Important Disclosure Information

Read the Prospectus
Please read the prospectus carefully before you invest or send money. The prospectus contains more complete information, such as risks, charges and expenses. The information on this site is authorized for use when preceded or accompanied by a prospectus. You may read and download a prospectus from this site by clicking here or you may call 1-800-656-8864 to obtain a prospectus at no cost to you.

Exemptive Order
Litman/Gregory Fund Advisors, LLC (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 for a Fund 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 a Fund's arrangement 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. The Advisor is ultimately responsible for the performance of the Funds due to its responsibility to recommend the hiring, terminating and replacement of investment managers to the Board of Trustees.


	Important Disclosure Information

	Read the Prospectus Please read the prospectus carefully before you invest or send money. The prospectus contains more complete information, such as risks, charges and expenses. The information on this site is authorized for use when preceded or accompanied by a prospectus. You may read and download a prospectus from this site by clicking here or you may call 1-800-656-8864 to obtain a prospectus at no cost to you. Exemptive Order Litman/Gregory Fund Advisors, LLC (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 for a Fund 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 a Fund's arrangement 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. The Advisor is ultimately responsible for the performance of the Funds due to its responsibility to recommend the hiring, terminating and replacement of investment managers to the Board of Trustees.