon
changes in the value of the Fund’s portfolio securities. The market value of a
security may move up or down, sometimes rapidly and unpredictably. These
fluctuations may cause a security to be worth less than the price originally
paid for it, or less than it was worth at an earlier time. Market risk may
affect a single issuer, industry, sector of the economy or the market as a
whole. U.S. and international markets have experienced, and may continue to
experience, volatility, which may increase risks associated with an investment
in the Funds. Certain social, political, economic, environmental and other
conditions and events (such as natural disasters and weather-related phenomena
generally, epidemics and pandemics, terrorism, conflicts and social unrest) may
adversely interrupt the global economy and result in prolonged periods of
significant market volatility. The market value of securities in which the Funds
invest is based upon the market’s perception of value and is not necessarily an
objective measure of the securities’ value. In some cases, for example, the
stock prices of individual companies have been negatively affected even though
there may be little or no apparent degradation in the financial condition or
prospects of the issuers. Similarly, the debt markets have experienced
substantially lower valuations, reduced liquidity, price volatility, credit
downgrades, increased likelihood of default, and valuation difficulties. As a
result of this significant volatility, many of the following risks associated
with an investment in the Funds may be increased. Continuing market volatility
may have adverse effects on the Funds.
Management
Risk (Both Funds).
The ability of a Fund to meet its investment objective is directly related to
the Adviser’s investment strategies for the Fund. The value of your investment
in a Fund may vary with the effectiveness of the Adviser’s research, analysis,
asset allocation and portfolio management among portfolio securities. If the
Adviser’s investment strategies do not produce the expected results, the value
of your investment could be diminished or even lost entirely and a Fund could
underperform other mutual funds with similar investment strategies.
Equity
Securities Risk (Both Funds).
The Funds’ investments in equity securities are susceptible to general stock
market fluctuations and to volatile increases and decreases in value as market
confidence in and perceptions of their issuers change. These investor
perceptions are based on various and unpredictable factors including:
expectations regarding government, economic, monetary and fiscal policies;
inflation and interest rates; economic expansion or contraction; global and/or
regional political, economic and banking crises; and factors affecting specific
industries, sectors, geographic markets or companies in which the Funds invest.
A Fund’s net asset value and investment return will fluctuate based upon changes
in the value of its portfolio securities.
Large-Cap
Company Risk (Large-Cap Growth Fund).
A Fund’s investments in larger, more established companies are subject to the
risk that large-cap companies are sometimes unable to attain the high growth
rates of successful, smaller companies, especially during extended periods of
economic expansion. Larger, more established companies may be unable to
respond quickly to new competitive challenges such as changes in consumer tastes
or innovative smaller competitors potentially resulting in lower market
valuations or pricing for their common stock.
Mid-Cap
and Small-Cap Companies Risk (SMID-Cap Growth Fund). Mid-cap
and small-cap companies, may not have the management experience, financial
resources, product or business diversification and competitive strengths of
large-cap companies. In addition, such companies may have been recently
organized and have little or no track record of success. Therefore, their
securities may have more price volatility and be less liquid than the securities
of larger, more established companies. Their stocks may also be bought and sold
less often and in smaller amounts than larger company stocks. As a result, if
the Adviser wants to sell a large quantity of a mid-cap or small-cap company
stock, it may have to sell at a lower price than it might prefer, or it may have
to sell in smaller than desired quantities over a period of time. Analysts and
other investors may follow these companies less actively and therefore
information about these companies may not be as readily available as that for
large-cap companies.
REIT
Risk (Both Funds). REITs
have been subject to substantial fluctuations and declines on a local, regional
and national basis in the past and may continue to be in the future. Real
property values and incomes from real property may decline due to general and
local economic conditions, overbuilding and increased competition, increases in
property taxes and operating expenses, changes in zoning laws, casualty or
condemnation losses, regulatory limitations on rents, changes in neighborhoods
and in demographics, increases in market interest rates, or other factors.
Factors such as these may adversely affect companies which own and operate real
estate directly, companies which lend to them, and companies which service the
real estate industry.
Foreign
Securities Risk (Both Funds). The
risks of investing in securities of foreign companies involves risks not
generally associated with investments in securities of U.S. companies, including
risks relating to political, social and economic developments abroad and
differences between U.S. and foreign regulatory requirements and market
practices. Securities that are denominated in foreign currencies are subject to
the further risk that the value of the foreign currency will fall in relation to
the U.S. dollar and/or will be affected by volatile currency markets or actions
of U.S. and foreign governments or central banks. Foreign securities may be
subject to greater fluctuations in price than securities of U.S. companies
because foreign markets may be smaller and less liquid than U.S. markets. There
may be less information publicly available about foreign companies than about a
U.S. company, and many foreign companies are not subject to accounting,
auditing, and financial reporting standards, regulatory framework and practices
comparable to those in the U.S. Ongoing concerns regarding the economies of
certain European countries and/or their sovereign debt, as well as the
possibility that one or more countries might leave the European Union (the
“EU”), create risks for investing in the EU.
Emerging
Markets Risk (Both Funds).
A Fund’s investments in emerging market countries are subject to all of the
risks of foreign investing generally, and have additional heightened risks due
to a lack of established legal, political, business and social frameworks to
support securities markets. These risks include less social, political and
economic stability; smaller securities markets with low or nonexistent trading
volume and greater illiquidity and price volatility; more restrictive national
policies on foreign investment, including restrictions on investment in issuers
or industries deemed sensitive to national interests; less transparent and
established taxation policies; less developed regulatory or legal structures
governing private and foreign investment; less financial sophistication,
creditworthiness and/or resources possessed by, and less government regulation
of, the financial institutions and issuers with which a Fund transacts; less
government supervision and regulation of business and industry practices, stock
exchanges, brokers and listed companies than in the U.S.; greater concentration
in a few industries resulting in greater vulnerability to regional and global
trade conditions; higher rates of inflation and more rapid and extreme
fluctuations in inflation rates; greater sensitivity to interest rate changes;
increased volatility in currency exchange rates and potential for currency
devaluations and/or currency controls or transfer restrictions; dependence on
revenue from international aid; greater debt burdens relative to the size of the
economy; more delays in settling portfolio transactions and heightened risk of
loss from share registration and custody practices; and less assurance that
recent favorable economic developments will not be slowed or reversed by
unanticipated economic, political or social events in such countries. Because of
these risk factors, a Fund’s investments in emerging market countries are
subject to greater price volatility and illiquidity than investments in
developed markets.
Frontier
Market Countries Risk (Both Funds). Frontier
market countries generally have smaller economies and less developed capital
markets than traditional emerging markets, and, as a result, the risks of
investing in frontier market countries are magnified relative to emerging market
countries generally. The economies of frontier market countries may have low
trading volumes and the potential for extreme price volatility and illiquidity.
Governments
of many frontier market countries may exercise substantial influence over many
aspects of the private sector or may own or control certain companies.
Accordingly, government actions could have a significant effect on economic
conditions in a frontier market country. Certain frontier market countries
require governmental approval prior to investments by foreign persons, limit the
amount of investment by foreign persons in a particular issuer, limit the
investment by foreign persons only to a specific class of securities of an
issuer that may have less advantageous rights than a domestically available
class, and/or impose additional taxes on foreign investors.
Frontier
market countries may require governmental approval for the repatriation of
investment income, capital or the proceeds of sales of securities by foreign
investors, such as the Funds. In addition, if deterioration occurs in a frontier
market country’s balance of payments, the country could impose temporary
restrictions on foreign capital remittances. The Funds could be adversely
affected by delays in, or a refusal to grant, any required governmental approval
for repatriation of capital, as well as by the application to the Funds of any
restrictions on investments. Investing in local markets in frontier market
countries may require the Funds to adopt special procedures, seek local
government approvals or take other actions, each of which may involve additional
costs to the Funds.
There
may be no centralized securities exchange on which securities are traded in
frontier market countries. Also, securities laws in many frontier market
countries are relatively new and unsettled. Therefore, laws regarding foreign
investment in frontier market securities, securities regulation, title to
securities, and shareholder rights may change quickly and unpredictably.
The
frontier market countries in which the Fund invests may become subject to
sanctions or embargoes imposed by the U.S. government and the United Nations.
The value of the securities issued by companies that operate in, or have
dealings with these countries may be negatively impacted by any such sanction or
embargo and may reduce the Funds’ returns.
Banks
in frontier market countries used to hold the Funds’ securities and other assets
in that country may lack the same operating experience as banks in developed
markets. In addition, in certain countries there may be legal restrictions or
limitations on the ability of the Funds to recover assets held by a foreign bank
in the event of the bankruptcy of the bank. Settlement systems in frontier
markets may be less well organized than in the developed markets. As a result,
there is greater risk than in developed countries that settlements will take
longer and that cash or securities of the Funds may be in jeopardy because of
failures of or defects in the settlement systems.
Currency
and Foreign Exchange Risk (Both Funds). When
a Fund buys or sells securities on a foreign stock exchange, the transaction is
undertaken in the local currency rather than in U.S. dollars. The value of the
foreign currency may increase or decrease against the value of the U.S. dollar,
which may impact the value of the Fund’s portfolio holdings and your investment.
The value of an investment denominated in a foreign currency will decline in
dollar terms if that currency weakens against the dollar. Other countries may
adopt economic policies and/or currency exchange controls that affect their
currency valuations in a manner that is disadvantageous to U.S. investors and
companies. Such practices may restrict or prohibit a Fund’s ability to
repatriate both investment capital and income, or may impose fees for doing so,
which could place the Fund’s assets at risk of total loss. Currency risks may be
greater in emerging market and frontier market countries than in developed
market countries. Certain of a Fund’s foreign currency transactions may give
rise to ordinary income or loss to the extent such income or loss results from
fluctuations in the value of the foreign currency.
Forward
Foreign Currency Risk (Both Funds).
The
successful use of forward foreign currency contracts will usually depend on the
Adviser’s ability to accurately forecast currency exchange rate movements.
Should exchange rates move in an unexpected manner, a Fund may not achieve the
anticipated benefits of the transaction, or it may realize losses. In addition,
these techniques could result in a loss if the counterparty to the transaction
does not perform as promised, for example, due to bankruptcy or insolvency of
the counterparty. While a Fund uses only counterparties that meet its credit
quality standards, in unusual or extreme market conditions, a counterparty’s
creditworthiness and ability to perform may deteriorate rapidly, and the
availability of suitable replacement counterparties may become limited.
Moreover, investors should bear in mind that a Fund is not obligated to actively
engage in hedging or other currency transactions. For example, a Fund may not
have attempted to hedge its exposure to a particular foreign currency at a time
when doing so might have avoided a loss.
Depositary
Receipts Risk (Both Funds). Depositary
receipts are generally subject to the same risks as the foreign securities they
represent because their values depend on the performance of the underlying
foreign securities. Depositary receipts may be purchased through
“sponsored” or “unsponsored” facilities. A sponsored facility is
established jointly by the issuer of the underlying security and a depositary,
whereas a depositary may establish an unsponsored facility without participation
by the issuer of the depositary security. Holders of unsponsored
depositary receipts generally bear all the costs of such depositary receipts,
and the issuers of unsponsored depositary receipts frequently are under no
obligation to distribute shareholder communications received from the company
that issues the underlying foreign securities or to pass through voting rights
to the holders of the depositary receipts. Accordingly, available
information concerning the issuer may not be current and the prices of
unsponsored depositary receipts may be more volatile than the prices of
sponsored depositary receipts.
Liquidity
Risk (Both Funds). Liquidity
risk exists when the market for particular securities or types of securities is
or becomes relatively illiquid so that a Fund is unable, or it becomes more
difficult for the Fund, to sell the security at the price at which the Fund has
valued the security. Illiquidity may result from political, economic or issuer
specific events or overall market disruptions. Securities with reduced liquidity
or that become illiquid involve greater risk than securities with more liquid
markets. Market quotations for illiquid securities may be volatile and/or
subject to large spreads between bid and ask prices. Reduced liquidity may have
an adverse impact on market price and a Fund’s ability to sell particular
securities when necessary to meet the Fund’s liquidity needs or in response to a
specific economic event. To the extent that a Fund and its affiliates hold a
significant portion of the issuer’s outstanding securities, the Fund may be
subject to greater liquidity risk than if the issuer’s securities were more
widely held. It may be more difficult to value illiquid securities
accurately.
Growth
Style Investing Risk (Both Funds).
Investors expect growth companies to increase their earnings at a certain rate
that is generally higher than the rate expected for non-growth companies. If a
growth company does not meet these expectations, the price of its stock may
decline significantly, even if it has increased earnings. Growth companies also
typically do not pay dividends. Companies that pay dividends may experience less
significant stock price declines during market downturns.
Investment
Focus Risk (Both Funds). Each
Fund may focus its investments, or have a relatively high concentration of
assets in a small number of issuers and/or industry subcategories and may have
fewer holdings than other mutual funds. As a result, a decline in the value of
an investment in a single security could cause a Fund’s overall value to decline
to a greater degree than if the Fund held a more diversified
portfolio.
Non-Diversified
Fund Risk (Both Funds).
The Funds are “non-diversified” and therefore are not required to meet certain
diversification requirements under federal securities laws. Each Fund may invest
a greater percentage of its assets in the securities of a single issuer and may
have fewer holdings than other mutual funds. As a result, a decline in the value
of an investment in a single issuer could cause a Fund’s overall value to
decline to a greater degree than if the Fund held a more diversified
portfolio.
Sector
Emphasis Risk (Both Funds).
The securities of companies in the same or related businesses, if comprising a
significant portion of the Fund’s portfolio, may in some circumstances react
negatively to market conditions, interest rates and economic, regulatory or
financial developments and adversely affect the value of the Fund’s portfolio to
a greater extent than if such securities comprised a lesser portion of the
Fund’s portfolio or the Fund’s portfolio was diversified across a greater number
of industry sectors. Some industry sectors have particular risks that may not
affect other sectors.
Technology
Sector Risk (Both Funds).
Technology companies face intense competition, both domestically and
internationally, which may have an adverse effect on profit margins. Technology
companies may have limited product lines, markets, financial resources or
personnel. The products of technology companies may face product obsolescence
due to rapid technological developments and frequent new product introduction,
unpredictable changes in growth rates and competition for the services of
qualified personnel. Technology companies and companies that rely heavily on
technology, especially those of smaller, less-seasoned companies, tend to be
more volatile than the overall market.
Healthcare
Sector Risk (SMID-Cap Growth Fund).
To the extent a Fund invests a significant portion of its assets in the
healthcare sector, the Fund’s performance will be sensitive to changes in and
will, to a greater extent, depend on the overall condition of the healthcare
sector. Companies in the healthcare sector are subject to extensive government
regulation and their profitability can be significantly affected by restrictions
on government reimbursement for medical expenses, rising costs of medical
products and services, pricing pressure (including price discounting), limited
product lines and an increased emphasis on the delivery of healthcare through
outpatient services. Companies in the healthcare sector are heavily dependent on
obtaining and defending patents, which may be time consuming and costly, and the
expiration of patents may also adversely affect the profitability of these
companies. Healthcare companies are also subject to extensive litigation based
on product liability and similar claims. In addition, their products can become
obsolete due to industry innovation, changes in technologies or other market
developments. Many new products in the healthcare sector require significant
research and development and may be subject to regulatory approvals, all of
which may be time consuming and costly with no guarantee that any product will
come to market.
Portfolio
Holdings
A
description of the Funds’ policies and procedures with respect to the disclosure
of the Funds’ portfolio holdings is available in the Statement of Additional
Information (“SAI”).
Investment
Adviser
The
Funds have entered into an investment advisory agreement (“Advisory Agreement”)
with Jackson Square Partners, LLC located at One Letterman Drive, Building A,
Suite A3-200, San Francisco, California 94129. Established in May 2014, the
Adviser, a Delaware limited liability company, is an SEC-registered investment
adviser that provides investment advisory services to separately managed
accounts and pooled investment vehicles, including mutual funds, and as of
December 31, 2023, has approximately $3.1
billion in
assets under management. Under the Advisory Agreement, the Adviser manages the
Funds’ investments subject to the supervision of the Board of Trustees.
The
Adviser has overall supervisory responsibility for the general management and
investment of each Fund’s securities portfolio. The Adviser also furnishes the
Funds with office space and certain administrative services and provides most of
the personnel needed to fulfill its obligations under its Advisory Agreement.
For its services, the Funds pay the Adviser a monthly management fee that is
calculated as a percentage of each Fund’s average daily net assets at the
following annual rates:
|
|
|
|
| |
Fund |
Annual
Management Fee |
Large-Cap
Growth Fund |
0.55%
on assets up to $2.5 billion
0.525%
on assets of more than $2.5 billion but less than $5 billion
0.50%
on assets of $5 billion or more |
SMID-Cap
Growth Fund |
0.75% |
Prior
to April 16, 2021, the Predecessor Fund to the Large-Cap Growth Fund paid the
investment adviser to the Predecessor Fund an annual management fee, as a
percentage of the Predecessor Fund’s average daily net assets, of 0.65% on first
$500 million, 0.60% on next $500 million, 0.55% on next $1.5 billion and 0.50%
on assets in excess of $2.5 billion.
Fund
Expenses.
Each Fund is responsible for its own operating expenses. Pursuant to an
Operating Expenses Limitation Agreement between the Adviser and the Trust, on
behalf of each class of the Funds, the Adviser has contractually agreed to waive
its management fees and pay each Fund’s 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, AFFE, expenses incurred
in connection with any merger or reorganization, or extraordinary expenses,
including but not limited to litigation expenses and judgments and
indemnification expenses) do not exceed the percentage of the average daily net
assets of each Fund as set forth in the table below. 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 waiver and/or expense payment was made, if
such recoupment can be achieved without exceeding the expense limit in effect at
the time the fee waiver and expense payment occurred and at the expense limit in
place at the time of recoupment. For the Large-Cap Fund, expenses that were
waived prior to April 16, 2021, may not be recouped. The Operating Expenses
Limitation Agreement is indefinite, but cannot be terminated through at least
February 28, 2025. Thereafter, the agreement may be terminated at any time upon
60 days’ written notice by the Board or the Adviser.
|
|
|
|
| |
Fund |
Expense
Limitation |
Large-Cap
Growth Fund |
0.64% |
SMID-Cap
Growth Fund |
0.87% |
As
a result of the Operating Expenses Limitation Agreement the Adviser has with the
Funds the Adviser was effectively paid the following management fees from each
Fund’s average daily net assets for the fiscal year ended October 31,
2023:
|
|
|
|
| |
Fund |
Advisory
Fee Paid |
Large-Cap
Growth Fund |
0.44% |
SMID-Cap
Growth Fund |
0.75% |
A
discussion regarding the basis of the Board of Trustees’ approval of the
Advisory Agreement for each Fund is available in the semi-annual report to
shareholders for the period ended April 30, 2023.
The
Funds, as series of the Trust, do not hold themselves out as related to any
other series of the Trust for purposes of investment and investor services, nor
do they share the same investment adviser with any other series.
Portfolio
Managers
The
persons listed below serve as the primary portfolio managers for the Funds
indicated. Each Fund’s respective portfolio managers are jointly and primarily
responsible for the day-to-day management of the Fund’s portfolio.
Christopher
J. Bonavico, CFA
Portfolio
Manager, Analyst — SMID-Cap Growth Fund
Christopher
J. Bonavico has been a member of Jackson Square since its inception in May 2014
as a portfolio manager and analyst. Prior to joining Jackson Square, he was a
portfolio manager and analyst on the Delaware Investments Focus Growth Equity
team from April 2005 to April 2014. Prior to joining Delaware Investments, he
was a principal and portfolio manager at Transamerica Investment Management,
LLC, where he managed sub-advised funds and institutional separate accounts.
Before joining Transamerica in 1993, he was an analyst for Salomon Brothers. Mr.
Bonavico received his bachelor’s degree in economics from the University of
Delaware, and he is a CFA Charterholder.
Kenneth
F. Broad, CFA
Portfolio
Manager, Analyst — SMID-Cap Growth Fund
Kenneth
F. Broad has been a member of Jackson Square since its inception in May 2014 as
a portfolio manager and analyst. Prior to joining Jackson Square, he was a
portfolio manager and equity analyst on the Delaware Investments Focus Growth
Equity team from April 2005 to April 2014. Prior to joining Delaware
Investments, he was a principal and portfolio manager at Transamerica Investment
Management, LLC, where he managed sub-advised funds and institutional separate
accounts. Before joining Transamerica in 2000, he was a portfolio manager with
The Franklin Templeton Group and was a consultant in the business valuation and
merger and acquisition group at KPMG Peat Marwick. Mr. Broad received an MBA
from the Anderson School of Management at the University of California at Los
Angeles and his bachelor’s degree in economics from Colgate University. He is a
CFA Charterholder.
Ian
D. Ferry
Portfolio
Manager, Analyst — SMID-Cap Growth Fund
Ian
D. Ferry has been a member of Jackson Square since its inception in May 2014 as
a portfolio manager and analyst. Prior to joining Jackson Square, he was a
portfolio manager and equity analyst on the Delaware Investments Focus Growth
Equity team from November 2011 to April 2014. Prior to joining Delaware
Investments, he was an equity research analyst with Fidelity from August 2010 to
October 2011. Before that, he completed an internship as an analyst with Carlson
Capital in summer 2009. Previously, he worked with HarbourVest Partners from
2005 to 2008 in its private equity group, where he analyzed and completed growth
equity investments and leveraged buyouts. Mr. Ferry began his career with
Houlihan Lokey in 2004 as a financial analyst. He received an MBA, with a
concentration in management, from The Wharton School of the University of
Pennsylvania in 2010 and a bachelor’s degree in finance from Tulane University.
William
Montana
Portfolio
Manager, Analyst - Large-Cap Growth Fund
William
Montana joined Jackson Square in September 2014. Prior to joining Jackson
Square, he was an associate at TPG Capital, a private equity firm, from August
2011 to August 2014, focusing on growth capital opportunities. Before
that, Mr. Montana spent two years at Goldman Sachs as an investment banking
analyst, focusing on financial institutions. He received a bachelor’s
degree from Georgetown University.
Brian
Tolles
Portfolio
Manager, Analyst - Large-Cap Growth Fund
Brian
Tolles joined Jackson Square as an Analyst in February 2016 and was promoted to
portfolio manager in 2019. Prior to joining Jackson Square, he was an
investment banking analyst at Qatalyst Partners from June 2014 to January 2016,
focusing on technology companies. He received a bachelor’s degree from the
Wharton School of the University of Pennsylvania.
The
Funds’ SAI provides additional information about the portfolio managers’
compensation, other accounts managed by the portfolio managers and each
portfolio managers’ ownership of Fund shares.
Pricing
of Fund Shares
The
price of each class of a Fund’s shares is its net asset value (“NAV”). The NAV
of each Fund is calculated by dividing the total value of the assets of each
class, less the liabilities of each class, by the number of shares outstanding
of each class. The NAV of each class is calculated at the close of regular
trading of the NYSE, which is generally 4:00 p.m., Eastern Time. The NAV
will not be calculated nor may investors purchase or redeem Fund shares on days
that the NYSE is closed for trading, even though certain Fund securities (i.e.,
foreign or debt securities) may trade on days the NYSE is closed, and such
trading may materially affect a Fund’s NAV.
Each
Fund’s securities for which market quotations are readily available are
generally valued at their market price. When market quotations are not readily
available, a security or other asset is valued at its fair value as determined
under fair value pricing procedures approved by the Board of Trustees. These
fair value pricing procedures will also be used to price a security when
corporate events, events in the securities market and/or world events cause the
Adviser to believe that a security’s last sale price may not reflect its actual
market value. The intended effect of using fair value pricing procedures is to
ensure that each Fund is accurately priced. The Board of Trustees will regularly
evaluate whether the Trust’s fair value pricing procedures continue to be
appropriate in light of the specific circumstances of each Fund and the quality
of prices obtained through the application of such procedures.
When
fair value pricing is employed, the security prices that a Fund uses to
calculate its NAV may differ from quoted or published prices for the same
securities. Due to the subjective and variable nature of fair value pricing, it
is possible that the fair value determined for a particular security may be
materially different (higher or lower) from the price of the security quoted or
published by others or the value when trading resumes or realized upon its sale.
Therefore, if a shareholder purchases or redeems Fund shares when the Fund holds
securities priced at a fair value, the number of shares purchased or redeemed
may be higher or lower than it would be if the Fund were using market value
pricing.
In
the case of foreign securities, the occurrence of certain events (such as a
significant surge or decline in the U.S. or other markets) after the close of
foreign markets, but prior to the time a Fund’s NAV is calculated will often
result in an adjustment to the trading prices of foreign securities when foreign
markets open on the following business day. If such events occur, the Fund will
value foreign securities at fair value, taking into account such events, in
calculating the NAV. In such cases, use of fair valuation can reduce an
investor’s ability to profit by estimating the Fund’s NAV in advance of the time
the NAV is calculated. In addition, the Fund’s investments in smaller or medium
capitalization companies are more likely to require a fair value determination
because those securities may be more thinly traded and less liquid than
securities of larger companies. It is anticipated that a Fund’s portfolio
holdings will be fair valued only if market quotations for those holdings are
unavailable or considered unreliable.
Class
Descriptions
The
Funds consist of three different share classes — Investor Class, Institutional
Class, and IS Class, although not all shares classes have commenced operations
as of the date of this prospectus. The Large-Cap Growth Fund currently offers IS
Class shares, Institutional Class shares, and Investor Class shares; and the
SMID-Cap Growth Fund currently offers IS Class shares, Institutional Class
shares, and Investor Class shares. Sales charges and fees vary between the
Funds’ classes. All of the share classes currently offered by the Funds are
available directly through the Funds’ Transfer Agent and certain share classes
may be available through select financial intermediaries. You should carefully
consider the differences in the fee and sales charge structures as well as the
length of time you wish to invest in a Fund before choosing which class to
purchase. Please review the “Fees and Expenses of the Fund” sections of this
prospectus and the information below before investing. Consult with your
financial intermediary to help you determine which class is most appropriate for
you, subject to platform availability.
Investor
Class Shares
Investor
Class shares are purchased with no upfront sales charge so the full amount of
your purchase is invested in the Funds. Investor Class shares are subject to
annual Distribution and Service (Rule 12b-1) Fees of up to 0.25% of the average
daily net assets of the Investor Class shares. See “Rule 12b-1 Distribution
Fees” and “Shareholder Service Plan Fees” below for further information.
Investor Class shares may be converted to Institutional Class shares if your
account balance exceeds the initial minimum investment for Institutional Class
shares described below. To inquire about converting your Investor Class shares
to Institutional Class shares, please contact your financial intermediary or the
Funds at 844-577-3863.
Institutional
Class shares
Institutional
Class shares are purchased with no upfront sales charge so the full amount of
your purchase is invested in the Funds. Institutional Class shares are not
subject to annual Distribution and Service (Rule 12b-1) Fees, but are subject to
Shareholder Servicing Fees.
The
Institutional Class is generally limited to institutional investors and/or
certain other designated individuals or programs at the discretion of the
Adviser, including the following:
•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 trust or individual retirement account or
self-employed retirement plan for the benefit of any such person; or the estate
of any such person; and
•Employee
retirement plans sponsored by, affiliates of, or employees (including their
immediate families) of, the Adviser or its affiliates.
At
the time you purchase shares of a Fund, you should inform your financial
intermediary or the Transfer Agent of your qualifications to invest in
Institutional Class shares. Institutional Class shares may also be offered
through financial intermediaries that charge their customers transaction or
other distribution or service fees with respect to their customers’ investments
in the Funds. The minimum initial investment for Institutional Class shares may
be waived or reduced by the Adviser at any time. In addition, the Adviser may,
in its sole discretion, accept investment in Institutional Class shares from
purchasers not listed above.
IS
Class shares
IS
Class shares are offered to the following investors, provided that these
investors do not require the Funds or an affiliate of the Funds (including the
Funds’ Adviser and any affiliate of the Adviser) to make or pay any type of
servicing, administrative, or revenue sharing payments with respect to IS
Shares:
•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.
If
the value of your account falls below the minimum initial investment
requirements for IS Class shares as a result of share redemptions or you no
longer meet one of the waiver criteria set forth above, your account may be
subject to involuntary redemption, as applicable (see “The
Funds’ Right to Redeem an Account”
section for more information). You will be notified prior to any such
redemptions. The minimum initial investment for IS Class Shares may be waived or
reduced by the Adviser at any time. In addition, the Adviser may, in its sole
discretion, accept investment in IS Class shares from purchasers not listed
above.
Rule
12b-1 Distribution and Service Fees
The
Trust has adopted a Rule 12b-1 Plan under which the Funds are authorized to pay
to the Distributor or such other entities as approved by the Board of Trustees,
as compensation for the distribution-related and/or shareholder services
provided by such entities, an annual fee of up to 0.25% of the average daily net
assets of the Investor Class. The Distributor may pay any or all amounts
received under the Rule 12b-1 Plan to other persons, including the Adviser or
its affiliates, for any distribution service or activity designed to retain Fund
shareholders.
Because
the Distribution and Service (12b-1) Fees are paid on an ongoing basis, your
investment cost over time may be higher than paying other types of sales
charges.
Shareholder
Servicing Plan Fees
The
Trust has adopted a Shareholder Servicing Plan under which the Investor and
Institutional Class of each Fund may pay a shareholder servicing fee of up to
0.10% of the class’ respective average daily net assets for non-distribution
personal shareholder services provided to the Fund by financial institutions,
including the Adviser or its affiliates.
Non-distribution
personal shareholder services for which such fees are paid may include:
establishing and maintaining shareholder accounts; processing subscriptions,
redemptions, distributions, and tax reports; forwarding communications from the
Fund to its shareholders; responding to shareholder inquiries; and making
modifications to shareholder account records and options.
How
to Purchase Fund Shares
Shares
of the Fund are purchased at the next NAV per share calculated plus any
applicable sales charge after your purchase order is received in good order by
the Fund (as defined below). Shares may be purchased directly from the Fund or
through a financial intermediary, including but not limited to, certain brokers,
financial planners, financial advisors, banks, insurance companies, retirement,
benefit and pension plans or certain packaged investment products. Institutional
Class shares may also be available on certain brokerage platforms that have
agreements with the Fund’s distributor to offer such shares when acting as an
agent for the investor. An investor transacting in Institutional Class shares
may be required to pay a commission and/or other forms of compensation to the
broker. Shares of the Fund are available in other share classes that have
different fees and expenses.
Shares
of the Funds have not been registered and are not offered for sale outside of
the United States. The Funds generally do not sell shares to investors residing
outside the United States, even if they are United States citizens or lawful
permanent residents, except to investors with United States military APO or FPO
addresses or in certain other circumstances where the Chief Compliance Officer
and Anti-Money Laundering Officer for the Trust conclude that such sale is
appropriate and is not in contravention of U.S. law.
A
service fee, currently $25, as well as any loss sustained by a Fund, will be
deducted from a shareholder’s account for any purchases that do not clear. The
Funds and U.S. Bancorp Fund Services, LLC, the Funds’ transfer agent (the
“Transfer Agent”), will not be responsible for any losses, liability, cost or
expense resulting from rejecting any purchase order. Your initial order will not
be accepted until a completed account application (an “Account Application”) is
received by the Fund or the Transfer Agent.
Investment
Minimums.
The
Funds’ minimum initial and subsequent investment amounts are shown
below.
|
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|
|
|
|
|
|
|
| |
| 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 |
Although
not limited to the list below, the Fund may waive or reduce the initial or
subsequent minimum investment amounts in any of following
circumstances:
•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
Adviser reserves the right to waive the minimum initial or subsequent investment
amounts at its discretion. Shareholders will be given at least 30 days’ written
notice of any increase in the minimum dollar amount of initial or subsequent
investments.
Purchases
through Financial Intermediaries.
For share purchases through a financial intermediary, you must follow the
procedures established by your financial intermediary. Your financial
intermediary is responsible for sending your purchase order and payment to the
Funds’ Transfer Agent. Your financial intermediary holds the shares in your name
and receives all confirmations of purchases and sales from the Funds. Your
financial intermediary may charge for the services that it provides to you in
connection with processing your transaction order or maintaining an account with
them.
If
you place an order for a Fund’s shares through a financial intermediary that is
authorized by the Fund to receive purchase and redemption orders on its behalf
(an “Authorized Intermediary”), your order will be processed at the NAV next
calculated after receipt by the Authorized Intermediary, consistent with
applicable laws and regulations. Authorized Intermediaries are authorized to
designate other Authorized Intermediaries to receive purchase and redemption
orders on a Fund’s behalf.
If
your financial intermediary is not an Authorized Intermediary, your order will
be processed at the NAV next calculated after the Transfer Agent receives your
order from your financial intermediary. Your financial intermediary must agree
to send immediately available funds to the Transfer Agent in the amount of the
purchase price in accordance with the Transfer Agent’s procedures. If payment is
not received in a timely manner, as determined by the Transfer Agent, the
Transfer Agent may rescind the transaction and your financial intermediary will
be held liable for any resulting fees or losses. Financial intermediaries that
are not Authorized Intermediaries may set cut-off times for the receipt of
orders that are earlier than the cut-off times established by the
Funds.
Purchase
Requests Must be Received in Good Order
Your
share price will be the next NAV per share calculated after the Transfer Agent
or your Authorized Intermediary receives your purchase request in good order.
“Good order” means that your purchase request includes:
•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).
An
Account Application or subsequent order to purchase Fund shares is subject to
acceptance by the Fund and is not binding until so accepted. Each Fund reserves
the right to reject any Account Application or purchase order if, in its
discretion, it is in the Fund’s best interest to do so. For example, a purchase
order may be refused if it appears so large that it would disrupt the management
of the Fund. Purchases may also be rejected from persons believed to be
“market-timers,” as described under “Tools to Combat Frequent Transactions,”
below. Accounts opened by entities, such as credit unions, corporations, limited
liability companies, partnerships or trusts, will require additional
documentation. Please note that if any information listed above is missing, your
Account Application will be returned and your account will not be
opened.
Upon
acceptance by a Fund, all purchase requests received in good order before the
close of the NYSE (generally 4:00 p.m., Eastern Time) will be processed at
the NAV next calculated after receipt. Purchase requests received after the
close of the NYSE will be priced on the next business day.
Purchase
by Mail. To
purchase a Fund’s shares by mail, simply complete and sign the Account
Application or investment stub and mail it, along with a check made payable to
the Fund, to:
|
|
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|
| |
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 |
The
Funds do not consider the U.S. Postal Service or other independent delivery
services to be their agents. Therefore, a deposit in the mail or with such
services, or receipt at the U.S. Bancorp Fund Services, LLC’s post office box,
of purchase orders or redemption requests does not constitute receipt by the
Funds’ Transfer Agent. Receipt of purchase orders or redemption requests is
determined at the time the order is received at the Transfer Agent’s offices.
All purchase checks must be in U.S. dollars drawn on a domestic financial
institution. The Funds will not accept payment in cash or money orders. To
prevent check fraud, the Funds will not accept third party checks, Treasury
checks, credit card checks, traveler’s checks or starter checks for the purchase
of shares. The Funds are unable to accept post-dated checks or any conditional
order or payment.
Purchase
by Wire. If
you are making your first investment in a Fund, the Transfer Agent must have a
completed Account Application before you wire the funds. You can mail or use an
overnight service to deliver your Account Application to the Transfer Agent at
the above address. Upon receipt of your completed Account Application, the
Transfer Agent will establish an account for you. Once your account has been
established, you may instruct your bank to send the wire. Prior to sending the
wire, please call the Transfer Agent at 844-577-3863 to advise them of the wire
and to ensure proper credit upon receipt. Your bank must include the name of the
Fund(s), the class of shares, your name and your account number so that your
wire can be correctly applied. Your bank should transmit immediately available
funds by wire to:
|
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| |
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)] |
| [Class
of shares to be purchased] |
| [Shareholder
Name/Account Registration] |
| [Shareholder
Account Number] |
Wired
funds must be received prior to the close of the NYSE (generally 4:00 p.m.,
Eastern time) to be eligible for same day pricing. The Funds and U.S. Bank N.A.,
the Funds’ custodian, are not responsible for the consequences of delays
resulting from the banking or Federal Reserve wire system, or from incomplete
wiring instructions.
Investing
by Telephone.
You may not make initial purchases of Fund shares by telephone.
If
you did not decline telephone transactions on your Account Application or have
been authorized to perform telephone transactions by subsequent arrangement in
writing with the Funds, and your account has been open for at least 7 business
days, you may purchase additional shares by telephoning the Funds toll free at
844-577-3863. This option allows investors to move money from their bank account
to their Fund account upon request. Only bank accounts held at domestic
financial institutions that are Automated Clearing House (“ACH”) members may be
used for telephone transactions. The minimum telephone purchase amount is $100,
provided you also meet the applicable investment minimums described above. If
your order is received prior to the close of the NYSE (generally 4:00 p.m.,
Eastern Time), shares will be purchased in your account at the NAV determined on
the day your order is placed. Shareholders may encounter higher than usual call
waiting times during periods of high market activity. Please allow sufficient
time to place your telephone transaction. The Funds are not responsible for
delays due to communications or transmission outages or failure. Once a
telephone transaction has been placed, it cannot be canceled or modified after
the close of regular trading on the NYSE (generally 4:00 p.m., Eastern
Time).
Subsequent
Investments. Subject
to the minimum subsequent investment amounts described above, you may add to
your account at any time by purchasing shares by mail, by telephone or by wire.
Shareholders will be given at least 30 days’ written notice of any increase in
the minimum dollar amount of subsequent investments. You must call to notify the
Funds at 844-577-3863 before wiring. An Invest by Mail form, which is attached
to your individual confirmation statement, should accompany any investments made
through the mail. All subsequent purchase requests must include the Fund name
and your shareholder account number. If you do not have the Invest by Mail form
from your confirmation statement, include your name, address, Fund name and
account number on a separate piece of paper.
Automatic
Investment Plan.
For your convenience, each Fund offers an Automatic Investment Plan (“AIP”).
Under the AIP, after your initial investment, you may authorize a Fund to
automatically withdraw any amount of at least $100 that you wish to invest in
the Fund, on a monthly or quarterly basis, from your personal checking or
savings account. In order to participate in the AIP, your bank must be a member
of the ACH network. If you wish to enroll in the AIP, the appropriate section in
the Account Application must be completed. A Fund may terminate or modify this
privilege at any time. You may terminate your participation in the AIP at any
time by notifying the Transfer Agent five days prior to the next scheduled
investment. A fee will be charged if your bank does not honor the AIP draft for
any reason.
Anti-Money
Laundering Program. The
Trust has established an Anti-Money Laundering Compliance Program (the
“Program”) as required by the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the
“USA PATRIOT Act”) and related anti-money laundering laws and regulations. To
ensure compliance with these laws and regulations, the Account Application asks
for, among other things, the following information for all “customers” seeking
to open an “account” (as those terms are defined in rules adopted pursuant to
the USA PATRIOT Act):
•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).
In
compliance with the USA PATRIOT Act of 2001 and other applicable anti-money
laundering laws and regulations, please note that the Transfer Agent will verify
certain information on your account application as part of the Program. As
requested on the account application, you must supply your full name, date of
birth, social security number and permanent street address. If you are opening
the account in the name of a legal entity (e.g., partnership, limited liability
company, business trust, corporation, etc.), you must also supply the identity
of the beneficial owners. Mailing addresses containing only a P.O. Box will not
be accepted. The Funds reserve the right to request additional clarifying
information and may close your account if such clarifying information is not
received by the Funds within a reasonable time of the request or if the Funds
cannot form a reasonable belief as to the true identity of a customer. If you
require additional assistance when completing your application, please contact
the Transfer Agent at 844-577-3863.
Cancellations
and Modifications.
The Funds will not accept a request to cancel or modify a written transaction
once processing has begun. Please exercise care when placing a transaction
request.
How
to Redeem Fund Shares
In
general, orders to sell or “redeem” shares may be placed directly with the Funds
or through a financial intermediary. You may redeem all or part of your
investment in a Fund’s shares on any business day that the Fund calculates its
NAV.
However,
if you originally purchased your shares through a financial intermediary, your
redemption order must be placed with the same financial intermediary in
accordance with their established procedures. Your financial intermediary is
responsible for sending your order to the Transfer Agent and for crediting your
account with the proceeds. Your financial intermediary may charge for the
services that they provide to you in connection with processing your transaction
order or maintaining an account with them.
Shareholders
who have an IRA or other retirement plan must indicate on their written
redemption request whether to withhold federal income tax. Redemption requests
failing to indicate an election not to have tax withheld will generally be
subject to 10% withholding. Shares held in IRA and other retirement accounts may
be redeemed by telephone at 844-577-3863. Investors will be asked whether or not
to withhold taxes from any distribution.
Payment
of Redemption Proceeds.
You may redeem your Fund shares at a price equal to the NAV per share next
determined after the Transfer Agent or an Authorized Intermediary receives your
redemption request in good order. Your redemption request cannot be processed on
days the NYSE is closed. All requests received by a Fund in good order after the
close of the regular trading session of the NYSE (generally 4:00 p.m., Eastern
time) will usually be processed on the next business day. Under normal
circumstances, the Funds expect to meet redemption requests through the sale of
investments held in cash or cash equivalents. In situations in which investment
holdings in cash or cash equivalents are not sufficient to meet redemption
requests, the Funds will typically borrow money through the Funds’ bank
line-of-credit. The Funds may also choose to sell portfolio assets for the
purpose of meeting such requests. The Funds further reserve the right to
distribute “in-kind” securities from the Funds’ portfolio in lieu (in whole or
in part) of cash under certain circumstances, including under stressed market
conditions. Redemptions-in-kind are discussed in greater detail
below.
A
redemption request will be deemed in “good order” if it includes:
•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.
Additional
documents are required for certain types of redemptions, such as redemptions
from accounts held by credit unions, corporations, limited liability companies,
or partnerships, or from accounts with executors, trustees, administrators or
guardians. Please contact the Transfer Agent to confirm the requirements
applicable to your specific redemption request. Redemption requests that do not
have the required documentation will be rejected.
While
redemption proceeds may be paid by check sent to the address of record, the
Funds are not responsible for interest lost on such amounts due to lost or
misdirected mail. Redemption proceeds may be wired to your pre-established bank
account or proceeds may be sent via electronic funds transfer through the ACH
network using the bank instructions previously established for your account. The
Funds typically send the redemption proceeds on the next business day (a day
when the NYSE is open for normal business) after the redemption request is
received in good order and prior to market close, regardless of whether the
redemption proceeds are sent via check, wire, or ACH transfer. Wires are subject
to a $15 fee. There is no charge to have proceeds sent via ACH; however, funds
are typically credited to your bank within two to three days after redemption.
Except as set forth below, proceeds will be paid within seven calendar days
after a Fund receives your redemption request. Under unusual circumstances, the
Funds may suspend redemptions, or postpone payment for up to seven days, as
permitted by federal securities law.
Please
note that if the Transfer Agent has not yet collected payment for the shares you
are redeeming, it may delay sending the proceeds until the payment is collected,
which may take up to 12 calendar days from the purchase date. Shareholders can
avoid this delay by utilizing the wire purchase option. Furthermore, there are
certain times when you may be unable to sell Fund shares or receive proceeds.
Specifically, a Fund may suspend the right to redeem shares or postpone the date
of payment upon redemption for more than seven calendar days: (1) for any
period during which the NYSE is closed (other than customary weekend or holiday
closings) or trading on the NYSE is restricted; (2) for any period during
which an emergency exists as a result of which disposal by the Fund of its
securities is not reasonably practicable or it is not reasonably practicable for
the Fund to fairly determine the value of its net assets; or (3) for such
other periods as the SEC may, by order, permit for the protection of
shareholders. Your ability to redeem shares by telephone will be restricted for
15 calendar days after you change your address. You may change your address at
any time by telephone or written request, addressed to the Transfer Agent.
Confirmations of an address change will be sent to both your old and new
address.
Signature
Guarantee.
Redemption proceeds will be sent to the address of record. The Transfer Agent
may require a signature guarantee for certain redemption requests. A signature
guarantee assures that your signature is genuine and protects you from
unauthorized account redemptions. Signature guarantees can be obtained from
domestic banks, brokers, dealers, credit unions, national securities exchanges,
registered securities associations, clearing agencies and savings associations,
as well as from participants in the New York Stock Exchange Medallion Signature
Program and the Securities Transfer Agents Medallion Program (“STAMP”),
but
not from a notary public.
A signature guarantee, from either a Medallion program member or a non-Medallion
program member, is required of each owner in the following
situations:
•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;
•For
all redemptions in excess of $100,000 from any shareholder account where the
proceeds are requested to be sent by check.
Non-financial
transactions, including establishing or modifying the ability to purchase and
redeem Fund shares by telephone and certain other services on an account, may
require a signature guarantee, signature verification from a Signature
Validation Program member, or other acceptable form of authentication from a
financial institution source.
In
addition to the situations described above, each Fund and/or the Transfer Agent
reserve(s) the right to require a signature guarantee or other acceptable
signature verification in other instances based on the circumstances relative to
the particular situation.
Redemption
by Mail.
You may execute most redemptions by furnishing an unconditional written request
to the Funds to redeem your shares at the next calculated NAV per share upon
receipt by the Fund of such request. Written redemption requests should be sent
to the Transfer Agent at:
|
|
|
|
| |
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 |
The
Funds do not consider the U.S. Postal Service or other independent delivery
services to be their agents. Therefore, deposit in the mail or with such
services, or receipt at U.S. Bancorp Fund Services, LLC’s post office box, of
purchase orders or redemption requests does not constitute receipt by the
Transfer Agent of the Funds. Receipt of purchase orders or redemption requests
is based on when the order is received at the Transfer Agent’s
offices.
Wire
Redemption. Wire
transfers may be arranged to redeem shares. However, the Transfer Agent charges
a fee, currently $15, per wire redemption against your account on dollar
specific trades, and from proceeds on complete redemptions and share-specific
trades.
Telephone
Redemption. If
you did not decline telephone transactions on your Account Application or have
been authorized to perform telephone transactions by subsequent arrangement in
writing with the Funds, you may redeem shares, in amounts of $1,000,000 or less,
by instructing the Funds by telephone at 844-577-3863, subject to the signature
guarantee requirement noted above for all redemptions of $100,000 or more where
the proceeds will be sent by check. Investors in an IRA or other retirement plan
will be asked whether or not to withhold federal income tax.
In
order to qualify for, or to change, telephone redemption privileges on an
existing account, a signature guarantee, signature verification from a Signature
Validation Program member, or other acceptable form of authentication from a
financial institution source may be required of all shareholders in order to
qualify for or to change telephone redemption privileges on an existing account.
Telephone redemptions will not be made if you have notified the Transfer Agent
of a change of address within 15 calendar days before the redemption request.
Shareholders may encounter higher than usual call waiting times during periods
of high market activity. Please allow sufficient time to place your telephone
transaction. The Funds are not responsible for delays due to communication or
transmission outages or failures.
Note:
Neither the Funds nor any of their service providers will be liable for any loss
or expense in acting upon instructions that are reasonably believed to be
genuine. To confirm that all telephone instructions are genuine, the Funds will
use reasonable procedures, such as requesting that you correctly
state:
•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.
If
an account has more than one owner or person authorized to perform transactions,
the Funds will accept telephone instructions from any one owner or authorized
person.
Systematic
Withdrawal Plan.
Each Fund offers a systematic withdrawal plan (“SWP”) whereby shareholders or
their representatives may request that a redemption in a specific dollar amount
of at least $100 be sent to them each month, calendar quarter or annually.
Investors may choose to have a check sent to the address of record, or proceeds
may be sent to a pre-designated bank account via the ACH network. To start this
program, your account must have Fund shares with a value of at least $10,000.
This program may be terminated or modified by a Fund at any time. Any request to
change or terminate your SWP should be communicated in writing or by telephone
to the Transfer Agent no later than five days before the next scheduled
withdrawal. A withdrawal under the SWP involves redemption of Fund shares, and
may result in a gain or loss for federal income tax purposes. In addition, if
the amount requested to be withdrawn exceeds the rate of growth of assets in
your account, including any dividends credited to your account, the account will
ultimately be depleted. To establish the SWP, complete the SWP section of the
Account Application. Please call 844-577-3863 for additional information
regarding the SWP.
The
Funds’ Right to Redeem an Account.
Each Fund reserves the right to redeem the shares of any shareholder whose
account balance falls below the minimum investment requirements for the share
class, other than as a result of a decline in the NAV of a Fund. The Fund will
provide a shareholder with written notice 30 days prior to redeeming the
shareholder’s account.
Redemption-in-Kind.
Each Fund generally pays redemption proceeds in cash. However, under unusual
conditions that make the payment of cash unwise (and for the protection of the
Fund’s remaining shareholders), a Fund may pay all or part of a shareholder’s
redemption proceeds in portfolio securities with a market value equal to the
redemption price (redemption-in-kind).
Specifically,
if the amount you are redeeming from a Fund during any 90-day period is in
excess of the lesser of $250,000 or 1% of the Fund’s net assets, valued at the
beginning of such period, the Fund has the right to redeem your shares by giving
you the amount that exceeds $250,000 or 1% of the Fund’s net assets in
securities instead of cash. If a Fund pays your redemption proceeds by a
distribution of securities, you could incur taxes, brokerage commissions or
other charges in converting the securities to cash, and you may incur a taxable
capital gain or loss as a result of the distribution. In addition, you may incur
brokerage commissions or other charges in converting the securities to cash, and
you will bear any market risks associated with such securities until they are
converted into cash.
Cancellations
and Modifications.
The Funds will not accept a request to cancel or modify a written transaction
once processing has begun. Please exercise care when placing a transaction
request.
How
to Exchange Fund Shares
You
may exchange all or a portion of your investment from a Fund to any other Fund
in the Trust that the Adviser manages within the same class. Be sure to confirm
with the Transfer Agent that the Fund into which you exchange is available for
sale in your state. Not all Funds available for exchange may be available for
purchase in your state. Any new account established through an exchange will be
subject to the minimum investment requirements described above under “How to
Purchase Fund Shares,” unless the account qualifies for a waiver of the minimum
initial investment requirement. Exchanges will be executed on the basis of the
relative NAV of the shares exchanged. An exchange is considered to be a
redemption of shares for federal income tax purposes on which you may realize a
taxable capital gain or loss.
You
may make exchanges only between identically registered accounts (name(s),
address, and taxpayer ID number). There is currently no limit on exchanges, but
each Fund reserves the right to limit exchanges (See “Tools to Combat Frequent
Transactions”).
Exchanges
By Mail.
To exchange Fund shares by mail, simply complete a written request and mail it
to the Funds:
|
|
|
|
| |
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 |
The
written request must contain the following information:
•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.
The
Funds do not consider the U.S. Postal Service or other independent delivery
services to be their agents. Therefore, deposit in the mail or with such
services, or receipt at U.S. Bancorp Fund Services, LLC’s post office box, of
purchase orders or redemption requests does not constitute receipt by the
Transfer Agent of the Funds.
Receipt
of purchase orders or redemption requests is based on when the order is received
at the Transfer Agent’s offices.
Exchanges
by Telephone.
If you did not decline telephone transactions on your Account Application or
have been authorized to perform telephone transactions by subsequent arrangement
in writing with the Funds, you may exchange your Fund shares by telephone at
844-577-3863. During periods of high market activity, shareholders may encounter
higher than usual call waiting times. Please allow sufficient time to place your
telephone transaction. The Funds are not responsible for delays due to
communications or transmission outages or failure.
Note:
Neither the Funds nor any of their service providers will be liable for any loss
or expense in acting upon instructions that are reasonably believed to be
genuine. To confirm that all telephone instructions are genuine, the Funds will
use reasonable procedures, such as requesting that you correctly
state:
•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.
Dividends
and Distributions
The
Funds will make distributions of net investment income and net capital gains, if
any, at least annually, typically during the month of December. The Funds may
make additional distributions if deemed to be desirable at another time during
the year
All
distributions will be reinvested in Fund shares unless you choose one of the
following options: (1) receive distributions of net capital gains in cash,
while reinvesting net investment income distributions in additional Fund shares;
(2) receive all distributions in cash; or (3) reinvest net capital gain
distributions in additional Fund shares, while receiving distributions of net
investment income in cash.
If
you wish to change your distribution option, write or call the Transfer Agent in
advance of the payment date of the distribution. However, any such change will
be effective only as to distributions for which the record date is five or more
calendar days after the Transfer Agent has received your request.
If
you elect to receive distributions in cash and the U.S. Postal Service is unable
to deliver your check, or if a check remains un-cashed for six months, each Fund
reserves the right to reinvest the distribution check in your account at such
Fund’s then current NAV per share and to reinvest all subsequent
distributions.
Tools
to Combat Frequent Transactions
The
Funds are intended for long-term investors. Short-term “market-timers” who
engage in frequent purchases and redemptions may disrupt a Fund’s investment
program and create additional transaction costs that are borne by all of the
Funds’ shareholders. The Board of Trustees has adopted policies and procedures
that are designed to discourage excessive, short-term trading and other abusive
trading practices that may disrupt portfolio management strategies and harm
performance. The Funds take steps to reduce the frequency and effect of these
activities in the Funds. These steps include, among other things, monitoring
trading activity and using fair value pricing. Although these efforts are
designed to discourage abusive trading practices, these tools cannot eliminate
the possibility that such activity will occur. Each Fund seeks to exercise
judgment in implementing these tools to the best of its ability and in a manner
that it believes is consistent with shareholder interests. Except as noted
herein, the Funds apply all restrictions uniformly in all applicable
cases.
Monitoring
Trading Practices.
The Funds monitor selected trades in an effort to detect excessive short-term
trading activities. If, as a result of this monitoring, a Fund believes that a
shareholder has engaged in excessive short-term trading, it may, in its
discretion, ask the shareholder to stop such activities or refuse to process
purchases in the shareholder’s accounts. In making such judgments, each Fund
seeks to act in a manner that it believes is consistent with the best interests
of its shareholders. The Funds use a variety of techniques to monitor for and
detect abusive trading practices. These techniques may change from time to time
as determined by the Funds in their sole discretion. To minimize harm to the
Funds and their shareholders, each Fund reserves the right to reject any
purchase order (but not a redemption request), in whole or in part, for any
reason and without prior notice. A Fund may decide to restrict purchase and sale
activity in its shares based on various factors, including whether frequent
purchase and sale activity will disrupt portfolio management strategies and
adversely affect Fund performance.
Fair
Value Pricing.
Each Fund employs fair value pricing selectively to ensure greater accuracy in
its daily NAV and to prevent dilution by frequent traders or market timers who
seek to take advantage of temporary market anomalies. The Board of Trustees has
developed procedures which utilize fair value pricing when reliable market
quotations are not readily available or when corporate events, events in the
securities market and/or world events cause the Adviser to believe that a
security’s last sale price may not reflect its actual market value. Valuing
securities at fair value involves reliance on judgment. Fair value
determinations are made in good faith in accordance with procedures adopted by
the Board of Trustees. There can be no assurance that a Fund will obtain the
fair value assigned to a security if it were to sell the security at
approximately the time at which the Fund determines its NAV per share. More
detailed information regarding fair value pricing can be found in this
Prospectus under the heading entitled “Pricing of Fund Shares.”
Due
to the complexity and subjectivity involved in identifying abusive trading
activity and the volume of shareholder transactions each Fund handles, there can
be no assurance that a Fund’s efforts will identify all trades or trading
practices that may be considered abusive. In particular, since each Fund
receives purchase and sale orders through Authorized Intermediaries that use
group or omnibus accounts, a Fund cannot always detect frequent trading.
However, the Funds will work with Authorized Intermediaries as necessary to
discourage shareholders from engaging in abusive trading practices and to impose
restrictions on excessive trades. In this regard, the Funds have entered into
information sharing agreements with Authorized Intermediaries pursuant to which
these intermediaries are required to provide to the Funds, at a Fund’s request,
certain information relating to their customers investing in the Fund through
non-disclosed or omnibus accounts. The Fund will use this information to attempt
to identify abusive trading practices. Authorized Intermediaries are
contractually required to follow any instructions from a Fund to restrict or
prohibit future purchases from shareholders that are found to have engaged in
abusive trading in violation of the Fund’s policies. However, a Fund cannot
guarantee the accuracy of the information provided to it from Authorized
Intermediaries and cannot ensure that it will always be able to detect abusive
trading practices that occur through non-disclosed and omnibus accounts. As a
result, the Funds’ ability to monitor and discourage abusive trading practices
in non-disclosed and omnibus accounts may be limited.
Tax
Consequences
Distributions
of each Fund’s net investment company taxable income (which includes, but is not
limited to, interest, dividends, net short-term capital gains, and net gains
from foreign currency transactions), if any, are generally taxable to the Fund’s
shareholders as ordinary income. To the extent that a Fund’s distributions of
net investment company taxable income are designated as attributable to
“qualified dividend” income, such income may be subject to tax at the reduced
rate of federal income tax applicable to non-corporate shareholders for net
long-term capital gains, if certain holding period requirements have been
satisfied by the shareholder. To the extent that a Fund’s distributions of net
investment company taxable income are attributable to net short-term capital
gains, such distributions will be treated as ordinary dividend income for the
purposes of income tax reporting and will not be available to offset a
shareholder’s capital losses from other investments. The Funds intend to qualify
each year and be treated as a “regulated investment company” (a “RIC”) under the
Internal Revenue Code, which allows the Funds to avoid paying taxes at regular
corporate rates on their income. If for any taxable year a Fund fails to qualify
as a RIC, the Fund’s taxable income will be subject to federal income tax at
regular corporate rates. The resulting increase to such Fund’s expenses will
reduce its performance and its income available for distribution to
shareholders.
Distributions
of net capital gains (net long-term capital gains less net short-term capital
losses) are generally taxable as long-term capital gains (currently at a maximum
federal rate of 20% for individual shareholders in the highest income tax
bracket) regardless of the length of time that a shareholder has owned Fund
shares, unless you are a tax-exempt organization or are investing through a
tax-deferred arrangement such as a 401(k) plan or individual retirement
account.
A
3.8% Medicare tax on net investment income (including capital gains and
dividends) will also be imposed on individuals, estates and trusts, subject to
certain income thresholds.
You
will be taxed in the same manner whether you receive your distributions (whether
of net investment company taxable income or net capital gains) in cash or
reinvest them in additional Fund shares. Distributions are generally taxable
when received. However, distributions declared in October, November or December
to shareholders of record on a date in such a month and paid the following
January are taxable as if received on December 31.
Shareholders
who sell, or redeem, shares generally will have a capital gain or loss from the
sale or redemption. An exchange of a Fund’s shares for shares of another Fund
will be treated as a sale of the Fund’s shares and any gain on the transaction
may be subject to federal income tax. The amount of the gain or loss and the
applicable rate of federal income tax will depend generally upon the amount paid
for the shares, the amount of reinvested taxable distributions, if any, the
amount received from the sale or redemption and how long the shares were held by
a shareholder. Any loss arising from the sale or redemption of shares held for
six months or less, however, is treated as a long-term capital loss to the
extent of any amounts treated as distributions of net capital gain received on
such shares. In determining the holding period of such shares for this purpose,
any period during which your risk of loss is offset by means of options, short
sales or similar transactions is not counted. If you purchase Fund shares within
30 days before or after redeeming other Fund shares at a loss, all or part of
that loss will not be deductible and will instead increase the basis of the
newly purchased shares.
Shareholders
will be advised annually as to the federal tax status of all distributions made
by each Fund for the preceding year. Distributions by the Funds and gains from
the sale of Fund shares may also be subject to state and local taxes. Additional
tax information may be found in the SAI.
This
section assumes you are a U.S. shareholder and is not intended to be a full
discussion of federal tax laws and the effect of such laws on you. There may be
other federal, state, foreign or local tax considerations applicable to a
particular investor. You are urged to consult your own tax advisor.
Other
Fund Policies
Telephone
Transactions. If
you did not decline telephone transactions on your Account Application or have
been authorized to perform telephone transactions by subsequent arrangement in
writing with the Funds, you may be responsible for fraudulent telephone orders
made to your account as long as the Funds have taken reasonable precautions to
verify your identity. In addition, once you place a telephone transaction
request, it cannot be canceled or modified after the close of regular trading on
the NYSE (generally, 4:00 p.m. Eastern Time).
Policies
of Other Financial Intermediaries. Financial
intermediaries may establish policies that differ from those of the Funds. For
example, the institution may charge transaction fees, set higher minimum
investments or impose certain limitations on buying or selling shares in
addition to those identified in this Prospectus. Please contact your financial
intermediary for details.
Closing
the Funds. The
Board of Trustees retains the right to close (or partially close) a Fund to new
purchases if it is determined to be in the best interest of the Fund’s
shareholders. Based on market and Fund conditions, the Board of Trustees and in
consultation with the Adviser may decide to close a Fund to new investors, all
investors, or certain classes of investors (such as fund supermarkets) at any
time. If a Fund is closed to new purchases it will continue to honor redemption
requests, unless the right to redeem shares has been temporarily suspended as
permitted by federal law.
Householding.
In an effort to decrease costs, the Funds intend to reduce the number of
duplicate prospectuses and other similar documents you receive by sending only
one copy of each to those addresses shared by two or more accounts and to
shareholders the Funds reasonably believe are from the same family or household.
If you would like to discontinue householding for your accounts, please call
toll-free at 844-577-3863 to request individual copies of these documents. Once
the Funds receive notice to stop householding, the Funds will begin sending
individual copies 30 days after receiving your request. This Householding policy
does not apply to account statements.
Lost
Shareholders, Inactive Accounts and Unclaimed Property.
It is important that the Fund maintain a correct address for each shareholder.
An incorrect address may cause a shareholder’s account statements and other
mailings to be returned to the Fund. Based upon statutory requirements for
returned mail, the Fund will attempt to locate the shareholder or rightful owner
of the account. If the Fund is unable to locate the shareholder, then they will
determine whether the shareholder’s account can legally be considered abandoned.
Your mutual fund account may be transferred to the state government of your
state of residence if no activity occurs within your account during the
“inactivity period” specified in your state’s abandoned property laws. The Fund
is legally obligated to escheat (or transfer) abandoned property to the
appropriate state’s unclaimed property administrator in accordance with
statutory requirements. The shareholder’s last known address of record
determines which state has jurisdiction. Please proactively contact the Transfer
Agent toll-free at 844-577-3863 at least annually to ensure your account remains
in active status.
If
you are a resident of the state of Texas, you may designate a representative to
receive notifications that, due to inactivity, your mutual fund account assets
may be delivered to the Texas Comptroller. Please contact the Transfer Agent if
you wish to complete a Texas Designation of Representative form.
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Distribution
of Fund Shares |
The
Distributor
Quasar
Distributors, LLC (the “Distributor”) is located at 3 Canal Plaza, Suite 100,
Portland, Maine 04101, and serves as distributor and principal underwriter to
the Funds. The Distributor is a registered broker-dealer and member of the
Financial Industry Regulatory Authority, Inc. Shares of the Funds are offered on
a continuous basis.
Payments
to Financial Intermediaries
Each
Fund, or class thereof, may pay service fees to intermediaries, such as banks,
broker-dealers, financial advisors or other financial institutions, including
affiliates of the Adviser, for non-distribution personal shareholder services
provided to its shareholders whose shares are held of record in omnibus
accounts, other group accounts, or accounts traded through registered securities
clearing agents. Non-distribution personal shareholder services for which such
fees are paid may include: establishing and maintaining shareholder
sub-accounts; processing subscriptions, redemptions, distributions, and tax
reports; forwarding communications from the Fund to its shareholders; responding
to shareholder inquiries; and making modifications to shareholder account
records and options.
The
Adviser, out of its own resources and without additional cost to any Fund or its
shareholders, may provide additional cash payments to intermediaries who sell
shares of the Funds. These payments are in addition to Rule 12b-1 and
shareholder servicing plan fees paid by the Funds, if any, and are sometimes
referred to as “revenue sharing.” Payments are generally made to intermediaries
that provide shareholder servicing, marketing support or access to sales
meetings, sales representatives and management representatives of the
intermediary. Payments may also be paid to intermediaries for inclusion of a
Fund on a sales list, including a preferred or select sales list or in other
sales programs. Compensation may be paid as an expense reimbursement in cases in
which the intermediary provides shareholder services to a Fund. The Adviser may
also pay cash compensation in the form of finder’s fees that vary depending on
the dollar amount of the shares sold.
The
financial highlights table is intended to help you understand the Funds’
financial performance for the past 5 fiscal years. Certain information reflects
financial results for a single Fund share. The total returns in the table
represent the rate that an investor would have earned or lost on an investment
in the Funds (assuming reinvestment of all dividends and distributions). The
information has been derived from the financial statements audited by Cohen
& Company, Ltd. (“Cohen”), the Funds’ independent registered public
accounting firm, whose report, along with the Funds’ financial statements, is
included in the Funds’ annual report which is available upon request.
Financial
highlights for Large-Cap Growth Fund are based on the historical financial
highlights of the Delaware U.S. Growth Fund, a series of Delaware Group Adviser
Funds (the “Predecessor Fund”). The financial information shown below for the
Fund’s Investor Class Shares represent the financial information of the
Predecessor Fund’s Class A shares, for the Fund’s Institutional Class Shares
represent the financial information of the Predecessor Fund’s Institutional
Class shares, and for the Fund’s IS Class Shares represent the financial
information of the Predecessor Fund’s Class R6 shares. The information presented
for Large-Cap Growth Fund through the fiscal year ended October 31, 2020 is
derived from the Predecessor Fund’s financial statements, and was audited by
another independent registered public accounting firm. The information for the
fiscal years ended October 31, 2023, October 31, 2022, and October 31, 2021 were
audited by Cohen.
Jackson
Square Large-Cap Growth Fund – IS Class(1)
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For
a Fund share outstanding throughout the years. |
Per
Share Data |
Year
Ended October 31, 2023 |
| Year
Ended October 31, 2022 |
| Year
Ended October 31, 2021 |
| Year
Ended October 31, 2020 |
| Year Ended October 31,
2019 |
|
|
|
|
|
|
|
|
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Net
asset value, beginning of year |
$13.70 |
| $31.69 |
| $28.72 |
| $24.91 |
| $26.72 |
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|
|
|
|
|
|
|
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Investment
Operations: |
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|
|
|
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Net
investment income (loss)(2) |
0.02 |
| (0.07) |
| (0.10) |
| 0.01 |
| 0.05 |
Net
realized and unrealized gain (loss) on investments |
3.98 |
| (10.23) |
| 9.16 |
| 6.25 |
| 2.59 |
Total
from investment operations |
4.00 |
| (10.30) |
| 9.06 |
| 6.26 |
| 2.64 |
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Less
distributions from: |
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Net
investment income |
— |
| — |
| — |
| — |
| — |
Net
realized gains |
— |
| (7.69) |
| (6.09) |
| (2.45) |
| (4.45) |
Total
distributions |
— |
| (7.69) |
| (6.09) |
| (2.45) |
| (4.45) |
Net
asset value, end of year |
$17.70 |
| $13.70 |
| $31.69 |
| $28.72 |
| $24.91 |
|
|
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|
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Total
Return |
29.20%(3) |
| -41.26% |
|
33.81%(4) |
|
27.39%(4) |
|
14.60%(4) |
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Supplemental
Data and Ratios |
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Net
assets, end of year (in 000’s) |
$17,979 |
| $40,436 |
| $945,973 |
| $4,539 |
| $3,408 |
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Ratio
of expenses to average net assets: |
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Before
expense reimbursement/waiver/recoupment |
0.75% |
| 0.63% |
| 0.61% |
| 0.65% |
| 0.67% |
After
expense reimbursement/waiver/recoupment |
0.64% |
| 0.63% |
|
0.61%(5) |
| 0.62% |
| 0.63% |
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Ratio
of net investment income (loss) to average net assets: |
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After
expense reimbursement/waiver/recoupment |
0.10% |
| (0.31)% |
| (0.17)% |
| 0.02% |
| 0.16% |
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Portfolio
Turnover(6) |
37% |
|
35%(7) |
| 28% |
| 54% |
| 35% |
(1)Prior
to April 16, 2021, the IS Class was known as Class R6.
(2)Per
share amounts calculated using the average shares method.
(3)During
the fiscal year 2023, the Large-Cap Growth Fund received proceeds from a class
action settlement from a company it no longer owns. This settlement had a
material impact on the Fund's investment performance. On the day the proceeds
were received, the IS Class had its NAV positively impacted by 5.81%. This is a
one-time event that is not likely to be repeated.
(4)Total
return during the period reflects a waiver by the manager. Performance would
have been lower had the waiver not been in effect.
(5)Prior
to April 16, 2021, the annual expense limitation was 0.62% of the average daily
net assets of the Fund. Thereafter, it was 0.64%.
(6)Portfolio
turnover disclosed is for the Fund as a whole.
(7)Excludes
the value of securities delivered as a result of an in-kind redemption of the
Fund’s capital shares on April 25, 2022.
Jackson
Square Large-Cap Growth Fund – Institutional Class
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For
a Fund share outstanding throughout the years. |
Per
Share Data |
Year
Ended October 31, 2023 |
| Year
Ended October 31, 2022 |
| Year
Ended October 31, 2021 |
| Year
Ended October 31, 2020 |
| Year
Ended October 31, 2019 |
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Net
asset value, beginning of year |
$13.48 |
| $31.32 |
| $28.49 |
| $24.78 |
| $26.66 |
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Investment
Operations: |
|
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Net
investment loss(1) |
0.01 |
| (0.08) |
| (0.16) |
| (0.04) |
| (0.01) |
Net
realized and unrealized gain (loss) on investments |
3.91 |
| (10.07) |
| 9.08 |
| 6.20 |
| 2.58 |
Total
from investment operations |
3.92 |
| (10.15) |
| 8.92 |
| 6.16 |
| 2.57 |
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Less
distributions from: |
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|
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Net
investment income |
— |
| — |
| — |
| — |
| — |
Net
realized gains |
— |
| (7.69) |
| (6.09) |
| (2.45) |
| (4.45) |
Total
distributions |
— |
| (7.69) |
| (6.09) |
| (2.45) |
| (4.45) |
Net
asset value, end of year |
$17.40 |
| $13.48 |
| $31.32 |
| $28.49 |
| $24.78 |
|
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Total
Return |
29.08%(2) |
| -41.27% |
|
33.56%(3) |
|
27.10%(3) |
|
14.33%(3) |
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Supplemental
Data and Ratios |
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Net
assets, end of year (in 000’s) |
$94,144 |
| $105,097 |
| $1,292,470 |
| $2,268,085 |
| $2,231,134 |
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Ratio
of expenses to average net assets: |
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Before
expense reimbursement/waiver/recoupment |
0.82% |
| 0.70% |
| 0.81% |
| 0.89% |
| 0.90% |
After
expense reimbursement/waiver/recoupment |
0.70% |
| 0.70% |
|
0.79%(4) |
| 0.84% |
| 0.86% |
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Ratio
of net investment loss to average net assets: |
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After
expense reimbursement/waiver/recoupment |
0.03% |
| (0.39)% |
| (0.52)% |
| (0.17)% |
| (0.07)% |
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Portfolio
Turnover(5) |
37% |
|
35%(6) |
| 28% |
| 54% |
| 35% |
(1)Per
share amounts calculated using the average shares method.
(2)During
the fiscal year 2023, the Large-Cap Growth Fund received proceeds from a class
action settlement from a company it no longer owns. This settlement had a
material impact on the Fund's investment performance. On the day the proceeds
were received, the Institutional Class had its NAV positively impacted by 5.79%.
This is a one-time event that is not likely to be repeated.
(3)Total
return during the period reflects a waiver by the manager. Performance would
have been lower had the waiver not been in effect.
(4)Prior
to April 16, 2021, the annual expense limitation was 0.84% of the average daily
net assets of the Fund. Thereafter, it was 0.64%, excluding shareholder
servicing fees.
(5)Portfolio
turnover disclosed is for the Fund as a whole.
(6)Excludes
the value of securities delivered as a result of an in-kind redemption of the
funds capital shares on April 25, 2022.
Jackson
Square Large-Cap Growth Fund – Investor Class(1)
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For
a Fund share outstanding throughout the years. |
|
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Per
Share Data |
Year
Ended October 31, 2023 |
| Year
Ended October 31, 2022 |
| Year
Ended October 31, 2021 |
| Year
Ended October 31, 2020 |
| Year
Ended October 31, 2019 |
|
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Net
asset value, beginning of year |
$10.75 |
| $26.71 |
| $25.09 |
| $22.15 |
| $24.41 |
|
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|
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Investment
Operations: |
|
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|
|
|
|
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Net
investment loss(2) |
(0.02) |
| (0.09) |
| (0.19) |
| (0.10) |
| (0.06) |
Net
realized and unrealized gain (loss) on investments |
3.12 |
| (8.18) |
| 7.90 |
| 5.49 |
| 2.25 |
Total
from investment operations |
3.10 |
| (8.27) |
| 7.71 |
| 5.39 |
| 2.19 |
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Less
distributions from: |
|
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|
|
|
|
|
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Net
investment income |
— |
| — |
| — |
| — |
| — |
Net
realized gains |
— |
| (7.69) |
| (6.09) |
| (2.45) |
| (4.45) |
Total
distributions |
— |
| (7.69) |
| (6.09) |
| (2.45) |
| (4.45) |
Net
asset value, end of year |
$13.85 |
| $10.75 |
| $26.71 |
| $25.09 |
| $22.15 |
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Total
Return |
28.84%(3) |
| -41.38% |
|
33.25%(4) |
|
26.82%(4) |
|
14.04%(4) |
|
|
|
|
|
|
|
|
| |
Supplemental
Data and Ratios |
|
|
|
|
|
|
|
| |
Net
assets, end of year (in 000’s) |
$75,721 |
| $71,515 |
| $169,407 |
| $137,135 |
| $116,986 |
|
|
|
|
|
|
|
|
| |
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
| |
Before
expense reimbursement/waiver/recoupment |
1.04% |
| 0.91% |
| 1.04% |
| 1.14% |
| 1.15% |
After
expense reimbursement/waiver/recoupment |
0.93% |
| 0.90% |
|
1.03%(5) |
| 1.09% |
| 1.11% |
|
|
|
|
|
|
|
|
| |
Ratio
of net investment loss to average net assets: |
|
|
|
|
|
|
|
| |
After
expense reimbursement/waiver/recoupment |
(0.19)% |
| (0.59)% |
| (0.75)% |
| (0.42)% |
| (0.32)% |
|
|
|
|
|
|
|
|
| |
Portfolio
Turnover(6) |
37% |
|
35%(7) |
| 28% |
| 54% |
| 35% |
(1)Prior
to April 16, 2021, the Investor Class was known as Class A.
(2)Per
share amounts calculated using the average shares method.
(3)During
the fiscal year 2023, the Large-Cap Growth Fund received proceeds from a class
action settlement from a company it no longer owns. This settlement had a
material impact on the Fund's investment performance. On the day the proceeds
were received, the Investor Class had its NAV positively impacted by 5.84%. This
is a one-time event that is not likely to be repeated.
(4)Total
return during the period reflects a waiver by the manager. Performance would
have been lower had the waiver not been in effect.
(5)Prior
to April 16, 2021, the annual expense limitation was 0.84% of the average daily
net assets of the Fund. Thereafter, it was 0.64%, excluding 12b-1 fees and
shareholder servicing fees.
(6)Portfolio
turnover disclosed is for the Fund as a whole.
(7)Excludes
the value of securities delivered as a result of an in-kind redemption of the
Fund’s capital shares on April 25, 2022.
Jackson
Square SMID-Cap Growth Fund – IS Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For
a Fund share outstanding throughout the years. |
|
|
|
|
| |
Per
Share Data |
Year
Ended October 31, 2023 |
| Year
Ended October 31, 2022 |
| Year
Ended October 31, 2021 |
| Year
Ended October 31, 2020 |
| Year
Ended October 31, 2019 |
|
|
|
|
|
|
|
|
| |
Net
asset value, beginning of year |
$15.91 |
| $38.53 |
| $30.75 |
| $23.88 |
| $23.83 |
|
|
|
|
|
|
|
|
| |
Investment
operations: |
|
|
|
|
|
|
|
| |
Net
investment income (loss)(1) |
(0.03) |
| (0.09) |
| (0.26) |
| (0.08) |
|
0.01(2) |
Net
realized and unrealized gain (loss) on investments |
(0.55)(2) |
| (16.44) |
| 9.98 |
| 7.99 |
| 2.70 |
Total
from investment operations |
(0.58) |
| (16.53) |
| 9.72 |
| 7.91 |
| 2.71 |
|
|
|
|
|
|
|
|
| |
Less
distributions from: |
|
|
|
|
|
|
|
| |
Net
investment income |
— |
| — |
| — |
| (0.02) |
| (0.06) |
Net
realized gains |
— |
| (6.09) |
| (1.94) |
| (1.02) |
| (2.60) |
Total
distributions |
— |
| (6.09) |
| (1.94) |
| (1.04) |
| (2.66) |
Net
asset value, end of year |
$15.33 |
| $15.91 |
| $38.53 |
| $30.75 |
| $23.88 |
|
|
|
|
|
|
|
|
| |
Total
Return |
-3.65% |
| -48.81% |
| 31.80% |
| 34.36% |
| 14.02% |
|
|
|
|
|
|
|
|
| |
Supplemental
Data and Ratios |
|
|
|
|
|
|
|
| |
Net
assets, end of year (in 000’s) |
$392,932 |
| $552,794 |
| $1,016,051 |
| $650,845 |
| $452,234 |
|
|
|
|
|
|
|
|
| |
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
| |
Before
expense waiver/recoupment |
0.86% |
| 0.83% |
| 0.82% |
| 0.85% |
| 0.87% |
After
expense waiver/recoupment |
0.87% |
| 0.82% |
| 0.82% |
| 0.87% |
| 0.87% |
|
|
|
|
|
|
|
|
| |
Ratio
of expenses excluding interest expense to average net assets: |
|
|
|
|
|
|
|
| |
Before
expense waiver/recoupment |
0.86% |
| 0.83% |
| 0.82% |
| 0.85% |
| 0.87% |
After
expense waiver/recoupment |
0.86% |
| 0.82% |
| 0.82% |
| 0.87% |
| 0.87% |
|
|
|
|
|
|
|
|
| |
Ratio
of net investment income (loss) to average net assets: |
|
|
|
|
|
|
|
| |
After
expense waiver/recoupment |
(0.18)% |
| (0.46)% |
| (0.84)% |
| (0.30)% |
| 0.04% |
|
|
|
|
|
|
|
|
| |
Portfolio
Turnover(3) |
49% |
| 78% |
| 56% |
| 49% |
| 35% |
(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.
Jackson
Square SMID-Cap Growth Fund – Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For
a Fund share outstanding throughout the years. |
|
|
|
|
| |
Per
Share Data |
Year
Ended October 31, 2023 |
| Year
Ended October 31, 2022 |
| Year
Ended October 31, 2021 |
| Year
Ended October 31, 2020 |
| Year Ended October 31,
2019 |
|
|
|
|
|
|
|
|
| |
Net
asset value, beginning of year |
$15.86 |
| $38.48 |
| $30.73 |
| $23.89 |
| $23.81 |
|
|
|
|
|
|
|
|
| |
Investment
operations: |
|
|
|
|
|
|
|
| |
Net
investment income (loss)(1) |
(0.05) |
| (0.12) |
| (0.29) |
| (0.10) |
| (0.01) |
Net
realized and unrealized gain (loss) on investments |
(0.55)(2) |
| (16.41) |
| 9.98 |
| 7.98 |
| 2.74 |
Total
from investment operations |
(0.60) |
| (16.53) |
| 9.69 |
| 7.88 |
| 2.73 |
|
|
|
|
|
|
|
|
| |
Less
distributions from: |
|
|
|
|
|
|
|
| |
Net
investment income |
— |
| — |
| — |
| (0.02) |
| (0.05) |
Net
realized gains |
— |
| (6.09) |
| (1.94) |
| (1.02) |
| (2.60) |
Total
distributions |
— |
| (6.09) |
| (1.94) |
| (1.04) |
| (2.65) |
Net
asset value, end of year |
$15.26 |
| $15.86 |
| $38.48 |
| $30.73 |
| $23.89 |
|
|
|
|
|
|
|
|
| |
Total
Return |
-3.78% |
| -48.89% |
| 31.71% |
| 34.20% |
| 14.08% |
|
|
|
|
|
|
|
|
| |
Supplemental
Data and Ratios |
|
|
|
|
|
|
|
| |
Net
assets, end of year (in 000’s) |
$186,025 |
| $320,392 |
| $1,039,786 |
| $725,204 |
| $499,461 |
|
|
|
|
|
|
|
|
| |
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
| |
Before
expense waiver/recoupment |
0.96% |
| 0.92% |
| 0.91% |
| 0.93% |
| 0.95% |
After
expense waiver/recoupment |
0.96% |
| 0.91% |
| 0.91% |
| 0.95% |
| 0.95% |
|
|
|
|
|
|
|
|
| |
Ratio
of expenses excluding interest expense to average net assets: |
|
|
|
|
|
|
|
| |
Before
expense waiver/recoupment |
0.95% |
| 0.92% |
| 0.91% |
| 0.93% |
| 0.95% |
After
expense waiver/recoupment |
0.96% |
| 0.91% |
| 0.91% |
| 0.95% |
| 0.95% |
|
|
|
|
|
|
|
|
| |
Ratio
of net investment income (loss) to average net assets: |
|
|
|
|
|
|
|
| |
After
expense waiver/recoupment |
(0.28)% |
| (0.55)% |
| (0.76)% |
| (0.39)% |
| (0.04)% |
|
|
|
|
|
|
|
|
| |
Portfolio
Turnover(2) |
49% |
| 78% |
| 56% |
| 49% |
| 35% |
(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 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.
Jackson
Square SMID-Cap Growth Fund – Investor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For
a Fund share outstanding throughout the years. |
|
|
|
|
| |
Per
Share Data |
Year
Ended October 31, 2023 |
| Year
Ended October 31, 2022 |
| Year
Ended October 31, 2021 |
| Year
Ended October 31, 2020 |
| Year Ended October 31,
2019 |
|
|
|
|
|
|
|
|
| |
Net
asset value, beginning of year |
$15.54 |
| $37.93 |
| $30.39 |
| $23.68 |
| $23.67 |
|
|
|
|
|
|
|
|
| |
Investment
operations: |
|
|
|
|
|
|
|
| |
Net
investment loss(1) |
(0.09) |
| (0.17) |
| (0.38) |
| (0.17) |
| (0.07) |
Net
realized and unrealized gain (loss) on investments |
(0.53)(2) |
| (16.13) |
| 9.86 |
| 7.91 |
| 2.70 |
Total
from investment operations |
(0.62) |
| (16.30) |
| 9.48 |
| 7.74 |
| 2.63 |
|
|
|
|
|
|
|
|
| |
Less
distributions from: |
|
|
|
|
|
|
|
| |
Net
investment income |
— |
| — |
| — |
| (0.01) |
| (0.02) |
Net
realized gains |
— |
| (6.09) |
| (1.94) |
| (1.02) |
| (2.60) |
Total
distributions |
— |
| (6.09) |
| (1.94) |
| (1.03) |
| (2.62) |
Net
asset value, end of year |
$14.92 |
| $15.54 |
| $37.93 |
| $30.39 |
| $23.68 |
|
|
|
|
|
|
|
|
| |
Total
Return |
-3.99% |
| -49.01% |
| 31.36% |
| 33.88% |
| 13.69% |
|
|
|
|
|
|
|
|
| |
Supplemental
Data and Ratios |
|
|
|
|
|
|
|
| |
Net
assets, end of year (in 000’s) |
$29,155 |
| $39,098 |
| $107,135 |
| $78,325 |
| $78,819 |
|
|
|
|
|
|
|
|
| |
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
| |
Before
expense waiver/recoupment |
1.22% |
| 1.17% |
| 1.17% |
| 1.20% |
| 1.22% |
After
expense waiver/recoupment |
1.22% |
| 1.17% |
| 1.17% |
| 1.22% |
| 1.22% |
|
|
|
|
|
|
|
|
| |
Ratio
of expenses excluding interest expense to average net assets: |
|
|
|
|
|
|
|
| |
Before
expense waiver/recoupment |
1.21% |
| 1.17% |
| 1.17% |
| 1.20% |
| 1.22% |
After
expense waiver/recoupment |
1.21% |
| 1.17% |
| 1.17% |
| 1.22% |
| 1.22% |
|
|
|
|
|
|
|
|
| |
Ratio
of net investment loss to average net assets: |
|
|
|
|
|
|
|
| |
After
expense waiver/recoupment |
(0.53)% |
| (0.80)% |
| (1.02)% |
| (0.65)% |
| (0.31)% |
|
|
|
|
|
|
|
|
| |
Portfolio
Turnover(3) |
49% |
| 78% |
| 56% |
| 49% |
| 35% |
(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 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.
Investment
Adviser
Jackson
Square Partners, LLC
One
Letterman Drive, Building A, Suite A3-200
San
Francisco, California 94129
Independent
Registered Public Accounting Firm
Cohen
& Company, Ltd.
342
North Water Street, Suite 830
Milwaukee,
Wisconsin 53202
Legal
Counsel
Stradley
Ronon Stevens & Young, LLP
2005
Market Street, Suite 2600
Philadelphia,
Pennsylvania 19103
Custodian
U.S.
Bank N.A.
Custody
Operations
1555
North Rivercenter Drive, Suite 302
Milwaukee,
Wisconsin 53212
Transfer
Agent, Fund Accountant and Fund Administrator
U.S.
Bancorp Fund Services, LLC
615
East Michigan Street
Milwaukee,
Wisconsin 53202
Distributor
Quasar
Distributors, LLC
3
Canal Plaza, Suite 100
Portland,
Maine 04101
The
Funds collect only relevant information about you that the law allows or
requires them to have in order to conduct their business and properly service
you. The Funds collect financial and personal information about you (“Personal
Information”) directly (e.g.,
information on account applications and other forms, such as your name, address,
and social security number, and information provided to access account
information or conduct account transactions online, such as password, account
number, e-mail address, and alternate telephone number), and indirectly
(e.g.,
information about your transactions with us, such as transaction amounts,
account balance and account holdings).
The
Funds do not disclose any non-public personal information about their
shareholders or former shareholders other than for everyday business purposes
such as to process a transaction, service an account, respond to court orders
and legal investigations or as otherwise permitted by law. Third parties that
may receive this information include companies that provide transfer agency,
technology and administrative services to the Funds, as well as the Funds’
investment adviser who is an affiliate of the Funds. If you maintain a
retirement/educational custodial account directly with the Funds, we may also
disclose your Personal Information to the custodian for that account for
shareholder servicing purposes. The Funds limit access to your Personal
Information provided to unaffiliated third parties to information necessary to
carry out their assigned responsibilities to the Funds. All shareholder records
will be disposed of in accordance with applicable law.
The
Funds maintain physical, electronic and procedural safeguards to protect your
Personal Information and requires their third-party service providers with
access to such information to treat your Personal Information with the same high
degree of confidentiality.
In
the event that you hold shares of the Funds through a financial intermediary,
including, but not limited to, a broker-dealer, bank, credit union or trust
company, the privacy policy of your financial intermediary governs how your
non-public personal information is shared with unaffiliated third
parties.
Jackson
Square Partners Funds
Series
of Managed Portfolio Series
You
can find more information about the Funds in the following
documents:
Statement
of Additional Information
The
SAI provides additional details about the investments and techniques of the
Funds and certain other additional information. A current SAI is on file with
the SEC and is incorporated into this Prospectus by reference. This means that
the SAI is legally considered a part of this Prospectus even though it is not
physically within this Prospectus.
Annual
and Semi-Annual Reports
Additional
information about the Funds’ investments is available in the Funds’ annual and
semi-annual reports to shareholders and in Form N-CSR. In the Funds’ annual
report, you will find a discussion of the market conditions and investment
strategies that significantly affected each Fund’s performance during the Fund’s
last fiscal year. In Form N-CSR, you will find the Funds’ annual and semi-annual
financial statements.
You
can obtain a free copy of these documents and the SAI, request other
information, or make general inquiries about the Funds by calling the Funds
(toll-free) at 844-577-3863, by visiting the Jackson Square Partners Funds’
website at https://jspartners.com/funds/ or by writing to:
Jackson
Square Partners Funds
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
Wisconsin 53201-0701
You
can review and copy information, including the Funds’ reports and
SAI:
•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:
[email protected].
(The
Trust’s SEC Investment Company Act of 1940 file number is 811-22525)