KAGAX Fees and Costs — Kensington Dynamic Allocation Fund, A Class
Data updated: 2026-08-26
The net expense ratio is 1.68%. This share class carries a maximum front-end sales load of 4.75%. In fiscal 2025 the fund paid $78K in broker commissions, 0.0080% of average net assets, and portfolio turnover was 222%.
KAGAX Fees and Expenses
Annual operating expenses and sales charges of KAGAX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.09% |
| Gross expense ratio | 1.68% |
| Fee waiver | — |
| Net expense ratio | 1.68% |
| Sales charges | |
|---|---|
| Max front load | 4.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
KAGAX Costs Over Time
On $10,000 invested in KAGAX, assuming 5% a year before costs, total costs come to $1,598 over 5 years, cutting the return by 2.77% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $475 | $475 | $475 |
| Fund expenses (net expense ratio 1.68%) | $168 | $521 | $896 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $24 | $101 | $223 |
| Total costs | $668 | $1,099 | $1,598 |
| Value after costs | $9,832 | $10,477 | $11,165 |
| Impact on return, per year | 6.68% | 3.43% | 2.77% |
KAGAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0080%
- Total broker commissions: $78K
- Bought from dealers (principal trades, not a cost): $101
- Portfolio turnover (prospectus): 222%
- Securities on loan, average value: $81.5M
- Net income from securities lending: $175K (0.018% of average net assets)
KAGAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $61K | 77.80% |
| STONEX FINANCIAL INC. | $14K | 18.23% |
| GOLDMAN SACHS & CO. LLC | $3K | 3.97% |
KAGAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $51 | 50.50% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $50 | 49.50% |
Kensington Dynamic Allocation Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| KAGIX | Institutional Class | 1.43% | none |
| KAGAX | A Class | 1.68% | 4.75% |
| KAGCX | C Class | 2.43% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.