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 FTSE EPRA/NAREIT Global Real Estate Index ex-U.S. is designed to track the performance of listed real estate companies and REITs worldwide, excluding U.S. companies. The series acts as a performance measure of the overall market. An investor cannot invest directly in an index.
⁴ 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 maintain Total Fund Operating Expenses for Class A shares at 1.65%.

Past performance is no guarantee of future results.

¹ Kensington International Real Estate 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.

Source: Callan Associates, Inc.

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.

International Broad Stocks – MSCI EAFE Index; U.S. REITs – FTSE NAREIT Composite Index; World Government Bonds – Citigroup World Government Bond Index.

The MSCI EAFE (Morgan Stanley Capital International, Europe, Australia and Far East ) Index is an unmanaged index of over 1000 foreign common stock prices including the reinvestment of dividends. It is widely recognized as a benchmark for measuring the performance of international value funds.

The FTSE NAREIT Composite Index consists of all REITs included in the FTSE NAREIT All REITs Index that also meet the minimum size and liquidity criteria. The FTSE NAREIT Composite Index is free float adjusted.

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.

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. Investments in foreign securities involve additional risks such as greater volatility and political, economic and currency risks and differences in accounting methods. 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.

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, 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.