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Kensington Managed Income Strategy Returns




 INVESTMENT OBJECTIVE
 The Kensington Managed Income Strategy   $1,750,000
 $1,750,000
 strives to provide investors with the
 potential to generate stable, above
 average total returns, with low drawdown.  $1,500,000
 $1,500,000
 ABOUT THE STRATEGY
 Kensington Analytics uses a proprietary   $1,250,000
 $1,250,000
 trend-following model to identify and
 act on prevailing market sentiment. The
 model provides daily signals to guide the
 $1,000,000
 Strategy’s allocation. Managed Income   $1,000,000
 rotates between two investment modes:
 Risk-On: When markets are generally
 $750,000
 trending upward, Managed Income    $750,000
 allocates to higher yielding fixed income
 securities. This allows the Strategy to reap
 $500,000
 the highest level of yield when confidence   $500,000
 in the market is high.
 Risk-Off: When the overall trend is one
 $250,000
 of decline or high volatility, Managed   $250,000
 Income shifts into shorter duration
 instruments, including Treasuries or
 cash equivalents. This helps protect    $0 $0
 principal and mitigate drawdowns.  1991  1992  1993  1994  1995  1996  1997  1998  1999  2000  2001  2002  2003  2004  2005  2006  2007  2008  2009  2010  2011  2012  2013  2014  2015  2016  2017  2018  2019
 1991      1992      1993      1994       1995      1996       1997      1998      1999      2000      2001      2002       2003      2004      2005      2006       2007      2008      2009      2010      2011       2012      2013      2014       2015      2016      2017      2018       2019
 Returns are Net
                              ICE BofA US Corporate Master
                                                                                                S&P 500 TR Index
 Kensington Managed Income
                                                               ICE BofA US High Yield Master II
 Bloomberg Barclays
 MORNINGSTAR® CLASSIFICATION  Kensington Managed Income  US Aggregate Bond  US Corporate Bond  US High Yield Bond  S&P 500
 US Aggregate Bond Index
                                                               Total Return Index
                              Total Return Index
 Nontraditional Bond
 MORNINGSTAR® RATING*

  *  The Kensington Managed Income Strategy received a   14%
 5-Star Overall Morningstar® Rating as of December 31,
 2019. The Strategy was rated against the following    Risk/Return (Since 1992)  Performance Statistics
 numbers of Morningstar® rated composites over the
 following time periods: 37 nontraditional composites in
 12%
 the last 3 years, 34 nontraditional composites in the last   12%  Bloomberg Barclays    ICE BofA   ICE BofA
 5 years, and 19 nontraditional composites in the last 10   Kensington                                  S&P 500
 years. With respect to these nontraditional composites,   Managed Income  US Aggregate    US Corporate Master    US High Yield Master II    TR Index
 the Kensington Managed Income Strategy received a   Bond Index   Total Return Index   Total Return Index
 10%
 5-Star rating overall, a 4-Star rating for 3 years, a 5-Star   10%
 rating for 5 years and a 5-Star rating for 10 years. Past   Annualized Return
 performance does not guarantee future results.  Kensington Managed Income  S&P 500 TR Index  Since Inception  9.14%  5.53%  6.23%  7.32%  8.85%
 8%
        Standard Deviation
 INCEPTION DATE  8%  ICE BofA US High Yield Master II Total Return Index  Annualized    4.76%  3.55%  5.27%  8.30%  14.24%
 December 31, 1991  Annual
 The Kensington Managed Income Strategy   6%  ICE BofA US Corporate Master Total Return Index  Sharpe Ratio  1.92  1.56  1.17  0.89  0.62
 6%
 is managed by Advisors Preferred, LLC dba   Annualized Return Since Inception  Bloomberg Barclays US Aggregate Bond Index   Maximum
 Kensington Analytics LLC. Additional    Drawdown  (4.60%)  (5.15%)  (16.07%)        (33.23%)          (50.95%)
 information about the Strategy and   4%
 the adviser can be obtained by viewing   4%  Percent of    75.81%  67.85%  68.05%   72.19%             66.37%
 company disclosure documents available   Positive Months
 upon request. Past Performance does not   Avg Positive
 2%
 guarantee future results.  2%  Monthly Return  1.17%  0.99%        1.25%             1.61%             3.06%
        Avg Negative
 To Receive a GIPS® Compliant    Monthly Return  (0.57%)  (0.67%)  (1.05%)           (1.94%)            (3.67%)
 Presentation Please Contact  0% 0%                             5%                           10%                           15%                           20%
 0%
 info@kensingtonanalytics.com  0%  5%  10%  15%  20%  25% As of 03/31/20. Standard Deviation: A measure of the dispersion of monthly returns from its mean return, also known as historical volatility. Sharpe Ratio: A risk-adjusted
       measure of a fund’s performance that indicates a fund’s return per unit of risk, defining risk as volatility (standard deviation). Maximum Drawdown: A measure of the
 KensingtonAnalytics.com  Standard Deviation  maximum loss from a peak to a trough of a portfolio or index, before a new peak is attained. An investment in securities involves risk, including loss of principal.
 877.891.1222  Returns are presented Net of fees and include the reinvestment of all income. Performance represents past performance. Past performancedoes not guarantee
       future results.
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