Important Legal Disclosures
Monthly and Quarterly Performance as of 9/30/2019
|Average Annual Total Returns|
|Performance||1 Year||5 Year||10 Year||Since Inception|
|Litman Gregory Masters Equity Fund (Institutional Class 12/31/96) MSEFX||-2.58%||7.73%||10.99%||7.96%|
Russell 3000 Index
Morningstar Large Blend Category Average1
|Litman Gregory Masters International Fund (Institutional Class 12/1/97) MSILX||-2.30%||0.77%||3.86%||6.66%|
MSCI ACWI ex U.S. Index†
MSCI EAFE Index
Morningstar Foreign Large Blend Category Average
|Litman Gregory Masters Smaller Companies Fund (6/30/2003) MSSFX||-3.29%||3.79%||9.40%||7.63%|
Russell 2000 Index
Morningstar Small Blend Category Average
|Litman Gregory Masters Alternative Strategies Fund (Institutional Class 9/30/11) MASFX||3.49%||3.01%||n/a||4.66%|
|Litman Gregory Masters Alternative Strategies Fund (Investor Class 9/30/11) MASNX||3.21%||2.75%||n/a||4.41%|
|Barclays Aggregate Bond Index||10.30%||3.38%||n/a||3.02%|
|Morningstar Multialternative Category Average||0.97%||1.02%||n/a||1.77%|
|HFRX Global Hedge Fund Index||0.01%||0.32%||n/a||1.54%|
|Russell 1000 Index||3.87%||10.62%||n/a||15.19%|
|Litman Gregory Masters High Income Alternatives Fund (Institutional Class 9/28/18)||3.55%||n/a||n/a||3.53%|
|Litman Gregory Masters High Income Alternatives Fund (Investor Class 9/28/18)||3.34%||n/a||n/a||3.32%|
|Bloomberg Barclays Aggregate Bond Index||10.30%||n/a||n/a||10.24%|
|HFRX Fixed Income – Credit Index||0.44%||n/a||n/a||0.44%|
|ICE BofAML U.S. High Yield TR USD Index||6.30%||n/a||n/a||6.31%|
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**|
* Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. The gross and net expense ratios can be found in the most recent Summary Prospectus (4/30/2019). There are contractual fee waivers in effect through 4/30/2020.
Performance quoted represents past performance and does not guarantee future results. Index performance is not illustrative of fund performance. An investment cannot be made directly in an index. 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. 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. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
The performance quoted does not include a deduction for taxes that a shareholder would pay on distributions or the redemption of fund shares. Indexes are unmanaged, do not incur expenses, taxes or fees and cannot be invested in directly.
† 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. Source note: Returns prior to 1999 are the MSCI ACWI ex-US GR index. Returns from 1999 onwards are MSCI ACWI ex-US NR index.
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 and the High Income Alternatives funds may make short sales of securities, which involves the risk that losses may exceed the original amount invested. These funds may also invest in master limited partnership units. Investing in MLP units may expose investors to additional liability and tax risks. 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.