Kensington Dynamic Allocation Inst (Kensington Dynamic Growth Fund ) fond

The fund will gain exposure to equity securities primarily by investing in one or more of the following investment types (1) exchange-traded funds (“ETFs”) (“underlying funds”) that track the returns of a broad-based U.S. equity market index, (2) individual equity securities, and/or (3) equity index futures. The use of futures contracts is just one option that the fund may use and such use is determined in the same manner as the other investments. It is non-diversified.