09/06/2024 | Press release | Distributed by Public on 09/06/2024 10:30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22525
Managed Portfolio Series
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Brian Wiedmeyer, President
Managed Portfolio Series
c/o U.S. Bank Global Fund Services
777 East Wisconsin Ave., 6th Floor
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 516-1712
Registrant's telephone number, including area code
Date of fiscal year end: 12/31/2024
Date of reporting period: 06/30/2024
Item 1. Reports to Stockholders.
(a) |
Kensington Active Advantage Fund
|
||
Class A| KADAX
|
||
Semi-Annual Shareholder Report | June 30, 2024
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class A
|
$82
|
1.60%
|
Net Assets
|
$11,281,442
|
Number of Holdings
|
4
|
Portfolio Turnover
|
148%
|
Security Type
|
(%) of net assets
|
Exchange-Traded Fund
|
97.4%
|
Cash & Other
|
2.6%
|
Top 10 Issuers
|
(%) of net assets
|
Janus Henderson AAA CLO ETF
|
44.2%
|
Vanguard S&P 500 ETF
|
35.5%
|
iShares Core High Dividend ETF
|
8.9%
|
Invesco Senior Loan ETF
|
8.8%
|
Kensington Active Advantage Fund | PAGE 1 | TSR_SAR_56167N381 |
Kensington Active Advantage Fund
|
||
Institutional Class| KADIX
|
||
Semi-Annual Shareholder Report | June 30, 2024
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Class
|
$69
|
1.35%
|
Net Assets
|
$11,281,442
|
Number of Holdings
|
4
|
Portfolio Turnover
|
148%
|
Security Type
|
(%) of net assets
|
Exchange-Traded Fund
|
97.4%
|
Cash & Other
|
2.6%
|
Top 10 Issuers
|
(%) of net assets
|
Janus Henderson AAA CLO ETF
|
44.2%
|
Vanguard S&P 500 ETF
|
35.5%
|
iShares Core High Dividend ETF
|
8.9%
|
Invesco Senior Loan ETF
|
8.8%
|
Kensington Active Advantage Fund | PAGE 1 | TSR_SAR_56167N399 |
Kensington Active Advantage Fund
|
||
Class C| KADCX
|
||
Semi-Annual Shareholder Report | June 30, 2024
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class C
|
$119
|
2.35%
|
Net Assets
|
$11,281,442
|
Number of Holdings
|
4
|
Portfolio Turnover
|
148%
|
Security Type
|
(%) of net assets
|
Exchange-Traded Fund
|
97.4%
|
Cash & Other
|
2.6%
|
Top 10 Issuers
|
(%) of net assets
|
Janus Henderson AAA CLO ETF
|
44.2%
|
Vanguard S&P 500 ETF
|
35.5%
|
iShares Core High Dividend ETF
|
8.9%
|
Invesco Senior Loan ETF
|
8.8%
|
Kensington Active Advantage Fund | PAGE 1 | TSR_SAR_56167N373 |
Kensington Managed Income Fund
|
||
Class A| KAMAX
|
||
Semi-Annual Shareholder Report | June 30, 2024
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class A
|
$80
|
1.60%
|
Net Assets
|
$885,346,935
|
Number of Holdings
|
12
|
Portfolio Turnover
|
118%
|
Top Sectors
|
(%) of net assets
|
Exchange-Traded Fund
|
97.8%
|
Short-Term Investments
|
4.1%
|
Cash & Other
|
-1.9%
|
Top 10 Issuers
|
(%) of net assets
|
Janus Henderson AAA CLO ETF
|
16.6%
|
iShares Broad USD High Yield Corporate Bond ETF
|
15.9%
|
SPDR Bloomberg High Yield Bond ETF
|
14.5%
|
SPDR Portfolio High Yield Bond ETF
|
9.9%
|
Invesco Senior Loan ETF
|
9.8%
|
SPDR Blackstone Senior Loan ETF
|
9.7%
|
VanEck Fallen Angel High Yield Bond ETF
|
7.2%
|
Xtrackers USD High Yield Corporate Bond ETF
|
4.8%
|
SPDR Bloomberg Short Term High Yield Bond ETF
|
4.8%
|
Mount Vernon Liquid Assets Portfolio, LLC
|
4.1%
|
Kensington Managed Income Fund | PAGE 1 | TSR_SAR_56167N332 |
Kensington Managed Income Fund | PAGE 2 | TSR_SAR_56167N332 |
Kensington Managed Income Fund
|
||
Institutional Class| KAMIX
|
||
Semi-Annual Shareholder Report | June 30, 2024
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Class
|
$67
|
1.35%
|
Net Assets
|
$885,346,935
|
Number of Holdings
|
12
|
Portfolio Turnover
|
118%
|
Top Sectors
|
(%) of net assets
|
Exchange-Traded Fund
|
97.8%
|
Short-Term Investments
|
4.1%
|
Cash & Other
|
-1.9%
|
Top 10 Issuers
|
(%) of net assets
|
Janus Henderson AAA CLO ETF
|
16.6%
|
iShares Broad USD High Yield Corporate Bond ETF
|
15.9%
|
SPDR Bloomberg High Yield Bond ETF
|
14.5%
|
SPDR Portfolio High Yield Bond ETF
|
9.9%
|
Invesco Senior Loan ETF
|
9.8%
|
SPDR Blackstone Senior Loan ETF
|
9.7%
|
VanEck Fallen Angel High Yield Bond ETF
|
7.2%
|
Xtrackers USD High Yield Corporate Bond ETF
|
4.8%
|
SPDR Bloomberg Short Term High Yield Bond ETF
|
4.8%
|
Mount Vernon Liquid Assets Portfolio, LLC
|
4.1%
|
Kensington Managed Income Fund | PAGE 1 | TSR_SAR_56167N324 |
Kensington Managed Income Fund | PAGE 2 | TSR_SAR_56167N324 |
Kensington Managed Income Fund
|
||
Class C| KAMCX
|
||
Semi-Annual Shareholder Report | June 30, 2024
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class C
|
$117
|
2.35%
|
Net Assets
|
$885,346,935
|
Number of Holdings
|
12
|
Portfolio Turnover
|
118%
|
Top Sectors
|
(%) of net assets
|
Exchange-Traded Fund
|
97.8%
|
Short-Term Investments
|
4.1%
|
Cash & Other
|
-1.9%
|
Top 10 Issuers
|
(%) of net assets
|
Janus Henderson AAA CLO ETF
|
16.6%
|
iShares Broad USD High Yield Corporate Bond ETF
|
15.9%
|
SPDR Bloomberg High Yield Bond ETF
|
14.5%
|
SPDR Portfolio High Yield Bond ETF
|
9.9%
|
Invesco Senior Loan ETF
|
9.8%
|
SPDR Blackstone Senior Loan ETF
|
9.7%
|
VanEck Fallen Angel High Yield Bond ETF
|
7.2%
|
Xtrackers USD High Yield Corporate Bond ETF
|
4.8%
|
SPDR Bloomberg Short Term High Yield Bond ETF
|
4.8%
|
Mount Vernon Liquid Assets Portfolio, LLC
|
4.1%
|
Kensington Managed Income Fund | PAGE 1 | TSR_SAR_56167N316 |
Kensington Managed Income Fund | PAGE 2 | TSR_SAR_56167N316 |
Kensington Dynamic Growth Fund
|
||
Class A| KAGAX
|
||
Semi-Annual Shareholder Report | June 30, 2024
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class A
|
$82
|
1.60%
|
Net Assets
|
$1,387,820,308
|
Number of Holdings
|
1
|
Portfolio Turnover
|
6%
|
Security Type
|
(%) of net assets
|
Short-Term Investments
|
0.4%
|
Cash & Other
|
99.6%
|
Top 10 Issuers
|
(%) of net assets
|
United States Treasury Bill
|
0.4%
|
Kensington Dynamic Growth Fund | PAGE 1 | TSR_SAR_56167N290 |
Kensington Dynamic Growth Fund
|
||
Institutional Class| KAGIX
|
||
Semi-Annual Shareholder Report | June 30, 2024
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Class
|
$69
|
1.35%
|
Net Assets
|
$1,387,820,308
|
Number of Holdings
|
1
|
Portfolio Turnover
|
6%
|
Security Type
|
(%) of net assets
|
Short-Term Investments
|
0.4%
|
Cash & Other
|
99.6%
|
Top 10 Issuers
|
(%) of net assets
|
United States Treasury Bill
|
0.4%
|
Kensington Dynamic Growth Fund | PAGE 1 | TSR_SAR_56167N274 |
Kensington Dynamic Growth Fund
|
||
Class C| KAGCX
|
||
Semi-Annual Shareholder Report | June 30, 2024
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class C
|
$121
|
2.35%
|
Net Assets
|
$1,387,820,308
|
Number of Holdings
|
1
|
Portfolio Turnover
|
6%
|
Security Type
|
(%) of net assets
|
Short-Term Investments
|
0.4%
|
Cash & Other
|
99.6%
|
Top 10 Issuers
|
(%) of net assets
|
United States Treasury Bill
|
0.4%
|
Kensington Dynamic Growth Fund | PAGE 1 | TSR_SAR_56167N282 |
Kensington Defender Fund
|
||
Institutional Class| DFNDX
|
||
Semi-Annual Shareholder Report | June 30, 2024
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Class
|
$76
|
1.49%
|
Net Assets
|
$64,336,894
|
Number of Holdings
|
15
|
Portfolio Turnover
|
189%
|
Security Type
|
(%) of net assets
|
Exchange Traded Funds
|
76.5%
|
Short-Term Investments
|
16.1%
|
Written Options
|
-0.1%
|
Cash & Other
|
7.5%
|
Top 10 Issuers
|
(%) of net assets
|
Mount Vernon Liquid Assets Portfolio, LLC
|
16.1%
|
Invesco QQQ Trust Series 1
|
12.3%
|
SPDR Portfolio S&P 500 ETF
|
11.9%
|
abrdn Physical Gold Shares ETF
|
11.3%
|
Vanguard FTSE Europe ETF
|
11.1%
|
SPDR Portfolio S&P 600 Small Cap ETF
|
11.1%
|
Franklin FTSE Japan ETF
|
11.0%
|
iShares 7-10 Year Treasury Bond ETF
|
7.8%
|
CBOE Volatility Index
|
0.0%
|
S&P 500 Index
|
-0.1%
|
Kensington Defender Fund | PAGE 1 | TSR_SAR_56167N233 |
Kensington Defender Fund | PAGE 2 | TSR_SAR_56167N233 |
(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) |
Page
|
|||
Schedule of Investments
|
|||
Kensington Active Advantage Fund
|
1
|
||
Kensington Managed Income Fund
|
2
|
||
Kensington Dynamic Growth Fund
|
3
|
||
Kensington Defender Fund
|
4
|
||
Statements of Assets and Liabilities
|
6
|
||
Statements of Operations
|
8
|
||
Statements of Changes in Net Assets
|
10
|
||
Financial Highlights
|
|||
Kensington Active Advantage Fund
|
14
|
||
Kensington Managed Income Fund
|
17
|
||
Kensington Dynamic Growth Fund
|
20
|
||
Kensington Defender Fund
|
23
|
||
Notes to Financial Statements
|
24
|
||
Approval of Investment Advisory Agreement - Kensington Asset Management, LLC
|
35
|
||
Additional Information (unaudited)
|
38
|
||
TABLE OF CONTENTS
Shares
|
Value
|
|||||
EXCHANGE-TRADED FUND - 97.4%
|
||||||
Invesco Senior Loan ETF
|
47,250
|
$994,140
|
||||
iShares Core High Dividend ETF
|
9,300
|
1,010,910
|
||||
Janus Henderson AAA CLO ETF(a)
|
98,000
|
4,986,240
|
||||
Vanguard S&P 500 ETF(a)
|
8,000
|
4,001,040
|
||||
TOTAL EXCHANGE-TRADED FUND
(Cost $10,761,628)
|
10,992,330
|
|||||
TOTAL INVESTMENTS - 97.4%
(Cost $10,761,628)
|
$10,992,330
|
|||||
Money Market Deposit
Account - 2.4%(b)
|
269,648
|
|||||
Liabilities in Excess of Other
Assets - 0.2%
|
19,464
|
|||||
TOTAL NET ASSETS - 100.0%
|
$11,281,442
|
|||||
(a)
|
Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.
|
(b)
|
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 5.24%.
|
1
|
TABLE OF CONTENTS
Shares
|
Value
|
|||||
EXCHANGE-TRADED FUND - 97.8%
|
||||||
FlexShares High Yield Value-Scored Bond Index Fund(a)
|
528,700
|
$21,359,480
|
||||
Invesco Senior Loan ETF
|
4,138,200
|
87,067,728
|
||||
iShares Broad USD High Yield Corporate Bond ETF(a)
|
3,874,790
|
140,577,381
|
||||
Janus Henderson AAA CLO ETF
|
2,892,348
|
147,162,667
|
||||
Janus Henderson B-BBB CLO ETF
|
387,790
|
19,071,512
|
||||
SPDR Blackstone Senior Loan ETF
|
2,051,500
|
85,752,700
|
||||
SPDR Bloomberg High Yield Bond ETF(a)
|
1,363,800
|
128,565,426
|
||||
SPDR Bloomberg Short Term High Yield Bond ETF
|
1,712,500
|
42,761,125
|
||||
SPDR Portfolio High Yield Bond ETF
|
3,779,100
|
87,788,493
|
||||
VanEck Fallen Angel High Yield Bond ETF
|
2,242,100
|
63,451,430
|
||||
Xtrackers USD High Yield Corporate Bond ETF(a)
|
1,209,900
|
42,903,054
|
||||
TOTAL EXCHANGE-TRADED FUND
(Cost $867,449,787)
|
866,460,996
|
|||||
Units
|
||||||
SHORT-TERM INVESTMENTS - 4.1%
|
||||||
Investments Purchased with Proceeds from Securities Lending - 4.1%
|
||||||
Mount Vernon Liquid Assets Portfolio, LLC - 5.45%(b)(c)
|
35,401,075
|
35,401,075
|
||||
TOTAL SHORT-TERM INVESTMENTS
(Cost $35,401,075)
|
35,401,075
|
|||||
TOTAL INVESTMENTS - 101.9%
(Cost $902,850,862)
|
$901,862,071
|
|||||
Money Market Deposit
Account - 2.2%(c)(d)
|
19,247,722
|
|||||
Other Assets in Excess of
Liabilities - (4.1)%
|
(35,762,858)
|
|||||
TOTAL NET ASSETS - 100.0%
|
$885,346,935
|
|||||
(a)
|
All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $34,611,866 which represented 3.9% of net assets.
|
(b)
|
The rate shown represents the 7-day effective yield as of June 30, 2024.
|
(c)
|
All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $35,401,075.
|
(d)
|
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 5.24%.
|
2
|
TABLE OF CONTENTS
Par
|
Value
|
||||||
SHORT-TERM INVESTMENTS - 0.4%
|
|||||||
U.S. Treasury Bills - 0.4%
|
|||||||
5.29%, 10/31/2024(a)
|
5,133,000
|
$5,043,154
|
|||||
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,043,347)
|
5,043,154
|
||||||
TOTAL INVESTMENTS - 0.4% (Cost $5,043,347)
|
$5,043,154
|
||||||
Money Market Deposit
Account - 99.2%(b)
|
1,377,396,256
|
||||||
Other Assets in Excess of
Liabilities - 0.4%
|
5,380,898
|
||||||
TOTAL NET ASSETS - 100.0%
|
$1,387,820,308
|
||||||
(a)
|
The rate shown is the effective yield as of June 30, 2024.
|
(b)
|
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 5.24%.
|
3
|
TABLE OF CONTENTS
Shares
|
Value
|
||||||||
EXCHANGE-TRADED FUND - 76.5%
|
|||||||||
abrdn Physical Gold Shares ETF(a)
|
326,867
|
$7,262,985
|
|||||||
Franklin FTSE Japan
ETF
|
246,022
|
7,075,593
|
|||||||
Invesco QQQ Trust
Series 1
|
16,539
|
7,924,000
|
|||||||
iShares 7-10 Year Treasury Bond ETF
|
53,784
|
5,036,871
|
|||||||
SPDR Portfolio S&P 500 ETF(b)
|
119,849
|
7,670,336
|
|||||||
SPDR Portfolio S&P 600 Small Cap ETF
|
170,965
|
7,100,176
|
|||||||
Vanguard FTSE Europe ETF(b)
|
106,684
|
7,123,291
|
|||||||
TOTAL EXCHANGE-TRADED FUND
(Cost $48,329,571)
|
49,193,252
|
||||||||
Notional Amount
|
Contracts
|
||||||||
PURCHASED OPTIONS - 0.0%(c)(d)(e)
|
|||||||||
Call Options - 0.0%(e)
|
|||||||||
CBOE Volatility Index, Expiration: 07/17/2024; Exercise Price: $25.00
|
4,000,000
|
1,600
|
23,200
|
||||||
Put Options - 0.0%(e)
|
|||||||||
S&P 500 Index
|
|||||||||
Expiration: 07/01/2024; Exercise Price: $5,360.00
|
16,080,000
|
30
|
1,125
|
||||||
Expiration: 07/02/2024; Exercise Price: $5,320.00
|
15,428,000
|
29
|
1,378
|
||||||
Expiration: 07/08/2024; Exercise Price: $5,350.00
|
16,050,000
|
30
|
10,800
|
||||||
Total Put Options
|
13,303
|
||||||||
TOTAL PURCHASED OPTIONS
(Cost $111,985)
|
36,503
|
||||||||
Units
|
Value
|
||||||||
SHORT-TERM INVESTMENTS - 16.1%
|
|||||||||
Investments Purchased with Proceeds from Securities
Lending - 16.1%
|
|||||||||
Mount Vernon Liquid Assets Portfolio, LLC - 5.45%(f)(g)
|
10,329,075
|
$10,329,075
|
|||||||
TOTAL SHORT-TERM INVESTMENTS
(Cost $10,329,075)
|
10,329,075
|
||||||||
TOTAL
INVESTMENTS - 92.6%
(Cost $58,770,631)
|
$59,558,830
|
||||||||
Money Market Deposit Account - 22.4%(g)(h)
|
14,383,637
|
||||||||
Other Assets in Excess of Liabilities - (14.9)%
|
(9,605,573)
|
||||||||
TOTAL NET
ASSETS - 100.0%
|
$64,336,894
|
||||||||
(a)
|
Non-income producing security.
|
(b)
|
All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $10,089,527 which represented 15.7% of net assets.
|
(c)
|
Exchange-traded.
|
(d)
|
100 shares per contract.
|
(e)
|
Represents less than 0.05% of net assets.
|
(f)
|
The rate shown represents the 7-day effective yield as of June 30, 2024.
|
(g)
|
All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $10,329,075.
|
(h)
|
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 5.24%.
|
4
|
TABLE OF CONTENTS
Notional Amount
|
Contracts
|
Value
|
|||||||
WRITTEN OPTIONS - (0.1)%(a)(b)
|
|||||||||
Put Options - (0.1)%
|
|||||||||
S&P 500 Index
|
|||||||||
Expiration: 07/01/2024; Exercise Price: $5,460.00
|
$(16,380,000)
|
(30)
|
(25,500)
|
||||||
Expiration: 07/02/2024; Exercise Price: $5,420.00
|
(15,718,000)
|
(29)
|
(11,165)
|
||||||
Expiration: 07/08/2024; Exercise Price: $5,450.00
|
(16,350,000)
|
(30)
|
(57,750)
|
||||||
Total Put Options
|
(94,415)
|
||||||||
TOTAL WRITTEN OPTIONS
(Premiums received $197,803)
|
(94,415)
|
||||||||
(a)
|
Exchange-traded.
|
(b)
|
100 shares per contract.
|
5
|
TABLE OF CONTENTS
Kensington
Active
Advantage Fund
|
Kensington
Managed
Income Fund
|
Kensington
Dynamic
Growth Fund
|
Kensington
Defender Fund
|
|||||||||
ASSETS:
|
||||||||||||
Unaffiliated investments, at fair value (1) (cost $10,761,628, $902,850,862, $5,043,347 and $58,770,631, respectively)
|
$10,992,330
|
$901,862,071
|
$5,043,154
|
$59,558,830
|
||||||||
Cash & Cash Equivalents
|
269,648
|
19,247,870
|
1,377,396,257
|
14,399,335
|
||||||||
Cash held as collateral for options
|
-
|
-
|
-
|
783,184
|
||||||||
Cash held as collateral for futures contracts
|
-
|
-
|
1,499,519
|
-
|
||||||||
Dividends & interest receivable
|
15,854
|
98,584
|
5,907,334
|
74,249
|
||||||||
Receivable for capital shares sold
|
354
|
1,536,393
|
2,254,456
|
5,165
|
||||||||
Receivable for investment adviser expense reimbursement
|
4,375
|
-
|
-
|
-
|
||||||||
Prepaid expenses and other assets
|
27,551
|
49,691
|
58,180
|
31,798
|
||||||||
Total assets
|
11,310,112
|
922,794,609
|
1,392,158,900
|
74,852,561
|
||||||||
LIABILITIES:
|
||||||||||||
Payable upon return of securities loaned
(See Note 10)
|
$-
|
$35,401,075
|
$-
|
$10,329,075
|
||||||||
Written option contracts, at value (premiums received $0, $0, $0 and $197,803, respectively)
|
-
|
-
|
-
|
94,415
|
||||||||
Payable for capital shares redeemed
|
-
|
937,931
|
2,686,005
|
-
|
||||||||
Payable to investment adviser, net
|
-
|
880,819
|
1,418,605
|
60,163
|
||||||||
Payable for fund administration & accounting fees
|
1,004
|
43,414
|
75,288
|
1,557
|
||||||||
Payable for compliance fees
|
2,726
|
2,727
|
2,726
|
2,729
|
||||||||
Payable for custody fees
|
938
|
17,514
|
15,410
|
-
|
||||||||
Payable for audit & tax fees
|
9,711
|
10,477
|
10,031
|
14,849
|
||||||||
Payable for transfer agent fees & expenses
|
7,321
|
55,871
|
42,662
|
4,107
|
||||||||
Payable for legal fees
|
4,223
|
4,224
|
4,223
|
1,493
|
||||||||
Accrued expenses
|
2,139
|
59,016
|
42,179
|
7,279
|
||||||||
Accrued distribution fees
|
608
|
34,606
|
41,463
|
-
|
||||||||
Total liabilities
|
28,670
|
37,447,674
|
4,338,592
|
10,515,667
|
||||||||
NET ASSETS
|
$11,281,442
|
$885,346,935
|
$1,387,820,308
|
$64,336,894
|
||||||||
(1) Includes loaned securities of:
|
$-
|
$34,611,866
|
$-
|
$10,089,527
|
||||||||
Net Assets Consist of:
|
||||||||||||
Capital stock
|
$11,687,491
|
$980,913,897
|
$1,256,005,636
|
$61,345,818
|
||||||||
Total accumulated gain (loss)
|
(406,049)
|
(95,566,962)
|
131,814,672
|
2,991,076
|
||||||||
Net Assets
|
$11,281,442
|
$885,346,935
|
$1,387,820,308
|
$64,336,894
|
||||||||
Institutional Class
|
||||||||||||
Net assets
|
$10,897,643
|
$853,624,539
|
$1,337,606,020
|
$64,336,894
|
||||||||
Shares issued and outstanding(1)
|
1,092,964
|
88,271,735
|
108,105,879
|
6,198,131
|
||||||||
Net asset value, redemption price and minimum offering price per share
|
$9.97
|
$9.67
|
$12.37
|
$10.38
|
||||||||
6
|
TABLE OF CONTENTS
Kensington
Active
Advantage Fund
|
Kensington
Managed
Income Fund
|
Kensington
Dynamic
Growth Fund
|
Kensington
Defender Fund
|
|||||||||
A Class
|
||||||||||||
Net Assets
|
$353,075
|
$22,944,289
|
$35,347,783
|
$ -
|
||||||||
Shares issued and outstanding(1)
|
35,459
|
2,377,427
|
2,879,192
|
-
|
||||||||
Net asset value, redemption price and minimum offering price per share
|
$9.96
|
$9.65
|
$12.28
|
$-
|
||||||||
Maximum offering price per share(2)
|
$10.46
|
$10.13
|
$12.89
|
$-
|
||||||||
C Class
|
||||||||||||
Net Assets
|
$30,724
|
$8,778,107
|
$14,866,505
|
$-
|
||||||||
Shares issued and outstanding(1)
|
3,101
|
918,673
|
1,234,991
|
-
|
||||||||
Net asset value, redemption price and minimum offering price per share
|
$9.91
|
$9.56
|
$12.04
|
$-
|
||||||||
(1)
|
Unlimited shares authorized.
|
(2)
|
The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 4.75%.
|
7
|
TABLE OF CONTENTS
Kensington
Active
Advantage Fund
|
Kensington
Managed
Income Fund
|
Kensington
Dynamic
Growth Fund
|
Kensington
Defender Fund
|
|||||||||
INVESTMENT INCOME:
|
||||||||||||
Dividend income from unaffiliated investments
|
$ 157,479
|
$ 19,738,281
|
$2,711,344
|
$ 740,133
|
||||||||
Dividend income from affiliated investments
|
-
|
396,085
|
-
|
-
|
||||||||
Interest income
|
30,721
|
2,780,539
|
13,135,990
|
240,962
|
||||||||
Securities lending income
|
258
|
93,122
|
24,176
|
4,777
|
||||||||
Total investment income
|
188,458
|
23,008,027
|
15,871,510
|
985,872
|
||||||||
EXPENSES:
|
||||||||||||
Advisory fees (See Note 5)
|
68,217
|
5,265,782
|
8,144,951
|
364,518
|
||||||||
Registration fees
|
26,294
|
56,035
|
82,035
|
20,408
|
||||||||
Transfer agent fees & expenses
(See Note 5)
|
19,149
|
167,813
|
168,438
|
15,782
|
||||||||
Trustee fees
|
10,572
|
10,614
|
10,704
|
8,834
|
||||||||
Legal fees
|
8,854
|
8,854
|
8,854
|
5,970
|
||||||||
Audit & tax fees
|
9,710
|
10,477
|
10,031
|
14,849
|
||||||||
Fund administration & accounting fees
(See Note 5)
|
8,608
|
178,807
|
270,504
|
15,977
|
||||||||
Compliance fees (See Note 5)
|
4,516
|
4,516
|
4,516
|
4,516
|
||||||||
Other fees
|
3,001
|
15,371
|
4,932
|
1,531
|
||||||||
Custody fees (See Note 5)
|
2,748
|
44,089
|
60,447
|
2,266
|
||||||||
Postage and printing fees
|
1,456
|
48,055
|
37,750
|
1,175
|
||||||||
Insurance fees
|
1,256
|
3,697
|
4,478
|
1,167
|
||||||||
Distribution fees (See Note 7):
|
||||||||||||
A Class
|
528
|
31,864
|
44,671
|
-
|
||||||||
C Class
|
1,480
|
46,353
|
80,624
|
-
|
||||||||
Total expenses before interest expense and recoupment/reimbursement
|
166,389
|
5,892,327
|
8,932,935
|
456,993
|
||||||||
Interest expense (See Note 9)
|
170
|
-
|
-
|
-
|
||||||||
Total expenses before recoupment/
reimbursement
|
166,559
|
5,892,327
|
8,932,935
|
456,993
|
||||||||
Fee recoupment
|
-
|
-
|
2,941
|
-
|
||||||||
Less: expense reimbursement by investment adviser
|
(90,707)
|
(116,155)
|
-
|
(22,489)
|
||||||||
Net expenses
|
75,852
|
5,776,172
|
8,935,876
|
434,504
|
||||||||
Net investment income
|
112,606
|
17,231,855
|
6,935,634
|
551,368
|
||||||||
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
|
||||||||||||
Net realized gain (loss) on:
|
||||||||||||
Unaffiliated investments
|
873,095
|
15,656,145
|
179,648,305
|
653,518
|
||||||||
Affiliated investments
|
-
|
(976,891)
|
-
|
-
|
||||||||
Futures
|
-
|
-
|
2,039,180
|
-
|
||||||||
Purchased options
|
-
|
-
|
-
|
(2,253,785)
|
||||||||
Written options
|
-
|
-
|
-
|
3,569,026
|
||||||||
8
|
TABLE OF CONTENTS
Kensington
Active
Advantage Fund
|
Kensington
Managed
Income Fund
|
Kensington
Dynamic
Growth Fund
|
Kensington
Defender Fund
|
|||||||||
Net change in unrealized appreciation/
depreciation of:
|
||||||||||||
Unaffiliated investments
|
$(448,510)
|
$(28,454,645)
|
$(106,379,115)
|
$106,872
|
||||||||
Affiliated investments
|
-
|
94,538
|
-
|
-
|
||||||||
Futures
|
-
|
-
|
(783,405)
|
-
|
||||||||
Purchased options
|
-
|
-
|
-
|
(78,631)
|
||||||||
Written options
|
-
|
-
|
-
|
(116,971)
|
||||||||
Net realized and unrealized gain (loss) on investments
|
424,585
|
(13,680,853)
|
74,524,965
|
1,880,029
|
||||||||
Net increase in net assets resulting
from operations
|
$ 537,191
|
$3,551,002
|
$81,460,599
|
$ 2,431,397
|
||||||||
9
|
TABLE OF CONTENTS
Kensington Active Advantage
Fund
|
Kensington Managed Income
Fund
|
|||||||||||
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Year Ended
December 31,
2023
|
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Year Ended
December 31,
2023
|
|||||||||
OPERATIONS:
|
||||||||||||
Net investment income
|
$112,606
|
$314,278
|
$17,231,855
|
$37,136,969
|
||||||||
Net realized loss on unaffiliated investments
|
873,095
|
(465,701)
|
15,656,145
|
(34,121,691)
|
||||||||
Net realized loss on affiliated investments
|
-
|
-
|
(976,891)
|
-
|
||||||||
Capital gain distributions from underlying investment companies
|
-
|
-
|
-
|
-
|
||||||||
Net change in unrealized appreciation/depreciation of unaffiliated investments
|
(448,510)
|
679,212
|
(28,454,645)
|
27,465,854
|
||||||||
Net change in unrealized appreciation/depreciation of affiliated investments
|
-
|
-
|
94,538
|
(94,538)
|
||||||||
Net increase in net assets resulting
from operations
|
537,191
|
527,789
|
3,551,002
|
30,386,594
|
||||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||||||
Institutional Class:
|
||||||||||||
Proceeds from shares sold
|
1,767,691
|
7,512,421
|
240,812,801
|
480,317,985
|
||||||||
Proceeds from reinvestment of distributions
|
94,356
|
238,794
|
12,849,366
|
30,146,665
|
||||||||
Payments for shares redeemed
|
(1,071,265)
|
(19,530,437)
|
(161,087,467)
|
(625,699,214)
|
||||||||
Increase (decrease) in net assets from Institutional Class transactions
|
790,782
|
(11,779,222)
|
92,574,700
|
(115,234,564)
|
||||||||
A Class:
|
||||||||||||
Proceeds from shares sold(1)
|
-
|
565,531
|
3,768,788
|
4,936,056
|
||||||||
Proceeds from reinvestment of distributions
|
1,980
|
5,482
|
463,866
|
1,287,014
|
||||||||
Payments for shares redeemed
|
(149,892)
|
(109,545)
|
(8,941,088)
|
(49,349,815)
|
||||||||
Increase (decrease) in net assets from
A Class transactions
|
(147,912)
|
461,468
|
(4,708,434)
|
(43,126,745)
|
||||||||
C Class:
|
||||||||||||
Proceeds from shares sold
|
-
|
440,000
|
318,034
|
1,799,934
|
||||||||
Proceeds from reinvestment of distributions
|
129
|
6,006
|
138,910
|
339,261
|
||||||||
Payments for shares redeemed(1)
|
(481,033)
|
(4,518)
|
(1,441,663)
|
(7,359,207)
|
||||||||
Increase (decrease) in net assets from
C Class transactions
|
(480,904)
|
441,488
|
(984,719)
|
(5,220,012)
|
||||||||
Net increase (decrease) in net assets resulting from capital share transactions
|
161,966
|
(10,876,266)
|
86,881,547
|
(163,581,321)
|
||||||||
10
|
TABLE OF CONTENTS
Kensington Active Advantage
Fund
|
Kensington Managed Income
Fund
|
|||||||||||
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Year Ended
December 31,
2023
|
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Year Ended
December 31,
2023
|
|||||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||||||
From distributable earnings
|
||||||||||||
Institutional Class
|
$(99,014)
|
$(297,068)
|
$(17,721,638)
|
$(34,578,148)
|
||||||||
A Class
|
(3,052)
|
(9,025)
|
(490,617)
|
(1,344,199)
|
||||||||
C Class
|
(130)
|
(6,051)
|
(148,852)
|
(363,215)
|
||||||||
Total distributions to shareholders
|
(102,196)
|
(312,144)
|
(18,361,107)
|
(36,285,562)
|
||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
596,961
|
(10,660,621)
|
72,071,442
|
(169,480,289)
|
||||||||
NET ASSETS:
|
||||||||||||
Beginning of period
|
10,684,481
|
21,345,102
|
813,275,493
|
982,755,782
|
||||||||
End of period
|
$11,281,442
|
$10,684,481
|
$885,346,935
|
$813,275,493
|
||||||||
TRANSACTIONS IN SHARES:
|
||||||||||||
Institutional Class:
|
||||||||||||
Shares sold
|
179,094
|
818,138
|
24,515,587
|
49,336,333
|
||||||||
Shares issued to holders in reinvestment of dividends
|
9,431
|
25,949
|
1,313,196
|
3,119,313
|
||||||||
Shares redeemed
|
(109,120)
|
(2,139,157)
|
(16,397,694)
|
(64,433,309)
|
||||||||
Increase (decrease) in Institutional Class shares outstanding
|
79,405
|
(1,295,070)
|
9,431,089
|
(11,977,663)
|
||||||||
A Class:
|
||||||||||||
Shares sold(1)
|
-
|
62,144
|
384,095
|
507,937
|
||||||||
Shares issued to holders in reinvestment of dividends
|
198
|
593
|
47,479
|
133,304
|
||||||||
Shares redeemed
|
(15,361)
|
(12,225)
|
(912,340)
|
(5,069,594)
|
||||||||
Increase (decrease) in A Class shares outstanding
|
(15,163)
|
50,512
|
(480,766)
|
(4,428,353)
|
||||||||
C Class:
|
||||||||||||
Shares sold
|
-
|
49,019
|
32,681
|
186,635
|
||||||||
Shares issued to holders in reinvestment of dividends
|
13
|
653
|
14,364
|
35,527
|
||||||||
Shares redeemed(1)
|
(49,289)
|
(497)
|
(148,516)
|
(766,165)
|
||||||||
Increase (decrease) in C Class shares outstanding
|
(49,276)
|
49,175
|
(101,471)
|
(544,003)
|
||||||||
Net increase (decrease) in shares outstanding
|
14,966
|
(1,195,383)
|
8,848,852
|
(16,950,019)
|
||||||||
(1)
|
Includes exchanges between share classes of the fund.
|
11
|
TABLE OF CONTENTS
Kensington Dynamic Growth
Fund
|
Kensington Defender
Fund
|
|||||||||||
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Year Ended
December 31,
2023
|
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Since Inception(1)
through
December 31,
2023
|
|||||||||
OPERATIONS:
|
||||||||||||
Net investment income (loss)
|
$ 6,935,634
|
$ 15,391,980
|
$551,368
|
$411,990
|
||||||||
Net realized gain (loss) on:
|
||||||||||||
Unaffiliated investments
|
179,648,305
|
33,001,060
|
653,518
|
(164,771)
|
||||||||
Futures
|
2,039,180
|
(862,828)
|
-
|
-
|
||||||||
Purchased options
|
-
|
-
|
(2,253,785)
|
(749,674)
|
||||||||
Written options
|
-
|
-
|
3,569,026
|
1,320,385
|
||||||||
Net change in unrealized appreciation/
depreciation of:
|
||||||||||||
Unaffiliated investments
|
(106,379,115)
|
106,378,922
|
106,872
|
990,750
|
||||||||
Futures
|
(783,405)
|
783,405
|
-
|
-
|
||||||||
Purchased options
|
-
|
-
|
(78,631)
|
3,149
|
||||||||
Written options
|
-
|
-
|
(116,971)
|
(13,582)
|
||||||||
Net increase in net assets resulting from operations
|
81,460,599
|
154,692,539
|
2,431,397
|
1,798,247
|
||||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||||||
Institutional Class:
|
||||||||||||
Proceeds from shares sold
|
338,760,352
|
580,911,068
|
31,904,412
|
45,838,218
|
||||||||
Proceeds from reinvestment of
distributions
|
8,313,147
|
10,910,308
|
804,261
|
400,252
|
||||||||
Payments for shares redeemed
|
(222,257,843)
|
(469,235,558)
|
(14,705,845)
|
(2,897,240)
|
||||||||
Proceeds from redemption fees
|
-
|
816
|
-
|
-
|
||||||||
Increase in net assets from Institutional Class transactions
|
124,815,656
|
122,586,634
|
18,002,828
|
43,341,230
|
||||||||
A Class:
|
||||||||||||
Proceeds from shares sold(2)
|
6,213,610
|
17,148,333
|
-
|
-
|
||||||||
Proceeds from reinvestment of
distributions
|
221,366
|
318,470
|
-
|
-
|
||||||||
Payments for shares redeemed
|
(9,881,653)
|
(13,804,921)
|
-
|
-
|
||||||||
Proceeds from redemption fees
|
-
|
27
|
-
|
-
|
||||||||
Increase (decrease) in net assets from A Class transactions
|
(3,446,677)
|
3,661,909
|
-
|
-
|
||||||||
C Class:
|
||||||||||||
Proceeds from shares sold
|
1,203,139
|
3,377,086
|
-
|
-
|
||||||||
Proceeds from reinvestment of
distributions
|
56,970
|
98,726
|
-
|
-
|
||||||||
Payments for shares redeemed(2)
|
(3,801,339)
|
(10,428,301)
|
-
|
-
|
||||||||
Proceeds from redemption fees
|
-
|
17
|
||||||||||
Decrease in net assets from C Class
transactions
|
(2,541,230)
|
(6,952,472)
|
-
|
-
|
||||||||
Net increase in net assets resulting from capital share transactions
|
118,827,749
|
119,296,071
|
18,002,828
|
43,341,230
|
||||||||
12
|
TABLE OF CONTENTS
Kensington Dynamic Growth
Fund
|
Kensington Defender
Fund
|
|||||||||||
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Year Ended
December 31,
2023
|
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Since Inception(1)
through
December 31,
2023
|
|||||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||||||
From distributable earnings
|
||||||||||||
Institutional Class
|
$(9,132,245)
|
$(11,860,387)
|
$(828,213)
|
$(408,595)
|
||||||||
A Class
|
(225,473)
|
(331,155)
|
-
|
-
|
||||||||
C Class
|
(69,512)
|
(126,092)
|
-
|
-
|
||||||||
Total distributions to shareholders
|
(9,427,230)
|
(12,317,634)
|
(828,213)
|
(408,595)
|
||||||||
TOTAL INCREASE IN NET ASSETS
|
190,861,118
|
261,670,976
|
19,606,012
|
44,730,882
|
||||||||
NET ASSETS:
|
||||||||||||
Beginning of period
|
1,196,959,190
|
935,288,214
|
44,730,882
|
-
|
||||||||
End of period
|
$1,387,820,308
|
$1,196,959,190
|
$ 64,336,894
|
$44,730,882
|
||||||||
TRANSACTIONS IN SHARES:
|
||||||||||||
Institutional Class:
|
||||||||||||
Shares sold
|
27,495,013
|
53,966,547
|
3,104,332
|
4,697,550
|
||||||||
Shares issued to holders in reinvestment of dividends
|
666,245
|
1,032,580
|
77,604
|
39,766
|
||||||||
Shares redeemed
|
(18,106,023)
|
(43,628,308)
|
(1,425,166)
|
(295,955)
|
||||||||
Increase in Institutional Class shares outstanding
|
10,055,235
|
11,370,819
|
1,756,770
|
4,441,361
|
||||||||
A Class:
|
||||||||||||
Shares sold(1)
|
507,740
|
1,608,115
|
-
|
-
|
||||||||
Shares issued to holders in reinvestment of dividends
|
17,862
|
30,347
|
-
|
-
|
||||||||
Shares redeemed
|
(815,793)
|
(1,284,214)
|
-
|
-
|
||||||||
Increase (decrease) in A Class shares outstanding
|
(290,191)
|
354,248
|
-
|
-
|
||||||||
C Class:
|
||||||||||||
Shares sold
|
101,044
|
326,458
|
-
|
-
|
||||||||
Shares issued to holders in reinvestment of dividends
|
4,665
|
9,619
|
-
|
-
|
||||||||
Shares redeemed(2)
|
(319,462)
|
(988,449)
|
-
|
-
|
||||||||
Decrease in C Class shares outstanding
|
(213,753)
|
(652,372)
|
-
|
-
|
||||||||
Net increase in shares outstanding
|
9,551,291
|
11,072,695
|
1,756,770
|
4,441,361
|
||||||||
(1)
|
May 31, 2023.
|
(2)
|
Includes exchanges between share classes of the fund.
|
13
|
TABLE OF CONTENTS
For the
Six Months Ended
June 30, 2024
(Unaudited)
|
Year Ended
December 31, 2023
|
Since Inception(1)
through
December 31, 2022
|
|||||||
PER COMMON SHARE DATA:(2)
|
|||||||||
Net asset value, beginning of period
|
$9.57
|
$9.23
|
$10.00
|
||||||
INVESTMENT OPERATIONS:
|
|||||||||
Net investment income(3)
|
0.10
|
0.22
|
0.04
|
||||||
Net realized and unrealized income (loss) on investments
|
0.39
|
0.33
|
(0.77)
|
||||||
Total from investment operations
|
0.49
|
0.55
|
(0.73)
|
||||||
LESS DISTRIBUTIONS FROM:
|
|||||||||
Net investment income
|
(0.09)
|
(0.21)
|
(0.04)
|
||||||
Net realized gains
|
-
|
-
|
-
|
||||||
Total distributions
|
(0.09)
|
(0.21)
|
(0.04)
|
||||||
Net asset value, end of period
|
$9.97
|
9.57
|
$9.23
|
||||||
Total return(4)
|
5.15%
|
6.12%
|
(7.26)%
|
||||||
SUPPLEMENTAL DATA AND RATIOS:
|
|||||||||
Net assets, end of period (in 000's)
|
$10,898
|
$9,703
|
$21,315
|
||||||
Ratio of expenses to average net assets:(5)(6)
|
|||||||||
Before expense waiver
|
3.02%
|
2.60%
|
3.64%
|
||||||
After expense waiver
|
1.35%
|
1.36%
|
1.35%
|
||||||
Ratio of expenses excluding interest expense to average
net assets:(5)(6)
|
|||||||||
Before expense waiver
|
3.01%
|
2.59%
|
3.64%
|
||||||
After expense waiver
|
1.35%
|
1.35%
|
1.35%
|
||||||
Ratio of net investment gain to average net assets(6)
|
2.10%
|
2.12%
|
1.46%
|
||||||
Portfolio turnover rate(4)
|
148%
|
944%
|
1,515%
|
||||||
(1)
|
March 23, 2022.
|
(2)
|
For an Institutional Class Share outstanding for the entire period.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Not annualized for periods less than one year.
|
(5)
|
Does not include expenses of investment companies in which the Fund invests.
|
(6)
|
Annualized for periods less than one year.
|
14
|
TABLE OF CONTENTS
For the
Six Months Ended
June 30, 2024
(Unaudited)
|
Year Ended
December 31, 2023
|
Since Inception(1)
through
December 31, 2022
|
|||||||
PER COMMON SHARE DATA:(2)
|
|||||||||
Net asset value, beginning of period
|
$9.56
|
$9.22
|
$10.00
|
||||||
INVESTMENT OPERATIONS:
|
|||||||||
Net investment income(3)
|
0.09
|
0.10
|
0.09
|
||||||
Net realized and unrealized income (loss) on investments
|
0.39
|
0.44
|
(0.84)
|
||||||
Total from investment operations
|
0.48
|
0.54
|
(0.75)
|
||||||
LESS DISTRIBUTIONS FROM:
|
|||||||||
Net investment income
|
(0.08)
|
(0.20)
|
(0.03)
|
||||||
Net realized gains
|
-
|
-
|
-
|
||||||
Total distributions
|
(0.08)
|
(0.20)
|
(0.03)
|
||||||
Net asset value, end of period
|
$9.96
|
$9.56
|
$9.22
|
||||||
Total return(4)(5)
|
5.01%
|
5.92%
|
(7.49)%
|
||||||
SUPPLEMENTAL DATA AND RATIOS:
|
|||||||||
Net assets, end of period (in 000's)
|
$353
|
$484
|
$1
|
||||||
Ratio of expenses to average net assets:(6)(7)
|
|||||||||
Before expense waiver
|
3.26%
|
3.24%
|
255.94%
|
||||||
After expense waiver
|
1.60%
|
1.61%
|
1.60%
|
||||||
Ratio of expenses excluding interest expense to average
net assets:(6)(7)
|
|||||||||
Before expense waiver
|
3.25%
|
3.23%
|
255.94%
|
||||||
After expense waiver
|
1.60%
|
1.60%
|
1.60%
|
||||||
Ratio of net investment income to average net assets(7)
|
1.85%
|
1.86%
|
1.20%
|
||||||
Portfolio turnover rate(5)
|
148%
|
944%
|
1,515%
|
||||||
(1)
|
March 23, 2022.
|
(2)
|
For an A Class Share outstanding for the entire period.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Total return does not reflect sales charges.
|
(5)
|
Not annualized for periods less than one year.
|
(6)
|
Does not include expenses of investment companies in which the Fund invests.
|
(7)
|
Annualized for periods less than one year.
|
15
|
TABLE OF CONTENTS
For the
Six Months Ended
June 30, 2024
(Unaudited)
|
Year Ended
December 31, 2023
|
Since Inception(1)
through
December 31, 2022
|
|||||||
PER COMMON SHARE DATA:(2)
|
|||||||||
Net asset value, beginning of period
|
$9.50
|
$9.19
|
$10.00
|
||||||
INVESTMENT OPERATIONS:
|
|||||||||
Net investment income(3)
|
(0.16)
|
0.11
|
0.02
|
||||||
Net realized and unrealized income (loss) on investments
|
0.57
|
0.35
|
(0.81)
|
||||||
Total from investment operations
|
0.41
|
0.46
|
(0.79)
|
||||||
LESS DISTRIBUTIONS FROM:
|
|||||||||
Net investment income
|
-
|
(0.15)
|
(0.02)
|
||||||
Net realized gains
|
-
|
-
|
-
|
||||||
Total distributions
|
-
|
(0.15)
|
(0.02)
|
||||||
Net asset value, end of period
|
$9.91
|
$9.50
|
$9.19
|
||||||
Total return(4)(5)
|
4.36%
|
5.02%
|
(7.95)%
|
||||||
SUPPLEMENTAL DATA AND RATIOS:
|
|||||||||
Net assets, end of period (in 000's)
|
$31
|
$498
|
$29
|
||||||
Ratio of expenses to average net assets:(6)(7)
|
|||||||||
Before expense waiver
|
3.97%
|
4.03%
|
23.83%
|
||||||
After expense waiver
|
2.35%
|
2.36%
|
2.35%
|
||||||
Ratio of expenses excluding interest expense to average
net assets:(6)(7)
|
|||||||||
Before expense waiver
|
3.97%
|
4.02%
|
23.83%
|
||||||
After expense waiver
|
2.35%
|
2.35%
|
2.35%
|
||||||
Ratio of net investment income to average net assets(7)
|
1.11%
|
1.11%
|
0.46%
|
||||||
Portfolio turnover rate(5)
|
148%
|
944%
|
1,515%
|
||||||
(1)
|
March 23, 2022.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Total return does not reflect sales charges.
|
(5)
|
Not annualized for periods less than one year.
|
(6)
|
Does not include expenses of investment companies in which the Fund invests.
|
(7)
|
Annualized for periods less than one year.
|
16
|
TABLE OF CONTENTS
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Year Ended December 31
|
Since
Inception(1)
through
December 31,
2019
|
||||||||||||||||
2023
|
2022
|
2021
|
2020
|
|||||||||||||||
PER COMMON SHARE DATA:(2)
|
||||||||||||||||||
Net asset value, beginning of
period
|
$9.83
|
$9.86
|
$10.58
|
$10.80
|
$10.21
|
$10.00
|
||||||||||||
INVESTMENT OPERATIONS:
|
||||||||||||||||||
Net investment income(3)
|
0.20
|
0.42
|
0.07
|
0.28(4)
|
0.32(4)
|
0.17(4)
|
||||||||||||
Net realized and unrealized gain (loss) on investments
|
(0.15)
|
(0.04)
|
(0.72)
|
(0.13)
|
0.51
|
0.15
|
||||||||||||
Total from investment operations
|
0.05
|
0.38
|
(0.65)
|
0.15
|
0.83
|
0.32
|
||||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||||
Net investment income
|
(0.21)
|
(0.41)
|
(0.07)
|
(0.27)
|
(0.21)
|
(0.11)
|
||||||||||||
Net realized gains
|
-
|
-
|
-
|
(0.10)
|
(0.02)
|
-
|
||||||||||||
Return of capital
|
-
|
-
|
-
|
-
|
(0.01)
|
-
|
||||||||||||
Total distributions
|
(0.21)
|
(0.41)
|
(0.07)
|
(0.37)
|
(0.24)
|
(0.11)
|
||||||||||||
Net asset value, end of period
|
$9.67
|
$9.83
|
$9.86
|
$10.58
|
$10.80
|
$10.21
|
||||||||||||
TOTAL RETURN(5)
|
0.48%
|
3.97%
|
(6.11)%
|
1.29%
|
8.13%
|
3.20%
|
||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||
Net assets, end of period (in 000's)
|
$ 853,625
|
$ 775,312
|
$ 895,811
|
$ 721,445
|
$ 296,660
|
$ 54,723
|
||||||||||||
Ratio of expenses to average
net assets:(6)(7)(8)
|
||||||||||||||||||
Before expense
waiver/recoupment
|
1.38%
|
1.37%
|
1.38%
|
1.41%
|
1.59%
|
2.20%
|
||||||||||||
After expense
waiver/recoupment
|
1.35%
|
1.35%
|
1.36%
|
1.41%
|
1.61%
|
1.99%
|
||||||||||||
Ratio of net investment income to average net assets(7)
|
4.11%
|
4.07%
|
0.79%
|
2.54%
|
3.06%
|
2.83%
|
||||||||||||
Portfolio turnover rate(5)
|
118%
|
600%
|
1,244%
|
220%
|
233%
|
61%
|
||||||||||||
(1)
|
May 28, 2019.
|
(2)
|
For an Institutional Class Share outstanding for the entire period.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Per share amounts calculated using average shares method.
|
(5)
|
Not annualized for periods less than one year.
|
(6)
|
Does not include expenses of investment companies in which the Fund invests.
|
(7)
|
Anualized for periods less than one year.
|
(8)
|
On June 24, 2022, the Adviser lowered the limit of annual operating expenses from 1.45% to 1.35%.
|
17
|
TABLE OF CONTENTS
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Year Ended December 31
|
Since
Inception(1)
through
December 31,
2019
|
||||||||||||||||
2023
|
2022
|
2021
|
2020
|
|||||||||||||||
PER COMMON SHARE DATA:(2)
|
||||||||||||||||||
Net asset value, beginning of
period
|
$9.81
|
$9.84
|
$10.56
|
$10.78
|
$10.20
|
$10.00
|
||||||||||||
INVESTMENT OPERATIONS:
|
||||||||||||||||||
Net investment income(3)
|
0.22
|
0.49
|
0.05
|
0.25(4)
|
0.31(4)
|
0.15(4)
|
||||||||||||
Net realized and unrealized gain (loss) on investments
|
(0.18)
|
(0.14)
|
(0.72)
|
(0.13)
|
0.49
|
0.15
|
||||||||||||
Total from investment operations
|
0.04
|
0.35
|
(0.67)
|
0.12
|
0.80
|
0.30
|
||||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||||
Net investment income
|
(0.20)
|
(0.38)
|
(0.05)
|
(0.24)
|
(0.19)
|
(0.10)
|
||||||||||||
Net realized gains
|
-
|
-
|
-
|
(0.10)
|
(0.02)
|
-
|
||||||||||||
Return of capital
|
-
|
-
|
-
|
-
|
(0.01)
|
-
|
||||||||||||
Total distributions
|
(0.20)
|
(0.38)
|
(0.05)
|
(0.34)
|
(0.22)
|
(0.10)
|
||||||||||||
Net asset value, end of period
|
$9.65
|
$9.81
|
$9.84
|
$10.56
|
$10.78
|
$10.20
|
||||||||||||
TOTAL RETURN(5)(6)
|
0.35%
|
3.67%
|
(6.31)%
|
1.05%
|
7.87%
|
3.01%
|
||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||
Net assets, end of period (in 000's)
|
$ 22,944
|
$ 28,050
|
$ 71,700
|
$ 61,130
|
$ 38,110
|
$4,867
|
||||||||||||
Ratio of expenses to average
net assets:(7)(8)(9)
|
||||||||||||||||||
Before expense
waiver/recoupment
|
1.63%
|
1.62%
|
1.63%
|
1.66%
|
1.77%
|
2.42%
|
||||||||||||
After expense
waiver/recoupment
|
1.60%
|
1.60%
|
1.61%
|
1.66%
|
1.79%
|
2.39%
|
||||||||||||
Ratio of net investment income to average net assets(8)
|
3.86%
|
3.83%
|
0.54%
|
2.31%
|
2.93%
|
2.44%
|
||||||||||||
Portfolio turnover rate(6)
|
118%
|
600%
|
1,244%
|
220%
|
233%
|
61%
|
||||||||||||
(1)
|
May 28, 2019.
|
(2)
|
For an A Class Share outstanding for the entire period.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Per share amounts calculated using average shares method.
|
(5)
|
Total return does not reflect sales charges.
|
(6)
|
Not annualized for periods less than one year.
|
(7)
|
Does not include expenses of investment companies in which the Fund invests.
|
(8)
|
Anualized for periods less than one year.
|
(9)
|
On June 24, 2022, the Adviser lowered the limit of annual operating expenses from 2.05% to 1.60%.
|
18
|
TABLE OF CONTENTS
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Year Ended December 31
|
Since
Inception(1)
through
December 31,
2019
|
||||||||||||||||
2023
|
2022
|
2021
|
2020
|
|||||||||||||||
PER COMMON SHARE DATA:(2)
|
||||||||||||||||||
Net asset value, beginning of
period
|
$9.72
|
$9.75
|
$10.52
|
$10.74
|
$10.19
|
$10.17
|
||||||||||||
INVESTMENT OPERATIONS:
|
||||||||||||||||||
Net investment income (loss)(3)
|
0.15
|
0.30
|
(0.03)
|
0.17(4)
|
0.22(4)
|
0.06(4)
|
||||||||||||
Net realized and unrealized gain (loss) on investments
|
(0.15)
|
(0.02)
|
(0.71)(5)
|
(0.13)
|
0.49
|
0.05
|
||||||||||||
Total from investment operations
|
-
|
0.28
|
(0.74)
|
0.04
|
0.71
|
0.11
|
||||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||||
Net investment income
|
(0.16)
|
(0.31)
|
(0.03)
|
(0.16)
|
(0.13)
|
(0.09)
|
||||||||||||
Net realized gains
|
-
|
-
|
-
|
(0.10)
|
(0.02)
|
-
|
||||||||||||
Return of capital
|
-
|
-
|
-
|
-
|
(0.01)
|
-
|
||||||||||||
Total distributions
|
(0.16)
|
(0.31)
|
(0.03)
|
(0.26)
|
(0.16)
|
(0.09)
|
||||||||||||
Net asset value, end of period
|
$9.56
|
$9.72
|
$9.75
|
$10.52
|
$10.74
|
$10.19
|
||||||||||||
TOTAL RETURN(6)(7)
|
(0.02)%
|
2.92%
|
(7.00)%
|
0.35%
|
6.95%
|
1.09%
|
||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||
Net assets, end of period (in 000's)
|
$ 8,778
|
$9,914
|
$ 15,245
|
$ 16,727
|
$ 11,749
|
$2,156
|
||||||||||||
Ratio of expenses to average
net assets:(8)(9)(10)
|
||||||||||||||||||
Before expense
waiver/recoupment
|
2.38%
|
2.37%
|
2.38%
|
2.41%
|
2.55%
|
3.03%
|
||||||||||||
After expense
waiver/recoupment
|
2.35%
|
2.35%
|
2.36%
|
2.41%
|
2.57%
|
2.99%
|
||||||||||||
Ratio of net investment income (loss) to average net assets(9)
|
3.11%
|
3.07%
|
(0.21)%
|
1.59%
|
2.07%
|
2.22%
|
||||||||||||
Portfolio turnover rate(7)
|
118%
|
600%
|
1,244%
|
220%
|
233%
|
61%
|
||||||||||||
(1)
|
August 27, 2019.
|
(2)
|
For a C Class Share outstanding for the entire period.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Per share amounts calculated using average shares method.
|
(5)
|
Realized and unrealized gains (losses) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains on the Statement of Operations due to share transactions for the year.
|
(6)
|
Total return does not reflect sales charges.
|
(7)
|
Not annualized for periods less than one year.
|
(8)
|
Does not include expenses of investment companies in which the Fund invests.
|
(9)
|
Anualized for periods less than one year.
|
(10)
|
On June 24, 2022, the Adviser lowered the limit of annual operating expenses from 2.99% to 2.35%.
|
19
|
TABLE OF CONTENTS
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Year Ended December 31
|
Since
Inception(1)
through
December 31, 2020
|
||||||||||||||
2023
|
2022
|
2021
|
||||||||||||||
PER COMMON SHARE DATA:(2)
|
||||||||||||||||
Net asset value, beginning of period
|
$11.67
|
$10.22
|
$11.30
|
$10.11
|
$10.00
|
|||||||||||
INVESTMENT OPERATIONS:
|
||||||||||||||||
Net investment income (loss)(3)
|
0.06
|
0.16
|
-(4)
|
(0.09)(5)
|
0.04(5)
|
|||||||||||
Net realized and unrealized gain (loss) on investments
|
0.73
|
1.42
|
(0.98)
|
2.19
|
0.11
|
|||||||||||
Total from investment operations
|
0.79
|
1.58
|
(0.98)
|
2.10
|
0.15
|
|||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||
Net investment income
|
(0.09)
|
(0.13)
|
-
|
-
|
(0.04)
|
|||||||||||
Net realized gains
|
-
|
-
|
(0.10)
|
(0.91)
|
-
|
|||||||||||
Total distributions
|
(0.09)
|
(0.13)
|
(0.10)
|
(0.91)
|
(0.04)
|
|||||||||||
Net asset value, end of period
|
$12.37
|
$11.67
|
$10.22
|
$11.30
|
$10.11
|
|||||||||||
TOTAL RETURN(6)
|
6.73%
|
15.59%
|
(8.67)%
|
20.76%
|
1.47%
|
|||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||
Net assets, end of period (in 000's)
|
$1,337,606
|
$1,143,770
|
$885,688
|
$339,324
|
$58,914
|
|||||||||||
Ratio of expenses to average net assets:(7)(8)(9)
|
||||||||||||||||
Before expense waiver/recoupment
|
1.35%
|
1.37%
|
1.39%
|
1.45%
|
2.12%
|
|||||||||||
After expense waiver/recoupment
|
1.35%
|
1.38%
|
1.37%
|
1.47%
|
1.64%
|
|||||||||||
Ratio of net investment income (loss) to average net assets(8)
|
1.08%
|
1.49%
|
(0.01)%
|
(0.73)%
|
2.20%
|
|||||||||||
Portfolio turnover rate(6)
|
6%
|
1,100%
|
1,127%
|
786%
|
277%
|
|||||||||||
(1)
|
October 23, 2020.
|
(2)
|
For an Institutional Class Share outstanding for the entire period.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Amount per share rounds to $0.00.
|
(5)
|
Per share amounts calculated using average shares method.
|
(6)
|
Not annualized for periods less than one year.
|
(7)
|
Does not include expenses of investment companies in which the Fund invests.
|
(8)
|
Anualized for periods less than one year.
|
(9)
|
On June 24, 2022, the Adviser lowered the limit of annual operating expenses from 1.64% to 1.38%.
|
20
|
TABLE OF CONTENTS
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Year Ended December 31
|
Since
Inception(1)
through
December 31, 2020
|
|||||||||||||
2023
|
2022
|
2021
|
|||||||||||||
PER COMMON SHARE DATA:(2)
|
|||||||||||||||
Net asset value, beginning of period
|
$11.58
|
$10.15
|
$11.26
|
$10.10
|
$10.00
|
||||||||||
INVESTMENT OPERATIONS:
|
|||||||||||||||
Net investment income (loss)(3)
|
0.05
|
0.14
|
(0.04)
|
(0.13)(4)
|
0.05(4)
|
||||||||||
Net realized and unrealized gain (loss) on investments
|
0.73
|
1.40
|
(0.97)
|
2.20
|
0.08
|
||||||||||
Total from investment operations
|
0.78
|
1.54
|
(1.01)
|
2.07
|
0.13
|
||||||||||
LESS DISTRIBUTIONS FROM:
|
|||||||||||||||
Net investment income
|
(0.08)
|
(0.11)
|
-
|
-
|
(0.03)
|
||||||||||
Net realized gains
|
-
|
-
|
(0.10)
|
(0.91)
|
-
|
||||||||||
Total distributions
|
(0.08)
|
(0.11)
|
(0.10)
|
(0.91)
|
(0.03)
|
||||||||||
Net asset value, end of period
|
$12.28
|
$11.58
|
$10.15
|
$11.26
|
$10.10
|
||||||||||
TOTAL RETURN(5)(6)
|
6.72%
|
15.29%
|
(8.96)%
|
20.48%
|
1.35%
|
||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
|||||||||||||||
Net assets, end of period (in 000's)
|
$35,348
|
$36,708
|
$28,582
|
$20,413
|
$3,588
|
||||||||||
Ratio of expenses to average net assets:(7)(8)(9)
|
|||||||||||||||
Before expense waiver/recoupment
|
1.60%
|
1.62%
|
1.64%
|
1.70%
|
2.36%
|
||||||||||
After expense waiver/recoupment
|
1.60%
|
1.63%
|
1.62%
|
1.72%
|
2.04%
|
||||||||||
Ratio of net investment income (loss) to average net assets(8)
|
0.84%
|
1.24%
|
(0.26)%
|
(1.06)%
|
2.71%
|
||||||||||
Portfolio turnover rate(6)
|
6%
|
1,100%
|
1,127%
|
786%
|
277%
|
||||||||||
(1)
|
October 23, 2020.
|
(2)
|
For an A Class Share outstanding for the entire period.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Per share amounts calculated using average shares method.
|
(5)
|
Total return does not reflect sales charges.
|
(6)
|
Not annualized for periods less than one year.
|
(7)
|
Does not include expenses of investment companies in which the Fund invests.
|
(8)
|
Anualized for periods less than one year.
|
(9)
|
On June 24, 2022, the Adviser lowered the limit of annual operating expenses from 2.04% to 1.63%.
|
21
|
TABLE OF CONTENTS
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Year Ended December 31
|
Since
Inception(1)
through
December 31, 2020
|
|||||||||||||
2023
|
2022
|
2021
|
|||||||||||||
PER COMMON SHARE DATA:(2)
|
|||||||||||||||
Net asset value, beginning of period
|
$11.38
|
$10.00
|
$11.18
|
$10.11
|
$10.00
|
||||||||||
INVESTMENT OPERATIONS:
|
|||||||||||||||
Net investment income (loss)(3)
|
(0.02)
|
0.01
|
(0.10)
|
(0.21)(4)
|
0.05(4)
|
||||||||||
Net realized and unrealized gain (loss) on investments
|
0.73
|
1.43
|
(0.98)
|
2.19
|
0.09
|
||||||||||
Total from investment operations
|
0.71
|
1.44
|
(1.08)
|
1.98
|
0.14
|
||||||||||
LESS DISTRIBUTIONS FROM:
|
|||||||||||||||
Net investment income
|
(0.05)
|
(0.06)
|
-
|
-
|
(0.03)
|
||||||||||
Net realized gains
|
-
|
-
|
(0.10)
|
(0.91)
|
-
|
||||||||||
Total distributions
|
(0.05)
|
(0.06)
|
(0.10)
|
(0.91)
|
(0.03)
|
||||||||||
Net asset value, end of period
|
$12.04
|
$11.38
|
$10.00
|
$11.18
|
$10.11
|
||||||||||
TOTAL RETURN(5)(6)
|
6.26%
|
14.49%
|
(9.65)%
|
19.57%
|
1.39%
|
||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
|||||||||||||||
Net assets, end of period (in 000's)
|
$14,867
|
$16,482
|
$21,018
|
$11,279
|
$2,086
|
||||||||||
Ratio of expenses to average net assets:(7)(8)(9)
|
|||||||||||||||
Before expense waiver/recoupment
|
2.35%
|
2.37%
|
2.39%
|
2.44%
|
2.96%
|
||||||||||
After expense waiver/recoupment
|
2.35%
|
2.38%
|
2.37%
|
2.47%
|
2.64%
|
||||||||||
Ratio of net investment income (loss) to average net assets(8)
|
0.09%
|
0.50%
|
(1.01)%
|
(1.77)%
|
2.50%
|
||||||||||
Portfolio turnover rate(6)
|
6%
|
1,100%
|
1,127%
|
786%
|
277%
|
||||||||||
(1)
|
October 23, 2020.
|
(2)
|
For a C Class Share outstanding for the entire period.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Per share amounts calculated using average shares method.
|
(5)
|
Total return does not reflect sales charges.
|
(6)
|
Not annualized for periods less than one year.
|
(7)
|
Does not include expenses of investment companies in which the Fund invests.
|
(8)
|
Anualized for periods less than one year.
|
(9)
|
On June 24, 2022, the Adviser lowered the limit of annual operating expenses from 2.64% to 2.38%.
|
22
|
TABLE OF CONTENTS
For the Six
Months Ended
June 30, 2024
(Unaudited)
|
Since Inception(1)
through
December 31,
2023
|
|||||
PER COMMON SHARE DATA:(2)
|
||||||
Net asset value, beginning of period
|
$10.07
|
$10.00
|
||||
INVESTMENT OPERATIONS:
|
||||||
Net investment income(3)
|
0.02
|
0.11
|
||||
Net realized and unrealized gain on investments
|
0.36
|
0.07
|
||||
Total from investment operations
|
0.38
|
0.18
|
||||
LESS DISTRIBUTIONS FROM:
|
||||||
Net investment income
|
(0.07)
|
(0.11)
|
||||
Net realized gains
|
-
|
-
|
||||
Total distributions
|
(0.07)
|
(0.11)
|
||||
Net asset value, end of period
|
$10.38
|
$10.07
|
||||
TOTAL RETURN(4)
|
4.45%
|
1.80%
|
||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||
Net assets, end of period (in 000's)
|
$64,337
|
$44,731
|
||||
Ratio of Expenses to Average Net Assets:(5)(6)
|
||||||
Before expense waiver
|
1.57%
|
2.22%
|
||||
After expense waiver
|
1.49%
|
1.49%
|
||||
Ratio of net investment income to average net assets(6)
|
1.89%
|
3.78%
|
||||
Portfolio turnover rate(4)
|
189%
|
182%
|
||||
(1)
|
May 31, 2023.
|
(2)
|
For an Institutional Class Share outstanding for the entire period.
|
(3)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
(4)
|
Not annualized.
|
(5)
|
Does not include expenses of investment companies in which the Fund invests.
|
(6)
|
Annualized.
|
23
|
TABLE OF CONTENTS
24
|
TABLE OF CONTENTS
25
|
TABLE OF CONTENTS
26
|
TABLE OF CONTENTS
Level 1 -
|
Quoted prices in active markets for identical assets or liabilities.
|
Level 2 -
|
Observable inputs other than quoted prices included in Level 1. These inputs may include quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
Level 3 -
|
Significant unobservable inputs for the asset or liability, representing the Fund's view of assumptions a market participant would use in valuing the asset or liability.
|
27
|
TABLE OF CONTENTS
Uncategorized
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||
Exchange-Traded Funds
|
$ -
|
$ 10,992,330
|
$ -
|
$ -
|
$ 10,992,330
|
||||||||||
Total Investments
|
$-
|
$10,992,330
|
$-
|
$-
|
$10,992,330
|
||||||||||
Uncategorized
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||
Exchange-Traded Funds
|
$-
|
$866,460,996
|
$ -
|
$ -
|
$866,460,996
|
||||||||||
Investment Purchased with Proceeds from Securities Lending
|
70,802,150
|
-
|
-
|
-
|
70,802,150
|
||||||||||
Total Investments
|
$70,802,150
|
$866,460,996
|
$-
|
$-
|
$937,263,146
|
||||||||||
Uncategorized
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||
U.S. Treasury Bills
|
-
|
-
|
5,043,154
|
-
|
5,043,154
|
||||||||||
Total Investments
|
$ -
|
$-
|
$5,043,154
|
$ -
|
$ 5,043,154
|
||||||||||
Uncategorized
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||
Exchange-Traded Funds
|
$-
|
$ 49,193,252
|
$ -
|
$ -
|
$ 49,193,252
|
||||||||||
Put Options Purchased
|
-
|
-
|
36,503
|
-
|
36,503
|
||||||||||
Investment Purchased with Proceeds from Securities Lending
|
20,658,150
|
-
|
-
|
-
|
20,658,150
|
||||||||||
Total Investments
|
$20,658,150
|
$49,193,252
|
$36,503
|
$-
|
$69,887,905
|
||||||||||
Put Options Written
|
-
|
(94,415)
|
-
|
(94,415)
|
||||||||
Total Other Financial Instruments
|
$ -
|
$ (94,415)
|
$ -
|
$ (94,415)
|
||||||||
*
|
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, swap contracts and written options. Futures contracts are presented at the unrealized appreciation (depreciation) on the instruments.
|
28
|
TABLE OF CONTENTS
Fund
|
Long Futures
Contracts
|
Purchased Option
Contracts
|
Written Option
Contracts
|
||||||
Dynamic Growth Fund
|
$23,107,958
|
$-
|
$-
|
||||||
Defender Fund
|
-
|
48,082,340
|
(46,221,873)
|
||||||
Defender Fund
|
Assets
|
Liabilities
|
||||||||||
Derivatives not accounted for as hedging
instruments under ASC 815
|
Location
|
Fair Value
|
Location
|
Fair Value
|
||||||||
Equity Contracts - Purchased Options
|
Investments, at fair value
|
$54,628
|
Investments, at fair value
|
$-
|
||||||||
Equity Contracts - Written Options
|
Written option contracts, at fair value
|
-
|
Written option contracts, at fair value
|
(257,794)
|
||||||||
Total
|
$54,628
|
(257,794)
|
||||||||||
Dynamic
Growth Fund
|
Defender Fund
|
||||||||
Derivatives not accounted for as hedging instruments under ASC 815
|
Futures
|
Purchased Options
|
Written Options
|
||||||
Equity Contracts
|
$2,039,180
|
$(2,253,785)
|
$3,569,026
|
||||||
Total
|
$2,039,180
|
$(2,253,785)
|
$3,569,026
|
||||||
Dynamic
Growth Fund
|
Defender Fund
|
||||||||
Derivatives not accounted for as hedging instruments under ASC 815
|
Futures
|
Purchased Options*
|
Written Options
|
||||||
Equity Contracts
|
$(783,405)
|
$(78,631)
|
$(116,971)
|
||||||
Total
|
$(783,405)
|
$(78,631)
|
$(116,971)
|
||||||
*
|
Included in net change in unrealized appreciation on unaffiliated investments as reported on the Statements of Operations.
|
29
|
TABLE OF CONTENTS
Liabilities:
|
Gross Amounts
Recognized
|
Gross Amounts
Offset in
Statement of
Assets and
Liabilities
|
Net Amounts
of Assets
Presented in
Statement of
Assets and
Liabilities
|
Gross Amounts Not Offset in
Statement of Assets and Liabilities
|
||||||||||||||
Financial
Instruments
|
Cash
Collateral
Pledged
|
Net Amount
|
||||||||||||||||
Written Option Contracts
|
$94,415
|
$ -
|
$94,415
|
$ -
|
$94,415
|
$ -
|
||||||||||||
$94,415
|
$-
|
$94,415
|
$-
|
$94,415
|
$-
|
|||||||||||||
Fund
|
|||
Active Advantage Fund
|
1.25%
|
||
Managed Income Fund
|
1.25% on assets up to $1.0 billion
|
||
1.225% on assets between $1.0 billion and $2 billion
|
|||
1.20% on assets greater than $2 billion
|
|||
Dynamic Growth Fund
|
1.25% on assets up to $2.5 billion
|
||
1.225% on assets between $2.5 billion and $5 billion
|
|||
1.20% on assets greater than $5 billion
|
|||
Defender Fund
|
1.25%
|
||
30
|
TABLE OF CONTENTS
Active Advantage Fund
|
|||
March 2025 - December 2025
|
$158,334
|
||
January 2026 - December 2026
|
$189,217
|
||
January 2027 - June 2027
|
$90,707
|
||
Managed Income Fund
|
|||
July 2025 - December 2025
|
$187,135
|
||
January 2026 - December 2026
|
$214,930
|
||
January 2027 - June 2027
|
$116,155
|
||
Defender Fund
|
|||
May 2026 - December 2026
|
$79,230
|
||
January 2027 - June 2027
|
$22,489
|
||
Fund
|
A Class
|
C Class
|
||||
Active Advantage Fund
|
$528
|
$1,480
|
||||
Managed Income Fund
|
31,864
|
46,353
|
||||
Dynamic Growth Fund
|
44,671
|
80,624
|
||||
Investment Security
|
12/31/23
Share
Balance
|
Gross
Additions
|
Gross
Reductions
|
Realized
Gain
(Loss)
|
Distributions
Received
|
6/30/24
Share
Balance
|
6/30/24
Value
|
Net Change
in Unrealized
Appreciation/
Depreciation
|
||||||||||||||||
Pioneer Strategic Income Fund - Class K.
|
3,151,261
|
$ -
|
$(29,023,109)
|
$(976,891)
|
396,085
|
-
|
-
|
$94,538
|
||||||||||||||||
31
|
TABLE OF CONTENTS
Fund
|
Purchases
|
Sales
|
||||
Active Advantage Fund
|
$13,646,538
|
$13,492,033
|
||||
Managed Income Fund
|
937,068,828
|
832,877,756
|
||||
Dynamic Growth Fund
|
40,822,849
|
1,257,206,563
|
||||
Defender Fund
|
103,171,205
|
88,441,213
|
||||
Fund
|
Aggregate
Gross
Appreciation
|
Aggregate
Gross
Depreciation
|
Net
Appreciation
|
Federal
Income Tax
Cost
|
||||||||
Active Advantage Fund
|
$679,212
|
$(34,548)
|
$644,664
|
$9,768,577
|
||||||||
Managed Income Fund
|
27,465,854
|
(94,538)
|
27,371,316
|
773,516,773
|
||||||||
Dynamic Growth Fund
|
106,378,922
|
(36,628,120)
|
69,750,802
|
1,075,897,013
|
||||||||
Defender Fund
|
1,005,233
|
(13,962)
|
991,271
|
33,000,168
|
||||||||
Fund
|
Undistributed
Ordinary
Income
|
Undistributed
Long-Term
Capital Gains
|
Other
Accumulated
Losses
|
Unrealized
Appreciation
|
Total
Distributable
Earnings
|
||||||||||
Active Advantage Fund
|
$2,334
|
$-
|
$(1,488,042)
|
$644,664
|
$(841,044)
|
||||||||||
Managed Income Fund
|
1,009,793
|
-
|
(109,137,966)
|
27,371,316
|
(80,756,857)
|
||||||||||
Dynamic Growth Fund
|
3,074,346
|
-
|
(13,043,845)
|
69,750,802
|
59,781,303
|
||||||||||
Defender Fund
|
61,400
|
336,981
|
-
|
991,271
|
1,389,652
|
||||||||||
Fund
|
Ordinary
Income*
|
Short-Term
Capital Gains
|
Long-Term
Capital Gains**
|
Total
|
||||||||
Active Advantage Fund
|
$102,195
|
$ -
|
$ -
|
$102,195
|
||||||||
Managed Income Fund
|
18,361,106
|
-
|
-
|
18,361,106
|
||||||||
Dynamic Growth Fund
|
9,427,230
|
-
|
-
|
9,427,230
|
||||||||
Defender Fund
|
828,213
|
-
|
-
|
828,213
|
||||||||
32
|
TABLE OF CONTENTS
Fund
|
Ordinary
Income*
|
Short-Term
Capital Gains
|
Long-Term
Capital Gains**
|
Total
|
||||||||
Active Advantage Fund
|
$312,144
|
$ -
|
$ -
|
$312,144
|
||||||||
Managed Income Fund
|
36,285,562
|
-
|
-
|
36,285,562
|
||||||||
Dynamic Growth Fund
|
12,317,634
|
-
|
-
|
12,317,634
|
||||||||
Defender Fund
|
408,595
|
-
|
-
|
408,595
|
||||||||
*
|
For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.
|
**
|
The Funds designate as long-term capital gain distributions, pursuant to Internal Revenue Code Section 852(b)(3)(c).
|
33
|
TABLE OF CONTENTS
Fund
|
LOC Agent
|
Average
Borrowings
|
Amount
Outstanding
as of June 30,
2024
|
Weighted-
Average
Interest Rate
|
Interest
Expense
|
Maximum
Borrowing
|
Date of
Maximum
Borrowing
|
||||||||||||||
Active Advantage Fund
|
U.S. Bank N.A.
|
$ 3,951
|
$ -
|
8.50%
|
$ 170
|
$ 145,000
|
2/6/2024
|
||||||||||||||
Fund
|
Shareholder
|
Percent of
Shares Held
|
Type of
Ownership
|
||||||
Active Advantage Fund
|
Charles Schwab & Co., Inc.
|
55.80%
|
Record
|
||||||
Managed Income Fund
|
National Financial Services, LLC
|
37.64%
|
Record
|
||||||
Charles Schwab & Co., Inc.
|
30.28%
|
Record
|
|||||||
Dynamic Growth Fund
|
Charles Schwab & Co., Inc.
|
49.89%
|
Record
|
||||||
Defender Fund
|
Charles Schwab & Co., Inc.
|
51.89%
|
Record
|
||||||
National Financial Services, LLC
|
46.47%
|
Record
|
|||||||
34
|
TABLE OF CONTENTS
35
|
TABLE OF CONTENTS
•
|
Kensington Managed Income Fund.The Trustees noted the Fund had underperformed both the Category and Cohort averages as well as its benchmark index for all periods presented as of September 30, 2023. The Trustees also noted that the Fund had outperformed an additional broad based benchmark index for the year-to-date, three-year and since-inception periods ended September 30, 2023. The Trustees observed that the Fund's performance was generally consistent with the performance of a model portfolio account managed by KAM over relevant time periods, when taking into account differences in expenses. The Trustees also took into account that the Fund's performance included performance of a predecessor fund that was reorganized into to the Fund.
|
•
|
Kensington Dynamic Growth Fund. The Trustees noted that the Fund had outperformed both the Category and Cohort averages for the year-to-date period, while underperforming both the Category and Cohort averages for the one-year period, in each case as of September 30, 2023. The Trustees also noted that the Fund had underperformed its benchmark index for all periods presented as of September 30, 2023. The Trustees considered that the Fund had achieved positive total returns over all time periods presented and also observed that the Fund's performance was generally consistent with the performance of a model portfolio account managed by KAM over relevant time periods, when taking into account differences in expenses. The Trustees noted that the Fund's performance included performance of a predecessor fund that was reorganized into to the Fund.
|
•
|
Kensington Active Advantage Fund. The Trustees noted the Fund had underperformed both the Category and Cohort averages as well as its benchmark index for all periods presented as of September 30, 2023. The Trustees observed that the Fund's performance was generally consistent with the performance of a model portfolio account managed by KAM over relevant time periods, when taking into account differences in expenses. The Board recognized that the Fund's relatively short operating history made it difficult to make meaningful assessments of performance results, but nonetheless concluded that the Fund had been well-managed, and performance was reasonable.
|
•
|
Kensington Managed Income Fund. The Fund's management fee and total expenses (after waivers and expense reimbursements) were each higher than the Category and Cohort averages.
|
•
|
Kensington Dynamic Growth Fund. The Fund's management fee was higher than the Category and Cohort averages. The Fund's total expenses (after waivers and expense reimbursements) were higher than the Category average but equal to the Cohort average.
|
•
|
Kensington Active Advantage Fund.The Fund's management fee and total expenses (after waivers and expense reimbursements) were each higher than the Category and Cohort averages. The Trustees also considered that the Fund's asset level was well below the average size of the funds comprising the Category and Cohort.
|
36
|
TABLE OF CONTENTS
37
|
TABLE OF CONTENTS
38
|
TABLE OF CONTENTS
(b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.
Item 16. Controls and Procedures.
(a) | The Registrant's 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 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. Not applicable for semi-annual reports |
(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Managed Portfolio Series |
By (Signature and Title)* | /s/ Brian R. Wiedmeyer | ||
Brian R. Wiedmeyer, President |
Date | 09/03/2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Brian R. Wiedmeyer | ||
Brian R. Wiedmeyer, President |
Date | 09/03/2024 |
By (Signature and Title)* | /s/ Benjamin J. Eirich | ||
Benjamin J. Eirich, Treasurer |
Date | 09/03/2024 |
* Print the name and title of each signing officer under his or her signature.