Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

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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)

[phone]

Registrant's telephone number, including area code

Date of fiscal year end: August 31, 2013

Date of reporting period:   May 31, 2013

 

 

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Item 1. Schedule of Investments.

Schedule of Investments May 31, 2013 (Unaudited)
Advantus Strategic Dividend Income Fund
		Shares				Value
REIT COMMON STOCKS - 52.0%
Apartments - 2.7%
Campus Crest Communities			96,000			$	1,214,400
Home Properties			5,500				334,235
Silver Bay Realty Trust			1,944				34,662
							1,583,297
Health Care - 11.3%
Health Care REIT			15,500				1,054,465
Healthcare Trust of America, Class A			45,600				523,944
LTC Properties			17,100				711,531
OMEGA Healthcare Investors			69,700				2,258,977
Senior Housing Properties Trust			81,200				2,099,020
							6,647,937
Hotels - 2.1%
Hospitality Properties Trust			43,000				1,254,740
Industrial - 2.5%
Pure Industrial Real Estate Trust (a)			46,600				224,741
STAG Industrial			57,100				1,256,200
							1,480,941
Manufactured Homes - 2.8%
Sun Communities			33,500				1,673,995
Mortgage - 12.2%
Capstead Mortgage			122,800				1,507,984
Colony Financial			86,200				1,909,330
MFA Financial			144,000				1,264,320
Starwood Property Trust			56,500				1,433,405
Two Harbors Investment			99,500				1,097,485
							7,212,524
Net Lease - 7.7%
Agree Realty			63,104				2,103,256
EPR Properties			24,400				1,279,048
Select Income REIT			43,200				1,176,336
							4,558,640
Office - 6.9%
Digital Realty Trust			4,200				255,822
Dundee Real Estate Investment Trust (a)			32,700				1,075,228
Government Properties Income Trust			53,800				1,307,878
Mack-Cali Realty			54,500				1,444,250
							4,083,178
Retail - 3.8%
Amreit			14,296				284,205
Calloway Real Estate Investment Trust (a)			7,100				192,506
Inland Real Estate			31,800				326,586
RioCan Real Estate Investment Trust (a)			41,800				1,108,753
Spirit Realty Capital			14,800				297,036
							2,209,086
Total REIT Common Stocks
(Cost $27,753,299)							30,704,338
MASTER LIMITED PARTNERSHIPS - 16.3%
Energy - 16.3%
Access Midstream Partners			15,700				675,414
Atlas Pipeline Partners			21,100				785,131
Boardwalk Pipeline Partners			28,300				837,680
Buckeye Partners			20,200				1,336,028
DCP Midstream Partners			26,900				1,285,820
Enbridge Energy Partners			34,400				1,015,144
Energy Transfer Partners			26,900				1,307,609
Enterprise Products Partners			8,800				522,632
MarkWest Energy Partners			6,200				408,208
Plains All American Pipeline			2,424				136,181
Regency Energy Partners			22,700				582,028
Summit Midstream Partners			22,700				707,559
Total Master Limited Partnerships
(Cost $7,961,195)							9,599,434
OTHER COMMON STOCKS - 14.5%
Infrastructure - 1.5%
Macquarie Infrastructure Company			15,800				860,784
Telecommunications - 2.6%
CenturyLink			36,100				1,232,815
Deutsche Telekom - ADR			26,800				307,664
							1,540,479

 

 

 

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Utilities - 10.4%
Duke Energy			14,200				950,406
E.ON - ADR			23,100				391,314
Pepco Holdings			102,200				2,122,694
PPL Corporation			35,700				1,060,290
TECO Energy			53,500				942,135
The Southern Company			15,000				658,500
							6,125,339
Total Other Common Stocks
(Cost $8,603,106)							8,526,602
REIT PREFERRED STOCKS - 10.0%
Apartments - 0.0%
Essex Property Trust, Series H			600				15,996
Hotels - 2.5%
Hersha Hospitality Trust, Series B			14,144				369,300
LaSalle Hotel Properties, Series I			24,600				613,524
Pebblebrook Hotel Trust, Series A			8,190				219,082
Summit Hotel Properties, Series C			10,800				270,324
							1,472,230
Manufactured Homes - 0.5%
Equity LifeStyle Properties, Series C			11,800				308,393
Mortgage - 0.2%
Colony Financial, Series A			3,400				92,412
Office - 1.3%
Kilroy Realty, Series H			14,100				362,088
PS Business Parks, Series U			14,900				371,755
							733,843
Retail - 5.5%
CBL & Associates Properties, Series E			30,000				781,200
DDR, Series J			25,500				646,425
National Retail Properties, Series D			4,200				108,864
National Retail Properties, Series E			24,300				600,667
Saul Centers, Series C			12,000				309,120
Taubman Centers, Series J			19,200				492,288
Urstadt Biddle Properties, Series F			12,000				317,400
							3,255,964
Total REIT Preferred Stocks
(Cost $5,802,072)							5,878,838
U.S. GOVERNMENT SECURITIES - 5.8%		Par
U.S. Treasury Bonds - 5.8%
1.125%, 01/15/2021 (b)		$	266,023				298,007
0.625%, 07/15/2021 (b)			516,390				559,960
2.375%, 01/15/2025 (b)			617,445				777,981
3.875%, 04/15/2029 (b)			707,975				1,080,492
2.125%, 02/15/2040 (b)			269,240				350,559
2.125%, 02/15/2041 (b)			265,733				346,656
Total U.S. Government Securities
(Cost $3,660,331)							3,413,655
EXCHANGE TRADED FUNDS - 0.4%		Shares
PowerShares DB Commodity Index Tracking Fund (c)			6,800				175,848
ProShares UltraShort Real Estate (c)			3,100				63,488
Total Exchange Traded Funds
(Cost $257,153)							239,336
SHORT-TERM INVESTMENT - 1.5%
First American Government Obligations, Class Z, 0.020% (d)
(Cost $901,797)			901,797				901,797
Total Investments - 100.5%
(Cost $54,938,953)							59,264,000
Other Assets and Liabilities, Net - (0.5%)							(267,797	)
Total Net Assets - 100.0%						$	58,996,203

(a)	The Portfolio held 4.4% of net assets in foreign securities at May 31, 2013.
(b)	U.S. Treasury inflation-protected securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.
(c)	Non-income producing security.
(d)	Variable Rate Security - The rate shown is the rate in effect as of May 31, 2013.
	REIT - Real Estate Investment Trust
	ADR - American Depositary Receipt

 

 

 

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Schedule of Open Futures Contracts

Description

Number of Contracts Purchased

Market Value

Settlement Month

Unrealized Appreciation

CBOE Volatility Index

4

$

71,200

August 2013

$

2,390

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:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

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.

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.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's securities as of May 31, 2013:

 

		Level 1				Level 2				Level 3				Total
REIT Common Stocks		$	30,704,338			$	-			$	-			$	30,704,338
Master Limited Partnerships			9,599,434				-				-				9,599,434
Other Common Stocks			8,526,602				-				-				8,526,602
REIT Preferred Stocks			5,878,838				-				-				5,878,838
U.S. Government Securities			-				3,413,655				-				3,413,655
Exchange Traded Funds			239,336				-				-				239,336
Short-Term Investment			901,797				-				-				901,797
Total Investments		$	55,850,345			$	3,413,655			$	-			$	59,264,000
As of May 31, 2013, the Fund's investments in other financial instruments* were classified as follows:		$	2,390			$	-			$	-			$	2,390
* Other financial instruments are derivative instruments such as futures, which are valued at the unrealized appreciation (depreciation) on the instrument.

 

Transfers between levels are recognized at the end of the reporting period.  During the period ended May 31, 2013, the Fund recognized no transfers to/from Level 1 or 2. The Fund did not invest in any Level 3 investments during the period.
Derivatives Transactions
The Funds may use derivatives for different purposes, such as a substitute for taking a position in the underlying asset and/or as part of a strategy
designed to reduce exposure to other risks, such as interest rate or currency risk.  The various derivative instruments that the Funds may use are
options, futures, swaps, and forward foreign currency contracts, among others.  The Funds may also use derivatives for leverage, in which case their
use would involve leveraging risk.  The Funds use of derivative instruments involves risks different from, or possibly greater than, the risks associated
with investing directly in securities and other traditional investments.  Derivatives are subject to a number of risks, such as liquidity risk, interest rate
risk, market risk, credit risk and management risk.  A fund that invests in a derivative instrument could lose more than the principal amount invested.
The Funds have adopted the disclosure provisions of FASB Accounting Standard Codification 815, Derivatives and Hedging (“ASC 815”).  ASC 815
requires enhanced disclosures about the Funds' use of and accounting for derivative instruments and the effect of derivative instruments on the Funds
results of operations and financial position.  Tabular disclosure regarding derivative fair value and gain/loss by contract type (e.g., interest rate contracts,
foreign exchange contracts, credit contracts, etc.) is required and derivatives accounted for as hedging instruments under ASC 815 must be disclosed
separately from those that do not qualify for hedge accounting.  Even though the Funds may use derivatives in an attempt to achieve an economic
hedge, the Funds' derivatives are not accounted for as hedging instruments under ASC 815 because investment companies account for their derivatives
at fair value and record any changes in fair value in current period earnings.

 

Values of Derivative Instruments as of May 31, 2013 on the Statement of Assets and Liabilities:

Assets

Liabilities

Derivatives not accounted for as hedging instruments under ASC 815

Location

Fair Value

Location

Fair Value

Equity Contracts - Futures*

Net Assets - unrealized appreciation on futures contracts

2,390

N/A

-

Total

$

2,390

$

-

*Includes cumulative appreciation (depreciation) of futures contracts as reported in Schedule of Open Futures Contracts.

 

 

 

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The cost basis of investments for federal income tax purposes at May 31, 2013 was as follows:

 

	Advantus Strategic Dividend Income Fund
Cost of investments	$ 54,938,953
Gross unrealized appreciation	5,407,829
Gross unrealized depreciation	(1,082,782)
Net unrealized appreciation	$      4,325,047

 

 

Item 2. Controls and Procedures.

 

(a)

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.

(b)

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.

 

 

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.

 

 

 

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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   July 30, 2013                                                                                                                        

 

 

 

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   July 30, 2013                                                                   

                                                                                           

 

By (Signature and Title)*  /s/ Brian R. Wiedmeyer                                                                                                                 

                                             Brian R. Wiedmeyer, Treasurer

 

Date   July 30, 2013                                                                                                                                                                 

 

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