# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0000894189-25-006812
**Filing Date:** 2025-9
**Character Count:** 3761
**Document Hash:** adc30cb466f7d7ae6d8b39fad62bdb14
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-006812.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0000894189-25-006812

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-172080
- **FILM NUMBER:** 251293267

**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

### Leuthold Grizzly Short Fund (Series ID: S000083371)

---

|  |  |  |
|:---|:---|:---|
| Class Name                  | Ticker Symbol | Class ID   |
| Leuthold Grizzly Short Fund | GRZZX         | C000246973 |

---

## Series and Classes Contracts Data

### Leuthold Grizzly Short Fund (Series ID: S000083371)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000246973 | Leuthold Grizzly Short Fund | GRZZX           |

**<u>Managed Portfolio Series (the "Trust")</u>**

**Leuthold Grizzly Short Fund**

**Supplement dated September 4, 2025**

**to the Prospectus and Statement of Additional Information**

**dated January 28, 2025, as amended**

***This supplement supersedes and replaces the Supplement dated September 3, 2025.***

***Reverse Stock Split – Leuthold Grizzly Short Fund*** (***GRZZX)***<br>

The Board of Trustees of the Trust, on behalf of its series, the Leuthold Grizzly Short

Fund (the "Fund"), has approved a one-for-four reverse stock split of the issued and outstanding

shares of the Fund. After the close of markets on September 25, 2025, the Fund will effect a

reverse split of the Fund's issued and outstanding shares of common stock held by shareholders

of record at the close of business on September 25, 2025. **No trading in the Fund will be**

**permitted on September 25, 2025, the day of the stock split, or on September 24, 2025, if the**

**trades settle on the day of the stock split.** The shares of the Fund will be offered on a split-

adjusted basis beginning on September 26, 2025.

As a result of the reverse stock split, every four shares of the Fund will be exchanged for

one share of the Fund. Accordingly, the number of the Fund's issued and outstanding shares will

decrease by 75%, and the Fund's per share NAV will increase fourfold. The reverse share split

provides shareholders of Fund with fewer shares of the Fund, but the total dollar value of a

shareholder's investment in shares of the Fund, will not change due to the reverse stock split, and

each shareholder will continue to own approximately the same percentage (by value) of shares of

the Fund immediately following the reverse stock as the shareholder owned immediately prior to

the reverse stock split. The reverse stock split will not be a taxable event, nor does it have an

impact on the Fund's holdings or performance.

**The total dollar value of a shareholder's investment will <u>not</u> be affected by the**

**reverse stock split.** The table below illustrates the effect of a hypothetical one-for-four reverse

split on a shareholder's investment:

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **# of Shares Owned** | **Hypothetical NAV** | **Total Market Value** |
| Pre-Split | 100 | $5 | $500 |
| Post-Split | 25 | $20 | $500 |

---

\* \* \*

Please retain this Supplement for future reference.