<PAGE> PAGE 1
000 A000000 06/30/99
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 8009600188
002 A000000 4 ORINDA WAY SUITE 230-D
002 B000000 ORINDA
002 C000000 CA
002 D010000 94563
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, L.L.C.
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
015 B00AA10 S
<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
015 E04AA40 X
<PAGE> PAGE 6
015 A00AA41 BANK OF BERMUDA
015 B00AA41 S
015 C01AA41 HAMILTON
015 D01AA41 BERMUDA
015 E04AA41 X
015 A00AA42 BANQUE PARIBAS
015 B00AA42 S
015 C01AA42 MILAN
015 D01AA42 ITALY
015 E04AA42 X
015 A00AA43 DELETE
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
019 C00AA00 MASTERSSEL
020 A000001 SALOMON SMITH BARNEY, INC.
020 C000001 86
020 A000002 MORGAN STANLEY & CO., INC.
020 C000002 63
020 A000003 GOLDMAN SACHS & CO.
020 C000003 44
020 A000004 BEAR STEARNS SECURITIES CORP.
020 C000004 43
020 A000005 MERRILL LYNCH PIERCE FENNER & SMITH
020 C000005 37
020 A000006 CS FIRST BOSTON CORP.
020 C000006 32
020 A000007 DONALDSON, LUFKIN & JENRETTE SECURITIES
020 C000007 30
020 A000008 J.P. MORGAN SECURITIES, INC.
020 C000008 27
020 A000009 NATIONSBANC MONTGOMERY SECURITIES, LLC
020 C000009 25
020 A000010 INSTINET
020 C000010 24
021 000000 842
022 A000001 STATE STREET BANK & TRUST
022 C000001 2893564
022 D000001 0
022 A000002 HSBC SECURITIES, INC.
022 C000002 164969
022 D000002 0
022 A000003 SALOMON SMITH BARNEY, INC.
022 C000003 10030
022 D000003 8398
022 A000004 DONALDSON, LUFKIN & JENRETTE SECURITIES
022 C000004 6887
022 D000004 9485
022 A000005 MERRILL LYNCH PIERCE FENNER
022 C000005 8084
022 D000005 4446
<PAGE> PAGE 7
022 A000006 LEHMAN BROS, INC.
022 C000006 9171
022 D000006 3271
022 A000007 PRUDENTIAL FUNDING CORP.
022 C000007 11498
022 D000007 0
022 A000008 MORGAN STANLEY & CO., INC.URITIES
022 C000008 3665
022 D000008 7024
022 A000009 GOLDMAN SACHS & CO.
022 C000009 1215
022 D000009 8058
022 A000010 ROBINSON HUMPHREY
022 C000010 349
022 D000010 8657
023 C000000 3145680
023 D000000 79838
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
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
<PAGE> PAGE 8
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
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
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
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 N
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
061 00AA00 1000
062 A00AA00 N
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
077 A000000 Y
077 O000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 ICIM
080 C00AA00 900
081 A00AA00 Y
081 B00AA00 13
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
<PAGE> PAGE 10
086 F010000 0
086 F020000 0
008 A000101 LITMAN/GREGORY FUND ADVISORS LLC
008 B000101 A
008 C000101 801-52710
008 D010101 ORINDA
008 D020101 CA
008 D030101 94563
008 A000102 DAVIS SELECTED ADVISERS LP
008 B000102 S
008 C000102 801-31648
008 D010102 SANTA FE
008 D020102 NM
008 D030102 87504
008 A000103 DELETE
008 A000104 FRIESS ASSOCIATES
008 B000104 S
008 C000104 801-16178
008 D010104 GREENVILLE
008 D020104 DE
008 D030104 19807
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
008 B000106 S
008 C000106 801-5608
008 D010106 NEW YORK
008 D020106 NY
008 D030106 10017
008 A000107 STRONG CAPITAL MANAGEMENT INC
008 B000107 S
008 C000107 801-10724
008 D010107 MENOMONEE FALLS
008 D020107 WI
008 D030107 53201
008 A000108 HARRIS ASSOCIATES, L.P.
008 B000108 S
008 C000108 801-50333
008 D010108 CHICAGO
008 D020108 IL
008 D030108 60602
014 A000101 SHELBY CULLOM DAVIS & CO., L.P.
014 B000101 8-00000000
014 A000102 M.R. BEAL
014 B000102 8-00000000
014 A000103 FULCRUM FINANCIAL ADVISORS
014 B000103 8-00000000
<PAGE> PAGE 11
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 INVESTMENTS, INC.
014 B000108 8-32608
014 A000109 AEW SECURITIES LP
014 B000109 8-00000000
014 A000110 GRAYSTONE PARTNERS, LP
014 B000110 8-00000000
014 A000111 HARRIS ASSOCIATES SECURITIES LP (HALSP)
014 B000111 8-00000000
014 A000112 LOOMIS SAYLES DISTRIBUTORS LP
014 B000112 8-00000000
014 A000113 MET LIFE INSURANCE CO.
014 B000113 8-00000000
014 A000114 MET LIFE SECURITIES, INC.
014 B000114 8-00000000
014 A000115 NATHAN & LEWIS SECURITIES, INC.
014 B000115 8-00000000
014 A000116 NEW ENGLAND SECURITIES, INC.
014 B000116 8-00000000
014 A000117 NEW ENGLAND FUNDS, LP
014 B000117 8-00000000
014 A000118 REICH AND TANG DISTRIBUTORS, INC. (RETA)
014 B000118 8-00000000
014 A000119 SECURITY FIRST FINANCIAL, INC.
014 B000119 8-00000000
014 A000120 STATE STREET RESEARCH INVESTMENT SERVICES INC
014 B000120 8-00000000
014 A000121 METRIC CAPITAL CORP.
014 B000121 8-00000000
024 000100 Y
025 A000101 MORGAN STANLEY DEAN WITTER
025 C000101 E
025 D000101 4613
025 A000102 DELETE
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 5924
028 A020100 0
028 A030100 0
<PAGE> PAGE 12
028 A040100 15452
028 B010100 3998
028 B020100 0
028 B030100 0
028 B040100 13016
028 C010100 5187
028 C020100 0
028 C030100 0
028 C040100 17658
028 D010100 7037
028 D020100 0
028 D030100 0
028 D040100 12754
028 E010100 5783
028 E020100 0
028 E030100 0
028 E040100 14650
028 F010100 5399
028 F020100 0
028 F030100 0
028 F040100 8529
028 G010100 33328
028 G020100 0
028 G030100 0
028 G040100 82059
028 H000100 0
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
<PAGE> PAGE 13
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 194318
071 B000100 245391
071 C000100 386368
071 D000100 50
072 A000100 6
072 B000100 422
072 C000100 2524
072 D000100 0
072 E000100 0
072 F000100 2222
072 G000100 97
072 H000100 0
072 I000100 118
072 J000100 58
072 K000100 0
072 L000100 39
072 M000100 7
072 N000100 25
072 O000100 0
072 P000100 0
072 Q000100 47
072 R000100 12
<PAGE> PAGE 14
072 S000100 8
072 T000100 0
072 U000100 11
072 V000100 0
072 W000100 36
072 X000100 2680
072 Y000100 53
072 Z000100 320
072AA000100 48440
072BB000100 0
072CC010100 32166
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 309
074 B000100 12945
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 423390
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 8093
074 K000100 0
074 L000100 714
074 M000100 68
074 N000100 445519
074 O000100 7206
074 P000100 409
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 250
074 S000100 0
074 T000100 437654
074 U010100 26488
074 U020100 0
074 V010100 16.52
074 V020100 0.00
074 W000100 0.0000
074 X000100 7457
074 Y000100 0
075 A000100 0
075 B000100 407438
<PAGE> PAGE 15
076 000100 0.00
008 A000201 LITMAN/GREGORY FUND ADVISORS LLC
008 B000201 A
008 C000201 801-52710
008 D010201 ORINDA
008 D020201 CA
008 D030201 94563
008 A000202 BEE & ASSOCIATES
008 B000202 S
008 C000202 801-34538
008 D010202 DENVER
008 D020202 CO
008 D030202 80202
008 A000203 JANUS CAPITAL CORP
008 B000203 S
008 C000203 801-13991
008 D010203 DENVER
008 D020203 CO
008 D030203 80206
008 A000204 HARRIS ASSOCIATES LP
008 B000204 S
008 C000204 801-50333
008 D010204 CHICAGO
008 D020204 IL
008 D030204 60602
008 A000205 BPI GLOBAL ASSET MANAGEMENT LLP
008 B000205 S
008 C000205 801-53972
008 D010205 ORLANDO
008 D020205 FL
008 D030205 32810
008 A000206 ARTISAN PARTNERS LP
008 B000206 S
008 C000206 801-48435
008 D010206 MILWAUKEE
008 D020206 WI
008 D030206 53202
014 A000201 AEW SECURITIES LP
014 B000201 8-00000000
014 A000202 FULCRUM FINANCIAL ADVISORS
014 B000202 8-00000000
014 A000203 GRAYSTONE PARTNERS, LP
014 B000203 8-00000000
014 A000204 HARRIS ASSOCIATES SECURITIES LP
014 B000204 8-00000000
014 A000205 LOOMIS SAYLES DISTRIBUTORS LP
014 B000205 8-00000000
014 A000206 MET LIFE INSURANCE CO.
014 B000206 8-00000000
014 A000207 MET LIFE SECURITIES, INC.
014 B000207 8-00000000
<PAGE> PAGE 16
014 A000208 NATHAN & LEWIS SECURITIES, INC.
014 B000208 8-00000000
014 A000209 NEW ENGLAND SECURITIES CORP.
014 B000209 8-00000000
014 A000210 NEW ENGLAND FUNDS, LP
014 B000210 8-00000000
014 A000211 ARTISAN DISTRIBUTORS, LLC
014 B000211 8-00000000
014 A000212 REICH AND TANG DISTRIBUTORS LP
014 B000212 8-00000000
014 A000213 SECURITY FIRST FINANCIAL, INC.
014 B000213 8-00000000
014 A000214 STATE STREET RESEARCH INVESTMENT SERVICES,INC
014 B000214 8-00000000
014 A000215 METRIC CAPITAL CORP
014 B000215 8-00000000
014 A000216 JANUS DISTRIBUTORS, INC.
014 B000216 8-00000000
014 A000217 DST SECURITIES, INC.
014 B000217 8-00000000
024 000200 N
025 A000201 DELETE
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 2998
028 A020200 0
028 A030200 0
028 A040200 3006
028 B010200 1941
028 B020200 0
028 B030200 0
028 B040200 3404
028 C010200 5711
028 C020200 0
028 C030200 0
028 C040200 3699
028 D010200 4247
028 D020200 0
028 D030200 0
028 D040200 3712
028 E010200 8000
028 E020200 0
028 E030200 0
028 E040200 7278
028 F010200 6004
<PAGE> PAGE 17
028 F020200 0
028 F030200 0
028 F040200 3821
028 G010200 28901
028 G020200 0
028 G030200 0
028 G040200 24920
028 H000200 0
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
<PAGE> PAGE 18
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 56475
071 B000200 55886
071 C000200 100654
071 D000200 56
072 A000200 6
072 B000200 121
072 C000200 868
072 D000200 0
072 E000200 0
072 F000200 578
072 G000200 25
072 H000200 0
072 I000200 18
072 J000200 55
072 K000200 0
072 L000200 9
072 M000200 7
072 N000200 18
072 O000200 0
072 P000200 0
072 Q000200 41
072 R000200 12
072 S000200 5
072 T000200 0
072 U000200 4
072 V000200 0
072 W000200 9
072 X000200 781
072 Y000200 59
072 Z000200 267
072AA000200 7006
072BB000200 0
072CC010200 13065
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
<PAGE> PAGE 19
073 C000200 0.0000
074 A000200 260
074 B000200 2157
074 C000200 2400
074 D000200 0
074 E000200 0
074 F000200 113546
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 2733
074 K000200 0
074 L000200 450
074 M000200 205
074 N000200 121751
074 O000200 2000
074 P000200 105
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 107
074 S000200 0
074 T000200 119539
074 U010200 9014
074 U020200 0
074 V010200 13.26
074 V020200 0.00
074 W000200 0.0000
074 X000200 1461
074 Y000200 0
075 A000200 0
075 B000200 105919
076 000200 0.00
SIGNATURE ROBERT SLOTKY
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 341658563
<INVESTMENTS-AT-VALUE> 436334954
<RECEIVABLES> 8807405
<ASSETS-OTHER> 377133
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 445519492
<PAYABLE-FOR-SECURITIES> 7206058
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 659868
<TOTAL-LIABILITIES> 7865926
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 286553967
<SHARES-COMMON-STOCK> 26488162
<SHARES-COMMON-PRIOR> 29872346
<ACCUMULATED-NII-CURRENT> 751921
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 55671525
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 94676153
<NET-ASSETS> 437653566
<DIVIDEND-INCOME> 2524161
<INTEREST-INCOME> 422050
<OTHER-INCOME> 0
<EXPENSES-NET> 2626468
<NET-INVESTMENT-INCOME> 319743
<REALIZED-GAINS-CURRENT> 48439910
<APPREC-INCREASE-CURRENT> 32166258
<NET-CHANGE-FROM-OPS> 80925911
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2270423
<NUMBER-OF-SHARES-REDEEMED> 5654607
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 32195679
<ACCUMULATED-NII-PRIOR> 432178
<ACCUMULATED-GAINS-PRIOR> 7231615
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2222492
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2679567
<AVERAGE-NET-ASSETS> 407438338
<PER-SHARE-NAV-BEGIN> 13.57
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 2.94
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.52
<EXPENSE-RATIO> 1.30
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 95800384
<INVESTMENTS-AT-VALUE> 118102676
<RECEIVABLES> 3182791
<ASSETS-OTHER> 465342
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121750809
<PAYABLE-FOR-SECURITIES> 1999754
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 212112
<TOTAL-LIABILITIES> 2211866
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96036581
<SHARES-COMMON-STOCK> 9013809
<SHARES-COMMON-PRIOR> 8694509
<ACCUMULATED-NII-CURRENT> 266985
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 773771
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22461606
<NET-ASSETS> 119538943
<DIVIDEND-INCOME> 868375
<INTEREST-INCOME> 121200
<OTHER-INCOME> 0
<EXPENSES-NET> 722590
<NET-INVESTMENT-INCOME> 266985
<REALIZED-GAINS-CURRENT> 7005975
<APPREC-INCREASE-CURRENT> 13065352
<NET-CHANGE-FROM-OPS> 20338312
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2346238
<NUMBER-OF-SHARES-REDEEMED> 2026938
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24318665
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 577764
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 781203
<AVERAGE-NET-ASSETS> 105918756
<PER-SHARE-NAV-BEGIN> 10.95
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.26
<EXPENSE-RATIO> 1.38
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Item #77-O
Record of Securities Purchased Under the Rule lOf-
3 Procedures of Masters Select Equity Fund (the
"Fund")
1. Issuer: Proxicom Inc.
2. Date of Purchase: April 20, 1999
3. Purchased for Which Fund: Masters' Select
Equity
4. Adviser/Subadviser Directing Purchase: Strong
Capital Management, Inc.
5. Underwriter from Whom Purchased: BT Alex Brown,
Inc.
6. Name of Affiliated Underwriter* Managing or
Participating in Syndicate:
Prudential Securities, Inc.
7. Aggregate Principal Amount of Purchase:
$296,400
8. Aggregate Principal Amount of Offering:
$58,500,000
9. Purchase Price (net of fees and expenses):
$13.00/share (gross)
10. First Day on Which any Sales in the Offering
were Made: April 20, 1999
11. Lowest Price Paid by Each Other Purchaser of
Securities in the Offering or in any Concurrent
Offering: $13.00/share (gross)
12. Commission, Spread or Profit: 4.0% $0.52 per
share
13. Have the Following Conditions Been Satisfied:
a. The securities are "municipal securities" as
defined in Section 3(a)(29) of the Securities
Exchange Act of 1934? No
b. The securities are part of an issue which is
registered under the Securities Act of 1933: Yes
c. The securities are part of an eligible foreign
offering described in (1)(c) of the Procedures: No
d. The securities are part of an eligible Rule
144A offering described in (1)(d) of the
Procedures: No
e. If the securities are not "municipal
securities," has the issuer of the securities been
in continuous operation for at least three years,
including the operations of any predecessors? Yes
f The purchase price paid did not exceed the
price paid by each other purchaser of securities
in the offering or in any concurrent offering of
the securities, except, in the case of an eligible
foreign offering, for any rights to purchase that
are required by law to be granted to existing
security holders of the issuer (or, if a rights
offering, the securities were purchased on or
before the fourth day preceding the day on which
the rights offering terminated)? Yes
g. The underwriting was a firm commitment
underwriting? Yes
h. The commission, spread or profit was reasonable
and fair in relating to that being received by
others for underwriting similar securities during
the same period? Yes
i. If the securities are municipal securities, has
the issue received an investment grade rating from
an NRSRO; provided , if the issuer or entity
supplying the revenues from which the issue is to
be paid shall have been in existence less than
three years (including any predecessor), has it
received one of the three highest ratings from at
least one such rating service? N/A
j. The amount of such securities purchased by all
of the investment portfolios advised by Strong
Capital Management, Inc. did not (i) if an
offering other than an eligible Rule 144A
Offering, exceed 25% of the principal amount of
the offering, or (ii) if an eligible Rule 144A
offering, exceed 25% of the total of the principal
amount of the offering sold to qualified
institutional buyers plus the principal amount of
the offering in any concurrent public offering?
Yes
k. No affiliated underwriter* was a direct or
indirect participant in the sale? Yes
* As used herein, "affiliated underwriter" means
an officer, director, member of an advisory board,
investment advisor or employee of the Company or a
person of which any such officer, director, member
of an advisory board, investment adviser or
employee is an affiliated person.
