# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001133228-25-009490
**Filing Date:** 2025-9
**Character Count:** 75165
**Document Hash:** 64312232bbede793b0dea2e9218a3f7e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009490.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001133228-25-009490

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**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:** 251295994

**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

### Prospector Capital Appreciation Fund (Series ID: S000086387)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000251894 | Prospector Capital Appreciation Fund | PCAFX           |

### Prospector Opportunity Fund (Series ID: S000086388)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000251895 | Prospector Opportunity Fund | POPFX           |

?xml version='1.0' encoding='ASCII'? 2025-07-03196764_ProspectorCapitalAppreciationFund_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>December 31, 2025</u>**

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

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

(a) ---

| | |
|:---|:---|
| ![image](img92348_202502211823581.jpg) | **Prospector Capital Appreciation Fund**  |
| ![image](img92348_202502211823581.jpg) | PCAFX  |
| ![image](img92348_202502211823581.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  |

---

This semi-annual shareholder report contains important information about the Prospector Capital Appreciation Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://prospectorpartners.com/funds/prospector-capital-appreciation-fund/. You can also request this information by contacting us at 1-877-734-7862.

**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** **\*** |
| Prospector Capital Appreciation Fund | $57 | 1.12% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $44191098 |
| **Number of Holdings** | 64 |
| **Portfolio Turnover** | 22% |

---

Visit https://prospectorpartners.com/funds/prospector-capital-appreciation-fund/ for more recent performance information.

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

![image](ts4992img002.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Eaton  | 3.9% |
|  Fairfax Financial Holdings  | 2.8% |
|  Brown & Brown  | 2.8% |
|  Dropbox, 0.00%, 03/01/2028  | 2.6% |
|  Arthur J. Gallagher & Co.  | 2.6% |
|  Globe Life  | 2.5% |
|  Halozyme Therapeutics, 1.00%, 08/15/2028  | 2.4% |
|  Akamai Technologies, 0.38%, 09/01/2027  | 2.2% |
|  Abbott Laboratories  | 2.2% |
|  Everest Group  | 2.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://prospectorpartners.com/funds/prospector-capital-appreciation-fund/.

**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 Prospector Partners Asset Management, LLC documents not be householded, please contact Prospector Partners Asset Management, LLC at 1-877-734-7862, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Prospector Partners Asset Management, LLC or your financial intermediary.

Prospector Capital Appreciation Fund PAGE 1 TSR-SAR-56167R101

76.215.86.91.00.1 ------

---

| | |
|:---|:---|
| ![image](img92353_202408071847807.jpg) | **Prospector Opportunity Fund**  |
| ![image](img92353_202408071847807.jpg) | POPFX  |
| ![image](img92353_202408071847807.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  |

---

This semi-annual shareholder report contains important information about the Prospector Opportunity Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://prospectorpartners.com/funds/prospector-opportunity-fund/. You can also request this information by contacting us at 1-877-734-7862.

**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** **\*** |
| Prospector Opportunity Fund | $58 | 1.14% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $267439957 |
| **Number of Holdings** | 66 |
| **Portfolio Turnover** | 19% |

---

Visit https://prospectorpartners.com/funds/prospector-opportunity-fund/ for more recent performance information.

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

![image](ts4993img002.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Brown & Brown  | 3.5% |
|  Fairfax Financial Holdings  | 3.1% |
|  Littelfuse  | 2.8% |
|  Arthur J. Gallagher & Co.  | 2.8% |
|  Primerica  | 2.8% |
|  Globe Life  | 2.8% |
|  Prosperity Bancshares  | 2.6% |
|  Carrier Global  | 2.4% |
|  Darden Restaurants  | 2.3% |
|  Everest Group  | 2.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://prospectorpartners.com/funds/prospector-opportunity-fund/.

**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 Prospector Partners Asset Management, LLC documents not be householded, please contact Prospector Partners Asset Management, LLC at 1-877-734-7862, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Prospector Partners Asset Management, LLC or your financial intermediary.

Prospector Opportunity Fund PAGE 1 TSR-SAR-56167R200

23.413.211.99.16.76.66.15.35.012.7 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable for this Registrant

**<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 to open-end investment companies.

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

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

(b) Not applicable.

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

(a) ![](prospectorlogo.jpg)

**PROSPECTOR Capital Appreciation Fund** 

**PROSPECTOR Opportunity Fund**

Core Financial Statements

June 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#PR100003hfdrd)<br>|  |
| &nbsp;&nbsp;&nbsp; [Prospector Capital Appreciation Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Prospector Opportunity Fund](#soi2) | [4](#soi2) |
| [Statements of Assets and Liabilities](#sal) | [7](#sal) |
| [Statements of Operations](#sop) | [8](#sop) |
| [Statements of Changes in Net Assets](#scna) | [9](#scna) |
| [Financial Highlights](#PR100003hfdrd1234)<br>|  |
| &nbsp;&nbsp;&nbsp; [Prospector Capital Appreciation Fund](#fihi1) | [10](#fihi1) |
| &nbsp;&nbsp;&nbsp; [Prospector Opportunity Fund](#fihi2) | [11](#fihi2) |
| [Notes to the Financial Statements](#notes) | [12](#notes) |
| [Additional Information](#ai1) | [17](#ai1) |

---

------

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

**PROSPECTOR CAPITAL APPRECIATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 76.2%**<br>|  |  |
| **Banks - 9.1%**<br>|  |  |
| Ameris Bancorp | 11507 | $744503  |
| First National Bank PA | 45600 | 664848  |
| KeyCorp | 25500 | 444210  |
| PNC Financial Services Group | 3455 | 644081  |
| Prosperity Bancshares | 10530 | 739627  |
| SouthState | 8710 | 801582  |
|  |  | 4038851  |
| **Communication Services - 1.0%**<br>|  |  |
| Alphabet, Inc. - Class A | 2585 | 455555  |
| **Consumer Discretionary - 3.8%**<br>|  |  |
| Darden Restaurants | 3345 | 729110  |
| Expedia Group | 2943 | 496425  |
| Texas Roadhouse | 2355 | 441350  |
|  |  | 1666885  |
| **Consumer Staples - 8.1%**<br>|  |  |
| Church & Dwight | 3430 | 329657  |
| Colgate-Palmolive | 5190 | 471771  |
| Kenvue | 26500 | 554645  |
| Keurig Dr Pepper | 17380 | 574583  |
| Mondelez International - Class A | 6254 | 421770  |
| Nomad Foods | 30450 | 517345  |
| Simply Good Foods Co.<sup>(a)</sup> | 22000 | 694980  |
|  |  | 3564751  |
| **Diversified Financial Services - 1.6%**<br>|  |  |
| Fidelity National Information Services | 8775 | 714373  |
| **Energy - 5.3%**<br>|  |  |
| Exxon Mobil | 8141 | 877600  |
| Hess | 5897 | 816970  |
| Permian Resources | 23900 | 325518  |
| Suncor Energy | 8500 | 318325  |
|  |  | 2338413  |
| **Health Care - 7.3%**<br>|  |  |
| Abbott Laboratories | 7135 | 970431  |
| AstraZeneca - ADR | 7480 | 522702  |
| Hologic<sup>(a)</sup> | 6907 | 450060  |
| Johnson & Johnson | 3430 | 523933  |
| Merck & Co. | 9625 | 761915  |
|  |  | 3229041  |
| **Industrials - 12.2%**<br>|  |  |
| CACI International - Class A<sup>(a)</sup> | 1139 | 542961  |
| Curtiss-Wright | 980 | 478779  |
| Eaton | 4768 | 1702128  |

---

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

1<br>

------

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

**PROSPECTOR CAPITAL APPRECIATION FUND** 

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Honeywell International | 2245 | $522816  |
| Leidos Holdings | 3335 | 526130  |
| Paychex | 2116 | 307793  |
| Pentair | 6940 | 712461  |
| Raytheon Technologies | 3950 | 576779  |
|  |  | 5369847  |
| **Information Technology - 5.3%**<br>|  |  |
| Applied Materials | 2060 | 377124  |
| Littelfuse | 2798 | 634391  |
| Microsoft | 1310 | 651607  |
| Trimble<sup>(a)</sup> | 8947 | 679793  |
|  |  | 2342915  |
| **Insurance Brokers - 5.3%**<br>|  |  |
| Arthur J. Gallagher & Co. | 3525 | 1128423  |
| Brown & Brown | 11040 | 1224005  |
|  |  | 2352428  |
| **Life & Health Insurance - 3.5%**<br>|  |  |
| Globe Life | 8756 | 1088283  |
| Unum Group | 5545 | 447814  |
|  |  | 1536097  |
| **Materials - 0.9%**<br>|  |  |
| PPG Industries | 3608 | 410410  |
| **Property & Casualty Insurance - 6.7%**<br>|  |  |
| Fairfax Financial Holdings | 680 | 1228474  |
| First American Financial | 8850 | 543301  |
| Progressive | 1545 | 412299  |
| White Mountains Insurance Group | 433 | 777547  |
|  |  | 2961621  |
| **Real Estate - 4.0%**<br>|  |  |
| CubeSmart | 7430 | 315775  |
| Four Corners Property Trust | 15625 | 420469  |
| Howard Hughes Holdings<sup>(a)</sup> | 5081 | 342967  |
| St Joe Co. | 14500 | 691650  |
|  |  | 1770861  |
| **Reinsurance - 2.1%**<br>|  |  |
| Everest Re Group | 2693 | 915216  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $23,367,137)** |  | 33667264 |

---

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

2<br>

------

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

**PROSPECTOR CAPITAL APPRECIATION FUND** 

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CONVERTIBLE BONDS - 15.8%**<br>|  |  |
| **Health Care - 4.1%**<br>|  |  |
| BioMarin Pharmaceutical, 1.25%, 05/15/2027 | $793000 | $746448  |
| Halozyme Therapeutics, 1.00%, 08/15/2028 | 940000 | 1070190  |
|  |  | 1816638  |
| **Industrials - 2.9%**<br>|  |  |
| Middleby, 1.00%, 09/01/2025 | 377000 | 422806  |
| Parsons, 2.63%, 03/01/2029 | 798000 | 848274  |
|  |  | 1271080  |
| **Information Technology - 8.8%**<br>|  |  |
| Akamai Technologies, 0.38%, 09/01/2027 | 1025000 | 992713  |
| Dropbox, 0.00%, 03/01/2028<sup>(b)</sup> | 1115000 | 1129495  |
| ON Semiconductor<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/01/2027<sup>(b)</sup> | 159000 | 188240  |
| &nbsp;&nbsp;&nbsp; 0.50%, 03/01/2029 | 872000 | 805902  |
| Verint Systems, 0.25%, 04/15/2026 | 799000 | 764243  |
|  |  | 3880593  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $6,769,591)** |  | 6968311  |
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 1.0%**<br>|  |  |
| Aberdeen Standard Physical Platinum Shares Fund<sup>(a)</sup> | 3820 | 469364  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $336,872)** |  | 469364  |
| **SHORT-TERM INVESTMENTS - 6.9%**<br>|  |  |
| **Money Market Funds - 6.9%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.24%<sup>(c)</sup> | 3051831 | 3051831  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,051,831)** |  | 3051831  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $33,525,431)** |  | $44156770  |
| Other Assets in Excess of Liabilities - 0.1% |  | 34328  |
| **TOTAL NET ASSETS - 100.0%** |  | $44191098 |

---

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.

ADR - American Depositary Receipt

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

<sup>(b)</sup> Zero coupon bonds make no periodic interest payments.

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

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

3<br>

------

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

**PROSPECTOR OPPORTUNITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.2%**<br>|  |  |
| **Banks - 13.2%**<br>|  |  |
| Ameris Bancorp | 78534 | $5081150  |
| Bank of N.T. Butterfield & Son | 73075 | 3235761  |
| First National Bank PA | 283200 | 4129056  |
| KeyCorp | 154200 | 2686164  |
| NB Bancorp<sup>(a)</sup> | 115468 | 2062258  |
| PNC Financial Services Group | 29040 | 5413637  |
| Prosperity Bancshares | 100675 | 7071412  |
| SouthState | 60370 | 5555851  |
|  |  | 35235289  |
| **Communication Services - 1.0%**<br>|  |  |
| Alphabet, Inc. - Class A | 10575 | 1863632  |
| Alphabet, Inc. - Class C | 5125 | 909124  |
|  |  | 2772756  |
| **Consumer Discretionary - 6.6%**<br>|  |  |
| Darden Restaurants | 27609 | 6017934  |
| eBay | 33025 | 2459041  |
| Expedia Group | 20010 | 3375287  |
| Home Depot | 7850 | 2878124  |
| Texas Roadhouse | 15090 | 2828017  |
|  |  | 17558403  |
| **Consumer Staples - 9.1%**<br>|  |  |
| Church & Dwight | 35910 | 3451310  |
| Colgate-Palmolive | 41545 | 3776440  |
| Kenvue | 165800 | 3470194  |
| Keurig Dr Pepper | 111725 | 3693629  |
| Mondelez International - Class A | 38225 | 2577894  |
| Nomad Foods | 190050 | 3228950  |
| Simply Good Foods Co.<sup>(a)</sup> | 128150 | 4048258  |
|  |  | 24246675  |
| **Diversified Financial Services - 2.7%**<br>|  |  |
| CBOE Global Markets | 14625 | 3410696  |
| Fidelity National Information Services | 47635 | 3877966  |
|  |  | 7288662  |
| **Energy - 5.0%**<br>|  |  |
| Devon Energy | 71550 | 2276005  |
| Exxon Mobil | 30559 | 3294260  |
| Permian Resources | 146700 | 1998054  |
| Schlumberger | 53455 | 1806779  |
| Suncor Energy | 108775 | 4073624  |
|  |  | 13448722  |
| **Health Care - 6.1%**<br>|  |  |
| Abbott Laboratories | 32725 | 4450927  |
| Cigna | 7880 | 2604970  |

---

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

4<br>

------

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

**PROSPECTOR OPPORTUNITY FUND** 

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - (Continued)** | **Health Care - (Continued)** | **Health Care - (Continued)** |
| Hologic<sup>(a)</sup> | 42130 | $2745191  |
| Johnson & Johnson | 12100 | 1848275  |
| Merck & Co. | 35598 | 2817938  |
| Pfizer | 75525 | 1830726  |
|  |  | 16298027  |
| **Industrials - 11.9%**<br>|  |  |
| CACI International - Class A<sup>(a)</sup> | 10763 | 5130722  |
| Carrier Global | 87675 | 6416933  |
| Curtiss-Wright | 5910 | 2887331  |
| Eaton | 8435 | 3011211  |
| Honeywell International | 14995 | 3492036  |
| Leidos Holdings | 23960 | 3779930  |
| Pentair | 35440 | 3638270  |
| V2X<sup>(a)</sup> | 70990 | 3446564  |
|  |  | 31802997  |
| **Information Technology - 6.7%**<br>|  |  |
| Littelfuse | 33205 | 7528570  |
| Teradyne | 29670 | 2667927  |
| Trimble<sup>(a)</sup> | 55045 | 4182319  |
| Zebra Technologies - Class A<sup>(a)</sup> | 11090 | 3419712  |
|  |  | 17798528  |
| **Insurance Brokers - 6.3%**<br>|  |  |
| Arthur J. Gallagher & Co. | 23150 | 7410778  |
| Brown & Brown | 84950 | 9418406  |
|  |  | 16829184  |
| **Life & Health Insurance - 6.5%**<br>|  |  |
| Globe Life | 59250 | 7364183  |
| Primerica | 27045 | 7401405  |
| Unum Group | 33665 | 2718785  |
|  |  | 17484373  |
| **Materials - 4.0%**<br>|  |  |
| Axalta Coating Systems<sup>(a)</sup> | 76900 | 2283161  |
| Newmont Goldcorp | 59600 | 3472296  |
| PPG Industries | 42735 | 4861106  |
|  |  | 10616563  |
| **Property & Casualty Insurance - 8.4%**<br>|  |  |
| Fairfax Financial Holdings | 4605 | 8319301  |
| First American Financial | 54025 | 3316595  |
| Hiscox | 194502 | 3350629  |
| Progressive | 11895 | 3174299  |
| White Mountains Insurance Group | 2390 | 4291771  |
|  |  | 22452595  |

---

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

5<br>

------

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

**PROSPECTOR OPPORTUNITY FUND** 

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Real Estate - 3.6%**<br>|  |  |
| CubeSmart | 44605 | $1895713  |
| Howard Hughes Holdings<sup>(a)</sup> | 53565 | 3615637  |
| St Joe Co. | 87200 | 4159440  |
|  |  | 9670790  |
| **Reinsurance - 2.1%**<br>|  |  |
| Everest Re Group | 16835 | 5721375  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $170,704,249)** |  | 249224939  |
| **EXCHANGE TRADED FUNDS - 1.3%**<br>|  |  |
| Aberdeen Standard Physical Platinum Shares Fund<sup>(a)</sup> | 29475 | 3621593  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $2,526,950)** |  | 3621593  |
| **SHORT-TERM INVESTMENTS - 5.5%**<br>|  |  |
| **Money Market Funds - 5.5%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.24%<sup>(b)</sup> | 14693503 | 14693503  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $14,693,503)** |  | 14693503  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $187,924,702)** |  | $267540035  |
| Other Assets in Excess of Other Assets - (0.0)%<sup>(c)</sup> |  | (100078)  |
| **TOTAL NET ASSETS - 100.0%** |  | $267439957 |

---

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.

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

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

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

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

6<br>

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

**PROSPECTOR FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Capital** <br>**Appreciation** <br>**Fund** | **Opportunity** <br>**Fund** |
| **ASSETS:**<br>|  |  |
| Investments, at value | $44156770 | $267540035  |
| Dividends receivable | 30525 | 173510  |
| Interest receivable | 25745 | 52063  |
| Dividend tax reclaims receivable | 3756 | 10617  |
| Cash | 737 | 17117  |
| Prepaid expenses and other assets | 21583 | 18793  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 44239116 | 267812135  |
| **LIABILITIES:**<br>|  |  |
| Payable to adviser | 24970 | 202218  |
| Payable for fund administration and accounting fees | 6508 | 32754  |
| Payable for compliance fees | 4353 | 1891  |
| Payable for distribution and shareholder servicing fees | 3715 | 39827  |
| Payable for custodian fees | 3364 | 2606  |
| Payable for transfer agent fees and expenses | 3329 | 5543  |
| Payable for capital shares redeemed |  | 53022  |
| Payable for legal fees |  | 29480  |
| Payable for expenses and other liabilities | 1779 | 4837  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 48018 | 372178  |
| **NET ASSETS** | $44191098 | $267439957  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | $31829778 | $171779877  |
| Total distributable earnings | 12361320 | 95660080  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $44191098 | $267439957  |
| Net assets | $44191098 | $267439957  |
| Shares issued and outstanding | 1916011 | 9315893  |
| Net asset value per share | $23.06 | $28.71  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $33525431 | $187924702 |

---

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

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**PROSPECTOR FUNDS** 

**STATEMENTS OF OPERATIONS** 

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

---

| | | |
|:---|:---|:---|
|  | **Capital** <br>**Appreciation** <br>**Fund** | **Opportunity** <br>**Fund** |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | $314619 | $2275243  |
| Interest income | 113099 | 330871  |
| Less: Issuance fees | (111) | —  |
| Less: Dividend withholding taxes | (2567) | (23632)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 425040 | 2582482  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | 210922 | 1294701  |
| Fund administration and accounting fees | 21719 | 102167  |
| Audit fees | 15947 | 15947  |
| Federal and state registration fees | 15432 | 16848  |
| Trustees' fees | 10759 | 10860  |
| Transfer agent fees | 10577 | 21058  |
| Legal fees | 10177 | (5056)  |
| Custodian fees | 5539 | 9967  |
| Distribution expenses | 5113 | 96948  |
| Compliance fees | 3628 | 11291  |
| Other expenses and fees | 363 | 1367  |
| &nbsp;&nbsp;&nbsp; Total expenses | 310176 | 1576098  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (73135) | (97581)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 237041 | 1478517  |
| **Net investment income** | 187999 | 1103965  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 622949 | 10130835  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 972 | 308  |
| Net realized gain (loss) | 623921 | 10131143  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 982898 | (2343469)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 472 | 1277  |
| Net change in unrealized appreciation (depreciation) | 983370 | (2342192)  |
| **Net realized and unrealized gain (loss)** | 1607291 | 7788951  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1795290 | $8892916 |

---

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

8<br>

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**PROSPECTOR FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Opportunity Fund**  | **Opportunity Fund**  |
|  | **Period Ended**<br>**June 30, 2025**<br>(Unaudited) | **Year Ended**<br>**December 31,**<br>**2024** | **Period Ended**<br>**June 30, 2025**<br>(Unaudited) | **Year Ended**<br>**December 31,**<br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $187999 | $209121 | $1103965 | $1437584  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 623921 | 2638434 | 10131143 | 16630759  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 983370 | 1108051 | (2342192) | 12668541  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1795290 | 3955606 | 8892916 | 30736884  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | (1868175) |  | (12364713)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (1868175) |  | (12364713)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 705289 | 6214288 | 3659244 | 26953809  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  | 1843478 |  | 11448589  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (482699) | (1400749) | (9487483) | (24089102)  |
| &nbsp;&nbsp;&nbsp; Redemption fees |  | 975 | 527 | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 222590 | 6657992 | (5827712) | 14313296  |
| **Net increase (decrease) in net assets** | 2017880 | 8745423 | 3065204 | 32685467  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 42173218 | 33427795 | 264374753 | 231689286  |
| &nbsp;&nbsp;&nbsp; End of the period | $44191098 | $42173218 | $267439957 | $264374753  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 31328 | 282597 | 131544 | 980195  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  | 79632 |  | 388746  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (21600) | (62174) | (341569) | (867661)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 9728 | 300055 | (210025) | 501280 |

---

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

9<br>

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**PROSPECTOR CAPITAL APPRECIATION FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended**<br>**June 30, 2025**<br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended**<br>**June 30, 2025**<br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $22.12 | $20.81 | $19.28 | $21.26 | $19.60 | $18.80  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>(a)</sup> | 0.11 | 0.11 | 0.11 | 0.09 | 0.12  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | 2.21 | 2.06 | (0.93) | 4.32 | 1.07  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | 2.32 | 2.17 | (0.82) | 4.41 | 1.19  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.12) | (0.11) | (0.11) | (0.20) | (0.02)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | (0.89) | (0.53) | (1.05) | (2.55) | (0.37)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (1.01) | (0.64) | (1.16) | (2.75) | (0.39)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> |  |  |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $23.06 | $22.12 | $20.81 | $19.28 | $21.26 | $19.60  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.25% | 10.93% | 11.34% | (4.07)% | 23.25% | 6.40%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $44191 | $42173 | $33428 | $27445 | $29839 | $26163  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp; 1.47% | 1.60%<sup>(i)</sup> | 1.76% | 1.76% | 1.78% | 2.00%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(f)(g)(h)</sup> | &nbsp;&nbsp;&nbsp; 1.12% | 1.27%<sup>(i)</sup> | 1.25% | 1.25% | 1.25% | 1.25%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp; 0.89% | 0.52% | 0.60% | 0.58% | 0.36% | 0.66%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 22% | 30% | 41% | 33% | 32% | 40% |

---

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

<sup>(b)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

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

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

<sup>(g)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(h)</sup> On September 6, 2024, the Adviser lowered the limit of annual operating expenses from 1.25% to 1.15% of average daily net assets. In the absence of such waivers, total return would be reduced. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>(i)</sup> The ratio of expenses to average net assets includes other extraordinary expenses. The expense ratios excluding other extraordinary expenses before and after expense reimbursement and recovery were 1.55% and 1.22% for the year ended December 31, 2024. 

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

10<br>

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**PROSPECTOR OPPORTUNITY FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $27.75 | $25.67 | $23.14 | $25.63 | $22.78 | $22.18  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15<sup>(a)</sup> | 0.15 | 0.15 | 0.17 | 0.11 | 0.13  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | 3.26 | 2.53 | (1.71) | 4.99 | 1.06  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | 3.41 | 2.68 | (1.54) | 5.10 | 1.19  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | (0.27) | (0.03) | (0.17) | (0.10) | (0.17)  |
| Net realized gains | &nbsp;&nbsp; — | (1.06) | (0.12) | (0.78) | (2.15) | (0.42)  |
| **Total distributions** | &nbsp;&nbsp; — | (1.33) | (0.15) | (0.95) | (2.25) | (0.59)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> |  |  |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $28.71 | $27.75 | $25.67 | $23.14 | $25.63 | $22.78  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; 3.46% | 12.99% | 11.63% | (6.20)% | 22.88% | 5.43%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $267440 | $264375 | $231689 | $210587 | $241130 | $224011  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(f)(g)</sup> | &nbsp;&nbsp; 1.22% | 1.37%<sup>(i)</sup> | 1.37% | 1.34% | 1.34% | 1.39%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(f)(g)(h)</sup> | &nbsp;&nbsp; 1.14% | 1.27%<sup>(i)</sup> | 1.25% | 1.25% | 1.25% | 1.25%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | &nbsp;&nbsp; 0.85% | 0.56% | 0.63% | 0.67% | 0.37% | 0.77%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 19% | 27% | 32% | 44% | 29% | 52% |

---

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

<sup>(b)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

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

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

<sup>(g)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(h)</sup> On September 6, 2024, the Adviser lowered the limit of annual operating expenses from 1.25% to 1.15% of average daily net assets. In the absence of such waivers, total return would be reduced. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>(i)</sup> The ratio of expenses to average net assets includes other extraordinary expenses. The expense ratios excluding other extraordinary expenses before and after expense reimbursement and recovery were 1.31% and 1.22% for the year ended December 31, 2024. 

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

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**PROSPECTOR FUNDS, INC.** 

**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 Prospector Capital Appreciation Fund ("Capital Appreciation Fund"), and Prospector Opportunity Fund ("Opportunity Fund") (each a "Fund" and collectively, the "Funds") are investment companies and therefore follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*. The Funds are each a diversified series with their own investment objectives and policies within the Trust. The investment objective of each Fund is long-term capital appreciation. Each Fund is subject to up to a 0.25% Rule 12b-1 distribution and servicing fee. The Funds may issue an unlimited number of shares of beneficial interest with no par value.

2. FAIR VALUE MEASURMENT

The following is a summary of significant accounting policies consistently followed by each Fund:

**Security Valuation – The Fund has adopted 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 in 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, discounts 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.

**Common Stock – Securities 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 last bid price on the day of valuation. 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.** 

**Convertible and Corporate Bonds – Convertible and corporate bonds, including listed issues, are valued at fair value on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Convertible and corporate bonds are generally categorized in Level 2 of the fair value hierarchy.** 

**Investment Companies – Investments in open-end mutual funds are valued at their net asset value per share. Exchange Traded Funds ("ETFs") are valued at the closing exchange price. 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.** 

**Short-Term Investments – Investments in money market funds are valued at their net asset value per share and are categorized in Level 1 of the fair value hierarchy.** 

The Board of Directors (the "Board") has adopted a pricing and valuation policy for use by the Funds and its Valuation Designee (as defined below) in calculating the Funds' NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have designated Prospector Partners Asset Management, LLC (the "Investment 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

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**PROSPECTOR FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

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

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 and 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.

As of June 30, 2025 each Fund's investments in securities were classified as follows:

**Capital Appreciation Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $33667264 | $— | $— | $33667264  |
| Convertible Bonds |  | 6968311 |  | 6968311  |
| Exchange Traded Fund | 469364 |  |  | 469364  |
| Short-Term Investment | 3051831 |  |  | 3051831  |
| **Total Investments** | $37188459 | $6968311 | $— | $44156770 |

---

**Opportunity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $249224939 | $— | $— | $249224939  |
| Exchange Traded Fund | 3621593 |  |  | 3621593  |
| Short-Term Investment | 14693503 |  |  | 14693503  |
| **Total Investments** | $267540035 | $— | $— | $267540035 |

---

Refer to each Fund's Schedule of Investments for further sector breakout.

The Funds may invest in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. The Funds' investment objectives allow the Funds to enter into various types of derivative contracts, including, but not limited to, futures contracts, forward foreign exchange contracts, and purchased and written options. Derivatives may contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the funds to gains or losses in excess of the amounts shown on the Statements of Assets and Liabilities. As of and for the year ended June 30, 2025, the Funds held no derivative instruments.

3. SIGNIFICANT ACCOUNTING POLICIES

**Cash – The Funds may invest a portion of their assets in cash or cash equivalents. These cash equivalents may include money market instruments, such as securities issued by the U.S. Government and its agencies, bankers' acceptances, commercial paper, bank certificates of deposit and investment companies that invest primarily in such instruments. As of June 30, 2025, cash held by the Funds represents cash held at financial institutions, and money market instruments held were not considered to be cash equivalents and were classified as investments.** 

**Distributions to Shareholders – Dividends from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. The character of distributions made during the period from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain items for financial statement and tax purposes. All net short-term capital gains are included in ordinary income for tax purposes.** 

**Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that** 

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**PROSPECTOR FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

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

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.

**Federal Income Taxes – The Funds intend to meet the requirements of subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income or excise tax provision is required. As of December 31, 2024, the Funds did not have any tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority. Generally, each of the tax years in the four-year period ended December 31, 2024 remains subject to examination by taxing authorities.** 

**Foreign Currency Translation – The books and records relating to the Funds' non-U.S. dollar denominated investments are maintained in U.S. dollars on the following bases: (1) market value of investment securities, assets, and liabilities if any, are translated at the current rate of exchange; and (2) purchases and sales of investment securities, income, and expenses are translated at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate the portion of realized and unrealized gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities. The Funds report certain foreign currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.** 

**Illiquid or Restricted Securities – A security may be considered illiquid if it lacks a readily available market. Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by the Fund. Illiquid securities may be valued under methods approved by the Board as reflecting fair value. Each Fund intends to invest no more than 15% of its total assets in illiquid securities. Certain restricted securities may be considered illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and may be valued under methods approved by the Board as reflecting fair value. Certain restricted securities eligible for resale to qualified institutional investors, including Rule 144A securities, are not subject to the limitation on a Fund's investment in illiquid securities if they are determined to be liquid in accordance with procedures adopted by the Board. As of June 30, 2025, neither Fund holds 144A securities. At June 30, 2025, the Funds had no investments in illiquid securities and no restricted securities. Refer to the Schedule of Investments for further detail.** 

**Expenses – Expenses directly attributable to a Fund are charged to that Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based on relative net assets or another appropriate basis.** 

**Other – Investment and shareholder transactions are recorded on the trade date. Each Fund determines the gain or loss realized from the investment transactions on the basis of identified cost. Dividend income is recognized on the ex-dividend date. Interest income, including amortization of bond premium and discount, is recognized on an accrual basis. Shareholders may be subject to a redemption fee equal to 2% of the amount redeemed if Funds' shares are sold within 60 days or less following the date of their purchase.** 

**Indemnifications – The Funds enter into contracts that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.** 

**Subsequent Events – Management of the Funds has evaluated Fund-related events and transactions that occurred subsequent to June 30, 2025, through the date of issuance of the Funds' financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds' financial statements.** 

14<br>

------

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

**PROSPECTOR FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

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

4. INVESTMENT TRANSACTIONS, DISTRIBUTABLE EARNINGS, AND DISTRIBUTIONS PAID

During the six months ended June 30, 2025, purchases of securities and proceeds from sales of securities, other than temporary investments in short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Capital Appreciation Fund | $8895075 | $8973578  |
| Opportunity Fund | 47989364 | 54463984 |

---

There were no purchases or sales of long-term U.S. Government securities.

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 Funds' most recently completed fiscal year end, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggregate** <br>**Gross** <br>**Appreciation** | **Aggregate** <br>**Gross** <br>**Depreciation** | **Net** <br>**Appreciation/** <br>(Depreciation) | **Federal** <br>**Income** <br>**Tax Cost**  |
| Capital Appreciation Fund | $10590191 | $(971617) | $9618574 | $32753653  |
| Opportunity Fund | 86006779 | (4048785) | 81957994 | 183524523 |

---

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to wash sales and different book and tax accounting methods for certain securities.

At December 31, 2024, the components of accumulated earnings (deficit) on a tax-basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income** | **Undistributed** <br>**Long-Term** <br>**Capital Gains** | **Other** <br>**Accumulated** <br>**Losses** | **Unrealized** <br>**Appreciation** | **Total** <br>**Distributable** <br>**Earnings**  |
| Capital Appreciation Fund | &nbsp;&nbsp; $— | $947456 | &nbsp;&nbsp; $— | $9618574 | $10566030  |
| Opportunity Fund | &nbsp;&nbsp; — | 4809170 | &nbsp;&nbsp; — | 81957994 | 86767164 |

---

As of December 31, 2024, the Funds did not have any capital loss carryovers. During the period, the Opportunity Fund utilized prior year short-term loss carryforwards of $1,305,155. A regulated investment company may elect for any taxable year to treat any portion of any 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. The Capital Appreciation Fund and the Opportunity Fund did not defer any late year losses. There were no distributions during the six months ended June 30, 2025.

The tax character of distributions paid during the fiscal year ended December 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income\*** | **Long Term** <br>**Capital Gains\*\*** | **Total**  |
| Capital Appreciation Fund | $218178 | &nbsp;&nbsp; $1649997 | $1868175  |
| Opportunity Fund | 2475156 | &nbsp;&nbsp; 9889557 | 12364713 |

---

\* For federal income tax purposes, distributions of short-term capital gains are included in ordinary income distributions.

\*\* Funds designate long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

5. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Trust has entered into an Investment Advisory Agreement with Investment Adviser to furnish investment advisory services to the Funds. Pursuant to this Agreement, the Investment Adviser is entitled to receive an investment advisory fee, calculated daily and payable monthly, at the annual rate of 1.00% as applied to each Fund's daily net assets.

Effective September 9, 2024, the Investment Adviser has contractually agreed to waive its investment advisory fee and reimburse each Fund's other expenses to the extent necessary to ensure that each Fund's operating expenses (excluding acquired fund fees and expenses, brokerage commissions, leverage, interest, taxes, and extraordinary

15<br>

------

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

**PROSPECTOR FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

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

expense) do not exceed 1.15% of its average daily net assets. Prior to September 9, 2024, the Investment Adviser had contractually agreed to cap this rate at 1.25% of its average daily net assets.

Fees waived and expenses reimbursed by the Investment Adviser may be recouped by the Investment Adviser for a period of thirty-six months following the end of the month in which such reduction or payment was accrued if such recoupment can be achieved without exceeding the expense limit in effect at the time the waiver or reimbursement occurred. During the year ended December 31, 2024, the Investment Adviser did not recoup any previously waived fees or reimbursed expenses. The Operating Expense Limitation Agreement is indefinite in term but cannot be terminated within a year after the effective date of the Funds' prospectus. After that date, the agreement may be terminated at any time upon 60 days written notice by the Board of Trustees. Waived fees and reimbursed expenses subject to potential recovery by month of expiration are as follows:

---

| | | |
|:---|:---|:---|
| **Expiration** | **Capital** <br>**Appreciation** <br>**Fund** | **Opportunity** <br>**Fund**  |
| September 2027 – December 2027 | &nbsp;&nbsp; $54137 | $115161  |
| January 2028 – June 2028 | &nbsp;&nbsp; 73135 | 97581 |

---

U.S. Bancorp Fund Services, LLC (the "Administrator"), doing business as U.S. Bank Global Fund Services, acts as the Funds' Administrator, Transfer Agent, and Fund Accountant. U.S. Bank N.A. (the "Custodian") serves as the Custodian to the Funds. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Custodian; coordinates the payment of the Funds' expenses and reviews the Funds' expense accruals. Effective September 9, 2024, 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. Fees expensed by the Funds for administration and fund accounting, transfer agency, custody and compliance services for the period ended June 30, 2025 are disclosed in the Statements of Operations.

6. DISTRIBUTION FEES

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan"). The Plan permits the Funds to pay for distribution and related expenses at an annual rate of up to 0.25% of each Fund's average daily net assets. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and other sales material, advertising and public relations expenses, payments to financial intermediaries and compensation of personnel involved in selling shares of the Funds. For the six months ended June 30, 2025, the Capital Appreciation Fund and Opportunity Fund incurred expenses of $5,113 and $96,948 respectively, pursuant to the 12b-1 Plan.

7. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, each Fund's percentage of control ownership positions greater than 25% are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent of** <br>**Shares Held** | **Type of** <br>**Ownership**  |
| Prospector Capital Appreciation Fund | Gillespie Family 2000, LLC | &nbsp;&nbsp;&nbsp; 28.14% | Record  |
| Prospector Opportunity Fund | National Financial Services, LLC | &nbsp;&nbsp;&nbsp; 34.28% | Record |

---

16<br>

------

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

**PROSPECTOR FUNDS, INC.** 

**ADDITIONAL INFORMATION** 

**June 30, 2025 (Unaudited)** 

**AVAILABILITY OF FUND PORTFOLIO INFORMATION** 

The Funds file 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, which is available on the SEC's website at www.sec.gov. The Funds' Part F of Form N-PORT 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 Funds' Form N-Q or Part F of Form N-PORT is available without charge upon request by calling 1-877-734-7862.

**AVAILABILITY OF PROXY VOTING INFORMATION** 

A description of the Funds' Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-877-734-7862. Information regarding how the Funds 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 1-877-734-7862, or (2) on the SEC's website at www.sec.gov.

**ADDITIONAL REQUIRED DISCLOSURE FROM FORM N-CSR** 

**Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or 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.** 

See the Statements of Operations.

**Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

17<br>

------

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

**INVESTMENT ADVISER** 

Prospector Partners Asset Management, LLC

370 Church Street

Guilford, CT 06437

**DISTRIBUTOR** 

Quasar Distributors, LLC

3 Canal Plaza, Suite 100

Portland, ME 04101

**CUSTODIAN** 

U.S. Bank, N.A.

1555 North River Center Drive

Milwaukee, WI 53212

**ADMINISTRATOR 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 Funds' Statement of Additional Information contains additional information about the

Funds' directors and is available without charge upon request by calling 1-877-734-7862.

&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>**

See Item 7(a).

**<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.* 1) Not applicable

&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.](pf-efp17278_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.](pf-efp17278_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>9/3/2025</u> <br>

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>9/3/2025</u>

---

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

---

Date <u>9/3/2025</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: | 9/3/2025 | /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: | 9/3/2025 | /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<br> Principal Executive Officer | Benjamin J. Eirich<br> Principal Financial Officer |

---

Dated: <u>9/3/2025</u> Dated: <u>9/3/2025</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.