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

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: March 31, 2013

Date of reporting period: December 31, 2012

Item 1. Schedule of Investments.

Great Lakes Bond Fund
Schedule of Investments (Unaudited)
December 31, 2012


Par		Description	Value
		CORPORATE BONDS - 56.5%
		Consumer Discretionary - 5.8%
		American Axle & Manufacturing, Inc.
$	75,000	6.625%, 10/15/2022	$	76,500
		Ameristar Casinos, Inc.
	75,000	7.500%, 04/15/2021		81,656
		Belo Corp.
	75,000	7.250%, 09/15/2027		74,906
		Bon-Ton Department Stores, Inc.
	75,000	10.625%, 07/15/2017 (a)		73,313
		Boyd Gaming Corp.
	75,000	9.125%, 12/01/2018		76,875
		Caesars Entertainment Operating Co., Inc.
	75,000	5.375%, 12/15/2013		73,500
		Gymboree Corp.
	75,000	9.125%, 12/01/2018		67,125
		Lamar Media Corp.
	75,000	5.000%, 05/01/2023 (a)		77,438
		Macy's Retail Holdings, Inc.
	150,000	2.875%, 02/15/2023		147,204
		MGM Resorts International
	75,000	6.625%, 12/15/2021		75,094
		Quiksilver, Inc.
	75,000	6.875%, 04/15/2015		74,063
		Service Corp. International
	60,000	7.500%, 04/01/2027		64,800
		Toys R Us, Inc.
	75,000	7.375%, 10/15/2018		68,625
		Viacom, Inc.
	150,000	4.375%, 03/15/2043 (a)		148,168
		Walt Disney Co.
	200,000	1.100%, 12/01/2017		200,659
				1,379,926
		Consumer Staples - 3.6%
		Alliance One International, Inc.
	75,000	10.000%, 07/15/2016		79,313
		Bunge Ltd. Finance Corp.
	150,000	3.200%, 06/15/2017		156,707
		Cencosud
	150,000	4.875%, 01/20/2023 (a)		154,192
		Costco Wholesale Corp.
	100,000	0.650%, 12/07/2015		100,127
		Diageo Capital
	100,000	4.828%, 07/15/2020		117,916
		Dr. Pepper Snapple Group, Inc.
	175,000	2.000%, 01/15/2020		174,755
		Pilgrim's Pride Corp.
	75,000	7.875%, 12/15/2018		76,406
				859,416
		Energy - 4.5%
		Alpha Natural Resources, Inc.
	75,000	6.000%, 06/01/2019		69,375
		Arch Coal, Inc.
	25,000	8.750%, 08/01/2016		26,125
		ConocoPhillips Co.
	125,000	1.050%, 12/15/2017		124,753
		EPL Oil & Gas, Inc.
	75,000	8.250%, 02/15/2018 (a)		77,438

	Forest Oil Corp.
75,000	7.250%, 06/15/2019	75,750
	Marathon Oil Corp.
100,000	2.800%, 11/01/2022	100,830
	Peabody Energy Corp.
75,000	7.875%, 11/01/2026	81,375
	Petrobras International Finance Co.
150,000	5.375%, 01/27/2021	169,623
	Statoil
200,000	2.900%, 10/15/2014	208,230
150,000	2.450%, 01/17/2023	149,979
		1,083,478
	Financials - 18.2%
	Abbey National Treasury Services
200,000	4.000%, 04/27/2016	211,640
	Ally Financial, Inc.
75,000	6.350%, 07/15/2019	73,989
	Bank of America Corp.
100,000	1.500%, 10/09/2015	100,579
100,000	5.625%, 07/01/2020	118,748
	Bank of Montreal
150,000	0.800%, 11/06/2015	149,890
	Bank of New York Mellon Corp.
150,000	0.700%, 10/23/2015	149,546
	Capital One Financial Corp.
200,000	1.000%, 11/06/2015	199,464
	Caterpillar Financial Services Corp.
200,000	0.700%, 11/06/2015	199,629
	Citigroup, Inc.
100,000	4.500%, 01/14/2022	111,780
	Digital Realty Trust LP
100,000	3.625%, 10/01/2022	98,413
	EPR Properties
75,000	5.750%, 08/15/2022	77,909
	Export-Import Bank of Korea
100,000	5.875%, 01/14/2015	109,723
100,000	1.250%, 11/20/2015	100,416
	Ford Motor Credit Co. LLC
50,000	2.500%, 01/15/2016	50,653
	General Electric Capital Corp.
150,000	1.600%, 11/20/2017	150,273
100,000	5.875%, 01/14/2038	121,053
	Goldman Sachs Group, Inc.
200,000	5.250%, 07/27/2021	228,395
	Harland Clarke Holdings Corp.
75,000	9.500%, 05/15/2015	69,563
	HCP, Inc.
150,000	2.625%, 02/01/2020	149,654
	Icahn Enterprises Finance Corp.
75,000	8.000%, 01/15/2018	80,906
	ING Bank
200,000	3.000%, 09/01/2015 (a)	206,912
150,000	3.750%, 03/07/2017 (a)	159,570
	Invesco Finance
150,000	3.125%, 11/30/2022	151,834
	JPMorgan Chase & Co.
100,000	1.100%, 10/15/2015	100,065
100,000	3.250%, 09/23/2022	103,193
	Morgan Stanley
200,000	5.500%, 07/24/2020	225,355
	People's United Financial, Inc.
150,000	3.650%, 12/06/2022	151,086
	Post Apartment Homes LP
175,000	3.375%, 12/01/2022	174,465

	Principal Financial Group, Inc.
150,000	3.125%, 05/15/2023	149,260
	SLM Corp.
75,000	5.000%, 06/15/2018	75,660
	Societe Generale
150,000	2.750%, 10/12/2017	152,754
	Toyota Motor Credit Corp.
150,000	1.250%, 10/05/2017	151,241
		4,353,618
	Health Care - 4.8%
	AbbVie, Inc.
175,000	1.200%, 11/06/2015 (a)	176,292
	Aetna, Inc.
200,000	2.750%, 11/15/2022	198,780
	Agilent Technologies, Inc.
100,000	3.200%, 10/01/2022	101,383
	Apria Healthcare Group, Inc.
75,000	12.375%, 11/01/2014	74,625
	Biomet, Inc.
75,000	6.500%, 10/01/2020 (a)	74,906
	Catholic Health Initiatives
100,000	2.950%, 11/01/2022	101,149
	Dignity Health
150,000	4.500%, 11/01/2042	150,012
	HCA, Inc.
75,000	5.875%, 05/01/2023	77,813
	Tenet Healthcare Corp.
75,000	4.750%, 06/01/2020 (a)	76,313
	Teva Pharmaceutical Finance III LLC
100,000	3.000%, 06/15/2015	105,199
		1,136,472
	Industrials - 5.7%
	Avis Budget Finance, Inc.
75,000	8.250%, 01/15/2019	83,250
	Canadian National Railway Co.
150,000	2.250%, 11/15/2022	149,853
	Dun & Bradstreet Corp.
50,000	3.250%, 12/01/2017	50,587
	Eaton Corp.
150,000	4.000%, 11/02/2032 (a)	154,806
	General Dynamics Corp.
200,000	1.000%, 11/15/2017	199,139
	Hutchison Whampoa International 12 II Ltd. (a)
200,000	2.000%, 11/08/2017	200,351
	Iron Mountain, Inc.
75,000	5.750%, 08/15/2024	76,313
	Roper Industries, Inc.
150,000	3.125%, 11/15/2022	151,294
	Stanley Black & Decker, Inc.
200,000	2.900%, 11/01/2022	202,547
	Tyco Electronics Group
100,000	1.600%, 02/03/2015	101,533
		1,369,673
	Information Technology - 2.4%
	Advanced Micro Devices, Inc.
75,000	8.125%, 12/15/2017	68,813
	First Data Corp.
75,000	9.875%, 09/24/2015	76,875
	Fiserv, Inc.
100,000	3.500%, 10/01/2022	102,018
	Intel Corp.
150,000	1.350%, 12/15/2017	150,135
	Lender Processing Services, Inc.
75,000	5.750%, 04/15/2023	78,188

		Oracle Corp.
	100,000	2.500%, 10/15/2022	101,119
			577,148
		Materials - 4.8%
		Agrium, Inc.
	115,000	3.150%, 10/01/2022	114,509
		Airgas, Inc.
	200,000	3.250%, 10/01/2015	212,565
		AK Steel Corp.
	75,000	7.625%, 05/15/2020	65,625
		Aleris International, Inc.
	75,000	7.875%, 11/01/2020 (a)	75,281
		ArcelorMittal
	75,000	10.350%, 06/01/2019	90,062
	100,000	6.750%, 02/25/2022	105,131
		Dow Chemical Co.
	150,000	3.000%, 11/15/2022	149,984
		Nexeo Solutions Finance Corp.
	75,000	8.375%, 03/01/2018	71,250
		Southern Copper Corp.
	150,000	5.250%, 11/08/2042	150,873
		Teck Resources Ltd.
	90,000	4.500%, 01/15/2021	98,090
			1,133,370
		Telecommunication Services - 3.8%
		AT&T, Inc.
	150,000	2.625%, 12/01/2022	150,572
		Cincinnati Bell, Inc.
	75,000	8.375%, 10/15/2020	81,563
		Frontier Communications Corp.
	75,000	9.000%, 08/15/2031	82,875
		LIN Television Corp.
	75,000	6.375%, 01/15/2021 (a)	79,125
		MetroPCS Wireless, Inc.
	75,000	7.875%, 09/01/2018	81,563
		Telefonica Emisiones
	200,000	5.134%, 04/27/2020	210,750
		Verizon Communications, Inc.
	150,000	3.850%, 11/01/2042	148,184
		Windstream Corp.
	75,000	7.750%, 10/15/2020	81,375
			916,007
		Utilities - 2.9%
		Ameren Energy Generating Co.
	75,000	7.000%, 04/15/2018	54,750
		American Electric Power Co., Inc.
	150,000	2.950%, 12/15/2022	150,369
		Florida Power Corp.
	100,000	5.900%, 03/01/2033	123,756
		GDF Suez
	125,000	2.875%, 10/10/2022 (a)	123,986
		Georgia Power Co.
	150,000	0.625%, 11/15/2015	149,783
		NRG Energy, Inc.
	75,000	7.875%, 05/15/2021	83,625
			686,269
		Total Corporate Bonds (cost $13,427,768)	13,495,377


Shares		EXCHANGE-TRADED FUNDS - 11.9%
	1,608	iShares Barclays 1-3 Year Credit Bond Fund	169,612
	15,415	iShares Barclays CMBS Bond Fund	797,725
	10,733	iShares Barclays MBS Bond Fund	1,159,164
	1,990	iShares iBoxx $ High Yield Corporate Bond Fund	185,767

	1,999	iShares iBoxx Investment Grade Corporate Bond Fund	241,859
	2,512	iShares S&P National Municipal Bond Fund	277,927
		Total Exchange-Traded Funds (Cost $2,849,328)	2,832,054

Par		U.S. TREASURY SECURITIES - 8.9%
		U.S. Treasury Notes
$	550,000	1.750%, 01/31/2014	559,259
	500,000	2.625%, 06/30/2014	517,930
	500,000	2.250%, 01/31/2015	520,547
	500,000	1.750%, 07/31/2015	518,360
		Total U.S. Treasury Securities (cost $2,116,016)	2,116,096


		MUNICIPAL BONDS - 8.5%
		Chester County, Pennsylvania Industrial Development Authority
	150,000	5.000%, 01/01/2022	177,774
		Citizens Property Insurance Corp., Florida
		Series A-1
	205,000	5.000%, 06/01/2019	240,199
		Connecticut Housing Finance Authority
		Series B-2-2
	80,000	5.100%, 11/15/2038	82,353
		Kentucky Housing Corp.
		Series U
	140,000	4.850%, 07/01/2027	143,291
		Massachusetts Housing Finance Agency
		Series D
	250,000	4.850%, 06/01/2040	260,919
		Missouri Housing Development Commission
		Series 1
	200,000	2.550%, 07/01/2020	202,046
		New York Mortgage Agency
		Series 176
	350,000	3.375%, 10/01/2032	350,955
		Pennsylvania Housing Finance Agency
		Series 114A
	145,000	3.100%, 10/01/2023	142,908
		Philadelphia, Pennsylvania Airport Revenue
		Series B
	200,000	4.000%, 06/15/2023	213,898
		Series D
	95,000	5.250%, 06/15/2023	109,925
		Phoenix-Mesa, Arizona Airport Authority
	95,000	5.000%, 07/01/2024	106,099
		Total Municipal Bonds (cost $2,026,472)	2,030,367


		U.S. GOVERNMENT & AGENCY SECURITIES - 8.4%
		FHLMC
	237,033	3.000%, 09/01/2042, #Q11194	249,711
	298,906	3.000%, 11/01/2042, #C04306	312,890
		FNMA
	245,781	5.170%, 06/01/2028, #468516	286,593
	173,269	4.500%, 04/01/2041, #AL0215	190,314
	374,671	3.000%, 12/01/2042, #AK8312	393,100
		GNMA
		Series 2011-6
	150,000	2.850%, 12/16/2037	158,230
		Series 2010-132
	150,000	3.147%, 05/16/2040	158,501
		Series 2011-27
	150,000	3.000%, 09/16/2034	159,662
		Series 2012-109
	99,537	1.388%, 09/16/2044	101,412

			Total U.S. Government & Agency Securities (cost $2,014,667)		2,010,413


			MORTGAGE-BACKED SECURITIES - 4.0%
			Bear Stearns Commercial Mortgage Securities
			Series 2005-PW10, Class AM
	150,000		5.449%, 12/11/2040		165,839
			Series 2006-PW13, Class AM
	102,000		5.582%, 09/11/2041		114,346
			CS First Boston Comercial Mortgage Trust
			Series 2005-C1, Class AJ
	125,000		5.075%, 02/15/2038		132,182
			GS Mortgage Securities Trust
			Series 2007-GG10, Class A4
	200,000		5.789%, 08/10/2045		231,761
			Series 2006-GG8, Class AM
	150,000		5.591%, 11/10/2039		169,157
			JPMorgan Chase Commercial Mortgage Securities
			Series 2005-LDP4, Class AM
	140,000		4.999%, 10/15/2042		152,655
			Total Mortgage-Backed Securities (cost $960,953)		965,940


Shares			SHORT-TERM INVESTMENT - 1.8%
			First American Government Obligations Fund - Class Z, 0.02%^
	442,515		Total Short-Term Investments (cost $442,515)		442,515

			Total Investments - 100.0% (cost $23,837,719)		23,892,762
			Other Assets and Liabilities - 0.0%		(4,484	)
			Net Assets - 100.0%	$	23,888,278

		(a)	Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." As of December 31, 2012 the market value of these investments were $1,858,091, or 7.8% of total net assets.
		^	Variable rate security- The rate shown is the rate in effect as of December 31, 2012.

Summary of Fair Value Exposure
Generally accepted accounting principles ("GAAP") require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier hierarchy for inputs used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:


Level 1 - Unadjusted quoted prices in active markets for identical assets or liablities 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.

As of December 31, 2012, the Fund's investments in securities were classified as follows:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	13,495,377	$	-	$	13,495,377
Exchange-Traded Funds		2,832,054		-		-		2,832,054
U.S. Treasury Securities		-		2,116,096		-		2,116,096
Municipal Bonds		-		2,030,367		-		2,030,367
U.S. Government & Agency Securities		-		2,010,413		-		2,010,413
Mortgage-Backed Securities		-		965,940		-		965,940
Short-Term Investment		442,515				-		442,515
Total Investments	$	3,274,569	$	20,618,193	$	-	$	23,892,762

Transfers between levels are recognized at the end of the reporting period. During the period ended December 31, 2012, the Fund recognized no transfers to/from Level 1 or Level 2. The Fund did not invest in any Level 3 investments during the period.

Great Lakes Disciplined Equity Fund
Schedule of Investments
December 31, 2012

Shares			Value
		COMMON STOCKS - 98.6%
		Consumer Discretionary - 12.7%
	2,400	CBS Corp.	$	91,320
	11,900	Home Depot, Inc.		736,015
	4,900	Lennar Corp. - Class A		189,483
	3,200	McGraw-Hill Cos, Inc.		174,944
	18,000	News Corp. - Class A		459,720
	19,300	Time Warner, Inc.		923,119
	1,400	TRW Automotive Holdings Corp. *		75,054
	9,800	Viacom, Inc. - Class B		516,852
	10,700	Wyndham Worldwide Corp.		569,347
				3,735,854
		Consumer Staples - 12.5%
	3,000	Bunge Ltd.		218,070
	5,000	Colgate-Palmolive Co.		522,700
	2,200	Costco Wholesale Corp.		217,294
	14,200	CVS Caremark Corp.		686,570
	9,700	PepsiCo, Inc.		663,771
	9,100	Philip Morris International, Inc.		761,124
	4,800	Procter & Gamble Co.		325,872
	4,300	Wal-Mart Stores, Inc.		293,389
				3,688,790
		Energy - 7.8%
	2,500	Exxon Mobil Corp.		216,375
	1,400	Marathon Petroleum Corp.		88,200
	9,400	National Oilwell Varco, Inc.		642,490
	2,000	Noble Corp.		69,640
	8,500	Oceaneering International, Inc.		457,215
	3,900	Phillips 66		207,090
	1,200	Pioneer Natural Resources Co.		127,908
	4,900	Range Resources Corp.		307,867
	1,700	Tesoro Corp.		74,885
	3,400	Williams Cos., Inc.		111,316
				2,302,986
		Financials - 12.9%
	1,400	Aflac, Inc.		74,368
	3,600	American Tower Corp. - REIT		278,172
	3,900	BlackRock, Inc.		806,169
	1,000	Chubb Corp.		75,320
	13,800	Fifth Third Bancorp		209,622
	3,100	Franklin Resources, Inc.		389,670
	87,700	KeyCorp		738,434
	3,000	Lincoln National Corp.		77,700
	18,900	MetLife, Inc.		622,566
	23,000	Regions Financial Corp.		163,760

1,100	T. Rowe Price Group, Inc.	71,643
9,100	Wells Fargo & Co.	311,038
		3,818,462
	Health Care - 11.9%
3,600	Abbott Laboratories	235,800
1,900	Amgen, Inc.	164,008
2,300	Becton Dickinson and Co.	179,837
1,600	Eli Lilly & Co.	78,912
2,000	Gilead Sciences, Inc. *	146,900
8,200	McKesson Corp.	795,072
3,900	Medtronic, Inc.	159,978
1,600	Merck & Co., Inc.	65,504
14,400	Pfizer, Inc.	361,152
2,300	Stryker Corp.	126,086
1,900	Thermo Fisher Scientific, Inc.	121,182
1,300	UnitedHealth Group, Inc.	70,512
7,500	WellPoint, Inc.	456,900
8,200	Zimmer Holdings, Inc.	546,612
		3,508,455
	Industrials - 16.4%
4,500	Boeing Co.	339,120
15,700	CSX Corp.	309,761
1,400	Danaher Corp.	78,260
1,500	Eaton Corp.	81,300
12,700	Equifax, Inc.	687,324
4,500	FedEx Corp.	412,740
57,000	General Electric Co.	1,196,430
6,800	Honeywell International, Inc.	431,596
11,800	Raytheon Co.	679,208
9,200	Tyco International Ltd.	269,100
4,800	United Parcel Service, Inc. - Class B	353,904
		4,838,743
	Information Technology - 15.1%
2,600	Apple, Inc.	1,385,878
9,900	EMC Corp. *	250,470
3,100	Harris Corp.	151,776
6,000	International Business Machines Corp.	1,149,300
3,300	Lam Research Corp. *	119,229
4,700	Linear Technology Corp.	161,210
7,900	Oracle Corp.	263,228
5,400	TE Connectivity Ltd.	200,448
4,400	Visa, Inc.	666,952
2,300	Western Digital Corp.	97,727
		4,446,218
	Materials - 3.4%
2,700	Ball Corp.	120,825
7,000	International Paper Co.	278,880
1,800	Nucor Corp.	77,724
4,000	PPG Industries, Inc.	541,400
		1,018,829

		Telecommunication Services - 2.4%
	9,800	AT&T, Inc.		330,358
	8,800	Verizon Communications, Inc.		380,776
				711,134
		Utilities - 3.5%
	8,700	Ameren Corp.		267,264
	2,200	American Water Works Co., Inc.		81,686
	3,600	ONEOK, Inc.		153,900
	10,400	SCANA Corp.		474,656
	2,400	Xcel Energy, Inc.		64,104
				1,041,610
		TOTAL COMMON STOCKS (Cost $26,499,816)		29,111,081

		SHORT-TERM INVESTMENT - 1.2%
	347,405	First American Government Obligations Fund - Class Z, 0.02% ^
		TOTAL SHORT-TERM INVESTMENT (Cost $347,405)		347,405

		Total Investments - 99.8% (Cost $26,847,221)		29,458,486
		Other Assets and Liabilities, Net - 0.2%		73,417
		Total Net Assets - 100.0%	$	29,531,903

* Non-income producing security.
^ Variable rate security - The rate shown is the rate in effect at December 31, 2012.
REIT - Real Estate Investment Trust

Summary of Fair Value Exposure
Generally accepted accounting principles ("GAAP") require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier hierarchy for inputs used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:


Level 1 - Unadjusted quoted prices in active markets for identical assets or liablities 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.

As of December 31, 2012, the Fund's investments in securities were classified as follows:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	29,111,081	$	-	$	-	$	29,111,081
Short-Term Investment		347,405				-		347,405
Total Investments	$	29,458,486	$	-	$	-	$	29,458,486

Great Lakes Large Cap Value Fund
Schedule of Investments (Unaudited)
December 31, 2012

Shares			Value
		COMMON STOCKS - 96.2%
		Consumer Discretionary - 5.6%
	6,450	Brunswick Corp.	$	187,631
	5,775	Target Corp.		341,706
				529,337
		Consumer Staples - 16.0%
	5,125	Altria Group, Inc.		161,028
	2,965	Clorox Co.		217,097
	2,300	Energizer Holdings, Inc.		183,954
	6,275	General Mills, Inc.		253,572
	3,075	Kimberly-Clark Corp.		259,622
	1,650	Kraft Foods Group, Inc. *		75,026
	3,700	Mondelez International, Inc.		94,239
	3,100	Philip Morris International, Inc.		259,284
				1,503,822
		Energy - 12.6%
	3,250	Chevron Corp.		351,455
	3,545	ConocoPhillips		205,575
	1,760	Phillips 66		93,456
	5,150	Royal Dutch Shell - ADR		355,092
	6,430	Spectra Energy Corp.		176,053
				1,181,631
		Financials - 17.5%
	6,175	American Express Co.		354,940
	3,770	Ameriprise Financial, Inc.		236,115
	7,700	Bank of America Corp.		89,320
	3,925	Berkshire Hathaway, Inc. - Class B *		352,073
	2,215	Citigroup, Inc.		87,625
	7,475	Hartford Financial Services Group, Inc.		167,739
	3,975	Plum Creek Timber Co., Inc. - REIT		176,371
	5,330	Wells Fargo & Co.		182,179
				1,646,362
		Health Care - 8.3%
	5,750	Aetna, Inc.		266,224
	4,975	Cigna Corp.		265,964
	5,920	Merck & Co., Inc.		242,365
				774,553
		Industrials # - 27.7%
	3,775	3M Co.		350,509
	3,600	Caterpillar, Inc.		322,488
	6,095	Eaton Corp.		330,349
	1,925	Emerson Electric Co.		101,948
	15,175	General Electric Co.		318,523
	5,020	Honeywell International, Inc.		318,620
	3,100	Lockheed Martin Corp.		286,099
	1,600	Norfolk Southern Corp.		98,944
	9,500	Textron, Inc.		235,505
	7,140	Waste Management, Inc.		240,904
				2,603,889

		Materials - 2.6%
	7,525	Alcoa, Inc.		65,317
	5,600	Dow Chemical Co.		180,992
				246,309
		Utilities - 5.9%
	4,625	AGL Resources, Inc.		184,861
	3,020	Duke Energy Corp.		192,676
	5,850	Public Service Enterprise Group, Inc.		179,010
				556,547
		TOTAL COMMON STOCKS (Cost $8,880,313)		9,042,450

		SHORT-TERM INVESTMENT - 1.9%
	179,243	First American Government Obligations Fund - Class Z, 0.02% ^
		TOTAL SHORT-TERM INVESTMENT (Cost $179,243)		179,243

		Total Investments - 98.1% (Cost $9,059,556)		9,221,693
		Other Assets and Liabilities, Net - 1.9%		181,470
		Total Net Assets - 100.0%	$	9,403,163

* Non-income producing security.
# As of December 31, 2012, the Fund had a significant portion of its assets invested in this sector and therefore is subject to additional risks.
^ Variable rate security - The rate shown is the rate in effect at December 31, 2012.
ADR - American Depository Receipt
REIT - Real Estate Investment Trust

Summary of Fair Value Exposure
Generally accepted accounting principles ("GAAP") require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier hierarchy for inputs used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:


Level 1 - Unadjusted quoted prices in active markets for identical assets or liablities 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.

As of December 31, 2012, the Fund's investments in securities were classified as follows:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	9,042,450	$	-	$	-	$	9,042,450
Short-Term Investment		179,243				-		179,243
Total Investments	$	9,221,693	$	-	$	-	$	9,221,693

Great Lakes Small Cap Opportunity Fund
Schedule of Investments (Unaudited)
December 31, 2012

Shares			Value
		COMMON STOCKS - 97.5%
		Consumer Discretionary - 10.9%
	15,421	Capella Education Co. *	$	435,335
	63,914	Express, Inc. *		964,463
	32,693	GameStop Corp.		820,267
	13,522	Gildan Activewear, Inc. - Class A		494,635
	34,680	Iconix Brand Group, Inc. *		774,057
	48,120	Maidenform Brands, Inc. *		937,858
	10,905	Tupperware Brands Corp.		699,011
				5,125,626
		Consumer Staples - 1.0%
	29,038	Darling International, Inc. *		465,770

		Energy - 7.0%
	71,621	Dawson Geophysical Co. *		1,889,362
	54,930	Delek US Holdings, Inc.		1,390,828
				3,280,190
		Financials - 20.5%
	38,623	Assurant, Inc.		1,340,218
	41,115	Banco Latinoamericano de Comercio Exterior SA		886,439
	37,397	Davis & Henderson Corp.		810,575
	168,889	First Niagara Financial Group, Inc.		1,339,290
	44,756	Genworth MI Canada, Inc.		1,016,425
	23,393	Home Capital Group, Inc.		1,389,187
	221,057	Maiden Holdings Ltd.		2,031,514
	25,734	MSCI, Inc. *		797,497
				9,611,145
		Health Care - 7.7%
	20,242	Centene Corp. *		829,922
	13,855	Magellan Health Services, Inc. *		678,895
	39,807	Owens & Minor, Inc.		1,134,898
	14,939	PAREXEL International Corp. *		442,045
	18,808	U.S. Physical Therapy, Inc.		517,972
				3,603,732
		Industrials - 18.8%
	96,649	AT Cross Co. *		1,041,876
	21,647	Brady Corp. - Class A		723,010
	5,593	Dun & Bradstreet Corp.		439,889
	13,387	Gardner Denver, Inc.		917,010
	76,721	Hardinge, Inc.		762,607
	125,386	Insteel Industries, Inc.		1,564,817
	25,119	Kennametal, Inc.		1,004,760
	23,592	Nordson Corp.		1,489,127
	135,636	Rand Logistics, Inc. *		881,634
				8,824,730

		Information Technology - 22.6%
	79,037	Arris Group, Inc. *		1,180,813
	160,998	Checkpoint Systems, Inc. *		1,729,118
	30,120	Diebold, Inc.		921,973
	45,780	FLIR Systems, Inc.		1,021,352
	24,760	Littelfuse, Inc.		1,527,939
	37,270	MKS Instruments, Inc.		960,821
	48,882	Rofin-Sinar Technologies, Inc. *		1,059,762
	28,282	Tech Data Corp. *		1,287,679
	23,315	Zebra Technologies Corp. *		915,813
				10,605,270
		Materials - 9.0%
	40,003	Methanex Corp.		1,274,896
	15,857	Rock-Tenn Co.		1,108,563
	35,721	Texas Industries, Inc. *		1,822,128
				4,205,587
		TOTAL COMMON STOCKS (Cost $40,710,024)		45,722,050

		SHORT-TERM INVESTMENT - 2.2%
	1,028,974	First American Government Obligations Fund - Class Z, 0.02% ^
		TOTAL SHORT-TERM INVESTMENT (Cost $1,028,974)		1,028,974

		Total Investments - 99.7% (Cost $41,738,998)		46,751,024
		Other Assets and Liabilities, Net - 0.3%		139,030
		Total Net Assets - 100.0%	$	46,890,054

* Non-income producing security.
^ Variable rate security - The rate shown is the rate in effect at December 31, 2012.

Summary of Fair Value Exposure
Generally accepted accounting principles ("GAAP") require disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier hierarchy for inputs used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:


Level 1 - Unadjusted quoted prices in active markets for identical assets or liablities 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.

As of December 31, 2012, the Fund's investments in securities were classified as follows:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	45,722,050	$	-	$	-	$	45,722,050
Short-Term Investment		1,028,974				-		1,028,974
Total Investments	$	46,751,024	$	-	$	-	$	46,751,024

The cost basis of investments for federal income tax purposes at December 31, 2012 was as follows*:

	Great Lakes Bond Fund	Great Lakes Large Cap Value Fund
Cost of investments	$23,837,719	$9,059,556

Gross unrealized appreciation	154,289	318,091
Gross unrealized depreciation	(99,246)	(155,954)
Net unrealized appreciation	$55,043	$ 162,137

	Great Lakes Disciplined Equity Fund	Great Lakes Small Cap Opportunity Fund
Cost of investments	$26,847,221	$41,738,998

Gross unrealized appreciation	2,990,081	5,819,487
Gross unrealized depreciation	(378,816)	(807,461)
Net unrealized appreciation	$ 2,611,265	$ 5,012,026

*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

Item 2. Controls and Procedures.

(a)

The Registrant’s President and Treasurer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) 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 (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)) .

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). 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 February 28, 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 February 28, 2013

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

Brian R. Wiedmeyer, Treasurer

Date February 28, 2013

* Print the name and title of each signing officer under his or her signature.

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