Masters' Select Performance Update

After a very difficult period through most of 2008 both in absolute and relative terms, the Masters' Select Funds have posted strong and noteworthy relative performance. While the duration of outperformance is only a few months, the magnitude is significant. See the table below for details. Note: each fund's performance period begins on the date we first observed sustained outperformance for that fund.

The benchmark for the Masters Select Equity Fund is the Russell 3000 Index; for the Masters' Select International Fund, the S&P Global Ex-U.S. LargeMidCap Index; for the Masters' Select Value Fund, the Russell 3000 Value; for the Masters' Select Smaller Companies Fund, the Russell 2000; and for the Masters' Select Focused Opportunities Fund, the S&P 500.

Visit http://www.mastersfunds.com/performance_summary.asp for the most recent quarter-end and month-end standardized performance data for the Masters' Select Funds. Performance data quoted represents past performance; past performance 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. Short term performance, in particular, is not a good indication of the Funds' future performance, and an investment should not be made solely on returns.

Additionally, a number of Masters' Select sub-advisors have commented on the extreme dislocation between the fundamentals and valuations of individual securities and we have seen data that supports this view. Though we can't know with any certainty, we believe the recent performance advantage of the above Masters' Select Funds reflects the relative opportunities that may have been created during the extreme economic and stock market events of the past year. The stock market remains potentially risky over the short-term and as always should only be pursued by investors with a long-term time horizon.

For an overview of the Funds' concept and structure we suggest you visit the FAQ section of our website.

Click here for a current prospectus.

Mutual fund investing involves risk. Principal loss is possible.

Litman/Gregory Fund Advisors, LLC has ultimate responsibility for the performance of the Masters' Select Funds due to its responsibility to oversee the Funds' investment managers and recommend their hiring, termination and replacement.

The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies as measured by total market capitalization, and represents about 98% of the U.S. stock market. The S&P Global Ex-U.S. LargeMidCap Index (formerly called the S&P Citigroup Global (ex U.S.) Index), is a broad based index that represents the largest 80% of investable companies in 52 developed and emerging market countries. The Russell 3000 Value Index is a broad based index that measures the performance of those companies within the 3000 largest U.S. companies, based on total market capitalization, that have lower price-to-book ratios and lower forecasted growth rates. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The S&P 500 Index is a capitalization-weighted index of the stocks of 500 leading U.S. companies. It is not possible to invest directly in an index.

Each of the funds may invest in foreign securities. Investing in foreign securities exposes investors to economic, political and market risks and fluctuations in foreign currencies. Each of the funds may invest in the securities of small companies. Small-company investing subjects investors to additional risks, including security price volatility and less liquidity than investing in larger companies. Masters' Select Value and Masters' Select Focused Opportunities are non-diversified funds, which means that each respective fund may concentrate more of its assets in fewer individual holdings than a diversified fund. Though primarily equity funds, the Value and Focused Opportunities funds may invest portions of assets in securities of distressed companies. Debt obligations of distressed companies typically are unrated, lower rated, in default or close to default and may become worthless.

The Masters' Select Funds are distributed by Quasar Distributors, LLC.