# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001145549-23-009747
**Filing Date:** 2023-2
**Character Count:** 21084
**Document Hash:** b13e46ffc4d794b68402de8e79acaa92
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-009747.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001145549-23-009747

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Managed Portfolio Series
- **CENTRAL INDEX KEY:** 0001511699
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 23665039

**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

## Series and Classes Contracts Data

### Cove Street Capital Small Cap Value Fund (Series ID: S000034690)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000106866 | Institutional Class Shares | CSCAX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Cove Street Capital Small Cap Value Fund** | | |
| **Schedule of Investments** | | |
| **December 31, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Value** |
| **COMMON STOCKS - 92.1%** | | |
| **Basic Materials - 15.2%** | | |
| Chase Corp. | 13000 | $1121380 |
| Compass Minerals International, Inc. | 33100 | 1357100 |
| Ecovyst, Inc. \* | 197970 | 1754014 |
| NewMarket Corp. | 2000 | 622220 |
|  |  | 4854714 |
| **Consumer Discretionary - 11.4%** | **Consumer Discretionary - 11.4%** |  |
| Climb Global Solutions, Inc. | 30000 | 945900 |
| E.W. Scripps - Class A \* | 87500 | 1154125 |
| Liberty TripAdvisor Holdings, Inc. – Class A \* | 500000 | 334800 |
| Lions Gate Entertainment Corp. \* | 50000 | 271500 |
| Six Flags Entertainment Corp. \* | 40000 | 930000 |
|  |  | 3636325 |
| **Consumer Staples - 4.3%** |  |  |
| Lifecore Biomedical, Inc. \* | 210000 | 1360800 |
| **Energy - 6.7%** |  |  |
| CNX Resources Corp. \* | 50000 | 842000 |
| Hallador Energy Co. \* | 130000 | 1298700 |
|  |  | 2140700 |
| **Financials - 13.6%** |  |  |
| Global Indemnity Group | 60000 | 1398600 |
| StoneX Group, Inc. \* | 8500 | 810050 |
| Tiptree, Inc. | 50000 | 692000 |
| White Mountains Insurance Group, Ltd. | 1000 | 1414330 |
|  |  | 4314980 |
| **Health Care - 8.3%** |  |  |
| Enovis Corp. \* | 18000 | 963360 |
| InfuSystem Holdings, Inc. \* | 90500 | 785540 |
| Viemed Healthcare, Inc. \* | 120000 | 907200 |
|  |  | 2656100 |
| **Industrials - 11.2%** |  |  |
| DLH Holdings \* | 70000 | 830550 |
| Ducommun, Inc. \* | 10000 | 499600 |
| KBR, Inc. | 16000 | 844800 |
| Research Solutions, Inc. \* | 276975 | 534562 |
| Standex International Corp. | 8500 | 870485 |
|  |  | 3579997 |
| **Technology - 7.9%** |  |  |
| CommVault Systems, Inc. \* | 13200 | 829488 |
| IAC, Inc. \* | 19000 | 843600 |
| IEH Corp. \*(a) | 89200 | 579800 |
| SecureWorks Corp. \* | 40000 | 255600 |
|  |  | 2508488 |
| **Telecommunications - 9.4%** |  |  |
| ViaSat, Inc. \* | 94100 | 2978265 |
| **Utilities - 4.1%** |  |  |
| Heritage-Crystal Clean \* | 40000 | 1299200 |
| **Total Common Stocks** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $25,314,270)** |  | 29329569 |
| **SHORT-TERM INVESTMENT - 7.7%** |  |  |
| Invesco Treasury Obligations Portfolio, Institutional Class, 3.92% ^ | Invesco Treasury Obligations Portfolio, Institutional Class, 3.92% ^ |  |
| **Total Short-Term Investment** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,439,947)** | 2439947 | 2439947 |
| **Total Investments - 99.8%** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $27,754,217)** |  | **31769516** |
| **Other Assets and Liabilities, Net - 0.2%** |  | **66279** |
| **Total Net Assets - 100.0%** |  | $**31835795** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| \* <br>| Non-income producing security. | Non-income producing security. |  |  |
| (a) <br>| Security considered illquid and is categorized in Level 2 of the fair value hierarchy. The illiquid security has a total fair value of $579,800, which represents 1.8% of net assets. Information concerning the illiquid security is as follows: | Security considered illquid and is categorized in Level 2 of the fair value hierarchy. The illiquid security has a total fair value of $579,800, which represents 1.8% of net assets. Information concerning the illiquid security is as follows: | Security considered illquid and is categorized in Level 2 of the fair value hierarchy. The illiquid security has a total fair value of $579,800, which represents 1.8% of net assets. Information concerning the illiquid security is as follows: | Security considered illquid and is categorized in Level 2 of the fair value hierarchy. The illiquid security has a total fair value of $579,800, which represents 1.8% of net assets. Information concerning the illiquid security is as follows: |
|  | Security | Shares | Date Acquired | Cost Basis |
|  | IEH Corp. | 89200 | August 2021 | $1321052 |
| ^ <br>| The rate of shown is the annualized seven day effective yield as of December 31, 2022. | The rate of shown is the annualized seven day effective yield as of December 31, 2022. | The rate of shown is the annualized seven day effective yield as of December 31, 2022. | The rate of shown is the annualized seven day effective yield as of December 31, 2022. |

---

---

| |
|:---|
| **Summary of Fair Value Exposure** |
| 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 of changes of 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 similiar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similiar 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 securitites as of December 31, 2022: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $28749769 | $579800 | $- | $29329569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 2439947 | - | - | 2439947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities | $31189716 | $579800 | $- | $31769516 |
| Refer to the Schedule of Investments for further information on the classification of investments. | Refer to the Schedule of Investments for further information on the classification of investments. | Refer to the Schedule of Investments for further information on the classification of investments. | Refer to the Schedule of Investments for further information on the classification of investments. | Refer to the Schedule of Investments for further information on the classification of investments. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Managed Portfolio Series

- **b. Investment Company Act file number:** 811-22525

- **c. CIK number of Registrant:** 0001511699

- **d. LEI of Registrant:** 254900SQ3GG01NP4WM65

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-516-1712

**Item A.2. Information about the Series.**

- **a. Name of Series:** Cove Street Capital Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000034690

- **c. LEI of Series:** 2549004A43304B8G6G89

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $32045385.27

**Total Liabilities:** $202860.65

**Net Assets:** $31842524.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000106866 | 11.49%               | 2.18%                | -5.36%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-45409.42               | $3885161.92                                |
| Month 2  | $576888.83               | $160289.80                                 |
| Month 3  | $504111.42               | $-2355821.40                               |

### Schedule of Portfolio Investments

| Name                           | Title                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| InfuSystem Holdings Inc        | InfuSystem Holdings Inc                | CUSIP: 45685K102<br>LEI: 549300F58N8PHJ4QUI59 | Long             | EC               | CORP              | US        |     90500 | NS      | $785540.00    | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                        | KBR Inc                                | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     16000 | NS      | $844800.00    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifecore Biomedical Inc        | Lifecore Biomedical Inc                | CUSIP: 514766104<br>LEI: 549300EHBZ5OM9ND9O43 | Long             | EC               | CORP              | US        |    210000 | NS      | $1360800.00   | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty TripAdvisor Holdings I | Liberty TripAdvisor Holdings Inc       | CUSIP: 531465102<br>LEI: 5299006PCRAU736ZJ155 | Long             | EC               | CORP              | US        |    500000 | NS      | $334800.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lions Gate Entertainment Corp  | Lions Gate Entertainment Corp          | CUSIP: 535919500<br>LEI: 5493000JSMHPHZURLM72 | Long             | EC               | CORP              | US        |     50000 | NS      | $271500.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corp                 | NewMarket Corp                         | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |      2000 | NS      | $622220.00    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Research Solutions Inc/CA      | Research Solutions Inc/CA              | CUSIP: 761025105<br>LEI: 549300TYWPCKGK141Q94 | Long             | EC               | CORP              | US        |    276975 | NS      | $534561.75    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| EW Scripps Co/The              | EW Scripps Co/The                      | CUSIP: 811054402<br>LEI: 549300U1OW41QPKYW028 | Long             | EC               | CORP              | US        |     87500 | NS      | $1154125.00   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| SecureWorks Corp               | SecureWorks Corp                       | CUSIP: 81374A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $255600.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Obligations P | Invesco Treasury Obligations Portfolio | CUSIP: 825252505<br>LEI: 549300AX0P1O1RVENL43 | Long             | STIV             | RF                | US        |   2564821 | NS      | $2564821.00   | 8.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Six Flags Entertainment Corp   | Six Flags Entertainment Corp           | CUSIP: 83001A102<br>LEI: 549300JYTDUAA4JQ3717 | Long             | EC               | CORP              | US        |     40000 | NS      | $930000.00    | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp     | Standex International Corp             | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |      8500 | NS      | $870485.00    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc               | StoneX Group Inc                       | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |      8500 | NS      | $810050.00    | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiptree Inc                    | Tiptree Inc                            | CUSIP: 88822Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $692000.00    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Viasat Inc                     | Viasat Inc                             | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |     94100 | NS      | $2978265.00   | 9.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Viemed Healthcare Inc          | Viemed Healthcare Inc                  | CUSIP: 92663R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120000 | NS      | $907200.00    | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Climb Global Solutions Inc     | Climb Global Solutions Inc             | CUSIP: 946760105<br>LEI: 549300LKM16VX2FG7J68 | Long             | EC               | CORP              | US        |     30000 | NS      | $945900.00    | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou | White Mountains Insurance Group Ltd    | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |      1000 | NS      | $1414330.00   | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corp             | CNX Resources Corp                     | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |     50000 | NS      | $842000.00    | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Chase Corp                     | Chase Corp                             | CUSIP: 16150R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13000 | NS      | $1121380.00   | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                    | Enovis Corp                            | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |     18000 | NS      | $963360.00    | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CommVault Systems Inc          | CommVault Systems Inc                  | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |     13200 | NS      | $829488.00    | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Minerals International | Compass Minerals International Inc     | CUSIP: 20451N101<br>LEI: 2549008X9G8XP7YJGC47 | Long             | EC               | CORP              | US        |     33100 | NS      | $1357100.00   | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DLH Holdings Corp              | DLH Holdings Corp                      | CUSIP: 23335Q100<br>LEI: 549300KRYPLQFKWVTE62 | Long             | EC               | CORP              | US        |     70000 | NS      | $830550.00    | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                   | Ducommun Inc                           | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     10000 | NS      | $499600.00    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                    | Ecovyst Inc                            | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    197970 | NS      | $1754014.20   | 5.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Indemnity Group LLC     | Global Indemnity Group LLC             | CUSIP: 37959R103<br>LEI: 549300KNR55WEKSPTK65 | Long             | EC               | CORP              | US        |     60000 | NS      | $1398600.00   | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Hallador Energy Co             | Hallador Energy Co                     | CUSIP: 40609P105<br>LEI: 254900GKEQRHOI2SSC19 | Long             | EC               | CORP              | US        |    130000 | NS      | $1298700.00   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage-Crystal Clean Inc     | Heritage-Crystal Clean Inc             | CUSIP: 42726M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $1299200.00   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                        | IAC Inc                                | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |     19000 | NS      | $843600.00    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| IEH Corp                       | IEH Corp                               | CUSIP: 44949K107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89200 | NS      | $579800.00    | 1.82%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Managed Portfolio Series

**Signature:** /s/ Douglas Schafer

**Name of Signer:** Managed Portfolio Series

**Title:** VP & Asst. Treasurer