# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001133228-26-001429
**Filing Date:** 2026-2
**Character Count:** 135275
**Document Hash:** 19d4100d79056c5c4c87bbcdd3b7b4d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-001429.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001133228-26-001429

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 26603170

**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

### Reinhart Mid Cap PMV Fund (Series ID: S000037193)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000114561 | Investor Class      | RPMMX           |
| C000114562 | Advisor Class       | RPMVX           |
| C000194018 | Institutional Class | RPMNX           |

### Reinhart Genesis PMV Fund (Series ID: S000055903)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000176068 | Investor Class | RPMAX           |
| C000176069 | Advisor Class  | RPMFX           |

### Reinhart International PMV Fund (Series ID: S000075809)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000235103 | Advisor Class | RPMYX           |

?xml version='1.0' encoding='ASCII'? 2025-09-30197606_ReinhartGenesisPMVFund_InvestorClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22525</u>**

 **<u>Managed Portfolio Series</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Brian Wiedmeyer, President**

**Managed Portfolio Series**

**c/o U.S. Bank Global Fund Services**

**777 East Wisconsin Ave., 6<sup>th</sup> Floor**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

(414) 516-1712

Registrant's telephone number, including area code

Date of fiscal year end: **<u>May 31, 2026</u>**

Date of reporting period: **<u>November 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img8884_202405211603117.jpg) | **Reinhart Genesis PMV Fund**  | ![image](img8885_202412201310534.jpg) |
| ![image](img8884_202405211603117.jpg) | Investor Class \| RPMAX  | ![image](img8885_202412201310534.jpg) |
| ![image](img8884_202405211603117.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img8885_202412201310534.jpg) |

---

This semi-annual shareholder report contains important information about the Reinhart Genesis PMV Fund for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://reinhartfunds.com. You can also request this information by contacting us at 1-855-774-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $63 | 1.20% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $572141224 |
| **Number of Holdings** | 37 |
| **Portfolio Turnover** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)\*

---

| | |
|:---|:---|
| **Industry** | **(%)** **\*\*** |
|  Financials  | 27.3% |
|  Information Technology  | 23.3% |
|  Industrials  | 22.9% |
|  Consumer Discretionary  | 9.9% |
|  Health Care  | 6.5% |
|  Real Estate  | 4.2% |
|  Communication Services  | 1.5% |
|  Materials  | 1.0% |
|  Cash & Other  | 3.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** **\*\*** |
|  Silicon Motion Technology  | 4.7% |
|  InterDigital, Inc.  | 4.7% |
|  Axcelis Technologies, Inc.  | 4.6% |
|  First Citizens BancShares  | 4.5% |
|  FormFactor  | 4.2% |
|  YETI Holdings, Inc.  | 4.0% |
|  Skyward Specialty Insurance Group, Inc.  | 3.7% |
|  Assured Guaranty  | 3.6% |
|  Modine Manufacturing  | 3.3% |
|  First American Financial Corp.  | 3.2% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

\*\* Percentages are stated as a % of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://reinhartfunds.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Reinhart Partners, LLC documents not be householded, please contact Reinhart Partners, LLC at 1-855-774-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Reinhart Partners, LLC or your financial intermediary.

Reinhart Genesis PMV Fund PAGE 1 TSR-SAR-56166Y248

------

---

| | | |
|:---|:---|:---|
| ![image](img8884_202405211603117.jpg) | **Reinhart Genesis PMV Fund**  | ![image](img8885_202412201310534.jpg) |
| ![image](img8884_202405211603117.jpg) | Advisor Class \| RPMFX  | ![image](img8885_202412201310534.jpg) |
| ![image](img8884_202405211603117.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img8885_202412201310534.jpg) |

---

This semi-annual shareholder report contains important information about the Reinhart Genesis PMV Fund for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://reinhartfunds.com. You can also request this information by contacting us at 1-855-774-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Advisor Class | $50 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $572141224 |
| **Number of Holdings** | 37 |
| **Portfolio Turnover** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)\*

---

| | |
|:---|:---|
| **Industry** | **(%)** **\*\*** |
|  Financials  | 27.3% |
|  Information Technology  | 23.3% |
|  Industrials  | 22.9% |
|  Consumer Discretionary  | 9.9% |
|  Health Care  | 6.5% |
|  Real Estate  | 4.2% |
|  Communication Services  | 1.5% |
|  Materials  | 1.0% |
|  Cash & Other  | 3.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** **\*\*** |
|  Silicon Motion Technology  | 4.7% |
|  InterDigital, Inc.  | 4.7% |
|  Axcelis Technologies, Inc.  | 4.6% |
|  First Citizens BancShares  | 4.5% |
|  FormFactor  | 4.2% |
|  YETI Holdings, Inc.  | 4.0% |
|  Skyward Specialty Insurance Group, Inc.  | 3.7% |
|  Assured Guaranty  | 3.6% |
|  Modine Manufacturing  | 3.3% |
|  First American Financial Corp.  | 3.2% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

\*\* Percentages are stated as a % of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://reinhartfunds.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Reinhart Partners, LLC documents not be householded, please contact Reinhart Partners, LLC at 1-855-774-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Reinhart Partners, LLC or your financial intermediary.

Reinhart Genesis PMV Fund PAGE 1 TSR-SAR-56166Y230

------

---

| | | |
|:---|:---|:---|
| ![image](img8884_202405211603117.jpg) | **Reinhart International PMV Fund**  | ![image](img8885_202412201310534.jpg) |
| ![image](img8884_202405211603117.jpg) | Advisor Class \| RPMYX  | ![image](img8885_202412201310534.jpg) |
| ![image](img8884_202405211603117.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img8885_202412201310534.jpg) |

---

This semi-annual shareholder report contains important information about the Reinhart International PMV Fund for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://reinhartfunds.com. You can also request this information by contacting us at 1-855-774-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Advisor Class | $48 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2284752 |
| **Number of Holdings** | 44 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)\*

---

| | |
|:---|:---|
| **Industry** | **(%)** **\*\*** |
|  Financials  | 19.3% |
|  Consumer Discretionary  | 19.0% |
|  Industrials  | 17.3% |
|  Information Technology  | 15.9% |
|  Health Care  | 8.2% |
|  Consumer Staples  | 7.1% |
|  Communication Services  | 5.9% |
|  Real Estate  | 4.2% |
|  Materials  | 1.9% |
|  Cash & Other  | 1.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** **\*\*** |
|  Silicon Motion Technology  | 5.2% |
|  Taiwan Semiconductor Manufacturing  | 3.8% |
|  Bank of Ireland Group plc  | 3.6% |
|  LVMH Moet Hennessy Louis Vuitton SE  | 3.6% |
|  Mercari  | 3.3% |
|  ICON PLC  | 3.2% |
|  Horiba Ltd.  | 3.2% |
|  JD Logistics  | 3.1% |
|  Jeronimo Martins SGPS SA  | 3.0% |
|  International Container Terminal Services, Inc.  | 2.8% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** **\*\*** |
|  France  | 15.0% |
|  United Kingdom  | 12.0% |
|  Japan  | 10.2% |
|  Taiwan  | 9.0% |
|  Canada  | 7.6% |
|  Ireland  | 6.9% |
|  United States  | 6.7% |
|  China  | 5.6% |
|  Mexico  | 4.9% |
|  Cash & Other  | 22.1% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

\*\* Percentages are stated as a % of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://reinhartfunds.com.

Reinhart International PMV Fund PAGE 1 TSR-SAR-56167N365

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Reinhart Partners, LLC documents not be householded, please contact Reinhart Partners, LLC at 1-855-774-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Reinhart Partners, LLC or your financial intermediary.

Reinhart International PMV Fund PAGE 2 TSR-SAR-56167N365

------

---

| | | |
|:---|:---|:---|
| ![image](img8884_202405211603117.jpg) | **Reinhart Midcap PMV Fund**  | ![image](img8885_202412201310534.jpg) |
| ![image](img8884_202405211603117.jpg) | Investor Class \| RPMMX  | ![image](img8885_202412201310534.jpg) |
| ![image](img8884_202405211603117.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img8885_202412201310534.jpg) |

---

This semi-annual shareholder report contains important information about the Reinhart Midcap PMV Fund for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://reinhartfunds.com. You can also request this information by contacting us at 1-855-774-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $65 | 1.30% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $96363456 |
| **Number of Holdings** | 43 |
| **Portfolio Turnover** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)\*

---

| | |
|:---|:---|
| **Industry** | **(%)** **\*\*** |
|  Industrials  | 26.0% |
|  Financials  | 25.8% |
|  Health Care  | 9.0% |
|  Consumer Staples  | 7.5% |
|  Information Technology  | 7.1% |
|  Real Estate  | 6.8% |
|  Consumer Discretionary  | 5.6% |
|  Utilities  | 2.9% |
|  Communication Services  | 2.4% |
|  Cash & Other  | 6.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** **\*\*** |
|  TransUnion  | 3.8% |
|  Paycom Software, Inc.  | 3.7% |
|  SS&C Technologies Holdings  | 3.3% |
|  Affiliated Managers Group  | 3.1% |
|  Coca-Cola Consolidated, Inc.  | 3.1% |
|  Rexford Industrial Realty - REIT  | 3.0% |
|  Keysight Technologies, Inc.  | 3.0% |
|  LPL Financial Holdings  | 3.0% |
|  Xcel Energy, Inc.  | 2.9% |
|  White Mountains Insurance Group  | 2.8% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

\*\* Percentages are stated as a % of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://reinhartfunds.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Reinhart Partners, LLC documents not be householded, please contact Reinhart Partners, LLC at 1-855-774-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Reinhart Partners, LLC or your financial intermediary.

Reinhart Midcap PMV Fund PAGE 1 TSR-SAR-56166Y842

------

---

| | | |
|:---|:---|:---|
| ![image](img8884_202405211603117.jpg) | **Reinhart Midcap PMV Fund**  | ![image](img8885_202412201310534.jpg) |
| ![image](img8884_202405211603117.jpg) | Advisor Class \| RPMVX  | ![image](img8885_202412201310534.jpg) |
| ![image](img8884_202405211603117.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img8885_202412201310534.jpg) |

---

This semi-annual shareholder report contains important information about the Reinhart Midcap PMV Fund for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://reinhartfunds.com. You can also request this information by contacting us at 1-855-774-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Advisor Class | $53 | 1.05% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $96363456 |
| **Number of Holdings** | 43 |
| **Portfolio Turnover** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)\*

---

| | |
|:---|:---|
| **Industry** | **(%)** **\*\*** |
|  Industrials  | 26.0% |
|  Financials  | 25.8% |
|  Health Care  | 9.0% |
|  Consumer Staples  | 7.5% |
|  Information Technology  | 7.1% |
|  Real Estate  | 6.8% |
|  Consumer Discretionary  | 5.6% |
|  Utilities  | 2.9% |
|  Communication Services  | 2.4% |
|  Cash & Other  | 6.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** **\*\*** |
|  TransUnion  | 3.8% |
|  Paycom Software, Inc.  | 3.7% |
|  SS&C Technologies Holdings  | 3.3% |
|  Affiliated Managers Group  | 3.1% |
|  Coca-Cola Consolidated, Inc.  | 3.1% |
|  Rexford Industrial Realty - REIT  | 3.0% |
|  Keysight Technologies, Inc.  | 3.0% |
|  LPL Financial Holdings  | 3.0% |
|  Xcel Energy, Inc.  | 2.9% |
|  White Mountains Insurance Group  | 2.8% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

\*\* Percentages are stated as a % of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://reinhartfunds.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Reinhart Partners, LLC documents not be householded, please contact Reinhart Partners, LLC at 1-855-774-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Reinhart Partners, LLC or your financial intermediary.

Reinhart Midcap PMV Fund PAGE 1 TSR-SAR-56166Y834

------

---

| | | |
|:---|:---|:---|
| ![image](img8884_202405211603117.jpg) | **Reinhart Midcap PMV Fund**  | ![image](img8885_202412201310534.jpg) |
| ![image](img8884_202405211603117.jpg) | Institutional Class \| RPMNX  | ![image](img8885_202412201310534.jpg) |
| ![image](img8884_202405211603117.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img8885_202412201310534.jpg) |

---

This semi-annual shareholder report contains important information about the Reinhart Midcap PMV Fund for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://reinhartfunds.com. You can also request this information by contacting us at 1-855-774-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $45 | 0.90% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $96363456 |
| **Number of Holdings** | 43 |
| **Portfolio Turnover** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)\*

---

| | |
|:---|:---|
| **Industry** | **(%)** **\*\*** |
|  Industrials  | 26.0% |
|  Financials  | 25.8% |
|  Health Care  | 9.0% |
|  Consumer Staples  | 7.5% |
|  Information Technology  | 7.1% |
|  Real Estate  | 6.8% |
|  Consumer Discretionary  | 5.6% |
|  Utilities  | 2.9% |
|  Communication Services  | 2.4% |
|  Cash & Other  | 6.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** **\*\*** |
|  TransUnion  | 3.8% |
|  Paycom Software, Inc.  | 3.7% |
|  SS&C Technologies Holdings  | 3.3% |
|  Affiliated Managers Group  | 3.1% |
|  Coca-Cola Consolidated, Inc.  | 3.1% |
|  Rexford Industrial Realty - REIT  | 3.0% |
|  Keysight Technologies, Inc.  | 3.0% |
|  LPL Financial Holdings  | 3.0% |
|  Xcel Energy, Inc.  | 2.9% |
|  White Mountains Insurance Group  | 2.8% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

\*\* Percentages are stated as a % of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://reinhartfunds.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Reinhart Partners, LLC documents not be householded, please contact Reinhart Partners, LLC at 1-855-774-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Reinhart Partners, LLC or your financial intermediary.

Reinhart Midcap PMV Fund PAGE 1 TSR-SAR-56167N654

------

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

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

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

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](reinhartfundslogo.jpg)

**Reinhart Genesis PMV Fund**

**Reinhart International PMV Fund**

**Reinhart Mid Cap PMV Fund**

Core Financial Statements

November 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi1258746)<br>|  |
| &nbsp;&nbsp;&nbsp; [Reinhart Genesis PMV Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Reinhart International PMV Fund](#soi2) | [3](#soi2) |
| &nbsp;&nbsp;&nbsp; [Reinhart Mid Cap PMV Fund](#soi3) | [6](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [8](#sal) |
| [Statements of Operations](#sop) | [10](#sop) |
| [Statements of Changes in Net Assets](#scna) | [11](#scna) |
| [Financial Highlights](#fihi) | [13](#fihi) |
| [Notes to the Financial Statements](#notes) | [19](#notes) |
| [Approval of Investment Advisory Agreement – Reinhart Partners, LLC](#app) | [27](#app) |
| [Additional Information](#add) | [30](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**REINHART GENESIS PMV FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.6%**<br>|  |  |
| **Communication Services - 1.5%**<br>|  |  |
| Madison Square Garden Sports Corp.<sup>(a)</sup> | 38000 | $8665140  |
| **Consumer Discretionary - 9.9%**<br>|  |  |
| frontdoor<sup>(a)</sup> | 295065 | 15912855  |
| Grand Canyon Education<sup>(a)</sup> | 62400 | 9842976  |
| OneSpaWorld Holdings Ltd. | 400000 | 8168000  |
| YETI Holdings, Inc.<sup>(a)</sup> | 549690 | 22801141  |
|  |  | 56724972  |
| **Financials - 27.3%<sup>(b)</sup>**<br>|  |  |
| Assured Guaranty | 225600 | 20425824  |
| Euronet Worldwide<sup>(a)</sup> | 227000 | 16818430  |
| First American Financial | 276000 | 18149760  |
| First Citizens BancShares - Class A | 13630 | 25595641  |
| First Hawaiian | 453490 | 11300971  |
| Independent Bank Corp. | 119000 | 8573950  |
| International Bancshares | 130020 | 8643729  |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 432000 | 21150720  |
| White Mountains Insurance Group | 6400 | 12955200  |
| Wintrust Financial | 93187 | 12488922  |
|  |  | 156103147  |
| **Health Care - 6.5%**<br>|  |  |
| AdaptHealth<sup>(a)</sup> | 1495000 | 14441700  |
| Encompass Health | 57920 | 6731462  |
| Lantheus Holdings<sup>(a)</sup> | 273000 | 16071510  |
|  |  | 37244672  |
| **Industrials - 22.9%**<br>|  |  |
| Cadre Holdings, Inc. | 404000 | 17242720  |
| Hillman Solutions<sup>(a)</sup> | 2023575 | 17706281  |
| Insperity | 439830 | 15556787  |
| Landstar System, Inc. | 116000 | 15177440  |
| MAXIMUS | 129000 | 11105610  |
| Modine Manufacturing<sup>(a)</sup> | 115445 | 18717098  |
| Paycom Software, Inc. | 35000 | 5640950  |
| U-Haul Holding Co. | 318187 | 15307977  |
| V2X, Inc.<sup>(a)</sup> | 261000 | 14315850  |
|  |  | 130770713  |
| **Information Technology - 23.3%**<br>|  |  |
| ACI Worldwide<sup>(a)</sup> | 213000 | 9981180  |
| ASGN<sup>(a)</sup> | 238100 | 10716881  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 320845 | 26556341  |
| FormFactor<sup>(a)</sup> | 436000 | 23988720  |
| InterDigital, Inc. | 74500 | 26652375  |
| PAR Technology<sup>(a)</sup> | 244375 | 8433381  |
| Silicon Motion Technology - ADR | 303000 | 26954880  |
|  |  | 133283758  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REINHART GENESIS PMV FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Materials - 1.0%**<br>|  |  |
| Element Solutions | 225500 | $5844960  |
| **Real Estate - 4.2%**<br>|  |  |
| Marcus & Millichap | 431605 | 12646027  |
| Ryman Hospitality Properties - REIT | 120440 | 11493589  |
|  |  | 24139616  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $464,499,941)** |  | 552776978  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 3.4%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(c)</sup> | 19454502 | 19454502  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $19,454,502)** |  | 19454502  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $483,954,443)** |  | $572231480  |
| Liabilities in Excess of Other Assets - (0.0)%<sup>(d)</sup> |  | (90256)  |
| **TOTAL NET ASSETS - 100.0%** |  | $572141224 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

<sup>(d)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REINHART INTERNATIONAL PMV FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.8%**<br>|  |  |
| **Austria - 2.3%**<br>|  |  |
| BAWAG Group AG | 400 | $53564  |
| **Canada - 7.6%**<br>|  |  |
| Boyd Group Services | 150 | 25138  |
| CCL Industries - Class B | 700 | 42803  |
| Constellation Software | 10 | 24203  |
| Element Fleet Management | 2000 | 53283  |
| Granite Real Estate Investment Trust | 500 | 27403  |
|  |  | 172830  |
| **China - 5.6%**<br>|  |  |
| China Feihe | 30000 | 15982  |
| JD Logistics<sup>(a)</sup> | 45000 | 70712  |
| NetEase - ADR | 300 | 41415  |
|  |  | 128109  |
| **France - 15.0%**<br>|  |  |
| Accor SA | 800 | 43294  |
| Capgemini SE | 300 | 47005  |
| Edenred | 3000 | 64334  |
| Elis SA | 2000 | 56899  |
| FDJ UNITED | 1800 | 50726  |
| LVMH Moet Hennessy Louis Vuitton SE | 110 | 81303  |
|  |  | 343561  |
| **Germany - 1.3%**<br>|  |  |
| CTS Eventim AG | 300 | 29374  |
| **Greece - 2.2%**<br>|  |  |
| JUMBO SA | 1600 | 50796  |
| **Ireland - 6.9%**<br>|  |  |
| Bank of Ireland Group plc | 4500 | 83348  |
| ICON PLC<sup>(a)</sup> | 400 | 74000  |
|  |  | 157348  |
| **Japan - 10.2%**<br>|  |  |
| Horiba Ltd. | 785 | 72769  |
| Mercari<sup>(a)</sup> | 4400 | 74976  |
| Miura Co. Ltd. | 3000 | 58903  |
| Sanwa Holdings Corp. | 1000 | 25790  |
|  |  | 232438  |
| **Luxembourg - 1.4%**<br>|  |  |
| B&M European Value Retail SA | 14000 | 31328  |
| **Mexico - 4.9%**<br>|  |  |
| Arca Continental SAB de CV | 5500 | 54991  |
| Bolsa Mexicana de Valores SAB de CV | 28000 | 56487  |
|  |  | 111478  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REINHART INTERNATIONAL PMV FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Netherlands - 1.3%**<br>|  |  |
| Euronext NV | 200 | $30647  |
| **Philippines - 2.8%**<br>|  |  |
| International Container Terminal Services, Inc. | 7000 | 64799  |
| **Portugal - 3.0%**<br>|  |  |
| Jeronimo Martins SGPS SA | 2900 | 68817  |
| **Republic of Korea - 2.3%**<br>|  |  |
| Coway | 900 | 52777  |
| **Spain - 1.8%**<br>|  |  |
| Aena SME SA | 1500 | 40852  |
| **Sweden - 1.5%**<br>|  |  |
| Svenska Handelsbanken AB - Class A | 2400 | 33328  |
| **Taiwan - 9.0%**<br>|  |  |
| Silicon Motion Technology - ADR | 1335 | 118762  |
| Taiwan Semiconductor Manufacturing - ADR | 300 | 87453  |
|  |  | 206215  |
| **United Kingdom - 12.0%**<br>|  |  |
| ConvaTec Group PLC | 16000 | 49951  |
| Endava plc - ADR<sup>(a)</sup> | 2230 | 14406  |
| LivaNova PLC<sup>(a)</sup> | 1000 | 63810  |
| London Stock Exchange Group plc | 500 | 58896  |
| Manchester United PLC - Class A<sup>(a)</sup> | 4000 | 63600  |
| UNITE Group PLC | 3500 | 24448  |
|  |  | 275111  |
| **United States - 6.7%**<br>|  |  |
| Booking Holdings | 10 | 49147  |
| Cushman & Wakefield Ltd.<sup>(a)</sup> | 2700 | 45225  |
| Euronet Worldwide<sup>(a)</sup> | 800 | 59272  |
|  |  | 153644  |
| **Vietnam - 1.0%**<br>|  |  |
| Vietnam Dairy Products JSC | 9200 | 22335  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,019,149)** |  | 2259351  |
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(b)</sup>**<br>|  |  |
| **Canada - 0.0%<sup>(b)</sup>**<br>|  |  |
| Constellation Software, Expires 03/31/2040, Exercise Price $0.00<sup>(a)(c)</sup> | 20 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**REINHART INTERNATIONAL PMV FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.8%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(d)</sup> | 40226 | $40226  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $40,226)** |  | 40226  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.6%**<br>**(Cost $2,059,375)** |  | $2299577  |
| Liabilities in Excess of Other Assets - (0.6)% |  | (14825)  |
| **TOTAL NET ASSETS - 100.0%** |  | $2284752 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

JSC - Public Joint Stock Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of November 30, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

**Sector Classification as of November 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Financials | $439876 | 19.3%  |
| Consumer Discretionary | 434347 | 19.0  |
| Industrials | 396376 | 17.3  |
| Information Technology | 364598 | 15.9  |
| Health Care | 187761 | 8.2  |
| Consumer Staples | 162125 | 7.1  |
| Communication Services | 134389 | 5.9  |
| Real Estate | 97076 | 4.2  |
| Materials | 42803 | 1.9  |
| Money Market Funds | 40226 | 1.8  |
| Liabilities in Excess of Other Assets | (14825) | (0.6)  |
|  | **$2284752** | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Mid Cap PMV Fund** 

**Schedule of Investments** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.1%**<br>|  |  |
| **Communication Services - 2.4%**<br>|  |  |
| Live Nation Entertainment<sup>(a)</sup> | 17795 | $2339153  |
| **Consumer Discretionary - 5.6%**<br>|  |  |
| LKQ | 68310 | 2028124  |
| Marriott International, Inc./MD - Class A | 3880 | 1182585  |
| Tapestry, Inc. | 19690 | 2151723  |
|  |  | 5362432  |
| **Consumer Staples - 7.5%**<br>|  |  |
| BJ's Wholesale Club Holdings<sup>(a)</sup> | 21440 | 1913091  |
| Coca-Cola Consolidated, Inc. | 18180 | 2962431  |
| Dollar General Corp. | 21475 | 2351298  |
|  |  | 7226820  |
| **Energy - 1.7%**<br>|  |  |
| Baker Hughes, Class A | 31860 | 1599372  |
| **Financials - 25.8%<sup>(b)</sup>**<br>|  |  |
| Affiliated Managers Group | 11070 | 2975948  |
| American Financial Group | 10255 | 1412319  |
| BOK Financial | 18661 | 2101602  |
| Fidelity National Financial | 39830 | 2367097  |
| Fidelity National Information Services | 29420 | 1934953  |
| First Citizens BancShares - Class A | 561 | 1053496  |
| Global Payments | 21535 | 1631492  |
| Intercontinental Exchange | 12165 | 1913554  |
| LPL Financial Holdings | 8090 | 2880364  |
| M&T Bank | 13975 | 2658324  |
| Progressive | 5167 | 1182158  |
| White Mountains Insurance Group | 1348 | 2728689  |
|  |  | 24839996  |
| **Health Care - 9.0%**<br>|  |  |
| Avantor<sup>(a)</sup> | 205445 | 2409870  |
| Encompass Health | 20592 | 2393202  |
| Lantheus Holdings<sup>(a)</sup> | 32905 | 1937117  |
| Zimmer Biomet Holdings | 20340 | 1983557  |
|  |  | 8723746  |
| **Industrials - 26.0%<sup>(b)</sup>**<br>|  |  |
| A O Smith Corp. | 31100 | 2051978  |
| Allison Transmission Holdings | 25030 | 2219160  |
| Insperity | 65945 | 2332475  |
| Landstar System, Inc. | 12415 | 1624378  |
| Paycom Software, Inc. | 21845 | 3520759  |
| Sensata Technologies Holding | 74700 | 2395629  |
| Snap-on | 3245 | 1103462  |
| SS&C Technologies Holdings | 37235 | 3199976  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Mid Cap PMV Fund** 

**Schedule of Investments** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  |  |
| TransUnion | 42800 | $3640140  |
| U-Haul Holding, Series N | 49640 | 2388180  |
| WillScot Holdings Corp. | 28260 | 558135  |
|  |  | 25034272  |
| **Information Technology - 7.1%**<br>|  |  |
| Cognizant Technology Solutions - Class A | 24735 | 1922157  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 14695 | 2908875  |
| Microchip Technology, Inc. | 37415 | 2004696  |
|  |  | 6835728  |
| **Materials - 2.3%**<br>|  |  |
| Eagle Materials | 9975 | 2231607  |
| **Real Estate - 6.8%**<br>|  |  |
| Americold Realty Trust - REIT | 117110 | 1268302  |
| Camden Property Trust - REIT | 22495 | 2392118  |
| Rexford Industrial Realty - REIT | 70175 | 2919982  |
|  |  | 6580402  |
| **Utilities - 2.9%**<br>|  |  |
| Xcel Energy, Inc. | 34165 | 2805288  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $77,102,482)** |  | 93578816  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 3.0%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(c)</sup> | 2843769 | 2843769  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,843,769)** |  | 2843769  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $79,946,251)** |  | $96422585  |
| Liabilities in Excess of Other Assets - (0.1)% |  | (59129)  |
| **TOTAL NET ASSETS - 100.0%** |  | $96363456 |

---

Percentages are stated as a percent of net assets.

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

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Funds** 

**Statements of Assets and Liabilities** 

**November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Reinhart** <br>**Genesis** <br>**PMV Fund** | **Reinhart** <br>**International** <br>**PMV Fund** | **Reinhart** <br>**Mid Cap** <br>**PMV Fund**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $572231480 | $2299577 | $96422585  |
| Dividends receivable | 289140 | 1451 | 85390  |
| Receivable for fund shares sold | 140322 |  | 5986  |
| Dividend tax reclaims receivable |  | 62 | —  |
| Foreign currency, at value |  | 890 | —  |
| Receivable from Adviser |  | 13043 | —  |
| Prepaid expenses and other assets | 27189 | 3234 | 27567  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 572688131 | 2318257 | 96541528  |
| **LIABILITIES:**<br>|  |  |  |
| Payable to adviser | 334461 |  | 52335  |
| Payable for capital shares redeemed | 103466 |  | 29861  |
| Payable for fund administration and accounting fees | 57936 | 9949 | 21791  |
| Payable for transfer agent fees and expenses | 17402 | 825 | 11398  |
| Payable for audit fees | 10612 | 9265 | 11541  |
| Payable for directors fees | 5956 | 5748 | 3867  |
| Payable for legal fees | 5325 | 4132 | 6309  |
| Payable for printing and mailing | 2368 | 84 | 9005  |
| Payable for custodian fees | 2353 |  | 1037  |
| Payable for compliance fees | 1964 | 1965 | 1965  |
| Payable for distribution and shareholder servicing fees |  | 345 | 27520  |
| Payable for expenses and other liabilities | 5064 | 1192 | 1443  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 546907 | 33505 | 178072  |
| **NET ASSETS** | $572141224 | $2284752 | $96363456  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | $448039262 | $1924021 | $73080711  |
| Total distributable earnings | 124101962 | 360731 | 23282745  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $572141224 | $2284752 | $96363456  |
| **Advisor Class**<br>|  |  |  |
| Net assets | $543984237 | $2284752 | $66697332  |
| Shares issued and outstanding<sup>(a)</sup> | 32640930 | 184515 | 3907423  |
| Net asset value per share | $16.67 | $12.38 | $17.07  |
| **Institutional Class**<br>|  |  |  |
| Net assets | $— | $— | $4460973  |
| Shares issued and outstanding<sup>(a)</sup> |  |  | 259365  |
| Net asset value per share | $— | $— | $17.20  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Funds** 

**Statements of Assets and Liabilities** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Reinhart** <br>**Genesis** <br>**PMV Fund** | **Reinhart** <br>**International** <br>**PMV Fund** | **Reinhart** <br>**Mid Cap** <br>**PMV Fund**  |
| **Investor Class**<br>|  |  |  |
| Net assets | $28156987 | $— | $25205151  |
| Shares issued and outstanding<sup>(a)</sup> | 1706563 |  | 1477570  |
| Net asset value per share | $16.50 | $— | $17.06  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $483954443 | $2059375 | $79946251  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $— | $885 | $— |

---

<sup>(a)</sup> Unlimited shares authorized.

The accompanying notes are an integral part of these financial statements.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Funds** 

**Statements of Operations** 

**For the Period Ended November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Reinhart** <br>**Genesis** <br>**PMV Fund** | **Reinhart** <br>**International** <br>**PMV Fund** | **Reinhart** <br>**Mid Cap** <br>**PMV Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | $3213441 | $19552 | $951399  |
| Less: Dividend withholding taxes |  | (1947) | —  |
| Less: Issuance fees | (6727) | (35) | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3206714 | 17570 | 951399  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee (See Note 4) | 2630831 | 10837 | 491844  |
| Shareholder service costs - Advisor Class (See Note 5) | 314725 | 1711 | 29163  |
| Shareholder service costs - Investor Class (See Note 5) |  |  | 1412  |
| Fund administration and accounting fees (See Note 4) | 171632 | 55254 | 65709  |
| Transfer agent fees (See Note 4) | 42777 | 4348 | 31272  |
| Distribution expenses - Investor Class (See Note 5) | 34189 |  | 35293  |
| Federal and state registration fees | 32056 | 2624 | 25944  |
| Custodian fees (See Note 4) | 15563 | 6966 | 3305  |
| Reports to shareholders | 11154 | 1712 | 3661  |
| Trustees' fees | 11085 | 10928 | 8808  |
| Audit fees | 10614 | 10767 | 10794  |
| Compliance fees (See Note 4) | 5856 | 5856 | 5856  |
| Legal fees | 4793 | 4600 | 5772  |
| Other expenses and fees | 6053 | 4285 | 4670  |
| &nbsp;&nbsp;&nbsp; Total expenses | 3291328 | 119888 | 723503  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Administrator, Transfer Agent, and Custodian |  | (24075) | —  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (629727) | (84976) | (120509)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 2661601 | 10837 | 602994  |
| **Net investment income** | 545113 | 6733 | 348405  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 37181576 | 96020 | 4954381  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | (704) | —  |
| Net realized gain (loss) | 37181576 | 95316 | 4954381  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 16873743 | (40126) | (5612421)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | (38) | —  |
| Net change in unrealized appreciation (depreciation) | 16873743 | (40164) | (5612421)  |
| **Net realized and unrealized gain (loss)** | 54055319 | 55152 | (658040)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $54600432 | $61885 | $(309635) |

---

The accompanying notes are an integral part of these financial statements.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Funds** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Reinhart Genesis PMV Fund** | **Reinhart Genesis PMV Fund** | **Reinhart International PMV Fund**  | **Reinhart International PMV Fund**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended** <br>**May 31, 2025** | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended** <br>**May 31, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $545113 | $1233095 | &nbsp;&nbsp;&nbsp;&nbsp; $6733 | $27162  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 37181576 | 23234160 | &nbsp;&nbsp;&nbsp;&nbsp; 95316 | 132657  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 16873743 | (25984310) | &nbsp;&nbsp;&nbsp;&nbsp; (40164) | 86750  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 54600432 | (1517055) | &nbsp;&nbsp;&nbsp;&nbsp; 61885 | 246569  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Advisor Class | &nbsp;&nbsp; — | (21298786) | &nbsp;&nbsp;&nbsp;&nbsp; — | (158322)  |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Class | &nbsp;&nbsp; — | (1118825) | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; — | (22417611) | &nbsp;&nbsp;&nbsp;&nbsp; — | (158322)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Advisor Class | &nbsp;&nbsp; 58117009 | 268372840 | &nbsp;&nbsp;&nbsp;&nbsp; 58961 | 1026754  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Advisor Class | &nbsp;&nbsp; — | 20457780 | &nbsp;&nbsp;&nbsp;&nbsp; — | 158322  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Advisor Class | &nbsp;&nbsp; (44628461) | (193010540) | &nbsp;&nbsp;&nbsp;&nbsp; (1437) | (826177)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | &nbsp;&nbsp; 99558 | 346924 | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investor Class | &nbsp;&nbsp; — | 1118825 | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | &nbsp;&nbsp; (48592) | (9422) | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 13539514 | 97276407 | &nbsp;&nbsp;&nbsp;&nbsp; 57524 | 358899  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 68139946 | 73341741 | &nbsp;&nbsp;&nbsp;&nbsp; 119409 | 447146  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 504001278 | 430659537 | &nbsp;&nbsp;&nbsp;&nbsp; 2165343 | 1718197  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $572141224 | $504001278 | &nbsp;&nbsp;&nbsp;&nbsp; $2284752 | $2165343  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Advisor Class | &nbsp;&nbsp; 3615745 | 16577688 | &nbsp;&nbsp;&nbsp;&nbsp; 4769 | 88826  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Advisor Class | &nbsp;&nbsp; — | 1276218 | &nbsp;&nbsp;&nbsp;&nbsp; — | 15136  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Advisor Class | &nbsp;&nbsp; (2761082) | (12261556) | &nbsp;&nbsp;&nbsp;&nbsp;(117) | (72336)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | &nbsp;&nbsp; 6163 | 21977 | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investor Class | &nbsp;&nbsp; — | 70366 | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | &nbsp;&nbsp; (2949) | (674) | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 857877 | 5684019 | &nbsp;&nbsp;&nbsp;&nbsp; 4652 | 31626 |

---

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Reinhart Mid Cap PMV Fund**  | **Reinhart Mid Cap PMV Fund**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended** <br>**May 31, 2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $348405 | $825638  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 4954381 | 3634196  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (5612421) | (732865)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (309635) | 3726969  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Advisor Class | &nbsp;&nbsp; — | (2794750)  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | &nbsp;&nbsp; — | (173426)  |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Class | &nbsp;&nbsp; — | (847762)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; — | (3815938)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Advisor Class | &nbsp;&nbsp; 2360110 | 3586112  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Advisor Class | &nbsp;&nbsp; — | 2575582  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Advisor Class | &nbsp;&nbsp; (14654541) | (19323178)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | &nbsp;&nbsp; 3847904 | 2604744  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | &nbsp;&nbsp; — | 171337  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | &nbsp;&nbsp; (4881719) | (1128033)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | &nbsp;&nbsp; 1397115 | 3126458  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investor Class | &nbsp;&nbsp; — | 842742  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | &nbsp;&nbsp; (3894125) | (2157949)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; (15825256) | (9702185)  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (16134891) | (9791154)  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 112498347 | 122289501  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $96363456 | $112498347  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Advisor Class | &nbsp;&nbsp; 137754 | 203108  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Advisor Class | &nbsp;&nbsp; — | 146340  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Advisor Class | &nbsp;&nbsp; (850218) | (1078878)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | &nbsp;&nbsp; 220071 | 145012  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | &nbsp;&nbsp; — | 9675  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | &nbsp;&nbsp; (289173) | (61582)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | &nbsp;&nbsp; 80554 | 176787  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investor Class | &nbsp;&nbsp; — | 47802  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | &nbsp;&nbsp; (230663) | (121399)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; (931675) | (533135) |

---

The accompanying notes are an integral part of these financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Genesis PMV Fund** 

**Financial Highlights** 

**Advisor Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $15.06 | $15.49 | $12.54 | $12.61 | $13.45 | $8.73  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>(a)</sup> | 0.04<sup>(a)</sup> | 0.05 | 0.05 | 0.05 | 0.05  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | 0.24 | 3.34 | 0.74 | (0.29) | 4.69  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | 0.28 | 3.39 | 0.79 | (0.24) | 4.74  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.04) | (0.06) | (0.03) | (0.09) | (0.02)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.67) | (0.38) | (0.83) | (0.51) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.71) | (0.44) | (0.86) | (0.60) | (0.02)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $16.67 | $15.06 | $15.49 | $12.54 | $12.61 | $13.45  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 10.69%<sup>(c)</sup> | 1.55% | 27.33% | 6.97% | -1.86% | 54.33%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $543984 | $478580 | $405900 | $275600 | $263100 | $192000  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp; 1.18%<sup>(d)</sup> | 1.16% | 1.16% | 1.19% | 1.16% | 1.27%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<sup>(d)</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.95%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.21%<sup>(d)</sup> | 0.25% | 0.38% | 0.39% | 0.43% | 0.64%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 19%<sup>(c)</sup> | 44% | 21% | 47% | 33% | 32% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Genesis PMV Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.92 | $15.38 | $12.46 | $12.55 | $13.39 | $8.71  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>(a)(b)</sup> | 0.00<sup>(a)(b)</sup> | 0.02 | 0.02 | 0.03 | 0.04  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | 0.23 | 3.31 | 0.74 | (0.30) | 4.65  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | 0.23 | 3.33 | 0.76 | (0.27) | 4.69  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.02) | (0.03) | (0.02) | (0.06) | (0.01)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.67) | (0.38) | (0.83) | (0.51) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.69) | (0.41) | (0.85) | (0.57) | (0.01)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.50 | $14.92 | $15.38 | $12.46 | $12.55 | $13.39  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.59%<sup>(d)</sup> | 1.20% | 27.04% | 6.73% | -2.09% | 53.82%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28157 | $25422 | $24800 | $19300 | $17300 | $17700  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31%<sup>(e)</sup> | 1.33% | 1.34% | 1.37% | 1.37% | 1.49%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%<sup>(e)</sup> | 1.20% | 1.20% | 1.20% | 1.20% | 1.20%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) %<sup>(e)</sup> | 0.00%<sup>(f)</sup> | 0.13% | 0.13% | 0.18% | 0.38%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19%<sup>(d)</sup> | 44% | 21% | 47% | 33% | 32% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Amount represents less than $0.005 per share.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Amount represents less than 0.005%. 

The accompanying notes are an integral part of these financial statements.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart International PMV Fund** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **2025** | **2024** | **2023**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.04 | $11.59 | $10.26 | $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04<sup>(a)</sup> | 0.19<sup>(a)</sup> | 0.17 | 0.13  |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | 1.51 | 1.36 | 0.24  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | 1.70 | 1.53 | 0.37  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.30) | (0.11) | (0.06)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.95) | (0.09) | (0.05)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (1.25) | (0.20) | (0.11)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.38 | $12.04 | $11.59 | $10.26  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.82%<sup>(c)</sup> | 16.29% | 15.00% | 3.76%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2285 | $2165 | $1700 | $1400  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.51%<sup>(d)</sup> | 13.98% | 14.66% | 19.29%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%<sup>(d)</sup> | 0.95% | 0.95% | 0.95%  |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59%<sup>(d)</sup> | 1.63% | 1.57% | 1.60%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11%<sup>(c)</sup> | 67% | 12% | 11% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Mid Cap PMV Fund** 

**Financial Highlights** 

**Advisor Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.10 | $17.20 | $15.75 | $18.32 | $18.22 | $12.22  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06<sup>(a)</sup> | 0.13<sup>(a)</sup> | 0.15 | 0.14<sup>(a)</sup> | 0.19 | 0.15  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) | 0.35 | 2.28 | (1.84) | 0.12 | 6.00  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03) | 0.48 | 2.43 | (1.70) | 0.31 | 6.15  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.13) | (0.16) | (0.14) | (0.21) | (0.15)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.45) | (0.82) | (0.73) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.58) | (0.98) | (0.87) | (0.21) | (0.15)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.07 | $17.10 | $17.20 | $15.75 | $18.32 | $18.22  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.18%<sup>(c)</sup> | 2.73% | 15.71% | -9.56%<sup>(d)</sup> | 1.68% | 50.56%  |
|  **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
|  Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $66697 | $78995 | $92000 | $116100 | $172600 | $167300  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.28%<sup>(e)</sup> | 1.26% | 1.25% | 1.20% | 1.16% | 1.24%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05%<sup>(e)</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%<sup>(e)</sup> | 0.73% | 0.75% | 0.84% | 1.00% | 0.90%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6%<sup>(c)</sup> | 32% | 18% | 42% | 31% | 38% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Net increase from payments by investment adviser on disposal of investments due to trade error added 0.22% to this return.

<sup>(e)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

16<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Mid Cap PMV Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.22 | $17.29 | $15.82 | $18.40 | $18.27 | $12.25  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07<sup>(a)</sup> | 0.16<sup>(a)</sup> | 0.18 | 0.17<sup>(a)</sup> | 0.21 | 0.16  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) | 0.36 | 2.28 | (1.88) | 0.13 | 6.02  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | 0.52 | 2.46 | (1.71) | 0.34 | 6.18  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.14) | (0.17) | (0.14) | (0.21) | (0.16)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.45) | (0.82) | (0.73) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.59) | (0.99) | (0.87) | (0.21) | (0.16)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.20 | $17.22 | $17.29 | $15.82 | $18.40 | $18.27  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.12%<sup>(c)</sup> | 2.94% | 15.84% | -9.54%<sup>(d)</sup> | 1.87% | 50.75%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4461 | $5655 | $4100 | $3800 | $34100 | $38400  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%<sup>(e)</sup> | 1.19% | 1.21% | 1.09% | 1.12% | 1.18%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%<sup>(e)</sup> | 0.90% | 0.90% | 0.90% | 0.90% | 0.90%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79%<sup>(e)</sup> | 0.88% | 0.90% | 0.99% | 1.15% | 1.05%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6%<sup>(c)</sup> | 32% | 18% | 42% | 31% | 38% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Net increase from payments by investment adviser on disposal of investments due to trade error added 0.22% to this return.

<sup>(e)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

17<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Mid Cap PMV Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.11 | $17.20 | $15.76 | $18.35 | $18.23 | $12.23  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04<sup>(a)</sup> | 0.09<sup>(a)</sup> | 0.09 | 0.10<sup>(a)</sup> | 0.12 | 0.10  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) | 0.35 | 2.30 | (1.84) | 0.14 | 6.01  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | 0.44 | 2.39 | (1.74) | 0.26 | 6.11  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.08) | (0.13) | (0.12) | (0.14) | (0.11)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.45) | (0.82) | (0.73) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.53) | (0.95) | (0.85) | (0.14) | (0.11)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.06 | $17.11 | $17.20 | $15.76 | $18.35 | $18.23  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -0.29%<sup>(c)</sup> | 2.47% | 15.41% | -9.77%<sup>(d)</sup> | 1.43% | 50.16%  |
|  **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25205 | $27848 | $26200 | $22700 | $25800 | $21000  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.46%<sup>(e)</sup> | 1.57% | 1.48% | 1.41% | 1.48% | 1.57%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%<sup>(e)</sup> | 1.30% | 1.30% | 1.30% | 1.30% | 1.30%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43%<sup>(e)</sup> | 0.48% | 0.50% | 0.58% | 0.75% | 0.65%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6%<sup>(c)</sup> | 32% | 18% | 42% | 31% | 38% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Net increase from payments by investment adviser on disposal of investments due to trade error added 0.22% to this return.

<sup>(e)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Funds** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)** 

1. ORGANIZATION

Managed Portfolio Series (the "Trust") was organized as a Delaware statutory trust under a Declaration of Trust dated January 27, 2011. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Reinhart Mid Cap PMV Fund (the "Mid Cap Fund"), Reinhart Genesis PMV Fund (the "Genesis Fund") and Reinhart International PMV Fund (the "International Fund") (each a "Fund" and collectively, the "Funds") are each a diversified series with their own investment objectives and policies within the Trust. The investment objective of the Funds is long-term capital appreciation. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services – Investment Companies. The Mid Cap Fund commenced operations on June 1, 2012, the Genesis Fund commenced operations on June 1, 2018 and the International Fund commenced operations on June 1, 2022. The Mid Cap Fund currently offers three classes of shares, the Investor Class, Advisor Class and the Institutional Class. The Mid Cap Fund Institutional Class commenced operations on September 29, 2017. The Genesis Fund currently offers two classes of shares, the Investor Class and the Advisor Class. The International Fund currently offers one class of shares, the Advisor Class. Investor Class shares are subject to a 0.25% Rule 12b-1 distribution and servicing fee. The Investor Class and Advisor Class shares are subject to a maximum 0.15% shareholder servicing fee. Each class of shares has identical rights and privileges except with respect to the distribution fees and voting rights on matters affecting a single share class. The Funds may issue an unlimited number of shares of beneficial interest, with no par value.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

**Federal Income Taxes – The Funds comply with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distributes substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the period end November 30, 2025, the Funds did not have any tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations. As of and during the period end November 30, 2025, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. tax authorities for tax years prior to the period end May 31, 2022.** 

**Foreign Taxes – The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments, or certain foreign currency transactions. Foreign taxes are recorded in accordance with Management's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of November 30, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.** 

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

The Funds distribute all net investment income, if any, and net realized capital gains, if any, annually. Distributions to shareholders are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting

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**Reinhart Funds** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Funds.

**Foreign Currency – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and translations of foreign currency. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.** 

**Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.** 

**Allocation of Income, Expenses and Gains/Losses – Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of the Funds are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of each Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based on relative net assets. Shareholder servicing fees are expensed at an annual rate up to 0.15% of Investor Class and Advisor Class shares and 12b-1 fees are expensed at 0.25% of average daily net assets of Investor Class shares (See Note 5). Expenses associated with a specific fund in the Trust are charged to that fund. Common Trust expenses are typically allocated evenly between the funds of the Trust, or by other equitable means.** 

**New Accounting Pronouncements – In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Chief Compliance Officer at the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.** 

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Funds** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

3. SECURITIES VALUATION

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

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

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

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

In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Funds' NAV is calculated will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. The Funds will value foreign securities at fair value, taking into account such events in calculating the NAV. In such cases, use of fair valuation can reduce an investor's ability to seek to profit by estimating the Funds' NAV in advance of the time the NAV is calculated. All foreign securities, with the exception of Canadian and Mexican securities and those listed on a U.S. exchange, have an adjustment applied to their trade price and therefore are automatically deemed to be in Level 2 of the fair value hierarchy.

**Rights and Warrants – Rights and warrants are valued at the last reported sale price on the exchange which they are traded. If they are not actively traded on the exchange, a fair value will be applied and they will be categorized in Level 3 of the fair value hierarchy.** 

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

The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Funds and their Valuation Designee (as defined below) in calculating the Funds' NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have designated Reinhart Partners, LLC (the "Adviser") as their "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

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**Reinhart Funds** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds' securities as of November 30, 2025:

**Genesis Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $552776978 | $— | $— | $552776978  |
| Short-Term Investments | 19454502 |  |  | 19454502  |
| **Total Investments in Securities** | $572231480 | $— | $— | $572231480 |

---

**International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3\*** | **Total**  |
| Common Stocks | $952194 | $1307157 | $— | $2259351  |
| Warrants |  |  |  | —  |
| Short-Term Investments | 40226 |  |  | 40226  |
| **Total Investments in Securities** | $992420 | $1307157 | $— | $2299577 |

---

**Mid Cap Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| Common Stocks  | $93578816  | $—  | $—  | $93578816  |
| Short-Term Investments  | 2843769  | —  | —  | 2843769  |
| **Total Investments in Securities**  | $96422585  | $—  | $—  | $96422585 |

---

\* Additional Level 3 disclosures were deemed to be immaterial.

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

4. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Trust has an agreement with Reinhart Partners, LLC (the "Adviser") to furnish investment advisory services to the Funds. For its services, the Funds pay the Adviser a monthly management fee based upon the average daily net assets of the Funds at the following rates:

---

| | |
|:---|:---|
| **Fund** |  |
| Mid Cap Fund | 0.90%  |
| Genesis Fund | 0.95%  |
| International Fund | 0.95% |

---

The Funds' Adviser has contractually agreed to waive its management fees and pay Fund expenses in order to ensure that Total Annual Fund Operating Expenses (excluding AFFE, leverage/borrowing interest, interest expense, taxes, brokerage commissions, and extraordinary expenses) do not exceed the following rates (based upon the average daily net assets of the Funds):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Investor** <br>**Class** | **Advisor** <br>**Class** | **Institutional** <br>**Class**  |
| Mid Cap Fund | 1.30% | 1.05% | 0.90%  |
| Genesis Fund | 1.20% | 0.95% | N/A  |
| International Fund | N/A | 0.95% | N/A |

---

Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of thirty-six 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

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**Reinhart Funds** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

limit in effect at the time of recoupment. The Operating Expenses Limitation Agreements are indefinite in term and cannot be terminated through at least September 28, 2029, for the Mid Cap Fund, and September 28, 2026, for the Genesis Fund and the International Fund. Thereafter, the agreements may be terminated at any time upon 60 days' written notice by the Trust's Board or the Adviser, with the consent of the Board. Waived fees and reimbursed expenses subject to potential recovery by month of expiration are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Expiration** | **Amount**  |
| Mid Cap Fund | December 2025 - May 2026 | $137255  |
|  | June 2026 - May 2027 | $265036  |
|  | June 2027 - May 2028 | $274616  |
|  | June 2028 - November 2029 | $120508  |
| Genesis Fund | December 2025 - May 2026 | $328428  |
|  | June 2026 - May 2027 | $742406  |
|  | June 2027 - May 2028 | $1057860  |
|  | June 2028 - November 2029 | $629726  |
| International Fund | December 2025 - May 2026 | $84564  |
|  | June 2026 - May 2027 | $167563  |
|  | June 2027 - May 2028 | $168693  |
|  | June 2028 - November 2029 | $84976 |

---

U.S. Bancorp Fund Services, LLC (the "Administrator"), doing business as U.S. Bank Global Fund Services, acts as the Funds' Administrator, Transfer Agent, and Fund Accountant. U.S. Bank, N.A. (the "Custodian") serves as the custodian to the Funds. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds' custodian; coordinates the payment of the Funds' expenses and reviews the Funds' expense accruals. The officers of the Trust, including the Chief Compliance Officer, are employees of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Funds, subject to annual minimums. Fees paid by the Funds for administration and accounting, transfer agency, custody and chief compliance officer services for the period ended November 30, 2025, are disclosed in the Statements of Operations. For the International Fund, the Administrator waived $22,875 in fund administration and transfer agent fees; and the Custodian waived $1,200 in custody fees.

5. DISTRIBUTION & SHAREHOLDER SERVICE FEES

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan") in the Investor Class only. The Plan permits the Funds to pay for distribution and related expenses at an annual rate of 0.25% of the average daily net assets of the Investor Class. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and other sales material, advertising and public relations expenses, payments to financial intermediaries and compensation of personnel involved in selling shares of the Funds. Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred. For the period end November 30, 2025, the Funds incurred the following expenses pursuant to the Plan:

---

| | |
|:---|:---|
| **Fund** | **Amount**  |
| Mid Cap Fund | $35293  |
| Genesis Fund | $34189  |
| International Fund | N/A |

---

The Funds have entered into a shareholder servicing agreement (the "Agreement") where the Adviser acts as the shareholder agent, under which the Funds may pay a servicing fee at an annual rate up to 0.15% of the average daily net assets of the Investor Class and Advisor Class. Payments, if any, to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the Funds. Payments may also be made directly

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Funds** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

to the intermediaries providing shareholder services. The services provided by such intermediaries are primarily designed to assist shareholders of the Funds and include the furnishing of office space and equipment, telephone facilities, personnel and assistance to the Funds in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Funds and includes establishing and maintaining shareholders' accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other personal services to shareholders as the Funds may reasonably request. For the period end November 30, 2025, the Funds incurred the following expenses pursuant to the Plan:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investor Class** | **Advisor Class**  |
| Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1412 | &nbsp;&nbsp; $29163  |
| Genesis Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 314725  |
| International Fund | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 1711 |

---

6. INVESTMENT TRANSACTIONS

The aggregate purchases and sales, excluding short-term investments, by the Funds for the period end November 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Government Securities** | **U.S. Government Securities** | **Other**  | **Other**  |
| <br>**Fund** | **Purchases** | **Sales** | **Purchases** | **Sales**  |
| Mid Cap Fund | $— | $— | $6225383 | $21124023  |
| Genesis Fund | $— | $— | $111311641 | $100099690  |
| International Fund | $— | $— | $325848 | $246483 |

---

7. FEDERAL TAX INFORMATION

The aggregate gross unrealized appreciation and depreciation of securities held by the Funds and the total cost of securities for federal income tax purposes at May 31, 2025, the Funds' most recent fiscal year end, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate** <br>**Gross** <br>**Appreciation** | **Aggregate** <br>**Gross** <br>**Depreciation** | **Net** <br>**Appreciation**  | **Federal** <br>**Income Tax** <br>**Cost**  |
| Mid Cap Fund | $32060963 | $(10498959) | $21562004 | $90531088  |
| Genesis Fund | 108509546 | (49062975) | 59446571 | 444929540  |
| International Fund | 402367 | (180721) | 221646 | 1969539 |

---

The difference between book-basis and tax basis unrealized appreciation is attributable primarily to the differences in tax treatment of wash sales and passive foreign investment companies.

At May 31, 2025, the Funds' most recent fiscal year end, components of accumulated loss on a tax-basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed** <br>**Ordinary** <br>**Income** | **Undistributed** <br>**Long-Term**<br>**Capital Gains** | **Net** <br>**Appreciation** | **Total** <br>**Distributable** <br>**Earnings**  |
| Mid Cap Fund | $175707 | $1854669  | $21562004 | $23592380  |
| Genesis Fund |  | 10054959 | 59446571 | 69501530  |
| International Fund | 28812 | 48388 | 221646 | 298846 |

---

As of May 31, 2025, the Funds' most recent fiscal year end, the Funds did not have any capital loss carryovers. A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital, and ordinary losses which occur during the portion of the Funds' taxable year subsequent to October 31 and December 31, respectively. The Funds do not plan to defer any qualified late-year losses.

24<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Funds** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

There were no distributions paid by the Funds for the period ended November, 30, 2025.

The tax character of distributions paid during the year ended May 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary** <br>**Income\*** | **Long-Term** <br>**Capital Gains** | **Total**  |
| Mid Cap Fund | $849801 | $2966137 | $3815938  |
| Genesis Fund | 6651210 | 15766401 | 22417611  |
| International Fund | 47849 | 110472 | 158322 |

---

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

9. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of November 30, 2025, each Fund's percentage of control ownership positions greater than 25% are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent of** <br>**Shares Held** | **Type of** <br>**Ownership**  |
| Mid Cap Fund | Morgan Stanley Smith Barney, LLC | 36.82% | Record  |
| Genesis Fund | Morgan Stanley Smith Barney, LLC | 36.44% | Record  |
| International Fund | National Financial Services, LLC | 47.39% | Record  |
|  | James Reinhart | 31.23% | Beneficial |

---

10. REPORT OF SPECIAL SHAREHOLDER MEETING

At a special meeting of the shareholders of the Funds (the "Special Meeting") held on December 12, 2025, the shareholders approved a new investment advisory agreement (the "New Advisory Agreement") between the Adviser and the Trust, on behalf of the Funds. The New Advisory Agreement was approved by the Board of Trustees and by shareholders of the Funds in anticipation of a change in ownership of the Adviser that would result in the termination of the previously effective investment advisory agreement between the Adviser and the Trust, on behalf of the Funds. Each Fund's shareholders of record as of October 9, 2025, were entitled to vote at the Special Meeting

As of the record date, for the Mid Cap Fund, of the 3,610,440.295 shares present by proxy (representing 57.274% of total outstanding shares), 3,595,258.521 shares or 99.580% voted in favor (representing 57.034% of total outstanding shares), 11,249.542 shares or 0.312% voted against (representing 0.178% of total outstanding shares), and 3,932.232 shares or 0.108% abstained from voting (representing 0.062% of total outstanding shares).

As of the record date, for the Genesis Fund, of the 19,232,515.076 shares present by proxy (representing 55.952% of total outstanding shares), 19,177,497.656 shares or 99.714% voted in favor (representing 55.793% of total outstanding shares), 6,754.819 shares or 0.036% voted against (representing 0.019% of total outstanding shares), and 48,262.601 shares or 0.250% abstained from voting (representing 0.140% of total outstanding shares).

As of the record date, for the International Fund, of the 120,614.196 shares present by proxy (representing 65.392% of total outstanding shares), 120,614.196 shares or 100% voted in favor (representing 65.392% of total outstanding shares). There were no shares that voted against or that abstained from voting.

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Funds** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

11. SUBSEQUENT EVENTS

Management has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no additional items require recognition or disclosure.

On December 17, 2025, the Funds made the following distributions to shareholders:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Share** <br>**Class** | **Type of** <br>**Distribution** | **Dollar** <br>**Amount** | **Rate** <br>**Per Share**  |
| Mid Cap Fund | Advisor | Ordinary Income | $515345 | $0.13842562  |
|  | Advisor | Short-Term Capital Gain | 562231 | 0.15102  |
|  | Advisor | Long-Term Capital Gain | 3102821 | 0.83344  |
|  | Investor | Ordinary Income | 144771 | 0.09755725  |
|  | Investor | Short-Term Capital Gain | 224107 | 0.15102  |
|  | Investor | Long-Term Capital Gain | 1236795 | 0.83344  |
|  | Institutional | Ordinary Income | 39121 | 0.15372529  |
|  | Institutional | Short-Term Capital Gain | 38432 | 0.15102  |
|  | Institutional | Long-Term Capital Gain | 212099 | 0.83344  |
| Genesis Fund | Advisor | Ordinary Income | $782810 | $0.02417053  |
|  | Advisor | Short-Term Capital Gain | 428533 | 0.01323  |
|  | Advisor | Long-Term Capital Gain | 37920346 | 1.17085  |
|  | Investor | Ordinary Income | 20834 | 0.01213503  |
|  | Investor | Short-Term Capital Gain | 22716 | 0.01323  |
|  | Investor | Long-Term Capital Gain | 2010136 | 1.17085  |
| International Fund | Advisor | Ordinary Income | $31045 | $0.16825571  |
|  | Advisor | Short-Term Capital Gain | 26139 | 0.14167  |
|  | Advisor | Long-Term Capital Gain | 121083 | 0.65624 |

---

26<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Funds** 

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT – Reinhart Partners, LLC (Unaudited)** 

At a meeting of the Board of Trustees of Managed Portfolio Series ("Trust") on September 23, 2025, the Trust's Board of Trustees ("Board"), including all of the trustees ("Trustees") who are not "interested persons" of the Trust, as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended ("Independent Trustees"), considered and approved a new Investment Advisory Agreement ("New Advisory Agreement") between the Trust and Reinhart Partners, LLC ("Reinhart"), the investment adviser to the Reinhart Mid Cap PMV Fund, Reinhart Genesis PMV Fund, and Reinhart International PMV Fund (the "Funds"), on behalf of each of the Funds, subject to approval by the shareholders of each Fund.

In reaching its decision to recommend the approval of the New Advisory Agreement, the Board reviewed materials provided by Reinhart and posed questions to representatives of Reinhart who attended and presented at the Board meeting. In the course of their review, the Trustees considered their fiduciary responsibilities with regard to factors deemed to be relevant to the Funds. The Board also considered other matters, including, but not limited to the following: (1) the nature, extent, and quality of the services provided in the past by Reinhart since each Fund's inception and the continuation of such services following the Acquisition by Baird of an ownership interest in Reinhart; (2) the performance of the Funds; (3) the fact that there are no material differences between the terms of the New Advisory Agreement and the terms of the previously existing advisory agreement; (4) Reinhart's representation that, following the Acquisition, there will be no changes to each Fund's portfolio management personnel and no changes to the way the Funds are managed; (5) the fact that, as part of the Acquisition, current Reinhart employees will increase their ownership interests in Reinhart; (6) Reinhart's representation that, following the Acquisition, Reinhart will continue to operate as an independent investment manager; (7) the fact that Reinhart's founder and control person, Mr. James E. Reinhart, will continue to own an equity interest and serve as a Board member of Reinhart; and (8) the fact that the fee structure under the New Advisory Agreement will be identical to the fee structure under the previously existing advisory agreement and that Reinhart has agreed to maintain each Fund's current annual operating expense limits.

The Board also evaluated the New Advisory Agreement in light of information the Trustees had requested and received from Reinhart prior to the September 23, 2025, Board meeting, as well as information provided by Reinhart in connection with the August 19-20, 2025, Board meeting, including Reinhart's presentation at that meeting. Below is a summary of the material factors considered by the Board in its deliberations as to whether to approve the New Advisory Agreement and the Board's conclusions.

Nature, Extent and Quality of Services Provided to the Funds. The Trustees considered the scope of services that Reinhart would provide under the New Advisory Agreement, noting that such services include, but are not limited to, the following for each Fund: (1) investing the Fund's assets consistent with the Fund's investment objective and investment policies; (2) determining the portfolio securities to be purchased, sold, or otherwise disposed of and the timing of such transactions; (3) voting proxies, if any, with respect to the Fund's portfolio securities; (4) maintaining the required books and records for transactions that Reinhart effects on behalf of the Fund; (5) selecting broker-dealers to execute orders on behalf of the Fund; and (6) monitoring and maintaining the Fund's compliance with policies and procedures of the Trust and with applicable securities laws. The Trustees considered the qualifications, experience and responsibilities of the portfolio managers to each Fund as well as Reinhart's resources and compliance structure, including information regarding its compliance program, its chief compliance officer and Reinhart's compliance record. The Trustees noted that Reinhart had participated in the August 19-20, 2025, and September 23, 2025, Board meetings and during the course of the prior year had provided additional information about each Fund's performance and the services provided by Reinhart, including its role as each Fund's valuation designee. The Trustees also considered Reinhart's overall financial condition and business continuity plan. The Trustees concluded that Reinhart has the quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the New Advisory Agreement and that the nature, overall quality and extent of such management services would be satisfactory.

Fund Historical Performance and the Overall Performance of Reinhart. In assessing the quality of the portfolio management delivered by Reinhart, the Trustees reviewed the performance of the Mid Cap Fund, Genesis Fund, and International Fund on both an absolute basis and in comparison to an appropriate benchmark index, each Fund's Morningstar category ("Category"), as well as a smaller sub-set of peer funds as constructed using publicly-available data provided by Morningstar, Inc. and presented by Barrington Financial Group, LLC d/b/a Barrington Partners, an independent third-party benchmarking firm, through its cohort selection process ("Cohort"), and the composite of separate accounts that Reinhart manages utilizing a similar investment strategy as that of each Fund, as applicable.

27<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Funds** 

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT – Reinhart Partners, LLC (Unaudited)(Continued)** 

When comparing each Fund's performance against its respective Category and Cohort, the Trustees took into account that the investment objective and strategies of each Fund, as well as each Fund's level of risk tolerance, may differ significantly from funds in the Category and Cohort.

&nbsp;&nbsp;&nbsp;&nbsp;• **Mid Cap Fund.** The Trustees noted that the Fund had underperformed both the Category and Cohort averages, as well as underperformed its benchmark
 index and a broader market index, for all periods presented as of June 30, 2025. The Trustees noted that the Fund's Investor
 Class and Advisor Class did not perform as well against the benchmark index as compared to the Institutional Class, but that
 these classes have a 12b-1 fee and/or a shareholder servicing fee, which is not necessarily the case for the funds included in the Category
 and Cohort. The Trustees also considered that the Fund's performance was generally consistent with the returns of the Adviser's
 composite for accounts with a similar strategy over all relevant time periods.

&nbsp;&nbsp;&nbsp;&nbsp;• **Genesis Fund.** The Trustees noted that the Fund had outperformed both the Category and Cohort averages for all periods presented as of June 30,
 2025, and had outperformed its benchmark index, for all periods presented as of June 30, 2025, while underperforming the broader
 market index for all periods presented, other than the five-year period, ended June 30, 2025. The Trustees also considered that the
 Fund's performance was generally consistent with the returns of the Adviser's composite for accounts with a similar strategy
 over all relevant time periods.

&nbsp;&nbsp;&nbsp;&nbsp;• **International Fund.** The Trustees noted that the Fund had outperformed the Cohort and Category averages for the year-to-date, one-, and three-year
 periods ended June 30, 2025. The Trustees noted that the Fund had also outperformed its benchmark index for all periods presented
 as of June 30, 2025. The Trustees also considered that Reinhart does not manage other accounts or composites with the same or substantially
 similar strategies as the Fund.

After considering all of the information, the Trustees concluded that the performance obtained by Reinhart for each Fund was reasonable under relevant market conditions. Although past performance is not a guarantee or indication of future results, the Trustees determined that the Funds and their shareholders were likely to benefit from Reinhart's continued management.

Cost of Advisory Services and Profitability. The Trustees considered the annual advisory fee that each Fund pays to Reinhart under the New Advisory Agreement, as well as Reinhart's profitability from services that it rendered to each Fund during the 12-month period ended June 30, 2025. The Trustees also noted favorably the expense limitation agreement under which Reinhart contractually agreed to reduce its advisory fees and, if necessary, reimburse each Fund for operating expenses, as specified in the Funds' prospectus, and observed that Reinhart had waived a portion of its management fee with respect to each Fund over the 12-month period ended June 30, 2025. The Trustees further considered that the management fees Reinhart charges to separately managed accounts with strategies and asset levels similar to those of the Mid Cap Fund and Genesis Fund are lower than the advisory fee for each Fund, respectively. They also noted, however, that Reinhart has additional responsibilities with respect to the Funds, including the preparation of Board and shareholder materials, which justify the higher fee. The Trustees observed that the International Fund's strategy is not offered in a separately managed account. The Trustees considered the reasonableness of Reinhart's profits from its service relationship with each Fund, noting that the International Fund had not been profitable over the 12-month period ended June 30, 2025.

Comparative Fee and Expense Data. The Trustees considered a comparative analysis of contractual expenses borne by each Fund and those of funds within the same Category and Cohort as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• **Mid Cap Fund.** The Trustees noted that while the Fund's advisory fee was higher than the Category and Cohort averages, the total expenses
 of the Fund's Institutional Class (after waivers and expense reimbursements) were below the Category average and equal to the
 Cohort average. Regarding the Fund's Advisor Class and Investor Class, the Trustees noted that these classes include shareholder
 servicing and/or Rule 12b-1 fees, which is not necessarily the case for the funds included in the Category and Cohort.

28<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Reinhart Funds** 

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT – Reinhart Partners, LLC (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Genesis Fund.** The Trustees noted that while the Fund's advisory fee was higher than the Category and Cohort averages, the total expenses
 of the Fund's Advisor Class (after waivers and expense reimbursements) were below the Category and Cohort averages. Regarding
 the Fund's Investor Class, the Trustees noted that this class includes shareholder servicing and Rule 12b-1 fees, which is
 not necessarily the case for the funds included in the Category and Cohort.

&nbsp;&nbsp;&nbsp;&nbsp;• **International Fund.** The Trustees noted that the Fund's advisory fee was higher than the Category and Cohort averages, and its total expenses
 (after waivers and expense reimbursements) were higher than the Category average but lower than the Cohort average. The Trustees further
 considered that the Fund includes a shareholder servicing which is not necessarily the case for the funds included in the Category and
 Cohort.

While recognizing that it is difficult to compare advisory fees because the scope of advisory services provided may vary from one investment adviser to another, the Trustees concluded that Reinhart's advisory fee with respect to each Fund continues to be reasonable.

Economies of Scale. The Trustees considered whether the Funds would benefit from any economies of scale, noting that the investment advisory fees for the Funds do not contain breakpoints. The Trustees noted that at current asset levels, it was not necessary to consider the implementation of fee breakpoints but agreed to revisit the issue in the future as circumstances change and asset levels increase.

Other Benefits. The Trustees considered the direct and indirect benefits that could be realized by the Adviser from its relationship with the Funds. The Trustees considered the extent to which Reinhart utilizes soft dollar arrangements with respect to portfolio transactions and considered that Reinhart does not utilize any affiliated brokers to execute the Funds' portfolio transactions. While the Trustees noted Rule 12b-1 fees may be paid for shareholder and distribution services performed on behalf of the Funds, the Trustees also observed that the Adviser was incurring its own distribution expenses on behalf of the Funds. The Trustees considered that Reinhart may receive some form of reputational benefit from services rendered to the Funds, but that such benefits are immaterial and cannot otherwise be quantified. The Trustees concluded that Reinhart does not receive additional material benefits from its relationship with the Funds.

Conclusions. The Trustees considered all of the foregoing factors. No single factor was determinative in the Board's decision to approve the New Advisory Agreement for the Fund, but rather the Board based its determination on the total mix of information available to the Trustees. Based on a consideration of all the factors in their totality, the Board, all of whom are Independent Trustees, determined that the New Advisory Agreement with Reinhart, including the advisory fees to be paid thereunder, was fair and reasonable, and approved the New Advisory Agreement as being in the best interest of the Fund and its shareholders, and determined to recommend that shareholders approve the agreement.

29<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**REINHART FUNDS** 

**ADDITIONAL INFORMATION** 

**November 30, 2025 (Unaudited)** 

**AVAILABILITY OF FUND PORTFOLIO INFORMATION** 

Each Fund files complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds' Part F of Form N-PORT are each available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. For information on the Public Reference Room call 1-800-SEC-0330. In addition, each Fund's Part F of Form N-PORT is available without charge upon request by calling 1-855-774-3863.

**AVAILABILITY OF PROXY VOTING INFORMATION** 

A description of the Funds' Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-855-774-3863. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (1) without charge, upon request, by calling 1-855-774-3863, or (2) on the SEC's website at www.sec.gov.

**ADDITIONAL REQUIRED DISCLOSURE FROM FORM N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Refer to information provided within financial statements.

30<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INVESTMENT ADVISER** 

**Reinhart Partners, LLC** 

**11090 North Weston Drive** 

**Mequon, WI 53092** 

**DISTRIBUTOR** 

**Quasar Distributors, LLC** 

**3 Canal Plaza, Suite 100** 

**Portland, ME 04101** 

**CUSTODIAN** 

**U.S. Bank, N.A.** 

**1555 North River Center Drive, Suite 302** 

**Milwaukee, WI 53212** 

**ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT** 

**U.S. Bancorp Fund Services, LLC** 

**615 E. Michigan Street** 

**Milwaukee, WI 53202** 

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**Cohen & Company, Ltd.** 

**342 North Water Street, Suite 830** 

**Milwaukee, WI 53202** 

**LEGAL COUNSEL** 

**Stradley Ronon Stevens & Young, LLP** 

**2005 Market Street, Suite 2600** 

**Philadelphia, PA 19103** 

This report must be accompanied or preceded by a prospectus.

The Funds' Statement of Additional Information contains additional information about the Funds' trustees and is

available without charge upon request by calling 1-855-774-3863.

RH-RPSEMI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form."

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

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

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have
 reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940
 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules
 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure
 controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded,
 processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](rf-efp22150_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable to open-end investment companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable to open-end investment companies

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](rf-efp22150_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Managed Portfolio Series

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian R. Wiedmeyer |
|  | Brian R. Wiedmeyer, Principal Executive Officer |

---

Date <u> 02/05/26</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian R. Wiedmeyer |
|  | Brian R. Wiedmeyer, Principal Executive Officer |

---

Date <u> 02/05/26</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Benjamin J. Eirich |
|  | Benjamin J. Eirich, Principal Financial Officer<br>|

---

Date <u> 02/05/26</u>

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

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Brian R. Wiedmeyer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Managed Portfolio Series;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 02/05/26 | /s/ Brian R. Wiedmeyer |
|  |  | Brian R. Wiedmeyer<br> Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Benjamin J. Eirich, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Managed Portfolio Series;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 02/05/26 | /s/ Benjamin J. Eirich |
|  |  | Benjamin J. Eirich<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Managed Portfolio Series, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Managed Portfolio Series for the period ended November 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Managed Portfolio Series for the stated period.

---

| | |
|:---|:---|
| /s/ Brian R. Wiedmeyer | /s/ Benjamin J. Eirich |
| Brian R. Wiedmeyer<br> Principal Executive Officer | Benjamin J. Eirich<br> Principal Financial Officer |

---

Dated: <u>02/05/26</u> Dated: <u>02/05/26</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Managed Portfolio Series for purposes of Section 18 of the Securities Exchange Act of 1934.