X0101 EFFECT 33 LIVE 2025-09-17 09:30:00

N-14

0001359057 Manager Directed Portfolios 333-289548 0001359057 Manager Directed Portfolios S000060175 Spyglass Growth Fund C000196940 Institutional Shares 0001511699 Managed Portfolio Series S000052863 Jackson Square SMID-Cap Growth Fund C000166271 Investor Class 0001359057 Manager Directed Portfolios S000060175 Spyglass Growth Fund C000196940 Institutional Shares 0001511699 Managed Portfolio Series S000052863 Jackson Square SMID-Cap Growth Fund C000166272 Institutional Class 0001359057 Manager Directed Portfolios S000060175 Spyglass Growth Fund C000196940 Institutional Shares 0001511699 Managed Portfolio Series S000052863 Jackson Square SMID-Cap Growth Fund C000166273 IS Class 0001359057 Manager Directed Portfolios S000060175 Spyglass Growth Fund C000196940 Institutional Shares 0001511699 Managed Portfolio Series S000052864 Jackson Square Large-Cap Growth Fund C000166274 Investor Class 0001359057 Manager Directed Portfolios S000060175 Spyglass Growth Fund C000196940 Institutional Shares 0001511699 Managed Portfolio Series S000052864 Jackson Square Large-Cap Growth Fund C000166275 Institutional Class 0001359057 Manager Directed Portfolios S000060175 Spyglass Growth Fund C000196940 Institutional Shares 0001511699 Managed Portfolio Series S000052864 Jackson Square Large-Cap Growth Fund C000166276 IS Class