We want to let our shareholders know about two changes that require your approval in the form of a proxy vote. As fellow shareholders in our funds, we would appreciate your help in passing the proxy proposals.
Litman Gregory Fund Advisors, LLC (the “Advisor” or “LGFA”) has served as the investment adviser to the PartnerSelect Funds (“the Funds”) since their respective inception dates. The Advisor’s parent company, Litman Gregory Asset Management LLC has recently entered into an agreement to be acquired by iM Global Partner. The sale will have no impact on the operation of the funds.
Because legally the transaction will constitute a change of control of the Advisor, upon closing of the transaction, the existing investment advisory agreement between the Funds and the Advisor will be automatically terminated. Accordingly, one of the items that you are asked to approve is a new investment advisory agreement that will enable Litman Gregory to continue to serve as the investment adviser to the funds. It is important to note that there are no material differences between the new contract and the management contract that has been in place since the inception of each fund. Of most importance, there will be no change in the key people or management teams serving the PartnerSelect funds. Jeremy DeGroot, Jack Chee, Rajat Jain, and Jason Steuerwalt, all principals of Litman Gregory and portfolio managers of the PartnerSelect Funds, will remain with the firm and continue as the portfolio managers of the Funds, and all of the current investment sub-advisors will also continue in their roles on the respective funds. In short, it will be business as usual.
You are also asked to elect five Trustees to the Board of Trustees of the Litman Gregory Funds Trust (the “Board”). All of the nominees were nominated by the Nominating Committee of the Board. One of the nominees, Julie Allecta, currently serves on the Board and has been serving as an Independent Trustee since her appointment by the Board in 2013. Jeff Seeley of iM Global Partner has been nominated as an interested Trustee, Thomas Bird, Jennifer Borggaard, and Jonathan DePriest have been nominated as new Independent Trustees. Further information about each of the nominees can be found in the proxy material.
Proxy materials have been mailed to all shareholders or their representatives. Shareholders of more than one PartnerSelect Fund will receive separate ballots for each fund that they own. It is very important if you own multiple funds that you vote each ballot you receive, as a majority of the shareholders of each fund must approve the new management contract. We are excited about the future of the PartnerSelect Funds and the continued service to the Funds by the management and investment teams at Litman Gregory. We ask that after reviewing the proxy materials, you promptly cast a positive vote for: (1) the new investment advisory agreement; and (2) the election of the slate of nominees to the Board.
Should you have any questions or if you have not received your materials please do not hesitate to contact us by calling (800) 960-0188 or by email at email@example.com.
Thank you for your support.