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.
|
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.
|