0001145549-23-016334.txt : 20230314 0001145549-23-016334.hdr.sgml : 20230314 20230314171500 ACCESSION NUMBER: 0001145549-23-016334 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20221231 FILED AS OF DATE: 20230314 DATE AS OF CHANGE: 20230314 EFFECTIVENESS DATE: 20230314 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: 23731989 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 S000046566 Muhlenkamp Fund C000145345 Institutional Class Shares MUHLX 0001511699 S000057860 Friess Small Cap Growth Fund C000187061 Institutional Class SCGFX C000187062 Investor Class SCGNX 0001511699 S000072420 Friess Brandywine Fund C000228628 Class I FBRWX 0001511699 S000072421 Friess Brandywine Blue Fund C000228629 Class I FBLUX 0001511699 S000075575 Kensington Managed Income Fund C000234786 Institutional Class Shares KAMIX C000234787 Class C Shares KAMCX C000234788 Class A Shares KAMAX 0001511699 S000075576 Kensington Dynamic Growth Fund C000234789 Class C Shares KAGCX C000234790 Institutional Class Shares KAGIX C000234791 Class A Shares KAGAX 0001511699 S000075577 Kensington Active Advantage Fund C000234792 Institutional Class Shares KADIX C000234793 Class C Shares KADCX C000234794 Class A Shares KADAX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001511699 XXXXXXXX true false false N-1A S000046566 true S000075577 true S000075575 true S000075576 true S000072420 true S000072421 true S000057860 true Managed Portfolio Series 811-22525 0001511699 254900SQ3GG01NP4WM65 615 East Michigan Street Milwaukee 53202 US-WI US 4145161712 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 12075537110 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 898 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 CornerCap Investment Counsel Inc. 1355 Peachtree Street NE Suite 1700 Atlanta 30309 14048700700 Adviser data Cove Street Capital, LLC 525 South Douglas St Suite 225 El Segundo 90245 18664970097 Adviser data Principal Street Partners, LLC 949 S. Shady Grove Road Suite 402 Memphis 38120 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 Tortoise Index Solutions, LLC. 6363 College Boulevard Suite 100A Overland Park 66211 18448746339 Adviser data Tortoise Capital Advisors, LLC 6363 College Boulevard Suite 100A Overland Park 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 V-Square Quantitative Management 875 North Michigan Avenue Unit 3216 Chicago 60611 18448746339 Adviser data Kensington Asset Management LLC 901 S. Mopac Expy Suite 225 Austin 78746 18778911222 Adviser data Ecofin Advisors LLC 6363 College Boulevard Suite 100A Overland Park 66211 18558223863 Adviser data N N N N-1A 32 Y David Swanson N/A N David Massart 002332208 N Leonard Rush 000726159 N Robert Kern 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 Kensington Active Advantage Fund S000075577 5493001KAN5SN0TTOB47 Y 3 0 0 N/A N N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 12d1-4 (17 CFR 270.12d1-4) Y Y Y Y Kensington Asset Management, LLC 801-119080 000309780 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 WALLACHBETH CAPITAL LLC 8-67936 000147853 549300R371KUKXEXC133 1981.000000000000 VELOCITY CAPITAL, LLC 8-69479 000171810 N/A 1020.000000000000 GOLDMAN SACHS & CO. LLC 8-129 000000361 FOR8UP27PHTHYVLBNG30 324.000000000000 QUANTEX CLEARING, LLC 8-65894 000126588 N/A 6.000000000000 3331.000000000000 0.000000000000 N 8660963.000000000000 Uncommitted 100000000.000000000000 N N N N Kensington Managed Income Fund S000075575 5493002K680MXVOQI389 N 3 0 0 N/A N N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 12d1-4 (17 CFR 270.12d1-4) Y Y Y Y Tortoise Capital Advisors, LLC 801-61622 000123711 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 WALLACHBETH CAPITAL LLC 8-67936 000147853 549300R371KUKXEXC133 192860.000000000000 NATIONAL FINANCIAL SERVICES, INC. 8-26740 000013041 N/A 11080.000000000000 VELOCITY CAPITAL, LLC 8-69479 000171810 N/A 6900.000000000000 CEROS FINANCIAL SERVICES, INC. 8-47955 000037869 N/A 107700.000000000000 318540.000000000000 U.S. Bancorp Investments, Inc. 8-35359 000017868 H85Z6XZP8B10ES0M2G89 99998912.000000000000 NATIONAL FINANCIAL SERVICES, INC. 8-26740 000013041 549300JRHF1MHHWUAW04 21500146.000000000000 121499058.000000000000 N 937889901.000000000000 Uncommitted 100000000.000000000000 N N N N Kensington Dynamic Growth Fund S000075576 549300C2TLZWJY4RFQ90 N 3 0 0 N/A N N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 12d1-4 (17 CFR 270.12d1-4) Y Y Y Y Tortoise Capital Advisors, LLC 801-61622 000123711 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 WALLACHBETH CAPITAL LLC 8-67936 000147853 549300R371KUKXEXC133 48664.000000000000 QUANTEX CLEARING, LLC 8-65894 000126588 N/A 10632.000000000000 VELOCITY CAPITAL, LLC 8-69479 000171810 N/A 8578.000000000000 CEROS FINANCIAL SERVICES, INC. 8-47955 000037869 N/A 164481.000000000000 232355.000000000000 0.000000000000 N 690313104.000000000000 Uncommitted 100000000.000000000000 N N N N Muhlenkamp Fund S000046566 549300XTEE75IP3IO553 N 1 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 N Muhlenkamp and Company Inc. 801-16476 000110787 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)) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N Y Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services LLC N1GZ7BBF3NP8GI976H15 N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N G. RESEARCH LLC 8-21373 000007353 N/A 11325.000000000000 RBC CAPITAL MARKETS, LLC 8-45411 000031194 549300LCO2FLSSVFFR64 10446.000000000000 WALL STREET MANAGEMENT INC 8-25936 000010012 549300Z0MOT47D6OQV22 7876.000000000000 JONES AND ASSOCIATES INC 8-26089 000006888 2138008JJ5PA8H5UIL69 1069.000000000000 30716.000000000000 0.000000000000 N 263185931.000000000000 Uncommitted 10000000.000000000000 N N N N true INTERNAL CONTROL RPT 2 internal-control.htm ICLETTER

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of
Managed Portfolio Series

In planning and performing our audit of the financial statements of Muhlenkamp Fund, Kensington Active Advantage Fund, Kensington Managed Income Fund, and Kensington Dynamic Growth Fund (the “Funds”), each a series of Managed Portfolio Series, as of and for the year or period ended December 31, 2022, 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 December 31, 2022.

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.
Milwaukee, Wisconsin
March 1, 2023