(PUB) Investing 2016

5

September 2016

Morningstar FundInvestor

Data through August 31, 2016 FINRA members: For internal or institutional use only. Litman Gregory Masters Intl Instl

Ticker MSILX

Yield 1.8%

Total Assets $871 mil

Mstar Category Foreign Large Blend

Benchmark 1: MSCI ACWI Ex USA NR USD Benchmark 2: MSCI ACWI Ex USA NR USD Morningstar Analyst Rating 08-18-16 ´

Investment Style Equity

Historical Profile Return Risk Rating Average Above Avg QQ Below Avg

4 4 4 7 7 7 4 4

12.0 14.0 16.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

10.0

∞ Positive ¶ Neutral ∞ Positive ∞ Positive § Negative

Performance

8.0

People Parent

Performance Quartile (within Category)

( & ( & & ) & * & ) ) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 08-16 18.74 18.68 9.47 13.05 15.05 12.58 15.02 18.06 17.36 16.13 15.25 23.61 20.75 -45.47 38.54 15.86 -16.24 19.96 21.47 -2.72 -5.52 -5.46 -3.04 4.10 0.05 -2.91 4.70 -2.53 3.13 6.18 1.15 0.14 -9.99 -3.04 4.10 0.05 -2.91 4.70 -2.53 3.13 6.18 1.15 0.14 -9.99 2.34 1.09 2.08 0.74 0.53 0.17 0.56 1.22 1.17 1.56 0.00 21.27 19.66 -47.56 37.80 15.33 -16.41 19.40 20.25 -3.89 -7.08 -5.46 0.41 0.20 0.39 0.07 0.07 0.03 0.07 0.18 0.21 0.27 0.00 2.38 3.87 0.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.21 1.19 1.22 1.27 1.28 1.26 1.30 1.30 1.24 1.24 0.99 1.68 0.88 2.19 0.53 0.51 0.73 1.05 1.02 0.94 1.22 2.39 66 7 66 17 7 82 23 30 19 86 98

Price

History

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

NAV

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

§ Negative

¶ Neutral

Performance 08-31-16 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

13.28 -10.39 8.69 8.72 19.96 5.46 -0.63 11.12 4.31 21.47 -0.33 4.67 -6.69 -0.06 -2.72 5.47 0.87 -11.80 0.69 -5.52

.

98

93

114

104

99

127

107

112

70

52

1,725 2,069

896 1,241 1,449 1,218 1,176 1,328 1,176 1,024

740

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 06-30-16 Total Stocks: 47 Share change since 03-31-16

-3.97 -6.52

— — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

Country

% Assets

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

Y Shire PLC

Hlth Care United Kingdom 4.71

1 Yr 3 Yr 5 Yr

-8.94 -1.10 2.76 2.29 6.93

3 Mo 6 Mo

-1.04 -5.03 -5.03 4.45 -9.01 -9.01 -8.94 -11.86 -11.86 -1.10 -3.13 -3.13 2.76 -0.55 -0.55 2.29 0.25 0.25 5.90 0.22 0.22

94 9,896 98 10,445 99 9,106 95 9,673 84 11,459 29 12,541 18 23,642

Y Sampo Oyj A

Finan Svcs Finland

4.19 4.00

Low +Avg Q

Y Don Quijote Holdings Co L Y Lloyds Banking Group PLC

Cnsmr Def

Japan

High QQ

-Avg

1 Yr

Finan Svcs United Kingdom 3.68

Avg QQQ

10 Yr Incept

+Avg

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

Y Carlsberg A/S B

Cnsmr Def Cnsmr Def

Denmark

3.51

Y Diageo PLC Y Aena SA

United Kingdom 3.15

Industrl

Spain

3.13 3.13 3.03 2.94 2.93 2.76 2.76 2.61 2.54

Other Measures

Standard Index

Best Fit Index

Altice NV A

Comm Svcs France

Alpha

-2.9 0.92

-3.4 0.95

Y Las Vegas Sands Corp

Cnsmr Cyc United States

Beta

Tax Analysis

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

T Ferrovial SA

Industrl

Spain

R-Squared

86

91

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

-1.55 2.44 1.12

91 73 28

0.45 0.31 1.14

22 10 73

Y Valeo SA

Cnsmr Cyc France Hlth Care France Cnsmr Cyc Japan Technology China

Standard Deviation

13.17 -1.10 -0.03

Y Essilor International SA Y Honda Motor Co Ltd

Mean

Sharpe Ratio

Y Baidu Inc ADR

Potential Capital Gain Exposure: -19% of assets

Y Credit Suisse Group AG

Finan Svcs Switzerland

Morningstar's Take by Gregg Wolper 08-18-16 Although Litman Gregory Masters Select International has question marks, its impressive lineup of subadvisors, thoughtful approach, and respectable parent earn it a Morningstar Analyst Rating of Bronze. This fund has an unusual structure. Unlike the typical multimanager offering, subadvisors are limited to just eight to 15 holdings apiece. Moreover, the subadvisors are not chosen with traditional diversification in mind, such as filling specific spots in the Morningstar Style Box. Rather, the overseers at Litman Gregory look for topnotch managers who they believe have proven effective at managing very focused portfolios and who relish taking on that challenge. This process has yielded impressive results over the long term. During the 10-year period through July 31, 2016, the fund lands in the 30th percentile of the foreign large-blendMorningstarCategory,andduring the15-year period, it’s in the 20th percentile. Two elements need further examination, however. First, the current manager lineup can't claim that long- term record. While David Herro of Harris Associates has been on board since the fund’s 1997 inception and a trio

Y Informa PLC

Cnsmr Cyc United Kingdom 2.51 Comm Svcs United Kingdom 2.46

Y Liberty Global PLC C

from Northern Cross since 2007, others have come and gone through the years. Of the other three current subadvisors, Thornburg’s Vinson Walden arrived on this fund in 2008, Lazard's Mark Little in 2013, and Pictet Asset Management's duo in mid-2016. Second, performance during the past 12 months or so has been awful.The fund lost16.7% for the12months throughJuly 31, 2016, 10 percentage points worse than the category average. The main culprits have been European financial firmsownedbyseveralsubadvisors (includingHerro,who remains confident in his picks) and Valeant Pharmaceuticals VRX. Painful as such losses are, managers with strong convictions will suffer setbacks at times. That said, while the fund's current lineup is strong, and its concept has merit, its recent stumble shows the risk of focused portfolios chosen by unconventional managers, and the current lineup doesn't have a long record altogether.

Y BNP Paribas

Finan Svcs France

2.40 2.40

Y Roche Holding AG Dividend

Hlth Care Switzerland

Y CNH Industrial NV

Industrl

United Kingdom 2.37

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 42.9 Large 50.5 Mid 6.6 Small 0.0 Micro 0.0 Avg $mil: 26,892

Value Blend Growth

Large Mid Small

42.14 0.95 2.06 0.26 21.68 1.92 18.40 0.86 0.00 0.00 30.34 0.93 9.74 1.85 1.85 0.29 12.29 1.14 6.46 0.63 27.52 1.20 13.70 1.23 13.82 1.61 0.00 0.00

Value Measures

Rel Category

Price/Earnings 16.08

1.04 0.95 0.94 0.65 0.93 0.95 1.20 -1.43 3.33 -0.02

Price/Book Price/Sales

1.53 1.06

Price/Cash Flow 3.79 Dividend Yield % 3.08

Growth Measures

% Rel Category

Long-Term Erngs 8.93

Regional Exposure % Stock UK/W. Europe 74 N. America 7 Japan 11 Latn America 1 Asia X Japan 7 Other 0

Book Value

4.59 2.13

Sales

Address:

Masters Select Funds Trust

Minimum Purchase: Min Auto Inv Plan:

$100000 Add: $250 IRA: $5000

Cash Flow 17.86 Historical Erngs 0.05

Glendora CA 91741

$2500 Add: $250

800-960-0188

Sales Fees:

No-load

Country Exposure

% Stock

Web Address:

www.mastersfunds.com

Management Fee:

1.10% mx./1.00% mn. Mgt:1.07% Dist:—

Composition - Net Cash

UK

26 16 11

United States 7 Switzerland 7

Inception:

12-01-97

Actual Fees:

0.2 Bonds

0.0 0.0

Advisor:

Litman Gregory Fund Advisors LLC Lazard Asset Management LLC

Expense Projections: 3Yr:$369 5Yr:$657 10Yr:$1478

France Japan

Stocks 99.8 Other

Subadvisor:

Income Distribution:

Annually

Foreign (% of Stock)

92.6

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