(a)
|
|
1 Year
|
3 Year
|
5 Year
|
Since Inception(1)
|
|
Coho Relative Value Equity Fund(2)
|
20.00%
|
14.15%
|
11.73%
|
10.88%
|
S&P 500® Index(3)
|
23.29%
|
20.71%
|
16.78%
|
14.55%
|
Russell 1000® Value Index(4)
|
23.37%
|
13.84%
|
10.48%
|
10.38%
|
(1)
|
Period from Fund inception through January 31, 2022. The Fund commenced operations on August 14, 2013.
|
(2)
|
On November 22, 2019, the Fund’s Institutional Class shares were merged into the Advisor Class shares. The Advisor Class name was subsequently discontinued following the merger.
|
(3)
|
The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market
for large capitalization stocks. One cannot invest directly in an Index.
|
(4)
|
The Russell 1000® Value Index measures the performance of the small cap value segment of U.S. equity securities.
It includes those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values. One cannot invest directly in an Index.
|
1 Year
|
Since Inception(1)
|
|
Coho Relative Value ESG Fund
|
17.30%
|
12.95%
|
S&P 500® Index(2)
|
23.29%
|
19.83%
|
Russell 1000® Value Index(3)
|
23.37%
|
12.24%
|
(1)
|
Period from Fund inception through January 31, 2022. The Fund commenced operations on November 27, 2019.
|
(2)
|
The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market
for large capitalization stocks. One cannot invest directly in an Index.
|
(3)
|
The Russell 1000® Value Index measures the performance of the small cap value segment of U.S. equity securities.
It includes those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values. One cannot invest directly in an Index.
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period(1)
|
|
(8/1/2021)
|
(1/31/2022)
|
(8/1/2021 to 1/31/2022)
|
|
Actual(2)
|
$1,000.00
|
$1,037.60
|
$4.06
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,021.22
|
$4.02
|
(1)
|
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.79%, multiplied by the average account value over the period, multiplied by 184/365 to reflect
the one-half year period.
|
(2)
|
Based on the actual return for the six-month period ended January 31, 2022 of 3.76%.
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period(3)
|
|
(8/1/2021)
|
(1/31/2022)
|
(8/1/2021 to 1/31/2022)
|
|
Actual(4)
|
$1,000.00
|
$1,028.60
|
$4.04
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,021.22
|
$4.02
|
(3)
|
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.79%, multiplied by the average account value over the period, multiplied by 184/365 to reflect
the one-half year period.
|
(4)
|
Based on the actual return for the six-month period ended January 31, 2022 of 2.86%.
|
UnitedHealth Group
|
5.2
|
%
|
|||
CVS Health
|
5.1
|
%
|
|||
Lowe’s Companies
|
4.6
|
%
|
|||
Sysco
|
4.5
|
%
|
|||
Dollar General
|
4.5
|
%
|
|||
U.S. Bancorp
|
4.4
|
%
|
|||
W.W. Grainger
|
4.3
|
%
|
|||
AmerisourceBergen
|
4.1
|
%
|
|||
Ross Stores
|
4.0
|
%
|
|||
State Street
|
4.0
|
%
|
(1)
|
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|
UnitedHealth Group
|
5.4
|
%
|
|||
CVS Health
|
5.2
|
%
|
|||
Lowe’s Companies
|
5.1
|
%
|
|||
Sysco
|
4.8
|
%
|
|||
W.W. Grainger
|
4.7
|
%
|
|||
Dollar General
|
4.6
|
%
|
|||
U.S. Bancorp
|
4.5
|
%
|
|||
Johnson & Johnson
|
4.4
|
%
|
|||
State Street
|
4.3
|
%
|
|||
Global Payments
|
3.9
|
%
|
(1)
|
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|
Shares
|
Value
|
|||||||
COMMON STOCKS — 97.6%
|
||||||||
Consumer Discretionary — 13.1%
|
||||||||
Dollar General
|
206,211
|
$
|
42,990,869
|
|||||
Lowe’s Companies
|
185,710
|
44,078,268
|
||||||
Ross Stores
|
389,102
|
38,034,721
|
||||||
125,103,858
|
||||||||
Consumer Staples — 22.5%
|
||||||||
Altria Group
|
448,999
|
22,845,069
|
||||||
Coca-Cola
|
498,389
|
30,406,713
|
||||||
Conagra Brands
|
741,820
|
25,785,663
|
||||||
JM Smucker
|
153,516
|
21,581,279
|
||||||
Kroger
|
496,028
|
21,621,861
|
||||||
Mondelez International
|
306,546
|
20,547,778
|
||||||
Philip Morris International
|
271,297
|
27,902,897
|
||||||
Sysco
|
553,203
|
43,232,814
|
||||||
213,924,074
|
||||||||
Energy — 3.2%
|
||||||||
Chevron
|
228,203
|
29,969,900
|
||||||
Financials — 11.6%
|
||||||||
Marsh & McLennan Companies
|
200,291
|
30,772,710
|
||||||
State Street
|
398,730
|
37,679,985
|
||||||
U.S. Bancorp
|
720,885
|
41,948,298
|
||||||
110,400,993
|
||||||||
Health Care — 27.9%#
|
||||||||
AmerisourceBergen
|
285,878
|
38,936,583
|
||||||
Amgen
|
111,370
|
25,296,582
|
||||||
CVS Health
|
455,570
|
48,522,761
|
||||||
Johnson & Johnson
|
218,158
|
37,586,442
|
||||||
Medtronic PLC
|
242,159
|
25,061,035
|
||||||
Perrigo PLC
|
388,708
|
14,798,113
|
||||||
Thermo Fisher Scientific
|
44,576
|
25,912,029
|
||||||
UnitedHealth Group
|
104,658
|
49,458,231
|
||||||
265,571,776
|
||||||||
Industrials — 10.0%
|
||||||||
Stanley Black & Decker
|
124,215
|
21,694,150
|
||||||
United Parcel Service — Class B
|
162,126
|
32,783,499
|
||||||
W.W. Grainger
|
82,394
|
40,794,093
|
||||||
95,271,742
|
Shares
|
Value
|
|||||||
Information Technology — 9.3%
|
||||||||
Automatic Data Processing
|
91,790
|
$
|
18,924,344
|
|||||
Global Payments
|
241,973
|
36,266,913
|
||||||
Microchip Technology
|
427,683
|
33,136,879
|
||||||
88,328,136
|
||||||||
Total Common Stocks
|
||||||||
(Cost $721,537,847)
|
928,570,479
|
|||||||
SHORT-TERM INVESTMENT — 2.4%
|
||||||||
U.S. Bank N.A., 0.00%^
|
||||||||
(Cost $23,171,126)
|
23,171,126
|
23,171,126
|
||||||
Total Investments — 100.0%
|
||||||||
(Cost $744,708,973)
|
951,741,605
|
|||||||
Other Assets and Liabilities, Net — (0.0)%
|
(314,476
|
)
|
||||||
Total Net Assets — 100.0%
|
$
|
951,427,129
|
PLC
|
Public Limited Company
|
#
|
As of January 31, 2022, the Fund had a significant portion of its assets invested in this sector and therefore is subject to additional risks. See Note 8 in the Notes to the Financial
Statements.
|
^
|
The Money Market Deposit Account (“MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on
market conditions and may change daily and by any amount. The rate shown is as of January 31, 2022.
|
Shares
|
Value
|
|||||||
COMMON STOCKS — 96.0%
|
||||||||
Consumer Discretionary — 13.5%
|
||||||||
Dollar General
|
7,665
|
$
|
1,597,999
|
|||||
Lowe’s Companies
|
7,576
|
1,798,164
|
||||||
Ross Stores
|
13,598
|
1,329,205
|
||||||
4,725,368
|
||||||||
Consumer Staples — 22.4%
|
||||||||
Coca-Cola
|
18,656
|
1,138,203
|
||||||
Colgate-Palmolive
|
13,859
|
1,142,675
|
||||||
Conagra Brands
|
29,840
|
1,037,238
|
||||||
JM Smucker
|
9,094
|
1,278,434
|
||||||
Kroger
|
18,676
|
814,087
|
||||||
Mondelez International
|
11,468
|
768,700
|
||||||
Sysco
|
21,706
|
1,696,324
|
||||||
7,875,661
|
||||||||
Financials — 12.1%
|
||||||||
Marsh & McLennan Companies
|
7,743
|
1,189,635
|
||||||
State Street
|
15,852
|
1,498,014
|
||||||
U.S. Bancorp
|
27,000
|
1,571,130
|
||||||
4,258,779
|
||||||||
Health Care — 27.5%#
|
||||||||
Amgen
|
4,164
|
945,811
|
||||||
CVS Health
|
16,987
|
1,809,286
|
||||||
Johnson & Johnson
|
8,914
|
1,535,793
|
||||||
Medtronic PLC
|
9,229
|
955,109
|
||||||
Perrigo PLC
|
20,031
|
762,580
|
||||||
Quest Diagnostics
|
5,757
|
777,310
|
||||||
Thermo Fisher Scientific
|
1,671
|
971,352
|
||||||
UnitedHealth Group
|
4,018
|
1,898,786
|
||||||
9,656,027
|
||||||||
Industrials — 10.5%
|
||||||||
Stanley Black & Decker
|
4,637
|
809,852
|
||||||
United Parcel Service — Class B
|
6,066
|
1,226,606
|
||||||
W.W. Grainger
|
3,310
|
1,638,814
|
||||||
3,675,272
|
Shares
|
Value
|
|||||||
Information Technology — 10.0%
|
||||||||
Automatic Data Processing
|
4,495
|
$
|
926,734
|
|||||
Global Payments
|
9,083
|
1,361,360
|
||||||
Microchip Technology
|
15,967
|
1,237,123
|
||||||
3,525,217
|
||||||||
Total Common Stocks
|
||||||||
(Cost $31,631,311)
|
33,716,324
|
|||||||
SHORT-TERM INVESTMENT — 4.0%
|
||||||||
U.S. Bank N.A., 0.00%^
|
||||||||
(Cost $1,402,777)
|
1,402,777
|
1,402,777
|
||||||
Total Investments — 100.0%
|
||||||||
(Cost $33,034,088)
|
35,119,101
|
|||||||
Other Assets and Liabilities, Net — 0.0%
|
1,304
|
|||||||
Total Net Assets — 100.0%
|
$
|
35,120,405
|
PLC
|
Public Limited Company
|
#
|
As of January 31, 2022, the Fund had a significant portion of its assets invested in this sector and therefore is subject to additional risks. See Note 8 in the Notes to the Financial
Statements.
|
^
|
The Money Market Deposit Account (“MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on
market conditions and may change daily and by any amount. The rate shown is as of January 31, 2022.
|
Coho
|
Coho
|
|||||||
Relative Value
|
Relative Value
|
|||||||
Equity Fund
|
ESG Fund
|
|||||||
ASSETS:
|
||||||||
Investments, at value
|
||||||||
(Cost: $744,708,973 & $33,034,088, respectively)
|
$
|
951,741,605
|
$
|
35,119,101
|
||||
Dividends and interest receivable
|
738,126
|
38,648
|
||||||
Receivable for capital shares sold
|
385,178
|
6,643
|
||||||
Prepaid expenses
|
12,253
|
12,632
|
||||||
Total assets
|
952,877,162
|
35,177,024
|
||||||
LIABILITIES:
|
||||||||
Payable for capital shares redeemed
|
628,620
|
—
|
||||||
Payable to investment adviser
|
583,596
|
10,801
|
||||||
Payable for fund administration & accounting fees
|
163,445
|
10,869
|
||||||
Payable for transfer agent fees & expenses
|
21,326
|
6,156
|
||||||
Payable for custody fees
|
19,548
|
4,580
|
||||||
Payable for legal fees
|
8,761
|
9,262
|
||||||
Payable for audit fees
|
7,815
|
7,816
|
||||||
Payable for compliance fees
|
4,177
|
4,177
|
||||||
Accrued expenses
|
12,745
|
2,958
|
||||||
Total liabilities
|
1,450,033
|
56,619
|
||||||
NET ASSETS
|
$
|
951,427,129
|
$
|
35,120,405
|
||||
NET ASSETS CONSIST OF:
|
||||||||
Paid-in capital
|
$
|
730,966,897
|
$
|
32,936,868
|
||||
Total distributable earnings
|
220,460,232
|
2,183,537
|
||||||
Net Assets
|
$
|
951,427,129
|
$
|
35,120,405
|
||||
Net Assets
|
$
|
951,427,129
|
$
|
35,120,405
|
||||
Shares issued and outstanding(1)
|
56,735,949
|
2,894,523
|
||||||
Net asset value, redemption price and offering price per share
|
$
|
16.77
|
$
|
12.13
|
(1)
|
Unlimited shares authorized without par value.
|
Coho
|
Coho
|
|||||||
Relative Value
|
Relative Value
|
|||||||
Equity Fund
|
ESG Fund
|
|||||||
INVESTMENT INCOME:
|
||||||||
Dividend income
|
$
|
10,964,536
|
$
|
249,589
|
||||
Less: Foreign taxes withheld
|
(45,126
|
)
|
(1,019
|
)
|
||||
Interest income
|
112
|
5
|
||||||
Total investment income
|
10,919,522
|
248,575
|
||||||
EXPENSES:
|
||||||||
Investment adviser fees (See Note 4)
|
3,446,434
|
89,276
|
||||||
Fund administration & accounting fees (See Note 4)
|
244,123
|
15,584
|
||||||
Custody fees (See Note 4)
|
39,592
|
6,200
|
||||||
Transfer agent fees & expenses (See Note 4)
|
33,520
|
9,094
|
||||||
Federal & state registration fees
|
20,432
|
12,392
|
||||||
Audit fees
|
9,312
|
9,312
|
||||||
Trustee fees
|
9,208
|
9,208
|
||||||
Legal fees
|
5,640
|
5,544
|
||||||
Postage & printing fees
|
6,528
|
280
|
||||||
Compliance fees (See Note 4)
|
6,256
|
6,256
|
||||||
Insurance expense
|
2,848
|
920
|
||||||
Other expenses
|
3,216
|
2,112
|
||||||
Total expenses before waiver/recoupment
|
3,827,109
|
166,178
|
||||||
Plus: Adviser recoupment (See Note 4)
|
62,438
|
—
|
||||||
Less: waiver from investment adviser (See Note 4)
|
—
|
(65,396
|
)
|
|||||
Net expenses
|
3,889,547
|
100,782
|
||||||
NET INVESTMENT INCOME
|
7,029,975
|
147,793
|
||||||
REALIZED AND UNREALIZED
|
||||||||
GAIN ON INVESTMENTS
|
||||||||
Net realized gain on investments
|
42,908,463
|
580,201
|
||||||
Net change in unrealized
|
||||||||
appreciation/depreciation on investments
|
(13,552,185
|
)
|
(208,245
|
)
|
||||
Net realized and unrealized gain on investments
|
29,356,278
|
371,956
|
||||||
NET INCREASE IN NET ASSETS
|
||||||||
RESULTING FROM OPERATIONS
|
$
|
36,386,253
|
$
|
519,749
|
Period Ended
|
||||||||
January 31, 2022
|
Year Ended
|
|||||||
(Unaudited)
|
July 31, 2021
|
|||||||
OPERATIONS:
|
||||||||
Net investment income
|
$ |
7,029,975
|
$ |
13,499,187
|
||||
Net realized gain on investments
|
42,908,463
|
56,765,808
|
||||||
Net change in unrealized appreciation/depreciation on investments
|
(13,552,185
|
)
|
134,320,868
|
|||||
Net increase in net assets resulting from operations
|
36,386,253
|
204,585,863
|
||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Proceeds from shares sold
|
51,920,196
|
211,820,096
|
||||||
Proceeds from reinvestment of distributions
|
37,951,291
|
16,518,865
|
||||||
Payments for shares redeemed
|
(86,221,402
|
)
|
(151,507,896
|
)
|
||||
Redemptions fees
|
—
|
41,654
|
||||||
Net increase in net assets resulting from capital share transactions
|
3,650,085
|
76,872,719
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
(77,870,489
|
)
|
(34,023,745
|
)
|
||||
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
(37,834,151
|
)
|
247,434,837
|
|||||
NET ASSETS:
|
||||||||
Beginning of period
|
989,261,280
|
741,826,443
|
||||||
End of period
|
$ |
951,427,129
|
$ |
989,261,280
|
Period Ended
|
||||||||
January 31, 2022
|
Year Ended
|
|||||||
(Unaudited)
|
July 31, 2021
|
|||||||
OPERATIONS:
|
||||||||
Net investment income
|
$
|
147,793
|
$
|
156,620
|
||||
Net realized gain on investments
|
580,201
|
573,019
|
||||||
Net change in unrealized appreciation/depreciation on investments
|
(208,245
|
)
|
1,936,028
|
|||||
Net increase in net assets resulting from operations
|
519,749
|
2,665,667
|
||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Proceeds from shares sold
|
15,002,205
|
17,457,519
|
||||||
Proceeds from reinvestment of distributions
|
1,231,637
|
117,541
|
||||||
Payments for shares redeemed
|
(2,596,936
|
)
|
(1,622,239
|
)
|
||||
Net increase in net assets resulting from capital share transactions
|
13,636,906
|
15,952,821
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
(1,239,297
|
)
|
(122,178
|
)
|
||||
TOTAL INCREASE IN NET ASSETS
|
12,917,358
|
18,496,310
|
||||||
NET ASSETS:
|
||||||||
Beginning of period
|
22,203,047
|
3,706,737
|
||||||
End of period
|
$
|
35,120,405
|
$
|
22,203,047
|
Six Months Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||||||||
January 31, 2022
|
July 31,
|
July 31,
|
July 31,
|
July 31,
|
July 31,
|
|||||||||||||||||||
Advisor Class(1)
|
(Unaudited)
|
2021
|
2020
|
2019
|
2018
|
2017
|
||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value,
|
||||||||||||||||||||||||
beginning of period
|
$
|
17.51
|
$
|
14.42
|
$
|
14.20
|
$
|
14.87
|
$
|
13.71
|
$
|
12.86
|
||||||||||||
INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment income
|
0.12
|
(2)
|
0.25
|
(2)
|
0.25
|
(2)
|
0.28
|
0.22
|
0.17
|
|||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain on investments
|
0.52
|
3.46
|
0.93
|
0.06
|
1.49
|
0.92
|
||||||||||||||||||
Total from investment operations
|
0.64
|
3.71
|
1.18
|
0.34
|
1.71
|
1.09
|
||||||||||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||||||||||
Net investment income
|
(0.24
|
)
|
(0.22
|
)
|
(0.26
|
)
|
(0.23
|
)
|
(0.17
|
)
|
(0.19
|
)
|
||||||||||||
Net realized gains
|
(1.14
|
)
|
(0.40
|
)
|
(0.70
|
)
|
(0.78
|
)
|
(0.38
|
)
|
(0.05
|
)
|
||||||||||||
Total distributions
|
(1.38
|
)
|
(0.62
|
)
|
(0.96
|
)
|
(1.01
|
)
|
(0.55
|
)
|
(0.24
|
)
|
||||||||||||
Paid-in capital from redemption fees
|
—
|
—
|
(3)
|
—
|
(3)
|
—
|
(3)
|
—
|
(3)
|
—
|
||||||||||||||
Net asset value, end of period
|
$
|
16.77
|
$
|
17.51
|
$
|
14.42
|
$
|
14.20
|
$
|
14.87
|
$
|
13.71
|
||||||||||||
TOTAL RETURN(5)
|
3.76
|
%
|
26.33
|
%
|
8.45
|
%
|
2.55
|
%
|
12.63
|
%
|
8.63
|
%
|
||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end
|
||||||||||||||||||||||||
of period (in 000’s)
|
$
|
951,427
|
$
|
989,261
|
$
|
741,826
|
$
|
171,070
|
$
|
214,614
|
$
|
225,343
|
||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense waiver/recoupment(6)
|
0.78
|
%
|
0.78
|
%
|
0.82
|
%
|
0.93
|
%
|
0.94
|
%
|
0.96
|
%
|
||||||||||||
After expense waiver/recoupment(6)
|
0.79
|
%
|
0.79
|
%
|
0.81
|
%(4)
|
0.94
|
%
|
0.94
|
%
|
0.94
|
%
|
||||||||||||
Ratio of net investment income
|
||||||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||||||
After expense waiver/recoupment(6)
|
1.43
|
%
|
1.53
|
%
|
1.76
|
%
|
1.71
|
%
|
1.44
|
%
|
1.39
|
%
|
||||||||||||
Portfolio turnover rate(5)
|
9
|
%
|
26
|
%
|
27
|
%
|
20
|
%
|
21
|
%
|
23
|
%
|
(1)
|
On November 22, 2019 the Fund’s Institutional Class shares were merged into the Advisor Class shares. The Advisor Class name was subsequently discontinued following the merger.
|
(2)
|
Per share amounts calculated using the average shares method.
|
(3)
|
Amount per share is less than $0.01.
|
(4)
|
Prior to November 22, 2019, the annual expense limitation was 0.94% of the average daily net assets for the Advisor Class. Thereafter it was 0.79% for the existing class.
|
(5)
|
Not annualized for period less than one year.
|
(6)
|
Annualized for period less than one year.
|
Six Months Ended
|
Since Inception(1)
|
|||||||||||
January 31, 2022
|
Year Ended
|
through
|
||||||||||
(Unaudited)
|
July 31, 2021
|
July 31, 2020
|
||||||||||
PER SHARE DATA:
|
||||||||||||
Net asset value, beginning of period
|
$
|
12.43
|
$
|
10.19
|
$
|
10.00
|
||||||
INVESTMENT OPERATIONS:
|
||||||||||||
Net investment income
|
0.02
|
0.08
|
0.05
|
|||||||||
Net realized and unrealized gain on investments
|
0.33
|
2.37
|
0.15
|
|||||||||
Total from investment operations
|
0.35
|
2.45
|
0.20
|
|||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||
Net investment income
|
(0.08
|
)
|
(0.05
|
)
|
(0.01
|
)
|
||||||
Net realized gains
|
(0.57
|
)
|
(0.16
|
)
|
—
|
|||||||
Total distributions
|
(0.65
|
)
|
(0.21
|
)
|
(0.01
|
)
|
||||||
Net asset value, end of period
|
$
|
12.13
|
$
|
12.43
|
$
|
10.19
|
||||||
TOTAL RETURN(2)
|
2.86
|
%
|
24.26
|
%
|
2.00
|
%
|
||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||
Net assets, end of period (in 000’s)
|
$
|
35,120
|
$
|
22,203
|
$
|
3,707
|
||||||
Ratio of expenses to average net assets:
|
||||||||||||
Before expense waiver/reimbursement(3)
|
1.30
|
%
|
1.81
|
%
|
9.78
|
%
|
||||||
After expense waiver/reimbursement(3)
|
0.79
|
%
|
0.79
|
%
|
0.79
|
%
|
||||||
Ratio of net investment income to average net assets:
|
||||||||||||
After expense waiver/reimbursement(3)
|
1.16
|
%
|
1.15
|
%
|
1.48
|
%
|
||||||
Portfolio turnover rate(2)
|
16
|
%
|
25
|
%
|
10
|
%
|
(1)
|
Inception date for the Fund was November 27, 2019.
|
(2)
|
Not annualized for period less than one year.
|
(3)
|
Annualized for period less than one year.
|
Level 1 —
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds 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 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.
|
Equity Fund
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
$
|
928,570,479
|
$
|
—
|
$
|
—
|
$
|
928,570,479
|
||||||||
Short-Term Investment
|
23,171,126
|
—
|
—
|
23,171,126
|
||||||||||||
Total Investments in Securities*
|
$
|
951,741,605
|
$
|
—
|
$
|
—
|
$
|
951,741,605
|
||||||||
ESG Fund
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
$
|
33,716,324
|
$
|
—
|
$
|
—
|
$
|
33,716,324
|
||||||||
Short-Term Investment
|
1,402,777
|
—
|
—
|
1,402,777
|
||||||||||||
Total Investments in Securities*
|
$
|
35,119,101
|
$
|
—
|
$
|
—
|
$
|
35,119,101
|
*
|
Refer to the Schedule of Investments for further information on the classification of investments.
|
Equity Fund
|
ESG Fund
|
||||||||
Expiration
|
Amount
|
Amount
|
|||||||
February 2022 — July 2022
|
$
|
156,036
|
$
|
—
|
|||||
August 2022 — July 2023
|
151,217
|
89,779
|
*
|
||||||
August 2023 — July 2024
|
—
|
137,972
|
|||||||
August 2024 — January 2025
|
—
|
65,396
|
*
|
The potential recovery by month of expiration for this amount is December 2022 – July 2023.
|
Equity Fund
|
||||||||
Period Ended
|
Year Ended
|
|||||||
January 31, 2022
|
July 31, 2021
|
|||||||
Shares sold
|
3,016,347
|
13,507,550
|
||||||
Shares issued to holders in reinvestment of distributions
|
2,260,592
|
1,072,939
|
||||||
Shares redeemed
|
(5,033,381
|
)
|
(9,518,648
|
)
|
||||
Net increase in shares outstanding
|
243,558
|
5,061,841
|
||||||
ESG Fund
|
||||||||
Period Ended
|
Year Ended
|
|||||||
January 31, 2022
|
July 31, 2021
|
|||||||
Shares sold
|
1,219,552
|
1,548,844
|
||||||
Shares issued to holders in reinvestment of dividends
|
101,073
|
10,641
|
||||||
Shares redeemed
|
(211,693
|
)
|
(137,706
|
)
|
||||
Net increase in shares outstanding
|
1,108,932
|
1,421,779
|
Equity Fund
|
ESG Fund
|
|||||||||||||||
Purchases
|
Sales
|
Purchases
|
Sales
|
|||||||||||||
U.S. Government Securities
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
Other Securities
|
$
|
86,462,926
|
$
|
156,047,907
|
$
|
15,711,703
|
$
|
3,960,042
|
Aggregate
|
Aggregate
|
Net
|
Federal
|
|||||||||||||
Gross
|
Gross
|
Unrealized
|
Income
|
|||||||||||||
Appreciation
|
Depreciation
|
Appreciation
|
Tax Cost
|
|||||||||||||
Equity Fund
|
$
|
230,439,307
|
$
|
(17,306,764
|
)
|
$
|
213,132,543
|
$
|
773,697,182
|
|||||||
ESG Fund
|
2,473,343
|
(187,594
|
)
|
2,285,749
|
19,931,805
|
Undistributed
|
Undistributed
|
Net
|
Total
|
|||||||||||||
Ordinary
|
Long-Term
|
Unrealized
|
Distributable
|
|||||||||||||
Income
|
Capital Gains
|
Appreciation
|
Earnings
|
|||||||||||||
Equity Fund
|
$
|
17,623,539
|
$
|
31,188,386
|
$
|
213,132,543
|
$
|
261,944,468
|
||||||||
ESG Fund
|
498,898
|
118,438
|
2,285,749
|
2,903,085
|
Ordinary
|
Long-Term
|
|||||||||||
Income*
|
Capital Gains
|
Total
|
||||||||||
Equity Fund
|
$
|
24,589,742
|
$
|
53,280,747
|
$
|
77,870,489
|
||||||
ESG Fund
|
790,887
|
448,410
|
1,239,297
|
Ordinary
|
Long-Term
|
|||||||||||
Income*
|
Capital Gains
|
Total
|
||||||||||
Equity Fund
|
$
|
12,457,443
|
$
|
21,566,302
|
$
|
34,023,745
|
||||||
ESG Fund
|
122,178
|
—
|
122,178
|
*
|
For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.
|
(b)
|
Not applicable.
|
(a)
|
The Registrant’s President and Treasurer 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 significant 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 has
materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
(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 for semi-annual reports.
|
1.
|
I have reviewed this report on Form N-CSR of Managed Portfolio Series;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
|
4.
|
The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such evaluation;
|
(d)
|
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant’s internal control over financial reporting; and
|
5.
|
The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record,
process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
|
Date: April 7, 2022
|
/s/Brian R. Wiedmeyer
Brian R. Wiedmeyer President |
1.
|
I have reviewed this report on Form N-CSR of Managed Portfolio Series;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
|
4.
|
The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such evaluation;
|
(d)
|
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant’s internal control over financial reporting; and
|
5.
|
The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record,
process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
|
Date: April 8, 2022
|
/s/Benjamin J. Eirich
Benjamin J. Eirich Treasurer |
/s/Brian R. Wiedmeyer
Brian R. Wiedmeyer
President, Managed Portfolio Series
|
/s/Benjamin J. Eirich
Benjamin J. Eirich
Treasurer, Managed Portfolio Series
|
Dated: April 7, 2022
|
Dated: April 8, 2022
|
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