Masters Select Equity Fund Closing

Oct. 4, 2004 — The Masters Select Equity Fund (MSEFX) will close to new investors today and the Masters Select International Fund (MSILX) is close to shutting its doors to new accounts, the funds’ investment advisor said.

Littman/Gregory Fund Advisors LLC, the investment advisor, said it is closing the Equity Fund to keep its assets at a manageable level. The fund had total assets of about $759 million as of Friday, Masters Funds said.

Littman/Gregory said it will close the International Fund when its assets, which totaled about $968 million at the end of September, reach $1 billion.