Form N-CSR/A Managed Portfolio Series For: Apr 30

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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 811-22525

Managed Portfolio Series
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Brian R. Wiedmeyer, President

Managed Portfolio Series

c/o U.S. Bancorp Fund Services, LLC

777 East Wisconsin Ave, 5^th Fl

Milwaukee, WI 53202
(Name and address of agent for service)

(414) 765-6844

Registrant's telephone number, including area code

Date of fiscal year end: April 30, 2021

Date of reporting period: April 30, 2021

Item 1. Reports to Stockholders.

(a) [Insert full text of semi-annual or annual report here]

Nuance Concentrated Value Fund

Investor Class Shares – NCAVX

Institutional Class Shares – NCVLX

Annual Report

www.nuanceinvestments.com

April 30, 2021

NUANCE CONCENTRATED VALUE FUND

April 30, 2021

Dear Fellow Shareholders:

We are pleased to write our semi-annual shareholder letter for the Nuance Concentrated Value Fund (the “Fund”). The Fund is a classic value investment product investing primarily in the equity or equity-linked securities of United States based companies. The Fund will typically maintain 15-35 positions in the securities of companies that, in the opinion of the Nuance Investments team, have leading and sustainable market share positions, above average financial strength, and are trading at prices materially below our internally derived view of intrinsic value.

Average Annual Rates of Return as of April 30, 2021:

	6 Months	1 Year	3 Year	5 Year	Since Inception⁽¹⁾
Institutional Class	22.39%	30.30%	11.61%	10.28%	11.06%
Russell 3000 Value Index⁽²⁾	37.64%	47.78%	12.24%	12.25%	11.27%
S&P 500 Index⁽³⁾	28.85%	45.98%	18.67%	17.42%	14.43%

	6 Months	1 Year	3 Year	5 Year	Since Inception⁽⁴⁾
Investor Class, no load	22.26%	29.96%	11.32%	9.97%	10.76%
Investor Class with load	16.12%	23.44%	9.42%	8.84%	10.19%
Russell 3000 Value Index⁽²⁾	37.64%	47.78%	12.24%	12.25%	11.27%
S&P 500 Index⁽³⁾	28.85%	45.98%	18.67%	17.42%	14.43%

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Investor Class performance data shown reflects both performance with the maximum sales charge of 5.75% (for periods prior to September 17, 2015) or 5.00% (for periods September 17, 2015 and after) and without it. Performance data current to the most recent month end may be obtained by calling 1-855-682-6233.

Nuance Investments, LLC (the “Adviser”) has contractually agreed to waive all or a portion of its management fees and pay Fund operating expenses in order to ensure that Total Annual Fund Operating Expenses (excluding any front-end or contingent deferred loads, acquired fund fees and expenses, leverage/borrowing, interest, interest expense, dividends paid on short sales, taxes, brokerage commissions and extraordinary expenses) do not exceed 1.28% of the average daily net assets of the Investor Class and 1.03% of the average daily net assets of the Institutional Class through at least August 28, 2021. Net Expense Ratios are as of the Fund’s most recent prospectus and are applicable to investors.

Institutional Class Gross Expense Ratio – 1.12%	Net Expense Ratio – 1.05%
Investor Class Gross Expense Ratio – 1.37%	Net Expense Ratio – 1.30%

(1)	May 31, 2011
(2)	The Russell 3000 Value Index measures performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values. This index cannot be invested in directly.
(3)	The Standard & Poor’s 500 Index (S&P 500) is an unmanaged, capitalization-weighted index generally representative of the U.S. Market for large capitalization stocks. This Index cannot be invested in directly.
(4)	July 31, 2012. Performance shown for the Investor Class prior to inception of the Investor Class shares is based on the performance of the Institutional Class shares, adjusted for higher expenses applicable to Investor Class shares.

In terms of performance, since its inception on May 31, 2011 thru April 30, 2021, the Institutional Class is up 11.06 percent (annualized) versus its primary index – the Russell 3000 Value Index – up 11.27 percent (annualized) and the S&P 500 Index up 14.43 percent (annualized). For more perspective on our longer term performance please refer to your prospectus. This Nuance Concentrated Value product has existed in a separate account form since November 13, 2008. While our Nuance Concentrated Value Fund underperformed the primary

NUANCE CONCENTRATED VALUE FUND

benchmark over the 6-month time horizon, Nuance cautions clients regarding the use of short-term performance as a tool to make investment decisions. As we remind our clients, your team continues to try and find leading business franchises with sustainable competitive positions that are trading below our internally derived view of fair or intrinsic value. We believe that our time-tested process of finding what we consider best of breed businesses with better than the market downside support and better than the market upside potential over the long-term should lead to solid risk adjusted returns versus our peers and benchmarks.

At Nuance, our team and our processes are designed to emphasize consistency and what we believe is thorough fundamental analysis of companies that have the potential to lead to investment returns that will be acceptable for our shareholders over the long term. To do this, we focus our attention on studying one company at a time using the Nuance approach. Part of that approach is to ensure that each company we own has a sound and solid competitive position and that the companies are undervalued based on our internally derived view of sustainable cash flows, earnings and valuation. We believe in a thorough fundamental valuation analysis and that focusing simply on the value of a business is not enough. Rather, we spend considerable time studying the down- side potential of each company we own. As such, we believe that we understand the potential upside and the potential downside risks to our investments. This approach is critical to our goal of trying to provide shareholders with not only above-average returns over time, but above-average risk-adjusted returns as well.

The Healthcare and Consumer Staples sectors remain our largest sector overweights relative to the benchmark. In the Healthcare sector, we remain overweight as we continue to see attractive risk/rewards in several select leaders, primarily in the Equipment & Supplies industry. We believe many of those risk/rewards are attractive given delays in elective procedures due to ongoing capacity issues in the healthcare system for Covid-19 patients. We continue to see what we believe to be attractive risk/rewards in the Consumer Staples sector with many of the opportunities in the Food Products and Beverages industries. While we are now slightly underweight in the Financial sector, we continue to see a mix of what we believe to be select leaders primarily in the Insurance and Capital Markets industries where we are seeing a combination of company specific, one-off negative transitory issues and low interest rates, in our view. We are now overweight the Utilities sector as we have found what we believe to be attractive opportunities in the water utilities industry. We remain underweight the Energy sector where we believe the sector is facing a multi-year period of competitive transition. Lastly, we remain underweight the Consumer Discretionary, Communication Services, Materials and, Information Technology sectors primarily due to valuation concerns.

Thank you for your interest and your continued support.

Scott A. Moore, CFA

Please visit our website at www.nuanceinvestments.com for more information about our team, our process, and value investing. You can also get real-time access to the Nuance Investment website updates and information via traditional mail or e-mail. Simply contact us at [email protected] or call 816-743-7080 to sign-up.

This report must be preceded or accompanied by a prospectus.

Mutual fund investing involves risk. Principal loss is possible. Investments in small and mid-capitalization companies involve additional risk such as limited liquidity and greater volatility than larger capitalization companies. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

Past performance does not guarantee future results.

Opinions expressed are subject to change, are not guaranteed and should not be considered investment advice or recommendations to buy or sell any security.

A Cash Flow is a revenue or expense stream that changes an account over a given period.

Nuance Investments, LLC is the advisor to the Nuance Concentrated Value Fund which is distributed by Quasar Distributors, LLC.

NUANCE CONCENTRATED VALUE FUND

Value of $10,000 Investment (Unaudited)

The chart assumes an initial investment of $10,000. Performance reflects waivers of fee and operating expenses in effect. In the absence of such waivers, total return would be reduced. Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-855-682-6233. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Average Annual Rates of Return (%) As of April 30, 2021

				Since
	1 Year	3 Years	5 Years	Inception⁽¹⁾
Investor Class (without sales load)	29.96%	11.32%	9.97%	10.76%
Investor Class (with sales load)⁽²⁾	23.44%	9.42%	8.84%	10.19%
Institutional Class	30.30%	11.61%	10.28%	11.06%
S&P 500 Index⁽³⁾	45.98%	18.67%	17.42%	14.43%
Russell 3000 Value Index⁽⁴⁾	47.78%	12.24%	12.25%	11.27%

(1)	Period from Fund inception through April 30, 2021. The Institutional Class shares commenced operations on May 31, 2011 and Investor Class shares commenced operations on July 31, 2012. Performance shown for the Investor Class prior to inception of the Investor Class shares is based on the performance of the Institutional Class shares, adjusted for the higher expenses applicable to Investor Class shares.
(2)	Returns reflect a sales load of 5.00%.
(3)	The Standard & Poor’s 500 Index (S&P 500) is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks. This Index cannot be invested in directly.
(4)	The Russell 3000 Value Index measures performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values. This Index cannot be invested in directly.

The following is expense information for the Nuance Concentrated Value Fund as disclosed in the Fund’s most recent prospectus dated August 28, 2020:

Investor Class Gross Expenses: 1.37%	Investor Class Net Expenses: 1.30%
Institutional Class Gross Expenses: 1.12%	Institutional Class Net Expenses: 1.05%

NUANCE CONCENTRATED VALUE FUND

Nuance Investments, LLC (the “Adviser”) has contractually agreed to waive its management fees and pay Fund expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding any front-end or contingent deferred loads, acquired fund fees and expenses, leverage/borrowing interest, interest expense, dividends paid on short sales, taxes, brokerage commissions and extraordinary expenses) do not exceed 1.28% of the average daily net assets of the Investor Class and 1.03% of the average daily net assets of the Institutional Class. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and/or expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and/or expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite but cannot be terminated through at least August 28, 2021. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser, with consent of the Board.

NUANCE CONCENTRATED VALUE FUND

Expense Example (Unaudited)

April 30, 2021

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include but are not limited to, sales charges (loads) on purchases; and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, shareholder servicing fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2020 – April 30, 2021).

ACTUAL EXPENSES

For each class, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if transactional costs were included, your costs may have been higher.

			Expenses Paid
	Beginning Account	Ending Account	During Period⁽¹⁾
	Value (11/1/20)	Value (4/30/21)	(11/1/20 to 4/30/21)
Investor Class
Actual⁽²⁾	$1,000.00	$1,222.60	$7.05
Hypothetical (5% return before expenses)	$1,000.00	$1,018.45	$6.41

Institutional Class
Actual⁽²⁾	$1,000.00	$1,223.90	$5.68
Hypothetical (5% return before expenses)	$1,000.00	$1,019.69	$5.16

(1)	Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 1.28% and 1.03% for the Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.
(2)	Based on the actual returns for the six-month period ended April 30, 2021 of 22.26% and 22.39% for the Investor Class and Institutional Class, respectively.

NUANCE CONCENTRATED VALUE FUND

Allocation of Portfolio⁽¹⁾ (% of Net Assets) (Unaudited)

April 30, 2021

Top Ten Equity Holdings⁽¹⁾ (Unaudited)

as of April 30, 2021

(% of Net Assets)

Beiersdorf AG – ADR	8.2	%
Smith & Nephew – ADR	6.3	%
Travelers Companies, Inc.	6.0	%
United Utilities Group PLC – ADR	5.7	%
Equity Commonwealth	5.7	%
Baxter International, Inc.	4.5	%
Northern Trust Corp.	4.5	%
Sanderson Farms, Inc.	3.8	%
SJW Group	3.5	%
Diageo PLC – ADR	3.5	%

(1)	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

ADR – American Depository Receipt

NUANCE CONCENTRATED VALUE FUND

Schedule of Investments

April 30, 2021

	Shares		Value
COMMON STOCKS – 82.5%

Consumer Staples – 21.0%
Beiersdorf AG – ADR		1,868,350	$	42,195,937
Cal-Maine Foods, Inc.		414,754		15,495,210
Diageo PLC – ADR		99,621		17,867,026
Henkel AG & Co. KGaA – ADR		102,491		2,542,802
Kimberly-Clark Corp.		77,929		10,389,494
Sanderson Farms, Inc.		120,308		19,794,275
				108,284,744

Financials – 18.2%
Chubb Ltd.		94,465		16,209,249
Everest Re Group, Ltd.		61,047		16,906,967
MetLife, Inc.		81,853		5,208,307
Northern Trust Corp.		202,439		23,037,558
Travelers Companies, Inc.		200,466		31,004,072
Valley National Bancorp		128,194		1,765,231
				94,131,384

Healthcare – 22.0%
Baxter International, Inc.		269,621		23,103,824
Becton, Dickinson & Co.		50,021		12,445,725
Dentsply Sirona, Inc.		223,966		15,119,945
ICU Medical, Inc.*		85,323		17,770,221
Johnson & Johnson		79,228		12,892,772
Smith & Nephew – ADR		751,658		32,449,076
				113,781,563

Industrials – 4.7%
3M Co.		52,503		10,350,441
Northrop Grumman Corp.		39,347		13,946,151
				24,296,592

Real Estate – 5.7%
Equity Commonwealth		1,013,989		29,202,883

Utilities – 10.9%
Essential Utilities, Inc.		179,356		8,453,048
SJW Group		276,623		18,132,638
United Utilities Group PLC – ADR		1,081,039		29,404,260
				55,989,946
Total Common Stocks
(Cost $357,456,027)				425,687,112

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE FUND

Schedule of Investments – Continued

April 30, 2021

	Shares		Value
SHORT-TERM INVESTMENT – 18.0%
First American Government Obligations Fund, Class X, 0.03%^
(Cost $92,853,140)		92,853,140	$	92,853,140
Total Investments – 100.5%
(Cost $450,309,167)				518,540,252
Other Assets and Liabilities, Net – (0.5)%				(2,624,750	)
Total Net Assets – 100.0%			$	515,915,502

*	Non-income producing security.
^	The rate shown is the annualized seven day effective yield as of April 30, 2021.

ADR – American Depositary Receipt

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE FUND

Statement of Assets and Liabilities

April 30, 2021

ASSETS:
Investments, at value
(cost $450,309,167)	$	518,540,252
Cash		18,000
Receivable for investment securities sold		7,080,040
Receivable for capital shares sold		1,035,269
Dividends & interest receivable		547,860
Prepaid expenses		27,657
Total assets		527,249,078

LIABILITIES:
Payable for investment securities purchased		10,383,876
Payable for capital shares redeemed		433,858
Payable to investment adviser		361,362
Payable for fund services fees		70,866
Payable for trustee fees		60
Accrued distribution & shareholder service fees		51,752
Accrued expenses		31,802
Total liabilities		11,333,576

NET ASSETS	$	515,915,502

NET ASSETS CONSIST OF:
Paid-in capital	$	405,057,069
Total distributable earnings		110,858,433
Net Assets	$	515,915,502

	Investor		Institutional
	Class		Class
Net Assets	$	27,674,517	$	488,240,985
Shares issued and outstanding⁽¹⁾		1,710,764		30,122,434
Net asset value, redemption price and minimum offering price per share	$	16.18	$	16.21
Maximum offering price per share ($16.18/0.95)⁽²⁾	$	17.03		N/A

(1)	Unlimited shares authorized with no par value.
(2)	Reflects a maximum sales charge of 5.00%.

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE FUND

Statement of Operations

For the Year Ended April 30, 2021

INVESTMENT INCOME:
Dividend income	$	7,053,163
Less: Foreign taxes withheld		(110,448	)
Interest income		34,325
Total investment income		6,977,040

EXPENSES:
Investment adviser fees (See Note 4)		3,971,069
Fund services fees (See Note 4)		279,279
Federal & state registration fees		58,180
Postage & printing fees		26,233
Audit fees		17,003
Trustee fees		13,776
Other		3,780
Insurance fees		3,704
Legal fees		3,348
Distribution & shareholder service fees (See Note 5):
Investor Class		122,870
Institutional Class		466,888
Total expenses before waiver		4,966,130
Fee recoupment (See Note 4)		5,742
Less: waiver from investment adviser (See Note 4)		(83,078	)
Net expenses		4,888,794

NET INVESTMENT INCOME		2,088,246

REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments		77,042,453
Net change in unrealized appreciation/depreciation on investments		45,904,416

Net realized and unrealized gain on investments		122,946,869

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	125,035,115

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE FUND

Statements of Changes in Net Assets

	Year Ended			Year Ended
	April 30, 2021			April 30, 2020
OPERATIONS:
Net investment income	$	2,088,246		$	4,865,233
Net realized gain (loss) on investments		77,042,453			(7,812,134	)
Net change in unrealized appreciation/depreciation on investments		45,904,416			(17,875,834	)
Net increase (decrease) in net assets resulting from operations		125,035,115			(20,822,735	)

CAPITAL SHARE TRANSACTIONS:
Investor Class:
Proceeds from shares sold		2,895,806			22,955,030
Proceeds from reinvestment of distributions		91,096			6,091,480
Payments for shares redeemed		(35,386,506	)		(53,459,009	)
Decrease in net assets resulting from Investor Class transactions		(32,399,604	)		(24,412,499	)
Institutional Class:
Proceeds from shares sold		133,179,326			153,918,871
Proceeds from reinvestment of distributions		2,336,952			24,602,717
Payments for shares redeemed		(142,893,368	)		(96,406,193	)
Increase (Decrease) in net assets resulting
from Institutional Class transactions		(7,377,090	)		82,115,395
Net increase (decrease) in net assets resulting
from capital share transactions		(39,776,694	)		57,702,896

DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class		(109,388	)		(6,318,824	)
Institutional Class		(2,957,394	)		(29,345,865	)
Total distributions to shareholders		(3,066,782	)		(35,664,689	)
TOTAL INCREASE IN NET ASSETS		82,191,639			1,215,472

NET ASSETS:
Beginning of year		433,723,863			432,508,391
End of year	$	515,915,502		$	433,723,863

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE FUND

Financial Highlights

For a Fund share outstanding throughout the year.

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	April 30,			April 30,			April 30,			April 30,			April 30,
	2021			2020			2019			2018			2017
Investor Class

PER SHARE DATA:
Net asset value, beginning of year	$	12.49		$	14.17		$	14.35		$	14.41		$	13.22

INVESTMENT OPERATIONS:
Net investment income		0.05			0.13			0.10			0.05			0.06
Net realized and unrealized
gain (loss) on investments		3.68			(0.70	)		1.32			0.87			1.21
Total from investment operations		3.73			(0.57	)		1.42			0.92			1.27

LESS DISTRIBUTIONS:
Distributions from net investment income		(0.04	)		(0.12	)		(0.10	)		(0.03	)		(0.07	)
Distributions from net realized gains		—			(0.99	)		(1.50	)		(0.95	)		(0.01	)
Total distributions		(0.04	)		(1.11	)		(1.60	)		(0.98	)		(0.08	)

Net asset value, end of year	$	16.18		$	12.49		$	14.17		$	14.35		$	14.41

TOTAL RETURN⁽¹⁾		29.96	%		(5.02	)%		11.76	%		6.27	%		9.70	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in millions)	$	27.7		$	52.4		$	89.1		$	98.9		$	99.1

Ratio of expenses to average net assets:
Before expense waiver/recoupment		1.33	%		1.34	%		1.38	%		1.36	%		1.39	%
After expense waiver/recoupment		1.28	%		1.28	%		1.38	%⁽²⁾		1.36	%		1.39	%

Ratio of net investment income
to average net assets:
Before expense waiver/recoupment		0.16	%		0.84	%		0.64	%		0.31	%		0.45	%
After expense waiver/recoupment		0.21	%		0.90	%		0.64	%		0.31	%		0.45	%

Portfolio turnover rate		87	%		130	%		93	%		151	%		96	%

(1)	Total return does not reflect sales charges.
(2)	On April 30, 2019, the Adviser lowered the limit of annual operating expenses from 1.40% to 1.28% of average daily net assets.

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE FUND

Financial Highlights

For a Fund share outstanding throughout the year.

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	April 30,			April 30,			April 30,			April 30,			April 30,
	2021			2020			2019			2018			2017
Institutional Class

PER SHARE DATA:
Net asset value, beginning of year	$	12.53		$	14.23		$	14.39		$	14.46		$	13.25

INVESTMENT OPERATIONS:
Net investment income		0.07			0.16			0.14			0.10			0.11
Net realized and unrealized
gain (loss) on investments		3.71			(0.71	)		1.34			0.86			1.22
Total from investment operations		3.78			(0.55	)		1.48			0.96			1.33

LESS DISTRIBUTIONS:
Distributions from net investment income		(0.10	)		(0.16	)		(0.14	)		(0.08	)		(0.11	)
Distributions from net realized gains		—			(0.99	)		(1.50	)		(0.95	)		(0.01	)
Total distributions		(0.10	)		(1.15	)		(1.64	)		(1.03	)		(0.12	)

Net asset value, end of year	$	16.21		$	12.53		$	14.23		$	14.39		$	14.46

TOTAL RETURN		30.30	%		(4.85	)%		12.14	%		6.48	%		10.11	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in millions)	$	488.2		$	381.3		$	343.4		$	476.8		$	511.3

Ratio of expenses to average net assets:
Before expense waiver/recoupment		1.04	%		1.05	%		1.07	%		1.06	%		1.05	%
After expense waiver/recoupment		1.03	%		1.03	%		1.07	%⁽¹⁾		1.06	%		1.05	%

Ratio of net investment income
to average net assets:
Before expense waiver/recoupment		0.45	%		1.13	%		0.95	%		0.62	%		0.79	%
After expense waiver/recoupment		0.46	%		1.15	%		0.95	%		0.62	%		0.79	%

Portfolio turnover rate		87	%		130	%		93	%		151	%		96	%

(1)	On April 30, 2019, the Adviser lowered the limit of annual operating expenses from 1.15% to 1.03% of average daily net assets.

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE FUND

Notes to the Financial Statements

April 30, 2021

1. ORGANIZATION

Managed Portfolio Series (the “Trust”) was organized as a Delaware statutory trust on January 27, 2011. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Nuance Concentrated Value Fund (the “Fund”) is a non-diversified series with its own investment objectives and policies within the Trust. The investment objective of the Fund is long-term capital appreciation. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The Fund commenced operations on May 31, 2011. The Fund currently offers two classes, the Investor Class and the Institutional Class. Investor Class shares may be subject to a front-end sales charge of up to 5.00%. Investor Class shares are subject to a 0.25% of average daily net assets distribution and servicing fee and each class of shares is subject to a shareholder servicing fee of up to 0.15% of average daily net assets. Each class of shares has identical rights and privileges with respect to voting on matters affecting a single share class. The Fund may issue an unlimited number of shares of beneficial interest, with no par value.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Federal Income Taxes – The Fund complies with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distributes substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Fund. Therefore, no federal income or excise tax provision is required. As of and during the year ended April 30, 2021, the Fund did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. During the year ended April 30, 2021, the Fund did not incur any interest or penalties.

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

The Fund will make distributions, if any, of net investment income quarterly. The Fund will also distribute net realized capital gains, if any, annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Fund. For the year ended April 30, 2021, there were no reclassifications.

NUANCE CONCENTRATED VALUE FUND

Notes to the Financial Statements – Continued

April 30, 2021

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

Allocation of Income, Expenses and Gains/Losses – Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of the Fund are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of the Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based on relative net assets. 12b-1 fees are expensed at 0.25% of average daily net assets of Investor Class shares. Shareholder service fees are expensed at up to 0.15% of average daily net assets for each class of shares. Expenses associated with a specific fund in the Trust are charged to that fund. Common Trust expenses are typically allocated evenly between the funds of the Trust, or by other equitable means.

3. SECURITIES VALUATION

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

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

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

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

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

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

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

NUANCE CONCENTRATED VALUE FUND

Notes to the Financial Statements – Continued

April 30, 2021

Securities for which market quotations are not readily available, or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees (the “Board”). These procedures consider many factors, including the type of security, size of holding, trading volume and news events. There can be no assurance that the Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its net asset values per share. The Board has established a Valuation Committee to administer, implement, and oversee the fair valuation process, and to make fair value decisions when necessary. The Board regularly reviews reports that describe any fair value determinations and methods.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund’s securities as of April 30, 2021:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	425,687,112	$	—	$	—	$	425,687,112
Short-Term Investment		92,853,140		—		—		92,853,140
Total Investments in Securities	$	518,540,252	$	—	$	—	$	518,540,252

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

4. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

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

The Fund’s Adviser has contractually agreed to waive a portion or all of its management fees and reimburse the Fund for its expenses to ensure that total annual operating expenses (excluding acquired fund fees and expenses, leverage, interest, dividend and interest expense on short sales, taxes, brokerage commissions and extraordinary expenses) for the Fund do not exceed 1.28% and 1.03% of average daily net assets of the Fund’s Investor Class and Institutional Class, respectively. Fees waived and expenses reimbursed by the Adviser may be recouped by the Adviser for a period of thirty-six months following the month during which such waiver or reimbursement was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the waiver and reimbursement occurred. The Operating Expense Limitation Agreement is intended to be continual in nature and cannot be terminated within a year after the effective date of the Fund’s prospectus. After that date, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board or the Adviser, with the consent of the Board. For the year ended April 30, 2021, the Adviser recouped expenses of $5,742 relating to fees waived in prior years. Waived fees and reimbursed expenses subject to potential recovery by month of expiration are as follows:

Expiration	Amount
May 2021 – April 2022	$	141
May 2022 – April 2023	$	127,072
May 2023 – April 2024	$	83,078

NUANCE CONCENTRATED VALUE FUND

Notes to the Financial Statements – Continued

April 30, 2021

expenses and reviews the Fund’s expense accruals. The officers of the Trust, including the Chief Compliance Officer are employees of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Fund, subject to annual minimums. Fees paid by the Fund for administration and accounting, transfer agency, custody and compliance services for the year ended April 30, 2021, are disclosed in the Statement of Operations as fund services fees.

5. DISTRIBUTION & SHAREHOLDER SERVICING FEES

The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 (the “Plan”) in the Investor Class only. The Plan permits the Fund to pay for distribution and related expenses at an annual rate of 0.25% of the Investor Class average daily net assets. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and other sales material, advertising and public relations expenses, payments to financial intermediaries and compensation of personnel involved in selling shares of the Fund. Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred. For the year ended April 30, 2021, the Investor Class incurred expenses of $76,794 pursuant to the Plan.

The Fund has entered into a shareholder servicing agreement (the “Agreement”) where the Adviser acts as the shareholder agent, under which the Fund may pay servicing fees at an annual rate of up to 0.15% of the average daily net assets of each class. Payments, if any, to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the Fund. Payments may also be made directly to the intermediaries providing shareholder services. Services provided by such intermediaries also include the provision of support services to the Fund and includes establishing and maintaining shareholders’ accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Fund, and providing such other personal services to shareholders as the Fund may reasonably request. For the year ended April 30, 2021, the Investor and Institutional Class incurred $46,076 and $466,888, respectively, of shareholder servicing fees under the Agreement.

6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of the Fund were as follows:

	Year Ended			Year Ended
	April 30, 2021			April 30, 2020
Investor Class:
Shares sold		204,659			1,657,554
Shares issued to holders in reinvestment of distributions		6,812			421,622
Shares redeemed		(2,699,418	)		(4,165,164	)
Net decrease in Investor Class shares		(2,487,947	)		(2,085,988	)
Institutional Class:
Shares sold		9,566,328			11,680,117
Shares issued to holders in reinvestment of distributions		176,002			1,699,630
Shares redeemed		(10,038,268	)		(7,100,560	)
Net increase (decrease) in Institutional Class shares		(295,938	)		6,279,187
Net increase (decrease) in shares outstanding		(2,783,885	)		4,193,199

NUANCE CONCENTRATED VALUE FUND

Notes to the Financial Statements – Continued

April 30, 2021

7. INVESTMENT TRANSACTIONS

The aggregate purchases and sales, excluding short-term investments, by the Fund for the year ended April 30, 2021, were as follows:

	Purchases		Sales
U.S. Government	$	—	$	—
Other	$	348,896,734	$	417,581,282

8. FEDERAL TAX INFORMATION

The aggregate gross unrealized appreciation and depreciation of securities held by the Fund and the total cost of securities for federal income tax purposes at April 30, 2021, the Fund’s most recent fiscal year end, were as follows:

Aggregate Gross	Aggregate Gross		Federal Income
Appreciation	Depreciation	Net	Tax Cost
$71,937,821	$(12,881,048)	$59,056,773	$459,483,479

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the deferral of wash sale losses. At April 30, 2021, components of distributable

earnings on a tax-basis were as follows:

	Undistributed	Other		Total
Undistributed	Long-Term	Accumulated	Unrealized	Distributable
Ordinary Income	Capital Gains	Losses	Appreciation	Earnings
$13,532,080	$38,269,580	$	$59,056,773	$110,858,433

As of April 30, 2021, the Fund did not have any capital loss carryovers. A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital, and ordinary losses which occur during the portion of the Fund’s taxable year subsequent to October 31. For the taxable year ended April 30, 2021, the Fund does not plan to defer any qualified later year losses.

The tax character of distributions paid during the year ended April 30, 2021, were as follows:

Ordinary	Long-Term
Income*	Capital Gains	Total
$3,066,782	$—	$3,066,782

The tax character of distributions paid during the year ended April 30, 2020, were as follows:

Ordinary	Long-Term
Income*	Capital Gains	Total
$18,759,064	$16,905,625	$35,664,689

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

The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended April 30, 2020.

NUANCE CONCENTRATED VALUE FUND

Notes to the Financial Statements – Continued

April 30, 2021

9. GENERAL RISK

The recent global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the issuers of securities in which the Fund invests depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Fund’s investments.

10. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of April 30, 2021, Charles Schwab & Co., Inc. and National Financial Services LLC, for the benefit of its customers, owned 38.37% and 40.38% of the Fund, respectively.

NUANCE CONCENTRATED VALUE FUND

Report of Independent Registered Public Accounting Firm

To the Shareholders of Nuance Concentrated Value Fund and

Board of Trustees of Managed Portfolio Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Nuance Concentrated Value Fund (the “Fund”), a series of Managed Portfolio Series, as of April 30, 2021, the related statement 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 related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2021, the results of its 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.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 April 30, 2021, by correspondence with the custodian and brokers. 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 auditor of one or more of Nuance Investments, LLC’s investment companies since 2011.

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 28, 2021

NUANCE CONCENTRATED VALUE FUND

Additional Information (Unaudited)

April 30, 2021

TRUSTEES AND OFFICERS

		Term of
		Office	Number of		Other
Name,		and	Portfolios	Principal	Directorships
Address	Position(s)	Length	in Trust	Occupation(s)	Held by Trustee
and Year	Held with	of Time	Overseen	During the Past	During the Past
of Birth	the Trust	Served	by Trustee	Five Years	Five Years
Independent Trustees
Leonard M. Rush, CPA	Chairman,	Indefinite	33	Retired, Chief Financial	Independent Trustee,
615 E. Michigan St.	Trustee and	Term; Since		Officer, Robert W. Baird	ETF Series Solutions
Milwaukee, WI 53202	Audit	April 2011		& Co. Incorporated	(47 Portfolios)
Year of Birth: 1946	Committee			(2000-2011).	(2012-Present).
	Chairman

David A. Massart	Trustee	Indefinite	33	Co-Founder and Chief	Independent Trustee,
615 E. Michigan St.		Term; Since		Investment Strategist,	ETF Series Solutions
Milwaukee, WI 53202		April 2011		Next Generation Wealth	(47 Portfolios)
Year of Birth: 1967				Management, Inc.	(2012-Present).
				(2005-Present).

Robert J. Kern*	Trustee	Indefinite	33	Retired (July 2018-Present);	None
615 E. Michigan St.		Term; Since		Executive Vice President,
Milwaukee, WI 53202		January 2011		U.S. Bancorp Fund Services,
Year of Birth: 1958				LLC (1994-2018).

*	Mr. Kern became an independent Trustee on July 6, 2020. Previously he was an Interested Trustee.

NUANCE CONCENTRATED VALUE FUND

Additional Information (Unaudited) – Continued

April 30, 2021

		Term of
		Office	Number of		Other
Name,		and	Portfolios	Principal	Directorships
Address	Position(s)	Length	in Trust	Occupation(s)	Held by Trustee
and Year	Held with	of Time	Overseen	During the Past	During the Past
of Birth	the Trust	Served	by Trustee	Five Years	Five Years
Independent Trustees
David M. Swanson	Trustee	Indefinite	33	Founder and Managing	Independent Trustee,
615 E. Michigan St.	and	Term; Since		Principal, SwanDog	ALPS Variable
Milwaukee, WI 53202	Nominating	April 2011		Strategic Marketing,	Investment Trust
Year of Birth: 1957	& Governance			LLC (2006-Present),	(7 Portfolios) (2006-
	Committee			Executive Vice President,	Present); Independent
	Chairman			Calamos Investments	Trustee, RiverNorth
				(2004-2006).	Funds (3 Portfolios)
					(2018-Present);
					RiverNorth Managed
					Duration Municipal
					Income Fund Inc.
					(1 Portfolio) (2019-
					Present); RiverNorth
					Marketplace Lending
					Corporation
					(1 Portfolio) (2018-
					Present); RiverNorth/
					DoubleLine Strategic
					Opportunity Fund, Inc.
					(1 Portfolio) (2018-
					Present); RiverNorth
					Opportunities Fund,
					Inc. (1 Portfolio) (2018-
					Present); RiverNorth
					Opportunistic
					Municipal Income
					Fund, Inc. (1 Portfolio)
					(2018-Present).

NUANCE CONCENTRATED VALUE FUND

Additional Information (Unaudited) – Continued

April 30, 2021

		Term of
		Office	Number of		Other
Name,		and	Portfolios	Principal	Directorships
Address	Position(s)	Length	in Trust	Occupation(s)	Held by Trustee
and Year	Held with	of Time	Overseen	During the Past	During the Past
of Birth	the Trust	Served	by Trustee	Five Years	Five Years
Officers
Brian R. Wiedmeyer	President and	Indefinite	N/A	Vice President, U.S.	N/A
615 E. Michigan St.	Principal	Term; Since		Bancorp Fund Services,
Milwaukee, WI 53202	Executive	November		LLC (2005-Present).
Year of Birth: 1973	Officer	2018

Deborah Ward	Vice President,	Indefinite	N/A	Senior Vice President,	N/A
615 E. Michigan St.	Chief	Term; Since		U.S. Bancorp Fund Services,
Milwaukee, WI 53202	Compliance	April 2013		LLC (2004-Present).
Year of Birth: 1966	Officer and
	Anti-Money
	Laundering
	Officer

Benjamin Eirich	Treasurer,	Indefinite	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Principal	Term; Since		U.S. Bancorp Fund Services,
Milwaukee, WI 53202	Financial	August 2019		LLC (2008-Present).
Year of Birth: 1981	Officer and	(Treasurer);
	Vice President	Since
		November
		2018 (Vice
		President)

Joseph Destache	Secretary	Indefinite	N/A	U.S. Bancorp Fund	N/A
615 E. Michigan St.		Term; Since		Services, LLC
Milwaukee, WI 53202		March 2021		(2018-Present).
Year of Birth: 1991

Douglas Schafer	Assistant	Indefinite	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Treasurer	Term; Since		U.S. Bancorp Fund Services,
Milwaukee, WI 53202	and Vice	May 2016		LLC (2002-Present).
Year of Birth: 1970	President	(Assistant
		Treasurer);
		Since
		November
		2018 (Vice
		President)

Michael J. Cyr II	Assistant	Indefinite	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Treasurer	Term; Since		U.S. Bancorp Fund Services,
Milwaukee, WI 53202	and Vice	August 2019		LLC (2013-Present).
Year of Birth: 1992	President

NUANCE CONCENTRATED VALUE FUND

Additional Information (Unaudited) – Continued

April 30, 2021

AVAILABILITY OF FUND PORTFOLIO INFORMATION

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

AVAILABILITY OF PROXY VOTING INFORMATION

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

QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION

For the fiscal year ended April 30, 2021, certain dividends paid by the Fund may be reported as qualified dividend income and may be eligible for taxation at capital gains rates. The percentage of dividends declared from ordinary income designated as qualified dividend income was 43.95% for the Fund.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended April 30, 2021 was 29.74% for the Fund.

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 9.54%.

NUANCE CONCENTRATED VALUE FUND

Approval of Investment Advisory Agreement (Unaudited)

At the regular meeting of the Board of Trustees of Managed Portfolio Series (“Trust”) on February 23-24, 2021, the Trust’s Board of Trustees (“Board”), each of whom were present virtually via video conference, including all of the 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 between the Trust and Nuance Investments, LLC (“Nuance” or the “Adviser”) regarding the Nuance Concentrated Value Fund (the “Fund”) (the “Investment Advisory Agreement”) for another annual term.

Prior to the meeting and at a meeting held on January 6, 2021, the Trustees received and considered information from Nuance 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 from such counsel discussing the legal 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: (1) the nature, extent, and quality of the services provided by Nuance with respect to the Fund; (2) the Fund’s historical performance as managed by Nuance; (3) the costs of the services provided by Nuance and the profits realized by Nuance 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 Nuance resulting from its relationship with the Fund. In their deliberations, the Trustees weighed to varying degrees the importance of the information provided to them, did not identify any particular information that was all-important or controlling.

Based upon the information provided to the Board, including at a presentation by representatives from Nuance, and the Support Materials, the Board concluded that the overall arrangements between the Trust and Nuance as set forth in the Investment Advisory Agreement, as the agreement relates to the Fund, continue to be fair and reasonable in light of the services that Nuance performs, the investment advisory fees that the Fund pays Nuance for such services, 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 the Fund, are summarized below.

Nature, Extent and Quality of Services Provided. The Trustees considered the scope of services that Nuance provides under the Investment Advisory Agreement with respect to the 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 all proxies, if any, with respect to the Fund’s portfolio securities; (4) maintaining the required books and records for transactions that Nuance effected 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 Nuance’s financial statements, assets under management and capitalization. In that regard, the Trustees concluded that Nuance had sufficient resources to support the management of the Fund. The Trustees considered

NUANCE CONCENTRATED VALUE FUND

Approval of Investment Advisory Agreement (Unaudited) – Continued

the investment philosophy of the Fund’s portfolio managers, one of whom has managed the Fund since its inception date, and their investment analysis and portfolio management experience, noting one portfolio manager’s significant experience managing assets utilizing investment objectives similar to those of the Fund. The Trustees concluded that they were satisfied with the nature, extent and quality of services that Nuance provides to the Fund under the Investment Advisory Agreement.

Fund Historical Performance and the Overall Performance of Nuance. In assessing the quality of the portfolio management delivered by Nuance, the Trustees reviewed the short-term and longer-term performance of the Fund on both an absolute basis and in comparison to an appropriate securities benchmark index, the Fund’s respective peer funds according to Morningstar classifications, and the Fund’s composite of separate accounts that Nuance manages utilizing investment strategies similar to those of the Fund. When reviewing the Fund’s performance against its respective Morningstar peer group, the Trustees took into account that the investment objective and strategies of the Fund, as well as the Fund’s level of risk tolerance, may differ significantly from funds in its peer group. The Trustees considered that the Fund outperformed its peer group median and average over the year-to-date, one-year, three-year and five-year periods ended October 31, 2020. The Trustees also considered that the Fund had outperformed its primary benchmark but underperformed its secondary benchmark across all periods ended October 31, 2020. The Trustees then observed that the Fund’s performance was consistent with the performance of a composite of similar accounts managed by Nuance over all relevant time periods.

Comparative Fee and Expense Data. The Board reviewed and considered the advisory fee payable by the Fund to Nuance under the Investment Advisory Agreement. The Board compared the Fund’s contractual advisory fee and total expense ratio to industry data with respect to other mutual funds in the same Morningstar peer group. The Board noted the Fund’s contractual management fee is above the peer group median and the average but within the range of management fees charged by other funds in the peer group. The total expenses (after waiver) of for the Fund’s Institutional Class and Investor Class are above the peer group median and average but also within the range of other funds in the peer group.

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 Nuance’s advisory fee with respect to the Fund continues to be reasonable.

Cost of Advisory Services and Profitability. The Trustees considered the annual advisory fee that the Fund pays to Nuance under the Investment Advisory Agreement, as well as Nuance’s profitability from services that Nuance rendered to the Fund under the Investment Advisory Agreement during the 12-month period ended September 30, 2020. The Trustees also considered the effect of an expense limitation agreement on Nuance’s compensation and that Nuance has contractually agreed to reduce its advisory fees and, if necessary, reimburse the Fund for operating expenses, as specified in the Fund’s prospectus. In that regard, the Trustees noted that the Fund had waived a portion of its advisory fee during the one-year period ended September 30, 2020. The Trustees also considered the management fees Nuance charges to separately managed accounts with investment strategies similar to those of the Fund. They observed that Nuance charges management fees that range above and below the management fees charged to the Fund, depending on assets under management. The Trustees also took into account, however, that Nuance has additional responsibilities with respect to the Fund, including additional compliance obligations and the preparation of Board and shareholder materials, which justify a higher fee. The Trustees concluded that Nuance’s service relationship with the Fund has yielded a reasonable profit.

NUANCE CONCENTRATED VALUE FUND

Approval of Investment Advisory Agreement (Unaudited) – Continued

Economies of Scale. The Trustees then considered whether the Fund may benefit from any economies of scale, noting that the investment advisory fees for the Fund in the Investment Advisory Agreement do not contain breakpoints. The Trustees additionally took into account that Nuance had expressed reservations about adopting breakpoints for the Fund because of concerns about potential capacity constraints associated with each strategy. The Trustees agreed to discuss the implementation of breakpoints with Nuance in one year based on the level of assets in the Fund at that time.

Other Benefits. The Trustees considered the direct and indirect benefits that could be realized by Nuance from its relationship with the Fund. The Trustees considered that Nuance does not utilize soft dollar arrangements with respect to portfolio transactions, and that Nuance does not use affiliated brokers to execute the Fund’s portfolio transactions. While the Trustees noted that the Fund utilizes Rule 12b-1 fees to pay for shareholder and distribution services related to Investor Class shareholders of the Fund, the Trustees observed that distribution expenses that Nuance incurred significantly exceed any Rule 12b-1 payments from the Fund. The Trustees considered that Nuance may receive some form of reputational benefit from services rendered to the Fund, but that such benefits are immaterial and cannot otherwise be quantified. The Trustees concluded that Nuance does not receive additional material benefits from its relationship with the Fund.

(This Page Intentionally Left Blank.)

NUANCE CONCENTRATED VALUE FUND

Privacy Notice (Unaudited)

The Fund collects only relevant information about you that the law allows or requires it to have in order to conduct its business and properly service you. The Fund collects financial and personal information about you (“Personal Information”) directly (e.g., information on account applications and other forms, such as your name, address, and social security number, and information provided to access account information or conduct account transactions online, such as password, account number, e-mail address, and alternate telephone number), and indirectly (e.g., information about your transactions with us, such as transaction amounts, account balance and account holdings).

The Fund does not disclose any non-public personal information about its shareholders or former shareholders other than for everyday business purposes such as to process a transaction, service an account, respond to court orders and legal investigations or as otherwise permitted by law. Third parties that may receive this information include companies that provide transfer agency, technology and administrative services to the Fund, as well as the Fund’s investment adviser who is an affiliate of the Fund. If you maintain a retirement/educational custodial account directly with the Fund, we may also disclose your Personal Information to the custodian for that account for shareholder servicing purposes. The Fund limits access to your Personal Information provided to unaffiliated third parties to information necessary to carry out their cable law. The Fund maintains physical, electronic and procedural safeguards to protect your Personal Information and requires its third party service providers with access to such information to treat your Personal Information with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, credit union, bank or trust company, the privacy policy of your financial intermediary governs how your non-public personal information is shared with unaffiliated third parties.

INVESTMENT ADVISER

Nuance Investments, LLC

4900 Main Street, Suite 220

Kansas City, MO 64112

DISTRIBUTOR

Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, WI 53202

CUSTODIAN

U.S. Bank, N.A.

1555 North Rivercenter Drive

Milwaukee, WI 53212

ADMINISTRATOR, FUND ACCOUNTANT

AND TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

LEGAL COUNSEL

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

This report must be accompanied or preceded by a prospectus.

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

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

Nuance Mid Cap Value Fund

Investor Class Shares – NMAVX

Z Class Shares – NMVZX

Institutional Class Shares – NMVLX

Annual Report

www.nuanceinvestments.com

April 30, 2021

NUANCE MID CAP VALUE FUND

April 30, 2021

Dear Fellow Shareholders:

We are pleased to write our semi-annual shareholder letter for the Nuance Mid Cap Value Fund (the “Fund”). The Fund is a classic value investment product investing primarily in the equity or equity-linked securities of United States based companies. The Fund seeks long-term capital appreciation primarily through investments in equity securities of companies organized in the United States that the investment team believes are high quality, though temporarily out of favor. The strategy typically invests in a portfolio of 50 to 90 companies with at least 80 percent of the portfolio invested in companies with mid-sized market capitalizations. The Adviser defines mid-capitalization companies as companies within the range of the capitalization of companies constituting the Russell Midcap^® Index. The Adviser intends to manage the Fund so that the average weighted market capitalization of its portfolio (excluding short-term investments) falls between the range of the smallest and largest members of the Russell Mid Cap Index (defined using a trailing 12 month average of the smallest and largest members on a month to month basis). Although the strategy will invest primarily in the equity securities of U.S. companies, the strategy may invest up to 15% of its assets in equity securities of foreign companies that are classified as “developed” by MSCI. The primary benchmark for the Fund is the Russell Midcap Value Index. Clients may also be interested in comparing the Fund to the S&P 500 Index.

Average Annual Rates of Return as of April 30, 2021:

	6 Months	1 Year	3 Year	5 Year	Since Inception⁽¹⁾
Institutional Class	23.03%	31.09%	12.81%	12.56%	11.19%
Russell Midcap Value Index⁽²⁾	41.41%	60.70%	12.27%	12.18%	10.37%
S&P 500 Index⁽³⁾	28.85%	45.98%	18.67%	17.42%	14.03%

	6 Months	1 Year	3 Year	5 Year	Since Inception⁽¹⁾
Investor Class, no load	22.93%	30.77%	12.53%	12.29%	10.91%
Investor Class with load	16.78%	24.24%	10.62%	11.15%	10.13%
Russell Midcap Value Index⁽²⁾	41.41%	60.70%	12.27%	12.18%	10.37%
S&P 500 Index⁽³⁾	28.85%	45.98%	18.67%	17.42%	14.03%

	6 Months	1 Year	3 Year	5 Year	Since Inception⁽⁴⁾
Z Share Class	23.14%	31.34%	12.96%	12.71%	11.28%
Russell Midcap Value Index⁽²⁾	41.41%	60.70%	12.27%	12.18%	10.37%
S&P 500 Index⁽³⁾	28.85%	45.98%	18.67%	17.42%	14.03%

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Short term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made solely based on returns. Investor Class performance data shown reflects both performance with the maximum sales charge of 5.75% (for periods prior to September 17, 2015) or 5.00% (for periods September 17, 2015 and after) and without it. Performance data current to the most recent month end may be obtained by calling 1-855-682-6233.

Institutional Class Gross Expense Ratio – 1.00%	Net Expense Ratio – 0.94%
Investor Class Gross Expense Ratio – 1.25%	Net Expense Ratio – 1.19%
Z Class Gross Expense Ratio – 0.85%	Net Expense Ratio – 0.79%

NUANCE MID CAP VALUE FUND

expense on short sales, taxes, brokerage commissions and extraordinary expenses) do not exceed 1.18% of the average daily net assets of the Investor Class, 0.93% of the average daily net assets of the Institutional Class, and 0.78% of the average daily net assets of the Z Class through at least August 28, 2021. Net Expense Ratios are as of the Fund’s most recent prospectus and are applicable to investors.

(1)	December 31, 2013
(2)	The Russell Midcap^® Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. This Index cannot be invested in directly.
(3)	The Standard & Poor’s 500 Index (S&P 500) is an unmanaged, capitalization-weighted index generally representative of the U.S. Market for large capitalization stocks. This Index cannot be invested in directly.
(4)	May 8, 2017. Performance Shown for the Z Class prior to the inception of the Z Class is based on the performance of the Institutional Class shares, adjusted for the lower expenses applicable to Z Class shares.

In terms of performance, since its inception on December 31, 2013 through April 30, 2021, the Institutional Class is up 11.19 percent versus its primary index –the Russell Mid Cap Value Index – up 10.37 percent and the S&P 500 Index up 14.03 percent. For more perspective on our long term performance, please refer to your prospectus. The Nuance Mid Cap Value product has existed in a separate account form since November 3, 2008. While our Nuance Mid Cap Value Fund underperformed the benchmark over the 6-month time horizon, Nuance cautions clients regarding the use of short-term performance as a tool to make investment decisions. As we remind our clients, your team continues to try and find leading business franchises with sustainable competitive positions that are trading below our internally derived view of fair or intrinsic value. We believe that our time-tested process of finding what we consider best of breed businesses with better than the market downside support and better than the market upside potential over the long-term should lead to solid risk adjusted returns versus our peers and benchmarks.

At Nuance, our team and our processes are designed to emphasize consistency and what we believe is thorough fundamental analysis of companies that have the potential to lead to investment returns that will be acceptable for our shareholders over the long term. To do this, we focus our attention on studying one company at a time using the Nuance approach. Part of that approach is to ensure that each company we own has a sound and solid competitive position and that the companies are undervalued based on our internally derived view of sustainable cash flows, earnings and valuation. We believe in a thorough fundamental valuation analysis and that focusing simply on the value of a business is not enough. Rather, we spend considerable time studying the downside potential of each company we own. As such, we believe that we understand the potential upside and the potential downside risks to our investments. This approach is critical to our goal of trying to provide shareholders with not only above-average returns over time, but above-average risk-adjusted returns as well.

The Health Care, Consumer Staples and Financial sectors remain our largest sector overweights relative to the benchmark. In the Health Care sector, we remain overweight as we continue to see attractive risk/rewards in several select leaders, primarily in the Equipment & Supplies industry. We believe many of those risk/rewards are attractive given delays in elective procedures due to the ongoing capacity issues in the healthcare system for Covid-19 patients. We continue to see what we believe to be attractive risk/rewards in the Consumer Staples sector with many of the opportunities in the Food Products and Beverages industries. Our overweight in the Financial sector is made up of a mix of what we believe to be select leaders primarily in the Insurance and Capital Markets industries where we are seeing a combination of company specific, one-off negative transitory issues and lifetime low interest rates, in our view. We remain underweight the Energy sector where we believe the sector is facing a multi-year period of competitive transition. Lastly, we remain underweight the Consumer Discretionary, Communication Services, Materials and, Information Technology sectors primarily due to valuation concerns.

Thank you for your interest and your continued support.

Scott Moore, CFA

NUANCE MID CAP VALUE FUND

This report must be preceded or accompanied by a current prospectus.

Past performance does not guarantee future results.

Weighted Market Capitalization: The average market capitalization of all companies in a fund – with each company weighted according to its percent held in the fund.

Cash Flow is a revenue or expense stream that changes an account over a given period.

Opinions expressed are subject to change, are not guaranteed and should not be considered investment advice or recommendations to buy or sell any security.

Nuance Investments, LLC is the advisor to the Nuance Mid Cap Value Fund which is distributed by Quasar Distributors, LLC.

NUANCE MID CAP VALUE FUND

Value of $10,000 Investment (Unaudited)

Average Annual Rates of Return (%) As of April 30, 2021

				Since
	1 Year	3 Year	5 Year	Inception⁽¹⁾
Investor Class (without sales load)	30.77%	12.53%	12.29%	10.91%
Investor Class (with sales load)⁽²⁾	24.24%	10.62%	11.15%	10.13%
Z Class	31.34%	12.96%	12.71%	11.28%
Institutional Class	31.09%	12.81%	12.56%	11.19%
Russell Midcap Value Index⁽³⁾	60.70%	12.27%	12.18%	10.37%
S&P 500 Index⁽⁴⁾	45.98%	18.67%	17.42%	14.03%

(1)	Period from Fund inception through April 30, 2021. The Investor Class and Institutional Class commenced operations on December 31, 2013 and Z Class shares commenced operations on May 8, 2017. Performance Shown for the Z Class prior to the inception of the Z Class is based on the performance of the Institutional Class shares, adjusted for the lower expenses applicable to Z Class shares.
(2)	Returns reflects a sales load of 5.00%.
(3)	The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. This Index cannot be invested in directly.
(4)	The Standard & Poor’s 500 Index (S&P 500) is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks. This Index cannot be invested in directly.

NUANCE MID CAP VALUE FUND

The following is expense information for the Nuance Mid Cap Value Fund as disclosed in the Fund’s most recent prospectus dated August 28, 2020:

Investor Class Gross Expenses: 1.25%; Investor Class Net Expenses: 1.19%

Z Class Gross Expenses: 0.85%; Z Class Net Expenses: 0.79%

Institutional Class Gross Expenses: 1.00%; Institutional Class Net Expenses: 0.94%

Nuance Investments, LLC (the “Adviser”) has contractually agreed to waive its management fees and pay Fund expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding any front-end load or contingent loads, acquired fund fees and expenses, leverage/borrowing, interest expense, dividend and interest expense on short sales, taxes, brokerage commissions, and extraordinary expenses) do not exceed 1.18% of the average daily net assets of the Investor Class, 0.93% of the average daily net assets of the Institutional Class and 0.78% of the average daily net assets of the Z Class. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and/or expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and/or expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite but cannot be terminated through at least August 28, 2021. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser, with consent of the Board.

NUANCE MID CAP VALUE FUND

Expense Example (Unaudited)

April 30, 2021

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

			Expenses Paid
	Beginning Account	Ending Account	During Period⁽¹⁾
	Value (11/1/20)	Value (4/30/21)	(11/1/20 to 4/30/21)
Investor Class
Actual⁽²⁾	$1,000.00	$1,229.30	$6.52
Hypothetical (5% return before expenses)	$1,000.00	$1,018.94	$5.91

Z Class
Actual⁽²⁾	$1,000.00	$1,231.40	$4.32
Hypothetical (5% return before expenses)	$1,000.00	$1,020.93	$3.91

Institutional Class
Actual⁽²⁾	$1,000.00	$1,230.30	$5.03
Hypothetical (5% return before expenses)	$1,000.00	$1,020.28	$4.56

(1)	Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 1.18%, 0.78% and 0.91% for the Investor Class, Z Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.
(2)	Based on the actual returns for the six-month period ended April 30, 2021 of 22.93%, 23.14% and 23.03% for the Investor Class, Z Class and Institutional Class, respectively.

NUANCE MID CAP VALUE FUND

Allocation of Portfolio⁽¹⁾ (% of Net Assets) (Unaudited)

April 30, 2021

Top Ten Equity Holdings⁽¹⁾ (Unaudited)

as of April 30, 2021

(% of Net Assets)

Beiersdorf AG – ADR	5.9	%
Equity Commonwealth	5.5	%
Travelers Companies, Inc.	4.9	%
Smith & Nephew – ADR	4.3	%
Northern Trust Corp.	4.1	%
Sanderson Farms, Inc.	3.8	%
United Utilities Group PLC – ADR	3.7	%
Becton Dickinson and Co., Series A, 6.000%, 6/1/2023	3.7	%
Baxter International, Inc.	3.6	%
Everest Re Group, Ltd.	3.2	%

(1)	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

ADR – American Depository Receipt

NUANCE MID CAP VALUE FUND

Schedule of Investments

April 30, 2021

	Shares		Value
COMMON STOCKS – 81.7%

Consumer Staples – 16.2%
Beiersdorf AG – ADR		9,940,343	$	224,498,671
Brown-Forman Corp. – Class B		75,292		5,743,274
Calavo Growers, Inc.		116,417		9,095,660
Cal-Maine Foods, Inc.(a)		2,735,496		102,198,131
Diageo PLC – ADR		53,228		9,546,442
Henkel AG & Co. KGaA – ADR		370,131		9,182,950
Kimberly-Clark Corp.		706,170		94,146,584
Mission Produce, Inc.*		800,939		16,178,968
Sanderson Farms, Inc.		887,593		146,035,676
				616,626,356

Financials – 21.1%
Alleghany Corp.*		54,639		37,098,242
Chubb Ltd.		566,648		97,231,130
Everest Re Group, Ltd.		447,146		123,837,085
Hartford Financial Services Group Inc.		529,671		34,937,099
MetLife, Inc.		589,472		37,508,103
Northern Trust Corp.		1,373,528		156,307,486
Reinsurance Group of America, Inc.		288,632		37,675,135
TowneBank		347,926		10,778,747
Travelers Companies, Inc.		1,207,265		186,715,605
UMB Financial Corp.		273,000		26,489,190
Valley National Bancorp		2,916,276		40,157,121
W.R. Berkley Corp.		217,573		17,344,920
				806,079,863

Healthcare – 16.5%
Baxter International, Inc.		1,605,461		137,571,953
Cerner Corp.		126,270		9,476,564
Dentsply Sirona, Inc.		1,623,725		109,617,675
Globus Medical, Inc. – Class A*		290,525		20,850,979
ICU Medical, Inc.*		527,929		109,951,773
Merit Medical Systems, Inc.*		447,937		28,488,793
Smith & Nephew – ADR		3,825,886		165,163,499
Universal Health Services, Inc. – Class B		316,752		47,009,164
				628,130,400

Industrials – 5.3%
Aerojet Rocketdyne Holdings, Inc.		376,149		17,573,681
Mueller Water Products, Inc. – Class A		5,289,838		75,962,074

See Notes to the Financial Statements

NUANCE MID CAP VALUE FUND

Schedule of Investments – Continued

April 30, 2021

	Shares		Value

Industrials – 5.3% (Continued)
Northrop Grumman Corp.		283,581	$	100,512,449
Werner Enterprises, Inc.		197,074		9,110,731
				203,158,935

Information Technology – 1.9%
Amphenol Corp. – Class A		1,101,579		74,180,330

Materials – 0.3%
AptarGroup, Inc.		62,931		9,490,624

Real Estate – 8.8%
AvalonBay Communities, Inc.		247,129		47,448,768
Boston Properties, Inc.		173,076		18,925,861
Equity Commonwealth (a)		7,240,999		208,540,771
Healthcare Realty Trust, Inc.		1,881,751		60,517,112
				335,432,512

Utilities – 11.6%
American Water Works Co., Inc.		127,246		19,849,103
Avista Corp.		1,123,177		51,688,606
California Water Service Group		568,365		33,391,444
Essential Utilities, Inc.		1,543,677		72,753,497
IDACORP, Inc.		90,628		9,287,557
Middlesex Water Co.		96,163		7,887,289
SJW Group (a)		1,579,336		103,525,475
United Utilities Group PLC – ADR		5,229,105		142,231,656
				440,614,627
Total Common Stocks
(Cost $2,630,030,440)				3,113,713,647

CONVERTIBLE PREFERRED STOCKS – 5.8%

Healthcare – 3.9%
Becton Dickinson and Co., Series B, 6.000%, 6/1/2023		2,545,936		140,612,045
Boston Scientific Corp., Series A, 5.500%, 6/1/2023		77,218		9,079,292
				149,691,337

Utilities – 1.9%
Essential Utilities, Inc., 6.000%, 4/30/2022		1,205,091		71,232,930
Total Convertible Preferred Stocks
(Cost $207,367,315)				220,924,267

See Notes to the Financial Statements

NUANCE MID CAP VALUE FUND

Schedule of Investments – Continued

April 30, 2021

	Shares		Value
PREFERRED STOCKS – 2.6%
Financials – 2.6%
MetLife, Inc., Series E, 5.625% (Callable after 6/15/2023 @ $25.00)		241,509	$	6,663,233
MetLife, Inc., Series F, 4.750% (Callable after 3/15/2025 @ $25.00)		675,362		17,789,035
US Bancorp, Series B, 3.500% (Callable after 7/22/2021 @ $25.00)		2,621,919		63,712,632
US Bancorp, Series F, 6.500% (Callable after 1/15/2022 @ $25.00)		487,494		12,684,594
(Cost $98,364,649)				100,849,494

SHORT-TERM INVESTMENT – 9.1%
First American Government Obligations Fund, Class X, 0.03%^
(Cost $345,994,746)		345,994,746		345,994,746
Total Investments – 99.2%
(Cost $3,281,757,150)				3,781,482,154
Other Assets and Liabilities, Net – 0.8%				29,523,481
Total Net Assets – 100.0%			$	3,811,005,635

*	Non-income producing security.
(a)	Represents an affiliated company as defined by the Investment Company Act of 1940. See note 10 in Notes to Financial Statements.
^	The rate shown is the annualized seven day effective yield as of April 30, 2021.

ADR – American Depositary Receipt

See Notes to the Financial Statements

NUANCE MID CAP VALUE FUND

Statement of Assets and Liabilities

April 30, 2021

ASSETS:
Investments, at value
Unaffiliated Investments (cost $2,850,908,419)	$	3,367,217,777
Affiliated Investments (cost $430,848,731)		414,264,377
Cash		18,500
Receivable for capital shares sold		32,474,409
Dividends and interest receivable		2,579,651
Prepaid expenses		140,757
Total assets		3,816,695,471

LIABILITIES:
Payable for capital shares redeemed		2,541,779
Payable to investment adviser		2,260,868
Payable for fund services fees		492,081
Payable for trustee fees		49
Accrued distribution & shareholder service fees		207,139
Accrued expenses		187,920
Total liabilities		5,689,836

NET ASSETS	$	3,811,005,635

NET ASSETS CONSIST OF:
Paid-in capital	$	3,104,811,334
Total distributable earnings		706,194,301
Net Assets	$	3,811,005,635

	Investor				Institutional
	Class		Z Class		Class
Net assets	$	117,071,847	$	409,546,889	$	3,284,386,899
Shares issued and outstanding⁽¹⁾		7,623,568		26,556,435		213,796,274
Net asset value, redemption price
and minimum offering price per share	$	15.36	$	15.42	$	15.36
Maximum offering price per share ($15.36/0.95)⁽²⁾	$	16.17		N/A		N/A

(1)	Unlimited shares authorized with no par value.
(2)	Reflects a maximum sales charge of 5.00%.

See Notes to the Financial Statements

NUANCE MID CAP VALUE FUND

Statement of Operations

For the Year Ended April 30, 2021

INVESTMENT INCOME:
Dividend income from unaffiliated investments	$	48,524,512
Dividend income from affiliated investments		1,441,071
Less: Foreign taxes withheld		(619,529	)
Interest income		129,906
Total investment income		49,475,960

EXPENSES:
Investment adviser fees (See Note 4)		21,710,618
Fund services fees (See Note 4)		1,711,343
Federal & state registration fees		372,642
Postage & printing fees		161,661
Audit fees		17,502
Trustee fees		14,503
Other		11,395
Insurance fees		11,210
Legal fees		7,161
Distribution & shareholder service fees (See Note 5):
Investor Class		398,356
Institutional Class		1,863,292
Total expenses before waiver		26,279,683
Fee recoupment (See Note 4)		414,155
Less: waiver from investment adviser (See Note 4)		(231,452	)
Net expenses		26,462,386

NET INVESTMENT INCOME		23,013,574

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on unaffiliated investments		297,676,892
Net realized gain on affiliated investments		20,117,180
Net change in unrealized appreciation/depreciation on unaffiliated investments		468,735,667
Net change in unrealized appreciation/depreciation on affiliated investments		(22,134,031	)

Net realized and unrealized gain on investments		764,395,708

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	787,409,282

See Notes to the Financial Statements

NUANCE MID CAP VALUE FUND

Statements of Changes in Net Assets

	Year Ended			Year Ended
	April 30, 2021			April 30, 2020
OPERATIONS:
Net investment income	$	23,013,574		$	18,706,620
Net realized gain (loss) on unaffiliated investments		297,676,892			(35,539,642	)
Net realized gain on affiliated investments		20,117,180			—
Net change in unrealized appreciation/depreciation
on unaffiliated investments		468,735,667			(25,613,150	)
Net change in unrealized appreciation/depreciation
on affiliated investments		(22,134,031	)		—
Net increase (decrease) in net assets resulting from operations		787,409,282			(42,446,172	)
CAPITAL SHARE TRANSACTIONS:
Investor Class:
Proceeds from shares sold		48,716,201			81,799,935
Proceeds from reinvestment of distributions		520,042			3,721,586
Payments for shares redeemed		(52,702,064	)		(22,054,864	)
Increase (Decrease) in net assets resulting
from Investor Class transactions		(3,465,821	)		63,466,657
Z Class:
Proceeds from shares sold		264,133,186			177,531,690
Proceeds from reinvestment of distributions		1,273,637			5,637,817
Payments for redemption-in-kind (See Note 12)		(45,406,057	)		—
Payments for shares redeemed		(146,093,119	)		(34,985,600	)
Increase in net assets resulting from Z Class transactions		73,907,647			148,183,907
Institutional Class:
Proceeds from shares sold		1,732,753,168			877,953,095
Proceeds from reinvestment of distributions		17,113,222			72,700,641
Payments for shares redeemed		(597,764,466	)		(317,198,641	)
Increase in net assets resulting
from Institutional Class transactions		1,152,101,924			633,455,095
Net increase in net assets resulting
from capital share transactions		1,222,543,750			845,105,659

DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class		(522,118	)		(3,745,906	)
Z Class		(2,765,090	)		(13,421,550	)
Institutional Class		(18,944,603	)		(81,457,262	)
Total distributions to shareholders		(22,231,811	)		(98,624,718	)

TOTAL INCREASE IN NET ASSETS		1,987,721,221			704,034,769

NET ASSETS:
Beginning of year		1,823,284,414			1,119,249,645
End of year	$	3,811,005,635		$	1,823,284,414

See Notes to the Financial Statements

NUANCE MID CAP VALUE FUND

Financial Highlights

For a Fund share outstanding throughout the year.

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	April 30,			April 30,			April 30,			April 30,			April 30,
	2021			2020			2019			2018			2017
Investor Class

PER SHARE DATA:
Net asset value, beginning of year	$	11.81		$	12.80		$	12.33		$	12.09		$	10.72

INVESTMENT OPERATIONS:
Net investment income		0.07			0.12			0.11			0.08			0.05
Net realized and unrealized
gain (loss) on investments		3.55			(0.30	)		1.15			1.03			1.53
Total from investment operations		3.62			(0.18	)		1.26			1.11			1.58

LESS DISTRIBUTIONS:
Distributions from
net investment income		(0.07	)		(0.14	)		(0.10	)		(0.05	)		(0.05	)
Distributions from net realized gains		—			(0.67	)		(0.69	)		(0.82	)		(0.16	)
Total distributions		(0.07	)		(0.81	)		(0.79	)		(0.87	)		(0.21	)

Net asset value, end of year	$	15.36		$	11.81		$	12.80		$	12.33		$	12.09

TOTAL RETURN⁽¹⁾		30.77	%		(2.12	)%		11.33	%		9.10	%		14.84	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in millions)	$	117.1		$	94.3		$	36.3		$	26.9		$	19.0

Ratio of expenses to average net assets:
Before expense waiver/recoupment		1.23	%		1.24	%		1.27	%		1.31	%		1.41	%
After expense waiver/recoupment		1.18	%		1.18	%		1.18	%		1.18	%		1.27	%

Ratio of net investment income
to average net assets:
Before expense waiver/recoupment		0.48	%		0.96	%		0.86	%		0.50	%		0.32	%
After expense waiver/recoupment		0.53	%		1.02	%		0.95	%		0.63	%		0.46	%

Portfolio turnover rate		76	%		124	%		99	%		152	%		124	%

(1)	Total return does not reflect sales charges.

See Notes to the Financial Statements

NUANCE MID CAP VALUE FUND

Financial Highlights

For a Fund share outstanding throughout the period.

										For the Period
	Year Ended			Year Ended			Year Ended			Inception through
	April 30, 2021			April 30, 2020			April 30, 2019			April 30, 2018⁽¹⁾
Z Class

PER SHARE DATA:
Net asset value, beginning of period	$	11.84		$	12.83		$	12.37		$	12.14

INVESTMENT OPERATIONS:
Net investment income		0.12			0.18			0.16			0.11
Net realized and unrealized
gain (loss) on investments		3.57			(0.32	)		1.14			1.03
Total from investment operations		3.69			(0.14	)		1.30			1.14

LESS DISTRIBUTIONS:
Distributions from net investment income		(0.11	)		(0.18	)		(0.15	)		(0.09	)
Distributions from net realized gains		—			(0.67	)		(0.69	)		(0.82	)
Total distributions		(0.11	)		(0.85	)		(0.84	)		(0.91	)

Net asset value, end of period	$	15.42		$	11.84		$	12.83		$	12.37

TOTAL RETURN⁽²⁾		31.34	%		(1.78	)%		11.73	%		9.39	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in millions)	$	409.5		$	254.2		$	130.9		$	42.7

Ratio of expenses to average net assets⁽³⁾:
Before expense waiver/recoupment		0.83	%		0.84	%		0.88	%		0.91	%
After expense waiver/recoupment		0.78	%		0.78	%		0.78	%		0.78	%

Ratio of net investment income
to average net assets⁽³⁾:
Before expense waiver/recoupment		0.88	%		1.36	%		1.25	%		0.94	%
After expense waiver/recoupment		0.93	%		1.42	%		1.35	%		1.07	%

Portfolio turnover rate⁽²⁾		76	%		124	%		99	%		152	%

(1)	Inception date of the Z Class was May 8, 2017.
(2)	Not annualized for periods less than one year.
(3)	Annualized for periods less than one year.

See Notes to the Financial Statements

NUANCE MID CAP VALUE FUND

Financial Highlights

For a Fund share outstanding throughout the year.

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	April 30,			April 30,			April 30,			April 30,			April 30,
	2021			2020			2019			2018			2017
Institutional Class

PER SHARE DATA:
Net asset value, beginning of year	$	11.81		$	12.80		$	12.35		$	12.12		$	10.74

INVESTMENT OPERATIONS:
Net investment income		0.10			0.17			0.14			0.11			0.08
Net realized and unrealized
gain (loss) on investments		3.55			(0.31	)		1.14			1.03			1.54
Total from investment operations		3.65			0.14			1.28			1.14			1.62

LESS DISTRIBUTIONS:
Distributions from
net investment income		(0.10	)		(0.18	)		(0.14	)		(0.09	)		(0.08	)
Distributions from net realized gains		—			(0.67	)		(0.69	)		(0.82	)		(0.16	)
Total distributions		(0.10	)		(0.85	)		(0.83	)		(0.91	)		(0.24	)

Net asset value, end of year	$	15.36		$	11.81		$	12.80		$	12.35		$	12.12

TOTAL RETURN		31.09	%		(1.85	)%		11.57	%		9.32	%		15.15	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in millions)	$	3,284.4		$	1,474.8		$	952.0		$	463.7		$	284.9

Ratio of expenses to average net assets:
Before expense waiver/recoupment		0.91	%		0.92	%		0.95	%		0.99	%		1.09	%
After expense waiver/recoupment		0.92	%		0.93	%		0.93	%		0.93	%		1.00	%

Ratio of net investment income
to average net assets:
Before expense waiver/recoupment		0.80	%		1.29	%		1.18	%		0.82	%		0.64	%
After expense waiver/recoupment		0.79	%		1.28	%		1.20	%		0.88	%		0.73	%

Portfolio turnover rate		76	%		124	%		99	%		152	%		124	%

See Notes to the Financial Statements

NUANCE MID CAP VALUE FUND

Notes to the Financial Statements

April 30, 2021

1. ORGANIZATION

Managed Portfolio Series (the “Trust”) was organized as a Delaware statutory trust on January 27, 2011. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Nuance Mid Cap Value Fund (the “Fund”) is a diversified series with its own investment objectives and policies within the Trust. The investment objective of the Fund is long-term capital appreciation. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The Fund commenced operations on May 31, 2011. The Fund currently offers three classes, the Investor Class, the Institutional Class and the Z Class. Investor Class shares may be subject to a front-end sales charge of up to 5.00%. Investor Class shares are subject to a 0.25% of average daily net assets distribution and servicing fee and Investor Class and Institutional Class shares are subject to a shareholder servicing fee of up to 0.15% of average daily net assets. Each class of shares has identical rights and privileges with respect to voting on matters affecting a single share class. The Fund may issue an unlimited number of shares of beneficial interest, with no par value.

2. SIGNIFICANT ACCOUNTING POLICIES

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

NUANCE MID CAP VALUE FUND

Notes to the Financial Statements – Continued

April 30, 2021

net asset values per share of the Fund. For the year ended April 30, 2021, the Fund increased paid-in capital by $9,147,859 and decreased total distributable earnings by $9,147,859 due to a redemption in-kind.

Allocation of Income, Expenses and Gains/Losses – Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of the Fund are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of the Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based on relative net assets. 12b-1 fees are expensed at 0.25% of average daily net assets of Investor Class shares. Shareholder service fees are expensed at up to 0.15% of average daily net assets for Investor and Institutional shares. Expenses associated with a specific fund in the Trust are charged to that fund. Common Trust expenses are typically allocated evenly between the funds of the Trust, or by other equitable means.

3. SECURITIES VALUATION

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

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

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

NUANCE MID CAP VALUE FUND

Notes to the Financial Statements – Continued

April 30, 2021

	Level 1		Level 2		Level 3		Total
Common Stocks	$	3,113,713,647	$	—	$	—	$	3,113,713,647
Convertible Preferred Stocks		220,924,267		—		—		220,924,267
Preferred Stocks		100,849,494		—		—		100,849,494
Short-Term Investment		345,994,746		—		—		345,994,746
Total Investments in Securities	$	3,781,482,154	$	—	$	—	$	3,781,482,154

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

4. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Fund’s Adviser has contractually agreed to waive a portion or all of its management fees and reimburse the Fund for its expenses to ensure that total annual operating expenses (excluding acquired fund fees and expenses, leverage, interest, dividend and interest expense on short sales, taxes, brokerage commissions and extraordinary expenses) for the Fund do not exceed 1.18%, 0.78% and 0.93% of average daily net assets of the Fund’s Investor Class, Z Class and Institutional Class, respectively. Fees waived and expenses reimbursed by the Adviser may be recouped by the Adviser for a period of thirty-six months following the month during which such waiver or reimbursement was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the waiver and reimbursement occurred. The Operating Expense Limitation Agreement is intended to be continual in nature and cannot be terminated within a year after the effective date of the Fund’s prospectus. After that date, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board or the Adviser, with the consent of the Board. For the year ended April 30, 2021, the Adviser recouped expenses of $414,155 relating to fees previously waived. Waived fees and reimbursed expenses subject to potential recovery by month of expiration are as follows:

Expiration	Amount
May 2021 – April 2022	$	92,378
May 2022 – April 2023	$	155,706
May 2023 – April 2024	$	208,199

NUANCE MID CAP VALUE FUND

Notes to the Financial Statements – Continued

April 30, 2021

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, (“Fund Services” or the “Administrator”), acts as the Fund’s Administrator, Transfer Agent, and Fund Accountant. U.S. Bank N.A. (the “Custodian”) serves as the custodian to the Fund. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Fund. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund’s custodian; coordinates the payment of the Fund’s expenses and reviews the Fund’s expense accruals. The officers of the Trust, including the Chief Compliance Officer are employees of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Fund, subject to annual minimums. Fees paid by the Fund for administration and accounting, transfer agency, custody and compliance services for the year ended April 30, 2021, are disclosed in the Statement of Operations.

5. DISTRIBUTION & SHAREHOLDER SERVICING FEES

The Fund has entered into a shareholder servicing agreement (the “Agreement”) where the Adviser acts as the shareholder agent, under which the Fund may pay servicing fees at an annual rate of up to 0.15% of the average daily net assets of each class. Payments, if any, to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the Fund. Payments may also be made directly to the intermediaries providing shareholder services. The services provided by such intermediaries are primarily designed to assist shareholders of the Fund and include the furnishing of office space and equipment, telephone facilities, personnel and assistance to the Fund in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Fund and includes establishing and maintaining shareholders’ accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Fund, and providing such other personal services to shareholders as the Fund may reasonably request. For the year ended April 30, 2021, the Investor and Institutional Class incurred $149,384 and $1,863,292, respectively, of shareholder servicing fees under the Agreement.

NUANCE MID CAP VALUE FUND

Notes to the Financial Statements – Continued

April 30, 2021

6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of the Fund were as follows:

	Year Ended			Year Ended
	April 30, 2021			April 30, 2020
Investor Class:
Shares sold		3,635,329			6,626,930
Shares issued to holders in reinvestment of distributions		40,197			278,387
Shares redeemed		(4,038,529	)		(1,753,435	)
Net increase (decrease) in Investor Class shares		(363,003	)		5,151,882

Z Class:
Shares sold		19,738,682			13,651,257
Shares issued to holders in reinvestment of distributions		98,253			420,861
Shares redeemed-in-kind		(3,164,185	)		—
Shares redeemed		(11,580,213	)		(2,810,250	)
Net increase in Z Class shares		5,092,537			11,261,868

Institutional Class:
Shares sold		131,687,305			70,738,799
Shares issued to holders in reinvestment of distributions		1,323,270			5,438,475
Shares redeemed		(44,102,193	)		(25,652,164	)
Net increase in Institutional Class shares		88,908,382			50,525,110
Net increase in shares outstanding		93,637,916			66,938,860

7. INVESTMENT TRANSACTIONS

The aggregate purchases and sales, excluding short-term investments, by the Fund for the year ended April 30, 2021, were as follows:

	Purchases		Sales
U.S. Government	$	—	$	—
Other*	$	3,090,332,165	$	2,005,884,670

*	Sales exclude securities redeemed in-kind of $41,785,397.

8. FEDERAL TAX INFORMATION

Aggregate Gross	Aggregate Gross		Federal Income
Appreciation	Depreciation	Net	Tax Cost
$536,468,412	$(73,288,465)	$463,179,947	$3,318,302,207

NUANCE MID CAP VALUE FUND

Notes to the Financial Statements – Continued

April 30, 2021

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the deferral of wash sale losses. At April 30, 2021, components of distributed earnings on a tax-basis were as follows:

	Undistributed	Other		Total
Undistributed	Long-Term	Accumulated	Unrealized	Distributable
Ordinary Income	Capital Gains	Losses	Appreciation	Earnings
$102,789,285	$140,225,069	$—	$463,179,947	$706,194,301

The tax character of distributions paid during the year ended April 30, 2021, were as follows:

Ordinary	Long-Term
Income*	Capital Gains	Total
$22,231,811	$—	$22,231,811

The tax character of distributions paid during the year ended April 30, 2020, were as follows:

Ordinary	Long-Term
Income*	Capital Gains	Total
$60,984,768	$37,639,950	$98,624,718

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

9. GENERAL RISK

NUANCE MID CAP VALUE FUND

Notes to the Financial Statements – Continued

April 30, 2021

10. TRANSACTIONS WITH AFFILIATES

If the Fund’s holding represents ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined by the 1940 Act. The Fund conducted transactions during the year ended April 30, 2021 with affiliated companies as so defined:

	Beginning Value		Additions		Reductions			Ending Shares
Cal-Maine Foods, Inc.	$	32,581,407	$	86,538,521	$	(6,377,480	)		2,735,496
Equity Commonwealth		61,745,171		168,887,255		(2,775,971	)		7,240,999
SJW Group		26,079,200		70,857,163		(1,181,869	)		1,579,336

										Change in
	Ending									Unrealized
	Value as of		Dividend		Return of		Realized Gain			Appreciation/
	April 30, 2021		Income		Capital		(Loss)			Depreciation
Cal-Maine Foods, Inc.	$	102,198,131	$	93,007	$	—	$	(409,432	)	$	(10,134,885	)
Equity Commonwealth		208,540,771		30,562		—		20,262,152			(19,505,667	)
SJW Group		103,525,475		1,317,502		—		264,460			7,506,521
	$	414,264,377	$	1,441,071	$	—	$	20,117,180		$	(22,134,031	)

11. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of April 30, 2021, Morgan Stanley Smith Barney LLC for the benefit of its customers, owned 25.92% of the Fund.

12. REDEMPTION IN-KIND

On January 21, 2021, a shareholder redeemed $45,406,057 in an in-kind transaction which consisted of $41,785,396 in securities and $3,620,661 in cash. The in-kind transaction resulted in a realized gain to the Fund of $10,549,678.

NUANCE MID CAP VALUE FUND

Report of Independent Registered Public Accounting Firm

To the Shareholders of Nuance Mid Cap Value Fund and

Board of Trustees of Managed Portfolio Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Nuance Mid Cap Value Fund (the “Fund”), a series of Managed Portfolio Series, as of April 30, 2021, the related statement 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 related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2021, the results of its 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.

Basis for Opinion

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 April 30, 2021, by correspondence with the custodian. 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 auditor of one or more of Nuance Investments, LLC’s investment companies since 2011.

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 28, 2021

NUANCE MID CAP VALUE FUND

Additional Information (Unaudited)

April 30, 2021

TRUSTEES AND OFFICERS

		Term of
		Office	Number of		Other
Name,		and	Portfolios	Principal	Directorships
Address	Position(s)	Length	in Trust	Occupation(s)	Held by Trustee
and Year	Held with	of Time	Overseen	During the Past	During the Past
of Birth	the Trust	Served	by Trustee	Five Years	Five Years
Independent Trustees

Leonard M. Rush, CPA	Chairman,	Indefinite	33	Retired, Chief Financial	Independent Trustee,
615 E. Michigan St.	Trustee and	Term; Since		Officer, Robert W. Baird	ETF Series Solutions
Milwaukee, WI 53202	Audit	April 2011		& Co. Incorporated	(47 Portfolios)
Year of Birth: 1946	Committee			(2000-2011).	(2012-Present).
	Chairman

David A. Massart	Trustee	Indefinite	33	Co-Founder and Chief	Independent Trustee,
615 E. Michigan St.		Term; Since		Investment Strategist,	ETF Series Solutions
Milwaukee, WI 53202		April 2011		Next Generation Wealth	(47 Portfolios)
Year of Birth: 1967				Management, Inc.	(2012-Present).
				(2005-Present).

Robert J. Kern*	Trustee	Indefinite	33	Retired (July 2018-Present);	None
615 E. Michigan St.		Term; Since		Executive Vice President,
Milwaukee, WI 53202		January 2011		U.S. Bancorp Fund Services,
Year of Birth: 1958				LLC (1994-2018).

*	Mr. Kern became an independent Trustee on July 6, 2020. Previously he was an Interested Trustee.

NUANCE MID CAP VALUE FUND

Additional Information (Unaudited) – Continued

April 30, 2021

		Term of
		Office	Number of		Other
Name,		and	Portfolios	Principal	Directorships
Address	Position(s)	Length	in Trust	Occupation(s)	Held by Trustee
and Year	Held with	of Time	Overseen	During the Past	During the Past
of Birth	the Trust	Served	by Trustee	Five Years	Five Years
Independent Trustees

David M. Swanson	Trustee	Indefinite	33	Founder and Managing	Independent Trustee,
615 E. Michigan St.	and	Term; Since		Principal, SwanDog	ALPS Variable
Milwaukee, WI 53202	Nominating	April 2011		Strategic Marketing,	Investment Trust
Year of Birth: 1957	& Governance			LLC (2006-Present),	(7 Portfolios) (2006-
	Committee			Executive Vice President,	Present); Independent
	Chairman			Calamos Investments	Trustee, RiverNorth
				(2004-2006).	Funds (3 Portfolios)
					(2018-Present);
					RiverNorth Managed
					Duration Municipal
					Income Fund Inc.
					(1 Portfolio) (2019-
					Present); RiverNorth
					Marketplace Lending
					Corporation
					(1 Portfolio) (2018-
					Present); RiverNorth/
					DoubleLine Strategic
					Opportunity Fund, Inc.
					(1 Portfolio) (2018-
					Present); RiverNorth
					Opportunities Fund,
					Inc. (1 Portfolio) (2018-
					Present); RiverNorth
					Opportunistic
					Municipal Income
					Fund, Inc. (1 Portfolio)
					(2018-Present).

NUANCE MID CAP VALUE FUND

Additional Information (Unaudited) – Continued

April 30, 2021

		Term of
		Office	Number of		Other
Name,		and	Portfolios	Principal	Directorships
Address	Position(s)	Length	in Trust	Occupation(s)	Held by Trustee
and Year	Held with	of Time	Overseen	During the Past	During the Past
of Birth	the Trust	Served	by Trustee	Five Years	Five Years
Officers

Brian R. Wiedmeyer	President and	Indefinite	N/A	Vice President, U.S.	N/A
615 E. Michigan St.	Principal	Term; Since		Bancorp Fund Services,
Milwaukee, WI 53202	Executive	November		LLC (2005-Present).
Year of Birth: 1973	Officer	2018

Deborah Ward	Vice President,	Indefinite	N/A	Senior Vice President,	N/A
615 E. Michigan St.	Chief	Term; Since		U.S. Bancorp Fund Services,
Milwaukee, WI 53202	Compliance	April 2013		LLC (2004-Present).
Year of Birth: 1966	Officer and
	Anti-Money
	Laundering
	Officer

Benjamin Eirich	Treasurer,	Indefinite	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Principal	Term; Since		U.S. Bancorp Fund Services,
Milwaukee, WI 53202	Financial	August 2019		LLC (2008-Present).
Year of Birth: 1981	Officer and	(Treasurer);
	Vice President	Since
		November
		2018 (Vice
		President)

Joseph Destache	Secretary	Indefinite	N/A	U.S. Bancorp Fund	N/A
615 E. Michigan St.		Term; Since		Services, LLC
Milwaukee, WI 53202		March 2021		(2018-Present).
Year of Birth: 1991

Douglas Schafer	Assistant	Indefinite	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Treasurer	Term; Since		U.S. Bancorp Fund Services,
Milwaukee, WI 53202	and Vice	May 2016		LLC (2002-Present).
Year of Birth: 1970	President	(Assistant
		Treasurer);
		Since
		November
		2018 (Vice
		President)

Michael J. Cyr II	Assistant	Indefinite	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Treasurer	Term; Since		U.S. Bancorp Fund Services,
Milwaukee, WI 53202	and Vice	August 2019		LLC (2013-Present).
Year of Birth: 1992	President

NUANCE MID CAP VALUE FUND

Additional Information (Unaudited) – Continued

April 30, 2021

AVAILABILITY OF FUND PORTFOLIO INFORMATION

AVAILABILITY OF PROXY VOTING INFORMATION

QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended April 30, 2021 was 30.13% for the Fund.

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%.

NUANCE MID CAP VALUE FUND

Approval of Investment Advisory Agreement (Unaudited)

At the regular meeting of the Board of Trustees of Managed Portfolio Series (“Trust”) on February 23-24, 2021, the Trust’s Board of Trustees (“Board”), each of whom were present virtually via video conference, including all of the 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 between the Trust and Nuance Investments, LLC (“Nuance” or the “Adviser”) regarding the Nuance Mid Cap Value Fund (the “Fund”) (the “Investment Advisory Agreement”) for another annual term.

In determining whether to continue the Investment Advisory Agreement, the Trustees considered all factors they believed relevant including the following with respect to the Fund: (1) the nature, extent, and quality of the services provided by Nuance with respect to the Fund; (2) the Fund’s historical performance as managed by Nuance; (3) the costs of the services provided by Nuance and the profits realized by Nuance 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 Nuance resulting from its relationship with the Fund. In their deliberations, the Trustees weighed to varying degrees the importance of the information provided to them, did not identify any particular information that was all-important or controlling.

NUANCE MID CAP VALUE FUND

Approval of Investment Advisory Agreement (Unaudited) – Continued

Fund Historical Performance and the Overall Performance of Nuance. In assessing the quality of the portfolio management delivered by Nuance, the Trustees reviewed the short-term and longer-term performance of the Fund on both an absolute basis and in comparison to an appropriate securities benchmark index, each Fund’s respective peer funds according to Morningstar classifications, and the Fund’s composite of separate accounts that Nuance manages utilizing investment strategies similar to those of the Fund. When reviewing the Fund’s performance against its respective Morningstar peer group, the Trustees took into account that the investment objective and strategies of the Fund, as well as the Fund’s level of risk tolerance, may differ significantly from funds in its peer group. The Trustees considered that the Fund outperformed its peer group median and average over the year-to-date, one-year, three-year and five-year period ended October 31, 2020. The Trustees noted that the Fund was in the top decile of its peer group across all reviewed periods ended October 31, 2020. The Trustees also considered that the Fund had outperformed its primary benchmark over the year-to-date, one-year, three-year and five-year periods ended October 31, 2020, and underperformed its secondary benchmark across each of those periods. The Trustees then observed that the Fund’s performance was consistent with the performance of a composite of similar accounts managed by Nuance over all relevant time periods.

Comparative Fee and Expense Data. The Board reviewed and considered the advisory fee payable by the Fund to Nuance under the Investment Advisory Agreement. The Board compared the Fund’s contractual advisory fee and total expense ratio to industry data with respect to other mutual funds in the same Morningstar peer group. The Fund’s contractual management fee is above the peer group median and average. The total expenses (after waivers) for the Fund is below the peer group median and average for the Z Class, is above the peer group median but equal to the average for the Institutional Class and is above the peer group median and average for the Investor Class. The Trustees noted that when compared to similarly sized funds, the total expenses for the Fund’s Investor Class was equal to the peer group average and below the peer group median.

NUANCE MID CAP VALUE FUND

Approval of Investment Advisory Agreement (Unaudited) – Continued

(This Page Intentionally Left Blank.)

NUANCE MID CAP VALUE FUND

Privacy Notice (Unaudited)

The Fund does not disclose any non-public personal information about its shareholders or former shareholders other than for everyday business purposes such as to process a transaction, service an account, respond to court orders and legal investigations or as otherwise permitted by law. Third parties that may receive this information include companies that provide transfer agency, technology and administrative services to the Fund, as well as the Fund’s investment adviser who is an affiliate of the Fund. If you maintain a retirement/educational custodial account directly with the Fund, we may also disclose your Personal Information to the custodian for that account for shareholder servicing purposes. The Fund limits access to your Personal Information provided to unaffiliated third parties to information necessary to carry out their assigned responsibilities to the Fund. All shareholder records will be disposed of in accordance with applicable law. The Fund maintains physical, electronic and procedural safeguards to protect your Personal Information and requires its third party service providers with access to such information to treat your Personal Information with the same high degree of confidentiality.

INVESTMENT ADVISER

Nuance Investments, LLC

4900 Main Street, Suite 220

Kansas City, MO 64112

DISTRIBUTOR

Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, WI 53202

CUSTODIAN

U.S. Bank, N.A.

1555 North Rivercenter Drive

Milwaukee, WI 53212

ADMINISTRATOR, FUND ACCOUNTANT

AND TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

LEGAL COUNSEL

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

This report must be accompanied or preceded by a prospectus.

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

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

Nuance Concentrated Value Long-Short Fund

Investor Class Shares – NCLIX

Institutional Class Shares – NCLSX

Annual Report

www.nuanceinvestments.com

April 30, 2021

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

April 30, 2021

Dear Fellow Shareholders:

We are pleased to write our semi-annual shareholder letter for the Nuance Concentrated Value Long-Short Fund (the “Fund”). The Fund seeks long-term capital appreciation by taking long positions in securities priced below, and short positions in securities priced above, our internal view of their estimated intrinsic value. The Fund will typically maintain 15-35 long positions and up to 50 short positions.

Average Annual Rates of Return as of April 30, 2021:

	6 Months	1 Year	3 Year	5 Year	Since Inception⁽¹⁾
Institutional Class	0.90%	-5.33%	3.46%	3.41%	5.09%
S&P 500 Index⁽²⁾	28.85%	45.98%	18.67%	17.42%	16.63%

	6 Months	1 Year	3 Year	5 Year	Since Inception⁽¹⁾
Investor Class	0.82%	-5.49%	3.21%	3.11%	4.79%
S&P 500 Index⁽²⁾	28.85%	45.98%	18.67%	17.42%	16.63%

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Short term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made solely based on returns. Performance data current to the most recent month end may be obtained by calling 1-855-682-6233.

Nuance Investments, LLC (the “Adviser”) has contractually agreed to waive its management fees and pay Fund expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, leverage/borrowing interest, interest expense, dividends paid on short sales, taxes, brokerage commissions, and extraordinary expenses) do not exceed 1.55% of the average daily net assets of the Investor Class and 1.30% of the average daily net assets of the Institutional Class through at least August 28, 2021. Net Expense Ratios are as of the Fund’s most recent prospectus and are applicable to investors.

Institutional Class Gross Expense Ratio – 3.46%	Net Expense Ratio – 3.34%
Investor Class Gross Expense Ratio – 3.71 %	Net Expense Ratio – 3.59%

(1)	December 31, 2015
(2)	The Standard & Poor’s 500 Index (S&P 500) is an unmanaged, capitalization-weighted index generally representative of the U.S. Market for large capitalization stocks. This Index cannot be invested in directly.

In terms of performance, since its inception on December 31, 2015 through April 30, 2021, the Institutional Class is up 5.09 percent (annualized) versus its primary index –the S&P 500 Index – up 16.63 percent (annualized). While our Nuance Concentrated Value Long Short Fund underperformed the benchmark over the 1 year and 6-month time horizons, Nuance cautions clients regarding the use of short-term performance as a tool to make investment decisions. As we remind our clients each month, your team continues to try and find leading business franchises with sustainable competitive positions that are trading below our internally derived view of fair or intrinsic value. We believe that our time-tested process of finding what we consider best of breed businesses with better than the market downside support and better than the market upside potential over the long-term should lead to solid risk adjusted returns versus our peers and benchmarks.

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Nuance employs a bottoms-up stock selection process that emphasizes one stock at a time valuation and fundamental work. Sector/industry weightings are a fallout primarily of the emphasis of the team to optimize the risk versus reward profile of the portfolio. We would note that often specific events will result in an entire industry or sector being out of favor and thus showing positively skewed risk versus rewards. During those periods, we are likely to be overweight those areas. The reverse is also true and certain sectors or industries can become overvalued at the same time. During those periods we would be underweight. Those decisions are made as a direct result of the time tested process of studying valuations for leading business franchises one stock at a time as opposed to a top-down view of a space.

The Investment Team believed the investment opportunity set continued to be skewed to the short side of the Fund’s investment portfolio at the end of April of 2021. As of April 30, 2021, the median company in the Nuance proprietary long universe, which consists of approximately 250 companies we view as industry leaders, was trading at around a 40 percent premium to what we would consider fair value. In other words, our long universe appeared to be overvalued by approximately 40 percent on average based on our internal estimates. Furthermore, according to our company-by-company valuation work, the same universe had around 70 percent downside potential. This implies that if our list of 250 companies were all to trade down to their historic trough valuation multiples, the average stock in our long universe could decline by roughly 70 percent.

On the long side of the portfolio, the Investment Team believes attractive long equity investments with reasonable risk rewards were still available as of April 30, 2021, although we considered many of the stocks in our Nuance long universe to be overvalued. Sub-industries we believed were underearning and undervalued included Health Care Equipment, Property and Casualty Insurance, Health Care Supplies, and Personal Products – all areas of the economy that have been negatively affected by the Covid-19 pandemic. On the short side of the portfolio, the Investment Team thought overvaluation remained widespread and that attractive short investment opportunities could be found in all sectors of the economy.

Thank you for your interest and your continued support.

Chad Baumler, CFA

This report must be preceded or accompanied by a prospectus.

Past performance does not guarantee future results.

Opinions expressed are subject to change, are not guaranteed and should not be considered investment advice or recommendations to buy or sell any security.

Nuance Investments is the advisor to the Nuance Concentrated Value Long-Short Fund which is distributed by Quasar Distributors, LLC.

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Value of $10,000 Investment (Unaudited)

Average Annual Rates of Return (%) As of April 30, 2021

				Since
	1 Year	3 Year	5 Year	Inception⁽¹⁾
Investor Class	-5.49%	3.21%	3.11%	4.79%
Institutional Class	-5.33%	3.46%	3.41%	5.09%
S&P 500 Index⁽²⁾	45.98%	18.67%	17.42%	16.63%

(1)	December 31, 2015.
(2)	The Standard & Poor’s 500 Index (S&P 500) is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks. This Index cannot be invested in directly.

The following is expense information for the Nuance Concentrated Value Long-Short Fund as disclosed in the Fund’s most recent prospectus dated August 28, 2020:

Institutional Class Gross Expense Ratio – 3.46%	Net Expense Ratio – 3.34%
Investor Class Gross Expense Ratio – 3.71%	Net Expense Ratio – 3.59%

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Nuance Investments, LLC (the “Adviser”) has contractually agreed to waive its management fees and pay Fund expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, leverage, interest, dividend and interest expense on short sales, taxes, brokerage commissions, and extraordinary expenses) do not exceed 1.55% of the average daily net assets of the Investor Class and 1.30% of the average daily net assets of the Institutional Class. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and/or expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and/or expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite but cannot be terminated through at least August 28, 2021. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser, with consent of the Board.

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Expense Example (Unaudited)

April 30, 2021

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, shareholder servicing fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2020 – April 30, 2021).

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

			Expenses Paid
	Beginning Account	Ending Account	During Period⁽¹⁾
	Value (11/1/20)	Value (4/30/21)	(11/1/20 to 4/30/21)
Investor Class
Actual⁽²⁾⁽³⁾	$1,000.00	$1,008.20	$19.07
Hypothetical⁽⁴⁾ (5% return before expenses)	$1,000.00	$1,005.80	$19.05

Institutional Class
Actual⁽²⁾⁽³⁾	$1,000.00	$1,009.00	$17.88
Hypothetical⁽⁴⁾ (5% return before expenses)	$1,000.00	$1,006.99	$17.86

(1)	Expenses are equal to the Fund’s annualized expense ratio for the six-month period of 3.83% and 3.59% for the Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.
(2)	Based on the actual returns for the six-month period of 0.82% and 0.90% for the Investor Class and Institutional Class, respectively.
(3)	Excluding dividends and interest on short positions, the actual expenses would be $7.72 and $6.48 for the Investor Class and Institutional Class, respectively.
(4)	Excluding dividends and interest on short positions, the hypothetical expenses would be $7.75 and $6.51 for the Investor Class and Institutional Class, respectively.

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Allocation of Portfolio⁽¹⁾⁽²⁾ (% of Net Assets) (Unaudited)

April 30, 2021

Top Ten Long Equity Positions⁽¹⁾⁽²⁾ (Unaudited)

as of April 30, 2021 (% of Net Assets)

Beiersdorf AG – ADR	8.1	%
Smith & Nephew – ADR	6.1	%
Travelers Companies, Inc.	5.9	%
Equity Commonwealth	5.7	%
United Utilities Group PLC – ADR	5.7	%
Northern Trust Corp.	4.8	%
Baxter International, Inc.	4.4	%
Sanderson Farms, Inc.	3.9	%
ICU Medical, Inc.	3.5	%
Diageo PLC – ADR	3.5	%

Top Five Short Positions⁽²⁾ (Unaudited)

as of April 30, 2021 (% of Net Assets)

Sherwin-Williams Co.	-4.2	%
D.R. Horton, Inc.	-4.2	%
PPG Industries, Inc.	-4.2	%
Prologis, Inc.	-4.1	%
Home Depot, Inc.	-4.1	%

(1)	Excludes short positions.
(2)	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

ADR – American Depository Receipt

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Schedule of Investments

April 30, 2021

	Shares		Value
COMMON STOCKS – 81.6%

Consumer Staples – 21.1%
Beiersdorf AG – ADR (a)		437,981	$	9,891,626
Cal-Maine Foods, Inc. (a)		100,173		3,742,463
Diageo PLC – ADR (a)		23,480		4,211,138
Henkel AG & Co. KGaA – ADR (a)		25,463		631,737
Kimberly-Clark Corp. (a)		18,367		2,448,689
Sanderson Farms, Inc. (a)		29,036		4,777,293
				25,702,946

Financials – 18.2%
Chubb Ltd. (a)		22,061		3,785,447
Everest Re Group, Ltd. (a)		13,609		3,769,013
MetLife, Inc. (a)		18,951		1,205,852
Northern Trust Corp. (a)		51,104		5,815,635
Travelers Companies, Inc. (a)		46,263		7,155,036
Valley National Bancorp (a)		29,634		408,060
				22,139,043

Healthcare – 21.6%
Baxter International, Inc. (a)		61,966		5,309,866
Becton, Dickinson & Co. (a)		11,870		2,953,375
Dentsply Sirona, Inc. (a)		50,379		3,401,086
ICU Medical, Inc. (a)*		20,511		4,271,826
Johnson & Johnson (a)		18,181		2,958,594
Smith & Nephew – ADR (a)		172,311		7,438,666
				26,333,413

Industrials – 4.5%
3M Co. (a)		12,059		2,377,311
Northrop Grumman Corp. (a)		8,822		3,126,870
				5,504,181

Real Estate – 5.7%
Equity Commonwealth (a)		242,559		6,985,699

Utilities – 10.5%
Essential Utilities, Inc. (a)		37,995		1,790,704
SJW Group (a)		61,454		4,028,310
United Utilities Group PLC – ADR (a)		254,827		6,931,294
				12,750,308

Total Common Stocks
(Cost $84,052,691)				99,415,590

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Schedule of Investments – Continued

April 30, 2021

	Shares		Value
SHORT-TERM INVESTMENT – 14.2%
First American Government Obligations Fund, Class X, 0.03% (a)^
(Cost $17,226,002)		17,226,002	$	17,226,002
Total Investments – 95.8%
(Cost $101,278,693)				116,641,592
Other Assets and Liabilities, Net – 4.2%				5,162,193
Total Net Assets – 100.0%			$	121,803,785

(a)	All or a portion of this security is designated as collateral for securities sold short. As of April 30, 2021, the value of the collateral was $116,641,592.
*	Non-income producing security.
^	The rate shown is the annualized seven day effective yield as of April 30, 2021.

ADR – American Depositary Receipt

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Schedule of Securities Sold Short

April 30, 2021

	Shares		Value
COMMON STOCKS – 98.3%

Communication Services – 1.8%
Charter Communications, Inc. – Class A*		3,251	$	2,189,386

Consumer Discretionary – 23.4%
AutoZone, Inc.*		617		903,362
Cintas Corp.		6,119		2,111,912
D.R. Horton, Inc.		51,959		5,107,050
Home Depot, Inc.		15,252		4,936,615
Lennar Corp. – Class A		45,628		4,727,061
Lowe’s Companies, Inc.		5,558		1,090,758
McDonald’s Corp.		9,104		2,149,272
O’Reilly Automotive, Inc.*		3,930		2,172,818
Restaurant Brands International, Inc.		14,517		996,011
Ross Stores, Inc.		16,255		2,128,430
Yum Brands, Inc.		18,034		2,155,424
				28,478,713

Consumer Staples – 5.0%
Coca-Cola Co.		16,766		905,029
Costco Wholesale Corp.		5,678		2,112,727
Dollar General Corp.		9,884		2,122,589
Mondelez International, Inc. – Class A		15,236		926,501
				6,066,846

Energy – 1.6%
Canadian Natural Resources Ltd.		63,706		1,935,388

Financials – 6.3%
Bank of America Corp.		57,547		2,332,380
Fifth Third Bancorp		22,509		912,515
JPMorgan Chase & Co.		14,670		2,256,393
Marsh & McLennan Companies, Inc.		15,745		2,136,596
				7,637,884

Healthcare – 1.8%
HCA Healthcare, Inc.		10,738		2,158,982

Industrials – 35.0%
Carrier Global Corp.		22,116		963,815
Caterpillar, Inc.		20,149		4,596,188
CSX Corp.		46,390		4,673,793
Cummins, Inc.		17,539		4,420,530
Deere & Co.		12,537		4,649,346
Eaton Corporation PLC		14,482		2,069,912

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Schedule of Securities Sold Short – Continued

April 30, 2021

	Shares		Value

Industrials – 35.0% – Continued
Emerson Electric Co.		10,423	$	943,177
Illinois Tool Works, Inc.		21,093		4,861,093
Parker-Hannifin Corp.		6,536		2,051,062
Republic Services, Inc.		8,576		911,629
Stanley Black & Decker, Inc.		10,031		2,074,110
Trane Technologies		27,547		4,788,495
Union Pacific Corp.		21,411		4,755,169
Waste Management, Inc.		6,665		919,570
				42,677,889

Information Technology – 3.8%
Automatic Data Processing, Inc.		13,304		2,487,715
Paychex, Inc.		21,582		2,104,029
				4,591,744

Materials – 13.6%
Air Products and Chemicals, Inc.		7,282		2,100,711
Avery Dennison Corp.		10,316		2,209,378
Ball Corp.		22,624		2,118,511
PPG Industries, Inc.		29,627		5,073,328
Sherwin-Williams Co.		18,681		5,116,165
				16,618,093

Real Estate – 6.0%
Prologis, Inc.		42,887		4,997,622
Weyerhaeuser Co.		61,267		2,375,322
				7,372,944

Total Securities Sold Short
(Proceeds $104,208,145)			$	119,727,869

*	Non-income producing security.

ADR – American Depositary Receipt

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Statement of Assets and Liabilities

April 30, 2021

ASSETS:
Investments, at value
(cost $101,278,693)	$	116,641,592
Cash⁽¹⁾		5,174,129
Deposits at broker⁽¹⁾		120,627,447
Receivable for investment securities sold		2,207,043
Receivable for capital shares sold		325,721
Dividends & interest receivable		113,589
Prepaid expenses		20,851
Total assets		245,110,372

LIABILITIES:
Securities sold short, at value (proceeds $104,208,145)		119,727,869
Dividends payable		69,103
Payable for investment securities purchased		3,354,653
Payable for capital shares redeemed		1,309
Payable to investment adviser		97,586
Payable for fund services fees		17,071
Payable for trustee fees		56
Accrued distribution & shareholder service fees		7,385
Accrued expenses		31,555
Total liabilities		123,306,587

NET ASSETS	$	121,803,785

NET ASSETS CONSIST OF:
Paid-in capital	$	126,377,128
Total accumulated loss		(4,573,343	)
Net Assets	$	121,803,785

	Investor		Institutional
	Class		Class
Net Assets	$	3,806,707	$	117,997,078
Shares issued and outstanding⁽²⁾		362,637		11,068,078
Net asset value, redemption price and offering price per share	$	10.50	$	10.66

(1)	Pledged as collateral for securities sold short.
(2)	Unlimited shares authorized with no par value.

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Statement of Operations

For the Year Ended April 30, 2021

INVESTMENT INCOME:
Dividend income	$	1,470,454
Less: Foreign taxes withheld		(20,577	)
Interest income		6,333
Total investment income		1,456,210

EXPENSES:
Dividends on short positions		1,700,237
Investment adviser fees (See Note 4)		996,924
Broker interest expense on short positions		412,589
Fund services fees (See Note 4)		59,041
Federal & state registration fees		52,030
Audit fees		17,998
Trustee fees (See Note 4)		14,450
Postage & printing fees		9,864
Legal fees		7,850
Other		3,135
Insurance expense		1,797
Distribution & shareholder service fees (See Note 5):
Investor Class		18,758
Institutional Class		107,756
Total expenses before waiver		3,402,429
Fee recoupment (see Note 4)		26,736
Less: waiver from investment adviser (See Note 4)		(8,614	)
Net expenses		3,420,551

NET INVESTMENT LOSS		(1,964,341	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on transactions from:
Investments		17,873,620
Securities sold short		(12,947,085	)
Net change in unrealized appreciation/depreciation on:
Investments		10,173,594
Securities sold short		(16,414,651	)
Net realized and unrealized loss on investments		(1,314,522	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,278,863	)

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Statements of Changes in Net Assets

	Year Ended			Year Ended
	April 30, 2021			April 30, 2020
OPERATIONS:
Net investment loss	$	(1,964,341	)	$	(83,033	)
Net realized gain (loss) on transactions from:
Investments		17,873,620			(2,779,555	)
Securities sold short		(12,947,085	)		3,232,104
Net change in unrealized appreciation/depreciation on:
Investments		10,173,594			2,130,809
Securities sold short		(16,414,651	)		3,605,052
Net increase (decrease) in net assets resulting from operations		(3,278,863	)		6,105,377

CAPITAL SHARE TRANSACTIONS:
Investor Class:
Proceeds from shares sold		2,735,752			6,237,866
Proceeds from reinvestment of distributions		174,927			48,913
Payments for shares redeemed		(6,177,869	)		(1,610,292	)
Increase (decrease) in net assets resulting
from Investor Class transactions		(3,267,190	)		4,676,487
Institutional Class:
Proceeds from shares sold		82,141,980			32,775,676
Proceeds from reinvestment of distributions		3,540,704			563,463
Payments for shares redeemed		(16,265,866	)		(10,914,375	)
Increase in net assets resulting from Institutional Class transactions		69,416,818			22,424,764
Net increase in net assets resulting from capital share transactions		66,149,628			27,101,251

DISTRIBUTIONS TO SHAREHOLDERS:
Investor Class		(174,927	)		(48,913	)
Institutional Class		(5,332,539	)		(793,059	)
Total distributions to shareholders		(5,507,466	)		(841,972	)

TOTAL INCREASE IN NET ASSETS		57,363,299			32,364,656

NET ASSETS:
Beginning of year		64,440,486			32,075,830
End of year	$	121,803,785		$	64,440,486

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Financial Highlights

For a Fund share outstanding throughout the year.

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	April 30,			April 30,			April 30,			April 30,			April 30,
	2021			2020			2019			2018			2017
Investor Class

PER SHARE DATA:
Net asset value, beginning of year	$	11.68		$	10.68		$	10.90		$	11.26		$	11.01

INVESTMENT OPERATIONS:
Net investment loss		(0.28	)		(0.02	)		(0.03	)⁽¹⁾		(0.52	)		(0.34	)
Net realized and unrealized
gain (loss) on investments		(0.36	)⁽²⁾		1.17			0.55			0.65			0.86
Total from investment operations		(0.64	)		1.15			0.52			0.13			0.52

LESS DISTRIBUTIONS:
Distributions from net realized gains		(0.54	)		(0.15	)		(0.74	)		(0.49	)		(0.27	)
Total distributions		(0.54	)		(0.15	)		(0.74	)		(0.49	)		(0.27	)

Net asset value, end of year	$	10.50		$	11.68		$	10.68		$	10.90		$	11.26

TOTAL RETURN		(5.49	)%		10.91	%		4.96	%		1.29	%		4.69	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in millions)	$	3.8		$	7.5		$	2.6		$	0.4		$	1.3

Ratio of expenses to average net assets:
Before expense waiver/recoupment		3.60	%		3.71	%		4.16	%		3.07	%		3.48	%
After expense waiver/recoupment		3.58	%		3.59	%		3.60	%		2.84	%		3.04	%

Ratio of expenses excluding dividend
expense and broker interest/expense
to average net assets:
Before expense waiver/recoupment		1.57	%		1.67	%		2.11	%		1.78	%		1.99	%
After expense waiver/recoupment		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%

Ratio of net investment loss
to average net assets:
Before expense waiver/recoupment		(2.14	)%		(0.53	)%		(0.84	)%		(1.43	)%		(1.92	)%
After expense waiver/recoupment		(2.12	)%		(0.41	)%		(0.28	)%		(1.20	)%		(1.48	)%

Portfolio turnover rate		154	%		156	%		123	%		177	%		93	%

(1)	Per share amounts calculated using the average shares method.
(2)	Realized and unrealized gains (losses) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains on the Statement of Operations due to share transactions for the period.

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Financial Highlights

For a Fund share outstanding throughout the year.

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	April 30,			April 30,			April 30,			April 30,			April 30,
	2021			2020			2019			2018			2017
Institutional Class

PER SHARE DATA:
Net asset value, beginning of year	$	11.82		$	10.81		$	10.99		$	11.32		$	11.02

INVESTMENT OPERATIONS:
Net investment loss		(0.17	)		(0.01	)		(0.00	)⁽¹⁾⁽²⁾		(0.12	)		(0.06	)
Net realized and unrealized
gain (loss) on investments		(0.45	)⁽³⁾		1.19			0.56			0.28			0.63
Total from investment operations		(0.62	)		1.18			0.56			0.16			0.57

LESS DISTRIBUTIONS:
Distributions from net investment income		—			(0.02	)		—			—			—
Distributions from net realized gains		(0.54	)		(0.15	)		(0.74	)		(0.49	)		(0.27	)
Total distributions		(0.54	)		(0.17	)		(0.74	)		(0.49	)		(0.27	)

Net asset value, end of year	$	10.66		$	11.82		$	10.81		$	10.99		$	11.32

TOTAL RETURN		(5.33	)%		11.10	%		5.30	%		1.56	%		5.15	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in millions)	$	118.0		$	56.9		$	29.5		$	45.0		$	52.3

Ratio of expenses to average net assets:
Before expense waiver/recoupment		3.40	%		3.39	%		3.69	%		2.73	%		3.20	%
After expense waiver/recoupment		3.42	%		3.33	%		3.33	%		2.56	%		2.75	%

Ratio of expenses excluding dividend
expense and broker interest/expense
to average net assets:
Before expense waiver/recoupment		1.28	%		1.36	%		1.66	%		1.47	%		1.75	%
After expense waiver/recoupment		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%

Ratio of net investment loss
to average net assets:
Before expense waiver/recoupment		(1.94	)%		(0.21	)%		(0.37	)%		(1.09	)%		(1.43	)%
After expense waiver/recoupment		(1.96	)%		(0.15	)%		(0.01	)%		(0.92	)%		(0.98	)%

Portfolio turnover rate		154	%		156	%		123	%		177	%		93	%

(1)	Per share amounts calculated using the average shares method.
(2)	Amount rounds to less than $(0.01).
(3)	Realized and unrealized gains (losses) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains on the Statement of Operations due to share transactions for the period.

See Notes to the Financial Statements

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Notes to the Financial Statements

April 30, 2021

1. ORGANIZATION

Managed Portfolio Series (the “Trust”) was organized as a Delaware statutory trust on January 27, 2011. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Nuance Concentrated Value Long-Short Fund (the “Fund”) is a non-diversified series with its own investment objectives and policies within the Trust. The investment objective of the Fund is long-term capital appreciation. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The Fund commenced operations on December 31, 2015. The Fund currently offers two classes, the Investor Class and the Institutional Class. Investor Class shares are subject to a 0.25% of average daily net assets distribution and servicing fee and each class of shares is subject to a shareholder servicing fee of up to 0.15% of average daily net assets. Each class of shares has identical rights and privileges with respect to voting on matters affecting a single share class. The Fund may issue an unlimited number of shares of beneficial interest, with no par value.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Security Transactions, Income and Distributions – The Fund follows industry practice and records security transactions on the trade date. Realized gains and losses on sales of securities are calculated on the basis of identified cost. Dividend income and expense 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 Fund’s understanding of the applicable country’s tax rules and regulations. Discounts and premiums on securities purchased are amortized over the expected life of the respective securities using the constant yield method of calculation.

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Notes to the Financial Statements – Continued

April 30, 2021

Short Sales – A short sale is the sale by the Fund of a security which they do not own in anticipation of purchasing the same security in the future at a lower price to close the short position. A short sale will be successful if the price of the shorted security decreases. However, if the underlying security goes up in price during the period in which the short position is outstanding, the Fund will realize a loss. The risk on a short sale is unlimited because the Fund must buy the shorted security at the higher price to complete the transaction. Therefore, short sales may be subject to greater risks than investments in long positions. With a long position, the maximum sustainable loss is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. The Fund would also incur increased transaction costs associated with selling securities short. In addition, the Fund segregates liquid securities at least equal to the fair value of the securities sold short (not including the proceeds from the short sales). Cash deposits by the Fund are presented as deposits at broker on the Statement of Assets and Liabilities and may exceed federally insured limits.

3. SECURITIES VALUATION

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

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

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

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Notes to the Financial Statements – Continued

April 30, 2021

	Level 1			Level 2		Level 3		Total
Common Stocks	$	99,415,590		$	—	$	—	$	99,415,590
Short-Term Investment		17,226,002			—		—		17,226,002
Total Investments in Securities	$	116,641,592		$	—	$	—	$	116,641,592

Securities Sold Short
Common Stocks	$	(119,727,869	)	$	—	$	—	$	(119,727,869	)
Total Securities Sold Short	$	(119,727,869	)	$	—	$	—	$	(119,727,869	)

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

4. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Fund’s Adviser has contractually agreed to waive a portion or all of its management fees and reimburse the Fund for its expenses to ensure that total annual operating expenses (excluding acquired fund fees and expenses, dividends and interest on short positions, interest, taxes, brokerage commissions and extraordinary expenses) for the Fund do not exceed 1.55% and 1.30% of average daily net assets of the Fund’s Investor Class and Institutional Class, respectively. Fees waived and expenses reimbursed by the Adviser may be recouped by the Adviser for a period of thirty-six months following the month during which such waiver or reimbursement was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the waiver and reimbursement occurred. The Operating Expense Limitation Agreement is intended to be continual in nature and cannot be terminated within a year after the effective date of the Fund’s prospectus. After that date, the agreement

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Notes to the Financial Statements – Continued

April 30, 2021

may be terminated at any time upon 60 days’ written notice by the Trust’s Board or the Adviser, with the consent of the Board. For the year ended April 30, 2021, the Adviser recouped expenses of $26,736 relating to fees waived in prior years. Waived fees and reimbursed expenses subject to potential recovery by year of expiration are as follows:

Expiration	Amount
May 2021 – April 2022	$	124,669
May 2022 – April 2023	$	33,832
May 2023 – April 2024	$	8,614

5. DISTRIBUTION & SHAREHOLDER SERVICING FEES

The Fund has entered into a shareholder servicing agreement (the “Agreement”) where the Adviser acts as the shareholder agent, under which the Fund may pay servicing fees at an annual rate of up to 0.15% of the average daily net assets of each class. Payments, if any, to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the Fund. Payments may also be made directly to the intermediaries providing shareholder services. The services provided by such intermediaries are primarily designed to assist shareholders of the Fund and include the furnishing of office space and equipment, telephone facilities, personnel and assistance to the Fund in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Fund and includes establishing and maintaining shareholders’ accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Fund, and providing such other personal services to shareholders as the Fund may reasonably request. For the year ended April 30, 2021, the Investor and Institutional Class incurred $7,034 and $107,756, respectively, of shareholder servicing fees under the Agreement.

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Notes to the Financial Statements – Continued

April 30, 2021

6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of the Fund were as follows:

	Year Ended			Year Ended
	April 30, 2021			April 30, 2020
Investor Class:
Shares sold		243,132			554,852
Shares issued to holders in reinvestment of distributions		16,227			4,542
Shares redeemed		(541,180	)		(152,586	)
Net increase (decrease) in Investor Class shares		(281,821	)		406,808
Institutional Class:
Shares sold		7,388,067			3,045,104
Shares issued to holders in reinvestment of distributions		323,647			51,741
Shares redeemed		(1,459,687	)		(1,014,221	)
Net increase in Institutional Class shares		6,252,027			2,082,624
Net increase in shares outstanding		5,970,206			2,489,432

7. INVESTMENT TRANSACTIONS

The aggregate purchases and sales, excluding short-term investments and securities sold short, by the Fund for the year ended April 30, 2021, were as follows:

	Purchases		Sales
U.S. Government	$	—	$	—
Other	$	151,016,906	$	131,238,158

8. FEDERAL TAX INFORMATION

The aggregate gross unrealized appreciation and depreciation of securities and securities sold short held by the Fund and the total cost of securities for federal income tax purposes at April 30, 2021, the Fund’s most recent fiscal year end, were as follows:

			Federal
			Income
			Tax Cost,
			Net of Proceeds
Aggregate Gross	Aggregate Gross		for Securities
Appreciation	Depreciation	Net	Sold Short
$15,999,549	$(24,393,891)	$(8,394,342)	$5,038,064

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the deferral of wash sale losses. At April 30, 2021, components of accumulated loss on a tax-basis were as follows:

	Undistributed	Other		Total
Undistributed	Long-Term	Accumulated	Unrealized	Accumulated
Ordinary Income	Capital Gains	Losses	Depreciation	Loss
$—	$5,001,071	$(1,180,072)	$(8,394,342)	$(4,573,343)

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Notes to the Financial Statements – Continued

April 30, 2021

As of April 30, 2021, the Fund did not have any capital loss carryovers. A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital, and ordinary losses which occur during the portion of the Fund’s taxable year subsequent to October 31. For the taxable year ended April 30, 2021, the Fund deferred, on a tax basis, ordinary late year losses of $777,048 and post October capital losses of $403,024.

The tax character of distributions paid during the year ended April 30, 2021, were as follows:

Ordinary	Long-Term
Income*	Capital Gains	Total
$2,746,078	$2,761,388	$5,507,466

The tax character of distributions paid during the year ended April 30, 2020, were as follows:

Ordinary	Long-Term
Income*	Capital Gains	Total
$102,122	$739,850	$841,972

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

9. GENERAL RISK

10. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of April 30, 2021, National Financial Services, LLC, for the benefit of its customers, owned 71.57% of the Fund.

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Report of Independent Registered Public Accounting Firm

To the Shareholders of Nuance Concentrated Value Long-Short Fund and

Board of Trustees of Managed Portfolio Series

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedules of investments and securities sold short, of Nuance Concentrated Value Long-Short Fund (the “Fund”), a series of Managed Portfolio Series, as of April 30, 2021, the related statement 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 related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2021, the results of its 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.

Basis for Opinion

We have served as the auditor of one or more of Nuance Investments, LLC’s investment companies since 2011.

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 28, 2021

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Additional Information (Unaudited)

April 30, 2021

TRUSTEES AND OFFICERS

		Term of
		Office	Number of		Other
Name,		and	Portfolios	Principal	Directorships
Address	Position(s)	Length	in Trust	Occupation(s)	Held by Trustee
and Year	Held with	of Time	Overseen	During the Past	During the Past
of Birth	the Trust	Served	by Trustee	Five Years	Five Years
Independent Trustees

Leonard M. Rush, CPA	Chairman,	Indefinite	33	Retired, Chief Financial	Independent Trustee,
615 E. Michigan St.	Trustee and	Term; Since		Officer, Robert W. Baird	ETF Series Solutions
Milwaukee, WI 53202	Audit	April 2011		& Co. Incorporated	(47 Portfolios)
Year of Birth: 1946	Committee			(2000-2011).	(2012-Present).
	Chairman

David A. Massart	Trustee	Indefinite	33	Co-Founder and Chief	Independent Trustee,
615 E. Michigan St.		Term; Since		Investment Strategist,	ETF Series Solutions
Milwaukee, WI 53202		April 2011		Next Generation Wealth	(47 Portfolios)
Year of Birth: 1967				Management, Inc.	(2012-Present).
				(2005-Present).

Robert J. Kern*	Trustee	Indefinite	33	Retired (July 2018-Present);	None
615 E. Michigan St.		Term; Since		Executive Vice President,
Milwaukee, WI 53202		January 2011		U.S. Bancorp Fund Services,
Year of Birth: 1958				LLC (1994-2018).

*	Mr. Kern became an independent Trustee on July 6, 2020. Previously he was an Interested Trustee.

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Additional Information (Unaudited) – Continued

April 30, 2021

		Term of
		Office	Number of		Other
Name,		and	Portfolios	Principal	Directorships
Address	Position(s)	Length	in Trust	Occupation(s)	Held by Trustee
and Year	Held with	of Time	Overseen	During the Past	During the Past
of Birth	the Trust	Served	by Trustee	Five Years	Five Years
Independent Trustees

David M. Swanson	Trustee	Indefinite	33	Founder and Managing	Independent Trustee,
615 E. Michigan St.	and	Term; Since		Principal, SwanDog	ALPS Variable
Milwaukee, WI 53202	Nominating	April 2011		Strategic Marketing,	Investment Trust
Year of Birth: 1957	& Governance			LLC (2006-Present),	(7 Portfolios) (2006-
	Committee			Executive Vice President,	Present); Independent
	Chairman			Calamos Investments	Trustee, RiverNorth
				(2004-2006).	Funds (3 Portfolios)
					(2018-Present);
					RiverNorth Managed
					Duration Municipal
					Income Fund Inc.
					(1 Portfolio) (2019-
					Present); RiverNorth
					Marketplace Lending
					Corporation
					(1 Portfolio) (2018-
					Present); RiverNorth/
					DoubleLine Strategic
					Opportunity Fund, Inc.
					(1 Portfolio) (2018-
					Present); RiverNorth
					Opportunities Fund,
					Inc. (1 Portfolio) (2018-
					Present); RiverNorth
					Opportunistic
					Municipal Income
					Fund, Inc. (1 Portfolio)
					(2018-Present).

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Additional Information (Unaudited) – Continued

April 30, 2021

		Term of
		Office	Number of		Other
Name,		and	Portfolios	Principal	Directorships
Address	Position(s)	Length	in Trust	Occupation(s)	Held by Trustee
and Year	Held with	of Time	Overseen	During the Past	During the Past
of Birth	the Trust	Served	by Trustee	Five Years	Five Years
Officers

Brian R. Wiedmeyer	President and	Indefinite	N/A	Vice President, U.S.	N/A
615 E. Michigan St.	Principal	Term; Since		Bancorp Fund Services,
Milwaukee, WI 53202	Executive	November		LLC (2005-Present).
Year of Birth: 1973	Officer	2018

Deborah Ward	Vice President,	Indefinite	N/A	Senior Vice President,	N/A
615 E. Michigan St.	Chief	Term; Since		U.S. Bancorp Fund Services,
Milwaukee, WI 53202	Compliance	April 2013		LLC (2004-Present).
Year of Birth: 1966	Officer and
	Anti-Money
	Laundering
	Officer

Benjamin Eirich	Treasurer,	Indefinite	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Principal	Term; Since		U.S. Bancorp Fund Services,
Milwaukee, WI 53202	Financial	August 2019		LLC (2008-Present).
Year of Birth: 1981	Officer and	(Treasurer);
	Vice President	Since
		November
		2018 (Vice
		President)

Joseph Destache	Secretary	Indefinite	N/A	U.S. Bancorp Fund	N/A
615 E. Michigan St.		Term; Since		Services, LLC
Milwaukee, WI 53202		March 2021		(2018-Present).
Year of Birth: 1991

Douglas Schafer	Assistant	Indefinite	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Treasurer	Term; Since		U.S. Bancorp Fund Services,
Milwaukee, WI 53202	and Vice	May 2016		LLC (2002-Present).
Year of Birth: 1970	President	(Assistant
		Treasurer);
		Since
		November
		2018 (Vice
		President)

Michael J. Cyr II	Assistant	Indefinite	N/A	Assistant Vice President,	N/A
615 E. Michigan St.	Treasurer	Term; Since		U.S. Bancorp Fund Services,
Milwaukee, WI 53202	and Vice	August 2019		LLC (2013-Present).
Year of Birth: 1992	President

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Additional Information (Unaudited) – Continued

April 30, 2021

AVAILABILITY OF FUND PORTFOLIO INFORMATION

AVAILABILITY OF PROXY VOTING INFORMATION

QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended April 30, 2021 was 19.09% for the Fund.

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 100%.

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Approval of Investment Advisory Agreement (Unaudited)

At the regular meeting of the Board of Trustees of Managed Portfolio Series (“Trust”) on February 23-24, 2021, the Trust’s Board of Trustees (“Board”), each of whom were present virtually via video conference, including all of the 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 between the Trust and Nuance Investments, LLC (“Nuance” or the “Adviser”) regarding the Nuance Concentrated Value Long-Short Fund (the “Fund”) (the “Investment Advisory Agreement”) for another annual term.

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Approval of Investment Advisory Agreement (Unaudited) – Continued

the investment philosophy of the Fund’s portfolio managers, one of whom has managed the since its inception date, and their investment analysis and portfolio management experience, noting one portfolio manager’s significant experience managing assets utilizing investment objectives similar to those of the Fund. The Trustees concluded that they were satisfied with the nature, extent and quality of services that Nuance provides to the Fund under the Investment Advisory Agreement.

Comparative Fee and Expense Data. The Board reviewed and considered the advisory fee payable by the Fund to Nuance under the Investment Advisory Agreement. The Board compared the Fund’s contractual advisory fee and total expense ratio to industry data with respect to other mutual funds in the same Morningstar peer group. The Board noted the Fund’s contractual management fee is below the peer group median and average. The Trustees also considered that the total expenses (after waivers) of the Fund’s Institutional Class are below the peer group median and average and that the total expenses (after waivers) of the Fund’s Investor Class are above the peer group median and below the average, but within the range of other funds in the peer group.

Cost of Advisory Services and Profitability. The Trustees considered the annual advisory fee that the Fund pays to Nuance under the Investment Advisory Agreement, as well as Nuance’s profitability from services that Nuance rendered to the Fund under the Investment Advisory Agreement during the 12-month period ended September 30, 2020. The Trustees also considered the effect of an expense limitation agreement on Nuance’s compensation and that Nuance has contractually agreed to reduce its advisory fees and, if necessary, reimburse the Fund for operating expenses, as specified in the Fund’s prospectus. In that regard, the Trustees noted that the Fund had waived a portion of its advisory fee during the one-year period ended September 30, 2020. The Trustees also took into account, however, that Nuance has additional responsibilities with respect to the Fund, including additional compliance obligations and the preparation of Board and shareholder materials, which justify a higher fee. The Trustees concluded that Nuance’s service relationship with the Fund has yielded a reasonable profit.

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Approval of Investment Advisory Agreement (Unaudited) – Continued

(This Page Intentionally Left Blank.)

NUANCE CONCENTRATED VALUE LONG-SHORT FUND

Privacy Notice (Unaudited)

The Fund does not disclose any non-public personal information about its shareholders or former shareholders other than for everyday business purposes such as to process a transaction, service an account, respond to court orders and legal investigations or as otherwise permitted by law. Third parties that may receive this information include companies that provide transfer agency, technology and administrative services to the Fund, as well as the Fund’s investment adviser who is an affiliate of the Fund. If you maintain a retirement/educational custodial account directly with the Fund, we may also disclose your Personal Information to the custodian for that account for shareholder servicing purposes. The Fund limits access to your Personal Information provided to unaffiliated third parties to information necessary to carry out their assigned responsibilities to the Fund. All shareholder records will be disposed of in accordance with applicable law. The Fund maintains physical, electronic and procedural safeguards to protect your Personal Information and requires its third party service providers with access to such information to treat your Personal Information with the same high degree of confidentiality.

INVESTMENT ADVISER

Nuance Investments, LLC

4900 Main Street, Suite 220

Kansas City, MO 64112

DISTRIBUTOR

Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, WI 53202

CUSTODIAN

U.S. Bank, N.A.

1555 North Rivercenter Drive

Milwaukee, WI 53212

ADMINISTRATOR, FUND ACCOUNTANT

AND TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

LEGAL COUNSEL

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

This report must be accompanied or preceded by a prospectus.

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

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

(b) Not Applicable.

Item 2. Code of Ethics.

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 that applies to the registrant’s principal executive officer and principal financial officer is filed herewith.

Item 3. Audit Committee Financial Expert.

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.

Item 4. Principal Accountant Fees and Services.

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; including reviewing the Funds’ tax returns and distribution calculations. There were no “other services” provided by the principal accountant. For the fiscal years ended April 30, 2021 and April 30, 2020, the Funds’ principal accountant was Cohen & Company, Ltd. 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 4/30/2021	FYE 4/30/2020
Audit Fees	$45,000	$43,500
Audit-Related Fees	$0	$0
Tax Fees	$10,500	$9,000
All Other Fees	$0	$0

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.

The percentage of fees billed by Cohen & Company, Ltd. for the fiscal years ended April 30, 2021 and April 30, 2020, applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE 4/30/2021	FYE 4/30/2020
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full‑time permanent employees of the principal accountant.

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 4/30/2021	FYE 4/30/2020
Registrant	$0	$0
Registrant’s Investment Adviser	$0	$0

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.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a)	Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a)

The Registrant’s [President/Chief Executive Officer] and [Treasurer/Chief 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.

(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 has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(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. Filed herewith.

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)	Certification pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith.

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, President

Date July 6, 2021

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, President

Date July 6, 2021

By (Signature and Title)* /s/Benjamin J. Eirich

Benjamin J. Eirich, Treasurer

Date July 6, 2021

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

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.

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.

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

Managed Portfolio Series

Code of Ethics for Principal Officers

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.

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.

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.

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.

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.

6.	ACKNOWLEDGEMENT

The Principal Officers shall, in the form attached hereto as Appendix 1, 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 Appendix 2, 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:

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;

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

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:

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

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

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

CERTIFICATIONS

I, Mr. Brian R. Wiedmeyer, certify that:

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

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;

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;

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:

(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;

(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;

(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

(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

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):

(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

(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: July 6, 2021

/s/Brian R. Wiedmeyer

Brian R. Wiedmeyer

President

CERTIFICATIONS

I, Benjamin J. Eirich, certify that:

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

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;

(a)

(b)

(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

(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

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):

(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

(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: July 6, 2021

/s/Benjamin J. Eirich

Benjamin J. Eirich

Treasurer

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

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 year ended April 30, 2021, 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 Managed Portfolio Series for the stated period.

/s/Brian R. Wiedmeyer Brian R. Wiedmeyer President, Managed Portfolio Series	/s/Benjamin J. Eirich Benjamin J. Eirich Treasurer, Managed Portfolio Series
Dated: July 6, 2021

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 the Securities Exchange Act of 1934.

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