# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0000894189-25-014175
**Filing Date:** 2025-11
**Character Count:** 12666
**Document Hash:** 64ba51b6077a53b53dfc5a1f7720911b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014175.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0000894189-25-014175

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20251231

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 251506773

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Kensington Hedged Premium Income ETF (Series ID: S000087366)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000253083 | Kensington Hedged Premium Income ETF | KHPI            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Kensington Hedged Premium Income ETF** | **Kensington Hedged Premium Income ETF** | **Kensington Hedged Premium Income ETF** | **Kensington Hedged Premium Income ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 100.1%** | **EXCHANGE TRADED FUNDS - 100.1%** | **Shares** | **Value**  |
| Vanguard S&P 500 ETF <sup>(a)</sup> | Vanguard S&P 500 ETF <sup>(a)</sup> | 320168 | $196064480 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $176,172,410) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $176,172,410) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $176,172,410) | 196064480 |
| **PURCHASED OPTIONS - 1.3%<sup>(b)</sup>** | **Notional Amount** | **Contracts** | **Value**  |
| **Call Options - 0.1%** | **Call Options - 0.1%** |  | $**–** |
|  S&P 500 Index, Expiration: 10/17/2025; Exercise Price: $6,864.29 <sup>(c)(d)(e)</sup> | $197309570 | 295 | 263249 |
| **Put Options - 1.2%** | **Put Options - 1.2%** |  | $**–** |
|  S&P 500 Index, Expiration: 12/19/2025; Exercise Price: $6,331.14 <sup>(c)(d)(e)</sup> | 186768630 | 295 | 2296888 |
| **TOTAL PURCHASED OPTIONS** (Cost $3,158,988) | **TOTAL PURCHASED OPTIONS** (Cost $3,158,988) | **TOTAL PURCHASED OPTIONS** (Cost $3,158,988) | 2560137 |
| **TOTAL INVESTMENTS - 101.4% (**Cost $179,331,398**)** | **TOTAL INVESTMENTS - 101.4% (**Cost $179,331,398**)** | **TOTAL INVESTMENTS - 101.4% (**Cost $179,331,398**)** | 198624617 |
| Money Market Deposit Account - 0.8% <sup>(f)</sup> | Money Market Deposit Account - 0.8% <sup>(f)</sup> | Money Market Deposit Account - 0.8% <sup>(f)</sup> | 1630356 |
| Liabilities in Excess of Other Assets - (2.2)% | Liabilities in Excess of Other Assets - (2.2)% | Liabilities in Excess of Other Assets - (2.2)% | (4285561) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $195969412 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

(a) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at
 www.sec.gov.

(b) Non-income producing security.

(c) Held in connection with written option contracts. See Schedule of Written Options for further information.

(d) Exchange-traded.

(e) 100 shares per contract.

(f) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on
 market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.95%.

---

| | | | |
|:---|:---|:---|:---|
| **Kensington Hedged Premium Income ETF** | **Kensington Hedged Premium Income ETF** | **Kensington Hedged Premium Income ETF** | **Kensington Hedged Premium Income ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (1.6)%** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (1.4)%** | **Call Options - (1.4)%** | **Call Options - (1.4)%** | **Call Options - (1.4)%** |
| S&P 500 Index, Expiration: 10/17/2025; Exercise Price: $6,664.36 <sup>(a)(b)(c)</sup> | $(197309570) | (295) | $(2688403) |
| **Put Options - (0.2)%** | **Put Options - (0.2)%** | **Put Options - (0.2)%** | **Put Options - (0.2)%** |
| S&P 500 Index, Expiration: 12/19/2025; Exercise Price: $5,331.49 <sup>(a)(b)(c)</sup> | (157278955) | (295) | (483593) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $3,564,943) |  |  | $(3171996) |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |

---

(a) Exchange-traded. <br> (b) (c) 100 shares per contract. Held in connection with purchased options contracts. See Schedule of Investments for further information.

------

#### <br>

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Kensington Hedged Premium Income ETF (the "Fund") has adopted fair value accounting standards which establish a 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. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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 based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $196064480 | $– | $– | $196064480 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 2560137 | – | 2560137 |
| Total Investments | $196064480 | $2560137 | $– | $198624617 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(3171996) | $– | $(3171996) |
| Total Investments | $– | $(3171996) | $– | $(3171996) |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** Kensington Hedged Premium Income ETF

- **b. EDGAR series identifier (if any):** S000087366

- **c. LEI of Series:** 52990010G3ITLKZGX685

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $200818899.46

**Total Liabilities:** $4849487.42

**Net Assets:** $195969412.04

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253083 | 1.11%                | 0.72%                | 1.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $619860.71               | $2747419.48                                |
| Month 2  | $8480.98                 | $3432843.92                                |
| Month 3  | $-8644.67                | $5912049.13                                |

**Designated Index Information**

- **Index Name:** S&P 500 Total Return Index

- **Index Identifier:** SPTR

### Schedule of Portfolio Investments

| Name                    | Title                    | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                     | SPX 12/19/2025 6331.14 P | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               |  | US        |       295 | NC      | $2296887.70   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| US BANK MMDA - USBGFS 9 | US BANK MMDA - USBGFS 9  | CUSIP: N/A<br>LEI: N/A       | Long             | STIV             | RF                | US        |   1630356 | NS      | $1630355.53   | 0.83%             | 2037-09-01      | Variable      | 4.54%                 | No            |                  1 | On Loan: No      |
| Vanguard S&P 500 ETF    | Vanguard S&P 500 ETF     | CUSIP: 922908363<br>LEI: N/A | Long             | EC               | RF                | US        |    320168 | NS      | $196064479.84 | 100.05%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                     | SPX 10/17/2025 6664.36 C | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               |  | US        |      -295 | NC      | $-2688402.85  | -1.37%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                     | SPX 10/17/2025 6864.29 C | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               |  | US        |       295 | NC      | $263249.15    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                     | SPX 12/19/2025 5331.49 P | CUSIP: N/A<br>LEI: N/A       | N/A              | DE               |  | US        |      -295 | NC      | $-483593.50   | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-20

**Name of Applicant:** Managed Portfolio Series

**Signature:** /s/ Brian Wiedmeyer

**Name of Signer:** Managed Portfolio Series

**Title:** President