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<PAGE> PAGE 2
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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 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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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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SIGNATURE ANN BONSTEEL
TITLE ASST.SECRETARY
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<TABLE> <S> <C>
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<CIK> 0000893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 9
<NAME> LIFEPATH 2000 FUND
<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 10
<NAME> LIFEPATH 2010 FUND
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 11
<NAME> LIFEPATH 2020 FUND
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 12
<NAME> LIFEPATH 2030 FUND
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 13
<NAME> LIFEPATH 2040 FUND
<S> <C>
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