# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001133228-26-000089
**Filing Date:** 2026-1
**Character Count:** 63257
**Document Hash:** 6265bf3a3a700314b97ee92a00a8fc15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000089.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001133228-26-000089

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 26511881

**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 Fund (Series ID: S000031968)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000099506 | Institutional Class Shares | NCVLX           |
| C000115524 | Investor Class             | NCAVX           |

?xml version='1.0' encoding='ASCII'? 2025-09-22196490_NuanceConcentratedValueFund_InstitutionalClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22525</u>**

**<u>Managed Portfolio Series</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Brian Wiedmeyer, President**

**Managed Portfolio Series**

**c/o U.S. Bank Global Fund Services**

**777 East Wisconsin Ave., 6<sup>th</sup> Floor**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

(414) 516-1712

Registrant's telephone number, including area code

Date of fiscal year end: **<u>04/30/2026</u>**

Date of reporting period: **<u>10/31/2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img216427_202410291455319.jpg) | **Nuance Concentrated Value Fund**  | ![image](img216426_202506241856623.jpg) |
| ![image](img216427_202410291455319.jpg) | Institutional Class \| NCVLX  | ![image](img216426_202506241856623.jpg) |
| ![image](img216427_202410291455319.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216426_202506241856623.jpg) |

---

This semi-annual shareholder report contains important information about the Nuance Concentrated Value Fund for the period of May 1, 2025, to October 31, 2025. You can find additional information about the Fund at https://nuanceinvestments.com/concentrated-value-fund/. You can also request this information by contacting us at 1-855-682-6233.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $54 | 1.03% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $62736171 |
| **Number of Holdings** | 34 |
| **Portfolio Turnover** | 57% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Henkel AG & Co. KGaA  | 10.1% |
|  Clorox Co.  | 7.9% |
|  California Water Service Group  | 7.1% |
|  Marten Transport Ltd.  | 5.9% |
|  Beiersdorf AG  | 5.8% |
|  Informatica, Inc.  | 4.5% |
|  Aspen Insurance Holdings Ltd.  | 4.1% |
|  Werner Enterprises Inc.  | 3.9% |
|  H2O America  | 3.7% |
|  Solventum Corp.  | 3.7% |

---

**Sector Breakdown (% of net assets)**

![image](ts6119img003.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://nuanceinvestments.com/concentrated-value-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Nuance Investments, LLC documents not be householded, please contact Nuance Investments, LLC at 1-855-682-6233, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Nuance Investments, LLC or your financial intermediary.

Nuance Concentrated Value Fund PAGE 1 TSR-SAR-56166Y206

30.516.615.014.99.24.52.17.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img216427_202410291455319.jpg) | **Nuance Concentrated Value Fund**  | ![image](img216426_202506241856623.jpg) |
| ![image](img216427_202410291455319.jpg) | Investor Class \| NCAVX  | ![image](img216426_202506241856623.jpg) |
| ![image](img216427_202410291455319.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216426_202506241856623.jpg) |

---

This semi-annual shareholder report contains important information about the Nuance Concentrated Value Fund for the period of May 1, 2025, to October 31, 2025. You can find additional information about the Fund at https://nuanceinvestments.com/concentrated-value-fund/. You can also request this information by contacting us at 1-855-682-6233.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $67 | 1.28% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $62736171 |
| **Number of Holdings** | 34 |
| **Portfolio Turnover** | 57% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net** **assets)** |
|  Henkel AG & Co. KGaA  | 10.1% |
|  Clorox Co.  | 7.9% |
|  California Water Service Group  | 7.1% |
|  Marten Transport Ltd.  | 5.9% |
|  Beiersdorf AG  | 5.8% |
|  Informatica, Inc.  | 4.5% |
|  Aspen Insurance Holdings Ltd.  | 4.1% |
|  Werner Enterprises Inc.  | 3.9% |
|  H2O America  | 3.7% |
|  Solventum Corp.  | 3.7% |

---

**Sector Breakdown (% of net assets)**

![image](ts6120img003.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://nuanceinvestments.com/concentrated-value-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Nuance Investments, LLC documents not be householded, please contact Nuance Investments, LLC at 1-855-682-6233, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Nuance Investments, LLC or your financial intermediary.

Nuance Concentrated Value Fund PAGE 1 TSR-SAR-56166Y602

30.516.615.014.99.24.52.17.2 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](nuance-logo.jpg)

**Nuance Concentrated Value Fund**

Core Financial Statements

October 31, 2025 (Unaudited)

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [2](#tsal) |
| [Statement of Operations](#tsop) | [3](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [4](#tscna) |
| [Financial Highlights](#tfihi) | [5](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [7](#tnotes) |
| [Additional Information](#tadd) | [12](#tadd) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Nuance Concentrated Value Fund** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.8%**<br>|  |  |
| **Consumer Staples - 30.5%<sup>(a)</sup>**<br>|  |  |
| Beiersdorf AG - ADR | 170833 | $3628493  |
| Calavo Growers, Inc. | 14065 | 312383  |
| Clorox Co. | 43961 | 4943854  |
| Henkel AG & Co. KGaA - ADR | 341610 | 6357362  |
| Kenvue, Inc. | 98757 | 1419138  |
| Kimberly-Clark Corp. | 13731 | 1643738  |
| McCormick & Co., Inc. | 9923 | 636660  |
| Mission Produce, Inc.<sup>(b)</sup> | 19411 | 223615  |
|  |  | 19165243  |
| **Financials - 9.2%**<br>|  |  |
| Aspen Insurance Holdings Ltd.<sup>(b)</sup> | 70077 | 2575330  |
| Everest Group Ltd. | 2560 | 805171  |
| Globe Life, Inc. | 12063 | 1586405  |
| Northern Trust Corp. | 6302 | 810879  |
|  |  | 5777785  |
| **Health Care - 15.0%**<br>|  |  |
| Becton Dickinson & Co. | 7031 | 1256510  |
| Henry Schein, Inc.<sup>(b)</sup> | 14996 | 947747  |
| Hologic, Inc.<sup>(b)</sup> | 15222 | 1125058  |
| Qiagen NV | 25896 | 1213228  |
| Solventum Corp.<sup>(b)</sup> | 33476 | 2311183  |
| Thermo Fisher Scientific, Inc. | 1813 | 1028678  |
| Waters Corp.<sup>(b)</sup> | 4363 | 1525305  |
|  |  | 9407709  |
| **Industrials - 14.9%**<br>|  |  |
| IDEX Corp. | 7298 | 1251315  |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation <br>Holdings, Inc. | 10436 | 470872  |
| Lindsay Corp. | 5584 | 621164  |
| Marten Transport Ltd. | 363689 | 3727812  |
| Spirax Group PLC - ADR | 10403 | 487901  |
| Toro Co. | 4342 | 324478  |
| Werner Enterprises, Inc. | 94216 | 2468459  |
|  |  | 9352001  |
| **Information Technology - 4.5%**<br>|  |  |
| Informatica, Inc.<sup>(b)</sup> | 112498 | 2797825  |
| **Materials - 2.1%**<br>|  |  |
| AptarGroup, Inc. | 11331 | 1314509  |
| **Utilities - 16.6%**<br>|  |  |
| California Water Service Group | 100584 | 4463918  |
| H2O America | 50548 | 2337845  |
| Pennon Group PLC - ADR | 95972 | 1304739  |
| Portland General Electric Co. | 19394 | 885918  |
| United Utilities Group PLC - ADR | 44181 | 1394353  |
|  |  | 10386773  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $58,410,848)** |  | 58201845  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 6.1%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.03%<sup>(c)</sup> | 3815055 | $3815055  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $3,815,055)** |  | 3815055  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $62,225,903)** |  | $62016900  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  | 719271  |
| **TOTAL NET ASSETS - 100.0%** |  | $62736171 |

---

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.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NUANCE CONCENTRATED VALUE FUND** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**October 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $62016900  |
| Receivable for investments sold | 891659  |
| Dividend tax reclaims receivable | 412703  |
| Dividends receivable | 80990  |
| Receivable for fund shares sold | 633  |
| Prepaid expenses and other assets | 21279  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 63424164  |
| **LIABILITIES:**<br>|  |
| Payable for investments purchased | 591822  |
| Payable to adviser | 38896  |
| Payable for capital shares redeemed | 30907  |
| Payable for distribution and shareholder servicing fees | 1816  |
| Payable for fund administration and accounting fees | 388  |
| Payable for expenses and other liabilities | 24164  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 687993  |
| **NET ASSETS**  | $62736171  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $65842763  |
| Total accumulated losses | (3106592)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $62736171  |
| **Institutional Class**<br>|  |
| Net assets | $57561779  |
| Shares issued and outstanding<sup>(a)</sup> | 4732165  |
| Net asset value per share | $12.16  |
| **Investor Class**<br>|  |
| Net assets | $5174392  |
| Shares issued and outstanding<sup>(a)</sup> | 425373  |
| Net asset value per share | $12.16  |
| Max offering price per share (Net asset value per share dividend by 0.95)<sup>(1)</sup> | $12.80  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $62225903 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

<sup>(1)</sup> Reflects a maximum sales charge of 5.00%. 

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NUANCE CONCENTRATED VALUE FUND** 

**STATEMENT OF OPERATIONS** 

**For the Period Ended October 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $1018258  |
| Less: Dividend withholding taxes | (4780)  |
| Less: Issuance fees | (43983)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 969495  |
| **EXPENSES:**<br>|  |
| Investment advisory fee (See Note 4) | 411361  |
| Shareholder service costs - Institutional Class (See Note 5) | 51580  |
| Shareholder service costs - Investor Class (See Note 5) | 5314  |
| Fund administration and accounting fees | 27985  |
| Federal and state registration fees | 20746  |
| Trustees' fees | 11222  |
| Audit fees | 10425  |
| Distribution expenses - Investor Class (See Note 5) | 8857  |
| Legal fees | 6072  |
| Reports to shareholders | 3844  |
| Other expenses and fees | 4226  |
| &nbsp;&nbsp;&nbsp; Total expenses | 561632  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser (See Note 4) | (54303)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 507329  |
| **Net investment income** | 462166  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** <br>|  |
| Net realized gain (loss) from: <br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 5812464  |
| Net realized gain (loss) | 5812464  |
| Net change in unrealized appreciation (depreciation) on: <br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 2284130  |
| Net change in unrealized appreciation (depreciation) | 2284130  |
| **Net realized and unrealized gain (loss)** | 8096594  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $8558760 |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Nuance Concentrated Value Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $462166 | $3095425  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5812464 | 10711015  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2284130 | (10638301)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 8558760 | 3168139  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (395301) | (11772394)  |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Class | (19627) | (638616)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (414928) | (12411010)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 3009849 | 11679937  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 315279 | 10230363  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (59490566) | (96328662)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 275082 | 1562987  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Investor Class | 19292 | 629766  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (3784961) | (2220929)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (59656025) | (74446538)  |
| **Net increase (decrease) in net assets** | (51512193) | (83689409)  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 114248364 | 197937773  |
| &nbsp;&nbsp;&nbsp; End of the period | $62736171 | $114248364  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 245801 | 918166  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional Class | 26001 | 833875  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (4839461) | (7688041)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 22660 | 125045  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Investor Class | 1590 | 51423  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (307121) | (177907)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (4850530) | (5937439) |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NUANCE CONCENTRATED VALUE FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $11.42 | $12.41 | $12.73 | $13.50 | $16.21 | $12.53  |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.26 | 0.22 | 0.17 | 0.15 | 0.07  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | (0.30) | (0.32) | 0.72 | (0.47) | 3.71  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | (0.04) | (0.10) | 0.89 | (0.32) | 3.78  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | (0.28) | (0.22) | (0.12) | (0.13) | (0.10)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.67) |  | (1.54) | (2.26) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | (0.95) | (0.22) | (1.66) | (2.39) | (0.10)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $12.16 | $11.42 | $12.41 | $12.73 | $13.50 | $16.21  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | -0.74% | -0.74% | 7.78% | -2.09% | 30.30%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $57562 | $106166 | $189134 | $270694 | $406635 | $488241  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.14% | 1.10% | 1.08% | 1.06% | 1.04% | 1.04%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | 1.03% | 1.03% | 1.03% | 1.03% | 1.03%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | 1.86% | 1.71% | 1.22% | 0.98% | 0.46%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 57% | 105% | 88% | 67% | 68% | 87% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NUANCE CONCENTRATED VALUE FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.41 | $12.41 | $12.72 | $13.48 | $16.18 | $12.49  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.21 | 0.25 | 0.13 | 0.14 | 0.05  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | (0.30) | (0.37) | 0.73 | (0.50) | 3.68  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | (0.09) | (0.12) | 0.86 | (0.36) | 3.73  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | (0.24) | (0.19) | (0.08) | (0.08) | (0.04)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.67) |  | (1.54) | (2.26) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | (0.91) | (0.19) | (1.62) | (2.34) | (0.04)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.16 | $11.41 | $12.41 | $12.72 | $13.48 | $16.18  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.92% | -1.11% | -0.89% | 7.47% | -2.35% | 29.96%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5174 | $8082 | $8804 | $15357 | $17430 | $27675  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43% | 1.40% | 1.37% | 1.35% | 1.33% | 1.33%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.28% | 1.28% | 1.28% | 1.28% | 1.28% | 1.28%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74% | 1.61% | 1.46% | 0.97% | 0.72% | 0.21%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57% | 105% | 88% | 67% | 68% | 87% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Nuance Concentrated Value Fund** 

**Notes to Financial Statements** 

**October 31, 2025 (Unaudited)** 

1. ORGANIZATION

Managed Portfolio Series (the "Trust") was organized as a Delaware statutory trust on January 27, 2011. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Nuance Concentrated Value Fund (the "Fund") is a non-diversified series with its own investment objectives and policies within the Trust. The investment objective of the Fund is long-term capital appreciation. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The Fund commenced operations on May 31, 2011. The Fund currently offers two classes, the Investor Class and the Institutional Class. Investor Class shares are subject to a 0.25% of average daily net assets distribution and servicing fee and each class of shares is subject to a shareholder servicing fee of up to 0.15% of average daily net assets. Each class of shares has identical rights and privileges with respect to voting on matters affecting a single share class. The Fund may issue an unlimited number of shares of beneficial interest, with no par value.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.** 

**Federal Income Taxes – The Fund complies with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distributes substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Fund. Therefore, no federal income or excise tax provision is required. As of and during the period ended October 31, 2025, the Fund did not have any tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. During the period ended October 31, 2025, the Fund did not incur any interest or penalties.** 

**Security Transactions, Income and Distributions – The Fund follows industry practice and records security transactions on the trade date. Realized gains and losses on sales of securities are calculated on the basis of identified cost. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Dividend income earned from money market fund holdings is disclosed as interest income on the Fund's Statement of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and regulations. Discounts and premiums on securities purchased are amortized over the expected life of the respective securities using the constant yield method of calculation.** 

The Fund will make distributions, if any, of net investment income quarterly. The Fund will also distribute net realized capital gains, if any, annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Fund.

**Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.** 

**Allocation of Income, Expenses and Gains/Losses – Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of the Fund are allocated daily to each class of shares based upon the ratio** 

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Nuance Concentrated Value Fund** 

**Notes to Financial Statements** 

**October 31, 2025 (Unaudited)(Continued)** 

of net assets represented by each class as a percentage of the net assets of the Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based on relative net assets. 12b-1 fees are expensed at 0.25% of average daily net assets of Investor Class shares. Shareholder service fees are expensed at up to 0.15% of average daily net assets for each class of shares. Expenses associated with a specific fund in the Trust are charged to that fund. Common Trust expenses are typically allocated evenly between the funds of the Trust, or by other equitable means.

**New Accounting Pronouncements – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund(s). The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Chief Compliance Officer and Chief Investment Officer at the Adviser, who serve as the chief operating decision makers, using the information presented in the financial statements and financial highlights.** 

3. SECURITIES VALUATION

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 2 –<br>| 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 –<br>| 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.  |

---

Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis. The Fund's investments are carried at fair value.

**Equity Securities – Securities that are primarily traded on a national securities exchange are valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and ask prices. Securities traded primarily in the Nasdaq Global Market System for which market quotations are readily available are valued using the Nasdaq Official Closing Price ("NOCP"). If the NOCP is not available, such securities are valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.** 

**Short-Term Investments – Investments in other mutual funds, including money market funds are valued at their net asset value per share and are categorized in Level 1 of the fair value hierarchy. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.** 

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Nuance Concentrated Value Fund** 

**Notes to Financial Statements** 

**October 31, 2025 (Unaudited)(Continued)** 

The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated Nuance Investments, LLC (the "Adviser") as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $58201845 | $— | $— | $58201845  |
| Short-Term Investment | 3815055 |  |  | 3815055  |
| **Total Investments in Securities** | $62016900 | $—  | $—  | $62016900 |

---

Refer to the Schedule of Investments for further information on the classification of investments.

4. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Trust has an agreement with Nuance Investments, LLC (the "Adviser") to furnish investment advisory services to the Fund. Pursuant to an Investment Advisory Agreement between the Trust and the Adviser, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee equal to 0.85% of the Fund's average daily net assets.

The Fund's Adviser has contractually agreed to waive a portion or all of its management fees and reimburse the Fund for its expenses to ensure that total annual operating expenses (excluding any front-end or contingent deferred loads, acquired fund fees and expenses, leverage/borrowing interest, interest expense, dividends paid on short sales, taxes, brokerage commissions and extraordinary expenses) for the Fund do not exceed 1.28% and 1.03% of average daily net assets of the Fund's Investor Class and Institutional Class, respectively. Fees waived and expenses reimbursed by the Adviser may be recouped by the Adviser for a period of thirty-six months following the month during which such waiver or reimbursement was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the waiver and reimbursement occurred. The Operating Expense Limitation Agreement is intended to be continual in nature and cannot be terminated within a year after the effective date of the Fund's prospectus. After that date, the agreement may be terminated at any time upon 60 days' written notice by the Trust's Board or the Adviser, with the consent of the Board. Waived fees and reimbursed expenses subject to potential recovery by year of expiration are as follows:

---

| | |
|:---|:---|
| **Expiration** | **Amount**  |
| November 2025 – April 2026 | $55420  |
| May 2026 – April 2027 | $113696  |
| May 2027 – April 2028 | $122125  |
| May 2028 – October 2028 | $54303 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, ("Fund Services" or the "Administrator"), acts as the Fund's Administrator, Transfer Agent, and Fund Accountant. U.S. Bank N.A. (the "Custodian") serves as the custodian to the Fund. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Fund. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund's custodian; coordinates the payment of the Fund's expenses and reviews the Fund's expense accruals. The officers of the Trust, including the Chief Compliance Officer are employees of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Fund, subject to annual minimums. Fees paid by the Fund for administration and accounting, transfer agency, custody and compliance services for the period ended October 31, 2025, are disclosed in the Statement of Operations as fund services fees.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Nuance Concentrated Value Fund** 

**Notes to Financial Statements** 

**October 31, 2025 (Unaudited)(Continued)** 

5. DISTRIBUTION & SHAREHOLDER SERVICING FEES

The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan") in the Investor Class only. The Plan permits the Fund to pay for distribution and related expenses at an annual rate of 0.25% of the Investor Class average daily net assets. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and other sales material, advertising and public relations expenses, payments to financial intermediaries and compensation of personnel involved in selling shares of the Fund. Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred. For the period ended October 31, 2025, the Investor Class incurred expenses of $8,857 pursuant to the Plan.

The Fund has entered into a shareholder servicing agreement (the "Agreement") where the Adviser acts as the shareholder agent, under which the Fund may pay servicing fees at an annual rate of up to 0.15% of the average daily net assets of each class. Payments, if any, to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the Fund. Payments may also be made directly to the intermediaries providing shareholder services. Services provided by such intermediaries also include the provision of support services to the Fund and includes establishing and maintaining shareholders' accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Fund, and providing such other personal services to shareholders as the Fund may reasonably request. For the period ended October 31, 2025, the Investor and Institutional Class incurred $5,314 and $51,580, respectively, of shareholder servicing fees under the Agreement.

6. INVESTMENT TRANSACTIONS

The aggregate purchases and sales, excluding short-term investments, by the Fund for the period ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| U.S. Government | $— | $—  |
| Other | $48038402 | $100510750 |

---

7. FEDERAL TAX INFORMATION

The aggregate gross unrealized appreciation and depreciation of securities held by the Fund and the total cost of securities for federal income tax purposes at April 30, 2025, the Fund's most recent fiscal year end, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Aggregate** <br>**Gross** <br>**Appreciation** | **Aggregate** <br>**Gross** <br>**Depreciation** | **Net** <br>**Unrealized** <br>**Depreciation** | **Federal** <br>**Income Tax** <br>**Cost**  |
| $7054984 | $(13620475) | $(6565491) | $119624228 |

---

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the deferral of wash sale losses. At April 30, 2025, components of distributable earnings on a tax-basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br>**Income** | **Undistributed** <br>**Long-Term** <br>**Capital Gains** | **Other** <br>**Accumulated** <br>**Losses** | **Net** <br>**Unrealized** <br>**Depreciation** | **Total** <br>**Accumulated** <br>**Loss**  |
| $— | $— | $(4684933) | $(6565491) | $(11250424) |

---

As of April 30, 2025, the Fund's most recent fiscal year end, the Fund had no capital loss carryovers. For the year ended April 30, 2025, the Fund utilized $5,198,633 in capital loss carryforwards. A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital, and ordinary losses which occur during the portion of the Fund's taxable year subsequent to October 31. At April 30, 2025, the Fund deferred, on a tax basis, post-October losses of $4,681,609.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Nuance Concentrated Value Fund** 

**Notes to Financial Statements** 

**October 31, 2025 (Unaudited)(Continued)** 

The tax character of distributions paid during the period ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Ordinary** <br>**Income\*** | **Long-Term** <br>**Capital Gains** | **Total**  |
| $414928 | $— | $414928 |

---

The tax character of distributions paid during the year ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Ordinary** <br>**Income\*** | **Long-Term** <br>**Capital Gains** | **Total**  |
| $8890796 | $3520214 | $12411010 |

---

\* For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.

The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended April 30, 2025.

8. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of October 31, 2025, Charles Schwab & Co., Inc. and National Financial Services, LLC, for the benefit of their customers, owned 48.06% and 41.75% of the Fund, respectively.

9. SUBSEQUENT EVENTS

On December 17, 2025, Concentrated Value Fund paid a distribution in the amount of $0.30621198, for a total of $753,740.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NUANCE CONCENTRATED VALUE FUND** 

**ADDITIONAL INFORMATION (Unaudited)** 

**AVAILABILITY OF FUND PORTFOLIO INFORMATION** 

The Fund files complete schedules of portfolio holdings with the U.S. Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Fund's Part F of Form N-PORT is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-732-0330. The Fund's Part F of Form N-PORT may also be obtained by calling 1-855-682-6233.

**AVAILABILITY OF PROXY VOTING INFORMATION** 

A description of the Fund's Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-855-682-6233. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, is available (1) without charge, upon request, by calling 1-888-621-9258, or (2) on the SEC's website at <u>www.sec.gov</u>.

**ADDITIONAL REQUIRED DISCLOSURE FROM FORM N-CSR** 

**Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

See the Statement of Operations.

**Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INVESTMENT ADVISER** 

**Nuance Investments, LLC** 

**4900 Main Street, Suite 220** 

**Kansas City, MO 64112** 

**DISTRIBUTOR** 

**Quasar Distributors, LLC** 

**3 Canal Plaza, Suite 100** 

**Portland, ME 04101** 

**CUSTODIAN** 

**U.S. Bank, N.A.** 

**1555 North Rivercenter Drive** 

**Milwaukee, WI 53212** 

**ADMINISTRATOR, FUND ACCOUNTANT** 

**AND TRANSFER AGENT** 

**U.S. Bancorp Fund Services, LLC** 

**615 E. Michigan Street** 

**Milwaukee, WI 53202** 

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**Cohen & Company, Ltd.** 

**342 North Water Street, Suite 830** 

**Milwaukee, WI 53202** 

**LEGAL COUNSEL** 

**Stradley Ronon Stevens & Young, LLP** 

**2005 Market Street, Suite 2600** 

**Philadelphia, PA 19103** 

This report must be accompanied or preceded by a prospectus.

The Fund's Statement of Additional Information contains additional information about the

Fund's trustees and is available without charge upon request by calling 1-855-682-6233.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have
 reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940
 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules
 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure
 controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded,
 processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable
 for semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](ncvf-efp21293_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ncvf-efp21293_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Managed Portfolio
 Series

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian R. Wiedmeyer |
|  | Brian R. Wiedmeyer, Principal Executive Officer |

---

Date <u>January 6, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian R. Wiedmeyer |
|  | Brian R. Wiedmeyer, Principal Executive Officer |

---

Date <u>January 6, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Benjamin J. Eirich |
|  | Benjamin J. Eirich, Principal Financial Officer |

---

Date <u>January 6, 2026</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

 

**<u>CERTIFICATIONS</u>**

I, Brian R. Wiedmeyer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Managed Portfolio Series;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | January 6, 2026 | /s/ Brian R. Wiedmeyer |
|  |  | Brian R. Wiedmeyer<br> Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Benjamin J. Eirich, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Managed Portfolio Series;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | January 6, 2026 | /s/ Benjamin J. Eirich |
|  |  | Benjamin J. Eirich<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Managed Portfolio Series, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Managed Portfolio Series for the period ended October 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Managed Portfolio Series for the stated period.

---

| | |
|:---|:---|
| /s/ Brian R. Wiedmeyer | /s/ Benjamin J. Eirich |
| Brian R. Wiedmeyer<br> Principal Executive Officer | Benjamin J. Eirich<br> Principal Financial Officer |

---

Date: <u>January 6, 2026</u> Date: <u>January 6, 2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Managed Portfolio Series for purposes of Section 18 of the Securities Exchange Act of 1934.