# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0000894189-25-014161
**Filing Date:** 2025-11
**Character Count:** 15201
**Document Hash:** d08cee1c13d27b36dfefc09178e4f2f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014161.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0000894189-25-014161

**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:** 251506757

**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 Active Advantage Fund (Series ID: S000075577)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000234792 | Institutional Class Shares | KADIX           |
| C000234793 | Class C Shares             | KADCX           |
| C000234794 | Class A Shares             | KADAX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Kensington Active Advantage Fund** | **Kensington Active Advantage Fund** | **Kensington Active Advantage Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 60.5%** | **Shares** | **Value**  |
| BNY Mellon Global Infrastructure Income ETF | 43846 | $1707144 |
| Invesco QQQ Trust Series 1 | 10715 | 6432965 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF <sup>(a)</sup> | 42264 | 2286060 |
| iShares Core High Dividend ETF <sup>(a)</sup> | 22500 | 2755125 |
| iShares J.P. Morgan EM High Yield Bond ETF | 31923 | 1267024 |
| iShares J.P. Morgan USD Emerging Markets Bond ETF <sup>(a)</sup> | 12542 | 1193873 |
| John Hancock High Yield ETF | 25076 | 654985 |
| SPDR Portfolio S&P 500 Value ETF <sup>(a)</sup> | 51875 | 2870244 |
| Vanguard S&P 500 ETF | 8450 | 5174611 |
| Vanguard Total Stock Market ETF | 14155 | 4645246 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $26,533,887) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $26,533,887) | 28987277 |
| **OPEN-END FUNDS - 38.7%** | **Shares** | **Value**  |
| Manning & Napier High Yield Bond Series - Class Z <sup>(b)</sup> | 1228268 | 12012465 |
| Victory Pioneer Strategic Income Fund - Class K | 662589 | 6539755 |
| **TOTAL OPEN-END FUNDS** (Cost $18,265,758) | **TOTAL OPEN-END FUNDS** (Cost $18,265,758) | 18552220 |
| **SHORT-TERM INVESTMENTS - 13.2%** |  | **Value**  |
| **Investments Purchased with Proceeds from Securities Lending – 13.2%** | **<u>Units</u>** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.27% <sup>(c)</sup> | 6300525 | 6300525 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $6,300,525) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $6,300,525) | 6300525 |
| **TOTAL INVESTMENTS - 112.4% (**Cost $51,100,170**)** | **TOTAL INVESTMENTS - 112.4% (**Cost $51,100,170**)** | 53840022 |
| Money Market Deposit Account - 1.1% <sup>(d)</sup> | Money Market Deposit Account - 1.1% <sup>(d)</sup> | 521947 |
| Liabilities in Excess of Other Assets - (13.5)% | Liabilities in Excess of Other Assets - (13.5)% | (6469135) |
| **TOTAL NET ASSETS - 100.0%** |  | $47892834 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

LLC - Limited Liability Company<br>

(a) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $6,170,636.

(b) 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.

(c) The rate shown represents the 7-day annualized yield as of September 30, 2025.

(d) 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%.

------

#### <br>

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Kensington Active Advantage Fund (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>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $28987277 | $– | $– | $28987277 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Open-End Funds | 18552220 | – | – | 18552220 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 6300525 |
| Total Investments | $47539497 | $– | $– | $53840022 |
| 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. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $6,300,525 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## 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 Active Advantage Fund

- **b. EDGAR series identifier (if any):** S000075577

- **c. LEI of Series:** 5493001KAN5SN0TTOB47

**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:** $54353250.85

**Total Liabilities:** $6377784.29

**Net Assets:** $47975466.56

**Cash Not Reported:** $128881.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234792 | 0.95%                | 1.41%                | 1.89%                |
| Class ID C000234793 | 0.96%                | 1.33%                | 1.85%                |
| Class ID C000234794 | 0.95%                | 1.42%                | 1.93%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $20560.05                | $200560.60                                 |
| Month 2  | $64276.17                | $347092.75                                 |
| Month 3  | $436812.28               | $298435.86                                 |

**Designated Index Information**

- **Index Name:** Kensington 50 NASDAQ 100 50 ICE BofA US High Yield

- **Index Identifier:** YKBLEND01

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Manning & Napier High Yield Bo            | Manning & Napier High Yield Bond Series               | CUSIP: 56382R241<br>LEI: 5493000VQ6DXRDU0N128 | Long             | EC               | RF                | US        |   1228268 | NS      | $12012465.06  | 25.04%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 500 Value E            | SPDR Portfolio S&P 500 Value ETF                      | CUSIP: 78464A508<br>LEI: 549300Q000TDS51V8H46 | Long             | EC               | RF                | US        |     51875 | NS      | $2870243.75   | 5.98%             |  |  |  | No            |                  1 | On Loan: —       |
| US BANK MMDA - USBGFS 9                   | US BANK MMDA - USBGFS 9                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    420970 | NS      | $420970.03    | 0.88%             | 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        |      8450 | NS      | $5174611.00   | 10.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total Stock Market ET            | Vanguard Total Stock Market ETF                       | CUSIP: 922908769<br>LEI: N/A                  | Long             | EC               | RF                | US        |     13900 | NS      | $4561563.00   | 9.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Pioneer Strategic Inco            | Victory Pioneer Strategic Income Fund                 | CUSIP: 92648H719<br>LEI: TN5Y392EHJ8T3X0XI337 | Long             | EC               | RF                | US        |    662589 | NS      | $6539755.35   | 13.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   6300525 | NS      | $6300525.25   | 13.13%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares J.P. Morgan EM High Yi            | iShares J.P. Morgan EM High Yield Bond ETF            | CUSIP: 464286285<br>LEI: 549300DZF05WBBY0EZ78 | Long             | EC               | RF                | US        |     31923 | NS      | $1267023.87   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares J.P. Morgan USD Emergi            | iShares J.P. Morgan USD Emerging Markets Bond ETF     | CUSIP: 464288281<br>LEI: 54930070R8WH6MNUJG74 | Long             | EC               | RF                | US        |     12542 | NS      | $1193872.98   | 2.49%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares 5-10 Year Investment G            | iShares 5-10 Year Investment Grade Corporate Bond ETF | CUSIP: 464288638<br>LEI: 549300ZJOCMXQZ0RKQ84 | Long             | EC               | RF                | US        |     42264 | NS      | $2286059.76   | 4.77%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares Core High Dividend ETF            | iShares Core High Dividend ETF                        | CUSIP: 46429B663<br>LEI: 549300M7WVLJWAVPDO86 | Long             | EC               | RF                | US        |     22500 | NS      | $2755125.00   | 5.74%             |  |  |  | No            |                  1 | On Loan: —       |
| John Hancock High Yield ETF               | John Hancock High Yield ETF                           | CUSIP: 47804J719<br>LEI: 254900QYOD8YY0487976 | Long             | EC               | RF                | US        |     25076 | NS      | $654985.12    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Global Infrastructu            | BNY Mellon Global Infrastructure Income ETF           | CUSIP: 09661T826<br>LEI: 549300YLSH2PGMAU3I54 | Long             | EC               | RF                | US        |     43846 | NS      | $1707144.01   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Series 1                | Invesco QQQ Trust Series 1                            | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Long             | EC               | RF                | US        |     10715 | NS      | $6432964.55   | 13.41%            |  |  |  | No            |                  1 | 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