*The gross expense ratio can be found on page 10
of the most recent Prospectus (4/30/2008).
** The net expense ratio can be found on page 45 of the
most recent Prospectus (4/30/2008).
** Through 04/30/09, 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.
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 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 fund may be lower or higher than the performance
quoted.
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 Lipper Multi-Cap Value Fund Index measures the performance of the 30 largest mutual funds that invest in a variety of market capitalization ranges without concentrating 75% or more of their assets in any one market capitalization range over an extended period of time, as determined by Lipper, Inc. Value Funds seek long-term growth of capital by investing in companies that are considered to be undervalued relative to a major unmanaged stock index based on a price-to-earnings, price-to-book value, asset value or other factors.
Indexes are unmanaged, do not incur fees and
cannot be invested in directly.
Best/Worst Rolling Return Periods as of : 6/30/2008
Performance
MSVFX
Russell 3000 Value
Number of Periods
Best Rolling 12-Mo. Period
49.6%
43.8%
85
Worst Rolling 12-Mo. Period
-26.8%
-22.8%
85
Best Rolling 36-Mo. Period
81.1%
83.6%
61
Worst Rolling 36-Mo. Period
-0.9%
-3.3%
61
Best Rolling 60-Mo. Period
108.1%
129.7%
37
Worst Rolling 60-Mo. Period
23.7%
30.0%
37
Percent Negative 12-Mo. Rolling
29.4%
32.9%
85
Percent Negative 36-Mo. Rolling
1.6%
3.3%
61
Percent Negative 60-Mo. Rolling
0.0%
0.0%
37
Percent Beat Benchmark 12-Mo.
42.4%
n/a
85
Percent Beat Benchmark 36-Mo.
26.2%
n/a
61
Percent Beat Benchmark 60-Mo.
24.3%
n/a
37
The first rolling 12 month-period is reached 12 months after each fund’s inception (based on month-end dates). The starting and ending periods then “roll” forward one month at a time to comprise a new 12-month period. The first rolling three-year period is reached 36 months after each fund’s inception (based on month-end dates). The starting and ending periods then “roll” forward one month at a time to comprise a new 36-month period. The first rolling five-year period is reached 60 months after each fund’s inception (based on month-end dates). The starting and ending periods then “roll” forward one month at a time to comprise a new 60-month period.
Morningstar Large Blend Peer Group Ranking : 6/30/2008
One-Year
Three-Year
Five-Year
% Rank in category
98%
95%
86%
Funds in category
2086
1715
1325
Morningstar, Inc., is an independent mutual fund research and rating service. Each Morningstar category represents a universe of funds with similar investment objectives. Rankings for the periods shown are based on fund total returns with dividends and distributions reinvested and do not reflect sales charges. The highest percentile rank is 1 and the lowest is 100. Although Morningstar currently categorizes the Masters’ Select Value fund as “Large Blend,” we believe Fund’s investment objectives make it a better fit for the “Large Value” peer group category. 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.
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. Though
not an international fund, the 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.
