N-Q 1 masters_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS masters_nq.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 



Investment Company Act file number  811-07763



THE MASTERS’ SELECT FUNDS TRUST
(Exact name of registrant as specified in charter)


4 Orinda Way, Suite 200-D, Orinda, California 94563
(Address of principal executive offices) (Zip code)



Kenneth E. Gregory
4 Orinda Way, Suite 200-D
Orinda, CA  94563
(Name and address of agent for service)


Copies to:
 
Mitchell Nichter, Esq.
Paul, Hastings, Janofsky & Walker, LLP
55 Second Street, 24th Floor
San Francisco, California 94105


(925) 254-8999
Registrant's telephone number, including area code



Date of fiscal year end: December 31, 2011


Date of reporting period:  March 31, 2011
 
 
 
 
 
 
 
Item 1. Schedule of Investments.
 
Masters' Select Equity Fund
    
SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2011 (Unaudited)
         
Shares
      
Value
COMMON STOCKS: 95.4%
    
Consumer Discretionary: 13.2%
    
                 15,100
  
Amazon.com, Inc. *
   $
           2,719,963
               156,000
  
DIRECTV - Class A *
  
            7,300,800
               229,500
  
HSN, Inc. *
  
            7,350,885
                 55,000
  
Interpublic Group of Companies, Inc.
  
               691,350
                 59,500
  
Johnson Controls, Inc.
  
            2,473,415
                 78,090
  
Las Vegas Sands Corp. *
  
            3,296,960
                 95,100
  
Mohawk Industries, Inc. *
  
            5,815,365
                 18,000
  
New Oriental Education & Technology Group - ADR *
  
            1,801,260
               185,000
  
Pier 1 Imports, Inc. *
  
            1,877,750
                 34,600
  
Time Warner Cable, Inc.
  
            2,468,364
                 47,800
  
TRW Automotive Holdings Corp. *
  
            2,632,824
               156,000
  
Walt Disney Co. (The)
  
            6,722,040
                 65,000
  
Williams-Sonoma, Inc.
  
            2,632,500
       
          47,783,476
Consumer Staples: 2.9%
    
                 55,530
  
Costco Wholesale Corp.
  
            4,071,459
                 18,150
  
Procter & Gamble Co.
  
            1,118,040
               308,500
  
Sara Lee Corp.
  
            5,451,195
       
          10,640,694
Energy: 14.7%
    
               176,400
  
Canadian Natural Resources Ltd.
  
            8,719,452
               198,500
  
Cenovus Energy, Inc.
  
            7,816,930
               343,000
  
Chesapeake Energy Corp.
  
          11,497,360
                 50,590
  
EOG Resources, Inc.
  
            5,995,421
                 24,500
  
FMC Technologies, Inc. *
  
            2,314,760
                 61,900
  
Halliburton Co.
  
            3,085,096
               113,300
  
McDermott International, Inc. *
  
            2,876,687
                 32,500
  
National Oilwell Varco, Inc.
  
            2,576,275
                 46,200
  
Range Resources Corp.
  
            2,700,852
                 60,000
  
Schlumberger Ltd.
  
            5,595,600
       
          53,178,433
Finance: 16.3%
    
               185,800
  
American Express Co.
  
            8,398,160
               140,000
  
AON Corp.
  
            7,414,400
               368,500
  
Bank of New York Mellon Corp.
  
          11,007,095
                        56
  
Berkshire Hathaway, Inc. - Class A *
  
            7,016,800
               235,000
  
CapitalSource, Inc.
  
            1,654,400
                 96,800
  
Charles Schwab Corp.
  
            1,745,304
               391,000
  
Cheung Kong Holdings Ltd. - ADR
  
            6,373,300
                 16,700
  
Fairfax Financial Holdings Ltd.
  
            6,309,427
               128,000
  
Loews Corp.
  
            5,515,520
                 75,300
  
Transatlantic Holdings, Inc.
  
            3,664,851
       
          59,099,257
Masters' Select Equity Fund
    
SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2011 (Unaudited)  - continued
         
Shares
      
Value
Health Care, Pharmaceuticals & Biotechnology: 10.2%
    
                 26,000
  
Allergan, Inc.
   $
           1,846,520
               917,500
  
Boston Scientific Corp. *
  
            6,596,825
                 51,000
  
Greatbatch, Inc. *
  
            1,349,460
               212,000
  
Health Management Associates, Inc.
  
            2,310,800
                 40,000
  
Illumina, Inc. *
  
            2,802,800
                   7,700
  
Intuitive Surgical, Inc. *
  
            2,567,642
                 23,400
  
Johnson & Johnson
  
            1,386,450
                 62,500
  
Laboratory Corporation of America Holdings *
  
            5,758,125
                 85,300
  
Merck & Co., Inc.
  
            2,815,753
                 71,000
  
NuVasive, Inc. *
  
            1,797,720
               222,000
  
Omnicare, Inc.
  
            6,657,780
                 45,000
  
VCA Antech, Inc. *
  
            1,133,100
       
          37,022,975
Industrials: 9.3%
    
                 75,600
  
ACS Actividades de Construccion y Servicios S.A.
  
            3,553,099
            2,352,180
  
CSR Corp. Ltd.
  
            2,408,025
                 42,000
  
Hochtief AG
  
            4,521,574
               229,400
  
Iron Mountain, Inc.
  
            7,164,162
                 73,670
  
Owens Corning *
  
            2,651,383
                 16,000
  
Precision Castparts Corp.
  
            2,354,880
                 48,000
  
Quad Graphics, Inc. *
  
            2,041,920
               123,200
  
Snap-on, Inc.
  
            7,399,392
                 67,900
  
Titan International, Inc.
  
            1,806,819
       
          33,901,254
Materials: 6.1%
    
                 34,500
  
Barrick Gold Corp.
  
            1,790,895
               567,840
  
Cemex S.A.B. de C.V. - ADR
  
            5,070,811
               131,110
  
Chemtura Corp. *
  
            2,255,092
                 59,300
  
Georgia Gulf Corp. *
  
            2,194,100
                 22,700
  
Haynes International, Inc.
  
            1,258,715
                 65,800
  
Martin Marietta Materials, Inc.
  
            5,900,286
                 41,500
  
Potash Corp. of Saskatchewan, Inc.
  
            2,445,595
                 46,500
  
Sealed Air Corp.
  
            1,239,690
       
          22,155,184
Technology: 21.2%
    
                 44,660
  
Acme Packet, Inc. *
  
            3,169,073
                 22,100
  
Alliance Data Systems Corp. *
  
            1,898,169
                 16,200
  
Apple, Inc. *
  
            5,644,890
               323,000
  
Broadridge Financial Solutions, Inc.
  
            7,328,870
               104,780
  
Ciena Corp. *
  
            2,720,089
               513,000
  
Dell, Inc. *
  
            7,443,630
                 96,260
  
Digimarc Corp. *
  
            2,781,914
               267,800
  
Entropic Communications, Inc. *
  
            2,262,910
                 21,500
  
Equinix, Inc. *
  
            1,958,650
                 66,880
  
Fortinet, Inc. *
  
            2,942,720
                   7,250
  
Google, Inc. - Class A *
  
            4,250,023
               373,530
  
Imagination Technologies Group Plc *
  
            2,572,882
               114,500
  
Molex, Inc.
  
            2,369,005
                 70,520
  
Netlogic Microsystems, Inc. *
  
            2,963,250
                 94,000
  
Omnivision Technologies, Inc. *
  
            3,339,820
                   6,567
  
OpenTable, Inc. *
  
               698,400
                 61,600
  
Plantronics, Inc.
  
            2,255,792
 
Masters' Select Equity Fund
    
SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2011 (Unaudited)  - continued
         
Shares
      
Value
Technology (continued)
    
                 50,900
  
QUALCOMM, Inc.
   $
           2,790,847
                 16,000
  
Salesforce.com, Inc. *
  
            2,137,280
               314,000
  
Symmetricom, Inc. *
  
            1,924,820
                 85,840
  
Ultratech, Inc. *
  
            2,523,696
               120,700
  
Visa, Inc. - Class A
  
            8,885,934
               120,000
  
Yahoo!, Inc. *
  
            1,998,000
       
          76,860,664
Telecommunication Services: 1.5%
    
            3,587,480
  
Level 3 Communications, Inc. *
  
            5,273,596
         
TOTAL COMMON STOCKS
    
   
(cost $276,740,863)
  
        345,915,533
         
TOTAL INVESTMENTS IN SECURITIES
    
   
(cost $276,740,863): 95.4%
  
        345,915,533
         
Other Assets and Liabilities: 4.6%
  
          16,840,319
     
Net Assets: 100.0%
   $
      362,755,852
         
Percentages are stated as a percent of net assets.
    
         
ADR
American Depository Receipt
  
 *
Non-Income Producing Security
    
         
The cost basis of investments for federal income tax purposes at March 31, 2011 was as follows*:
    
         
Cost of investments
     $
       276,740,863
Gross unrealized appreciation
  
           91,689,493
Gross unrealized depreciation
  
         (22,514,823)
Net unrealized appreciation
   $
        69,174,670
         
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.
    
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial
    
Statements section in the Fund's most recent semi-annual or annual report.
    
 
 
 
 
 
 
Master's Select Equity Fund
                        
                         
FAS 157 - Summary of Fair Value Exposure at March 31, 2011.
              
                         
The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs)
  
and each Fund's own market assumptions (unobservable inputs). There inputs are used in determining the value of each Fund's
  
investments and are summarized in the followning fair value hierarchy:
              
                         
Level 1 - Quoted prices in active markets for identical securities.
              
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, foreign exchange rates, and
  
fair value estimates for foreign securities indices)
                    
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
  
                         
The following table provides the fair value measurements of applicable Fund assets by level within the fair value hierarchy for each Fund as of March 31, 2011. These assets are measured on a recurring basis.
  
                         
                         
   
Level 1 - Quoted prices in active markets for identical assets
    
Level 2 - Significant other observable inputs
    
Level 3 - Significant unobservable inputs
        
       
       
Description
  
Total
  
Equity
                        
     Common Stock
   $ 332,670,162     $ -     $ -     $ 332,670,162  
     Depository Receipts
   $ 13,245,371     $ -     $ -     $ 13,245,371  
           Total Equity
   $ 345,915,533     $ -     $ -     $ 345,915,533  
Total Investments in Securities
   $ 345,915,533     $ -     $ -     $ 345,915,533  
Other Financial instruments*
   $ -     $ -     $ -     $ -  
                                 
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards, swaps
contracts, and written options.  Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation) on the
 instrument while written options are valued at market value.
          
               
 
 
 
 
 
 
Masters' Select International Fund
    
SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2011 (Unaudited)
     
Shares
      
Value
COMMON STOCKS: 91.6%
    
Argentina: 0.6%
    
               122,149
  
MercadoLibre, Inc.
   $
           9,971,023
         
Australia: 1.4%
    
            8,522,546
  
Telstra Corp. Ltd.
  
          24,893,991
         
Austria: 1.9%
    
               219,619
  
Andritz AG
  
          20,494,077
               274,886
  
Erste Group Bank AG
  
          13,882,324
       
          34,376,401
Belgium: 2.2%
    
               263,703
  
Anheuser-Busch InBev N.V.
  
          15,034,385
               356,622
  
Nationale A Portefeuille
  
          24,570,812
       
          39,605,197
Brazil: 7.7%
    
            3,044,600
  
BR Malls Participacoes S.A.
  
          31,764,215
            2,189,400
  
BRF - Brasil Foods S.A.
  
          41,424,531
                 23,500
  
HRT Participacoes em Petrole S.A. *
  
          24,531,897
            2,737,362
  
OGX Petroleo e Gas Participacoes S.A. *
  
          33,010,625
               297,559
  
Petroleo Brasileiro S.A. - ADR
  
          12,030,311
       
        142,761,579
Canada: 3.9%
    
            2,685,100
  
Cline Mining Corp. *
  
            9,642,930
            1,294,100
  
Northern Dynasty Minerals Ltd. *
  
          19,463,264
               377,100
  
Potash Corp. of Saskatchewan, Inc.
  
          22,222,503
            1,688,486
  
Viterra, Inc.
  
          20,432,801
       
          71,761,498
China: 2.5%
    
               437,100
  
51job, Inc. - ADR *
  
          27,943,803
               231,487
  
Home Inns & Hotels Management, Inc. - ADR *
  
            9,159,941
                 88,298
  
Sina Corp. *
  
            9,451,418
       
          46,555,162
Denmark: 1.0%
    
               148,003
  
Novo Nordisk A/S
  
          18,610,355
         
Finland: 1.1%
    
               637,716
  
Sampo Oyj
  
          20,361,106
         
France: 4.1%
    
               229,457
  
Neopost S.A.
  
          20,116,787
               199,964
  
Nexans S.A.
  
          19,142,110
               354,000
  
Publicis Groupe
  
          19,871,138
               101,857
  
Schneider Electric S.A.
  
          17,423,554
       
          76,553,589
Germany: 6.1%
    
               354,300
  
Aixtron AG
  
          15,525,941
               294,000
  
Bayer AG
  
          22,785,396
               221,654
  
Daimler AG
  
          15,672,537
               115,116
  
Linde AG
  
          18,197,609
                 73,934
  
Muenchener Rueckversicherungs AG
  
          11,640,342
               465,000
  
SAP AG
  
          28,492,809
       
        112,314,634
 
Masters' Select International Fund
    
SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2011 (Unaudited)  - continued
     
Shares
      
Value
Greece: 0.1%
    
               109,556
  
Titan Cement Co. S.A.
    $
          2,738,045
         
Hong Kong: 5.5%
    
               860,000
  
Cheung Kong Holdings Ltd.
  
          14,046,866
            9,927,195
  
China Merchants Bank Co. Ltd.
  
          27,513,833
            9,297,000
  
Galaxy Entertainment Group Ltd. *
  
          13,535,257
               104,500
  
Hong Kong Exchanges and Cleaning Ltd.
  
            2,271,330
            1,021,000
  
Hutchison Whampoa Ltd.
  
          12,093,796
            6,215,600
  
Li & Fung Ltd.
  
          31,815,840
       
        101,276,922
Ireland: 0.9%
    
            1,150,000
  
Fly Leasing Ltd. - ADR
  
          15,904,500
         
Israel: 1.6%
    
               589,700
  
Teva Pharmaceutical Industries Ltd. - ADR
  
          29,585,249
         
Italy: 1.1%
    
            1,141,300
  
Lottomatica SpA
  
          20,575,194
         
Japan: 10.3%
    
            7,809,000
  
Daiwa Securities Group, Inc.
  
          36,040,087
                 90,300
  
Fanuc Ltd.
  
          13,735,375
            2,175,000
  
Ichiyoshi Securities Co. Ltd.
  
          14,846,865
            1,228,000
  
Mitsui Fudosan Co. Ltd.
  
          20,370,230
            1,267,800
  
Nabtesco Corp.
  
          32,043,465
               563,000
  
Rohm Co. Ltd.
  
          35,438,323
               695,100
  
Sega Sammy Holdings, Inc.
  
          12,143,465
            5,036,000
  
Toshiba Corp.
  
          24,763,223
       
        189,381,033
Netherlands: 4.7%
    
               282,598
  
ASML Holding N.V.
  
          12,466,026
            4,096,600
  
ING Groep N.V
  
          51,894,605
               575,173
  
LyondellBasell Industries N.V. *
  
          22,748,092
       
          87,108,723
Poland: 1.0%
    
          10,220,925
  
Netia S.A.
  
          18,880,687
         
South Korea: 2.5%
    
               190,600
  
Hyundai Motor Co.
  
          35,272,164
               156,715
  
LG Corp.
  
          11,686,300
       
          46,958,464
Spain: 3.4%
    
            3,697,743
  
Banco Santander S.A.
  
          42,966,030
               249,045
  
Inditex S.A.
  
          20,000,749
       
          62,966,779
Sweden: 1.1%
    
            3,239,800
  
D. Carnegie AB #
  
0
               265,502
  
LE Lundbergforetagen AB
  
          20,606,816
       
          20,606,816
 
Masters' Select International Fund
    
SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2011 (Unaudited)  - continued
     
Shares
      
Value
Switzerland: 11.0%
    
               438,000
  
Adecco S.A.
   $
        28,884,376
               376,200
  
Novartis AG
  
          20,463,242
                 38,314
  
Pargesa Holding SA
  
            3,681,223
                 97,478
  
Roche Holdings AG
  
          13,963,439
                 66,052
  
Swatch Group AG (The)
  
          29,286,731
               580,400
  
Transocean Ltd. *
  
          45,242,180
            3,445,300
  
UBS AG
  
          61,992,077
       
        203,513,268
Taiwan: 1.6%
    
          23,412,785
  
United Microelectronics Corp.
  
          12,181,511
          23,731,485
  
Yuanta Financial Holding Co. Ltd.
  
          17,068,366
       
          29,249,877
United Kingdom: 12.7%
    
               397,167
  
BHP Billiton Plc
  
          15,679,884
               420,235
  
British American Tobacco Plc
  
          16,873,847
            2,316,362
  
Carpetright Plc
  
          25,297,007
            1,631,000
  
Diageo Plc
  
          31,017,507
               499,900
  
Ensco Plc - ADR
  
          28,914,216
            4,680,262
  
Resolution Ltd.
  
          22,225,407
            2,012,600
  
Rolls-Royce Group Plc
  
          19,993,218
            1,122,077
  
Tullow Oil Plc
  
          26,075,089
            2,039,314
  
Xstrata Plc
  
          47,684,610
       
        233,760,785
United States: 1.6%
    
               867,551
  
Sensata Technologies Holding N.V. *
  
          30,130,046
         
TOTAL COMMON STOCKS
    
   
(cost $1,458,332,153)
  
     1,690,400,923
         
Principal
        
Amount
      
 Value
         
SHORT-TERM INVESTMENTS: 8.1%
    
$      149,114,000
State Street Bank & Trust Co., 0.010%, 03/31/11, due 04/01/11
    
 
[collateral: par value $134,200,000, Fannie Mae, 4.377%, due 01/23/18,
    
 
value $152,106,813] (proceeds $149,114,000)
  
        149,114,000
         
TOTAL SHORT-TERM INVESTMENTS
    
   
(cost $149,114,000)
  
        149,114,000
         
 
Masters' Select International Fund
    
SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2011 (Unaudited)  - continued
     
       
Value
TOTAL INVESTMENTS IN SECURITIES
    
   
(cost $1,607,446,153): 91.6%
   $
    1,839,514,923
         
Other Assets and Liabilities: 0.3%
  
            5,863,890
     
Net Assets: 100.0%
   $
   1,845,378,813
         
Percentages are stated as a percent of net assets.
    
         
ADR
American Depository Receipt
  
 *
Non-Income Producing Security
    
#
This security is valued in accordance with the Fund's fair valuation policy.
  
         
The cost basis of investments for federal income tax purposes at March 31, 2011 was as follows*:
    
         
Cost of investments
     $
    1,607,446,153
Gross unrealized appreciation
  
         318,304,142
Gross unrealized depreciation
  
         (86,235,372)
Net unrealized appreciation
   $
       232,068,770
         
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.
    
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial
    
Statements section in the Fund's most recent semi-annual or annual report.
    
         
         
Sector
      
 Net Assets
         
 Consumer Discretionary
    
12.6%
 Consumer Staples
      
6.8%
 Energy
      
9.2%
 Finance
      
23.7%
 Health Care & Pharmaceuticals
  
5.7%
 Industrials
      
13.5%
 Materials
      
8.6%
 Technology
      
9.1%
 Telecom
      
2.4%
 Utilities
      
0.0%
 Cash and Other Assets
    
8.4%
 Net Assets
      
100.0%
         
 
 
 
 
 
 
Master's Select International Fund
                    
                         
FAS 157 - Summary of Fair Value Exposure at March 31, 2011.
              
                         
The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs)
  
and each Fund's own market assumptions (unobservable inputs). There inputs are used in determining the value of each Fund's
  
investments and are summarized in the followning fair value hierarchy:
              
                         
Level 1 - Quoted prices in active markets for identical securities.
              
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, foreign exchange rates, and
  
fair value estimates for foreign securities indices)
                    
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
  
                         
The following table provides the fair value measurements of applicable Fund assets by level within the fair value hierarchy for each Fund as of March 31, 2011. These assets are measured on a recurring basis.
  
                         
   
Level 1 - Quoted prices in active markets for identical assets
    
Level 2 - Significant other observable inputs
    
Level 3 - Significant unobservable inputs
        
       
       
Description
  
Total
  
Equity
                        
     Common Stock
   $ 161,499,856     $ 1,405,363,048     $ - **   $ 1,566,862,904  
     Depository Receipts
   $ 123,538,019     $ -     $ -     $ 123,538,019  
           Total Equity
   $ 285,037,875     $ 1,405,363,048     $ -     $ 1,690,400,923  
Short-Term Investments
   $ -     $ 149,114,000     $ -     $ 149,114,000  
Total Investments in Securities
   $ 285,037,875     $ 1,554,477,048     $ -     $ 1,839,514,923  
Other Financial instruments*
   $ (2,835,185 )   $ -     $ -     $ (2,835,185 )
                                 
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards, swaps
contracts, and written options.  Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation) on the
 instrument while written options are valued at market value.
        
               
** Significant unobservable inputs were used in determining the value of portfolio securities for the International Fund. However, the value of
these securities was $0 as of March 31, 2011.
            
               
 
FAS 161 -  Disclosures about Derivative Instruments and Hedging Activities
                    
                           
At March 31, 2011, the Fund had entered into "position hedge" forward currency exchange contracts that obligated the Fund
            
to deliver and receive specified amounts of currencies at a specified future date.  The contracts combined had net unrealized
            
depreciation of $2,840,793 as of March 31, 2011.  The terms of the open contracts are as follows:
                
 
                         
Asset Derivatives
    
Liability Derivatives
  
Settlement
      
Currency to
  
U.S. $ Value at
  
Currency to
  
U.S. $ Value at
    
Unrealized
    
Unrealized
  
Date
      
be Delivered
  
March 31, 2011
  
be Received
  
March 31, 2011
    
Appreciation
    
Depreciation
  
7/1/2011
     112,000,000  
 Japanese Yen
   $ 1,273,871  
 U.S. Dollars
   $ 1,353,919     $ -     $ (80,048 )
7/20/2011
     322,000,000  
 Japanese Yen
     3,706,219  
 U.S. Dollars
     3,893,259       -       (187,040 )
8/3/2011
     267,000,000  
 Japanese Yen
     3,098,059  
 U.S. Dollars
     3,228,740       -       (130,681 )
8/15/2011
     364,000,000  
 Japanese Yen
     4,284,873  
 U.S. Dollars
     4,402,287       -       (117,414 )
9/7/2011
     875,000,000  
 Japanese Yen
     10,435,923  
 U.S. Dollars
     10,585,000       -       (149,077 )
9/16/2011
     85,000,000  
 Japanese Yen
     1,039,349  
 U.S. Dollars
     1,028,355       10,994       -  
9/21/2011
     560,000,000  
 Japanese Yen
     6,947,374  
 U.S. Dollars
     6,775,405       171,969       -  
9/21/2011
     597,000,000  
 Japanese Yen
     7,281,376  
 U.S. Dollars
     7,223,066       58,310       -  
9/21/2011
     590,000,000  
 Japanese Yen
     7,226,938  
 U.S. Dollars
     7,138,373       88,565       -  
6/15/2011
     8,100,000  
 Swiss Franc
     8,227,694  
 U.S. Dollars
     8,848,031       -       (620,337 )
6/15/2011
     5,150,000  
 Swiss Franc
     5,355,490  
 U.S. Dollars
     5,625,600       -       (270,110 )
6/15/2011
     4,520,000  
 Swiss Franc
     4,726,649  
 U.S. Dollars
     4,937,420       -       (210,771 )
6/15/2011
     4,180,000  
 Swiss Franc
     4,508,488  
 U.S. Dollars
     4,566,021       -       (57,532 )
7/6/2011
     2,350,000  
 Swiss Franc
     2,225,168  
 U.S. Dollars
     2,567,426       -       (342,258 )
7/19/2011
     4,000,000  
 Swiss Franc
     3,859,551  
 U.S. Dollars
     4,370,475       -       (510,924 )
8/3/2011
     3,780,000  
 Swiss Franc
     3,636,084  
 U.S. Dollars
     4,130,523       -       (494,439 )
                                             
              $ 77,833,106       $ 80,673,899     $ 329,837     $ (3,170,630 )
                                             
 
 
 
 
 
 
Masters' Select Value Fund
    
SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2011 (Unaudited)
         
Shares
      
Value
COMMON STOCKS: 96.8%
    
Consumer Discretionary: 15.8%
    
                 37,500
  
Best Buy Co., Inc.
   $
           1,077,000
                 65,000
  
Comcast Corp.
  
            1,509,300
                 95,000
  
DIRECTV - Class A *
  
            4,446,000
                 37,000
  
Discovery Communications, Inc. *
  
            1,302,770
                 80,000
  
H&R Block, Inc.
  
            1,339,200
                 65,350
  
HSN, Inc. *
  
            2,093,160
                 82,000
  
Liberty Media Corp. - Interactive *
  
            1,315,280
                 26,550
  
Mohawk Industries, Inc. *
  
            1,623,533
                 37,000
  
Walt Disney Co. (The)
  
            1,594,330
       
          16,300,573
Consumer Staples: 10.2%
    
               103,910
  
CVS Caremark Corp.
  
            3,566,191
                 81,169
  
Imperial Tobacco Group Plc
  
            2,510,189
                 94,499
  
Kraft Foods, Inc.
  
            2,963,489
                 86,900
  
Sara Lee Corp.
  
            1,535,523
       
          10,575,392
Energy: 6.1%
    
                 55,500
  
Cenovus Energy, Inc.
  
            2,185,590
               123,000
  
Chesapeake Energy Corp.
  
            4,122,960
       
            6,308,550
Financials: 18.2%
    
                 54,460
  
ACE Ltd.
  
            3,523,562
                 60,984
  
AON Corp.
  
            3,229,713
                 67,400
  
Bank of America Corp.
  
               898,442
                 88,000
  
Bank of New York Mellon Corp.
  
            2,628,560
                 27,000
  
Capital One Financial Corp.
  
            1,402,920
               130,000
  
Cheung Kong Holdings Ltd. - ADR
  
            2,119,000
                 24,710
  
Deutsche Boerse AG
  
            1,876,855
                   8,200
  
Fairfax Financial Holdings Ltd.
  
            3,098,042
       
          18,777,094
Health Care, Pharmaceuticals & Biotechnology: 13.8%
    
               261,800
  
Boston Scientific Corp. *
  
            1,882,342
                 44,000
  
Bristol Myers Squibb Co.
  
            1,162,920
                 17,800
  
Laboratory Corp. of America Holdings *
  
            1,639,914
                 86,320
  
Medtronic, Inc.
  
            3,396,692
                 62,900
  
Omnicare, Inc.
  
            1,886,371
               109,930
  
Pfizer, Inc.
  
            2,232,678
                 97,116
  
Rhoen Klinikum AG
  
            2,107,564
       
          14,308,481
Industrials: 2.0%
    
                 34,400
  
Snap-on, Inc.
  
            2,066,064
         
Materials: 3.9%
    
               272,030
  
Cemex S.A.B. de C.V. - ADR
  
            2,429,225
                 17,900
  
Martin Marietta Materials, Inc.
  
            1,605,093
       
            4,034,318
 
Masters' Select Value Fund
    
SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2011 (Unaudited)  - continued
         
Shares
      
Value
Technology: 13.3%
    
                 92,200
  
Broadridge Financial Solutions, Inc.
   $
          2,092,018
                        75
  
Comdisco Holding Co., Inc. *
  
                      694
               330,000
  
Dell, Inc. *
  
            4,788,300
                 38,500
  
eBay, Inc. *
  
            1,195,040
                 66,000
  
Intel Corp.
  
            1,331,220
                 40,500
  
Texas Instruments, Inc.
  
            1,399,680
                 40,000
  
Tyco Electronics Ltd.
  
            1,392,800
                 21,700
  
Visa, Inc. - Class A
  
            1,597,554
       
          13,797,306
Telecommunication Services: 7.6%
    
            2,783,708
  
Level 3 Communications, Inc. *
  
            4,092,051
            1,327,740
  
Vodafone Group Plc
  
            3,760,905
       
            7,852,956
Utilities: 5.9%
    
                 87,930
  
E. ON AG
  
            2,687,713
                 82,780
  
Exelon Corp.
  
            3,413,847
       
            6,101,560
TOTAL COMMON STOCKS
    
   
(cost $89,253,633)
  
        100,122,294
         
TOTAL INVESTMENTS IN SECURITIES
    
   
(cost $89,253,633): 96.8%
  
        100,122,294
         
Other Assets and Liabilities: 3.2%
  
            3,334,701
     
Net Assets: 100.0%
   $
      103,456,995
         
Percentages are stated as a percent of net assets.
    
         
ADR
American Depository Receipt
  
 *
Non-Income Producing Security
    
         
The cost basis of investments for federal income tax purposes at March 31, 2011 was as follows*:
    
         
Cost of investments
      $
        89,253,633
Gross unrealized appreciation
  
           23,426,434
Gross unrealized depreciation
  
         (12,557,773)
Net unrealized appreciation
   $
         10,868,661
         
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.
    
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial
    
Statements section in the Fund's most recent semi-annual or annual report.
    
 
 
 
 
 
 
Master's Select Value Fund
              
               
FAS 157 -  Summary of Fair Value Exposure at March 31, 2011.
        
               
The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs)
and each Fund's own market assumptions (unobservable inputs). There inputs are used in determining the value of each Fund's
investments and are summarized in the followning fair value hierarchy:
        
               
Level 1 - Quoted prices in active markets for identical securities.
        
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates,  foreign exchange rates, and
fair value estimates for foreign securities indices)
            
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
               
The following table provides the fair value measurements of applicable Fund assets by level within the fair value hierarchy for each Fund as of March 31, 2011. These assets are measured on a recurring basis.
               
                         
   
Level 1 - Quoted prices in active markets for identical assets
    
Level 2 - Significant other observable inputs
    
Level 3 - Significant unobservable inputs
        
       
       
Description
  
Total
  
Equity
                        
     Common Stock
   $ 95,574,069     $ -     $ -     $ 95,574,069  
     Depository Receipts
   $ 4,548,225     $ -     $ -     $ 4,548,225  
           Total Equity
   $ 100,122,294     $ -     $ -     $ 100,122,294  
Total Investments in Securities
   $ 100,122,294     $ -     $ -     $ 100,122,294  
Other Financial instruments*
   $ (320,534 )   $ -     $ -     $ (320,534 )
      .                          
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards, swaps
contracts, and written options.  Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation) on the
 instrument while written options are valued at market value.
        
               
 
FAS 161 -  Disclosures about Derivative Instruments and Hedging Activities
                    
                           
At March 31, 2011, the Fund had entered into "position hedge" forward currency exchange contracts that obligated the Fund
            
to deliver and receive specified amounts of currencies at a specified future date.  The contracts combined had net unrealized
            
depreciation of $320,534 as of March 31, 2011.  The terms of the open contracts are as follows:
                
 
                                   
                         
Asset Derivatives
    
Liability Derivatives
  
Settlement
      
Currency to
  
U.S. $ Value at
  
Currency to
  
U.S. $ Value at
    
Unrealized
    
Unrealized
  
Date
      
be Delivered
  
March 31, 2011
  
be Received
  
March 31, 2011
    
Appreciation
    
Depreciation
  
4/15/2011
     125,800  
 U.S. Dollar
   $ 178,398  
 Euro Currency
   $ 167,958     $ 10,440     $ -  
4/15/2011
     601,986  
 U.S. Dollar
     853,682  
 Euro Currency
     828,260       25,422       -  
4/15/2011
     253,720  
 U.S. Dollar
     359,803  
 Euro Currency
     352,546       7,256       -  
4/15/2011
     4,051,166  
 Euro Currency
     5,394,127  
 U.S. Dollar
     5,744,998       -       (350,870 )
4/15/2011
     280,000  
 Euro Currency
     380,307  
 U.S. Dollar
     397,071       -       (16,764 )
4/15/2011
     139,300  
 Euro Currency
     192,520  
 U.S. Dollar
     197,543       -       (5,023 )
4/15/2011
     270,000  
 Euro Currency
     377,534  
 U.S. Dollar
     382,890       -       (5,355 )
5/12/2011
     187,700  
 U.S. Dollar
     301,091  
 Pound Sterling
     303,485       -       (2,393 )
5/12/2011
     112,900  
 U.S. Dollar
     181,104  
 Pound Sterling
     180,878       226       -  
5/12/2011
     3,713,284  
 Pound Sterling
     5,973,040  
 U.S. Dollar
     5,956,512       16,528       -  
                                             
              $ 14,191,606       $ 14,512,140     $ 59,872     $ (380,406 )
                                             
 
 
 
 
 
 
Masters' Select Smaller Companies Fund
    
SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2011 (Unaudited)
         
Shares
      
Value
COMMON STOCKS: 92.8%
    
Consumer Discretionary: 15.9%
    
                   4,600
  
ANN, Inc. *
    $
             133,906
                 30,000
  
California Pizza Kitchen, Inc. *
  
               506,400
                 30,000
  
Coinstar, Inc. *
  
            1,377,600
               270,000
  
dELiA*s, Inc. *
  
               486,000
                 47,400
  
Foot Locker, Inc.
  
               934,728
                 40,000
  
HSN, Inc. *
  
            1,281,200
                 30,600
  
Jarden Corp.
  
            1,088,442
                 18,500
  
Kohl's Corp.
  
               981,240
                 80,000
  
Liberty Media Corp. - Interactive *
  
            1,283,200
                 25,211
  
Shutterfly, Inc. *
  
            1,320,048
                 21,000
  
Signet Jewelers Ltd. *
  
               966,420
                 21,680
  
Sotheby's
  
            1,140,368
                 16,800
  
Time Warner Cable, Inc.
  
            1,198,512
               316,600
  
Wendy's/Arby's Group, Inc.
  
            1,592,498
       
          14,290,562
Consumer Staples: 3.0%
    
               120,000
  
Central Garden and Pet Co. *
  
            1,105,200
                 25,335
  
Green Mountain Coffee Roasters, Inc. *
  
            1,636,894
       
            2,742,094
Energy: 12.2%
    
                   9,500
  
Alpha Natural Resources, Inc. *
  
               564,015
                 28,600
  
Atwood Oceanics, Inc. *
  
            1,327,898
                 12,779
  
Baker Hughes, Inc.
  
               938,362
                 10,600
  
Forest Oil Corp. *
  
               400,998
                 15,500
  
Helmerich & Payne, Inc.
  
            1,064,695
                 63,700
  
Key Energy Services, Inc. *
  
               990,535
                 13,072
  
OYO Geospace Corp. *
  
            1,288,638
                 32,500
  
Patterson-UTI Energy, Inc.
  
               955,175
                 36,000
  
Rosetta Resources, Inc. * (a)
  
            1,711,440
                 38,800
  
Rowan Companies, Inc. *
  
            1,714,184
       
          10,955,940
Financials: 10.9%
    
               193,500
  
Chimera Investment Corp.
  
               766,260
               155,000
  
CNO Financial Group, Inc. *
  
            1,164,050
                 44,000
  
Federated Investors, Inc.
  
            1,177,000
                 40,000
  
Hilltop Holdings, Inc. *
  
               401,600
                 20,721
  
Portfolio Recovery Associates, Inc. *
  
            1,763,978
               120,000
  
Symetra Financial Corp.
  
            1,632,000
                   8,000
  
White Mountains Insurance Group Ltd.
  
            2,913,600
       
            9,818,488
Health Care: 7.1%
    
                 14,000
  
Community Health Systems, Inc. *
  
               559,860
                 41,500
  
Healthsouth Corp. *
  
            1,036,670
                 63,900
  
Impax Laboratories, Inc. *
  
            1,626,255
                 43,000
  
Parexel International Corp. *
  
            1,070,700
                 47,764
  
Zoll Medical Corp. *
  
            2,140,305
       
            6,433,790
 
Masters' Select Smaller Companies Fund
    
SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2011 (Unaudited)  - continued
         
Shares
      
Value
Industrials: 14.6%
    
                 15,800
  
Alaska Air Group, Inc. *
   $
           1,002,036
                 54,000
  
Delta Air Lines, Inc. *
  
               529,200
                 48,400
  
EnerSys *
  
            1,923,900
                 47,200
  
IESI-BFC Ltd.
  
            1,197,464
                 34,713
  
Robbins & Myers, Inc.
  
            1,596,451
               262,000
  
Taser International, Inc. *
  
            1,066,340
                 36,400
  
Titan International, Inc.
  
               968,604
                 51,000
  
Trinity Industries, Inc.
  
            1,870,170
                 33,256
  
WESCO International, Inc. *
  
            2,078,500
                 25,200
  
Woodward, Inc.
  
               870,912
       
          13,103,577
Information Technology: 23.3%
    
                 17,045
  
Acme Packet, Inc. *
  
            1,209,513
                 26,900
  
Altera Corp.
  
            1,184,138
                 32,700
  
Arrow Electronics, Inc. *
  
            1,369,476
                 41,400
  
Avnet, Inc. *
  
            1,411,326
               189,000
  
Brocade Communications Systems, Inc. *
  
            1,162,350
               282,500
  
Global Cash Access Holdings, Inc. *
  
               923,775
               166,500
  
Magma Design Automation, Inc. *
  
            1,135,530
                 54,580
  
Molex, Inc.
  
            1,129,260
                 31,698
  
Netlogic Microsystems, Inc. *
  
            1,331,950
                 48,800
  
Omnivision Technologies, Inc. *
  
            1,733,864
                 29,600
  
Plantronics, Inc.
  
            1,083,952
                 40,934
  
RealD, Inc. *
  
            1,119,954
                 37,334
  
Skyworks Solutions, Inc. *
  
            1,210,369
                 32,624
  
Synchronoss Technologies, Inc. *
  
            1,133,684
                 35,000
  
Taleo Corp.- Class A *
  
            1,247,750
                 45,051
  
Vocus, Inc. *
  
            1,165,019
                 38,700
  
Western Digital Corp. *
  
            1,443,123
       
          20,995,033
Materials: 5.8%
    
                 28,400
  
Georgia Gulf Corp. *
  
            1,050,800
                 18,300
  
Haynes International, Inc.
  
            1,014,735
                 26,200
  
Kronos Worldwide, Inc.
  
            1,531,390
                 81,500
  
PolyOne Corp.
  
            1,158,115
                 70,100
  
Spartech Corp. *
  
               508,225
       
            5,263,265
TOTAL COMMON STOCKS
    
   
(cost $61,094,191)
  
          83,602,749
         
TOTAL INVESTMENTS IN SECURITIES
    
   
(cost $61,094,191): 92.8%
  
          83,602,749
         
Other Assets and Liabilities: 7.2%
  
            6,488,603
     
Net Assets: 100.0%
   $
        90,091,352
         
Percentages are stated as a percent of net assets.
    
         
 *
  Non-Income Producing Security
    
(a)
  Restricted Security
  
         
 
Masters' Select Smaller Companies Fund
    
SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2011 (Unaudited)  - continued
         
       
Value
The cost basis of investments for federal income tax purposes at March 31, 2011 was as follows*:
    
         
Cost of investments
     $
         61,094,191
Gross unrealized appreciation
  
           25,179,148
Gross unrealized depreciation
  
           (2,670,590)
Net unrealized appreciation
   $
         22,508,558
         
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.
    
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial
    
Statements section in the Fund's most recent semi-annual or annual report.
    
 
 
 
 
 
 
Master's Select Smaller Companies Fund
            
               
FAS 157 -  Summary of Fair Value Exposure at March 31, 2011.
          
               
The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs)
and each Fund's own market assumptions (unobservable inputs). There inputs are used in determining the value of each Fund's
investments and are summarized in the followning fair value hierarchy:
        
               
Level 1 - Quoted prices in active markets for identical securities.
          
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates,  foreign exchange rates, and
fair value estimates for foreign securities indices)
            
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
               
The following table provides the fair value measurements of applicable Fund assets by level within the fair value hierarchy for each Fund as of March 31, 2011. These assets are measured on a recurring basis.
               
 
                         
   
Level 1 - Quoted prices in active markets for identical assets
    
Level 2 - Significant other observable inputs
    
Level 3 - Significant unobservable inputs
        
       
       
Description
  
Total
  
Equity
                        
     Common Stock
   $ 82,836,489     $ -     $ -     $ 82,836,489  
     Real Estate Inestment Trusts
   $ 766,260     $ -     $ -     $ 766,260  
           Total Equity
   $ 83,602,749     $ -     $ -     $ 83,602,749  
Total Investments in Securities
   $ 83,602,749     $ -     $ -     $ 83,602,749  
Other Financial instruments*
   $ -     $ -     $ -     $ -  
                                 
               
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards, swaps
contracts, and written options.  Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation) on the
 instrument while written options are valued at market value.
            
               
 
 
 
 
 
 
Masters' Select Focused Opportunities Fund
    
SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2011 (Unaudited)
         
Shares
      
Value
COMMON STOCKS: 97.7%
    
Consumer Discretionary: 4.6%
    
                 17,000
  
Amazon.com, Inc. *
   $
           3,062,210
         
Consumer Staples: 12.1%
    
                 96,950
  
CVS Caremark Corp.
  
            3,327,324
               100,706
  
Kraft Foods, Inc.
  
            3,158,140
                 24,160
  
Procter & Gamble Co.
  
            1,488,256
       
            7,973,720
Energy: 18.3%
    
               111,280
  
Canadian Natural Resources Ltd.
  
            5,500,571
                 40,000
  
National Oilwell Varco, Inc.
  
            3,170,800
                 37,000
  
Schlumberger Ltd.
  
            3,450,620
       
          12,121,991
Financials: 18.9%
    
                 65,880
  
American Express Co.
  
            2,977,776
               109,899
  
Bank of New York Mellon Corp.
  
            3,282,683
               108,350
  
Loews Corp.
  
            4,668,802
                 49,860
  
Wells Fargo & Co.
  
            1,580,562
       
          12,509,823
Health Care: 10.9%
    
                   9,500
  
Intuitive Surgical, Inc. *
  
            3,167,870
               199,420
  
Pfizer, Inc.
  
            4,050,220
       
            7,218,090
Industrials: 4.1%
    
                 87,300
  
Iron Mountain, Inc.
  
            2,726,379
         
Technology: 13.0%
    
                   9,000
  
Apple, Inc. *
  
            3,136,050
                 55,000
  
QUALCOMM, Inc.
  
            3,015,650
                 33,300
  
Visa, Inc. - Class A
  
            2,451,546
       
            8,603,246
Telecommunication Services: 6.6%
    
            1,531,310
  
Vodafone Group Plc
  
            4,337,529
         
Utilities: 9.2%
    
               105,450
  
E.ON AG
  
            3,223,238
                 69,070
  
Exelon Corp.
  
            2,848,447
       
            6,071,685
TOTAL COMMON STOCKS
    
   
(cost $51,360,909)
  
          64,624,673
         
TOTAL INVESTMENTS IN SECURITIES
    
   
(cost $51,360,909): 97.7%
  
          64,624,673
         
Other Assets and Liabilities: 2.3%
  
            1,536,668
     
Net Assets: 100.0%
   $
        66,161,341
         
Percentages are stated as a percent of net assets.
    
         
 *
Non-Income Producing Security
    
 
Masters' Select Focused Opportunities Fund
    
SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2011 (Unaudited)  - continued
         
       
Value
         
The cost basis of investments for federal income tax purposes at March 31, 2011 was as follows*:
    
         
Cost of investments
     $
         51,360,909
Gross unrealized appreciation
  
           16,336,070
Gross unrealized depreciation
  
           (3,072,306)
Net unrealized appreciation
   $
         13,263,764
         
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.
    
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial
    
Statements section in the Fund's most recent semi-annual or annual report.
    
 
 
 
 
 
 
Master's Select Focused Opportunities Fund
            
               
FAS 157 -  Summary of Fair Value Exposure at March 31, 2011.
        
               
The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs)
and each Fund's own market assumptions (unobservable inputs). There inputs are used in determining the value of each Fund's
investments and are summarized in the followning fair value hierarchy:
        
               
Level 1 - Quoted prices in active markets for identical securities.
        
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates,  foreign exchange rates, and
fair value estimates for foreign securities indices)
            
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
               
The following table provides the fair value measurements of applicable Fund assets by level within the fair value hierarchy for each Fund as of March 31, 2011. These assets are measured on a recurring basis.
 
                         
   
Level 1 - Quoted prices in active markets for identical assets
    
Level 2 - Significant other observable inputs
    
Level 3 - Significant unobservable inputs
        
       
       
Description
  
Total
  
Equity
                        
     Common Stock
   $ 64,624,673     $ -     $ -     $ 64,624,673  
           Total Equity
   $ 64,624,673     $ -     $ -     $ 64,624,673  
Total Investments in Securities
   $ 64,624,673     $ -     $ -     $ 64,624,673  
Other Financial instruments*
   $ (147,584 )   $ -     $ -     $ (147,584 )
                                 
                                 
*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards, swaps
contracts, and written options.  Futures, forwards, and swap contracts are valued at the unrealized appreciation (depreciation) on the
 instrument while written options are valued at market value.
        
 
FAS 161 -  Disclosures about Derivative Instruments and Hedging Activities
              
                       
At March 31, 2011, the Fund had entered into "position hedge" forward currency exchange contracts that obligated the Fund
        
to deliver and receive specified amounts of currencies at a specified future date.  The contracts combined had net unrealized
        
depreciation of $147,584 as of March 31, 2011.  The terms of the open contracts are as follows:
            
 
                             
                         
Asset Derivatives
  
Settlement
      
Currency to
  
U.S. $ Value at
  
Currency to
  
U.S. $ Value at
    
Unrealized
  
Date
      
be Delivered
  
March 31, 2011
  
be Received
  
March 31, 2011
    
Appreciation
  
4/15/2011
     120,000  
 U.S. Dollars
   $ 170,173  
 Euro Currency
   $ 167,793     $ 2,380  
4/15/2011
     121,310  
 U.S. Dollars
     172,031  
 Euro Currency
     168,561       3,470  
4/15/2011
     1,656,681  
 Euro Currency
     2,205,870  
 U.S. Dollars
     2,349,355       -  
4/15/2011
     200,000  
 Euro Currency
     271,648  
 U.S. Dollars
     283,622       -  
4/15/2011
     230,000  
 Euro Currency
     316,554  
 U.S. Dollars
     326,165       -  
5/12/2011
     187,000  
 U.S. Dollars
     299,968  
 Pound Sterling
     299,595       373  
5/12/2011
     2,530,424  
 Pound Sterling
     4,070,339  
 U.S. Dollars
     4,059,076       11,263  
                                     
              $ 7,506,583       $ 7,654,167     $ 17,486  
                                     
 
 
 
 
 
 
Item 2. Controls and Procedures.
 
(a)  
The registrant’s President and Treasurer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.


 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.
 

 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)  The Masters’ Select Funds Trust                                                                                    
 
By (Signature and Title)    /s/ Kenneth E. Gregory                                                                               
                                                    Kenneth E. Gregory, President and Principal Executive Officer

Date        May 25, 2011                                                                                                                              

 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)    /s/ Kenneth E. Gregory                                                                               
                                                    Kenneth E. Gregory, President and Principal Executive Officer
 
Date        May 25, 2011                                                                                                                              
 
 
By (Signature and Title)   /s/ John Coughlan                                                                                        
   John Coughlan, Treasurer and Principal Financial Officer
 
Date        May 25, 2011