Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. 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 total return figures include reinvestment of dividends and capital gains distributions.

¹ The trailing 12-month cash distribution rate is the sum of the trailing 12 months of cash distributions, excluding capital gains distributions, divided by the most recent net asset value.
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.
³ NAV: Net Asset Value. Does not include sales or CDSC charges.
⁴ MOP: Maximum Offering Price. Includes the maximum sales charge of 5.75%. CDSC (Contingent Deferred Sales Charge deducted)—price per share varies by length of time shares are held.
⁵The 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, B, C and Y Shares at 1.45%, 2.20%, 2.20% and 1.20%, respectively.
⁶The Adviser has contractually agreed, until December 31, 2010 to waive fees and/or reimburse the Fund certain expenses (excluding (1) increases to the advisory fee due to performance adjustments, (2) extraordinary expenses and (3) dividend and interest expense) to the extent necessary to maintain Total Fund Operating Expenses for Class A, B, C and Y Shares at 2.25%, 3.00%, 3.00% and 2.00%, respectively.
⁷The Adviser has contractually agreed, until December 31, 2010, to waive fees 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, B, C and Y shares at 1.60%, 2.35%, 2.35% and 1.35, respectively.
⁸The 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, B, C and Y Shares at 1.65%, 2.40%, 2.40% and 1.40%, respectively.
⁹The 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, B, C and Y Shares
at 1.50%, 2.25%, 2.25% and 1.25%, respectively.
¹⁰The 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, B, C and Y Shares at 1.50%, 2.25%, 2.25% and 1.25%, respectively.
¹¹ The trailing 12-month cash distribution rate is the sum of the trailing 12 months of cash distributions, excluding capital gains distributions, divided by the most recent net asset value. At times, the fund may pay distributions in excess of their net investment taxable income. To the extent that this occurs, the cash distribution rate 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 will be notified of the estimated return of capital for each distribution which may include a return of capital component. For the Select Income Fund, please see footnote 1 on the Dividend History page for current information on return of capital. Return of capital does not create taxable income. It is a reduction of the shareholder's tax basis in their investment in our funds. Again, please note that distributions are subject to recharacterization for tax purposes and the final tax treatment of these distributions will be reported to shareholders after the close of each fiscal year on form 1099-DIV.

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. Additionally, the Global Infrastructure Fund will be significantly exposed to the risks of infrastructure-related operations. 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.