# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001133228-26-003338
**Filing Date:** 2026-3
**Character Count:** 109612
**Document Hash:** 7091c671efd49c077020ead5e63c9a24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003338.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003338

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 26734472

**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

### Olstein All Cap Value Fund (Series ID: S000061858)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000200264 | Adviser Class | OFAFX           |
| C000200265 | Class C       | OFALX           |
| C000204806 | Class A       | OFAVX           |

### Olstein Strategic Opportunities Fund (Series ID: S000061859)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000200266 | Adviser Class | OFSFX           |
| C000200267 | Class A       | OFSAX           |
| C000200268 | Class C       | OFSCX           |

?xml version='1.0' encoding='ASCII'? 2025-12-02511310_OlsteinAllCapValueFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22525</u>**

 **<u>Managed Portfolio Series</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Brian Wiedmeyer, President**

**Managed Portfolio Series**

**c/o U.S. Bank Global Fund Services**

**777 East Wisconsin Ave., 6<sup>th</sup> Floor**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

(414) 516-1712

Registrant's telephone number, including area code

Date of fiscal year end: **<u>06/30/2026</u>**

Date of reporting period: **<u>12/31/2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img278084_202412161728368.jpg) | **Olstein All Cap Value Fund**  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Class A \| OFAVX  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278083_202502041839819.jpg) |

---

This semi-annual shareholder report contains important information about the Olstein All Cap Value Fund for the period of July 1, 2025, to December 31, 2025, as well as certain changes to the Fund. You can find additional information about the Fund at https://www.olsteinfunds.com/resources/documents-forms. You can also request this information by contacting us at 1-800-799-2113.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $75 | 1.43% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $479104329 |
| **Number of Equity Holdings** | 80 |
| **Net Advisory Fee** | $2488562 |
| **Portfolio Turnover** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (% of Net** **Assets)** | **(%)** |
|  Common Stocks  | 92.5% |
|  Cash & Other  | 7.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of Equity** **Investments)** | **(%)** |
|  Walt Disney Co.  | 2.8% |
|  Omnicom Group, Inc.  | 2.0% |
|  IFF, Inc.  | 1.9% |
|  SLB Ltd.  | 1.9% |
|  Becton, Dickinson & Co.  | 1.9% |
|  LKQ Corp.  | 1.8% |
|  FIS, Inc.  | 1.8% |
|  Target Corp.  | 1.8% |
|  Baxter International, Inc.  | 1.8% |
|  Sensata Technologies PLC  | 1.7% |

---

**Sector Breakdown (% of Equity** **Investments)**

![image](ts6723img003.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.olsteinfunds.com/resources/documents-forms.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Olstein Capital Management, L.P. documents not be householded, please contact Olstein Capital Management, L.P. at 1-800-799-2113, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Olstein Capital Management, L.P. or your financial intermediary.

Olstein All Cap Value Fund PAGE 1 TSR-SAR-56167N563

25.517.015.811.59.46.36.23.92.51.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img278084_202412161728368.jpg) | **Olstein All Cap Value Fund**  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Class C \| OFALX  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278083_202502041839819.jpg) |

---

This semi-annual shareholder report contains important information about the Olstein All Cap Value Fund for the period of July 1, 2025, to December 31, 2025, as well as certain changes to the Fund. You can find additional information about the Fund at https://www.olsteinfunds.com/resources/documents-forms. You can also request this information by contacting us at 1-800-799-2113.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class C | $114 | 2.18% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $479104329 |
| **Number of Equity Holdings** | 80 |
| **Net Advisory Fee** | $2488562 |
| **Portfolio Turnover** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (% of Net** **Assets)** | **(%)** |
|  Common Stocks  | 92.5% |
|  Cash & Other  | 7.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of Equity** **Investments)** | **(%)** |
|  Walt Disney Co.  | 2.8% |
|  Omnicom Group, Inc.  | 2.0% |
|  IFF, Inc.  | 1.9% |
|  SLB Ltd.  | 1.9% |
|  Becton, Dickinson & Co.  | 1.9% |
|  LKQ Corp.  | 1.8% |
|  FIS, Inc.  | 1.8% |
|  Target Corp.  | 1.8% |
|  Baxter International, Inc.  | 1.8% |
|  Sensata Technologies PLC  | 1.7% |

---

**Sector Breakdown (% of Equity** **Investments)**

![image](ts6724img003.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.olsteinfunds.com/resources/documents-forms.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Olstein Capital Management, L.P. documents not be householded, please contact Olstein Capital Management, L.P. at 1-800-799-2113, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Olstein Capital Management, L.P. or your financial intermediary.

Olstein All Cap Value Fund PAGE 1 TSR-SAR-56167N613

25.517.015.811.59.46.36.23.92.51.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img278084_202412161728368.jpg) | **Olstein All Cap Value Fund**  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Adviser Class \| OFAFX  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278083_202502041839819.jpg) |

---

This semi-annual shareholder report contains important information about the Olstein All Cap Value Fund for the period of July 1, 2025, to December 31, 2025, as well as certain changes to the Fund. You can find additional information about the Fund at https://www.olsteinfunds.com/resources/documents-forms. You can also request this information by contacting us at 1-800-799-2113.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Adviser Class | $62 | 1.18% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $479104329 |
| **Number of Equity Holdings** | 80 |
| **Net Advisory Fee** | $2488562 |
| **Portfolio Turnover** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (% of Net** **Assets)** | **(%)** |
|  Common Stocks  | 92.5% |
|  Cash & Other  | 7.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of Equity** **Investments)** | **(%)** |
|  Walt Disney Co.  | 2.8% |
|  Omnicom Group, Inc.  | 2.0% |
|  IFF, Inc.  | 1.9% |
|  SLB Ltd.  | 1.9% |
|  Becton, Dickinson & Co.  | 1.9% |
|  LKQ Corp.  | 1.8% |
|  FIS, Inc.  | 1.8% |
|  Target Corp.  | 1.8% |
|  Baxter International, Inc.  | 1.8% |
|  Sensata Technologies PLC  | 1.7% |

---

**Sector Breakdown (% of Equity** **Investments)**

![image](ts6722img003.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.olsteinfunds.com/resources/documents-forms.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Olstein Capital Management, L.P. documents not be householded, please contact Olstein Capital Management, L.P. at 1-800-799-2113, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Olstein Capital Management, L.P. or your financial intermediary.

Olstein All Cap Value Fund PAGE 1 TSR-SAR-56167N621

25.517.015.811.59.46.36.23.92.51.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img278084_202412161728368.jpg) | **Olstein Strategic Opportunities Fund**  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Class A \| OFSAX  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278083_202502041839819.jpg) |

---

This semi-annual shareholder report contains important information about the Olstein Strategic Opportunities Fund for the period of July 1, 2025, to December 31, 2025, as well as certain changes to the Fund. You can find additional information about the Fund at https://www.olsteinfunds.com/resources/documents-forms. You can also request this information by contacting us at 1-800-799-2113.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $84 | 1.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $45463403 |
| **Number of Equity Holdings** | 38 |
| **Net Advisory Fee** | $130744 |
| **Portfolio Turnover** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (% of Net** **Assets)** | **(%)** |
|  Common Stocks  | 97.3% |
|  Cash & Other  | 2.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of Equity** **Investments)** | **(%)** |
|  Aebi Schmidt Holding AG  | 4.2% |
|  Vontier Corp.  | 4.2% |
|  Avantor, Inc.  | 4.2% |
|  Gates Industrial Corp. PLC  | 4.1% |
|  Dine Brands Global, Inc.  | 4.0% |
|  Sensata Technologies PLC  | 3.9% |
|  ABM Industries, Inc.  | 3.6% |
|  Central Garden & Pet Co. - Class A  | 3.5% |
|  Integra LifeSciences Corp.  | 3.5% |
|  LKQ Corp.  | 3.3% |

---

**Sector Breakdown (% of Equity** **Investments)**

![image](ts6720img003.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.olsteinfunds.com/resources/documents-forms.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Olstein Capital Management, L.P. documents not be householded, please contact Olstein Capital Management, L.P. at 1-800-799-2113, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Olstein Capital Management, L.P. or your financial intermediary.

Olstein Strategic Opportunities Fund PAGE 1 TSR-SAR-56167N597

39.215.111.811.810.25.25.11.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img278084_202412161728368.jpg) | **Olstein Strategic Opportunities Fund**  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Class C \| OFSCX  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278083_202502041839819.jpg) |

---

This semi-annual shareholder report contains important information about the Olstein Strategic Opportunities Fund for the period of July 1, 2025, to December 31, 2025, as well as certain changes to the Fund. You can find additional information about the Fund at https://www.olsteinfunds.com/resources/documents-forms. You can also request this information by contacting us at 1-800-799-2113.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class C | $124 | 2.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $45463403 |
| **Number of Equity Holdings** | 38 |
| **Net Advisory Fee** | $130744 |
| **Portfolio Turnover** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (% of Net** **Assets)** | **(%)** |
|  Common Stocks  | 97.3% |
|  Cash & Other  | 2.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of Equity** **Investments)** | **(%)** |
|  Aebi Schmidt Holding AG  | 4.2% |
|  Vontier Corp.  | 4.2% |
|  Avantor, Inc.  | 4.2% |
|  Gates Industrial Corp. PLC  | 4.1% |
|  Dine Brands Global, Inc.  | 4.0% |
|  Sensata Technologies PLC  | 3.9% |
|  ABM Industries, Inc.  | 3.6% |
|  Central Garden & Pet Co. - Class A  | 3.5% |
|  Integra LifeSciences Corp.  | 3.5% |
|  LKQ Corp.  | 3.3% |

---

**Sector Breakdown (% of Equity** **Investments)**

![image](ts6721img003.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.olsteinfunds.com/resources/documents-forms.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Olstein Capital Management, L.P. documents not be householded, please contact Olstein Capital Management, L.P. at 1-800-799-2113, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Olstein Capital Management, L.P. or your financial intermediary.

Olstein Strategic Opportunities Fund PAGE 1 TSR-SAR-56167N589

39.215.111.811.810.25.25.11.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img278084_202412161728368.jpg) | **Olstein Strategic Opportunities Fund**  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Adviser Class \| OFSFX  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278083_202502041839819.jpg) |

---

This semi-annual shareholder report contains important information about the Olstein Strategic Opportunities Fund for the period of July 1, 2025, to December 31, 2025, as well as certain changes to the Fund. You can find additional information about the Fund at https://www.olsteinfunds.com/resources/documents-forms. You can also request this information by contacting us at 1-800-799-2113.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Adviser Class | $71 | 1.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $45463403 |
| **Number of Equity Holdings** | 38 |
| **Net Advisory Fee** | $130744 |
| **Portfolio Turnover** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type (% of Net** **Assets)** | **(%)** |
|  Common Stocks  | 97.3% |
|  Cash & Other  | 2.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers (% of Equity** **Investments)** | **(%)** |
|  Aebi Schmidt Holding AG  | 4.2% |
|  Vontier Corp.  | 4.2% |
|  Avantor, Inc.  | 4.2% |
|  Gates Industrial Corp. PLC  | 4.1% |
|  Dine Brands Global, Inc.  | 4.0% |
|  Sensata Technologies PLC  | 3.9% |
|  ABM Industries, Inc.  | 3.6% |
|  Central Garden & Pet Co. - Class A  | 3.5% |
|  Integra LifeSciences Corp.  | 3.5% |
|  LKQ Corp.  | 3.3% |

---

**Sector Breakdown (% of Equity** **Investments)**

![image](ts6719img003.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.olsteinfunds.com/resources/documents-forms.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Olstein Capital Management, L.P. documents not be householded, please contact Olstein Capital Management, L.P. at 1-800-799-2113, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Olstein Capital Management, L.P. or your financial intermediary.

Olstein Strategic Opportunities Fund PAGE 1 TSR-SAR-56167N571

39.215.111.811.810.25.25.11.6 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](olstein_cover-logo.jpg)

**THE OLSTEIN ALL CAP VALUE FUND** 

**THE OLSTEIN STRATEGIC OPPORTUNITIES FUND** 

Core Financial Statements

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Olstein All Cap Value Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Olstein Strategic Opportunities Fund](#soi2) | [3](#soi2) |
| [Statements of Assets and Liabilities](#sal) | [5](#sal) |
| [Statements of Operations](#sop) | [7](#sop) |
| [Statements of Changes in Net Assets](#scna) | [8](#scna) |
| [Financial Highlights](#fihi1) | [9](#fihi1) |
| [Notes to the Financial Statements](#notes) | [15](#notes) |
| [ADDITIONAL INFORMATION](#add) | [21](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**OLSTEIN ALL CAP VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.5%**<br>|  |  |
| **Advertising Agencies - 1.8%**<br>|  |  |
| Omnicom Group, Inc. | 110000 | $8882500  |
| **Aerospace & Defense - 3.8%**<br>|  |  |
| General Dynamics Corporation | 22000 | 7406520  |
| L3Harris Technologies, Inc. | 12600 | 3698982  |
| Lockheed Martin Corporation | 8200 | 3966094  |
| RTX Corporation | 16000 | 2934400  |
|  |  | 18005996  |
| **Air Delivery & Freight Services - 2.9%** | **Air Delivery & Freight Services - 2.9%** |  |
| FedEx Corporation | 25500 | 7365930  |
| United Parcel Service, Inc. - Class B | 64000 | 6348160  |
|  |  | 13714090  |
| **Airlines - 2.6%**<br>|  |  |
| Delta Air Lines, Inc. | 102100 | 7085740  |
| Southwest Airlines Company | 127000 | 5248910  |
|  |  | 12334650  |
| **Auto Manufacturers - 0.8%**<br>|  |  |
| General Motors Company | 48000 | 3903360  |
| **Auto Components - 1.4%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 85500 | 6505695  |
| **Beverages - 1.9%**<br>|  |  |
| Constellation Brands, Inc. - Class A<sup>(b)</sup> | 36000 | 4966560  |
| PepsiCo, Inc. | 28000 | 4018560  |
|  |  | 8985120  |
| **Broadline Retail - 0.6%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 12500 | 2885250  |
| **Capital Markets - 1.8%**<br>|  |  |
| Goldman Sachs Group, Inc. | 1500 | 1318500  |
| Nasdaq, Inc. | 77300 | 7508149  |
|  |  | 8826649  |
| **Chemicals - 3.6%**<br>|  |  |
| Corteva, Inc. | 88000 | 5898640  |
| International Flavors & Fragrances, Inc. | 127000 | 8558530  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 57700 | 2803066  |
|  |  | 17260236  |
| **Commercial Banks - 5.1%**<br>|  |  |
| Citizens Financial Group, Inc. | 88600 | 5175126  |
| Fifth Third Bancorp<sup>(b)</sup> | 136000 | 6366160  |
| U.S. Bancorp | 123000 | 6563280  |
| Wells Fargo & Company | 67000 | 6244400  |
|  |  | 24348966  |
| **Commercial Services - 0.8%**<br>|  |  |
| S&P Global, Inc. | 7800 | 4076202  |
| **Commercial Services & Supplies - 2.4%** | **Commercial Services & Supplies - 2.4%** |  |
| ABM Industries, Inc. | 174000 | 7360200  |
| Korn Ferry | 63000 | 4159260  |
|  |  | 11519460  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Communications Equipment - 1.0%**<br>|  |  |
| Cisco Systems, Inc. | 65000 | $5006950  |
| **Computers - 0.7%**<br>|  |  |
| Apple, Inc. | 13000 | 3534180  |
| **Consumer Finance - 1.2%**<br>|  |  |
| Equifax, Inc. | 18000 | 3905640  |
| Visa, Inc. - Class A | 6000 | 2104260  |
|  |  | 6009900  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 2.8%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 2.8%** |  |
| Sysco Corporation | 75000 | 5526750  |
| Target Corporation | 82000 | 8015500  |
|  |  | 13542250  |
| **Distributors - 1.7%**<br>|  |  |
| LKQ Corporation<sup>(b)</sup> | 269700 | 8144940  |
| **Diversified Financial Services - 2.1%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 11000 | 5529150  |
| Invesco Ltd. | 179700 | 4720719  |
|  |  | 10249869  |
| **E-Commerce - 0.4%**<br>|  |  |
| eBay, Inc. | 22000 | 1916200  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 2.9%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 2.9%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 2.9%** |
| Ralliant Corporation | 120000 | 6109200  |
| Vontier Corporation | 206409 | 7674287  |
|  |  | 13783487  |
| **Electronics - 1.6%**<br>|  |  |
| Sensata Technologies Holding PLC | 232000 | 7723280  |
| **Energy Equipment & Services - 1.8%**<br>|  |  |
| SLB Ltd. | 220000 | 8443600  |
| **Food & Drug Retailers - 0.9%**<br>|  |  |
| CVS Health Corporation | 56000 | 4444160  |
| **Ground Transportation - 0.8%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 46000 | 3758660  |
| **Health Care Equipment & Supplies - 6.2%** | **Health Care Equipment & Supplies - 6.2%** |  |
| Baxter International, Inc.<sup>(b)</sup> | 417000 | 7968870  |
| Becton, Dickinson and Company | 42500 | 8247975  |
| Medtronic PLC | 73000 | 7012380  |
| Zimmer Biomet Holdings, Inc.<sup>(b)</sup> | 70000 | 6294400  |
|  |  | 29523625  |
| **Health Care Providers & Services - 3.9%** | **Health Care Providers & Services - 3.9%** |  |
| Henry Schein, Inc.<sup>(a)</sup> | 89000 | 6726620  |
| Quest Diagnostics Inc. | 40000 | 6941200  |
| UnitedHealth Group, Inc. | 15000 | 4951650  |
|  |  | 18619470  |
| **Household Durables - 1.3%**<br>|  |  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 57000 | 6230100  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OLSTEIN ALL CAP VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Household Products - 1.1%**<br>|  |  |
| Reynolds Consumer Products, Inc. | 234000 | $5363280  |
| **Industrial Conglomerates - 1.1%**<br>|  |  |
| Honeywell International, Inc. | 26000 | 5072340  |
| **Industrial Equipment Wholesale - 0.7%** | **Industrial Equipment Wholesale - 0.7%** |  |
| WESCO International, Inc. | 13000 | 3180320  |
| **Insurance - 3.7%**<br>|  |  |
| Chubb Ltd. | 19000 | 5930280  |
| Travelers Companies, Inc. | 24000 | 6961440  |
| Willis Towers Watson PLC<sup>(b)</sup> | 15200 | 4994720  |
|  |  | 17886440  |
| **Interactive Media & Services - 0.8%**<br>|  |  |
| Meta Platforms, Inc. - Class A | 5700 | 3762513  |
| **Internet Software & Services - 0.5%**<br>|  |  |
| Alphabet, Inc. - Class C | 7500 | 2353500  |
| **IT Services - 2.7%**<br>|  |  |
|  Fidelity National Information Services, Inc. | 121470 | 8072896  |
| SS&C Technologies Holdings, Inc. | 55000 | 4808100  |
|  |  | 12880996  |
| **Life Sciences Tools & Services - 0.8%**<br>|  |  |
| Thermo Fisher Scientific, Inc. | 6400 | 3708480  |
| **Machinery - 6.0%**<br>|  |  |
| Cummins, Inc. | 4700 | 2399115  |
| Deere & Company<sup>(b)</sup> | 7500 | 3491775  |
| Dover Corporation | 29694 | 5797457  |
| Fortive Corporation | 100000 | 5521000  |
| Middleby Corporation<sup>(a)</sup> | 40950 | 6088036  |
| Stanley Black & Decker, Inc.<sup>(b)</sup> | 77000 | 5719560  |
|  |  | 29016943  |
| **Media - 2.6%**<br>|  |  |
| Walt Disney Company | 107864 | 12271687  |
| **Pharmaceuticals - 2.8%**<br>|  |  |
| Avantor, Inc.<sup>(a)(b)</sup> | 657400 | 7533804  |
| Johnson & Johnson | 29000 | 6001550  |
|  |  | 13535354  |
| &nbsp;&nbsp;&nbsp; **Real Estate Management &** <br>**Development - 2.3%** | &nbsp;&nbsp;&nbsp; **Real Estate Management &** <br>**Development - 2.3%** |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 38000 | 6110020  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 15000 | 5047050  |
|  |  | 11157070  |
| **Restaurants - 1.2%**<br>|  |  |
| Dine Brands Global, Inc.<sup>(b)</sup> | 174600 | 5611644  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 3.3%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 3.3%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 3.3%** |
| Kulicke and Soffa Industries, Inc. | 118911 | 5417585  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| ON Semiconductor Corporation<sup>(a)</sup> | 103000 | $5577450  |
| Texas Instruments, Inc. | 27000 | 4684230  |
|  |  | 15679265  |
| **Software - 2.2%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 16000 | 5599840  |
| Microsoft Corporation | 10000 | 4836200  |
|  |  | 10436040  |
| **Telecommunications - 0.5%**<br>|  |  |
| Corning, Inc. | 30000 | 2626800  |
| **Textiles, Apparel & Luxury Goods - 1.4%** | **Textiles, Apparel & Luxury Goods - 1.4%** |  |
| NIKE, Inc. - Class B | 104000 | 6625840  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $369,404,389)** |  | 443347357  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 7.1%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.84%<sup>(c)</sup> | 34028531 | 34028531  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $34,028,531)** |  | 34028531  |
| **MONEY MARKET FUNDS - 7.1%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 33851500 | 33851500  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $33,851,500)** |  | 33851500  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.7%** <br>**(Cost $437,284,420)** |  | $511227388  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.4%<sup>(d)</sup> |  | 1781658  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (7.1)% |  | (33904717)  |
| **TOTAL NET ASSETS - 100.0%** |  | $479104329 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $32,957,437.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(d)</sup> 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 December 31, 2025 was 3.36%. 

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OLSTEIN STRATEGIC OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.3%**<br>|  |  |
| **Auto Components - 1.8%**<br>|  |  |
| Miller Industries, Inc. | 21500 | $803455  |
| **Auto Manufacturers - 2.4%**<br>|  |  |
| Blue Bird Corporation<sup>(a)(b)</sup> | 23000 | 1081000  |
| **Banks - 2.2%**<br>|  |  |
| First Hawaiian, Inc. | 40000 | 1012000  |
| **Commercial Banks - 6.2%**<br>|  |  |
| Citizens Financial Group, Inc. | 16400 | 957924  |
| Home BancShares, Inc. | 37000 | 1027860  |
| Prosperity Bancshares, Inc. | 12000 | 829320  |
|  |  | 2815104  |
| **Commercial Services & Supplies - 7.3%** | **Commercial Services & Supplies - 7.3%** |  |
| ABM Industries, Inc. | 37361 | 1580370  |
| Brady Corporation - Class A | 10500 | 822885  |
| Korn Ferry | 13950 | 920979  |
|  |  | 3324234  |
| **Distributors - 3.2%**<br>|  |  |
| LKQ Corporation<sup>(b)</sup> | 48566 | 1466693  |
| **Diversified Financial Services - 3.1%**<br>|  |  |
| Invesco Ltd. | 53300 | 1400191  |
|  **Electronic Equipment, Instruments & Components - 9.1%**<br>|  |  |
| Ralliant Corporation | 23000 | 1170930  |
| Vishay Intertechnology, Inc.<sup>(b)</sup> | 77000 | 1115730  |
| Vontier Corporation | 49591 | 1843794  |
|  |  | 4130454  |
| **Electronics - 3.8%**<br>|  |  |
| Sensata Technologies Holding PLC | 52000 | 1731080  |
| **Energy Equipment & Services - 1.6%**<br>|  |  |
| NOV, Inc. | 47000 | 734610  |
| **Health Care Equipment & Supplies - 2.4%** | **Health Care Equipment & Supplies - 2.4%** |  |
| Zimmer Biomet Holdings, Inc. | 12000 | 1079040  |
| **Health Care Products - 3.4%**<br>|  |  |
|  Integra LifeSciences Holdings Corporation<sup>(a)</sup> | 123000 | 1527660  |
| **Health Care Providers & Services - 2.0%** | **Health Care Providers & Services - 2.0%** |  |
| Progyny, Inc.<sup>(a)</sup> | 36000 | 924480  |
| **Household Durables - 6.2%**<br>|  |  |
|  Central Garden & Pet Company - Class A<sup>(a)</sup> | 52500 | 1532475  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 11750 | 1284275  |
|  |  | 2816750  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Household Products - 1.7%**<br>|  |  |
| Reynolds Consumer Products, Inc. | 34000 | $779280  |
| **Industrial Equipment Wholesale - 1.3%** | **Industrial Equipment Wholesale - 1.3%** |  |
| WESCO International, Inc. | 2500 | 611600  |
| **Machinery - 19.1%**<br>|  |  |
| Aebi Schmidt Holding AG | 147122 | 1861093  |
| AGCO Corporation | 9000 | 938880  |
| Douglas Dynamics, Inc. | 30000 | 979500  |
| Gates Industrial Corporation PLC<sup>(a)</sup> | 84000 | 1803480  |
| Graham Corporation<sup>(a)</sup> | 6500 | 417495  |
| Middleby Corporation<sup>(a)</sup> | 7050 | 1048124  |
| Tennant Company | 13000 | 958100  |
| Timken Company<sup>(b)</sup> | 8300 | 698279  |
|  |  | 8704951  |
| **Pharmaceuticals - 6.9%**<br>|  |  |
| Avantor, Inc.<sup>(a)</sup> | 160600 | 1840476  |
| &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, <br>Inc.<sup>(a)</sup> | 21000 | 1295490  |
|  |  | 3135966  |
| **Professional Services - 2.4%**<br>|  |  |
| First Advantage Corporation<sup>(a)</sup> | 74000 | 1075220  |
| &nbsp;&nbsp;&nbsp; **Real Estate Management &** <br>**Development - 5.0%** | &nbsp;&nbsp;&nbsp; **Real Estate Management &** <br>**Development - 5.0%** | &nbsp;&nbsp;&nbsp; **Real Estate Management &** <br>**Development - 5.0%** |
| Cushman & Wakefield Ltd.<sup>(a)</sup> | 88500 | 1432815  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 2500 | 841175  |
|  |  | 2273990  |
| **Restaurants - 3.8%**<br>|  |  |
| Dine Brands Global, Inc.<sup>(b)</sup> | 54400 | 1748416  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 2.4%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 2.4%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 2.4%** |
| Kulicke and Soffa Industries, Inc. | 23550 | 1072938  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $37,856,209)** |  | 44249112  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 9.9%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.84%<sup>(c)</sup> | 4500184 | 4500184  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $4,500,184)** |  | 4500184  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**OLSTEIN STRATEGIC OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 2.9%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 1301605 | $1301605  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,301,605)** |  | 1301605  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 110.1%** <br>**(Cost $43,657,998)** |  | $50050901  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.2%<sup>(d)</sup> |  | 68506  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (10.3)% |  | (4656004)  |
| **TOTAL NET ASSETS - 100.0%** |  | $45463403 |

---

Percentages are stated as a percent of net assets.

AG - Aktiengesellschaft

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $4,380,145.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(d)</sup> 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 December 31, 2025 was 3.36%.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**THE OLSTEIN FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Olstein All Cap** <br>**Value Fund** | **Olstein Strategic** <br>**Opportunities** <br>**Fund**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | $511227388 | $50050901  |
| Cash - interest bearing deposit account | 1781658 | 68506  |
| Dividends receivable | 842423 | 37398  |
| Receivable for fund shares sold | 20400 | —  |
| Dividend tax reclaims receivable | 16453 | —  |
| Security lending income receivable | 5600 | 1018  |
| Interest receivable | 4884 | 266  |
| Prepaid expenses and other assets | 12986 | 14315  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 513911792 | 50172404  |
| **LIABILITIES:**<br>|  |  |
| Payable upon return of securities loaned | 34028531 | 4500184  |
| Payable to Adviser | 411878 | 17281  |
| Payable for transfer agent fees and expenses | 96173 | 33024  |
| Payable for fund administration and accounting fees | 75409 | 29276  |
| Payable for capital shares redeemed | 68597 | 49905  |
| Payable for distribution fees | 65659 | 5776  |
| Payable for legal fees | 15213 | 15215  |
| Payable for directors fees | 11972 | 11670  |
| Payable for audit fees | 11404 | 11583  |
| Payable for custodian fees | 11071 | 1481  |
| Payable for printing and mailing | 2898 | 2270  |
| Payable for compliance fees | 2791 | 2791  |
| Interest payable |  | 198  |
| Payable for investments purchased |  | 23141  |
| Payable for expenses and other liabilities | 5867 | 5206  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 34807463 | 4709001  |
| **NET ASSETS** | $479104329 | $45463403  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | $387201437 | $38516462  |
| Total distributable earnings | 91902892 | 6946941  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $479104329 | $45463403  |
| **Adviser Class**<br>|  |  |
| Net assets | $207591833 | $23490339  |
| Shares issued and outstanding<sup>(a)</sup> | 7596994 | 1075935  |
| Net asset value per share | $27.33 | $21.83  |
| **Class A**<br>|  |  |
| Net assets | $260485904 | $20624767  |
| Shares issued and outstanding<sup>(a)</sup> | 9668452 | 965641  |
| Net asset value per share | $26.94 | $21.36  |
| Max offering price per share<sup>(b)</sup> | $28.51 | $22.60  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**THE OLSTEIN FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Olstein All Cap** <br>**Value Fund** | **Olstein Strategic** <br>**Opportunities** <br>**Fund**  |
| **Class C**<br>|  |  |
| Net assets | $11026592 | $1348297  |
| Shares issued and outstanding<sup>(a)</sup> | 618066 | 76072  |
| Net asset value per share<sup>(c)</sup> | $17.84 | $17.72  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $437284420 | $43657998  |
| **Loaned Securities:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $32957437 | $4380145 |

---

<sup>(a)</sup> Unlimited shares authorized.

<sup>(b)</sup> Reflects a maximum sales charge of 5.50% and 5.50%.

<sup>(c)</sup> May be subject to a contigent deferred sales charge of 1.00% on certain shares redeemed within 12 months of Purchase of Class C Shares. 

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**THE OLSTEIN FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Olstein All Cap** <br>**Value Fund** | **Olstein Strategic** <br>**Opportunities** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | $4980711 | &nbsp;&nbsp; $420373  |
| Interest income | 23957 | &nbsp;&nbsp; 1746  |
| Securities lending income | 22492 | &nbsp;&nbsp; 4455  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 5027160 | &nbsp;&nbsp; 426574  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee (See Note 4) | 2488562 | &nbsp;&nbsp; 257891  |
| Distribution expenses - Class A (See Note 5) | 334150 | &nbsp;&nbsp; 28542  |
| Distribution expenses - Class C (See Note 5) | 76823 | &nbsp;&nbsp; 10195  |
| Transfer agent fees (See Note 4) | 190565 | &nbsp;&nbsp; 62304  |
| Fund administration and accounting fees (See Note 4) | 137092 | &nbsp;&nbsp; 68198  |
| Federal and state registration fees | 39402 | &nbsp;&nbsp; 34916  |
| Custodian fees (See Note 4) | 17073 | &nbsp;&nbsp; 2385  |
| Audit fees | 11408 | &nbsp;&nbsp; 11592  |
| Trustees' fees | 11272 | &nbsp;&nbsp; 11088  |
| Legal fees | 8992 | &nbsp;&nbsp; 8992  |
| Reports to shareholders | 8072 | &nbsp;&nbsp; 4158  |
| Compliance fees (See Note 4) | 5912 | &nbsp;&nbsp; 5912  |
| Other expenses and fees | 25640 | &nbsp;&nbsp; 7865  |
| &nbsp;&nbsp;&nbsp; Total expenses before interest expense and reimbursement | 3354963 | &nbsp;&nbsp; 514038  |
| &nbsp;&nbsp;&nbsp; Interest expense (See Note 10) |  | &nbsp;&nbsp; 198  |
| &nbsp;&nbsp;&nbsp; Total expenses before reimbursement | 3354963 | &nbsp;&nbsp; 514236  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser (See Note 4) |  | &nbsp;&nbsp; (127148)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 3354963 | &nbsp;&nbsp; 387088  |
| **Net investment income** | 1672197 | &nbsp;&nbsp; 39486  |
| **REALIZED AND UNREALIZED GAIN** <br>|  |  |
| Net realized gain from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 22056806 | &nbsp;&nbsp; 3033299  |
| Net realized gain | 22056806 | &nbsp;&nbsp; 3033299  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 12201442 | &nbsp;&nbsp; 1423543  |
| Net change in unrealized appreciation (depreciation) | 12201442 | &nbsp;&nbsp; 1423543  |
| **Net realized and unrealized gain** | 34258248 | &nbsp;&nbsp; 4456842  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $35930445 | &nbsp;&nbsp; $4496328 |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**THE OLSTEIN FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Olstein All** <br>**Cap Value Fund** | **Olstein All** <br>**Cap Value Fund** | **Olstein Strategic** <br>**Opportunities Fund**  | **Olstein Strategic** <br>**Opportunities Fund**  |
|  | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025** | **Period Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1672197 | $4439747 | $39486 | $240436  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 22056806 | 38076935 | 3033299 | 1139996  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 12201442 | (6324857) | 1423543 | (763932)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 35930445 | 36191825 | 4496328 | 616500  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Adviser Class | (12595000) | (18867294) | (673157) | (2842035)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (15466350) | (21535241) | (543937) | (1598066)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (872721) | (2155968) | (42725) | (272180)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (28934071) | (42558503) | (1259819) | (4712281)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Adviser Class | 4178873 | 3296190 | 323728 | 3829361  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Adviser Class | 12083155 | 18379123 | 626265 | 2683930  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Adviser Class | (28399390) | (35040652) | (6047754) | (29416154)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 5365602 | 5337698 | 939479 | 1404953  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 13840999 | 18571020 | 493459 | 1335555  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (27737861) | (30312993) | (4353383) | (4068318)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 178874 | 336305 | 3498 | 14795  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 845591 | 2095493 | 42507 | 271458  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (7875603) | (8548752) | (1276895) | (1909497)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets from capital transactions** | (27519760) | (25886568) | (9249096) | (25853917)  |
| **Net decrease in net assets** | (20523386) | (32253246) | (6012587) | (29949698)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 499627715 | 531880961 | 51475990 | 81425688  |
| &nbsp;&nbsp;&nbsp; End of the period | $479104329 | $499627715 | $45463403 | $51475990  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Adviser Class | 151712 | 120163 | 14953 | 182544  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Adviser Class | 450864 | 657101 | 28768 | 117820  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Adviser Class | (1036807) | (1281596) | (276879) | (1370259)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 192982 | 197396 | 43123 | 68077  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 523685 | 671889 | 23167 | 59890  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (1012554) | (1108037) | (202875) | (196292)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 9688 | 17876 | 194 | 952  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 48292 | 111049 | 2404 | 14478  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (420409) | (451914) | (70779) | (108201)  |
| &nbsp;&nbsp;&nbsp; **Total decrease in shares outstanding** | (1092547) | (1066073) | (437924) | (1230991) |

---

The accompanying notes are an integral part of these financial statements.

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**OLSTEIN ALL CAP VALUE FUND** 

**FINANCIAL HIGHLIGHTS** 

**ADVISER CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.97 | $27.25 | $25.92 | $25.37 | $34.54 | $21.51  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.28 | 0.32 | 0.24 | 0.09 | 0.06  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | 1.71 | 1.33 | 2.07 | (4.81) | 13.13  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | 1.99 | 1.65 | 2.31 | (4.72) | 13.19  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28) | (0.30) | (0.32) |  |  | (0.16)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.41) | (1.97) |  | (1.76) | (4.45) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.69) | (2.27) | (0.32) | (1.76) | (4.45) | (0.16)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.33 | $26.97 | $27.25 | $25.92 | $25.37 | $34.54  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69% | 7.05% | 6.48% | 9.57% | -15.76% | 61.49%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $207592 | $216642 | $232593 | $269031 | $262284 | $322350  |
| Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.18% | 1.17% | 1.17% | 1.16% | 1.16% | 1.14%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average net <br>assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84% | 1.01% | 1.23% | 0.96% | 0.29% | 0.20%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13% | 38% | 27% | 32% | 43% | 42% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**OLSTEIN ALL CAP VALUE FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.62 | $26.92 | $25.57 | $25.11 | $34.32 | $21.40  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 0.21 | 0.25 | 0.18 | 0.01 | (0.01)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | 1.69 | 1.32 | 2.04 | (4.77) | 13.06  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | 1.90 | 1.57 | 2.22 | (4.76) | 13.05  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) | (0.23) | (0.22) |  |  | (0.13)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.41) | (1.97) |  | (1.76) | (4.45) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.65) | (2.20) | (0.22) | (1.76) | (4.45) | (0.13)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.94 | $26.62 | $26.92 | $25.57 | $25.11 | $34.32  |
| Total return<sup>(c)(d</sup>**<sup>)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.54% | 6.75% | 6.23% | 9.30% | -15.99% | 61.15%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $260486 | $265238 | $274620 | $298532 | $293747 | $142863  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43% | 1.42% | 1.42% | 1.41% | 1.42% | 1.39%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59% | 0.76% | 0.98% | 0.71% | 0.03% | (0.05)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13% | 38% | 27% | 32% | 43% | 42% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return does not reflect sales charge.

<sup>(e)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**OLSTEIN ALL CAP VALUE FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.10 | $18.92 | $17.97 | $18.29 | $26.38 | $16.53  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) | 0.00<sup>(b)</sup> | 0.04 | (0.01) | (0.18) | (0.17)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | 1.21 | 0.93 | 1.45 | (3.46) | 10.06  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | 1.21 | 0.97 | 1.44 | (3.64) | 9.89  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) | (0.06) | (0.02) |  |  | (0.04)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.41) | (1.97) |  | (1.76) | (4.45) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.53) | (2.03) | (0.02) | (1.76) | (4.45) | (0.04)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.84 | $18.10 | $18.92 | $17.97 | $18.29 | $26.38  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.16% | 5.98% | 5.43% | 8.46% | -16.62% | 59.89%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11027 | $17748 | $24668 | $34328 | $40368 | $289103  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18% | 2.17% | 2.17% | 2.16% | 2.15% | 2.14%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20)% | 0.01% | 0.23% | (0.04)% | (0.70)% | (0.80)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13% | 38% | 27% | 32% | 43% | 42% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Amount represents less than $0.005 per share.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Total return does not reflect sales charge.

<sup>(f)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**OLSTEIN STRATEGIC OPPORTUNITIES FUND** 

**FINANCIAL HIGHLIGHTS** 

**ADVISER CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.55 | $21.88 | $21.17 | $18.32 | $27.89 | $15.39  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.11 | 0.12 | 0.08 | (0.03) | (0.10)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | 0.06 | 0.69 | 3.09 | (7.03) | 12.60  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | 0.17 | 0.81 | 3.17 | (7.06) | 12.50  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | (0.14) | (0.10) |  |  | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) | (1.36) |  | (0.32) | (2.51) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62) | (1.50) | (0.10) | (0.32) | (2.51) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.83 | $20.55 | $21.88 | $21.17 | $18.32 | $27.89  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.24% | 0.10% | 3.85% | 17.41% | -27.65% | 81.22%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23490 | $26904 | $52041 | $53267 | $52137 | $92191  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.84% | 1.61% | 1.52% | 1.48% | 1.36% | 1.43%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35% | 1.35% | 1.35% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | 0.49% | 0.55% | 0.40% | (0.14)% | (0.43)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8% | 24% | 32% | 26% | 32% | 47% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**OLSTEIN STRATEGIC OPPORTUNITIES FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.09 | $21.42 | $20.70 | $17.97 | $27.47 | $15.19  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.05 | 0.06 | 0.03 | (0.09) | (0.15)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | 0.07 | 0.68 | 3.02 | (6.90) | 12.43  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | 0.12 | 0.74 | 3.05 | (6.99) | 12.28  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>(c)</sup> | (0.09) | (0.02) |  |  | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) | (1.36) |  | (0.32) | (2.51) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) | (1.45) | (0.02) | (0.32) | (2.51) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.36 | $20.09 | $21.42 | $20.70 | $17.97 | $27.47  |
| Total return<sup>(d)(e</sup>**<sup>)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13% | -0.13% | 3.58% | 17.08% | -27.83% | 80.84%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20625 | $22145 | $25071 | $28454 | $25917 | $31827  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10% | 1.88% | 1.77% | 1.73% | 1.62% | 1.70%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60% | 1.60% | 1.60% | 1.60% | 1.60% | 1.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06% | 0.24% | 0.30% | 0.15% | (0.39)% | (0.68)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8% | 24% | 32% | 26% | 32% | 47% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Total return does not reflect sales charge.

<sup>(f)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**OLSTEIN STRATEGIC OPPORTUNITIES FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.82 | $18.20 | $17.71 | $15.52 | $24.25 | $13.52  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | (0.09) | (0.08) | (0.10) | (0.24) | (0.28)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | 0.07 | 0.57 | 2.61 | (5.98) | 11.01  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | (0.02) | 0.49 | 2.51 | (6.22) | 10.73  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) | (1.36) |  | (0.32) | (2.51) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) | (1.36) |  | (0.32) | (2.51) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.72 | $16.82 | $18.20 | $17.71 | $15.52 | $24.25  |
| Total return<sup>(c)(d</sup>**<sup>)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.69% | -0.89% | 2.77% | 16.29% | -28.38% | 79.36%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1348 | $2426 | $4313 | $6695 | $7341 | $16515  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83% | 2.61% | 2.52% | 2.48% | 2.35% | 2.46%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35% | 2.35% | 2.35% | 2.35% | 2.35% | 2.35%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71)% | (0.51)% | (0.44)% | (0.60)% | (1.14)% | (1.43)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8% | 24% | 32% | 26% | 32% | 47% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return does not reflect sales charge.

<sup>(e)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**THE OLSTEIN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)** 

1. ORGANIZATION

Managed Portfolio Series (the "Trust") was organized as a Delaware statutory trust on January 27, 2011. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Olstein All Cap Value Fund ("All Cap Value Fund") and Olstein Strategic Opportunities Fund ("Strategic Fund") (each a "Fund" and collectively, the "Funds") are each a diversified series with their own investment objectives and policies within the Trust. The investment objective of each Fund is long-term capital appreciation with a secondary objective of income. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*. Each Fund offers three different share classes – Adviser Class, Class A, and Class C. The All Cap Value Fund commenced operations on September 21, 1995. The Class C shares commenced operations on September 21, 1995, the Adviser Class shares commenced operations on September 1, 1999, and the Class A shares commenced operations on September 17, 2018. The Strategic Fund commenced operations on November 1, 2006. The Class A shares and Class C shares each commenced operations on November 1, 2006 and the Adviser Class shares commenced operations on May 11, 2015. Each class of shares has identical rights and privileges except with respect to distribution fees and voting rights on matters affecting a single share class. Class A shares are subject to a front-end sales charge of up to 5.50% and a 0.25% Rule 12b-1 distribution and servicing fee. Class C shares may be subject to a deferred sales charge of up to 1.00% and are subject to a 1.00% Rule 12b-1 distribution and servicing fee. The Funds may issue an unlimited number of shares of beneficial interest without par value.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Security Valuation *–* All investments in securities are recorded at their estimated fair value, as described in Note 3.** 

**Federal Income Taxes – The Funds comply with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income or excise tax provision is required. As of and during the year ended June 30, 2025, the Funds did not have any tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority. As of and during the year ended June 30, 2025, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. As of and during the period ended December 31, 2025, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. tax authorities for tax years prior to the fiscal year ended June 30, 2022.** 

**Security Transactions, Income and Distributions *–* The Funds follow industry practice and record security transactions on the trade date. Realized gains and losses on sales of securities are calculated on the basis of identified cost. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and regulations. Discounts and premiums on securities purchased are amortized over the expected life of the respective securities using the constant yield method.** 

The Funds distribute substantially all net investment income and net realized capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations on net asset value ("NAV") per share of the Funds.

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**THE OLSTEIN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

**Allocation of Income, Expenses and Gains/Losses – Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of the Funds are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of each Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based on relative net assets. 12b-1 fees are expensed at an annual rate of 0.25% and 1.00% of the Class A shares and Class C shares average daily net assets, respectively (See Note 5). Expenses associated with a specific fund in the Trust are charged to that fund. Common Trust expenses are typically allocated evenly between the Funds of the Trust, or by other equitable means.** 

**Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.**

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the President of the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

3. SECURITIES VALUATION

The Funds have 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:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' 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.  |

---

Following is a description of the valuation techniques applied to each Fund's major categories of assets and liabilities measured at fair value on a recurring basis. Each Fund's investments are carried at fair value.

**Short-Term Investments – Investments in other mutual funds, including money market funds, are valued at their NAV per share. Deposit accounts are valued at acquisition cost, which approximates fair value. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.** 

**Cash & Cash Equivalents – Cash and cash equivalents include short-term, liquid investments with an original maturity of three months or less. These balances may exceed FDIC insured limits.** 

**Equity Securities – Equity securities that are primarily traded on a national securities exchange are valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and ask prices. Securities traded primarily in the Nasdaq Global Market System for which market quotations are readily available are valued using the Nasdaq Official Closing Price ("NOCP"). If the NOCP is not available, such securities are valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and ask prices. To the extent these securities are actively traded and** 

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**THE OLSTEIN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. If the market for a particular security is not active, and the mean between bid and ask prices is used, these securities are categorized in Level 2 of the fair value hierarchy.

The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Funds and their Valuation Designee (as defined below) in calculating each Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have designated Olstein Capital Management, L.P. (the "Adviser") as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers, dealers or independent pricing services are unreliable.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following tables are a summary of the inputs used to value each Fund's securities as of December 31, 2025:

**All Cap Value Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Uncategorized** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $—  | $443347357 | $— | $—  | $443347357  |
| Short-Term Investment |  | 33851500 |  |  | 33851500  |
|  Investments Purchased with the Cash Proceeds from Securities Lending<sup>\*</sup> | 34028531 |  |  |  | 34028531  |
| **Total Investment in Securities** | $34028531 | $477198857 | $— | $— | $511227388 |

---

**Strategic Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Uncategorized** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $—  | $44249112 | $—  | $—  | $44249112  |
| Short-Term Investment |  | 1301605 |  |  | 1301605  |
|  Investments Purchased with the Cash Proceeds from Securities Lending<sup>\*</sup> | 4500184 |  |  |  | 4500184  |
| **Total Investment in Securities** | $4500184 | $45550717 | $— | $— | $50050901 |

---

\* Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been characterized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Statements of Assets and Liabilities. See Note 9 for additional information regarding securities lending activity. 

Refer to the Schedule of Investments for further information on the classification of investments.

4. INVESTMENT ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS

The Trust has an agreement with the Adviser to furnish investment advisory services to the Funds. For its services, the All Cap Value Fund pays the Adviser a monthly management fee of 1.00% of the Fund's average daily net assets up to $1 billion, 0.95% of the Fund's average daily net assets on the next $500 million, 0.90% of the Fund's average daily net assets on the next $500 million, 0.85% of the Fund's average daily net assets on the next $500 million, 0.80% of the Fund's average daily net assets on the next $500 million, and 0.75% of the Fund's average daily net assets in excess of $3 billion. The Strategic Fund pays the Adviser a monthly management fee of 1.00% of the Fund's average daily net assets.

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**THE OLSTEIN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

The Adviser has contractually agreed to waive a portion or all of its management fees and reimburse the Strategic Fund for its expenses to ensure that total operating expenses (excluding Rule 12b-1 fees, acquired fund fees and expenses, leverage, interest, taxes, brokerage commissions and extraordinary expenses), based upon the average daily net assets of the Fund, do not exceed an annual rate of 1.35%.

Fees waived and expenses reimbursed by the Adviser may be recouped by the Adviser for a period of thirty-six months following the month during which such waiver or reimbursement was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the waiver or reimbursement occurred. The Operating Expense Limitation Agreement for the Strategic Fund is indefinite in term but cannot be terminated within a year after the effective date of the prospectus. After that date, the agreement may be terminated at any time upon 60 days' written notice by the Board or the Adviser, with the consent of the Board. Waived fees subject to potential recovery by month of expiration are as follows:

---

| | |
|:---|:---|
| **Expiration – Strategic Fund** |  |
| January 2026 – June 2026 | $53295  |
| July 2026 – June 2027 | 142516  |
| July 2027 – June 2028 | 179895  |
| July 2028 – December 2028 | 127148 |

---

U.S. Bancorp Fund Services, LLC (the "Administrator"), doing business as U.S. Bank Global Fund Services, acts as the Funds' Administrator, Transfer Agent, and Fund Accountant. U.S. Bank N.A. (the "Custodian") serves as the Custodian to the Funds. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Custodian; coordinates the payment of the Funds' expenses and reviews the Funds' expense accruals. The officers of the Trust, including the Chief Compliance Officer, are employees of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Funds, subject to annual minimums. Fees paid by the Funds for administration and accounting, transfer agency, custody and compliance services for the period ended December 31, 2025, are disclosed in the Statements of Operations.

5. DISTRIBUTION COSTS

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan") in Class A and Class C only. The Plan permits the Funds to pay for distribution and related expenses at an annual rate of 0.25% and 1.00% of Class A and Class C average daily net assets, respectively. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and other sales material, advertising and public relations expenses, payments to financial intermediaries and compensation of personnel involved in selling shares of the Funds. For the period ended December 31, 2025, the All Cap Value Fund and Strategic Fund incurred expenses of $334,150 and $28,542, respectively in Class A pursuant to the Plan. The All Cap Value Fund and Strategic Fund also incurred additional expenses of $76,823 and $10,195, respectively in Class C.

6. INVESTMENT TRANSACTIONS

The aggregate purchases and sales, excluding short-term investments, by Fund for the period ended December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Government Securities** | **U.S. Government Securities** | **Other Securities**  | **Other Securities**  |
| <br>**Fund** | **Purchases** | **Sales** | **Purchases** | **Sales**  |
| All Cap Value Fund | $—  | $—  | $59731288 | $133268202  |
| Strategic Fund |  |  | 3951849 | 41841636 |

---

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**THE OLSTEIN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

7. FEDERAL TAX INFORMATION

The aggregate gross unrealized appreciation and depreciation of securities held by the Funds and the total cost of securities for federal income tax purposes at June 30, 2025, the Funds' most recently completed fiscal year end, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Gross** <br>**Appreciation** | **Aggregate Gross** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation** | **Federal Income** <br>**Tax Cost**  |
| All Cap Value Fund | $90492597 | $(29086501) | $61406096 | $465332220  |
| Strategic Fund | 9860176 | (5289700) | 4570476 | 53761493 |

---

Any differences between book-basis and tax-basis unrealized appreciation/depreciation is attributable primarily to the tax deferral of losses on wash sales.

At June 30, 2025, the components of distributable earnings/accumulated loss on a tax-basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed** <br>**Ordinary** <br>**Income** | **Undistributed** <br>**Long-Term** <br>**Capital Gains** | **Other** <br>**Accumulated** <br>**Gains (Losses)** | **Net Unrealized** <br>**Appreciation** | **Total** <br>**Distributable** <br>**Earnings**  |
| All Cap Value Fund | $4439747 | $19060675 | $— | $61406096 | $84906518  |
| Strategic Fund | 29286 |  | (889330) | 4570476 | 3710432 |

---

As of June 30, 2025, the Funds did not have any short-term capital loss carryforwards. A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital, and ordinary losses which occur during the portion of the Funds' taxable year subsequent to October 31 and June 30, 2025, respectively. For the taxable year ended June 30, 2025, the Strategic Fund deferred, on a tax basis, qualified late year losses of $889,330.

The tax character of distributions paid for the period ended December 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary** <br>**Income<sup>\*</sup>** | **Long-Term** <br>**Capital Gains** | **Total**  |
| All Cap Value Fund | $4439916 | $24494155 | $28394071  |
| Strategic Fund | 65058 | 1194761 | 1259819 |

---

The tax character of distributions paid for the year ended June 30, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary** <br>**Income<sup>\*</sup>** | **Long-Term** <br>**Capital Gains** | **Total**  |
| All Cap Value Fund | $4816003 | $37742500 | $42558503  |
| Strategic Fund | 448766 | 4263515 | 4712281 |

---

\* For Federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.

9. SECURITIES LENDING

Following the terms of a securities lending agreement with the Fund's Custodian, the Fund may lend securities from its portfolio to brokers, dealers and financial institutions in order to increase the return on its portfolio, primarily through the receipt of borrowing fees and earnings on invested collateral. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to 105% of the value of the loaned securities that are foreign securities or 102% of the value of any other loaned securities marked-to-market daily. Loans shall be marked to market daily and the margin restored in the event the collateralization is below 100% of the value of the securities loaned. During the time securities are on loan, the borrower will pay the applicable Fund any accrued income on those securities, and the Fund may invest the cash collateral and earn income or receive an agreed-upon fee from a borrower that has delivered cash-equivalent collateral. In determining whether or not to lend a security to a particular broker, dealer or financial institution, the Adviser considers all relevant facts and circumstances, including the size, creditworthiness and reputation of the broker, dealer or financial institution. Securities lending involves the risk of a default or insolvency of the borrower. In either of these cases, a Fund could experience delays in

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**THE OLSTEIN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

recovering securities or collateral or could lose all or part of the value of the loaned securities. A Fund also could lose money in the event of a decline in the value of the collateral provided for loaned securities. Additionally, the loaned portfolio securities may not be available to a Fund on a timely basis and that Fund may therefore lose the opportunity to sell the securities at a desirable price. Any decline in the value of a security that occurs while the security is out on loan would continue to be borne by the applicable Fund. As of December 31, 2025, the All Cap Value Fund had securities on loan with a value of $32,957,437 and collateral value of $34,028,531. The Strategic Fund had securities on loan with a value of $4,380,145 and collateral value of $4,500,184.

The Fund receives cash as collateral in return for securities lent as part of the securities lending program. The collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize current income to the extent consistent with the preservation of capital and liquidity and the maintenance of a stable NAV of $1.00 per unit. The remaining contractual maturity of all securities lending transactions is overnight and continuous. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide the Funds, in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty. The net income earned by the Funds on investments of cash collateral received from borrowers for the securities loaned to them are reflected in the Funds' Statements of Operations. Securities lending income, as disclosed in the Fund's Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to the Custodian as lending agent.

10. LINE OF CREDIT

The All Cap Value Fund and Strategic Fund each has established an unsecured Line of Credit ("LOC") in the amount of $50,000,000 and $10,000,000, respectively, or 33.33% of the fair value of each Fund's unencumbered assets, whichever is less. Each LOC matures on July 17, 2026. These LOCs are intended to provide short-term financing, if necessary, subject to certain restrictions and covenants in connection with shareholder redemptions and other short-term liquidity needs of the Funds. The LOCs are with the Custodian. Interest is charged at the prime rate which was 6.75% as of December 31, 2025. The interest rate during the period was between 6.75 and 7.50%. Each Fund has authorized the Custodian to charge any of that Fund's accounts for missed payments. For the period ended December 31, 2025, the Fund's LOC activity was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **LOC Agent** | **Average** <br>**Borrowings** | **Amount** <br>**Outstanding as of** <br>**December 31, 2025** | **Interest** <br>**Expense** | **Maximum** <br>**Borrowing** | **Date of** <br>**Maximum** <br>**Borrowing**  |
| All Cap Value Fund | U.S. Bank N.A. | $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | $— | $— | —  |
| Strategic Fund | U.S. Bank N.A. | 2152 | &nbsp;&nbsp;&nbsp;&nbsp; — | 198 | 396000 | December 3, 2025 |

---

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**THE OLSTEIN FUNDS** 

**ADDITIONAL INFORMATION** 

**December 31, 2025 (Unaudited)** 

**AVAILABILITY OF FUND PORTFOLIO INFORMATION** 

Each Fund files complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. Each Fund's Part F of N-PORT is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. For information on the Public Reference Room call 1-800-SEC-0330. In addition, each Fund's Part F of Form N-PORT is available without charge upon request by calling 1-800-799-2113.

**AVAILABILITY OF FUND PROXY VOTING INFORMATION** 

A description of the Funds' Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-800-799-2113. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-799-2113, or (2) on the SEC's website at www.sec.gov.

**ADDITIONAL REQUIRED DISCLOSURE FROM FORM N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

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**INVESTMENT ADVISER** 

Olstein Capital Management, L.P.

4 Manhattanville Road, Suite 204

Purchase, New York 10577

**DISTRIBUTOR** 

Quasar Distributors, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

**CUSTODIAN** 

U.S. Bank N.A.

1555 North Rivercenter Drive, Suite 302

Milwaukee, Wisconsin 53212

**ADMINISTRATOR, FUND ACCOUNTANT** 

**AND TRANSFER AGENT** 

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

**LEGAL COUNSEL** 

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information

regarding the Funds' risks, objectives, fees and expenses, experience of its management,

and other information.

The Funds' Statement of Additional Information contains additional information about the Funds' trustees and is

available without charge upon request by calling 1-800-799-2113.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have
 reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940
 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules
 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure
 controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded,
 processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* 1) Not applicable
 for semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](osacfs-efp22198_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](osacfs-efp22198_ex99906cert.htm)

**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/ Brian R. Wiedmeyer |
|  | Brian R. Wiedmeyer, Principal Executive Officer |

---

Date <u>March 9, 2026</u>

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/ Brian R. Wiedmeyer |
|  | Brian R. Wiedmeyer, Principal Executive Officer |

---

Date <u>March 9, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Benjamin J. Eirich |
|  | Benjamin J. Eirich, Principal Financial Officer<br>|

---

Date <u>March 9, 2026</u>

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

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Brian R. Wiedmeyer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Managed Portfolio Series;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2026 | /s/ Brian R. Wiedmeyer |
|  |  | Brian R. Wiedmeyer<br> Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Benjamin J. Eirich, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Managed Portfolio Series;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2026 | /s/ Benjamin J. Eirich |
|  |  | Benjamin J. Eirich<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Managed Portfolio Series, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Managed Portfolio Series for the period ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Managed Portfolio Series for the stated period.

---

| | |
|:---|:---|
| /s/ Brian R. Wiedmeyer | /s/ Benjamin J. Eirich |
| Brian R. Wiedmeyer<br> Principal Executive Officer | Benjamin J. Eirich<br> Principal Financial Officer |

---

Date: <u>March 9, 2026</u> Date: <u>March 9, 2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Managed Portfolio Series for purposes of Section 18 of the Securities Exchange Act of 1934.