<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 1020425
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MASTERS SELECT INVESTMENT TRUST
001 B000000 811-07763
001 C000000 5102548999
002 A000000 4 ORINDA WAY, STE 230-D
002 B000000 ORINDA
002 C000000 CA
002 D010000 94563
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 MASTERS' SELECT EQUITY FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 LITMAN/GREGORY FUND ADVISORS, LLC
008 B00AA01 A
008 C00AA01 801-07763
008 D01AA01 ORINDA
008 D02AA01 CA
008 D03AA01 94563
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION CORPORATION
010 C01AA01 GLENDORA
010 C02AA01 CA
010 C03AA01 91741
011 A00AA01 FIRST FUND DISTRIBUTORS, INC.
011 B00AA01 8-42809
011 C01AA01 PHOENIX
011 C02AA01 AZ
011 C03AA01 85018
012 A00AA01 NATIONAL FINANCIAL DATA SERVICES
012 B00AA01 84-00000
<PAGE> PAGE 2
012 C01AA01 KANSAS CITY
012 C02AA01 MI
012 C03AA01 64105
013 A00AA01 MCGLADREY & PULLEN, LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10017
015 A00AA01 STATE STREET BANK & TRUST CO.
015 B00AA01 C
015 C01AA01 NORTH QUINCY
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
019 C00AA00 MASTERS'
020 A000001 MORGAN STANLEY & CO
020 C000001 53
020 A000002 PEREGRINE BROKERAGE
020 C000002 42
020 A000003 SMITH BARNEY, INC.
020 C000003 34
020 A000004 RAYMOND JAMES & ASSOC.
020 C000004 27
020 A000005 CROSBY SECURITIES
020 C000005 21
020 A000006 BEAR, STEARNS, SECURITIES
020 C000006 17
020 A000007 KIM. ENG. SEC.
020 C000007 17
020 A000008 INSTINET
020 C000008 16
020 A000009 DONALDSON LUFKIN
020 C000009 15
020 A000010 FAHNESTOCK + CO
020 C000010 15
021 000000 257
022 A000001 STATE STREET BANK
022 C000001 1905587
022 D000001 1839010
022 A000002 PAINE WEBBER INCORPORATED
022 C000002 89454
022 D000002 6470
022 A000003 GOLDMAN SACHS
022 C000003 15529
022 D000003 7895
022 A000004 MORGAN STANLEY AND CO.
022 C000004 5473
022 D000004 2597
022 A000005 FED BUY
<PAGE> PAGE 3
022 C000005 24036
022 D000005 0
022 A000006 PENNSYLVANIA GROUP
022 C000006 17976
022 D000006 0
022 A000007 DONALDSON LUFKIN
022 C000007 2740
022 D000007 335
022 A000008 SALOMON BROTHERS INC.
022 C000008 4141
022 D000008 4799
022 A000009 UNIVERSITY EQUITIES
022 C000009 13982
022 D000009 0
022 A000010 CS FIRST BOSTON CORP.
022 C000010 4873
022 D000010 2389
023 C000000 2155149
023 D000000 1988492
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A01AA00 11610
028 A02AA00 0
028 A03AA00 0
028 A04AA00 30
028 B01AA00 3145
028 B02AA00 0
028 B03AA00 0
028 B04AA00 90
028 C01AA00 1421
028 C02AA00 0
028 C03AA00 0
028 C04AA00 223
028 D01AA00 964
<PAGE> PAGE 4
028 D02AA00 0
028 D03AA00 0
028 D04AA00 259
028 E01AA00 526
028 E02AA00 0
028 E03AA00 0
028 E04AA00 124
028 F01AA00 917
028 F02AA00 0
028 F03AA00 0
028 F04AA00 82
028 G01AA00 18583
028 G02AA00 0
028 G03AA00 0
028 G04AA00 808
028 H00AA00 0
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 1.100
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
<PAGE> PAGE 5
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
058 B00AA00 N
058 C00AA00 N
058 D00AA00 N
058 E00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 5000
062 A00AA00 N
<PAGE> PAGE 6
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 Y
070 K01AA00 N
<PAGE> PAGE 7
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 Y
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
071 A00AA00 258780
071 B00AA00 91924
071 C00AA00 29761
071 D00AA00 63
072 A00AA00 6
072 B00AA00 997
072 C00AA00 649
072 D00AA00 0
072 E00AA00 0
072 F00AA00 818
072 G00AA00 61
072 H00AA00 0
072 I00AA00 86
072 J00AA00 70
072 K00AA00 0
072 L00AA00 7
072 M00AA00 7
072 N00AA00 12
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 0
072 R00AA00 6
072 S00AA00 8
072 T00AA00 0
072 U00AA00 11
072 V00AA00 58
072 W00AA00 0
072 X00AA00 1144
072 Y00AA00 44
072 Z00AA00 546
072AA00AA00 553
072BB00AA00 0
072CC01AA00 22161
072CC02AA00 0
072DD01AA00 0
072DD02AA00 0
<PAGE> PAGE 8
072EE00AA00 0
073 A01AA00 0.0000
073 A02AA00 0.0000
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 5
074 B00AA00 15169
074 C00AA00 514
074 D00AA00 0
074 E00AA00 2261
074 F00AA00 185187
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 2307
074 K00AA00 0
074 L00AA00 137
074 M00AA00 0
074 N00AA00 205580
074 O00AA00 738
074 P00AA00 0
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 165
074 S00AA00 0
074 T00AA00 204677
074 U01AA00 17752
074 U02AA00 0
074 V01AA00 11.53
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 5553
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 151152
076 00AA00 0.00
077 A000000 N
078 000000 N
080 A00AA00 ICIM
080 C00AA00 900
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
<PAGE> PAGE 9
085 B00AA00 N
086 A01AA00 0
086 A02AA00 0
086 B01AA00 0
086 B02AA00 0
086 C01AA00 0
086 C02AA00 0
086 D01AA00 0
086 D02AA00 0
086 E01AA00 0
086 E02AA00 0
086 F01AA00 0
086 F02AA00 0
SIGNATURE ERIC M. BANHAZL
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0001020425
<NAME> MASTERS SELECT INVESTMENT TRUST
<SERIES>
<NUMBER> 1
<NAME> MASTERS SELECT EQUITY FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> DEC-31-1996
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 181038204
<INVESTMENTS-AT-VALUE> 203132019
<RECEIVABLES> 2306731
<ASSETS-OTHER> 136160
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 205580089
<PAYABLE-FOR-SECURITIES> 737694
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 165745
<TOTAL-LIABILITIES> 903439
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 181416382
<SHARES-COMMON-STOCK> 17751672
<SHARES-COMMON-PRIOR> 10000
<ACCUMULATED-NII-CURRENT> 546444
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 552913
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22160911
<NET-ASSETS> 204676650
<DIVIDEND-INCOME> 996549
<INTEREST-INCOME> 649042
<OTHER-INCOME> 0
<EXPENSES-NET> 10991947
<NET-INVESTMENT-INCOME> 546444
<REALIZED-GAINS-CURRENT> 551913
<APPREC-INCREASE-CURRENT> 22160911
<NET-CHANGE-FROM-OPS> 23260268
<EQUALIZATION> 1
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18549293
<NUMBER-OF-SHARES-REDEEMED> 807621
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 204576650
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 818335
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1146039
<AVERAGE-NET-ASSETS> 151152000
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 1.50
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.53
<EXPENSE-RATIO> 1.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
