# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001133228-26-000174
**Filing Date:** 2026-1
**Character Count:** 144835
**Document Hash:** 9d8b7fc2a22a2a14477d94568bbfd7d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000174.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001133228-26-000174

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Managed Portfolio Series
- **CENTRAL INDEX KEY:** 0001511699

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 26518046

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Jackson Square SMID-Cap Growth Fund (Series ID: S000052863)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000166271 | Investor Class      | JSMVX           |
| C000166272 | Institutional Class | JSMTX           |
| C000166273 | IS Class            | DCGTX           |

### Jackson Square Large-Cap Growth Fund (Series ID: S000052864)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000166274 | Investor Class      | JSPJX           |
| C000166275 | Institutional Class | JSPIX           |
| C000166276 | IS Class            | DPLGX           |

?xml version='1.0' encoding='ASCII'? 2025-09-05194026_JacksonSquareLarge-CapGrowthFund_InstitutionalClass_TSRAnnual

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 **<u>811-22525</u>**

**<u>Managed Portfolio Series</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Brian Wiedmeyer, President**

**Managed Portfolio Series**

**c/o U.S. Bank Global Fund Services**

**777 East Wisconsin Ave., 6<sup>th</sup> Floor**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

(414) 516-1712

Registrant's telephone number, including area code

Date of fiscal year end: **<u>10/31/2025</u>**

Date of reporting period: **<u>10/31/2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img216237_202410282302437.jpg) | **Jackson Square Large-Cap Growth Fund**  | ![image](img216238_202412201901474.jpg) |
| ![image](img216237_202410282302437.jpg) | Institutional Class \| JSPIX  | ![image](img216238_202412201901474.jpg) |
| ![image](img216237_202410282302437.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216238_202412201901474.jpg) |

---

This annual shareholder report contains important information about the Jackson Square Large-Cap Growth Fund for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at

https://jspartners.com/funds/. You can also request this information by contacting us at 1-844-577-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $82 | 0.71% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the fiscal year ended October 31, 2025, the Large-Cap Growth Fund benefited from a market environment increasingly characterized by differentiation between companies able to convert innovation into sustainable cash flows and those more exposed to margin pressure, regulatory scrutiny, or normalization of post-pandemic growth rates.

We continue to view the portfolio as deliberately constructed to balance growth opportunity with risk control. The Fund maintains meaningfully higher active share than the benchmark and a materially lower weighted-average market capitalization, reflecting our ongoing preference for differentiated business models and company-specific return drivers rather than benchmark concentration.

Top contributors to performance during the period were NVIDIA, Alphabet, and Canadian Pacific.

NVIDIA continued to benefit from its central role in accelerated computing and artificial intelligence infrastructure, as sustained demand reinforced the company's exceptional pricing power, operating leverage, and long-term growth visibility. Alphabet contributed as improved capital discipline, continued strength in core search economics, and progress in artificial intelligence monetization drove renewed investor confidence in the durability of its cash-flow generation. Canadian Pacific performed well as operational execution, network efficiency improvements, and disciplined pricing supported steady earnings growth and margin expansion despite a mixed macro backdrop.

Bottom contributors for the period were Mastercard, Microsoft, and Amazon.

Mastercard underperformed as normalization in consumer spending growth and investor sensitivity to valuation tempered returns, despite continued strength in underlying payment volumes. Microsoft detracted amid heightened expectations around artificial intelligence investment returns, which increased scrutiny on near-term margins despite long-term strategic positioning remaining intact. Amazon weighed on results as retail margin volatility and elevated reinvestment levels overshadowed improving fundamentals in AWS and logistics efficiency.

We continue to believe the Large-Cap Growth portfolio is well positioned for a broad range of outcomes, with an emphasis on high-quality businesses capable of compounding value through multiple economic cycles.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses including management fees and other expenses were deducted.

Jackson Square Large-Cap Growth Fund PAGE 1 TSR-AR-56167N837

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts5890img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)**  | 29.94 | 12.71 | 12.80 |
| **Bloomberg US 1000 Total Return Index**  | 21.38 | 16.95 | 14.37 |
| **Bloomberg US 1000 Growth Total Return Index**  | 25.91 | 17.21 | 16.62 |
| **Russell 1000 Growth Total Return**  | 30.70 | 19.27 | 18.29 |

---

Visit https://jspartners.com/funds/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $182522190 |
| **Number of Holdings** | 27 |
| **Net Advisory Fee** | $736307 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  NVIDIA  | 10.9% |
|  Microsoft  | 9.4% |
|  Alphabet, Inc. - Class A  | 8.6% |
|  Amazon.com  | 6.9% |
|  CyberArk Software  | 5.1% |
|  AAON  | 4.3% |
|  Cadence Design Systems  | 3.9% |
|  ASML Holding - ADR  | 3.3% |
|  Vertiv Holdings - Class A  | 3.3% |
|  Boeing  | 3.2% |

---

**Sector Breakdown (% of net assets)**

![image](ts5890img004.jpg)

**HOW HAS THE FUND CHANGED?**

At a Shareholder Meeting held November 21, 2025, the Jackson Square Large-Cap Growth Fund's (the "Fund") shareholders approved an Agreement and Plan of Reorganization with Spyglass Growth Fund (the "Acquiring Fund"), a series of Manager Directed Portfolios, whereby the Acquiring Fund would acquire all the assets and liabilities of the Fund in exchange for Acquiring Fund (the "merger"). Effective before the opening of business on December 8, 2025, the merger was completed.

Jackson Square Large-Cap Growth Fund PAGE 2 TSR-AR-56167N837

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://jspartners.com/funds/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Jackson Square Partners, LLC documents not be householded, please contact Jackson Square Partners, LLC at 1-844-577-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Jackson Square Partners, LLC or your financial intermediary.

Jackson Square Large-Cap Growth Fund PAGE 3 TSR-AR-56167N837

1000009676311998712616314424418333824487514382318564725659933343610000010434112913013788215768217503225156020904222877231549038295510000010246212990214230616715521038229967522690726066336961846538610000010228213267214688417200522226231829824000828549041043953644539.717.212.58.68.38.01.24.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img216237_202410282302437.jpg) | **Jackson Square Large-Cap Growth Fund**  | ![image](img216238_202412201901474.jpg) |
| ![image](img216237_202410282302437.jpg) | Investor Class \| JSPJX  | ![image](img216238_202412201901474.jpg) |
| ![image](img216237_202410282302437.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216238_202412201901474.jpg) |

---

This annual shareholder report contains important information about the Jackson Square Large-Cap Growth Fund for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at

https://jspartners.com/funds/. You can also request this information by contacting us at 1-844-577-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $107 | 0.93% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the fiscal year ended October 31, 2025, the Large-Cap Growth Fund benefited from a market environment increasingly characterized by differentiation between companies able to convert innovation into sustainable cash flows and those more exposed to margin pressure, regulatory scrutiny, or normalization of post-pandemic growth rates.

We continue to view the portfolio as deliberately constructed to balance growth opportunity with risk control. The Fund maintains meaningfully higher active share than the benchmark and a materially lower weighted-average market capitalization, reflecting our ongoing preference for differentiated business models and company-specific return drivers rather than benchmark concentration.

Top contributors to performance during the period were NVIDIA, Alphabet, and Canadian Pacific.

NVIDIA continued to benefit from its central role in accelerated computing and artificial intelligence infrastructure, as sustained demand reinforced the company's exceptional pricing power, operating leverage, and long-term growth visibility. Alphabet contributed as improved capital discipline, continued strength in core search economics, and progress in artificial intelligence monetization drove renewed investor confidence in the durability of its cash-flow generation. Canadian Pacific performed well as operational execution, network efficiency improvements, and disciplined pricing supported steady earnings growth and margin expansion despite a mixed macro backdrop.

Bottom contributors for the period were Mastercard, Microsoft, and Amazon.

Mastercard underperformed as normalization in consumer spending growth and investor sensitivity to valuation tempered returns, despite continued strength in underlying payment volumes. Microsoft detracted amid heightened expectations around artificial intelligence investment returns, which increased scrutiny on near-term margins despite long-term strategic positioning remaining intact. Amazon weighed on results as retail margin volatility and elevated reinvestment levels overshadowed improving fundamentals in AWS and logistics efficiency.

We continue to believe the Large-Cap Growth portfolio is well positioned for a broad range of outcomes, with an emphasis on high-quality businesses capable of compounding value through multiple economic cycles.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

Jackson Square Large-Cap Growth Fund PAGE 1 TSR-AR-56167N845

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5891img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class (without sales charge)**  | 29.65 | 12.45 | 12.53 |
| **Bloomberg US 1000 Total Return Index**  | 21.38 | 16.95 | 14.37 |
| **Bloomberg US 1000 Growth Total Return Index**  | 25.91 | 17.21 | 16.62 |
| **Russell 1000 Growth Total Return**  | 30.70 | 19.27 | 18.29 |

---

Visit https://jspartners.com/funds/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $182522190 |
| **Number of Holdings** | 27 |
| **Net Advisory Fee** | $736307 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  NVIDIA  | 10.9% |
|  Microsoft  | 9.4% |
|  Alphabet, Inc. - Class A  | 8.6% |
|  Amazon.com  | 6.9% |
|  CyberArk Software  | 5.1% |
|  AAON  | 4.3% |
|  Cadence Design Systems  | 3.9% |
|  ASML Holding - ADR  | 3.3% |
|  Vertiv Holdings - Class A  | 3.3% |
|  Boeing  | 3.2% |

---

**Sector Breakdown (% of net assets)**

![image](ts5891img004.jpg)

**HOW HAS THE FUND CHANGED?**

At a Shareholder Meeting held November 21, 2025, the Jackson Square Large-Cap Growth Fund's (the "Fund") shareholders approved an Agreement and Plan of Reorganization with Spyglass Growth Fund (the "Acquiring Fund"), a series of Manager Directed Portfolios, whereby the Acquiring Fund would acquire all the assets and liabilities of the Fund in exchange for Acquiring Fund (the "merger"). Effective before the opening of business on December 8, 2025, the merger was completed.

Jackson Square Large-Cap Growth Fund PAGE 2 TSR-AR-56167N845

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://jspartners.com/funds/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Jackson Square Partners, LLC documents not be householded, please contact Jackson Square Partners, LLC at 1-844-577-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Jackson Square Partners, LLC or your financial intermediary.

Jackson Square Large-Cap Growth Fund PAGE 3 TSR-AR-56167N845

10000965211936125201427718106241261414218220251133255910000104341291313788157681750325156209042287731549382951000010246129901423116716210382996722691260663696246539100001022813267146881720022226318302400128549410445364439.717.212.58.68.38.01.24.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img216237_202410282302437.jpg) | **Jackson Square Large-Cap Growth Fund**  | ![image](img216238_202412201901474.jpg) |
| ![image](img216237_202410282302437.jpg) | IS Class \| DPLGX  | ![image](img216238_202412201901474.jpg) |
| ![image](img216237_202410282302437.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216238_202412201901474.jpg) |

---

This annual shareholder report contains important information about the Jackson Square Large-Cap Growth Fund for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at

https://jspartners.com/funds/. You can also request this information by contacting us at 1-844-577-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| IS Class | $74 | 0.64% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the fiscal year ended October 31, 2025, the Large-Cap Growth Fund benefited from a market environment increasingly characterized by differentiation between companies able to convert innovation into sustainable cash flows and those more exposed to margin pressure, regulatory scrutiny, or normalization of post-pandemic growth rates.

We continue to view the portfolio as deliberately constructed to balance growth opportunity with risk control. The Fund maintains meaningfully higher active share than the benchmark and a materially lower weighted-average market capitalization, reflecting our ongoing preference for differentiated business models and company-specific return drivers rather than benchmark concentration.

Top contributors to performance during the period were NVIDIA, Alphabet, and Canadian Pacific.

NVIDIA continued to benefit from its central role in accelerated computing and artificial intelligence infrastructure, as sustained demand reinforced the company's exceptional pricing power, operating leverage, and long-term growth visibility. Alphabet contributed as improved capital discipline, continued strength in core search economics, and progress in artificial intelligence monetization drove renewed investor confidence in the durability of its cash-flow generation. Canadian Pacific performed well as operational execution, network efficiency improvements, and disciplined pricing supported steady earnings growth and margin expansion despite a mixed macro backdrop.

Bottom contributors for the period were Mastercard, Microsoft, and Amazon.

Mastercard underperformed as normalization in consumer spending growth and investor sensitivity to valuation tempered returns, despite continued strength in underlying payment volumes. Microsoft detracted amid heightened expectations around artificial intelligence investment returns, which increased scrutiny on near-term margins despite long-term strategic positioning remaining intact. Amazon weighed on results as retail margin volatility and elevated reinvestment levels overshadowed improving fundamentals in AWS and logistics efficiency.

We continue to believe the Large-Cap Growth portfolio is well positioned for a broad range of outcomes, with an emphasis on high-quality businesses capable of compounding value through multiple economic cycles.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses including management fees and other expenses were deducted.

Jackson Square Large-Cap Growth Fund PAGE 1 TSR-AR-56167N829

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5889img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/02/2016)** |
| **IS Class (without sales charge)**  | 30.03 | 12.80 | 14.52 |
| **Bloomberg US 1000 Total Return Index**  | 21.38 | 16.95 | 15.07 |
| **Bloomberg US 1000 Growth Total Return Index**  | 25.91 | 17.21 | 17.65 |
| **Russell 1000 Growth Total Return**  | 30.70 | 19.27 | 19.41 |

---

Visit https://jspartners.com/funds/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $182522190 |
| **Number of Holdings** | 27 |
| **Net Advisory Fee** | $736307 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  NVIDIA  | 10.9% |
|  Microsoft  | 9.4% |
|  Alphabet, Inc. - Class A  | 8.6% |
|  Amazon.com  | 6.9% |
|  CyberArk Software  | 5.1% |
|  AAON  | 4.3% |
|  Cadence Design Systems  | 3.9% |
|  ASML Holding - ADR  | 3.3% |
|  Vertiv Holdings - Class A  | 3.3% |
|  Boeing  | 3.2% |

---

**Sector Breakdown (% of net assets)**

![image](ts5889img004.jpg)

**HOW HAS THE FUND CHANGED?**

At a Shareholder Meeting held November 21, 2025, the Jackson Square Large-Cap Growth Fund's (the "Fund") shareholders approved an Agreement and Plan of Reorganization with Spyglass Growth Fund (the "Acquiring Fund"), a series of Manager Directed Portfolios, whereby the Acquiring Fund would acquire all the assets and liabilities of the Fund

Jackson Square Large-Cap Growth Fund PAGE 2 TSR-AR-56167N829

------

in exchange for Acquiring Fund (the "merger"). Effective before the opening of business on December 8, 2025, the merger was completed.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://jspartners.com/funds/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Jackson Square Partners, LLC documents not be householded, please contact Jackson Square Partners, LLC at 1-844-577-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Jackson Square Partners, LLC or your financial intermediary.

Jackson Square Large-Cap Growth Fund PAGE 3 TSR-AR-56167N829

1000000103915812905141359648155810219848192655924156021520157522787888362517810000001033571127912013658191561947173380724918702070702226614331251483793430100000010306581306673143144316814042116215301440722824402621989371795946812841000000102805713335101476358172885122339963199275241236728695204125407539190939.717.212.58.68.38.01.24.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img216237_202410282302437.jpg) | **Jackson Square SMID-Cap Growth Fund**  | ![image](img216238_202412201901474.jpg) |
| ![image](img216237_202410282302437.jpg) | Institutional Class \| JSMTX  | ![image](img216238_202412201901474.jpg) |
| ![image](img216237_202410282302437.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216238_202412201901474.jpg) |

---

This annual shareholder report contains important information about the Jackson Square SMID-Cap Growth Fund for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at

https://jspartners.com/funds/. You can also request this information by contacting us at 1-844-577-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $103 | 0.98% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The SMID-Cap Growth Fund operated against a backdrop of continued dispersion within small- and mid-capitalization equities, where company-specific execution increasingly outweighed macro considerations.

Following portfolio construction enhancements implemented in prior years, idiosyncratic risk remains the primary driver of returns, consistent with our historical objectives for the strategy.

Top contributors during the period were Medpace, AAON, and Axcelis.

Medpace delivered strong performance as demand for outsourced clinical trial services remained robust, supported by disciplined cost management and expanding backlog visibility. AAON benefited from continued strength in energy-efficient HVAC demand, pricing power, and operational execution, reinforcing its position as a high-quality industrial growth compounder. Axcelis contributed meaningfully as long-term semiconductor equipment demand, particularly in power devices, supported revenue growth and margin expansion despite broader cyclicality concerns.

Bottom contributors for the period were Stevanato Group, Align Technology, and SBA Communications.

Stevanato Group underperformed as near-term volume variability and customer inventory adjustments weighed on sentiment, despite long-term demand drivers in pharmaceutical packaging remaining intact. Align Technology detracted amid uneven recovery trends and competitive dynamics, as market expectations adjusted for a slower normalization in orthodontic demand. SBA Communications lagged as elevated interest-rate sensitivity and capital structure concerns weighed on tower operators, despite stable underlying leasing fundamentals.

We remain constructive on the opportunity set within SMID-cap equities and believe the portfolio is positioned to benefit as fundamental growth and valuation discipline reassert themselves over time.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses including management fees and other expenses were deducted.

Jackson Square SMID-Cap Growth Fund PAGE 1 TSR-AR-56167N860

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts5893img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/16/2016)** |
| **Institutional Class (without sales charge)**  | 9.60 | -3.41 | 6.24 |
| **Bloomberg US 1000 Total Return Index**  | 21.38 | 16.95 | 15.25 |
| **Bloomberg US 2500 Growth Total Return Index**  | 14.60 | 9.40 | 11.10 |
| **Russell 2500 Growth Total Return**  | 15.78 | 8.05 | 11.24 |

---

Visit https://jspartners.com/funds/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $72369643 |
| **Number of Holdings** | 26 |
| **Net Advisory Fee** | $763892 |
| **Portfolio Turnover** | 94% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Exact Sciences  | 6.9% |
|  MongoDB  | 6.4% |
|  HubSpot  | 5.7% |
|  AAON  | 5.5% |
|  Global-e Online  | 5.1% |
|  Shift4 Payments - Class A  | 4.7% |
|  Samsara  | 4.6% |
|  Snowflake  | 4.4% |
|  AppLovin - Class A  | 4.3% |
|  API Group  | 4.1% |

---

**Sector Breakdown (% of net assets)**

![image](ts5893img004.jpg)

**HOW HAS THE FUND CHANGED?**

Effective June 13, 2025, Ian Ferry resigned as co-portfolio manager of the Fund leaving Kenneth Broad as the sole portfolio manager.

At a Shareholder Meeting held October 24, 2025, the Fund's shareholders approved an Agreement and Plan of Reorganization with Spyglass Growth Fund (the "Acquiring Fund"), a series of Manager Directed Portfolios, whereby the

Jackson Square SMID-Cap Growth Fund PAGE 2 TSR-AR-56167N860

------

Acquiring Fund would acquire all the assets and liabilities of the Fund in exchange for Acquiring Fund shares (the "merger"). Effective before the opening of business on November 3, 2025, the merger was completed.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://jspartners.com/funds/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Jackson Square Partners, LLC documents not be householded, please contact Jackson Square Partners, LLC at 1-844-577-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Jackson Square Partners, LLC or your financial intermediary.

Jackson Square SMID-Cap Growth Fund PAGE 3 TSR-AR-56167N860

1000009680112052013503115404520672727228913917113390615856317378810000099497123135131481150361166905239880199337218151300843365175100000969971247681324801473131667562380681766501681372280172613071000009612112502413192214745017945824608217870317012022831126434041.315.414.213.111.53.80.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img216237_202410282302437.jpg) | **Jackson Square SMID-Cap Growth Fund**  | ![image](img216238_202412201901474.jpg) |
| ![image](img216237_202410282302437.jpg) | Investor Class \| JSMVX  | ![image](img216238_202412201901474.jpg) |
| ![image](img216237_202410282302437.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216238_202412201901474.jpg) |

---

This annual shareholder report contains important information about the Jackson Square SMID-Cap Growth Fund for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at

https://jspartners.com/funds/. You can also request this information by contacting us at 1-844-577-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $128 | 1.22% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The SMID-Cap Growth Fund operated against a backdrop of continued dispersion within small- and mid-capitalization equities, where company-specific execution increasingly outweighed macro considerations.

Following portfolio construction enhancements implemented in prior years, idiosyncratic risk remains the primary driver of returns, consistent with our historical objectives for the strategy.

Top contributors during the period were Medpace, AAON, and Axcelis.

Medpace delivered strong performance as demand for outsourced clinical trial services remained robust, supported by disciplined cost management and expanding backlog visibility. AAON benefited from continued strength in energy-efficient HVAC demand, pricing power, and operational execution, reinforcing its position as a high-quality industrial growth compounder. Axcelis contributed meaningfully as long-term semiconductor equipment demand, particularly in power devices, supported revenue growth and margin expansion despite broader cyclicality concerns.

Bottom contributors for the period were Stevanato Group, Align Technology, and SBA Communications.

Stevanato Group underperformed as near-term volume variability and customer inventory adjustments weighed on sentiment, despite long-term demand drivers in pharmaceutical packaging remaining intact. Align Technology detracted amid uneven recovery trends and competitive dynamics, as market expectations adjusted for a slower normalization in orthodontic demand. SBA Communications lagged as elevated interest-rate sensitivity and capital structure concerns weighed on tower operators, despite stable underlying leasing fundamentals.

We remain constructive on the opportunity set within SMID-cap equities and believe the portfolio is positioned to benefit as fundamental growth and valuation discipline reassert themselves over time.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

Jackson Square SMID-Cap Growth Fund PAGE 1 TSR-AR-56167N878

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5894img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/19/2016)** |
| **Investor Class (without sales charge)**  | 9.39 | -3.65 | 5.95 |
| **Bloomberg US 1000 Total Return Index**  | 21.38 | 16.95 | 15.26 |
| **Bloomberg US 2500 Growth Total Return Index**  | 14.60 | 9.40 | 11.06 |
| **Russell 2500 Growth Total Return**  | 15.78 | 8.05 | 11.19 |

---

Visit https://jspartners.com/funds/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $72369643 |
| **Number of Holdings** | 26 |
| **Net Advisory Fee** | $763892 |
| **Portfolio Turnover** | 94% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Exact Sciences  | 6.9% |
|  MongoDB  | 6.4% |
|  HubSpot  | 5.7% |
|  AAON  | 5.5% |
|  Global-e Online  | 5.1% |
|  Shift4 Payments - Class A  | 4.7% |
|  Samsara  | 4.6% |
|  Snowflake  | 4.4% |
|  AppLovin - Class A  | 4.3% |
|  API Group  | 4.1% |

---

**Sector Breakdown (% of net assets)**

![image](ts5894img004.jpg)

**HOW HAS THE FUND CHANGED?**

Effective June 13, 2025, Ian Ferry resigned as co-portfolio manager of the Fund leaving Kenneth Broad as the sole portfolio manager.

At a Shareholder Meeting held October 24, 2025, the Fund's shareholders approved an Agreement and Plan of Reorganization with Spyglass Growth Fund (the "Acquiring Fund"), a series of Manager Directed Portfolios, whereby the

Jackson Square SMID-Cap Growth Fund PAGE 2 TSR-AR-56167N878

------

Acquiring Fund would acquire all the assets and liabilities of the Fund in exchange for Acquiring Fund shares (the "merger"). Effective before the opening of business on November 3, 2025, the merger was completed.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://jspartners.com/funds/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Jackson Square Partners, LLC documents not be householded, please contact Jackson Square Partners, LLC at 1-844-577-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Jackson Square Partners, LLC or your financial intermediary.

Jackson Square SMID-Cap Growth Fund PAGE 3 TSR-AR-56167N878

10000966411995134041523920402268011366513120154851693910000994512307131421502916682239761992421804300693649910000965412418131861466216597236951758216734226942600810000956412439131261467117855244841778016926227162630141.315.414.213.111.53.80.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img216237_202410282302437.jpg) | **Jackson Square SMID-Cap Growth Fund**  | ![image](img216238_202412201901474.jpg) |
| ![image](img216237_202410282302437.jpg) | IS Class \| DCGTX  | ![image](img216238_202412201901474.jpg) |
| ![image](img216237_202410282302437.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img216238_202412201901474.jpg) |

---

This annual shareholder report contains important information about the Jackson Square SMID-Cap Growth Fund for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at

https://jspartners.com/funds/. You can also request this information by contacting us at 1-844-577-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| IS Class | $92 | 0.88% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The SMID-Cap Growth Fund operated against a backdrop of continued dispersion within small- and mid-capitalization equities, where company-specific execution increasingly outweighed macro considerations.

Following portfolio construction enhancements implemented in prior years, idiosyncratic risk remains the primary driver of returns, consistent with our historical objectives for the strategy.

Top contributors during the period were Medpace, AAON, and Axcelis.

Medpace delivered strong performance as demand for outsourced clinical trial services remained robust, supported by disciplined cost management and expanding backlog visibility. AAON benefited from continued strength in energy-efficient HVAC demand, pricing power, and operational execution, reinforcing its position as a high-quality industrial growth compounder. Axcelis contributed meaningfully as long-term semiconductor equipment demand, particularly in power devices, supported revenue growth and margin expansion despite broader cyclicality concerns.

Bottom contributors for the period were Stevanato Group, Align Technology, and SBA Communications.

Stevanato Group underperformed as near-term volume variability and customer inventory adjustments weighed on sentiment, despite long-term demand drivers in pharmaceutical packaging remaining intact. Align Technology detracted amid uneven recovery trends and competitive dynamics, as market expectations adjusted for a slower normalization in orthodontic demand. SBA Communications lagged as elevated interest-rate sensitivity and capital structure concerns weighed on tower operators, despite stable underlying leasing fundamentals.

We remain constructive on the opportunity set within SMID-cap equities and believe the portfolio is positioned to benefit as fundamental growth and valuation discipline reassert themselves over time.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses including management fees and other expenses were deducted.

Jackson Square SMID-Cap Growth Fund PAGE 1 TSR-AR-56167N852

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5892img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **IS Class (without sales charge)**  | 9.74 | -3.31 | 6.65 |
| **Bloomberg US 1000 Total Return Index**  | 21.38 | 16.95 | 14.37 |
| **Bloomberg US 2500 Growth Total Return Index**  | 14.60 | 9.40 | 10.69 |
| **Russell 2500 Growth Total Return**  | 15.78 | 8.05 | 10.65 |

---

Visit https://jspartners.com/funds/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $72369643 |
| **Number of Holdings** | 26 |
| **Net Advisory Fee** | $763892 |
| **Portfolio Turnover** | 94% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Exact Sciences  | 6.9% |
|  MongoDB  | 6.4% |
|  HubSpot  | 5.7% |
|  AAON  | 5.5% |
|  Global-e Online  | 5.1% |
|  Shift4 Payments - Class A  | 4.7% |
|  Samsara  | 4.6% |
|  Snowflake  | 4.4% |
|  AppLovin - Class A  | 4.3% |
|  API Group  | 4.1% |

---

**Sector Breakdown (% of net assets)**

![image](ts5892img004.jpg)

**HOW HAS THE FUND CHANGED?**

Effective June 13, 2025, Ian Ferry resigned as co-portfolio manager of the Fund leaving Kenneth Broad as the sole portfolio manager.

At a Shareholder Meeting held October 24, 2025, the Fund's shareholders approved an Agreement and Plan of Reorganization with Spyglass Growth Fund (the "Acquiring Fund"), a series of Manager Directed Portfolios, whereby the

Jackson Square SMID-Cap Growth Fund PAGE 2 TSR-AR-56167N852

------

Acquiring Fund would acquire all the assets and liabilities of the Fund in exchange for Acquiring Fund shares (the "merger"). Effective before the opening of business on November 3, 2025, the merger was completed.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://jspartners.com/funds/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Jackson Square Partners, LLC documents not be householded, please contact Jackson Square Partners, LLC at 1-844-577-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Jackson Square Partners, LLC or your financial intermediary.

Jackson Square SMID-Cap Growth Fund PAGE 3 TSR-AR-56167N852

100000010527031311521147065916767892252978296934115199011464493173484619037741000000104341212913001378823157681917503152515597209041822877203154904382954910000001024852131826513997521556470176190825153701866443177649324091772760912100000099999313006871372449153400118669922560111185913717698412375230275006641.315.414.213.111.53.80.7 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Leonard M. Rush is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other Services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $35000 | $33500 |
| (b) Audit-Related Fees | $822 | $0 |
| (c) Tax Fees | $8500 | $8500 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by **Cohen & Company** applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not applicable

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 10/31/2025 | FYE 10/31/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

(j) Not applicable

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](jackson_sqr-logo.jpg)

**JACKSON SQUARE FUNDS** 

**JACKSON SQUARE Large-Cap Growth Fund** 

**JACKSON SQUARE SMID-Cap Growth Fund** 

Core Financial Statements

October 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| Schedules of Investments <br>|  |
| &nbsp;&nbsp;&nbsp; [Jackson Square Large-Cap Growth Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Jackson Square SMID-Cap Growth Fund](#soi2) | [2](#soi2) |
| [Statements of Assets and Liabilities](#sal) | [3](#sal) |
| [Statements of Operations](#sop) | [4](#sop) |
| [Statements of Changes in Net Assets](#scna) | [5](#scna) |
| [Financial Highlights](#fihi) | [6](#fihi) |
| [Notes to the Financial Statements](#note) | [12](#note) |
| [Report of Independent Registered Public Accounting Firm](#Report) | [19](#Report) |
| [Additional Information](#Add) | [20](#Add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jackson Square Large-Cap Growth Fund** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.5%**<br>|  |  |
| **Communication Services - 8.6%**<br>|  |  |
| Alphabet - Class A | 55787 | $15686746  |
| **Consumer Discretionary - 8.3%**<br>|  |  |
| Amazon.com<sup>(a)</sup> | 51776 | 12644734  |
| Starbucks | 31140 | 2518292  |
|  |  | 15163026  |
| **Financials - 12.5%**<br>|  |  |
| CME Group | 15245 | 4047395  |
| Mastercard - Class A | 9848 | 5435998  |
| S&P Global | 10289 | 5012904  |
| Shift4 Payments - Class A<sup>(a)</sup> | 48831 | 3374222  |
| Visa - Class A | 14430 | 4916878  |
|  |  | 22787397  |
| **Health Care - 8.0%**<br>|  |  |
| Eli Lilly & Co. | 3524 | 3040719  |
| Intuitive Surgical<sup>(a)</sup> | 6784 | 3624555  |
| IQVIA Holdings<sup>(a)</sup> | 15398 | 3333051  |
| Medpace Holdings<sup>(a)</sup> | 7794 | 4558789  |
|  |  | 14557114  |
| **Industrials - 17.2%**<br>|  |  |
| AAON | 80137 | 7884679  |
| Boeing<sup>(a)</sup> | 29302 | 5890288  |
| Canadian Pacific Kansas City | 62001 | 4460972  |
| Uber Technologies<sup>(a)</sup> | 34119 | 3292484  |
| Vertiv Holdings - Class A | 31128 | 6003346  |
| Waste Management | 19218 | 3839180  |
|  |  | 31370949  |
| **Information Technology - 39.7%<sup>(b)</sup>**<br>|  |  |
| Advanced Micro Devices<sup>(a)</sup> | 21835 | 5592380  |
| ASML Holding - ADR | 5771 | 6112817  |
| Cadence Design Systems<sup>(a)</sup> | 21070 | 7136198  |
| CyberArk Software<sup>(a)</sup> | 17813 | 9276654  |
| Microsoft | 33146 | 17163330  |
| NVIDIA | 97997 | 19843413  |
| ServiceNow<sup>(a)</sup> | 3882 | 3568645  |
| Workday - Class A<sup>(a)</sup> | 15560 | 3733155  |
|  |  | 72426592  |
| **Materials - 1.2%**<br>|  |  |
| Linde PLC | 5442 | 2276389  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $95,453,318)** |  | 174268213  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 95.5%**<br>**(Cost $95,453,318)** |  | $174268213  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 4.9%<sup>(c)</sup> |  | 8992497  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.4)% |  | (738520)  |
| **TOTAL NET ASSETS - 100.0%** |  | $182522190 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depository Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> 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 October 31, 2025 was 2.02%. 

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jackson Square SMID-Cap Growth Fund** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.3%**<br>|  |  |
| **Consumer Discretionary - 14.2%**<br>|  |  |
| Carvana<sup>(a)</sup> | 4266 | $1307700  |
| DoorDash<sup>(a)</sup> | 6111 | 1554455  |
| Duolingo<sup>(a)</sup> | 10156 | 2748620  |
| Global-e Online<sup>(a)</sup> | 101714 | 3705441  |
| Sweetgreen<sup>(a)</sup> | 153456 | 965238  |
|  |  | 10281454  |
| **Financials - 11.5%**<br>|  |  |
| Affirm Holdings<sup>(a)</sup> | 37950 | 2727846  |
| Kinsale Capital Group | 5409 | 2160733  |
| Shift4 Payments - Class A<sup>(a)</sup> | 49499 | 3420381  |
|  |  | 8308960  |
| **Health Care - 15.4%**<br>|  |  |
| Ascendis Pharma A/S - ADR<sup>(a)</sup> | 14623 | 2947997  |
| Exact Sciences<sup>(a)</sup> | 77527 | 5015221  |
| Illumina<sup>(a)</sup> | 14100 | 1741914  |
| Medpace Holdings<sup>(a)</sup> | 2437 | 1425426  |
|  |  | 11130558  |
| **Industrials - 13.1%**<br>|  |  |
| AAON | 40228 | 3958033  |
| API Group<sup>(a)</sup> | 80471 | 2962942  |
| Loar Holdings<sup>(a)</sup> | 31966 | 2529470  |
|  |  | 9450445  |
| **Information Technology - 41.3%<sup>(b)</sup>**<br>|  |  |
| AppLovin - Class A<sup>(a)</sup> | 4827 | 3076392  |
| Cadence Design Systems<sup>(a)</sup> | 5609 | 1899712  |
| Credo Technology Group Holding<sup>(a)</sup> | 12636 | 2370766  |
| Fair Isaac<sup>(a)</sup> | 1515 | 2514188  |
| HubSpot<sup>(a)</sup> | 8425 | 4144426  |
| MongoDB<sup>(a)</sup> | 12776 | 4597061  |
| nCino<sup>(a)</sup> | 80534 | 2148647  |
| Procore Technologies<sup>(a)</sup> | 35543 | 2623784  |
| Samsara<sup>(a)</sup> | 82961 | 3332544  |
| Snowflake<sup>(a)</sup> | 11589 | 3185584  |
|  |  | 29893104  |
| **Real Estate - 3.8%**<br>|  |  |
| CoStar Group<sup>(a)</sup> | 40162 | 2763547  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $70,132,993)** |  | 71828068  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%** <br>**(Cost $70,132,993)** |  | 71828068  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.7% |  | 541575  |
| **TOTAL NET ASSETS - 100.0%** |  | $72369643 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depository Receipt

A/S - Aktieselskab

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**JACKSON SQUARE FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Jackson Square** <br>**Large-Cap** <br>**Growth Fund** | **Jackson Square** <br>**SMID-Cap** <br>**Growth Fund**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | $174268213 | $71828068  |
| Cash – money market deposit account | 8992497 | —  |
| Cash |  | 597215  |
| Dividends receivable | 17477 | —  |
| Interest receivable | 3699 | 1970  |
| Dividend tax reclaims receivable | 3281 | 1604  |
| Receivable for fund shares sold | 1846 | —  |
| Prepaid expenses and other assets | 9025 | 4  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 183296038 | 72428861  |
| **LIABILITIES:**<br>|  |  |
| Payable for capital shares redeemed | 557808 | —  |
| Payable for distribution and shareholder servicing fees | 91689 | —  |
| Payable to adviser | 59727 | —  |
| Payable for fund administration and accounting fees | 22433 | 18611  |
| Payable for transfer agent fees and expenses | 19510 | 19053  |
| Payable for legal fees | 8177 | 9175  |
| Payable for directors fees | 5329 | 5376  |
| Payable for compliance fees | 2084 | 2085  |
| Payable for custodian fees | 1999 | 1399  |
| Payable for expenses and other liabilities | 5092 | 3519  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 773848 | 59218  |
| **NET ASSETS** | $182522190 | $72369643  |
| **Net Assets Consist of:**<br>|  |  |
| Paid-in capital | $63018738 | $499777390  |
| Total distributable earnings/(accumulated losses) | 119503452 | (427407747)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $182522190 | $72369643  |
| **Institutional Class**<br>|  |  |
| Net assets | $79986860 | $14555300  |
| Shares issued and outstanding<sup>(a)</sup> | 2619185 | 734930  |
| Net asset value per share | $30.54 | $19.81  |
| **Investor Class**<br>|  |  |
| Net assets | $91836458 | $12927705  |
| Shares issued and outstanding<sup>(a)</sup> | 3819849 | 671092  |
| Net asset value per share | $24.04 | $19.26  |
| **IS Class**<br>|  |  |
| Net assets | $10698872 | $44886638  |
| Shares issued and outstanding<sup>(a)</sup> | 343818 | 2252410  |
| Net asset value per share | $31.12 | $19.93  |
| **COST:**<br>|  |  |
| Investments, at cost | $95453318 | $70132993 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jackson Square Funds** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Jackson Square** <br>**Large-Cap** <br>**Growth Fund** | **Jackson Square** <br>**SMID-Cap** <br>**Growth Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | $1215423 | $547333  |
| Less: Dividend withholding taxes | (81064) | (2187)  |
| Interest income | 59580 | 136698  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1193939 | 681844  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee (see Note 4) | 1028553 | 997557  |
| Distribution expenses - Investor Class | 216952 | 36859  |
| Transfer agent fees (see Note 4) | 142099 | 110931  |
| Fund administration and accounting fees (see Note 4) | 140361 | 115158  |
| Shareholder service costs - Institutional Class (see Note 5) | 61050 | 34155  |
| Shareholder service costs - Investor Class (see Note 5) | 35980 | 12794  |
| Federal and state registration fees | 64083 | 69706  |
| Audit fees | 22499 | 20998  |
| Trustees' fees | 22246 | 21986  |
| Legal fees | 17417 | 18417  |
| Reports to shareholders | 13594 | —  |
| Compliance fees (see Note 4) | 12501 | 12502  |
| Custodian fees (see Note 4) | 11983 | 12738  |
| Other expenses and fees | 13265 | 11433  |
| Total expenses before interest expense and reimbursement/waiver | 1802583 | 1475234  |
| Interest expense (see Note 8) | 4132 | 15091  |
| &nbsp;&nbsp;&nbsp; Total expenses before reimbursement/waiver | 1806715 | 1490325  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser (see Note 4) | (292246) | (233665)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1514469 | 1256660  |
| **Net investment loss** | (320530) | (574816)  |
| **REALIZED AND UNREALIZED GAIN**<br>|  |  |
| Net realized gain from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 47835671 | 32455565  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 47835671 | 32455565  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 956530 | (24663290)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 956530 | (24663290)  |
| **Net realized and unrealized gain** | 48792201 | 7792275  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $48471671 | $7217459 |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jackson Square Funds** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Jackson Square Large-Cap** <br>**Growth Fund** | **Jackson Square Large-Cap** <br>**Growth Fund** | **Jackson Square SMID-Cap** <br>**Growth Fund**  | **Jackson Square SMID-Cap** <br>**Growth Fund**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $(320530) | $(319569) | $(574816) | $(1759838)  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 47835671 | 21501046 | 32455565 | 31964211  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 956530 | 45959576 | (24663290) | 78237300  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 48471671 | 67141053 | 7217459 | 108441673  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (2320505) |  |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Class | (2565814) |  |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - IS Class | (288735) |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5175054) |  |  | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 4477069 | 6812606 | 1217830 | 20652645  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 2305549 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (45702695) | (36155485) | (52513609) | (176667560)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 2104344 | 2706847 | 289649 | 1518485  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Investor Class | 2449139 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (19622319) | (19493117) | (6273938) | (18148397)  |
| &nbsp;&nbsp;&nbsp; Shares sold - IS Class | 550312 | 4237123 | 357781 | 11234633  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - IS Class | 288735 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - IS Class | (5858134) | (14859543) | (84667475) | (348400457)  |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets from capital transactions | (59008000) | (56751569) | (141589762) | (509810651)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (15711383) | 10389484 | (134372303) | (401368978)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 198233573 | 187844089 | 206741946 | 608110924  |
| &nbsp;&nbsp;&nbsp; End of the year | $182522190 | $198233573 | $72369643 | $206741946  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 180989 | 305667 | 68010 | 1160679  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 92333 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (1756976) | (1611910) | (2838575) | (9843459)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 106654 | 161159 | 16059 | 85976  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Investor Class | 124322 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (951742) | (1089696) | (351539) | (1033908)  |
| &nbsp;&nbsp;&nbsp; Shares sold - IS Class | 20429 | 172575 | 20031 | 617532  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - IS Class | 11354 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - IS Class | (213119) | (663092) | (4689317) | (19333730)  |
| &nbsp;&nbsp;&nbsp; **Total decrease in shares outstanding** | (2385756) | (2725297) | (7775331) | (28346910) |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jackson Square Large-Cap Growth Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $24.05 | $17.40 | $13.48 | $31.32 | $28.49  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.02) | (0.02) | 0.01 | (0.08) | (0.16)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 7.09 | 6.67 | 3.91 | (10.07) | 9.08  |
| **Total from investment operations** | 7.07 | 6.65 | 3.92 | (10.15) | 8.92  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net realized gains | (0.58) |  |  | (7.69) | (6.09)  |
| **Total distributions** | (0.58) |  |  | (7.69) | (6.09)  |
| **Net asset value, end of year** | $30.54 | $24.05 | $17.40 | $13.48 | $31.32  |
| Total return | 29.94%<sup>(c)</sup> | 38.22% | 29.08%<sup>(d)</sup> | -41.27% | 33.56%<sup>(e)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $79987 | $98683 | $94144 | $105097 | $1292470  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.87% | 0.85% | 0.82% | 0.70% | 0.81%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.71% | 0.73% | 0.70% | 0.70% | 0.79%<sup>(f)</sup>  |
|  Ratio of net investment income (loss) to average net assets | (0.07)% | (0.07)% | 0.03% | (0.39)% | (0.52)%  |
| Portfolio turnover rate | 25% | 13% | 37% | 35%<sup>(g)</sup> | 28% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> During the fiscal year 2025, the Large-Cap Growth Fund received proceeds from a class action settlement from a company it no longer owns. This settlement had a material impact on the Fund's investment performance. On the day the proceeds were received, the Institutional Class had its NAV positively impacted by 2.11%. This is a one-time event that is not likely to be repeated.

<sup>(d)</sup> During the fiscal year 2023, the Large-Cap Growth Fund received proceeds from a class action settlement from a company it no longer owns. This settlement had a material impact on the Fund's investment performance. On the day the proceeds were received, the Institutional Class had its NAV positively impacted by 5.79%. This is a one-time event that is not likely to be repeated. 

<sup>(e)</sup> Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. 

<sup>(f)</sup> 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 Plan Fees. See Note 1 in the Notes to Financial Statements.

<sup>(g)</sup> Excludes the value of securities delivered as a result of an in-kind redemption of the Fund's capital shares on April 25, 2022.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jackson Square Large-Cap Growth Fund** 

**Financial Highlights** 

**Investor Class<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $19.09 | $13.85 | $10.75 | $26.71 | $25.09  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.06) | (0.05) | (0.02) | (0.09) | (0.19)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 5.59 | 5.29 | 3.12 | (8.18) | 7.90  |
| **Total from investment operations** | 5.53 | 5.24 | 3.10 | (8.27) | 7.71  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net realized gains | (0.58) |  |  | (7.69) | (6.09)  |
| **Total distributions** | (0.58) |  |  | (7.69) | (6.09)  |
| **Net asset value, end of year** | $24.04 | $19.09 | $13.85 | $10.75 | $26.71  |
| Total return | 29.65%<sup>(d)</sup> | 37.83% | 28.84%<sup>(e)</sup> | -41.38% | 33.25%<sup>(f)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $91836 | $86694 | $75721 | $71515 | $169407  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.09% | 1.06% | 1.04% | 0.91% | 1.04%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.93% | 0.94% | 0.93% | 0.90% | 1.03%<sup>(g)</sup>  |
|  Ratio of net investment loss to average net assets | (0.31)% | (0.28)% | (0.19)% | (0.59)% | (0.75)%  |
| Portfolio turnover rate | 25% | 13% | 37% | 35%<sup>(h)</sup> | 28% |

---

<sup>(a)</sup> Prior to April 16, 2021, the Investor class was known as Class A. See Note 1 in the Notes to Financial Statements.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(d)</sup> During the fiscal year 2025, the Large-Cap Growth Fund received proceeds from a class action settlement from a company it no longer owns. This settlement had a material impact on the Fund's investment performance. On the day the proceeds were received, the Investor Class had its NAV positively impacted by 2.07%. This is a one-time event that is not likely to be repeated.

<sup>(e)</sup> During the fiscal year 2023, the Large-Cap Growth Fund received proceeds from a class action settlement from a company it no longer owns. This settlement had a material impact on the Fund's investment performance. On the day the proceeds were received, the Investor class had its NAV positively impacted by 5.84%. This is a one-time event unlikely to be repeated.

<sup>(f)</sup> Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

<sup>(g)</sup> 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 12b-1 fees and Shareholder Servicing Plan fees.

<sup>(h)</sup> Excludes the value of securities delivered as a result of an in-kind redemption of the Fund's capital shares on April 25, 2022.

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jackson Square Large-Cap Growth Fund** 

**Financial Highlights** 

**IS Class<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $24.48 | $17.70 | $13.70 | $31.69 | $28.72  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | (0.00)<sup>(c)</sup> | —<sup>(c)</sup> | 0.02 | (0.07) | (0.10)  |
|  Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 7.22 | 6.78 | 3.98 | (10.23) | 9.16  |
| **Total from investment operations** | 7.22 | 6.78 | 4.00 | (10.30) | 9.06  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net realized gains | (0.58) |  |  | (7.69) | (6.09)  |
| **Total distributions** | (0.58) |  |  | (7.69) | (6.09)  |
| **Net asset value, end of year** | $31.12 | $24.48 | $17.70 | $13.70 | $31.69  |
| Total return | 30.03%<sup>(e)</sup> | 38.31% | 29.20%<sup>(f)</sup> | -41.26% | 33.81%<sup>(g)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $10699 | $12857 | $17979 | $40436 | $945973  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.80% | 0.76% | 0.75% | 0.63% | 0.61%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.64% | 0.64% | 0.64% | 0.63% | 0.61%<sup>(h)</sup>  |
|  Ratio of net investment income (loss) to average net assets | (0.00)%<sup>(i)</sup> | 0.02% | 0.10% | (0.31)% | (0.17)%  |
| Portfolio turnover rate | 25% | 13% | 37% | 35%<sup>(j)</sup> | 28% |

---

<sup>(a)</sup> Prior to April 16, 2021, the IS Class was known as Class R6. See Note 1 in the Notes to Financial Statements.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(e)</sup> During the fiscal year 2025, the Large-Cap Growth Fund received proceeds from a class action settlement from a company it no longer owns. This settlement had a material impact on the Fund's investment performance. On the day the proceeds were received, the IS Class had its NAV positively impacted by 2.07%. This is a one-time event that is not likely to be repeated.

<sup>(f)</sup> During the fiscal year 2023, the Large-Cap Growth Fund received proceeds from a class action settlement from a company it no longer owns. This settlement had a material impact on the Fund's investment performance. On the day the proceeds were received, the IS class had its NAV positively impacted by 5.81%. This is a one-time event unlikely to be repeated.

<sup>(g)</sup> Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

<sup>(h)</sup> 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%.

<sup>(i)</sup> Amount represents less than 0.005%.

<sup>(j)</sup> Excludes the value of securities delivered as a result of an in-kind redemption of the Fund's capital shares on April 25, 2022.

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jackson Square SMID-Cap Growth Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $18.07 | $15.26 | $15.86 | $38.48 | $30.73  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.09) | (0.08) | (0.05) | (0.12) | (0.29)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.83 | 2.89 | (0.55) | (16.41) | 9.98  |
| **Total from investment operations** | 1.74 | 2.81 | (0.60) | (16.53) | 9.69  |
| Net realized gains |  |  |  | (6.09) | (1.94)  |
| **Total distributions** |  |  |  | (6.09) | (1.94)  |
| **Net asset value, end of year** | $19.81 | $18.07 | $15.26 | $15.86 | $38.48  |
| Total return | 9.60% | 18.41% | -3.78% | -48.89% | 31.71%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $14555 | $63327 | $186025 | $320392 | $1039786  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.15% | 1.01% | 0.96% | 0.92% | 0.91%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.98% | 0.98% | 0.96% | 0.91% | 0.91%  |
|  Ratio of expenses excluding interest expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.14% | 1.00% | 0.95% | 0.92% | 0.91%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.97% | 0.97% | 0.96% | 0.91% | 0.91%  |
|  Ratio of net investment loss to average net assets | (0.47)% | (0.44)% | (0.28)% | (0.55)% | (0.76)%  |
| Portfolio turnover rate | 94% | 48% | 49% | 78% | 56% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Jackson Square SMID-Cap Growth Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $17.61 | $14.92 | $15.54 | $37.93 | $30.39  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.13) | (0.12) | (0.09) | (0.17) | (0.38)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.78 | 2.81 | (0.53) | (16.13) | 9.86  |
| **Total from investment operations** | 1.65 | 2.69 | (0.62) | (16.30) | 9.48  |
| Net realized gains |  |  |  | (6.09) | (1.94)  |
| **Total distributions** |  |  |  | (6.09) | (1.94)  |
| **Net asset value, end of year** | $19.26 | $17.61 | $14.92 | $15.54 | $37.93  |
| Total return | 9.39% | 18.03% | -3.99% | -49.01% | 31.36%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $12928 | $17727 | $29155 | $39098 | $107135  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.41% | 1.26% | 1.22% | 1.17% | 1.17%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.22% | 1.23% | 1.22% | 1.17% | 1.17%  |
|  Ratio of expenses excluding interest expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.40% | 1.25% | 1.21% | 1.17% | 1.17%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.21% | 1.22% | 1.21% | 1.17% | 1.17%  |
|  Ratio of net investment loss to average net assets | (0.71)% | (0.69)% | (0.53)% | (0.80)% | (1.02)%  |
| Portfolio turnover rate | 94% | 48% | 49% | 78% | 56% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

The accompanying notes are an integral part of these financial statements.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Jackson Square SMID-Cap Growth Fund** 

**Financial Highlights** 

**IS Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $18.16 | $15.33 | $15.91 | $38.53 | $30.75  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.07) | (0.06) | (0.03) | (0.09) | (0.26)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.84 | 2.89 | (0.55) | (16.44) | 9.98  |
| **Total from investment operations** | 1.77 | 2.83 | (0.58) | (16.53) | 9.72  |
| Net realized gains |  |  |  | (6.09) | (1.94)  |
| **Total distributions** |  |  |  | (6.09) | (1.94)  |
| **Net asset value, end of year** | $19.93 | $18.16 | $15.33 | $15.91 | $38.53  |
| Total return | 9.74% | 18.46% | -3.65% | -48.81% | 31.80%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $44887 | $125688 | $392932 | $552794 | $1016051  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.06% | 0.91% | 0.86% | 0.83% | 0.82%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.88% | 0.88% | 0.87% | 0.82% | 0.82%  |
|  Ratio of expenses excluding interest expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.04% | 0.89% | 0.86% | 0.83% | 0.82%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.87% | 0.87% | 0.86% | 0.82% | 0.82%  |
|  Ratio of net investment loss to average net assets | (0.37)% | (0.34)% | (0.18)% | (0.46)% | (0.84)%  |
| Portfolio turnover rate | 94% | 48% | 49% | 78% | 56% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**JACKSON SQUARE FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025** 

1. ORGANIZATION

Managed Portfolio Series (the "Trust") was organized as a Delaware statutory trust on January 27, 2011. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Jackson Square Large-Cap Growth Fund ("Large-Cap Growth Fund"), and Jackson Square SMID-Cap Growth Fund ("SMID-Cap Growth Fund") (each a "Fund" and collectively, the "Funds") are investment companies and therefore follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*. The Large-Cap Growth Fund and SMID-Cap Growth Fund are each a non-diversified series with their own investment objectives and policies within the Trust. The investment objective of each Fund is long-term capital appreciation. The Funds offer three different share classes – Investor Class, Institutional Class, and IS Class. The Large-Cap Growth Fund currently offers the IS Class shares (previously known as Class R6, prior to April 16, 2021), which commenced operations on May 2, 2016, the Institutional Class shares which commenced operations on February 3, 1994, and the Investor Class shares (previously known as Class A shares before April 16, 2021), which commenced operations on December 3, 1993. Effective April 16, 2021, the Large-Cap Growth Fund ceased offering Class C and Class R shares. The remaining Class C and Class R shares were converted to Investor Class shares at the close of business on April 16, 2021. The SMID-Cap Growth Fund currently offers the IS Class shares, which commenced operations on December 1, 2003, the Institutional Class shares which commenced operations on September 16, 2016, and the Investor Class shares, which commenced operations on September 19, 2016. Each class of shares has identical rights and privileges except with respect to Shareholder Servicing Plan fees, 12b-1 fees, and voting rights on matters affecting a single share class. Institutional Class shares are subject to a maximum 0.10% Shareholder Servicing Plan fee. Investor Class shares are subject to a 0.25% Rule 12b-1 distribution and servicing fee and a maximum 0.10% Shareholder Servicing Plan fee. The Funds may issue an unlimited number of shares of beneficial interest with no par value.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Security Valuation *–* All investments in securities are recorded at their estimated fair value, as described in Note 3.** 

**Federal Income Taxes – The Funds comply with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income or excise tax provision is required. As of and during the year ended October 31, 2025, the Funds did not have any tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority. As of and during the year ended October 31, 2025, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. As of and during the year ended October 31, 2025, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. tax authorities for tax years prior to the fiscal year ended October 31, 2022.** 

**Security Transactions, Investment Income and Distributions *–* The Funds follow industry practice and record security transactions on the trade date. Realized gains and losses on sales of securities are calculated on the basis of identified cost. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and regulations. Discounts and premiums on securities purchased are amortized over the expected life of the respective securities using the constant yield method.** 

The Funds distribute substantially all net investment income and net realized capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense, or realized capital gain for federal income tax purposes.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**JACKSON SQUARE FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Funds. For the year ended October 31, 2025, the following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable** <br>**Earnings** | **Paid-in Capital**  |
| Large-Cap Growth Fund | $(5656422) | $5656422  |
| SMID-Cap Growth Fund | $1716012 | $(1716012) |

---

The adjustments for the Large-Cap Growth Fund were due to the use of equalization and the adjustments for the SMID-Cap Growth Fund were due to net operating loss reclassifications.

**Foreign Currency – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and translations of foreign currency. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.** 

**Allocation of Income, Expenses and Gains/Losses – Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of the Funds are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of each Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based on relative net assets. Shareholder Servicing Plan fees are expensed at an annual rate up to 0.10% of Institutional Class and Investor Class shares and 12b-1 fees are expensed at annual rate of 0.25% of average daily net assets of Investor Class shares (See Note 5). Expenses associated with a specific Fund in the Trust are charged to that Fund. Common Trust expenses are typically allocated evenly between the Funds of the Trust, or by other equitable means.** 

**Securities Litigation – Proceeds received from securities litigation are recorded for a reduction of cost if the Fund holds the security. If a Fund does not still hold the security, then proceeds received from securities litigation are recorded as a realized gain.** 

**Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.** 

**New Accounting Pronouncements – In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")*. This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.** 

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no

13<br>

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**JACKSON SQUARE FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

material impact for the Funds. The Funds operates as a single segment entity. The Funds' income, expenses, assets, and performance are regularly monitored and assessed by senior leadership at the Adviser, who serve as the chief operating decision makers, using the information presented in the financial statements and financial highlights.

3. SECURITIES VALUATION

The Funds have 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 Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| 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.  |

---

Following is a description of the valuation techniques applied to each Fund's major categories of assets and liabilities measured at fair value on a recurring basis. Each Fund's investments are carried at fair value.

**Equity Securities – Equity securities that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and ask prices. Securities traded primarily in the Nasdaq Global Market System for which market quotations are readily available shall be valued using the Nasdaq Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. If the market for a particular security is not active, and the mean between bid and ask prices is used, these securities are categorized in Level 2 of the fair value hierarchy.** 

In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Funds' NAV is calculated will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. The Fund will value foreign securities at fair value, taking into account such events in calculating the NAV. In such cases, use of fair valuation can reduce an investor's ability to seek to profit by estimating the Funds' NAV in advance of the time the NAV is calculated. All foreign securities, with the exception of Canadian securities and those listed on a U.S. exchange, have an adjustment applied to their trade price and therefore are automatically deemed to be in Level 2 of the fair value hierarchy.

**Cash & Cash Equivalents – Cash and cash equivalents include short-term, liquid investments with an original maturity of three months or less. These balances may exceed FDIC insured limits.** 

**Short-Term Investments – Investments in other mutual funds, including money market funds, are valued at their NAV per share. Deposit accounts are valued at acquisition cost, which approximates fair value. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.** 

U.S. government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. These securities are valued principally using dealer quotations. U.S. government securities are categorized in Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.

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**JACKSON SQUARE FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Funds and their Valuation Designee (as defined below) in calculating the Funds' NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have designated Jackson Square Partners, LLC (the "Adviser") as its "Valuation Designee" to perform all the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers, or independent pricing services are unreliable.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following tables are a summary of the inputs used to value each Fund's securities as of April 30, 2025:

**Large-Cap Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $174268213 | $— | $— | $174268213  |
| **Total Investment in Securities** | $174268213 | $— | $— | $174268213 |

---

**SMID-Cap Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $71828068 | $— | $— | $71828068  |
| **Total Investment in Securities** | $71828068 | $— | $— | $71828068 |

---

Refer to the Schedules of Investments for further information on the classification of investments.

4. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Trust has an agreement with the Adviser to furnish investment advisory services to the Funds. For its services, the Funds pay the Adviser a monthly management fee based upon the average daily net assets of the Funds at the following annual rates:

---

| | |
|:---|:---|
| **Fund**<br>|  |
| Large-Cap Growth Fund | 0.55% on assets up to $2.5 billion<br>|
|  | 0.525% on assets between $2.5 billion and $5 billion |
|  | 0.50% on assets greater than $5 billion  |
| SMID-Cap Growth Fund | 0.75% |

---

The Funds' Adviser has contractually agreed to waive a portion or all of its management fees and/or reimburse the Funds for their expenses to ensure that total annual operating expenses (excluding Rule 12b-1 fees, Shareholder Servicing Plan fees, acquired fund fees and expenses, brokerage commissions, leverage, interest, taxes, and extraordinary expenses) do not exceed the following rates (based upon the average daily net assets of the Funds):

---

| | |
|:---|:---|
| **Fund**<br>|  |
| Large-Cap Growth Fund | 0.64%  |
| SMID-Cap Growth Fund | 0.87% |

---

Fees waived and expenses reimbursed by the Adviser may be recouped by the Adviser for a period of thirty-six months following the month during which such waiver or reimbursement was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the waiver or reimbursement occurred. The Operating Expense

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**JACKSON SQUARE FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

Limitation Agreement is indefinite in term, but cannot be terminated within a year after the effective date of the Funds' prospectus. After that date, the agreement may be terminated at any time upon 60 days' written notice by the Board or the Adviser. Waived fees and reimbursed expenses subject to potential recovery by month of expiration are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **November 2025 –** <br>**October 2026** | **November 2026 –** <br>**October 2027** | **November 2027 –** <br>**October 2028**  |
| Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; $227714 | &nbsp;&nbsp;&nbsp;&nbsp; $250716 | &nbsp;&nbsp;&nbsp;&nbsp; $292246  |
| SMID-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113496 | &nbsp;&nbsp;&nbsp;&nbsp; 233665 |

---

Due to the fund reorganizations approved by shareholders as described in Note 11, effective December 8, 2025 and November 3, 2025 for the Large-Cap Growth Fund and SMID-Cap Growth Fund, respectively, the Adviser's ability to recoup previously waived and reimbursed expenses expired.

U.S. Bancorp Fund Services, LLC (the "Administrator"), doing business as U.S. Bank Global Fund Services, acts as the Funds' Administrator, Transfer Agent, and Fund Accountant. U.S. Bank N.A. (the "Custodian") serves as the Custodian to the Funds. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Custodian; coordinates the payment of the Funds' expenses and reviews the Funds' expense accruals. The officers of the Trust, including the Chief Compliance Officer, are employees of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Fund, subject to annual minimums. Fees paid by the Funds for administration and fund accounting, transfer agency, custody and compliance services for the year ended October 31, 2025, are disclosed in the Statements of Operations.

5. DISTRIBUTION & SHAREHOLDER SERVICING FEES

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan") in the Investor Class only. The Plan permits the Funds to pay for distribution and related expenses at an annual rate of 0.25% of the Investor Class average daily net assets. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and other sales material, advertising and public relations expenses, payments to financial intermediaries and compensation of personnel involved in selling shares of the Funds. For the year ended October 31, 2025, the Investor Class of the Funds incurred expenses pursuant to the Plan as follows:

---

| | |
|:---|:---|
| **Fund** |  |
| Large-Cap Growth Fund | $216952  |
| SMID-Cap Growth Fund | 36859 |

---

The Funds have entered into a Shareholder Servicing Plan agreement (the "Agreement") with the Adviser, where the Adviser acts as the shareholder agent, under which the Funds may pay servicing fees at an annual rate of up to 0.10% of the average daily net assets of the Institutional Class and Investor Class. Payments, if any, to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the Funds. Payments may also be made directly to the intermediaries providing shareholder services. The services provided by such intermediaries are primarily designed to assist shareholders of the Fund and include the furnishing of office space and equipment, telephone facilities, personnel, and assistance to the Funds in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Funds and include establishing and maintaining shareholders' accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other personal services to shareholders as the Funds may reasonably request. For the year ended October 31, 2025, the Funds incurred Shareholder Servicing Plan fees as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Institutional Class** | **Investor Class**  |
| Large-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; $61050 | &nbsp;&nbsp;&nbsp; $35980  |
| SMID-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 34155 | &nbsp;&nbsp;&nbsp; 12794 |

---

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**JACKSON SQUARE FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

6. INVESTMENT TRANSACTIONS

The aggregate purchases and sales, excluding short-term investments, by Fund for the year ended October 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Government Securities** | **U.S. Government Securities** | **Other Securities**  | **Other Securities**  |
| <br>**Fund** | **Purchases** | **Sales** | **Purchases** | **Sales**  |
| Large-Cap Growth Fund | $— | $— | $45565787 | $112650449  |
| SMID-Cap Growth Fund |  |  | 120977033 | 262222551 |

---

7. FEDERAL TAX INFORMATION

The aggregate gross unrealized appreciation and depreciation of securities held by the Funds and the total cost of securities for federal income tax purposes at October 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Gross** <br>**Appreciation** | **Aggregate Gross** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation** | **Federal Income** <br>**Tax Cost**  |
| Large-Cap Growth Fund | $81421104 | $(3177165) | $78243939 | $96024274  |
| SMID-Cap Growth Fund | 4157988 | (3248165) | 909823 | 70918245 |

---

Any differences between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the deferral of wash sale losses.

At October 31, 2025, the components of distributable earnings on a tax-basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed** <br>**Ordinary** <br>**Income** | **Undistributed** <br>**Long-Term** <br>**Capital Gains** | **Other** <br>**Accumulated** <br>**Losses** | **Net** <br>**Unrealized** <br>**Appreciation** | **Total** <br>**Distributable** <br>**Earnings**  |
| Large-Cap Growth Fund | $3860406 | $37399107 | $— | $78243939 | $119503452  |
| SMID-Cap Growth Fund |  |  | (428317570) | 909823 | (427707747) |

---

As of October 31, 2025, the SMID-Cap Growth Fund had a non-expiring short-term capital loss carryforward of $247,373,859 and a long-term capital loss carryforward of $180,534,460. During the year ended October 31, 2025, the SMID-Cap Growth Fund utilized $23,915,045 of capital loss carryforwards. A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital, and ordinary losses which occur during the portion of the Fund's taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended October 31, 2025, the Funds did not defer any post-October losses. The SMID-Cap Growth Fund deferred, on a tax basis, qualified late year losses of $409,251.

The tax character of distributions paid for the year ended October 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** | **Total**  |
| Large-Cap Growth Fund | $— | $5175054 | $5175054 |

---

The SMID-Cap Growth Fund did not pay a distribution during the year ended October 31, 2025.

The Funds did not pay a distribution during the year ended October 31, 2024.

8. LINE OF CREDIT

The Large-Cap Growth Fund and SMID-Cap Growth Fund (collectively, the "Funds") have established an unsecured line of credit ("LOC") in the amount of $35,000,000, 15% of a Fund's gross market value or 33.33% of the fair value of the Fund's investments, whichever is less. The LOC agreement was terminated on November 21, 2025. The LOC is intended to provide short-term financing, if necessary, subject to certain restrictions and covenants, in connection with shareholder redemptions and other short-term liquidity needs of the Funds. The LOC is with the Custodian. Interest is charged at the prime rate which was 7.00% as of October 31, 2025. The interest rate during the

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**JACKSON SQUARE FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

year was between 7.00% and 8.00%. The weighted interest paid on outstanding borrowing was 7.50% and 7.58% for the Large-Cap Growth Fund and SMID-Cap Growth Fund respectively. The Funds have authorized the Custodian to charge any of the accounts of the Funds for any missed payments. For the year ended October 31, 2025, the Fund's LOC activity was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **LOC Agent** | **Average** <br>**Borrowings** | **Amount** <br>**Outstanding as of** <br>**October 31, 2025** | **Interest** <br>**Expense** | **Maximum** <br>**Borrowing** | **Date of Maximum** <br>**Borrowing**  |
| Large-Cap Growth Fund | U.S. Bank N.A | &nbsp;&nbsp; $54345 | &nbsp;&nbsp;&nbsp; $— | $4132 | $18103000 | June 10, 2025  |
| SMID-Cap Growth Fund | U.S. Bank N.A | &nbsp;&nbsp; 203548 | &nbsp;&nbsp;&nbsp; — | 15091 | 11635000 | February 27, 2025 |

---

9. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2025, each Fund's percentage of control ownership positions greater than 25% are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent of** <br>**Shares Held**  |
| SMID-Cap Growth Fund | National Financial Services | 34.15% |

---

10. SUBSEQUENT EVENT

On December 3, 2025, the Large-Cap Growth Fund paid long-term and short-term capital gain distributions in the amount as shown in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Short-Term** <br>**Capital Gain** <br>**Dollar Amount** | **Short-Term** <br>**Capital Gain Per** <br>**Share Amount** | **Long-Term** <br>**Capital Gain** <br>**Dollar Amount** | **Long-Term** <br>**Capital Gain Per** <br>**Share Amount**  |
| Large-Cap Growth Fund – Investor Class | $5326814 | &nbsp;&nbsp;&nbsp;&nbsp; $1.412 | $59633167 | &nbsp;&nbsp;&nbsp; $15.80754  |
| Large-Cap Growth Fund – Institutional Class | 3615316 | &nbsp;&nbsp;&nbsp;&nbsp;1.412 | 40473120 | &nbsp;&nbsp;&nbsp;&nbsp;15.80754  |
| Large-Cap Growth Fund – IS Class | 303316 | &nbsp;&nbsp;&nbsp;&nbsp;1.412 | 3395589 | &nbsp;&nbsp;&nbsp;&nbsp;15.80754 |

---

Management has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no additional items require recognition or disclosure.

11. FUND REORGANIZATIONS AND RESULTS OF SPECIAL SHAREHOLDER MEETINGS

Special Meetings of Shareholders of the Funds took place on October 24, 2025 and November 21, 2025 to approve a proposed Agreement and Plan of Reorganization with Spyglass Growth Fund (the "Acquiring Fund"), a series of Manager Directed Portfolios, whereby the Acquiring Fund would acquire all the assets and liabilities of the Funds, in exchange for shares of the Acquiring Fund which would be distributed pro rata, in complete liquidation and termination of the Funds (the "Reorganization"). All Funds' shareholders of record at the close of business on August 29, 2025, were entitled to vote.

For Large-Cap Growth Fund, as of the record date, the Fund had 7,146,740 shares outstanding. Of the 3,590,680 shares of the Fund present in person or by proxy at the meeting on November 21, 2025: 2,992,955, or 83.3% voted in favor of the Reorganization (representing 41.9% of total outstanding shares), 159,820, or 4.5%, voted against the Reorganization, and 437,904, or 12.2% withheld from voting for the Reorganization.

For SMID-Cap Growth Fund, as of the record date, the Fund had 4,060,721 shares outstanding. Of the 2,564,919 shares of the Fund present in person or by proxy at the meeting on October 24, 2025: 2,400,608, or 93.6% voted in favor of the Reorganization (representing 59.1% of total outstanding shares), 162,174, or 6.3%, voted against the Reorganization, and 2,136, or 0.1% withheld from voting for the Reorganization.

Accordingly, the Reorganization was approved for each Fund. The Reorganization was effective December 8, 2025 and November 3, 2025, respectively, for the Large-Cap Growth Fund and SMID-Cap Growth Fund. The Reorganization is structured as a tax-free reorganization for federal tax purposes.

18<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**JACKSON SQUARE FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Jackson Square Funds and

Board of Trustees of Managed Portfolio Series

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Jackson Square Large-Cap Growth Fund and Jackson Square SMID-Cap Growth Fund ("Jackson Square Funds" or the "Funds"), each a series of Managed Portfolio Series, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Jackson Square Partners, LLC since 2016.

![](cc_meckstroth1.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

December 23, 2025

19<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ADDITIONAL INFORMATION** 

**October 31, 2025 (Unaudited)** 

**AVAILABILITY OF FUND PORTFOLIO INFORMATION** 

Each Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. For information on the Public Reference Room call 1-800-SEC-0330. In addition, the Funds' Part F of Form N-PORT is available without charge upon request by calling 1-844-577-3863.

**AVAILABILITY OF PROXY VOTING INFORMATION** 

A description of the Funds' Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-855-282-2386. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, is available (1) without charge, upon request, by calling 1-855-282-2386, or (2) on the SEC's website at www.sec.gov.

**QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION** 

For the fiscal year ended October 31, 2025, certain dividends paid by the Funds may be reported as qualified dividend income and may be eligible for taxation at capital gains rates. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| **Fund** |  |
| Large-Cap Growth Fund | 0.00%  |
| SMID-Cap Growth Fund | 0.00% |

---

For corporate shareholders, the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended October 31, 2025 was as follows:

---

| | |
|:---|:---|
| **Fund** |  |
| Large-Cap Growth Fund | 0.00%  |
| SMID-Cap Growth Fund | 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under the Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

---

| | |
|:---|:---|
| **Fund** |  |
| Large-Cap Growth Fund | 0.00%  |
| SMID-Cap Growth Fund | 0.00% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END INVESTMENT COMPANIES** 

There were no changes in or disagreements with accountants during the period covered by this report.

**PROXY DISCLOSURE FOR OPEN-END INVESTMENT COMPANIES** 

See Note 11.

**RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END INVESTMENT COMPANIES** 

See the Statement of Operations.

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

Not Applicable.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INVESTMENT ADVISER** 

**Jackson Square Partners, LLC** 

**700 Larkspur Landing Circle Suite 210** 

**Larkspur, CA 94939** 

**DISTRIBUTOR** 

**Quasar Distributors, LLC** 

**Three Canal Plaza, Suite 100** 

**Portland, Maine 04101** 

**CUSTODIAN** 

**U.S. Bank N.A.** 

**1555 North Rivercenter Drive, Suite 302** 

**Milwaukee, Wisconsin 53212** 

**ADMINISTRATOR, FUND ACCOUNTANT** 

**AND TRANSFER AGENT** 

**U.S. Bancorp Fund Services, LLC** 

**615 East Michigan Street** 

**Milwaukee, Wisconsin 53202** 

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**Cohen & Company, Ltd.** 

**342 North Water Street, Suite 830** 

**Milwaukee, WI 53202** 

**LEGAL COUNSEL** 

**Stradley Ronon Stevens & Young, LLP** 

**2005 Market Street, Suite 2600** 

**Philadelphia, PA 19103** 

This report should be accompanied or preceded by a prospectus.

The Funds' Statement of Additional Information contains additional information about the Funds' trustees

and is available without charge upon request by calling 1-844-577-3863.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

Special Meetings of Shareholders of the Funds took place on October 24, 2025 and November 21, 2025 to approve a proposed Agreement and Plan of Reorganization with Spyglass Growth Fund (the "Acquiring Fund"), a series of Manager Directed Portfolios, whereby the Acquiring Fund would acquire all the assets and liabilities of the Funds, in exchange for shares of the Acquiring Fund which would be distributed pro rata, in complete liquidation and termination of the Funds (the "Reorganization"). All Funds' shareholders of record at the close of business on August 29, 2025, were entitled to vote.

For Large-Cap Growth Fund, as of the record date, the Fund had 7,146,740 shares outstanding. Of the 3,590,680 shares of the Fund present in person or by proxy at the meeting on November 21, 2025: 2,992,955, or 83.3% voted in favor of the Reorganization (representing 41.9% of total outstanding shares), 159,820, or 4.5%, voted against the Reorganization, and 437,904, or 12.2% withheld from voting for the Reorganization.

For SMID-Cap Growth Fund, as of the record date, the Fund had 4,060,721 shares outstanding. Of the 2,564,919 shares of the Fund present in person or by proxy at the meeting on October 24, 2025: 2,400,608, or 93.6% voted in favor of the Reorganization (representing 59.1% of total outstanding shares), 162,174, or 6.3%, voted against the Reorganization, and 2,136, or 0.1% withheld from voting for the Reorganization.

Accordingly, the Reorganization was approved for each Fund. The Reorganization was effective December 8, 2025 and November 3, 2025, respectively, for the Large-Cap Growth Fund and SMID-Cap Growth Fund. The Reorganization is structured as a tax-free reorganization for federal tax purposes.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no 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 have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the 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) "Filed herewith"](jsacfs-efp20819_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](jsacfs-efp20819_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable to open-end investment companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable to open-end investment companies

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](jsacfs-efp20819_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Managed Portfolio Series

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian R. Wiedmeyer |
|  | Brian R. Wiedmeyer, Principal Executive Officer |

---

Date <u>1/7/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian R. Wiedmeyer |
|  | Brian R. Wiedmeyer, Principal Executive Officer |

---

Date <u>1/7/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Benjamin J. Eirich |
|  | Benjamin J. Eirich, Principal Financial Officer |

---

Date <u>1/7/2026</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

**EX.99.CODE ETH**

**MANAGED PORTFOLIO SERIES**

**Code of Ethics for Principal Officers** 

**April 6, 2011**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Managed Portfolio Series (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The principles and responsibilities set forth below shall govern the professional conduct of the Principal Officers.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **HONEST AND ETHICAL CONDUCT** 

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust (the "Board"), and, in addition, to any other appropriate person or entity that may reasonably be expected address any conflict of interest in timely and expeditious manner.

No Principal Officer shall:

• use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Principal Officer would benefit personally to the detriment of the Fund;

• cause a Fund to take action, or fail to take action, for the individual personal benefit of the Principal Officer rather than the benefit of the Fund; or

• retaliate against any other Principal Officer or any employee of the Trust or its service providers for reports of potential violations by the Trust, its service providers or the Principal Officer that are made in good faith.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without knowingly misrepresenting material facts about the Trust to others, whether within or outside the Trust, including the Trust's Board and auditors, and governmental regulators and self-regulatory organizations or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **FINANCIAL RECORDS AND REPORTING** 

The Principal Officers should familiarize themselves with the public disclosure requirements applicable to the Trust.

The Principal Officers shall, to the extent appropriate within their areas of responsibility, promote full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers

Managed Portfolio Series

Code of Ethics for Principal Officers

will not use confidential information acquired in the course of their duties as Principal Officers for the benefit of any party other than the Trust and the Funds.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote the ethical behavior of the Trust's employees.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **COMPLIANCE WITH LAWS, RULES AND REGULATIONS** 

The Principal Officers shall promote compliance with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies and shall work with the Trust's Chief Compliance Officer and the Board to promptly address detected deviations from applicable federal, state or local laws, regulations or rules.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **COMPLIANCE WITH THIS CODE OF ETHICS** 

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **AMENDMENT AND WAIVER** 

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **ACKNOWLEDGEMENT** 

The Principal Officers shall, in the form attached hereto as <u>Appendix 1</u>, acknowledge that they have received, read and understand this Code of Ethics upon adoption of this Code of Ethics or when initially hired or appointed, whichever occurs later. The Principal Officers shall annually, in the form attached hereto as <u>Appendix 2</u>, acknowledge receipt of and compliance with this Code of Ethics.

Managed Portfolio Series

Code of Ethics for Principal Officers

**APPENDIX 1**

ACKNOWLEDGMENT OF RECEIPT OF THE

CODE OF ETHICS FOR PRINCIPAL OFFICERS

I acknowledge that I have received, read and understand the Code of Ethics for Principal Officers and represent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In
 accordance with the Code of Ethics for Principal Officers, I will report all violations of
 the Code of Ethics for Principal Officers to the Audit Committee as well as the full Board
 of Trustees of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I
 do not currently know of any violations of the Code of Ethics for Principal Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I
 will comply with the Code of Ethics for Principal Officers in all other respects.

---

| |
|:---|
| By: _________________________________________________ |
| Name:_______________________________________________ |
| Title:________________________________________________ |
| Trust or Fund Organization:______________________________ |
| Date:________________________________________________ |

---

Managed Portfolio Series

Code of Ethics for Principal Officers

Appendix 1, Page 1

**APPENDIX 2**

ANNUAL CERTIFICATION OF COMPLIANCE WITH

THE CODE OF ETHICS FOR PRINCIPAL OFFICERS

I certify that during the past year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reported all violations of the Code of Ethics for Principal Officers of which I was aware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I have complied with the Code of Ethics for Principal Officers in all other respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I
 have read and understand the Code of Ethics for Principal Officers and recognize that I am
 subject thereto.

---

| |
|:---|
| By: _________________________________________________ |
| Name:_______________________________________________ |
| Title:________________________________________________ |
| Trust or Fund Organization:______________________________ |
| Date:________________________________________________ |

---

Managed Portfolio Series

Code of Ethics for Principal Officers

Appendix 2, Page 1

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Brian R. Wiedmeyer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Managed Portfolio Series;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/7/2026 | /s/ Brian R. Wiedmeyer |
|  |  | Brian R. Wiedmeyer |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Benjamin J. Eirich, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Managed Portfolio Series;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 1/7/2026 | /s/ Benjamin J. Eirich |
|  |  | Benjamin J. Eirich |
|  |  | Principal Financial Officer |

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## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Managed Portfolio Series, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Managed Portfolio Series for the period ended October 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Managed Portfolio Series for the stated period.

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| | |
|:---|:---|
| /s/ Brian R. Wiedmeyer | /s/ Benjamin J. Eirich |
| Brian R. Wiedmeyer | Benjamin J. Eirich |
| Principal Executive Officer | Principal Financial Officer |

---

Date: <u>1/7/2026</u> Date: <u>1/7/2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Managed Portfolio Series for purposes of Section 18 of the Securities Exchange Act of 1934.