# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001145549-23-017284
**Filing Date:** 2023-3
**Character Count:** 39957
**Document Hash:** c2ec4024729d6743cdd114d29d2da941
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017284.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001145549-23-017284

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Managed Portfolio Series
- **CENTRAL INDEX KEY:** 0001511699
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 23751967

**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

### Nuance Concentrated Value Long-Short Fund (Series ID: S000052217)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000164257 | Investor Class Shares      | NCLIX           |
| C000164258 | Institutional Class Shares | NCLSX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Nuance Concentrated Value Long-Short Fund** | | |
| **Schedule of Investments** | | |
| **January 31, 2023 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Value** |
| **COMMON STOCKS - 92.3%** | | |
| **Consumer Staples<sup>#</sup> - 27.6%** | | |
| Beiersdorf AG - ADR (a) | 195930 | $4755221 |
| Cal-Maine Foods, Inc. (a) | 13783 | 788663 |
| Clorox Co. (a) | 67321 | 9740676 |
| Henkel AG & Co. KGaA - ADR (a) | 822641 | 13664067 |
| Kimberly-Clark Corp. (a) | 96212 | 12508522 |
| Mission Produce, Inc. (a) \* | 158174 | 1970848 |
|  |  | **43427997** |
| **Financials - 12.3%** |  |  |
| Chubb Ltd. - ADR (a) | 8611 | 1958916 |
| Hartford Financial Services Group Inc. (a) | 9331 | 724179 |
| Northern Trust Corp. (a) | 75139 | 7286229 |
| Reinsurance Group of America, Inc. (a) | 18837 | 2858891 |
| Travelers Companies, Inc. (a) | 34539 | 6601094 |
|  |  | **19429309** |
| **Healthcare<sup>+</sup> - 28.2%** |  |  |
| Dentsply Sirona, Inc. (a) | 347481 | 12797725 |
| ICU Medical, Inc. (a) \* | 31767 | 6138337 |
| Medtronic PLC - ADR (a) | 57624 | 4822553 |
| Smith & Nephew - ADR (a) | 412810 | 11476118 |
| Universal Health Services, Inc. - Class B (a) | 45817 | 6790538 |
| Zimmer Biomet Holdings, Inc. (a) | 18684 | 2379220 |
|  |  | **44404491** |
| **Industrials - 14.1%** |  |  |
| 3M Co. (a) | 75717 | 8713512 |
| Aerojet Rocketdyne Holdings, Inc. (a) \* | 42154 | 2357252 |
| Knorr-Bremse AG - ADR (a) | 384186 | 6254548 |
| Mueller Water Products, Inc.- Class A (a) | 396849 | 5020140 |
|  |  | **22345452** |
| **Information Technology - 1.6%** |  |  |
| Amphenol Corp. - Class A (a) | 20304 | 1619650 |
| Applied Materials, Inc. (a) | 7901 | 880883 |
|  |  | **2500533** |
| **Materials - 1.8%** |  |  |
| AptarGroup, Inc. (a) | 24014 | **2776979** |
| **Real Estate - 4.6%** |  |  |
| Equity Commonwealth (a) | 68440 | 1746589 |
| Healthcare Realty Trust, Inc. (a) | 255654 | 5504231 |
|  |  | **7250820** |
| **Utilities - 2.1%** |  |  |
| SJW Group (a) | 16903 | 1308461 |
| United Utilities Group PLC - ADR (a) | 78002 | 2027272 |
|  |  | **3335733** |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp; **(Cost $133,031,479)** |  | **145471314** |
| **SHORT-TERM INVESTMENT - 9.5%** |  |  |
| First American Government Obligations Fund, Class X, 4.14% (a)^ |  |  |
| &nbsp;&nbsp;&nbsp; **(Cost $14,955,444)** | 14955444 | **14955444** |
| **Total Investments - 101.8%** |  |  |
| &nbsp;&nbsp;&nbsp; **(Cost $147,986,923)** |  | **160426758** |
| **Other Assets and Liabilities, Net - (1.8)%** |  | **(2898745)** |
| **Total Net Assets - 100.0%** |  | $**157528013** |

---

---

| | |
|:---|:---|
| # <br>| The Fund is significantly invested in this sector and therefore is subject to additional risks. Changes in domestic and international economies, interest rates, competition, consumer confidence, consumer <br> spending, government regulation, marketing, and supply and demand may affect companies in this sector. |
| (a) <br>| All or a portion of this security is designated as collateral for securities sold short. As of January 31, 2023, the value of the collateral was $160,426,758. |
| \* <br>| Non-income producing security |
| + <br>| The Fund is significantly invested in this sector and therefore is subject to additional risks. Companies in this sector are subject to litigation, intellectual property issues, competition, government regulation, <br> product approval or rejection, and product obsolescence. |
| ^ <br>| The rate shown is the annualized seven day effective yield as of January 31, 2023. |
| ADR <br>| American Depository Receipt |
| **Summary of Fair Value Exposure** | **Summary of Fair Value Exposure** |
| The Fund has 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: | The Fund has 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 Fund has the ability to access. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
| The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. | The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. |
| The following is a summary of the inputs used to value the Fund's securities as of January 31, 2023: | The following is a summary of the inputs used to value the Fund's securities as of January 31, 2023: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $145471314 | $- | $- | $145471314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment | 14955444 | - | - | 14955444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $160426758 | $- | $- | $160426758 |
| Refer to the Schedule of Investments for further information on the classification of investments. |  |  |  |  |

---

------

---

| | | |
|:---|:---|:---|
| **Nuance Concentrated Value Long-Short Fund** | | |
| **Schedule of Securities Sold Short** | | |
| **January 31, 2023 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Value** |
| **COMMON STOCKS - 89.5%** | | |
| **Consumer Discretionary - 16.8%** | | |
| AutoZone, Inc. \* | 2464 | 6009326 |
| D.R. Horton, Inc. | 14559 | 1436828 |
| Dollar General Corp. | 11640 | 2719104 |
| Home Depot, Inc. | 15645 | 5071640 |
| Lowe's Companies, Inc. | 5606 | 1167450 |
| McDonald's Corp. | 4770 | 1275498 |
| O'Reilly Automotive, Inc. \* | 7904 | 6262734 |
| TJX Companies, Inc. | 14768 | 1208908 |
| Yum Brands, Inc. | 10389 | 1355868 |
|  |  | **26507356** |
| **Consumer Staples - 8.8%** |  |  |
| Coca-Cola Co. | 46847 | 2872658 |
| Costco Wholesale Corp. | 5820 | 2974835 |
| General Mills, Inc. | 32676 | 2560491 |
| Mondelez International, Inc. - Class A | 42038 | 2750967 |
| PepsiCo, Inc. | 15750 | 2693565 |
|  |  | **13852516** |
| **Energy - 12.4%** |  |  |
| Canadian Natural Resources Ltd. | 52227 | 3208827 |
| Chevron Corp. | 17124 | 2979918 |
| ConocoPhillips | 23980 | 2922443 |
| Marathon Petroleum Corp. | 26639 | 3423644 |
| Phillips 66 | 11441 | 1147189 |
| Valero Energy Corp. | 41208 | 5770356 |
|  |  | **19452377** |
| **Financials - 8.1%** |  |  |
| Allstate Corp. | 9574 | 1229972 |
| American Express Co. | 6713 | 1174305 |
| Bank of America Corp. | 28916 | 1025940 |
| Marsh & McLennan Companies, Inc. | 19266 | 3369816 |
| Progressive Corp. | 43521 | 5934088 |
|  |  | **12734121** |
| **Healthcare - 1.7%** |  |  |
| HCA Healthcare, Inc. | 10740 | **2739452** |
| **Industrials - 32.3%** |  |  |
| Carrier Global Corp. | 24484 | 1114757 |
| Caterpillar, Inc. | 11268 | 2842804 |
| Cintas Corp. | 13562 | 6018002 |
| CSX Corp. | 83609 | 2585190 |
| Cummins, Inc. | 11406 | 2846253 |
| Deere & Co. | 14411 | 6093547 |
| Eaton Corporation PLC | 15304 | 2482462 |
| Emerson Electric Co. | 12752 | 1150485 |
| Ferguson PLC | 8917 | 1269246 |
| Illinois Tool Works, Inc. | 12510 | 2952860 |
| Norfolk Southern Corp. | 10627 | 2612223 |
| Otis Worldwide Corp. | 14112 | 1160430 |
| Parker-Hannifin Corp. | 3523 | 1148498 |
| Republic Services, Inc. | 40986 | 5115873 |
| Trane Technologies | 16712 | 2993453 |
| Union Pacific Corp. | 13901 | 2838445 |
| Waste Management, Inc. | 36927 | 5713715 |
|  |  | **50938243** |
| **Information Technology - 3.8%** |  |  |
| Automatic Data Processing, Inc. | 12666 | 2860109 |
| Paychex, Inc. | 26282 | 3045033 |
|  |  | **5905142** |
| **Materials - 2.4%** |  |  |
| Avery Dennison Corp. | 6660 | 1261670 |
| Sherwin-Williams Co. | 10540 | 2493659 |
|  |  | **3755329** |
| **Real Estate - 3.2%** |  |  |
| Prologis, Inc. | 20611 | 2664590 |
| Public Storage | 4190 | 1275185 |
| Weyerhaeuser Co. | 33100 | 1139633 |
|  |  | **5079408** |
| **Total Securities Sold Short** |  |  |
| &nbsp;&nbsp;&nbsp; **(Proceeds $130,775,507)** |  | $**140963944** |
| \* Non-income producing security |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** Nuance Concentrated Value Long-Short Fund

- **b. EDGAR series identifier (if any):** S000052217

- **c. LEI of Series:** 2549006GPOHXQG6X8782

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $298773940.27

**Total Liabilities:** $141268810.03

**Net Assets:** $157505130.24

**Cash Not Reported:** $137966777.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000164257 | 0.78%                | 2.29%                | 4.11%                |
| Class ID C000164258 | 0.88%                | 2.24%                | 4.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-955916.42              | $1708369.64                                |
| Month 2  | $81150.00                | $2800957.07                                |
| Month 3  | $-2449836.87             | $8257012.88                                |

**Designated Index Information**

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

- **Index Identifier:** SPTR

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cummins Inc                    | Cummins Inc                                | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Short            | EC               | CORP              | US        |    -11406 | NS      | $-2846253.24  | -1.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co            | Emerson Electric Co                        | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Short            | EC               | CORP              | US        |    -12752 | NS      | $-1150485.44  | -0.73%            |  |  |  | No            |                  1 | On Loan: No      |
| Equity Commonwealth            | Equity Commonwealth                        | CUSIP: 294628102<br>LEI: 549300YPGVU9PR4L0606 | Long             | EC               | CORP              | US        |     70850 | NS      | $1808092.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  14696092 | NS      | $14696091.97  | 9.33%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc              | General Mills Inc                          | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Short            | EC               | CORP              | US        |    -32676 | NS      | $-2560491.36  | -1.63%            |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Short            | EC               | CORP              | US        |    -10740 | NS      | $-2739451.80  | -1.74%            |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Gr | Hartford Financial Services Group Inc/The  | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      9331 | NS      | $724178.91    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc    | Healthcare Realty Trust Inc                | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |    255654 | NS      | $5504230.62   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Short            | EC               | CORP              | US        |    -15645 | NS      | $-5071639.65  | -3.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Aerojet Rocketdyne Holdings In | Aerojet Rocketdyne Holdings Inc            | CUSIP: 007800105<br>LEI: 549300VULNLWHE8QWI76 | Long             | EC               | CORP              | US        |     42154 | NS      | $2357251.68   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Short            | EC               | CORP              | US        |     -9574 | NS      | $-1229971.78  | -0.78%            |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co            | American Express Co                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Short            | EC               | CORP              | US        |     -6713 | NS      | $-1174305.09  | -0.75%            |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     20304 | NS      | $1619650.08   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      7901 | NS      | $880882.49    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                 | AptarGroup Inc                             | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     24014 | NS      | $2776978.96   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                  | Clorox Co/The                              | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |     67321 | NS      | $9740675.49   | 6.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                  | DR Horton Inc                              | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Short            | EC               | CORP              | US        |    -14559 | NS      | $-1436827.71  | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                     | Deere & Co                                 | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Short            | EC               | CORP              | US        |    -14411 | NS      | $-6093547.24  | -3.87%            |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc            | DENTSPLY SIRONA Inc                        | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |    347481 | NS      | $12797725.23  | 8.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp            | Dollar General Corp                        | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Short            | EC               | CORP              | US        |    -11640 | NS      | $-2719104.00  | -1.73%            |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co KGaA            | Henkel AG & Co KGaA                        | CUSIP: 42550U109<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |    822641 | NS      | $13664067.01  | 8.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                | ICU Medical Inc                            | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |     31767 | NS      | $6138337.41   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Knorr-Bremse AG                | Knorr-Bremse AG                            | CUSIP: 499180107<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |    384186 | NS      | $6254548.08   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Short            | EC               | CORP              | US        |    -12666 | NS      | $-2860109.46  | -1.82%            |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                   | AutoZone Inc                               | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Short            | EC               | CORP              | US        |     -2464 | NS      | $-6009326.40  | -3.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp            | Avery Dennison Corp                        | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Short            | EC               | CORP              | US        |     -6660 | NS      | $-1261670.40  | -0.80%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Short            | EC               | CORP              | US        |    -28916 | NS      | $-1025939.68  | -0.65%            |  |  |  | No            |                  1 | On Loan: No      |
| Beiersdorf AG                  | Beiersdorf AG                              | CUSIP: 07724U103<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |    195930 | NS      | $4755221.10   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                       | CSX Corp                                   | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Short            | EC               | CORP              | US        |    -83609 | NS      | $-2585190.28  | -1.64%            |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc            | Cal-Maine Foods Inc                        | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     13783 | NS      | $788663.26    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd | Canadian Natural Resources Ltd             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Short            | EC               | CORP              | CA        |    -52227 | NS      | $-3208826.88  | -2.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp            | Carrier Global Corp                        | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Short            | EC               | CORP              | US        |    -24484 | NS      | $-1114756.52  | -0.71%            |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                            | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Short            | EC               | CORP              | US        |    -11268 | NS      | $-2842803.72  | -1.80%            |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -17124 | NS      | $-2979918.48  | -1.89%            |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                                | CUSIP: 172908105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -13562 | NS      | $-6018001.88  | -3.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                           | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Short            | EC               | CORP              | US        |    -46847 | NS      | $-2872658.04  | -1.82%            |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Short            | EC               | CORP              | US        |    -23980 | NS      | $-2922442.60  | -1.86%            |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                      | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Short            | EC               | CORP              | US        |     -5820 | NS      | $-2974834.80  | -1.89%            |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc        | Illinois Tool Works Inc                    | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Short            | EC               | CORP              | US        |    -12510 | NS      | $-2952860.40  | -1.87%            |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp            | Kimberly-Clark Corp                        | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     96212 | NS      | $12508522.12  | 7.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos Inc                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Short            | EC               | CORP              | US        |     -5606 | NS      | $-1167449.50  | -0.74%            |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Short            | EC               | CORP              | US        |    -26639 | NS      | $-3423644.28  | -2.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Short            | EC               | CORP              | US        |    -19266 | NS      | $-3369816.06  | -2.14%            |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Short            | EC               | CORP              | US        |     -4770 | NS      | $-1275498.00  | -0.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Mission Produce Inc            | Mission Produce Inc                        | CUSIP: 60510V108<br>LEI: 54930016JOKVFT59L825 | Long             | EC               | CORP              | US        |    158174 | NS      | $1970848.04   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc     | Mondelez International Inc                 | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Short            | EC               | CORP              | US        |    -42038 | NS      | $-2750966.72  | -1.75%            |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc     | Mueller Water Products Inc                 | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    396849 | NS      | $5020139.85   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp          | Norfolk Southern Corp                      | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Short            | EC               | CORP              | US        |    -10627 | NS      | $-2612222.87  | -1.66%            |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp            | Northern Trust Corp                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     75139 | NS      | $7286228.83   | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc        | O'Reilly Automotive Inc                    | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Short            | EC               | CORP              | US        |     -7904 | NS      | $-6262734.40  | -3.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp                        | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Short            | EC               | CORP              | US        |    -14112 | NS      | $-1160429.76  | -0.74%            |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp                       | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Short            | EC               | CORP              | US        |     -3523 | NS      | $-1148498.00  | -0.73%            |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                    | Paychex Inc                                | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Short            | EC               | CORP              | US        |    -26282 | NS      | $-3045032.52  | -1.93%            |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Short            | EC               | CORP              | US        |    -15750 | NS      | $-2693565.00  | -1.71%            |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                    | Phillips 66                                | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Short            | EC               | CORP              | US        |    -11441 | NS      | $-1147189.07  | -0.73%            |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Short            | EC               | CORP              | US        |    -43521 | NS      | $-5934088.35  | -3.77%            |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                   | Prologis Inc                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Short            | EC               | CORP              | US        |    -20611 | NS      | $-2664590.08  | -1.69%            |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                 | Public Storage                             | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Short            | EC               | CORP              | US        |     -4190 | NS      | $-1275184.60  | -0.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I | Reinsurance Group of America Inc           | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |     18837 | NS      | $2858891.49   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc          | Republic Services Inc                      | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Short            | EC               | CORP              | US        |    -40986 | NS      | $-5115872.52  | -3.25%            |  |  |  | No            |                  1 | On Loan: No      |
| SJW Group                      | SJW Group                                  | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16903 | NS      | $1308461.23   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co/The                    | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Short            | EC               | CORP              | US        |    -10540 | NS      | $-2493658.60  | -1.58%            |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                         | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    412810 | NS      | $11476118.00  | 7.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                            | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Short            | EC               | CORP              | US        |    -14768 | NS      | $-1208908.48  | -0.77%            |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                          | 3M Co                                      | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     75717 | NS      | $8713512.36   | 5.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Cos Inc/The                      | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     34539 | NS      | $6601093.68   | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                         | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Short            | EC               | CORP              | US        |    -13901 | NS      | $-2838445.19  | -1.80%            |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC     | United Utilities Group PLC                 | CUSIP: 91311E102<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |     78002 | NS      | $2027271.98   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc  | Universal Health Services Inc              | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     45817 | NS      | $6790537.57   | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Short            | EC               | CORP              | US        |    -41208 | NS      | $-5770356.24  | -3.66%            |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                       | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Short            | EC               | CORP              | US        |    -36927 | NS      | $-5713714.71  | -3.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                | Weyerhaeuser Co                            | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Short            | EC               | CORP              | US        |    -33100 | NS      | $-1139633.00  | -0.72%            |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands Inc                            | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Short            | EC               | CORP              | US        |    -10389 | NS      | $-1355868.39  | -0.86%            |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc     | Zimmer Biomet Holdings Inc                 | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     18684 | NS      | $2379220.56   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                             | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Short            | EC               | CORP              | US        |    -15304 | NS      | $-2482461.84  | -1.58%            |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson PLC                   | Ferguson PLC                               | CUSIP: G3421J106<br>LEI: 213800DU1LGY3R2S2X42 | Short            | EC               | CORP              | GB        |     -8917 | NS      | $-1269245.78  | -0.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     57624 | NS      | $4822552.56   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Short            | EC               | CORP              | IE        |    -16712 | NS      | $-2993453.44  | -1.90%            |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                  | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      8611 | NS      | $1958916.39   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-22

**Name of Applicant:** Managed Portfolio Series

**Signature:** /s/ Benjamin Eirich

**Name of Signer:** Managed Portfolio Series

**Title:** Treasurer