(a)
|
|
MUHLENKAMP FUND
|
MUHLENKAMP FUND
|
•
|
Will inflation remain high? If so, how high will it be?
|
•
|
Will the U.S. enter a recession? If so, how bad will it be?
|
•
|
Will a financial crisis erupt that prompts the Federal Reserve to drop interest rates and perhaps restart quantitative easing in response? If so, will this cause inflation to run up again?
|
•
|
Inflation is likely to remain higher than the last decade, probably on the order of 4-5%.
|
•
|
The U.S. is likely to enter a recession in 2023, we don’t really have an estimate regarding how deep it might be.
|
•
|
It is possible that a crisis of some sort erupts that prompts a Fed response—interest rates are rising globally and typically higher interest rates create problems for shakier borrowers.
|
MUHLENKAMP FUND
|
![]() |
![]() |
Ron Muhlenkamp, Founder
|
Jeff Muhlenkamp, Portfolio Manager
|
Muhlenkamp & Company, Inc.
|
Muhlenkamp & Company, Inc.
|
MUHLENKAMP FUND
|
(Unaudited)
|
January 10, 2023
|
MUHLENKAMP FUND
|
MUHLENKAMP FUND
|
*
|
Unaudited
|
MUHLENKAMP FUND
|
One
|
Three
|
Five
|
Ten
|
Since
|
|
Muhlenkamp Fund
|
Year
|
Year
|
Year
|
Year
|
Inception*
|
Return Before Taxes
|
2.88%
|
14.08%
|
8.05%
|
7.89%
|
8.94%
|
S&P 500® Index**
|
-18.11%
|
7.66%
|
9.42%
|
12.56%
|
10.30%
|
Consumer Price Index***
|
6.45%
|
4.92%
|
3.78%
|
2.60%
|
2.68%
|
*
|
Operations commenced on November 1, 1988.
|
**
|
The S&P 500® Index is a widely recognized, unmanaged index of common stock prices. The figures for the
S&P 500® Index reflect all dividends reinvested but do not reflect any deductions for fees, expenses, or taxes. One cannot invest directly in an index.
|
***
|
Consumer Price Index – U.S. CPI Consumer NSA (Non-Seasonally Adjusted) Index. One cannot invest directly in an index.
|
MUHLENKAMP FUND
|
One-Year Period
|
|||||||||||||||||
Ended 12/31
|
Muhlenkamp Fund
|
S&P 500® Index
|
Consumer Price Index
|
||||||||||||||
1989
|
12.45
|
%
|
31.69
|
%
|
4.65
|
%
|
|||||||||||
1990
|
-14.90
|
%
|
-3.10
|
%
|
6.11
|
%
|
|||||||||||
1991
|
45.39
|
%
|
30.47
|
%
|
3.06
|
%
|
|||||||||||
1992
|
15.80
|
%
|
7.62
|
%
|
2.90
|
%
|
|||||||||||
1993
|
18.12
|
%
|
10.08
|
%
|
2.75
|
%
|
|||||||||||
1994
|
-7.19
|
%
|
1.32
|
%
|
2.67
|
%
|
|||||||||||
1995
|
32.96
|
%
|
37.58
|
%
|
2.54
|
%
|
|||||||||||
1996
|
29.98
|
%
|
22.96
|
%
|
3.32
|
%
|
|||||||||||
1997
|
33.30
|
%
|
33.36
|
%
|
1.70
|
%
|
|||||||||||
1998
|
3.22
|
%
|
28.58
|
%
|
1.61
|
%
|
|||||||||||
1999
|
11.40
|
%
|
21.04
|
%
|
2.68
|
%
|
|||||||||||
2000
|
25.30
|
%
|
-9.10
|
%
|
3.39
|
%
|
|||||||||||
2001
|
9.35
|
%
|
-11.89
|
%
|
1.55
|
%
|
|||||||||||
2002
|
-19.92
|
%
|
-22.10
|
%
|
2.38
|
%
|
|||||||||||
2003
|
48.08
|
%
|
28.68
|
%
|
1.88
|
%
|
|||||||||||
2004
|
24.51
|
%
|
10.88
|
%
|
3.26
|
%
|
|||||||||||
2005
|
7.88
|
%
|
4.91
|
%
|
3.42
|
%
|
|||||||||||
2006
|
4.08
|
%
|
15.79
|
%
|
2.54
|
%
|
|||||||||||
2007
|
-9.66
|
%
|
5.49
|
%
|
4.08
|
%
|
|||||||||||
2008
|
-40.39
|
%
|
-37.00
|
%
|
0.09
|
%
|
|||||||||||
2009
|
31.49
|
%
|
26.46
|
%
|
2.72
|
%
|
|||||||||||
2010
|
6.14
|
%
|
15.06
|
%
|
1.50
|
%
|
|||||||||||
2011
|
-4.74
|
%
|
2.11
|
%
|
2.96
|
%
|
|||||||||||
2012
|
12.52
|
%
|
16.00
|
%
|
1.74
|
%
|
|||||||||||
2013
|
34.43
|
%
|
32.39
|
%
|
1.50
|
%
|
|||||||||||
2014
|
0.64
|
%
|
13.69
|
%
|
0.76
|
%
|
|||||||||||
2015
|
-6.21
|
%
|
1.38
|
%
|
0.73
|
%
|
|||||||||||
2016
|
-3.70
|
%
|
11.96
|
%
|
2.07
|
%
|
|||||||||||
2017
|
18.77
|
%
|
21.83
|
%
|
2.11
|
%
|
|||||||||||
2018
|
-13.29
|
%
|
-4.38
|
%
|
1.91
|
%
|
|||||||||||
2019
|
14.39
|
%
|
31.49
|
%
|
2.29
|
%
|
|||||||||||
2020
|
11.86
|
%
|
18.40
|
%
|
1.36
|
%
|
|||||||||||
2021
|
29.02
|
%
|
28.71
|
%
|
7.04
|
%
|
|||||||||||
2022
|
2.88
|
%
|
-18.11
|
%
|
6.45
|
%
|
(1)
|
Operations commenced on November 1, 1988.
|
MUHLENKAMP FUND
|
MUHLENKAMP FUND
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period
|
|
7/1/2022
|
12/31/2022
|
7/1/2022 – 12/31/2022(1)
|
|
Actual(2)
|
$1,000.00
|
$1,053.10
|
$5.69
|
Hypothetical (5% return
|
|||
before expenses)
|
$1,000.00
|
$1,019.66
|
$5.60
|
(1)
|
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 1.10%, multiplied by the average account value over the period, multiplied by 184/365 to reflect
the one-half year period.
|
(2)
|
Based on the actual return for the six-month period ended December 31, 2022 of 5.31%.
|
MUHLENKAMP FUND
|
MUHLENKAMP FUND
|
ASSETS
|
||||
Investments, at value (Cost: $213,549,126)
|
$
|
278,139,292
|
||
Dividends and interest receivable
|
485,612
|
|||
Receivable for capital shares sold
|
311,235
|
|||
Prepaid expenses
|
17,520
|
|||
Total assets
|
278,953,659
|
|||
LIABILITIES
|
||||
Distribution payable
|
1,131,963
|
|||
Payable for capital shares redeemed
|
715,729
|
|||
Payable to investment adviser
|
212,201
|
|||
Payable for fund administration & accounting fees
|
41,490
|
|||
Payable for transfer agent fees & expenses
|
23,173
|
|||
Payable for trustee fees
|
4,481
|
|||
Payable for custody fees
|
2,796
|
|||
Payable for compliance fees
|
2,503
|
|||
Accrued expenses
|
41,539
|
|||
Total liabilities
|
2,175,875
|
|||
Net assets
|
$
|
276,777,784
|
||
NET ASSETS
|
||||
Paid-in capital
|
$
|
212,500,274
|
||
Total distributable earnings
|
64,277,510
|
|||
Net assets
|
$
|
276,777,784
|
||
Shares issued and outstanding(1)
|
5,021,974
|
|||
Net asset value, redemption price and offering per share
|
$
|
55.11
|
(1)
|
Unlimited shares authorized without par value.
|
MUHLENKAMP FUND
|
INVESTMENT INCOME:
|
||||||||
Dividend income
|
$
|
2,030,067
|
||||||
Less: Foreign taxes withheld
|
(6,854
|
)
|
||||||
Interest income
|
1,891,802
|
|||||||
Total investment income
|
3,915,015
|
|||||||
EXPENSES:
|
||||||||
Investment advisory fees (See Note 3)
|
$
|
2,631,854
|
||||||
Fund administration &
|
||||||||
accounting fees (See Note 3)
|
232,445
|
|||||||
Transfer agent fees & expenses (See Note 3)
|
180,087
|
|||||||
Postage & printing fees
|
48,141
|
|||||||
Federal & state registration fees
|
32,279
|
|||||||
Audit fees
|
21,499
|
|||||||
Trustee fees
|
18,038
|
|||||||
Custody fees (See Note 3)
|
15,852
|
|||||||
Compliance fees (See Note 3)
|
15,001
|
|||||||
Legal fees
|
9,860
|
|||||||
Other expenses
|
8,407
|
|||||||
Insurance fees
|
3,109
|
|||||||
Total expenses before waiver
|
3,216,572
|
|||||||
Less: waiver from
|
||||||||
investment adviser (See Note 3)
|
(316,952
|
)
|
||||||
Less: Expense reductions (See Note 8)
|
(4,575
|
)
|
||||||
Net expenses
|
2,895,045
|
|||||||
NET INVESTMENT INCOME
|
1,019,970
|
|||||||
REALIZED AND UNREALIZED
|
||||||||
GAIN (LOSS) ON INVESTMENTS
|
||||||||
Total net realized gain on investments sold(1)
|
20,419,769
|
|||||||
Total net change in unrealized
|
||||||||
appreciation/depreciation on investments
|
(15,514,072
|
)
|
||||||
Net realized and unrealized gain on investments
|
4,905,697
|
|||||||
NET INCREASE IN NET ASSETS
|
||||||||
RESULTING FROM OPERATIONS
|
$
|
5,925,667
|
(1)
|
Includes $374,180 gain from in-kind transaction. In-kind realized gains generally do not need to be distributed as capital gain distributions.
|
MUHLENKAMP FUND
|
Year Ended
|
Year Ended
|
|||||||
December 31, 2022
|
December 31, 2021
|
|||||||
OPERATIONS:
|
||||||||
Net investment income (loss)
|
$
|
1,019,970
|
$
|
(167,528
|
)
|
|||
Net realized gain on investments sold
|
20,419,769
|
20,995,943
|
||||||
Net change in unrealized
|
||||||||
appreciation/depreciation on investments
|
(15,514,072
|
)
|
28,721,779
|
|||||
Net increase in net assets
|
||||||||
resulting from operations
|
5,925,667
|
49,550,194
|
||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Proceeds from shares sold
|
138,860,847
|
7,705,870
|
||||||
Proceeds from reinvestments of distributions
|
16,601,535
|
13,492,799
|
||||||
Payment for shares redeemed
|
(67,556,297
|
)
|
(23,135,184
|
)
|
||||
Payment for redemption in-kind(1)
|
(1,438,128
|
)
|
(11,304,528
|
)
|
||||
Net increase (decrease) in net assets
|
||||||||
resulting from capital share transactions
|
86,467,957
|
(13,241,043
|
)
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
(17,733,491
|
)
|
(14,667,741
|
)
|
||||
TOTAL INCREASE IN NET ASSETS
|
74,660,133
|
21,641,410
|
||||||
NET ASSETS:
|
||||||||
Beginning of year
|
202,117,651
|
180,476,241
|
||||||
End of year
|
$
|
276,777,784
|
$
|
202,117,651
|
(1)
|
A redemption-in-kind occurred in the Fund on July 5, 2022.
|
MUHLENKAMP FUND
|
Year Ended December 31,
|
||||||||||||||||||||
2022
|
2021
|
2020
|
2019
|
2018
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
NET ASSET VALUE,
|
||||||||||||||||||||
BEGINNING OF YEAR
|
$
|
57.21
|
$
|
47.79
|
$
|
47.12
|
$
|
41.71
|
$
|
55.21
|
||||||||||
INVESTMENT OPERATIONS:
|
||||||||||||||||||||
Net investment income (loss)
|
0.22
|
(0.05
|
)
|
0.11
|
0.18
|
0.12
|
||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||
gains (losses) on investments
|
1.43
|
13.91
|
5.47
|
5.82
|
(7.49
|
)
|
||||||||||||||
Total from investment operations
|
1.65
|
13.86
|
5.58
|
6.00
|
(7.37
|
)
|
||||||||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||||||||||
Net investment income
|
(0.21
|
)
|
—
|
(0.13
|
)
|
(0.19
|
)
|
(0.16
|
)
|
|||||||||||
Realized gains
|
(3.54
|
)
|
(4.44
|
)
|
(4.78
|
)
|
(0.40
|
)
|
(5.97
|
)
|
||||||||||
Total distributions
|
(3.75
|
)
|
(4.44
|
)
|
(4.91
|
)
|
(0.59
|
)
|
(6.13
|
)
|
||||||||||
NET ASSET VALUE, END OF YEAR
|
$
|
55.11
|
$
|
57.21
|
$
|
47.79
|
$
|
47.12
|
$
|
41.71
|
||||||||||
TOTAL RETURN
|
2.88
|
%
|
29.02
|
%
|
11.86
|
%
|
14.39
|
%
|
-13.29
|
%
|
||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
NET ASSETS, END OF YEAR
|
||||||||||||||||||||
(in millions)
|
$
|
277
|
$
|
202
|
$
|
180
|
$
|
185
|
$
|
188
|
||||||||||
RATIO OF EXPENSES TO
|
||||||||||||||||||||
AVERAGE NET ASSETS:
|
||||||||||||||||||||
Excluding expense waiver/reductions
|
1.22
|
%
|
1.26
|
%
|
1.29
|
%
|
1.28
|
%
|
1.25
|
%
|
||||||||||
Including expense waiver/reductions
|
1.10
|
%(1)
|
1.10
|
%
|
1.10
|
%(1)
|
1.12
|
%(1)(2)
|
1.20
|
%(1)
|
||||||||||
RATIO OF NET INVESTMENT
|
||||||||||||||||||||
INCOME (LOSS) TO
|
||||||||||||||||||||
AVERAGE NET ASSETS
|
||||||||||||||||||||
Including expense waiver/reductions
|
0.39
|
%
|
(0.08
|
)%
|
0.24
|
%
|
0.38
|
%
|
0.20
|
%
|
||||||||||
PORTFOLIO TURNOVER RATE
|
15.40
|
%(3)
|
8.06
|
%(4)
|
24.64
|
%
|
40.19
|
%
|
9.55
|
%
|
(1)
|
The ratio includes expense reductions for minimum account maintenance fees deposited into the Fund (See Note 8).
|
(2)
|
Prior to February 28, 2019, the annual expense limitation was 1.20% of the average daily net assets. Thereafter it was 1.10%.
|
(3)
|
Excludes value of securities delivered as a result of an in-kind redemption of the Fund’s capital shares on July 5, 2022.
|
(4)
|
Excludes value of securities delivered as a result of an in-kind redemption of the Fund’s capital shares on May 12, 2021 and August 31, 2021.
|
MUHLENKAMP FUND
|
Name of Issuer or Title of Issue
|
Shares
|
Value
|
||||||
COMMON STOCKS — 50.4%
|
||||||||
Chemicals — 2.7%
|
||||||||
Dow, Inc.
|
145,773
|
$
|
7,345,501
|
|||||
Diversified Financial Services — 2.8%
|
||||||||
Berkshire Hathaway, Inc. — Class B (a)
|
25,199
|
7,783,971
|
||||||
Energy Equipment & Services — 3.9%
|
||||||||
Schlumberger Ltd. (b)
|
202,576
|
10,829,713
|
||||||
Health Care Providers & Services — 9.2%
|
||||||||
CVS Health Corporation
|
71,946
|
6,704,648
|
||||||
McKesson Corporation
|
27,208
|
10,206,265
|
||||||
UnitedHealth Group, Inc.
|
16,323
|
8,654,128
|
||||||
25,565,041
|
||||||||
Machinery — 1.4%
|
||||||||
Wabtec Corporation
|
37,430
|
3,735,888
|
||||||
Marine — 2.5%
|
||||||||
Kirby Corporation (a)
|
108,718
|
6,996,003
|
||||||
Metals & Mining — 2.8%
|
||||||||
Franco-Nevada Corporation (b)
|
28,501
|
3,889,817
|
||||||
Royal Gold, Inc.
|
34,024
|
3,835,185
|
||||||
7,725,002
|
||||||||
Oil, Gas & Consumable Fuels — 7.8%
|
||||||||
Cameco Corporation (b)
|
103,126
|
2,337,867
|
||||||
EQT Corporation (a)
|
287,945
|
9,741,179
|
||||||
Occidental Petroleum Corporation
|
148,980
|
9,384,250
|
||||||
21,463,296
|
||||||||
Pharmaceuticals — 2.2%
|
||||||||
Bristol-Myers Squibb Co.
|
85,301
|
6,137,407
|
||||||
Semiconductors &
|
||||||||
Semiconductor Equipment — 3.9%
|
||||||||
Broadcom, Inc.
|
10,307
|
5,762,953
|
||||||
Microchip Technology, Inc.
|
72,059
|
5,062,145
|
||||||
10,825,098
|
||||||||
Software — 1.8%
|
||||||||
Microsoft Corporation
|
20,097
|
4,819,663
|
MUHLENKAMP FUND
|
Name of Issuer or Title of Issue
|
Shares
|
Value
|
||||||
COMMON STOCKS — 50.4% (Continued)
|
||||||||
Technology Hardware & Equipment — 2.6%
|
||||||||
MasTec, Inc. (a)
|
84,152
|
$
|
7,180,690
|
|||||
Technology Hardware,
|
||||||||
Storage & Peripherals — 1.7%
|
||||||||
Apple, Inc.
|
35,700
|
4,638,501
|
||||||
Thrifts & Mortgage Finance — 1.6%
|
||||||||
NMI Holdings, Inc. (a)
|
217,192
|
4,539,313
|
||||||
Trading Companies & Distributors — 3.5%
|
||||||||
Rush Enterprises, Inc. — Class A
|
186,971
|
9,774,844
|
||||||
Total Common Stocks
|
||||||||
(Cost $77,129,095)
|
139,359,931
|
|||||||
EXCHANGE TRADED FUNDS — 5.8%
|
||||||||
Alerian MLP
|
174,245
|
6,633,507
|
||||||
ProShares Short QQQ
|
647,850
|
9,536,352
|
||||||
Total Exchange Traded Funds
|
||||||||
(Cost $13,810,529)
|
16,169,859
|
|||||||
SHORT-TERM INVESTMENT 44.3%
|
||||||||
First American Government Obligations
|
||||||||
Fund — Class X, 4.10% (c)
|
||||||||
Total Short Term Investment
|
||||||||
(Cost $122,609,502)
|
122,609,502
|
122,609,502
|
||||||
TOTAL INVESTMENTS
|
||||||||
(Cost $213,549,126) — 100.5%
|
278,139,292
|
|||||||
Other Assets & Liabilities, Net — (0.5)%
|
(1,361,508
|
)
|
||||||
TOTAL NET ASSETS — 100.0%
|
$
|
276,777,784
|
(a)
|
Non-income producing security.
|
(b)
|
Foreign company.
|
(c)
|
The rate shown is the annualized seven day effective yield as of December 31, 2022.
|
MUHLENKAMP FUND
|
a.
|
Investment Valuations — Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured
at fair value on a recurring basis. The Fund’s investments are carried at fair value.
|
Equity Securities — Equity securities, including common stocks, preferred stocks, exchange-traded funds (“ETFs”) and real estate investment trusts
(“REITs”), that are primarily traded on a national securities exchange are valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between
the bid and ask prices. Securities traded primarily in the Nasdaq Global Market
|
MUHLENKAMP FUND
|
System for which market quotations are readily available are valued using the Nasdaq Official Closing Price (“NOCP”). If the NOCP is not available, such securities are valued at the last sale
price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1
of the fair value hierarchy. If the market for a particular security is not active, and the mean between bid and ask prices is used, these securities are categorized in Level 2 of the fair value hierarchy.
|
|
Corporate Bonds — Corporate bonds, including listed issues, are valued at fair value on the basis of valuations furnished by an independent pricing
service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where
observable), bond spreads, and fundamental data relating to the issuer. Most corporate and municipal bonds are categorized in Level 2 of the fair value hierarchy.
|
|
U.S. Government & Agency Securities — U.S. government & agency securities are normally valued using a model that incorporates market observable
data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government and agency securities are categorized in Level 2 of
the fair value hierarchy depending on the inputs used and market activity levels for specific securities.
|
|
Short-Term Investments — Short-term investments in other mutual funds, including money market funds, are valued at their net asset value per share. To
the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
|
|
Derivative Instruments — Listed derivatives, including rights and warrants that are actively traded are valued based on quoted prices from the exchange
and categorized in Level 1 of the fair value hierarchy. Exchange traded options that are valued at the mean of the highest bid price and lowest ask price across the exchanges where the option is traded are categorized in Level 2 of the fair
value hierarchy.
|
|
The Board of Trustees (the “Board”) has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule
2a-5 under the 1940 Act, the Fund has designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may
|
MUHLENKAMP FUND
|
be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and
other assets for which market quotations are not readily available or if it is deemed that the prices obtained for brokers and dealers or independent pricing services are unreliable.
|
|
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 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 assets and liabilities as of December 31, 2022:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Assets:
|
|||||||||||||||||
Common Stocks
|
$
|
139,359,931
|
$
|
—
|
$
|
—
|
$
|
139,359,931
|
|||||||||
Exchange Traded Funds
|
16,169,859
|
—
|
—
|
16,169,859
|
|||||||||||||
Short-Term Investment
|
122,609,502
|
—
|
—
|
122,609,502
|
|||||||||||||
Total Investments
|
|||||||||||||||||
in Securities
|
$
|
278,139,292
|
$
|
—
|
$
|
—
|
$
|
278,139,292
|
Refer to the Schedule of Investments for further information on the classification of investments.
|
MUHLENKAMP FUND
|
b.
|
Foreign Securities — Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically
associated with investing in U.S. companies and the U.S. government. These risks may include revaluation of currencies and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign
governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government.
|
c.
|
Investment Transactions and Related Investment Income — Investment transactions are recorded on the trade date. Dividend income is recorded on the
ex-dividend date. Interest income is recorded daily on an accrual basis. The Fund uses the specific identification method in computing gain or loss on the sale of investment securities. Withholding taxes on foreign dividends have been
provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and regulations. Distributions received from the Fund’s investments in Master Limited Partnerships (“MLPs”) may be categorized as ordinary income,
net capital gain, or a return of capital. The proper classification of MLP distributions is generally not known until after the end of each calendar year. The Fund must use estimates in reporting the character of its income and distributions
for financial statement purposes. Due to the nature of the MLP investments, a portion of the distributions received by the Fund’s shareholders may represent a return of capital.
|
d.
|
Federal Taxes — The Fund complies with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a
regulated investment company and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Fund. Therefore, no federal income or excise tax provision is
required. As of and during the year ended December 31, 2022, the Fund did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. As of and during the year ended
December 31, 2022, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the
Statement of Operations. As of and during the year ended December 31, 2022, the Fund did not incur any interest and penalties. The Fund is not subject to examination by U.S. tax authorities for tax years prior to the fiscal year ended
December 31, 2019.
|
MUHLENKAMP FUND
|
e.
|
Dividends and Distributions to Shareholders — Dividends from net investment income, if any, are declared and paid at least annually. Distributions of
net realized capital gains, if any, will be declared and paid at least annually. Income dividends and capital gain distributions, if any, are recorded on the ex-dividend date. The Fund may utilize earnings and profits distributed to
shareholders on redemption of shares as part of the dividends paid deduction. Accordingly, reclassifications are made within the net asset accounts for such amounts, as well as amounts related to permanent differences in the character of
certain income and expense items for income tax and financial reporting purposes. See Note 7 for additional disclosures.
|
f.
|
Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ
from those estimates.
|
g.
|
Allocation of Expenses — Expenses associated with a specific fund in the Trust are charged to that Fund. Common Trust expenses are typically allocated
evenly between the funds of the Trust or by other equitable means.
|
h.
|
Options Transactions — The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may use purchased
option contracts and written option contracts to hedge against the changes in the value of equities or to meet its investment objectives. The Fund may write put and call options only if it (i) owns an offsetting position in the underlying
security or (ii) maintains cash or other liquid assets in an amount equal to or greater than its obligation under the option.
|
When the Fund writes a call or put option, an amount equal to the premium received is included in the Statement of Assets & Liabilities as a liability. The amount of the liability is
subsequently adjusted to reflect the current fair value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is
exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is
decreased by the premium originally received. As the writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable
change in the price of the security underlying the written option.
|
MUHLENKAMP FUND
|
The Fund may purchase call and put options. When the Fund purchases a call or put option, an amount equal to the premium paid is included in the Statement of Assets & Liabilities as an
investment and is subsequently adjusted to reflect the fair value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a
call option, the cost of the security acquired is increased by the premium paid for the call. If the Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are
decreased by the premium originally paid. Written and purchased options are non-income producing securities. Written and purchased options expose the Fund to minimal counterparty risk since they are exchange traded and the exchange’s
clearinghouse guarantees the options against default.
|
|
The Fund has adopted authoritative standards regarding disclosure about derivatives and hedging activities and how they affect the Fund’s Statement of Assets and Liabilities and Statement of
Operations. For the year ended December 31, 2022, no long options contracts were purchased, and no written option contracts were opened. The Fund’s average monthly notional value of written option contracts for the year ended December 31,
2022, was $0.
|
|
3.
|
INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
|
MUHLENKAMP FUND
|
Expiration
|
Amount
|
January-December 2023
|
$304,035
|
January-December 2024
|
$318,386
|
January-December 2025
|
$316,952
|
MUHLENKAMP FUND
|
Year Ended
|
Year Ended
|
||||||||
December 31, 2022
|
December 31, 2021
|
||||||||
Shares outstanding, beginning of year
|
3,533,135
|
3,776,730
|
|||||||
Shares sold
|
2,370,595
|
134,926
|
|||||||
Dividends reinvested
|
301,243
|
236,136
|
|||||||
Shares redeemed
|
(1,157,115
|
)
|
(416,215
|
)
|
|||||
Shares redeemed in-kind
|
(25,884
|
)
|
(198,442
|
)
|
|||||
Shares outstanding, end of year
|
5,021,974
|
3,533,135
|
U.S. Government Securities
|
Other Securities
|
|||||||
Purchases
|
Sales
|
Purchases
|
Sales*
|
|||||
$—
|
$—
|
$25,835,919
|
$64,120,200
|
Tax cost of investments
|
$
|
213,549,126
|
|||
Gross tax unrealized appreciation
|
$
|
66,914,080
|
|||
Gross tax unrealized depreciation
|
(2,323,967
|
)
|
|||
Net tax unrealized appreciation on investments
|
64,590,113
|
||||
Undistributed ordinary income
|
33,191
|
||||
Undistributed long term capital gains
|
—
|
||||
Distributable earnings
|
33,191
|
||||
Other accumulated loss
|
(345,794
|
)
|
|||
Total distributable earnings
|
$
|
64,277,510
|
MUHLENKAMP FUND
|
Year Ended
|
Year Ended
|
||||||||
December 31, 2022
|
December 31, 2021
|
||||||||
Ordinary Income*
|
$
|
986,736
|
$
|
2,146,563
|
|||||
Long-term capital gain
|
$
|
16,746,755
|
$
|
12,521,178
|
*
|
For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.
|
Total
|
Paid-In
|
Distributable Earnings
|
Capital
|
$(3,673,057)
|
$3,673,057
|
MUHLENKAMP FUND
|
MUHLENKAMP FUND
|
MUHLENKAMP FUND
|
Term of
|
Number
|
Other
|
|||
Office
|
of
|
Directorships
|
|||
and
|
Portfolios
|
Principal
|
Held
|
||
Position(s)
|
Length of
|
in Trust
|
Occupation(s)
|
by Trustee
|
|
Name, Address
|
Held with
|
Time
|
Overseen
|
During the
|
During the
|
and Year of Birth
|
the Trust
|
Served
|
by Trustee
|
Past Five Years
|
Past Five Years
|
Independent Trustees
|
|||||
Leonard M. Rush, CPA
|
Chairman,
|
Indefinite
|
32
|
Retired, Chief
|
Independent
|
615 E. Michigan St.
|
Trustee and
|
Term;
|
Financial
|
Trustee, ETF
|
|
Milwaukee, WI 53202
|
Audit
|
Since
|
Officer,
|
Series Solutions
|
|
Year of Birth: 1946
|
Committee
|
April
|
Robert W.
|
(55 Portfolios)
|
|
Chairman
|
2011
|
Baird & Co.
|
(2012-Present).
|
||
Incorporated
|
|||||
(2000-2011).
|
|||||
David A. Massart
|
Trustee
|
Indefinite
|
32
|
Partner and
|
Independent
|
615 E. Michigan St.
|
Term;
|
Managing
|
Trustee, ETF
|
||
Milwaukee, WI 53202
|
Since
|
Director, Beacon
|
Series Solutions
|
||
Year of Birth: 1967
|
April
|
Pointe Advisors
|
(55 Portfolios)
|
||
2011
|
(since 2022);
|
(2012-Present).
|
|||
Co-Founder and
|
|||||
Chief Investment
|
|||||
Strategist, Next
|
|||||
Generation Wealth
|
|||||
Management, Inc.
|
|||||
(2005-2021).
|
MUHLENKAMP FUND
|
Term of
|
Number
|
Other
|
|||
Office
|
of
|
Directorships
|
|||
and
|
Portfolios
|
Principal
|
Held
|
||
Position(s)
|
Length of
|
in Trust
|
Occupation(s)
|
by Trustee
|
|
Name, Address
|
Held with
|
Time
|
Overseen
|
During the
|
During the
|
and Year of Birth
|
the Trust
|
Served
|
by Trustee
|
Past Five Years
|
Past Five Years
|
David M. Swanson
|
Trustee and
|
Indefinite
|
32
|
Founder and
|
Independent
|
615 E. Michigan St.
|
Nominating
|
Term;
|
Managing
|
Trustee, ALPS
|
|
Milwaukee, WI 53202
|
&
|
Since
|
Principal,
|
Variable
|
|
Year of Birth: 1957
|
Governance
|
April
|
SwanDog
|
Investment Trust
|
|
Committee
|
2011
|
Strategic
|
(7 Portfolios)
|
||
Chairman
|
Marketing, LLC
|
(2006-Present);
|
|||
(2006-Present).
|
Independent
|
||||
Trustee,
|
|||||
RiverNorth Funds
|
|||||
(3 Portfolios)
|
|||||
(2018-Present);
|
|||||
RiverNorth
|
|||||
Managed
|
|||||
Duration
|
|||||
Municipal
|
|||||
Income Fund
|
|||||
Inc. (1 Portfolio)
|
|||||
(2019-Present);
|
|||||
RiverNorth
|
|||||
Opportunistic
|
|||||
Municipal
|
|||||
Income Fund,
|
|||||
Inc. (1 Portfolio)
|
|||||
(2018-Present);
|
|||||
RiverNorth
|
|||||
Specialty
|
|||||
Finance
|
|||||
Corporation
|
|||||
(1 Portfolio)
|
|||||
(2018-Present);
|
|||||
RiverNorth/
|
|||||
DoubleLine
|
|||||
Strategic
|
|||||
Opportunity
|
|||||
Fund, Inc.
|
|||||
(1 Portfolio)
|
|||||
(2019-Present);
|
|||||
(1 Portfolio);
|
MUHLENKAMP FUND
|
Term of
|
Number
|
Other
|
|||
Office
|
of
|
Directorships
|
|||
and
|
Portfolios
|
Principal
|
Held
|
||
Position(s)
|
Length of
|
in Trust
|
Occupation(s)
|
by Trustee
|
|
Name, Address
|
Held with
|
Time
|
Overseen
|
During the
|
During the
|
and Year of Birth
|
the Trust
|
Served
|
by Trustee
|
Past Five Years
|
Past Five Years
|
David M. Swanson
|
RiverNorth
|
||||
(continued)
|
Flexible
|
||||
Municipal
|
|||||
Income Fund,
|
|||||
Inc. (1 Portfolio)
|
|||||
(2020-Present).
|
|||||
RiverNorth
|
|||||
Flexible
|
|||||
Municipal
|
|||||
Income Fund II,
|
|||||
Inc. (1 Portfolio)
|
|||||
(2021-Present);
|
|||||
RiverNorth
|
|||||
Managed
|
|||||
Duration
|
|||||
Municipal
|
|||||
Income Fund II,
|
|||||
Inc. (1 Portfolio)
|
|||||
(2022-Present).
|
|||||
Robert J. Kern
|
Trustee
|
Indefinite
|
32
|
Retired
|
None
|
615 E. Michigan St.
|
Term;
|
(July 2018-
|
|||
Milwaukee, WI 53202
|
Since
|
Present);
|
|||
Year of Birth: 1958
|
January
|
Executive
|
|||
2011
|
Vice
|
||||
President, U.S.
|
|||||
Bancorp Fund
|
|||||
Services, LLC
|
|||||
(1994-2018).
|
MUHLENKAMP FUND
|
Term of
|
Number
|
Other
|
|||
Office
|
of
|
Directorships
|
|||
and
|
Portfolios
|
Principal
|
Held
|
||
Position(s)
|
Length of
|
in Trust
|
Occupation(s)
|
by Trustee
|
|
Name, Address
|
Held with
|
Time
|
Overseen
|
During the
|
During the
|
and Year of Birth
|
the Trust
|
Served
|
by Trustee
|
Past Five Years
|
Past Five Years
|
Officers
|
|||||
Brian R. Wiedmeyer
|
President
|
Indefinite
|
N/A
|
Vice President,
|
N/A
|
615 E. Michigan St.
|
and
|
Term,
|
U.S. Bancorp Fund
|
||
Milwaukee, WI 53202
|
Principal
|
Since
|
Services, LLC
|
||
Year of Birth: 1973
|
Executive
|
November
|
(2005-Present).
|
||
Officer
|
2018
|
||||
Deborah Ward
|
Vice
|
Indefinite
|
N/A
|
Senior Vice
|
N/A
|
615 E. Michigan St.
|
President,
|
Term;
|
President, U.S.
|
||
Milwaukee, WI 53202
|
Chief
|
Since
|
Bancorp Fund
|
||
Year of Birth: 1966
|
Compliance
|
April
|
Services, LLC
|
||
Officer and
|
2013
|
(2004-Present).
|
|||
Anti-Money
|
|||||
Laundering
|
|||||
Officer
|
|||||
Benjamin Eirich
|
Treasurer,
|
Indefinite
|
N/A
|
Assistant Vice
|
N/A
|
615 E. Michigan St.
|
Principal
|
Term;
|
President, U.S.
|
||
Milwaukee, WI 53202
|
Financial
|
Since
|
Bancorp Fund
|
||
Year of Birth: 1981
|
Officer
|
August
|
Services, LLC
|
||
and Vice
|
2019
|
(2008-Present).
|
|||
President
|
(Treasurer);
|
||||
Since
|
|||||
November
|
|||||
2018 (Vice
|
|||||
President)
|
|||||
John Hadermayer
|
Secretary
|
Indefinite
|
N/A
|
Vice President,
|
N/A
|
615 E. Michigan St.
|
Term;
|
U.S. Bancorp Fund
|
|||
Milwaukee, WI 53202
|
Since
|
Services, LLC
|
|||
Year of Birth: 1977
|
May
|
(2022-Present);
|
|||
2022
|
Executive Director,
|
||||
AQR Capital
|
|||||
Management, LLC
|
|||||
(2013-2022).
|
MUHLENKAMP FUND
|
Term of
|
Number
|
Other
|
|||
Office
|
of
|
Directorships
|
|||
and
|
Portfolios
|
Principal
|
Held
|
||
Position(s)
|
Length of
|
in Trust
|
Occupation(s)
|
by Trustee
|
|
Name, Address
|
Held with
|
Time
|
Overseen
|
During the
|
During the
|
and Year of Birth
|
the Trust
|
Served
|
by Trustee
|
Past Five Years
|
Past Five Years
|
Douglas Schafer
|
Assistant
|
Indefinite
|
N/A
|
Assistant Vice
|
N/A
|
615 E. Michigan St.
|
Treasurer
|
Term;
|
President, U.S.
|
||
Milwaukee, WI 53202
|
and Vice
|
Since
|
Bancorp Fund
|
||
Year of Birth: 1970
|
President
|
May 2016
|
Services, LLC
|
||
(Assistant
|
(2002-Present).
|
||||
Treasurer);
|
|||||
Since
|
|||||
November
|
|||||
2018 (Vice
|
|||||
President)
|
|||||
Sara J. Bollech
|
Assistant
|
Indefinite
|
N/A
|
Officer, U.S.
|
N/A
|
615 E. Michigan St.
|
Treasurer
|
Term;
|
Bancorp Fund
|
||
Milwaukee, WI 53202
|
and Vice
|
Since
|
Services, LLC
|
||
Year of Birth: 1977
|
President
|
November
|
(2007-Present).
|
||
2021
|
|||||
Peter A. Walker, CPA
|
Assistant
|
Indefinite
|
N/A
|
Officer, U.S.
|
N/A
|
615 E. Michigan St.
|
Treasurer
|
Term;
|
Bancorp Fund
|
||
Milwaukee, WI 53202
|
and Vice
|
Since
|
Services, LLC
|
||
Year of Birth: 1993
|
President
|
November
|
(2016-Present).
|
||
2021
|
MUHLENKAMP FUND
|
(b)
|
Not applicable.
|
FYE 12/31/2022
|
FYE 12/31/2021
|
|
(a) Audit Fees
|
$16,500
|
$16,500
|
(b) Audit-Related Fees
|
$ -
|
$ -
|
(c) Tax Fees
|
$ 5,000
|
$ 5,000
|
(d) All Other Fees
|
$ -
|
$ -
|
FYE 12/31/2022
|
FYE 12/31/2021
|
|
Audit-Related Fees
|
0%
|
0%
|
Tax Fees
|
0%
|
0%
|
All Other Fees
|
0%
|
0%
|
Non-Audit Related Fees
|
FYE 12/31/2022
|
FYE 12/31/2021
|
Registrant
|
$0
|
$0
|
Registrant’s Investment Adviser
|
$0
|
$0
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of
this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
1. |
HONEST AND ETHICAL CONDUCT
|
•
|
use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby
the Principal Officer would benefit personally to the detriment of the Fund;
|
•
|
cause a Fund to take action, or fail to take action, for the individual personal benefit of the Principal Officer rather than the benefit of the
Fund; or
|
•
|
retaliate against any other Principal Officer or any employee of the Trust or its service providers for reports of potential violations by the
Trust, its service providers or the Principal Officer that are made in good faith.
|
2. |
FINANCIAL RECORDS AND REPORTING
|
3. |
COMPLIANCE WITH LAWS, RULES AND REGULATIONS
|
4. |
COMPLIANCE WITH THIS CODE OF ETHICS
|
5. |
AMENDMENT AND WAIVER
|
6. |
ACKNOWLEDGEMENT
|
1. |
In accordance with the Code of Ethics for Principal Officers, I will report all violations of the Code of Ethics for Principal Officers to the Audit Committee as well
as the full Board of Trustees of the Trust;
|
2. |
I do not currently know of any violations of the Code of Ethics for Principal Officers; and
|
3. |
I will comply with the Code of Ethics for Principal Officers in all other respects.
|
3. |
I have read and understand the Code of Ethics for Principal Officers and recognize that I am subject thereto.
|
1.
|
I have reviewed this report on Form N-CSR of Managed Portfolio Series;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
|
4.
|
The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
|
(c)
|
Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant’s internal control over financial reporting; and
|
5.
|
The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
|
Date: March 8, 2023
|
/s/Brian R. Wiedmeyer
Brian R. Wiedmeyer President |
|
1.
|
I have reviewed this report on Form N-CSR of Managed Portfolio Series;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;
|
4.
|
The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
|
(c)
|
Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant’s internal control over financial reporting; and
|
5.
|
The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
|
Date: March 8, 2023
|
/s/Benjamin J. Eirich
Benjamin J. Eirich Treasurer |
/s/Brian R. Wiedmeyer
Brian R. Wiedmeyer
President, Managed Portfolio Series
|
/s/Benjamin J. Eirich
Benjamin J. Eirich
Treasurer, Managed Portfolio Series
|
Dated: March 8, 2023
|
Dated: March 8, 2023
|
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