

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22525
(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: May 31, 2025
Date of reporting period:
Item 1. Reports to Stockholders.
(a) |
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Semi-Annual Shareholder Report |
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Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Investor Class
|
$
|
|
Net Assets
|
$
|
Number of Holdings
|
|
Portfolio Turnover
|
|
Industry
|
(%)
|
Financials
|
|
Industrials
|
|
Health Care
|
|
Information Technology
|
|
Consumer Discretionary
|
|
Real Estate
|
|
Materials
|
|
Communication Services
|
|
Consumer Staples
|
|
Cash & Other
|
|
Top 10 Issuers
|
(%)
|
SS&C Technologies Holdings
|
|
Lantheus Holdings
|
|
First American Treasury Obligations Fund
|
|
TransUnion
|
|
Paycom Software
|
|
Affiliated Managers Group
|
|
M&T Bank
|
|
U-Haul Holding, Series N
|
|
Live Nation Entertainment
|
|
FMC
|
|
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
** | Percentages are stated as a % of net assets. |
Reinhart Midcap PMV Fund | PAGE 1 | TSR-SAR-56166Y842 |
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Semi-Annual Shareholder Report |
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Advisor Class
|
$
|
|
Net Assets
|
$
|
Number of Holdings
|
|
Portfolio Turnover
|
|
Industry
|
(%)
|
Financials
|
|
Industrials
|
|
Health Care
|
|
Information Technology
|
|
Consumer Discretionary
|
|
Real Estate
|
|
Materials
|
|
Communication Services
|
|
Consumer Staples
|
|
Cash & Other
|
|
Top 10 Issuers
|
(%)
|
SS&C Technologies Holdings
|
|
Lantheus Holdings
|
|
First American Treasury Obligations Fund
|
|
TransUnion
|
|
Paycom Software
|
|
Affiliated Managers Group
|
|
M&T Bank
|
|
U-Haul Holding, Series N
|
|
Live Nation Entertainment
|
|
FMC
|
|
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
** | Percentages are stated as a % of net assets. |
Reinhart Midcap PMV Fund | PAGE 1 | TSR-SAR-56166Y834 |
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Semi-Annual Shareholder Report |
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Class
|
$
|
|
Net Assets
|
$
|
Number of Holdings
|
|
Portfolio Turnover
|
|
Industry
|
(%)
|
Financials
|
|
Industrials
|
|
Health Care
|
|
Information Technology
|
|
Consumer Discretionary
|
|
Real Estate
|
|
Materials
|
|
Communication Services
|
|
Consumer Staples
|
|
Cash & Other
|
|
Top 10 Issuers
|
(%)
|
SS&C Technologies Holdings
|
|
Lantheus Holdings
|
|
First American Treasury Obligations Fund
|
|
TransUnion
|
|
Paycom Software
|
|
Affiliated Managers Group
|
|
M&T Bank
|
|
U-Haul Holding, Series N
|
|
Live Nation Entertainment
|
|
FMC
|
|
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
** | Percentages are stated as a % of net assets. |
Reinhart Midcap PMV Fund | PAGE 1 | TSR-SAR-56167N654 |
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Semi-Annual Shareholder Report |
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Investor Class
|
$
|
|
Net Assets
|
$
|
Number of Holdings
|
|
Portfolio Turnover
|
|
Industry
|
(%)**
|
Financials
|
|
Information Technology
|
|
Industrials
|
|
Consumer Discretionary
|
|
Health Care
|
|
Real Estate
|
|
Materials
|
|
Consumer Staples
|
|
Cash & Other
|
|
Top 10 Issuers
|
(%)**
|
First Citizens BancShares
|
|
frontdoor
|
|
Lantheus Holdings
|
|
Assured Guaranty
|
|
Wintrust Financial
|
|
Insperity
|
|
Hillman Solutions
|
|
Air Lease, Class A
|
|
U-Haul Holding, Series N
|
|
Marcus & Millichap
|
|
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
** | Percentages are stated as a % of net assets. |
Reinhart Genesis PMV Fund | PAGE 1 | TSR-SAR-56166Y248 |
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Semi-Annual Shareholder Report |
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Advisor Class
|
$
|
|
Net Assets
|
$
|
Number of Holdings
|
|
Portfolio Turnover
|
|
Industry
|
(%)**
|
Financials
|
|
Information Technology
|
|
Industrials
|
|
Consumer Discretionary
|
|
Health Care
|
|
Real Estate
|
|
Materials
|
|
Consumer Staples
|
|
Cash & Other
|
|
Top 10 Issuers
|
(%)**
|
First Citizens BancShares
|
|
frontdoor
|
|
Lantheus Holdings
|
|
Assured Guaranty
|
|
Wintrust Financial
|
|
Insperity
|
|
Hillman Solutions
|
|
Air Lease, Class A
|
|
U-Haul Holding, Series N
|
|
Marcus & Millichap
|
|
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
** | Percentages are stated as a % of net assets. |
Reinhart Genesis PMV Fund | PAGE 1 | TSR-SAR-56166Y230 |
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Semi-Annual Shareholder Report |
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Advisor Class
|
$
|
|
Net Assets
|
$
|
Number of Holdings
|
|
Portfolio Turnover
|
|
Industry
|
(%)**
|
Information Technology
|
|
Financials
|
|
Consumer Discretionary
|
|
Industrials
|
|
Consumer Staples
|
|
Real Estate
|
|
Communication Services
|
|
Materials
|
|
Health Care
|
|
Cash & Other
|
|
Top 10 Issuers
|
(%)**
|
Edenred
|
|
Jeronimo Martins SGPS SA
|
|
JD Logistics
|
|
BAWAG Group AG
|
|
First American Treasury Obligations Fund
|
|
Silicon Motion Technology
|
|
Cushman & Wakefield plc
|
|
Sanwa Holdings Corp.
|
|
Euronet Worldwide
|
|
Mercari
|
|
Top Ten Countries
|
(%)**
|
France
|
|
United Kingdom
|
|
United States
|
|
Japan
|
|
Canada
|
|
China
|
|
Taiwan, Province Of China
|
|
Portugal
|
|
Austria
|
|
Cash & Other
|
|
* | The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
** | Percentages are stated as a % of net assets. |
Reinhart International PMV Fund | PAGE 1 | TSR-SAR-56167N365 |
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
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) |
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Shares |
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Value
|
COMMON
STOCKS - 96.6% |
|
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Communication
Services - 4.3% |
|
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Interpublic
Group of Companies |
|
|
61,145 |
|
|
$1,883,878
|
Live
Nation Entertainment(a) |
|
|
27,020 |
|
|
3,735,515
|
|
|
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|
5,619,393
| ||
Consumer
Discretionary - 9.3% |
|
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Allison
Transmission Holdings |
|
|
29,830 |
|
|
3,534,855
|
LKQ |
|
|
67,735 |
|
|
2,661,308
|
Tapestry |
|
|
26,865 |
|
|
1,673,152
|
TransUnion |
|
|
42,870 |
|
|
4,351,305
|
|
|
|
|
12,220,620
| ||
Consumer
Staples - 4.0% |
|
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BJ’s
Wholesale Club Holdings(a) |
|
|
36,440 |
|
|
3,509,172
|
Dollar
General |
|
|
21,830 |
|
|
1,686,804
|
|
|
|
|
5,195,976
| ||
Energy
- 2.5% |
|
|
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Baker
Hughes, Class A |
|
|
73,035 |
|
|
3,209,888
|
Financials
- 23.7% |
|
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Affiliated
Managers Group |
|
|
21,930 |
|
|
4,112,752
|
American
Financial Group |
|
|
18,620 |
|
|
2,734,533
|
BOK Financial |
|
|
23,261 |
|
|
2,765,035
|
Fidelity
National Information Services |
|
|
36,220 |
|
|
3,089,566
|
Global
Payments |
|
|
25,335 |
|
|
3,013,852
|
Intercontinental
Exchange |
|
|
14,765 |
|
|
2,376,574
|
LPL
Financial Holdings |
|
|
10,190 |
|
|
3,313,279
|
M&T
Bank |
|
|
17,575 |
|
|
3,866,324
|
Progressive |
|
|
8,985 |
|
|
2,415,887
|
White
Mountains Insurance Group |
|
|
1,668 |
|
|
3,352,663
|
|
|
|
|
31,040,465
| ||
Health
Care - 10.9% |
|
|
|
|
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Charles
River Laboratories International(a) |
|
|
16,165 |
|
|
3,217,805
|
Encompass
Health |
|
|
31,812 |
|
|
3,274,727
|
Lantheus
Holdings(a) |
|
|
54,435 |
|
|
4,859,413
|
Zimmer
Biomet Holdings |
|
|
25,640 |
|
|
2,874,244
|
|
|
|
|
14,226,189
| ||
Industrials
- 13.5% |
|
|
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Insperity |
|
|
41,465 |
|
|
3,269,515
|
Paycom
Software |
|
|
17,815 |
|
|
4,131,655
|
Sensata
Technologies Holding |
|
|
68,680 |
|
|
2,207,375
|
Snap-on |
|
|
4,245 |
|
|
1,569,334
|
U-Haul
Holding, Series N |
|
|
60,440 |
|
|
3,773,874
|
WillScot
Mobile Mini Holdings Corp.(a) |
|
|
71,125 |
|
|
2,719,820
|
|
|
|
|
17,671,573
| ||
|
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1 |
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Shares |
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Value
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COMMON
STOCKS - (Continued) |
|
|
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|
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Information
Technology - 10.2% |
|
|
|
|
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Cognizant
Technology Solutions - Class A |
|
|
30,735 |
|
|
$2,473,860
|
Fidelity
National Financial |
|
|
49,105 |
|
|
3,112,766
|
Keysight
Technologies(a) |
|
|
13,145 |
|
|
2,245,692
|
SS&C
Technologies Holdings |
|
|
70,305 |
|
|
5,437,389
|
|
|
|
|
13,269,707
| ||
Materials
- 7.4% |
|
|
|
|
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Avantor
(a) |
|
|
163,220 |
|
|
3,437,413
|
Eagle
Materials |
|
|
8,900 |
|
|
2,749,388
|
FMC |
|
|
59,960 |
|
|
3,543,037
|
|
|
|
|
9,729,838
| ||
Real
Estate - 8.4% |
|
|
|
|
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Alexandria
Real Estate Equities, Inc. - REIT |
|
|
19,925 |
|
|
2,196,333
|
Americold
Realty Trust - REIT |
|
|
105,970 |
|
|
2,528,444
|
Camden
Property Trust - REIT |
|
|
26,795 |
|
|
3,370,811
|
Rexford
Industrial Realty - REIT |
|
|
69,045 |
|
|
2,905,414
|
|
|
|
|
11,001,002
| ||
Utilities
- 2.4% |
|
|
|
|
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Xcel
Energy, Inc. |
|
|
42,665 |
|
|
3,095,772
|
TOTAL
COMMON STOCKS
(Cost
$90,716,811) |
|
|
|
|
126,280,423
| |
SHORT-TERM
INVESTMENTS - 3.5% |
|
|
|
|
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Money
Market Funds - 3.5% |
|
|
|
|
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First
American Treasury Obligations Fund - Class X, 4.55%(b) |
|
|
4,588,435 |
|
|
4,588,435
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$4,588,435) |
|
|
|
|
4,588,435
| |
TOTAL
INVESTMENTS - 100.1%
(Cost
$95,305,246) |
|
|
|
|
$130,868,858
| |
Liabilities
in Excess of Other Assets - (0.1)% |
|
|
|
|
(93,342)
| |
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$130,775,516 | |
|
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(a) |
Non-income producing
security. |
(b) |
The rate shown represents
the 7-day annualized effective yield as of November 30, 2024. |
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2 |
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Shares |
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|
Value |
COMMON
STOCKS - 97.7% |
|
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Consumer
Discretionary - 15.0% |
|
|
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Carter’s |
|
|
126,250 |
|
|
$6,889,462
|
frontdoor(a) |
|
|
507,963 |
|
|
29,766,632
|
Gentex |
|
|
292,430 |
|
|
8,936,661
|
Grand
Canyon Education(a) |
|
|
74,400 |
|
|
12,245,496
|
Hillman
Solutions(a) |
|
|
1,862,000 |
|
|
21,226,800
|
Thor
Industries |
|
|
69,680 |
|
|
7,776,288
|
|
|
|
|
86,841,339
| ||
Consumer
Staples - 1.4% |
|
|
|
|
||
Sprouts
Farmers Market(a) |
|
|
52,000 |
|
|
8,032,960
|
Financials
- 27.1%(b) |
|
|
|
|
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Air
Lease, Class A |
|
|
396,480 |
|
|
20,180,832
|
Assured
Guaranty |
|
|
240,000 |
|
|
22,387,200
|
First
American Financial |
|
|
254,000 |
|
|
17,818,100
|
First
Citizens BancShares - Class A |
|
|
14,130 |
|
|
32,428,350
|
First
Hawaiian |
|
|
489,490 |
|
|
13,514,819
|
International
Bancshares |
|
|
156,020 |
|
|
11,409,743
|
LPL
Financial Holdings |
|
|
13,000 |
|
|
4,226,950
|
White
Mountains Insurance Group |
|
|
6,800 |
|
|
13,667,932
|
Wintrust
Financial |
|
|
158,100 |
|
|
21,819,381
|
|
|
|
|
157,453,307
| ||
Health
Care - 9.9% |
|
|
|
|
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AdaptHealth(a) |
|
|
1,615,000 |
|
|
16,198,450
|
AMN
Healthcare Services, Inc.(a) |
|
|
163,000 |
|
|
4,242,890
|
Encompass
Health |
|
|
118,920 |
|
|
12,241,625
|
Lantheus
Holdings(a) |
|
|
281,000 |
|
|
25,084,870
|
|
|
|
|
57,767,835
| ||
Industrials
- 15.3% |
|
|
|
|
||
GMS(a) |
|
|
129,562 |
|
|
13,001,547
|
GXO
Logistics(a) |
|
|
154,000 |
|
|
9,367,820
|
Insperity |
|
|
275,830 |
|
|
21,749,195
|
MAXIMUS |
|
|
131,000 |
|
|
9,759,500
|
Modine
Manufacturing(a) |
|
|
71,000 |
|
|
9,641,090
|
TriNet
Group |
|
|
55,000 |
|
|
5,138,650
|
U-Haul
Holding, Series N |
|
|
323,187 |
|
|
20,179,796
|
|
|
|
|
88,837,598
| ||
Information
Technology - 20.5% |
|
|
|
|
||
ACI
Worldwide(a) |
|
|
328,000 |
|
|
18,636,960
|
ASGN(a) |
|
|
139,500 |
|
|
12,771,225
|
Axcelis
Technologies, Inc.(a) |
|
|
226,000 |
|
|
16,778,240
|
Euronet
Worldwide(a) |
|
|
158,000 |
|
|
16,610,540
|
FormFactor(a) |
|
|
111,000 |
|
|
4,446,660
|
InterDigital |
|
|
90,000 |
|
|
17,636,400
|
PAR
Technology(a) |
|
|
215,375 |
|
|
17,475,527
|
Silicon
Motion Technology - ADR |
|
|
277,000 |
|
|
14,700,390
|
|
|
|
|
119,055,942
| ||
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3 |
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Shares |
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Value |
COMMON
STOCKS - (Continued) | ||||||
Materials
- 1.4% |
|
|
|
|
||
Element
Solutions |
|
|
291,000 |
|
|
$8,345,880
|
Real
Estate - 7.1% |
|
|
| |||
Alexander
& Baldwin - REIT |
|
|
534,836 |
|
|
10,525,572
|
Marcus
& Millichap |
|
|
470,060 |
|
|
19,559,197
|
Ryman
Hospitality Properties - REIT |
|
|
95,440 |
|
|
11,189,386
|
|
|
|
|
41,274,155
| ||
TOTAL
COMMON STOCKS
(Cost
$415,445,004) |
|
|
|
|
567,609,016
| |
SHORT-TERM
INVESTMENTS - 2.4% |
|
|
|
|
||
Money
Market Funds - 2.4% |
|
|
|
|
||
First
American Treasury Obligations Fund - Class X, 4.55%(c) |
|
|
14,121,412 |
|
|
14,121,412
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$14,121,412) |
|
|
|
|
14,121,412
| |
TOTAL
INVESTMENTS - 100.1%
(Cost
$429,566,416) |
|
|
|
|
$581,730,428
| |
Liabilities
in Excess of Other Assets - (0.1)% |
|
|
|
|
(405,736)
| |
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$581,324,692 | |
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
(b) |
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. |
(c) |
The rate shown represents
the 7-day annualized effective yield as of November 30, 2024. |
|
4 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - 97.5% |
|
|
|
|
||
Austria
- 3.2% |
|
|
|
|
||
BAWAG
Group AG |
|
|
640 |
|
|
$50,804
|
Canada
- 9.6% |
|
|
|
|
||
Boyd
Group Services |
|
|
100 |
|
|
15,432
|
CCL
Industries - Class B |
|
|
400 |
|
|
22,174
|
Constellation
Software |
|
|
10 |
|
|
33,814
|
Dollarama |
|
|
200 |
|
|
20,834
|
Element
Fleet Management |
|
|
1,500 |
|
|
31,820
|
Granite
Real Estate Investment Trust - REIT |
|
|
500 |
|
|
27,210
|
|
|
|
|
151,284
| ||
Cayman
Islands - 2.7% |
|
|
|
|
||
Manchester
United PLC - Class A(a) |
|
|
2,500 |
|
|
42,450
|
China
- 6.6% |
|
|
|
|
||
China
Feihe |
|
|
20,000 |
|
|
14,789
|
JD
Logistics(a) |
|
|
30,000 |
|
|
54,140
|
NetEase
- ADR |
|
|
400 |
|
|
34,992
|
|
|
|
|
103,921
| ||
France
- 12.6% |
|
|
|
|
||
Capgemini
SE |
|
|
250 |
|
|
40,187
|
Edenred |
|
|
1,900 |
|
|
62,893
|
Elis
SA |
|
|
1,500 |
|
|
30,564
|
La
Francaise des Jeux SAEM(a) |
|
|
1,000 |
|
|
39,545
|
LVMH
Moet Hennessy Louis Vuitton SE |
|
|
40 |
|
|
25,076
|
|
|
|
|
198,265
| ||
Germany
- 1.7% |
|
|
|
|
||
CTS
Eventim AG |
|
|
300 |
|
|
26,551
|
Ireland
- 2.5% |
|
|
|
|
||
Bank
of Ireland Group plc |
|
|
4,500 |
|
|
39,450
|
Israel
- 1.7% |
|
|
|
|
||
Sapiens
International Corp. NV |
|
|
1,000 |
|
|
27,330
|
Italy
- 2.3% |
|
|
|
|
||
Buzzi
Unicem SpA |
|
|
860 |
|
|
36,447
|
Japan
- 10.0% |
|
|
|
|
||
Horiba
Ltd. |
|
|
685 |
|
|
39,293
|
Hoya |
|
|
200 |
|
|
25,855
|
Mercari(a) |
|
|
3,400 |
|
|
44,470
|
Sanwa
Holdings Corp. |
|
|
1,600 |
|
|
48,325
|
|
|
|
|
157,943 | ||
Luxembourg
- 2.3% |
|
|
|
|
||
B&M
European Value Retail SA |
|
|
8,000 |
|
|
35,335
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - (Continued) | ||||||
Mexico
- 2.8% |
|
|
|
|
||
Bolsa
Mexicana de Valores SAB de CV |
|
|
28,000 |
|
|
$44,389
|
Netherlands
- 2.1% |
|
|
|
|
||
Euronext
NV(a) |
|
|
300 |
|
|
33,473
|
Portugal
- 3.7% |
|
|
|
|
||
Jeronimo
Martins SGPS SA |
|
|
3,000 |
|
|
58,459
|
Republic
of Korea - 2.7% |
|
|
|
|
||
Coway |
|
|
900 |
|
|
42,649
|
Spain
- 2.8% |
|
|
|
|
||
Aena
SME SA |
|
|
200 |
|
|
43,314
|
Sweden
- 2.6% |
|
|
|
|
||
Svenska
Handelsbanken AB - Class A |
|
|
3,900 |
|
|
40,562
|
Taiwan
- 4.9% |
|
|
|
|
||
Silicon
Motion Technology - ADR |
|
|
935 |
|
|
49,620
|
Taiwan
Semiconductor Manufacturing - ADR |
|
|
150 |
|
|
27,699
|
|
|
|
|
77,319
| ||
United
Kingdom - 11.5% |
|
|
|
|
||
Compass
Group plc |
|
|
700 |
|
|
23,984
|
Endava
plc - ADR(a) |
|
|
1,230 |
|
|
34,821
|
International
Distributions Services plc(a) |
|
|
8,000 |
|
|
36,341
|
London
Stock Exchange Group plc |
|
|
200 |
|
|
28,664
|
Nomad
Foods |
|
|
1,300 |
|
|
23,803
|
UNITE
Group plc - REIT |
|
|
3,000 |
|
|
33,636
|
|
|
|
|
181,249
| ||
United
States - 7.7% |
|
|
|
|
||
Booking
Holdings |
|
|
5 |
|
|
26,010
|
Cushman
& Wakefield plc(a) |
|
|
3,200 |
|
|
48,960
|
Euronet
Worldwide(a) |
|
|
440 |
|
|
46,257
|
|
|
|
|
121,227
| ||
Vietnam
- 1.5% |
|
|
|
|
||
Vietnam
Dairy Products JSC |
|
|
9,200 |
|
|
23,465
|
TOTAL
COMMON STOCKS
(Cost
$1,387,782) |
|
|
|
|
1,535,886
| |
|
|
Contracts |
|
|
||
WARRANTS
- 0.0%(b) |
|
|
|
|
||
Canada
- 0.0%(b) |
|
|
|
|
||
Constellation
Software, Expires 03/31/2040, Exercise Price $0.00(a)(c) |
|
|
20 |
|
|
0
|
TOTAL
WARRANTS
(Cost
$0) |
|
|
|
|
0
| |
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
SHORT-TERM
INVESTMENTS - 3.2% |
|
|
|
|
||
Money
Market Funds - 3.2% |
|
|
|
|
||
First
American Treasury Obligations Fund - Class X, 4.55%(d) |
|
|
49,822 |
|
|
$49,822
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$49,822) |
|
|
|
|
49,822
| |
TOTAL
INVESTMENTS - 100.7%
(Cost
$1,437,604) |
|
|
|
|
$1,585,708
| |
Liabilities
in Excess of Other Assets - (0.7)% |
|
|
|
|
(10,494)
| |
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$1,575,214 | |
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
(b) |
Represents less than
0.05% of net assets. |
(c) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as
Valuation Designee. These securities represented $0 or 0.0% of net assets as of November 30, 2024. |
(d) |
The rate shown represents
the 7-day annualized effective yield as of November 30, 2024. |
|
|
|
|
|
|
|
Financials |
|
|
$346,492 |
|
|
21.9%
|
Industrials |
|
|
259,936 |
|
|
16.5
|
Consumer
Discretionary |
|
|
257,903 |
|
|
16.4
|
Information
Technology |
|
|
252,764 |
|
|
16.1
|
Consumer
Staples |
|
|
120,516 |
|
|
7.7
|
Real
Estate |
|
|
109,806 |
|
|
7.0
|
Communication
Services |
|
|
103,993 |
|
|
6.6
|
Materials |
|
|
58,621 |
|
|
3.7
|
Health
Care |
|
|
25,855 |
|
|
1.6
|
Money
Market Funds |
|
|
49,822 |
|
|
3.2
|
Liabilities
in Excess of Other Assets |
|
|
(10,494) |
|
|
(0.7)
|
|
|
1,575,214 |
|
|
100.0% | |
|
|
|
|
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mid Cap
PMV Fund |
|
|
Genesis
PMV Fund |
|
|
International
PMV Fund
|
ASSETS: |
|
|
|
|
|
|
|||
Investments,
at value (cost $95,305,246, $429,566,416, and $1,437,604) |
|
|
$130,868,858 |
|
|
$581,730,428 |
|
|
$1,585,708
|
Cash |
|
|
— |
|
|
25,775 |
|
|
1,002
|
Dividends
& interest receivable |
|
|
42,181 |
|
|
257,078 |
|
|
1,358
|
Receivable
for capital shares sold |
|
|
2,484 |
|
|
154,979 |
|
|
—
|
Receivable
for foreign withholding tax reclaim |
|
|
1,357 |
|
|
— |
|
|
(88)
|
Receivable
for investment securities sold |
|
|
— |
|
|
250,890 |
|
|
51
|
Receivable
due from investment adviser |
|
|
— |
|
|
— |
|
|
12,872
|
Prepaid
expenses |
|
|
29,100 |
|
|
29,221 |
|
|
1,843
|
Total
assets |
|
|
130,943,980 |
|
|
582,448,371 |
|
|
1,602,746
|
LIABILITIES:
|
|
|
|
|
|
|
|||
Bank
Overdraft |
|
|
2 |
|
|
— |
|
|
—
|
Payable
for capital shares redeemed |
|
|
1,598 |
|
|
599,890 |
|
|
51
|
Payable
to investment adviser |
|
|
71,760 |
|
|
351,011 |
|
|
—
|
Payable
for fund administration & accounting fees |
|
|
21,572 |
|
|
60,893 |
|
|
11,023
|
Payable
for compliance fees |
|
|
2,211 |
|
|
2,210 |
|
|
2,210
|
Payable
for transfer agent fees & expenses |
|
|
13,694 |
|
|
9,680 |
|
|
943
|
Payable
for trustee fees |
|
|
537 |
|
|
(243) |
|
|
(126)
|
Payable
for custody fees |
|
|
1,244 |
|
|
2,630 |
|
|
(306)
|
Accrued
distribution & shareholder service fees |
|
|
26,391 |
|
|
70,247 |
|
|
809
|
Accrued
other fees |
|
|
29,455 |
|
|
27,361 |
|
|
12,928
|
Total
liabilities |
|
|
168,464 |
|
|
1,123,679 |
|
|
27,532
|
NET
ASSETS |
|
|
$130,775,516 |
|
|
$581,324,692 |
|
|
$1,575,214
|
Net
Assets Consist of: |
|
|
|
|
|
|
|||
Paid-in
capital |
|
|
$90,871,340 |
|
|
$409,970,784 |
|
|
$1,293,706
|
Total
distributable earnings |
|
|
39,904,176 |
|
|
171,353,908 |
|
|
281,508
|
Net
Assets |
|
|
$130,775,516 |
|
|
$581,324,692 |
|
|
$1,575,214
|
Investor
Class |
|
|
|
|
|
|
|||
Net
Assets |
|
|
$31,025,966 |
|
|
$28,906,100 |
|
|
$—
|
Shares
issued and outstanding(1) |
|
|
1,593,936 |
|
|
1,627,208 |
|
|
—
|
Net
asset value, redemption price and offering price per share |
|
|
$19.47 |
|
|
$17.76 |
|
|
$—
|
Advisor
Class |
|
|
|
|
|
|
|||
Net
Assets |
|
|
$93,966,789 |
|
|
$552,418,592 |
|
|
$1,575,214
|
Shares
issued and outstanding (1) |
|
|
4,821,368 |
|
|
30,826,856 |
|
|
131,132
|
Net
asset value, redemption price and offering price per share |
|
|
$19.49 |
|
|
$17.92 |
|
|
$12.01
|
Institutional
Class |
|
|
|
|
|
|
|||
Net
Assets |
|
|
$5,782,761 |
|
|
$— |
|
|
$—
|
Shares
issued and outstanding(1) |
|
|
294,830 |
|
|
— |
|
|
—
|
Net
asset value, redemption price and offering price per share |
|
|
$19.61 |
|
|
$— |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
(1) |
Unlimited shares authorized
without par value. |
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mid Cap
PMV Fund |
|
|
Genesis
PMV Fund |
|
|
International
PMV Fund
|
INVESTMENT
INCOME: |
|
|
|
|
|
|
|||
Dividend
income |
|
|
$1,028,963 |
|
|
$2,769,214 |
|
|
$11,300
|
Interest
income |
|
|
121,382 |
|
|
394,418 |
|
|
1,453
|
Less:
foreign taxes withheld |
|
|
— |
|
|
— |
|
|
(1,196)
|
Total
investment income |
|
|
1,150,345 |
|
|
3,163,632 |
|
|
11,557
|
EXPENSES:
|
|
|
|
|
|
|
|||
Investment
adviser fees (See Note 4) |
|
|
566,265 |
|
|
2,450,871 |
|
|
7,519
|
Fund
administration & accounting fees (See Note 4) |
|
|
71,387 |
|
|
185,915 |
|
|
52,795
|
Transfer
agent fees & expenses (See Note 4) |
|
|
34,547 |
|
|
40,111 |
|
|
4,342
|
Federal
& state registration fees |
|
|
27,570 |
|
|
29,281 |
|
|
2,324
|
Audit
fees |
|
|
11,469 |
|
|
10,802 |
|
|
9,516
|
Trustee
fees |
|
|
11,290 |
|
|
11,297 |
|
|
11,114
|
Postage
& printing fees |
|
|
6,970 |
|
|
12,078 |
|
|
549
|
Compliance
fees (See Note 4) |
|
|
5,770 |
|
|
5,770 |
|
|
5,770
|
Custody
fees (See Note 4) |
|
|
3,556 |
|
|
11,990 |
|
|
8,096
|
Legal
fees |
|
|
9,994 |
|
|
8,284 |
|
|
8,284
|
Other
fees |
|
|
3,206 |
|
|
2,928 |
|
|
2,212
|
Insurance
fees |
|
|
1,274 |
|
|
1,999 |
|
|
996
|
Distribution
& shareholder service fees (See Note 5): |
|
|
|
|
|
|
|||
Investor
Class |
|
|
57,150 |
|
|
33,335 |
|
|
—
|
Advisor
Class |
|
|
27,618 |
|
|
195,722 |
|
|
1,187
|
Total
expenses before waiver |
|
|
838,066 |
|
|
3,000,383 |
|
|
114,704
|
Less:
waiver from investment adviser (See Note 4) |
|
|
(145,607) |
|
|
(516,709) |
|
|
(107,185)
|
Net
expenses |
|
|
692,459 |
|
|
2,483,674 |
|
|
7,519
|
Net
Investment Income |
|
|
457,886 |
|
|
679,958 |
|
|
4,038
|
REALIZED
AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: |
|
|
|
|
|
|
|||
Net
realized gain (loss) on: |
|
|
|
|
|
|
|||
Investments |
|
|
2,605,772 |
|
|
16,909,483 |
|
|
76,339
|
Foreign
currency translation |
|
|
— |
|
|
— |
|
|
(26)
|
Net
change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|||
Investments |
|
|
12,741,991 |
|
|
54,776,409 |
|
|
(45,478)
|
Foreign
currency translation |
|
|
— |
|
|
— |
|
|
(31)
|
Net
realized and unrealized gain on investments |
|
|
15,347,763 |
|
|
71,685,892 |
|
|
30,804
|
NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$15,805,649 |
|
|
$72,365,850 |
|
|
$34,842 |
|
|
|
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31,
2024 |
OPERATIONS: |
|
|
|
|
||
Net
investment income |
|
|
$457,886 |
|
|
$921,232
|
Net
realized gain on investments |
|
|
2,605,772 |
|
|
7,043,837
|
Net
change in unrealized appreciation/depreciation on investments |
|
|
12,741,991 |
|
|
9,758,948
|
Net
increase in net assets resulting from operations |
|
|
15,805,649 |
|
|
17,724,017
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
||
Investor
Class: |
|
|
|
|
||
Proceeds
from shares sold |
|
|
1,899,774 |
|
|
2,516,211
|
Proceeds
from reinvestment of distributions |
|
|
— |
|
|
1,376,151
|
Payments
for shares redeemed |
|
|
(693,747) |
|
|
(2,524,933)
|
Increase
in net assets from Investor Class transactions |
|
|
1,206,027 |
|
|
1,367,429
|
Advisor
Class: |
|
|
|
|
||
Proceeds
from shares sold |
|
|
1,656,536 |
|
|
9,585,232
|
Proceeds
from reinvestment of distributions |
|
|
— |
|
|
4,853,160
|
Payments
for shares redeemed |
|
|
(11,202,643) |
|
|
(46,929,692)
|
Decrease
in net assets from Advisor Class transactions |
|
|
(9,546,107) |
|
|
(32,491,300)
|
Institutional
Class: |
|
|
|
|
||
Proceeds
from shares sold |
|
|
1,511,320 |
|
|
—
|
Proceeds
from reinvestment of distributions |
|
|
— |
|
|
215,706
|
Payments
for shares redeemed |
|
|
(490,874) |
|
|
(334,894)
|
Increase
(decrease) in net assets from Institutional Class transactions |
|
|
1,020,446 |
|
|
(119,188)
|
Decrease
in net assets resulting from capital share transactions |
|
|
(7,319,634) |
|
|
(31,243,059)
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
||
Net
distributions to shareholders - Investor Class |
|
|
— |
|
|
(1,381,920)
|
Net
distributions to shareholders - Advisor Class |
|
|
— |
|
|
(5,259,798)
|
Net
distributions to shareholders - Institutional Class |
|
|
— |
|
|
(220,654)
|
Total
distributions to shareholders |
|
|
— |
|
|
(6,862,372)
|
Total
Increase (Decrease) in Net Assets |
|
|
8,486,015 |
|
|
(20,381,414)
|
NET
ASSETS: |
|
|
|
|
||
Beginning
of period |
|
|
122,289,501 |
|
|
142,670,915
|
End
of period |
|
|
$130,775,516 |
|
|
$122,289,501 |
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31,
2024 |
OPERATIONS: |
|
|
|
|
||
Net
investment income |
|
|
$679,958 |
|
|
$1,346,551
|
Net
realized gain on investments |
|
|
16,909,483 |
|
|
7,049,362
|
Net
change in unrealized appreciation/depreciation on investments |
|
|
54,776,409 |
|
|
77,842,916
|
Net
increase in net assets resulting from operations |
|
|
72,365,850 |
|
|
86,238,829
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
||
Investor
Class: |
|
|
|
|
||
Proceeds
from shares sold |
|
|
250,000 |
|
|
281,500
|
Proceeds
from reinvestment of distributions |
|
|
— |
|
|
644,198
|
Payments
for shares redeemed |
|
|
— |
|
|
(475)
|
Increase
in net assets from Investor Class transactions |
|
|
250,000 |
|
|
925,223
|
Advisor
Class: |
|
|
|
|
||
Proceeds
from shares sold |
|
|
142,514,657 |
|
|
121,732,388
|
Proceeds
from reinvestment of distributions |
|
|
— |
|
|
10,135,703
|
Payments
for shares redeemed |
|
|
(64,465,352) |
|
|
(71,958,319)
|
Increase
in net assets from Advisor Class transactions |
|
|
78,049,305 |
|
|
59,909,772
|
Net
increase in net assets resulting from capital share transactions |
|
|
78,299,305 |
|
|
60,834,995
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
||
Net
distributions to shareholders - Investor Class |
|
|
— |
|
|
(644,198)
|
Net
distributions to shareholders - Advisor Class |
|
|
— |
|
|
(10,665,024)
|
Total
distributions to shareholders |
|
|
— |
|
|
(11,309,222)
|
Total
Increase in Net Assets |
|
|
150,665,155 |
|
|
135,764,602
|
NET
ASSETS: |
|
|
|
|
||
Beginning
of period |
|
|
430,659,537 |
|
|
294,894,935
|
End
of period |
|
|
$581,324,692 |
|
|
$430,659,537 |
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31,
2024 |
OPERATIONS: |
|
|
|
|
||
Net
investment income |
|
|
$4,038 |
|
|
$24,724
|
Net
realized gain (loss) on: |
|
|
|
|
||
Investments |
|
|
76,339 |
|
|
50,835
|
Foreign
currency translation |
|
|
(26) |
|
|
189
|
Net
change in unrealized appreciation/depreciation on: |
|
|
|
|
||
Investments |
|
|
(45,478) |
|
|
141,679
|
Foreign
currency translation |
|
|
(31) |
|
|
53
|
Net
increase in net assets resulting from operations |
|
|
34,842 |
|
|
217,480
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
||
Advisor
Class: |
|
|
|
|
||
Proceeds
from shares sold |
|
|
586,719 |
|
|
88,087
|
Proceeds
from reinvestment of distributions |
|
|
— |
|
|
28,402
|
Payments
for shares redeemed |
|
|
(764,544) |
|
|
(5,397)
|
Net
increase (decrease) in net assets resulting from capital share transactions |
|
|
(177,825) |
|
|
111,092
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
||
Total
distributions to shareholders |
|
|
— |
|
|
(28,402)
|
Total
Increase (Decrease) in Net Assets |
|
|
(142,983) |
|
|
300,170
|
NET
ASSETS: |
|
|
|
|
||
Beginning
of period |
|
|
1,718,197 |
|
|
1,418,027
|
End
of period |
|
|
$1,575,214 |
|
|
$1,718,197 |
|
|
|
|
|
|
|
|
12 |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
Six Months
Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31, | ||||||||||||
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 | |||||
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
asset value, beginning of period |
|
|
$17.20 |
|
|
$15.76 |
|
|
$18.35 |
|
|
$18.23 |
|
|
$12.23 |
|
|
$13.76
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
investment income |
|
|
0.05(1) |
|
|
0.09 |
|
|
0.10(1) |
|
|
0.12 |
|
|
0.10 |
|
|
0.09
|
Net
realized and unrealized gain (loss) on investments |
|
|
2.22 |
|
|
2.30 |
|
|
(1.84) |
|
|
0.14 |
|
|
6.01 |
|
|
(1.54)
|
Total
from investment operations |
|
|
2.27 |
|
|
2.39 |
|
|
(1.74) |
|
|
0.26 |
|
|
6.11 |
|
|
(1.45)
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
investment income |
|
|
— |
|
|
(0.13) |
|
|
(0.12) |
|
|
(0.14) |
|
|
(0.11) |
|
|
(0.08)
|
Net
realized gains |
|
|
— |
|
|
(0.82) |
|
|
(0.73) |
|
|
— |
|
|
— |
|
|
—
|
Total
distributions |
|
|
— |
|
|
(0.95) |
|
|
(0.85) |
|
|
(0.14) |
|
|
(0.11) |
|
|
(0.08)
|
Net
asset value, end of period |
|
|
$19.47 |
|
|
$17.20 |
|
|
$15.76 |
|
|
$18.35 |
|
|
$18.23 |
|
|
$12.23
|
TOTAL
RETURN |
|
|
13.20%(2) |
|
|
15.41% |
|
|
−9.77%(3) |
|
|
1.43% |
|
|
50.16% |
|
|
−10.67%
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
assets, end of period (in millions) |
|
|
$31.0 |
|
|
$26.2 |
|
|
$22.7 |
|
|
$25.8 |
|
|
$21.0 |
|
|
$14.4
|
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Before
expense waiver |
|
|
1.60%(4) |
|
|
1.48% |
|
|
1.41% |
|
|
1.48% |
|
|
1.57% |
|
|
1.58%
|
After
expense waiver |
|
|
1.30%(4) |
|
|
1.30% |
|
|
1.30% |
|
|
1.30% |
|
|
1.30% |
|
|
1.30%
|
Ratio
of net investment income to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Before
expense waiver |
|
|
0.23%(4) |
|
|
0.32% |
|
|
0.47% |
|
|
0.57% |
|
|
0.38% |
|
|
0.33%
|
After
expense waiver |
|
|
0.53%(4) |
|
|
0.50% |
|
|
0.58% |
|
|
0.75% |
|
|
0.65% |
|
|
0.61%
|
Portfolio
turnover rate |
|
|
15%(2) |
|
|
18% |
|
|
42% |
|
|
31% |
|
|
38% |
|
|
53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Per share amounts
calculated using the average shares method. |
(2) |
Not annualized. |
(3) |
Net increase from
payments by investment adviser on the disposal of investments due to trade error added 0.22% to this return. |
(4) |
Annualized. |
|
13 |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
Six Months
Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31, | ||||||||||||
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 | |||||
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
asset value, beginning of period |
|
|
$17.20 |
|
|
$15.75 |
|
|
$18.32 |
|
|
$18.22 |
|
|
$12.22 |
|
|
$13.75
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
investment income |
|
|
0.07(1) |
|
|
0.15 |
|
|
0.14(1) |
|
|
0.19 |
|
|
0.15 |
|
|
0.12
|
Net
realized and unrealized gain (loss) on investments |
|
|
2.22 |
|
|
2.28 |
|
|
(1.84) |
|
|
0.12 |
|
|
6.00 |
|
|
(1.53)
|
Total
from investment operations |
|
|
2.29 |
|
|
2.43 |
|
|
(1.70) |
|
|
0.31 |
|
|
6.15 |
|
|
(1.41)
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
investment income |
|
|
— |
|
|
(0.16) |
|
|
(0.14) |
|
|
(0.21) |
|
|
(0.15) |
|
|
(0.12)
|
Net
realized gains |
|
|
— |
|
|
(0.82) |
|
|
(0.73) |
|
|
— |
|
|
— |
|
|
—
|
Total
distributions |
|
|
— |
|
|
(0.98) |
|
|
(0.87) |
|
|
(0.21) |
|
|
(0.15) |
|
|
(0.12)
|
Net
asset value, end of period |
|
|
$19.49 |
|
|
$17.20 |
|
|
$15.75 |
|
|
$18.32 |
|
|
$18.22 |
|
|
$12.22
|
TOTAL
RETURN |
|
|
13.31%(2) |
|
|
15.71% |
|
|
−9.56%(3) |
|
|
1.68% |
|
|
50.56% |
|
|
−10.41%
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
assets, end of period (in millions) |
|
|
$93.9 |
|
|
$92.0 |
|
|
$116.1 |
|
|
$172.6 |
|
|
$167.3 |
|
|
$123.8
|
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Before
expense waiver |
|
|
1.26%(4) |
|
|
1.25% |
|
|
1.20% |
|
|
1.16% |
|
|
1.24% |
|
|
1.25%
|
After
expense waiver |
|
|
1.05%(4) |
|
|
1.05% |
|
|
1.05% |
|
|
1.05% |
|
|
1.05% |
|
|
1.05%
|
Ratio
of net investment income to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Before
expense waiver |
|
|
0.57%(4) |
|
|
0.55% |
|
|
0.69% |
|
|
0.89% |
|
|
0.71% |
|
|
0.65%
|
After
expense waiver |
|
|
0.78%(4) |
|
|
0.75% |
|
|
0.84% |
|
|
1.00% |
|
|
0.90% |
|
|
0.86%
|
Portfolio
turnover rate |
|
|
15%(2) |
|
|
18% |
|
|
42% |
|
|
31% |
|
|
38% |
|
|
53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Per share amounts
calculated using the average shares method. |
(2) |
Not annualized. |
(3) |
Net increase from
payments by investment adviser on the disposal of investments due to trade error added 0.22% to this return. |
(4) |
Annualized. |
|
14 |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
Six Months
Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31, | ||||||||||||
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 | |||||
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
asset value, beginning of period |
|
|
$17.29 |
|
|
$15.82 |
|
|
$18.40 |
|
|
$18.27 |
|
|
$12.25 |
|
|
$13.77
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
investment income |
|
|
0.08(1) |
|
|
0.18 |
|
|
0.17(1) |
|
|
0.21 |
|
|
0.16 |
|
|
0.15
|
Net
realized and unrealized gain (loss) on investments |
|
|
2.24 |
|
|
2.28 |
|
|
(1.88) |
|
|
0.13 |
|
|
6.02 |
|
|
(1.54)
|
Total
from investment operations |
|
|
2.32 |
|
|
2.46 |
|
|
(1.71) |
|
|
0.34 |
|
|
6.18 |
|
|
(1.39)
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
investment income |
|
|
— |
|
|
(0.17) |
|
|
(0.14) |
|
|
(0.21) |
|
|
(0.16) |
|
|
(0.13)
|
Net
realized gains |
|
|
— |
|
|
(0.82) |
|
|
(0.73) |
|
|
— |
|
|
— |
|
|
—
|
Total
distributions |
|
|
— |
|
|
(0.99) |
|
|
(0.87) |
|
|
(0.21) |
|
|
(0.16) |
|
|
(0.13)
|
Net
asset value, end of period |
|
|
$19.61 |
|
|
$17.29 |
|
|
$15.82 |
|
|
$18.40 |
|
|
$18.27 |
|
|
$12.25
|
TOTAL
RETURN |
|
|
13.42%(2) |
|
|
15.84% |
|
|
−9.54%(3) |
|
|
1.87% |
|
|
50.75% |
|
|
−10.28%
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
assets, end of period (in millions) |
|
|
$5.8 |
|
|
$4.1 |
|
|
$3.8 |
|
|
$34.1 |
|
|
$38.4 |
|
|
$30.5
|
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Before
expense waiver |
|
|
1.20%(4) |
|
|
1.21% |
|
|
1.09% |
|
|
1.12% |
|
|
1.18% |
|
|
1.17%
|
After
expense waiver |
|
|
0.90%(4) |
|
|
0.90% |
|
|
0.90% |
|
|
0.90% |
|
|
0.90% |
|
|
0.90%
|
Ratio
of net investment income to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Before
expense waiver |
|
|
0.63%(4) |
|
|
0.59% |
|
|
0.80% |
|
|
0.93% |
|
|
0.77% |
|
|
0.73%
|
After
expense waiver |
|
|
0.93%(4) |
|
|
0.90% |
|
|
0.99% |
|
|
1.15% |
|
|
1.05% |
|
|
1.01%
|
Portfolio
turnover rate |
|
|
15%(2) |
|
|
18% |
|
|
42% |
|
|
31% |
|
|
38% |
|
|
53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Per share amounts
calculated using the average shares method. |
(2) |
Not annualized. |
(3) |
Net increase from
payments by investment adviser on the disposal of investments due to trade error added 0.22% to this return. |
(4) |
Annualized. |
|
15 |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
Six Months
Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31, | ||||||||||||
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 | |||||
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
asset value, beginning of period |
|
|
$15.38 |
|
|
$12.46 |
|
|
$12.55 |
|
|
$13.39 |
|
|
$8.71 |
|
|
$9.94
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
investment income |
|
|
— |
|
|
0.02 |
|
|
0.02 |
|
|
0.03 |
|
|
0.04 |
|
|
0.02
|
Net
realized and unrealized gain (loss) on investments |
|
|
2.38 |
|
|
3.31 |
|
|
0.74 |
|
|
(0.30) |
|
|
4.65 |
|
|
(1.20)
|
Total
from investment operations |
|
|
2.38 |
|
|
3.33 |
|
|
0.76 |
|
|
(0.27) |
|
|
4.69 |
|
|
(1.18)
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
investment income |
|
|
— |
|
|
(0.03) |
|
|
(0.02) |
|
|
(0.06) |
|
|
(0.01) |
|
|
(0.01)
|
Net
realized gains |
|
|
— |
|
|
(0.38) |
|
|
(0.83) |
|
|
(0.51) |
|
|
— |
|
|
(0.04)
|
Total
distributions |
|
|
— |
|
|
(0.41) |
|
|
(0.85) |
|
|
(0.57) |
|
|
(0.01) |
|
|
(0.05)
|
Net
asset value, end of period |
|
|
$17.76 |
|
|
$15.38 |
|
|
$12.46 |
|
|
$12.55 |
|
|
$13.39 |
|
|
$8.71
|
TOTAL
RETURN |
|
|
15.47%(1) |
|
|
27.04% |
|
|
6.73% |
|
|
−2.09% |
|
|
53.82% |
|
|
−12.00%
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
assets, end of period (in millions) |
|
|
$28.9 |
|
|
$24.8 |
|
|
$19.3 |
|
|
$17.3 |
|
|
$17.7 |
|
|
$10.3
|
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Before
expense reimbursement/waiver |
|
|
1.33%(2) |
|
|
1.34% |
|
|
1.37% |
|
|
1.37% |
|
|
1.49% |
|
|
1.99%
|
After
expense reimbursement/waiver |
|
|
1.20%(2) |
|
|
1.20% |
|
|
1.20% |
|
|
1.20% |
|
|
1.20% |
|
|
1.20%
|
Ratio
of net investment income (loss) to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Before
expense reimbursement/waiver |
|
|
(0.10)%(2) |
|
|
(0.01)% |
|
|
(0.04)% |
|
|
0.01% |
|
|
0.09% |
|
|
(0.60)%
|
After
expense reimbursement/waiver |
|
|
0.03%(2) |
|
|
0.13% |
|
|
0.13% |
|
|
0.18% |
|
|
0.38% |
|
|
0.19%
|
Portfolio
turnover rate |
|
|
14%(1) |
|
|
21% |
|
|
47% |
|
|
33% |
|
|
32% |
|
|
46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Not annualized. |
(2) |
Annualized. |
|
16 |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
Six Months
Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31, | ||||||||||||
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 | |||||
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
asset value, beginning of period |
|
|
$15.49 |
|
|
$12.54 |
|
|
$12.61 |
|
|
$13.45 |
|
|
$8.73 |
|
|
$9.96
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
investment income |
|
|
0.02 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.03
|
Net
realized and unrealized gain (loss) on investments |
|
|
2.41 |
|
|
3.34 |
|
|
0.74 |
|
|
(0.29) |
|
|
4.69 |
|
|
(1.20)
|
Total
from investment operations |
|
|
2.43 |
|
|
3.39 |
|
|
0.79 |
|
|
(0.24) |
|
|
4.74 |
|
|
(1.17)
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
investment income |
|
|
— |
|
|
(0.06) |
|
|
(0.03) |
|
|
(0.09) |
|
|
(0.02) |
|
|
(0.02)
|
Net
realized gains |
|
|
— |
|
|
(0.38) |
|
|
(0.83) |
|
|
(0.51) |
|
|
— |
|
|
(0.04)
|
Total
distributions |
|
|
— |
|
|
(0.44) |
|
|
(0.86) |
|
|
(0.6) |
|
|
(0.02) |
|
|
(0.06)
|
Net
asset value, end of period |
|
|
$17.92 |
|
|
$15.49 |
|
|
$12.54 |
|
|
$12.61 |
|
|
$13.45 |
|
|
$8.73
|
TOTAL
RETURN |
|
|
15.69%(1) |
|
|
27.33% |
|
|
6.97% |
|
|
−1.86% |
|
|
54.33% |
|
|
−11.85%
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
assets, end of period (in millions) |
|
|
$552.4 |
|
|
$405.9 |
|
|
$275.6 |
|
|
$263.1 |
|
|
$192 |
|
|
$57.7
|
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Before
expense reimbursement/waiver |
|
|
1.16%(2) |
|
|
1.16% |
|
|
1.19% |
|
|
1.16% |
|
|
1.27% |
|
|
1.66%
|
After
expense reimbursement/waiver |
|
|
0.95%(2) |
|
|
0.95% |
|
|
0.95% |
|
|
0.95% |
|
|
0.95% |
|
|
0.95%
|
Ratio
of net investment income (loss) to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Before
expense reimbursement/waiver |
|
|
0.07%(2) |
|
|
0.17% |
|
|
0.15% |
|
|
0.22% |
|
|
0.32% |
|
|
(0.27)%
|
After
expense reimbursement/waiver |
|
|
0.28%(2) |
|
|
0.38% |
|
|
0.39% |
|
|
0.43% |
|
|
0.64% |
|
|
0.44%
|
Portfolio
turnover rate |
|
|
14%(1) |
|
|
21% |
|
|
47% |
|
|
33% |
|
|
32% |
|
|
46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Not annualized. |
(2) |
Annualized. |
|
17 |
|
|
|
|
|
|
|
| |||
|
|
|
Six Months
Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31, | |||
|
2024 |
|
|
2023 | |||||
PER
SHARE DATA: |
|
|
|
|
|
|
|||
Net
asset value, beginning of period |
|
|
$11.59 |
|
|
$10.26 |
|
|
$10.00
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|||
Net
investment income |
|
|
0.05 |
|
|
0.17 |
|
|
0.13
|
Net
realized and unrealized gain on investments |
|
|
0.37 |
|
|
1.36 |
|
|
0.24
|
Total
from investment operations |
|
|
0.42 |
|
|
1.53 |
|
|
0.37
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|||
Net
investment income |
|
|
— |
|
|
(0.11) |
|
|
(0.06)
|
Net
realized gains |
|
|
— |
|
|
(0.09) |
|
|
(0.05)
|
Total
distributions |
|
|
— |
|
|
(0.20) |
|
|
(0.11)
|
Net
asset value, end of period |
|
|
$12.01 |
|
|
$11.59 |
|
|
$10.26
|
TOTAL
RETURN |
|
|
3.62%(1) |
|
|
15.00% |
|
|
3.76%
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|||
Net
assets, end of period (in millions) |
|
|
$1.6 |
|
|
$1.7 |
|
|
$1.4
|
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|||
Before
expense reimbursement/waiver |
|
|
14.53%(2) |
|
|
14.66% |
|
|
19.29%
|
After
expense reimbursement/waiver |
|
|
0.95%(2) |
|
|
0.95% |
|
|
0.95%
|
Ratio
of net investment loss to average net assets: |
|
|
|
|
|
|
|||
Before
expense reimbursement/waiver |
|
|
(13.07)%(2) |
|
|
(12.14)% |
|
|
(16.74)%
|
After
expense reimbursement/waiver |
|
|
0.51%(2) |
|
|
1.57% |
|
|
1.60%
|
Portfolio
turnover rate |
|
|
45%(1) |
|
|
12% |
|
|
11% |
|
|
|
|
|
|
|
|
|
|
(1) |
Not annualized. |
(2) |
Annualized. |
|
18 |
|
|
19 |
|
Level 1 – |
Unadjusted quoted prices in active markets
for identical assets or liabilities that the Funds have 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 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. |
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
Common
Stocks |
|
|
$126,280,423 |
|
|
$—
|
|
|
$—
|
|
|
$126,280,423
|
Short-Term
Investments |
|
|
4,588,435
|
|
|
—
|
|
|
—
|
|
|
4,588,435
|
Total
Investments in Securities |
|
|
$130,868,858 |
|
|
$—
|
|
|
$—
|
|
|
$130,868,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
Common
Stocks |
|
|
$567,609,016 |
|
|
$—
|
|
|
$—
|
|
|
$567,609,016
|
Short-Term
Investments |
|
|
14,121,412
|
|
|
—
|
|
|
—
|
|
|
14,121,412
|
Total
Investments in Securities |
|
|
$581,730,428 |
|
|
$—
|
|
|
$—
|
|
|
$581,730,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3* |
|
|
Total |
Common
Stocks |
|
|
$616,075
|
|
|
$919,811 |
|
|
$—
|
|
|
$1,535,886
|
Warrants |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
Short-Term
Investements |
|
|
49,822
|
|
|
—
|
|
|
—
|
|
|
49,822
|
Total
Investments in Securities |
|
|
$665,897 |
|
|
$919,811 |
|
|
$—
|
|
|
$1,585,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Additional Level 3 disclosures were deemed to be
immaterial. |
|
21 |
|
|
|
|
|
Fund |
|
|
|
Mid
Cap Fund |
|
|
0.90%
|
Genesis
Fund |
|
|
0.95%
|
International
Fund |
|
|
0.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Investor
Class |
|
|
Advisor
Class |
|
|
Institutional
Class |
Mid
Cap Fund |
|
|
1.30% |
|
|
1.05% |
|
|
0.90% |
Genesis
Fund |
|
|
1.20% |
|
|
0.95% |
|
|
N/A |
International
Fund |
|
|
N/A |
|
|
0.95% |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Expiration |
|
|
Amount |
Mid
Cap Fund |
|
|
December
2024 - May 2025 |
|
|
$126,080
|
|
|
June
2025 - May 2026 |
|
|
$260,979
| |
|
|
June
2026 - May 2027 |
|
|
$265,036
| |
|
|
June 2027
- November 2027 |
|
|
$145,607
| |
Genesis
Fund |
|
|
December
2024 - May 2025 |
|
|
$266,072
|
|
|
November 2025
- May 2026 |
|
|
$648,042
| |
|
|
November 2026
- May 2027 |
|
|
$742,406
| |
|
|
June 2027
- November 2027 |
|
|
$516,709
| |
International
Fund |
|
|
June
2025 - May 2026 |
|
|
$153,512
|
|
|
June
2026 - May 2027 |
|
|
$167,563
| |
|
|
June 2027
- November 2027 |
|
|
$107,185 | |
|
|
|
|
|
|
|
|
22 |
|
|
|
|
|
Fund |
|
|
Amount |
Mid
Cap Fund |
|
|
$35,719
|
Genesis
Fund |
|
|
$33,335
|
International
Fund |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Investor
Class |
|
|
Advisor Class
|
Mid
Cap Fund |
|
|
$21,431 |
|
|
$27,618
|
Genesis
Fund |
|
|
— |
|
|
195,722
|
International
Fund |
|
|
N/A |
|
|
1187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
Mid Cap Fund |
|
|
Genesis Fund
| ||||||
|
|
|
Six Months
Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31,
2024 |
|
|
Six Months
Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31,
2024 |
Investor
Class: |
|
|
|
|
|
|
|
|
||||
Shares
sold |
|
|
107,340
|
|
|
149,548
|
|
|
15,528
|
|
|
19,146
|
Shares
issued in reinvestment of distributions |
|
|
—
|
|
|
83,606
|
|
|
—
|
|
|
45,270
|
Shares
redeemed |
|
|
(37,893) |
|
|
(151,384) |
|
|
— |
|
|
(33)
|
Net
increase in Investor Class shares |
|
|
69,447
|
|
|
81,770
|
|
|
15,528
|
|
|
64,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23 |
|
|
|
|
|
|
|
| ||||||
|
|
|
Mid Cap Fund |
|
|
Genesis Fund
| ||||||
|
|
|
Six Months
Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31,
2024 |
|
|
Six Months
Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31,
2024 |
Advisor
Class: |
|
|
|
|
|
|
|
|
||||
Shares
sold |
|
|
92,394
|
|
|
576,803
|
|
|
8,492,319
|
|
|
8,629,541
|
Shares
issued in reinvestment of distributions |
|
|
—
|
|
|
295,204
|
|
|
— |
|
|
707,800
|
Shares
redeemed |
|
|
(620,343) |
|
|
(2,891,962) |
|
|
(3,859,380) |
|
|
(5,113,715)
|
Net
increase (decrease) in Advisor Class shares |
|
|
(527,949) |
|
|
(2,019,955) |
|
|
4,632,939
|
|
|
4,223,626
|
Institutional
Class: |
|
|
|
|
|
|
|
|
||||
Shares
sold |
|
|
85,362
|
|
|
—
|
|
|
—
|
|
|
—
|
Shares
issued in reinvestment of distributions |
|
|
—
|
|
|
13,057
|
|
|
— |
|
|
—
|
Shares
redeemed |
|
|
(25,894) |
|
|
(19,607) |
|
|
— |
|
|
—
|
Net
increase (decrease) in Institutional Class shares |
|
|
59,468 |
|
|
(6,550) |
|
|
— |
|
|
—
|
Net
increase (decrease) in shares
outstanding |
|
|
(399,034) |
|
|
(1,944,735) |
|
|
4,648,467
|
|
|
4,288,009
|
|
|
International
Fund |
|
|
|
|
||||||
|
|
Six Months
Ended
November 30,
2024
(Unaudited)
|
|
|
Year Ended
May 31,
2024 |
| ||||||
Advisor
Class: |
|
|
|
|
|
|
|
|
||||
Shares
sold |
|
|
50,014
|
|
|
7,957 |
|
|
|
|
||
Shares
issued in reinvestment of distributions |
|
|
—
|
|
|
2,574 |
|
|
|
|
||
Shares
redeemed |
|
|
(67,119) |
|
|
(508) |
|
|
|
|
||
Net
increase (decrease) in Advisor Class shares |
|
|
(17,105) |
|
|
10,023 |
|
|
|
|
||
Net
increase (decrease) in shares outstanding |
|
|
(17,105) |
|
|
10,023 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
U.S. Government
Securities |
|
|
Other | ||||||
Fund |
|
|
Purchases |
|
|
Sales |
|
|
Purchases |
|
|
Sales |
Mid
Cap Fund |
|
|
$ — |
|
|
$ — |
|
|
$17,691,369 |
|
|
$24,667,022
|
Genesis
Fund |
|
|
$—
|
|
|
$— |
|
|
$153,666,702 |
|
|
$72,592,806
|
International
Fund |
|
|
$— |
|
|
$— |
|
|
$714,673 |
|
|
$897,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Aggregate
Gross
Appreciation |
|
|
Aggregate
Gross
Depreciation |
|
|
Net
Appreciation
|
|
|
Federal
Income Tax
Cost |
Mid
Cap Fund |
|
|
$31,748,270 |
|
|
$(10,294,557) |
|
|
$21,453,713 |
|
|
$101,015,062
|
Genesis
Fund |
|
|
108,412,927 |
|
|
(16,778,696) |
|
|
91,634,231 |
|
|
339,105,597
|
International
Fund |
|
|
316,770 |
|
|
(134,858) |
|
|
181,912 |
|
|
1,548,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Undistributed
Ordinary
Income |
|
|
Undistributed
Long-Term
Capital Gains |
|
|
Net
Appreciation |
|
|
Total
Distributable
Earnings
|
Mid
Cap Fund |
|
|
$199,870 |
|
|
$2,444,944
|
|
|
$21,453,713 |
|
|
$24,098,527
|
Genesis
Fund |
|
|
3,412,410 |
|
|
3,941,417 |
|
|
91,634,231 |
|
|
98,988,058
|
International
Fund |
|
|
37,195 |
|
|
27,559 |
|
|
181,912 |
|
|
246,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Ordinary
Income* |
|
|
Long-Term
Capital Gains |
|
|
Total |
Mid
Cap Fund |
|
|
$1,353,077 |
|
|
$7,386,204 |
|
|
$8,739,281
|
Genesis
Fund |
|
|
2,203,333 |
|
|
16,175,604 |
|
|
18,378,937
|
International
Fund |
|
|
13,313 |
|
|
— |
|
|
13,313 |
|
|
|
|
|
|
|
|
|
|
* |
For Federal income tax purposes, distributions
of short-term capital gains are treated as ordinary income. |
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Shareholder |
|
|
Percent of
Shares Held |
|
|
Type of
Ownership
|
Mid Cap Fund |
|
|
Wells Fargo Clearing
Services, LLC |
|
|
32.66% |
|
|
Record |
Genesis Fund |
|
|
Morgan Stanley
Smith Barney, LLC |
|
|
35.55% |
|
|
Record |
International
Fund |
|
|
National Financial
Services, LLC |
|
|
37.19% |
|
|
Record |
|
|
James Reinhart |
|
|
39.26% |
|
|
Beneficial | |
|
|
|
|
|
|
|
|
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Share Class |
|
|
Type of Distribution |
|
|
Dollar Amount |
|
|
Rate Per
Share |
Mid
Cap Fund |
|
|
Advisor |
|
|
Ordinary Income |
|
|
$628,798 |
|
|
$0.13172822 |
|
|
Advisor |
|
|
Short-Term Capital
Gain |
|
|
41,434 |
|
|
0.00868
| |
|
|
Advisor |
|
|
Long-Term Capital
Gain |
|
|
2,124,519 |
|
|
0.44507
| |
|
|
Investor |
|
|
Ordinary Income |
|
|
122,218 |
|
|
0.07643439
| |
|
|
Investor |
|
|
Short-Term Capital
Gain |
|
|
13,879 |
|
|
0.00868
| |
|
|
Investor |
|
|
Long-Term Capital
Gain |
|
|
711,664 |
|
|
0.44507
| |
|
|
Institutional |
|
|
Ordinary Income |
|
|
40,938 |
|
|
0.14020619
| |
|
|
Institutional |
|
|
Short-Term Capital
Gain |
|
|
2,534 |
|
|
0.00868
| |
|
|
Institutional |
|
|
Long-Term Capital
Gain |
|
|
129,953 |
|
|
0.44507
| |
Genesis
Fund |
|
|
Advisor |
|
|
Ordinary Income |
|
|
$1,263,561 |
|
|
$0.04231226 |
|
|
Advisor |
|
|
Short-Term Capital
Gain |
|
|
5,083,539 |
|
|
0.17023
| |
|
|
Advisor |
|
|
Long-Term Capital
Gain |
|
|
14,951,690 |
|
|
0.50068
| |
|
|
Investor |
|
|
Ordinary Income |
|
|
27,115 |
|
|
0.01666375
| |
|
|
Investor |
|
|
Short-Term Capital
Gain |
|
|
277,000 |
|
|
0.17023
| |
|
|
Investor |
|
|
Long-Term Capital
Gain |
|
|
814,710 |
|
|
0.50068
| |
International
Fund |
|
|
Advisor |
|
|
Ordinary Income |
|
|
$37,546 |
|
|
$0.29630566 |
|
|
Advisor |
|
|
Short-Term Capital
Gain |
|
|
10,303 |
|
|
0.08131
| |
|
|
Advisor |
|
|
Long-Term Capital
Gain |
|
|
110,472 |
|
|
0.87182 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 |
|
|
27 |
|
(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.
Not applicable
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.
(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) “Not applicable” |
(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, Principal Executive Officer |
Date | 2/6/2025 |
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 | 2/6/2025 |
By (Signature and Title)* | /s/ Benjamin J. Eirich | ||
Benjamin J. Eirich, Principal Financial Officer |
Date | 2/6/2025 |
* Print the name and title of each signing officer under his or her signature.