# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0000894189-25-012224
**Filing Date:** 2025-10
**Character Count:** 23012
**Document Hash:** a7127519d14093ce9412d673af5899d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-012224.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000894189-25-012224

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251028

**EFFECTIVENESS DATE**: 20251029

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-172080
- **FILM NUMBER:** 251426452

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Olstein All Cap Value Fund (Series ID: S000061858)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000200264 | Adviser Class | OFAFX           |
| C000200265 | Class C       | OFALX           |
| C000204806 | Class A       | OFAVX           |

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| | |
|:---|:---|
| **OLSTEIN ALL CAP VALUE FUND**<br>**ADVISER CLASS: OFAFX**<br>**CLASS A: OFAVX**<br>**CLASS C: OFALX**<br>**SUMMARY PROSPECTUS OCTOBER 28, 2025** | ![olsteinlogoa01.jpg](olsteinlogoa01.jpg) |

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Before you invest, you may want to review The Olstein All Cap Value Fund's (the "Fund") prospectus, which contains more information about the Fund and its risks. The current Statutory Prospectus and Statement of Additional Information dated October 28, 2025, are incorporated by reference into this Summary Prospectus. You can find the Fund's Statutory Prospectus, Statement of Additional Information, reports to shareholders and other information about the Fund on its website at https://www.olsteinfunds.com/resources/documents-forms. You can also get this information at no cost by calling the Fund (toll-free) at 1-800-799-2113 or by sending an e-mail request to info@olsteinfunds.com.

**Investment Objective**

The Fund's primary investment objective is long-term capital appreciation and its secondary objective is income.

**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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or another series of the Trust managed by Olstein Capital Management, L.P. ("OCM" or the "Adviser"). Sales load waivers may vary by financial intermediary. For more information on specific financial intermediary sales loads and waivers, see Appendix A to the statutory Prospectus. More information about these and other discounts is available from your financial adviser and in the Prospectus under the section titled, "Shareholder Information – Class Descriptions" on page 35 of the Fund's statutory Prospectus. The table below does not reflect any transaction fees that may be charged by a financial intermediary or commissions that a shareholder may be required to pay directly to its financial intermediary when buying and selling Adviser Class shares.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees** <br>(fees paid directly from your investment) | **Adviser<br>Class** | **<br>Class A** | | **Class C** |
| Maximum Front-End Sales Charge (Load) Imposed on <br>Purchases<br>(as a percentage of the offering price) |  | 5.50% |  |  |
| Maximum Deferred Sales Charge (Load) <br>(as a percentage of the initial investment or the value of the investment at redemption, whichever is lower) |  |  | <sup>(1)</sup> | 1.00% |

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| | | | |
|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** <br>(expenses that you pay each year as a percentage of the <br>value of your investment) | **Adviser<br>Class** | **<br>Class A** | **Class C** |
| Management Fees | 1.00% | 1.00% | 1.00% |
| Distribution and Service (Rule 12b-1) Fees |  | 0.25% | 1.00% |
| Other Expenses | 0.18% | 0.18% | 0.18% |
| Total Annual Fund Operating Expenses | 1.18% | 1.43% | 2.18% |

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<sup>(1)</sup> Purchases of $1 million or more, or purchases into account(s) with accumulated value of $1 million or more that were not subject to a front-end sales charge, are subject to a contingent deferred sales charge ("CDSC") of 1.00% if sold within one year of the purchase date.

**Expense Examples**

The expense examples below are intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 for the time periods indicated and then either redeem or do not redeem your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the operating expenses remain the same. The examples below do not reflect any transaction fees that may be charged by a financial intermediary or commissions that a shareholder may be required to pay directly to its financial intermediary when buying and selling Adviser Class shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Adviser Class | $120 | $375 | $649 | $1432 |
| Class A  | $688 | $978 | $1289 | $2169 |
| Class C (assuming sale of all shares at end of period) | $321 | $682 | $1169 | $2513 |
| Class C (assuming no sale of shares) | $221 | $682 | $1169 | $2513 |

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**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 ended June 30, 2025, the Fund's portfolio turnover rate was approximately 38% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund seeks to achieve its objectives by investing primarily in a diversified portfolio of common stocks that the Fund's investment adviser, Olstein Capital Management, L.P. ("OCM"), believes are significantly undervalued. OCM follows an accounting-driven, value-oriented approach that emphasizes looking behind the numbers of financial statements based on the belief that the price of a common stock may not reflect the intrinsic value of the issuing company's underlying business. The Fund uses several valuation methods to determine private market value, all of which emphasize

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expected future free cash flow. Future free cash flow represents the cash that a company is able to generate from operations after any required investment to maintain or expand its asset base (*i.e.*, after required capital expenditures and working capital needs).

When evaluating the value of stocks for the Fund, OCM undertakes an in-depth analysis of financial statements, as it seeks to identify early signs of potential changes in a company's ability to generate sustainable free cash flow as well as its potential to grow that may not be recognized by the financial markets. When determining sustainable free cash flow and the quality of earnings, OCM assesses the accounting practices and assumptions used to construct financial statements against the economic reality of the company's business. OCM believes that in-depth analysis of financial statements reveals the success of a company's strategy, the sustainability of its performance and the impact of management decisions on future cash flow. OCM further believes that such an analysis is more useful to an investor than management forecasts or earnings guidance.

OCM believes stock prices often fall below a company's private market value as a result of a short-term focus on, or an overreaction to, negative information regarding the company or its industry, or negative overall market psychology. The Fund seeks to capitalize on market volatility and the valuation extremes specific to a company by purchasing its stock at a discount to OCM's estimate of private market value, which could result in above-average capital appreciation if such discount is corrected by market forces or other catalysts that change perceptions.

The Fund's bottom-up analysis seeks to identify companies with unique business fundamentals and a competitive edge, which usually provide a greater predictability of future free cash flow. Companies with free cash flow have the potential to enhance shareholder value by increasing dividends, repurchasing shares, reducing debt, engaging in strategic acquisitions, withstanding an economic downturn without adopting harmful short-term strategies or being an attractive acquisition target.

The Fund will invest in companies without regard to whether they are conventionally categorized as small, medium, or large capitalization or whether they are characterized as growth, value, cyclical, or any other category. OCM's assessment of a company's intrinsic value relative to its market price is the key determinant influencing all investment decisions. The Fund may invest up to 20% of its net assets in foreign securities that are traded in U.S. dollars, including American Depositary Receipts ("ADRs") and will limit the Fund's foreign investments to investments in developed countries, rather than countries with developing or emerging markets.

**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 ("FDIC") or any other governmental agency. Remember, 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 ("NAV") 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 is actively managed and may not meet its investment objective or may underperform the market or other mutual funds with similar strategies if OCM cannot successfully implement the Fund's investment strategies.

*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.

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*Small- and Mid-Sized Company Risk.* Small- and mid-sized companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these companies may have an unproven or narrow technological base and limited product lines, distribution channels, and market and financial resources, and small capitalization companies also may be dependent on entrepreneurial management, making the companies more susceptible to certain setbacks and reversals.

*Value-Style Investing Risk*. The Fund uses a value-oriented investment approach. However, a particular value stock may not increase in price as anticipated by OCM (and may actually decline in price) if other investors fail to recognize the stock's value or if a catalyst that OCM believes will increase the price of the stock does not occur or does not affect the price of the stock in the manner or to the degree anticipated.

*Sector Emphasis Risk.*The securities of companies in the same or related businesses ("industry sector"), 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 Fund's portfolio, to a greater extent than if such securities comprised a lesser 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.

*Industrials Sector Risk.*The industrials sector can be significantly affected by supply and demand both for their specific product or service and for industrials sector products in general; a decline in demand for products due to rapid technological developments and frequent new product introduction; government regulation, world events and economic conditions; and the risks associated with potential environmental damage and product liability claims.

*Foreign Investing Risk*. Investing in foreign companies typically involves more risks than investing in U.S. companies. These risks can increase the potential for losses in the Fund and may include risks related to currency exchange rate fluctuations, country or government specific issues (for example, terrorism, war, social and economic instability, currency devaluations, and restrictions on foreign investment or the movement of assets), unfavorable trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility. There may be less information publicly available about foreign companies than about a U.S. company, and many foreign companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the United States.

*ADR Risk.* ADRs are generally subject to the same risks as foreign securities because their values depend on the performance of the underlying foreign securities. 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.

*Epidemic Risk.*Widespread disease, including pandemics and epidemics have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the United States. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

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**Performance**

The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Adviser Class shares of the Fund from year to year and by showing how the average annual returns of Adviser Class shares, Class A shares and Class C shares of the Fund over time compare to the performance of the Russell 3000<sup>®</sup> Value Index and Russell 3000<sup>®</sup> Index. The Russell 3000<sup>®</sup> Value Index and Russell 3000<sup>®</sup> Index represent broad measures of market performance. Fund returns shown in the performance table reflect the maximum sales charge of 5.50% for the Fund's Class A shares and the contingent deferred sales charge of 1.00% during the one year period for the Class C shares. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at <u>https://www.olsteinfunds.com</u> or by calling 1-800-799-2113.

**Calendar Year Total Returns as of December 31**<sup>(1)(2)</sup>**:**

![chart-07c6e09f26ff40f38c1.jpg](chart-07c6e09f26ff40f38c1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>The Fund is the accounting successor to the Olstein All Cap Value Fund, a series of The Olstein Funds (the "Predecessor All Cap Value Fund"). Accordingly, the performance shown in the bar chart and performance table for periods prior to September 14, 2018, represents the performance of the Predecessor All Cap Value Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Previously this bar chart showed the annual performance of the Fund's Class C shares over the past ten calendar years. Since the majority of Class C assets have converted to Class A shares, this bar chart now shows the annual performance for the past ten calendar years of the Fund's Adviser Class shares, which have a long track record (since 1999) and the greatest net assets.

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter** | **Best Quarter** | **Worst Quarter** | **Worst Quarter** |
| Q2 2020 | 22.42% | Q1 2020 | -31.42% |
| Year-to-Date as of September 30, 2025 | Year-to-Date as of September 30, 2025 | Year-to-Date as of September 30, 2025 | 4.50% |

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns for the periods ended December 31, 2024** | **Average Annual Total Returns for the periods ended December 31, 2024** | **Average Annual Total Returns for the periods ended December 31, 2024** | **Average Annual Total Returns for the periods ended December 31, 2024** |
| | **One Year** | **Five Year** | **Ten Years** |
| Adviser Class<sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 10.08% | 7.27% | 6.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 8.12% | 5.78% | 5.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 7.48% | 5.64% | 5.29% |
| Class A<sup>(2)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | 3.80% | 5.80% | N/A |
| Class C<sup>(3)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 8.00% | 6.20% | 5.84% |
| Russell 3000<sup>®</sup> Value Index (reflects no deduction for fees, expenses and taxes.) | 13.98% | 8.60% | 8.40% |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses and taxes.) | 23.81% | 13.86% | 12.55% |

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<sup>(1)</sup> Previously this table showed the after-tax returns of the Fund's Class C shares. Since the majority of Class C assets have converted to Class A shares, this table now shows the after-tax returns of the Fund's Adviser Class shares, which has a long track record (since 1999) and is the class with the greatest net assets.

<sup>(2)</sup> The 1 Year total return figures for Class C assume that the shareholder redeemed at the end of the first year and paid the CDSC of 1.00%. The average annual total returns for Class C shown for 5 Years and 10 Years do not include the CDSC because there is no CDSC if shares are held longer than 1 year.

<sup>(3)</sup> The total return figures for Class A include the maximum front-end sales charge of 5.50% imposed on purchases.

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. Actual after-tax returns depend on your situation and may differ from those shown. After-tax returns are shown for Adviser Class shares only and after-tax returns for other classes will vary to the extent they have different expenses. Furthermore, after-tax returns are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs").

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**Management**

*Investment Adviser*

Olstein Capital Management, L.P. is the Fund's investment adviser.

*Portfolio Managers*

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Length of Service** |
| Robert A. Olstein | Chairman, Chief Executive Officer, Chief Investment Officer and Co-Lead Portfolio Manager | Since the All Cap Value Predecessor Fund's inception in 1995. |
| Eric R. Heyman | President, Director of Research and Co-Lead Portfolio Manager | Since becoming a Portfolio Manager of the All Cap Value Predecessor Fund in October 2008. |
| Timothy S. Kang | Senior Vice President and Portfolio Manager | Since 2006; Portfolio Manager since February 2022. |
| John D. Sullivan, Jr. | Vice President and Portfolio Manager | Since 2004; Portfolio Manager since February 2022. |

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**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 (Olstein All Cap Value Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252) by contacting the Fund by telephone at 1-800-799-2113, by wire transfer, or through a financial intermediary. The minimum initial and subsequent investment amounts for each class of the Fund are shown below.

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| | | |
|:---|:---|:---|
| | **Regular Accounts** | **Qualified Retirement Plans or IRAs** |
| **Minimum Initial Investment** | $1000 | $1000 |
| **Subsequent Minimum Investment** | $100 ($1,000 by wire) | $100 |

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**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 generally will 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 adviser), please note that the Fund and/or its Adviser pay certain intermediaries for the sale of Fund shares and related services. These payments create conflicts of interest because they could influence 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.

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