Mutual fund investing involves risk, loss of principal is possible.

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. The funds impose a 2% redemption fee on shares held less than 180 days. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced. Current performance of the funds may be lower or higher than the performance quoted. Indexes are unmanaged, do not incur fees and cannot be invested in directly. Standardized performance and performance data to the most recent month end may be obtained by clicking here.

For a current prospectus, click here.

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. To view the Masters' Select Equity Fund most recent portfolio holdings, please click here. To view the Masters' Select International Fund most recent portfolio holdings, please click here. To view the Masters' Select Value Fund most recent portfolio holdings, please click here. To view the Masters' Select Focused Opportunities Fund most recent portfolio holdings, please click here.

Current and future portfolio holdings are subject to risk.

References to other funds should not be considered a recommendation to buy or sell any security.

Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.

Neither the information contained herein nor any opinion expressed shall be construed to constitute an offer to sell or solicitation to buy any securities mentioned herein. The views herein are those of the portfolio managers at the time their comments were made and may not be reflective of current conditions.

Though not an international fund, Masters’ Select Equity Fund may invest in foreign securities. Investing in foreign securities exposes investors to economic, political and market risks and fluctuations in foreign currencies. Though not a small-cap fund, the fund 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 International Fund will invest in foreign securities. Investing in foreign securities exposes investors to economic, political and market risks and fluctuations in foreign currencies. Masters’ Select Value Fund is a non-diversified fund, which means that it may concentrate more of its assets in fewer individual holdings than a diversified fund. Though primarily an equity fund, the fund may invest a portion of its 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 fund may invest in foreign securities which may exposes investors to economic, political and market risks and fluctuations in foreign currencies. The fund may invest in the securities of small companies which subjects investors to additional risks, including security price volatility and less liquidity than investing in larger companies. Masters’ Select Focused Opportunities Fund is a non-diversified fund, which means that it may concentrate more of its assets in fewer individual holdings than a diversified fund. Though primarily an equity fund, the fund may invest a portion of its 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 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.

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.

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

For industry terms and definitions, click here.