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, 4
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:
October 31, 2014
Date of reporting period:
January 31, 2014
Item 1. Schedule of Investments.
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Schedule of
Investments
January 31, 2014 (Unaudited)
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New Path Tactical Allocation Fund
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Description
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Shares
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Value
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EXCHANGE-TRADED FUNDS - 98.8%
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iShares MSCI EAFE Index Fund
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71,760
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$
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4,564,654
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SPDR S&P 500 ETF Trust #
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185,040
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32,970,427
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SPDR Barclays Short Term High Yield Bond Fund
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306,980
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9,482,612
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Total Exchange-Traded Funds
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(Cost $46,219,489)
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47,017,693
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SHORT-TERM INVESTMENT - 1.3%
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Invesco Liquid Assets Portfolio, 0.06% ^
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(Cost $648,929)
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648,929
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648,929
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Total Investments - 100.1%
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(Cost $46,868,418)
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47,666,622
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Other Assets and Liabilities, Net - (0.1)%
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(65,560
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Total Net Assets - 100.0%
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$
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47,601,062
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#
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Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.
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^
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Variable Rate Security - The rate shown is the rate in effect as of January 31, 2014.
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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 active 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 January 31, 2014.
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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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Exchange-Traded Funds
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$
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47,017,693
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$
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-
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$
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-
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$
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47,017,693
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Short-Term Investment
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648,929
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-
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-
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648,929
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Total Investments
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$
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47,666,622
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$
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-
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$
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-
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$
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47,666,622
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Transfers between levels are recognized at the end of the reporting period. During the period ended January 31, 2014, 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 January 31, 2014 was as follows*:
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New Path Tactical
Allocation Fund
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Cost of investments
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$46,868,418
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Gross unrealized appreciation
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922,481
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Gross unrealized depreciation
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(124,277)
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Net unrealized appreciation
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$798,204
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*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
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”)) 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 and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.
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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 Act) that occurred during the Registrant's last fiscal quarter that has materially affected, or is 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
March 26, 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
March 26, 2014
By (Signature and Title)*
/s/ Brian R. Wiedmeyer
Brian R. Wiedmeyer, Treasurer
Date
March 26, 2014