Form N-CSRS/A Managed Portfolio Series For: Apr 30

August 2, 2021 3:53 PM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES




Investment Company Act file number 811-22525



Managed Portfolio Series
(Exact name of Registrant as specified in charter)



615 East Michigan Street
Milwaukee, WI  53202
(Address of principal executive offices) (Zip code)



Brian R. Wiedmeyer, President
Managed Portfolio Series
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Ave, 5th Fl
Milwaukee, WI  53202
(Name and address of agent for service)



(414) 765-6844
Registrant's telephone number, including area code



Date of fiscal year end: October 31, 2021


Date of reporting period:  April 30, 2021


Item 1. Reports to Stockholders.

(a)  [Insert full text of semi-annual report here]






   
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








Semi-Annual Report
 
www.jspfunds.com
April 30, 2021








(This Page Intentionally Left Blank.)
 

 




 

Jackson Square Global Growth Fund

Value of $1,000,000 Investment (Unaudited)

 
 

The chart assumes an initial investment of $1,000,000. Performance reflects waivers of fee and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-844-577-3863. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
 
Annualized Rates of Return as of 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.

The following is expense information for the Global Growth Fund (the “Fund”) as disclosed in the most recent prospectus dated February 28, 2021: IS Class – Gross Expenses: 1.87%, Net Expenses: 0.98%; Institutional Class – Gross Expenses: 1.97%, Net Expenses: 1.08%. Jackson Square Partners, LLC (the “Adviser”) has contractually agreed to waive its management fees and pay Fund expenses in order to ensure the Total Annual Fund Operating Expenses (excluding Rule 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, brokerage commissions, leverage, interest, taxes, and extraordinary expenses) do not exceed 0.98% of the average daily net assets of the Fund. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and/or expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least February 28, 2022. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Board of Trustees (the “Board”) or the Adviser.
1

Jackson Square Global Growth Fund

Country Allocation(1) (Unaudited)
As of April 30, 2021
(% of Net Assets)




Top Ten Equity Holdings(1) (Unaudited)
As of April 30, 2021
(% of Net Assets)
 
 
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.
2

Jackson Square International Growth Fund

Value of $1,000,000 Investment (Unaudited)
 
 

The chart assumes an initial investment of $1,000,000. Performance reflects waivers of fee and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-844-577-3863. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
 
Annualized Rates of Return as of April 30, 2021(1)
 
 
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.
3

Jackson Square International Growth Fund

The following is expense information for the International Growth Fund (the “Fund”) as disclosed in the most recent prospectus dated February 28, 2021: IS Class – Gross Expenses: 2.57%, Net Expenses: 0.99%; Institutional Class – Gross Expenses: 2.67%, Net Expenses: 1.09%. Jackson Square Partners, LLC (the “Adviser”) has contractually agreed to waive its management fees and pay Fund expenses in order to ensure the Total Annual Fund Operating Expenses (excluding Rule 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, brokerage commissions, leverage, interest, taxes, and extraordinary expenses) do not exceed 0.99% of the average daily net assets of the Fund. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and/or expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least February 28, 2022. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Board of Trustees (the “Board”) or the Adviser.
 
4

Jackson Square International Growth Fund

Country Allocation(1) (Unaudited)
As of April 30, 2021
(% of Net Assets)





Top Ten Equity Holdings(1) (Unaudited)
As of April 30, 2021
(% of Net Assets)
 
 
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.
5

Jackson Square Large-Cap Growth Fund

Value of $1,000,000 Investment (Unaudited)

 


The chart assumes an initial investment of $1,000,000. Performance reflects waivers of fee and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-844-577-3863. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
 
Annualized Rates of Return as of April 30, 2021
 
 
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.
6

Jackson Square Large-Cap Growth Fund

The following is expense information for the Large-Cap Growth Fund (the “Fund”) as disclosed in the most recent prospectus dated February 28, 2021, and supplemented April 19, 2021: IS Class – Gross Expenses: 0.61%; Institutional Class – Gross Expenses: 0.71%; Investor Class – Gross Expenses: 0.96%. Jackson Square Partners, LLC (the “Adviser”) has contractually agreed to waive its management fees and pay Fund expenses in order to ensure the Total Annual Fund Operating Expenses (excluding Rule 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, brokerage commissions, leverage, interest, taxes, and extraordinary expenses) do not exceed 0.64% of the average daily net assets of the Fund. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and/or expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least April 30, 2023. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Board of Trustees (the “Board”) or the Adviser.
7

Jackson Square Large-Cap Growth Fund

Sector Allocation(1) (Unaudited)
As of April 30, 2021
(% of Net Assets)




Top Ten Equity Holdings(1) (Unaudited)
As of April 30, 2021
(% of Net Assets)
 
 
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.
8

Jackson Square Select 20 Growth Fund

Value of $1,000,000 Investment (Unaudited)

 


The chart assumes an initial investment of $1,000,000. Performance reflects waivers of fee and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-844-577-3863. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
 
Annualized Rates of Return as of April 30, 2021
 
 
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.

The following is expense information for the Select 20 Growth Fund (the “Fund”) as disclosed in the most recent prospectus dated February 28, 2021: IS Class – Gross Expenses: 2.49%, Net Expenses: 0.87%. Jackson Square Partners, LLC (the “Adviser”) has contractually agreed to waive its management fees and pay Fund expenses in order to ensure the Total Annual Fund Operating Expenses (excluding Rule 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, brokerage commissions, leverage, interest, taxes, and extraordinary expenses) do not exceed 0.87% of the average daily net assets of the Fund. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and/or expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least February 28, 2022. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Board of Trustees (the “Board”) or the Adviser.
9

Jackson Square Select 20 Growth Fund

Sector Allocation(1) (Unaudited)
As of April 30, 2021
(% of Net Assets)





Top Ten Equity Holdings(1) (Unaudited)
As of April 30, 2021
(% of Net Assets)

 
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.
10

Jackson Square SMID-Cap Growth Fund

Value of $1,000,000 Investment (Unaudited)
 
 

The chart assumes an initial investment of $1,000,000. Performance reflects waivers of fee and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-844-577-3863. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
 
Annualized Rates of Return as of April 30, 2021
 
 
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.

The following is expense information for the SMID-Cap Growth Fund (the “Fund”) as disclosed in the most recent prospectus dated February 28, 2021: IS Class – Gross Expenses: 0.85%, Net Expenses: 0.87%; Institutional Class – Gross Expenses: 0.95%, Net Expenses: 0.97%; Investor Class – Gross Expenses: 1.20%, Net Expenses: 1.22%. Jackson Square Partners, LLC (the “Adviser”) has contractually agreed to waive its management fees and pay Fund expenses in order to ensure the Total Annual Fund Operating Expenses (excluding Rule 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, brokerage commissions, leverage, interest, taxes, and extraordinary expenses) do not exceed 0.87% of the average daily net assets of the Fund. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and/or expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least February 28, 2022. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Board of Trustees (the “Board”) or the Adviser.
11

Jackson Square SMID-Cap Growth Fund

Sector Allocation(1) (Unaudited)
As of April 30, 2021
(% of Net Assets)




Top Ten Equity Holdings(1) (Unaudited)
As of April 30, 2021
(% of Net Assets)
 
 
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.
12

Jackson Square Funds

Expense Examples (Unaudited)
April 30, 2021

As a shareholder of a Fund, you incur two type of costs: (1) transactions costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees, shareholder servicing fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2020 – April 30, 2021).
 
ACTUAL EXPENSES
 
For each class, the first line of the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
 
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
 
For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
 
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only. Therefore, the second line of the tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, In addition, if transactional costs were included, your costs may have been higher.
 
Global Growth Fund
 
 
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.
13

Jackson Square Funds

Expense Examples (Unaudited) – Continued
April 30, 2021

International Growth Fund
 
 
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.

Large-Cap Growth Fund
 
 
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.

14

Jackson Square Funds

Expense Examples (Unaudited) – Continued
April 30, 2021

Select 20 Growth Fund
 
 
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.

SMID-Cap Growth Fund
 
 
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.

15

Jackson Square Global Growth Fund

Schedule of Investments (Unaudited)
April 30, 2021

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
 

See Notes to the Financial Statements
16

Jackson Square Global Growth Fund

Schedule of Investments (Unaudited) – Continued
April 30, 2021

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
 

See Notes to the Financial Statements
17

Jackson Square Global Growth Fund

Schedule of Investments (Unaudited) – Continued
April 30, 2021

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.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”).  GICS® is a service mark of MSCI and S&P and has been licensed for use.

At April 30, 2021, the sector diversification for the Fund was as follows:

   
% 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.

See Notes to the Financial Statements
18

Jackson Square International Growth Fund

Schedule of Investments (Unaudited)
April 30, 2021

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
 

See Notes to the Financial Statements
19

Jackson Square International Growth Fund

Schedule of Investments (Unaudited) – Continued
April 30, 2021

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
 

See Notes to the Financial Statements
20

Jackson Square International Growth Fund

Schedule of Investments (Unaudited) – Continued
April 30, 2021

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.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”).  GICS® is a service mark of MSCI and S&P and has been licensed for use.

At April 30, 2021, the sector diversification for the Fund was as follows:

   
% 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.

See Notes to the Financial Statements
21

Jackson Square Large-Cap Growth Fund

Schedule of Investments (Unaudited)
April 30, 2021

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
 

See Notes to the Financial Statements
22

Jackson Square Large-Cap Growth Fund

Schedule of Investments (Unaudited) – Continued
April 30, 2021

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.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”).  GICS® is a service mark of MSCI and S&P and has been licensed for use.

See Notes to the Financial Statements
23

Jackson Square Select 20 Growth Fund

Schedule of Investments (Unaudited)
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
 

See Notes to the Financial Statements
24

Jackson Square Select 20 Growth Fund

Schedule of Investments (Unaudited) – Continued
April 30, 2021

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.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”).  GICS® is a service mark of MSCI and S&P and has been licensed for use.

See Notes to the Financial Statements
25

Jackson Square SMID-Cap Growth Fund

Schedule of Investments (Unaudited)
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
 

See Notes to the Financial Statements
26

Jackson Square SMID-Cap Growth Fund

Schedule of Investments (Unaudited) – Continued
April 30, 2021

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.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”).  GICS® is a service mark of MSCI and S&P and has been licensed for use.

See Notes to the Financial Statements
27

Jackson Square Funds

Statements of Assets and Liabilities (Unaudited)
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%.

See Notes to the Financial Statements
28

Jackson Square Funds

Statements of Assets and Liabilities (Unaudited) – Continued
April 30, 2021

   
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.

See Notes to the Financial Statements
29

Jackson Square Funds

Statements of Operations (Unaudited)
For the Six Months Ended April 30, 2021

   
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.

See Notes to the Financial Statements
30

Jackson Square Funds

Statements of Operations (Unaudited) – Continued
For the Six Months Ended April 30, 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
 

See Notes to the Financial Statements
31

Jackson Square Global Growth Fund

Statements of Changes in Net Assets

   
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
 

See Notes to the Financial Statements
32

Jackson Square International Growth Fund

Statements of Changes in Net Assets

   
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.

See Notes to the Financial Statements
33

Jackson Square Large-Cap Growth Fund

Statements of Changes in Net Assets

   
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
)

See Notes to the Financial Statements
34

Jackson Square Large-Cap Growth Fund

Statements of Changes in Net Assets – Continued

   
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