49711/30/20230001511699FALSEN-1AEBLU0001511699ck0001511699:S000056225Member2024-09-302024-09-3000015116992024-09-302024-09-300001511699ck0001511699:C000177004Memberck0001511699:S000056225Member2024-09-302024-09-30

Managed Portfolio Series

Ecofin Global Water ESG Fund

(the “Fund”)

Supplement dated September 17, 2024, to the Summary Prospectus, Prospectus and

Statement of Additional Information (“SAI”),

each dated March 31, 2024, as amended

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Effective September 30, 2024 (the "Effective Date"), the Fund’s name will change from “Ecofin Global Water ESG Fund” to “Tortoise Global Water ESG Fund”. Accordingly, as of the Effective Date, all references to the Fund’s name in the Summary Prospectus, Prospectus and SAI are deleted and replaced with “Tortoise Global Water ESG Fund”. As of the Effective Date, together with the name change, the ticker for the Fund will change from "EBLU" to "TBLU".

No action is required by current shareholders of the Fund as a result of this change. In addition, the change in the Fund’s name will have no effect on its investment objective or strategy.

This supplement should be retained with your Summary Prospectus, Prospectus and SAI for future reference.