Jackson Square SMID-Cap Growth Fund | ||||||||
Schedule of Investments | ||||||||
as of January 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 97.5% | Shares | Value | ||||||
Communication Services - 9.6% | ||||||||
New York Times Co. - Class A | 673,511 | $ | 32,705,694 | |||||
Warner Music Group - Class A | 623,007 | 22,733,526 | ||||||
55,439,220 | ||||||||
Consumer Discretionary - 7.4% | ||||||||
Peloton Interactive - Class A(a) | 1,181,147 | 6,567,177 | ||||||
VF | 555,267 | 9,139,695 | ||||||
Wyndham Hotels & Resorts | 348,140 | 27,130,550 | ||||||
42,837,422 | ||||||||
Consumer Staples - 3.9% | ||||||||
Grocery Outlet Holding(a) | 911,532 | 22,587,763 | ||||||
Financials - 10.5% | ||||||||
LendingClub(a) | 1,880,755 | 16,964,410 | ||||||
LPL Financial Holdings | 35,818 | 8,567,308 | ||||||
MarketAxess Holdings | 95,149 | 21,457,051 | ||||||
Ryan Specialty Holdings(a) | 312,479 | 13,536,590 | ||||||
60,525,359 | ||||||||
Health Care - 18.7% | ||||||||
Bio-Techne | 334,206 | 23,501,366 | ||||||
Charles River Laboratories International(a) | 78,209 | 16,915,043 | ||||||
Masimo(a) | 140,922 | 18,170,483 | ||||||
Molina Healthcare(a) | 36,155 | 12,887,088 | ||||||
Pacific Biosciences of California(a) | 1,965,830 | 12,797,553 | ||||||
Shockwave Medical(a) | 73,453 | 16,618,741 | ||||||
STAAR Surgical(a) | 238,963 | 6,693,354 | ||||||
107,583,628 | ||||||||
Industrials - 22.5% | ||||||||
Clean Harbors(a) | 127,417 | 21,400,959 | ||||||
Graco | 267,117 | 22,785,080 | ||||||
Hexcel | 214,156 | 14,217,817 | ||||||
Howmet Aerospace | 317,883 | 17,884,097 | ||||||
SiteOne Landscape Supply(a) | 168,525 | 26,045,539 | ||||||
Westinghouse Air Brake Technologies | 112,556 | 14,808,993 | ||||||
WillScot Mobile Mini Holdings(a) | 246,414 | 11,655,382 | ||||||
128,797,867 | ||||||||
Information Technology - 22.4% | ||||||||
Appfolio, Inc. - Class A(a) | 2,516 | 551,658 | ||||||
Aspen Technology(a) | 100,063 | 19,211,095 | ||||||
Axcelis Technologies(a) | 92,555 | 12,036,778 | ||||||
Bill.com Holdings(a) | 217,742 | 16,994,763 | ||||||
Elastic(a) | 98,886 | 11,575,595 | ||||||
Entegris | 154,533 | 18,188,534 | ||||||
Lattice Semiconductor(a) | 152,996 | 9,311,337 | ||||||
Okta(a) | 182,523 | 15,085,526 | ||||||
Wix.com(a) | 205,017 | 26,012,557 | ||||||
128,967,843 | ||||||||
Materials - 2.5% | ||||||||
FMC | 256,820 | 14,433,284 | ||||||
TOTAL COMMON STOCKS (Cost $518,859,439) | 561,172,386 | |||||||
TOTAL INVESTMENTS - 97.5% (Cost $518,859,439) | $ | 561,172,386 | ||||||
Money Market Deposit Account - 0.0%(b) | 231 | |||||||
Other Assets in Excess of Liabilities - 2.5% | 14,308,385 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 575,481,002 | ||||||
Percentages are stated as a percent of net assets. | ||||||||
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 by U.S. Bank Global Fund Services. |
(a) | Non-income producing security. |
(b) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of January 31, 2024 was 3.27%. |
Summary of Fair Value Exposure
The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation Levels for major security types. These inputs are summarized in the three broad Levels listed below:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 Fund's 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.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund's securities as of January 31, 2024:
Jackson Square SMID-Cap Growth Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 561,172,386 | $ | – | $ | – | $ | 561,172,386 | ||||||||
Total Assets | $ | 561,172,386 | $ | – | $ | – | $ | 561,172,386 | ||||||||
Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||