Mutual fund investing involves risks. Loss of principal is possible.

This material should not be interpreted as an offer of any other funds mentioned. Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. Please click here for the most recent Masters’ Select Equity Fund holdings and here for the most recent Masters’ Select Focused Opportunities Fund holdings.

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 international funds, the funds may invest in foreign securities. Investing in foreign securities exposes investors to economic, political and market risks and fluctuations in foreign currencies. Though not small-cap funds, 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 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.

For industry terms and definitions, click here.

Masters’ Select Funds are distributed by Quasar Distributors LLC.