<PAGE> PAGE 1
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002 C000000 CA
002 D010000 94563
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004 000000 N
005 000000 N
006 000000 N
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007 B000000 2
007 C010100 1
007 C020100 MASTERS' SELECT EQUITY FUND
007 C030100 N
007 C010200 2
007 C020200 MASTERS' SELECT INTERNATIONAL FUND
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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, L.L.C.
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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
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015 C01AA07 ZURICH
015 D01AA07 SWITZERLAND
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015 A00AA08 HONG KONG SHANGHAI
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015 C01AA08 SHANGHAI
015 D01AA08 CHINA
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015 A00AA09 HONG KONG SHANGHAI
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015 C01AA09 SHENZHEN
015 D01AA09 CHINA
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<PAGE> PAGE 3
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015 D01AA10 GERMANY
015 E04AA10 X
015 A00AA11 DEN DANSKE BANK
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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
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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
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<PAGE> PAGE 4
015 D01AA20 IRELAND
015 E04AA20 X
015 A00AA21 SUMITOMO
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015 C01AA21 TOKYO
015 D01AA21 JAPAN
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015 A00AA22 FUJI KABUTO CUSTODY AND PROXY
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015 D01AA23 CHINA
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015 A00AA24 CITIBANK
015 B00AA24 S
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015 A00AA25 STANDARD CHARTERED
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015 C01AA25 KUALA LUMPUR
015 D01AA25 MALAYSIA
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015 A00AA26 MEESPIERSON N.V. AMSTERDAM
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015 C01AA26 AMSTERDAM
015 D01AA26 NETHERLANDS
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015 C01AA27 OSLO
015 D01AA27 NORWAY
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015 A00AA28 ANZ
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015 D01AA28 NEW ZEALAND
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<PAGE> PAGE 5
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015 D01AA31 ENGLAND
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015 A00AA32 DEUTSCHE BANK
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015 D01AA32 PAKISTAN
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015 D01AA33 PORTUGAL
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015 A00AA34 SKANDINAVISKA ENSKIL
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015 C01AA34 STOCKHOLM
015 D01AA34 SWEDEN
015 E04AA34 X
015 A00AA35 DBS LIMITED
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015 D01AA35 SINGAPORE
015 E04AA35 X
015 A00AA36 CESKOSLOVENSAK OBCHONDNA BANKA
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015 D01AA36 SLOVAK REPUBLIC
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<PAGE> PAGE 6
015 A00AA41 BANK OF BERMUDA
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020 A000005 CS FIRST BOSTON CORPORATION
020 C000005 74
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020 C000006 69
020 A000007 BERNSTEIN SANFORD & CO.
020 C000007 58
020 A000008 MORGAN, J.P., SECURITIES INC.
020 C000008 54
020 A000009 WEEDEN & CO.
020 C000009 51
020 A000010 ABN AMRO CORP.
020 C000010 48
021 000000 1870
022 A000001 STATE STREET BANK & TRUST
022 C000001 7126532
022 D000001 0
022 A000002 HSBC
022 C000002 413828
022 D000002 0
022 A000003 PAINE WEBBER INCORPORATED
022 C000003 74403
022 D000003 10869
022 A000004 GOLDMAN SACHS & CO
022 C000004 35906
022 D000004 4524
022 A000005 SALOMON SMITH BARNEY INC.
022 C000005 24067
022 D000005 10983
<PAGE> PAGE 7
022 A000006 MORGAN STANLEY AND CO., INC.
022 C000006 6392
022 D000006 15378
022 A000007 LEWCO SECURITIES INC
022 C000007 9985
022 D000007 6159
022 A000008 NATIONSBANC MONTGOMERY SECURITIES
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022 D000008 4332
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040 00AA00 N
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<PAGE> PAGE 8
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054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
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
<PAGE> PAGE 9
058 E00AA00 N
059 00AA00 N
060 A00AA00 Y
060 B00AA00 Y
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<PAGE> PAGE 10
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008 D010101 ORINDA
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008 D030101 94563
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<PAGE> PAGE 11
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<PAGE> PAGE 12
014 A000119 SECURITY FIRST FINANCIAL, INC.
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<PAGE> PAGE 13
052 000100 N
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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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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE ROBERT SLOTKY
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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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, 1998, we
considered its internal control, including control activities for
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 in
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 include the
safeguarding of assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and 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 one
or more of the internal control components does not reduce to a relatively
low level the risk that misstatements caused by error or fraud in amounts
that would be material in relation to the financial statements be
and not be detected within a timely period by employees in the normal course
of performing their assigned functions. However, we noted no matters involvi
ng internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees of Masters' Select Funds Trust, and the Securities and
Exchange Commission.
McGladrey & Pullen, LLP
New York, New York
February 12, 1999
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