# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001133228-25-009413
**Filing Date:** 2025-9
**Character Count:** 149207
**Document Hash:** c39800253277ab0cd3b45291ac9f340c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009413.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001133228-25-009413

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 251293245

**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

### Olstein All Cap Value Fund (Series ID: S000061858)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000200264 | Adviser Class | OFAFX           |
| C000200265 | Class C       | OFALX           |
| C000204806 | Class A       | OFAVX           |

### Olstein Strategic Opportunities Fund (Series ID: S000061859)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000200266 | Adviser Class | OFSFX           |
| C000200267 | Class A       | OFSAX           |
| C000200268 | Class C       | OFSCX           |

?xml version='1.0' encoding='ASCII'? 2025-06-26511310_OlsteinAllCapValueFund_ClassA_TSRAnnual

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>**

&nbsp;&nbsp;&nbsp;&nbsp;**Managed Portfolio Series** 

(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>06/30/2025</u>**

Date of reporting period: **<u>06/30/2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img278084_202412161728368.jpg) | **Olstein All Cap Value Fund**  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Class A \| OFAVX  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278083_202502041839819.jpg) |

---

This annual shareholder report contains important information about the Olstein All Cap Value Fund for the period of July 1, 2024, to June 30, 2025. You can find additional information about the Fund at https://www.olsteinfunds.com/resources/documents-forms. You can also request this information by contacting us at 1-800-799-2113.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class A | $147 | 1.42% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the fiscal year ended June 30, 2025, the Class returned 6.75% (load-waived), compared to the 13.30% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 3000 Value Index. The Fund's broad-based securities market index, the Russell 3000 Index, returned 15.30% over the same period.

The Fund trailed the Russell 3000 Value Index and the Russell 3000 Index as we stuck to the basic tenet when practicing our long-term investment philosophy. We believe the price paid for a security is the biggest factor determining future returns. Our value philosophy seeks to find undervalued securities when short-term problems produce prices which don't properly recognize a company's future ability to produce excess future free cash flow. Our holdings in financials and industrials showed positive returns but underperformed their index counterparts.

It is important to note that volatility characterized U.S. equity markets for much of the fiscal year. While a narrow range of growth-oriented technology stocks ("the "Magnificent Seven" mega-cap companies) continued to dominate the market during the first half of 2024, a shift occurred shortly after the start of the fiscal year. As market breadth expanded, value stocks demonstrated improved performance. This trend continued into 2025, with a higher percentage of stocks outperforming the overall market compared to the previous year. The broadening of the market and improved performance of value factors helped the Class outperform the benchmark Russell 3000 Index for two of the four quarters during the fiscal year – the quarters ended September 30, 2024, and March 31, 2025.

We sought to take advantage of last year's market volatility. We remained focused on individual companies, their operations, prospects, and financial strength to withstand current short-term issues. Notable changes in the Fund's positioning from the end of the previous fiscal year end included decreased exposure to the Industrials sector and a higher allocation to Information Technology stocks.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge (if applicable). The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4581img003.jpg)

Olstein All Cap Value Fund PAGE 1 TSR-AR-56167N563

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/17/2018)** |
| **Class A (without sales charge)**  | 6.75 | 10.91 | 6.52 |
| **Class A (with sales charge)**  | 0.86 | 9.65 | 5.64 |
| **Russell 3000 Total Return**  | 15.30 | 15.96 | 12.98 |
| **Russell 3000 Value Total Return**  | 13.30 | 13.87 | 8.72 |

---

Visit https://www.olsteinfunds.com/resources/documents-forms for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $499627715 |
| **Number of Equity Holdings** | 80 |
| **Net Advisory Fee** | $5309140 |
| **Portfolio Turnover** | 38% |

---

Visit https://www.olsteinfunds.com/resources/documents-forms for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type (% of Net** **Assets)** |  |
|  Common Stocks  | 96.6% |
|  Cash & Other  | 3.4% |

---

---

| | |
|:---|:---|
| **Top 10 Equity Issuers (% of** **Net Assets)** |  |
|  Walt Disney Company  | 2.8% |
|  Johnson & Johnson  | 1.9% |
|  General Dynamics Corporation  | 1.8% |
|  Aptiv PLC  | 1.8% |
|  Becton, Dickinson & Company  | 1.8% |
|  Vontier Corporation  | 1.8% |
|  Sensata Technologies Holdings PLC  | 1.7% |
|  Schlumberger Ltd.  | 1.7% |
|  ABM Industries, Inc.  | 1.6% |
|  Baxter International, Inc.  | 1.6% |

---

**Sector Breakdown (% of Equity** **Investments)**

![image](ts4581img004.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.olsteinfunds.com/resources/documents-forms.

**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 Olstein Capital Management, L.P. documents not be householded, please contact Olstein Capital Management, L.P. at 1-800-799-2113, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Olstein Capital Management, L.P. or your financial intermediary.

Olstein All Cap Value Fund PAGE 2 TSR-AR-56167N563

9449945386451393211704127931359014507100001024710916157371355516124198532289010000101679209133901239113781155631763324.017.617.010.88.87.45.84.22.61.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img278084_202412161728368.jpg) | **Olstein All Cap Value Fund**  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Class C \| OFALX  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278083_202502041839819.jpg) |

---

This annual shareholder report contains important information about the Olstein All Cap Value Fund for the period of July 1, 2024, to June 30, 2025. You can find additional information about the Fund at https://www.olsteinfunds.com/resources/documents-forms. You can also request this information by contacting us at 1-800-799-2113.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class C | $223 | 2.17% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the fiscal year ended June 30, 2025, the Class returned 5.98% (load-waived), compared to the 13.30% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 3000 Value Index. The Fund's broad-based securities market index, the Russell 3000 Index, returned 15.30% over the same period.

The Fund trailed the Russell 3000 Value Index and the Russell 3000 Index as we stuck to the basic tenet when practicing our long-term investment philosophy. We believe the price paid for a security is the biggest factor determining future returns. Our value philosophy seeks to find undervalued securities when short-term problems produce prices which don't properly recognize a company's future ability to produce excess future free cash flow. Our holdings in financials and industrials showed positive returns but underperformed their index counterparts.

It is important to note that volatility characterized U.S. equity markets for much of the fiscal year. While a narrow range of growth-oriented technology stocks ("the "Magnificent Seven" mega-cap companies) continued to dominate the market during the first half of 2024, a shift occurred shortly after the start of the fiscal year. As market breadth expanded, value stocks demonstrated improved performance. This trend continued into 2025, with a higher percentage of stocks outperforming the overall market compared to the previous year. The broadening of the market and improved performance of value factors helped the Class outperform the benchmark Russell 3000 Index for two of the four quarters during the fiscal year – the quarters ended September 30, 2024, and March 31, 2025.

We sought to take advantage of last year's market volatility. We remained focused on individual companies, their operations, prospects, and financial strength to withstand current short-term issues. Notable changes in the Fund's positioning from the end of the previous fiscal year end included decreased exposure to the Industrials sector and a higher allocation to Information Technology stocks.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge (if applicable). The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4582img003.jpg)

Olstein All Cap Value Fund PAGE 1 TSR-AR-56167N613

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 5.98 | 10.07 | 5.88 |
| **Class C (with sales charge)**  | 5.03 | 10.07 | 5.88 |
| **Russell 3000 Total Return**  | 15.30 | 15.96 | 12.96 |
| **Russell 3000 Value Total Return**  | 13.30 | 13.87 | 9.04 |

---

Visit https://www.olsteinfunds.com/resources/documents-forms for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $499627715 |
| **Number of Equity Holdings** | 80 |
| **Net Advisory Fee** | $5309140 |
| **Portfolio Turnover** | 38% |

---

Visit https://www.olsteinfunds.com/resources/documents-forms for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type (% of Net** **Assets)** |  |
|  Common Stocks  | 96.6% |
|  Cash & Other  | 3.4% |

---

---

| | |
|:---|:---|
| **Top 10 Equity Issuers (% of** **Net Assets)** |  |
|  Walt Disney Company  | 2.8% |
|  Johnson & Johnson  | 1.9% |
|  General Dynamics Corporation  | 1.8% |
|  Aptiv PLC  | 1.8% |
|  Becton, Dickinson & Company  | 1.8% |
|  Vontier Corporation  | 1.8% |
|  Sensata Technologies Holdings PLC  | 1.7% |
|  Schlumberger Ltd.  | 1.7% |
|  ABM Industries, Inc.  | 1.6% |
|  Baxter International, Inc.  | 1.6% |

---

**Sector Breakdown (% of Equity** **Investments)**

![image](ts4582img004.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.olsteinfunds.com/resources/documents-forms.

**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 Olstein Capital Management, L.P. documents not be householded, please contact Olstein Capital Management, L.P. at 1-800-799-2113, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Olstein Capital Management, L.P. or your financial intermediary.

Olstein All Cap Value Fund PAGE 2 TSR-AR-56167N613

1000091171088811495120771096517531146181585416714177141000010214121041389315141161302325320029238252933533822100001024211902127651370112411180451669818572209742376424.017.617.010.88.87.45.84.22.61.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img278084_202412161728368.jpg) | **Olstein All Cap Value Fund**  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Adviser Class \| OFAFX  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278083_202502041839819.jpg) |

---

This annual shareholder report contains important information about the Olstein All Cap Value Fund for the period of July 1, 2024, to June 30, 2025. You can find additional information about the Fund at https://www.olsteinfunds.com/resources/documents-forms. You can also request this information by contacting us at 1-800-799-2113.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Adviser Class | $121 | 1.17% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the fiscal year ended June 30, 2025, the Class returned 7.05% compared to the 13.30% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 3000 Value Index. The Fund's broad-based securities market index, the Russell 3000 Index, returned 15.30% over the same period.

The Fund trailed the Russell 3000 Value Index and the Russell 3000 Index as we stuck to the basic tenet when practicing our long-term investment philosophy. We believe the price paid for a security is the biggest factor determining future returns. Our value philosophy seeks to find undervalued securities when short-term problems produce prices which don't properly recognize a company's future ability to produce excess future free cash flow. Our holdings in financials and industrials showed positive returns but underperformed their index counterparts.

It is important to note that volatility characterized U.S. equity markets for much of the fiscal year. While a narrow range of growth-oriented technology stocks ("the "Magnificent Seven" mega-cap companies) continued to dominate the market during the first half of 2024, a shift occurred shortly after the start of the fiscal year. As market breadth expanded, value stocks demonstrated improved performance. This trend continued into 2025, with a higher percentage of stocks outperforming the overall market compared to the previous year. The broadening of the market and improved performance of value factors helped the Class outperform the benchmark Russell 3000 Index for two of the four quarters during the fiscal year – the quarters ended September 30, 2024, and March 31, 2025.

We sought to take advantage of last year's market volatility. We remained focused on individual companies, their operations, prospects, and financial strength to withstand current short-term issues. Notable changes in the Fund's positioning from the end of the previous fiscal year end included decreased exposure to the Industrials sector and a higher allocation to Information Technology stocks.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge (if applicable). The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4583img003.jpg)

Olstein All Cap Value Fund PAGE 1 TSR-AR-56167N621

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Adviser Class (without sales charge)**  | 7.05 | 11.18 | 6.95 |
| **Russell 3000 Total Return**  | 15.30 | 15.96 | 12.96 |
| **Russell 3000 Value Total Return**  | 13.30 | 13.87 | 9.04 |

---

Visit https://www.olsteinfunds.com/resources/documents-forms for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $499627715 |
| **Number of Equity Holdings** | 80 |
| **Net Advisory Fee** | $5309140 |
| **Portfolio Turnover** | 38% |

---

Visit https://www.olsteinfunds.com/resources/documents-forms for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type (% of Net** **Assets)** |  |
|  Common Stocks  | 96.6% |
|  Cash & Other  | 3.4% |

---

---

| | |
|:---|:---|
| **Top 10 Equity Issuers (% of** **Net Assets)** |  |
|  Walt Disney Company  | 2.8% |
|  Johnson & Johnson  | 1.9% |
|  General Dynamics Corporation  | 1.8% |
|  Aptiv PLC  | 1.8% |
|  Becton, Dickinson & Company  | 1.8% |
|  Vontier Corporation  | 1.8% |
|  Sensata Technologies Holdings PLC  | 1.7% |
|  Schlumberger Ltd.  | 1.7% |
|  ABM Industries, Inc.  | 1.6% |
|  Baxter International, Inc.  | 1.6% |

---

**Sector Breakdown (% of Equity** **Investments)**

![image](ts4583img004.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.olsteinfunds.com/resources/documents-forms.

**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 Olstein Capital Management, L.P. documents not be householded, please contact Olstein Capital Management, L.P. at 1-800-799-2113, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Olstein Capital Management, L.P. or your financial intermediary.

Olstein All Cap Value Fund PAGE 2 TSR-AR-56167N621

1000092131110811848125661152718614156751718218295195771000010214121041389315141161302325320029238252933533822100001024211902127651370112411180451669818572209742376424.017.617.010.88.87.45.84.22.61.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img278084_202412161728368.jpg) | **Olstein Strategic Opportunities Fund**  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Class A \| OFSAX  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278083_202502041839819.jpg) |

---

This annual shareholder report contains important information about the Olstein Strategic Opportunities Fund for the period of July 1, 2024, to June 30, 2025. You can find additional information about the Fund at https://www.olsteinfunds.com/resources/documents-forms. You can also request this information by contacting us at 1-800-799-2113.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class A | $160 | 1.60% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the fiscal year ended June 30, 2025, the Class returned -0.13% (load-waived), compared to the 10.47% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 2500 Value Index. The Fund's broad-based securities market index, the Russell 3000 Index, returned 15.30% over the same period.

The Fund trailed the Russell 2500 Value Index and the Russell 3000 Index during the fiscal year primarily due to stock selection in the Consumer Discretionary, Consumer Staples, Health Care and Information Technology sectors. As market breadth expanded and value stocks demonstrated improved performance during the fiscal year, the Fund's Industrials, Materials and Real Estate holdings contributed favorably to relative performance by outperforming their respective Russell 2500 Value Index sectors.

We are long-term investors and last year's market volatility enabled us to fill our portfolio with companies that in our opinion had outstanding liquidity, but their market prices were affected by short-term problems. However, we believe that these companies had excellent financial liquidity, sound balance sheets, and were selling at discounts to their intrinsic value based on their normalized ability to produce free cash flow. Notable changes in the Fund's positioning from the end of the previous fiscal year end include decreased exposure to the Consumer Discretionary sector and a higher allocation to Industrials and Information Technology stocks.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge (if applicable). The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4580img003.jpg)

Olstein Strategic Opportunities Fund PAGE 1 TSR-AR-56167N597

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | -0.13 | 9.59 | 4.19 |
| **Class A (with sales charge)**  | -5.64 | 8.36 | 3.60 |
| **Russell 3000 Total Return**  | 15.30 | 15.96 | 12.96 |
| **Russell 2500 Value Total Return**  | 10.47 | 13.96 | 7.73 |

---

Visit https://www.olsteinfunds.com/resources/documents-forms for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $51475990 |
| **Number of Equity Holdings** | 37 |
| **Net Advisory Fee** | $498290 |
| **Portfolio Turnover** | 24% |

---

Visit https://www.olsteinfunds.com/resources/documents-forms for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type (% of Net** **Assets)** |  |
|  Common Stocks  | 98.5% |
|  Cash & Other  | 1.5% |

---

---

| | |
|:---|:---|
| **Top 10 Equity Issuers (% of** **Net Assets)** |  |
|  Sensata Technologies Holding PLC  | 4.8% |
|  Shyft Group, Inc.  | 4.7% |
|  Blue Bird Corporation  | 4.3% |
|  Gates Industrial Corporation PLC  | 4.3% |
|  Vontier Corporation  | 4.1% |
|  Dine Brands Global, Inc.  | 3.7% |
|  Invesco Ltd.  | 3.6% |
|  Vishay Intertechnology, Inc.  | 3.5% |
|  ABM Industries, Inc.  | 3.4% |
|  Central Garden & Pet Company - Class A  | 3.3% |

---

**Sector Breakdown (% of Equity** **Investments)**

![image](ts4580img004.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.olsteinfunds.com/resources/documents-forms.

**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 Olstein Capital Management, L.P. documents not be householded, please contact Olstein Capital Management, L.P. at 1-800-799-2113, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Olstein Capital Management, L.P. or your financial intermediary.

Olstein Strategic Opportunities Fund PAGE 2 TSR-AR-56167N597

9450800499381026810229901316299117631377214265142461000010214121041389315141161302325320029238252933533822100001002211862132241297010960178901552917140190672106344.113.011.610.59.25.64.91.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img278084_202412161728368.jpg) | **Olstein Strategic Opportunities Fund**  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Class C \| OFSCX  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278083_202502041839819.jpg) |

---

This annual shareholder report contains important information about the Olstein Strategic Opportunities Fund for the period of July 1, 2024, to June 30, 2025. You can find additional information about the Fund at https://www.olsteinfunds.com/resources/documents-forms. You can also request this information by contacting us at 1-800-799-2113.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class C | $234 | 2.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the fiscal year ended June 30, 2025, the Class returned -0.89% (load-waived), compared to the 10.47% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 2500 Value Index. The Fund's broad-based securities market index, the Russell 3000 Index, returned 15.30% over the same period.

The Fund trailed the Russell 2500 Value Index and the Russell 3000 Index during the fiscal year primarily due to stock selection in the Consumer Discretionary, Consumer Staples, Health Care and Information Technology sectors. As market breadth expanded and value stocks demonstrated improved performance during the fiscal year, the Fund's Industrials, Materials and Real Estate holdings contributed favorably to relative performance by outperforming their respective Russell 2500 Value Index sectors.

We are long-term investors and last year's market volatility enabled us to fill our portfolio with companies that in our opinion had outstanding liquidity, but their market prices were affected by short-term problems. However, we believe that these companies had excellent financial liquidity, sound balance sheets, and were selling at discounts to their intrinsic value based on their normalized ability to produce free cash flow. Notable changes in the Fund's positioning from the end of the previous fiscal year end include decreased exposure to the Consumer Discretionary sector and a higher allocation to Industrials and Information Technology stocks.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge (if applicable). The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4579img003.jpg)

Olstein Strategic Opportunities Fund PAGE 1 TSR-AR-56167N589

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | -0.89 | 8.76 | 3.41 |
| **Class C (with sales charge)**  | -1.81 | 8.76 | 3.41 |
| **Russell 3000 Total Return**  | 15.30 | 15.96 | 12.96 |
| **Russell 2500 Value Total Return**  | 10.47 | 13.96 | 7.73 |

---

Visit https://www.olsteinfunds.com/resources/documents-forms for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $51475990 |
| **Number of Equity Holdings** | 37 |
| **Net Advisory Fee** | $498290 |
| **Portfolio Turnover** | 24% |

---

Visit https://www.olsteinfunds.com/resources/documents-forms for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type (% of Net** **Assets)** |  |
|  Common Stocks  | 98.5% |
|  Cash & Other  | 1.5% |

---

---

| | |
|:---|:---|
| **Top 10 Equity Issuers (% of** **Net Assets)** |  |
|  Sensata Technologies Holding PLC  | 4.8% |
|  Shyft Group, Inc.  | 4.7% |
|  Blue Bird Corporation  | 4.3% |
|  Gates Industrial Corporation PLC  | 4.3% |
|  Vontier Corporation  | 4.1% |
|  Dine Brands Global, Inc.  | 3.7% |
|  Invesco Ltd.  | 3.6% |
|  Vishay Intertechnology, Inc.  | 3.5% |
|  ABM Industries, Inc.  | 3.4% |
|  Central Garden & Pet Company - Class A  | 3.3% |

---

**Sector Breakdown (% of Equity** **Investments)**

![image](ts4579img004.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.olsteinfunds.com/resources/documents-forms.

**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 Olstein Capital Management, L.P. documents not be householded, please contact Olstein Capital Management, L.P. at 1-800-799-2113, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Olstein Capital Management, L.P. or your financial intermediary.

Olstein Strategic Opportunities Fund PAGE 2 TSR-AR-56167N589

100008408103601062310504919216487118071373114111139861000010214121041389315141161302325320029238252933533822100001002211862132241297010960178901552917140190672106344.113.011.610.59.25.64.91.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img278084_202412161728368.jpg) | **Olstein Strategic Opportunities Fund**  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Adviser Class \| OFSFX  | ![image](img278083_202502041839819.jpg) |
| ![image](img278084_202412161728368.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278083_202502041839819.jpg) |

---

This annual shareholder report contains important information about the Olstein Strategic Opportunities Fund for the period of July 1, 2024, to June 30, 2025. You can find additional information about the Fund at https://www.olsteinfunds.com/resources/documents-forms. You can also request this information by contacting us at 1-800-799-2113.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Adviser Class | $135 | 1.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the fiscal year ended June 30, 2025, the Class returned 0.10%, compared to the 10.47% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 2500 Value Index. The Fund's broad-based securities market index, the Russell 3000 Index, returned 15.30% over the same period.

The Fund trailed the Russell 2500 Value Index and the Russell 3000 Index during the fiscal year primarily due to stock selection in the Consumer Discretionary, Consumer Staples, Health Care and Information Technology sectors. As market breadth expanded and value stocks demonstrated improved performance during the fiscal year, the Fund's Industrials, Materials and Real Estate holdings contributed favorably to relative performance by outperforming their respective Russell 2500 Value Index sectors.

We are long-term investors and last year's market volatility enabled us to fill our portfolio with companies that in our opinion had outstanding liquidity, but their market prices were affected by short-term problems. However, we believe that these companies had excellent financial liquidity, sound balance sheets, and were selling at discounts to their intrinsic value based on their normalized ability to produce free cash flow. Notable changes in the Fund's positioning from the end of the previous fiscal year end include decreased exposure to the Consumer Discretionary sector and a higher allocation to Industrials and Information Technology stocks.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge (if applicable). The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4578img003.jpg)

Olstein Strategic Opportunities Fund PAGE 1 TSR-AR-56167N571

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Adviser Class (without sales charge)**  | 0.10 | 9.86 | 4.45 |
| **Russell 3000 Total Return**  | 15.30 | 15.96 | 12.96 |
| **Russell 2500 Value Total Return**  | 10.47 | 13.96 | 7.73 |

---

Visit https://www.olsteinfunds.com/resources/documents-forms for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $51475990 |
| **Number of Equity Holdings** | 37 |
| **Net Advisory Fee** | $498290 |
| **Portfolio Turnover** | 24% |

---

Visit https://www.olsteinfunds.com/resources/documents-forms for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type (% of Net** **Assets)** |  |
|  Common Stocks  | 98.5% |
|  Cash & Other  | 1.5% |

---

---

| | |
|:---|:---|
| **Top 10 Equity Issuers (% of** **Net Assets)** |  |
|  Sensata Technologies Holding PLC  | 4.8% |
|  Shyft Group, Inc.  | 4.7% |
|  Blue Bird Corporation  | 4.3% |
|  Gates Industrial Corporation PLC  | 4.3% |
|  Vontier Corporation  | 4.1% |
|  Dine Brands Global, Inc.  | 3.7% |
|  Invesco Ltd.  | 3.6% |
|  Vishay Intertechnology, Inc.  | 3.5% |
|  ABM Industries, Inc.  | 3.4% |
|  Central Garden & Pet Company - Class A  | 3.3% |

---

**Sector Breakdown (% of Equity** **Investments)**

![image](ts4578img004.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.olsteinfunds.com/resources/documents-forms.

**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 Olstein Capital Management, L.P. documents not be householded, please contact Olstein Capital Management, L.P. at 1-800-799-2113, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Olstein Capital Management, L.P. or your financial intermediary.

Olstein Strategic Opportunities Fund PAGE 2 TSR-AR-56167N571

100008489105661094510929965617498126591486415435154511000010214121041389315141161302325320029238252933533822100001002211862132241297010960178901552917140190672106344.113.011.610.59.25.64.91.1 ------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

[*A copy of the registrant's Code of Ethics is filed herewith.*](of-efp16970_ex99code.htm)

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

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Leonard M. Rush is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other Services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 6/30/2025 | FYE 6/30/2024 |
| (a) Audit Fees | $35750 | $34250 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $10000 | $10000 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by **Cohen & Company** applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 6/30/2025 | FYE 6/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not applicable

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 6/30/2025 | FYE 6/30/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

(j) Not applicable

**<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) ![](olstein_cover-logo.jpg)

**THE OLSTEIN ALL CAP VALUE FUND** 

**THE OLSTEIN STRATEGIC OPPORTUNITIES FUND** 

Core Financial Statements

June 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| Schedules of Investments<br>|  |
| &nbsp;&nbsp;&nbsp; [The Olstein All Cap Value Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [The Olstein Strategic Opportunities Fund](#soi2) | [3](#soi2) |
| [Statements of Assets and Liabilities](#sal) | [5](#sal) |
| [Statements of Operations](#sop) | [7](#sop) |
| [Statements of Changes in Net Assets](#scna) | [8](#scna) |
| [Financial Highlights](#fihi) | [9](#fihi) |
| [Notes to the Financial Statements](#notes) | [15](#notes) |
| [Report of Independent Registered Public Accounting Firm](#repo) | [21](#repo) |
| [ADDITIONAL INFORMATION](#ai1) | [22](#ai1) |

---

------

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

**The Olstein All Cap Value Fund** 

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.6%**<br>|  |  |
| **Advertising Agencies - 1.6%**<br>|  |  |
| Omnicom Group, Inc. | 110000 | $7913400  |
| **Aerospace & Defense - 3.8%**<br>|  |  |
| General Dynamics Corporation | 31000 | 9041460  |
| L3Harris Technologies, Inc. | 25000 | 6271000  |
| RTX Corporation | 26000 | 3796520  |
|  |  | 19108980  |
| **Air Delivery & Freight Services - 2.6%** | **Air Delivery & Freight Services - 2.6%** | **Air Delivery & Freight Services - 2.6%** |
| FedEx Corporation | 32000 | 7273920  |
| United Parcel Service, Inc. - Class B | 59000 | 5955460  |
|  |  | 13229380  |
| **Airlines - 2.6%**<br>|  |  |
| Delta Air Lines, Inc. | 164000 | 8065520  |
| Southwest Airlines Company<sup>(a)</sup> | 147071 | 4770983  |
|  |  | 12836503  |
| **Auto Manufacturers - 1.2%**<br>|  |  |
| General Motors Company | 124000 | 6102040  |
| **Auto Components - 1.8%**<br>|  |  |
| Aptiv PLC<sup>(b)</sup> | 129000 | 8800380  |
| **Beverages - 0.7%**<br>|  |  |
| PepsiCo, Inc. | 28000 | 3697120  |
| **Capital Markets - 2.6%**<br>|  |  |
| Goldman Sachs Group, Inc. | 7000 | 4954250  |
| Nasdaq, Inc. | 91000 | 8137220  |
|  |  | 13091470  |
| **Chemicals - 4.0%**<br>|  |  |
| Corteva, Inc. | 94000 | 7005820  |
| Eastman Chemical Company | 74000 | 5524840  |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, <br>Inc. | 105000 | 7722750  |
|  |  | 20253410  |
| **Commercial Banks - 5.5%**<br>|  |  |
| Citizens Financial Group, Inc. | 158200 | 7079450  |
| Fifth Third Bancorp<sup>(a)</sup> | 149000 | 6128370  |
| U.S. Bancorp | 169000 | 7647250  |
| Wells Fargo & Company | 82000 | 6569840  |
|  |  | 27424910  |
| **Commercial Services - 0.6%**<br>|  |  |
| S&P Global, Inc. | 5400 | 2847366  |
| **Commercial Services & Supplies - 2.4%** | **Commercial Services & Supplies - 2.4%** | **Commercial Services & Supplies - 2.4%** |
| ABM Industries, Inc. | 174411 | 8233943  |
| Korn Ferry | 51050 | 3743497  |
|  |  | 11977440  |
| **Communications Equipment - 1.4%**<br>|  |  |
| Cisco Systems, Inc. | 98000 | 6799240  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Computers - 1.1%**<br>|  |  |
| Apple, Inc. | 26000 | $5334420  |
| **Consumer Finance - 1.2%**<br>|  |  |
| Equifax, Inc. | 15000 | 3890550  |
| Visa, Inc. - Class A | 6000 | 2130300  |
|  |  | 6020850  |
|  **Consumer Staples Distribution & Retail - 1.6%**<br>|  |  |
| Target Corporation | 79000 | 7793350  |
| **Distributors - 1.4%**<br>|  |  |
| LKQ Corporation<sup>(a)</sup> | 196000 | 7253960  |
| **Diversified Financial Services - 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. - <br>Class B<sup>(b)</sup> | 7600 | 3691852  |
| Invesco Ltd.<sup>(a)</sup> | 262120 | 4133632  |
|  |  | 7825484  |
| **E-Commerce - 0.6%**<br>|  |  |
| eBay, Inc. | 38000 | 2829480  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 2.0%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 2.0%** | &nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments &** <br>**Components - 2.0%** |
| Ralliant Corporation<sup>(b)</sup> | 27167 | 1317312  |
| Vontier Corporation | 238000 | 8782200  |
|  |  | 10099512  |
| **Electronics - 1.7%**<br>|  |  |
| Sensata Technologies Holding PLC | 285600 | 8599416  |
| **Energy Equipment & Services - 1.7%** | **Energy Equipment & Services - 1.7%** | **Energy Equipment & Services - 1.7%** |
| Schlumberger Ltd. | 253000 | 8551400  |
| **Financial Services - 1.1%**<br>|  |  |
| Fiserv, Inc.<sup>(b)</sup> | 31500 | 5430915  |
| **Food & Drug Retailers - 1.1%**<br>|  |  |
| CVS Health Corporation | 77000 | 5311460  |
| **Food Products - 1.1%**<br>|  |  |
| Sysco Corporation | 75000 | 5680500  |
| **Health Care Equipment & Supplies - 7.5%** | **Health Care Equipment & Supplies - 7.5%** | **Health Care Equipment & Supplies - 7.5%** |
| Baxter International, Inc. | 269000 | 8145320  |
| Becton, Dickinson and Company | 51000 | 8784750  |
| Hologic, Inc.<sup>(b)</sup> | 115000 | 7493400  |
| Medtronic PLC | 84000 | 7322280  |
| Zimmer Biomet Holdings, Inc. | 66000 | 6019860  |
|  |  | 37765610  |
| **Health Care Providers & Services - 4.4%** | **Health Care Providers & Services - 4.4%** | **Health Care Providers & Services - 4.4%** |
| Henry Schein, Inc.<sup>(b)</sup> | 96343 | 7037856  |
| Quest Diagnostics Inc.<sup>(a)</sup> | 40000 | 7185200  |
| UnitedHealth Group, Inc. | 25000 | 7799250  |
|  |  | 22022306  |

---

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

1<br>

------

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

**The Olstein All Cap Value Fund** 

**Schedule of Investments** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Household Durables - 1.2%**<br>|  |  |
| Mohawk Industries, Inc.<sup>(b)</sup> | 55582 | $5827217  |
| **Household Products - 2.1%**<br>|  |  |
| Kimberly-Clark Corporation | 35000 | 4512200  |
| Reynolds Consumer Products, Inc. | 285550 | 6116481  |
|  |  | 10628681  |
| **Industrial Conglomerates - 1.0%**<br>|  |  |
| Honeywell International, Inc. | 21500 | 5006920  |
| **Industrial Equipment Wholesale - 1.4%** | **Industrial Equipment Wholesale - 1.4%** | **Industrial Equipment Wholesale - 1.4%** |
| WESCO International, Inc. | 38400 | 7111680  |
| **Insurance - 3.3%**<br>|  |  |
| Chubb Ltd. | 17000 | 4925240  |
| Travelers Companies, Inc. | 24000 | 6420960  |
| Willis Towers Watson PLC | 16500 | 5057250  |
|  |  | 16403450  |
| **Interactive Media & Services - 0.7%**<br>|  |  |
| Meta Platforms, Inc. - Class A | 4500 | 3321405  |
| **Internet Software & Services - 1.0%**<br>|  |  |
| Alphabet, Inc. - Class C | 27500 | 4878225  |
| **IT Services - 2.5%**<br>|  |  |
|  Fidelity National Information Services, Inc. | 88000 | 7164080  |
| SS&C Technologies Holdings, Inc. | 65000 | 5382000  |
|  |  | 12546080  |
| **Machinery - 5.7%**<br>|  |  |
| Cummins, Inc. | 13500 | 4421250  |
| Deere & Company | 7000 | 3559430  |
| Dover Corporation | 29500 | 5405285  |
| Fortive Corporation | 81500 | 4248595  |
| Middleby Corporation<sup>(a)(b)</sup> | 34962 | 5034528  |
| Stanley Black & Decker, Inc.<sup>(a)</sup> | 86000 | 5826500  |
|  |  | 28495588  |
| **Media - 4.0%**<br>|  |  |
| Comcast Corporation - Class A | 167000 | 5960230  |
| Walt Disney Company | 112000 | 13889120  |
|  |  | 19849350  |
| **Pharmaceuticals - 4.0%**<br>|  |  |
| Avantor, Inc.<sup>(b)</sup> | 557000 | 7497220  |
| Johnson & Johnson | 61000 | 9317750  |
| Thermo Fisher Scientific, Inc. | 8000 | 3243680  |
|  |  | 20058650  |
|  **Real Estate Management & Development - 2.5%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(b)</sup> | 47190 | 6612263  |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> | 23000 | 5882940  |
|  |  | 12495203  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Restaurants - 0.9%**<br>|  |  |
| Dine Brands Global, Inc. | 177000 | $4306410  |
|  **Semiconductors & Semiconductor Equipment - 3.2%**<br>|  |  |
| Kulicke and Soffa Industries, Inc. | 143928 | 4979909  |
| ON Semiconductor Corporation<sup>(b)</sup> | 105000 | 5503050  |
| Texas Instruments, Inc. | 26500 | 5501930  |
|  |  | 15984889  |
| **Software - 1.8%**<br>|  |  |
| Adobe Systems Inc.<sup>(b)</sup> | 10000 | 3868800  |
| Microsoft Corporation | 10000 | 4974100  |
|  |  | 8842900  |
| **Telecommunications - 1.0%**<br>|  |  |
| Corning, Inc. | 99000 | 5206410  |
| **Textiles, Apparel & Luxury Goods - 1.4%** | **Textiles, Apparel & Luxury Goods - 1.4%** | **Textiles, Apparel & Luxury Goods - 1.4%** |
| NIKE, Inc. - Class B | 101000 | 7175040  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $420,996,874)** |  | 482738400  |
| **SHORT-TERM INVESTMENTS - 8.8%** | **SHORT-TERM INVESTMENTS - 8.8%** | **SHORT-TERM INVESTMENTS - 8.8%** |
| &nbsp;&nbsp;&nbsp; **Investments Purchased with Proceeds** <br>**from Securities Lending - 5.6%** | &nbsp;&nbsp;&nbsp; **Investments Purchased with Proceeds** <br>**from Securities Lending - 5.6%** | &nbsp;&nbsp;&nbsp; **Investments Purchased with Proceeds** <br>**from Securities Lending - 5.6%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.46%<sup>(c)</sup> | 27831270 | 27831270  |
| **Money Market Funds - 3.2%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.26%<sup>(c)</sup> | 16168646 | 16168646  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $43,999,916)** |  | 43999916  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.4%** <br>**(Cost $464,996,790)** |  | $526738316  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.2%<sup>(d)</sup> |  | 850981  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (5.6)% |  | (27961582)  |
| **TOTAL NET ASSETS - 100.0%** |  | $499627715 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $27,231,853.

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

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> 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 June 30, 2025 was 4.11%. 

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

2<br>

------

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

**The Olstein Strategic Opportunities Fund** 

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.5%**<br>|  |  |
| **Auto Components - 1.9%**<br>|  |  |
| Miller Industries, Inc. | 21500 | $955890  |
| **Auto Manufacturers - 4.3%**<br>|  |  |
| Blue Bird Corporation<sup>(a)(b)</sup> | 51000 | 2201160  |
| **Banks - 2.4%**<br>|  |  |
| First Hawaiian, Inc. | 49000 | 1223040  |
| **Commercial Banks - 6.8%**<br>|  |  |
| Citizens Financial Group, Inc. | 31000 | 1387250  |
| Home BancShares, Inc. | 42500 | 1209550  |
| Prosperity Bancshares, Inc. | 13000 | 913120  |
|  |  | 3509920  |
| **Commercial Services & Supplies - 7.2%** | **Commercial Services & Supplies - 7.2%** | **Commercial Services & Supplies - 7.2%** |
| ABM Industries, Inc. | 37561 | 1773255  |
| Brady Corporation - Class A | 13000 | 883610  |
| Korn Ferry | 13950 | 1022953  |
|  |  | 3679818  |
| **Distributors - 2.2%**<br>|  |  |
| LKQ Corporation<sup>(b)</sup> | 31000 | 1147310  |
| **Diversified Financial Services - 3.6%**<br>|  |  |
| Invesco Ltd. | 119000 | 1876630  |
|  **Electronic Equipment, Instruments & Components - 7.5%**<br>|  |  |
| Vishay Intertechnology, Inc. | 112000 | 1778560  |
| Vontier Corporation | 57000 | 2103300  |
|  |  | 3881860  |
| **Electronics - 4.8%**<br>|  |  |
| Sensata Technologies Holding PLC | 81400 | 2450954  |
| **Energy Equipment & Services - 1.0%**<br>|  |  |
| NOV, Inc.<sup>(b)</sup> | 42000 | 522060  |
| **Health Care Equipment & Supplies - 2.1%** | **Health Care Equipment & Supplies - 2.1%** | **Health Care Equipment & Supplies - 2.1%** |
| Zimmer Biomet Holdings, Inc. | 12000 | 1094520  |
| **Health Care Products - 3.2%**<br>|  |  |
|  Integra LifeSciences Holdings Corporation<sup>(a)</sup> | 135000 | 1656450  |
| **Health Care Providers & Services - 1.0%** | **Health Care Providers & Services - 1.0%** | **Health Care Providers & Services - 1.0%** |
| Progyny, Inc.<sup>(a)</sup> | 24000 | 528000  |
| **Household Durables - 6.4%**<br>|  |  |
|  Central Garden & Pet Company - Class A<sup>(a)(b)</sup> | 55000 | 1720950  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 15000 | 1572600  |
|  |  | 3293550  |
| **Household Products - 1.5%**<br>|  |  |
| Reynolds Consumer Products, Inc. | 36450 | 780759  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrial Equipment Wholesale - 2.7%** | **Industrial Equipment Wholesale - 2.7%** | **Industrial Equipment Wholesale - 2.7%** |
| WESCO International, Inc. | 7500 | $1389000  |
| **Machinery - 20.9%**<br>|  |  |
| AGCO Corporation<sup>(b)</sup> | 9979 | 1029434  |
| Douglas Dynamics, Inc. | 44000 | 1296680  |
| Gates Industrial Corporation PLC<sup>(a)</sup> | 95000 | 2187850  |
| Graham Corporation<sup>(a)</sup> | 17000 | 841670  |
| Middleby Corporation<sup>(a)(b)</sup> | 7500 | 1080000  |
| Shyft Group, Inc. | 193000 | 2420220  |
| Tennant Company | 11650 | 902642  |
| Timken Company<sup>(b)</sup> | 13500 | 979425  |
|  |  | 10737921  |
| **Pharmaceuticals - 5.1%**<br>|  |  |
| Avantor, Inc.<sup>(a)</sup> | 122000 | 1642120  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 12000 | 958200  |
|  |  | 2600320  |
| **Professional Services - 1.9%**<br>|  |  |
| First Advantage Corporation<sup>(a)(b)</sup> | 58000 | 963380  |
|  **Real Estate Management & Development - 5.5%**<br>|  |  |
| Cushman & Wakefield PLC<sup>(a)</sup> | 141000 | 1560870  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 5000 | 1278900  |
|  |  | 2839770  |
| **Restaurants - 3.7%**<br>|  |  |
| Dine Brands Global, Inc. | 79000 | 1922070  |
|  **Semiconductors & Semiconductor Equipment - 2.8%**<br>|  |  |
| Kulicke and Soffa Industries, Inc. | 42072 | 1455691  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $45,740,713)** |  | 50710073  |
| **SHORT-TERM INVESTMENTS - 14.8%** | **SHORT-TERM INVESTMENTS - 14.8%** | **SHORT-TERM INVESTMENTS - 14.8%** |
|  **Investments Purchased with Proceeds from Securities Lending - 13.1%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.46%<sup>(c)</sup> | 6755762 | 6755762  |
| **Money Market Funds - 1.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.26%<sup>(c)</sup> | 866134 | 866134  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $7,621,896)** |  | 7621896  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.3%** <br>**(Cost $53,362,609)** |  | $58331969  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.1%<sup>(d)</sup> |  | 45586  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (13.4)% |  | (6901565)  |
| **TOTAL NET ASSETS - 100.0%** |  | $51475990 |

---

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

3<br>

------

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

**The Olstein Strategic Opportunities Fund** 

**Schedule of Investments** 

**June 30, 2025 (Continued)** 

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

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

<sup>(b)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $6,636,838.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> 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 June 30, 2025 was 4.11%.

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

4<br>

------

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

**THE OLSTEIN FUNDS** 

**Statements of Assets and Liabilities** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **The Olstein** <br>**All Cap** <br>**Value Fund** | **The Olstein** <br>**Strategic** <br>**Opportunities** <br>**Fund**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | $526738316 | $58331969  |
| Dividends receivable | 871028 | 59335  |
| Cash - money market deposit account | 850981 | 45586  |
| Receivable for investments sold | 177248 | 63088  |
| Interest receivable | 57851 | 4657  |
| Dividend tax reclaims receivable | 18705 | —  |
| Securities lending income receivable | 2572 | 545  |
| Receivable for fund shares sold | 350 | —  |
| Prepaid expenses and other assets | 18067 | 17082  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 528735118 | 58522262  |
| **LIABILITIES:**<br>|  |  |
| Payable upon return of securities loaned | 27831270 | 6755762  |
| Payable for capital shares redeemed | 635224 | 165378  |
| Payable to adviser | 406263 | 31362  |
| Payable for transfer agent fees & expenses | 71330 | 24378  |
| Payable for distribution fees | 67975 | 6409  |
| Payable for fund administration & accounting fees | 43305 | 18685  |
| Payable for audit fees | 22746 | 22991  |
| Payable for trustees' fees | 5849 | 5523  |
| Payable for custodian fees | 5429 | 695  |
| Payable for compliance fees | 2087 | 2087  |
| Payable for expenses and other liabilities | 15925 | 13002  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 29107403 | 7046272  |
| **NET ASSETS** | $499627715 | $51475990  |
| **NET ASSETS CONSISTS OF:**<br>|  |  |
| Paid-in capital | $414721197 | $47765558  |
| Total distributable earnings | 84906518 | 3710432  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $499627715 | $51475990  |
| **Adviser Class**<br>|  |  |
| Net assets | $216642235 | $26904098  |
| Shares issued and outstanding<sup>(a)</sup> | 8031225 | 1309093  |
| Net asset value per share | $26.97 | $20.55  |
| **Class A**<br>|  |  |
| Net assets | $265237838 | $22145440  |
| Shares issued and outstanding<sup>(a)</sup> | 9964339 | 1102226  |
| Net asset value per share | $26.62 | $20.09  |
|  Max offering price per share (Net asset value per share divided by 0.945 and <br>0.945)<sup>(b)</sup> | $28.17 | $21.26  |

---

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

5<br>

------

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

**THE OLSTEIN FUNDS** 

**Statements of Assets and Liabilities** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **The Olstein** <br>**All Cap** <br>**Value Fund** | **The Olstein** <br>**Strategic** <br>**Opportunities** <br>**Fund**  |
| **Class C**<br>|  |  |
| Net assets | $17747642 | $2426452  |
| Shares issued and outstanding<sup>(a)</sup> | 980495 | 144253  |
| Net asset value per share<sup>(c)</sup> | $18.10 | $16.82  |
| **COST:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $464996790 | $53362609  |
| **LOANED SECURITIES:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $27231853 | $6636838 |

---

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

<sup>(b)</sup> Reflects a maximum sales charge of 5.50% and 5.50%

<sup>(c)</sup> May be subject to a contingent deferred sales charge of 1.00% on certain shares redeemed within 12 months of purchase of Class C Shares. 

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

6<br>

------

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

**THE OLSTEIN FUNDS** 

**Statements of Operations** 

**For the Year Ended June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **The Olstein** <br>**All Cap** <br>**Value Fund** | **The Olstein** <br>**Strategic** <br>**Opportunities** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | $9862009 | $1122311  |
| Interest income | 1637846 | 118872  |
| Securities lending income, net | 29359 | 9060  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 11529214 | 1250243  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee (See Note 4) | 5309140 | 678185  |
| Distribution expenses - Class A (See Note 5) | 690039 | 59332  |
| Distribution expenses - Class C (See Note 5) | 209613 | 34925  |
| Transfer agent fees (See Note 4) | 390608 | 133835  |
| Fund administration and accounting fees (See Note 4) | 284915 | 138466  |
| Federal and state registration fees | 50044 | 44846  |
| Custodian fees (See Note 4) | 36049 | 4918  |
| Trustees' fees | 23376 | 22392  |
| Audit fees | 22746 | 22993  |
| Legal fees | 16877 | 16878  |
| Compliance fees (See Note 4) | 12505 | 12505  |
| Other expenses and fees | 43555 | 20427  |
| &nbsp;&nbsp;&nbsp; Total expenses | 7089467 | 1189702  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser (See Note 4) |  | (179895)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 7089467 | 1009807  |
| **NET INVESTMENT INCOME** | 4439747 | 240436  |
| **REALIZED AND UNREALIZED GAIN** <br>|  |  |
| Net realized gain from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 38076935 | 1139996  |
| Net realized gain | 38076935 | 1139996  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | (6324857) | (763932)  |
| Net change in unrealized appreciation (depreciation) | (6324857) | (763932)  |
| **Net realized and unrealized gain** | 31752078 | 376064  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $36191825 | $616500 |

---

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

7<br>

------

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

**THE OLSTEIN FUNDS** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Olstein All** <br>**Cap Value Fund** | **The Olstein All** <br>**Cap Value Fund** | **The Olstein Strategic** <br>**Opportunities Fund**  | **The Olstein Strategic** <br>**Opportunities Fund**  |
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $4439747 | $5862606 | $240436 | $343432  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 38076935 | 30885448 | 1139996 | 3376326  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (6324857) | (4480530) | (763932) | (814182)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 36191825 | 32267524 | 616500 | 2905576  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp; From earnings - Adviser Class | (18867294) | (3098655) | (2842035) | (232788)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (21535241) | (2488300) | (1598066) | (25701)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (2155968) | (36970) | (272180) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (42558503) | (5623925) | (4712281) | (258489)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Adviser Class | 3296190 | 4972908 | 3829361 | 6929078  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Adviser Class | 18379123 | 3032624 | 2683930 | 222759  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Adviser Class | (35040652) | (55432965) | (29416154) | (10045206)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 5337698 | 6523907 | 1404953 | 2557372  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | 18571020 | 2059336 | 1335555 | 20890  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (30312993) | (46950098) | (4068318) | (6821562)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 336305 | 507250 | 14795 | 61691  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | 2095493 | 34763 | 271458 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (8548752) | (11401219) | (1909497) | (2561966)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets from capital transactions** | (25886568) | (96653494) | (25853917) | (9636944)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (32253246) | (70009895) | (29949698) | (6989857)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 531880961 | 601890856 | 81425688 | 88415545  |
| &nbsp;&nbsp;&nbsp; End of the year | $499627715 | $531880961 | $51475990 | $81425688  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Adviser Class | 120163 | 189955 | 182544 | 326317  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Adviser Class | 657101 | 121208 | 117820 | 10984  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Adviser Class | (1281596) | (2155454) | (1370259) | (474028)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 197396 | 257794 | 68077 | 121791  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | 671889 | 83206 | 59890 | 1050  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (1108037) | (1813594) | (196292) | (326588)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 17876 | 28038 | 952 | 3431  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | 111049 | 1989 | 14478 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (451914) | (636355) | (108201) | (144501)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1066073) | (3923213) | (1230991) | (481544) |

---

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

8<br>

------

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

**The Olstein All Cap Value Fund** 

**Financial Highlights** 

**Adviser Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $27.25 | $25.92 | $25.37 | $34.54 | $21.51  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.28 | 0.32 | 0.24 | 0.09 | 0.06  |
|  Net realized and unrealized gain (loss) on investments | 1.71 | 1.33 | 2.07 | (4.81)<sup>(b)</sup> | 13.13<sup>(b)</sup>  |
| **Total from investment operations** | 1.99 | 1.65 | 2.31 | (4.72) | 13.19  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.30) | (0.32) |  |  | (0.16)  |
| Net realized gains | (1.97) |  | (1.76) | (4.45) | —  |
| **Total distributions** | (2.27) | (0.32) | (1.76) | (4.45) | (0.16)  |
| **Net asset value, end of year** | $26.97 | $27.25 | $25.92 | $25.37 | $34.54  |
| TOTAL RETURN | 7.05% | 6.48% | 9.57% | -15.76% | 61.49%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $216642 | $232593 | $269031 | $262284 | $322350  |
| Ratio of expenses to average net assets | 1.17% | 1.17% | 1.16% | 1.16% | 1.14%  |
|  Ratio of net investment income to average net assets | 1.01% | 1.23% | 0.96% | 0.29% | 0.20%  |
| Portfolio turnover rate | 38% | 27% | 32% | 43% | 42% |

---

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

<sup>(b)</sup> Net 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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

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

9<br>

------

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

**The Olstein All Cap Value Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $26.92 | $25.57 | $25.11 | $34.32 | $21.40  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.21 | 0.25 | 0.18 | 0.01 | (0.01)  |
|  Net realized and unrealized gain (loss) on investments | 1.69 | 1.32 | 2.04 | (4.77)<sup>(b)</sup> | 13.06  |
| **Total from investment operations** | 1.90 | 1.57 | 2.22 | (4.76) | 13.05  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.23) | (0.22) |  |  | (0.13)  |
| Net realized gains | (1.97) |  | (1.76) | (4.45) | —  |
| **Total distributions** | (2.20) | (0.22) | (1.76) | (4.45) | (0.13)  |
| **Net asset value, end of year** | $26.62 | $26.92 | $25.57 | $25.11 | $34.32  |
| TOTAL RETURN<sup>(c)</sup> | 6.75% | 6.23% | 9.30% | -15.99% | 61.15%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $265238 | $274620 | $298532 | $293747 | $142863  |
| Ratio of expenses to average net assets | 1.42% | 1.42% | 1.41% | 1.42% | 1.39%  |
|  Ratio of net investment income (loss) to average net assets | 0.76% | 0.98% | 0.71% | 0.03% | (0.05)%  |
| Portfolio turnover rate | 38% | 27% | 32% | 43% | 42% |

---

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

<sup>(b)</sup> Net 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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Total return does not reflect sales charge. 

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

10<br>

------

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

**The Olstein All Cap Value Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $18.92 | $17.97 | $18.29 | $26.38 | $16.53  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.00<sup>(b)</sup> | 0.04 | (0.01) | (0.18) | (0.17)  |
|  Net realized and unrealized gain (loss) on investments | 1.21<sup>(c)</sup> | 0.93 | 1.45<sup>(c)</sup> | (3.46) | 10.06  |
| **Total from investment operations** | 1.21 | 0.97 | 1.44 | (3.64) | 9.89  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.06) | (0.02) |  |  | (0.04)  |
| Net realized gains | (1.97) |  | (1.76) | (4.45) | —  |
| **Total distributions** | (2.03) | (0.02) | (1.76) | (4.45) | (0.04)  |
| **Net asset value, end of year** | $18.10 | $18.92 | $17.97 | $18.29 | $26.38  |
| TOTAL RETURN<sup>(d)</sup> | 5.98% | 5.43% | 8.46% | -16.62% | 59.89%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $17748 | $24668 | $34328 | $40368 | $289103  |
| Ratio of expenses to average net assets | 2.17% | 2.17% | 2.16% | 2.15% | 2.14%  |
|  Ratio of net investment income (loss) to average net assets | 0.01% | 0.23% | (0.04)% | (0.70)% | (0.80)%  |
| Portfolio turnover rate | 38% | 27% | 32% | 43% | 42% |

---

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

<sup>(b)</sup> Amount represents less than $0.005 per share.

<sup>(c)</sup> Net 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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(d)</sup> Total return does not reflect sales charges. 

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

11<br>

------

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

**The Olstein Strategic Opportunities Fund** 

**Financial Highlights** 

**Adviser Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $21.88 | $21.17 | $18.32 | $27.89 | $15.39  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.11 | 0.12 | 0.08 | (0.03) | (0.10)  |
|  Net realized and unrealized gain (loss) on investments | 0.06 | 0.69 | 3.09 | (7.03) | 12.60  |
| **Total from investment operations** | 0.17 | 0.81 | 3.17 | (7.06) | 12.50  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.14) | (0.10) |  |  | —  |
| Net realized gains | (1.36) |  | (0.32) | (2.51) | —  |
| **Total distributions** | (1.50) | (0.10) | (0.32) | (2.51) | —  |
| **Net asset value, end of year** | $20.55 | $21.88 | $21.17 | $18.32 | $27.89  |
| TOTAL RETURN | 0.10% | 3.85% | 17.41% | -27.65% | 81.22%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $26904 | $52041 | $53267 | $52137 | $92191  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.61% | 1.52% | 1.48% | 1.36% | 1.43%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.35% | 1.35% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets | 0.49% | 0.55% | 0.40% | (0.14)% | (0.43)%  |
| Portfolio turnover rate | 24% | 32% | 26% | 32% | 47% |

---

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

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

12<br>

------

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

**The Olstein Strategic Opportunities Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $21.42 | $20.70 | $17.97 | $27.47 | $15.19  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.05 | 0.06 | 0.03 | (0.09) | (0.15)  |
|  Net realized and unrealized gain (loss) on investments | 0.07 | 0.68 | 3.02 | (6.90) | 12.43  |
| **Total from investment operations** | 0.12 | 0.74 | 3.05 | (6.99) | 12.28  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.09) | (0.02) |  |  | —  |
| Net realized gains | (1.36) |  | (0.32) | (2.51) | —  |
| **Total distributions** | (1.45) | (0.02) | (0.32) | (2.51) | —  |
| **Net asset value, end of year** | $20.09 | $21.42 | $20.70 | $17.97 | $27.47  |
| TOTAL RETURN<sup>(b)</sup> | -0.13% | 3.58% | 17.08% | -27.83% | 80.84%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $22145 | $25071 | $28454 | $25917 | $31827  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.88% | 1.77% | 1.73% | 1.62% | 1.70%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.60% | 1.60% | 1.60% | 1.60% | 1.60%  |
|  Ratio of net investment income (loss) to average net assets | 0.24% | 0.30% | 0.15% | (0.39)% | (0.68)%  |
| Portfolio turnover rate | 24% | 32% | 26% | 32% | 47% |

---

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

<sup>(b)</sup> Total return does not reflect sales charges. 

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

13<br>

------

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

**The Olstein Strategic Opportunities Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $18.20 | $17.71 | $15.52 | $24.25 | $13.52  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.09) | (0.08) | (0.10) | (0.24) | (0.28)  |
|  Net realized and unrealized gain (loss) on investments | 0.07<sup>(b)</sup> | 0.57<sup>(b)</sup> | 2.61<sup>(b)</sup> | (5.98) | 11.01  |
| **Total from investment operations** | (0.02) | 0.49 | 2.51 | (6.22) | 10.73  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net realized gains | (1.36) |  | (0.32) | (2.51) | —  |
| **Total distributions** | (1.36) |  | (0.32) | (2.51) | —  |
| **Net asset value, end of year** | $16.82 | $18.20 | $17.71 | $15.52 | $24.25  |
| TOTAL RETURN<sup>(c)</sup> | -0.89% | 2.77% | 16.29% | -28.38% | 79.36%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $2426 | $4313 | $6695 | $7341 | $16515  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 2.61% | 2.52% | 2.48% | 2.35% | 2.46%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 2.35% | 2.35% | 2.35% | 2.35% | 2.35%  |
|  Ratio of net investment income (loss) to average net assets | (0.51)% | (0.44)% | (0.60)% | (1.14)% | (1.43)%  |
| Portfolio turnover rate | 24% | 32% | 26% | 32% | 47% |

---

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

<sup>(b)</sup> Net 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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Total return does not reflect sales charges. 

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

14<br>

------

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

**THE OLSTEIN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025** 

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 Olstein All Cap Value Fund ("All Cap Value Fund") and Olstein Strategic Opportunities Fund ("Strategic Fund") (each a "Fund" and collectively, the "Funds") are each a diversified series with their own investment objectives and policies within the Trust. The investment objective of each Fund is long-term capital appreciation with a secondary objective of income. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*. Each Fund offers three different share classes – Adviser Class, Class A, and Class C. The All Cap Value Fund commenced operations on September 21, 1995. The Class C shares commenced operations on September 21, 1995, the Adviser Class shares commenced operations on September 1, 1999, and the Class A shares commenced operations on September 17, 2018. The Strategic Fund commenced operations on November 1, 2006. The Class A shares and Class C shares each commenced operations on November 1, 2006 and the Adviser Class shares commenced operations on May 11, 2015. Each class of shares has identical rights and privileges except with respect to distribution fees and voting rights on matters affecting a single share class. Class A shares are subject to a front-end sales charge of up to 5.50% and a 0.25% Rule 12b-1 distribution and servicing fee. Class C shares may be subject to a deferred sales charge of up to 1.00% and are subject to a 1.00% Rule 12b-1 distribution and servicing fee. The Funds may issue an unlimited number of shares of beneficial interest without par value.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in 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 Funds comply with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income or excise tax provision is required. As of and during the year ended June 30, 2025, the Funds did not have any tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority. As of and during the year ended June 30, 2025, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. As of and during the year ended June 30, 2025, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. tax authorities for tax years prior to the fiscal year ended June 30, 2022.** 

**Security Transactions, Income and Distributions – The Funds follow industry practice and record 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. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' 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.**

The Funds distribute substantially all net investment income and net realized capital gains, if any, at least 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 on net asset value ("NAV") per share of the Funds.

15<br>

------

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

**THE OLSTEIN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025(Continued)** 

For the year ended June 30, 2025 the following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Total** <br>**Distributable** <br>**Earnings** | **Paid in** <br>**Capital**  |
| All Cap Value | (3640927) | 3640927  |
| Strategic Fund | (168880) | 168880 |

---

These adjustments were due to the use of equalization for both Funds and distribution reclassification in the Strategic Fund.

**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 Funds are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of each 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 an annual rate of 0.25% and 1.00% of the Class A shares and Class C shares average daily net assets, respectively (See Note 5). 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.** 

**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.** 

**New Accounting Pronouncements – In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280)*: *Improvements to Reportable Segment Disclosures ("ASU 2023-07")*. This change 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 ("CODM"), 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 Funds. The Funds operate as a single segment entity. The Funds' income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

3. SECURITIES VALUATION

The Funds have 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 Funds have 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.  |

---

16<br>

------

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

**THE OLSTEIN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025(Continued)** 

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' 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 each Fund's major categories of assets and liabilities measured at fair value on a recurring basis. Each Fund's investments are carried at fair value.

**Short-Term Investments – Investments in other mutual funds, including money market funds, are valued at their NAV per share. Deposit accounts are valued at acquisition cost, which approximates fair value. 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.** 

**Cash & Cash Equivalents – Cash and cash equivalents include short-term, liquid investments with an original maturity of three months or less. These balances may exceed FDIC insured limits.**

**Equity Securities – Equity 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. If the market for a particular security is not active, and the mean between bid and ask prices is used, these securities are categorized in Level 2 of the fair value hierarchy.** 

The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Funds and their Valuation Designee (as defined below) in calculating each Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have designated Olstein Capital Management, L.P. (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, 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 tables are a summary of the inputs used to value each Fund's securities as of June 30, 2025:

**All Cap Value Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Uncategorized**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks | $— | $482738400 | $— | $— | $482738400  |
| Short-Term Investment |  | 16168646 |  |  | 16168646  |
|  Investments Purchased with the Cash Proceeds from Securities Lending<sup>\*</sup> | 27831270 |  |  |  | 27831270  |
| **Total Investment in Securities** | $27831270 | $498907046 | $— | $— | $526738316 |

---

17<br>

------

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

**THE OLSTEIN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025(Continued)** 

**Strategic Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Uncategorized**  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks | $— | $50710073 | $— | $— | $50710073  |
| Short-Term Investment |  | 866134 |  |  | 866134  |
|  Investments Purchased with the Cash Proceeds from Securities Lending<sup>\*</sup> | 6755762 |  |  |  | 6755762  |
| **Total Investment in Securities** | $6755762 | $51576207 | $— | $— | $58331969 |

---

\* Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been characterized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Statements of Assets and Liabilities. See Note 9 for additional information regarding securities lending activity. 

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

4. INVESTMENT ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS

The Trust has an agreement with the Adviser to furnish investment advisory services to the Funds. For its services, the All Cap Value Fund pays the Adviser a monthly management fee of 1.00% of the Fund's average daily net assets up to $1 billion, 0.95% of the Fund's average daily net assets on the next $500 million, 0.90% of the Fund's average daily net assets on the next $500 million, 0.85% of the Fund's average daily net assets on the next $500 million, 0.80% of the Fund's average daily net assets on the next $500 million, and 0.75% of the Fund's average daily net assets in excess of $3 billion. The Strategic Fund pays the Adviser a monthly management fee of 1.00% of the Fund's average daily net assets.

The Adviser has contractually agreed to waive a portion or all of its management fees and reimburse the Strategic Fund for its expenses to ensure that total operating expenses (excluding Rule 12b-1 fees, acquired fund fees and expenses, leverage, interest, taxes, brokerage commissions and extraordinary expenses), based upon the average daily net assets of the Fund, do not exceed an annual rate of 1.35%.

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 or reimbursement occurred. The Operating Expense Limitation Agreement for the Strategic Fund is indefinite in term but cannot be terminated within a year after the effective date of the prospectus. After that date, the agreement may be terminated at any time upon 60 days' written notice by the Board or the Adviser, with the consent of the Board. Waived fees subject to potential recovery by month of expiration are as follows:

---

| | |
|:---|:---|
| **Expiration – Strategic Fund** |  |
| July 2025 – June 2026 | $110808  |
| July 2026 – June 2027 | 142516  |
| July 2027 – June 2028 | 179895 |

---

U.S. Bancorp Fund Services, LLC (the "Administrator"), doing business as U.S. Bank Global Fund Services, acts as the Funds' Administrator, Transfer Agent, and Fund Accountant. U.S. Bank N.A. (the "Custodian") serves as the Custodian to the Funds. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Custodian; coordinates the payment of the Funds' expenses and reviews the Funds' 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 Funds, subject to annual minimums. Fees paid by the Funds for administration and accounting, transfer agency, custody and compliance services for the year ended June 30, 2025, are disclosed in the Statements of Operations.

18<br>

------

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

**THE OLSTEIN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025(Continued)** 

5. DISTRIBUTION COSTS

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan") in Class A and Class C only. The Plan permits the Funds to pay for distribution and related expenses at an annual rate of 0.25% and 1.00% of Class A and Class C average daily net assets, respectively. 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 Funds. For the year ended June 30, 2025, the All Cap Value Fund and Strategic Fund incurred expenses of $690,039 and $59,332, respectively in Class A pursuant to the Plan. The All Cap Value Fund and Strategic Fund also incurred additional expenses of $209,613 and $34,925, respectively in Class C.

6. INVESTMENT TRANSACTIONS

The aggregate purchases and sales, excluding short-term investments, by Fund for the year ended June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **U.S. Government Securities** | **U.S. Government Securities** | **Other Securities**  | **Other Securities**  |
| **Fund** | **Purchases** | **Sales** | **Purchases** | **Sales**  |
| All Cap Value Fund | $— | $— | $191508113 | $224283068  |
| Strategic Fund |  |  | 15726706 | 43595264 |

---

7. FEDERAL TAX INFORMATION

The aggregate gross unrealized appreciation and depreciation of securities held by the Funds and the total cost of securities for federal income tax purposes at June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Gross** <br>**Appreciation** | **Aggregate Gross** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation** | **Federal Income** <br>**Tax Cost**  |
| All Cap Value Fund | $90492597 | $(29086501) | $61406096 | $465332220  |
| Strategic Fund | 9860176 | (5289700) | 4570476 | 53761493 |

---

Any differences between book-basis and tax-basis unrealized appreciation/depreciation is attributable primarily to the tax deferral of losses on wash sales.

At June 30, 2025, the components of distributable earnings/accumulated loss on a tax-basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed** <br>**Ordinary** <br>**Income** | **Undistributed** <br>**Long-Term** <br>**Capital Gains** | **Other** <br>**Accumulated** <br>**Gains (Losses)** | **Net Unrealized** <br>**Appreciation** | **Total** <br>**Distributable** <br>**Earnings**  |
| All Cap Value Fund | $4439747 | $19060675 | $— | $61406096 | $84906518  |
| Strategic Fund | 29286 |  | (889330) | 4570476 | 3710432 |

---

As of June 30, 2025, the Funds' last completed fiscal year, the Funds did not have any short-term 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 Funds' taxable year subsequent to October 31 and June 30, 2025, respectively. For the taxable year ended June 30, 2025, the Strategic Fund deferred, on a tax basis, qualified late year losses of $889,330.

The tax character of distributions paid for the year ended June 30, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary** <br>**Income<sup>\*</sup>** | **Long-Term** <br>**Capital Gains** | **Total**  |
| All Cap Value Fund | $4816003 | $37742500 | $42558503  |
| Strategic Fund | 448766 | 4263515 | 4712281 |

---

19<br>

------

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

**THE OLSTEIN FUNDS** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025(Continued)** 

The tax character of distributions paid for the year ended June 30, 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary** <br>**Income<sup>\*</sup>** | **Long-Term** <br>**Capital Gains** | **Total**  |
| All Cap Value Fund | $5623925 | $— | $5623925  |
| Strategic Fund | 258489 |  | 258489 |

---

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

9. SECURITIES LENDING

Following the terms of a securities lending agreement with the Fund's Custodian, the Fund may lend securities from its portfolio to brokers, dealers and financial institutions in order to increase the return on its portfolio, primarily through the receipt of borrowing fees and earnings on invested collateral. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to 105% of the value of the loaned securities that are foreign securities or 102% of the value of any other loaned securities marked-to-market daily. Loans shall be marked to market daily and the margin restored in the event the collateralization is below 100% of the value of the securities loaned. During the time securities are on loan, the borrower will pay the applicable Fund any accrued income on those securities, and the Fund may invest the cash collateral and earn income or receive an agreed-upon fee from a borrower that has delivered cash-equivalent collateral. In determining whether or not to lend a security to a particular broker, dealer or financial institution, the Adviser considers all relevant facts and circumstances, including the size, creditworthiness and reputation of the broker, dealer or financial institution. Securities lending involves the risk of a default or insolvency of the borrower. In either of these cases, a Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. A Fund also could lose money in the event of a decline in the value of the collateral provided for loaned securities. Additionally, the loaned portfolio securities may not be available to a Fund on a timely basis and that Fund may therefore lose the opportunity to sell the securities at a desirable price. Any decline in the value of a security that occurs while the security is out on loan would continue to be borne by the applicable Fund. As of June 30, 2025, the All Cap Value Fund had securities on loan with a value of $27,231,853 and collateral value of $27,831,270. The Strategic Fund had securities on loan with a value of $6,636,838 and collateral value of $6,755,762.

The Fund receives cash as collateral in return for securities lent as part of the securities lending program. The collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize current income to the extent consistent with the preservation of capital and liquidity and the maintenance of a stable NAV of $1.00 per unit. The remaining contractual maturity of all securities lending transactions is overnight and continuous. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide the Funds, in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty. The net income earned by the Funds on investments of cash collateral received from borrowers for the securities loaned to them are reflected in the Funds' Statements of Operations. Securities lending income, as disclosed in the Fund's Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to the Custodian as lending agent.

10. LINE OF CREDIT

The All Cap Value Fund and Strategic Fund each has established an unsecured Line of Credit ("LOC") in the amount of $50,000,000 and $15,000,000, respectively, or 33.33% of the fair value of each Fund's unencumbered assets, whichever is less. Each LOC matures on July 17, 2026. These LOCs are intended to provide short-term financing, if necessary, subject to certain restrictions and covenants in connection with shareholder redemptions and other short-term liquidity needs of the Funds. The LOCs are with the Custodian. Interest is charged at the prime rate which was 7.50% as of June 30, 2025. The interest rate during the year was between 7.50% and 8.50%. Each Fund has authorized the Custodian to charge that Fund's accounts for missed payments. For the year ended June 30, 2025, the Funds did not have any borrowing under the LOCs. As of July 18, 2025, the Strategic Fund had a maximum borrowing limit of $10,000,000.

20<br>

------

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

**THE OLSTEIN FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Olstein Funds and

Board of Trustees of Managed Portfolio Series

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Olstein All Cap Value Fund and Olstein Strategic Opportunities Fund (the "Olstein Funds" or the "Funds"), each a series of Managed Portfolio Series, as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2012.

![](cohen_sign01.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

August 27, 2025

21<br>

------

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

**THE OLSTEIN FUNDS** 

**ADDITIONAL INFORMATION** 

**June 30, 2025 (UNAUDITED)** 

**AVAILABILITY OF FUND PORTFOLIO INFORMATION** 

Each Fund files complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. Each Fund's Part F of 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. For information on the Public Reference Room call 1-800-SEC-0330. In addition, each Fund's Part F of Form N-PORT is available without charge upon request by calling 1-800-799-2113.

**AVAILABILITY OF FUND PROXY VOTING INFORMATION** 

A description of the Funds' Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-800-799-2113. Information regarding how the Funds 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 1-800-799-2113, or (2) on the SEC's website at www.sec.gov.

**QUALIFIED DIVIDEND INCOME RECEIVED DEDUCTION** 

For the fiscal year ended June 30, 2025, certain dividends paid by the Funds may be reported as qualified dividend income and may be eligible for taxation at capital gain rates. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00% and 100.00% for the Olstein All Cap Value Fund and Olstein Strategic Opportunities Fund, respectively.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended June 30, 2025 was 100.00% and 100.00% for the Olstein All Cap Value Fund and Olstein Strategic Opportunities Fund, respectively.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) was 0.00% and 0.00% for the Olstein All Cap Value Fund and Olstein Strategic Opportunities Fund, respectively.

**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.

**RENUMERATION 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** 

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT – Olstein Capital Management, L.P.** 

At the regular meeting of the Board of Trustees of Managed Portfolio Series ("Trust") on February 19-20, 2025, the Trust's Board of Trustees ("Board"), including all of the trustees ("Trustees") who are not "interested persons" of the Trust, as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended ("Independent Trustees"), considered and approved the continuation of the Investment Advisory Agreement ("Investment Advisory Agreement") between the Trust and Olstein Capital Management, L.P. ("OCM" or the "Adviser") regarding the Olstein All Cap Value Fund (the "All Cap Value Fund") and the Olstein Strategic Opportunities Fund (the "Strategic Opportunities Fund" and together with the All Cap Value Fund, the "Funds") for an additional one-year term.

Prior to the meeting and at a meeting held on January 7, 2025, the Trustees received and considered information from OCM and the Trust's administrator designed to provide the Trustees with the information necessary to evaluate the continuance of the Investment Advisory Agreement ("Support Materials"). Before voting to approve the continuance of the Investment Advisory Agreement, the Trustees reviewed the Support Materials with Trust management and with counsel to the Independent Trustees, and received a memorandum and advice from such counsel discussing the legal

22<br>

------

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

**THE OLSTEIN FUNDS** 

**ADDITIONAL INFORMATION** 

**June 30, 2025 (UNAUDITED)(Continued)** 

standards for the Trustees' consideration of the renewal of the Investment Advisory Agreement. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations.

In determining whether to continue the Investment Advisory Agreement, the Trustees considered all factors they believed relevant, including the following with respect to each Fund: (1) the nature, extent, and quality of the services provided by OCM with respect to the Fund; (2) the Fund's historical performance as managed by OCM; (3) the costs of the services to be provided by OCM and the profits to be realized by OCM from services rendered to the Fund; (4) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; (5) the extent to which economies of scale may be realized as the Fund grows, and whether the advisory fee for the Fund reflects such economies of scale for the Fund's benefit; and (6) other benefits to OCM resulting from its relationship with the Fund. In their deliberations, the Trustees weighed to varying degrees the importance of the information provided to them and did not identify any particular information that was all-important or controlling. The Board considered this information and made its determinations for each Fund separately and independently of the other Fund.

Based upon the information provided to the Board throughout the course of the year, including a presentation to the Board by representatives from OCM, and the Support Materials, the Board concluded that the overall arrangements between the Trust and OCM set forth in the Investment Advisory Agreement, as the agreement relates to each Fund, continue to be fair and reasonable in light of the services that OCM performs, the investment advisory fees that each Fund pays, and such other matters as the Trustees considered relevant in the exercise of their reasonable business judgment. The material factors and conclusions that formed the basis of the Trustees' determination to approve the continuation of the Investment Advisory Agreement, as it relates to each Fund, are summarized below.

**Nature, Extent and Quality of Services Provided. The Trustees considered the scope of services that OCM provides under the Investment Advisory Agreement with respect to each Fund, noting that such services include, but are not limited to, the following: (1) investing the Fund's assets consistent with the Fund's investment objective and investment policies; (2) determining the portfolio securities to be purchased, sold, or otherwise disposed of and the timing of such transactions; (3) voting proxies, if any, with respect to the Fund's portfolio securities; (4) maintaining the required books and records for transactions effected by OCM on behalf of the Fund; (5) selecting broker-dealers to execute orders on behalf of the Fund; and (6) monitoring and maintaining the Fund's compliance with policies and procedures of the Trust and with applicable securities laws. The Trustees reviewed OCM's financial statements, assets under management and capitalization. In that regard, the Trustees concluded that OCM had sufficient resources to support the management of the Funds. The Trustees noted that OCM has been managing each Fund for a long period of time. The Trustees also considered the experience of the portfolio managers that OCM utilizes in managing each Fund's assets. The Trustees concluded that they were satisfied with the nature, extent and quality of services that OCM provides to each Fund under the Investment Advisory Agreement.** 

**Fund Historical Performance and the Overall Performance of OCM. In assessing the quality of the portfolio management delivered by OCM, the Trustees reviewed the short-term and longer-term performance of each Fund on both an absolute basis and in comparison to an appropriate securities benchmark index, each Fund's Morningstar category ("Category") as well as a smaller sub-set of peer funds ("Cohort"). When reviewing each Fund's performance against its Category and Cohort, the Trustees took into account that the investment objective and strategies of each Fund, as well as the Fund's level of risk tolerance, may differ significantly from funds in its Category and Cohort.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **All Cap Value Fund**. The Trustees considered that the All Cap Value Fund had underperformed its Category and Cohort averages over all periods
 presented ending September 30, 2024. The Trustees also considered that the Fund's Adviser Class had outperformed the Fund's
 benchmark, the Russell 3000 Value Index, over the since-inception period ended September 30, 2024, but had underperformed this benchmark
 and its additional indices for all other periods presented. The Trustees noted that the Fund's other share classes, which have higher
 expenses, did not perform as well against the benchmark as the Adviser Class.

&nbsp;&nbsp;&nbsp;&nbsp;• **Strategic Opportunities Fund**. The Trustees considered that the Strategic Opportunities Fund had underperformed its Category and Cohort averages over all
 periods presented ending September 30, 2024. The Trustees also considered that the Fund had underperformed its benchmark index, the
 Russell 2500 Value Index, and its additional indices for all periods presented ending September 30, 2024.

23<br>

------

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

**THE OLSTEIN FUNDS** 

**ADDITIONAL INFORMATION** 

**June 30, 2025 (UNAUDITED)(Continued)** 

**Cost of Advisory Services and Profitability. The Trustees considered the annual management fee that each Fund pays to OCM under the Investment Advisory Agreement, as well as OCM's profitability analysis for the 12-month period ended September 30, 2024 for services that OCM rendered to each Fund. The Trustees considered the reasonableness of OCM's profits from its service relationship with the Funds. The Trustees also noted favorably that OCM had contractually agreed to waive its management fees and reimburse the Strategic Opportunities Fund for its operating expenses to the extent necessary to ensure that total operating expenses of the Fund do not exceed the amount set forth in the Fund's prospectus. In that regard, the Trustees noted that OCM had waived a portion of its management fee during the most recent fiscal year with respect to the Strategic Opportunities Fund.** 

**Comparative Fee and Expense Data. The Trustees considered a comparative analysis of contractual expenses borne by each Fund and those of funds in the Category and Cohort. The Trustees noted that the All Cap Value Fund's management fee and total expenses (after waivers and expense reimbursements) were each higher than the Category and Cohort averages. The Trustees also noted that the Strategic Opportunities Fund's management fee and total expenses (after waivers and expense reimbursements) were each higher than the Category and Cohort averages. The Trustees further took into account that the average net assets of a majority of the funds comprising the Cohort, as well as the Category average, were higher than the assets of the Strategic Opportunities Fund.** 

While recognizing that it is difficult to compare advisory fees because the scope of advisory services provided may vary from one investment adviser to another, the Trustees concluded that OCM's advisory fee with respect to each Fund continues to be reasonable.

**Economies of Scale. The Trustees considered whether the Funds would benefit from any economies of scale, noting that the management fee for the All Cap Value Fund includes breakpoints once the Fund reaches $1 billion in assets. The Trustees also took into account that the Strategic Opportunities Fund's management fee did not have breakpoints. Given the current size of the Strategic Opportunities Fund the Trustees concluded that it is not necessary to consider the implementation of fee breakpoints at the present time, but noted that OCM would revisit this issue in the future as circumstances change and asset levels increase.** 

**Other Benefits. The Trustees considered the direct and indirect benefits that could be realized by OCM and its affiliates from their respective relationships with the Funds. The Trustees noted that OCM utilizes soft dollar arrangements with respect to portfolio transactions. The Trustees also noted that OCM is reimbursed under the Trust's 12b-1 plan for a portion of the expenses incurred in connection with distribution-related activities of OCM personnel and related expenses incurred by OCM, and OCM personnel maintain broker-dealer licenses with the Funds' distributor. The Trustees considered that OCM may receive some form of reputational benefit from services rendered to the Funds, but that such benefits are immaterial and cannot otherwise be quantified.** 

24<br>

------

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

**INVESTMENT ADVISER** 

Olstein Capital Management, L.P.

4 Manhattanville Road, Suite 204

Purchase, New York 10577

**DISTRIBUTOR** 

Quasar Distributors, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

**CUSTODIAN** 

U.S. Bank N.A.

1555 North Rivercenter Drive, Suite 302

Milwaukee, Wisconsin 53212

**ADMINISTRATOR, FUND ACCOUNTANT** 

**AND TRANSFER AGENT** 

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 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 is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information

regarding the Funds' risks, objectives, fees and expenses, experience of its management,

and other information.

The Funds' Statement of Additional Information contains additional information about the Funds' trustees and is

available without charge upon request by calling 1-800-799-2113.

&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>**

See Item 7(a).

**<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.* 1) "Filed herewith"](of-efp16970_ex99code.htm)

&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.](of-efp16970_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.](of-efp16970_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.

(Registrant) Managed Portfolio Series

---

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

---

Date <u>September 3, 2025</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>September 3, 2025</u>

---

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

---

Date <u>September 3, 2025</u>

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

## Ex-99.Code

**EX.99.CODE ETH**

**MANAGED PORTFOLIO SERIES**

**Code of Ethics for Principal Officers**

**April 6, 2011**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Managed Portfolio Series (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The principles and responsibilities set forth below shall govern the professional conduct of the Principal Officers.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **HONEST AND ETHICAL CONDUCT** 

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust (the "Board"), and, in addition, to any other appropriate person or entity that may reasonably be expected address any conflict of interest in timely and expeditious manner.

No Principal Officer shall:

• use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Principal Officer would benefit personally to the detriment of the Fund;

• cause a Fund to take action, or fail to take action, for the individual personal benefit of the Principal Officer rather than the benefit of the Fund; or

• retaliate against any other Principal Officer or any employee of the Trust or its service providers for reports of potential violations by the Trust, its service providers or the Principal Officer that are made in good faith.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without knowingly misrepresenting material facts about the Trust to others, whether within or outside the Trust, including the Trust's Board and auditors, and governmental regulators and self-regulatory organizations or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **FINANCIAL RECORDS AND REPORTING** 

The Principal Officers should familiarize themselves with the public disclosure requirements applicable to the Trust.

The Principal Officers shall, to the extent appropriate within their areas of responsibility, promote full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers for the benefit of any party other than the Trust and the Funds.

Managed Portfolio Series

Code of Ethics for Principal Officers

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote the ethical behavior of the Trust's employees.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **COMPLIANCE WITH LAWS, RULES AND REGULATIONS** 

The Principal Officers shall promote compliance with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies and shall work with the Trust's Chief Compliance Officer and the Board to promptly address detected deviations from applicable federal, state or local laws, regulations or rules.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **COMPLIANCE WITH THIS CODE OF ETHICS** 

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **AMENDMENT AND WAIVER** 

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **ACKNOWLEDGEMENT** 

The Principal Officers shall, in the form attached hereto as <u>Appendix 1</u>, acknowledge that they have received, read and understand this Code of Ethics upon adoption of this Code of Ethics or when initially hired or appointed, whichever occurs later. The Principal Officers shall annually, in the form attached hereto as <u>Appendix 2</u>, acknowledge receipt of and compliance with this Code of Ethics.

Managed Portfolio Series

Code of Ethics for Principal Officers

**APPENDIX 1**

ACKNOWLEDGMENT OF RECEIPT OF THE

CODE OF ETHICS FOR PRINCIPAL OFFICERS

I acknowledge that I have received, read and understand the Code of Ethics for Principal Officers and represent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In accordance with the Code of Ethics for Principal Officers, I will report all violations of the Code of Ethics for Principal Officers
to the Audit Committee as well as the full Board of Trustees of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I do not currently know of any violations of the Code of Ethics for Principal Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I will comply with the Code of Ethics for Principal Officers in all other respects.

By: _________________________________________________

Name: ______________________________________________

Title: _______________________________________________

Trust or Fund Organization: _____________________________

Date: _______________________________________________

Managed Portfolio Series

Code of Ethics for Principal Officers

Appendix 1, Page 1

**APPENDIX 2**

ANNUAL CERTIFICATION OF COMPLIANCE WITH

THE CODE OF ETHICS FOR PRINCIPAL OFFICERS

I certify that during the past year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reported all violations of the Code of Ethics for Principal Officers of which I was aware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I have complied with the Code of Ethics for Principal Officers in all other respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have read and understand the Code of Ethics for Principal Officers and recognize that I am subject thereto.

By: _________________________________________________

Name: ______________________________________________

Title: _______________________________________________

Trust or Fund Organization: _____________________________

Date: _______________________________________________

Managed Portfolio Series

Code of Ethics for Principal Officers

Appendix 2, Page 1

## 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: | September 3, 2025 | /s/ Brian R. Wiedmeyer |
|  |  | Brian R. Wiedmeyer |
|  |  | 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: | September 3, 2025 | /s/ Benjamin J. Eirich |
|  |  | Benjamin J. Eirich |
|  |  | 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 June 30, 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 | Benjamin J. Eirich |
| Principal Executive Officer | Principal Financial Officer |

---

Date: <u>September 3, 2025</u> Date: <u>September 3, 2025</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.