08/02/2021 | Press release | Distributed by Public on 08/02/2021 13:53
Ticker Symbols
|
|||
Investor Class
|
Institutional Class
|
IS Class
|
|
Jackson Square
|
[Not available
|
||
Global Growth Fund
|
for purchase]
|
JSPTX
|
JSPUX
|
Jackson Square
|
[Not available
|
||
International Growth Fund
|
for purchase]
|
JSSGX
|
JSSSX
|
Jackson Square
|
|||
Large-Cap Growth Fund
|
JSPJX
|
JSPIX
|
DPLGX
|
Jackson Square
|
[Not available
|
[Not available
|
|
Select 20 Growth Fund
|
for purchase]
|
for purchase]
|
DPCEX
|
Jackson Square
|
|||
SMID-Cap Growth Fund
|
JSMVX
|
JSMTX
|
DCGTX
|
www.jspfunds.com
|
April 30, 2021
|
1 year
|
3 years
|
Since Inception(1)
|
|
IS Class
|
57.05%
|
20.36%
|
19.18%
|
Institutional Class
|
57.02%
|
20.36%
|
19.15%
|
MSCI All Country World Index(2)
|
45.75%
|
13.32%
|
14.27%
|
(1)
|
Inception date of each class was September 19, 2016.
|
(2)
|
The MSCI All Country World Index is a free float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed emerging markets. One cannot invest directly in an Index.
|
Microsoft
|
6.2
|
%
|
|||
Mastercard - Class A
|
3.9
|
%
|
|||
ASML Holding
|
3.7
|
%
|
|||
Wix.com
|
3.6
|
%
|
|||
Adyen
|
3.5
|
%
|
|||
Visa - Class A
|
3.5
|
%
|
|||
Uber Technologies
|
3.3
|
%
|
|||
DSV
|
3.2
|
%
|
|||
Airbus
|
3.2
|
%
|
|||
MercadoLibre
|
2.9
|
%
|
(1)
|
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|
1 year
|
3 years
|
Since Inception(2)
|
|
IS Class(2)
|
68.68%
|
25.04%
|
20.56%
|
Russell 3000® Growth Index(3)
|
52.41%
|
24.84%
|
23.35%
|
MSCI All Country World Index - ex USA(4)(5)
|
42.98%
|
6.98%
|
10.18%
|
Since Inception(7)
|
|||
Institutional Class(6)
|
6.02%
|
||
Russell 3000® Growth Index(3)
|
7.62%
|
||
MSCI All Country World Index - ex USA(4)(5)
|
8.04%
|
(1)
|
Prior to December 28, 2020, the Fund was named Jackson Square All-Cap Growth Fund and had different principal investment strategies.
|
(2)
|
The IS Class commenced operations on September 19, 2016.
|
(3)
|
The Russell 3000® Growth Index measures the growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. One cannot invest directly in an Index.
|
(4)
|
The MSCI All Country World Index - ex USA has replaced the Russell 3000® Growth Index as the Fund's broad-based securities market index because it more closely aligns with the principal investment strategies of the Fund. One cannot invest directly in an Index.
|
(5)
|
The MSCI All Country World Index - ex USA is a free float adjusted market capitalization weighted index that is designed to measure the equity performance of developed and emerging markets, excluding the United States. One cannot invest directly in an Index.
|
(6)
|
The Institutional Class commenced operations on December 28, 2020.
|
(7)
|
Returns under this heading have not been annualized.
|
Taiwan Semiconductor Manufacturing - ADR
|
4.6
|
%
|
|||
Wix.com
|
4.5
|
%
|
|||
LVMH Moet Hennessy Louis Vuitton
|
4.4
|
%
|
|||
ASML Holding
|
4.1
|
%
|
|||
MercadoLibre
|
3.9
|
%
|
|||
Adyen
|
3.8
|
%
|
|||
DSV
|
3.8
|
%
|
|||
Sartorius Stedim Biotech
|
3.6
|
%
|
|||
Lonza Group
|
3.6
|
%
|
|||
Atlassian
|
3.4
|
%
|
(1)
|
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|
1 year
|
5 years
|
10 years
|
Since Inception(1)
|
|
IS Class
|
49.74%
|
19.82%
|
15.21%
|
9.69%
|
Institutional Class
|
49.39%
|
19.59%
|
15.04%
|
9.58%
|
Investor Class
|
49.05%
|
19.28%
|
14.75%
|
9.29%
|
Russell 1000® Growth Index(2)
|
51.41%
|
22.88%
|
17.02%
|
10.94%
|
(1)
|
The Jackson Square Large-Cap Growth Fund (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 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. Prior to April 16, 2021, the Adviser served as sub-adviser to the Predecessor Fund. The IS Class performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund. The performance shown for the Investor Class Shares has been adjusted so that it does not reflect the Predecessor Fund's 5.75% sales charge for its Class A shares, which does not apply to Investor Class shares. Performance shown for the periods prior to the inception of the Institutional Class and IS Class is based on the performance of the Investor Class shares, adjusted for the lower expenses applicable to the Institutional and IS classes. The Investor Class commenced operations on December 3, 1993, the Institutional Class commenced operations on February 3, 1994 and the IS Class commenced operations on May 2, 2016.
|
(2)
|
The Russell 1000® Growth Index measures the performance of the large cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. One cannot invest directly in an Index.
|
Microsoft
|
8.5
|
%
|
|||
Amazon.com
|
5.9
|
%
|
|||
Uber Technologies
|
5.9
|
%
|
|||
Visa - Class A
|
5.7
|
%
|
|||
Twilio - Class A
|
5.0
|
%
|
|||
PayPal Holdings
|
4.6
|
%
|
|||
Mastercard - Class A
|
4.4
|
%
|
|||
Charter Communications - Class A
|
4.3
|
%
|
|||
Match Group
|
3.8
|
%
|
|||
ServiceNow
|
3.7
|
%
|
(1)
|
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|
1 year
|
5 years
|
10 years
|
Since Inception(1)
|
|
IS Class
|
59.34%
|
17.89%
|
13.85%
|
5.39%
|
Russell 3000® Growth Index(2)
|
52.41%
|
22.59%
|
16.70%
|
6.59%
|
(1)
|
The IS Class commenced operations on March 31, 2000.
|
(2)
|
The Russell 3000® Growth Index measures the growth segment of the U.S. equity universe. It includes those Russell 3000® Index composites with higher price-to-books ratios and higher forecasted growth values. One cannot invest directly in an Index.
|
Microsoft
|
10.7
|
%
|
|||
Twilio - Class A
|
6.6
|
%
|
|||
Amazon.com
|
6.3
|
%
|
|||
KKR & Co. - Class A
|
5.9
|
%
|
|||
Uber Technologies
|
5.8
|
%
|
|||
Visa - Class A
|
5.4
|
%
|
|||
Bill.com Holdings
|
5.4
|
%
|
|||
Grocery Outlet Holding
|
5.2
|
%
|
|||
Pacific Biosciences of California
|
5.1
|
%
|
|||
Liberty Broadband - Class C
|
5.0
|
%
|
(1)
|
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|
1 year
|
5 years
|
10 years
|
Since Inception(1)
|
|
IS Class
|
81.95%
|
23.54%
|
16.39%
|
13.96%
|
Institutional Class
|
81.77%
|
23.49%
|
16.30%
|
13.87%
|
Investor Class
|
81.31%
|
23.13%
|
15.99%
|
13.57%
|
Russell 2500® Growth Index(2)
|
67.27%
|
20.51%
|
14.21%
|
11.73%
|
(1)
|
The IS Class commenced operations on December 1, 2003, the Institutional Class commenced operations on September 16, 2016, and the Investor Class commenced operations on September 19, 2016. Performance of the Institutional Class and Investor Class prior to inception of each class is based on the performance of the IS Class, adjusted for the higher expenses applicable to each class' shares.
|
(2)
|
The Russell 2500® Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500® companies with higher price-to-book ratios and higher forecasted growth values. One cannot invest directly in an Index.
|
Bio-Techne
|
5.8
|
%
|
|||
Grocery Outlet Holding
|
5.4
|
%
|
|||
Pacific Biosciences of California
|
5.4
|
%
|
|||
Lyft - Class A
|
5.2
|
%
|
|||
Tandem Diabetes Care
|
4.8
|
%
|
|||
New York Times - Class A
|
4.7
|
%
|
|||
Dolby Laboratories - Class A
|
4.0
|
%
|
|||
HealthEquity
|
3.8
|
%
|
|||
Elastic
|
3.8
|
%
|
|||
Wix.com
|
3.7
|
%
|
(1)
|
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period(1)
|
|
(11/1/2020)
|
(4/30/2021)
|
(11/1/2020 to 4/30/2021)
|
|
IS Class Actual(2)
|
$1,000.00
|
$1,290.70
|
$5.68
|
IS Class Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,019.84
|
$5.01
|
Institutional Class Actual(2)
|
$1,000.00
|
$1,290.70
|
$5.91
|
Institutional Class Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,019.64
|
$5.21
|
(1)
|
Expenses are equal to the Fund's annualized expense ratio for the most recent six-month period of 1.00% and 1.04% for the IS Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.
|
(2)
|
Based on the actual returns for the six-month period ended April 30, 2021 of 29.07% and 29.07% for the IS Class and Institutional Class, respectively.
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period(1)
|
|
(11/1/2020)
|
(4/30/2021)
|
(11/1/2020 to 4/30/2021)
|
|
IS Class Actual(2)
|
$1,000.00
|
$1,312.10
|
$5.56
|
IS Class Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,019.98
|
$4.86
|
Institutional Class Actual(3)(4)
|
$1,000.00
|
$1,060.20
|
$3.78
|
Institutional Class Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,013.18
|
$3.70
|
(1)
|
Expenses are equal to the Fund's annualized expense ratio for the most recent six-month period of 0.97% for the IS Class, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period. Expenses are equal to the Fund's annualized expense ratio for the most recent six-month period of 1.09% for the Institutional Class, multiplied by the average account value over the period, multiplied by 123/365 to reflect the since inception period.
|
(2)
|
Based on the actual returns for the six-month period ended April 30, 2021 of 31.21% for the IS Class.
|
(3)
|
Based on the actual return for the period from inception through April 30, 2021 of 6.02% for the Institutional Class.
|
(4)
|
Institutional Class inception was December 28, 2020. All values assume a beginning date of December 28, 2020 for the Institutional Class.
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period(5)
|
|
(11/1/2020)
|
(4/30/2021)
|
(11/1/2020 to 4/30/2021)
|
|
IS Class Actual(6)
|
$1,000.00
|
$1,232.60
|
$3.32
|
IS Class Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,021.52
|
$3.01
|
Institutional Class Actual(6)
|
$1,000.00
|
$1,231.20
|
$4.59
|
Institutional Class Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,020.68
|
$4.16
|
Investor Class Actual(6)
|
$1,000.00
|
$1,229.70
|
$6.14
|
Investor Class Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,019.29
|
$5.56
|
(5)
|
Expenses are equal to the Fund's annualized expense ratio for the most recent six-month period of 0.60%, 0.83% and 1.11% for the IS Class, Institutional Class and Investor Class, respectively, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.
|
(6)
|
Based on the actual returns for the six-month period ended April 30, 2021 of 23.26%, 23.12% and 22.97% for the IS Class, Institutional Class and Investor Class, respectively.
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period(1)
|
|
(11/1/2020)
|
(4/30/2021)
|
(11/1/2020 to 4/30/2021)
|
|
IS Class Actual(2)
|
$1,000.00
|
$1,231.80
|
$4.81
|
IS Class Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,020.48
|
$4.36
|
(1)
|
Expenses are equal to the Fund's annualized expense ratio for the most recent six-month period of 0.87% for the IS Class, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.
|
(2)
|
Based on the actual returns for the six-month period ended April 30, 2021 of 23.18% for the IS Class.
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period(3)
|
|
(11/1/2020)
|
(4/30/2021)
|
(11/1/2020 to 4/30/2021)
|
|
IS Class Actual(4)
|
$1,000.00
|
$1,327.20
|
$4.79
|
IS Class Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,020.68
|
$4.16
|
Institutional Class Actual(4)
|
$1,000.00
|
$1,326.70
|
$5.25
|
Institutional Class Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,020.28
|
$4.56
|
Investor Class Actual(4)
|
$1,000.00
|
$1,325.10
|
$6.80
|
Investor Class Hypothetical
|
|||
(5% return before expenses)
|
$1,000.00
|
$1,018.94
|
$5.91
|
(3)
|
Expenses are equal to the Fund's annualized expense ratio for the most recent six-month period of 0.83%, 0.91% and 1.18% for the IS Class, Institutional Class and Investor Class, respectively, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.
|
(4)
|
Based on the actual returns for the six-month period ended April 30, 2021 of 32.72%, 32.67% and 32.51% for the IS Class, Institutional Class and Investor Class, respectively.
|
Description
|
Shares
|
Value
|
||||||
COMMON STOCKS - 99.6%
|
||||||||
Brazil - 5.2%
|
||||||||
Afya - Class A*
|
8,711
|
$
|
195,213
|
|||||
Arco Platform - Class A*
|
6,614
|
169,715
|
||||||
MercadoLibre*
|
296
|
465,010
|
||||||
829,938
|
||||||||
China - 2.9%
|
||||||||
Bilibili - ADR*
|
4,180
|
463,395
|
||||||
Denmark - 6.0%
|
||||||||
DSV (a)
|
2,300
|
512,418
|
||||||
Vestas Wind Systems (a)
|
10,560
|
435,510
|
||||||
947,928
|
||||||||
France - 8.7%
|
||||||||
Airbus* (a)
|
4,216
|
507,017
|
||||||
LVMH Moet Hennessy Louis Vuitton (a)
|
576
|
433,932
|
||||||
Safran (a)
|
2,876
|
429,414
|
||||||
1,370,363
|
||||||||
Israel - 5.5%
|
||||||||
Fiverr International*
|
1,442
|
300,037
|
||||||
Wix.com*
|
1,769
|
562,330
|
||||||
862,367
|
||||||||
Japan - 4.3%
|
||||||||
Freee KK* (a)
|
4,290
|
361,732
|
||||||
MonotaRO (a)
|
12,798
|
324,972
|
||||||
686,704
|
||||||||
Netherlands - 7.2%
|
||||||||
Adyen* (a)
|
224
|
551,288
|
||||||
ASML Holding (a)
|
892
|
579,037
|
||||||
1,130,325
|
||||||||
Taiwan - 2.3%
|
||||||||
Taiwan Semiconductor Manufacturing - ADR
|
3,136
|
366,097
|
||||||
United Kingdom - 7.6%
|
||||||||
Experian (a)
|
10,713
|
413,001
|
||||||
Farfetch - Class A*
|
8,204
|
401,914
|
||||||
Intertek Group (a)
|
4,468
|
378,748
|
||||||
1,193,663
|
Description
|
Shares
|
Value
|
||||||
COMMON STOCKS - 99.6% (Continued)
|
||||||||
United States - 49.9%
|
||||||||
Airbnb - Class A*
|
1,325
|
$
|
228,841
|
|||||
Aon - Class A
|
893
|
224,536
|
||||||
Ball
|
2,941
|
275,395
|
||||||
Datadog - Class A*
|
4,782
|
410,152
|
||||||
DexCom*
|
721
|
278,378
|
||||||
Edwards Lifesciences*
|
4,388
|
419,142
|
||||||
IHS Markit
|
2,427
|
261,097
|
||||||
Mastercard - Class A
|
1,620
|
618,937
|
||||||
Match Group*
|
2,548
|
396,545
|
||||||
Microsoft
|
3,899
|
983,250
|
||||||
Netflix*
|
773
|
396,912
|
||||||
New York Times - Class A
|
10,117
|
459,413
|
||||||
ServiceNow*
|
747
|
378,258
|
||||||
Snowflake - Class A*
|
1,810
|
419,178
|
||||||
Twilio - Class A*
|
998
|
367,064
|
||||||
Uber Technologies*
|
9,603
|
525,956
|
||||||
Veeva Systems - Class A*
|
1,204
|
340,070
|
||||||
Visa - Class A
|
2,336
|
545,596
|
||||||
Zoom Video Communications - Class A*
|
1,087
|
347,373
|
||||||
7,876,093
|
||||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $9,611,108)
|
15,726,873
|
Description
|
Shares
|
Value
|
||||||
SHORT-TERM INVESTMENT - 0.4%
|
||||||||
Money Market Deposit Account - 0.4%
|
||||||||
U.S. Bank N.A., 0.00% (b)
|
||||||||
Total Money Market Deposit Account
|
73,548
|
$
|
73,548
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
||||||||
(Cost $73,548)
|
|
73,548
|
||||||
Total Investments - 100.0%
|
||||||||
(Cost $9,684,656)
|
15,800,421
|
|||||||
Liabilities in Excess of Other Assets - (0.0)%
|
(4,998
|
)
|
||||||
Total Net Assets - 100.0%
|
$
|
15,795,423
|
*
|
Non-income producing security.
|
ADR - American Depositary Receipt
|
|
(a)
|
Level 2 Security.
|
(b)
|
The Money Market Deposit Account (the 'MMDA') is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of April 30, 2021.
|
% of
|
|||||
Sector
|
Net Assets
|
||||
Information Technology#
|
41.1
|
%
|
|||
Industrials
|
24.0
|
%
|
|||
Consumer Discretionary
|
13.9
|
%
|
|||
Communication Services
|
10.9
|
%
|
|||
Health Care
|
6.6
|
%
|
|||
Materials
|
1.7
|
%
|
|||
Financials
|
1.4
|
%
|
|||
Short-Term Investment
|
0.4
|
%
|
|||
Liabilities in Excess of Other Assets
|
(0.0
|
)%
|
|||
Total
|
100.0
|
%
|
#
|
As of April 30, 2021, the Fund has a significant portion of its assets invested in this sector and therefore is subject to additional risks. See Note 10 in Notes to Financial Statements.
|
Description
|
Shares
|
Value
|
||||||
COMMON STOCKS - 99.5%
|
||||||||
Australia - 3.4%
|
||||||||
Atlassian*
|
1,757
|
$
|
417,393
|
|||||
Brazil - 7.7%
|
||||||||
Arco Platform - Class A*
|
7,702
|
197,633
|
||||||
MercadoLibre*
|
301
|
472,865
|
||||||
StoneCo - Class A*
|
4,001
|
258,625
|
||||||
929,123
|
||||||||
Canada - 2.6%
|
||||||||
Shopify*
|
264
|
312,182
|
||||||
China - 7.7%
|
||||||||
Bilibili - ADR*
|
3,479
|
385,682
|
||||||
GDS Holdings - Class A*
|
3,776
|
313,295
|
||||||
Kuaishou Technology*
|
7,000
|
237,006
|
||||||
935,983
|
||||||||
Denmark - 7.0%
|
||||||||
DSV (a)
|
2,041
|
454,715
|
||||||
Vestas Wind Systems (a)
|
9,435
|
389,114
|
||||||
843,829
|
||||||||
France - 16.7%
|
||||||||
Airbus* (a)
|
3,279
|
394,333
|
||||||
L'Oreal (a)
|
768
|
314,475
|
||||||
LVMH Moet Hennessy Louis Vuitton (a)
|
700
|
527,348
|
||||||
Safran (a)
|
2,344
|
349,981
|
||||||
Sartorius Stedim Biotech (a)
|
953
|
437,702
|
||||||
2,023,839
|
||||||||
Germany - 6.6%
|
||||||||
Delivery Hero* (a)
|
1,966
|
311,889
|
||||||
Puma (a)
|
2,560
|
269,882
|
||||||
Zalando* (a)
|
2,088
|
217,150
|
||||||
798,921
|
||||||||
Israel - 7.2%
|
||||||||
Fiverr International*
|
1,601
|
333,120
|
||||||
Wix.com*
|
1,698
|
539,760
|
||||||
872,880
|
Description
|
Shares
|
Value
|
||||||
COMMON STOCKS - 99.5% (Continued)
|
||||||||
Japan - 8.9%
|
||||||||
Freee KK* (a)
|
4,425
|
$
|
373,115
|
|||||
MonotaRO (a)
|
13,466
|
341,934
|
||||||
Recruit Holdings (a)
|
8,141
|
367,057
|
||||||
1,082,106
|
||||||||
Netherlands - 8.0%
|
||||||||
Adyen* (a)
|
189
|
465,149
|
||||||
ASML Holding (a)
|
766
|
497,245
|
||||||
962,394
|
||||||||
Singapore - 2.3%
|
||||||||
Sea - ADR*
|
1,095
|
276,531
|
||||||
Switzerland - 5.6%
|
||||||||
Lonza Group (a)
|
683
|
434,193
|
||||||
Zur Rose Group* (a)
|
743
|
247,280
|
||||||
681,473
|
||||||||
Taiwan - 4.6%
|
||||||||
Taiwan Semiconductor Manufacturing - ADR
|
4,809
|
561,403
|
||||||
United Kingdom - 9.4%
|
||||||||
Experian (a)
|
10,471
|
403,672
|
||||||
Farfetch - Class A*
|
7,964
|
390,157
|
||||||
Intertek Group (a)
|
3,987
|
337,974
|
||||||
1,131,803
|
||||||||
United States - 1.8%
|
||||||||
Lululemon Athletica*
|
642
|
215,243
|
||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $10,917,841)
|
12,045,103
|
Description
|
Shares
|
Value
|
||||||
SHORT-TERM INVESTMENT - 0.5%
|
||||||||
Money Market Deposit Account - 0.5%
|
||||||||
U.S. Bank N.A., 0.00% (b)
|
||||||||
Total Money Market Deposit Account
|
56,753
|
$
|
56,753
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
||||||||
(Cost $56,753)
|
56,753
|
|||||||
Total Investments - 100.0%
|
||||||||
(Cost $10,974,594)
|
12,101,856
|
|||||||
Liabilities in Excess of Other Assets - (0.0)%
|
(1,536
|
)
|
||||||
Total Net Assets - 100.0%
|
$
|
12,100,320
|
*
|
Non-income producing security.
|
ADR - American Depositary Receipt
|
|
(a)
|
Level 2 Security.
|
(b)
|
The Money Market Deposit Account (the 'MMDA') is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of April 30, 2021.
|
% of
|
|||||
Sector
|
Net Assets
|
||||
Information Technology#
|
30.9
|
%
|
|||
Industrials#
|
25.1
|
%
|
|||
Consumer Discretionary
|
24.3
|
%
|
|||
Communication Services
|
7.4
|
%
|
|||
Health Care
|
7.2
|
%
|
|||
Consumer Staples
|
4.6
|
%
|
|||
Short-Term Investment
|
0.5
|
%
|
|||
Liabilities in Excess of Other Assets
|
(0.0
|
)%
|
|||
Total
|
100.0
|
%
|
#
|
As of April 30, 2021, the Fund has a significant portion of its assets invested in this sector and therefore is subject to additional risks. See Note 10 in Notes to the Financial Statements.
|
Description
|
Shares
|
Value
|
||||||
COMMON STOCKS - 100.1%
|
||||||||
Communication Services - 10.7%
|
||||||||
Charter Communications - Class A*
|
181,813
|
$
|
122,441,965
|
|||||
Match Group*
|
696,199
|
108,349,450
|
||||||
Netflix*
|
148,832
|
76,420,767
|
||||||
307,212,182
|
||||||||
Consumer Discretionary - 13.1%
|
||||||||
Airbnb - Class A*
|
330,413
|
57,065,629
|
||||||
Amazon.com*
|
49,288
|
170,902,197
|
||||||
NIKE - Class B
|
658,119
|
87,279,742
|
||||||
Starbucks
|
544,061
|
62,289,544
|
||||||
377,537,112
|
||||||||
Financials - 3.6%
|
||||||||
KKR & Co. - Class A
|
1,816,429
|
102,773,553
|
||||||
Health Care - 14.8%
|
||||||||
10X Genomics - Class A*
|
348,098
|
68,853,784
|
||||||
Align Technology*
|
136,382
|
81,219,573
|
||||||
Edwards Lifesciences*
|
1,088,948
|
104,016,313
|
||||||
Intuitive Surgical*
|
108,914
|
94,210,610
|
||||||
Veeva Systems - Class A*
|
273,179
|
77,159,409
|
||||||
425,459,689
|
||||||||
Industrials - 8.6%
|
||||||||
Uber Technologies*
|
3,110,065
|
170,338,260
|
||||||
Waste Management
|
562,481
|
77,605,504
|
||||||
247,943,764
|
||||||||
Information Technology - 49.3%#
|
||||||||
Adobe*
|
116,768
|
59,357,845
|
||||||
Coupa Software*
|
256,964
|
69,133,594
|
||||||
Datadog - Class A*
|
814,299
|
69,842,425
|
||||||
Mastercard - Class A
|
333,033
|
127,238,588
|
||||||
Microsoft
|
966,713
|
243,785,684
|
||||||
Paycom Software*
|
218,010
|
83,805,224
|
||||||
PayPal Holdings*
|
502,811
|
131,882,297
|
||||||
ServiceNow*
|
208,226
|
105,439,400
|
||||||
Snowflake - Class A*
|
341,485
|
79,084,511
|
Description
|
Shares
|
Value
|
||||||
COMMON STOCKS - 100.1% (Continued)
|
||||||||
Information Technology - 49.3%# (Continued)
|
||||||||
Twilio - Class A*
|
389,947
|
$
|
143,422,507
|
|||||
Visa - Class A
|
700,287
|
163,559,032
|
||||||
Wix.com*
|
249,109
|
79,186,769
|
||||||
Zoom Video Communications - Class A*
|
192,333
|
61,463,857
|
||||||
1,417,201,733
|
||||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $1,782,044,084)
|
2,878,128,033
|
|||||||
SHORT-TERM INVESTMENT - 0.1%
|
||||||||
Money Market Deposit Account - 0.1%
|
||||||||
U.S. Bank N.A., 0.00% (a)
|
||||||||
Total Money Market Deposit Account
|
3,892,652
|
3,892,652
|
||||||
TOTAL SHORT-TERM INVESTMENT
|
||||||||
(Cost $3,892,652)
|
3,892,652
|
|||||||
Total Investments - 100.2%
|
||||||||
(Cost $1,785,936,736)
|
2,882,020,685
|
|||||||
Liabilities in Excess of Other Assets - (0.2)%
|
(7,144,347
|
)
|
||||||
Total Net Assets - 100.0%
|
$
|
2,874,876,338
|
*
|
Non-income producing security.
|
#
|
As of April 30, 2021, the Fund has a significant portion of its assets invested in this sector and therefore is subject to additional risks. See Note 10 in Notes to Financial Statements.
|
(a)
|
The Money Market Deposit Account (the 'MMDA') is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of April 30, 2021.
|
Description
|
Shares
|
Value
|
||||||
COMMON STOCKS - 99.5%
|
||||||||
Communication Services - 8.9%
|
||||||||
Liberty Broadband - Class C*
|
2,676
|
$
|
435,439
|
|||||
Match Group*
|
2,163
|
336,627
|
||||||
772,066
|
||||||||
Consumer Discretionary - 6.3%
|
||||||||
Amazon.com*
|
159
|
551,320
|
||||||
Consumer Staples - 5.2%
|
||||||||
Grocery Outlet Holding*
|
11,196
|
452,206
|
||||||
Financials - 5.9%
|
||||||||
KKR & Co. - Class A
|
9,051
|
512,106
|
||||||
Health Care - 16.4%
|
||||||||
Edwards Lifesciences*
|
3,366
|
321,520
|
||||||
HealthEquity*
|
4,654
|
353,564
|
||||||
Pacific Biosciences of California*
|
15,007
|
447,959
|
||||||
Tandem Diabetes Care*
|
3,325
|
305,568
|
||||||
1,428,611
|
||||||||
Industrials - 9.2%
|
||||||||
Airbus* (a)
|
2,487
|
299,087
|
||||||
Uber Technologies*
|
9,201
|
503,939
|
||||||
803,026
|
||||||||
Information Technology - 47.6%#
|
||||||||
Bill.com Holdings*
|
3,043
|
470,539
|
||||||
Coupa Software*
|
1,050
|
282,492
|
||||||
Datadog - Class A*
|
4,562
|
391,283
|
||||||
Elastic*
|
3,237
|
390,447
|
||||||
Microsoft
|
3,692
|
931,049
|
||||||
ServiceNow*
|
665
|
336,736
|
||||||
Twilio - Class A*
|
1,564
|
575,239
|
||||||
Visa - Class A
|
2,022
|
472,258
|
||||||
Wix.com*
|
926
|
294,357
|
||||||
4,144,400
|
||||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $4,860,169)
|
8,663,735
|
Description
|
Shares
|
Value
|
||||||
SHORT-TERM INVESTMENT - 0.4%
|
||||||||
Money Market Deposit Account - 0.4%
|
||||||||
U.S. Bank N.A., 0.00% (b)
|
||||||||
Total Money Market Deposit Account
|
37,706
|
$
|
37,706
|
|||||
TOTAL SHORT-TERM INVESTMENT
|
||||||||
(Cost $37,706)
|
37,706
|
|||||||
Total Investments - 99.9%
|
||||||||
(Cost $4,897,875)
|
8,701,441
|
|||||||
Other Assets and Liabilities, Net - 0.1%
|
6,308
|
|||||||
Total Net Assets - 100.0%
|
$
|
8,707,749
|
*
|
Non-income producing security.
|
#
|
As of April 30, 2021, the Fund had a significant portion of its assets invested in this sector and therefore is subject to additional risks. See Note 10 in Notes to the Financial Statements.
|
(a)
|
Level 2 Security.
|
(b)
|
The Money Market Deposit Account (the 'MMDA') is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of April 30, 2021.
|
Description
|
Shares
|
Value
|
||||||
COMMON STOCKS - 97.1%
|
||||||||
Communication Services - 7.3%
|
||||||||
Liberty Broadband - Class C*
|
325,596
|
$
|
52,980,981
|
|||||
New York Times - Class A
|
2,119,643
|
96,252,989
|
||||||
149,233,970
|
||||||||
Consumer Discretionary - 10.9%
|
||||||||
Farfetch - Class A*
|
808,169
|
39,592,199
|
||||||
Papa John's International
|
746,292
|
72,181,362
|
||||||
Stitch Fix - Class A*
|
398,148
|
17,247,772
|
||||||
Vroom*
|
808,180
|
37,394,489
|
||||||
Wyndham Hotels & Resorts
|
776,193
|
56,747,470
|
||||||
223,163,292
|
||||||||
Consumer Staples - 5.4%
|
||||||||
Grocery Outlet Holding*
|
2,729,093
|
110,228,066
|
||||||
Financials - 3.9%
|
||||||||
Carlyle Group
|
945,462
|
40,333,409
|
||||||
LendingClub*
|
2,486,982
|
38,274,653
|
||||||
78,608,062
|
||||||||
Health Care - 30.6%#
|
||||||||
1Life Healthcare*
|
1,297,238
|
56,442,825
|
||||||
ABIOMED*
|
168,244
|
53,960,898
|
||||||
Bio-Techne
|
277,034
|
118,429,265
|
||||||
HealthEquity*
|
1,031,465
|
78,360,396
|
||||||
Nevro*
|
347,428
|
60,039,033
|
||||||
Pacific Biosciences of California*
|
3,665,710
|
109,421,443
|
||||||
Tandem Diabetes Care*
|
1,064,318
|
97,810,824
|
||||||
Twist Bioscience*
|
372,983
|
50,050,589
|
||||||
624,515,273
|
||||||||
Industrials - 7.7%
|
||||||||
Graco
|
663,356
|
50,945,741
|
||||||
Lyft - Class A*
|
1,899,066
|
105,702,013
|
||||||
156,647,754
|
Description
|
Shares
|
Value
|
||||||
COMMON STOCKS - 97.1% (Continued)
|
||||||||
Information Technology - 29.4%#
|
||||||||
Anaplan*
|
974,814
|
$
|
58,147,655
|
|||||
Bill.com Holdings*
|
368,388
|
56,963,836
|
||||||
Dolby Laboratories - Class A
|
813,914
|
82,587,854
|
||||||
Elastic*
|
648,019
|
78,164,052
|
||||||
Fiverr International*
|
220,777
|
45,937,070
|
||||||
Guidewire Software*
|
500,284
|
52,784,965
|
||||||
LiveRamp Holdings*
|
590,338
|
28,914,755
|
||||||
SailPoint Technologies Holding*
|
1,109,658
|
54,184,600
|
||||||
Varonis Systems*
|
1,250,771
|
66,228,325
|
||||||
Wix.com*
|
240,812
|
76,549,319
|
||||||
600,462,431
|
||||||||
Real Estate - 1.9%
|
||||||||
Redfin*
|
554,716
|
39,262,799
|
||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $1,386,461,593)
|
1,982,121,647
|
|||||||
SHORT-TERM INVESTMENT - 3.6%
|
||||||||
Money Market Deposit Account - 3.6%
|
||||||||
U.S. Bank N.A., 0.00% (a)
|
||||||||
Total Money Market Deposit Account
|
73,656,646
|
73,656,646
|
||||||
TOTAL SHORT-TERM INVESTMENT
|
||||||||
(Cost $73,656,646)
|
73,656,646
|
|||||||
Total Investments - 100.7%
|
||||||||
(Cost $1,460,118,239)
|
2,055,778,293
|
|||||||
Liabilities in Excess of Other Assets - (0.7)%
|
(13,593,616
|
)
|
||||||
Total Net Assets - 100.0%
|
$
|
2,042,184,677
|
*
|
Non-income producing security.
|
#
|
As of April 30, 2021, the Fund had a significant portion of its assets invested in this sector and therefore is subject to additional risks. See Note 10 in Notes to the Financial Statements.
|
(a)
|
The Money Market Deposit Account (the 'MMDA') is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of April 30, 2021.
|
Global
|
International
|
Large-Cap
|
||||||||||
Growth Fund
|
Growth Fund
|
Growth Fund
|
||||||||||
ASSETS:
|
||||||||||||
Investment securities:
|
||||||||||||
At cost
|
$
|
9,684,656
|
$
|
10,974,594
|
$
|
1,785,936,736
|
||||||
At value
|
$
|
15,800,421
|
$
|
12,101,856
|
$
|
2,882,020,685
|
||||||
Dividends & interest receivable
|
4,409
|
2,502
|
468,149
|
|||||||||
Receivable from investment adviser
|
20
|
2,577
|
-
|
|||||||||
Receivable for capital shares sold
|
-
|
-
|
4,198,096
|
|||||||||
Prepaid expenses
|
19,166
|
18,426
|
59,390
|
|||||||||
Total Assets
|
15,824,016
|
12,125,361
|
2,886,746,320
|
|||||||||
LIABILITIES:
|
||||||||||||
Payable for capital shares redeemed
|
654
|
-
|
8,988,666
|
|||||||||
Payable to investment adviser
|
-
|
-
|
1,247,459
|
|||||||||
Payable for fund administration & accounting fees
|
7,387
|
7,398
|
175,837
|
|||||||||
Payable for compliance fees
|
70
|
116
|
692
|
|||||||||
Payable for transfer agent fees & expenses
|
8,991
|
6,756
|
1,088,621
|
|||||||||
Payable for custody fees
|
2,118
|
1,838
|
27,319
|
|||||||||
Payable for trustee fees
|
-
|
-
|
18,300
|
|||||||||
Accrued distribution and/or shareholder service fees
|
-
|
22
|
166,239
|
|||||||||
Payable for audit fees
|
8,600
|
8,333
|
25,462
|
|||||||||
Accrued expenses
|
773
|
578
|
131,387
|
|||||||||
Total Liabilities
|
28,593
|
25,041
|
11,869,982
|
|||||||||
NET ASSETS
|
$
|
15,795,423
|
$
|
12,100,320
|
$
|
2,874,876,338
|
||||||
NET ASSETS CONSIST OF:
|
||||||||||||
Paid-in capital
|
7,856,482
|
7,701,847
|
1,771,704,548
|
|||||||||
Total distributable earnings
|
7,938,941
|
4,398,473
|
1,103,171,790
|
|||||||||
Total net assets
|
$
|
15,795,423
|
$
|
12,100,320
|
$
|
2,874,876,338
|
||||||
IS Class Shares:
|
||||||||||||
Net Assets
|
$
|
15,259,138
|
$
|
12,037,987
|
$
|
1,454,983,759
|
||||||
Shares issued and outstanding(1)
|
431,517
|
345,443
|
49,852,199
|
|||||||||
Net asset value, offering price, and redemption price per share
|
$
|
35.36
|
$
|
34.85
|
$
|
29.19
|
||||||
Institutional Class Shares:
|
||||||||||||
Net Assets
|
$
|
536,285
|
$
|
62,333
|
$
|
1,237,277,984
|
||||||
Shares issued and outstanding(1)
|
15,183
|
1,789
|
42,863,477
|
|||||||||
Net asset value, offering price, and redemption price per share
|
$
|
35.32
|
$
|
34.85
|
$
|
28.87
|
||||||
Investor Class Shares(2):
|
||||||||||||
Net Assets
|
$
|
-
|
$
|
-
|
$
|
182,614,595
|
||||||
Shares issued and outstanding(1)
|
-
|
-
|
7,409,788
|
|||||||||
Net asset value, offering price, and redemption price per share
|
$
|
-
|
$
|
-
|
$
|
24.65
|
(1)
|
Unlimited shares authorized without par value.
|
(2)
|
Prior to April 16, 2021, The Large-Cap Growth Fund's Investor Class shares were known as Class A Shares, and were subject to a sales load of up to 5.75%.
|
Select 20
|
SMID-Cap
|
|||||||
Growth Fund
|
Growth Fund
|
|||||||
ASSETS:
|
||||||||
Investment securities:
|
||||||||
At cost
|
$
|
4,897,875
|
$
|
1,460,118,239
|
||||
At value
|
$
|
8,701,441
|
$
|
2,055,778,293
|
||||
Dividends & interest receivable
|
2,604
|
462,249
|
||||||
Receivable from Adviser
|
4,661
|
-
|
||||||
Receivable for capital shares sold
|
-
|
19,845,164
|
||||||
Prepaid expenses
|
20,524
|
70,000
|
||||||
Total Assets
|
8,729,230
|
2,076,155,706
|
||||||
LIABILITIES:
|
||||||||
Payable for investment securities purchased
|
-
|
28,114,416
|
||||||
Payable for capital shares redeemed
|
-
|
4,179,715
|
||||||
Payable to investment adviser
|
-
|
1,244,823
|
||||||
Payable for fund administration & accounting fees
|
4,423
|
218,631
|
||||||
Payable for compliance fees
|
121
|
11,462
|
||||||
Payable for transfer agent fees & expenses
|
5,126
|
29,985
|
||||||
Payable for custody fees
|
1,049
|
11,666
|
||||||
Accrued distribution and/or shareholder service fees
|
-
|
111,128
|
||||||
Payable for audit fees
|
8,328
|
9,054
|
||||||
Accrued expenses
|
2,434
|
40,149
|
||||||
Total Liabilities
|
21,481
|
33,971,029
|
||||||
NET ASSETS
|
$
|
8,707,749
|
$
|
2,042,184,677
|
||||
NET ASSETS CONSIST OF:
|
||||||||
Paid-in capital
|
4,460,322
|
1,236,210,883
|
||||||
Total distributable earnings
|
4,247,427
|
805,973,794
|
||||||
Total net assets
|
$
|
8,707,749
|
$
|
2,042,184,677
|
||||
IS Class Shares:
|
||||||||
Net Assets
|
$
|
8,707,749
|
$
|
889,374,759
|
||||
Shares issued and outstanding(1)
|
983,226
|
22,923,034
|
||||||
Net asset value, offering price, and redemption price per share
|
$
|
8.86
|
$
|
38.80
|
||||
Institutional Class Shares:
|
||||||||
Net Assets
|
$
|
-
|
$
|
1,029,807,611
|
||||
Shares issued and outstanding(1)
|
-
|
26,566,582
|
||||||
Net asset value, offering price, and redemption price per share
|
$
|
-
|
$
|
38.76
|
||||
Investor Class Shares:
|
||||||||
Net Assets
|
$
|
-
|
$
|
123,002,307
|
||||
Shares issued and outstanding(1)
|
-
|
3,214,892
|
||||||
Net asset value, offering price, and redemption price per share
|
$
|
-
|
$
|
38.26
|
(1)
|
Unlimited shares authorized without par value.
|
Global
|
International
|
Large-Cap
|
||||||||||
Growth Fund
|
Growth Fund
|
Growth Fund
|
||||||||||
INVESTMENT INCOME:
|
||||||||||||
Dividend income
|
$
|
38,655
|
$
|
21,696
|
$
|
4,195,163
|
||||||
Less: Foreign taxes withheld
|
(5,059
|
)
|
(2,359
|
)
|
-
|
|||||||
Interest income
|
3
|
5
|
1,697
|
|||||||||
Total investment income
|
33,599
|
19,342
|
4,196,860
|
|||||||||
EXPENSES:
|
||||||||||||
Investment advisory fees (See Note 4)
|
59,408
|
40,524
|
7,644,052
|
|||||||||
Transfer agent fees & expenses (See Note 4)
|
18,464
|
14,919
|
3,204,075
|
|||||||||
Fund administration & accounting fees (See Note 4)
|
16,502
|
14,841
|
258,838
|
|||||||||
Custody fees (See Note 4)
|
8,880
|
7,782
|
38,475
|
|||||||||
Audit fees
|
8,599
|
8,329
|
17,023
|
|||||||||
Trustee fees
|
7,708
|
7,710
|
73,815
|
|||||||||
Other expenses
|
5,071
|
4,887
|
19,061
|
|||||||||
Legal fees
|
3,716
|
3,714
|
80,967
|
|||||||||
Federal & state registration fees
|
2,755
|
2,580
|
52,927
|
|||||||||
Insurance fees
|
725
|
725
|
7,293
|
|||||||||
Postage & printing fees
|
544
|
544
|
178,719
|
|||||||||
Compliance fees (See Note 4)
|
181
|
180
|
84
|
|||||||||
Distribution and/or shareholder service fees (See Note 5)
|
||||||||||||
Institutional Class
|
77
|
26
|
52,327
|
|||||||||
Investor Class(1)
|
-
|
-
|
206,286
|
|||||||||
Class C(2)
|
-
|
-
|
136,085
|
|||||||||
Class R(3)
|
-
|
-
|
13,554
|
|||||||||
Total expenses before reimbursement/waiver
|
132,630
|
106,761
|
11,983,581
|
|||||||||
Less: reimbursement/waiver from adviser (See Note 4)
|
(54,818
|
)
|
(55,377
|
)
|
(307,074
|
)
|
||||||
Total net expenses
|
77,812
|
51,384
|
11,676,507
|
|||||||||
NET INVESTMENT LOSS
|
(44,213
|
)
|
(32,042
|
)
|
(7,479,647
|
)
|
||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
||||||||||||
AND TRANSLATIONS OF FOREIGN CURRENCY
|
||||||||||||
Net realized gain on investments, including foreign currency gain/loss
|
1,871,485
|
3,331,351
|
284,513,346
|
|||||||||
Net change in unrealized appreciation/depreciation of
|
||||||||||||
investments and translations of foreign currency
|
1,853,024
|
(988,323
|
)
|
280,115,645
|
||||||||
Net realized and unrealized gain on investments
|
3,724,509
|
2,343,028
|
564,628,991
|
|||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
3,680,296
|
$
|
2,310,986
|
$
|
557,149,344
|
(1)
|
The Investor Class was previously known as Class A prior to April 16, 2021.
|
(2)
|
Class C shares converted to Investor Class shares on April 16, 2021.
|
(3)
|
Class R shares converted to Investor Class shares on April 16, 2021.
|
Select 20
|
SMID-Cap
|
|||||||
Growth Fund
|
Growth Fund
|
|||||||
INVESTMENT INCOME:
|
||||||||
Dividend income
|
$
|
9,124
|
$
|
1,914,106
|
||||
Interest income
|
1
|
1,724
|
||||||
Total investment income
|
9,125
|
1,915,830
|
||||||
EXPENSES:
|
||||||||
Investment advisory fees (See Note 4)
|
26,941
|
7,223,915
|
||||||
Federal & state registration fees
|
11,310
|
49,882
|
||||||
Transfer agent fees & expenses (See Note 4)
|
10,588
|
68,431
|
||||||
Fund administration & accounting fees (See Note 4)
|
9,704
|
421,161
|
||||||
Audit fees
|
8,329
|
9,053
|
||||||
Trustee fees
|
7,710
|
7,710
|
||||||
Custody fees (See Note 4)
|
5,009
|
81,106
|
||||||
Legal fees
|
3,714
|
3,716
|
||||||
Other expenses
|
3,172
|
4,531
|
||||||
Insurance fees
|
725
|
3,365
|
||||||
Postage & printing fees
|
543
|
14,645
|
||||||
Compliance fees (See Note 4)
|
180
|
24,743
|
||||||
Distribution and/or shareholder service fees (See Note 5)
|
||||||||
Institutional Class
|
-
|
428,905
|
||||||
Investor Class
|
-
|
195,074
|
||||||
Total expenses before reimbursement/waiver
|
87,925
|
8,536,237
|
||||||
Plus: Adviser recoupment (See Note 4)
|
-
|
44,330
|
||||||
Less: reimbursement/waiver from adviser (See Note 4)
|
(51,866
|
)
|
-
|
|||||
Total net expenses
|
36,059
|
8,580,567
|
||||||
NET INVESTMENT LOSS
|
(26,934
|
)
|
(6,664,737
|
)
|
||||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
|
||||||||
AND TRANSLATIONS OF FOREIGN CURRENCY
|
||||||||
Net realized gain on investments, including foreign currency gain (loss)
|
477,542
|
221,294,460
|
||||||
Net change in unrealized appreciation/depreciation
|
||||||||
of investments and translations of foreign currency
|
1,173,801
|
267,628,295
|
||||||
Net realized and unrealized gain on investments
|
1,651,343
|
488,922,755
|
||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
1,624,409
|
$
|
482,258,018
|
For the Six Months
|
For the
|
|||||||
Ended April 30, 2021
|
Year Ended
|
|||||||
(Unaudited)
|
October 31, 2020
|
|||||||
OPERATIONS:
|
||||||||
Net investment loss
|
$
|
(44,213
|
)
|
$
|
(56,802
|
)
|
||
Net realized gain on investments, including foreign currency gain/loss
|
1,871,485
|
484,656
|
||||||
Net change in unrealized appreciation/depreciation
|
||||||||
on investments and translations of foreign currency
|
1,853,024
|
1,526,770
|
||||||
Net increase in net assets resulting from operations
|
3,680,296
|
1,954,624
|
||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
IS Class:
|
||||||||
Proceeds from shares sold
|
122,312
|
600,914
|
||||||
Proceeds from reinvestment of distributions
|
346,744
|
217,380
|
||||||
Payments for shares redeemed
|
(1,407,093
|
)
|
(1,132,360
|
)
|
||||
Decrease in net assets resulting from IS Class transactions
|
(938,039
|
)
|
(314,066
|
)
|
||||
Institutional Class:
|
||||||||
Proceeds from shares sold
|
203,000
|
200,000
|
||||||
Proceeds from reinvestment of distributions
|
3,040
|
-
|
||||||
Payments for shares redeemed
|
(5,694
|
)
|
-
|
|||||
Increase in net assets resulting from Institutional Class transactions
|
200,348
|
200,000
|
||||||
Net decrease in net assets resulting from capital share transactions
|
(737,691
|
)
|
(114,066
|
)
|
||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
IS Class
|
(398,875
|
)
|
(247,951
|
)
|
||||
Institutional Class
|
(8,551
|
)
|
(1,488
|
)
|
||||
Total distributions to shareholders
|
(407,426
|
)
|
(249,439
|
)
|
||||
TOTAL INCREASE IN NET ASSETS
|
2,535,179
|
1,591,119
|
||||||
NET ASSETS:
|
||||||||
Beginning of period
|
13,260,244
|
11,669,125
|
||||||
End of period
|
$
|
15,795,423
|
$
|
13,260,244
|
For the Six Months
|
For the
|
|||||||
Ended April 30, 2021
|
Year Ended
|
|||||||
(Unaudited)
|
October 31, 2020
|
|||||||
OPERATIONS:
|
||||||||
Net investment loss
|
$
|
(32,042
|
)
|
$
|
(24,527
|
)
|
||
Net realized gain on investments, including foreign currency gain (loss)
|
3,331,351
|
390,170
|
||||||
Net change in unrealized appreciation/depreciation
|
||||||||
on investments and translations of foreign currency
|
(988,323
|
)
|
1,194,508
|
|||||
Net increase in net assets resulting from operations
|
2,310,986
|
1,560,151
|
||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
IS Class:
|
||||||||
Proceeds from shares sold
|
2,734,236
|
88,793
|
||||||
Proceeds from reinvestment of distributions
|
293,963
|
189,025
|
||||||
Payments for shares redeemed
|
(1,000
|
)
|
(503,565
|
)
|
||||
Increase (Decrease) in net assets resulting from IS Class transactions
|
3,027,199
|
(225,747
|
)
|
|||||
Institutional Class(1):
|
||||||||
Proceeds from shares sold
|
112,500
|
-
|
||||||
Proceeds from reinvestment of distributions
|
-
|
-
|
||||||
Payments for shares redeemed
|
(50,000
|
)
|
-
|
|||||
Increase in net assets resulting from Institutional Class transactions
|
62,500
|
-
|
||||||
Net increase (decrease) in net assets resulting from capital share transactions
|
3,089,699
|
(225,747
|
)
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
IS Class
|
(381,666
|
)
|
(243,056
|
)
|
||||
Institutional Class(1)
|
-
|
-
|
||||||
Total distributions to shareholders
|
(381,666
|
)
|
(243,056
|
)
|
||||
TOTAL INCREASE IN NET ASSETS
|
5,019,019
|
1,091,348
|
||||||
NET ASSETS:
|
||||||||
Beginning of period
|
7,081,301
|
5,989,953
|
||||||
End of period
|
$
|
12,100,320
|
$
|
7,081,301
|
(1)
|
Inception date of the Institutional Class was December 28, 2020.
|
For the Six Months
|
For the
|
|||||||
Ended April 30, 2021
|
Year Ended
|
|||||||
(Unaudited)
|
October 31, 2020
|
|||||||
OPERATIONS:
|
||||||||
Net investment loss
|
$
|
(7,479,647
|
)
|
$
|
(4,778,168
|
)
|
||
Net realized gain on investments
|
284,513,346
|
284,874,274
|
||||||
Net change in unrealized appreciation/depreciation on investments
|
280,115,645
|
300,692,536
|
||||||
Net increase in net assets resulting from operations
|
557,149,344
|
580,788,642
|
||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
IS Class(1):
|
||||||||
Proceeds from shares sold
|
1,356,265,602
|
1,154,307
|
||||||
Proceeds from acquisition (Note 1)
|
79,071,717
|
-
|
||||||
Proceeds from reinvestment of distributions
|
1,028,826
|
351,822
|
||||||
Payments for shares redeemed
|
(11,687,274
|
)
|
(969,306
|
)
|
||||
Increase in net assets resulting from IS Class transactions
|
1,424,678,871
|
536,823
|
||||||
Institutional Class:
|
||||||||
Proceeds from shares sold
|
234,856,969
|
561,725,417
|
||||||
Proceeds from acquisition (Note 1)
|
1,272,275
|
-
|
||||||
Proceeds from reinvestment of distributions
|
488,179,321
|
219,841,424
|
||||||
Payments for shares redeemed
|
(1,757,668,199
|
)
|
(1,065,340,123
|
)
|
||||
Decrease in net assets resulting from Institutional Class transactions
|
(1,033,359,634
|
)
|
(283,773,282
|
)
|
||||
Investor Class(2):
|
||||||||
Proceeds from shares sold
|
16,323,379
|
27,604,145
|
||||||
Proceeds from acquisition (Note 1)
|
70,894
|
-
|
||||||
Proceeds from reinvestment of distributions
|
34,187,695
|
12,521,618
|
||||||
Proceeds from exchange of Class C Shares
|
26,301,193
|
-
|
||||||
Proceeds from exchange of Class R Shares
|
5,427,349
|
-
|
||||||
Payments for shares redeemed
|
(33,110,934
|
)
|
(36,600,314
|
)
|
||||
Increase in net assets resulting from Investor Class transactions
|
49,199,576
|
3,525,449
|
||||||
Class C(3):
|
||||||||
Proceeds from shares sold
|
806,788
|
3,876,101
|
||||||
Proceeds from reinvestment of distributions
|
8,161,979
|
4,470,467
|
||||||
Payment for shares issued in exchange for Investor Class Shares
|
(26,301,193
|
)
|
-
|
|||||
Payments for shares redeemed
|
(9,190,637
|
)
|
(18,410,975
|
)
|
||||
Decrease in net assets resulting from Class C transactions
|
(26,523,063
|
)
|
(10,064,407
|
)
|
||||
Class R(4):
|
||||||||
Proceeds from shares sold
|
213,698
|
2,031,407
|
||||||
Proceeds from reinvestment of distributions
|
1,331,846
|
1,081,853
|
||||||
Payment for shares issued in exchange for Investor Shares
|
(5,427,349
|
)
|
-
|
|||||
Payments for shares redeemed
|
(1,666,003
|
)
|
(7,214,005
|
)
|
||||
Decrease in net assets resulting from Class R transactions
|
(5,547,808
|
)
|
(4,100,745
|
)
|
||||
Net increase (decrease) in net assets resulting from capital share transactions
|
408,447,942
|
(293,876,162
|
)
|
For the Six Months
|
For the
|
|||||||
Ended April 30, 2021
|
Year Ended
|
|||||||
(Unaudited)
|
October 31, 2020
|
|||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
IS Class(1)
|
$
|
(1,054,886
|
)
|
$
|
(352,300
|
)
|
||
Institutional Class
|
(489,231,243
|
)
|
(220,903,754
|
)
|
||||
Investor Class(2)
|
(34,713,436
|
)
|
(12,780,403
|
)
|
||||
Class C(3)
|
(8,184,157
|
)
|
(4,508,811
|
)
|
||||
Class R(4)
|
(1,331,852
|
)
|
(1,081,857
|
)
|
||||
Total distributions to shareholders
|
(534,515,574
|
)
|
(239,627,125
|
)
|
||||
TOTAL INCREASE IN NET ASSETS
|
431,081,712
|
47,285,355
|
||||||
NET ASSETS:
|
||||||||
Beginning of period
|
2,443,794,626
|
2,396,509,271
|
||||||
End of period
|
$
|
2,874,876,338
|
$
|
2,443,794,626
|
(1)
|
The IS Class was previously known as Class R6 prior to April 16, 2021.
|
(2)
|
The Investor Class was previously known as Class A prior to April 16, 2021.
|
(3)
|
Class C shares converted to Investor Class shares on April 16, 2021.
|
(4)
|
Class R shares converted to Investor Class shares on April 16, 2021.
|
For the Six Months
|
For the
|
|||||||
Ended April 30, 2021
|
Year Ended
|
|||||||
(Unaudited)
|
October 31, 2020
|
|||||||
OPERATIONS:
|
||||||||
Net investment income (loss)
|
$
|
(26,934
|
)
|
$
|
7,358
|
|||
Net realized gain on investments, including foreign currency gain (loss)
|
477,542
|
103,853
|
||||||
Net change in unrealized appreciation/depreciation
|
||||||||
on investments and translations of foreign currency
|
1,173,801
|
1,447,820
|
||||||
Net increase in net assets resulting from operations
|
1,624,409
|
1,559,031
|
||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
IS Class:
|
||||||||
Proceeds from shares sold
|
80,809
|
63,664
|
||||||
Proceeds from reinvestment of distributions
|
74,242
|
350,612
|
||||||
Payments for shares redeemed
|
(8,229
|
)
|
(45,510
|
)
|
||||
Increase in net assets resulting from IS Class transactions
|
146,822
|
368,766
|
||||||
Net increase in net assets resulting from capital share transactions
|
146,822
|
368,766
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
IS Class
|
(88,253
|
)
|
(422,715
|
)
|
||||
Total distributions to shareholders
|
(88,253
|
)
|
(422,715
|
)
|
||||
TOTAL INCREASE IN NET ASSETS
|
1,682,978
|
1,505,082
|
||||||
NET ASSETS:
|
||||||||
Beginning of period
|
7,024,771
|
5,519,689
|
||||||
End of period
|
$
|
8,707,749
|
$
|
7,021,771
|
For the Six Months
|
For the
|
|||||||
Ended April 30, 2021
|
Year Ended
|
|||||||
(Unaudited)
|
October 31, 2020
|
|||||||
OPERATIONS:
|
||||||||
Net investment loss
|
$
|
(6,664,737
|
)
|
$
|
(4,319,067
|
)
|
||
Net realized gain on investments, including foreign currency gain (loss)
|
221,294,460
|
101,950,759
|
||||||
Net change in unrealized appreciation/depreciation
|
||||||||
on investments and translations of foreign currency
|
267,628,295
|
258,759,212
|
||||||
Net increase in net assets resulting from operations
|
482,258,018
|
356,390,904
|
||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
IS Class:
|
||||||||
Proceeds from shares sold
|
130,134,783
|
157,740,671
|
||||||
Proceeds from reinvestment of distributions
|
39,392,095
|
19,238,798
|
||||||
Payments for shares redeemed
|
(105,020,601
|
)
|
(116,046,399
|
)
|
||||
Increase in net assets resulting from IS Class transactions
|
64,506,277
|
60,933,070
|
||||||
Institutional Class:
|
||||||||
Proceeds from shares sold
|
174,579,417
|
191,547,831
|
||||||
Proceeds from reinvestment of distributions
|
45,355,964
|
20,626,602
|
||||||
Payments for shares redeemed
|
(109,922,290
|
)
|
(143,336,709
|
)
|
||||
Increase in net assets resulting from Institutional Class transactions
|
110,013,091
|
68,837,724
|
||||||
Investor Class:
|
||||||||
Proceeds from shares sold
|
35,914,418
|
12,375,096
|
||||||
Proceeds from reinvestment of distributions
|
5,187,925
|
3,262,845
|
||||||
Payments for shares redeemed
|
(16,117,217
|
)
|
(33,095,068
|
)
|
||||
Increase (Decrease) in net assets resulting from Investor Class transactions
|
24,985,126
|
(17,457,127
|
)
|
|||||
Net increase in net assets resulting from capital share transactions
|
199,504,494
|
112,313,667
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
IS Class
|
(41,465,958
|
)
|
(19,750,206
|
)
|
||||
Institutional Class
|
(47,286,027
|
)
|
(21,831,079
|
)
|
||||
Investor Class
|
(5,199,692
|
)
|
(3,263,044
|
)
|
||||
Total distributions to shareholders
|
(93,951,677
|
)
|
(44,844,329
|
)
|
||||
TOTAL INCREASE IN NET ASSETS
|
587,810,835
|
423,860,242
|
||||||
NET ASSETS:
|
||||||||
Beginning of period
|
1,454,373,842
|
1,030,513,600
|
||||||
End of period
|
$
|
2,042,184,677
|
$
|
1,454,373,842
|
Six Months Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
For the Period
|
|||||||||||||||||||
April 30, 2021
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
Inception(1) through
|
|||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
October 31, 2016
|
|||||||||||||||||||
Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$
|
28.12
|
$
|
24.70
|
$
|
23.28
|
$
|
22.73
|
$
|
17.66
|
$
|
18.00
|
||||||||||||
Investment operations:
|
||||||||||||||||||||||||
Net investment loss(2)
|
(0.10
|
)
|
(0.12
|
)
|
(0.04
|
)
|
(0.07
|
)
|
(0.02
|
)
|
(0.01
|
)
|
||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain (loss) on investments
|
8.24
|
4.07
|
2.87
|
1.08
|
5.09
|
(0.33
|
)
|
|||||||||||||||||
Total from investment operations
|
8.14
|
3.95
|
2.83
|
1.01
|
5.07
|
(0.34
|
)
|
|||||||||||||||||
Less distributions from:
|
||||||||||||||||||||||||
Net investment income
|
-
|
-
|
-
|
(0.01
|
)
|
-
|
-
|
|||||||||||||||||
Net realized gains
|
(0.90
|
)
|
(0.53
|
)
|
(1.41
|
)
|
(0.45
|
)
|
-
|
-
|
||||||||||||||
Total distributions
|
(0.90
|
)
|
(0.53
|
)
|
(1.41
|
)
|
(0.46
|
)
|
-
|
-
|
||||||||||||||
Net asset value, end of period
|
$
|
35.36
|
$
|
28.12
|
$
|
24.70
|
$
|
23.28
|
$
|
22.73
|
$
|
17.66
|
||||||||||||
Total Return(3)
|
29.07
|
%
|
16.20
|
%
|
13.47
|
%
|
4.49
|
%
|
28.71
|
%
|
-1.89
|
%
|
||||||||||||
Supplemental Data and Ratios
|
||||||||||||||||||||||||
Net assets, end of period (in 000's)
|
$
|
15,259
|
$
|
12,993
|
$
|
11,599
|
$
|
10,074
|
$
|
9,121
|
$
|
3,516
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense
|
||||||||||||||||||||||||
reimbursement/waiver(4)
|
1.71
|
%
|
1.92
|
%
|
2.01
|
%
|
2.00
|
%
|
2.39
|
%
|
14.49
|
%
|
||||||||||||
After expense
|
||||||||||||||||||||||||
reimbursement/waiver(4)
|
1.00
|
%(5)
|
1.05
|
%
|
1.05
|
%
|
1.05
|
%
|
1.05
|
%
|
1.05
|
%
|
||||||||||||
Ratio of net investment loss
|
||||||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||||||
After expense
|
||||||||||||||||||||||||
reimbursement/waiver(4)
|
(0.57
|
)%
|
(0.46
|
)%
|
(0.17
|
)%
|
(0.31
|
)%
|
(0.12
|
)%
|
(0.62
|
)%
|
||||||||||||
Portfolio Turnover(3)
|
20
|
%
|
41
|
%
|
28
|
%
|
41
|
%
|
37
|
%
|
3
|
%
|
(1)
|
Inception date of the IS Class was September 19, 2016.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Not annualized for periods less than one year.
|
(4)
|
Annualized for periods less than one year.
|
(5)
|
Prior to December 28, 2020, the annual expense limitation was 1.05% of the average daily net assets of the Fund. Thereafter, it was 0.97%.
|
Six Months Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
For the Period
|
|||||||||||||||||||
April 30, 2021
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
Inception(1) through
|
|||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
October 31, 2016
|
|||||||||||||||||||
Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$
|
28.09
|
$
|
24.68
|
$
|
23.25
|
$
|
22.71
|
$
|
17.66
|
$
|
18.00
|
||||||||||||
Investment operations:
|
||||||||||||||||||||||||
Net investment income(2)
|
(0.10
|
)
|
(0.12
|
)
|
(0.04
|
)
|
(0.07
|
)
|
(0.04
|
)
|
(0.02
|
)
|
||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain on investments
|
8.23
|
4.06
|
2.88
|
1.07
|
5.09
|
(0.32
|
)
|
|||||||||||||||||
Total from investment operations
|
8.13
|
3.94
|
2.84
|
1.00
|
5.05
|
(0.34
|
)
|
|||||||||||||||||
Less distributions from:
|
||||||||||||||||||||||||
Net investment income
|
-
|
-
|
-
|
(0.01
|
)
|
-
|
-
|
|||||||||||||||||
Net realized gains
|
(0.90
|
)
|
(0.53
|
)
|
(1.41
|
)
|
(0.45
|
)
|
-
|
-
|
||||||||||||||
Total distributions
|
(0.90
|
)
|
(0.53
|
)
|
(1.41
|
)
|
(0.46
|
)
|
-
|
-
|
||||||||||||||
Net asset value, end of period
|
$
|
35.32
|
$
|
28.09
|
$
|
24.68
|
$
|
23.25
|
$
|
22.71
|
$
|
17.66
|
||||||||||||
Total Return(3)
|
29.07
|
%
|
16.17
|
%
|
13.53
|
%
|
4.45
|
%
|
28.60
|
%
|
-1.89
|
%
|
||||||||||||
Supplemental Data and Ratios
|
||||||||||||||||||||||||
Net assets, end of period (in 000's)
|
$
|
536
|
$
|
267
|
$
|
70
|
$
|
66
|
$
|
64
|
$
|
49
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense
|
||||||||||||||||||||||||
reimbursement/waiver(4)
|
1.76
|
%
|
1.92
|
%
|
2.01
|
%
|
2.01
|
%
|
2.59
|
%
|
14.61
|
%
|
||||||||||||
After expense
|
||||||||||||||||||||||||
reimbursement/waiver(4)
|
1.04
|
%(5)
|
1.05
|
%
|
1.05
|
%
|
1.05
|
%
|
1.12
|
%
|
1.15
|
%
|
||||||||||||
Ratio of net investment income (loss)
|
||||||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||||||
After expense
|
||||||||||||||||||||||||
reimbursement/waiver(4)
|
(0.61
|
)%
|
(0.46
|
)%
|
(0.18
|
)%
|
(0.31
|
)%
|
(0.19
|
)%
|
(0.72
|
)%
|
||||||||||||
Portfolio Turnover(3)
|
20
|
%
|
41
|
%
|
28
|
%
|
41
|
%
|
37
|
%
|
3
|
%
|
(1)
|
Inception date of the Institutional Class was September 19, 2016.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Not annualized for periods less than one year.
|
(4)
|
Annualized for periods less than one year.
|
(5)
|
Prior to December 28, 2020, the annual expense limitation was 1.05% of the average daily net assets of the Fund. Thereafter, it was 0.97%.
|
Six Months Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
For the Period
|
|||||||||||||||||||
April 30, 2021
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
Inception(1) through
|
|||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
October 31, 2016
|
|||||||||||||||||||
Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$
|
27.77
|
$
|
22.60
|
$
|
22.68
|
$
|
21.21
|
$
|
17.55
|
$
|
18.00
|
||||||||||||
Investment operations:
|
||||||||||||||||||||||||
Net investment loss(2)
|
(0.10
|
)
|
(0.09
|
)
|
(0.04
|
)
|
(0.03
|
)
|
(0.02
|
)
|
(0.01
|
)
|
||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain (loss) on investments
|
8.67
|
6.18
|
2.24
|
1.53
|
3.69
|
(0.44
|
)
|
|||||||||||||||||
Total from investment operations
|
8.57
|
6.09
|
2.20
|
1.50
|
3.67
|
(0.45
|
)
|
|||||||||||||||||
Less distributions from:
|
||||||||||||||||||||||||
Net investment income
|
-
|
-
|
-
|
(3)
|
-
|
(0.01
|
)
|
-
|
||||||||||||||||
Net realized gains
|
(1.49
|
)
|
(0.92
|
)
|
(2.28
|
)
|
(0.03
|
)
|
-
|
-
|
||||||||||||||
Total distributions
|
(1.49
|
)
|
(0.92
|
)
|
(2.28
|
)
|
(0.03
|
)
|
(0.01
|
)
|
-
|
|||||||||||||
Net asset value, end of period
|
$
|
34.85
|
$
|
27.77
|
$
|
22.60
|
$
|
22.68
|
$
|
21.21
|
$
|
17.55
|
||||||||||||
Total Return(4)
|
31.21
|
%
|
27.81
|
%
|
11.85
|
%
|
7.10
|
%
|
20.90
|
%
|
-2.50
|
%
|
||||||||||||
Supplemental Data and Ratios
|
||||||||||||||||||||||||
Net assets, end of period (in 000's)
|
$
|
12,038
|
$
|
7,081
|
$
|
5,990
|
$
|
5,470
|
$
|
5,070
|
$
|
2,681
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense
|
||||||||||||||||||||||||
reimbursement/waiver(5)
|
2.01
|
%
|
2.42
|
%
|
2.47
|
%
|
2.45
|
%
|
2.93
|
%
|
18.59
|
%
|
||||||||||||
After expense
|
||||||||||||||||||||||||
reimbursement/waiver(5)
|
0.97
|
%(6)
|
0.90
|
%
|
0.90
|
%
|
0.90
|
%
|
0.90
|
%
|
0.90
|
%
|
||||||||||||
Ratio of net investment loss
|
||||||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||||||
After expense
|
||||||||||||||||||||||||
reimbursement/waiver(5)
|
(0.60
|
)%
|
(0.38
|
)%
|
(0.17
|
)%
|
(0.12
|
)%
|
(0.10
|
)%
|
(0.50
|
)%
|
||||||||||||
Portfolio Turnover(4)(7)
|
71
|
%
|
59
|
%
|
49
|
%
|
61
|
%
|
60
|
%
|
3
|
%
|
(1)
|
Inception date of the IS Class was September 19, 2016.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Amount is less than $0.01 per share.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Annualized for periods less than one year.
|
(6)
|
Effective December 28, 2020, the Jackson Square All-Cap Growth Fund changed its name to the Jackson Square International Growth Fund (See Note 1). Prior to December 28, 2020, the annual expense limitation was 0.90% of the average daily net assets of the Fund. Thereafter, it was 0.99%.
|
(7)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
For the Period
|
||||
Inception(1) through
|
||||
April 30, 2021
|
||||
(Unaudited)
|
||||
Per Share Data
|
||||
Net asset value, beginning of period
|
$
|
32.87
|
||
Investment operations:
|
||||
Net investment loss(2)
|
(0.09
|
)
|
||
Net realized and unrealized gain on investments
|
2.07
|
|||
Total from investment operations
|
1.98
|
|||
Less distributions from:
|
||||
Net investment income
|
-
|
|||
Net realized gains
|
-
|
|||
Total distributions
|
-
|
|||
Net asset value, end of period
|
$
|
34.85
|
||
Total Return(3)
|
6.02
|
%
|
||
Supplemental Data and Ratios
|
||||
Net assets, end of period (in 000's)
|
$
|
62
|
||
Ratio of expenses to average net assets:
|
||||
Before expense reimbursement/waiver(4)
|
2.13
|
%
|
||
After expense reimbursement/waiver(4)
|
1.09
|
%
|
||
Ratio of net investment loss to average net assets:
|
||||
After expense reimbursement/waiver(4)
|
(0.73
|
)%
|
||
Portfolio Turnover(3)(5)
|
71
|
%
|
(1)
|
Inception date of the Institutional Class was December 28, 2020.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Not annualized for periods less than one year.
|
(4)
|
Annualized for periods less than one year.
|
(5)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
Six Months Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
For the Period
|
|||||||||||||||||||
April 30, 2021
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
Inception(2) through
|
|||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
October 31, 2016
|
|||||||||||||||||||
Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$
|
28.72
|
$
|
24.91
|
$
|
26.72
|
$
|
28.50
|
$
|
24.68
|
$
|
23.75
|
||||||||||||
Investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)(3)
|
(0.05
|
)
|
0.01
|
0.05
|
0.05
|
0.02
|
0.04
|
|||||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain on investments
|
6.61
|
6.25
|
2.59
|
1.38
|
5.52
|
0.89
|
||||||||||||||||||
Total from investment operations
|
6.56
|
6.26
|
2.64
|
1.43
|
5.54
|
0.93
|
||||||||||||||||||
Less distributions from:
|
||||||||||||||||||||||||
Net investment income
|
-
|
-
|
-
|
(0.04
|
)
|
(0.07
|
)
|
-
|
||||||||||||||||
Net realized gains
|
(6.09
|
)
|
(2.45
|
)
|
(4.45
|
)
|
(3.17
|
)
|
(1.65
|
)
|
-
|
|||||||||||||
Total distributions
|
(6.09
|
)
|
(2.45
|
)
|
(4.45
|
)
|
(3.21
|
)
|
(1.72
|
)
|
-
|
|||||||||||||
Net asset value, end of period
|
$
|
29.19
|
$
|
28.72
|
$
|
24.91
|
$
|
26.72
|
$
|
28.50
|
$
|
24.68
|
||||||||||||
Total Return(4)
|
23.26
|
%(5)
|
27.39
|
%(5)
|
14.60
|
%(5)
|
5.36
|
%
|
24.19
|
%
|
3.92
|
%
|
||||||||||||
Supplemental Data and Ratios
|
||||||||||||||||||||||||
Net assets, end of period (in 000's)
|
$
|
1,454,984
|
$
|
4,539
|
$
|
3,408
|
$
|
2,376
|
$
|
2,053
|
$
|
2
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense waiver(6)
|
0.61
|
%
|
0.65
|
%
|
0.67
|
%
|
0.65
|
%
|
0.67
|
%
|
0.66
|
%
|
||||||||||||
After expense waiver(6)
|
0.60
|
%(7)
|
0.62
|
%
|
0.63
|
%
|
0.65
|
%
|
0.67
|
%
|
0.66
|
%
|
||||||||||||
Ratio of net investment income (loss)
|
||||||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||||||
After expense waiver(6)
|
(0.33
|
)%
|
0.02
|
%
|
0.16
|
%
|
0.16
|
%
|
0.08
|
%
|
0.34
|
%
|
||||||||||||
Portfolio Turnover(8)
|
20
|
%
|
54
|
%
|
35
|
%
|
39
|
%
|
43
|
%
|
22
|
%
|
(1)
|
Prior to April 16, 2021, the IS Class was known as Class R6.
|
(2)
|
Inception date of the IS Class was May 2 ,2016.
|
(3)
|
Per share amounts calculated using the average shares method.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
(6)
|
Annualized for periods less than one year.
|
(7)
|
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%.
|
(8)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
Six Months Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||||||||
April 30, 2021
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
|||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
2016
|
|||||||||||||||||||
Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$
|
28.49
|
$
|
24.78
|
$
|
26.66
|
$
|
28.46
|
$
|
24.66
|
$
|
28.57
|
||||||||||||
Investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)(1)
|
(0.08
|
)
|
(0.04
|
)
|
(0.01
|
)
|
(0.01
|
)
|
(0.02
|
)
|
0.05
|
|||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain on investments
|
6.55
|
6.20
|
2.58
|
1.39
|
5.51
|
(0.87
|
)
|
|||||||||||||||||
Total from investment operations
|
6.47
|
6.16
|
2.57
|
1.38
|
5.49
|
(0.82
|
)
|
|||||||||||||||||
Less distributions from:
|
||||||||||||||||||||||||
Net investment income
|
-
|
-
|
-
|
(0.01
|
)
|
(0.04
|
)
|
(0.14
|
)
|
|||||||||||||||
Net realized gains
|
(6.09
|
)
|
(2.45
|
)
|
(4.45
|
)
|
(3.17
|
)
|
(1.65
|
)
|
(2.95
|
)
|
||||||||||||
Total distributions
|
(6.09
|
)
|
(2.45
|
)
|
(4.45
|
)
|
(3.18
|
)
|
(1.69
|
)
|
(3.09
|
)
|
||||||||||||
Net asset value, end of period
|
$
|
28.87
|
$
|
28.49
|
$
|
24.78
|
$
|
26.66
|
$
|
28.46
|
$
|
24.66
|
||||||||||||
Total Return(2)
|
23.12
|
%(3)
|
27.10
|
%(3)
|
14.33
|
%(3)
|
5.15
|
%
|
24.00
|
%
|
-3.24
|
%
|
||||||||||||
Supplemental Data and Ratios
|
||||||||||||||||||||||||
Net assets, end of period (in 000's)
|
$
|
1,237,278
|
$
|
2,268,085
|
$
|
2,231,134
|
$
|
2,502,062
|
$
|
2,780,191
|
$
|
2,536,591
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense waiver(4)
|
0.86
|
%
|
0.89
|
%
|
0.90
|
%
|
0.87
|
%
|
0.81
|
%
|
0.80
|
%
|
||||||||||||
After expense waiver(4)
|
0.83
|
%(5)
|
0.84
|
%
|
0.86
|
%
|
0.87
|
%
|
0.81
|
%
|
0.80
|
%
|
||||||||||||
Ratio of net investment income (loss)
|
||||||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||||||
After expense waiver(4)
|
(0.53
|
)%
|
(0.17
|
)%
|
(0.07
|
)%
|
(0.06
|
)%
|
(0.06
|
)%
|
0.19
|
%
|
||||||||||||
Portfolio Turnover(2)(6)
|
20
|
%
|
54
|
%
|
35
|
%
|
39
|
%
|
43
|
%
|
22
|
%
|
(1)
|
Per share amounts calculated using the average shares method.
|
(2)
|
Not annualized for periods less than one year.
|
(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)
|
Annualized for periods less than one year.
|
(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 shareholder servicing fees.
|
(6)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
Six Months Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||||||||
April 30, 2021
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
|||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
2016
|
|||||||||||||||||||
Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$
|
25.09
|
$
|
22.15
|
$
|
24.41
|
$
|
26.37
|
$
|
24.66
|
$
|
26.84
|
||||||||||||
Investment operations:
|
||||||||||||||||||||||||
Net investment loss(2)
|
(0.11
|
)
|
(0.10
|
)
|
(0.06
|
)
|
(0.08
|
)
|
(0.02
|
)
|
(0.01
|
)
|
||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain on investments
|
5.76
|
5.49
|
2.25
|
1.29
|
5.51
|
(0.81
|
)
|
|||||||||||||||||
Total from investment operations
|
5.65
|
5.39
|
2.19
|
1.21
|
5.49
|
(0.82
|
)
|
|||||||||||||||||
Less distributions from:
|
||||||||||||||||||||||||
Net investment income
|
-
|
-
|
-
|
-
|
(0.04
|
)
|
(0.08
|
)
|
||||||||||||||||
Net realized gains
|
(6.09
|
)
|
(2.45
|
)
|
(4.45
|
)
|
(3.17
|
)
|
(1.65
|
)
|
(2.95
|
)
|
||||||||||||
Total distributions
|
(6.09
|
)
|
(2.45
|
)
|
(4.45
|
)
|
(3.17
|
)
|
(1.69
|
)
|
(3.03
|
)
|
||||||||||||
Net asset value, end of period
|
$
|
24.65
|
$
|
25.09
|
$
|
22.15
|
$
|
24.41
|
$
|
26.37
|
$
|
22.99
|
||||||||||||
Total Return(3)
|
22.97
|
%(4)
|
26.82
|
%(4)
|
14.04
|
%(4)
|
4.89
|
%
|
23.66
|
%
|
-3.48
|
%
|
||||||||||||
Supplemental Data and Ratios
|
||||||||||||||||||||||||
Net assets, end of period (in 000's)
|
$
|
182,614
|
$
|
137,135
|
$
|
116,986
|
$
|
122,621
|
$
|
148,867
|
$
|
200,191
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense waiver(5)
|
1.14
|
%
|
1.14
|
%
|
1.15
|
%
|
1.12
|
%
|
1.06
|
%
|
1.05
|
%
|
||||||||||||
After expense waiver(5)
|
1.11
|
%(6)
|
1.09
|
%
|
1.11
|
%
|
1.12
|
%
|
1.06
|
%
|
1.05
|
%
|
||||||||||||
Ratio of net investment loss
|
||||||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||||||
After expense waiver(5)
|
(0.81
|
)%
|
(0.42
|
)%
|
(0.32
|
)%
|
(0.31
|
)%
|
(0.31
|
)%
|
(0.06
|
)%
|
||||||||||||
Portfolio Turnover(3)(7)
|
20
|
%
|
54
|
%
|
35
|
%
|
39
|
%
|
43
|
%
|
22
|
%
|
(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)
|
Not annualized for periods less than one year.
|
(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)
|
Annualized for periods less than one year.
|
(6)
|
Prior to April 16, 2021, the annual expense limitation was 0.84% of the average daily net assets of the Fund, excluding 12b-1 fees. Thereafter, it was 0.64%, excluding 12b-1 fees and shareholder servicing fees.
|
(7)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
Six Months Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||||||||
April 30, 2021
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
|||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
2016
|
|||||||||||||||||||
Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$
|
7.27
|
$
|
6.12
|
$
|
5.54
|
$
|
7.80
|
$
|
6.83
|
$
|
8.95
|
||||||||||||
Investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)(1)
|
(0.03
|
)
|
0.01
|
(0.01
|
)
|
0.01
|
-
|
(2)
|
-
|
(2)
|
||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain (loss) on investments
|
1.71
|
1.61
|
0.59
|
0.44
|
0.97
|
(0.52
|
)
|
|||||||||||||||||
Total from investment operations
|
1.68
|
1.62
|
0.58
|
0.45
|
0.97
|
(0.52
|
)
|
|||||||||||||||||
Less distributions from:
|
||||||||||||||||||||||||
Net investment income
|
-
|
(0.01
|
)
|
-
|
-
|
-
|
(0.01
|
)
|
||||||||||||||||
Net realized gains
|
(0.09
|
)
|
(0.46
|
)
|
-
|
(2.71
|
)
|
-
|
(1.59
|
)
|
||||||||||||||
Total distributions
|
(0.09
|
)
|
(0.47
|
)
|
-
|
(2.71
|
)
|
-
|
(1.60
|
)
|
||||||||||||||
Net asset value, end of period
|
$
|
8.86
|
$
|
7.27
|
$
|
6.12
|
$
|
5.54
|
$
|
7.80
|
$
|
6.83
|
||||||||||||
Total Return(3)
|
23.18
|
%
|
28.26
|
%
|
10.47
|
%
|
9.05
|
%
|
14.20
|
%
|
-6.54
|
%
|
||||||||||||
Supplemental Data and Ratios
|
||||||||||||||||||||||||
Net assets, end of period (in 000's)
|
$
|
8,708
|
$
|
7,025
|
$
|
5,520
|
$
|
4,803
|
$
|
34,082
|
$
|
79,941
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense
|
||||||||||||||||||||||||
reimbursement/waiver(4)
|
2.12
|
%
|
2.49
|
%
|
2.68
|
%
|
2.00
|
%
|
0.89
|
%
|
0.90
|
%
|
||||||||||||
After expense
|
||||||||||||||||||||||||
reimbursement/waiver(4)
|
0.87
|
%
|
0.87
|
%
|
0.87
|
%
|
0.87
|
%
|
0.87
|
%
|
0.89
|
%
|
||||||||||||
Ratio of net investment income (loss)
|
||||||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||||||
After expense
|
||||||||||||||||||||||||
reimbursement/waiver(4)
|
(0.65
|
)%
|
0.12
|
%
|
(0.09
|
)%
|
0.10
|
%
|
0.01
|
%
|
0.04
|
%
|
||||||||||||
Portfolio Turnover(3)
|
20
|
%
|
60
|
%
|
42
|
%
|
41
|
%(5)
|
40
|
%
|
22
|
%
|
(1)
|
Per share amounts calculated using the average shares method.
|
(2)
|
Amount is less than $0.01 per share.
|
(3)
|
Not annualized for periods less than one year.
|
(4)
|
Annualized for periods less than one year.
|
(5)
|
Excludes value of Fund securities received or delivered as a result of in-kind purchases or redemptions of the Fund's capital shares.
|
Six Months Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||||||||
April 30, 2021
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
|||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
2016
|
|||||||||||||||||||
Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$
|
30.75
|
$
|
23.88
|
$
|
23.83
|
$
|
21.37
|
$
|
17.24
|
$
|
18.44
|
||||||||||||
Investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)(1)
|
(0.12
|
)
|
(0.08
|
)
|
0.01
|
(2)
|
0.08
|
0.02
|
0.05
|
|||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain on investments
|
10.11
|
7.99
|
2.70
|
2.50
|
4.20
|
0.91
|
||||||||||||||||||
Total from investment operations
|
9.99
|
7.91
|
2.71
|
2.58
|
4.22
|
0.96
|
||||||||||||||||||
Less distributions from:
|
||||||||||||||||||||||||
Net investment income
|
-
|
(0.02
|
)
|
(0.06
|
)
|
-
|
(0.02
|
)
|
(0.04
|
)
|
||||||||||||||
Net realized gains
|
(1.94
|
)
|
(1.02
|
)
|
(2.60
|
)
|
(0.12
|
)
|
(0.07
|
)
|
(2.12
|
)
|
||||||||||||
Total distributions
|
(1.94
|
)
|
(1.04
|
)
|
(2.66
|
)
|
(0.12
|
)
|
(0.09
|
)
|
(2.16
|
)
|
||||||||||||
Net asset value, end of period
|
$
|
38.80
|
$
|
30.75
|
$
|
23.88
|
$
|
23.83
|
$
|
21.37
|
$
|
17.24
|
||||||||||||
Total Return(3)
|
32.72
|
%
|
34.36
|
%
|
14.02
|
%
|
12.13
|
%
|
24.59
|
%
|
5.27
|
%
|
||||||||||||
Supplemental Data and Ratios
|
||||||||||||||||||||||||
Net assets, end of period (in 000's)
|
$
|
889,375
|
$
|
650,845
|
$
|
452,234
|
$
|
197,538
|
$
|
162,033
|
$
|
72,224
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense
|
||||||||||||||||||||||||
waiver/recoupment(4)
|
0.82
|
%
|
0.85
|
%
|
0.87
|
%
|
0.89
|
%
|
0.93
|
%
|
0.91
|
%
|
||||||||||||
After expense
|
||||||||||||||||||||||||
waiver/recoupment(4)
|
0.83
|
%
|
0.87
|
%
|
0.87
|
%
|
0.87
|
%
|
0.87
|
%
|
0.90
|
%
|
||||||||||||
Ratio of net investment income (loss)
|
||||||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||||||
After expense
|
||||||||||||||||||||||||
waiver/recoupment(4)
|
(0.63
|
)%
|
(0.30
|
)%
|
0.04
|
%
|
0.33
|
%
|
0.10
|
%
|
0.27
|
%
|
||||||||||||
Portfolio Turnover(3)(5)
|
32
|
%
|
49
|
%
|
35
|
%
|
47
|
%
|
23
|
%
|
20
|
%
|
(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 n 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)
|
Not annualized for periods less than one year.
|
(4)
|
Annualized for periods less than one year.
|
(5)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
Six Months Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
For the Period
|
|||||||||||||||||||
April 30, 2021
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
Inception(1) through
|
|||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
October 31, 2016
|
|||||||||||||||||||
Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$
|
30.73
|
$
|
23.89
|
$
|
23.81
|
$
|
21.37
|
$
|
17.24
|
$
|
17.82
|
||||||||||||
Investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)(2)
|
(0.14
|
)
|
(0.10
|
)
|
(0.01
|
)
|
0.06
|
0.01
|
-
|
(3)
|
||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain (loss) on investments
|
10.11
|
7.98
|
2.74
|
2.50
|
4.21
|
(0.58
|
)(4)
|
|||||||||||||||||
Total from investment operations
|
9.97
|
7.88
|
2.73
|
2.56
|
4.22
|
(0.58
|
)
|
|||||||||||||||||
Less distributions from:
|
||||||||||||||||||||||||
Net investment income
|
-
|
(0.02
|
)
|
(0.05
|
)
|
-
|
(0.02
|
)
|
-
|
|||||||||||||||
Net realized gains
|
(1.94
|
)
|
(1.02
|
)
|
(2.60
|
)
|
(0.12
|
)
|
(0.07
|
)
|
-
|
|||||||||||||
Total distributions
|
(1.94
|
)
|
(1.04
|
)
|
(2.65
|
)
|
(0.12
|
)
|
(0.09
|
)
|
-
|
|||||||||||||
Net asset value, end of period
|
$
|
38.76
|
$
|
30.73
|
$
|
23.89
|
$
|
23.81
|
$
|
21.37
|
$
|
17.24
|
||||||||||||
Total Return(5)
|
32.67
|
%
|
34.20
|
%
|
14.08
|
%
|
12.04
|
%
|
24.50
|
%
|
-3.25
|
%
|
||||||||||||
Supplemental Data and Ratios
|
||||||||||||||||||||||||
Net assets, end of period (in 000's)
|
$
|
1,029,808
|
$
|
725,204
|
$
|
499,461
|
$
|
297,023
|
$
|
211,787
|
$
|
87,274
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense
|
||||||||||||||||||||||||
waiver/recoupment(6)
|
0.91
|
%
|
0.93
|
%
|
0.95
|
%
|
0.97
|
%
|
0.99
|
%
|
1.00
|
%
|
||||||||||||
After expense
|
||||||||||||||||||||||||
waiver/recoupment(6)
|
0.91
|
%
|
0.95
|
%
|
0.95
|
%
|
0.95
|
%
|
0.92
|
%
|
0.97
|
%
|
||||||||||||
Ratio of net investment income (loss)
|
||||||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||||||
After expense
|
||||||||||||||||||||||||
waiver/recoupment(6)
|
(0.71
|
)%
|
(0.39
|
)%
|
(0.04
|
)%
|
0.26
|
%
|
0.04
|
%
|
0.05
|
%
|
||||||||||||
Portfolio Turnover(5)(7)
|
32
|
%
|
49
|
%
|
35
|
%
|
47
|
%
|
23
|
%
|
20
|
%
|
(1)
|
Inception date of the Institutional Class was September 16, 2016.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Amount is less than $0.01 per share.
|
(4)
|
Net realized and unrealized loss per share in this caption is a balancing amount 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.
|
(5)
|
Not annualized for periods less than one year.
|
(6)
|
Annualized for periods less than one year.
|
(7)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
Six Months Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
For the Period
|
|||||||||||||||||||
April 30, 2021
|
October 31,
|
October 31,
|
October 31,
|
October 31,
|
Inception(1) through
|
|||||||||||||||||||
(Unaudited)
|
2020
|
2019
|
2018
|
2017
|
October 31, 2016
|
|||||||||||||||||||
Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$
|
30.39
|
$
|
23.68
|
$
|
23.67
|
$
|
21.30
|
$
|
17.23
|
$
|
17.84
|
||||||||||||
Investment operations:
|
||||||||||||||||||||||||
Net investment loss(2)
|
(0.18
|
)
|
(0.17
|
)
|
(0.07
|
)
|
-
|
(3)
|
(0.05
|
)
|
-
|
(3)
|
||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain (loss) on investments
|
9.99
|
7.91
|
2.70
|
2.49
|
4.21
|
(0.61
|
)(4)
|
|||||||||||||||||
Total from investment operations
|
9.81
|
7.74
|
2.63
|
2.49
|
4.16
|
(0.61
|
)
|
|||||||||||||||||
Less distributions from:
|
||||||||||||||||||||||||
Net investment income
|
-
|
(0.01
|
)
|
(0.02
|
)
|
-
|
(0.02
|
)
|
-
|
|||||||||||||||
Net realized gains
|
(1.94
|
)
|
(1.02
|
)
|
(2.60
|
)
|
(0.12
|
)
|
(0.07
|
)
|
-
|
|||||||||||||
Total distributions
|
(1.94
|
)
|
(1.03
|
)
|
(2.62
|
)
|
(0.12
|
)
|
(0.09
|
)
|
-
|
|||||||||||||
Net asset value, end of period
|
$
|
38.26
|
$
|
30.39
|
$
|
23.68
|
$
|
23.67
|
$
|
21.30
|
$
|
17.23
|
||||||||||||
Total Return(5)
|
32.51
|
%
|
33.88
|
%
|
13.69
|
%
|
11.75
|
%
|
24.12
|
%
|
-3.42
|
%
|
||||||||||||
Supplemental Data and Ratios
|
||||||||||||||||||||||||
Net assets, end of period (in 000's)
|
$
|
123,002
|
$
|
78,325
|
$
|
78,819
|
$
|
68,451
|
$
|
4,935
|
$
|
48
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense
|
||||||||||||||||||||||||
waiver/recoupment(6)
|
1.17
|
%
|
1.20
|
%
|
1.22
|
%
|
1.24
|
%
|
1.28
|
%
|
1.25
|
%
|
||||||||||||
After expense
|
||||||||||||||||||||||||
waiver/recoupment(6)
|
1.18
|
%
|
1.22
|
%
|
1.22
|
%
|
1.22
|
%
|
1.22
|
%
|
1.22
|
%
|
||||||||||||
Ratio of net investment loss
|
||||||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||||||
After expense
|
||||||||||||||||||||||||
waiver/recoupment(6)
|
(0.98
|
)%
|
(0.65
|
)%
|
(0.31
|
)%
|
(0.02
|
)%
|
(0.25
|
)%
|
(0.20
|
)%
|
||||||||||||
Portfolio Turnover(5)(7)
|
32
|
%
|
49
|
%
|
35
|
%
|
47
|
%
|
23
|
%
|
20
|
%
|
(1)
|
Inception date of the Investor Class was September 19, 2016.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Amount is less than $0.01 per share.
|
(4)
|
Net realized and unrealized loss per share in this caption is a balancing amount 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.
|
(5)
|
Not annualized for periods less than one year.
|
(6)
|
Annualized for periods less than one year.
|
(7)
|
Portfolio turnover disclosed is for the Fund as a whole.
|
Predecessor Fund Share Class
|
Large-Cap Growth Fund Share Class
|
Class A
|
Investor Class
|
Class C
|
Investor Class
|
Class R
|
Investor Class
|
Institutional Class
|
Institutional Class
|
Class R6
|
IS Class
|
Net Assets
|
Fair Value of Investments
|
Net Unrealized Appreciation
|
$2,835,578,449
|
$2,837,967,769
|
$1,095,203,433
|
Acquired Fund
|
||||
Net Assets - IS Class
|
$
|
79,071,717
|
||
Shares outstanding - IS Class
|
2,688,996
|
|||
Net asset value - IS Class
|
$
|
29.41
|
||
Net Assets - Institutional Class
|
$
|
1,272,275
|
||
Shares outstanding - Institutional Class
|
43,741
|
|||
Net asset value - Institutional Class
|
$
|
29.09
|
||
Net Assets - Investor Class
|
$
|
70,894
|
||
Shares outstanding - Investor Class
|
2,855
|
|||
Net asset value - Investor Class
|
$
|
24.84
|
||
Investments at fair value
|
$
|
80,428,536
|
||
Unrealized appreciation
|
$
|
29,319,964
|
||
Undistributed net investment loss
|
$
|
(202,644
|
)
|
|
Accumulated net realized gain
|
$
|
1,355,503
|
||
Tax capital loss carryforward
|
-
|
Acquiring Fund
|
||||
Net assets immediately prior to merger
|
$
|
2,835,578,449
|
||
Net assets immediately after merger
|
$
|
2,915,993,335
|
||
Fund shares issued in exchange for Acquired Fund - IS Class
|
2,688,996
|
|||
Exchange rate for shares issued - IS Class
|
0.42125891
|
|||
Fund shares issued in exchange for Acquired Fund - Institutional Class
|
43,741
|
|||
Exchange rate for shares issued - Institutional Class
|
0.42734134
|
|||
Fund shares issued in exchange for Acquired Fund - Investor Class
|
2,855
|
|||
Exchange rate for shares issued - Investor Class
|
0.49536360
|
Net investment loss
|
$
|
(7,601,465
|
)
|
|
Net realized and unrealized gain on investments
|
$
|
583,051,017
|
||
Total increase from operations
|
$
|
575,449,552
|
Level 1 -
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
|
Level 2 -
|
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
Level 3 -
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
|
Global Growth Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
10,799,804
|
$
|
4,927,069
|
$
|
-
|
$
|
15,726,873
|
||||||||
Short-Term Investment
|
73,548
|
-
|
-
|
73,548
|
||||||||||||
Total Investments in Securities
|
$
|
10,873,352
|
$
|
4,927,069
|
$
|
-
|
$
|
15,800,421
|
||||||||
International Growth Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
4,910,895
|
$
|
7,134,208
|
$
|
-
|
$
|
12,045,103
|
||||||||
Short-Term Investment
|
56,753
|
-
|
-
|
56,753
|
||||||||||||
Total Investments in Securities
|
$
|
4,967,648
|
$
|
7,134,208
|
$
|
-
|
$
|
12,101,856
|
||||||||
Large-Cap Growth Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
2,878,128,033
|
$
|
-
|
$
|
-
|
$
|
2,878,128,033
|
||||||||
Short-Term Investment
|
3,892,652
|
-
|
-
|
3,892,652
|
||||||||||||
Total Investments in Securities
|
$
|
2,882,020,685
|
$
|
-
|
$
|
-
|
$
|
2,882,020,685
|
||||||||
Select 20 Growth Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
8,364,648
|
$
|
299,087
|
$
|
-
|
$
|
8,663,735
|
||||||||
Short-Term Investment
|
37,706
|
-
|
-
|
37,706
|
||||||||||||
Total Investments in Securities
|
$
|
8,402,354
|
$
|
299,087
|
$
|
-
|
$
|
8,701,441
|
||||||||
SMID-Cap Growth Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
1,982,121,647
|
$
|
-
|
$
|
-
|
$
|
1,982,121,647
|
||||||||
Short-Term Investment
|
73,656,646
|
-
|
-
|
73,656,646
|
||||||||||||
Total Investments in Securities
|
$
|
2,055,778,293
|
$
|
-
|
$
|
-
|
$
|
2,055,778,293
|
Fund
|
|
Global Growth Fund
|
0.75%
|
International Growth Fund
|
0.80%
|
Large-Cap Growth Fund
|
0.55% on assets up to $2.5 billion
|
0.525% on assets between $2.5 billion and $5 billion
|
|
0.50% on assets greater than $5 billion
|
|
Select 20 Growth Fund
|
0.65%
|
SMID-Cap Growth Fund
|
0.75%
|
Fund
|
|||||
Global Growth Fund
|
0.98
|
%
|
|||
International Growth Fund
|
0.99
|
%
|
|||
Large-Cap Growth Fund
|
0.64
|
%
|
|||
Select 20 Growth Fund
|
0.87
|
%
|
|||
SMID-Cap Growth Fund
|
0.87
|
%
|
May 2021 -
|
November 2021 -
|
November 2022 -
|
November 2023 -
|
|||||||||||||
Fund
|
October 2021
|
October 2022
|
October 2023
|
April 2024
|
||||||||||||
Global Growth Fund
|
$
|
46,181
|
$
|
105,833
|
$
|
108,254
|
$
|
54,818
|
||||||||
International Growth Fund
|
41,278
|
90,835
|
97,056
|
55,377
|
||||||||||||
Large-Cap Growth Fund
|
-
|
-
|
-
|
-
|
||||||||||||
Select 20 Growth Fund
|
38,061
|
95,542
|
98,873
|
51,866
|
||||||||||||
SMID-Cap Growth Fund
|
-
|
-
|
-
|
-
|
Global Growth Fund
|
International Growth Fund
|
|||||||||||||||
Six Months Ended
|
Year Ended
|
Six Months Ended
|
Year Ended
|
|||||||||||||
April 30, 2021
|
October 31, 2020
|
April 30, 2021
|
October 31, 2020
|
|||||||||||||
IS Class:
|
||||||||||||||||
Shares sold
|
3,577
|
28,338
|
81,449
|
3,557
|
||||||||||||
Shares issued in reinvestment
|
||||||||||||||||
of distributions
|
10,201
|
8,535
|
8,992
|
8,291
|
||||||||||||
Shares redeemed
|
(44,282
|
)
|
(44,375
|
)
|
(31
|
)
|
(21,885
|
)
|
||||||||
Net increase (decrease)
|
(30,504
|
)
|
(7,502
|
)
|
90,410
|
(10,037
|
)
|
|||||||||
Institutional Class(1):
|
||||||||||||||||
Shares sold
|
5,754
|
6,688
|
3,230
|
-
|
||||||||||||
Shares issued in reinvestment
|
||||||||||||||||
of distributions
|
89
|
-
|
-
|
-
|
||||||||||||
Shares redeemed
|
(170
|
)
|
-
|
(1,441
|
)
|
-
|
||||||||||
Net increase
|
5,673
|
6,688
|
1,789
|
-
|
||||||||||||
Net increase (decrease)
|
||||||||||||||||
in capital shares
|
(24,831
|
)
|
(814
|
)
|
92,199
|
(10,037
|
)
|
(1)
|
The International Growth Institutional Class launched on December 28, 2020.
|
Large-Cap Growth Fund
|
||||||||
Six Months Ended
|
Year Ended
|
|||||||
April 30, 2021
|
October 31, 2020
|
|||||||
IS Class(1):
|
||||||||
Shares sold
|
47,368,975
|
45,489
|
||||||
Shares issued in connection with acquisition (Note 1)
|
2,688,996
|
-
|
||||||
Shares issued in reinvestment of distributions
|
34,255
|
15,054
|
||||||
Shares redeemed
|
(398,043
|
)
|
(39,338
|
)
|
||||
Net increase
|
49,694,183
|
21,205
|
||||||
Institutional Class:
|
||||||||
Shares sold
|
7,739,082
|
22,944,032
|
||||||
Shares issued in connection with acquisition (Note 1)
|
43,741
|
-
|
||||||
Shares issued in reinvestment of distributions
|
16,410,026
|
9,463,686
|
||||||
Shares redeemed
|
(60,932,155
|
)
|
(42,847,718
|
)
|
||||
Net decrease
|
(36,739,306
|
)
|
(10,440,000
|
)
|
||||
Investor Class(2):
|
||||||||
Shares sold
|
609,523
|
1,218,848
|
||||||
Shares issued in connection with acquisition (Note 1)
|
2,855
|
-
|
||||||
Shares issued in reinvestment of distributions
|
1,335,379
|
610,811
|
||||||
Shares issued in exchange for Class C shares
|
1,059,024
|
-
|
||||||
Shares issued in exchanges for Class R shares
|
218,534
|
-
|
||||||
Shares redeemed
|
(1,278,809
|
)
|
(1,645,050
|
)
|
||||
Net increase
|
1,946,506
|
184,609
|
||||||
Class C(3):
|
||||||||
Shares sold
|
39,082
|
221,126
|
||||||
Shares issued in reinvestment of distributions
|
425,030
|
274,768
|
||||||
Shares exchanged for Investor Class shares
|
(1,445,915
|
)
|
-
|
|||||
Shares redeemed
|
(453,411
|
)
|
(1,028,777
|
)
|
||||
Net decrease
|
(1,435,214
|
)
|
(532,883
|
)
|
||||
Class R(4):
|
||||||||
Shares sold
|
8,549
|
94,807
|
||||||
Shares issued in reinvestment of distributions
|
56,401
|
-
|
||||||
Shares exchanged for Investor Class shares
|
(238,775
|
)
|
56,435
|
|||||
Shares redeemed
|
(67,049
|
)
|
(359,722
|
)
|
||||
Net decrease
|
(240,874
|
)
|
(208,480
|
)
|
||||
Net increase (decrease) in capital shares
|
13,225,295
|
(10,975,549
|
)
|
(1)
|
The IS Class was previously known as Class R6 prior to April 16, 2021.
|
(2)
|
The Investor Class was previously known as Class A prior to April 16, 2021.
|
(3)
|
Class C shares converted to Investor Class shares on April 16, 2021.
|
(4)
|
Class R shares converted to Investor Class shares on April 16, 2021.
|
Select 20 Growth Fund
|
SMID-Cap Growth Fund
|
|||||||||||||||
Six Months Ended
|
Year Ended
|
Six Months Ended
|
Year Ended
|
|||||||||||||
April 30, 2021
|
October 31, 2020
|
April 30, 2021
|
October 31, 2020
|
|||||||||||||
IS Class:
|
||||||||||||||||
Shares sold
|
9,386
|
10,996
|
3,365,221
|
5,903,797
|
||||||||||||
Shares issued in reinvestment
|
||||||||||||||||
of distributions
|
8,765
|
59,729
|
1,053,265
|
801,951
|
||||||||||||
Shares redeemed
|
(964
|
)
|
(7,196
|
)
|
(2,663,073
|
)
|
(4,474,380
|
)
|
||||||||
Net increase
|
17,187
|
63,529
|
1,755,413
|
2,231,368
|
||||||||||||
Institutional Class:
|
||||||||||||||||
Shares sold
|
-
|
-
|
4,579,255
|
7,442,741
|
||||||||||||
Shares issued in reinvestment
|
||||||||||||||||
of distributions
|
-
|
-
|
1,213,375
|
859,800
|
||||||||||||
Shares redeemed
|
-
|
-
|
(2,822,645
|
)
|
(5,614,477
|
)
|
||||||||||
Net increase
|
-
|
-
|
2,969,985
|
2,688,064
|
||||||||||||
Investor Class:
|
||||||||||||||||
Shares sold
|
-
|
-
|
923,030
|
453,004
|
||||||||||||
Shares issued in reinvestment
|
||||||||||||||||
of distributions
|
-
|
-
|
(425,742
|
)
|
137,210
|
|||||||||||
Shares redeemed
|
-
|
-
|
140,480
|
(1,341,024
|
)
|
|||||||||||
Net increase (decrease)
|
-
|
-
|
637,768
|
(750,810
|
)
|
|||||||||||
Net increase in capital shares
|
17,187
|
63,529
|
5,363,166
|
4,168,622
|
U.S. Government Securities
|
Other Securities
|
|||||||||||||||
Fund
|
Purchases
|
Sales
|
Purchases
|
Sales
|
||||||||||||
Global Growth Fund
|
$
|
-
|
$
|
-
|
$
|
3,075,404
|
$
|
4,187,887
|
||||||||
International Growth Fund
|
-
|
-
|
9,785,421
|
7,118,489
|
||||||||||||
Large-Cap Growth Fund
|
-
|
-
|
540,459,209
|
743,176,601
|
||||||||||||
Select 20 Growth Fund
|
-
|
-
|
1,606,249
|
1,631,011
|
||||||||||||
SMID-Cap Growth Fund
|
-
|
-
|
702,789,113
|
579,040,589
|
Aggregate Gross
|
Aggregate Gross
|
Net
|
Federal Income
|
|||||||||||||
Fund
|
Appreciation
|
Depreciation
|
Appreciation
|
Tax Cost
|
||||||||||||
Global Growth Fund
|
$
|
4,705,506
|
$
|
(446,839
|
)
|
$
|
4,258,667
|
$
|
9,072,488
|
|||||||
International Growth Fund
|
2,236,219
|
(122,597
|
)
|
2,113,622
|
5,055,878
|
|||||||||||
Large-Cap Growth Fund
|
806,917,514
|
(25,086,471
|
)
|
781,831,043
|
1,663,402,092
|
|||||||||||
Select 20 Growth Fund
|
2,665,633
|
(35,671
|
)
|
2,629,962
|
4,432,227
|
|||||||||||
SMID-Cap Growth Fund
|
366,322,370
|
(42,619,760
|
)
|
323,702,610
|
1,142,829,562
|
Undistributed
|
Undistributed
|
Other
|
Net
|
Total
|
||||||||||||||||
Ordinary
|
Long-Term
|
Accumulated
|
Unrealized
|
Distributable
|
||||||||||||||||
Fund
|
Income
|
Capital Gains
|
Gains (Losses)
|
Appreciation
|
Earnings
|
|||||||||||||||
Global Growth Fund
|
$
|
22,802
|
$
|
384,618
|
$
|
(16
|
)
|
$
|
4,258,667
|
$
|
4,666,071
|
|||||||||
International Growth Fund
|
-
|
380,858
|
(25,327
|
)
|
2,113,622
|
2,469,153
|
||||||||||||||
Large-Cap Growth Fund
|
20,422,472
|
248,964,541
|
-
|
781,831,043
|
1,051,218,056
|
|||||||||||||||
Select 20 Growth Fund
|
-
|
88,245
|
(6,936
|
)
|
2,629,962
|
2,711,271
|
||||||||||||||
SMID-Cap Growth Fund
|
7,447,871
|
86,503,309
|
13,663
|
323,702,610
|
417,667,453
|
Fund
|
Ordinary Income*
|
Long-Term Capital Gains
|
Total
|
|||||||||
Global Growth Fund
|
$
|
22,805
|
$
|
384,621
|
$
|
407,426
|
||||||
International Growth Fund
|
-
|
381,666
|
381,666
|
|||||||||
Large-Cap Growth Fund
|
84,103,008
|
450,412,566
|
534,515,574
|
|||||||||
Select 20 Growth Fund
|
-
|
88,253
|
88,253
|
|||||||||
SMID-Cap Growth Fund
|
7,448,213
|
86,503,463
|
93,951,676
|
Fund
|
Ordinary Income*
|
Long-Term Capital Gains
|
Total
|
|||||||||
Global Growth Fund
|
$
|
-
|
$
|
249,439
|
$
|
249,439
|
||||||
International Growth Fund
|
6,141
|
236,915
|
243,056
|
|||||||||
Large-Cap Growth Fund
|
-
|
239,627,125
|
239,627,125
|
|||||||||
Select 20 Growth Fund
|
9,588
|
413,127
|
422,715
|
|||||||||
SMID-Cap Growth Fund
|
2,029,405
|
42,814,924
|
44,844,329
|
*
|
For Federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.
|
Fund
|
Shareholder
|
Percent of Shares Held
|
Global Growth Fund
|
Charles Schwab
|
36.78%
|
International Growth Fund
|
Charles Schwab
|
29.06%
|
Large-Cap Growth Fund
|
Great West Trust Company
|
46.91%
|
Select 20 Growth Fund
|
American Enterprises Investment Services
|
25.23%
|
Individual Investor
|
26.77%
|
|
SMID-Cap Growth Fund
|
National Financial Services
|
37.38%
|
•
|
Jackson Square Global Growth Fund. The Trustees noted the Fund had outperformed the peer group median and average for the year-to-date, one-year and three-year periods ended October 31, 2020. The Trustees also observed that the Fund had significantly outperformed its benchmark index over the same periods. The Trustees also considered that the Fund had achieved positive total returns in each reviewed period since inception and also observed that the Fund's performance was consistent with the performance of a composite of JSP's similarly managed accounts over all relevant time periods.
|
|
•
|
Jackson Square International Growth Fund. In assessing the quality of the portfolio management to be delivered by JSP under the Investment Advisory Agreement, the Trustees would normally review the short-term and longer-term performance of the Fund on both an absolute basis and in comparison to an appropriate securities benchmark index and the Fund's peer funds according to Morningstar classifications. In this regard the Trustees noted that the Fund had recently changed its strategy from an all-cap growth strategy to an international growth strategy. Although the Trustees reviewed the prior performance of the Fund relative to its benchmark index and the All-Cap Growth Fund's Morningstar peer group (Large Growth), the Trustees did not consider that information pertinent for evaluating performance considering the changes to the Fund's investment strategies that had been implemented in December 2020. In addition, the Trustees noted that JSP does not manage a composite of separately managed accounts in a strategy that is materially similar to the Fund's international growth strategy.
|
|
•
|
Jackson Square Large-Cap Growth Fund. The Trustees noted that the Fund had outperformed its peer group median and average over the year-to-date and ten-year periods ended October 31, 2020 and outperformed the peer group median over the one-year period ended October 31, 2020, but underperformed the peer group median and average over the three-year and five-year periods ended October 31, 2020 and underperformed the peer group average over the one-year period ended October 31, 2020. The Trustees also noted that the Fund had outperformed its benchmark index over the year-to-date period ended October 31, 2020, but underperformed its benchmark index over all other periods. The Trustees considered that the Fund had achieved positive total returns for each reviewed period and also observed that the Fund's performance was consistent with the performance of a composite of JSP's similarly managed accounts over all relevant time periods.
|
•
|
Jackson Square Select 20 Growth Fund. The Trustees noted that the Fund had outperformed its peer group median and average over the year-to-date and one-year periods ended October 31, 2020, but underperformed its peer group median and average over the three-year, five-year and ten-year periods ended October 31, 2020. The Trustees also observed that the Fund had outperformed its benchmark index over the year-to-date and one-year periods ended October 31, 2020, but underperformed its benchmark index over the three-year, five-year and ten-year periods ended October 31, 2020. The Trustees also considered that the Fund had achieved positive returns for each reviewed period since inception. The Trustees also observed that the Fund's performance was consistent with the performance of a composite of JSP's similarly managed accounts over all relevant time periods.
|
|
•
|
Jackson Square SMID-Cap Growth Fund. The Trustees noted that the Fund had outperformed its peer group median and average over the year-to-date, one-year, three-year, five-year and ten-year periods ended October 31, 2020. The Trustees also noted that the Fund had outperformed its benchmark index across all time periods ended October 31, 2020. The Trustees also considered that the Fund had achieved positive total returns for all relevant periods since inception. The Trustees also observed that the Fund's performance was consistent over the long-term with the performance of a composite of JSP's similarly managed accounts over all relevant time periods.
|
•
|
Jackson Square Global Growth Fund. The Fund's management fee was above the peer group median and average. When compared to similarly-sized funds, the management fee was equal to the peer group median and slightly above the average. The total expenses of the IS Class of the Fund (after fee waivers and expense reimbursements) were above the peer group median and average and in the third quartile of the peer group. Total expenses of the Institutional Class and Investor Class of the Fund (after fee waivers and expense reimbursements) were above the peer group median and average but well within the range of expenses in the peer group.
|
|
•
|
Jackson Square International Growth Fund. The Fund's contractual management fee was above the peer group median and average and in the third quartile of the peer group. The total expenses of the IS Class of the Fund (after fee waivers and expense reimbursements) were above the peer group median and average but well within the range of expenses in the peer group.
|
|
•
|
Jackson Square Large-Cap Growth Fund. The Fund's management fee was below the peer group median and average. The total expenses of the IS Class and Institutional Class of the Fund (after fee waivers and expense reimbursements) were below the peer group median and average. The total expenses of the Investor Class of the Fund (after fee waivers and expense reimbursements) were above the peer group median and average.
|
|
•
|
Jackson Square Select 20 Growth Fund. The Fund's management fee equal to the peer group median and lower than the average. The total expenses of the IS Class of the Fund (after fee waivers and expense reimbursements) were below the peer group median and average. Total expenses of the IS Class (after fee waivers and expense reimbursements) were below the peer group median and average. Total expenses of the Investor Class and Institutional Class (after fee waivers and expense reimbursements) were above the peer group median and average. When limited to similarly-sized funds, the total expenses of the Institutional Class (after fee waivers and expense reimbursements) were below the peer group median and average.
|
|
•
|
Jackson Square SMID-Cap Growth Fund. The Fund's management fee was equal to the peer group median and below the peer group average. The total expenses of the Fund's IS and Institutional Classes were below the peer group median and average. The total expenses of the Fund's Investor Class were above the peer group median and average.
|
(a)
|
The Registrant's President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the 'Act')) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.
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(b)
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There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
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(a)
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(1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy Item 2 requirements through filing an exhibit. 1) Not applicable for semi-annual reports.
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(b)
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Certification pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith.
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