UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number
811-22525
Managed Portfolio Series
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
James R. Arnold, President
Managed Portfolio Series
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Ave, 5
th
Fl
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 765-6802
Registrant's telephone number, including area code
Date of fiscal year end:
September 30, 2014
Date of reporting period:
December 31, 2013
Item 1. Schedule of Investments.
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Smith Group Small Cap Focused Growth Fund
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Schedule of Investments
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December 31, 2013 (Unaudited)
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Shares
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Value
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COMMON STOCKS - 97.8%
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Consumer Discretionary - 19.0%
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Buckle, Inc.
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40
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$
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2,102
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Children's Place Retail Stores, Inc. *
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36
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2,051
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Cracker Barrel Old Country Store, Inc.
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21
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2,312
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DineEquity, Inc.
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26
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2,172
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ITT Educational Services, Inc. *
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60
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2,015
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La-Z-Boy, Inc.
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81
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2,511
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Papa John's International, Inc.
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68
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3,087
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Sturm Ruger & Company, Inc.
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38
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2,777
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19,027
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Consumer Staples - 2.4%
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USANA Health Sciences, Inc. *
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32
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2,419
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Energy - 4.0%
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Carrizo Oil & Gas, Inc. *
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56
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2,507
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Renewable Energy Group, Inc. *
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132
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1,513
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4,020
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Financials - 10.9%
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AmTrust Financial Services, Inc.
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60
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1,961
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Evercore Partners, Inc.
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45
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2,690
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Horace Mann Educators Corp.
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75
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2,366
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Montpelier Re Holdings Ltd.
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71
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2,066
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World Acceptance Corp. *
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21
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1,838
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10,921
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Health Care - 18.7%
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Align Technology, Inc. *
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43
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2,457
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AMN Healthcare Services, Inc. *
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175
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2,573
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Anika Therapeutics, Inc. *
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66
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2,519
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Centene Corp. *
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36
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2,122
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Chemed Corp.
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30
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2,299
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NuVasive, Inc. *
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71
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2,295
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PAREXEL International Corp. *
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51
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2,304
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Prestige Brands Holdings, Inc. *
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60
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2,148
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18,717
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Industrials - 16.9%
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A.O. Smith Corp.
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53
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2,859
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Deluxe Corp.
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60
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3,131
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EnerSys
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34
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2,383
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Generac Holdings, Inc.
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58
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3,285
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RPX Corp. *
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130
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2,197
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Spirit Airlines, Inc. *
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66
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2,997
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16,852
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Information Technology - 21.3%
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ARRIS Group, Inc. *
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111
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2,705
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Cardtronics, Inc. *
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58
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2,520
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CSG Systems International, Inc.
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90
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2,646
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Euronet Worldwide, Inc. *
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56
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2,680
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iGate Corp.
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70
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2,811
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Manhattan Associates, Inc. *
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24
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2,819
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TiVo, Inc. *
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175
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2,296
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Unisys Corp. *
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85
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2,853
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21,330
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Materials - 2.1%
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P.H. Glatfelter Co.
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75
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2,073
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Telecommunication Services - 2.5%
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Inteliquent, Inc.
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218
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2,490
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Total Common Stocks
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(Cost $97,799)
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97,849
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Total Investments - 97.8%
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(Cost $97,799)
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97,849
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Other Assets and Liabilities, Net - 2.2%
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2,206
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Total Net Assets - 100.0%
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$
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100,055
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*
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Non-income producing security.
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Summary of Fair Value Exposure
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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 in 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:
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Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
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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.
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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.
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The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
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The following is a summary of the inputs used to value the Fund's securities as of December 31, 2013:
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Level 1
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Level 2
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Level 3
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Total
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Common Stocks
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$
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97,849
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$
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-
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$
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-
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$
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97,849
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Total Investments
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$
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97,849
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$
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-
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$
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-
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$
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97,849
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Transfers between levels are recognized at the end of the reporting period. During the period ended December 31, 2013, the Fund recognized no transfers to/from Level 1 or Level 2. The Fund did not invest in any Level 3 investments during the period.
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The cost basis of investments for federal income tax purposes at December 31, 2013 was as follows*:
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Smith Group
Small Cap
Focused Growth Fund
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Cost of investments
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$
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97,799
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Gross unrealized appreciation
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503
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Gross unrealized depreciation
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(453
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Net unrealized appreciation
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$
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50
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*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.
Item 2. Controls and Procedures.
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(a)
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The Registrant’s President and Treasurer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”))
(17 CFR
270.30a-3(c))
are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b))
and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended
(17 CFR 240.13a-15(b) or 240.15d-15(d))
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(b)
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There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
(17 CFR 270.30a-3(d))
that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
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Item 3. Exhibits.
Separate certifications for each President and Treasurer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant)
Managed Portfolio Series
By (Signature and Title)
/s/James R. Arnold
James R. Arnold, President
Date
February 21, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*
/s/ James R. Arnold
James R. Arnold, President
Date
February 21, 2014
By (Signature and Title)*
/s/ Brian R. Wiedmeyer
Brian R. Wiedmeyer, Treasurer
Date
February 21, 2014