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Masters' Select Smaller Companies Fund Appropriate Benchmarks

The Fund’s primary performance benchmark is the Russell 2000 Index. This index measures the performance of the 2,000 smallest companies in the Russell 3000 Index and represents approximately 8% of the total market capitalization of the Russell 3000 Index. We also compare the Fund to the performance of the Lipper Small Cap Core Fund Index, which is an index of mutual funds. The index is composed of funds that, by prospectus or portfolio practice, invest at least 75% of their equity assets in companies with a market capitalization (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index.



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