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El Segundo Boulevard Suite 302 El Segundo 90245 18664970097 Adviser data Friess Associates LLC P.O. Box 576 Jackson 83001 18556563017 Adviser data Friess Associates of Delaware LLC P.O. Box 4166 Greenville 19807 18556563017 Adviser data Great Lakes Advisors LLC 231 S. LaSalle Street 4th Street Chicago 60604 18552782020 Adviser data Principal Street Partners LLC 6075 Poplar Avenue Suite 221 Memphis 38119 18779147343 Adviser data Jackson Square Partners LLC One Letterman Drive Building A Suite A3-200 San Francisco 94129 18445773863 Adviser data Kensington Asset Management 6207 Bee Caves Road Suite 250 Austin 78746 18663038623 Adviser data Lawson Kroeker Investment Management Inc. 450 Regency Parkway Suite 410 Omaha 68114 18556981378 Adviser data Muhlenkamp & Company Inc. 5000 Stonewood Drive Suite 300 Wexford 15090 18008603863 Adviser data Nuance Investments 4900 Main Street Suite 220 Kansas City 64112 18556826233 Adviser data Port Street Investments LLC 24 Corporate Plaza Suite 150 Newport Beach 92660 18553696220 Adviser data Saratoga Research & Investment Management 14471 Big Basin Way Suite E Saratoga 95070 18553696220 Adviser data Reinhart Partners Inc. 1500 W. Market Street Suite 100 Mequon 53092 18557743863 Adviser data Tortoise Index Solutions LLC 6363 College Boulevard Suite 100A Overland Park 66211 18448746339 Adviser data Tortoise Capital Advisors LLC 6363 College Boulevard Suite 100A Overland Park 66211 18558223863 Adviser data Vident Investment Advisory LLC 89 Headquarters Plaza North Tower 14th Floor Morristown 07960 19739153170 Adviser data Ecofin Advisors Limited 15 Buckingham Street Charing Cross London GB WC2N 6DU 4402074512941 Adviser data V-Square Quantitative Management 875 North Michigan Avenue Unit 3216 Chicago 60611 18448746339 Adviser data N N N N-1A 36 Y David Swanson N/A N David Massart 002332208 N Leonard Rush 000726159 N Robert Kern N/A N Deborah Ward N/A 615 E. 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LLC 8-52942 000104474 549300I7JYZHT7D5CO04 2972.000000000000 Wells Fargo Securities LLC 8-65876 000126292 VYVVCKR63DVZZN70PB21 2727.000000000000 Ramond James & Associates Inc. 8-10999 000000705 U4ONQX15J3RO8XCKE979 1509.000000000000 69361.000000000000 0.000000000000 Y 229104919.000000000000 N N N N Reinhart Genesis PMV Fund S000055903 549300LFTJ6HTJOZIG88 N 2 0 0 N/A N N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Y Y Y N Reinhart Partners Inc. 801-40278 000106432 N/A N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N N US Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services LLC N1GZ7BBF3NP8GI976H15 N N N Robert W. Baird & Co. Inc. 8-00497 000008158 549300772UJAHRD6LO53 35441.000000000000 Goldman Sachs & Co. LLC 8-00129 000000361 FOR8UP27PHTHYVLBNG30 32778.000000000000 J.P. 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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Reinhart Funds

and Board of Trustees of Managed Portfolio Series

In planning and performing our audit of the financial statements of Reinhart Mid Cap PMV Fund and Reinhart Genesis PMV Fund (“Reinhart Funds” or the “Funds”) ”), each a series of Managed Portfolio Series, as of and for the year ended May 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N‐CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed 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 (GAAP). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of May 31, 2022.

This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

July 28, 2022