Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
July 30 2013 - 2:48PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number
811-22525
Managed Portfolio Series
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
James R. Arnold, President
Managed Portfolio Series
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Ave, 5
th
Fl
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 765-6802
Registrant's telephone number, including area code
Date of fiscal year end:
August 31, 2013
Date of reporting period:
May 31, 2013
Item 1. Schedule of Investments.
Schedule of Investments
May 31, 2013 (Unaudited)
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Advantus Strategic Dividend Income Fund
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Shares
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Value
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REIT COMMON STOCKS - 52.0%
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Apartments - 2.7%
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Campus Crest Communities
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96,000
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$
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1,214,400
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Home Properties
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5,500
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334,235
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Silver Bay Realty Trust
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1,944
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34,662
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1,583,297
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Health Care - 11.3%
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Health Care REIT
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15,500
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1,054,465
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Healthcare Trust of America, Class A
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45,600
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523,944
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LTC Properties
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17,100
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711,531
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OMEGA Healthcare Investors
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69,700
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2,258,977
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Senior Housing Properties Trust
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81,200
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2,099,020
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6,647,937
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Hotels - 2.1%
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Hospitality Properties Trust
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43,000
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1,254,740
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Industrial - 2.5%
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Pure Industrial Real Estate Trust (a)
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46,600
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224,741
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STAG Industrial
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57,100
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1,256,200
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1,480,941
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Manufactured Homes - 2.8%
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Sun Communities
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33,500
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1,673,995
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Mortgage - 12.2%
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Capstead Mortgage
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122,800
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1,507,984
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Colony Financial
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86,200
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1,909,330
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MFA Financial
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144,000
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1,264,320
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Starwood Property Trust
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56,500
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1,433,405
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Two Harbors Investment
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99,500
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1,097,485
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7,212,524
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Net Lease - 7.7%
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Agree Realty
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63,104
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2,103,256
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EPR Properties
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24,400
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1,279,048
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Select Income REIT
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43,200
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1,176,336
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4,558,640
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Office - 6.9%
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Digital Realty Trust
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4,200
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255,822
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Dundee Real Estate Investment Trust (a)
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32,700
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1,075,228
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Government Properties Income Trust
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53,800
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1,307,878
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Mack-Cali Realty
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54,500
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1,444,250
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4,083,178
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Retail - 3.8%
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Amreit
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14,296
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284,205
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Calloway Real Estate Investment Trust (a)
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7,100
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192,506
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Inland Real Estate
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31,800
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326,586
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RioCan Real Estate Investment Trust (a)
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41,800
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1,108,753
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Spirit Realty Capital
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14,800
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297,036
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2,209,086
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Total REIT Common Stocks
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(Cost $27,753,299)
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30,704,338
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MASTER LIMITED PARTNERSHIPS - 16.3%
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Energy - 16.3%
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Access Midstream Partners
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15,700
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675,414
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Atlas Pipeline Partners
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21,100
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785,131
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Boardwalk Pipeline Partners
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28,300
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837,680
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Buckeye Partners
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20,200
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1,336,028
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DCP Midstream Partners
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26,900
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1,285,820
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Enbridge Energy Partners
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34,400
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1,015,144
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Energy Transfer Partners
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26,900
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1,307,609
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Enterprise Products Partners
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8,800
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522,632
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MarkWest Energy Partners
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6,200
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408,208
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Plains All American Pipeline
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2,424
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|
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136,181
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Regency Energy Partners
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22,700
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582,028
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Summit Midstream Partners
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22,700
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707,559
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Total Master Limited Partnerships
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(Cost $7,961,195)
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9,599,434
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OTHER COMMON STOCKS - 14.5%
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Infrastructure - 1.5%
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Macquarie Infrastructure Company
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15,800
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860,784
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Telecommunications - 2.6%
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CenturyLink
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36,100
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1,232,815
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Deutsche Telekom - ADR
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26,800
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307,664
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1,540,479
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Utilities - 10.4%
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Duke Energy
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14,200
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950,406
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E.ON - ADR
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23,100
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391,314
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Pepco Holdings
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102,200
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2,122,694
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PPL Corporation
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35,700
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1,060,290
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TECO Energy
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53,500
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942,135
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The Southern Company
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15,000
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658,500
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6,125,339
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Total Other Common Stocks
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(Cost $8,603,106)
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8,526,602
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REIT PREFERRED STOCKS - 10.0%
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Apartments - 0.0%
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Essex Property Trust, Series H
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|
600
|
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|
15,996
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Hotels - 2.5%
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Hersha Hospitality Trust, Series B
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14,144
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369,300
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LaSalle Hotel Properties, Series I
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24,600
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|
613,524
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Pebblebrook Hotel Trust, Series A
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8,190
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|
219,082
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Summit Hotel Properties, Series C
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10,800
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270,324
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1,472,230
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Manufactured Homes - 0.5%
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Equity LifeStyle Properties, Series C
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11,800
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|
308,393
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Mortgage - 0.2%
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Colony Financial, Series A
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3,400
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|
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|
92,412
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Office - 1.3%
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Kilroy Realty, Series H
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14,100
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362,088
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PS Business Parks, Series U
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14,900
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371,755
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733,843
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Retail - 5.5%
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CBL & Associates Properties, Series E
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30,000
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781,200
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DDR, Series J
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25,500
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|
646,425
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National Retail Properties, Series D
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4,200
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108,864
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National Retail Properties, Series E
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24,300
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|
600,667
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Saul Centers, Series C
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12,000
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309,120
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Taubman Centers, Series J
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19,200
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|
492,288
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Urstadt Biddle Properties, Series F
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12,000
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317,400
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3,255,964
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Total REIT Preferred Stocks
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|
(Cost $5,802,072)
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5,878,838
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U.S. GOVERNMENT SECURITIES - 5.8%
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Par
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U.S. Treasury Bonds - 5.8%
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1.125%, 01/15/2021 (b)
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$
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266,023
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|
298,007
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0.625%, 07/15/2021 (b)
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|
516,390
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|
559,960
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2.375%, 01/15/2025 (b)
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|
617,445
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|
777,981
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3.875%, 04/15/2029 (b)
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|
707,975
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|
|
|
1,080,492
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2.125%, 02/15/2040 (b)
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|
269,240
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|
350,559
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2.125%, 02/15/2041 (b)
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265,733
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|
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|
346,656
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Total U.S. Government Securities
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(Cost $3,660,331)
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3,413,655
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EXCHANGE TRADED FUNDS - 0.4%
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Shares
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PowerShares DB Commodity Index Tracking Fund (c)
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|
6,800
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|
175,848
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ProShares UltraShort Real Estate (c)
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|
3,100
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|
63,488
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Total Exchange Traded Funds
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(Cost $257,153)
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239,336
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SHORT-TERM INVESTMENT - 1.5%
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First American Government Obligations, Class Z, 0.020% (d)
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(Cost $901,797)
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901,797
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901,797
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Total Investments - 100.5%
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(Cost $54,938,953)
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|
59,264,000
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Other Assets and Liabilities, Net - (0.5%)
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|
(267,797
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)
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Total Net Assets - 100.0%
|
|
|
|
|
|
$
|
58,996,203
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(a)
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The Portfolio held 4.4% of net assets in foreign securities at May 31, 2013.
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(b)
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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.
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(c)
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Non-income producing security.
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(d)
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Variable Rate Security - The rate shown is the rate in effect as of May 31, 2013.
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REIT - Real Estate Investment Trust
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ADR - American Depositary Receipt
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Schedule of Open Futures Contracts
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Description
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Number of Contracts Purchased
|
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Market Value
|
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|
Settlement Month
|
|
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Unrealized Appreciation
|
|
CBOE Volatility Index
|
|
|
4
|
|
|
$
|
71,200
|
|
|
August 2013
|
|
|
$
|
2,390
|
|
|
|
|
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The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
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Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
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Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
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Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
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The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
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The following is a summary of the inputs used to value the Fund's securities as of May 31, 2013:
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|
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Level 1
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Level 2
|
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Level 3
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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
|
|
|
|
|
|
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|
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As of May 31, 2013, the Fund's investments in other financial instruments* were classified as follows:
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|
$
|
2,390
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|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
2,390
|
|
* Other financial instruments are derivative instruments such as futures, which are valued at the unrealized appreciation (depreciation) on the instrument.
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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.
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Derivatives Transactions
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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
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designed to reduce exposure to other risks, such as interest rate or currency risk. The various derivative instruments that the Funds may use are
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options, futures, swaps, and forward foreign currency contracts, among others. The Funds may also use derivatives for leverage, in which case their
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use would involve leveraging risk. The Funds use of derivative instruments involves risks different from, or possibly greater than, the risks associated
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with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks, such as liquidity risk, interest rate
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risk, market risk, credit risk and management risk. A fund that invests in a derivative instrument could lose more than the principal amount invested.
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The Funds have adopted the disclosure provisions of FASB Accounting Standard Codification 815, Derivatives and Hedging (“ASC 815”). ASC 815
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requires enhanced disclosures about the Funds' use of and accounting for derivative instruments and the effect of derivative instruments on the Funds
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results of operations and financial position. Tabular disclosure regarding derivative fair value and gain/loss by contract type (e.g., interest rate contracts,
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foreign exchange contracts, credit contracts, etc.) is required and derivatives accounted for as hedging instruments under ASC 815 must be disclosed
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separately from those that do not qualify for hedge accounting. Even though the Funds may use derivatives in an attempt to achieve an economic
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hedge, the Funds' derivatives are not accounted for as hedging instruments under ASC 815 because investment companies account for their derivatives
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at fair value and record any changes in fair value in current period earnings.
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Values of Derivative Instruments as of May 31, 2013 on the Statement of Assets and Liabilities:
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Assets
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Liabilities
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Derivatives not accounted for as hedging instruments under ASC 815
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Location
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Fair Value
|
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Location
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Fair Value
|
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Equity Contracts - Futures*
|
Net Assets - unrealized
appreciation on futures
contracts
|
|
|
2,390
|
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N/A
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|
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-
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|
Total
|
|
|
$
|
2,390
|
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$
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-
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*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:
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Advantus Strategic
Dividend Income Fund
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Cost of investments
|
$ 54,938,953
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Gross unrealized appreciation
|
5,407,829
|
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Gross unrealized depreciation
|
(1,082,782)
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Net unrealized appreciation
|
$ 4,325,047
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Item 2. Controls and Procedures.
(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
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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