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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 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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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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<CIK> 0000913961
<NAME> MASTER INVESTMENT TRUST, SERIES I
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<NAME> BLUE CHIP PORTFOLIO
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000913961
<NAME> MASTER INVESTMENT TRUST, SERIES I
<SERIES>
<NUMBER> 03
<NAME> INVESTMENT GRADE BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> MAY-14-1999
<PERIOD-START> MAR-01-1999
<PERIOD-END> MAY-14-1999
<INVESTMENTS-AT-COST> 157541740
<INVESTMENTS-AT-VALUE> 155493530
<RECEIVABLES> 2380785
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 157874315
<PAYABLE-FOR-SECURITIES> 1587458
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 393579
<TOTAL-LIABILITIES> 1981037
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 156257056
<SHARES-COMMON-STOCK> 677271
<SHARES-COMMON-PRIOR> 871633
<ACCUMULATED-NII-CURRENT> 1827390
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (142958)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2048210)
<NET-ASSETS> 155893278
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1949831
<OTHER-INCOME> 0
<EXPENSES-NET> (122441)
<NET-INVESTMENT-INCOME> 1827390
<REALIZED-GAINS-CURRENT> (142958)
<APPREC-INCREASE-CURRENT> (433199)
<NET-CHANGE-FROM-OPS> 1251233
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9176796
<NUMBER-OF-SHARES-REDEEMED> (11823526)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1395497)
<ACCUMULATED-NII-PRIOR> 8140337
<ACCUMULATED-GAINS-PRIOR> 1863176
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 97418
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 136404
<AVERAGE-NET-ASSETS> 158467136
<PER-SHARE-NAV-BEGIN> 13.41
<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> 13.52
<EXPENSE-RATIO> .38
</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountants report on internal control
- -------------------------------------------------------
Exhibit A:
Report of Independent Accountants
To the Investors and Board of Trustees
of Master Investment Trust, Series I
In planning and performing our audit of the financial
statements of Master Investment Trust, Series I - Investment
Grade Bond Portfolio and Master Investment Trust, Series I -
Blue Chip Portfolio (hereinafter referred to as the
"Portfolios") for the period ended May 14, 1999, we
considered its internal control, including control activities
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 internal control.
The management of the Portfolios is responsible for
establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control 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 internal control would not necessarily
disclose all matters in internal control 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 one or more
of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by
error or fraud 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 internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of May
14, 1999.
This report is intended solely for the information and use of
management and the Board of Trustees of Master Investment
Trust, Series I and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
July 8, 1999
