Performance Summary

Monthly and Quarterly Performance as of 12/31/2018

  Average Annual Total Returns
Performance 1 Year 5 Year 10 Year Since Inception
Litman Gregory Masters Equity Fund (Institutional Class 12/31/96) MSEFX -9.91% 5.90% 12.94% 7.52%
Russell 3000 Index
-5.24% 7.91% 13.18% 7.79%
Morningstar Large Blend Category Average1
-6.25% 6.28% 11.43% 6.31%
Litman Gregory Masters Equity Fund (Investor Class 4/30/09) MSENX -10.18% 5.63% n/a 12.04%
Russell 3000 Index
-5.24% 7.91% n/a 13.83%
Morningstar Large Blend Category Average1
-6.25% 6.28% n/a 11.94%
Litman Gregory Masters International Fund (Institutional Class 12/1/97) MSILX -20.24% -2.87% 5.41% 6.11%
MSCI ACWI ex U.S. Index
-14.20% 0.67% 6.57% 4.71%
-13.79% 0.53% 6.32% 4.28%
Russell Global ex-U.S. Large Cap Index
-13.82% 1.37% 7.52% 5.36%
Morningstar Foreign Large Blend Category Average
-14.59% 0.12% 5.85% 3.70%
Litman Gregory Masters International Fund (Investor Class 4/30/09) MNILX -20.46% -3.12% n/a 4.90%
MSCI ACWI ex U.S. Index
-14.20% 0.67% n/a 6.65%
-13.79% 0.53% n/a 6.87%
Russell Global ex-U.S. Large Cap Index
-13.82% 1.37% n/a 7.52%
Morningstar Foreign Large Blend Category Average
-14.59% 0.12% n/a 6.47%
Litman Gregory Masters Smaller Companies Fund (6/30/2003) MSSFX -10.51% 0.26% 11.76% 6.96%
Russell 2000 Index
-11.01% 4.41% 11.97% 8.80%
Morningstar Small Blend Category Average
-12.73% 3.06% 11.35% 8.04%
Litman Gregory Masters Alternative Strategies Fund (Institutional Class 9/30/11) MASFX -2.08% 2.37% n/a 4.25%
Litman Gregory Masters Alternative Strategies Fund (Investor Class 9/30/11) MASNX -2.32% 2.12% n/a 4.00%
Barclays Aggregate Bond Index 0.01% 2.52% n/a 2.18%
3-Month LIBOR 2.08% 0.86% n/a 0.71%
Morningstar Multialternative Category Average -4.77% 0.03% n/a 1.15%
HFRX Global Hedge Fund Index -6.74% -0.59% n/a 0.90%
Russell 1000 Index -4.78% 8.21% n/a 13.91%

Periods greater than one year are annualized
1 Although Morningstar categorizes the Equity Fund as Large Growth, we believe it is better categorized as Large Blend.


Gross and Net Expenses
Fund Gross Expense Ratio* Net Expense Ratio**
MSEFX 1.28% 1.18%
MSENX 1.53% 1.43%
MSILX 1.24% 0.99%
MNILX 1.49% 1.23%
MSSFX 1.69% 1.59%
MASFX 1.94% 1.49%
MASNX 2.18% 1.74%

*The expense ratios can be found in the most recent Summary Prospectus for each fund.

**For the Equity, Smaller Companies, and International funds, Litman Gregory is contractually obligated to waive management fees and/or reimburse ordinary operating expenses through April 30, 2017. Litman Gregory has contractually agreed to waive a portion of the advisory fees and/or reimburse a portion of the Alternative Strategies Fund's operating expenses (excluding any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, borrowing costs (including commitment fees), dividend expenses, acquired fund fees and expenses and extraordinary expenses such as but not limited to litigation costs) through April 30, 2017 (unless otherwise sooner terminated) to ensure that the total annual fund operating expenses after fee waiver and/or expense reimbursement, exclusive of dividend and interest expense, for the Institutional Class and the Investor Class will not exceed 1.49% and 1.74%, respectively.

Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability, or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates, or any third party involved in or related to compiling, computing, or creating the data have any liability for any direct, indirect, special, punitive, consequential, or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

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.

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. 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. Multi-investment management styles may lead to higher transaction expenses compared to single investment management styles. Outcomes depend on the skill of the sub-advisors and advisor and the allocation of assets amongst them.

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 ALPS Distributors, Inc.

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