Kensington Asset Management LLC

Item 5 – Fees and Compensation
A. Fund Advisory Compensation
The Firm receives advisory fees from the Funds it advises, generally calculated as a
percentage of assets under management, as disclosed in each Fund’s prospectus and
statement of additional information.

B. Indirect Compensation Related to Models and Portfolio Consulting
Services
The Firm does not charge separate fees for Models or portfolio consulting services.
However, the Firm may receive increased advisory compensation as assets increase in
Funds advised by the Firm or its affiliate firms that are included in Models or portfolio
consulting services. When Professional Users allocate assets to such Funds, the Firm or
its affiliates may receive additional advisory compensation at the Fund level as the Fund’s
assets increase.
This compensation is indirect and is based solely on the assets invested in the Funds, not
on the provision or use of Models or consulting materials.
This structure creates a financial incentive for the Firm to include or reference Funds it
advises or is affiliated with when providing Models or portfolio consulting services.
The Firm does not charge a fee for access to its Services on Sponsor Platforms and does
not receive platform‑level compensation for making its Services available through those
platforms.

C. Additional Client Fees and Expenses

For Models and portfolio consulting services, the Firm charges no separate advisory fee.
Underlying clients may nevertheless incur:

   •   fees and expenses of the Funds included in any model or portfolio analysis,
   •   platform or custodial fees, and
   •   other program or account charges imposed by third parties.
These fees and expenses are separate from any amounts payable to the Firm at the Fund
level.

D. Prepayment of Fees
The Firm does not require or accept prepayment of advisory fees of $1,200 or more, six
months or more in advance.

E. External Compensation for the Sale of Securities
The Firm and its supervised persons do not receive compensation from any third party for
the sale of securities to the Firm’s clients.

Item 7 – Types of Clients
The Firm provides advisory services to the following types of clients:

   •   Registered Investment Companies, including Funds advised by the Firm; and
   •   Professional Users, which may include third‑party advisory firms, advisory
       platforms, financial professionals, and institutional investment advisers.
The Firm does not provide advisory services to, or maintain advisory relationships with, any
underlying retail clients of Professional Users.
Nothing in the Firm’s Services creates a fiduciary, advisory, or sub‑advisory relationship
with any underlying client of a Professional User.