0001145549-23-036766.txt : 20230613 0001145549-23-036766.hdr.sgml : 20230613 20230613113051 ACCESSION NUMBER: 0001145549-23-036766 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230613 DATE AS OF CHANGE: 20230613 EFFECTIVENESS DATE: 20230613 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: 231010654 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 S000038405 Great Lakes Large Cap Value Fund C000118451 Institutional Class Shares GLLIX 0001511699 S000038406 Great Lakes Disciplined Equity Fund C000118453 Institutional Class Shares GLDNX 0001511699 S000038407 Great Lakes Small Cap Opportunity Fund C000118454 Investor Class Shares GLSCX C000118455 Institutional Class Shares GLSIX 0001511699 S000043754 Port Street Quality Growth Fund C000135684 Institutional Class Shares PSQGX 0001511699 S000077752 CornerCap Small-Cap Value Fund C000238277 Advisor Class CSCVX C000238278 Institutional Class CSCJX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001511699 XXXXXXXX true false false N-1A S000077752 true S000043754 true S000038406 true S000038405 true S000038407 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. 11090 North Weston Drive 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 320 N. Sangamon Street Suite 1250 Chicago 60607 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 31 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 CornerCap Small-Cap Value Fund S000077752 549300NUE0XPG5ARUR15 N 2 1 1 N/A N N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Revenue sharing split Cash collateral reinvestment fee 2980017.000000000000 6963.000000000000 Rule 12d1-1 (17 CFR 270.12d1-1) Y Y Y N CornerCap Investment Counsel 801-36918 000107852 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N Y 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)) Y N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N/A N N Y INSTINET, LLC 8-23669 000007897 549300MGMN3RKMU8FT57 140199.000000000000 JONESTRADING INSTITUTIONAL SERVICES LLC 8-26089 000006888 N/A 77226.000000000000 217425.000000000000 0.000000000000 N 217425.000000000000 N N N N Port Street Quality Growth Fund S000043754 254900PJ8RMALGEZLL04 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 Port Street Investments, LLC 801-78708 000168596 N/A N Saratoga Research and Investment Adviser 801-57695 000110506 N/A N 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/A N N N Charles Schwab & Company Inc 8-16514 000005393 549300ZP8XN77GK5BS04 337.000000000000 337.000000000000 Charles Schwab & Company, Inc. 8-16514 000005393 549300ZP8XN77GK5BS04 108050973.000000000000 108050973.000000000000 N 198559737.000000000000 N N N N true INTERNAL CONTROL RPT 2 cornercap.htm INTERNAL CONTROL LETTER

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 CornerCap Small-Cap Value Fund (the “Fund”), a series of Managed Portfolio Series, as of and for the year ended March 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s 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 Fund’s internal control over financial reporting.  Accordingly, we express no such opinion.

The management of the Fund 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 Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s 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 Fund’s 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 March 31, 2023.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund 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.
Milwaukee, Wisconsin
May 25, 2023
 INTERNAL CONTROL RPT 3 port-street.htm INTERNAL CONTROL LETTER2

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 Port Street Quality Growth Fund (the “Fund”), a series of Managed Portfolio Series, as of and for the year ended March 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s 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 Fund’s internal control over financial reporting.  Accordingly, we express no such opinion.

The management of the Fund 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 Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s 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 Fund’s 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 March 31, 2023.

This report is intended solely for the information and use of management and the Board of Trustees of the Fund 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.
Milwaukee, Wisconsin
May 25, 2023