# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0000894189-26-004505
**Filing Date:** 2026-2
**Character Count:** 20395
**Document Hash:** 021419039db9e169644556b9f4850ea3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-004505.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0000894189-26-004505

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 26671400

**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

### Leuthold Core ETF (Series ID: S000083373)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000246976 | Leuthold Core ETF | LCR             |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Leuthold Core ETF** | **Leuthold Core ETF** | **Leuthold Core ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 91.7%** | **Shares** | **Value**  |
| Direxion Daily S&P 500 Bear 1x Shares | 353796 | $3336296 |
| Invesco Building & Construction ETF | 8847 | 819144 |
| Invesco CurrencyShares Euro Currency Trust | 8137 | 882498 |
| Invesco CurrencyShares Japanese Yen Trust <sup>(a)</sup> | 5060 | 296870 |
| Invesco KBW Bank ETF | 7901 | 665975 |
| Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 60926 | 3474610 |
| iShares 1-3 Year Treasury Bond ETF | 128925 | 10677568 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 19692 | 1061005 |
| iShares 7-10 Year Treasury Bond ETF | 11377 | 1094012 |
| iShares Biotechnology ETF | 16778 | 2831623 |
| iShares International Treasury Bond ETF | 14736 | 613902 |
| iShares MBS ETF | 10149 | 966388 |
| iShares MSCI Global Metals & Mining Producers ETF | 16837 | 864412 |
| iShares U.S. Healthcare Providers ETF | 53351 | 2557754 |
| iShares U.S. Insurance ETF | 6288 | 856111 |
| iShares U.S. Transportation ETF | 16645 | 1240219 |
| SPDR Bloomberg International Corporate Bond ETF | 21142 | 678870 |
| SPDR Bloomberg International Treasury Bond ETF | 72200 | 1626666 |
| State Street Communication Services Select Sector SPDR ETF | 25980 | 3058366 |
| State Street Financial Select Sector SPDR ETF | 134517 | 7367496 |
| State Street Health Care Select Sector SPDR ETF | 18657 | 2888104 |
| State Street Industrial Select Sector SPDR ETF | 5800 | 899696 |
| State Street SPDR S&P Capital Markets ETF | 3788 | 567932 |
| State Street SPDR S&P Retail ETF | 9498 | 810084 |
| State Street Technology Select Sector SPDR ETF | 62110 | 8941977 |
| VanEck Gold Miners ETF/USA | 28954 | 2483384 |
| VanEck Oil Services ETF | 2130 | 606560 |
| VanEck Pharmaceutical ETF | 8108 | 836502 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 14263 | 705448 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $55,273,638) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $55,273,638) | 63709472 |
| **TOTAL INVESTMENTS - 91.7% (**Cost $55,273,638**)** | **TOTAL INVESTMENTS - 91.7% (**Cost $55,273,638**)** | 63709472 |
| Money Market Deposit Account - 8.4% <sup>(b)</sup> | Money Market Deposit Account - 8.4% <sup>(b)</sup> | 5831626 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (77389) |
| **TOTAL NET ASSETS - 100.0%** |  | $69463709 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

(a) Non-income producing security.

(b) 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 3.45%.

------

#### Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
Leuthold Core ETF (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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $63709472 | $– | $– | $63709472 |
| Total Investments | $63709472 | $– | $– | $63709472 |
| 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. |

---

## 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:** Leuthold Core ETF

- **b. EDGAR series identifier (if any):** S000083373

- **c. LEI of Series:** 5299009E1CVBO7WGV813

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $69563138.18

**Total Liabilities:** $99429.04

**Net Assets:** $69463709.14

**Cash Not Reported:** $3649.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246976 | 0.03%                | 0.79%                | 0.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $460942.89               | $-481007.60                                |
| Month 2  | $1048216.87              | $-532222.95                                |
| Month 3  | $789243.97               | $-460515.22                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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 Bloomberg International C | SPDR Bloomberg International Corporate Bond ETF            | CUSIP: 78464A151<br>LEI: 549300V3SXQ5D61UEN24 | Long             | EC               | RF                | US        |     21142 | NS      | $678869.62    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Health Care Selec | State Street Health Care Select Sector SPDR ETF            | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Long             | EC               | RF                | US        |     18657 | NS      | $2888103.60   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Inflation- | Vanguard Short-Term Inflation-Protected Securities ETF     | CUSIP: 922020805<br>LEI: N/A                  | Long             | EC               | RF                | US        |     14263 | NS      | $705447.98    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Communication Ser | State Street Communication Services Select Sector SPDR ETF | CUSIP: 81369Y852<br>LEI: 549300RPODKQJE2HDW24 | Long             | EC               | RF                | US        |     25980 | NS      | $3058365.60   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Gold Miners ETF/USA     | VanEck Gold Miners ETF/USA                                 | CUSIP: 92189F106<br>LEI: 54930031TORTKAM9TJ98 | Long             | EC               | RF                | US        |     28954 | NS      | $2483384.58   | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 5-10 Year Investment G | iShares 5-10 Year Investment Grade Corporate Bond ETF      | CUSIP: 464288638<br>LEI: 549300ZJOCMXQZ0RKQ84 | Long             | EC               | RF                | US        |     19692 | NS      | $1061004.96   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Healthcare Provid | iShares U.S. Healthcare Providers ETF                      | CUSIP: 464288828<br>LEI: 5493000J69Q6KCUCL849 | Long             | EC               | RF                | US        |     53351 | NS      | $2557753.64   | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR S&P Capital  | State Street SPDR S&P Capital Markets ETF                  | CUSIP: 78464A771<br>LEI: 549300BBJPWNKDPREW36 | Long             | EC               | RF                | US        |      3788 | NS      | $567931.81    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR S&P Retail E | State Street SPDR S&P Retail ETF                           | CUSIP: 78464A714<br>LEI: 549300HHG63HQV071458 | Long             | EC               | RF                | US        |      9498 | NS      | $810084.42    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Daily S&P 500 Bear 1x | Direxion Daily S&P 500 Bear 1x Shares                      | CUSIP: 25460E869<br>LEI: 549300T7XOX6HMMC6T83 | Long             | EC               | RF                | US        |    353796 | NS      | $3336296.28   | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco KBW Bank ETF           | Invesco KBW Bank ETF                                       | CUSIP: 46138E628<br>LEI: 5493006QRDPX6RZ3LB17 | Long             | EC               | RF                | US        |      7901 | NS      | $665975.29    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco CurrencyShares Euro Cu | Invesco CurrencyShares Euro Currency Trust                 | CUSIP: 46138K103<br>LEI: N/A                  | Long             | EC               | RF                | US        |      8137 | NS      | $882498.34    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Global Metals & M | iShares MSCI Global Metals & Mining Producers ETF          | CUSIP: 46434G848<br>LEI: 549300P22YCPXTDJWG70 | Long             | EC               | RF                | US        |     16837 | NS      | $864411.58    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Building & Constructio | Invesco Building & Construction ETF                        | CUSIP: 46137V779<br>LEI: 5493006O477QJUWKP203 | Long             | EC               | RF                | US        |      8847 | NS      | $819143.73    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Biotechnology ETF      | iShares Biotechnology ETF                                  | CUSIP: 464287556<br>LEI: 549300S7IVD88MPK0066 | Long             | EC               | RF                | US        |     16778 | NS      | $2831623.06   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares International Treasury | iShares International Treasury Bond ETF                    | CUSIP: 464288117<br>LEI: 549300B2GPMXZXJU1462 | Long             | EC               | RF                | US        |     14736 | NS      | $613901.76    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Insurance ETF     | iShares U.S. Insurance ETF                                 | CUSIP: 464288786<br>LEI: 549300DCQ1HNSMVDSM98 | Long             | EC               | RF                | US        |      6288 | NS      | $856111.20    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg International T | SPDR Bloomberg International Treasury Bond ETF             | CUSIP: 78464A516<br>LEI: 549300XTV2KNHC0UDP69 | Long             | EC               | RF                | US        |     72200 | NS      | $1626666.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Industrial Select | State Street Industrial Select Sector SPDR ETF             | CUSIP: 81369Y704<br>LEI: 549300HQI51T8KP6U325 | Long             | EC               | RF                | US        |      5800 | NS      | $899696.00    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Transportation ET | iShares U.S. Transportation ETF                            | CUSIP: 464287192<br>LEI: 54930060GGS23N7A3X92 | Long             | EC               | RF                | US        |     16645 | NS      | $1240218.95   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MBS ETF                | iShares MBS ETF                                            | CUSIP: 464288588<br>LEI: 549300M0TH0IE2E6RP07 | Long             | EC               | RF                | US        |     10149 | NS      | $966387.78    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Financial Select  | State Street Financial Select Sector SPDR ETF              | CUSIP: 81369Y605<br>LEI: 549300Y12KQ6ZG08NY28 | Long             | EC               | RF                | US        |    134517 | NS      | $7367496.09   | 10.61%            |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBGFS 9        | US BANK MMDA - USBGFS 9                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   5831626 | NS      | $5831626.34   | 8.40%             | 2037-09-01      | Variable      | 4.54%                 | No            |                  1 | On Loan: No      |
| VanEck Pharmaceutical ETF      | VanEck Pharmaceutical ETF                                  | CUSIP: 92189F692<br>LEI: 5493008SDOYUHMC8LF44 | Long             | EC               | RF                | US        |      8108 | NS      | $836502.36    | 1.20%             |  |  |  | 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        |     11377 | NS      | $1094012.32   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Technology Select | State Street Technology Select Sector SPDR ETF             | CUSIP: 81369Y803<br>LEI: 549300BR5T0JNM2MW070 | Long             | EC               | RF                | US        |     62110 | NS      | $8941976.70   | 12.87%            |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Oil Services ETF        | VanEck Oil Services ETF                                    | CUSIP: 92189H607<br>LEI: 549300WSDUDKDJCJOV22 | Long             | EC               | RF                | US        |      2130 | NS      | $606560.10    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco S&P 500 Equal Weight C | Invesco S&P 500 Equal Weight Consumer Discretionary ETF    | CUSIP: 46137V381<br>LEI: 549300MDN128WDAE3D15 | Long             | EC               | RF                | US        |     60926 | NS      | $3474609.78   | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco CurrencyShares Japanes | Invesco CurrencyShares Japanese Yen Trust                  | CUSIP: 46138W107<br>LEI: 5493003KFLKC801EII42 | Long             | EC               | RF                | US        |      5060 | NS      | $296870.20    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 1-3 Year Treasury Bond | iShares 1-3 Year Treasury Bond ETF                         | CUSIP: 464287457<br>LEI: 549300W0WX9TL4G6HM56 | Long             | EC               | RF                | US        |    128925 | NS      | $10677568.50  | 15.37%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

**Name of Applicant:** Managed Portfolio Series

**Signature:** /s/ Benjamin Eirich

**Name of Signer:** Managed Portfolio Series

**Title:** Treasurer