Masters' Select Focused Opportunity Fund 6/30/2006
-15.07%
-15.48%
n/a
n/a
n/a
0.41%
1.34%
1.26%
S&P 500 Index
-11.91%
-13.12%
n/a
n/a
n/a
2.35%
The funds’gross expense ratios can be found on pages 4, 7, 10, 13, 17 of the most recent Prospectus (4/30/08).
The funds’ net expense ratios can be found on pages 44, 45, 46 of the most recent Prospectus (4/30/08).
For MSEFX, MSSFX and MSFOX, Litman/Gregory has voluntarily agreed to waive a portion of its management fee to pass through any cost benefits resulting from changes in the sub-advisory fee schedules or allocations through 12/31/08.
For MSILX and MSVFX Litman/Gregory has contractually agreed to waive a portion of its management fee to pass through any costs benefits resulting from changes in the sub-advisory fee schedules or allocations through 12/31/08.
Performance 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 funds may be lower or higher than the performance quoted. The funds impose a 2.00% redemption fee on shares held for less than 180 days. Performance data quoted does not reflect the redemption fee. If reflected, total returns would be reduced.
Investment performance for the International, Value and Smaller Companies Funds reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
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.
