Managed Portfolio Series

07/29/2026 | Press release | Distributed by Public on 07/29/2026 13:18

Summary Prospectus by Investment Company (Form 497K)

1
Port Street Quality Growth Fund
Summary Prospectus
July 29, 2026
Institutional Class Shares - PSQGX
Before you invest, you may want to review Port Street Quality Growth Fund's (the "Fund") prospectus, which
contains more information about the Fund and its risks. The current Statutory Prospectus and Statement of
Additional Information dated July 29, 2026, as supplemented and amended from time to time, are incorporated by
reference into this Summary Prospectus. You can find the Fund's Statutory Prospectus, Statement of Additional
Information, reports to shareholders and other information about the Fund online at https://
www.portstreetinvest.com/port-street-quality-growth-fund/about-the-fund/. You can also get this information at
no cost by calling the Fund (toll-free) at 1-855-369-6220 or by email at [email protected].
2
Investment Objective
The Port Street Quality Growth Fund (the "Fund") seeks total return.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.
You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which
are not reflected in the tables and example below.
Shareholder Fees
(fees paid directly from your investment)
None
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees
0.85%
Shareholder Servicing Plan Fees
0.10%
Other Expenses
0.15%
Total Annual Fund Operating Expenses (1)
1.10%
Less: Fee Waiver (2)
-0.13%
Total Annual Fund Operating Expenses After Fee Waiver (2)
0.97%
(1)The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets included in the Financial Highlights
sections of the Fund's Statutory Prospectus, which reflects the operating expenses of the Fund and does not include available but unused
shareholder servicing plan fees.
(2)Port Street Investments, LLC (the "Adviser" or "Port Street") has contractually agreed to waive its management fees and pay Fund expenses
in order to ensure that Total Annual Fund Operating Expenses (excluding any acquired fund fees and expenses, leverage/borrowing interest,
interest expense, dividends paid on short sales, taxes, brokerage commissions and other transactional expenses, and extraordinary expenses)
do not exceed 0.97% of the Fund's average daily net assets. 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 July
29, 2027. Thereafter, the agreement 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.
Example
This Example is intended to help you compare the costs of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the Fund's operating expenses remain the same
(taking into account the expense limitation for one year). Although your actual costs may be higher or
lower, based on these assumptions, your costs would be:
One Year
Three Years
Five Years
Ten Years
$99
$337
$594
$1,329
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, the Fund's portfolio turnover rate was 9% of the average value of its portfolio.
3
Principal Investment Strategies
The Fund's approach to investing focuses on those companies that can be purchased at market prices
below their fair value with a record of consistent, above average profit growth; strong balance sheets;
sustainable competitive advantages; and capable management. The source of such growth is persistently
above average profitability, which, when combined with a sensible policy relating to the payout of such
profits and intelligent re-investment, results in the compounding of retained earnings and long-term
growth. The Fund's investment strategy is designed to grow purchasing power in excess of inflation and
outperform the general market over time while mitigating losses during periods of economic adversity.
Under normal market conditions, the Fund invests primarily in equity securities, including common
stocks. Although the Fund invests in equity securities issued by companies of any capitalization, it
focuses a greater portion of its investments in larger-capitalization ("larger cap") companies, many of
which generate income through dividend distributions as well as providing capital appreciation
opportunities.
The Fund divides responsibility for investment management between the Adviser and Saratoga Research
& Investment Management, an unaffiliated sub-adviser (the "Sub-Adviser" or "Saratoga"). Subject to the
Adviser's oversight, the Sub-Adviser is primarily responsible for the day-to-day portfolio management of
the Fund.
In selecting securities for the Fund's portfolio, the Sub-Adviser begins by performing a quantitative
screen on a database of approximately 10,000 companies to identify those companies with a healthy
balance sheet, not more than a moderate amount of leverage, a non-capital intensive business model,
profitability, a propensity for above average profit margins, and management that has proven adept at
allocating capital over time. This screen typically reduces the Fund's investment universe to 150 to 200
companies.
Subject to the Adviser's investment oversight responsibilities, the Sub-Adviser studies the business
models of the companies identified during the initial screen to better understand the drivers of each
company's performance. The Sub-Adviser then uses valuation analysis to establish target purchase prices
for each company. The result of this process is a portfolio of 25 to 45 companies the Sub-Adviser believes
are quality issuers that have the ability to grow future profits in excess of market averages and are priced
at a discount to their intrinsic values. From time to time, the Fund may focus its investments in securities
of companies in the same economic sector.
Due to the Adviser's and Sub-Adviser's investing approach, the Fund may hold a significant position in
cash or cash equivalents (including, but not limited to, U.S. Treasury bills and shares of money market
funds) for an extended period of time, based on the Adviser's and Sub-Adviser's determination of the
availability of high-quality companies trading at valuations that meet the Fund's investment criteria and
investment objective. The Adviser and Sub-Adviser will determine the Fund's cash position using its
quantitative screens and valuation analysis.
The Fund may also invest up to 25% of its total assets in American Depositary Receipts ("ADRs"), which
are negotiable certificates issued by U.S. banks that represent a specified number of shares of a foreign
stock that is traded on a U.S. exchange.
4
Principal Risks
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal
Deposit Insurance Corporation ("FDIC") or any other governmental agency. In addition to possibly not
achieving your investment goals, you could lose all or a portion of your investment in the Fund over
short or even long periods of time. The principal risks of investing in the Fund are:
General Market Risk. The Fund's net asset value ("NAV") and investment return will fluctuate based
upon changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio
may be worth less than the price originally paid for them, or less than they were worth at an earlier time.
Management Risk. The Fund may not meet its investment objective or may underperform the market or
other mutual funds with similar strategies if the Adviser and Sub-Adviser cannot successfully implement
the Fund's investment strategies.
Asset Allocation Risk. The Fund's allocation among various asset classes and investments may not
produce the desired results.
Cash/Cash Equivalents Risk. A substantial cash/cash equivalent position can adversely impact Fund
performance in certain market conditions and may make it more difficult for the Fund to achieve its
investment objective. In rising markets, holding cash or cash equivalents will negatively affect the Fund's
performance relative to its benchmark.
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.
Growth-Style Investing Risk. Investors expect growth companies to increase their earnings at a certain
rate that is generally higher than the rate expected for non-growth companies. If a growth company does
not meet these expectations, the price of its stock may decline significantly, even if it has increased
earnings. Growth companies also typically do not pay dividends. Companies that pay dividends may
experience less significant stock price declines during market downturns.
Limited Holdings Risk. The Fund may have a relatively high concentration of assets in a single or small
number of issuers, which may reduce its diversification and result in increased volatility.
Large Cap Company Risk. The Fund's investments in larger, more established companies are subject to
the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller
companies, especially during extended periods of economic expansion. Larger, more established
companies may be unable to respond quickly to new competitive challenges such as changes in consumer
tastes or innovative smaller competitors potentially resulting in lower markets for their common stock.
Mid Cap and Small Cap Companies Risk. Mid cap and small cap companies may not have the
management experience, financial resources, product or business diversification and competitive strengths
of large cap companies. Therefore, these securities may have more price volatility and be less liquid than
the securities of larger, more established companies.
5
Foreign Securities Risk. Investments in securities issued by foreign companies involve risks not
generally associated with investments in securities of U.S. companies, including risks relating to political,
social, and economic developments abroad, differences between U.S. and foreign regulatory and tax
requirements, and market practices, as well as fluctuations in foreign currencies. There may be less
information publicly available about foreign companies than about a U.S. company, and many foreign
companies are not subject to accounting, auditing, and financial reporting standards, regulatory
framework and practices comparable to those in the U.S.
ADR Risk. ADRs are generally subject to the same risks as the foreign securities because their values
depend on the performance of the underlying foreign securities. Holders of unsponsored ADRs generally
bear all the costs of such depositary receipts, and the issuers of unsponsored ADRs frequently are under
no obligation to distribute shareholder communications received from the company that issues the
underlying foreign securities or to pass through voting rights to the holders of the ADRs.
Sector Emphasis Risk. The securities of companies in the same or related businesses ("industry sectors"),
if comprising a significant portion of the Fund's portfolio, may in some circumstances react negatively to
market conditions, interest rates and economic, regulatory or financial developments and adversely affect
the value of the portfolio to a greater extent than if such securities comprised a lesser portion of the
Fund's portfolio or the Fund's portfolio was diversified across a greater number of industry sectors.
Some industry sectors have particular risks that may not affect other sectors.
Cybersecurity Risk. Investment advisers, including the Adviser, must rely in part on digital and network
technologies (collectively "cyber networks") to conduct their businesses. Such cyber networks might in
some circumstances be at risk of cyber-attacks that could potentially seek unauthorized access to digital
systems for purposes such as misappropriating sensitive information, corrupting data, or causing
operational disruption.
Performance
The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The
bar chart shows how the Fund's total returns have varied from year-to-year. Following the bar chart are
the Fund's highest and lowest quarterly returns during the period shown in the bar chart. The performance
table that follows shows how the Fund's average annual total returns over time compare with a broad-
based securities market index. Past performance (before and after taxes) will not necessarily continue in
the future. Updated performance information is available on the Fund's website at https://
portstreetinvest.com or by calling the Fund toll-free at 1-855-369-6220.
6
Calendar Year Total Returns as of December 31
Best Quarter
Worst Quarter
Q2 2020 8.21%
Q1 2020 -9.66%
Year to Date Return as of June 30, 2026
2.90%
Average Annual Total Returns for the periods ended December 31, 2025
Institutional Class
One Year
Five Years
Ten Years
Since
Inception
(3/31/2014)
Return Before Taxes
10.32%
6.83%
7.92%
7.23%
Return After Taxes on Distributions
6.78%
5.54%
7.11%
6.54%
Return After Taxes on Distributions and Sale of Fund
Shares
8.48%
5.23%
6.35%
5.83%
S&P 500® Index (reflects no deductions for fees, expenses
or taxes)
17.88%
14.42%
14.82%
13.67%
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. Furthermore, the after-tax returns shown are not relevant to those investors
who hold their shares through tax-advantaged arrangements such as 401(k) plans or individual retirement
accounts ("IRAs").
Management
Investment Adviser
Port Street Investments, LLC is the Fund's investment adviser.
Investment Sub-Adviser
Saratoga Research & Investment Management is the Fund's investment sub-adviser.
7
Portfolio Managers
The Fund is managed by portfolio managers of the Adviser and the Sub-Adviser. The following portfolio
managers are responsible for the management of the Fund and have managed the Fund since its inception
in March 2014:
•Kevin Tanner - Chairman, Chief Executive Officer and Chief Investment Officer of the Sub-
Adviser.
•Graham Pierce - Chief Executive Officer of the Adviser.
Purchase and Sale of Fund Shares
You may purchase, exchange or redeem Fund shares on any day that the New York Stock Exchange
("NYSE") is open for business by written request via mail (Port Street Quality Growth Fund, c/o
U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252) by contacting the
Fund by telephone at 1-855-369-6220, or through a financial intermediary. You may also purchase or
redeem Fund shares by wire transfer. The minimum initial investment amount for purchases of shares of
the Fund is $2,000. Subsequent purchases and exchanges may be made with a minimum investment
amount of $100. The Adviser may reduce or waive the minimums.
Tax Information
The Fund's distributions are generally taxable, and will be taxed as ordinary income or capital gains,
unless you are a tax-exempt organization or are investing through a tax-advantaged arrangement such as a
401(k) plan or IRA. Distributions on investments made through tax-advantaged arrangements may be
taxed as ordinary income when withdrawn from those accounts.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank or
financial advisor), the Fund, the Adviser and/or the Sub-Adviser may pay the intermediary for the sale of
Fund shares and related services. These payments may create conflicts of interest by influencing the
broker-dealer or other intermediary and your salesperson to recommend the Fund over another
investment. Ask your salesperson or visit your financial intermediary's website for more information.
Managed Portfolio Series published this content on July 29, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 29, 2026 at 19:18 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]