(PUB) Investing 2016

6

Data through March 31, 2016 FINRA members: For internal or institutional use only. Litman Gregory Masters Alt Strats Inv

Ticker MASNX

Yield 2.9%

Total Assets $1,361 mil

Mstar Category Multialternative

Benchmark 1: Morningstar Mod Tgt Risk TR USD Benchmark 2: Morningstar Mod Tgt Risk TR USD Morningstar Analyst Rating 03-31-15 ´

Investment Style Equity

Historical Profile Return Risk Rating Above Avg Below Avg QQQQ Above Avg

8 5 4 7 7 7

12.0 13.0 14.0 15.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

∞ Positive ¶ Neutral ∞ Positive ∞ Positive ¶ Neutral

11.0

Performance

10.0

People Parent

Performance Quartile (within Category)

& * * * *

Price

History

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 03-16

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10.32 11.02 11.43 11.45 11.01 10.96

NAV

9.16 6.07 3.33 -0.95 0.45 -2.89 -8.24 -1.56 0.84 -1.70 -2.89 -8.24 -1.56 0.84 -1.70 2.28 2.33 2.46 2.67 0.90 6.88 3.74 0.86 -3.62 -0.45

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

19

33

35

27

31

§ Negative

¶ Neutral

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0.02 0.23 0.25 0.28 0.30 0.10 0.00 0.01 0.00 0.08 0.03 0.00

Performance 03-31-16 1st Qtr 2nd Qtr

. . .

2.66 2.16 2.07 2.12 2.18 1.41 2.98 2.27 2.07 2.44

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

4.02 -0.34 3.62 1.62 9.16 2.94 -0.23 0.92 2.34 6.07 1.34 2.11 -0.43 0.28 3.33 1.96 -0.38 -2.73 0.26 -0.95

34 17

161

179 108

157 166

146 191

59

174

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 12-31-15 Total Stocks: 125 Share change since 09-30-15

0.45

— — — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets — 2.43 — 2.21 0.20 1.38 — 1.14 — 1.04 12.40 0.86 — 0.84 — 0.82 2.79 0.75 -1.94 0.70 13.60 0.70

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

T PartnerRe Ltd

Finan Svcs

1 Yr 3 Yr 5 Yr

-2.42 1.94

3 Mo 6 Mo

0.45 -1.70 -1.70 0.71 -3.83 -3.83 -2.42 -1.38 -1.37 1.94 -2.65 -2.65

31 10,045 35 10,071 24 9,758 25 10,593

T Precision Castparts Corp

Industrl

-Avg QQQQ

+Avg

T Microsoft Corp T Chubb Corp T Health Net Inc

Technology Finan Svcs

— — — — — — — —

1 Yr

10 Yr Incept

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Hlth Care

4.72

— — — — — — — — — — — — — — —

Oracle Corp

Technology

R S+p500 Emini Fut Mar16 Xc R BioMed Realty Trust Inc

—

Other Measures

Standard Index

Best Fit Index

Real Est Industrl

Alpha

0.0

1.0

T General Electric Co T Alphabet Inc Class A

Beta

0.41

0.50

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Technology Finan Svcs

R-Squared

81

82

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

0.70

24

1.22

72

Aon PLC

— — — — — — — —

Standard Deviation

3.27 1.94 0.58

T TNT Express NV

Industrl

— 0.68

Mean

T Time Warner Cable Inc T Solera Holdings Inc

Comm Svcs 10.66 0.66

Sharpe Ratio

Technology Technology

— 0.65 — 0.64 6.09 0.64 2.41 0.64 -9.83 0.62 — 0.60

Potential Capital Gain Exposure: -3% of assets

T Broadcom Corp

Morningstar's Take by Jason Kephart 03-31-15 Litman Gregory Masters Alternative Strategies' strong cast of subadvisors has helped it stand out in the multialternative Morningstar Category and earn a Morningstar Analyst Rating of Bronze. This fund of alternative strategies is built to be a replacement for a roughly equal mix of stocks and bonds in a traditional portfolio but with a low correlation to long- only asset classes. As such, it aims to deliver performance similar to a 40/60 benchmark of stocks and bonds over a full market cycle by allocating about half the portfolio to alternative strategies with bondlike exposure and half to more equity-sensitive strategies. Portfolio manager Jeremy DeGroot and the manager research teamatLitmanGregory look forsubadvisors that are comfortable running high-conviction strategies and can pass their due-diligence process, which includes multiple on-site visits, interviews, and a test portfolio. Finally, each subadvisor's strategy must have a low correlation to the existing strategies in the fund. On the bond side, that's led to equal 25% allocations to a global unconstrained-bond strategy run by Loomis Sayles and an opportunistic mortgage-backed security strategy run

T Cameron International Cor R iShares iBoxx $ High Yiel

Energy

—

by DoubleLine Capital. The equity sleeve is predominately divvied up between an absolute return strategy run by First Pacific Advisors and a merger-arbitrage strategy run by Water Island Capital (20% each), with a newer 10% allocation to a long-short equity strategy run by Passport Capital. Three of the five strategies are similar to what the subadvisors are running in separate mutual funds, like Gold-ratedFPACrescentFPACX.Thosemanagersallhave Positive People scores, an indication of superior manager talent and resources. The diversification achieved through the allocation process has paid off. Only twice since the fund launched in 2011 have two subadvisors lost money in the same quarter. Moreover, the fund has produced the best Sharpe ratio in the category and annualized returns of 8.50% that top 85% of peers from inception through February. Although fees could be lower, this fund is a solid choice.

T Centene Corp T Chubb Corp

Hlth Care Finan Svcs

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 29.3 Large 33.8 Mid 26.3 Small 7.9 Micro 2.6 Avg $mil: 26,075

Value Blend Growth

Large Mid Small

35.77 0.92 2.97 0.60 9.61 0.80 20.00 1.22 3.19 0.60 48.87 1.34 3.87 0.97 4.33 0.69 16.97 1.38 23.70 1.71 15.35 0.62 7.17 0.74 5.87 0.55 2.31 0.52

Value Measures

Rel Category

Price/Earnings 19.29

1.14 0.94 1.03 1.21 0.64

Price/Book Price/Sales

1.80 1.39

Price/Cash Flow 9.57 Dividend Yield % 1.76

Growth Measures

% Rel Category

Long-Term Erngs 10.57

1.06 2.40 -1.44 10.17

Book Value

6.94 3.68 2.81

Composition - Net

Sales

Cash 26.0 Stocks 27.4 Bonds 43.4 Other 3.3 Foreign 11.4 (% of Stock)

Cash Flow

Address:

Masters Select Funds Trust

Minimum Purchase: Min Auto Inv Plan:

$1000 $2500

Add: $100 IRA: $500

Historical Erngs 8.04

6.13

Glendora CA 91741

Add: $250

800-960-0188

Sales Fees:

No-load

Profitability

%

Web Address:

www.mastersfunds.com

Management Fee:

1.40% mx./1.20% mn. Mgt:1.40% Dist:0.25%

Return on Equity Return on Assets

11.28

Inception:

09-30-11

Actual Fees:

4.87 9.92

Advisor:

Litman Gregory Fund Advisors LLC Loomis Sayles & Company LP

Expense Projections: Income Distribution:

3Yr:$651 5Yr:$1127 10Yr:$2441

Net Margin

Subadvisor:

Quarterly

A

ß ® Mutual Funds

©2016Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, email reprints@morningstar.com