Active Advantage Fund (KADIX)

¹ Investment minimums are waived to fee-based advisors and certain other investors.

² Other Expenses are based on estimated amounts for the current fiscal year.

³ Acquired Fund Fees and Expenses (“AFFE”) are indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights, when issued, because the financial statements include only the direct operating expenses incurred by the Fund and does not include the indirect costs of investing in other investment companies.

⁴ Kensington Asset Management, LLC (the “Adviser”) has contractually agreed to waive its management fee and pay Fund expenses to ensure that Total Annual Fund Operating Expenses (excluding AFFE, leverage/borrowing interest, interest expense, dividends paid on short sales, taxes, brokerage commissions, extraordinary expenses, and distribution (12b‑1) fees and expenses) do not exceed 1.35% of the average net assets of the applicable share class. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in effect at the time of recoupment. The Operating Expense Limitation Agreement is indefinite in term and cannot be terminated through at least June 30, 2024. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser.

Mutual fund investing involves risk. Principal loss is possible.

Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Investors should consider the investment objectives, risks, charges and expenses of the Active Advantage Fund before investing. This information can be found in the Fund's prospectus which should be read carefully. There is no guarantee the Fund will achieve its investment objectives. There is no guarantee any investment strategy will generate a profit or prevent a loss.

High portfolio turnover may result in higher transaction costs and higher taxes when Fund shares are held in a taxable (non-qualified) account. Such costs are not reflected in annual Fund operating expenses and may affect the Fund’s performance. An investment in the Fund involves risk. There is no guarantee that the Fund will meet its investment objectives. Please see the Fund Document tab on the website for complete information relating to risks and expenses of the Fund.

Investing in a mutual fund involves risk, including loss of principal. Risks specific to the Active Advantage Fund are detailed in the prospectus and include Principal Investment Risk, Junk Bond Risk, Bond Risk, Emerging Market Risk, Foreign Investment Risk, Loans Risk, No History of Operations Risk, Management Risk, Market Risk, Mutual Fund Risk, Non-Diversification Risk and Turnover Risk.

For details regarding each risk, please see the Fund's prospectus. Kensington Asset Management, LLC is the adviser to the Active Advantage Fund, distributed by Quasar Distributors, LLC. Member FINRA/SIPC. Kensington Asset Management, LLC is not affiliated with Quasar. Mr. DeLaurentis is an investment adviser representative of Kensington Asset Management, LLC.