<PAGE> PAGE 1
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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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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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008 A000302 DELETE
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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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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008 A000501 DELETE
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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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008 A000601 DELETE
008 A000602 DELETE
018 000600 N
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024 000600 N
<PAGE> PAGE 21
025 D000601 0
025 D000602 0
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045 000600 N
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<PAGE> PAGE 22
048 G010600 0
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048 K020600 0.000
055 A000600 N
055 B000600 N
062 A000600 N
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063 A000600 0
063 B000600 0.0
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
071 A000600 0
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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008 A000701 DELETE
018 000700 N
019 A000700 N
019 B000700 0
024 000700 N
028 A010700 1529
028 A020700 289
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028 A040700 2076
028 B010700 2693
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028 B040700 1976
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028 D010700 1917
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028 D040700 1969
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045 000700 N
048 000700 0.000
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<PAGE> PAGE 25
048 D010700 0
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055 A000700 N
055 B000700 N
062 A000700 N
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<PAGE> PAGE 26
072 J000700 0
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<PAGE> PAGE 27
074 U010700 5522
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008 A000801 DELETE
018 000800 N
019 A000800 N
019 B000800 0
045 000800 N
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055 A000800 N
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<PAGE> PAGE 28
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SIGNATURE ANN BONSTEEL
TITLE ASST.SECRETARY
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<NAME> MASTERWORKS FUNDS INC (FORMERLY STAGECOACH INC.)
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