# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001193125-26-244965
**Filing Date:** 2026-5
**Character Count:** 18825
**Document Hash:** c5a021583ece1c26935065c91e12a701
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-244965.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001193125-26-244965

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261034367

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Muhlenkamp Fund** | **Muhlenkamp Fund** | **Muhlenkamp Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 81.4%** | **Shares**  | **Value**  |
| **Capital Markets - 3.1%** | **Capital Markets - 3.1%** | |
| BGC Group, Inc. - Class A | 840161 | $8216775 |
| **Chemicals - 6.2%** | **Chemicals - 6.2%** |  |
| Celanese Corporation - Series A | 121740 | 8006840 |
| LyondellBasell Industries NV - Class A | 108327 | 8726823 |
|  |  | 16733663 |
| **Construction & Engineering - 3.0%** | **Construction & Engineering - 3.0%** |  |
| MasTec, Inc. <sup>(a)</sup> | 24842 | 7992665 |
| **Energy Equipment & Services - 3.9%** | **Energy Equipment & Services - 3.9%** |  |
| SLB Ltd. | 202576 | 10410381 |
| **Financial Services - 7.5%** | **Financial Services - 7.5%** |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 25199 | 12075361 |
| NMI Holdings, Inc. - Class A <sup>(a)</sup> | 214257 | 8036780 |
|  |  | 20112141 |
| **Health Care Providers & Services - 5.3%** | **Health Care Providers & Services - 5.3%** |  |
| McKesson Corp. | 16357 | 14154693 |
| **Household Durables - 1.9%** | **Household Durables - 1.9%** |  |
| Taylor Morrison Home Corp. <sup>(a)</sup> | 90265 | 5257034 |
| **Interactive Media & Services - 2.1%** | **Interactive Media & Services - 2.1%** |  |
| Tencent Holdings Ltd. - ADR | 91350 | 5775147 |
| **Life Sciences Tools & Services - 1.8%** | **Life Sciences Tools & Services - 1.8%** |  |
| ICON PLC <sup>(a)</sup> | 43680 | 4833629 |
| **Machinery - 3.5%** | **Machinery - 3.5%** |  |
| Wabtec Corp. | 37430 | 9354131 |
| **Metals & Mining - 19.7%** | **Metals & Mining - 19.7%** |  |
| Agnico Eagle Mines Ltd. | 81320 | 16506333 |
| Equinox Gold Corp. | 301400 | 4358244 |
| Newmont Corp. | 149100 | 16140075 |
| Royal Gold, Inc. | 61614 | 15680147 |
|  |  | 52684799 |
| **Oil, Gas & Consumable Fuels - 5.8%** | **Oil, Gas & Consumable Fuels - 5.8%** |  |
| EQT Corp. | 243022 | 15465920 |
| **Semiconductors & Semiconductor Equipment - 2.9%** | **Semiconductors & Semiconductor Equipment - 2.9%** |  |
| Microchip Technology, Inc. | 119059 | 7692402 |
| **Software - 2.8%** | **Software - 2.8%** |  |
| Microsoft Corp. | 20097 | 7439306 |
| **Technology Hardware, Storage & Peripherals - 3.4%** | **Technology Hardware, Storage & Peripherals - 3.4%** |  |
| Apple, Inc. | 35700 | 9060303 |
| **Trading Companies & Distributors - 8.5%** | **Trading Companies & Distributors - 8.5%** |  |
| Rush Enterprises, Inc. - Class A | 239029 | 15802207 |
| United Rentals, Inc. | 9500 | 6921320 |
|  |  | 22723527 |
| **TOTAL COMMON STOCKS** (Cost $91,938,577) | **TOTAL COMMON STOCKS** (Cost $91,938,577) | 217906516 |
| **EXCHANGE TRADED FUNDS - 5.7%** | **Shares**  | **Value**  |
| Alerian MLP ETF | 148559 | 7820146 |
| Freedom 100 Emerging Markets ETF | 136900 | 7481585 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $12,004,281) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $12,004,281) | 15301731 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 11.9%** | **Shares**  | **Value**  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(b)</sup> | 31979044 | 31979044 |
| **TOTAL MONEY MARKET FUNDS** (Cost $31,979,044) | **TOTAL MONEY MARKET FUNDS** (Cost $31,979,044) | 31979044 |
| **TOTAL INVESTMENTS - 99.0% (**Cost $135,921,902**)** | **TOTAL INVESTMENTS - 99.0% (**Cost $135,921,902**)** | 265187291 |
| Other Assets in Excess of Liabilities - 1.0% | Other Assets in Excess of Liabilities - 1.0% | 2720951 |
| **TOTAL NET ASSETS - 100.0%** |  | $267908242 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| ADR - American Depositary Receipt<br> NV - Naamloze Vennootschap |
| PLC - Public Limited Company<br>|
| 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 rate shown represents the 7-day annualized yield as of March 31, 2026.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Muhlenkamp (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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $217906516 | $– | $– | $217906516 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 15301731 | – | – | 15301731 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 31979044 | – | – | 31979044 |
| Total Investments | $265187291 | $– | $– | $265187291 |
| 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:** Muhlenkamp Fund

- **b. EDGAR series identifier (if any):** S000046566

- **c. LEI of Series:** 549300XTEE75IP3IO553

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $268213875.63

**Total Liabilities:** $369794.14

**Net Assets:** $267844081.49

**Cash Not Reported:** $11705520.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000145345 | 6.45%                | 8.44%                | -5.48%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6442370.65              | $9844633.38                                |
| Month 2  | $1641024.98              | $20166581.47                               |
| Month 3  | $11711838.00             | $-27227273.96                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alerian MLP ETF                | Alerian MLP ETF                            | CUSIP: 00162Q452<br>LEI: 549300WPBLCQJSVVVV61 | Long             | EC               | RF                | US        |    148559 | NS      | $7820145.76   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  20273523 | NS      | $20273522.96  | 7.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Freedom 100 Emerging Markets E | Freedom 100 Emerging Markets ETF           | CUSIP: 02072L607<br>LEI: 549300WUYOZ027YGQK87 | Long             | EC               | RF                | US        |    136900 | NS      | $7481585.00   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc       | Microchip Technology Inc                   | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    119059 | NS      | $7692401.99   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd                        | SLB Ltd                                    | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    202576 | NS      | $10410380.64  | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                       | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     91350 | NS      | $5775147.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp              | Equinox Gold Corp                          | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |    301400 | NS      | $4358244.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     35700 | NS      | $9060303.00   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     25199 | NS      | $12075360.80  | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Group Inc                  | BGC Group Inc                              | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |    840161 | NS      | $8216774.58   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     16357 | NS      | $14154693.52  | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV   | LyondellBasell Industries NV               | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |    108327 | NS      | $8726823.12   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                  | Celanese Corp                              | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |    121740 | NS      | $8006839.80   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc               | NMI Holdings Inc                           | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |    214257 | NS      | $8036780.07   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    149100 | NS      | $16140075.00  | 6.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd                     | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     81320 | NS      | $16506333.60  | 6.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | EQT Corp                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    287945 | NS      | $18324819.80  | 6.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     20097 | NS      | $7439306.49   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                 | Royal Gold Inc                             | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     61614 | NS      | $15680146.86  | 5.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technol | Westinghouse Air Brake Technologies Corp   | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |     37430 | NS      | $9354131.30   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                       | ICON PLC                                   | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |     43680 | NS      | $4833628.80   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp      | Taylor Morrison Home Corp                  | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     90265 | NS      | $5257033.60   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc           | Rush Enterprises Inc                       | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |    239029 | NS      | $15802207.19  | 5.90%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc             | United Rentals Inc                         | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      9500 | NS      | $6921320.00   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                     | MasTec Inc                                 | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |     24842 | NS      | $7992665.08   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

**Name of Applicant:** Managed Portfolio Series

**Signature:** /s/ Benjamin Eirich

**Name of Signer:** Managed Portfolio Series

**Title:** Treasurer