<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 0001020425
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 FUNDS TRUST
001 B000000 811-007763
001 C000000 6268521033
002 A000000 2020 E FINANCIAL WAY STE 100
002 B000000 GLENDORA
002 C000000 CA
002 D010000 91741
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 MASTERS' SELECT EQUITY FUND
007 C030100 N
007 C010200 2
007 C020200 MASTERS' SELECT INTERNATIONAL FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION CORP.
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 84-1078
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 MCGLADREY & PULLEN LLP
<PAGE> PAGE 2
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
015 A00AA02 CITIBANK N.A.
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 WESTPAC NOMINEES
015 B00AA03 S
015 C01AA03 SYDNEY
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 GENERAL DE BANQUE
015 B00AA04 S
015 C01AA04 BRUSSELS
015 D01AA04 BELGIUM
015 E04AA04 X
015 A00AA05 CITIBANK N.A.
015 B00AA05 S
015 C01AA05 SAO PAULO
015 D01AA05 BRAZIL
015 E04AA05 X
015 A00AA06 CANADA TRUST
015 B00AA06 S
015 C01AA06 TORONTO
015 D01AA06 CANADA
015 E04AA06 X
015 A00AA07 UNION BANK
015 B00AA07 S
015 C01AA07 ZURICH
015 D01AA07 SWITZERLAND
015 E04AA07 X
015 A00AA08 HONG KONG SHANGHAI
015 B00AA08 S
015 C01AA08 SHANGHAI
015 D01AA08 CHINA
015 E04AA08 X
015 A00AA09 HONG KONG SHANGHAI
015 B00AA09 S
015 C01AA09 SHENZHEN
015 D01AA09 CHINA
015 E04AA09 X
015 A00AA10 DRESDNER BANK
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<PAGE> PAGE 3
015 C01AA10 FRANKFURT
015 D01AA10 GERMANY
015 E04AA10 X
015 A00AA11 DEN DANSKE BANK
015 B00AA11 S
015 C01AA11 COPENHAGEN
015 D01AA11 DENMARK
015 E04AA11 X
015 A00AA12 NATIONAL BANK
015 B00AA12 S
015 C01AA12 CAIRO
015 D01AA12 EGYPT
015 E04AA12 X
015 A00AA13 BANCO SANTANDER
015 B00AA13 S
015 C01AA13 MADRID
015 D01AA13 SPAIN
015 E04AA13 X
015 A00AA14 MERITA BANK
015 B00AA14 S
015 C01AA14 HELSINKI
015 D01AA14 FINLAND
015 E04AA14 X
015 A00AA15 PARIBAS
015 B00AA15 S
015 C01AA15 PARIS
015 D01AA15 FRANCE
015 E04AA15 X
015 A00AA16 NATIONAL BANK OF GREECE
015 B00AA16 S
015 C01AA16 ATHENS
015 D01AA16 GREECE
015 E04AA16 X
015 A00AA17 STANDARD CHARTER
015 B00AA17 S
015 C01AA17 HONG KONG
015 D01AA17 CHINA
015 E04AA17 X
015 A00AA18 CITIBANK, BUDAPEST
015 B00AA18 S
015 C01AA18 BUDAPEST
015 D01AA18 HUNGARY
015 E04AA18 X
015 A00AA19 STANDARD CHARTERED
015 B00AA19 S
015 C01AA19 JAKARTA
015 D01AA19 INDONESIA
015 E04AA19 X
015 A00AA20 BANK OF IRELAND
015 B00AA20 S
015 C01AA20 DUBLIN
<PAGE> PAGE 4
015 D01AA20 IRELAND
015 E04AA20 X
015 A00AA21 SUMITOMO
015 B00AA21 S
015 C01AA21 TOKYO
015 D01AA21 JAPAN
015 E04AA21 X
015 A00AA22 FUJI KABUTO CUSTODY AND PROXY
015 B00AA22 S
015 C01AA22 TOKYO
015 D01AA22 JAPAN
015 E04AA22 X
015 A00AA23 HONG KONG AND SHANGHAI BANKING
015 B00AA23 S
015 C01AA23 HONG KONG
015 D01AA23 CHINA
015 E04AA23 X
015 A00AA24 CITIBANK
015 B00AA24 S
015 C01AA24 MEXICO CITY
015 D01AA24 MEXICO
015 E04AA24 X
015 A00AA25 STANDARD CHARTERED
015 B00AA25 S
015 C01AA25 KUALA LUMPUR
015 D01AA25 MALAYSIA
015 E04AA25 X
015 A00AA26 MEESPIERSON N.V. AMSTERDAM
015 B00AA26 S
015 C01AA26 AMSTERDAM
015 D01AA26 NETHERLANDS
015 E04AA26 X
015 A00AA27 CHRISTIANA BANK
015 B00AA27 S
015 C01AA27 OSLO
015 D01AA27 NORWAY
015 E04AA27 X
015 A00AA28 ANZ
015 B00AA28 S
015 C01AA28 WELLINGTON
015 D01AA28 NEW ZEALAND
015 E04AA28 X
015 A00AA29 CITIBANK, LIMA
015 B00AA29 S
015 C01AA29 LIMA
015 D01AA29 PERU
015 E04AA29 X
015 A00AA30 STANDARD CHARTER
015 B00AA30 S
015 C01AA30 MANILA
015 D01AA30 PHILIPPINES
<PAGE> PAGE 5
015 E04AA30 X
015 A00AA31 SSB PHYSICAL
015 B00AA31 S
015 C01AA31 LONDON
015 D01AA31 ENGLAND
015 E04AA31 X
015 A00AA32 DEUTSCHE BANK
015 B00AA32 S
015 C01AA32 KARACHI
015 D01AA32 PAKISTAN
015 E04AA32 X
015 A00AA33 BANCO COMERCIAL
015 B00AA33 S
015 C01AA33 LISBON
015 D01AA33 PORTUGAL
015 E04AA33 X
015 A00AA34 SKANDINAVISKA ENSKIL
015 B00AA34 S
015 C01AA34 STOCKHOLM
015 D01AA34 SWEDEN
015 E04AA34 X
015 A00AA35 DBS LIMITED
015 B00AA35 S
015 C01AA35 SINGAPORE
015 D01AA35 SINGAPORE
015 E04AA35 X
015 A00AA36 CESKOSLOVENSAK OBCHONDNA BANKA
015 B00AA36 S
015 C01AA36 BRATISLAVA
015 D01AA36 SLOVAK REPUBLIC
015 E04AA36 X
015 A00AA37 STANDARD CHARTERED
015 B00AA37 S
015 C01AA37 BANGKOK
015 D01AA37 THAILAND
015 E04AA37 X
015 A00AA38 CITIBANK TURKEY N.A.
015 B00AA38 S
015 C01AA38 ISTANBUL
015 D01AA38 TURKEY
015 E04AA38 X
015 A00AA39 STANDARD BANK OF SOUTH AFRICA
015 B00AA39 S
015 C01AA39 JOHANNESBURG
015 D01AA39 SOUTH AFRICA
015 E04AA39 X
015 A00AA40 ERSTE BANK
015 B00AA40 S
015 C01AA40 VIENNA
015 D01AA40 AUSTRIA
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<PAGE> PAGE 6
015 A00AA41 BANK OF BERMUDA
015 B00AA41 S
015 C01AA41 HAMILTON
015 D01AA41 BERMUDA
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015 A00AA42 BANQUE PARIBAS
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015 C01AA42 MILAN
015 D01AA42 ITALY
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018 00AA00 Y
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019 C00AA00 MASTERSSEL
020 A000001 CS FIRST BOSTON CORPORATION
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020 A000002 GOLDMAN SACHS & CO
020 C000002 48
020 A000003 INSTINET
020 C000003 42
020 A000004 SBC WARBURG DILLON READ INC.
020 C000004 32
020 A000005 MORGAN, J.P., SECURITIES INC.
020 C000005 30
020 A000006 LEHMAN BROS INC.
020 C000006 28
020 A000007 SMITH BARNEY INC.
020 C000007 27
020 A000008 MORGAN STANLEY AND CO, INC.
020 C000008 26
020 A000009 FAHNESTOCK & CO
020 C000009 17
020 A000010 FLEMINGS
020 C000010 17
021 000000 701
022 A000001 STATE STREET BANK & TRUST
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022 A000002 HSBC
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022 A000003 PAINE WEBBER INCORPORATED
022 C000003 60068
022 D000003 3348
022 A000004 GOLDMAN SACHS & CO
022 C000004 26607
022 D000004 1184
022 A000005 SMITH BARNEY INC.
022 C000005 5454
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<PAGE> PAGE 7
022 A000006 CREDIT SUISSE
022 C000006 9415
022 D000006 0
022 A000007 MORGAN STANLEY AND CO, INC
022 C000007 6382
022 D000007 2669
022 A000008 LEHMAN BROS. INC.
022 C000008 6957
022 D000008 212
022 A000009 DLJ
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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
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042 F00AA00 0
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<PAGE> PAGE 8
043 00AA00 0
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045 00AA00 Y
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054 L00AA00 N
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054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
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058 B00AA00 N
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058 D00AA00 N
<PAGE> PAGE 9
058 E00AA00 N
059 00AA00 N
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077 A000000 N
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008 B000101 A
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008 D010101 ORINDA
008 D020101 CA
008 D030101 94563
008 A000102 DAVIS SELECTED ADVISERS LP
008 B000102 S
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008 D030103 10020
008 A000104 FRIESS ASSOCIATES
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<PAGE> PAGE 10
008 A000105 SOUTHEASTERN ASSET MANAGEMENT
008 B000105 S
008 C000105 801-11123
008 D010105 MEMPHIS
008 D020105 TN
008 D030105 38119
008 A000106 JENNISON ASSOCIATES CAPITAL CORPORATION
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008 D030106 10017
008 A000107 STRONG CAPITAL MANAGEMENT INC
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008 D010107 MENOMONEE FALLS
008 D020107 WI
008 D030107 53201
014 A000101 SG COWEN SECURITIES CORP
014 B000101 8-22522
014 A000102 CROSBY SECURITIES
014 B000102 8-00000000
014 A000103 FRANKEL POLLACK
014 B000103 8-00000000
014 A000104 PRUDENTIAL INVESTMENT MANAGEMENT SERVICES
014 B000104 8-36540
014 A000105 PRUCO SECURITIES CORPORATION
014 B000105 8-16402
014 A000106 PRUDENTIAL SECURITIES INCORPORATED
014 B000106 8-27154
014 A000107 WEXFORD CLEARING CORPORATION
014 B000107 8-48636
014 A000108 STRONG FUNDS DISTRIBUTORS, INC.
014 B000108 8-32608
024 000100 Y
025 A000101 MERRILL LYNCH & CO. INC.
025 B000101 13-5674005
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<PAGE> PAGE 11
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049 000100 N
050 000100 N
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052 000100 N
053 A000100 N
066 A000100 Y
066 B000100 N
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066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
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<PAGE> PAGE 12
070 F020100 N
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE ROBERT SLOTKY
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001020425
<NAME> MASTERS' SELECT FUNDS 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> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 356874516
<INVESTMENTS-AT-VALUE> 405310691
<RECEIVABLES> 7866087
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<TOTAL-ASSETS> 414196817
<PAYABLE-FOR-SECURITIES> 5456561
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<OTHER-ITEMS-LIABILITIES> 886887
<TOTAL-LIABILITIES> 6343448
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<PAID-IN-CAPITAL-COMMON> 338143653
<SHARES-COMMON-STOCK> 30180607
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 239882
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20303749
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 49166085
<NET-ASSETS> 407853369
<DIVIDEND-INCOME> 1823523
<INTEREST-INCOME> 887859
<OTHER-INCOME> 0
<EXPENSES-NET> 2471500
<NET-INVESTMENT-INCOME> 239882
<REALIZED-GAINS-CURRENT> 20178257
<APPREC-INCREASE-CURRENT> 25374175
<NET-CHANGE-FROM-OPS> 45792312
<EQUALIZATION> 1
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7707941
<NUMBER-OF-SHARES-REDEEMED> 2590756
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 110977558
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1973234
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2473529
<AVERAGE-NET-ASSETS> 324772150
<PER-SHARE-NAV-BEGIN> 11.84
<PER-SHARE-NII> .01
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<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.51
<EXPENSE-RATIO> 1.37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001020425
<NAME> MASTERS' SELECT FUNDS TRUST
<SERIES>
<NUMBER> 2
<NAME> MASTERS' SELECT INTERNATIONAL FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 98904444
<INVESTMENTS-AT-VALUE> 103831892
<RECEIVABLES> 934056
<ASSETS-OTHER> 84561
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104850509
<PAYABLE-FOR-SECURITIES> 457716
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 427180
<TOTAL-LIABILITIES> 884896
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95928602
<SHARES-COMMON-STOCK> 9151889
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 639128
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2470231
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4927652
<NET-ASSETS> 103965613
<DIVIDEND-INCOME> 1098795
<INTEREST-INCOME> 160811
<OTHER-INCOME> 0
<EXPENSES-NET> 620478
<NET-INVESTMENT-INCOME> 639128
<REALIZED-GAINS-CURRENT> 2470231
<APPREC-INCREASE-CURRENT> 5354417
<NET-CHANGE-FROM-OPS> 8463776
<EQUALIZATION> 1
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4837840
<NUMBER-OF-SHARES-REDEEMED> 334181
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 58031449
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 445573
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 650389
<AVERAGE-NET-ASSETS> 72292131
<PER-SHARE-NAV-BEGIN> 9.88
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 1.41
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.36
<EXPENSE-RATIO> 1.54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
