Masters’ Select Launches New Focused Opportunities Fund

Effective June 30, 2006, Litman/Gregory Fund Advisors, LLC has opened the Masters’ Select Focused Opportunities Fund (MSFOX), the fifth in the Masters’ Select line-up.

The Masters' Select concept utilizes Litman/Gregory’s due diligence efforts to select experienced stock pickers and provide them a mandate to invest only in their highest conviction ideas. The concept also entails limiting each fund’s asset base so that the managers may continuously pursue their best ideas and emphasizes long-term over short-term performance. Masters' Select Focused Opportunities takes the concept to another level since the fund will initially be run by only three sub-advisors, each selecting no fewer than five and no more than seven of their highest conviction stocks (the other Masters' Select funds allow each sub-advisor to own up to 15 names).

Running the fund will be three managers who currently sub-advise other Masters' Select funds.They are:

You can view a Q&A on the Masters’ Select Focused Opportunities Fund by clicking here or view the prospectus by clicking here.

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.

Mutual Fund investing involves risk; loss of principal is possible. The Fund may invest in foreign securities. Investing in foreign securities exposes investors to economic, political and market risks and fluctuations in foreign currencies. 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. The Fund is a non-diversified fund, which means that it may concentrate more of its assets in fewer individual holdings than a diversified fund. The Fund may invest a portion of its assets in securities of distressed companies, including debt obligations. Debt obligations of distressed companies typically are unrated, lower rated, in default or close to default and may become worthless.

The Masters’ Select Funds are distributed by Quasar Distributors. (07/06)