About two weeks ago, our clients would have received an envelope in the mail regarding a proxy vote on how the Kensington Private Equity Fund (KEN115) wants to change its distribution and fees accordingly. Over the past two weeks, PWM Private Wealth Counsel has been in talks with the Kensington Private Equity portfolio managers over the proposed proxy vote. We have voiced our opinion on how we are NOT in favor of this recommendation, as this does not benefit our clients. Kensington has now informed us that they are withdrawing the proposal and are no longer holding the proxy vote. No further action is required by our clients, as the vote is no longer taking place. This is just some of the background work that goes on in our office to look out for your best interests.