Shares | Value | |||||
COMMON STOCKS - 91.0% | ||||||
Advertising Agencies - 1.5% | ||||||
Omnicom Group, Inc. | 87,488 | $7,847,674 | ||||
Aerospace & Defense - 3.2% | ||||||
General Dynamics Corporation | 11,000 | 3,191,540 | ||||
L3Harris Technologies, Inc. | 31,000 | 6,961,980 | ||||
RTX Corporation | 70,000 | 7,027,300 | ||||
17,180,820 | ||||||
Air Delivery & Freight Services - 3.3% | ||||||
FedEx Corporation | 27,500 | 8,245,600 | ||||
United Parcel Service, Inc. - Class B | 68,000 | 9,305,800 | ||||
17,551,400 | ||||||
Airlines - 2.2% | ||||||
Delta Air Lines, Inc. | 132,000 | 6,262,080 | ||||
Southwest Airlines Company | 193,000 | 5,521,730 | ||||
11,783,810 | ||||||
Auto Components - 1.1% | ||||||
Aptiv PLC(a) | 82,000 | 5,774,440 | ||||
Auto Manufacturers - 1.2% | ||||||
General Motors Company | 141,000 | 6,550,860 | ||||
Automobiles - 0.4% | ||||||
Winnebago Industries, Inc.(b) | 39,500 | 2,140,900 | ||||
Building Products - 0.5% | ||||||
Carrier Global Corporation | 46,000 | 2,901,680 | ||||
Capital Markets - 1.0% | ||||||
Goldman Sachs Group, Inc. | 12,000 | 5,427,840 | ||||
Chemicals - 4.1% | ||||||
Corteva, Inc. | 159,000 | 8,576,460 | ||||
Eastman Chemical Company | 48,000 | 4,702,560 | ||||
International Flavors & Fragrances, Inc. | 88,000 | 8,378,480 | ||||
21,657,500 | ||||||
Commercial Banks - 6.0% | ||||||
Citizens Financial Group, Inc. | 228,717 | 8,240,673 | ||||
Fifth Third Bancorp | 216,000 | 7,881,840 | ||||
U.S. Bancorp | 215,660 | 8,561,702 | ||||
Wells Fargo & Company | 121,000 | 7,186,190 | ||||
31,870,405 | ||||||
Commercial Services - 1.1% | ||||||
Moody’s Corporation | 6,500 | 2,736,045 | ||||
S&P Global, Inc. | 6,500 | 2,899,000 | ||||
5,635,045 | ||||||
Commercial Services & Supplies - 3.1% | ||||||
ABM Industries, Inc. | 225,953 | 11,426,443 | ||||
Korn Ferry | 76,000 | 5,102,640 | ||||
16,529,083 | ||||||
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 811-22525
Managed Portfolio Series
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(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., 6th Floor
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 516-1712
Registrant’s telephone number, including area code
Date of fiscal year end: 06/30/2024
Date of reporting period: 06/30/2024
Item 1. Reports to Stockholders.
(a) |
Olstein All Cap Value Fund | ||
Adviser Class | OFAFX | ||
Annual Shareholder Report | June 30, 2024 |
(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 |
Adviser Class | $121 | 1.17% |
1 Year | 5 Year | 10 Year | |
Adviser Class (without sales charge) | 6.48 | 7.80 | 7.28 |
Russell 3000 Total Return | 23.13 | 14.14 | 12.15 |
Russell 3000 Value Total Return | 12.93 | 8.89 | 8.10 |
* | The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Olstein All Cap Value Fund | PAGE 1 | TSR_AR_56167N621 |
Net Assets | $531,880,961 |
Number of Equity Holdings | 79 |
Net Advisory Fee | $5,572,937 |
Portfolio Turnover | 27% |
Security Type | (% of Net Assets) |
Common Stocks | 91.0% |
Cash & Other | 9.0% |
Top 10 Issuers | (% of Net Assets) |
Walt Disney Company | 2.2% |
ABM Industries, Inc. | 2.1% |
Sensata Technologies Holding PLC | 1.8% |
United Parcel Service, Inc. | 1.7% |
Quest Diagnostics Inc. | 1.7% |
CVS Health Corporation | 1.7% |
Baxter International, Inc. | 1.7% |
Johnson & Johnson | 1.7% |
SS&C Technologies Holdings, Inc. | 1.7% |
Corteva, Inc. | 1.6% |
Olstein All Cap Value Fund | PAGE 2 | TSR_AR_56167N621 |
Olstein All Cap Value Fund | ||
Class A | OFAVX | ||
Annual Shareholder Report | June 30, 2024 |
(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 |
Class A | $146 | 1.42% |
1 Year | 5 Year | Since Inception (09/17/2018) | |
Class A (without sales charge) | 6.23 | 7.53 | 6.48 |
Class A (with sales charge) | 0.38 | 6.32 | 5.45 |
Russell 3000 Total Return | 23.13 | 14.14 | 12.59 |
Russell 3000 Value Total Return | 12.93 | 8.89 | 7.95 |
* | The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Olstein All Cap Value Fund | PAGE 1 | TSR_AR_56167N563 |
Net Assets | $531,880,961 |
Number of Equity Holdings | 79 |
Net Advisory Fee | $5,572,937 |
Portfolio Turnover | 27% |
Security Type | (% of Net Assets) |
Common Stocks | 91.0% |
Cash & Other | 9.0% |
Top 10 Issuers | (% of Net Assets) |
Walt Disney Company | 2.2% |
ABM Industries, Inc. | 2.1% |
Sensata Technologies Holding PLC | 1.8% |
United Parcel Service, Inc. | 1.7% |
Quest Diagnostics Inc. | 1.7% |
CVS Health Corporation | 1.7% |
Baxter International, Inc. | 1.7% |
Johnson & Johnson | 1.7% |
SS&C Technologies Holdings, Inc. | 1.7% |
Corteva, Inc. | 1.6% |
Olstein All Cap Value Fund | PAGE 2 | TSR_AR_56167N563 |
Olstein All Cap Value Fund | ||
Class C | OFALX | ||
Annual Shareholder Report | June 30, 2024 |
(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 |
Class C | $223 | 2.17% |
1 Year | 5 Year | 10 Year | |
Class C (without sales charge) | 5.43 | 6.71 | 6.21 |
Class C (with sales charge) | 4.43 | 6.71 | 6.21 |
Russell 3000 Total Return | 23.13 | 14.14 | 12.15 |
Russell 3000 Value Total Return | 12.93 | 8.89 | 8.10 |
* | The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Olstein All Cap Value Fund | PAGE 1 | TSR_AR_56167N613 |
Net Assets | $531,880,961 |
Number of Equity Holdings | 79 |
Net Advisory Fee | $5,572,937 |
Portfolio Turnover | 27% |
Security Type | (% of Net Assets) |
Common Stocks | 91.0% |
Cash & Other | 9.0% |
Top 10 Issuers | (% of Net Assets) |
Walt Disney Company | 2.2% |
ABM Industries, Inc. | 2.1% |
Sensata Technologies Holding PLC | 1.8% |
United Parcel Service, Inc. | 1.7% |
Quest Diagnostics Inc. | 1.7% |
CVS Health Corporation | 1.7% |
Baxter International, Inc. | 1.7% |
Johnson & Johnson | 1.7% |
SS&C Technologies Holdings, Inc. | 1.7% |
Corteva, Inc. | 1.6% |
Olstein All Cap Value Fund | PAGE 2 | TSR_AR_56167N613 |
Olstein Strategic Opportunities Fund | ||
Adviser Class | OFSFX | ||
Annual Shareholder Report | June 30, 2024 |
(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 |
Adviser Class | $138 | 1.35% |
1 Year | 5 Year | Since Inception (05/11/2015) | |
Adviser Class (without sales charge) | 3.85 | 7.15 | 4.39 |
Russell 3000 Total Return | 23.13 | 14.14 | 12.33 |
Russell 2500 Value Total Return | 11.24 | 8.01 | 7.24 |
* | The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Olstein Strategic Opportunities Fund | PAGE 1 | TSR_AR_56167N571 |
Net Assets | $81,425,688 |
Number of Equity Holdings | 37 |
Net Advisory Fee | $694,045 |
Portfolio Turnover | 32% |
Security Type | (% of Net Assets) |
Common Stocks | 96.1% |
Cash & Other | 3.9% |
Top 10 Equity Issuers | (% of Net Assets) |
Prestige Consumer Healthcare, Inc. | 4.1% |
Shyft Group, Inc. | 4.1% |
Sensata Technologies Holding PLC | 4.1% |
Integra LifeSciences Holdings Corporation | 4.0% |
ABM Industries, Inc. | 4.0% |
Gates Industrial Corporation PLC | 3.9% |
Dine Brands Global, Inc. | 3.7% |
Central Garden & Pet Company - Class A | 3.2% |
Mohawk Industries, Inc. | 3.2% |
Citizens Financial Group, Inc. | 3.2% |
Olstein Strategic Opportunities Fund | PAGE 2 | TSR_AR_56167N571 |
Olstein Strategic Opportunities Fund | ||
Class A | OFSAX | ||
Annual Shareholder Report | June 30, 2024 |
(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 |
Class A | $163 | 1.60% |
1 Year | 5 Year | 10 Year | |
Class A (without sales charge) | 3.58 | 6.88 | 4.93 |
Class A (with sales charge) | -2.10 | 5.68 | 4.34 |
Russell 3000 Total Return | 23.13 | 14.14 | 12.15 |
Russell 2500 Value Total Return | 11.24 | 8.01 | 6.77 |
* | The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Olstein Strategic Opportunities Fund | PAGE 1 | TSR_AR_56167N597 |
Net Assets | $81,425,688 |
Number of Equity Holdings | 37 |
Net Advisory Fee | $694,045 |
Portfolio Turnover | 32% |
Security Type | (% of Net Assets) |
Common Stocks | 96.1% |
Cash & Other | 3.9% |
Top 10 Equity Issuers | (% of Net Assets) |
Prestige Consumer Healthcare, Inc. | 4.1% |
Shyft Group, Inc. | 4.1% |
Sensata Technologies Holding PLC | 4.1% |
Integra LifeSciences Holdings Corporation | 4.0% |
ABM Industries, Inc. | 4.0% |
Gates Industrial Corporation PLC | 3.9% |
Dine Brands Global, Inc. | 3.7% |
Central Garden & Pet Company - Class A | 3.2% |
Mohawk Industries, Inc. | 3.2% |
Citizens Financial Group, Inc. | 3.2% |
Olstein Strategic Opportunities Fund | PAGE 2 | TSR_AR_56167N597 |
Olstein Strategic Opportunities Fund | ||
Class C | OFSCX | ||
Annual Shareholder Report | June 30, 2024 |
(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 |
Class C | $238 | 2.35% |
1 Year | 5 Year | 10 Year | |
Class C (without sales charge) | 2.77 | 6.08 | 4.15 |
Class C (with sales charge) | 1.77 | 6.08 | 4.15 |
Russell 3000 Total Return | 23.13 | 14.14 | 12.15 |
Russell 2500 Value Total Return | 11.24 | 8.01 | 6.77 |
* | The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Olstein Strategic Opportunities Fund | PAGE 1 | TSR_AR_56167N589 |
Net Assets | $81,425,688 |
Number of Equity Holdings | 37 |
Net Advisory Fee | $694,045 |
Portfolio Turnover | 32% |
Security Type | (% of Net Assets) |
Common Stocks | 96.1% |
Cash & Other | 3.9% |
Top 10 Equity Issuers | (% of Net Assets) |
Prestige Consumer Healthcare, Inc. | 4.1% |
Shyft Group, Inc. | 4.1% |
Sensata Technologies Holding PLC | 4.1% |
Integra LifeSciences Holdings Corporation | 4.0% |
ABM Industries, Inc. | 4.0% |
Gates Industrial Corporation PLC | 3.9% |
Dine Brands Global, Inc. | 3.7% |
Central Garden & Pet Company - Class A | 3.2% |
Mohawk Industries, Inc. | 3.2% |
Citizens Financial Group, Inc. | 3.2% |
Olstein Strategic Opportunities Fund | PAGE 2 | TSR_AR_56167N589 |
(b) | Not applicable. |
Item 2. Code of Ethics.
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.
Item 3. Audit Committee Financial Expert.
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.
Item 4. Principal Accountant Fees and Services.
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 6/30/2024 | FYE 6/30/2023 | |
(a) Audit Fees | $34,250 | $32,500 |
(b) Audit-Related Fees | $0 | $0 |
(c) Tax Fees | $10,000 | $9,500 |
(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 6/30/2024 | FYE 6/30/2023 | |
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 6/30/2024 | FYE 6/30/2023 |
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
Item 5. Audit Committee of Listed Registrants.
Not applicable
Item 6. Investments.
(a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
(b) | Not applicable |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
Page | |||
Schedules of Investments | |||
Financial Highlights | |||
Shares | Value | |||||
Communications Equipment - 1.6% | ||||||
Cisco Systems, Inc. | 176,000 | $8,361,760 | ||||
Computers - 0.6% | ||||||
Apple, Inc. | 14,500 | 3,053,990 | ||||
Consumer Finance - 2.1% | ||||||
American Express Company | 15,000 | 3,473,250 | ||||
Equifax, Inc.(b) | 10,000 | 2,424,600 | ||||
MasterCard, Inc. - Class A | 5,093 | 2,246,828 | ||||
Visa, Inc. - Class A(b) | 10,500 | 2,755,935 | ||||
10,900,613 | ||||||
Consumer Staples Distribution & Retail - 1.3% | ||||||
Target Corporation | 46,000 | 6,809,840 | ||||
Distributors - 1.6% | ||||||
LKQ Corporation | 202,000 | 8,401,180 | ||||
Diversified Financial Services - 2.0% | ||||||
Berkshire Hathaway, Inc. - Class B(a) | 13,500 | 5,491,800 | ||||
Invesco Ltd. | 358,996 | 5,370,580 | ||||
10,862,380 | ||||||
E-Commerce - 1.0% | ||||||
eBay, Inc.(b) | 102,000 | 5,479,440 | ||||
Electronic Equipment, Instruments & Components - 1.1% | ||||||
Vontier Corporation | 157,400 | 6,012,680 | ||||
Electronics - 1.8% | ||||||
Sensata Technologies Holding PLC | 253,600 | 9,482,104 | ||||
Energy Equipment & Services - 1.5% | ||||||
Schlumberger Ltd. | 166,000 | 7,831,880 | ||||
Entertainment - 0.5% | ||||||
Warner Bros Discovery, Inc.(a)(b) | 365,000 | 2,715,600 | ||||
Financial Services - 0.4% | ||||||
Fiserv, Inc.(a) | 13,000 | 1,937,520 | ||||
Food & Drug Retailers - 1.7% | ||||||
CVS Health Corporation | 155,000 | 9,154,300 | ||||
Health Care Equipment & Supplies - 6.7% | ||||||
Baxter International, Inc. | 273,000 | 9,131,850 | ||||
Becton, Dickinson and Company | 30,000 | 7,011,300 | ||||
Hologic, Inc.(a) | 92,000 | 6,831,000 | ||||
Medtronic PLC | 73,000 | 5,745,830 | ||||
Zimmer Biomet Holdings, Inc. | 63,000 | 6,837,390 | ||||
35,557,370 | ||||||
Health Care Providers & Services - 4.7% | ||||||
Henry Schein, Inc.(a) | 86,000 | 5,512,600 | ||||
Quest Diagnostics Inc. | 67,000 | 9,170,960 | ||||
UnitedHealth Group, Inc. | 16,500 | 8,402,790 | ||||
1 |
Shares | Value | |||||
COMMON STOCKS - (Continued) | ||||||
Health Care Providers & Services - (Continued) | ||||||
Universal Health Services, Inc. - Class B | 10,000 | $1,849,300 | ||||
24,935,650 | ||||||
Hotels, Restaurants & Leisure - 0.8% | ||||||
Denny’s Corporation(a) | 563,400 | 4,000,140 | ||||
Household Durables - 1.3% | ||||||
Mohawk Industries, Inc.(a) | 59,250 | 6,730,207 | ||||
Household Products - 2.3% | ||||||
Kimberly-Clark Corporation | 48,000 | 6,633,600 | ||||
Reynolds Consumer Products, Inc. | 206,750 | 5,784,865 | ||||
12,418,465 | ||||||
Industrial Equipment Wholesale - 1.0% | ||||||
WESCO International, Inc. | 34,850 | 5,524,422 | ||||
Insurance - 2.5% | ||||||
Travelers Companies, Inc. | 31,000 | 6,303,540 | ||||
Willis Towers Watson PLC | 26,500 | 6,946,710 | ||||
13,250,250 | ||||||
Interactive Media & Services - 0.6% | ||||||
Meta Platforms, Inc. - Class A | 6,000 | 3,025,320 | ||||
Internet Software & Services - 1.0% | ||||||
Alphabet, Inc. - Class C | 30,000 | 5,502,600 | ||||
IT Services - 3.1% | ||||||
Fidelity National Information Services, Inc. | 99,000 | 7,460,640 | ||||
SS&C Technologies Holdings, Inc. | 141,000 | 8,836,470 | ||||
16,297,110 | ||||||
Machinery - 6.8% | ||||||
Cummins, Inc. | 25,000 | 6,923,250 | ||||
Deere & Company | 20,500 | 7,659,415 | ||||
Dover Corporation | 28,000 | 5,052,600 | ||||
Fortive Corporation | 50,059 | 3,709,372 | ||||
Middleby Corporation(a) | 50,800 | 6,228,588 | ||||
Stanley Black & Decker, Inc. | 85,000 | 6,790,650 | ||||
36,363,875 | ||||||
Materials - 0.5% | ||||||
Axalta Coating Systems Ltd.(a) | 76,000 | 2,596,920 | ||||
Media - 2.9% | ||||||
Comcast Corporation - Class A | 90,000 | 3,524,400 | ||||
Walt Disney Company | 119,000 | 11,815,510 | ||||
15,339,910 | ||||||
Pharmaceuticals - 2.8% | ||||||
Avantor, Inc.(a) | 291,184 | 6,173,101 | ||||
Johnson & Johnson | 61,000 | 8,915,760 | ||||
15,088,861 | ||||||
Shares | Value | |||||
Real Estate Management & Development - 2.7% | ||||||
CBRE Group, Inc. - Class A(a) | 86,000 | $7,663,460 | ||||
Jones Lang LaSalle, Inc.(a) | 33,756 | 6,929,432 | ||||
14,592,892 | ||||||
Restaurants - 1.1% | ||||||
Dine Brands Global, Inc.(b) | 159,600 | 5,777,520 | ||||
Semiconductors & Semiconductor Equipment - 2.2% | ||||||
Kulicke and Soffa Industries, Inc.(b) | 154,000 | 7,575,260 | ||||
Texas Instruments, Inc. | 21,500 | 4,182,395 | ||||
11,757,655 | ||||||
Software - 0.6% | ||||||
Microsoft Corporation | 7,000 | 3,128,650 | ||||
Telecommunications - 1.5% | ||||||
Corning, Inc. | 212,000 | 8,236,200 | ||||
TOTAL COMMON STOCKS (Cost $415,912,378) | 483,978,761 | |||||
SHORT-TERM INVESTMENTS - 11.0% | ||||||
Investments Purchased with Proceeds from Securities Lending - 2.5% | ||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.46% (c) | 12,970,728 | 12,970,728 | ||||
Money Market Funds - 8.5% | ||||||
First American Government Obligations Fund - Class X, 5.23%(c) | 45,364,781 | 45,364,781 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $58,335,509) | 58,335,509 | |||||
TOTAL INVESTMENTS - 102.0% (Cost $474,247,887) | $542,314,270 | |||||
U.S. Bank Money Market Deposit Account - 0.4%(d) | 2,387,620 | |||||
Liabilities in Excess of Other Assets - (2.4)% | (12,820,929) | |||||
TOTAL NET ASSETS - 100.0% | $531,880,961 | |||||
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of June 30, 2024. The total fair value of these securities was $12,891,468, which represented 2.4% of net assets. |
(c) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
(d) | 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 June 30, 2024 was 5.17%. |
2 |
Shares | Value | |||||
COMMON STOCKS - 96.1% | ||||||
Auto Components - 2.2% | ||||||
Miller Industries, Inc. | 33,000 | $1,815,660 | ||||
Auto Manufacturers - 3.1% | ||||||
Blue Bird Corporation(a) | 47,000 | 2,530,950 | ||||
Automobiles - 1.2% | ||||||
Winnebago Industries, Inc.(b) | 17,500 | 948,500 | ||||
Banks - 2.6% | ||||||
First Hawaiian, Inc. | 100,000 | 2,076,000 | ||||
Commercial Banks - 7.8% | ||||||
Citizens Financial Group, Inc. | 71,283 | 2,568,326 | ||||
Home BancShares, Inc. | 86,000 | 2,060,560 | ||||
Prosperity Bancshares, Inc. | 28,000 | 1,711,920 | ||||
6,340,806 | ||||||
Commercial Services & Supplies - 8.6% | ||||||
ABM Industries, Inc. | 64,000 | 3,236,480 | ||||
Brady Corporation - Class A | 30,000 | 1,980,600 | ||||
Korn Ferry | 26,000 | 1,745,640 | ||||
6,962,720 | ||||||
Diversified Financial Services - 2.9% | ||||||
Invesco Ltd. | 155,950 | 2,333,012 | ||||
Electronic Equipment, Instruments & Components - 5.0% | ||||||
Vishay Intertechnology, Inc.(b) | 104,000 | 2,319,200 | ||||
Vontier Corporation | 46,600 | 1,780,120 | ||||
4,099,320 | ||||||
Electronics - 4.1% | ||||||
Sensata Technologies Holding PLC | 88,400 | 3,305,276 | ||||
Health Care Equipment & Supplies - 1.9% | ||||||
Zimmer Biomet Holdings, Inc. | 14,400 | 1,562,832 | ||||
Health Care Products - 4.0% | ||||||
Integra LifeSciences Holdings Corporation(a)(b) | 113,000 | 3,292,820 | ||||
Hotels, Restaurants & Leisure - 2.9% | ||||||
Denny's Corporation(a) | 333,000 | 2,364,300 | ||||
Household Durables - 6.4% | ||||||
Central Garden & Pet Company - Class A(a) | 79,000 | 2,609,370 | ||||
Mohawk Industries, Inc.(a) | 22,750 | 2,584,173 | ||||
5,193,543 | ||||||
Household Products - 2.2% | ||||||
Reynolds Consumer Products, Inc. | 65,250 | 1,825,695 | ||||
Shares | Value | |||||
Industrial Equipment Wholesale - 2.6% | ||||||
WESCO International, Inc. | 13,150 | $2,084,538 | ||||
Leisure Products - 2.8% | ||||||
Johnson Outdoors, Inc. - Class A(b) | 66,000 | 2,308,680 | ||||
Machinery - 15.9% | ||||||
AGCO Corporation | 6,000 | 587,280 | ||||
Douglas Dynamics, Inc. | 72,000 | 1,684,800 | ||||
Gates Industrial Corporation PLC(a) | 201,000 | 3,177,810 | ||||
Graham Corporation(a) | 37,752 | 1,063,097 | ||||
Middleby Corporation(a) | 15,700 | 1,924,977 | ||||
Shyft Group, Inc. | 282,741 | 3,353,308 | ||||
Timken Company | 14,500 | 1,161,885 | ||||
12,953,157 | ||||||
Materials - 1.1% | ||||||
Axalta Coating Systems Ltd.(a) | 27,000 | 922,590 | ||||
Pharmaceuticals - 4.1% | ||||||
Prestige Consumer Healthcare, Inc.(a) | 49,000 | 3,373,650 | ||||
Professional Services - 1.4% | ||||||
First Advantage Corporation(b) | 73,000 | 1,173,110 | ||||
Real Estate Management & Development - 5.6% | ||||||
Cushman & Wakefield PLC(a) | 233,000 | 2,423,200 | ||||
Jones Lang LaSalle, Inc.(a) | 10,244 | 2,102,888 | ||||
4,526,088 | ||||||
Restaurants - 3.7% | ||||||
Dine Brands Global, Inc.(b) | 82,000 | 2,968,400 | ||||
Semiconductors & Semiconductor Equipment - 2.8% | ||||||
Kulicke and Soffa Industries, Inc.(b) | 47,000 | 2,311,930 | ||||
Transportation Equipment - 1.2% | ||||||
Wabash National Corporation(b) | 43,000 | 939,120 | ||||
TOTAL COMMON STOCKS (Cost $72,479,405) | 78,212,697 | |||||
Units | ||||||
SHORT-TERM INVESTMENTS - 13.1% | ||||||
Investments Purchased with Proceeds from Securities Lending - 9.3% | ||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(c) | 7,579,362 | 7,579,362 | ||||
3 |
Shares | Value | |||||
Money Market Funds - 3.8% | ||||||
First American Government Obligations Fund - Class X, 5.23%(c) | 3,109,661 | $3,109,661 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $10,689,023) | 10,689,023 | |||||
TOTAL INVESTMENTS - 109.2% (Cost $83,168,428) | $88,901,720 | |||||
U.S. Bank Money Market Deposit Account - 0.2%(d) | 163,666 | |||||
Liabilities in Excess of Other Assets - (9.4)% | (7,639,698) | |||||
TOTAL NET ASSETS - 100.0% | $81,425,688 | |||||
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of June 30, 2024. The total fair value of these securities was $7,494,573, which represented 9.2% of net assets. |
(c) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
(d) | 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 June 30, 2024 was 5.17%. |
4 |
Olstein All Cap Value Fund | Olstein Strategic Opportunities Fund | |||||
Assets: | ||||||
Investments, at value(1) (at cost $474,247,887 and $83,168,428 respectively) | $542,314,270 | $88,901,720 | ||||
Cash Equivalent | 2,387,620 | 163,666 | ||||
Receivable for capital shares sold | 12,350 | 11,036 | ||||
Dividends and interest receivable | 1,018,062 | 84,946 | ||||
Securities lending income receivable | 1,963 | 746 | ||||
Prepaid expenses | 23,669 | 17,297 | ||||
Total assets | 545,757,934 | 89,179,411 | ||||
Liabilities: | ||||||
Payable upon return of securities loaned | 12,970,728 | 7,579,362 | ||||
Payable to investment adviser | 438,764 | 50,359 | ||||
Payable for capital shares redeemed | 149,768 | 2,377 | ||||
Payable for transfer agent fees & expenses | 94,917 | 36,477 | ||||
Accrued distribution fees | 77,400 | 8,872 | ||||
Payable for fund administration & accounting fees | 73,067 | 32,132 | ||||
Payable for audit fees | 22,000 | 22,248 | ||||
Payable for custody fees | 6,158 | 962 | ||||
Payable for trustee fees | 5,315 | 5,384 | ||||
Payable for compliance fees | 3,124 | 3,124 | ||||
Accrued expenses | 35,732 | 12,426 | ||||
Total liabilities | 13,876,973 | 7,753,723 | ||||
Net Assets | $531,880,961 | $81,425,688 | ||||
Net Assets Consist of: | ||||||
Paid-in capital | $436,966,838 | $73,450,595 | ||||
Total distributable earnings | 94,914,123 | 7,975,093 | ||||
Total net assets | $531,880,961 | $81,425,688 | ||||
(1) | Includes securities on loan with a fair value of $12,891,468 and $7,494,573, respectively. Total Securities include both those sold and pending settlement. |
Class A: | ||||||
Net assets | $274,620,475 | $25,071,306 | ||||
Shares of beneficial interest outstanding(1) | 10,203,091 | 1,170,551 | ||||
Net asset value, offering price and redemption price per share | $26.92 | $21.42 | ||||
Maximum offering price per share(2) | $28.48 | $22.66 | ||||
Class C: | ||||||
Net assets | $24,667,655 | $4,313,137 | ||||
Shares of beneficial interest outstanding(1) | 1,303,484 | 237,024 | ||||
Net asset value, offering price and redemption price per share(3) | $18.92 | $18.20 | ||||
5 |
Olstein All Cap Value Fund | Olstein Strategic Opportunities Fund | |||||
Adviser Class: | ||||||
Net assets | $232,592,831 | $52,041,245 | ||||
Shares of beneficial interest outstanding(1) | 8,535,557 | 2,378,988 | ||||
Net asset value, offering price and redemption price per share | $27.25 | $21.88 | ||||
(1) | Unlimited number of shares authorized without par value. |
(2) | The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50%. |
(3) | May be subject to a contingent deferred sales charge of 1.00% on certain shares redeemed within 12 months of purchase on Class C shares. |
6 |
Olstein All Cap Value Fund | Olstein Strategic Opportunities Fund | |||||
Investment Income: | ||||||
Dividend income | $10,844,519 | $1,357,865 | ||||
Interest income | 2,419,372 | 215,013 | ||||
Securities lending income, net | 105,167 | 20,127 | ||||
Total investment income | 13,369,058 | 1,593,005 | ||||
Expenses: | ||||||
Investment advisory fees (See Note 4) | 5,572,937 | 836,561 | ||||
Transfer agent fees & expenses (See Note 4) | 388,233 | 144,681 | ||||
Fund administration & accounting fees (See Note 4) | 305,874 | 139,532 | ||||
Federal & state registration fees | 49,759 | 45,295 | ||||
Custody fees (See Note 4) | 37,712 | 5,781 | ||||
Postage & printing fees | 29,595 | 9,497 | ||||
Insurance fees | 23,652 | 7,020 | ||||
Trustee fees | 22,827 | 22,411 | ||||
Audit fees | 22,000 | 20,749 | ||||
Legal fees | 18,240 | 18,239 | ||||
Compliance fees (See Note 4) | 12,499 | 12,499 | ||||
Other expenses | 32,611 | 9,615 | ||||
Distribution fees (See Note 5) | ||||||
Class A | 708,184 | 66,905 | ||||
Class C | 282,329 | 53,304 | ||||
Total expenses | 7,506,452 | 1,392,089 | ||||
Less: waiver from Investment adviser (See Note 4) | — | (142,516) | ||||
Net expenses | 7,506,452 | 1,249,573 | ||||
Net investment income | 5,862,606 | 343,432 | ||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||
Net realized gain (loss) on investments | 30,885,448 | 3,376,326 | ||||
Net change in unrealized appreciation/depreciation on investments | (4,480,530) | (814,182) | ||||
Net realized and unrealized gain on investments | 26,404,918 | 2,562,144 | ||||
Net increase in net assets resulting from operations | $32,267,524 | $2,905,576 | ||||
7 |
Olstein All Cap Value Fund | ||||||
For the Year Ended June 30, | ||||||
2024 | 2023 | |||||
Operations: | ||||||
Net Investment Income | $ 5,862,606 | $ 4,577,322 | ||||
Net realized gain (loss) on investments | 30,885,448 | (2,820,620) | ||||
Change in unrealized appreciation/depreciation on investments | (4,480,530) | 51,180,211 | ||||
Net increase in net assets resulting from operations | 32,267,524 | 52,936,913 | ||||
Capital Share Transactions: | ||||||
Class A: | ||||||
Proceeds from shares sold | 6,523,907 | 12,984,558 | ||||
Proceeds from reinvestment of distributions | 2,059,336 | 16,771,484 | ||||
Payments for shares redeemed | (46,950,098) | (30,839,416) | ||||
Decrease in net assets resulting from Class A transactions | (38,366,855) | (1,083,374) | ||||
Class C: | ||||||
Proceeds from shares sold | 507,250 | 950,647 | ||||
Proceeds from reinvestment of distributions | 34,763 | 3,419,312 | ||||
Payments for shares redeemed | (11,401,219) | (9,808,254) | ||||
Decrease in net assets resulting from Class C transactions | (10,859,206) | (5,438,295) | ||||
Adviser Class: | ||||||
Proceeds from shares sold | 4,972,908 | 10,858,591 | ||||
Proceeds from reinvestment of distributions | 3,032,624 | 17,140,789 | ||||
Payments for shares redeemed | (55,432,965) | (27,440,426) | ||||
Increase (Decrease) in net assets resulting from Adviser Class transactions | (47,427,433) | 558,954 | ||||
Net decrease in net assets from capital share transactions | (96,653,494) | (5,962,715) | ||||
Distributions to shareholders: | ||||||
Class A | (2,488,300) | (20,211,840) | ||||
Class C | (36,970) | (3,512,540) | ||||
Adviser Class | (3,098,655) | (17,758,154) | ||||
Total distributions to shareholders | (5,623,925) | (41,482,534) | ||||
Total increase (decrease) in net assets: | (70,009,895) | 5,491,664 | ||||
Net Assets: | ||||||
Beginning of year | 601,890,856 | 596,399,192 | ||||
End of year | $531,880,961 | $601,890,856 | ||||
8 |
Olstein Strategic Opportunities Fund | ||||||
For the Year Ended June 30, | ||||||
2024 | 2023 | |||||
Operations: | ||||||
Net Investment Income | $ 343,432 | $ 209,950 | ||||
Net realized gain on investments | 3,376,326 | 1,797,633 | ||||
Change in unrealized appreciation/depreciation on investments | (814,182) | 12,061,930 | ||||
Net increase in net assets resulting from operations | 2,905,576 | 14,069,513 | ||||
Capital Share Transactions: | ||||||
Class A: | ||||||
Proceeds from shares sold | 2,557,372 | 2,220,710 | ||||
Proceeds from reinvestment of distributions | 20,890 | 374,368 | ||||
Payments for shares redeemed | (6,821,562) | (3,899,689) | ||||
Decrease in net assets resulting from Class A transactions | (4,243,300) | (1,304,611) | ||||
Class C: | ||||||
Proceeds from shares sold | 61,691 | 537,704 | ||||
Proceeds from reinvestment of distributions | — | 138,233 | ||||
Payments for shares redeemed | (2,561,966) | (2,321,297) | ||||
Decrease in net assets resulting from Class C transactions | (2,500,275) | (1,645,360) | ||||
Adviser Class: | ||||||
Proceeds from shares sold | 6,929,078 | 5,506,962 | ||||
Proceeds from reinvestment of distributions | 222,759 | 780,255 | ||||
Payments for shares redeemed | (10,045,206) | (12,965,361) | ||||
Decrease in net assets resulting from Adviser Class transactions | (2,893,369) | (6,678,144) | ||||
Net decrease in net assets from capital share transactions | (9,636,944) | (9,628,115) | ||||
Distributions to Shareholders: | ||||||
Class A | (25,701) | (442,402) | ||||
Class C | — | (144,158) | ||||
Adviser Class | (232,788) | (834,065) | ||||
Total distributions to shareholders | (258,489) | (1,420,625) | ||||
Total increase (decrease) in net assets: | (6,989,857) | 3,020,773 | ||||
Net Assets: | ||||||
Beginning of year | 88,415,545 | 85,394,772 | ||||
End of year | $81,425,688 | $88,415,545 | ||||
9 |
For the Year Ended June 30, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Net Asset Value, Beginning of Year | $25.57 | $25.11 | $34.32 | $21.40 | $24.10 | ||||||||||
Investment Operations: | |||||||||||||||
Net Investment Income (loss)(1) | 0.25 | 0.18 | 0.01 | (0.01) | 0.17 | ||||||||||
Net realized and unrealized gain (loss) on investments | 1.32 | 2.04 | (4.77)(2) | 13.06 | (2.12) | ||||||||||
Total from Investment operations | 1.57 | 2.22 | (4.76) | 13.05 | (1.95) | ||||||||||
Less distributions from: | |||||||||||||||
Net Investment Income | (0.22) | — | — | (0.13) | (0.10) | ||||||||||
Net realized gains | — | (1.76) | (4.45) | — | (0.65) | ||||||||||
Total distributions | (0.22) | (1.76) | (4.45) | (0.13) | (0.75) | ||||||||||
Net Asset Value, End of Year | $26.92 | $25.57 | $25.11 | $34.32 | $21.40 | ||||||||||
Total return(3) | 6.23% | 9.30% | −15.99% | 61.15% | −8.54% | ||||||||||
Supplemental Data and Ratios | |||||||||||||||
Net assets, end of year (000’s omitted) | $274,620 | $298,532 | $ 293,747 | $ 142,863 | $ 93,359 | ||||||||||
Ratio of expenses to average net assets | 1.42% | 1.41% | 1.42% | 1.39% | 1.40% | ||||||||||
Ratio of net investment income (loss) to average net assets | 0.98% | 0.71% | 0.03% | (0.05)% | 0.75% | ||||||||||
Portfolio turnover | 27% | 32% | 43% | 42% | 48% | ||||||||||
(1) | Per share amounts calculated using the average shares method. |
(2) | Net realized and unrealized loss per share in this caption is a balancing amount necessary to reconcile changes in net asset value per share for the year, and may not reconcile with the aggregate gain on the Statement of Operations due to share transactions for the year. |
(3) | Total return does not reflect sales charges. |
10 |
For the Year Ended June 30, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Net Asset Value, Beginning of Year | $17.97 | $18.29 | $26.38 | $16.53 | $18.82 | ||||||||||
Investment Operations: | |||||||||||||||
Net Investment Income (loss)(1) | 0.04 | (0.01) | (0.18) | (0.17) | (0.00)(2) | ||||||||||
Net realized and unrealized gain (loss) on investments | 0.93 | 1.45(3) | (3.46) | 10.06 | (1.64) | ||||||||||
Total from Investment operations | 0.97 | 1.44 | (3.64) | 9.89 | (1.64) | ||||||||||
Less distributions from: | |||||||||||||||
Net Investment Income | (0.02) | — | — | (0.04) | — | ||||||||||
Net realized gains | — | (1.76) | (4.45) | — | (0.65) | ||||||||||
Total distributions | (0.02) | (1.76) | (4.45) | (0.04) | (0.65) | ||||||||||
Net Asset Value, End of Year | $18.92 | $17.97 | $18.29 | $26.38 | $16.53 | ||||||||||
Total return(4) | 5.43% | 8.46% | −16.62% | 59.89% | −9.21% | ||||||||||
SUPPLEMENTAL Data and Ratios | |||||||||||||||
Net assets, end of year (000’s omitted) | $24,668 | $34,328 | $40,368 | $289,103 | $248,420 | ||||||||||
Ratio of expenses to average net assets | 2.17% | 2.16% | 2.15% | 2.14% | 2.15% | ||||||||||
Ratio of net investment gain (loss) to average net assets | 0.23% | (0.04)% | (0.70)% | (0.80)% | (0.00)%(5) | ||||||||||
Portfolio turnover | 27% | 32% | 43% | 42% | 48% | ||||||||||
(1) | Per share amounts calculated using the average shares method. |
(2) | Amount rounds to less than $0.01 per share. |
(3) | Net realized and unrealized loss per share in this caption is a balancing amount necessary to reconcile changes in net asset value per share for the year, and may not reconcile with the aggregate gain on the Statement of Operations due to share transactions for the year. |
(4) | Total return does not reflect sales charges. |
(5) | Amount rounds to less than 0.01% per share. |
11 |
For the Year Ended June 30, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Net Asset Value, Beginning of Year | $25.92 | $25.37 | $34.54 | $21.51 | $24.15 | ||||||||||
Investment Operations: | |||||||||||||||
Net Investment Income(1) | 0.32 | 0.24 | 0.09 | 0.06 | 0.23 | ||||||||||
Net realized and unrealized gain (loss) on investments | 1.33 | 2.07 | (4.81)(2) | 13.13(2) | (2.13) | ||||||||||
Total from Investment operations | 1.65 | 2.31 | (4.72) | 13.19 | (1.90) | ||||||||||
Less distributions from: | |||||||||||||||
Net Investment Income | (0.32) | — | — | (0.16) | (0.09) | ||||||||||
Net realized gains | — | (1.76) | (4.45) | — | (0.65) | ||||||||||
Total distributions | (0.32) | (1.76) | (4.45) | (0.16) | (0.74) | ||||||||||
Net Asset Value, End of Year | $27.25 | $25.92 | $25.37 | $34.54 | $21.51 | ||||||||||
Total return | 6.48% | 9.57% | −15.76% | 61.49% | −8.27% | ||||||||||
SUPPLEMENTAL Data and Ratios | |||||||||||||||
Net assets, end of year (000’s omitted) | $232,593 | $269,031 | $262,284 | $322,350 | $166,492 | ||||||||||
Ratio of expenses to average net assets | 1.17% | 1.16% | 1.16% | 1.14% | 1.15% | ||||||||||
Ratio of net investment income to average net assets | 1.23% | 0.96% | 0.29% | 0.20% | 1.00% | ||||||||||
Portfolio turnover | 27% | 32% | 43% | 42% | 48% | ||||||||||
(1) | Per share amounts calculated using the average shares method. |
(2) | Net realized and unrealized gain (loss) per share in this caption is a balancing amount necessary to reconcile changes in net asset value per share for the year, and may not reconcile with the aggregate gain on the Statement of Operations due to share transactions for the year. |
12 |
For the Year Ended June 30, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Net Asset Value, Beginning of Year | $20.70 | $17.97 | $27.47 | $15.19 | $17.24 | ||||||||||
Investment Operations: | |||||||||||||||
Net Investment Income (loss)(1) | 0.06 | 0.03 | (0.09) | (0.15) | (0.01) | ||||||||||
Net realized and unrealized gain (loss) on investments | 0.68 | 3.02 | (6.90) | 12.43 | (2.04) | ||||||||||
Total from Investment operations | 0.74 | 3.05 | (6.99) | 12.28 | (2.05) | ||||||||||
Less distributions from: | |||||||||||||||
Net Investment Income | (0.02) | — | — | — | — | ||||||||||
Net realized gains | — | (0.32) | (2.51) | — | — | ||||||||||
Total distributions | (0.02) | (0.32) | (2.51) | — | — | ||||||||||
Net Asset Value, End of Year | $21.42 | $20.70 | $17.97 | $27.47 | $15.19 | ||||||||||
Total return(2) | 3.58% | 17.08% | −27.83% | 80.84% | −11.89% | ||||||||||
Supplemental Data and Ratios | |||||||||||||||
Net assets, end of year (000’s omitted) | $25,071 | $28,454 | $25,917 | $31,827 | $15,873 | ||||||||||
Ratio of expenses to average net assets: | |||||||||||||||
Before expense waiver/recoupment | 1.77% | 1.73% | 1.62% | 1.70% | 1.81% | ||||||||||
After expense waiver/recoupment | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% | ||||||||||
Ratio of net investment income (loss) to average net assets: | |||||||||||||||
After expense waiver/recoupment | 0.30% | 0.15% | (0.39)% | (0.68)% | (0.07)% | ||||||||||
Portfolio turnover | 32% | 26% | 32% | 47% | 45% | ||||||||||
(1) | Per share amounts calculated using the average shares method. |
(2) | Total return does not reflect sales charges. |
13 |
For the Year Ended June 30, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Net Asset Value, Beginning of Year | $ 17.71 | $ 15.52 | $24.25 | $13.52 | $15.45 | ||||||||||
Investment Operations: | |||||||||||||||
Net Investment loss(1) | (0.08) | (0.10) | (0.24) | (0.28) | (0.12) | ||||||||||
Net realized and unrealized gain (loss) on investments | 0.57(2) | 2.61(2) | (5.98) | 11.01 | (1.81) | ||||||||||
Total from Investment operations | 0.49 | 2.51 | (6.22) | 10.73 | (1.93) | ||||||||||
Less distributions from: | |||||||||||||||
Net realized gains | — | (0.32) | (2.51) | — | — | ||||||||||
Total distributions | — | (0.32) | (2.51) | — | — | ||||||||||
Net Asset Value, End of Year | $ 18.20 | $ 17.71 | $15.52 | $24.25 | $13.52 | ||||||||||
Total return(3) | 2.77% | 16.29% | −28.38% | 79.36% | −12.49% | ||||||||||
Supplemental Data and Ratios | |||||||||||||||
Net assets, end of year (000’s omitted) | $4,313 | $6,695 | $7,341 | $16,515 | $11,135 | ||||||||||
Ratio of expenses to average net assets: | |||||||||||||||
Before expense waiver/recoupment | 2.52% | 2.48% | 2.35% | 2.46% | 2.55% | ||||||||||
After expense waiver/recoupment | 2.35% | 2.35% | 2.35% | 2.35% | 2.35% | ||||||||||
Ratio of net investment loss to average net assets: | |||||||||||||||
After expense waiver/recoupment | (0.44)% | (0.60)% | (1.14)% | (1.43)% | (0.82)% | ||||||||||
Portfolio turnover | 32% | 26% | 32% | 47% | 45% | ||||||||||
(1) | Per share amounts calculated using the average shares method. |
(2) | Net realized and unrealized gain per share in this caption is a balancing amount necessary to reconcile changes in net asset value per share for the year, and may not reconcile with the aggregate gain on the Statement of Operations due to share transactions for the year. |
(3) | Total return does not reflect sales charges. |
14 |
For the Year Ended June 30, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
Net Asset Value, Beginning of Year | $21.17 | $18.32 | $27.89 | $15.39 | $17.42 | ||||||||||
Investment Operations: | |||||||||||||||
Net Investment Income (loss)(1) | 0.12 | 0.08 | (0.03) | (0.10) | 0.03 | ||||||||||
Net realized and unrealized gain (loss) on investments | 0.69 | 3.09 | (7.03) | 12.60 | (2.06) | ||||||||||
Total from Investment operations | 0.81 | 3.17 | (7.06) | 12.50 | (2.03) | ||||||||||
Less distributions from: | |||||||||||||||
Net Investment Income | (0.10) | — | — | — | — | ||||||||||
Net realized gains | — | (0.32) | (2.51) | — | — | ||||||||||
Total distributions | (0.10) | (0.32) | (2.51) | — | — | ||||||||||
Net Asset Value, End of Year | $21.88 | $21.17 | $18.32 | $27.89 | $15.39 | ||||||||||
Total return | 3.85% | 17.41% | −27.65% | 81.22% | −11.65% | ||||||||||
Supplemental Data and Ratios | |||||||||||||||
Net assets, end of year (000’s omitted) | $52,041 | $53,267 | $52,137 | $92,191 | $29,211 | ||||||||||
Ratio of expenses to average net assets: | |||||||||||||||
Before expense waiver/recoupment | 1.52% | 1.48% | 1.36% | 1.43% | 1.55% | ||||||||||
After expense waiver/recoupment | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% | ||||||||||
Ratio of net investment income (loss) to average net assets: | |||||||||||||||
After expense waiver/recoupment | 0.55% | 0.40% | (0.14)% | (0.43)% | 0.18% | ||||||||||
Portfolio turnover | 32% | 26% | 32% | 47% | 45% | ||||||||||
(1) | Per share amounts calculated using the average shares method. |
15 |
16 |
Fund | Total Distributable Earnings | Paid In Capital | ||||
All Cap Value | (5,034,560) | 5,034,560 | ||||
Strategic Fund | (437,831) | 437,831 | ||||
17 |
Uncategorized | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks | $— | $483,978,761 | $ — | $ — | $483,978,761 | ||||||||||
Short-Term Investment | — | 45,364,781 | — | — | 45,364,781 | ||||||||||
Investments Purchases with Proceeds from Securities Lending* | 12,970,728 | — | — | — | 12,970,728 | ||||||||||
Total Investments in Securities | $12,970,728 | $529,343,542 | $— | $— | $542,314,270 | ||||||||||
Uncategorized | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks | $— | $78,212,697 | $ — | $ — | $78,212,697 | ||||||||||
Short-Term Investment | — | 3,109,661 | 3,109,661 | ||||||||||||
Investments Purchases with Proceeds from Securities Lending* | 7,579,362 | — | — | — | 7,579,362 | ||||||||||
Total Investments in Securities | $7,579,362 | $81,322,358 | $— | $— | $88,901,720 | ||||||||||
* | Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been characterized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Statements of Assets and Liabilities. See Note 9 for additional information regarding securities lending activity. |
18 |
Expiration – Strategic Fund | |||
July 2024 – June 2025 | $32,891 | ||
July 2025 – June 2026 | 117,262 | ||
July 2026 – June 2027 | 142,516 | ||
All Cap Value Fund | ||||||
Year Ended June 30, | ||||||
2024 | 2023 | |||||
Class A: | ||||||
Shares sold | 257,794 | 525,699 | ||||
Shares issued in reinvestment of distributions | 83,206 | 699,979 | ||||
Shares redeemed | (1,813,594) | (1,250,328) | ||||
Net decrease | (1,472,594) | (24,650) | ||||
Class C: | ||||||
Shares sold | 28,038 | 53,093 | ||||
Shares issued in reinvestment of distributions | 1,989 | 202,206 | ||||
Shares redeemed | (636,355) | (552,785) | ||||
Net decrease | (606,328) | (297,486) | ||||
19 |
All Cap Value Fund | ||||||
Year Ended June 30, | ||||||
2024 | 2023 | |||||
Adviser Class: | ||||||
Shares sold | 189,955 | 430,019 | ||||
Shares issued in reinvestment of distributions | 121,208 | 706,837 | ||||
Shares redeemed | (2,155,454) | (1,097,365) | ||||
Net increase (decrease) | (1,844,291) | 39,491 | ||||
Net decrease in capital shares | (3,923,213) | (282,645) | ||||
Strategic Opportunities Fund | ||||||
Year Ended June 30, | ||||||
2024 | 2023 | |||||
Class A: | ||||||
Shares sold | 121,791 | 110,047 | ||||
Shares issued in reinvestment of distributions | 1,050 | 19,388 | ||||
Shares redeemed | (326,588) | (197,765) | ||||
Net decrease | (203,747) | (68,330) | ||||
Class C: | ||||||
Shares sold | 3,431 | 32,348 | ||||
Shares issued in reinvestment of distributions | — | 8,337 | ||||
Shares redeemed | (144,501) | (135,552) | ||||
Net decrease | (141,070) | (94,867) | ||||
Adviser Class: | ||||||
Shares sold | 326,317 | 271,090 | ||||
Shares issued in reinvestment of distributions | 10,984 | 39,566 | ||||
Shares redeemed | (474,028) | (640,804) | ||||
Net decrease | (136,727) | (330,148) | ||||
Net decrease in capital shares | (481,544) | (493,345) | ||||
U.S. Government Securities | Other Securities | |||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||
All Cap Value Fund | $ — | $ — | $140,028,800 | $216,350,903 | ||||||||
Strategic Fund | — | — | $25,764,759 | $34,240,929 | ||||||||
Aggregate Gross Appreciation | Aggregate Gross Depreciation | Unrealized Net Appreciation | Federal Income Tax Cost | |||||||||
All Cap Value Fund | $87,743,118 | $(20,477,381) | $67,265,737 | $475,048,533 | ||||||||
Strategic Fund | 12,637,366 | (7,052,103) | 5,585,263 | 83,316,457 | ||||||||
20 |
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Other Accumulated Gains | Net Unrealized Appreciation | Total Distributable Earnings | |||||||||||
All Cap Value Fund | $4,816,003 | $22,832,383 | $ — | $67,265,737 | $94,914,123 | ||||||||||
Strategic Fund | 237,616 | 2,152,214 | — | 5,585,263 | 7,975,093 | ||||||||||
Ordinary Income* | Long-Term Capital Gains | Total | |||||||
All Cap Value Fund | $5,623,925 | $ — | $5,623,925 | ||||||
Strategic Fund | $258,489 | $— | $258,489 | ||||||
Ordinary Income* | Long-Term Capital Gains | Total | |||||||
All Cap Value Fund | $— | $ 41,482,534 | $ 41,482,534 | ||||||
Strategic Fund | $17 | $1,420,608 | $1,420,625 | ||||||
* | For Federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions. |
21 |
22 |
23 |
24 |
• | All Cap Value Fund. The Trustees considered that the All Cap Value Fund had outperformed its Cohort average over the year-to-date period ended September 30, 2023, but had otherwise underperformed the Category and Cohort averages over the periods presented. The Trustees also considered that the Fund’s Adviser Class had outperformed the Fund’s benchmark, the Russell 2500 Value Index, over the since inception period ended September 30, 2023, but had underperformed this benchmark and its additional indices for all other periods presented. The Trustees noted that the Fund’s other share classes, which have higher expenses, did not perform as well against the benchmark as the Adviser Class. |
• | Strategic Opportunities Fund. The Trustees considered that the Strategic Opportunities Fund had outperformed its Cohort average over the one-year period ended September 30, 2023, but had otherwise underperformed the Category and Cohort averages over the periods presented. The Trustees also considered that the Fund had outperformed its benchmark index, the Russell 2500 Value index, over the one-year period ended September 30, 2023 and outperformed the Russell 2500 Index over the three-year period ended September 30, 2023, but had underperformed its benchmark and its additional indices for all other periods presented. |
25 |
26 |
(b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form.” |
Item 8. 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.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
(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. |
(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. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. Exhibits.
(2) Not applicable
(4) Not applicable to open-end investment companies
(5) Not applicable to open-end investment companies
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
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, President |
Date | 9/6/2024 |
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, President |
Date | 9/6/2024 |
By (Signature and Title)* | /s/ Benjamin J. Eirich | ||
Benjamin J. Eirich, Treasurer |
Date | 9/6/2024 |
* Print the name and title of each signing officer under his or her signature.