KAGIX Fees and Costs — Kensington Dynamic Allocation Fund, Institutional Class
Data updated: 2026-08-26
The net expense ratio is 1.43%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $78K in broker commissions, 0.0080% of average net assets, and portfolio turnover was 222%.
KAGIX Fees and Expenses
Annual operating expenses and sales charges of KAGIX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.09% |
| Gross expense ratio | 1.43% |
| Fee waiver | — |
| Net expense ratio | 1.43% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
KAGIX Costs Over Time
On $10,000 invested in KAGIX, assuming 5% a year before costs, total costs come to $892 over 5 years, cutting the return by 1.51% 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 |
| Fund expenses (net expense ratio 1.43%) | $150 | $466 | $805 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $23 | $82 |
| Total costs | $151 | $492 | $892 |
| Value after costs | $10,349 | $11,084 | $11,871 |
| Impact on return, per year | 1.51% | 1.51% | 1.51% |
KAGIX 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)
KAGIX 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% |
KAGIX 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.