MASTER INVESTMENT TRUST
NSAR-B, 1997-02-28
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<PAGE>      PAGE  1
000 B000000 12/31/96
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
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
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 SALOMON BROTHERS INC
020 B000001 13-3082694
020 C000001     64
020 A000002 INTERSTATE JOHNSON LANE CORP
020 B000002 56-0276690
020 C000002     52
020 A000003 ALPHA MANAGEMENT
020 B000003 94-3105302
020 C000003     50
020 A000004 CAPITAL INSTITUTIONAL SVCS
020 B000004 75-1565705
020 C000004     38
020 A000005 EXECUTION SERVICES
020 B000005 UNKNOWN
020 C000005     17
020 A000006 MORGAN STANLEY & CO
020 B000006 13-2655998
020 C000006     17
020 A000007 BEAR STEARNS SECURITIES
020 B000007 13-3299429
020 C000007     16
020 A000008 DLJ CAPITAL MARKETS
020 B000008 UNKNOWN
020 C000008     13
020 A000009 COWEN & COMPANY
020 B000009 13-5616116
020 C000009     12
020 A000010 ROBERTSON STEPHENS & COMPANY
020 B000010 94-2524501
<PAGE>      PAGE  3
020 C000010     10
021  000000      428
022 A000001 LEHMAN BROTHERS
022 B000001 13-2518466
022 C000001   1727495
022 D000001    356929
022 A000002 GOLDMAN SACHS
022 B000002 13-5108880
022 C000002   1169946
022 D000002    523071
022 A000003 HSBC SECURITIES
022 B000003 13-2650272
022 C000003    977292
022 D000003    608541
022 A000004 JP MORGAN SECURIITES
022 B000004 13-3224016
022 C000004    982906
022 D000004    406180
022 A000005 SALOMON BROTHERS INC
022 B000005 13-3082694
022 C000005    740111
022 D000005    575973
022 A000006 CS FIRST BOSTON
022 B000006 13-5659485
022 C000006   1089838
022 D000006    169426
022 A000007 PAINE, WEBBER, JACKSON,CURTIS
022 B000007 13-2638166
022 C000007    292936
022 D000007    261592
022 A000008 MORGAN STANLEY & CO INC
022 B000008 13-2655998
022 C000008    270877
022 D000008    145005
022 A000009 MERRILL LYNCH PIERCE
022 B000009 13-2761776
022 C000009    340369
022 D000009     15959
022 A000010 SMITH BARNEY INC
022 B000010 13-1912900
022 C000010    140517
022 D000010    105372
023 C000000   12334131
023 D000000   11317592
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
<PAGE>      PAGE  4
026 G020000 N
026 H000000 N
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 Y
077 A000000 Y
077 B000000 Y
078  000000 N
080 A00AA00 THE CHUBB INSURANCE GROUP OF COMPANIES
080 C00AA00    40000
081 A00AA00 Y
081 B00AA00  70
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 Y
086 A010000      0
086 A020000      0
086 B010000      0
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086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
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
024  000100 Y
025 A000101 MORGAN STANLEY
025 B000101 13-2655998
025 C000101 D
<PAGE>      PAGE  5
025 D000101   13000
025 A000102 JP MORGAN
025 B000102 13-3224016
025 C000102 D
025 D000102   68637
025 A000103 HSBC SECURITIES
025 B000103 13-2650272
025 C000103 D
025 D000103    9319
025 A000104 GOLDMAN SACHS
025 B000104 13-5108880
025 C000104 D
025 D000104   45507
025 D000105       0
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<PAGE>      PAGE  6
048 A020100 0.000
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048 K020100 0.000
055 A000100 N
055 B000100 N
056  000100 N
057  000100 N
062 A000100 Y
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062 C000100   1.7
062 D000100   6.8
062 E000100   0.0
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062 G000100   3.0
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062 I000100  58.0
062 J000100   0.0
062 K000100   0.0
062 L000100  17.2
062 M000100   0.0
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062 O000100   0.0
062 P000100   0.0
062 Q000100   0.0
062 R000100   0.0
063 A000100  53
063 B000100  0.0
064 A000100 Y
064 B000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
<PAGE>      PAGE  7
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
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 N
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
071 A000100         0
071 B000100         0
071 C000100         0
071 D000100    0
072 A000100 12
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<PAGE>      PAGE  8
072 R000100       11
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072 Z000100    68378
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073 A010100   0.0512
073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
074 A000100        1
074 B000100   136463
074 C000100  1870664
074 D000100        0
074 E000100        0
074 F000100        0
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074 J000100        0
074 K000100        0
074 L000100     4266
074 M000100        0
074 N000100  2011394
074 O000100        0
074 P000100      469
074 Q000100        0
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074 R040100     8004
074 S000100        0
074 T000100  2002921
074 U010100  2003908
074 U020100        0
074 V010100     1.00
074 V020100     0.00
074 W000100   0.9993
074 X000100        2
074 Y000100        0
075 A000100  1329267
<PAGE>      PAGE  9
075 B000100        0
076  000100     0.00
024  000300 N
025 D000301       0
025 D000302       0
025 D000303       0
025 D000304       0
025 D000305       0
025 D000306       0
025 D000307       0
025 D000308       0
028 A010300      1294
028 A020300        66
028 A030300         0
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028 B020300         0
028 B030300         0
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028 C030300         0
028 C040300       546
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028 D030300         0
028 D040300       954
028 E010300       809
028 E020300        99
028 E030300         0
028 E040300      1156
028 F010300      1667
028 F020300         0
028 F030300         0
028 F040300      2087
028 G010300     13012
028 G020300       165
028 G030300         0
028 G040300      5088
028 H000300         0
045  000300 Y
046  000300 N
047  000300 Y
048  000300  0.500
048 A010300        0
048 A020300 0.000
048 B010300        0
048 B020300 0.000
048 C010300        0
048 C020300 0.000
048 D010300        0
<PAGE>      PAGE  10
048 D020300 0.000
048 E010300        0
048 E020300 0.000
048 F010300        0
048 F020300 0.000
048 G010300        0
048 G020300 0.000
048 H010300        0
048 H020300 0.000
048 I010300        0
048 I020300 0.000
048 J010300        0
048 J020300 0.000
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048 K020300 0.000
055 A000300 Y
055 B000300 N
056  000300 N
057  000300 N
062 A000300 Y
062 B000300   0.0
062 C000300   3.7
062 D000300   0.0
062 E000300   0.0
062 F000300   0.0
062 G000300   0.0
062 H000300   0.0
062 I000300   0.0
062 J000300   0.0
062 K000300   0.0
062 L000300   4.0
062 M000300   0.0
062 N000300   0.0
062 O000300  91.0
062 P000300   0.0
062 Q000300   0.0
062 R000300   0.0
063 A000300   0
063 B000300  1.3
064 A000300 Y
064 B000300 N
070 A010300 N
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
<PAGE>      PAGE  11
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
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
070 R010300 N
070 R020300 N
071 A000300     16680
071 B000300      7564
071 C000300     16079
071 D000300   47
072 A000300 12
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<PAGE>      PAGE  12
072 V000300        0
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073 A010300   0.2173
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074 A000300        1
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074 D000300    24299
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024  000400 Y
025 A000401 GOLDMAN SACHS
<PAGE>      PAGE  13
025 B000401 13-5108880
025 C000401 D
025 D000401     378
025 A000402 JP MORGAN
025 B000402 13-3224016
025 C000402 D
025 D000402     300
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<PAGE>      PAGE  14
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048 K020400 0.000
055 A000400 N
055 B000400 N
056  000400 N
057  000400 N
062 A000400 Y
062 B000400  61.7
062 C000400  28.5
062 D000400   4.8
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070 A010400 Y
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<PAGE>      PAGE  15
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
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071 A000400     28755
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
024  000500 N
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<PAGE>      PAGE  18
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070 A010500 Y
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070 B020500 N
070 C010500 N
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070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
<PAGE>      PAGE  19
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 Y
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070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
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<PAGE>      PAGE  20
072 Y000500        0
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024  000600 N
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<PAGE>      PAGE  21
028 B010600     62193
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<PAGE>      PAGE  22
055 A000600 Y
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057  000600 N
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062 G000600   0.0
062 H000600   0.0
062 I000600   0.0
062 J000600   0.0
062 K000600   0.0
062 L000600   0.0
062 M000600   0.0
062 N000600   0.0
062 O000600   0.0
062 P000600   0.0
062 Q000600   0.0
062 R000600   0.0
063 A000600   9
063 B000600  0.0
064 A000600 N
064 B000600 N
070 A010600 N
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
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 N
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
<PAGE>      PAGE  23
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
070 R020600 N
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<PAGE>      PAGE  24
073 C000600   0.0000
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008 A001001 WELLS FARGO BANK, NA
008 B001001 A
008 C001001 801-00000
008 D011001 SAN FRANCISCO
008 D021001 CA
008 D031001 94105
008 A001002 DELETE
024  001000 Y
025 A001001 JP MORGAN SECURITIES
025 B001001 13-3224016
025 C001001 D
025 D001001     800
025 A001002 HSBC SECURITIES
025 B001002 13-2650272
025 C001002 D
025 D001002    1200
025 A001003 GOLDMAN SACHS
<PAGE>      PAGE  25
025 B001003 13-5108880
025 C001003 D
025 D001003    1223
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045  001000 Y
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<PAGE>      PAGE  26
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070 A011000 Y
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<PAGE>      PAGE  27
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070 K011000 N
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<PAGE>      PAGE  28
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<PAGE>      PAGE  29
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SIGNATURE   ANN BONSTEEL                                 
TITLE       ASST.SECRETARY      
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> CASH INVESTMENT TRUST MASTER PORTFOLIO
       
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 3
   <NAME> SHORT-TERM MUNICIPAL INCOME MASTER PORTFOLIO
       
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</TABLE>

<TABLE> <S> <C>

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

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 5
   <NAME> CAPITAL APPRECIATION MASTER PORTFOLIO
       
<S>                             <C>
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