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<PAGE> PAGE 7
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE ANN BONSTEEL
TITLE ASST.SECRETARY
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[KPMG PEAT MARWICK LLP LETTERHEAD]
Independent Auditors' Report on Internal Accounting Controls
To the Board of Trustees and Unitholders
Master Investment Trust:
In planning and performing our audit of the financial statements of Asset
Allocation Master Portfolio, Capital Appreciation Master Portfolio, Corporate
Stock Master Portfolio, Small Cap Master Portfolio, Tax-Free Money Market
Master Portfolio, and U.S. Government Allocation Master Portfolio (six of the
master portfolios constituting Master Investment Trust) for the six months
ended March 31, 1997, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of Master Investment Trust is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
March 31, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ KPMG PEAT MARWICK LLP
May 9, 1997
