Fund Description

The fund was incepted in September 1999 and is managed by Kensington Investment Group, Inc. The fund seeks total return through a combination of high current income relative to equity investment alternatives, plus long-term growth of capital. The fund invests at least 80% of its net assets in securities of issuers engaged primarily in the real estate business. The fund normally invests a portion of its assets in high quality debt securities. Dividends are usually paid quarterly and capital gains (if any) are distributed at least annually.