# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0000898531-23-000160
**Filing Date:** 2023-3
**Character Count:** 64406
**Document Hash:** ed7a932e4fb5d49c2b73013686977441
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898531-23-000160.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0000898531-23-000160

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Managed Portfolio Series
- **CENTRAL INDEX KEY:** 0001511699
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 23723397

**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

### LK Balanced Fund (Series ID: S000037522)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000115829 | Institutional Class | LKBLX           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> 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>**<br> (Exact name of Registrant as specified in charter)

#### 615 East Michigan Street
**<u>Milwaukee, WI 53202</u>**<br> (Address of principal executive offices) (Zip code)

#### Brian R. Wiedmeyer, President

#### Managed Portfolio Series

#### c/o U.S. Bancorp Fund Services, LLC

#### 777 East Wisconsin Ave, 5<sup>th</sup> Fl
**<u>Milwaukee, WI 53202</u>**<br> (Name and address of agent for service)

<u>(414) 516-1712</u>

Registrant's telephone number, including area code

Date of fiscal year end: **<u>June 30, 2023</u>**

Date of reporting period: **<u>December 31, 2022</u>**

------

#### Item 1. Report to Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <br>

![](lk_balanced-logo.jpg)

### <br>

### LK Balanced Fund

#### Institutional Class Shares – LKBLX

---

| | |
|:---|:---|
|  | **Semi-Annual Report** |
| **www.lkfunds.com** | **December 31, 2022** |

---

------

<br> (This Page Intentionally Left Blank.)

------

#### LK Balanced Fund

January 31, 2023

Dear Fellow Shareholders,

A strong stock market in the fourth quarter of 2022 led to positive six-month performance during the second half of the year with the LK Balanced Fund returning 6.89% for the six months ending December 31, 2022, compared to 1.07% for the Lipper Balanced Funds Index. Value, smaller-cap and commodity strategies were favored versus growth and momentum approaches. Our balanced portfolio excelled in this environment. Equity performance throughout the period continued to be the main driver of overall Fund performance. Leading individual contributors to the Fund's performance were Texas Pacific Land, Phillips 66 and Berkshire Hathaway, which collectively added about 4.5% to Fund performance. The largest detractors were Lumen Technologies, Warner Brothers Discovery and Microsoft, which subtracted about 1.1% from Fund performance.

As we end the first month of 2023 the positive momentum that started in late 2022 continues yet concerns about the U.S. economy and stubbornly sticky inflation persist. General hope that the Federal Reserve will "pivot" and begin lowering interest rates later in 2023 provides much of the overall optimism. Recent economic data has been mixed but early signs of a weakening consumer is cause for concern. To us the key driver in 2023 and beyond is likely to be where interest rates go. For the bond markets, and as with equity returns, we would think this depends almost entirely on how inflation evolves over the course of the year. If inflation stays stubbornly high, rates will stay high as well, and if inflation drops expect rates to follow it down. If the economy weakens, and that weakness plays out as lower earnings, there may be defaults. Companies that borrowed to the hilt when rates were low will now find themselves facing higher interest payments on that debt that they may not be able to make.

There are an awful lot of "ifs" and hope in the preceding paragraph. Although we remain cognizant of the multitude of factors affecting the economy and overall markets, trying to predict which, if any, of the "ifs" will come to pass is not a long run recipe for success. Rather we spend the majority of our time looking for companies whose businesses can weather various economic paths and purchase them when the price looks attractive. To some extent we accept the uncertainty and volatility inherent in the overall stock market as cost of achieving long term returns.

After such a negative 2022, it seems only normal that markets want some positivity. While we remain uncertain as to the direction of the overall market, we continue to believe old fashioned qualities like sustainable earnings, positive free cash flows and strong balance sheets will be the factors that will lead to stock outperformance in the future.

Thank you for your continued trust and confidence.

Sincerely,

---

| | |
|:---|:---|
| ![](thomas_sudyka-signature.jpg) | ![](bruce_vankooten-signature.jpg) |
| Thomas J. Sudyka, Jr., CFA<sup>®</sup> | Bruce H. Van Kooten, CFA<sup>®</sup> |

---

------

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.

#### Past performance does not guarantee future results.
Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. Please see the schedule of investments for a complete list of Fund holdings.

Earnings growth is not representative of the Fund's future performance.

**Mutual fund investing involves risk. Principal loss is possible. Securities of mid-cap and small-cap companies may be more volatile and less liquid than the securities of large-cap companies. Foreign companies involve risks not generally associated with investment in the securities of U.S. companies, including risks relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices, including fluctuations in foreign currencies. The Fund's investments in debt securities will be subject to credit risk, interest rate risk, prepayment risk and duration risk. Credit risk is the risk that an issuer will not make timely payments of principal and interest. Interest rate risk is the risk that the value of debt securities fluctuates with changes in interest rates (e.g. increases in interest rates result in a decrease in value of debt securities). Pre-payment risk is the risk that the principal on debt securities will be paid off prior to maturity causing the Fund to invest in debt securities with lower interest rates. Investments in below investment grade debt securities and unrated securities of similar credit quality as determined by the Adviser (commonly known as "junk bonds") involve a greater risk of default and are subject to greater levels of credit and liquidity risk. The Fund may be exposed to liquidity risk when trading volume, lack of a market maker, or legal restrictions impair the Fund's ability to sell particular securities at an advantageous price or in a timely manner.**

The **Lipper Balanced Funds Index** is an equally weighted index of the 30 largest U.S. Balanced Funds. One cannot directly invest in an index.

------

#### LK Balanced Fund

#### Value of $50,000 Investment (Unaudited)

![](lkbf-linechart.jpg)

*The chart assumes an initial investment of $50,000. Performance reflects waivers of fee and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-855-698-1378. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

#### Annualized Rates of Return as of December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <u>One Year</u> | <u>Five Year</u> | <u>Ten Year</u> | <u>Since Inception</u> |
| **LK Balanced Fund**<sup>(1)(2)</sup> | -5.57% | 7.29% | 7.39% | 8.07% |
| **S&P 500**<sup>®</sup> **Index**<sup>(3)</sup> | -18.11% | 9.42% | 12.56% | 10.37% |
| **Bloomberg U.S.** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aggregate Bond Index**<sup>(4)</sup> | -13.01% | 0.02% | 1.06% | 5.36% |
| **Lipper Balanced Funds Index**<sup>(5)</sup> | -14.36% | 4.62% | 6.66% | 7.60% |

---

(1) Fund commenced operations on July 1, 2012.

(2) The performance data quoted for the period prior to July 1, 2012 is that of the L/K Limited Partnership #1 (the "Partnership"). The Partnership commenced operations on December 31, 1986. The
 Partnership was not a registered mutual fund and was not subject to the same investment and tax restrictions as the Fund. If it had been, the Partnership's performance might have been lower.

(3) The S&P 500<sup>®</sup> Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market
 for large capitalization stocks. One cannot investment directly in an index.

(4) The Bloomberg U.S. Aggregate Bond Index is an intermediate term index and a market capitalization-weighted index, where securities in the index are weighted according to market size of each bond
 type. One cannot invest directly in an index.

(5) The Lipper Balanced Funds Index is an equally weighted index of the 30 largest U.S. Balanced Funds. One cannot invest directly in an index.

------

#### LK Balanced Fund

The following is expense information for the LK Balanced Fund as disclosed in the Fund's most recent prospectus dated October 28, 2022:

Gross Expenses: 1.38%; Net Expenses: 1.00%. Lawson Kroeker Investment Management, Inc. (the "Adviser") has contractually agreed to waive its management fees and pay Fund expenses in order to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, leverage/borrowing interest, interest expense, dividends paid on short sales, taxes, brokerage commissions and extraordinary expenses) do not exceed 1.00% of the Fund's average daily net assets. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in effect at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite in term and cannot be terminated through at least October 28, 2023. Thereafter, the agreement may be terminated at any time upon 60 days' written notice by the Trust's Board of Trustees (the "Board") or the Adviser.

------

#### Expense Example (Unaudited)

#### December 31, 2022

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 – December 31, 2022).

#### ACTUAL EXPENSES
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

*Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if transactional costs were included, your costs may have been higher.*

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Expenses Paid** |
|  | **Beginning Account** | **Ending Account** | **During Period<sup>(1)</sup>** |
|  | **<u>Value (7/1/2022)</u>** | **<u>Value (12/31/2022)</u>** | **<u>(7/1/2022 to 12/31/2022)</u>** |
| LK Balanced Fund Actual<sup>(2)</sup> | $1000.00 | $1068.90 | $5.21 |
| LK Balanced Fund Hypothetical |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(5% return before expenses) | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.16 | 5.09 |

---

(1) Expenses are equal to the Fund's annualized expense ratio for the most recent six-month period of 1.00%, multiplied by the average account value over the period, multiplied by 184/365 to reflect
 the one-half year period.

(2) Based on the actual return for the six-month period ended December 31, 2022 of 6.89%.

------

#### LK Balanced Fund

#### Sector Allocation<sup>(1)</sup> (Unaudited)

#### December 31, 2022

#### (% of Net Assets)

![](lkbf-piechart.jpg)

#### <br>

#### Top Ten Equity Holdings<sup>(1)</sup> (Unaudited)

#### December 31, 2022

#### (% of Net Assets)

---

| | |
|:---|:---|
| Texas Pacific Land | 5.5% |
| Berkshire Hathaway, Class A & B | 4.5% |
| Thermo Fisher Scientific | 3.6% |
| Hershey | 3.4% |
| Arthur J. Gallagher | 3.1% |
| Microsoft | 3.0% |
| Phillips 66 | 2.9% |
| Johnson & Johnson | 2.9% |
| Lincoln Electric Holdings | 2.9% |
| Pfizer | 2.8% |

---

(1) Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

------

#### LK Balanced Fund

#### Schedule of Investments (Unaudited)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **<u>Description</u>** | **Shares** | **Value** |
| **COMMON STOCKS – 69.6%** | | |
| **Communication Services – 3.2%** | | |
| Walt Disney\* | 7000 | $608160 |
| Warner Bros. Discovery\* | 29000 | 274920 |
|  |  | 883080 |
| **Consumer Discretionary – 5.9%** |  |  |
| Alibaba Group Holding\* | 2000 | 176180 |
| Gildan Activewear | 19000 | 520600 |
| LKQ | 12200 | 651602 |
| MarineMax\* | 9000 | 280980 |
|  |  | 1629362 |
| **Consumer Staples – 4.0%** |  |  |
| Crimson Wine Group\* | 30810 | 172844 |
| Hershey | 4000 | 926280 |
|  |  | 1099124 |
| **Energy – 11.0%** |  |  |
| Chevron | 4000 | 717960 |
| Phillips 66 | 7700 | 801416 |
| Texas Pacific Land | 650 | 1523750 |
|  |  | 3043126 |
| **Financials – 15.8%** |  |  |
| Aflac | 10000 | 719400 |
| Arthur J. Gallagher | 4500 | 848430 |
| Berkshire Hathaway, Class A\* | 2 | 937422 |
| Berkshire Hathaway, Class B\* | 1000 | 308900 |
| Brookfield Asset Management, Class A\* | 5250 | 150517 |
| Brookfield Corp. | 21000 | 660660 |
| Cullen/Frost Bankers | 5500 | 735350 |
|  |  | 4360679 |
| **Health Care – 12.4%** |  |  |
| DaVita\* | 6000 | 448020 |
| Gilead Sciences | 5000 | 429250 |
| Johnson & Johnson | 4500 | 794925 |
| Pfizer | 15000 | 768600 |
| Thermo Fisher Scientific | 1800 | 991242 |
|  |  | 3432037 |

---

See Notes to the Financial Statements

------

#### LK Balanced Fund

#### Schedule of Investments (Unaudited) – Continued

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **<u>Description</u>** | **Shares** | **Value** |
| **COMMON STOCKS – 69.6% (CONTINUED)** | | |
| **Industrials – 8.7%** | | |
| Aerojet Rocketdyne Holdings\* | 10000 | $559300 |
| Boeing\* | 2050 | 390504 |
| Canadian Pacific Railway | 8652 | 645353 |
| Lincoln Electric Holdings | 5500 | 794695 |
|  |  | 2389852 |
| **Information Technology – 4.1%** |  |  |
| Keysight Technologies\* | 1700 | 290819 |
| Microsoft | 3500 | 839370 |
|  |  | 1130189 |
| **Materials – 3.1%** |  |  |
| Orion Engineered Carbons | 14000 | 249340 |
| Vulcan Materials | 3500 | 612885 |
|  |  | 862225 |
| **Real Estate – 1.4%** |  |  |
| Weyerhaeuser – REIT | 12800 | 396800 |
| **Total Common Stocks** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,564,733)** |  | 19226474 |
|  | **Par** |  |
| **CORPORATE BONDS – 21.9%** |  |  |
| **Communication Services – 1.1%** |  |  |
| TWDC Enterprises 18 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/13/2026 | $325000 | 308431 |
| **Consumer Discretionary – 3.9%** |  |  |
| Genuine Parts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 02/01/2025 | 500000 | 467546 |
| Newell Rubbermaid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.900%, 11/01/2025 | 250000 | 225371 |
| Tractor Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.750%, 11/01/2030 | 500000 | 386164 |
|  |  | 1079081 |

---

See Notes to the Financial Statements

------

#### LK Balanced Fund

#### Schedule of Investments (Unaudited) – Continued

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **<u>Description</u>** | **Par** | **Value** |
| **CORPORATE BONDS – 21.9% (CONTINUED)** | | |
| **Financials – 5.2%** | | |
| Charles Schwab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 06/01/2025 | $500000 | $491500 |
| Old Republic International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 08/26/2026 | 500000 | 474597 |
| Prudential Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.125%, 03/01/2052 | 500000 | 455680 |
|  |  | 1421777 |
| **Health Care – 3.5%** |  |  |
| Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/15/2024 | 500000 | 485951 |
| Laboratory Corporation of America Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.600%, 02/01/2025 | 500000 | 484664 |
|  |  | 970615 |
| **Industrials – 5.2%** |  |  |
| Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.196%, 02/04/2026 | 500000 | 455329 |
| General Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.099% (Quarterly LIBOR USD + 3.330%), Perpetual (a) | 500000 | 493096 |
| Hexcel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.950%, 08/15/2025 (b) | 250000 | 244334 |
| Keysight Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.550%, 10/30/2024 | 250000 | 246468 |
|  |  | 1439227 |
| **Information Technology – 1.3%** |  |  |
| Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.530%, 03/01/2023 | 110000 | 110225 |
| KLA Tencor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.650%, 11/01/2024 | 250000 | 249543 |
|  |  | 359768 |
| **Utilities – 1.7%** |  |  |
| Black Hills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.037%, 08/23/2024 | 500000 | 466813 |
| **Total Corporate Bonds** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,424,049)** |  | 6045712 |

---

See Notes to the Financial Statements

------

#### LK Balanced Fund

#### Schedule of Investments (Unaudited) – Continued

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **<u>Description</u>** | **Par** | **Value** |
| **UNITED STATES GOVERNMENT BONDS – 5.3%** | | |
| United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 01/31/2023 | $500000 | $498495 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.125%, 04/30/2023 | 500000 | 493133 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.375%, 09/30/2023 | 500000 | 487832 |
| **Total United States Government Bonds** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,482,659)** |  | 1479460 |
| **MUNICIPAL BOND – 1.9%** |  |  |
| **Iowa – 1.9%** |  |  |
| City of Coralville |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 06/01/2028 |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $546,339)** | 500000 | 513304 |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENT – 4.8%** |  |  |
| First American Government Obligations, Class Z, 4.059% (c) |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost 1,324,715)** | 1324715 | 1324715 |
| **Total Investments – 103.5%** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,342,495)** |  | 28589665 |
| **Other Assets and Liabilities, Net – (3.5)%** |  | (973604) |
| **Total Net Assets – 100.0%** |  | $27616061 |

---

REIT – Real Estate Investment Trust

\* Non-income producing security.

(a) Variable Rate Security. The rate shown is the effective rate as of December 31, 2022.

(b) Step-up bond. The rate shown is the effective rate as of December 31, 2022.

(c) The rate shown is the annualized seven-day effective yield as of December 31, 2022.

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

See Notes to the Financial Statements

------

#### LK Balanced Fund

#### Statement of Assets and Liabilities (Unaudited)

#### December 31, 2022

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost: $18,342,495) | $28589665 |
| Dividends & interest receivable | 71742 |
| Prepaid expenses | 2636 |
| Cash | 2499 |
| Total Assets | 28666542 |
| **LIABILITIES:** |  |
| Payable for capital shares redeemed | 1000025 |
| Payable for fund administration & accounting fees | 11664 |
| Payable for audit fees | 9857 |
| Payable to investment adviser | 8192 |
| Payable for printing & mailing | 6794 |
| Payable for trustee fees | 4713 |
| Payable for transfer agent fees & expenses | 4657 |
| Payable for compliance fees | 2545 |
| Payable for custody fees | 967 |
| Accrued expenses | 1067 |
| Total liabilities | 1050481 |
| **NET ASSETS** | $27616061 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in capital | $17248361 |
| Total distributable earnings | 10367700 |
| Net Assets | $27616061 |
| Shares issued and outstanding<sup>(1)</sup> | 544475 |
| Net asset value, redemption price and offering price per share | $50.72 |

---

(1) Unlimited shares authorized, without par value.

See Notes to the Financial Statements

------

#### LK Balanced Fund

#### Statement of Operations (Unaudited)

#### For the Six Months Ended December 31, 2022

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income | $144812 |
| Less: Foreign taxes withheld | (2400) |
| Interest income | 158704 |
| Total investment income | 301116 |
| **EXPENSES:** |  |
| Investment adviser fees (See Note 4) | 108400 |
| Fund administration & accounting fees (See Note 4) | 41370 |
| Transfer agent fees & expenses (See Note 4) | 13062 |
| Audit fees | 9857 |
| Trustee fees | 8943 |
| Compliance fees (See Note 4) | 7544 |
| Legal fees | 4639 |
| Other expenses | 3496 |
| Federal & state registration fees | 3122 |
| Custody fees (See Note 4) | 2760 |
| Postage & printing fees | 2621 |
| Insurance | 1195 |
| Total expenses before waiver | 207009 |
| Less: waiver from investment adviser (See Note 4) | (62476) |
| Net expenses | 144533 |
| **NET INVESTMENT INCOME** | 156583 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| Net realized loss on investments | (36056) |
| Net change in unrealized appreciation/depreciation on investments | 1785012 |
| Net realized and unrealized gain on investments | 1748956 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1905539 |

---

See Notes to the Financial Statements

------

#### LK Balanced Fund

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | |
|  | **December 31, 2022** | **Year Ended** |
|  | (Unaudited) | **June 30, 2022** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $156583 | $260325 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (36056) | 1604288 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 1785012 | (4094807) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1905539 | (2230194) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 222403 | 986074 |
| &nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions | 1084052 | 3169180 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed | (2223399) | (1366639) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions | (916944) | 2788615 |
| **DISTRIBUTIONS TO SHAREHOLDERS** | (1084052) | (3169180) |
| **TOTAL DECREASE IN NET ASSETS** | (95457) | (2610759) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 27711518 | 30322277 |
| &nbsp;&nbsp;&nbsp; End of period | $27616061 | $27711518 |

---

See Notes to the Financial Statements

------

#### LK Balanced Fund

#### Financial Highlights

For a Fund share outstanding throughout the periods.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** | | | | | |
|  | **Ended** | | | | | |
|  | **December 31,** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **2022** | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | (Unaudited) | **2022** | **2021** | **2020** | **2019** | **2018** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;beginning of period | $49.26 | $59.34 | $45.19 | $50.19 | $49.41 | $44.84 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.29 | 0.49 | 0.56 | 0.61 | 0.65 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;gain (loss) on investments | 3.14 | (4.29) | 16.63 | (4.01) | 3.26 | 4.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;investment operations | 3.43 | (3.80) | 17.19 | (3.40) | 3.91 | 5.60 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.26) | (0.56) | (0.52) | (0.64) | (0.82) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.71) | (5.72) | (2.52) | (0.96) | (2.31) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.97) | (6.28) | (3.04) | (1.60) | (3.13) | (1.03) |
| Net asset value, end of period | $50.72 | $49.26 | $59.34 | $45.19 | $50.19 | $49.41 |
| **TOTAL RETURN<sup>(1)</sup>** | 6.89%<sup>(3)</sup> | -7.50% | 39.33% | -7.12% | 9.06% | 12.55% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;period (in millions) | $27.6 | $27.7 | $30.3 | $23.7 | $29.6 | $27.1 |
| Ratio of expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waiver<sup>(2)</sup> | 1.43%<sup>(4)</sup> | 1.38% | 1.49% | 1.45% | 1.36% | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waiver<sup>(2)</sup> | 1.00%<sup>(4)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waiver<sup>(2)</sup> | 1.08%<sup>(4)</sup> | 0.86% | 1.02% | 1.18% | 1.32% | 1.29% |
| Portfolio turnover rate | 8%<sup>(3)</sup> | 14% | 21% | 4% | 8% | 10% |

---

(1) Total return would have been lower had the Adviser not waived a portion of its fees.

(2) Does not include expenses of investment companies in which the Fund invests.

(3) Not Annualized.

(4) Annualized.

See Notes to the Financial Statements

------

#### LK Balanced Fund

#### Notes to the Financial Statements (Unaudited)

#### December 31, 2022

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 LK Balanced Fund (the "Fund") is a diversified series with its own investment objectives and policies within the Trust. The investment objective of the Fund is long-term capital appreciation and current income. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*. Prior to July 1, 2012, the Fund's investment adviser managed a limited partnership with an investment objective and investment policies that were, in all material respects, equivalent to those of the Fund. The limited partnership, which incepted on December 31, 1986, converted into, and the Fund commenced operations in the Trust on, July 1, 2012. The Fund currently offers one class, the Institutional Class. The Fund may issue an unlimited number of shares of beneficial interest, with no par value.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

**Federal Income Taxes** – The Fund complies with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distributes substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Fund. Therefore, no federal income tax provision is required. As of and during the period ended December 31, 2022, the Fund did not have any tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. As of and during the period ended December 31, 2022, the Fund did not have liabilities for any unrecognized tax benefits. The Fund is not subject to examination by U.S. tax authorities for tax years prior to the year ended June 30, 2019.

**Security Transactions, Income, and Distributions** – The Fund follows industry practice and records security transactions on the trade date. Realized gains and losses on sales of securities are calculated on the basis of identified cost. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and regulations. Discounts and premiums on securities purchased are amortized over the expected life of the respective securities using the constant yield method.

The Fund distributes substantially all net investment income, if any, and net realized capital gains, if any, annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Fund.

------

#### LK Balanced Fund

#### Notes to the Financial Statements (Unaudited) – Continued

#### December 31, 2022

**Allocation of Expenses** – Expenses associated with a specific fund in the Trust are charged to that fund. Common Trust expenses are typically allocated evenly between funds of the Trust, or by other equitable means.

**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.

3. SECURITIES VALUATION

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period and expanded disclosure of valuation Levels for major security types. These inputs are summarized in the three broad Levels listed below:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| Level 2 – | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 – | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |

---

Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis. The Fund's investments are carried at fair value.

**Short-Term Investments** – Investments in other mutual funds, including money market funds, are valued at their net asset value per share. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

**Equity Securities** – Equity securities, including common stocks, preferred stocks, exchange traded funds ("ETF"s) and real estate investment trusts ("REIT"s), that are primarily traded on a national securities exchange are valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and ask prices. Securities traded primarily in the Nasdaq Global Market System for which market quotations are readily available are valued using the Nasdaq Official Closing Price ("NOCP"). If the NOCP is not available, such securities are valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

**Fixed Income Securities** – Fixed income securities, including asset-backed, corporate, mortgage-backed, municipal bonds, and U.S. government & agency securities, are valued at fair value on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Fixed income securities are categorized in Level 2 of the fair value hierarchy.

------

#### LK Balanced Fund

#### Notes to the Financial Statements (Unaudited) – Continued

#### December 31, 2022

The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated Lawson Kroeker Investment Management, Inc. (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 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. The following is a summary of the inputs used to value the Fund's securities as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $19226474 | $— | $— | $19226474 |
| Corporate Bonds |  | 6045712 |  | 6045712 |
| United States Government Bonds |  | 1479460 |  | 1479460 |
| Municipal Bond |  | 513304 |  | 513304 |
| Short-Term Investment | 1324715 |  |  | 1324715 |
| **Total Investments in Securities** | $20551189 | $8038476 | $— | $28589665 |

---

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

4. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Trust has an agreement with Lawson Kroeker Investment Management, Inc. (the "Adviser") to furnish investment advisory services to the Fund. Pursuant to an Investment Advisory Agreement between the Trust and the Adviser, the Adviser is entitled to receive an annual advisory fee equal to 0.75% of the Fund's average daily net assets on a monthly basis.

The Fund's Adviser has contractually agreed to waive its management fees and pay Fund expenses, in order to ensure that Total Annual Operating Expenses (excluding acquired fund fees and expenses, leverage/borrowing interest, interest expense, taxes, brokerage commissions and extraordinary expenses) do not exceed 1.00% of the Fund's average daily net assets. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of thirty-six months following the date on which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in effect at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite in term and cannot be terminated within a year after the effective date of the Fund's Prospectus. Thereafter, the agreement may be terminated at any time upon 60 days' written notice by the Trust's Board or the Adviser, with the consent of the Board. Waived fees and reimbursed expenses subject to potential recovery by month of expiration are as follows:

---

| | |
|:---|:---|
| **Expiration** | **Amount** |
| January 2023 – June 2023 | $62218 |
| July 2023 – June 2024 | $133920 |
| July 2024 – June 2025 | $115812 |
| July 2025 – December 2025 | $62476 |

---

------

#### LK Balanced Fund

#### Notes to the Financial Statements (Unaudited) – Continued

#### December 31, 2022

U.S. Bancorp Fund Services, LLC (the "Administrator"), doing business as U.S. Bank Global Fund Services, acts as the Fund's Administrator, Transfer Agent, and Fund Accountant. U.S. Bank N.A. (the "Custodian") serves as the Custodian to the Fund. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Fund. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund's Custodian; coordinates the payment of the Fund's expenses and reviews the Fund's expense accruals. The officers of the Trust, including the Chief Compliance Officer, are employees of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Fund, subject to annual minimums. Fees incurred by the Fund for administration and accounting, transfer agency, custody and chief compliance officer services for the period ended December 31, 2022, are disclosed in the Statement of Operations.

5. CAPITAL SHARE TRANSACTIONS

Transactions in shares of the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Period Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30, 2022** |
| Shares sold | 4304 | 18275 |
| Shares issued to holders in reinvestment of dividends | 20895 | 57695 |
| Shares redeemed | (43284) | (24433) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | (18085) | 51537 |

---

6. INVESTMENT TRANSACTIONS

The aggregate purchases and sales, excluding short-term investments, by the Fund for the period ended December 31, 2022, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Government Securities** | **U.S. Government Securities** | **Other Securities** | **Other Securities** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $487160 | $— | $1132201 | $3589405 |

---

7. FEDERAL TAX INFORMATION

The aggregate gross unrealized appreciation and depreciation of securities held by the Fund and the total cost of securities for federal income tax purposes at June 30, 2022, the Fund's most recently completed fiscal year end, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Aggregate Gross** | **Aggregate Gross** | **Net Unrealized** | **Federal Income** |
| **Appreciation** | **Depreciation** | **Appreciation** | **Tax Cost** |
| $10577797 | $(2115634) | $8462163 | $19256951 |

---

At June 30, 2022, components of distributable earnings on a tax-basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** | **Undistributed** |  | **Total** |
| **Ordinary** | **Long-Term** | **Net Unrealized** | **Distributable** |
| **Income** | **Capital Gains** | **Appreciation** | **Earnings** |
| $143667 | $940383 | $8462163 | $9546213 |

---

------

#### LK Balanced Fund

#### Notes to the Financial Statements (Unaudited) – Continued

#### December 31, 2022

As of June 30, 2022, the Fund's most recently completed fiscal year end, the Fund did not have any capital loss carryovers. 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 and December 31, respectively. For the taxable year ended June 30, 2022, the Fund did not defer, on a tax basis, any qualified late year losses.

The tax character of distributions paid during the period ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **Ordinary Income\*** | **Long-Term Capital Gains** | **Total** |
| $143667 | $940385 | $1084052 |

---

The tax character of distributions paid during the year ended June 30, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **Ordinary Income\*** | **Long-Term Capital Gains** | **Total** |
| $309526 | $2859654 | $3169180 |

---

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

8. GENERAL RISK

The global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the issuers of securities in which the Fund invests depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Fund's investments.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Fund.

------

#### LK Balanced Fund

#### Additional Information (Unaudited)

#### December 31, 2022

#### AVAILABILITY OF FUND PORTFOLIO INFORMATION
The Fund files complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Fund's Part F of Form N-PORT is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. For information on the Public Reference Room call 1-800-SEC-0330. In addition, the Fund's Part F of Form N-PORT is available without charge upon request by calling 1-855-698-1378.

#### AVAILABILITY OF PROXY VOTING INFORMATION
A description of the Fund's Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-855-698-1378. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (1) without charge, upon request, by calling 1-888-621-9258, or (2) on the SEC's website at www.sec.gov.

------

#### LK Balanced Fund

#### Privacy Notice (Unaudited)

The Fund collects only relevant information about you that the law allows or requires it to have in order to conduct its business and properly service you. The Fund collects financial and personal information about you ("Personal Information") directly (e.g., information on account applications and other forms, such as your name, address, and social security number, and information provided to access account information or conduct account transactions online, such as password, account number, e-mail address, and alternate telephone number), and indirectly (e.g., information about your transactions with us, such as transaction amounts, account balance and account holdings).

**The Fund does not disclose any non-public personal information about its shareholders or former shareholders other than for everyday business purposes such as to process a transaction, service an account, respond to court orders and legal investigations or as otherwise permitted by law. Third parties that may receive this information include companies that provide transfer agency, technology and administrative services to the Fund, as well as the Fund's investment adviser who is an affiliate of the Fund. If you maintain a retirement/educational custodial account directly with the Fund, we may also disclose your Personal Information to the custodian for that account for shareholder servicing purposes. The Fund limits access to your Personal Information provided to unaffiliated third parties to information necessary to carry out their assigned responsibilities to the Fund. All shareholder records will be disposed of in accordance with applicable law. The Fund maintains physical, electronic and procedural safeguards to protect your Personal Information and requires its third-party service providers with access to such information to treat your Personal Information with the same high degree of confidentiality.**

**In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, credit union, bank or trust company, the privacy policy of your financial intermediary governs how your non-public personal information is shared with unaffiliated third parties.**

------

#### INVESTMENT ADVISER
Lawson Kroeker Investment Management, Inc.

1926 South 67th Street, Suite 201

Omaha, NE 68106

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, WI 53202

#### CUSTODIAN
U.S. Bank N.A.

1555 North Rivercenter Drive, Suite 302

Milwaukee, WI 53212

#### ADMINISTRATOR, FUND ACCOUNTANT

#### AND TRANSFER AGENT
U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI, 53202

#### LEGAL COUNSEL
Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

*This report should 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 1-855-698-1378.*

------

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

#### Item 2. Code of Ethics.

Not applicable for semi-annual reports.

#### Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

#### Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

#### Item 5. Audit Committee of Listed Registrants.

Not applicable to Registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

#### Item 6. Schedule of Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases.

Not applicable to open-end investment companies.

#### Item 10. Submission of Matters to a Vote of Security Holders.

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

#### Item 11. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President and Treasurer 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 significant 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 has materially affected, or is
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 13. Exhibits.

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

 applicable for semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](lkbf-ex99cert302.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the Registrant's independent public accountant.* There was no change in the Registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](lkbf-ex99cert906.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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) <u>Managed Portfolio Series</u> 

By (Signature and Title)\* <u>/s/</u><u>Brian R. Wiedmeyer</u>

Brian R. Wiedmeyer, President

Date <u>March 9, 2023</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)\* <u>/s/</u><u>Brian R. Wiedmeyer</u>

Brian R. Wiedmeyer, President

Date <u>March 9, 2023</u>

By (Signature and Title)\* <u>/s/</u><u>Benjamin J. Eirich</u>

Benjamin J. Eirich, Treasurer

Date <u>March 9, 2023</u><br>

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

## Ex-99.Cert

#### CERTIFICATIONS

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.

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| | |
|:---|:---|
| Date: <u>March 9, 2023</u>  | <u>/s/Brian R. Wiedmeyer</u> Brian R. Wiedmeyer<br> President<br>|

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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.

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| | |
|:---|:---|
| Date: <u>March 9, 2023</u>  | <u>/s/Benjamin J. Eirich</u> Benjamin J. Eirich<br> Treasurer<br>|

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## Exhibit 99.906

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Managed Portfolio Series, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Managed Portfolio Series for the period ended December 31, 2022 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.

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| | |
|:---|:---|
| <br> <u>/s/Brian R. Wiedmeyer</u><br> Brian R. Wiedmeyer<br> President, Managed Portfolio Series<br>|  <br><u>/s/Benjamin J. Eirich</u> Benjamin J. Eirich<br> Treasurer, Managed Portfolio Series<br>|
| Dated: <u>March 9, 2023</u>  |  |

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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 the Securities Exchange Act of 1934.

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