# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001133228-25-009520
**Filing Date:** 2025-9
**Character Count:** 56829
**Document Hash:** 5e5d42cb2fb62018f952fd570913c75e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009520.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001133228-25-009520

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 251296550

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Tremblant Global ETF (Series ID: S000084649)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249083 | Tremblant Global ETF | TOGA            |

?xml version='1.0' encoding='ASCII'? 2025-07-03195690_TremblantGlobalETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22525</u>**

**<u>Managed Portfolio Series</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Brian Wiedmeyer, President**

**Managed Portfolio Series**

**c/o U.S. Bank Global Fund Services**

**777 East Wisconsin Ave., 6<sup>th</sup> Floor**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

(414) 516-1712

Registrant's telephone number, including area code

Date of fiscal year end: **<u>12/31/2025</u>**

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img95350_202412310421498.jpg) | **Tremblant Global ETF**  | ![image](img97864_202409051611446.jpg) |
| ![image](img95350_202412310421498.jpg) | TOGA (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img97864_202409051611446.jpg) |
| ![image](img95350_202412310421498.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img97864_202409051611446.jpg) |

---

This semi-annual shareholder report contains important information about the Tremblant Global ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.tremblantetf.com/. You can also request this information by contacting us at 212-303-7358.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Tremblant Global ETF | $37 | 0.69% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $181559473 |
| **Number of Holdings** | 38 |
| **Portfolio Turnover** | 15% |

---

Visit https://www.tremblantetf.com/ for more recent performance information.

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

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer Discretionary  | 32.9% |
|  Communication Services  | 27.2% |
|  Information Technology  | 12.9% |
|  Industrials  | 9.6% |
|  Financials  | 9.2% |
|  Consumer Staples  | 4.8% |
|  Real Estate  | 2.7% |
|  Cash & Other  | 0.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Grab Holdings Ltd.  | 6.1% |
|  TKO Group Holdings, Inc.  | 3.9% |
|  DoorDash, Inc.  | 3.9% |
|  Amazon.com, Inc.  | 3.5% |
|  Uber Technologies, Inc.  | 3.5% |
|  Victoria's Secret & Co.  | 3.4% |
|  DraftKings, Inc.  | 3.3% |
|  Charter Communications, Inc.  | 3.3% |
|  Coupang, Inc.  | 3.3% |
|  Spotify Technology SA  | 3.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.tremblantetf.com/.

The Tremblant Global ETF is distributed by Quasar Distributors, LLC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Tremblant Capital Group documents not be householded, please contact Tremblant Capital Group at 212-303-7358, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tremblant Capital Group or your financial intermediary.

Tremblant Global ETF PAGE 1 TSR-SAR-56167N191

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this form.

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

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](tremblantlogo.jpg)

**Tremblant Global ETF**

Core Financial Statements

June 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statement of Assets and Liabilities](#sal) | [3](#sal) |
| [Statement of Operations](#sop) | [4](#sop) |
| [Statements of Changes in Net Assets](#scna) | [5](#scna) |
| [Financial Highlights](#fihi) | [6](#fihi) |
| [Notes to the Financial Statements](#notes) | [7](#notes) |
| [Additional Information](#add) | [12](#add) |

---

------

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

**Tremblant Global ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.3%** <br>|  |  |
| **Communication Services - 27.2%<sup>(a)</sup>**<br>|  |  |
|  Charter Communications, Inc. - Class A<sup>(b)</sup> | 14702 | $6010325  |
| CTS Eventim AG & Co. KGaA | 39689 | 4927639  |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 30744 | 4650952  |
| Match Group, Inc. | 143543 | 4434043  |
| Meta Platforms, Inc. - Class A | 3323 | 2452673  |
| Roku, Inc.<sup>(b)</sup> | 33938 | 2982811  |
| Spotify Technology SA<sup>(b)</sup> | 7765 | 5958395  |
| TKO Group Holdings, Inc. | 39300 | 7150635  |
| Walt Disney Co. | 41799 | 5183494  |
| Warner Bros Discovery, Inc.<sup>(b)</sup> | 491168 | 5628785  |
|  |  | 49379752  |
| **Consumer Discretionary - 32.9%<sup>(a)</sup>**<br>|  |  |
| Amazon.com, Inc.<sup>(b)</sup> | 28900 | 6340371  |
| Bath & Body Works, Inc. | 131788 | 3948368  |
| Coupang, Inc.<sup>(b)</sup> | 200509 | 6007250  |
| DoorDash, Inc. - Class A<sup>(b)</sup> | 28990 | 7146325  |
| DraftKings, Inc. - Class A<sup>(b)</sup> | 141473 | 6067777  |
| Global-e Online Ltd.<sup>(b)</sup> | 103576 | 3473939  |
| MercadoLibre, Inc.<sup>(b)</sup> | 1999 | 5224646  |
| Starbucks Corp. | 57884 | 5303911  |
| Victoria's Secret & Co.<sup>(b)</sup> | 333493 | 6176290  |
| Wingstop, Inc. | 17643 | 5941104  |
| Wyndham Hotels & Resorts, Inc. | 51299 | 4165992  |
|  |  | 59795973  |
| **Consumer Staples - 4.8%**<br>|  |  |
| Estee Lauder Cos., Inc. - Class A | 66002 | 5332962  |
| Procter & Gamble Co. | 21407 | 3410563  |
|  |  | 8743525  |
| **Financials - 9.2%**<br>|  |  |
| Adyen NV<sup>(b)(c)</sup> | 1211 | 2223060  |
| Evercore, Inc. - Class A | 17383 | 4693758  |
| Mastercard, Inc. - Class A | 5358 | 3010874  |
| Progressive Corp. | 13421 | 3581528  |
| Visa, Inc. - Class A | 8718 | 3095326  |
|  |  | 16604546  |
| **Industrials - 9.6%**<br>|  |  |
| Grab Holdings Ltd. - Class A<sup>(b)</sup> | 2186764 | 10999423  |
| Uber Technologies, Inc.<sup>(b)</sup> | 67806 | 6326300  |
|  |  | 17325723  |
| **Information Technology - 12.9%**<br>|  |  |
| Five9, Inc.<sup>(b)</sup> | 80241 | 2124782  |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 17386 | 3557871  |
| PAR Technology Corp.<sup>(b)</sup> | 39611 | 2747815  |
| Q2 Holdings, Inc.<sup>(b)</sup> | 49353 | 4618947  |
| Shopify, Inc. - Class A<sup>(b)</sup> | 50890 | 5870162  |
| Varonis Systems, Inc.<sup>(b)</sup> | 90167 | 4575975  |
|  |  | 23495552  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Real Estate - 2.7%**<br>|  |  |
| CoStar Group, Inc.<sup>(b)</sup> | 61352 | $4932701  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $149,180,326)** |  | 180277772  |
| **SHORT-TERM INVESTMENTS - 0.7%** | **SHORT-TERM INVESTMENTS - 0.7%** | **SHORT-TERM INVESTMENTS - 0.7%** |
| **Money Market Funds - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 4.24%<sup>(d)</sup> | 1320709 | 1320709  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,320,709)** |  | 1320709  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $150,501,035)** |  | $181598481  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(e)</sup> |  | (39008)  |
| **TOTAL NET ASSETS - 100.0%** |  | $181559473 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

AG – Aktiengesellschaft

KGaA – Kommanditgesellschaft

NV – Naamloze Vennootschap

SA- Sociedad Anónima

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

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

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $2,223,060 or 1.2% of the Fund's net assets.

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

<sup>(e)</sup> Represents less than 0.05% of net assets. 

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

1<br>

------

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

**Tremblant Global ETF** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by Country as of June 30, 2025**  | **Allocation of Portfolio Holdings by Country as of June 30, 2025**  | **Allocation of Portfolio Holdings by Country as of June 30, 2025**  |
| (% of Net Assets)  | (% of Net Assets)  | (% of Net Assets)  |
| United States | $142921217 | 78.7% |
| Singapore | 10999423 | 6.1  |
| Sweden | 5958395 | 3.3  |
| Canada | 5870162 | 3.2  |
| Uruguay | 5224646 | 2.9  |
| Germany | 4927639 | 2.7  |
| Israel | 3473939 | 1.9  |
| Netherlands | 2223060 | 1.2  |
| Liabilities in Excess of Other Assets | (39008) | 0.0<sup>(a)</sup>  |
|  | $181559473 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

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

2<br>

------

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

**Tremblant Global ETF** 

**Statement of Assets and Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:** <br>|  |
| Investments, at value | $181598481  |
| Dividends receivable | 20899  |
| Dividend tax reclaims receivable | 20262  |
| Interest receivable | 18600  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 181658242  |
| **LIABILITIES:**<br>|  |
| Payable to adviser | 98769  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 98769  |
| **NET ASSETS** | $181559473  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $140753090  |
| Total distributable earnings | 40806383  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $181559473  |
| Net assets | $181559473  |
| Shares issued and outstanding<sup>(a)</sup> | 5250000  |
| Net asset value per share | $34.58  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $150501035 |

---

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

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

3<br>

------

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

**Tremblant Global ETF** 

**Statement of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** <br>|  |
| Dividend income | $465224  |
| Less: Dividend withholding taxes | (14420)  |
| Interest income | 80290  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 531094  |
| **EXPENSES:**<br>|  |
| Investment advisory fee (See Note 4) | 535749  |
| &nbsp;&nbsp;&nbsp; Total expenses | 535749  |
| **NET INVESTMENT LOSS** | (4655)  |
| **REALIZED AND UNREALIZED GAIN**<br>|  |
| Net realized gain from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 11594692  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 6970  |
| Net realized gain | 11601662  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 11934542  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 1287  |
| Net change in unrealized appreciation (depreciation) | 11935829  |
| **Net realized and unrealized gain** | 23537491  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $23532836 |

---

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

4<br>

------

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

**Tremblant Global ETF** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $(4655) | $(11901)  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 11601662 | 11582022  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 11935829 | 8700814  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 23532836 | 20270935  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 60816148 | 166062587  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (49398236) | (39726327)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees |  | 1530  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 11417912 | 126337790  |
| **NET INCREASE IN NET ASSETS** | 34950748 | 146608725  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 146608725 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $181559473 | $146608725  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1970000 | 6280000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1610000) | (1390000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 360000 | 4890000 |

---

<sup>(a)</sup> Inception date of the Fund was April 30, 2024.

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

5<br>

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

**Tremblant Global ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $29.98 | &nbsp;&nbsp; $24.96  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.00)<sup>(c)</sup> | &nbsp;&nbsp; (0.00)<sup>(c)</sup>  |
| Net realized and unrealized gain on investments | 4.60 | 5.02  |
| **Total from investment operations** | 4.60 | 29.98  |
| ETF transaction fees per share | &nbsp;&nbsp; — | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp; $34.58 | &nbsp;&nbsp; $29.98  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp; 15.35% | &nbsp;&nbsp; 20.10%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $181559 | &nbsp;&nbsp; $146609  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69%  |
| Ratio of net investment loss to average net assets<sup>(e)</sup> | &nbsp;&nbsp; (0.01)% | &nbsp;&nbsp; (0.02)%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 25% |

---

<sup>(a)</sup> Inception date of the Fund was April 30, 2024.

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

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

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

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

6<br>

------

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

**Tremblant Global ETF** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)** 

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 Tremblant Global ETF (the "Fund") commenced operations as a series of the Trust on April 30, 2024. Prior to then, Tremblant Capital LP, which is under common control with the Adviser, managed a limited partnership with an investment objective and investment policies that were, in all material respects, equivalent to those of the Fund (the "Predecessor Fund"). The limited partnership, which incepted on July 1, 2022, converted into the Fund when the Fund commenced operations. The Fund is managed by Tremblant Advisors LP, (the "Adviser") and Vident Advisory, LLC (d/b/a Vident Asset Management) ("Vident" or the "Sub-Adviser") serves as the Fund's sub-adviser. The Fund offers a single class of shares. 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 actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing primarily in equity securities. The types of equity securities in which the Fund invests include, but are not limited to, common stocks, American Depositary Receipts ("ADRs") and real estate investment trusts ("REITs"). The Fund may invest in companies with market capitalizations of any size but will predominantly be invested in large- and mid-cap securities. The Fund's investments will provide exposure to a number of different developed countries throughout the world, including the U.S., but the Fund may also invest in issuers located or operating in emerging markets. The Trust has evaluated the structure, objective and activities of the Fund and determined that it meets the characteristics of an investment company. As such, the Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*. Costs incurred by the Fund in connection with the organization, registration, and the initial

public offering of shares were paid by the Adviser. These costs are not eligible for recoupment by the Adviser.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. (the "NYSE"). Market prices for the shares may be different from their net asset value ("NAV"). The Fund issues and redeems shares on a continuous basis at NAV only in blocks of 10,000 shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe, with cash included to balance to the Creation Unit total. Once created, shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participation Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Fund currently offers one class of shares, which have no front-end sales load, no deferred sales charge, and no redemption fee. A purchase (i.e. creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. The standard fixed creation transaction fee for each Fund is $300, which is payable by the Advisor. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Fund for the transaction costs associated with the cash transactions. Variable fees received by the Fund are displayed in the capital shares transaction section of the Statement of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fund have equal rights and privileges.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

7<br>

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

**Tremblant Global ETF** 

**Notes to the Financial Statements** 

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

**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 tax provision is required. As of and during the period ended June 30, 2025, 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. As of and during the period ended June 30, 2025, the Fund did not have liabilities for any unrecognized tax benefits. The Fund is subject to examination by U.S. tax authorities for tax years since the commencement of operations.** 

**Foreign Currency – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and translations of foreign currency. The Fund reports net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.** 

**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.** 

The Fund distributes substantially all net investment income, if any, and 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 value ("NAV") per share of the Fund.

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

**New Accounting Pronouncements – In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280)*: *Improvements to Reportable Segment Disclosures ("ASU 2023-07")*. ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The** 

8<br>

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

**Tremblant Global ETF** 

**Notes to the Financial Statements** 

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

Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

3. SECURITIES VALUATION

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

---

---

| | |
|:---|:---|
| Level 3 –<br>| 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.

**Short-Term Investments – Investments in other mutual funds, including money market funds, are valued at their net asset value per share. 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.**

**Equity Securities – Equity securities, including common stocks, preferred stocks, ETFs, and REITs, 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.** 

The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Fund and their Valuation Designee (as defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers, dealers or independent pricing services are unreliable.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $180277772 | $—  | $—  | $180277772  |
| Short-Term Investment | 1320709 |  |  | 1320709  |
| Total Investment in Securities | $181598481 | $— | $— | $181598481 |

---

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

9<br>

------

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

**Tremblant Global ETF** 

**Notes to the Financial Statements** 

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

4. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Trust has an agreement with 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 an annual advisory fee equal to 0.69% of the Fund's average daily net assets on a monthly basis.

Under the investment advisory agreement, the Adviser has agreed to pay all expenses incurred by the Fund except for the advisory fee, interest, taxes, brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or redemption transactions), legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, acquired fund fees and expenses, any fees and expenses related to the provision of securities lending services, extraordinary expenses, and distribution fees and expenses paid by the Trust.

The Adviser has engaged Vident Investment Advisory, LLC (the "Sub-Adviser") as the Sub-Adviser to the Fund.

U.S. Bancorp Fund Services, LLC (the "Administrator"), doing business as U.S. Bank Global Fund Services, 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. These fees are paid by the Adviser.

5. INVESTMENT TRANSACTIONS

The aggregate purchases and sales, excluding U.S. government securities, short-term investments and in-kind transactions, by each Fund for the period ended June 30, 2025, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales**  |
| $65840968 | $23561397 |

---

During the period ended June 30, 2025, in-kind transactions associated with creation and redemptions were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales**  |
| $17265310 | $48201562 |

---

During the period ended June 30, 2025, net capital gains resulting from in-kind redemptions were as follows:

---

| |
|:---|
| **Net Capital Gains**  |
| $12223377 |

---

6. IN-KIND CONTRIBUTIONS

For the conversion on April 30, 2024, the Fund received an in-kind contribution from the Predecessor Fund, which

consisted of $2,066,299 of cash and $69,331,435 of securities which were recorded at their fair value. However, as the transaction was determined to be a non-taxable transaction by management, the Fund elected to retain the securities' original cost basis for book and tax purposes to align ongoing reporting. The cost of the contributed securities as of April 30, 2024, was $58,869,699, resulting in net unrealized appreciation on investments of $10,461,736 as of that date. As a result of the in-kind contribution, the Tremblant Global ETF issued 2,860,000 shares at a $24.96 per share net asset value.

10<br>

------

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

**Tremblant Global ETF** 

**Notes to the Financial Statements** 

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

7. FEDERAL TAX INFORMATION

The aggregate gross unrealized appreciation and depreciation of securities held by the Funds and the total cost of securities for federal income tax purposes at December 31, 2024, the Fund's most recently completed period end, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Aggregate** <br>**Gross** <br>**Appreciation** | **Aggregate** <br>**Gross** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation** | **Federal Income** <br>**Tax Cost**  |
| $22935716 | $(4303482) | $18632234 | $128018069 |

---

Any differences between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the deferral of wash sale losses.

At December 31, 2024, the components of distributable earnings on a tax-basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br>**Income** | **Undistributed** <br>**Long-Term** <br>**Capital Gains** | **Other** <br>**Accumulated** <br>**Losses** | **Net Unrealized** <br>**Appreciation** | **Total** <br>**Distributable** <br>**Earnings**  |
| $—  | $—  | $(1358687) | $18632234 | $17273547 |

---

As of December 31, 2024, the Fund had a non-expiring short-term capital loss carryover of $1,358,687. A regulated investment company may elect for any taxable year to treat any portion of 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 and December 31, respectively. For the taxable period ended December 31, 2024, the Fund did not defer any post-October losses.

The Fund did not pay a distribution during the period ended June 30, 2025.

The Fund did not pay a distribution during the period ended December 31, 2024.

11<br>

------

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

**Tremblant Global ETF** 

**ADDITIONAL INFORMATION** 

**June 30, 2025 (UNAUDITED)** 

**AVAILABILITY OF FUND PORTFOLIO INFORMATION** 

The Fund files complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. 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. For information on the Public Reference Room call 1-800-SEC-0330. In addition, the Fund's Part F of Form N-PORT is available without charge upon request by calling 1-800-617-0004.

**AVAILABILITY OF PROXY VOTING INFORMATION** 

A description of the Fund's Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-800-617-0004. 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 1-800-617-0004, or (2) on the SEC's website at www.sec.gov.

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of the Fund trades on the Exchange at a price about (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available, free of charge, on the Fund's website at https://www.tremblantetf.com.

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END INVESTMENT COMPANIES** 

There were no changes of disagreements with accountants during the period covered by this report.

**PROXY DISCLOSURE FOR OPEN-END INVESTMENT COMPANIES.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END INVESTMENT COMPANIES** 

All fund expenses, including Trustee compensation, is paid by the Adviser pursuant to the Investement Adviosry Agreement.

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

Not Applicable.

12<br>

------

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

**INVESTMENT ADVISER** 

Tremblant Advisors LP

360 S. Rosemary Ave., Suite 1450

West Palm Beach, FL 33401

**INVESTMENT SUB-ADVISER** 

Vident Investment Advisory, LLC

1125 Sanctuary Parkway, Suite 515

Alpharetta, GA, 30009

**DISTRIBUTOR** 

Quasar Distributors, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

**CUSTODIAN** 

U.S. Bank N.A.

1555 North Rivercenter Drive, Suite 202

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.

342 North Water Street, Suite 830

Milwaukee, WI, 53202

**LEGAL COUNSEL** 

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA, 19103

This report 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 1-800-617-0004.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

All fund expenses, including Trustee compensation is paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not Applicable

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

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

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

 

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable for semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](tsacfs-efp16736_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable to open-end investment companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable to open-end investment companies

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](tsacfs-efp16736_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Managed
 Portfolio Series

---

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

---

Date <u>September 4, 2025 </u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

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

---

Date <u>September 4, 2025 </u>

---

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

---

Date <u>September 4, 2025 </u>

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

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Brian R. Wiedmeyer, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ Brian R. Wiedmeyer |
|  |  | Brian R. Wiedmeyer<br> Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Benjamin J. Eirich, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ Benjamin J. Eirich |
|  |  | Benjamin J. Eirich<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Managed Portfolio Series, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Managed Portfolio Series for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Managed Portfolio Series for the stated period.

---

| | |
|:---|:---|
| /s/ Brian R. Wiedmeyer | /s/ Benjamin J. Eirich |
| Brian R. Wiedmeyer | Benjamin J. Eirich |
| Principal Executive Officer | Principal Financial Officer |

---

Dated: <u>September 4, 2025</u> Dated: <u>September 4, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Managed Portfolio Series for purposes of Section 18 of the Securities Exchange Act of 1934.