Kensington Investment Group will launch its new offering, the Kensington Global Infrastructure Fund, on June 29. The Fund is designed to offer investors exposure to a portfolio of exchange-traded companies providing essential services for the growth and development of communities around the world.

Kensington Investment Group, Inc. ("Kensington") announces the addition of the Kensington Global Infrastructure Fund to its family of funds, set to launch on June 29.

The first of its kind in the U.S., the Fund is designed to offer investors exposure to a portfolio of exchange-traded companies providing essential services for the growth and development of communities around the world.

The portfolio will be benchmarked against the S&P Global Infrastructure Index, which tracks leading infrastructure companies involved in the energy, transportation and utilities sectors in both developed and emerging markets. Kensington expands its definition of the asset class to include communications, social services and companies involved in the construction and financing of infrastructure projects.

Infrastructure has long attracted international private equity investors and pension plan sponsors, who are drawn to the asset class for its competitive returns, moderate volatility, low correlation to other asset classes and growth potential. Merrill Lynch forecasts that emerging market infrastructure spending from 2007 through 2009 alone will exceed $1 trillion.

Portfolio Manager Joel Beam remarked, "We see Infrastructure investing as a logical progression for our clients and for us as a team. With its historical return profile and powerful secular trends serving as catalysts, we expect that over time, infrastructure could become a cornerstone of investment portfolios."

The privatization wave that swept Europe, Canada and Australia over the last several decades is now taking hold domestically, with once government-financed and operated infrastructure assets, like the Chicago Skyway Toll Road and Dulles Greenway, now being leased and operated by private entities.

RREEF Research recently reported that over the past 15 years, more than 100 countries across all continents have experienced privatization of state-owned enterprises, with total generated proceeds estimated at $735 billion.

"Growing interest in privatization of infrastructure assets is not an accident. As urban populations swell and globalization demands that businesses compete internationally, governments are seeking new sources of capital to fund infrastructure projects as a means of driving economic and productivity growth," said John Kramer, President and co-Chief Investment Officer of Kensington.

Kensington Investment Group uses a team-driven investment management approach. Co-Chief Investment Officers John Kramer and Paul Gray oversee investment strategy and policies, while Portfolio Manager Joel Beam and Senior Analyst Aaron Visse are responsible for day-to-day implementation of the Global Infrastructure Fund's strategy and stock and sector weighting decisions.

The Kensington Global Infrastructure Fund is available through financial advisors in A, B, C and Y shares. It joins Kensington's existing mutual fund offerings, including the International Real Estate Fund (KIRAX); the Global Real Estate Fund (KGFAX); the domestic, blue chip-focused Real Estate Securities Fund (KREAX); the core-plus Strategic Realty Fund (KSRAX); and income-driven Select Income Fund (KIFAX). Kensington's mutual fund investment strategies are also available to institutional investors via separately managed accounts.

Kensington Investment Group is a registered investment adviser specializing in global securities investment management focused in real estate, infrastructure and senior securities. Founded in 1993 by principals who have worked together managing portfolios since the mid-1980s, Kensington applies a fundamental, value-driven investment methodology to industries that generate stable, growing income streams and offer the opportunity for long term growth.

For more information regarding the Kensington Funds, please contact your investment professional or visit http://www.kig.com/.

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 1-800-253-2949. Read it carefully before investing.

The information in this communication regarding the Kensington Global Infrastructure Fund is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This communication is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

Mutual fund investing involves risk; principal loss is possible. Because the Fund concentrates its investments in infrastructure-related entities, the Fund has greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund also invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.

The S&P Global Infrastructure Index is designed to track the performance of listed infrastructure companies worldwide. The index acts as a performance measure of the overall market.

Kensington Investment Group, Inc. is the investment adviser to the Kensington Funds. The Kensington Funds are distributed by Quasar Distributors, LLC. Kensington Investment Group, Inc.

Edited by: Erin Kello

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