M&A - Managed Portfolio Series

Form Type: 497

Filing Date: 2025-04-01

Corporate Action: Merger

Type: New

Accession Number: 000089418925002247

Filing Summary: On April 1, 2025, a supplement was issued for the Managed Portfolio Series concerning the reorganization of two funds: the Tortoise Global Water ESG Fund and the Tortoise North American Pipeline Fund. This reorganization will transition both funds into new entities under the Tortoise Capital Series Trust, specifically the Tortoise Global Water Fund and the Tortoise North American Pipeline Fund. A meeting was held on February 5, 2025, where the Board of Trustees approved the Plan of Reorganization upon the recommendation of Tortoise Index Solutions. The reorganization is subject to shareholder approval, with a special meeting scheduled for April 28, 2025. Shareholders of record on March 13, 2025, received a Proxy Statement/Prospectus detailing the reorganization's implications, including investment strategies and tax treatment. The changes are expected to have no negative impact on account values for investors at the time of reorganization.

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Form Type: 497

Filing Date: 2025-04-01

Corporate Action: Merger

Type: New

Accession Number: 000089418925002249

Filing Summary: On February 5, 2025, the Board of Trustees of Managed Portfolio Series approved two plans of reorganization for the Tortoise Energy Infrastructure and Income Fund and the Tortoise Energy Infrastructure Total Return Fund. The Income Fund will be reorganized into the Tortoise Energy Fund, an actively managed ETF with broader investment capabilities across the energy sector, while the Total Return Fund will reorganize into the Total Return Acquiring Fund under the Tortoise Capital Series Trust. These reorganizations are subject to shareholder approval, which will be sought at a special meeting on April 28, 2025. If approved, the reorganizations are expected to occur in the second quarter of 2025, treated as tax-free for federal income tax purposes, and will maintain essential investment strategies and management continuity. Fund shareholders can continue to trade their shares until the specified closing dates ahead of each reorganization. This document serves as a supplement to the Summary Prospectuses and provides important information about these changes.

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Form Type: 497

Filing Date: 2025-03-03

Corporate Action: Merger

Type: New

Accession Number: 000089418925001606

Filing Summary: The Board of Trustees of Managed Portfolio Series approved an Agreement and Plan of Reorganization to reorganize the ATAC Rotation Fund into a new mutual fund within Tidal ETF Trust, also named the ATAC Rotation Fund. The reorganization is contingent on shareholder approval, with a special meeting expected in the second quarter of 2025. If approved, it is projected to be a tax-free reorganization. The new fund will maintain the same investment objectives and strategies, but investment decisions will switch from the Adviser to Tactical Rotation Management, LLC. Shareholders can purchase and sell shares until the last business day prior to the reorganization, with all associated costs covered by the Adviser and TRM, not the Fund or the new fund.

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Form Type: 497K

Filing Date: 2025-03-03

Corporate Action: Merger

Type: New

Accession Number: 000089418925001607

Filing Summary: This document is a supplement to the Summary Prospectus, Prospectus, and Statement of Additional Information for the ATAC Rotation Fund (the 'Fund'), detailing a proposed reorganization into a newly-created mutual fund within Tidal ETF Trust, also named the ATAC Rotation Fund (the 'Acquiring Fund'). The Board of Trustees approved an Agreement and Plan of Reorganization based on the recommendation of Tidal Investments LLC, the Fund’s investment adviser, with the reorganization subject to shareholder approval. The Acquiring Fund will be managed by the same advisers as the Fund, but with minor changes in management structure. The fundamental policies of both funds will remain substantially the same. A special meeting for shareholders to approve the reorganization is anticipated in the second quarter of 2025. This reorganization is expected to be tax-free and is projected to reduce annual operating expenses for the Acquiring Fund. Shareholders can continue to buy and sell shares until the last business day before the reorganization closes.

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Form Type: PRE 14A

Filing Date: 2023-06-28

Corporate Action: Merger

Type: New

Accession Number: 000089418923004490

Filing Summary: Managed Portfolio Series filed a preliminary proxy statement on June 28, 2023, to solicit shareholder approval for a new investment sub-advisory agreement between V-Square Quantitative Management LLC and Vident Advisory, LLC. This change arises due to an expected acquisition of a majority interest in Vident Advisory by Vident Capital Holdings, LLC, which will automatically terminate the current sub-advisory agreement. Shareholder approval is required as the transaction constitutes an 'assignment' under the Investment Company Act. The meeting to vote on this proposal is scheduled for August 16, 2023, at the offices of U.S. Bank Global Fund Services. The proxy statement indicates that approval of the new agreement will not increase shareholder fees or impact day-to-day services, as the current personnel will remain the same under the new agreement. Shareholders are encouraged to read the proxy materials and vote, as their vote is important for representation at the upcoming meeting.

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