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

• Contract Type
  Investment Sub-Advisory Agreement
• Filed
  April 29th, 2005
• Company
  Masters Select Funds Trust
• Jurisdiction
  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”).

LITMAN/GREGORY FUND ADVISORS, LLC LITMAN/GREGORY ASSET MANAGEMENT, LLC Code of Ethics (as amended January 20, 2005)

Code of Ethics • April 29th, 2005 • Masters Select Funds Trust

• Contract Type
  Code of Ethics
• Filed
  April 29th, 2005
• Company
  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.