Reinhart Mid Cap PMV Fund

Investor Class Shares – RPMMX

Advisor Class Shares – RPMVX

Institutional Class Shares – RPMNX

Reinhart Genesis PMV Fund

Investor Class Shares – RPMAX

Advisor Class Shares – RPMFX

Annual Report

www.ReinhartFunds.com

May 31, 2022

Reinhart Mid Cap PMV Fund (Unaudited)

June 21, 2022

Fellow Shareholders,

The Reinhart Mid Cap PMV Fund – Advisor Class (the “Fund”) gained +1.68% for the 12-month period ended May 31, 2022, compared to the Russell Midcap Value Index’s return of -0.06% during that same time frame, providing downside protection in a period of heightened volatility. Market factors shifted quickly over the year, as inflation and interest rates rose sharply, supply chains problems worsened, consumers shifted spending from goods to services and travel, and geopolitical instability came to the fore. These changes have taken the air out of the more speculative pockets of the market as investors have refocused on company fundamentals, seeking out businesses with sustainable moats and pricing power. This has always been our approach as quality value investors, and the Fund should be well positioned if this environment continues.

We took advantage of the volatility and bought seven new positions over the course of the year and added to several positions where we felt short-term concerns were being overly reflected in valuations. The portfolio also benefitted from three buyout announcements after having none in the previous year, (rare for our strategy). Today the portfolio continues to overweight Financials given banks will benefit from higher interest rates, and Industrial companies where we expect our less cyclical holdings to hold up better should macroeconomic weakness occur.

Consumer Discretionary was the best performing sector for the Fund as we avoided the most challenged industries including clothing retailers and travel-related stocks in favor of steadier businesses such as discount warehouse. Financials also outperformed, driven by our Property & Casualty insurance holdings which are raising prices and more than offsetting loss cost inflation, thereby improving underwriting profitability. The third largest positive contributing sector was Industrials, led by our holdings with significant Defense exposure.

Energy was by far the best performing sector during the year, and given the Fund was considerably underweight, it was the largest detractor in the portfolio. There are fewer high-quality companies within the Energy sector relative to other areas of the market, in our view, given the commodity nature of the product with little differentiation, heavy capital intensity and a long industry track record of meager cash flow generation. As such we are comfortable enduring periods of short-term underperformance when energy prices rise, as we believe our clients’ capital is better invested in more durable businesses over the long term. The Health Care sector was also a detractor as several of our holdings saw weak volumes due to medical facilities hampered by an overflow of Covid patients. These companies are also dealing with health care worker shortages, which is pressuring margins. We expect both issues to improve as Covid cases recede and the labor landscape improves.

The biggest question now facing the market is whether the Federal Reserve can stymie inflation with tighter monetary policy without sending the economy into a recession. As always, we would not pretend to have a better prediction of the outcome when it comes to recessions or stock market movements. But we believe our company-level focus on quality and valuation keeps us invested in steady, resilient businesses that are better able to withstand economic dislocations, should that occur.

Thank you for your ongoing investment in Reinhart’s Mid Cap PMV Fund.

Sincerely,

Josh Wheeler

Portfolio Manager, Reinhart Partners Inc.

Reinhart Mid Cap PMV Fund (Unaudited)

Must be preceded or accompanied by a prospectus.

Past performance is not a guarantee of future results.

Mutual fund investing involves risk. There can be no guarantee that any strategy will be successful. Principal loss is possible. Investing in medium-sized companies involves greater risk than those associated with investing in large company stocks, such as business risk, significant stock price fluctuations and illiquidity. The Fund’s value investments are subject to the risk that their intrinsic values may not be recognized by the broad market or that their prices may decline.

Opinions expressed are those of the fund manager and are subject to change, are not guaranteed and should not be considered a recommendation to buy or sell any security.

•	Russell Midcap Value Index: an unmanaged equity index which measures the performance of mid-sized U.S. companies classified by Russell as ‘value’. It is not possible to invest directly into an index.

Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security. Please refer to the Schedule of Investments in this report for a complete list of fund holdings.

Quasar Distributors, LLC, Distributor.

Reinhart Mid Cap PMV Fund

Value of $10,000 Investment (Unaudited)

The chart assumes an initial investment of $10,000. Performance reflects waivers of fee and operating expenses in effect. In the absence of such waivers, total return would be reduced. Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 855-774-3863. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Annualized Rates of Return as of May 31, 2022

	1-Year	3-Year	5-Year	10-Year	Since Inception⁽¹⁾
Investor Class	1.43%	10.81%	7.58%	9.99%	9.99%
Advisor Class	1.68%	11.10%	7.85%	10.26%	10.26%
Institutional Class	1.87%	11.27%	8.01%	10.43%	10.43%
Russell Midcap Value Index⁽²⁾	-0.06%	13.37%	9.10%	12.31%	12.31%

(1)

Period from Fund inception through May 31, 2022. The Advisor and Investor Class commenced operations on June 1, 2012, and the Institutional Class commenced operations on September 29, 2017. Performance shown for the Institutional Class prior to the inception of the Institutional Class is based on the performance of the Advisor Class, adjusted for the lower expenses applicable to the Institutional Class.

(2)

The Russell Midcap Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. This index cannot be invested in directly.

The following is expense information for the Reinhart Mid Cap PMV Fund as disclosed in the Fund’s most recent prospectus dated September 28, 2021:

Investor Class Gross Expense Ratio – 1.57%	Net Expense Ratio – 1.30%
Advisor Class Gross Expense Ratio – 1.24%	Net Expense Ratio – 1.05%
Institutional Class Gross Expense Ratio – 1.18%	Net Expense Ratio – 0.90%

Reinhart Mid Cap PMV Fund

Reinhart Partners, Inc. (the “Adviser” or “Reinhart”) has contractually agreed to waive its management fees and pay Fund expenses in order to ensure that Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses (“AFFE”), leverage/borrowing interest, interest expense, taxes, brokerage commissions, and extraordinary expenses) do not exceed 1.30% of the average daily net assets of the Investor Class, 1.05% of the average daily net assets of the Advisor Class and 0.90% of the average daily net assets of the Institutional Class. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made, if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in effect at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite in term and cannot be terminated through at least September 28, 2028. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser, with the consent of the Board.

The actual net expense ratios applicable to shareholders, as disclosed in the Financial Highlights for the year ended May 31, 2022, was 1.30%, 1.05% and 0.90% for the Investor Class, Advisor Class and Institutional Class, respectively.

Reinhart Mid Cap PMV Fund

Allocation of Portfolio Net Assets⁽¹⁾ (Unaudited)

May 31, 2022

(% of Net Assets)

Top Ten Equity Holdings⁽¹⁾ (Unaudited)

May 31, 2022

(% of Net Assets)

Vistra	4.2	%
Baker Hughes, Class A	3.5	%
LKQ	3.3	%
American Campus Communities – REIT	2.9	%
Encompass Health	2.9	%
White Mountains Insurance Group	2.9	%
BJ’s Wholesale Club Holdings	2.7	%
Interpublic Group of Companies	2.7	%
Global Payments	2.6	%
Citizens Financial Group	2.6	%

(1)	Fund Holdings and Sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

Reinhart Genesis PMV Fund (Unaudited)

June 21, 2022

Fellow Shareholders,

The Reinhart Genesis PMV Fund – Advisor Class (the “Fund”) generated a return of -1.86% for the 12-month period ended May 31, 2022. The portfolio’s Russell 2500 benchmark generated a return of return of -11.62% over the same period. Over the past twelve months, investor attention has turned from COVID to inflation and concerns about the overall health of the economy. This has resulted in increased volatility in the stock market as investors attempt to assess the impact of the first inflationary environment in several decades. The Reinhart Genesis PMV portfolio companies have fared well in this uncertain environment.

While most sectors were positive contributors within the portfolio, the Healthcare sector was a notable standout. As the worst performing sector in the Russell 2500 index, Healthcare was down more than 32%. However, Reinhart Genesis PMV’s Healthcare sector holdings increased by a weighted average of 13%, thanks in large part to Lantheus Holdings, a producer of specialty medical imaging contrast agents. Lantheus recently launched a new product to improve diagnosis of prostate cancer. This new product has been enthusiastically received by diagnosticians and the stock price now reflects an even more optimistic future for the company.

The portfolio also benefitted from the announced buyout of portfolio holding Switch Inc., a data center company with best-in-class energy efficiency which is a key value driver within the industry. The acquisition of Switch highlights an advantage of our Private Market Value approach. Most “value managers” would have scoffed at the stock’s valuation when we initially purchased it in August of 2021. However, our analysis of prior merger and acquisition data within the data center industry suggested that the private market value of a company as well positioned as Switch was significantly higher than the prevailing price. Given the quality of the business and the discount to PMV, we were not surprised to see an interested buyer.

On the downside, our lack of exposure to the Energy sector was a material detractor from relative performance. As the economy re-opened following the COVID lock downs, demand for gasoline quickly recovered. The war in Ukraine has caused oil supply disruptions, adding fuel to the fire of rising gas prices. Energy stocks have spiked higher as a result. Dramatic swings in the price of oil leads to substantial volatility in Energy sector stock prices. We realize that dynamic can lead to brief periods of “missing out” due to our avoidance of the group. However, these companies do not typically meet our investment framework that focuses on competitively advantaged businesses. These are capital intensive companies that produce a commodity, and take whatever price the market sets. While temporary oil price spikes can leave us a with a bit of envy in the short term, high prices tend to encourage additional production, which pushes prices back down – as is the nature of commodities. We believe the portfolio will produce superior results over the long term by avoiding such commodity businesses.

Pricing power is one of the key factors we assess when considering investments for the portfolio. In recent commentaries, we have emphasized the growing importance this factor plays as inflation pressures build within the US economy. Companies that have the ability to raise prices without losing customers should perform relatively well while the cost of labor and materials are increasing rapidly. The stock prices of these ‘quality companies’ have generally performed well recently. Given the current environment, we believe this theme is in the early stages.

As of this writing, the Genesis PMV portfolio is trading at an average discount-to-PMV of 33%, which has historically proven to be an attractive level. We are confident in the portfolio’s ability to execute in the uncertain environment ahead.

Thank you for your confidence in Reinhart Partners.

Reinhart Genesis PMV Fund (Unaudited)

Sincerely,

Matt Martinek, CFA

Portfolio Manager, Reinhart Partners Inc.

Must be preceded or accompanied by a prospectus.

Past performance is not a guarantee of future results.

Opinions expressed are those of the fund manager and are subject to change, are not guaranteed and should not be considered a recommendation to buy or sell any security.

•	Russell 2500 Index: an unmanaged equity index which measures the performance of the 2,500 smallest companies in the Russell 3000 Index. It is not possible to invest directly into an index.

•	Russell 2500 Value Index: an unmanaged equity index which measures the performance of smid-cap companies classified by Russell as ‘value’. It is not possible to invest directly into an index.

•	Private Market Value (PMV): the estimated price per share of a stock that a corporate buyer or private equity firm would be willing to pay to buyout and control the entire company.

Quasar Distributors, LLC, Distributor.

Reinhart Genesis PMV Fund

Value of $10,000 Investment (Unaudited)

Annualized Rates of Return as of May 31, 2022

	1-Year	3-Year	Since Inception⁽¹⁾
Investor Class	-2.09%	9.84%	7.48%
Advisor Class	-1.86%	10.11%	7.77%
Russell 2500 Index⁽²⁾	-11.62%	12.05%	7.72%
Russell 2500 Value Index⁽³⁾	-3.81%	12.70%	7.30%

(1)	Inception date of the Fund was June 1, 2018.
(2)	The Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000 Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. This index cannot be invested in directly.
(3)	The Russell 2500 Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 companies that are considered more value oriented relative to the overall market as defined by Russell’s leading style methodology. This index cannot be invested in directly.

The following is expense information for the Reinhart Genesis PMV Fund as disclosed in the Fund’s most recent prospectus dated September 28, 2021:

Investor Class Gross Expense Ratio – 1.49%	Net Expense Ratio – 1.20%
Advisor Class Gross Expense Ratio – 1.27%	Net Expense Ratio – 0.95%

Reinhart Genesis PMV Fund

Reinhart Partners, Inc. (the “Adviser” or “Reinhart”) has contractually agreed to waive its management fees and pay Fund expenses in order to ensure that Total Annual Fund Operating Expenses (excluding AFFE, leverage/borrowing interest, interest expense, taxes, brokerage commissions, and extraordinary expenses) do not exceed 1.20% of the average daily net assets of the Investor Class and 0.95% of the average daily net assets of the Advisor Class. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made, if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in effect at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite in term and cannot be terminated through at least September 28, 2022. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser, with the consent of the Board.

The actual net expense ratios applicable to shareholders, as disclosed in the Financial Highlights for the year ended May 31, 2022, was 1.20% and 0.95% for the Investor Class and Advisor Class, respectively.

Reinhart Genesis PMV Fund

Allocation of Portfolio Net Assets⁽¹⁾ (Unaudited)

May 31, 2022

(% of Net Assets)

Top Ten Equity Holdings⁽¹⁾ (Unaudited)

May 31, 2022

(% of Net Assets)

Maxar Technologies	5.1	%
Insperity	4.7	%
Marcus & Millichap	4.0	%
Alexander & Baldwin – REIT	3.6	%
ACI Worldwide	3.6	%
Grand Canyon Education	3.4	%
Aerojet Rocketdyne Holdings	3.4	%
First Citizens BancShares, Class A	3.4	%
Air Lease, Class A	3.3	%
AMERCO	3.3	%

(1)	Fund Holdings and Sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

Reinhart Funds

Expense Examples (Unaudited)

May 31, 2022

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution (12b-1) fees; shareholder service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2021 – May 31, 2022).

ACTUAL EXPENSES

For each class, the first line of the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if transactional costs were included, your costs may have been higher.

Reinhart Mid Cap PMV Fund

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period⁽¹⁾
	(12/1/2021)	(5/31/2022)	(12/1/2021 to 5/31/2022)
Investor Class Actual⁽²⁾	$1,000.00	$ 980.20	$6.42
Investor Class Hypothetical
(5% annual return before expenses)	$1,000.00	$1,018.45	$6.54

Advisor Class Actual⁽²⁾	$1,000.00	$ 980.70	$5.19
Advisor Class Hypothetical
(5% annual return before expenses)	$1,000.00	$1,019.70	$5.29

Institutional Class Actual⁽²⁾	$1,000.00	$ 981.30	$4.45
Institutional Class Hypothetical
(5% annual return before expenses)	$1,000.00	$1,020.44	$4.53

(1)	Expenses are equal to the Fund’s annualized expense ratio for most recent six-month period of 1.30%, 1.05%, 0.90%, for the Investor Class, Advisor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.
(2)	Based on the actual returns for the six-month period ended May 31, 2022 of -1.98%, -1.93% and -1.87% for the Investor Class, Advisor Class and Institutional Class, respectively.

Reinhart Funds

Expense Examples (Unaudited) – Continued

May 31, 2022

Reinhart Genesis PMV Fund

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period⁽¹⁾
	(12/1/2021)	(5/31/2022)	(12/1/2021 to 5/31/2022)
Investor Class Actual⁽²⁾	$1,000.00	$ 973.60	$5.90
Investor Class Hypothetical
(5% annual return before expenses)	$1,000.00	$1,018.95	$6.04

Advisor Class Actual⁽²⁾	$1,000.00	$ 974.50	$4.68
Advisor Class Hypothetical
(5% annual return before expenses)	$1,000.00	$1,020.19	$4.78

(1)	Expenses are equal to the Fund’s annualized expense ratio for most recent six-month period of 1.20% and 0.95% for the Investor Class and Advisor Class, respectively, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.
(2)	Based on the actual returns for the six-month period ended May 31, 2022 of -2.64% and -2.55% for the Investor Class and Advisor Class, respectively.

Reinhart Mid Cap PMV Fund

Schedule of Investments

May 31, 2022

Description	Shares		Value

COMMON STOCKS – 94.9%

Communication Services – 2.7%
Interpublic Group of Companies		194,140	$	6,257,132

Consumer Discretionary – 9.5%
Allison Transmission Holdings		146,840		5,875,068
eBay		81,540		3,968,552
Leslie’s*		229,565		4,458,152
LKQ		150,430		7,730,598
				22,032,370

Consumer Staples – 2.7%
BJ’s Wholesale Club Holdings*		109,500		6,336,765

Energy – 3.5%
Baker Hughes, Class A		228,030		8,204,519

Financials – 20.4%
American Financial Group		37,000		5,228,100
BOK Financial		68,541		5,906,178
Citizens Financial Group		143,630		5,943,410
Loews		49,145		3,218,506
Northern Trust		46,695		5,218,166
Progressive		43,700		5,216,906
SEI Investments		80,000		4,674,400
Signature Bank		24,720		5,346,195
White Mountains Insurance Group		5,333		6,638,838
				47,390,699

Health Care – 7.5%
Dentsply Sirona		121,691		4,814,096
Encompass Health		102,687		6,730,106
Zimmer Biomet Holdings		47,400		5,697,954
Zimvie*		4,740		103,190
				17,345,346

Industrials – 13.3%
Aerojet Rocketdyne Holdings*		132,260		5,388,273
AMERCO		9,865		4,833,653
Carlisle Companies		15,780		4,014,905
Curtiss-Wright		33,000		4,685,340
General Dynamics		14,185		3,190,348
Snap-on		21,595		4,791,499
Stanley Black & Decker		33,500		3,976,115
				30,880,133

See Notes to the Financial Statements

Reinhart Mid Cap PMV Fund

Schedule of Investments – Continued

May 31, 2022

Description	Shares		Value

COMMON STOCKS – 94.9% (Continued)

Information Technology – 10.8%
Cognizant Technology Solutions, Class A		73,390	$	5,482,233
Fidelity National Financial		90,000		3,807,000
Global Payments		45,825		6,004,908
National Instruments		141,790		5,008,023
Sensata Technologies Holding plc		99,070		4,758,332
				25,060,496

Materials – 5.5%
Eagle Materials		25,910		3,382,810
FMC		41,705		5,112,199
Sealed Air		71,030		4,416,645
				12,911,654

Real Estate – 10.9%
American Campus Communities – REIT		104,000		6,760,000
Americold Realty Trust		189,220		5,239,502
Camden Property Trust – REIT		19,725		2,830,340
Ventas – REIT		101,920		5,782,941
Weyerhaeuser – REIT		122,520		4,841,990
				25,454,773

Utilities – 8.1%
Avista		109,697		4,765,238
UGI		101,250		4,327,425
Vistra		367,750		9,697,567
				18,790,230
TOTAL COMMON STOCKS
(Cost $174,801,232)				220,664,117

SHORT-TERM INVESTMENT – 4.9%
First American Treasury Obligations Fund, Class X, 0.67%^
(Cost $11,388,087)		11,388,087		11,388,087
Total Investments – 99.8%
(Cost $186,189,319)				232,052,204
Other Assets and Liabilities, Net – 0.2%				497,419
Total Net Assets – 100.0%			$	232,549,623

*	Non-income producing security.

REIT – Real Estate Investment Trust

^	The rate shown is the annualized seven-day effective yield as of May 31, 2022.

The Global Industry Classification Standard (“GICS”^®) was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use.

See Notes to the Financial Statements

Reinhart Genesis PMV Fund

Schedule of Investments

May 31, 2022

Description	Shares		Value

COMMON STOCKS – 96.0%

Consumer Discretionary – 13.2%
Carter’s		40,250	$	3,101,263
frontdoor*		286,000		7,075,640
Gentex		92,430		2,872,724
Grand Canyon Education*		108,400		9,666,028
Hillman Solutions*		770,000		8,785,700
Thor Industries		73,680		5,597,470
				37,098,825

Financials^# – 25.8%
1st Source		48,860		2,297,397
AdaptHealth*		329,000		5,918,710
Air Lease, Class A		248,980		9,364,138
Assured Guaranty		100,000		5,885,000
First American Financial		55,000		3,332,450
First Citizens BancShares, Class A		13,630		9,546,452
First Hawaiian		343,490		8,796,779
International Bancshares		115,520		4,843,753
LPL Financial Holdings		20,500		4,021,895
White Mountains Insurance Group		7,400		9,211,964
Wintrust Financial		103,100		9,009,909
				72,228,447

Health Care – 12.4%
Encompass Health		127,920		8,383,877
Lantheus Holdings*		85,000		5,824,200
Premier, Class A		215,310		8,054,747
Sotera Health*		328,000		6,986,400
Syneos Health, Class A*		75,000		5,541,750
				34,790,974

Industrials – 18.7%
Aerojet Rocketdyne Holdings*		235,000		9,573,900
AMERCO		19,043		9,330,689
EMCOR Group		24,300		2,566,809
Evo Payments, Class A*		295,000		6,799,750
GMS*		73,562		3,664,123
Insperity		130,830		13,092,158
TriNet Group*		94,000		7,382,760
				52,410,189

See Notes to the Financial Statements

Reinhart Genesis PMV Fund

Schedule of Investments – Continued

May 31, 2022

Description	Shares		Value

COMMON STOCKS – 96.0% (Continued)

Information Technology – 14.5%
ACI Worldwide*		380,000	$	10,123,200
Change Healthcare*		319,000		7,684,710
Maxar Technologies		477,026		14,243,996
MAXIMUS		55,000		3,568,950
PAR Technology*		133,375		5,012,233
				40,633,089

Materials – 1.6%
Element Solutions		203,000		4,321,870

Real Estate – 9.8%
Alexander & Baldwin – REIT		500,836		10,217,054
Marcus & Millichap		265,060		11,100,713
Ryman Hospitality Properties – REIT*		69,440		6,200,298
				27,518,065
TOTAL COMMON STOCKS
(Cost $250,914,958)				269,001,459

SHORT-TERM INVESTMENT – 4.6%
First American Treasury Obligations Fund, Class X, 0.67%^
(Cost $12,985,666)		12,985,666		12,985,666
Total Investments – 100.6%
(Cost $263,900,624)				281,987,125
Other Assets and Liabilities, Net – (0.6)%				(1,633,698	)
Total Net Assets – 100.0%			$	280,353,427

*	Non-income producing security.
#	As of May 31, 2022, the Fund had a significant portion of its assets invested in this sector. See Note 9 in the Notes to the Financial Statements.

REIT – Real Estate Investment Trust

^	The rate shown is the annualized seven-day effective yield as of May 31, 2022.

See Notes to the Financial Statements

Reinhart Funds

Statements of Assets and Liabilities

May 31, 2022

	Mid Cap		Genesis
	PMV Fund		PMV Fund
ASSETS:
Investments, at value
(cost $186,189,319 and $263,900,624)	$	232,052,204	$	281,987,125
Dividends & interest receivable		192,251		214,420
Receivable for capital shares sold		855,568		553,135
Receivable for foreign withholding tax reclaim		1,357		—
Prepaid expenses		21,533		27,874
Total assets		233,122,913		282,782,554

LIABILITIES:
Payable for investment securities purchased		—		1,628,587
Payable for capital shares redeemed		250,000		468,937
Payable to investment adviser		155,408		185,272
Payable for fund administration & accounting fees		57,074		62,253
Payable for compliance fees		3,132		3,131
Payable for transfer agent fees & expenses		22,200		12,781
Payable for custody fees		2,143		3,405
Accrued distribution & shareholder service fees		49,633		29,155
Accrued other fees		33,700		35,606
Total liabilities		573,290		2,429,127

NET ASSETS	$	232,549,623	$	280,353,427

NET ASSETS CONSIST OF:
Paid-in capital	$	187,158,226	$	252,642,305
Total distributable earnings		45,391,397		27,711,122
Net Assets	$	232,549,623	$	280,353,427

Investor Class
Net Assets	$	25,776,937	$	17,299,452
Shares issued and outstanding⁽¹⁾		1,404,710		1,378,005
Net asset value, redemption price and offering price per share	$	18.35	$	12.55

Advisor Class
Net Assets	$	172,639,838	$	263,053,975
Shares issued and outstanding⁽¹⁾		9,423,547		20,857,504
Net asset value, redemption price and offering price per share	$	18.32	$	12.61

Institutional Class
Net Assets	$	34,132,848		—
Shares issued and outstanding⁽¹⁾		1,855,180		—
Net asset value, redemption price and offering price per share	$	18.40		—

(1)	Unlimited shares authorized without par value.

See Notes to the Financial Statements

Reinhart Funds

Statements of Operations

For the Year Ended May 31, 2022

	Mid Cap			Genesis
	PMV Fund			PMV Fund
INVESTMENT INCOME:
Dividend income	$	4,680,945		$	3,609,301
Interest income		9,529			9,290
Total investment income		4,690,474			3,618,591

EXPENSES:
Investment adviser fees (See Note 4)		2,061,944			2,494,818
Fund administration & accounting fees (See Note 4)		244,643			249,756
Transfer agent fees & expenses (See Note 4)		96,170			60,200
Federal & state registration fees		51,057			42,409
Audit fees		17,992			17,505
Trustee fees		17,991			17,991
Postage & printing fees		16,107			19,233
Custody fees (See Note 4)		15,697			18,856
Compliance fees (See Note 4)		12,714			12,714
Other fees		8,505			7,945
Legal fees		7,951			7,847
Insurance fees		2,699			2,674
Distribution & shareholder service fees (See Note 5):
Investor Class		82,067			44,424
Advisor Class		68,096			91,477
Total expenses before waiver		2,703,633			3,087,849
Less: waiver from investment adviser (See Note 4)		(300,293	)		(550,093	)
Net expenses		2,403,340			2,537,756

NET INVESTMENT INCOME		2,287,134			1,080,835

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		18,784,497			22,011,459
Net change in unrealized appreciation/depreciation on investments		(17,249,632	)		(28,764,118	)
Net realized and unrealized gain (loss) on investments		1,534,865			(6,752,659	)

NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	3,821,999		$	(5,671,824	)

See Notes to the Financial Statements

Reinhart Mid Cap PMV Fund

Statements of Changes in Net Assets

	Year Ended			Year Ended
	May 31, 2022			May 31, 2021
OPERATIONS:
Net investment income	$	2,287,134		$	1,690,974
Net realized gain on investments		18,784,497			5,830,350
Net change in unrealized appreciation/depreciation on investments		(17,249,632	)		69,856,079
Net increase in net assets resulting from operations		3,821,999			77,377,403

CAPITAL SHARE TRANSACTIONS:
Investor Class:
Proceeds from shares sold		6,805,015			1,907,972
Proceeds from reinvestment of distributions		164,757			126,735
Payments for shares redeemed		(2,237,535	)		(2,425,071	)
Increase (decrease) in net assets from Investor Class transactions		4,732,237			(390,364	)
Advisor Class:
Proceeds from shares sold		35,075,397			38,817,590
Proceeds from reinvestment of distributions		1,747,128			1,205,266
Payments for shares redeemed		(32,268,119	)		(51,316,729	)
Increase (decrease) in net assets from Advisor Class transactions		4,554,406			(11,293,873	)
Institutional Class:
Proceeds from shares sold		12,598,242			6,190,900
Proceeds from reinvestment of distributions		437,449			379,903
Payments for shares redeemed		(17,782,304	)		(12,451,641	)
Decrease in net assets from Institutional Class transactions		(4,746,613	)		(5,880,838	)
Net increase (decrease) in net assets resulting from capital share transactions		4,540,030			(17,565,075	)

DISTRIBUTIONS TO SHAREHOLDERS:
Net distributions to shareholders – Investor Class		(165,916	)		(129,165	)
Net distributions to shareholders – Advisor Class		(1,885,093	)		(1,285,042	)
Net distributions to shareholders – Institutional Class		(461,132	)		(392,526	)
Total distributions to shareholders		(2,512,141	)		(1,806,733	)

TOTAL INCREASE IN NET ASSETS		5,849,888			58,005,595

NET ASSETS:
Beginning of year		226,699,735			168,694,140
End of year	$	232,549,623		$	226,699,735

See Notes to the Financial Statements

Reinhart Genesis PMV Fund

Statements of Changes in Net Assets

	Year Ended			Year Ended
	May 31, 2022			May 31, 2021
OPERATIONS:
Net investment income	$	1,080,835		$	783,190
Net realized gain on investments		22,011,459			4,498,444
Net change in unrealized appreciation/depreciation on investments		(28,764,118	)		48,913,743
Net increase (decrease) in net assets resulting from operations		(5,671,824	)		54,195,377

CAPITAL SHARE TRANSACTIONS:
Investor Class:
Proceeds from shares sold		2,020			1,352,760
Proceeds from reinvestment of distributions		750,468			8,573
Payments for shares redeemed		(669	)		(10,642	)
Increase in net assets from Investor Class transactions		751,819			1,350,691
Advisor Class:
Proceeds from shares sold		135,146,060			126,676,426
Proceeds from reinvestment of distributions		10,433,243			190,312
Payments for shares redeemed		(58,412,524	)		(40,616,022	)
Increase in net assets from Advisor Class transactions		87,166,779			86,250,716
Net increase in net assets resulting from capital share transactions		87,918,598			87,601,407

DISTRIBUTIONS TO SHAREHOLDERS:
Net distributions to shareholders – Investor Class		(750,468	)		(8,573	)
Net distributions to shareholders – Advisor Class		(10,801,957	)		(196,298	)
Total distributions to shareholders		(11,552,425	)		(204,871	)

TOTAL INCREASE IN NET ASSETS		70,694,349			141,591,913

NET ASSETS:
Beginning of year		209,659,078			68,067,165
End of year	$	280,353,427		$	209,659,078

See Notes to the Financial Statements

Reinhart Mid Cap PMV Fund

Financial Highlights

For a Fund share outstanding throughout the year.

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	May 31, 2022			May 31, 2021			May 31, 2020			May 31, 2019			May 31, 2018
Investor Class

PER SHARE DATA:
Net asset value, beginning of year	$	18.23		$	12.23		$	13.76		$	16.02		$	15.49

INVESTMENT OPERATIONS:
Net investment income		0.12			0.10			0.09			0.05			0.08
Net realized and unrealized
gain (loss) on investments		0.14			6.01			(1.54	)		(1.12	)		1.82
Total from investment operations		0.26			6.11			(1.45	)		(1.07	)		1.90

LESS DISTRIBUTIONS FROM:
Net investment income		(0.14	)		(0.11	)		(0.08	)		(0.02	)		(0.04	)
Net realized gains		—			—			—			(1.17	)		(1.33	)
Total distributions		(0.14	)		(0.11	)		(0.08	)		(1.19	)		(1.37	)

Net asset value, end of year	$	18.35		$	18.23		$	12.23		$	13.76		$	16.02

TOTAL RETURN		1.43	%		50.16	%		-10.67	%		-5.89	%		12.56	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in millions)	$	25.8		$	21.0		$	14.4		$	17.0		$	18.1

Ratio of expenses to average net assets:
Before expense waiver		1.48	%		1.57	%		1.58	%		1.52	%		1.56	%
After expense waiver		1.30	%		1.30	%		1.30	%		1.30	%		1.32	%

Ratio of net investment income
to average net assets:
Before expense waiver		0.57	%		0.38	%		0.33	%		0.18	%		0.08	%
After expense waiver		0.75	%		0.65	%		0.61	%		0.40	%		0.32	%

Portfolio turnover rate		31	%		38	%		53	%		54	%		77	%

See Notes to the Financial Statements

Reinhart Mid Cap PMV Fund

Financial Highlights

For a Fund share outstanding throughout the year.

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	May 31, 2022			May 31, 2021			May 31, 2020			May 31, 2019			May 31, 2018
Advisor Class

PER SHARE DATA:
Net asset value, beginning of year	$	18.22		$	12.22		$	13.75		$	16.05		$	15.54

INVESTMENT OPERATIONS:
Net investment income		0.19			0.15			0.12			0.10			0.09
Net realized and unrealized
gain (loss) on investments		0.12			6.00			(1.53	)		(1.15	)		1.85
Total from investment operations		0.31			6.15			(1.41	)		(1.05	)		1.94

LESS DISTRIBUTIONS FROM:
Net investment income		(0.21	)		(0.15	)		(0.12	)		(0.08	)		(0.10	)
Net realized gains		—			—			—			(1.17	)		(1.33	)
Total distributions		(0.21	)		(0.15	)		(0.12	)		(1.25	)		(1.43	)

Net asset value, end of year	$	18.32		$	18.22		$	12.22		$	13.75		$	16.05

TOTAL RETURN		1.68	%		50.56	%		-10.41	%		-5.69	%		12.81	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in millions)	$	172.6		$	167.3		$	123.8		$	157.9		$	165.5

Ratio of expenses to average net assets:
Before expense waiver		1.16	%		1.24	%		1.25	%		1.22	%		1.26	%
After expense waiver		1.05	%		1.05	%		1.05	%		1.05	%		1.07	%
Ratio of net investment income
to average net assets:
Before expense waiver		0.89	%		0.71	%		0.65	%		0.48	%		0.40	%
After expense waiver		1.00	%		0.90	%		0.86	%		0.65	%		0.59	%

Portfolio turnover rate		31	%		38	%		53	%		54	%		77	%

See Notes to the Financial Statements

Reinhart Mid Cap PMV Fund

Financial Highlights

For a Fund share outstanding throughout the period.

													For the Period
	Year Ended			Year Ended			Year Ended			Year Ended			Inception⁽¹⁾ through
	May 31, 2022			May 31, 2021			May 31, 2020			May 31, 2019			May 31, 2018
Institutional Class

PER SHARE DATA:
Net asset value, beginning of period	$	18.27		$	12.25		$	13.77		$	16.06		$	16.11

INVESTMENT OPERATIONS:
Net investment income		0.21			0.16			0.15			0.12			0.13
Net realized and unrealized
gain (loss) on investments		0.13			6.02			(1.54	)		(1.15	)		1.26
Total from investment operations		0.34			6.18			(1.39	)		(1.03	)		1.39

LESS DISTRIBUTIONS FROM:
Net investment income		(0.21	)		(0.16	)		(0.13	)		(0.09	)		(0.11	)
Net realized gains		—			—			—			(1.17	)		(1.33	)
Total distributions		(0.21	)		(0.16	)		(0.13	)		(1.26	)		(1.44	)

Net asset value, end of period	$	18.40		$	18.27		$	12.25		$	13.77		$	16.06

TOTAL RETURN		1.87	%		50.75	%		-10.28	%		-5.57	%		8.92	%⁽²⁾

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in millions)	$	34.1		$	38.4		$	30.5		$	44.9		$	40.0

Ratio of expenses to average net assets:
Before expense waiver		1.12	%		1.18	%		1.17	%		1.16	%		1.19	%⁽³⁾
After expense waiver		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%⁽³⁾

Ratio of net investment income
to average net assets:
Before expense waiver		0.93	%		0.77	%		0.73	%		0.54	%		0.29	%⁽³⁾
After expense waiver		1.15	%		1.05	%		1.01	%		0.80	%		0.58	%⁽³⁾

Portfolio turnover rate		31	%		38	%		53	%		54	%		77	%⁽²⁾

(1)	Inception date of the Institutional Class was September 29, 2017.
(2)	Not annualized.
(3)	Annualized.

See Notes to the Financial Statements

Reinhart Genesis PMV Fund

Financial Highlights

For a Fund share outstanding throughout the year.

	Year Ended			Year Ended			Year Ended			Year Ended
	May 31, 2022			May 31, 2021			May 31, 2020			May 31, 2019
Investor Class

PER SHARE DATA:
Net asset value, beginning of year	$	13.39		$	8.71		$	9.94		$	10.00

INVESTMENT OPERATIONS:
Net investment income		0.03			0.04			0.02			0.03
Net realized and unrealized
gain (loss) on investments		(0.30	)		4.65			(1.20	)		0.03	⁽¹⁾
Total from investment operations		(0.27	)		4.69			(1.18	)		0.06

LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.01	)		(0.01	)		(0.02	)
Net realized gains		(0.51	)		—			(0.04	)		(0.10	)
Total distributions		(0.57	)		(0.01	)		(0.05	)		(0.12	)

Net asset value, end of year	$	12.55		$	13.39		$	8.71		$	9.94

TOTAL RETURN		-2.09	%		53.82	%		-12.00	%		0.69	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in millions)	$	17.3		$	17.7		$	10.3		$	10.6

Ratio of expenses to average net assets:
Before expense reimbursement/waiver		1.37	%		1.49	%		1.99	%		3.13	%
After expense reimbursement/waiver		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of net investment income (loss)
to average net assets:
Before expense reimbursement/waiver		0.01	%		0.09	%		(0.60	)%		(1.67	)%
After expense reimbursement/waiver		0.18	%		0.38	%		0.19	%		0.26	%

Portfolio turnover rate		33	%		32	%		46	%		31	%

(1)	Realized and unrealized gain on investments per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the year.

See Notes to the Financial Statements

Reinhart Genesis PMV Fund

Financial Highlights

For a Fund share outstanding throughout the year.

	Year Ended			Year Ended			Year Ended			Year Ended
	May 31, 2022			May 31, 2021			May 31, 2020			May 31, 2019
Advisor Class

PER SHARE DATA:
Net asset value, beginning of year	$	13.45		$	8.73		$	9.96		$	10.00

INVESTMENT OPERATIONS:
Net investment income		0.05			0.05			0.03			0.04
Net realized and unrealized
gain (loss) on investments		(0.29	)		4.69			(1.20	)		0.05	⁽¹⁾
Total from investment operations		(0.24	)		4.74			(1.17	)		0.09

LESS DISTRIBUTIONS FROM:
Net investment income		(0.09	)		(0.02	)		(0.02	)		(0.03	)
Net realized gains		(0.51	)		—			(0.04	)		(0.10	)
Total distributions		(0.60	)		(0.02	)		(0.06	)		(0.13	)

Net asset value, end of year	$	12.61		$	13.45		$	8.73		$	9.96

TOTAL RETURN		-1.86	%		54.33	%		-11.85	%		1.04	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in millions)	$	263.1		$	192.0		$	57.7		$	5.9

Ratio of expenses to average net assets:
Before expense reimbursement/waiver		1.16	%		1.27	%		1.66	%		2.87	%
After expense reimbursement/waiver		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of net investment income (loss)
to average net assets:
Before expense reimbursement/waiver		0.22	%		0.32	%		(0.27	)%		(1.35	)%
After expense reimbursement/waiver		0.43	%		0.64	%		0.44	%		0.57	%

Portfolio turnover rate		33	%		32	%		46	%		31	%

(1)	Realized and unrealized gain on investments per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the year.

See Notes to the Financial Statements

Reinhart Funds

Notes to the Financial Statements

May 31, 2022

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Federal Income Taxes – The Funds comply with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distributes substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the year ended May 31, 2022, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations. As of and during the year ended May 31, 2022, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. tax authorities for tax years prior to the year ended May 31, 2019.

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

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

Reinhart Funds

Notes to the Financial Statements – Continued

May 31, 2022

financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Funds. For the year ended May 31, 2022, no such reclassifications were made for the Mid Cap Fund. The Genesis Fund increased paid-in-capital and decreased distributable earnings by $1,648,243. The permanent difference is due to the usage of tax equalization.

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

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

3. SECURITIES VALUATION

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

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

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

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

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

Reinhart Funds

Notes to the Financial Statements – Continued

May 31, 2022

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

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

Securities for which market quotations are not readily available, or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees (the “Board”). These procedures consider many factors, including the type of security, size of holding, trading volume and news events. There can be no assurance that the Fund could obtain the fair value assigned to a security if they were to sell the security at approximately the time at which the Fund determines their net asset values per share. The Board has established a Valuation Committee to administer, implement, and oversee the fair valuation process, and to make fair value decisions when necessary. The Board regularly reviews reports that describe any fair value determinations and methods.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ securities as of May 31, 2022:

Mid Cap Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	220,664,117	$	—	$	—	$	220,664,117
Short-Term Investment		11,388,087		—		—		11,388,087
Total Investments in Securities	$	232,052,204	$	—	$	—	$	232,052,204

Genesis Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	269,001,459	$	—	$	—	$	269,001,459
Short-Term Investment		12,985,666		—		—		12,985,666
Total Investments in Securities	$	281,987,125	$	—	$	—	$	281,987,125

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

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Funds’ financial statements.

Reinhart Funds

Notes to the Financial Statements – Continued

May 31, 2022

The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

4. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

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

Fund
Mid Cap Fund	0.90	%
Genesis Fund	0.95	%

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

Fund	Investor Class	Advisor Class	Institutional Class
Mid Cap Fund	1.30%	1.05%	0.90%
Genesis Fund	1.20%	0.95%	N/A

Reinhart Funds

Notes to the Financial Statements – Continued

May 31, 2022

Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of thirty-six months following the month during which such fee waiver and expense payment was made, if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in effect at the time of recoupment. The Operating Expenses Limitation Agreements are indefinite in term and cannot be terminated through at least September 28, 2028, for the Mid Cap Fund and September 28, 2022, for the Genesis Fund. Thereafter, the agreements may be terminated at any time upon 60 days’ written notice by the Trust’s Board or the Adviser, with the consent of the Board. Waived Fees and reimbursed expenses subject to potential recovery by month of expiration are as follows:

Fund	Expiration	Amount
Mid Cap Fund	June 2022 – May 2023	$467,366
	June 2023 – May 2024	$399,577
	June 2024 – May 2025	$300,293

Genesis Fund	June 2022 – May 2023	$282,671
	June 2023 – May 2024	$405,777
	June 2024 – May 2025	$550,093

U.S. Bancorp Fund Services, LLC (the “Administrator”), doing business as U.S. Bank Global Fund Services, acts as the Funds’ Administrator, Transfer Agent, and Fund Accountant. U.S. Bank, N.A. (the “Custodian”) serves as the custodian to the Funds. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds’ custodian; coordinates the payment of the Funds’ expenses and reviews the Funds’ expense accruals. The officers of the Trust, including the Chief Compliance Officer, are employees of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Funds, subject to annual minimums. Fees paid by the Funds for administration and accounting, transfer agency, custody and chief compliance officer services for the year ended May 31, 2022, are disclosed in the Statements of Operations.

5. DISTRIBUTION & SHAREHOLDER SERVICE FEES

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the “Plan”) in the Investor Class only. The Plan permits the Funds to pay for distribution and related expenses at an annual rate of 0.25% of the average daily net assets of the Investor Class. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and other sales material, advertising and public relations expenses, payments to financial intermediaries and compensation of personnel involved in selling shares of the Funds. Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred. For the year ended May 31, 2022, the Funds incurred the following expenses pursuant to the Plan:

Fund	Amount
Mid Cap Fund	$55,528
Genesis Fund	$44,424

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

Reinhart Funds

Notes to the Financial Statements – Continued

May 31, 2022

entered into service agreements with the Adviser for services provided to shareholders of the Funds. Payments may also be made directly to the intermediaries providing shareholder services. The services provided by such intermediaries are primarily designed to assist shareholders of the Funds and include the furnishing of office space and equipment, telephone facilities, personnel and assistance to the Funds in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Funds and includes establishing and maintaining shareholders’ accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other personal services to shareholders as the Funds may reasonably request. For the year ended May 31, 2022, the Funds incurred the following expenses pursuant to the Plan:

Fund	Investor Class	Advisor Class
Mid Cap Fund	$26,539	$68,096
Genesis Fund	—	91,477

6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of the Funds were as follows:

Mid Cap Fund

Genesis Fund

Year Ended