0000894189-18-005981.txt : 20181031 0000894189-18-005981.hdr.sgml : 20181031 20181031115533 ACCESSION NUMBER: 0000894189-18-005981 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 19 FILED AS OF DATE: 20181031 DATE AS OF CHANGE: 20181031 EFFECTIVENESS DATE: 20181031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Managed Portfolio Series CENTRAL INDEX KEY: 0001511699 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-172080 FILM NUMBER: 181149255 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 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Managed Portfolio Series CENTRAL INDEX KEY: 0001511699 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22525 FILM NUMBER: 181149254 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 0001511699 S000061858 Olstein All Cap Value Fund C000200264 Adviser Class C000200265 Class C C000204806 Class A 0001511699 S000061859 Olstein Strategic Opportunities Fund C000200266 Adviser Class C000200267 Class A C000200268 Class C 485BPOS 1 olstein_485b-xbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL


 
Filed with the Securities and Exchange Commission on October 31, 2018

1933 Act Registration File No. 333-172080
1940 Act File No. 811-22525
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No.
   
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Post-Effective Amendment No.
388
 
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and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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X
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Amendment No.
389  
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(Check appropriate box or boxes.)

MANAGED PORTFOLIO SERIES
(Exact Name of Registrant as Specified in Charter)
 
615 East Michigan Street
Milwaukee, WI  53202
(Address of Principal Executive Offices, including Zip Code)
 
Registrant’s Telephone Number, including Area Code:  (414) 765-6802
 
James R. Arnold, President and Principal Executive Officer
Managed Portfolio Series
615 East Michigan Street
Milwaukee, WI  53202
(Name and Address of Agent for Service)
 
Copy to:
Michael P. O’Hare, Esq.
Stradley Ronon Stevens & Young, LLP.
2005 Market Street, Suite 2600
Philadelphia, PA 19103

It is proposed that this filing will become effective (check appropriate box)
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immediately upon filing pursuant to paragraph (b)
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On (date) pursuant to paragraph (b)
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60 days after filing pursuant to paragraph (a)(1)
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on (date) pursuant to paragraph (a)(1)
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75 days after filing pursuant to paragraph (a)(2)
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on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:
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This post-effective amendment designates a new effective date for a previously filed post- effective amendment.

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 388 to the Registration Statement of Managed Portfolio Series (the “Trust”) on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 386 on Form N-1A filed on October 26, 2018.  This PEA No. 388 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 386 to the Trust’s Registration Statement.
 

 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 388 meets all of the requirements for effectiveness under Rule 485(b) and the Registrant has duly caused this Post-Effective Amendment No. 388 to its Registration Statement on Form N-1A to be signed below on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on the 31st day of October, 2018.

Managed Portfolio Series

By: /s/ Deborah C. Ward                       
Deborah C. Ward
Vice President


Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on the 31st day of October, 2018.

Signature
 
Title
     
Robert J. Kern*
 
Trustee
Robert J. Kern
   
     
David A. Massart*
 
Trustee
David A. Massart
   
     
Leonard M. Rush*
 
Trustee
Leonard M. Rush
   
     
David M. Swanson*
 
Trustee
David M. Swanson
   
     
/s/ Deborah C. Ward
 
Vice President and Acting Principal Executive Officer
Deborah C. Ward
   
     
/s/ Brian R. Wiedmeyer
 
Treasurer, Principal Financial Officer and Principal Accounting Officer
Brian R. Wiedmeyer
   
     
*By:
/s/ Brian R. Wiedmeyer
   
 
Brian R. Wiedmeyer, Attorney-In-Fact
pursuant to Power of Attorney
   

1


INDEX TO EXHIBITS

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE


2
 

 
EX-101.INS 2 ck0001511699-20181026.xml XBRL INSTANCE DOCUMENT 0001511699 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061858Member 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061858Member ck0001511699:C000200264Member 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061858Member ck0001511699:C000200265Member 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061858Member ck0001511699:C000204806Member 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061858Member rr:AfterTaxesOnDistributionsMember ck0001511699:C000200265Member 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061858Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001511699:C000200265Member 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061858Member ck0001511699:index_Russell_3000_Value_IndexMember 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061858Member ck0001511699:index_Russell_3000_IndexMember 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061859Member 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061859Member ck0001511699:C000200266Member 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061859Member ck0001511699:C000200267Member 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061859Member ck0001511699:C000200268Member 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061859Member rr:AfterTaxesOnDistributionsMember ck0001511699:C000200268Member 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061859Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001511699:C000200268Member 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061859Member ck0001511699:index_Russell_2500TM_Value_IndexMember 2018-06-30 2018-06-30 0001511699 ck0001511699:S000061859Member ck0001511699:index_Russell_2500TM_IndexMember 2018-06-30 2018-06-30 xbrli:pure iso4217:USD Purchases of $1 million or more, or purchases into account(s) with accumulated value of $1 million or more that were not subject to a front-end sales charge are subject to a CDSC of 1.00% if sold within one year of the purchase date. Other Expenses for the Class A shares are based on estimates for the current fiscal year. "Total Annual Fund Operating Expenses" shown in the table above are based on estimates for the current fiscal year and differ from the ratio of expenses to average net assets shown in the Financial Highlights. In addition, to the extent the Fund incurs acquired fund fees and expenses, they would be included in the table above but not in the ratio of expenses to average net assets shown in the Financial Highlights. "Total Annual Fund Operating Expenses" shown in the above table reflect current fees for the Fund, rather than those of the Fund's predecessor, the Olstein All Cap Value Fund series of The Olstein Funds (the "All Cap Value Predecessor Fund"), and therefore are based on estimates for the current fiscal year. Total Annual Fund Operating Expenses shown in the table above are based on estimates for the current fiscal year and differ from the ratio of expenses to average net assets shown in the Financial Highlights. In addition, to the extent the Fund incurs acquired fund fees and expenses ("AFFE") , they would be included in the table above but not in the ratio of expenses to average net assets shown in the Financial Highlights. OCM has contractually agreed to waive its management fees and/or pay Fund expenses, in order to ensure that Total Annual Fund Operating Expenses of each class of shares (excluding Rule 12b-1 fees, shareholder servicing fees, AFFE, interest expense, taxes, and non-routine expenses) do not exceed 1.35% of the average daily net assets of the Fund. Fees waived and expenses paid by OCM under this Operating Expenses Limitation Agreement may be recouped by OCM for a period of thirty-six months following the month during which such fee waiver or 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, or at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite in term and cannot be terminated through at least October 28, 2019. Thereafter, the agreement may be terminated at any time upon 60 days' written notice by the Trust's Board of Trustees or OCM. "Total Annual Fund Operating Expenses" shown in the above table reflect current fees for the Fund, rather than those of the Fund's predecessor, the Olstein Strategic Opportunities Fund series of The Olstein Funds (the "Strategic Opportunities Predecessor Fund"), and therefore are based on estimates for the current fiscal year. The 1 Year total return figures for Class C assume that the shareholder redeemed at the end of the first year and paid the CDSC of 1.00%. The average annual total returns for Class C shown for 5 Years and 10 Years do not include the CDSC because there is no CDSC if shares are held longer than 1 year. The total return figures for Class A include the maximum front-end sales charge of 5.50% imposed on purchases. Managed Portfolio Series 485BPOS false 0001511699 2018-06-30 2018-10-26 2018-10-28 2018-10-28 Olstein All Cap Value Fund OFAFX OFAVX OFALX Investment Objective <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Olstein All Cap Value Fund&#8217;s (the &#8220;Fund&#8221; or &#8220;All Cap Value Fund&#8221;) primary investment objective is long-term capital appreciation</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">and its secondary objective is income.</div> Principal Investment Strategies <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The Fund seeks to achieve its objectives by investing primarily in a diversified portfolio of common stocks that the Fund&#8217;s investment adviser, Olstein Capital Management, L.P. (&#8220;OCM&#8221;), believes are significantly undervalued.&#160; OCM follows an accounting-driven, value-oriented approach that emphasizes looking behind the numbers of financial statements based on the belief that the price of a common stock may not reflect the intrinsic value of the issuing company&#8217;s underlying business. The Fund uses several valuation methods to determine private market value, all of which emphasize expected future free cash flow</font>.&#160; Future free cash flow represents the cash that a company is able to generate from operations after any required investment to maintain or expand its asset base<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> (i.e., after required capital expenditures and working capital needs).</font></div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">When evaluating the value of stocks for the Fund, OCM undertakes an in-depth analysis of financial statements, as it seeks to identify early signs of potential changes in a company&#8217;s ability to generate sustainable free cash flow as well as its potential to grow that may not be recognized by the financial markets.&#160; When determining sustainable free cash flow and the quality of earnings, OCM assesses the accounting practices and assumptions used to construct financial statements against the economic reality of the company&#8217;s business.&#160; OCM believes that in-depth analysis of financial statements reveals the success of a company&#8217;s strategy, the sustainability of its performance and the impact of management decisions on future cash flow.&#160; OCM further believes that such an analysis is more useful to an investor than management forecasts or earnings guidance.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">OCM believes stock prices often fall below a company&#8217;s private market value as a result of a short-term focus on, or an overreaction to, negative information regarding the company or its industry, or negative overall market psychology.&#160; The Fund seeks to capitalize on market volatility and the valuation extremes specific to a company by purchasing its stock at a discount to OCM&#8217;s estimate of private market value, which could result in above-average capital appreciation if such discount is corrected by market forces or other catalysts that change perceptions.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Fund&#8217;s bottom-up analysis seeks to identify companies with unique business fundamentals and a competitive edge, which usually provide a greater predictability of future free cash flow.&#160; Companies with free cash flow have the potential to enhance shareholder value by increasing dividends, repurchasing shares, reducing debt, engaging in strategic acquisitions, withstanding an economic downturn without adopting harmful short term strategies or being an attractive acquisition target.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The Fund will invest in companies without regard </font>to whether they are conventionally categorized as small, medium, or large capitalization or whether they are characterized as growth, value, cyclical, or any other category .&#160; OCM&#8217;s assessment of a company&#8217;s intrinsic value relative to its market price is the key determinant influencing all investment decisions.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#160; The Fund may invest up to 20% of its net assets in foreign securities that are traded in U.S. dollars, and will limit the Fund&#8217;s foreign investments to investments in developed countries, rather than countries with developing or emerging markets</font>.</div> Fees and Expenses of the Fund <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: justify"> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160; You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or another series of the Trust managed by Olstein Capital Management, L.P. (&#8220;OCM&#8221; or the &#8220;Adviser&#8221;).&#160; Sales load waivers may vary by financial intermediary. For more information on specific financial intermediary sales loads and waivers, see Appendix A to the statutory Prospectus. More information about these and other discounts is available from your financial adviser and in the Prospectus under the section entitled &#8220;Shareholder Information &#8211; Class Descriptions&#8221; on page 32 of the Fund&#8217;s statutory prospectus.&#160; The table below does not reflect any transaction fees that may be charged by a financial intermediary or commissions that a shareholder may be required to pay directly to its financial intermediary when buying and selling Adviser Class shares. </div> 0.0000 0.0550 0.0000 0.0000 0.0000 0.0100 0.0100 0.0100 0.0100 0.0000 0.0025 0.0100 0.0016 0.0016 0.0016 0.0002 0.0002 0.0002 0.0118 0.0143 0.0218 ~ http://olsteinfunds.com/20181026/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001511699_S000061858Member row primary compact * ~ ~ http://olsteinfunds.com/20181026/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001511699_S000061858Member row primary compact * ~ &#8220;Total Annual Fund Operating Expenses&#8221; shown in the table above are based on estimates for the current fiscal year and differ from the ratio of expenses to average net assets shown in the Financial Highlights. In addition, to the extent the Fund incurs acquired fund fees and expenses, they would be included in the table above but not in the ratio of expenses to average net assets shown in the Financial Highlights. Shareholder Fees (fees paid directly from your investment) Other Expenses for the Class A shares are based on estimates for the current fiscal year. Purchases of $1 million or more, or purchases into account(s) with accumulated value of $1 million or more that were not subject to a front-end sales charge are subject to a CDSC of 1.00% if sold within one year of the purchase date. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or another series of the Trust managed by Olstein Capital Management, L.P. (&#8220;OCM&#8221; or the &#8220;Adviser&#8221;). &#8220;Total Annual Fund Operating Expenses&#8221; shown in the above table reflect current fees for the Fund, rather than those of the Fund&#8217;s predecessor, the Olstein All Cap Value Fund series of The Olstein Funds (the &#8220;All Cap Value Predecessor Fund&#8221;), and therefore are based on estimates for the current fiscal year. 50000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Expense Example <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The expense examples below are intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds.&#160; The examples assume that you invest $10,000 for the time periods indicated and then either redeem or do not redeem your shares at the end of those periods.&#160; The examples also assume that your investment has a 5% return each year and that the operating expenses remain the same.&#160; The examples below do not reflect any transaction fees that may be charged by a financial intermediary or commissions that a shareholder may be required to pay directly to its financial intermediary when buying and selling Adviser Class shares.</div> 120 688 321 221 375 978 682 682 649 1289 1169 1169 1432 2169 2513 2513 ~ http://olsteinfunds.com/20181026/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001511699_S000061858Member row primary compact * ~ ~ http://olsteinfunds.com/20181026/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact ck0001511699_S000061858Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Portfolio Turnover <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160; A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160; These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year ended June 30, 2018, the All Cap Value Predecessor Fund&#8217;s portfolio turnover rate was 53.79% of the average value of its portfolio. </div> 0.5379 Performance <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class C shares of the All Cap Value Predecessor Fund from year to year and by showing how the average annual returns of Class C shares and Adviser Class shares of the All Cap Value Predecessor Fund over time compare to the performance of the Russell 3000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">&#174;</sup> Value Index and Russell 3000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">&#174;</sup> Index.&#160; The Russell 3000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">&#174;</sup> Value Index and Russell 3000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">&#174;</sup> Index represent broad measures of market performance. &#160;Fund returns shown in the performance table reflect the contingent deferred sales charge of 1.00% during the one year period for the Class C shares. The All Cap Value Predecessor Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. &#160;Updated performance information is available on the Fund&#8217;s website at <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">http://www.olsteinfunds.com</font> or by calling or by calling (800)&#160;799&#8209;2113. </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The returns presented below reflect the performance of the Olstein All Cap Value Fund series of The Olstein Funds (the &#8220;All Cap Value Predecessor Fund&#8221;).&#160; The Fund has adopted the performance of the All Cap Value Predecessor Fund as the result of a reorganization in which the Fund acquired all the assets and liabilities of the All Cap Value Predecessor Fund (the &#8220;Reorganization&#8221;). &#160;Prior to the Reorganization, the Fund was a &#8220;shell&#8221; fund with no assets and had not commenced operations. </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> OCM served as investment adviser to the All Cap Value Predecessor Fund since inception and will continue to serve as investment adviser to the Fund. </div> Calendar Year Total Returns as of December 31: -0.4380 0.3701 0.1617 -0.0430 0.1530 0.3641 0.1503 -0.0951 0.1153 0.1329 ~ http://olsteinfunds.com/20181026/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact ck0001511699_S000061858Member column rr_ProspectusShareClassAxis compact ck0001511699_C000200264Member row primary compact * ~ Best Quarter 0.2154 2009-06-30 Worst Quarter -0.2836 2008-12-31 Year-to-Date 0.0456 2018-09-30 <table border="0" cellpadding="0" cellspacing="0" id="zf976d7374a3c48479e0e4fa4da684e39" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 40%; margin-left: auto; margin-right: auto;"> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 41.9%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Best Quarter</div> </td> <td style="VERTICAL-ALIGN: top; WIDTH: 58.1%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Worst Quarter</div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 41.9%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Q2 2009 21.54%</div> </td> <td style="VERTICAL-ALIGN: top; WIDTH: 58.1%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Q4 2008 -28.36%</div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 41.9%">&#160;</td> <td style="VERTICAL-ALIGN: top; WIDTH: 58.1%">&#160;</td> </tr> <tr> <td colspan="2" style="VERTICAL-ALIGN: top; WIDTH: 100%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Year-to-Date as of September 30 , 2018</div> </td> </tr> <tr> <td colspan="2" style="VERTICAL-ALIGN: top; WIDTH: 100%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"> 4.56% </div> </td> </tr> </table> 0.1329 0.1260 0.0597 0.1023 Class C Return Before Taxes 0.1171 0.1143 0.0542 0.0842 Class C Return After Taxes on Distributions 0.0880 0.0995 0.0474 0.0803 Class C Return After Taxes on Distributions and Sale of Fund Shares 0.1539 0.1369 0.0688 0.0806 Adviser Class Return Before Taxes 0.1319 0.1395 0.0719 0.0938 Russell 3000&#174; Value Index 0.2113 0.1558 0.0860 0.0916 Russell 3000&#174; Index ~ http://olsteinfunds.com/20181026/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact ck0001511699_S000061858Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> Average annual total returns for Class A shares would have been substantially similar to those for other classes offered by the Fund because each class of shares would have invested in the same portfolio of securities, and the annual returns would differ only to the extent that the classes have different expenses. After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160; Actual after-tax returns depend on your situation and may differ from those shown.&#160; In certain cases, the figure representing Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period.&#160; A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.&#160; After-tax returns are shown for Class C shares only and after-tax returns for other classes will vary to the extent they have different expenses. Furthermore, after-tax returns are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;). </div> The All Cap Value Predecessor Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Furthermore, after-tax returns are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;). Fund returns shown in the performance table reflect the contingent deferred sales charge of 1.00% during the one year period for the Class C shares. http://www.olsteinfunds.com The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class C shares of the All Cap Value Predecessor Fund from year to year and by showing how the average annual returns of Class C shares and Adviser Class shares of the All Cap Value Predecessor Fund over time compare to the performance of the Russell 3000&#174; Value Index and Russell 3000&#174; Index. After-tax returns are shown for Class C shares only and after-tax returns for other classes will vary to the extent they have different expenses. After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. Average Annual Total Returns for the periods ended December 31, 2017 (800) 799&#8209;2113 Principal Risks <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">As with any mutual fund, there are risks to investing.&#160; 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.&#160; Remember, in addition to possibly not achieving your investment goals, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">you could lose all or a portion of your investment in the Fund over short or even long periods of time</font>.&#160; The principal risks of investing in the Fund are:</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">General Market Risk. </font>The Fund&#8217;s net asset value and investment return will fluctuate based upon changes in the value of its portfolio securities. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">&#160;</font>Certain securities selected for the Fund&#8217;s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Management Risk.&#160; </font>The Fund is actively managed and may not meet its investment objective or may underperform the market or other mutual funds with similar strategies if OCM cannot successfully implement the Fund&#8217;s investment strategies.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Equity Securities Risk</font>.&#160; The equity securities held in the Fund&#8217;s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value.&#160; This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors, geographic markets or companies in which the Fund invests.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Small- and Mid-Sized Company Risk.&#160; </font>Small- and mid-sized companies may be more vulnerable to adverse business or economic events than larger, more established companies.&#160; In particular, these companies may have an unproven or narrow technological base and limited product lines, distribution channels, and market and financial resources, and small capitalization companies also may be dependent on entrepreneurial management, making the companies more susceptible to certain setbacks and reversals.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Value-Style Investing Risk</font>.&#160; The Fund uses a value-oriented investment approach.&#160; However, a particular value stock may not increase in price as anticipated by OCM (and may actually decline in price) if other investors fail to recognize the stock&#8217;s value or if a catalyst that OCM believes will increase the price of the stock does not occur or does not affect the price of the stock in the manner or to the degree anticipated.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Foreign Investing Risk</font>.&#160; Investing in foreign companies typically involves more risks than investing in U.S. companies.&#160; These risks can increase the potential for losses in the Fund and may include risks related to currency exchange rate fluctuations, country or government specific issues (for example, terrorism, war, social and economic instability, currency devaluations, and restrictions on foreign investment or the movement of assets), unfavorable trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility.</div> As with any mutual fund, there are risks to investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Olstein Strategic Opportunities Fund OFSFX OFSAX OFSCX Investment Objective <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Olstein Strategic Opportunities Fund&#8217;s (the &#8220;Fund&#8221; or &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Strategic Opportunities Fund&#8221;</font>) investment objective is long-term capital appreciation</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">and its secondary objective is income.</div> Principal Investment Strategies <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The Fund seeks to achieve its objectives by investing primarily in common stocks of small- and mid-sized companies (&#8220;small-cap&#8221; or &#8220;mid-cap&#8221; stocks) that OCM believes are selling at a significant discount to private market value.&#160; The Fund uses several valuation methods to determine private market value, all of which emphasize expected future free cash flow</font>.&#160; Future free cash flow represents the cash that a company is able to generate from operations after any required investment to maintain or expand its asset base (i.e., <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">after required capital expenditures and working capital needs). For purposes of this investment policy, the Fund considers &#8220;small- and mid-sized companies&#8221; to be those with market capitalization values (share price multiplied by the number of shares of common stock outstanding) within the range represented in the Russell 2500</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; COLOR: #000000; LINE-HEIGHT: 1">TM</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> Index (as of May 31, 2018, the Index&#8217;s weighted average market capitalization was approximately $5.6 billion).</font></div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">OCM follows an accounting-driven, value-oriented approach that emphasizes looking behind the numbers of financial statements based on the belief that the price of a common stock may not reflect the intrinsic value of the issuing company&#8217;s underlying business.&#160; OCM believes that the management of small- to mid-sized companies face unique strategic choices, challenges and problems, often as a result of the company&#8217;s size or expectations for growth.&#160; The Fund may employ a distinctive approach; opportunistically engaging as an activist investor in small- to mid-sized companies where OCM perceives that such an approach is likely to add value to the investment process.&#160; As a shareholder activist, OCM may invest in small- to mid-sized public companies that it believes are substantially undervalued, often seeking to influence management to undertake specific steps to increase shareholder value.&#160; In such situations, OCM will normally approach company management on a constructive basis offering strategic advice and transactional experience.&#160; The Fund may also provide additional exposure to activist situations by investing in companies that engage in the same manner as an activist investor or by investing in companies owned by other activist investors or private equity investors.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">When evaluating the value of stocks for the Fund, OCM undertakes an in-depth analysis of financial statements, as it seeks to identify early signs of potential changes in a company&#8217;s ability to generate sustainable free cash flow as well as its potential to grow that may not be recognized by the financial markets.&#160; When determining sustainable free cash flow and the quality of earnings, OCM assesses the accounting practices and assumptions used to construct financial statements against the economic reality of the company&#8217;s business.&#160; OCM believes that in-depth analysis of financial statements reveals the success of a company&#8217;s strategy, the sustainability of its performance and the impact of management decisions on future cash flow.&#160; OCM further believes that such an analysis is more useful to an investor than management forecasts or earnings guidance.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">OCM believes stock prices often fall below a company&#8217;s private market value as a result of a short-term focus on, or an overreaction to, negative information regarding the company or its industry, or negative overall market psychology.&#160; The Fund seeks to capitalize on market volatility and the valuation extremes specific to a company by purchasing its stock at a discount to OCM&#8217;s estimate of private market value, which could result in above-average capital appreciation if such discount is corrected by market forces or other catalysts that change perceptions.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Fund&#8217;s bottom-up analysis seeks to identify companies with unique business fundamentals and a competitive edge, which usually provide a greater predictability of future free cash flow.&#160; Companies with free cash flow have the potential to enhance shareholder value by increasing dividends, repurchasing shares, reducing debt, engaging in strategic acquisitions, withstanding an economic downturn without adopting harmful short term strategies or being an attractive acquisition target.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The Fund may invest up to 20% of its net assets in foreign securities that are traded in U.S. dollars, and will limit the Fund&#8217;s foreign investments to investments in developed countries, rather than countries with developing or emerging markets</font>.</div> Fees and Expenses of the Fund <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.&#160; You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or another series of the Trust managed by Olstein Capital Management, L.P. (&#8220;OCM&#8221; or the &#8220;Adviser&#8221;).&#160; Sales load waivers may vary by financial intermediary. For more information on specific financial intermediary sales loads and waivers, see Appendix A to the statutory Prospectus. More information about these and other discounts is available from your financial adviser and in the Prospectus under the section entitled &#8220;Shareholder Information &#8211; Class Descriptions&#8221; on page 32 of the Fund&#8217;s statutory prospectus.&#160; The table below does not reflect any transaction fees that may be charged by a financial intermediary or commissions that a shareholder may be required to pay directly to its financial intermediary when buying and selling Adviser Class shares. </div> 0.0000 0.0550 0.0000 0.0000 0.0000 0.0100 0.0100 0.0100 0.0100 0.0000 0.0025 0.0100 0.0031 0.0031 0.0031 0.0001 0.0001 0.0001 0.0132 0.0157 0.0232 0.0000 0.0000 0.0000 0.0132 0.0157 0.0232 ~ http://olsteinfunds.com/20181026/role/ScheduleShareholderFees20009 column dei_LegalEntityAxis compact ck0001511699_S000061859Member row primary compact * ~ ~ http://olsteinfunds.com/20181026/role/ScheduleAnnualFundOperatingExpenses20010 column dei_LegalEntityAxis compact ck0001511699_S000061859Member row primary compact * ~ Total Annual Fund Operating Expenses shown in the table above are based on estimates for the current fiscal year and differ from the ratio of expenses to average net assets shown in the Financial Highlights. In addition, to the extent the Fund incurs acquired fund fees and expenses (&#8220;AFFE&#8221;) , they would be included in the table above but not in the ratio of expenses to average net assets shown in the Financial Highlights. Shareholder Fees (fees paid directly from your investment) Purchases of $1 million or more, or purchases into account(s) with accumulated value of $1 million or more that were not subject to a front-end sales charge are subject to a CDSC of 1.00% if sold within one year of the purchase date. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or another series of the Trust managed by Olstein Capital Management, L.P. (&#8220;OCM&#8221; or the &#8220;Adviser&#8221;). 50000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 2019-10-28 Expense Example <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The expense examples below are intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds.&#160; The examples assume that you invest $10,000 for the time periods indicated and then either redeem all or do not redeem shares at the end of those periods.&#160; The examples also assume that your investment has a 5% return each year and that the operating expenses (including capped expenses for the Fund for the periods described in the footnotes to the fee tables) remain the same.&#160; The examples below do not reflect any transaction fees that may be charged by a financial intermediary or commissions that a shareholder may be required to pay directly to its financial intermediary when buying and selling Adviser Class shares.</div> 134 701 335 235 418 1018 724 724 723 1358 1240 1240 1590 2315 2656 2656 ~ http://olsteinfunds.com/20181026/role/ScheduleExpenseExampleTransposed20011 column dei_LegalEntityAxis compact ck0001511699_S000061859Member row primary compact * ~ ~ http://olsteinfunds.com/20181026/role/ScheduleExpenseExampleNoRedemptionTransposed20012 column dei_LegalEntityAxis compact ck0001511699_S000061859Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Portfolio Turnover <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160; A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160; These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160; For the fiscal year ended June 30, 2018, the Strategic Opportunities Predecessor Fund&#8217;s portfolio turnover rate was 52.98% of the average value of its portfolio. </div> 0.5298 Performance <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class C shares of the Strategic Opportunities Predecessor Fund from year to year and by showing how the average annual returns of Class C shares and Adviser Class shares of the Strategic Opportunities Predecessor Fund over time compare to the performance of the Russell 2500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">TM</sup> Value Index and Russell 2500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">TM</sup> Index. The Russell 2500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">TM</sup> Value Index and Russell 2500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">TM</sup> Index represent broad measures of market performance. &#160;Fund returns shown in the performance table reflect the maximum sales charge of 5.50% for the Fund&#8217;s Class A and the contingent deferred sales charge of 1.00% during the one year period for the Class C. The Strategic Opportunities Predecessor Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. &#160;Updated performance information is available on the Fund&#8217;s website at <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">http://www.olsteinfunds.com</font> or by calling or by calling (800)&#160;799&#8209;2113. </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> The returns presented below reflect the performance of the Olstein Strategic Opportunities Fund series of The Olstein Funds (the &#8220;Strategic Opportunities Predecessor Fund&#8221;).&#160; The Fund has adopted the performance of the Strategic Opportunities Predecessor Fund as the result of a reorganization in which the Fund acquired all the assets and liabilities of the Strategic Opportunities Predecessor Fund (the &#8220;Reorganization&#8221;). &#160;Prior to the Reorganization, the Fund was a &#8220;shell&#8221; fund with no assets and had not commenced operations. &#160; </div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> OCM served as investment adviser to the Strategic Opportunities Predecessor Fund since inception and will continue to serve as investment adviser to the Fund. &#160; </div> Calendar Year Total Returns as of December 31: -0.3858 0.4724 0.2673 -0.0826 0.2114 0.4150 0.1156 -0.1511 0.1967 0.0410 ~ http://olsteinfunds.com/20181026/role/ScheduleAnnualTotalReturnsBarChart20013 column dei_LegalEntityAxis compact ck0001511699_S000061859Member column rr_ProspectusShareClassAxis compact ck0001511699_C000200266Member row primary compact * ~ Best Quarter 0.3308 2009-06-30 Worst Quarter -0.2935 2008-12-31 Year-to-Date 0.0397 2018-09-30 <table border="0" cellpadding="0" cellspacing="0" id="z5b2e079c546c405092463aaf9eae38f3" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-COLLAPSE: collapse; WIDTH: 40%; margin-left: auto; margin-right: auto;"> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 41.9%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Best Quarter</div> </td> <td style="VERTICAL-ALIGN: top; WIDTH: 58.1%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Worst Quarter</div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 41.9%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Q2 2009 33.08%</div> </td> <td style="VERTICAL-ALIGN: top; WIDTH: 58.1%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Q4 2008 -29.35%</div> </td> </tr> <tr> <td style="VERTICAL-ALIGN: top; WIDTH: 41.9%">&#160;</td> <td style="VERTICAL-ALIGN: top; WIDTH: 58.1%">&#160;</td> </tr> <tr> <td colspan="2" style="VERTICAL-ALIGN: top; WIDTH: 100%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Year-to-Date as of September 30 , 2018</div> </td> </tr> <tr> <td colspan="2" style="VERTICAL-ALIGN: top; WIDTH: 100%"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"> 3.97% </div> </td> </tr> </table> 0.0410 0.1100 0.0794 0.0686 Class C Return Before Taxes 0.0410 0.0949 0.0720 0.0619 Class C Return After Taxes on Distributions 0.0232 0.0846 0.0633 0.0545 Class C Return After Taxes on Distributions and Sale of Fund Shares 0.0006 0.1057 0.0814 0.0709 Adviser Class Return Before Taxes 0.0622 0.0187 Adviser Class Return Before Taxes 0.1036 0.1327 0.0882 0.0765 Russell 2500&#8482; Value Index 0.1681 0.1433 0.0922 0.0885 Russell 2500&#8482; Index ~ http://olsteinfunds.com/20181026/role/ScheduleAverageAnnualReturnsTransposed20014 column dei_LegalEntityAxis compact ck0001511699_S000061859Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160; Actual after-tax returns depend on your particular tax situation and may differ from those shown.&#160; In certain cases, the figure representing Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period.&#160; A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.&#160; After-tax returns are shown for Class C shares only and after-tax returns for other classes will vary<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font>to the extent they have different expenses.&#160; Furthermore, after-tax returns are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;). </div> The Strategic Opportunities Predecessor Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Furthermore, after-tax returns are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;). Fund returns shown in the performance table reflect the maximum sales charge of 5.50% for the Fund&#8217;s Class A and the contingent deferred sales charge of 1.00% during the one year period for the Class C. http://www.olsteinfunds.com The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class C shares of the Strategic Opportunities Predecessor Fund from year to year and by showing how the average annual returns of Class C shares and Adviser Class shares of the Strategic Opportunities Predecessor Fund over time compare to the performance of the Russell 2500TM Value Index and Russell 2500TM Index. After-tax returns are shown for Class C shares only and after-tax returns for other classes will vary to the extent they have different expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period. Average Annual Total Returns for the periods ended December 31, 2017 (800) 799&#8209;2113 Principal Risks <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">As with any mutual fund, there are risks to investing.&#160; 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.&#160; Remember, in addition to possibly not achieving your investment goals, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">you could lose all or a portion of your investment in the Fund over short or even long periods of time</font>.&#160; The principal risks of investing in the Fund are:</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">General Market Risk. </font>The Fund&#8217;s net asset value and investment return will fluctuate based upon changes in the value of its portfolio securities. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">&#160;</font>Certain securities selected for the Fund&#8217;s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Management Risk.&#160; </font>The Fund is actively managed and may not meet its investment objective or may underperform the market or other mutual funds with similar strategies if OCM cannot successfully implement the Fund&#8217;s investment strategies.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Value-Style Investing Risk</font>.&#160; The Fund uses a value-oriented investment approach.&#160; However, a particular value stock may not increase in price as anticipated by OCM (and may actually decline in price) if other investors fail to recognize the stock&#8217;s value or if a catalyst that OCM believes will increase the price of the stock does not occur or does not affect the price of the stock in the manner or to the degree anticipated.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Equity Securities Risk</font>.&#160; The equity securities held in the Fund&#8217;s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value.&#160; This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors, geographic markets or companies in which the Fund invests.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Small- and Mid-Sized Company Risk.</font>&#160; Small- and mid-sized companies may be more vulnerable to adverse business or economic events than larger, more established companies.&#160; In particular, these companies may have an unproven or narrow technological base and limited product lines, distribution channels, and market and financial resources, and small capitalization companies also may be dependent on entrepreneurial management, making the companies more susceptible to certain setbacks and reversals.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Liquidity Risk.</font>&#160; Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and price that the Fund would like to sell the security, which can have a negative impact on Fund performance.&#160; The Fund may invest in small- and mid-sized companies, which may have a smaller &#8220;float&#8221; (the number of shares that are available to trade) and attract less market interest, and, therefore, may be subject to liquidity risk.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Foreign Investing Risk.</font>&#160; Investing in foreign companies typically involves more risks than investing in U.S. companies.&#160; These risks can increase the potential for losses in the Fund and may include risks related to currency exchange rate fluctuations, country or government specific issues (for example, terrorism, war, social and economic instability, currency devaluations, and restrictions on foreign investment or the movement of assets), unfavorable trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility.</div> As with any mutual fund, there are risks to investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. 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Document and Entity Information
Total
Prospectus:  
Document Type 485BPOS
Document Period End Date Jun. 30, 2018
Registrant Name Managed Portfolio Series
Central Index Key 0001511699
Amendment Flag false
Document Creation Date Oct. 26, 2018
Document Effective Date Oct. 28, 2018
Prospectus Date Oct. 28, 2018
Olstein All Cap Value Fund | Adviser Class  
Prospectus:  
Trading Symbol OFAFX
Olstein All Cap Value Fund | Class C  
Prospectus:  
Trading Symbol OFAVX
Olstein All Cap Value Fund | Class A  
Prospectus:  
Trading Symbol OFALX
Olstein Strategic Opportunities Fund | Adviser Class  
Prospectus:  
Trading Symbol OFSFX
Olstein Strategic Opportunities Fund | Class A  
Prospectus:  
Trading Symbol OFSAX
Olstein Strategic Opportunities Fund | Class C  
Prospectus:  
Trading Symbol OFSCX
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Olstein All Cap Value Fund
Olstein All Cap Value Fund
Investment Objective
The Olstein All Cap Value Fund’s (the “Fund” or “All Cap Value Fund”) primary investment objective is long-term capital appreciation
and its secondary objective is income.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or another series of the Trust managed by Olstein Capital Management, L.P. (“OCM” or the “Adviser”).  Sales load waivers may vary by financial intermediary. For more information on specific financial intermediary sales loads and waivers, see Appendix A to the statutory Prospectus. More information about these and other discounts is available from your financial adviser and in the Prospectus under the section entitled “Shareholder Information – Class Descriptions” on page 32 of the Fund’s statutory prospectus.  The table below does not reflect any transaction fees that may be charged by a financial intermediary or commissions that a shareholder may be required to pay directly to its financial intermediary when buying and selling Adviser Class shares.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees - Olstein All Cap Value Fund
Adviser Class
Class A
Class C
Maximum Front-End Sales Charge (Load) Imposed on Purchases (as a percentage of the offering price) none 5.50% none
Maximum Deferred Sales Charge (Load) (as a percentage of the initial investment or the value of the investment at redemption, whichever is lower) none none [1] 1.00%
[1] Purchases of $1 million or more, or purchases into account(s) with accumulated value of $1 million or more that were not subject to a front-end sales charge are subject to a CDSC of 1.00% if sold within one year of the purchase date.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Olstein All Cap Value Fund
Adviser Class
Class A
Class C
Management Fees 1.00% 1.00% 1.00%
Distribution and Service (Rule 12b-1) Fees none 0.25% 1.00%
Other Expenses 0.16% 0.16% [1] 0.16%
Acquired Fund Fees and Expenses [2] 0.02% 0.02% 0.02%
Total Annual Fund Operating Expenses [2],[3] 1.18% 1.43% 2.18%
[1] Other Expenses for the Class A shares are based on estimates for the current fiscal year.
[2] "Total Annual Fund Operating Expenses" shown in the table above are based on estimates for the current fiscal year and differ from the ratio of expenses to average net assets shown in the Financial Highlights. In addition, to the extent the Fund incurs acquired fund fees and expenses, they would be included in the table above but not in the ratio of expenses to average net assets shown in the Financial Highlights.
[3] "Total Annual Fund Operating Expenses" shown in the above table reflect current fees for the Fund, rather than those of the Fund's predecessor, the Olstein All Cap Value Fund series of The Olstein Funds (the "All Cap Value Predecessor Fund"), and therefore are based on estimates for the current fiscal year.
Expense Example
The expense examples below are intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds.  The examples assume that you invest $10,000 for the time periods indicated and then either redeem or do not redeem your shares at the end of those periods.  The examples also assume that your investment has a 5% return each year and that the operating expenses remain the same.  The examples below do not reflect any transaction fees that may be charged by a financial intermediary or commissions that a shareholder may be required to pay directly to its financial intermediary when buying and selling Adviser Class shares.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example - Olstein All Cap Value Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Adviser Class 120 375 649 1,432
Class A 688 978 1,289 2,169
Class C 221 682 1,169 2,513
Expense Example No Redemption
1 Year
3 Years
5 Years
10 Years
Olstein All Cap Value Fund | Class C | USD ($) 321 682 1,169 2,513
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year ended June 30, 2018, the All Cap Value Predecessor Fund’s portfolio turnover rate was 53.79% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to achieve its objectives by investing primarily in a diversified portfolio of common stocks that the Fund’s investment adviser, Olstein Capital Management, L.P. (“OCM”), believes are significantly undervalued.  OCM follows an accounting-driven, value-oriented approach that emphasizes looking behind the numbers of financial statements based on the belief that the price of a common stock may not reflect the intrinsic value of the issuing company’s underlying business. The Fund uses several valuation methods to determine private market value, all of which emphasize expected future free cash flow.  Future free cash flow represents the cash that a company is able to generate from operations after any required investment to maintain or expand its asset base (i.e., after required capital expenditures and working capital needs).

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

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

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

The Fund will invest in companies without regard to whether they are conventionally categorized as small, medium, or large capitalization or whether they are characterized as growth, value, cyclical, or any other category .  OCM’s assessment of a company’s intrinsic value relative to its market price is the key determinant influencing all investment decisions.  The Fund may invest up to 20% of its net assets in foreign securities that are traded in U.S. dollars, and will limit the Fund’s foreign investments to investments in developed countries, rather than countries with developing or emerging markets.
Principal Risks
As with any mutual fund, there are risks to investing.  An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.  Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over short or even long periods of time.  The principal risks of investing in the Fund are:

General Market Risk. The Fund’s net asset value and investment return will fluctuate based upon changes in the value of its portfolio securities.  Certain securities selected for the Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time.

Management Risk.  The Fund is actively managed and may not meet its investment objective or may underperform the market or other mutual funds with similar strategies if OCM cannot successfully implement the Fund’s investment strategies.

Equity Securities Risk.  The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value.  This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors, geographic markets or companies in which the Fund invests.

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

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

Foreign Investing Risk.  Investing in foreign companies typically involves more risks than investing in U.S. companies.  These risks can increase the potential for losses in the Fund and may include risks related to currency exchange rate fluctuations, country or government specific issues (for example, terrorism, war, social and economic instability, currency devaluations, and restrictions on foreign investment or the movement of assets), unfavorable trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility.
Performance
The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the performance of Class C shares of the All Cap Value Predecessor Fund from year to year and by showing how the average annual returns of Class C shares and Adviser Class shares of the All Cap Value Predecessor Fund over time compare to the performance of the Russell 3000® Value Index and Russell 3000® Index.  The Russell 3000® Value Index and Russell 3000® Index represent broad measures of market performance.  Fund returns shown in the performance table reflect the contingent deferred sales charge of 1.00% during the one year period for the Class C shares. The All Cap Value Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at http://www.olsteinfunds.com or by calling or by calling (800) 799‑2113.

The returns presented below reflect the performance of the Olstein All Cap Value Fund series of The Olstein Funds (the “All Cap Value Predecessor Fund”).  The Fund has adopted the performance of the All Cap Value Predecessor Fund as the result of a reorganization in which the Fund acquired all the assets and liabilities of the All Cap Value Predecessor Fund (the “Reorganization”).  Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not commenced operations.

OCM served as investment adviser to the All Cap Value Predecessor Fund since inception and will continue to serve as investment adviser to the Fund.
Calendar Year Total Returns as of December 31:
Bar Chart
Best Quarter
Worst Quarter
Q2 2009 21.54%
Q4 2008 -28.36%
   
Year-to-Date as of September 30 , 2018
4.56%
Average Annual Total Returns for the periods ended December 31, 2017
Average Annual Returns - Olstein All Cap Value Fund
Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Average Annual Returns, Since Inception
Class C Class C Return Before Taxes 13.29% 12.60% 5.97% 10.23%
Adviser Class Adviser Class Return Before Taxes 15.39% 13.69% 6.88% 8.06%
After Taxes on Distributions | Class C Class C Return After Taxes on Distributions 11.71% 11.43% 5.42% 8.42%
After Taxes on Distributions and Sale of Fund Shares | Class C Class C Return After Taxes on Distributions and Sale of Fund Shares 8.80% 9.95% 4.74% 8.03%
Russell 3000® Value Index Russell 3000® Value Index 13.19% 13.95% 7.19% 9.38%
Russell 3000® Index Russell 3000® Index 21.13% 15.58% 8.60% 9.16%
Average annual total returns for Class A shares would have been substantially similar to those for other classes offered by the Fund because each class of shares would have invested in the same portfolio of securities, and the annual returns would differ only to the extent that the classes have different expenses. After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on your situation and may differ from those shown.  In certain cases, the figure representing Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period.  A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.  After-tax returns are shown for Class C shares only and after-tax returns for other classes will vary to the extent they have different expenses. Furthermore, after-tax returns are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).