Masters' Select International Fund Overview

David Herro Harris Associates		Jim Gendelman Marsico Capital Mgmt.		Ted Tyson & Doug Allen Mastholm Asset Mgmt.			Bill Fries, CFA & Vinson Walden, CFA Thornburg Invest. Mgmt.

Howard Appleby, Jean-Francois Ducrest, Jim LaTorre & Ted Wendell Northern Cross, LLC					Amit Wadhwaney Third Avenue Mgmt.

Masters' Select International Fund invests in foreign stocks and seeks superior long-term performance relative to its peer group of international stock funds. Like Masters' Select Equity Fund, each of the six managers separately runs a portion of the portfolio composed of his highest conviction stocks. The Fund may invest in emerging markets, although it is expected that exposure to developed markets will be significantly greater. Although each manager runs a concentrated portfolio of no fewer than 8 or more than 15 of his favorite ideas, the Fund as a whole is diversified by industry, country and stocks.

Typically the Fund holds between 65-90 securities. The Fund seeks to maintain risk in line with its peer group of international stock funds.

The fund will 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.