MASTERS SELECT EQUITY FUND, N-18F1, 1996-12-20

MASTERS SELECT EQUITY FUND
N-18F1, 1996-12-20

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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  Form N-18F-1

                    NOTIFICATION OF ELECTION PURSUANT TO RULE
                    18f-1 UNDER THE INVESTMENT COMPANY ACT OF
                                      1940.


                        MASTERS' SELECT INVESTMENT TRUST

                            NOTIFICATION OF ELECTION

         The undersigned  registered open-end investment company hereby notifies
the Securities and Exchange Commission that it elects to commit itself to pay in
cash all  redemptions by a shareholder of record as provided by Rule 18f-1 under
the  Investment  Company Act of 1940.  It is  understood  that this  election is
irrevocable  while such Rule is in effect  unless the  Commission  by order upon
application permits the withdrawal of this Notification of Election.

                                    SIGNATURE

         Pursuant to the requirements of Rule 18f-1 under the Investment Company
Act of 1940, the registrant has caused this  notification of election to be duly
executed  on its behalf in the city of  Phoenix  and the state of Arizona on the
20th day of December, 1996.

                                                MASTERS' SELECT INVESTMENT TRUST


                                                BY /s/ Robert H. Wadsworth
                                                  --------------------------
                                                       Robert H. Wadsworth
                                                       Assistant Secretary

Attest:/s/ Steven J. Paggioli
       -------------------------
         Assistant Secretary