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: 8/31/2024
Date of reporting period: 8/31/2024
Item 1. Reports to Stockholders.
| | |
| Principal Street High Income Municipal Fund | |
| Class A | GSTFX |
| Annual Shareholder Report | August 31, 2024 |
This annual shareholder report contains important information about the Principal Street High Income Municipal Fund for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/. You can also request this information by contacting us at 1-844-678-6900.
This report describes material fund changes. Please see page 2.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $117 | 1.12% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Over the period of 8/31/23 thru 8/31/24 the Municipal Bond Market continued to recover from the prior 18 months of record breaking outflows. Although the last quarter of 2023 still experienced redemptions with a trailing four week average of approximately $1Billion, the new calendar year saw increasing interest and demand for the then much higher levels of tax free yields available in the asset class. For the remaining reporting period, municipal market flows turned positive on a four week trailing period, averaging roughly $750Million each month through August 2024. This was further evidenced by the subsequent increases in bond prices as AAA yields declined 41bps-18bps-29bps-25bps (5yr-10yr-20yr-30yr) and A rated yields declined 45bps-34bps-52bps-46bps (5yr-10yr-20yr-30yr). Additionally, credit outperformed high grade paper with spreads tightened upwards of 75bps on the short end of the curve (5yr) and 65 bps on the long end (22+yr). The municipal bond market continues to provide opportunities to invest in attractive tax exempt yields, albeit at lower levels than a year ago but still quite attractive relative to the prior low rate environment experienced in the 2010s and most of the 2020s thus far.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $25,000 chart reflects a hypothetical $25,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $25,000)
| Principal Street High Income Municipal Fund | PAGE 1 | TSR-AR-56167N415 |
ANNUAL AVERAGE TOTAL RETURN (%)
| | |
| | 1 Year | Since Inception
(02/15/2022) |
Class A (without sales charge) | 8.76 | -0.89 |
Class A (with sales charge) | 6.22 | -1.77 |
Bloomberg Municipal Bond Total Return Index | 6.09 | 0.86 |
Bloomberg High Yield Muni Bond | 12.38 | 1.85 |
Visit https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of August 31, 2024)
| |
Net Assets | $335,699,775 |
Number of Holdings | 188 |
Net Advisory Fee | $1,677,052 |
Portfolio Turnover | 24% |
Average Credit Quality | BB |
Effective Duration | 7.43 years |
30-Day SEC Yield | 4.67% |
30-Day SEC Yield Unsubsidized | 4.68% |
Visit https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
Security Type Breakdown (% of net assets)
| |
Top 10 Issuers | (%) |
Public Finance Authority | 6.7% |
South Carolina Jobs-Economic Development Authority | 3.7% |
Capital Trust Agency, Inc. | 3.6% |
Children’s Trust Fund | 3.1% |
Brazoria County Industrial Development Corp. | 2.6% |
Falmouth Solid Waste Disposal Facilities Revenue | 2.5% |
Angelina & Neches River Authority | 2.5% |
Tarrant County Cultural Education Facilities Finance Corp. | 2.2% |
Atoka Industrial Development Authority | 2.0% |
Iowa Finance Authority | 2.0% |
On September 30, 2024, the High Income Fund held a special meeting of shareholders, and at such meeting, High Income Fund shareholders approve an Agreement and Plan of Reorganization whereby the High Income Fund would reorganize from Managed Portfolio Series and move into a newly created series of James Alpha Trust (the “High Income Reorganization”), to be called the Easterly ROCMuni High Income Municipal Bond Fund. The High Income Reorganization is was structured as a tax-free reorganization for federal tax purposes. The Inspector of Elections reported that of the 44,355,586 shares outstanding and available to vote as of the close of business of June 28, 2024: 22,872,045 shares were
| Principal Street High Income Municipal Fund | PAGE 2 | TSR-AR-56167N415 |
present in person or by proxy, and of those shares 21,674,206 shares or 94.76% voted in favor (representing 48.86% of total outstanding shares:, 63,077 shares or 0.28% voted against (representing 0.14% of outstanding shares, and 1,134,762 shares or 4.96% abstained or withheld from voting (representing 2.56% of total outstanding shares), which abstentions are also treated as a vote against the proposal. The High Income Reorganization commenced after the close on October 4, 2024.
The High Income Fund and Short Term Fund were deemed to be the accounting survivors for financial reporting purposes after the reorganizations. In conjunction with the reorganizations, Easterly Investment Partners LLC became the new investment adviser of each fund, replacing Principal Street Partners, LLC.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/
The Fund is distributed by Quasar Distributors, LLC.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Principal Street Partners, LLC documents not be householded, please contact Principal Street Partners, LLC at 1-844-678-6900, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Principal Street Partners, LLC or your financial intermediary.
| Principal Street High Income Municipal Fund | PAGE 3 | TSR-AR-56167N415 |
22664217582389323678240822554823183233042618990.64.61.60.82.4
| | |
| Principal Street High Income Municipal Fund | |
| Institutional Class | GSTAX |
| Annual Shareholder Report | August 31, 2024 |
This annual shareholder report contains important information about the Principal Street High Income Municipal Fund for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/. You can also request this information by contacting us at 1-844-678-6900.
This report describes material fund changes. Please see page 2.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $92 | 0.88% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Over the period of 8/31/23 thru 8/31/24 the Municipal Bond Market continued to recover from the prior 18 months of record breaking outflows. Although the last quarter of 2023 still experienced redemptions with a trailing four week average of approximately $1Billion, the new calendar year saw increasing interest and demand for the then much higher levels of tax free yields available in the asset class. For the remaining reporting period, municipal market flows turned positive on a four week trailing period, averaging roughly $750Million each month through August 2024. This was further evidenced by the subsequent increases in bond prices as AAA yields declined 41bps-18bps-29bps-25bps (5yr-10yr-20yr-30yr) and A rated yields declined 45bps-34bps-52bps-46bps (5yr-10yr-20yr-30yr). Additionally, credit outperformed high grade paper with spreads tightened upwards of 75bps on the short end of the curve (5yr) and 65 bps on the long end (22+yr). The municipal bond market continues to provide opportunities to invest in attractive tax exempt yields, albeit at lower levels than a year ago but still quite attractive relative to the prior low rate environment experienced in the 2010s and most of the 2020s thus far.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $25,000 chart reflects a hypothetical $25,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $25,000)
| Principal Street High Income Municipal Fund | PAGE 1 | TSR-AR-56167N670 |
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | Since Inception
(09/15/2017) |
Institutional (without sales charge) | 7.94 | -1.08 | 1.74 |
Bloomberg Municipal Bond Total Return Index | 6.09 | 1.02 | 2.03 |
Bloomberg High Yield Muni Bond | 12.38 | 2.85 | 4.34 |
Visit https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of August 31, 2024)
| |
Net Assets | $335,699,775 |
Number of Holdings | 188 |
Net Advisory Fee | $1,677,052 |
Portfolio Turnover | 24% |
Average Credit Quality | BB |
Effective Duration | 7.43 years |
30-Day SEC Yield | 5.03% |
30-Day SEC Yield Unsubsidized | 5.04% |
Visit https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
Security Type Breakdown (% of net assets)
| |
Top 10 Issuers | (%) |
Public Finance Authority | 6.7% |
South Carolina Jobs-Economic Development Authority | 3.7% |
Capital Trust Agency, Inc. | 3.6% |
Children’s Trust Fund | 3.1% |
Brazoria County Industrial Development Corp. | 2.6% |
Falmouth Solid Waste Disposal Facilities Revenue | 2.5% |
Angelina & Neches River Authority | 2.5% |
Tarrant County Cultural Education Facilities Finance Corp. | 2.2% |
Atoka Industrial Development Authority | 2.0% |
Iowa Finance Authority | 2.0% |
On September 30, 2024, the High Income Fund held a special meeting of shareholders, and at such meeting, High Income Fund shareholders approve an Agreement and Plan of Reorganization whereby the High Income Fund would reorganize from Managed Portfolio Series and move into a newly created series of James Alpha Trust (the “High Income Reorganization”), to be called the Easterly ROCMuni High Income Municipal Bond Fund. The High Income Reorganization is was structured as a tax-free reorganization for federal tax purposes. The Inspector of Elections reported that of the 44,355,586 shares outstanding and available to vote as of the close of business of June 28, 2024: 22,872,045 shares were present in person or by proxy, and of those shares 21,674,206 shares or 94.76% voted in favor (representing 48.86% of
| Principal Street High Income Municipal Fund | PAGE 2 | TSR-AR-56167N670 |
total outstanding shares:, 63,077 shares or 0.28% voted against (representing 0.14% of outstanding shares, and 1,134,762 shares or 4.96% abstained or withheld from voting (representing 2.56% of total outstanding shares), which abstentions are also treated as a vote against the proposal. The High Income Reorganization commenced after the close on October 4, 2024.
The High Income Fund and Short Term Fund were deemed to be the accounting survivors for financial reporting purposes after the reorganizations. In conjunction with the reorganizations, Easterly Investment Partners LLC became the new investment adviser of each fund, replacing Principal Street Partners, LLC.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/
The Fund is distributed by Quasar Distributors, LLC.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Principal Street Partners, LLC documents not be householded, please contact Principal Street Partners, LLC at 1-844-678-6900, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Principal Street Partners, LLC or your financial intermediary.
| Principal Street High Income Municipal Fund | PAGE 3 | TSR-AR-56167N670 |
27375297772775329864269152612328275251302732128205291632664527099287492659529203294843307329745299013360290.64.61.60.82.4
| | |
| Principal Street High Income Municipal Fund | |
| Investor Class | GSTEX |
| Annual Shareholder Report | August 31, 2024 |
This annual shareholder report contains important information about the Principal Street High Income Municipal Fund for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/. You can also request this information by contacting us at 1-844-678-6900.
This report describes material fund changes. Please see page 2.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $143 | 1.38% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Over the period of 8/31/23 thru 8/31/24 the Municipal Bond Market continued to recover from the prior 18 months of record breaking outflows. Although the last quarter of 2023 still experienced redemptions with a trailing four week average of approximately $1Billion, the new calendar year saw increasing interest and demand for the then much higher levels of tax free yields available in the asset class. For the remaining reporting period, municipal market flows turned positive on a four week trailing period, averaging roughly $750Million each month through August 2024. This was further evidenced by the subsequent increases in bond prices as AAA yields declined 41bps-18bps-29bps-25bps (5yr-10yr-20yr-30yr) and A rated yields declined 45bps-34bps-52bps-46bps (5yr-10yr-20yr-30yr). Additionally, credit outperformed high grade paper with spreads tightened upwards of 75bps on the short end of the curve (5yr) and 65 bps on the long end (22+yr). The municipal bond market continues to provide opportunities to invest in attractive tax exempt yields, albeit at lower levels than a year ago but still quite attractive relative to the prior low rate environment experienced in the 2010s and most of the 2020s thus far.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $25,000 chart reflects a hypothetical $25,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $25,000)
| Principal Street High Income Municipal Fund | PAGE 1 | TSR-AR-56167N662 |
ANNUAL AVERAGE TOTAL RETURN (%)
| | |
| | 1 Year | Since Inception
(03/23/2020) |
Investor Class (without sales charge) | 7.66 | 1.69 |
Bloomberg Municipal Bond Total Return Index | 6.09 | 2.99 |
Bloomberg High Yield Muni Bond | 12.38 | 6.99 |
Visit https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of August 31, 2024)
| |
Net Assets | $335,699,775 |
Number of Holdings | 188 |
Net Advisory Fee | $1,677,052 |
Portfolio Turnover | 24% |
Average Credit Quality | BB |
Effective Duration | 7.43 years |
30-Day SEC Yield | 4.53% |
30-Day SEC Yield Unsubsidized | 4.54% |
Visit https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
Security Type Breakdown (% of net assets)
| |
Top 10 Issuers | (%) |
Public Finance Authority | 6.7% |
South Carolina Jobs-Economic Development Authority | 3.7% |
Capital Trust Agency, Inc. | 3.6% |
Children’s Trust Fund | 3.1% |
Brazoria County Industrial Development Corp. | 2.6% |
Falmouth Solid Waste Disposal Facilities Revenue | 2.5% |
Angelina & Neches River Authority | 2.5% |
Tarrant County Cultural Education Facilities Finance Corp. | 2.2% |
Atoka Industrial Development Authority | 2.0% |
Iowa Finance Authority | 2.0% |
On September 30, 2024, the High Income Fund held a special meeting of shareholders, and at such meeting, High Income Fund shareholders approve an Agreement and Plan of Reorganization whereby the High Income Fund would reorganize from Managed Portfolio Series and move into a newly created series of James Alpha Trust (the “High Income Reorganization”), to be called the Easterly ROCMuni High Income Municipal Bond Fund. The High Income Reorganization is was structured as a tax-free reorganization for federal tax purposes. The Inspector of Elections reported that of the 44,355,586 shares outstanding and available to vote as of the close of business of June 28, 2024: 22,872,045 shares were present in person or by proxy, and of those shares 21,674,206 shares or 94.76% voted in favor (representing 48.86% of
| Principal Street High Income Municipal Fund | PAGE 2 | TSR-AR-56167N662 |
total outstanding shares:, 63,077 shares or 0.28% voted against (representing 0.14% of outstanding shares, and 1,134,762 shares or 4.96% abstained or withheld from voting (representing 2.56% of total outstanding shares), which abstentions are also treated as a vote against the proposal. The High Income Reorganization commenced after the close on October 4, 2024.
The High Income Fund and Short Term Fund were deemed to be the accounting survivors for financial reporting purposes after the reorganizations. In conjunction with the reorganizations, Easterly Investment Partners LLC became the new investment adviser of each fund, replacing Principal Street Partners, LLC.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funds.easterlyam.com/rocmuni-high-income-municipal-bond-fund/
The Fund is distributed by Quasar Distributors, LLC.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Principal Street Partners, LLC documents not be householded, please contact Principal Street Partners, LLC at 1-844-678-6900, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Principal Street Partners, LLC or your financial intermediary.
| Principal Street High Income Municipal Fund | PAGE 3 | TSR-AR-56167N662 |
27110289902601125022269372795828908264122686228498296113321629874300303374790.64.61.60.82.4
| | |
| Principal Street Short Term Municipal Fund | |
| Institutional Class | PSTYX |
| Annual Shareholder Report | August 31, 2024 |
This annual shareholder report contains important information about the Principal Street Short Term Municipal Fund for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://funds.easterlyam.com/rocmuni-short-term-municipal-bond-fund/. You can also request this information by contacting us at 1-844-678-6900.
This report describes material fund changes. Please see page 2.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $74 | 0.72% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Over the period of 8/31/23 thru 8/31/24 the Municipal Bond Market continued to recover from the prior 18 months of record breaking outflows. Although the last quarter of 2023 still experienced redemptions with a trailing four week average of approximately $1Billion, the new calendar year saw increasing interest and demand for the then much higher levels of tax free yields available in the asset class. For the remaining reporting period, municipal market flows turned positive on a four week trailing period, averaging roughly $750Million each month through August 2024. This was further evidenced by the subsequent increases in bond prices as AAA yields declined 41bps-18bps-29bps-25bps (5yr-10yr-20yr-30yr) and A rated yields declined 45bps-34bps-52bps-46bps (5yr-10yr-20yr-30yr). Additionally, credit outperformed high grade paper with spreads tightened upwards of 75bps on the short end of the curve (5yr) and 65 bps on the long end (22+yr). The municipal bond market continues to provide opportunities to invest in attractive tax exempt yields, albeit at lower levels than a year ago but still quite attractive relative to the prior low rate environment experienced in the 2010s and most of the 2020s thus far.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $25,000 chart reflects a hypothetical $25,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $25,000)
| Principal Street Short Term Municipal Fund | PAGE 1 | TSR-AR-56167N340 |
ANNUAL AVERAGE TOTAL RETURN (%)
| | |
| | 1 Year | Since Inception
(04/27/2022) |
Institutional (without sales charge) | 4.82 | 3.49 |
Bloomberg Municipal Bond Total Return Index | 6.09 | 3.30 |
Bloomberg 3 Year Municipal Bond Index (2-4) | 4.57 | 2.77 |
Visit https://funds.easterlyam.com/rocmuni-short-term-municipal-bond-fund/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of August 31, 2024)
| |
Net Assets | $56,125,246 |
Number of Holdings | 118 |
Net Advisory Fee | $34,445 |
Portfolio Turnover | 67% |
Average Credit Quality | AA- |
Effective Duration | 1.06 years |
30-Day SEC Yield | 2.79% |
30-Day SEC Yield Unsubsidized | 2.51% |
Visit https://funds.easterlyam.com/rocmuni-short-term-municipal-bond-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
Security Type Breakdown (% of net assets)
| |
Top 10 Issuers | (%) |
State of Illinois | 3.7% |
Public Finance Authority | 3.6% |
Sweetwater Union High School District Public Financing Authority | 3.6% |
Skagit County Public Hospital District No. 2 | 3.6% |
Chicago O’Hare International Airport | 2.9% |
Riverside Regional Jail Authority | 2.8% |
Tennessee Energy Acquisition Corp. | 2.7% |
Monarch-Chesterfield Levee District | 2.7% |
County of Miami-Dade Aviation Revenue | 2.6% |
Industrial Development Authority of Pima County | 2.5% |
On September 30, 2024, the Short Term Fund held a special meeting of shareholders, and at such meeting, Short Term Fund shareholders approve an Agreement and Plan of Reorganization whereby the Short Term Fund would reorganize from Managed Portfolio Series and move into a newly created series of James Alpha Trust (the “Short Term Reorganization”), to be called the Easterly ROCMuni Short Term Municipal Bond Fund. The Short Term Reorganization is was structured as a tax-free reorganization for federal tax purposes. The Inspector of Elections reported that of the 12,457,941 shares outstanding and available to vote as of the close of business of June 28, 2024: 6,578,880 shares were
| Principal Street Short Term Municipal Fund | PAGE 2 | TSR-AR-56167N340 |
present in person or by proxy, and of those shares 6,484,541 shares or 98.57% voted in favor (representing 52.05% of total outstanding shares:, 0 shares or 0.00% voted against (representing 0.00% of outstanding shares, and 94,339 shares or 1.43% abstained or withheld from voting (representing 0.76% of total outstanding shares), which abstentions are also treated as a vote against the proposal. The Short Term Reorganization commenced after the close on October 4, 2024.
The High Income Fund and Short Term Fund were deemed to be the accounting survivors for financial reporting purposes after the reorganizations. In conjunction with the reorganizations, Easterly Investment Partners LLC became the new investment adviser of each fund, replacing Principal Street Partners, LLC.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funds.easterlyam.com/rocmuni-short-term-municipal-bond-fund/
The Fund is distributed by Quasar Distributors, LLC.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Principal Street Partners, LLC documents not be householded, please contact Principal Street Partners, LLC at 1-844-678-6900, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Principal Street Partners, LLC or your financial intermediary.
| Principal Street Short Term Municipal Fund | PAGE 3 | TSR-AR-56167N340 |
25255258502709725005254312697925206254892665393.95.60.5
| | |
| Principal Street Short Term Municipal Fund | |
| Investor Class | PSTEX |
| Annual Shareholder Report | August 31, 2024 |
This annual shareholder report contains important information about the Principal Street Short Term Municipal Fund for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://funds.easterlyam.com/rocmuni-short-term-municipal-bond-fund/. You can also request this information by contacting us at 1-844-678-6900.
This report describes material fund changes. Please see page 2.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Class | $99 | 0.97% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Over the period of 8/31/23 thru 8/31/24 the Municipal Bond Market continued to recover from the prior 18 months of record breaking outflows. Although the last quarter of 2023 still experienced redemptions with a trailing four week average of approximately $1Billion, the new calendar year saw increasing interest and demand for the then much higher levels of tax free yields available in the asset class. For the remaining reporting period, municipal market flows turned positive on a four week trailing period, averaging roughly $750Million each month through August 2024. This was further evidenced by the subsequent increases in bond prices as AAA yields declined 41bps-18bps-29bps-25bps (5yr-10yr-20yr-30yr) and A rated yields declined 45bps-34bps-52bps-46bps (5yr-10yr-20yr-30yr). Additionally, credit outperformed high grade paper with spreads tightened upwards of 75bps on the short end of the curve (5yr) and 65 bps on the long end (22+yr). The municipal bond market continues to provide opportunities to invest in attractive tax exempt yields, albeit at lower levels than a year ago but still quite attractive relative to the prior low rate environment experienced in the 2010s and most of the 2020s thus far.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $25,000 chart reflects a hypothetical $25,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $25,000)
| Principal Street Short Term Municipal Fund | PAGE 1 | TSR-AR-56167N357 |
ANNUAL AVERAGE TOTAL RETURN (%)
| | |
| | 1 Year | Since Inception
(04/27/2022) |
Investor Class (without sales charge) | 4.57 | 3.14 |
Bloomberg Municipal Bond Total Return Index | 6.09 | 3.30 |
Bloomberg 3 Year Municipal Bond Index (2-4) | 4.57 | 2.77 |
Visit https://funds.easterlyam.com/rocmuni-short-term-municipal-bond-fund/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of August 31, 2024)
| |
Net Assets | $56,125,246 |
Number of Holdings | 118 |
Net Advisory Fee | $34,445 |
Portfolio Turnover | 67% |
Average Credit Quality | AA- |
Effective Duration | 1.06 years |
30-Day SEC Yield | 2.61% |
30-Day SEC Yield Unsubsidized | 2.35% |
Visit https://funds.easterlyam.com/rocmuni-short-term-municipal-bond-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
Security Type Breakdown (% of net assets)
| |
Top 10 Issuers | (%) |
State of Illinois | 3.7% |
Public Finance Authority | 3.6% |
Sweetwater Union High School District Public Financing Authority | 3.6% |
Skagit County Public Hospital District No. 2 | 3.6% |
Chicago O’Hare International Airport | 2.9% |
Riverside Regional Jail Authority | 2.8% |
Tennessee Energy Acquisition Corp. | 2.7% |
Monarch-Chesterfield Levee District | 2.7% |
County of Miami-Dade Aviation Revenue | 2.6% |
Industrial Development Authority of Pima County | 2.5% |
On September 30, 2024, the Short Term Fund held a special meeting of shareholders, and at such meeting, Short Term Fund shareholders approve an Agreement and Plan of Reorganization whereby the Short Term Fund would reorganize from Managed Portfolio Series and move into a newly created series of James Alpha Trust (the “Short Term Reorganization”), to be called the Easterly ROCMuni Short Term Municipal Bond Fund. The Short Term Reorganization is was structured as a tax-free reorganization for federal tax purposes. The Inspector of Elections reported that of the 12,457,941 shares outstanding and available to vote as of the close of business of June 28, 2024: 6,578,880 shares were
| Principal Street Short Term Municipal Fund | PAGE 2 | TSR-AR-56167N357 |
present in person or by proxy, and of those shares 6,484,541 shares or 98.57% voted in favor (representing 52.05% of total outstanding shares:, 0 shares or 0.00% voted against (representing 0.00% of outstanding shares, and 94,339 shares or 1.43% abstained or withheld from voting (representing 0.76% of total outstanding shares), which abstentions are also treated as a vote against the proposal. The Short Term Reorganization commenced after the close on October 4, 2024.
The High Income Fund and Short Term Fund were deemed to be the accounting survivors for financial reporting purposes after the reorganizations. In conjunction with the reorganizations, Easterly Investment Partners LLC became the new investment adviser of each fund, replacing Principal Street Partners, LLC.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funds.easterlyam.com/rocmuni-short-term-municipal-bond-fund/
The Fund is distributed by Quasar Distributors, LLC.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Principal Street Partners, LLC documents not be householded, please contact Principal Street Partners, LLC at 1-844-678-6900, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Principal Street Partners, LLC or your financial intermediary.
| Principal Street Short Term Municipal Fund | PAGE 3 | TSR-AR-56167N357 |
25235257052687925005254312697925206254892665393.95.60.5
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Leonard M. Rush is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other Services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
| | FYE 8/31/2024 | FYE 8/31/2023 |
| (a) Audit Fees | $235,000 | $139,870 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $8,000 | $8,000 |
| (d) All Other Fees | $0 | $0 |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Cohen & Company applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| | FYE 8/31/2024 | FYE 8/31/2023 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
(f) Not applicable
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
| Non-Audit Related Fees | FYE 8/31/2024 | FYE 8/31/2023 |
| Registrant | $0 | $0 |
| Registrant’s Investment Adviser | $0 | $0 |
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
(i) Not applicable
(j) Not applicable
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. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
TABLE OF CONTENTS
PRINCIPAL STREET FUNDS
Principal Street High Income Municipal Fund
Principal Street Short Term Municipal Fund
Core Financial Statements
August 31, 2024
TABLE OF CONTENTS
TABLE OF CONTENTS
| | | | |
Schedule of Investments
| | | |
| | | |
| | | |
| | | |
| | | |
Statement of Changes in Net Assets
| | | |
| | | |
| | | |
| | | |
Financial Highlights
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | | |
TABLE OF CONTENTS
Principal Street High Income Municipal Fund
Schedule of Investments
August 31, 2024
| | | | | | | |
MUNICIPAL BONDS - 90.6%
| | | | | | |
Arizona - 3.7%
| | | | | | |
Arizona Industrial Development Authority
| | | | | | |
6.00%, 07/01/2049 (Obligor: Empower College Prep)(a) | | | $1,000,000 | | | $1,016,202 |
Series A, 7.75%, 07/01/2050 (Obligor: Legacy Cares, Inc,)(a)(b) | | | 1,600,000 | | | 64,000 |
Series A, 6.00%, 07/01/2051 (Obligor: Legacy Cares, Inc.)(a)(b) | | | 540,000 | | | 21,600 |
Series C, 6.75%, 07/01/2030 (Obligor: Legacy Cares, Inc.)(a)(b) | | | 2,000,000 | | | 80,000 |
La Paz County Industrial Development Authority,
7.00%, 12/01/2040 (Obligor: Imperial Valley Gateway
Center) | | | 1,535,000 | | | 900,023 |
Maricopa County Industrial Development Authority
| | | | | | |
6.00%, 01/01/2048 (Obligor: Christian Care Surprise)(a) | | | 1,595,000 | | | 1,236,568 |
7.38%, 07/01/2063 (Obligor: Prescott Valley Charter School)(a) | | | 3,000,000 | | | 3,027,583 |
Pima County Industrial Development Authority, 6.63%, 05/15/2031 (Obligor: La Posada Park
Centre)(a) | | | 2,000,000 | | | 2,033,005 |
Sierra Vista Industrial Development Authority
| | | | | | |
Series A, 0.00%, 10/01/2056 (Obligor: Georgetown Community Development Authority)(a)(e) | | | 2,200,000 | | | 1,802,476 |
Series A, 0.00%, 10/01/2056 (Obligor: Georgetown Community Development Authority)(a)(e) | | | 1,000,000 | | | 972,575 |
Series B, 6.25%, 10/01/2036 (Obligor: Georgetown Community Development Authority)(a) | | | 1,500,000 | | | 1,282,064 |
| | | | | | 12,436,096 |
Arkansas - 0.4%
| | | | | | |
Clarksville Public Educational Facilities Board, 6.25%, 08/01/2056 (Obligor: University of The Ozarks) | | | 1,300,000 | | | 1,342,538 |
California - 0.7%
| | | | | | |
California Municipal Finance Authority
| | | | | | |
6.20%, 06/15/2054 (Obligor: Westside Neighborhood
Sch)(a) | | | 1,030,000 | | | 1,110,677 |
| | | | | | | |
| | | | | | | |
6.38%, 06/15/2064 (Obligor: Westside Neighborhood
Sch)(a) | | | $1,060,000 | | | $1,148,464 |
California Pollution Control Financing Authority
| | | | | | |
7.00%, 07/01/2025 (Obligor: CalPlant I)(a)(b)(c) | | | 1,000,000 | | | 13,500 |
7.50%, 07/01/2032 (Obligor: CalPlant I)(a)(b)(c) | | | 5,065,000 | | | 68,377 |
8.00%, 07/01/2039 (Obligor: CalPlant I)(a)(b)(c) | | | 3,845,000 | | | 51,908 |
7.50%, 12/01/2039 (Obligor: CalPlant I)(a)(b)(c) | | | 2,500,000 | | | 250 |
| | | | | | 2,393,176 |
Colorado - 7.3%
| | | | | | |
Aurora Highlands Community Authority Board,
5.75%, 12/01/2051 | | | 4,000,000 | | | 3,785,514 |
Banning Lewis Ranch Metropolitan District No. 8,
4.88%, 12/01/2051(a) | | | 2,500,000 | | | 2,049,626 |
Canyon Pines Metropolitan District, Series A-1, 5.25%, 12/01/2051 | | | 2,000,000 | | | 1,848,463 |
Cascade Ridge Metropolitan District, 5.00%, 12/01/2051 | | | 1,000,000 | | | 895,433 |
Cottonwood Hollow Residential Metropolitan District,
5.00%, 12/01/2051 | | | 750,000 | | | 657,712 |
Four Corners Business Improvement District, 6.00%, 12/01/2052 | | | 1,000,000 | | | 1,026,832 |
Grandview Reserve Metropolitan District No. 3
| | | | | | |
Series A, 6.25%, 12/01/2052 | | | 1,500,000 | | | 1,492,156 |
Series B, 9.00%, 12/15/2052 | | | 1,000,000 | | | 1,003,138 |
Hess Ranch Metropolitan District No. 5
| | | | | | |
6.00%, 12/01/2043 | | | 1,000,000 | | | 1,030,407 |
6.50%, 12/01/2043 | | | 1,000,000 | | | 1,041,742 |
Ledge Rock Center Commercial Metropolitan District
| | | | | | |
Series A, 7.00%, 11/01/2052(a) | | | 1,000,000 | | | 1,010,351 |
Series A, 7.38%, 11/01/2052(a) | | | 1,000,000 | | | 1,023,050 |
Legato Community Authority, Series B, 8.25%, 12/15/2051 | | | 2,000,000 | | | 1,878,466 |
Peak Metropolitan District No. 3, Series A-1, 7.50%, 12/01/2052 | | | 1,500,000 | | | 1,529,684 |
Riverpark Metropolitan District/Arapahoe County,
6.38%, 12/01/2054 | | | 1,150,000 | | | 1,186,404 |
Sterling Ranch Community Authority Board
| | | | | | |
6.50%, 12/01/2054 | | | 1,000,000 | | | 1,046,039 |
8.75%, 12/15/2054 | | | 1,000,000 | | | 1,021,327 |
Waters’ Edge Metropolitan District No. 2, 5.00%, 12/01/2051 | | | 1,000,000 | | | 927,548 |
| | | | | | 24,453,892 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Principal Street High Income Municipal Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Connecticut - 0.5%
| | | | | | |
Connecticut Housing Finance Authority, 4.60%, 11/15/2049 | | | $1,500,000 | | | $1,519,064 |
Delaware - 1.1%
| | | | | | |
Delaware State Housing Authority, 4.60%, 07/01/2049 | | | 1,000,000 | | | 1,002,114 |
Town of Milton
| | | | | | |
5.70%, 09/01/2044(a) | | | 1,000,000 | | | 1,035,718 |
5.95%, 09/01/2053(a) | | | 1,500,000 | | | 1,553,268 |
| | | | | | 3,591,100 |
Florida - 6.1%
| | | | | | |
Capital Projects Finance Authority/FL
| | | | | | |
6.13%, 06/15/2044 (Obligor: Kissimmee Charter School)(a) | | | 400,000 | | | 412,724 |
6.50%, 06/15/2054 (Obligor: Kissimmee Charter School)(a) | | | 275,000 | | | 283,800 |
6.63%, 06/15/2059 (Obligor: Kissimmee Charter School)(a) | | | 445,000 | | | 459,158 |
Capital Trust Agency, Inc.
| | | | | | |
10.00%, 07/01/2025 (Obligor: Voans SW Florida Healthcare)(a) | | | 8,700,000 | | | 8,265,000 |
Series A, 6.50%, 10/01/2032 (Obligor: Tuscan Gardens of Palm Coast Obligated Group)(a)(b) | | | 1,090,000 | | | 545,000 |
Series A, 6.75%, 10/01/2037 (Obligor: Tuscan Gardens of Palm Coast Obligated Group)(a)(b) | | | 1,290,000 | | | 645,000 |
Series A, 7.00%, 10/01/2040 (Obligor: Tuscan Gardens of Palm Coast Obligated Group)(a)(b) | | | 1,525,000 | | | 762,500 |
Series A, 7.00%, 12/01/2045 (Obligor: Tallahassee
NHHI)(a)(b) | | | 150,000 | | | 48,000 |
Series A, 7.00%, 10/01/2049 (Obligor: Tuscan Gardens of Palm Coast Obligated Group)(a)(b) | | | 1,700,000 | | | 850,000 |
Series A, 7.13%, 12/01/2050 (Obligor: Tallahassee
NHHI)(a)(b) | | | 2,000,000 | | | 640,000 |
Series A, 7.00%, 07/01/2052 (Obligor: Tapestry Senior Housing Walden)(a)(b) | | | 2,200,000 | | | 220,000 |
Greater Orlando Aviation Authority, 5.00%, 10/01/2054(c) | | | 1,500,000 | | | 1,537,551 |
Lake Country, Series A1,
7.13%, 01/01/2052 (Obligor: Village Veranda at Lady Lake Obligated Group)(a) | | | 5,800,000 | | | 4,350,000 |
| | | | | | | |
| | | | | | | |
Palm Beach County Health Facilities Authority, 7.63%, 05/15/2058 (Obligor: Lifespace
Communities) | | | $500,000 | | | $567,623 |
William G King,
12.00%, 10/01/2024(d) | | | 780,377 | | | 780,377 |
| | | | | | 20,366,733 |
Georgia - 1.0%
| | | | | | |
Atlanta Development Authority
| | | | | | |
5.50%, 04/01/2039 | | | 1,000,000 | | | 1,021,146 |
0.00%, 12/15/2048 | | | 1,000,000 | | | 811,110 |
South Regional Joint Development Authority, 5.25%, 08/01/2025 (Obligor: VSU Auxiliary Services Real Estate) | | | 1,620,000 | | | 1,632,770 |
| | | | | | 3,465,026 |
Idaho - 0.6%
| | | | | | |
Spring Valley Community Infrastructure District No 1,
6.25%, 09/01/2053(a) | | | 2,000,000 | | | 2,122,133 |
Illinois - 1.7%
| | | | | | |
Illinois Finance Authority
| | | | | | |
Series A, 6.50%, 05/15/2047 (Obligor: Plymouth Place) | | | 1,000,000 | | | 1,074,301 |
Series A, 6.13%, 04/01/2049 (Obligor: Roosevelt University)(a) | | | 2,500,000 | | | 2,510,218 |
Series A, 5.00%, 07/01/2051 (Obligor: Aim Art in
Motion)(a) | | | 3,000,000 | | | 2,292,623 |
| | | | | | 5,877,142 |
Indiana - 3.5%
| | | | | | |
Anderson Industrial Economic Development Revenue,
6.00%, 10/01/2042 (Obligor: Anderson University, Inc.) | | | 1,500,000 | | | 1,325,007 |
Evansville Manufacturing Housing Revenue, 5.45%, 01/01/2038 (Obligor: Evansville RCF LP) | | | 1,500,000 | | | 1,413,089 |
Goshen Manufacturing Housing Revenue, Series A, 5.00%, 08/01/2041 (Obligor: Green Oaks of Goshen, LLC)(a) | | | 1,500,000 | | | 1,279,337 |
Indiana Finance Authority
| | | | | | |
7.00%, 03/01/2039 (Obligor: Brightmark Plastics Renewal)(a)(c) | | | 5,960,000 | | | 3,497,853 |
4.25%, 03/01/2049 (Obligor: Hendricks County Hospital) | | | 750,000 | | | 732,812 |
Indiana Housing & Community Development Authority,
6.75%, 01/01/2043 (Obligor: Vita of New Whiteland, LLC) | | | 500,000 | | | 510,133 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Principal Street High Income Municipal Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Indiana - (Continued)
|
Valparaiso Manufactured Housing Revenue, 5.38%, 12/01/2041 (Obligor: Green Oaks of Valparaiso)(a) | | | $3,500,000 | | | $2,871,413 |
| | | | | | 11,629,644 |
Iowa - 2.0%
| | | | | | |
Iowa Finance Authority
| | | | | | |
4.65%, 07/01/2049 | | | 3,000,000 | | | 3,017,493 |
5.00%, 09/01/2051 (Obligor: Sunrise Manor) | | | 1,000,000 | | | 785,992 |
5.00%, 12/01/2051 (Obligor: Riserville Holdings)(a)(c) | | | 3,495,000 | | | 2,886,944 |
| | | | | | 6,690,429 |
Kentucky - 3.0%
| | | | | | |
Falmouth Solid Waste Disposal Facilities Revenue,
8.50%, 06/01/2040 (Obligor:
Texas Bluegrass Biofuels,
LLC)(a) | | | 8,875,000 | | | 8,560,826 |
Kentucky Housing Corp.
| | | | | | |
4.60%, 07/01/2049 | | | 1,000,000 | | | 1,002,233 |
4.65%, 01/01/2055 | | | 500,000 | | | 497,307 |
| | | | | | 10,060,366 |
Louisiana - 0.7%
| | | | | | |
Louisiana Public Facilities Authority
| | | | | | |
Series A, 6.00%, 06/01/2037 (Obligor: Jefferson Rise Charter School)(a) | | | 480,000 | | | 483,117 |
Series A, 6.25%, 06/01/2052 (Obligor: Jefferson Rise Charter School)(a) | | | 1,000,000 | | | 1,008,625 |
Series A, 6.38%, 06/01/2052 (Obligor: Grambling High Foundation)(a) | | | 770,000 | | | 775,979 |
| | | | | | 2,267,721 |
Maine - 0.9%
| | | | | | |
Maine Finance Authority,
8.00%, 12/01/2051 (Obligor: Go Lab Madison, LLC)(a)(c) | | | 5,500,000 | | | 3,022,678 |
Massachusetts - 0.3%
| | | | | | |
Massachusetts Development Finance Agency, 5.00%, 07/01/2051 (Obligor: Ascentria Care Alliance)(a) | | | 1,250,000 | | | 1,075,321 |
Michigan - 0.5%
| | | | | | |
Michigan Finance Authority, 5.00%, 05/01/2046 (Obligor: Aquinas College) | | | 1,000,000 | | | 815,887 |
Michigan Tobacco Settlement Finance Authority, 0.00%, 06/01/2058(e) | | | 25,000,000 | | | 779,440 |
| | | | | | 1,595,327 |
| | | | | | | |
| | | | | | | |
Minnesota - 0.4%
| | | | | | |
City of Minneapolis, 5.00%, 07/01/2055 (Obligor: Northeast College Prep) | | | $1,405,000 | | | $1,167,680 |
Mississippi - 1.4%
| | | | | | |
Mississippi Development Bank, 3.63%, 11/01/2036(a) | | | 1,000,000 | | | 958,535 |
Tunica County, 6.00%, 10/01/2040 | | | 3,850,000 | | | 3,543,941 |
| | | | | | 4,502,476 |
Missouri - 0.6%
| | | | | | |
Missouri Housing Development Commission, 4.70%, 11/01/2054 | | | 1,385,000 | | | 1,389,510 |
Parkville Industrial Development Authority, 3.20%, 02/01/2030 (Obligor: Park University) | | | 625,000 | | | 549,893 |
| | | | | | 1,939,403 |
Nebraska - 0.9%
| | | | | | |
Nebraska Investment Finance Authority, 4.80%, 09/01/2054 | | | 3,000,000 | | | 3,027,698 |
New Hampshire - 0.9%
| | | | | | |
New Hampshire Business Finance Authority
| | | | | | |
5.25%, 12/01/2035(a) | | | 1,500,000 | | | 1,500,701 |
5.00%, 07/01/2056 (Obligor: Ascentria Care Alliance)(a) | | | 2,000,000 | | | 1,682,672 |
| | | | | | 3,183,373 |
New Jersey - 0.6%
| | | | | | |
New Jersey Economic Development Authority, 7.00%, 09/01/2047 (Obligor: Kintock Obligated Group)(a) | | | 395,000 | | | 405,136 |
New Jersey Housing & Mortgage Finance Agency, 5.00%, 01/20/2066 (Obligor: Forest Hill House) | | | 1,500,000 | | | 1,541,554 |
| | | | | | 1,946,690 |
New York - 4.0%
| | | | | | |
Build NYC Resource Corp.,
Series A- 1, 7.63%, 02/01/2053 (Obligor: Voices of Community Activists) | | | 1,815,000 | | | 1,868,621 |
Erie Tobacco Asset Securitization Corp.
| | | | | | |
0.00%, 06/01/2055(b)(e) | | | 6,000,000 | | | 492,382 |
0.00%, 06/01/2060(a)(b)(e) | | | 115,000,000 | | | 5,579,282 |
New York Counties Tobacco Trust IV, Series F, 0.00%, 06/01/2060(b)(e) | | | 50,000,000 | | | 3,199,885 |
New York Transportation Development Corp., 6.00%, 06/30/2054 (Obligor: JFK NTO LLC)(c) | | | 1,000,000 | | | 1,093,188 |
Ulster County Capital Resource Corp.
| | | | | | |
5.25%, 09/15/2047 (Obligor: Woodland Pond) | | | 550,000 | | | 463,840 |
5.25%, 09/15/2053 (Obligor: Woodland Pond) | | | 920,000 | | | 748,260 |
| | | | | | 13,445,458 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Principal Street High Income Municipal Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Ohio - 1.3%
| | | | | | |
Ohio Housing Finance Agency, 4.70%, 09/01/2054 | | | $1,500,000 | | | $1,507,314 |
Southern Ohio Port Authority, Series A, 7.00%, 12/01/2042 (Obligor: PureCycle Ohio)(a)(c) | | | 2,600,000 | | | 2,730,000 |
| | | | | | 4,237,314 |
Oklahoma - 2.8%
| | | | | | |
Atoka Industrial Development Authority
| | | | | | |
8.00%, 08/01/2039 (Obligor: Gladieux Metals Recycling)(a)(c) | | | 6,900,000 | | | 6,210,000 |
Series A, 8.00%, 08/01/2039 (Obligor: Gladieux Metals Recycling)(a) | | | 750,000 | | | 675,000 |
Oklahoma County Finance Authority
| | | | | | |
6.25%, 06/15/2054(a) | | | 1,000,000 | | | 1,026,107 |
6.50%, 06/15/2064(a) | | | 1,500,000 | | | 1,554,189 |
| | | | | | 9,465,296 |
Oregon - 0.5%
| | | | | | |
Oregon State Facilities Authority, 7.00%, 12/15/2060 (Obligor: Portland Vlg School)(a) | | | 1,500,000 | | | 1,528,384 |
Pennsylvania - 3.2%
| | | | | | |
Bethlehem Redevelopment Authority, 5.50%, 10/01/2054 (Obligor: Moravian University Group) | | | 350,000 | | | 369,649 |
Cheltenham Township Industrial Development Authority
| | | | | | |
5.00%, 04/01/2044 (Obligor: Arcadia University) | | | 535,000 | | | 538,368 |
5.75%, 04/01/2054 (Obligor: Arcadia University) | | | 330,000 | | | 337,219 |
Pennsylvania Economic Development Financing Authority
| | | | | | |
Series A, 6.50%, 12/01/2038 (Obligor: Tapestry Moon)(a)(b) | | | 2,950,000 | | | 1,124,688 |
Series A, 9.00%, 04/01/2051 (Obligor: Consol
Energy)(a)(c)(f) | | | 4,000,000 | | | 4,398,958 |
Series A, 6.75%, 12/01/2053 (Obligor: Tapestry Moon)(a)(b) | | | 2,650,000 | | | 1,010,313 |
Philadelphia Authority for Industrial Development, 6.25%, 05/01/2042 (Obligor: Lasalle University)(a) | | | 3,000,000 | | | 2,873,045 |
| | | | | | 10,652,240 |
Puerto Rico - 3.1%
| | | | | | |
Children’s Trust Fund
| | | | | | |
0.00%, 05/15/2057 (b)(e) | | | 42,000,000 | | | 2,890,818 |
Series B, 0.00%, 05/15/2057(b)(e) | | | 120,000,000 | | | 7,455,840 |
| | | | | | 10,346,658 |
| | | | | | | |
| | | | | | | |
South Carolina - 3.8%
| | | | | | |
City of Hardeeville, 4.00%, 05/01/2052(a) | | | $500,000 | | | $367,014 |
South Carolina Jobs-Economic Development Authority
| | | | | | |
4.00%, 11/15/2027 (Obligor: Upstate Senior Living Obligated Group) | | | 25,000 | | | 24,777 |
6.00%, 02/01/2035 (Obligor: Repower S. Berkeley)(a)(b)(c) | | | 1,000,000 | | | 100,000 |
Series A, 7.00%, 11/01/2038 (Obligor: Jasper Pellets)(a)(b)(c) | | | 1,500,000 | | | 354,000 |
Series A, 7.00%, 05/01/2039 (Obligor: AAC East)(a)(c) | | | 3,500,000 | | | 3,106,830 |
Series A, 6.50%, 06/01/2051 (Obligor: Last Step Recycling, LLC)(a)(b)(c) | | | 2,000,000 | | | 300,000 |
Series A, 5.00%, 06/15/2051 (Obligor: Virtus Academy)(a) | | | 1,330,000 | | | 1,115,045 |
Series A, 5.00%, 06/15/2056 (Obligor: Virtus Academy)(a) | | | 1,100,000 | | | 904,519 |
Series A, 7.75%, 10/01/2057 (Obligor: CR River Park) | | | 6,150,000 | | | 6,567,926 |
| | | | | | 12,840,111 |
Tennessee - 0.9%
| | | | | | |
Knox County Industrial Development Board, 9.50%, 11/01/2052 (Obligor: TomPaul Knoxville, LLC)(a)(c) | | | 1,000,000 | | | 1,026,744 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Series B-1, 7.50%, 04/01/2049 (Obligor: Trousdale Foundation Obligated Group)(a)(b) | | | 1,140,000 | | | 11,400 |
Shelby County Health Educational & Housing Facilities Board, Series A, 5.75%, 10/01/2059 (Obligor: Luke Obligated Group) | | | 3,000,000 | | | 2,052,375 |
| | | | | | 3,090,519 |
Texas - 16.0%
| | | | | | |
Angelina & Neches River Authority, 7.50%, 12/01/2045 (Obligor: Jefferson Enterprises Energy)(c) | | | 11,900,000 | | | 8,539,313 |
Arlington Higher Education Finance Corp.
| | | | | | |
6.13%, 02/15/2053 (Obligor: Odyssey 2020 Academy)(a) | | | 1,000,000 | | | 1,028,603 |
6.25%, 06/01/2063 (Obligor: Cypress Christian School)(a) | | | 1,200,000 | | | 1,247,965 |
Brazoria County Industrial Development Corp.
| | | | | | |
9.00%, 03/01/2039 (Obligor: Gladieux Metals Recycling)(a)(c) | | | 4,115,000 | | | 4,329,827 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Principal Street High Income Municipal Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Texas - (Continued)
|
Series A, 9.00%, 03/01/2039 (Obligor: Gladieux Metals Recycling)(a)(c) | | | $3,215,000 | | | $3,382,842 |
Series B, 7.00%, 03/01/2039 (Obligor: Gladieux Metals Recycling)(c) | | | 1,210,000 | | | 1,189,502 |
Calhoun County Navigation Industrial Development Authority
| | | | | | |
Series A, 3.63%, 07/01/2026 (Obligor: Max Midstream Texas, LLC)(a)(c) | | | 1,500,000 | | | 1,273,955 |
Series B, 6.50%, 07/01/2026 (Obligor: Max Midstream Texas, LLC)(a) | | | 1,000,000 | | | 970,418 |
Jefferson County Industrial Development Corp.,
7.75%, 04/01/2039 (Obligor: TRP Crude Marketing)(a) | | | 900,000 | | | 833,510 |
Kountze Economic Development Corp., 15.00%, 11/01/2027 (Obligor: Allegiant Industrial)(a) | | | 4,350,000 | | | 4,863,964 |
New Hope Cultural Education Facilities Finance Corp.
| | | | | | |
Series A, 6.50%, 10/01/2033 (Obligor: Outlook at Windhaven) | | | 1,500,000 | | | 1,560,009 |
Series A-2, 6.50%, 01/01/2031 (Obligor: Sanctuary LTC,
LLC) | | | 2,500,000 | | | 2,327,046 |
Series B, 2.00%, 11/15/2061 (Obligor: Buckingham Senior Living Obligated Group)(b)(f) | | | 2,389,079 | | | 901,507 |
Port Beaumont Navigation District, 8.00%, 02/01/2039 (Obligor: Allegiant Industrial Island)(a)(c) | | | 7,010,000 | | | 6,309,000 |
San Antonio Education Facilities Corp.
| | | | | | |
Series A, 5.00%, 10/01/2041
(Obligor: Hallmark
University) | | | 840,000 | | | 734,685 |
Series A, 5.00%, 10/01/2051 (Obligor: Hallmark
University) | | | 2,000,000 | | | 1,641,856 |
Series B, 5.25%, 10/01/2028 (Obligor: Hallmark
University) | | | 275,000 | | | 273,694 |
Tarrant County Cultural Education Facilities Finance Corp.
| | | | | | |
6.88%, 11/15/2055 (Obligor: MRC Senior Living Fort Worth) | | | 2,600,000 | | | 2,476,639 |
Series A, 6.75%, 11/15/2051 (Obligor: MRC Senior Living Fort Worth) | | | 5,000,000 | | | 4,743,057 |
Series B, 6.38%, 02/15/2041 (Obligor: CC Young Memorial Home) | | | 550,000 | | | 302,500 |
| | | | | | | |
| | | | | | | |
Texas Department of Housing & Community Affairs,
5.13%, 09/01/2053 | | | $5,000,000 | | | $5,196,431 |
| | | | | | 54,126,323 |
Utah - 5.2%
| | | | | | |
Black Desert Public Infrastructure District, 5.63%, 12/01/2053(a) | | | 5,000,000 | | | 5,179,197 |
Chelsey Public Infrastructure District No 1, 7.00%, 12/01/2042(a) | | | 1,350,000 | | | 1,390,685 |
Fields Estates Public Infrastructure District
| | | | | | |
5.25%, 12/01/2053(a) | | | 1,500,000 | | | 1,513,780 |
6.13%, 03/01/2055(a) | | | 725,000 | | | 736,387 |
Firefly Public Infrastructure District No. 1, 6.63%, 03/01/2054(a) | | | 2,000,000 | | | 2,072,030 |
Firefly Public Infrastructure District No. 1, 5.63%, 12/01/2043(a) | | | 1,000,000 | | | 1,037,731 |
Jordanelle Ridge Public Infrastructure District No 2,
7.75%, 03/01/2054(a) | | | 2,000,000 | | | 2,037,901 |
Utah Charter School Finance Authority
| | | | | | |
Series A, 5.38%, 07/15/2042 (Obligor: Rockwell Charter High School)(a) | | | 905,000 | | | 807,898 |
Series A, 5.50%, 07/15/2047 (Obligor: Rockwell Charter High School)(a) | | | 1,460,000 | | | 1,285,709 |
Series B, 6.63%, 07/15/2047 (Obligor: Rockwell Charter High School)(a) | | | 300,000 | | | 271,162 |
Wood Ranch Public Infrastructure District, 5.63%, 12/01/2053(a) | | | 1,300,000 | | | 1,339,313 |
| | | | | | 17,671,793 |
Virginia - 0.3%
| | | | | | |
Virginia Housing Development Authority, 4.60%, 10/01/2054 | | | 1,000,000 | | | 996,240 |
Washington - 1.0%
| | | | | | |
Washington State Housing Finance Commission
| | | | | | |
6.38%, 07/01/2063 (Obligor: Seattle Academy of Arts)(a) | | | 900,000 | | | 995,470 |
Series A, 5.00%, 07/01/2038 (Obligor: Lutheran Retirement Home Obligated Group)(a) | | | 1,075,000 | | | 925,733 |
Series A, 4.00%, 01/01/2057 (Obligor: Eliseo Obligated Group)(a) | | | 2,000,000 | | | 1,458,628 |
| | | | | | 3,379,831 |
West Virginia - 2.2%
| | | | | | |
West Virginia Economic Development Authority
| | | | | | |
8.75%, 02/01/2036 (Obligor: Entsorga West Virginia)(a)(c) | | | 1,000,000 | | | 800,000 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Principal Street High Income Municipal Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
West Virginia - (Continued)
| |
7.63%, 12/01/2040 (Obligor: Empire Trimodal Terminal)(a) | | | $6,600,000 | | | $5,642,259 |
West Virginia Housing Development Fund, 4.85%, 11/01/2049 | | | 1,000,000 | | | 1,021,024 |
| | | | | | 7,463,283 |
Wisconsin - 7.5%
| | | | | | |
Public Finance Authority
| | | | | | |
5.50%, 05/01/2039 (Obligor: Cedars Obligated Group)(a) | | | 1,210,000 | | | 1,117,033 |
5.00%, 06/01/2041(a) | | | 1,000,000 | | | 1,020,178 |
8.00%, 06/15/2042(a) | | | 1,000,000 | | | 1,009,031 |
5.75%, 05/01/2054 (Obligor: Cedars Obligated Group)(a) | | | 7,950,000 | | | 7,074,529 |
5.75%, 07/01/2062 | | | 1,994,879 | | | 2,140,067 |
Series A, 5.75%, 06/01/2025 (Obligor: Dreamhouse ‘Ewa Beach)(a) | | | 675,000 | | | 675,236 |
Series A, 7.50%, 06/01/2025 (Obligor: Dreamhouse ‘Ewa Beach)(a) | | | 1,000,000 | | | 992,164 |
Series A, 7.05%, 09/01/2046 (Obligor: Austin FBO LLC)(a)(c)(f) | | | 4,735,000 | | | 4,775,147 |
Series A, 6.85%, 10/01/2047 (Obligor: Proton International Alabama LLC)(a)(b) | | | 400,000 | | | 40,000 |
Series A, 6.13%, 02/01/2048 (Obligor: Explore Academy)(a) | | | 1,525,000 | | | 1,477,951 |
Series A, 5.88%, 06/01/2052 (Obligor: Coral Academy of Science)(a) | | | 600,000 | | | 614,452 |
Series A, 6.63%, 06/01/2052 (Obligor: Discovery Charter School)(a) | | | 900,000 | | | 910,781 |
Series A, 6.00%, 06/15/2052 (Obligor: Shining Rock Classical) | | | 900,000 | | | 900,337 |
Wisconsin Health & Educational Facilities Authority
| | | | | | |
Series C, 7.00%, 07/01/2043 (Obligor: Chiara Communities, Inc.) | | | 505,000 | | | 431,043 |
Series C, 7.50%, 07/01/2053 (Obligor: Chiara Communities, Inc.) | | | 2,500,000 | | | 2,135,972 |
| | | | | | 25,313,921 |
TOTAL MUNICIPAL BONDS
(Cost $354,647,570) | | | | | | 304,233,077 |
CORPORATE BONDS - 4.6%
| | | | | | |
CalPlant I LLC, 15.00%, 07/01/2025(a) | | | 1,290,000 | | | 1,290,000 |
CalPlant I, LLC,
9.50%, 08/31/2023(a) | | | 3,000,000 | | | 2,790,000 |
| | | | | | | |
| | | | | | | |
Convival 2022 III, 12.00%, 11/15/2056(a)(d) | | | $5,025,000 | | | $5,273,738 |
LSC Estero Prime,
12.00%, 04/30/2025(d) | | | 1,250,000 | | | 1,250,000 |
Sunland Medical Foundation,
12.00%, 04/30/2025(d) | | | 8,669,836 | | | 4,542,594 |
TOTAL CORPORATE BONDS (Cost $19,234,836) | | | | | | 15,146,332 |
| | | Shares | | | |
CONVERTIBLE PREFERRED STOCKS - 1.6%
|
Next Renewable Fuels
Series A, 6.00%,(d) | | | 7 | | | 5,383,052 |
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $5,383,200) | | | | | | 5,383,052 |
SHORT-TERM INVESTMENTS - 0.8%
|
Money Market Funds - 0.8%
| | | | | | |
First American Government Obligations Fund -
Class X, 5.21%(g) | | | 2,789,118 | | | 2,789,118 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,789,118) | | | | | | 2,789,118 |
TOTAL INVESTMENTS - 97.6%
(Cost $382,054,724) | | | | | | $327,551,579 |
Other Assets in Excess of
Liabilities - 2.4% | | | | | | 8,148,196 |
TOTAL NET ASSETS - 100.0% | | | | | | $335,699,775 |
| | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2024, the value of these securities total $191,806,276 or 57.0% of the Fund’s net assets. |
(b)
| Issuer is currently in default. |
(c)
| Security subject to the Alternative Minimum Tax (“AMT”). As of August 31, 2024, the total value of securities subject to the AMT was $60,998,367 or 18.1% of net assets. |
(d)
| Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $17,229,761 or 5.2% of net assets as of August 31, 2024. |
(e)
| Zero coupon bonds make no periodic interest payments. |
(f)
| Coupon rate is variable, or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of August 31, 2024. |
(g)
| The rate shown represents the 7-day annualized effective yield as of August 31, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Principal Street Short Term Municipal Fund
Schedule of Investments
August 31, 2024
| | | | | | | |
MUNICIPAL BONDS - 93.9%
| | | | | | |
Alabama - 3.6%
| | | | | | |
Black Belt Energy Gas District No. 7, Series C-1, 5.25%, 12/01/2025 | | | $1,000,000 | | | $1,024,444 |
Houston County Health Care Authority, Series A, 5.00%, 10/01/2030 | | | 100,000 | | | 101,498 |
Russell County Public Building Authority, 4.50%, 01/01/2033 | | | 425,000 | | | 425,353 |
Southeast Energy Authority Cooperative District, 5.00%, 05/01/2053(a) | | | 350,000 | | | 366,109 |
University of Alabama,
5.00%, 07/01/2025 | | | 100,000 | | | 100,167 |
| | | | | | 2,017,571 |
Alaska - 1.8%
| | | | | | |
CIVICVentures, 5.00%, 09/01/2029 | | | 1,000,000 | | | 1,009,057 |
Arizona - 2.4%
| | | | | | |
Pima County Industrial Development Authority
| | | | | | |
5.25%, 12/01/2026 (Obligor: P.L.C. Charter Schools)(b) | | | 360,000 | | | 361,953 |
Series B-3, 5.13%, 11/15/2029 (Obligor: La Posada Park Centre)(b) | | | 500,000 | | | 504,920 |
Series B-3, 5.63%, 11/15/2030 (Obligor: La Posada Park Centre)(b) | | | 500,000 | | | 508,336 |
| | | | | | 1,375,209 |
California - 7.4%
| | | | | | |
California Enterprise Development Authority, Series A, 4.00%, 06/01/2036 (Obligor: Rocklin Academy)(b) | | | 500,000 | | | 488,963 |
California Municipal Finance Authority, 4.00%, 07/15/2029 (Obligor: United Airlines Inc)(c) | | | 100,000 | | | 100,303 |
California School Finance Authority, 5.00%, 07/01/2025 (Obligor: Hawking STEAM Charter Schools)(b) | | | 400,000 | | | 404,801 |
City & County of San Francisco CA, 5.00%, 09/01/2024 | | | 100,000 | | | 100,000 |
City of Pasadena CA Electric Revenue, 5.00%, 06/01/2026 | | | 200,000 | | | 200,572 |
M-S-R Energy Authority,
6.13%, 11/01/2029 | | | 165,000 | | | 176,742 |
Palomar Community College District, Series B, 0.00%, 08/01/2029(d) | | | 100,000 | | | 87,000 |
Paramount Redevelopment Agency Successor Agency,
5.25%, 08/01/2025 | | | 100,000 | | | 100,194 |
San Ysidro School District,
4.00%, 08/01/2029 | | | 130,000 | | | 130,069 |
Southern California Logistics Airport Authority, 4.50%, 12/01/2031 | | | 300,000 | | | 302,715 |
Sweetwater Union High School District Public Financing Authority,
5.00%, 09/01/2025 | | | 2,040,000 | | | 2,043,470 |
| | | | | | 4,134,829 |
| | | | | | | |
| | | | | | | |
Colorado - 0.7%
| | | | | | |
Denver City & County Airport Revenue
| | | | | | |
Series A, 5.00%, 12/01/2032(c) | | | $300,000 | | | $316,093 |
Series C, 6.13%, 11/15/2025(c) | | | 55,000 | | | 56,717 |
| | | | | | 372,810 |
District of Columbia - 0.9%
| | | | | | |
Metropolitan Washington Airports Authority Aviation Revenue,
5.00%, 10/01/2030(c) | | | 500,000 | | | 500,818 |
Florida - 4.4%
| | | | | | |
County of Miami-Dade Aviation Revenue, 5.00%, 10/01/2028(c) | | | 1,475,000 | | | 1,478,947 |
County of Miami-Dade Rickenbacker Causeway Revenue,
5.00%, 10/01/2034 | | | 300,000 | | | 300,270 |
Miami-Dade County Industrial Development Authority
| | | | | | |
5.00%, 09/15/2024 (Obligor: Pinecrest Academy) | | | 245,000 | | | 245,042 |
6.75%, 07/01/2029 (Obligor: Academir Charter Schools)(b) | | | 100,000 | | | 99,783 |
Viera East Community Development District, 5.00%, 05/01/2026 | | | 335,000 | | | 335,488 |
| | | | | | 2,459,530 |
Illinois - 15.0%
| | | | | | |
Chicago Board of Education,
5.00%, 12/01/2031 | | | 150,000 | | | 159,107 |
Chicago O’Hare International Airport
| | | | | | |
5.00%, 01/01/2032 | | | 500,000 | | | 500,158 |
Series B, 5.00%, 01/01/2031(c) | | | 1,140,000 | | | 1,140,384 |
City of Blue Island, 4.75%, 12/01/2024 | | | 100,000 | | | 100,074 |
Harvey Public Library District,
7.10%, 12/01/2032 | | | 695,000 | | | 699,880 |
Illinois Finance Authority,
5.00%, 03/01/2032 (Obligor: Southern IL Healthcare) | | | 845,000 | | | 869,603 |
Kankakee, Iroquois, & Ford Counties Community Unit School District No. 2 Herscher, 4.50%, 12/01/2029 | | | 310,000 | | | 311,257 |
Metropolitan Pier & Exposition Authority, 7.00%, 07/01/2026 | | | 1,150,000 | | | 1,206,958 |
Pulaski, Massac, Alexander & Johnson Counties Community Unit School District No. 10
| | | | | | |
4.00%, 12/01/2027 | | | 165,000 | | | 165,016 |
4.00%, 12/01/2028 | | | 170,000 | | | 170,004 |
Sales Tax Securitization Corp., Series A, 5.00%, 01/01/2030 | | | 200,000 | | | 220,846 |
State of Illinois
| | | | | | |
6.00%, 11/01/2026 | | | 260,000 | | | 266,819 |
5.25%, 02/01/2029 | | | 1,795,000 | | | 1,798,055 |
State of Illinois Sales Tax Revenue, 5.00%, 06/15/2025 | | | 325,000 | | | 325,555 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Principal Street Short Term Municipal Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Illinois - (Continued)
|
Tazewell County School District No. 98 Rankin, 4.50%, 12/01/2028 | | | $230,000 | | | $231,013 |
Vermilion County Conservation District, 4.50%, 03/01/2027 | | | 235,000 | | | 235,289 |
| | | | | | 8,400,018 |
Indiana - 2.4%
| | | | | | |
Indiana Finance Authority,
5.00%, 10/01/2032 (Obligor:
Earlham College) | | | 765,000 | | | 763,963 |
University Of Southern Indiana Foundation, 4.50%, 10/01/2024 | | | 575,000 | | | 575,943 |
| | | | | | 1,339,906 |
Iowa - 1.6%
| | | | | | |
Iowa Finance Authority,
5.00%, 02/15/2030 (Obligor: Iowa Health System) | | | 245,000 | | | 246,313 |
PEFA, Inc., 5.00%, 09/01/2049(a) | | | 630,000 | | | 643,626 |
| | | | | | 889,939 |
Maryland - 0.4%
| | | | | | |
Maryland Health & Higher Educational Facilities Authority,
5.00%, 08/15/2026 (Obligor: Medstar Health) | | | 200,000 | | | 200,153 |
Massachusetts - 0.5%
| | | | | | |
Massachusetts Development Finance Agency, 5.00%, 10/01/2029 (Obligor: Provident Commonwealth) | | | 150,000 | | | 153,710 |
North Reading, 5.00%, 05/15/2030 | | | 120,000 | | | 120,180 |
| | | | | | 273,890 |
Michigan - 2.0%
| | | | | | |
County of Bay, 4.25%, 11/01/2025 | | | 185,000 | | | 185,199 |
Detroit Wayne County Stadium Authority, 5.00%, 10/01/2026 | | | 250,000 | | | 250,241 |
Healthsource Saginaw, Inc.,
4.00%, 05/01/2027 | | | 80,000 | | | 80,074 |
Michigan Finance Authority, Series MI-2, 5.00%, 12/01/2044 (Obligor: Trinity Health Corp.)(a) | | | 100,000 | | | 100,756 |
Michigan State Building Authority,
5.00%, 04/15/2032 | | | 500,000 | | | 509,173 |
| | | | | | 1,125,443 |
Missouri - 3.0%
| | | | | | |
Missouri Development Finance Board, Series A, 5.00%, 06/01/2027 | | | 200,000 | | | 200,197 |
Monarch-Chesterfield Levee District, 5.00%, 03/01/2040 | | | 1,500,000 | | | 1,501,662 |
| | | | | | 1,701,859 |
| | | | | | | |
| | | | | | | |
New Jersey - 0.7%
| | | | | | |
New Jersey Economic Development Authority
| | | | | | |
5.25%, 01/01/2025 (Obligor: NY/NJ Link Borrower LLC)(c) | | | $50,000 | | | $50,065 |
5.00%, 01/01/2031 (Obligor: NY/NJ Link Borrower LLC)(c) | | | 350,000 | | | 350,396 |
| | | | | | 400,461 |
New York - 5.0%
| | | | | | |
Hudson, 4.00%, 04/15/2028 | | | 95,000 | | | 95,083 |
Metropolitan Transportation Authority, Series C-1, 5.00%, 11/15/2030 | | | 1,000,000 | | | 1,039,686 |
Monroe County Industrial Development Corp./NY, 5.00%, 10/01/2031 (Obligor: Nazareth Clergy of Rochester) | | | 925,000 | | | 962,918 |
New York State Dormitory Authority, Series A, 4.00%, 07/01/2033 (Obligor: St John’s University) | | | 100,000 | | | 104,351 |
Oneida County Local Development Corp., 5.00%, 07/01/2027 (Obligor: Hamilton College) | | | 200,000 | | | 200,196 |
Onondaga Civic Development Corp., 5.00%, 08/01/2031 (Obligor: Crouse Health) | | | 400,000 | | | 420,695 |
| | | | | | 2,822,929 |
North Carolina - 1.3%
| | | | | | |
North Carolina Capital Facilities Finance Agency, Series A, 5.00%, 10/01/2027 (Obligor: Arc Of North Carolina) | | | 100,000 | | | 101,681 |
North Carolina Medical Care Commission, Series B,
5.00%, 12/01/2024 (Obligor: Wake Forest Baptist) | | | 650,000 | | | 650,750 |
| | | | | | 752,431 |
Ohio - 2.7%
| | | | | | |
City of Dayton Airport Revenue,
5.00%, 12/01/2024(c) | | | 780,000 | | | 780,769 |
Ohio Housing Finance Agency,
7.00%, 03/01/2049 | | | 500,000 | | | 606,785 |
State of Ohio, 5.00%, 12/31/2029(c) | | | 100,000 | | | 101,204 |
| | | | | | 1,488,758 |
Oklahoma - 1.0%
| | | | | | |
Norman Regional Hospital Authority, 5.00%, 09/01/2025 (Obligor: Norman Regional Hospital Authority) | | | 235,000 | | | 236,355 |
Oklahoma Housing Finance Agency, 5.00%, 09/01/2027 | | | 350,000 | | | 350,137 |
| | | | | | 586,492 |
Oregon - 0.6%
| | | | | | |
Portland Water Revenue,
5.00%, 10/01/2024 | | | 350,000 | | | 350,486 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Principal Street Short Term Municipal Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Pennsylvania - 6.5%
| | | | | | |
Butler County Hospital Authority,
5.00%, 07/01/2028 (Obligor: Butler Health System) | | | $300,000 | | | $301,120 |
Lycoming County Authority, Series S2, 4.50%, 11/01/2035 (Obligor: Lycoming College)(a) | | | 500,000 | | | 499,595 |
Montgomery County Higher Education and Health Authority, Series UU1, 5.00%, 05/01/2029 (Obligor: Gwynedd Mercy University) | | | 240,000 | | | 252,922 |
Northeastern Pennsylvania Hospital and Education Authority,
5.00%, 05/01/2025 (Obligor: Kings College) | | | 600,000 | | | 601,946 |
Pennsylvania Turnpike Commission,
5.00%, 12/01/2032 | | | 1,115,000 | | | 1,118,031 |
Philadelphia Authority for Industrial Development, Series A,
5.00%, 05/01/2030 (Obligor: Russell Byers Charter School) | | | 680,000 | | | 694,567 |
Philadelphia Parking Authority,
5.25%, 02/15/2029 | | | 200,000 | | | 200,329 |
| | | | | | 3,668,510 |
Puerto Rico - 2.7%
| | | | | | |
Children’s Trust Fund,
5.50%, 05/15/2039 | | | 620,000 | | | 623,205 |
Puerto Rico Electric Power Authority
| | | | | | |
5.00%, 07/01/2025 | | | 385,000 | | | 385,034 |
5.25%, 07/01/2026 | | | 200,000 | | | 198,050 |
5.00%, 07/01/2027 | | | 310,000 | | | 309,736 |
| | | | | | 1,516,025 |
South Carolina - 1.2%
| | | | | | |
South Carolina Jobs-Economic Development Authority
| | | | | | |
4.00%, 11/15/2027 (Obligor: Upstate Senior Living) | | | 175,000 | | | 173,437 |
5.25%, 11/15/2028 (Obligor: Kiawah Life Plan VLG Inc.) | | | 500,000 | | | 502,555 |
| | | | | | 675,992 |
Tennessee - 3.0%
| | | | | | |
Greeneville, 4.00%, 06/01/2029 | | | 165,000 | | | 175,016 |
Tennessee Energy Acquisition Corp.
| | | | | | |
Series A, 5.25%, 09/01/2024 | | | 1,000,000 | | | 1,000,000 |
Series C, 5.00%, 02/01/2027 | | | 500,000 | | | 514,060 |
| | | | | | 1,689,076 |
Texas - 7.2%
| | | | | | |
Arlington Higher Education Finance Corp., Series A, 5.00%, 08/15/2027 (Obligor: Wayside Schools) | | | 200,000 | | | 205,173 |
Bacliff Municipal Utility District, 4.50%, 09/01/2029 | | | 340,000 | | | 340,294 |
Central Texas Turnpike System,
5.00%, 08/15/2028 | | | 295,000 | | | 295,894 |
| | | | | | | |
| | | | | | | |
City of San Antonio,
5.00%, 02/01/2028 | | | $200,000 | | | $200,272 |
County of Wise, 5.00%, 08/15/2026 | | | 200,000 | | | 205,185 |
El Paso County Hospital District,
5.00%, 08/15/2025 | | | 345,000 | | | 346,427 |
Harris County Cultural Education Facilities Finance Corp., Series A, 5.00%, 01/01/2033 (Obligor: Brazos Presbyterian Obligated Group) | | | 225,000 | | | 225,015 |
Kountze Economic Development Corp., 15.00%, 11/01/2027 (Obligor: Allegiant Industrial, LLC)(b) | | | 100,000 | | | 111,815 |
Lower Colorado River Authority,
5.00%, 05/15/2030 | | | 140,000 | | | 140,172 |
North Harris County Regional Water Authority, 5.00%, 12/15/2026 | | | 100,000 | | | 100,135 |
Port Beaumont Navigation District, 8.00%, 02/01/2039(Obligor: Allegiant Industrial Island)(b)(c) | | | 265,000 | | | 238,500 |
San Antonio, 5.00%, 02/01/2027 | | | 140,000 | | | 140,184 |
San Antonio Education Facilities Corp., Series B, 5.25%, 10/01/2028 (Obligor: Hallmark University, Inc.) | | | 100,000 | | | 99,525 |
San Juan Higher Education Finance Authority, 8.25%, 08/15/2029 (Obligor: Idea Public Schools) | | | 410,000 | | | 418,012 |
Texas Municipal Gas Acquisition and Supply Corp. I, 6.25%, 12/15/2026 | | | 935,000 | | | 967,212 |
| | | | | | 4,033,815 |
Virginia - 2.8%
| | | | | | |
Riverside Regional Jail Authority,
5.00%, 07/01/2025 | | | 1,550,000 | | | 1,552,710 |
Washington - 6.5%
| | | | | | |
City of Washougal Water & Sewer Revenue, 4.50%, 09/01/2025 | | | 120,000 | | | 120,290 |
Port of Seattle, 5.00%, 06/01/2031 (Obligor: Seatac Fuel LLC)(c) | | | 1,240,000 | | | 1,240,534 |
Skagit County Public Hospital District No. 2, 5.00%, 12/01/2033 | | | 2,000,000 | | | 2,005,319 |
Washington Health Care Facilities Authority, 5.00%, 10/01/2026 (Obligor: Providence St. Joseph) | | | 290,000 | | | 290,992 |
| | | | | | 3,657,135 |
West Virginia - 0.8%
| | | | | | |
Monongalia County Building Commission, 5.00%, 07/01/2028 (Obligor: Vandalia Health Obligation Group) | | | 455,000 | | | 458,393 |
Wisconsin - 5.8%
| | | | | | |
Kenosha Unified School District No. 1, 4.50%, 04/01/2028 | | | 350,000 | | | 350,467 |
Public Finance Authority
| | | | | | |
6.50%, 06/01/2045 (Obligor: Noorda College of Osteopathic)(b) | | | 200,000 | | | 178,698 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Principal Street Short Term Municipal Fund
Schedule of Investments
August 31, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Wisconsin - (Continued)
|
Series A, 5.75%, 06/01/2025 (Obligor: Dreamhouse ’Ewa Beach)(b) | | | $1,325,000 | | | $1,325,464 |
Series A, 5.00%, 12/01/2027 (Obligor: Prime Healthcare Foundation) | | | 530,000 | | | 540,239 |
Wisconsin Health & Educational Facilities Authority
| | | | | | |
5.00%, 08/15/2025 (Obligor: Aspirus Inc.) | | | 100,000 | | | 100,126 |
5.00%, 12/01/2027 (Obligor: Iowa Health System) | | | 740,000 | | | 741,532 |
| | | | | | 3,236,526 |
TOTAL MUNICIPAL BONDS
(Cost $52,309,056) | | | | | | 52,690,771 |
| | | | | | | |
| | | | | | | |
SHORT-TERM INVESTMENTS - 5.6%
|
Money Market Funds - 5.6%
| |
First American Government Obligations Fund - Class X, 5.21%(e) | | | 3,136,235 | | | 3,136,235 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,136,235) | | | | | | 3,136,235 |
TOTAL INVESTMENTS - 99.5%
(Cost $55,445,291) | | | | | | $55,827,006 |
Other Assets in Excess of
Liabilities - 0.5% | | | | | | 298,240 |
TOTAL NET ASSETS - 100.0% | | | | | | $56,125,246 |
| | | | | | | |
Percentages are stated as a percent of net assets.
(a)
| Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of August 31, 2024. |
(b)
| Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2024, the value of these securities total $4,223,233 or 7.5% of the Fund’s net assets. |
(c)
| Security subject to the Alternative Minimum Tax (“AMT”). As of August 31, 2024, the total value of securities subject to the AMT was $6,354,730 or 11.3% of net assets. |
(d)
| Zero coupon bonds make no periodic interest payments. |
(e)
| The rate shown represents the 7-day annualized effective yield as of August 31, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2024
| | | | | | | |
ASSETS:
| | | | | | |
Investments, at value (Cost: $382,054,724 and $55,445,291, respectively) | | | $327,551,579 | | | $55,827,006 |
Interest receivable | | | 11,287,127 | | | 769,949 |
Receivable for capital shares sold | | | 51,290 | | | — |
Prepaid expenses | | | 47,872 | | | 17,688 |
Total assets | | | 338,937,868 | | | 56,614,643 |
LIABILITIES:
| | | | | | |
Payable for investment securities purchased | | | 1,732,795 | | | — |
Payable for capital shares redeemed | | | 1,013,992 | | | 386,810 |
Payable to investment adviser | | | 137,480 | | | 7,913 |
Payable for fund administration & accounting fees | | | 98,292 | | | 37,820 |
Payable for distribution fees | | | 72,261 | | | 3,100 |
Payable for distribution to shareholders | | | 60,088 | | | 1,290 |
Payable for audit fees | | | 50,001 | | | 23,001 |
Payable for transfer agent fees & expenses | | | 28,320 | | | 11,719 |
Payable for custody fees | | | 6,999 | | | 1,101 |
Payable for compliance fees | | | 3,125 | | | 3,125 |
Accrued expenses | | | 34,740 | | | 13,518 |
Total liabilities | | | 3,238,093 | | | 489,397 |
NET ASSETS | | | $335,699,775 | | | $56,125,246 |
Net Assets Consist of:
| | | | | | |
Paid-in capital | | | $420,764,659 | | | $56,302,921 |
Total accumulated loss | | | (85,064,884) | | | (177,675) |
Net assets | | | $335,699,775 | | | $56,125,246 |
A Class:
| | | | | | |
Net assets | | | $16,241,063 | | | $— |
Shares issued and outstanding(1) | | | 2,227,719 | | | — |
Net asset value, redemption price, and offering price per share(2) | | | $7.29 | | | $— |
Maximum offering price per share(2)(3) | | | $7.46 | | | $— |
Institutional Class:
| | | | | | |
Net assets | | | $267,850,803 | | | $46,949,379 |
Shares issued and outstanding(1) | | | 36,584,117 | | | 11,055,729 |
Net asset value, redemption price, and offering price per share | | | $7.32 | | | $4.25 |
Investor Class:
| | | | | | |
Net assets | | | $51,607,909 | | | $9,175,867 |
Shares issued and outstanding(1) | | | 7,012,480 | | | 2,163,502 |
Net asset value, redemption price, and offering price per share | | | $7.36 | | | $4.24 |
| | | | | | | |
(1)
| Unlimited shares authorized without par value. |
(2)
| May be subject to a contingent deferred sales charge of 1.00% on certain shares redeemed within 12 months of purchase. |
(3)
| The offering price is calculated by dividing the net asset value by 1 minus the maximum front-end sales charge of 2.25%. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
STATEMENTS OF OPERATIONS
For the Year Ended August 31, 2024
| | | | | | | |
INVESTMENT INCOME:
| | | | | | |
Interest income | | | $23,272,116 | | | $2,505,360 |
Total investment income | | | 23,272,116 | | | 2,505,360 |
EXPENSES:
| | | | | | |
Investment adviser fees (See Note 4) | | | 1,664,290 | | | 240,265 |
Fund administration & accounting fees (See Note 4) | | | 370,879 | | | 155,413 |
Transfer agent fees & expenses (See Note 4) | | | 113,768 | | | 46,952 |
Federal & state registration fees | | | 80,650 | | | 31,151 |
Audit fees | | | 49,997 | | | 23,007 |
Custody fees (See Note 4) | | | 36,894 | | | 6,428 |
Legal fees | | | 34,037 | | | 30,206 |
Trustee fees | | | 22,791 | | | 22,729 |
Compliance fees (See Note 4) | | | 12,494 | | | 12,497 |
Postage & printing fees | | | 11,670 | | | 3,568 |
Other expenses | | | 6,638 | | | 4,696 |
Insurance expense | | | 3,915 | | | 2,654 |
Distribution and shareholder servicing fees -
| | | | | | |
A Class (See Note 5) | | | 23,069 | | | — |
Investor Class (See Note 5) | | | 207,285 | | | 20,047 |
Total expense before interest expense | | | 2,638,377 | | | 599,613 |
Interest expense (See Note 9) | | | 232,624 | | | 12,526 |
Total expenses before recoupment/waiver | | | 2,871,001 | | | 612,139 |
Adviser recoupment (See Note 4) | | | 37,583 | | | — |
Less: waiver from investment adviser (See Note 4) | | | (24,821) | | | (205,820) |
Net expenses | | | 2,883,763 | | | 406,319 |
Net investment income | | | 20,388,353 | | | 2,099,041 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
| | | | | | |
Net realized loss on investments | | | (3,719,776) | | | (227,316) |
Net change in unrealized appreciation/depreciation on investments | | | 5,455,265 | | | 431,679 |
Net realized and unrealized gain on investments | | | 1,735,489 | | | 204,363 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | $22,123,842 | | | $2,303,404 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
PRINCIPAL STREET HIGH INCOME MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
| | | | |
OPERATIONS:
| | | | | | |
Net investment income | | | $20,388,353 | | | $15,757,168 |
Net realized loss on investments | | | (3,719,776) | | | (14,501,142) |
Net change in unrealized appreciation/depreciation on investments | | | 5,455,265 | | | (11,030,242) |
Net increase (decrease) in net assets resulting from operations | | | 22,123,842 | | | (9,774,216) |
CAPITAL SHARE TRANSACTIONS:
| | | | | | |
A Class:
| | | | | | |
Proceeds from shares sold | | | 11,837,169 | | | 5,512,512 |
Proceeds from reinvestment of distributions | | | 465,873 | | | 157,461 |
Payments for shares redeemed | | | (1,993,291) | | | (116,320) |
Net increase in net assets resulting from A Class transactions | | | 10,309,751 | | | 5,553,653 |
Institutional Class:
| | | | | | |
Proceeds from shares sold | | | 153,824,971 | | | 130,446,143 |
Proceeds from reinvestment of distributions | | | 15,224,470 | | | 14,883,107 |
Payments for shares redeemed | | | (144,390,852) | | | (153,392,207) |
Net increase (decrease) in net assets resulting from Institutional Class transactions | | | 24,658,589 | | | (8,062,957) |
Investor Class:
| | | | | | |
Proceeds from shares sold | | | 31,468,675 | | | 13,182,731 |
Proceeds from reinvestment of distributions | | | 1,458,898 | | | 571,576 |
Payments for shares redeemed | | | (10,654,136) | | | (3,484,484) |
Net increase in net assets resulting from Investor Class transactions | | | 22,273,437 | | | 10,269,823 |
Net increase in net assets from capital share transactions | | | 57,241,777 | | | 7,760,519 |
DISTRIBUTIONS TO SHAREHOLDERS
| | | | | | |
A Class | | | (554,322) | | | (189,908) |
Institutional Class | | | (15,522,402) | | | (15,335,281) |
Investor Class | | | (2,364,322) | | | (1,440,870) |
Total distributions to shareholders | | | (18,441,046) | | | (16,966,059) |
Total increase (decrease) in net assets | | | 60,924,573 | | | (18,979,756) |
NET ASSETS:
| | | | | | |
Beginning of year | | | 274,775,202 | | | 293,754,958 |
End of year | | | $335,699,775 | | | $274,775,202 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
PRINCIPAL STREET SHORT TERM MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
| | | | |
OPERATIONS:
| | | | | | |
Net investment income | | | $2,099,041 | | | $1,752,652 |
Net realized loss on investments | | | (227,316) | | | (395,830) |
Net change in unrealized appreciation/depreciation on investments | | | 431,679 | | | (52,691) |
Net increase in net assets resulting from operations | | | 2,303,404 | | | 1,304,131 |
CAPITAL SHARE TRANSACTIONS:
| | | | | | |
Institutional Class:
| | | | | | |
Proceeds from shares sold | | | 23,405,978 | | | 48,683,163 |
Proceeds from reinvestment of distributions | | | 1,787,234 | | | 1,678,005 |
Payments for shares redeemed | | | (31,621,792) | | | (26,736,332) |
Net increase (decrease) in net assets resulting from Institutional Class transactions | | | (6,428,580) | | | 23,624,836 |
Investor Class:
| | | | | | |
Proceeds from shares sold | | | 16,055,002 | | | 101,225 |
Proceeds from reinvestment of distributions | | | 298,931 | | | 1,573 |
Payments for shares redeemed | | | (7,339,734) | | | (2,494) |
Net increase in net assets resulting from Investor Class transactions | | | 9,014,199 | | | 100,304 |
Net increase in net assets from capital share transactions | | | 2,585,619 | | | 23,725,140 |
DISTRIBUTIONS TO SHAREHOLDERS
| | | | | | |
Institutional Class | | | (1,802,661) | | | (1,688,232) |
Investor Class | | | (298,931) | | | (1,573) |
Total distributions to shareholders | | | (2,101,592) | | | (1,689,805) |
Total increase in net assets | | | 2,787,431 | | | 23,339,466 |
NET ASSETS:
| | | | | | |
Beginning of year | | | 53,337,815 | | | 29,998,349 |
End of year | | | $56,125,246 | | | $53,337,815 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
PRINCIPAL STREET HIGH INCOME MUNICIPAL FUND
STATEMENT OF CASH FLOWS
| | | | |
INCREASE (DECREASE) IN CASH:
| | | |
Cash flows provided by (used for) operating activities:
| | | |
Net increase in net assets resulting from operations | | | $22,123,842 |
Adjustments to reconcile net increase in net assets from operations to net cash used for operating activities:
| | | |
Purchases of investments | | | (118,997,896) |
Proceeds from sales of investments | | | 68,888,186 |
Purchases and sales of short-term investments, net | | | (4,160,146) |
Decrease in receivable for shareholder reprocessing | | | 598,845 |
Amortization (accretion) of market premium (discount), net | | | (1,900,463) |
Changes in operating assets and liabilities
| | | |
Increase in payable for investment securities purchased | | | 1,732,795 |
Increase in interest receivable | | | (3,219,044) |
Increase in prepaid expenses | | | (14,685) |
Increase in payable to investment adviser | | | 14,932 |
Decrease in accrued distributions payable | | | (56,146) |
Increase in other expenses | | | 111,150 |
Net change in unrealized depreciation of investments | | | (5,455,265) |
Net realized loss | | | 3,719,776 |
Net cash provided by operating activities | | | (36,614,119) |
Cash flows provided by (used for) financing activities:
| | | |
Proceeds from shares sold(a) | | | 197,932,137 |
Cost of shares redeemed(b) | | | (157,001,213) |
Loan borrowings | | | 88,529,000 |
Loan repayments | | | (88,529,000) |
Dividends paid to shareholders, net of reinvestments | | | (1,291,805) |
Net cash used for financing activities | | | 39,639,119 |
Net change in cash | | | $3,025,000 |
Cash:
| | | |
Beginning of period | | | (3,025,000) |
End of period | | | $(0) |
Supplemental disclosure of cash flow and non-cash information:
| | | |
Interest paid | | | $232,624 |
Reinvested distributions | | | $17,149,241 |
| | | | |
(a)
| Includes an decrease in receivable for capital shares sold of $801,322. |
(b)
| Includes a increase in payable for capital shares redeemed of $37,066. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
PRINCIPAL STREET HIGH INCOME MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
A Class
For a Fund share outstanding throughout the periods.
| | | | | | | |
PER SHARE DATA:
| | | | | | | | | |
Net asset value, beginning of period | | | $7.11 | | | $7.87 | | | $8.74 |
Investment operations:
| | | | | | | | | |
Net investment income | | | 0.46 | | | 0.43 | | | 0.24 |
Net realized and unrealized gain (loss) on investments | | | 0.15 | | | (0.74) | | | (0.87) |
Total from investment operations | | | 0.61 | | | (0.31) | | | (0.63) |
Less distributions from:
| | | | | | | | | |
Net investment income | | | (0.43) | | | (0.45) | | | (0.24) |
Net realized gains | | | — | | | — | | | — |
Total distributions | | | (0.43) | | | (0.45) | | | (0.24) |
Net asset value, end of period | | | $7.29 | | | $7.11 | | | $7.87 |
Total return(2)(3) | | | 8.76% | | | -4.02% | | | -7.27% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | |
Net assets, end of period (in 000’s) | | | $16,241 | | | $5,739 | | | $375 |
Ratio of expenses to average net assets:
| | | | | | | | | |
Before expense waiver/recoupment(4) | | | 1.12% | | | 1.27% | | | 1.27% |
After expense waiver/recoupment(4) | | | 1.12% | | | 1.23% | | | 1.20% |
Ratio of expenses excluding interest expense to average net assets:
| | | | | | | | | |
Before expense waiver/recoupment(4) | | | 1.05% | | | 1.07% | | | 1.06% |
After expense waiver/recoupment(4) | | | 1.05% | | | 1.03% | | | 0.98% |
Ratio of net investment income to average net assets:
| | | | | | | | | |
After expense waiver/recoupment(4) | | | 6.50% | | | 5.52% | | | 5.44% |
Portfolio turnover rate(2) | | | 24% | | | 21% | | | 53% |
| | | | | | | | | | |
(1)
| Inception date for the A Class was February 16, 2022. |
(2)
| Not annualized for period less than one year. |
(3)
| Return does not include sales load. |
(4)
| Annualized for period less than one year. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
PRINCIPAL STREET HIGH INCOME MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
Institutional Class
For a Fund share outstanding throughout the years.
| | | | |
PER SHARE DATA:
| | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $7.21 | | | $7.91 | | | $9.27 | | | $9.12 | | | $10.36 |
Investment operations:
| | | | | | | | | | | | | | | |
Net investment income | | | 0.49 | | | 0.43 | | | 0.46 | | | 0.51 | | | 0.60 |
Net realized and unrealized gain (loss) on investments | | | 0.07 | | | (0.67) | | | (1.35) | | | 0.15 | | | (1.24) |
Total from investment operations | | | 0.56 | | | (0.24) | | | (0.89) | | | 0.66 | | | (0.64) |
Less distributions from:
| | | | | | | | | | | | | | | |
Net investment income | | | (0.45) | | | (0.46) | | | (0.47) | | | (0.51) | | | (0.56) |
Net realized gains | | | — | | | — | | | — | | | — | | | (0.04) |
Total distributions | | | (0.45) | | | (0.46) | | | (0.47) | | | (0.51) | | | (0.60) |
Net asset value, end of year | | | $7.32 | | | $7.21 | | | $7.91 | | | $9.27 | | | $9.12 |
Total return | | | 7.94% | | | -2.94% | | | -9.88% | | | 7.49% | | | -6.34% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | | | | |
Net assets, end of year (in 000’s) | | | $267,851 | | | $240,235 | | | $272,640 | | | $289,438 | | | $201,763 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before expense waiver/recoupment | | | 0.87% | | | 1.04% | | | 0.86% | | | 0.78% | | | 0.80% |
After expense waiver/recoupment | | | 0.88% | | | 1.00% | | | 0.83% | | | 0.73% | | | 0.74% |
Ratio of expenses excluding interest expense to average net assets:
| | | | | | | | | | | | | | | |
Before expense waiver/recoupment | | | 0.80% | | | 0.81% | | | 0.76% | | | 0.77% | | | 0.79% |
After expense waiver/recoupment | | | 0.80% | | | 0.77% | | | 0.73% | | | 0.73% | | | 0.73% |
Ratio of net investment income to average net assets:
| | | | | | | | | | | | | | | |
After expense waiver/recoupment | | | 6.82% | | | 5.75% | | | 5.35% | | | 5.70% | | | 6.28% |
Portfolio turnover rate | | | 24% | | | 21% | | | 53% | | | 64% | | | 41% |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
PRINCIPAL STREET HIGH INCOME MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
Investor Class
For a Fund share outstanding throughout the periods.
| | | | | | | |
PER SHARE DATA:
| | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $7.23 | | | $7.96 | | | $9.32 | | | $9.18 | | | $8.66 |
Investment operations:
| | | | | | | | | | | | | | | |
Net investment income | | | 0.45 | | | 0.40 | | | 0.41 | | | 0.48 | | | 0.22 |
Net realized and unrealized gain (loss) on investments | | | 0.09 | | | (0.70) | | | (1.35) | | | 0.13 | | | 0.51(4) |
Total from investment operations | | | 0.54 | | | (0.30) | | | (0.94) | | | 0.61 | | | 0.73 |
Less distributions from:
| | | | | | | | | | | | | | | |
Net investment income | | | (0.41) | | | (0.43) | | | (0.42) | | | (0.47) | | | (0.21) |
Net realized gains | | | — | | | — | | | — | | | — | | | — |
Total distributions | | | (0.41) | | | (0.43) | | | (0.42) | | | (0.47) | | | (0.21) |
Net asset value, end of period | | | $7.36 | | | $7.23 | | | $7.96 | | | $9.32 | | | $9.18 |
Total return(2) | | | 7.66% | | | -3.81% | | | -10.28% | | | 6.82% | | | 8.56% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | | $51,608 | | | $28,801 | | | $20,740 | | | $12,420 | | | $278 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before expense waiver/recoupment(3) | | | 1.37% | | | 1.54% | | | 1.38% | | | 1.28% | | | 1.32% |
After expense waiver/recoupment(3) | | | 1.38% | | | 1.50% | | | 1.35% | | | 1.24% | | | 1.23% |
Ratio of expenses excluding interest expense to average net assets:
| | | | | | | | | | | | | | | |
Before expense waiver/recoupment(3) | | | 1.30% | | | 1.31% | | | 1.26% | | | 1.27% | | | 1.32% |
After expense waiver/recoupment(3) | | | 1.30% | | | 1.27% | | | 1.23% | | | 1.23% | | | 1.23% |
Ratio of net investment income to average net assets:
| | | | | | | | | | | | | | | |
After expense waiver/recoupment(3) | | | 6.30% | | | 5.25% | | | 4.89% | | | 5.20% | | | 6.21% |
Portfolio turnover rate(2) | | | 24% | | | 21% | | | 53% | | | 64% | | | 41% |
| | | | | | | | | | | | | | | | |
(1)
| Inception date for the Investor Class was March 23, 2020. |
(2)
| Not annualized for periods less than one year. |
(3)
| Annualized for periods less than one year. |
(4)
| The realized and unrealized gain per share in this caption is a balancing amount necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains on the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
PRINCIPAL STREET SHORT TERM MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
Institutional Class
For a Fund share outstanding throughout the periods.
| | | | | | | |
PER SHARE DATA:
| | | | | | | | | |
Net asset value, beginning of period | | | $4.22 | | | $4.26 | | | $4.25 |
Investment operations:
| | | | | | | | | |
Net investment income | | | 0.17 | | | 0.14 | | | 0.03 |
Net realized and unrealized gain (loss) on investments | | | 0.03 | | | (0.04) | | | 0.01(4) |
Total from investment operations | | | 0.20 | | | 0.10 | | | 0.04 |
Less distributions from:
| | | | | | | | | |
Net investment income | | | (0.17) | | | (0.14) | | | (0.03) |
Net realized gains | | | — | | | — | | | — |
Total distributions | | | (0.17) | | | (0.14) | | | (0.03) |
Net asset value, end of period | | | $4.25 | | | $4.22 | | | $4.26 |
Total return(2) | | | 4.82% | | | 2.36% | | | 1.02% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | |
Net assets, end of period (in 000’s) | | | $46,949 | | | $53,211 | | | $29,970 |
Ratio of expenses to average net assets:
| | | | | | | | | |
Before expense waiver(3) | | | 1.11% | | | 1.09% | | | 4.41% |
After expense waiver(3) | | | 0.72% | | | 0.71% | | | 0.70% |
Ratio of expenses excluding interest expense to average net assets:
| | | | | | | | | |
Before expense waiver(3) | | | 1.09% | | | 1.09% | | | 4.41% |
After expense waiver(3) | | | 0.70% | | | 0.70% | | | 0.70% |
Ratio of net investment income to average net assets:
| | | | | | | | | |
After expense waiver(3) | | | 3.97% | | | 3.42% | | | 2.52% |
Portfolio turnover rate(2) | | | 67% | | | 75% | | | 24% |
| | | | | | | | | | |
(1)
| Inception date for the Fund was April 27, 2022. |
(2)
| Not annualized for period less than one year. |
(3)
| Annualized for period less than one year. |
(4)
| The realized and unrealized gain per share in this caption is a balancing amount necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains on the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
PRINCIPAL STREET SHORT TERM MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
Investor Class
For a Fund share outstanding throughout the periods.
| | | | | | | |
PER SHARE DATA:
| | | | | | | | | |
Net asset value, beginning of period | | | $4.21 | | | $4.26 | | | $4.25 |
Investment operations:
| | | | | | | | | |
Net investment income | | | 0.16 | | | 0.13 | | | 0.03 |
Net realized and unrealized gain (loss) on investments | | | 0.03 | | | (0.05) | | | 0.01(4) |
Total from investment operations | | | 0.19 | | | 0.08 | | | 0.04 |
Less distributions from:
| | | | | | | | | |
Net investment income | | | (0.16) | | | (0.13) | | | (0.03) |
Net realized gains | | | — | | | — | | | — |
Total distributions | | | (0.16) | | | (0.13) | | | (0.03) |
Net asset value, end of period | | | $4.24 | | | $4.21 | | | $4.26 |
Total return(2) | | | 4.57% | | | 1.87% | | | 0.94% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | | | | |
Net assets, end of period (in 000’s) | | | $9,176 | | | $127 | | | $28 |
Ratio of expenses to average net assets:
| | | | | | | | | |
Before expense waiver(3) | | | 1.35% | | | 1.37% | | | 5.60% |
After expense waiver(3) | | | 0.97% | | | 0.95% | | | 0.96% |
Ratio of expenses excluding interest expense to average net assets:
| | | | | | | | | |
Before expense waiver(3) | | | 1.33% | | | 1.36% | | | 5.59% |
After expense waiver(3) | | | 0.95% | | | 0.95% | | | 0.95% |
Ratio of net investment income to average net assets:
| | | | | | | | | |
After expense waiver(3) | | | 3.72% | | | 3.18% | | | 2.27% |
Portfolio turnover rate(2) | | | 67% | | | 75% | | | 24% |
| | | | | | | | | | |
(1)
| Inception date for the Fund was April 27, 2022. |
(2)
| Not annualized for period less than one year. |
(3)
| Annualized for period less than one year. |
(4)
| The realized and unrealized gain per share in this caption is a balancing amount necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains on the Statement of Operations due to share transactions for the period. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
PRINCIPAL STREET FUNDS
Notes to the Financial Statements
August 31, 2024
1. ORGANIZATION
Managed Portfolio Series (the “Trust”) was organized as a Delaware statutory trust on January 27, 2011. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Principal Street High Income Municipal Fund (the “High Income Fund”) is a diversified series with its own investment objectives and policies within the Trust. The Principal Street Short Term Municipal Fund (the “Short Term Fund”) is a non-diversified series with its own investment objectives and policies within the Trust. Each series is considered a “Fund” and collectively, the “Funds”. Prior to October 15, 2019, the High Income Fund was known as the Green Square High Income Municipal Fund. The investment objective of both Funds is to provide current income exempt from regular federal income tax. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The High Income Fund currently offers three classes of shares for purchase. The High Income Fund’s Institutional Class commenced operations on September 15, 2017, the Investor Class commenced operations on March 23, 2020, and the A Class commenced operations on February 16, 2022. The Short Term Fund commenced operations on April 27, 2022 and currently offers two classes of shares, Institutional Class and Investor Class. Each class of shares for the Funds has identical rights and privileges except with respect to 12b-1 fees and voting rights on matters affecting a single share class. For the High Income Fund, the Investor Class and A Class shares are subject to a 0.50% and 0.25% Rule 12b-1 distribution and servicing fee, respectively. For the Short Term Fund, the Investor Class shares are subject to a 0.25% Rule 12b-1 distribution and servicing fee. The Funds may issue an unlimited number of shares of beneficial interest, with no par value.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).
Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.
Federal Income Taxes – The Funds comply with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income or excise tax provision is required. As of and during the year ended August 31, 2024, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. As of and during the year ended August 31, 2024, the Funds did not incur any interest or penalties. The High Income Fund is not subject to examination by U.S. tax authorities for tax years prior to the year ended August 31, 2021. The Short Term fund is not subject to examination by U.S. Tax Authorities prior to the year ended August 31, 2022.
Security Transactions, Income, and Distributions – The Funds follow industry practice and record security transactions on the trade date. Realized gains and losses on sales of securities are calculated on the basis of identified cost. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations. Discounts and premiums on securities purchased are amortized over the expected life of the respective securities using the constant yield method.
The Funds will declare daily and pay monthly distributions of net investment income. The Funds will also distribute net realized capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate
TABLE OF CONTENTS
PRINCIPAL STREET FUNDS
Notes to the Financial Statements
August 31, 2024(Continued)
characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Funds. For the year ended August 31, 2024, there were no such reclassifications.
Allocation of Expenses – Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of the Funds are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of the Funds. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based on relative net assets. For the High Income Fund, 12b-1 fees are expensed at annual rates of 0.50% and 0.25% of average daily net assets of the Investor Class and A Class shares, respectively (See Note 5). For the Short Term Fund, 12b-1 fees are expensed at an annual rate 0.25% of average daily net assets of the Investor Class (See Note 5). Expenses associated with a specific fund in the Trust are charged to that fund. Common Trust expenses are typically allocated evenly between the funds of the Trust, or by other equitable means.
Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
3. SECURITIES VALUATION
The Funds have adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period and expanded disclosure of valuation Levels for major security types. These inputs are summarized in the three broad Levels listed below:
Level 1 –
| Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. |
Level 2 –
| Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
Level 3 –
| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available. |
Following is a description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis. The Funds’ investments are carried at fair value.
Short-Term Investments – Investments in other mutual funds, including money market funds, are valued at their net asset value per share. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
Fixed Income Securities – Municipal and corporate bonds are valued on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuer, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Fixed income securities are categorized in the Level 2 of the fair value hierarchy.
The Board of Trustees (the “Board”) has adopted a pricing and valuation policy for use by the Funds and their Valuation Designee (as defined below) in calculating each Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have designated Principal Street Partners, LLC. (the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of
TABLE OF CONTENTS
PRINCIPAL STREET FUNDS
Notes to the Financial Statements
August 31, 2024(Continued)
the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed the prices obtained from brokers, dealers or independent pricing services are unreliable.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ securities as of August 31, 2024:
High Income Fund
| | | | | | | | | | | | | |
Municipal Bonds | | | $— | | | $303,452,700 | | | $780,377 | | | $304,233,077 |
Corporate Bonds | | | — | | | 4,080,000 | | | 11,066,332 | | | 15,146,332 |
Convertible Preferred Stock | | | — | | | — | | | 5,383,502 | | | 5,383,052 |
Short-Term Investment | | | 2,789,118 | | | — | | | — | | | 2,789,118 |
Total Investments in Securities* | | | $2,789,118 | | | $307,532,700 | | | $17,229,761 | | | $327,551,579 |
| | | | | | | | | | | | | |
Short Term Fund
| | | | | | | | | | | | | |
Municipal Bonds | | | $— | | | $52,690,771 | | | $— | | | $52,690,771 |
Short-Term Investment | | | 3,136,235 | | | — | | | — | | | 3,136,235 |
Total Investments in Securities* | | | $3,136,235 | | | $52,690,771 | | | $— | | | $55,827,006 |
| | | | | | | | | | | | | |
*
| Refer to the Schedule of Investments for further information on the classification of investments. |
The following is a reconciliation of Level 3 assets in the High Income Fund for which significant unobservable inputs were used to determine fair value:
| | | | |
Balance as of August 31, 2023 | | | $33,360,652 |
Accrued discounts/premiums | | | 68,218 |
Realized gain (loss) | | | (162,419) |
Change in net unrealized appreciation/depreciation | | | (759,111) |
Paid-in-kind interest | | | 299,550 |
Net purchases (sales) | | | (12,787,129) |
Transfers into and/or out of Level 3 | | | (2,790,000) |
Balance as of August 31, 2024 | | | $17,229,761 |
Change in unrealized appreciation/depreciation during the year for Level 3 investments as of August 31, 2024 | | | $(3,878,633) |
| | | | |
During the year ended August 31, 2024, one security was transferred from Level 3 to Level 2 due to an observed trade of the security being used as the basis for valuation of the security.
The Level 3 investments as of August 31, 2024 for the High Income Fund represented 5.2% of the Fund’s net assets.
TABLE OF CONTENTS
PRINCIPAL STREET FUNDS
Notes to the Financial Statements
August 31, 2024(Continued)
The following provides information regarding the valuation techniques, unobservable inputs used, and other information related to the fair value of Level 3 investments for the High Income Fund as of August 31, 2024:
| | | | | | | | | | | | | | | | | | | |
Convival Funding 2022 III, 12.00%, 11/15/2056 | | | Corporate Bond | | | $5,273,738 | | | Discounted Cash Flow | | | Discount Rate | | | 11.4% | | | 100% |
LSC Estero Prime, 12.00%, 4/30/2025 | | | Corporate Bond | | | 1,250,000 | | | Liquidation Approach | | | Recovery Rate | | | 100% | | | 100% |
Next Renewable Fuels,
Series A | | | Convertible
Preferred Stock | | | 5,383,502 | | | Accreted Cost | | | Recovery Rate | | | 100% | | | 100% |
Sunland Medical Foundation, 12.00%, 4/30/2025 | | | Corporate Bond | | | 4,542,594 | | | Liquidation Approach | | | Recovery Rate | | | 52.4% | | | 100% |
William G King, 12.00%, 10/01/2024 | | | Municipal Bond | | | 780,377 | | | Liquidation Approach | | | Recovery Rate | | | 100% | | | 100% |
| | | | | | | | | | | | | | | | | | | |
*
| Significant increases and decreases in the unobservable inputs used to determine fair value of Level 3 assets could result in significantly higher or lower fair value measurements. An increase to the unobservable input would result in an increase to the fair value. A decrease to the unobservable input would have the opposite effect. |
4. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has an agreement with the Adviser to furnish investment advisory services to the Funds. Pursuant to the Investment Advisory Agreement between the Trust and the Adviser, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee equal to 0.55% and 0.45% of the High Income Fund and Short Term Fund average daily net assets, respectively.
The Funds’ Adviser has contractually agreed to reduce its management fees, and may reimburse the Funds for their operating expenses in order to ensure that Total Annual Fund Operating Expenses (excluding certain expenses such as Rule 12b-1 fees, taxes, leverage/borrowing interest, interest expense, dividends paid on short sales, brokerage commissions and other transactional expenses, acquired fund fees and expenses, or extraordinary expenses) for the Funds do not exceed 0.80% and 0.70% of the High Income Fund and Short Term Fund average daily net assets, respectively. Prior to February 15, 2023, the rate was 0.73% for the High Income Fund.
Fees waived and expenses reimbursed by the Adviser may be recouped by the Adviser for a period of thirty-six months following the month during which such waiver or reimbursement was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the waiver or reimbursement occurred and at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite in term but cannot be terminated within a year after the effective date of the Funds’ prospectuses. After that date, the agreement may be terminated at any time upon 60 days’ written notice by the Board or the Adviser. Total fee recoupment for the High Income Fund in the year ended August 31, 2024, was $37,583. The Short Term Fund did not recoup any fee waivers in the current fiscal year. Additional waived fees and reimbursed expenses subject to potential recovery by month of expiration for the Funds are as follows:
| | | | | | | |
September 2024 – August 2025 | | | $89,955 | | | $128,142* |
September 2025 – August 2026 | | | $78,680 | | | $198,611 |
September 2026 – August 2027 | | | $24,821 | | | $205,820 |
| | | | | | | |
*
| The potential recovery by month of expiration for this amount is April 2025 – August 2025. |
TABLE OF CONTENTS
PRINCIPAL STREET FUNDS
Notes to the Financial Statements
August 31, 2024(Continued)
U.S. Bancorp Fund Services, LLC (the “Administrator”), doing business as U.S. Bank Global Fund Services, acts as the Funds’ Administrator, Transfer Agent, and Fund Accountant. U.S. Bank N.A. (the “Custodian”) serves as the Custodian to the Funds. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Custodian; coordinates the payment of the Funds’ expenses and reviews the Funds’ expense accruals. The officers of the Trust, including the Chief Compliance Officer, are employees of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Funds, subject to annual minimums. Fees paid by the Funds for administration and accounting, transfer agency, custody and compliance services for the year ended August 31, 2024, are disclosed in the Statements of Operations.
5. DISTRIBUTION & SHAREHOLDER SERVICING FEES
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the “Plan”) in both the Investor Class and A Class. For the High Income Fund, the Plan permits the Fund to pay for distribution and related expenses at an annual rate of 0.50% and 0.25% of the Investor Class and A Class average daily net assets, respectively. For the Short Term Fund, the Plan permits the Fund to pay for distribution and related expenses at an annual rate of 0.25% of the Investor Class average daily net assets. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and other sales material, advertising and public relations expenses, payments to financial intermediaries and compensation of personnel involved in selling shares of the Funds. For the year ended August 31, 2024, the High Income Fund’s Investor and A Class incurred expenses of $207,285 and $23,069 respectively, pursuant to the Plan. For the year ended August 31, 2024, the Short Term Fund’s Investor Class incurred expenses of $20,047 pursuant to the Plan.
6. CAPITAL SHARE TRANSACTIONS
Transactions in shares of the Funds were as follows:
High Income Fund
| | | | |
A Class:
| | | | | | |
Shares sold | | | 1,632,993 | | | 753,758 |
Shares issued to holders in reinvestment of distributions | | | 64,098 | | | 21,255 |
Shares redeemed | | | (276,337) | | | (15,644) |
Net increase in A Class shares | | | 1,420,754 | | | 759,369 |
Institutional Class:
| | | | | | |
Shares sold | | | 21,146,437 | | | 17,435,877 |
Shares issued to holders in reinvestment of distributions | | | 2,088,543 | | | 2,002,632 |
Shares redeemed | | | (19,981,417) | | | (20,581,450) |
Net increase (decrease) in Institutional Class shares | | | 3,253,563 | | | (1,142,941) |
Investor Class:
| | | | | | |
Shares sold | | | 4,282,604 | | | 1,763,934 |
Shares issued to holders in reinvestment of distributions | | | 198,000 | | | 76,413 |
Shares redeemed | | | (1,449,676) | | | (465,309) |
Net increase in Investor Class shares | | | 3,030,928 | | | 1,375,038 |
Net increase in capital shares | | | 7,705,245 | | | 991,466 |
| | | | | | | |
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PRINCIPAL STREET FUNDS
Notes to the Financial Statements
August 31, 2024(Continued)
Short Term Fund
| | | | |
Institutional Class:
| | | | | | |
Shares sold | | | 5,536,438 | | | 11,495,466 |
Shares issued to holders in reinvestment of distributions | | | 422,991 | | | 396,536 |
Shares redeemed | | | (7,517,454) | | | (6,315,320) |
Net increase (decrease) in Institutional Class shares | | | (1,558,025) | | | 5,576,682 |
Investor Class:
| | | | | | |
Shares sold | | | 3,801,455 | | | 23,930 |
Shares issued to holders in reinvestment of distributions | | | 70,747 | | | 373 |
Shares redeemed | | | (1,738,926) | | | (587) |
Net increase in Investor Class shares | | | 2,133,276 | | | 23,716 |
Net increase in capital shares | | | 575,251 | | | 5,600,398 |
| | | | | | | |
7. INVESTMENT TRANSACTIONS
The aggregate purchases and sales, excluding short-term investments, by the Funds for the year ended August 31, 2024, were as follows:
| | | | | | | |
U.S. Government Securities | | | $— | | | $— | | | $— | | | $— |
Other Securities | | | $118,247,896 | | | $68,888,186 | | | $36,159,387 | | | $33,034,281 |
| | | | | | | | | | | | | |
During the fiscal year ended August 31, 2024, the Short Term Fund sold securities to the High Income Fund. These
transactions occurred at the current market prices as provided by an independent pricing service at the time and
complied with Rule 17a-7 under the 1940 Act. Details of these 17a-7 transactions are as follows:
| | | | | | | | | | | | | |
4/25/2024 | | | Short Term Fund | | | High Income Fund | | | $712,500 | | | $165,000 |
| | | | | | | | | | | | | |
8. FEDERAL TAX INFORMATION
The aggregate gross unrealized appreciation and depreciation of securities held by the Funds and the total cost of securities for federal income tax purposes at August 31, 2024, were as follows:
| | | | | | | | | | | | | |
High Income Fund | | | $6,817,517 | | | $(62,186,932) | | | $(55,369,415) | | | $382,920,994 |
Short Term Fund | | | $408,818 | | | $(27,475) | | | $381,343 | | | $55,445,663 |
| | | | | | | | | | | | | |
Any difference between book-basis and tax-basis unrealized appreciation (depreciation) would be attributable primarily to the tax deferral of losses on wash sales.
At August 31, 2024, components of distributable earnings on a tax-basis were as follows:
| | | | | | | | | | | | | | | | |
High Income Fund | | | $1,891,162 | | | $ — | | | $(31,586,631) | | | $(55,369,415) | | | $(85,064,884) |
Short Term Fund | | | $69,736 | | | $— | | | $(628,754) | | | $381,343 | | | $(177,675) |
| | | | | | | | | | | | | | | | |
TABLE OF CONTENTS
PRINCIPAL STREET FUNDS
Notes to the Financial Statements
August 31, 2024(Continued)
As of August 31, 2024, the High Income Fund and Short Term Fund had long-term capital loss carryovers of $22,736,943 and $192,491, respectively, and short-term capital loss carryovers of $8,789,601 and $434,973 respectively. A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital, and ordinary losses which occur during the portion of a Fund’s taxable year subsequent to October 31 and December 31, respectively. For the taxable period ended August 31, 2024, the Funds did not defer any qualified late year losses.
The tax character of distributions paid for the year ended August 31, 2024, were as follows:
| | | | | | | | | | | | | |
High Income Fund | | | $3,145,445 | | | $15,295,600 | | | $ — | | | $18,441,045 |
Short Term Fund | | | $119,724 | | | $1,981,868 | | | $— | | | $2,101,592 |
| | | | | | | | | | | | | |
The tax character of distributions paid for the year ended August 31, 2023, were as follows:
| | | | | | | | | | | | | |
High Income Fund | | | $1,978,091 | | | $14,987,968 | | | $ — | | | $16,966,059 |
Short Term Fund | | | $72,132 | | | $1,617,673 | | | $— | | | $1,689,805 |
| | | | | | | | | | | | | |
*
| For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions. |
9. LINE OF CREDIT
The High Income Fund had established a secured line of credit (“LOC”) in the amount of $30,000,000, 10% of gross market value of the Fund, or 33.33% of the gross market value of the Fund’s unencumbered assets, whichever was less. The LOC matured and was not renewed on July 19, 2024. This LOC was intended for investment purposes. The LOC was with the Custodian. Interest was charged at the prime rate minus 1.50% on any used portion of the LOC, which was 7.00% as of July 19, 2024. The interest rate during the period was 7.00%. The weighted average interest rate paid on outstanding borrowings during the period for the High Income Fund was 7.00%. Interest was also charged at 0.25% on any unused portion of this LOC.
The High Income Fund has established an unsecured line of credit (“LOC”) in the amount of $30,000,000, 15% of gross market value of the Fund, or 33.33% of the market value of the Fund’s unencumbered assets, whichever is less. The LOC matures unless renewed on July 18, 2025. This LOC is intended to provide short-term financing, if necessary, subject to certain restrictions and covenants in connection with shareholder redemptions and other short-term liquidity needs of the Fund. The LOC is with the Custodian. Interest is charged at the prime rate which was 8.50% as of August 31, 2024. The interest rate during the period was 8.50%.
The Short Term Fund has established an unsecured line of credit (“LOC”) in the amount of $10,000,000, 10% of gross market value of the Fund, or 33.33% of the fair value of the Fund’s unencumbered assets, whichever is less. The LOC matures unless renewed on July 18, 2025. This LOC is intended to provide short-term financing, if necessary, subject to certain restrictions and covenants in connection with shareholder redemptions and other short-term liquidity needs of the Fund. The LOC is with the Custodian. Interest is charged at the prime rate which was 8.50% as of August 31, 2024. The interest rate during the period was 8.50%.
The Funds have authorized the Custodian to charge any of the Funds’ accounts for any missed payments. For the year ended, August 31, 2024, LOC activity for the Funds was as follows:
| | | | | | | | | | | | | | | | | | | | | | |
High Income | | | Secured | | | U.S. Bank N.A. | | | $2,405,577 | | | $ — | | | $232,166 | | | $16,283,000 | | | 4/25/2024 |
High Income | | | Unsecured | | | U.S. Bank N.A. | | | $7,716 | | | $— | | | $667 | | | $1,690,000 | | | 8/27/2024 |
Short Term | | | Unsecured | | | U.S. Bank N.A. | | | $144,954 | | | $— | | | $12,526 | | | $3,508,000 | | | 4/18/2024 |
| | | | | | | | | | | | | | | | | | | | | | |
TABLE OF CONTENTS
PRINCIPAL STREET FUNDS
Notes to the Financial Statements
August 31, 2024(Continued)
10. REPROCESSING OF SHAREHOLDER TRADES
It was determined that several of the High Income Fund’s securities were mispriced for the period January 25, 2023 through October 27, 2023 resulting in an overstatement of the Fund’s net assets and net asset value (NAV) per share for each class. Since the amount of the overstatement was concluded to be material, the Fund’s daily net assets and NAV per share were revised for the period shareholder transactions were reprocessed. As a result of reprocessing shareholder trades, the Fund incurred a loss of $853,716. The Fund’s Adviser reimbursed the Fund for these losses.
11. CONTROL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of that fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of August 31, 2024, Charles Schwab & Co., Inc. and National Financial Services LLC, for the benefit of their customers, owned 49.64% and 33.25% of the outstanding shares of the High Income Fund, respectively. As of August 31, 2024, Charles Schwab & Co., Inc. and National Financial Services LLC, for the benefit of their customers, owned 50.16% and 47.79% of the outstanding shares of the Short Term Fund, respectively.
12. Reorganization of High Income Fund and Short Term Fund
On September 30, 2024, the High Income Fund held a special meeting of shareholders, and at such meeting, High Income Fund shareholders approved an Agreement and Plan of Reorganization whereby the High Income Fund would reorganize from Managed Portfolio Series (“MPS”) and move into a newly created series of James Alpha Trust (the “High Income Reorganization”), to be called the Easterly ROCMuni High Income Municipal Bond Fund. The MPS Board of Trustees approved the High Income Reorganization on June 3, 2024. The High Income Reorganization was structured as a tax-free reorganization for federal tax purposes. The Inspector of Elections reported that of the 44,355,586 shares outstanding and available to vote as of the close of business of June 28, 2024: 22,872,045 shares were present in person or by proxy, and of those shares 21,674,206 shares or 94.76% voted in favor (representing 48.86% of total outstanding shares:, 63,077 shares or 0.28% voted against (representing 0.14% of outstanding shares, and 1,134,762 shares or 4.96% abstained or withheld from voting (representing 2.56% of total outstanding shares), which abstentions are also treated as a vote against the proposal. The High Income Reorganization commenced after the close on October 4, 2024.
On September 30, 2024, the Short Term Fund held a special meeting of shareholders, and at such meeting, Short Term Fund shareholders approved an Agreement and Plan of Reorganization whereby the Short Term Fund would reorganize from Managed Portfolio Series (“MPS”) and move into a newly created series of James Alpha Trust (the “Short Term Reorganization”), to be called the Easterly ROCMuni Short Term Municipal Bond Fund. The MPS Board of Trustees approved the Short Term Reorganization on June 3, 2024. The Short Term Reorganization was structured as a tax-free reorganization for federal tax purposes. The Inspector of Elections reported that of the 12,457,941 shares outstanding and available to vote as of the close of business of June 28, 2024: 6,578,880 shares were present in person or by proxy, and of those shares 6,484,541 shares or 98.57% voted in favor (representing 52.05% of total outstanding shares:, 0 shares or 0.00% voted against (representing 0.00% of outstanding shares, and 94,339 shares or 1.43% abstained or withheld from voting (representing 0.76% of total outstanding shares), which abstentions are also treated as a vote against the proposal. The Short Term Reorganization commenced after the close on October 4, 2024.
The High Income Fund and Short Term Fund were deemed to be the accounting survivors for financial reporting purposes after the reorganizations. In conjunction with the reorganizations, Easterly Investment Partners LLC became the new investment adviser of each fund, replacing Principal Street Partners, LLC.
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PRINCIPAL STREET FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Principal Street Funds and
Board of Trustees of Managed Portfolio Series
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Principal Street High Income Municipal Fund and Principal Street Short Term Municipal Fund (“Principal Street Funds” or the “Funds”), each a series of Managed Portfolio Series, as of August 31, 2024, the related statements of operations, cash flows (as applicable) and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of their operations and their cash flows (as applicable), the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
| | | | | | | | | | |
Principal Street High Income Municipal Fund | | | For the year ended August 31, 2024 | | | For the years ended August 31, 2024 and 2023 | | | For the years ended August 31, 2024, 2023, 2022, 2021, and 2020 |
Principal Street Short Term Municipal Fund | | | For the year ended August 31, 2024 | | | For the years ended August 31, 2024 and 2023 | | | For the years ended August 31, 2024, 2023, and for the period from April 27, 2022 (commencement of operations) through August 31, 2022 |
| | | | | | | | | | |
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2017.
COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
November 12, 2024
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PRINCIPAL STREET FUNDS
ADDITIONAL INFORMATION
August 31, 2024
AVAILABILITY OF FUND PORTFOLIO INFORMATION
The Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available on the SEC’s website at https://www.sec.gov/ and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. For information on the Public Reference Room call 1-800-SEC-0330. In addition, the Funds’ Part F of Form N-PORT is available without charge upon request by calling 1-877-914-7343.
AVAILABILITY OF PROXY VOTING INFORMATION
A description of the Funds’ Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-877-914-7343. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, is available (1) without charge, upon request, by calling 1-877-914-7343, or (2) on the SEC’s website at https://www.sec.gov/.
QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION
For the fiscal year ended August 31, 2024, certain dividends paid by the Funds may be reported as qualified dividend income and may be eligible for taxation at capital gain rates. The percentage of dividends declared from ordinary income designated as qualified dividend income was 0.00% and 0.00% for the High Income Fund and Short Term Fund, respectively.
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended August 31, 2024 was 0.00% and 0.00% for the High Income Fund and Short Term Fund, respectively.
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) was 0.00% and 0.00% for the High Income Fund and Short Term Fund, respectively.
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INVESTMENT ADVISER
Principal Street Partners, LLC
949 South Shady Grove Road, Suite 402
Memphis, TN 38120
DISTRIBUTOR
Quasar Distributors, LLC
Three Canal Plaza, Suite 302
Portland, Maine 04101
CUSTODIAN
U.S. Bank N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212
ADMINISTRATOR, FUND ACCOUNTANT
AND TRANSFER AGENT
U.S. Bancorp Fund Services, LLC
615 E. Michigan Street
Milwaukee, WI 53202
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, WI 53202
LEGAL COUNSEL
Stradley Ronon Stevens & Young, LLP
2005 Market Street, Suite 2600
Philadelphia, PA 19103
This report should be accompanied or preceded by a prospectus.
The Funds’ Statements of Additional Information contain additional information about the Funds’ trustees and is
available without charge upon request by calling 1-877-914-7343.
| (b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s [Principal Executive Officer] and [Principal Financial Officer] have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. Exhibits.
(2) Not applicable
(3) 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.
(4) Not applicable to open-end investment companies
(5) Not applicable to open-end investment companies
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 | |
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 | |
| | By (Signature and Title)* | /s/ Benjamin J. Eirich | |
| | | Benjamin J. Eirich, Treasurer | |
* Print the name and title of each signing officer under his or her signature.
