Important Legal Disclosures
Exemptive Order
Litman Gregory Fund Advisors (the "Advisor") has obtained an exemptive order from the Securities and Exchange Commission, which permits it, subject to certain conditions, to select new investment managers with the approval of the Board of Trustees but without obtaining shareholder approval. The order also permits the Advisor to change the terms of agreements with managers or to continue the employment of the managers after an event that would otherwise cause the automatic termination of services. Shareholders must be notified of any manager changes. Shareholders have the right to terminate arrangements with a manager by vote of the majority of the outstanding shares of a fund. The order also permits a fund to disclose managers' fees only in the aggregate in its registration statement.
Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.
Litman Gregory Fund Advisors, LLC has ultimate responsibility for assets under management.
Monthly Performance as of 4/30/2012
| Average Annual Total Returns | ||||
|---|---|---|---|---|
| Performance | 1 Year | 5 Year | 10 Year | Since Inception |
| Litman Gregory Masters Equity Fund (Institutional Class 12/31/96) MSEFX | -3.77% | -0.67% | 3.94% | 6.62% |
|
Russell 3000 Index
|
3.40% | 1.25% | 5.17% | 6.34% |
|
Custom Equity Index
|
1.14% | 0.66% | 5.22% | 6.23% |
|
Lipper Multi-Cap Core Index
|
-0.97% | 0.74% | 5.06% | 6.01% |
| Litman Gregory Masters Equity Fund (Investor Class 4/30/09) MSENX | -3.99% | n/a | n/a | 18.11% |
|
Russell 3000 Index
|
3.40% | n/a | n/a | 19.92% |
|
Custom Equity Index
|
1.14% | n/a | n/a | 19.01% |
|
Lipper Multi-Cap Core Index
|
-0.97% | n/a | n/a | 18.46% |
| Litman Gregory Masters International Fund (Institutional Class 12/1/97) MSILX | -16.45% | -2.49% | 6.57% | 8.02% |
|
S&P Global Ex-U.S. LargeMidCap Index
|
-12.50% | -1.87% | 7.61% | 5.80% |
|
Lipper International Large Cap Core Index
|
-13.37% | -4.56% | 4.65% | 4.33% |
|
MSCI EAFE Index
|
-12.39% | -4.26% | 5.89% | 4.48% |
| Litman Gregory Masters International Fund (Investor Class 4/30/09) MNILX | -16.67% | n/a | n/a | 12.03% |
|
S&P Global Ex-U.S. LargeMidCap Index
|
-12.50% | n/a | n/a | 14.20% |
|
Lipper International Large Cap Core Index
|
-13.37% | n/a | n/a | 11.86% |
|
MSCI EAFE Index
|
-12.39% | n/a | n/a | 12.29% |
| Litman Gregory Masters Value Fund (6/30/2000) MSVFX | -0.94% | -3.17% | 3.40% | 4.25% |
|
Russell 3000 Value Index
|
0.61% | -1.63% | 4.93% | 4.89% |
|
Lipper Large-Cap Value Fund Index
|
-0.68% | -1.26% | 3.88% | 2.62% |
| Litman Gregory Masters Smaller Companies Fund (6/30/03) MSSFX | 0.48% | 1.86% | n/a | 7.99% |
|
Russell 2000 Index
|
-4.25% | 1.45% | n/a | 8.41% |
|
Lipper Small Cap Core Index
|
-3.42% | 2.19% | n/a | 8.81% |
| Litman Gregory Masters Focused Opportunity Fund (6/30/06) MSFOX | 7.37% | 0.86% | n/a | 3.30% |
|
S&P 500 Index
|
4.76% | 1.00% | n/a | 3.83% |
| Litman Gregory Masters Alternative Strategies Fund (Institutional Class 9/30/11) | n/a | n/a | n/a | 7.92% |
| Litman Gregory Masters Alternative Strategies Fund (Investor Class 9/30/11) | n/a | n/a | n/a | 7.85% |
| Barclays Aggregate Bond Index | n/a | n/a | n/a | 7.92% |
| S&P 500 Index | n/a | n/a | n/a | 25.10% |
| 40/60 Blend of S&P 500 & Barclays Agg Bond Index | n/a | n/a | n/a | 11.24% |
| 3-Month LIBOR | n/a | n/a | n/a | 0.27% |
QuarterlyPerformance as of 3/31/2012
| Average Annual Total Returns | ||||
|---|---|---|---|---|
| Performance | 1 Year | 5 Year | 10 Year | Since Inception |
| Litman Gregory Masters Equity Fund (Institutional Class 12/31/96) MSEFX | 0.00% | 0.48% | 3.77% | 6.74% |
|
Russell 3000 Index
|
7.18% | 2.18% | 4.67% | 6.42% |
|
Custom Equity Index
|
5.37% | 1.62% | 4.89% | 6.33% |
|
Lipper Multi-Cap Core Index
|
2.91% | 1.71% | 4.70% | 6.11% |
| Litman Gregory Masters Equity Fund (Investor Class 4/30/09) MSENX | -0.29% | n/a | n/a | 19.21% |
|
Russell 3000 Index
|
7.18% | n/a | n/a | 20.81% |
|
Custom Equity Index
|
5.37% | n/a | n/a | 19.99% |
|
Lipper Multi-Cap Core Index
|
2.91% | n/a | n/a | 19.43% |
| Litman Gregory Masters International Fund (Institutional Class 12/1/97) MSILX | -10.25% | -1.12% | 7.00% | 8.31% |
|
S&P Global Ex-U.S. LargeMidCap Index
|
-6.79% | -0.69% | 7.81% | 5.94% |
|
Lipper International Large Cap Core Index
|
-6.46% | -3.50% | 4.87% | 4.50% |
|
MSCI EAFE Index
|
-5.32% | -3.05% | 6.16% | 4.64% |
| Litman Gregory Masters International Fund (Investor Class 4/30/09) MNILX | -10.46% | n/a | n/a | 13.70% |
|
S&P Global Ex-U.S. LargeMidCap Index
|
-6.79% | n/a | n/a | 15.20% |
|
Lipper International Large Cap Core Index
|
-6.46% | n/a | n/a | 12.96% |
|
MSCI EAFE Index
|
-5.32% | n/a | n/a | 13.38% |
| Litman Gregory Masters Value Fund (6/30/2000) MSVFX | 4.84% | -2.06% | 3.53% | 4.47% |
|
Russell 3000 Value Index
|
4.30% | -0.75% | 4.73% | 5.02% |
|
Lipper Large-Cap Value Fund Index
|
3.28% | -0.21% | 3.54% | 2.73% |
| Litman Gregory Masters Smaller Companies Fund (6/30/2003) MSSFX | 2.65% | 2.57% | n/a | 8.06% |
|
Russell 2000 Index
|
-0.18% | 2.13% | n/a | 8.68% |
|
Lipper Small Cap Core Index
|
0.00% | 2.98% | n/a | 9.03% |
| Litman Gregory Masters Focused Opportunity Fund (6/30/2006) MSFOX | 8.76% | 1.48% | n/a | 3.25% |
|
S&P 500 Index
|
8.54% | 2.01% | n/a | 4.00% |
| Litman Gregory Masters Alternative Strategies Fund (Institutional Class 9/30/11) | n/a | n/a | n/a | 7.62% |
| Litman Gregory Masters Alternative Strategies Fund (Investor Class 9/30/11) | n/a | n/a | n/a | 7.55% |
| Barclays Aggregate Bond Index | n/a | n/a | n/a | 7.62% |
| S&P 500 Index | n/a | n/a | n/a | 25.89% |
| 40/60 Blend of S&P 500 & Barclays Agg Bond Index | n/a | n/a | n/a | 10.78% |
| 3-Month LIBOR | n/a | n/a | n/a | 0.23% |
Gross and Net Expenses
| Fund | Gross Expense Ratio* | Net Expense Ratio** |
|---|---|---|
| MSEFX | 1.28% | 1.26% |
| MSENX | 1.53% | 1.51% |
| MSILX | 1.26% | 1.11% |
| MNILX | 1.51% | 1.36% |
| MSVFX | 1.39% | 1.36% |
| MSSFX | 1.54% | 1.54% |
| MSFOX | 1.44% | 1.33% |
| MASFX | 1.98% | 1.49% |
| MASNX | 2.23% | 1.74% |
The gross and net expense ratios can be found on page 1 of each fund's most recent Summary Prospectus (4/30/2012).
*Through April 30, 2013, Litman Gregory has contractually agreed to waive a portion of its advisory fees effectively reducing total advisory fees to approximately 0.95% of the average daily net assets of the International Fund, 1.08% of the average daily net assets of the Value Fund and 1.02% of the Focused Opportunities Fund. Litman Gregory may voluntarily waive a portion of its advisory fee in addition to those fees that are contractually waived. Litman Gregory has agreed not to seek recoupment of advisory fees waived. Through 4/30/2013, Litman Gregory has voluntarily agreed to waive a portion of its management fee to pass through any costs benefits resulting from sub-advisor breakpoints, changes in the sub-advisory fee schedules or allocations within the Equity Fund, the International Fund, the Value Fund, and the Focused Opportunities Fund. Through 4/30/2013, Litman Gregory has contractually agreed to waive a portion of its advisory fees and/or reimburse a portion of the Alternative Strategies Fund's operating expenses to ensure that the total annual fund operating expenses after fee waiver and/or expense reimbursement for the Institutional Class and the Investor Class will not exceed 1.49% and 1.74%, respectively.
Performance data quoted represents past performance, and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the funds may be lower or higher than the performance quoted. The funds impose a 2.00% redemption fee on shares held for less than 180 days. Performance data quoted does not reflect the redemption fee. If reflected, total returns would be reduced.
Prior to April 30, 2009, the Equity and International Funds' Institutional Class was an unnamed share class. The Funds' Investor Class commenced operations on April 30, 2009. Because the fees and expenses vary between classes, performance will vary with respect to each class.
Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
Each of the funds may invest in foreign securities. Investing in foreign securities exposes investors to economic, political and market risks and fluctuations in foreign currencies. Each of the funds may invest in the securities of small companies. Small-company investing subjects investors to additional risks, including security price volatility and less liquidity than investing in larger companies. Litman Gregory Masters Value and Litman Gregory Masters Focused Opportunities are non-diversified funds, which means that each respective fund may concentrate more of its assets in fewer individual holdings than a diversified fund. Though primarily equity funds, the Value and Focused Opportunities funds may invest portions of assets in securities of distressed companies. Debt obligations of distressed companies typically are unrated, lower rated, in default or close to default and may become worthless. The International Fund will invest in emerging markets. Investments in emerging market countries involve additional risks such as government dependence on a few industries or resources, government-imposed taxes on foreign investment or limits on the removal of capital from a country, unstable government, and volatile markets.
Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in mortgage-backed securities include additional risks that investor should be aware of including credit risk, prepayment risk, possible illiquidity, and default, as well as increased susceptibility to adverse economic developments. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management, and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. The Alternative Strategies Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. Merger arbitrage investments risk loss if a proposed reorganization in which the fund invests is renegotiated or terminated.
For index definitions, please click here.
Mutual fund investing involves risk. Principal loss is possible.
The Litman Gregory Masters Funds are distributed by Quasar Distributors, LLC.