Reinhart Intermediate Bond NextShares (RPIBC) to Close

After careful consideration, the Board of Trustees of Managed Portfolio Series (the “Trust”) has determined to close and liquidate the Reinhart Intermediate Bond NextShares (The NASDAQ Stock Market LLC: RPIBC) (the “Fund”), a series of the Trust, after determining the Fund does not have meaningful prospects for growth. Reinhart Partners, Inc. serves as the investment adviser to the Fund and recommended that the Board of Trustees close and liquidate the Fund. The closure and liquidation of the Fund are expected to take place on or about April 16, 2019 (the “Liquidation Date”).

Effective on or about March 15, 2019, the Fund will begin liquidating its portfolio assets. This will cause the Fund to increase its cash holdings and deviate from the investment objective and strategies stated in the Fund’s prospectus.

The Fund will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date, and trading in shares of the Fund will be halted prior to market open on the Liquidation Date. Prior to the Liquidation Date, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for the Fund’s shares during that time period. Customary brokerage charges may apply to such transactions.

On or about the Liquidation Date, the Fund will liquidate its assets and distribute cash pro rata to all remaining shareholders. These distributions are taxable events. Shareholders should contact their tax advisor to discuss the income tax consequences of the liquidation. In addition, these payments to shareholders will include accrued capital gains and dividends, if any. As calculated on the Liquidation Date, the Fund’s net asset value will reflect the costs of closing the Fund, if any. Once the distributions are complete, the Fund will terminate. Proceeds of the liquidation will be sent to shareholders promptly after the Liquidation Date.

For additional information, please call 1-855-774-3863.

All investments involve risk. Principal loss is possible. The Fund may trade at a premium or discount to NAV. Shares of the Fund are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company, and it may be obtained by calling 1-855-774-3863 or visiting www.reinhartfunds.com. Read it carefully before investing.

Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and it is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.

The Fund is distributed by Quasar Distributors, LLC (777 E. Wisconsin Ave., 6^th Floor, Milwaukee, WI 53202), which is not affiliated with the Fund’s investment adviser or any of its affiliates.

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