<PAGE> PAGE 1
000 B000000 02/28/99
000 C000000 0000913961
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
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 2
007 C010100 1
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 PFPC INC
010 C01AA01 WILMINGTON
010 C02AA01 DE
010 C03AA01 19809
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 BANKAMERICA INVESTMENT SERVICES INC.
014 B00AA01 8-00000000
<PAGE> PAGE 2
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 MORGAN STANLEY
020 B000001 13-2655998
020 C000001 92
020 A000002 SMITH BARNEY
020 B000002 13-1912900
020 C000002 91
020 A000003 INVESTMENT TECHNOLOGY GROUP, INC.
020 B000003 95-4339369
020 C000003 87
020 A000004 BOSTON INSTITUTIONAL
020 B000004 04-2479358
020 C000004 86
020 A000005 BERNSTEIN (SANFORD C.) & CO.
020 B000005 13-2625874
020 C000005 76
020 A000006 PAINE WEBBER
020 B000006 13-2638166
020 C000006 65
020 A000007 DONALDSON, LUFKIN & JENRETTE SECURITIES
020 B000007 13-2741729
020 C000007 63
020 A000008 GOLDMAN SACHS
020 B000008 13-5108880
020 C000008 58
020 A000009 OPPENHEIMER & CO.
020 B000009 13-2527171
020 C000009 47
020 A000010 BEAR STEARNS & CO.
020 B000010 13-3299429
020 C000010 40
021 000000 920
022 A000001 INVESTMENT TECHNOLOGY GROUP, INC.
022 B000001 95-4339369
022 C000001 91000
022 D000001 47080
022 A000002 GOLDMAN SACHS
022 B000002 13-5108880
022 C000002 60132
022 D000002 31971
022 A000003 SALOMON BROTHERS
022 C000003 59854
<PAGE> PAGE 3
022 D000003 65584
022 A000004 SMITH BARNEY
022 B000004 13-1912900
022 C000004 52789
022 D000004 42393
022 A000005 MORGAN STANLEY
022 B000005 13-2655998
022 C000005 52406
022 D000005 53758
022 A000006 LEHMAN BROTHERS
022 B000006 13-2518466
022 C000006 41067
022 D000006 38750
022 A000007 SANFORD BERNSTEIN
022 B000007 13-2625874
022 C000007 40095
022 D000007 33763
022 A000008 PAINE WEBBER
022 B000008 13-2638166
022 C000008 38403
022 D000008 28089
022 A000009 PRUDENTIAL SECURITIES
022 B000009 22-2347336
022 C000009 33423
022 D000009 42701
022 A000010 BOSTON INSTITUTIONAL
022 B000010 04-2479358
022 C000010 31170
022 D000010 41696
023 C000000 1048393
023 D000000 969050
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
<PAGE> PAGE 4
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
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
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 CHUBB GROUP OF INSURANCE COMPANIES
080 B00AA00 NONE
080 C00AA00 4350
081 A00AA00 Y
081 B00AA00 3
082 A00AA00 Y
082 B00AA00 10
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 N
<PAGE> PAGE 5
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 0
028 A020100 0
028 A030100 0
028 A040100 0
028 B010100 0
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 0
028 C020100 0
028 C030100 0
028 C040100 0
028 D010100 0
028 D020100 0
028 D030100 0
028 D040100 0
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 0
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 0
028 G010100 0
028 G020100 0
028 G030100 0
028 G040100 0
028 H000100 0
054 A000100 N
054 B000100 N
054 C000100 N
054 D000100 Y
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 N
054 I000100 N
054 J000100 N
054 K000100 N
054 L000100 N
054 M000100 N
054 N000100 N
<PAGE> PAGE 6
054 O000100 N
055 A000100 Y
055 B000100 N
056 000100 Y
057 000100 N
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
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
<PAGE> PAGE 7
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
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 0
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 0
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 0
072 Y000100 0
072 Z000100 0
072AA000100 0
072BB000100 0
<PAGE> PAGE 8
072CC010100 0
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 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 0
074 M000100 0
074 N000100 0
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 0
074 S000100 0
074 T000100 0
074 U010100 0
074 U020100 0
074 V010100 0.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 0
074 Y000100 0
075 A000100 0
075 B000100 0
076 000100 0.00
024 000200 N
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
<PAGE> PAGE 9
028 A010200 19221
028 A020200 0
028 A030200 0
028 A040200 20809
028 B010200 12678
028 B020200 0
028 B030200 0
028 B040200 26427
028 C010200 12578
028 C020200 0
028 C030200 0
028 C040200 13384
028 D010200 16433
028 D020200 0
028 D030200 0
028 D040200 23402
028 E010200 14198
028 E020200 0
028 E030200 0
028 E040200 20826
028 F010200 18750
028 F020200 0
028 F030200 0
028 F040200 14881
028 G010200 93858
028 G020200 0
028 G030200 0
028 G040200 119729
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.500
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
<PAGE> PAGE 10
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
054 A000200 N
054 B000200 N
054 C000200 N
054 D000200 Y
054 E000200 N
054 F000200 N
054 G000200 N
054 H000200 N
054 I000200 N
054 J000200 N
054 K000200 N
054 L000200 N
054 M000200 N
054 N000200 N
054 O000200 N
055 A000200 Y
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 500
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
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
<PAGE> PAGE 11
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
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 511047
071 B000200 458605
071 C000200 800014
071 D000200 57
<PAGE> PAGE 12
072 A000200 12
072 B000200 1337
072 C000200 10829
072 D000200 0
072 E000200 0
072 F000200 4147
072 G000200 415
072 H000200 0
072 I000200 0
072 J000200 116
072 K000200 0
072 L000200 0
072 M000200 34
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 257
072 R000200 5
072 S000200 80
072 T000200 0
072 U000200 10
072 V000200 0
072 W000200 77
072 X000200 5141
072 Y000200 0
072 Z000200 7025
072AA000200 64380
072BB000200 0
072CC010200 0
072CC020200 72411
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 0
074 D000200 0
074 E000200 0
074 F000200 893491
074 G000200 0
074 H000200 0
074 I000200 11526
074 J000200 3695
074 K000200 0
074 L000200 2900
074 M000200 3
074 N000200 911615
<PAGE> PAGE 13
074 O000200 1548
074 P000200 350
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 1971
074 S000200 0
074 T000200 907746
074 U010200 0
074 U020200 0
074 V010200 0.00
074 V020200 0.00
074 W000200 0.0000
074 X000200 6
074 Y000200 0
075 A000200 0
075 B000200 829863
076 000200 0.00
024 000300 Y
025 A000301 LEHMAN BROS
025 B000301 13-2518466
025 C000301 D
025 D000301 3717
025 A000302 CS FIRST BOSTON
025 B000302 13-5659485
025 C000302 D
025 D000302 2732
025 A000303 NOMURA SECURITIES
025 B000303 13-2642206
025 C000303 D
025 D000303 2183
025 A000304 SALOMON SMITH BARNEY
025 C000304 D
025 D000304 1489
025 A000305 BEAR STEARNS COS.
025 B000305 13-3299429
025 C000305 D
025 D000305 1483
025 A000306 DONALDSON, LUFKIN & JENRETTER SECURITIES COR
025 B000306 13-2741729
025 C000306 D
025 D000306 1301
025 D000307 0
025 D000308 0
028 A010300 23859
028 A020300 0
028 A030300 0
028 A040300 3087
028 B010300 3342
028 B020300 0
<PAGE> PAGE 14
028 B030300 0
028 B040300 3868
028 C010300 3296
028 C020300 0
028 C030300 0
028 C040300 3128
028 D010300 3759
028 D020300 0
028 D030300 0
028 D040300 3366
028 E010300 3182
028 E020300 0
028 E030300 0
028 E040300 3227
028 F010300 2658
028 F020300 0
028 F030300 0
028 F040300 3360
028 G010300 40096
028 G020300 0
028 G030300 0
028 G040300 20036
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.300
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
049 000300 N
050 000300 N
<PAGE> PAGE 15
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 N
053 C000300 N
054 A000300 N
054 B000300 N
054 C000300 N
054 D000300 Y
054 E000300 N
054 F000300 N
054 G000300 N
054 H000300 N
054 I000300 N
054 J000300 N
054 K000300 N
054 L000300 N
054 M000300 N
054 N000300 N
054 O000300 N
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 500
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
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 23.4
062 N000300 9.7
062 O000300 0.0
062 P000300 32.0
062 Q000300 33.6
062 R000300 1.4
063 A000300 0
063 B000300 9.1
064 A000300 Y
064 B000300 N
<PAGE> PAGE 16
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
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 221505
071 B000300 188218
071 C000300 137570
071 D000300 137
072 A000300 12
072 B000300 8645
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 429
<PAGE> PAGE 17
072 G000300 71
072 H000300 0
072 I000300 0
072 J000300 20
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 92
072 R000300 1
072 S000300 8
072 T000300 0
072 U000300 10
072 V000300 0
072 W000300 8
072 X000300 639
072 Y000300 134
072 Z000300 8140
072AA000300 1863
072BB000300 0
072CC010300 0
072CC020300 3025
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 155250
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 2123
074 J000300 0
074 K000300 0
074 L000300 1909
074 M000300 0
074 N000300 159282
074 O000300 1480
074 P000300 30
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
<PAGE> PAGE 18
074 R040300 483
074 S000300 0
074 T000300 157289
074 U010300 0
074 U020300 0
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 6
074 Y000300 0
075 A000300 0
075 B000300 143091
076 000300 0.00
SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000913961
<NAME> MASTER INVESTMENT TRUST, SERIES I
<SERIES>
<NUMBER> 02
<NAME> BLUE CHIP PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 648792338
<INVESTMENTS-AT-VALUE> 905017120
<RECEIVABLES> 6594670
<ASSETS-OTHER> 2864
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 911614654
<PAYABLE-FOR-SECURITIES> 1548028
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2320893
<TOTAL-LIABILITIES> 3868921
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 907745733
<DIVIDEND-INCOME> 10829267
<INTEREST-INCOME> 1336549
<OTHER-INCOME> 0
<EXPENSES-NET> (5141238)
<NET-INVESTMENT-INCOME> 7024578
<REALIZED-GAINS-CURRENT> 64379919
<APPREC-INCREASE-CURRENT> 72410738
<NET-CHANGE-FROM-OPS> 143815235
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 268650537
<NUMBER-OF-SHARES-REDEEMED> (223373638)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 189092134
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4147169
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5141238
<AVERAGE-NET-ASSETS> 829863129
<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> .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> 03
<NAME> INVESTMENT GRADE BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 158987727
<INVESTMENTS-AT-VALUE> 157372715
<RECEIVABLES> 1908931
<ASSETS-OTHER> 569
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 159282215
<PAYABLE-FOR-SECURITIES> 1480335
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 513105
<TOTAL-LIABILITIES> 1993440
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 157288775
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8645285
<OTHER-INCOME> 0
<EXPENSES-NET> (504948)
<NET-INVESTMENT-INCOME> 8140337
<REALIZED-GAINS-CURRENT> 1863176
<APPREC-INCREASE-CURRENT> (3025448)
<NET-CHANGE-FROM-OPS> 6978065
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 62766190
<NUMBER-OF-SHARES-REDEEMED> (38022040)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 31722215
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 428998
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 638900
<AVERAGE-NET-ASSETS> 143090940
<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> .35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
EXHIBIT INDEX
Exhibit A:
Attachment to item 77B: Accountant's report on internal control.
- - - - - - - - - - - - - - - - - - - - - - - - - - - -
Exhibit A:
Report of Independent Accountants
To the Shareholders 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 for the year
ended February 28, 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 Master Investment Trust, Series I 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
February 28, 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
April 22, 1999
