JAG Capital Management LLC

ITEM 5 – Fees and Compensation
JAGCM offers a variety of advisory fee schedules to clients to allow for customization according
to each individual client’s preferences and investment objectives. Fees cover advisory services
only. Therefore, the client typically bears all transactional costs associated with JAGCM's
management of their account.

Discretionary/Non-Discretionary Investment Advisory Fee Schedules
Equity and Balanced Accounts
Maximum annual fee of 1.00%

Discretionary/Non-Discretionary Fixed Income Accounts
Maximum annual fee of 0.50%

Discretionary/Non-Discretionary Minimum Annual Fee
$5,000 per relationship 1

Negotiability and Variability of Advisory Fees: Although JAGCM has established flat and tiered
advisory fee schedule(s), we retain the discretion to determine the appropriate advisory fee on
a client-by-client and/or account-by-account basis. JAGCM considers each client’s facts,
circumstances, and needs in determining the fee schedule. These considerations include: the
complexity of the client’s assets to be placed under management, additional assets anticipated,
or prior assets received, portfolio style and account composition, reporting requirements, and
other facts. The specific annual advisory fee is identified in the contract between JAGCM and
each client, and a client may pay more or less than fees charged to a substantially similar client.

1Effective April 1, 2024. Relationship is defined as accounts belonging to Client and accounts belonging to related
parties of Client.

Certain accounts have been grandfathered with previously established fee schedules. Discounted
fees are offered to certain family members and friends of persons associated with our Firm.

Advisory clients are subject to JAGCM's minimum account requirements and advisory fees in
effect at the time the client entered into the advisory relationship. Therefore, our minimum
account requirements and fees differ among clients.

JAG Large Cap Growth Fund
JAGCM will, on occasion, invest client assets, or recommend that client assets be invested, in the
mutual fund that we advise (i.e., the Fund). A client’s introduction to the Fund may occur through
JAGCM, through a client’s adviser, or because the Fund is an available investment option of the
client’s retirement plan, account broker, or account custodian.

Client assets invested in the Fund incur mutual fund management fees, as approved by the Fund’s
board, which are payable to JAGCM. Because we receive compensation from the Fund in addition
to our advisory fee for our role in providing personalized investment advice, there is a material
conflict of interest as we have a financial incentive to invest your assets in the Fund. To resolve
this conflict of interest, JAGCM only makes such investments or investment recommendations
when we believe it is consistent with our fiduciary duty, the client’s investment objectives, and
in the client’s best interest. Although JAGCM will waive its advisory fee on client assets invested
in the Fund, JAGCM still receives portfolio management fees from the Fund as set forth in the
Fund’s current prospectus.

Certain supervised persons of JAGCM are eligible to receive commissions related to the
distribution of the Fund. To manage this conflict, JAGCM requires all supervised persons to place
our clients’ interests ahead of our own, monitors portfolio holdings to ensure that they are
consistent with each client’s objective and, as noted above, offsets the advisory fee if shares of
the Fund are held in the account at quarter end.

There are three share classes available in the Fund: Class A, Class I, and Class R. Portfolio
composition is identical in all share classes. Class A shares impose a maximum sales charge of
5.75% of the offering price and a maximum deferred sales charge of 1% of the original purchase
price. On some platforms, Class A Shares are available on a no-load basis. Class A shares incur an
0.80% management fee and a 0.25% 12b-1 fee. Class I and Class R shares incur an 0.80%
management fee and no 12b-1 fees. Client assets invested in Class A shares result in an indirect
benefit to JAGCM due to the fund distributor’s retention of 12b-1 fees. These retained fees offset
payments of 12b-1 eligible mutual fund expenses that would otherwise be paid by JAGCM. Please
refer to the Fund’s prospectus for additional information regarding Fund share classes and the
expenses associated with an investment in each. For accounts in which JAGCM has discretion as
to which share class of the Fund to invest in, JAGCM selects the most cost-effective share class
available to the client, subject to the terms of the Fund’s prospectus.

Fee Billing
The manner in which advisory fees are charged by JAGCM is established in the client’s written
advisory agreement with JAGCM. Clients may elect to be billed separately or authorize JAGCM to
debit fees directly from their account(s). Accounts initiated during a calendar quarter will be

charged a prorated fee. Clients that pay fees in advance, who request that JAGCM terminate its
services before the end of a billing period, are entitled to a refund of any unearned fee. Upon
termination of any account, any earned, unpaid fees will be due and payable.
Other Fees
Sometimes securities held in the accounts of clients will be the subject of class action lawsuits.
JAGCM has contracted with a third party to file class action claims on a contingency fee basis.
This fee reduces the settlement amount the client would otherwise receive.

JAGCM’s advisory fees are exclusive of brokerage commissions, transaction fees, and other
related costs and expenses which may be incurred by the client. Clients incur certain charges
imposed by custodians, brokers, third-party investment advisers, and other third parties. This
includes fees charged by managers, custodial fees, deferred sales charges, odd-lot differentials,
transfer taxes, wire transfer and electronic funds fees, and other fees and taxes on brokerage
...

ITEM 7 – Types of Clients
Our investment team provides a full suite of investment management and advisory services for
non-profit entities, religious institutions, wrap fee programs, and other model-based vehicles
sponsored by unaffiliated firms, Taft-Hartley funds, ERISA assets, corporations, individuals, and
families. JAGCM also serves as the Adviser to the JAG Large Cap Growth Fund.

Minimum Account Size: Generally, a minimum of $500,000 is required for direct discretionary
separately managed accounts. For accounts introduced by unaffiliated financial advisors or
intermediary firms (SMA and UMA platforms), our account minimums are generally $100,000.
JAGCM has the authority to negotiate lower account and/or relationship minimums where facts
and circumstances warrant.