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008 D02AA01 MA
008 D03AA01 02110
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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SIGNATURE KEVIN J. MORRISSEY
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> MASTER RESERVES TRUST CLASS A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 36,040,879
<INVESTMENTS-AT-VALUE> 36,042,217
<RECEIVABLES> 22,405
<ASSETS-OTHER> 2,608
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,067,230
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157,195
<TOTAL-LIABILITIES> 157,195
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,899,786
<SHARES-COMMON-STOCK> 35,903,688
<SHARES-COMMON-PRIOR> 30,309,213
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,911
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,338
<NET-ASSETS> 35,910,035
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,518,678
<OTHER-INCOME> 0
<EXPENSES-NET> (23,337)
<NET-INVESTMENT-INCOME> 1,495,341
<REALIZED-GAINS-CURRENT> 31
<APPREC-INCREASE-CURRENT> 1,350
<NET-CHANGE-FROM-OPS> 1,496,722
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,495,341)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 124,837,358
<NUMBER-OF-SHARES-REDEEMED> (120,750,938)
<SHARES-REINVESTED> 1,498,978
<NET-CHANGE-IN-ASSETS> 5,595,856
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</TABLE>
The Trustees and Shareholders
Master Reserves Trust
In planning and performing our audit of the financial statements of Master
Reserves Trust for the year ended December 31, 1995, we considered its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing an opinion on
the financial statements and to comply with the requirements of Form NSAR, not
to provide assurance on the internal control structure.
The management of Master Reserves Trust is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgements made by managements are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors and
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 structure elements 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
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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report in intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
Boston, Massachusetts
February 2, 1996
