NPORT-EX 2 smid-cap.htm

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.