# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0000894189-26-013838
**Filing Date:** 2026-4
**Character Count:** 29122
**Document Hash:** f0a902f63d4d4089033130cc4bfa9889
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-013838.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0000894189-26-013838

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Managed Portfolio Series
- **CENTRAL INDEX KEY:** 0001511699

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-172080
- **FILM NUMBER:** 26915466

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Kensington Dynamic Allocation Fund (Series ID: S000075576)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000234789 | Class C Shares             | KAGCX           |
| C000234790 | Institutional Class Shares | KAGIX           |
| C000234791 | Class A Shares             | KAGAX           |

![kensingtonlogo.jpg](kensingtonlogo.jpg)

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| |
|:---|
| **Kensington Dynamic Allocation Fund** |
| ***Summary Prospectus*** |
| April 30, 2026 |
| Class A Shares (KAGAX) |
| Institutional Class Shares (KAGIX) |
| Class C Shares (KAGCX) |

---

Before you invest, you may want to review the Kensington Dynamic Allocation 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 April 30, 2026, 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.kensingtonassetmanagement.com/dynamic-growth-fund-materials. You can also get this information at no cost by calling the Fund (toll-free) at 866-303-8623.

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***KENSINGTON DYNAMIC ALLOCATION FUND***

***Investment Objective:*** Kensington Dynamic Allocation Fund (the "Fund") seeks capital gains.

***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 qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. Sales load waivers may vary by financial intermediary. For more information on specific financial intermediary sales loads and waivers, see Appendix A to the statutory prospectus. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Examples below.** More information about these and other discounts is available from your financial professional and in **How to Purchase Shares** on page # in this Prospectus.

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| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees** <br>(fees paid directly from your investment)  | **Class A** | **Institutional<br>Class** | **Class C** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  | 4.75% |  |  |
| Maximum Deferred Sales Charge (Load)<sup>(1)</sup> (as a % of original purchase price) |  |  | 1.00% |
| **Annual Fund Operating Expenses** <br>(expenses that you pay each year as a percentage of the value of your investment) | **Class A** | **Institutional<br>Class** | **Class C** |
| Management Fees | 1.25% | 1.25% | 1.25% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.00% | 1.00% |
| Other Expenses  | 0.09% | 0.09% | 0.09% |
| Acquired Fund Fees and Expenses<sup>(2)</sup>  | 0.09% | 0.09% | 0.09% |
| **Total Annual Fund Operating Expenses** | **1.68%** | **1.43%** | **2.43%** |

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(1)The Fund's distributor may advance to, or reimburse, the Fund 1.00% of the purchase price in connection with 12b-1 fees advanced to authorized broker-dealers on purchases of Class C shares. However, when the distributor makes such a payment, the respective Class C shares are subject to a 1.00% contingent deferred sales charge ("CDSC") payable to the distributor on shares redeemed prior to the first 12 months after their purchase. Shareholders will be notified at the time of purchase if the shares purchased are subject to this CDSC.

(2)Acquired Fund Fees and Expenses ("AFFE") are indirect costs of investing in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund and not the indirect costs of investing in other investment companies.

***Example:*** This Example is intended to help you compare the cost 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 in the first year only. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| A | $638 | $979 | $1344 | $2368 |
| Institutional | $146 | $452 | $782 | $1713 |
| C | $346 | $758 | $1296 | $2766 |

---

You would pay the following expenses if you did not redeem your shares:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| C | $246 | $758 | $1296 | $2766 |

---

***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 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 annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 222% of its average portfolio value.

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***Principal Investment Strategies***

The Fund is designed to provide equity-like returns, but with the potential to reduce volatility and drawdown (*i.e.*, the risk of a decline in investment value during a decline in the U.S. equity markets) that comes with passive investment in equities. Kensington Asset Management, LLC (the "Adviser") seeks to achieve the Fund's investment objective by investing the Fund's assets to gain exposure to (i) domestic equity securities or (ii) cash, cash equivalents, and U.S. Treasury securities based on a proprietary "Dynamic Allocation Model" that looks at trends in the U.S. equity market. The Dynamic Allocation Model uses daily price information with respect to multiple broad-based U.S. equity indices (e.g., open, close, high, and low prices) to identify and evaluate market trends and volatility to determine whether market conditions favor a "Risk-On" portfolio exposed to U.S. equity securities or a "Risk-Off" portfolio exposed to cash, cash equivalents, or U.S. Treasury securities. The Dynamic Allocation Model looks for trends developing over multiple time periods (e.g., weeks, months, or years) to signal a change from Risk-On to Risk-Off or vice versa, and the Adviser will generally turn over approximately 100% of the portfolio's exposures when the Dynamic Allocation Model signals a change. Depending on market conditions, such turnover from Risk-On to Risk-Off or vice versa may take up to several days to a week, and the Fund may have significant portfolio turnover from year to year. The Adviser generally expects such changes to occur approximately eight to twelve times annually based on historic trends in the U.S. equity market.

In its Risk-On position, the Fund will gain exposure to equity securities primarily by investing in one or more of the following investment types (1) exchange-traded funds ("ETFs") ("underlying funds") that track the returns of a broad-based U.S. equity market index, (2) individual equity securities, and/or (3) equity index futures. The types of investments used to gain the Fund's exposures to equity securities (*i.e.*, other mutual funds and ETFs, individual equity securities, futures, *etc*.), and the allocation to each, is determined by several factors related to each investment type when the investment is made, including but not limited to, capacity constraints, the expected duration of the trade, fees or commissions, and the quality of beta (*i.e.*, sensitivity to the securities markets) offered by the investment type. The use of futures contracts is just one option that the Fund may use and such use is determined in the same manner as the other investments.

The Fund's equity exposure may include companies of any market capitalization, and equity indices to which the Fund gains exposure may be based on certain factors, such as value- or growth-oriented companies. The specific equity securities in which the Fund invests or has exposure to is determined by the Adviser's systematic investment approach, which takes into account several key elements, including but not limited to, the evaluation of relative value and prevailing trends between value and growth equities, along with the current and anticipated market environment. The Fund may also take short positions from time to time to hedge or offset existing long positions. In its Risk-Off position, the Fund will primarily hold cash or cash equivalents or invest directly or indirectly in underlying funds that invest in U.S. Treasury securities of various maturities. The Fund may also take short positions in the Risk-Off position to offset existing long holdings from when the Fund was in the Risk-On position.

The Dynamic Allocation Model is built upon a core of trend-following logic that generates signals on a weekly basis. To avoid generating false signals directing a change to or from a Risk-On or Risk-Off state, the model also employs noise-filtering enhancements to dampen the distorting impact of short-term price aberrations that are characteristic of volatile markets. This noise filter operates by causing the model to disregard relatively large short-term changes in inputs that are not indicative of a longer-term trend. For example, the model considers short-term data that is not supported by longer-term trends as indicative of "noise". The model also seeks to mitigate such noise by being run on a weekly, rather than daily basis. Additionally, the model employs certain counter-trend indicators that seek to identify when the equity market is overbought or oversold independent of whether the model anticipates a favorable or unfavorable equity market. For example, if the model determines that market conditions are favorable for equities, but equities are overbought, the model would signal a "Risk-Off" position. To the contrary, if the model determines that market conditions are not favorable for equities, but equities are oversold, the model would signal a "Risk-On" position.

In selecting underlying funds, the Adviser considers the performance, relative fees, management experience, and underlying portfolio composition and strategy of such underlying funds. The Fund is non-diversified, which means it may invest a high percentage of its assets in a limited number of securities.

The Fund may lend its portfolio securities to brokers, dealers, and other financial organizations. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). By lending its securities, the Fund may increase its income by receiving payments from the borrower.

***Principal Investment Risks***

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund's Net Asset Value and performance. The following risks apply to the Fund directly and indirectly through the Fund's investment in underlying funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Management Risk:* The Adviser's reliance on its proprietary trend-following model and the Adviser's judgments about the attractiveness, value, and potential appreciation of particular assets, asset classes and securities may prove to be incorrect and may not produce the desired results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Equity Securities Risk:* The Fund may invest in or have exposure to equity securities. Equity securities 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Market Risk:* Overall investment market risks affect the value of the Fund. Factors such as economic growth and market conditions, interest rate levels, and political events affect U.S. and international investment markets. Additionally, unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues (such as the COVID-19 global pandemic); and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions, and the market in general, in ways that cannot necessarily be foreseen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Underlying Funds Risk:* Investments in underlying funds involve duplication of investment advisory fees and certain other expenses. Each underlying fund is subject to specific risks, depending on the nature of its investment strategy. The manager of an underlying fund may not be successful in implementing its strategy. ETF shares may trade at a market price that may be lower (a discount) or higher (a premium) than the ETF's net asset value. ETFs are also subject to brokerage and/or other trading costs, which could result in greater expenses to the Fund. Because the value of ETF shares depends on the demand in the market, the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, adversely affecting performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Derivatives Risk:* In general, a derivative instrument typically involves leverage, *i.e.*, it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Futures Contract Risk:* The successful use of futures contracts draws upon the Adviser's skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts, which may adversely affect the Fund's NAV and total return, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Short Sale Risk:* The Fund may take a short position in a derivative instrument, such as a futures contract. A short position on a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument which could cause the Fund to suffer a (potentially unlimited) loss. Short sales also involve transaction and financing costs that will reduce potential Fund gains and increase potential Fund losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Leverage Risk:* As part of the Fund's principal investment strategy, the Fund may make investments in derivative instruments. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying asset, as well as the potential for greater loss. If the Fund uses leverage through activities such as entering into derivative instruments, the Fund has the risk that losses may exceed the net assets of the Fund. The net asset value of the Fund while employing leverage will be more volatile and sensitive to market movements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-Diversification Risk:* As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund also invests in underlying funds that are non-diversified. The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Small- and Mid-Capitalization Companies Risk:* Investing in or having exposure to the securities of small-capitalization and mid-capitalization companies involves greater risks and the possibility of greater price volatility than investing in larger capitalization and more-established companies. Investments in mid-cap companies involve less risk than investing in small-cap companies. Smaller companies may have limited operating history, product lines, and financial resources, and the securities of these companies may lack sufficient market liquidity. Mid-cap companies often have narrower markets and more limited managerial and financial resources than larger, more established companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Turnover Risk:* A higher portfolio turnover may result in higher transactional and brokerage costs. The Fund's portfolio turnover rate may be significantly above 100% annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Securities Lending Risk.* There are certain risks associated with securities lending, including the risk that the borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by the borrower, if the borrower should fail financially. As a result, the Fund may lose money. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *U.S. Government Securities Risk:* The Fund may invest directly or indirectly in obligations issued by agencies and instrumentalities of the U.S. government. The U.S. government may choose not to provide financial support to U.S. government sponsored agencies or instrumentalities if it is not legally obligated to do so, in which case, if the issuer defaulted, the Fund might not be able to recover its investment. Like other fixed income instruments, U.S. government securities are subject to interest rate risk. Typically, a rise in interest rates causes a decline in the value of bonds. Recently, interest rates have been historically low. Current conditions may result in a rise in interest rates, which in turn may result in a decline in the value of the fixed income investments held by the Fund. As a result, interest rate risk may be heightened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Models and Data Risk:* The Fund's investment exposure is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties ("Models and Data"). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to securities being included in or excluded from the Fund's portfolio that would have been excluded or included had the Models and Data been correct and complete. Some of the models used by the Fund are predictive in nature. The use of predictive models has inherent risks. For example, such models may incorrectly forecast future behavior, leading to potential losses. In addition, in unforeseen or certain low-probability scenarios (often involving a market disruption of some kind), such models may produce unexpected results, which can result in losses for the Fund.

***Performance:*** Performance shown below for periods prior to the close of business on June 24, 2022 is for the Kensington Dynamic Growth Fund (the "Dynamic Allocation Predecessor Fund"), formerly a series of Advisors Preferred Trust which commenced operations on October 23, 2020. The Fund has adopted the performance of the Dynamic Allocation Predecessor Fund as a result of a reorganization in which the Fund acquired all the assets and liabilities of the Dynamic Allocation Predecessor Fund (the "Reorganization"). The Reorganization occurred as of the close of business on June 24, 2022. Prior to the Reorganization, the Fund was a "shell" Fund with no assets and had not commenced operations. The Fund's portfolio management team served as the portfolio management team of the Dynamic Allocation Predecessor Fund and has been the Fund's portfolio management team since inception.

The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's Institutional Class shares for each full calendar year since the Fund's inception. The performance table compares the performance of each of the Fund's share classes over time to the performance of the Fund's benchmark index. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Class A and Class C shares have similar annual returns to Institutional Class shares because the classes are invested in the same portfolio of securities; however, the returns for Class A and Class C shares are lower than Institutional Class shares because Class A and Class C shares have higher expenses and Class A shares are subject to a load . Shareholder reports containing financial and performance information for the Fund will be made available to shareholders semi-annually. Updated performance information and daily NAV per share is available at no cost by calling toll-free 866-303-8623.

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**Institutional Class Performance Bar Chart**

**For Calendar Year Ended December 31**

![chart-addf2d1361e24df5874.jpg](chart-addf2d1361e24df5874.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter | Q2 2025 | 21.48% |
| Worst Quarter | Q3 2024 | -11.13% |

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The Fund's year-to-date return as of March 31, 2026 was -1.26%.

**Performance Table** 

**Average Annual Total Returns** 

**(For periods ended December 31, 2025)**

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| | | | |
|:---|:---|:---|:---|
| | **One<br>Year** | **Five<br>Years** | **Since Inception (October 23, 2020)** |
| Institutional Class Shares Return before taxes | 37.59% | 12.00% | 11.85% |
| Institutional Class Shares Return after taxes on distributions<sup>(1)</sup> | 33.23% | 9.80% | 9.71% |
| Institutional Class Shares Return after taxes on distributions and sale of Fund Shares<sup>(1)</sup> | 22.95% | 8.53% | 8.45% |
| Class A Shares Return before taxes (with load) | 30.67% | 10.65% | 10.52% |
| Class C Shares Return before taxes | 35.11% | 10.87% | 10.75% |
| S&P 500 Total Return Index<sup>(2)</sup> (reflects no deduction for fees, expenses, or taxes) | 17.88% | 14.42% | 15.72% |

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<sup>(1)</sup> 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 an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns are only shown for Institutional Class Shares. After tax returns for other classes of shares will vary.

<sup>(2)</sup> The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

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***Investment Adviser:*** Kensington Asset Management, LLC

***Portfolio Managers:***

**Bruce P. DeLaurentis** 

Bruce P. DeLaurentis serves as Portfolio Manager for Kensington Asset Management. He has served the Fund since inception in 2022 and the Dynamic Allocation Predecessor Fund from its inception in 2020 until the Reorganization.

**Patrick Sommerstad**

Patrick Sommerstad serves as Portfolio Manager and Investment Committee Member for Kensington Asset Management. He has served the Fund since inception in 2022.

**Jason Sim**

Jason Sim serves as Portfolio Manager and Investment Committee Member for Kensington Asset Management. He has served the Fund since inception in 2022.

**Jordan Flebotte**

Jordan Flebotte serves as Portfolio Manager and Investment Committee Member for Kensington Asset Management. He has served the Fund since inception in 2022.

***Purchase and Sale of Fund Shares:*** The investment minimums for the Fund are:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Initial Investment** | **Initial Investment** | **Subsequent Investment** | **Subsequent Investment** |
| **Class** | **Regular<br>Account** | **Retirement<br>Account** | **Regular<br>Account** | **Retirement<br>Account** |
| A | $1000 | $1000 | $250 | $100 |
| Institutional | $25000 | $25000 | $250 | $100 |
| C | $1000 | $1000 | $250 | $100 |

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The Fund or Adviser may waive any investment minimum. You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange ("NYSE") is open. Redemption requests may be made in writing, by telephone, or through a financial intermediary and will be paid by ACH, check or wire transfer. Purchase and redemption requests must be received by the Fund (or an authorized broker or agent, or its authorized designee) before the close of regular trading on the NYSE (normally 4:00 p.m., Eastern Time) to assure ample time to transmit to the Fund prior to NAV pricing.

***Tax Information:*** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) Plan. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal from tax-deferred plans.

***Payments to Broker-Dealers and Other Financial Intermediaries:*** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict 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.

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