ck0001511699-20261027

Filed with the U.S. Securities and Exchange Commission on October 27, 2026

1933 Act Registration File No. 333-172080

1940 Act File No. 811-22525

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
Post-Effective Amendment No.	662

and/or


REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No.	663

(Check appropriate box or boxes.)

MANAGED PORTFOLIO SERIES

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, WI 53202

(Address of Principal Executive Offices, including Zip Code)

Registrant’s Telephone Number, including Area Code: (414) 516-1712

Brian R. Wiedmeyer, President and Principal Executive Officer

Managed Portfolio Series

615 East Michigan Street

Milwaukee, WI 53202

(Name and Address of Agent for Service)

Copy to:

Christopher D. Menconi, Esq.

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Ave, NW

Washington, DC 20004

It is proposed that this filing will become effective (check appropriate box)


	immediately upon filing pursuant to paragraph (b)
X	On October 28, 2026 pursuant to paragraph (b)
	60 days after filing pursuant to paragraph (a)(1)
	on (date) pursuant to paragraph (a)(1)
	75 days after filing pursuant to paragraph (a)(2)
	on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:


	This post-effective amendment designates a new effective date for a previously filed post- effective amendment.

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 662 to the Registration Statement of Managed Portfolio Series

(the “Trust”) is being filed for the purpose of updating the financial information and to make other permissible changes under

Rule 485(b).

LK Balanced Fund

A series of Managed Portfolio Series (the “Trust”)


TABLE OF CONTENTS

SUMMARY SECTION .....................................................................................................................................	1

INVESTMENT OBJECTIVE, STRATEGIES, RISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS ........................................................................................................................................................	8

INVESTMENT OBJECTIVE .........................................................................................................................	8

PRINCIPAL INVESTMENT STRATEGIES ................................................................................................	8

PRINCIPAL RISKS OF INVESTING IN THE FUND .................................................................................	9

PORTFOLIO HOLDINGS .............................................................................................................................	14

MANAGEMENT OF THE FUND ....................................................................................................................	14

INVESTMENT ADVISER .............................................................................................................................	14

PORTFOLIO MANAGERS ...........................................................................................................................	15

SHAREHOLDER INFORMATION ..................................................................................................................	15

PRICING OF FUND SHARES ......................................................................................................................	15

HOW TO PURCHASE FUND SHARES ......................................................................................................	16

HOW TO REDEEM FUND SHARES ...........................................................................................................	19

DIVIDENDS AND DISTRIBUTIONS ..........................................................................................................	22

TOOLS TO COMBAT FREQUENT TRANSACTIONS ..............................................................................	23

TAX CONSEQUENCES ................................................................................................................................	24

OTHER FUND POLICIES .............................................................................................................................	26

DISTRIBUTION OF FUND SHARES ..............................................................................................................	27

THE DISTRIBUTOR .....................................................................................................................................	27

PAYMENTS TO FINANCIAL INTERMEDIARIES ...................................................................................	27

FINANCIAL HIGHLIGHTS .............................................................................................................................	28

SUMMARY SECTION

LK Balanced Fund

Investment Objective

The LK Balanced Fund (the “Fund”) seeks to achieve long-term capital appreciation and current

income.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the

Fund. You may pay other fees, such as brokerage commissions and other fees to financial

intermediaries, which are not reflected in the tables and example below.


Shareholder Fees (fees paid directly from your investment)	None


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.75%
Other Expenses	0.81%
Total Annual Fund Operating Expenses	1.56%
Less: Fee Waiver (1)	-0.56%
Total Annual Fund Operating Expenses After Fee Waiver (1)	1.00%

(1)Lawson Kroeker Investment Management, Inc. (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 front-end or

contingent deferred loads, taxes, leverage/borrowing interest, interest expense, dividends paid on short sales, brokerage

commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, or

extraordinary expenses such as litigation) do not exceed 1.00% of the Fund’s average daily net assets. 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 expense payment was made if such recoupment can be achieved without exceeding the

expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in effect at the

time of recoupment. The Operating Expenses Limitation Agreement is indefinite in term and cannot be terminated

through at least October 28, 2027. 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.

Example

This Example is intended to help you compare the costs of investing in the Fund with the cost of

investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the

time periods indicated and then redeem all of your shares at the end of those periods. The Example

also assumes that your investment has a 5% return each year and that the Fund’s operating expenses

remain the same (taking into account the expense limitation for one year). Although your actual costs

may be higher or lower, based on these assumptions, your costs would be:


One Year	Three Years	Five Years	Ten Years
$102	$438	$797	$1,809

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns

over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may

result in higher taxes when Fund shares are held in a taxable account. These costs, which are not

reflected in the annual fund operating expenses or in the Example, affect the Fund’s performance.

During the most recent fiscal year, the Fund’s portfolio turnover rate was 31% of the average value of

its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund pursues its investment objective by principally investing in

a combination of equity (including common stocks, preferred stocks and convertible securities) and

fixed income securities (including securities issued, backed or otherwise guaranteed by the U.S.

government or its agencies, securities issued by U.S. government-sponsored entities, corporate bonds,

municipal bonds, and other taxable debt securities). The Fund typically invests 40% to 75% of its

assets in equity securities selected primarily for their growth potential and 25% to 60% of its assets in

equity and fixed income securities selected primarily for their income potential. While the mix of

equity and fixed income securities will vary depending on the Adviser’s outlook on the markets, under

normal circumstances at least 25% of the Fund’s assets will be invested in fixed income securities. The

Fund may invest in securities of any market capitalization. Although the Fund will invest primarily in

equity and fixed income securities of U.S. companies, the Fund may invest up to 20% of its assets in

equity and fixed income securities of foreign companies that are organized and headquartered in

countries outside of the United States. The Fund’s investments in foreign securities may include

American Depository Receipts (“ADRs”). The Fund may also invest in floating rate securities.

The Adviser’s equity investment process begins with independent research to identify areas of

attractive investment opportunities. The Adviser performs fundamental analysis company by company,

to discover factors influencing a business’s profitability. Normally, this involves reviewing,

scrutinizing, and analyzing corporate reports; press releases; financial statements; documents filed with

the SEC or other regulatory entities; newspaper, magazine, and internet articles; audio recordings or

transcripts of conference calls and presentations; and a variety of additional sources. The Adviser

focuses on a small number of carefully chosen businesses that it believes have a competitive advantage

and high profit margins with little or no debt, plentiful free cash flow, and wise deployment of capital.

The Adviser attempts to purchase securities of these companies at a discount to its estimate of a

company’s worth.

Included in the Adviser’s analysis of individual equity securities is an assessment of general economic

conditions; an evaluation of the stock and bond markets relative to each other; and a review of

economic, social, and political trends. Stock selection is accomplished only after completing a

thorough analysis. The Adviser makes its buy/sell/retain decisions based on its analysis of the

security’s estimated worth relative to its current price.

The Adviser’s fixed income philosophy is an extension of its equity philosophy in that it approaches

all investments from a fundamental basis. Employing this philosophy, the Adviser does not try to time

the short-term movements of interest rates, but instead attempts to build a portfolio of high quality

corporate, agency, and government bonds and equity securities with a strong income potential that

provides stability and income to the overall portfolio. The Adviser’s fixed income portfolio allocation

is a complement to its equity portfolio allocation, with shifts between allocation percentages dependent

upon current market opportunities within a long-term view.

Corporate, agency, and government bonds are continually compared against each other at all maturities

to evaluate where the best opportunities lie for improved total return. Yields-to-maturity, yields-to-

worst, and cash-flow yields are compared to like-quality bonds. Credit analysis of corporate bonds is

performed to try and avoid future rating downgrades as well as identify possible upgrade candidates.

The Fund may invest up to 10% of its assets in high yield debt or “junk bonds” (higher-risk, lower-

rated fixed income securities such as those rated at the time of purchase lower than BBB- by Standard

& Poor’s Rating Service, Inc. (“S&P”) or lower than Baa3 by Moody’s Investors Service, Inc.

(“Moody’s”)). Below investment grade debt securities have speculative characteristics and they may

be less liquid than investment grade debt securities. The Fund has no set policy regarding the maturity

or duration of any or all of its securities.

Principal Risks

As with any mutual fund, there are risks to investing. An investment in the Fund is not a deposit of a

bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any

other governmental agency. In addition to possibly not achieving your investment goals, you could

lose all or a portion of your investment in the Fund over short or even long periods of time. The

principal risks of investing in the Fund are:

General Market Risk. The Fund’s net asset value (“NAV”) and investment return will fluctuate based

upon changes in the value of its portfolio securities. Certain securities selected for the Fund’s portfolio

may be worth less than the price originally paid for them, or less than they were worth at an earlier

time.

Management Risk. The Fund may not meet its investment objective or may underperform the market

or other mutual funds with similar strategies if the Adviser cannot successfully implement the Fund’s

investment strategies.

Asset Allocation Risk. The risk that the Fund may allocate assets to an asset category that performs

poorly relative to other asset categories.

Equity Securities Risk. The equity securities held in the Fund’s portfolio may experience sudden,

unpredictable drops in value or long periods of decline in value. This may occur because of factors

that affect securities markets generally or factors affecting specific industries, sectors, geographic

markets, or companies in which the Fund invests.

Large-Cap, Mid-Cap and Small-Cap Companies Risk. The Fund’s investment in larger companies is

subject to the risk that larger companies are sometimes unable to attain the high growth rates of

successful, smaller companies, especially during extended periods of economic expansion. Securities

of mid-cap and small-cap companies may be more volatile and less liquid than the securities of large-

cap companies.

Foreign Securities Risk. Investments in securities issued by foreign companies involve risks not

generally associated with investments in the securities of U.S. companies, including risks relating to

political, social, and economic developments abroad, differences between U.S. and foreign regulatory

and tax requirements and market practices, as well as fluctuations in foreign currencies. There may be

less information publicly available about foreign companies than about a U.S. company, and many

foreign companies are not subject to accounting, auditing, and financial reporting standards, regulatory

framework and practices comparable to those in the U.S. Unexpected political, regulatory and

diplomatic events within the United States and abroad may affect investor and consumer confidence

and may adversely impact global financial markets and the broader economy. Foreign conflicts have

caused, and could continue to cause, significant market disruptions and volatility within specific

markets and globally.

ADR Risk. ADRs are generally subject to the same risks as the foreign securities because their values

depend on the performance of the underlying foreign securities. In addition, depositary receipts may

not track the price of the underlying foreign securities and their value may change materially at times

when the U.S. markets are not open for trading. Holders of unsponsored ADRs generally bear all the

costs of such depositary receipts.

Convertible Securities Risk. Convertible securities risk is the risk that the market values of convertible

securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline.

A convertible security’s market value, however, also tends to reflect the market price of the common

stock of the issuing company when that stock price approaches or is greater than the convertible

security’s “conversion price.” The conversion price is defined as the predetermined price at which the

convertible security could be exchanged for the associated stock. As the market price of the

underlying common stock declines, the price of the convertible security tends to be influenced more by

the yield of the convertible security.

Debt Securities Risks. The Fund’s investments in debt securities will be subject to credit risk, interest

rate risk, prepayment risk, extension risk and duration risk. Credit risk is the risk that an issuer will not

make timely payments of principal and interest. Interest rate risk is the risk that the value of debt

securities fluctuates with changes in interest rates (e.g., increases in interest rates result in a decrease in

the value of debt securities). Interest rate changes and their impact on the Fund and its share price can

be sudden and unpredictable. The Fund will be exposed to heightened interest rate risk should interest

rates rise. Pre-payment risk is the risk that the principal on debt securities will be paid off prior to

maturity causing the Fund to invest in debt securities with lower interest rates. Extension risk is the

risk that in times of rising interest rates, prepayments will slow causing portfolio securities considered

short or intermediate term to be long-term securities, which fluctuate more widely in response to

changes in interest rates than shorter term securities. Duration risk is the risk that holding long duration

and long maturity investments will magnify certain other risks, including interest rate risk and credit

risk. Changes in market conditions and government policies may lead to periods of heightened

volatility and reduced liquidity in the fixed-income securities market, and could result in an increase in

Fund redemptions.

Liquidity Risk. The risk that investments cannot be readily sold at the desired time or price, and the

Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell

securities can adversely affect the Fund’s value or prevent the Fund from taking advantage of other

investment opportunities. Liquid portfolio investments may become illiquid or less liquid after

purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market

developments. In recent years, the number and capacity of dealers that make markets in fixed income

securities has decreased. Consequently, the decline in dealers engaging in market making trading

activities may increase liquidity risk, which can be more pronounced in periods of market turmoil.

Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions

from fixed income funds may be higher than normal, causing increased supply in the market due to

selling activity. Liquidity risk includes the risk that the Fund will experience significant net

redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its

portfolio securities at a material loss.

Below Investment Grade Debt Securities Risk. Investments in below investment grade debt securities

and unrated securities of similar credit quality, as determined by the Adviser, (commonly known as

“junk bonds”) involve a greater risk of default and are subject to greater levels of credit and liquidity

risk. Below investment grade debt securities have speculative characteristics and their value may be

subject to greater fluctuation than investment grade debt securities.

Floating Rate Securities Risk. Because changes in interest rates on floating (or variable) rate securities

may lag behind changes in market rates, the value of such securities may decline during periods of

rising interest rates until their interest rates reset to market rates. The interest rate on a floating rate

security may reset on a predetermined schedule and as a result, not reset during periods when changes

in market rates are substantial. Lifetime limits on resets may also prevent their rates from adjusting to

market rates. During periods of declining interest rates, because the interest rates on floating rate

securities generally reset downward, their market value is unlikely to rise to the same extent as the

value of comparable fixed rate securities.

Government-Sponsored Entities Risk. The Fund invests in securities issued or guaranteed by

government-sponsored entities. However, these securities may not be guaranteed or insured by the

U.S. government and may only be supported by the credit of the issuing agency.

Municipal Securities Risk. The municipal market is volatile and can be significantly affected by

adverse tax, legislative or political changes and the financial condition of the issuers of municipal

securities. Changes in a municipality’s financial health may make it difficult for the municipality to

make interest and principal payments when due. Failure of a municipal security issuer to comply with

applicable tax requirements may make income paid thereon taxable, resulting in a decline in the

security’s value. In addition, there could be changes in applicable tax laws or tax treatments that

reduce or eliminate the current federal income tax exemption on municipal securities or otherwise

adversely affect the current federal or state tax status of municipal securities.

Preferred Stock Risk. A preferred stock is a blend of the characteristics of a bond and common stock.

It may offer the higher yield of a bond and has priority over common stock in equity ownership, but it

does not have the seniority of a bond and, unlike common stock, its participation in the issuer’s growth

may be limited. Preferred stock has preference over common stock in the receipt of dividends and/or

in any residual assets after payment to creditors, should the issuer be dissolved. Although the dividend

on a preferred stock may be set at a fixed annual rate, in some circumstances it may be changed or

passed by the issuer.

Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, the

Fund’s performance will be especially sensitive to developments that significantly affect those sectors.

Performance

The accompanying bar chart and performance table provide some indication of the risks of investing in

the Fund by showing how the Fund’s total return has varied for annual periods through December 31,

2025. Next to the bar chart are the Fund’s highest and lowest quarterly returns during the period shown

in the bar chart. The performance table that follows shows the Fund’s average annual total returns over

time compared with broad-based securities market indices (the S&P 500® Index and Bloomberg U.S.

Aggregate Bond Index) and an additional more specialized index. Updated performance information is

available at https://lkfunds.com/ or by calling the Fund toll-free at 855-698-1378. The Fund’s past

performance (before and after taxes) is not necessarily an indication of how the Fund will perform in

the future.

Simultaneous with the commencement of the Fund’s operations on July 1, 2012, the L/K Limited

Partnership #1, a limited partnership managed by the Adviser on a fully discretionary basis (the

“Predecessor Partnership”) converted into the Fund by terminating and distributing its assets (after the

payment of all remaining liabilities and obligations and the establishment of any reserves) to its

partners in proportion to the partnership interests of the partners. Some or all of the partners then

contributed the received partnership assets to the Fund in return for 80% or more of the ownership

interests in the Fund. The Predecessor Partnership maintained an investment objective and investment

policies that were, in all material respects, equivalent to those of the Fund, and at the time of the

conversion was managed by the same team of portfolio managers as the Fund. The Fund’s

performance for periods before July 1, 2012 is that of the Predecessor Partnership and includes gains

or losses, the reinvestment of all dividends and interest, and reflects the deduction of fees and

expenses, including management fees, audit expenses, and brokerage commissions. If the Predecessor

Partnership’s performance was adjusted to reflect the first year expenses of the Fund (commencing

July 1, 2012), the Fund’s performance for all periods would have been lower. The financial statements

of the Predecessor Partnership were audited for all years that the Predecessor Partnership has been in

existence (since December 31, 1986). The performance returns of the Predecessor Partnership are

unaudited and were calculated by the Adviser on a total return basis. The Predecessor Partnership was

not registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and was not

subject to certain investment limitations, diversification requirements, and other restrictions imposed

by the 1940 Act and the Internal Revenue Code of 1986, as amended (the “Code”), which, if

applicable, may have adversely affected its performance. The performance shown should not be

considered indicative of the Fund’s future performance. Beginning July 1, 2012, the Fund’s

performance is calculated using the standard formula set forth in rules promulgated by the SEC, which

differs in certain respects from the methods used to compute total return for the Predecessor

Partnership.

Calendar Year Total Returns as of December 31


Best Quarter	Worst Quarter
Q 4 2020 14.85%	Q 1 2020 -20.13%
Year-to-Date as of September 30, 2026
8.11%


Average Annual Total Returns for the periods ended December 31, 2025
	One Year	Five Years	Ten Years	Since Inception (12/31/1986)
Return Before Taxes	7.18%	8.14%	8.54%	8.10%
Return After Taxes on Distributions	4.37%	6.09%	7.00%	7.60%
Return After Taxes on Distributions and Sale of Fund Shares	6.19%	6.23%	6.70%	7.25%
S&P 500® Index	17.88%	14.42%	14.82%	11.29%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%	5.31%
Lipper Balanced Funds Index	13.40%	6.77%	8.18%	7.98%

After tax returns are calculated using the historical highest individual federal marginal income tax

rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your

situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant

to those who hold their shares through tax-advantaged arrangements such as 401(k) plans or individual

retirement accounts (“IRAs”).

Management

Investment Adviser

Lawson Kroeker Investment Management, Inc. is the Fund’s investment adviser.

Portfolio Managers

Thomas J. Sudyka, Jr., CFA and Chad C. Clauser, CFA each a Managing Director of the Adviser, are

jointly responsible for the day-to-day management of the Fund. Mr. Sudyka has managed the Fund

since its inception in 2012. Mr. Clauser has managed the Fund since October 2023.

Purchase and Sale of Fund Shares

You may purchase or redeem Fund shares on any day that the New York Stock Exchange (“NYSE”) is

open for business by written request via mail (LK Balanced Fund, c/o U.S. Bank Global Fund

Services, P.O. Box 219252, Kansas City, MO 64121-9252), by contacting the Fund by telephone at

855-698-1378, by wire transaction, or through a financial intermediary. The minimum initial

investment amount for purchases of shares of the Fund is $50,000 for regular accounts and $5,000 for

individual retirement accounts. Subsequent purchases may be made with a minimum investment

amount of $500.

Tax Information

The Fund’s distributions are generally taxable, and will be taxed as ordinary income or capital gains,

unless you are a tax-exempt organization or are investing through a tax-advantaged arrangement such

as a 401(k) plan or IRA. Distributions on investments made through tax-advantaged arrangements

generally will be taxed as ordinary income when withdrawn from those accounts.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank or

financial advisor), the Fund and/or its Adviser may pay the intermediary for the sale of Fund shares

and related services. These payments may create conflicts of interest by influencing the broker-dealer

or other intermediary and your salesperson to recommend the Fund over another investment. Ask your

salesperson or visit your financial intermediary’s website for more information.

INVESTMENT OBJECTIVE, STRATEGIES, RISKS AND DISCLOSURE OF

PORTFOLIOS HOLDINGS

Investment Objective

The Fund seeks to achieve long-term capital appreciation and current income. The investment

objective is not fundamental and may be changed without the approval of the Fund’s shareholders

upon 60 days’ prior written notice to shareholders.