MASTER INVESTMENT TRUST
NSAR-B, 1996-02-29
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<PAGE>      PAGE  1
000 B000000 12/31/95
000 C000000 879530
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 MASTER INVESTMENT TRUST
001 B000000 811-6415
001 C000000 5013772521
002 A000000 111 CENTER STREET
002 B000000 LITTLE ROCK
002 C000000 AR
002 D010000 72201
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 CASH INVESTMENT TRUST MASTER PORTFOLIO
007 C030100 N
007 C010200  2
007 C010300  3
007 C020300 SHORT-TERM MUNICIPAL INCOME MASTER PORTFOLIO
007 C030300 N
007 C010400  4
007 C020400 SHORT-TERM GOVT\CORP INCOME MASTER PORTFOLIO
007 C030400 N
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 WELLS FARGO BANK, NA
008 B00AA01 A
008 C00AA01 801-0000
008 D01AA01 SAN FRANCISCO
008 D02AA01 CA
008 D03AA01 94104
010 A00AA01 STEPHENS INC.
010 C01AA01 LITTLE ROCK
010 C02AA01 AR
010 C03AA01 72201
011 A00AA01 STEPHENS INC.
011 B00AA01 8-1927
011 C01AA01 LITTLE ROCK
<PAGE>      PAGE  2
011 C02AA01 AR
011 C03AA01 72201
012 A00AA01 WELLS FARGO BANK, NA
012 B00AA01 84-0000
012 C01AA01 SAN FRANCISCO
012 C02AA01 CA
012 C03AA01 94104
013 A00AA01 KPMG PEAT MARWICK
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94104
014 A00AA01 WELLS FARGO SECURITIES
014 B00AA01 8-35225
015 A00AA01 WELLS FARGO BANK, NA
015 B00AA01 C
015 C01AA01 SAN FRANCISCO
015 C02AA01 CA
015 C03AA01 94014
015 E01AA01 X
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020 C000004      0
020 C000005      0
020 C000006      0
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020 C000009      0
020 C000010      0
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022 D000002    299043
022 A000003 HSBC SECURITIES
022 B000003 13-2650272
022 C000003    691123
022 D000003    311622
022 A000004 JP MORGAN
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022 B000005 13-3082694
<PAGE>      PAGE  3
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022 D000005    284531
022 A000006 CS FIRST BOSTON
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022 A000007 SANWA SECS
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
054 K00AA00 N
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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070 E020100 N
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070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
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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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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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SIGNATURE   ANN BONSTEEL                                 
TITLE       ASST.SECRETARY      
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> CASH INVESTMENT TRUST MASTER PORTFOLIO
       
<S>                             <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 3
   <NAME> SHORT-TERM MUNICIPAL INCOME MASTER PORTFOLIO
       
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 4
   <NAME> SHORT-TERM GOVERNMENT-CORPORATE INCOME MASTER PORTFOLIO
       
<S>                             <C>
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</TABLE>


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