# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0000894189-26-011810
**Filing Date:** 2026-4
**Character Count:** 20844
**Document Hash:** 73f82a99af768805b8207fa513d2f3e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-011810.hdr.sgml**: 20260402

**ACCESSION NUMBER**: 0000894189-26-011810

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20260402

**DATE AS OF CHANGE**: 20260402

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 26831698

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

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

## Series and Classes Contracts Data

### Kensington Defender Fund (Series ID: S000080512)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242963 | Institutional Class | DFNDX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Kensington Defender Fund** | **Kensington Defender Fund** | **Kensington Defender Fund** | **Kensington Defender Fund** |
| (Consolidated) Schedule of Investments | (Consolidated) Schedule of Investments | (Consolidated) Schedule of Investments | (Consolidated) Schedule of Investments |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 76.9%** | **EXCHANGE TRADED FUNDS - 76.9%** | **Shares** | **Value**  |
| abrdn Physical Gold Shares ETF <sup>(c)(i)</sup> | abrdn Physical Gold Shares ETF <sup>(c)(i)</sup> | 170684 | $6282878 |
| Franklin FTSE Japan ETF <sup>(a)</sup> | Franklin FTSE Japan ETF <sup>(a)</sup> | 166439 | 5752132 |
| Invesco QQQ Trust Series 1 | Invesco QQQ Trust Series 1 | 9857 | 5917847 |
| iShares 7-10 Year Treasury Bond ETF <sup>(a)</sup> | iShares 7-10 Year Treasury Bond ETF <sup>(a)</sup> | 83454 | 8049973 |
| SPDR Portfolio Emerging Markets ETF <sup>(a)</sup> | SPDR Portfolio Emerging Markets ETF <sup>(a)</sup> | 126629 | 5927503 |
| Vanguard FTSE Europe ETF <sup>(a)</sup> | Vanguard FTSE Europe ETF <sup>(a)</sup> | 71622 | 5715435 |
| Vanguard S&P 500 ETF <sup>(a)</sup> | Vanguard S&P 500 ETF <sup>(a)</sup> | 36539 | 22375753 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $53,428,369) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $53,428,369) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $53,428,369) | 60021521 |
| **PRIVATE FUND - 7.4%** | **PRIVATE FUND - 7.4%** | **Shares** | **Value**  |
| Galaxy Plus Fund SPC – Cane Kensington Opportunity Offshore Feeder Fund (546) Segregated Portfolio <sup>(c)(i)(j)</sup> | Galaxy Plus Fund SPC – Cane Kensington Opportunity Offshore Feeder Fund (546) Segregated Portfolio <sup>(c)(i)(j)</sup> | 6033 | 5754135 |
| **TOTAL PRIVATE FUND** (Cost $6,034,267) | **TOTAL PRIVATE FUND** (Cost $6,034,267) | **TOTAL PRIVATE FUND** (Cost $6,034,267) | 5754135 |
| **PURCHASED OPTIONS - 0.8%<sup>(c)</sup>** | **Notional Amount** | **Contracts** | **Value**  |
| **Put Options - 0.8%** | **Put Options - 0.8%** |  | $**–** |
| S&P 500 Index <sup>(d)(e)(f)</sup> | S&P 500 Index <sup>(d)(e)(f)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/14/2025; Exercise Price: $6,550.00 | $37335000 | 57 | 133665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/15/2025; Exercise Price: $6,550.00 | 38645000 | 59 | 160185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $6,000.00 | 6000000 | 10 | 44600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 03/20/2026; Exercise Price: $6,000.00 | 6000000 | 10 | 104050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 06/18/2026; Exercise Price: $6,000.00 | 6000000 | 10 | 153450 |
| **TOTAL PURCHASED OPTIONS** (Cost $1,148,874) | **TOTAL PURCHASED OPTIONS** (Cost $1,148,874) | **TOTAL PURCHASED OPTIONS** (Cost $1,148,874) | 595950 |
| **SHORT-TERM INVESTMENTS - 13.0%** | **SHORT-TERM INVESTMENTS - 13.0%** | **Units** | **Value**  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 13.0%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 13.0%** |  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.27% <sup>(g)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.27% <sup>(g)</sup> | 10153068 | 10153068 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $10,153,068) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $10,153,068) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $10,153,068) | 10153068 |
| **TOTAL INVESTMENTS - 98.1% (**Cost $70,764,578**)** | **TOTAL INVESTMENTS - 98.1% (**Cost $70,764,578**)** | **TOTAL INVESTMENTS - 98.1% (**Cost $70,764,578**)** | 76524674 |
| Money Market Deposit Account - 14.5% <sup>(h)</sup> | Money Market Deposit Account - 14.5% <sup>(h)</sup> | Money Market Deposit Account - 14.5% <sup>(h)</sup> | 11341435 |
| Liabilities in Excess of Other Assets - (12.6)% | Liabilities in Excess of Other Assets - (12.6)% | Liabilities in Excess of Other Assets - (12.6)% | (9821920) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $78044189 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

LLC - Limited Liability Company<br>

(a) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $9,920,558.

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

(c) Non-income producing security.

(d) Exchange-traded.

(e) 100 shares per contract.

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

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

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

(i) Security is held via the Kensington Defender Offshore Fund.

(j) Galaxy Plus Fund SPC - Cane Kensington Opportunity Offshore Feeder Fund (546) Segregated Portfolio's ("Galaxy") investment objective is to generate diversified investment returns that are uncorrelated with the equity and debt markets by committing its assets to the investment discretion of a select group of
 experienced sub-managers that pursue various alternative investment strategies. Specifically, Galaxy accesses the sub-manager through an affiliated platform called Galaxy Plus Fund SPC (the "Platform"), which is a series fund for which each
 series invests in a separate master fund that is managed by a different sub-manager. The Platform identifies submanagers that, in its judgment, are capable of generating attractive investment returns whose correlation to the U.S. equity and
 fixed income markets is minimal. In implementing their strategies, the sub-managers selected by the platforms will have the discretion to invest and trade in a broad variety of securities and other financial instruments (including
 derivatives). Galaxy has no unfunded commitments or redemption lock-up period, as the investment offers generally daily redemptions. However, the managers of Galaxy may temporarily suspend redemptions in certain limited circumstances.

---

| | | | |
|:---|:---|:---|:---|
| **Kensington Defender Fund** | **Kensington Defender Fund** | **Kensington Defender Fund** | **Kensington Defender Fund** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (0.7)%** | **Notional Amount** | **Contracts** | **Value** |
| **Put Options - (0.7)%** | **Put Options - (0.7)%** | **Put Options - (0.7)%** | **Put Options - (0.7)%** |
| S&P 500 Index <sup>(a)(b)(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/14/2025; Exercise Price: $6,640.00 | $(37848000) | (57) | $(237120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/15/2025; Exercise Price: $6,640.00 | (39176000) | (59) | (272580) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $1,033,768) |  |  | $(509700) |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |

---

(a) Exchange-traded.

(b) 100 shares per contract.

(c) Held in connection with purchased options contracts. See (Consolidated) Schedule of Investments for further information.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Kensington Defender Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $60021521 | $– | $– | $60021521 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Private Fund | – | 5754135 | – | 5754135 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 595950 | – | 595950 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 10153068 |
| Total Investments | $60021521 | $6350085 | $– | $76524674 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(509700) | $– | $(509700) |
| Total Investments | $– | $(509700) | $– | $(509700) |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $10,153,068 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** Kensington Defender Fund

- **b. EDGAR series identifier (if any):** S000080512

- **c. LEI of Series:** 54930009W2YASRZWZF07

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $88914209.27

**Total Liabilities:** $10809295.20

**Net Assets:** $78104914.07

**Amount of Assets Invested in Other Investment Companies:** $13174510.33

**Cash Not Reported:** $886780.59

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000242963 | 0.63%                | 1.70%                | 3.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13661.20                | $39307.05                                  |
| Month 2  | $1053064.77              | $329623.64                                 |
| Month 3  | $0.00                    | $2343269.93                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SPDR Portfolio Emerging Market            | SPDR Portfolio Emerging Markets ETF       | CUSIP: 78463X509<br>LEI: 5493005Z5SCOTBZOLJ04 | Long             | EC               | RF                | US        |    126629 | NS      | $5927503.49   | 7.59%             |  |  |  | No            |                  1 | On Loan: —       |
| US BANK MMDA - USBGFS 9                   | US BANK MMDA - USBGFS 9                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  11363795 | NS      | $11363795.45  | 14.55%            | 2037-09-01      | Variable      | 4.54%                 | No            |                  1 | On Loan: No      |
| Vanguard FTSE Europe ETF                  | Vanguard FTSE Europe ETF                  | CUSIP: 922042874<br>LEI: N/A                  | Long             | EC               | RF                | US        |     71622 | NS      | $5715435.60   | 7.32%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                       | SPXW US 10/15/25 P6640                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -59 | NC      | $-272580.00   | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| abrdn Physical Gold Shares ETF            | abrdn Physical Gold Shares ETF            | CUSIP: 00326A104<br>LEI: 549300DWUGC6Q38L2L08 | Long             | EC               | RF                | US        |    170684 | NS      | $6282878.04   | 8.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin FTSE Japan ETF                   | Franklin FTSE Japan ETF                   | CUSIP: 35473P744<br>LEI: 549300V7MZYC1Z30JS82 | Long             | EC               | RF                | US        |    166439 | NS      | $5752131.84   | 7.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Invesco QQQ Trust Series 1                | Invesco QQQ Trust Series 1                | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Long             | EC               | RF                | US        |      9857 | NS      | $5917847.09   | 7.58%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 7-10 Year Treasury Bon            | iShares 7-10 Year Treasury Bond ETF       | CUSIP: 464287440<br>LEI: 549300XS1PPZG92M8L16 | Long             | EC               | RF                | US        |     83454 | NS      | $8049972.84   | 10.31%            |  |  |  | No            |                  1 | On Loan: —       |
| Vanguard S&P 500 ETF                      | Vanguard S&P 500 ETF                      | CUSIP: 922908363<br>LEI: N/A                  | Long             | EC               | RF                | US        |     36539 | NS      | $22375752.82  | 28.65%            |  |  |  | No            |                  1 | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  10153068 | NS      | $10153067.50  | 13.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Plus Fund Cane                     | Galaxy Plus Fund Cane                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      6033 | NS      | $5754135.08   | 7.37%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                       | SPX US 12/19/25 P6000                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        10 | NC      | $44600.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                       | SPX US 03/20/26 P6000                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        10 | NC      | $104050.00    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                       | SPX US 06/18/26 P6000                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        10 | NC      | $153450.00    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                       | SPXW US 10/14/25 P6550                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        57 | NC      | $133665.00    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                       | SPXW US 10/14/25 P6640                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -57 | NC      | $-237120.00   | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                       | SPXW US 10/15/25 P6550                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        59 | NC      | $160185.00    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-02

**Name of Applicant:** Managed Portfolio Series

**Signature:** /s/ Brian Wiedmeyer

**Name of Signer:** Managed Portfolio Series

**Title:** President