Northern Cross Removed as Sub-Advisor to the Litman Gregory Masters International Fund

We are removing Northern Cross LLC as a subadvisor on Litman Gregory Masters International effective 31 October 2018. Northern Cross has been with the fund for over eleven years and outperformed its benchmark since their inception date on the fund. We thank Northern Cross for their service to our shareholders and outperformance during their tenure on the fund and wish them well. The portion managed by Northern Cross will be divided equally among the fund’s five remaining subadvisors, resulting in each having a 20% allocation. Overall, the fund will continue to remain well-diversified in terms of number of holdings, style, market-cap, countries, and industry exposures. The transition is not expected to generate any net realized taxable gains.