Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please go the fund's NAV & Yield Info page. Performance data shown does not reflect the 1.00% redemption fee imposed on shares held less than 75 days. If it did, total returns would be reduced.

All returns shown based on A share class.
Results shown do not take into account income or capital gain taxes. Dividends reinvested.
¹ Performance data shown is that of the A Share at NAV and does not reflect the deduction of the sales load or fee. If reflected, the load or fee would reduce the performance quoted.
² Performance data shown reflects the Class A maximum sales charge of 5.75%.
³ Source: Bloomberg. The Merrill Lynch Preferred Index is an unmanaged index that includes perpetual payment preferred issues. An investor cannot invest directly in an index.
⁴ The Adviser has contractually agreed, until December 31, 2010, to waive expenses and/or reimburse the fund certain expenses (excluding (1) extraordinary expenses and (2) dividend and interest expense) to the extent necessary to maintain Total Fund Operating Expenses for Class A shares at 1.60%.

Past performance is no guarantee of future results.
Source: 10-year Treasury Note: Bloomberg as of 6/30/08 (intraday).

The risks of investing in equity REITs are unique and similar to those of directly owning real estate (i.e. real estate risk, regulatory risks, concentration risk and diversification risk). Unlike REITs and stocks, which are volatile and subject to fluctuation in value, U.S. Treasury securities are backed by the U.S. Government and, if held to maturity, offer a fixed rate of return and fixed principal value.

¹ The Kensington Select Income Fund cash distribution rate is the sum of the trailing 12 months of cash distributions, excluding capital gains distributions, divided by the net asset value as of the most recent quarter-end. At times, the fund may pay distributions in excess of their net investment taxable income. To the extent that this occurs, the dividend factor will include a component of return of capital. Certain funds may own securities issued by REITs. A portion of the dividends paid by REITs may be recharacterized by the REIT issuer for tax purposes following year-end as capital gains and/or return of capital. To the extent this occurs, distributions paid by the fund during the year will also be reclassified to reflect these REIT recharacterizations. Therefore, the composition of a fund’s distributions during the year may change substantially by year-end. If these changes occur, they may reduce the net investment income component of the fund distributions and increase the capital gain and/or return of capital components. Shareholders of record are notified of the estimated return of capital for each distribution which includes a return of capital component. Return of capital does not create taxable income. It is a reduction of the shareholder’s tax basis in their investment in our funds. For more information on historical return of capital distributions, please visit the Kensington Select Income Fund Dividend History Page.

² The 30-day SEC yield is based on a 30-day period and is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.

Source: Callan Associates, Inc. Preferred Stocks – Merrill Lynch Preferred Index; REIT Common Stocks – FTSE NAREIT Composite Index;  Bonds – Citigroup Broad Investment Grade Bond Index.

Correlation coefficients are based on monthly return data. A correlation coefficient is a measure of the interdependence of two random variables that ranges in value from −1 to +1, indicating perfect negative correlation at −1, absence of correlation at zero, and perfect positive correlation at +1.

The Merrill Lynch Preferred Index is an unmanaged index that includes perpetual payment preferred issues. An investor cannot invest directly in an index.

The FTSE NAREIT Composite Index is an unmanaged index consisting of approximately 200 Real Estate Investment Trust stocks. The NAREIT Index excludes brokerage commissions or other fees.

The Citigroup Broad Investment Grade Bond Index is an unmanaged index generally representative of the performance of the investment-grade corporate and U.S. government bonds. An investor cannot invest directly in an index.

An investor cannot invest directly in an index.

Investment Considerations   Investors should be aware of the risks involved with investing in a non-diversified fund concentrating in real estate securities, such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. The fund may also invest in small or relatively new or unseasoned companies, which involve additional risks. These risks are discussed in the fund's prospectus. By itself the fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investments. There is no guarantee that the investment objective will be achieved.

The fund can buy securities with borrowed money (a form of leverage), which can magnify the fund's gains and losses.

Risks to Consider   Investments in The Kensington Funds are subject to the risks related to direct investment in real estate, such as real estate risk, regulatory risks, concentration risk, and diversification risk. By itself, the funds do not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investments. There is no guarantee that the investment objective will be achieved.

An investor should consider the fund's investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the fund's prospectus. Please read the prospectus carefully before investing. You may also request a prospectus directly from this website.

The Kensington Funds are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any Kensington Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

The Kensington Funds are distributed by Quasar Distributors, LLC.