* The gross expense ratio can be found on page
13 of the most recent Prospectus (4/30/2007).
** The net expense ratio can be found on page 43 of
the most recent Prospectus (4/30/2007).
** Through 12/31/08, Litman/Gregory has voluntarily 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 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index.
The Lipper Small-Cap Core Fund Index measures the performance of the 30 largest mutual funds in the small capitalization range, as determined by Lipper, Inc.
Indexes are unmanaged, do not incur fees and cannot
be invested in directly.
Calendar Year Performance
Performance
2003
2004
2005
2006
2007
Masters' Select Smaller Companies (MSSFX)
19.17%a
20.98%
5.30%
9.67%
1.64
Russell 2000
24.92%a
18.33%
4.55%
18.37%
-1.57
Lipper Small Cap Core
23.24%a
18.37%
7.55%
13.70%
1.92
a Performance from 7/1/03 - 12/31/03
Investing in small
companies subjects investors to additional risks, including security price
volatility and less liquidity than investing in larger companies. 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.
