KAMAX Fees and Costs — Kensington Managed Income Fund, A Class
Data updated: 2026-08-26
The net expense ratio is 1.89%. This share class carries a maximum front-end sales load of 4.75%. In fiscal 2025 the fund paid $153K in broker commissions, 0.0196% of average net assets, and portfolio turnover was 129%.
KAMAX Fees and Expenses
Annual operating expenses and sales charges of KAMAX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.10% |
| Gross expense ratio | 1.89% |
| Fee waiver | — |
| Net expense ratio | 1.89% |
| 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 |
KAMAX Costs Over Time
On $10,000 invested in KAMAX, assuming 5% a year before costs, total costs come to $1,723 over 5 years, cutting the return by 3.00% 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 1.89%) | $189 | $584 | $1,003 |
| Trading costs (broker commissions) | $2 | $6 | $10 |
| Lost growth on money paid in costs | $24 | $104 | $235 |
| Total costs | $690 | $1,170 | $1,723 |
| Value after costs | $9,810 | $10,407 | $11,039 |
| Impact on return, per year | 6.90% | 3.66% | 3.00% |
KAMAX 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): 0.0196%
- Total broker commissions: $153K
- Bought from dealers (principal trades, not a cost): $260K
- Portfolio turnover (prospectus): 129%
- Securities on loan, average value: $134.8M
- Net income from securities lending: $488K (0.063% of average net assets)
KAMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $152K | 99.27% |
| GOLDMAN SACHS & CO. LLC | $1K | 0.73% |
KAMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $260K | 100.00% |
Kensington Managed Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| KAMIX | Institutional Class | 1.64% | none |
| KAMAX | A Class | 1.89% | 4.75% |
| KAMCX | C Class | 2.64% | 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.