Litman/Gregory Communications

October 2008

• Litman/Gregory October 2008 Commentary

• Important Announcement Regarding Management Changes in the Masters' Select Equity and Value Funds

April 2008

• Changes to the Masters’ Select Manager Line-up

February 2008

• Sub-Advisor Change to the Masters’ Select Equity and Masters’ Select Focused Opportunities

October 2007

• Masters’ Select International Fund Adds Sub-Advisor

September 2007

• Masters’ Select International Re-Opens to New Investor Purchases

August 2007

• Masters’ Select Conference Call with Bill Miller

June 2007

• Masters’ Select Litman/Gregory Panel with Bill Nygren and Bob Rodriguez
• Masters’ Select Smaller Companies Fund Conference Call
• Masters’ Select Smaller Companies Adds Sub-Advisor

April 2007

• Q1 Shareholder Letter

November 2006

• 2006 Realized Capital Gains Distribution

June 2006

• Masters’ Select Launches New Focused Opportunities Fund

May 2006

• Masters’ Select Focused Opportunities Fund Q&A

March 2006

• Smaller Companies Fund Closes to New Investors

January 2006

• Sub-Advisor Change to the Masters’ Select Smaller Companies Fund

December 2005

• Masters’ Select Equity Re-opens to New Investor Purchases

October 2005

• Realized Capital Gains as of September 30, 2005

September 2005

• Franklin Mutual Advisers Retained as Masters’ Select Value Fund Sub-Advisor — PRESS RELEASE
• Q&A Regarding the Retention of Franklin Mutual Advisers as Sub-Advisor to the Masters’ Select Value Fund

June 2005

• Masters’ Select Value—Prospectus Supplement
• Masters’ Select International Fund Revised 1099-Div Summary
• Masters’ Select International Fund FAQ Regarding Revised Form 1099-Div.

May 2005

• David Winters Leaves Franklin Mutual

February 2005

• Manager Changes — Masters’ Select International Fund — PRESS RELEASE
• Q&A Regarding Changes to the Masters’ Select International Manager Line-up
• Masters’ Select International Fund—Prospectus Supplement

January 2005

• 2004 Tax Information

October 2004

• Changes at TCW will affect Masters’—Updated 10/29/04
• Masters’ Select International Fund Closing to New Investor Purchases — PRESS RELEASE
• Masters ’ Select Equity Fund Closing to Most New Investor Purchases — PRESS RELEASE
• Masters’ Select International and Select Equity Fund—Prospectus Supplement

September 2004

• Information Statement to Shareholders – Manager Changes

October 2003

• Q&A Regarding Changes to the Masters’ Select Manager Line-up

September 2003

• Ken Gregory’s comments regarding the New York Attorney General's allegations of abuse by numerous fund companies

January 2002

• Masters' Select Unique Concept Supports Active Management — The Evidence: Masters' Select Equity Fund Five-Year Results — PRESS RELEASE

September 2001

• Commentary from Ken Gregory, September 20, 2001

August 2001

• Litman/Gregory letter to shareholders regarding the effect of management changes at Franklin Mutual Advisers on Masters' Select Value Fund.

July 2001

• Litman/Gregory Reviewing Role of Franklin Mutual Advisers in Masters' Select Value Fund

January 2001

• Masters' Select Funds receive accolades from Schwab and Morningstar — PRESS RELEASE

June 2000

• Litman/Gregory Fund Advisors to launch Masters' Select Value Fund — PRESS RELEASE
• Questions and Answers about Masters' Select Value Fund