* The gross expense ratio can be found on page 7
of the most recent Prospectus (4/30/08).
** The net expense ratio can be found on page 44 of
the most recent Prospectus (4/30/08).
** Through 04/30/09, Litman/Gregory has contractually agreed to waive a portion of its advisory fees, effectively reducing total advisory fees to approximately 0.97% of the average daily net assets. Litman/Gregory may voluntarily waive a portion of its advisory fee in addition to those fees that are contractually waived. Litman/Gregory has agreed not to seek recoupment of advisory fees waived. Through 4/30/09, Litman/Gregory has voluntarily agreed to waive a portion of its management fee to pass through any costs benefits resulting from sub-advisor breakpoints, changes in the sub-advisory fee schedules or allocations.
Performance data quoted represents past performance
and does not guarantee future results. The investment return and principal
value of an investment will fluctuate so that that an investor’s shares,
when redeemed, may be worth more or less than their original
cost. The funds impose a 2% redemption fee on shares held less
than 180 days. Performance data does not reflect the redemption
fee. If reflected, total returns would be reduced. Current
performance of the fund may be lower or higher than the performance
quoted.
The S&P Citigroup PMI (ex US) Index is a broad based index that represents the largest 80% of investable companies in 52 developed and emerging market countries.
The Lipper International Equity Fund Index measures the performance of the 30 largest mutual funds in the international equity fund objective, as determined by Lipper, Inc.
Indexes are unmanaged, do not incur fees and cannot
be invested in directly.
Best/Worst Rolling Return Periods as of : 9/30/2008
Performance
MSILX
SP/Citi PMI Global (ex US)
Number of Periods
Best Rolling 12-Mo. Period
88.3%
59.1%
119
Worst Rolling 12-Mo. Period
-31.1%
-29.5%
119
Best Rolling 36-Mo. Period
136.9%
135.7%
95
Worst Rolling 36-Mo. Period
-47.4%
-45.7%
95
Best Rolling 60-Mo. Period
222.1%
218.8%
71
Worst Rolling 60-Mo. Period
-6.1%
-27.6%
71
Percent Negative 12-Mo. Rolling
28.6%
31.1%
119
Percent Negative 36-Mo. Rolling
16.8%
31.6%
95
Percent Negative 60-Mo. Rolling
4.2%
18.3%
71
Percent Beat Benchmark 12-Mo.
62.2%
n/a
119
Percent Beat Benchmark 36-Mo.
60.0%
n/a
95
Percent Beat Benchmark 60-Mo.
64.8%
n/a
71
The first rolling 12 month-period is reached 12 months after each fund's inception (based on month-end dates). The starting and ending periods then "roll" forward one month at a time to comprise a new 12-month period. The first rolling three-year period is reached 36 months after each fund's inception (based on month-end dates). The starting and ending periods then "roll" forward one month at a time to comprise a new 36-month period. The first rolling five-year period is reached 60 months after each fund's inception (based on month-end dates). The starting and ending periods then "roll" forward one month at a time to comprise a new 60-month period.
Morningstar Foreign Large Blend Peer Group Ranking : 9/30/2008
One-Year
Three-Year
Five-Year
Ten-Year
% Rank in category
55%
8%
7%
3%
Funds in category
757
557
453
239
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 periods 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. Past performance is no guarantee of future results.
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.
