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Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. To obtain performance data as of the end of the most recently concluded calendar month, please visit www.mastersfunds.com. The funds impose a 2% redemption fee on shares held less than 180 days. Performance data quoted does not reflect the redemption fee. If reflected, total returns would be reduced. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. *Through 04/30/10, Litman/Gregory has contractually agreed to waive a portion of its advisory fees, effectively reducing total advisory fees to approximately 0.97% of the average daily net assets. Litman/Gregory may voluntarily waive a portion of its advisory fee in addition to those fees that are contractually waived. Litman/Gregory has agreed not to seek recoupment of advisory fees waived. Through 4/30/10, Litman/Gregory has voluntarily agreed to waive a portion of its management fee to pass through any costs benefits resulting from sub-advisor breakpoints, changes in the sub-advisory fee schedules or allocations. The fund will invest in foreign securities, which exposes investors to economic, political and market risks, and fluctuations in foreign currencies. Investments in emerging market countries involve additional risks such as government dependence on a few industries or resources, government-imposed taxes on foreign investment or limits on the removal of capital from a country, unstable government, and volatile markets. Though not a small-cap fund, the Fund may invest in the securities of smaller companies. Small-company investing subjects investors to additional risks, including security price volatility and less liquidity than investing in larger companies. Regional weightings, sector allocations, and/or fund holdings are subject to change and should not be considered a recommendation to buy or sell any security. As of December 31, 2009, the portfolio held the following positions with their respective percentage of net assets: Petrobras 2.13%; Publicis Groupe 1.64%. References to other mutual funds should not to be interpreted as an offer of these securities. Litman/Gregory Fund Advisors, LLC is ultimately responsible for the performance of the fund due to its responsibility to oversee the fund’s investment managers and recommend their hiring, termination and replacement. Each Morningstar average represents a universe of Funds with similar investment objectives. The opinions expressed are those of William Samuel Rocco as of the date written, and are subject to change. References to other mutual funds should not be interpreted as an offer of these securities. ©2009 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The Masters’ Select Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 1-800-960-0188, or visiting www.mastersfunds.com. Read it carefully before investing. Quasar Distributors, LLC, Distributor.
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