485BPOS 2012-09-10 0001511699 2012-09-10 Managed Portfolio Series false 2012-09-10 2012-09-10 Because the Fund invests primarily in ETFs, it is considered "non-diversified" and may invest a greater percentage of its assets in the securities of a single issuer and may have fewer holdings than other mutual funds, a decline in the value of an investment in any one issuer could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />the annual fund operating expenses or in the Example, affect the Fund's<br />performance.</tt> <div style="display:none">~ http://www.atacfund.com/role/ExpenseExample_S000038237Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The ATAC Inflation Rotation Fund (the "Fund") seeks to achieve absolute positive<br />returns over time.</tt> <tt>This Example is intended to help you compare the costs of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same (taking into account the expense limitation for one<br />year).</tt> <tt>To achieve the Fund's investment objective, the Adviser invests the Fund's<br />assets primarily in shares of exchange-traded funds ("ETFs") that track <br />various indices or multiples thereof, sometimes referred to in this Prospectus <br />as "Underlying ETFs."&#xA0;&#xA0;These indices may track the performance of the equity, <br />fixed income and/or commodities markets, in general, or the performance of <br />specific sectors (e.g., a large grouping of companies operating within the <br />market that share similar characteristics) or market segments (e.g., large, <br />medium, or small capitalization domestic and/or foreign companies). Underlying <br />ETFs may also include "inverse" or "short" ETFs that are designed to deliver the <br />opposite return of an index.<br /> <br />The Adviser intends to invest in Underlying ETFs that correspond to one or more<br />asset classes. The Underlying ETFs may hold equity securities (e.g. common and<br />preferred stock) of small, medium and large domestic or foreign companies. <br />Underlying ETFs may also hold fixed income securities such as government and <br />corporate bonds issued by a variety of domestic and foreign entities. These fixed <br />income securities may have varying maturities (e.g. short-term, intermediate or <br />long-term) and credit qualities (e.g. high quality, investment grade or below <br />investment grade, also known as "junk bonds"). In addition, the Fund may invest <br />in Underlying ETFs that hold commodity-linked derivative instruments or invest in <br />the securities of issuers involved in commodity-related businesses, including but <br />not limited to oil refineries, mining companies, and paper mills. The Fund, however, <br />reserves the right to invest all of its assets in any one asset class depending upon <br />market conditions. When investing in Underlying ETFs that track multiples of various<br />indices, the Fund limits its investments in such Underlying ETFs to 25% of total<br />assets at the time of purchase.<br /> <br />"ATAC" in the Fund's name refers to the Adviser's proprietary "Accelerated Time<br />And Capital" investment approach which is designed to target various segments <br />of the investable landscape by allocating primarily between equities and bonds<br />depending on the direction of inflation expectations as dictated by inter-market<br />trends and relative prices. When inflation expectations rise, stocks tend to<br />outperform bonds, and when inflation expectations fall, bonds tend to outperform<br />stocks. The Adviser's ATAC approach allocates into equities, bonds or commodities <br />based on these expectations and attempts to identify specific areas within each <br />asset class in an effort to maximize time span of investment and amount of capital <br />expended in outperforming areas of the market. The Adviser uses a quantitative model <br />that identifies ETFs in which to position the Fund's portfolio. Using ETFs allows for <br />liquid and timely exposure to desired markets and provides the Fund with the ability <br />to reposition holdings in dynamic investing environments.<br /> <br />The Fund can make aggressive moves into or out of any particular asset class on<br />a short-term basis and, as a result, the Adviser expects that the Fund will have<br />a portfolio turnover rate in excess of 100% on an annual basis. The Adviser also<br />anticipates that the Fund's portfolio turnover could exceed 1,000% on an annual<br />basis depending on market conditions. Because the Fund pays transaction costs,<br />such as commissions, when it buys and sells ETFs, a higher portfolio turnover<br />rate may result in higher transaction costs and, when Fund shares are held in <br />a taxable account, in higher taxes. These costs, which are not reflected in the<br />Annual Fund Operating Expenses or in the Example above, affect the Fund's<br />performance.<br /> <br />At the discretion of the Adviser, the Fund may invest its assets in cash,<br />cash equivalents, and high-quality, short-term debt securities and money market<br />instruments for temporary defensive purposes in response to adverse market,<br />economic or political conditions and to retain flexibility in meeting redemptions <br />and paying expenses, which may result in the Fund not achieving its investment <br />objective.</tt> ATAC Inflation Rotation Fund Example Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. When the Fund has been in operation for a full calendar year, performance information will be shown here. Investment Objective Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over short or even long periods of time. Principal Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Performance 855-282-2386 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>Before investing in the Fund, you should carefully consider your own investment<br />goals, the amount of time you are willing to leave your money invested, and the<br />amount of risk you are willing to take. An investment in the Fund is not a<br />deposit of a bank and is not insured or guaranteed by the Federal Deposit<br />Insurance Corporation or any other governmental agency. Remember, in addition to<br />possibly not achieving your investment goals, you could lose all or a portion of<br />your investment in the Fund over short or even long periods of time. The<br />principal risks of investing in the Fund are:<br /><br />General Market Risk. The Fund's net asset value ("NAV") and investment return<br />will fluctuate based upon changes in the value of its portfolio securities.<br />Certain securities selected for the Fund's portfolio may be worth less than the<br />price originally paid for them, or less than they were worth at an earlier time.<br /> <br />New Fund Risk. The Fund is new with no operating history and there can be no<br />assurance that the Fund will grow to or maintain an economically viable size, <br />in which case the Board may determine to liquidate the Fund.<br /> <br />Adviser Risk. The Adviser has not previously managed a mutual fund.<br /> <br />Management Risk. The Fund may not meet its investment objective or may<br />underperform investment vehicles with similar strategies if the Adviser cannot<br />successfully implement the Fund's investment strategies.<br /> <br />Asset Allocation Risk. The Fund's allocation among Underlying ETFs with various<br />asset classes and investments may not produce the desired results.<br /> <br />Non-Diversified Fund Risk. Because the Fund invests primarily in ETFs, it is<br />considered "non-diversified" and may invest a greater percentage of its assets<br />in the securities of a single issuer and may have fewer holdings than other<br />mutual funds, a decline in the value of an investment in any one issuer could<br />cause the Fund's overall value to decline to a greater degree than if the Fund<br />held a more diversified portfolio.<br /> <br />Limited Holdings Risk. The Fund may invest in a single or small number of<br />Underlying ETFs, which may result in increased volatility.<br /> <br />Portfolio Turnover Risk. A high portfolio turnover rate (100% or more) has <br />the potential to result in the realization by the Fund and distribution to<br />shareholders of a greater amount of capital gains than if the Fund had a low<br />portfolio turnover rate. The Fund anticipates that its portfolio turnover could<br />exceed 1,000% on an annual basis depending on market conditions. This may mean<br />that you would likely have a higher tax liability. Distributions to shareholders<br />of short-term capital gains are taxed as ordinary income under federal tax laws. <br />When purchasing Fund securities through a broker, high portfolio turnover generally <br />involves correspondingly greater brokerage commission expenses, which must be borne <br />directly by the Fund.<br /> <br />ETF Risk. The market price of the shares of an Underlying ETF will fluctuate<br />based on changes in the net asset value as well as changes in the supply and<br />demand of its shares in the secondary market. It is also possible that an active<br />secondary market of an Underlying ETF's shares may not develop and market<br />trading in the shares of the Underlying ETF may be halted under certain<br />circumstances.<br /> <br />Underlying ETFs Expense Risk. The Underlying ETFs have management and other<br />expenses. The Fund will bear its pro rata portion of these expenses and<br />therefore the Fund's expenses may be higher than if it invested directly in<br />securities.<br /> <br />The principal risks resulting from investments in the Underlying ETFs include:<br /> <br />Bond Market Risk. These risks apply to the extent the Underlying ETFs hold<br />fixed-income securities. Interest rate risk is the risk that interest rates <br />may go up resulting in a decrease in the value of the securities held by the<br />Underlying ETFs. Credit risk is the risk that an issuer will not make timely<br />payments of principal and interest.<br /><br />High-Yield Securities Risk. The fixed-income securities held by Underlying ETFs<br />that are rated below investment grade (i.e., "junk bonds") are subject to<br />additional risk factors such as increased possibility of default, illiquidity <br />of the security, and changes in value based on public perception of the issuer.<br /> <br />Large-Cap, Mid-Cap and Small-Cap Companies Risk. An Underlying ETF's investment<br />in larger companies is subject to the risk that larger companies are sometimes<br />unable to attain the high growth rates of successful, smaller companies, especially <br />during extended periods of economic expansion.&#xA0;&#xA0;Securities of mid-cap and small-cap <br />companies may be more volatile and less liquid than the securities of large-cap <br />companies.<br /> <br />Tracking Risk. Although an Underlying ETF may seek to match positively or<br />negatively the returns of an index, the Underlying ETF's return may not match <br />or achieve a high degree of correlation with the return of its applicable index.<br /> <br />Compounding Risk. As a result of mathematical compounding and because most<br />Underlying ETFs have a single day investment objective to track the performance<br />of an index or a multiple thereof, the performance of an Underlying ETF for<br />periods greater than a single day is likely to be either greater than or less<br />than the index performance, before accounting for the Underlying ETF's fees and<br />expenses. Compounding will cause longer term results to vary from the return of<br />the index, particularly during periods of higher index volatility.<br /> <br />Inverse or Short Correlation Risk. If an Underlying ETF is designed to deliver<br />the opposite return of an index, it should lose money when such index rises -- a<br />result that is the opposite from traditional mutual funds. This risk is compounded <br />if the Underlying ETF seeks to achieve a return that is a multiple of the inverse <br />performance of its index.<br /> <br />Aggressive Investment Technique Risk. Some of the Underlying ETFs in which the<br />Fund invests may use investment techniques considered to be aggressive, including <br />using futures contracts, options on futures contracts, securities and indices, <br />forward contracts, swap agreements and similar instruments. Because an Underlying <br />ETF's investment in financial instruments may involve a small investment relative <br />to the amount of investment exposure assumed, it may result in losses exceeding the <br />amounts invested.<br /> <br />Foreign Securities Risk. Foreign companies involve risks not generally<br />associated with investment in the securities of U.S. companies, including risks<br />relating to political, social and economic developments abroad and differences<br />between U.S. and foreign regulatory requirements and market practices, including<br />fluctuations in foreign currencies. These risks are greater in emerging markets.<br /> <br />Derivative Risk. Some Underlying ETFs may use derivative instruments which derive <br />their value from the value of an underlying asset, currency or index. The value of <br />derivatives may rise or fall more rapidly than other investments and it is possible <br />to lose more than the initial amount invested.<br /> <br />Leverage Risk. Some Underlying ETFs may borrow money for leveraging and will<br />incur interest expense.<br /> <br />Short Sales Risk. Underlying ETFs may engage in short sales which could cause an<br />Underlying ETF's investment performance to suffer if it is required to close out<br />a short position earlier than it had intended.<br /> <br />Commodities Risk. Investments by an Underlying ETF in commodity-linked derivative <br />instruments and companies involved in commodity-related businesses may be subject <br />to greater volatility than investments in more traditional securities, particularly <br />if the investments involve leverage. This is because the value of commodity-linked <br />derivative instruments and companies in commodity-related businesses may be affected <br />by overall market movements, commodity index volatility, changes in interest rates <br />or sectors and other factors affecting the value of a particular industry or commodity, <br />such as weather, disease, embargoes, or political and regulatory developments. The use<br />of leveraged commodity-linked derivatives creates an opportunity for increased return, <br />but also creates the possibility for a greater loss.</tt> Fees and Expenses of the Fund Principal Investment Strategies www.atacfund.com <tt>When the Fund has been in operation for a full calendar year, performance<br />information will be shown here. Until such time, inception-to-date performance<br />information as of the end of most recently completed calendar quarter will be<br />available on the Fund's website at www.atacfund.com or by calling the Fund<br />toll-free at 855-ATACFUND (855-282-2386). Performance information, when<br />available, will provide some indication of the risks of investing in the Fund <br />by showing changes in the Fund's performance from year-to-year and by showing <br />how the Fund's average annual returns for certain periods compare with those of <br />a broad measure of market performance.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt> <div style="display:none">~ http://www.atacfund.com/role/OperatingExpensesData_S000038237Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <div style="display:none">~ http://www.atacfund.com/role/ShareholderFeesData_S000038237Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> ATACX 0.00 219 728 -0.0025 -0.0200 0.0050 0.0125 2014-12-31 0.0025 0.0216 0.0241 0.0041 0.00 0001511699 ck0001511699:SummaryS000038237Memberck0001511699:S000038237Memberck0001511699:C000117903Member 2012-09-10 2012-09-10 0001511699 ck0001511699:SummaryS000038237Memberck0001511699:S000038237Member 2012-09-10 2012-09-10 0001511699 2012-09-10 2012-09-10 pure iso4217:USD Because the Fund is new, these expenses are based on estimated amounts for the Fund's current fiscal year. Pension Partners, LLC (the "Adviser") has contractually agreed to reimburse the Fund for its operating expenses, and may reduce its management fees, in order to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, brokerage commissions, interest, taxes and extraordinary expenses) do not exceed 1.75% of the average daily net assets of the Fund. Expenses reimbursed and/or fees reduced by the Adviser may be recouped by the Adviser for a period of three fiscal years following the fiscal year during which such waiver or reimbursement was made if such recoupment can be achieved within the foregoing expense limits. The Operating Expense Limitation Agreement will be in effect and cannot be terminated through at least one year from the effective date of this Prospectus, subject thereafter to termination at any time upon 60 days' written notice by either the Trust or the Adviser through December 31, 2014. The Trust's Board of Trustees (the "Board") must consent to the termination of the Operating Expense Limitation Agreement by the Adviser after one year from the effective date of this Prospectus, which consent shall not be unreasonably withheld.