Litman Gregory Masters International Fund Celebrates 15th Anniversary, Ranks in the Top 7th Percentile by Morningstar among 166

  Litman Gregory Masters International Fund Celebrates 15th Anniversary, Ranks
  in the Top 7th Percentile by Morningstar among 166 Foreign Large Blend Funds
  Based on Total Returns for the 15-Year Period Ending 12/31/12

Business Wire

LARKSPUR, Calif. -- February 26, 2013

Litman Gregory Masters Funds today announced that the Litman Gregory Masters
International Fund (MSILX) celebrated its 15th anniversary on December 1,
2012. The fund ranks in the top 7 percent among its “Foreign Large Blend”
Morningstar peer group (as of 12/31/2012). Based on its total returns over 1,
3, 5, 10, and 15 years through December 31 2012, the Litman Gregory Masters
International Fund ranked in the top 23%, 25%, 31%, 14% and 7% for each of
these periods among 786, 713, 589, 325, and 166 foreign large blend funds
respectively*. As of December 31, 2012 the fund has more than $1.45 billion in
total net assets.

Litman Gregory Masters International Fund is a multi-manager fund that invests
in foreign stocks and seeks superior long-term performance relative to its
peer group of international stock funds.

"Litman Gregory Masters International Fund has sought to add value in two
ways: First, based on our very thorough due diligence, we select investment
managers who we believe can deliver superior long-term performance relative to
their passive benchmarks and peer groups. Second, we believe that by creating
a portfolio limited to just their highest-conviction stocks, that this
portfolio should outperform a more diversified portfolio over a market cycle,"
said Jeremy DeGroot, Litman Gregory’s chief investment officer and co-manager
of the Litman Gregory Masters Funds. "We believe the International Fund's
Morningstar Rankings over the past 15 years validates this approach."

Litman Gregory’s Ken Gregory and Jeremy DeGroot share portfolio manager
responsibilities for the funds. Litman Gregory has hired five firms as
sub-advisors to run five distinct portions of the portfolio:

  *Harris Associates—David Herro
  *Marsico Capital Management— Jim Gendelman
  *Northern Cross—Howard Appleby, Jean-Francois Ducrest, Jim LaTorre, Edward
    E. Wendell, Jr.
  *Third Avenue Management—Amit Wadhwaney
  *Thornburg Investment Management—Bill, Fries, Vinson Walden

Each of the five management teams has a distinct investment approach and
separately runs a portion (or “sleeve”) of the portfolio composed of their
highest-conviction stocks. The fund may invest in emerging markets, although
it is expected that exposure to developed markets will be significantly
greater. Although each management team runs a concentrated portfolio of eight
to 15 of their favorite ideas, the fund as a whole is diversified by industry,
sector, geography, and market capitalization.

                             About Litman Gregory

Litman Gregory Fund Advisors, LLC is the advisor to the Litman Gregory Masters
Funds and as such is responsible for sub-advisor due diligence and selection,
day-to-day coordination with the sub-advisors, monitoring the individual
performance and capabilities of the investment managers, and fund
administration. Since 1987 the Litman Gregory team has researched, analyzed,
and written about hundreds of stock-picking teams and mutual funds and put
their ideas to the test by designing and successfully investing in portfolios
of funds. Drawing on insights gained from years of evaluating and analyzing
mutual funds, Litman Gregory is uniquely qualified to oversee the funds’
operations. Litman Gregory Fund Advisors is an affiliate of three other
separate but related Litman Gregory companies, all based on the core expertise
of investment-manager and asset-class research and selection: Litman Gregory
Asset Management, LLC, which has provided investment management services to
individuals, family groups, foundations, and endowments since 1987; Litman
Gregory AdvisorIntelligence, a web-based investment research service for
financial advisors; and Litman Gregory Portfolio Strategies.

* Morningstar, Inc. is an independent mutual fund research and rating service.
Each Morningstar category represents a universe of funds with similar
investment objectives. Rankings for the period shown are based on fund total
returns with dividends and distributions reinvested and do not reflect sales
charges. The highest percentile rank is 1 and the lowest is 100. 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.

While the fund is no-load, management and other expenses still apply. Please
refer to the prospectus for further details.

Diversification does not assure a profit or protect against loss in a
declining market.

The 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
calling 1-800-960-0188, or visiting Read it carefully
before investing.

The fund will invest in foreign securities. Investing in foreign securities
exposes investors to economic, political and market risks and fluctuations in
foreign currencies.

Though not a small-cap fund, the fund 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. 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.

Correlation is a statistical measure of how two securities move in relation to
each other.

The Litman Gregory Masters Funds are distributed by Quasar Distributors, LLC.


Hewes Communications, Inc.
Tucker Hewes, 212-207-9451
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