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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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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 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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</TABLE>
MASTER INVESTMENT TRUST, SERIES I
FORM N-SAR
Fiscal Period Ended August 31, 1998
EXHIBIT INDEX:
EXHIBIT A: Attachment to Sub-Item 77C:
Submission of matters to a vote of security holders.
EXHIBIT B: Attachment to Sub-Item 77D:
Policies with respect to security investments.
EXHIBIT C: Attachment toSub-Item 77Q1(a):
Copies of material amendments to the registrant's charter and by-laws.
EXHIBIT D: Attachment toSub-Item 77Q1 (e):
Copies of any new or amended Registrant investment advisory contracts.
- -------------------------------------------------------------------------
EXHIBIT A:
SUB-ITEM 77C: Submission of matters to a vote of security holders.
(a) On June 26, 1998, the Pacific Horizon Intermediate Bond Fund and World
Horizon U.S. Bond Fund, representing all the interestholders of the Investment
Grade Bond Portfolio of Master Investment Trust, Series I (the "Trust") and on
July 20, 1998, the Pacific Horizon Blue Chip Fund and World Horizon U.S.
Equity Fund, representing all the interestholders of the Blue Chip Portfolio
of the Trust, unanimously approved the following proposals to interestholders
by means of a unanimous consent of interestholders:
All Portfolios:
(1) to approve or disapprove a new investment advisory agreement between
the Trust and Bank of America National Trust and Savings Association;
(2) to approve or disapprove changes to the following fundamental
investment limitations of the Investment Grade Bond and Blue Chip Portfolios:
(a) limitation on underwriting of securities;
(b) limitation on real estate transactions;
(c) limitation on commodity transactions;
(d) limitation on industry concentration;
(e) limitation on lending;
(f) limitation on borrowing and issuance of senior securities; and
(g) limitation on issuer concentration.
BLUE CHIP PORTFOLIO ONLY
(3) to approve or disapprove certain changes to the following fundamental
investment policies and limitations of the Blue Chip Portfolio, including a
change to make all of such policies and limitations non-fundamental:
(a) the limitation on short sales and purchasing securities on margin;
(b) the limitation on purchasing securities of other investment companies;
(c) the limitation on put, call, straddle and spread transactions;
(d) the limitation on illiquid securities; and
(e) the limitation on transactions in certain securities by Board
members; and
(4) to approve or disapprove a change in the fundamental investment
objective to a non-fundamental investment objective of the Blue Chip
Portfolio.
INVESTMENT GRADE BOND PORTFOLIO ONLY
(5) to approve or disapprove certain changes to the following
fundamental investment policies and limitations of the Investment Grade Bond
Portfolio, including a change to make all of such policies and limitations
non-fundamental:
(a) the limitation on short sales and purchasing securities on margin;
(b) the limitation on purchasing securities of other investment companies;
(c) the limitation on put, call, straddle and spread transactions;
(d) the limitation on illiquid securities; and
(e) the limitation on transactions in certain securities by Board
members; and
(6) to approve or disapprove a change in the fundamental investment
objective to a non-fundamental investment objective of the Investment Grade
Bond Portfolio.
EXHIBIT B:
SUB-ITEM 77D: Policies with respect to security investments.
BLUE CHIP PORTFOLIO
At the March 18, 1998 meeting of the Board of Trustees, the Trustees approved
a non-fundamental investment policy change for the Blue Chip Portfolio to
require it to invest at least 85% of its total assets in stocks included in
either the Dow Jones Industrial Average or the Standard & Poor's 500 Index.
At the March 18, 1998 meeting of the Board of Trustees, the Trustees approved
a non-fundamental investment policy change for the Blue Chip master portfolio
to require it to invest under normal market conditions at least 65% of its
total assets in blue chip stocks.
EXHIBIT C:
SUB-ITEM 77Q1(a):
Copies of any material amendments to the registrant's charter and by-laws.
The Amended and Restated Declaration of Trust and Amended and Restated By-laws
dated April 29, 1998, are incorporated herein by reference to PEA #7 filed
July 1, 1998.
EXHIBIT D:
SUB-ITEM 77Q1(e):
Copies of any new or amended Registrant investment advisory contracts.
Reference attached Investment Advisory Agreement dated June 26, 1998 with
respect to Master Investment Trust, Series I's Investment Grade Bond, Blue
Chip, Utilities, Growth and Income, Asset Allocation, Corporate Bond,
International Equity, and Short-Term Government Funds and International Bond
Portfolios.
MASTER INVESTMENT TRUST, SERIES I
INVESTMENT ADVISORY AGREEMENT
THIS AGREEMENT is made as of June 26, 1998 between MASTER INVESTMENT TRUST,
SERIES I, a Delaware business trust (herein called the "Trust"), and BANK OF
AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION (the "Adviser").
WHEREAS, the Trust is registered as an open-end management investment company
under the Investment Company Act of 1940, as amended ("1940 Act"); and
WHEREAS, the Trust desires to retain the Adviser to furnish investment
advisory services to the investment portfolios of the Trust listed on Schedule
A and any other investment portfolios which may be organized in the future and
listed on Schedule A (the "Portfolios");
NOW, THEREFORE, in consideration of the premises and mutual covenants herein
contained, it is agreed between the parties hereto as follows:
1. Appointment.
(a) The Trust hereby appoints the Adviser to act as investment adviser to each
Portfolio for the period and on the terms set forth in this Agreement. The
Adviser accepts such appointment and agrees to furnish the services herein set
forth for the compensation herein provided. The Adviser may, in its
discretion, provide such services through its own employees or the employees
of one or more affiliated companies that are qualified to act as investment
adviser to the Trust under applicable law and are under the common control of
BankAmerica Corporation provided (i) that all persons, when providing services
hereunder, are functioning as part of an organized group of persons, and (ii)
that such organized group of persons is managed at all times by authorized
officers of the Adviser.
(b) In the event that the Trust establishes one or more investment portfolios
other than the Portfolios with respect to which it desires to retain the
Adviser to act as investment adviser hereunder, it shall notify the Adviser in
writing. If the Adviser is willing to render such services under this
Agreement it shall so notify the Trust in writing whereupon such investment
portfolio shall become a "Portfolio" hereunder and shall be subject to the
provisions of this Agreement to the same extent as the Portfolios except to
the extent that said provisions (including those relating to the compensation
payable by the Portfolios to the Adviser) are modified with respect to such
Portfolio in writing by the Trust and the Adviser at the time. The Portfolios
and any additional investment portfolios established hereunder in accordance
with this paragraph are sometimes collectively referred to herein as the
"Portfolios" and individually as a "Portfolio."
2. Services. Subject to the supervision of the Trust's Board of Trustees (the
"Board"), the Adviser, in consultation with any Sub-Adviser appointed pursuant
to Section 3 hereof with respect to a particular Portfolio, will provide a
continuous investment program for each of the Portfolios, including investment
research and management with respect to all securities and investments and
cash equivalents in the Portfolios. The Adviser will determine from time to
time what securities and other investments will be purchased, retained or sold
by the Trust with respect to each Portfolio. The Adviser will provide the
services under this Agreement in accordance with each Portfolio's investment
objective, policies and restrictions as stated in the Trust's registration
statement, as from time to time amended, and resolutions of the Board. The
Adviser further agrees that it:
(a) Will conform with all applicable rules and regulations of the Securities
and Exchange Commission and will in addition conduct its activities under this
Agreement in accordance with other applicable law, including but not limited
to banking law.
(b) Will review, monitor and report to the Board of Trustees regarding the
performance and investment procedures of any Sub-Adviser (as defined in
Section 3 of this Agreement).
(c) Will assist and consult with any Sub-Adviser appointed with respect to a
particular Portfolio in connection with that Portfolio's continuous investment
program (as defined in Section 3 of this Agreement).
(d) Will place all orders for the purchase and sale of portfolio securities
for the account of each Portfolio with brokers or dealers selected by the
Adviser. In executing portfolio transactions and selecting brokers or
dealers, the Adviser will use its best efforts to seek on behalf of the Trust
and each Portfolio the best overall terms available. In assessing the best
overall terms available for any transaction the Adviser shall consider all
factors it deems relevant, including the breadth of the market in the
security, the price of the security, the financial condition and execution
capability of the broker or dealer, and the reasonableness of the commission,
if any, both for the specific transaction and on a continuing basis. In
evaluating the best overall terms available, and in selecting the broker or
dealer to execute a particular transaction, the Adviser may also consider the
brokerage and research services (as those terms are defined in Section 28(e)
of the Securities Exchange Act of 1934, as amended) provided to any Portfolio
and/or other accounts over which the Adviser or any affiliate of the Adviser
exercises investment discretion. The Adviser is authorized, subject to the
prior approval of the Board, to negotiate and pay to a broker or dealer who
provides such brokerage and research services a commission for executing a
portfolio transaction for any Portfolio which is in excess of the amount of
commission another broker or dealer would have charged for effecting that
transaction if, but only if, the Adviser determines in good faith that such
commission was reasonable in relation to the value of the brokerage and
research services provided by such broker or dealer viewed in terms of that
particular transaction or in terms of the overall responsibilities of the
Adviser to the particular Portfolio and to the Trust. No prior approval by
the Board, however, shall be required so long as the broker or dealer selected
by the Adviser obtains best execution on a particular transaction. In no
instance will potfolio securities be purchased from or sold to the Adviser,
any Sub-Adviser or any administrator of the Trust, or an affiliated person of
any of them acting as principal or as broker, except as permitted by law. In
executing portfolio transactions for any Portfolio, the Adviser may, but shall
not be obligated to, to the extent permitted by applicable laws and
regulations, aggregate the securities to be sold or purchased with those of
other Portfolios and its other clients where such aggregation is not
inconsistent with the policies set forth in the Trust's registration
statement. In such event, the Adviser will allocate the securities so
purchased or sold, and the expenses incurred in the transaction, pursuant to
any applicable law or regulation and in the manner it considers to be the most
equitable and consistent with its fiduciary obligations to the Portfolios and
such other clients.
In performing the investment advisory services hereunder, the Adviser is
authorized to purchase, sell or otherwise deal with securities or other
instruments for which (a) the Adviser, (b) any affiliate of the Adviser, (c)
an entity in which the Adviser or an affiliate of the Adviser has a direct or
indirect interest, or (d) another member of a syndicate or other intermediary
(where an entity referred to in (a), (b) or (c) above was a member of the
syndicate), has acted, now acts or in the future will act as an underwriter,
syndicate member, market-maker, dealer, broker or in any other similar
capacity, whether the purchase, sale or other dealing occurs during the life
of the syndicate or after the close of the syndicate, provided such purchase,
sale or dealing is permitted under the 1940 Act and the rules thereunder.
Insofar as permitted by law any rules of or under applicable law prohibiting
or restricting in any way an agent or fiduciary from dealing with itself or
from dealing with respect to any matter in which it may or does have a
personal interest shall not apply to the Adviser, to the extent its actions
are authorized under this paragraph.
(e) Will maintain all books and records with respect to the securities
transactions for the Portfolios, keep books of account with respect to such
Portfolios and furnish the Board such periodic special reports as the Board
may request.
(f)Will maintain a policy and practice of conducting its investment advisory
operations independently of its commercial banking operations. When the
Adviser makes investment recommendations for a Portfolio, its investment
advisory personnel will not inquire or take into consideration whether the
issuer of securities proposed for purchase or sale for the Portfolio's account
are customers of its commercial department. In dealing with commercial
customers, the Adviser's commercial department will not inquire or take into
consideration whether securities of those customers are held by the
Portfolios.
(g) Will treat confidentially and as proprietary information of the Trust all
records and other information relative to the Trust and prior or present Trust
shareholders or those persons or entities who respond to inquiries concerning
investment in the Trust, and will not use such records and information for any
purpose other than performance of its responsibilities and duties hereunder or
under any other agreement with the Trust except after prior notification to
and approval in writing by the Trust, which approval shall not be unreasonably
withheld and may not be withheld where the Adviser may be exposed to civil or
criminal contempt proceedings for failure to comply, when requested to divulge
such information by duly constituted authorities, or when so requested by the
Trust. Nothing contained herein, however, shall prohibit the Adviser from
advertising to or soliciting the public generally with respect to other
products or services, including, but not limited to, any advertising or
marketing via radio, television, newspapers, magazines or direct mail
solicitation, regardless of whether such advertisement or solicitation may
coincidentally include prior or present Trust shareholders or those persons or
entities who have responded to inquiries regarding the Trust.
3. Sub-Adviser. It is understood that the Adviser may from time to time
employ or associate with itself such person or persons as the Adviser
believes to be fitted to assist it in the performance of this Agreement
(each a "Sub-Adviser"); provided, however, that the compensation of such
person or persons
shall be paid by the Adviser and that the Adviser shall be as fully
responsible to the Trust for the acts and omissions of any such person as it
is for its own acts and omissions; and provided further, that the retention of
any Sub-Adviser shall be approved as may be required by the 1940 Act.
Notwithstanding any such employment or association with respect to the
International Equity Portfolio, the Adviser shall itself (a) establish and
monitor general investment criteria and policies for such Portfolio involved,
(b) review and analyze on a periodic basis such Portfolio's portfolio holdings
and transactions in order to determine their appropriateness in light of the
Portfolio's shareholder base, and (c) review and analyze on a periodic basis
the policies established by any Sub-Adviser for such Portfolio with respect to
the placement of orders for the purchase and sale of portfolio securities. In
the event that any Sub-Adviser appointed hereunder is terminated, the Adviser
may provide investment advisory services pursuant to this Agreement to the
Portfolios without further shareholder approval.
4. Services Not Exclusive. The Adviser will for all purposes herein be deemed
to be an independent contractor and will, unless otherwise expressly provided
herein or authorized by the Board from time to time, have no authority to act
for or represent the Trust in any way or otherwise be deemed its agent. The
investment management services furnished by the Adviser hereunder are not
deemed exclusive, and the Adviser will be free to furnish similar services to
others so long as its services under this Agreement are not impaired thereby.
5. Books and Records. In compliance with the requirements of Rule 31a-3 under
the 1940 Act, the Adviser hereby agrees that all records which it maintains
for the Trust are the property of the Trust and further agrees to surrender
promptly to the Trust any such records upon the Trust's request. The Adviser
further agrees to preserve for the periods prescribed by Rule 31a-2 under the
1940 Act the records required to be maintained by Rule 31-1 under the 1940
Act.
6. Expenses. During the term of this Agreement, the Adviser will pay all
expenses incurred by it in connection with its activities under the Agreement
other than the cost of securities (including brokerage commissions, if any)
purchased for the Trust.
7. Compensation. For the services provided and the expenses assumed pursuant
to this Agreement, the Trust will pay the Adviser and the Adviser will accept
as full compensation therefor a fee, computed daily and paid monthly (in
arrears) for the Portfolios at the annual rates set forth on Schedule B. Such
fee as is attributable to a Portfolio will be a separate charge to each such
Portfolio and will be the several (and not joint or joint and several)
obligation of each such Portfolio.
8. Limitation of Liability. Subject to the provisions of Section 3 hereof
concerning the Adviser's responsibility for the acts and omissions of persons
employed by or associated with the Adviser, the Adviser will not be liable for
any error of judgment or mistake of law or for any loss suffered by the Trust
in connection with the performance of this Agreement, except a loss resulting
from a breach of fiduciary duty with respect to the receipt of compensation
for services or a loss resulting from willful misfeasance, bad faith or
negligence on the part of the Adviser in the performance of its duties or from
reckless disregard by it of its obligations and duties under this Agreement.
9. Duration and Termination. This Agreement will become effective with
respect to each Portfolio as of the date first above written, provided that
the shareholders of each such Portfolio have previously approved the Agreement
in accordance with the requirements of the 1940 Act. This Agreement will
become effective with respect to any additional Portfolio on the date of
receipt by the Trust of notice from the Adviser in accordance with Section
1(b) hereof that the Adviser is willing to serve as investment adviser with
respect to such Portfolio, provided that this Agreement (as supplemented by
the terms specified in any notice and agreement pursuant to Section 1(b)
hereof) shall have been approved by the shareholders of such Portfolio in
accordance with the requirements of the 1940 Act.
Unless sooner terminated as provided herein, this Agreement will continue in
effect until October 31, 1999. Thereafter, if not terminated, this Agreement
shall continue in effect as to a particular Portfolio for successive annual
periods, provided such continuance is specifically approved at least annually
(a) by the vote of a majority of those members of the Board who are not
interested persons of any party to this Agreement, cast in person at a meeting
called for the purpose of voting on such approval, and (b) by the Board or by
vote of a majority of the outstanding voting securities of such Portfolio.
Notwithstanding the foregoing, this Agreement may be terminated as to any
Portfolio at any time, without the payment of any penalty, by the Trust (by
vote of the Board or by vote of a majority of the outstanding voting
securities of such Portfolio), or by the Adviser, on sixty days' written
notice. This Agreement will immediately terminate in the event of its
assignment. (As used in this Agreement, the terms "majority of the
outstanding voting securities," "interested persons" and "assignment" shall
have the same meaning as the meaning of such terms in the 1940 Act.)
10. Amendment of this Agreement. No provision of this Agreement may be
changed, waived, discharged or terminated orally, but only by an instrument in
writing signed by the party against which enforcement of the change, waiver,
discharge or termination is sought. No amendment of this Agreement will be
effective as to a particular Portfolio until approved by vote of a majority of
the outstanding voting securities of such Portfolio.
11.Notices. Notices of any kind to be given to the Adviser hereunder by the
Trust will be in writing and will be duly given if mailed or delivered to the
Adviser at 555 California Street, San Francisco, California 94104, or at such
other address or to such individuals as will be so specified by the Adviser to
the Trust. Notices of any kind to be given to the Trust hereunder by the
Adviser will be in writing and will be duly given if mailed or delivered to
the Trust at PFPC International, Ltd., 80 Harcourt Street, Dublin 2, Ireland
(with a copy to Thomas M. Collins, McDermott & Trayner, 225 South Lake Avenue,
Suite 410, Pasadena, California 91101-3010), or at such other address or to
such individual as will be so specified by the Trust to the Adviser.
12. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or limit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement will not be
affected thereby. This Agreement will be binding upon and will inure to the
benefit of the parties hereto and their respective successors and will be
governed by the internal laws, and not the law of conflicts, of the State of
Delaware; provided that nothing herein will be construed in a manner
inconsistent with the 1940 Act, the Investment Advisers Act of 1940, as
amended, or any rule or regulation of the Securities and Exchange Commission
thereunder. This Agreement may be executed in two or more parts which together
shall constitute a single Agreement.
13. Names. The names "Master Investment Trust, Series I" and "Trustees of
Master Investment Trust, Series I" refer respectively to the Trust created and
the Trustees, as trustees but not individually or personally, acting from time
to time under a Declaration of Trust dated October 23, 1992, as amended and
restated on February 10, 1993, as amended on August 15, 1993 and October 22,
1993 and as amended and restated on April 29, 1998, which is hereby referred
to and a copy of which is on file at the principal office of the Trust. The
Trustees, officers, employees and agents of the Trust shall not personally be
bound by or liable under any written obligation, contract, instrument,
certificate or other interest or undertaking of the Trust made by the Trustees
or by an officer, employee or agent of the Trust, in his or her capacity as
such, nor shall resort be had to their private property for the satisfaction
of any obligation or claim thereunder.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their officers designated below as of the day and year first above
written.
MASTER INVESTMENT TRUST, SERIES I
By: _____________________
Name:
Title: President
BANK OF AMERICA NATIONAL
TRUST & SAVINGS ASSOCIATION
By: ______________________
Name:
Title:
SCHEDULE A
Portfolios:
Investment Grade Bond
Blue Chip
Utilities
Growth and Income
International Bond Portfolios
Asset Allocation
Corporate Bond
International Equity
Short-Term Government
Dated as of July 20, 1998
SCHEDULE B
Fee as a Percentage
Portfolio Of Net Assets
Investment Grade Bond .30%
Blue Chip .50%
Utilities .50%
Growth and Income .55%
International Bond .55%
Asset Allocation .55%
Corporate Bond .45%
International Equity .75%
Short-Term Government .25%
Dated as of July 20, 1998
