# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001133228-26-003298
**Filing Date:** 2026-3
**Character Count:** 243989
**Document Hash:** e74f6a562298c12f14ebdde23ad5bc2d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003298.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003298

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 26733725

**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

### Kensington Managed Income Fund (Series ID: S000075575)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000234786 | Institutional Class Shares | KAMIX           |
| C000234787 | Class C Shares             | KAMCX           |
| C000234788 | Class A Shares             | KAMAX           |

### Kensington Dynamic Allocation Fund (Series ID: S000075576)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000234789 | Class C Shares             | KAGCX           |
| C000234790 | Institutional Class Shares | KAGIX           |
| C000234791 | Class A Shares             | KAGAX           |

### Kensington Active Advantage Fund (Series ID: S000075577)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000234792 | Institutional Class Shares | KADIX           |

### Kensington Defender Fund (Series ID: S000080512)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000242963 | Institutional Class | DFNDX           |

### Kensington Hedged Premium Income ETF (Series ID: S000087366)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000253083 | Kensington Hedged Premium Income ETF | KHPI            |

### Kensington Credit Opportunities ETF (Series ID: S000097905)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000267415 | Kensington Credit Opportunities ETF | KAMO            |

?xml version='1.0' encoding='ASCII'? 2025-10-06194008_KensingtonActiveAdvantageFund_InstitutionalClass_TSRAnnual

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>12/31/2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img95239_202408081942478.jpg) | **Kensington Active Advantage Fund**  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95239_202408081942478.jpg) | Institutional Class \| KADIX  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95239_202408081942478.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36350_s20250218204140.jpg) |

---

This annual shareholder report contains important information about the Kensington Active Advantage Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.kensingtonassetmanagement.com/solutions/active-advantage-fund/. You can also request this information by contacting us at 866-303-8623.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $145 | 1.37% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In 2025, the Active Advantage Fund successfully navigated a shifting macroeconomic landscape by dynamically adjusting its exposure to volatility and changing market leadership. The Fund began the year with a balanced, Risk-On approach, pairing core US equities with high-yield and floating-rate credit. This diversified foundation allowed us to capture early gains while remaining prepared for the evolving risks that defined the first half of the year.

When trade policy uncertainty sparked market turbulence in the first quarter, our defensive framework prompted a timely reduction in equity exposure, shifting toward cash and short-term Treasuries to preserve capital. As markets found their footing in April, the Fund proactively reengaged, rotating back to a fully invested posture. This mid-year recovery was supported by a widened fixed income focus that included emerging market debt and multisector bonds, alongside an equity sleeve diversified across growth, value, and dividend strategies.

The Fund maintained this momentum through the third quarter, benefiting from supportive credit conditions and broad equity gains. While growth-oriented stocks faced a pullback at year-end, our diversified satellite positions in value and core equities, combined with a resilient fixed income portfolio, helped us maintain positive performance through the fourth quarter. This active approach ensured the fund stayed aligned with market opportunities while managing the risks of a complex year

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $25,000 chart reflects a hypothetical $25,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $25,000)

![image](ts6386img003.jpg)

Kensington Active Advantage Fund PAGE 1 TSR-AR-56167N399

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/23/2022)** |
| **Institutional Class (without sales charge)**  | 12.01 | 4.68 |
| **50% S&P500/50% Bloomberg Capital Aggregate Bond**  | 12.64 | 7.66 |

---

Visit https://www.kensingtonassetmanagement.com/solutions/active-advantage-fund/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $58168924 |
| **Number of Holdings** | 17 |
| **Net Advisory Fee** | $318755 |
| **Portfolio Turnover** | 168% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 71.8% |
|  Investments Purchased with Proceeds from Securities Lending  | 36.3% |
|  Open-End Funds  | 24.9% |
|  Cash & Other  | -33.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Manning & Napier High Yield Bond Series  | 13.6% |
|  Vanguard Total Stock Market ETF  | 11.7% |
|  Invesco QQQ Trust Series 1  | 11.3% |
|  Victory Pioneer Strategic Income Fund  | 11.2% |
|  Vanguard S&P 500 ETF  | 9.1% |
|  Janus Henderson AAA CLO ETF  | 6.8% |
|  iShares Broad USD High Yield Corporate Bond ETF  | 6.2% |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF  | 4.9% |
|  iShares Core High Dividend ETF  | 4.7% |
|  BNY Mellon Global Infrastructure Income ETF  | 4.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.kensingtonassetmanagement.com/solutions/active-advantage-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 Kensington Asset Management documents not be householded, please contact Kensington Asset Management at 866-303-8623, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Kensington Asset Management or your financial intermediary.

Kensington Active Advantage Fund PAGE 2 TSR-AR-56167N399

------

---

| | | |
|:---|:---|:---|
| ![image](img635285_202602061713165.jpg) | **Kensington Credit Opportunities ETF**  | ![image](img36350_s20250218204140.jpg) |
| ![image](img635285_202602061713165.jpg) | KAMO (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img36350_s20250218204140.jpg) |
| ![image](img635285_202602061713165.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36350_s20250218204140.jpg) |

---

This annual shareholder report contains important information about the Kensington Credit Opportunities ETF for the period of December 16, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.kensingtonassetmanagement.com/solutions/etfs-kamo/. You can also request this information by contacting us at 866-303-8623.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** **\*** **<sup>,</sup>** **\*\*** |
| Kensington Credit Opportunities ETF | $3 | 0.85% |

---

\* Amount shown reflects the expenses of the Fund from inception date through December 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Credit Opportunities ETF navigated 2025 by prioritizing capital preservation during periods of market stress while selectively re-engaging as conditions stabilized. We began the year focused on high yield, investment grade, and securitized debt, but ended the year with a robust portfolio led by high yield credit, complemented by strategic positions in investment grade corporates and asset-backed securities, ensuring a balanced approach to income and stability heading into the new year.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts7007img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/16/2025)** |
| **Kensington Credit Opportunities ETF NAV**  | 0.36 |
| **Bloomberg U.S. Aggregate Bond Index**  | 0.23 |

---

Visit https://www.kensingtonassetmanagement.com/solutions/etfs-kamo/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Kensington Credit Opportunities ETF PAGE 1 TSR-AR-56167R820

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $78075285 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $18216 |
| **Portfolio Turnover** | 1% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  iShares Broad USD High Yield Corporate Bond ETF  | 70.5% |
|  Vanguard Short-Term Corporate Bond ETF  | 10.1% |
|  iShares Broad USD Investment Grade Corporate Bond ETF  | 8.1% |
|  Vanguard Short-Term Treasury ETF  | 6.2% |
|  Janus Henderson AAA CLO ETF  | 5.1% |

---

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

**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 Kensington Asset Management documents not be householded, please contact Kensington Asset Management at 866-303-8623, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Kensington Asset Management or your financial intermediary.

Kensington Credit Opportunities ETF PAGE 2 TSR-AR-56167R820

------

---

| | | |
|:---|:---|:---|
| ![image](img95240_202408081946877.jpg) | **Kensington Defender Fund**  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95240_202408081946877.jpg) | Institutional Class \| DFNDX  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95240_202408081946877.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36350_s20250218204140.jpg) |

---

This annual shareholder report contains important information about the Kensington Defender Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.kensingtonassetmanagement.com/solutions/defender-fund/. You can also request this information by contacting us at 866-303-8623.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $159 | 1.49% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Defender Fund delivered its strongest yearly performance in 2025 by leveraging a systematic, momentum-driven framework that captured broad strength across global markets. While US equities remained solid, the year was defined by a shift in leadership toward international developed and emerging markets. The Fund's approach successfully navigated this transition, maintaining diversified exposure across US and international equities as well as real assets, while using risk-management overlays to protect the portfolio as conditions evolved.

A key highlight of the year was the significant contribution from gold, which benefited from central bank demand and geopolitical tensions. Additionally, our positions in Japan and emerging markets added value as investors rotated away from a strictly US-centric focus. By year-end, momentum indicators showed positive signals across all twelve monitored categories, reflecting a healthy and broad participation in market gains that guided our positioning into the new year.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $25,000 chart reflects a hypothetical $25,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $25,000)

![image](ts6387img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/31/2023)** |
| **Institutional Class (without sales charge)**  | 13.17 | 7.98 |
| **Morningstar Global 60/40 NR**  | 16.34 | 13.50 |

---

Visit https://www.kensingtonassetmanagement.com/solutions/defender-fund/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Kensington Defender Fund PAGE 1 TSR-AR-56167N233

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $80255791 |
| **Number of Holdings** | 24 |
| **Net Advisory Fee** | $834319 |
| **Portfolio Turnover** | 260% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 85.9% |
|  Common Stocks  | 9.9% |
|  Purchased Options  | 0.8% |
|  Written Options  | -0.6% |
|  Cash & Other  | 4.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Vanguard S&P 500 ETF  | 16.9% |
|  State Street SPDR Portfolio S&P 600 Small Cap ETF  | 14.3% |
|  abrdn Physical Gold Shares ETF  | 14.2% |
|  SPDR Portfolio Emerging Markets ETF  | 13.9% |
|  Franklin FTSE Japan ETF  | 13.5% |
|  Invesco QQQ Trust Series 1  | 13.2% |
|  Galaxy Plus Fund SPC - Cane Kensington Opportunity Offshore Feeder Fund (546) Segregated Portfolio  | 9.9% |
|  S&P 500 Index  | 0.2% |

---

**MANAGED DISTRIBUTIONS**

The Fund's distribution policy allocates a set 4% per annum of the Fund's net asset value to shareholders, payable on a monthly basis. As of the period ended December 31, 2025, approximately 100% of the Fund's distributions were considered net investment income and the remaining approximate 0% of the distributions were considered return of capital.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.kensingtonassetmanagement.com/solutions/defender-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 Kensington Asset Management documents not be householded, please contact Kensington Asset Management at 866-303-8623, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Kensington Asset Management or your financial intermediary.

Kensington Defender Fund PAGE 2 TSR-AR-56167N233

------

---

| | | |
|:---|:---|:---|
| ![image](img95241_202408081947885.jpg) | **Kensington Dynamic Allocation Fund**  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95241_202408081947885.jpg) | Class A \| KAGAX  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95241_202408081947885.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36350_s20250218204140.jpg) |

---

This annual shareholder report contains important information about the Kensington Dynamic Allocation Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.kensingtonassetmanagement.com/solutions/dynamic-allocation-fund/. You can also request this information by contacting us at 866-303-8623.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $189 | 1.59% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In 2025, the Dynamic Allocation Fund delivered its strongest yearly return since the funds inception in 2020. This achievement was possible by proactively managing a year marked by both significant rallies and sudden shifts in trade policy. Our disciplined risk framework allowed us to move to a defensive, Risk-Off posture during the sharp market selloff in early spring, successfully preserving capital before reentering the market just in time for the subsequent recovery.

The middle of the year saw markets advance as inflation eased and artificial intelligence themes drove concentrated growth in large-cap stocks. The Fund remained fully engaged during this period, blending growth and core equity investments to capture the broad upward momentum. While a late-year pullback in growth stocks resulted in a modestly negative December, the Fund's ability to stay Risk-On for 35 consecutive weeks underscored our commitment to participating in market gains while maintaining the flexibility to navigate short-term volatility.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6388img003.jpg)

Kensington Dynamic Allocation Fund PAGE 1 TSR-AR-56167N290

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/23/2020)** |
| **Class A (without sales charge)**  | 37.20 | 11.72 | 11.56 |
| **Class A (with sales charge)**  | 30.67 | 10.65 | 10.52 |
| **S&P 500 TR**  | 17.88 | 14.42 | 15.72 |

---

Visit https://www.kensingtonassetmanagement.com/solutions/dynamic-allocation-fund/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1274562211 |
| **Number of Holdings** | 19 |
| **Net Advisory Fee** | $12267540 |
| **Portfolio Turnover** | 222% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 90.4% |
|  Cash & Other  | 9.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Invesco QQQ Trust Series 1  | 16.7% |
|  Vanguard S&P 500 ETF  | 11.9% |
|  Vanguard Mega Cap Growth ETF  | 8.5% |
|  Vanguard Growth ETF  | 8.5% |
|  iShares Russell 1000 Growth ETF  | 8.3% |
|  PGIM Ultra Short Bond ETF  | 6.2% |
|  Janus Henderson Short Duration Income ETF  | 5.8% |
|  VanEck IG Floating Rate ETF  | 5.2% |
|  JPMorgan Ultra-Short Income ETF  | 4.6% |
|  iShares Floating Rate Bond ETF  | 4.3% |

---

Effective April 30, 2025, the Fund's name changed from Kensington Dynamic Growth Fund to Kensington Dynamic Allocation Fund.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.kensingtonassetmanagement.com/solutions/dynamic-allocation-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 Kensington Asset Management documents not be householded, please contact Kensington Asset Management at 866-303-8623, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Kensington Asset Management or your financial intermediary.

Kensington Dynamic Allocation Fund PAGE 2 TSR-AR-56167N290

------

---

| | | |
|:---|:---|:---|
| ![image](img95241_202408081947885.jpg) | **Kensington Dynamic Allocation Fund**  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95241_202408081947885.jpg) | Class C \| KAGCX  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95241_202408081947885.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36350_s20250218204140.jpg) |

---

This annual shareholder report contains important information about the Kensington Dynamic Allocation Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.kensingtonassetmanagement.com/solutions/dynamic-allocation-fund/. You can also request this information by contacting us at 866-303-8623.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $276 | 2.34% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In 2025, the Dynamic Allocation Fund delivered its strongest yearly return since the funds inception in 2020. This achievement was possible by proactively managing a year marked by both significant rallies and sudden shifts in trade policy. Our disciplined risk framework allowed us to move to a defensive, Risk-Off posture during the sharp market selloff in early spring, successfully preserving capital before reentering the market just in time for the subsequent recovery.

The middle of the year saw markets advance as inflation eased and artificial intelligence themes drove concentrated growth in large-cap stocks. The Fund remained fully engaged during this period, blending growth and core equity investments to capture the broad upward momentum. While a late-year pullback in growth stocks resulted in a modestly negative December, the Fund's ability to stay Risk-On for 35 consecutive weeks underscored our commitment to participating in market gains while maintaining the flexibility to navigate short-term volatility.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6389img003.jpg)

Kensington Dynamic Allocation Fund PAGE 1 TSR-AR-56167N282

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/23/2020)** |
| **Class C (without sales charge)**  | 36.11 | 10.87 | 10.75 |
| **Class C (with sales charge)**  | 35.11 | 10.87 | 10.75 |
| **S&P 500 TR**  | 17.88 | 14.42 | 15.72 |

---

Visit https://www.kensingtonassetmanagement.com/solutions/dynamic-allocation-fund/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1274562211 |
| **Number of Holdings** | 19 |
| **Net Advisory Fee** | $12267540 |
| **Portfolio Turnover** | 222% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 90.4% |
|  Cash & Other  | 9.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Invesco QQQ Trust Series 1  | 16.7% |
|  Vanguard S&P 500 ETF  | 11.9% |
|  Vanguard Mega Cap Growth ETF  | 8.5% |
|  Vanguard Growth ETF  | 8.5% |
|  iShares Russell 1000 Growth ETF  | 8.3% |
|  PGIM Ultra Short Bond ETF  | 6.2% |
|  Janus Henderson Short Duration Income ETF  | 5.8% |
|  VanEck IG Floating Rate ETF  | 5.2% |
|  JPMorgan Ultra-Short Income ETF  | 4.6% |
|  iShares Floating Rate Bond ETF  | 4.3% |

---

Effective April 30, 2025, the Fund's name changed from Kensington Dynamic Growth Fund to Kensington Dynamic Allocation Fund.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.kensingtonassetmanagement.com/solutions/dynamic-allocation-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 Kensington Asset Management documents not be householded, please contact Kensington Asset Management at 866-303-8623, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Kensington Asset Management or your financial intermediary.

Kensington Dynamic Allocation Fund PAGE 2 TSR-AR-56167N282

------

---

| | | |
|:---|:---|:---|
| ![image](img95241_202408081947885.jpg) | **Kensington Dynamic Allocation Fund**  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95241_202408081947885.jpg) | Institutional Class \| KAGIX  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95241_202408081947885.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36350_s20250218204140.jpg) |

---

This annual shareholder report contains important information about the Kensington Dynamic Allocation Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.kensingtonassetmanagement.com/solutions/dynamic-allocation-fund/. You can also request this information by contacting us at 866-303-8623.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $159 | 1.34% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In 2025, the Dynamic Allocation Fund delivered its strongest yearly return since the funds inception in 2020. This achievement was possible by proactively managing a year marked by both significant rallies and sudden shifts in trade policy. Our disciplined risk framework allowed us to move to a defensive, Risk-Off posture during the sharp market selloff in early spring, successfully preserving capital before reentering the market just in time for the subsequent recovery.

The middle of the year saw markets advance as inflation eased and artificial intelligence themes drove concentrated growth in large-cap stocks. The Fund remained fully engaged during this period, blending growth and core equity investments to capture the broad upward momentum. While a late-year pullback in growth stocks resulted in a modestly negative December, the Fund's ability to stay Risk-On for 35 consecutive weeks underscored our commitment to participating in market gains while maintaining the flexibility to navigate short-term volatility.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $25,000 chart reflects a hypothetical $25,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $25,000)

![image](ts6390img003.jpg)

Kensington Dynamic Allocation Fund PAGE 1 TSR-AR-56167N274

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/23/2020)** |
| **Institutional Class (without sales charge)**  | 37.59 | 12.00 | 11.85 |
| **S&P 500 TR**  | 17.88 | 14.42 | 15.72 |

---

Visit https://www.kensingtonassetmanagement.com/solutions/dynamic-allocation-fund/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1274562211 |
| **Number of Holdings** | 19 |
| **Net Advisory Fee** | $12267540 |
| **Portfolio Turnover** | 222% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 90.4% |
|  Cash & Other  | 9.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Invesco QQQ Trust Series 1  | 16.7% |
|  Vanguard S&P 500 ETF  | 11.9% |
|  Vanguard Mega Cap Growth ETF  | 8.5% |
|  Vanguard Growth ETF  | 8.5% |
|  iShares Russell 1000 Growth ETF  | 8.3% |
|  PGIM Ultra Short Bond ETF  | 6.2% |
|  Janus Henderson Short Duration Income ETF  | 5.8% |
|  VanEck IG Floating Rate ETF  | 5.2% |
|  JPMorgan Ultra-Short Income ETF  | 4.6% |
|  iShares Floating Rate Bond ETF  | 4.3% |

---

Effective April 30, 2025, the Fund's name changed from Kensington Dynamic Growth Fund to Kensington Dynamic Allocation Fund.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.kensingtonassetmanagement.com/solutions/dynamic-allocation-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 Kensington Asset Management documents not be householded, please contact Kensington Asset Management at 866-303-8623, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Kensington Asset Management or your financial intermediary.

Kensington Dynamic Allocation Fund PAGE 2 TSR-AR-56167N274

------

---

| | | |
|:---|:---|:---|
| ![image](img325405_202507292050144.jpg) | **Kensington Hedged Premium Income ETF**  | ![image](img36350_s20250218204140.jpg) |
| ![image](img325405_202507292050144.jpg) | KHPI (Principal Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img36350_s20250218204140.jpg) |
| ![image](img325405_202507292050144.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36350_s20250218204140.jpg) |

---

This annual shareholder report contains important information about the Kensington Hedged Premium Income ETF for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.kensingtonassetmanagement.com/solutions/etfs-khpi/. You can also request this information by contacting us at 866-303-8623.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Kensington Hedged Premium Income ETF | $100 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Hedged Premium Income ETF concluded 2025 with positive results, delivering favorably to traditional income-oriented asset classes like high yield, aggregate bonds, and REITs. While the ETF's defensive options structure is designed to trade some upside potential for protection—resulting in lower returns than the S&P 500 during a strong market year—its focus on downside mitigation proved highly effective for investors.

The value of this protective approach was evident during the market drawdown from February to April. While the S&P 500 Index declined, the ETF's decline was limited, allowing for a much faster recovery during the subsequent rally. By combining quarterly downside buffers with long call positions to capture upside participation, the ETF's successfully balanced consistent income generation with capital preservation throughout the year's volatility.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6391img003.jpg)

Kensington Hedged Premium Income ETF PAGE 1 TSR-AR-56167N183

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/04/2024)** |
| **Kensington Hedged Premium Income ETF NAV**  | 11.30 | 11.58 |
| **S&P 500 TR**  | 17.88 | 19.19 |

---

Visit https://www.kensingtonassetmanagement.com/solutions/etfs-khpi/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $263930444 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $1459263 |
| **Portfolio Turnover** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 100.1% |
|  Purchased Options  | 1.2% |
|  Written Options  | -1.4% |
|  Cash & Other  | 0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Vanguard S&P 500 ETF  | 100.1% |
|  S&P 500 Index Options  | -0.1% |

---

**MANAGED DISTRIBUTIONS**

The Fund's distribution policy allocates a set 9% per annum of the Fund's net asset value to shareholders, payable on a monthly basis. As of the year ended December 31, 2025, approximately 5% of the Fund's distributions were considered net investment income and the remaining approximate 95% of the distributions were considered return of capital.

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

**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 Kensington Asset Management documents not be householded, please contact Kensington Asset Management at 866-303-8623, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Kensington Asset Management or your financial intermediary.

Kensington Hedged Premium Income ETF PAGE 2 TSR-AR-56167N183

------

---

| | | |
|:---|:---|:---|
| ![image](img95242_202408081948350.jpg) | **Kensington Managed Income Fund**  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95242_202408081948350.jpg) | Class A \| KAMAX  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95242_202408081948350.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36350_s20250218204140.jpg) |

---

This annual shareholder report contains important information about the Kensington Managed Income Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.kensingtonassetmanagement.com/solutions/managed-income-fund/. You can also request this information by contacting us at 866-303-8623.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $164 | 1.60% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In 2025, the Managed Income Fund achieved a positive return for the year by successfully navigating a year of evolving economic growth and shifting monetary policy. The Fund maintained a consistent Risk-On posture, particularly during the first half of the year when resilient economic data supported higher-yielding credit. As the market faced mid-year volatility driven by trade and labor uncertainties, our selective approach allowed us to benefit from the broad recovery in fixed income that followed easing inflation pressures.

The final months of the year were defined by a clear shift toward lower interest rates, with the Federal Reserve delivering two 25-basis-point cuts to end the year at a 3.50%–3.75% target range. To capitalize on this environment, Managed Income remained fully Risk-On for eight consecutive months through year-end. By focusing on US high yield and multisector fixed income, the Fund emphasized income-generating assets with lower sensitivity to interest rate changes, which outperformed long-duration Treasuries and drove our performance for the year.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6393img003.jpg)

Kensington Managed Income Fund PAGE 1 TSR-AR-56167N332

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/28/2019)** |
| **Class A (without sales charge)**  | 5.02 | 1.43 | 2.71 |
| **Class A (with sales charge)**  | 0.06 | 0.44 | 1.95 |
| **Bloomberg US Aggregate Bond Index**  | 7.30 | -0.36 | 1.49 |
| **ICE BofA US High Yield Total Return Index**  | 8.50 | 4.50 | 5.22 |

---

Visit https://www.kensingtonassetmanagement.com/solutions/managed-income-fund/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $714635032 |
| **Number of Holdings** | 19 |
| **Net Advisory Fee** | $9744434 |
| **Portfolio Turnover** | 129% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Open-End Funds  | 55.7% |
|  Exchange Traded Funds  | 44.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  American High-Income Trust  | 21.6% |
|  iShares Broad USD High Yield Corporate Bond ETF  | 11.3% |
|  State Street SPDR Portfolio High Yield Bond ETF  | 10.8% |
|  Manning & Napier High Yield Bond Series  | 9.2% |
|  Fidelity Capital & Income Fund  | 7.6% |
|  BlackRock High Yield Portfolio  | 7.2% |
|  Xtrackers USD High Yield Corporate Bond ETF  | 6.8% |
|  VanEck Fallen Angel High Yield Bond ETF  | 5.7% |
|  PIMCO Multisector Bond Active ETF  | 5.5% |
|  Victory Pioneer Strategic Income Fund  | 3.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.kensingtonassetmanagement.com/solutions/managed-income-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 Kensington Asset Management documents not be householded, please contact Kensington Asset Management at 866-303-8623, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Kensington Asset Management or your financial intermediary.

Kensington Managed Income Fund PAGE 2 TSR-AR-56167N332

------

---

| | | |
|:---|:---|:---|
| ![image](img95242_202408081948350.jpg) | **Kensington Managed Income Fund**  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95242_202408081948350.jpg) | Class C \| KAMCX  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95242_202408081948350.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36350_s20250218204140.jpg) |

---

This annual shareholder report contains important information about the Kensington Managed Income Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.kensingtonassetmanagement.com/solutions/managed-income-fund/. You can also request this information by contacting us at 866-303-8623.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $240 | 2.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In 2025, the Managed Income Fund achieved a positive return for the year by successfully navigating a year of evolving economic growth and shifting monetary policy. The Fund maintained a consistent Risk-On posture, particularly during the first half of the year when resilient economic data supported higher-yielding credit. As the market faced mid-year volatility driven by trade and labor uncertainties, our selective approach allowed us to benefit from the broad recovery in fixed income that followed easing inflation pressures.

The final months of the year were defined by a clear shift toward lower interest rates, with the Federal Reserve delivering two 25-basis-point cuts to end the year at a 3.50%–3.75% target range. To capitalize on this environment, Managed Income remained fully Risk-On for eight consecutive months through year-end. By focusing on US high yield and multisector fixed income, the Fund emphasized income-generating assets with lower sensitivity to interest rate changes, which outperformed long-duration Treasuries and drove our performance for the year.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6392img003.jpg)

Kensington Managed Income Fund PAGE 1 TSR-AR-56167N316

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/27/2019)** |
| **Class C (without sales charge)**  | 4.24 | 0.67 | 1.77 |
| **Class C (with sales charge)**  | 3.24 | 0.67 | 1.77 |
| **Bloomberg US Aggregate Bond Index**  | 7.30 | -0.36 | 0.80 |
| **ICE BofA US High Yield Total Return Index**  | 8.50 | 4.50 | 5.04 |

---

Visit https://www.kensingtonassetmanagement.com/solutions/managed-income-fund/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $714635032 |
| **Number of Holdings** | 19 |
| **Net Advisory Fee** | $9744434 |
| **Portfolio Turnover** | 129% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Open-End Funds  | 55.7% |
|  Exchange Traded Funds  | 44.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  American High-Income Trust  | 21.6% |
|  iShares Broad USD High Yield Corporate Bond ETF  | 11.3% |
|  State Street SPDR Portfolio High Yield Bond ETF  | 10.8% |
|  Manning & Napier High Yield Bond Series  | 9.2% |
|  Fidelity Capital & Income Fund  | 7.6% |
|  BlackRock High Yield Portfolio  | 7.2% |
|  Xtrackers USD High Yield Corporate Bond ETF  | 6.8% |
|  VanEck Fallen Angel High Yield Bond ETF  | 5.7% |
|  PIMCO Multisector Bond Active ETF  | 5.5% |
|  Victory Pioneer Strategic Income Fund  | 3.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.kensingtonassetmanagement.com/solutions/managed-income-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 Kensington Asset Management documents not be householded, please contact Kensington Asset Management at 866-303-8623, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Kensington Asset Management or your financial intermediary.

Kensington Managed Income Fund PAGE 2 TSR-AR-56167N316

------

---

| | | |
|:---|:---|:---|
| ![image](img95242_202408081948350.jpg) | **Kensington Managed Income Fund**  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95242_202408081948350.jpg) | Institutional Class \| KAMIX  | ![image](img36350_s20250218204140.jpg) |
| ![image](img95242_202408081948350.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36350_s20250218204140.jpg) |

---

This annual shareholder report contains important information about the Kensington Managed Income Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.kensingtonassetmanagement.com/solutions/managed-income-fund/. You can also request this information by contacting us at 866-303-8623.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $139 | 1.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In 2025, the Managed Income Fund achieved a positive return for the year by successfully navigating a year of evolving economic growth and shifting monetary policy. The Fund maintained a consistent Risk-On posture, particularly during the first half of the year when resilient economic data supported higher-yielding credit. As the market faced mid-year volatility driven by trade and labor uncertainties, our selective approach allowed us to benefit from the broad recovery in fixed income that followed easing inflation pressures.

The final months of the year were defined by a clear shift toward lower interest rates, with the Federal Reserve delivering two 25-basis-point cuts to end the year at a 3.50%–3.75% target range. To capitalize on this environment, Managed Income remained fully Risk-On for eight consecutive months through year-end. By focusing on US high yield and multisector fixed income, the Fund emphasized income-generating assets with lower sensitivity to interest rate changes, which outperformed long-duration Treasuries and drove our performance for the year.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $25,000 chart reflects a hypothetical $25,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $25,000)

![image](ts6394img003.jpg)

Kensington Managed Income Fund PAGE 1 TSR-AR-56167N324

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/28/2019)** |
| **Institutional Class (without sales charge)**  | 5.29 | 1.68 | 2.97 |
| **Bloomberg US Aggregate Bond Index**  | 7.30 | -0.36 | 1.49 |
| **ICE BofA US High Yield Total Return Index**  | 8.50 | 4.50 | 5.22 |

---

Visit https://www.kensingtonassetmanagement.com/solutions/managed-income-fund/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $714635032 |
| **Number of Holdings** | 19 |
| **Net Advisory Fee** | $9744434 |
| **Portfolio Turnover** | 129% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Open-End Funds  | 55.7% |
|  Exchange Traded Funds  | 44.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  American High-Income Trust  | 21.6% |
|  iShares Broad USD High Yield Corporate Bond ETF  | 11.3% |
|  State Street SPDR Portfolio High Yield Bond ETF  | 10.8% |
|  Manning & Napier High Yield Bond Series  | 9.2% |
|  Fidelity Capital & Income Fund  | 7.6% |
|  BlackRock High Yield Portfolio  | 7.2% |
|  Xtrackers USD High Yield Corporate Bond ETF  | 6.8% |
|  VanEck Fallen Angel High Yield Bond ETF  | 5.7% |
|  PIMCO Multisector Bond Active ETF  | 5.5% |
|  Victory Pioneer Strategic Income Fund  | 3.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.kensingtonassetmanagement.com/solutions/managed-income-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 Kensington Asset Management documents not be householded, please contact Kensington Asset Management at 866-303-8623, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Kensington Asset Management or your financial intermediary.

Kensington Managed Income Fund PAGE 2 TSR-AR-56167N324

------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's board of trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other Services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) Audit Fees | $110750 | $90500 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $25000 | $21500 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by **Cohen & Company** applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not applicable

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 12/31/2025 | FYE 12/31/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

(j) Not applicable

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

(a) This item applies to the Registrant's exchange-traded funds only. The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee, consisting of the entire Board, are as follows: David M. Swanson, Robert J. Kern and David A. Massart.

**<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) ![](kensingtonlogo.jpg)

**Kensington Funds**

Kensington Active Advantage Fund

Kensington Credit Opportunities ETF

Kensington Defender Fund

Kensington Dynamic Allocation Fund

Kensington Hedged Premium Income ETF

Kensington Managed Income Fund

Core Financial Statements

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#sch001)<br>|  |
| &nbsp;&nbsp;&nbsp; [Kensington Active Advantage Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Kensington Credit Opportunities ETF](#soi2) | [3](#soi2) |
| &nbsp;&nbsp;&nbsp; [Kensington Defender Fund](#soi3) | [4](#soi3) |
| &nbsp;&nbsp;&nbsp; [Kensington Dynamic Allocation Fund](#soi4) | [6](#soi4) |
| &nbsp;&nbsp;&nbsp; [Kensington Hedged Premium Income ETF](#soi5) | [8](#soi5) |
| &nbsp;&nbsp;&nbsp; [Kensington Managed Income Fund](#soi6) | [10](#soi6) |
| [Statements of Assets & Liabilities](#sal) | [11](#sal) |
| [Statements of Operations](#sop) | [15](#sop) |
| [Statements of Changes in Net Assets](#scna) | [17](#scna) |
| [Financial Highlights](#fihi) | [20](#fihi) |
| [Notes to Financial Statements](#notes) | [30](#notes) |
| [Report of Independent Registered Public Accounting Firm](#treports) | [45](#treports) |
| [Additional Information](#add) | [47](#add) |

---

------

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

**KENSINGTON ACTIVE ADVANTAGE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 71.8%** | **EXCHANGE TRADED FUNDS - 71.8%** | **EXCHANGE TRADED FUNDS - 71.8%** |
|  BNY Mellon Global Infrastructure Income ETF<sup>(a)</sup> | 64716 | $2610643  |
| Invesco QQQ Trust Series 1 | 10715 | 6582332  |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF<sup>(a)</sup> | 52464 | 2826760  |
|  iShares Broad USD High Yield Corporate Bond ETF | 97031 | 3628474  |
| iShares Core High Dividend ETF<sup>(a)</sup> | 22450 | 2730145  |
|  iShares J.P. Morgan EM High Yield Bond ETF<sup>(a)</sup> | 53432 | 2157050  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(a)</sup> | 16462 | 1584961  |
| Janus Henderson AAA CLO ETF<sup>(a)</sup> | 77852 | 3937754  |
| John Hancock High Yield ETF<sup>(a)</sup> | 25076 | 647713  |
| JPMorgan Ultra-Short Income ETF | 11560 | 584820  |
|  State Street SPDR Portfolio S&P 500 Value ETF<sup>(a)</sup> | 41880 | 2379203  |
| Vanguard S&P 500 ETF | 8450 | 5299249  |
| Vanguard Total Stock Market ETF<sup>(a)</sup> | 20285 | 6800952  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $38,800,217)** |  | 41770056  |
| **OPEN-END FUNDS - 24.9%**<br>|  |  |
|  Manning & Napier High Yield Bond Series - Class Z | 814618 | 7918087  |
|  Victory Pioneer Strategic Income Fund - Class K | 662589 | 6539755  |
| &nbsp;&nbsp;&nbsp; **TOTAL OPEN-END FUNDS** <br>**(Cost $14,319,532)** |  | 14457842  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 36.3%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(b)</sup> | 21124858 | 21124858  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $21,124,858)** |  | 21124858  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 133.0%**<br>**(Cost $74,244,607)** |  | $77352756  |
| Money Market Deposit Account - 1.2%<sup>(c)</sup> |  | 695088  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (34.2)% |  | (19878920)  |
| **TOTAL NET ASSETS - 100.0%** |  | $58168924 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $20,591,636.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 3.45%.

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

1<br>

------

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

**KENSINGTON ACTIVE ADVANTAGE FUND** 

**SCHEDULE OF FUTURES CONTRACTS** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration** <br>**Date** | **Notional** <br>**Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Nasdaq 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 03/20/2026 | $6109620 | &nbsp;&nbsp;&nbsp;&nbsp; $21667  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $21667 |

---

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

2<br>

------

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

**KENSINGTON CREDIT OPPORTUNITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 100.0%** | **EXCHANGE TRADED FUNDS - 100.0%** | **EXCHANGE TRADED FUNDS - 100.0%** |
|  iShares Broad USD High Yield Corporate Bond ETF<sup>(a)</sup> | 1471987 | $55044954  |
|  iShares Broad USD Investment Grade Corporate Bond ETF | 122243 | 6328520  |
| Janus Henderson AAA CLO ETF | 79092 | 4000473  |
|  Vanguard Short-Term Corporate Bond ETF | 98568 | 7858827  |
| Vanguard Short-Term Treasury ETF | 82884 | 4867777  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $78,135,106)** |  | 78100551  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $78,135,106)** |  | $78100551  |
| Money Market Deposit Account - 0.3%<sup>(b)</sup> |  | 215697  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.3)% |  | (240963)  |
| **TOTAL NET ASSETS - 100.0%** |  | $78075285 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(b)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 3.45%.

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

3<br>

------

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

**KENSINGTON DEFENDER FUND** 

(CONSOLIDATED) SCHEDULE OF INVESTMENTS

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 85.9%** | **EXCHANGE TRADED FUNDS - 85.9%** | **EXCHANGE TRADED FUNDS - 85.9%** |  |
|  abrdn Physical Gold Shares ETF<sup>(a)(h)</sup> |  | 278002 | $11420322  |
| Franklin FTSE Japan ETF<sup>(b)</sup> |  | 313581 | 10802865  |
| Invesco QQQ Trust Series 1<sup>(j)</sup> |  | 17198 | 10564903  |
|  SPDR Portfolio Emerging Markets ETF<sup>(b)</sup> |  | 237569 | 11120605  |
|  State Street SPDR Portfolio S&P 600 Small Cap ETF |  | 245342 | 11496726  |
| Vanguard S&P 500 ETF |  | 21589 | 13539110  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $64,686,900)** |  |  | 68944531  |
| **PRIVATE FUNDS - 9.9%**<br>|  |  |  |
|  Galaxy Plus Fund SPC - Cane Kensington Opportunity Offshore Feeder Fund (546) Segregated Portfolio<sup>(a)(h)(i)</sup> |  | 8216 | 7965484  |
| &nbsp;&nbsp;&nbsp; **TOTAL PRIVATE FUNDS** <br>**(Cost $8,096,822)** |  |  | 7965484  |
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 0.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 0.8%<sup>(a)</sup>** | **PURCHASED OPTIONS - 0.8%<sup>(a)</sup>** |  |
| **Put Options - 0.8%**<br>|  |  |  |
| S&P 500 Index<sup>(c)(d)(e)</sup><br>|  |  |  |
|  Expiration: 01/09/2026; Exercise Price: $6,650.00 | $19285000 | 29 | 17690  |
|  Expiration: 01/12/2026; Exercise Price: $6,640.00 | 19256000 | 29 | 19749  |
|  Expiration: 01/13/2026; Exercise Price: $6,630.00 | 19227000 | 29 | 24940  |
|  Expiration: 01/14/2026; Exercise Price: $6,625.00 | 18550000 | 28 | 28840  |
|  Expiration: 03/20/2026; Exercise Price: $6,500.00 | 2600000 | 4 | 29520  |
|  Expiration: 04/17/2026; Exercise Price: $6,500.00 | 2600000 | 4 | 40360  |
|  Expiration: 05/15/2026; Exercise Price: $6,500.00 | 2600000 | 4 | 50900  |
|  Expiration: 06/18/2026; Exercise Price: $6,500.00 | 2600000 | 4 | 62700  |
|  Expiration: 07/17/2026; Exercise Price: $6,500.00 | 2600000 | 4 | 71620  |
|  Expiration: 08/21/2026; Exercise Price: $6,500.00 | 2600000 | 4 | 82480  |
|  Expiration: 09/18/2026; Exercise Price: $6,500.00 | 2600000 | 4 | 90200  |
|  Expiration: 10/16/2026; Exercise Price: $6,500.00 | 2600000 | 4 | 97460  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $756,879)** |  |  | 616459 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.2%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(f)</sup> | 1804124 | $1804124  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,804,124)** |  | 1804124  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%**<br>**(Cost $75,344,725)** |  | $79330598  |
|  Money Market Deposit Account - 3.4%<sup>(g)</sup> |  | 2761369  |
|  Liabilities in Excess of Other Assets - (2.2)% |  | (1836176)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $80255791 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

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

<sup>(b)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $1,751,130.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> Held in connection with written option contracts. See (Consolidated) Schedule of Written Options for further information.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 3.45%.

<sup>(h)</sup> Security is held via the Kensington Defender Offshore Fund.

<sup>(i)</sup> Galaxy Plus Fund SPC - Cane Kensington Opportunity Offshore Feeder Fund (546) Segregated Portfolio's ("Galaxy") investment objective is to generate diversified investment returns that are uncorrelated with the equity and debt markets by committing its assets to the investment discretion of a select group of experienced sub-managers that pursue various alternative investment strategies. Specifically, Galaxy accesses the sub-manager through an affiliated platform called Galaxy Plus Fund SPC (the "Platform"), which is a series fund for which each series invests in a separate master fund that is managed by a different sub-manager. The Platform identifies sub-managers that, in its judgment, are capable of generating attractive investment returns whose correlation to the U.S. equity and fixed-income markets is minimal. In implementing their strategies, the sub-managers selected by the platforms will have the discretion to invest and trade in a broad variety of securities and other financial instruments (including derivatives). Galaxy has no unfunded commitments or redemption lock-up period, as the investment offers generally daily redemptions. However, the managers of Galaxy may temporarily suspend redemptions in certain limited circumstances.

<sup>(j)</sup> All or a portion of this security is designated as collateral for options contracts. As of December 31, 2025, the fair value of collateral was $2,887,257. 

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

4<br>

------

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

**KENSINGTON DEFENDER FUND** 

(CONSOLIDATED) SCHEDULE OF WRITTEN OPTIONS

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.6)%** | **WRITTEN OPTIONS - (0.6)%** | **WRITTEN OPTIONS - (0.6)%** | **WRITTEN OPTIONS - (0.6)%** |
| **Put Options - (0.6)%**<br>|  |  |  |
| S&P 500 Index<sup>(a)(b)(c)</sup><br>|  |  |  |
| Expiration: 01/09/2026; Exercise Price: $6,850.00 | $(19865000) | &nbsp;&nbsp;&nbsp;&nbsp;(29) | $(130500)  |
| Expiration: 01/12/2026; Exercise Price: $6,840.00 | (19836000) | &nbsp;&nbsp;&nbsp;&nbsp;(29) | (124410)  |
| Expiration: 01/13/2026; Exercise Price: $6,830.00 | (19807000) | &nbsp;&nbsp;&nbsp;&nbsp;(29) | (128615)  |
| Expiration: 01/14/2026; Exercise Price: $6,825.00 | (19110000) | &nbsp;&nbsp;&nbsp;&nbsp;(28) | (119728)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $464,512)** |  |  | $(503253) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Held in connection with purchase options contracts. See (Consolidated) Schedule of Investments.

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

5<br>

------

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

**KENSINGTON DYNAMIC ALLOCATION FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 90.4%** | **EXCHANGE TRADED FUNDS - 90.4%** | **EXCHANGE TRADED FUNDS - 90.4%** |
| AB Ultra Short Income ETF<sup>(a)</sup> | 516924 | $26094324  |
| BNY Mellon Ultra Short Income ETF | 138713 | 6900292  |
| Capital Group Ultra Short Income ETF | 184915 | 4679274  |
| Goldman Sachs Ultra Short Bond ETF<sup>(a)</sup> | 708974 | 35781918  |
| Invesco QQQ Trust Series 1 | 347330 | 213368292  |
| iShares Floating Rate Bond ETF<sup>(a)</sup> | 1089966 | 55435671  |
| iShares Russell 1000 Growth ETF<sup>(a)</sup> | 224830 | 106412039  |
|  Janus Henderson Short Duration Income ETF<sup>(a)</sup> | 1505699 | 73990049  |
| JPMorgan Ultra-Short Income ETF<sup>(a)</sup> | 1150439 | 58200709  |
| Nuveen Ultra Short Income ETF | 100700 | 2540158  |
| PGIM Ultra Short Bond ETF | 1588148 | 78756259  |
| VanEck IG Floating Rate ETF | 2589451 | 65979211  |
| Vanguard Growth ETF | 220810 | 107724367  |
| Vanguard Mega Cap Growth ETF | 261800 | 108063186  |
| Vanguard S&P 500 ETF | 242610 | 152148009  |
| Vanguard Ultra Short Bond ETF<sup>(a)</sup> | 1105568 | 55101509  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $998,063,311)** |  | 1151175267  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(b)</sup> | 48945500 | 48945500  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $48,945,500)** |  | 48945500  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 94.2%**<br>**(Cost $1,047,008,811)** |  | $1200120767  |
| Money Market Deposit Account - 4.5%<sup>(c)</sup> |  | 57795788  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.3% |  | 16645656  |
| **TOTAL NET ASSETS - 100.0%** |  | $1274562211 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $47,835,041.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 3.45%. 

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

6<br>

------

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

**KENSINGTON DYNAMIC ALLOCATION FUND** 

**SCHEDULE OF FUTURES CONTRACTS** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration** <br>**Date** | **Notional** <br>**Value** | **Value/Unrealized** <br>**Apreciation** <br>(Depreciation)  |
| Nasdaq 100 Index | &nbsp;&nbsp;&nbsp; 487 | 03/20/2026 | $247948745 | &nbsp;&nbsp;&nbsp;&nbsp; $(66630)  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp; 973 | 03/20/2026 | 335320125 | &nbsp;&nbsp;&nbsp;&nbsp; 348517  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $281887 |

---

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

7<br>

------

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

**KENSINGTON HEDGED PREMIUM INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
|  **EXCHANGE TRADED FUNDS - 100.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Vanguard S&P 500 <br>ETF<sup>(a)(g)</sup> |  | 421499 | $264334668  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $239,817,550)** |  |  | 264334668  |
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 1.2%<sup>(b)</sup>** | **PURCHASED OPTIONS - 1.2%<sup>(b)</sup>** | **PURCHASED OPTIONS - 1.2%<sup>(b)</sup>** | **PURCHASED OPTIONS - 1.2%<sup>(b)</sup>** |
| **Call Options - 0.1%**<br>|  |  |  |
|  S&P 500 Index, Expiration: 01/16/2026; Exercise Price: $7,039.54<sup>(c)(d)(e)</sup> | $264236300 | 386 | 219885  |
| **Put Options - 1.1%**<br>|  |  |  |
|  S&P 500 Index, Expiration: 03/20/2026; Exercise Price: $6,492.78<sup>(c)(d)(e)</sup> | 250621308 | 386 | 2887589  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $4,012,741)** |  |  | 3107474  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.3%** <br>**(Cost $243,830,291)** |  |  | $267442142  |
|  Money Market Deposit Account - 0.8%<sup>(f)</sup> |  |  | 2233134  |
|  Liabilities in Excess of Other Assets - (2.1)% |  |  | (5744832)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $263930444 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

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

<sup>(c)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(d)</sup> Exchange-traded.

<sup>(e)</sup> 100 shares per contract.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 3.45%.

<sup>(g)</sup> All or a portion of this security is designated as collateral for options contracts. As of December 31, 2025, the fair value of collateral was $92,523,625. 

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

8<br>

------

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

**KENSINGTON HEDGED PREMIUM INCOME ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.4)%**<br>|  |  |  |
| **Call Options - (1.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 01/16/2026; Exercise <br>Price: $6,834.50<sup>(a)(b)(c)</sup> | $(264236300) | &nbsp;&nbsp;&nbsp;&nbsp;(386) | $(3088031)  |
| **Put Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 03/20/2026; Exercise <br>Price: $5,467.60<sup>(a)(b)(c)</sup> | (211049360) | &nbsp;&nbsp;&nbsp;&nbsp;(386) | (544071)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,579,769)** |  |  | $(3632102) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

<sup>(c)</sup> Held in connection with purchased options contracts. See Schedule of Investments for further information.

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

9<br>

------

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

**KENSINGTON MANAGED INCOME FUND** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **OPEN-END FUNDS - 55.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American High-Income Trust - <br>Class F-3 | 15527950 | $154037267  |
|  BlackRock High Yield Portfolio - Class K | 7112376 | 51422475  |
| Fidelity Capital & Income Fund | 5020080 | 54518072  |
|  Manning & Napier High Yield Bond Series - Class Z | 6727841 | 65394619  |
| &nbsp;&nbsp;&nbsp; MML Barings High Yield Fund - <br>Class I | 3072715 | 25073358  |
|  Nuveen Strategic Income Fund - Class R6 | 397614 | 3992048  |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield Bond - <br>Class I | 2109410 | 17402635  |
|  Victory Pioneer Strategic Income Fund - Class K | 2615063 | 25810669  |
| &nbsp;&nbsp;&nbsp; **TOTAL OPEN-END FUNDS** <br>**(Cost $384,511,883)** |  | 397651143  |
| **EXCHANGE TRADED FUNDS - 44.3%**<br>|  |  |
|  BondBloxx CCC-Rated USD High Yield Corporate Bond ETF<sup>(a)</sup> | 30214 | 1148887  |
|  iShares Broad USD High Yield Corporate Bond ETF | 2164550 | 80943347  |
|  Janus Henderson Securitized Income ETF | 355124 | 18487756  |
| John Hancock High Yield ETF<sup>(b)</sup> | 150000 | 3874500  |
| Nuveen Securitized Income ETF | 50000 | 1258500  |
| &nbsp;&nbsp;&nbsp; PIMCO Multisector Bond Active <br>ETF<sup>(a)</sup> | 1475964 | 39378720  |
| Simplify High Yield ETF<sup>(a)</sup> | 211734 | 4715316  |
|  State Street SPDR Portfolio High Yield Bond ETF<sup>(a)</sup> | 3261605 | 77202190  |
|  VanEck Fallen Angel High Yield Bond ETF | 1394430 | 40947437  |
|  Xtrackers USD High Yield Corporate Bond ETF | 1322962 | 48724691  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $310,689,123)** |  | 316681344 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(c)</sup> | 27505075 | $27505075  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $27,505,075)** |  | 27505075  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.8%** <br>**(Cost $722,706,081)** |  | $741837562  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.0%<sup>(d)</sup> |  | 38294  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.8)% |  | (27240824)  |
| **TOTAL NET ASSETS - 100.0%** |  | $714635032 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $26,841,875.

<sup>(b)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 3.45%. 

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

10<br>

------

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

**Kensington Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Kensington** <br>**Active** <br>**Advantage** <br>**Fund** | **Kensington** <br>**Credit** <br>**Opportunities** <br>**ETF** | (Consolidated)<br>**Kensington** <br>**Defender** <br>**Fund**  | **Kensington** <br>**Dynamic** <br>**Allocation** <br>**Fund** | **Kensington** <br>**Hedged** <br>**Premium** <br>**Income ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $77352756 | $78100551 | $79330598 | $1200120767 | $267442142  |
| Deposit at broker for futures contracts | 845494 |  |  | 63400207 | —  |
| Cash - interest bearing deposit account | 695088 | 215697 | 2761369 | 57795788 | 2233134  |
| Receivable for fund shares sold | 451237 |  | 7640 | 4151074 | 1537470  |
| Dividends receivable | 45519 |  | 3730 | 850866 | —  |
| Security lending income receivable | 13246 |  | 328 | 24174 | 124  |
| Interest receivable | 4897 | 391 | 6994 | 192504 | 9874  |
| Receivable for investments sold |  | 4998120 | 464512 |  | 55084  |
| Deposit at broker for option contracts |  |  | 265367 |  | 63148  |
| Prepaid expenses and other assets | 12659 |  | 3018 | 64970 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 79420896 | 83314759 | 82843556 | 1326600350 | 271340976  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option, at value |  |  | 503253 |  | 3632102  |
|  Payable upon return of securities loaned (See Note 10) | 21124858 |  | 1804124 | 48945500 | —  |
| Payable to Adviser | 51327 | 18216 | 62479 | 1352607 | 202295  |
|  Payable for transfer agent fees and expenses | 11382 |  | 6395 | 61937 | —  |
| Payable for capital shares redeemed | 8996 | 5004820 | 63329 | 1184631 | —  |
|  Payable for fund administration and accounting fees | 8690 |  | 11247 | 132110 | —  |
| Interest payable | 2312 |  |  |  | —  |
| Payable for custodian fees | 2263 |  | 2376 | 29428 | —  |
| Payable for compliance fees | 2065 |  | 2059 | 2059 | —  |
|  Payable for distribution and shareholder servicing fees | 106 |  |  | 32840 | —  |
| Distributions payable |  | 216438 |  |  | 1988352  |
| Payable for investments purchased |  |  | 88486 | 246318 | 1587783  |
| Payable for expenses and other liabilities | 39973 |  | 44017 | 50709 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 21251972 | 5239474 | 2587765 | 52038139 | 7410532  |
| **NET ASSETS** | $58168924 | $78075285 | $80255791 | $1274562211 | $263930444  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $55695486 | $78110367 | $73535941 | $1128900241 | $248706278  |
|  Total distributable earnings/(accumulated losses) | 2473438 | (35082) | 6719850 | 145661970 | 15224166  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $58168924  | $78075285 | $80255791 | $1274562211 | $263930444  |
| Net assets | $— | $78075285 | $— | $— | $263930444  |
| Shares issued and outstanding<sup>(a)</sup> |  | 3120000 |  |  | 10300000  |
| Net asset value per share | $— | $25.02 | $— | $— | $25.62  |

---

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

11<br>

------

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

**Kensington Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Kensington** <br>**Active** <br>**Advantage** <br>**Fund** | **Kensington** <br>**Credit** <br>**Opportunities** <br>**ETF** | (Consolidated)<br>**Kensington** <br>**Defender** <br>**Fund**  | **Kensington** <br>**Dynamic** <br>**Allocation** <br>**Fund** | **Kensington** <br>**Hedged** <br>**Premium** <br>**Income ETF**  |
| **Class A**<br>|  |  |  |  |  |
| Net assets | $— | $— | $— | $26961287 | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  |  |  | 1993319 | —  |
| Net asset value per share | $— | $— | $— | $13.53 | $—  |
|  Max offering price per share (net asset value per share dividend by 0.9525)<sup>(1)</sup> | $— | $— | $— | $14.20 | $—  |
| **Class C**<br>|  |  |  |  |  |
| Net assets | $— | $— | $— | $9006958 | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  |  |  | 683709 | —  |
| Net asset value per share | $— | $— | $— | $13.17 | $—  |
| **Institutional Class**<br>|  |  |  |  |  |
| Net assets | $58168924 | $— | $80255791 | $1238593966 | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 5297761 |  | 7463062 | 90681253 | —  |
| Net asset value per share | $10.98 | $— | $10.75 | $13.66 | $—  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $74244607 | $78135106 | $75344725 | $1047008811 | $243830291  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $— | $— | $464512 | $— | $4579769  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $20591636 | $— | $1751130 | $47835041 | $— |

---

<sup>(a)</sup> Unlimited shares authorized.

<sup>(1)</sup> Reflects a maximum sales charge of 4.75% and 4.75%. 

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

12<br>

------

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

**Kensington Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | |
|:---|:---|
|  | **Kensington Managed** <br>**Income Fund**  |
| **ASSETS:**<br>|  |
| Investments in unaffiliated securities, at value | &nbsp;&nbsp;&nbsp; $737963062  |
| Investments in affiliated securities, at value | &nbsp;&nbsp;&nbsp; 3874500  |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp; 3032552  |
| Dividends receivable | &nbsp;&nbsp;&nbsp; 1976119  |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp; 1595732  |
| Cash - interest bearing deposit account | &nbsp;&nbsp;&nbsp; 38294  |
| Security lending income receivable | &nbsp;&nbsp;&nbsp; 7864  |
| Interest receivable | &nbsp;&nbsp;&nbsp; 5937  |
| Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp; 31816  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp;&nbsp; 748525876  |
| **LIABILITIES:**<br>|  |
| Payable upon return of securities loaned (See Note 10) | &nbsp;&nbsp;&nbsp; 27505075  |
| Loans payable (See Note 11) | &nbsp;&nbsp;&nbsp; 4240000  |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp; 1111244  |
| Payable to Adviser | &nbsp;&nbsp;&nbsp; 788988  |
| Payable for fund administration and accounting fees | &nbsp;&nbsp;&nbsp; 78736  |
| Payable for transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 53998  |
| Payable for distribution and shareholder servicing fees | &nbsp;&nbsp;&nbsp; 26407  |
| Payable for custodian fees | &nbsp;&nbsp;&nbsp; 23931  |
| Payable for compliance fees | &nbsp;&nbsp;&nbsp; 2063  |
| Payable for expenses and other liabilities | &nbsp;&nbsp;&nbsp; 60402  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp;&nbsp; 33890844  |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $714635032  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $808016743  |
| Total accumulated losses | &nbsp;&nbsp;&nbsp; (93381711)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp;&nbsp; $714635032  |
| **Class A**<br>|  |
| Net assets | &nbsp;&nbsp;&nbsp; $14651277  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1516738  |
| Net asset value per share | &nbsp;&nbsp;&nbsp; $9.66  |
| Max offering price per share (net asset value per share dividend by 0.9525)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; $10.14  |
| **Class C**<br>|  |
| Net assets | &nbsp;&nbsp;&nbsp; $4622155  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 483404  |
| Net asset value per share | &nbsp;&nbsp;&nbsp; $9.56  |

---

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

13<br>

------

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

**Kensington Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | |
|:---|:---|
|  | **Kensington Managed** <br>**Income Fund**  |
| **Institutional Class**<br>|  |
| Net assets | &nbsp;&nbsp;&nbsp; $695361600  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 71840505  |
| Net asset value per share | &nbsp;&nbsp;&nbsp; $9.68  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | &nbsp;&nbsp;&nbsp; $718759056  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | &nbsp;&nbsp;&nbsp; $3947025  |
| **Loaned Securities:**<br>|  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | &nbsp;&nbsp;&nbsp; $26841875 |

---

<sup>(a)</sup> Unlimited shares authorized.

<sup>(2)</sup> Reflects a maximum sales charge of 4.75%. 

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

14<br>

------

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

**Kensington Funds** 

**Statements of Operations** 

**For the Period Ended December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Kensington** <br>**Active** <br>**Advantage** <br>**Fund** | **Kensington** <br>**Credit** <br>**Opportunities** <br>**ETF<sup>(a)</sup>** | (Consolidated) <br>**Kensington** <br>**Defender** <br>**Fund** | **Kensington** <br>**Dynamic** <br>**Allocation** <br>**Fund** | **Kensington** <br>**Hedged** <br>**Premium** <br>**Income ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $1530240 | &nbsp;&nbsp; $234008 | &nbsp;&nbsp; $1634093 | $12912753 | $2119645  |
| Interest income | 128178 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 386120 | 11737461 | 6112  |
| Securities lending income | 41116 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48764 | 176002 | 124  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1699534 | &nbsp;&nbsp; 234399 | &nbsp;&nbsp; 2068977 | 24826216 | 2125881  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee (See Note 5) | 506237 | &nbsp;&nbsp; 18216 | &nbsp;&nbsp; 892520 | 12267766 | 1459263  |
| Transfer agent fees | 52894 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23888 | 237650 | —  |
| Federal and state registration fees | 52133 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33390 | 112788 | —  |
| Fund administration and accounting fees (See Note 5) | 32913 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42525 | 386735 | —  |
| Audit fees | 21555 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31313 | 22553 | —  |
| Trustees' fees | 20158 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21530 | 22518 | —  |
| Reports to shareholders | 14569 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8464 | 12428 | —  |
| Legal fees | 13231 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48345 | 10123 | —  |
| Compliance fees | 8249 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8240 | 8244 | —  |
| Interest expense (See Note 11) | 6493 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 2527  |
| Custodian fees (See Note 5) | 5927 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6986 | 78435 | —  |
| Distribution expenses - Class A (See Note 6) | 421 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 67323 | —  |
| Distribution expenses - Class C (See Note 6) | 266 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 82921 | —  |
| Excise tax expense | 536 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | —  |
| Other expenses and fees | 6354 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4884 | 16103 | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 741936 | &nbsp;&nbsp; 18216 | &nbsp;&nbsp; 1122085 | 13325587 | 1461790  |
| &nbsp;&nbsp;&nbsp; Fee Recoupment |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 9989 | 14579 | —  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (187482) | &nbsp;&nbsp; — | &nbsp;&nbsp; (68190) | (14805) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 554454 | &nbsp;&nbsp; 18216 | &nbsp;&nbsp; 1063884 | 13325361 | 1461790  |
| **Net investment income** | 1145080 | &nbsp;&nbsp; 216183 | &nbsp;&nbsp; 1005093 | 11500855 | 664091  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 313237 | &nbsp;&nbsp;&nbsp;&nbsp;(527) | &nbsp;&nbsp; 3149512 | 40071313 | (3497942)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | &nbsp;&nbsp; 15513 | &nbsp;&nbsp; — |  | 2721744  |
| &nbsp;&nbsp;&nbsp; Written options expired or closed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2286436 |  | (5589184)  |
| &nbsp;&nbsp;&nbsp; Futures contracts | 23835 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 73987865 | —  |
| &nbsp;&nbsp;&nbsp; Distributions received from other investment companies | 5124 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 105 | —  |
| Net realized gain (loss) | 342196 | &nbsp;&nbsp; 14986 | &nbsp;&nbsp; 5435948 | 114059283 | (6365382)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 2504357 | &nbsp;&nbsp; (34555) | &nbsp;&nbsp; 2632704 | 166025160 | 23229373  |
| &nbsp;&nbsp;&nbsp; Written options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 121942 |  | 425699  |
| &nbsp;&nbsp;&nbsp; Future contracts | 21667 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 281887 | —  |
| Net change in unrealized appreciation (depreciation) | 2526024 | &nbsp;&nbsp; (34555) | &nbsp;&nbsp; 2754646 | 166307047 | 23655072  |
| **Net realized and unrealized gain (loss)** | 2868220 | &nbsp;&nbsp; (19569) | &nbsp;&nbsp; 8190594 | 280366330 | 17289690  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $4013300 | &nbsp;&nbsp; $196614 | &nbsp;&nbsp; $9195687 | $291867185 | $17953781 |

---

<sup>(a)</sup> Inception date of the Fund was December 16, 2025.

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

15<br>

------

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

**Kensington Funds** 

**Statements of Operations** 

**For the Period Ended December 31, 2025(Continued)** 

---

| | |
|:---|:---|
|  | **Kensington Managed** <br>**Income Fund**  |
| **INVESTMENT INCOME:**<br>|  |
| Dividend income from unaffiliated securities | &nbsp;&nbsp;&nbsp;&nbsp; $49754534  |
| Dividend income from affiliated securities | &nbsp;&nbsp;&nbsp;&nbsp; 108697  |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp; 1993512  |
| Interest income from affiliated securities | &nbsp;&nbsp;&nbsp;&nbsp; 4201  |
| Securities lending income | &nbsp;&nbsp;&nbsp;&nbsp; 488945  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp; 52349889  |
| **EXPENSES:**<br>|  |
| Investment advisory fee (See Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; 9746599  |
| Fund administration and accounting fees (See Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; 313981  |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 238088  |
| Distribution expenses - Class C (See Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; 63499  |
| Distribution expenses - Class A (See Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; 50285  |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp; 72315  |
| Federal and state registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 69648  |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp; 22566  |
| Audit fees | &nbsp;&nbsp;&nbsp;&nbsp; 19308  |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; 11246  |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp; 10901  |
| Interest Expense (See Note 11) | &nbsp;&nbsp;&nbsp;&nbsp; 8540  |
| Compliance fees | &nbsp;&nbsp;&nbsp;&nbsp; 8246  |
| Other expenses and fees | &nbsp;&nbsp;&nbsp;&nbsp; 15592  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 10650814  |
| &nbsp;&nbsp;&nbsp; Fee Recoupment | &nbsp;&nbsp;&nbsp;&nbsp; 97571  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | &nbsp;&nbsp;&nbsp;&nbsp; (99736)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 10648649  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp; 41701240  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp; (18255932)  |
| &nbsp;&nbsp;&nbsp; Distributions received from other investment companies | &nbsp;&nbsp;&nbsp;&nbsp; 28421  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (18227511)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | &nbsp;&nbsp;&nbsp;&nbsp; 15662669  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | &nbsp;&nbsp;&nbsp;&nbsp; (72525)  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 15590144  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp;&nbsp; (2637367)  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;&nbsp; $39063873 |

---

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

16<br>

------

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

**Kensington Funds** 

**Statements of Changes in Net Assets** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Kensington Active** <br>**Advantage Fund<sup>(b)</sup>** | **Kensington Active** <br>**Advantage Fund<sup>(b)</sup>** | **Kensington** <br>**Credit** <br>**Opportunities** <br>**ETF**  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
|  | **2025** | **2024**  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1145080 | $487639 | $216183  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 342196 | 524016 | 14986  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2526024 | (75420) | (34555)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 4013300 | 936235 | 196614  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  |  | (216183)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (2875) | (6867) | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (323) | (413) | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (1165573) | (459538) | —  |
| &nbsp;&nbsp;&nbsp; From return of capital | (3700) |  | (255)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1172471) | (466818) | (216438)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  | 83099929  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (5004820)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 3275 | 5484 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 2127 | 4611 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (268007) | (264075) | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 1186 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 299 | 402 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (31369) | (484539) | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 58999594 | 29094486 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 1102533 | 434674 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (38522139) | (5904345) | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 21287499 | 22886698 | 78095109  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 24128328 | 23356115 | 78075285  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 34040596 | 10684481 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $58168924 | $34040596 | $78075285  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  | 3320000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (200000)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 331 | 551 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 205 | 460 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (25572) | (26597) | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 117 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 29 | 40 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (2921) | (49642) | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 5481542 | 2886308 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 102517 | 43208 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (3640152) | (589221) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1916096 | 2265107 | 3120000 |

---

<sup>(a)</sup> Inception date of the Fund was December 16, 2025.

<sup>(b)</sup> On November 21, 2025, the Active Advantage Fund's Class A & Class C shares were converted into Institutional Class Shares on a pro rata basis.

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

17<br>

------

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

**Kensington Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (Consolidated) Kensington <br>**Defender Fund** | (Consolidated) Kensington <br>**Defender Fund** | **Kensington Dynamic** <br>**Allocation Fund**  | **Kensington Dynamic** <br>**Allocation Fund**  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1005093 | $681945 | $11500855 | $11686627  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5435948 | 2414088 | 114059283 | 96751173  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2754646 | 212169 | 166307047 | (120075531)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 9195687 | 3308202 | 291867185 | (11637731)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A |  |  | (2432802) | (1901187)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C |  |  | (785831) | (604428)  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (3866924) | (3956841) | (111575102) | (64367387)  |
| &nbsp;&nbsp;&nbsp; From return of capital - Institutional Class |  | (31582) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3866924) | (3988423) | (114793735) | (66873002)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A |  |  | 10368198 | 13633934  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - <br>Class A |  |  | 2364761 | 1865038  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A |  |  | (17313752) | (24419256)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C |  |  | 991895 | 1704181  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - <br>Class C |  |  | 648560 | 488769  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C |  |  | (2770860) | (9631306)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 34942755 | 43378194 | 524176169 | 554877997  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 3488839 | 3890152 | 103482091 | 58677676  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (26850386) | (27973187) | (402222019) | (837881772)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 11581208 | 19295159 | 219725043 | (240684739)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 16909971 | 18614938 | 396798493 | (319195472)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 63345820 | 44730882 | 877763718 | 1196959190  |
| &nbsp;&nbsp;&nbsp; End of the year | $80255791 | $63345820 | $1274562211 | $877763718  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A |  |  | 783780 | 1146232  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - <br>Class A |  |  | 175021 | 168845  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A |  |  | (1352360) | (2097582)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C |  |  | 71896 | 144752  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - <br>Class C |  |  | 49040 | 45211  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C |  |  | (234337) | (841597)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 3408581 | 4196270 | 38356405 | 46379774  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 333054 | 380273 | 7565203 | 5255272  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (2606913) | (2689564) | (32522511) | (72403534)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1134722 | 1886979 | 12892137 | (22202627) |

---

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

18<br>

------

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

**Kensington Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Kensington Hedged** <br>**Premium Income ETF** | **Kensington Hedged** <br>**Premium Income ETF** | **Kensington Managed** <br>**Income Fund**  | **Kensington Managed** <br>**Income Fund**  |
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $664091 | $130783 | $41701240 | $47424579  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (6365382) | (165280) | (18227511) | 14236010  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 23655072 | 904446 | 15590144 | (23829979)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 17953781 | 869949 | 39063873 | 37830610  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (664091) | (198825) |  | —  |
| &nbsp;&nbsp;&nbsp; From return of capital | (13947667) | (991248) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A |  |  | (955077) | (1328461)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C |  |  | (258223) | (383852)  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class |  |  | (40110874) | (46482850)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (14611758) | (1190073) | (41324174) | (48195163)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 216475606 | 72332675 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (24929616) | (2970120) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A |  |  | 3983984 | 11940675  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A |  |  | 918508 | 1263346  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A |  |  | (16024463) | (15184255)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C |  |  | 63267 | 607008  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C |  |  | 214070 | 357460  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C |  |  | (3505054) | (2910836)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class |  |  | 271973536 | 429015350  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class |  |  | 24361516 | 31067015  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class |  |  | (421327560) | (402829174)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 191545990 | 69362555 | (139342196) | 53326589  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 194888013 | 69042431 | (141602497) | 42962036  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 69042431 |  | 856237529 | 813275493  |
| &nbsp;&nbsp;&nbsp; End of the period | $263930444 | $69042431 | $714635032 | $856237529  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8550000 | 2860000 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (990000) | (120000) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A |  |  | 412060 | 1217606  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A |  |  | 95137 | 129324  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A |  |  | (1651408) | (1544174)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C |  |  | 6606 | 62475  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C |  |  | 22405 | 36961  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C |  |  | (365742) | (299446)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class |  |  | 27996619 | 43596658  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class |  |  | 2517619 | 3173337  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class |  |  | (43401816) | (40882558)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 7560000 | 2740000 | (14368520) | 5490183 |

---

<sup>(a)</sup> Inception date of the Fund was September 4, 2024.

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

19<br>

------

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

**KENSINGTON ACTIVE ADVANTAGE FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended** <br>**December 31,** <br>**2022<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023**  | **Period Ended** <br>**December 31,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of year | $10.07 | $9.57 | $9.23 | &nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.30 | 0.31 | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.90 | 0.44 | 0.33 | &nbsp;&nbsp; (0.77)  |
| **Total from investment operations** | 1.20 | 0.75 | 0.55 | &nbsp;&nbsp; (0.73)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | (0.29) | (0.25) | (0.21) | &nbsp;&nbsp; (0.04)  |
| Return of Capital | —<sup>(h)</sup> |  |  | &nbsp;&nbsp; —  |
| **Total distributions** | (0.29) | (0.25) | (0.21) | &nbsp;&nbsp; (0.04)  |
| **Net asset value, end of year** | $10.98 | $10.07 | $9.57 | &nbsp;&nbsp; $9.23  |
| Total return<sup>(f)</sup> | 12.01% | 7.82% | 6.12% | &nbsp;&nbsp; -7.26%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |
| Net assets, end of year (in thousands) | $58169 | $33761 | $9703 | &nbsp;&nbsp; $21315  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.83% | 2.42% | 2.60% | &nbsp;&nbsp; 3.64%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.37% | 1.35% | 1.36% | &nbsp;&nbsp; 1.35%  |
| Ratio interest expense to average net assets<sup>(g)</sup> | 0.02% | —% | —% | &nbsp;&nbsp; —%  |
| Ratio of tax expenses to average net assets  | 0.00%<sup>(e)</sup> | —% | —% | &nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding interest expense | 1.35% | 1.35% | 1.35% | &nbsp;&nbsp; 1.35%  |
| Ratio of net investment income (loss) to average net assets | 2.83% | 3.07% | 2.12% | &nbsp;&nbsp; 1.46%  |
| Portfolio turnover rate<sup>(f)</sup> | 168% | 177% | 944% | &nbsp;&nbsp; 1,515% |

---

<sup>(a)</sup> Inception date of the Fund was March 23, 2022.

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

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> Amount represents less than 0.005%.

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

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

<sup>(h)</sup> Amount per share rounds to $0.00. 

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

20<br>

------

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

**KENSINGTON CREDIT OPPORTUNITIES ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (0.01)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.09  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.07) |
| Return of capital<sup>(h)</sup> | &nbsp;&nbsp; (0.00)  |
| **Total distributions** | &nbsp;&nbsp; (0.07)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $25.02  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 0.36%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $78075  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.85%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)(i)</sup> | &nbsp;&nbsp; 10.09%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 1% |

---

<sup>(a)</sup> Inception date of the Fund was December 16, 2025.

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

<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> Not annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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

<sup>(h)</sup> Amount per share rounds to $0.00.

<sup>(i)</sup> The ratio of net investment income to average net assets appears inflated due to the annualized nature of the income received during the 16 days of operation prior to the December 31, 2025 fiscal year end. This ratio will be lower when the Fund has had a full fiscal year of operation. 

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

21<br>

------

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

**KENSINGTON DEFENDER FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended** <br>**December 31,** <br>**2023<sup>(a)</sup>**  |
|  | **2025** | **2024**  | **Period Ended** <br>**December 31,** <br>**2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | 0.15 | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.11  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.14 | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| **Total from investment operations** | 1.29 | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.18  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.11)  |
| Net realized gains | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; —  |
| Return of Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; —<sup>(g)</sup> | &nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.11)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.75 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $10.07  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 13.17% | &nbsp;&nbsp; 5.86% | &nbsp;&nbsp; 1.80%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $80256 | &nbsp;&nbsp; $63346 | &nbsp;&nbsp; $44731  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 2.22%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.49%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 3.78%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 260% | &nbsp;&nbsp; 353% | &nbsp;&nbsp; 182% |

---

<sup>(a)</sup> Inception date of the Fund was May 31, 2023.

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

<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> Not annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

<sup>(g)</sup> Amount per share rounds to $0.00. 

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

22<br>

------

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

**KENSINGTON DYNAMIC ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.82 | $11.58 | $10.15 | $11.26 | $10.10  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.12 | 0.09 | 0.14 | (0.04) | (0.13)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.90 | (0.05) | 1.40 | (0.97) | 2.20  |
| **Total from investment operations** | 4.02 | 0.04 | 1.54 | (1.01) | 2.07  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.11) | (0.13) | (0.11) |  | —  |
| Net realized gains | (1.20) | (0.67) |  | (0.10) | (0.91)  |
| **Total distributions** | (1.31) | (0.80) | (0.11) | (0.10) | (0.91)  |
| **Net asset value, end of year** | $13.53 | $10.82 | $11.58 | $10.15 | $11.26  |
| Total return<sup>(d)</sup> | 37.20% | 0.33% | 15.29% | -8.96% | 20.48%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $26961 | $25822 | $36708 | $28582 | $20413  |
| Ratio of expenses to average net assets:<sup>(e)</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.59% | 1.61% | 1.62% | 1.64% | 1.70%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.59% | 1.61% | 1.63% | 1.62% | 1.72%  |
|  Ratio of net investment income (loss) to average net assets | 0.94% | 0.74% | 1.24% | (0.26)% | (1.06)%  |
| Portfolio turnover rate | 222% | 553% | 1,100% | 1,127% | 786% |

---

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

<sup>(b)</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>(c)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(d)</sup> Total return does not reflect sales charges.

<sup>(e)</sup> On June 24, 2022, the Adviser lowered the limit of annual operating expenses from 2.04% to 1.63%. 

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

23<br>

------

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

**KENSINGTON DYNAMIC ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.58 | $11.38 | $10.00 | $11.18 | $10.11  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.02 |  | 0.01 | (0.10) | (0.21)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.80 | (0.05) | 1.43 | (0.98) | 2.19  |
| **Total from investment operations** | 3.82 | (0.05) | 1.44 | (1.08) | 1.98  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.03) | (0.08) | (0.06) |  | —  |
| Net realized gains | (1.20) | (0.67) |  | (0.10) | (0.91)  |
| **Total distributions** | (1.23) | (0.75) | (0.06) | (0.10) | (0.91)  |
| **Net asset value, end of year** | $13.17 | $10.58 | $11.38 | $10.00 | $11.18  |
| Total return<sup>(d)</sup> | 36.11% | 0.47% | 14.49% | -9.65% | 19.57%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $9007 | $8433 | $16482 | $21018 | $11279  |
| Ratio of expenses to average net assets:<sup>(e)</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 2.34% | 2.35% | 2.37% | 2.39% | 2.44%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 2.34% | 2.35% | 2.38% | 2.37% | 2.47%  |
|  Ratio of net investment income (loss) to average net assets | 0.19% | —% | 0.50% | (1.01)% | (1.77)%  |
| Portfolio turnover rate | 222% | 553% | 1,100% | 1,127% | 786% |

---

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

<sup>(b)</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>(c)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(d)</sup> Total return does not reflect sales charges.

<sup>(e)</sup> On June 24, 2022, the Adviser lowered the limit of annual operating expenses from 2.64% to 2.38%. 

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

24<br>

------

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

**KENSINGTON DYNAMIC ALLOCATION FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.91 | $11.67 | $10.22 | $11.30 | $10.11  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.16 | 0.12 | 0.16 | —<sup>(e)</sup> | (0.09)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.93 | (0.06) | 1.42 | 0.98 | 2.19  |
| **Total from investment operations** | 4.09 | 0.06 | 1.58 | (0.98) | 2.10  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.14) | (0.15) | (0.13) |  | —  |
| Net realized gains | (1.20) | (0.67) |  | (0.10) | (0.91)  |
| **Total distributions** | (1.34) | (0.82) | (0.13) | (0.10) | (0.91)  |
| **Net asset value, end of year** | $13.66 | $10.91 | $11.67 | $10.22 | $11.30  |
| Total return | 37.59% | 0.47% | 15.59% | -8.67% | 20.76%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** |  |  |  |
| Net assets, end of year (in thousands) | $1238594 | $843509 | $1143770 | $885688 | $339324  |
| Ratio of expenses to average net assets:<sup>(d)</sup><br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment | 1.34% | 1.36% | 1.37% | 1.39% | 1.45%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment | 1.34% | 1.36% | 1.38% | 1.37% | 1.47%  |
|  Ratio of net investment income (loss) to average net assets | 1.19% | 0.99% | 1.49% | (0.01)% | (0.73)%  |
| Portfolio turnover rate | 222% | 553% | 1,100% | 1,127% | 786% |

---

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

<sup>(b)</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>(c)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(d)</sup> On June 24, 2022, the Adviser lowered the limit of annual operating expenses from 1.64% to 1.38%.

<sup>(e)</sup> Amount per share rounds to $0.00. 

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

25<br>

------

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

**KENSINGTON HEDGED PREMIUM INCOME ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2025** | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $25.20 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.36  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.60  |
| **Total from investment operations** | 2.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.96  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.10)  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)  |
| Return of capital | &nbsp;&nbsp; (2.18) | &nbsp;&nbsp; (0.63)  |
| **Total distributions** | &nbsp;&nbsp; (2.28) | &nbsp;&nbsp; (0.76)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $25.62 | &nbsp;&nbsp; $25.20  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 11.30% | &nbsp;&nbsp; 3.87%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $263930 | &nbsp;&nbsp; $69042  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95%  |
| Ratio of interest expense to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 1.38%  |
| Portfolio turnover rate<sup>(d)(h)</sup> | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 7% |

---

<sup>(a)</sup> Inception date of the Fund was September 4, 2024.

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

<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> Not annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

<sup>(g)</sup> Amount represents less than 0.005%.

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

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

26<br>

------

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

**KENSINGTON MANAGED INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.69 | $9.81 | $9.84 | $10.56 | $10.78  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.49 | 0.53 | 0.49 | 0.05 | 0.25  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.01) | (0.13) | (0.14) | (0.72) | (0.13)  |
| **Total from investment operations** | 0.48 | 0.40 | 0.35 | (0.67) | 0.12  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.51) | (0.52) | (0.38) | (0.05) | (0.24)  |
| Net realized gains |  |  |  |  | (0.10)  |
| **Total distributions** | (0.51) | (0.52) | (0.38) | (0.05) | (0.34)  |
| **Net asset value, end of year** | $9.66 | $9.69 | $9.81 | $9.84 | $10.56  |
| Total return<sup>(e)</sup> | 5.02% | 4.12% | 3.67% | -6.31% | 1.05%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $14651 | $25780 | $28050 | $71700 | $61130  |
| Ratio of expenses to average net assets:<sup>(f)</sup> | Ratio of expenses to average net assets:<sup>(f)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment | 1.60% | 1.62% | 1.62% | 1.63% | 1.66%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | 1.60% | 1.60% | 1.60% | 1.61% | 1.66%  |
|  Ratio of interest expense to average net assets | 0.00%<sup>(d)</sup> | —% | —% | 0.01% | —%  |
|  Ratio of operational expenses to average net assets excluding interest expense | 1.60% | 1.60% | 1.60% | 1.61% | 1.66%  |
|  Ratio of net investment income (loss) to average net assets | 5.02% | 5.20% | 3.83% | 0.54% | 2.31%  |
| Portfolio turnover rate | 129% | 134% | 600% | 1,244% | 220% |

---

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

<sup>(b)</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>(c)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(d)</sup> Amount represents less than 0.005%.

<sup>(e)</sup> Total return does not reflect sales charges.

<sup>(f)</sup> On June 24, 2022, the Adviser lowered the limit of annual operating expenses from 2.05% to 1.60%. 

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

27<br>

------

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

**KENSINGTON MANAGED INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.59 | $9.72 | $9.75 | $10.52 | $10.74  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.41 | 0.44 | 0.30 | (0.03) | 0.17  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.01) | (0.13) | (0.02) | (0.71) | (0.13)  |
| **Total from investment operations** | 0.40 | 0.31 | 0.28 | (0.74) | 0.04  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.43) | (0.44) | (0.31) | (0.03) | (0.16)  |
| Net realized gains |  |  |  |  | (0.10)  |
| **Total distributions** | (0.43) | (0.44) | (0.31) | (0.03) | (0.26)  |
| **Net asset value, end of year** | $9.56 | $9.59 | $9.72 | $9.75 | $10.52  |
| Total return | 4.24% | 3.26% | 2.92% | -7.00% | 0.35%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $4622 | $7865 | $9914 | $15245 | $16727  |
| Ratio of expenses to average net assets:<sup>(e)</sup> | Ratio of expenses to average net assets:<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment | 2.35% | 2.37% | 2.37% | 2.38% | 2.41%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | 2.35% | 2.35% | 2.35% | 2.36% | 2.41%  |
|  Ratio of interest expense to average net assets | 0.00%<sup>(d)</sup> | —% | —% | 0.01% | —%  |
|  Ratio of operational expenses to average net assets excluding interest expense | 2.35% | 2.35% | 2.35% | 2.36% | 2.41%  |
|  Ratio of net investment income (loss) to average net assets | 4.29% | 4.45% | 3.07% | (0.21)% | 1.59%  |
| Portfolio turnover rate | 129% | 134% | 600% | 1,244% | 220% |

---

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

<sup>(b)</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>(c)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(d)</sup> Amount represents less than 0.005%.

<sup>(e)</sup> Total return does not reflect sales charges.

<sup>(f)</sup> On June 24, 2022, the Adviser lowered the limit of annual operating expenses from 2.99% to 2.35%. 

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

28<br>

------

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

**KENSINGTON MANAGED INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.71 | $9.83 | $9.86 | $10.58 | $10.80  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.52 | 0.53 | 0.42 | 0.07 | 0.28  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.02) | (0.11) | (0.04) | (0.72) | (0.13)  |
| **Total from investment operations** | 0.50 | 0.42 | 0.38 | (0.65) | 0.15  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.53) | (0.54) | (0.41) | (0.07) | (0.27)  |
| Net realized gains |  |  |  |  | (0.10)  |
| **Total distributions** | (0.53) | (0.54) | (0.41) | (0.07) | (0.37)  |
| **Net asset value, end of year** | $9.68 | $9.71 | $9.83 | $9.86 | $10.58  |
| Total return | 5.29% | 4.38% | 3.97% | -6.11% | 1.29%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $695362 | $822592 | $775312 | $895811 | $721445  |
| Ratio of expenses to average net assets:<sup>(e)</sup> | Ratio of expenses to average net assets:<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment | 1.35% | 1.37% | 1.37% | 1.38% | 1.41%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | 1.35% | 1.35% | 1.35% | 1.36% | 1.41%  |
|  Ratio of interest expense to average net assets | 0.00%<sup>(d)</sup> | —% | —% | 0.01% | —%  |
|  Ratio of operational expenses to average net assets excluding interest expense | 1.35% | 1.35% | 1.35% | 1.36% | 1.41%  |
|  Ratio of net investment income (loss) to average net assets | 5.37% | 5.44% | 4.07% | 0.79% | 2.54%  |
| Portfolio turnover rate | 129% | 134% | 600% | 1,244% | 220% |

---

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

<sup>(b)</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>(c)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(d)</sup> Amount represents less than 0.005%.

<sup>(e)</sup> On June 24, 2022, the Adviser lowered the limit of annual operating expenses from 1.45% to 1.35%. 

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

29<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025** 

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 Kensington Active Advantage Fund ("Active Advantage Fund"), the Kensington Credit Opportunities ETF (Credit Opportunities ETF), the Kensington Defender Fund ("Defender Fund"), the Kensington Dynamic Allocation Fund ("Dynamic Allocation Fund"), the Kensington Hedged Premium Income ETF ("Hedged Premium Income ETF"), and the Kensington Managed Income Fund ("Managed Income Fund") (or collectively, "the Funds") are each a non-diversified series with their own investment objectives and policies within the Trust. The Trust has evaluated the structure, objective and activities of the Funds and determined that they meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in the Accounting Standards Codifications ("ASC") 946, Financial Services Investment Companies.

The investment objective of the Active Advantage Fund is total return. The Active Advantage Fund seeks to achieve its objective by utilizing a proprietary trend-following process which seeks to benefit from longer-term trends in equity and fixed income markets. The Active Advantage Fund commenced operations on March 23, 2022. Effective October 17, 2025, the Fund ceased offering its Class A and Class C shares. The remaining Class A & Class C shares were converted to Institutional Class shares at the close business on November 21, 2025 and the Class A and Class C were subsequently discontinued.

The investment objective of the Credit Opportunities ETF is income and capital appreciation. The Fund invests, under normal circumstances, at least 80% of its assets (including the amount of borrowings for investment purposes) in (1) U.S. and non-U.S. fixed income securities; and (2) exchange-traded funds and derivatives instruments that provide long and short exposure to U.S. and non-U.S. fixed income securities. The Fund focuses on lower-quality, higher-yielding securities across a wide range of investable asset classes using both long and short exposures. The Credit Opportunities ETF commenced operations on December 16, 2025.

The investment objective of the Defender Fund is capital preservation and total return, which consists of capital appreciation and income. The Defender Fund seeks to achieve its objective by utilizing varying investment strategies, including (i) Liquid Strategies, LLC's (the "Sub-Adviser") Defender Model, (ii) an options overlay strategy to generate income, and (iii) a total return swap strategy intended to provide exposures with reduced correlation to the other strategies. The Defender Fund commenced operations on May 31, 2023.

The investment objective of the Dynamic Allocation Fund is capital gains. The Dynamic Allocation Fund seeks to achieve its objective by investing the Fund's assets to gain exposure to (i) domestic equity securities or (ii) cash, cash equivalents, and U.S. Treasury securities based on a proprietary "Dynamic Growth Model" that looks at trends in the U.S. equity market. The Dynamic Allocation Fund commenced operations on October 23, 2020. On June 24, 2022, the Kensington Dynamic Allocation Fund, a series of Advisors Preferred Trust (the "Acquired Fund"), reorganized into the Dynamic Allocation Fund, a series of the Trust. All shares of the Acquired Fund were exchanged for shares of the Dynamic Allocation Fund on a pro rata basis immediately after the closing date. This qualified as a tax-free reorganization under Section 368(a)(1)(C) of the Internal Revenue Code.

The investment objective of the Hedged Premium Income ETF is to seek current income with the potential for capital appreciation. The Hedged Premium Income ETF seeks to achieve its investment objective by gaining exposure to the S&P 500<sup>®</sup> Index (the "S&P 500<sup>®</sup>") while simultaneously implementing a monthly call options strategy to generate income and a quarterly put options strategy to protect against large declines in the S&P 500<sup>®</sup>. The Fund typically gains its exposure to the S&P 500<sup>®</sup> by investing in a cost-effective ETF that tracks the S&P 500<sup>®</sup>, but may also utilize index futures contracts. The Hedged Premium Income ETF commenced operations on September 4, 2024. Costs incurred by the Hedged Premium Income ETF in connection with the organization, registration, and the initial public offering of shares were paid by Kensington Asset Management LLC (the "Adviser"). These costs are not eligible for recoupment by the Adviser.

The investment objective of the Managed Income Fund is total return, which consists of income and capital appreciation. The Managed Income Fund seeks to achieve its objective by investing the Fund's assets to gain exposure to (i) higher-yielding, fixed income securities, or to (ii) cash, cash equivalents, and U.S. Treasury securities, based on a proprietary "Managed Income Model" that looks at trends and patterns in the high-yield fixed income market. The

30<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

Managed Income Fund commenced operations on May 28, 2019. On June 24, 2022, the Kensington Managed Income Fund, a series of Advisors Preferred Trust (the "Acquired Fund"), reorganized into the Managed Income Fund, a series of the Trust. All shares of the Acquired Fund were exchanged for shares of the Managed Income Fund on a pro rata basis immediately after the closing date. This qualified as a tax-free reorganization under Section 368(a)(1)(C) of the Internal Revenue Code.

Shares of the Hedged Premium Income ETF and Credit Opportunities ETF are listed and traded on the Cboe BZX Exchange Inc. (the "Cboe"). 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 Managed Income and Dynamic Allocation Funds offer three classes of shares: the Institutional Class, the A Class and the C Class. The Active Advantage Fund and Defender Fund offer one class of shares, the Institutional Class. Institutional Class shares have no sales charge and are offered only to qualifying institutional investors and certain other qualifying accounts. Prior to November 21, 2025, the Active Advantage Fund offered A Class and C Class shares. On November 21, 2025, the Active Advantage Fund liquidated and closed its A Class and C Class positions. A Class shares may be subject to a front-end sales charge of up to 4.75%. C Class shares may be subject to a deferred sales charge of up to 1.00%. The Active Advantage, Managed Income and Dynamic Allocation Funds have adopted a Distribution Plan pursuant to Rule 12b-1 in the A Class and C Class. The Plan permits each Fund to pay for distribution and related expenses at an annual rate of 0.25% of the A Class and 1.00% of the C Class. The Active Advantage Fund discontinued its Distribution Plan effective November 21, 2025.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

**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, 2025, 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. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2025, the Active Advantage Fund incurred $535 in excise tax expense. During the year ended December 31, 2025, the Credit Opportunities ETF, Defender Fund, Dynamic Allocation Fund, Hedged Premium ETF, and Managed Income Fund did not incur any interest or penalties. The Dynamic Allocation and Managed Income Fund are subject to examination by U.S. taxing authorities for the tax years ended December 31, 2022 through 2025. The Active Advantage Fund, Credit Opportunities ETF, Defender Fund and Hedged Premium Income ETF are subject to examination by U.S. taxing authorities for the tax periods since the commencement of operations.**

31<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

For tax purposes, the Kensington Defender Offshore Fund (the "Offshore Fund") is an exempted Cayman Islands investment company. The Offshore Fund has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits, and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Offshore Fund is a controlled foreign corporation ("CFC") and as such is not subject to U.S. income tax. However, as a wholly-owned CFC, the net income and capital gain of the CFC, to the extent of its earnings and profits, will be included each year in the Defender Fund's investment company taxable income.

**Securities Transactions, Income and Distributions *–* Securities transactions are accounted for on the date the securities are purchased or sold (trade date). Realized gains and losses are reported on a specific identified cost basis. Interest income is recognized on an accrual basis, including amortization of premiums and accretion of discounts. Dividend income and distributions are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and regulations. Distributions received from the Funds' investments generally are comprised of ordinary income and return of capital. The Funds allocate distributions between investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on information provided by each portfolio company and other industry sources. These estimates may subsequently be revised based on actual allocations received from the portfolio companies after their tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of the Funds.**

The Funds will make distributions of net investment income, if any, quarterly 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 ultimate 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 values per share of the Funds. For the year ended December 31, 2025, Fund's made the following reclassifications:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable** <br>**Earnings/**<br>**(Accumulated** <br>**Losses)** | **Paid-In Capital**  |
| Active Advantage Fund | $4236 | $(4236)  |
| Credit Opportunities ETF | (15258) | 15528  |
| Defender Fund | 650074 | (650074)  |
| Dynamic Allocation Fund | (12682050) | 12682050  |
| Hedged Premium Income ETF | 11310084 | (11310084) |

---

The reclassifications were primarily attributed to the reclassifications due to redemptions in kind, use of equalization, return of capital distributions, book vs tax differences in recognizing income from controlled foreign corporation, and non-deductible excise taxes paid.

The Managed Income Fund had no reclassifications.

**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.**

**Allocation of Income, Expenses and Gains/Losses – Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of the Funds are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of each Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based on** 

**relative net assets. 12b-1 fees are expensed at 0.25% and 1.00% of average daily net assets of A Class shares and** 

32<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

C Class shares, respectively. Trust expenses associated with a specific fund in the Trust are charged to that fund. Common Trust expenses are typically allocated evenly between the funds of the Trust, or by other equitable means.

**Futures Contracts and Option Contracts – The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange risk in the normal course of pursuing their investment objectives. The Funds use futures contracts and options on futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker, either in cash or securities, an initial margin deposit in an amount equal to a certain percentage of the contract amount. In addition, the Fund segregates liquid securities when purchasing or selling futures contracts to comply with Trust policies. Subsequent payments (variation margin) are made or received by the Funds each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize a loss. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. The use of futures contracts, and options on futures contracts, involves the risk of imperfect correlation in movements in the price of futures contracts and options thereon, interest rates and the underlying hedged assets.**

The Funds may use purchased option contracts and written option contracts to hedge against the changes in the value of equities or to meet their investment objectives. The Funds may write put and call options only if they (i) own an offsetting position in the underlying security or (ii) maintain cash or other liquid assets in an amount equal to or greater than its obligation under the option.

When the Funds write a call or put option, an amount equal to the premium received is included in the Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently adjusted to reflect the current fair value of the option. If an option expires on its stipulated expiration date or if the Funds enter into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As the writer of an option, the Funds have no control over whether the underlying securities are subsequently sold (call) or purchased (put) and, as a result, bear the market risk of an unfavorable change in the price of the security underlying the written option.

The Funds may purchase call and put options. When the Funds purchase a call or put option, an amount equal to the premium paid is included in the Statements of Assets and Liabilities as an investment and is subsequently adjusted to reflect the fair value of the option. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If the Funds exercise a call option, the cost of the security acquired is increased by the premium paid for the call. If the Funds exercise a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. Written and purchased options expose the Funds to minimal counterparty risk since they are exchange traded and the exchange's clearinghouse guarantees the options against default. Please refer to Note 4 for more information on derivatives.

**Indemnifications – Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust may enter into contracts that provide general indemnification to other parties. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred and may not occur. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.**

**Cash and Cash Equivalents – Cash and cash equivalents include short-term, liquid investments with an original maturity of three months or less and include money market fund accounts. These balances may exceed FDIC insured limits.**

33<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**Organizational and Offering Costs – All organization and offering costs for the Funds were covered by the Adviser and not subject to recoupment.**

**Temporary Investments – To respond to adverse market, economic, political, or other conditions, a Fund may invest 100% of its total assets, without limitation, in high-quality short-term debt securities and money market instruments. A Fund may be invested in these instruments for extended periods, depending on the Adviser's assessment of market conditions. These short-term debt securities and money market instruments may include shares of other mutual funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. Government securities and repurchase agreements. While a Fund is in a defensive position, the opportunity to achieve its investment objective will be limited. Furthermore, to the extent that a Fund invests in money market mutual funds for its cash position, there will be some duplication of expenses because the Fund would bear its pro rata portion of such money market funds' advisory and operational fees.**

**Fund of Funds – The Funds invest in other registered investment companies (the "Underlying Funds") and, as a result, the Funds indirectly pay a portion of the operating expenses, including management fees, of the Underlying Funds. These expenses are accrued by the Underlying Funds before their share prices are calculated and are reflected as Acquired Fund Fees and Expenses ("AFFE") in the Funds' prospectus fee tables. Actual indirect expenses vary depending on how a Funds' assets are allocated among the Underlying Funds.** 

**Consolidation of Subsidiary – The Defender Fund may invest up to 25% of its total assets in Kensington Defender Offshore Fund(the "Subsidiary"). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by Kensington Defender Fund. The financial statements of the Kensington Defender Fund include the operations of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund's investment objectives and policies. The Kensington Defender Fund had 23.3% of its total assets invested in the Subsidiary as of December 31, 2025.**

**New Accounting Pronouncements – 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 Funds. The Funds operate as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the President, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.** 

FASB Accounting Standards Update 2023-09, *Income Taxes (Topic 740) Improvements to Income Tax Disclosures* ("ASU 2023-09"). Adoption of the new standard by the Funds impacted financial statement disclosures only and did not affect the Funds' financial position or results of operations. A disaggregation of income taxes paid by jurisdiction is presented when significant income taxes are paid. Income taxes paid by the Funds for the year were determined to not be significant.

3. SECURITIES VALUATION

The Funds have 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 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 – Quoted prices in active markets for identical assets or liabilities.

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in Level 1. These inputs may include quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. To the extent the options are valued at the mean of the bid and ask prices, the options are categorized in Level 2 of the fair value hierarchy.  |

---

Level 3 – Significant unobservable inputs for the asset or liability, representing the Fund's view of assumptions a market participant would use in valuing the asset or liability.

34<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

Certain investments such as investments purchased with proceeds from securities lending and private funds are measured based upon NAV as a practical expedient to determine fair value and are not required to be categorized in the fair value hierarchy.

Following is a description of the valuation techniques applied to each Fund's major categories of assets and liabilities measured at fair value on a recurring basis. Each 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 mean between the bid and ask prices. Securities traded primarily on 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.**

**Exchange-Traded Funds – Exchange-traded funds ("ETFs") are valued at the last reported sale price on the exchange on which the security is principally traded. If, on a particular day, an ETF does not trade, then the mean between the most recent quoted bid and asked prices will be used. 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.** 

**Registered Investment Companies – 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.**

**Short-Term Investments – U.S. government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. These securities are valued principally using dealer quotations. U.S. government securities are categorized in Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.**

**Derivative Instruments – Listed derivatives, including options, rights, swaps, warrants and futures that are actively traded are valued based on quoted prices from the exchange and categorized in Level 1 of the fair value hierarchy. To the extent the options are valued at the mean of the bid and ask prices, the options are categorized in Level 2 of the fair value hierarchy.**

The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Funds and their Valuation Designee (as defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have 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 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.

35<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

The following table is a summary of the inputs used to value each Fund's securities by level within the fair value hierarchy as of December 31, 2025:

**Active Advantage Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Uncategorized** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Exchange Traded Funds | $—  | $41770056  | $—  | $—  | $41770056  |
| Open End Funds |  | 14457842 |  |  | 14457842  |
|  Investments Purchased with Proceeds from Securities Lending | 21124858 |  |  |  | 21124858  |
| **Total Investments** | $21124858  | $56227898 | $— | $— | $77352756 |

---

As of December 31, 2025, the Fund's investments in other financial instruments\* were classified as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Long Futures Contracts | $—  | $21667 | $—  | $21667  |
|  **Total Other Financial Instruments** | $— | $21667 | $— | $21667 |

---

**Credit Opportunities ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Uncategorized** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Exchange Traded Funds | $—  | $78100551 | $—  | $—  | $78100551  |
|  | $— | $78100551 | $— | $— | $78100551 |

---

**Defender Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Uncategorized** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Exchange Traded Funds | $— | $68944531 | $— | $— | $68944531  |
| Private Funds | 7965484 |  |  |  | 7965484  |
| Put Options Purchased |  | 91219 | 525240 |  | 616459  |
|  Investments Purchased with Proceeds from Securities Lending | 1804124  |  |  |  | 1804124  |
| **Total Investments** | $9769608 | $69035750  | $525240 | $— | $79330598 |

---

As of December 31, 2025, the Fund's investments in other financial instruments\* were classified as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Put Options Written | $— | $(503253) | $—  | $(503253)  |
|  **Total Other Financial Instruments** | $— | $(503253) | $—  | $(503253) |

---

36<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**Dynamic Allocation Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Uncategorized** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Exchange Traded Funds | $—  | $1151175267 | $— | $—  | $1151175267  |
|  Investments Purchased with Proceeds from Securities Lending | 48945500 |  |  |  | 48945500  |
| **Total Investments** | $48945500 | $1151175267 | $— | $— | $1200120767 |

---

As of December 31, 2025, the Fund's investments in other financial instruments\* were classified as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Long Futures Contracts | $— | $281887 | $— | $281887  |
|  **Total Other Financial Instruments** | $— | $281887 | $— | $281887 |

---

**Hedged Premium Income ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Uncategorized** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Exchange Traded Funds | $— | $264334668 | $— | $—  | $264334668  |
| Call Options Purchased |  |  | 219885 |  | 219885  |
| Put Options Purchased |  |  | 2887589 |  | 2887589  |
| **Total Investments** | $— | $264334668 | $3107474 | $— | $267442142 |

---

As of December 31, 2025, the Fund's investments in other financial instruments\* were classified as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Call Options Written | $— | $(3088031) | $—  | $(3088031)  |
| Put Options Written |  | (544071) |  | (544071)  |
|  **Total Other Financial Instruments** | $— | $(3632102) | $— | $(3632102) |

---

**Managed Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Uncategorized** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Open End Funds | $—  | $397651143 | $—  | $—  | $397651143  |
| Exchange Traded Funds |  | 316681344 |  |  | 316681344  |
|  Investments Purchased with Proceeds from Securities Lending | 27505075 |  |  |  | 27505075  |
| **Total Investments** | $27505075 | $714332487 | $— | $— | $741837562 |

---

**\*** **Other financial instruments are derivative instruments not reflected in the Schedule of Investments or Consolidated Schedule of Investments, such as futures, swap contracts and written options. Futures contracts are presented at the unrealized appreciation (depreciation) on the instruments.**

Refer to each Fund's Schedule of Investments or Consolidated Schedule of Investments for industry classifications.

4. DERIVATIVES TRANSACTIONS

The Funds may use derivatives for different purposes, such as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk. The various derivative instruments that the Funds may use are options, futures contracts and options on futures contracts and other derivative securities. The Funds may also use derivatives for leverage, in which case their use would involve leveraging risk. A Fund investing in a derivative instrument could lose more than the principal amount invested.

37<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

FASB Accounting Standards Codification 815, Derivatives and Hedging ("ASC 815") requires enhanced disclosures about each Fund's use of, and accounting for, derivative instruments and the effect of derivative instruments on each Fund's results of operations and financial position. Tabular disclosure regarding derivative fair value and gain/loss by contract type (e.g., interest rate contracts, foreign exchange contracts, credit contracts, etc.) is required and derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting. Even though the Funds may use derivatives in an attempt to achieve an economic hedge, the Funds' derivatives are not accounted for as hedging instruments under ASC 815 because investment companies account for their derivatives at fair value and record any changes in fair value in current period earnings.

For the year ended December 31, 2025, the Funds' average quarterly notional values are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Long Futures** <br>**Contracts** | **Purchased Option** <br>**Contracts** | **Written Option** <br>**Contracts**  |
| Active Advantage Fund | $1221924 | $— | $—  |
| Defender Fund |  | 78396200 | (65284600)  |
| Dynamic Allocation Fund | 259525967 |  | —  |
| Hedged Premium Income ETF |  | 306531266 | (283954977) |

---

The locations on the Statements of Assets and Liabilities of the Funds' derivative positions by type of exposure, all of which are not accounted for as hedging instruments under ASC 815, are as follows:

Values of Derivative Instruments as of December 31, 2025. On the Consolidated Statements of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Active Advantage Fund** | **Assets** | **Assets** | **Liabilities**  | **Liabilities**  |
| **Derivatives not accounted for as hedging instruments under ASC 815** | **Location** | **Fair Value** | **Location** | **Fair Value**  |
| Equity Contracts – Futures | Net Assets – unrealized appreciation on futures contracts\*\* | $21667 | Net Assets – unrealized depreciation on futures contracts\*\* | $—  |
| Total |  | $21667 |  | $— |

---

\*\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Futures Contracts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Defender Fund** | **Assets** | **Assets** | **Liabilities**  | **Liabilities**  |
| **Derivatives not accounted for as hedging instruments under ASC 815** | **Location** | **Fair Value** | **Location** | **Fair Value**  |
| Equity Contracts – Purchased Options | Investments, at fair value | $616459 | Investments, at fair value | $—  |
| Equity Contracts – Written Options | Written option contracts, at fair value |  | Written option contracts, at fair value | (503253)  |
| Total |  | $616459 |  | $(503253) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Dynamic Allocation Fund** | **Assets** | **Assets** | **Liabilities**  | **Liabilities**  |
| **Derivatives not accounted for as hedging instruments under ASC 815** | **Location** | **Fair Value** | **Location** | **Fair Value**  |
| Equity Contracts – Futures | Net Assets – unrealized appreciation on futures contracts\*\* | $281887 | Net Assets – unrealized depreciation on futures contracts\*\* | $—  |
| Total |  | $281887 |  | $— |

---

\*\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Futures Contracts.

38<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Premium Income ETF** | **Assets** | **Assets** | **Liabilities**  | **Liabilities**  |
| **Derivatives not accounted for as hedging instruments under ASC 815** | **Location** | **Fair Value** | **Location** | **Fair Value**  |
| Equity Contracts – Purchased Options | Investments, at fair value | $3107474 | Investments, at fair value | $—  |
| Equity Contracts – Written Options | Written option contracts, at fair value |  | Written option contracts, at fair value | (3632102)  |
| Total |  | $3107474 |  | $(3632102) |

---

The effect of Derivative Instruments on the Statements of Operations or Consolidated Statements of Operations for the year ended December 31, 2025:

Amount of Realized Gain (Loss) on Derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Active** <br>**Advantage** <br>**Fund** | **Defender Fund** | **Defender Fund** | **Dynamic** <br>**Allocation** <br>**Fund** | **Hedged Premium** <br>**Income ETF**  | **Hedged Premium** <br>**Income ETF**  |
| <br>**Derivatives not accounted for as hedging instruments under ASC 815** | **Futures** | **Purchased** <br>**Options\*** | **Written** <br>**Options** | **Futures** | **Purchased** <br>**Options\*** | **Written** <br>**Options**  |
| Equity Contracts | $23835  | $(2343072)  | $2286436 | $73987865  | $(3353980) | $(5589184)  |
| Total | $23835  | $(2343072)  | $2286436 | $73987865  | $(3353980)  | $(5589184) |

---

\* Included in net realized gain (loss) from investments as reported on the Statements of Operations.

Change in Unrealized Appreciation or (Depreciation) on Derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Active** <br>**Advantage** <br>**Fund** | **Defender Fund** | **Defender Fund** | **Dynamic** <br>**Allocation** <br>**Fund** | **Hedged Premium** <br>**Income ETF**  | **Hedged Premium** <br>**Income ETF**  |
| <br>**Derivatives not accounted for as hedging instruments under ASC 815** | **Futures** | **Purchased** <br>**Options\*** | **Written** <br>**Options** | **Futures** | **Purchased** <br>**Options\*** | **Written** <br>**Options**  |
| Equity Contracts | $21667 | $(222105) | $121942  | $281887 | $(693823) | $425699  |
| Total | $21667 | $(222105) | $121942  | $281887 | $(693823) | $425699 |

---

\* Included in net change in unrealized appreciation (depreciation) on investments as reported on the Statements of Operations**.** 

The Funds do not have the right to offset financial assets and liabilities related to futures and options contracts on the Statements of Assets and Liabilities or Consolidated Statement of Assets and Liabilities.

5. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Trust has an agreement with Kensington Asset Management LLC (the "Adviser") to furnish investment advisory services to the Funds. For its services, the Funds pay the Adviser a monthly management fee based on each Fund's average daily net assets at the following annual rates:

---

| | |
|:---|:---|
| **Fund** |  |
| Active Advantage Fund | 1.25%  |
| Credit Opportunities ETF | 0.85%  |
| Defender Fund | 1.25%  |
| Dynamic Allocation Fund | 1.25% on assets up to $2.5 billion  |
|  | 1.225% on assets between $2.5 billion and $5 billion  |
|  | 1.20% on assets greater than $5 billion  |
| Hedged Premium Income ETF | 0.95%  |
| Managed Income Fund | 1.25% on assets up to $1.0 billion  |
|  | 1.225% on assets between $1.0 billion and $2 billion  |
|  | 1.20% on assets greater than $2 billion |

---

39<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

The Adviser has engaged Liquid Strategies, LLC as the Sub-Adviser (the "Sub-Adviser) to the Defender Fund and Hedged Premium Income ETF. Subject to the supervision of the Adviser, the Sub-Adviser is primarily responsible for the day-to-day management of that Defender Fund's and Hedged Premium Income ETF's portfolio, including purchase, retention and sale of securities. Fees associated with these services are paid to the Sub-Adviser by the Adviser.

The Funds' Adviser has contractually agreed to reimburse each Fund for its expenses to ensure that total annual operating expenses (excluding acquired fund fees and expenses, leverage/borrowing interest, interest expense, dividends paid on short sales, taxes, brokerage commissions, extraordinary expenses, and distribution (12b-1) fees and expenses) for each Fund do not exceed 1.35% of the average daily net assets of the Active Advantage Fund and Managed Income Fund, 1.38% of the average daily net assets of the Dynamic Allocation Fund and 1.49% of the average daily net assets of the Defender Fund. Expenses reimbursed by the Adviser may be recouped by the Adviser for a period of thirty-six months following the date on which such reimbursement was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the expense reimbursement occurred and at the time of recoupment. The Operating Expense Limitation Agreement is intended to be continual in nature and cannot be terminated within a year after the effective date of the Funds' prospectus. During the year ended December 31, 2025, the

Defender Fund, Dynamic Allocation Fund and Managed Income Fund recouped $9,989, $14,579, and $97,571,

respectively, of previously waived expenses. Reimbursed expenses subject to potential recovery by month of expiration are as follows:

---

| | |
|:---|:---|
| **Active Advantage Fund** | **Active Advantage Fund** |
| January 2026 – December 2026 | $189217  |
| January 2027 – December 2027 | $175849  |
| January 2028 – December 2028 | $187482 |

---

---

| | |
|:---|:---|
| **Defender Fund**  | **Defender Fund**  |
| June 2026 – December 2026 | $69241  |
| January 2027 – December 2027 | $65622  |
| January 2028 – December 2028 | $68190 |

---

---

| | |
|:---|:---|
| **Dynamic Allocation Fund**  | **Dynamic Allocation Fund**  |
| January 2028 – December 2028 | $227 |

---

---

| | |
|:---|:---|
| **Managed Income Fund**  | **Managed Income Fund**  |
| January 2026 – December 2026 | $214930  |
| January 2027 – December 2027 | $192017  |
| January 2028 – December 2028 | $99736 |

---

Under the investment advisory agreement for the Credit Opportunities ETF and Hedged Premium Income ETF, 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.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or the "Administrator") 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 Funds' custodian; coordinates the payment of the Funds' expenses and reviews the Funds' 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 on the average

40<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

daily net assets of the Funds, subject to annual minimums. Fees paid by the Funds for administration and accounting, transfer agency, custody and compliance services for the year ended December 31, 2025, are disclosed in the Statements of Operations.

6. DISTRIBUTION COSTS

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan") in the A Class and the C Class. The Plan permits each Fund to pay for distribution and related expenses at an annual rate of 0.25% of the A Class and 1.00% of the C Class 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 year ended December 31, 2025, expenses incurred by the A Class and C Class pursuant to the Plan were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **A Class** | **C Class**  |
| Active Advantage Fund | $421  | $266  |
| Dynamic Allocation Fund | 67323 | 82921  |
| Managed Income Fund | 50285 | 63499 |

---

7. AFFILIATED COMPANY TRANSACTIONS

If the Fund's holding represents ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined by the 1940 Act. The Fund conducted transactions during the year ended December 31, 2025, with affiliated companies as so defined:

**Managed Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment** <br>**Security** | **12/31/24** <br>**Share** <br>**Balance** | **Gross** <br>**Additions** | **Gross** <br>**Reductions** | **Realized** <br>**Gain (Loss)** | **Distributions** <br>**Received** | **12/31/25** <br>**Share** <br>**Balance** | **12/31/25** <br>**Value** | **Net Change in** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**  |
|  John Hancock High Yield ETF  | &nbsp;&nbsp;&nbsp; — | $3947025 | $— | $— | $108697 | 150000 | $3874500 | &nbsp;&nbsp; $(72525) |

---

8. INVESTMENT TRANSACTIONS

The aggregate purchases and sales, excluding U.S. government securities and short-term investments, by the Funds for the period ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales**  |
| Active Advantage Fund | $83803118 | $64103917  |
| Credit Opportunities ETF | 1975858 | 207916  |
| Defender Fund | 168504810 | 157589617  |
| Dynamic Allocation Fund | 1693066590 | 1561027355  |
| Hedged Premium Income ETF | 14364896 | 29111181  |
| Managed Income Fund | 978890608 | 1104709211 |

---

During the year ended December 31, 2025, in-kind transactions associated with creation and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Credit Opportunities ETF | $81350299 | $4998120  |
| Hedged Premium Income ETF | 210738582 | 24571251 |

---

41<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

9. FEDERAL TAX INFORMATION

As of December 31, 2025, the Funds' most recent fiscal year end, the cost basis of investments for federal income tax purposes and the components of accumulated losses on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Aggregate** <br>**Gross** <br>**Appreciation**  | **Aggregate** <br>**Gross** <br>**Depreciation** | **Net** <br>**Appreciation**<br>(Depreciation) | **Federal** <br>**Income Tax** <br>**Cost**  |
| Active Advantage Fund | $3175943  | $(229051) | $2946892  | $74405864  |
| Credit Opportunities ETF | 78468 | (113550) | (35082)  | 78135633  |
| Defender Fund | 4565134 | (438841) | 4126293  | 75204305  |
| Dynamic Allocation Fund | 153804676  | (729381) | 153075295  | 1047045472  |
| Hedged Premium Income ETF | 24617270 | (232590) | 24384680 | 243057462  |
| Managed Income Fund | 19450843 | (7651422) | 11799421  | 730038141 |

---

The temporary differences to the tax-basis were due to Wash Sales, and §1256 MTM.

At December 31, 2025, the Funds' most recent fiscal year end, components of distributable earnings on a tax-basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Undistributed** <br>**Ordinary** <br>**Income**  | **Undistributed** <br>**Long-Term** <br>**Capital Gains**  | **Other** <br>**Accumulated** <br>**Losses**  | **Unrealized** <br>**Appreciation** <br>(Depreciation)  | **Total** <br>**Accumulated** <br>**Gain (Loss)**  |
| Active Advantage Fund | $—  | &nbsp;&nbsp; $—  | $(473454) | $2946892 | $2473438  |
| Credit Opportunities ETF | —  | &nbsp;&nbsp; —  |  | (35082) | (35082)  |
| Defender Fund | 2854702  | &nbsp;&nbsp; —  | (261145)  | 4126293 | 6719850  |
| Dynamic Allocation Fund | 741774  | &nbsp;&nbsp; —  | (8155099) | 153075295  | 145661970  |
| Hedged Premium Income ETF |  | &nbsp;&nbsp; — | (9160514) | 24384680 | 15224166  |
| Managed Income Fund | 616275  | &nbsp;&nbsp; —  | (105797407) | 11799421 | (93381711) |

---

As of December 31, 2025, the Funds' most recent fiscal year end, Active Advantage, Hedged Premium Income ETF and Managed Income Fund had the following capital loss carryovers:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Short-Term** <br>**Capital Loss** <br>**Carryover**  | **Long-Term** <br>**Capital Loss** <br>**Carryover**  | **Total** <br>**Capital Loss** <br>**Carryover**  |
| Active Advantage Fund | $391809  | $81645  | $473454  |
| Hedged Premium Income ETF | 3633742 | 5526772 | 9160514  |
| Managed Income Fund | 105797407  | —  | 105797407 |

---

Active Advantage Fund utilized $523,752 of capital loss carryover from the prior year. 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. For the taxable year ended December 31, 2025, the Defender Fund and Dynamic Allocation Fund plan to defer $261,145 and $8,155,099 in qualified late year losses, respectively.

During the year ended December 31, 2025, the Funds paid the following distributions to shareholders:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Ordinary** <br>**Income\***  | **Return on** <br>**Capital**  | **Long-Term** <br>**Capital Gains\*\***  | **Total**  |
| Active Advantage Fund | $1168771  | $3700  | $— | $1172471  |
| Credit Opportunities ETF | 216183  | 255  | —  | 216438  |
| Defender Fund | 3664922  | —  | 202002  | 3866924  |
| Dynamic Allocation Fund | 78020774  | —  | 36772961  | 114793735  |
| Hedged Premium Income ETF | 664091 | 13947667 |  | 14611758  |
| Managed Income Fund | 41324174  | —  | —  | 41324174 |

---

42<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

During the year ended December 31, 2024, the Funds paid the following distributions to shareholders:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Ordinary** <br>**Income\***  | **Return on** <br>**Capital**  | **Long-Term** <br>**Capital Gains\*\***  | **Total**  |
| Active Advantage Fund | $466818  | $—  | &nbsp;&nbsp; $— | $466818  |
| Defender Fund | 2697019  | 31582  | &nbsp;&nbsp; 1259822  | 3988423  |
| Dynamic Allocation Fund | 66167191  | —  | &nbsp;&nbsp; 705811  | 66873002  |
| Hedged Premium Income ETF | 158421 | 991248 | &nbsp;&nbsp; 40404 | 1190073  |
| Managed Income Fund | 48195163  | —  | &nbsp;&nbsp; —  | 48195163 |

---

<sup>\*</sup> For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.

<sup>\*\*</sup> The Funds designate as long-term capital gain distributions, pursuant to Internal Revenue Code Section 852(b)(3)(c).

10. SECURITIES LENDING

Following the terms of a securities lending agreement with the Fund's Custodian, the Fund may lend securities from its portfolio to brokers, dealers and financial institutions in order to increase the return on its portfolio, primarily through the receipt of borrowing fees and earnings on invested collateral. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to initially 105% of the value of the loaned securities that are foreign securities or 102% of the value of any other loaned securities marked-to-market daily. Loans shall be marked to market daily and the margin restored in the event the collateralization is below 100% of the value of the securities loaned. During the time securities are on loan, the borrower will pay the applicable Fund any accrued income on those securities, and the Fund may invest the cash collateral and earn income or receive an agreed-upon fee from a borrower that has delivered cash-equivalent collateral. In determining whether or not to lend a security to a particular broker, dealer or financial institution, the Adviser considers all relevant facts and circumstances, including the size, creditworthiness and reputation of the broker, relevant facts dealer or financial institution. Securities lending involves the risk of a default or insolvency of the borrower. In either of these cases, a Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. A Fund also could lose money in the event of a decline in the value of the collateral provided for loaned securities. Additionally, the loaned portfolio securities may not be available to a Fund on a timely basis and that Fund may therefore lose the opportunity to sell the securities at a desirable price. Any decline in the value of a security that occurs while the security is out on loan would continue to be borne by the applicable Fund. As of December 31, 2025, the Active Advantage Fund had securities on loan with a value of $20,591,636 and collateral value of $21,124,858. The Defender Fund had securities on loan with a value of $1,751,130 and collateral value of $1,804,124. The Dynamic Allocation Fund had securities on loan with a value of $47,835,041 and collateral value of $48,645,500. The Managed Income Fund had securities on loan with a value of $26,841,875 and collateral value of $27,505,075.

The Fund receives cash as collateral in return for securities lent as part of the securities lending program. The collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize current income to the extent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit. The remaining contractual maturity of all securities lending transactions is overnight and continuous. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide the Funds, in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty. The net income earned by the Funds on investments of cash collateral received from borrowers for the securities loaned to them are reflected in the Funds' Statements of Operations. Securities lending income, as disclosed in the Fund's Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to the Custodian as lending agent.

11. LINE OF CREDIT

The Active Advantage Fund, Defender Fund, Dynamic Allocation Fund, Hedged Premium Income ETF and Managed Income Fund have each established an unsecured line of credit ("LOC") in the amount of $100,000,000, 20% of a Fund's gross market value (10% for the Active Advantage Fund), or 33.33% of the fair value of the Fund's

43<br>

------

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

**KENSINGTON FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

investments, whichever is less. The LOC matures, unless renewed, on July 17, 2026. The LOC is intended to provide short-term financing, if necessary, subject to certain restrictions and covenants, in connection with shareholder redemptions and other short-term liquidity needs of the Funds. The LOC is with the Custodian. Interest is charged at the prime rate which was between 6.75% and 7.50% as of December 31, 2025. The interest rate during the year was 7.50%. The Funds have authorized the Custodian to charge any of the accounts of the Funds for any missed payments. For the year ended December 31, 2025, the Funds' LOC activity was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **LOC Agent** | **Average** <br>**Borrowings** | **Amount** <br>**Outstanding** <br>**as of** <br>**December 31,** <br>**2025** | **Weighted-** <br>**Average** <br>**Interest Rate** | **Interest** <br>**Expense** | **Maximum** <br>**Borrowing** | **Date of** <br>**Maximum** <br>**Borrowing**  |
| Active Advantage Fund | U.S. Bank N.A. | $88759  | $— | &nbsp;&nbsp;&nbsp;&nbsp; 7.21% | $6493 | $4111000 | 12/19/2025  |
| Defender Fund | U.S. Bank N.A. |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | —  |
| Dynamic Allocation Fund | U.S. Bank N.A. |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | —  |
|  Hedged Premium Income ETF | U.S. Bank N.A. | 35126 |  | &nbsp;&nbsp;&nbsp;&nbsp; 7.10% | 2527 | 2544000 | 11/24/2025  |
| Managed Income Fund | U.S. Bank N.A. | 125877 | 4240000 | &nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 8540 | 5053000 | 7/1/2025 |

---

12. 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 Investment Company Act of 1940. As of December 31, 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**  |
| Active Advantage Fund | Charles Schwab & Co., Inc. | 41.07% | Record  |
|  | LPL Financial Holdings, Inc. | 25.69% | Record  |
| Defender Fund | National Financial Services, LLC | 63.97% | Record  |
|  | Charles Schwab & Co., Inc.  | 27.98% | Record  |
| Dynamic Allocation Fund | Charles Schwab & Co., Inc. | 40.30% | Record  |
|  | LPL Financial Holdings, Inc. | 28.79% | Record  |
| Managed Income Fund | National Financial Services, LLC | 43.80% | Record  |
|  | Charles Schwab & Co., Inc.  | 26.07% | Record |

---

13. SUBSEQUENT EVENTS

On January 26, 2026, the Defender Fund launched the Class R share class.

On January 29, 2026, the Defender Fund paid a distribution to the Institutional class in the amount of $292,248 or $0.03841408 per share and Class R in the amount of $2.80 or $.03191575 per share.

On January 30, 2026, Hedged Premium Income ETF paid a distribution in the amount of $0.19410000 for a total of $2,259,324.

On February 26, 2026, the Defender Fund paid a distribution to the Institutional class in the amount of $277,195 or $0.03929098 per share and Class R in the amount of $2.88 or $.03263647 per share.

44<br>

------

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

**Kensington Funds** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Kensington Funds and

Board of Trustees of Managed Portfolio Series

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, futures contracts, and written options (consolidated for Kensington Defender Fund), of the funds listed below ("Kensington Funds" or the "Funds"), each a series of Managed Portfolio Series, as of December 31, 2025, the related statements of operations and changes in net assets, the financial highlights (consolidated for Kensington Defender Fund) for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations** | **Statements of** <br>**Changes in Net Assets** | **Financial Highlights**  |
| Kensington Active Advantage Fund  | For the year ended December 31, 2025  | For the years ended December 31, 2025 and 2024  | For the years ended December 31, 2025, 2024 and 2023, and for the period from March 23, 2022 (commencement of operations) through December 31, 2022  |
| Kensington Managed Income Fund  | For the year ended December 31, 2025  | For the years ended December 31, 2025 and 2024  | For the years ended December 31, 2025, 2024, 2023, and 2022.  |
| Kensington Dynamic Allocation Fund (formerly Kensington Dynamic Growth Fund)  | For the year ended December 31, 2025  | For the years ended December 31, 2025 and 2024  | For the years ended December 31, 2025, 2024, 2023, and 2022.  |
| Kensington Defender Fund  | Consolidated for the year ended December 31, 2025  | Consolidated for the years ended December 31, 2025 and 2024 | Consolidated for the years ended December 31, 2025 and 2024, and for the period from May 31, 2023 (commencement of operations) through December 31, 2023 |
| Kensington Hedged Premium Income ETF  | For the year ended December 31, 2025 | For the year ended December 31, 2025, and for the period from September 4, 2024 (commencement of operations) through December 31, 2024 | For the year ended December 31, 2025, and for the period from September 4, 2024 (commencement of operations) through December 31, 2024 |
| Kensington Credit Opportunities ETF  | For the period from December 16, 2025 (commencement of operations) through December 31, 2025 | For the period from December 16, 2025 (commencement of operations) through December 31, 2025 | For the period from December 16, 2025 (commencement of operations) through December 31, 2025 |

---

The Kensington Managed Income Fund's and Kensington Dynamic Allocation Funds' financial highlights for the year ended December 31, 2021 were audited by other auditors whose report dated February 25, 2022 expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

45<br>

------

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

**Kensington Funds** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodians and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2022. In addition, we served as the Funds' auditor from 2019 through 2020.

![](cohen_22709.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

February 27, 2026

46<br>

------

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

**Kensington Funds** 

**Additional Information** 

**December 31, 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. The Funds' 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. Information on the operation of the Public Reference Room may be obtained by calling 1-800-732-0330. The Funds' Part F of Form N-PORT may also be obtained by calling toll-free 1-855-375-3060.

**Availability of Proxy Voting Information** 

A description of the Funds' Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-855-375-3060. 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 1-855-375-3060, or (2) on the SEC's website at www.sec.gov.

**QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION** 

For the fiscal year ended December 31, 2025, certain dividends paid by the Funds may be reported as qualified dividend income and may be eligible for taxation at capital gain rates. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| **Fund** |  |
| Active Advantage Fund | 15.45%  |
| Credit Opportunities ETF | 0.00%  |
| Defender Fund | 10.11%  |
| Dynamic Allocation Fund | 4.13%  |
| Hedged Premium Income ETF | 100.00%  |
| Managed Income Fund | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2025, was as follows:

---

| | |
|:---|:---|
| **Fund** |  |
| Active Advantage Fund | 0.00%  |
| Credit Opportunities ETF | 0.00%  |
| Defender Fund | 0.00%  |
| Dynamic Allocation Fund | 0.00%  |
| Hedged Premium Income ETF | 0.00%  |
| Managed Income Fund | 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

---

| | |
|:---|:---|
| **Fund** |  |
| Active Advantage Fund | 0.00%  |
| Credit Opportunities ETF | 0.00%  |
| Defender Fund | 21.54%  |
| Dynamic Allocation Fund | 86.21%  |
| Hedged Premium Income ETF | 0.00%  |
| Managed Income Fund | 0.00% |

---

47<br>

------

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

**Kensington Funds** 

**Additional Information** 

**December 31, 2025 (Unaudited)(Continued)** 

**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.** 

For all Funds except the Hedged Premium Income ETF and Credit Opportunities ETF, see the Statement of Operations. For the Hedged Premium Income ETF and Credit Opportunities ETF, all fund expenses, including Trustee compensation, is paid by the Adviser pursuant to the Investment Advisory Agreement.

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

In reaching its decision to recommend the approval of the investment advisory agreement (the "Advisory Agreement") between Kensington Asset Management, LLC ("Kensington") and the Trust, with respect the Kensington Credit Opportunities ETF, a new series of the Trust (the "Fund"), the Board, all of whom are Independent Trustees, met in person at a meeting held on November 18-19, 2025, and reviewed materials related to Kensington and the Fund, including a presentation to the Board and materials provided by representatives of the Kensington at the August 19-20, 2025 Board meeting.

In determining whether to approve the Advisory Agreement, the Trustees considered all factors they believed relevant, including the following with respect to the Fund: (1) the nature, extent, and quality of the services to be provided by Kensington with respect to the Fund; (2) the costs of the services provided by Kensington and the projected profits to be realized by Kensington from services rendered to the Fund; (3) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; (4) the extent to which economies of scale may be realized as the Fund grows, and whether the advisory fee for the Fund reflects such economies of scale for the Fund's benefit; and (5) other benefits to Kensington resulting from services rendered to the Fund. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling.

Nature, Extent and Quality of Services Provided. The Trustees considered the scope of services that Kensington will provide under the Advisory Agreement with respect to the Fund, noting that such services include, but are not limited to, the following: (1) providing the general management and investment of the Fund's securities portfolio; (2) investing the Fund's assets consistent with the Fund's investment objective and investment policies; (3) determining the portfolio securities to be purchased, sold, or otherwise disposed of and the timing of such transactions; (4) voting proxies with respect to the Fund's portfolio securities; (5) maintaining the required books and records for transactions effected on behalf of the Fund; (6) selecting broker-dealers to execute orders on behalf of the Fund; and (7) monitoring and maintaining the Fund's compliance with policies and procedures of the Trust and with applicable securities laws. The Trustees noted that Kensington is well capitalized and also considered Kensington's assets under management. The Trustees also took into account their experience with Kensington with respect to other Trust series for which Kensington currently serves as investment adviser. The Trustees concluded that they were satisfied with the nature, extent, and quality of services that Kensington proposes to provide to the Fund under the Advisory Agreement.

Cost of Advisory Services and Profitability. The Trustees considered the proposed management fee that the Fund will pay to Kensington under the Advisory Agreement. The Trustees also considered the management fees Kensington charges to other accounts, noting that Kensington does not manage other accounts with investment strategies similar to those of the Fund (other than a non-fee paying internal account), observing that Kensington charges management fees for other accounts that generally range above the management fee charged to the Fund, depending on assets under management. The Trustees considered the reasonableness of Kensington's projected profitability analysis (12-month pro-forma) for services that Kensington will render to the Fund, noting that the Fund is expected to be profitable over the 12-month period. The Trustees also noted that it would have an opportunity to review information about actual profitability earned from the Fund in the context of future contract renewals.

Comparative Fee and Expense Data. The Trustees considered an analysis comparing the contractual expenses that the Fund will bear compared to peer funds ("Cohort"), as projected by Barrington. The Trustees noted that the Fund's

48<br>

------

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

**Kensington Funds** 

**Additional Information** 

**December 31, 2025 (Unaudited)(Continued)** 

proposed unitary management fee was above the Cohort average, while the Fund's projected total expenses were below the gross Cohort average, but above the net Cohort average after fee waiver and/or expense reimbursement. While recognizing that it is difficult to compare advisory fees because the scope of advisory services provided may vary from one investment adviser to another, the Trustees concluded that Kensington's proposed advisory fee was reasonable.

Economies of Scale. The Trustees considered whether the Fund would benefit from any economies of scale, noting that the proposed investment advisory fee for the Fund does not contain breakpoints. The Trustees also considered that Kensington had agreed to consider breakpoints in the future in response to asset growth. The Trustees concluded that it is not necessary to implement fee breakpoints but committed to revisit this issue in the future as circumstances change and asset levels increase.

Other Benefits. The Trustees considered the direct and indirect benefits that could be realized by Kensington from its relationships with the Fund. The Trustees noted that the Fund will not use affiliated brokers. The Trustees considered that Kensington may receive some form of reputational benefit from services rendered to the Fund, but that such benefits are immaterial and cannot otherwise be quantified. The Trustees concluded that Kensington does not receive additional material benefits from its relationship with the Fund.

Based upon the materials presented at this Board meeting, information provided by Kensington and discussions with Kensington as part of the Board's August 19-20, 2025 preliminary approval to file the Fund's post-effective amendment to the Trust's registration statement, and information from Kensington and the Trust's administrator designed to provide the Trustees with the information necessary to evaluate the terms of the proposed Advisory Agreement, the Board concluded that the overall arrangements set forth in the Advisory Agreement are fair and reasonable in light of the services that Kensington will perform, the investment advisory fees that Kensington will receive for such services, and such other matters as the Trustees considered relevant in the exercise of their reasonable business judgment.

49<br>

------

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

**BOARD OF TRUSTEES** 

**David Massart** 

**David Swanson** 

**Robert Kern** 

**INVESTMENT ADVISER** 

**Kensington Asset Management LLC** 

**901 S. Mopac Expressway, Suite 225** 

**Austin, TX 78746** 

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**Cohen & Company, Ltd.** 

**342 North Water Street, Suite 830** 

**Milwaukee, WI 53202** 

**TRANSFER AGENT, FUND ACCOUNTANT AND FUND ADMINISTRATOR** 

**U.S. Bancorp Fund Services, LLC** 

**777 East Wisconsin Avenue** 

**Milwaukee, WI 53202** 

**DISTRIBUTOR** 

**Quasar Distributors, LLC** 

**3 Canal Plaza, Suite 100** 

**Portland, ME 04101** 

**CUSTODIAN** 

**U.S. Bank, N.A.** 

**1555 North Rivercenter Drive** 

**Milwaukee, WI 53212** 

**FUND COUNSEL** 

**Stradley Ronon Stevens & Young, LLP** 

**2005 Market Street, Suite 2600** 

**Philadelphia, PA 19103-7096** 

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 1-855-375-3060

&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>**

For all Funds except the Hedged Premium Income ETF and Credit Opportunities ETF, see the Statement of Operations. For the Hedged Premium Income ETF and Credit Opportunities ETF, all fund expenses, including Trustee compensation, is paid by the Adviser pursuant to the Investment Advisory Agreement.

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

See Item 7(a).

**<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) "Filed herewith"](lk-efp22709_ex99code.htm)

&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.](lk-efp22709_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.](lk-efp22709_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>March 9, 2026</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>March 9, 2026</u>

---

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

---

Date <u>March 9, 2026</u>

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

## Ex-99.Code

**EX.99.CODE ETH**

**MANAGED PORTFOLIO SERIES**

**Code of Ethics for Principal Officers**

**April 6, 2011**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Managed Portfolio Series (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The principles and responsibilities set forth below shall govern the professional conduct of the Principal Officers.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **HONEST AND ETHICAL CONDUCT** 

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust (the "Board"), and, in addition, to any other appropriate person or entity that may reasonably be expected address any conflict of interest in timely and expeditious manner.

No Principal Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use
 his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by a Fund whereby the Principal Officer would benefit personally
 to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause
 a Fund to take action, or fail to take action, for the individual personal benefit of the
 Principal Officer rather than the benefit of the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate
 against any other Principal Officer or any employee of the Trust or its service providers
 for reports of potential violations by the Trust, its service providers or the Principal
 Officer that are made in good faith.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without knowingly misrepresenting material facts about the Trust to others, whether within or outside the Trust, including the Trust's Board and auditors, and governmental regulators and self-regulatory organizations or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **FINANCIAL RECORDS AND REPORTING** 

The Principal Officers should familiarize themselves with the public disclosure requirements applicable to the Trust.

The Principal Officers shall, to the extent appropriate within their areas of responsibility, promote full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers for the benefit of any party other than the Trust and the Funds.

Managed Portfolio Series<br>Code of Ethics for Principal Officers<br>1

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote the ethical behavior of the Trust's employees.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **COMPLIANCE WITH LAWS, RULES AND REGULATIONS** 

The Principal Officers shall promote compliance with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies and shall work with the Trust's Chief Compliance Officer and the Board to promptly address detected deviations from applicable federal, state or local laws, regulations or rules.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **COMPLIANCE WITH THIS CODE OF ETHICS** 

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **AMENDMENT AND WAIVER** 

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **ACKNOWLEDGEMENT** 

The Principal Officers shall, in the form attached hereto as <u>Appendix 1</u>, acknowledge that they have received, read and understand this Code of Ethics upon adoption of this Code of Ethics or when initially hired or appointed, whichever occurs later. The Principal Officers shall annually, in the form attached hereto as <u>Appendix 2</u>, acknowledge receipt of and compliance with this Code of Ethics.

Managed Portfolio Series<br>Code of Ethics for Principal Officers<br>2

**APPENDIX 1**

ACKNOWLEDGMENT OF RECEIPT OF THE

CODE OF ETHICS FOR PRINCIPAL OFFICERS

I acknowledge that I have received, read and understand the Code of Ethics for Principal Officers and represent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In
 accordance with the Code of Ethics for Principal Officers, I will report all violations of
 the Code of Ethics for Principal Officers to the Audit Committee as well as the full Board
 of Trustees of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I
 do not currently know of any violations of the Code of Ethics for Principal Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I
 will comply with the Code of Ethics for Principal Officers in all other respects.

---

| |
|:---|
| By: |
| Name: |
| Title: |

---

<br> Trust or Fund Organization:  

Date:

Managed Portfolio Series<br>Code of Ethics for Principal Officers <br> Appendix 1, Page 1<br>

**APPENDIX 2**

ANNUAL CERTIFICATION OF COMPLIANCE WITH

THE CODE OF ETHICS FOR PRINCIPAL OFFICERS

I certify that during the past year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reported all violations of the Code of Ethics for Principal Officers of which I was aware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I have complied with the Code of Ethics for Principal Officers in all other respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I
 have read and understand the Code of Ethics for Principal Officers and recognize that I am
 subject thereto.

---

| |
|:---|
| By: |
| Name: |
| Title: |

---

<br> Trust or Fund Organization:  

Date:

Managed Portfolio Series<br>Code of Ethics for Principal Officers <br> Appendix 2, Page 1<br>

## 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: | March 9, 2026 | /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: | March 9, 2026 | /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 December 31, 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 |

---

Date: <u>March 9, 2026</u> Date: <u>March 9, 2026</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.