MASTER INVESTMENT TRUST
NSAR-A, 1997-08-28
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<PAGE>      PAGE  1
000 A000000 06/30/97
000 C000000 879530
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
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  9
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 C020500 CAPITAL APPRECIATION MASTER PORTFOLIO
007 C030500 N
007 C010600  6
007 C020600 TAX-FREE MONEY MARKET MASTER PORTFOLIO
007 C030600 N
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
007 C021000 SMALL CAP MASTER PORTFOLIO
007 C031000 N
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
<PAGE>      PAGE  2
007 C011800 18
007 C011900 19
007 C012000 20
020 A000001 SALOMON BROTHERS INC
020 B000001 13-3082694
020 C000001     74
020 A000002 INTERSTATE JOHNSON LANE CORP
020 B000002 56-0276690
020 C000002     29
020 A000003 PAINE WEBBER JACKSON & CURTIS
020 B000003 13-2638166
020 C000003     20
020 A000004 ALPHA MANAGEMENT
020 B000004 94-3105302
020 C000004     17
020 A000005 BEAR STEARNS SECURITIES
020 B000005 13-3299429
020 C000005     16
020 A000006 MONTGOMERY SECURITIES
020 B000006 94-1701676
020 C000006     14
020 A000007 JEFFERIES & COMPANY
020 B000007 95-2622900
020 C000007     14
020 A000008 GOLDMAN SACHS & COMPANY
020 B000008 13-5108880
020 C000008     12
020 A000009 MORGAN STANLEY & COMPANY INC
020 B000009 13-2655998
020 C000009     12
020 A000010 ALEX BROWN & SONS, INC
020 B000010 52-1319768
020 C000010     10
021  000000      281
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001   2951295
022 D000001   2405508
022 A000002 JP MORGAN SECURITIES
022 B000002 13-3224016
022 C000002    721641
022 D000002    714984
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003    911019
022 D000003     39599
022 A000004 JM LUMMIS
022 B000004 UNKNOWN
022 C000004    934004
022 D000004         0
022 A000005 MERRILL LYNCH PIERCE FENNER SMITH
<PAGE>      PAGE  3
022 B000005 13-2761776
022 C000005    853107
022 D000005     20490
022 A000006 MORGAN STANLEY & CO. INC
022 B000006 13-2655998
022 C000006    410158
022 D000006    379475
022 A000007 DIRECT BROKERAGE SVCS
022 B000007 UNKNOWN
022 C000007    659853
022 D000007         0
022 A000008 PAINE, WEBBER, JACKSON & CURTIS
022 B000008 13-2638166
022 C000008    225684
022 D000008    246314
022 A000009 STERNBURG & CO. INC
022 B000009 UNKNOWN
022 C000009    386181
022 D000009         0
022 A000010 CIBC WOOD GUNDY SECS
022 B000010 UNKNOWN
022 C000010    238882
022 D000010         0
023 C000000    9473504
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077 A000000 N
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086 F020000      0
008 A000101 WELLS FARGO BANK, NA
008 B000101 A
008 C000101 801-0000
008 D010101 SAN FRANCISCO
008 D020101 CA
008 D030101 94105
025 A000101 MORGAN STANLEY
<PAGE>      PAGE  4
025 B000101 13-2655998
025 C000101 D
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025 A000102 JP MORGAN
025 B000102 13-3224016
025 C000102 D
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025 C000103 D
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025 A000104 GOLDMAN SACHS
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<PAGE>      PAGE  5
057  000100 N
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070 J010100 N
070 J020100 N
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070 K020100 N
070 L010100 Y
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<PAGE>      PAGE  6
070 O010100 N
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
<PAGE>      PAGE  9
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
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<PAGE>      PAGE  10
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025 A000401 GOLDMAN SACHS
025 B000401 13-5108880
025 C000401 D
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025 A000402 JP MORGAN
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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064 A000400 N
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070 A010400 Y
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070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
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070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 N
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070 L010400 N
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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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<PAGE>      PAGE  18
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070 E020600 N
070 F010600 N
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<PAGE>      PAGE  19
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
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<PAGE>      PAGE  20
072 X000600      157
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072 Z000600     1470
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075 A000600    89529
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076  000600     0.00
025 A001001 JP MORGAN SECURITIES
025 B001001 13-3224016
025 C001001 D
025 D001001    1917
<PAGE>      PAGE  21
025 A001002 HSBC SECURITIES
025 B001002 13-2650272
025 C001002 D
025 D001002    2178
025 A001003 GOLDMAN SACHS
025 B001003 13-5108880
025 C001003 D
025 D001003    2344
025 D001004       0
025 D001005       0
025 D001006       0
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028 A011000      1632
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055 A001000 N
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<PAGE>      PAGE  22
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062 O001000   0.0
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062 Q001000   0.0
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063 A001000   0
063 B001000  0.0
070 A011000 Y
070 A021000 Y
070 B011000 N
070 B021000 N
070 C011000 N
070 C021000 N
070 D011000 N
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 N
070 J021000 N
070 K011000 Y
070 K021000 N
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070 M011000 N
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070 N011000 N
070 N021000 N
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070 O021000 N
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<PAGE>      PAGE  23
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<PAGE>      PAGE  24
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074 V011000    24.08
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SIGNATURE   ANN BONSTEEL                                 
TITLE       ASST.SECRETARY      
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 01
   <NAME> CASH INVESTMENT TRUST MASTER PORTFOLIO
       
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 03
   <NAME> SHORT-TERM MUNICIPAL INCOME MASTER PORTFOLIO
       
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 04
   <NAME> SHORT-TERM GOVERNMENT-CORPORATE INCOME MASTER PORTFOLIO
       
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<PERIOD-TYPE>                   6-MOS
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<ACCUM-APPREC-OR-DEPREC>                        (5851)
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 05
   <NAME> CAPITAL APPRECIATION MASTER PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                        207219692
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 06
   <NAME> TAX-FREE MONEY MARKET MASTER PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                        107210504
<INVESTMENTS-AT-VALUE>                       107210504
<RECEIVABLES>                                   547486
<ASSETS-OTHER>                                 5054950
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 10
   <NAME> SMALL CAP MASTER PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
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<ACCUMULATED-NET-GAINS>                              0
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<ACCUM-APPREC-OR-DEPREC>                       5258667
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<DIVIDEND-INCOME>                                20219
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