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News COVID-19 Update from Litman Gregory

March 11, 2020

As we write this message, the week has opened with a plunge in global stock markets following a shock to oil prices (due to Saudi Arabia’s sudden decision to drastically cut prices). This comes after a weekend that saw continued spread of the coronavirus, with communities around the world instituting social distancing measures and quarantines.

We recognize that all this combined with significant market turmoil is highly unnerving and even frightening. We further acknowledge that the full economic and medical effects of this disease are unknowns.

However, what we do know is that panicked investing is never a good strategy, and that we and the sub-advisors of each of the PartnerSelect Funds are continuing to work diligently on behalf of shareholders.

Update on our business preparedness: We want to assure shareholders that Litman Gregory is prepared for these extraordinary circumstances. We are closely monitoring the coronavirus and have implemented precautionary measures to protect everyone’s health to the maximum extent possible while minimizing disruption to Litman Gregory’s business operations. Our risk-management measures include elevated hygiene practices individually and within our offices, the activation and testing of remote work capabilities for all employees, ensuring up-to-date business continuity plans for all key employees and business functions, an assessment of vendor vulnerability to work outages and placing limits on employee business travel. Our business-continuity team is closely tracking developments within our local communities and will update the steps we are taking accordingly. Further, each sub-advisory firm has its own business continuity plan that will be implemented as needed will the plans of DST, the funds’ transfer agent and State Street Bank, the funds’ custodian, fund accountants and administrator.

—PartnerSelect Funds

Stay Informed

The PartnerSelect Funds monthly email provides investors a way to stay in touch with us and receive information regarding the funds and investment principles in general. Topics may include updates on the funds and managers, further insights into Litman Gregoryʼs processes, and commentary on various aspects of investing.

DISCLOSURE

Mutual fund investing involves risk; principal loss is possible.

The funds’ investment objectives, risks, charges, and expenses must be considered carefully before investing. The statutory
and summary prospectuses contain this and other important information about the investment company, and it may be obtained by calling 1-800-960-0188, or visiting www.partnerselectfunds.com. Read it carefully before investing.

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

PartnerSelect Funds are distributed by ALPS Distributors, Inc.