0001511699 2026-04-30 2026-04-30 0001511699 ck0001511699:S000075576Member 2026-04-30 2026-04-30 0001511699 ck0001511699:S000075576Member ck0001511699:FixedIncomeSecuritiesRisksMember 2026-04-30 2026-04-30 497 0001511699 false N-1A <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:246.46pt;position:var(--position);text-decoration:none;white-space:pre">Managed Portfolio Series </span><div style="font-size:12pt;line-height:11pt;position:var(--position);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:217.29pt;position:var(--position);text-decoration:none;white-space:pre">Kensington Dynamic Allocation Fund</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:280.61pt;position:var(--position);text-decoration:none;white-space:pre">(the “Fund”)</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:253.12pt;position:var(--position);text-decoration:none;white-space:pre">Class</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:274.76pt;position:var(--position);text-decoration:none;white-space:pre"> A Shares (KAGAX)</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:234.54pt;position:var(--position);text-decoration:none;white-space:pre">Institutional Class Shares (KAGIX)</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:253.68pt;position:var(--position);text-decoration:none;white-space:pre">Class C Shares (KAGCX)</span></div><div style="position:var(--position);top:177.6pt;width:612pt"><div style="font-size:0pt;left:72pt;position:var(--position);width:468pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:468pt"></td></tr><tr style="height:23.25pt"><td style="border-bottom:0.5pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:468pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:468pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:203.29pt;position:var(--position);text-decoration:none;white-space:pre">July 15, 2026</span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:11pt;position:var(--position);top:208.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:173.02pt;position:var(--position);text-decoration:none;white-space:pre">Supplement to the Summary Prospectus and Prospectus, </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);top:222.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:204.61pt;position:var(--position);text-decoration:none;white-space:pre">each dated </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:257.74pt;position:var(--position);text-decoration:none;white-space:pre">April 30, 2026</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:324.02pt;position:var(--position);text-decoration:none;white-space:pre">, as supplemented </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:261.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">Effective immediately, the following disclosure is added to the section of the Fund’s Summary Prospectus</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:274.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:102.3pt">and Prospectus titled “</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:174.3pt;position:var(--position);text-decoration:none;white-space:pre;width:138.61pt">Principal Investment Strategies</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:312.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:9.77pt">”:</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:301.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:431.99pt">The Fund may also invest in ETFs that hold U.S. dollar-denominated ultra short-term debt as part</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:314.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:431.9pt">of the Fund’s “Risk-Off” portfolio, or for other purposes, including collateral or short-term</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:327.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:40pt">liquidity.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:354.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">Effective immediately, the following disclosure is added to the section of the Fund’s Summary Prospectus,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:367.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:354.51pt">and both sections of the Fund’s Prospectus, titled “Principal Investment Risks”:</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:393.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:142.25pt">Fixed-Income Securities Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:254.75pt;position:var(--position);text-decoration:none;white-space:pre;width:285.22pt"> The Fund may invest in or have exposure to fixed-income</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:406.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.47pt">securities. Fixed-income securities are or may be subject to interest rate, credit, liquidity,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.49pt">prepayment and extension risks. Interest rates may go up resulting in a decrease in the value of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:433.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.47pt">fixed-income securities. Credit risk is the risk that an issuer will not make timely payments of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:446.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.48pt">principal and interest. There is also the risk that an issuer may “call,” or repay, its high yielding</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:459.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.43pt">bonds before their maturity dates. Fixed-income securities subject to prepayment can offer less</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:472.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.44pt">potential for gains during a declining interest rate environment and similar or greater potential</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:486.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.48pt">for loss in a rising interest rate environment. In times of rising interest rates, prepayments will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:499.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.47pt">slow causing portfolio securities considered short or intermediate term to be long-term</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:512.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.46pt">securities, which fluctuate more widely in response to changes in interest rates than shorter term</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:525.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.47pt">securities. Limited trading opportunities for certain fixed-income securities may make it more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:538.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.35pt">difficult to sell or buy a security at a favorable price or time. Changes in market conditions and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:552.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.5pt">government policies may lead to periods of heightened volatility and reduced liquidity in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:565.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.42pt">fixed-income securities market, and could result in an increase in redemptions. Interest rate</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:578.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:396.33pt">changes and their impact on the Fund and its share price can be sudden and unpredictable.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);top:644.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:286.75pt;position:var(--position);text-decoration:none;white-space:pre">*******</span></div>Please retain this Supplement with your Prospectus. Managed Portfolio Series Kensington Dynamic Allocation Fund 2026-07-15 2026-04-30 Principal Investment Strategies <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:431.99pt">The Fund may also invest in ETFs that hold U.S. dollar-denominated ultra short-term debt as part</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:314.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:431.9pt">of the Fund’s “Risk-Off” portfolio, or for other purposes, including collateral or short-term</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:327.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre;width:40pt">liquidity.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:142.25pt">Fixed-Income Securities Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:254.75pt;position:var(--position);text-decoration:none;white-space:pre;width:285.22pt"> The Fund may invest in or have exposure to fixed-income</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:406.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.47pt">securities. Fixed-income securities are or may be subject to interest rate, credit, liquidity,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.49pt">prepayment and extension risks. Interest rates may go up resulting in a decrease in the value of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:433.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.47pt">fixed-income securities. Credit risk is the risk that an issuer will not make timely payments of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:446.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.48pt">principal and interest. There is also the risk that an issuer may “call,” or repay, its high yielding</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:459.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.43pt">bonds before their maturity dates. Fixed-income securities subject to prepayment can offer less</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:472.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.44pt">potential for gains during a declining interest rate environment and similar or greater potential</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:486.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.48pt">for loss in a rising interest rate environment. In times of rising interest rates, prepayments will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:499.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.47pt">slow causing portfolio securities considered short or intermediate term to be long-term</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:512.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.46pt">securities, which fluctuate more widely in response to changes in interest rates than shorter term</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:525.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.47pt">securities. Limited trading opportunities for certain fixed-income securities may make it more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:538.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.35pt">difficult to sell or buy a security at a favorable price or time. Changes in market conditions and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:552.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.5pt">government policies may lead to periods of heightened volatility and reduced liquidity in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:565.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:427.42pt">fixed-income securities market, and could result in an increase in redemptions. Interest rate</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:578.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:112.5pt;position:var(--position);text-decoration:none;white-space:pre;width:396.33pt">changes and their impact on the Fund and its share price can be sudden and unpredictable.</span></div>