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%.
³The S&P Global Infrastructure Index is designed to provide liquid exposure to the leading publicly listed companies in the global infrastructure industry, both from developed markets and emerging markets. An investor cannot invest directly in an index.
⁴The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. An investor cannot invest directly in an index.
⁵ The Adviser has contractually agreed, until December 31, 2010, to waive fees and/or reimburse the fund certain expenses (excluding brokerage costs, interest, taxes and dividend and extraordinary expenses) to the extent necessary to maintain Total Fund Operating Expenses for Class A shares at 1.50%.

Past performance is no guarantee of future results.

¹ Kensington Global Infrastructure Fund dividend yield 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.

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.

Portfolio holdings are subject to change. Due to rounding, values may not total 100%.
(1) Foreign Currency includes Australian Dollar 1.31%, European Euro 0.17%, British Pound 0.16%, Hong Kong Dollar 0.12%, Mexican Peso 0.04% and Canadian Dollar 0.01%. (2) Other includes Industrial Conglomerates 1.97%, Water Utilities 1.71%, Integrated Oil & Gas 1.50%, Telecom 1.41%, Railroads 1.35%, Construction & Farm Machinery 1.01%, Independent Power Producers 0.85%, Shipping 0.74%, Oil & Gas Drilling 0.57%, Coal and Consumable Fuels 0.50%, Mining 0.49% and Construction Materials 0.25%.

Portfolio holdings are subject to change. Due to rounding, values may not total 100%.
*Foreign Currency includes Australian Dollar 1.31%, European Euro 0.17%, British Pound 0.16%, Hong Kong Dollar 0.12%, Mexican Peso 0.04% and Canadian Dollar 0.01%.

Source: Callan Associates, Inc. Global Equities – MSCI World Index; World Government Bonds – Citigroup World Government Bond Index; Global Infrastructure Stocks – S&P Global Infrastructure Index.

The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. The Citigroup World Government Bond Index is a market weighted index of world government fixed income securities in which the total market value of the constituent countries is at least $20 billion. The S&P Global Infrastructure Index is designed to provide liquid exposure to the leading publicly listed companies in the global infrastructure industry, both from developed markets and emerging markets. An investor cannot invest directly in an 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.

Source: Callan Associates, Inc. Global Infrastructure – S&P Global Infrastructure Index; World Stocks – MSCI World Index; World Government Bonds – Citigroup World Government Bond Index; Global Real Estate – FTSE EPRA/NAREIT Global Real Estate Index; Cash – Citigroup 1-Month Treasury Bills.

The Citigroup World Government Bond Index is a market weighted index of world government fixed income securities in which the total market value of the constituent countries is at least $20 billion. The FTSE EPRA/NAREIT Global Real Estate Index is designed to track the performance of listed real estate companies and REITs worldwide. The index acts as a performance measure of the overall market. The S&P Global Infrastructure Index is designed to provide liquid exposure to the leading publicly listed companies in the global infrastructure industry, both from developed markets and emerging markets. The Citigroup 1-month Treasury Bill Index is an average of the last one-month treasury bill issues. An investor cannot invest directly in an index.

Definitions
Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.

Risks to Consider
Because the fund concentrates its investments in infrastructure-related entities, the fund has greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. The fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the fund is more exposed to individual stock volatility than a diversified fund. The fund also invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. 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.

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.