# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0000894189-26-014307
**Filing Date:** 2026-5
**Character Count:** 18464
**Document Hash:** d6b5c89a5457265e675f51912be3175c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-014307.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0000894189-26-014307

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-172080
- **FILM NUMBER:** 26933664

**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

### Muhlenkamp Fund (Series ID: S000046566)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000145345 | Institutional Class Shares | MUHLX           |

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| |
|:---|
| ![muhlenkampa.jpg](muhlenkampa.jpg) |
| <br>**Muhlenkamp Fund**<br>***Summary Prospectus***<br>May 1, 2026<br>(Ticker Symbol: MUHLX) |

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Before you invest, you may want to review Muhlenkamp Fund's (the "Fund") prospectus, which contains more information about the Fund and its risks. The current Statutory Prospectus and Statement of Additional Information dated April 30, 2026, are incorporated by reference into this Summary Prospectus. You can find the Fund's Statutory Prospectus, Statement of Additional Information, reports to shareholders and other information about the Fund on its website at https://muhlenkamp.com/. You can also get this information at no cost by calling the Fund (toll-free) at 1-800-860-3863 or by sending an email request to fund@muhlenkamp.com.

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**Investment Objectives**

The Fund seeks to maximize total after-tax return to its shareholders through capital appreciation, and income from dividends and interest, consistent with reasonable risk.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | |
|:---|:---|
| **Shareholder Fees** <br>*(fees paid directly from your investment)* |  |
| **Annual Fund Operating Expenses** <br>*(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses** <br>*(expenses that you pay each year as a percentage of the value of your investment)* |
| Management Fees | 1.00% |
| Distribution and Service (Rule 12b-1) Fees | 0.00% |
| Other Expenses | 0.22% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.04% |
| Total Annual Fund Operating Expenses<sup>(1)</sup> | 1.26% |
| Less: Fee Waiver<sup>(2)</sup> | -0.02% |
| Total Annual Fund Operating Expenses After Fee Waiver <sup>(1)(2)</sup> | 1.24% |

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<sup>(1)</sup> The Total Annual Fund Operating Expenses for the Fund do not correlate to the ratio of operating expenses to average net assets in the "Financial Highlights" section of the Fund's Statutory Prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses ("AFFE").

<sup>(2)</sup> Muhlenkamp & Company, Inc. (the "Adviser") has contractually agreed to waive its management fees, and pay Fund expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding Rule 12b-1 fees, AFFE, leverage/borrowing interest, interest expense, taxes, brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses) do not exceed 1.20% of the Fund's average daily net assets. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the end of the month in which such fee waiver and/or expense payment was accrued, if so requested by the Adviser, if the aggregate amount actually paid by the Fund toward the operating expenses for such month (taking into account the reimbursement) does not exceed the applicable limitation on Fund expenses. Such reimbursement may not be paid prior to the Fund's payment of current ordinary operating expenses. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least April 30, 2027. Thereafter, the agreement may be terminated at any time upon 60 days' written notice by the Trust's Board of Trustees (the "Board") or the Adviser.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the expense limitation for one year). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| $126 | $398 | $690 | $1521 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16.00% of the average value of its portfolio.

**1**

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**Principal Investment Strategies**

The Fund principally invests in a diversified list of common stocks of companies of any capitalization, determined by the investment adviser to be highly profitable, yet undervalued. The Adviser looks for companies it believes to have above-average profitability, as measured by corporate return-on-equity, and that sell at below-average prices, as measured by price-to-earnings-ratios. To determine average profitability and average price, the Adviser uses data produced by various independent research organizations. In pursuing its investment objectives, the Fund may also invest in exchange-traded funds ("ETFs") and in securities of foreign issuers, including American Depositary Receipts ("ADRs"). The Fund may purchase investment grade fixed income or debt securities, of any maturity or duration, from time to time as substitutes for stocks when the Adviser determines that market conditions warrant their purchase. The Fund intends to invest for the long-term, but may sell stocks and other securities regardless of how long they have been held.

At the Adviser's discretion, the Fund may invest up to 100% of its assets in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments (i) to retain flexibility in meeting redemptions, paying expenses, and identifying and assessing investment opportunities, and (ii) for temporary defensive purposes in response to adverse market, economic or political conditions. Such investments may result in the Fund not achieving its investment objectives.

**Principal Risks**

As with any mutual fund, there are risks to investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other governmental agency. Remember, in addition to possibly not achieving your investment goals, **you could lose all or a portion of your investment in the Fund over short or even long periods of time**. The principal risks of investing in the Fund are:

*General Market Risk.* The Fund's net asset value ("NAV") and investment return will fluctuate based upon changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time.

*Management Risk.* The Fund may not meet its investment objectives or may underperform mutual funds with similar strategies if the Adviser cannot successfully implement the Fund's investment strategies.

*Equity Securities Risk.* The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests.

*Large-Cap, Mid-Cap and Small-Cap Companies Risk.* The Fund's investment in larger companies is subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Securities of mid-cap and small-cap companies may be more volatile and less liquid than the securities of large-cap companies.

*Value-Style Investing Risk*. The Fund's value investments are subject to the risk that their intrinsic values may not be recognized by the broad market or that their prices may decline.

*ETF Risk*. The market price of an ETF will fluctuate based on changes in the ETF's net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market of an ETF's shares may not develop and market trading in the shares of the ETF may be halted under certain circumstances. The lack of liquidity in a particular ETF could result in it being more volatile than the ETF's underlying portfolio of securities. In addition, the Fund will bear its pro rata portion of an ETF's expenses and the Fund's expenses may therefore be higher than if it invested directly in securities.

**2**

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*Foreign Securities Risk.* Investments in securities of foreign issuers involve risks not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks relating to political, social and economic developments abroad; differences between U.S. and foreign regulatory and accounting requirements; tax risks and market practices; as well as fluctuations in foreign currencies. There may be less information publicly available about foreign companies than about a U.S. company, and many foreign companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the U.S. Unexpected political, regulatory and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact global financial markets and the broader economy. Foreign conflicts have caused, and could continue to cause, significant market disruptions and volatility within specific markets and globally.

*ADR Risk.* ADRs are generally subject to the same risks as foreign securities because their values depend on the performance of the underlying foreign securities. ADRs may be purchased through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored facility without participation by the issuer of the depositary security. Holders of unsponsored ADRs generally bear all the costs of such depositary receipts, and the issuers of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the company that issues the underlying foreign securities or to pass through voting rights to the holders of the ADRs. As a result, there may not be a correlation between such information and the market values of unsponsored ADRs.

*Currency Risk.* When the Fund buys or sells securities on a foreign stock exchange, the transaction is undertaken in the local currency rather than in U.S. dollars, which carries the risk that the value of the foreign currency will increase or decrease, which may impact the value of the Fund's portfolio holdings and your investment. Foreign countries may adopt economic policies and/or currency exchange controls that affect its currency valuations in a disadvantageous manner for U.S. investors and companies and restrict or prohibit the Fund's ability to repatriate both investment capital and income, which could place the Fund's assets in such country at risk of total loss.

*Debt Securities Risk.* The Fund's investments in debt securities will be subject to credit risk, interest rate risk, prepayment risk, and duration risk. Credit risk is the risk that an issuer will not make timely payments of principal and interest. Interest rate risk is the risk that the value of debt securities fluctuates with changes in interest rates (*e.g.*, increases in interest rates result in a decrease in value of debt securities). The Fund will be exposed to heightened interest rate risk should interest rates rise. Pre-payment risk is the risk that the principal on debt securities will be paid off prior to maturity causing the Fund to invest in debt securities with lower interest rates. Duration risk is the risk that holding long duration and long maturity investments will magnify certain other risks, including interest rate risk and credit risk

**Performance**

The accompanying bar chart and performance table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year-to-year and by showing how the Fund's average annual returns for certain periods compare with those of the Fund's benchmark index, which serves as a broad measure of equity market performance, and a supplemental index that tracks the prices of consumer goods. Following the bar chart is the Fund's highest and lowest return for a quarter during the period shown in the bar chart. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at https://muhlenkamp.com/.

**3**

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**Calendar Year Total Returns as of December 31**

![chart-00e96e290ca44ed4958a.jpg](chart-00e96e290ca44ed4958a.jpg)

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| | | | |
|:---|:---|:---|:---|
| Best Quarter | Best Quarter | Worst Quarter | Worst Quarter |
| Q2 2020 | 22.86% | Q1 2020 | -27.04% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the periods ended December 31, 2025**<sup>(1)</sup> | **Average Annual Total Returns for the periods ended December 31, 2025**<sup>(1)</sup> | **Average Annual Total Returns for the periods ended December 31, 2025**<sup>(1)</sup> | **Average Annual Total Returns for the periods ended December 31, 2025**<sup>(1)</sup> | **Average Annual Total Returns for the periods ended December 31, 2025**<sup>(1)</sup> |
| | **One Year** | **Five Years** | **Ten Years** | **Since Inception**<br>**(11/01/1988)** |
| Return Before Taxes | 17.82% | 14.60% | 9.63% | 9.35% |
| Return After Taxes on Distributions | 16.93% | 13.21% | 8.25% | 8.51% |
| Return After Taxes on Distributions and Sale of Fund Shares | 11.21% | 11.48% | 7.47% | 8.16% |
| S&P 500® Total Return Index (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 11.27% |
| Consumer Price Index - CPI<br>(reflects no deduction for fees, expenses or taxes) | 2.68% | 4.46% | 3.20% | 2.70% |

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<sup>(1)</sup> The Muhlenkamp Fund, a series of Wexford Trust (the "Predecessor Fund"), transferred into the Fund in a tax-free reorganization on September 5, 2014. Performance information shown includes the performance of the Predecessor Fund for periods prior to September 5, 2014.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts ("IRAs").

**4**

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**Management**

*Investment Adviser* 

Muhlenkamp & Company, Inc. is the Fund's investment adviser.

*Portfolio Manager*

Jeffrey P. Muhlenkamp has served as lead portfolio manager of the Fund since February 2019, and as the Fund's co-manager from 2013 to 2019, through the Predecessor Fund.

**Purchase and Sale of Shares** 

You may purchase and redeem Fund shares on any day that the New York Stock Exchange ("NYSE") is open for business by written request via mail (Muhlenkamp Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252), by wire transfer, by using the Fund online account access at https://muhlenkamp.com/, by telephone at 800-860-3863, or through a financial intermediary. The minimum initial investment amount is $1,500 or $200 for those accounts participating in the Fund's Automatic Investment Plan. Subsequent purchases may be made with a minimum investment amount of $50.

**Tax Information** 

The Fund's distributions are generally taxable, and will be taxed as ordinary income or capital gains, unless you are a tax-exempt organization or are investing through a tax-advantaged arrangement such as a 401(k) plan or IRA. Distributions on investments made through tax-advantaged arrangements may be taxed as ordinary income when withdrawn from those accounts.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Fund and/or its Adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**5**