MANAGED PORTFOLIO SERIES

(the “Trust”)

Cove Street Capital Small Cap Value Fund

Supplement dated December 7, 2018 to the

Statement of Additional Information (“SAI”) for the Fund dated January 28, 2018, as revised July 31, 2018

Effective November 13, 2018, the Board of Trustees (the “Board”) of the Trust accepted the resignation of James R. Arnold as President of the Trust. The Board also elected Brian R. Wiedmeyer to serve as President of the Trust, Ryan Roell to serve as Treasurer and Vice President of the Trust and Douglas Schafer and Benjamin Eirich to serve as Vice Presidents of the Trust. The Officers Table on page 27 of the SAI is restated as follows:

Name, Address and

Year of Birth

Position(s)

Held with

the Trust

Term of

Office and

Length of

Time Served

Number of

Portfolios in

Trust Overseen

by Trustee

Principal Occupation(s)

During the Past Five Years

Other

Directorships

Held by Trustee

During the Past

Five Years

Officers
Brian R. Wiedmeyer 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1973	President and Principal Executive Officer	Indefinite Term; Since November 2018	N/A	Vice President, U.S. Bancorp Fund Services, LLC (2005-present).	N/A
Deborah Ward 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1966	Vice President, Chief Compliance Officer and Anti-Money Laundering Officer	Indefinite Term; Since April 2013	N/A	Senior Vice President, U.S. Bancorp Fund Services, LLC (2004-present).	N/A
Ryan L. Roell 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1973	Treasurer, Principal Financial Officer, and Vice President	Indefinite Term; Since November 2018	N/A	Assistant Vice President, U.S. Bancorp Fund Services, LLC (2005-present).	N/A
Thomas A. Bausch, Esq. 615 E. Michigan St. Milwaukee, WI 53202 Year of Birth: 1979	Secretary	Indefinite Term; Since November 2017	N/A	Vice President, U.S. Bancorp Fund Services, LLC (2016-present); Associate, Godfrey & Kahn S.C. (2012-2016).	N/A