Masters' Select Focused Opportunity Fund Performance
Monthly performance as of : 7/31/2008
Performance
One Month
Year to Date
12 Month Total Return
3 Year Average Annual Total Return
5 Year Average Annual Total Return
Average Annual Return Since Inception 6/30/06
Masters' Select Focused Opportunity Fund
-4.41%
-18.82%
-15.79%
n/a
n/a
-1.75%
S&P 500 Index
-0.84%
-12.66%
-11.09%
n/a
n/a
1.84%
Quarterly performance as of : 6/30/08
Performance
One Month
Year to Date
12 Month Total Return
3 Year Average Annual Total Return
5 Year Average Annual Total Return
Average Annual Return Since Inception 6/30/06
Masters' Select Focused Opportunity Fund
-11.60%
-15.07%
-15.48%
n/a
n/a
0.41%
S&P 500 Index
-8.43%
-11.91%
-13.12%
n/a
n/a
2.35%
Gross Expense Ratio*
Net Expense Ratio**
1.34%
1.26%
* The gross expense ratio can be found on page
17 of the most recent Prospectus (4/30/08).
** The net expense ratio can be found on page 46 of
the most recent Prospectus (4/30/08).
** Through 04/30/09, Litman/Gregory has contractually agreed to waive a portion of its advisory fees, effectively reducing total advisory fees to approximately 1.02% 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 4/30/09, 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.
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 S&P 500 Index, which is widely regarded as the standard for measuring large-cap U.S. stock market performance, consists of 500 stocks that represent a sample of the leading companies in leading industries.
Indexes are unmanaged, do not incur fees and
cannot be invested in directly.
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. 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.
