<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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
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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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<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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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE WENDY SWONGER
TITLE SUPERVISOR
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<FN>
</FN>
</TABLE>
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.
