SEC Filing (N-CSRS/A)

Ticker Symbols

Investor Class

Institutional Class

IS Class

Jackson Square

[Not available

Global Growth Fund

for purchase]

JSPTX

JSPUX

Jackson Square

[Not available

International Growth Fund

for purchase]

JSSGX

JSSSX

Jackson Square

Large-Cap Growth Fund

JSPJX

JSPIX

DPLGX

Jackson Square

[Not available

[Not available

Select 20 Growth Fund

for purchase]

for purchase]

DPCEX

Jackson Square

SMID-Cap Growth Fund

JSMVX

JSMTX

DCGTX

www.jspfunds.com

April 30, 2021

1 year

3 years

Since Inception⁽¹⁾

IS Class

57.05%

20.36%

19.18%

Institutional Class

57.02%

20.36%

19.15%

MSCI All Country World Index⁽²⁾

45.75%

13.32%

14.27%

(1)

Inception date of each class was September 19, 2016.

(2)

The MSCI All Country World Index is a free float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed emerging markets. One cannot invest directly in an Index.

Microsoft

6.2

%

Mastercard - Class A

3.9

%

ASML Holding

3.7

%

Wix.com

3.6

%

Adyen

3.5

%

Visa - Class A

3.5

%

Uber Technologies

3.3

%

DSV

3.2

%

Airbus

3.2

%

MercadoLibre

2.9

%

(1)

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

1 year

3 years

Since Inception⁽²⁾

IS Class⁽²⁾

68.68%

25.04%

20.56%

Russell 3000^® Growth Index⁽³⁾

52.41%

24.84%

23.35%

MSCI All Country World Index - ex USA⁽⁴⁾⁽⁵⁾

42.98%

6.98%

10.18%

Since Inception⁽⁷⁾

Institutional Class⁽⁶⁾

6.02%

Russell 3000^® Growth Index⁽³⁾

7.62%

MSCI All Country World Index - ex USA⁽⁴⁾⁽⁵⁾

8.04%

(1)

Prior to December 28, 2020, the Fund was named Jackson Square All-Cap Growth Fund and had different principal investment strategies.

(2)

The IS Class commenced operations on September 19, 2016.

(3)

The Russell 3000^® Growth Index measures the growth segment of the U.S. equity universe. It includes those Russell 3000^® Index companies with higher price-to-book ratios and higher forecasted growth values. One cannot invest directly in an Index.

(4)

The MSCI All Country World Index - ex USA has replaced the Russell 3000^® Growth Index as the Fund's broad-based securities market index because it more closely aligns with the principal investment strategies of the Fund. One cannot invest directly in an Index.

(5)

The MSCI All Country World Index - ex USA is a free float adjusted market capitalization weighted index that is designed to measure the equity performance of developed and emerging markets, excluding the United States. One cannot invest directly in an Index.

(6)

The Institutional Class commenced operations on December 28, 2020.

(7)

Returns under this heading have not been annualized.

Taiwan Semiconductor Manufacturing - ADR

4.6

%

Wix.com

4.5

%

LVMH Moet Hennessy Louis Vuitton

4.4

%

ASML Holding

4.1

%

MercadoLibre

3.9

%

Adyen

3.8

%

DSV

3.8

%

Sartorius Stedim Biotech

3.6

%

Lonza Group

3.6

%

Atlassian

3.4

%

(1)

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

1 year

5 years

10 years

Since Inception⁽¹⁾

IS Class

49.74%

19.82%

15.21%

9.69%

Institutional Class

49.39%

19.59%

15.04%

9.58%

Investor Class

49.05%

19.28%

14.75%

9.29%

Russell 1000^® Growth Index⁽²⁾

51.41%

22.88%

17.02%

10.94%

(1)

The Jackson Square Large-Cap Growth Fund (the 'Fund') acquired the assets and assumed the liabilities of the Delaware U.S. Growth Fund, a series of Delaware Group Adviser Funds (the 'Predecessor Fund'), effective at the close of business on April 16, 2021 (the 'Reorganization'), and the Predecessor Fund is the accounting and performance history survivor of the Reorganization. The performance information shown for the Fund's Investor Class Shares represent the performance of the Predecessor Fund's Class A shares, performance for the Fund's Institutional Class Shares represent the performance of the Predecessor Fund's Institutional Class shares, and performance for the Fund's IS Class Shares represent the performance of the Predecessor Fund's Class R6 shares. Prior to April 16, 2021, the Adviser served as sub-adviser to the Predecessor Fund. The IS Class performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund. The performance shown for the Investor Class Shares has been adjusted so that it does not reflect the Predecessor Fund's 5.75% sales charge for its Class A shares, which does not apply to Investor Class shares. Performance shown for the periods prior to the inception of the Institutional Class and IS Class is based on the performance of the Investor Class shares, adjusted for the lower expenses applicable to the Institutional and IS classes. The Investor Class commenced operations on December 3, 1993, the Institutional Class commenced operations on February 3, 1994 and the IS Class commenced operations on May 2, 2016.

(2)

The Russell 1000^® Growth Index measures the performance of the large cap growth segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. One cannot invest directly in an Index.

Microsoft

8.5

%

Amazon.com

5.9

%

Uber Technologies

5.9

%

Visa - Class A

5.7

%

Twilio - Class A

5.0

%

PayPal Holdings

4.6

%

Mastercard - Class A

4.4

%

Charter Communications - Class A

4.3

%

Match Group

3.8

%

ServiceNow

3.7

%

(1)

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

1 year

5 years

10 years

Since Inception⁽¹⁾

IS Class

59.34%

17.89%

13.85%

5.39%

Russell 3000^® Growth Index⁽²⁾

52.41%

22.59%

16.70%

6.59%

(1)

The IS Class commenced operations on March 31, 2000.

(2)

The Russell 3000^® Growth Index measures the growth segment of the U.S. equity universe. It includes those Russell 3000^® Index composites with higher price-to-books ratios and higher forecasted growth values. One cannot invest directly in an Index.

Microsoft

10.7

%

Twilio - Class A

6.6

%

Amazon.com

6.3

%

KKR & Co. - Class A

5.9

%

Uber Technologies

5.8

%

Visa - Class A

5.4

%

Bill.com Holdings

5.4

%

Grocery Outlet Holding

5.2

%

Pacific Biosciences of California

5.1

%

Liberty Broadband - Class C

5.0

%

(1)

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

1 year

5 years

10 years

Since Inception⁽¹⁾

IS Class

81.95%

23.54%

16.39%

13.96%

Institutional Class

81.77%

23.49%

16.30%

13.87%

Investor Class

81.31%

23.13%

15.99%

13.57%

Russell 2500^® Growth Index⁽²⁾

67.27%

20.51%

14.21%

11.73%

(1)

The IS Class commenced operations on December 1, 2003, the Institutional Class commenced operations on September 16, 2016, and the Investor Class commenced operations on September 19, 2016. Performance of the Institutional Class and Investor Class prior to inception of each class is based on the performance of the IS Class, adjusted for the higher expenses applicable to each class' shares.

(2)

The Russell 2500^® Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500^® companies with higher price-to-book ratios and higher forecasted growth values. One cannot invest directly in an Index.

Bio-Techne

5.8

%

Grocery Outlet Holding

5.4

%

Pacific Biosciences of California

5.4

%

Lyft - Class A

5.2

%

Tandem Diabetes Care

4.8

%

New York Times - Class A

4.7

%

Dolby Laboratories - Class A

4.0

%

HealthEquity

3.8

%

Elastic

3.8

%

Wix.com

3.7

%

(1)

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

Beginning

Ending

Expenses Paid

Account Value

Account Value

During Period⁽¹⁾

(11/1/2020)

(4/30/2021)

(11/1/2020 to 4/30/2021)

IS Class Actual⁽²⁾

$1,000.00

$1,290.70

$5.68

IS Class Hypothetical

(5% return before expenses)

$1,000.00

$1,019.84

$5.01

Institutional Class Actual⁽²⁾

$1,000.00

$1,290.70

$5.91

Institutional Class Hypothetical

(5% return before expenses)

$1,000.00

$1,019.64

$5.21

(1)

Expenses are equal to the Fund's annualized expense ratio for the most recent six-month period of 1.00% and 1.04% for the IS Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

(2)

Based on the actual returns for the six-month period ended April 30, 2021 of 29.07% and 29.07% for the IS Class and Institutional Class, respectively.

Beginning

Ending

Expenses Paid

Account Value

Account Value

During Period⁽¹⁾

(11/1/2020)

(4/30/2021)

(11/1/2020 to 4/30/2021)

IS Class Actual⁽²⁾

$1,000.00

$1,312.10

$5.56

IS Class Hypothetical

(5% return before expenses)

$1,000.00

$1,019.98

$4.86

Institutional Class Actual⁽³⁾⁽⁴⁾

$1,000.00

$1,060.20

$3.78

Institutional Class Hypothetical

(5% return before expenses)

$1,000.00

$1,013.18

$3.70

(1)

Expenses are equal to the Fund's annualized expense ratio for the most recent six-month period of 0.97% for the IS Class, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period. Expenses are equal to the Fund's annualized expense ratio for the most recent six-month period of 1.09% for the Institutional Class, multiplied by the average account value over the period, multiplied by 123/365 to reflect the since inception period.

(2)

Based on the actual returns for the six-month period ended April 30, 2021 of 31.21% for the IS Class.

(3)

Based on the actual return for the period from inception through April 30, 2021 of 6.02% for the Institutional Class.

(4)

Institutional Class inception was December 28, 2020. All values assume a beginning date of December 28, 2020 for the Institutional Class.

Beginning

Ending

Expenses Paid

Account Value

Account Value

During Period⁽⁵⁾

(11/1/2020)

(4/30/2021)

(11/1/2020 to 4/30/2021)

IS Class Actual⁽⁶⁾

$1,000.00

$1,232.60

$3.32

IS Class Hypothetical

(5% return before expenses)

$1,000.00

$1,021.52

$3.01

Institutional Class Actual⁽⁶⁾

$1,000.00

$1,231.20

$4.59

Institutional Class Hypothetical

(5% return before expenses)

$1,000.00

$1,020.68

$4.16

Investor Class Actual⁽⁶⁾

$1,000.00

$1,229.70

$6.14

Investor Class Hypothetical

(5% return before expenses)

$1,000.00

$1,019.29

$5.56

(5)

Expenses are equal to the Fund's annualized expense ratio for the most recent six-month period of 0.60%, 0.83% and 1.11% for the IS Class, Institutional Class and Investor Class, respectively, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

(6)

Based on the actual returns for the six-month period ended April 30, 2021 of 23.26%, 23.12% and 22.97% for the IS Class, Institutional Class and Investor Class, respectively.

Beginning

Ending

Expenses Paid

Account Value

Account Value

During Period⁽¹⁾

(11/1/2020)

(4/30/2021)

(11/1/2020 to 4/30/2021)

IS Class Actual⁽²⁾

$1,000.00

$1,231.80

$4.81

IS Class Hypothetical

(5% return before expenses)

$1,000.00

$1,020.48

$4.36

(1)

Expenses are equal to the Fund's annualized expense ratio for the most recent six-month period of 0.87% for the IS Class, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

(2)

Based on the actual returns for the six-month period ended April 30, 2021 of 23.18% for the IS Class.

Beginning

Ending

Expenses Paid

Account Value

Account Value

During Period⁽³⁾

(11/1/2020)

(4/30/2021)

(11/1/2020 to 4/30/2021)

IS Class Actual⁽⁴⁾

$1,000.00

$1,327.20

$4.79

IS Class Hypothetical

(5% return before expenses)

$1,000.00

$1,020.68

$4.16

Institutional Class Actual⁽⁴⁾

$1,000.00

$1,326.70

$5.25

Institutional Class Hypothetical

(5% return before expenses)

$1,000.00

$1,020.28

$4.56

Investor Class Actual⁽⁴⁾

$1,000.00

$1,325.10

$6.80

Investor Class Hypothetical

(5% return before expenses)

$1,000.00

$1,018.94

$5.91

(3)

Expenses are equal to the Fund's annualized expense ratio for the most recent six-month period of 0.83%, 0.91% and 1.18% for the IS Class, Institutional Class and Investor Class, respectively, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

(4)

Based on the actual returns for the six-month period ended April 30, 2021 of 32.72%, 32.67% and 32.51% for the IS Class, Institutional Class and Investor Class, respectively.

Description

Shares

Value

COMMON STOCKS - 99.6%

Brazil - 5.2%

Afya - Class A*

8,711

$

195,213

Arco Platform - Class A*

6,614

169,715

MercadoLibre*

296

465,010

829,938

China - 2.9%

Bilibili - ADR*

4,180

463,395

Denmark - 6.0%

DSV (a)

2,300

512,418

Vestas Wind Systems (a)

10,560

435,510

947,928

France - 8.7%

Airbus* (a)

4,216

507,017

LVMH Moet Hennessy Louis Vuitton (a)

576

433,932

Safran (a)

2,876

429,414

1,370,363

Israel - 5.5%

Fiverr International*

1,442

300,037

Wix.com*

1,769

562,330

862,367

Japan - 4.3%

Freee KK* (a)

4,290

361,732

MonotaRO (a)

12,798

324,972

686,704

Netherlands - 7.2%

Adyen* (a)

224

551,288

ASML Holding (a)

892

579,037

1,130,325

Taiwan - 2.3%

Taiwan Semiconductor Manufacturing - ADR

3,136

366,097

United Kingdom - 7.6%

Experian (a)

10,713

413,001

Farfetch - Class A*

8,204

401,914

Intertek Group (a)

4,468

378,748

1,193,663

Description

Shares

Value

COMMON STOCKS - 99.6% (Continued)

United States - 49.9%

Airbnb - Class A*

1,325

$

228,841

Aon - Class A

893

224,536

Ball

2,941

275,395

Datadog - Class A*

4,782

410,152

DexCom*

721

278,378

Edwards Lifesciences*

4,388

419,142

IHS Markit

2,427

261,097

Mastercard - Class A

1,620

618,937

Match Group*

2,548

396,545

Microsoft

3,899

983,250

Netflix*

773

396,912

New York Times - Class A

10,117

459,413

ServiceNow*

747

378,258

Snowflake - Class A*

1,810

419,178

Twilio - Class A*

998

367,064

Uber Technologies*

9,603

525,956

Veeva Systems - Class A*

1,204

340,070

Visa - Class A

2,336

545,596

Zoom Video Communications - Class A*

1,087

347,373

7,876,093

TOTAL COMMON STOCKS

(Cost $9,611,108)

15,726,873

Description

Shares

Value

SHORT-TERM INVESTMENT - 0.4%

Money Market Deposit Account - 0.4%

U.S. Bank N.A., 0.00% (b)

Total Money Market Deposit Account

73,548

$

73,548

TOTAL SHORT-TERM INVESTMENT

(Cost $73,548)

73,548

Total Investments - 100.0%

(Cost $9,684,656)

15,800,421

Liabilities in Excess of Other Assets - (0.0)%

(4,998

)

Total Net Assets - 100.0%

$

15,795,423

*

Non-income producing security.

ADR - American Depositary Receipt

(a)

Level 2 Security.

(b)

The Money Market Deposit Account (the 'MMDA') is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of April 30, 2021.

% of

Sector

Net Assets

Information Technology^#

41.1

%

Industrials

24.0

%

Consumer Discretionary

13.9

%

Communication Services

10.9

%

Health Care

6.6

%

Materials

1.7

%

Financials

1.4

%

Short-Term Investment

0.4

%

Liabilities in Excess of Other Assets

(0.0

)%

Total

100.0

%

#

As of April 30, 2021, the Fund has a significant portion of its assets invested in this sector and therefore is subject to additional risks. See Note 10 in Notes to Financial Statements.

Description

Shares

Value

COMMON STOCKS - 99.5%

Australia - 3.4%

Atlassian*

1,757

$

417,393

Brazil - 7.7%

Arco Platform - Class A*

7,702

197,633

MercadoLibre*

301

472,865

StoneCo - Class A*

4,001

258,625

929,123

Canada - 2.6%

Shopify*

264

312,182

China - 7.7%

Bilibili - ADR*

3,479

385,682

GDS Holdings - Class A*

3,776

313,295

Kuaishou Technology*

7,000

237,006

935,983

Denmark - 7.0%

DSV (a)

2,041

454,715

Vestas Wind Systems (a)

9,435

389,114

843,829

France - 16.7%

Airbus* (a)

3,279

394,333

L'Oreal (a)

768

314,475

LVMH Moet Hennessy Louis Vuitton (a)

700

527,348

Safran (a)

2,344

349,981

Sartorius Stedim Biotech (a)

953

437,702

2,023,839

Germany - 6.6%

Delivery Hero* (a)

1,966

311,889

Puma (a)

2,560

269,882

Zalando* (a)

2,088

217,150

798,921

Israel - 7.2%

Fiverr International*

1,601

333,120

Wix.com*

1,698

539,760

872,880

Description

Shares

Value

COMMON STOCKS - 99.5% (Continued)

Japan - 8.9%

Freee KK* (a)

4,425

$

373,115

MonotaRO (a)

13,466

341,934

Recruit Holdings (a)

8,141

367,057

1,082,106

Netherlands - 8.0%

Adyen* (a)

189

465,149

ASML Holding (a)

766

497,245

962,394

Singapore - 2.3%

Sea - ADR*

1,095

276,531

Switzerland - 5.6%

Lonza Group (a)

683

434,193

Zur Rose Group* (a)

743

247,280

681,473

Taiwan - 4.6%

Taiwan Semiconductor Manufacturing - ADR

4,809

561,403

United Kingdom - 9.4%

Experian (a)

10,471

403,672

Farfetch - Class A*

7,964

390,157

Intertek Group (a)

3,987

337,974

1,131,803

United States - 1.8%

Lululemon Athletica*

642

215,243

TOTAL COMMON STOCKS

(Cost $10,917,841)

12,045,103

Description

Shares

Value

SHORT-TERM INVESTMENT - 0.5%

Money Market Deposit Account - 0.5%

U.S. Bank N.A., 0.00% (b)

Total Money Market Deposit Account

56,753

$

56,753

TOTAL SHORT-TERM INVESTMENT

(Cost $56,753)

56,753

Total Investments - 100.0%

(Cost $10,974,594)

12,101,856

Liabilities in Excess of Other Assets - (0.0)%

(1,536

)

Total Net Assets - 100.0%

$

12,100,320

*

Non-income producing security.

ADR - American Depositary Receipt

(a)

Level 2 Security.

(b)

The Money Market Deposit Account (the 'MMDA') is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of April 30, 2021.

% of

Sector

Net Assets

Information Technology^#

30.9

%

Industrials^#

25.1

%

Consumer Discretionary

24.3

%

Communication Services

7.4

%

Health Care

7.2

%

Consumer Staples

4.6

%

Short-Term Investment

0.5

%

Liabilities in Excess of Other Assets

(0.0

)%

Total

100.0

%

#

As of April 30, 2021, the Fund has a significant portion of its assets invested in this sector and therefore is subject to additional risks. See Note 10 in Notes to the Financial Statements.

Description

Shares

Value

COMMON STOCKS - 100.1%

Communication Services - 10.7%

Charter Communications - Class A*

181,813

$

122,441,965

Match Group*

696,199

108,349,450

Netflix*

148,832

76,420,767

307,212,182

Consumer Discretionary - 13.1%

Airbnb - Class A*

330,413

57,065,629

Amazon.com*

49,288

170,902,197

NIKE - Class B

658,119

87,279,742

Starbucks

544,061

62,289,544

377,537,112

Financials - 3.6%

KKR & Co. - Class A

1,816,429

102,773,553

Health Care - 14.8%

10X Genomics - Class A*

348,098

68,853,784

Align Technology*

136,382

81,219,573

Edwards Lifesciences*

1,088,948

104,016,313

Intuitive Surgical*

108,914

94,210,610

Veeva Systems - Class A*

273,179

77,159,409

425,459,689

Industrials - 8.6%

Uber Technologies*

3,110,065

170,338,260

Waste Management

562,481

77,605,504

247,943,764

Information Technology - 49.3%^#

Adobe*

116,768

59,357,845

Coupa Software*

256,964

69,133,594

Datadog - Class A*

814,299

69,842,425

Mastercard - Class A

333,033

127,238,588

Microsoft

966,713

243,785,684

Paycom Software*

218,010

83,805,224

PayPal Holdings*

502,811

131,882,297

ServiceNow*

208,226

105,439,400

Snowflake - Class A*

341,485

79,084,511

Description

Shares

Value

COMMON STOCKS - 100.1% (Continued)

Information Technology - 49.3%^# (Continued)

Twilio - Class A*

389,947

$

143,422,507

Visa - Class A

700,287

163,559,032

Wix.com*

249,109

79,186,769

Zoom Video Communications - Class A*

192,333

61,463,857

1,417,201,733

TOTAL COMMON STOCKS

(Cost $1,782,044,084)

2,878,128,033

SHORT-TERM INVESTMENT - 0.1%

Money Market Deposit Account - 0.1%

U.S. Bank N.A., 0.00% (a)

Total Money Market Deposit Account

3,892,652

3,892,652

TOTAL SHORT-TERM INVESTMENT

(Cost $3,892,652)

3,892,652

Total Investments - 100.2%

(Cost $1,785,936,736)

2,882,020,685

Liabilities in Excess of Other Assets - (0.2)%

(7,144,347

)

Total Net Assets - 100.0%

$

2,874,876,338

*

Non-income producing security.

#

As of April 30, 2021, the Fund has a significant portion of its assets invested in this sector and therefore is subject to additional risks. See Note 10 in Notes to Financial Statements.

(a)

The Money Market Deposit Account (the 'MMDA') is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of April 30, 2021.

Description

Shares

Value

COMMON STOCKS - 99.5%

Communication Services - 8.9%

Liberty Broadband - Class C*

2,676

$

435,439

Match Group*

2,163

336,627

772,066

Consumer Discretionary - 6.3%

Amazon.com*

159

551,320

Consumer Staples - 5.2%

Grocery Outlet Holding*

11,196

452,206

Financials - 5.9%

KKR & Co. - Class A

9,051

512,106

Health Care - 16.4%

Edwards Lifesciences*

3,366

321,520

HealthEquity*

4,654

353,564

Pacific Biosciences of California*

15,007

447,959

Tandem Diabetes Care*

3,325

305,568

1,428,611

Industrials - 9.2%

Airbus* (a)

2,487

299,087

Uber Technologies*

9,201

503,939

803,026

Information Technology - 47.6%^#

Bill.com Holdings*

3,043

470,539

Coupa Software*

1,050

282,492

Datadog - Class A*

4,562

391,283

Elastic*

3,237

390,447

Microsoft

3,692

931,049

ServiceNow*

665

336,736

Twilio - Class A*

1,564

575,239

Visa - Class A

2,022

472,258

Wix.com*

926

294,357

4,144,400

TOTAL COMMON STOCKS

(Cost $4,860,169)

8,663,735

Description

Shares

Value

SHORT-TERM INVESTMENT - 0.4%

Money Market Deposit Account - 0.4%

U.S. Bank N.A., 0.00% (b)

Total Money Market Deposit Account

37,706

$

37,706

TOTAL SHORT-TERM INVESTMENT

(Cost $37,706)

37,706

Total Investments - 99.9%

(Cost $4,897,875)

8,701,441

Other Assets and Liabilities, Net - 0.1%

6,308

Total Net Assets - 100.0%

$

8,707,749

*

Non-income producing security.

#

As of April 30, 2021, the Fund had a significant portion of its assets invested in this sector and therefore is subject to additional risks. See Note 10 in Notes to the Financial Statements.

(a)

Level 2 Security.

(b)

The Money Market Deposit Account (the 'MMDA') is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of April 30, 2021.

Description

Shares

Value

COMMON STOCKS - 97.1%

Communication Services - 7.3%

Liberty Broadband - Class C*

325,596

$

52,980,981

New York Times - Class A

2,119,643

96,252,989

149,233,970

Consumer Discretionary - 10.9%

Farfetch - Class A*

808,169

39,592,199

Papa John's International

746,292

72,181,362

Stitch Fix - Class A*

398,148

17,247,772

Vroom*

808,180

37,394,489

Wyndham Hotels & Resorts

776,193

56,747,470

223,163,292

Consumer Staples - 5.4%

Grocery Outlet Holding*

2,729,093

110,228,066

Financials - 3.9%

Carlyle Group

945,462

40,333,409

LendingClub*

2,486,982

38,274,653

78,608,062

Health Care - 30.6%^#

1Life Healthcare*

1,297,238

56,442,825

ABIOMED*

168,244

53,960,898

Bio-Techne

277,034

118,429,265

HealthEquity*

1,031,465

78,360,396

Nevro*

347,428

60,039,033

Pacific Biosciences of California*

3,665,710

109,421,443

Tandem Diabetes Care*

1,064,318

97,810,824

Twist Bioscience*

372,983

50,050,589

624,515,273

Industrials - 7.7%

Graco

663,356

50,945,741

Lyft - Class A*

1,899,066

105,702,013

156,647,754

Description

Shares

Value

COMMON STOCKS - 97.1% (Continued)

Information Technology - 29.4%^#

Anaplan*

974,814

$

58,147,655

Bill.com Holdings*

368,388

56,963,836

Dolby Laboratories - Class A

813,914

82,587,854

Elastic*

648,019

78,164,052

Fiverr International*

220,777

45,937,070

Guidewire Software*

500,284

52,784,965

LiveRamp Holdings*

590,338

28,914,755

SailPoint Technologies Holding*

1,109,658

54,184,600

Varonis Systems*

1,250,771

66,228,325

Wix.com*

240,812

76,549,319

600,462,431

Real Estate - 1.9%

Redfin*

554,716

39,262,799

TOTAL COMMON STOCKS

(Cost $1,386,461,593)

1,982,121,647

SHORT-TERM INVESTMENT - 3.6%

Money Market Deposit Account - 3.6%

U.S. Bank N.A., 0.00% (a)

Total Money Market Deposit Account

73,656,646

73,656,646

TOTAL SHORT-TERM INVESTMENT

(Cost $73,656,646)

73,656,646

Total Investments - 100.7%

(Cost $1,460,118,239)

2,055,778,293

Liabilities in Excess of Other Assets - (0.7)%

(13,593,616

)

Total Net Assets - 100.0%

$

2,042,184,677

*

Non-income producing security.

#

As of April 30, 2021, the Fund had a significant portion of its assets invested in this sector and therefore is subject to additional risks. See Note 10 in Notes to the Financial Statements.

(a)

The Money Market Deposit Account (the 'MMDA') is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of April 30, 2021.

Global

International

Large-Cap

Growth Fund

Growth Fund

Growth Fund

ASSETS:

Investment securities:

At cost

$

9,684,656

$

10,974,594

$

1,785,936,736

At value

$

15,800,421

$

12,101,856

$

2,882,020,685

Dividends & interest receivable

4,409

2,502

468,149

Receivable from investment adviser

20

2,577

-

Receivable for capital shares sold

-

-

4,198,096

Prepaid expenses

19,166

18,426

59,390

Total Assets

15,824,016

12,125,361

2,886,746,320

LIABILITIES:

Payable for capital shares redeemed

654

-

8,988,666

Payable to investment adviser

-

-

1,247,459

Payable for fund administration & accounting fees

7,387

7,398

175,837

Payable for compliance fees

70

116

692

Payable for transfer agent fees & expenses

8,991

6,756

1,088,621

Payable for custody fees

2,118

1,838

27,319

Payable for trustee fees

-

-

18,300

Accrued distribution and/or shareholder service fees

-

22

166,239

Payable for audit fees

8,600

8,333

25,462

Accrued expenses

773

578

131,387

Total Liabilities

28,593

25,041

11,869,982

NET ASSETS

$

15,795,423

$

12,100,320

$

2,874,876,338

NET ASSETS CONSIST OF:

Paid-in capital

7,856,482

7,701,847

1,771,704,548

Total distributable earnings

7,938,941

4,398,473

1,103,171,790

Total net assets

$

15,795,423

$

12,100,320

$

2,874,876,338

IS Class Shares:

Net Assets

$

15,259,138

$

12,037,987

$

1,454,983,759

Shares issued and outstanding⁽¹⁾

431,517

345,443

49,852,199

Net asset value, offering price, and redemption price per share

$

35.36

$

34.85

$

29.19

Institutional Class Shares:

Net Assets

$

536,285

$

62,333