Notes to the Financial Statements (Unaudited)
January 31, 2020
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. Both the Coho Relative Value Equity Fund (the “Equity Fund”) and Coho Relative Value ESG Fund (the “ESG Fund”) (each a “Fund” and collectively, the “Funds”) are diversified series, each with their own investment
objectives and policies within the Trust. The investment objective of both Funds is total return. 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 Equity Fund commenced operations on August 14, 2013 and currently offers only one class of
shares. Effective November 22, 2019, the Fund ceased offering its Institutional Class shares. The remaining Institutional Class shares were converted to Advisor Class shares at the close of business on November 22, 2019 and the Advisor Class name was
subsequently discontinued. The Advisor Class shares were previously subject up to a maximum 0.15% shareholder servicing which is not applicable to the existing share class. Each class of shares had identical rights and privileges except with respect
to shareholder servicing fees and voting rights on matters affecting a single class. The ESG Fund commenced operations on November 27, 2019 and currently offers only one class of shares. Both 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 the preparation of their 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 period ended January 31, 2020, 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. As of and during the period ended January 31, 2020, the
Funds did not have any liabilities for any unrecognized tax benefits. 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 period ended January 31, 2020, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. tax authorities for tax years prior to the fiscal year ended July 31, 2016.
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 and expense is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in
accordance with each Fund’s 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 distribute substantially all net investment income and 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
COHO FUNDS
Notes to the Financial Statements (Unaudited) – Continued
January 31, 2020
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 characterization for federal income tax purposes. Any such
reclassifications will have no effect on net assets, results of operations or net asset value (“NAV”) per share of the Funds.
Allocation of Income, Expenses and Gains/Losses — Prior to November 22, 2019, income, expenses (other than those deemed attributable to a specific share class), and gains and
losses of the Funds were 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 Fund. Expenses deemed directly attributable to a class of shares were recorded by
the specific class. Most Fund expenses were allocated by class based on relative net assets. Shareholder servicing fees were expensed at an annual rate up to 0.15% of the average daily net assets of the Advisor Class shares.
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.
Equity Securities — Equity securities that are primarily traded on a national securities exchange are valued at the last sale price on the exchange on which they are primarily
traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and ask prices. Securities traded primarily in the Nasdaq Global Market System for which market quotations are readily available are valued using
the Nasdaq Official Closing Price
COHO FUNDS
Notes to the Financial Statements (Unaudited) – Continued
January 31, 2020
(“NOCP”). If the NOCP is not available, such securities are valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and ask prices. 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.
Short-Term Investments — Investments in other mutual funds, including money market funds, are valued at their net asset value per share. Deposit accounts are valued at
acquisition cost, which approximates fair value. 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.
Securities for which market quotations are not readily available, or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees (the “Board”). These
procedures consider many factors, including the type of security, size of holding, trading volume and news events. There can be no assurance that the Funds could obtain the fair value assigned to a security if they were to sell the security at
approximately the time at which the Funds determine their net asset value per share. The Board has established a Valuation Committee to administer, implement, and oversee the fair valuation process, and to make fair value decisions when necessary.
The Board regularly reviews reports of the Valuation Committee that describe any fair value determinations and methods.
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
January 31, 2020:
Equity Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Common Stocks
|
|
$
|
564,168,298
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
564,168,298
|
|
Short-Term Investment
|
|
|
23,867,776
|
|
|
|
—
|
|
|
|
—
|
|
|
|
23,867,776
|
|
Total Investments*
|
|
$
|
588,036,074
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
588,036,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ESG Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Common Stocks
|
|
$
|
211,377
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
211,377
|
|
Short-Term Investment
|
|
|
8,185
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,185
|
|
Total Investments*
|
|
$
|
219,562
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
219,562
|
|
*
|
Refer to the Schedule of Investments for further information on the classification of investments.
|
4. INVESTMENT ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS
The Trust has an agreement with Coho Partners, Ltd. (the “Adviser”) to furnish investment advisory services to the Funds. For its services, the Funds pay the Adviser a monthly management fee equal to 0.70% of the
daily net assets of the Funds. Prior to November 26, 2019, the monthly management fee for the Equity Fund was equal to 0.75% of the daily net assets of the Fund.
The Funds’ Adviser has contractually agreed to waive a portion or all of its management fees and/or reimburse each Fund for their expenses to ensure total annual operating expenses (excluding shareholder servicing
fees, acquired fund fees and expenses, brokerage commissions, interest, taxes, and extraordinary expenses) do not exceed 0.79% of each Fund’s average daily net assets. Prior to November 22, 2019, the annual operating expense limitation for the Equity
Fund was 0.79% of the average daily net assets for the Institutional Class and 0.94% of the average daily net assets for the Advisor Class.
COHO FUNDS
Notes to the Financial Statements (Unaudited) – Continued
January 31, 2020
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. The Operating Expense Limitation Agreement is indefinite in term but cannot be terminated within a year after the effective date of the Funds’
prospectus. After that date, the agreement may be terminated at any time upon 60 days’ written notice by the Board or the Adviser, with the consent of the Board. During the six-months ended January 31, 2020, the Adviser was able to recoup $2,806
relating to fees waived in prior fiscal years. Waived fees and reimbursed expenses subject to potential recovery by month of expiration are as follows:
Expiration
|
|
Equity Fund
|
|
|
ESG Fund
|
|
February 2020 – July 2020
|
|
$
|
140,737
|
|
|
$
|
—
|
|
August 2020 – July 2021
|
|
|
278,429
|
|
|
|
—
|
|
August 2021 – July 2022
|
|
|
303,299
|
|
|
|
—
|
|
August 2022 – January 2023
|
|
|
118,735
|
|
|
|
25,429
|
|
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 period ended January 31, 2020, are disclosed in the Statement of Operations.
Prior to November 26, 2019, Quasar Distributors, LLC (“Quasar”) acted as the Equity Fund’s distributor and principal underwriter in a continuous public offering of the Equity Fund’s shares. Quasar is an affiliate of
the Administrator.
5. SHAREHOLDER SERVICING FEES
Prior to November 22, 2019, the Equity Fund had a shareholder servicing agreement (the “Agreement”) with the Adviser, under which the Equity Fund paid servicing fees at an annual rate of up to 0.15% of the average
daily net assets of the Fund’s Advisor Class. Payments to the Adviser under the Agreement reimbursed the Adviser for payments it made to selected brokers, dealers and administrators which had entered into service agreements with the Adviser for
services provided to shareholders of the Equity Fund. The services provided by such intermediaries are primarily designed to assist shareholders of the Fund and include the furnishing of office space and equipment, telephone facilities, personnel
and assistance to the Fund in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Fund and includes establishing and maintaining shareholders’ accounts and record processing,
purchase and redemption transactions, answering routine client inquiries regarding the Fund, and providing such other personal services to shareholders as the Fund may reasonably request. For the six-months ended January 31, 2020, the Equity Fund
Advisor Class incurred $35,579 of shareholder servicing fees under the Agreement.
COHO FUNDS
Notes to the Financial Statements (Unaudited) – Continued
January 31, 2020
6. CAPITAL SHARE TRANSACTIONS
Transactions in shares of the Funds were as follows:
Equity Fund
|
|
Six-Months Ended
|
|
|
Year Ended
|
|
|
|
January 31, 2020
|
|
|
July 31, 2019
|
|
Advisor Class(1):
|
|
|
|
|
|
|
Shares sold
|
|
|
3,069,506
|
|
|
|
3,313,711
|
|
Shares issued in exchange for Institutional Class shares
|
|
|
28,875,174
|
|
|
|
—
|
|
Shares issued to holders in reinvestment of distributions
|
|
|
557,174
|
|
|
|
667,845
|
|
Shares redeemed
|
|
|
(3,397,996
|
)
|
|
|
(6,365,725
|
)
|
Net increase (decrease) in Advisor Class shares
|
|
|
29,103,858
|
|
|
|
(2,384,169
|
)
|
|
|
|
|
|
|
|
|
|
Institutional Class:
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
1,941,416
|
|
|
|
12,433,722
|
|
Shares issued to holders in reinvestment of distributions
|
|
|
947,617
|
|
|
|
1,024,484
|
|
Shares redeemed
|
|
|
(2,430,869
|
)
|
|
|
(8,429,006
|
)
|
Shares issued in exchange for Advisor Class shares
|
|
|
(28,791,559
|
)
|
|
|
—
|
|
Net increase (decrease) in Institutional Class shares
|
|
|
(28,333,395
|
)
|
|
|
5,029,200
|
|
Net increase in shares outstanding
|
|
|
770,463
|
|
|
|
2,645,031
|
|
(1)
|
On November 22, 2019, the Fund’s Institutional Class shares were merged into the Advisor Class shares. The Advisor Class name was subsequently discontinued following the merger.
|
ESG Fund
|
|
Period Inception(2)
|
|
|
|
through
|
|
|
|
January 31, 2020
|
|
Shares sold
|
|
|
22,611
|
|
Shares issued to holders in reinvestment of dividends
|
|
|
20
|
|
Shares redeemed
|
|
|
—
|
|
Net increase in shares outstanding
|
|
|
22,631
|
|
(2)
|
Inception date for the Fund was November 27, 2019.
|
7. INVESTMENT TRANSACTIONS
The aggregate purchases and sales, excluding short-term investments, of the Funds for the period ended January 31, 2020, were as follows:
|
|
Equity Fund
|
|
|
ESG Fund
|
|
|
|
Purchases
|
|
|
Sales
|
|
|
Purchases
|
|
|
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other Securities
|
|
$
|
67,014,303
|
|
|
$
|
84,975,862
|
*
|
|
$
|
134,622
|
*
|
|
$
|
7,117
|
|
*
|
Excludes value of Fund securities delivered or received as a result of an in-kind transaction that occurred on November 27, 2019, in the amount of $85,470.
|
COHO FUNDS
Notes to the Financial Statements (Unaudited) – Continued
January 31, 2020
8. INCOME TAX INFORMATION
The aggregate gross unrealized appreciation and depreciation of securities held by the Equity Fund and the total cost of securities for federal income tax purposes at July 31, 2019, the Fund’s most recently completed
fiscal year end, were as follows:
|
Aggregate
|
Aggregate
|
Net
|
Federal
|
|
Gross
|
Gross
|
Unrealized
|
Income
|
|
Appreciation
|
Depreciation
|
Appreciation
|
Tax Cost
|
Equity Fund
|
$99,265,422
|
$(45,270,622)
|
$53,994,800
|
$519,776,458
|
Any difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales in the Fund.
At July 31, 2019, components of distributable earnings on a tax-basis were as follows:
|
Undistributed
|
Undistributed
|
Net
|
Total
|
|
Ordinary
|
Long-Term
|
Unrealized
|
Distributable
|
|
Income
|
Capital Gains
|
Appreciation
|
Earnings
|
Equity Fund
|
$6,063,626
|
$14,039,376
|
$53,994,800
|
$74,097,802
|
As of July 31, 2019, the Equity Fund did not have any capital loss carryovers. 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 year ended July 31,
2019, the Equity Fund did not defer any qualified late year losses.
The tax character of distributions paid by the Funds for the period ended January 31, 2020, were as follows:
|
|
Ordinary
|
|
|
Long Term
|
|
|
|
|
|
|
Income*
|
|
|
Capital Gains
|
|
|
Total
|
|
Equity Fund
|
|
$
|
12,921,008
|
|
|
$
|
25,364,194
|
|
|
$
|
38,285,202
|
|
ESG Fund
|
|
$
|
210
|
|
|
$
|
—
|
|
|
$
|
210
|
|
The tax character of distributions paid for the period ended July 31, 2019, were as follows:
|
|
Ordinary
|
|
|
Long Term
|
|
|
|
|
|
|
Income*
|
|
|
Capital Gains
|
|
|
Total
|
|
Equity Fund
|
|
$
|
10,329,421
|
|
|
$
|
29,441,032
|
|
|
$
|
39,770,453
|
|
*
|
For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.
|
9. SECTOR RISK
As of January 31, 2020, each Fund had a significant portion of its assets invested in the health care sector. Companies in this sector are subject to risks such as litigation, intellectual property issues, competition,
government regulation, product approval or rejection and product obsolescence.
COHO FUNDS
Notes to the Financial Statements (Unaudited) – Continued
January 31, 2020
10. 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 the Fund, under Section 2(a)(9) of the Investment Company Act of 1940.
As of January 31, 2020, Wells Fargo Bank, for the benefit of its customers, owned 41.8% of the outstanding shares of the Equity Fund. As of January 31, 2020, an individual shareholder owned 44.3% of the outstanding shares of the ESG Fund and Coho
Partners, Ltd. owned 44.2%.
11. LINE OF CREDIT
The Equity Fund has established an unsecured Line of Credit (“LOC”) in the amount of $25,000,000, 15% of the Fund’s gross market value or 33.33% of the fair value of the Fund’s investments, whichever is less. The LOC
matures, unless renewed, on July 24, 2021. This LOC is intended to provide short-term financing, if necessary, subject to certain restrictions, 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 4.75% as of January 31, 2020. The interest rate during the period was between 4.75-5.50%. The Equity Fund has authorized the Custodian to charge any of the Fund’s accounts for any
missed payments. The weighted average interest rate paid on outstanding borrowings for the Fund was 4.75%. For the six month period ended January 31, 2020, the Fund’s LOC activity was as follows:
|
|
Amount
|
|
|
Date of
|
|
Average
|
Outstanding as of
|
Interest
|
Maximum
|
Maximum
|
LOC Agent
|
Borrowings
|
January 31, 2020
|
Expense
|
Borrowing
|
Borrowing
|
U.S. Bank N.A.
|
$84,457
|
$ —
|
$2,050
|
$4,385,000
|
11/15/19 – 11/17/19
|
12. SUBSEQUENT EVENT
The recent global outbreak of COVID-19 has disrupted economic markets and the full prolonged economic impact is uncertain. The operational and financial performance of issuers in securities for which the Funds invest
depend on future developments of the pandemic, such as duration and spread of the virus. These developments may impact the value of the Funds’ investments.
Management has performed an evaluation of subsequent events through the date this shareholder report was issued and has determined that no additional items require recognition or disclosure.
COHO FUNDS
Additional Information (Unaudited)
January 31, 2020
AVAILABILITY OF FUNDS PORTFOLIO INFORMATION
Each Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Part F of Form N-PORT (beginning with filings after March 31, 2020). The Funds’
Forms N-Q or Part F of Forms N-PORT are available on 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. For information on the Public Reference Room call 1-800-SEC-0330. In addition,
each Fund’s Form N-Q or Part F of Form N-PORT is available without charge upon request by calling 1-866-264-6234.
AVAILABILITY OF PROXY VOTING INFORMATION
A description of the Funds’ Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-866-264-6234. Information regarding how the Funds 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 1-866-264-6234, or (2) on the SEC’s website at www.sec.gov.
COHO FUNDS
Privacy Notice (Unaudited)
The Funds collect only relevant information about you that the law allows or requires it to have in order to conduct its business and properly service you. The Funds collect financial and personal information about
you (“Personal Information”) directly (e.g., information on account applications and other forms, such as your name, address, and social security number, and information provided to access account information or conduct account transactions online,
such as password, account number, e-mail address, and alternate telephone number), and indirectly (e.g., information about your transactions with us, such as transaction amounts, account balance and account holdings).
The Funds do not disclose any non-public personal information about its shareholders or former shareholders other than for everyday business purposes such as to process a transaction, service an
account, respond to court orders and legal investigations or as otherwise permitted by law. Third parties that may receive this information include companies that provide transfer agency, technology and administrative services to the Funds, as well
as the Funds’ investment adviser who is an affiliate of the Funds. If you maintain a retirement/educational custodial account directly with the Funds, we may also disclose your Personal Information to the custodian for that account for shareholder
servicing purposes. The Funds limit access to your Personal Information provided to unaffiliated third parties to information necessary to carry out their assigned responsibilities to the Funds. All shareholder records will be disposed of in
accordance with applicable law. The Funds maintains physical, electronic and procedural safeguards to protect your Personal Information and require its third-party service providers with access to such information to treat your Personal Information
with the same high degree of confidentiality.
In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, credit union, bank or trust company, the privacy policy of your
financial intermediary governs how your non-public personal information is shared with unaffiliated third parties.
INVESTMENT ADVISER
Coho Partners, Ltd.
300 Berwyn Park
801 Cassatt Road, Suite 100
Berwyn, PA 19312
DISTRIBUTOR
Compass Distributors, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
CUSTODIAN
U.S. Bank N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212
ADMINISTRATOR, FUNDS ACCOUNTANT
AND TRANSFER AGENT
U.S. Bancorp Funds Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, OH 44115
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’ Statement of Additional Information contains additional information about the
Funds’ trustees and is available without charge upon request by calling 1-866-264-6234.