MASTERS SELECT INVESTMENT TRUST
NSAR-B, 1998-03-16
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004  000000 N
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<PAGE>      PAGE  2
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SIGNATURE   ERIC BANHAZL                                 
TITLE       ASSISTANT TREASURER 
 


              REPORT OF CERTIFIED PUBLIC ACCOUNTANTS

The Board of Trustees 
Masters' Select Funds Trust

In planning and performing our audit of the financial statements of Masters' 
Select Equity Fund and Masters' Select International Fund, separate series 
of Masters' Select Funds Trust for the year ended December 31, 1997, we 
considered its internal control, including controls over safeguarding 
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the 
requirements of Form N-SAR, not to provide assurance on internal co

The management of Masters' Select Funds Trust  is responsible for
 establishing and maintaining internal control.  In fulfilling this
 responsibility, estimates and judgments by management are required to
 assess the expected benefits and related costs of controls.  Generally,
 controls that are relevant to an audit pertain to the entity's objective of
 preparing financial statements for external purposes that are fairly 
presented in conformity with generally accepted accounting principles.
  Those controls inclu

Because of inherent limitations in internal control, errors or irregularities
 may occur and  may not be detected.  Also, projection of any evaluation of
 internal control to future periods is subject to the risk that it may 
become inadequate because of changes in conditions or that the effectiveness
 of the design and operation may deteriorate.

Our consideration of  internal control  would not necessarily disclose all
 matters in  internal control  that might be material weaknesses under 
standards established by the American Institute of Certified Public 
Accountants.  A material weakness is a condition in which the design or
 operation of the specific internal control component does not reduce to a
 relatively low level the risk that errors or irregularities in amounts that
 would be material in relation to the financial statements being audited may
 o
imely period by employees in the normal course of performing their assigned
 functions.  However, we noted no matters involving internal control, 
including controls over  safeguarding securities, that we consider to be
 material weaknesses as defined above as of December 31, 1997.

This report is intended solely for the information and use of management and
 the Securities and Exchange Commission.


                                  McGladrey & Pullen, LLP
New York, New York
February 13, 1998




<TABLE> <S> <C>

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<RESTATED> 
<CIK> 0001020425
<NAME> MASTERS SELECT FUNDS TRUST
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   <NUMBER> 1
   <NAME> MASTERS SELECT EQUITY FUND
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
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<NAME> MASTERS SELECT FUNDS TRUST
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   <NAME> MASTERS SELECT INTERNATIONAL FUND
<MULTIPLIER> 1
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<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.88
<EXPENSE-RATIO>                                   1.71
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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