Is there a conflict of interest for a manager to select stocks for both their own fund and for Litman Gregory Masters Funds?

No. If they are buying or selling stocks for their own fund simultaneous to buys or sells for Litman Gregory Masters Funds, they would apply an allocation process that would be fairly applied. However, because of the high conviction level required in a Litman Gregory Masters Funds portfolio, there may be times when the sub-advisor sells a holding out of Litman Gregory Masters Funds that still qualifies as a hold in a more broadly diversified portfolio. Other times, because of the smaller asset base, there may be instances where the sub-advisor is able to buy a position for the Litman Gregory Masters Funds portfolio that is too small or not liquid enough for a larger portfolio.