Exhibit (h)(4)

                          EXPENSE LIMITATION AGREEMENT
                    FOR KENSINGTON GLOBAL INFRASTRUCTURE FUND


         THIS AGREEMENT, dated as of June 29, 2007 is made and entered into by
and between The Kensington Funds, a Delaware statutory trust (the "Trust"), on
behalf of its series the Kensington Global Infrastructure Fund (the "Fund"), and
Kensington Investment Group, Inc. (the "Adviser").

         WHEREAS, the Adviser has been appointed the investment adviser of the
Fund pursuant to an Investment Advisory Agreement between the Trust , on behalf
of the Fund, and the Adviser (the "Advisory Agreement"); and

         WHEREAS, the Trust and the Adviser desire to enter into the
arrangements described herein relating to certain expenses of the Fund;

         NOW, THEREFORE, the Trust and the Adviser hereby agree as follows:

         1.       Until December 31, 2010, the Adviser agrees, subject to
                  Section 2 hereof, to limit its fee and/or reimburse other
                  expenses of each class of the Fund to the extent necessary to
                  limit the operating expenses of each class to the following
                  annual rates (as a percentage of the average daily net assets
                  of the class): Class A, 1.50%, Class B, 2.25%, Class C, 2.25%
                  and Class Y, 1.25%.

         2.       The Fund agrees to pay or repay to the Adviser the amount of
                  fees (including any amounts foregone through limitation or
                  reimbursed pursuant to Section 1 hereof) that, but for Section
                  1 hereof, would have been payable by the Fund to the Adviser
                  pursuant to the Investment Advisory Agreement (the "Deferred
                  Fees"). Such repayment shall be made monthly, but only to the
                  extent that the operating expenses of a Class (exclusive of
                  brokerage costs, interest, taxes and dividend and
                  extraordinary expenses), without regard to such repayment, are
                  at an annual rate (as a percentage of the average daily net
                  assets of the Fund) below the limit set in Section 1. The
                  amount of Deferred Fees paid by a Class in any month shall be
                  limited so that the sum of (a) the amount of such payment and
                  (b) the other operating expenses of the Class (exclusive of
                  brokerage costs, interest, taxes and extraordinary expenses)
                  do not exceed the limit set by Section 1. Deferred Fees with
                  respect to any fiscal year of the Fund shall not be payable by
                  a Class to the extent that the amounts payable by the Class
                  pursuant to the foregoing provisions of this Section 2 during
                  the period ending three years after the end of such fiscal
                  year are not sufficient to pay such Deferred Fees. In no event
                  will a Class be obligated to pay any fees waived or deferred
                  by the Adviser with respect to any other Class of the Fund or
                  any other series of the Trust.






         3.       Notice is hereby given that this Agreement is executed by the
                  Trust on behalf of the Fund by an officer of the Trust as an
                  officer and not individually and that the obligations of or
                  arising out of this Agreement are not binding upon any of the
                  Trustees, officers or shareholders individually but are
                  binding only upon the assets and property belonging to the
                  Fund.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.



THE KENSINGTON FUNDS,               KENSINGTON INVESTMENT GROUP, INC.

ON BEHALF OF ITS SERIES
KENSINGTON GLOBAL INFRASTRUCTURE FUND




By:                                    By:
   --------------------------------       --------------------------------




Name:                                  Name:
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Title:                                 Title:
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