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 811-23859
Advisor Managed Portfolios
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, Wisconsin 53202
(Address of principal executive offices) (Zip code)
Russell B. Simon
Advisor Managed Portfolios
2020 East Financial Way, Suite 100
Glendora, CA 91741
(Name and address of agent for service)
(626) 914-7395
Registrant’s telephone number, including area code
Date of fiscal year end: September 30
Date of reporting period: September 30, 2024
Item 1. Reports to Stockholders.
| | |
| Ramirez Core Bond Fund | |
| Retail Class | RAMRX | |
| Annual Shareholder Report | September 30, 2024 | |
This annual shareholder report contains important information about the Ramirez Core Bond Fund for the period of December 18, 2023, to September 30, 2024. You can find additional information about the Fund at https://www.ramirezam.com/Funds/CoreBond. You can also request this information by contacting us at 1-888-472-3102.
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 |
| Retail Class | $77* | 0.75%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would have been higher if the Fund had been in operation for a full year. |
| ** | Expense Ratio is annualized. |
HOW DID THE FUND PERFORM SINCE INCEPTION AND WHAT AFFECTED ITS PERFORMANCE?
Given the December 18, 2023 inception date of the Fund, this commentary will serve the since inception to September 30, 2024 period. During this period, the Fund underperformed the Bloomberg U.S. Aggregate Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s neutral to modestly longer overall duration yielded mixed performance results as interest rates steadily rose through late April and then subsequently fell significantly through September. The Fund’s decision to underweight government guaranteed sectors, both U.S. Treasuries and U.S. Agency Mortgage Backed Securities (MBS) contributed to overall absolute and relative performance as risk assets outperformed over the period. The Fund’s sector and sub-sector allocation in corporate credit, municipal credit, and securitized products experienced a contraction in risk premiums, which aided Fund returns for the period. The Fund’s relative positioning within these non-government assets, both up in credit quality and shorter relative duration, was an overall detractor to performance as longer-dated risk assets outperformed.
The Fund’s portfolio managers continued to focus on security selection and relative value opportunities within the spread sectors of the domestic fixed income universe. Relative to the Benchmark, at the end of the period, the Fund remains underweight in U.S. Treasury securities and overweight in taxable municipal securities, asset backed securities, and residential mortgage-backed securities.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 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 $10,000)
| Ramirez Core Bond Fund | PAGE 1 | TSR-AR-00777X207 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(12/18/2023) |
Retail Class (without sales charge) | 4.63 |
Bloomberg U.S. Aggregate Bond Index | 5.34 |
Visit https://www.ramirezam.com/Funds/CoreBond 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 September 30, 2024)
| |
Net Assets | $43,093,939 |
Number of Holdings | 159 |
Net Advisory Fee | $0 |
Portfolio Turnover | 43% |
Visit https://www.ramirezam.com/Funds/CoreBond for more recent performance information.
WHAT DID THE FUND INVEST IN? (as a percentage of net assets of September 30, 2024)
Security Type Breakdown (%)
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ramirezam.com/Funds/CoreBond.
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 Ramirez Asset Management documents not be householded, please contact Ramirez Asset Management at 1-888-472-3102, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Ramirez Asset Management or your financial intermediary.
| Ramirez Core Bond Fund | PAGE 2 | TSR-AR-00777X207 |
104631053427.623.221.216.95.44.41.3
| | |
| Ramirez Core Bond Fund | |
| Institutional Class | RAMIX | |
| Annual Shareholder Report | September 30, 2024 | |
This annual shareholder report contains important information about the Ramirez Core Bond Fund for the period of December 18, 2023, to September 30, 2024. You can find additional information about the Fund at https://www.ramirezam.com/Funds/CoreBond. You can also request this information by contacting us at 1-888-472-3102.
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 | $51* | 0.50%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would have been higher if the Fund had been in operation for a full year. |
| ** | Expense Ratio is annualized. |
HOW DID THE FUND PERFORM SINCE INCEPTION AND WHAT AFFECTED ITS PERFORMANCE?
Given the December 18, 2023 inception date of the Fund, this commentary will serve the since inception to September 30, 2024 period. During this period, the Fund underperformed the Bloomberg U.S. Aggregate Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s neutral to modestly longer overall duration yielded mixed performance results as interest rates steadily rose through late April and then subsequently fell significantly through September. The Fund’s decision to underweight government guaranteed sectors, both U.S. Treasuries and U.S. Agency Mortgage Backed Securities (MBS) contributed to overall absolute and relative performance as risk assets outperformed over the period. The Fund’s sector and sub-sector allocation in corporate credit, municipal credit, and securitized products experienced a contraction in risk premiums, which aided Fund returns for the period. The Fund’s relative positioning within these non-government assets, both up in credit quality and shorter relative duration, was an overall detractor to performance as longer-dated risk assets outperformed.
The Fund’s portfolio managers continued to focus on security selection and relative value opportunities within the spread sectors of the domestic fixed income universe. Relative to the Benchmark, at the end of the period, the Fund remains underweight in U.S. Treasury securities and overweight in taxable municipal securities, asset backed securities, and residential mortgage-backed securities.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 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 $10,000)
| Ramirez Core Bond Fund | PAGE 1 | TSR-AR-00777X306 |
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(12/18/2023) |
Institutional Class (without sales charge) | 4.90 |
Bloomberg U.S. Aggregate Bond Index | 5.34 |
Visit https://www.ramirezam.com/Funds/CoreBond 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 September 30, 2024)
| |
Net Assets | $43,093,939 |
Number of Holdings | 159 |
Net Advisory Fee | $0 |
Portfolio Turnover | 43% |
Visit https://www.ramirezam.com/Funds/CoreBond for more recent performance information.
WHAT DID THE FUND INVEST IN? (as a percentage of net assets of September 30, 2024)
Security Type Breakdown (%)
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ramirezam.com/Funds/CoreBond.
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 Ramirez Asset Management documents not be householded, please contact Ramirez Asset Management at 1-888-472-3102, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Ramirez Asset Management or your financial intermediary.
| Ramirez Core Bond Fund | PAGE 2 | TSR-AR-00777X306 |
104901053427.623.221.216.95.44.41.3
| | |
| Ramirez Government Money Market Fund | |
| Retail Class | RMZXX | |
| Annual Shareholder Report | September 30, 2024 | |
This annual shareholder report contains important information about the Ramirez Government Money Market Fund for the period of December 18, 2023, to September 30, 2024. You can find additional information about the Fund at https://www.ramirezam.com/Funds. You can also request this information by contacting us at 1-888-472-3102. This report describes changes to the Fund that occurred during the reporting period.
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 |
| Retail Class | $43* | 0.43%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would have been higher if the Fund had been in operation for a full year. |
| ** | Expense Ratio is annualized. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $302,723,454 |
Number of Holdings | 13 |
Net Advisory Fee | $0 |
Weighted Average Maturity | 23.04 days |
Weighted Average Life | 23.51 days |
Visit https://www.ramirezam.com/Funds for more recent performance information.
WHAT DID THE FUND INVEST IN? (as a percentage of net assets of September 30, 2024)
Security Type Breakdown (%)
As of September 30, 2024, the Advisor has contractually agreed to limit expenses of the Fund to 0.42% of average daily net assets. Prior to July 24, 2024, the expenses of the Fund were limited to 0.47% of average daily net assets. Prior to January 9, 2024, the expenses of the Fund were limited to 0.60% of average daily net assets.
| Ramirez Government Money Market Fund | PAGE 1 | TSR-AR-00777X405 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ramirezam.com/Funds.
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 Ramirez Asset Management documents not be householded, please contact Ramirez Asset Management at 1-888-472-3102, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Ramirez Asset Management or your financial intermediary.
| Ramirez Government Money Market Fund | PAGE 2 | TSR-AR-00777X405 |
55.848.64.4
| | |
| Ramirez Government Money Market Fund | |
| Institutional Class | RAMXX | |
| Annual Shareholder Report | September 30, 2024 | |
This annual shareholder report contains important information about the Ramirez Government Money Market Fund for the period of December 18, 2023, to September 30, 2024. You can find additional information about the Fund at https://www.ramirezam.com/Funds. You can also request this information by contacting us at 1-888-472-3102. This report describes changes to the Fund that occurred during the reporting period.
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 | $20* | 0.20%** |
| * | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would have been higher if the Fund had been in operation for a full year. |
| ** | Expense Ratio is annualized. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $302,723,454 |
Number of Holdings | 13 |
Net Advisory Fee | $0 |
Weighted Average Maturity | 23.04 days |
Weighted Average Life | 23.51 days |
Visit https://www.ramirezam.com/Funds for more recent performance information.
WHAT DID THE FUND INVEST IN? (as a percentage of net assets of September 30, 2024)
Security Type Breakdown (%)
As of September 30, 2024, the Advisor has contractually agreed to limit expenses of the Fund to 0.17% of average daily net assets. Prior to July 24, 2024, the expenses of the Fund were limited to 0.22% of average daily net assets. Prior to January 9, 2024, the expenses of the Fund were limited to 0.35% of average daily net assets.
| Ramirez Government Money Market Fund | PAGE 1 | TSR-AR-00777X504 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ramirezam.com/Funds.
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 Ramirez Asset Management documents not be householded, please contact Ramirez Asset Management at 1-888-472-3102, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Ramirez Asset Management or your financial intermediary.
| Ramirez Government Money Market Fund | PAGE 2 | TSR-AR-00777X504 |
55.848.64.4
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.
| (1) | File: 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. Brian Ferrie 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. “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.
Ramirez Core Bond Fund
| | FYE 9/30/2023 | FYE 9/30/2024 |
| (a) Audit Fees | N/A | $17,850 |
| (b) Audit-Related Fees | N/A | None |
| (c) Tax Fees | N/A | $3,100 |
| (d) All Other Fees | N/A | None |
Ramirez Government Money Market Fund
| | FYE 9/30/2023 | FYE 9/30/2024 |
| (a) Audit Fees | N/A | $19,500 |
| (b) Audit-Related Fees | N/A | None |
| (c) Tax Fees | N/A | $3,100 |
| (d) All Other Fees | N/A | None |
(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 the principal accountant applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
Ramirez Core Bond Fund
| | FYE 9/30/2023 | FYE 9/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
Ramirez Government Money Market Fund
| | FYE 9/30/2023 | FYE 9/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
(f) N/A
(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.
Ramirez Core Bond Fund
| Non-Audit Related Fees | FYE 9/30/2023 | FYE 9/30/2024 |
| Registrant | N/A | N/A |
| Registrant’s Investment Adviser | N/A | N/A |
Ramirez Government Money Market Fund
| Non-Audit Related Fees | FYE 9/30/2023 | FYE 9/30/2024 |
| Registrant | N/A | N/A |
| Registrant’s Investment Adviser | N/A | N/A |
(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 to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
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.
Ramirez Funds
Ramirez Core Bond Fund
Retail Class (RAMRX)
Institutional Class (RAMIX)
Ramirez Government Money Market Fund
Retail Class (RMZXX)
Institutional Class (RAMXX)
Financial Statements
September 30, 2024
TABLE OF CONTENTS
Ramirez Core Bond Fund
Schedule of Investments
September 30, 2024
| | | | | | | |
ASSET-BACKED SECURITIES - 4.4%
|
Ally Auto Receivables Trust, Series 2024-2, Class A3,
4.14%, 07/16/2029 | | | $100,000 | | | $99,777 |
Capital One Prime Auto Receivables Trust, Series 2023-1, Class A3, 4.87%, 02/15/2028 | | | 50,000 | | | 50,250 |
Ford Credit Floorplan LLC,
Series 2023-1, Class A1,
4.92%, 05/15/2028 | | | 450,000 | | | 454,485 |
GM Financial Automobile Leasing Trust, Series 2024-3, Class A4, 4.22%, 10/20/2028 | | | 300,000 | | | 299,977 |
Porsche Innovative Lease Owner Trust, Series 2024-1, Class A4,
4.66%, 02/20/2030 | | | 200,000 | | | 201,589 |
SBNA Auto Lease Trust
| | | | | | |
Series 2024-C, Class A3,
4.56%, 02/22/2028 | | | 60,000 | | | 60,126 |
Series 2024-C, Class A4,
4.42%, 03/20/2029 | | | 65,000 | | | 65,132 |
Verizon Master Trust,
Series 2023-1, Class A,
4.49%, 01/22/2029 | | | 200,000 | | | 200,536 |
World Omni Auto Receivables Trust, Series 2023-C, Class A3,
5.15%, 11/15/2028 | | | 450,000 | | | 454,734 |
TOTAL ASSET-BACKED SECURITIES
|
(Cost $1,875,181) | | | | | | 1,886,606 |
COLLATERALIZED MORTGAGE OBLIGATIONS - 5.4%
| | | | | | |
Chase Home Lending Mortgage Trust Series 2024-5, Class A3,
5.50%, 04/25/2055(a)(b) | | | 242,955 | | | 243,045 |
Citigroup Commercial Mortgage Trust
| | | | | | |
Series 2023-PRM3, Class A,
6.57%, 07/10/2028(a)(b) | | | 200,000 | | | 209,924 |
Series 2023-SMRT, Class A,
6.01%, 10/12/2040(a)(b) | | | 100,000 | | | 103,373 |
DC Commercial Mortgage Trust, Series 2023-DC, Class A,
6.31%, 09/12/2040(a) | | | 375,000 | | | 393,250 |
ELM Trust, Series 2024-ELM, Class A10,
5.99%, 06/10/2039(a)(b) | | | 150,000 | | | 152,634 |
EQT Trust, Series 2024-EXTR, Class A, 5.33%, 07/05/2041(a)(b) | | | 200,000 | | | 204,752 |
JP Morgan Mortgage Trust
| | | | | | |
Series 2021-7, Class A3,
2.50%, 11/25/2051(a)(b) | | | 123,792 | | | 104,338 |
Series 2021-7, Class A4,
2.50%, 11/25/2051(a)(b) | | | 481,801 | | | 432,090 |
Series 2023-2, Class A2,
5.50%, 07/25/2053(a)(b) | | | 97,733 | | | 97,751 |
| | | | | | | |
| | | | | | | |
Series 2024-8, Class A3,
5.50%, 01/25/2055(a)(b) | | | $98,227 | | | $98,312 |
RCKT Mortgage Trust,
Series 2021-5, Class A5,
2.50%, 11/25/2051(a)(b) | | | 215,711 | | | 192,807 |
Sequoia Mortgage Trust,
Series 2024-9, Class A3,
5.00%, 10/25/2054(a)(b) | | | 100,000 | | | 98,559 |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $2,292,263) | | | | | | 2,330,834 |
CORPORATE BONDS - 21.2%
| | | | | | |
Aerospace/Defense - 0.9%
| | | | | | |
Boeing Co.,
5.15%, 05/01/2030 | | | 165,000 | | | 165,396 |
Northrop Grumman Corp.,
4.70%, 03/15/2033 | | | 200,000 | | | 202,990 |
| | | | | | 368,386 |
Auto Manufacturers - 0.0%(c)
| | | | | | |
General Motors Co.,
6.80%, 10/01/2027 | | | 15,000 | | | 15,882 |
Banks - 5.8%
| | | | | | |
Bank of America Corp.
| | | | | | |
3.25%, 10/21/2027 | | | 35,000 | | | 34,210 |
7.75%, 05/14/2038 | | | 200,000 | | | 252,721 |
Citigroup, Inc.,
6.63%, 06/15/2032 | | | 385,000 | | | 426,507 |
Fifth Third Bancorp,
6.34% to 07/27/2028 then SOFR +
2.34%, 07/27/2029(d) | | | 25,000 | | | 26,573 |
Goldman Sachs Group, Inc.,
3.50%, 11/16/2026 | | | 315,000 | | | 310,275 |
HSBC Holdings PLC,
4.95%, 03/31/2030 | | | 200,000 | | | 205,004 |
JPMorgan Chase & Co.
| | | | | | |
4.13%, 12/15/2026 | | | 15,000 | | | 14,994 |
5.04% to 01/23/2027 then SOFR + 1.19%, 01/23/2028(d) | | | 200,000 | | | 203,345 |
6.40%, 05/15/2038 | | | 265,000 | | | 312,386 |
Morgan Stanley
| | | | | | |
5.00%, 11/24/2025 | | | 15,000 | | | 15,074 |
7.25%, 04/01/2032 | | | 165,000 | | | 195,983 |
Royal Bank of Canada,
6.00%, 11/01/2027 | | | 220,000 | | | 232,183 |
Sumitomo Mitsui Financial Group, Inc., 5.71%, 01/13/2030 | | | 200,000 | | | 211,819 |
Toronto-Dominion Bank/The,
5.52%, 07/17/2028 | | | 30,000 | | | 31,383 |
Wells Fargo & Co.,
4.15%, 01/24/2029 | | | 20,000 | | | 19,940 |
| | | | | | 2,492,397 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Ramirez Core Bond Fund
Schedule of Investments
September 30, 2024(Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Beverages - 0.5%
| | | | | | |
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.,
4.70%, 02/01/2036 | | | $220,000 | | | $220,886 |
Building Materials - 0.7%
| | | | | | |
Owens Corning,
3.88%, 06/01/2030 | | | 165,000 | | | 159,220 |
Vulcan Materials Co.,
3.50%, 06/01/2030 | | | 165,000 | | | 157,822 |
| | | | | | 317,042 |
Chemicals - 0.9%
| | | | | | |
DuPont de Nemours, Inc.,
5.42%, 11/15/2048 | | | 20,000 | | | 22,120 |
Mosaic Co.,
4.05%, 11/15/2027 | | | 165,000 | | | 163,413 |
Sherwin-Williams Co.,
2.20%, 03/15/2032 | | | 215,000 | | | 185,566 |
| | | | | | 371,099 |
Computers - 0.8%
| | | | | | |
Hewlett Packard Enterprise Co.,
4.90%, 10/15/2025 | | | 350,000 | | | 350,295 |
International Business Machines Corp., 3.50%, 05/15/2029 | | | 15,000 | | | 14,579 |
| | | | | | 364,874 |
Diversified Financial Services - 1.1%
| | | | | | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust,
3.65%, 07/21/2027 | | | 200,000 | | | 196,176 |
Capital One Financial Corp.,
3.80%, 01/31/2028 | | | 270,000 | | | 264,211 |
| | | | | | 460,387 |
Electric - 1.5%
| | | | | | |
Exelon Corp.,
4.05%, 04/15/2030 | | | 200,000 | | | 196,944 |
Progress Energy, Inc.,
7.75%, 03/01/2031 | | | 165,000 | | | 193,302 |
Public Service Electric and Gas Co., 4.85%, 08/01/2034 | | | 55,000 | | | 56,228 |
San Diego Gas & Electric Co.,
3.00%, 03/15/2032 | | | 165,000 | | | 150,266 |
Virginia Electric and Power Co.,
5.05%, 08/15/2034 | | | 40,000 | | | 41,061 |
| | | | | | 637,801 |
Electronics - 0.4%
| | | | | | |
Jabil, Inc.,
3.00%, 01/15/2031 | | | 180,000 | | | 161,410 |
Food - 0.2%
| | | | | | |
Kraft Heinz Foods Co.,
6.88%, 01/26/2039 | | | 25,000 | | | 29,477 |
Mondelez International, Inc.,
4.75%, 08/28/2034 | | | 55,000 | | | 55,425 |
| | | | | | | |
| | | | | | | |
Sysco Corp.,
5.95%, 04/01/2030 | | | $15,000 | | | $16,105 |
| | | | | | 101,007 |
Healthcare Services - 1.7%
| | | | | | |
Centene Corp.,
4.25%, 12/15/2027 | | | 165,000 | | | 162,055 |
Elevance Health, Inc.,
4.65%, 01/15/2043 | | | 20,000 | | | 18,807 |
Memorial Sloan-Kettering Cancer Center, 5.00%, 07/01/2042 | | | 330,000 | | | 335,431 |
New York and Presbyterian Hospital, 4.76%, 08/01/2116 | | | 250,000 | | | 229,743 |
| | | | | | 746,036 |
Home Builders - 0.0%(c)
| | | | | | |
Toll Brothers Finance Corp.,
4.88%, 03/15/2027 | | | 15,000 | | | 15,102 |
Insurance - 1.0%
| | | | | | |
Allstate Corp.,
5.05%, 06/24/2029 | | | 30,000 | | | 30,912 |
Aon Corp.,
2.80%, 05/15/2030 | | | 220,000 | | | 202,528 |
MetLife, Inc.,
6.38%, 06/15/2034 | | | 200,000 | | | 226,855 |
| | | | | | 460,295 |
Internet - 0.8%
| | | | | | |
Netflix, Inc.,
5.88%, 11/15/2028 | | | 315,000 | | | 335,685 |
Lodging - 0.4%
| | | | | | |
Marriott International, Inc.,
4.63%, 06/15/2030 | | | 165,000 | | | 166,539 |
Media - 0.5%
| | | | | | |
Charter Communications Operating LLC/Charter Communications Operating Capital
| | | | | | |
5.05%, 03/30/2029 | | | 15,000 | | | 14,922 |
6.10%, 06/01/2029 | | | 175,000 | | | 181,135 |
Comcast Corp.,
4.15%, 10/15/2028 | | | 15,000 | | | 15,023 |
| | | | | | 211,080 |
Miscellaneous Manufacturing - 0.7%
| | | | | | |
Parker-Hannifin Corp.,
4.25%, 09/15/2027 | | | 315,000 | | | 316,012 |
Oil & Gas - 0.9%
| | | | | | |
BP Capital Markets America, Inc., 4.81%, 02/13/2033 | | | 150,000 | | | 152,006 |
Marathon Oil Corp.,
5.20%, 06/01/2045 | | | 30,000 | | | 29,510 |
Valero Energy Corp.,
6.63%, 06/15/2037 | | | 165,000 | | | 184,979 |
| | | | | | 366,495 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Ramirez Core Bond Fund
Schedule of Investments
September 30, 2024(Continued)
| | | | | | | |
CORPORATE BONDS - (Continued)
|
Packaging & Containers - 0.0%(c)
| | | | | | |
Packaging Corp. of America,
3.40%, 12/15/2027 | | | $15,000 | | | $14,628 |
Pipelines - 0.3%
| | | | | | |
Boardwalk Pipelines LP,
5.95%, 06/01/2026 | | | 15,000 | | | 15,273 |
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027 | | | 15,000 | | | 15,249 |
Energy Transfer LP,
6.50%, 02/01/2042 | | | 15,000 | | | 16,392 |
Kinder Morgan, Inc.,
5.10%, 08/01/2029 | | | 70,000 | | | 71,823 |
| | | | | | 118,737 |
Real Estate Investment Trusts (REITS) - 0.5%
| | | | | | |
American Tower Corp.,
2.90%, 01/15/2030 | | | 200,000 | | | 184,944 |
Simon Property Group LP,
6.25%, 01/15/2034 | | | 15,000 | | | 16,584 |
| | | | | | 201,528 |
Retail - 0.5%
| | | | | | |
Dollar General Corp.,
4.13%, 05/01/2028 | | | 15,000 | | | 14,799 |
McDonald’s Corp.,
6.30%, 10/15/2037 | | | 165,000 | | | 188,235 |
| | | | | | 203,034 |
Semiconductors - 0.1%
| | | | | | |
Broadcom, Inc.,
4.15%, 02/15/2028 | | | 35,000 | | | 34,963 |
Telecommunications - 1.0%
| | | | | | |
AT&T, Inc.,
5.35%, 09/01/2040 | | | 30,000 | | | 30,420 |
T-Mobile USA, Inc.,
3.88%, 04/15/2030 | | | 220,000 | | | 213,944 |
Verizon Communications, Inc.,
5.25%, 03/16/2037 | | | 165,000 | | | 171,559 |
| | | | | | 415,923 |
TOTAL CORPORATE BONDS
(Cost $8,855,913) | | | | | | 9,117,228 |
MORTGAGE-BACKED SECURITIES - 16.9%
| | | | | | |
Federal Home Loan Mortgage Corp.
| | | | | | |
Pool SD8189, 2.50%, 01/01/2052 | | | 642,366 | | | 558,841 |
Pool SD8201, 3.00%, 03/01/2052 | | | 166,276 | | | 149,531 |
Pool SD8221, 3.50%, 06/01/2052 | | | 170,440 | | | 158,847 |
Pool SD8225, 3.00%, 07/01/2052 | | | 1,072,977 | | | 963,899 |
Pool SD8238, 4.50%, 08/01/2052 | | | 324,727 | | | 319,614 |
Pool SD8256, 4.00%, 10/01/2052 | | | 152,689 | | | 146,716 |
Pool SD8362, 5.50%, 09/01/2053 | | | 199,837 | | | 202,179 |
| | | | | | | |
| | | | | | | |
Federal National Mortgage Association
| | | | | | |
Pool MA4438, 2.50%, 10/01/2051 | | | $237,030 | | | $205,682 |
Pool MA4512, 2.50%, 01/01/2052 | | | 1,205,869 | | | 1,044,103 |
Pool MA4578, 2.50%, 04/01/2052 | | | 156,484 | | | 135,491 |
Pool MA4600, 3.50%, 05/01/2052 | | | 552,107 | | | 514,143 |
Pool MA4701, 4.50%, 08/01/2052 | | | 595,315 | | | 585,765 |
Pool MA4732, 4.00%, 09/01/2052 | | | 996,747 | | | 957,607 |
Pool MA4918, 5.00%, 02/01/2053 | | | 190,723 | | | 190,763 |
Pool MA4978, 5.00%, 04/01/2053 | | | 550,171 | | | 550,245 |
Pool MA5072, 5.50%, 07/01/2053 | | | 608,551 | | | 615,779 |
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $7,120,214) | | | | | | 7,299,205 |
MUNICIPAL BONDS - 27.6%
| | | | | | |
Education - 7.7%
| | | | | | |
Denver City & County School District No 1, 5.66%, 12/01/2033 | | | 50,000 | | | 52,576 |
Los Angeles Community College District/CA
| | | | | | |
6.68%, 08/01/2036 | | | 200,000 | | | 234,592 |
6.60%, 08/01/2042 | | | 50,000 | | | 58,080 |
Massachusetts School Building Authority,
3.40%, 10/15/2040 | | | 250,000 | | | 215,450 |
Michigan State University,
6.17%, 02/15/2050 | | | 200,000 | | | 210,304 |
New York State Dormitory Authority
| | | | | | |
5.39%, 03/15/2040 | | | 500,000 | | | 515,172 |
4.85%, 07/01/2048 | | | 50,000 | | | 48,899 |
Ohio State University/The,
4.91%, 06/01/2040 | | | 500,000 | | | 493,389 |
Oregon School Boards Association
| | | | | | |
5.55%, 06/30/2028 | | | 407,338 | | | 417,393 |
5.68%, 06/30/2028 | | | 50,000 | | | 51,370 |
University of California,
4.77%, 05/15/2115 | | | 125,000 | | | 115,004 |
University of Massachusetts Building Authority,
5.45%, 11/01/2040 | | | 350,000 | | | 363,394 |
University of Michigan,
4.45%, 04/01/2122 | | | 515,000 | | | 453,309 |
Washington Biomedical Research Facilities
3, 6.52%, 07/01/2042 | | | 95,000 | | | 107,181 |
Financing & Development - 4.9%
| | | | | | |
California State Public Works Board, 8.36%, 10/01/2034 | | | 500,000 | | | 617,401 |
Empire State Development Corp.
| | | | | | |
3.90%, 03/15/2033 | | | 405,000 | | | 393,409 |
3.90%, 03/15/2033 | | | 95,000 | | | 94,687 |
Kansas Development Finance Authority, 4.93%, 04/15/2045 | | | 40,000 | | | 40,353 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Ramirez Core Bond Fund
Schedule of Investments
September 30, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
Metropolitan Government of Nashville & Davidson County Convention Center Authority,
6.73%, 07/01/2043 | | | $75,000 | | | $83,924 |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue,
7.46%, 10/01/2046 | | | 200,000 | | | 253,679 |
New Jersey Economic Development Authority,
7.43%, 02/15/2029 | | | 555,000 | | | 599,337 |
Permanent University Fund - University of Texas System,
5.26%, 07/01/2039 | | | 45,000 | | | 46,599 |
Healthcare - 1.0%
| | | | | | |
Lee Memorial Health System,
7.28%, 04/01/2027 | | | 50,000 | | | 52,368 |
Regents of the University of California Medical Center Pooled Revenue, 4.13%, 05/15/2032 | | | 400,000 | | | 394,363 |
Local General Obligation - 7.7%
| | | | | | |
City of New York, NY,
5.97%, 03/01/2036 | | | 500,000 | | | 542,837 |
County of Cook IL,
6.23%, 11/15/2034 | | | 100,000 | | | 109,184 |
Los Angeles County Public Works Financing Authority,
7.62%, 08/01/2040 | | | 400,000 | | | 487,544 |
New York City Transitional Finance Authority Future Tax Secured Revenue
| | | | | | |
4.20%, 11/01/2028 | | | 85,000 | | | 85,010 |
5.57%, 11/01/2038 | | | 540,000 | | | 568,798 |
Sales Tax Securitization Corp.,
3.82%, 01/01/2048 | | | 70,000 | | | 59,376 |
State of California
| | | | | | |
11.00%, 10/01/2033 | | | 250,000 | | | 370,352 |
7.55%, 04/01/2039 | | | 245,000 | | | 307,938 |
7.63%, 03/01/2040 | | | 200,000 | | | 250,266 |
State of Connecticut,
5.85%, 03/15/2032 | | | 300,000 | | | 324,969 |
State of Mississippi,
5.25%, 11/01/2034 | | | 195,000 | | | 200,972 |
Transportation - 2.9%
| | | | | | |
Bay Area Toll Authority,
3.13%, 04/01/2055 | | | 40,000 | | | 28,899 |
City of Los Angeles Department of Airports,
7.05%, 05/15/2040 | | | 45,000 | | | 53,936 |
County of Miami-Dade Seaport Department,
6.22%, 11/01/2055 | | | 150,000 | | | 162,175 |
Dallas Fort Worth International Airport, 4.51%, 11/01/2051 | | | 500,000 | | | 467,877 |
| | | | | | | |
| | | | | | | |
New Jersey Turnpike Authority,
7.10%, 01/01/2041 | | | $440,000 | | | $522,552 |
Utilities - 3.4%
| | | | | | |
American Municipal Power, Inc.,
7.83%, 02/15/2041 | | | 500,000 | | | 630,600 |
Irvine Ranch Water District Water Service Corp.,
6.62%, 05/01/2040 | | | 200,000 | | | 228,275 |
Massachusetts Clean Water Trust/The, 5.19%, 08/01/2040 | | | 45,000 | | | 45,574 |
Metropolitan Water Reclamation District of Greater Chicago,
5.72%, 12/01/2038 | | | 50,000 | | | 53,546 |
New York City Municipal Water Finance Authority,
5.95%, 06/15/2042 | | | 50,000 | | | 54,210 |
Salt River Project Agricultural Improvement & Power District, 4.84%, 01/01/2041 | | | 450,000 | | | 440,258 |
TOTAL MUNICIPAL BONDS
(Cost $11,726,331) | | | | | | 11,907,381 |
U.S. TREASURY SECURITIES - 23.2%
|
United States Treasury Bond
| | | | | | |
5.38%, 02/15/2031 | | | 1,000,000 | | | 1,101,602 |
2.25%, 05/15/2041 | | | 1,175,000 | | | 910,671 |
2.38%, 05/15/2051 | | | 670,000 | | | 472,690 |
4.75%, 11/15/2053 | | | 1,360,000 | | | 1,502,216 |
United States Treasury Notes
| | | | | | |
3.63%, 05/15/2026 | | | 1,895,000 | | | 1,891,965 |
2.38%, 05/15/2027 | | | 2,645,000 | | | 2,564,719 |
2.63%, 07/31/2029 | | | 655,000 | | | 627,290 |
4.13%, 08/31/2030 | | | 75,000 | | | 76,963 |
4.25%, 06/30/2031 | | | 805,000 | | | 833,364 |
TOTAL U.S. TREASURY SECURITIES
(Cost $9,763,500) | | | | | | 9,981,480 |
TOTAL INVESTMENTS - 98.7% (Cost $41,633,402) | | | | | | $42,522,734 |
U.S. Bank Money Market Deposit Account (MMDA) - 1.3%(e) | | | | | | 577,868 |
Liabilities in Excess of Other
Assets - (0.0)%(c) | | | | | | (6,663) |
TOTAL NET ASSETS - 100.0% | | | | | | $43,093,939 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Ramirez Core Bond Fund
Schedule of Investments
September 30, 2024(Continued)
Notes:
(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 September 30, 2024, the value of these securities total $2,330,834 or 5.4% of the Fund’s net assets. |
(b)
| Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2024. |
(c)
| Represents less than 0.05% of net assets. |
(d)
| Fixed to floating rate security. Effective date of change and formula disclosed.
|
(e)
| The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2024 was 4.70%. |
Abbreviations used in this schedule:
LP - Limited Partnership
PLC - Public Limited Company
SOFR - Secured Overnight Financing Rate
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Ramirez Government Money Market Fund
Schedule of Investments
September 30, 2024
| | | | | | | |
REPURCHASE AGREEMENTS – 55.8%
| | | | | | |
Goldman Sachs & Co. LLC, 4.88%, dated 09/30/2024, matures 10/01/2024, repurchase price $74,010,031 (collateralized by U.S. Government Agency securities and U.S. Treasuries: 2.13% to 6.50%: 4/15/29 to 9/20/54: Total market value $74,000,001) | | | $74,000,000 | | | $74,000,000 |
J.P. Morgan Securities LLC
| | | | | | |
4.89%, dated 09/30/2024, matures 10/01/2024, repurchase price $49,006,656 (collateralized by U.S. Government Agency securities and U.S. Treasuries: 1.50% to 7.00%: 12/1/26 to 10/1/54: Total market value $49,000,003) 10/01/2024 | | | 49,000,000 | | | 49,000,000 |
4.86%, dated 09/30/2024, matures 10/07/2024, repurchase price $25,087,750 (collateralized by U.S. Government Agency securities: 6.00%: 5/1/54: Total market value $25,000,002)(a) | | | 25,000,000 | | | 25,000,000 |
Royal Bank of Canada, 4.81%, dated 09/30/2024, matures 10/01/2024, repurchase price $21,002,806 (collateralized by U.S. Government Agency securities and U.S. Treasuries: 0.75% to 3.25%: 8/31/26 to 5/15/42: Total market value $21,000,062) | | | 21,000,000 | | | 21,000,000 |
TOTAL REPURCHASE AGREEMENTS
|
(Cost $169,000,000) | | | | | | 169,000,000 |
U.S. TREASURY DEBT – 48.6%(b)
| | | | | | |
United States Treasury Bill
| | | | | | |
5.38%, 10/01/2024 | | | 21,020,000 | | | 21,020,000 |
5.38%, 10/15/2024 | | | 27,820,000 | | | 27,763,515 |
5.38%, 10/22/2024 | | | 90,000 | | | 89,726 |
5.36%, 11/05/2024 | | | 38,880,000 | | | 38,683,584 |
5.16%, 11/29/2024 | | | 730,000 | | | 724,001 |
5.13%, 12/17/2024 | | | 13,210,000 | | | 13,069,400 |
4.73%, 12/19/2024 | | | 20,000,000 | | | 19,797,448 |
4.98%, 12/24/2024 | | | 13,320,000 | | | 13,169,473 |
4.56%, 01/28/2025 | | | 12,950,000 | | | 12,760,322 |
TOTAL U.S. TREASURY DEBT
(Cost $147,077,469) | | | | | | 147,077,469 |
TOTAL INVESTMENTS - 104.4% (Cost - $316,077,469) | | | | | | $316,077,469 |
U.S. Bank Money Market Deposit Account (MMDA) – 0.2%(c) | | | | | | 752,603 |
Liabilities in Excess of Other
Assets - (4.6)% | | | | | | (14,106,618) |
TOTAL NET ASSETS - 100.0% | | | | | | $302,723,454 |
| | | | | | | |
Notes:
(a)
| The maturity shown represents the next put date. |
(b)
| Zero coupon security. Rate disclosed is the yield of the position. |
(c)
| The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2024 was 4.70%. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Ramirez Funds
Statements of Assets and Liabilities
September 30, 2024
| | | | | | | |
Assets:
| | | | | | |
Investments in securities at cost | | | $41,633,402 | | | $316,077,469(a) |
Investments in securities at value | | | 42,522,734 | | | 147,077,469 |
Repurchase agreements at value | | | — | | | 169,000,000 |
Cash - Interest Bearing Deposit | | | 577,868 | | | 752,603 |
Receivable from Investment Advisor | | | 17,411 | | | — |
Dividends and interest receivable | | | 456,844 | | | 30,051 |
Prepaid expenses | | | 13,791 | | | 10,247 |
Total assets | | | 43,588,648 | | | 316,870,370 |
Liabilities:
| | | | | | |
Distributions to shareholders | | | — | | | 1,130,024 |
Payable for securities purchased | | | 334,926 | | | 12,760,322 |
Due to Investment Advisor | | | — | | | 4,562 |
Accrued other expenses (Note 3) | | | 159,783 | | | 252,008 |
Total liabilities | | | 494,709 | | | 14,146,916 |
Net Assets | | | $43,093,939 | | | $302,723,454 |
Components of Net Assets:
| | | | | | |
Paid-in capital | | | $42,227,079 | | | $302,712,230 |
Total distributable earnings | | | 866,860 | | | 11,224 |
Net Assets | | | $43,093,939 | | | $302,723,454 |
Retail Class:
| | | | | | |
Net Assets | | | $5,233 | | | $1,383,819 |
Shares Issued and Outstanding (unlimited shares authorized, no par value) | | | 345 | | | 1,383,762 |
Net Asset Value, Redemption Price and Offering Price Per Share | | | $15.18(b) | | | $1.00 |
Institutional Class:
| | | | | | |
Net Assets | | | $43,088,706 | | | $301,339,635 |
Shares Issued and Outstanding (unlimited shares authorized, no par value) | | | 2,837,266 | | | 301,328,467 |
Net Asset Value, Redemption Price and Offering Price Per Share | | | $15.19 | | | $1.00 |
| | | | | | | |
(a)
| Includes repurchase agreements. |
(b)
| Due to rounding, the NAV may not calculate to the value shown. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Ramirez Funds
Statements of Operations
For the Period December 18, 2023* through September 30, 2024
| | | | | | | |
Investment Income:
| | | | | | |
Interest income | | | $1,362,330 | | | $9,722,000 |
Total investment income | | | 1,362,330 | | | 9,722,000 |
Expenses:
| | | | | | |
Administration and fund accounting fees (Note 3) | | | 110,161 | | | 142,991 |
Advisory fees (Note 3) | | | 94,753 | | | 360,875 |
Transfer agent fees and expenses (Note 3 & Note 6) | | | 51,687 | | | 93,094 |
Registration fees | | | 41,131 | | | 78,083 |
Legal fees | | | 26,008 | | | 25,006 |
Audit fees | | | 21,098 | | | 22,607 |
Trustees’ fees (Note 3) | | | 12,559 | | | 12,561 |
Shareholder reporting fees | | | 11,309 | | | 11,151 |
Compliance fees (Note 3) | | | 8,267 | | | 8,300 |
Custody fees (Note 3) | | | 4,169 | | | 10,967 |
Insurance fees | | | 1,337 | | | 2,236 |
Distribution fees (Note 6) | | | 9 | | | 758 |
Miscellaneous | | | 7,095 | | | 6,998 |
Total expenses | | | 389,583 | | | 775,627 |
Expenses waived and reimbursed by the Advisor (Note 3) | | | (254,212) | | | (404,007) |
Net expenses | | | 135,371 | | | 371,620 |
Net investment income | | | 1,226,959 | | | 9,350,380 |
Realized and Unrealized Gain (Loss) on Investments
| | | | | | |
Net realized gain (loss) on investments | | | (22,352) | | | 11,224 |
Net change in unrealized appreciation/depreciation on investments | | | 889,332 | | | — |
Net realized and unrealized gain on investments | | | 866,980 | | | 11,224 |
Net Increase in Net Assets Resulting from Operations | | | $2,093,939 | | | $9,361,604 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Ramirez Core Bond Fund
Statement of Changes in Net Assets
| | | | |
Increase (Decrease) in Net Assets from:
| | | |
Operations:
| | | |
Net investment income | | | $1,226,959 |
Net realized loss | | | (22,352) |
Net change in unrealized appreciation/depreciation | | | 889,332 |
Net increase in net assets resulting from operations | | | 2,093,939 |
Distributions to shareholders:
| | | |
Retail Class | | | (167) |
Institutional Class | | | (1,226,916) |
Total distributions to shareholders | | | (1,227,083) |
Capital Transactions:
| | | |
Net proceeds from shares sold
| | | |
Retail Class | | | 5,000 |
Institutional Class | | | 40,995,000 |
Reinvestment of distributions
| | | |
Retail Class | | | 167 |
Institutional Class | | | 1,226,916 |
Cost of shares repurchased
| | | |
Retail Class | | | — |
Institutional Class | | | — |
Net increase in net assets from capital transactions | | | 42,227,083 |
Total Increase in Net Assets | | | 43,093,939 |
Net Assets:
| | | |
Beginning of period | | | — |
End of period | | | $43,093,939 |
Capital Share Transactions:
| | | |
Shares sold:
| | | |
Retail Class | | | 334 |
Institutional Class | | | 2,754,268 |
Shares reinvested:
| | | |
Retail Class | | | 11 |
Institutional Class | | | 82,998 |
Shares repurchased:
| | | |
Retail Class | | | — |
Institutional Class | | | — |
Net increase in shares outstanding | | | 2,837,611 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Ramirez Government Money Market Fund
Statement of Changes in Net Assets
| | | | |
Increase in Net Assets from:
| | | |
Operations:
| | | |
Net investment income | | | $9,350,380 |
Net realized gain | | | 11,224 |
Net increase in net assets resulting from operations | | | 9,361,604 |
Distributions to shareholders:
| | | |
Retail Class | | | (14,846) |
Institutional Class | | | (9,335,534) |
Total distributions to shareholders | | | (9,350,380) |
Capital Transactions:
| | | |
Net proceeds from shares sold
| | | |
Retail Class | | | 1,373,821 |
Institutional Class | | | 369,095,453 |
Reinvestment of distributions
| | | |
Retail Class | | | 9,941 |
Institutional Class | | | 8,210,364 |
Cost of shares repurchased
| | | |
Retail Class | | | — |
Institutional Class | | | (75,977,349) |
Net increase in net assets from capital transactions | | | 302,712,230 |
Total Increase in Net Assets | | | 302,723,454 |
Net Assets:
| | | |
Beginning of period | | | — |
End of period | | | $302,723,454 |
Capital Share Transactions:
| | | |
Shares sold:
| | | |
Retail Class | | | 1,373,821 |
Institutional Class | | | 369,095,453 |
Shares reinvested:
| | | |
Retail Class | | | 9,941 |
Institutional Class | | | 8,210,364 |
Shares repurchased:
| | | |
Retail Class | | | — |
Institutional Class | | | (75,977,349) |
Net increase in shares outstanding | | | 302,712,230 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Ramirez Core Bond Fund
Financial Highlights
Retail Class
For a capital share outstanding throughout the period:
| | | | |
Net Asset Value, Beginning of Period | | | $15.00 |
Income from Investment Operations:
| | | |
Net investment income(1) | | | 0.50 |
Net realized and unrealized gain on investments | | | 0.17 |
Total gain from investment operations | | | 0.67 |
Less Distributions:
| | | |
From net investment income | | | (0.49) |
Total distributions | | | (0.49) |
Net Asset Value, End of Period | | | $15.18 |
Total return(2) | | | 4.63%(3) |
Supplemental Data and Ratios:
| | | |
Net assets, end of period (in thousands) | | | $5 |
Ratios to average net assets
| | | |
Gross expenses | | | 2.49%(4) |
Net Expenses | | | 0.75%(4) |
Net investment income | | | 4.27%(4) |
Portfolio turnover rate(5) | | | 43%(3) |
| | | | |
1
| Per share amounts have been calculated using the average shares method. |
2
| Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Assumes reinvestment of all distributions. Return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions. |
5
| Portfolio turnover rate is calculated for the Fund without distinguishing between classes. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Ramirez Core Bond Fund
Financial Highlights
Institutional Class
For a capital share outstanding throughout the period:
| | | | |
Net Asset Value, Beginning of Period | | | $15.00 |
Income from Investment Operations:
| | | |
Net investment income(1) | | | 0.53 |
Net realized and unrealized gain on investments | | | 0.19 |
Total gain from investment operations | | | 0.72 |
Less Distributions:
| | | |
From net investment income | | | (0.53) |
Total distributions | | | (0.53) |
Net asset value, end of period | | | $15.19 |
Total return(2) | | | 4.90%(3) |
Supplemental Data and Ratios:
| | | |
Net assets, end of period (in thousands) | | | $43,089 |
Ratios to average net assets
| | | |
Gross expenses | | | 1.44%(4) |
Net Expenses | | | 0.50%(4) |
Net investment income | | | 4.53%(4) |
Portfolio turnover rate(5) | | | 43%(3) |
| | | | |
1
| Per share amounts have been calculated using the average shares method. |
2
| Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Assumes reinvestment of all distributions. Return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions. |
5
| Portfolio turnover rate is calculated for the Fund without distinguishing between classes. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Ramirez Government Money Market Fund
Financial Highlights
Retail Class
For a capital share outstanding throughout the period:
| | | | |
Net Asset Value, Beginning of Period | | | $1.00 |
Income from Investment Operations:
| | | |
Net investment income | | | 0.04 |
Net realized and unrealized gain on investments | | | 0.00(1) |
Total gain from investment operations | | | 0.04 |
Less Distributions:
| | | |
From net investment income | | | (0.04) |
Total distributions | | | (0.04) |
Net asset value, end of period | | | $1.00 |
Total return(2) | | | 3.92%(3) |
Supplemental Data and Ratios:
| | | |
Net assets, end of period (in thousands) | | | $1,384 |
Ratios to average net assets
| | | |
Gross expenses | | | 0.66%(5) |
Net Expenses(4) | | | 0.43%(5) |
Net investment income | | | 4.83%(5) |
| | | | |
1
| Represents less than 0.05% of net assets. |
2
| Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Assumes reinvestment of all distributions. Return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions. |
4
| Effective January 9, 2024 the contractual expense limitation changed. The ratio presented for period ended September 30, 2024 is a blended ratio. See note 3. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Ramirez Government Money Market Fund
Financial Highlights
Institutional Class
For a capital share outstanding throughout the period:
| | | | |
Net Asset Value, Beginning of Period | | | $1.00 |
Income from Investment Operations:
| | | |
Net investment income | | | 0.04 |
Net realized and unrealized gain on investments | | | 0.00(1) |
Total Gain from Investment Operations | | | 0.04 |
Less Distributions:
| | | |
From net investment income | | | (0.04) |
Total distributions | | | (0.04) |
Net Asset Value, End of Period | | | $1.00 |
Total return(2) | | | 4.12%(3) |
Supplemental Data and Ratios:
| | | |
Net assets, end of period (in thousands) | | | $301,340 |
Ratios to average net assets
| | | |
Gross expenses | | | 0.43%(5) |
Net Expenses(4) | | | 0.20%(5) |
Net investment income | | | 5.16%(5) |
| | | | |
1
| Represents less than 0.05% of net assets. |
2
| Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Assumes reinvestment of all distributions. Return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions. |
4
| Effective January 9, 2024 the contractual expense limitation changed. The ratio presented for period ended September 30, 2024 is a blended ratio. See note 3. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Ramirez Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024
NOTE 1 – ORGANIZATION
The Ramirez Core Bond Fund (the “Core Bond Fund”) and Ramirez Government Money Market Fund (the “Money Market Fund”, each a Fund and together, the “Funds”) are diversified series of Advisor Managed Portfolios (the “Trust”). The Trust was organized on February 16, 2023, as a Delaware Statutory Trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end investment management company. Ramirez Asset Management, Inc. (the “Advisor”) serves as the investment manager to the Funds. The inception date of the Funds was December 18, 2023.
The Core Bond Fund’s investment objective is to maximize total return by investing primarily in a diversified portfolio of fixed income securities and operates as a diversified fund. The Money Market Fund seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity. As a government money market fund, the Money Market Fund is required by Rule 2a-7 to invest at least 99.5% of total assets in cash, U.S. government securities and/or repurchase agreements collateralized solely by U.S. Government securities or cash.
Each Fund currently offers a Retail Class and an Institutional Class. Each share class represents an equal interest in the Fund, except the difference of class specific expenses, which reflects the difference in the range of services provided to each class. Income, expenses (other than class specific), and realized and unrealized gains and losses on investments are allocated daily to each class based on relative net assets.
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies. Each Fund is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946. The presentation 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 income and expenses during the period reported. Actual results may differ from those estimates.
(a)
| Securities Valuation – The Money Market Fund’s investments are valued using amortized cost method permitted by Rule 2a-7 of the Investment Company Act. Any discount or premium is recognized ratably to the final maturity of the security and is included in interest income. In accordance with Rule 2a-7, the fair value of securities held in the funds are determined using amortized cost, which is compared to prices provided by independent pricing providers. |
The Core Bond Fund’s investments in debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 2 of the fair value hierarchy.
Short-term debt instruments having a maturity of less than 60 days are valued at the evaluated mean price supplied by an approved pricing service. Pricing services may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. In the absence of prices from a pricing service, the securities will be priced in accordance with the procedures adopted by the Board. Short-term debt securities are generally classified in Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.
TABLE OF CONTENTS
Ramirez Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
In the absence of prices from a pricing service or in the event that market quotations are not readily available, fair value will be determined under the Funds’ valuation procedures adopted pursuant to Rule 2a-5. Pursuant to those procedures, the Board has appointed the Advisor as the Funds’ valuation designee (the “Valuation Designee”) to perform all fair valuations of the Funds’ portfolio investments, subject to the Board’s oversight. As the Valuation Designee, the Advisor has established procedures for its fair valuation of the Funds’ portfolio investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation.
Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
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 fair valuation hierarchy of each Fund’s securities as of September 30, 2024:
Level 1 –
| Quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value. |
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 –
| Significant unobservable inputs, including the Funds’ own assumptions in determining the fair value of investments. |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to fair value the Funds’ investments in each category investment type as of September 30, 2024:
Core Bond Fund
| | | | | | | | | | | | | |
Long-Term Investments
| | | | | | | | | | | | |
Asset-Backed Securities | | | $ — | | | $1,886,606 | | | $ — | | | $1,886,606 |
Collateralized Mortgage Obligations | | | — | | | 2,330,834 | | | — | | | 2,330,834 |
Corporate Bonds | | | — | | | 9,117,228 | | | — | | | 9,117,228 |
Mortgage-Backed Securities | | | — | | | 7,299,205 | | | — | | | 7,299,205 |
Municipal Bonds | | | — | | | 11,907,381 | | | — | | | 11,907,381 |
U.S. Treasury Securities | | | — | | | 9,981,480 | | | — | | | 9,981,480 |
Total Long-Term Investments | | | — | | | 42,522,734 | | | — | | | 42,522,734 |
Total Investments | | | $— | | | $42,522,734 | | | $— | | | $42,522,734 |
| | | | | | | | | | | | | |
Money Market Fund
| | | | | | | | | | | | | |
Short-Term Investments
| | | | | | | | | | | | |
Repurchase Agreements | | | $ — | | | $169,000,000 | | | $ — | | | $169,000,000 |
U.S. Treasury Debts | | | — | | | 147,077,469 | | | — | | | 147,077,469 |
Total Short-Term Investments | | | — | | | 316,077,469 | | | — | | | 316,077,469 |
Total Investments | | | $— | | | $316,077,469 | | | $— | | | $316,077,469 |
| | | | | | | | | | | | | |
*
| See the Schedules of Investments for further detail of investment classifications. |
TABLE OF CONTENTS
Ramirez Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
(b)
| Securities Transactions, Investment Income and Distributions – The Funds record security transactions based on trade date. Realized gains and losses on sales of securities are reported based on the identified cost of securities delivered. Interest income, and expenses are recognized on an accrual basis. Discounts and premiums are amortized over the lives of the respective securities using the effective yield method. |
(c)
| Distributions to shareholders – Distributions of net investment income, if any, are declared daily and distributed monthly. Net realized gains from investment transactions, if any, will be declared and distributed to shareholders annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP. |
(d)
| Repurchase Agreements – The Money Market Fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the Fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be re-pledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The Fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the Fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the Fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral. The Money Market Fund had invested in repurchase agreements at September 30, 2024 as detailed in the Schedule of Investments. The value of related collateral exceeded the value of the repurchase agreements by at least two percent. |
(e)
| Cash and Cash Equivalents – Cash and cash equivalents include cash on hand and demand deposits. The Funds sweep uninvested cash into a Money Market Deposit Account (MMDA) offered by U.S. Bank. MMDAs are interest-bearing accounts that offer competitive interest rates and limited transactions capabilities. These accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per bank. |
(f)
| Federal Income Taxes – Each Fund is a separate taxable entity and has elected to be taxed as a Regulated Investment Company (“RIC”) under the U.S. Internal Revenue Code of 1986, as amended, and intends to maintain this qualification and to distribute substantially all net taxable income to its shareholders. Therefore, no provision is made for federal income taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds. |
Management of the Funds is required to analyze all open tax years, as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state authorities. As of and during the period ended September 30, 2024, the Funds did not have a liability for any unrecognized tax benefits. Generally, tax authorities can examine tax returns filed for the preceding three years. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
(g)
| Indemnification – The Funds enter into contracts that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown as it would be dependent upon future claims that may be made against the Funds. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. |
NOTE 3 – INVESTMENT MANAGEMENT AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS
The Trust has an agreement with the Advisor to furnish investment advisory services to the Funds. Under the terms of this agreement, the Core Bond Fund and Money Market Fund pay an investment management fee based on each Fund’s average daily net assets at the annual rate of 0.35% and 0.20%, respectively.
TABLE OF CONTENTS
Ramirez Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
The Advisor has contractually agreed to waive a portion or all of its management fees and pay the Funds’ expenses (excluding taxes, interest charges, litigation and other extraordinary expenses, acquired fund fees and expenses, interest expense relating to short sales, dividend expense, borrowing costs, extraordinary expenses, and brokers’ commissions and other charges relating to the purchase and sale of the Funds’ portfolio securities) to ensure that the total annual fund operating expenses do not exceed, on an annual basis, the expense limitations, expressed as a percentage rate of the average daily net assets of each Fund, listed below.
| | | | | | | |
Core Bond Fund | | | 0.75% | | | 0.50% |
Money Market Fund | | | 0.42% | | | 0.17% |
| | | | | | | |
Prior to July 24, 2024, the Money Market Fund’s had a similar agreement to limit the operating expenses as follows:
| | | | | | | |
December 18, 2023 | | | 0.60% | | | 0.35% |
January 9, 2024 | | | 0.47% | | | 0.22% |
| | | | | | | |
The Advisor is permitted to recapture amounts waived and/or reimbursed to a class, over a rolling three year period, if a class’s total annual operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned or the expenses incurred. However, in no case will the Advisor recapture any amount that would result, on any particular business day, in a class’s total annual operating expenses exceeding the expense cap or any other lower limit then in effect.
As of September 30, 2024, the amounts waived by the Advisor and the eligible recapture period is as follows:
| | | | | | | |
September 30, 2027 | | | $254,212 | | | $404,007 |
| | | | | | | |
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds’ administrator and fund accountant and transfer agent. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Funds’ custodian and provides compliance services to the Funds. Quasar Distributors, LLC (“Quasar” or the “Distributor”) acts as the Funds’ distributor and principal underwriter. For the period ended September 30, 2024, the Funds incurred the following expenses for administration and fund accounting, compliance, custody and transfer agent fees:
| | | | | | | |
Administration and fund accounting | | | $110,161 | | | $142,991 |
Compliance | | | 8,267 | | | 8,300 |
Custody | | | 4,169 | | | 10,967 |
Transfer agent* | | | 36,968 | | | 44,708 |
| | | | | | | |
*
| Statement of operations includes combined service fees paid to intermediaries as detailed in Note 5. |
At September 30, 2024, the Funds had payables for administration and fund accounting, compliance, custody and transfer agent fees in the following amounts:
| | | | | | | |
Administration and fund accounting | | | $58,216 | | | $77,450 |
Compliance | | | 4,372 | | | 4,405 |
Custody | | | 1,148 | | | 5,849 |
Transfer agent* | | | 21,357 | | | 27,138 |
| | | | | | | |
The above payable amounts are included in Accrued other expenses in each Fund’s Statement of Assets and Liabilities.
TABLE OF CONTENTS
Ramirez Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
The Independent Trustees were paid $25,120 for their services and reimbursement of travel during the period ended September 30, 2024. The Funds pay no compensation to the Interested Trustee or officers of the Trust.
Expenses of the Trust are allocated among the funds in the Trust equally or by other equitable means.
NOTE 4 – INVESTMENT TRANSACTIONS
During the period ended September 30, 2024, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term securities) and U.S. Treasury Obligations were as follows:
| | | | |
Purchases | | | $ 35,431,537 | | | $ 20,437,558
|
Sales | | | $3,616,095 | | | $ 10,711,502 |
| | | | | | | |
NOTE 5 – FEDERAL INCOME TAX INFORMATION
At September 30, 2024, the components of accumulated earnings for income tax purposes were as follows:
| | | | | | | |
Cost of Investments | | | $41,652,479 | | | $316,077,469 |
Gross Unrealized Appreciation | | | 923,721 | | | — |
Gross Unrealized Depreciation | | | (53,466) | | | — |
Net Unrealized Appreciation (Depreciation) on Investments | | | 870,255 | | | — |
Undistributed ordinary income | | | — | | | 1,141,248 |
Undistributed long-term capital gains | | | — | | | — |
Distributable Earnings | | | — | | | 1,141,248 |
Other Accumulated Loss | | | (3,395) | | | (1,130,024) |
Total Accumulated Gain | | | $866,860 | | | $11,224 |
| | | | | | | |
The difference between book basis and tax basis on unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales.
Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the period ended September 30, 2024, the following table shows the reclassifications made:
| | | | | | | |
Core Bond Fund | | | $ 4 | | | $ (4) |
Money Market Fund | | | — | | | — |
| | | | | | | |
At September 30, 2024, the Core Bond Fund had capital loss carryforwards, which reduce the Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Internal Revenue Code, the character of such capital loss carryforwards is as follows:
| | | | |
Core Bond Fund | | | $(3,395) | | | — | | | $(3,395) |
| | | | | | | | | | |
TABLE OF CONTENTS
Ramirez Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
The tax character of distributions paid during the period ended September 30, 2024 was as follows:
| | | | | | | |
Distributions Paid From:
| | | | | | |
Ordinary Income | | | $1,227,083 | | | $9,350,380 |
Long-Term Capital Gains | | | — | | | — |
Total Distributions Paid | | | $1,227,083 | | | $9,350,380 |
| | | | | | | |
The Funds are required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the period ending October 31. In connection with this requirement, the Funds are permitted, for tax purposes, to defer into its next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. As of September 30, 2024, the Funds did not have late-year or post-October losses.
NOTE 6 – DISTRIBUTION PLAN AND SERVICE FEES
The Trust, on behalf of the Funds, has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act that allows the Funds to pay distribution fees for the sale and distribution of their Retail Class. The Plan provides for the payment of distribution fees at the annual rate of up to 0.25% of average daily net assets attributable to the Retail Class shares. For the period ended September 30, 2024, distribution fees incurred by each Fund are disclosed on the Statements of Operations.
The Funds pay intermediaries such as banks, broker dealers, financial advisors or other financial institutions for shareholder services associated with shareholders whose shares are held of record in omnibus, networked, or other group accounts or accounts traded through registered securities clearing agents. For the period ended September 30, 2024, class specific expenses were as follows:
| | | | | | | |
Core Bond Fund | | | $ — | | | $14,719 |
Money Market Fund | | | — | | | 48,386 |
| | | | | | | |
Under this shareholder servicing plan and agreement, the following amounts were paid to U.S. Bank, N.A. for the period ended September 30, 2024:
| | | | | | | |
Core Bond Fund | | | $ — | | | $7,696 |
Money Market Fund | | | — | | | 8,309 |
| | | | | | | |
NOTE 7 – LINE OF CREDIT
The Funds have access to a $75 million secured line of credit through an agreement with U.S. Bank. The Funds may temporarily draw on the line of credit to satisfy redemption requests or settle investment transactions. Interest is charged to the Funds based on its borrowings at a rate per annum equal to the Prime Rate, to be paid monthly. During the period ended September 30, 2024, the Funds did not draw on this line of credit.
NOTE 8 – CONTROL OWNERSHIP
As of September 30, 2024, Capinco and Pershing LLC held approximately 61% and 27%, respectively, of the outstanding shares of the Core Bond Fund for the benefit of their shareholders, and JPM Securities, LLC owned approximately 68% of the outstanding shares of the Money Market Fund.
NOTE 9 – SUBSEQUENT EVENTS
In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The Funds have determined that there were no subsequent events that would need to be disclosed in the Funds’ financial statements.
TABLE OF CONTENTS
Ramirez Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
NOTE 10 – PRINCIPAL RISKS
Below is a summary of some, but not all, of the principal risks of investing in the Funds, each of which may adversely affect the Funds’ net asset value and total return. The Funds’ most recent prospectus provides further descriptions of each Funds’ investment objectives, principal investment strategies and principal risks.
(a)
| Market risk – Financial market risks affect the value of individual instruments in which the Funds invest. When the value of the Funds’ investments goes down, your investment in the Funds decreases in value and you could lose money. Factors such as economic growth and market conditions, interest rate levels, and political events affect the markets. Periods of market volatility may occur in response to market events and other economic, political, and global macro factors. |
(b)
| Interest risk – An increase in interest rates may cause the value of fixed-income securities held by the Funds to decline. Generally, the longer the maturity and duration of a bond, the more sensitive the bond is to interest rate risk. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. |
(c)
| Mortgage-Backed Securities and other Asset-Backed Securities risk – Mortgage-backed securities represent direct or indirect participation in, or are secured by and payable from, mortgage loans secured by real property. Mortgage-backed securities may be issued or guaranteed by U.S. government agencies or instrumentalities or may be issued by private issuers, generally originators in mortgage loans, including savings and loan associations, mortgage bankers, commercial banks, investment bankers, and special purpose entities (collectively, “private lenders”). The purchase of mortgage-backed securities from private lenders may entail greater risk than mortgage-backed securities that are issued or guaranteed by the U.S. government, its agencies or instrumentalities. Mortgage-backed securities risks include the failure of a party to meet its commitments under the related operative documents, adverse interest rate changes and the effects of prepayments on mortgage cash flows. |
Asset-backed securities are securities backed by credit card receivables, automobile loans or other assets. Credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which have given debtors the right to reduce the balance due on the credit cards. Asset-backed securities may be subject to greater risk of default during periods of economic downturn than other instruments. The value of mortgage-back and asset-backed securities can dramatically change over time.
(d)
| U.S. Government Securities risk – U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies or government-sponsored entities. U.S. government securities include issues by nongovernmental entities (like financial institutions) that carry direct guarantees from U.S. government agencies as part of government initiatives in response to the market crisis or otherwise. Although the U.S. government guarantees principal and interest payments on securities issued by the U.S. government and some of its agencies, such as securities issued by the Government National Mortgage Association (“Ginnie Mae”), this guarantee does not apply to losses resulting from declines in the market value of these securities. Some of the U.S. government securities that the Fund may hold are not guaranteed or backed by the full faith and credit of the U.S. government, such as those issued by Fannie Mae (formally known as the Federal National Mortgage Association) and Freddie Mac (formally known as the Federal Home Loan Mortgage Corporation). |
U.S. government securities may be adversely impacted by changes in interest rates, and securities issued or guaranteed by U.S. government agencies or U.S. government sponsored entities may not be backed by the full faith and credit of the U.S. government. U.S. government securities may be adversely affected by a default by, or decline in, the credit quality of the U.S. government. U.S. Treasury securities, including Treasury bills, Treasury notes, Treasury bonds, Treasury inflation-protected securities, and floating rate notes are backed by the full faith and credit of the U.S. government.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Ramirez Core Bond Fund and Ramirez Government Money Market Fund and
Board of Trustees of Advisor Managed Portfolios
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Ramirez Core Bond Fund and Ramirez Government Money Market Fund (the “Funds”), each a series of Advisor Managed Portfolios, as of September 30, 2024, the related statements of operations, the statements of changes in net assets and the financial highlights and the related notes, for the period December 18, 2023 (commencement of operations) through September 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of September 30, 2024, the results of their operations, the changes in net assets, and the financial highlights for the period from December 18, 2023 (commencement of operations) through September 30, 2024, in conformity with accounting principles generally accepted in the United States of America.
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 audits 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 September 30, 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 auditor of one or more investment companies within the Trust since 2023.
COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
November 27, 2024
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Ramirez Funds
Additional Information
September 30, 2024 (Unaudited)
Quarterly Portfolio Schedule
The Core Bond Fund files its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission (SEC) on Part F of Form N-PORT. The Fund’s Form N-PORT is available without charge by visiting the SEC’s Web site at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.
Form N-MFP
Each month, information about the Money Market Fund and its portfolio holdings is filed with the SEC on Form N-MFP. These forms will be available on the SEC’s website at www.sec.gov. The Money Market Fund’s portfolio holdings are also posted on www.ramirezam.com as of each month-end. Please see the Money Market Fund’s current prospectus for more information.
Proxy Voting
You may obtain a description of the Funds’ proxy voting policy and voting records, without charge, upon request by contacting the Funds directly at 1-888-472-3102 or on the EDGAR Database on the SEC’s website at ww.sec.gov. The Funds file their proxy voting records annually as of June 30, with the SEC on Form N-PX. The Funds’ Form N-PX is available without charge by visiting the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.
Tax Information
For the period ended September 30, 2024, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 0.00% for each Fund.
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended September 30, 2024 was 0.00% for each Fund.
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund was 0.00% for the period ended September 30, 2024.
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Investment Advisor
Ramirez Asset Management, Inc.
61 Broadway, 29th Floor
New York, New York 10006
Distributor
Quasar Distributors, LLC
3 Canal Plaza, Suite 100
Portland, Maine 04101
Custodian
U.S. Bank National Association
Custody Operations
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212
Transfer Agent, Fund Accountant and Fund Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
1835 Market Street, Suite 310
Philadelphia, PA 19103
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.
| (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) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not Applicable.
(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies and ETFs.
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.
| | Advisor Managed Portfolios | |
| | | | |
| | By | /s/ Russell B. Simon | |
| | | Russell B. Simon, President/Principal Executive Officer | |
| | | | |
| | Date | 12/9/2024 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | By | /s/ Russell B. Simon | |
| | | Russell B. Simon, President/Principal Executive Officer | |
| | | | |
| | Date | 12/9/2024 | |
| | | | |
| | By | /s/ Eric T. McCormick | |
| | | Eric T. McCormick, Treasurer/Principal Financial Officer | |
| | | | |
| | Date | 12/9/2024 | |
