<PAGE> PAGE 1
000 A000000 08/31/96
000 C000000 0000910681
000 D000000 N
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000 F000000 Y
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001 B000000 811-563601
001 C000000 0000000000
002 A000000 701 FIFTH AVENUE
002 B000000 SEATTLE
002 C000000 WA
002 D010000 98104
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 B000000 3
007 C010100 1
007 C020100 SEAFIRST RETIREMENT FUNDS ASSET ALLOCATION FD
007 C030100 N
007 C010200 2
007 C020200 SEAFIRST RETIREMENT FUNDS BLUE CHIP FUND
007 C030200 N
007 C010300 3
007 C020300 SEAFIRST RETIREMENT FUNDS BOND FUND
007 C030300 N
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007 C010500 5
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010 A00AA01 SEATTLE FIRST NATIONAL BANK
010 C01AA01 SEATTLE
010 C02AA01 WA
010 C03AA01 98104
010 A00AA02 CONCORD HOLDING CORPORATION
010 C01AA02 COLUMBUS
010 C02AA02 OH
010 C03AA02 43219
011 A00AA01 CONCORD FINANCIAL GROUP, INC.
011 B00AA01 8-0000000
011 C01AA01 COLUMBUS
011 C02AA01 OH
011 C03AA01 43219
<PAGE> PAGE 2
012 A00AA01 BISYS FUND SERVICES, INC.
012 B00AA01 84-0000000
012 C01AA01 COLUMBUS
012 C02AA01 OH
012 C03AA01 43219
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
015 A00AA01 PNC BANK,N.A.
015 B00AA01 C
015 C01AA01 PHILADELPHIA
015 C02AA01 PA
015 C03AA01 19101
015 E01AA01 X
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<PAGE> PAGE 3
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048 K02AA00 0.000
055 A00AA00 N
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
068 A000200 N
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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 WENDY SWONGER
TITLE SUPERVISOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000910681
<NAME> SEAFIRST RETIREMENT FUNDS
<SERIES>
<NUMBER> 011
<NAME> SEAFIRST ASSET ALLOCATION FUND
<MULTIPLIER> 1,000
<S> <C>
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<FISCAL-YEAR-END> FEB-28-1997
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<NUMBER-OF-SHARES-SOLD> 490
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<SHARES-REINVESTED> 124
<NET-CHANGE-IN-ASSETS> (3012)
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 1119
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<PER-SHARE-NAV-BEGIN> 14.960
<PER-SHARE-NII> .240
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<PER-SHARE-NAV-END> 14.990
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000910681
<NAME> SEAFIRST RETIREMENT FUNDS
<SERIES>
<NUMBER> 021
<NAME> SEAFIRST BLUE CHIP FUND
<MULTIPLIER> 1,000
<S> <C>
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<APPREC-INCREASE-CURRENT> (5743)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000910681
<NAME> SEAFIRST RETIREMENT FUNDS
<SERIES>
<NUMBER> 031
<NAME> SEAFIRST BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-START> MAR-01-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 42843
<INVESTMENTS-AT-VALUE> 42116
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<TOTAL-ASSETS> 42137
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<TOTAL-LIABILITIES> 249
<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-GAINS> 2403
<ACCUM-APPREC-OR-DEPREC> (727)
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<NET-INVESTMENT-INCOME> 1146
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<NET-CHANGE-IN-ASSETS> (5174)
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<OVERDIST-NET-GAINS-PRIOR> (1988)
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<PER-SHARE-GAIN-APPREC> (.310)
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
SEAFIRST RETIREMENT FUNDS
FORM N-SAR
FISCAL PERIOD ENDED AUGUST 31, 1996
SUB-ITEM 77D: POLICIES WITH RESPECT TO SECURITY INVESTMENTS
(E) Pursuant to an order by the Securities and Exchange
Commission (Release No. IC-22132, August 12, 1996), the Blue
Chip, Asset Allocation and Bond Funds (each, a "Seafirst
Fund") may now use their uninvested cash reserves to
purchase shares of money market funds advised by Bank of
America National Trust & Savings Association. A Seafirst
Fund's aggregate investment in one of such money market
funds cannot exceed the greater of 5% of such Seafirst
Fund's total net assets or $2.5 million.
<PAGE>
MASTER INVESTMENT TRUST, SERIES I
FORM N-SAR
FISCAL PERIOD ENDED AUGUST 31, 1996
SUB-ITEM 77D: POLICIES WITH RESPECT TO SECURITY INVESTMENTS
(E) Pursuant to an order by the Securities and Exchange
Commission (Release No. IC-22132, August 12, 1996), the
Investment Portfolios of Master Investment Trust, Series I
(each, a "Portfolio") may now use their uninvested cash
reserves to purchase shares of money market funds advised by
Bank of America National Trust & Savings Association. A
Portfolio's aggregate investment in one of such money market
funds cannot exceed the greater of 5% of such Portfolio's
total net assets or $2.5 million.
SUB-ITEM 77I: TERMS OF NEW OR AMENDED SECURITIES
(B) The International Equity Portfolio, an investment portfolio
of Master Investment Trust, Series I, began offering its
shares of beneficial interest on May 13, 1996. The
information required by Sub-Item 77I(b) is incorporated
herein by reference to Item Nos. 6 and 18 of Amendment No. 5
to the Registration Statement on Form N-1A of Master
Investment Trust, Series I (Registration No. 811-8086), as
filed with the Securities and Exchange Commission on June
28, 1996.
<PAGE>
MASTER INVESTMENT TRUST, SERIES II
FORM N-SAR
FISCAL PERIOD ENDED AUGUST 31, 1996
SUB-ITEM 77H: CHANGES IN CONTROL OF REGISTRANT
(B) On July 1, 1996, the National Municipal Bond Fund of Pacific
Horizon Funds, Inc., the sole interestholder of the National
Municipal Bond Portfolio of Master Investment Trust Series
II, gave notice that it wanted to redeem its entire
holdings. Complete redemption distributions were paid to
the National Municipal Bond Fund on July 1, 1996. Such
distributions effectively liquidated the National Municipal
Bond Portfolio of Master Investment Trust, Series II. The
National Municipal Bond Portfolio is the only series of
beneficial interest offered by Master Investment Trust,
Series II.
