Call Replays

Ted Chen Discusses Water Island Capital's Equity-Special-Situations Strategy and Opportunities for Their Sleeve of the Alternative Strategies Fund — 06/19/14

Water Island Capital's Ted Chen is responsible for the firm's event-driven strategy. He recently sat down with Litman Gregory's co-CEO Steve Savage to discuss the three segments of their strategy and how the firm manages risk and opportunities in its sleeve of the Alternative Strategies Fund.

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Zero-Coupon Bond: a debt security that doesn't pay interest (a coupon) but is traded at a deep discount, rendering profit at maturity when the bond is redeemed for its full face value.Also known as an "accrual bond."

VIX is a benchmark index designed specifically to track S&P 500 volatility.

Net Operating Income (NOI) is a company's operating income after operating expenses are deducted, but before income taxes and interest are deducted. If this is a positive value, it is referred to as net operating income, while a negative value is called a net operating loss.

Reported EPS is the number derived from generally accepted accounting principles (GAAP), which are reported in SEC filings. The company derives these earnings according to the accounting guidelines used.

Howard Appleby Discusses Northern Cross's Best-Ideas Stock Selection Process and How the Evolution of his Thinking on China's Growth Has Impacted Holdings — 06/19/14

Northern Cross's Howard Appleby joins Litman Gregory's co-CEO Steve Savage for a discussion about Northern Cross's investment process, how Appleby applies best ideas in his sleeve of the International Fund, and how his thinking on China has evolved and how that has impacted Northern Cross's holdings.

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Fund holdings and sector allocations are not a recommendation to buy or sell any security.

International Fund
Top 10 Holdings as of 9/30/14
VALEANT PHARMACEUTICALS INTE 3.19%
DIAGEO PLC 2.95%
SAMPO OYJ A SHS 2.57%
LIBERTY GLOBAL PLC SERIES C 2.51%
CREDIT SUISSE GROUP AG REG 2.50%
DAIMLER AG REGISTERED SHARES 2.48%
SK HYNIX INC 2.35%
NUMERICABLE GROUP 2.32%
BAIDU INC SPON ADR 2.27%
TELECITY GROUP PLC 2.17%
Total 25.30%

Alternative Strategies Fund Webinar with Steven Romick — 2/13/14

Alternative Strategies Fund sub-advisor Steven Romick of FPA joins Jeremy DeGroot to discuss his views on the current market environment, how macroeconomic outcomes impact his analysis, and how he is managing his sleeve of the Alternative Strategies Fund. Litman Gregory research analysts offer updates on each of the Litman Gregory Masters Funds.

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Discussions of Strategy performance returns are net of the management fee each sub-advisor charges the fund. As of 12/31/13 the total net assets were allocated as follows: DoubleLine Opportunistic Income Strategy: 24.9%; FPA Opportunistic Value Strategy: 25.1%; Loomis Sayles Absolute-Return Fixed Income Strategy: 24.9%; Water Island Arbitrage Strategy: 24.9%. Strategy performance is the performance of a segment of the fund and may vary across strategies.

Fund holdings and sector allocations are subject to change and are not recommendation to buy or sell any security.

Small Cap Market is measured by the Russell 2000 Index.

Growth at a Reasonable Price (GARP) is an equity investment strategy that seeks to combine tenets of both growth investing and value investing to find individual stocks. 

Residential Mortgage-Backed Security (RMBS) is a type of mortgage-backed debt obligation whose cash flows come from residential debt, such as mortgages, home-equity loans and subprime mortgages.

Consensus Estimate is a figure based on the combined estimates of the analysts covering a public company. Generally, analysts give a consensus for a company's earnings per share and revenue; these figures are most often made for the quarter, fiscal year and next fiscal year. 

BRIC is an acronym for the economies of Brazil, Russia, India and China combined.

Group of Seven (G-7) is a forum of the world's seven most industrialized economies. The G-7 was formed in 1975 and initially comprised six nations - France, Germany, Italy, Japan, the U.S. and U.K. - with Canada invited to join the group in 1976.  

Exploration & Production (E&P) companies are known to be in a specific sector within the oil and gas industry. Companies involved in the high-risk/high-reward area of exploration and production focus on finding, augmenting, producing and merchandising different types of oil and gas.

For industry terms and definitions, please click here.

For index definitions, please click here.

Litman Gregory Masters Alternative Strategies Fund Conference Call with Gundlach — 11/14/13

Alternative Strategies Fund sub-advisor Jeffrey Gundlach joins Litman Gregory’s Jeremy DeGroot for a discussion of DoubleLine's sleeve of the fund. During the call, Gundlach discusses his best ideas in the fixed-income space, his current views on the general economy, and how he is leveraging that thinking for his allocation within our fund.

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Discussions of Strategy performance returns are net of the management fee each sub-advisor charges the fund. As of 9/30/13 the total net assets were allocated as follows: DoubleLine Opportunistic Income Strategy: 26.2%; FPA Opportunistic Value Strategy: 24.6%; Loomis Sayles Absolute-Return Fixed Income Strategy: 24.5%; Water Island Arbitrage Strategy: 24.5%. Strategy performance is the performance of a segment of the fund and may vary across strategies.

The DoubleLine Total Return Bond Fund (DLTNX) pays a management fee of 0.40% and has a total annual expense ratio of 0.73%. Total market value as of 10/31/2013 was $34 billion. The fund's objective is to seek to maximize total return. The fund invests at least 80% of net assets in debt securities. It intends to invest more than 50% of net assets in mortgage-backed securities of any maturity or type guaranteed by, or secured by collateral that is guaranteed by, the United States government, its agencies, instrumentalities or sponsored corporations, or in privately issued mortgage- backed securities rated at time of investment Aa3 or higher by Moody's or AA- or higher by S&P or the equivalent by any other nationally recognized statistical rating organization. The Fund therefore potentially is more likely to react to any volatility or changes in the mortgage-backed securities marketplace. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in Asset-Backed and Mortgage-Backed securities include additional risks that investors 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 great risk of loss to principal and interest than higher rated securities. Liquidity risk: the risk that the Fund may be unable to sell a portfolio investment at a desirable time or at the value the Fund has placed on the investment.

A Guaranteed Loan is a loan guaranteed by a third party in the event that the borrower defaults. The loan is quite often guaranteed by a government agency which will purchase the debt from the lending financial institution and take on responsibility for the loan.

Agency inverse floaters have no credit risk because they're government guaranteed, but do have significant prepayment risk (related to interest rates), while low investment grade bonds have some credit risk (although generally not a lot of risk because they are investment grade), and some interest rate risk. In general, the investment grade corporates are likely to have a narrower distribution of expected returns.

Mortgage securities are backed by cash flows from the mortgage payments made by the underlying pool of borrowers (homeowners for RMBS or commercial building owners for CMBS). CMBS are not government guaranteed, while some RMBS are government guaranteed. Treasury notes are backed by the US government's full faith and credit (ability and willingness to make principal and interest payments).

An intermediate-term bond category such as the Barclays AGG is an index, and therefore pays no management fee and incurs no expenses. You cannot invest directly in an index. It is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. The index includes US Treasury Securities (non TIPS), Government agency bonds, Mortgage backed bonds, Corporate bonds, and a small amount of foreign bonds traded in U.S.

Stocks are shares of individual companies; each share of stock represents an ownership stake in a company. Risks include volatility and permanent loss of capital. There are no guarantees, and past performance is no indication of future results. Bonds, on the other hand, represent debt. A government, corporation, or other entity that needs to raise cash borrows money in the public market and subsequently pays a fixed interest rate on that loan for a defined period of time to investors. Investing in bonds is generally safer than investing in stocks. Risks include credit and inflation risk.

The DoubleLine Opportunistic Credit Fund (DBL) is a closed-end fund, which means it has a fixed number of shares is does not stand ready to issue and redeem shares on a continuous basis. Ongoing costs include management and other fund expenses; as the fund is newly organized there is no annual expense ratio to date. Total market value as of 10/31/2013 was $342 million. The Fund's investment objective is to seek high total investment return by providing a high level of current income and the potential for capital appreciation. The Fund may invest in debt securities and income-producing investments of any kind, including, without limitation, residential and commercial mortgage-backed securities, asset-backed securities, U.S Government securities, corporate debt, international sovereign debt, and short-term investments. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.  The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets.  Investments in lower rated and non-rated securities present a great risk of loss to principal and interest than higher rated securities. Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors. The Fund is a "non-diversified" investment company and therefore may invest a greater percentage of its assets in the securities of a single issuer or a limited number of issuers than funds that are "diversified." Accordingly, the Fund is more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund might be. In addition, the Fund may invest in other asset classes and investments such as, among others, REITs, credit default swaps, short sales, derivatives and smaller companies which include additional risks.

The DoubleLine Income Solutions Fund (DSL) is a closed-end fund, which means it has a fixed number of shares is does not stand ready to issue and redeem shares on a continuous basis. Ongoing costs include management and other fund expenses; as the fund is newly organized there is no annual expense ratio to date. Total market value as of 10/31/2013 was $2.3 billion. The Fund's investment objective is to provide a high level of current income and its secondary objective is to seek capital appreciation. The Fund will seek to achieve its investment objectives by investing in a portfolio of investments selected for their potential to provide high current income, growth of capital, or both. The Fund may invest in debt securities and other income-producing investments anywhere in the world, including in emerging markets. Investments in debt securities typically decline in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. Debt securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and to repay principal, and are commonly referred to as "high yield" securities or "junk bonds." The value of the Fund's investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increase in property taxes or operating costs. 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 Fund may make short sales of securities, which involve the risk that losses may exceed the original amount invested. The Fund may invest in small companies, which involve additional risks such as limited liquidity and greater volatility.

For industry terms and definitions, please click here.

For index definitions, please click here.

Litman Gregory's 12th Annual Breakfast Panel Featuring Eagan and Herro — 06/13/13

Jeremy DeGroot hosts Litman Gregory Masters International Fund sub-advisor David Herro and Alternative Strategies Fund sub-advisor Matt Eagan for Litman Gregory's annual breakfast panel during Morningstar. The panelists discuss their thoughts on the economic environment, key regions where they have current investments, and their views on the risks and opportunities in Europe and the emerging markets.

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Litman Gregory Masters International Fund Conference Call with Mark Little — 05/15/13

Listen as International Fund sub-advisor Mark Little joins Litman Gregory’s Rajat Jain for a discussion of how he applies Litman Gregory’s “best ideas” mandate, where he is currently finding investment opportunities, and what he considers makes a stock “high-conviction.”

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Alternative Strategies Fund Conference Call with FPA's Romick and Selmo — 03/14/13

Listen as Alternative Strategies Fund sub-advisors Steven Romick and Brian Selmo join Litman Gregory CIO Jeremy DeGroot for a discussion of the Contrarian Opportunity strategy and how it differs from a traditional long-only equity strategy, as well as their absolute value criteria and risk management priorities.

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The FPA Crescent Fund pays a management fee of 1.00% and has a total annual expense ratio of 1.25%. Total assets in the fund as of 12/31/2012 were $10.4 billion. The fund's objective is to provide a total return consistent with reasonable investment risk, through a combination of income and capital appreciation.

Risks associated with investing in the FPA Crescent Fund include but are not limited to market risk, below investment grade securities risk, market risk, convertible or other debt securities risk, foreign market risk, value-oriented investment risk, and medium- and smaller-company investment risk.

International Fund Call with Jean-Marc Berteaux of Wellington Asset Management — 02/06/13

New International Fund sub-advisor Jean-Marc Berteaux joined Litman Gregory's Rajat Jain and Jeremy DeGroot to discuss the strategy he employs in his sleeve of the International Fund portfolio and where he is currently finding investment opportunities.

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Smaller Companies Fund Call with Cove Street Capital's Jeffrey Bronchick — 12/4/12

Jeffrey Bronchick joined Litman Gregory's Jeremy DeGroot and Jack Chee for a Litman Gregory Masters Smaller Companies Fund conference call. During the call, Bronchick discussed his "classic bottom-up Graham/Buffet" stock-picking analysis, his sell discipline and strategy for managing a concentrated portfolio, and specific stocks from his Smaller Companies Fund portfolio.

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August 7 Alternative Strategies Fund Conference Call with Jeffrey Gundlach — 8/7/12

Jeremy DeGroot and Jeffrey Gundlach discuss Gundlach's concern about the risks he says investors are taking today, particularly in fixed income. They also discuss where he is finding value in fixed income, and his process for constructing portfolios with attractive yields and low interest-rate sensitivity.

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Litman Gregory Masters Funds 11th Annual Panel Event Replay — 6/21/12

Steven Romick of FPA and Todd Munn of Water Island Capital joined us for our 11th annual Litman Gregory Masters Funds panel event, which takes place every year during the Morningstar Conference. The managers discussed their respective strategies, risk-return characteristics, their view of the global environment, their current opportunity set, and how the multi-strategy format allows them to manage their Litman Gregory Masters Funds sleeves differently from their own funds.

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The Loomis Sayles Absolute Strategies Fund pays a management fee of 0.70% and has a total annual expense ratio of 1.03%.  Total net assets in the fund as of 5/31/2012 were $482.6 million.  The fund's objective is absolute total return with relatively low volatility.  The fund's long and short investment exposures may, at times, each reach 100% of the assets invested in the fund (excluding instruments primarily used for duration management and short-term investments (such as cash and money market instruments)), although these exposures may be higher or lower at any given time. 

The FPA Crescent Fund pays a management fee of 1.00% and has a total annual expense ratio of 1.25%. Total assets in the fund as of 3/31/2012 were $8.4 billion. The fund's objective is to provide a total return consistent with reasonable investment risk, through a combination of income and capital appreciation. 

The Arbitrage Fund managed by Water Island pays a management fee of 1.05% and has a net total annual expense ratio of 1.28% after fee waivers and expense reimbursements. Total net assets in the fund as of 3/31/2012 were $3.091 billion and the fund held 246 securities as of that date. The fund's objective is capital growth. 

An investment in gold is a typically  a hedge against political, economic, currency or social crisis or a speculative investment made in the hopes of rising commodity prices. Investing in gold involves risk, including the risk of commodity price deflation and economic, currency, social  and political stability An investment in a limited partnership that owns and operates farmland is made based on the investor's belief that the manager of the partnership will invest in farm properties will generate operating profits and long term gains.  Investing in farmland involves risk, including the risk of property deflation, crop failure, inefficient operations, natural disaster, commodity price deflation and liquidity. 

All investments, including those in separate accounts and investment partnerships, have risk. There are no guarantees, and principal loss is possible. 

Risks associated with investing in the FPA Crescent Fund include but are not limited to market risk, below investment grade securities risk, market risk, convertible or other debt securities risk, foreign market risk, value-oriented investment risk, and medium- and smaller-company investment risk. Risk associated with the Arbitrage Fund include merger arbitrage risks, high portfolio turnover risks, short sale risks, put and call option risks, and foreign securities risks. In addition to the aforementioned risks, risks associated with investing in the Loomis Sayles Absolute Strategies fund include agency securities risk, counterparty risk, leverage risk, non-diversification risk and short exposure risk.

As of 6/30/2012, the Morningstar Multialternative Category average expense ratios were 2.52% gross and 2.05% net. As of the prospectus dated 4/30/2012, the Litman Gregory Masters Alternative Strategies Fund expense ratios were 1.98% gross and 1.75% net. Through 4/30/2013, Litman Gregory has contractually agreed to waive a portion of its advisory fees and/or reimburse a portion of the fund's operating expenses to ensure that the total annual fund operating expenses after fee waiver and/or expense reimbursement for the Institutional Class will not exceed 1.49%.

Conference Call with Jeffrey Gundlach and Jeremy DeGroot — 4/19/2012

Jeffrey Gundlach of DoubleLine Capital joined Litman Gregory's CIO Jeremy DeGroot on 4/19 to discuss his sleeve of the Alternative Strategies Fund, as well as his assessment of current investment opportunities and risks.

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Litman Gregory Masters Funds Quarterly Call — 4th Quarter 2011

Jeremy DeGroot, along with fellow members of the Litman Gregory research team, hosted this call on February 10, 2012. Topics included manager and stock updates for the International, Equity, Smaller Companies, and Alternative Strategies funds.

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John Orrico and Jeremy DeGroot Discuss Water Island Capital’s Arbitrage sleeve of the Litman Gregory Alternative Strategies Fund — 1/26/2012

This replay provides an opportunity to hear from John Orrico, who runs the Arbitrage sleeve of the Alternative Strategies Fund, and to learn more about Litman Gregory’s investment approach and performance objectives for the Alternative Strategies Fund.

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Litman Gregory Alternative Strategies Fund Conference Call Replay — 12/8/2011

Matt Eagan of Loomis Sayles joins Litman Gregory CIO Jeremy DeGroot to discuss the Loomis Sayles Absolute-Return Fixed-Income sleeve of the Alternative Strategies Fund. In addition, Jeremy provides an overview of the fund's investment approach and performance objectives and a brief snapshot of the other sub-advisors on the team.

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Jeremy DeGroot Discusses the Litman Gregory Masters Alternative Strategy Fund with sub-advisors Steven Romick and Jeffrey Gundlach — 11/16/2011

On November 16, Steven Romick and Jeffrey Gundlach joined Jeremy DeGroot to discuss this new fund. The discussion included the following topics:

  • An overview of the fund including its investment objectives, risk profile, and potential role in an overall portfolio
  • Details on Romick's and Gundlach's strategies within the fund
  • Litman Gregory's role in this new fund including manager due diligence and strategy allocation decisions
  • What makes the fund different
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Litman Gregory Alternative Strategies Fund Conference Call Replay — 10/20/2011

This October 20 call was hosted by fund manager and Litman Gregory CIO Jeremy DeGroot. Steven Romick, one of the fund's four sub-advisors, joined him to discuss his sleeve of the fund in which he employs the Contrarian Opportunity Strategy. The call also included an overview of the fund, a discussion of the benefits of the fund's multi-manager format and the flexibility it can offer, Litman Gregory's role in this new fund, and what makes the fund different. We also addressed audience questions.

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Litman Gregory Masters Funds Research Conference Call, 2nd Quarter 2011

Listen to the replay of our July 27 conference call which included a discussion of the International, Equity, and Smaller Companies funds, as well as an update on recent interactions with the fund managers. Hear Litman Gregory Senior Research Analyst Jack Chee explain Litman Gregory's on-going manager due diligence process.

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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 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. Indexes are unmanaged, do not incur expenses, taxes or fees and cannot be invested in directly. Standardized performance data and the most recent month-end performance may be obtained by clicking HERE.

Fund holdings and sector or regional allocations are subject to change at any time and are not recommendations to buy or sell any security. To view the Litman Gregory Masters Equity Fund's most recent portfolio holdings, please click here. To view the Litman Gregory Masters International Fund's most recent portfolio holdings, please click here. To view the Litman Gregory Masters Smaller Companies Fund's most recent portfolio holdings, please click here.

Current and future portfolio holdings are subject to risk.

References to other funds should not be considered a recommendation to buy or sell any security.

Neither the information contained herein nor any opinion expressed shall be construed to constitute an offer to sell or solicitation to buy any securities mentioned herein. The views herein are those of the portfolio managers at the time their comments were made and may not be reflective of current conditions.

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

Litman Gregory Fund Advisors, LLC has ultimate responsibility for the performance of the Litman Gregory Masters Funds due to its responsibility to oversee the funds' investment managers and recommend their hiring, termination and replacement.

For industry terms and definitions, please click here.

For index definitions, please click here.

The SEC or any other regulatory organization does not endorse, indemnify, or guarantee business practices, selling methods, the class or type of securities offered, or any specific security.

Earnings Growth is not a measure of the fund's future performance.

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 fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. 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.

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

CUSIP - Committee on Uniform Securities Identification Procedures
A board that assigns a nine-digit number to every stock and registered bond that trades in the United States. CUSIP is owned by the American Bankers Association and is operated by S&P. A CUSIP number facilitates trade and settlement by making each security unique from every other of the same class. CUSIP numbers are recorded in each trade.

Barclay’s Aggregate Bond Index:
The Barclays Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. The index includes US Treasury Securities (non TIPS), Government agency bonds, Mortgage backed bonds, Corporate bonds, and a small amount of foreign bonds traded in U.S.

Markit CDX North American High Yield Index:
The Markit CDX North American High Yield Index is a tradeable credit default swap index containing 100 names, and is accepted as a key benchmark of the overall market credit risk.

Morningstar Rankings represent a fund's total-return rank relative to all funds that have the same Morningstar category.

The Morningstar percentile ranking is based on the fund's total-return percentile rank relative to all funds that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or the least favorable) percentile rank is 100%. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees.

©2014 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 is no guarantee of future results.

Alternative Strategies Fund
Top 10 Holdings as of 9/30/14
TREASURY BILL 1.30%
MICROSOFT CORP 0.84%
COVIDIEN PLC 0.73%
ORACLE CORP 0.71%
FANNIE MAE 0.68%
B28 CDS USD R V 00MEVENT 0.68%
AON PLC 0.65%
TOKYO ELECTRON LTD UNSP ADR 0.65%
SEQUOIA MORTGAGE TRUST 0.63%
US TREASURY N/B 0.62%
Equity Fund
Top 10 Holdings as of 9/30/14
BANK OF NEW YORK MELLON CORP 3.23%
AMERICAN EXPRESS CO 2.86%
BERKSHIRE HATHAWAY INC CL A 2.72%
VISA INC CLASS A SHARES 2.71%
GOOGLE INC CL A 2.63%
ORACLE CORP 2.39%
INTERPUBLIC GROUP OF COS INC 2.10%
PATTERSON COS INC 1.97%
AMAZON.COM INC 1.95%
ITRON INC 1.78%
International Fund
Top 10 Holdings as of 9/30/14
VALEANT PHARMACEUTICALS INTE 3.19%
DIAGEO PLC 2.95%
SAMPO OYJ A SHS 2.57%
LIBERTY GLOBAL PLC SERIES C 2.51%
CREDIT SUISSE GROUP AG REG 2.50%
DAIMLER AG REGISTERED SHARES 2.48%
SK HYNIX INC 2.35%
NUMERICABLE GROUP 2.32%
BAIDU INC SPON ADR 2.27%
TELECITY GROUP PLC 2.17%
Smaller Companies Fund
Top 10 Holdings as of 9/30/14
APPROACH RESOURCES INC 4.68%
CARROLS RESTAURANT GROUP INC 4.13%
GRAHAM HOLDINGS CO CLASS B 3.61%
CHIMERA INVESTMENT CORP 3.14%
ROSETTA RESOURCES INC 3.12%
HERITAGE CRYSTAL CLEAN INC 2.88%
ARRIS GROUP INC 2.85%
FORESTAR GROUP INC 2.75%
APOLLO EDUCATION GROUP INC 2.60%
INTERDIGITAL INC 2.60%