<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0001020425
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 6.1
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 PRICEWATERHOUSECOOPERS LLP
<PAGE> PAGE 2
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
015 A00AA01 STATE STREET BANK & TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
015 A00AA02 CITIBANK N.A.
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 WESTPAC BANKING CORP.
015 B00AA03 S
015 C01AA03 SYDNEY
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN A
015 B00AA04 S
015 C01AA04 AUSTRIA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 HSBC BANK MIDDLE EAST
015 B00AA05 S
015 C01AA05 BAHRAIN
015 D01AA05 BAHRAIN
015 E04AA05 X
015 A00AA06 STANDARD CHARTERED BANK
015 B00AA06 S
015 C01AA06 BANGLADESH
015 D01AA06 BANGLADESH
015 E04AA06 X
015 A00AA07 FORTIS BANK NV/AS.
015 B00AA07 S
015 C01AA07 BRUSSELS
015 D01AA07 BELGIUM
015 E04AA07 X
015 A00AA08 THE BANK OF BERMUDA LIMITED
015 B00AA08 S
015 C01AA08 BERMUDA
015 D01AA08 BERMUDA
015 E04AA08 X
015 A00AA09 CITIBANK, N.A.
015 B00AA09 S
015 C01AA09 BOLIVIA
015 D01AA09 BOLIVIA
015 E04AA09 X
015 A00AA10 BARCLAYS BANK OF BOSTWANA LIMITED
015 B00AA10 S
<PAGE> PAGE 3
015 C01AA10 BOTSWANA
015 D01AA10 BOTSWANA
015 E04AA10 X
015 A00AA11 CITIBANK, N.A.
015 B00AA11 S
015 C01AA11 BRAZIL
015 D01AA11 BRAZIL
015 E04AA11 X
015 A00AA12 ING BANK N.V.
015 B00AA12 S
015 C01AA12 BULGARIA
015 D01AA12 BULGARIA
015 E04AA12 X
015 A00AA13 STATE STREET TRUST COMPANY CANADA
015 B00AA13 S
015 C01AA13 CANADA
015 D01AA13 CANADA
015 E04AA13 X
015 A00AA14 CITIBANK, N.A.
015 B00AA14 S
015 C01AA14 CHILE
015 D01AA14 CHILE
015 E04AA14 X
015 A00AA15 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B00AA15 S
015 C01AA15 SHANGHAI
015 D01AA15 CHINA
015 E04AA15 X
015 A00AA16 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B00AA16 S
015 C01AA16 SHENZHEN
015 D01AA16 CHINA
015 E04AA16 X
015 A00AA17 CITITRUST COLOMBIA S.A.
015 B00AA17 S
015 C01AA17 COLOMBIA
015 D01AA17 COLOMBIA
015 E04AA17 X
015 A00AA18 BANCO BCT S.A.
015 B00AA18 S
015 C01AA18 COSTA RICA
015 D01AA18 COSTA RICA
015 E04AA18 X
015 A00AA19 PRIVREDNA BANKA ZAGREB D.D.
015 B00AA19 S
015 C01AA19 CROATIA
015 D01AA19 CROATIA
015 E04AA19 X
015 A00AA20 THE CYPRUS POPULAR BANK LTD
015 B00AA20 S
015 C01AA20 CYPRUS
<PAGE> PAGE 4
015 D01AA20 CYPRUS
015 E04AA20 X
015 A00AA21 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B00AA21 S
015 C01AA21 CZECH REPUBLIC
015 D01AA21 CZECH REPUBLIC
015 E04AA21 X
015 A00AA22 DEN DANSKE BANK
015 B00AA22 S
015 C01AA22 COPENHAGEN
015 D01AA22 DENMARK
015 E04AA22 X
015 A00AA23 CITIBANK, N.A.
015 B00AA23 S
015 C01AA23 ECUADOR
015 D01AA23 ECUADOR
015 E04AA23 X
015 A00AA24 EGYPTIAL BRITISH BANK
015 B00AA24 S
015 C01AA24 EGYPT
015 D01AA24 EGYPT
015 E04AA24 X
015 A00AA25 HANSABANK
015 B00AA25 S
015 C01AA25 ESTONIA
015 D01AA25 ESTONIA
015 E04AA25 X
015 A00AA26 MERITA BANK PLC
015 B00AA26 S
015 C01AA26 HELSINKI
015 D01AA26 FINLAND
015 E04AA26 X
015 A00AA27 PARIBAS, S.A.
015 B00AA27 S
015 C01AA27 PARIS
015 D01AA27 FRANCE
015 E04AA27 X
015 A00AA28 DRESDNER BANK AG
015 B00AA28 S
015 C01AA28 GERMANY
015 D01AA28 GERMANY
015 E04AA28 X
015 A00AA29 BARCLAYS BANK OF GHANA LIMITED
015 B00AA29 S
015 C01AA29 GHANA
015 D01AA29 GHANA
015 E04AA29 X
015 A00AA30 NATIONAL BANK OF GREECE S.A.
015 B00AA30 S
015 C01AA30 ATHENS
015 D01AA30 GREECE
<PAGE> PAGE 5
015 E04AA30 X
015 A00AA31 STANDARD CHARTERED BANK
015 B00AA31 S
015 C01AA31 HONG KONG
015 D01AA31 CHINA
015 E04AA31 X
015 A00AA32 CITIBANK RT
015 B00AA32 S
015 C01AA32 BUDAPEST
015 D01AA32 HUNGARY
015 E04AA32 X
015 A00AA33 ICEBANK LTD
015 B00AA33 S
015 C01AA33 ICELAND
015 D01AA33 ICELAND
015 E04AA33 X
015 A00AA34 DEUTSCHE BANK AG
015 B00AA34 S
015 C01AA34 INDIA
015 D01AA34 INDIA
015 E04AA34 X
015 A00AA35 STANDARD CHARTERED BANK
015 B00AA35 S
015 C01AA35 JAKARTA
015 D01AA35 INDONESIA
015 E04AA35 X
015 A00AA36 BANK OF IRELAND
015 B00AA36 S
015 C01AA36 DUBLIN
015 D01AA36 IRELAND
015 E04AA36 X
015 A00AA37 BANK HAPOALIM B.M.
015 B00AA37 S
015 C01AA37 ISRAEL
015 D01AA37 ISRAEL
015 E04AA37 X
015 A00AA38 PARIBAS, S.A.
015 B00AA38 S
015 C01AA38 ITALY
015 D01AA38 ITALY
015 E04AA38 X
015 A00AA39 SOCIETE GENERALE DE BANQUES
015 B00AA39 S
015 C01AA39 IVORY COAST
015 D01AA39 IVORY COAST
015 E04AA39 X
015 A00AA40 SCOTIABANK JAMAICA TRUST AND MERCHANT BANK LT
015 B00AA40 S
015 C01AA40 JAMAICA
015 D01AA40 JAMAICA
015 E04AA40 X
<PAGE> PAGE 6
015 A00AA41 THE FUJI BANK, LIMITED
015 B00AA41 S
015 C01AA41 JAPAN
015 D01AA41 JAPAN
015 E04AA41 X
015 A00AA42 THE SUMITOMO BANK, LIMITED
015 B00AA42 S
015 C01AA42 JAPAN
015 D01AA42 JAPAN
015 E04AA42 X
015 A00AA43 HSBC BANK MIDDLE EAST
015 B00AA43 S
015 C01AA43 JORDAN
015 D01AA43 JORDAN
015 E04AA43 X
015 A00AA44 BARCLAYS BANK OF KENYA LIMITED
015 B00AA44 S
015 C01AA44 KENYA
015 D01AA44 KENYA
015 E04AA44 X
015 A00AA45 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B00AA45 S
015 C01AA45 REPUBLIC OF KOREA
015 D01AA45 KOREA
015 E04AA45 X
015 A00AA46 A/S HANSABANK
015 B00AA46 S
015 C01AA46 LATVIA
015 D01AA46 LATVIA
015 E04AA46 X
015 A00AA47 HSBC BANK MIDDLE EAST
015 B00AA47 S
015 C01AA47 LEBANON
015 D01AA47 LEBANON
015 E04AA47 X
015 A00AA48 VILNIAUS BANKAS AB
015 B00AA48 S
015 C01AA48 LITHUANIA
015 D01AA48 LITHUANIA
015 E04AA48 X
015 A00AA49 STANDARD CHARTERED BANK
015 B00AA49 S
015 C01AA49 KUALA LUMPUR
015 D01AA49 MALAYSIA
015 E04AA49 X
015 A00AA50 THE HONG KONG AND SHANGHAI BANKING CORP. LTD
015 B00AA50 S
015 C01AA50 MAURITIUS
015 D01AA50 MAURITIUS
015 E04AA50 X
015 A00AA51 CITIBANK MEXICO, S.A.
<PAGE> PAGE 7
015 B00AA51 S
015 C01AA51 MEXICO CITY
015 D01AA51 MEXICO
015 E04AA51 X
015 A00AA52 BANQUE COMERCIALE DU MAROC
015 B00AA52 S
015 C01AA52 MOROCCO
015 D01AA52 MOROCCO
015 E04AA52 X
015 A00AA53 STANDARD BANK OF SOUTH AFRICA
015 B00AA53 S
015 C01AA53 NAMIBIA
015 D01AA53 SOUTH AFRICA
015 E03AA53 X
015 A00AA54 MEESPIERSON N.V.
015 B00AA54 S
015 C01AA54 THE NETHERLANDS
015 D01AA54 THE NETHERLANDS
015 E04AA54 X
015 A00AA55 CHRISTIANIA BANK OG KREDITKASSE ASA
015 B00AA55 S
015 C01AA55 NORWAY
015 D01AA55 NORWAY
015 E04AA55 X
015 A00AA56 HSBC BANK MIDDLE EAST
015 B00AA56 S
015 C01AA56 OMAN
015 D01AA56 OMAN
015 E04AA56 X
015 A00AA57 DEUTSCHE BANK AG
015 B00AA57 S
015 C01AA57 PAKISTAN
015 D01AA57 PAKISTAN
015 E04AA57 X
015 A00AA58 HSBC BANK MIDDLE EAST
015 B00AA58 S
015 C01AA58 PALESTINE
015 D01AA58 PALESTINE
015 E04AA58 X
015 A00AA59 CITIBANK, N.A.
015 B00AA59 S
015 C01AA59 LIMA
015 D01AA59 PERU
015 E04AA59 X
015 A00AA60 STANDARD CHARTERED BANK
015 B00AA60 S
015 C01AA60 MANILA
015 D01AA60 PHILIPPINES
015 E04AA60 X
015 A00AA61 CITIBANK (POLAND) S.A.
015 B00AA61 S
<PAGE> PAGE 8
015 C01AA61 POLAND
015 D01AA61 POLAND
015 E04AA61 X
015 A00AA62 BANCO COMERCIAL PORTUGUES
015 B00AA62 S
015 C01AA62 LISBON
015 D01AA62 PORTUGAL
015 E04AA62 X
015 A00AA63 HSBC BANK MIDDLE EAST
015 B00AA63 S
015 C01AA63 QATAR
015 D01AA63 QATAR
015 E04AA63 X
015 A00AA64 ING BANK N.V.
015 B00AA64 S
015 C01AA64 ROMANIA
015 D01AA64 ROMANIA
015 E04AA64 X
015 A00AA65 CREDIT SUISSE FIRST BOSTON AO, MOSCOW
015 B00AA65 S
015 C01AA65 MOSCOW
015 D01AA65 RUSSIA
015 E04AA65 X
015 A00AA66 THE DEVELOPMENT BANK OF SINGAPORE LIMITED
015 B00AA66 S
015 C01AA66 SINGAPORE
015 D01AA66 SINGAPORE
015 E04AA66 X
015 A00AA67 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B00AA67 S
015 C01AA67 BRATISLAVA
015 D01AA67 SLOVAK REPUBLIC
015 E04AA67 X
015 A00AA68 BANK AUSTRIA CREDITANSTALT DD LJUBLJANA
015 B00AA68 S
015 C01AA68 SLOVENIA
015 D01AA68 SLOVENIA
015 E04AA68 X
015 A00AA69 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B00AA69 S
015 C01AA69 JOHANNESBURG
015 D01AA69 SOUTH AFRICA
015 E04AA69 X
015 A00AA70 BANCO SANTANDER CENTRAL HISPANO, S.A.
015 B00AA70 S
015 C01AA70 MADRID
015 D01AA70 SPAIN
015 E04AA70 X
015 A00AA71 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA71 S
015 C01AA71 SRI LANKA
<PAGE> PAGE 9
015 D01AA71 SRI LANKA
015 E04AA71 X
015 A00AA72 STANDARD BANK SWAZILAND LIMITED
015 B00AA72 S
015 C01AA72 SWAZILAND
015 D01AA72 SWAZILAND
015 E04AA72 X
015 A00AA73 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA73 S
015 C01AA73 SWEDEN
015 D01AA73 SWEDEN
015 E04AA73 X
015 A00AA74 UBS AG
015 B00AA74 S
015 C01AA74 SWITZERLAND
015 D01AA74 SWITZERLAND
015 E04AA74 X
015 A00AA75 CENTRAL TRUST OF CHINA
015 B00AA75 S
015 C01AA75 TAIWAN R.O.C.
015 D01AA75 TAIWAN R.O.C.
015 E04AA75 X
015 A00AA76 STANDARD CHARTERED BANK
015 B00AA76 S
015 C01AA76 THAILAND
015 D01AA76 THAILAND
015 E04AA76 X
015 A00AA77 REPUBLIC BANK LIMITED
015 B00AA77 S
015 C01AA77 TRINIDAD
015 D01AA77 TRINIDAD
015 E04AA77 X
015 A00AA78 REPUBLIC BANK LIMITED
015 B00AA78 S
015 C01AA78 TOBAGO
015 D01AA78 TOBAGO
015 E04AA78 X
015 A00AA79 BANQUE INTERNATIONALE ARABE DE TUNISIE
015 B00AA79 S
015 C01AA79 TUNISIA
015 D01AA79 TUNISIA
015 E04AA79 X
015 A00AA80 CITIBANK, N.A.
015 B00AA80 S
015 C01AA80 ISTANBUL
015 D01AA80 TURKEY
015 E04AA80 X
015 A00AA81 ING BANK UKRAINE
015 B00AA81 S
015 C01AA81 UKRAINE
015 D01AA81 UKRAINE
<PAGE> PAGE 10
015 E04AA81 X
015 A00AA82 STATE STREET BANK AND TRUST COMPANY
015 B00AA82 S
015 C01AA82 LONDON
015 D01AA82 UNITED KINGDOM
015 E04AA82 X
015 A00AA83 BANKBOSTON N.A.
015 B00AA83 S
015 C01AA83 URUGUAY
015 D01AA83 URUGUAY
015 E04AA83 X
015 A00AA84 CITIBANK, N.A.
015 B00AA84 S
015 C01AA84 VENEZUELA
015 D01AA84 VENEZUELA
015 E04AA84 X
015 A00AA85 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B00AA85 S
015 C01AA85 VIETNAM
015 D01AA85 VIETNAM
015 E04AA85 X
015 A00AA86 BARCLAYS BANK OF ZAMBIA LIMITED
015 B00AA86 S
015 C01AA86 ZAMBIA
015 D01AA86 ZAMBIA
015 E04AA86 X
015 A00AA87 BARCLAYS BANK OF ZIMBABWE LIMITED
015 B00AA87 S
015 C01AA87 ZIMBABWE
015 D01AA87 ZIMBABWE
015 E04AA87 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 2
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020 A000001 SALOMON SMITH BARNEY, INC.
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020 A000002 MORGAN STANLEY & CO., INC.
020 C000002 120
020 A000003 GOLDMAN SACHS & CO.
020 C000003 116
020 A000004 BEAR STEARNS SECURITIES CORP.
020 C000004 85
020 A000005 MERRILL LYNCH PIERCE FENNER & SMITH
020 C000005 82
020 A000006 CS FIRST BOSTON CORP.
020 C000006 75
020 A000007 FAHNESTOCK & CO.
020 C000007 73
020 A000008 MORGAN, J.P. SECURITIES INC.
020 C000008 72
<PAGE> PAGE 11
020 A000009 HARRIS ASSOCIATES SECURITIES
020 C000009 70
020 A000010 A.B.N. AMRO CHICAGO CORP.
020 C000010 53
021 000000 1886
022 A000001 STATE STREET BANK & TRUST
022 C000001 5138077
022 D000001 0
022 A000002 HSBC SECURITIES INC.
022 C000002 544491
022 D000002 0
022 A000003 PRUDENTIAL FUNDING CORP.
022 C000003 12598
022 D000003 0
022 A000004 SIMPSON MCKIE
022 C000004 11698
022 D000004 0
022 A000005 BANK ONE NA IPA
022 C000005 9798
022 D000005 0
022 A000006 EXCHANGE PLACE SECURITIES TRAN
022 C000006 2380
022 D000006 4761
022 A000007 E.A. AMES & CO. INC.
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022 A000008 PRUDENTIAL SECURITIES
022 B000008 22-2347336
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022 C000009 0
022 D000009 0
022 C000010 0
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023 C000000 5721382
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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
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<PAGE> PAGE 12
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
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048 C02AA00 0.000
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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
<PAGE> PAGE 13
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
058 E00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 5000
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077 B000000 Y
077 K000000 Y
077 Q010000 Y
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<PAGE> PAGE 14
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
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085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
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086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
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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 87501
008 A000104 FRIESS ASSOCIATES, INC.
008 B000104 S
008 C000104 801-16178
008 D010104 JACKSON
008 D020104 WY
008 D030104 83001
008 A000105 SOUTHEASTERN ASSET MANAGEMENT, INC.
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008 C000105 801-11123
008 D010105 MEMPHIS
008 D020105 TN
008 D030105 38119
008 A000106 JENNISON ASSOCIATES CAPITAL CORPORATION
008 B000106 S
008 C000106 801-05608
008 D010106 NEW YORK
008 D020106 NY
<PAGE> PAGE 15
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 53051
008 A000108 HARRIS ASSOCIATES, L.P.
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008 C000108 801-50333
008 D010108 CHICAGO
008 D020108 IL
008 D030108 60602
014 A000101 SHELBY CULLOM DAVIS & CO., L.P.
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014 A000102 M.R. BEAL
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014 A000103 FULCRUM FINANCIAL ADVISORS
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014 A000104 PRUDENTIAL INVESTMENT MANAGEMENT SERVICES
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014 A000105 PRUCO SECURITIES CORPORATION
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014 A000107 WEXFORD CLEARING CORPORATION
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014 A000109 AEW SECURITIES LP
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014 A000110 HANJIN INVESTMENT AND SECURITIES COMPANY LTD
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014 A000111 HARRIS ASSOCIATES SECURITIES LP (HALSP)
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014 A000112 LOOMIS SAYLES DISTRIBUTORS LP
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014 A000113 MET LIFE INSURANCE CO.
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014 A000114 MET LIFE SECURITIES, INC.
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014 A000115 NATHAN & LEWIS SECURITIES, INC.
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014 A000116 NEW ENGLAND SECURITIES, CORP.
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014 A000117 NEW ENGLAND FUNDS, LP
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014 A000118 REICH AND TANG DISTRIBUTORS, INC. (RETA)
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014 A000119 SECURITY FIRST FINANCIAL, INC.
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<PAGE> PAGE 16
014 A000120 STATE STREET RESEARCH INVESTMENT SERVICES INC
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014 A000121 METRIC CAPITAL CORP.
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014 A000122 PRUDENTIAL BACHE INTERNATIONAL LTD
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014 A000123 PRUDENTIAL BACHE SECURITIES AGENCIA DE VELORE
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014 A000124 PRUDENTIAL BACHE SECURITIES, ASIA PACIFIC
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 20
008 D020203 CO
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<PAGE> PAGE 23
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SIGNATURE ROBERT SLOTKY
TITLE ASSISTANT TREASURER
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To the Shareholders and
Board of Trustees of the
Masters' Select Funds
In planning and performing our audit of the financial
statements of Masters' Select Equity Fund and
Masters' Select International Fund (the "Funds") for
the year ended December 31, 1999, 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 internal control.
The management of the Funds 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,
errors 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 being audited may occur and not be
detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving internal
control and its operation, including controls for
safeguarding securities that we consider to be
material weaknesses as defined above as of December
31, 1999.
This report is intended solely for the information and
use of management and the Board of Trustees of the
Funds the Securities and Exchange Commission and
is not intended to be and should not be used by
anyone other than these specified parties.
PricewaterhouseCoopers LLP
New York, New York
January 28, 2000
Change in Independent Accountants
On August 27, 1999, McGladrey & Pullen, LLP
(McGladrey) resigned as independent auditors
of the Masters' Select Equity Fund and Masters'
Select International Fund, (hearafter referred to
as the Funds) pursuant to an agreement by
PricewaterhouseCoopers LLP (PwC) to acquire
McGladrey's investment company practice. The
McGladrey partners and professionals serving the
Funds at the time of the acquisition joined PwC.
The reports of McGladrey on the financial statements
of the Funds during the past two fiscal years contained
no adverse opinion or disclaimer of opinion, and were
not qualified or modified as to uncertainty, audit scope
or accounting principles. In connection with its audits
for the two most recent fiscal years and through
August 27, 1999, there were no disagreements with
McGladrey on any matter of accounting principle or
practices, financial statement disclosure, or auditing
scope or procedure, which disagreements, if not resolved
to the satisfaction of McGladrey would have caused it to
make reference to the subject matter of disagreement in
connection with its report. On September 9, 1999, the
Funds, with the approval of its Board of Trustees and its
Audit Committee, engaged PwC as its independent auditor.
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street
Washington D.C. 20549
We were previously the independent accountants
for the Masters' Select Equity Fund and Masters'
Select International Fund. We have read their
notification of change in independent accountants
made in Item 77K of Form N-SAR. We agree with
the statements in the filing.
McGladrey & Pullen, LLP
New York, New York
Feburary 21, 2000
