0001145549-21-040889.txt : 20210709 0001145549-21-040889.hdr.sgml : 20210709 20210709100829 ACCESSION NUMBER: 0001145549-21-040889 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210430 FILED AS OF DATE: 20210709 DATE AS OF CHANGE: 20210709 EFFECTIVENESS DATE: 20210709 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Managed Portfolio Series CENTRAL INDEX KEY: 0001511699 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-22525 FILM NUMBER: 211081881 BUSINESS ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-287-3700 MAIL ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 0001511699 S000031968 Nuance Concentrated Value Fund C000099506 Institutional Class Shares NCVLX C000115524 Investor Class NCAVX 0001511699 S000043170 Nuance Mid Cap Value Fund C000133589 Institutional Class NMVLX C000133590 Investor Class NMAVX C000186164 Z Class Shares NMVZX 0001511699 S000052217 Nuance Concentrated Value Long-Short Fund C000164257 Investor Class Shares NCLIX C000164258 Institutional Class Shares NCLSX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001511699 XXXXXXXX true false false N-1A S000031968 true S000043170 true S000052217 true Managed Portfolio Series 811-22525 0001511699 254900SQ3GG01NP4WM65 615 East Michigan Street Milwaukee 53202 US-WI US 4147656844 U.S. Bancorp Fund Services, LLC 615 E. Michigan St. Milwaukee 53202 18336121912 Transfer agency, fund accounting and fund administration data U.S. Bank National Association 1555 N. RiverCenter Drive Suite 302 Milwaukee 53212 18336121912 Custody data Quasar Distributors, LLC 111 East Kilbourn Avenue Suite 2200 Milwaukee 53202 18336121912 Distribution data Foreside Fund Services, LLC Three Canal Plaza Suite 100 Portland 04101 12075537110 Distribution data Compass Distributors, LLC Three Canal Plaza Suite 100 Portland 04101 12075537110 Distribution data Toroso Investments LLC 889 North Broadway Suite 2 Massapequa 11758 18449867676 Adviser data Coho Partners, Ltd. 300 Berwyn Park 801 Cassatt Road, Suite 100 Berwyn 19312 18662646234 Adviser data Cove Street Capital, LLC 2101 E. El Segundo Boulevard Suite 302 El Segundo 90245 18664970097 Adviser data Friess Associates, LLC P.O. Box 576 Jackson 83001 18556563017 Adviser data Friess Associates of Delaware, LLC P.O. Box 4166 Greenville 19807 18556563017 Adviser data Great Lakes Advisors, LLC 231 S. LaSalle Street 4th Floor Chicago 60604 18552782020 Adviser data Principal Street Partners, LLC 6075 Poplar Avenue Suite 221 Memphis 38119 18779147343 Adviser data Jackson Square Partners, LLC One Letterman Drive Building A, Suite A3-200 San Francisco 94129 18445773863 Adviser data Lawson Kroeker Investment Management, Inc. 450 Regency Parkway Suite 410 Omaha 68114 18556981378 Adviser data Muhlenkamp & Company, Inc. 5000 Stonewood Drive Suite 300 Wexford 15090 18008603863 Adviser data Nuance Investments, LLC 4900 Main Street Suite 220 Kansas City 64112 18556826233 Adviser data Olstein Capital Management, L.P. 4 Manhattanville Road Purchase 10577 18007992113 Adviser data Port Street Investments, LLC 24 Corporate Plaza Suite 150 Newport Beach 92660 18553696220 Adviser data Saratoga Research & Investment Management 14471 Big Basin Way Suite E Saratoga 95070 18553696220 Adviser data Reinhart Partners, Inc. 1500 W. Market Street Suite 100 Mequon 53092 18557743863 Adviser data Torray LLC 7501 Wisconsin Avenue Suite 750 W. Bethesda 20814 18444064960 Adviser data Tortoise Index Solutions, LLC. 5100 W. 115th Place Leawood 66211 18448746339 Adviser data Tortoise Capital Advisors, LLC 5100 W. 115th Place Leawood 66211 18558223863 Adviser data Vident Investment Advisory, LLC. 89 Headquarters Plaza North Tower, 14th Floor Morristown 07960 19739153170 Adviser data Ecofin Advisors Limited 15 Buckingham Street Charing Cross London GB WC2N 6DU 4402074512941 Adviser data N N N N-1A 33 Y Robert Kern N/A N Leonard Rush 000726159 N David Massart 002332208 N David Swanson N/A N Deborah Ward N/A 615 E. Michigan Street Milwaukee 53202 XXXXXX N N N N N Quasar Distributors, LLC 8-52323 000103848 N/A N Compass Distributors, LLC 8-69518 000172662 N/A N Foreside Fund Services, LLC 8-51293 000046106 N/A N N Cohen & Company, Ltd. 00925 N/A Ernst & Young LLP 00042 N/A N N N N N N Nuance Concentrated Value Fund S000031968 254900C5NNQJ5IJNSM39 N 2 0 0 N/A Y N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Y Y Y Y Nuance Investments, LLC 801-69682 000148534 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N J.P. Morgan Securities LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 25881.000000000000 Robert W. Baird & Co Incorporated 8-497 000008158 549300772UJAHRD6LO53 25777.000000000000 Wells Fargo Securities, LLC 8-65876 000126292 VYVVCKR63DVZZN70PB21 22704.000000000000 Morgan Stanley & Co Inc 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 22639.000000000000 UBS Financial Services Inc 8-16267 000008174 ETYRV6ORNFJB5NONI676 22077.000000000000 Stifel Nicolaus & Company Incorporated 8-1447 000000793 5WUVMA08EYG4KEUPW589 21780.000000000000 Sanford C Bernstein & Co LLC 8-52942 000104474 549300I7JYZHT7D5CO04 19469.000000000000 BMO Capital Markets Corp 8-34344 000016686 RUC0QBLBRPRCU4W1NE59 13730.000000000000 RBC Capital Markets LLC 8-45411 000031194 549300LCO2FLSSVFFR64 12917.000000000000 ISI Group Inc 8-49830 000042405 5493008F0LRLS5N8LZ81 12797.000000000000 244348.000000000000 Merrill Lynch Inc 8-33359 000016139 549300PMHS66E71I2D34 2636226.000000000000 J.P. Morgan Securities LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 567167.000000000000 3203393.000000000000 Y 467184562.000000000000 N N N N Nuance Mid Cap Value Fund S000043170 5493002L3FXU6FPRNY43 N 3 0 0 N/A N N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Y Y Y Y Nuance Investments, LLC 801-69682 000148534 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N Robert W. Baird & Co Incorporated 8-497 000008158 549300772UJAHRD6LO53 212200.000000000000 Sanford C Bernstein & Co LLC 8-52942 000104474 549300I7JYZHT7D5CO04 194295.000000000000 RBC Capital Markets LLC 8-45411 000031194 549300LCO2FLSSVFFR64 185354.000000000000 UBS Financial Services Inc 8-16267 000008174 ETYRV6ORNFJB5NONI676 179819.000000000000 Morgan Stanley & Co Inc 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 166351.000000000000 J.P. Morgan Securities LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 162827.000000000000 BMO Capital Markets Corp 8-34344 000016686 RUC0QBLBRPRCU4W1NE59 125221.000000000000 ISI Group Inc 8-49830 000042405 5493008F0LRLS5N8LZ81 121678.000000000000 Jefferies LLC 8-15074 000002347 58PU97L1C0WSRCWADL48 116045.000000000000 Barclays Capital Inc 8-41342 000019714 AC28XWWI3WIBK2824319 99374.000000000000 1926923.000000000000 Barclays Capital Inc 8-41342 000019714 AC28XWWI3WIBK2824319 34211104.000000000000 Merrill Lynch Inc 8-33359 000016139 549300PMHS66E71I2D34 29418769.000000000000 Morgan Stanley & Co Inc 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 8378186.000000000000 J.P. Morgan Securities LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 6376548.000000000000 78384607.000000000000 Y 2894749097.000000000000 N N N N Nuance Concentrated Value Long-Short Fund S000052217 2549006GPOHXQG6X8782 N 2 0 0 N/A Y N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Y Y Y Y Nuance Investments, LLC 801-69682 000148534 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N Jefferies LLC 8-15074 000002347 58PU97L1C0WSRCWADL48 74139.000000000000 Sanford C Bernstein & Co LLC 8-52942 000104474 549300I7JYZHT7D5CO04 8841.000000000000 J.P. Morgan Securities LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 7968.000000000000 Morgan Stanley & Co Inc 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 7830.000000000000 UBS Financial Services Inc 8-16267 000008174 ETYRV6ORNFJB5NONI676 6980.000000000000 Merrill Lynch Inc 8-33359 000016139 549300PMHS66E71I2D34 6327.000000000000 Robert W. Baird & Co Incorporated 8-497 000008158 549300772UJAHRD6LO53 5524.000000000000 Wells Fargo Securities, LLC 8-65876 000126292 VYVVCKR63DVZZN70PB21 4718.000000000000 ISI Group Inc 8-49830 000042405 5493008F0LRLS5N8LZ81 4521.000000000000 RBC Capital Markets LLC 8-45411 000031194 549300LCO2FLSSVFFR64 4041.000000000000 142883.000000000000 Merrill Lynch Inc 8-33359 000016139 549300PMHS66E71I2D34 568824.000000000000 J.P. Morgan Securities LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 139712.000000000000 708536.000000000000 Y 99692406.000000000000 N N N N true INTERNAL CONTROL RPT 2 nuance.htm INTERNAL CONTROL LETTER

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Nuance Funds and
Board of Trustees of Managed Portfolio Series

In planning and performing our audit of the financial statements of Nuance Concentrated Value Fund, Nuance Concentrated Value Long-Short Fund, and Nuance Mid Cap Value Fund (the “Nuance Funds” or the “Funds”), each a series of Managed Portfolio Series, as of and for the year ended April 30, 2021, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting.  Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of April 30, 2021.

This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.
Cleveland, Ohio
June 28, 2021