<PAGE>
August 31, 1999
Semi-Annual Report
Asset Allocation Fund
Bond Index Fund
LifePath 2000 Fund(R)
LifePath 2010 Fund(R)
LifePath 2020 Fund(R)
LifePath 2030 Fund(R)
LifePath 2040 Fund(R)
Money Market Fund
S&P 500 Stock Fund
US Treasury Allocation Fund
Advised by Barclays Global Fund Advisors
Sponsored and distributed by Stephens Inc.,
Member NYSE/SIPC
Barclay's Global Investors Funds, Inc.
<PAGE>
Table of Contents
<TABLE>
<S> <C>
To Our Shareholders..................................................... 1
Barclays Global Investors Funds Market Overview......................... 2
Managers' Discussion and Analysis....................................... 4
BARCLAYS GLOBAL INVESTORS FUNDS
Statements of Assets and Liabilities.................................. 16
Statements of Operations.............................................. 20
Statements of Changes in Net Assets................................... 24
Financial Highlights.................................................. 32
Notes to the Financial Statements..................................... 42
MASTER INVESTMENT PORTFOLIO PORTFOLIOS OF INVESTMENTS
Asset Allocation Master Portfolio..................................... 47
Bond Index Master Portfolio........................................... 66
LifePath Master Portfolios............................................ 76
Money Market Master Portfolio......................................... 158
S&P 500 Index Master Portfolio........................................ 160
U.S. Treasury Allocation Master Portfolio............................. 178
MASTER INVESTMENT PORTFOLIO
Statements of Assets and Liabilities.................................. 180
Statements of Operations.............................................. 184
Statements of Changes in Net Assets................................... 188
Notes to the Financial Statements..................................... 195
</TABLE>
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
To Our Shareholders
The first six months of the fiscal year ended August 31, 1999. Highlights
from this period include:
. The MasterWorks(R) mutual funds were renamed the Barclays Global Investors
Funds on July 1, 1999. The name change does not affect the Funds'
strategies, ownership, or investment objectives, and you can still find
daily prices in print and online.
. The U.S. Treasury Allocation Fund prepared to merge with the Bond Index
Fund. (Upon shareholder approval, the merger will occur on October 29,
1999.)
. The Dow Jones Industrial Average, which measures the value of 30 actively
traded, well-established U.S. companies, surpassed 10,000 points for the
first time in its 104-year history on March 16, 1999.
. The U.S. bond market, which had experienced tremendous growth in the
fiscal year that ended February 28, 1999, slowed considerably as
indicators of a strong U.S. economy reached record levels.
. The Federal Reserve Board raised short-term interest rates twice between
February 28, 1999, and August 31, 1999.
As you read through this report and review the performance of the funds in
your portfolio, we encourage you to keep long-term goals in mind when making
investment decisions. While one fund's recent performance may be better than
another's, it is important to remember that past performance is no guarantee of
future results. Even as market conditions change, you should maintain your
investment strategy as long as it remains appropriate for your short- or
long-term objectives. One trait many successful investors share is the ability
to stay focused on their personal financial goals while ignoring temporary
market swings.
The Barclays Global Investors Funds offer a simple, cost-effective way for
you to invest in your future. We trust that the funds are fulfilling your
expectations, and will continue to do so. We appreciate your confidence and look
forward to continuing to help you meet your investment goals.
Barclays Global Investors Family of Funds August 1999
1
<PAGE>
Barclays Global Investors Funds Market Overview
Six-Month Period Ended August 31, 1999
U.S. Equity Markets
The large-cap U.S. equity market was off to a robust start at the beginning
of the fiscal year. The Dow Jones Industrial Average broke the 10,000-point
barrier on March 16 and closed above 10,000 points for the first time in history
on March 29. Strong performance was concentrated among the largest stocks in the
S&P 500 Index and the Russell 1000 Index.
High U.S. equity market returns could be traced to the health of the U.S.
economy, the solid performance of many Internet or "dot.com" stocks, and the new
role of the individual investor. These factors helped propel the Dow toward the
11,000-point mark in the first quarter of the fiscal year.
There was some speculation among investors that beneath positive reports
about the U.S. economy lay the potential for inflation by the end of the first
quarter of the fiscal year. Concern that the Federal Reserve Board would raise
interest rates and choke off a major source of buoyancy for the equity market
slowed trading activity briefly. The slow down did not last long, though; the
S&P 500 Index was up again in the beginning of the second quarter of the fiscal
year. Indications that foreign economies were on their way to recovery after
more than a year of turmoil pushed U.S. stock prices even higher in June.
There was little movement in the equity markets during July and August. Low
trading volumes were due in large part to investor anxiety about short-term
interest rate increases.
By the close of the first half of the fiscal year on August 31, 1999, each
of the three major U.S. equity indices had a favorable return. The S&P 500 Index
returned 7.32%, the S&P MidCap Index returned 10.93%, and the Russell 2000 Index
returned 9.88%.
U.S. Fixed Income Markets
When fiscal year 1999 began, the U.S. had the lowest unemployment level
since 1970, the country was in the midst of the longest peacetime economic
expansion in U.S. history, and the global financial turmoil that had defined the
previous 20 months appeared to be lessening. Investors moved away from bonds and
into equities, causing the bond market to tumble early in the first quarter.
Interest rates rose higher as investors grew concerned that the strength of
the U.S. economy would lead to higher inflation. Yields on 30-year Treasury
bonds increased 0.5% to just under 6.10% during the first half of the fiscal
year, and yields of intermediate-term securities rose even more during this
period.
2
<PAGE>
Barclays Global Investors Funds Market Overview
On June 30, the Federal Reserve Board raised the federal funds rate from
4.75% to 5.0%, citing improved global financial conditions, recovering foreign
economies, and a robust domestic economy. Chairman Alan Greenspan's warning in
July that the Fed may have to act "promptly and forcefully" to prevent inflation
drove bond market returns even lower.
Favorable quarterly earnings reports from many companies in July heightened
investors' worries over the possibility of increased interest rates at the end
of the second quarter of the fiscal year. Their fears were realized on August 24
when the Federal Reserve Board increased the federal funds rate to 5.25%. At the
end of the first half of the fiscal year, a slow down in the U.S. economy had
become apparent, but it did nothing to lessen investor anxiety about inflation.
By August 31, 1999, the Lehman Brothers Government/Corporate Bond Index had
returned -0.96% for the first two quarters of the fiscal year.
International Equity Markets
The first quarter of fiscal year 1999 witnessed extensive merger and
acquisition activity in Europe. In Italy, Olivetti launched a hostile bid for
control of Telecom Italia, and France's Renault acquired a 37% stake in
Japan-based Nissan. By the end of the first fiscal quarter, Olivetti had
acquired more than 50% of Telecom Italia and Repsol, a Spanish oil company, had
become the eighth largest oil company in the world by buying Argentine oil
company YPF -- that country's largest company.
Merger and acquisition activity aside, European markets were a major
disappointment to investors in the first half of fiscal year 1999, despite an
International Monetary Fund report that said the world economy was no longer "in
a state of crisis." Fortunately, by the end of the second fiscal quarter
European markets appeared to some analysts to be poised for a recovery, as
business and consumer confidence levels rose for the 11-country Euro zone for
first time since December 1998.
Investment in Japanese equities rose in the first half of the fiscal year
due to speculation that the country's economy had bottomed out and therefore
presented excellent buying opportunities. Attraction to Japanese equities also
increased after the government implemented banking reform measures and many
companies underwent extensive restructuring. Though foreign investment in Japan
remains high -- by the end of the second fiscal quarter the Morgan Stanley
Capital International Japan Index had returned 33.83% -- many analysts seemed
skeptical about whether that growth could be sustained over time.
When the second quarter of the fiscal year closed on August 31, 1999, the
Morgan Stanley Capital International Europe Australasia Far East (MSCI EAFE)
Index had returned 10.40% for the first half of the fiscal year.
3
<PAGE>
ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
Average Annual
PERFORMANCE AS OF 8/31/99 Total Return
- -------------------------------------------------------
<S> <C>
One Year 25.66%
Five Year 17.66%
Since Inception Date
(7/2/93-8/31/99) 14.89%
</TABLE>
Average annual total return represents the Asset Allocation Fund's average
annual increase in value during the time periods noted above. These figures
assume that dividends and capital gain distributions have been reinvested in the
Fund at net asset value. The Fund's past performance is no guarantee of future
results. The investment return and principal value of shares of the Fund will
vary with changes in market conditions. Shares of the Fund may be worth more or
less than their original cost when they are redeemed.
A fund's "net asset value," or NAV, is the market value of one share of a fund.
The Asset Allocation Fund's NAV increased from $14.07 on February 28, 1999, to
$14.41 on August 31, 1999. (The NAVs are calculated after monthly income
distributions.) "Net investment income" includes income from dividends and
interest on the Fund's investments after management and administrative fees have
been deducted. Cumulative dividends on net investment income were approximately
$0.17 per share during this period. Of course, past performance is no guarantee
of future results.
The Asset Allocation Fund invests in a changing mix of S&P 500 stocks, long-term
U.S. Treasury bonds, and money market investments. The Fund attempts to improve
on the markets' long-term risk-and-return tradeoff by shifting its investments
among asset classes in response to changes in the investment environment.
The benchmark for the Asset Allocation Fund is composed of 60% of the return of
the S&P 500 Index and 40% of the return of the Lehman Brothers 20+ Year Treasury
Index. At the beginning of the fiscal year, the Fund was overweighted in
equities: 80% of its assets were invested in large-cap stocks and 20% were
invested in long-term government bonds. The Fund decreased its equity allocation
by 5% in each of the first four months of the fiscal year, reaching its
benchmark allocation by the end of June.
The Fund's significant equity investment in the last two quarters of fiscal year
1998 allowed investors to capture the gains of a strong equity market. Gradually
decreasing its investment in this market locked in those gains and reduced the
Fund's exposure to falling stock prices should speculation about a stock market
drop become a reality.
Positive reports on jobs, manufacturing, and housing in the first half of the
fiscal year indicated a healthy U.S. economy. These reports buoyed
4
<PAGE>
MANAGERS' DISCUSSION AND ANALYSIS
ASSET ALLOCATION FUND (Continued)
an already strong stock market, but started the bond market on the slow but
steady downward trend that defined its performance in the first two quarters of
the fiscal year. Even the brief rally after the Federal Reserve Board announced
the first of two interest rate increases on June 30 did not improve performance.
Fortunately for investors, the performance of the Fund's stock investments made
up for the performance of its bond investments during the first half of the
fiscal year. The Asset Allocation Fund had returned 3.59% by August 31, 1999,
while the benchmark had returned only 2.73%.
The Asset Allocation Fund does not have its own investment adviser. It is
organized as a "feeder" fund in a "master-feeder" structure. Instead of
investing directly in the individual securities in the portfolio, the feeder
fund, which is offered to the public, holds interests in the net assets of the
Master Portfolio. It is the Master Portfolio that actually invests in the
individual securities. References to "the fund" are to the feeder fund or the
Master Portfolio. Barclays Global Fund Advisors advises the Master Portfolio.
The Master Portfolio may accept investments from other feeder funds. Certain
events involving other feeder funds, such as a substantial withdrawal, could
affect the Master Portfolio.
5
<PAGE>
BOND INDEX FUND
Average Annual
PERFORMANCE AS OF 8/31/99 Total Return
- --------------------------------------------------------------
One Year -0.39%
Five Year 6.86%
Since Inception Date (7/2/93-8/31/99) 5.47%
Average annual total return represents the Bond Index Fund's average annual
increase in value during the time periods noted above. These figures assume that
dividends have been reinvested in the Fund and capital gains have been
distributed to shareholders at net asset value. The Fund's past performance is
no guarantee of future results. The investment return and principal value of
shares of the Fund will vary with changes in market conditions. Shares of the
Fund may be worth more or less than their original cost when they are redeemed.
A fund's "net asset value," or NAV, is the market value of one share of a fund.
The Bond Index Fund's NAV decreased from $9.73 on February 28, 1999, to $9.31 on
August 31, 1999. (The NAVs are calculated after monthly income distributions.)
"Net investment income" includes income from dividends and interest on the
Fund's investments after management and administrative fees have been deducted.
Cumulative dividends on net investment income were approximately $0.30 per share
during this period. Of course, past performance is no guarantee of future
results.
The Bond Index Fund tracks the Lehman Brothers Government/ Corporate Bond Index.
For the first half of the fiscal year, which ended on August 31, 1999, the Fund
returned -1.25%, while the index returned -0.96% for the same period. The Fund's
performance lagged slightly behind the performance of the index because the Fund
was overweighted in higher-quality bonds when lower-quality bonds performed
better.
The Fund attempts to invest the right proportion in each of the bond market
sectors. At the beginning of the fiscal year, the Fund had invested 54% of its
assets in U.S. Treasury bonds, 33% in corporate bonds, and 13% in U.S. agency
securities.
The Federal Reserve Board increased the federal funds rate from 4.75% to 5.0% on
June 30. Another 0.25% rate increase in August, combined with economic reports
citing the longest peacetime expansion and the highest consumer confidence
rating in history, increased investor anxiety about inflation. This concern
resulted in lower bond prices and, ultimately, low returns for the Bond Index
Fund.
The Bond Index Fund does not have its own investment adviser. It is organized as
a "feeder" fund in a "master-feeder" structure. Instead of investing directly in
the individual securities in the portfolio, the feeder fund, which is offered to
the public, holds interests in the net assets of the Master Portfolio. It is the
Master Portfolio that actually invests in the individual securities. References
to "the Fund" are to the feeder fund or the Master Portfolio. Barclays Global
Fund Advisors advises the Master Portfolio. The Master Portfolio may accept
investments from other feeder funds. Certain events involving other feeder
funds, such as a substantial withdrawal, could affect the Master Portfolio.
6
<PAGE>
MANAGERS' DISCUSSION AND ANALYSIS
LifePath(R) Funds
<TABLE>
<CAPTION>
Average Annual
PERFORMANCE AS OF 8/31/99 Total Return
- ----------------------------------------------------------------
Since Inception
Date
Fund One Year Five Year (3/1/94-8/31/99)
- ------------- -------- --------- ----------------
<S> <C> <C> <C>
LifePath 2000 8.27% 8.61% 8.19%
LifePath 2010 16.82% 13.26% 12.81%
LifePath 2020 24.52% 16.47% 16.06%
LifePath 2030 29.28% 18.77% 18.35%
LifePath 2040 36.28% 20.99% 20.80%
</TABLE>
Average annual total returns represent the LifePath Funds' average annual
increase in value during the time periods noted above. These figures assume that
dividends have been reinvested in the Funds and capital gains have been
distributed to shareholders at net asset value. The Funds' past performance is
no guarantee of future results. The investment return and principal value of
shares of the Funds will vary with changes in market conditions. Shares of the
Funds may be worth more or less than their original cost when they are redeemed.
The Funds are successors to the assets of the institutional class of shares of
the Stagecoach Trust LifePath Funds (the "predecessor funds"), which began
operations on March 1, 1994. Performance information for the periods before
March 26, 1996, the date the LifePath Funds began operations, reflects the
performance of the predecessor funds.
The LifePath Funds' objective is growing assets while taking on the levels of
risk that investors, on average, may be willing to accept given their investment
time horizons. The Funds' strategies assume that the investor will begin to
withdraw his or her investment in the decade included in the Fund's name. For
example, investors in LifePath 2040 plan to withdraw their investments in 2040.
Assets in this Fund, therefore, are invested almost entirely in stocks because
investors can wait out the short-term ups and downs of the markets in return for
greater potential rewards over the long term. By contrast, assets in the
LifePath 2000 Fund are invested more conservatively in short-term, low-risk,
low-return bonds and money market instruments.
The models used to manage the LifePath Funds' assets are "strategic" and
"tactical."
Strategic asset allocation techniques affect 75% of the LifePath Funds' total
asset allocation. The strategic model focuses on long-term asset allocation by
comparing the potential risks and returns for each asset class based on the
Funds' different time horizons and investors' shifting risk tolerances. As each
Fund nears its target date, the asset allocation becomes more conservative,
shifting to less risky investments -- such as short-term bonds or money market
7
<PAGE>
LifePath(R) Funds (Continued)
investments. Short-term volatility in the markets has only a small effect on a
Fund's long-term strategic allocation. The progression to less risky assets is
an ongoing process; 40 years from now, the asset allocation of the LifePath 2040
Fund will look very similar to the asset allocation of the LifePath 2000 Fund
today.
Tactical asset allocation techniques affect 25% of the LifePath Funds' total
asset allocation. The more conservative tactical approach shifts assets from
long-term bonds to short-term bonds and money market investments as the Fund
nears its target date; the more aggressive tactical approach shifts assets among
stocks, bonds, and cash.
Assets in the LifePath Funds were allocated as follows on February 28, 1999:
<TABLE>
<CAPTION>
U.S. International U.S. Money
Fund Equity Equity Bonds Market*
- ---- ------ ------------- ----- -------
<S> <C> <C> <C> <C>
LifePath 2000 14% 6% 56% 24%
LifePath 2010 34% 11% 43% 12%
LifePath 2020 52% 15% 26% 7%
LifePath 2030 64% 19% 14% 3%
LifePath 2040 77% 21% 2% 0%
</TABLE>
* The percentage of the Funds' assets that are invested in money market
instruments is net of the Funds' other assets and liabilities.
All five LifePath Funds significantly outperformed their customized benchmarks
in the first six months of fiscal year 1999. The strong performance of large-cap
U.S. equities contributed to the success of the more aggressive funds, and the
more conservative funds benefited from heavy investments in short-term U.S.
Treasury bonds, which performed better than longer-term U.S. Treasury bonds
during the first half of the fiscal year.
Large-cap U.S. equities had a positive effect on the performance of the LifePath
2030 and 2040 Funds. Exposure to better-performing small-and mid-cap U.S.
equities, as well as international equities, helped the Funds outperform their
customized benchmarks. The LifePath 2010 and 2020 Funds also benefited from the
strong returns that characterized the U.S. equity market, but it was the Funds'
investments in short-term U.S. Treasury bonds that really paid off during the
first half of the fiscal year. The LifePath 2000 Fund's money market investments
remained stable throughout the year, unaffected by the more substantial movement
in the riskier asset classes.
8
<PAGE>
MANAGERS' DISCUSSION AND ANALYSIS
LifePath(R) Funds (Continued)
Assets in the LifePath Funds were allocated as follows on August 31, 1999:
<TABLE>
<CAPTION>
U.S. International U.S. Money
Fund Equity Equity Bonds Market*
- ---- ------ ------------- ----- -------
<S> <C> <C> <C> <C>
LifePath 2000 15% 6% 61% 18%
LifePath 2010 32% 10% 52% 6%
LifePath 2020 51% 14% 31% 4%
LifePath 2030 62% 18% 17% 3%
LifePath 2040 74% 21% 4% 1%
</TABLE>
* The percentage of the Funds' assets that are invested in money market
instruments is net of the Funds' other assets and liabilities.
The LifePath Funds do not have their own investment adviser. They are organized
as "feeder" funds in a "master-feeder" structure. Instead of investing directly
in the individual securities in the portfolios, the feeder funds, which are
offered to the public, hold interests in the net assets of the Master
Portfolios. It is the Master Portfolios that actually invest in the individual
securities. References to "the Fund" are to the feeder fund or the Master
Portfolio. Barclays Global Fund Advisors advises the Master Portfolios. The
Master Portfolios may accept investments from other feeder funds. Certain events
involving other feeder funds, such as a substantial withdrawal, could affect the
Master Portfolios.
9
<PAGE>
Money Market Fund
<TABLE>
<CAPTION>
PERFORMANCE AS OF 8/31/99 Seven-Day Yield
- -------------------------------------------------------
<S> <C>
4.83%
</TABLE>
The seven-day yield is an annualized yield for the seven-day period ended
August 31, 1999. "Annualized yield" refers to the interest you would earn if you
held a share of the Money Market Fund for one year; the yield is prorated if you
hold a share of the Fund for a shorter period of time. The yield reflects
fluctuations in interest rates on the Fund's investments and expenses for the
Fund's administration and management.
A fund's "net asset value," or NAV, is the market value of one share of a fund.
The Money Market Fund's NAV remained stable at $1.00 per share from
February 28, 1999, to August 31, 1999. (The NAVs are calculated after monthly
income distributions.) "Net investment income" includes income from dividends
and interest on the Fund's investments after management and administrative fees
have been deducted. Cumulative dividends on net investment income were
approximately $0.02 per share during this period. Of course, past performance is
no guarantee of future results.
The Money Market Fund invests in high-quality, short-term government and
corporate debt. During the first two quarters of fiscal year 1999, the Fund
extended the average maturity of investments in its portfolio by selectively
buying higher-yielding six- and 12-month cash instruments. In addition to these
longer-term money market investments, the Fund purchased floating-rate
securities to take advantage of the changing interest-rate environment. These
investments are more attractive when interest rates are rising: if interest
rates increase, the investments pay more interest; if rates decrease, they pay
less interest.
The performance of the Money Market Fund for the first six months of the fiscal
year was driven by two factors: two interest-rate increases by the Federal
Reserve Board and investor concern over Year 2000 technology problems.
Between February 28, 1999, and August 31, 1999, the Federal Reserve Board raised
the short-term interest rate from 4.75% to 5.25%. There were many indicators of
a strong U.S. economy: low unemployment, record-breaking housing sales, high
consumer demand, and an extremely healthy automobile market. These signs
increased demand for the relative stability of money market investments among
investors anxious about the possibility of additional interest-rate hikes.
10
<PAGE>
MANAGERS' DISCUSSION AND ANALYSIS
Money Market Fund (Continued)
Higher demand for the liquidity that money market securities offer also drove
prices up at the end of the second quarter of the fiscal year. Anticipating
Year 2000 technology problems, many banks and short-term-security issuers
started lining up their borrowing needs early.
The Fund's investment strategy worked well for the first half of the fiscal
year. Performance lagged only slightly behind the performance of its
benchmark -- three-month U.S. Treasury bills -- partially as a result of the
administrative and management fees that are deducted from the total return.
The Money Market Fund does not have its own investment adviser. It is organized
as a "feeder" fund in a "master-feeder" structure. Instead of investing directly
in the individual securities in the portfolio, the feeder fund, which is offered
to the public, holds interests in the net assets of the Master Portfolio. It is
the Master Portfolio that actually invests in the individual securities.
References to "the fund" are to the feeder fund or the Master Portfolio.
Barclays Global Fund Advisors advises the Master Portfolio. The Master Portfolio
may accept investments from other feeder funds. Certain events involving other
feeder funds, such as a substantial withdrawal, could affect the Master
Portfolio.
11
<PAGE>
S&P 500 Stock Fund
<TABLE>
<CAPTION>
Average Annual
PERFORMANCE AS OF 8/31/99 Total Return
- -------------------------------------------------------
<S> <C>
One Year 39.45%
Five Year 24.80%
Since Inception Date
(7/2/93-8/31/99) 21.40%
</TABLE>
Average annual total return represents the S&P 500 Stock Fund's average annual
increase in value during the time periods noted above. These figures assume that
dividends have been reinvested in the Fund and capital gains have been
distributed to shareholders at net asset value. The Fund's past performance is
no guarantee of future results. The investment return and principal value of
shares of the Fund will vary with changes in market conditions. Shares of the
Fund may be worth more or less than their original cost when they are redeemed.
A fund's "net asset value," or NAV, is the market value of one share of a fund.
The S&P 500 Stock Fund's NAV increased from $24.80 on February 28, 1999, to
$26.41 on August 31, 1999. (The NAVs are calculated after monthly income
distributions.) "Net investment income" includes income from dividends and
interest on the Fund's investments after management and administrative fees have
been deducted. Cumulative dividends on net investment income were approximately
$0.17 per share during this period. Of course, past performance is no guarantee
of future results.
The goal of the S&P 500 Stock Fund is to hold all of the stocks in -- and match
as closely as possible the performance of -- the Standard & Poor's 500 Index.
For the first six months of fiscal year 1999, the Fund returned 7.17%; the index
returned 7.32%. The Fund's performance lagged slightly behind the performance of
the index, partially as a result of the administrative and management fees that
are deducted from the total return, and because a small percentage of the Fund's
assets are invested in low-risk, low-return money market securities used to
process transactions.
While the entire S&P 500 Fund returned 7.17% for the first half of the fiscal
year, the 15 largest companies in the S&P 500 Index returned 14.9% during this
period. Leading the charge were Microsoft, Intel, and IBM, which returned 22%,
40%, and 47%, respectively. America Online and Microsoft alone were responsible
for one-third of the Index's return in March.
"Value" stocks are those of companies with higher current earnings. "Growth"
stocks are those of companies that show greater long-term growth potential.
Value and growth stocks were alternately in and out of favor throughout the
first six months of the fiscal year, but their overall returns for this period
were similar: value stocks returned 7.8% and growth stocks returned 6.9%.
12
<PAGE>
MANAGERS' DISCUSSION AND ANALYSIS
S&P 500 Stock Fund (Continued)
In June, the Federal Reserve Board increased the short-term interest rate 0.25%
and moved to a neutral view on future increases. The stock market responded well
to the news. Large-cap stocks outpaced small-caps, and mid-caps lagged both
groups, but each asset class performed well in June. June also saw the addition
of specialty retailer Best Buy to the S&P 500 Index. Best Buy was one of the
best performing stocks in the Index, returning 48% for the month.
Federal Reserve Board Chairman Alan Greenspan reported in July that the Fed had
changed its view on interest rates again. The chairman warned of the potential
rise in inflation that could result from a slow down in productivity
improvements and a tightening of the labor market. He also reminded investors
that, in accordance with a now well established policy, any signs that indicate
the potential for inflation would compel the Fed to act "promptly and
forcefully."
Investors analyzed economic news carefully in August; there was significantly
less activity than in previous months among stocks in the S&P 500 Index.
Prompted by the tightening of the job market and strong domestic demand, the Fed
raised short-term interest rates by another 0.25%. The effect on the stock
market was minimal, however, since investors had already been anticipating
another rate increase.
The S&P 500 Index Fund does not have its own investment adviser. It is organized
as a "feeder" fund in a "master-feeder" structure. Instead of investing directly
in the individual securities in the portfolio, the feeder fund, which is offered
to the public, holds interests in the net assets of the Master Portfolio. It is
the Master Portfolio that actually invests in the individual securities.
References to "the fund" are to the feeder fund or the Master Portfolio.
Barclays Global Fund Advisors advises the Master Portfolio. The Master Portfolio
may accept investments from other feeder funds. Certain events involving other
feeder funds, such as a substantial withdrawal, could affect the Master
Portfolio.
13
<PAGE>
U.S. Treasury Allocation Fund
<TABLE>
<CAPTION>
Average Annual
PERFORMANCE AS OF 8/31/99 Total Return
- -------------------------------------------------------
<S> <C>
One Year 1.48%
Five Year 6.02%
Since Inception Date
(7/2/93-8/31/99) 4.89%
</TABLE>
Average annual total return represents the U.S. Treasury Allocation Fund's
average annual increase in value during the time periods noted above. These
figures assume that dividends have been reinvested in the Fund and capital gains
have been distributed to shareholders at net asset value. The Fund's past
performance is no guarantee of future results. The investment return and
principal value of shares of the Fund will vary with changes in market
conditions. Shares of the Fund may be worth more or less than their original
cost when they are redeemed.
A fund's "net asset value," or NAV, is the market value of one share of a fund.
The U.S. Treasury Allocation Fund's NAV decreased from $9.38 on February 28,
1999, to $9.15 on August 31, 1999. (The NAVs are calculated after monthly income
distributions.) "Net investment income" includes income from dividends and
interest on the Fund's investments after management and administrative fees have
been deducted. Cumulative dividends on net investment income were approximately
$0.27 per share during this period. Of course, past performance is no guarantee
of future results.
The U.S. Treasury Allocation Fund invests in long-term U.S. Treasury bonds,
intermediate-term U.S. Treasury notes, and short-term cash investments such as
U.S. Treasury bills and a money market fund. The Fund shifts its investments
among these three asset classes in response to measured changes in the
investment environment.
When fiscal year 1999 began, the Fund had allocated 20% of its assets to bonds,
0% to notes, and 80% to cash or cash equivalents. Lower prices increased the
attractiveness of intermediate-term notes in March, causing the Fund to
rebalance to a 0%/60%/40% allocation. Intermediate-term notes continued to
provide the best returns through the second quarter of the fiscal year.
14
<PAGE>
MANAGERS' DISCUSSION AND ANALYSIS
U.S. Treasury Allocation Fund (Continued)
Significant investments in short- and intermediate-term investments helped the
Fund weather the bond market sell off in March and the two short-term interest
rate increases in the second quarter. The Fund returned 0.38% for the first six
months of fiscal year 1999, only slightly underperforming the 0.62% return of
its benchmark, the Lehman Brothers Intermediate Government Bond Index. The
Fund's performance was affected in part by the administrative and management
fees that are deducted from the total return.
Upon shareholder approval, the U.S. Treasury Allocation Fund will merge with the
Bond Index Fund on October 29, 1999.
The U.S. Treasury Allocation Fund does not have its own investment adviser. It
is organized as a "feeder" fund in a "master-feeder" structure. Instead of
investing directly in the individual securities in the portfolio, the feeder
fund, which is offered to the public, holds interests in the net assets of the
Master Portfolio. It is the Master Portfolio that actually invests in the
individual securities. References to "the fund" are to the feeder fund or the
Master Portfolio. Barclays Global Fund Advisors advises the Master Portfolio.
The Master Portfolio may accept investments from other feeder funds. Certain
events involving other feeder funds, such as a substantial withdrawal, could
affect the Master Portfolio.
15
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Asset Bond
Allocation Index
Fund Fund
- ----------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investments:
In corresponding Master Portfolio, at
market value (Note 1) $ 528,431,929 $ 117,865,283
Receivables:
Prepaid expenses 0 0
Total Assets 528,431,929 117,865,283
Liabilities
Payables:
Distribution to shareholders 1,284,888 630,648
Due to BGI and Stephens (Note 2) 184,189 22,735
Total Liabilities 1,469,077 653,383
TOTAL NET ASSETS 526,962,852 117,211,900
Net assets consist of:
Paid-in capital 369,220,342 123,444,856
Undistributed net investment income 26,973 8,837
Undistributed net realized gain (loss)
on investments 92,191,812 (83,355)
Net unrealized appreciation
(depreciation) of investments 65,523,725 (6,158,438)
TOTAL NET ASSETS $ 526,962,852 $ 117,211,900
COMPUTATION OF NET ASSET VALUE AND
OFFERING PRICE PER SHARE
Net Assets $ 526,962,852 $ 117,211,900
Shares outstanding 36,570,011 12,587,291
Net asset value and offering price per
share $ 14.41 $ 9.31
- ----------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath LifePath LifePath LifePath
2000 2010 2020 2030
Fund Fund Fund Fund
-------------------------------------------------------------------
<S> <C> <C> <C>
$ 34,992,016 $ 101,144,761 $ 155,320,349 $ 87,292,399
0 0 0 0
34,992,016 101,144,761 155,320,349 87,292,399
0 0 0 0
7,360 26,293 43,447 24,235
7,360 26,293 43,447 24,235
34,984,656 101,118,468 155,276,902 87,268,164
31,461,282 78,667,758 114,052,573 53,512,402
219,803 482,806 494,702 185,237
1,141,486 9,003,636 13,114,791 12,107,848
2,162,085 12,964,268 27,614,836 21,462,677
$ 34,984,656 $ 101,118,468 $ 155,276,902 $ 87,268,164
$ 34,984,656 $ 101,118,468 $ 155,276,902 $ 87,268,164
3,034,893 6,943,749 9,128,522 4,484,423
$ 11.53 $ 14.56 $ 17.01 $ 19.46
-------------------------------------------------------------------
</TABLE>
17
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath
2040
Fund
- -------------------------------------------------------------------------
<S> <C>
ASSETS
Investments:
In corresponding Master Portfolio, at market value
(Note 1) $ 110,868,394
Receivables:
Prepaid expenses 0
Total Assets 110,868,394
LIABILITIES
Payables:
Distribution to shareholders 0
Due to BGI and Stephens (Note 2) 25,506
Total Liabilities 25,506
TOTAL NET ASSETS 110,842,888
Net assets consist of:
Paid-in capital 62,264,594
Undistributed net investment income 95,002
Undistributed net realized gain (loss) on investments 13,198,635
Net unrealized appreciation (depreciation) of
investments 35,284,657
TOTAL NET ASSETS $ 110,842,888
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER
SHARE
Net Assets $ 110,842,888
Shares outstanding 5,145,317
Net asset value and offering price per share $ 21.54
- -------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Money S&P U.S. Treasury
Market 500 Stock Allocation
Fund Fund Fund
--------------------------------------------------------
<S> <C> <C>
$ 120,956,238 $ 2,674,203,023 $ 17,016,811
0 0 12,156
120,956,238 2,674,203,023 17,028,967
476,695 0 92,206
29,710 421,871 0
506,405 421,871 92,206
120,449,833 2,673,781,152 16,936,761
120,508,161 1,355,252,462 21,686,680
0 6,139,745 2,398
(58,328) 180,792,263 (4,618,041)
0 1,131,596,682 (134,276)
$ 120,449,833 $ 2,673,781,152 $ 16,936,761
$ 120,449,833 $ 2,673,781,152 $ 16,936,761
120,507,172 101,229,052 1,850,046
$ 1.00 $ 26.41 $ 9.15
--------------------------------------------------------
</TABLE>
19
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Asset Bond
Allocation Index
Fund Fund
- -----------------------------------------------------------------------------
<S> <C> <C>
NET INVESTMENT INCOME ALLOCATED FROM MASTER
PORTFOLIO
Dividends $ 2,648,993 $ 0
Interest 6,156,150 3,942,781
Expenses (1,048,096) (49,644)
Net Investment Income (Loss) Allocated From
Master Portfolio 7,757,047 3,893,137
EXPENSES (NOTE 2)
Administration fees 1,197,970 93,091
Total Expenses 1,197,970 93,091
NET INVESTMENT INCOME (LOSS) 6,559,077 3,800,046
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS ALLOCATED FROM MASTER
PORTFOLIOS
Net realized gain (loss) on sale of
investments 87,073,845 (342,564)
Net realized gain (loss) on sale of futures
contracts 0 0
Net change in unrealized appreciation
(depreciation) of investments (71,007,985) (4,944,537)
Net change in unrealized appreciation
(depreciation) of futures contracts 0 0
Net Gain (Loss) On Investments 16,065,860 (5,287,101)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 22,624,937 $ (1,487,055)
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20
<PAGE>
STATEMENTS OF OPERATIONS--
FOR THE SIX MONTHS ENDED AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Lifepath Lifepath Lifepath Lifepath
2000 2010 2020 2030
Fund Fund Fund Fund
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 80,443 $ 452,580 $ 884,582 $ 736,675
960,072 1,902,334 1,549,722 619,693
(126,230) (341,672) (455,733) (305,490)
914,285 2,013,242 1,978,571 1,050,878
91,954 248,741 331,409 222,489
91,954 248,741 331,409 222,489
822,331 1,764,501 1,647,162 828,389
495,701 6,615,863 10,197,953 10,373,501
0 0 0 0
(304,269) (3,559,200) (3,854,649) (3,946,187)
0 0 0 0
191,432 3,056,663 6,343,304 6,427,314
$ 1,013,763 $ 4,821,164 $ 7,990,466 $ 7,255,703
</TABLE>
- --------------------------------------------------------------------------------
21
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Lifepath
2040
Fund
- ---------------------------------------------------------------------------
<S> <C>
NET INVESTMENT INCOME ALLOCATED FROM MASTER PORTFOLIO
Dividends $ 1,157,421
Interest 197,315
Expenses (428,070)
Net Investment Income (Loss) Allocated From Master
Portfolio 926,666
EXPENSES (NOTE 2)
Administration fees 311,933
Total Expenses 311,933
NET INVESTMENT INCOME (LOSS) 614,733
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ALLOCATED
FROM MASTER PORTFOLIOS
Net realized gain (loss) on sale of investments 11,864,211
Net realized gain (loss) on sale of futures contracts 0
Net change in unrealized appreciation (depreciation) of
investments 662,994
Net change in unrealized appreciation (depreciation) of
futures contracts 0
Net Gain (Loss) On Investments 12,527,205
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS $13,141,938
</TABLE>
- ---------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Money S&P U.S. Treasury
Market 500 Stock Allocation
Fund Fund Fund
- --------------------------------------------------------------------
<S> <C> <C>
$ 0 $ 17,194,235 $ 0
4,193,324 3,777,562 973,624
(84,060) (691,424) (47,804)
4,109,264 20,280,373 925,820
289,882 2,077,723 63,705
289,882 2,077,723 63,705
3,819,382 18,202,650 862,115
3,938 67,514,706 (912,722)
0 12,485,174 0
0 85,480,386 160,364
0 (2,951,608) 0
3,938 162,528,658 (752,358)
$3,823,320 $180,731,308 $ 109,757
</TABLE>
- --------------------------------------------------------------------
23
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Asset Allocation Fund
--------------------------------
For the Six For the
Months Ended Year Ended
August 31, 1999 February 28,
Unaudited 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss) $ 6,559,077 $ 10,233,158
Net realized gain (loss) on sale of
investments 87,073,845 54,934,107
Net change in unrealized appreciation
(depreciation) of investments (71,007,985) 25,525,970
Net increase (decrease) in net assets
resulting from operations 22,624,937 90,693,235
Distributions to shareholders:
From net investment income (6,547,824) (10,229,071)
From net realized gain on sale of
investments 0 (58,094,782)
Capital share transactions:
Proceeds from shares sold 59,215,163 163,909,555
Net asset value of shares issued in
reinvestment of dividends and
distributions 5,138,643 66,692,075
Cost of shares redeemed (152,560,985) (188,624,236)
Net increase (decrease) in net assets
resulting from capital share
transactions (88,207,179) 41,977,394
Increase (Decrease) in Net Assets (72,130,066) 64,346,776
NET ASSETS:
Beginning net assets 599,092,918 534,746,142
Ending net assets $ 526,962,852 $ 599,092,918
SHARES ISSUED AND REDEEMED:
Shares sold 4,031,722 11,550,910
Shares issued in reinvestment of
dividends and distributions 351,208 4,826,308
Shares redeemed (10,391,084) (13,399,789)
Net increase (decrease) in shares
outstanding (6,008,154) 2,977,429
- ------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
24
<PAGE>
STATEMENTS OF CHANGES IN NET ASSESTS
<TABLE>
<CAPTION>
Bond Index Fund LifePath 2000 Fund
- ------------------------------- ------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
August 31, 1999 February 28, August 31, 1999 February 28,
Unaudited 1999 Unaudited 1999
- ----------------------------------------------------------------
<S> <C> <C> <C>
$ 3,800,046 $ 6,528,751 $ 822,331 $ 1,793,365
(342,564) 416,912 495,701 1,698,888
(4,944,537) (1,350,936) (304,269) (170,505)
(1,487,055) 5,594,727 1,013,763 3,321,748
(3,810,558) (6,537,256) (882,447) (1,809,857)
0 0 0 (1,632,961)
20,851,019 78,080,680 11,926,721 44,372,545
3,159,229 6,494,980 876,147 3,420,944
(28,233,573) (50,676,715) (29,230,877) (45,122,536)
(4,223,325) 33,898,945 (16,428,009) 2,670,953
(9,520,938) 32,956,416 (16,296,693) 2,549,883
126,732,838 93,776,422 51,281,349 48,731,466
$ 117,211,900 $ 126,732,838 $ 34,984,656 $ 51,281,349
2,167,861 7,837,305 1,024,526 3,816,244
330,618 656,638 75,595 295,053
(2,932,677) (5,111,552) (2,512,774) (3,879,872)
(434,198) 3,382,391 (1,412,653) 231,425
- ----------------------------------------------------------------
</TABLE>
25
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LifePath 2010 Fund
--------------------------------
For the Six For the
Months Ended Year Ended
August 31, 1999 February 28,
Unaudited 1999
- ------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss) $ 1,764,501 $ 3,349,082
Net realized gain (loss) on sale of
investments 6,615,863 6,309,110
Net change in unrealized appreciation
(depreciation) of investments (3,559,200) 2,184,738
Net increase (decrease) in net assets
resulting from operations 4,821,164 11,842,930
Distributions to shareholders:
From net investment income (1,878,504) (3,245,688)
From net realized gain on sale of
investments 0 (5,426,869)
Capital share transactions:
Proceeds from shares sold 21,423,043 73,827,903
Net asset value of shares issued in
reinvestment of dividends and
distributions 1,854,691 8,568,968
Cost of shares redeemed (57,899,686) (65,205,094)
Net increase (decrease) in net assets
resulting from capital share
transactions (34,621,952) 17,191,777
Increase (Decrease) in Net Assets (31,679,292) 20,362,150
NET ASSETS:
Beginning net assets 132,797,760 112,435,610
Ending net assets $ 101,118,468 $ 132,797,760
SHARES ISSUED AND REDEEMED:
Shares sold 1,458,222 5,194,348
Shares issued in reinvestment of
dividends and distributions 126,800 604,498
Shares redeemed (3,931,319) (4,595,128)
Net increase (decrease) in shares
outstanding (2,346,297) 1,203,718
- ------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
26
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LifePath 2020 Fund LifePath 2030 Fund
- ------------------------------- -------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
August 31, 1999 February 28, August 31, 1999 February 28,
Unaudited 1999 Unaudited 1999
- -----------------------------------------------------------------
<S> <C> <C> <C>
$ 1,647,162 $ 2,973,568 $ 828,389 $ 1,418,631
10,197,953 9,614,004 10,373,501 5,933,730
(3,854,649) 4,629,482 (3,946,187) 5,860,041
7,990,466 17,217,054 7,255,703 13,212,402
(1,580,053) (2,978,200) (826,085) (1,417,840)
0 (8,769,910) 0 (5,160,220)
54,557,924 67,339,663 25,918,290 56,355,321
1,566,251 11,647,048 816,661 6,505,176
(73,388,128) (66,522,416) (62,625,758) (48,074,692)
(17,263,953) 12,464,295 (35,890,807) 14,785,805
(10,853,540) 17,933,239 (29,461,189) 21,420,147
166,130,442 148,197,203 116,729,353 95,309,206
$ 155,276,902 $ 166,130,442 $ 87,268,164 $ 116,729,353
3,147,882 4,154,258 1,320,293 3,124,879
91,711 724,566 41,622 362,006
(4,254,879) (4,159,232) (3,162,969) (2,682,069)
(1,015,286) 719,592 (1,801,054) 804,816
- -----------------------------------------------------------------
</TABLE>
27
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LifePath 2040 Fund
-------------------------------
For the Six For the
Months Ended Year Ended
August 31, 1999 February 28,
Unaudited 1999
- --------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss) $ 614,733 $ 1,043,692
Net realized gain (loss) on sale of
investments 11,864,211 8,891,692
Net change in unrealized appreciation
(depreciation) of investments 662,994 9,602,658
Net increase (decrease) in net assets
resulting from operations 13,141,938 19,538,042
Distributions to shareholders:
From net investment income (618,517) (1,057,777)
From net realized gain on sale of
investments 0 (8,814,742)
Capital share transactions:
Proceeds from shares sold 40,920,786 112,055,069
Net asset value of shares issued in
reinvestment of dividends and
distributions 607,325 9,691,788
Cost of shares redeemed (107,092,080) (94,130,285)
Net increase (decrease) in net assets
resulting from capital share transactions (65,563,969) 27,616,572
Increase (decrease) in net assets (53,040,548) 37,282,095
NET ASSETS:
Beginning net assets 163,883,436 126,601,341
Ending net assets $ 110,842,888 $ 163,883,436
SHARES ISSUED AND REDEEMED:
Shares sold 1,898,512 5,707,846
Shares issued in reinvestment of
dividends and distributions 27,813 498,483
Shares redeemed (4,874,499) (4,856,678)
Net increase (decrease) in shares
outstanding (2,948,174) 1,349,651
- --------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
28
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Money Market Fund S&P 500 Index Fund
- ----------------------------------- -----------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
August 31, 1999 February 28, August 31, 1999 February 28,
Unaudited 1999 Unaudited 1999
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 3,819,382 $ 9,043,936 $ 18,202,650 $ 34,062,094
3,938 0 79,999,880 177,407,624
0 0 82,528,778 202,382,736
3,823,320 9,043,936 180,731,308 413,852,454
(3,819,382) (9,043,936) (17,283,634) (34,259,853)
0 0 0 (116,355,328)
86,546,650 240,959,138 452,932,376 1,128,532,649
3,305,082 8,796,812 17,159,628 149,487,247
(174,017,454) (225,467,337) (503,214,880) (1,290,233,516)
(84,165,722) 24,288,613 (33,122,876) (12,213,620)
(84,161,784) 24,288,613 130,324,798 251,023,653
204,611,617 180,323,004 2,543,456,354 2,292,432,701
$ 120,449,833 $ 204,611,617 $ 2,673,781,152 $ 2,543,456,354
86,546,156 240,959,138 17,008,824 48,280,596
3,305,082 8,796,812 645,900 6,314,659
(174,017,454) (225,467,337) (19,004,410) (55,820,972)
(84,166,216) 24,288,613 (1,349,686) (1,225,717)
- ------------------------------------------------------------------------------
</TABLE>
29
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
U.S. Treasury Allocation Fund
----------------------------------
For the Six For the
Months Ended Year Ended
August 31, 1999 February 28,
Unaudited 1999
- ---------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss) $ 862,115 $ 1,996,320
Net realized gain (loss) on sale of investments (912,722) 450,904
Net change in unrealized appreciation
(depreciation) of investments 160,364 (417,682)
Net increase (decrease) in net assets resulting
from operations 109,757 2,029,542
Distributions to shareholders:
From net investment income (863,497) (2,003,524)
From net realized gain on sale of investments 0 0
Capital share transactions:
Proceeds from shares sold 3,723,584 24,648,366
Net asset value of shares issued in
reinvestment of dividends and distributions 755,279 1,962,950
Cost of shares redeemed (22,126,557) (38,540,057)
Net increase (decrease) in net assets resulting
from capital share transactions (17,647,694) (11,928,741)
Increase (Decrease) in Net Assets (18,401,434) (11,902,723)
NET ASSETS:
Beginning net assets 35,338,195 47,240,918
Ending net assets $ 16,936,761 $ 35,338,195
SHARES ISSUED AND REDEEMED:
Shares sold 399,385 2,604,266
Shares issued in reinvestment of dividends and
distributions 81,527 207,990
Shares redeemed (2,399,719) (4,069,367)
Net increase (decrease) in shares outstanding (1,918,807) (1,257,111)
- ---------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
30
<PAGE>
(THIS PAGE INTENTIONALLY LEFT BLANK)
31
<PAGE>
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period is as follows:
<TABLE>
<CAPTION>
Asset Allocation Fund
----------------------------------------------------------------------------
Six
Months
Ended Year Year Year Year Year
Aug. 31, Ended Ended Ended Ended Ended
1999 Feb. 28, Feb. 28, Feb. 28, Feb. 29, Feb. 28,
(Unaudited) 1999 1998 1997 1996 1995
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of
period $ 14.07 $ 13.50 $ 12.12 $ 11.83 $ 9.93 $ 10.19
Income from investment
Operations:
Net investment income (loss) 0.17 0.26 0.44 0.47 0.40 0.44
Net realized and unrealized
gain (loss) on investments 0.34 2.07 2.68 1.02 1.90 (0.14)
Total from investment operations 0.51 2.33 3.12 1.49 2.30 0.30
Less Distributions:
From net investment income (0.17) (0.26) (0.44) (0.47) (0.40) (0.44)
From net realized gains 0.00 (1.50) (1.30) (0.73) 0.00 (0.12)
Total distributions (0.17) (1.76) (1.74) (1.20) (0.40) (0.56)
Net Asset Value, end of period $ 14.41 $ 14.07 $ 13.50 $ 12.12 $ 11.83 $ 9.93
Total Return (not annualized) 3.59% 17.83% 27.10% 13.09% 23.54% 3.28%
Ratios/supplemental data:
Net Assets, end of period (000) $526,963 $599,093 $534,746 $431,585 $397,930 $293,696
Number of shares outstanding,
end of period (000) 36,570 42,578 39,601 35,613 33,634 29,585
Ratios to average net assets:+
Ratio of expenses to average
net assets(1) 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
Ratio of net investment income
(loss) to average net assets(2) 2.19% 1.84% 3.37% 3.95% 3.62% 4.62%
Portfolio turnover++ 30% 33% 57% 43% 40% 24%*
- ---------------------------------------------------------------------------------------------------------------------------
(1) Ratio of expenses to average
net assets prior to waived fees
and reimbursed expenses N/A N/A N/A N/A N/A 0.76%
(2) Ratio of net investment income
(loss) to average net assets
prior to waived fees and
reimbursed expenses N/A N/A N/A N/A N/A 4.61%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
* This rate is for the period March 1, 1994 to May 25, 1994. As of May 26,
1994 the Funds (except for the Money Market Fund) invest all of their assets
in the corresponding Master Portfolio. Portfolio turnover after May 26, 1994
is reported by the Master Portfolio.
+ Annualized for periods of less than one year. These ratios include expenses
charged to the corresponding Master Portfolio.
++ Represents the Portfolio turnover of each Fund's corresponding Master
Portfolio.
The accompanying notes are an integral part of these financial statements.
32
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Bond Index Fund
- ----------------------------------------------------------------------------
Six
Months
Ended Year Year Year Year Year
Aug. 31, Ended Ended Ended Ended Ended
1999 Feb. 28, Feb. 28, Feb. 28, Feb. 29, Feb. 28,
(Unaudited) 1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 9.73 $ 9.73 $ 9.43 $ 9.66 $ 9.20 $ 9.76
0.30 0.60 0.64 0.63 0.64 0.64
(0.42) 0.00 0.30 (0.23) 0.46 (0.56)
(0.12) 0.60 0.94 0.40 1.10 0.08
(0.30) (0.60) (0.64) (0.63) (0.64) (0.64)
0.00 0.00 0.00 0.00 0.00 0.00
(0.30) (0.60) (0.64) (0.63) (0.64) (0.64)
$ 9.31 $ 9.73 $ 9.73 $ 9.43 $ 9.66 $ 9.20
(1.25)% 6.24% 10.36% 4.32% 12.17% 1.12%
$117,212 $126,733 $93,776 $129,469 $58,090 $18,593
12,587 13,021 9,639 13,736 6,016 2,020
0.23% 0.23% 0.23% 0.23% 0.23% 0.23%
6.13% 6.10% 6.66% 6.69% 6.67% 7.08%
17% 28% 59% 39% 21% 14%*
- ----------------------------------------------------------------------------
N/A N/A N/A 0.32% 0.53% 0.71%
N/A N/A N/A 6.60% 6.37% 6.61%
- ----------------------------------------------------------------------------
</TABLE>
33
<PAGE>
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period is as fOllows:
<TABLE>
<CAPTION>
LifePath 2000 Fund
-----------------------------------------------------------------
Period From
Six Mar. 26, 1996
Months Ended (Commencement
Aug. 31, 1999 Year Ended Year Ended of Operations) to
(Unaudited) Feb. 28, 1999 Feb. 28, 1998 Feb. 28, 1997
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net Asset Value, beginning of
period $ 11.53 $ 11.56 $ 10.97 $ 10.55
Income from investment
operations:
Net investment income (loss) 0.22 0.42 0.46 0.39
Net realized and unrealized
gain (loss) on investments (0.01) 0.34 0.85 0.35
Total from investment operations 0.21 0.76 1.31 0.74
Less distributions:
From net investment income (0.21) (0.42) (0.46) (0.32)
From net realized gains 0.00 (0.37) (0.26) 0.00
Total distributions (0.21) (0.79) (0.72) (0.32)
Net Asset Value, end of period $ 11.53 $ 11.53 $ 11.56 $ 10.97
Total return (not annualized) 1.82% 6.70% 12.32% 7.00%
Ratios/Supplemental data:
Net Assets, end of period (000) $ 34,985 $ 51,281 $ 48,731 $ 46,578
Number of shares outstanding,
end of period (000) 3,035 4,448 4,216 4,245
Ratios to average net assets:+
Ratio of expenses to
average net assets(1) 0.95% 0.95% 0.95% 0.95%
Ratio of net investment
income (loss) to average
net assets(2) 3.59% 3.55% 4.06% 4.21%
Portfolio turnover++ 32% 66% 39% 108%
- -------------------------------------------------------------------------------------------------------
(1) Ratio of expenses to
average net assets prior
to waived fees and
reimbursed expenses N/A N/A N/A N/A
(2) Ratio of net investment
income (loss) to average
net assets prior to
waived fees and
reimbursed expenses N/A N/A N/A N/A
- -------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized for periods of less than one year. These ratios
include expenses charged to the corresponding Master
Portfolio.
++ Represents the Portfolio turnover of each Fund's corresponding Master
Portfolio.
The accompanying notes are an integral part of these financial statements.
34
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LifePath 2010 Fund
- -----------------------------------------------------------------------
Period From
Six Mar. 26, 1996
Months Ended (Commencement
Aug. 31, 1999 Year Ended Year Ended of Operations) to
(Unaudited) Feb. 28, 1999 Feb. 28, 1998 Feb. 28, 1997
- -----------------------------------------------------------------------
<S> <C> <C> <C>
$ 14.29 $ 13.90 $ 12.46 $ 11.44
0.22 0.38 0.40 0.33
0.26 1.01 1.87 0.96
0.48 1.39 2.27 1.29
(0.21) (0.38) (0.40) (0.27)
0.00 (0.62) (0.43) 0.00
(0.21) (1.00) (0.83) (0.27)
14.56 14.29 13.90 12.46
3.36% 10.19% 18.73% 11.98%
$101,118 $132,798 $112,436 $87,204
6,944 9,290 8,086 7,000
0.95% 0.95% 0.95% 0.95%
2.84% 2.73% 3.09% 3.26%
31% 38% 46% 73%
- -----------------------------------------------------------------------
N/A N/A N/A N/A
N/A N/A N/A N/A
- -----------------------------------------------------------------------
</TABLE>
35
<PAGE>
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period is as follows:
<TABLE>
<CAPTION>
LifePath 2020 Fund
-----------------------------------------------------------------------
Period From
Six Mar. 26, 1996
Months Ended (Commencement
Aug. 31, 1999 Year Ended Year Ended of Operations) to
(Unaudited) Feb. 28, 1999 Feb. 28, 1998 Feb. 28, 1997
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net Asset Value, beginning of
period $ 16.38 $ 15.73 $ 13.40 $ 11.97
Income from investment operations:
Net investment income (loss) 0.18 0.31 0.33 0.29
Net realized and unrealized
gain (loss) on investments 0.61 1.58 2.84 1.40
Total from investment operations 0.79 1.89 3.17 1.69
Less distributions:
From net investment income (0.16) (0.31) (0.33) (0.24)
From net realized gains 0.00 (0.93) (0.51) (0.02)
Total distributions (0.16) (1.24) (0.84) (0.26)
Net Asset Value, end of period $ 17.01 $ 16.38 $ 15.73 $ 13.40
Total return (not annualized) 4.84% 12.42% 24.25% 15.06%
Ratios/Supplemental data:
Net Assets, end of period (000) $155,277 $166,130 $148,197 $105,414
Number of shares outstanding,
end of period (000) 9,129 10,144 9,424 7,868
Ratios to average net assets:+
Ratio of expenses to
average net assets(1) 0.95% 0.95% 0.95% 0.95%
Ratio of net investment income
(loss) to average net assets(2) 1.99% 1.91% 2.28% 2.57%
Portfolio turnover++ 29% 36% 41% 61%
- ------------------------------------------------------------------------------------------------------------
(1) Ratio of expenses to average
net assets prior to waived fees
and reimbursed expenses N/A N/A N/A N/A
(2) Ratio of net investment
income (loss) to average
net assets prior to waived fees
and reimbursed expenses N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized for periods of less than one year. These ratios
include expenses charged to the corresponding Master Portfolio.
++ Represents the Portfolio turnover of each fund's corresponding Master
Portfolio.
The accompanying notes are an integral part of these financial statements.
36
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LifePath 2030 Fund
- -----------------------------------------------------------------
Period From
Six Mar. 26, 1996
Months Ended (Commencement
Aug. 31, 1999 Year Ended Year Ended of Operations) to
(Unaudited) Feb. 28, 1999 Feb. 28, 1998 Feb. 28, 1997
- -----------------------------------------------------------------
<S> <C> <C> <C>
$ 18.57 $ 17.39 $ 14.17 $ 12.39
0.15 0.24 0.26 0.23
0.88 2.06 3.65 1.79
1.03 2.30 3.91 2.02
(0.14) (0.24) (0.26) (0.20)
0.00 (0.88) (0.43) (0.04)
(0.14) (1.12) (0.69) (0.24)
$ 19.46 $ 18.57 $ 17.39 $ 14.17
5.52% 13.55% 28.22% 17.37%
$87,268 $116,729 $95,309 $58,575
4,484 6,285 5,481 4,135
0.95% 0.95% 0.95% 0.95%
1.49% 1.35% 1.72% 2.05%
14% 19% 27% 42%
- -----------------------------------------------------------------
N/A N/A N/A N/A
N/A N/A N/A N/A
- -----------------------------------------------------------------
</TABLE>
37
<PAGE>
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period is as follows:
<TABLE>
<CAPTION>
LifePath 2040 Fund
-------------------------------------------------------
Period From
Six Year Year Mar. 26, 1996
Months Ended Ended Ended (Commencement
Aug. 31, 1999 Feb. 28, Feb. 28, of Operations) to
(Unaudited) 1999 1998 Feb. 28, 1997
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net Asset Value, beginning of period $ 20.25 $ 18.77 $ 15.21 $ 12.91
Income from investment operations:
Net investment income (loss) 0.08 0.14 0.18 0.18
Net realized and unrealized gain
(loss) on investments 1.29 2.67 4.41 2.27
Total from investment operations 1.37 2.81 4.59 2.45
Less distributions:
From net investment income (0.08) (0.14) (0.19) (0.15)
From net realized gains 0.00 (1.19) (0.84) 0.00
Total distributions (0.08) (1.33) (1.03) (0.15)
Net Asset Value, end of period $ 21.54 $ 20.25 $ 18.77 $ 15.21
Total Return (not annualized) 6.75% 15.35% 30.95% 20.47%
Ratios/Supplemental Data:
Net Assets, end of period (000) $ 110,843 $163,883 $126,601 $ 69,476
Number of shares outstanding, end
of period (000) 5,145 8,093 6,744 4,569
Ratios to average net assets:+
Ratio of expenses to average net
assets(1) 0.95% 0.95% 0.95% 0.95%
Ratio of net investment income
(loss) to average net assets(2) 0.79% 0.72% 1.04% 1.46%
Portfolio turnover++ 12% 19% 34% 48%
- ----------------------------------------------------------------------------------------------
(1) Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses N/A N/A N/A N/A
(2) Ratio of net investment income
(loss) to average net assets
prior to waived fees and
reimbursed expenses N/A N/A N/A N/A
- ----------------------------------------------------------------------------------------------
</TABLE>
+ Annualized for periods of less than one year. These ratios include expenses
charged to the corresponding Master Portfolio.
++ Represents the Portfolio turnover of each Fund's corresponding Master
Portfolio.
The accompanying notes are an integral part of these financial statements.
38
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Money Market Fund
- --------------------------------------------------------------------
Six Year Year Year Year Year
Months Ended Ended Ended Ended Ended Ended
Aug. 31, 1999 Feb. 28, Feb. 28, Feb. 28, Feb. 29, Feb. 28,
(Unaudited) 1999 1998 1997 1996 1995
- --------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
0.02 0.05 0.05 0.05 0.05 0.04
0.00 0.00 0.00 0.00 0.00 0.00
0.02 0.05 0.05 0.05 0.05 0.04
(0.02) (0.05) (0.05) (0.05) (0.05) (0.04)
0.00 0.00 0.00 0.00 0.00 0.00
(0.02) (0.05) (0.05) (0.05) (0.05) (0.04)
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
2.35% 5.15% 5.35% 5.10% 5.60% 4.40%
$120,450 $205,317 $180,375 $177,046 $156,852 $147,269
120,507 205,378 180,437 177,103 156,910 147,280
0.45% 0.45% 0.45% 0.45% 0.45% 0.45%
4.57% 4.62% 5.23% 4.96% 5.44% 4.44%
N/A N/A N/A N/A N/A N/A
- ---------------------------------------------------------------------
N/A N/A N/A 0.48% 0.49% 0.57%
N/A N/A N/A 4.93% 5.40% 4.32%
- ---------------------------------------------------------------------
</TABLE>
39
<PAGE>
FINANCIAL HIGHLIGHTS
FOR a share outstanding throughout each period is as follows:
<TABLE>
<CAPTION>
S&P 500 Stock Fund
-------------------------------------------------------------------------
Six
Months Ended Year Year Year Year Year
Aug. 31, Ended Ended Ended Ended Ended
1999 Feb. 28, Feb. 28, Feb. 28, Feb. 29, Feb. 28,
(Unaudited) 1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
beginning of period $ 24.80 $ 22.08 $ 17.03 $ 14.02 $ 10.83 $ 10.50
Income from investment
operations:
Net investment income
(loss) 0.18 0.34 0.33 0.32 0.31 0.27
Net realized and
unrealized gain
(loss) on
investments 1.60 3.87 5.46 3.23 3.36 0.41
Total from investment
operations 1.78 4.21 5.79 3.55 3.67 0.68
Less distributions:
From net investment
income (0.17) (0.34) (0.33) (0.32) (0.30) (0.27)
From net realized
gains 0.00 (1.15) (0.41) (0.22) (0.18) (0.08)
Total Distributions (0.17) (1.49) (0.74) (0.54) (0.48) (0.35)
Net Asset Value, end of
Period $ 26.41 $ 24.80 $ 22.08 $ 17.03 $ 14.02 $ 10.83
Total return (not
annualized) 7.17% 19.50% 34.62% 25.82% 34.35% 6.71%
Ratios/Supplemental
data:
Net Assets, end of
period (000) $ 2,673,781 $2,543,456 $2,292,433 $1,423,024 $882,696 $448,776
Number of shares
outstanding, end
of period (000) 101,229 102,579 103,804 83,551 62,951 41,427
Ratios to average net
Assets:+
Ratio of expenses to
average net
assets(1) 0.20% 0.20% 0.20% 0.20% 0.20% 0.21%
Ratio of net
investment income
(loss) to average
net assets(2) 1.31% 1.45% 1.73% 2.15% 2.52% 2.93%
Portfolio turnover++ 4% 11% 6% 4% 2% 8%*
- ---------------------------------------------------------------------------------------------------
(1) Ratio of expenses
to average net
assets prior to
waived fees and
reimbursed expenses N/A N/A N/A 0.22% 0.26% 0.25%
(2) Ratio of net
investment income
(loss) to average
net assets prior to
waived fees and
reimbursed expenses N/A N/A N/A 2.13% 2.46% 2.88%
- ---------------------------------------------------------------------------------------------------
</TABLE>
* This rate is for the period from March 1, 1994 to May 25, 1994. As of May
26, 1994 the funds (except for the Money Market Fund) invest all of their
assets in the Corresponding Master Portfolio. Portfolio turnover after May
26, 1994 is reported by the Master Portfolio.
* Annualized for periods of less than one year. These ratios include expenses
charged to the corresponding Master Portfolio.
++ Represents the Portfolio turnover of each Fund's corresponding Master
Portfolio.
The accompanying notes are an Integral part of these financial statements.
40
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
U.S. Treasury Allocation Fund
-------------------------------------------------------------------
Six
Months Ended Year Year Year Year Year
Aug. 31, Ended Ended Ended Ended Ended
1999 Feb. 28, Feb. 28, Feb. 28, Feb. 29, Feb. 28,
(Unaudited) 1999 1998 1997 1996 1995
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 9.38 $ 9.40 $ 9.24 $ 9.35 $ 8.99 $ 9.67
0.27 0.44 0.55 0.56 0.51 0.59
(0.23) (0.02) 0.19 (0.11) 0.36 (0.68)
0.04 0.42 0.74 0.45 0.87 (0.09)
(0.27) (0.44) (0.55) (0.56) (0.51) (0.59)
0.00 0.00 (0.03) 0.00 0.00 0.00
(0.27) (0.44) (0.58) (0.56) (0.51) (0.59)
$ 9.15 $ 9.38 $ 9.40 $ 9.24 $ 9.35 $ 8.99
0.38% 4.52% 8.18% 4.99% 9.89% (0.76)%
$ 16,937 $35,338 $47,241 $47,542 $51,632 $56,852
1,850 3,769 5,026 5,147 5,522 6,324
0.70% 0.70% 0.70% 0.70% 0.70% 0.70%
5.44% 4.58% 5.89% 6.03% 5.47% 6.52%
126% 195% 76% 196% 325% 43%*
-------------------------------------------------------------------
N/A N/A N/A 0.71% N/A 0.72%
N/A N/A N/A 6.02% N/A 6.50%
-------------------------------------------------------------------
</TABLE>
41
<PAGE>
BARCLAYS GLOBAL INVESTORS FUNDS
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)
1. Significant Accounting Policies
Barclays Global Investors Funds (formerly Masterworks Funds Inc.), (the
"Company"), is registered under the Investment Company Act of 1940, as amended,
as an open-end series investment company. The Company commenced operations on
July 2, 1993, and currently issues the following Funds: Asset Allocation, Bond
Index, LifePath 2000, LifePath 2010, LifePath 2020, LifePath 2030, LifePath
2040, Money Market, S&P 500 Stock and U.S. Treasury Allocation Funds (each, a
"Fund", collectively, the "Funds").
The following significant accounting policies are consistently followed by
the Company in the preparation of its financial statements, and such policies
are in conformity with generally accepted accounting principles for investment
companies. The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.
Investment Policy and Security Valuation
Each Fund invests all of its assets in a separate series (each a "Master
Portfolio") of Master Investment Portfolio. Each Master Portfolio has the same
investment objective as the Fund bearing the corresponding name. The value of
each Fund's investment in its corresponding Master Portfolio reflects that
Fund's interest in the net assets of that Master Portfolio (99.99%, 29.18%,
33.27%, 45.09%, 41.56%, 33.90%, 23.52%, 60.02%, 61.57% and 99.99% for the Asset
Allocation, Bond Index, LifePath 2000, LifePath 2010, LifePath 2020, LifePath
2030, LifePath 2040, Money Market, S&P 500 Stock and U.S. Treasury Allocation
Funds, respectively, as of August 31, 1999). Investments of each Master
Portfolio, except the Money Market Fund, are valued at the last reported sale
price on the primary securities exchange or national securities market on which
such securities are traded. Securities not listed on an exchange or national
securities market, or securities in which there was no last reported sales
price, are valued at the most recent bid prices. Debt securities are generally
traded in the over-the-counter market and are valued at a price deemed best to
reflect fair value as quoted by dealers who make markets in those securities or
by an independent pricing source. U.S. Government
42
<PAGE>
BARCLAYS GLOBAL INVESTORS FUNDS
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)
obligations are valued at the last reported bid price. Debt securities maturing
in 60 days or less are valued at amortized cost, which approximates market
value. Any securities, restricted securities or other assets for which market
quotations are not readily available are valued at fair value as determined in
good faith in accordance with policies approved by the Master Portfolios' Board
of Trustees.
The Money Market Master Investment Portfolio uses the amortized cost method
to value its portfolio securities, the Fund seeks to maintain a constant net
asset value of $1.00 per share. There is no assurance that the Fund will meet
this objective. The amortized cost method, which involves valuing a security at
its cost and amortizing any discount or premium over the period until maturity,
approximates market value.
Security Transactions and Income Recognition
Security transactions are accounted for by each Master Portfolio on the date
the securities are purchased or sold (trade date). Revenue is recognized by each
Master Portfolio as follows: dividend income is recognized on the ex-dividend
date and interest income is recognized on a daily accrual basis. Realized gains
and losses are reported on the basis of identified cost of securities delivered.
Bond discounts and premiums are amortized as required by the Internal Revenue
Code of 1986, as amended (the "Code"). All net investment income and realized
and unrealized capital gains and losses of each Master Portfolio are allocated
as required by the Code.
The performance of each Fund is directly affected by the performance of its
corresponding Master Portfolio. The financial statements of each Master
Portfolio, including the Portfolio of Investments, are included elsewhere in
this report and should be read in conjunction with the corresponding Funds
financial statements.
Dividends and Distributions to Shareholders
Dividends to shareholders from net investment income of the Asset
Allocation, Bond Index, and U.S. Treasury Allocation Funds are declared and
distributed monthly. Dividends to shareholders from net investment income of the
LifePath 2000, LifePath 2010, LifePath 2020, LifePath 2030, LifePath 2040 and
S&P 500 Stock Funds are declared and distributed quarterly. Dividends to
shareholders from net investment income of the Money Market Fund are declared
daily and distributed monthly. Distributions to shareholders from any net
realized capital gains are declared and distributed annually, generally in
December.
43
<PAGE>
BARCLAYS GLOBAL INVESTORS FUNDS
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)
Due to the timing of dividend distributions and the differences in
accounting for income and realized gains (losses) for financial statement and
federal income tax purposes, the fiscal year in which amounts are distributed
may differ from the year in which the income and realized gains (losses) were
recorded by the Fund.
Federal Income Taxes
Each Fund is treated as a separate entity for federal income tax purposes.
It is the policy of each Fund to continue to qualify as a regulated investment
company by complying with the provisions applicable to regulated investment
companies, as defined in the Code, and to distribute annually all of its
investment company taxable income and any net capital gains (taking into account
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income and excise taxes. Accordingly, no provision for federal
taxes was required at August 31, 1999.
The following Funds had net capital loss carryforwards at December 31, 1998,
the tax year end of the funds:
Year Net Capital
Fund Expires Loss Carryforward
- -----------------------------------------------------------------------
Bond Index Fund 2005 $ 958
Money Market Fund 2003 57,505
Money Market Fund 2005 4,761
U.S. Treasury Allocation Fund 2002 3,267,116
U.S. Treasury Allocation Fund 2004 48,556
No capital gain distribution shall be made in any of the Funds until the
respective capital loss carryforward has been fully utilized or expires.
2. Agreements and Other Transactions with Affiliates
Investors Bank & Trust Company ("IBT") serves as the Custodian and
Sub-Administrator of the Funds. IBT will not be entitled to receive fees for its
custodial services so long as it is entitled to receive a separate fee from BGI
for its services as Sub-Administrator of the Funds. IBT also serves as the
transfer agent and dividend disbursement agent for the Funds.
Stephens Inc. ("Stephens"), is the Funds' co-administrator and distributor.
The Company has entered into administration services arrangements with BGI
and Stephens, as co-administrators, who have agreed jointly to
44
<PAGE>
BARCLAYS GLOBAL INVESTORS FUNDS
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)
provide general administration services to the Funds, such as managing and
coordinating third-party service relationships. This fee is an "all-in" or
"semi-unified" fee and BGI and Stephens, in consideration thereof, have agreed
to bear all of the Funds' ordinary operating expenses, excluding, generally,
advisory fees and costs related to securities transactions. BGI and Stephens may
delegate certain of their administration duties to sub-administrators.
Under these arrangements, BGI and Stephens are entitled to receive for these
administration services a combined fee (expressed as a percentage of average
daily net assets) from each Fund as follows:
Asset Allocation Fund 0.40%
Bond Index Fund 0.15%
LifePath 2000 Fund 0.40%
LifePath 2010 Fund 0.40%
LifePath 2020 Fund 0.40%
LifePath 2030 Fund 0.40%
LifePath 2040 Fund 0.40%
Money Market Fund 0.35%
S&P 500 Stock Fund 0.15%
U.S. Treasury Allocation Fund 0.40%
Certain officers and directors of the Trust are also officers of Stephens.
At August 31, 1999, these officers of Stephens collectively owned less than 1%
of the outstanding shares of each Fund.
3. Capital Shares Transactions
As of August 31, 1999, there were 13.9 billion shares of $.001 par value
capital stock authorized by the Company. As of August 31, 1999, each Fund,
except the Money Market, S&P 500 Stock, and U.S. Treasury Allocation Funds, was
authorized to issue 100 million shares of $.001 par value capital stock. The
Money Market Fund was authorized to issue 3 billion shares. The S&P 500 Stock
and U.S. Treasury Allocation Funds were each authorized to issue 300 million
shares. Transactions in capital shares for each Fund are disclosed in detail in
the Statements of Changes in Net Assets.
4. Portfolio Securities Loaned
As of August 31, 1999, certain Master Portfolios had loaned securities which
were collateralized by cash, money market mutual funds, and repurchase
agreements. Each Master Portfolio receives transaction fees for
45
<PAGE>
BARCLAYS GLOBAL INVESTORS FUNDS
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)
providing services in connection with the securities lending program. The risks
to the Portfolios of securities lending are that the borrower may not provide
additional collateral when required or return the securities when due. The value
of the securities on loan and the value of the related collateral are disclosed
in the corresponding Master Portfolio's financial statements.
5. Subsequent Event
The Bond Index Fund will acquire substantially all of the assets and some of
the liabilities of the U.S. Treasury Allocation Fund. The transaction will be
structured for tax purposes to not qualify as a tax free "reorganization" under
the Internal Revenue Code. The Bond Index Fund will issue and deliver to the
U.S. Treasury Allocation Fund a number of full and fractional shares of
beneficial interest of the Bond Index Fund which will be equal in value to the
excess of (a) the net assets of the U.S. Treasury Allocation Fund to be conveyed
to the Bond Index Fund, over (b) certain liabilities of the U.S. Treasury
Allocation Fund to be retained by the U.S. Treasury Allocation Fund. The Bond
Index Fund will also deliver to the U.S. Treasury Allocation Fund cash equal to
liabilities retained by the U.S. Treasury Allocation Fund which will be used by
the U.S. Treasury Allocation Fund to pay such liabilities. The transaction will
occur after the close of business, October 29, 1999.
46
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS-59.94%
ADVERTISING-0.07%
Omnicom Group 5,220 $ 393,458
------------
TOTAL ADVERTISING
-VALUE $ 393,458
- COST $ 235,086
AEROSPACE & DEFENSE-0.92%
Allied Signal Inc 16,176 990,780
Boeing Co 28,408 1,287,238
Briggs & Stratton Corp 730 44,439
General Dynamics Corp 5,742 361,746
Lockheed Martin Corp 11,517 426,129
Northrop Grumman Corp 2,023 146,667
Rockwell International Corp 5,547 327,966
Textron Inc 4,472 361,114
United Technologies Corp 14,044 928,659
------------
TOTAL AEROSPACE & DEFENSE
-VALUE $ 4,874,738
- COST $ 4,063,768
AIRLINES-0.22%
AMR Corp+ 4,495 263,519
Delta Air Lines Inc 4,141 210,415
FDX Corp+ 8,678 368,273
Southwest Airlines Co 14,748 246,107
US Airways Group Inc+ 2,188 67,418
------------
TOTAL AIRLINES
-VALUE $ 1,155,732
- COST $ 1,095,548
APPAREL-0.12%
Liz Claiborne Inc 1,895 69,641
Nike Inc Class B 8,204 379,435
Reebok International Ltd+ 1,697 20,046
Russell Corp 1,054 17,654
VF Corp 3,526 126,936
------------
TOTAL APPAREL
-VALUE $ 613,712
- COST $ 694,606
AUTO PARTS & EQUIPMENT-0.45%
Cooper Tire & Rubber Co 2,213 42,047
Dana Corp 4,902 213,543
</TABLE>
47
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (UNAUDITED)
Portfolio Of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Delphi Automotive Systems Corp 16,541 310,144
Deluxe Corp 2,254 76,777
Eaton Corp 2,109 206,682
Genuine Parts Co 5,249 151,565
Goodyear Tire & Rubber Co 4,568 256,379
Illinois Tool Works Inc 7,390 575,958
ITT Industries Inc 2,582 87,304
Navistar International Corp+ 1,958 95,208
PACCAR Inc 2,260 124,583
The Pep Boys--Manny Moe & Jack 1,531 22,295
TRW Inc 3,500 190,750
----------
TOTAL AUTO PARTS & EQUIPMENT
-VALUE $2,353,235
- COST $2,114,660
AUTOMOBILES-0.59%
Daimler-Chrysler AG 1 75
Ford Motor Co 35,374 1,843,870
General Motors Corp Class A 18,937 1,252,209
----------
TOTAL AUTOMOBILES
-VALUE $3,096,154
- COST $2,380,325
BANK & FINANCE-6.78%
American Express Corp 13,153 1,808,537
Amsouth Bancorp 5,139 112,416
Associates First Capital Corp 21,326 731,748
Bank of America Corp 50,975 3,083,988
Bank of New York Inc 22,214 794,150
Bank One Corp 34,470 1,383,109
BankBoston Corp 8,751 406,375
BB&T Corp 9,137 306,089
Bear Stearns Co Inc 3,439 143,148
Capital One Financial Corp 5,838 220,384
Chase Manhattan 24,758 2,071,935
Citigroup Inc 98,754 4,388,381
Comerica Inc 4,553 237,041
Countrywide Credit Industries Inc 3,299 105,980
Equifax Inc 4,277 130,448
Federal Home Loan Mortgage Corp 20,305 1,045,707
Federal National Mortgage Assoc 29,883 1,856,481
Fifth Third Bancorp 7,881 522,116
First Union Corp 28,250 1,172,375
</TABLE>
48
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Firstar Corp 19,323 $ 518,098
Fleet Financial Group Inc 16,643 662,599
Franklin Resources Inc 7,384 265,363
Golden West Financial 1,606 145,845
Household International Inc 13,940 526,235
Huntington Bancshares Inc 6,766 202,557
Keycorp 13,031 377,899
Lehman Brothers Holdings 3,494 187,802
MBNA Corp 23,421 578,206
Mellon Bank Corp 15,237 508,535
Mercantile Bancorp 4,609 254,359
Merrill Lynch & Co Inc 10,711 799,308
MGIC Investment Corp 3,171 137,740
Morgan (J P) & Co Inc 5,240 676,943
Morgan Stanley Dean Witter 16,650 1,428,778
National City Corp 18,400 508,300
Northern Trust Corp 3,297 279,627
Paine Webber Group Inc 4,324 169,717
PNC Bank Corp 8,877 464,378
Regions Financial Corp 6,534 230,732
Republic New York Corp 3,081 213,744
Ryder System Inc 2,049 45,206
Schwab (Charles) Corp 23,858 942,391
SLM Holding Corp 4,812 212,630
State Street Boston Corp 4,728 283,089
Summit Bancorp 4,991 166,575
SunTrust Banks Inc 9,320 599,373
Synovus Financial Corp 7,849 148,150
U.S. Bancorp 21,234 655,600
Union Planters Corp 4,190 176,766
Wachovia Corp 5,918 463,823
Washington Mutual Inc 17,412 552,831
Wells Fargo & Co 48,275 1,921,948
------------
TOTAL BANK & FINANCE
- VALUE $ 35,825,555
- COST $ 32,786,961
BASIC INDUSTRIES-0.86%
Alcoa Inc 10,704 691,077
ASARCO Inc 1,173 24,486
Avery-Dennison Corp 3,304 181,307
Baker Hughes Inc 9,547 324,598
</TABLE>
49
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Bemis Co 1,562 $ 59,258
Boise Cascade Corp 1,698 61,765
Champion International Corp 2,859 157,245
Cyprus Amax Minerals 2,635 44,630
Dover Corp 6,226 240,868
Fort James Corp 6,532 210,657
Georgia-Pacific Corp 4,998 206,792
Homestake Mining Co 7,620 64,770
Ikon Office Solutions Inc 4,346 48,349
Inco Ltd 5,618 115,169
Louisiana-Pacific Corp 3,147 58,219
Mead Corp 2,945 109,885
Minnesota Mining & Manufacturing Co 11,734 1,108,863
NACCO Industries Inc Class A 209 16,276
Newmont Mining Corp 4,928 100,716
Potlatch Corp 828 31,982
Sealed Air Corp+ 2,465 144,819
Westvaco Corp 2,975 77,908
Weyerhauser Co 5,880 330,750
Willamette Industries Inc 3,310 131,159
------------
TOTAL BASIC INDUSTRIES
- VALUE $ 4,541,548
- COST $ 3,982,924
BEVERAGES-1.50%
Anheuser-Busch Inc 13,863 1,067,451
Coca-Cola Co 72,081 4,311,345
Coca-Cola Enterprises Co 12,395 352,483
Coors (Adolph) Co Class B 1,043 59,516
Pepsico Inc 43,157 1,472,733
Seagrams Co Ltd 12,488 662,645
------------
TOTAL BEVERAGES
- VALUE $ 7,926,173
- COST $ 7,901,506
BROADCASTING-0.59%
Clear Channel Communications Inc+ 9,636 675,122
Kingworld Productions+ 2,112 80,520
MediaOne Group Inc+ 17,697 1,163,578
Tribune Co 3,470 323,794
</TABLE>
50
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Viacom Inc Class B+ 20,201 $ 849,705
------------
TOTAL BROADCASTING
-VALUE $ 3,092,719
- COST $ 1,783,829
BUILDING MATERIALS & SERVICES-0.30%
Cooper Industries Inc 2,732 141,723
Corning Inc 7,194 478,401
Danaher Corp 4,014 235,822
Owens Corning Fiberglass Corp 1,630 45,844
Owens Illinois Inc+ 4,547 112,538
PPG Industries Inc 5,124 307,760
Snap-On Inc 1,882 63,635
Stanley Works 2,649 69,867
Vulcan Materials Co 2,500 106,563
------------
TOTAL BUILDING MATERIALS & SERVICES
- VALUE $ 1,562,153
- COST $ 1,459,602
BUSINESS SERVICES-0.23%
Cendant Corp+ 20,982 376,365
Dun & Bradstreet Corp 4,817 126,145
Ecolab Inc 3,764 141,385
Paychex Inc 7,106 209,183
Waste Management Inc 17,831 388,939
------------
TOTAL BUSINESS SERVICES
- VALUE $ 1,242,017
- COST $ 1,897,262
CHEMICALS-0.99%
Air Products & Chemicals Inc 6,742 229,228
Clorox Co 7,018 317,564
Dow Chemical Co 6,466 734,699
Du Pont (E I) De Nemours 28,544 1,808,955
Eastman Chemical Co 2,294 106,528
FMC Corp+ 975 56,794
Goodrich (B F) Co 2,633 97,256
Grace (W R) Co+ 2,039 38,996
Great Lakes Chemical Corp 1,695 69,813
Hercules Inc 3,128 101,855
International Flavor & Fragrances 3,147 128,240
Monsanto Co 18,438 757,110
Praxair Inc 4,633 217,751
Rohm & Haas Co 6,237 233,108
</TABLE>
51
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Sigma-Aldrich Corp 2,952 $ 95,202
Union Carbide Corp 3,888 221,130
------------
TOTAL CHEMICALS
- VALUE $ 5,214,229
- COST $ 5,134,565
COMPUTER SOFTWARE-4.79%
3Com Corp+ 10,483 260,109
Adobe Systems Inc 1,753 174,643
America Online Inc+ 31,735 2,897,802
Autodesk Inc 1,716 39,468
Automatic Data Processing 18,091 711,202
BMC Software Inc+ 6,974 375,288
Ceridian Corp+ 4,250 119,000
Computer Associates International Inc 15,679 885,863
Computer Sciences Corp+ 4,664 322,691
Compuware Corp+ 10,711 323,338
Electronic Data Systems Corp 14,387 807,470
First Data Corp 12,564 552,816
IMS Health Inc 9,182 253,653
Microsoft Corp+ 149,092 13,800,328
Novell Inc+ 9,790 231,901
Oracle Systems Corp+ 42,051 1,534,861
Parametric Technology Corp+ 7,854 109,956
Peoplesoft Inc+ 6,977 98,550
Sun Microsystems Inc+ 22,620 1,798,290
------------
TOTAL COMPUTER SOFTWARE
- VALUE $ 25,297,229
- COST $ 14,775,630
COMPUTER SYSTEMS-4.57%
Apple Computer Inc+ 4,647 303,217
Cabletron Systems Inc+ 4,948 83,188
Cisco Systems Inc+ 93,262 6,324,329
Compaq Computer Corp 49,627 1,150,726
Data General Corp+ 1,475 27,195
Dell Computer Corp+ 74,115 3,617,738
EMC Corp+ 29,497 1,769,820
Gateway Inc+ 4,585 444,458
Harris Corp 2,318 60,847
Hewlett-Packard Co 29,593 3,118,362
International Business Machine Corp 53,014 6,603,556
Seagate Technology Inc+ 6,548 217,312
</TABLE>
52
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Shared Medical System Corp 738 $ 41,466
Silicon Graphics Inc+ 5,421 62,003
Unisys Corp+ 8,207 352,901
------------
TOTAL COMPUTER SYSTEMS
- VALUE $ 24,177,118
- COST $ 11,312,288
CONTAINER & PACKAGING-0.18%
Ball Corp 869 39,051
Crown Cork & Seal Co 3,623 96,236
International Paper Co 11,926 561,267
Temple-Inland Inc 1,670 103,540
Tenneco Inc 4,995 100,524
Tupperware Corp 1,733 39,101
------------
TOTAL CONTAINER & PACKAGING
- VALUE $ 939,719
- COST $ 1,053,060
ELECTRICAL EQUIPMENT-2.44%
General Electric Co 95,605 10,737,637
Grainger (W W) Inc 2,759 120,189
Masco Corp 9,801 277,491
Motorola Inc 17,638 1,627,105
National Service Industries Inc 1,180 37,760
Thomas & Betts Corp 1,711 76,995
------------
TOTAL ELECTRICAL EQUIPMENT
- VALUE $ 12,877,177
- COST $ 8,865,186
ELECTRONICS-3.30%
Advanced Micro Devices+ 4,273 88,398
Applied Materials Inc+ 10,840 770,318
CBS Corp+ 20,772 976,284
EG&G Inc 1,299 41,324
Emerson Electric Co 12,683 794,273
General Instrument Corp+ 5,051 248,446
Honeywell Inc 3,720 422,220
Intel Corp 96,926 7,966,106
Johnson Controls Inc 2,488 170,117
KLA Instruments Corp+ 2,545 159,858
Lexmark International Group Class A+ 3,400 267,750
LSI Logic Corp+ 4,159 236,023
Micron Technology Inc+ 7,344 547,587
National Semiconductor+ 4,955 139,669
</TABLE>
53
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Pitney Bowes Inc 7,885 $ 465,215
Raytheon Co Class B 9,794 667,216
Solectron Corp+ 7,820 611,915
Tektronix Inc 1,393 46,317
Texas Instruments Inc 22,868 1,876,605
Xerox Corp 19,301 921,623
------------
TOTAL ELECTRONICS
- VALUE $ 17,417,264
- COST $ 9,620,775
ENERGY & RELATED-4.19%
Amerada Hess Corp 2,686 166,700
Anadarko Petroleum Corp 3,593 122,162
Apache Corp 3,278 149,149
Ashland Inc 2,121 81,791
Atlantic Richfield Corp 9,324 819,929
Burlington Resources Inc 5,214 218,010
Chevron Corp 19,170 1,768,432
Coastal Corp 6,266 271,396
Columbia Gas System Inc 2,443 144,290
Conoco Inc Class B 18,640 500,950
Consolidated Natural Gas Co 2,778 176,924
Eastern Enterprises 707 31,771
Enron Corp 20,652 864,802
Exxon Corp 70,887 5,591,212
Halliburton Co 12,859 596,336
Helmerich & Payne Inc 1,500 41,344
Kerr-McGee Corp 2,574 144,144
Mobil Corp 22,850 2,339,269
NICOR Inc 1,400 54,163
Occidental Petroleum Corp 10,135 219,803
ONEOK Inc 909 28,236
Peoples Energy Corp 1,019 37,130
Phillips Petroleum Co 7,456 380,256
Rowan Co Inc+ 2,439 45,426
Royal Dutch Petroleum Corp 62,639 3,875,788
Schlumberger Ltd 15,954 1,064,929
Sonat Offshore Drilling Co 3,195 115,419
Sunoco Inc 2,707 88,147
Texaco Inc 15,656 994,156
Union Pacific Resources Group 7,323 131,356
Unocal Corp 7,073 296,182
</TABLE>
54
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
USX--Marathon Group 8,989 $ 279,783
Williams Co Inc 12,640 521,400
------------
TOTAL ENERGY & RELATED
- VALUE $ 22,160,785
- COST $ 18,425,283
ENGINEERING & CONSTRUCTION-0.06%
Armstrong World Industries Inc 1,222 59,343
Centex Corp 1,703 47,897
Fleetwood Enterprises Inc 1,041 21,210
Fluor Corp 2,188 90,529
Foster Wheeler Corp 1,186 15,344
Kaufman & Broad Home Corp 1,376 28,122
Pulte Corp 1,319 30,502
------------
TOTAL ENGINEERING & CONSTRUCTION
- VALUE $ 292,947
- COST $ 362,795
ENTERTAINMENT & LEISURE-0.83%
Brunswick Corp 2,748 70,246
Disney (Walt) Co 60,220 1,671,105
Harrah's Entertainment Inc+ 3,721 83,722
Hasbro Inc 5,731 140,051
Mattel Inc 12,164 259,245
Mirage Resorts Inc+ 5,730 74,848
Polaroid Corp 1,259 34,150
Time Warner Inc 34,868 2,068,108
------------
TOTAL ENTERTAINMENT & LEISURE
- VALUE $ 4,401,475
- COST $ 3,946,462
ENVIRONMENTAL CONTROL-0.01%
Allied Waste Industries Inc+ 5,400 68,850
------------
TOTAL ENVIRONMENTAL CONTROL
- VALUE $ 68,850
- COST $ 97,078
FOOD & RELATED-2.02%
Albertson's Inc 12,221 585,844
Archer-Daniels-Midland Co 18,081 235,053
Bestfoods 8,143 400,025
Brown-Forman Corp Class B 2,019 118,616
Campbell Soup Co 12,752 563,479
ConAgra Inc 14,205 348,022
</TABLE>
55
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Darden Restaurants Inc 3,939 $ 61,547
General Mills Inc 4,471 374,446
Great Atlantic & Pacific Tea Co 1,143 40,148
Heinz (H J) Co 10,481 489,332
Hershey Foods Corp 4,126 220,999
Kellogg Co 11,757 418,108
Kroger Co+ 24,162 558,746
McDonald's Corp 39,632 1,639,774
Nabisco Group Holdings Corp 9,497 168,572
Pioneer Hi Bred International Inc 6,999 273,836
Quaker Oats Co 3,977 265,713
Ralston-Purina Group 9,505 261,387
Safeway Inc+ 14,459 673,247
Sara Lee Corp 26,360 584,863
Super Value Inc 3,470 78,075
Sysco Corp 9,631 314,211
Tricon Global Restaurants+ 4,476 181,838
Unilever NV 16,655 1,147,113
UST Inc 5,127 162,462
Wendy's International Inc 3,609 101,052
Winn-Dixie Stores Inc 4,407 149,838
Wrigley (W M) Jr Co 3,393 265,714
------------
TOTAL FOOD & RELATED
- VALUE $ 10,682,060
- COST $ 10,479,543
FURNITURE & APPLIANCES-0.12%
Maytag Corp 2,577 161,385
Newell Rubbermaid Inc 8,186 335,626
Whirlpool Corp 2,187 154,594
------------
TOTAL FURNITURE & APPLIANCES
- VALUE $ 651,605
- COST $ 540,280
HEALTHCARE-0.25%
Cardinal Health Inc 8,016 511,020
HCR Manor Care Inc+ 3,264 63,852
Healthsouth Corp+ 12,144 99,429
Lifepoint Hospital Inc+ 1 5
McKesson HBOC Inc 8,020 249,623
St Jude Medical Inc+ 2,466 89,392
</TABLE>
56
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
United Healthcare Corp 5,037 $ 306,313
------------
TOTAL HEALTHCARE
- VALUE $ 1,319,634
- COST $ 1,895,034
HOSPITAL & MEDICAL SUPPLIES-1.55%
Bard (C R) Inc 1,503 70,077
Bausch & Lomb Inc 1,689 111,580
Baxter International Inc 8,533 572,244
Becton Dickinson & Co 7,280 204,750
Biomet Inc 3,256 116,402
Boston Scientific Corp+ 11,527 391,198
Columbia/HCA Healthcare Corp 16,594 408,627
Guidant Corp 8,792 515,981
Johnson & Johnson 39,296 4,018,016
Mallinckrodt Group Inc 2,132 68,357
Medtronic Inc 17,078 1,336,354
PE Corp-PE Biosystems Group 3,010 207,126
Tenet Healthcare Corp+ 9,056 157,914
------------
TOTAL HOSPITAL & MEDICAL SUPPLIES
- VALUE $ 8,178,626
- COST $ 6,019,768
HOUSEHOLD PRODUCTS-1.43%
Alberto-Culver Co Class B 1,637 41,641
Avon Products Inc 7,644 335,381
Colgate-Palmolive Co 17,040 911,640
Gillette Co 32,339 1,507,806
Kimberly-Clark Corp 15,513 883,271
Procter & Gamble Co 38,852 3,856,061
------------
TOTAL HOUSEHOLD PRODUCTS
- VALUE $ 7,535,800
- COST $ 6,335,379
INSURANCE-2.05%
Aetna Inc 4,133 321,341
AFLAC Corp 7,803 350,647
Allstate Corp 23,586 773,916
American General Corp 7,342 521,282
American International Group Inc 45,250 4,194,110
Aon Corp 7,503 250,396
Chubb Corp 5,014 286,738
CIGNA Corp 5,956 534,923
Cincinnati Financial Corp 4,864 192,736
</TABLE>
57
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Conseco Inc 9,427 $ 226,248
Hartford Financial Services Group 6,709 304,840
Humana Inc+ 4,819 43,672
Jefferson-Pilot Corp 3,119 208,193
Lincoln National Corp 5,890 276,094
Loews Corp 3,191 250,494
Marsh & McLennan Companies Inc 7,745 563,933
MBIA Inc 2,889 149,867
Progressive Corp Ohio 2,144 218,688
Providian Financial Corp 4,166 323,386
SAFECO Corp 3,977 141,681
St Paul Co 6,670 213,857
Torchmark Corp 3,926 111,884
Unumprovident Corp 6,967 251,247
Wellpoint Health Networks+ 2,023 147,426
------------
TOTAL INSURANCE
- VALUE $ 10,857,599
- COST $ 9,552,692
LODGING-0.06%
Hilton Hotels Corp 7,503 91,912
Marriott International 7,343 251,498
------------
TOTAL LODGING
- VALUE $ 343,410
- COST $ 367,254
MACHINERY-0.34%
Black & Decker Corp 2,604 137,036
Case Corp 2,180 107,638
Caterpillar Inc 10,387 588,164
Cummins Engine Co Inc 1,281 75,899
Deere & Co 6,771 263,223
Ingersoll-Rand Co 4,871 309,917
McDermott International Inc 1,696 38,266
Milacron Inc 1,057 19,026
Pall Corp 3,704 73,617
Parker Hannifin Corp 3,160 138,250
Thermo Electron Corp+ 4,532 71,946
------------
TOTAL MACHINERY
- VALUE $ 1,822,982
- COST $ 1,793,727
</TABLE>
58
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
MANUFACTURING-0.46%
Tyco International Ltd 24,219 $ 2,453,697
------------
TOTAL MANUFACTURING
- VALUE $ 2,453,697
- COST $ 1,295,289
METAL FABRICATORS-0.26%
Alcan Aluminum Ltd 6,682 219,671
Allegheny Teledyne Inc 5,681 106,164
Barrick Gold Corp 11,388 220,643
Bethlehem Steel Corp+ 3,778 29,043
Crane Co 2,017 48,534
Engelhard Corp 3,719 74,148
Freeport McMoRan Inc 4,801 77,116
Nucor Corp 2,600 121,063
Phelps Dodge Corp 1,654 92,521
Placer Dome Inc 9,490 98,459
Reynolds Metals Co 1,879 118,964
Timken Co 1,827 32,087
USX - U.S. Steel Group 2,635 71,145
Worthington Industries Inc 2,721 40,815
------------
TOTAL METAL FABRICATORS
- VALUE $ 1,350,373
- COST $ 1,423,078
PHARMACEUTICALS-4.82%
Abbott Laboratories 44,419 1,926,674
Allergan Inc 1,997 199,450
ALZA Corp+ 2,925 147,347
American Home Products Corp 38,273 1,588,330
Amgen Inc+ 14,957 1,244,235
Bristol-Myers Squibb Co 57,987 4,080,835
Lilly (Eli) & Co 32,083 2,394,194
Merck & Co Inc 68,867 4,627,002
Millipore Corp 1,250 47,188
Pfizer Inc 113,420 4,281,605
Pharmacia and Upjohn Inc 14,827 774,711
Schering-Plough Corp 43,004 2,260,398
SouthTrust Corp 4,917 173,632
Warner Lambert Co 24,912 1,650,420
</TABLE>
59
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Watson Pharmaceutical Inc+ 2,839 $ 101,849
------------
TOTAL PHARMACEUTICALS
- VALUE $ 25,497,870
- COST $ 19,694,662
PUBLISHING-0.51%
American Greetings Corp Class A 2,016 55,818
Comcast Corp Class A 21,622 705,418
Donnelley (R R) & Sons Co 3,882 121,798
Dow Jones & Co Inc 2,703 135,826
Gannett Co Inc 8,181 555,797
Interpublic Group Co Inc 8,174 323,895
Knight-Ridder Inc 2,274 122,654
McGraw-Hill Inc 5,801 299,839
Meredith Corp 1,561 54,147
New York Times Co Class A 5,225 204,102
Times Mirror Co Class A 2,076 119,889
------------
TOTAL PUBLISHING
- VALUE $ 2,699,183
- COST $ 2,074,402
RETAIL & RELATED-3.35%
AutoZone Inc+ 4,419 105,227
Best Buy Co Inc+ 6,000 421,500
Circuit City Stores Inc 5,874 252,582
Consolidated Stores Corp+ 3,271 52,745
Costco Wholesale Corp+ 6,493 485,352
CVS Corp 11,363 473,695
Dayton-Hudson Corp 12,899 748,142
Dillards Inc Class A 3,188 74,918
Dollar General Corp 6,469 168,194
Eastman Kodak Co 9,362 687,522
Federated Department Stores Inc+ 6,172 283,912
Gap Inc 25,168 984,698
Harcourt General Inc 2,105 92,225
Home Depot Inc 43,259 2,644,206
Jostens Inc 972 19,562
K Mart Corp+ 14,498 182,131
Kohls Corp+ 4,747 338,224
Limited Inc 6,280 237,855
Longs Drug Stores Corp 1,187 37,316
Lowe's Co Inc 10,774 487,524
May Department Stores Co 9,723 379,805
</TABLE>
60
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Nordstrom Inc 4,188 $ 118,573
Office Depot Inc+ 10,900 113,769
Penney (J C) Co Inc 7,742 280,648
Rite Aid Corp 7,492 138,602
Sears Roebuck & Co 11,068 415,050
Sherwin Williams Co 5,038 122,801
Staples Inc+ 13,574 295,235
Tandy Corp 5,696 269,136
TJX Companies Inc 9,395 271,281
Toys R Us Inc+ 7,219 99,712
Walgreen Co 29,181 676,634
WalMart Stores Inc 129,972 5,759,384
------------
TOTAL RETAIL & RELATED
- VALUE $ 17,718,160
- COST $ 12,810,672
SERVICES-0.13%
Block (H R) Inc 2,874 159,866
CMS Energy Corp 3,483 137,796
Public Service Enterprise Group 6,452 264,532
Service Corp International 7,940 109,671
------------
TOTAL SERVICES
- VALUE $ 671,865
- COST $ 729,480
TELECOMMUNICATIONS-6.38%
ADC Telecommunications+ 4,000 148,250
Alltel Corp 8,841 597,873
Ameritech Corp 32,053 2,023,346
Andrew Corp+ 2,380 41,650
AT & T Corp 92,938 4,182,210
Bell Atlantic Corp 45,411 2,781,424
BellSouth Corp 55,350 2,504,588
CenturyTel Inc 4,127 162,243
Frontier Corp 5,053 211,910
GTE Corp 28,449 1,952,313
Lucent Technologies Inc 88,757 5,685,995
MCI WorldCom Inc+ 54,375 4,118,906
Network Appliance Inc+ 2,100 137,944
NEXTEL Communications Class A+ 8,638 499,384
Nortel Networks Corp 38,748 1,591,090
Qualcom Inc+ 4,400 845,625
SBC Communication Inc 57,404 2,755,392
</TABLE>
61
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Scientific-Atlanta Inc 2,168 $ 111,110
Sprint Corp 25,332 1,124,108
Sprint Corp (PCS Group)+ 12,800 764,800
Tellabs Inc+ 11,424 680,442
U.S. West Inc 14,723 769,277
------------
TOTAL TELECOMMUNICATIONS
- VALUE $ 33,689,880
- COST $ 21,471,459
TEXTILES-0.01%
Fruit of the Loom Inc Class A+ 2,128 14,896
Springs Industries Inc Class A 535 20,096
------------
TOTAL TEXTILES
- VALUE $ 34,992
- COST $ 84,619
TOBACCO-0.53%
Fortune Brands Inc 4,901 183,788
Philip Morris Co Inc 70,431 2,636,761
------------
TOTAL TOBACCO
- VALUE $ 2,820,549
- COST $ 3,189,899
TRANSPORTATION-0.44%
Burlington Northern Santa Fe 13,690 397,010
Carnival Corp Class A 17,931 801,292
CSX Corp 6,368 278,202
Kansas City Southern Industries 3,210 148,663
Laidlaw Inc Class B 9,657 60,356
Norfolk Southern Corp 11,033 288,927
Union Pacific Corp 7,300 355,419
------------
TOTAL TRANSPORTATION
- VALUE $ 2,329,869
- COST $ 2,596,135
UTILITIES-1.24%
AES Corp+ 5,607 340,275
Ameren Corp 4,015 160,851
American Electric Power Inc 5,631 204,476
Carolina Power & Light Co 4,708 171,254
Central & South West Corp 6,185 139,936
Cinergy Corp 4,677 142,064
Consolidated Edison Inc 6,701 294,844
Constellation Energy Group 4,351 128,898
</TABLE>
62
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Dominion Resources Inc 5,656 $ 261,590
DTE Energy Co 4,217 166,308
Duke Power Co 10,571 607,833
Edison International 10,109 256,516
Entergy Corp 7,158 213,398
FirstEnergy Corp 6,824 194,911
Florida Progress Corp 2,900 135,938
FPL Group Inc 5,265 284,310
GPU Inc 3,713 126,706
New Century Energies Inc 3,425 123,728
Niagra Mohawk Holdings Inc+ 5,461 82,598
Northern States Power Co 4,482 105,607
Pacificorp 8,627 176,314
PECO Energy Co 5,662 230,019
PG & E Corp 11,154 338,106
PP & L Resources Inc 4,642 129,976
Reliant Energy Inc 8,582 237,614
Sempra Energy 6,918 154,358
Southern Co 20,364 551,101
Texas Utilities Co 8,132 328,838
Unicom Corp 6,422 248,050
------------
TOTAL UTILITIES
- VALUE $ 6,536,417
- COST $ 6,287,327
------------
TOTAL COMMON STOCKS
- VALUE $316,718,558
- COST $242,629,898
</TABLE>
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
U.S. TREASURY SECURITIES-39.26%
U.S. TREASURY BONDS-39.26%
$ 6,750,000 U.S. Treasury Bonds 5.25% 11/15/28 $ 5,838,750
5,800,000 U.S. Treasury Bonds 5.25% 2/15/29 5,065,940
5,800,000 U.S. Treasury Bonds 5.50% 8/15/28 5,181,940
7,975,000 U.S. Treasury Bonds 6.00% 2/15/26 7,581,234
12,800,000 U.S. Treasury Bonds 6.13% 11/15/27 12,408,000
6,000,000 U.S. Treasury Bonds 6.13% 8/15/29 6,046,878
14,075,000 U.S. Treasury Bonds 6.25% 8/15/23 13,797,906
6,400,000 U.S. Treasury Bonds 6.38% 8/15/27 6,398,003
</TABLE>
63
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
U.S. TREASURY SECURITIES (Continued)
$ 6,100,000 U.S. Treasury Bonds 6.50% 11/15/26 $ 6,180,063
6,250,000 U.S. Treasury Bonds 6.63% 2/15/27 6,441,406
6,550,000 U.S. Treasury Bonds 6.75% 8/15/26 6,836,563
6,800,000 U.S. Treasury Bonds 6.88% 8/15/25 7,191,000
9,720,000 U.S. Treasury Bonds 7.12% 2/15/23 10,512,792
5,250,000 U.S. Treasury Bonds 7.25% 8/15/22 5,743,831
6,700,000 U.S. Treasury Bonds 7.50% 11/15/24 7,604,500
6,575,000 U.S. Treasury Bonds 7.63% 11/15/22 7,491,391
6,950,000 U.S. Treasury Bonds 7.63% 2/15/25 8,005,531
6,600,000 U.S. Treasury Bonds 7.88% 2/15/21 7,649,816
20,050,000 U.S. Treasury Bonds 8.00% 11/15/21 23,608,875
7,100,000 U.S. Treasury Bonds 8.13% 5/15/21 8,437,910
7,450,000 U.S. Treasury Bonds 8.13% 8/15/21 8,863,176
5,900,000 U.S. Treasury Bonds 8.50% 2/15/20 7,225,659
5,150,000 U.S. Treasury Bonds 8.75% 5/15/20 6,458,424
13,475,000 U.S. Treasury Bonds 8.75% 8/15/20 16,915,350
------------
$207,484,938
------------
TOTAL U.S. TREASURY SECURITIES
- VALUE $207,484,938
- COST $216,049,886
SHORT TERM INSTRUMENTS-5.38%
CASH EQUIVALENTS-4.97%
$ 259,306 Dreyfus Institutional
Money Market Fund++ $ 259,306
26,000,000 Merrimac Institutional
Money Market Fund++ 26,000,000
------------
$ 26,259,306
</TABLE>
64
<PAGE>
MASTER INVESTMENT PORTFOLIO--ASSET ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
SHORT TERM INSTRUMENTS (Continued)
REPURCHASE AGREEMENTS-0.41%
$ 2,174,836 Morgan Stanley Triparty
Repurchase Agreement
dated 8/31/99, due 9/1/99
with a maturity value of
$2,175,147 and an
effective yield of 5.14%,
collateralized by a U.S.
Treasury Bill with a rate
of 5.28%, a maturity of
9/15/99 and a market
value of $2,225,188 $ 2,174,836
------------
$ 2,174,836
------------
TOTAL SHORT TERM INSTRUMENTS
- VALUE $ 28,434,142
- COST $ 28,434,141
TOTAL INVESTMENTS IN
SECURITIES
(Cost $487,113,925) **
(Notes 1 and 3) 104.58 % $552,637,638
Other Assets and
Liabilities, Net (4.58)% (24,205,690)
------- ------------
TOTAL NET ASSETS 100.00 % $528,431,948
======= ============
</TABLE>
- --------------------------------------------------------------------------------
+ Non-income earning securities.
++ Represents investment of collateral received from securities lending
transactions. See Note 4.
** Cost for federal income tax purposes is $487,113,925 and net unrealized
appreciation consists of:
Gross Unrealized Appreciation $85,312,040
Gross Unrealized Depreciation (19,788,327)
-----------
NET UNREALIZED APPRECIATION $65,523,713
===========
The accompanying notes are an integral part of these financial statements.
65
<PAGE>
MASTER INVESTMENT PORTFOLIO--BOND INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
CORPORATE BONDS & NOTES-29.06%
AUTO PARTS & EQUIPMENT-0.46%
$ 1,000,000 Delphi Auto Systems
Corp 6.50% 5/1/09 $ 921,957
1,000,000 Goodyear Tire &
Rubber Co 6.63% 12/1/06 945,471
-------------
$ 1,867,428
AUTOMOBILES-1.84%
$ 3,500,000 Chrysler Corp 7.45% 3/1/27 $ 3,428,383
500,000 Ford Motor Co 8.88% 4/1/06 540,161
3,500,000 General Motors 5.80% 4/9/01 3,465,245
-------------
$ 7,433,789
BANK & FINANCE-11.36%
$ 500,000 ABN Amro Bank NV 7.30% 12/1/26 $ 467,795
500,000 African Development Bank 7.75% 12/15/01 514,482
2,500,000 Associates Corp NA 6.25% 11/1/08 2,320,022
1,000,000 Associates Corp NA 6.95% 11/1/18 931,760
1,000,000 Avalon Bay Communities 7.50% 8/1/09 958,721
1,000,000 Bank of New York Co 6.50% 12/1/03 978,191
1,000,000 Bank One Corp 8.10% 3/1/02 1,030,677
1,000,000 BankAmerica Corp 6.25% 4/1/08 929,452
1,000,000 Chase Manhattan Corp 5.75% 4/15/04 949,377
1,000,000 CIT Group Holdings 6.63% 6/15/05 967,256
1,000,000 Citigroup Inc 7.88% 5/15/25 1,027,582
1,000,000 Diageo PLC 6.13% 8/15/05 960,303
1,000,000 Dresdner Bank AG 6.63% 9/15/05 958,784
2,000,000 Duke Energy Corp 6.00% 12/1/28 1,616,400
2,000,000 First Union Capital Corp 8.04% 12/1/26 1,946,086
500,000 First Union Corp 6.63% 7/15/05 486,197
3,400,000 Ford Motor Credit Co 6.50% 2/28/02 3,381,524
1,000,000 General Motors
Acceptance Corp 7.13% 5/1/03 1,003,152
2,000,000 Household Finance Corp 6.00% 5/1/04 1,900,228
1,000,000 Household Finance Corp 6.70% 6/15/02 998,039
4,000,000 Houston Lighting & Power
Co 6.50% 4/21/03 3,945,240
200,000 Interamerica Development
Bank 8.40% 9/1/09 221,200
450,000 Interamerica Development
Bank 8.50% 3/15/11 505,459
1,500,000 Keycorp 6.75% 3/15/06 1,457,131
</TABLE>
66
<PAGE>
MASTER INVESTMENT PORTFOLIO--BOND INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
CORPORATE BONDS & NOTES (Continued)
$ 3,500,000 KFW International
Finance Inc 7.63% 2/15/04 $ 3,643,034
250,000 KFW International
Finance Inc 8.00% 2/15/10 271,388
1,000,000 Korea Development Bank 7.38% 9/17/04 966,500
500,000 Lehman Brothers Inc 9.88% 10/15/00 518,377
1,000,000 Mellon Capital II 8.00% 1/15/27 978,788
3,000,000 Mellon Financial 6.00% 3/1/04 2,882,970
1,000,000 Merrill Lynch & Co Inc 6.38% 10/15/08 929,638
500,000 Skandinaviska Enskilda 6.88% 2/15/09 468,498
1,200,000 Swiss Bank Corp 7.38% 7/15/15 1,159,860
4,000,000 Westdeutsche NY 6.05% 1/15/09 3,622,360
--------------
$ 45,896,471
BEVERAGES-0.80%
$ 1,500,000 Anheuser Busch 9.00% 12/1/09 $ 1,717,491
1,000,000 Coca-Cola Enterprises 8.00% 9/15/22 1,025,479
500,000 J Seagram & Sons 7.50% 12/15/18 476,242
--------------
$ 3,219,212
BROADCASTING-1.92%
$ 2,000,000 Comcast Cable
Communications 8.38% 5/1/07 $ 2,080,736
2,000,000 Time Warner Inc 9.63% 5/1/02 2,130,032
3,500,000 Viacom Inc 7.75% 6/1/05 3,524,643
--------------
$ 7,735,411
CHEMICALS-0.38%
$ 1,000,000 American Home Products
Corp 6.50% 10/15/02 $ 994,639
500,000 Dow Chemical Co 8.63% 4/1/06 534,747
--------------
$ 1,529,386
ELECTRONICS-0.92%
$ 2,800,000 Raytheon Co 5.95% 3/15/01 $ 2,776,584
1,000,000 Raytheon Co 7.38% 7/15/25 923,068
--------------
$ 3,699,652
ENERGY & RELATED-0.25%
$ 1,000,000 Phillips 66 Capital
Trust II 8.00% 1/15/2037 $ 991,740
--------------
ENTERTAINMENT & LEISURE-1.71%
$ 4,000,000 Disney (Walt) Co 5.13% 12/15/03 $ 3,766,608
500,000 Disney (Walt) Co 6.75% 3/30/06 494,277
</TABLE>
67
<PAGE>
MASTER INVESTMENT PORTFOLIO--BOND INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
CORPORATE BONDS & NOTES (Continued)
$ 2,500,000 Time Warner
Entertainment 8.38% 3/15/23 $ 2,647,848
--------------
$ 6,908,733
FOOD & RELATED-0.25%
$ 500,000 Archer-Daniels-Midland
Co 8.38% 4/15/17 $ 541,577
500,000 Imperial Tobacco Group
PLC 7.13% 4/1/09 467,912
--------------
$ 1,009,489
HEALTHCARE-0.25%
$ 1,000,000 Baxter International Inc 7.63% 11/15/02 $ 1,022,030
--------------
INSURANCE-0.24%
$ 1,000,000 Aetna Services Inc 7.13% 8/15/06 $ 986,203
--------------
INVESTMENT BANKING & BROKERAGE-1.51%
$ 1,000,000 AT & T Capital Corp 6.25% 5/15/01 $ 989,641
4,000,000 Merrill Lynch & Co 6.00% 2/17/09 3,606,288
1,500,000 Morgan Stanley Group Inc 6.70% 5/1/01 1,504,947
--------------
$ 6,100,876
MANUFACTURING-0.78%
$ 500,000 ICI Wilmington 8.75% 5/1/01 $ 513,419
3,000,000 Tyco Intl Group 6.88% 1/15/29 2,657,370
--------------
$ 3,170,789
PUBLIC ADMINISTRATION-1.39%
$ 1,500,000 Northern State Power 6.50% 3/1/28 $ 1,310,405
1,500,000 Saks Inc 7.50% 12/1/10 1,387,346
500,000 Tennessee Valley
Authority 6.13% 7/15/03 491,429
2,600,000 Tennessee Valley
Authority 6.25% 12/15/17 2,414,953
--------------
$ 5,604,133
RETAIL & RELATED-1.27%
$ 2,000,000 JC Penny Co Inc 8.25% 8/15/22 $ 1,989,540
1,000,000 Wal-Mart Stores 7.25% 6/1/13 1,010,329
2,000,000 Wal-Mart Stores 8.50% 9/15/24 2,123,134
--------------
$ 5,123,003
SERVICES-0.47%
$ 1,000,000 Amoco Canada 7.25% 12/1/02 $ 1,009,720
</TABLE>
68
<PAGE>
MASTER INVESTMENT PORTFOLIO--BOND INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
CORPORATE BONDS & NOTES (Continued)
$1,000,000 Service Corp Intl 6.00% 12/15/05 $ 891,883
----------------
$ 1,901,603
TELECOMMUNICATIONS-2.32%
$ 250,000 Bell Telephone Canada 9.50% 10/15/10 $ 287,958
1,000,000 Cable & Wireless
Communication 6.63% 3/6/05 999,116
2,500,000 Motorola Inc 7.50% 5/15/25 2,434,420
500,000 New York Telecom 6.00% 4/15/08 464,064
4,000,000 Sprint Cap Corp 6.13% 11/15/08 3,657,188
1,500,000 Worldcom Inc 7.55% 4/1/04 1,539,185
----------------
$ 9,381,931
TRANSPORTATION-0.25%
$1,000,000 Norfolk Southern Corp 7.80% 5/15/27 $ 994,086
----------------
UTILITIES-0.69%
$1,000,000 Enersis SA 7.40% 12/1/16 $ 843,354
1,000,000 Texas Utilities 6.38% 1/1/08 931,256
1,000,000 Virginia Electric &
Power Co 7.38% 7/1/02 1,017,336
----------------
$ 2,791,946
----------------
TOTAL CORPORATE BONDS & NOTES
-VALUE $ 117,367,911
- COST $ 125,179,119
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
FOREIGN GOVERNMENT BONDS & NOTES++-269%
$1,000,000 British Columbia
(Province of) 6.50% 1/15/26 $ 924,350
2,000,000 Corp Andina De
Fomento 7.75% 3/1/04 1,927,670
2,000,000 Hydro Quebec 8.40% 1/15/22 2,172,800
1,200,000 New Brunswick 7.63% 6/29/04 1,239,456
750,000 Ontario (Province of) 7.63% 6/22/04 777,052
2,300,000 Ontario (Province of) 7.75% 6/4/02 2,371,047
1,000,000 Republic of Chile 6.88% 4/28/09 921,500
500,000 Victoria (Province of)
8.45% 10/1/01 519,508
----------------
TOTAL FOREIGN GOVERNMENT
BONDS & NOTES
-VALUE $ 10,853,383
- COST $ 11,314,266
</TABLE>
69
<PAGE>
MASTER INVESTMENT PORTFOLIO--BOND INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
U.S. GOVERNMENT AGENCY SECURITIES-13.12%
FEDERAL AGENCY - OTHER-1.20%
$ 2,150,000 Financing Corp 8.60% 9/26/19 $ 2,534,846
500,000 Financing Corp 9.65% 11/2/18 643,460
1,285,000 Financing Corp 9.80% 4/6/18 1,669,239
---------------
$ 4,847,545
FEDERAL HOME LOAN BANK-2.52%
$ 5,500,000 Federal Home Loan
Bank 5.02% 2/11/02 $ 5,343,597
1,500,000 Federal Home Loan
Bank 5.40% 1/15/03 1,452,867
1,000,000 Federal Home Loan
Bank 5.50% 1/21/03 971,393
2,500,000 Federal Home Loan
Bank 6.09% 6/2/06 2,419,875
---------------
$ 10,187,732
FEDERAL HOME LOAN MORTGAGE CORPORATION-5.06%
$ 4,000,000 Federal Home Loan
Mortgage Corp 5.00% 1/15/04 $ 3,767,084
3,400,000 Federal Home Loan
Mortgage Corp 5.13% 10/15/08 3,007,164
3,000,000 Federal Home Loan
Mortgage Corp 5.25% 2/16/01 2,964,360
2,000,000 Federal Home Loan
Mortgage Corp 5.38% 3/1/01 1,978,586
1,000,000 Federal Home Loan
Mortgage Corp 5.50% 5/15/02 979,486
3,000,000 Federal Home Loan
Mortgage Corp 5.75% 7/15/03 2,927,289
500,000 Federal Home Loan
Mortgage Corp 5.75% 3/15/09 461,296
3,500,000 Federal Home Loan
Mortgage Corp 5.90% 5/4/04 3,382,918
1,000,000 Federal Home Loan
Mortgage Corp 6.30% 6/1/04 976,520
---------------
$ 20,444,703
FEDERAL NATIONAL MORTGAGE ASSOCIATION-4.34%
$ 1,000,000 Federal National
Mortgage Assoc 0.00% 6/1/17 $ 296,579
2,104,000 Federal National
Mortgage Assoc 5.13% 2/13/04 1,989,187
1,000,000 Federal National
Mortgage Assoc 5.25% 1/15/09 890,262
1,000,000 Federal National
Mortgage Assoc 5.38% 3/15/02 982,937
</TABLE>
70
<PAGE>
MASTER INVESTMENT PORTFOLIO--BOND INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
U.S. GOVERNMENT AGENCY SECURITIES (Continued)
$ 2,000,000 Federal National
Mortgage Assoc 5.38% 1/16/01 $ 1,982,508
1,000,000 Federal National
Mortgage Assoc 5.75% 6/15/05 959,317
2,000,000 Federal National
Mortgage Assoc 5.75% 2/15/08 1,865,308
600,000 Federal National
Mortgage Assoc 5.88% 4/23/04 577,939
5,000,000 Federal National
Mortgage Assoc 6.26% 2/25/09 4,656,555
394,222 Federal National
Mortgage Assoc 6.38% 6/15/09 380,954
1,000,000 Federal National
Assoc 6.45% 2/14/02 993,409
1,400,000 Federal National
Mortgage Assoc 6.80% 1/10/03 1,414,753
500,000 Federal National
Mortgage Assoc 7.55% 4/22/02 514,727
----------------
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES $ 17,504,435
----------------
-VALUE $ 52,984,415
- COST $ 55,001,632
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
U.S. TREASURY SECURITIES-52.57%
U.S. TREASURY BONDS-16.90%
$ 700,000 U.S. Treasury Bonds 5.25% 2/15/29 $ 611,407
2,800,000 U.S. Treasury Bonds 5.50% 8/15/28 2,501,626
1,200,000 U.S. Treasury Bonds 6.00% 2/15/26 1,140,750
1,600,000 U.S. Treasury Bonds 6.13% 11/15/27 1,551,000
1,500,000 U.S. Treasury Bonds 6.50% 11/15/26 1,519,687
1,500,000 U.S. Treasury Bonds 7.13% 2/15/23 1,622,344
4,100,000 U.S. Treasury Bonds 7.25% 5/15/16 4,419,033
500,000 U.S. Treasury Bonds 7.50% 11/15/16 552,344
7,300,000 U.S. Treasury Bonds 7.63% 2/15/25 8,408,687
2,500,000 U.S. Treasury Bonds 7.88% 2/15/21 2,897,657
7,100,000 U.S. Treasury Bonds 8.00% 11/15/21 8,360,250
9,250,000 U.S. Treasury Bonds 8.13% 8/15/19 10,920,781
800,000 U.S. Treasury Bonds 8.75% 5/15/17 988,000
1,000,000 U.S. Treasury Bonds 9.13% 5/15/09 1,117,813
1,500,000 U.S. Treasury Bonds 9.13% 5/15/18 1,922,344
2,100,000 U.S. Treasury Bonds 10.38% 11/15/12 2,626,970
</TABLE>
71
<PAGE>
MASTER INVESTMENT PORTFOLIO--BOND INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio oF Investments
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
U.S. TREASURY SECURITIES (Continued)
$ 8,550,000 U.S. Treasury Bonds 11.25% 2/15/15 $ 12,595,219
1,100,000 U.S. Treasury Bonds 12.00% 8/15/13 1,515,250
2,000,000 U.S. Treasury Bonds 13.25% 5/15/14 2,978,750
----------------
$ 68,249,912
U.S. TREASURY NOTES-35.67%
$ 8,500,000 U.S. Treasury Notes 4.00% 10/31/00 $ 8,343,286
10,000,000 U.S. Treasury Notes 4.50% 1/31/01 9,840,630
5,500,000 U.S. Treasury Notes 4.63% 12/31/00 5,424,375
8,700,000 U.S. Treasury Notes 4.75% 11/15/08 7,876,223
500,000 U.S. Treasury Notes 5.25% 5/31/01 495,938
1,000,000 U.S. Treasury Notes 5.50% 7/31/01 995,313
2,100,000 U.S. Treasury Notes 5.50% 1/31/03 2,073,750
2,100,000 U.S. Treasury Notes 5.63% 11/30/00 2,100,000
1,000,000 U.S. Treasury Notes 5.63% 2/28/01 998,750
3,300,000 U.S. Treasury Notes 5.63% 5/15/08 3,186,563
1,600,000 U.S. Treasury Notes 5.75% 11/30/02 1,593,000
1,000,000 U.S. Treasury Notes 5.75% 4/30/03 993,750
14,000,000 U.S. Treasury Notes 5.75% 8/15/03 13,908,132
850,000 U.S. Treasury Notes 5.88% 11/30/01 851,594
1,000,000 U.S. Treasury Notes 5.88% 2/15/04 997,813
1,500,000 U.S. Treasury Notes 5.88% 11/15/05 1,481,250
1,200,000 U.S. Treasury Notes 6.13% 12/31/01 1,207,876
3,300,000 U.S. Treasury Notes 6.13% 8/15/07 3,287,625
2,800,000 U.S. Treasury Notes 6.25% 10/31/01 2,825,376
1,000,000 U.S. Treasury Notes 6.25% 1/31/02 1,009,688
2,000,000 U.S. Treasury Notes 6.25% 2/28/02 2,020,000
3,000,000 U.S. Treasury Notes 6.25% 6/30/02 3,031,875
10,800,000 U.S. Treasury Notes 6.25% 2/15/03 10,904,630
8,700,000 U.S. Treasury Notes 6.38% 3/31/01 8,778,848
1,000,000 U.S. Treasury Notes 6.38% 9/30/01 1,011,563
4,700,000 U.S. Treasury Notes 6.38% 8/15/02 4,764,625
2,250,000 U.S. Treasury Notes 6.50% 5/31/01 2,278,125
1,400,000 U.S. Treasury Notes 6.50% 5/15/05 1,426,688
2,800,000 U.S. Treasury Notes 6.50% 8/15/05 2,852,500
1,400,000 U.S. Treasury Notes 6.50% 10/15/06 1,423,188
2,000,000 U.S. Treasury Notes 6.63% 6/30/01 2,028,750
1,900,000 U.S. Treasury Notes 7.00% 7/15/06 1,984,313
11,050,000 U.S. Treasury Notes 7.25% 8/15/04 11,623,219
8,200,000 U.S. Treasury Notes 7.50% 11/15/01 8,484,442
3,000,000 U.S Treasury Notes 7.50% 5/15/02 3,122,814
</TABLE>
72
<PAGE>
MASTER INVESTMENT PORTFOLIO--BOND INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
U.S. TREASURY SECURITIES (Continued)
$ 1,300,000 U.S. Treasury Notes 7.50% 2/15/05 $ 1,383,688
4,300,000 U.S. Treasury Notes 7.88% 8/15/01 4,465,283
2,900,000 U.S. Treasury Notes 8.00% 5/15/01 3,005,125
----------------
$ 144,080,608
----------------
TOTAL U.S. TREASURY SECURITIES
-VALUE $ 212,330,520
- COST $ 220,196,166
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SHORT TERM INSTRUMENTS-6.66%
CASH EQUIVALENTS-5.33%
$ 9,863 Dreyfus Institutional
Money Market Fund+ $ 9,863
3,900,000 Janus Institutional
Money Market Fund+ 3,900,000
17,600,000 Merrimac
Institutional Money
Market Fund+ 17,600,000
----------------
$ 21,509,863
</TABLE>
73
<PAGE>
MASTER INVESTMENT PORTFOLIO--BOND INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<C> <S> <C> <C> <C>
SHORT TERM INSTRUMENTS (CONTINUED)
REPURCHASE AGREEMENTS-1.23%
$ 4,984,987 Morgan Stanley
Triparty Repurchase
Agreement dated
8/31/99, due 9/1/99
with a maturity value
of $4,985,698, and an
effective yield of
5.14% collaterized by
a U.S. Treasury Bill
with a rate of 5.28%,
a maturity of 9/15/99
and a market value of
$5,088,994. $ 4,984,987
----------------
$ 4,984,987
----------------
TOTAL SHORT TERM INSTRUMENTS
-VALUE $ 26,494,850
- COST $ 26,494,850
TOTAL INVESTMENTS IN
SECURITIES
(Cost $438,186,033)**
(Notes 1 and 3) 104.00% $ 420,031,079
Other Assets and
Liabilities, Net (4.00)% (16,153,436)
---------- ----------------
TOTAL NET ASSETS 100.00% $ 403,877,643
========== ================
</TABLE>
________________________________________________________________________________
+ Represents investment of collateral received from securities lending
transactions. See Note 4.
++ Investment is denominated in U.S. Dollars.
** Cost for federal income tax purposes is $438,186,033 and net unrealized
appreciation consists of:
Gross Unrealized Appreciation $ 448,086
Gross Unrealized Depreciation (18,603,040)
-------------
NET UNREALIZED DEPRECIATION $(18,154,954)
=============
The accompanying notes are an integral part of these financial statements.
74
<PAGE>
(THIS PAGE INTENTIONALLY LEFT BLANK)
75
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS
Percent of Net Assets 20.40% 40.81%
ADVERTISING
Percent of Net Assets 0.03% 0.04%
Doubleclick Inc+ 0 $ -- 0 $ --
Lamar Advertising Co+ 0 -- 0 --
Omnicom Group 211 15,904 615 46,356
Outdoor Systems Inc+ 350 11,309 680 21,972
R.R. Donnelley Corp 36 623 252 4,363
Snyder Communications Inc+ 0 -- 152 3,097
Speedway Motorsports+ 0 -- 0 --
Talk.com Inc+ 100 1,031 540 5,569
TMP Worldwide Inc+ 0 -- 0 --
Young & Rubicam Inc 100 4,462 64 2,856
----------- -----------
TOTAL ADVERTISING
-VALUE $ 33,329 $ 84,213
-COST $ 17,674 $ 55,083
AEROSPACE & DEFENSE
Percent of Net Assets 0.21% 0.46%
Allied Signal Inc 492 $ 30,135 3,425 $ 209,781
Boeing Co 1,002 45,403 6,187 280,348
Briggs & Stratton Corp 42 2,557 158 9,618
Cordant Technologies Inc 232 9,599 240 9,930
GenCorp Inc 0 -- 0 --
General Dynamics Corp 316 19,908 1,137 71,631
Lockheed Martin Corp 410 15,170 2,433 90,021
Newport News Shipbuilding 64 2,012 257 8,079
Northrop Grumman Corp 129 9,352 429 31,103
Primex Technologies Inc 94 1,962 98 2,046
Rockwell International Corp 220 13,008 1,214 71,778
Sequa Corp Class A+ 110 7,439 0 --
Stewart & Stevenson Services 364 4,323 334 3,966
Textron Inc 237 19,138 949 76,632
United Technologies Corp 658 43,510 2,479 163,924
----------- -----------
TOTAL AEROSPACE & DEFENSE
-VALUE $ 223,516 $ 1,028,857
-COST $ 181,281 $ 818,082
AIRLINES
Percent of Net Assets 0.18% 0.32%
Airborne Freight Corp 100 $ 2,519 504 $ 12,694
Airtran Holdings Inc+ 300 1,659 176 973
AMR Corp+ 244 14,304 1,067 62,553
British Airways PLC ADR (UK) 490 32,554 1,900 126,231
Comair Holdings Inc 350 7,394 956 20,195
Continental Airlines Class B+ 300 12,244 328 13,386
</TABLE>
76
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
------------------------- ------------------------- -------------------------
Shares Value Shares Value Shares Value
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
64.24% 77.96% 95.80%
0.08% 0.11% 0.13%
0 $ -- 0 $ -- 100 $ 9,987
100 4,175 100 4,175 100 4,175
2,465 185,799 2,095 157,911 4,756 358,483
1,424 46,013 2,054 66,370 4,315 139,428
550 9,522 489 8,466 1,320 22,853
514 10,473 425 8,659 1,113 22,677
0 -- 0 -- 100 3,731
1,077 11,107 993 10,240 2,155 22,223
100 5,537 100 5,537 100 5,537
238 10,621 246 10,978 783 34,941
----------- ----------- -----------
$ 283,247 $ 272,336 $ 624,035
$ 176,974 $ 182,593 $ 411,084
0.73% 0.89% 1.06%
8,616 $ 527,730 7,622 $ 466,847 16,337 $ 1,000,641
16,648 754,363 13,842 627,216 29,705 1,346,008
452 27,516 459 27,942 654 39,812
768 31,776 621 25,694 1,766 73,068
425 9,137 0 -- 0 --
2,864 180,432 2,446 154,098 5,447 343,161
6,050 223,850 5,286 195,582 11,264 416,768
539 16,945 415 13,047 847 26,628
943 68,368 869 63,002 1,948 141,230
188 3,924 152 3,173 222 4,634
3,339 197,418 2,673 158,041 5,506 325,542
120 8,115 91 6,154 0 --
434 5,154 326 3,871 846 10,046
2,676 216,087 2,224 179,588 4,938 398,743
6,778 448,195 5,600 370,300 13,415 887,067
----------- ----------- -----------
$ 2,719,010 $ 2,294,555 $ 5,013,348
$ 2,108,061 $ 1,792,969 $ 4,359,911
0.49% 0.60% 0.75%
1,315 $ 33,122 1,050 $ 26,447 2,550 $ 64,228
450 2,489 278 1,538 719 3,977
2,969 174,058 2,372 139,058 5,449 319,448
4,395 291,993 4,029 267,677 8,899 591,227
2,103 44,426 2,008 42,419 4,239 89,549
1,027 41,914 1,050 42,853 2,661 108,602
</TABLE>
77
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Delta Air Lines Inc 252 $ 12,805 953 $ 48,424
FDX Corp+ 324 13,750 1,804 76,557
Japan Air Lines Co ADR (Japan) 7,308 55,723 30,340 231,342
KLM Royal Dutch Airlines ADR
(Netherlands) 193 5,247 855 23,245
Northwest Airlines Corp
Class A+ 100 2,950 516 15,222
Southwest Airlines Co 473 7,893 2,837 47,342
UAL Corp+ 300 19,444 504 32,665
USAirways Group Inc+ 13 401 428 13,188
----------- -----------
TOTAL AIRLINES
-VALUE $ 188,887 $ 724,017
-COST $ 213,133 $ 728,979
APPAREL
Percent of Net Assets 0.02% 0.07%
Brown Shoe Company Inc 31 $ 539 158 $ 2,745
Hartmarx Corp+ 81 334 202 833
Land's End Inc+ 0 -- 0 --
Liz Claiborne Inc 81 2,977 455 16,721
Nike Inc Class B 193 8,926 1,786 82,602
OshKosh B'Gosh Class A 52 838 86 1,387
Phillips Van Heusen Corp 0 -- 0 --
Reebok International Ltd+ 137 1,618 409 4,831
Russell Corp 65 1,089 283 4,740
Stride Rite Corp 63 547 330 2,867
Too Inc+ 28 494 216 3,799
VF Corp 120 4,320 756 27,216
Warnaco Group Inc Class A 100 2,200 792 17,424
----------- -----------
TOTAL APPAREL
-VALUE $ 23,882 $ 165,165
-COST $ 24,584 $ 182,586
AUTO PARTS & EQUIPMENT
Percent of Net Assets 0.12% 0.24%
Bandag Inc 0 $ -- 88 $ 2,926
Bandag Inc Class A 100 2,656 88 2,337
Breed Technologies Inc+ 0 -- 0 --
Cooper Tire & Rubber Co 65 1,235 514 9,766
Dana Corp 219 9,540 981 42,735
Delphi Automotive Systems Corp 531 9,956 2,781 52,144
Deluxe Corp 64 2,180 514 17,508
Eaton Corp 76 7,448 459 44,982
Genuine Parts Co 79 2,281 1,069 30,867
Goodyear Tire & Rubber Co 247 13,863 925 51,916
Illinois Tool Works Inc 309 24,083 1,308 101,942
</TABLE>
78
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------ ------------------------- -------------------------
Shares Value Shares Value Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2,476 $ 125,812 2,125 $ 107,977 4,505 $ 228,910
4,726 200,560 3,998 169,665 8,736 370,734
76,075 580,072 62,174 474,077 132,887 1,013,263
1,871 50,868 1,497 40,700 3,778 102,714
1,052 31,034 1,686 49,737 3,710 109,445
8,146 135,936 6,580 109,804 16,236 270,938
1,052 68,183 871 56,452 2,991 193,854
1,178 36,297 975 30,042 2,352 72,471
----------- ----------- -----------
$ 1,816,764 $ 1,558,446 $ 3,539,360
$ 1,756,178 $ 1,503,455 $ 3,428,385
0.12% 0.13% 0.15%
296 $ 5,143 197 $ 3,423 224 $ 3,892
441 1,819 416 1,716 646 2,665
479 24,130 0 -- 0 --
879 32,303 809 29,731 1,798 66,076
4,774 220,797 3,956 182,965 8,257 381,886
400 6,450 152 2,451 392 6,321
359 3,052 259 2,201 0 --
916 10,820 713 8,422 1,454 17,175
547 9,162 516 8,643 746 12,495
883 7,671 731 6,351 1,381 11,997
527 9,263 450 7,896 932 16,361
2,009 72,324 1,716 61,776 3,621 130,356
1,502 33,044 1,139 25,058 2,726 59,972
----------- ----------- -----------
$ 435,978 $ 340,633 $ 709,196
$ 466,647 $ 376,648 $ 858,750
0.36% 0.44% 0.52%
175 $ 5,819 89 $ 2,959 265 $ 8,811
175 4,648 179 4,755 353 9,377
0 -- 0 -- 189 130
1,101 20,919 918 17,442 1,987 37,753
2,760 120,233 2,183 95,097 4,672 203,524
7,385 138,469 6,078 113,962 13,028 244,275
1,191 40,568 1,067 36,345 1,984 67,580
1,049 102,802 879 86,142 1,894 185,612
2,869 82,842 2,228 64,334 4,991 144,115
2,758 154,793 2,247 126,113 4,736 265,808
3,597 280,341 2,819 219,706 6,797 529,741
</TABLE>
79
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
ITT Industries Inc 126 $ 4,260 731 $ 24,717
Lear Corp+ 200 8,037 516 20,737
Mascotech Inc 0 -- 264 4,554
Meritor Automotive Inc 170 3,708 994 21,682
Modine Manufacturing Co 309 9,193 220 6,545
Navistar International Corp+ 124 6,030 456 22,173
PACCAR Inc 93 5,127 552 30,429
Strattec Security Corp+ 10 349 25 873
Superior Industries International Inc 322 9,016 229 6,412
The Pep Boys - Manny Moe & Jack 149 2,170 469 6,830
TRW Inc 121 6,594 715 38,967
----------- -----------
TOTAL AUTO PARTS & EQUIPMENT
-VALUE $ 127,726 $ 541,042
-COST $ 104,741 $ 450,114
AUTOMOBILES
Percent of Net Assets 0.66% 1.28%
Autonation Inc+ 1,600 $ 20,700 4,016 $ 51,957
Daimler-Chrysler AG 3,789 284,885 15,398 1,157,737
Fiat SpA ADR 1,549 50,342 5,615 182,488
Ford Motor Co 1,381 71,985 8,127 423,620
General Motors Corp Class A 761 50,321 4,052 267,939
Harley-Davidson Inc 736 40,112 1,560 85,020
Hertz Corp Class A 100 4,031 264 10,642
Honda Motor Co Ltd ADR (Japan) 433 35,100 1,785 144,697
Nissan Motor Co Ltd ADR (Japan) 2,735 31,282 11,226 128,397
Toyota Motor Corp ADR (Japan) 1,678 105,609 6,761 425,520
----------- -----------
TOTAL AUTOMOBILES
-VALUE $ 694,367 $ 2,878,017
-COST $ 559,167 $ 2,232,254
BANK & FINANCE
Percent of Net Assets 2.11% 4.35%
Advanta Corp Class B 163 $ 2,486 143 $ 2,181
Allied Irish Banks PLC ADR (Ireland) 4,438 114,833 16,406 424,505
American Express Corp 341 46,887 2,414 331,925
Ameritrade Holding Corp Class A+ 100 2,037 100 2,037
Amsouth Bancorp 900 19,687 2,181 47,709
Associated Banc Corp 150 5,287 538 18,964
Associates First Capital Corp 782 26,832 4,156 142,603
Astoria Financial Corp 330 10,849 481 15,813
Avalonbay Communities Inc 0 -- 692 24,393
Banco Bilbao Vizcaya ADR (Spain) 3,310 44,478 11,708 157,326
Bancwest Corp 200 8,362 64 2,676
Bank of America Corp 1,683 101,822 10,636 643,478
</TABLE>
80
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
------------------------- ------------------------- -------------------------
Shares Value Shares Value Shares Value
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2,061 $ 69,688 1,624 $ 54,912 3,252 $ 109,958
1,027 41,273 961 38,620 2,473 99,384
0 -- 357 6,158 807 13,921
1,868 40,746 1,814 39,568 3,730 81,361
408 12,138 299 8,895 442 13,149
897 43,617 854 41,526 1,854 90,151
1,133 62,457 1,018 56,117 1,903 104,903
63 2,201 44 1,537 0 --
398 11,144 296 8,288 450 12,600
947 13,791 799 11,635 1,715 24,975
2,015 109,818 1,725 94,012 3,633 197,999
----------- ----------- -----------
$ 1,358,307 $ 1,128,123 $ 2,445,127
$ 1,125,474 $ 919,066 $ 2,158,603
1.86% 2.30% 2.49%
7,889 $ 102,064 6,822 $ 88,260 19,098 $ 247,080
35,749 2,687,878 31,555 2,372,542 55,389 4,164,560
13,350 433,875 11,689 379,876 25,726 836,079
20,892 1,088,996 17,108 891,755 35,120 1,830,630
10,667 705,355 8,899 588,446 19,015 1,257,367
2,921 159,194 2,557 139,356 5,700 310,650
426 17,173 536 21,607 960 38,700
4,477 362,917 3,642 295,230 7,644 619,642
28,354 324,299 23,199 265,339 49,557 566,808
17,081 1,075,035 13,969 879,174 29,744 1,872,013
----------- ----------- -----------
$ 6,956,786 $ 5,921,585 $11,743,529
$ 5,599,901 $ 4,743,860 $ 9,884,943
6.65% 8.17% 10.04%
238 $ 3,629 194 $ 2,958 336 $ 5,124
34,669 897,060 32,445 839,514 71,333 1,845,741
7,147 982,713 5,758 791,725 14,656 2,015,200
200 4,075 100 2,037 300 6,112
3,540 77,437 3,230 70,656 9,210 201,469
786 27,706 737 25,979 3,280 115,620
11,117 381,452 9,264 317,871 19,811 679,765
781 25,675 1,144 37,609 2,647 87,020
1,490 52,522 1,229 43,322 300 10,575
27,795 373,495 24,603 330,603 54,781 736,120
426 17,812 246 10,286 1,048 43,819
28,114 1,700,897 23,327 1,411,284 50,332 3,045,086
</TABLE>
81
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (UNAUDITED)
PORTFOLIO OF INVESTMENTS
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Bank of New York Inc 788 $ 28,171 4,589 $ 164,057
Bank One Corp 1,185 47,552 7,223 289,823
BankBoston Corp 222 10,309 1,729 80,290
BB&T Corp 210 7,035 1,739 58,256
Bear Stearns Co Inc 189 7,867 750 31,219
Banco Santander Central ADR 10,254 103,181 37,548 377,827
Campstead Mortgage Corp 0 -- 352 1,606
Capital One Financial Corp 0 -- 1,175 44,356
CCB Financial Corp 200 9,450 152 7,182
Centura Banks Inc 200 9,262 352 16,302
Charter One Financial Inc 542 12,686 1,198 28,041
Chase Manhattan 1,178 98,584 4,173 349,228
Citigroup Inc 3,557 158,064 20,910 929,188
City National Corp 100 3,319 328 10,885
CNB Bancshares Inc 0 -- 152 8,683
Colonial BancGroup Inc 100 1,237 100 1,237
Comdisco Inc 448 9,436 1,062 22,368
Comerica Inc 194 10,100 872 45,399
Commerce Bancshares Inc 251 9,271 578 21,350
Commercial Federal Corp 0 -- 704 16,368
Compass Bancshares Inc 500 13,281 888 23,588
ContiFinancial Corp+ 0 -- 88 115
Countrywide Credit Industries Inc 94 3,020 695 22,327
Credit Acceptance Corp+ 200 1,175 176 1,034
Crescent Operating Inc+ 0 -- 70 332
Crescent Real Estate Co 500 10,375 1,032 21,414
Cullen/Frost Bankers Inc 0 -- 504 13,167
Dime Bancorp Inc 600 11,025 1,120 20,580
DLJDirect+ 0 -- 0 --
Donaldson Lufkin & Jenrette Inc 200 9,562 152 7,267
Duke Realty Investments 200 4,487 1,056 23,694
E*Trade Group Inc+ 100 2,500 100 2,500
Edwards A G & Sons Inc 382 9,598 1,070 26,884
Equifax Inc 61 1,860 600 18,300
Federal Home Loan Mortgage Corp 703 36,204 3,544 182,516
Federal National Mortgage Assoc 1,021 63,430 6,304 391,636
Federated Investors Inc Class B 100 1,837 100 1,837
Fifth Third Bancorp 349 23,121 1,318 87,318
Financial Security Assurance Holdings 0 -- 0 --
Finova Group Inc 200 7,600 416 15,808
First American Corp 500 20,062 1,004 40,285
First Security Corp 841 18,239 1,420 30,796
First Tennessee National Corp 616 19,712 1,278 40,896
First Union Corp 911 37,806 5,793 240,411
First Virginia Banks Inc 238 10,531 390 17,257
</TABLE>
82
<PAGE>
MASTER INVESTMENT PORTFOLIO-LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
---------------------------- --------------------------- ---------------------------
Shares Value Shares Value Shares Value
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
12,000 $ 429,000 10,171 $ 363,613 21,651 $ 774,023
19,066 765,023 15,817 634,657 33,887 1,359,716
4,938 229,308 3,833 177,995 8,519 395,601
4,664 156,244 3,737 125,189 8,089 270,981
1,972 82,085 1,751 72,885 3,393 141,234
77,228 777,107 74,088 745,510 156,336 1,573,131
801 3,655 725 3,308 1,525 6,958
200 7,550 1,965 74,179 110 4,152
601 28,397 514 24,286 1,478 69,835
338 15,654 725 33,577 1,225 56,733
2,545 59,564 2,138 50,043 6,919 161,948
11,985 1,002,995 9,630 805,911 22,982 1,923,306
55,617 2,471,480 45,801 2,035,282 99,507 4,421,842
864 28,674 782 25,953 2,031 67,404
200 11,425 100 5,712 100 5,712
400 4,950 200 2,475 400 4,950
3,000 63,188 2,653 55,879 6,229 131,198
2,717 141,454 2,210 115,058 4,534 236,051
970 35,829 854 31,545 3,265 120,595
300 6,975 100 2,325 300 6,975
1,956 51,956 2,311 61,386 5,415 143,836
275 361 278 365 630 827
1,867 59,977 1,561 50,147 3,184 102,286
0 -- 278 1,633 542 3,184
0 -- 0 -- 277 1,316
1,928 40,006 2,468 51,211 5,841 121,201
300 7,837 100 2,612 200 5,225
2,291 42,097 2,736 50,274 6,283 115,450
100 1,706 0 -- 100 1,706
414 19,794 425 20,320 1,225 58,570
2,128 47,747 1,875 42,070 3,886 87,192
700 17,456 300 7,500 700 17,456
2,313 58,114 2,101 52,788 4,349 109,269
2,299 70,119 1,606 48,983 4,266 130,113
10,817 557,075 8,633 444,599 21,776 1,121,464
16,881 1,048,732 14,123 877,391 29,981 1,862,570
400 7,350 200 3,675 400 7,350
3,742 247,908 2,984 197,690 7,210 477,663
100 5,006 0 -- 100 5,006
864 32,832 1,139 43,282 2,726 103,588
2,033 81,574 1,681 67,450 5,890 236,336
2,698 58,518 2,304 49,968 9,452 204,985
2,502 80,064 2,211 70,752 6,942 222,144
15,653 649,600 13,213 548,338 28,032 1,163,328
852 37,701 1,176 52,038 2,741 121,289
</TABLE>
83
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
--------------------------- ---------------------------
Shares Value Shares Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Firstar Corp 3,724 $ 99,850 5,928 $ 158,944
Firstmerit Corp 200 5,256 704 18,502
Firstplus Financial Group+ 200 75 440 165
Fleet Financial Group Inc 602 23,967 3,512 139,822
Franklin Resources Inc 328 11,787 1,300 46,719
GATX Corp 246 8,210 451 15,052
Golden State Bancorp+ 100 2,006 428 8,587
Golden West Financial 54 4,904 470 42,682
Goldman Sachs Group Inc 200 11,962 300 17,944
Greenpoint Financial Corp 400 10,350 780 20,182
GTECH Holdings Corp+ 200 5,050 440 11,110
Hibernia Corp Class A 700 9,056 1,272 16,456
Highwood Properties Inc 100 2,481 792 19,651
Household International Inc 549 20,725 2,911 109,890
Huntington Bancshares Inc 108 3,233 1,299 38,889
INMC Mortgage Holdings Inc REIT 200 2,687 892 11,986
John Nuveen & Co Inc Class A 0 -- 88 3,437
Keycorp 454 13,166 2,503 72,587
Keystone Financial Inc 100 2,656 604 16,044
Knight/Trimark Group Inc+ 100 3,275 100 3,275
Legg Mason Inc 300 11,456 504 19,246
Lehman Brothers Holdings 180 9,675 750 40,312
M & T Bank Corp 0 -- 88 40,832
MBNA Corp 606 14,961 4,140 102,206
Mellon Bank Corp 494 16,487 3,126 104,330
Mercantile Bancorp 134 7,395 845 46,633
Mercantile Bankshares 254 8,318 723 23,678
Merrill Lynch & Co Inc 240 17,910 2,134 159,250
Metris Companies Inc 320 8,820 224 6,174
MGIC Investment Corp 95 4,127 734 31,883
Morgan (J P) & Co Inc 216 27,904 1,109 143,269
Morgan Stanley Dean Witter 654 56,121 3,666 314,589
National Australia Bank Ltd ADR
(Australia) 903 68,515 3,131 237,565
National City Corp 852 23,536 3,422 94,533
National Commerce Bancorp 300 6,356 1,144 24,238
Northern Trust Corp 124 10,517 670 56,824
Northfork Bancorp 600 10,875 1,296 23,490
Oakwood Homes Corp 200 1,212 616 3,734
Ocwen Financial Corp+ 0 -- 364 2,434
Old Kent Financial Corp 443 17,499 1,074 42,423
Old National Bancorp 544 16,305 69 2,070
Pacific Century Financial Corp 548 10,172 898 16,669
Paine Webber Group Inc 500 19,625 1,132 44,431
Peoples Bank Bridgeport 100 2,612 152 3,990
</TABLE>
84
<PAGE>
MASTER INVESTMENT PORTFOLIO-LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
------------------------------ ------------------------- ---------------------------
Shares Value Shares Value Shares Value
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
11,297 $ 302,901 9,781 $ 262,253 24,654 $ 661,035
1,953 51,327 1,696 44,573 3,433 90,224
788 295 714 268 1,590 596
9,271 369,102 7,650 304,566 16,298 648,864
2,663 95,702 2,859 102,745 5,220 187,594
1,231 41,085 991 33,075 2,479 82,737
952 19,099 871 17,474 2,108 42,292
777 70,561 787 71,469 1,561 141,758
1,800 107,662 800 47,850 1,600 95,700
1,502 38,864 1,329 34,388 4,593 118,844
877 22,144 804 20,301 2,066 52,166
2,905 37,583 3,628 46,937 8,049 104,134
1,590 39,452 1,318 32,703 3,091 76,695
7,963 300,603 6,642 250,736 14,321 540,618
3,810 114,062 2,954 88,435 6,507 194,803
1,778 23,892 1,618 21,742 3,491 46,910
0 -- 0 -- 0 --
7,234 209,786 5,967 173,043 12,709 368,561
1,315 34,930 1,050 27,891 2,550 67,734
400 13,100 200 6,550 400 13,100
1,227 46,856 1,050 40,097 2,461 93,979
1,955 105,081 1,685 90,569 3,425 184,094
88 40,832 89 41,296 65 30,160
12,142 299,756 9,522 235,074 24,396 602,276
8,552 285,423 7,054 235,427 14,882 496,687
2,503 138,134 2,076 114,569 4,480 247,240
1,770 57,967 1,752 57,378 3,739 122,452
5,678 423,721 4,859 362,603 9,942 741,922
454 12,485 290 7,993 278 7,645
1,851 80,403 1,493 64,852 3,309 143,735
2,962 382,653 2,505 323,615 5,082 656,531
9,491 814,446 7,858 674,315 16,872 1,447,828
7,502 569,214 6,497 492,960 14,645 1,111,189
9,528 263,211 7,552 208,624 17,818 492,222
2,291 48,541 2,143 45,405 4,516 95,683
1,816 154,020 1,561 132,392 3,150 267,159
2,454 44,479 3,193 57,873 7,122 129,086
1,239 7,511 1,171 7,099 2,408 14,598
726 4,855 636 4,253 1,172 7,838
2,221 87,729 1,933 76,354 5,654 223,333
439 13,170 187 5,610 926 27,780
1,702 31,593 1,387 25,746 4,025 74,714
1,972 77,401 1,875 73,594 5,320 208,810
501 13,151 425 11,156 1,225 32,156
</TABLE>
85
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
PORTFOLIO OF INVESTMENTS
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
--------------------------- ---------------------------
Shares Value Shares Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Peoples Heritage Financial Group
Inc 100 $ 1,681 944 $ 15,871
Pimco Advisors Holdings LP 0 -- 0 --
PNC Bank Corp 229 11,980 1,895 99,132
Price (T Rowe) & Associates 400 12,375 944 29,205
Provident Financial Group 100 4,187 64 2,680
Regions Financial Corp 70 2,472 1,237 43,682
Republic New York Corp 94 6,521 632 43,845
Ryder System Inc 129 2,846 462 10,193
Sabre Group Holding Inc+ 0 -- 176 9,856
Schwab (Charles) Corp 194 7,663 4,090 161,555
SLM Holding Corp 135 5,965 575 25,408
Sovereign Bancorp Inc 600 6,019 1,648 16,532
Spieker Properties Inc 100 3,825 604 23,103
State Street Boston Corp 205 12,274 747 44,727
Summit Bancorp 184 6,141 1,080 36,045
SunTrust Banks Inc 648 41,674 2,318 149,076
Synovus Financial Corp 197 3,718 1,550 29,256
TCF Financial Corp 400 11,300 1,056 29,832
Trustmark Corp 100 2,306 616 14,206
U.S. Bancorp 681 21,026 3,798 117,263
Union Planters Corp 173 7,298 732 30,881
UnionBanCal Corp 100 3,837 100 3,837
United Asset Management Corp 300 5,869 880 17,215
US Trust Corp New 0 -- 0 --
Valley National Bancorp 110 2,860 634 16,484
Value America Inc+ 100 1,056 0 --
Wachovia Corp 282 22,102 1,254 98,282
Waddell & Reed Financial
Class A 9 204 68 1,543
Waddell & Reed Financial
Class B 39 890 273 6,228
Washington Federal Inc 143 3,414 826 19,721
Washington Mutual Inc 604 19,177 3,653 115,983
Wells Fargo & Co 2,437 97,023 10,838 431,488
Wesco Financial Corp 0 -- 0 --
Westamerica Bancorp 100 3,194 416 13,286
Westpac Banking Corp ADR
(Australia) 1,236 37,698 4,558 139,019
White Mountains Insurance 0 -- 0 --
Wilmington Trust Corp 192 9,600 249 12,450
Zions Bancorp 300 14,925 780 38,805
----------- -----------
TOTAL BANK & FINANCE
-VALUE $ 2,218,723 $ 9,750,653
-COST $ 1,776,050 $ 7,467,762
</TABLE>
86
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- --------------------------- ------------------------- -------------------------
Shares Value Shares Value Shares Value
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
400 $ 6,700 200 $ 3,362 400 $ 6,700
300 10,575 100 3,525 200 7,050
5,067 265,067 3,956 206,948 8,740 457,211
1,841 56,956 2,111 65,309 5,034 155,739
326 13,651 246 10,301 972 40,702
3,410 120,416 2,965 104,702 6,073 214,453
1,850 128,344 1,494 103,646 3,013 209,027
1,042 22,989 893 19,702 1,935 42,691
351 19,656 268 15,008 442 24,752
11,860 468,470 9,654 381,333 23,236 917,822
2,570 113,562 2,070 91,468 4,730 209,007
3,619 36,303 3,293 33,033 7,278 73,008
1,215 46,474 1,139 43,567 2,738 104,728
2,367 141,724 1,830 109,571 4,501 269,497
2,947 98,356 2,346 78,298 5,052 168,611
5,219 335,647 4,397 282,782 9,562 614,956
4,556 85,995 3,312 62,514 8,753 165,213
2,116 59,777 2,411 68,111 4,858 137,238
1,865 43,012 1,596 36,808 3,545 81,757
11,549 356,575 9,170 283,124 23,328 720,252
1,998 84,291 1,771 74,714 6,797 286,748
700 26,862 504 19,341 990 37,991
1,865 36,484 1,596 31,222 3,445 67,393
0 -- 0 -- 100 8,312
1,362 35,412 1,200 31,200 2,869 74,594
0 -- 0 -- 100 1,056
3,375 264,516 2,868 224,780 5,993 469,701
138 3,131 122 2,768 258 5,853
608 13,870 572 13,049 1,112 25,368
1,672 39,919 1,268 30,273 2,948 70,384
9,658 306,642 8,062 255,969 17,144 544,322
29,275 1,165,511 24,058 957,809 54,411 2,166,238
0 -- 0 -- 88 25,520
952 30,404 871 27,818 2,108 67,324
10,939 333,640 9,713 296,246 21,632 659,776
0 -- 0 -- 100 13,025
719 35,950 696 34,800 1,733 86,650
1,502 74,723 1,139 56,665 3,721 185,119
----------- ----------- -----------
$24,864,946 $21,049,317 $47,356,620
$18,658,331 $15,450,014 $40,020,895
</TABLE>
87
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (UNAUDITED)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
BASIC INDUSTRIES
Percent of Net Assets 0.29% 0.59%
Alcoa Inc 388 $ 25,050 2,340 $ 151,076
ASARCO Inc 25 522 307 6,409
Avery-Dennison Corp 70 3,841 516 28,316
Baker Hughes Inc 199 6,766 1,880 63,920
Bemis Co 42 1,593 428 16,237
Boise Cascade Corp 59 2,146 473 17,205
Boise Cascade Office Products+ 0 -- 88 847
Bowater Inc 195 10,457 513 27,510
Broken Hill Propriety Co Ltd ADR
(Australia) 520 11,245 1,878 40,612
Champion International Corp 122 6,710 561 30,855
Chesapeake Corp 256 8,656 176 5,951
Consolidated Papers Inc 172 4,579 657 17,493
Crown Vantage Inc+ 21 50 42 100
Cyprus Amax Minerals 170 2,879 555 9,400
Deltic Timber Corp 140 3,491 145 3,616
Dover Corp 185 7,157 1,303 50,410
Fort James Corp 51 1,645 1,001 32,282
Georgia-Pacific Corp 254 10,509 1,146 47,416
Glatfelter (PH) Co 486 6,409 246 3,244
Harnischfeger Industries Inc 50 72 185 266
Homestake Mining Co 152 1,292 1,202 10,217
Ikon Office Solutions Inc 124 1,380 673 7,487
Inco Ltd 166 3,403 809 16,584
Longview Fibre Co 554 7,167 475 6,145
Louisiana-Pacific Corp 63 1,165 592 10,952
LTB Corp 900 5,175 1,408 8,096
Mail-Well Inc+ 0 -- 100 1,425
Mark IV Industries Inc 247 4,894 556 11,016
Mead Corp 102 3,806 635 23,693
Minnesota Mining & Manufacturing
Co 505 47,722 2,105 198,923
Mitsubishi Corp ADR (Japan) 2,094 34,798 14,125 234,726
NACCO Industries Inc Class A 18 1,402 48 3,738
Newmont Mining Corp 87 1,768 1,171 23,932
Potlatch Corp 2 77 230 8,884
Rayonier Inc 156 6,474 196 8,134
Sealed Air Corp+ 177 10,399 405 23,794
Smith International Inc+ 214 9,991 616 28,759
St Joe Paper Corp 200 4,675 152 3,553
U.S. Industries Inc 427 6,885 1,146 18,479
Varco International Inc+ 584 7,227 440 5,445
Watts Industries Inc Class A 308 6,776 0 --
Wausau-Mosinee Paper Corp 392 5,390 278 3,822
</TABLE>
88
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (UNAUDITED)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- -------------------------- ------------------------- -------------------------
Shares Value Shares Value Shares Value
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.93% 1.11% 1.37%
6,002 $ 387,504 5,466 $ 352,899 11,584 $ 747,892
700 14,613 436 9,102 1,010 21,084
1,632 89,556 1,174 64,423 3,508 192,502
5,188 176,392 4,296 146,064 13,601 462,434
760 28,833 782 29,667 1,389 52,695
722 26,263 886 32,228 1,483 53,944
801 7,710 179 1,723 353 3,398
1,360 72,930 1,146 61,454 2,704 145,002
4,701 101,659 3,912 84,597 9,287 200,831
1,602 88,110 1,328 73,040 2,514 138,270
316 10,685 237 8,014 674 22,790
1,538 40,949 1,211 32,243 2,762 73,538
91 216 72 171 117 278
1,676 28,387 1,180 19,986 2,629 44,529
269 6,708 178 4,439 295 7,357
3,672 142,061 2,898 112,116 7,244 280,252
3,294 106,231 2,699 87,043 6,203 200,047
3,008 124,456 2,362 97,728 5,084 210,350
674 8,888 437 5,763 780 10,286
933 1,341 704 1,012 1,480 2,128
3,456 29,376 2,776 23,596 5,531 47,013
2,471 27,490 1,805 20,081 3,711 41,285
2,605 53,402 2,235 45,817 4,363 89,441
780 10,091 513 6,637 1,275 16,495
1,731 32,024 1,564 28,934 3,231 59,773
2,730 15,697 2,511 14,438 6,153 35,380
100 1,425 0 -- 188 2,679
1,126 22,309 948 18,782 2,298 45,529
1,776 66,267 1,330 49,626 2,722 101,565
5,437 513,796 4,649 439,330 10,736 1,014,552
35,518 590,231 29,050 482,747 61,890 1,028,476
147 11,448 149 11,603 179 13,940
2,813 57,480 2,283 46,659 5,406 110,485
530 20,471 522 20,162 495 19,119
556 23,074 537 22,285 1,418 58,847
1,132 66,505 849 49,879 2,418 142,057
1,237 57,752 1,095 51,123 2,496 116,532
601 14,048 514 12,015 1,302 30,434
2,439 39,329 2,136 34,443 4,979 80,286
1,019 12,610 846 10,469 1,878 23,240
407 8,954 298 6,556 0 --
501 6,889 363 4,991 328 4,510
</TABLE>
89
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Westvaco Corp 56 $ 1,466 652 $ 17,074
Weyerhauser Co 269 15,131 1,259 70,819
Willamette Industries Inc 109 4,319 670 26,549
----------- -----------
TOTAL BASIC INDUSTRIES
-VALUE $ 306,559 $ 1,325,411
-COST $ 274,068 $ 1,185,297
BEVERAGES
Percent of Net Assets 0.65% 1.37%
Anheuser-Busch Inc 322 $ 24,794 2,250 $ 173,250
Cadbury Schweppes PLC ADR (UK) 2,434 61,763 8,724 221,371
Coca-Cola Co 1,817 108,679 12,184 728,756
Coca-Cola Enterprises Co 1,036 29,461 2,205 62,705
Coors (Adolph) Co Class B 59 3,367 318 18,146
Diageo PLC ADR (UK) 2,987 123,774 10,695 443,174
Hanson PLC ADR (UK) 1,899 80,470 6,656 282,048
Kirin Brewery Co ADR (Japan) 1,197 143,939 4,882 587,060
Louis Vuitton Moet Hennessey ADR
(France) 831 50,691 3,053 186,233
Pepsi Bottling Group Inc 100 1,894 100 1,894
Pepsico Inc 1,087 37,094 7,312 249,522
Seagrams Co Ltd 244 12,947 2,140 113,554
Whitman Corp 364 6,074 924 15,419
----------- -----------
TOTAL BEVERAGES
-VALUE $ 684,947 $ 3,083,132
-COST $ 544,293 $ 2,423,087
BIOTECHNOLOGY
Percent of Net Assets 0.07% 0.10%
Beckman Coulter Inc 194 $ 9,191 196 $ 9,285
Biogen Inc+ 636 48,813 1,214 93,174
Chiron Corp+ 296 9,509 937 30,101
Genentech Inc+ 0 -- 0 --
Genzyme Corp - General Division+ 126 7,111 798 45,037
Genzyme Corp - Tissue Repair+ 44 85 10 19
Genzyme Corp Molecular Oncology+ 35 155 96 432
Medimmune Inc+ 0 -- 328 33,845
Quest Diagnostics Inc+ 46 1,216 211 5,578
----------- -----------
TOTAL BIOTECHNOLOGY
-VALUE $ 76,080 $ 217,471
-COST $ 36,314 $ 104,599
BROADCASTING
Percent of Net Assets 0.38% 0.59%
Adelphia Communications
Class A+ 0 $ -- 0 $ --
American Tower Corp+ 100 2,275 856 19,474
</TABLE>
90
<PAGE>
MASTER INVESTMENT PORTFOLIO--
LIFEPATH MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Lifepath 2020 Lifepath 2030 Lifepath 2040
--------------------------- --------------------------- ---------------------------
Shares Value Shares Value Shares Value
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1,868 $ 48,918 1,347 $ 35,275 2,684 $ 70,287
3,479 195,694 2,716 152,775 5,657 318,206
1,822 72,197 1,443 57,179 3,196 126,642
----------- ----------- -----------
$ 3,460,969 $ 2,869,114 $ 6,466,380
$ 3,112,369 $ 2,602,097 $ 5,935,235
2.17% 2.64% 3.30%
7,088 $ 545,776 5,591 $ 430,507 13,972 $ 1,075,844
18,622 472,533 17,356 440,408 38,468 976,125
36,832 2,203,014 29,532 1,766,383 71,405 4,270,912
5,919 168,322 5,049 143,581 12,550 356,891
533 30,414 651 37,148 799 45,593
25,702 1,065,027 22,526 933,421 50,128 2,077,179
16,027 679,144 14,092 597,143 31,166 1,320,659
11,966 1,438,911 9,680 1,164,020 20,852 2,507,453
7,095 432,795 6,486 395,646 13,999 853,939
400 7,575 200 3,787 400 7,575
21,809 744,232 17,485 596,676 42,414 1,447,378
5,301 281,284 4,520 239,843 9,699 514,653
2,587 43,171 2,284 38,114 5,357 89,395
----------- ----------- -----------
$ 8,112,198 $ 6,786,677 $ 15,543,596
$ 6,489,822 $ 5,450,010 $ 13,127,236
0.10% 0.12% 0.18%
545 $ 25,819 519 $ 24,588 1,384 $ 65,567
2,222 170,538 2,160 165,780 6,972 535,101
2,125 68,266 1,843 59,206 4,274 137,302
100 16,425 0 -- 100 16,425
631 35,612 564 31,831 1,201 67,781
162 314 146 283 148 287
179 805 171 770 252 1,134
300 30,937 100 10,319 200 20,625
451 11,923 347 9,174 829 21,917
----------- ----------- -----------
$ 360,639 $ 301,951 $ 866,139
$ 232,590 $ 169,671 $ 469,278
0.82% 1.05% 1.21%
100 $ 6,200 100 $ 6,200 100 $ 6,200
2,028 46,137 1,675 38,106 600 13,650
</TABLE>
91
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Lifepath 2000 Lifepath 2010
--------------------------- ---------------------------
Shares Value Shares Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Amfm Inc+ 500 $ 24,625 1,120 $ 55,160
AT & T Liberty Media Group+ 6,010 192,320 12,444 398,208
British Sky Broadcasting ADR
(UK) 547 30,905 1,985 112,152
Cablevision Systems Corp+ 0 -- 780 54,600
Clear Channel Communications
Inc+ 243 17,025 1,471 103,062
Fox Entertainment Group Inc+ 100 2,306 100 2,306
Hearst-Argyle Television+ 300 7,594 704 17,820
Hispanic Broadcasting Corp+ 100 7,475 252 18,837
Infinity Broadasting Corp+ 0 -- 0 --
Jones Intercable Inc Class A+ 0 -- 0 --
Kingworld Productions+ 94 3,584 455 17,347
MediaOne Group Inc+ 680 44,710 3,685 242,289
TCI Satellite Entertainment
Class A+ 107 381 477 1,699
Tribune Co 121 11,291 722 67,372
Unitedglobalcom Inc Class A+ 0 -- 0 --
Univision Communications Inc+ 0 -- 64 4,720
USA Networks Inc+ 522 23,425 629 28,226
Viacom Inc Class B+ 774 32,556 4,310 181,289
----------- -----------
TOTAL BROADCASTING
-VALUE $ 400,472 $ 1,324,561
-COST $ 219,909 $ 758,252
BUILDING MATERIALS & SERVICES
Percent Of Net Assets 0.16% 0.20%
AMBAC Inc 300 $ 15,844 516 $ 27,251
American Standard Co Inc+ 100 4,100 616 25,256
Cooper Industries Inc 123 6,381 734 38,076
Corning Inc 185 12,302 988 65,702
Cytec Industries Inc+ 100 2,331 240 5,595
Dal Tile International Inc+ 0 -- 0 --
Danaher Corp 500 29,375 477 28,024
Diebold Inc 266 7,082 911 24,255
Fastenal Co 200 10,025 152 7,619
Georgia-Pacific (Timber Group) 337 8,109 1,126 27,094
Kennametal Inc 300 7,950 264 6,996
Lafarge Corp 300 8,250 240 6,600
Lawson Products Inc 0 -- 0 --
Martin Marietta Inc 0 -- 88 4,015
Owens Corning Fiberglass Corp 18 506 191 5,372
Owens Illinois Inc+ 136 3,366 898 22,225
PPG Industries Inc 185 11,112 1,089 65,408
Snap-On Inc 38 1,285 347 11,733
Southdown Inc 275 13,887 240 12,120
Stanley Works 92 2,426 431 11,368
USG Corp 100 4,900 240 11,760
</TABLE>
92
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- -------------------------------- --------------------------- ---------------------------
Shares Value Shares Value Shares Value
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
2,304 $ 113,472 1,854 $ 91,309 6,106 $ 300,720
20,650 660,800 19,050 609,600 45,094 1,443,008
4,877 275,550 4,258 240,577 9,413 531,834
1,490 104,300 1,786 125,020 300 21,000
4,164 291,740 3,412 239,053 7,327 513,348
600 13,837 300 6,919 600 13,837
1,327 33,590 1,250 31,641 2,773 70,192
514 38,421 725 54,194 1,137 84,991
100 2,706 100 2,706 100 2,706
100 4,387 100 4,387 100 4,387
1,073 40,908 958 36,524 1,904 72,590
9,884 649,873 8,382 551,116 17,635 1,159,501
1,008 3,591 788 2,807 1,649 5,875
2,054 191,664 1,880 175,428 3,524 328,833
100 7,325 100 7,325 100 7,325
338 24,927 246 18,142 483 35,621
1,239 55,600 1,011 45,369 5,145 230,882
11,554 485,990 9,788 411,708 20,900 879,106
----------- ------------- -------------
$ 3,051,018 $ 2,698,131 $ 5,725,606
$ 1,857,775 $ 1,515,055 $ 3,318,829
0.31% 0.38% 0.54%
852 $ 44,996 871 $ 46,000 3,280 $ 173,225
1,327 54,407 961 39,401 2,373 97,293
1,993 103,387 1,630 84,556 3,347 173,626
3,358 223,307 2,863 190,389 6,756 449,274
777 18,114 604 14,081 1,666 38,839
0 -- 0 -- 177 1,571
1,263 74,201 965 56,694 4,381 257,384
1,335 35,544 1,778 47,339 3,682 98,033
501 25,113 514 25,764 1,313 65,814
2,557 61,528 1,539 37,032 4,778 114,971
360 9,540 268 7,102 630 16,695
589 16,197 514 14,135 1,490 40,975
173 3,979 0 -- 0 --
275 12,547 179 8,167 200 9,125
812 22,838 551 15,497 1,605 45,141
2,641 65,365 2,031 50,267 4,480 110,880
2,938 176,464 2,371 142,408 5,161 309,983
741 25,055 782 26,441 1,573 53,187
560 28,280 762 38,481 2,031 102,565
1,344 35,448 892 23,527 2,365 62,377
777 38,073 604 29,596 1,466 71,834
</TABLE>
93
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
--------------------------- ---------------------------
Shares Value Shares Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Valspar Corp 100 $ 3,631 328 $ 11,910
Vulcan Materials Co 400 17,050 856 36,487
----------- -----------
TOTAL BUILDING MATERIALS &
SERVICES
- VALUE $ 169,912 $ 454,866
- COST $ 110,630 $ 411,250
BUSINESS SERVICES
Percent of Net Assets 0.16% 0.28%
APAC Teleservices Inc+ 100 $ 237 176 $ 418
Apollo Group Inc+ 0 -- 472 10,355
Cendant Corp+ 852 15,283 5,272 94,566
Concord EFS Inc+ 250 9,281 944 35,046
Convergys Corp+ 100 2,062 100 2,062
Delta & Pine Land Co 0 -- 240 6,795
Dun & Bradstreet Corp 75 1,964 610 15,974
Ecolab Inc 84 3,155 546 20,509
Fulton Financial Corp 100 1,919 677 12,990
IT Group Inc+ 0 -- 0 --
Kelly Services Inc Class A 106 2,981 194 5,456
Manpower Inc 200 5,400 1,056 28,512
Modis Professional Services+ 400 6,325 1,120 17,710
Navigant Consulting Inc+ 0 -- 0 --
Neilsen Media Research+ 60 2,201 391 14,345
Nielson (A C) Corp+ 73 1,825 299 7,475
Nova Corp/Georgia+ 100 2,600 100 2,600
Ogden Corp 101 2,298 538 12,239
Olsten Corp 291 2,983 462 4,735
Paychex Inc 848 24,963 1,122 33,029
Quintiles Transnational Corp+ 200 7,162 604 21,631
Reuters Group PLC ADR (UK) 484 42,683 1,913 168,703
Robert Half International Inc+ 200 5,250 924 24,255
Rollins Inc 388 6,087 185 2,902
Security Dynamics Technology
Inc+ 200 4,725 528 12,474
Teletech Holdings Inc+ 0 -- 88 979
United Rentals Inc+ 0 -- 0 --
US Oncology Inc+ 0 -- 176 1,804
Waste Management Inc 812 17,712 2,734 59,635
----------- -----------
TOTAL BUSINESS SERVICES
- VALUE $ 169,096 $ 617,199
- COST $ 162,905 $ 679,241
</TABLE>
94
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
-------------------------- --------------------------- ---------------------------
Shares Value Shares Value Shares Value
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
864 $ 31,374 782 $ 28,396 1,931 $ 70,119
1,278 54,475 1,308 55,753 4,170 177,746
----------- ----------- -----------
$ 1,160,232 $ 981,026 $ 2,540,657
$ 1,072,460 $ 913,666 $ 2,407,234
0.42% 0.51% 0.63%
451 $ 1,071 457 $ 1,085 630 $ 1,496
864 18,954 827 18,142 1,731 37,974
14,012 251,340 11,882 213,133 25,198 451,989
2,248 83,457 1,898 70,463 4,216 156,519
700 14,437 300 6,187 700 14,437
100 2,831 100 2,831 188 5,323
2,556 66,935 2,113 55,334 4,841 126,774
1,988 74,674 1,383 51,949 4,038 151,677
300 5,719 200 3,837 300 5,719
120 1,432 0 -- 0 --
341 9,591 374 10,519 882 24,806
2,216 59,832 1,964 53,028 3,963 107,001
2,654 41,966 2,200 34,787 4,946 78,209
200 8,775 100 4,387 100 4,387
897 32,909 793 29,093 2,072 76,017
705 17,625 431 10,775 1,240 31,000
300 7,800 200 5,200 300 7,800
1,213 27,596 966 21,976 2,324 52,871
1,079 11,060 982 10,065 2,157 22,109
3,439 101,236 2,920 85,958 7,097 208,918
1,315 47,093 1,239 44,372 2,538 90,892
4,704 414,834 4,156 366,507 9,081 800,831
1,953 51,266 1,741 45,701 3,521 92,426
565 8,863 357 5,600 696 10,918
1,064 25,137 893 21,097 2,055 48,549
0 -- 0 -- 265 2,948
200 4,887 100 2,444 200 4,887
0 -- 179 1,835 353 3,618
8,500 185,406 6,778 147,845 16,554 361,084
----------- ----------- -----------
$ 1,576,726 $ 1,324,150 $ 2,981,179
$ 1,698,967 $ 1,537,039 $ 3,495,565
</TABLE>
95
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
---------------------------- --------------------------
Shares Value Shares Value
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
CHEMICALS
Percent of Net Assets 0.50% 0.83%
Air Products & Chemicals Inc 80 $ 2,720 1,401 $ 47,634
Airgas Inc+ 400 5,250 704 9,240
Albemarle Corp 113 1,956 29 502
Arch Chemicals Inc 135 2,658 334 6,576
Autoliv Inc 444 15,401 943 32,710
Cabot Corp 210 4,843 827 19,073
ChemFirst Inc 35 892 74 1,887
Clorox Co 466 21,086 1,110 50,227
Crompton & Knowles Corp 250 4,375 1,003 17,552
Dow Chemical Co 301 34,201 1,394 158,393
Du Pont (E I) De Nemours 1,500 95,062 5,608 355,407
Eastman Chemical Co 114 5,294 511 23,730
Ethyl Corp 1,031 5,477 889 4,723
Ferro Corp 457 10,968 330 7,920
FMC Corp+ 2 116 223 12,990
Fuller (H B) Co 0 -- 0 --
Geon Co 0 -- 0 --
Georgia Gulf Corp 237 4,310 317 5,765
Goodrich (B F) Co 82 3,029 735 27,149
Grace (W R) Co+ 42 803 551 10,538
Great Lakes Chemical Corp 67 2,760 418 17,216
Hanna (M A) Co 280 3,832 572 7,829
Hercules Inc 82 2,670 538 17,519
IMC Global Inc 436 6,949 1,143 18,217
Imperial Chemical Industries PLC ADR (UK) 849 38,842 3,141 143,701
International Flavor & Fragrances 156 6,357 503 20,497
Johns Manville Corp 100 1,437 240 3,450
Lubrizol Corp 329 8,348 857 21,746
Lyondell Petrochemical 76 1,107 698 10,165
Millennium Chemicals Inc 310 7,130 999 22,977
Mississippi Chemical Corp 11 83 24 182
Monsanto Co 820 33,671 3,041 124,871
Montedison SpA ADR 1,679 25,605 5,831 88,923
Nalco Chemical Co 64 3,288 409 21,012
Octel Corp+ 19 216 118 1,342
OEA Inc 0 -- 0 --
Olin Corp 270 3,831 669 9,491
Praxair Inc 198 9,306 921 43,287
Premark International Inc 361 12,003 333 11,072
Rhone Poulenc Rorer Class A 1,714 83,236 6,355 308,615
Rohm & Haas Co 190 7,101 1,463 54,680
RPM Inc 272 3,621 1,083 14,417
Schulman (A) Inc 403 7,229 369 6,619
</TABLE>
96
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
-------------------------- --------------------------- ---------------------------
Shares Value Shares Value Shares Value
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1.29% 1.56% 1.94%
3,750 $ 127,500 3,032 $ 103,088 6,531 $ 222,054
1,502 19,714 1,350 17,719 3,126 41,029
336 5,817 186 3,220 771 13,348
604 11,891 606 11,931 1,319 25,968
1,901 65,941 1,415 49,083 5,397 187,208
1,916 44,188 1,714 39,529 3,801 87,661
275 7,012 200 5,100 307 7,828
3,684 166,701 2,472 111,858 6,832 309,148
1,928 33,740 1,848 32,340 3,836 67,130
3,681 418,254 2,953 335,535 6,482 736,517
15,771 999,487 12,653 801,884 30,475 1,931,353
1,185 55,028 1,065 49,456 1,970 91,482
1,878 9,977 1,268 6,736 2,435 12,936
573 13,752 443 10,632 1,179 28,296
618 35,998 576 33,552 733 42,697
197 11,869 0 -- 0 --
0 -- 0 -- 265 7,917
653 11,876 415 7,548 665 12,095
1,824 67,374 1,439 53,153 3,349 123,704
1,016 19,431 876 16,754 1,978 37,829
780 32,126 740 30,479 1,577 64,953
1,211 16,576 1,261 17,260 2,551 34,917
1,391 45,294 1,251 40,736 2,533 82,481
2,694 42,936 2,194 34,967 5,132 81,791
7,533 344,635 6,773 309,865 15,047 688,400
1,564 63,733 1,098 44,743 2,904 118,338
789 11,342 604 8,682 1,678 24,121
1,617 41,031 1,566 39,737 3,403 86,351
1,267 18,451 975 14,198 2,460 35,824
2,039 46,897 1,916 44,068 3,827 88,021
92 696 66 499 103 779
8,629 354,328 7,014 288,012 16,370 672,193
16,507 251,732 13,247 202,017 29,877 455,624
868 44,593 847 43,515 1,769 90,882
263 2,992 233 2,650 522 5,938
270 1,890 299 2,093 0 --
1,308 18,557 1,312 18,614 2,738 38,845
2,640 124,080 2,172 102,084 4,670 219,490
1,431 47,581 1,225 40,731 2,859 95,062
15,106 733,585 13,342 647,921 29,545 1,434,779
3,685 137,727 3,068 114,667 6,426 240,172
2,552 33,974 2,117 28,183 5,121 68,173
601 10,780 550 9,866 1,147 20,574
</TABLE>
97
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Sigma-Aldrich Corp 118 $ 3,805 558 $ 17,995
Solutia Inc 543 10,860 1,072 21,440
Terra Industries Inc 500 1,125 352 792
Union Carbide Corp 125 7,109 716 40,723
USEC Inc 400 4,325 1,208 13,061
Valhi Inc 100 1,131 0 --
Wellman Inc 363 6,103 246 4,136
----------- -----------
TOTAL CHEMICALS
-VALUE $ 521,521 $ 1,857,991
-COST $ 497,338 $ 1,711,319
COMMERCIAL SERVICES
Percent of Net Assets 0.02% 0.02%
ServiceMaster Co 700 $ 11,550 2,088 $ 34,452
Stewart Enterprises Inc Class A 300 1,622 592 3,201
Valassis Communications Inc+ 150 6,562 246 10,762
----------- -----------
TOTAL COMMERCIAL SERVICES
-VALUE $ 19,734 $ 48,415
-COST $ 22,145 $ 65,005
COMPUTER SOFTWARE
Percent of Net Assets 1.56% 2.70%
3Com Corp+ 390 $ 9,677 2,225 $ 55,208
Acxiom Corp+ 100 1,756 100 1,756
Adobe Systems Inc 112 11,158 538 53,598
Affiliated Computer Services+ 0 -- 0 --
Altera Corp+ 640 26,960 2,024 85,261
America Online Inc+ 5,160 471,173 9,065 827,748
American Management Systems Inc+ 0 -- 0 --
Anixter International Inc+ 500 10,531 440 9,268
At Home Corp Series A+ 100 4,012 228 9,148
Autodesk Inc 76 1,748 296 6,808
Automatic Data Processing 358 14,074 2,916 114,635
BEA Systems Inc+ 0 -- 88 2,123
BMC Software Inc+ 949 51,068 915 49,238
Cadence Design Systems Inc+ 964 13,134 1,809 24,648
Cambridge Technology Partners+ 100 1,369 252 3,449
Ceridian Corp+ 92 2,576 604 16,912
Checkfree Holdings Corp+ 0 -- 0 --
Choicepoint Inc+ 141 9,280 123 8,095
CIBER Inc+ 0 -- 240 4,395
Citrix Systems Inc+ 200 11,400 692 39,444
CNet Inc+ 0 -- 0 --
Computer Associates
International Inc 324 18,306 2,517 142,210
Computer Sciences Corp+ 242 16,743 727 50,299
</TABLE>
98
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------- -------------------------
Shares Value Shares Value Shares Value
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,714 $ 55,276 1,309 $ 42,215 2,679 $ 86,398
2,101 42,020 2,575 51,500 6,140 122,800
714 1,606 546 1,228 1,072 2,412
2,109 119,949 1,859 105,731 3,994 227,159
2,542 27,485 2,289 24,750 5,299 57,295
100 1,131 0 -- 165 1,867
434 7,297 326 5,481 846 14,223
----------- ----------- -----------
$ 4,805,850 $ 4,005,610 $ 9,146,062
$ 4,397,579 $ 3,706,071 $ 8,840,349
0.03% 0.04% 0.05%
5,045 $ 83,242 4,228 $ 69,762 9,690 $ 159,885
1,315 7,109 950 5,136 4,593 24,831
739 32,331 554 24,237 1,322 57,837
----------- ----------- -----------
$ 122,682 $ 99,135 $ 242,553
$ 150,855 $ 124,240 $ 334,079
4.33% 5.20% 6.55%
5,917 $ 146,816 5,038 $ 125,005 10,361 $ 257,082
300 5,250 100 1,756 300 5,250
903 89,961 842 83,884 1,974 196,660
200 8,550 100 4,275 200 8,550
3,970 167,236 4,258 179,368 9,050 381,231
17,558 1,603,265 15,388 1,405,117 35,427 3,234,928
200 5,725 100 2,862 200 5,725
438 9,225 625 13,164 1,160 24,432
952 38,199 772 30,976 1,796 72,064
461 10,603 459 10,557 1,267 29,141
8,818 346,658 7,203 283,168 17,506 688,205
263 6,345 179 4,318 353 8,516
3,099 166,765 2,389 128,558 5,890 316,956
3,825 52,116 3,252 44,308 10,284 140,119
514 7,035 425 5,817 1,125 15,398
2,332 65,296 1,668 46,704 4,256 119,168
100 2,925 100 2,925 100 2,925
319 20,994 238 15,663 427 28,102
789 14,449 514 9,413 1,390 25,454
1,490 84,930 1,874 106,818 3,962 225,834
100 3,756 100 3,756 100 3,756
8,216 464,204 6,578 371,657 15,540 878,010
2,292 158,578 1,811 125,299 4,412 305,255
</TABLE>
99
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
--------------------------- ---------------------------
Shares Value Shares Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Compuware Corp+ 1,800 $ 54,337 2,730 $ 82,412
CSG Systems International Inc+ 0 -- 0 --
CSK Corp ADR (Japan) 1,416 38,674 5,920 161,690
DST Systems Inc+ 200 13,300 152 10,108
Electronic Arts Inc+ 300 20,587 516 35,410
Electronic Data Systems Corp 568 31,879 2,875 161,359
Extreme Networks Inc+ 0 -- 0 --
First Data Corp 353 15,532 2,715 119,460
Fiserv Inc+ 487 15,006 1,064 32,785
Gartner Group Inc Class A 0 -- 516 10,804
Healtheon Corp+ 0 -- 0 --
I2 Technologies Inc+ 0 -- 76 2,413
IMS Health Inc 0 -- 1,564 43,205
Information Resources Inc+ 0 -- 0 --
Informix Corp+ 1,190 8,665 761 5,541
Infoseek Corp+ 0 -- 0 --
Inktomi Corp+ 0 -- 0 --
Intuit Inc+ 200 17,913 328 29,376
Ivillage Inc+ 0 -- 0 --
J.D. Edwards & Co+ 100 1,825 252 4,630
Keane Inc+ 100 2,162 692 14,964
Legato Systems Inc+ 0 -- 480 20,670
LHS Group Inc+ 0 -- 76 2,522
Lycos Inc+ 0 -- 100 4,062
Mentor Graphics Corp+ 600 5,381 616 5,525
Microsoft Corp+ 3,626 335,632 24,394 2,257,970
Mindspring Enterprises Inc+ 0 -- 0 --
MobileMedia Corp+ 300 15 200 10
Momentum Business Applications Inc+ 17 131 31 238
National Data Corp 200 7,650 240 9,180
NEC Corp ADR (Japan) 883 71,081 3,613 290,846
Network Associates Inc+ 525 8,859 1,274 21,499
New Era of Networks Inc+ 0 -- 0 --
Northpoint Communications+ 0 -- 0 --
Novell Inc+ 425 10,067 2,196 52,018
Objective Systems Integrator Corp+ 0 -- 88 242
Oracle Systems Corp+ 1,041 37,996 7,197 262,691
Parametric Technology Corp+ 20 280 1,236 17,304
Peoplesoft Inc+ 575 8,122 1,145 16,173
Per-SE Technologies Inc+ 800 2,850 792 2,822
Perot Systems Corp Class A+ 0 -- 0 --
PSINET Inc+ 0 -- 0 --
Realnetworks Inc+ 0 -- 0 --
Renaissance Worldwide Inc+ 200 975 440 2,145
Reynolds & Reynolds Co Class A 146 3,194 810 17,719
</TABLE>
100
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
------------------------ ------------------------- -------------------------
Shares Value Shares Value Shares Value
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
5,230 $ 157,881 4,466 $ 134,817 10,852 $ 327,595
100 2,256 100 2,256 100 2,256
14,920 407,502 12,111 330,782 25,952 708,814
689 45,818 514 34,181 1,401 93,166
1,402 96,212 1,229 84,340 2,815 193,179
8,026 450,459 6,626 371,884 14,175 795,572
100 6,394 0 -- 100 6,394
7,193 316,492 6,059 266,596 12,874 566,456
2,182 67,233 1,883 58,020 5,984 184,382
1,240 25,962 961 20,121 2,285 47,842
100 3,381 100 3,381 100 3,381
163 5,175 168 5,334 518 16,446
4,955 136,882 3,820 105,527 9,265 255,946
353 3,839 0 -- 0 --
2,633 19,172 1,509 10,987 4,275 31,128
100 3,044 100 3,044 100 3,044
100 11,337 0 -- 100 11,337
789 70,665 604 54,096 2,361 211,457
100 3,631 0 -- 100 3,631
614 11,282 425 7,809 1,313 24,126
1,427 30,859 1,596 34,513 3,533 76,401
1,478 63,646 1,208 52,019 400 17,225
251 8,330 157 5,210 507 16,826
200 8,125 100 4,062 300 12,187
847 7,597 993 8,906 1,513 13,570
73,970 6,846,848 59,786 5,533,942 144,132 13,341,218
200 5,812 100 2,919 200 5,812
400 20 300 15 700 35
72 554 66 507 48 369
677 25,895 693 26,507 1,666 63,724
9,110 733,355 7,314 588,777 15,849 1,275,844
2,367 39,943 2,132 35,977 6,779 114,396
100 1,675 100 1,675 100 1,675
100 2,644 100 2,644 100 2,644
5,780 136,914 4,872 115,406 9,808 232,327
0 -- 0 -- 277 762
21,748 793,802 17,449 636,889 42,300 1,543,950
4,223 59,122 3,419 47,866 8,253 115,542
3,430 48,449 2,695 38,067 6,670 94,214
1,064 3,791 1,171 4,172 1,967 7,007
200 4,150 100 2,075 200 4,150
200 9,575 100 4,787 100 4,787
100 8,175 0 -- 100 8,175
889 4,334 903 4,402 1,702 8,297
1,688 36,925 1,475 32,266 3,268 71,487
</TABLE>
101
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
-------------------------- -------------------------
Shares Value Shares Value
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Siebel Systems Inc+ 200 $ 13,737 606 $ 41,625
Sterling Commerce Inc+ 277 5,298 989 18,915
Sterling Software Inc+ 200 4,025 780 15,697
Storage Technology Corp+ 518 10,878 918 19,278
Structural Dynamics Research+ 303 4,886 0 --
Sun Microsystems Inc+ 944 75,048 4,570 363,315
SunGard Data Systems Inc+ 400 10,000 856 21,400
Symantec Corp+ 278 8,340 892 26,760
Synopsys Inc+ 200 11,188 692 38,709
The Bisys Group Inc+ 0 -- 0 --
Total System Services Inc 250 3,875 284 4,402
US Internetworking Inc+ 0 -- 0 --
US Web Corp+ 100 1,950 100 1,950
Verisign Inc+ 0 -- 0 --
Veritas Software Corp+ 700 41,475 756 44,793
Whittman-Hart Inc+ 0 -- 0 --
Yahoo! Inc+ 400 58,950 1,684 248,390
Ziff-Davis Inc-ZDNET+ 0 -- 0 --
----------- -----------
TOTAL COMPUTER SOFTWARE
-VALUE $ 1,636,728 $ 6,047,270
-COST $ 774,605 $ 3,198,260
COMPUTER SYSTEMS
Percent of Net Assets 0.74% 2.01%
Adaptec Inc+ 500 $ 19,500 1,384 $ 53,976
Apple Computer Inc+ 125 8,156 785 51,221
Aztec Technology Partners Inc+ 0 -- 161 247
Cabletron Systems Inc+ 177 2,976 964 16,207
Cisco Systems Inc+ 2,182 147,967 15,402 1,044,448
CMGI Inc+ 0 -- 100 8,394
Cognex Corp+ 0 -- 264 7,969
Compaq Computer Corp 1,777 41,204 10,227 237,139
Comverse Technology Inc+ 350 27,300 560 43,680
Data General Corp+ 4 74 424 7,818
Dell Computer Corp+ 1,932 94,306 12,374 604,006
Earthlink Network Inc+ 0 -- 0 --
EMC Corp+ 646 38,760 4,810 288,600
Exabyte Corp+ 0 -- 0 --
Gartner Group Inc Class B+ 13 266 223 4,571
Gateway Inc+ 145 14,056 535 51,862
Harris Corp 104 2,730 607 15,934
Hewlett-Packard Co 1,134 119,495 6,363 670,501
Intergraph Corp+ 54 300 322 1,791
International Business Machine Corp 1,480 184,352 9,264 1,153,947
Iomega Corp+ 700 2,362 2,869 9,683
</TABLE>
102
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MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
-------------------------- -------------------------- ---------------------------
Shares Value Shares Value Shares Value
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,134 $ 77,892 966 $ 66,352 2,476 $ 170,070
2,076 39,703 1,961 37,504 3,852 73,669
1,865 37,533 1,607 32,341 3,256 65,527
1,813 38,073 1,516 31,836 5,609 117,789
380 6,128 285 4,596 0 --
12,798 1,017,441 10,594 842,223 23,334 1,855,053
1,765 44,125 2,021 50,525 4,769 119,225
1,722 51,660 1,494 44,820 3,403 102,090
1,390 77,753 1,318 73,726 3,003 167,980
100 4,750 100 4,750 100 4,750
864 13,392 693 10,741 2,043 31,666
0 -- 0 -- 100 1,500
300 5,850 100 1,950 200 3,900
200 21,662 100 10,831 200 21,662
2,004 118,737 1,854 109,849 4,340 257,145
200 5,262 100 2,631 200 5,262
2,854 420,965 2,522 371,995 2,596 382,910
100 1,512 100 1,512 100 1,512
----------- ----------- -----------
$16,186,476 $13,380,328 $30,873,247
$ 8,987,287 $ 7,132,679 $16,315,883
3.52% 4.17% 5.31%
2,980 $ 116,220 2,646 $ 103,194 6,194 $ 241,566
2,252 146,943 1,908 124,497 3,789 247,232
436 668 388 594 744 1,140
2,689 45,209 2,082 35,004 4,051 68,107
47,048 3,190,443 37,380 2,534,831 91,232 6,186,670
300 25,162 100 8,394 300 25,162
614 18,535 536 16,180 1,248 37,674
27,047 627,152 22,709 526,565 48,356 1,121,255
1,083 84,474 1,406 109,668 3,444 268,632
781 14,400 572 10,546 1,177 21,701
37,816 1,845,893 30,528 1,490,148 74,062 3,615,151
0 -- 0 -- 100 4,900
15,096 905,760 12,088 725,280 29,002 1,740,120
398 1,492 0 -- 0 --
771 15,805 616 12,628 1,471 30,156
2,215 214,717 1,925 186,605 2,315 224,410
1,220 32,025 1,063 27,904 1,912 50,190
16,975 1,788,741 14,231 1,499,592 30,059 3,167,467
855 4,756 623 3,465 976 5,429
27,620 3,440,416 22,426 2,793,439 54,206 6,752,035
6,467 21,826 5,567 18,789 12,443 41,995
</TABLE>
103
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
----------------- --------------------
Shares Value Shares Value
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Komag Inc+ 400 $ 1,275 528 $ 1,683
NCR Corp+ 471 20,606 1,008 44,100
Prodigy Communications Corp+ 0 -- 0 --
Quantum Corp-DLT & Storage+ 500 9,156 1,460 26,736
Quantum Hard Disk Drive+ 300 2,137 680 4,845
Rational Software Corp+ 100 2,706 692 18,727
Rythms Netconnections Inc+ 0 -- 100 3,825
Sapient Corp+ 0 -- 0 --
Seagate Technology Inc+ 117 3,883 1,474 48,918
Sequent Computer Systems+ 340 5,992 0 --
Shared Medical System Corp 42 2,360 150 8,428
Silicon Graphics Inc+ 204 2,333 1,064 12,170
Sybase Inc+ 700 8,750 616 7,700
Unisys Corp+ 140 6,020 1,092 46,956
Unova Inc+ 34 512 382 5,754
Vignette Corp+ 0 -- 0 --
Wallace Computer Services Inc 90 1,924 176 3,762
Western Digital Corp+ 700 4,287 1,232 7,546
--------- -----------
TOTAL COMPUTER SYSTEMS
- VALUE $ 775,745 $ 4,513,144
- COST $ 379,842 $ 2,072,220
CONTAINER & PACKAGING
Percent of Net Assets 0.06% 0.14%
Ball Corp 44 $ 1,977 281 $ 12,627
Crown Cork & Seal Co 65 1,727 714 18,966
International Paper Co 328 15,437 2,456 115,585
Jefferson Smurfit Group ADR (Ireland) 605 18,074 2,160 64,530
Smurfit-Stone Container Corp+ 486 10,297 704 14,916
Sonoco Products 426 10,117 912 21,660
Temple-Inland Inc 49 3,038 455 28,210
Tenneco Inc 8 161 1,065 21,433
Tupperware Corp 63 1,421 380 8,574
--------- -----------
TOTAL CONTAINER & PACKAGING
- VALUE $ 62,249 $ 306,501
- COST $ 59,751 $ 329,476
ELECTRICAL EQUIPMENT
Percent of Net Assets 0.50% 1.17%
Alliance Semiconductor Corp+ 0 $ -- 0 $ --
Arrow Electronics Inc+ 286 5,684 937 18,623
Avnet Inc 230 10,177 284 12,567
General Electric Co 3,103 348,506 16,122 1,810,702
Grainger (W W) Inc 72 3,136 554 24,134
Handleman Co+ 59 782 116 1,537
</TABLE>
104
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ---------------------- ---------------------- -----------------------
Shares Value Shares Value Shares Value
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,064 $ 3,391 814 $ 2,595 1,072 $ 3,417
1,924 84,175 1,843 80,631 5,321 232,794
0 -- 0 -- 100 1,856
3,413 62,501 3,077 56,348 6,801 124,543
1,506 10,730 1,438 10,246 3,150 22,444
1,678 45,411 1,329 35,966 2,526 68,360
300 11,475 100 3,825 200 7,650
0 -- 0 -- 100 7,300
3,983 132,186 3,213 106,631 6,876 228,197
413 7,279 304 5,358 0 --
456 25,622 374 21,014 634 35,623
3,119 35,674 2,548 29,143 5,411 61,888
1,327 16,587 1,171 14,637 2,408 30,100
3,441 147,963 2,910 125,130 7,021 301,903
1,027 15,469 730 10,996 1,567 23,603
0 -- 0 -- 100 6,781
263 5,622 277 5,921 718 15,347
2,467 15,110 2,243 13,738 4,993 30,582
------------ ------------- ------------
$ 13,159,832 $ 10,749,502 $ 25,053,380
$ 6,041,873 $ 4,615,425 $ 11,036,149
0.21% 0.26% 0.31%
532 $ 23,907 528 $ 23,727 539 $ 24,221
2,039 54,161 1,740 46,219 3,567 94,748
6,588 310,048 5,695 268,021 11,824 556,467
5,140 153,557 4,051 121,024 10,394 310,521
3,337 70,703 2,612 55,342 5,914 125,303
1,823 43,296 1,918 45,552 5,317 126,279
716 44,392 749 46,438 1,495 92,690
2,853 57,417 2,232 44,919 4,772 96,037
1,026 23,149 814 18,366 1,967 44,380
------------ ------------- ------------
$ 780,630 $ 669,608 $ 1,470,646
$ 843,886 $ 730,954 $ 1,657,056
2.00% 2.38% 3.01%
0 $ -- 0 $ -- 221 $ 2,472
2,190 43,526 1,861 36,987 4,272 84,906
689 30,488 746 33,010 1,956 86,553
48,614 5,459,960 39,308 4,414,780 94,712 10,637,341
1,672 72,837 1,355 59,027 2,586 112,653
409 5,419 274 3,630 560 7,420
</TABLE>
105
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
--------------------- ---------------------
Shares Value Shares Value
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Hitachi Ltd ADR (Japan) 532 $ 53,932 2,424 $ 245,733
Hubbell Inc Class B 232 9,004 574 22,278
Masco Corp 322 9,117 2,033 57,559
Motorola Inc 776 71,586 4,016 370,476
National Service Industries Inc 39 1,248 332 10,624
Symbol Technologies Inc 277 9,643 868 30,217
Thomas & Betts Corp 58 2,610 434 19,530
---------- ----------
TOTAL ELECTRICAL EQUIPMENT
- VALUE $ 525,425 $ 2,623,980
- COST $ 331,467 $ 1,581,986
ELECTRONICS
Percent of Net Assets 1.30% 2.26%
Advanced Micro Devices+ 130 $ 2,689 826 $ 17,088
American Power Conversion+ 600 10,537 1,624 28,521
Analog Devices Inc+ 701 36,101 1,483 76,374
Applied Materials Inc+ 315 22,385 2,186 155,343
Atmel Corp+ 562 22,094 1,173 46,114
C-Cube Microsystems Inc+ 100 2,781 264 7,342
Canon Inc ADR (Japan) 990 29,576 4,630 138,321
CBS Corp+ 760 35,720 4,272 200,784
Cirrus Logic Inc+ 634 7,093 686 7,675
Commscope Inc+ 50 1,722 304 10,469
Conexant Systems Inc+ 210 15,094 690 49,558
Cypress Semiconductor Corp+ 800 18,500 739 17,089
EG&G Inc 25 795 333 10,594
Electronics for Imaging Inc+ 300 17,587 240 14,070
Emerson Electric Co 565 35,383 2,293 143,599
Etec Systems Inc+ 0 -- 176 7,744
Fuji Photo Film Co Ltd ADR (Japan) 675 24,637 3,060 111,690
General Instrument Corp+ 0 -- 585 28,775
General Motors Class H+ 500 25,750 1,132 58,298
General Semiconductor Inc+ 37 363 229 2,247
Gentex Corp+ 100 1,912 100 1,912
Honeywell Inc 164 18,614 784 88,984
Imation Corp+ 276 7,780 454 12,797
Input/Output Inc+ 500 3,687 440 3,245
Integrated Device Technology Inc+ 700 13,650 704 13,728
Intel Corp 2,532 208,099 16,352 1,343,930
International Rectifier Corp+ 500 8,062 440 7,095
Jabil Circuit+ 100 4,481 152 6,811
Johnson Controls Inc 86 5,880 465 31,794
KLA Instruments Corp+ 94 5,904 501 31,469
Kyocera Corp ADR (Japan) 660 44,014 2,558 170,587
Lam Research Corp+ 300 16,931 264 14,900
</TABLE>
106
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- --------------------------- ------------------------ ---------------------------
Shares Value Shares Value Shares Value
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
5,958 $ 603,992 4,864 $ 493,088 10,276 $ 1,041,729
1,409 54,687 1,259 48,865 2,816 109,296
5,568 157,644 4,594 130,068 9,757 276,245
10,242 944,824 8,488 783,018 17,239 1,590,298
656 20,992 569 18,208 964 30,848
1,792 62,384 1,818 63,289 3,775 131,417
695 31,275 863 38,835 1,414 63,630
----------- ----------- ------------
$ 7,488,028 $ 6,122,805 $ 14,174,808
$ 4,594,313 $ 3,758,047 $ 8,817,525
3.50% 4.32% 5.40%
2,482 $ 51,346 1,907 $ 39,451 3,889 $ 80,454
3,270 57,429 2,674 46,962 8,232 144,574
3,026 155,839 2,622 135,033 8,240 424,360
5,537 393,473 4,979 353,820 10,765 764,988
2,600 102,212 2,300 90,419 5,411 212,720
263 7,315 357 9,929 718 19,969
11,845 353,869 9,605 286,949 20,620 616,022
11,579 544,213 9,832 462,104 20,761 975,767
1,411 15,786 1,052 11,769 1,434 16,043
694 23,900 546 18,803 1,471 50,658
1,882 135,269 1,824 131,100 3,575 256,953
1,296 29,970 1,271 29,392 3,000 69,375
752 23,923 618 19,660 1,117 35,535
777 45,552 693 40,627 1,466 85,944
6,150 385,144 4,986 312,248 11,948 748,244
351 15,444 268 11,792 718 31,592
7,624 278,276 6,236 227,614 13,350 487,275
2,535 124,690 2,030 99,851 200 9,837
2,028 104,442 1,775 91,412 5,476 282,014
521 5,112 410 4,023 1,128 11,069
300 5,719 100 1,912 300 5,719
2,099 238,236 1,842 209,067 3,607 409,394
615 17,335 653 18,407 1,528 43,071
976 7,198 725 5,347 1,072 7,906
1,590 31,005 714 13,923 2,055 40,072
49,372 4,057,761 39,950 3,283,391 96,514 7,932,244
877 14,142 625 10,078 1,072 17,286
602 26,977 514 23,034 1,214 54,402
1,256 85,879 1,130 77,264 2,140 146,323
1,359 85,362 1,155 72,548 2,323 145,913
6,152 410,262 4,960 330,770 10,654 710,489
438 24,720 446 25,171 1,160 65,467
</TABLE>
107
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Lattice Semiconductor+ 100 $ 6,169 352 $ 21,692
Lexmark International Group Class A+ 500 39,375 1,284 101,115
Linear Technology Corp 872 54,881 1,496 94,154
Litton Industries Inc+ 201 12,864 143 9,152
LSI Logic Corp+ 118 6,696 799 45,343
Macromedia Inc+ 400 15,850 352 13,948
Matsushita Electric Industries Co 257 51,673 933 187,591
Maxim Integrated Products Inc+ 600 40,387 1,120 75,390
MEMC Electronic Materials Inc+ 300 5,963 264 5,247
Microchip Technology Inc+ 300 16,425 504 27,594
Micron Electronics Inc+ 0 -- 176 1,705
Micron Technology Inc+ 145 10,812 1,232 91,861
Molex Inc 216 6,925 324 10,388
Molex Inc Class A 112 3,150 949 26,691
National Semiconductor+ 86 2,424 942 26,553
Novellus System Inc+ 200 10,788 240 12,945
Pitney Bowes Inc 166 9,794 1,371 80,889
Pixar Inc+ 0 -- 88 2,997
Pmc-Sierra Inc+ 0 -- 100 9,300
Policy Management Systems Corp+ 396 12,103 99 3,026
Premier Farnell PLC ADR (UK) 1,999 17,491 7,319 64,041
Rambus Inc+ 0 -- 88 8,536
Raytheon Co Class B 284 19,347 2,028 138,158
Read-Rite Corp+ 400 2,250 440 2,475
Rf Micro Devices Inc+ 0 -- 0 --
Sanmina Corp+ 100 7,475 240 18,000
SCI Systems Inc+ 300 14,944 604 30,087
Sensormatic Electronics+ 535 6,253 765 8,941
Solectron Corp+ 1,200 93,900 1,778 139,128
SONY Corp ADR (Japan) 368 46,851 1,482 188,677
Tektronix Inc 3 100 356 11,837
Teradyne Inc+ 276 18,785 798 54,314
Texas Instruments Inc 700 57,444 4,564 374,533
Thermo Instrument Systems Inc+ 50 556 25 278
Varian Inc+ 177 2,788 431 6,842
Varian Semiconductor Equipment+ 177 4,016 431 9,805
Vishay Intertechnology Inc+ 578 12,391 515 11,040
Vitesse Semiconductor Corp+ 200 13,562 692 47,056
Xerox Corp 730 34,857 3,212 153,373
Xilinx Inc+ 794 55,530 1,284 89,800
Zenith Electronics Corp+ 44 7 89 14
----------- -----------
TOTAL ELECTRONICS
-VALUE $ 1,362,647 $ 5,063,463
-COST $ 829,255 $ 2,829,925
</TABLE>
108
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MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------- -------------------------
Shares Value Shares Value Shares Value
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
614 $ 37,838 625 $ 38,516 1,337 $ 82,393
2,180 171,675 2,022 159,232 6,006 472,972
2,704 170,183 2,496 157,092 8,038 505,892
521 33,344 696 44,544 1,536 98,304
2,342 132,908 2,026 114,976 4,010 227,567
614 24,330 446 17,673 895 35,464
2,061 414,390 1,721 346,029 3,566 716,989
2,291 154,213 1,854 124,797 6,259 421,309
351 6,976 357 7,095 807 16,039
1,315 71,996 1,095 59,951 2,638 144,430
351 3,400 268 2,596 542 5,251
3,321 247,622 2,820 210,266 5,792 431,866
987 31,646 798 25,586 2,093 67,107
1,805 50,766 1,686 47,419 3,612 101,588
2,784 78,474 2,229 62,830 4,476 126,167
777 41,909 604 32,578 1,578 85,113
4,223 249,157 3,259 192,281 7,919 467,221
63 2,146 268 9,129 330 11,241
300 27,900 100 9,300 200 18,600
431 13,172 261 7,977 866 26,467
17,299 151,366 14,076 123,165 34,009 297,579
163 15,811 179 17,363 242 23,474
5,535 377,072 4,583 312,217 9,661 658,156
626 3,521 814 4,579 1,702 9,574
200 8,787 200 8,787 200 8,787
601 45,075 514 38,550 1,290 96,750
1,302 64,856 1,229 61,220 2,815 140,222
1,610 18,817 1,036 12,108 1,865 21,797
3,566 279,039 3,120 244,140 7,416 580,302
3,550 451,959 2,933 373,408 6,266 797,740
804 26,733 708 23,541 1,324 44,023
1,581 107,607 2,054 139,800 4,184 284,773
11,702 960,295 10,590 869,042 22,744 1,866,430
294 3,271 257 2,859 714 7,943
820 13,017 795 12,621 1,659 26,337
820 18,655 795 18,086 1,659 37,742
1,115 23,903 902 19,337 2,111 45,255
1,578 107,304 1,418 96,424 3,080 209,440
8,600 410,650 7,444 355,451 17,970 858,067
2,634 184,215 3,146 220,023 6,924 484,247
279 45 230 37 367 59
----------- ----------- -----------
$13,093,843 $11,116,495 $25,462,356
$ 7,575,636 $ 6,176,762 $14,890,434
</TABLE>
109
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
ENERGY & RELATED
Percent of Net Assets 1.45% 3.04%
AGL Resources Inc 538 $ 9,718 387 $ 6,990
Amerada Hess Corp 122 7,572 505 31,342
Anadarko Petroleum Corp 162 5,508 705 23,970
Apache Corp 96 4,368 618 28,119
Ashland Inc 99 3,818 481 18,549
Atlantic Richfield Corp 233 20,489 1,935 170,159
BP Amoco PLC ADR (Great Britain) 1,754 196,667 8,350 936,244
Burlington Resources Inc 204 8,530 1,051 43,945
Chesapeake Energy Corp+ 0 -- 352 1,144
Chevron Corp 770 71,032 3,980 367,155
Coastal Corp 144 6,237 1,218 52,755
Columbia Gas System Inc 142 8,357 542 31,982
Conoco Inc 0 -- 200 5,350
Conoco Inc Class B 0 -- 100 2,687
Consol Energy Inc 100 1,344 0 --
Consolidated Natural Gas Co 122 7,770 511 32,544
Cooper Cameron Corp+ 200 8,325 416 17,316
Devon Energy Corp+ 14 541 358 13,828
Diamond Offshore Drilling Inc 100 3,825 880 33,660
Dynegy Inc 0 -- 0 --
Eastern Enterprises 39 1,753 180 8,089
EEX Corp+ 45 214 355 1,686
ELF Aquitaine ADR (France) 1,256 110,606 4,412 388,532
Enron Corp 476 19,932 3,976 166,495
Enron Oil & Gas Co 100 2,388 880 21,010
Exxon Corp 2,957 233,233 16,278 1,283,927
Global Marine Inc+ 600 10,650 1,789 31,755
Halliburton Co 575 26,666 2,445 113,387
Helmerich & Payne Inc 30 827 400 11,025
Indiana Energy Inc 0 -- 0 --
Kerr-McGee Corp 97 5,432 418 23,408
McMoRan Exploration Co+ 46 929 41 828
MCN Corp 0 -- 0 --
Mobil Corp 869 88,964 4,690 480,139
Murphy Oil Corp 293 14,870 310 15,732
Nabors Industries Inc+ 400 10,875 1,032 28,057
National Fuel Gas Co 0 -- 0 --
NICOR Inc 44 1,702 330 12,767
Noble Affiliates Inc 38 1,178 642 19,902
Noble Drilling Corp+ 600 14,775 1,560 38,415
Occidental Petroleum Corp 400 8,675 2,205 47,821
Ocean Energy Inc+ 891 9,021 1,961 19,855
ONEOK Inc 49 1,522 225 6,989
Parker Drilling Co+ 0 -- 0 --
</TABLE>
110
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MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
------------------------- ------------------------- -------------------------
Shares Value Shares Value Shares Value
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
4.57% 5.58% 6.04%
699 $ 12,626 498 $ 8,995 459 $ 8,291
1,594 98,928 1,231 76,399 2,373 147,274
1,932 65,688 1,663 56,542 3,442 117,028
1,606 73,073 1,238 56,329 2,579 117,344
1,085 41,840 985 37,984 1,984 76,508
5,337 469,322 4,317 379,626 9,215 810,344
19,294 2,163,340 17,054 1,912,180 15,781 1,769,445
2,913 121,800 2,284 95,500 4,922 205,801
976 3,172 546 1,774 984 3,198
10,663 983,662 8,931 823,885 18,989 1,751,735
3,527 152,763 2,790 120,842 6,065 262,690
1,274 75,246 1,075 63,492 2,126 125,567
900 24,075 400 10,700 900 24,075
0 -- 100 2,687 0 --
200 2,687 100 1,344 200 2,687
1,685 107,313 1,326 84,450 2,513 160,047
1,040 43,290 961 40,002 2,185 90,951
832 32,136 700 27,038 1,559 60,216
1,665 63,686 1,407 53,818 3,456 132,192
1,502 35,297 0 -- 0 --
421 18,919 382 17,166 511 22,963
664 3,154 797 3,786 1,633 7,757
10,329 909,598 8,965 789,480 19,750 1,739,234
10,650 445,969 9,102 381,146 18,680 782,225
1,765 42,139 1,518 36,242 3,545 84,637
42,176 3,326,632 34,411 2,714,168 70,642 5,571,888
4,007 71,124 3,364 59,711 8,023 142,408
6,164 285,856 4,961 230,066 12,139 562,946
805 22,188 640 17,640 1,275 35,142
411 8,715 0 -- 0 --
1,354 75,824 1,156 64,736 2,391 133,896
79 1,595 41 828 79 1,595
815 14,568 0 -- 0 --
12,616 1,291,563 10,583 1,083,435 22,600 2,313,675
832 42,224 779 39,534 2,193 111,295
2,266 61,607 1,958 53,233 4,593 124,872
510 24,002 0 -- 0 --
789 30,524 701 27,120 1,159 44,839
1,391 43,121 1,012 31,372 2,479 76,849
3,256 80,179 2,925 72,028 6,448 158,782
5,762 124,963 4,744 102,885 10,405 225,658
3,582 36,268 3,388 34,304 7,194 72,839
493 15,314 497 15,438 555 17,240
840 4,200 652 3,260 0 --
</TABLE>
111
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio Of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Pennzoil-Quaker State Co 32 $ 444 408 $ 5,661
Peoples Energy Corp 53 1,931 245 8,927
Phillips Petroleum Co 169 8,619 1,829 93,279
Pioneer Natural Resources Co+ 476 5,414 1,329 15,117
Pogo Producing Co 300 6,263 264 5,511
Pride International Inc+ 0 -- 352 5,236
Questar Corp 254 4,794 838 15,817
Reading & Bates Falcon Corp+ 172 2,215 1,131 14,562
Repsol SA 2,101 43,858 7,700 160,737
Rowan Co Inc+ 66 1,229 469 8,735
Royal Dutch Petroleum Corp 3,076 190,328 10,868 672,457
Santa Fe Snyder Corp+ 83 809 712 6,942
Schlumberger Ltd 881 58,807 2,855 190,571
Services (B J) Co+ 300 10,275 1,068 36,579
Sonat Offshore Drilling Co 122 4,407 686 24,782
Sunoco Inc 105 3,419 518 16,867
Texaco Inc 612 38,862 3,271 207,709
Tosco Corp 571 14,561 1,595 40,672
Total Compagnie Francaise des
Petroles SA ADR (France) 1,628 105,922 5,675 369,230
Transocean Offshore Inc 300 10,200 1,044 35,496
TransTexas Gas Corp+ 0 -- 0 --
Ultramar Diamond Shamrock Corp 410 10,711 816 21,318
Union Pacific Resources Group 242 4,341 1,553 27,857
Unocal Corp 104 4,355 1,486 62,226
USX - Marathon Group 265 8,248 1,980 61,628
Utilicorp United Inc 0 -- 0 --
Valero Energy Corp 180 3,825 778 16,532
Vastar Resources Inc 200 13,325 264 17,589
Washington Gas & Light 464 12,383 317 8,460
Williams Co Inc 560 23,100 2,908 119,955
Witco Corp 216 3,497 874 14,148
----------- -----------
TOTAL ENERGY & RELATED
- VALUE $ 1,524,455 $ 6,822,158
- COST $ 1,160,978 $ 4,871,208
ENGINEERING & CONSTRUCTION
Percent Of Net Assets 0.03% 0.05%
Armstrong World Industries Inc 92 $ 4,468 284 $ 13,792
Centex Corp 104 2,925 468 13,162
Clayton Homes Inc 557 5,292 1,321 12,550
Fleetwood Enterprises Inc 32 652 313 6,377
Fluor Corp 113 4,675 514 21,267
Foster Wheeler Corp 142 1,837 316 4,088
Granite Construction Inc 0 -- 0 --
Kaufman & Broad Home Corp 49 1,001 298 6,090
Pulte Corp 90 2,081 354 8,186
</TABLE>
112
<PAGE>
MASTER INVESTMENT PORTFOLIO--
LIFEPATH MASTER PORTFOLIO-- AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ----------------------------- ------------------------- -------------------------
Shares Value Shares Value Shares Value
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1,283 $ 17,802 986 $ 13,681 1,484 $ 20,590
559 20,369 577 21,024 781 28,458
4,461 227,511 3,675 187,425 7,324 373,524
2,509 28,540 2,319 26,379 5,148 58,558
526 10,980 446 9,310 1,072 22,378
701 10,427 714 10,621 1,602 23,830
1,958 36,957 1,557 29,388 3,763 71,027
2,644 34,041 2,187 28,158 5,137 66,139
16,625 347,047 15,850 330,869 33,139 691,777
1,389 25,870 1,017 18,942 2,219 41,329
25,712 1,590,930 22,430 1,387,856 50,272 3,110,580
1,743 16,994 1,206 11,758 2,696 26,286
7,791 520,049 6,133 409,378 14,813 988,768
2,041 69,904 1,796 61,513 4,110 140,767
1,820 65,748 1,454 52,526 3,146 113,649
1,583 51,546 1,211 39,433 2,487 80,983
8,897 564,959 7,268 461,518 15,623 992,060
3,490 88,995 3,172 80,886 6,920 176,460
13,714 892,267 11,867 772,097 26,865 1,747,904
1,904 64,736 1,754 59,636 4,040 137,360
0 -- 0 -- 265 149
1,715 44,804 2,164 56,535 4,627 120,880
4,108 73,687 3,487 62,548 6,913 124,002
3,950 165,406 3,241 135,717 6,854 287,011
5,089 158,395 3,986 124,064 8,237 256,377
888 20,591 0 -- 0 --
1,483 31,514 1,236 26,265 3,003 63,814
338 22,519 446 29,715 783 52,167
547 14,598 405 10,808 389 10,381
7,224 297,990 5,994 247,253 12,252 505,395
1,648 26,677 1,459 23,618 3,310 53,581
----------- ----------- -----------
$17,092,043 $14,360,086 $28,482,317
$12,283,500 $10,283,151 $22,703,817
0.06% 0.07% 0.08%
623 $ 30,254 684 $ 33,217 948 $ 46,037
770 21,656 699 19,659 1,577 44,353
2,888 27,436 2,512 23,864 5,838 55,461
508 10,351 465 9,474 800 16,300
1,109 45,885 976 40,382 2,108 87,219
617 7,982 478 6,184 899 11,631
355 8,875 0 -- 0 --
624 12,753 447 9,136 839 17,147
676 15,633 537 12,418 1,011 23,379
</TABLE>
113
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio Of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Rouse Co 200 $ 4,550 880 $ 20,020
----------- -----------
TOTAL ENGINEERING & CONSTRUCTION
- VALUE $ 27,481 $ 105,532
- COST $ 28,136 $ 129,670
ENTERTAINMENT & LEISURE
PERCENT OF NET ASSETS 0.22% 0.47%
AMF Bowling Inc+ 0 $ -- 176 $ 704
Ascent Entertainment Group+ 249 3,393 258 3,515
Bally Total Fitness Holding
Corp+ 26 834 67 2,148
Boyd Gaming Corp+ 0 -- 176 946
Brunswick Corp 126 3,221 595 15,210
Callaway Golf Co 296 2,942 950 9,441
Coleman Co Inc+ 0 -- 176 1,617
Disney (Walt) Co 2,179 60,467 12,561 348,568
Gaylord Entertainment Co
Class A 105 3,203 92 2,806
Harrah's Entertainment Inc+ 48 1,080 512 11,520
Hasbro Inc 167 4,081 1,225 29,936
International Game Technology
Inc 497 8,698 944 16,520
Lakes Gaming Inc+ 100 1,131 88 995
Mandalay Resort Group+ 429 8,795 1,070 21,935
Mattel Inc 613 13,065 2,201 46,909
Metro-Goldwyn-Mayer Inc+ 100 2,000 403 8,060
MGM Grand Inc+ 140 6,878 122 5,993
Mirage Resorts Inc+ 217 2,835 1,001 13,076
Navigant International Inc+ 0 -- 81 638
Polaroid Corp 34 922 327 8,870
Premier Parks Inc+ 0 -- 100 3,275
SFX Entertainment Inc Class A+ 0 -- 0 --
Tiffany & Co 452 23,900 780 41,242
Time Warner Inc 1,274 75,564 7,731 458,545
Topp Inc+ 512 4,544 0 --
----------- -----------
TOTAL ENTERTAINMENT & LEISURE
- VALUE $ 227,553 $ 1,052,469
- COST $ 195,279 $ 819,259
ENVIRONMENTAL CONTROL
PERCENT OF NET ASSETS 0.01% 0.01%
Allied Waste Industries Inc+ 300 $ 3,825 1,070 $ 13,642
Republic Services Inc Class A+ 100 1,088 100 1,087
Safety-Kleen Corp+ 87 1,109 379 4,832
----------- -----------
TOTAL ENVIRONMENTAL CONTROL
- VALUE $ 6,022 $ 19,561
- COST $ 9,475 $ 31,757
</TABLE>
114
<PAGE>
MASTER INVESTMENT PORTFOLIO--
LIFEPATH MASTER PORTFOLIO-- AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ----------------------------- ------------------------- -------------------------
Shares Value Shares Value Shares Value
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1,678 $ 38,174 1,418 $ 32,259 3,280 $ 74,620
----------- ----------- -----------
$ 218,999 $ 186,593 $ 376,147
$ 264,205 $ 240,209 $ 502,809
0.70% 0.88% 1.01%
451 $ 1,804 368 $ 1,472 807 $ 3,228
351 4,782 354 4,823 700 9,538
162 5,194 104 3,334 197 6,316
0 -- 368 1,978 719 3,865
1,722 44,019 1,245 31,825 2,545 65,057
1,816 18,047 1,846 18,345 3,935 39,104
0 -- 0 -- 177 1,626
33,323 924,713 27,874 773,503 59,323 1,646,213
123 3,751 153 4,666 221 6,740
1,662 37,395 1,252 28,170 2,653 59,693
3,192 78,005 2,653 64,833 5,601 136,875
1,904 33,320 2,483 43,452 5,981 104,667
153 1,731 112 1,267 199 2,251
2,411 49,425 2,098 43,009 4,512 92,496
4,336 92,411 3,146 67,049 8,073 172,064
903 18,060 413 8,260 1,317 26,340
51 2,505 249 12,232 376 18,471
2,965 38,730 2,309 30,161 4,814 62,883
168 1,323 144 1,134 422 3,323
696 18,879 642 17,414 1,047 28,400
300 9,825 100 3,275 300 9,825
100 4,119 100 4,119 200 8,237
1,442 76,246 1,736 91,791 2,980 157,567
19,373 1,149,061 16,794 996,094 34,952 2,073,091
633 5,618 470 4,171 0 --
----------- ----------- -----------
$ 2,618,963 $ 2,256,377 $ 4,737,870
$ 2,057,665 $ 1,661,324 $ 3,775,523
0.01% 0.01% 0.02%
2,542 $ 32,410 2,150 $ 27,412 4,923 $ 62,768
300 3,262 100 1,087 300 3,262
965 12,304 773 9,856 1,413 18,016
----------- ----------- -----------
$ 47,976 $ 38,355 $ 84,046
$ 78,958 $ 66,120 $ 143,754
</TABLE>
115
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
FOOD & RELATED
Percent of Net Assets 0.76% 1.36%
Albertson's Inc 295 $ 14,142 2,548 $ 122,145
Archer-Daniels-Midland Co 740 9,623 3,888 50,550
Aurora Foods Inc+ 100 1,688 100 1,687
Bestfoods 221 10,857 1,389 68,235
Bob Evans Farms Inc 468 9,536 317 6,459
Boston Chicken Inc+ 600 210 500 175
Brinker International Inc+ 856 20,544 871 20,904
Brown-Forman Corp Class B 64 3,760 418 24,558
Campbell Soup Co 280 12,373 2,184 96,506
CBRL Group Inc 149 1,956 801 10,513
CKE Restaurants Inc 120 968 384 3,096
ConAgra Inc 858 21,021 2,372 58,114
Corn Product International Inc 60 1,954 260 8,466
Darden Restaurants Inc 90 1,406 674 10,531
Dave & Buster's Inc+ 0 -- 0 --
Dean Foods Co 124 4,991 275 11,069
Dole Food Inc 146 3,677 425 10,705
Earthgrains Co 56 1,351 257 6,200
Fleming Co Inc 2 24 256 3,088
Flowers Industries Inc 309 4,886 962 15,212
Food Lion Inc Class A 600 4,744 1,800 14,231
Food Lion Inc Class B 1,200 9,675 2,264 18,253
General Mills Inc 155 12,981 667 55,861
Great Atlantic & Pacific Tea Co 59 2,072 278 9,765
Hannaford Brothers Co 236 16,933 205 14,709
Heinz (H J) Co 115 5,369 1,938 90,480
Hershey Foods Corp 159 8,516 590 31,602
Hormel Foods Corp 200 8,050 416 16,744
IBP Inc 332 7,615 886 20,323
Imperial Sugar Co 0 -- 0 --
International Home Foods Inc+ 0 -- 152 3,040
International Multifoods Corp 0 -- 0 --
Interstate Bakeries Corp 0 -- 328 7,851
Keebler Foods Co+ 200 5,963 88 2,623
Kellogg Co 246 8,748 1,874 66,644
Koninklijke Ahold NV ADR
(Netherlands) 2,362 84,442 8,403 300,407
Kroger Co+ 362 8,371 4,342 100,409
Lancaster Colony Corp 107 3,518 231 7,594
Lance Inc 0 -- 0 --
Lone Star Steakhouse & Saloon+ 300 2,288 352 2,684
Luby's Cafeteria Inc 45 602 193 2,581
McCormick & Co Inc 188 6,016 792 25,344
McDonald's Corp 1,358 56,187 8,400 347,550
Michael Foods Inc 0 -- 0 --
</TABLE>
116
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------ ---------------------- -------------------------
Shares Value Shares Value Shares Value
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2.20% 2.66% 3.35%
6,923 $ 331,871 5,796 $ 277,846 12,453 $ 596,966
10,213 132,774 8,685 112,906 18,325 238,230
300 5,062 200 3,375 300 5,062
4,505 221,308 3,456 169,776 8,219 403,758
659 13,427 421 8,578 1,204 24,532
700 245 700 245 1,100 385
1,740 41,760 845 20,280 1,970 47,280
930 54,637 840 49,350 1,870 109,863
6,477 286,202 5,291 233,796 13,029 575,719
1,600 21,000 1,392 18,270 3,213 42,171
1,068 8,611 686 5,531 1,549 12,489
7,027 172,161 5,473 134,088 13,446 329,427
610 19,863 508 16,542 1,308 42,592
2,279 35,609 1,851 28,922 4,203 65,672
90 1,058 0 -- 0 --
958 38,559 815 32,804 2,024 81,466
1,234 31,081 932 23,475 2,307 58,108
586 14,137 479 11,556 1,369 33,027
702 8,468 526 6,345 1,165 14,053
2,219 35,088 1,875 29,648 4,241 67,061
4,320 34,155 3,418 27,024 8,391 66,342
4,958 39,974 4,453 35,902 9,874 79,609
2,240 187,600 1,722 144,217 4,527 379,136
617 21,672 607 21,321 817 28,697
628 45,059 572 41,041 1,437 103,105
5,260 245,576 4,212 196,648 10,491 489,799
2,068 110,767 1,639 87,789 4,283 229,408
1,040 41,860 961 38,680 2,285 91,971
1,636 37,526 2,270 52,068 4,593 105,352
117 717 184 1,127 0 --
701 14,020 514 10,280 1,413 28,260
240 5,445 0 -- 0 --
952 22,788 871 20,850 2,120 50,748
175 5,217 793 23,641 1,666 49,668
5,946 211,455 4,820 171,411 11,918 423,834
19,860 709,995 17,404 622,193 38,407 1,373,050
13,020 301,087 10,068 232,822 23,918 553,104
681 22,388 657 21,599 1,659 54,540
419 5,447 0 -- 0 --
714 5,444 546 4,163 895 6,824
421 5,631 329 4,400 649 8,680
1,451 46,432 1,233 39,456 2,963 94,816
22,112 914,884 18,664 772,223 39,838 1,648,297
201 5,565 0 -- 0 --
</TABLE>
117
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Lifepath 2000 Lifepath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Morrison Management Specialist 128 $ 3,008 58 $ 1,363
Nabisco Group Holdings Corp 370 6,568 1,903 33,778
Nabisco Holdings Corp Class A 100 3,931 76 2,988
NPC International Inc+ 0 -- 0 --
Outback Steakhouse Inc+ 100 2,963 692 20,500
Pioneer Hi Bred International Inc 245 9,586 1,142 44,681
Planet Hollywood International+ 0 -- 176 44
Quaker Oats Co 102 6,815 513 34,275
Ralston-Purina Group 95 2,613 1,598 43,945
Richfood Holdings Inc 0 -- 440 8,057
Ruby Tuesday Inc 384 6,960 176 3,190
Ryans Family Steak House+ 119 1,153 454 4,398
Safeway Inc+ 1,598 74,407 3,243 151,002
Sara Lee Corp 551 12,225 4,446 98,646
Sbarro Inc+ 0 -- 0 --
Shoney's Inc+ 97 206 325 691
Sizzler International Inc+ 254 635 0 --
Smucker (J M) Co Class A 305 7,015 0 --
Starbucks Corp+ 800 18,300 1,736 39,711
Suiza Foods Corp+ 200 6,375 152 4,845
Super Value Inc 86 1,935 641 14,422
Sysco Corp 50 1,631 1,679 54,777
Tootsie Roll Industries 449 15,350 215 7,350
Tricon Global Restaurants+ 71 2,884 510 20,719
Tyson Food Inc Class A 391 6,280 583 9,364
U.S. Foodservice+ 100 2,081 0 --
Unilever NV 2,645 182,174 9,250 637,094
Universal Corp 181 5,136 528 14,982
Universal Foods Corp 358 7,563 463 9,781
UST Inc 72 2,282 698 22,118
Vlasic Foods International Inc+ 80 590 318 2,345
Weis Markets Inc 200 7,088 176 6,237
Wendy's International Inc 141 3,948 715 20,020
Whole Foods Market Inc+ 200 7,188 352 12,650
Winn-Dixie Stores Inc 146 4,964 849 28,866
Wrigley (W M) Jr Co 134 10,494 529 41,427
----------- -----------
TOTAL FOOD & RELATED
- VALUE $ 801,405 $ 3,061,174
- COST $ 662,252 $ 2,523,729
FURNITURE & APPLIANCES
Percent Of Net Assets 0.08% 0.16%
Bassett Furniture Industries 25 $ 509 44 $ 897
Champion Enterprises Inc+ 0 -- 0 --
Ethan Allen Interiors Inc 300 8,756 278 8,114
Furniture Brands International+ 0 -- 100 2,006
HON Industries Inc 6 141 651 15,339
</TABLE>
118
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ----------------------------- ------------------------- -------------------------
Shares Value Shares Value Shares Value
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
188 $ 4,418 118 $ 2,773 228 $ 5,358
5,245 93,099 4,416 78,384 13,613 241,631
363 14,270 168 6,604 230 9,042
328 3,710 253 2,862 0 --
1,215 35,994 1,139 33,743 2,782 82,417
3,220 125,983 2,714 106,185 6,773 264,994
438 109 357 89 530 133
1,920 128,280 1,510 100,887 4,084 272,862
5,011 137,802 3,570 98,175 9,139 251,323
0 -- 536 9,815 883 16,170
563 10,204 355 6,434 784 14,210
987 9,562 706 6,839 1,018 9,862
7,060 328,731 5,953 277,187 11,589 539,613
13,659 303,059 10,826 240,202 26,534 588,723
280 7,700 196 5,390 0 --
758 1,611 632 1,343 1,252 2,661
480 1,200 384 960 0 --
382 8,786 295 6,785 0 --
3,156 72,193 2,736 62,586 9,108 208,346
501 15,969 514 16,384 1,402 44,689
1,998 44,955 1,773 39,892 3,466 77,985
5,095 166,224 3,893 127,009 9,744 317,898
490 16,752 301 10,290 904 30,906
2,085 84,703 1,712 69,550 4,472 181,675
1,337 21,476 926 14,874 4,709 75,638
400 8,325 200 4,162 400 8,325
23,607 1,625,932 20,283 1,396,992 44,884 3,091,386
911 25,850 887 25,169 2,112 59,928
717 15,147 673 14,217 1,249 26,385
2,873 91,038 2,315 73,357 5,401 171,144
829 6,114 749 5,524 1,792 13,216
63 2,233 268 9,497 318 11,269
2,044 57,232 1,753 49,084 3,786 106,008
701 25,192 625 22,461 1,425 51,211
2,563 87,142 2,090 71,060 4,326 147,084
1,784 139,710 1,179 92,330 3,524 275,973
----------- ----------- -----------
$ 8,234,330 $ 6,841,283 $15,811,166
$ 6,804,294 $ 5,738,446 $14,221,014
0.24% 0.29% 0.36%
175 $ 3,566 107 $ 2,180 182 $ 3,708
100 850 0 -- 188 1,598
1,001 29,217 1,071 31,260 2,119 61,848
300 6,019 100 2,006 200 4,013
1,399 32,964 968 22,808 2,435 57,375
</TABLE>
119
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Lifepath 2000 LIFEPATH 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Hussmann International Inc 32 $ 544 385 $ 6,545
Knoll Inc+ 0 -- 176 4,708
Leggett & Platt Inc 816 18,054 1,900 42,037
Maytag Corp 96 6,012 434 27,179
Miller (Herman) Inc 376 8,860 979 23,068
National Presto Industries Inc 0 -- 0 --
Newell Rubbermaid Inc 205 8,405 1,387 56,867
Pioneer Corp ADR 1,592 28,258 6,817 121,002
Skyline Corp 20 555 39 1,082
Sunbeam Oster Co Inc+ 300 1,856 1,056 6,534
Whirlpool Corp 73 5,160 480 33,930
----------- -----------
TOTAL FURNITURE & APPLIANCES
-VALUE $ 87,110 $ 349,308
-COST $ 76,081 $ 329,851
HEALTHCARE
Percent of Net Assets 0.16% 0.19%
Apria Healthcare Group Inc+ 500 $ 8,438 528 $ 8,910
Beverly Enterprises Inc+ 575 2,875 1,360 6,800
Cardinal Health Inc 721 45,964 1,932 123,165
First Health Group Corp+ 468 10,091 962 20,743
HCR Manor Care Inc+ 101 1,976 651 12,735
Healthsouth Corp+ 500 4,094 2,510 20,551
Idexx Laboratories Inc+ 400 6,800 440 7,480
Lifepoint Hospital Inc+ 34 235 141 969
Lincare Holdings Inc+ 0 -- 340 8,967
McKesson HBOC Inc 655 20,387 2,062 64,180
Mid Atlantic Medical Services+ 400 3,375 440 3,712
Novacare Inc+ 0 -- 0 --
Oakley Inc+ 600 3,675 528 3,234
Oxford Health Plans Inc+ 400 6,200 780 12,090
PacifiCare Health Systems Inc Class A+ 286 17,160 222 13,320
St Jude Medical Inc+ 132 4,785 461 16,711
Total Renal Care Holdings Inc+ 0 -- 980 7,901
Triad Hospitals Inc+ 34 380 241 2,696
United Healthcare Corp 267 16,237 1,254 76,259
Universal Health Services Inc+ 200 6,675 152 5,073
Varian Medical Systems Inc 177 3,828 431 9,320
Vencor Inc+ 500 40 616 49
Ventas Inc 500 1,906 792 3,020
----------- -----------
TOTAL HEALTHCARE
-VALUE $ 165,121 $ 427,885
-COST $ 210,258 $ 558,572
</TABLE>
120
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------- -------------------------
Shares Value Shares Value Shares Value
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
898 $ 15,266 712 $ 12,104 1,453 $ 24,701
263 7,035 268 7,169 630 16,853
3,348 74,075 3,054 67,570 9,339 206,625
1,189 74,461 1,044 65,381 2,459 153,995
2,476 58,341 2,146 50,565 4,640 109,330
102 3,991 72 2,817 0 --
4,507 184,787 3,626 148,666 8,164 334,724
17,194 305,194 14,037 249,157 29,956 531,719
195 5,411 70 1,943 117 3,247
2,028 12,548 1,975 12,220 4,375 27,070
1,130 79,877 988 69,839 1,929 136,356
----------- ----------- -----------
$ 893,602 $ 745,685 $ 1,673,162
$ 844,767 $ 700,312 $ 1,661,969
0.28% 0.33% 0.43%
701 $ 11,829 714 $ 12,049 1,248 $ 21,060
2,642 13,210 2,459 12,295 5,535 27,675
4,873 310,654 3,834 244,418 10,677 680,659
1,806 38,942 1,700 36,656 3,694 79,652
1,834 35,878 1,517 29,676 4,512 88,266
6,837 55,978 5,824 47,684 11,705 95,835
701 11,917 536 9,112 983 16,711
582 4,001 436 2,998 1,107 7,611
601 15,851 514 13,557 1,400 36,925
4,257 132,499 3,803 118,368 9,179 285,696
714 6,024 446 3,763 1,248 10,530
954 1,073 734 826 0 --
1,152 7,056 814 4,986 1,160 7,105
1,665 25,808 1,596 24,738 3,268 50,654
1,051 63,060 667 40,020 1,369 82,140
1,410 51,113 1,024 37,120 2,125 77,031
100 806 0 -- 188 1,516
582 6,511 536 5,997 1,107 12,385
3,309 201,229 2,517 153,065 5,812 353,442
501 16,721 514 17,155 1,313 43,821
820 17,733 795 17,192 1,659 35,876
1,315 105 1,053 84 2,185 175
1,590 6,062 1,511 5,761 3,280 12,505
----------- ----------- -----------
$ 1,034,060 $ 837,520 $ 2,027,270
$ 1,176,956 $ 1,008,492 $ 2,414,007
</TABLE>
121
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AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
HOSPITAL & MEDICAL SUPPLIES
Percent of Net Assets 0.27% 0.77%
Amerisource Health Corp Class A+ 0 $ -- 100 $ 2,581
Arrow International Inc 0 -- 88 2,552
Bard (C R) Inc 43 2,005 435 20,282
Bausch & Lomb Inc 46 3,039 461 30,455
Baxter International Inc 205 13,748 1,422 95,363
Becton Dickinson & Co 78 2,194 1,524 42,862
Biomet Inc 112 4,004 576 20,592
Boston Scientific Corp+ 212 7,195 1,811 61,461
Columbia/HCA Healthcare Corp 650 16,006 4,084 100,569
Dentsply International Inc 200 4,963 516 12,803
Genzyme Surgical Products+ 22 144 124 806
Guidant Corp 157 9,214 1,538 90,261
Health Management Associates Inc
Class A+ 962 7,696 1,995 15,960
Hillenbrand Industries Inc 200 5,700 328 9,348
Johnson & Johnson 903 92,332 6,715 686,609
Mallinckrodt Group Inc 77 2,469 459 14,717
Medpartners Inc+ 710 4,970 1,662 11,634
Medtronic Inc 861 67,373 3,999 312,922
PE Corp-Celera Genomics Group+ 9 259 193 5,549
PE Corp-PE Biosystems Group 38 2,615 472 32,480
Phycor Inc+ 300 1,219 704 2,860
Quorum Health Group Inc+ 50 441 584 5,147
Safeskin Corp+ 100 794 516 4,096
STERIS Corp+ 200 2,513 780 9,799
Stryker Corp 348 20,054 710 40,914
Sybron International Corp+ 400 10,300 944 24,308
Tenet Healthcare Corp+ 334 5,824 1,952 34,038
Thermo Cardiosystems Inc+ 150 1,256 220 1,842
Visx Inc+ 0 -- 100 9,050
Waters Corp+ 0 -- 504 33,232
----------- -----------
TOTAL HOSPITAL & MEDICAL
SUPPLIES
-VALUE $ 288,327 $ 1,735,092
-COST $ 225,935 $ 1,282,958
HOUSEHOLD PRODUCTS
Percent of Net Assets 0.21% 0.58%
Alberto-Culver Co Class B 92 $ 2,340 455 $ 11,574
Avon Products Inc 80 3,510 1,409 61,820
Blyth Industries Inc+ 0 -- 0 --
Colgate-Palmolive Co 668 35,738 3,016 161,356
Dial Corp 436 12,099 926 25,697
Estee Lauder Co Class A 300 13,781 152 6,983
Gillette Co 837 39,025 5,502 256,531
</TABLE>
122
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MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------ ------------------------- -------------------------
Shares Value Shares Value Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1.25% 1.50% 1.95%
300 $ 7,744 100 $ 2,581 200 $ 5,163
0 -- 0 -- 177 5,133
793 36,974 887 41,356 1,551 72,315
725 47,895 765 50,538 1,415 93,478
4,350 291,722 3,316 222,379 8,243 552,796
3,972 111,713 3,040 85,500 8,035 225,984
1,631 58,308 1,347 48,155 3,280 117,260
5,747 195,039 4,739 160,830 11,448 388,517
10,471 257,848 8,797 216,626 18,944 466,496
952 23,622 871 21,612 2,196 54,488
59 384 165 1,072 243 1,580
4,674 274,305 3,434 201,533 8,751 513,574
4,264 34,112 3,476 27,808 11,590 92,720
689 19,637 604 17,214 2,273 64,781
19,966 2,041,524 16,149 1,651,235 38,900 3,977,525
1,018 32,640 890 28,536 1,867 59,861
3,636 25,452 3,628 25,396 7,544 52,808
9,089 711,214 8,417 658,630 20,154 1,577,051
397 11,414 374 10,753 843 24,236
1,288 88,631 1,096 75,419 2,774 190,886
1,546 6,281 1,573 6,390 3,436 13,959
1,164 10,258 948 8,354 2,243 19,766
1,252 9,938 971 7,707 2,308 18,320
1,678 21,080 1,607 20,188 3,368 42,311
1,387 79,926 1,039 59,872 3,986 229,693
1,841 47,406 2,289 58,942 5,299 136,449
5,033 87,763 4,024 70,169 9,000 156,938
263 2,203 268 2,245 498 4,171
300 27,131 100 9,050 200 18,088
1,502 99,038 1,250 82,422 200 13,188
----------- ----------- -----------
$ 4,661,202 $ 3,872,512 $ 9,189,535
$ 3,351,519 $ 2,806,417 $ 6,792,960
1.06% 1.25% 1.64%
695 $ 17,679 772 $ 19,638 1,429 $ 36,350
3,911 171,595 3,130 137,329 7,569 332,090
100 2,831 100 2,831 100 2,831
9,138 488,883 6,882 368,187 16,816 899,656
1,877 52,087 2,314 64,213 5,306 147,242
502 23,061 950 43,641 2,074 95,274
16,358 762,692 13,123 611,860 32,147 1,498,854
</TABLE>
123
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
International Specialty Products Inc+ 0 $ -- 276 $ 2,605
Kimberly-Clark Corp 346 19,700 2,614 148,835
NCH Corp 0 -- 0 --
Procter & Gamble Co 988 98,059 6,404 635,597
----------- -----------
TOTAL HOUSEHOLD PRODUCTS
-VALUE $ 224,252 $ 1,310,998
-COST $ 166,188 $ 908,446
INSURANCE
Percent of Net Assets 0.90% 1.82%
20th Century Industries 0 $ -- 1,044 $ 19,575
Aegon NV ADR (Netherlands) 116 10,070 785 68,148
Aetna Inc 154 11,974 835 64,921
AFLAC Corp 1,392 62,553 2,877 129,285
Alleghany Corp+ 2 362 104 18,798
Allied Zurich PLC ADR 2,120 52,668 8,258 205,158
Allmerica Financial Corp 24 1,356 630 35,595
Allstate Corp 924 30,319 5,012 164,456
American Financial Group Inc 304 8,968 143 4,219
American General Corp 226 16,046 1,618 114,878
American International Group Inc 1,515 140,422 8,337 772,736
American National Insurance Co 100 7,000 88 6,160
Aon Corp 254 8,477 1,543 51,481
Argonaut Group Inc 0 -- 88 2,222
Axa-UAP ADR (France) 1,875 117,422 5,908 369,989
Berkshire Hathaway Inc Class A+ 0 -- 2 128,400
Berkshire Hathaway Inc Class B+ 9 18,027 3 6,009
Chubb Corp 195 11,152 954 54,557
CIGNA Corp 217 19,489 1,263 113,433
Cincinnati Financial Corp 120 4,755 968 38,357
CNA Financial Corp+ 200 7,275 76 2,765
Conseco Inc 302 7,248 1,872 44,928
Equitable Co Inc 300 18,525 1,056 65,208
Everest Reinsurance Holdings Inc 100 2,775 416 11,544
First American Financial Corp 100 1,488 516 7,676
Foundation Health Systems+ 391 4,985 1,443 18,398
Fremont General Corporation 300 2,981 704 6,996
Hartford Financial Services Group 192 8,724 1,457 66,202
Hartford Life Class A 0 -- 0 --
Highlands Insurance Group+ 37 315 67 570
Horace Mann Educators Corp 300 9,038 616 18,557
HSB Group Inc 345 12,830 170 6,322
Humana Inc+ 177 1,604 1,000 9,063
Jefferson-Pilot Corp 140 9,345 618 41,252
Leucadia National Corp 0 -- 328 6,950
Lincoln National Corp 248 11,625 1,242 58,219
Loews Corp 135 10,598 733 57,541
</TABLE>
124
<PAGE>
<TABLE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------------------ ------------------------- ------------------------
Shares Value Shares Value Shares Value
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
363 $ 3,426 268 $ 2,529 818 $ 7,720
8,168 465,066 6,652 378,748 15,826 901,093
109 4,851 79 3,515 0 --
19,693 1,954,530 16,022 1,590,183 38,476 3,818,743
----------- ----------- ----------
$ 3,946,701 $ 3,222,674 $ 7,739,853
$ 2,747,395 $ 2,330,647 $ 5,747,403
2.76% 3.37% 4.03%
2,016 $ 37,800 1,864 $ 34,950 188 $ 3,525
2,766 240,123 1,733 150,446 3,397 294,902
2,268 176,337 2,001 155,578 4,309 335,025
4,738 212,914 4,348 195,388 9,581 430,546
106 19,160 106 19,159 10 1,808
17,502 434,813 16,798 417,323 30,471 757,009
1,384 78,196 1,114 62,941 951 53,732
13,421 440,377 11,171 366,548 24,089 790,420
688 20,296 700 20,650 1,737 51,242
4,132 293,372 3,466 246,086 7,268 516,028
24,707 2,290,030 19,687 1,824,739 49,262 4,565,972
163 11,410 368 25,760 330 23,100
3,979 132,782 3,458 115,394 7,221 241,001
0 -- 179 4,520 265 6,691
14,497 907,875 12,278 768,910 27,460 1,719,683
4 256,800 4 256,800 8 513,600
21 42,063 4 8,012 19 38,057
2,763 158,009 2,320 132,675 4,842 276,902
3,481 312,637 2,936 263,690 6,150 552,347
2,830 112,139 2,205 87,373 4,815 190,794
151 5,493 514 18,697 1,402 50,998
5,011 120,264 4,155 99,720 8,925 214,200
1,865 115,164 1,964 121,277 3,963 244,715
1,040 28,860 871 24,170 2,196 60,939
1,240 18,445 961 14,295 200 2,975
2,702 34,451 2,522 32,155 5,571 71,030
1,327 13,187 1,150 11,428 2,473 24,575
3,800 172,663 3,156 143,401 6,700 304,431
100 4,344 100 4,344 100 4,344
151 1,284 121 1,028 191 1,624
1,240 37,355 1,161 34,975 2,685 80,886
556 20,676 546 20,304 1,428 53,104
2,672 24,215 2,207 20,001 4,345 39,377
1,695 113,141 1,492 99,591 2,984 199,182
952 20,171 871 18,454 2,108 44,663
3,288 154,125 2,670 125,156 5,722 268,219
1,847 144,990 1,597 125,364 3,333 261,641
</TABLE>
125
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AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Marsh & McLennan Companies Inc 220 $ 16,019 1,477 $ 107,544
MBIA Inc 94 4,876 624 32,370
Mercury General Corp 200 6,050 152 4,598
Mony Group Inc 0 -- 0 --
Ohio Casualty Corp 500 7,688 404 6,212
Old Republic International Corp 525 8,138 1,406 21,793
PMI Group Inc 150 6,375 228 9,690
Progressive Corp Ohio 75 7,650 425 43,350
Protection One Inc+ 0 -- 100 350
Protective Life Corp 100 2,975 692 20,587
Providian Financial Corp 177 13,740 567 44,013
Radian Group Inc 100 4,631 264 12,227
Reinsurance Group Of America 0 -- 528 16,896
Reliance Group Holdings 100 475 792 3,762
Reliastar Financial Corp 400 18,025 1,056 47,586
SAFECO Corp 156 5,558 843 30,032
St Paul Co 164 5,258 1,470 47,132
Tokio Marine & Fire Insurance Co
ADR (Japan) 2,818 166,262 11,360 670,240
Torchmark Corp 142 4,047 832 23,712
Transatlantic Holdings Inc 126 9,088 220 15,868
Travelers Property Casualty 0 -- 188 6,674
Trigon Healthcare Inc+ 0 -- 328 11,911
UICI+ 200 5,225 528 13,893
Unitrin Inc 300 10,781 604 21,706
Unumprovident Corp 279 10,061 1,654 59,647
Wellpoint Health Networks+ 0 -- 340 24,778
----------- -----------
TOTAL INSURANCE
-VALUE $ 943,338 $ 4,087,139
-COST $ 746,743 $ 3,260,074
</TABLE>
126
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------------------ ----------------------- ------------------------
Shares Value Shares Value Shares Value
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
4,230 $ 307,997 3,453 $ 251,422 7,300 $ 531,531
1,732 89,848 1,400 72,625 2,610 135,394
501 15,155 514 15,548 1,225 37,056
200 5,600 100 2,800 200 5,600
1,102 16,943 928 14,268 2,704 41,574
3,124 48,422 2,724 42,222 6,138 95,139
621 26,393 504 21,420 1,522 64,685
1,044 106,488 938 95,676 2,041 208,182
200 700 0 -- 200 700
1,302 38,735 1,139 33,885 2,826 84,074
2,018 156,647 1,519 117,912 4,230 328,354
526 24,360 536 24,823 1,248 57,798
0 -- 0 -- 100 3,200
1,778 8,446 1,518 7,210 3,456 16,416
1,865 84,042 1,696 76,426 4,681 210,938
2,207 78,624 1,978 70,466 4,168 148,485
3,868 124,018 3,130 100,356 6,818 218,602
28,386 1,674,774 22,969 1,355,171 49,308 2,909,172
2,306 65,721 2,003 57,086 4,094 116,679
366 26,398 437 31,519 836 60,297
300 10,650 168 5,964 300 10,650
200 7,263 100 3,631 200 7,263
877 23,076 804 21,155 2,143 56,388
1,302 46,791 1,228 44,131 2,726 97,966
3,819 137,723 3,345 120,629 6,883 248,218
51 3,717 157 11,441 395 28,786
------------ ----------- -----------
$ 10,334,492 $ 8,669,088 $19,012,434
$ 7,940,246 $ 6,663,921 $15,568,747
</TABLE>
127
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
LODGING
Percent of Net Assets 0.03% 0.06%
Choice Hotels International Inc+ 59 $ 959 444 $ 7,215
Extended Stay America Inc+ 400 3,600 880 7,920
Hilton Hotels Corp 164 2,009 1,211 14,835
Homestead Village Property Inc+ 75 183 76 185
Interstate Hotels Corp+ 25 91 63 228
Marriott International 306 10,481 1,312 44,936
Park Place Entertainment Corp+ 464 5,249 1,813 20,510
Promus Hotel Corp+ 341 9,910 984 28,598
Sodexho Marriott Services Inc+ 44 622 21 297
Sunburst Hospitality Corp+ 19 115 147 891
Wyndham International Class A+ 751 2,675 1,911 6,808
----------- -----------
TOTAL LODGING
-VALUE $ 35,894 $ 132,423
-COST $ 44,065 $ 165,304
MACHINERY
Percent of Net Assets 0.23% 0.40%
AGCO Corp 300 $ 3,094 792 $ 8,168
AVX Corp 200 5,988 164 4,910
Black & Decker Corp 116 6,105 516 27,155
Case Corp 43 2,123 479 23,651
Caterpillar Inc 320 18,120 2,209 125,085
Cummins Engine Co Inc 25 1,481 288 17,064
Deere & Co 189 7,347 1,694 65,854
Federal Mogul Corp 296 13,505 516 23,543
Flowserve Corp 200 3,163 528 8,349
Harsco Corp 238 6,590 434 12,016
Ingersoll-Rand Co 172 10,944 1,080 68,715
Jacobs Engineering Group+ 0 -- 0 --
Kubota Corp ADR (Japan) 1,034 64,754 4,543 284,505
MagneTek Inc+ 0 -- 0 --
Makita Corp ADR (Japan) 1,020 12,368 4,293 52,053
McDermott International Inc 46 1,038 436 9,837
Milacron Inc 51 918 337 6,066
Nordson Corp 214 10,519 141 6,931
Pall Corp 13 258 642 12,760
Parker Hannifin Corp 138 6,038 637 27,869
Pentair Co 200 9,100 240 10,920
Presstek Inc+ 200 1,225 352 2,156
SPX Corp+ 33 2,797 43 3,644
Tecumseh Products Co Class A 241 13,737 167 9,519
Teleflex Inc 350 16,275 240 11,160
Thermo Electron Corp+ 169 2,683 966 15,335
</TABLE>
128
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AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------------------------ --------------------- -----------------------
Shares Value Shares Value Shares Value
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.09% 0.11% 0.14%
1,069 $ 17,371 720 $ 11,700 1,175 $ 19,094
1,765 15,885 1,618 14,562 3,745 33,705
3,592 44,002 2,713 33,234 7,203 88,237
188 458 201 490 266 648
214 776 206 747 331 1,200
3,535 121,074 2,866 98,160 6,922 237,079
4,986 56,404 3,659 41,392 9,168 103,713
1,765 51,295 2,222 64,577 4,556 132,409
315 4,449 241 3,404 1,081 15,269
422 2,558 340 2,061 458 2,777
3,624 12,911 3,287 11,710 7,531 26,829
----------- ---------- ----------
$ 327,183 $ 282,037 $ 660,960
$ 368,560 $ 345,014 $ 816,050
0.61% 0.74% 0.86%
1,590 $ 16,397 1,528 $ 15,758 3,480 $ 35,888
426 12,753 336 10,059 1,048 31,375
1,422 74,833 1,244 65,466 2,629 138,351
1,068 52,733 1,001 49,424 1,888 93,220
6,030 341,449 5,168 292,638 10,594 599,885
631 37,387 519 30,751 901 53,384
4,245 165,024 3,472 134,974 6,910 268,626
811 37,002 1,137 51,876 2,720 124,100
1,152 18,216 982 15,528 2,231 35,278
982 27,189 1,012 28,020 2,391 66,201
2,962 188,457 2,327 148,055 4,692 298,529
327 10,791 0 -- 0 --
11,376 712,422 9,285 581,473 19,660 1,231,208
322 2,979 0 -- 0 --
10,709 129,847 8,797 106,664 18,833 228,350
773 17,441 942 21,254 1,558 35,152
587 10,566 462 8,316 855 15,390
257 12,633 186 9,143 340 16,713
2,160 42,930 1,713 34,046 3,478 69,125
1,778 77,788 1,428 62,475 3,024 132,300
756 34,398 609 27,710 1,666 75,803
451 2,762 457 2,799 630 3,859
255 21,611 217 18,391 440 37,290
302 17,214 222 12,654 381 21,717
596 27,714 593 27,575 1,578 73,377
2,761 43,831 2,126 33,750 4,891 77,645
</TABLE>
129
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
UCAR International Inc+ 200 $ 4,875 528 $ 12,870
Weatherford International 380 13,538 1,022 36,409
York International Corp 202 8,307 258 10,610
----------- -----------
TOTAL MACHINERY
-VALUE $ 246,890 $ 897,154
- COST $ 253,996 $ 840,156
MANUFACTURING
Percent of Net Assets 0.08% 0.21%
Carlisle Corp 200 $ 8,000 152 $ 6,080
Tyco International Ltd 737 74,689 4,477 453,576
West Teleservices+ 0 -- 0 --
----------- -----------
TOTAL MANUFACTURING
-VALUE $ 82,689 $ 459,656
- COST $ 40,683 $ 241,234
METAL FABRICATORS
Percent of Net Assets 0.15% 0.32%
Alcan Aluminum Ltd 178 $ 5,835 1,540 $ 50,628
Allegheny Teledyne Inc 183 3,420 1,158 21,640
Armco Inc+ 111 763 853 5,864
Barrick Gold Corp 423 8,196 2,288 44,330
Battle Mountain Gold Co+ 147 257 1,307 2,287
Bethlehem Steel Corp+ 117 899 593 4,559
British Steel PLC ADR (UK) 518 13,436 1,572 40,774
Crane Co 120 2,888 507 12,200
Engelhard Corp 0 -- 756 15,073
Freeport McMoRan Inc 16 257 647 10,392
Howmet International Inc+ 0 -- 76 1,359
Kaydon Corp 0 -- 0 --
Laboratory Corp of America
Holdings+ 660 1,898 367 1,055
Mitsui & Co Ltd ADR (Japan) 460 64,515 1,875 262,969
Nucor Corp 121 5,634 499 23,235
Oregon Steel Mills Inc 0 -- 0 --
Phelps Dodge Corp 66 3,692 420 23,494
Placer Dome Inc 321 3,330 2,072 21,497
Precision Castparts Corp 100 3,550 264 9,372
Reynolds Metals Co 49 3,102 476 30,137
Ryerson Tull Inc 207 3,920 381 7,215
SKF AB ADR (Sweden) 521 11,820 1,931 43,810
Steel Dynamics Inc+ 0 -- 264 4,752
Timken Co 142 2,494 370 6,498
USX - U.S. Steel Group 126 3,402 455 12,285
WMC Ltd ADR (Japan) 830 14,733 2,937 52,132
</TABLE>
130
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AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------- --------------------
Shares Value Shares Value Shares Value
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
964 $ 23,498 893 $ 21,767 2,143 $ 52,236
2,120 75,525 2,013 71,713 3,967 141,324
1,004 41,290 884 36,355 2,183 89,776
----------- ---------- -----------
$ 2,276,680 $ 1,918,634 $ 4,046,102
$ 2,197,551 $ 1,890,405 $ 3,997,863
0.35% 0.41% 0.53%
501 $ 20,040 514 $ 20,560 1,313 $ 52,520
12,663 1,282,920 10,318 1,045,342 24,166 2,448,321
0 -- 0 -- 177 1,881
----------- ----------- -----------
$ 1,302,960 $ 1,065,902 $ 2,502,722
$ 709,079 $ 566,188 $ 1,308,354
0.49% 0.59% 0.70%
3,930 $ 129,199 3,194 $ 105,003 6,302 $ 207,178
3,283 61,351 2,673 49,952 5,658 105,734
1,843 12,671 1,547 10,636 3,646 25,066
5,937 115,029 5,037 97,592 10,524 203,903
3,736 6,538 3,080 5,390 6,616 11,578
2,256 17,343 1,742 13,392 3,579 27,514
4,042 104,839 3,220 83,519 8,073 209,393
1,017 24,472 816 19,635 1,922 46,248
2,406 47,970 1,957 39,018 4,031 80,368
2,748 44,140 2,317 37,217 5,171 83,059
251 4,487 68 1,216 695 12,423
438 13,441 0 -- 0 --
1,014 2,915 710 2,041 1,281 3,683
4,822 676,286 3,934 551,744 8,395 1,177,399
1,446 67,329 1,155 53,780 2,232 103,928
262 2,866 178 1,947 0 --
770 43,072 828 46,316 1,572 87,934
4,616 47,891 4,385 45,494 8,491 88,094
526 18,673 547 19,419 1,160 41,180
974 61,666 891 56,411 2,024 128,145
1,298 24,581 1,132 21,437 2,371 44,901
4,677 106,109 3,964 89,933 9,561 216,915
526 9,468 357 6,426 983 17,694
820 14,401 673 11,820 1,649 28,961
1,529 41,283 1,089 29,403 2,087 56,349
7,149 126,895 6,295 111,736 14,218 252,370
</TABLE>
131
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------ --------------------
Shares Value Shares Value
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Worthington Industries Inc 177 $ 2,655 452 $ 6,780
----------- -----------
TOTAL METAL FABRICATORS
-VALUE $ 160,696 $ 714,337
- COST $ 175,391 $ 784,109
OFFICE EQUIPMENT & SUPPLIES
Percent of Net Assets 0.05% 0.09%
Ingram Micro Inc Class A+ 100 $ 2,525 176 $ 4,444
Ricoh Co Ltd ADR (Japan) 477 42,461 2,099 186,847
Standard Register Co 301 8,146 0 --
----------- -----------
TOTAL OFFICE EQUIPMENT &
SUPPLIES
-VALUE $ 53,132 $ 191,291
-COST $ 43,326 $ 139,488
PHARMACEUTICALS
Percent of Net Assets 1.27% 2.88%
Abbott Laboratories 1,103 $ 47,843 7,354 $ 318,980
Allergan Inc 55 5,493 379 37,853
ALZA Corp+ 87 4,383 464 23,374
American Home Products Corp 905 37,558 6,353 263,650
Amgen Inc+ 274 22,793 2,258 187,837
Astrazeneca PLC ADR 3,573 140,687 12,905 508,134
Bergen Brunswig Corp Class A 559 8,630 1,192 18,402
Bristol-Myers Squibb Co 1,378 96,977 9,738 685,312
Centocor Inc+ 246 14,729 639 38,260
Covance Inc+ 190 3,052 411 6,602
Dura Pharmaceuticals Inc+ 0 -- 440 5,858
Forest Labs Inc Class A+ 264 12,788 639 30,952
Glaxo Holdings PLC ADR (UK) 2,860 151,401 9,892 523,658
ICN Pharmaceuticals Inc 300 6,225 973 20,190
Immunex Corp+ 400 26,900 656 44,157
Interneuron Pharmaceuticals 0 -- 352 528
IVAX Corp+ 1,130 18,645 891 14,702
Lilly (Eli) & Co 804 59,999 5,441 406,035
Marshall & Ilsley Corp 458 26,822 1,079 63,189
Merck & Co Inc 1,666 111,934 11,492 772,119
Millipore Corp 42 1,586 151 5,700
Mylan Laboratories 603 11,947 1,182 23,418
Novo Nordisk A/S ADR (Denmark) 1,992 116,034 6,961 405,478
Omnicare Inc 300 2,888 944 9,086
Perrigo Co+ 812 6,445 484 3,842
Pfizer Inc 3,205 120,989 18,582 701,471
Pharmacia and Upjohn Inc 517 27,013 3,010 157,273
Rexall Sundown Inc+ 100 1,244 628 7,850
</TABLE>
132
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- --------------------------- ------------------------ -------------------------
Shares Value Shares Value Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,645 $ 24,675 1,224 $ 18,360 2,692 $ 40,380
----------- ----------- -----------
$ 1,849,590 $ 1,528,837 $ 3,300,397
$ 2,046,248 $ 1,720,899 $ 3,633,457
0.13% 0.15% 0.18%
351 $ 8,863 357 $ 9,014 718 $ 18,130
5,259 468,142 4,125 367,196 9,083 808,544
379 10,257 279 7,550 0 -
----------- ----------- -----------
$ 487,262 $ 383,760 $ 826,674
$ 347,899 $ 264,520 $ 541,765
4.76% 5.78% 7.47%
22,416 $ 972,294 18,169 $ 788,080 44,037 $ 1,910,105
869 86,791 793 79,201 1,878 187,565
1,418 71,432 951 47,907 2,661 134,048
19,568 812,072 15,980 663,170 38,231 1,586,587
7,590 631,393 6,012 500,123 14,616 1,215,869
27,536 1,084,230 25,856 1,018,080 54,799 2,157,711
2,234 34,487 2,628 40,570 5,486 84,690
29,334 2,064,380 23,860 1,679,148 57,532 4,048,815
1,111 66,521 1,020 61,073 3,651 218,604
902 14,488 583 9,364 1,354 21,749
977 13,006 714 9,505 1,602 21,327
1,255 60,789 1,125 54,492 3,804 184,256
23,531 1,245,672 20,636 1,092,418 46,092 2,439,995
1,907 39,570 1,839 38,159 3,763 78,082
1,452 97,738 1,384 93,161 3,432 231,017
0 - 636 954 895 1,343
2,036 33,594 1,653 27,275 3,429 56,579
16,348 1,219,970 13,042 973,259 31,820 2,374,568
2,031 118,940 1,760 103,070 5,582 326,896
35,190 2,364,328 28,500 1,914,844 69,072 4,640,775
688 25,972 486 18,347 1,318 49,754
2,348 46,520 2,056 40,735 6,229 123,412
16,436 957,397 14,464 842,528 32,207 1,876,058
1,765 16,988 2,043 19,664 4,228 40,695
1,197 9,501 852 6,763 1,684 13,367
57,315 2,163,641 46,909 1,770,815 112,730 4,255,558
8,319 434,668 6,899 360,473 14,653 765,619
1,164 14,550 893 11,163 2,143 26,788
</TABLE>
133
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
---------------------- ---------------------
Shares Value Shares Value
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Schering-Plough Corp 1,081 $ 56,820 7,318 $ 384,652
Schweitzer-Mauduit International Inc 20 271 81 1,099
Sepracor Inc+ 0 - 352 26,356
SmithKline Beecham PLC ADR (UK) 1,645 104,869 6,095 388,556
SouthTrust Corp 906 31,993 1,972 69,636
ThermoLase Corp+ 0 - 88 171
Warner Lambert Co 557 36,901 4,132 273,745
Watson Pharmaceutical Inc+ 500 17,938 980 35,158
Xoma Ltd+ 188 858 0 -
----------- -----------
TOTAL PHARMACEUTICALS
- VALUE $ 1,334,655 $ 6,463,283
- COST $ 927,308 $ 4,369,141
PUBLISHING
Percent of Net Assets 0.29% 0.46%
American Greetings Corp Class A 123 $ 3,406 480 $ 13,290
Belo (A H) Corp 312 5,909 750 14,203
Central Newspapers Class A 200 8,463 76 3,216
Chris-Craft Industries Inc+ 123 6,202 243 12,302
Comcast Corp Class A 580 18,923 4,068 132,719
Donnelley (R R) & Sons Co 139 4,361 745 23,374
Dow Jones & Co Inc 94 4,724 548 27,537
E.W. Scripps Co 200 9,600 264 12,672
Elsevier NV ADR (Netherlands) 2,927 68,419 10,761 251,538
Ennis Business Forms Inc 0 - 0 -
Gannett Co Inc 408 27,719 1,430 97,151
Gibson Greetings Inc+ 0 - 0 -
Golden Books Family Entertainment Inc+ 234 47 0 -
Harland (John H) Co 55 1,093 218 4,333
Harte-Hanks Communications Inc 100 2,244 328 7,360
Houghton Mifflin Co 304 14,516 211 10,075
Interpublic Group Co Inc 66 2,615 1,398 55,396
Knight-Ridder Inc 124 6,688 562 30,313
Lee Enterprises Inc 498 14,286 0 -
Marvel Entertainment Group Inc+ 0 - 200 30
McGraw-Hill Inc 312 16,127 1,250 64,609
Media General Inc Class A 280 13,720 194 9,506
Meredith Corp 82 2,844 404 14,014
Moore Corp Ltd 44 410 438 4,079
New York Times Co Class A 162 6,328 1,113 43,477
News Corporation Ltd 674 19,757 2,480 72,695
Primedia Inc+ 0 - 76 1,050
Readers Digest Association Class A 300 9,375 1,056 33,000
Readers Digest Association Class B 200 5,663 264 7,475
Scholastic Inc+ 200 7,925 176 6,974
</TABLE>
134
<PAGE>
MASTER INVESTMENT PORTFOLIO - LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- --------------------------- ------------------------ ---------------------------
Shares Value Shares Value Shares Value
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
21,756 $ 1,143,550 17,563 $ 923,155 42,606 $ 2,239,478
188 2,550 157 2,129 310 4,204
100 7,488 636 47,621 100 7,488
14,571 928,901 12,818 817,148 28,617 1,824,334
3,297 116,425 3,039 107,315 8,074 285,113
0 - 0 - 365 707
12,556 831,835 10,209 676,346 24,412 1,617,295
1,890 67,804 1,429 51,265 4,275 153,366
269 1,227 272 1,241 0 -
------------ ----------- ------------
$ 17,800,712 $ 14,890,561 $ 35,203,817
$ 11,812,805 $ 10,068,126 $ 24,500,835
0.68% 0.84% 1.03%
1,011 $ 27,992 877 $ 24,282 1,955 $ 54,129
1,778 33,671 1,475 27,933 3,592 68,024
151 6,389 693 29,323 1,943 82,213
457 23,136 316 15,998 211 10,682
11,540 376,493 9,194 299,954 23,780 775,823
2,223 69,747 1,913 60,020 4,150 130,206
1,400 70,350 1,289 64,772 2,515 126,379
514 24,672 725 34,800 1,137 54,576
25,206 589,190 22,121 517,078 49,406 1,154,865
216 1,917 0 - 0 -
4,071 276,574 3,146 213,731 7,569 514,219
314 1,236 0 - 0 -
274 55 208 42 0 -
543 10,792 550 10,931 997 19,815
952 21,361 782 17,546 2,320 52,055
403 19,243 277 13,227 886 42,307
3,870 153,349 3,106 123,075 8,180 324,133
1,094 59,008 1,071 57,767 1,888 101,834
621 17,815 455 13,053 0 -
1,400 210 200 30 600 90
3,160 163,333 2,604 134,594 5,890 304,439
359 17,591 259 12,691 503 24,647
721 25,010 708 24,559 1,301 45,128
1,538 14,323 1,181 10,998 2,819 26,252
3,127 122,148 2,524 98,594 5,411 211,367
6,004 175,992 5,125 150,227 11,975 351,017
251 3,467 168 2,321 695 9,600
2,028 63,375 1,875 58,594 3,798 118,688
263 7,446 268 7,588 630 17,837
175 6,934 179 7,093 353 13,988
</TABLE>
135
<PAGE>
MASTER INVESTMENT PORTFOLIO-LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
----------------------- ------------------------
Shares Value Shares Value
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Times Mirror Co Class A 117 $ 6,757 324 $ 18,711
Washington Post Co Class B 27 14,553 88 47,432
Workflow Management Inc+ 0 - 107 1,418
Ziff Davis Inc+ 0 - 152 2,347
----------- -----------
TOTAL PUBLISHING
- VALUE $ 302,674 $ 1,022,296
- COST $ 264,229 $ 874,102
REAL ESTATE
Percent of Net Assets 0.17% 0.24%
AMB Property Corp REIT 100 $ 2,150 880 $ 18,920
Apartment Investment & Management Co
Class A REIT 0 - 516 21,156
Archstone Communities Trust REIT 500 10,688 856 18,297
Arden Realty Group Inc REIT 100 2,331 792 18,464
Boston Properties Inc REIT 0 - 428 14,258
Camden Property Trust REIT 0 - 328 9,102
CarrAmercia Realty Corp REIT 100 2,300 240 5,520
Castle & Cooke Inc+ 215 3,064 120 1,710
Catellus Development Corp+ 200 2,738 768 10,512
Chicago Title Corp 106 4,803 181 8,202
Cornerstone Properties Inc REIT 300 4,781 1,320 21,038
Crestline Capital Corp REIT+ 100 1,894 185 3,503
Echelon International Corp+ 68 1,420 47 981
Equity Office Properties Trust REIT 900 23,006 2,371 60,609
Equity Residential Properties Trust REIT 400 17,600 1,032 45,408
Federal Realty Investment Trust 0 - 0 -
Fel Cor Lodging Trust Inc REIT 200 3,588 792 14,207
Franchise Finance Corp REIT 0 - 88 1,909
General Growth Properties Inc 0 - 0 -
Health Care Property Investors Inc REIT 300 7,800 264 6,864
Hospitalities Properties Trust 0 - 100 2,688
Host Marriott Corp 887 8,205 1,708 15,799
HRPT Properties Trust REIT 500 6,938 1,296 17,982
Kimco Realty Corp REIT 200 7,450 284 10,579
Liberty Property Trust REIT 100 2,450 792 19,404
Mack-Cali Realty Corp REIT 100 2,838 692 19,636
MAXXAM Inc+ 0 - 0 -
Meditrust Corp REIT 402 3,593 826 7,382
New Plan Excel Realty Trust REIT 300 5,681 592 11,211
Post Properties Inc REIT 0 - 240 9,810
Prison Realty Corp REIT 162 2,116 624 8,151
Prologis Trust REIT 100 1,963 100 1,963
Public Storage Inc REIT 300 7,800 792 20,592
Simon Property Group Inc REIT 200 5,100 756 19,278
</TABLE>
136
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFE MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------ ---------------------- -------------------------
Shares Value Shares Value Shares Value
- --------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,084 $ 62,601 849 $ 49,030 2,281 $ 131,728
158 85,162 119 64,141 87 46,893
223 2,955 192 2,544 429 5,684
514 7,935 425 6,561 1,313 20,269
----------- ----------- -----------
$ 2,541,472 $ 2,153,097 $ 4,838,887
$ 2,157,172 $ 1,816,955 $ 4,120,499
0.29% 0.40% 0.48%
363 $ 7,805 268 $ 5,762 407 $ 8,751
952 39,032 871 35,711 200 8,200
1,753 37,470 2,468 52,754 5,841 124,851
1,502 35,015 1,139 26,553 2,826 65,881
852 28,382 871 29,015 2,120 70,623
200 5,550 100 2,775 200 5,550
1,302 29,946 1,139 26,197 2,626 60,398
294 4,190 198 2,822 301 4,289
1,941 26,567 1,575 21,558 3,798 51,985
361 16,358 725 32,852 817 37,020
2,654 42,298 2,400 38,250 5,323 84,835
298 5,643 428 8,105 992 18,786
84 1,754 62 1,294 57 1,190
4,715 120,527 4,654 118,968 10,735 274,413
2,391 105,204 1,932 85,008 4,393 193,292
0 -- 0 -- 353 7,722
1,690 30,314 1,329 23,839 3,003 53,866
300 6,506 100 2,169 200 4,338
200 6,650 100 3,325 288 9,576
351 9,126 446 11,596 718 18,668
300 8,063 100 2,688 200 5,375
3,339 30,886 4,358 40,312 9,996 92,463
3,519 48,826 3,193 44,303 7,089 98,360
545 20,301 1,050 39,113 2,273 84,669
300 7,350 100 2,450 300 7,350
1,402 39,782 1,229 34,873 2,815 79,876
112 6,398 0 -- 0 --
2,686 24,006 2,129 19,028 5,301 47,378
1,590 30,111 1,329 25,168 2,715 51,415
200 8,175 100 4,088 200 8,175
1,587 20,730 1,340 17,504 3,200 41,800
300 5,888 200 3,925 300 5,888
1,327 34,502 1,964 51,064 4,163 108,238
2,028 51,714 1,675 42,713 3,675 93,713
</TABLE>
137
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 lifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
United Dominion Realty Trust Inc REIT 400 $ 4,600 1,508 $ 17,342
Vornado Operating Inc+ 20 128 44 281
Vornado Realty Trust REIT 200 6,825 780 26,618
Weingarten Realty Investors REIT 200 7,938 176 6,985
Westfield America Inc REIT 0 -- 76 1,102
Worldwide Inc REIT 864 20,574 1,682 40,053
----------- -----------
TOTAL REAL ESTATE
- VALUE $ 182,362 $ 537,516
- COST $ 208,929 $ 610,823
RETAIL & RELATED
Percent of Net Assets 0.96% 1.98%
7-Eleven Inc+ 1,800 $ 3,713 1,232 $ 2,541
Abercrombie & Fitch Co+ 112 3,906 984 34,317
Amazon.com Inc+ 200 24,863 428 53,233
American Eagle Outfitters+ 0 -- 0 --
Ann Taylor Stores Inc+ 247 8,182 172 5,698
AutoZone Inc+ 126 3,000 851 20,264
Barnes & Noble+ 200 4,738 516 12,223
Bed Bath & Beyond Inc+ 400 11,000 1,120 30,800
Benetton SpA ADR (Italy) 1,707 65,933 6,262 241,870
Best Buy Co Inc+ 700 49,175 1,410 99,053
BJ's Wholesale Club Inc+ 630 17,798 780 22,035
Borders Group Inc+ 200 2,663 780 10,384
CDW Computer Centers Inc+ 0 -- 76 3,373
Charming Shoppes Inc+ 59 328 0 --
Circuit City Stores Inc 254 10,922 1,138 48,934
Coles Myer Ltd ADR (Australia) 914 41,016 2,932 131,574
CompUSA Inc+ 400 2,425 1,332 8,075
Consolidated Stores Corp+ 158 2,548 678 10,933
Corporate Express Inc+ 550 4,898 1,200 10,688
Costco Wholesale Corp+ 285 21,304 1,426 106,594
CVS Corp 214 8,921 2,201 91,754
Dayton-Hudson Corp 273 15,834 2,448 141,984
Department 56 Inc+ 200 5,600 176 4,928
Dillards Inc Class A 118 2,773 598 14,053
Dollar General Corp 391 10,166 1,026 26,676
Dollar Tree Stores Inc+ 100 3,294 284 9,372
Eastman Kodak Co 243 17,845 2,132 156,569
Ebay Inc+ 0 -- 0 --
Enesco Group Inc 220 3,795 150 2,588
Ensco International Inc 500 10,656 1,648 35,123
Family Dollar Stores Inc 460 9,056 1,507 29,669
Federated Department Stores Inc+ 179 8,234 1,213 55,798
Footstar Inc+ 46 1,495 216 7,020
</TABLE>
138
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFE MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------ ---------------------- -------------------------
Shares Value Shares Value Shares Value
- --------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2,830 $ 32,545 2,689 $ 30,924 5,988 $ 68,862
90 574 180 1,148 159 1,014
1,578 53,849 1,407 48,014 3,368 114,933
351 13,930 357 14,168 895 35,520
151 2,190 168 2,436 607 8,802
3,290 78,343 3,097 73,747 8,993 214,146
----------- ----------- -----------
$ 1,076,500 $ 1,026,219 $ 2,272,211
$ 1,221,162 $ 1,231,247 $ 2,765,464
3.24% 3.87% 4.88%
2,379 $ 4,907 1,707 $ 3,521 4,110 $ 8,477
2,478 86,420 2,134 74,423 400 13,950
689 85,694 604 75,123 1,755 218,278
100 3,925 0 -- 100 3,925
308 10,203 226 7,486 209 6,923
2,621 62,413 2,113 50,316 4,473 106,513
1,227 29,065 961 22,764 2,373 56,210
2,379 65,423 2,032 55,880 4,393 120,808
14,832 572,886 13,116 506,606 29,076 1,123,061
2,104 147,806 2,228 156,517 7,426 521,677
772 21,809 556 15,707 300 8,475
1,865 24,828 1,696 22,578 3,445 45,862
150 6,656 358 15,886 306 13,579
2,105 11,709 1,546 8,600 3,271 18,195
3,396 146,028 2,776 119,368 5,250 225,750
7,165 321,529 6,359 285,360 14,349 643,911
2,391 14,495 2,243 13,598 4,916 29,803
1,739 28,041 1,465 23,623 3,202 51,632
2,347 20,903 2,109 18,783 4,926 43,872
3,543 264,839 2,809 209,973 6,176 461,656
6,083 253,585 5,008 208,771 12,720 530,265
6,911 400,838 5,541 321,378 14,255 826,790
263 7,364 179 5,012 630 17,640
1,835 43,122 1,458 34,263 3,395 79,783
3,415 88,790 2,831 73,606 6,865 178,490
720 23,760 737 24,321 1,643 54,219
5,676 416,831 4,516 331,644 9,226 677,534
100 12,556 0 -- 100 12,556
262 4,520 191 3,295 186 3,209
3,519 74,999 3,193 68,051 7,089 151,084
3,317 65,303 2,907 57,232 6,333 124,681
3,536 162,656 2,802 128,892 6,081 279,726
457 14,853 341 11,083 678 22,035
</TABLE>
139
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 lifePath 2010
------------------------- -------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Gap Inc 718 $ 28,092 4,148 $ 162,291
Hancock Fabrics Inc 0 -- 0 --
Harcourt General Inc 79 3,461 457 20,022
Heilig Meyers Co 524 2,784 361 1,918
Home Depot Inc 1,086 66,382 7,512 459,171
Homebase Inc+ 365 1,597 0 --
Intimate Brands Inc 0 -- 0 --
Ito Yokado Co Ltd ADR (Japan) 1,320 98,340 4,910 365,795
Jones Apparel Group Inc+ 300 7,781 900 23,344
Jostens Inc 77 1,550 65 1,308
K Mart Corp+ 584 7,337 2,962 37,210
Kohls Corp+ 547 38,974 525 37,406
Limited Inc 197 7,461 1,414 53,555
Linens 'N Things Inc+ 0 -- 0 --
Longs Drug Stores Corp 66 2,075 324 10,186
Lowe's Co Inc 314 14,209 2,140 96,835
May Department Stores Co 221 8,633 2,109 82,383
Michaels Stores Inc+ 0 -- 0 --
Micro Warehouse Inc+ 300 3,675 264 3,234
Midas Inc 10 236 128 3,024
MP3.com+ 0 -- 0 --
Neiman Marcus Group Inc+ 100 2,225 64 1,424
Nordstrom Inc 224 6,342 780 22,084
Office Depot Inc+ 1,807 18,861 4,075 42,533
Officemax Inc+ 700 5,294 1,816 13,734
Payless ShoeSource Inc+ 217 10,823 162 8,080
Penney (J C) Co Inc 166 6,018 1,463 53,034
PetSmart Inc+ 1,200 5,775 1,144 5,506
Pier 1 Imports Inc 550 2,991 1,552 8,439
Priceline.com Inc+ 0 -- 0 --
Rite Aid Corp 238 4,403 1,568 29,008
Ross Stores Inc 200 8,325 328 13,653
Ruddick Corp 0 -- 0 --
Saks Inc+ 464 7,801 1,145 19,250
School Specialty Inc+ 0 -- 90 1,114
Sears Roebuck & Co 358 13,425 2,580 96,750
Service Merchandise Co+ 771 217 0 --
Sherwin Williams Co 81 1,974 1,054 25,691
Staples Inc+ 1,541 33,517 2,037 44,305
Sunglass Hut International Inc+ 600 7,575 440 5,555
Systemax Inc+ 200 1,863 176 1,639
Talbots Inc 200 6,188 176 5,445
Tandy Corp 232 10,962 1,060 50,085
Tech Data Corp+ 300 11,119 616 22,831
TJX Companies Inc 76 2,195 1,646 47,528
</TABLE>
140
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ---------------------- ----------------------- -----------------------
Shares Value Shares Value Shares Value
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
12,926 $ 505,730 10,546 $ 412,612 25,310 $ 990,254
400 2,000 0 -- 0 --
994 43,550 896 39,256 1,828 80,089
831 4,415 586 3,113 1,248 6,630
22,177 1,355,569 17,697 1,081,729 43,301 2,646,774
536 2,345 428 1,873 0 --
200 7,713 100 3,856 200 7,713
12,310 917,095 10,012 745,894 21,404 1,594,598
1,984 51,460 1,864 48,348 3,963 102,790
690 13,886 372 7,487 1,068 21,493
8,052 101,153 6,677 83,880 14,101 177,144
2,323 165,514 1,996 142,215 4,531 322,834
3,692 139,835 3,047 115,405 6,621 250,770
200 6,850 100 3,425 200 6,850
579 18,202 566 17,794 896 28,168
5,633 254,893 4,839 218,965 10,143 458,971
5,647 220,586 4,731 184,805 10,045 392,383
0 -- 0 -- 177 5,432
526 6,444 357 4,373 718 8,795
299 7,064 237 5,599 450 10,631
100 3,413 0 -- 100 3,413
326 7,254 336 7,476 960 21,360
2,501 70,810 2,011 56,936 4,512 127,746
6,658 69,493 6,129 63,971 16,905 176,446
3,543 26,794 3,270 24,729 7,292 55,146
802 40,000 796 39,701 2,035 101,496
4,036 146,305 3,327 120,604 7,145 259,006
2,028 9,760 1,528 7,354 2,950 14,197
2,730 14,844 2,689 14,621 5,899 32,076
100 6,813 0 -- 100 6,813
4,297 79,495 3,574 66,119 7,331 135,624
1,215 50,574 1,050 43,706 2,461 102,439
626 11,620 468 8,687 0 --
2,532 42,569 2,277 38,282 4,977 83,676
187 2,314 160 1,980 358 4,430
6,732 252,450 5,576 209,100 11,435 428,813
1,428 402 1,091 307 0 --
2,952 71,955 2,293 55,892 4,905 119,559
6,086 132,371 4,840 105,270 12,727 276,812
977 12,335 625 7,891 1,248 15,756
263 2,449 179 1,667 453 4,219
0 -- 179 5,538 353 10,921
2,974 140,522 2,764 130,599 5,626 265,829
1,052 38,990 1,071 39,694 2,508 92,953
5,083 146,772 3,714 107,242 9,427 272,205
</TABLE>
141
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
----------------------- ------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Toys R Us Inc+ 281 $ 3,881 1,611 $ 22,252
U.S. Office Products Co+ 0 -- 203 785
Venator Group Inc+ 187 1,332 947 6,747
Walgreen Co 610 14,144 4,878 113,109
WalMart Stores Inc 3,396 150,485 22,216 984,447
Williams-Sonoma Inc+ 0 -- 0 --
---------- ----------
TOTAL RETAIL & RELATED
-VALUE $1,006,403 $4,430,833
-COST $ 733,240 $3,008,888
SERVICES
Percent of Net Assets 0.03% 0.05%
Block (H R) Inc 105 $ 5,841 588 $ 32,708
CMS Energy Corp 0 -- 0 --
DeVry Inc+ 100 2,088 100 2,088
Public Service Enterprise Group 108 4,428 1,440 59,040
Service Corp International 229 3,163 1,508 20,829
Sotheby's Holdings Inc 611 17,795 0 --
Sylvan Learning Systems Inc+ 0 -- 0 --
---------- ----------
TOTAL SERVICES
-VALUE $ 33,315 $ 114,665
-COST $ 23,195 $ 111,082
SHIPPING
Percent of Net Assets 0.00% 0.00%
Halter Marine Group Inc+ 273 $ 1,450 261 $ 1,387
---------- ----------
TOTAL SHIPPING
-VALUE $ 1,450 $ 1,387
-COST $ 3,161 $ 3,083
TELECOMMUNICATIONS
Percent of Net Assets 2.64% 5.33%
ADC Telecommunications+ 572 $ 21,200 1,261 $ 46,736
Adtran Inc+ 100 3,813 176 6,710
Advanced Fibre Communication+ 300 4,894 616 10,049
Alcatel Alsthom Compagnie
Generale d'electricite ADR
(France) 2,889 89,378 10,492 324,596
Alltel Corp 149 10,076 1,622 109,688
Ameritech Corp 899 56,749 5,372 339,108
Andrew Corp+ 90 1,575 517 9,048
Aspect Telecommunication Corp+ 0 -- 540 5,974
AT & T Corp 3,619 162,855 21,117 950,265
Bell Atlantic Corp 1,754 107,433 7,785 476,831
BellSouth Corp 1,800 81,450 11,779 533,000
British Telecommunications PLC
ADR (UK) 1,764 271,877 6,123 943,707
</TABLE>
142
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ---------------------- ----------------------- ------------------------
Shares Value Shares Value Shares Value
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
4,230 $ 58,427 3,587 $ 49,545 7,843 $ 108,331
521 2,019 460 1,783 906 3,510
2,578 18,368 2,211 15,753 4,409 31,414
15,034 348,601 11,912 276,210 28,940 671,046
66,960 2,967,165 54,110 2,397,749 130,648 5,789,340
200 7,800 100 3,900 242 9,438
----------- ----------- -----------
$12,105,744 $ 9,976,595 $23,016,902
$ 8,250,151 $ 6,643,105 $15,545,485
0.11% 0.11% 0.12%
1,749 $ 97,288 1,433 $ 79,711 2,800 $ 155,750
1,352 53,489 100 3,956 200 7,913
300 6,263 100 2,088 200 4,175
3,809 156,169 3,086 126,526 6,559 268,919
4,287 59,214 3,421 47,253 7,249 100,127
743 21,640 556 16,194 0 --
200 3,975 100 1,988 200 3,975
----------- ----------- -----------
$ 398,038 $ 277,716 $ 540,859
$ 355,431 $ 261,549 $ 546,700
0.00% 0.00% 0.00%
440 $ 2,338 407 $ 2,162 684 $ 3,634
----------- ----------- -----------
$ 2,338 $ 2,162 $ 3,634
$ 4,534 $ 4,124 $ 7,438
8.14% 10.12% 12.54%
2,363 $ 87,579 2,136 $ 79,166 6,630 $ 245,724
175 6,672 268 10,218 718 27,374
1,327 21,647 1,261 20,570 2,673 43,603
24,784 766,755 21,680 670,725 48,653 1,505,202
4,799 324,532 3,705 250,551 7,784 526,393
16,263 1,026,602 13,121 828,263 31,919 2,014,887
1,524 26,670 1,010 17,675 2,363 41,353
100 1,106 0 -- 1,260 13,939
52,403 2,358,135 45,639 2,053,755 91,013 4,095,585
20,392 1,249,010 17,588 1,077,265 42,544 2,605,820
29,881 1,352,115 26,755 1,210,664 57,738 2,612,645
14,723 2,269,182 12,865 1,982,818 28,597 4,407,513
</TABLE>
143
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- ------------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Cable & Wireless Ltd ADR 9,423 $ 212,613 33,656 $ 759,362
CenturyTel Inc 0 -- 0 --
Ciena Corp+ 100 3,513 428 15,034
Comsat Corp 410 14,248 604 20,989
Covad Communications Group+ 0 -- 0 --
Cox Communications Inc Class A+ 872 32,420 1,430 53,185
Crown Castle International Corp+ 0 -- 0 --
Deutsche Telekom Ag ADR
(Germany) 3,726 165,341 13,258 588,324
DSP Communications Inc+ 0 -- 440 10,340
E-Tek Dynamics Inc+ 0 -- 100 5,669
Ericsson L M Telephone ADR
(Sweden) 2,032 66,167 7,026 228,784
Federal Signal Corp 498 10,427 431 9,024
Frontier Corp 250 10,484 925 38,792
Glenayre Technologies Inc+ 650 2,031 572 1,788
Global TeleSystems Group Inc+ 400 12,925 880 28,435
GTE Corp 1,156 79,331 4,663 319,998
ICG Communications Inc+ 200 4,175 528 10,956
Intermedia Communications Inc+ 0 -- 100 2,600
International Network Services
Corp+ 0 -- 0 --
IXC Communications Inc+ 0 -- 76 2,670
Jds Uniphase Corp+ 0 -- 580 61,516
Koninklijke Philips Electric NV
ADR 436 44,826 1,299 133,553
Leap Wireless International Inc+ 100 1,738 198 3,440
Level 3 Communications+ 100 5,975 200 11,950
Loral Space & Communications+ 1,042 19,147 2,626 48,253
Lucent Technologies Inc 2,313 148,177 14,500 928,906
MCI WorldCom Inc+ 2,354 178,316 11,030 835,523
McLeod Inc Class A+ 400 13,350 880 29,370
Network Appliance Inc+ 0 -- 604 39,675
NEXTEL Communications Class A+ 178 10,291 1,655 95,680
Nippon Telegraph & Telegraph ADR
(Japan) 1,424 80,456 5,469 308,999
Nokia Corp 1,012 84,376 3,476 289,812
Nortel Networks Corp 1,666 68,410 6,994 287,191
NTL Inc+ 0 -- 528 51,843
Omnipoint Corp+ 200 8,100 264 10,692
Paging Network Inc+ 500 1,547 616 1,906
Pairgain Technologies Inc+ 300 3,131 616 6,430
Pan Am Sat Corp+ 100 3,694 176 6,501
Picturetel Corp+ 400 2,213 352 1,947
Qualcom Inc+ 500 96,094 1,184 227,550
Qwest Communications
International Inc+ 1,400 40,163 3,192 91,770
SBC Communication Inc 1,326 63,648 9,622 461,856
Scientific-Atlanta Inc 75 3,844 549 28,136
SkyTel Communications Inc+ 0 -- 352 6,974
</TABLE>
144
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------- ------------------- --------------------
Shares Value Shares Value Shares Value
- ------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
76,696 $1,730,454 70,029 $1,580,025 150,091 $3,386,428
1,833 72,060 100 3,931 200 7,863
1,040 36,530 671 23,569 2,361 82,930
1,531 53,202 1,252 43,507 2,829 98,308
100 4,613 0 -- 100 4,613
2,276 84,635 2,305 85,731 6,809 253,204
0 -- 0 -- 100 1,513
31,315 1,389,603 27,280 1,210,550 61,130 2,712,644
0 -- 536 12,596 983 23,101
300 17,006 100 5,669 300 17,006
16,884 549,785 14,628 476,324 33,171 1,080,131
707 14,803 716 14,991 1,672 35,007
2,357 98,847 2,009 84,252 4,757 199,497
1,130 3,531 814 2,544 1,459 4,559
1,854 59,907 1,886 60,941 4,032 130,284
12,677 869,959 10,929 750,003 26,307 1,805,318
1,152 23,904 982 20,377 2,231 46,293
100 2,600 0 -- 188 4,888
200 10,638 100 5,319 100 5,319
163 5,725 168 5,901 330 11,591
200 21,213 100 10,606 476 50,486
3,185 327,507 2,873 295,380 6,315 649,261
394 6,846 379 6,585 873 15,168
800 47,750 400 23,900 900 53,719
5,119 94,062 4,757 87,410 10,620 195,143
44,877 2,874,933 35,863 2,297,473 86,433 5,537,114
32,408 2,454,906 26,494 2,006,921 63,936 4,843,152
1,854 61,877 1,708 57,005 3,832 127,893
0 -- 0 -- 0 --
4,443 256,861 3,671 212,230 8,280 478,688
13,740 776,310 11,158 630,427 23,774 1,343,231
7,632 636,318 7,222 602,134 15,102 1,259,129
20,724 850,979 16,773 688,733 42,016 1,725,282
964 94,653 893 87,681 88 8,641
351 14,216 357 14,459 530 21,465
1,415 4,378 1,261 3,901 2,861 8,851
1,239 12,932 1,171 12,222 2,761 28,818
163 6,021 268 9,899 418 15,440
714 3,949 546 3,020 807 4,464
1,954 375,534 2,536 487,388 5,960 1,145,438
5,306 152,548 4,743 136,370 14,372 413,195
29,077 1,395,696 23,367 1,121,616 56,575 2,715,600
1,129 57,861 1,055 54,069 2,034 104,243
0 -- 0 -- 0 --
</TABLE>
145
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
--------------------------- -------------------------
Shares Value Shares Value
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Sprint Corp 970 $ 43,044 5,146 $ 228,354
Sprint Corp (PCS Group)+ 117 6,991 1,011 60,407
Tele Danmark A/S ADR (Denmark) 2,898 81,506 10,056 282,825
Telecommunications of New Zealand
Corp ADR (New Zealand) 859 30,602 3,058 108,941
Telefonica de Espana SA ADR (Spain)+ 1,143 55,078 4,818 232,167
Telephone & Data System Inc 0 -- 0 --
Tellabs Inc+ 174 10,364 1,652 98,397
U.S. West Inc 469 24,505 2,963 154,817
Vodafone Group PLC ADR (UK) 1,130 226,636 4,744 951,469
Voicestream Wireless Corp+ 0 -- 88 3,630
Western Wireless Corp Class A+ 0 -- 88 3,405
----------- -----------
TOTAL TELECOMMUNICATIONS
- VALUE $ 2,781,197 $11,945,547
- COST $ 1,592,074 $ 6,545,641
TEXTILES
Percent of Net Assets 0.05% 0.04%
Burlington Industries Inc+ 729 $ 4,146 419 $ 2,383
Cintas Corp 320 16,440 780 40,073
Collins & Aikman Corp 0 -- 0 --
Fruit of the Loom Inc Class A+ 197 1,379 380 2,660
Mohawk Industries Inc+ 0 -- 0 --
Shaw Industries Inc 1,060 21,200 1,322 26,440
Springs Industries Inc Class A 33 1,240 185 6,949
Unifi Inc+ 168 2,268 892 12,042
West Point Stevens Inc 100 2,400 328 7,872
----------- -----------
TOTAL TEXTILES
- VALUE $ 49,073 $ 98,419
- COST $ 43,546 $ 108,892
TOBACCO
Percent of Net Assets 0.16% 0.32%
British American Tobacco PLC ADR (UK) 1,021 $ 17,612 4,358 $ 75,176
Fortune Brands Inc 180 6,750 1,051 39,413
Philip Morris Co Inc 2,771 103,739 13,047 488,447
RJ Reynolds Tobacco Holdings+ 223 6,119 817 22,416
Swedish Match AB ADR (Sweden) 852 34,719 2,502 101,957
----------- -----------
TOTAL TOBACCO
- VALUE $ 168,939 $ 727,409
- COST $ 163,594 $ 689,576
TRANSPORTATION
Percent of Net Assets 0.22% 0.31%
Alexander & Baldwin Inc 204 $ 4,934 607 $ 14,682
Burlington Northern Santa Fe 478 13,862 2,839 82,331
</TABLE>
146
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------ --------------------- -----------------------
Shares Value Shares Value Shares Value
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
14,070 $ 624,356 11,688 $ 518,655 24,682 $ 1,095,264
3,170 189,408 2,369 141,548 5,085 303,829
21,762 612,056 20,124 565,988 44,352 1,247,400
7,273 259,101 6,371 226,967 14,540 517,988
11,597 558,830 10,341 498,307 22,477 1,083,110
725 50,478 0 -- 0 --
5,664 337,362 4,712 280,659 11,256 670,436
7,684 401,489 6,880 359,480 14,650 765,462
11,624 2,331,339 10,101 2,025,882 23,138 4,640,615
0 -- 0 -- 265 10,931
0 -- 0 -- 265 10,252
----------- ----------- ------------
$30,409,576 $26,054,815 $ 59,140,243
$17,580,842 $14,490,049 $ 34,342,667
0.05% 0.07% 0.10%
1,096 $ 6,234 769 $ 4,374 1,880 $ 10,693
1,250 64,219 1,534 78,809 3,439 176,679
0 -- 0 -- 453 2,407
1,177 8,239 656 4,592 2,068 14,476
200 4,525 100 2,263 288 6,516
2,818 56,360 2,472 49,440 6,029 120,580
293 11,006 324 12,170 570 21,411
1,674 22,599 1,512 20,412 3,350 45,225
1,152 27,648 871 20,904 2,220 53,280
----------- ----------- ------------
$ 200,830 $ 192,964 $ 451,267
$ 248,192 $ 216,101 $ 542,922
0.56% 0.66% 0.87%
14,803 $ 255,352 10,900 $ 188,025 23,674 $ 408,377
2,884 108,150 2,219 83,213 4,827 181,013
38,744 1,450,479 31,108 1,164,606 78,347 2,933,116
2,248 61,680 1,822 49,991 5,237 143,690
5,527 225,225 5,155 210,066 11,093 452,040
----------- ----------- ------------
$ 2,100,886 $ 1,695,901 $ 4,118,236
$ 1,937,897 $ 1,595,828 $ 4,015,877
0.42% 0.53% 0.62%
1,164 $ 28,154 990 $ 23,946 2,490 $ 60,227
7,827 226,983 6,495 188,355 13,752 398,808
</TABLE>
147
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
--------------------- ----------------------
Shares Value Shares Value
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Canadian National Railway Co 4 $ 254 6 $ 381
Carnival Corp Class A 1,700 75,969 4,112 183,755
CNF Transportation Inc 162 6,308 470 18,301
Consolidated Freightways Corp+ 31 335 159 1,719
CSX Corp 97 4,238 1,323 57,799
Fritz Companies Inc+ 200 2,275 176 2,002
Galileo International Inc 200 9,700 240 11,640
Hunt (J B) Transport Services 0 -- 0 --
Kansas City Southern Industries 643 29,779 1,341 62,105
Laidlaw Inc Class B 395 2,469 1,844 11,525
Norfolk Southern Corp 492 12,884 2,545 66,647
Overseas Shipholding Group 393 5,477 273 3,805
Pittston Brink's Group 323 7,691 546 13,002
Pittston Burlington Group 61 545 141 1,260
Roadway Express Inc 46 969 139 2,928
Tidewater Inc 265 8,613 848 27,560
Trinity Industries Inc 222 6,965 363 11,389
Union Pacific Corp 278 13,535 1,539 74,930
Viad Corp 436 13,053 1,114 33,350
Wisconsin Central Transport+ 400 6,375 704 11,220
Xtra Corp+ 200 9,063 176 7,975
Yellow Corp+ 49 778 196 3,112
--------- ---------
TOTAL TRANSPORTATION
- VALUE $ 236,071 $ 703,418
- COST $ 219,483 $ 665,773
UTILITIES
Percent of Net Assets 0.26% 0.65%
AES Corp+ 0 $ -- 1,025 $ 62,205
Allegheny Energy Inc 0 -- 0 --
Alliant Energy Corp 141 4,080 1,021 29,545
Ameren Corp 188 7,532 742 29,726
American Electric Power Inc 136 4,939 1,165 42,304
American Water Works Co Inc 200 5,825 780 22,718
Azurix Corp+ 0 -- 0 --
Carolina Power & Light Co 143 5,202 913 33,210
Central & South West Corp 170 3,846 1,308 29,594
Cinergy Corp 157 4,769 957 29,069
Conectiv Inc 1,067 22,874 752 16,121
Consolidated Edison Inc 155 6,820 1,449 63,756
Constellation Energy Group 67 1,985 819 24,263
Dominion Resources Inc 198 9,158 1,165 53,881
DTE Energy Co 218 8,597 870 34,311
Duke Power Co 251 14,433 2,240 128,800
Edison International 337 8,551 2,183 55,394
</TABLE>
148
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--
AUGUST 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- --------------------------------- ------------------------ -------------------------
Shares Value Shares Value Shares Value
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
12 $ 763 11 $ 699 23 $ 1,462
7,610 340,072 6,699 299,362 11,828 528,564
1,036 40,339 1,026 39,950 2,318 90,257
355 3,838 255 2,757 603 6,520
3,523 153,911 2,858 124,859 6,262 273,571
263 2,992 0 -- 353 4,015
777 37,685 693 33,611 1,655 80,268
522 7,732 0 -- 0 --
2,112 97,812 2,024 93,737 6,323 292,834
5,328 33,300 4,507 28,169 9,017 56,356
6,621 173,387 5,598 146,598 11,812 309,327
482 6,718 362 5,045 331 4,613
1,202 28,623 1,020 24,289 2,512 59,817
287 2,565 197 1,761 455 4,067
237 4,992 217 4,571 317 6,677
1,624 52,780 1,326 43,095 3,284 106,730
956 29,995 903 28,332 2,113 66,295
4,075 198,402 3,333 162,275 7,050 343,247
1,801 53,917 2,257 67,569 4,512 135,078
1,415 22,552 1,350 21,516 2,850 45,422
263 11,917 179 8,111 442 20,028
513 8,144 267 4,239 386 6,128
------------- ------------- -------------
$ 1,567,573 $ 1,352,816 $ 2,900,311
$ 1,550,411 $ 1,324,987 $ 3,071,209
1.27% 1.26% 1.43%
2,891 $ 175,448 2,330 $ 141,402 5,045 $ 306,168
1,686 56,903 0 -- 0 --
1,829 52,927 1,735 50,207 377 10,909
2,146 85,974 1,895 75,918 4,050 162,253
3,096 112,424 2,525 91,689 5,475 198,811
1,765 51,406 1,607 46,804 3,456 100,656
200 3,713 100 1,856 200 3,713
2,619 95,266 2,164 78,716 4,414 160,559
3,495 79,074 2,747 62,151 5,853 132,424
2,676 81,284 2,026 61,540 4,484 136,202
1,437 30,806 973 20,859 1,007 21,588
3,803 167,332 3,137 138,028 6,653 292,732
2,573 76,225 2,079 61,590 4,247 125,817
3,189 147,491 2,624 121,360 5,671 262,284
2,448 96,543 2,032 80,137 4,176 164,691
5,956 342,470 5,109 293,768 10,436 600,070
5,822 147,733 4,970 126,114 10,207 259,003
1,576 57,623 0 -- 0 --
</TABLE>
149
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------ -----------------------------
Shares Value Shares Value
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
Energy East Corp 0 $ -- 0 $ --
Entergy Corp 150 4,472 1,531 45,643
FirstEnergy Corp 160 4,570 1,415 40,416
Florida Progress Corp 0 -- 0 --
FPL Group Inc 221 11,934 1,153 62,262
GPU Inc 122 4,163 718 24,502
Hawaiian Electric Industries Inc 192 6,828 187 6,650
Idacorp Inc 0 -- 0 --
Illinova Corp 0 -- 0 --
IPALCO Enterprises Inc 0 -- 0 --
Kansas City Power & Light Co 0 -- 0 --
Keyspan Corp 0 -- 0 --
LG & E Energy Corp 0 -- 0 --
Midamerican Energy Holdings Co+ 0 -- 0 --
Minnesota Power & Light Co 698 12,433 476 8,479
Montana Power Co 0 -- 0 --
National Power ADR (UK) 738 21,402 2,500 72,500
New Century Energies Inc 0 -- 20 723
New England Electric System 0 -- 0 --
Niagra Mohawk Holdings Inc+ 171 2,586 1,022 15,458
Nisource Inc 0 -- 0 --
Northeast Utilities+ 0 -- 0 --
Northern States Power Co 90 2,121 1,110 26,154
OGE Energy Corp 0 -- 0 --
Pacificorp 317 6,479 1,868 38,177
PECO Energy Co 242 9,831 1,303 52,934
PG & E Corp 446 13,519 2,365 71,689
Pinnacle West Capital Corp 0 -- 0 --
Potomac Electric Power Co 0 -- 0 --
PP & L Resources Inc 87 2,436 910 25,480
Public Service Company Of New Mexico 0 -- 0 --
Puget Sound Power & Light Co 0 -- 0 --
Reliant Energy Inc 344 9,525 1,793 49,644
SCANA Corp 0 -- 0 --
Sempra Energy 248 5,534 1,463 32,643
Sierra Pacific Resources 444 10,823 317 7,727
Southern Co 765 20,703 4,275 115,692
TECO Energy Inc 0 -- 0 --
Texas Utilities Co 161 6,510 1,649 66,681
Unicom Corp 128 4,944 1,254 48,436
Wisconsin Energy Corp 0 -- 0 --
------------- ------------
TOTAL UTILITIES
- VALUE $ 269,424 $ 1,466,787
- COST $ 255,205 $ 1,346,241
</TABLE>
150
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO--AUGUST 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- --------------------------------- -------------------------- ---------------------------
Shares Value Shares Value Shares Value
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
2,006 $ 50,150 0 $ -- 0 $ --
3,945 117,610 3,309 98,650 6,824 203,441
3,920 111,965 3,185 90,972 6,725 192,083
1,457 68,297 0 -- 100 4,688
2,929 158,166 2,310 124,740 5,234 282,636
2,052 70,025 1,771 60,435 3,702 126,331
609 21,658 606 21,551 1,472 52,348
513 16,063 0 -- 0 --
1,011 32,226 0 -- 0 --
1,646 34,463 0 -- 0 --
837 20,140 0 -- 0 --
630 18,585 0 -- 0 --
870 20,010 0 -- 0 --
789 22,585 0 -- 0 --
842 14,998 624 11,115 692 12,326
1,544 47,768 0 -- 0 --
6,031 174,899 5,421 157,209 12,015 348,435
1,221 44,109 100 3,613 200 7,225
884 46,134 0 -- 0 --
3,117 47,145 2,466 37,298 5,359 81,055
1,879 44,626 0 -- 0 --
1,779 31,244 0 -- 0 --
2,744 64,656 2,196 51,743 4,413 103,981
1,173 27,566 0 -- 0 --
4,955 101,268 3,981 81,362 8,344 170,531
3,582 145,519 3,005 122,078 6,377 259,066
6,159 186,695 5,181 157,049 11,132 337,439
1,269 48,222 0 -- 0 --
1,683 44,600 0 -- 0 --
2,577 72,156 2,013 56,364 4,787 134,036
570 10,723 420 7,901 0 --
851 20,158 0 -- 0 --
4,909 135,918 3,940 109,089 8,477 234,707
1,367 34,175 0 -- 0 --
3,923 87,532 3,229 72,047 6,820 152,171
571 13,918 421 10,262 397 9,677
11,275 305,130 9,471 256,309 20,210 546,933
1,668 35,028 0 -- 0 --
4,618 186,740 3,806 153,905 7,936 320,912
3,467 133,913 2,859 110,429 6,137 237,042
1,542 37,683 0 -- 0 --
------------- ------------- -------------
$ 4,765,108 $ 3,246,260 $ 6,754,943
$ 4,107,093 $ 2,920,882 $ 6,201,118
</TABLE>
151
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
-------------------------- --------------------------
Shares Value Shares Value
- ----------------------------------------------------------------------------------------------------
WARRANTS
<S> <C> <C> <C> <C>
Percent of Net Assets 0.00% 0.00%
Edison Brothers Stores (09/26/05)+ 0 $ -- 0 $ --
Golden State Bancorp (01/01/01)+ 200 300 500 766
Marvel Enterprises (10/02/01)+ 0 -- 14 8
Morrison Knudsen Corp (03/11/03)+ 4 13 17 56
Total Fina (08/08/03)+ 0 -- 81 1,924
------------- -------------
TOTAL WARRANTS
- VALUE $ 313 $ 2,754
- COST $ 1,154 $ 2,259
TOTAL COMMON STOCKS
- VALUE $ 21,461,786 $ 91,535,859
- COST $ 15,593,056 $ 64,506,093
</TABLE>
152
<PAGE>
MASTER INVESTMENT PORTFOLIO -- LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- --------------------- --------------------- ---------------------
Shares Value Shares Value Shares Value
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.00% 0.00% 0.00%
16 $ -- 0 $ -- 0 $ --
800 1,200 900 1,378 1,900 2,850
105 57 14 8 44 24
27 89 25 83 42 139
81 1,924 81 1,924 162 3,848
------------ ------------ ------------
$ 3,270 $ 3,393 $ 6,861
$ 9,201 $ 4,847 $ 7,981
$240,092,251 $200,751,399 $451,696,650
$169,400,711 $140,264,186 $331,265,110
</TABLE>
153
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
-------------------------- --------------------------
Principal Value Principal Value
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. TREASURY SECURITIES
Percent of Net Assets 60.94% 48.41%
U.S. TREASURY BONDS
Percent of Net Assets 9.81% 6.24%
U.S. Treasury Bonds, 4.75%-14.00%,
02/15/01-11/15/28 $ 8,950,000 $ 10,316,968 $12,000,000 $ 13,997,643
------------ ------------
TOTAL U.S. TREASURY BONDS
- VALUE $ 10,316,968 $ 13,997,643
- COST $ 10,538,767 $ 14,183,529
U.S. TREASURY NOTES
Percent of Net Assets 51.13% 42.17%
U.S. Treasury Notes,
4.00%-8.50%,
09/30/00-11/15/08 $53,175,000 $ 53,777,368 $93,620,000 $ 94,598,856
------------ ------------
TOTAL U.S. TREASURY NOTES
- VALUE $ 53,777,368 $ 94,598,856
- COST $ 54,399,156 $ 96,064,365
TOTAL U.S. TREASURY SECURITIES
- VALUE $ 64,094,336 $108,596,499
- COST $ 64,937,923 $110,247,894
</TABLE>
154
<PAGE>
MASTER INVESTMENT PORTFOLIO -- LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- -------------------------- -------------------------- ----------------------------
Principal Value Principal Value Principal Value
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30.47% 16.61% 3.52%
5.46% 11.20% 3.15%
$17,650,000 $ 20,398,735 $ 24,890,000 $ 28,842,775 $ 12,700,000 $ 14,847,206
------------ ------------ ------------
$ 20,398,735 $ 28,842,775 $ 14,847,206
$ 21,203,865 $ 29,660,493 $ 15,645,288
25.01% 5.41% 0.37%
$92,705,000 $ 93,489,258 $ 13,750,000 $ 13,919,777 $ 1,700,000 $ 1,732,401
------------ ------------ ------------
$ 93,489,258 $ 13,919,777 $ 1,732,401
$ 94,778,500 $ 14,260,878 $ 1,743,504
$113,887,993 $ 42,762,552 $ 16,579,607
$115,982,365 $ 43,921,371 $ 17,388,792
</TABLE>
155
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
--------------------------------- --------------------------------
Principal Value Principal Value
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SHORT TERM INSTRUMENTS
Percent of Net Assets 19.94% 14.54%
CASH EQUIVALENTS
Percent of Net Assets 1.94% 6.62%
Dreyfus Institutional Money Market
Fund++ $ 45,280 $ 45,280 $ 953,557 $ 953,557
Janus Institutional Money Market Fund++ 0 -- 8,900,000 8,900,000
Merrimac Institutional Money Market
Fund++ 2,000,000 2,000,000 5,000,000 5,000,000
------------ ------------
TOTAL CASH EQUIVALENTS
- VALUE $ 2,045,280 $ 14,853,557
- COST $ 2,045,280 $ 14,853,557
REPURCHASE AGREEMENTS
Percent of Net Assets 18.00% 7.92%
Morgan Stanley Tri Party Repurchase
Agreement, dated 8/31/99, due 9/1/99,
with a maturity value of $62,640,800
and an effective yield of 5.14%,
collateralized by U.S. Government
obligations with a rate of 5.28%, with
a maturity date of 9/15/99 and with an
aggregate market value of $63,722,191. $ 18,930,118 $ 18,930,118 $ 17,760,821 $ 17,760,821
------------ ------------
TOTAL REPURCHASE AGREEMENTS
- VALUE $ 18,930,118 $ 17,760,821
- COST $ 18,930,118 $ 17,760,821
TOTAL SHORT TERM INSTRUMENTS
- VALUE $ 20,975,398 $ 32,614,378
- COST $ 20,975,398 $ 32,614,378
TOTAL INVESTMENTS IN SECURITES
- VALUE $106,531,520 $232,746,736
- COST $101,506,377 $207,368,365
------------ ------------
TOTAL INVESTMENTS IN SECURITES 101.28% $106,531,520 103.76% $232,746,736
Other Assets and Liabilities, Net (1.28)% (1,346,499) (3.76)% (8,440,441)
------------ ------------ ------------ ------------
TOTAL NET ASSETS 100.00% $105,185,021 100.00% $224,306,295
============ ============ ============ ============
</TABLE>
+ Non-income earning securities.
++ Represents investment of collateral received from securities lending
transactions. See Note 4.
** Cost for federal income tax purposes is $101,506,377, $207,368,365,
$328,344,108, $206,828,678, $394,677,438 for Lifepath 2000, Lifepath 2010,
Lifepath 2020, Lifepath 2030, and Lifepath 2040, respectively and net
unrealized appreciation consists of :
Gross Unrealized Appreciation $ 7,119,393 $ 30,270,627
Gross Unrealized Depreciation (2,094,250) (4,892,256)
------------ ------------
Net Unrealized Appreciation $ 5,025,143 $ 25,378,371
============ ============
The accompanying notes are an integral part of the financial statements.
156
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIO
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------------ ------------------------------ ------------------------------
Principal Value Principal Value Principal Value
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
11.50% 8.79% 9.76%
7.45% 6.03% 9.02%
$ 228,174 $ 228,174 $ 625,104 $ 625,104 $ 513,468 $ 513,468
9,500,000 9,500,000 4,900,000 4,900,000 21,000,000 21,000,000
18,100,000 18,100,000 10,000,000 10,000,000 21,000,000 21,000,000
------------ ------------ ------------
$ 27,828,174 $ 15,525,104 $ 42,513,468
$ 27,828,174 $ 15,525,104 $ 42,513,468
4.05% 2.76% 0.74%
$ 15,132,858 $ 15,132,858 $ 7,118,017 $ 7,118,017 $ 3,510,068 $ 3,510,068
------------ ------------ ------------
$ 15,132,858 $ 7,118,017 $ 3,510,068
$ 15,132,858 $ 7,118,017 $ 3,510,068
$ 42,961,032 $ 22,643,121 $ 46,023,536
$ 42,961,032 $ 22,643,121 $ 46,023,536
$396,941,276 $266,157,072 $514,299,793
$328,344,108 $206,828,678 $394,677,438
------------ ------------ ------------
106.21% $396,941,276 103.36% $266,157,072 109.08% $514,299,793
(6.21)% (23,191,506) (3.36)% (8,643,579) (9.08)% (42,822,285)
------------ ------------ ------------ ------------ ------------ ------------
100.00% $373,749,770 100.00% $257,513,493 100.00% $471,477,508
============ ============ ============ ============ ============ ============
$ 77,305,315 $ 67,175,473 $136,346,878
(8,708,147) (7,847,079) (16,724,523)
------------ ------------ ------------
$ 68,597,168 $ 59,328,394 $119,622,355
============ ============ ============
</TABLE>
157
<PAGE>
MASTER INVESTMENT PORTFOLIO--MONEY MARKET
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Yield to Maturity
Principal Security Name Maturity Date Value
<S> <C> <C> <C> <C>
CERTIFICATES OF DEPOSIT-23.32%
$ 5,000,000 Abbey National Treasury 5.04% 02/08/00 $ 4,999,154
Service
5,000,000 ABN Amro Bank NV 5.14 02/22/00 4,999,081
10,000,000 Bank of Montreal 5.09 04/14/00 9,997,614
3,000,000 Bayerische Hypo-Und
Vereinsbank AG 5.23 03/01/00 3,000,144
5,000,000 Chase Manhattan Bank 5.18 03/15/00 4,998,449
3,000,000 Credit Suisse First Boston 5.60 06/04/00 3,000,000
7,000,000 Morgan Guaranty Trust Co 5.36 04/05/00 7,000,000
5,000,000 SNB Key Bank 5.60 06/16/00 4,997,343
4,000,000 Toronto-Dominion Bank 5.08 12/29/99 4,000,746
-------------
TOTAL CERTIFICATES OF DEPOSIT $ 46,992,531
COMMERCIAL PAPER-54.22%
$ 5,000,000 Alpine Securitization Corp 5.13% 09/02/99 $ 4,999,287
7,000,000 Banco Mercantile Del Norte 4.82 09/27/99 6,975,632
1,483,000 Barton Capital Corp 5.22 10/06/99 1,475,474
1,505,000 BTR Dunlop Finance Inc 5.20 09/08/99 1,503,478
3,476,000 Enterprise Funding Corp 5.15 09/20/99 3,466,552
9,000,000 General Electric Capital Corp 5.60 09/01/99 9,000,000
5,000,000 General Electric Financial
Assurance Holding 5.04 09/22/99 4,985,300
10,000,000 GMAC Mortgage Corp 5.20 09/01/99 10,000,000
5,000,000 International Securitization 5.32 09/15/99 4,989,655
3,000,000 Monte Rosa Capital Corp 5.30 09/15/99 2,993,817
5,000,000 Monte Rosa Capital Corp 5.37 10/13/99 4,968,675
5,000,000 Nationsbank NA 4.95 10/06/99 5,000,000
8,000,000 Park Avenue Receivables Corp 5.33 09/22/99 7,975,127
5,000,000 Pemex Capital Inc 5.27 09/27/99 4,980,969
9,000,000 Prudential Funding Corp 5.61 09/01/99 9,000,000
7,000,000 Special Purpose Accounts
Receivable Cooperative Corp 5.34 02/07/00 7,000,000
10,000,000 WCP Funding Corp 5.15 09/16/99 9,978,542
5,000,000 Windmill Funding Corp 5.14 09/27/99 4,981,439
5,000,000 Windmill Funding Corp 5.15 09/16/99 4,989,271
-------------
TOTAL COMMERCIAL PAPER $ 109,263,218
U.S. GOVERNMENT AGENCY SECURITIES-2.48%
$ 5,000,000 Federal Home Loan Bank 4.95% 02/17/00 $ 4,998,890
-------------
TOTAL U.S. GOVERNMENT AGENCY SECURITIES $ 4,998,890
</TABLE>
158
<PAGE>
MASTER INVESTMENT PORTFOLIO--MONEY MARKET
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Yield to Maturity
Principal Security Name Maturity Date Value
<S> <C> <C> <C> <C>
VARIABLE & FLOATING RATE NOTES-7.44%
$ 7,000,000 Ford Motor Credit Co 5.49% 08/18/00 $ 6,993,311
8,000,000 Lexington Parker 5.37 02/07/00 8,000,000
------------
TOTAL VARIABLE & FLOATING RATE NOTES $ 14,993,311
REPURCHASE AGREEMENTS-11.88%
23,932,000 Merrill Lynch Repurchase Agreement dated 08/31/99,
due 09/01/99 with a maturity value of $23,935,670
and an effective yield of 5.14%, Collateralized by
Federal National Mortgage Association ARM Obligations
with rates ranging from 5.78% to 7.00%, maturity dates
ranging from 07/01/01 to 08/01/38 and an aggregate
market value of $24,285,069.......................... 23,932,000
644 Morgan Stanley Triparty Repurchase Agreement dated
8/31/99, due 9/1/99 with a maturity value of $644 and
an effective yield of 5.14%, Collateralized by a U.S
Treasury Bill with a rate of 5.28%, a maturity of
9/15/99 and a market value of $9,978................. 644
------------
TOTAL REPURCHASE AGREEMENTS 23,932,644
TOTAL INVESTMENTS IN SECURITIES 99.34% $200,180,594
(Cost $200,180,594) ** (Notes 1 and 3)
Other Assets and Liabilities 0.66% 1,354,939
-------- ------------
TOTAL NET ASSETS 100.00% $201,535,533
======== ============
</TABLE>
** Cost for income tax purposes is the same as for financial statement purposes.
The accompanying notes are an integral part of these financial statements.
159
<PAGE>
MASTER INVESTMENT PORTFOLIO--S&P 500 INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS-95.87%
ADVERTISING-0.12%
Omnicom Group 68,759 $ 5,182,710
-------------
TOTAL ADVERTISING
- VALUE $ 5,182,710
- COST $ 3,464,154
AEROSPACE & DEFENSE-1.47%
Allied Signal Inc 212,485 $ 13,014,706
Boeing Co 374,457 16,967,583
Briggs & Stratton Corp 9,122 555,302
General Dynamics Corp 71,266 4,489,758
Lockheed Martin Corp 151,773 5,615,601
Northrop Grumman Corp 26,579 1,926,977
Rockwell International Corp 73,375 4,338,297
Textron Inc 58,104 4,691,898
United Technologies Corp 185,408 12,260,104
-------------
TOTAL AEROSPACE & DEFENSE
- VALUE $ 63,860,226
- COST $ 47,536,525
AIRLINES-0.35%
AMR Corp+ 59,167 $ 3,468,665
Delta Air Lines Inc 54,057 2,746,771
FDX Corp+ 114,517 4,859,815
Southwest Airlines Co 194,017 3,237,659
USAirways Group Inc+ 28,645 882,624
-------------
TOTAL AIRLINES
- VALUE $ 15,195,534
- COST $ 13,249,747
APPAREL-0.19%
Liz Claiborne Inc 24,521 $ 901,147
Nike Inc Class B 108,262 5,007,117
Reebok International Ltd+ 22,146 261,600
Russell Corp 13,707 229,592
VF Corp 46,340 1,668,240
-------------
TOTAL APPAREL
- VALUE $ 8,067,696
- COST $ 8,047,996
AUTO PARTS & EQUIPMENT-0.71%
Cooper Tire & Rubber Co 29,617 $ 562,723
Dana Corp 64,030 2,789,307
</TABLE>
160
<PAGE>
MASTER INVESTMENT PORTFOLIO--S&P 500 INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Delphi Automotive Systems Corp 216,361 $ 4,056,769
Deluxe Corp 30,344 1,033,593
Eaton Corp 27,696 2,714,208
Genuine Parts Co 69,138 1,996,360
Goodyear Tire & Rubber Co 60,125 3,374,516
Illinois Tool Works Inc 96,386 7,512,084
ITT Industries Inc 34,073 1,152,093
Navistar International Corp+ 25,666 1,248,009
PACCAR Inc 30,273 1,668,799
The Pep Boys--Manny Moe & Jack 20,775 302,536
TRW Inc 46,477 2,532,996
-------------
TOTAL AUTO PARTS & EQUIPMENT
- VALUE $ 30,943,993
- COST $ 21,969,352
AUTOMOBILES-0.94%
Ford Motor Co 465,310 $ 24,254,284
General Motors Corp Class A 249,229 16,480,268
-------------
TOTAL AUTOMOBILES
- VALUE $ 40,734,552
- COST $ 32,553,058
BANK & FINANCE-10.85%
American Express Corp 173,157 $ 23,809,087
Amsouth Bancorp 65,402 1,430,669
Associates First Capital Corp 279,960 9,606,128
Bank of America Corp 670,365 40,557,083
Bank of New York Inc 292,766 10,466,384
Bank One Corp 453,801 18,208,765
BankBoston Corp 114,237 5,304,881
BB&T Corp 120,484 4,036,214
Bear Stearns Co Inc 44,952 1,871,127
Capital One Financial Corp 76,100 2,872,775
Chase Manhattan 324,785 27,180,445
Citigroup Inc 1,298,214 57,689,385
Comerica Inc 60,198 3,134,058
Countrywide Credit Industries Inc 43,374 1,393,390
Equifax Inc 55,846 1,703,303
Federal Home Loan Mortgage Corp 267,231 13,762,396
Federal National Mortgage Assoc 393,853 24,468,118
Fifth Third Bancorp 103,358 6,847,468
First Union Corp 372,082 15,441,403
Firstar Corp 254,506 6,823,942
</TABLE>
161
<PAGE>
MASTER INVESTMENT PORTFOLIO--S&P 500 INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Fleet Financial Group Inc 219,376 $ 8,733,907
Franklin Resources Inc 97,131 3,490,645
Golden West Financial 21,678 1,968,633
Household International Inc 184,416 6,961,704
Huntington Bancshares Inc 89,157 2,669,138
Keycorp 172,399 4,999,571
Lehman Brothers Holdings 45,325 2,436,219
MBNA Corp 308,345 7,612,267
Mellon Bank Corp 200,463 6,690,453
Mercantile Bancorp 60,892 3,360,477
Merrill Lynch & Co Inc 141,507 10,559,960
MGIC Investment Corp 42,161 1,831,368
Morgan (J P) & Co Inc 68,179 8,807,875
Morgan Stanley Dean Witter 219,287 18,817,566
National City Corp 241,944 6,683,703
Northern Trust Corp 43,013 3,648,040
Paine Webber Group Inc 55,154 2,164,794
PNC Bank Corp 116,945 6,117,685
Regions Financial Corp 85,833 3,030,978
Republic New York Corp 40,554 2,813,434
Ryder System Inc 27,690 610,911
Schwab (Charles) Corp 313,908 12,399,366
SLM Holding Corp 62,784 2,774,268
State Street Boston Corp 62,052 3,715,364
Summit Bancorp 66,056 2,204,619
SunTrust Banks Inc 123,742 7,958,157
Synovus Financial Corp 103,581 1,955,091
U.S. Bancorp 279,559 8,631,384
Union Planters Corp 53,845 2,271,586
Wachovia Corp 78,040 6,116,385
Washington Mutual Inc 228,802 7,264,464
Wells Fargo & Co 635,204 25,289,059
-------------
TOTAL BANK & FINANCE
- VALUE $ 471,196,092
- COST $ 368,598,868
BASIC INDUSTRIES-1.37%
Alcoa Inc 142,129 $ 9,176,204
ASARCO Inc 15,737 328,510
Avery-Dennison Corp 43,853 2,406,433
Baker Hughes Inc 126,058 4,285,972
Bemis Co 20,358 772,332
</TABLE>
162
<PAGE>
MASTER INVESTMENT PORTFOLIO--S&P 500 INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Boise Cascade Corp 22,043 $ 801,814
Champion International Corp 36,981 2,033,955
Cyprus Amax Minerals 35,572 602,501
Dover Corp 82,213 3,180,615
Fort James Corp 85,088 2,744,088
Georgia-Pacific Corp 66,229 2,740,225
Homestake Mining Co 92,085 782,722
Ikon Office Solutions Inc 53,983 600,561
Inco Ltd 70,437 1,443,958
Louisiana-Pacific Corp 41,771 772,763
Mead Corp 39,296 1,466,232
Minnesota Mining & Manufacturing Co 154,761 14,624,914
NACCO Industries Inc Class A 3,027 235,728
Newmont Mining Corp 64,155 1,311,168
Potlatch Corp 11,371 439,205
Sealed Air Corp+ 32,207 1,892,161
Westvaco Corp 38,863 1,017,725
Weyerhauser Co 77,245 4,345,031
Willamette Industries Inc 42,972 1,702,766
-------------
TOTAL BASIC INDUSTRIES
- VALUE $ 59,707,583
- COST $ 49,359,697
BEVERAGES-2.40%
Anheuser-Busch Inc 182,844 $ 14,078,988
Coca-Cola Co 948,081 56,707,095
Coca-Cola Enterprises Co 163,218 4,641,512
Coors (Adolph) Co Class B 14,382 820,673
Diageo PLC ADR (UK) 17 704
Pepsico Inc 567,584 19,368,804
Seagrams Co Ltd 164,617 8,734,990
-------------
TOTAL BEVERAGES
- VALUE $ 104,352,766
- COST $ 86,249,234
BROADCASTING-0.94%
Clear Channel Communications Inc+ 127,745 $ 8,950,134
Kingworld Productions+ 27,521 1,049,238
MediaOne Group Inc+ 232,765 15,304,299
Tribune Co 45,611 4,256,076
Viacom Inc Class B+ 265,469 11,166,290
-------------
TOTAL BROADCASTING
- VALUE $ 40,726,037
- COST $ 24,527,058
</TABLE>
163
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MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
BUILDING MATERIALS & SERVICES-0.47%
Cooper Industries Inc 36,420 $ 1,889,288
Corning Inc 93,893 6,243,884
Danaher Corp 51,856 3,046,540
Owens Corning Fiberglass Corp 20,986 590,231
Owens Illinois Inc+ 60,369 1,494,133
PPG Industries Inc 66,894 4,017,821
Snap-On Inc 23,453 793,005
Stanley Works 34,452 908,672
Vulcan Materials Co 32,120 1,369,115
-------------
TOTAL BUILDING MATERIALS & SERVICES
- VALUE $ 20,352,689
- COST $ 17,600,534
BUSINESS SERVICES-0.38%
Cendant Corp+ 276,369 $ 4,957,369
Dun & Bradstreet Corp 63,376 1,659,659
Ecolab Inc 50,020 1,878,876
Paychex Inc 94,861 2,792,471
Waste Management Inc 234,418 5,113,243
-------------
TOTAL BUSINESS SERVICES
- VALUE $ 16,401,618
- COST $ 23,325,867
CHEMICALS-1.57%
Air Products & Chemicals Inc 88,409 $ 3,005,906
Clorox Co 90,512 4,095,668
Dow Chemical Co 84,458 9,596,540
Du Pont (E I) De Nemours 375,155 23,775,452
Eastman Chemical Co 30,282 1,406,220
FMC Corp+ 12,392 721,834
Goodrich (B F) Co 34,653 1,279,995
Grace (W R) Co+ 27,178 519,779
Great Lakes Chemical Corp 22,691 934,586
Hercules Inc 38,616 1,257,434
International Flavor & Fragrances 40,998 1,670,668
Monsanto Co 242,852 9,972,110
Praxair Inc 60,801 2,857,647
Rohm & Haas Co 81,296 3,038,438
Sigma-Aldrich Corp 39,041 1,259,072
</TABLE>
164
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MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Union Carbide Corp 51,317 $ 2,918,654
--------------
TOTAL CHEMICALS
- VALUE $ 68,310,003
- COST $ 58,101,063
COMPUTER SOFTWARE-7.66%
3Com Corp+ 139,468 $ 3,460,550
Adobe Systems Inc 23,548 2,345,970
America Online Inc+ 417,436 38,117,125
Autodesk Inc 20,332 467,636
Automatic Data Processing 237,977 9,355,471
BMC Software Inc+ 90,534 4,871,861
Ceridian Corp+ 55,853 1,563,884
Computer Associates International Inc 206,276 11,654,594
Computer Sciences Corp+ 61,171 4,232,269
Compuware Corp+ 141,575 4,273,795
Electronic Data Systems Corp 189,288 10,623,789
First Data Corp 166,183 7,312,052
IMS Health Inc 122,063 3,371,990
Microsoft Corp+ 1,959,084 181,337,713
Novell Inc+ 129,664 3,071,416
Oracle Systems Corp+ 553,231 20,192,932
Parametric Technology Corp+ 104,783 1,466,962
Peoplesoft Inc+ 90,560 1,279,160
Sun Microsystems Inc+ 297,468 23,648,706
--------------
TOTAL COMPUTER SOFTWARE
- VALUE $ 332,647,875
- COST $ 195,303,039
COMPUTER SYSTEMS-7.32%
Apple Computer Inc+ 60,296 $ 3,934,314
Cabletron Systems Inc+ 62,807 1,055,943
Cisco Systems Inc+ 1,227,206 83,219,907
Compaq Computer Corp 653,442 15,151,686
Data General Corp+ 19,257 355,051
Dell Computer Corp+ 974,506 47,568,074
EMC Corp+ 389,059 23,343,540
Gateway Inc+ 60,319 5,847,173
Harris Corp 31,034 814,642
Hewlett-Packard Co 390,024 41,098,779
International Business Machine Corp 697,229 86,848,587
Seagate Technology Inc+ 85,966 2,852,997
Shared Medical System Corp 10,340 580,979
</TABLE>
165
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MASTER INVESTMENT PORTFOLIO--S&P 500 INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Silicon Graphics Inc+ 73,128 $ 836,402
Unisys Corp+ 103,275 4,440,825
--------------
TOTAL COMPUTER SYSTEMS
- VALUE $ 317,948,899
- COST $ 146,570,322
CONTAINER & PACKAGING-0.29%
Ball Corp 11,780 $ 529,364
Crown Cork & Seal Co 47,391 1,258,823
International Paper Co 157,917 7,431,969
Temple-Inland Inc 21,587 1,338,394
Tenneco Inc 65,875 1,325,734
Tupperware Corp 22,621 510,386
--------------
TOTAL CONTAINER & PACKAGING
- VALUE $ 12,394,670
- COST $ 13,330,694
ELECTRICAL EQUIPMENT-3.90%
General Electric Co 1,256,906 $ 141,166,255
Grainger (W W) Inc 36,123 1,573,608
Masco Corp 129,783 3,674,481
Motorola Inc 231,748 21,378,753
National Service Industries Inc 15,998 511,936
Thomas & Betts Corp 21,793 980,685
--------------
TOTAL ELECTRICAL EQUIPMENT
- VALUE $ 169,285,718
- COST $ 101,065,305
ELECTRONICS-5.27%
Advanced Micro Devices+ 55,827 $ 1,154,921
Applied Materials Inc+ 143,428 10,192,352
CBS Corp+ 273,701 12,863,947
EG&G Inc 17,648 561,427
Emerson Electric Co 167,372 10,481,672
General Instrument Corp+ 65,466 3,220,109
Honeywell Inc 48,534 5,508,609
Intel Corp 1,274,695 104,763,995
Johnson Controls Inc 32,858 2,246,666
KLA Instruments Corp+ 33,808 2,123,565
Lexmark International Group Class A+ 43,375 3,415,781
LSI Logic Corp+ 55,154 3,129,989
Micron Technology Inc+ 95,676 7,133,813
National Semiconductor+ 64,661 1,822,632
Pitney Bowes Inc 103,383 6,099,597
</TABLE>
166
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MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Raytheon Co Class B 129,293 $ 8,808,086
Solectron Corp+ 97,952 7,664,744
Tektronix Inc 18,410 612,133
Texas Instruments Inc 301,213 24,718,292
Xerox Corp 254,226 12,139,291
--------------
TOTAL ELECTRONICS
- VALUE $ 228,661,621
- COST $ 120,465,061
ENERGY & RELATED-6.71%
Amerada Hess Corp 34,891 $ 2,165,423
Anadarko Petroleum Corp 46,745 1,589,330
Apache Corp 41,497 1,888,113
Ashland Inc 28,437 1,096,602
Atlantic Richfield Corp 123,780 10,884,904
Burlington Resources Inc 68,378 2,859,055
Chevron Corp 251,821 23,230,487
Coastal Corp 82,200 3,560,288
Columbia Gas System Inc 32,522 1,920,831
Conoco Inc Class B 243,868 6,553,947
Consolidated Natural Gas Co 36,921 2,351,406
Eastern Enterprises 8,432 378,913
Enron Corp 271,940 11,387,487
Exxon Corp 932,704 73,567,028
Halliburton Co 169,538 7,862,325
Helmerich & Payne Inc 19,470 536,642
Kerr-McGee Corp 32,874 1,840,944
Mobil Corp 300,646 30,778,634
NICOR Inc 18,445 713,591
Occidental Petroleum Corp 134,284 2,912,284
ONEOK Inc 12,234 380,019
Peoples Energy Corp 13,909 506,809
Phillips Petroleum Co 97,217 4,958,067
Rowan Co Inc+ 32,475 604,847
Royal Dutch Petroleum Corp 823,814 50,973,491
Schlumberger Ltd 210,312 14,038,326
Sonat Offshore Drilling Co 42,557 1,537,372
Sunoco Inc 35,137 1,144,149
Texaco Inc 206,300 13,100,050
Union Pacific Resources Group 97,483 1,748,601
Unocal Corp 93,353 3,909,157
USX--Marathon Group 118,917 3,701,292
</TABLE>
167
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MASTER INVESTMENT PORTFOLIO--S&P 500 INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Williams Co Inc 166,340 $ 6,861,525
--------------
TOTAL ENERGY & RELATED
- VALUE $ 291,541,939
- COST $ 204,943,461
ENGINEERING & CONSTRUCTION-0.09%
Armstrong World Industries Inc 15,543 $ 754,807
Centex Corp 23,215 652,922
Fleetwood Enterprises Inc 13,708 279,301
Fluor Corp 29,408 1,216,770
Foster Wheeler Corp 15,952 206,379
Kaufman & Broad Home Corp 17,979 367,446
Pulte Corp 17,087 395,137
--------------
TOTAL ENGINEERING & CONSTRUCTION
- VALUE $ 3,872,762
- COST $ 4,511,394
ENTERTAINMENT & LEISURE-1.33%
Brunswick Corp 35,682 $ 912,121
Disney (Walt) Co 791,454 21,962,848
Harrah's Entertainment Inc+ 48,115 1,082,587
Hasbro Inc 75,482 1,844,591
Mattel Inc 159,572 3,400,878
Mirage Resorts Inc+ 73,225 956,502
Polaroid Corp 17,470 473,874
Time Warner Inc 458,370 27,187,071
--------------
TOTAL ENTERTAINMENT & LEISURE
- VALUE $ 57,820,472
- COST $ 48,565,248
ENVIRONMENTAL CONTROL-0.01%
Allied Waste Industries Inc+ 50,915 $ 649,166
--------------
TOTAL ENVIRONMENTAL CONTROL
- VALUE $ 649,166
- COST $ 910,968
FOOD & RELATED-3.24%
Albertson's Inc 161,736 $ 7,753,220
Archer-Daniels-Midland Co 238,053 3,094,692
Bestfoods 107,572 5,284,475
Brown-Forman Corp Class B 26,460 1,554,525
Campbell Soup Co 167,791 7,414,265
ConAgra Inc 187,991 4,605,779
Darden Restaurants Inc 51,880 810,625
</TABLE>
168
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MASTER INVESTMENT PORTFOLIO--S&P 500 INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
General Mills Inc 58,793 $ 4,923,914
Great Atlantic & Pacific Tea Co 14,838 521,185
Heinz (H J) Co 138,292 6,456,508
Hershey Foods Corp 53,845 2,884,073
Kellogg Co 155,909 5,544,514
Kroger Co+ 317,760 7,348,200
McDonald's Corp 521,848 21,591,461
Nabisco Group Holdings Corp 125,413 2,226,081
Pioneer Hi Bred International Inc 92,295 3,611,042
Quaker Oats Co 51,978 3,472,780
Ralston-Purina Group 124,496 3,423,640
Safeway Inc+ 190,959 8,891,528
Sara Lee Corp 347,557 7,711,421
Super Value Inc 46,279 1,041,277
Sysco Corp 127,462 4,158,448
Tricon Global Restaurants+ 59,212 2,405,488
Unilever NV 219,729 15,133,835
UST Inc 68,036 2,155,891
Wendy's International Inc 47,843 1,339,604
Winn-Dixie Stores Inc 57,358 1,950,172
Wrigley (W M) Jr Co 44,737 3,503,466
-------------
TOTAL FOOD & RELATED
- VALUE $ 140,812,109
- COST $ 121,146,498
FURNITURE & APPLIANCES-0.20%
Maytag Corp 34,101 $ 2,135,575
Newell Rubbermaid Inc 108,510 4,448,910
Whirlpool Corp 29,131 2,059,198
-------------
TOTAL FURNITURE & APPLIANCES
- VALUE $ 8,643,683
- COST $ 6,783,340
HEALTHCARE-0.40%
Cardinal Health Inc 104,862 $ 6,684,953
HCR Manor Care Inc+ 42,886 838,957
Healthsouth Corp+ 160,259 1,312,121
McKesson HBOC Inc 105,816 3,293,523
St Jude Medical Inc+ 32,653 1,183,671
United Healthcare Corp 66,713 4,056,984
-------------
TOTAL HEALTHCARE
- VALUE $ 17,370,209
- COST $ 22,445,162
</TABLE>
169
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MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
HOSPITAL & MEDICAL SUPPLIES-2.48%
Bard (C R) Inc 19,978 $ 931,474
Bausch & Lomb Inc 21,821 1,441,550
Baxter International Inc 112,181 7,523,138
Becton Dickinson & Co 96,061 2,701,716
Biomet Inc 43,468 1,553,981
Boston Scientific Corp+ 152,221 5,166,000
Columbia/HCA Healthcare Corp 218,746 5,386,620
Guidant Corp 116,221 6,820,720
Johnson & Johnson 516,857 52,848,628
Mallinckrodt Group Inc 27,624 885,695
Medtronic Inc 224,528 17,569,316
PE Corp-Celera Genomics Group+ 1 14
PE Corp-PE Biosystems Group 38,586 2,655,199
Tenet Healthcare Corp+ 119,943 2,091,506
-------------
TOTAL HOSPITAL & MEDICAL SUPPLIES
- VALUE $ 107,575,557
- COST $ 71,203,180
HOUSEHOLD PRODUCTS-2.28%
Alberto-Culver Co Class B 21,777 $ 553,952
Avon Products Inc 100,873 4,425,803
Colgate-Palmolive Co 224,734 12,023,269
Gillette Co 426,333 19,877,776
Kimberly-Clark Corp 204,651 11,652,316
Procter & Gamble Co 510,391 50,656,307
-------------
TOTAL HOUSEHOLD PRODUCTS
- VALUE $ 99,189,423
- COST $ 67,996,257
INSURANCE-3.28%
Aetna Inc 54,289 $ 4,220,970
AFLAC Corp 102,592 4,610,228
Allstate Corp 310,289 10,181,358
American General Corp 96,513 6,852,423
American International Group Inc 594,915 55,141,184
Aon Corp 98,712 3,294,496
Chubb Corp 63,769 3,646,790
CIGNA Corp 78,247 7,027,559
Cincinnati Financial Corp 63,724 2,525,064
Conseco Inc 123,646 2,967,504
Hartford Financial Services Group 87,372 3,969,965
Humana Inc+ 64,704 586,380
</TABLE>
170
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MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Jefferson-Pilot Corp 40,814 $ 2,724,335
Lincoln National Corp 77,137 3,615,797
Loews Corp 42,103 3,305,085
Marsh & McLennan Companies Inc 101,285 7,374,814
MBIA Inc 38,539 1,999,211
Progressive Corp Ohio 28,125 2,868,750
Providian Financial Corp 54,779 4,252,220
SAFECO Corp 52,652 1,875,728
St Paul Co 87,313 2,799,473
Torchmark Corp 51,586 1,470,201
Unumprovident Corp 91,680 3,306,210
Wellpoint Health Networks+ 25,355 1,847,746
------------
TOTAL INSURANCE
-VALUE $142,463,491
- COST $113,506,068
LODGING-0.10%
Hilton Hotels Corp 100,112 $ 1,226,372
Marriott International 96,163 3,293,583
------------
TOTAL LODGING
-VALUE $ 4,519,955
- COST $ 3,933,445
MACHINERY-0.55%
Black & Decker Corp 33,627 $ 1,769,621
Case Corp 28,728 1,418,445
Caterpillar Inc 136,878 7,750,717
Cummins Engine Co Inc 15,900 942,075
Deere & Co 89,327 3,472,587
Ingersoll-Rand Co 63,926 4,067,292
McDermott International Inc 23,106 521,329
Milacron Inc 14,859 267,462
Pall Corp 48,399 961,930
Parker Hannifin Corp 41,881 1,832,294
Thermo Electron Corp+ 61,303 973,185
------------
TOTAL MACHINERY
-VALUE $ 23,976,937
- COST $ 20,007,879
</TABLE>
171
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MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
MANUFACTURING-0.74%
Tyco International Ltd 319,239 $ 32,342,901
------------
TOTAL MANUFACTURING
-VALUE $ 32,342,901
- COST $ 18,191,587
METAL FABRICATORS-0.41%
Alcan Aluminum Ltd 87,215 $ 2,867,193
Allegheny Teledyne Inc 74,541 1,392,985
Barrick Gold Corp 147,998 2,867,461
Bethlehem Steel Corp+ 50,451 387,842
Crane Co 26,543 638,691
Engelhard Corp 48,653 970,019
Freeport McMoRan Inc 63,424 1,018,748
Nucor Corp 33,744 1,571,205
Phelps Dodge Corp 22,501 1,258,650
Placer Dome Inc 120,056 1,245,581
Reynolds Metals Co 24,983 1,581,736
Timken Co 24,501 430,299
USX - U.S. Steel Group 34,183 922,941
Worthington Industries Inc 36,040 540,600
------------
TOTAL METAL FABRICATORS
-VALUE $ 17,693,951
- COST $ 19,735,825
PHARMACEUTICALS-7.72%
Abbott Laboratories 584,310 $ 25,344,446
Allergan Inc 25,530 2,549,809
ALZA Corp+ 37,839 1,906,140
American Home Products Corp 503,263 20,885,414
Amgen Inc+ 196,816 16,372,631
Bristol-Myers Squibb Co 762,998 53,695,984
Lilly (Eli) & Co 422,994 31,565,927
Merck & Co Inc 906,918 60,933,553
Millipore Corp 17,225 650,244
Pfizer Inc 1,491,826 56,316,431
Pharmacia and Upjohn Inc 194,916 10,184,361
Schering-Plough Corp 565,744 29,736,919
SouthTrust Corp 63,289 2,234,893
Warner Lambert Co 326,913 21,657,986
</TABLE>
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MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Watson Pharmaceutical Inc+ 35,421 $ 1,270,728
------------
TOTAL PHARMACEUTICALS
-VALUE $335,305,466
- COST $219,833,681
PUBLISHING-0.82%
American Greetings Corp Class A 26,270 $ 727,351
Comcast Corp Class A 284,668 9,287,294
Donnelley (R R) & Sons Co 50,585 1,587,104
Dow Jones & Co Inc 35,006 1,759,051
Gannett Co Inc 107,440 7,299,205
Interpublic Group Co Inc 107,953 4,277,638
Knight-Ridder Inc 30,498 1,644,986
McGraw-Hill Inc 76,195 3,938,329
Meredith Corp 20,197 700,583
New York Times Co Class A 68,064 2,658,750
Times Mirror Co Class A 27,821 1,606,663
------------
TOTAL PUBLISHING
-VALUE $ 35,486,954
- COST $ 24,459,043
RETAIL & RELATED-5.37%
AutoZone Inc+ 57,916 $ 1,379,115
Best Buy Co Inc+ 78,658 5,525,724
Circuit City Stores Inc 77,413 3,328,759
Consolidated Stores Corp+ 42,302 682,120
Costco Wholesale Corp+ 84,538 6,319,215
CVS Corp 150,314 6,266,215
Dayton-Hudson Corp 170,194 9,871,252
Dillards Inc Class A 41,422 973,417
Dollar General Corp 85,424 2,221,024
Eastman Kodak Co 123,771 9,089,433
Federated Department Stores Inc+ 80,067 3,683,082
Gap Inc 330,368 12,925,648
Harcourt General Inc 27,581 1,208,393
Home Depot Inc 569,324 34,799,930
Jostens Inc 13,796 277,645
K Mart Corp+ 190,959 2,398,922
Kohls Corp+ 62,454 4,449,848
Limited Inc 82,098 3,109,462
Longs Drug Stores Corp 15,054 473,260
Lowe's Co Inc 142,840 6,463,510
May Department Stores Co 128,623 5,024,336
</TABLE>
173
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MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Nordstrom Inc 54,895 $ 1,554,215
Office Depot Inc+ 142,549 1,487,855
Penney (J C) Co Inc 101,249 3,670,276
Rite Aid Corp 100,031 1,850,574
Sears Roebuck & Co 146,604 5,497,650
Sherwin Williams Co 65,777 1,603,314
Staples Inc+ 178,979 3,892,793
Tandy Corp 74,595 3,524,614
TJX Companies Inc 123,913 3,577,988
Toys R Us Inc+ 96,145 1,328,003
Walgreen Co 385,178 8,931,315
WalMart Stores Inc 1,709,610 75,757,093
------------
TOTAL RETAIL & RELATED
-VALUE $233,146,000
- COST $164,590,235
SERVICES-0.20%
Block (H R) Inc 37,527 $ 2,087,439
CMS Energy Corp 43,993 1,740,473
Public Service Enterprise Group 84,643 3,470,363
Service Corp International 101,954 1,408,240
------------
TOTAL SERVICES
-VALUE $ 8,706,515
- COST $ 8,595,891
TELECOMMUNICATIONS-10.19%
ADC Telecommunications+ 43,031 $ 1,594,836
Alltel Corp 114,284 7,728,456
Ameritech Corp 422,254 26,654,784
Andrew Corp+ 32,217 563,798
AT & T Corp 1,222,528 55,013,760
Bell Atlantic Corp 596,395 36,529,194
BellSouth Corp 727,759 32,931,095
CenturyTel Inc 52,469 2,062,688
Frontier Corp 66,463 2,787,292
GTE Corp 373,425 25,626,291
Lucent Technologies Inc 1,167,863 74,816,224
MCI WorldCom Inc+ 714,889 54,152,842
Network Appliance Inc+ 26,625 1,748,930
NEXTEL Communications Class A+ 113,882 6,583,803
Nortel Networks Corp 509,968 20,940,553
Qualcom Inc+ 57,099 10,973,714
SBC Communication Inc 754,582 36,219,936
</TABLE>
174
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MASTER INVESTMENT PORTFOLIO--S&P 500 INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Scientific-Atlanta Inc 28,973 $ 1,484,866
Sprint Corp 332,510 14,755,131
Sprint Corp (PCS Group)+ 169,096 10,103,486
Tellabs Inc+ 150,623 8,971,482
U.S. West Inc 193,600 10,115,600
------------
TOTAL TELECOMMUNICATIONS
-VALUE $442,358,761
- COST $286,309,612
TEXTILES-0.01%
Fruit of the Loom Inc Class A+ 28,406 $ 198,842
Springs Industries Inc Class A 7,142 268,271
------------
TOTAL TEXTILES
-VALUE $ 467,113
- COST $ 949,040
TOBACCO-0.85%
Fortune Brands Inc 64,488 $ 2,418,300
Philip Morris Co Inc 927,070 34,707,183
------------
TOTAL TOBACCO
-VALUE $ 37,125,483
- COST $ 33,941,721
TRANSPORTATION-0.71%
Burlington Northern Santa Fe 180,814 $ 5,243,606
Carnival Corp Class A 235,779 10,536,374
CSX Corp 83,707 3,656,950
Kansas City Southern Industries 41,791 1,935,446
Laidlaw Inc Class B 128,729 804,556
Norfolk Southern Corp 146,320 3,831,755
Union Pacific Corp 95,400 4,644,788
-------------
TOTAL TRANSPORTATION
-VALUE $ 30,653,475
- COST $ 31,520,874
UTILITIES-1.98%
AES Corp+ 73,105 $ 4,436,560
Ameren Corp 52,966 2,121,950
American Electric Power Inc 74,389 2,701,251
Carolina Power & Light Co 59,226 2,154,346
Central & South West Corp 82,182 1,859,368
Cinergy Corp 61,411 1,865,359
Consolidated Edison Inc 87,500 3,850,000
Constellation Energy Group 57,860 1,714,103
</TABLE>
175
<PAGE>
MASTER INVESTMENT PORTFOLIO--S&P 500 INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Security Name Shares Value
<S> <C> <C>
COMMON STOCKS (Continued)
Dominion Resources Inc 74,016 $ 3,423,240
DTE Energy Co 56,010 2,208,894
Duke Power Co 140,156 8,058,970
Edison International 133,784 3,394,769
Entergy Corp 95,192 2,837,912
FirstEnergy Corp 90,491 2,584,649
Florida Progress Corp 37,858 1,774,594
FPL Group Inc 69,406 3,747,924
GPU Inc 48,607 1,658,714
New Century Energies Inc 44,293 1,600,085
Niagra Mohawk Holdings Inc+ 72,680 1,099,285
Northern States Power Co 58,795 1,385,357
Pacificorp 114,826 2,346,756
PECO Energy Co 73,998 3,006,169
PG & E Corp 147,712 4,477,520
PP & L Resources Inc 59,377 1,662,556
Reliant Energy Inc 112,934 3,126,860
Sempra Energy 92,729 2,069,016
Southern Co 268,240 7,259,245
Texas Utilities Co 108,051 4,369,312
Unicom Corp 83,768 3,235,531
--------------
TOTAL UTILITIES
-VALUE $ 86,030,295
- COST $ 77,067,104
--------------
TOTAL COMMON STOCKS
-VALUE $4,163,722,899
- COST $2,902,465,087
</TABLE>
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
SHORT TERM INSTRUMENTS-6.84%
CASH EQUIVALENTS-2.81%
$ 197,584 Dreyfus Institutional Money
Market Fund++ $ 197,584
26,500,000 Janus Institutional Money
Market Fund++ 26,500,000
95,300,000 Merrimac Institutional Money
Market Fund++ 95,300,000
------------
$121,997,584
</TABLE>
176
<PAGE>
MASTER INVESTMENT PORTFOLIO--S&P 500 INDEX
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
SHORT TERM INSTRUMENTS (Continued)
U.S. TREASURY BILLS-0.42%
$ 18,300,000 U.S. Treasury Bills 4.39%* 9/23/99 $ 18,249,565
--------------
$ 18,249,565
REPURCHASE AGREEMENTS-3.61%
$156,699,082 Morgan Stanley Triparty
Repurchase Agreement dated
8/31/99, due 9/1/99 with a
maturity value of
$156,721,455 and an effective
yield of 5.14%, collaterized
by a U.S. Treasury Bill with
a rate of 5.28%, a maturity
of 9/15/99 and a market value
of $159,834,332. $ 156,699,082
--------------
$ 156,699,082
TOTAL SHORT TERM INSTRUMENTS --------------
- VALUE $ 296,946,231
- COST $ 296,946,012
TOTAL INVESTMENTS IN
SECURITIES
(Cost $3,199,411,099) **
(Notes 1 and 3) 102.71% $4,460,669,130
Other Assets and Liabilities,
Net (2.71)% (117,663,470)
------- -------------
TOTAL NET ASSETS 100.00% $4,343,005,660
======= =============
- ---------------------------------------------------------------------------------
</TABLE>
+ Non-income earning securities.
++ Represents investment of collateral received from securities lending
transactions. See
Note 4.
* Yield to Maturity.
** Cost for federal income tax purposes is $3,199,411,099 and net
unrealized appreciation consists of:
Gross Unrealized Appreciation $1,330,785,037
Gross Unrealized Depreciation $ (69,527,006)
-------------
NET UNREALIZED APPRECIATION $1,261,258,031
=============
The accompanying notes are an integral part of these financial statements.
177
<PAGE>
MASTER INVESTMENT PORTFOLIO--U.S. TREASURY ALLOCATION
MASTER PORTFOLIO--AUGUST 31, 1999 (Unaudited)
Portfolio of Investments
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
U.S. TREASURY SECURITIES--57.91%
U.S. TREASURY BONDS--5.91%
$ 300,000 U.S. Treasury Bonds 8.25% 5/15/05 $ 306,093
600,000 U.S. Treasury Bonds 9.38% 2/15/06 700,688
------------
$ 1,006,781
U.S. TREASURY NOTES--52.00%
$1,000,000 U.S. Treasury Notes 5.88% 11/15/05 $ 987,500
1,600,000 U.S. Treasury Notes 6.50% 5/15/05 1,630,501
1,150,000 U.S. Treasury Notes 6.50% 8/15/05 1,171,562
3,000,000 U.S. Treasury Notes 6.88% 5/15/06 3,116,250
1,800,000 U.S. Treasury Notes 7.88% 11/15/04 1,942,875
------------
$ 8,848,688
------------
TOTAL U.S. TREASURY SECURITIES
- VALUE $ 9,855,469
- COST $ 9,990,078
</TABLE>
<TABLE>
<CAPTION>
Interest Maturity
Principal Security Name Rate Date Value
<S> <C> <C> <C> <C>
SHORT TERM INSTRUMENTS--41.19%
U.S. TREASURY BILLS--41.19%
$3,371,000 U.S. Treasury Bills 4.39% 9/23/99 $ 3,361,709
70,000 U.S. Treasury Bills 4.67% 11/4/99 69,423
3,619,000 U.S. Treasury Bills 4.87% 11/26/99 3,577,501
------------
$ 7,008,633
------------
TOTAL SHORT TERM INSTRUMENTS
- VALUE $ 7,008,633
- COST $ 7,008,300
TOTAL INVESTMENTS IN
SECURITIES
(Cost $16,998,378) **
(Notes 1 and 3) 99.10% $ 16,864,102
Other Assets and Liabilities, Net 0.90% 152,719
------- ------------
TOTAL NET ASSETS 100.00% $ 17,016,821
======= ============
- --------------------------------------------------------------------------------------
</TABLE>
* Yield to Maturity.
** Cost for federal income tax purposes is $16,998,378 and net unrealized
appreciation consists of:
Gross Unrealized Appreciation $ 482
Gross Unrealized Depreciation (134,758)
-----------
NET UNREALIZED DEPRECIATION $ (134,276)
===========
The accompanying notes are an integral part of these financial statements.
178
<PAGE>
(THIS PAGE INTENTIONALLY LEFT BLANK)
179
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Master Master
Investment Portfolio Investment Portfolio
Asset Allocation Bond Index
Master Portfolio Master Portfolio
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investments:
In securities, at market value (see cost below)
(Note 1) $ 552,637,638 $ 420,031,079
Cash 0 0
Receivables:
Investments sold 0 0
Dividends and interest 2,385,115 5,420,040
Total Assets 555,022,753 425,451,119
LIABILITIES
Payables:
Investment securities purchased 0 0
Variation margin on futures contracts 0 0
Collateral for securities loaned (Note 4) 26,259,306 21,509,863
Due to Bank 0 0
Due to BGI (Note 2) 331,499 63,613
Total Liabilities 26,590,805 21,573,476
TOTAL NET ASSETS $ 528,431,948 $ 403,877,643
INVESTMENTS AT COST $ 487,113,925 $ 438,186,033
- ------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
180
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Master Investment Master Investment Master Investment Master Investment
Portfolio Portfolio Portfolio Portfolio
LifePath 2000 LifePath 2010 LifePath 2020 LifePath 2030
Master Portfolio Master Portfolio Master Portfolio Master Portfolio
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 106,531,520 $ 232,746,736 $ 396,941,276 $ 266,157,072
0 422 975 0
88 4,946,733 4,050,461 6,825,504
797,324 1,676,591 1,818,319 893,408
107,328,932 239,370,482 402,811,031 273,875,984
0 0 884,374 593,613
0 0 0 0
2,045,280 14,853,557 27,828,174 15,525,104
0 0 0 0
98,631 210,630 348,713 243,774
2,143,911 15,064,187 29,061,261 16,362,491
$ 105,185,021 $ 224,306,295 $ 373,749,770 $ 257,513,493
$ 101,506,377 $ 207,368,365 $ 328,344,108 $ 206,828,678
- --------------------------------------------------------------------------------
</TABLE>
181
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Master Investment
Portfolio
LifePath 2040
Master Portfolio
- --------------------------------------------------------------------------------
<S> <C>
ASSETS
Investments:
In securities, at market value (see cost below) (Note 1) $ 514,299,793
Cash 0
Receivables:
Investments sold 6,323,726
Dividends and interest 1,021,776
Total Assets 521,645,295
LIABILITIES
Payables:
Investment securities purchased 7,204,663
Variation margin on futures contracts 0
Collateral for securities loaned (Note 4) 42,513,468
Due to Bank 0
Due to BGI (Note 2) 449,656
Total Liabilities 50,167,787
TOTAL NET ASSETS $ 471,477,508
INVESTMENTS AT COST $ 394,677,438
- --------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
182
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES--
AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C>
Master Investment Master Investment Master Investment
Portfolio Portfolio Portfolio
Money Market S&P 500 Index U.S. Treasury Allocation
Master Portfolio Master Portfolio Master Portfolio
- ------------------------------------------------------------------------
$ 200,180,594 $ 4,460,669,130 $ 16,864,102
0 0 456
0 0 0
1,389,863 5,554,928 165,452
201,570,457 4,466,224,058 17,030,010
0 0 0
0 827,686 0
0 121,997,584 0
0 10 0
34,924 393,118 13,189
34,924 123,218,398 13,189
$ 201,535,533 $ 4,343,005,660 $ 17,016,821
$ 200,180,594 $ 3,199,411,099 $ 16,998,378
- ------------------------------------------------------------------------
</TABLE>
183
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Master Master
Investment Portfolio Investment Portfolio
Asset Allocation Bond Index
Master Portfolio Master Portfolio
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
NET INVESTMENT INCOME
Dividends+ $ 2,648,993 $ 0
Interest++ 6,156,033 13,068,200
Total Investment Income 8,805,026 13,068,200
EXPENSES (NOTE 2)
Advisory Fees 1,048,096 164,558
Total Expenses 1,048,096 164,558
NET INVESTMENT INCOME (LOSS) 7,756,930 12,903,642
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain (loss) on sale of investments 87,073,849 (1,152,847)
Net realized gain (loss) on sale of futures
contracts 0 0
Net change in unrealized appreciation
(depreciation) of investments (71,007,987) (16,510,899)
Net change in unrealized appreciation
(depreciation) of futures contracts 0 0
Net Gain (Loss) on Investments 16,065,862 (17,663,746)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 23,822,792 $ (4,760,104)
- ------------------------------------------------------------------------------------------------------------------------
+Net of foreign withholding tax of: $ 10,191 $ 0
++Interest income includes securities lending
income of: $ 49,517 $ 0
</TABLE>
The accompanying notes are an integral part of these financial statements.
184
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Master Investment Master Investment Master Investment Master Investment
Portfolio Portfolio Portfolio Portfolio
LifePath 2000 LifePath 2010 LifePath 2020 LifePath 2030
Master Portfolio Master Portfolio Master Portfolio Master Portfolio
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 200,251 $ 885,027 $ 2,050,305 $ 1,851,342
2,425,218 3,769,186 3,601,034 1,588,991
2,625,469 4,654,213 5,651,339 3,440,333
318,397 676,003 1,057,954 780,861
318,397 676,003 1,057,954 780,861
2,307,072 3,978,210 4,593,385 2,659,472
1,266,502 13,220,474 23,855,929 26,438,411
0 0 0 0
(1,145,884) (8,153,521) (10,029,585) (12,474,479)
0 0 0 0
120,618 5,066,953 13,826,344 13,963,932
$ 2,427,690 $ 9,045,163 $ 18,419,729 $ 16,623,404
- ------------------------------------------------------------------------------------
$ 4,136 $ 17,472 $ 41,232 $ 37,584
$ 9,198 $ 25,157 $ 51,104 $ 40,635
</TABLE>
185
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED AUGUST 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Master Investment
Portfolio
LifePath 2040
Master Portfolio
- ------------------------------------------------------------------------------------------
<S> <C>
NET INVESTMENT INCOME
Dividends+ $ 3,762,173
Interest++ 664,154
Total Investment Income 4,426,327
EXPENSES (NOTE 2)
Advisory Fees 1,419,531
Total Expenses 1,419,531
NET INVESTMENT INCOME (LOSS) 3,006,796
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on sale of investments 38,479,075
Net realized gain (loss) on sale of futures contracts 0
Net change in unrealized appreciation (depreciation) of investments (5,422,748)
Net change in unrealized appreciation (depreciation) of futures
contracts 0
Net Gain (Loss) on Investments 33,056,327
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS $36,063,123
- ------------------------------------------------------------------------------------------
+Net of foreign withholding tax of: $ 74,477
++Interest income includes securities lending income of: $ 86,710
</TABLE>
The accompanying notes are an integral part of these financial statements.
186
<PAGE>
<TABLE>
<CAPTION>
Master Investment Master Investment Master Investment
Portfolio Portfolio Portfolio
Money Market S&P 500 Index U.S. Treasury Allocation
Master Portfolio Master Portfolio Master Portfolio
- ------------------------------------------------------------------------------------
<S> <C> <C>
$ 0 $ 26,703,325 $ 0
5,851,012 5,842,224 973,591
5,851,012 32,545,549 973,591
117,060 1,072,974 47,804
117,060 1,072,974 47,804
5,733,952 31,472,575 925,787
4,128 106,419,073 (912,723)
0 18,907,189 0
0 118,913,157 160,364
0 (5,072,375) 0
4,128 239,167,044 (752,359)
$ 5,738,080 $ 270,639,619 $ 173,428
- ------------------------------------------------------------------------------------
$ 0 $ 91,292 $ 0
$ 0 $ 91,346 $ 0
</TABLE>
187
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Master Investment Portfolio
Asset Allocation Master Portfolio
---------------------------------------
For the Six For the
Months Ended Year Ended
August 31, 1999 February 28,
(Unaudited) 1999
----------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss) $ 7,756,930 $ 12,448,266
Net realized gain (loss) on sale of investments 87,073,849 54,934,107
Net realized gain (loss) on sale of futures contracts 0 0
Net change in unrealized appreciation (depreciation)
of investments (71,007,987) 25,525,980
Net change in unrealized appreciation (depreciation)
of futures contracts 0 0
Net increase (decrease) in net assets resulting
from operations 23,822,792 92,908,353
Net increase (decrease) in net assets resulting
from beneficial interest transactions (94,414,220) (29,021,715)
Increase (Decrease) in Net Assets (70,591,428) 63,886,638
NET ASSETS:
Beginning net assets 599,023,376 535,136,738
Ending net assets $ 528,431,948 $ 599,023,376
----------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
188
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Master Investment Portfolio Master Investment Portfolio
Bond Index Master Portfolio LifePath 2000 Master Portfolio
- --------------------------------- ---------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
August 31, 1999 February 28, August 31, 1999 February 28,
(Unaudited) 1999 (Unaudited) 1999
- ---------------------------------------------------------------------------
<S> <C> <C> <C>
$ 12,903,642 $ 7,063,037 $ 2,307,072 $ 4,542,654
(1,152,847) 419,676 1,266,502 4,718,618
0 0 0 0
(16,510,899) (4,365,016) (1,145,884) (1,372,957)
0 0 0 0
(4,760,104) 3,117,697 2,427,690 7,888,315
6,909,861 305,376,058 (13,983,079) (7,346,906)
2,149,757 308,493,755 (11,555,389) 541,409
401,727,886 93,234,131 116,740,410 116,199,001
$ 403,877,643 $ 401,727,886 $ 105,185,021 $ 116,740,410
- ---------------------------------------------------------------------------
</TABLE>
189
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Master Investment Portfolio
LifePath 2010 Master Portfolio
-------------------------------------
For the Six For the
Months Ended Year Ended
August 31, 1999 February 28,
(Unaudited) 1999
-----------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss) $ 3,978,210 $ 7,047,953
Net realized gain (loss) on sale of investments 13,220,474 13,218,840
Net realized gain (loss) on sale of futures contracts 0 0
Net change in unrealized appreciation (depreciation)
of investments (8,153,521) 2,322,667
Net change in unrealized appreciation (depreciation)
of futures contracts 0 0
Net increase (decrease) in net assets resulting
from operations 9,045,163 22,589,460
Net increase (decrease) in net assets resulting
from beneficial interest transactions (28,299,930) 12,753,903
Increase (Decrease) in Net Assets (19,254,767) 35,343,363
NET ASSETS:
Beginning net assets 243,561,062 208,217,699
Ending net assets $224,306,295 $243,561,062
-----------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
190
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Master Investment Portfolio Master Investment Portfolio
LifePath 2020 Master Portfolio LifePath 2030 Master Portfolio
-------------------------------- --------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
August 31, 1999 February 28, August 31, 1999 February 28,
(Unaudited) 1999 (Unaudited) 1999
------------------------------------------------------------------------
<S> <C> <C> <C>
$ 4,593,385 $ 7,913,106 $ 2,659,472 $ 4,472,364
23,855,929 24,960,119 26,438,411 17,728,114
0 0 0 0
(10,029,585) 7,187,708 (12,474,479) 10,724,507
0 0 0 0
18,419,729 40,060,933 16,623,404 32,924,985
(10,833,592) (168,062) (35,940,329) 10,295,060
7,586,137 39,892,871 (19,316,925) 43,220,045
366,163,633 326,270,762 276,830,418 233,610,373
$ 373,749,770 $ 366,163,633 $ 257,513,493 $ 276,830,418
------------------------------------------------------------------------
</TABLE>
191
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Master Investment Portfolio
LifePath 2040 Master Portfolio
-----------------------------------
For the Six For the
Months Ended Year Ended
August 31, 1999 February 28,
(Unaudited) 1999
------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss) $ 3,006,796 $ 5,019,405
Net realized gain (loss) on sale of investments 38,479,075 34,827,042
Net realized gain (loss) on sale of futures contracts 0 0
Net change in unrealized appreciation (depreciation)
of investments (5,422,748) 23,947,962
Net change in unrealized appreciation (depreciation)
of futures contracts 0 0
Net increase (decrease) in net assets resulting
from operations 36,063,123 63,794,409
Net increase (decrease) in net assets resulting
from beneficial interest transactions (57,104,500) 23,995,369
Increase (Decrease) in Net Assets (21,041,377) 87,789,778
NET ASSETS:
Beginning net assets 492,518,885 404,729,107
Ending net assets $ 471,477,508 $ 492,518,885
------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
192
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
Master Investment Portfolio Master Investment Portfolio
Money Market Master Portfolio S&P 500 Index Portfolio
------------------------------------- ---------------------------------
For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended
August 31 1999 February 28, August 31, 1999 February 28,
(Unaudited) 1999 (Unaudited) 1999
-------------------------------------------------------------------------
$ 5,733,952 $ 5,411,548 $ 31,472,575 $ 43,674,276
4,128 0 106,419,073 143,991,139
0 0 18,907,189 37,982,701
0 0 118,913,157 265,023,900
0 0 (5,072,375) (14,225,550)
5,738,080 5,411,548 270,639,619 476,446,466
(66,848,868) 257,234,773 385,273,263 856,583,098
(61,110,788) 262,646,321 655,912,882 1,333,029,564
262,646,321 0 3,687,092,778 2,354,063,214
$ 201,535,533 $ 262,646,321 $ 4,343,005,660 $ 3,687,092,778
- ---------------------------------------------------------------------------
193
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Master Investment Portfolio
U.S. Treasury Allocation Portfolio
-------------------------------------
For the Six For the
Months Ended Year Ended
August 31, 1999 February 28,
(Unaudited) 1999
- -----------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss) $ 925,787 $ 2,170,176
Net realized gain (loss) on sale of investments (912,723) 450,904
Net realized gain (loss) on sale of futures contracts 0 0
Net change in unrealized appreciation (depreciation)
of investments 160,364 (417,682)
Net change in unrealized appreciation (depreciation)
of futures contracts 0 0
Net increase (decrease) in net assets resulting from
operations 173,428 2,203,398
Net increase (decrease) in net assets resulting from
beneficial interest transactions (18,766,865) (13,799,138)
Increase (Decrease) in Net Assets (18,593,437) (11,595,740)
NET ASSETS:
Beginning net assets 35,610,258 47,205,998
Ending net assets $ 17,016,821 $ 35,610,258
- -----------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
194
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENT (Unaudited)
1. Significant Accounting Policies
Master Investment Portfolio ("MIP") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management
investment company. MIP was organized on October 20, 1993 as a Delaware business
trust pursuant to an Agreement and Declaration of Trust dated May 14, 1993, and
had no operations prior to May 26, 1994. MIP currently issues the following
separate portfolios (the "Master Portfolios"), the Asset Allocation, Bond Index,
LifePath 2000, LifePath 2010, LifePath 2020, LifePath 2030, LifePath 2040, Money
Market, S&P 500 Index, Extended Index, U.S. Equity Index and U.S. Treasury
Allocation Master Portfolios. These financial statements show all MIP's except
Extended Index and U.S. Equity Index Master Portfolios.
The following significant accounting policies are consistently followed by
MIP in the preparation of its financial statements, and such policies are in
conformity with generally accepted accounting principles for investment
companies. The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that effect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.
Security Valuation
The equity securities of each Master Portfolio are valued at the last
reported sale price on the primary securities exchange or national securities
market on which such securities are traded. Securities not listed on an exchange
or national securities market, or securities in which there was no last reported
sales price, are valued at the most recent bid prices. Debt securities are
generally traded in the over-the-counter market and are valued at a price deemed
best to reflect fair value as quoted by dealers who make markets in those
securities or by an independent pricing source. U.S. Government obligations are
valued at the last reported bid price. Debt securities maturing in 60 days or
less are valued at amortized cost, which approximates market value. Any
securities, restricted securities or other assets for which market quotations
are not readily available, are valued at fair value as determined in good faith
in accordance with policies approved by MIP's Board of Trustees.
195
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)
The Money Market Master Portfolio uses the amortized cost method of
valuation to determine the value of its portfolio securities in accordance with
rule 2a-7 under the 1940 Act. The amortized cost method, which involves valuing
a security at its cost and amortizing any discount or premium over the period
until maturity, approximates market value.
Security Transactions And Income Recognition
Security transactions are accounted for on the date the securities are
purchased or sold (trade date). Dividend income is recognized on the ex-
dividend date, and interest income is recognized on a daily accrual basis.
Realized gains or losses are reported on the basis of identified cost of
securities delivered. Bond discounts and premiums, except for the Money Market
Master Portfolio, are amortized under provisions of the Internal Revenue Code of
1986, as amended (the "Code").
Federal Income Taxes
Each Master Portfolio intends to qualify as a partnership for federal
income tax purposes. Each Master Portfolio therefore believes that it will not
be subject to any federal income tax on its income and net realized capital
gains (if any). However, each investor in a Master Portfolio will be taxed on
its allocable share of the partnership's income and capital gains for the
purposes of determining its federal income tax liability. The determination of
such share will be made in accordance with the applicable sections of the Code.
It is intended that each Master Portfolio's assets, income and allocations
will be managed in such a way that a regulated investment company investing in a
Master Portfolio will be able to satisfy the requirements of Subchapter M of the
Code, assuming that the investment company invested all of its assets in the
corresponding Master Portfolio.
Futures Contracts
The Asset Allocation, LifePath 2000, LifePath 2010, LifePath 2020, LifePath
2030, LifePath 2040 and S&P 500 Index Master Portfolios may purchase futures
contracts to gain exposure to market changes as this may be more efficient or
cost effective than actually buying the securities. A futures contract is an
agreement between two parties to buy and sell a security at a set price on a
future date and is exchange traded. Upon entering into a futures contract, the
Asset Allocation, LifePath 2000, LifePath 2010, LifePath 2020, LifePath 2030,
LifePath 2040 and S&P 500 Index Master Portfolios are required to pledge to the
broker an amount of
196
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)
cash, U.S. Government securities or other high-quality debt securities equal to
the minimum "initial margin" requirements of the exchange. Pursuant to the
contract, the Master Portfolios agree to receive from or pay to the broker an
amount of cash equal to the daily fluctuation in the value of the contract. Such
receipts or payments are known as "variation margin" and are recorded by the
Master Portfolios as unrealized gains or losses. When the contract is closed,
the Master Portfolios record a gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time it was
closed. Pursuant to regulations and/or published positions of the Securities and
Exchange Commission, the Master Portfolios are required to segregate cash, U.S.
Government obligations or high quality, liquid debt instruments in connection
with futures transactions in an amount generally equal to the entire futures
contract amount. Risks of entering into futures contracts include the
possibility that there may be an illiquid market and that a change in the value
of the contracts may not correlate with changes in the value of the underlying
securities. As of August 31, 1999, the Master Portfolios had no open futures
contracts outstanding.
S&P 500 Index Master Portfolio
<TABLE>
<CAPTION>
Notional Net Unrealized
Number of Contracts Type Expiration Date Contract Value Depreciation
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
534 S&P 500 Index 09/17/99 $176,193,300 $(8,048,950)
</TABLE>
The S&P 500 Index Master Portfolio has pledged to brokers U.S. Treasury
Bills for initial margin requirements with a par value of $9,828,900.
Repurchase Agreements
Transactions involving purchases of securities under agreements to resell
such securities at a specified price and time ("repurchase agreements") are
treated as collateralized financing transactions and are recorded at their
contracted resale amounts. These repurchase agreements, if any, are detailed in
each Master Portfolio's Portfolio of Investments. The adviser to the Master
Portfolios may pool each Master Portfolio's cash and invest in repurchase
agreements entered into by the other Master Portfolios. Each Master Portfolio's
prospectus requires that the cash investments be fully collateralized based on
values that are marked to market daily. The collateral is generally held by an
agent bank under a tri-party agreement. It is the advisor's responsibility to
value collateral daily and to obtain additional collateral as necessary to
maintain
197
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)
the value at equal to or greater than 102% of market value. The repurchase
agreements entered into on August 31, 1999, by the Master Portfolios are
collateralized by U.S. Government Securities.
2. Agreements and Other Transactions with
Affiliates
Pursuant to an Investment Advisory Contract with each Master Portfolio,
Barclays Global Fund Advisors ("BGFA") provides investment guidance and policy
direction in connection with the management of each Master Portfolio's assets.
BGFA is entitled to receive 0.35%, 0.08%, 0.10%, 0.05% and 0.30% of the average
daily net assets of the Asset Allocation, Bond Index, Money Market, S& P 500
Index and U.S. Treasury Allocation Master Portfolios, respectively, as
compensation for advisory services. BFGA is entitled to receive 0.55% of the
average daily net assets of each of the LifePath Master Portfolios as
compensation for its advisory services. BFGA is an indirect subsidiary of
Barclays Bank PLC.
Investors Bank & Trust Company ("IBT") serves as the custodian to each
Master Portfolio. IBT will not be entitled to receive fees for its custodial
services so long as it is entitled to receive a separate fee from Barclays
Global Investors, N.A. ("BGI") for its services as SubAdministrator of each
Master Portfolio.
Stephens Inc. ("Stephens"), is the co-administrator, sponsor and
placement agent for the Master Portfolios.
Certain officers and directors of MIP are also officers of Stephens. As of
August 31, 1999, these officers of Stephens collectively owned less than 1% of
the Master Portfolios' outstanding beneficial interests.
198
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)
3. Investment Portfolio Transactions
Purchases and sales of investments, exclusive of short-term securities, for
each Master Portfolio for the six months ended August 31, 1999, were as follows:
<TABLE>
<CAPTION>
Asset Allocation Bond Index LifePath 2000
Aggregate Purchases and Sales of: Master Portfolio Master Portfolio Master Portfolio
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT
OBLIGATIONS:
Purchases at cost $ 166,636,363 $ 59,029,693 $34,255,606
Sales proceeds 209,521,242 51,055,468 32,325,251
OTHER SECURITIES:
Purchases at cost $ 9,536,121 $ 27,758,923 $ 897,460
Sales proceeds 52,731,790 15,986,032 5,069,634
<CAPTION>
LifePath 2010 LifePath 2020 LifePath 2030
Aggregate Purchases and Sales of: Master Portfolio Master Portfolio Master Portfolio
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT
OBLIGATIONS:
Purchases at cost $ 56,553,696 $ 75,360,961 $24,377,716
Sales proceeds 50,614,583 54,271,293 19,379,856
OTHER SECURITIES:
Purchases at cost $ 15,855,485 $ 31,975,454 $12,157,655
Sales proceeds 29,910,324 52,325,482 55,399,216
<CAPTION>
U.S. Treasury
LifePath 2040 S&P 500 Index Allocation
Aggregate Purchases and Sales of: Master Portfolio Master Portfolio Master Portfolio
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT
OBLIGATIONS:
Purchases at cost $ 29,067,855 $ 0 $39,149,947
Sales proceeds 19,862,906 0 48,610,653
OTHER SECURITIES:
Purchases at cost $ 29,215,184 $651,820,860 $ 0
Sales proceeds 91,565,848 174,985,256 0
</TABLE>
199
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)
4. PORTFOLIO SECURITIES LOANED
As of August 31, 1999, certain Master Portfolios had loaned securities which
were collateralized by cash. Each Master Portfolio receives transaction fees for
providing services in connection with the securities lending program. The risks
to the Portfolios of securities lending are that the borrower may not provide
additional collateral when required or return the securities when due. The value
of the securities on loan and the value of the related collateral were as
follows:
<TABLE>
<CAPTION>
Securities Collateral
- ------------------------------------------------------------------------------
<S> <C> <C>
Asset Allocation Master Portfolio $ 26,011,269 $ 26,259,306
Bond Index Master Portfolio $ 21,368,175 $ 21,509,863
Lifepath 2000 Master Portfolio $ 2,033,801 $ 2,045,280
Lifepath 2010 Master Portfolio $ 14,769,946 $ 14,853,557
Lifepath 2020 Master Portfolio $ 27,613,330 $ 27,828,174
Lifepath 2030 Master Portfolio $ 15,469,354 $ 15,525,104
Lifepath 2040 Master Portfolio $ 42,404,595 $ 42,513,468
S&P 500 Index Master Portfolio $121,832,694 $121,997,584
</TABLE>
5. FINANCIAL HIGHLIGHTS
The portfolio turnover rates, excluding short-term securities, for the Master
Portfolios are as follows:
<TABLE>
<CAPTION>
For the
For the Six Period from
Months May 26, 1994
Ended For the For the For the For the (commencement
August 31, Year Ended Year Ended Year Ended Year Ended of operations) to
1999 February 28, February 28, February 28, February 28, February 28,
- --------------------------------------------------------------------------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Asset Allocation Master
Portfolio 30% 33% 57% 43% 40% 23%
Bond Index Master Portfolio 17% 28% 59% 39% 21% 37%
LifePath 2000 Master Portfolio 32% 66% 39% 108% 84% 17%
LifePath 2010 Master Portfolio 31% 38% 46% 73% 39% 24%
LifePath 2020 Master Portfolio 29% 36% 41% 61% 49% 28%
LifePath 2030 Master Portfolio 14% 19% 27% 42% 39% 40%
LifePath 2040 Master Portfolio 12% 19% 37% 48% 29% 5%
S&P 500 Index Master Portfolio 4% 11% 6% 4% 2% 5%
U.S.Treasury Allocation Master
Portfolio 126% 195% 76% 196% 325% 87%
</TABLE>
200
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)
6. Subsequent Event
The Bond Index Fund will acquire substantially all of the assets and some
of the liabilities of the U.S. Treasury Allocation Fund. The transaction will be
structured for tax purposes to not qualify as a tax free "reorganization" under
the Internal Revenue Code. The Bond Index Fund will issue and deliver to the
U.S. Treasury Allocation Fund a number of full and fractional shares of
beneficial interest of the Bond Index Fund which will be equal in value to the
excess of (a) the net assets of the U.S. Treasury Allocation Fund to be conveyed
to the Bond Index Fund, over (b) certain liabilities of the U.S. Treasury
Allocation Fund to be retained by the U.S. Treasury Allocation Fund. The Bond
Index Fund will also deliver to the U.S. Treasury Allocation Fund cash equal to
liabilities retained by the U.S. Treasury Allocation Fund which will be used by
the U.S. Treasury Allocation Fund to pay such liabilities. The transaction will
occur after the close of business, October 29, 1999.
201
<PAGE>
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<PAGE>
NOTES
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<PAGE>
NOTES
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<PAGE>
August 31, 1999
Semi-Annual Report
Barclays Global Investors Funds, Inc.
Barclays Global Investors Funds, Inc.
c/o Investors Bank and Trust Co.
200 Clarendon Street
Boston, MA 02111
BGI/SAR.8/99
