|
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.
Performance as of Month
Ending 2/28/2010 |
Fund |
12 Month
Total Return |
Five Year Average Annual Total Return |
Ten Year Average Annual Total Return |
Average Annual Total Return Since Inception |
Masters'
Select Equity Fund (Institutional Class 12/1/1996)
| 68.32%
| -0.89%
| 1.40%
| 5.83%
|
Masters'
Select Equity Fund (Investor Class 4/30/2009)
| n/a
| n/a
| n/a
| 30.77*
|
Russell 3000 Index |
55.96% |
0.80% |
0.07% |
5.13% |
Custom Equity Index |
56.00% |
0.83% |
0.49% |
5.15% |
Lipper Multi-Cap Core Index |
59.78% |
1.39% |
0.53% |
5.10% |
| Masters'
Select International (Institutional Class 12/1/1997)
| 54.89%
| 5.50%
| 2.28%
| 8.57%
|
| Masters'
Select International (Investor Class 4/30/2009)
| n/a
| n/a
| n/a
| 27.37*
|
| S&P Global Ex-U.S. LargeMidCap Index |
63.95% |
5.02% |
3.17% |
5.92% |
| Lipper International Fund Index |
58.66% |
3.41% |
1.46% |
4.99% |
| Masters'
Select Value Fund (6/30/2000)
| 68.43%
| -1.84%
| n/a
| 3.05%
|
| Russell 3000 Value Index |
57.23% |
-0.40% |
n/a |
3.40% |
| Lipper Multi-Cap Value Fund Index |
56.22% |
-0.56% |
n/a |
3.34% |
| Masters'
Select Smaller Companies Fund (6/30/2003)
| 81.40%
| 0.02%
| n/a
| 5.43%
|
| Russell 2000 Index |
63.95% |
1.16% |
n/a |
6.55% |
| Lipper Small Cap Core Index |
66.86% |
1.83% |
n/a |
7.18% |
| Masters'
Select Focused Opportunity Fund (6/30/2006)
| 80.46%
| n/a
| n/a
| -3.27%
|
| S&P 500 Index |
53.61% |
n/a |
n/a |
-1.62% |
*Cumulative return
Performance as of Quarter Ending 12/31/2009 |
Fund |
12 Month
Total Return |
Five Year Average Annual Total Return |
Ten Year Average Annual Total Return |
Average Annual Total Return Since Inception |
Masters'
Select Equity Fund (Institutional Class 12/30/1996)
| 44.30%
| -1.61%
| 1.17%
| 5.90%
|
Masters'
Select Equity Fund (Investor Class 4/30/2009)
| n/a
| n/a
| n/a
| 30.65%*
|
Russell 3000 Index |
28.34% |
0.76% |
-0.20% |
5.22% |
Custom Equity Index |
27.35% |
0.89% |
0.34% |
5.29% |
Lipper Multi-Cap Core Index |
35.34% |
1.42% |
0.67% |
5.21% |
| Masters'
Select International (Institutional Class 12/1/1997)
| 38.54%
| 6.89%
| 3.99%
| 9.08%
|
| Masters'
Select International (Investor Class 4/30/2009)
| n/a
| n/a
| n/a
| 32.98%*
|
| S&P Global Ex-U.S. LargeMidCap Index |
42.55% |
6.65% |
3.20% |
6.43% |
| Lipper International Fund Index |
35.33% |
4.88% |
1.95% |
5.45% |
| Masters'
Select Value Fund (6/30/2000)
| 44.04%
| -2.07%
| n/a
| 3.17%
|
| Russell 3000 Value Index |
19.76% |
-0.24% |
n/a |
3.43% |
| Lipper Multi-Cap Value Fund Index |
26.58% |
-0.56% |
n/a |
3.35% |
| Masters'
Select Smaller Companies Fund (6/30/2003)
| 50.57%
| -0.50%
| n/a
| 5.39%
|
| Russell 2000 Index |
27.17% |
0.51% |
n/a |
6.61% |
| Lipper Small Cap Core Index |
34.50% |
1.54% |
n/a |
7.24% |
| Masters'
Select Focused Opportunity Fund (6/30/2006)
| 49.28%
| n/a
| n/a
| -3.03%
|
| S&P 500 Index |
26.45% |
n/a |
n/a |
-1.53% |
*Cumulative return
Gross and Net Expenses
| Fund
| Gross Expense
Ratio*
| Net Expense
Ratio**
|
| MSEFX |
1.25% |
1.24% |
| MSENX |
1.50% |
1.50% |
| MSILX |
1.22% |
1.07% |
| MNILX |
1.47% |
1.32% |
| MSVFX |
1.29% |
1.27% |
| MSSFX |
1.40% |
1.39% |
| MSFOX |
1.36% |
1.28% |
*The funds’ gross expense ratios can be found on pages 4, 7, 11, 14, and 18 of the most recent Prospectus (4/30/09).
**The funds’ net expense ratios can be found on pages 44,45,46 of most recent Prospectus (4/30/09).
*Through April 30, 2010, Litman/Gregory has contractually agreed to waive a portion of its advisory fees effectively reducing total advisory fees to approximately 0.97% 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 4/30/10, 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, the Smaller Companies Fund, and the Focused Opportunities Fund.
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 that an investor’s shares, when
redeemed, may be worth more or less than
their original cost. The funds impose a 2% redemption
fee on shares held less than 180 days. Performance
data does not reflect the redemption fee. If reflected,
total returns would be reduced. Current performance
of the funds may be lower or higher than the performance
quoted.
Prior to April 30, 2009, the 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.
|
|
