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LITMAN GREGORY FUNDS TRUST

Supplement dated July 23, 2020 to the

Prospectus, Summary Prospectuses and Statement of Additional Information ("SAI")

of the Litman Gregory Funds Trust dated April 29, 2020

Notice to Existing and Prospective Shareholders:

Effective July 31, 2020, the name of each of Litman Gregory Masters Equity Fund, Litman Gregory Masters International Fund, Litman Gregory Masters Smaller Companies Fund, Litman Gregory Masters Alternative Strategies Fund and Litman Gregory Masters High Income Alternatives Fund (the "Funds") will change. The Funds' investment objectives, principal investment strategies, principal risks, sub-advisors and fee schedules will remain the same. Litman Gregory Fund Advisors, LLC will continue to serve as the Funds' investment advisor.

The Funds will be renamed according to the table below and the following information supplements and supersedes any contrary information contained in the Prospectus, Summary Prospectuses and SAI concerning the Funds.

Current Fund Name

New Fund Name (effective July 31, 2020)

 

 

Litman Gregory Masters Equity Fund

PartnerSelect Equity Fund

 

 

Litman Gregory Masters International Fund

PartnerSelect International Fund

 

 

Litman Gregory Masters Smaller Companies Fund

PartnerSelect Smaller Companies Fund

 

 

Litman Gregory Masters Alternative Strategies Fund

PartnerSelect Alternative Strategies Fund

 

 

Litman Gregory Masters High Income Alternatives Fund

PartnerSelect High Income Alternatives Fund

 

 

Effective July 31, 2020, Frank M. Sands, Jr. will be removed as a portfolio manager to the PartnerSelect Equity Fund. Accordingly, all references to Frank M. Sands, Jr. will be hereby deleted from the Prospectus, Summary Prospectus and SAI dated April 29, 2020, as supplemented.

The following information replaces the table in the section entitled "Summary Section-Management" on page 6 of

the Prospectus dated April 29, 2020, as supplemented:

Management

 

 

Managed the

Investment Advisor

Portfolio Manager

Equity Fund Since:

Litman Gregory Fund Advisors, LLC Jeremy DeGroot, CFA, President of the Trust,

 

 

Principal, Chief Investment Officer and Co-

 

 

Portfolio Manager

2005

 

Jack Chee, Principal, Senior Research Analyst

 

 

and Co-Portfolio Manager

2014

 

Rajat Jain, CFA, Principal, Senior Research

 

 

Analyst and Co-Portfolio Manager

2014

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Managed the

Sub-Advisor

Portfolio Manager

Equity Fund Since:

Davis Selected Advisers, L.P.

Christopher C. Davis, Chairman

1999

 

Danton Goei, Portfolio Manager

2016

Fiduciary Management, Inc.

Patrick J. English, CFA, Chairman, Chief

 

 

Executive Officer, Chief Investment Officer

2013

 

Jonathan T. Bloom, CFA, Director of Research

2017

Harris Associates L.P.

Clyde S. McGregor, CFA, Vice President and

 

 

Portfolio Manager

2008

 

William C. Nygren, CFA, Vice President, Chief

 

 

Investment Officer – U.S. Equity, Portfolio

 

 

Manager and Investment Analyst

2013

Nuance Investments, LLC

Scott Moore, CFA, President, Co-Chief

 

 

Investment Officer and Portfolio Manager

2014

 

Chad Baumler, CFA, Vice President, Co-Chief

 

 

Investment Officer and Portfolio Manager

2020

Sands Capital Management, LLC

A. Michael Sramek, CFA, Senior Portfolio

 

 

Manager, Research Analyst, Managing Director

2008

Wells Capital Management, Inc.

Richard T. Weiss, CFA, Managing Director,

 

 

Senior Portfolio Manager

1996

The following information replaces the table on page 55 of the Prospectus dated April 29, 2020, as supplemented.

 

 

MARKET CAPITALIZATION

 

PORTFOLIO

TARGET ASSET

OF COMPANIES IN

STOCK-PICKING

MANAGER(S)/SUB- ADVISOR

ALLOCATION

PORTFOLIO

STYLE

Christopher C. Davis

15%

Mostly large companies

Blend

Danton Goei

 

 

 

Davis Selected Advisers, L.P.

 

 

 

Patrick J. English, CFA

15%

All sizes

Blend

Jonathan T. Bloom, CFA

 

 

 

Fiduciary Management, Inc.

 

 

 

Clyde S. McGregor, CFA

15%

All sizes, but mostly large- and

Value

 

 

mid-sized companies

 

Harris Associates L.P.

 

 

 

William C. Nygren, CFA

15%

Mostly large and mid-sized

Value

 

 

companies

 

Harris Associates L.P.

 

 

 

2

 

 

MARKET CAPITALIZATION

 

PORTFOLIO

TARGET ASSET

OF COMPANIES IN

STOCK-PICKING

MANAGER(S)/SUB- ADVISOR

ALLOCATION

PORTFOLIO

STYLE

Scott Moore, CFA

10%

All sizes

Value

Chaud Baumler, CFA

 

 

 

Nuance Investments, LLC

 

 

 

A. Michael Sramek, CFA

17%

All sizes, but mostly large- and

Growth

 

 

mid-size companies

 

Sands Capital Management, LLC

 

 

 

Richard T. Weiss, CFA

13%

All sizes, but mostly small- and

Blend

 

 

mid-sized companies

 

Wells Capital Management, Inc.

 

 

 

The following information replaces the paragraph on page 59

of the Prospectus dated April 29, 2020, as supplemented.

A. Michael Sramek, CFA

Sands Capital Management, LLC

1000 Wilson Boulevard

Suite 3000

Arlington, VA 22209

A. Michael Sramek is the portfolio manager for the segment of the Equity Fund's assets managed by Sands Capital Management, LLC ("Sands Capital"). Sramek is a Senior Portfolio Manager, Research Analyst and Managing Director at Sands Capital. He began his investment career as a research analyst at Mastrapasqua & Associates in 2000 prior to joining Sands Capital in 2001. Sramek is supported by a larger team of research analysts and associates. Sands Capital is independent and 100% staff owned. Sands Capital has been a sub-advisor to the Equity Fund since 2008.

Approximately 17% of the Equity Fund's assets are managed by Sands Capital. Sramek believes that over time stock price appreciation follows earnings growth. The investment objective is to identify companies that can sustain above-average earnings growth relative to the broader market, typically over the next three to five years. Sramek believes great investment ideas are rare and runs a concentrated portfolio of high-quality, seasoned, growing businesses across an array of attractive and growing business spaces. Independent research—bottom-up and company focused—is the cornerstone of the Sramek's investment process. All research analyses and conclusions are internally generated using a variety of fundamental techniques and external data sources.

Sramek seeks to identify leading growth businesses that can withstand the continual scrutiny of following six investment criteria:

(1)Sustainable above-average earnings growth.

(2)Leadership position in a promising business space.

(3)Significant competitive advantage/unique business franchise.

(4)Clear mission and value-added focus.

(5)Financial strength.

(6)Rational valuation relative to market and business prospects.

In collaboration with the whole Sands Capital investment team, Sramek seek to identify and own the companies that appear to be the strongest fits with the above criteria by doing the following: monitoring status/activity in other portfolios (e.g., absolute weights and weight trends); meeting regularly with the various Sands Capital portfolio manager teams, sector teams, and individual analysts/ associates; reading internal and external research and participating in research activities (management meetings, field trips, etc.); holding regular team meetings and soliciting/encouraging recommendations from all Sands Capital team members.

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The strongest fits are determined by de-composing each of the six criteria into its sub-components and then evaluating the universe of Sands Capital holdings versus those characteristics. For instance, "leadership in an attractive business space" can be broken into characteristics such as: large/growing market share; innovation; pricing power; strategic position in value chain; and attractive business model (high margins, high/rising ROIC, etc.). Companies are evaluated against these characteristics in a consensus-building process between the portfolio manager team and the rest of the investment team. The companies whose investment cases exhibit in great depth the qualities that Sands Capital values are regarded as the strongest fits and thus included in the Equity Fund.

Please keep this Supplement with your Prospectus, Summary Prospectuses and Statement of Additional

Information.

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