0000894189-05-001104 Sample Contracts

MASTERS’ SELECT SMALLER COMPANIES FUND MASTERS’ SELECT FUNDS TRUST INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 29th, 2005 • Masters Select Funds Trust • California

THIS INVESTMENT SUB-ADVISORY AGREEMENT is made as of the close of business on the ____ day of December 2004 by and between LITMAN/GREGORY FUND ADVISORS, LLC (the “Advisor”) and Wells Capital Management, Incorporated (the “Sub-Advisor”).

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LITMAN/GREGORY FUND ADVISORS, LLC LITMAN/GREGORY ASSET MANAGEMENT, LLC Code of Ethics (as amended January 20, 2005)
Quarterly Transactions Report • April 29th, 2005 • Masters Select Funds Trust

This Code governs the activities of all of the Company’s Employees. It is important that you understand your reporting obligations under this Code.

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