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Form NPORT-P Managed Portfolio Series For: Mar 31

May 24, 2022 4:42 PM EDT

  
    NPORT-P
    false
    
      
      
        
          0001511699
          XXXXXXXX
        
      
      
      
      
        S000072420
        C000228628
      
      
      
    
  
  
    
      Managed Portfolio Series
      811-22525
      0001511699
      254900SQ3GG01NP4WM65
      615 East Michigan Street
      Milwaukee
      
      53202
      414-765-6844
      Friess Brandywine Fund
      S000072420
      254900CIVHMVP0X98260
      2022-12-31
      2022-03-31
      N
    
    
      9306655.380000000000
      62719.090000000000
      9243936.290000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      274193.090000000000
      N
      
        
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        ACM Research Inc
        549300MCTENUWL2GJL61
        ACM Research Inc
        00108J109
        
          
          
        
        6801.000000000000
        NS
        USD
        140712.690000000000
        1.5222161381
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Academy Sports & Outdoors Inc
        N/A
        Academy Sports & Outdoors Inc
        00402L107
        
          
          
        
        4934.000000000000
        NS
        USD
        194399.600000000000
        2.1029958873
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Adobe Inc
        FU4LY2G4933NH2E1CP29
        Adobe Inc
        00724F101
        
          
          
        
        196.000000000000
        NS
        USD
        89301.520000000000
        0.9660551220
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Advanced Micro Devices Inc
        R2I72C950HOYXII45366
        Advanced Micro Devices Inc
        007903107
        
          
          
        
        1474.000000000000
        NS
        USD
        161167.160000000000
        1.7434905969
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        Alphabet Inc
        02079K305
        
          
          
        
        58.000000000000
        NS
        USD
        161318.300000000000
        1.7451256147
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amazon.com Inc
        ZXTILKJKG63JELOEG630
        Amazon.com Inc
        023135106
        
          
          
        
        70.000000000000
        NS
        USD
        228196.500000000000
        2.4686074508
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AvalonBay Communities Inc
        K9G90K85RBWD2LAGQX17
        AvalonBay Communities Inc
        053484101
        
          
          
        
        738.000000000000
        NS
        USD
        183297.060000000000
        1.9828896938
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avantor Inc
        N/A
        Avantor Inc
        05352A100
        
          
          
        
        4890.000000000000
        NS
        USD
        165379.800000000000
        1.7890625250
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axcelis Technologies Inc
        529900HF9B6NL1QG9F05
        Axcelis Technologies Inc
        054540208
        
          
          
        
        2931.000000000000
        NS
        USD
        221378.430000000000
        2.3948502354
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRC Inc
        N/A
        BRC Inc
        05601U105
        
          
          
        
        9495.000000000000
        NS
        USD
        198160.650000000000
        2.1436825589
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Booking Holdings Inc
        FXM8FAOHMYDIPD38UZ17
        Booking Holdings Inc
        09857L108
        
          
          
        
        90.000000000000
        NS
        USD
        211360.500000000000
        2.2864772470
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boot Barn Holdings Inc
        529900QE1BFMYA3N4E71
        Boot Barn Holdings Inc
        099406100
        
          
          
        
        1861.000000000000
        NS
        USD
        176404.190000000000
        1.9083232994
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVR Energy Inc
        529900SOYZIXZBTXB558
        CVR Energy Inc
        12662P108
        
          
          
        
        7483.000000000000
        NS
        USD
        191115.820000000000
        2.0674722759
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Calix Inc
        5299002RQRZ4SXSCSJ58
        Calix Inc
        13100M509
        
          
          
        
        3543.000000000000
        NS
        USD
        152030.130000000000
        1.6446470987
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teck Resources Ltd
        T8KI5SQ2JRWHL7XY0E11
        Teck Resources Ltd
        878742204
        
          
          
        
        4535.000000000000
        NS
        USD
        183168.650000000000
        1.9815005670
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corp
        0W9AIBT6U6ADJ2I8HK17
        Tenet Healthcare Corp
        88033G407
        
          
          
        
        2552.000000000000
        NS
        USD
        219369.920000000000
        2.3731223704
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trade Desk Inc/The
        549300GXPD31VT3E0P46
        Trade Desk Inc/The
        88339J105
        
          
          
        
        2878.000000000000
        NS
        USD
        199301.500000000000
        2.1560241627
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Thermo Fisher Scientific Inc
        HCHV7422L5HDJZCRFL38
        Thermo Fisher Scientific Inc
        883556102
        
          
          
        
        314.000000000000
        NS
        USD
        185464.100000000000
        2.0063325209
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US BANK MMDA - USBFS 2
        N/A
        US BANK MMDA - USBFS 2
        N/A
        
          
        
        366099.450000000000
        NS
        USD
        366099.450000000000
        3.9604280959
        Long
        STIV
        RF
        US
        N
        1
        
          N
          N
          N
        
      
      
        UnitedHealth Group Inc
        549300GHBMY8T5GXDE41
        UnitedHealth Group Inc
        91324P102
        
          
          
        
        321.000000000000
        NS
        USD
        163700.370000000000
        1.7708946153
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WillScot Mobile Mini Holdings
        549300HJ4VIXF476Q166
        WillScot Mobile Mini Holdings Corp
        971378104
        
          
          
        
        4273.000000000000
        NS
        USD
        167202.490000000000
        1.8087802074
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        YETI Holdings Inc
        549300DSQICIGNT5GO63
        YETI Holdings Inc
        98585X104
        
          
          
        
        2836.000000000000
        NS
        USD
        170103.280000000000
        1.8401606703
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fabrinet
        5493004TETZ6IYF7CV44
        Fabrinet
        G3323L100
        
          
          
        
        2003.000000000000
        NS
        USD
        210575.390000000000
        2.2779840037
        Long
        EC
        CORP
        TH
        N
        
        1
        
          N
          N
          N
        
      
      
        SMART Global Holdings Inc
        529900RDGHQY8XKXPN14
        SMART Global Holdings Inc
        G8232Y101
        
          
          
        
        6587.000000000000
        NS
        USD
        170142.210000000000
        1.8405818113
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Textainer Group Holdings Ltd
        529900OHEYRATAFMIT89
        Textainer Group Holdings Ltd
        G8766E109
        
          
          
        
        4609.000000000000
        NS
        USD
        175464.630000000000
        1.8981592310
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Globant SA
        2221008DCMSPYS42DS88
        Globant SA
        L44385109
        
          
          
        
        607.000000000000
        NS
        USD
        159076.490000000000
        1.7208739330
        Long
        EC
        CORP
        UY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Stratasys Ltd
        529900MU215GIP9SZ741
        Stratasys Ltd
        M85548101
        
          
          
        
        8574.000000000000
        NS
        USD
        217693.860000000000
        2.3549909170
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ciena Corp
        W0CZ7N0GH8UIGXDM1H41
        Ciena Corp
        171779309
        
          
          
        
        2545.000000000000
        NS
        USD
        154303.350000000000
        1.6692385707
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Civitas Resources Inc
        IIVIHPH28S64K95M2381
        Civitas Resources Inc
        17888H103
        
          
          
        
        3372.000000000000
        NS
        USD
        201342.120000000000
        2.1780993906
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Driven Brands Holdings Inc
        N/A
        Driven Brands Holdings Inc
        26210V102
        
          
          
        
        5118.000000000000
        NS
        USD
        134501.040000000000
        1.4550191150
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Electronic Arts Inc
        549300O7A67PUEYKDL45
        Electronic Arts Inc
        285512109
        
          
          
        
        1291.000000000000
        NS
        USD
        163324.410000000000
        1.7668275167
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Endeavor Group Holdings Inc
        N/A
        Endeavor Group Holdings Inc
        29260Y109
        
          
          
        
        5330.000000000000
        NS
        USD
        157341.600000000000
        1.7021060624
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enphase Energy Inc
        5493008U7KIGMI59Z314
        Enphase Energy Inc
        29355A107
        
          
          
        
        1111.000000000000
        NS
        USD
        224177.580000000000
        2.4251311667
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EnPro Industries Inc
        549300Y5CFT2LKCFDN54
        EnPro Industries Inc
        29355X107
        
          
          
        
        1833.000000000000
        NS
        USD
        179139.090000000000
        1.9379091805
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Floor & Decor Holdings Inc
        549300M5FR3N688XGQ36
        Floor & Decor Holdings Inc
        339750101
        
          
          
        
        956.000000000000
        NS
        USD
        77436.000000000000
        0.8376950854
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Herc Holdings Inc
        549300TP80QLITMSBP82
        Herc Holdings Inc
        42704L104
        
          
          
        
        1079.000000000000
        NS
        USD
        180290.110000000000
        1.9503608024
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hillman Solutions Corp
        N/A
        Hillman Solutions Corp
        431636109
        
          
          
        
        14867.000000000000
        NS
        USD
        176619.960000000000
        1.9106574781
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hilton Grand Vacations Inc
        549300O9K6MFD8D07574
        Hilton Grand Vacations Inc
        43283X105
        
          
          
        
        3430.000000000000
        NS
        USD
        178394.300000000000
        1.9298521150
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hologic Inc
        549300DYP6F5ZJL0LB74
        Hologic Inc
        436440101
        
          
          
        
        2938.000000000000
        NS
        USD
        225697.160000000000
        2.4415698347
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hovnanian Enterprises Inc
        549300805N4EF0ROBT53
        Hovnanian Enterprises Inc
        442487401
        
          
          
        
        1442.000000000000
        NS
        USD
        85222.200000000000
        0.9219254366
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hub Group Inc
        N/A
        Hub Group Inc
        443320106
        
          
          
        
        3475.000000000000
        NS
        USD
        268304.750000000000
        2.9024945822
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kirby Corp
        I7NO6FZO5GUCG585T325
        Kirby Corp
        497266106
        
          
          
        
        2335.000000000000
        NS
        USD
        168563.650000000000
        1.8235051034
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lithium Americas Corp
        529900Q9ENG7EHHZ5R75
        Lithium Americas Corp
        53680Q207
        
          
          
        
        4835.000000000000
        NS
        USD
        186099.150000000000
        2.0132024298
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Marriott International Inc/MD
        225YDZ14ZO8E1TXUSU86
        Marriott International Inc/MD
        571903202
        
          
          
        
        953.000000000000
        NS
        USD
        167489.750000000000
        1.8118877580
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marvell Technology Inc
        N/A
        Marvell Technology Inc
        573874104
        
          
          
        
        3172.000000000000
        NS
        USD
        227464.120000000000
        2.4606846355
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MasTec Inc
        549300TMDIT8WREDOF45
        MasTec Inc
        576323109
        
          
          
        
        1713.000000000000
        NS
        USD
        149202.300000000000
        1.6140559099
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mister Car Wash Inc
        N/A
        Mister Car Wash Inc
        60646V105
        
          
          
        
        9095.000000000000
        NS
        USD
        134515.050000000000
        1.4551706738
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Penske Automotive Group Inc
        549300W7UTQ0M4C7LB15
        Penske Automotive Group Inc
        70959W103
        
          
          
        
        1681.000000000000
        NS
        USD
        157543.320000000000
        1.7042882497
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Petco Health & Wellness Co Inc
        N/A
        Petco Health & Wellness Co Inc
        71601V105
        
          
          
        
        8550.000000000000
        NS
        USD
        167323.500000000000
        1.8100892818
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pure Storage Inc
        549300NPDB0BZTK3WO90
        Pure Storage Inc
        74624M102
        
          
          
        
        4840.000000000000
        NS
        USD
        170900.400000000000
        1.8487838367
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-24
      Managed Portfolio Series
      /s/ Douglas Schafer
      Managed Portfolio Series
      VP & Asst. Treasurer
    
  
  XXXX




Friess Brandywine Fund
           
Schedule of Investments (Unaudited)
           
March 31, 2022
       
         
Shares
 
Cost
   
Value
 
COMMON STOCKS - 95.5%
           
COMMUNICATION SERVICES
           
   
Entertainment - 1.7%
           
 
5,330
 
Endeavor Group Holdings, Inc. *
 
$
158,969
   
$
157,342
 
     
Interactive Home Entertainment - 1.8%
               
 
1,291
 
Electronic Arts, Inc.
   
175,119
     
163,324
 
     
Interactive Media & Services - 1.7%
               
 
58
 
Alphabet, Inc. *
   
149,274
     
161,318
 
Total Communication Services
   
483,362
     
481,984
 
                       
CONSUMER DISCRETIONARY
               
     
Apparel Retail - 1.9%
               
 
1,861
 
Boot Barn Holdings, Inc. *
   
158,108
     
176,404
 
     
Automotive Retail - 1.7%
               
 
1,681
 
Penske Automotive Group, Inc.
   
144,357
     
157,543
 
     
Diversified Consumer Services - 1.5%
               
 
9,095
 
Mister Car Wash, Inc. *
   
156,752
     
134,515
 
     
Homebuilding - 0.9%
               
 
1,442
 
Hovnanian Enterprises, Inc., Class A *
   
139,558
     
85,222
 
     
Hotels, Resorts & Cruise Lines - 4.2%
               
 
90
 
Booking Holdings, Inc. *
   
200,456
     
211,361
 
 
3,430
 
Hilton Grand Vacations, Inc. *
   
156,434
     
178,394
 
     
Hotels, Restaurants & Leisure - 1.8%
               
 
953
 
Marriott International Inc/MD *
   
155,171
     
167,490
 
     
Internet & Direct Marketing Retail - 2.5%
               
 
70
 
Amazon.com, Inc. *
   
240,637
     
228,196
 
     
Leisure Products - 1.8%
               
 
2,836
 
YETI Holdings, Inc. *
   
203,170
     
170,103
 
     
Specialty Retail - 1.8%
               
 
8,550
 
Petco Health & Wellness Co, Inc. *
   
163,280
     
167,324
 
     
Specialty Stores - 2.1%
               
 
4,934
 
Academy Sports & Outdoors, Inc.
   
193,485
     
194,400
 
Total Consumer Discretionary
   
1,911,408
     
1,870,952
 
                       
CONSUMER STAPLES
               
     
Food Products - 1.6%
               
 
6,893
 
BRC, Inc. *
   
112,678
     
143,857
 
Total Consumer Staples
   
112,678
     
143,857
 
                       
ENERGY
               
     
Oil, Gas & Consumable Fuels - 4.2%
               
 
3,372
 
Civitas Resources, Inc.
   
181,304
     
201,342
 
 
7,483
 
CVR Energy, Inc.
   
161,814
     
191,116
 
Total Energy
   
343,118
     
392,458
 
                       
FINANCIALS
               
     
Real Estate Investment Trust - 2.0%
               
 
738
 
AvalonBay Communities, Inc.
   
179,356
     
183,297
 
Total Financials
   
179,356
     
183,297
 
                       
HEALTH CARE
               
     
Health Care Equipment & Supplies - 2.4%
               
 
2,938
 
Hologic, Inc. *
   
215,594
     
225,697
 
     
Health Care Facilities - 2.4%
               
 
2,552
 
Tenet Healthcare Corp. *
   
193,119
     
219,370
 
     
Health Care Providers & Services - 1.8%
               
 
321
 
UnitedHealth Group, Inc.
   
148,558
     
163,700
 
     
Life Sciences Tools & Services - 3.8%
               
 
4,890
 
Avantor, Inc. *
   
178,842
     
165,380
 
 
314
 
Thermo Fisher Scientific, Inc.
   
176,085
     
185,464
 
Total Health Care
   
912,198
     
959,611
 
                       
INDUSTRIALS
               
     
Air Freight & Logistics - 2.9%
               
 
3,475
 
Hub Group, Inc., Class A *
   
248,269
     
268,305
 
     
Construction & Engineering - 3.4%
               
 
1,713
 
MasTec, Inc. *
   
157,996
     
149,202
 
 
4,273
 
WillScot Mobile Mini Holdings Corp. *
   
156,474
     
167,203
 
     
Diversified Support Services - 1.5%
               
 
5,118
 
Driven Brands Holdings, Inc. *
   
148,387
     
134,501
 
     
Electrical Equipment - 2.4%
               
 
1,111
 
Enphase Energy, Inc. *
   
161,340
     
224,177
 
     
Machinery - 3.9%
               
 
1,833
 
EnPro Industries, Inc.
   
197,313
     
179,139
 
 
14,867
 
Hillman Solutions Corp. *
   
156,694
     
176,620
 
     
Marine - 1.8%
               
 
2,335
 
Kirby Corp. *
   
147,230
     
168,564
 
     
Trading Companies & Distributors - 3.9%
               
 
1,079
 
Herc Holdings, Inc.
   
179,838
     
180,290
 
 
4,609
 
Textainer Group Holdings Ltd.
   
167,745
     
175,465
 
Total Industrials
   
1,721,286
     
1,823,466
 
                       
INFORMATION TECHNOLOGY
               
     
Application Software - 3.1%
               
 
196
 
Adobe, Inc. *
   
109,586
     
89,302
 
 
2,878
 
The Trade Desk, Inc., Class A *
   
220,352
     
199,301
 
     
Communications Equipment - 3.3%
               
 
3,543
 
Calix, Inc. *
   
159,830
     
152,030
 
 
2,545
 
Ciena Corp. *
   
156,938
     
154,304
 
     
Electronic Equipment, Instruments & Components - 1.8%
               
 
1,027
 
Keysight Technologies, Inc. *
   
163,824
     
162,235
 
     
Electronic Manufacturing Services - 2.3%
               
 
2,003
 
Fabrinet *
   
229,295
     
210,576
 
     
IT Services - 1.7%
               
 
607
 
Globant SA *
   
156,023
     
159,077
 
     
Semiconductors - 6.0%
               
 
1,474
 
Advanced Micro Devices, Inc. *
   
147,924
     
161,167
 
 
3,172
 
Marvell Technology, Inc.
   
197,295
     
227,464
 
 
6,587
 
SMART Global Holdings, Inc. *
   
191,958
     
170,142
 
     
Semiconductor Equipment - 3.9%
               
 
6,801
 
ACM Research, Inc., Class A *
   
185,859
     
140,713
 
 
2,931
 
Axcelis Technologies, Inc. *
   
183,622
     
221,378
 
     
Technology Hardware, Storage & Peripherals - 4.2%
               
 
4,840
 
PURE STORAGE, Inc. *
   
159,000
     
170,900
 
 
8,574
 
Stratasys Ltd. *
   
202,394
     
217,694
 
Total Information Technology
   
2,463,900
     
2,436,283
 
                       
MATERIALS
               
     
Chemicals - 1.8%
               
 
5,157
 
Valvoline, Inc.
   
164,790
     
162,755
 
     
Metals & Mining - 4.0%
               
 
4,835
 
Lithium Americas Corp. *
   
164,731
     
186,099
 
 
4,535
 
Teck Resources Ltd.
   
161,175
     
183,169
 
Total Materials
   
490,696
     
532,023
 
                       
Total Common Stocks
   
8,618,002
     
8,823,931
 
                     
SHORT-TERM INVESTMENT - 6.9%
               
Money Market Deposit Account - 6.9%
               
 
638,365
 
U.S. Bank N.A., 0.01% ^
   
638,365
     
638,365
 
Total Money Market Deposit Account
   
638,365
     
638,365
 
                     
Total Short-Term Investment
 
$
638,365
     
638,365
 
                     
Total Investments - 102.4%
 
$
9,256,367
     
9,462,296
 
Other Assets and Liabilities, Net - (2.4)%
           
(221,197
)
TOTAL NET ASSETS - 100.0%
         
$
9,241,099
 
                       


Non Income Producing.
   

The Money Market Deposit Account (“MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount.
The rate shown is as of March 31, 2022.

 
Summary of Fair Value Exposure
         
             
The Fund has 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 Fund has 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 active 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 Fund’s 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.
             
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 Fund’s securities as of March 31, 2022:
     

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
 
$
8,823,931
   
$
-
   
$
-
   
$
8,823,931
 
Short-Term Investment
   
638,365
     
-
     
-
     
638,365
 
Total Investments in Securities
 
$
9,462,296
   
$
-
   
$
-
   
$
9,462,296
 
                                 
Refer to the Schedule of Investments for further information on the classification of investments.
                               
                                 

 


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