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Gross expense ratio: 1.30% The Advisor is contractually obligated to waive management fees and/or reimburse ordinary operating expenses through April 30, 2015.

Gross expense ratio: 1.30%.

*The Advisor is contractually obligated to waive management fees and/or reimburse ordinary operating expenses through April 30, 2015.

Performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors 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. To obtain standardized performance, please click HERE

Litman Gregory Masters Funds investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by clicking here or a free hard copy is available by calling 1-800-656-8864. Read it carefully before investing.

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.

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.

Investment in absolute return strategies are not intended to outperform stocks and bonds during strong market rallies.

Merger arbitrage investments risk loss if a proposed reorganization in which the fund invests is renegotiated or terminated.

Leverage may cause the effect of an increase or decrease in the value of the portfolio securities to be magnified and the fund to be more volatile than if leverage was not used.

i — For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the funds load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Litman Gregory Masters Alternative Strategies Fund was rated against the following numbers of Multialternative funds over the following time periods as of 12/31/2014: 204 funds in the last three years. With respect to these Multialternative funds, Litman Gregory Masters Alternative Strategies (MASFX) received a Morningstar Rating of 4 stars for the three-year period. Ratings for other share classes may be different. Morningstar rating is for the Institutional share class only; other classes may have different performance characteristics.

The Litman Gregory Masters Funds are registered for sale to residents of the United States, Guam, Puerto Rico, and the U.S.Virgin Islands, and information on this site is intended only for such persons. Nothing on this site should be considered a solicitation to buy or an offer to sell shares of any Litman Gregory Masters Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

Diversification does not assure a profit nor protect against loss in a declining market.

While the funds are no-load, management fees and other expenses will apply. Please refer to the prospectus for further details.

Mutual fund investing involves risk. Principal loss is possible.

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.

2015 Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Past performance does not guarantee future results.

The Litman Gregory Masters Funds are distributed by ALPS Distributors, Inc.