<PAGE> PAGE 1
000 B000000 02/28/97
000 C000000 0000913961
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MASTER INVESTMENT TRUST, SERIES I
001 B000000 811-8086
001 C000000 8099497888
002 A000000 PO BOX 30122 SMB
002 B000000 GRAND CAYMAN
002 E010000 BRITISH WEST INDIES
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 ASSET ALLOCATION PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 BLUE CHIP PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 INVESTMENT GRADE BOND PORTFOLIO
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 BANK OF AMERICA NAT'L. TRUST & SAVINGS ASSOC.
008 B00AA01 A
008 C00AA01 801-84000
008 D01AA01 SAN FRANCISCO
008 D02AA01 CA
008 D03AA01 94104
010 A00AA01 CONCORD HOLDING CORPORATION
010 C01AA01 COLUMBUS
010 C02AA01 OH
010 C03AA01 43219
011 A00AA01 DELETE
012 A00AA01 DELETE
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
<PAGE> PAGE 2
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 BANKAMERICA INVESTMENT SERVICES INC.
014 B00AA01 8-00000000
015 A00AA01 PNC BANK, N.A.
015 B00AA01 C
015 C01AA01 PHILADELPHIA
015 C02AA01 PA
015 C03AA01 19101
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 26
019 C00AA00 PACHORIZON
020 A000001 INVESTMENT TECHNOLOGY GROUP INC
020 C000001 98
020 A000002 MORGAN STANLEY & CO
020 B000002 13-3224160
020 C000002 92
020 A000003 SALOMON BROS.
020 B000003 13-3082694
020 C000003 68
020 A000004 GOLDMAN SACHS & CO
020 B000004 13-5108880
020 C000004 58
020 A000005 DEAN WITTER REYNOLDS
020 C000005 45
020 A000006 DONALDSON LUFKIN & JENNERETTE
020 B000006 13-2741729
020 C000006 41
020 A000007 PAINE, WEBBER, JACKSON & CURTIS INC.
020 C000007 39
020 A000008 BERNSTEIN (SANFORD C.) & CO.
020 C000008 38
020 A000009 BOSTON INSTITUTIONAL
020 C000009 33
020 A000010 OPPENHEIMER & CO
020 C000010 31
021 000000 814
022 A000001 MERRILL LYNCH
022 C000001 400424
022 D000001 18516
022 A000002 MORGAN STANLEY & CO.
022 C000002 168679
022 D000002 37302
022 A000003 INVESTMENT TECHNOLOGY GROUP INC.
022 C000003 80726
022 D000003 85015
022 A000004 SPEAR, LEEDS & KELLOG
022 C000004 92322
022 D000004 61169
<PAGE> PAGE 3
022 A000005 PAINE, WEBBER, JACKSON & CURTIS INC.
022 C000005 93855
022 D000005 47621
022 A000006 SALOMON BROTHERS INC.
022 C000006 99167
022 D000006 33385
022 A000007 GOLDMAN SACHS & CO.
022 C000007 46116
022 D000007 32928
022 A000008 BEAR STERNS
022 C000008 33546
022 D000008 23167
022 A000009 CANTOR, FITZGERALD SECURITIES CORP
022 C000009 20489
022 D000009 21066
022 A000010 OPPENHEIMER & CO.
022 C000010 17567
022 D000010 17796
023 C000000 1798617
023 D000000 764104
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
<PAGE> PAGE 4
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 0
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
<PAGE> PAGE 5
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 CHUBB GROUP OF INSURANCE
080 C00AA00 4775
081 A00AA00 Y
081 B00AA00 5
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
024 000100 Y
025 A000101 DEAN WITTER
025 C000101 E
025 D000101 2702
025 A000102 MORGAN STANLEY
025 C000102 D
025 D000102 4114
025 A000103 PAINE WEBBER GROUP
025 C000103 D
025 D000103 2481
025 A000104 LEHMAN BROTHERS
025 C000104 D
025 D000104 990
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 4701
028 A020100 0
028 A030100 0
028 A040100 2321
028 B010100 11786
028 B020100 0
028 B030100 0
028 B040100 4307
028 C010100 2508
028 C020100 0
028 C030100 0
028 C040100 2880
028 D010100 2930
028 D020100 0
028 D030100 0
028 D040100 2250
028 E010100 4811
<PAGE> PAGE 6
028 E020100 0
028 E030100 0
028 E040100 3496
028 F010100 2266
028 F020100 0
028 F030100 0
028 F040100 3139
028 G010100 29002
028 G020100 0
028 G030100 0
028 G040100 18393
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.550
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
<PAGE> PAGE 7
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 Y
066 F000100 N
066 G000100 N
067 000100 Y
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
<PAGE> PAGE 8
070 R020100 N
071 A000100 220639
071 B000100 214589
071 C000100 184991
071 D000100 116
072 A000100 12
072 B000100 5301
072 C000100 2013
072 D000100 0
072 E000100 0
072 F000100 1046
072 G000100 95
072 H000100 0
072 I000100 0
072 J000100 30
072 K000100 0
072 L000100 0
072 M000100 11
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 132
072 R000100 34
072 S000100 18
072 T000100 0
072 U000100 14
072 V000100 0
072 W000100 18
072 X000100 1398
072 Y000100 803
072 Z000100 6719
072AA000100 22245
072BB000100 0
072CC010100 4290
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 64
074 B000100 0
074 C000100 4700
074 D000100 80904
074 E000100 0
074 F000100 123105
074 G000100 0
074 H000100 0
074 I000100 0
<PAGE> PAGE 9
074 J000100 2412
074 K000100 0
074 L000100 1526
074 M000100 27
074 N000100 212738
074 O000100 2733
074 P000100 32
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 204
074 S000100 0
074 T000100 209769
074 U010100 13449
074 U020100 0
074 V010100 15.60
074 V020100 0.00
074 W000100 0.0000
074 X000100 3
074 Y000100 0
075 A000100 0
075 B000100 191184
076 000100 0.00
024 000200 Y
025 A000201 DEAN WITTER
025 C000201 E
025 D000201 6221
025 A000202 DELETE
025 D000202 0
025 A000203 DELETE
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 11443
028 A020200 0
028 A030200 0
028 A040200 5636
028 B010200 25414
028 B020200 0
028 B030200 0
028 B040200 12462
028 C010200 15479
028 C020200 0
028 C030200 0
028 C040200 5250
028 D010200 12739
028 D020200 0
<PAGE> PAGE 10
028 D030200 0
028 D040200 7332
028 E010200 16271
028 E020200 0
028 E030200 0
028 E040200 7565
028 F010200 16923
028 F020200 0
028 F030200 0
028 F040200 8142
028 G010200 98269
028 G020200 0
028 G030200 0
028 G040200 46387
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.750
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
<PAGE> PAGE 11
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
<PAGE> PAGE 12
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 412048
071 B000200 316168
071 C000200 348359
071 D000200 91
072 A000200 12
072 B000200 619
072 C000200 7464
072 D000200 0
072 E000200 0
072 F000200 2702
072 G000200 180
072 H000200 0
072 I000200 0
072 J000200 64
072 K000200 0
072 L000200 0
072 M000200 17
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 196
072 R000200 35
072 S000200 37
072 T000200 0
072 U000200 14
072 V000200 0
072 W000200 17
072 X000200 3262
072 Y000200 1025
072 Z000200 5846
072AA000200 62491
072BB000200 0
072CC010200 26359
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 18116
074 D000200 0
074 E000200 0
074 F000200 463177
<PAGE> PAGE 13
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 387
074 K000200 0
074 L000200 3640
074 M000200 25
074 N000200 485345
074 O000200 7350
074 P000200 233
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 1195
074 S000200 0
074 T000200 476567
074 U010200 25179
074 U020200 0
074 V010200 18.93
074 V020200 0.00
074 W000200 0.0000
074 X000200 4
074 Y000200 0
075 A000200 0
075 B000200 360906
076 000200 0.00
024 000300 Y
025 A000301 PAINE WEBBER GROUP
025 C000301 D
025 D000301 3041
025 A000302 DELETE
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 7517
028 A020300 0
028 A030300 0
028 A040300 1966
028 B010300 3215
028 B020300 0
028 B030300 0
028 B040300 2521
028 C010300 16967
028 C020300 0
028 C030300 0
028 C040300 1568
<PAGE> PAGE 14
028 D010300 11897
028 D020300 0
028 D030300 0
028 D040300 1776
028 E010300 15928
028 E020300 0
028 E030300 0
028 E040300 5154
028 F010300 3310
028 F020300 0
028 F030300 0
028 F040300 2939
028 G010300 58834
028 G020300 0
028 G030300 0
028 G040300 15924
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.450
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
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
048 K010300 0
048 K020300 0.000
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
<PAGE> PAGE 15
062 I000300 2.8
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 54.9
062 N000300 2.7
062 O000300 0.0
062 P000300 29.4
062 Q000300 9.2
062 R000300 0.0
063 A000300 0
063 B000300 4.8
064 A000300 Y
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
070 E020300 N
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 N
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
<PAGE> PAGE 16
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 148685
071 B000300 75962
071 C000300 91990
071 D000300 83
072 A000300 12
072 B000300 5908
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 428
072 G000300 47
072 H000300 0
072 I000300 0
072 J000300 14
072 K000300 0
072 L000300 0
072 M000300 5
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 67
072 R000300 35
072 S000300 7
072 T000300 0
072 U000300 14
072 V000300 0
072 W000300 0
072 X000300 617
072 Y000300 285
072 Z000300 5576
072AA000300 0
072BB000300 535
072CC010300 0
072CC020300 681
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 28
074 B000300 0
074 C000300 3910
074 D000300 133831
074 E000300 0
074 F000300 0
<PAGE> PAGE 17
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 1940
074 M000300 26
074 N000300 139735
074 O000300 0
074 P000300 40
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 538
074 S000300 0
074 T000300 139157
074 U010300 11808
074 U020300 0
074 V010300 11.78
074 V020300 0.00
074 W000300 0.0000
074 X000300 4
074 Y000300 0
075 A000300 0
075 B000300 95445
076 000300 0.00
SIGNATURE TRACIE PERSINGER
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000913961
<NAME> MASTER INVESTMENT TRUST, SERIES I
<SERIES>
<NUMBER> 011
<NAME> ASSET ALLOCATION PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-START> MAR-01-1996
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 188,453,819
<INVESTMENTS-AT-VALUE> 208,708,800
<RECEIVABLES> 3,937,471
<ASSETS-OTHER> 91,683
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 212,737,954
<PAYABLE-FOR-SECURITIES> 2,733,318
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 235,533
<TOTAL-LIABILITIES> 2,968,851
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 209,769,103
<SHARES-COMMON-STOCK> 13,448,892
<SHARES-COMMON-PRIOR> 13,781,353
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 209,769,103
<DIVIDEND-INCOME> 2,012,465
<INTEREST-INCOME> 5,301,048
<OTHER-INCOME> 0
<EXPENSES-NET> 594,976
<NET-INVESTMENT-INCOME> 6,718,537
<REALIZED-GAINS-CURRENT> 22,245,042
<APPREC-INCREASE-CURRENT> 4,290,246
<NET-CHANGE-FROM-OPS> 33,253,825
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,109,501
<NUMBER-OF-SHARES-REDEEMED> 2,441,961
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 28,714,689
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,046,406
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,397,727
<AVERAGE-NET-ASSETS> 191,183,963
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0.31
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000913961
<NAME> MASTER INVESTMENT TRUST - SERIES I
<SERIES>
<NUMBER> 021
<NAME> BLUE CHIP PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-START> MAR-01-1996
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 408,705,777
<INVESTMENTS-AT-VALUE> 481,292,942
<RECEIVABLES> 4,026,656
<ASSETS-OTHER> 25,425
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 485,345,023
<PAYABLE-FOR-SECURITIES> 7,349,877
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,428,576
<TOTAL-LIABILITIES> 8,778,453
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 476,566,570
<SHARES-COMMON-STOCK> 25,178,581
<SHARES-COMMON-PRIOR> 18,594,176
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 476,566,570
<DIVIDEND-INCOME> 7,463,844
<INTEREST-INCOME> 619,448
<OTHER-INCOME> 0
<EXPENSES-NET> 2,237,425
<NET-INVESTMENT-INCOME> 5,845,867
<REALIZED-GAINS-CURRENT> 62,491,398
<APPREC-INCREASE-CURRENT> 26,358,970
<NET-CHANGE-FROM-OPS> 94,696,235
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,820,425
<NUMBER-OF-SHARES-REDEEMED> 4,236,020
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 201,044,296
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,701,648
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,262,431
<AVERAGE-NET-ASSETS> 360,906,160
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000913961
<NAME> MASTER INVESTMENT TRUST, SERIES I
<SERIES>
<NUMBER> 031
<NAME> INVESTMENT GRADE BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-START> MAR-01-1996
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 138,370,817
<INVESTMENTS-AT-VALUE> 137,741,477
<RECEIVABLES> 1,939,487
<ASSETS-OTHER> 53,673
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 139,734,637
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 577,718
<TOTAL-LIABILITIES> 577,718
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 139,156,919
<SHARES-COMMON-STOCK> 11,808,156
<SHARES-COMMON-PRIOR> 5,867,496
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 139,156,919
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,908,449
<OTHER-INCOME> 0
<EXPENSES-NET> 332,581
<NET-INVESTMENT-INCOME> 5,575,868
<REALIZED-GAINS-CURRENT> (535,492)
<APPREC-INCREASE-CURRENT> (681,210)
<NET-CHANGE-FROM-OPS> 4,359,166
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,214,755
<NUMBER-OF-SHARES-REDEEMED> 2,274,095
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 72,867,344
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 428,287
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 617,528
<AVERAGE-NET-ASSETS> 95,444,790
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
[PRICE WATERHOUSE LOGO]
[PRICE WATERHOUSE LLP LETTERHEAD]
April 21, 1997
To the Board of Trustees
of Master Investment Trust, Series I
In planning and performing our audit of the financial statements of the Master
Investment Trust, Series I (the "Trust") for the year ended February 28, 1997,
we considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purposes of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the 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 appropriately
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
February 28, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Price Waterhouse LLP