SUBJECT TO COMPLETION July 30, 2026
THE INFORMATION HEREIN IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT
SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SEC IS
EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT
SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION IN WHICH THE
OFFER OR SALE IS PERMITTED.
Reinhart Genesis PMV Fund
Investor Class – RPMAX
Advisor Class – RPMFX
Institutional Class – [ ]
Prospectus
[...], 2026
The SEC has not approved or disapproved of these securities or determined if this
Prospectus is truthful or complete. Any representation to the contrary is a criminal
offense.
Reinhart Genesis PMV Fund
Series of Managed Portfolio Series (the “Trust”)
TABLE OF CONTENTS
SUMMARY SECTION .................................................................................................................... | |
Reinhart Genesis PMV Fund ......................................................................................................... | |
PORTFOLIO HOLDINGS ................................................................................................................ | |
Investment Objective ..................................................................................................................... | |
Principal Investment Strategies ...................................................................................................... | |
Principal Risks of Investing in the Fund ........................................................................................ | |
Portfolio Holdings .......................................................................................................................... | |
MANAGEMENT OF THE FUND ................................................................................................... | |
Investment Adviser ........................................................................................................................ | |
Portfolio Managers ......................................................................................................................... | |
SHAREHOLDER INFORMATION ................................................................................................. | |
Pricing of Fund Shares ................................................................................................................... | |
How to Purchase Fund Shares ....................................................................................................... | |
How to Redeem Fund Shares ......................................................................................................... | |
How to Exchange Fund Shares ...................................................................................................... | |
Dividends and Distributions ........................................................................................................... | |
Tools to Combat Frequent Transactions ........................................................................................ | |
Tax Consequences .......................................................................................................................... | |
Other Fund Policies ........................................................................................................................ | |
Class Descriptions .......................................................................................................................... | |
DISTRIBUTION OF FUND SHARES ............................................................................................. | |
The Distributor ............................................................................................................................... | |
Rule 12b-1 Distribution Fees ......................................................................................................... | |
Shareholder Servicing Plan Fees .................................................................................................... | |
Payments to Financial Intermediaries ............................................................................................ | |
FINANCIAL HIGHLIGHTS ............................................................................................................ |
1
Summary Section |
Reinhart Genesis PMV Fund
Investment Objective
The Reinhart Genesis PMV Fund (the “Fund” or the “Genesis Fund”) seeks long-term capital
appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the
Fund. You may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the tables and example below.
Shareholder Fees (fees paid directly from your investment) | Investor Class | Advisor Class | Institutional Class |
None | None | None | |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | Investor Class | Advisor Class | Institutional Class |
Management Fees | 0.80% | 0.80% | 0.80% |
Distribution (12b-1) Fee | 0.25% | 0.00% | 0.00% |
Shareholder Servicing Plan Fee (1) | 0.15% | 0.15% | 0.00% |
Other Expenses(2) | 0.12% | 0.12% | 0.12% |
Total Annual Fund Operating Expenses (1)(4) | 1.32% | 1.07% | 0.92% |
Less: Fee Waiver and Expense Reimbursement (3) | -0.12% | -0.12% | -0.12% |
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (1)(2)(3)(4) | 1.20% | 0.95% | 0.80% |
(1)Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the
Financial Highlights section of the Fund’s Statutory Prospectus, which reflects the operating expenses of the Fund and
does not include available (but unused) shareholder servicing plan fees.
(2)Because Institutional Class shares were not offered prior to the date of this Prospectus, “Other Expenses” for the
Institutional Class are based on estimated amounts for the current fiscal year.
(3)Reinhart Partners, LLC (the “Adviser” or “Reinhart”) has contractually agreed to waive its management fees and pay
Fund expenses in order to ensure that Total Annual Fund Operating Expenses (front-end or contingent deferred loads,
taxes, leverage/borrowing interest, interest expense, dividends paid on short sales, brokerage commissions, AFFE,
expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) do not
exceed 1.20% of the average daily net assets of the Investor Class, 0.95% of the average daily net assets of the Advisor
Class, and 0.80% of the average daily net assets of the Institutional Class. 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 September 28,
2027. 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, with the consent of the Board.
(4)Effective September 28, 2026, the Management Fee was reduced from 0.95% to 0.80% of the Fund’s average daily net
assets. Accordingly, Total Annual Fund Operating Expenses shown in the table differ from the “Ratio of Expenses to
Average Net Assets Before Expense Reimbursement/Recoupment” found in the “Financial Highlights” section of this
prospectus, which reflect expenses incurred during periods before the Management Fee reduction.
Example
This Example is intended to help you compare the costs of investing in the Fund with the cost of
investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time
periods indicated and then redeem all of your shares at the end of those periods. The Example also
assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain
the same (taking into account the expense limitation for one year). Although your actual costs may be
higher or lower, based on these assumptions, your costs would be:
2
One Year | Three Years | Five Years | Ten Years | |
Investor Class | $122 | $406 | $712 | $1,580 |
Advisor Class | $97 | $328 | $578 | $1,295 |
Institutional Class | $82 | $281 | $498 | $1,120 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over”
its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in
higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the
annual fund operating expenses or in the Example, affect the Fund’s performance. During the most
recent fiscal year, the Fund’s portfolio turnover rate was 44% of the average value of its portfolio.
Principal Investment Strategies
Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for
investment purposes) in equity securities issued by small and mid-capitalization (“small-cap” or “mid-
cap”) companies. The Fund considers a company to be a small or mid-cap company if it has a market
capitalization, at the time of purchase, within the capitalization range of the Russell 2500® Index as of
the date it was last reconstituted. The market capitalizations within the index vary, but as of April 30,
2025 they ranged from approximately $ 119.4 million to $18.6 billion.
In selecting investments for the Fund, the Adviser engages in fundamental analysis to identify high
quality durable businesses, with sustainable competitive advantages, pricing power, and a consistent,
sustainable record of strong returns on capital over a full business cycle. In addition, the Adviser
emphasizes quality and attempts to find sustainable competitive advantages, one stock at a time, with an
overall focus on positive risk/reward to protect capital in challenging markets while capturing most of
the upside return when stocks advance. The Adviser then applies its proprietary Private Market Value
(“PMV”) methodology to determine a company’s intrinsic value. The Adviser selects investments for
the Fund’s portfolio that generally can be purchased at a discount of 30% or more to the PMV. The
Adviser typically sells investments when they reach, or are close to reaching, the PMV, or due to a
change in the fundamentals of the security.
The Fund may invest up to 20% of its net assets in securities of real estate investment trusts (“REITs”)
and securities of other investment companies, including exchange-traded funds (“ETFs”). From time to
time, the Fund may also invest in American Depositary Receipts (“ADRs”). The Fund may focus its
investments in securities of companies in the same economic sector.
Principal Risks
As with any mutual fund, there are risks to investing. An investment in the Fund is not a deposit of a
bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency. In addition to possibly not achieving your investment goals, you could lose all
or a portion of your investment in the Fund over short or even long periods of time. The principal
risks of investing in the Fund are:
General Market Risk. The Fund’s net asset value and investment return will fluctuate based upon
changes in the value of its portfolio securities. Certain securities selected for the Fund’s portfolio may
be worth less than the price originally paid for them, or less than they were worth at an earlier time.
Management Risk. The Fund may not meet its investment objective or may underperform the market or
other mutual funds with similar strategies if the Adviser cannot successfully implement the Fund’s
investment strategies.
3
Equity Securities Risk. The equity securities held in the Fund’s portfolio may experience sudden,
unpredictable drops in value or long periods of decline in value. This may occur because of factors that
affect securities markets generally or factors affecting specific industries, sectors, geographic markets,
or companies in which the Fund invests.
Small-Cap and Mid-Cap Companies Risk. Securities of small-cap and mid-cap companies may be more
volatile and less liquid than the securities of large-cap companies.
Value-Style Investing Risk. The Fund’s value investments are subject to the risk that their intrinsic
values may not be recognized by the broad market or that their prices may decline.
REIT Risk. The real estate industry has been subject to substantial fluctuations and declines on a local,
regional and national basis in the past and may continue to be in the future. Also, the value of a REIT
can be hurt by economic downturns or by changes in real estate values, rents, property taxes, interest
rates, tax treatment, regulations, or the legal structure of a real estate investment trust.
Sector Emphasis Risk. The securities of companies in the same or related businesses (“industry
sectors”), if comprising a significant portion of the Fund’s portfolio, may in some circumstances react
negatively to market conditions, interest rates and economic, regulatory or financial developments and
adversely affect the value of the portfolio.
Financial Sector Risk. The Fund currently invests a significant portion of its assets in companies in the
financial sector, and therefore the performance of the Fund could be negatively impacted by events
affecting this sector. This sector can be significantly affected by changes in interest rates, the rate of
corporate and consumer debt defaults, the availability and cost of borrowing and raising capital,
reduced credit market liquidity, regulatory changes, price competition, bank failures and other financial
crises, and general economic and market conditions.
ADR Risk. ADRs are generally subject to the same risks as the foreign securities because their values
depend on the performance of the underlying foreign securities. ADRs may be purchased through
"sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the
underlying security and a depositary, whereas a depositary may establish an unsponsored facility
without participation by the issuer of the depositary security. Holders of unsponsored ADRs generally
bear all the costs of such depositary receipts, and the issuers of unsponsored ADRs frequently are under
no obligation to distribute shareholder communications received from the company that issues the
underlying foreign securities or to pass through voting rights to the holders of the ADRs. As a result,
there may not be a correlation between such information and the market values of unsponsored ADRs.
Performance
The accompanying bar chart and performance table provide some indication of the risks of investing in
the Fund by showing how the Fund’s total returns have varied from year-to-year. Figures shown in the
bar chart are for the Fund’s Advisor Class shares. Below the bar chart are the Fund’s highest and
lowest quarterly returns during the period shown in the bar chart. The performance table that follows
shows the Fund’s average annual total returns over time compared with a broad-based securities market
index (the Russell 3000® Index) and additional, more specialized indexes. Past performance (before and
after taxes) will not necessarily continue in the future. Updated performance information is available at
www.reinhartfunds.com or by calling (855) 774-3863.
4
Calendar Year Total Returns as of December 31
Best Quarter | Worst Quarter |
Q4 2020 29.73% | Q1 2020 -33.79% |
Year-to-Date Return as of June 30, 2026 | |
[...]% | |
Average Annual Total Returns for the periods ended December 31, 2025 | |||
One Year | Five Years | Since Inception (5/31/2018) | |
Advisor Class Shares | |||
Return Before Taxes | [...] | [...] | [...] |
Return After Taxes on Distributions | [...] | [...] | [...] |
Return After Taxes on Distributions and Sale of Fund Shares | [...] | [...] | [...] |
Investor Class Shares | |||
Return Before Taxes | [...] | [...] | [...] |
Russell 2000® Value Index (reflects no deduction for fees, expenses, or taxes) | [...] | [...] | [...] |
Russell 2500® Value Index (reflects no deduction for fees, expenses, or taxes) | [...] | [...] | [...] |
Russell 2500® Index (reflects no deduction for fees, expenses, or taxes) | [...] | [...] | [...] |
Russell 3000® Index (reflects no deduction for fees, expenses, or taxes) | [...] | [...] | [...] |
After tax returns are calculated using the historical highest individual federal marginal income tax rates
and do not reflect the impact of state and local taxes. No returns are shown for Institutional Class shares
since Institutional Class shares were not offered prior to the date of this Prospectus. Average annual
total returns for Institutional Class shares would have been substantially similar to those for other
classes offered by the Fund because each class of shares would have invested in the same portfolio of
securities, and the annual returns would differ only to the extent that the classes have different
expenses. After-tax returns are shown only for the Advisor Class; after-tax returns for the Investor Class
and the Institutional Class will vary to the extent each share class has different expenses. Furthermore,
5
the after-tax returns shown are not relevant to those investors who hold their shares through tax-
advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).
The Russell 2000® Value Index measures the performance of the small-cap value segment of the US
equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios and
lower forecasted growth values.
Management
Investment Adviser
Reinhart Partners, LLC is the Fund’s investment adviser.
Portfolio Managers
Matthew Martinek, CFA, Principal, Chief Investment Officer and Portfolio Manager of the Adviser, is
the Fund’s lead portfolio manager and Joshua Wheeler, CFA, Principal and Portfolio Manager of the
Adviser, is the co-portfolio manager of the Fund. They are responsible for the day-to-day management
of the Fund. Mr. Martinek has managed the Fund since its inception in May 2018, while Mr. Wheeler
became co-portfolio manager in September 2024.
Purchase and Sale of Fund Shares
You may purchase or redeem Fund shares on any day that the New York Stock Exchange (“NYSE”) is
open for business by written request via mail (Reinhart Genesis PMV Fund, c/o U.S. Bank Global Fund
Services, LLC, P.O. Box 219252, Kansas City, MO 64121-9252), by wire transfer, by contacting the
Fund by telephone at (855) 774-3863, or through a financial intermediary. The minimum initial
investment amounts are shown below:
Minimum Initial Investment | Minimum Subsequent Investments | |
Investor & Advisor Classes | $5,000 | $100 |
Institutional Class* | $1,000,000 | None |
*The minimum initial investment is waived for institutional investors that maintain accounts at an omnibus or plan level
for employer-sponsored retirement or benefit plans, including: (i) plans established under Internal Revenue Code
Sections 401(a), 401(k), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans,
(iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans.
The Adviser may reduce or waive the minimums.
Tax Information
The Fund’s distributions are generally taxable, and will be taxed as ordinary income or capital gains,
unless you are a tax-exempt organization or are investing through a tax-advantaged arrangement such as
a 401(k) plan or IRA. Distributions on investments made through tax-advantaged arrangements may be
taxed as ordinary income when withdrawn from those accounts.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank or
financial advisor), the Fund and/or its Adviser may pay the intermediary for the sale of Fund shares and
related services. These payments may create conflicts of interest by influencing the broker-dealer or
other intermediary and your salesperson to recommend the Fund over another investment. Ask your
salesperson or visit your financial intermediary’s website for more information.
6
Investment Objectives, Strategies, Risks and Disclosure of Portfolio Holdings |
Investment Objective
The Fund’s investment objective is long-term capital appreciation. The Fund’s investment objective is
not fundamental and may be changed without the approval of the Fund’s shareholders upon 60 days’
prior written notice to shareholders.
Principal Investment Strategies
Genesis Fund
Under normal market conditions, the Genesis Fund invests at least 80% of its net assets (plus any
borrowings for investment purposes) in equity securities issued by small-cap and mid-cap companies.
The Fund considers a company to be a small or mid-cap company if it has a market capitalization, at the
time of purchase, within the capitalization range of the Russell 2500® Index as of the date it was last
reconstituted. The market capitalizations within the index vary, but as of April 30, 2025 they ranged
from approximately $ 119.4 million to $18.6 billion.
PMV is the Adviser’s proprietary methodology for determining a company’s true intrinsic value. PMV
is what an acquirer would be willing to pay for the entire company (per share). It is calculated by
observing actual takeover valuations and applying the corresponding, appropriate valuation multiples to
each security analyzed. Since stock prices tend to be more volatile than a security’s intrinsic value, this
discipline eliminates the emotion of the markets and identifies objective investment opportunities.
Owning shares of high-quality companies at significant discounts to intrinsic value is a formula for
long-term investment success. The Fund may invest up to 20% of its net assets in REITs and securities
of other investment companies.
The Adviser employs a four-step equity management process that allows us to identify and manage a
portfolio of stocks chosen to provide superior returns with controlled risk. The first two steps are
designed to filter a broad universe of securities down to a select group that warrant intensive
fundamental analysis.
•Step 1: Look for symptoms of success
Great companies generate consistently superior returns for their shareholders. Therefore, the first
thing the Adviser looks for is companies with symptoms of success such as: consistent positive
cash flow from operations and strong returns on equity, assets, and invested capital.
•Step 2: Screen by valuation measures
Having screened for quality, the Adviser further narrows its universe by applying a series of initial
valuation measures. Companies that make it through these first two steps are then subjected to
intensive fundamental analysis.
•Step 3: Evaluate the business model
For a company to generate excess returns, it must have a sustainable competitive advantage. It
may be the low-cost producer, maintain a dominating brand or serve a niche. The Adviser evaluates
the company’s business model in order to understand the value and sustainability of its competitive
position.
•Step 4: Value the franchise
The last step in the Adviser’s equity selection process is to assign an independent, objective
valuation to the enterprise. The Adviser must determine what the true intrinsic value of the
7
company is. The Adviser does this through a private market valuation discipline. New securities
are purchased if the price is at a discount of 30% or more to its private market valuation.
Stocks are sold when they reach their PMV. The gap between price and PMV serves as an objective
basis to trim or add to existing holdings.
As a non-principal investment strategy, the Fund may also hold high-quality, short-term debt securities
and money market instruments for retaining flexibility in meeting redemptions, paying expenses, and
identifying and assessing investment opportunities. The Fund pursues its investment objective
regardless of market conditions and does not take defensive positions through raising cash. Cash will
fluctuate based upon the ratio of public prices to private values of securities, and defensive positioning
of the Fund is made through stock selection and sector weightings, which may result in the Fund not
achieving its investment objective. When investing for temporary defensive purposes, the Adviser may
invest up to 100% of the Fund’s total assets in such instruments. Taking a temporary defensive position
may result in the Fund not achieving its investment objective.
Principal Risks of Investing in the Fund
Before investing in the Fund, you should carefully consider your own investment goals, the amount of
time you are willing to leave your money invested, and the amount of risk you are willing to take. An
investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other governmental agency. There can be no assurance that the
Fund will achieve its investment objective. Remember, in addition to possibly not achieving your
investment goals, you could lose all or a portion of your investment in the Fund. The principal risks
of investing in the Fund are:
General Market Risk. The NAV and investment return of the Fund will fluctuate based upon changes
in the value of the Fund’s portfolio securities. The market value of a security may move up or down,
sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the
price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single
issuer, industry, sector of the economy, or the market as a whole. U.S. and international markets have
experienced, and may continue to experience, volatility, which may increase risks associated with an
investment in the Fund. Certain social, political, economic, environmental and other conditions and
events (such as natural disasters and weather-related phenomena generally, epidemics and pandemics,
terrorism, conflicts and social unrest) may adversely interrupt the global economy and result in
prolonged periods of significant market volatility. The market value of securities in which the Fund
invests is based upon the market’s perception of value, and is not necessarily an objective measure of
the securities’ value. In some cases, for example, the stock prices of individual companies have been
negatively affected even though there may be little or no apparent degradation in the financial condition
or prospects of the issuers. Similarly, the debt markets have experienced substantially lower valuations,
reduced liquidity, price volatility, credit downgrades, increased likelihood of default and valuation
difficulties. As a result of this significant volatility, many of the following risks associated with an
investment in the Fund may be increased. Continuing market volatility may have adverse effects on the
Fund.
Management Risk. The ability of the Fund to meet its investment objective is directly related to the
Adviser’s investment strategies for the Fund. The value of your investment in the Fund may vary with
the effectiveness of the Adviser’s research, analysis, and asset allocation among portfolio securities. If
the Adviser’s investment strategies do not produce the expected results, the value of your investment
could be diminished or even lost entirely and the Fund could underperform the market or other mutual
funds with similar investment objectives.
8
Equity Securities Risk. The Fund’s investments in equity securities are susceptible to general stock
market fluctuations and to volatile increases and decreases in value as market confidence in and
perceptions of their issuers change. These investor perceptions are based on various and unpredictable
factors including: expectations regarding government, economic, monetary and fiscal policies; inflation
and interest rates; economic expansion or contraction; global and/or regional political, economic and
banking crises; and factors affecting specific industries, sectors or companies in which the Fund invests.
The Fund’s net asset value and investment return will fluctuate based upon changes in the value of its
portfolio securities.
Mid-Cap Companies Risk. The mid-cap companies in which the Fund invests may not have the
management experience, financial resources, product diversification and competitive strengths of large-
cap companies. Therefore, these securities may be more volatile and less liquid than the securities of
larger, more established companies. Mid-cap company stocks may also be bought and sold less often
and in smaller amounts than larger company stocks. Because of this, if the Adviser wants to sell a large
quantity of a mid-cap company stock, it may have to sell at a lower price than it might prefer, or it may
have to sell in smaller than desired quantities over a period of time. Analysts and other investors may
follow these companies less actively and therefore information about these companies may not be as
readily available as that for large-cap companies.
Small-Cap Companies Risk. The small-cap companies in which the Fund invests may not have the
management experience, financial resources, product or business diversification and competitive
strengths of larger-cap companies. In addition, such companies may have been recently organized and
have little or no track record of success. Therefore, these securities may be more volatile and less liquid
than the securities of larger, more established companies. Small-cap company stocks may also be
bought and sold less often and in smaller amounts than larger company stocks. Because of this, if the
Adviser wants to sell a large quantity of a small-cap company stock, it may have to sell at a lower price
than it might prefer, or it may have to sell in smaller than desired quantities over a period of time.
Analysts and other investors may follow these companies less actively and, therefore, information about
these companies may not be as readily available as that for larger-cap companies.
Value-Style Investing Risk. The Fund’s investments in value stocks may react differently to issuer,
political, market, and economic developments than the general market and investments in other types of
stocks. Value stocks tend to be inexpensive relative to their earnings or assets compared to other types
of stocks. However, value stocks may continue to be inexpensive for long periods of time and may not
ever realize their full value and their prices may decline. Also, if the market does not consider a stock
to be undervalued, then the value of the stock may decline even if stock prices are generally rising. In
addition, the Adviser's estimated value of an investment may not be correct.
REIT Risk. REITs have been subject to substantial fluctuations and valuation declines on a local,
regional and national basis in the past and may continue to be in the future. Real property values and
incomes from real property may decline due to general and local economic conditions, overbuilding and
increased competition, increases in property taxes and operating expenses, changes in zoning laws,
casualty or condemnation losses, regulatory limitations on rents, changes in neighborhoods and in
demographics, increases in market interest rates, or other factors. Factors such as these may adversely
affect companies which own and operate real estate directly, companies which lend to them, and
companies which service the real estate industry.
Sector Emphasis Risk. The securities of companies in the same or related businesses (“industry
sectors”), if comprising a significant portion of the portfolio, may in some circumstances react
negatively to market conditions, interest rates and economic, regulatory or financial developments and
adversely affect the value of the portfolio to a greater extent than if such securities comprised a lesser
9
portion of the Fund’s portfolio or the Fund’s portfolio was diversified across a greater number of
industry sectors. Some industry sectors have particular risks that may not affect other sectors.
Financial Sector Risk. The Fund currently invests a significant portion of its assets in companies in the
financial sector, and therefore the performance of the Fund could be negatively impacted by events
affecting this sector. This sector can be significantly affected by changes in interest rates, the rate of
corporate and consumer debt defaults, the availability and cost of borrowing and raising capital,
reduced credit market liquidity, regulatory changes, price competition, bank failures and other financial
crises, and general economic and market conditions. Changing interest rates could reduce the
profitability of certain types of companies in the financial sector. Financial companies may have
concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes
them vulnerable to economic conditions that affect such industries or sectors. Significant events may
have a significant negative impact on economies and financial markets worldwide, resulting in higher
debt defaults, loan write-offs, and government intervention, and potentially the failure of some financial
institutions, each of which would reduce investment performance of financial sector companies held by
the Fund.
ADR Risk. ADRs are generally subject to the same risks as the foreign securities because their values
depend on the performance of the underlying foreign securities. In addition, depositary receipts may
not track the price of the underlying foreign securities and their value may change materially at times
when the U.S. markets are not open for trading. In some cases, there may be less information available
about the underlying issuers than would be the case with a direct investment in the foreign issuer. ADRs
are U.S. dollar-denominated receipts representing shares of foreign-based corporations. Investment in
ADRs may be less liquid than the underlying shares in their primary trading market and may be more
volatile. Investing in ADRs presents risks that may not be equal to the risk inherent in holding the
equivalent shares of the same companies that are traded in the local markets even though the ADRs will
be purchased, sold and pay dividends in U.S. Dollars. These risks include fluctuations in currency
exchange rates, which are affected by international balances of payments and other economic and
financial conditions; government intervention; inflation risk; speculation; and other factors. Investing in
ADRs presents risks that may not be equal to the risk inherent in holding the equivalent shares of the
same companies that are traded in the local markets even though the ADRs will be purchased, sold and
pay dividends in U.S. Dollars. These risks include fluctuations in currency exchange rates, which are
affected by international balances of payments and other economic and financial conditions;
government intervention; inflation risk; speculation; and other factors. Distributions paid to holders of
depositary receipts, such as the Fund, may be subject to a fee charged by the depositary. In addition,
depositary receipts may not pass through voting or other shareholder rights.
ADRs may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is
established jointly by the issuer of the underlying security and a depositary, whereas a depositary may
establish an unsponsored facility without participation by the issuer of the depositary security. Holders
of unsponsored ADRs generally bear all the costs of such depositary receipts, and the issuers of
unsponsored ADRs frequently are under no obligation to distribute shareholder communications
received from the company that issues the underlying foreign securities or to pass through voting rights
to the holders of the ADRs. As a result, there may not be a correlation between such information and
the market values of unsponsored ADRs.
Non-Principal Risks
ETF Risk. The market price of an ETF will fluctuate based on changes in the ETF’s net asset value as
well as changes in the supply and demand of its shares in the secondary market. It is also possible that
an active secondary market of an ETF’s shares may not develop and market trading in the shares of the
ETF may be halted under certain circumstances. The lack of liquidity in a particular ETF could result
in it being more volatile than the ETF’s underlying portfolio of securities. In addition, the Fund will
10
bear its pro rata portion of an ETF’s expenses and the Fund’s expenses may therefore be higher than if
it invested directly in securities.
Investment Company Risk. The Fund may be subject to increased expenses and reduced performance as
a result of its contemplated investments in other investment companies. If the Fund invests in
investment companies (including other closed-end, open-end funds, and ETFs), it will bear additional
expenses based on its pro rata share of the investment company’s operating expenses, including the
duplication of advisory and other fees and expenses. Additional risks of owning an investment
company generally includes the risks of owning the underlying securities the investment company
holds.
Portfolio Holdings
A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s
portfolio holdings is available in the Fund’s Statement of Additional Information (“SAI”).
Management of the Fund |
Investment Adviser
The Fund has entered into an investment advisory agreement (“Advisory Agreement”) with Reinhart
Partners, LLC located at 11090 North Weston Drive, Mequon, Wisconsin 53092. Established in 1991,
the Adviser is an SEC-registered investment adviser that provides investment advisory services to
private clients and institutions and is responsible for about $3.75 billion in assets under advisement as
of May 31, 2025. Under the Advisory Agreement, the Adviser manages the Fund’s investments subject
to the supervision of the Board.
The Adviser has overall supervisory responsibility for the general management and investment of the
Fund’s securities portfolio. The Adviser also furnishes the Fund with office space and certain
administrative services and provides most of the personnel needed to fulfill its obligations under the
Advisory Agreement. For its services, the Fund pays the Adviser a monthly management fee that is
calculated at the annual rate of 0.80% of the Fund’s average daily net assets.
Fund Expenses. The Fund is responsible for its own operating expenses. Pursuant to an Operating
Expenses Limitation Agreement between the Adviser and the Trust, on behalf of each class of the Fund,
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 AFFE, front-end or contingent deferred
loads, leverage/borrowing interest, interest expense, taxes, dividends paid on short sales, brokerage
commissions, expenses incurred in conjunction with any merger or reorganization, or extraordinary
expenses such as litigation) do not exceed 1.20% of the average daily net assets of the Investor Class,
0.95% of the average daily net assets of the Advisor Class, or 0.80% of the average daily net assets of
the Institutional Class of the Fund (the “Expense Cap”). The Operating Expenses Limitation Agreement
is indefinite in term and cannot be terminated through at least September 28, 2027, with respect to the
Fund. 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
the expense payment occurred and at the time of the recoupment.
As a result of the Operating Expenses Limitation Agreement the Adviser has with the Fund, the Adviser
was effectively paid a management fee of 0.75% of the Fund’s average daily net assets for the fiscal
year ended May 31, 2025.
11
A discussion regarding the basis of the Board’s approval of the Advisory Agreement is available in the
Fund’s annual report to shareholders for the fiscal year ended May 31, 2025, which is included in the
Fund’s Form N-CSR.
The Fund, as series of the Trust, does not hold itself out as related to any other series of the Trust for
purposes of investment and investor services, except for the Reinhart Mid Cap PMV Fund and the
Reinhart International PMV Fund for which the Fund shares the same investment adviser. The Fund
does not share the same investment adviser with any other series of the Trust.
Portfolio Managers
Matthew Martinek, CFA and Joshua Wheeler, CFA, are responsible for the day-to-day management of
the Genesis Fund.
Matthew Martinek, CFA
Matthew Martinek joined Reinhart Partners in 2010 as an Analyst and was promoted to Portfolio
Manager of the Genesis PMV strategy in 2011, Chief Investment Officer in 2024, and Co-Portfolio
Manager of the Mid Cap PMV strategy in 2024. Prior to joining Reinhart Partners, Mr. Martinek was an
Associate Analyst with T. Rowe Price, primarily focused on the Small Cap Value strategy. Mr.
Martinek has a BBA in Accounting and Finance from the University of Wisconsin-Madison, where he
was a member of the Applied Security Analysis Program. He also received an MBA from Columbia
Business School, where he was a member of the Applied Value Investing program. He holds the
Chartered Financial Analyst designation and is a member of the CFA Institute.
Joshua Wheeler, CFA
Joshua Wheeler joined Reinhart Partners in 2015 as an Analyst and was promoted to Portfolio Manager
of the Mid Cap PMV strategy in January 2021 and Co-Portfolio Manager of the Genesis PMV strategy
in 2024. Prior to joining Reinhart Partners, Mr. Wheeler was a Senior Equity Research Analyst at
Greenleaf Trust and a sell-side Senior Research Associate at Morgan Stanley in New York City. He
began his career as a Commercial Credit Analyst for Vectra Bank in Denver, Colorado. Mr. Wheeler
has a BA in Economics from Hope College and an MBA from the University of Chicago Booth School
of Business. He holds the Chartered Financial Analyst designation and is a member of the CFA
Institute.
The Fund’s SAI provides additional information about the portfolio managers’ compensation, other
accounts managed by the portfolio managers and the portfolio managers’ ownership of Fund shares.
Shareholder Information |
Pricing of Fund Shares
The price of each class of the Fund’s shares is its NAV. The NAV of each class is calculated by
dividing its total assets, less the liabilities of each class, by the number of shares outstanding of each
class. The NAV of each class is calculated at the close of regular trading of the NYSE, which is
generally 4:00 p.m. Eastern Time. The NAV will not be calculated, nor may investors purchase or
redeem Fund shares, on days that the NYSE is closed for trading, even though certain Fund securities
(i.e., foreign or debt securities) may trade on days the NYSE is closed and such trading may materially
affect the Fund’s NAV.
The Fund’s assets are generally valued at their market price using valuations provided by independent
pricing services consistent with the Adviser’s valuation procedures and policies. Pursuant to Rule 2a-5
under the 1940 Act, the Adviser has been designated by the Board as the valuation designee for the
Fund and has been delegated the responsibility for making good faith, fair value determinations with
respect to the Fund’s portfolio securities. When market prices are not readily available, or believed by
the Adviser to be unreliable, a security or other asset is valued at its fair value by the Adviser as
12
determined under fair value procedures approved by the Board. The Board reviews, no less frequently
than annually, the adequacy of the policies and procedures of the Fund and the effectiveness of their
implementation. These fair value pricing procedures will also be used to price a security when corporate
events, events in the securities market and/or world events cause the Adviser to believe that a security’s
last sale price may not reflect its actual market value. The intended effect of using fair value pricing
procedures is to ensure that the Fund is accurately priced. The Board will regularly evaluate whether the
Trust’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of
the Fund and the quality of the prices obtained through the application of such procedures.
When fair value pricing is employed, security prices that the Fund uses to calculate its NAV may differ
from quoted or published prices for the same securities. Due to the subjective and variable nature of
fair value pricing, it is possible that the fair value determined for a particular security may be materially
different (higher or lower) than the price of the security quoted or published by others, the value when
trading resumes, and/or the value realized upon the security’s sale. Therefore, if a shareholder
purchases or redeems Fund shares when the Fund holds securities priced at a fair value, the number of
shares purchased or redeemed may be higher or lower than it would be if the Fund were using market
value pricing.
The Fund’s investments in smaller capitalization companies are more likely to require a fair value
determination because they may be more thinly traded and less liquid than securities of larger
companies. It is anticipated that the Fund’s portfolio holdings will be fair valued only if market
quotations for those holdings are unavailable or considered unreliable.
Portfolio securities primarily traded on the NASDAQ Stock Market (“NASDAQ”) shall be valued using
the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale price.
If the NOCP is not available, such securities shall be 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 asked prices. Over-
the-counter securities that are not traded on NASDAQ shall be valued at the most recent trade price.
Securities and assets for which market quotations are not readily available (including restricted
securities which are subject to limitations as to their sale) are valued at fair value as determined in good
faith under procedures approved by the Board.
How to Purchase Fund Shares
Shares of the Fund are purchased at the NAV per share next calculated after your purchase order is
received in good order by the Fund (as defined below). Shares may be purchased directly from the
Fund or through a financial intermediary, including but not limited to, certain brokers, financial
planners, financial advisors, banks, insurance companies, retirement, benefit and pension plans or
certain packaged investment products.
Shares of the Fund have not been registered and are not offered for sale outside of the United States.
The Fund generally does not sell shares to investors residing outside the United States, even if they are
United States citizens or lawful permanent residents, except to investors with United States military
APO or FPO addresses or in certain other circumstances where the Chief Compliance Officer and Anti-
Money Laundering Officer for the Trust conclude that such sale is appropriate and is not in
contravention of U.S. law.
A service fee, currently $25, as well as any loss sustained by the Fund, will be deducted from a
shareholder’s account for any purchases that do not clear. The Fund and U.S. Bancorp Fund Services,
LLC, the Fund’s transfer agent (the “Transfer Agent”), will not be responsible for any losses, liability,
cost or expense resulting from rejecting any purchase order. Your initial order will not be accepted
until a completed account application (an “Account Application”) is received by the Fund or the
Transfer Agent.
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Investment Minimums. The Fund’s minimum initial and subsequent investment amounts are shown
below:
Minimum Initial Investment | Minimum Subsequent Investments | |
Investor Class | $5,000 | $100 |
Advisor Classes | $5,000 | $100 |
Institutional Class* | $1,000,000 | None |
*Institutional Class shares pay no Rule 12b-1 distribution fees and no shareholder servicing plan fees. In addition, the
Adviser will not make any revenue sharing payments to financial intermediaries in connection with the sale of
Institutional Class shares. The minimum initial investment is waived for institutional investors that maintain accounts at
an omnibus or plan level for employer-sponsored retirement or benefit plans, including: (i) plans established under
Internal Revenue Code Sections 401(a), 401(k), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money
purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans.
The Adviser reserves the right to waive the minimum initial or subsequent investment amounts at its
discretion. Shareholders will be given at least 30 days’ written notice of any increase in the minimum
dollar amount of initial or subsequent investments.
Purchases through Financial Intermediaries. For share purchases through a financial intermediary, you
must follow the procedures established by your financial intermediary. Your financial intermediary is
responsible for sending your purchase order and payment to the Fund’s Transfer Agent. Your financial
intermediary holds the shares in your name and receives all confirmations of purchases and sales from
the Fund. Your financial intermediary may charge for the services that it provides to you in connection
with processing your transaction order or maintaining an account with it.
If you place an order for the Fund’s shares through a financial intermediary that is authorized by the
Fund to receive purchase and redemption orders on its behalf (an “Authorized Intermediary”), your
order will be processed at the NAV next calculated after receipt by the Authorized Intermediary,
consistent with applicable laws and regulations. Authorized Intermediaries are authorized to designate
other Authorized Intermediaries to receive purchase and redemption orders on the Fund’s behalf.
If your financial intermediary is not an Authorized Intermediary, your order will be processed at the
NAV next calculated after the Transfer Agent receives your order from your financial intermediary.
Your financial intermediary must agree to send immediately available funds to the Transfer Agent in
the amount of the purchase price in accordance with the Transfer Agent’s procedures. If payment is not
received, in a timely manner, the Transfer Agent may rescind the transaction and your financial
intermediary will be held liable for any resulting fees or losses. Financial intermediaries that are not
Authorized Intermediaries may set cut-off times for the receipt of orders that are earlier than the cut-off
times established by the Fund.
Purchase Requests Must be Received in Good Order
Your share price will be the next NAV per share calculated after the Transfer Agent or your Authorized
Intermediary receives your purchase request in good order. “Good order” means that your purchase
request includes:
•The name of the Fund(s) to be purchased;
•The class of shares to be purchased;
•The dollar amount of shares to be purchased;
•Your account application or investment stub; and
•A check payable to the name of the Fund or a wire transfer received by the Fund.
14
An Account Application or subsequent order to purchase Fund shares is subject to acceptance by the
Fund and is not binding until so accepted. The Fund reserves the right to reject any Account
Application or purchase order if, in its discretion, it is in the Fund’s best interest to do so. For example,
a purchase order may be refused if it appears so large that it would disrupt the management of the Fund.
Purchases may also be rejected from persons believed to be “market-timers,” as described under “Tools
to Combat Frequent Transactions,” below. Accounts opened by entities, such as credit unions,
corporations, limited liability companies, partnerships or trusts, will require additional documentation.
Please note that if any information listed above is missing, your Account Application will be returned
and your account will not be opened.
Upon acceptance by the Fund, all purchase requests received in good order before the close of the
NYSE (generally 4:00 p.m., Eastern Time) will be processed at the NAV next calculated after receipt.
Purchase requests received after the close of the NYSE will be priced on the next business day.
Purchase by Mail. To purchase Fund shares by mail, simply complete and sign the Account
Application or investment stub and mail it, along with a check made payable to the Fund, to:
Regular Mail [Name of Fund(s)] c/o U.S. Bank Global Fund Services PO. Box 219252 Kansas City, MO 64121-9252 | Overnight or Express Mail [Name of Fund(s)] c/o U.S. Bank Global Fund Services 801 Pennsylvania Ave, Suite 219252 Kansas City, MO 64105-1307 |
The Fund does not consider the U.S. Postal Service or other independent delivery services to be its
agents. Therefore, deposit in the mail or with such services, or receipt at the U.S. Bancorp Fund
Services, LLC post office box, of purchase orders or redemption requests does not constitute receipt by
the Transfer Agent. Receipt of purchase orders or redemption requests is determined as of the time the
order is received at the Transfer Agent’s offices. All purchase checks must be in U.S. dollars drawn on
a domestic financial institution. The Fund will not accept payment in cash or money orders. To
prevent check fraud, the Fund will not accept third party checks, Treasury checks, credit card checks,
traveler’s checks or starter checks for the purchase of shares. The Fund is unable to accept post-dated
checks, or any conditional order or payment.
Purchase by Wire. If you are making your first investment in the Fund, the Transfer Agent must have a
completed Account Application before you wire the funds. You can mail or use an overnight service to
deliver your Account Application to the Transfer Agent at the above address. Upon receipt of your
completed Account Application, the Transfer Agent will establish an account for you. Once your
account has been established, you may instruct your bank to send the wire. Prior to sending the wire,
please call the Transfer Agent at (855) 774-3863 to advise them of the wire and to ensure proper credit
upon receipt. Your bank must include the name of the Fund(s), your name and your account number so
that your wire can be correctly applied. Your bank should transmit immediately available funds by wire
to:
Wire to: | U.S. Bank, N.A. |
ABA Number: | 075000022 |
Credit: | U.S. Bancorp Fund Services, LLC |
Account: | 112-952-137 |
Further Credit: | [Name of Fund(s)] |
[Shareholder Name/Account Registration] | |
[Shareholder Account Number] | |
[Class of shares to be purchased] |
15
Wired funds must be received prior to the close of the NYSE (generally 4:00 p.m., Eastern Time) to be
eligible for same day pricing. The Fund and U.S. Bank N.A., the Fund’s custodian, are not responsible
for the consequences of delays resulting from the banking or Federal Reserve wire system, or from
incomplete wiring instructions.
Investing by Telephone. You may not make initial purchases of Fund shares by telephone. If you did
not decline telephone transactions on your Account Application, and your account has been open for at
least 7 business days, you may purchase additional shares by telephoning the Fund toll free at (855)
774-3863. This option allows investors to move money from their bank account to their Fund account
upon request. Only bank accounts held at domestic financial institutions that are Automated Clearing
House (“ACH”) members may be used for telephone transactions. The minimum telephone purchase
amount is $100. If your order is received prior to the close of the NYSE (generally 4:00 p.m., Eastern
Time), shares will be purchased in your account at the NAV determined on the day your order is placed.
Shareholders may encounter higher than usual call waiting times during periods of high market activity.
Please allow sufficient time to place your telephone transaction. The Fund is not responsible for delays
due to communications or transmission outages or failure. Once a telephone transaction has been
placed, it cannot be canceled or modified after the close of regular trading on the NYSE (generally 4:00
p.m., Eastern Time).
Subsequent Investments. Subject to the minimum subsequent investment amount described above, you
may add to your account at any time by purchasing shares by mail, telephone or wire. You must call to
notify the Fund at (855) 774-3863 before wiring. An Invest by Mail form, which is attached to your
individual account statement, should accompany any investments made through the mail. All
subsequent purchase requests must include the Fund name and your shareholder account number. If you
do not have the Invest by Mail form from your account statement, include your name, address, Fund
name and account number on a separate piece of paper.
Automatic Investment Plan. For your convenience, the Fund offers an Automatic Investment Plan
(“AIP”). Under the AIP, after your initial investment, you may authorize the Fund to automatically
withdraw any amount of at least $100 that you wish to invest in the Fund, on a monthly, quarterly,
semi-annual or annual basis, from your personal checking or savings account. In order to participate in
the AIP, your bank must be a member of the ACH network. If you wish to enroll in the AIP, complete
the appropriate section in the Account Application. The Fund may terminate or modify this privilege at
any time. You may terminate your participation in the AIP at any time by notifying the Transfer Agent
five days prior to the next scheduled investment. A fee will be charged if your bank does not honor the
AIP draft for any reason.
Anti-Money Laundering Program. The Trust has established an Anti-Money Laundering Compliance
Program (the “Program”) as required by the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT
Act”) and related anti-money laundering laws and regulations. To ensure compliance with these laws,
the Account Application asks for, among other things, the following information for all “customers”
seeking to open an “account” (as those terms are defined in rules adopted pursuant to the USA
PATRIOT Act):
•Full name;
•Date of birth (individuals only);
•Social Security or taxpayer identification number; and
•Permanent street address (a P.O. Box number alone is not acceptable).
In compliance with the USA PATRIOT Act and other applicable anti-money laundering laws and
regulations, the Transfer Agent will verify the information on your account application as part of the
16
Program. As requested on the account application, you must supply your full name, date of birth, social
security number and permanent street address. If you are opening the account in the name of a legal
entity (e.g., partnership, limited liability company, business trust, corporation, etc.), you must also
supply the identity of the beneficial owners. Mailing addresses containing only a P. O. Box will not be
accepted. The Fund reserves the right to request additional clarifying information and may close your
account if such clarifying information is not received by the Fund within a reasonable time of the
request or if the Fund cannot form a reasonable belief as to the true identity of a customer. If you
require additional assistance when completing your application, please contact the Transfer Agent at
(855) 774-3863.
Cancellations and Modifications. The Fund will not accept a request to cancel or modify a written
transaction once processing has begun. Please exercise care when placing a transaction request.
How to Redeem Fund Shares
In general, orders to sell or “redeem” shares may be placed directly with the Fund or through a financial
intermediary. You may redeem all or part of your investment in the Fund’s shares on any business day
that the Fund calculates its NAV.
However, if you originally purchased your shares through a financial intermediary, your redemption
order must be placed with the same financial intermediary in accordance with their established
procedures. Your financial intermediary is responsible for sending your order to the Transfer Agent
and for crediting your account with the proceeds. Your financial intermediary may charge for the
services that they provide to you in connection with processing your transaction order or maintaining an
account with them.
Shareholders who have an IRA or other retirement plan must indicate on their written redemption
request whether to withhold federal income tax. Redemption requests failing to indicate an election not
to have tax withheld will generally be subject to 10% withholding.
Shares held in IRA accounts may be redeemed by telephone at (855) 774-3863. Investors will be asked
whether or not to withhold taxes from any distribution.
Payment of Redemption Proceeds. You may redeem your Fund shares at the NAV per share next
determined after the Transfer Agent or an Authorized Intermediary receives your redemption request in
good order. Your redemption request cannot be processed on days the NYSE is closed. All requests
received by the Fund in good order after the close of the regular trading session of the NYSE (generally
4:00 p.m., Eastern Time) will usually be processed on the next business day. Under normal
circumstances, the Fund expects to meet redemption requests through the sale of investments held in
cash or cash equivalents. In situations in which investment holdings in cash or cash equivalents are not
sufficient to meet redemption requests, the Fund may choose to sell portfolio assets for the purpose of
meeting such requests. The Fund further reserves the right to distribute “in-kind” securities from the
Fund’s portfolio in lieu (in whole or in part) of cash under certain circumstances, including under
stressed market conditions. Redemptions-in-kind are discussed in greater detail below.
A redemption request will be deemed in “good order” if it includes:
•The shareholder’s name;
•The name of the Fund to be redeemed;
•The class of shares to be redeemed;
•The account number;
•The share or dollar amount to be redeemed; and
•Signatures by all shareholders on the account and signature guarantee(s), if applicable.
17
Additional documents are required for certain types of redemptions, such as redemptions from accounts
held by credit unions, corporations, limited liability companies, or partnerships, or from accounts with
executors, trustees, administrators, or guardians. Please contact the Transfer Agent to confirm the
requirements applicable to your specific redemption request. Redemption requests that do not have the
required documentation will be rejected.
While redemption proceeds may be paid by check sent to the address of record, the Fund is not
responsible for interest lost on such amounts due to lost or misdirected mail. Redemption proceeds may
be wired to your pre-established bank account, or proceeds may be sent via electronic funds transfer
through the ACH network using the bank instructions previously established for your account. The
Fund typically sends the redemption proceeds on the next business day (a day when the NYSE is open
for normal business) after the redemption request is received in good order and prior to market close,
regardless of whether the redemption proceeds are sent via check, wire, or automated clearing house
(ACH) transfer. Wires are subject to a $15 fee. There is no charge to have proceeds sent via ACH;
however, funds are typically credited to your bank within two to three days after redemption. Except as
set forth below, proceeds will be paid within seven calendar days after the Fund receives your
redemption request. Under unusual circumstances, the Fund may suspend redemptions, or postpone
payment for up to seven days, as permitted by federal securities law.
If you did not purchase your shares with a wire payment, please note that if the Transfer Agent has not
yet collected payment for the shares you are redeeming, it may delay sending the proceeds until the
payment is collected, which may take up to 12 calendar days from the purchase date. Furthermore,
there are certain times when you may be unable to sell Fund shares or receive proceeds. Specifically,
the Fund may suspend the right to redeem shares or postpone the date of payment upon redemption for
more than seven calendar days: (1) for any period during which the NYSE is closed (other than
customary weekend or holiday closings) or trading on the NYSE is restricted; (2) for any period during
which an emergency exists as a result of which disposal by the Fund of its securities is not reasonably
practicable or it is not reasonably practicable for the Fund to fairly determine the value of its net assets;
or (3) for such other periods as the SEC may by order permit for the protection of shareholders. Your
ability to redeem shares by telephone will be restricted for 15 calendar days after you change your
address. You may change your address at any time by telephone or written request, addressed to the
Transfer Agent. Confirmations of an address change will be sent to both your old and new address.
Signature Guarantee. Redemption proceeds will be sent to the address of record. The Transfer Agent
may require a signature guarantee for certain redemption requests. A signature guarantee assures that
your signature is genuine and protects you from unauthorized account redemptions. Signature
guarantees can be obtained from domestic banks, brokers, dealers, credit unions, national securities
exchanges, registered securities associations, clearing agencies and savings associations, as well as from
participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer
Agents Medallion Program (“STAMP”), but not from a notary public. A signature guarantee, from
either a Medallion program member or a non-Medallion program member, is required of each owner in
the following situations:
•If ownership is being changed on your account;
•When redemption proceeds are payable or sent to any person, address or bank account not on
record;
•When a redemption is received by the Transfer Agent and the account address has changed
within the last 15 calendar days;
•For all redemptions in excess of $100,000 from any shareholder account.
18
Non-financial transactions, including establishing or modifying the ability to purchase and redeem Fund
shares by telephone and certain other services on an account, may require a signature guarantee,
signature verification from a Signature Validation Program member, or other acceptable form of
authentication from a financial institution source.
In addition to the situations described above, the Fund and/or the Transfer Agent reserve the right to
require a signature guarantee or other acceptable signature verification in other instances based on the
circumstances relative to the particular situation.
Redemption by Mail. You may execute most redemptions by furnishing an unconditional written
request to the Fund to redeem your shares at the current NAV per share. Written redemption requests
should be sent to the Transfer Agent at:
Regular Mail [Name of Fund(s)] c/o U.S. Bank Global Fund Services PO. Box 219252 Kansas City, MO 64121-9252 | Overnight or Express Mail [Name of Fund(s)] c/o U.S. Bank Global Fund Services 801 Pennsylvania Ave, Suite 219252 Kansas City, MO 64105-1307 |
The Fund does not consider the U.S. Postal Service or other independent delivery services to be their
agents. Therefore, deposit in the mail or with such services, or receipt at the U.S. Bancorp Fund
Services, LLC post office box, of purchase orders or redemption requests does not constitute receipt by
the Transfer Agent of the Fund. Receipt of purchase orders or redemption requests is based on when the
order is received at the Transfer Agent’s offices.
Wire Redemption. Wire transfers may be arranged to redeem shares. However, the Transfer Agent
charges a fee, currently $15, per wire redemption against your account on dollar specific trades, and
from proceeds on complete redemptions and share-specific trades.
Telephone Redemption. Unless you declined telephone transactions on your Account Application, you
may redeem shares, in amounts of $100,000 or less, by instructing the Fund by telephone at (855)
774-3863. Investors in an IRA or other retirement plan will be asked whether or not to withhold federal
income tax.
In order to qualify for, or to change, telephone redemption privileges on an existing account, a signature
guarantee, signature verification from a Signature Validation Program member, or other acceptable
form of authentication from a financial institution source may be required of all shareholders in order to
qualify for, or to change, telephone redemption privileges on an existing account. Telephone
redemptions will not be made if you have notified the Transfer Agent of a change of address within 15
calendar days before the redemption request. Shareholders may encounter higher than usual call
waiting times during periods of high market activity. Please allow sufficient time to place your
telephone transaction. The Fund is not responsible for delays due to communication or transmission
outages or failures.
Note: Neither the Fund nor any of its service providers will be liable for any loss or expense in acting
upon instructions that are reasonably believed to be genuine. To confirm that all telephone instructions
are genuine, the Fund will use reasonable procedures, such as requesting that you correctly state:
•Your Fund account number;
•The name in which your account is registered; and/or
•The Social Security or taxpayer identification number under which the account is registered.
19
If an account has more than one owner or person authorized to perform transactions, the Fund will
accept telephone instructions from any one owner or authorized person.
Systematic Withdrawal Program. The Fund offers a systematic withdrawal plan (“SWP”) whereby
shareholders or their representatives may request a redemption in a specific dollar amount of at least
$100 be sent to them each month, calendar quarter or annually. Investors may choose to have a check
sent to the address of record, or proceeds may be sent to a pre-designated bank account via the ACH
network. To start this program, your account must have Fund shares with a value of at least $10,000.
This program may be terminated or modified by the Fund at any time. Any request to change or
terminate your SWP should be communicated in writing or by telephone to the Transfer Agent no later
than five days before the next scheduled withdrawal. A withdrawal under the SWP involves
redemption of Fund shares, and may result in a gain or loss for federal income tax purposes. In
addition, if the amount requested to be withdrawn exceeds the rate of growth of assets in your account,
including any dividends credited to your account, the account will ultimately be depleted. To establish
the SWP, complete the SWP section of the Account Application. Please call (855) 774-3863 for
additional information regarding the SWP.
The Fund’s Right to Redeem an Account. The Fund reserves the right to redeem the shares of any
shareholder whose account balance is less than $2,500, other than as a result of a decline in the NAV of
the Fund. The Fund will provide a shareholder with written notice 30 days prior to redeeming the
shareholder’s account.
Redemption-in-Kind. The Fund generally pays redemption proceeds in cash. However, under unusual
conditions that make the payment of cash unwise (and for the protection of the Fund’s remaining
shareholders), the Fund may pay all or part of a shareholder’s redemption proceeds in portfolio
securities with a market value equal to the redemption price (redemption-in-kind).
Specifically, if the amount you are redeeming from the Fund during any 90-day period is in excess of
the lesser of $250,000 or 1% of the Fund’s net assets, valued at the beginning of such period, the Fund
has the right to redeem your shares by giving you the amount that exceeds this threshold in securities
instead of cash. If the Fund pays your redemption proceeds by a distribution of securities, you could
incur brokerage or other charges in converting the securities to cash, and you may incur a taxable
capital gain or loss as a result of the distribution. In addition, you will bear any market risks associated
with such securities until they are converted into cash.
Cancellations and Modifications. The Fund will not accept a request to cancel or modify a written
transaction once processing has begun. Please exercise care when placing a transaction request.
How to Exchange Fund Shares
You may exchange all or a portion of your investment from the Fund to other Funds in the Trust that
the Adviser manages within the same share class. Be sure to confirm with the Transfer Agent that the
Fund into which you exchange is available for sale in your state. Not all Funds available for exchange
may be available for purchase in your state. Any new account established through an exchange will be
subject to the minimum investment requirements described above under “How to Purchase Shares,”
unless the account qualifies for a waiver of the initial investment requirement. Exchanges will be
executed on the basis of the relative NAV of the shares exchanged. An exchange is considered to be a
redemption of shares for federal income tax purposes on which you may realize a taxable capital gain or
loss.
You may make exchanges only between identically registered accounts (name(s), address, and taxpayer
ID number). There is currently no limit on exchanges, but the Fund reserves the right to limit
20
exchanges (See “Tools to Combat Frequent Transactions”). You may exchange your shares by mail or
telephone, unless you declined telephone exchange privileges on your Account Application.
Exchanges By Mail. To exchange Fund shares by mail, simply complete a written request and mail it to
the Fund:
Regular Mail [Name of Fund(s)] c/o U.S. Bank Global Fund Services PO. Box 219252 Kansas City, MO 64121-9252 | Overnight or Express Mail [Name of Fund(s)] c/o U.S. Bank Global Fund Services 801 Pennsylvania Ave, Suite 219252 Kansas City, MO 64105-1307 |
The written request must contain the following information:
•Your account number;
•The names of the Fund and Share Class you are exchanging;
•The dollar amount or number of shares you want to sell (and exchange); and
•A completed Account Application for the Fund into which you want to exchange if you desire
different account privileges than those currently associated with your Fund account.
The Fund does not consider the U.S. Postal Service or other independent delivery services to be their
agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bancorp Fund Services,
LLC post office box, of purchase orders or redemption requests does not constitute receipt by the
Transfer Agent of the Fund. Receipt of purchase orders, redemption or exchange requests is based on
when the order is received at the Transfer Agent’s offices.
Exchanges by Telephone. Unless you declined telephone transactions on your Account Application,
you may exchange your Fund shares by telephone at (855) 774-3863. During periods of high market
activity, shareholders may encounter higher than usual call waiting times. Please allow sufficient time
to place your telephone transaction. The Fund is not responsible for delays due to communications or
transmission outages or failure.
Note: Neither the Fund nor any of its service providers will be liable for any loss or expense in acting
upon instructions that are reasonably believed to be genuine. To confirm that all telephone instructions
are genuine, the Fund will use reasonable procedures, such as requesting that you correctly state:
•Your Fund account number;
•The name in which your account is registered; and/or
•The social security or taxpayer identification number under which the account is registered.
Dividends and Distributions
The Fund will make distributions of net investment income and net capital gains, if any, at least
annually, typically during the month of December. The Fund may make additional distributions if
deemed to be desirable at other times during the year.
All distributions will be reinvested in Fund shares unless you choose one of the following options:
(1) receive distributions of net capital gains in cash, while reinvesting net investment income
distributions in additional Fund shares; (2) receive all distributions in cash; or (3) reinvest net capital
gain distributions in additional Fund shares, while receiving distributions of net investment income in
cash.
If you wish to change your distribution option, write or call the Transfer Agent in advance of the
payment date of the distribution. However, any such change will be effective only as to distributions
21
for which the record date is five or more calendar days after the Transfer Agent has received your
request.
If you elect to receive distributions in cash and the U.S. Postal Service is unable to deliver your check,
or if a check remains uncashed for six months, the Fund reserves the right to reinvest the distribution
check in your account at the Fund’s then current NAV per share and to reinvest all subsequent
distributions.
Tools to Combat Frequent Transactions
The Fund is intended for long-term investors. Short-term “market-timers” who engage in frequent
purchases and redemptions may disrupt the Fund’s investment program and create additional
transaction costs that are borne by all of the Fund’s shareholders. The Board has adopted policies and
procedures that are designed to discourage excessive, short-term trading and other abusive trading
practices that may disrupt portfolio management strategies and harm performance. The Fund takes
steps to reduce the frequency and effect of these activities in the Fund. These steps include, among
other things, monitoring trading activity and using fair value pricing. Although these efforts are
designed to discourage abusive trading practices, these tools cannot eliminate the possibility that such
activity will occur. The Fund seeks to exercise judgment in implementing these tools to the best of its
ability and in a manner that it believes is consistent with shareholder interests. Except as noted herein,
the Fund applies all restrictions uniformly in all applicable cases.
Monitoring Trading Practices. The Fund monitors selected trades in an effort to detect excessive short-
term trading activities. If, as a result of this monitoring, the Fund believes that a shareholder has
engaged in excessive short-term trading, it may, in its discretion, ask the shareholder to stop such
activities or refuse to process purchases in the shareholder’s accounts. In making such judgments, the
Fund seeks to act in a manner that it believes is consistent with the best interests of its shareholders.
The Fund uses a variety of techniques to monitor for and detect abusive trading practices. These
techniques may change from time to time as determined by the Fund in its sole discretion. To minimize
harm to the Fund and its shareholders, the Fund reserves the right to reject any purchase order (but not a
redemption request), in whole or in part, for any reason and without prior notice. The Fund may decide
to restrict purchase and sale activity in its shares based on various factors, including whether frequent
purchase and sale activity will disrupt portfolio management strategies and adversely affect Fund
performance.
Fair Value Pricing. The Fund employs fair value pricing selectively to ensure greater accuracy in its
daily NAV and to prevent dilution by frequent traders or market timers who seek to take advantage of
temporary market anomalies. The Board has developed procedures which utilize fair value pricing
when reliable market quotations are not readily available or when corporate events, events in the
securities market and/or world events cause the Adviser to believe that a security’s last sale price may
not reflect its actual market value. Valuing securities at fair value involves reliance on judgment. Fair
value determinations are made in good faith in accordance with the Trust's fair value procedures. There
can be no assurance that the Fund will obtain the fair value assigned to a security if it were to sell the
security at approximately the time at which the Fund determines its NAV per share. More detailed
information regarding fair value pricing can be found in this Prospectus under the heading entitled
“Pricing of Fund Shares.”
Due to the complexity and subjectivity involved in identifying abusive trading activity and the volume
of shareholder transactions the Fund handles, there can be no assurance that the Fund’s efforts will
identify all trades or trading practices that may be considered abusive. In particular, since the Fund
receives purchase and sale orders through Authorized Intermediaries that use group or omnibus
accounts, the Fund cannot always detect frequent trading. However, the Fund will work with
Authorized Intermediaries as necessary to discourage shareholders from engaging in abusive trading
22
practices and to impose restrictions on excessive trades. In this regard, the Fund has entered into
information sharing agreements with Authorized Intermediaries pursuant to which these intermediaries
are required to provide to the Fund, at the Fund’s request, certain information relating to their customers
investing in the Fund through non-disclosed or omnibus accounts. The Fund will use this information
to attempt to identify abusive trading practices. Authorized Intermediaries are contractually required to
follow any instructions from the Fund to restrict or prohibit future purchases from shareholders that are
found to have engaged in abusive trading in violation of the Fund’s policies. However, the Fund cannot
guarantee the accuracy of the information provided to it from Authorized Intermediaries and cannot
ensure that it will always be able to detect abusive trading practices that occur through non-disclosed
and omnibus accounts. As a result, the Fund’s ability to monitor and discourage abusive trading
practices in non-disclosed and omnibus accounts may be limited.
Tax Consequences
Distributions of the Fund’s net investment company taxable income (which includes, but is not limited
to, interest, dividends and net short-term capital gains), if any, are generally taxable to the Fund’s
shareholders as ordinary income. To the extent that the Fund’s distributions of net investment company
taxable income are designated as attributable to “qualified dividend” income, such income may be
subject to tax at the reduced rate of federal income tax applicable to non-corporate shareholders for net
long-term capital gains, if certain holding period requirements have been satisfied by the shareholder.
To the extent the Fund’s distributions of net investment company taxable income are attributable to net
short-term capital gains, such distributions will be treated as ordinary dividend income for the purposes
of income tax reporting and will not be available to offset a shareholder’s capital losses from other
investments.
Distributions of net capital gains (net long-term capital gains less net short-term capital losses) are
generally taxable as long-term capital gains (currently at a maximum federal rate of 20% for individual
shareholders in the highest income bracket) regardless of the length of time that a shareholder has
owned Fund shares, unless you are a tax-exempt organization or are investing through a tax-advantaged
arrangement such as a 401(k) plan or IRA. Distributions by the Fund that are not paid from its earnings
and profits will be treated as a return of capital, which is applied against and will reduce the adjusted
tax basis of your shares (but not below zero) and, after such adjusted tax basis is reduced to zero, be
treated as a gain from the sale or exchange of shares.
The Fund may derive “excess inclusion income” from certain equity interests in mortgage pooling
vehicles either directly or through an investment in a U.S. REIT. Please see the SAI for a discussion of
the risks and special tax consequences to shareholders in the event the Fund realizes excess inclusion
income in excess of certain threshold amounts.
Under the Tax Cuts and Jobs Act (“TCJA”), "qualified REIT dividends" (i.e., ordinary REIT dividends
other than capital gain dividends and portions of REIT dividends designated as qualified dividend
income) are treated as eligible for a 20% deduction by noncorporate taxpayers. This deduction, if
allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after
20% deduction). The Fund may choose to pass through the special character of “qualified REIT
dividends” to a shareholder, provided both the Fund and the shareholder meet certain holding period
requirements with respect to their shares. Neither the TCJA nor the proposed regulations permit conduit
treatment of income from qualified publicly traded partnerships for purposes of the 20% deduction by
noncorporate taxpayers. The IRS continues to study whether such treatment for registered investment
companies is appropriate in the context of publicly traded partnerships.
A 3.8% Medicare tax on net investment income (including capital gains and dividends) will also be
imposed on individuals, estates and trusts, subject to certain income thresholds.
23
You will be taxed in the same manner whether you receive your distributions (whether of net
investment company taxable income or net capital gains) in cash or reinvest them in additional Fund
shares. Distributions are generally taxable when received. However, distributions declared in October,
November or December to shareholders of record on a date in such a month and paid the following
January are taxable as if received on December 31.
Shareholders who sell, or redeem, shares generally will have a capital gain or loss from the sale or
redemption. The amount of the gain or loss and the applicable rate of federal income tax will depend
generally upon the amount paid for the shares, the amount of reinvested taxable distributions, if any, the
amount received from the sale or redemption and how long the shares were held by a shareholder. Any
loss arising from the sale or redemption of shares held for six months or less, however, is treated as a
long-term capital loss to the extent of any amounts treated as distributions of net capital gain received
on such shares. In determining the holding period of such shares for this purpose, any period during
which your risk of loss is offset by means of options, short sales or similar transactions is not counted.
If you purchase Fund shares within 30 days before or after redeeming other Fund shares at a loss, all or
part of that loss will not be deductible and will instead increase the basis of the newly purchased shares.
Shareholders will be advised annually as to the federal tax status of all distributions made by the Fund
for the preceding year. Distributions by the Fund and gains from the sale of Fund shares may also be
subject to state and local taxes. Additional tax information may be found in the SAI.
This section assumes you are a U.S. shareholder and is not intended to be a full discussion of federal tax
laws and the effect of such laws on you. There may be other federal, state, foreign or local tax
considerations applicable to a particular investor. You are urged to consult your own tax advisor.
Other Fund Policies
Telephone Transactions. If you did not decline telephone transactions on your Account Application,
you may be responsible for fraudulent telephone orders made to your account as long as the Fund has
taken reasonable precautions to verify your identity. In addition, once you place a telephone transaction
request, it cannot be canceled or modified after the close of regular trading on the NYSE (generally,
4:00 p.m. Eastern Time).
During periods of significant economic or market change, telephone transactions may be difficult to
complete. If you are unable to contact the Fund by telephone, you may also mail the requests to the
Fund at the address listed previously in the “How to Purchase Fund Shares” section.
Telephone trades must be received by or prior to the close of the NYSE (generally 4:00 p.m., Eastern
Time). Please allow sufficient time to ensure that you will be able to complete your telephone
transaction prior to the close of the NYSE.
Policies of Other Financial Intermediaries. Financial intermediaries may establish policies that differ
from those of the Fund. For example, the institution may charge transaction fees, set higher minimum
investments or impose certain limitations on buying or selling shares in addition to those identified in
this Prospectus. Please contact your financial intermediary for details.
Closing the Fund. The Board retains the right to close (or partially close) the Fund to new purchases if
it is determined to be in the best interest of the Fund’s shareholders. Based on market and Fund
conditions, and in consultation with the Adviser, the Board may decide to close the Fund to new
investors, all investors or certain classes of investors (such as fund supermarkets) at any time. If the
Fund is closed to new purchases it will continue to honor redemption requests, unless the right to
redeem shares has been temporarily suspended as permitted by federal law.
24
Householding. In an effort to decrease costs, the Fund intends to reduce the number of duplicate
prospectuses and other shareholder documents you receive by sending only one copy of each to those
addresses shared by two or more accounts and to shareholders the Fund reasonably believe are from the
same family or household. If you would like to discontinue householding for your accounts, please call
toll-free at (855) 774-3863 to request individual copies of these documents. Once the Fund receives
notice to stop householding, the Fund will begin sending individual copies 30 days after receiving your
request. This Householding policy does not apply to account statements.
Lost Shareholders, Inactive Accounts and Unclaimed Property. It is important that the Fund maintains
a correct address for each shareholder. An incorrect address may cause a shareholder’s account
statements and other mailings to be returned to the Fund. Based upon statutory requirements for
returned mail, the Fund will attempt to locate the shareholder or rightful owner of the account. If the
Fund is unable to locate the shareholder, then they will determine whether the shareholder’s account
can legally be considered abandoned. Your mutual fund account may be transferred to the state
government of your state of residence if no activity occurs within your account during the “inactivity
period” specified in your state’s abandoned property laws. The Fund is legally obligated to escheat (or
transfer) abandoned property to the appropriate state’s unclaimed property administrator in accordance
with statutory requirements. The shareholder’s last known address of record determines which state has
jurisdiction. Please proactively contact the Transfer Agent toll-free at (855) 774-3863 at least annually
to ensure your account remains in active status.
If you are a resident of the state of Texas, you may designate a representative to receive notifications
that, due to inactivity, your mutual fund account assets may be delivered to the Texas Comptroller.
Please contact the Transfer Agent if you wish to complete a Texas Designation of Representative form.
Class Descriptions
The Fund currently offers three different classes of shares, Investor Class shares, Advisor Class shares
and Institutional Class shares. The different classes of shares represent investments in the same
portfolio of securities but are subject to different expenses, which may affect their performance. The
classes also differ with respect to their investment minimums.
Investor Class shares of the Fund impose a 0.25% Rule 12b-1 fee that is assessed against the assets of
the Fund attributable to that class. See “Rule 12b-1 Distribution Fees” below for further information.
Investor Class and Advisor Class shares of the Fund each impose a shareholder servicing fee of up to
0.15% that is assessed against the assets of the Fund attributable to those classes. Institutional Class
shares of the Fund and Advisor Class shares of the Fund do not pay a Rule 12b-1 fee, and Institutional
Class shares also do not pay a shareholder servicing fee. Investor Class and Advisor Class shares of the
Fund may be converted to Institutional Class shares if your account balance exceeds the initial
minimum investment for Institutional Class shares of the Fund. Any conversion is effected on the basis
of the relative net asset values of the applicable classes, without the imposition of a sales load, fee, or
other charge. A conversion between classes of the Fund is not expected to result in realization of a
capital gain or loss for federal income tax purposes. Please contact your financial intermediary or the
Transfer Agent if you believe you qualify for a conversion of your shares, or for additional information
regarding your eligibility for and the tax consequences of any conversion.
Distribution of Fund Shares |
The Distributor
Quasar Distributors, LLC (the “Distributor”) is located at 190 Middle Street, Suite 301, Portland, ME
04101, and serves as distributor and principal underwriter to the Fund. The Distributor is a registered
25
broker-dealer and member of the Financial Industry Regulatory Authority, Inc. Shares of the Fund are
offered on a continuous basis.
Rule 12b-1 Distribution Fees
The Trust has adopted a Rule 12b-1 plan under which the Fund is authorized to pay to the Distributor or
such other entities as approved by the Board, as compensation for the distribution-related services
provided by such entities, an aggregate fee of 0.25% of the average daily net assets of the Investor Class
shares. Advisor Class shares and Institutional Class shares do not pay a Rule 12b-1 fee. The Distributor
may pay any or all amounts received under the Rule 12b-1 Plan to other persons, including the Adviser
or its affiliates, for any distribution service or activity designed to retain Fund shareholders.
Because the distribution fee is paid on an ongoing basis, your investment cost over time may be higher
than paying other types of sales charges.
Shareholder Servicing Plan Fees
The Trust has adopted a Shareholder Servicing Plan under which the Investor Class shares and the
Advisor Class shares of the Fund may pay a shareholder servicing fee of up to 0.15% of the classes’
respective average daily net assets for non-distribution personal shareholder services provided to the
Fund by financial institutions, including the Adviser or its affiliates. Non-distribution personal
shareholder services for which such fees are paid may include: establishing and maintaining shareholder
accounts; processing subscriptions, redemptions, distributions, and tax reports; forwarding
communications from the Fund to its shareholders; responding to shareholder inquiries; and making
modifications to shareholder account records and options. Institutional Class shares do not pay a
shareholder servicing fee.
Payments to Financial Intermediaries
The Fund may pay service fees to intermediaries, such as banks, broker-dealers, financial advisors or
other financial institutions, including affiliates of the Adviser, for sub-administration, sub-transfer
agency and other shareholder services associated with shareholders whose shares are held of record in
omnibus accounts, other group accounts or accounts traded through registered securities clearing
agents.
The Adviser, out of its own resources and without additional cost to any Fund or its shareholders, may
provide additional cash payments to intermediaries who sell shares of the Fund. These payments and
compensation are in addition to service fees paid by the Fund, if any. Payments are generally made to
intermediaries that provide shareholder servicing, marketing support or access to sales meetings, sales
representatives and management representatives of the intermediary. Payments may also be paid to
intermediaries for inclusion of the Fund on a sales list, including a preferred or select sales list or in
other sales programs. Compensation may be paid as an expense reimbursement in cases in which the
intermediary provides shareholder services to the Fund. The Adviser may also pay cash compensation
in the form of finder’s fees that vary depending on the dollar amount of the shares sold. The Adviser
will not make such additional cash payments to financial intermediaries in connection with the sale of
Institutional Class shares of the Fund.
26
Financial Highlights |
The financial highlights in the following tables are intended to help you understand the Fund’s financial
performance for the fiscal periods indicated. Certain information reflects financial results for a single
Fund share. The total returns in the tables represent the rate that an investor would have earned or lost
on an investment in the Fund (assuming reinvestment of all dividends and distributions). Because the
Institutional Class Shares of the Fund have not commenced operations prior to the date of this
Prospectus, there are no financial highlights available for Institutional Class Shares at this time. This
information has been audited by [...], the Fund’s independent registered public accounting firm, whose
report, along with the Fund’s financial statements, are included in the annual report, which is available
upon request or on the Fund’s website at www.reinhartfunds.com.
27
Reinhart Genesis PMV Fund [TO BE UPDATED] | |||||||||
Year Ended May 31, | |||||||||
Investor Class | 2025 | 2024 | 2023 | 2022 | 2021 | ||||
PER SHARE DATA: | |||||||||
Net asset value, beginning of year | $15.38 | $12.46 | $12.55 | $13.39 | $8.71 | ||||
INVESTMENT OPERATIONS: | |||||||||
Net investment income | 0.00(a)(b) | 0.02 | 0.02 | 0.03 | 0.04 | ||||
Net realized and unrealized gain (loss) on investments (c) | 0.23 | 3.31 | 0.74 | (0.30) | 4.65 | ||||
Total from investment operations | 0.23 | 3.33 | 0.76 | (0.27) | 4.69 | ||||
LESS DISTRIBUTIONS FROM: | |||||||||
Net investment income | (0.02) | (0.03) | (0.02) | (0.06) | (0.01) | ||||
Net realized gains | (0.67) | (0.38) | (0.83) | (0.51) | — | ||||
Total distributions | (0.69) | (0.41) | (0.85) | (0.57) | (0.01) | ||||
Net asset value, end of year | $14.92 | $15.38 | $12.46 | $12.55 | $13.39 | ||||
Total return | 1.20% | 27.04% | 6.73% | -2.09% | 53.82% | ||||
SUPPLEMENTAL DATA AND RATIOS: | |||||||||
Net assets, end of year (in thousands) | $25,422 | $24,800 | $19,300 | $17,300 | $17,700 | ||||
Ratio of expenses to average net assets: | |||||||||
Before expense reimbursement/ recoupment | 1.33% | 1.34% | 1.37% | 1.37% | 1.49% | ||||
After expense reimbursement/ recoupment | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | ||||
Ratio of net investment income to average net assets | 0.00%(d) | 0.13% | 0.13% | 0.18% | 0.38% | ||||
Portfolio turnover rate | 44% | 21% | 47% | 33% | 32% | ||||
(a)Net investment income per share has been calculated based on average shares outstanding during the years.
(b)Amount represents less than $0.005 per share.
(c)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 years and may not reconcile with the aggregate gains and losses in the Statement of
Operations due to share transactions for the years.
(d)Amount represents less than 0.005%.
28
Reinhart Genesis PMV Fund [TO BE UPDATED] | |||||||||
Year Ended May 31, | |||||||||
Advisor Class | 2025 | 2024 | 2023 | 2022 | 2021 | ||||
PER SHARE DATA: | |||||||||
Net asset value, beginning of year | $15.49 | $12.54 | $12.61 | $13.45 | $8.73 | ||||
INVESTMENT OPERATIONS: | |||||||||
Net investment income | 0.04(a) | 0.05 | 0.05 | 0.05 | 0.05 | ||||
Net realized and unrealized gain (loss) on investments (b) | 0.24 | 3.34 | 0.74 | (0.29) | 4.69 | ||||
Total from investment operations | 0.28 | 3.39 | 0.79 | (0.24) | 4.74 | ||||
LESS DISTRIBUTIONS FROM: | |||||||||
Net investment income | (0.04) | (0.06) | (0.03) | (0.09) | (0.02) | ||||
Net realized gains | (0.67) | (0.38) | (0.83) | (0.51) | — | ||||
Total distributions | (0.71) | (0.44) | (0.86) | (0.60) | (0.02) | ||||
Net asset value, end of year | $15.06 | $15.49 | $12.54 | $12.61 | $13.45 | ||||
Total return | 1.55% | 27.33% | 6.97% | -1.86% | 54.33% | ||||
SUPPLEMENTAL DATA AND RATIOS: | |||||||||
Net assets, end of year (in thousands) | $478,580 | $405,900 | $275,600 | $263,100 | $192,000 | ||||
Ratio of expenses to average net assets: | |||||||||
Before expense reimbursement/ recoupment | 1.16% | 1.16% | 1.19% | 1.16% | 1.27% | ||||
After expense reimbursement/ recoupment | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | ||||
Ratio of net investment income to average net assets | 0.25% | 0.38% | 0.39% | 0.43% | 0.64% | ||||
Portfolio turnover rate | 44% | 21% | 47% | 33% | 32% | ||||
(a)Net investment income per share has been calculated based on average shares outstanding during the years.
(b)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 years and may not reconcile with the aggregate gains and losses in the Statement of
Operations due to share transactions for the years.
29
Investment Adviser
Reinhart Partners, LLC
11090 North Weston Drive
Mequon, Wisconsin 53092
Independent Registered Public Accounting Firm
[...]
Legal Counsel
Morgan, Lewis & Bockius, LLP
1111 Pennsylvania Ave, NW
Washington, D.C. 20004
Custodian
U.S. Bank N.A.
Custody Operations
1555 North Rivercenter Drive, Suite 302
Milwaukee, Wisconsin 53212
Transfer Agent, Fund Accountant and Fund Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Distributor
Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, ME 04101
PRIVACY NOTICE
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, bank, credit union or trust company, the privacy policy of your financial
intermediary governs how your non-public personal information is shared with unaffiliated third
parties.
Reinhart Funds
Series of Managed Portfolio Series
FOR MORE INFORMATION |
You can find more information about the Fund in the following documents:
Statement of Additional Information
The SAI provides additional details about the investments and techniques of the Fund and certain other
additional information. A current SAI is on file with the SEC and is incorporated into this Prospectus
by reference. This means that the SAI is legally considered a part of this Prospectus even though it is
not physically within this Prospectus.
Annual and Semi-Annual Reports
The Fund’s annual and semi-annual reports to shareholders and Form N-CSR provide additional
information about the Fund’s investments. The annual reports contain a discussion of the market
conditions and investment strategies that significantly affected the Fund’s performance during the
Fund’s prior fiscal period. In Form N-CSR, you will find the Fund’s annual and semi-annual financial
statements.
You can obtain a free copy of these documents and the SAI, request other information such as the
Fund’s financial statements, or make general inquiries about the Fund by calling the Fund (toll-free) at
(855) 774-3863, by visiting the Fund’s website at www.reinhartfunds.com or by writing to:
Reinhart Funds
c/o U.S. Bank Global Fund Services
P.O. Box 219252
Kansas City, MO 64121-9252
You can review and copy information, including the Fund’s reports and SAI:
•Free of charge from the SEC’s EDGAR database on the SEC’s Internet website at http://
www.sec.gov; or
•For a fee, by electronic request at the following e-mail address: publicinfo@sec.gov.
(The Trust’s SEC Investment Company Act of 1940 file number is 811-22525)
