Masters' Select International Fund (Investor Class 4/30/09) MNILX
-1.23%
8.17%
n/a
n/a
n/a
24.37%
1.51%
1.39%
S&P Global Ex-U.S. LargeMidCap Index
-2.58%
10.47%
n/a
n/a
n/a
28.28%
Lipper International Large Cap Core Index
-4.46%
6.16%
n/a
n/a
n/a
23.02%
MSCI EAFE Index
-4.67%
6.72%
n/a
n/a
n/a
23.17%
Masters' Select Value Fund (6/30/2000) MSVFX
-0.47%
13.30%
-10.78%
-2.65%
n/a
2.93%
1.45%
1.42%
Russell 3000 Value Index
1.64%
15.78%
-8.65%
-0.87%
n/a
3.39%
Lipper Large-Cap Value Fund Index
-0.80%
12.15%
8.05%
-0.61%
n/a
0.97%
Masters' Select Smaller Companies Fund (6/30/03) MSSFX
2.57%
18.46%
-6.91%
-1.47%
n/a
5.31%
1.63%
1.62%
Russell 2000 Index
4.79%
18.43%
-4.32%
0.47%
n/a
6.75%
Lipper Small Cap Core Index
4.16%
18.94%
-3.96%
1.23%
n/a
7.24%
Masters' Select Focused Opportunity Fund (6/30/06) MSFOX
0.35%
17.41%
-7.73%
n/a
n/a
-2.52%
1.50%
1.40%
S&P 500 Index
-0.12%
13.83%
-6.78%
n/a
n/a
-1.34%
Quarterly performance as of : 6/30/2010
Average Annual Total Returns
Expense Ratios
Performance
Year to Date
One-Year
Three-Year
Five-Year
Ten-Year
Since Inception
Gross
Net*
Masters'
Select Equity Fund (Institutional Class 12/31/96) MSEFX
-4.41%
18.99%
-11.23%
-1.65%
0.14%
5.32%
1.34%
1.33%
Russell 3000 Index
-6.05%
15.72%
-9.47%
-0.48%
-0.92%
4.54%
Custom Equity Index
-6.34%
15.10%
-9.78%
-0.25%
-0.36%
4.58%
Lipper Multi-Cap Core Index
-5.67%
16.90%
-9.04%
0.15%
-0.31%
4.56%
Masters' Select Equity Fund (Investor Class 4/30/09) MSENX
-4.42%
18.74%
n/a
n/a
n/a
20.98%
1.57%
1.56%
Russell 3000 Index
-6.05%
15.72%
n/a
n/a
n/a
18.84%
Custom Equity Index
-6.34%
15.10%
n/a
n/a
n/a
18.70%
Lipper Multi-Cap Core Index
-5.67%
16.90%
n/a
n/a
n/a
20.25%
Masters' Select International Fund (Institutional Class 12/1/97) MSILX
-10.11%
7.60%
-10.62%
4.02%
2.39%
7.78%
1.27%
1.15%
S&P Global Ex-U.S. LargeMidCap Index
-10.68%
11.11%
-9.73%
4.13%
2.39%
5.21%
Lipper International Large Cap Core Index
-13.01%
5.72%
-13.50%
0.68%
-0.21%
3.56%
MSCI EAFE Index
-12.94%
6.37%
-12.94%
1.35%
0.59%
3.67%
Masters' Select International Fund (Investor Class 4/30/09) MNILX
-10.28%
7.42%
n/a
n/a
n/a
16.34%
1.51%
1.39%
S&P Global Ex-U.S. LargeMidCap Index
-10.68%
11.11%
n/a
n/a
n/a
21.21%
Lipper International Large Cap Core Index
-13.01%
5.72%
n/a
n/a
n/a
15.22%
MSCI EAFE Index
-12.94%
6.37%
n/a
n/a
n/a
15.67%
Masters' Select Value Fund (6/30/2000) MSVFX
-4.75%
15.91%
-13.45%
-2.57%
n/a
2.51%
1.45%
1.42%
Russell 3000 Value Index
-4.83%
17.57%
-12.13%
-1.56%
n/a
2.74%
Lipper Large-Cap Value Fund Index
-7.12%
13.04%
-11.27%
-1.28%
n/a
0.31%
Masters' Select Smaller Companies Fund (6/30/2003) MSSFX
-3.14%
24.60%
-10.24%
-1.30%
n/a
4.52%
1.63%
1.62%
Russell 2000 Index
-1.95%
21.48%
-8.60%
0.37%
n/a
5.83%
Lipper Small Cap Core Index
-2.09%
21.68%
-7.59%
1.15%
n/a
6.38%
Masters' Select Focused Opportunity Fund (6/30/2006) MSFOX
-5.56%
19.55%
-10.76%
n/a
n/a
-4.04%
1.50%
1.40%
S&P 500 Index
-6.66%
14.42%
-9.82%
n/a
n/a
-3.03%
The funds’ gross and net expense ratios can be found on pages 50 through 53 of the most recent Prospectus (4/30/2010).
*Through April 30, 2011, Litman/Gregory has contractually agreed to waive a portion of its advisory fees effectively reducing total advisory fees to approximately 0.97% of the average daily net assets of the International Fund, 1.08% of the average daily net assets of the Value Fund and 1.02% of the Focused Opportunities Fund. 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 4/30/2011, 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 within the Equity Fund, the International Fund, the Value Fund, the Smaller Companies Fund, and the Focused Opportunities Fund.
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. 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.
Prior to April 30, 2009, the Funds' Institutional Class was an unnamed share class. The Funds' Investor Class commenced operations on April 30, 2009. Because the fees and expenses vary between classes, performance will vary with respect to each class.
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. The International Fund will invest in emerging markets. Investments in emerging market countries involve additional risks such as government dependence on a few industries or resources, government-imposed taxes on foreign investment or limits on the removal of capital from a country, unstable government, and volatile markets.
Prospectus | Important Legal Disclosures | Mutual fund investing involves risk. Principal loss is possible.The Masters’ Select Funds are distributed by Quasar Distributors, LLC.
