<PAGE> PAGE 1
000 B000000 02/28/99
000 C000000 893818
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MASTERWORKS FUNDS INC.
001 B000000 811-7332
001 C000000 5013772521
002 A000000 111 CENTER STREET
002 B000000 LITTLE ROCK
002 C000000 AR
002 D010000 72201
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 12
007 C010100 1
007 C020100 ASSET ALLOCATION FUND
007 C030100 N
007 C010200 2
007 C020200 BOND INDEX FUND
007 C030200 N
007 C010300 3
007 C020300 GROWTH STOCK FUND
007 C030300 N
007 C010400 4
007 C020400 MONEY MARKET
007 C030400 N
007 C010500 5
007 C020500 S&P 500 STOCK FUND
007 C030500 N
007 C010600 6
007 C020600 SHORT-INTERMEDIATE TERM FUND
007 C030600 N
007 C010700 7
007 C020700 U.S. TREASURY ALLOCATION FUND
007 C030700 N
007 C010800 8
007 C010900 9
007 C020900 LIFEPATH 2000
007 C030900 N
007 C011000 10
007 C021000 LIFEPATH 2010
007 C031000 N
007 C011100 11
<PAGE> PAGE 2
007 C021100 LIFEPATH 2020
007 C031100 N
007 C011200 12
007 C021200 LIFEPATH 2030
007 C031200 N
007 C011300 13
007 C021300 LIFEPATH 2040
007 C031300 N
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 STEPHENS, INC
010 B00AA01 8-1927
010 C01AA01 LITTLE ROCK
010 C02AA01 AR
010 C03AA01 72201
010 A00AA02 BARCLAY'S GLOBAL INVESTORS
010 C01AA02 SAN FRANCISCO
010 C02AA02 CA
010 C03AA02 94105
010 A00AA03 DELETE
011 A00AA01 STEPHENS INC.
011 B00AA01 8-1927
011 C01AA01 LITTLE ROCK
011 C02AA01 AR
011 C03AA01 72201
012 A00AA01 INVESTORS BANK & TRUST
012 B00AA01 85-xxxxx
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02117
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94111
014 A00AA01 BARCLAYS GLOBAL INVESTOR SERVICES
014 B00AA01 8-00000
018 00AA00 N
019 A00AA00 N
019 B00AA00 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
<PAGE> PAGE 3
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 C000001 0
022 D000001 0
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 0
023 D000000 0
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
<PAGE> PAGE 4
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 N
048 00AA00 0.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
055 A00AA00 N
055 B00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1
062 A00AA00 N
<PAGE> PAGE 5
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
077 A000000 Y
077 B000000 Y
080 A00AA00 CHUBB GROUP OF INSURANCE COMPANIES
080 C00AA00 10000
081 A00AA00 Y
081 B00AA00 22
082 A00AA00 Y
082 B00AA00 10
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 9744
028 A020100 3995
028 A030100 0
028 A040100 17762
028 B010100 10410
028 B020100 819
<PAGE> PAGE 6
028 B030100 0
028 B040100 14962
028 C010100 29609
028 C020100 608
028 C030100 0
028 C040100 9126
028 D010100 15169
028 D020100 54217
028 D030100 0
028 D040100 18123
028 E010100 15584
028 E020100 917
028 E030100 0
028 E040100 15717
028 F010100 10062
028 F020100 1299
028 F030100 0
028 F040100 10830
028 G010100 90578
028 G020100 61855
028 G030100 0
028 G040100 86520
028 H000100 0
066 A000100 Y
066 E000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 N
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 Y
<PAGE> PAGE 7
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 8449
072 C000100 5940
072 D000100 0
072 E000100 0
072 F000100 0
072 G000100 2215
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 1941
072 X000100 4156
072 Y000100 0
072 Z000100 10233
072AA000100 54934
072BB000100 0
072CC010100 25526
072CC020100 0
072DD010100 10229
072DD020100 0
072EE000100 58095
<PAGE> PAGE 8
073 A010100 0.2600
073 A020100 0.0000
073 B000100 1.5000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 599023
074 J000100 0
074 K000100 0
074 L000100 521
074 M000100 0
074 N000100 599544
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 451
074 S000100 0
074 T000100 599093
074 U010100 42578
074 U020100 0
074 V010100 14.07
074 V020100 0.00
074 W000100 0.0000
074 X000100 13
074 Y000100 0
075 A000100 0
075 B000100 555422
076 000100 0.00
028 A010200 6990
028 A020200 478
028 A030200 0
028 A040200 5200
028 B010200 7029
028 B020200 548
028 B030200 0
028 B040200 2803
028 C010200 4545
028 C020200 532
028 C030200 0
028 C040200 3830
028 D010200 24320
028 D020200 521
<PAGE> PAGE 9
028 D030200 0
028 D040200 6204
028 E010200 7161
028 E020200 652
028 E030200 0
028 E040200 6123
028 F010200 3853
028 F020200 1190
028 F030200 0
028 F040200 6124
028 G010200 53898
028 G020200 3921
028 G030200 0
028 G040200 30284
028 H000200 0
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 Y
070 A010200 N
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
<PAGE> PAGE 10
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 6774
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 0
072 G000200 160
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 85
072 X000200 245
072 Y000200 0
072 Z000200 6529
072AA000200 417
072BB000200 0
072CC010200 0
072CC020200 1351
072DD010200 6537
072DD020200 0
072EE000200 0
073 A010200 0.6000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
<PAGE> PAGE 11
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 126694
074 J000200 0
074 K000200 0
074 L000200 103
074 M000200 0
074 N000200 126797
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 64
074 S000200 0
074 T000200 126733
074 U010200 13021
074 U020200 0
074 V010200 9.73
074 V020200 0.00
074 W000200 0.0000
074 X000200 15
074 Y000200 0
075 A000200 0
075 B000200 106952
076 000200 0.00
028 A010300 5935
028 A020300 7
028 A030300 0
028 A040300 4668
028 B010300 4973
028 B020300 0
028 B030300 0
028 B040300 7853
028 C010300 5969
028 C020300 0
028 C030300 0
028 C040300 9011
028 D010300 2113
028 D020300 38019
028 D030300 0
028 D040300 29860
028 E010300 0
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 0
028 F020300 0
028 F030300 0
<PAGE> PAGE 12
028 F040300 0
028 G010300 18990
028 G020300 38026
028 G030300 0
028 G040300 51392
028 H000300 0
066 A000300 Y
066 D000300 Y
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
<PAGE> PAGE 13
071 D000300 0
072 A000300 12
072 B000300 350
072 C000300 423
072 D000300 0
072 E000300 0
072 F000300 973
072 G000300 302
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 1275
072 Y000300 0
072 Z000300 -502
072AA000300 31854
072BB000300 0
072CC010300 0
072CC020300 45575
072DD010300 0
072DD020300 0
072EE000300 38019
073 A010300 0.0000
073 A020300 0.0000
073 B000300 3.2717
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 0
074 M000300 0
<PAGE> PAGE 14
074 N000300 0
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 0
074 S000300 0
074 T000300 0
074 U010300 0
074 U020300 0
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 0
074 Y000300 0
075 A000300 0
075 B000300 212908
076 000300 0.00
028 A010400 18880
028 A020400 749
028 A030400 0
028 A040400 15714
028 B010400 16658
028 B020400 767
028 B030400 0
028 B040400 29933
028 C010400 12179
028 C020400 716
028 C030400 0
028 C040400 12470
028 D010400 15859
028 D020400 745
028 D030400 0
028 D040400 15130
028 E010400 10871
028 E020400 717
028 E030400 0
028 E040400 17451
028 F010400 21409
028 F020400 775
028 F030400 0
028 F040400 18843
028 G010400 95856
028 G020400 4469
028 G030400 0
028 G040400 109541
028 H000400 0
066 A000400 N
067 000400 N
<PAGE> PAGE 15
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 N
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 12
072 B000400 9858
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 310
072 G000400 411
072 H000400 0
<PAGE> PAGE 16
072 I000400 0
072 J000400 0
072 K000400 0
072 L000400 0
072 M000400 0
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 0
072 S000400 0
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 93
072 X000400 814
072 Y000400 0
072 Z000400 9044
072AA000400 0
072BB000400 0
072CC010400 0
072CC020400 0
072DD010400 9044
072DD020400 0
072EE000400 0
073 A010400 0.0500
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 205863
074 J000400 0
074 K000400 0
074 L000400 410
074 M000400 0
074 N000400 206273
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 1662
074 S000400 0
<PAGE> PAGE 17
074 T000400 204611
074 U010400 204673
074 U020400 0
074 V010400 1.00
074 V020400 0.00
074 W000400 0.9996
074 X000400 4
074 Y000400 0
075 A000400 172929
075 B000400 0
076 000400 0.00
028 A010500 167247
028 A020500 0
028 A030500 0
028 A040500 164272
028 B010500 71729
028 B020500 8612
028 B030500 0
028 B040500 75839
028 C010500 124145
028 C020500 0
028 C030500 0
028 C040500 42979
028 D010500 87672
028 D020500 115447
028 D030500 0
028 D040500 205879
028 E010500 112155
028 E020500 8598
028 E030500 0
028 E040500 106534
028 F010500 79434
028 F020500 0
028 F030500 0
028 F040500 103139
028 G010500 642382
028 G020500 132657
028 G030500 0
028 G040500 698642
028 H000500 0
066 A000500 Y
066 G000500 Y
067 000500 N
068 A000500 N
068 B000500 N
069 000500 Y
070 A010500 N
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
<PAGE> PAGE 18
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 12
072 B000500 7241
072 C000500 31502
072 D000500 0
072 E000500 0
072 F000500 0
072 G000500 3517
072 H000500 0
072 I000500 0
072 J000500 0
072 K000500 0
072 L000500 0
072 M000500 0
072 N000500 0
072 O000500 0
072 P000500 0
<PAGE> PAGE 19
072 Q000500 0
072 R000500 0
072 S000500 0
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 1164
072 X000500 4681
072 Y000500 0
072 Z000500 34062
072AA000500 177408
072BB000500 0
072CC010500 202383
072CC020500 0
072DD010500 34260
072DD020500 0
072EE000500 116355
073 A010500 0.3400
073 A020500 0.0000
073 B000500 1.1500
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 2539627
074 J000500 0
074 K000500 0
074 L000500 5401
074 M000500 0
074 N000500 2545028
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 1572
074 S000500 0
074 T000500 2543456
074 U010500 102579
074 U020500 0
074 V010500 24.80
074 V020500 0.00
074 W000500 0.0000
074 X000500 57
074 Y000500 0
<PAGE> PAGE 20
075 A000500 0
075 B000500 2351831
076 000500 0.00
028 A010600 362
028 A020600 36
028 A030600 0
028 A040600 238
028 B010600 427
028 B020600 39
028 B030600 0
028 B040600 314
028 C010600 312
028 C020600 38
028 C030600 0
028 C040600 353
028 D010600 25
028 D020600 37
028 D030600 0
028 D040600 2248
028 E010600 0
028 E020600 0
028 E030600 0
028 E040600 0
028 F010600 0
028 F020600 0
028 F030600 0
028 F040600 0
028 G010600 1126
028 G020600 150
028 G030600 0
028 G040600 3153
028 H000600 0
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 N
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
<PAGE> PAGE 21
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 12
072 B000600 529
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 37
072 G000600 15
072 H000600 0
072 I000600 0
072 J000600 0
072 K000600 0
072 L000600 0
072 M000600 0
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 0
072 S000600 0
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 0
072 X000600 52
072 Y000600 0
<PAGE> PAGE 22
072 Z000600 477
072AA000600 349
072BB000600 0
072CC010600 0
072CC020600 130
072DD010600 468
072DD020600 0
072EE000600 16
073 A010600 0.4102
073 A020600 0.0000
073 B000600 0.0169
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 0
074 M000600 0
074 N000600 0
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 0
074 S000600 0
074 T000600 0
074 U010600 0
074 U020600 0
074 V010600 0.00
074 V020600 0.00
074 W000600 0.0000
074 X000600 0
074 Y000600 0
075 A000600 0
075 B000600 10736
076 000600 0.00
028 A010700 2351
028 A020700 179
028 A030700 0
028 A040700 1610
028 B010700 3103
028 B020700 180
<PAGE> PAGE 23
028 B030700 0
028 B040700 3043
028 C010700 1615
028 C020700 156
028 C030700 0
028 C040700 1957
028 D010700 2604
028 D020700 137
028 D030700 0
028 D040700 14071
028 E010700 3201
028 E020700 135
028 E030700 0
028 E040700 1949
028 F010700 1191
028 F020700 216
028 F030700 0
028 F040700 2273
028 G010700 14065
028 G020700 1003
028 G030700 0
028 G040700 24903
028 H000700 0
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 N
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 N
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 N
<PAGE> PAGE 24
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 0
071 B000700 0
071 C000700 0
071 D000700 0
072 A000700 12
072 B000700 2301
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 0
072 G000700 174
072 H000700 0
072 I000700 0
072 J000700 0
072 K000700 0
072 L000700 0
072 M000700 0
072 N000700 0
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 0
072 S000700 0
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 130
072 X000700 304
072 Y000700 0
072 Z000700 1996
072AA000700 451
072BB000700 0
072CC010700 0
072CC020700 418
072DD010700 2004
072DD020700 0
072EE000700 0
073 A010700 0.4400
<PAGE> PAGE 25
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 35610
074 J000700 0
074 K000700 0
074 L000700 49
074 M000700 0
074 N000700 35659
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 321
074 S000700 0
074 T000700 35338
074 U010700 3769
074 U020700 0
074 V010700 9.38
074 V020700 0.00
074 W000700 0.0000
074 X000700 7
074 Y000700 0
075 A000700 0
075 B000700 43562
076 000700 0.00
028 A010900 8196
028 A020900 394
028 A030900 0
028 A040900 4896
028 B010900 4353
028 B020900 444
028 B030900 0
028 B040900 3856
028 C010900 4208
028 C020900 0
028 C030900 0
028 C040900 4006
028 D010900 2448
028 D020900 1227
028 D030900 0
<PAGE> PAGE 26
028 D040900 2480
028 E010900 4472
028 E020900 430
028 E030900 0
028 E040900 4005
028 F010900 1823
028 F020900 0
028 F030900 0
028 F040900 4456
028 G010900 25500
028 G020900 2495
028 G030900 0
028 G040900 23699
028 H000900 0
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 N
070 A020900 N
070 B010900 N
070 B020900 N
070 C010900 N
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 N
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 N
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 N
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 N
070 N020900 N
070 O010900 N
070 O020900 N
070 P010900 N
070 P020900 N
<PAGE> PAGE 27
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 0
071 B000900 0
071 C000900 0
071 D000900 0
072 A000900 12
072 B000900 2091
072 C000900 182
072 D000900 0
072 E000900 0
072 F000900 0
072 G000900 201
072 H000900 0
072 I000900 0
072 J000900 0
072 K000900 0
072 L000900 0
072 M000900 0
072 N000900 0
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 0
072 S000900 0
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 277
072 X000900 478
072 Y000900 0
072 Z000900 1793
072AA000900 1699
072BB000900 0
072CC010900 0
072CC020900 171
072DD010900 1810
072DD020900 0
072EE000900 1633
073 A010900 0.4200
073 A020900 0.0000
073 B000900 0.3700
073 C000900 0.0000
074 A000900 0
074 B000900 0
074 C000900 0
074 D000900 0
074 E000900 0
074 F000900 0
<PAGE> PAGE 28
074 G000900 0
074 H000900 0
074 I000900 51540
074 J000900 0
074 K000900 0
074 L000900 48
074 M000900 0
074 N000900 51588
074 O000900 0
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 307
074 S000900 0
074 T000900 51281
074 U010900 4448
074 U020900 0
074 V010900 11.53
074 V020900 0.00
074 W000900 0.0000
074 X000900 9
074 Y000900 0
075 A000900 0
075 B000900 50509
076 000900 0.00
028 A011000 9057
028 A021000 342
028 A031000 0
028 A041000 7070
028 B011000 6844
028 B021000 820
028 B031000 0
028 B041000 5555
028 C011000 5276
028 C021000 0
028 C031000 0
028 C041000 5142
028 D011000 6468
028 D021000 5015
028 D031000 0
028 D041000 5630
028 E011000 5336
028 E021000 795
028 E031000 0
028 E041000 6007
028 F011000 5524
028 F021000 0
028 F031000 0
028 F041000 4191
<PAGE> PAGE 29
028 G011000 38505
028 G021000 6972
028 G031000 0
028 G041000 33595
028 H001000 0
066 A001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 N
070 A021000 N
070 B011000 N
070 B021000 N
070 C011000 N
070 C021000 N
070 D011000 N
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 N
070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 N
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 N
070 N021000 N
070 O011000 N
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 0
071 B001000 0
071 C001000 0
071 D001000 0
072 A001000 12
<PAGE> PAGE 30
072 B001000 3597
072 C001000 915
072 D001000 0
072 E001000 0
072 F001000 0
072 G001000 489
072 H001000 0
072 I001000 0
072 J001000 0
072 K001000 0
072 L001000 0
072 M001000 0
072 N001000 0
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 0
072 S001000 0
072 T001000 0
072 U001000 0
072 V001000 0
072 W001000 674
072 X001000 1163
072 Y001000 0
072 Z001000 3349
072AA001000 6309
072BB001000 0
072CC011000 2185
072CC021000 0
072DD011000 3246
072DD021000 0
072EE001000 5427
073 A011000 0.3800
073 A021000 0.0000
073 B001000 0.6200
073 C001000 0.0000
074 A001000 0
074 B001000 0
074 C001000 0
074 D001000 0
074 E001000 0
074 F001000 0
074 G001000 0
074 H001000 0
074 I001000 132668
074 J001000 0
074 K001000 0
074 L001000 286
074 M001000 0
074 N001000 132954
074 O001000 0
<PAGE> PAGE 31
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 156
074 S001000 0
074 T001000 132798
074 U011000 9290
074 U021000 0
074 V011000 14.29
074 V021000 0.00
074 W001000 0.0000
074 X001000 11
074 Y001000 0
075 A001000 0
075 B001000 122739
076 001000 0.00
028 A011100 7677
028 A021100 561
028 A031100 0
028 A041100 10982
028 B011100 4619
028 B021100 717
028 B031100 0
028 B041100 7272
028 C011100 5123
028 C021100 0
028 C031100 0
028 C041100 3397
028 D011100 6020
028 D021100 8129
028 D031100 0
028 D041100 5963
028 E011100 5242
028 E021100 667
028 E031100 0
028 E041100 3787
028 F011100 5723
028 F021100 0
028 F031100 0
028 F041100 3640
028 G011100 34404
028 G021100 10074
028 G031100 0
028 G041100 35041
028 H001100 0
066 A001100 Y
066 G001100 Y
067 001100 N
068 A001100 N
<PAGE> PAGE 32
068 B001100 N
069 001100 N
070 A011100 N
070 A021100 N
070 B011100 N
070 B021100 N
070 C011100 N
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 N
070 E021100 N
070 F011100 N
070 F021100 N
070 G011100 N
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 N
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 N
070 L021100 N
070 M011100 N
070 M021100 N
070 N011100 N
070 N021100 N
070 O011100 N
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 0
071 B001100 0
071 C001100 0
071 D001100 0
072 A001100 12
072 B001100 2737
072 C001100 1711
072 D001100 0
072 E001100 0
072 F001100 0
072 G001100 621
072 H001100 0
072 I001100 0
<PAGE> PAGE 33
072 J001100 0
072 K001100 0
072 L001100 0
072 M001100 0
072 N001100 0
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 0
072 S001100 0
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 854
072 X001100 1475
072 Y001100 0
072 Z001100 2974
072AA001100 9614
072BB001100 0
072CC011100 4629
072CC021100 0
072DD011100 2978
072DD021100 0
072EE001100 8770
073 A011100 0.3100
073 A021100 0.0000
073 B001100 0.9300
073 C001100 0.0000
074 A001100 0
074 B001100 0
074 C001100 0
074 D001100 0
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 166156
074 J001100 0
074 K001100 0
074 L001100 284
074 M001100 0
074 N001100 166440
074 O001100 0
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 309
074 S001100 0
074 T001100 166131
<PAGE> PAGE 34
074 U011100 10144
074 U021100 0
074 V011100 16.38
074 V021100 0.00
074 W001100 0.0000
074 X001100 11
074 Y001100 0
075 A001100 0
075 B001100 155595
076 001100 0.00
028 A011200 7686
028 A021200 775
028 A031200 0
028 A041200 5631
028 B011200 3911
028 B021200 318
028 B031200 0
028 B041200 4203
028 C011200 4444
028 C021200 0
028 C031200 0
028 C041200 2520
028 D011200 4552
028 D021200 4326
028 D031200 0
028 D041200 4854
028 E011200 4341
028 E021200 324
028 E031200 0
028 E041200 4347
028 F011200 4576
028 F021200 0
028 F031200 0
028 F041200 2760
028 G011200 29510
028 G021200 5743
028 G031200 0
028 G041200 24315
028 H001200 0
066 A001200 Y
066 G001200 Y
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 N
070 A021200 N
070 B011200 N
070 B021200 N
070 C011200 N
070 C021200 N
<PAGE> PAGE 35
070 D011200 N
070 D021200 N
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 N
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 N
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 N
070 N021200 N
070 O011200 N
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 0
071 B001200 0
071 C001200 0
071 D001200 0
072 A001200 12
072 B001200 1011
072 C001200 1406
072 D001200 0
072 E001200 0
072 F001200 0
072 G001200 420
072 H001200 0
072 I001200 0
072 J001200 0
072 K001200 0
072 L001200 0
072 M001200 0
072 N001200 0
072 O001200 0
072 P001200 0
072 Q001200 0
<PAGE> PAGE 36
072 R001200 0
072 S001200 0
072 T001200 0
072 U001200 0
072 V001200 0
072 W001200 578
072 X001200 998
072 Y001200 0
072 Z001200 1419
072AA001200 5934
072BB001200 0
072CC011200 5860
072CC021200 0
072DD011200 1418
072DD021200 0
072EE001200 5160
073 A011200 0.2400
073 A021200 0.0000
073 B001200 0.8800
073 C001200 0.0000
074 A001200 0
074 B001200 0
074 C001200 0
074 D001200 0
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 116376
074 J001200 0
074 K001200 0
074 L001200 502
074 M001200 0
074 N001200 116878
074 O001200 0
074 P001200 0
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 149
074 S001200 0
074 T001200 116729
074 U011200 6285
074 U021200 0
074 V011200 18.57
074 V021200 0.00
074 W001200 0.0000
074 X001200 11
074 Y001200 0
075 A001200 0
<PAGE> PAGE 37
075 B001200 105371
076 001200 0.00
028 A011300 8855
028 A021300 716
028 A031300 0
028 A041300 9769
028 B011300 7771
028 B021300 193
028 B031300 0
028 B041300 9605
028 C011300 10297
028 C021300 0
028 C031300 0
028 C041300 6763
028 D011300 8104
028 D021300 7935
028 D031300 0
028 D041300 10008
028 E011300 10636
028 E021300 254
028 E031300 0
028 E041300 7888
028 F011300 9130
028 F021300 0
028 F031300 0
028 F041300 6070
028 G011300 54793
028 G021300 9098
028 G031300 0
028 G041300 50103
028 H001300 0
066 A001300 Y
066 G001300 Y
067 001300 N
068 A001300 N
068 B001300 N
069 001300 Y
070 A011300 N
070 A021300 N
070 B011300 N
070 B021300 N
070 C011300 N
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 N
070 E021300 N
070 F011300 N
070 F021300 N
070 G011300 N
070 G021300 N
<PAGE> PAGE 38
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 N
070 J021300 N
070 K011300 Y
070 K021300 Y
070 L011300 N
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 N
070 N021300 N
070 O011300 N
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 0
071 B001300 0
071 C001300 0
071 D001300 0
072 A001300 12
072 B001300 181
072 C001300 2241
072 D001300 0
072 E001300 0
072 F001300 0
072 G001300 580
072 H001300 0
072 I001300 0
072 J001300 0
072 K001300 0
072 L001300 0
072 M001300 0
072 N001300 0
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 0
072 S001300 0
072 T001300 0
072 U001300 0
072 V001300 0
072 W001300 799
072 X001300 1379
072 Y001300 0
<PAGE> PAGE 39
072 Z001300 1044
072AA001300 8892
072BB001300 0
072CC011300 9603
072CC021300 0
072DD011300 1058
072DD021300 0
072EE001300 8815
073 A011300 0.1400
073 A021300 0.0000
073 B001300 1.1900
073 C001300 0.0000
074 A001300 0
074 B001300 0
074 C001300 0
074 D001300 0
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 163629
074 J001300 0
074 K001300 0
074 L001300 556
074 M001300 0
074 N001300 164185
074 O001300 0
074 P001300 0
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 301
074 S001300 0
074 T001300 163884
074 U011300 8093
074 U021300 0
074 V011300 20.25
074 V021300 0.00
074 W001300 0.0000
074 X001300 10
074 Y001300 0
075 A001300 0
075 B001300 145454
076 001300 0.00
SIGNATURE ANN BONSTEEL
TITLE ASST.SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 1
<NAME> ASSET ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-START> MAR-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 599,023,358
<RECEIVABLES> 520,489
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 599,543,847
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 450,929
<TOTAL-LIABILITIES> 450,929
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 457,427,521
<SHARES-COMMON-STOCK> 42,578,165
<SHARES-COMMON-PRIOR> 39,600,736
<ACCUMULATED-NII-CURRENT> 15,720
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,117,967
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 136,531,710
<NET-ASSETS> 599,092,918
<DIVIDEND-INCOME> 5,940,051
<INTEREST-INCOME> 8,449,263
<OTHER-INCOME> 0
<EXPENSES-NET> 4,156,156
<NET-INVESTMENT-INCOME> 10,233,158
<REALIZED-GAINS-CURRENT> 54,934,107
<APPREC-INCREASE-CURRENT> 25,525,970
<NET-CHANGE-FROM-OPS> 90,693,235
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,229,071
<DISTRIBUTIONS-OF-GAINS> 58,094,782
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 163,909,555
<NUMBER-OF-SHARES-REDEEMED> 188,624,236
<SHARES-REINVESTED> 66,692,075
<NET-CHANGE-IN-ASSETS> 64,346,776
<ACCUMULATED-NII-PRIOR> 11,633
<ACCUMULATED-GAINS-PRIOR> 8,277,532
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,156,156
<AVERAGE-NET-ASSETS> 555,422,171
<PER-SHARE-NAV-BEGIN> 13.50
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 2.07
<PER-SHARE-DIVIDEND> 0.26
<PER-SHARE-DISTRIBUTIONS> 1.50
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.07
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 2
<NAME> BOND INDEX FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-START> MAR-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 126,693,777
<RECEIVABLES> 103,161
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 126,796,938
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64,100
<TOTAL-LIABILITIES> 64,100
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127,668,181
<SHARES-COMMON-STOCK> 13,021,489
<SHARES-COMMON-PRIOR> 9,639,098
<ACCUMULATED-NII-CURRENT> 19,349
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 259,209
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,213,901)
<NET-ASSETS> 126,732,838
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,773,786
<OTHER-INCOME> 0
<EXPENSES-NET> 245,035
<NET-INVESTMENT-INCOME> 6,528,751
<REALIZED-GAINS-CURRENT> 416,912
<APPREC-INCREASE-CURRENT> (1,350,936)
<NET-CHANGE-FROM-OPS> 5,594,727
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,537,256
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 78,080,680
<NUMBER-OF-SHARES-REDEEMED> 50,676,715
<SHARES-REINVESTED> 6,494,980
<NET-CHANGE-IN-ASSETS> 32,956,416
<ACCUMULATED-NII-PRIOR> 27,854
<ACCUMULATED-GAINS-PRIOR> (157,705)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 245,035
<AVERAGE-NET-ASSETS> 106,952,409
<PER-SHARE-NAV-BEGIN> 9.73
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.60
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.73
<EXPENSE-RATIO> 0.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 3
<NAME> GROWTH STOCK FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-START> MAR-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 15,060,830
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 423,139
<INTEREST-INCOME> 349,890
<OTHER-INCOME> 0
<EXPENSES-NET> 1,275,081
<NET-INVESTMENT-INCOME> (502,052)
<REALIZED-GAINS-CURRENT> 31,854,182
<APPREC-INCREASE-CURRENT> (45,574,727)
<NET-CHANGE-FROM-OPS> (14,222,597)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 38,018,976
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 59,496,621
<NUMBER-OF-SHARES-REDEEMED> 282,229,385
<SHARES-REINVESTED> 38,026,348
<NET-CHANGE-IN-ASSETS> (237,013,989)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,616,237
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,006,853
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,308,642
<AVERAGE-NET-ASSETS> 212,907,713
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 4
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-START> MAR-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 205,863,273
<RECEIVABLES> 410,210
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 206,273,483
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,661,866
<TOTAL-LIABILITIES> 1,661,866
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 204,673,883
<SHARES-COMMON-STOCK> 204,673,388
<SHARES-COMMON-PRIOR> 180,384,775
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (62,266)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 204,611,617
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,857,970
<OTHER-INCOME> 0
<EXPENSES-NET> 814,034
<NET-INVESTMENT-INCOME> 9,043,936
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,043,936
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,043,936
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 240,959,138
<NUMBER-OF-SHARES-REDEEMED> 225,467,337
<SHARES-REINVESTED> 8,796,812
<NET-CHANGE-IN-ASSETS> 24,288,613
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (62,266)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 310,377
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 814,034
<AVERAGE-NET-ASSETS> 172,929,048
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> (0.00)
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 5
<NAME> S&P 500 STOCK FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-START> MAR-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 2,539,627,466
<RECEIVABLES> 5,401,098
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,545,028,564
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,572,210
<TOTAL-LIABILITIES> 1,572,210
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,388,375,338
<SHARES-COMMON-STOCK> 102,578,738
<SHARES-COMMON-PRIOR> 103,804,455
<ACCUMULATED-NII-CURRENT> 5,220,729
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 100,792,383
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,049,067,904
<NET-ASSETS> 2,543,456,354
<DIVIDEND-INCOME> 31,501,749
<INTEREST-INCOME> 7,241,331
<OTHER-INCOME> 0
<EXPENSES-NET> 4,680,986
<NET-INVESTMENT-INCOME> 34,062,094
<REALIZED-GAINS-CURRENT> 177,407,624
<APPREC-INCREASE-CURRENT> 202,382,736
<NET-CHANGE-FROM-OPS> 413,852,454
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 34,259,853
<DISTRIBUTIONS-OF-GAINS> 116,355,328
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,128,532,649
<NUMBER-OF-SHARES-REDEEMED> 1,290,233,516
<SHARES-REINVESTED> 149,487,247
<NET-CHANGE-IN-ASSETS> 251,023,653
<ACCUMULATED-NII-PRIOR> 5,418,488
<ACCUMULATED-GAINS-PRIOR> 39,740,087
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,680,986
<AVERAGE-NET-ASSETS> 2,351,830,612
<PER-SHARE-NAV-BEGIN> 22.08
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 3.87
<PER-SHARE-DIVIDEND> 0.34
<PER-SHARE-DISTRIBUTIONS> 1.15
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.80
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 6
<NAME> SHORT-INTERMEDIATE TERM FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-START> MAR-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 1,158,793
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 529,464
<OTHER-INCOME> 0
<EXPENSES-NET> 51,960
<NET-INVESTMENT-INCOME> 477,504
<REALIZED-GAINS-CURRENT> 348,830
<APPREC-INCREASE-CURRENT> (129,924)
<NET-CHANGE-FROM-OPS> 696,410
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 468,060
<DISTRIBUTIONS-OF-GAINS> 15,740
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,657,845
<NUMBER-OF-SHARES-REDEEMED> 14,071,606
<SHARES-REINVESTED> 371,993
<NET-CHANGE-IN-ASSETS> (10,829,158)
<ACCUMULATED-NII-PRIOR> 5,331
<ACCUMULATED-GAINS-PRIOR> (337,657)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37,126
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 51,960
<AVERAGE-NET-ASSETS> 10,736,051
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 7
<NAME> U.S. TREASURY ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-START> MAR-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 35,610,248
<RECEIVABLES> 48,916
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35,659,164
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 320,969
<TOTAL-LIABILITIES> 320,969
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,334,374
<SHARES-COMMON-STOCK> 3,768,853
<SHARES-COMMON-PRIOR> 5,025,964
<ACCUMULATED-NII-CURRENT> 3,780
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,705,319)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (294,640)
<NET-ASSETS> 35,338,195
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,300,666
<OTHER-INCOME> 0
<EXPENSES-NET> 304,346
<NET-INVESTMENT-INCOME> 1,996,320
<REALIZED-GAINS-CURRENT> 450,904
<APPREC-INCREASE-CURRENT> (417,682)
<NET-CHANGE-FROM-OPS> 2,029,542
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,003,524
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24,648,366
<NUMBER-OF-SHARES-REDEEMED> 38,540,057
<SHARES-REINVESTED> 1,962,950
<NET-CHANGE-IN-ASSETS> (11,902,723)
<ACCUMULATED-NII-PRIOR> 10,984
<ACCUMULATED-GAINS-PRIOR> (4,156,223)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 304,346
<AVERAGE-NET-ASSETS> 43,562,027
<PER-SHARE-NAV-BEGIN> 9.40
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> 0.44
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.38
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 9
<NAME> LIFEPATH 2000 FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-START> MAR-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 51,539,699
<RECEIVABLES> 48,579
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,588,278
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 306,929
<TOTAL-LIABILITIES> 306,929
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47,889,291
<SHARES-COMMON-STOCK> 4,447,546
<SHARES-COMMON-PRIOR> 4,216,121
<ACCUMULATED-NII-CURRENT> 279,919
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 645,785
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,466,354
<NET-ASSETS> 51,281,349
<DIVIDEND-INCOME> 181,561
<INTEREST-INCOME> 2,090,592
<OTHER-INCOME> 0
<EXPENSES-NET> 478,788
<NET-INVESTMENT-INCOME> 1,793,365
<REALIZED-GAINS-CURRENT> 1,698,888
<APPREC-INCREASE-CURRENT> (170,505)
<NET-CHANGE-FROM-OPS> 3,321,748
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,809,857
<DISTRIBUTIONS-OF-GAINS> 1,632,961
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 44,372,545
<NUMBER-OF-SHARES-REDEEMED> 45,122,536
<SHARES-REINVESTED> 3,420,944
<NET-CHANGE-IN-ASSETS> 2,549,883
<ACCUMULATED-NII-PRIOR> 296,411
<ACCUMULATED-GAINS-PRIOR> 579,855
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 478,788
<AVERAGE-NET-ASSETS> 50,508,543
<PER-SHARE-NAV-BEGIN> 11.56
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> 0.34
<PER-SHARE-DIVIDEND> 0.42
<PER-SHARE-DISTRIBUTIONS> 0.37
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.53
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 10
<NAME> LIFEPATH 2010 FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-START> MAR-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 132,668,064
<RECEIVABLES> 286,403
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132,954,467
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 156,707
<TOTAL-LIABILITIES> 156,707
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 113,289,710
<SHARES-COMMON-STOCK> 9,290,046
<SHARES-COMMON-PRIOR> 8,086,328
<ACCUMULATED-NII-CURRENT> 596,809
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,387,773
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,523,468
<NET-ASSETS> 132,797,760
<DIVIDEND-INCOME> 914,837
<INTEREST-INCOME> 3,597,487
<OTHER-INCOME> 0
<EXPENSES-NET> 1,163,242
<NET-INVESTMENT-INCOME> 3,349,082
<REALIZED-GAINS-CURRENT> 6,309,110
<APPREC-INCREASE-CURRENT> 2,184,738
<NET-CHANGE-FROM-OPS> 11,842,930
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,245,689
<DISTRIBUTIONS-OF-GAINS> 5,426,869
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 73,827,903
<NUMBER-OF-SHARES-REDEEMED> 65,205,094
<SHARES-REINVESTED> 8,568,968
<NET-CHANGE-IN-ASSETS> 20,362,150
<ACCUMULATED-NII-PRIOR> 493,415
<ACCUMULATED-GAINS-PRIOR> 1,426,925
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,163,242
<AVERAGE-NET-ASSETS> 122,739,081
<PER-SHARE-NAV-BEGIN> 13.90
<PER-SHARE-NII> 0.38
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> 0.38
<PER-SHARE-DISTRIBUTIONS> 0.62
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.29
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 11
<NAME> LIFEPATH 2020 FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-START> MAR-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 166,156,346
<RECEIVABLES> 283,454
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 166,439,800
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 309,358
<TOTAL-LIABILITIES> 309,358
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 131,316,526
<SHARES-COMMON-STOCK> 10,143,808
<SHARES-COMMON-PRIOR> 9,424,216
<ACCUMULATED-NII-CURRENT> 427,593
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,916,838
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,469,485
<NET-ASSETS> 166,130,442
<DIVIDEND-INCOME> 1,711,468
<INTEREST-INCOME> 2,736,822
<OTHER-INCOME> 0
<EXPENSES-NET> 1,474,722
<NET-INVESTMENT-INCOME> 2,973,568
<REALIZED-GAINS-CURRENT> 9,614,004
<APPREC-INCREASE-CURRENT> 4,629,482
<NET-CHANGE-FROM-OPS> 17,217,054
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,978,200
<DISTRIBUTIONS-OF-GAINS> 8,769,910
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 67,339,663
<NUMBER-OF-SHARES-REDEEMED> 66,522,416
<SHARES-REINVESTED> 11,647,048
<NET-CHANGE-IN-ASSETS> 17,933,239
<ACCUMULATED-NII-PRIOR> 432,225
<ACCUMULATED-GAINS-PRIOR> 2,026,456
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,474,722
<AVERAGE-NET-ASSETS> 155,594,884
<PER-SHARE-NAV-BEGIN> 15.73
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 1.58
<PER-SHARE-DIVIDEND> 0.31
<PER-SHARE-DISTRIBUTIONS> 0.93
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.38
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 12
<NAME> LIFEPATH 2030 FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-START> MAR-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 116,375,884
<RECEIVABLES> 502,410
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 116,878,294
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 148,941
<TOTAL-LIABILITIES> 148,941
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89,403,209
<SHARES-COMMON-STOCK> 6,285,477
<SHARES-COMMON-PRIOR> 5,480,661
<ACCUMULATED-NII-CURRENT> 182,933
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,734,347
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25,408,864
<NET-ASSETS> 116,729,353
<DIVIDEND-INCOME> 1,406,332
<INTEREST-INCOME> 1,010,836
<OTHER-INCOME> 0
<EXPENSES-NET> 998,537
<NET-INVESTMENT-INCOME> 1,418,631
<REALIZED-GAINS-CURRENT> 5,933,730
<APPREC-INCREASE-CURRENT> 5,860,041
<NET-CHANGE-FROM-OPS> 13,212,402
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,417,840
<DISTRIBUTIONS-OF-GAINS> 5,160,220
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 56,355,321
<NUMBER-OF-SHARES-REDEEMED> 48,074,692
<SHARES-REINVESTED> 6,505,176
<NET-CHANGE-IN-ASSETS> 21,420,147
<ACCUMULATED-NII-PRIOR> 182,142
<ACCUMULATED-GAINS-PRIOR> 942,666
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 998,537
<AVERAGE-NET-ASSETS> 105,371,261
<PER-SHARE-NAV-BEGIN> 17.39
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 2.06
<PER-SHARE-DIVIDEND> 0.24
<PER-SHARE-DISTRIBUTIONS> 0.88
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.57
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 893818
<NAME> MASTERWORKS FUNDS INC.
<SERIES>
<NUMBER> 13
<NAME> LIFEPATH 2040 FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-START> MAR-01-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 163,629,297
<RECEIVABLES> 555,478
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 164,184,775
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 301,339
<TOTAL-LIABILITIES> 301,339
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127,828,563
<SHARES-COMMON-STOCK> 8,093,491
<SHARES-COMMON-PRIOR> 6,743,840
<ACCUMULATED-NII-CURRENT> 98,786
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,334,424
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,621,663
<NET-ASSETS> 163,883,436
<DIVIDEND-INCOME> 2,240,977
<INTEREST-INCOME> 181,307
<OTHER-INCOME> 0
<EXPENSES-NET> 1,378,592
<NET-INVESTMENT-INCOME> 1,043,692
<REALIZED-GAINS-CURRENT> 8,891,692
<APPREC-INCREASE-CURRENT> 9,602,658
<NET-CHANGE-FROM-OPS> 19,538,042
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,057,777
<DISTRIBUTIONS-OF-GAINS> 8,814,742
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 112,055,069
<NUMBER-OF-SHARES-REDEEMED> 94,130,285
<SHARES-REINVESTED> 9,691,788
<NET-CHANGE-IN-ASSETS> 37,282,095
<ACCUMULATED-NII-PRIOR> 112,871
<ACCUMULATED-GAINS-PRIOR> 1,242,392
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,378,592
<AVERAGE-NET-ASSETS> 145,454,145
<PER-SHARE-NAV-BEGIN> 18.77
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 2.67
<PER-SHARE-DIVIDEND> 0.14
<PER-SHARE-DISTRIBUTIONS> 1.19
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.25
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
Independent Auditors' Report on Internal Accounting Controls
To the Directors
MasterWorks Funds Inc.:
In planning and performing our audits of the financial statements of MasterWorks
Funds Inc. (comprising, respectively, Asset Allocation Fund, Bond Index Fund,
LifePath 2000 Fund, LifePath 2010 Fund, LifePath 2020 Fund, LifePath 2030 Fund,
LifePath 2040 Fund, Money Market Fund, S&P 500 Index Fund, and U.S. Treasury
Allocation Master Portfolio) (collectively the "Funds") for the year ended
February 28, 1999, we considered their internal control, including procedures
for safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on internal
control.
The management of MasterWorks Funds Inc. is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control,
including controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of February 28, 1999.
This report is intended solely for the information and use of management, the
Board of Directors and the Securities and Exchange Commission, and is not
intended to be and should not be used by anyone other than these specified
parties.
April 2, 1999
