Managed Portfolio Series
07/15/2026 | Press release | Distributed by Public on 07/15/2026 15:12
Prospectus by Investment Company (Form 497)
1
Filed Pursuant to Rule 497(e)
Registration Nos. 333-172080; 811-22525
Managed Portfolio Series
Kensington Dynamic Allocation Fund
(the "Fund")
Class A Shares (KAGAX)
Institutional Class Shares (KAGIX)
Class C Shares (KAGCX)
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July 15, 2026
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Supplement to the Summary Prospectus and Prospectus,
each dated April 30, 2026, as supplemented
Effective immediately, the following disclosure is added to the section of the Fund's Summary Prospectus
and Prospectus titled "Principal Investment Strategies":
The Fund may also invest in ETFs that hold U.S. dollar-denominated ultra short-term debt as part
of the Fund's "Risk-Off" portfolio, or for other purposes, including collateral or short-term
liquidity.
Effective immediately, the following disclosure is added to the section of the Fund's Summary Prospectus,
and both sections of the Fund's Prospectus, titled "Principal Investment Risks":
Fixed-Income Securities Risks: The Fund may invest in or have exposure to fixed-income
securities. Fixed-income securities are or may be subject to interest rate, credit, liquidity,
prepayment and extension risks. Interest rates may go up resulting in a decrease in the value of
fixed-income securities. Credit risk is the risk that an issuer will not make timely payments of
principal and interest. There is also the risk that an issuer may "call," or repay, its high yielding
bonds before their maturity dates. Fixed-income securities subject to prepayment can offer less
potential for gains during a declining interest rate environment and similar or greater potential
for loss in a rising interest rate environment. In times of rising interest rates, prepayments will
slow causing portfolio securities considered short or intermediate term to be long-term
securities, which fluctuate more widely in response to changes in interest rates than shorter term
securities. Limited trading opportunities for certain fixed-income securities may make it more
difficult to sell or buy a security at a favorable price or time. Changes in market conditions and
government policies may lead to periods of heightened volatility and reduced liquidity in the
fixed-income securities market, and could result in an increase in redemptions. Interest rate
changes and their impact on the Fund and its share price can be sudden and unpredictable.
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Please retain this Supplement with your Prospectus.
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