Christopher Davis
Kenneth Feinberg
Davis Selected Advisers, L.P.
2949 East Elvira Road, Suite 101
Tucson, AZ 85706

Christopher C. Davis and Kenneth Feinberg are the co-portfolio managers for the segment of the Fund’s assets managed by Davis Selected Advisers, L.P. (“Davis Advisers”). Davis joined Davis Advisers in 1991, and began his tenure as a portfolio-manager of the Davis New York Venture Fund in 1995. Before joining Davis Advisers, Davis was an associate at Tanaka Capital Management. Feinberg joined the firm in 1994 and was named co-manager of the Davis New York Venture Fund in 1998. Their investment approached has been strongly influenced by working closely with veteran investor Shelby Davis. Davis Advisers has been an investment manager to Masters’ Select Equity Fund since its inception in 1996 and Masters’ Select Focused Opportunities Fund since its inception in June 2006.

In performing its investment advisory services, Davis Advisers, while remaining ultimately responsible for its segment of the Fund’s assets, is able to draw on the portfolio management, research and market expertise of its affiliates (including Davis Selected Advisers-NY, Inc.).

Approximately 20% of the Equity Fund's assets and one-third of the Focused Opportunities Fund’s assets are managed by Davis and Feinberg. They invest primarily in large companies, using a strategy that takes into account both growth and value. This approach is often referred to as "growth at a reasonable price". Davis and Feinberg prefer high-quality companies as evidenced by some or all of the following:

	Solid top-line (revenue) and unit growth
	Management with significant ownership stake in the business
	Strategically positioned for the long term
	Participation in an industry that is capable of earning a good return on capital
	Global presence and recognition
	Low-cost operations

Davis and Feinberg often seek to buy companies exhibiting some or all of these characteristics at attractive prices. Positions are built strategically when companies can be purchased at strong discounts to intrinsic value.

References to other mutual funds should not be deemed an offer to sell or solicitation of an offer to buy shares of such funds.