Morningstar® Investment Profile™ | Disclosure Statement Morningstar - Free Trial   Forward Select Income A  KIFAX   Snapshot Total Returns Rating & Risk Portfolio Nuts & Bolts Analyst Report Quote datadef_ratings Forward Select Income A  KIFAX   Morningstar Report Overall Morningstar Rating™ What is this? As of 2009-10-31 Out of Real Estate Funds Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance. Morningstar® Style Box™ What is this?    ---    ---       As of 2009-09-30 Day Change $ 0.02    NAV (2009-11-10) $ 18.77    YTD Return % (2009-11-10) 58.60%    Total Assets ($ mil) 758 View Data Definitions   Performance     Growth of $10,000 Fund: Forward Select Income A (from 2001-03-30 to 2009-10-31) Category: Real Estate Index: S&P 500 TR Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-10 Inception date: 2001-03-30 10yr and Inception Returns as of 2009-10-31 YTD Returns as of 2009-11-10 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund 61.98 126.09 -9.18 -2.99 --- 6.30 +/- Category 46.73 123.27 7.17 -1.45 --- --- +/- S&P 500 TR 38.46 77.29 -3.28 -3.67 --- --- Standardized Annual Returns %   more on standardized returns Quarter-End (as of 2009-09-30) 52.11 17.70 -10.18 -3.91 --- 5.78 Month-End (as of 2009-10-31) 50.19 52.57 -11.31 -4.26 --- 5.57 After Tax Returns % (as of 2009-09-30 )   On Distribution --- 44.66 -14.67 -7.52 --- --- On Distribution & Sale of Shares --- 32.61 -11.25 -5.22 --- --- Morningstar Rating --- --- --- --- # of compared funds covered (3 yrs : out of 232 funds), (5 yrs : out of 204 funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is 5.75%, the maximum deferred sales fee is none, and the maximum redemption sales fee is none. The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.   Portfolio Profile     Sector Breakdown % Information 6.17 Software 0.00 Hardware 0.00 Media 0.00 Telecommunications 6.17 Service 93.83 Healthcare 0.00 Consumer Services 0.00 Business Services 0.00 Financial Services 93.83 Manufacturing 0.00 Consumer Goods 0.00 Industrial Materials 0.00 Energy 0.00 Utilities 0.00 Asset Allocation % of Net Assets Cash 0.1 Stocks 8.8 Bonds 7.7 Other 83.5 Foreign Stocks 0.1 (as a % of Assets) Data through 2009-09-30 Data through 2009-09-30 Holding Status Total Number of Stock Holdings 12 Turnover % 66 Total Number of Bond Holdings 13 30 Day SEC Yield % 8.63 % of Assets in Top 10 Holdings 26.37 ending as of 2009-09-30 View Data Definitions Top 10 Holdings Sector P/E YTD Return % % of Net Assets Kimco Rlty Pfd --- --- --- 3.13 Weingarten Rlty Invs Pfd --- --- --- 3.11 Ltc Pptys Pfd --- --- --- 3.02 Duke Rlty Pfd --- --- --- 2.99 Biomed Rlty Tr Pfd --- --- --- 2.73 Omega Healthcare Invs Pfd --- --- 2.63 iShares S&P U.S. Preferred Stock Index --- --- 2.40 Digital Rlty Tr Pfd --- --- 2.19 Mid-Amer Apt Cmntys Pfd --- --- 2.10 Host Marriott Pfd --- --- 2.07 Data through 2009-09-30 YTD Return through 2009-11-20   Other Information Fund Inception: 2001-03-30 Portfolio Manager  (Start Date) Joel S. Beam  (2001-03-30) Beam is a portfolio manager responsible for securities investment decisions on behalf of Kensington's portfolios and is the principal responsible for managing the research and trading group. He joined Kensington in 1995 as a senior analyst and began managing portfolios in 1997. He was previously employed by Liquidity Financial Advisors, Inc. Jim O'Donnell  (2008-12-30) Mr. O’Donnell re-joined Meisenbach Capital Management, Inc. as a Trader/Risk Analyst in February 2004, after previous employment here as an analyst in 2001 and 2002. Prior to rejoining the firm, he was employed as an analyst at Provident Capital in San Diego. Prior to his initial employment at Meisenbach, he was a Portfolio Manager for Nicholas Applegate, responsible for large-cap, mid-cap and small-cap growth wrap account portfolios. Mr. O’Donnell was an institutional trader for A.G. Edwards from 1991 through 1993. He gained 13 years of experience in the securities business overall prior to his current position with the firm. Mr. O'Donnell is a graduate of Cornell University (1981) and received his MBA from University of San Diego (1994). He was awarded the CFA designation in 1994. Sales Charge % (taken from prospectus dated 2009-06-12) Front: 5.75 Deferred: None Expense Ratio % 1.58 based on net assets (taken from annual report dated 2008-12-31) Correspondence Information --- ,    Telephone: 800-999-6809 Data on this page does not include the fund's short positions (if any). Show Data Definitions © Copyright 2009 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.