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ck0001511699:S000055903Member ck0001511699:C000176069Member 2021-01-01 2021-12-31 0001511699 ck0001511699:S000055903Member ck0001511699:C000176069Member 2022-01-01 2022-12-31 0001511699 ck0001511699:S000055903Member ck0001511699:C000176069Member 2023-01-01 2023-12-31 0001511699 ck0001511699:S000055903Member ck0001511699:C000176069Member 2024-01-01 2024-12-31 0001511699 ck0001511699:S000055903Member ck0001511699:C000176069Member 2025-01-01 2025-12-31 iso4217:USD pure 485APOS 2026-08-21 Managed Portfolio Series 0001511699 false N-1A 0.2209 0.0438 0.2403 -0.0357 0.2392 0.1506 0.0547 Reinhart Genesis PMV Fund 2026-09-28 Investment Objective <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:459pt">The Reinhart Genesis PMV Fund (the “Fund” or the “Genesis Fund”) seeks long-term capital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.5pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:125.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:57.08pt">appreciation.</span></div> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.85pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.35pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:178.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.92pt">Fund.  You may pay other fees, such as brokerage commissions and other fees to financial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:316.26pt">intermediaries, which are not reflected in the tables and example below.</span> Shareholder Fees (fees paid directly from your investment) 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0080 0.0080 0.0025 0.0000 0.0000 0.0015 0.0015 0.0000 0.0011 0.0011 0.0011 0.0131 0.0106 0.0091 -0.0011 -0.0011 -0.0011 0.0120 0.0095 0.0080 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. 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. September 28, 2027 Example <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.83pt">This Example is intended to help you compare the costs of investing in the Fund with the cost of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.3299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:673.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:459pt">investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.5pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:686.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.92pt">periods indicated and then redeem all of your shares at the end of those periods.  The Example also</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:699.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.88pt">assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.38pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:296.76pt">the same (taking into account the expense limitation for one year).</span> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 122 404 708 1569 97 326 574 1284 82 279 493 1109 Portfolio Turnover <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.86pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over”</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.36pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:154.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.97pt">its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.47pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:167.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.95pt">higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.45pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:180.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.92pt">annual fund operating expenses or in the Example, affect the Fund’s performance. During the most</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:193.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:250.34pt">recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:326.84000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:20.16pt">47%</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:347pt;position:var(--position);text-decoration:none;white-space:pre;width:160.59pt"> of the average value of its portfolio.</span></div> 0.47 Principal Investment Strategies <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:459pt">Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.5pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:246.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.91pt">investment purposes) in equity securities issued by small and mid-capitalization (“small-cap” or “mid-</span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:76.88pt">cap”) companies.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:459pt">Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.5pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:246.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.91pt">investment purposes) in equity securities issued by small and mid-capitalization (“small-cap” or “mid-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:259.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:76.88pt">cap”) companies.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:153.38pt;position:var(--position);text-decoration:none;white-space:pre;width:6.62pt">  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:160pt;position:var(--position);text-decoration:none;white-space:pre;width:375.36pt">The Fund considers a company to be a small or mid-cap company if it has a market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.36pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:272.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:400pt">capitalization, at the time of purchase, within the capitalization range of the Russell 2500</span><span style="font-family:'Times New Roman', serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:476.5pt;position:var(--position);text-decoration:none;top:-2.667pt;vertical-align:super;white-space:pre;width:5.43pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:481.93pt;position:var(--position);text-decoration:none;white-space:pre;width:53.53pt"> Index as of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.46pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:286.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:151.09pt">the date it was last reconstituted. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:227.59pt;position:var(--position);text-decoration:none;white-space:pre;width:307.81pt">The market capitalizations within the index vary, but as of April 30,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:299.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:309.97pt">2026 they ranged from approximately $ 146.4 million to $17.4 billion.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:325.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.97pt">In selecting investments for the Fund, the Adviser engages in fundamental analysis to identify high</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.47pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:338.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.95pt">quality durable businesses, with sustainable competitive advantages, pricing power, and a consistent,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.45pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:352.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.92pt">sustainable record of strong returns on capital over a full business cycle. In addition, the Adviser</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:365.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.88pt">emphasizes quality and attempts to find sustainable competitive advantages, one stock at a time, with an</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.38pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:378.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.97pt">overall focus on positive risk/reward to protect capital in challenging markets while capturing most of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.47pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:391.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.91pt">the upside return when stocks advance. The Adviser then applies its proprietary Private Market Value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:404.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.93pt">(“PMV”) methodology to determine a company’s intrinsic value. The Adviser selects investments for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:418.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.84pt">the Fund’s portfolio that generally can be purchased at a discount of 30% or more to the PMV. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.3399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:431.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:459pt">Adviser typically sells investments when they reach, or are close to reaching, the PMV, or due to a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.5pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:444.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:188.99pt">change in the fundamentals of the security.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:265.49pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:470.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:459pt">The Fund may invest up to 20% of its net assets in securities of real estate investment trusts (“REITs”)</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.5pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:484.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.99pt">and securities of other investment companies, including exchange-traded funds (“ETFs”). From time to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.49pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:497.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.9pt">time, the Fund may also invest in American Depositary Receipts (“ADRs”). The Fund may focus its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:510.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:299.82pt">investments in securities of companies in the same economic sector.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:322.97pt;position:var(--position);text-decoration:none;white-space:pre;width:212.53pt">An investment in the Fund is not a deposit of a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.5pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:563.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.94pt">bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.44pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:97.74pt">governmental agency.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:181.04000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:272.15pt">In addition to possibly not achieving your investment goals, </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:453.19pt;position:var(--position);text-decoration:none;white-space:pre;width:82.27pt">you could lose all</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:535.46pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:391.16pt">or a portion of your investment in the Fund over short or even long periods of time</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:467.66pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:104.51pt">General Market Risk. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:181.01pt;position:var(--position);text-decoration:none;white-space:pre;width:354.42pt">The Fund’s net asset value and investment return will fluctuate based upon</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:641.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:209.48pt">changes in the value of its portfolio securities. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:285.98pt;position:var(--position);text-decoration:none;white-space:pre;width:3.25pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:289.23pt;position:var(--position);text-decoration:none;white-space:pre;width:246.21pt">Certain securities selected for the Fund’s portfolio may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.44pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:437.49pt">be worth less than the price originally paid for them, or less than they were worth at an earlier time.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:87.57pt">Management Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:164.07pt;position:var(--position);text-decoration:none;white-space:pre;width:371.39pt">The Fund may not meet its investment objective or may underperform the market or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.46pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:694.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.96pt">other mutual funds with similar strategies if the Adviser cannot successfully implement the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.46pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:95.25pt">investment strategies.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:100.78pt">Equity Securities Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:177.28pt;position:var(--position);text-decoration:none;white-space:pre;width:358.13pt">.  The equity securities held in the Fund’s portfolio may experience sudden,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:62.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.98pt">unpredictable drops in value or long periods of decline in value.  This may occur because of factors that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.48pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.98pt">affect securities markets generally or factors affecting specific industries, sectors, geographic markets,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.48pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:89.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:177.43pt">or companies in which the Fund invests.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:185.38pt">Small-Cap and Mid-Cap Companies Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:261.88pt;position:var(--position);text-decoration:none;white-space:pre;width:273.55pt">  Securities of small-cap and mid-cap companies may be more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:128.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:289.42pt">volatile and less liquid than the securities of large-cap companies.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:118.76pt">Value-Style Investing Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:195.26pt;position:var(--position);text-decoration:none;white-space:pre;width:340.11pt">.  The Fund’s value investments are subject to the risk that their intrinsic</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.37pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:168.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:363.62pt">values may not be recognized by the broad market or that their prices may decline.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:48.01pt">REIT Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:124.50999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:410.94pt">  The real estate industry has been subject to substantial fluctuations and declines on a local,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.45pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:207.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.82pt">regional and national basis in the past and may continue to be in the future.  Also, the value of a REIT</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.3199999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:221.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.88pt">can be hurt by economic downturns or by changes in real estate values, rents, property taxes, interest</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.38pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:234.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:377pt">rates, tax treatment, regulations, or the legal structure of a real estate investment trust.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:100.77pt">Sector Emphasis Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:177.26999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:358.17pt">.  The securities of companies in the same or related businesses (“industry</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.44pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:273.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.99pt">sectors”), if comprising a significant portion of the Fund’s portfolio, may in some circumstances react</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.49pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:287.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.91pt">negatively to market conditions, interest rates and economic, regulatory or financial developments and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:300.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:184.69pt">adversely affect the value of the portfolio.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:96.09pt">Financial Sector Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:172.59pt;position:var(--position);text-decoration:none;white-space:pre;width:362.83pt">. The Fund currently invests a significant portion of its assets in companies in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:339.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.9pt">financial sector, and therefore the performance of the Fund could be negatively impacted by events</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:353.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:183.09pt">affecting this sector. This sector can be </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:259.59000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:54.95pt">significantly</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:314.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:220.91pt"> affected by changes in interest rates, the rate of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.45pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:366.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.95pt">corporate and consumer debt defaults, the availability and cost of borrowing and raising capital,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.45pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:379.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.9pt">reduced credit market liquidity, regulatory changes, price competition, bank failures and other financial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:230.21pt">crises, and general economic and market conditions.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:46.7pt">ADR Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:123.2pt;position:var(--position);text-decoration:none;white-space:pre;width:412.22pt"> ADRs are generally subject to the same risks as the foreign securities because their values</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:432.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.95pt">depend on the performance of the underlying foreign securities.  ADRs may be purchased through</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.45pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:445.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.91pt">"sponsored" or "unsponsored" facilities.  A sponsored facility is established jointly by the issuer of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:458.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.95pt">underlying security and a depositary, whereas a depositary may establish an unsponsored facility</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.45pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:471.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.88pt">without participation by the issuer of the depositary security. Holders of unsponsored ADRs generally</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.38pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:485.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.9pt">bear all the costs of such depositary receipts, and the issuers of unsponsored ADRs frequently are under</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:498.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.97pt">no obligation to distribute shareholder communications received from the company that issues the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.47pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:511.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.99pt">underlying foreign securities or to pass through voting rights to the holders of the ADRs.  As a result,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.49pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:524.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:450.68pt">there may not be a correlation between such information and the market values of unsponsored ADRs.</span></div> Performance <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.95pt">The accompanying bar chart and performance table provide some indication of the risks of investing in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.45pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:577.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:169.91pt">the Fund by showing how the Fund’s </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:246.41pt;position:var(--position);text-decoration:none;white-space:pre;width:19.53pt">total</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:265.94pt;position:var(--position);text-decoration:none;white-space:pre;width:172.79pt"> returns have varied from year-to-year.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:438.73pt;position:var(--position);text-decoration:none;white-space:pre;width:96.64pt"> Figures shown in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.37pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:590.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.99pt">bar chart are for the Fund’s Advisor Class shares.  Below the bar chart are the Fund’s highest and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.49pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:603.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:301.2pt">lowest quarterly returns during the period shown in the bar chart.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:377.7pt;position:var(--position);text-decoration:none;white-space:pre;width:157.66pt">The performance table that follows</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.36pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:617.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.94pt">shows the Fund’s average annual total returns over time compared with a broad-based securities market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.44pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:630.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:104.44pt">index (the Russell 3000</span><span style="font-family:'Times New Roman', serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:180.94pt;position:var(--position);text-decoration:none;top:-2.667pt;vertical-align:super;white-space:pre;width:5.43pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:186.37pt;position:var(--position);text-decoration:none;white-space:pre;width:216.15pt"> Index) and additional, more specialized indexes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:402.52pt;position:var(--position);text-decoration:none;white-space:pre;width:2.85pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:405.37pt;position:var(--position);text-decoration:none;white-space:pre;width:130.04pt">Past performance (before and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:643.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:238.72pt">after taxes) will not necessarily continue in the future.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:315.22pt;position:var(--position);text-decoration:none;white-space:pre;width:220.21pt">  Updated performance information is available at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:656.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:106.87pt">www.reinhartfunds.com</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:183.37pt;position:var(--position);text-decoration:none;white-space:pre;width:61.07pt"> or by calling </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:244.44pt;position:var(--position);text-decoration:none;white-space:pre;width:68.73pt">(855) 774-3863</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:313.16999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span></div> 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. 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. www.reinhartfunds.com (855) 774-3863 Calendar Year Total Returns as of December 31 <div style="font-size:0pt;left:188.62pt;position:var(--position);width:234.75pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:117pt"></td><td style="padding:0;width:117.75pt"></td></tr><tr style="height:15pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:117pt"><div><div style="line-height:11pt;position:var(--position);top:3.51pt;width:117pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:30.57pt;position:var(--position);text-decoration:none;white-space:pre">Best Quarter</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:117pt;position:var(--position);width:117.75pt"><div><div style="line-height:11pt;position:var(--position);top:3.51pt;width:117.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:27.28pt;position:var(--position);text-decoration:none;white-space:pre">Worst Quarter</span></div></div></div></td></tr><tr style="height:15pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15pt;width:117pt"><div><div style="font-size:12pt;line-height:11pt;position:var(--position);top:3.51pt;width:117pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:21.07pt;position:var(--position);text-decoration:none;white-space:pre">Q4 2020</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:59.26pt;position:var(--position);white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:62.01pt;position:var(--position);text-decoration:none;white-space:pre">29.73%</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:117pt;position:var(--position);top:15pt;width:117.75pt"><div><div style="font-size:12pt;line-height:11pt;position:var(--position);top:3.51pt;width:117.75pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:19.62pt;position:var(--position);text-decoration:none;white-space:pre">Q1 2020</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:57.81pt;position:var(--position);white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:60.56pt;position:var(--position);text-decoration:none;white-space:pre">-33.79%</span></div></div></div></td></tr><tr style="height:15pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:15pt"><td colspan="2" style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:45pt;width:234.75pt"><div><div style="font-size:12pt;line-height:11pt;position:var(--position);top:3.51pt;width:234.75pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:28.06pt;position:var(--position);text-decoration:none;white-space:pre">Year-to-Date Return</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:118.71000000000001pt;position:var(--position);white-space:pre"> as of </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:145.28pt;position:var(--position);text-decoration:none;white-space:pre">June 30, 2026</span></div></div></div></td></tr><tr style="height:15pt"><td colspan="2" style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:60pt;width:234.75pt"><div><div style="line-height:11pt;position:var(--position);top:3.51pt;width:234.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:101.36pt;position:var(--position);text-decoration:none;white-space:pre">22.12%</span></div></div></div></td></tr></tbody></table></div></div> Best Quarter Worst Quarter 2020-12-31 0.2973 2020-03-31 -0.3379 Year-to-Date Return 2026-06-30 0.2212 Average Annual Total Returns for the periods ended December 31, 2025 2018-05-31 2018-05-31 Return Before Taxes 0.0547 0.1246 0.1026 Return After Taxes on Distributions 0.0368 0.1100 0.0922 Return After Taxes on Distributions and Sale of Fund Shares 0.0452 0.0968 0.0809 Return Before Taxes 0.0519 0.1217 0.0997 Russell 2000® Value Index (reflects no deduction for fees, expenses, or taxes) 0.1259 0.0888 0.0861 Russell 2500® Value Index (reflects no deduction for fees, expenses, or taxes) 0.1273 0.1002 0.0795 Russell 2500® Index (reflects no deduction for fees, expenses, or taxes) 0.1191 0.0726 0.0861 Russell 3000® Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1407 <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:459pt">After tax returns are calculated using the historical highest individual federal marginal income tax rates</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.5pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:633.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:232.71pt">and do not reflect the impact of state and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:309.21000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:2.85pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:312.06pt;position:var(--position);text-decoration:none;white-space:pre;width:223.3pt">No returns are shown for Institutional Class shares</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.36pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:646.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:459pt">since Institutional Class shares were not offered prior to the date of this Prospectus. Average annual</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.5pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:660.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.87pt">total returns for Institutional Class shares would have been substantially similar to those for other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.37pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:673.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.85pt">classes offered by the Fund because each class of shares would have invested in the same portfolio of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.35pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:686.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.99pt">securities, and the annual returns would differ only to the extent that the classes have different</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.49pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:699.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:45.22pt">expenses. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:121.72pt;position:var(--position);text-decoration:none;white-space:pre;width:413.68pt">After-tax returns are shown only for the Advisor Class; after-tax returns for the Investor Class</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.4pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:712.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:401.18pt">and the Institutional Class will vary to the extent each share class has different expenses. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:477.68pt;position:var(--position);text-decoration:none;white-space:pre;width:57.7pt">Furthermore,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.38pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:49.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.89pt">the after-tax returns shown are not relevant to those investors who hold their shares through tax-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:62.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:399.05pt">advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:475.55pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">  </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:89.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:79.26pt">The Russell 2000</span><span style="font-family:'Times New Roman', serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:155.76pt;position:var(--position);text-decoration:none;top:-2.667pt;vertical-align:super;white-space:pre;width:5.43pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:161.19pt;position:var(--position);text-decoration:none;white-space:pre;width:374.29pt"> Value Index measures the performance of the small-cap value segment of the US</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.48pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:102.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:458.95pt">equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:535.45pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:115.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:76.5pt;position:var(--position);text-decoration:none;white-space:pre;width:140.44pt">lower forecasted growth values.</span></div> 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. 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, 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”). 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. 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. 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. 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.