Muhlenkamp | ||||||||
Schedule of Investments | ||||||||
as of March 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 89.5% | Shares | Value | ||||||
Capital Markets - 3.5% | ||||||||
BGC Group, Inc. - Class A | 1,087,526 | $ | 8,450,077 | |||||
Chemicals - 3.5% | ||||||||
Dow, Inc. | 145,773 | 8,444,630 | ||||||
Diversified Financial Services - 4.4% | ||||||||
Berkshire Hathaway, Inc. - Class B (a) | 25,199 | 10,596,683 | ||||||
Energy Equipment & Services - 6.4% | ||||||||
Schlumberger Ltd. | 202,576 | 11,103,191 | ||||||
Transocean Inc. (a) | 660,200 | 4,146,056 | ||||||
15,249,247 | ||||||||
Health Care Providers & Services - 9.5% | ||||||||
McKesson Corp. | 27,208 | 14,606,615 | ||||||
UnitedHealth Group, Inc. | 16,323 | 8,074,988 | ||||||
22,681,603 | ||||||||
Household Durables - 5.2% | ||||||||
PulteGroup, Inc. | 57,253 | 6,905,857 | ||||||
Taylor Morrison Home Corp. (a) | 90,265 | 5,611,775 | ||||||
12,517,632 | ||||||||
Machinery - 2.3% | ||||||||
Wabtec Corp. | 37,430 | 5,452,802 | ||||||
Marine - 4.3% | ||||||||
Kirby Corp. (a) | 108,718 | 10,363,000 | ||||||
Media - 2.7% | ||||||||
TEGNA, Inc. | 431,550 | 6,447,357 | ||||||
Metals & Mining - 6.2% | ||||||||
Newmont Corp. | 201,900 | 7,236,096 | ||||||
Royal Gold, Inc. | 61,614 | 7,505,201 | ||||||
14,741,297 | ||||||||
Oil, Gas & Consumable Fuels - 8.5% | ||||||||
EQT Corp. | 287,945 | 10,674,121 | ||||||
Occidental Petroleum Corp. | 148,980 | 9,682,210 | ||||||
20,356,331 | ||||||||
Pharmaceuticals - 1.9% | ||||||||
Bristol-Myers Squibb Co. | 85,301 | 4,625,873 | ||||||
Semiconductors & Semiconductor Equipment - 8.4% | ||||||||
Broadcom, Inc. | 10,307 | 13,661,001 | ||||||
Microchip Technology, Inc. | 72,059 | 6,464,413 | ||||||
20,125,414 | ||||||||
Software - 3.6% | ||||||||
Microsoft Corp. | 20,097 | 8,455,210 | ||||||
Technology Hardware & Equipment - 3.3% | ||||||||
MasTec, Inc.(a) | 84,152 | 7,847,174 | ||||||
Technology Hardware, Storage & Peripherals - 2.6% | ||||||||
Apple, Inc. | 35,700 | 6,121,836 | ||||||
Thrifts & Mortgage Finance - 4.1% | ||||||||
NMI Holdings, Inc. - Class A (a) | 301,687 | 9,756,558 | ||||||
Trading Companies & Distributors - 9.1% | ||||||||
Rush Enterprises, Inc. - Class A | 280,456 | 15,010,005 | ||||||
United Rentals, Inc. | 9,500 | 6,850,545 | ||||||
21,860,550 | ||||||||
TOTAL COMMON STOCKS (Cost $108,864,937) | 214,093,274 | |||||||
EXCHANGE TRADED FUNDS - 3.5% | Shares | Value | ||||||
Alerian MLP | 174,245 | 8,269,668 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $4,829,904) | 8,269,668 | |||||||
SHORT-TERM INVESTMENTS - 7.0% | ||||||||
Money Market Funds - 7.0% | Shares | |||||||
First American Government Obligations Fund - Class X, 5.23% (b) | 16,832,554 | 16,832,554 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $16,832,554) | 16,832,554 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost $130,527,395) | $ | 239,195,496 | ||||||
Liabilities in Excess of Other Assets – (0.0%) (c) | (71,789 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 239,123,707 | ||||||
Percentages are stated as a percent of net assets. | ||||||||
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day effective yield as of March 31, 2024. |
(c) | Represents less than 0.05% of net assets. |
Summary of Fair Value Exposure
The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation Levels for major security types. These inputs are summarized in the three broad Levels listed below:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund's securities as of March 31, 2024:
Muhlenkamp | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | 214,093,274 | – | – | 214,093,274 | ||||||||||||
Exchange Traded Funds | 8,269,668 | – | – | 8,269,668 | ||||||||||||
Money Market Funds | 16,832,554 | – | – | 16,832,554 | ||||||||||||
Total Assets | 239,195,496 | – | – | 239,195,496 | ||||||||||||
Refer to the Schedule of Investments for industry classifications. |