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 MSCI US REIT Index is a capitalization-weighted benchmark index of the most actively traded real estate investment trusts (REITs), designed to measure real estate equity performance. An investor cannot invest directly in an index.
⁴ Source: Bloomberg. The S&P 500 Index is an unmanaged index of 500 widely-held common stocks representing all major industries and is designed to measure performance of the broad domestic economy through changes in the aggregate market value of these stocks. An investor cannot invest directly in an index.
⁵ The Adviser has a contractual agreement in place 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 1.45%.

Past performance is no guarantee of future results. Source: S&P 500: Bloomberg as of 6/30/08 (intraday).

¹ Kensington Real Estate Securities 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.

REITs - FTSE NAREIT Composite Index; Large Stocks - S&P 500 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 FTSE NAREIT Composite Index is an unmanaged index of Real Estate Investment Trust stocks. The Index excludes brokerage commissions or other fees.

The S&P 500 Index is an unmanaged index of 500 widely-held common stocks representing all major industries and is designed to measure performance of the broad domestic economy through changes in the aggregate market value of these stocks. An investor cannot invest directly in an index.

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.

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.

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.