[1]

Restated to reflect a reduction in the Fund’s management fee effective as of September 28, 2026.

[2]

The Total Annual Fund Operating Expenses for the Investor Class and the Advisor Class 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.

[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 (excluding 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]

Restated to reflect a reduction in the Fund’s management fee effective as of September 28, 2026.

[5]

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.

[6]

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 (excluding 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 and 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.

[7]

Restated to reflect the Fund’s current operating expenses.

[8]

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 (excluding 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 0.95% of the average daily net assets of the Advisor Class. Fees waived and expenses paid by the Adviser may be

recouped by the Adviser for a period of 36 months following the date 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.