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Previous: GREATER CHINA GROWTH PORTFOLIO, N-30D, 2000-10-26 |
Next: JP MORGAN INSTITUTIONAL FUNDS, 497, 2000-10-26 |
<PAGE>
August 31, 2000
Semi-Annual Report
LifePath(R) Income Fund
LifePath(R) 2010 Fund
LifePath(R) 2020 Fund
LifePath(R) 2030 Fund
LifePath(R) 2040 Fund
Advised by Barclays Global Fund Advisors
Sponsored and distributed by Stephens Inc.,
Member NYSE/SIPC
Barclays Global Investors Funds, Inc.
<PAGE>
Table of Contents
<TABLE>
<S> <C>
To Our Shareholders............................................ 1
Market Overview................................................ 2
Managers' Discussion and Analysis.............................. 4
Barclays Global Investors Funds, Inc.
Statements of Assets and Liabilities...................... 6
Statements of Operations.................................. 6
Statements of Changes in Net Assets....................... 7
Financial Highlights...................................... 11
Notes to the Financial Statements......................... 14
Master Investment Portfolio
Schedules of Investments.................................. 16
Statements of Assets and Liabilities...................... 70
Statements of Operations.................................. 70
Statements of Changes in Net Assets....................... 71
Notes to the Financial Statements......................... 73
</TABLE>
<PAGE>
(THIS PAGE INTENTIONALLY LEFT BLANK)
<PAGE>
To Our Shareholders
The first half of the 2001 fiscal year, ended August 31, 2000, can be
described as a period of significant volatility and opportunity. Highlights from
the period include:
. The Dow Jones Industrials achieved their biggest point increase ever on
March 16, rising 499.19 points. On April 14, they experienced their
biggest point drop ever, falling 617.78 points.
. The S&P 500 index also reached a milestone, climbing to a record 1493.87
on March 21.
. The Federal Reserve Board raised short-term interest rates twice during the
first half of the year. At 6.5%, the federal funds rate now stands at its
highest level since January 1991.
As you read through this report and review the performance of the funds in
your portfolio, we remind you to consider the long-term perspective 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 returns. 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 2000
1
<PAGE>
Barclays Global Investors Funds, Inc. Market Overview
Six-month Period Ending August 31, 2000
U.S. Equity Markets
Inflation fears and rising interest rates created uncertainty in the equity
markets throughout the six months ending August 31, 2000. After enduring
significant volatility, domestic equity markets generally ended the six-month
period in positive territory. Growth stocks lost ground several times during the
half, as many investors sought shelter in more value-oriented "old-economy"
companies.
The period opened with markets reaching new milestones: the Nasdaq Composite
Index hit its historic high of 5048.62 points on March 10, and on March 16, the
Dow Jones Industrials rose 499.19 points, by far their biggest single-day point
increase ever. On March 21, the Federal Reserve Board raised the Fed Funds rate
by 0.25%, to 6% and indicated that further action to damp the economy was
likely. This represented the fifth increase in the Fed Funds rate in nine
months, and the first time since February 1995 that the rate reached 6%. Despite
this news, stocks and bonds rallied on March 21st: the Dow Jones Industrial
Average climbed 227.10 points, the Nasdaq rose 101.68 points, and the S&P 500
reached a record 1493.87 after climbing 37.24.
The sharp gains in March were followed by steep declines in April. On
April 3, following the announcement of a negative court ruling in the Microsoft
antitrust case, shares of Microsoft fell 14.47% for the day and triggered a
sell-off among technology stocks. The Nasdaq plummeted 7.64% for the day. News
of a 0.7% increase in the Consumer Price Index, the largest jump in more than
five years, along with other factors, caused the sell off to spread to other
sectors. On April 14, the Nasdaq tumbled 9.67%, marking its second-largest
percentage decline ever, the DJIA fell 5.66%, and the S&P 500 lost 5.83%.
The move toward "old economy" stocks continued through May, and the Nasdaq
suffered while sectors such as financial and utilities performed well. A
widely-anticipated 0.50% increase in interest rates by the Federal Reserve Board
on May 16 spurred further market declines: on May 23, the Nasdaq reached its
year low of 3164.55, representing a 37.32% drop from its historic high on
March 10. In June, many economic reports pointed toward a slowing economy, and
the Federal Reserve left rates unchanged. The Nasdaq responded to the benign
interest-rate environment by rebounding sharply, recovering 16.62% for the
month.
In July, news of a large jump in the Consumer Price Index, followed by the
release of strong GDP figures, renewed fears that the Fed might raise rates once
again, and stock markets slumped. However, more benign reports released in
August -- most notably an increase in jobless claims and a record drop in
durable goods orders -- suggested a decrease in inflationary pressures. The Fed
left rates unchanged at its August 22 meeting, and equity markets rallied.
Us Fixed-income Markets
As with the equity markets, bond markets endured a volatile six-month
period. Bonds languished during the first half of the period, largely because of
concerns about possible higher interest rates and an overheating economy.
However, promising economic reports and the Federal Reserve Bank's subsequent
acknowledgement of a slower economy reassured many investors, and helped the
bond market to rebound toward the end of the period.
Bond markets opened the period in March amid suggestions of a rapidly
growing economy. In an effort to curb inflation potential, the Federal Reserve
Board raised both the discount rate and the federal funds rate 0.25% on March
21. The bond markets responded to the move by rallying, pushing the 30-year
Treasury yield to 5.97%, below the key 6% level.
Continued strong economic indicators in April and May plagued the bond
market. Specifically, the Employment Index, released on April 27, demonstrated a
first quarter drop in unemployment of 1.4%, well above the anticipated 1.0%. On
May 16, the Federal Reserve raised the federal funds rate by 0.50%. This
increase was the sixth in a year, bringing the federal funds rate to 6.5% and
the discount rate to 6.0%. Near month end, economic figures such as a 6.2% drop
in existing home sales and a 6.4% decrease in durable goods orders suggested
that the economy might be approaching the Fed's desired "soft landing."
June saw continued signs of a slowing economy, and bond markets rallied,
recovering most of the losses of the previous two months. The bond markets lost
direction for most of July as mixed economic reports painted a murky picture for
inflation. On July 20th, however, the Federal Reserve chairman acknowledged
signs of economic slowing during his report to the Senate Banking Committee. In
response, bonds staged their strongest rally in nearly two years. Continued
signs of a slowing economy drove bond prices higher through August. The Fed's
decision to leave rates unchanged came as no surprise to most market
participants: yields declined in anticipation of the August 22 Federal Open
Market Committee meeting, and showed little change in the following week.
2
<PAGE>
Barclays Global Investors Funds, Inc. Market Overview (Continued)
International Equity Markets
The rising interest rate environment that created the volatility in the US
markets also put a damper on international equity markets over the six months
ending August 31st. Those markets that performed well early in the period did so
mainly due to continued strong growth in the telecommunications and technology
sectors. However, this trend was reversed in April as many investors began to
flee "new economy" telecommunications and technology companies for the safe
haven of value-oriented "old economy" companies, a trend that would continue for
the remainder of the period.
Echoing the actions of the Federal Reserve Board in the United States,
central banks worldwide raised interest rates during the past six months. The
European Central Bank, Bank of England, and Bank of Japan all pursued a tighter
monetary policy in an effort to curb inflation. Investors abroad generally
responded as they did in the US: many investors retreated to value-oriented
companies instead of telecommunications and technology-related companies.
Not surprisingly, those countries whose markets are dominated by some of the
world's leading technology-related companies, such as Sweden and Finland, were
the hardest hit by the trend reversal. Japan was doubly hurt: declines during
the period from its large telecommunications and technology companies were
compounded by losses in the financial services and banking sectors amid mounting
interest rate fears. Both UK and German markets were also dragged down by their
respective telecommunications companies.
Japan and the UK rebounded in August. Despite the Bank of Japan's 0.25%
interest rate increase, banking and financial services stocks rallied. The UK's
oil stocks compensated for continued weakness in the technology sector. However,
much of Europe continued to see weakness in the technology and banking sectors
against a backdrop of higher interest rates.
3
<PAGE>
Lifepath(R) Funds
Managers' Discussion & Analysis
<TABLE>
<CAPTION>
Average Annual
PERFORMANCE AS OF 8/31/00 Total Return
---------------------------------------------------------------------------------------
Since
One Year Inception Date
Fund (8/31/99-8/31/00) Five Year (3/1/94-8/31/00)
---- ----------------- --------- ----------------
<S> <C> <C> <C>
LifePath Income 8.42% 8.19% 7.90%
LifePath 2010 10.45% 12.47% 11.85%
LifePath 2020 13.18% 15.79% 14.77%
LifePath 2030 16.04% 18.27% 16.96%
LifePath 2040 17.84% 20.69% 19.13%
</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 and capital gains distributions have been reinvested in the Funds 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 Stragecoach Trust LifePath Funds (the "predecessor funds"), that 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 strategies performed well over the last six months as measured
against their benchmarks. The returns of the LifePath family of funds ranged
from more than 8.0% for the LifePath 2030 and LifePath 2040 Funds, to 5.3% for
LifePath Income Fund. Each Fund invests in a combination of domestic and
international stocks, bonds, and short-term money market instruments in
proportions that gradually become more conservative as the year in the Fund's
name approaches. The LifePath Funds with shorter horizons hold portfolios more
concentrated in money market and fixed-income securities, which are less
volatile but can be expected to have lower performance in periods with high
equity returns. The longer-horizon LifePath Funds hold portfolios more highly
concentrated in equities, both international and domestic. As a LifePath Fund
moves toward its maturity date and there is less time to recover from normal
equity market volatility, the allocation of assets within the fund shifts toward
more conservative vehicles such as fixed-income instruments or cash.
On February 29, 2000, assets in the LifePath Funds were allocated as follows:
<TABLE>
<CAPTION>
U.S. International U.S. Money
Fund Equity Equity Bonds Market*
---- ------ ------------- ----- -------
<S> <C> <C> <C> <C>
LifePath Income 15% 6% 65% 14%
LifePath 2010 34% 11% 49% 6%
LifePath 2020 52% 15% 29% 4%
LifePath 2030 63% 20% 15% 2%
LifePath 2040 78% 21% 1% 0%
</TABLE>
* The percentage of the Funds' assets that are invested in money market
instruments is net of the Funds' other assets and liabilities.
For the six-month period ending August 31st, US equities, as measured by BGI's
US Equity Market Fund Index, ended the period up 7.84% despite significant
losses in April and May. BGI's US Equity Market Fund Index is a broad,
cap-weighted US Equity Index. Fixed-income markets also had a strong showing: US
bonds, as measured by the Lehman Brothers Aggregate Index, returned 5.53% and US
Money Market instruments, as measured by US Treasury Bills, rose 2.90%. While
some international markets performed extremely well, particularly Canadian
stocks, which returned more than 30%, international equities across developed
markets, as measured by the MSCI EAFE Index, declined 3.49%. For the six months
ending August 31st, the LifePath 2030 and 2040 portfolios both had higher
returns than any of the four broad asset classes that they invest in:
international and domestic stocks, bonds, and money market instruments.
The volatility of global stock markets reflected the uncertain economic
environment across all developed markets. As inflationary pressures in North
America and Europe continued to build, central banks raised interest rates,
tightening monetary policy. The US Federal Reserve Board raised rates twice over
the past six months, first by 0.25% in March, then by 0.50% in May. Similarly,
other central banks, including the European Central Bank which controls monetary
policy for the EMU countries, echoed the US's tightening policy. When US
economic data released in early August suggested a slowdown in the US economy,
the Federal Reserve kept rates unchanged at
4
<PAGE>
Lifepath(R) Funds
Managers' Discussion & Analysis (Continued)
the August 22 meeting. This economic environment also helped to maintain a
strong US dollar. In particular, the dollar gained against the Euro.
LifePath Fund performance was helped by higher than normal allocations to US
large-cap companies. The LifePath Funds also shifted assets from notes to cash
in March and maintained this stance throughout the second quarter. The tactical
allocation of all of the LifePath Funds currently favors cash and equities over
bonds, driven in part by low yields on longer duration bonds.
On August 31, 2000, assets in the LifePath Funds were allocated as follows:
<TABLE>
<CAPTION>
U.S. International U.S. Money
Fund Equity Equity Bonds Market*
---- ------ ------------- ------ -------
<S> <C> <C> <C> <C>
LifePath Income 15% 5% 56% 24%
LifePath 2010 31% 9% 49% 11%
LifePath 2020 50% 14% 30% 6%
LifePath 2030 61% 18% 18% 3%
LifePath 2040 73% 21% 6% 0%
</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 (BGFA) advises the Master Portfolios.
5
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Lifepath Lifepath Lifepath Lifepath Lifepath
Income 2010 2020 2030 2040
Fund Fund Fund Fund Fund
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments:
In corresponding Master Portfolio, at market value (Note 1) $31,972,824 $95,857,324 $199,161,106 $96,949,166 $133,506,569
----------- ----------- ------------ ----------- ------------
Total Assets 31,972,824 95,857,324 199,161,106 96,949,166 133,506,569
----------- ----------- ------------ ----------- ------------
LIABILITIES
Payables:
Due to BGI and Stephens (Note 2) 5,421 22,968 55,762 25,959 30,797
----------- ----------- ------------ ----------- ------------
Total Liabilities 5,421 22,968 55,762 25,959 30,797
----------- ----------- ------------ ----------- ------------
NET ASSETS $31,967,403 $95,834,356 $199,105,344 $96,923,207 $133,475,772
=========== =========== ============ =========== ============
Net assets consist of:
Paid-in capital $28,417,253 $76,238,668 $155,940,441 $63,463,486 $ 80,189,812
Undistributed (distributions in excess of) net investment
income 207,316 413,979 463,762 52,051 (63,100)
Undistributed net realized gain on investments 1,357,342 4,750,226 8,315,408 3,907,405 7,738,656
Net unrealized appreciation of investments 1,985,492 14,431,483 34,385,733 29,500,265 45,610,404
----------- ----------- ------------ ----------- ------------
NET ASSETS $31,967,403 $95,834,356 $199,105,344 $96,923,207 $133,475,772
=========== =========== ============ =========== ============
Shares outstanding 2,766,715 6,814,226 11,608,273 5,051,795 5,982,497
=========== =========== ============ =========== ============
Net asset value and offering price per share $ 11.55 $ 14.06 $ 17.15 $ 19.19 $ 22.31
=========== =========== ============ =========== ============
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
STATEMENTS OF OPERATIONS
For The Six Months Ended August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Lifepath Lifepath Lifepath Lifepath Lifepath
Income 2010 2020 2030 2040
Fund Fund Fund Fund Fund
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME ALLOCATED FROM CORRESPONDING
MASTER PORTFOLIO
Dividends $ 44,317 $ 285,066 $ 819,227 $ 497,234 $ 801,918
Interest 691,544 1,529,503 1,874,447 472,154 109,265
Expenses (81,801) (254,667) (514,548) (250,963) (354,248)
---------- ---------- ----------- ---------- -----------
Net investment income allocated from corresponding
Master Portfolio 654,060 1,559,902 2,179,126 718,425 556,935
---------- ---------- ----------- ---------- -----------
FUND EXPENSES (Note 2)
Administration fees 59,413 185,110 373,207 182,408 257,508
---------- ---------- ----------- ---------- -----------
Total fund expenses 59,413 185,110 373,207 182,408 257,508
---------- ---------- ----------- ---------- -----------
Net investment income 594,647 1,374,792 1,805,919 536,017 299,427
---------- ---------- ----------- ---------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
ALLOCATED FROM MASTER PORTFOLIO
Net realized gain 999,597 2,819,173 5,422,233 2,584,418 5,413,519
Net change in unrealized appreciation (depreciation) (62,573) 1,011,253 3,341,997 4,038,512 4,605,247
---------- ---------- --------- --------- ----------
Net gain on investments 937,024 3,830,426 8,764,230 6,622,930 10,018,766
---------- ---------- ----------- ---------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,531,671 $5,205,218 $10,570,149 $7,158,947 $10,318,193
========== ========== =========== ========== ===========
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Lifepath Income Fund Lifepath 2010 Fund
----------------------------------- ----------------------------------
For The Six For The Six
Months Ended For The Months Ended For The
August 31, 2000 Year Ended August 31, 2000 Year Ended
(Unaudited) February 29, 2000 (Unaudited) February 29, 2000
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 594,647 $ 1,417,257 $ 1,374,792 $ 3,016,714
Net realized gain 999,597 1,040,041 2,819,173 8,867,461
Net change in unrealized appreciation (depreciation) (62,573) (418,289) 1,011,253 (3,103,238)
----------- ------------ ------------ ------------
Net increase in net assets resulting from operations 1,531,671 2,039,009 5,205,218 8,780,937
----------- ------------ ------------ ------------
Distributions to shareholders:
From net investment income (561,598) (1,522,909) (1,362,912) (3,211,424)
From net realized gain on sale of investments -- (1,328,081) -- (9,324,181)
----------- ------------ ------------ ------------
Total distributions to shareholders (561,598) (2,850,990) (1,362,912) (12,535,605)
----------- ------------ ------------ ------------
Capital share transactions:
Proceeds from shares sold 7,149,690 18,128,856 14,379,370 36,086,596
Net asset value of shares issued in reinvestment of
dividends and distributions 557,295 2,830,229 1,341,994 12,327,882
Cost of shares redeemed (5,482,083) (42,656,025) (12,443,970) (88,742,914)
----------- ------------ ------------ ------------
Net increase (decrease) in net assets resulting from
capital share transactions 2,224,902 (21,696,940) 3,277,394 (40,328,436)
----------- ------------ ------------ ------------
Increase (decrease) in net assets 3,194,975 (22,508,921) 7,119,700 (44,083,104)
NET ASSETS:
Beginning of period 28,772,428 51,281,349 88,714,656 132,797,760
----------- ------------ ------------ ------------
End of period $31,967,403 $ 28,772,428 $ 95,834,356 $ 88,714,656
=========== ============ ============ ============
Undistributed net investment income included in net
assets at end of period $ 207,316 $ 174,267 $ 413,979 $ 402,099
=========== ============ ============ ============
SHARES ISSUED AND REDEEMED:
Shares sold 629,295 1,569,810 1,043,876 2,500,985
Shares issued in reinvestment of dividends and
distributions 49,105 248,591 96,805 884,165
Shares redeemed (484,449) (3,693,183) (903,459) (6,098,192)
----------- ------------ ------------ ------------
Net increase (decrease) in shares outstanding 193,951 (1,874,782) 237,222 (2,713,042)
=========== ============ ============ ============
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
<TABLE>
<CAPTION>
Lifepath 2020 Fund Lifepath 2030 Fund
----------------------------------- ----------------------------------
For The Six For The Six
Months Ended For The Months Ended For The
August 31, 2000 Year Ended August 31, 2000 Year Ended
(Unaudited) February 29, 2000 (Unaudited) February 29, 2000
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 1,805,919 $ 2,935,954 $ 536,017 $ 1,304,493
Net realized gain 5,422,233 13,744,458 2,584,418 11,501,739
Net change in unrealized appreciation (depreciation) 3,341,997 (425,749) 4,038,512 52,889
------------ ------------- ------------ ------------
Net increase in net assets resulting from operations 10,570,149 16,254,663 7,158,947 12,859,121
------------ ------------- ------------ ------------
Distributions to shareholders:
From net investment income (1,739,548) (2,966,156) (638,742) (1,332,650)
From net realized gain on sale of investments -- (13,768,121) -- (11,913,099)
------------ ------------- ------------ ------------
Total distributions to shareholders (1,739,548) (16,734,277) (638,742) (13,245,749)
------------ ------------- ------------ ------------
Capital share transactions:
Proceeds from shares sold 75,102,227 77,066,445 18,335,253 43,474,550
Net asset value of shares issued in reinvestment of
dividends and distributions 1,729,126 16,572,263 632,884 13,023,025
Cost of shares redeemed (29,608,498) (116,237,648) (12,581,418) (88,824,017)
------------ ------------- ------------ ------------
Net increase (decrease) in net assets resulting
from capital share transactions 47,222,855 (22,598,940) 6,386,719 (32,326,442)
------------ ------------- ------------ ------------
Increase (decrease) in net assets 56,053,456 (23,078,554) 12,906,924 (32,713,070)
NET ASSETS:
Beginning of period 143,051,888 166,130,442 84,016,283 116,729,353
------------ ------------- ------------ ------------
End of period $199,105,344 $ 143,051,888 $ 96,923,207 $ 84,016,283
============ ============= ============ ============
Undistributed net investment income included in net
assets at end of period $ 463,762 $ 397,391 $ 52,051 $ 154,776
============ ============= ============ ============
SHARES ISSUED AND REDEEMED:
Shares sold 4,433,966 4,491,153 987,483 2,250,153
Shares issued in reinvestment of dividends and
distributions 102,725 992,496 33,714 702,544
Shares redeemed (1,771,462) (6,784,413) (677,617) (4,529,959)
------------ ------------- ------------ ------------
Net increase (decrease) in shares outstanding 2,765,229 (1,300,764) 343,580 (1,577,262)
============ ============= ============ ============
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
<TABLE>
<CAPTION>
LifePath 2040 Fund
----------------------------------
For the six
Months Ended For the
August 31, 2000 Year Ended
(Unaudited) February 29, 2000
-------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 299,427 $ 853,275
Net realized gain 5,413,519 15,170,204
Net change in unrealized appreciation (depreciation) 4,605,247 6,383,494
------------ -------------
Net increase in net assets resulting from operations 10,318,193 22,406,973
------------ -------------
Distributions to shareholders:
From net investment income (407,205) (907,383)
From net realized gain on sale of investments -- (14,179,491)
------------ -------------
Total distributions to shareholders (407,205) (15,086,874)
------------ -------------
Capital share transactions:
Proceeds from shares sold 27,544,747 73,118,185
Net asset value of shares issued in reinvestment of dividends
and distributions 402,470 14,691,577
Cost of shares redeemed (27,065,829) (136,329,901)
------------ -------------
Net increase (decrease) in net assets resulting from capital
share transactions 881,388 (48,520,139)
------------ -------------
Increase (decrease) in net assets 10,792,376 (41,200,040)
NET ASSETS:
Beginning of period 122,683,396 163,883,436
------------ -------------
End of period $133,475,772 $ 122,683,396
============ =============
Undistributed (distributions in excess) of net investment
income included in net assets at end of period $ (63,100) $ 44,678
============ =============
SHARES ISSUED AND REDEEMED:
Shares sold 1,277,016 3,388,984
Shares issued in reinvestment of dividends and distributions 18,494 685,875
Shares redeemed (1,256,727) (6,224,636)
------------ -------------
Net increase (decrease) in shares outstanding 38,783 (2,149,777)
============ =============
-------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
(THIS PAGE INTENTIONALLY LEFT BLANK)
10
<PAGE>
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
LifePath Income Fund
-----------------------------------------------------
Period From
Six Mar. 26, 1996
Months Ended (Commencement
Aug. 31, 2000 Year Ended Year Ended Year Ended of Operations) to
(Unaudited) Feb. 29, 2000 Feb. 28, 1999 Feb. 28, 1998 Feb. 28, 1997
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 11.18 $ 11.53 $ 11.56 $ 10.97 $ 10.55
------------ ------------- ------------- ------------- -------------
Income from investment operations:
Net investment income 0.23 0.43 0.42 0.46 0.39
Net realized and unrealized gain on
investments 0.36 0.12 0.34 0.85 0.35
------------ ------------- ------------- ------------- -------------
Total from investment operations 0.59 0.55 0.76 1.31 0.74
------------ ------------- ------------- ------------- -------------
Less distributions:
From net investment income (0.22) (0.43) (0.42) (0.46) (0.32)
From net realized gain -- (0.47) (0.37) (0.26) --
------------ ------------- ------------- ------------- -------------
Total distributions (0.22) (0.90) (0.79) (0.72) (0.32)
------------ ------------- ------------- ------------- -------------
Net asset value, end of period $ 11.55 $ 11.18 $ 11.53 $ 11.56 $ 10.97
============ ============= ============= ============= =============
Total return 5.32%* 4.82% 6.70% 12.32% 7.00%*
============ ============= ============= ============= =============
Ratios/Supplemental data:
Net assets, end of period (000s) $ 31,967 $ 28,772 $ 51,281 $ 48,731 $ 46,578
Ratio of expenses to
average net assets+ 0.95% 0.95% 0.95% 0.95% 0.95%
Ratio of net investment
income to average net assets+ 4.00% 3.63% 3.55% 4.06% 4.21%
Portfolio turnover rate++ 16% 55% 66% 39% 108%
-------------------------------------------------------------------------------------------------------------------------------
LifePath 2010 Fund
-------------------------------------------------------------------------------------
Period From
Six Mar. 26, 1996
Months Ended (Commencement
Aug. 31, 2000 Year Ended Year Ended Year Ended of Operations) to
(Unaudited) Feb. 29, 2000 Feb. 28, 1999 Feb. 28, 1998 Feb. 28, 1997
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 13.49 $ 14.29 $ 13.90 $ 12.46 $ 11.44
------------ ------------- ------------- ------------- --------------
Income from investment operations:
Net investment income 0.21 0.42 0.38 0.40 0.33
Net realized and unrealized gain on
investments 0.57 0.71 1.01 1.87 0.96
------------ ------------- ------------- ------------- --------------
Total from investment operations 0.78 1.13 1.39 2.27 1.29
------------ ------------- ------------- ------------- --------------
Less distributions:
From net investment income (0.21) (0.42) (0.38) (0.40) (0.27)
From net realized gain -- (1.51) (0.62) (0.43) --
------------ ------------- ------------- ------------- --------------
Total distributions (0.21) (1.93) (1.00) (0.83) (0.27)
------------ ------------- ------------- ------------- --------------
Net asset value, end of period $ 14.06 $ 13.49 $ 14.29 $ 13.90 $ 12.46
============ ============= ============= ============= ==============
Total return 5.78%* 7.92% 10.19% 18.73% 11.98%*
============ ============= ============= ============= ==============
Ratios/Supplemental data:
Net assets, end of period (000s) $ 95,834 $ 88,715 $ 132,798 $ 112,436 $ 87,204
Ratio of expenses to average
net assets+ 0.95% 0.95% 0.95% 0.95% 0.95%
Ratio of net investment income to
average net assets+ 2.97% 2.80% 2.73% 3.09% 3.26%
Portfolio turnover rate++ 33% 49% 38% 46% 73%
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized for periods of less than one year. These ratios include expenses
charged to the corresponding Master Portfolio.
++ Represents the portfolio turnover rate of each Fund's corresponding Master
Portfolio.
* Not annualized.
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
FINANCIAL HIGHLIGHTS (Continued)
For a share outstanding throughout each period
<TABLE>
<CAPTION>
LifePath 2020 Fund
-----------------------------------------------------
Period From
Six Mar. 26, 1996
Months Ended (Commencement
Aug. 31, 2000 Year Ended Year Ended Year Ended of Operations) to
(Unaudited) Feb. 29, 2000 Feb. 28, 1999 Feb. 28, 1998 Feb. 28, 1997
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 16.18 $ 16.38 $ 15.73 $ 13.40 $ 11.97
------------ ------------- ------------- ------------- --------------
Income from investment operations:
Net investment income 0.17 0.32 0.31 0.33 0.29
Net realized and unrealized gain on
investments 0.97 1.47 1.58 2.84 1.40
------------ ------------- ------------- ------------- --------------
Total from investment operations 1.14 1.79 1.89 3.17 1.69
------------ ------------- ------------- ------------- --------------
Less distributions:
From net investment income (0.17) (0.32) (0.31) (0.33) (0.24)
From net realized gain -- (1.67) (0.93) (0.51) (0.02)
------------ ------------- ------------- ------------- --------------
Total distributions (0.17) (1.99) (1.24) (0.84) (0.26)
------------ ------------- ------------- ------------- --------------
Net asset value, end of period $ 17.15 $ 16.18 $ 16.38 $ 15.73 $ 13.40
============ ============= ============= ============= ==============
Total return 7.05%* 10.84% 12.42% 24.25% 15.06%*
============ ============= ============= ============= ==============
Ratios/Supplemental data:
Net assets, end of period (000s) $ 199,105 $ 143,052 $ 166,130 $ 148,197 $ 105,414
Ratio of expenses to average
net assets+ 0.95% 0.95% 0.95% 0.95% 0.95%
Ratio of net investment income
to average net assets+ 1.93% 1.87% 1.91% 2.28% 2.57%
Portfolio turnover rate++ 21% 43% 36% 41% 61%
------------------------------------------------------------------------------------------------------------------------------
LifePath 2030 Fund
-----------------------------------------------------
Period From
Six Mar. 26, 1996
Months Ended (Commencement
Aug. 31, 2000 Year Ended Year Ended Year Ended of Operations) to
(Unaudited) Feb. 29, 2000 Feb. 28, 1999 Feb. 28, 1998 Feb. 28, 1997
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 17.84 $ 18.57 $ 17.39 $ 14.17 $ 12.39
------------ ------------- ------------- ------------- -------------
Income from investment operations:
Net investment income 0.11 0.26 0.24 0.26 0.23
Net realized and unrealized
gain on investments 1.37 2.22 2.06 3.65 1.79
------------ ------------- ------------- ------------- -------------
Total from investment operations 1.48 2.48 2.30 3.91 2.02
------------ ------------- ------------- ------------- -------------
Less distributions:
From net investment income (0.13) (0.26) (0.24) (0.26) (0.20)
From net realized gain -- (2.95) (0.88) (0.43) (0.04)
------------ ------------- ------------- ------------- -------------
Total distributions (0.13) (3.21) (1.12) (0.69) (0.24)
------------ ------------- ------------- ------------- -------------
Net asset value, end of period $ 19.19 $ 17.84 $ 18.57 $ 17.39 $ 14.17
============ ============= ============= ============= =============
Total return 8.32%* 13.04% 13.55% 28.22% 17.37%*
============ ============= ============= ============= =============
Ratios/Supplemental data:
Net assets, end of period (000s) $ 96,923 $ 84,016 $ 116,729 $ 95,309 $ 58,575
Ratio of expenses to average net
assets+ 0.95% 0.95% 0.95% 0.95% 0.95%
Ratio of net investment income
to average net assets+ 1.17% 1.32% 1.35% 1.72% 2.05%
Portfolio turnover rate++ 16% 26% 19% 27% 42%
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized for periods of less than one year. These ratios include expenses
charged to the corresponding Master Portfolio.
++ Represents the Portfolio turnover rate of each Fund's corresponding Master
Portfolio.
* Not annualized.
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
FINANCIAL HIGHLIGHTS (Continued)
For a share outstanding throughout each period
<TABLE>
<CAPTION>
LifePath 2040 Fund
---------------------------------------------------------------------------------
Period From
Six Mar. 26, 1996
Months Ended (Commencement
Aug. 31, 2000 Year Ended Year Ended Year Ended of Operations) to
(Unaudited) Feb. 29, 2000 Feb. 28, 1999 Feb. 28, 1998 Feb. 28, 1997
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 20.64 $ 20.25 $ 18.77 $ 15.21 $ 12.91
-------- --------- --------- --------- --------
Income from investment operations:
Net investment income 0.05 0.13 0.14 0.18 0.18
Net realized and unrealized gain on investments 1.69 3.18 2.67 4.41 2.27
-------- --------- --------- --------- --------
Total from investment operations 1.74 3.31 2.81 4.59 2.45
-------- --------- --------- --------- --------
Less distributions:
From net investment income (0.07) (0.13) (0.14) (0.19) (0.15)
From net realized gain -- (2.79) (1.19) (0.84) --
-------- --------- --------- --------- --------
Total distributions (0.07) (2.92) (1.33) (1.03) (0.15)
-------- --------- --------- --------- --------
Net asset value, end of period $ 22.31 $ 20.64 $ 20.25 $ 18.77 $ 15.21
======== ========= ========= ========= ========
Total return 8.43%* 16.01% 15.35% 30.95% 20.47%*
======== ========= ========= ========= ========
Ratios/supplemental data:
Net assets, end of period (000s) $133,476 $ 122,683 $ 163,883 $ 126,601 $ 69,476
Ratio of expenses to average net assets+ 0.95% 0.95% 0.95% 0.95% 0.95%
Ratio of net investment income to average
net assets+ 0.46% 0.59% 0.72% 1.04% 1.46%
Portfolio turnover rate++ 13% 29% 19% 34% 48%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Annualized for periods of less than one year. These ratios include expenses
charged to the corresponding Master Portfolio.
++ Represents the portfolio turnover rate of each Fund's corresponding Master
Portfolio.
* Not annualized.
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
BARCLAYS GLOBAL INVESTORS FUNDS, INC.
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)
1. Significant Accounting Policies
Barclays Global Investors Funds, Inc. (the "Company"), is registered under
the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
series investment company. The Company was established as a Maryland corporation
on October 15, 1992, commenced operations on July 2, 1993, and currently issues
the following funds: Asset Allocation, Bond Index, Institutional Money Market,
LifePath Income, LifePath 2010, LifePath 2020, LifePath 2030, LifePath 2040,
Money Market and S&P 500 Stock Funds.
These financial statements relate to the LifePath Income, LifePath 2010,
LifePath 2020, LifePath 2030 and LifePath 2040 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 (33.44%, 38.40%,
41.23%, 31.27% and 23.70% for the LifePath Income, LifePath 2010, LifePath 2020,
LifePath 2030 and LifePath 2040 Funds, respectively, as of August 31, 2000). The
method by which the Master Investment Portfolio values its securities is
discussed in Note 1 of the Master Investment Portfolio's Notes to Financial
Statements, which are included elsewhere in this report.
Security Transactions and Income Recognition
Each Fund records daily, its proportionate interest in the net investment
income and realized and unrealized capital gains and losses of its corresponding
Master Portfolio.
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 Schedules of Investments, are included elsewhere in
this report and should be read in conjunction with the corresponding Fund's
financial statements.
Distributions to Shareholders
Distributions to shareholders from net investment income are declared and
distributed quarterly. Distributions to shareholders from any net realized
capital gains are declared and distributed annually, generally in December.
Due to the timing of 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
Funds.
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 Internal Revenue Code of 1986, as amended, and to
distribute annually substantially all of its income and any gains (taking into
account any 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, 2000.
14
<PAGE>
BARCLAYS GLOBAL INVESTORS FUNDS, INC.
NOTES TO THE FINANCIAL STATEMENTS (Unaudited) (Continued)
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
Barclays Global Investors, N.A. ("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' distributor. Stephens does not
receive a fee for providing distribution services to the Funds.
The Company has entered into administration services arrangements with BGI
and Stephens, as co-administrators, who have agreed jointly to 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) of 0.40% from each Fund.
Certain officers and directors of the Company are also officers of
Stephens. As of August 31, 2000 these officers of Stephens collectively owned
less than 1% of the outstanding shares of each Fund.
3. Capital Share Transactions
As of August 31, 2000, there were 21.3 billion shares of $.001 par value
capital stock authorized by the Company. As of August 31, 2000, each Fund was
authorized to issue 100 million shares of $.001 par value capital stock.
Transactions in capital shares for each Fund are disclosed in detail in the
Statements of Changes in Net Assets.
15
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
----------------------- ------------------------
Shares Value Shares Value
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS
Percent of Net Assets 19.99% 40.79%
U.S. COMMON STOCKS
Percent of Net Assets 14.77% 31.48%
ADVERTISING
Percent of Net Assets 0.02% 0.11%
Harte-Hanks Inc. 0 $ -- 0 $ --
Interpublic Group of Companies Inc. 176 6,732 1,998 76,422
Omnicom Group Inc. 111 9,262 1,185 98,873
Snyder Communications Inc.+ 0 -- 0 --
TMP Worldwide Inc.+ 0 -- 0 --
Young & Rubicam Inc. 0 -- 2,144 125,424
------- --------
15,994 300,719
------- --------
AEROSPACE / DEFENSE
Percent of Net Assets 0.11% 0.04%
Boeing Co. 0 -- 0 --
General Dynamics Corp. 0 -- 0 --
Goodrich (B.F.) Co. 82 3,347 1,375 56,117
Honeywell International Inc. 179 6,903 0 --
Litton Industries Inc.+ 0 -- 0 --
Lockheed Martin Corp. 0 -- 0 --
Northrop Grumman Corp. 129 10,038 629 48,944
Raytheon Co. "B" 0 -- 0 --
Sequa Corp. "A"+ 1,510 69,837 0 --
Titan Corp. (The)+ 500 12,312 0 --
United Technologies Corp. 0 -- 0 --
------- --------
102,437 105,061
------- --------
AGRICULTURE
Percent of Net Assets 0.00% 0.01%
Maui Land & Pineapple Co. 0 -- 1,200 28,500
------- --------
AIRLINES
Percent of Net Assets 0.01% 0.15%
AMR Corp.+ 0 -- 887 29,105
Continental Airlines Inc. "B"+ 0 -- 0 --
Delta Air Lines Inc. 0 -- 0 --
Northwest Airlines Corp. "A"+ 100 3,131 8,816 276,051
Southwest Airlines Co. 263 5,950 0 --
UAL Corp. 0 -- 0 --
US Airways Group Inc.+ 63 2,142 2,818 95,812
------- --------
11,223 400,968
------- --------
APPAREL
Percent of Net Assets 0.07% 0.12%
Garan Inc. 0 -- 1,600 34,000
Haggar Corp. 0 -- 2,200 27,087
Jones Apparel Group Inc.+ 0 -- 0 --
Liz Claiborne Inc. 81 3,559 4,965 218,150
Nike Inc. "B" 193 7,636 0 --
Unifi Inc.+ 3,268 36,969 0 --
VF Corp. 0 -- 1,556 35,594
Warnaco Group Inc. "A" 3,200 16,000 0 --
------- --------
64,164 314,831
------- --------
AUTO MANUFACTURERS
Percent of Net Assets 0.03% 0.11%
Ford Motor Company+ 0 -- 0 --
General Motors Corp. "A" 351 25,338 0 --
Navistar International Corp.+ 0 -- 6,186 231,975
PACCAR Inc. 93 3,947 872 37,005
------- --------
29,285 268,980
------- --------
</TABLE>
16
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
-------------------- --------------------- ----------------------
Shares Value Shares Value Shares Value
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
64.46% 78.56% 93.40%
50.13% 60.75% 72.56%
0.13% 0.14% 0.17%
0 $ -- 1,282 $ 32,210 0 $ --
4,640 177,481 3,566 136,399 8,500 325,124
2,915 243,220 2,275 189,820 5,356 446,891
0 -- 925 25,322 1,313 35,943
500 34,594 0 -- 0 --
1,988 116,298 1,016 59,436 2,053 120,100
--------- --------- -----------
571,593 443,187 928,058
--------- --------- -----------
0.53% 0.64% 0.69%
14,598 782,818 11,312 606,606 21,795 1,168,757
3,374 212,351 2,596 163,386 5,637 354,779
1,804 73,626 1,409 57,505 3,079 125,662
12,709 490,091 10,305 397,387 20,415 787,253
0 -- 696 38,497 0 --
6,640 188,410 6,102 173,144 10,934 310,252
1,263 98,277 849 66,063 1,908 148,466
5,585 155,333 4,493 124,962 8,561 238,103
0 -- 0 -- 0 --
0 -- 0 -- 0 --
7,998 499,375 5,840 364,635 10,835 676,510
--------- --------- -----------
2,500,281 1,992,185 3,809,782
--------- --------- -----------
0.00% 0.00% 0.00%
0 -- 0 -- 0 --
--------- --------- -----------
0.09% 0.12% 0.15%
1,509 49,514 1,812 59,456 3,339 109,561
827 39,799 950 45,719 1,961 94,373
1,226 60,687 795 39,352 1,815 89,842
252 7,891 1,186 37,137 2,310 72,332
8,426 190,638 5,850 132,356 12,306 278,423
552 26,358 771 36,815 1,791 85,520
1,148 39,032 955 32,470 2,302 78,268
--------- --------- -----------
413,919 383,305 808,319
--------- --------- -----------
0.08% 0.09% 0.11%
0 -- 0 -- 0 --
0 -- 0 -- 0 --
1,984 48,608 1,964 48,118 4,263 104,444
1,679 73,771 889 39,060 1,658 72,848
4,644 183,728 3,686 145,827 7,687 304,117
0 -- 0 -- 0 --
3,749 85,758 1,986 45,430 3,341 76,425
0 -- 0 -- 0 --
--------- --------- -----------
391,865 278,435 557,834
--------- --------- -----------
0.34% 0.41% 0.43%
31,452 760,745 24,497 592,521 52,545 1,270,932
9,837 710,108 7,449 537,725 13,725 990,773
1,847 69,262 1,334 50,025 1,814 68,025
2,323 98,582 1,798 76,303 2,163 91,792
--------- --------- -----------
1,638,697 1,256,574 2,421,522
--------- --------- -----------
</TABLE>
17
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (UNAUDITED)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
----------------------- --------------------------
Shares Value Shares Value
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
AUTO PARTS & EQUIPMENT
Percent of Net Assets 0.10% 0.07%
Cooper Tire & Rubber Co. 1,065 $12,847 0 $ --
Dana Corp. 0 -- 1,491 36,809
Delphi Automotive Systems 0 -- 0 --
Goodyear Tire & Rubber
Co. 0 -- 1,325 30,972
Lear Corp.+ 0 -- 0 --
Superior Industries
International Inc. 2,422 78,564 0 --
TRW Inc. 0 -- 1,715 78,354
Visteon Corp. 0 -- 1,651 25,900
-------- --------
91,411 172,035
-------- --------
BANKS
Percent of Net Assets 0.43% 1.80%
Amsouth Bancorp 495 9,034 3,339 60,937
Andover Bancorp Inc. 0 -- 0 --
Area Bancshares Corp. 0 -- 1,500 33,750
Associated Bancorp 0 -- 0 --
Bank of America Corp. 0 -- 9,826 526,305
Bank of New York Co. Inc. 678 35,553 4,739 248,501
Bank One Corp. 665 23,445 7,053 248,618
Bank United Corp. "A" 0 -- 0 --
Bankunited Financial Corp. "A"+ 0 -- 4,400 33,000
BB&T Corp. 300 8,119 3,319 89,820
Centennial Bancorp+ 0 -- 3,100 19,956
CFS Bancorp Inc. 0 -- 3,400 34,425
Charter One Financial Inc. 0 -- 1,957 46,479
Chase Manhattan Corp. 37 2,067 7,414 414,257
City National Corp. 0 -- 0 --
Cohoes Bancorp Inc. 0 -- 2,800 44,800
Comerica Inc. 194 10,925 1,372 77,261
Commerce Bancshares Inc. 0 -- 0 --
Community Trust Bancorp Inc. 0 -- 2,200 33,962
Compass Bancshares Inc. 0 -- 0 --
Connecticut Bankshares Inc.+ 0 -- 0 --
Dime Bancorp Inc. 0 -- 0 --
Dime Community Bancshares 0 -- 2,100 42,262
FCNB Corp. 0 -- 1,200 22,875
Fifth Third Bancorp 508 23,463 3,293 152,095
First National Corp. 0 -- 0 --
First Republic Bank+ 0 -- 1,200 29,775
First Security Corp. 0 -- 0 --
First Sentinel Bancorp Inc. 0 -- 4,500 41,062
First Tennessee National Corp. 0 -- 0 --
First Union Corp. 301 8,710 0 --
First United Bancshares Inc. 0 -- 1,300 21,126
First Virginia Banks Inc. 1 43 0 --
First Washington Bancorp Inc. 0 -- 2,000 29,625
Firstar Corp. 934 22,299 6,384 152,418
FirstFed Financial Corp.+ 0 -- 2,700 48,600
FirstMerit Corp. 0 -- 0 --
Flagstar Bancorp Inc. 0 -- 2,700 31,725
FleetBoston Financial Corp. 854 36,455 5,688 242,807
Gold Bancorp Inc. 0 -- 3,900 20,902
Golden West Financial Corp. 162 7,715 1,470 70,009
Greenpoint Financial Corp. 0 -- 0 --
Hamilton Bancorp Inc.+ 0 -- 1,200 17,850
Heritage Commerce Corp.+ 0 -- 0 --
Hibernia Corp. "A" 0 -- 0 --
Horizon Financial Corp. 0 -- 0 --
Huntington Bancshares Inc. 228 3,847 2,710 45,731
KeyCorp 0 -- 0 --
Local Financial Corporation+ 0 -- 4,100 42,025
</TABLE>
18
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
---------------------- --------------------- --------------------------
Shares Value Shares Value Shares Value
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.12% 0.13% 0.12%
0 $ -- 0 $ -- 0 $ --
4,600 113,563 3,243 80,062 4,572 112,871
11,135 183,032 7,748 127,358 15,858 260,666
3,148 73,585 1,997 46,680 4,436 103,692
2,127 45,863 0 -- 0 --
0 -- 0 -- 0 --
2,025 92,517 1,595 72,872 3,453 157,759
5,849 91,756 4,163 65,307 4,425 69,417
------- ---------
600,316 392,279 704,405
------- ---------
2.57% 2.99% 3.24%
6,513 118,862 5,165 94,261 10,930 199,473
0 -- 6,100 178,425 0 --
0 -- 0 -- 0 --
974 24,457 1,083 27,193 3,828 96,119
20,894 1,119,135 18,567 994,495 38,392 2,056,372
12,390 649,701 8,951 469,368 18,111 949,696
18,316 645,639 13,837 487,754 27,987 986,542
0 -- 1,500 67,500 0 --
0 -- 0 -- 0 --
5,854 158,424 4,567 123,594 9,719 263,020
0 -- 0 -- 0 --
0 -- 0 -- 0 --
2,771 65,811 2,444 58,045 7,764 184,395
20,722 1,157,842 13,560 757,665 28,553 1,595,399
864 33,750 782 30,547 0 --
0 -- 0 -- 0 --
2,657 149,622 1,970 110,936 4,234 238,427
1,122 40,392 1,001 36,036 3,633 130,788
0 -- 0 -- 0 --
1,956 35,697 2,411 44,001 5,715 104,299
9,200 159,850 0 -- 0 --
2,291 42,097 2,836 52,111 6,583 120,963
0 -- 0 -- 0 --
0 -- 0 -- 0 --
7,722 356,660 6,168 284,885 12,272 566,813
100 1,600 0 -- 0 --
0 -- 0 -- 0 --
2,798 42,673 2,504 38,186 9,952 151,764
0 -- 0 -- 0 --
2,202 48,444 2,311 50,842 7,242 159,324
16,093 465,691 11,853 342,995 23,052 667,067
0 -- 0 -- 0 --
852 36,423 1,176 50,274 2,941 125,728
0 -- 0 -- 0 --
16,450 392,744 12,751 304,430 27,321 652,289
0 -- 0 -- 0 --
1,953 45,529 0 -- 0 --
0 -- 0 -- 0 --
15,376 656,363 10,786 460,427 21,447 915,519
0 -- 0 -- 0 --
2,751 131,016 2,121 101,013 4,583 218,265
1,502 39,240 0 -- 4,893 127,830
0 -- 0 -- 0 --
100 1,031 0 -- 0 --
3,005 37,750 3,828 48,089 0 --
42,200 411,450 0 -- 0 --
4,268 72,023 3,403 57,426 7,124 120,218
</TABLE>
19
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
--------------------------- ---------------------------
Shares Value Shares Value
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
BANKS (Continued)
M&T Bank Corp. 0 $ -- 0 $ --
Marshall & Ilsley Corp. 0 -- 0 --
Mellon Financial Corp. 484 21,901 3,206 145,071
Mercantile Bankshares Corp. 0 -- 0 --
National City Corp. 0 -- 0 --
National Commerce Bancorp 0 -- 0 --
NBT Bancorp Inc. 0 -- 2,800 31,850
North Fork Bancorp 0 -- 0 --
Northern Trust Corp. 238 20,066 1,520 128,155
Northwest Bancorp Inc. 0 -- 4,300 36,550
OceanFirst Financial Corp. 0 -- 2,000 41,250
Old Kent Financial Corp. 244 7,152 1,770 51,883
Old National Bancorp 0 -- 0 --
Pacific Century Financial Corp. 0 -- 0 --
Patriot Bank Corp. 0 -- 3,500 22,969
PNC Bank Corp. 319 18,801 0 --
Premier National Bancorp Inc. 0 -- 1,500 30,375
Regions Financial Corp. 170 3,697 2,937 63,880
Republic Bancorp Inc. 0 -- 2,800 24,850
Republic Bancorp Inc. KY "A" 0 -- 2,300 15,741
Republic Bancshares Inc.+ 0 -- 2,100 25,462
Royal Bancshares of Pennsylvania "A" 0 -- 2,000 34,875
Sky Financial Group Inc. 0 -- 0 --
SouthTrust Corp. 186 5,243 1,912 53,895
Sovereign Bancorp Inc. 0 -- 0 --
State Street Corp. 205 24,139 1,107 130,349
Sterling Financial Corp. 0 -- 1,500 24,562
Summit Bancorp 174 4,818 2,450 67,834
SunTrust Banks Inc. 338 16,689 0 --
Synovus Financial Corp. 297 5,847 2,950 58,078
TCF Financial Corp. 0 -- 0 --
Trustmark Corp. 0 -- 0 --
U.S. Bancorp 571 12,419 0 --
Union Planters Corp. 173 5,244 1,942 58,867
UnionBanCal Corporation 0 -- 0 --
United Community Financial Corp. 0 -- 4,600 29,037
USB Holding Co Inc. 0 -- 2,100 28,087
USBancorp Inc. 0 -- 4,200 18,506
Valley National Bancorp 0 -- 0 --
Wachovia Corp. 172 9,858 0 --
Washington Federal Inc. 0 -- 0 --
Washington Mutual Inc. 0 -- 0 --
Wells Fargo & Company 1,497 64,652 9,798 423,151
West Coast Bancorp 0 -- 2,700 26,662
Wilmington Trust Corp. 0 -- 0 --
Zions Bancorp 0 -- 0 --
--------- -----------
412,201 4,494,897
--------- -----------
BEVERAGES
Percent of Net Assets 0.13% 0.46%
Anheuser-Busch Companies Inc. 0 -- 0 --
Brown-Forman Corp. "B" 64 3,392 718 38,054
Coca-Cola Co. 907 47,731 13,174 693,282
Coca-Cola Enterprises 516 9,610 3,045 56,713
Coors (Adolph) Company "B" 559 33,295 0 --
National Beverage Corp.+ 0 -- 2,600 18,200
PepsiCo Inc. 747 31,841 8,032 342,364
Whitman Corp. 0 -- 0 --
--------- -----------
125,869 1,148,613
--------- -----------
</TABLE>
20
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
------------------------ ------------------------ ------------------------
Shares Value Shares Value Shares Value
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
88 $ 42,652 89 $ 43,137 0 $ --
2,031 99,011 1,860 90,675 4,882 237,997
8,512 385,168 6,384 288,876 12,572 568,883
1,770 61,037 1,852 63,865 3,939 135,834
10,278 215,196 8,002 167,542 14,348 300,411
3,763 72,673 2,243 43,318 4,716 91,078
0 -- 0 -- 0 --
2,454 43,865 3,293 58,862 7,422 132,668
3,772 318,027 2,862 241,302 6,270 528,639
0 -- 0 -- 0 --
0 -- 0 -- 0 --
2,332 68,357 1,830 53,642 3,920 114,905
0 -- 0 -- 0 --
1,702 23,828 1,487 20,818 0 --
0 -- 0 -- 0 --
4,977 293,332 3,776 222,548 6,460 380,736
0 -- 0 -- 0 --
3,690 80,258 2,905 63,184 6,153 133,828
0 -- 0 -- 0 --
0 -- 0 -- 0 --
0 -- 0 -- 0 --
0 -- 0 -- 0 --
0 -- 2,200 38,500 0 --
2,837 79,968 2,119 59,729 4,714 132,876
5,219 44,361 0 -- 7,778 66,113
2,727 321,104 2,090 246,098 4,511 531,170
0 -- 0 -- 0 --
2,887 79,934 2,296 63,571 4,952 137,109
5,359 264,601 4,107 202,783 7,562 373,374
4,706 92,649 3,642 71,702 7,873 155,000
2,116 69,431 2,511 82,392 5,058 165,966
6,465 119,602 1,696 31,376 0 --
12,089 262,936 9,900 215,325 19,648 427,344
2,368 71,780 1,831 55,502 3,957 119,947
700 17,369 0 -- 1,190 29,527
0 -- 0 -- 0 --
0 -- 0 -- 0 --
0 -- 0 -- 0 --
6,830 179,287 1,365 35,831 0 --
3,415 195,722 2,608 149,471 4,773 273,553
0 -- 4,200 87,150 0 --
9,668 338,380 7,472 261,520 12,994 454,790
27,655 1,194,350 19,008 820,908 39,001 1,684,356
0 -- 0 -- 0 --
719 36,220 696 35,061 1,833 92,337
1,602 71,689 1,239 55,445 3,921 175,465
------------ ----------- ------------
12,425,509 9,258,667 18,273,043
------------ ----------- ------------
0.81% 0.96% 1.20%
7,678 605,122 4,921 387,836 11,762 926,993
1,150 60,950 820 43,460 1,930 102,290
37,742 1,986,173 30,522 1,606,220 69,785 3,672,436
7,179 133,709 5,549 103,350 11,890 221,451
663 39,490 501 29,841 779 46,399
0 -- 0 -- 0 --
24,109 1,027,646 17,885 762,348 39,944 1,702,613
3,487 45,985 2,384 31,439 5,657 74,602
------------ ----------- ------------
3,899,075 2,964,494 6,746,784
------------ ----------- ------------
</TABLE>
21
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
--------------------------- ---------------------------
Shares Value Shares Value
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
BIOTECHNOLOGY
Percent of Net Assets 0.27% 0.29%
Amgen Inc.+ 1,168 $ 88,549 5,376 $ 407,568
Biogen Inc.+ 296 20,461 944 65,254
Chiron Corp.+ 0 -- 0 --
Cryolife Inc.+ 0 -- 1,200 32,250
CuraGen Corp.+ 0 -- 0 --
Exelixis Inc.+ 0 -- 0 --
Gene Logic Inc.+ 0 -- 0 --
Genentech Inc.+ 0 -- 0 --
Genome Therapeutics Corp.+ 0 -- 0 --
Genzyme General Division+ 0 -- 0 --
Immunex Corp.+ 1,000 50,250 1,968 98,892
Immunomedics Inc.+ 600 15,000 2,500 62,500
Incyte Pharmaceuticals Inc.+ 0 -- 0 --
Millennium Pharmaceuticals Inc.+ 0 -- 0 --
Myriad Genetics Inc.+ 200 27,975 0 --
Nanogen Inc.+ 300 7,237 0 --
PE Corp. (Celera Genomics Group)+ 200 21,687 500 54,219
Regeneron Pharmaceuticals Inc.+ 700 24,806 0 --
Sangamo BioSciences Inc.+ 0 -- 0 --
ViroLogic Inc.+ 0 -- 0 --
--------- ----------
255,965 720,683
--------- ----------
BUILDING MATERIALS
Percent of Net Assets 0.07% 0.05%
American Standard Companies Inc.+ 0 -- 1,816 84,103
Armstrong Holdings Inc. 2,492 39,716 0 --
Masco Corp. 0 -- 0 --
Owens Corning 418 2,168 0 --
Southdown Inc. 0 -- 0 --
USG Corp. 0 -- 0 --
Vulcan Materials Co. 190 8,419 806 35,716
York International Corp. 802 19,950 0 --
--------- ----------
70,253 119,819
--------- ----------
CHEMICALS
Percent of Net Assets 0.31% 0.58%
Air Products & Chemicals Inc. 0 -- 1,571 57,047
Airgas Inc.+ 5,600 37,100 0 --
Ashland Inc. 99 3,490 0 --
Cabot Corp. 0 -- 0 --
Crompton Corp. 0 -- 0 --
Dow Chemical Co. 0 -- 0 --
Du Pont (E.I.) de Nemours 380 17,052 6,238 279,930
Eastman Chemical Co. 114 4,916 571 24,624
Engelhard Corp. 100 1,875 23,456 439,800
Georgia Gulf Corp. 1,837 23,881 0 --
Grace (W.R.) & Company+ 1,842 14,621 0 --
Great Lakes Chemical Corp. 67 2,261 0 --
Hanna (M.A.) Co. 7,180 59,684 0 --
Hercules Inc. 82 1,086 20,138 266,828
IMC Global Inc. 0 -- 0 --
Lubrizol Corp. 0 -- 0 --
Lyondell Chemical Co. 0 -- 0 --
Millennium Chemicals Inc. 0 -- 0 --
Olin Corp. 0 -- 0 --
PPG Industries Inc. 0 -- 0 --
Praxair Inc. 0 -- 1,121 49,604
Rohm & Haas Co. "A" 0 -- 1,603 46,387
Schulman Inc. "A" 5,403 65,174 0 --
Sherwin-Williams Co. 181 4,163 1,304 29,992
Sigma-Aldrich Corp. 418 12,148 7,158 208,029
</TABLE>
22
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
------------------------- -------------------------- --------------------------
Shares Value Shares Value Shares Value
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.58% 0.62% 0.79%
17,920 $1,358,560 13,554 $1,027,563 30,952 $2,346,548
2,972 205,439 2,020 139,632 4,642 320,878
2,425 131,102 1,943 105,043 4,574 247,282
0 -- 0 -- 0 --
1,000 44,375 1,200 53,250 2,200 97,625
600 27,000 0 -- 0 --
2,000 49,125 2,300 56,494 3,500 85,969
700 133,350 0 -- 600 114,300
0 -- 0 -- 1,800 45,225
1,231 92,402 864 64,854 1,401 105,163
3,856 193,764 3,552 178,488 7,596 381,699
1,900 47,500 0 -- 2,000 50,000
700 58,056 0 -- 800 66,350
1,700 243,312 1,300 186,062 2,400 343,500
0 -- 0 -- 0 --
1,100 26,537 0 -- 1,900 45,837
1,100 119,281 1,000 108,437 2,000 216,875
0 -- 0 -- 0 --
800 39,400 0 -- 0 --
1,600 32,600 0 -- 0 --
---------- ---------- ----------
2,801,803 1,919,823 4,467,251
---------- ---------- ----------
0.07% 0.09% 0.12%
1,427 66,088 1,061 49,138 2,573 119,162
0 -- 0 -- 0 --
7,478 145,821 5,804 113,178 12,557 244,861
0 -- 0 -- 0 --
560 35,140 762 47,815 2,131 133,720
777 25,010 0 -- 1,666 53,624
1,628 72,141 1,288 57,074 2,790 123,632
0 -- 0 -- 0 --
---------- ---------- ----------
344,200 267,205 674,999
---------- ---------- ----------
0.55% 0.58% 0.57%
3,890 141,256 3,072 111,552 6,401 232,436
0 -- 0 -- 0 --
1,785 62,921 965 34,016 2,044 72,051
1,916 70,892 1,814 67,118 0 --
6,851 61,659 3,296 29,664 0 --
11,163 292,331 8,439 220,996 17,626 461,581
17,541 787,152 13,253 594,728 25,345 1,137,357
1,325 57,141 1,045 45,066 2,030 87,544
2,566 48,112 1,617 30,319 3,551 66,581
0 -- 0 -- 0 --
0 -- 0 -- 0 --
1,340 45,225 0 -- 1,647 55,586
0 -- 0 -- 0 --
4,321 57,253 0 -- 2,383 31,575
5,394 79,224 2,294 33,693 5,432 79,782
4,917 106,637 1,566 33,963 0 --
0 -- 2,375 31,023 0 --
7,039 116,143 2,016 33,264 0 --
0 -- 1,312 21,648 0 --
2,878 116,559 2,221 89,950 4,851 196,465
2,700 119,475 2,032 89,916 4,470 197,797
3,705 107,213 2,768 80,099 6,096 176,403
0 -- 0 -- 0 --
2,792 64,216 2,143 49,289 4,705 108,215
3,434 99,801 1,989 57,805 2,719 79,021
</TABLE>
23
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules Of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
-------------------------- --------------------------
Shares Value Shares Value
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
CHEMICALS (Continued)
Sigma-Aldrich Corp. 418 $ 12,148 7,158 $ 208,029
Solutia Inc. 143 2,154 0 --
Union Carbide Corp. 0 -- 926 37,098
Valspar Corp. 0 -- 0 --
Wellman Inc. 4,063 49,010 0 --
----------- ----------
298,615 1,439,339
----------- ----------
COMMERCIAL SERVICES
Percent Of Net Assets 0.30% 0.35%
Aaron Rents Inc. "B" 0 -- 1,700 23,375
ANC Rental Corp.+ 0 -- 0 --
Apollo Group Inc.+ 0 -- 0 --
Aurora Biosciences Corp.+ 200 13,675 0 --
Block (H & R) Inc. 105 3,767 988 35,445
Burns International Services Corp.+ 0 -- 1,500 32,250
Butler International Inc.+ 0 -- 2,500 16,562
Caremark Rx Inc.+ 0 -- 0 --
CDI Corp.+ 0 -- 1,000 18,500
Cendant Corp.+ 642 8,466 5,182 68,338
Comdisco Inc. 0 -- 0 --
Concord EFS Inc.+ 0 -- 0 --
Convergys Corp.+ 0 -- 1,000 39,125
CPI Corp. 0 -- 1,200 29,250
Deluxe Corp. 64 1,408 0 --
DeVry Inc.+ 1,100 41,112 0 --
Donnelley (R.R.) & Sons Co. 139 3,579 7,855 202,266
Dun & Bradstreet Corp. 75 2,475 1,500 49,500
Ecolab Inc. 84 3,271 1,076 41,897
Electro Rent Corp.+ 0 -- 1,900 23,275
Equifax Inc. 111 2,824 2,300 58,506
First Health Group Corp.+ 768 23,856 0 --
Gartner Group Inc. "A"+ 0 -- 0 --
Healthcare Services Group Inc.+ 0 -- 4,500 22,781
Insurance Auto Auctions Inc.+ 0 -- 1,100 18,150
Manpower Inc. 0 -- 0 --
McKesson HBOC Inc. 345 8,603 2,092 52,169
Modis Professional Services Inc.+ 0 -- 0 --
NationsRent Inc.+ 0 -- 5,600 21,700
Ogden Corp.+ 4,001 69,517 0 --
Paychex Inc. 252 11,246 2,233 99,648
Quintiles Transnational Corp.+ 990 13,798 0 --
Robert Half International Inc.+ 0 -- 0 --
Servicemaster Co. 0 -- 0 --
Sodexho Marriott Services Inc. 1,844 29,965 0 --
Stewart Enterprises Inc. "A" 11,400 36,337 0 --
Valassis Communications Inc.+ 350 10,106 0 --
Viad Corp. 0 -- 0 --
Wackenhut Corrections Corp.+ 0 -- 2,200 19,937
----------- ----------
284,005 872,674
----------- ----------
COMPUTERS
Percent Of Net Assets 1.97% 3.82%
Actuate Software Corp.+ 600 15,562 0 --
Affiliated Computer Services Inc.+ 0 -- 0 --
Apple Computer Inc.+ 650 39,609 1,910 116,392
AremisSoft Corp.+ 0 -- 2,600 70,850
Aztec Technology Partners Inc.+ 0 -- 0 --
Brocade Communications System Inc.+ 200 45,162 0 --
CAIS Internet Inc.+ 0 -- 0 --
Ceridian Corp.+ 92 2,225 3,774 91,284
Cisco Systems Inc.+ 4,774 327,019 35,394 2,424,489
Clarus Corp.+ 0 -- 0 --
Cognizant Technology Solutions Corp.+ 700 29,925 0 --
</TABLE>
24
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
-------------------------- -------------------------- --------------------------
Shares Value Shares Value Shares Value
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
3,434 $ 99,801 1,989 $ 57,805 2,719 $ 79,021
3,301 49,721 2,675 40,292 6,440 97,003
2,249 90,101 1,719 68,867 3,714 148,792
3,564 105,138 782 23,069 0 --
0 -- 0 -- 0 --
----------- ---------- ----------
2,678,170 1,786,337 3,228,189
----------- ---------- ----------
0.39% 0.50% 0.55%
0 -- 0 -- 0 --
11,111 77,777 5,902 41,314 2,524 17,668
0 -- 1,027 41,914 1,931 78,809
600 41,025 0 -- 900 61,537
1,619 58,082 1,303 46,745 2,740 98,298
0 -- 0 -- 0 --
0 -- 0 -- 0 --
0 -- 4,328 42,468 0 --
0 -- 0 -- 0 --
11,832 156,035 10,052 132,561 19,788 260,954
1,800 43,200 2,753 66,072 6,529 156,696
3,372 108,325 3,047 97,885 6,824 219,221
2,000 78,250 0 -- 1,200 46,950
0 -- 0 -- 0 --
2,631 57,882 2,247 49,434 2,044 44,968
0 -- 0 -- 0 --
3,383 87,112 2,773 71,405 3,560 91,670
2,726 89,958 2,063 68,079 4,841 159,753
2,168 84,417 1,603 62,417 3,658 142,433
0 -- 0 -- 0 --
2,219 56,446 2,076 52,808 4,276 108,771
1,606 49,886 1,700 52,806 3,694 114,745
0 -- 2,261 29,958 2,485 32,926
0 -- 0 -- 0 --
0 -- 0 -- 0 --
2,216 80,191 2,064 74,691 4,163 150,649
7,347 183,216 4,533 113,042 7,899 196,981
4,454 30,621 2,600 17,875 5,246 36,066
0 -- 0 -- 0 --
0 -- 0 -- 0 --
6,163 275,024 4,755 212,192 11,170 498,461
3,175 44,252 2,119 29,534 3,278 45,687
3,506 111,535 3,682 117,134 7,442 236,749
5,145 49,842 4,728 45,802 10,490 101,622
0 -- 0 -- 0 --
0 -- 0 -- 0 --
1,439 41,551 1,054 30,434 1,522 43,948
2,601 76,242 2,357 69,090 4,812 141,052
0 -- 0 -- 0 --
----------- ---------- ----------
1,880,869 1,565,660 3,086,614
----------- ---------- ----------
6.18% 7.57% 9.39%
0 -- 0 -- 3,800 98,562
0 -- 700 32,594 0 --
6,524 397,556 4,136 252,038 9,018 549,535
0 -- 0 -- 0 --
0 -- 1 1 0 --
1,000 225,812 900 203,231 1,900 429,044
3,200 25,800 0 -- 0 --
2,432 58,824 1,938 46,875 4,076 98,588
114,084 7,814,754 89,986 6,164,041 204,149 13,984,206
0 -- 1,500 90,750 2,200 133,100
0 -- 0 -- 0 --
</TABLE>
25
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
Lifepath Income Lifepath 2010
------------------------- ----------------------------
Shares Value Shares Value
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
COMPUTERS (Continued)
Commerce One Inc.+ 0 $ -- 0 $ --
Communication Intelligence Corp.+ 0 -- 0 --
Compaq Computer Corp. 1,847 62,913 9,767 332,688
Computer Sciences Corp.+ 132 10,436 1,137 89,894
Dell Computer Corp.+ 2,072 90,391 13,044 569,044
Diebold Inc. 0 -- 0 --
Documentum Inc.+ 300 21,469 0 --
DST Systems Inc.+ 0 -- 0 --
Echelon Corp.+ 200 9,412 1,300 61,181
Electronic Data Systems Corp. 458 22,814 2,975 148,192
Electronics For Imaging Inc.+ 0 -- 0 --
EMC Corporation+ 1,734 169,932 11,004 1,078,392
Entrust Technologies Inc.+ 0 -- 0 --
Evercel Inc.+ 0 -- 0 --
Extended Systems Inc.+ 100 4,587 500 22,937
Foundry Networks Inc.+ 0 -- 0 --
Gateway Inc.+ 410 27,921 1,870 127,347
Hewlett-Packard Co. 814 98,290 5,703 688,637
International Business Machines Corp. 1,180 155,760 9,054 1,195,128
Internet Security Systems Inc.+ 0 -- 0 --
Intraware Inc.+ 0 -- 0 --
Iomega Corp.+ 0 -- 0 --
Juniper Networks Inc.+ 600 128,250 1,400 299,250
Juno Online Services Inc.+ 0 -- 0 --
Kana Communications Inc.+ 0 -- 0 --
Lexmark International Group Inc. "A"+ 280 18,987 734 49,774
Liberate Technologies Inc.+ 0 -- 0 --
MarchFirst Inc.+ 0 -- 0 --
Mentor Graphics Corp.+ 0 -- 0 --
Micromuse Inc.+ 200 30,375 200 30,375
Microstrategy Inc.+ 0 -- 0 --
MyPoints.com Inc.+ 0 -- 0 --
NCR Corp.+ 261 10,538 2,588 104,490
Netegrity Inc.+ 200 17,600 0 --
NetIQ Corp.+ 400 22,600 0 --
Network Appliance Inc.+ 600 70,200 1,716 200,772
Nuance Communications Inc.+ 200 26,325 0 --
NVIDIA Corp.+ 300 23,812 0 --
NYFIX Inc.+ 700 26,250 2,300 86,250
Onvia.com Inc.+ 0 -- 0 --
ONYX Software Corp.+ 0 -- 0 --
Portal Software Inc.+ 0 -- 0 --
Primus Knowledge Solutions Inc.+ 0 -- 0 --
Procom Technology Inc.+ 0 -- 1,200 57,900
Proxicom Inc.+ 0 -- 0 --
Puma Technology Inc.+ 0 -- 0 --
Quantum DLT & Storage Group+ 0 -- 0 --
Quantum Hard Disk Drive Group+ 0 -- 0 --
Quintus Corp.+ 0 -- 0 --
Redback Networks Inc.+ 0 -- 0 --
RSA Security Inc.+ 0 -- 0 --
Safeguard Scientifics Inc.+ 0 -- 0 --
SanDisk Corp.+ 0 -- 0 --
Sapient Corp.+ 0 -- 0 --
Seagate Technology Inc.+ 317 18,822 1,274 75,644
Silicon Graphics Inc.+ 0 -- 0 --
Silicon Storage Technology+ 0 -- 0 --
Sonic Foundry Inc.+ 0 -- 3,000 27,937
Storage Technology Corp.+ 0 -- 0 --
Sun Microsystems Inc. + 1,328 168,573 8,040 1,020,578
</TABLE>
26
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
-----------------------------------------------------------------------------------
Shares Value Shares Value Shares Value
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,700 106,303 1,600 100,050 3,900 243,872
0 -- 0 -- 14,400 48,600
29,137 992,479 22,059 751,385 45,756 1,558,564
2,762 218,371 2,171 171,645 4,722 373,333
42,956 1,873,955 34,298 1,496,250 76,852 3,352,668
3,535 99,864 1,878 53,053 3,882 109,666
0 -- 0 -- 0 --
789 74,166 514 48,316 1,501 141,094
1,500 70,594 700 32,944 2,500 117,656
7,826 389,833 6,176 307,642 13,185 656,778
1,277 33,202 793 20,618 1,666 43,316
35,920 3,520,160 27,432 2,688,336 61,922 6,068,356
1,500 44,625 0 -- 1,600 47,600
100 1,575 0 -- 0 --
0 -- 0 -- 800 36,700
0 -- 0 -- 400 37,225
6,310 429,711 4,510 307,131 9,630 655,803
16,925 2,043,694 12,751 1,539,683 25,639 3,095,909
27,140 3,582,480 22,576 2,980,032 51,556 6,805,392
900 72,900 800 64,800 1,500 121,500
1,700 17,850 0 -- 2,500 26,250
0 -- 5,567 22,964 0 --
3,600 769,500 2,800 598,500 7,200 1,539,000
3,000 18,750 0 -- 0 --
900 36,112 1,100 44,137 2,500 100,312
2,930 198,691 1,912 129,657 3,926 266,232
0 -- 0 -- 2,500 76,875
900 17,437 0 -- 0 --
0 -- 1,393 26,293 0 --
800 121,500 700 106,312 1,500 227,812
0 -- 0 -- 2,700 75,262
1,400 19,075 0 -- 0 --
3,384 136,629 1,353 54,627 2,711 109,457
0 -- 0 -- 0 --
0 -- 0 -- 0 --
5,730 670,410 4,500 526,500 9,600 1,123,200
0 -- 0 -- 0 --
1,000 79,375 1,000 79,375 0 --
0 -- 0 -- 0 --
3,100 21,700 0 -- 0 --
0 -- 0 -- 1,300 29,494
0 -- 0 -- 2,300 127,075
800 18,850 0 -- 0 --
0 -- 0 -- 0 --
0 -- 800 19,350 1,900 45,956
1,600 38,900 1,100 26,744 3,400 82,66
3,513 47,645 3,277 44,444 7,301 99,020
0 -- 1,788 17,433 0 --
1 7 0 -- 0 --
900 134,437 800 119,500 1,800 268,875
864 51,030 893 52,743 2,055 121,373
0 -- 0 -- 1,600 45,700
0 -- 0 -- 1,500 125,250
2,600 136,500 2,000 105,000 3,400 178,500
4,153 246,584 2,893 171,772 6,036 358,388
0 -- 3,598 16,866 0 --
0 -- 0 -- 1,500 49,219
0 -- 0 -- 0 --
0 -- 1,616 25,553 0 --
26,976 3,424,266 20,998 2,665,434 47,308 6,005,159
</TABLE>
27
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
---------------------- -----------------------------
Shares Value Shares Value
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
COMPUTERS (CONTINUED)
SunGard Data Systems Inc.+ 0 $ -- 0 $ --
Synopsys Inc.+ 0 -- 0 --
3Com Corp.+ 680 11,305 2,425 40,316
Unisys Corp.+ 540 7,020 2,012 26,156
VeriSign Inc.+ 300 59,662 900 178,987
Veritas Software Corp.+ 755 91,025 2,226 268,372
Vertel Corp.+ 0 -- 4,800 61,800
WebTrends Corp.+ 400 15,069 0 --
---------- ----------
1,879,840 9,545,056
---------- ----------
COSMETICS / PERSONAL CARE
Percent of Net Assets 0.05% 0.40%
Alberto-Culver Co. "B" 1,192 33,748 0 --
Avon Products Inc. 150 5,878 1,519 59,526
Colgate-Palmolive Co. 88 4,482 3,396 172,984
Estee Lauder Companies Inc. "A" 0 -- 0 --
Gillette Co. 97 2,910 6,132 183,960
International Flavors & Fragrances Inc. 156 4,017 2,703 69,602
Kimberly-Clark Corp. 0 -- 0 --
Procter & Gamble Co. 0 -- 7,934 490,420
Tristar Corp.+ 0 -- 3,700 21,275
---------- ----------
51,035 997,767
---------- ----------
DISTRIBUTION / WHOLESALE
Percent of Net Assets 0.02% 0.06%
Costco Wholesale Corp.+ 450 15,497 3,022 104,070
Fastenal Co. 0 -- 0 --
Genuine Parts Co. 0 -- 1,669 34,319
Grainger (W.W.) Inc. 72 2,079 854 24,659
Tech Data Corp.+ 0 -- 0 --
---------- ----------
17,576 163,048
---------- ----------
DIVERSIFIED FINANCIAL SERVICES
Percent of Net Assets 0.58% 1.96%
American Express Co. 693 40,974 8,102 479,031
Associates First Capital Corp. 272 7,650 4,556 128,137
Bear Stearns Companies Inc. 1 66 777 52,108
Capital One Financial Corp. 200 12,062 1,385 83,533
Charter Municipal Mortgage Acceptance Corp. 0 -- 3,900 52,894
Citigroup Inc. 2,263 132,083 26,253 1,532,538
Countrywide Credit Industries Inc. 94 3,560 2,495 94,498
Donaldson, Lufkin & Jenrette Inc. 0 -- 0 --
E*trade Group Inc.+ 0 -- 0 --
Edwards (A.G.) Inc. 0 -- 0 --
Federal National Mortgage Association 0 -- 6,524 350,665
Finet Holdings Corp.+ 0 -- 0 --
Franklin Resources Inc. 318 12,084 1,760 66,880
Freddie Mac 0 -- 0 --
Goldman Sachs Group Inc. (The) 0 -- 0 --
Household International Inc. 339 16,272 0 --
Knight Trading Group Inc.+ 0 -- 0 --
Legg Mason Inc. 0 -- 0 --
Lehman Brothers Holdings Inc. 80 11,600 810 117,450
MBNA Corp. 516 18,221 5,380 189,981
Merrill Lynch & Co. Inc. 230 33,350 2,284 331,180
MicroFinancial Inc. 0 -- 2,200 21,587
Morgan (J.P.) & Co. Inc. 0 -- 0 --
Morgan Stanley Dean Witter & Co. 888 95,515 6,692 719,808
Paine Webber Group Inc. 190 13,585 1,052 75,218
Price (T. Rowe) Associates 190 8,597 1,124 50,861
Providian Financial Corp. 97 11,149 907 104,248
Schwab (Charles) Corp. 801 30,588 7,355 280,869
</TABLE>
28
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
-------------------------- -------------------------- --------------------------
Shares Value Shares Value Shares Value
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,765 $ 63,540 2,121 $ 76,356 5,069 $ 182,484
1,390 51,517 1,418 52,555 3,203 118,711
6,167 102,526 4,778 79,434 9,551 158,785
6,381 82,953 4,260 55,380 8,691 112,983
2,067 411,075 1,660 330,132 4,250 845,219
7,174 864,915 5,546 668,640 12,595 1,518,485
0 -- 0 -- 0 --
0 -- 0 -- 1,300 48,973
----------- ----------- -----------
29,858,432 23,467,116 52,873,778
----------- ----------- -----------
0.60% 0.76% 0.88%
0 -- 852 24,122 1,499 42,440
3,921 153,654 3,160 123,833 7,309 286,421
9,648 491,445 7,422 378,058 16,416 836,190
702 28,738 1,050 42,984 2,274 93,092
17,728 531,840 13,673 410,190 30,077 902,310
1,714 44,135 1,278 32,908 2,944 75,808
9,212 538,902 6,891 403,123 13,207 772,609
17,793 1,099,830 15,062 931,020 31,136 1,924,594
0 -- 0 -- 0 --
----------- ----------- -----------
2,888,544 2,346,238 4,933,464
----------- ----------- -----------
0.10% 0.12% 0.12%
7,946 273,640 5,798 199,669 12,392 426,750
701 44,776 614 39,219 1,413 90,255
2,939 60,433 2,278 46,841 4,991 102,627
1,642 47,413 1,235 35,661 2,636 76,114
1,152 59,472 1,171 60,453 0 --
----------- ----------- -----------
485,734 381,843 695,746
----------- ----------- -----------
3.01% 3.60% 4.31%
22,521 1,331,554 16,454 972,843 34,168 2,020,183
11,427 321,384 9,474 266,456 19,601 551,278
1,940 130,101 1,488 99,789 3,197 214,399
3,310 199,634 2,525 152,289 5,510 332,322
0 -- 0 -- 0 --
64,143 3,744,328 53,135 3,101,736 111,143 6,487,953
1,857 70,334 1,631 61,774 3,214 121,730
0 -- 0 -- 1,325 117,262
2,300 40,825 0 -- 4,700 83,425
2,313 120,276 2,201 114,452 4,649 241,748
17,181 923,479 11,673 627,424 24,061 1,293,279
34,900 19,631 0 -- 0 --
4,143 157,434 3,299 125,362 7,010 266,380
11,637 490,209 8,763 369,141 17,636 742,917
5,300 678,731 4,300 550,669 12,500 1,600,781
7,903 379,344 6,122 293,856 12,821 615,408
900 28,237 0 -- 2,200 69,025
1,327 69,999 1,150 60,662 2,661 140,368
1,995 289,275 1,555 225,475 3,355 486,475
13,312 470,080 10,282 363,083 22,306 787,681
6,188 897,260 4,849 703,105 10,342 1,499,590
0 -- 0 -- 0 --
2,872 480,163 1,565 261,648 3,172 530,319
19,082 2,052,508 14,356 1,544,167 29,644 3,188,583
2,402 171,743 1,835 131,202 4,010 286,715
1,981 89,640 1,491 67,468 3,334 150,863
2,348 269,873 1,739 199,876 4,340 498,829
20,944 799,799 15,926 608,174 37,828 1,444,557
</TABLE>
29
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
-------------------- ---------------------
Shares Value Shares Value
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
DIVERSIFIED FINANCIAL
SERVICES (Continued)
Seacoast Financial
Services Corp. 0 $ -- 5,200 $ 52,650
Stilwell Financial Inc.+ 266 12,868 1,322 63,952
Stockwalk.com Group Inc.+ 0 -- 0 --
United Asset Management
Corp. 3,800 93,100 0 --
USA Education Inc. 135 5,290 1,285 50,356
-------- ----------
558,614 4,898,444
-------- ----------
ELECTRIC
Percent of Net Assets 0.26% 0.85%
AES Corp.+ 400 25,500 2,150 137,062
Ameren Corp. 188 7,602 752 30,409
American Electric Power Inc. 238 8,389 0 --
Cinergy Corp. 157 4,612 967 28,406
CMS Energy Corp. 100 2,612 18,200 475,475
Consolidated Edison Inc. 255 7,985 0 --
Constellation Energy Group
Inc. 67 2,563 819 31,327
CP&L Energy Inc. 143 5,291 963 35,631
Dominion Resources Inc. 345 18,285 0 --
DTE Energy Co. 208 7,228 870 30,232
Duke Energy Corp. 341 25,511 0 --
Edison International 237 4,903 0 --
Entergy Corp. 250 7,609 1,431 43,556
FirstEnergy Corp. 260 6,435 1,315 32,546
Florida Progress Corp. 0 -- 510 26,456
FPL Group Inc. 211 11,262 0 --
GPU Inc. 122 3,736 718 21,989
IPALCO Enterprises Inc. 0 -- 0 --
Niagara Mohawk Holdings
Inc.+ 1,771 22,802 26,522 341,471
PECO Energy Co. 232 11,179 0 --
PG&E Corp. 346 10,012 0 --
Pinnacle West Capital
Corp. 0 -- 13,180 542,851
PP & L Resources Inc. 87 2,914 1,380 46,230
Public Service Enterprise
Group Inc. 208 7,540 0 --
Reliant Energy Inc. 234 8,687 1,093 40,578
Southern Co. 655 19,609 0 --
TXU Corporation 0 -- 0 --
Unicom Corp. 128 5,848 0 --
Xcel Energy Inc. 245 6,140 9,824 246,201
-------- ----------
244,254 2,110,420
-------- ----------
ELECTRICAL COMPONENTS &
EQUIPMENT
Percent of Net Assets 0.08% 0.03%
American Power Conversion
Corp.+ 0 -- 1,224 29,146
Emerson Electric Co. 0 -- 0 --
Energizer Holdings Inc.+ 0 -- 1 20
Hubbell Inc. "B" 0 -- 0 --
Molex Inc. 270 14,259 1,092 57,671
Power-One Inc.+ 200 31,687 0 --
Superconductor
Technologies Inc.+ 0 -- 0 --
UCAR International Inc.+ 2,000 27,250 0 --
-------- ----------
73,196 86,837
-------- ----------
ELECTRONICS
Percent of Net Assets 0.10% 0.66%
Agilent Technologies Inc.+ 386 23,281 2,213 133,472
Arrow Electronics Inc.+ 0 -- 0 --
Avnet Inc. 0 -- 0 --
AVX Corp. 0 -- 0 --
Jabil Circuit Inc.+ 0 -- 0 --
Johnson Controls Inc. 86 4,596 865 46,223
Microchip Technology Inc.+ 0 -- 0 --
Millipore Corp. 242 14,732 2,221 135,203
</TABLE>
30
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
-------------------------- -------------------------- --------------------------
Shares Value Shares Value Shares Value
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0 -- 0 -- 0 --
3,644 176,278 2,808 135,837 6,206 300,215
3,500 19,250 0 -- 0 --
0 -- 1,596 39,102 0 --
2,700 105,806 2,220 86,996 4,730 185,357
---------- ---------- ----------
14,527,175 11,162,586 24,257,642
---------- ---------- ----------
1.01% 1.06% 1.12%
6,962 443,828 5,360 341,700 11,490 732,487
4,507 182,248 1,755 70,968 3,770 152,449
12,591 443,833 4,207 148,297 6,424 226,446
2,696 79,195 2,086 61,276 4,494 132,011
1,902 49,690 0 -- 2,890 75,501
3,733 116,890 2,947 92,278 3,813 119,395
2,533 96,887 1,939 74,167 4,157 159,005
2,709 100,233 2,024 74,888 4,524 167,388
4,033 213,749 3,155 167,215 5,653 299,609
2,448 85,068 1,892 65,747 4,086 141,988
6,096 456,057 4,809 359,773 9,016 674,510
5,842 120,856 4,570 94,542 7,497 155,094
4,105 124,946 3,239 98,587 6,884 209,532
3,950 97,762 3,125 77,344 6,485 160,504
1,687 87,513 1,200 62,250 2,800 145,250
2,979 159,004 2,260 120,628 4,024 214,781
2,042 62,536 2,041 62,506 3,422 104,799
10,246 238,860 0 -- 0 --
5,297 68,199 4,316 55,569 4,949 63,718
3,112 149,960 2,415 116,373 4,647 223,927
6,419 185,750 5,081 147,031 8,802 254,708
1,439 59,269 900 37,069 2,200 90,612
2,417 80,969 2,673 89,545 4,087 136,914
3,689 133,726 2,806 101,718 3,919 142,064
4,999 185,588 3,860 143,303 8,307 308,397
13,625 407,898 8,741 261,684 15,790 472,713
4,648 162,389 3,626 126,683 7,576 264,687
3,677 167,993 2,799 127,879 5,107 233,326
5,561 139,361 4,146 103,909 9,283 232,655
--------- --------- ---------
4,900,257 3,282,929 6,294,470
--------- --------- ---------
0.16% 0.21% 0.22%
3,270 77,867 2,774 66,056 8,732 207,931
7,200 476,550 5,686 376,342 10,298 681,599
0 -- 0 -- 0 --
1,409 36,458 1,359 35,164 0 --
3,884 205,124 2,497 131,873 5,541 292,634
0 -- 0 -- 0 --
0 -- 1,900 42,037 3,000 66,375
0 -- 0 -- 0 --
--------- --------- ---------
795,999 651,472 1,248,539
--------- --------- ---------
0.61% 0.76% 0.86%
6,455 389,317 5,015 302,467 11,132 671,399
2,190 79,661 1,961 71,331 4,572 166,306
689 41,254 746 44,667 2,156 129,090
1,652 49,457 672 20,118 2,096 62,749
1,504 95,974 1,228 78,362 2,828 180,462
1,556 83,149 1,110 59,316 2,400 128,250
1,872 127,413 1,642 111,759 4,257 289,742
1,308 79,625 576 35,064 1,388 84,495
</TABLE>
31
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
---------------------- --------------------------
Shares Value Shares Value
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
ELECTRONICS (Continued)
Parker Hannifin Corp. 0 -- 1,037 36,101
PE Corp. (Biosystems Group) 336 33,054 1,024 100,736
PerkinElmer Inc. 0 -- 4,593 413,083
Sanmina Corp.+ 0 -- 880 103,840
SCI Systems Inc.+ 0 -- 0 --
Sensormatic Electronics Corp.+ 0 -- 0 --
Solectron Corp.+ 390 17,672 3,446 156,147
Symbol Technologies Inc. 0 -- 0 --
Tektronix Inc. 0 -- 3,786 288,446
Thermo Electron Corp.+ 211 4,906 6,572 152,799
Thomas & Betts Corp. 58 1,087 0 --
Varian Inc.+ 0 -- 0 --
Vishay Intertechnology Inc.+ 0 -- 0 --
Waters Corp.+ 0 -- 1,008 80,199
------------ ------------
99,328 1,646,249
------------ ------------
ENGINEERING & CONSTRUCTION
Percent of Net Assets 0.00% 0.12%
Fluor Corp. 113 3,383 9,664 289,316
Morrison Knudsen Corp.+ 4 14 17 59
------------ ------------
3,397 289,375
------------ ------------
ENTERTAINMENT
Percent of Net Assets 0.06% 0.02%
Churchill Downs Inc. 0 -- 1,300 30,712
Golden Books Family Entertainment Inc.+ 1 1 0 --
International Game Technology Inc.+ 663 19,227 0 --
Macrovision Corp.+ 400 42,650 0 --
Steinway Musical Instruments Inc.+ 0 -- 1,500 26,625
------------ ------------
61,878 57,337
------------ ------------
ENVIRONMENTAL CONTROL
Percent of Net Assets 0.02% 0.01%
Allied Waste Industries Inc.+ 1,700 15,619 2,100 19,294
Waste Management Inc. 0 -- 0 --
------------ ------------
15,619 19,294
------------ ------------
FOOD
Percent of Net Assets 0.18% 0.34%
Albertson's Inc. 185 3,977 0 --
Archer-Daniels-Midland Co. 662 5,829 5,594 49,301
Bestfoods 191 13,489 0 --
Campbell Soup Co. 280 7,105 0 --
ConAgra Inc. 548 10,035 0 --
Dean Foods Co. 0 -- 0 --
Delhaize America Inc. "A" 0 -- 1,459 21,885
Dole Food Co. 0 -- 0 --
Flowers Industries Inc. 0 -- 0 --
General Mills Inc. 200 6,425 0 --
Great Atlantic & Pacific Tea Co. 3,159 44,226 0 --
Heinz (H.J.) Co. 125 4,766 0 --
Hershey Foods Corp. 159 6,787 1,650 70,434
Horizon Organic Holding Corp.+ 0 -- 1,800 15,694
Hormel Foods Corp. 0 -- 0 --
IBP Inc. 0 -- 0 --
J & J Snack Foods Corp.+ 0 -- 1,500 21,187
Keebler Foods Co. 0 -- 0 --
Kellogg Co. 256 5,936 0 --
Kroger Co.+ 232 5,263 0 --
McCormick & Co. Inc. 0 -- 0 --
Nabisco Group Holdings Corp. "A" 260 7,296 2,103 59,015
Nash Finch Co. 0 -- 2,700 26,325
Quaker Oats Co. 102 6,930 1,163 79,011
</TABLE>
32
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
---------------------- ------------------------- -------------------------
Shares Value Shares Value Shares Value
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,848 64,334 1,398 48,668 3,164 110,147
3,866 380,318 2,912 286,468 6,228 612,679
1,572 141,382 608 54,682 1,297 116,649
1,502 177,236 1,228 144,904 2,980 351,640
2,104 129,922 2,658 164,131 6,030 372,352
0 -- 1,036 17,223 0 --
10,402 471,341 7,790 352,984 17,712 802,575
2,688 111,216 2,877 119,036 5,962 246,678
1,254 95,539 598 45,560 1,294 98,587
4,345 101,021 2,479 57,637 5,182 120,482
1,545 28,969 743 13,931 1,484 27,825
0 -- 1,395 68,006 1,659 80,876
1,672 67,403 1,353 54,543 3,166 127,629
3,004 239,006 2,700 214,819 800 63,650
------------ ------------ ------------
2,953,537 2,365,676 4,844,262
------------ ------------ ------------
0.01% 0.01% 0.01%
1,279 38,290 956 28,620 2,168 64,904
27 94 25 87 42 147
------------ ------------ ------------
38,384 28,707 65,051
------------ ------------ ------------
0.02% 0.05% 0.02%
0 -- 0 -- 0 --
2 1 1 1 0 --
3,013 87,377 1,957 56,753 4,672 135,488
0 -- 900 95,962 0 --
0 -- 0 -- 0 --
------------ ------------ ------------
87,378 152,716 135,488
------------ ------------ ------------
0.04% 0.05% 0.06%
4,692 43,108 0 -- 5,023 46,149
8,230 155,856 7,648 144,834 15,534 294,175
------------ ------------ ------------
198,964 144,834 340,324
------------ ------------ ------------
0.78% 0.96% 1.09%
7,153 153,790 5,586 120,099 11,893 255,700
10,703 94,317 8,426 74,256 17,897 157,720
4,515 318,872 3,576 252,555 8,239 581,879
7,047 178,818 5,371 136,289 12,649 320,968
8,207 150,291 6,463 118,354 12,966 237,440
2,758 86,187 815 25,469 0 --
565 8,475 198 2,970 533 7,995
0 -- 1,700 24,012 0 --
2,619 56,963 1,975 42,956 0 --
4,960 159,340 3,874 124,452 8,254 265,160
0 -- 0 -- 0 --
5,910 225,319 4,512 172,020 10,061 383,576
2,328 99,377 1,809 77,222 3,803 162,341
0 -- 0 -- 0 --
2,080 32,110 1,922 29,671 4,770 73,637
1,636 26,278 2,370 38,068 0 --
0 -- 0 -- 0 --
0 -- 793 36,329 1,766 80,905
6,706 155,495 5,170 119,879 12,228 283,537
13,810 313,314 10,728 243,392 23,698 537,648
1,451 42,351 1,333 38,907 3,163 92,320
5,945 166,832 4,326 121,398 9,133 256,295
0 -- 0 -- 0 --
2,210 150,142 1,620 110,059 3,994 271,342
</TABLE>
33
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
---------------------- --------------------------
Shares Value Shares Value
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
FOOD (Continued)
Ralston Purina Co. 195 4,412 2,688 60,816
Safeway Inc.+ 468 23,078 0 --
Sanderson Farms Inc. 0 -- 3,400 21,675
Sara Lee Corp. 0 -- 0 --
Smithfield Foods Inc.+ 0 -- 0 --
Suiza Foods Corp.+ 0 -- 0 --
Super Value Inc. 86 1,285 10,754 160,638
Sysco Corp. 210 8,886 0 --
Whole Foods Market Inc.+ 0 -- 0 --
Winn-Dixie Stores Inc. 146 2,035 12,749 177,689
Wrigley (William Jr.) Co. 74 5,481 1,279 94,726
------------ ------------
173,241 858,396
------------ ------------
FOREST PRODUCTS & PAPER
Percent of Net Assets 0.14% 0.17
Boise Cascade Corp. 59 1,763 0 --
Bowater Inc. 0 -- 0 --
Chesapeake Corp. 1,456 34,762 0 --
Consolidated Papers Inc. 0 -- 0 --
Fort James Corp. 0 -- 1,511 47,785
Georgia-Pacific (Timber Group) 0 -- 0 --
Georgia-Pacific Corp. 0 -- 1,126 30,120
Glatfelter (P.H.) Co. 8,886 93,303 0 --
International Paper Co. 0 -- 0 --
Mead Corp. 102 2,735 935 25,070
Temple-Inland Inc. 49 2,079 4,445 188,635
Westvaco Corp. 56 1,533 3,412 93,404
Weyerhaeuser Co. 0 -- 0 --
Willamette Industries Inc. 0 -- 970 29,585
------------ ------------
136,175 414,599
------------ ------------
GAS
Percent of Net Assets 0.18% 0.04%
Berkshire Energy Resources 0 -- 800 30,150
Eastern Enterprises 0 -- 0 --
EnergySouth Inc. 0 -- 1,800 33,300
NICOR Inc. 1,644 60,623 0 --
Peoples Energy Corp. 3,453 112,222 0 --
Sempra Energy 148 2,886 1,143 22,288
Southwestern Energy Company 0 -- 2,000 15,500
------------ ------------
175,731 101,238
------------ ------------
HAND / MACHINE TOOLS
Percent of Net Assets 0.01% 0.13%
Black & Decker Corp. 116 4,647 716 28,685
Snap-On Inc. 38 1,171 0 --
SPX Corp.+ 0 -- 0 --
Stanley Works (The) 92 2,461 10,631 284,379
------------ ------------
8,279 313,064
------------ ------------
HEALTH CARE
Percent of Net Assets 0.51% 0.81%
Apria Healthcare Group Inc.+ 2,100 31,237 0 --
Bard (C.R.) Inc. 143 6,980 0 --
Bausch & Lomb Inc. 46 1,644 1,351 48,298
Baxter International Inc. 205 17,066 0 --
Beckman Coulter Inc. 794 60,443 0 --
Becton Dickinson & Co. 278 8,375 1,824 54,948
Biomet Inc. 168 5,681 1,464 49,502
Boston Scientific Corp.+ 412 7,804 2,771 52,476
Foundation Health Systems Inc.+ 0 -- 0 --
Gentiva Health Services+ 0 -- 1 11
Guidant Corp.+ 197 13,261 1,728 116,316
</TABLE>
34
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
---------------------- ----------------------- -------------------------
Shares Value Shares Value Shares Value
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
4,901 $110,885 3,840 $ 86,880 9,039 $204,507
8,520 420,142 6,643 327,583 13,469 664,190
0 -- 0 -- 0 --
14,999 279,356 11,646 216,907 26,464 492,892
0 -- 900 23,906 0 --
0 -- 514 25,700 0 --
2,940 43,916 2,037 30,428 3,712 55,448
5,525 233,777 4,223 178,686 9,974 422,025
1,401 70,750 625 31,562 0 --
5,153 71,820 3,750 52,266 4,136 57,646
1,834 135,831 1,419 105,095 3,544 262,477
--------- --------- ---------
3,784,748 2,987,370 6,127,648
--------- --------- ---------
0.20% 0.26% 0.31%
932 27,844 766 22,884 1,553 46,396
1,460 75,007 1,146 58,876 2,904 149,193
0 -- 0 -- 0 --
1,638 64,394 1,311 51,539 2,962 116,444
3,344 105,754 2,849 90,100 6,083 192,375
2,557 74,952 1,639 48,043 4,878 142,986
928 24,824 2,212 59,171 4,774 127,704
0 -- 0 -- 0 --
7,246 230,966 6,239 198,868 12,568 400,605
1,746 46,815 1,310 35,124 2,762 74,056
916 38,873 739 31,361 1,565 66,415
1,728 47,304 1,327 36,327 2,724 74,570
3,799 175,941 3,056 141,531 5,937 274,957
1,832 55,876 1,413 43,096 3,126 95,343
--------- --------- ---------
968,550 816,920 1,761,044
--------- --------- ---------
0.02% 0.02% 0.03%
0 -- 0 -- 0 --
0 -- 372 23,529 601 38,013
0 -- 0 -- 0 --
749 27,619 0 -- 1,239 45,688
0 -- 0 -- 0 --
3,453 67,333 2,709 52,825 5,780 112,710
0 -- 0 -- 0 --
--------- --------- ---------
94,952 76,354 196,411
--------- --------- ---------
0.05% 0.03% 0.05%
1,482 59,373 1,124 45,030 2,479 99,315
1,251 38,546 0 -- 1,643 50,625
555 91,020 217 35,588 540 88,560
1,524 40,767 952 25,466 2,415 64,601
--------- --------- ---------
229,706 106,084 303,101
--------- --------- ---------
1.24% 1.53% 1.83%
0 -- 0 -- 0 --
1,523 74,341 627 30,605 1,421 69,363
1,045 37,359 755 26,991 1,585 56,664
4,830 402,097 3,856 321,012 8,183 681,235
2,745 208,963 519 39,509 1,484 112,969
4,192 126,284 3,380 101,822 7,075 213,134
3,677 124,312 2,140 72,359 4,815 162,807
7,377 139,702 5,449 103,190 11,628 220,205
2,902 50,966 3,122 54,830 0 --
0 -- 0 -- 0 --
5,274 355,006 3,904 262,788 9,361 630,112
</TABLE>
35
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
------------------------ ---------------------------
Shares Value Shares Value
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
HEALTH CARE (Continued)
HCA - The Healthcare
Company 0 $ -- 0 $ --
Health Management
Associates Inc. "A"+ 0 -- 0 --
Healthsouth Corp.+ 390 2,389 5,810 35,586
Healthtronics Inc.+ 0 -- 0 --
Hillenbrand Industries
Inc. 0 -- 0 --
Humana Inc.+ 3,667 31,399 0 --
IDEXX Laboratories Inc.+ 0 -- 0 --
Johnson & Johnson 910 83,663 7,313 672,339
LCA-Vision Inc.+ 0 -- 0 --
Lincare Holdings Inc.+ 0 -- 0 --
Mallinckrodt Group Inc. 77 3,470 0 --
Manor Care Inc.+ 701 9,376 0 --
Medtronic Inc. 782 40,078 6,328 324,310
Oakley Inc.+ 3,200 54,200 0 --
Oxford Health Plans Inc.+ 400 12,200 8,480 258,640
PacifiCare Health Systems
Inc. "A"+ 0 -- 0 --
Photogen Technologies
Inc.+ 1,900 11,281 0 --
Quest Diagnostics Inc.+ 0 -- 0 --
Quorum Health Group Inc.+ 0 -- 4,100 52,787
SciQuest.com Inc.+ 0 -- 0 --
St. Jude Medical Inc.+ 332 13,155 6,461 256,017
Steris Corp.+ 0 -- 0 --
Stryker Corp. 0 -- 0 --
Tenet Healthcare Corp. 0 -- 0 --
Triad Hospitals Inc.+ 0 -- 1,000 28,875
UnitedHealth Group Inc. 157 14,836 0 --
Universal Health
Services+ 0 -- 0 --
Varian Medical Systems
Inc.+ 1,377 63,256 0 --
Wellpoint Health Networks
Inc.+ 0 -- 940 81,134
--------- -------------
491,794 2,031,239
--------- -------------
HOLDING
COMPANIES-DIVERSIFIED
Percent of Net Assets 0.00% 0.00%
Berkshire Hathaway Inc.
"A"+ 0 -- 0 --
Berkshire Hathaway Inc.
"B"+ 0 -- 0 --
--------- -------------
-- --
--------- -------------
HOME BUILDERS
Percent of Net Assets 0.08% 0.00%
Centex Corp. 104 3,003 0 --
Clayton Homes Inc. 0 -- 0 --
Kaufman & Broad Home
Corp. 949 23,547 0 --
Pulte Corp. 1,490 49,077 0 --
--------- -------------
75,627 --
--------- -------------
HOME FURNISHINGS
Percent of Net Assets 0.01% 0.05%
Ethan Allen Interiors
Inc. 0 -- 0 --
Leggett & Platt Inc. 296 5,235 1,590 28,123
Maytag Corp. 66 2,516 1,724 65,728
Whirlpool Corp. 73 2,774 550 20,900
Zenith Electronics Corp.+ 44 -- 89 --
--------- -------------
10,525 114,751
--------- -------------
HOUSEHOLD PRODUCTS /
WARES
Percent of Net Assets 0.07% 0.09%
American Greetings Corp.
"A" 1,023 19,053 0 --
Avery Dennison Corp. 70 3,784 756 40,871
Clorox Co. 256 9,264 1,790 64,776
Dial Corp. 0 -- 0 --
Enesco Group Inc. 0 -- 3,300 21,450
Fortune Brands Inc. 180 4,590 1,491 38,020
Newell Rubbermaid Inc. 205 5,317 2,217 57,503
</TABLE>
36
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
----------------------- --------------------- -----------------------
Shares Value Shares Value Shares Value
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
9,471 $ 326,749 7,377 $ 254,506 15,454 $ 533,163
2,964 48,350 3,776 61,596 12,290 200,481
9,907 60,680 8,824 54,047 10,865 66,548
100 1,375 0 -- 0 --
0 -- 0 -- 2,473 86,091
0 -- 0 -- 0 --
0 -- 1,236 32,290 0 --
20,605 1,894,372 17,720 1,629,133 40,592 3,731,927
11,400 34,912 0 -- 0 --
0 -- 1,514 38,607 0 --
2,238 100,850 870 39,204 1,927 86,835
0 -- 0 -- 0 --
20,068 1,028,485 15,244 781,255 36,188 1,854,635
0 -- 0 -- 0 --
865 26,382 1,696 51,728 3,468 105,774
851 45,901 867 46,764 1,469 79,234
0 -- 0 -- 0 --
751 92,936 547 67,691 0 --
0 -- 0 -- 0 --
3,200 30,800 0 -- 0 --
2,030 80,439 1,004 39,784 2,185 86,581
0 -- 2,007 20,572 0 --
2,974 133,272 2,278 102,083 7,872 352,764
5,603 173,693 4,544 140,864 8,720 270,320
0 -- 0 -- 0 --
2,849 269,230 2,157 203,836 4,792 452,844
501 35,446 614 43,440 0 --
0 -- 795 36,520 1,659 76,210
1,061 91,578 977 84,327 1,785 154,068
---------- ----------- ----------
5,994,480 4,741,353 10,283,964
---------- ----------- ----------
0.16% 0.15% 0.25%
11 634,700 8 461,600 24 1,384,800
74 141,562 0 -- 26 49,738
---------- ----------- ----------
776,262 461,600 1,434,538
---------- ----------- ----------
0.01% 0.01% 0.00%
0 -- 0 -- 0 --
7,088 69,108 2,612 25,467 0 --
0 -- 0 -- 0 --
0 -- 0 -- 0 --
---------- ----------- ----------
69,108 25,467 --
---------- ----------- ----------
0.04% 0.05% 0.05%
2,101 56,596 1,071 28,850 0 --
3,478 61,517 2,594 45,881 5,549 98,148
1,319 50,287 1,024 39,040 2,509 95,656
1,260 47,880 968 36,784 2,089 79,382
279 -- 230 -- 367 --
---------- ----------- ----------
216,280 150,555 273,186
---------- ----------- ----------
0.11% 0.14% 0.15%
0 -- 3,100 57,737 0 --
1,782 96,339 1,364 73,741 3,428 185,326
3,924 142,000 3,132 113,339 6,602 238,910
1,877 19,239 2,414 24,743 5,606 57,461
0 -- 0 -- 0 --
2,794 71,247 2,069 52,759 4,627 117,988
4,757 123,385 3,756 97,421 7,904 205,010
</TABLE>
37
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
--------------- ----------------
Shares Value Shares Value
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
HOUSEHOLD PRODUCTS/WARES (Continued)
Tupperware Corp. 1,163 3,478 0 $ --
Water Pik Technologies Inc.+ 0 -- 0 --
----- --------
5,486 222,620
----- --------
INSURANCE
Percent of Net Assets 0.27% 0.83%
Aetna Inc. 0 -- 135 63,489
AFLAC Inc. 0 -- 0 --
Allmerica Financial Corp. 0 -- 0 --
Allstate Corp. 0 -- 0 --
AMBAC Financial Group Inc. 0 -- 0 --
American Financial Group Inc. 0 -- 0 --
American General Corp. 0 -- 0 --
American International Group 892 79,500 9,430 840,449
American Med Security Group+ 0 -- 2,600 21,937
AON Corp. 245 9,142 1,743 65,017
Chubb Corp. 195 14,930 0 --
CIGNA Corp. 117 11,378 0 --
Cincinnati Financial Corp. 120 4,665 1,478 57,457
CNA Financial Corp.+ 0 -- 0 --
Conseco Inc. 0 -- 0 --
Fidelity National Financial Inc. 0 -- 1,400 27,912
Hancock (John) Financial Services Inc.+ 0 -- 0 --
Hartford Financial Services Group Inc. 192 12,792 0 --
HealthAxis Inc.+ 0 -- 0 --
Horace Mann Educators Corp. 2,900 4,225 0 --
Jefferson-Pilot Corp. 140 9,266 1,118 73,998
Lincoln National Corp. 238 12,852 1,662 89,748
Loews Corp. 0 -- 1,133 91,702
Markel Corp.+ 0 -- 300 43,762
Marsh & McLennan Companies Inc. 220 26,25 1,667 197,956
MBIA Inc. 94 6,180 1,094 71,930
Mercury General Corp. 0 -- 0 --
MetLife Inc.+ 0 -- 0 --
MGIC Investment Corp. 95 5,587 834 49,050
MIIX Group Inc. (The) 0 -- 2,200 17,737
Old Republic International Corp. 0 -- 0 --
Penn Treaty American Corp.+ 0 -- 1,200 21,450
PICO Holdings Inc.+ 0 -- 1,300 17,956
PMI Group Inc. (The) 0 -- 0 --
Professionals Group Inc.+ 0 -- 900 20,587
Progressive Corporation 75 5,686 625 47,383
Protective Life Corp. 0 -- 0 --
Radian Group Inc. 0 -- 0 --
Reliastar Financial Corp. 0 -- 0 --
SAFECO Corp. 156 4,105 1,600 42,100
Selective Insurance Group Inc. 0 -- 0 --
St. Paul Companies Inc. 164 7,810 1,550 73,819
Torchmark Corp. 142 3,985 2,832 79,473
Transatlantic Holdings Inc. 0 -- 0 --
21st Century Insurance Group 0 -- 0 --
Unitrin Inc. 0 -- 0 --
UNUMProvident Corp. 0 -- 2,154 46,715
------- ---------
258,228 2,061,627
------- ---------
</TABLE>
38
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
---------------------- ---------------------- -----------------------
Shares Value Shares Value Shares Value
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
3,606 72,796 0 $ -- 1,927 $ 38,901
1 7 0 -- 0 --
------- -------- ----------
525,013 419,740 843,596
------- -------- ----------
1.45% 1.93% 2.19%
2,118 118,476 1,861 104,100 3,819 213,625
4,448 240,192 3,328 179,712 6,791 366,714
1,284 78,163 1,214 73,902 1,151 70,067
10,951 318,263 9,091 264,207 18,789 546,055
952 61,523 971 62,751 3,480 224,895
0 -- 1,000 24,812 0 --
4,122 300,133 3,046 221,787 5,918 430,904
30,415 710,737 27,795 2,477,230 58,878 5,247,502
0 -- 0 -- 0 --
4,289 160,015 3,388 126,396 7,171 267,568
2,923 223,792 2,270 173,797 4,842 370,716
2,821 274,342 2,116 205,781 4,420 429,845
2,800 108,850 2,065 80,277 4,615 179,408
0 -- 0 -- 1,402 55,642
4,761 40,171 0 -- 0 --
0 -- 0 -- 0 --
2,800 70,700 0 -- 4,500 113,625
3,450 229,856 2,806 186,950 6,060 403,747
8,600 24,456 0 -- 0 --
0 -- 0 -- 0 --
1,715 113,512 1,362 90,147 2,924 193,532
3,268 176,472 2,560 138,240 5,502 297,108
1,807 146,254 1,367 110,642 2,763 223,630
0 -- 0 -- 0 --
4,490 533,188 3,483 413,606 7,350 872,813
1,502 98,756 1,270 83,502 2,760 181,470
0 -- 900 24,694 0 --
1,500 36,469 1,700 41,331 5,700 138,581
1,611 94,747 1,363 80,161 2,939 172,850
0 -- 0 -- 0 --
3,124 74,781 2,824 67,599 0 --
0 -- 0 -- 0 --
0 -- 0 -- 0 --
621 38,502 504 31,248 1,722 106,764
0 -- 0 -- 0 --
1,034 78,390 918 69,596 2,101 159,282
1,302 37,432 1,239 35,621 0 --
526 32,678 536 33,299 0 --
1,865 100,360 1,796 96,647 4,881 262,659
2,167 57,019 1,688 44,416 3,678 96,777
0 -- 4,400 78,925 0 --
3,858 183,737 3,070 146,209 6,378 303,752
2,166 60,783 1,713 48,071 3,704 103,943
366 31,911 437 38,101 836 72,889
3,016 47,690 1,864 29,474 0 --
1,402 42,673 1,328 40,421 2,926 89,060
3,269 70,896 3,175 68,858 6,643 144,070
--------- -----------
7,015,919 5,992,510 -----------
--------- ----------- 12,339,493
</TABLE> -----------
39
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
---------------------- ---------------------
Shares Value Shares Value
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
IRON / STEEL
Percent of Net Assets 0.00% 0.13%
AK Steel Holding Corp. 0 $ -- 0 $ --
Allegheny Technologies Inc. 0 -- 14,329 311,656
Nucor Corp. 0 -- 599 22,013
USX-U.S. Steel Group Inc. 126 2,189 0 --
-------- ---------
2,189 333,669
-------- ---------
LEISURE TIME
Percent of Net Assets 0.03% 0.06%
Brunswick Corp. 126 2,362 0 --
Callaway Golf Co. 0 -- 0 --
Carnival Corp. "A" 570 11,364 0 --
Galileo International Inc. 0 -- 0 --
Harley-Davidson Inc. 192 9,564 2,100 104,606
Sabre Holdings Corp. 296 8,251 1,477 41,171
-------- ---------
31,541 145,777
-------- ---------
LODGING
Percent of Net Assets 0.12% 0.02%
Ameristar Casinos Inc.+ 0 -- 4,200 19,162
Choice Hotels International Inc. 3,359 30,021 0 --
Extended Stay America Inc.+ 4,900 72,581 0 --
Harrah's Entertainment Inc.+ 148 4,199 0 --
Hilton Hotels Corp. 300 3,000 3,500 35,000
Mandalay Resort Group Inc.+ 0 -- 0 --
Marriott International Inc. 0 -- 0 --
MGM Grand Inc. 0 -- 0 --
Park Place Entertainment Corp.+ 0 -- 0 --
Starwood Hotels & Resorts Worldw 0 -- 0 --
-------- ---------
109,801 54,162
-------- ---------
MACHINERY
Percent of Net Assets 0.18% 0.04%
Briggs & Stratton Corp. 442 19,116 0 --
Caterpillar Inc. 0 -- 0 --
Cognex Corp.+ 0 -- 0 --
Deere & Co. 0 -- 0 --
Dover Corp. 185 9,042 1,113 54,398
Flowserve Corp. 3,000 55,500 0 --
Imation Corp.+ 0 -- 0 --
Ingersoll-Rand Co. 0 -- 0 --
Nordson Corp. 1,014 65,656 0 --
Rockwell International Corp. 0 -- 1,300 52,569
Tecumseh Products Co. "A" 541 21,505 0 --
-------- ---------
170,819 106,967
-------- ---------
MANUFACTURERS
Percent of Net Assets 0.43% 1.66%
Cooper Industries Inc. 0 -- 674 23,801
Crane Co. 120 3,015 0 --
Danaher Corp. 190 10,676 867 48,715
Eastman Kodak Co. 0 -- 0 --
Eaton Corp. 76 5,045 439 29,139
FMC Corp.+ 0 -- 0 --
General Electric Co. 4,729 277,533 50,806 2,981,677
Harsco Corp. 0 -- 0 --
Illinois Tool Works Inc. 0 -- 0 --
ITT Industries Inc. 126 4,237 6,741 226,666
M&F Worldwide Corp.+ 0 -- 3,900 21,206
Minnesota Mining & Manufacturing 0 -- 0 --
National Service Industries Inc. 2,439 48,628 0 --
Pall Corp. 113 2,415 11,542 246,710
Pentair Inc. 0 -- 0 --
Textron Inc. 0 -- 0 --
</TABLE>
40
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
----------------------- -------------------- ---------------------
Shares Value Shares Value Shares Value
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.03% 0.02% 0.03%
0 $ -- 0 $ -- 1 $ 8
2,491 54,182 1,406 30,581 2,619 56,963
1,486 54,610 1,135 41,711 2,482 91,213
2,799 48,633 0 -- 2,147 37,304
---------- ---------- -----------
157,425 72,292 185,488
---------- ---------- -----------
0.15% 0.16% 0.18%
3,492 65,475 1,925 36,094 2,595 48,656
5,116 73,862 1,846 26,652 0 --
9,990 199,176 8,059 160,676 17,278 344,480
0 -- 1,093 20,357 1,855 34,549
5,382 268,091 3,954 196,959 9,340 465,249
3,853 107,402 1,838 51,234 3,617 100,824
---------- ---------- -----------
714,006 491,972 993,758
---------- ---------- -----------
0.12% 0.15% 0.17%
0 -- 0 -- 0 --
0 -- 0 -- 0 --
0 -- 0 -- 0 --
2,132 60,496 1,432 40,633 3,493 99,114
6,155 61,550 5,423 54,230 12,006 120,060
2,111 58,712 2,198 61,132 0 --
4,145 163,727 3,306 130,587 6,982 275,789
402 13,819 498 17,119 752 25,850
4,986 73,232 3,859 56,679 9,868 144,936
3,890 124,480 3,297 105,504 9,493 303,776
---------- ---------- -----------
556,016 465,884 969,525
---------- ---------- -----------
0.17% 0.21% 0.23%
0 -- 0 -- 0 --
6,010 220,867 4,698 172,652 9,274 340,819
1,614 64,560 1,036 41,440 1,248 49,920
3,875 127,633 3,092 101,843 6,570 216,399
3,422 167,250 2,648 129,421 5,694 278,294
0 -- 0 -- 0 --
0 -- 653 14,529 0 --
2,792 127,211 2,087 95,089 4,592 209,223
0 -- 0 -- 0 --
2,869 116,015 2,473 100,002 5,296 214,157
0 -- 0 -- 0 --
---------- ---------- -----------
823,536 654,976 1,308,812
---------- ---------- -----------
2.62% 3.20% 3.88%
1,623 57,312 1,240 43,788 2,677 94,532
1,887 47,411 796 20,000 1,882 47,285
2,503 140,637 1,845 103,666 3,991 224,244
5,266 327,808 4,106 255,599 7,936 494,016
1,239 82,239 959 63,654 2,054 136,334
508 34,449 0 -- 0 --
156,302 9,172,974 124,034 7,279,245 284,826 16,715,726
0 -- 1,012 28,146 0 --
5,004 280,537 3,928 220,214 7,798 437,175
1,841 61,904 1,164 39,140 2,482 83,457
0 -- 0 -- 0 --
6,707 623,751 5,259 489,087 9,216 857,088
0 -- 0 -- 0 --
2,120 45,315 1,583 33,837 3,508 74,984
756 24,570 0 -- 1,766 57,395
2,516 141,053 1,954 109,546 3,738 209,562
</TABLE>
41
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
August 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath Income
------------------ ---------------------
Shares Value Shares Value
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
MANUFACTURERS (Continued)
Tyco International Ltd. 1,114 $ 63,498 9,804 $ 558,828
U.S. Industries Inc. 0 -- 0 --
-------- ----------
415,047 4,136,742
-------- ----------
MEDIA
Percent of Net Assets 0.41% 1.05%
AT&T - Liberty Media Group "A"+ 0 -- 0 --
Belo (A.H.) Corp. 0 -- 0 --
Cablevision Systems Corp.+ 0 -- 780 52,455
Chris-Craft Industries Inc.+ 0 -- 1 78
Clear Channel Communications Inc.+ 233 16,863 2,201 159,297
Comcast Corp. "A"+ 600 22,350 5,898 219,700
Disney (Walt) Co. 2,049 79,783 12,261 477,413
Dow Jones & Co. Inc. 64 4,004 758 47,422
5th Avenue Channel Corp.+ 0 -- 0 --
Gannett Co. Inc. 298 16,874 0 --
Gray Communications Systems Inc. 0 -- 2,000 2,500
Harcourt General Inc. 79 4,686 5,557 329,600
Hearst-Argyle Television Inc.+ 0 -- 0 --
Hispanic Broadcasting Corp.+ 0 -- 0 --
Hollinger International Inc. 0 -- 0 --
Infinity Broadcasting Corp.+ 0 -- 0 --
Knight Ridder Inc. 124 6,773 702 38,347
McGraw-Hill Companies Inc. 202 12,511 0 --
Meredith Corp. 1,382 37,746 0 --
New York Times Co. "A" 162 6,348 1,323 51,845
Rare Medium Group Inc.+ 0 -- 0 --
Readers Digest Association "A" 0 -- 0 --
Scripps (E.W.) Company 0 -- 0 --
Time Warner Inc. 844 72,162 6,991 597,730
Tribune Co. 396 14,132 2,268 80,939
UnitedGlobalCom Inc. "A"+ 0 -- 0 --
Univision Communications Inc.+ 0 -- 0 --
USA Networks Inc.+ 0 -- 0 --
Viacom Inc. "B"+ 1,451 97,670 8,252 555,463
Washington Post Company (The) "B" 0 -- 0 --
-------- ----------
391,902 2,632,789
-------- ----------
METAL FABRICATE / HARDWARE
Percent of Net Assets 0.11% 0.00%
Precision Castparts Corp. 700 53,200 0 --
Timken Co. 1,342 21,891 0 --
Worthington Industries Inc. 3,277 34,204 0 --
-------- ----------
109,295 --
-------- ----------
MINING
Percent of Net Assets 0.07% 0.03%
Alcoa Inc. 458 15,229 0 --
Freeport-McMoRan Copper & Gold Inc.+ 0 -- 0 --
Homestake Mining Company 6,842 38,059 0 --
Newmont Mining Corp. 487 9,031 2,011 37,329
Phelps Dodge Corp. 125 5,562 594 26,433
-------- ----------
67,881 63,762
-------- ----------
OFFICE / BUSINESS EQUIPMENT
Percent of Net Assets 0.02% 0.05%
HON Industries Inc. 0 -- 0 --
Miller (Herman) Inc. 0 -- 0 --
Pitney Bowes Inc. 166 6,069 1,521 55,612
Xerox Corp. 620 9,959 3,842 61,712
-------- ----------
16,028 117,324
-------- ----------
</TABLE>
42
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
------------------------ -------------------- ----------------------
Shares Value Shares Value Shares Value
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
27,956 $ 1,593,492 21,166 $1,206,462 42,982 $ 2,449,974
0 -- 2,236 28,509 0 --
----------- ---------- -----------
12,633,452 9,920,893 21,881,772
----------- ---------- -----------
1.80% 2.26% 2.70%
35,200 752,400 28,300 604,913 92,988 1,987,618
3,878 74,167 2,875 54,984 0 --
1,890 127,102 1,886 126,834 500 33,625
0 -- 825 64,556 1 78
7,964 576,377 6,279 454,425 15,687 1,135,321
15,500 577,375 11,824 440,444 28,130 1,047,842
34,743 1,352,806 26,284 1,023,433 55,303 2,153,361
2,120 132,633 1,289 80,643 2,655 166,103
63,300 25,716 0 -- 0 --
4,701 266,194 3,686 208,720 7,809 442,185
0 -- 0 -- 0 --
1,994 118,269 1,476 87,545 1,888 111,982
0 -- 3,050 65,956 0 --
2,428 62,369 1,550 39,816 2,274 58,413
0 -- 3,500 57,313 0 --
2,205 83,514 2,792 105,747 5,743 217,516
1,634 89,257 1,151 62,873 2,348 128,260
3,290 203,774 2,554 158,188 5,480 339,418
0 -- 1,798 49,108 1,371 37,445
2,827 110,783 2,204 86,369 4,801 188,139
0 -- 0 -- 4,600 46,000
2,028 78,078 1,975 76,038 3,998 153,923
0 -- 925 46,886 1,237 62,700
21,333 1,823,971 16,384 1,400,832 39,102 3,343,221
5,342 190,643 4,172 148,888 8,909 317,940
0 -- 2,000 76,625 0 --
2,676 118,078 892 39,360 1,966 86,750
3,778 90,908 2,622 63,092 10,690 257,228
25,527 1,718,286 19,886 1,338,576 42,627 2,869,330
258 131,322 119 60,571 87 44,283
----------- ---------- -----------
8,704,022 7,022,735 15,228,681
----------- ---------- -----------
0.02% 0.00% 0.00%
1,026 77,976 0 -- 0 --
0 -- 0 -- 0 --
0 -- 0 -- 0 --
----------- ---------- -----------
77,976 -- --
----------- ---------- -----------
0.14% 0.16% 0.18%
14,518 482,723 11,286 375,259 22,770 757,103
0 -- 0 -- 4,961 48,680
0 -- 0 -- 5,811 32,324
6,953 129,056 4,933 91,569 4,696 87,170
1,471 65,460 1,021 45,435 2,242 99,769
----------- ---------- -----------
677,239 512,263 1,025,046
----------- ---------- -----------
0.11% 0.12% 0.13%
2,999 80,786 1,068 28,769 0 --
2,476 79,077 2,246 71,732 4,840 154,577
5,593 204,494 3,389 123,910 8,049 294,292
11,460 184,076 8,604 138,202 18,620 299,084
----------- ---------- -----------
548,433 362,613 747,953
----------- ---------- -----------
</TABLE>
43
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER
PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
----------------- ---------------------
Shares Value Shares Value
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
OIL & GAS PRODUCERS
Percent of Net Assets 0.41% 1.25%
Amerada Hess Corp. 122 $ 8,349 905 $ 61,936
Anadarko Petroleum Corp. 272 17,889 1,676 110,231
Apache Corp. 96 6,048 918 57,834
Burlington Resources Inc. 194 7,627 1,791 70,409
Chevron Corp. 560 47,320 4,160 351,520
Coastal Corp. 244 16,805 1,468 101,108
Conoco Inc. 600 15,675 4,270 111,554
Devon Energy Corp. 0 -- 484 28,344
Diamond Offshore Drilling Inc. 0 -- 0 --
ENSCO International Inc. 0 -- 0 --
EOG Resources Inc. 0 -- 0 --
Exxon Mobil Corp. 1,848 150,843 20,171 1,646,458
Global Marine Inc.+ 0 -- 0 --
Kerr-McGee Corp. 97 6,129 808 51,056
Murphy Oil Corp. 0 -- 0 --
Nabors Industries Inc.+ 0 -- 0 --
Noble Affiliates Inc. 0 -- 0 --
Noble Drilling Corp.+ 0 -- 0 --
Occidental Petroleum Corp. 0 -- 2,905 62,821
Ocean Energy Inc.+ 0 -- 0 --
Penn Virginia Corp. 0 -- 1,300 35,506
Phillips Petroleum Co. 0 -- 0 --
Pioneer Natural Resources Co.+ 0 -- 0 --
R&B Falcon Corporation+ 0 -- 0 --
Rowan Companies Inc.+ 1,466 45,446 0 --
Sunoco Inc. 105 2,855 0 --
Texaco Inc. 502 25,853 3,761 193,691
Tosco Corp. 261 7,961 0 --
Transocean Sedco Forex Inc. 241 14,399 1,645 98,289
Ultramar Diamond Shamrock Corp. 0 -- 0 --
Unocal Corp. 204 6,809 1,946 64,948
USX-Marathon Group Inc. 255 6,997 2,350 64,478
Valero Energy Corp. 0 -- 0 --
Vastar Resources Inc. 0 -- 0 --
-------- ----------
387,005 3,110,183
-------- ----------
OIL & GAS SERVICES
Percent of Net Assets 0.08% 0.23%
Baker Hughes Inc. 299 10,932 2,790 102,009
BJ Services Co.+ 0 -- 0 --
Cooper Cameron Corp.+ 0 -- 0 --
Grant Prideco Inc.+ 0 -- 0 --
Halliburton Co. 465 24,645 3,455 183,115
Schlumberger Ltd. 461 39,329 3,335 284,517
Smith International Inc.+ 0 -- 0 --
Tidewater Inc. 0 -- 0 --
Varco International Inc.+ 0 -- 0 --
Weatherford International Inc.+ 0 -- 0 --
-------- ----------
74,906 569,641
-------- ----------
PACKAGING & CONTAINERS
Percent of Net Assets 0.07% 0.21%
Ball Corp. 744 25,761 0 --
Bemis Co. 42 1,407 0 --
Crown Cork & Seal Co. Inc. 0 -- 21,314 275,750
Owens-Illinois Inc.+ 136 1,777 15,718 205,316
Pactiv Corp.+ 3,208 35,288 0 --
Sealed Air Corp.+ 57 2,925 705 38,175
Smurfit-Stone Container Corp.+ 0 -- 0 --
Sonoco Products Co. 0 -- 0 --
-------- ----------
67,158 517,241
-------- ----------
</TABLE>
44
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
------------------- ------------------- --------------------
Shares Value Shares Value Shares Value
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1.91% 2.34% 2.61%
2,764 $ 189,161 1,411 $ 96,565 2,523 $ 172,668
3,927 258,279 3,442 226,380 6,790 446,578
1,786 112,518 1,748 110,124 3,219 202,797
3,373 132,601 3,034 119,274 6,122 240,671
11,023 931,443 8,071 682,000 14,799 1,250,515
3,607 248,432 2,730 188,029 5,945 409,462
10,470 273,529 8,190 213,964 17,480 456,665
1,232 72,149 1,500 87,844 1,759 103,011
965 43,244 1,507 67,532 3,656 163,834
1,919 76,520 2,793 111,371 6,889 274,699
865 33,086 1,618 61,889 3,745 143,246
53,517 4,368,325 40,286 3,288,345 82,927 6,768,916
1,807 58,389 3,164 102,237 8,423 272,168
1,644 103,880 1,306 82,523 2,641 166,878
1,432 95,586 1,379 92,048 2,293 153,058
1,766 83,995 2,058 97,884 4,893 232,723
1,791 69,401 1,812 70,215 0 --
1,656 80,316 2,525 122,463 6,548 317,578
7,222 156,176 5,444 117,727 10,295 222,629
3,282 49,845 3,588 54,493 7,694 116,853
0 -- 0 -- 0 --
4,331 267,981 3,345 206,972 7,074 437,704
5,009 69,500 0 -- 0 --
2,744 78,204 2,387 68,030 5,637 160,654
1,579 48,949 997 30,907 2,269 70,339
1,753 47,660 1,191 32,380 2,537 68,975
9,227 475,190 7,218 371,727 14,003 721,154
2,670 81,435 2,252 68,686 4,080 124,440
3,521 210,375 2,678 160,005 5,903 352,704
8,515 199,570 2,264 53,063 4,827 113,133
4,030 134,501 3,181 106,166 6,814 227,417
5,179 142,099 4,106 112,658 8,667 237,801
0 -- 1,236 37,235 0 --
538 44,519 0 -- 783 64,793
---------- ---------- ----------
9,236,858 7,240,736 14,694,063
---------- ---------- ----------
0.37% 0.47% 0.56%
5,518 201,752 3,806 139,157 7,421 271,330
1,041 69,747 1,596 106,932 4,210 282,070
1,140 88,706 1,061 82,559 2,385 185,583
2,120 49,820 2,413 56,706 4,267 100,274
7,384 391,352 5,161 273,533 10,489 555,917
9,171 782,401 7,183 612,800 14,513 1,238,140
637 50,641 1,095 87,053 2,696 214,332
524 21,156 0 -- 3,084 124,516
3,126 63,106 602 12,153 0 --
1,220 57,264 2,113 99,179 4,267 200,282
---------- ---------- ----------
1,775,945 1,470,072 3,172,444
---------- ---------- ----------
0.06% 0.07% 0.09%
0 -- 0 -- 0 --
850 28,475 662 22,177 1,459 48,876
5,339 69,073 3,010 38,942 3,697 47,830
4,731 61,799 0 -- 4,190 54,732
0 -- 2,382 26,202 4,872 53,592
1,312 67,322 999 51,261 2,468 126,639
1,737 22,798 2,712 35,595 6,314 82,871
1,823 35,207 2,018 38,973 5,617 108,478
---------- ---------- ----------
284,674 213,150 523,018
---------- ---------- ----------
</TABLE>
45
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
------------------ ----------------------
Shares Value Shares Value
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
PHARMACEUTICALS
Percent of Net Assets 0.90% 2.25%
Abbott Laboratories 1,003 $ 43,881 8,434 $ 368,987
Abgenix Inc.+ 400 30,069 600 45,103
Allergan Inc. 310 22,669 868 63,473
ALZA Corp.+ 87 6,579 704 53,240
American Home Products Corp. 1,295 70,173 6,973 377,849
Amylin Pharmaceuticals Inc.+ 0 -- 7,900 107,144
Bergen Brunswig Corp. "A" 6,759 63,366 0 --
Bristol-Myers Squibb Co. 1,298 68,794 10,658 564,874
Cardinal Health Inc. 311 25,444 1,762 144,154
Cell Therapeutics Inc.+ 0 -- 1,900 88,350
Dentsply International Inc. 0 -- 0 --
Forest Laboratories Inc. "A"+ 0 -- 0 --
Gilead Sciences Inc.+ 0 -- 0 --
Hyseq Inc.+ 400 16,775 0 --
ICN Pharmaceuticals Inc. 0 -- 0 --
IVAX Corporation+ 0 -- 0 --
Lilly (Eli) and Company 714 52,122 5,921 432,233
Medarex Inc.+ 0 -- 900 99,450
MedImmune Inc.+ 0 -- 1,184 99,604
Merck & Co. Inc. 1,526 106,629 12,112 846,326
Mylan Laboratories Inc. 0 -- 0 --
Omnicare Inc. 0 -- 0 --
Pfizer Inc. 4,906 212,185 32,577 1,408,955
Pharmacia & Upjohn Inc. 1,194 69,924 7,441 435,764
Schering-Plough Corp. 961 38,560 7,898 316,907
Sepracor Inc.+ 0 -- 704 77,440
Sybron International Corp.+ 0 -- 0 --
Tanox Inc.+ 0 -- 0 --
Watson Pharmaceutical Inc.+ 490 30,227 1,480 91,298
-------- ----------
857,397 5,621,151
-------- ----------
PIPELINES
Percent of Net Assets 0.11% 0.25%
Columbia Energy Group 142 9,932 692 48,535
EL Paso Energy Corp. 222 12,932 1,366 79,570
Enron Corp. 676 57,376 4,306 365,472
Questar Corp. 0 -- 0 --
Williams Companies Inc. 450 20,728 2,968 136,714
-------- ----------
100,968 630,291
-------- ----------
REAL ESTATE
Percent of Net Assets 0.00% 0.01%
Catellus Development Corp.+ 0 -- 0 --
CB Richard Ellis Services+ 0 -- 1,400 14,700
St. Joe Company (The) 0 -- 0 --
-------- ----------
-- 14,700
-------- ----------
REAL ESTATE INVESTMENT TRUSTS
Percent of Net Assets 0.00% 0.25%
Alexandria Real Estate Equity 0 -- 1,400 49,000
Ameresco Capital Trust 0 -- 3,300 35,475
American Industrial Properties 0 -- 2,500 33,906
Apartment Investment &
Management Co. "A" 0 -- 0 --
Archstone Communities Trust 0 -- 0 --
Arden Realty Inc. 0 -- 0 --
AvalonBay Communities Inc. 0 -- 0 --
Boston Properties Inc. 0 -- 0 --
Capital Automotive 0 -- 0 --
Capstead Mortgage Corp. 0 -- 2,200 18,838
CarrAmerica Realty Corp. 0 -- 0 --
Crescent Real Estate Equities Co. 0 -- 0 --
Crown American Realty Trust 0 -- 8,900 52,844
</TABLE>
46
<PAGE>
<TABLE>
<CAPTION>
Lifepath 2020 Lifepath 2030 Lifepath 2040
------------------------ ------------------------ ------------------------
Shares Value Shares Value Shares Value
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
3.49% 4.20% 5.24%
25,806 $ 1,129,013 19,659 $ 860,081 46,607 $ 2,039,056
1,600 120,275 1,600 120,275 3,100 233,033
3,168 231,660 1,646 120,364 3,976 290,745
2,058 155,636 1,231 93,094 2,911 220,144
21,928 1,188,224 16,930 917,394 36,491 1,977,356
0 -- 0 -- 0 --
1 8 0 -- 0 --
31,714 1,680,842 25,220 1,336,660 58,792 3,115,976
4,943 404,399 3,754 307,124 7,857 642,801
0 -- 0 -- 0 --
4,252 141,910 971 32,407 0 --
1,255 122,833 1,225 119,897 4,004 391,891
500 54,000 0 -- 0 --
0 -- 0 -- 1,400 58,712
2,107 59,654 1,939 54,898 3,963 112,202
3,054 105,745 2,629 91,029 5,443 188,464
18,618 1,359,114 14,142 1,032,366 33,130 2,418,490
800 88,400 0 -- 1,600 176,800
4,500 378,562 3,000 252,375 5,100 429,037
35,930 2,510,609 29,690 2,074,589 68,452 4,783,083
2,748 72,994 2,156 57,269 6,529 173,427
2,465 33,740 2,643 36,176 0 --
101,504 4,390,048 80,388 3,476,781 186,283 8,056,740
20,952 1,227,002 16,231 950,528 33,490 1,961,258
25,426 1,020,218 18,753 752,464 44,536 1,787,007
1,500 165,000 1,272 139,920 1,300 143,000
1,841 41,883 2,389 54,350 5,599 127,377
0 -- 800 37,200 0 --
2,850 175,809 1,499 92,470 2,685 165,631
------------ ------------ ------------
16,857,578 13,009,711 29,492,230
------------ ------------ ------------
0.40% 0.43% 0.48%
1,384 97,140 1,055 74,048 2,286 160,449
3,876 225,777 2,924 170,323 6,386 371,984
12,010 1,019,349 9,312 790,356 19,000 1,612,625
10,658 231,145 1,657 35,936 0 --
7,264 334,598 5,674 261,359 12,202 562,055
------------ ------------ ------------
1,908,009 1,332,022 2,707,113
------------ ------------ ------------
0.02% 0.00% 0.01%
5,741 102,620 0 -- 0 --
0 -- 0 -- 0 --
0 -- 0 -- 1,502 44,027
----------- ------------ ------------
102,620 -- 44,027
----------- ------------ ------------
0.34% 0.38% 0.34%
0 -- 0 -- 0 --
0 -- 0 -- 0 --
0 -- 0 -- 0 --
3,752 168,371 971 43,574 0 --
6,553 161,368 2,568 63,237 6,041 148,760
0 -- 2,139 54,545 0 --
3,890 173,834 1,329 59,390 0 --
0 -- 971 39,265 2,320 93,815
200 2,775 0 -- 0 --
0 -- 0 -- 0 --
0 -- 1,639 47,633 0 --
0 -- 2,588 56,817 6,141 135,870
0 -- 0 -- 0 --
</TABLE>
47
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules oF Investments (Continued)
Lifepath Income Lifepath 2010
-------------------- ------------------
Shares Value Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS (Continued)
REAL ESTATE INVESTMENT TRUSTS (Continued)
Duke-Weeks Realty Corp. 0 $ -- 0 $ --
Equity Office Properties Trust 0 -- 0 --
Equity Residential Properties Trust 0 -- 0 --
First Washington Realty Trust 0 -- 2,800 56,350
Highwoods Properties Inc. 0 -- 0 --
Host Marriott Corp. 0 -- 0 --
Kimco Realty Corp. 0 -- 0 --
Koger Equity Inc. 0 -- 3,200 54,800
Konover Property Trust Inc. 0 -- 5,400 22,613
Mack-Cali Realty Corp. 0 -- 0 --
Mid-America Apartment Communities Inc. 0 -- 2,800 67,725
Parkway Properties Inc. 0 -- 1,700 53,975
Prison Realty Trust Inc.+ 0 -- 6,200 14,725
Public Storage Inc. 0 -- 0 --
Rouse Co. 0 -- 0 --
Senior Housing Properties Trust 0 -- 1 5
Simon Property Group Inc. 0 -- 0 --
Spieker Properties Inc. 0 -- 0 --
Thornbury Mortgage Inc. 0 -- 3,900 31,931
Vornado Realty Trust 0 -- 0 --
Washington Trust 0 -- 3,400 65,238
Winston Hotels Inc. 0 -- 7,200 62,550
------- ------ --------
-- 619,975
------- --------
RETAIL
Percent of Net Assets 0.75% 1.50%
Abercrombie & Fitch Co.+ 0 -- 0 --
Amazon.com Inc.+ 700 29,050 1,556 64,574
AnnTaylor Stores Corp.+ 747 26,892 0 --
AutoNation Inc.+ 0 -- 0 --
AutoZone Inc.+ 126 2,835 1,441 32,423
Barnes & Noble Inc.+ 0 -- 0 --
Barnett Inc.+ 0 -- 1,600 19,900
Bed Bath & Beyond Inc.+ 200 3,513 2,240 39,340
Best Buy Co. Inc.+ 130 8,028 1,200 74,100
BJ's Wholesale Club Inc.+ 0 -- 0 --
Bob Evans Farms Inc. 5,268 89,556 0 --
Borders Group Inc.+ 0 -- 0 --
Boston Chicken Inc.+ 600 6 500 5
Brinker International Inc.+ 0 -- 0 --
Cato Corp. "A" 0 -- 1,600 19,800
CBRL Group Inc. 2,949 35,572 0 --
CDW Computer Centers Inc.+ 0 -- 0 --
Charming Shoppes Inc.+ 0 -- 2,800 15,225
Circuit City Stores Inc. 244 6,329 1,508 39,114
Consolidated Stores Corp.+ 458 6,240 0 --
CVS Corp. 404 14,999 0 --
Darden Restaurants Inc. 90 1,592 15,784 279,180
Deb Shops Inc. 0 -- 1,800 20,531
Dillards Inc. "A" 118 1,512 0 --
Discount Auto Parts Inc.+ 0 -- 2,000 17,750
Dollar General Corp. 363 7,464 2,582 53,092
Dollar Tree Stores Inc.+ 0 -- 0 --
eBay Inc.+ 0 -- 0 --
Family Dollar Stores Inc. 0 -- 0 --
Federated Department Stores Inc.+ 0 -- 1,953 53,952
Finlay Enterprises Inc.+ 0 -- 1,200 15,150
Footstar Inc.+ 0 -- 500 14,875
Fred's Inc. 0 -- 800 19,200
Gap Inc. 558 12,520 4,728 106,085
Golden State Bancorp Inc.+ 200 263 500 656
48
<PAGE>
Lifepath 2020 Lifepath 2030 Lifepath 2040
-------------------- ---------------------- --------------------------
Shares Value Shares Value Shares Value
--------------------------------------------------------------------------------
6,428 $ 152,665 1,975 $ 46,906 4,186 $ 99,417
8,798 254,042 5,918 170,882 13,787 398,100
2,491 119,568 2,032 97,536 4,693 225,264
0 -- 0 -- 0 --
0 -- 2,318 55,777 0 --
14,539 155,386 6,558 70,089 10,596 113,245
0 -- 1,150 46,719 2,473 100,466
0 -- 0 -- 0 --
0 -- 0 -- 0 --
0 -- 1,629 42,659 0 --
0 -- 0 -- 0 --
0 -- 0 -- 0 --
0 -- 0 -- 0 --
0 -- 2,064 50,310 4,363 106,348
0 -- 2,418 58,334 3,480 83,955
0 -- 0 -- 0 --
7,528 171,732 1,975 45,058 4,175 95,242
2,715 148,307 1,239 67,680 2,938 160,488
0 -- 0 -- 0 --
3,878 143,486 1,507 55,759 3,568 132,016
0 -- 0 -- 0 --
0 -- 0 -- 0 --
---------- ---------- ----------
1,651,534 1,172,170 1,892,986
---------- ---------- ----------
2.38% 2.95% 3.34%
0 -- 2,534 58,757 0 --
2,778 115,287 2,608 108,232 6,410 266,015
0 -- 0 -- 0 --
7,189 46,728 7,222 46,943 20,198 131,287
2,871 64,597 2,593 58,343 3,883 87,367
0 -- 1,861 32,219 0 --
0 -- 0 -- 0 --
5,458 95,856 4,564 80,155 8,406 147,630
3,434 212,049 2,698 166,602 6,266 386,925
1,472 49,864 1,456 49,322 0 --
0 -- 0 -- 0 --
3,165 42,134 2,996 39,884 0 --
700 7 700 7 0 --
1,740 55,245 1,045 33,179 0 --
0 -- 0 -- 0 --
0 -- 0 -- 0 --
900 66,150 816 59,976 612 44,982
0 -- 0 -- 0 --
2,916 75,634 2,826 73,299 5,740 148,881
0 -- 3,135 42,714 3,132 42,674
6,573 244,023 5,108 189,635 10,960 406,890
4,729 83,644 3,211 56,795 3,613 63,905
0 -- 0 -- 0 --
0 -- 0 -- 2,925 37,477
0 -- 0 -- 0 --
5,631 115,787 5,051 103,861 9,293 191,087
1,530 62,061 1,405 56,990 2,764 112,115
1,000 62,000 800 49,600 1,700 105,400
3,533 63,306 3,007 54,126 6,833 122,994
4,336 119,782 2,842 78,510 5,861 161,910
0 -- 0 -- 0 --
0 -- 0 -- 0 --
0 -- 0 -- 0 --
14,806 332,210 11,436 255,595 25,430 570,586
800 1,050 900 1,181 1,900 2,494
49
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
LifePath Income LifePath 2010
----------------------- ----------------------
Shares Value Shares Value
-----------------------------------------------------------------------------
COMMON STOCKS (Continued)
Retail (Continued)
Guitar Center Inc.+ 0 $ -- 1,100 $ 16,500
Home Depot Inc. 1,499 72,046 12,238 588,189
HomeBase Inc.+ 0 -- 6,200 14,338
Intimate Brands Inc. 0 -- 0 --
Kmart Corp.+ 0 -- 3,732 26,124
Kohls Corp.+ 214 11,984 1,910 106,960
Limited Inc. 197 3,940 0 --
Longs Drug Stores Inc. 1,466 27,671 0 --
Lowe's Companies Inc. 304 13,623 0 --
May Department Stores Co. 0 -- 0 --
McDonald's Corp. 438 13,085 0 --
Neiman-Marcus Group Inc. "A"+ 600 20,138 700 23,494
Nordstrom Inc. 214 3,692 1,590 27,428
Office Depot Inc.+ 477 3,488 3,095 22,632
Outback Steakhouse Inc.+ 0 -- 0 --
Payless Shoesource Inc.+ 0 -- 0 --
PC Connection Inc.+ 300 19,425 0 --
Penney (J.C.) Company Inc. 0 -- 2,863 40,082
Pier 1 Imports Inc. 0 -- 0 --
RadioShack Corp. 132 7,788 1,160 68,440
Rite Aid Corp. 838 3,352 0 --
Ross Stores Inc. 0 -- 0 --
Ruby Tuesday Inc. 5,468 68,350 0 --
Saks Inc.+ 0 -- 0 --
Sears, Roebuck and Co. 0 -- 0 --
7-Eleven Inc.+ 560 7,490 0 --
Staples Inc.+ 511 7,857 3,497 53,766
Starbucks Corp.+ 0 -- 1,836 67,244
Target Corporation 926 21,530 5,956 138,477
Tiffany & Co. 0 -- 1,560 64,935
TJX Companies Inc. 176 3,315 2,376 44,699
Toys R Us Inc.+ 0 -- 1,861 33,847
Tricon Global Restaurants Inc.+ 0 -- 1,550 45,144
Walgreen Co. 650 21,369 5,898 193,897
Wal-Mart Stores Inc. 2,906 137,853 23,326 1,106,527
Wendy's International Inc. 131 2,473 9,815 185,258
-------- ----------
716,840 3,752,933
-------- ----------
SEMICONDUCTORS
Percent of Net Assets 1.39% 1.97%
Advanced Micro Devices Inc.+ 460 17,308 1,752 65,919
Altera Corp.+ 680 44,073 2,448 158,661
Analog Devices Inc.+ 582 58,491 2,056 206,628
Applied Materials Inc.+ 700 60,419 3,760 324,535
Applied Micro Circuits Corp.+ 300 60,881 800 162,350
Atmel Corp.+ 0 -- 0 --
Broadcom Corp.+ 300 75,000 1,200 300,000
C-Cube Microsystems Inc.+ 0 -- 0 --
Cirrus Logic Inc.+ 2,434 73,629 0 --
Conexant Systems Inc.+ 0 -- 1,449 53,885
Cree Inc.+ 0 -- 0 --
Cypress Semiconductor Corp.+ 0 -- 0 --
Elantec Semiconductor Inc.+ 500 44,250 0 --
Emcore Corp.+ 100 11,150 0 --
Integrated Device Technology Inc.+ 0 -- 0 --
Integrated Silicon Solution Inc.+ 700 20,563 0 --
Intel Corp. 4,164 311,780 23,984 1,795,802
International Rectifier Corp.+ 0 -- 0 --
Intersil Holding Corp 0 -- 0 --
KLA-Tencor Corp.+ 388 25,463 1,042 68,381
Lam Research Corp.+ 0 -- 0 --
50
<PAGE>
LifePath 2020 LifePath 2030 LifePath 2040
-------------------------- ---------------------- --------------------------
Shares Value Shares Value Shares Value
------------------------------------------------------------------------------
0 $ -- 0 $ -- 0 $ --
7,675 1,810,755 29,755 1,430,100 68,091 3,272,624
0 -- 0 -- 0 --
2,300 37,087 2,400 38,700 300 4,837
1,082 77,574 8,337 58,359 13,711 95,977
6,266 350,896 4,212 235,872 9,862 552,272
8,464 169,280 6,234 124,680 11,962 239,240
0 -- 0 -- 0 --
6,403 286,934 5,039 225,810 10,733 480,973
6,677 153,154 4,541 104,159 9,335 214,122
2,712 678,521 17,334 517,853 34,018 1,016,288
0 -- 0 -- 0 --
4,951 85,405 3,431 59,185 3,812 65,757
6,628 48,467 6,279 45,915 9,265 67,750
1,615 37,044 1,439 33,007 2,982 68,400
1,302 69,494 796 42,487 0 --
0 -- 0 -- 0 --
6,746 94,444 4,457 62,398 7,295 102,130
3,430 40,303 2,689 31,596 0 --
3,354 197,886 2,584 152,456 5,836 344,324
8,307 33,228 9,204 36,816 7,281 29,124
2,730 41,291 2,400 36,300 0 --
0 -- 0 -- 0 --
6,932 69,320 4,777 47,770 5,277 52,770
6,312 196,856 4,946 154,253 9,205 287,081
0 -- 0 -- 0 --
7,996 122,939 6,950 106,856 13,187 202,750
3,256 119,251 2,936 107,531 6,708 245,681
4,662 340,892 11,422 265,562 24,230 563,348
2,984 124,209 3,172 132,035 5,860 243,923
6,463 121,585 5,014 94,326 8,747 164,553
4,670 84,936 4,057 73,787 6,783 123,366
3,375 98,297 2,542 74,036 4,572 133,160
6,964 557,692 13,002 427,441 30,620 1,006,633
3,470 3,485,233 56,890 2,698,719 129,118 6,125,035
3,674 69,347 2,523 47,622 3,406 64,288
----------- ---------- -----------
11,509,734 9,162,556 18,797,025
----------- ---------- -----------
3.75% 4.72% 5.96%
4,984 187,523 3,734 140,492 8,218 309,202
8,140 527,574 6,716 435,281 14,500 939,781
5,912 594,156 4,564 458,682 9,760 980,880
3,008 1,122,753 9,855 850,610 24,111 2,081,081
1,700 344,994 1,600 324,700 3,600 730,575
6,200 124,000 7,600 152,000 20,044 400,880
3,300 825,000 2,600 650,000 4,600 1,150,000
0 -- 357 8,300 718 16,694
0 -- 1,352 40,898 0 --
3,864 143,693 2,998 111,488 6,590 245,066
800 110,200 500 68,875 1,300 179,075
1,296 64,071 1,371 67,779 3,300 163,144
0 -- 0 -- 0 --
0 -- 0 -- 0 --
1,590 139,523 814 71,429 2,255 197,876
0 -- 0 -- 0 --
98,784 7,396,452 86,720 6,493,160 199,748 14,956,132
1,477 92,959 625 39,336 1,072 67,469
0 -- 400 21,600 800 43,200
3,258 213,806 2,470 162,094 5,146 337,706
2,114 63,684 1,338 40,307 3,780 113,873
51
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules Of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
--------------------- -----------------------
Shares Value Shares Value
--------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (Continued)
SEMICONDUCTORS (Continued)
<S> <C> <C> <C> <C>
Lattice Semiconductor Corp.+ 0 $ -- 0 $ --
Linear Technology Corp. 204 14,675 1,542 110,928
LSI Logic Corp.+ 536 19,263 1,758 63,178
Maxim Integrated Products Inc.+ 700 61,381 1,740 152,576
Micron Technology Inc.+ 590 48,233 2,984 243,942
MIPS Technologies Inc. "B"+ 0 -- 0 --
National Semiconductor Corp.+ 586 26,077 1,022 45,479
Novellus Systems Inc.+ 0 -- 720 44,325
Pericom Semiconductor Corp.+ 400 29,600 0 --
PMC - Sierra Inc.+ 400 94,400 1,000 236,000
QLogic Corp.+ 211 23,949 0 --
Rambus Inc.+ 200 16,338 300 24,506
Silicon Laboratories Inc.+ 0 -- 0 --
Teradyne Inc.+ 342 22,166 1,016 65,850
Texas Instruments Inc. 1,060 70,954 7,868 526,664
Transwitch Corp.+ 0 -- 0 --
TriQuint Semiconductor Inc.+ 0 -- 0 --
Varian Semiconductor Equipment Associates Inc.+ 300 17,138 0 --
Vitesse Semiconductor Corp.+ 500 44,406 1,384 122,917
Xilinx Inc.+ 408 36,261 1,598 142,022
---------- ----------
1,327,848 4,914,548
---------- ----------
SOFTWARE
Percent Of Net Assets 1.36% 2.44%
Adobe Systems Inc. 374 48,620 586 76,180
Akamai Technologies Inc.+ 0 -- 300 22,669
America Online Inc.+ 1,890 110,801 12,930 758,021
Ariba Inc.+ 300 47,213 900 141,638
At Home Corp. "A"+ 0 -- 0 --
Autodesk Inc. 0 -- 0 --
Automatic Data Processing 408 24,327 3,726 222,163
BEA Systems Inc.+ 400 27,225 0 --
BMC Software Inc.+ 469 12,663 1,515 40,905
BroadVision Inc.+ 600 20,700 1,600 55,200
Cadence Design Systems Inc.+ 0 -- 0 --
CheckFree Corp.+ 0 -- 0 --
ChoicePoint Inc.+ 1,282 60,094 0 --
Citrix Systems Inc.+ 0 -- 1,084 23,848
CMGI Inc.+ 0 -- 0 --
Computer Associates International Inc. 566 17,971 3,122 99,124
Compuware Corp.+ 750 7,922 3,320 35,068
Cyber-Care Inc.+ 0 -- 0 --
DoubleClick Inc.+ 0 -- 0 --
EarthLink Inc.+ 0 -- 0 --
Edwards (J.D.) & Co.+ 0 -- 0 --
Electronic Arts Inc.+ 0 -- 0 --
Exodus Communications Inc.+ 700 47,906 2,100 143,719
First Data Corp. 443 21,126 2,775 132,333
Fiserv Inc.+ 0 -- 0 --
Geoworks Corp.+ 0 -- 0 --
Globix Corp.+ 500 13,406 2,000 53,625
i2 Technologies Inc.+ 300 50,756 652 110,310
IMS Health Inc. 190 3,586 2,124 40,091
Informix Corp.+ 0 -- 0 --
Infospace.com Inc.+ 500 19,500 1,700 66,300
Inktomi Corp.+ 200 26,075 300 39,113
Internet Capital Group LLC+ 0 -- 900 31,388
Internet Pictures Corp.+ 0 -- 0 --
Intuit Inc.+ 0 -- 0 --
Keane Inc.+ 0 -- 0 --
Legato Systems Inc.+ 0 -- 0 --
</TABLE>
52
<PAGE>
LifePath 2020 LifePath 2030 LifePath 2040
-------------------- --------------------- --------------------
Shares Value Shares Value Shares Value
---------------------------------------------------------------------
1,328 $ 103,418 1,250 $ 97,344 2,674 $ 208,238
5,238 376,809 3,992 287,175 9,526 685,277
4,944 177,675 3,872 139,150 8,360 300,438
4,682 410,553 4,008 351,452 10,518 922,297
9,102 744,089 7,020 573,885 15,144 1,238,022
0 -- 498 25,771 0 --
2,834 126,113 2,179 96,966 4,786 212,977
2,331 143,502 1,812 111,551 5,034 309,906
0 -- 0 -- 0 --
2,100 495,600 1,700 401,200 4,000 944,000
3,773 428,236 1,200 136,200 3,549 402,812
1,452 118,610 1,116 91,163 2,168 177,099
0 -- 200 12,075 500 30,188
2,962 191,975 2,258 146,347 4,798 310,970
27,024 1,808,919 20,880 1,397,655 48,048 3,216,213
2,200 132,413 0 -- 1,400 84,263
2,000 110,625 0 -- 2,800 154,875
1,820 103,968 995 56,839 1,659 94,770
2,556 227,005 2,336 207,466 5,260 467,154
5,448 484,191 4,072 361,899 9,798 870,797
----------- ----------- -----------
18,134,089 14,631,169 33,542,930
----------- ----------- -----------
4.23% 5.27% 6.69%
2,376 308,880 1,804 234,520 3,648 474,240
700 52,894 700 52,894 1,700 128,456
37,246 2,183,547 29,616 1,736,238 68,074 3,990,838
1,900 299,013 1,600 251,800 4,000 629,500
3,252 47,357 3,172 46,192 7,496 109,161
3,521 99,028 1,149 32,316 1,737 48,853
10,398 619,981 8,073 481,353 19,126 1,140,388
2,652 180,502 2,316 157,633 4,812 327,517
4,959 133,893 3,629 97,983 7,360 198,720
3,200 110,400 2,900 100,050 6,800 234,600
4,825 102,531 3,452 73,355 10,984 233,410
0 -- 0 -- 1,700 88,081
2,138 100,219 876 41,063 854 40,031
3,800 83,600 2,868 63,096 5,714 125,708
2,400 107,400 2,600 116,350 7,700 344,575
10,846 344,361 7,989 253,651 18,437 585,375
7,390 78,057 6,166 65,128 10,822 114,307
2,200 13,063 0 -- 0 --
1,100 44,756 1,200 48,825 3,000 122,063
0 -- 0 -- 1 6
0 -- 0 -- 1,513 37,541
1,302 140,535 1,329 143,449 3,015 325,432
4,100 280,594 3,400 232,688 8,500 581,719
7,073 337,294 5,479 261,280 11,714 558,611
2,183 118,278 1,983 107,454 6,284 340,514
0 -- 0 -- 3,900 44,606
1,500 40,219 0 -- 2,600 69,713
1,516 256,488 1,396 236,186 3,211 543,261
5,945 112,212 3,930 74,179 9,265 174,877
0 -- 4,709 28,843 4,775 29,247
2,900 113,100 2,700 105,300 6,400 249,600
1,300 169,488 1,100 143,413 2,600 338,975
2,000 69,750 1,900 66,263 4,600
2,000 15,625 0 -- 0 --
2,467 147,712 2,012 120,469 7,583 454,032
2,327 40,286 1,696 29,362 3,733 64,628
0 -- 2,008 24,347 0 --
53
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
LifePath Income LifePath 2010
------------------- ----------------------
Shares Value Shares Value
-------------------------------------------------------------------------------
COMMON STOCKS (Continued)
SOFTWARE (Continued)
Lycos Inc.+ 0 $ -- 0 $ --
Macromedia Inc.+ 400 27,644 0 --
Manugistics Group Inc.+ 400 35,100 0 --
Mercury Interactive Corp.+ 0 -- 0 --
Microsoft Corp.+ 3,606 251,744 26,754 1,867,764
National Data Corp. 0 -- 0 --
NetSol International Inc.+ 400 10,400 0 --
Network Associates Inc.+ 0 -- 0 --
Niku Corp.+ 0 -- 0 --
Novell Inc.+ 1,025 12,556 2,246 27,514
Oracle Corp.+ 2,342 212,976 14,414 1,310,773
Parametric Technology Corp.+ 0 -- 0 --
PeopleSoft Inc.+ 0 -- 0 --
Peregrine Systems Inc.+ 0 -- 0 --
Phone.com Inc.+ 0 -- 0 --
Prime Response Inc.+ 0 -- 0 --
PSINET Inc.+ 0 -- 0 --
Rational Software Corp.+ 300 38,606 792 101,921
RealNetworks Inc.+ 0 -- 800 38,950
Reynolds & Reynolds Co. "A" 0 -- 0 --
Siebel Systems Inc.+ 400 78,800 1,112 219,064
SourcingLink.net Inc.+ 0 -- 0 --
Sybase Inc.+ 0 -- 0 --
Symantec Corp.+ 0 -- 0 --
TIBCO Software Inc.+ 0 -- 0 --
Total System Services Inc. 0 -- 0 --
USinternetworking Inc.+ 0 -- 0 --
Usurf America Inc.+ 0 -- 0 --
Vicinity Corp.+ 0 -- 0 --
Vignette Corp.+ 300 11,438 500 19,063
Yahoo! Inc.+ 540 65,610 3,318 403,137
---------- ----------
1,304,765 6,079,881
---------- ----------
TELECOMMUNICATION EQUIPMENT
Percent of Net Assets 0.60% 1.05%
ADC Telecommunications Inc.+ 808 33,078 3,344 136,891
ADTRAN Inc.+ 0 -- 0 --
Advanced Fibre Communications Inc.+ 0 -- 0 --
American Tower Corp.+ 0 -- 0 --
Andrew Corp.+ 690 20,441 0 --
Ciena Corp.+ 300 66,506 628 139,220
Commscope Inc.+ 0 -- 0 --
Comverse Technology Inc.+ 200 18,388 760 69,873
Harmonic Inc.+ 0 -- 0 --
Harris Corp. 0 -- 0 --
JDS Uniphase Corp.+ 1,200 149,550 4,420 550,843
Lucent Technologies Inc. 2,083 87,095 16,430 686,979
Motorola Inc. 1,828 65,922 11,801 425,574
Palm Inc.+ 1,008 44,352 3,596 158,224
QUALCOMM Inc.+ 780 46,703 3,866 231,477
RF Micro Devices Inc.+ 0 -- 0 --
Scientific-Atlanta Inc. 350 27,278 938 73,105
Sycamore Networks Inc.+ 0 -- 300 41,100
Tellabs Inc.+ 264 14,834 2,102 118,106
---------- ----------
574,147 2,631,392
---------- ----------
TELECOMMUNICATIONS
Percent of Net Assets 0.67% 1.08%
Adaptec Inc.+ 0 -- 0 --
Allegiance Telecom Inc.+ 0 -- 0 --
Anixler International Inc.+ 0 -- 0 --
Arch Communications Group Inc.+ 0 -- 0 --
54
<PAGE>
LifePath 2020 LifePath 2030 LifePath 2040
---------------------- ---------------------- ----------------------
Shares Value Shares Value Shares Value
--------------------------------------------------------------------------
1,100 $ 78,100 1,200 $ 85,200 3,200 $ 227,200
914 63,166 846 58,467 1,995 137,873
0 -- 0 -- 1,200 105,300
2,100 256,594 1,500 183,281 3,000 366,563
86,310 6,025,517 67,486 4,711,366 153,722 10,731,717
0 -- 893 26,232 0 --
0 -- 0 -- 0 --
4,167 107,821 2,432 62,928 7,079 183,169
800 21,650 1,100 29,769 2,200 59,538
7,070 86,608 5,142 62,990 9,108 111,573
46,026 4,185,489 36,998 3,364,506 83,930 7,632,384
6,033 80,691 5,139 68,734 8,173 109,314
6,620 213,495 4,845 156,251 8,030 258,968
0 -- 0 -- 3,100 99,006
0 -- 800 73,950 1,800 166,388
0 -- 1,100 6,600 100 600
3,500 61,469 2,300 40,394 5,200 91,325
1,778 228,806 1,529 196,763 3,226 415,146
1,400 68,163 1,400 68,163 3,300 160,669
3,488 63,220 1,875 33,984 3,468 62,858
3,768 742,296 2,832 557,904 6,352 1,251,344
5,000 27,813 0 -- 0 --
3,227 88,541 1,871 51,336 2,408 66,070
1,522 74,293 1,594 77,807 3,603 175,871
0 -- 0 -- 1,400 142,713
0 -- 993 16,385 2,243 37,010
1,100 11,344 0 -- 2,625 27,070
200 263 0 -- 0 --
0 -- 1,100 12,238 0 --
2,400 91,500 2,300 87,688 5,000 190,625
8,958 1,088,397 7,144 867,996 16,332 1,984,338
----------- ----------- ----------
20,416,299 16,326,612 37,703,642
----------- ----------- ----------
1.78% 2.13% 2.71%
12,148 497,309 9,170 375,397 18,460 755,706
0 -- 368 19,711 718 38,458
1,227 64,858 1,261 66,656 2,673 141,293
2,028 73,642 1,775 64,455 900 32,681
2,294 67,960 1,090 32,291 2,313 68,523
1,940 430,074 1,671 370,440 3,861 855,935
794 19,800 646 16,110 1,671 41,671
2,926 269,009 2,132 196,011 4,708 432,842
0 -- 0 -- 989 33,132
1,720 51,708 1,063 31,956 2,112 63,492
13,520 1,684,930 9,900 1,233,788 25,824 3,218,316
50,046 2,092,548 41,727 1,744,710 96,907 4,051,924
35,497 1,280,111 27,570 994,243 56,578 2,040,344
9,146 402,424 7,086 311,784 14,166 623,304
12,426 744,007 9,944 595,397 22,520 1,348,385
2,400 107,100 1,800 80,325 4,800 214,200
2,888 225,084 2,100 163,669 4,388 341,990
1,500 205,500 0 -- 2,100 287,700
6,884 386,795 5,252 295,097 12,216 686,387
----------- ----------- ----------
8,602,859 6,592,040 15,276,283
----------- ----------- ----------
1.99% 2.29% 2.91%
2,450 60,025 1,556 38,172 2,974 72,853
1,850 92,153 0 -- 2,300 114,569
0 -- 625 21,875 0 --
7,000 36,313 0 -- 0 --
55
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
----------------------- ----------------------
Shares Value Shares Value
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
TELECOMMUNICATIONS (Continued)
Aspect Communications Corp.+ 0 $ -- 0 $ --
Broadwing Inc.+ 0 -- 0 --
Cabletron Systems+ 777 29,089 0 --
Choice One Communications Inc.+ 0 -- 0 --
Copper Mountain Networks Inc.+ 0 -- 0 --
Corning Inc. 275 90,183 1,368 448,619
Cox Communications Inc. "A"+ 0 -- 0 --
Digital Lightware Inc.+ 0 -- 0 --
Echostar Communications Corp.+ 0 -- 0 --
Emulex Corp.+ 0 -- 0 --
Global Crossing Ltd.+ 1,102 33,129 5,386 161,917
Global Telesystems Group Inc. 1,900 16,388 0 --
Hughes Electronics Corp.+ 0 -- 0 --
ICG Communications Inc.+ 0 -- 0 --
InterDigital Communications Corp.+ 600 10,725 0 --
Leap Wireless International Inc.+ 0 -- 0 --
Level 3 Communications Inc.+ 0 -- 0 --
Lightpath Technologies Inc. "B"+ 0 -- 1,700 89,675
McLeodUSA Inc. "A"+ 0 -- 0 --
Metromedia Fiber Network Inc.+ 0 -- 0 --
Mpower Communications Corp.+ 0 -- 0 --
MRV Communications Inc.+ 0 -- 1,000 77,063
Natural Microsystems Corp.+ 400 29,825 0 --
Newport Corp. 200 31,800 0 --
Nextel Communications Inc. "A"+ 1,076 59,651 3,910 216,761
NTL Inc.+ 0 -- 0 --
Osicom Technologies Inc.+ 100 5,900 600 35,400
Powerwave Technologies Inc.+ 0 -- 0 --
Qwest Communications International Inc.+ 568 29,323 8,537 440,723
SDL Inc.+ 100 39,731 500 198,656
Sprint Corp. (PCS Group)+ 1,464 73,475 5,282 265,090
Terayon Communications Systems Inc.+ 0 -- 0 --
Tollgrade Communications Inc.+ 200 22,238 0 --
Verizon Communications 2,665 116,261 16,072 701,141
VerticalNet Inc.+ 0 -- 0 --
Voicestream Wireless Corp.+ 452 50,878 489 55,043
Western Wireless Corp. "A"+ 0 -- 0 --
---------- -----------
638,596 2,690,088
---------- -----------
TELEPHONE
Percent of Net Assets 0.41% 1.16%
Alltel Corp. 349 17,646 1,832 92,631
AT&T Corp. 2,629 82,813 21,876 689,094
BellSouth Corp. 1,860 69,401 11,159 416,370
CenturyTel Inc. 100 2,881 2,230 64,252
Intermedia Communications Inc.+ 0 -- 0 --
NEXTLINK Communications Inc.+ 0 -- 0 --
SBC Communications Inc. 2,229 93,061 19,841 828,362
Sprint Corp. (FON Group) 860 28,810 5,426 181,771
Telephone & Data Systems Inc. 0 -- 0 --
WorldCom Inc.+ 2,771 101,142 16,770 612,105
---------- -----------
395,754 2,884,585
---------- -----------
TEXTILES
Percent of Net Assets 0.02% 0.02%
Cintas Corp. 0 -- 0 --
G & K Services Inc. "A" 0 -- 800 23,200
Shaw Industries Inc. 0 -- 0 --
UniFirst Corp. 0 -- 2,000 20,050
Westpoint Stevens Inc. 1,500 21,094 0 --
---------- -----------
21,094 43,450
---------- -----------
</TABLE>
56
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
------------------------ ------------------- ---------------------
Shares Value Shares Value Shares Value
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0 $ -- 0 $ -- 1,260 $ 28,429
2,941 82,164 0 -- 4,192 117,114
4,029 150,836 2,942 110,141 5,071 189,846
0 -- 800 12,800 0 --
800 47,950 600 35,963 1,500 89,906
4,668 1,530,812 3,593 1,178,279 8,366 2,743,525
2,375 84,461 2,405 85,528 7,308 259,891
500 43,875 0 -- 1,000 87,750
2,800 136,500 0 -- 4,300 209,625
1,200 125,625 0 -- 1,400 146,563
14,586 438,492 13,123 394,510 22,854 687,042
0 -- 4,586 39,554 4,532 39,089
6,084 201,533 5,625 186,328 17,328 573,990
0 -- 1,882 11,233 2,231 13,316
1,400 25,025 0 -- 1,700 30,388
1,094 86,836 879 69,771 2,473 196,294
3,400 296,597 2,600 226,809 7,700 671,705
0 -- 0 -- 0 --
5,562 87,949 5,424 85,767 12,096 191,268
3,000 119,813 3,100 123,806 6,800 271,575
0 -- 0 -- 600 11,063
1,100 84,769 0 -- 2,400 184,950
0 -- 0 -- 0 --
0 -- 0 -- 0 --
13,366 740,978 10,302 571,117 22,100 1,225,169
2,005 87,855 1,920 84,120 2,888 126,509
400 23,600 0 -- 1,200 70,800
1,300 62,563 0 -- 1,600 77,000
27,073 1,397,644 21,483 1,109,060 41,734 2,154,518
1,100 437,044 900 357,581 2,100 834,356
15,980 801,996 12,098 607,168 26,130 1,311,399
800 44,400 0 -- 1,700 94,350
0 -- 0 -- 0 --
45,956 2,004,831 34,792 1,517,801 71,016 3,098,073
600 31,950 800 42,600 1,800 95,850
2,167 243,923 1,672 188,205 3,245 365,265
0 -- 0 -- 365 18,661
---------- ---------- ----------
9,608,512 7,098,138 16,402,711
---------- ---------- ----------
1.69% 2.03% 2.33%
5,349 270,459 4,135 209,076 8,824 446,164
59,019 1,859,098 47,299 1,489,918 97,903 3,083,944
31,601 1,179,112 24,435 911,731 52,628 1,963,682
3,153 90,846 2,700 77,794 3,890 112,081
0 -- 3,500 72,625 0 --
4,000 140,250 0 -- 3,400 119,213
53,793 2,245,858 43,394 1,811,700 89,620 3,741,635
14,570 488,095 11,418 382,503 24,372 816,462
1,325 153,700 0 -- 800 92,800
47,632 1,738,568 36,981 1,349,807 76,044 2,775,606
---------- ---------- ----------
8,165,986 6,305,154 13,151,587
---------- ---------- ----------
0.02% 0.04% 0.05%
1,875 77,930 2,451 101,870 5,458 226,848
0 -- 0 -- 0 --
3,118 38,780 2,572 31,989 6,329 78,717
0 -- 0 -- 0 --
0 -- 0 -- 0 --
---------- ---------- ----------
116,710 133,859 305,565
---------- ---------- ----------
</TABLE>
57
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
----------------------- ----------------------
Shares Value Shares Value
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
TOBACCO
Percent of Net Assets 0.01% 0.12%
Philip Morris Companies Inc. 231 $ 6,843 0 $ --
R.J. Reynolds Tobacco Holdings Inc. 0 -- 0 --
UST Inc. 72 1,557 13,348 288,651
---------- -----------
8,400 288,651
---------- -----------
TOYS / GAMES / HOBBIES
Percent of Net Assets 0.01% 0.05%
Hasbro Inc. 167 2,056 7,275 89,573
Marvel Enterprises Inc. "A" Warrants (Expires 10/02/01)+ 0 -- 5 2
Marvel Enterprises Inc. "C" Warrants (Expires 10/02/01)+ 0 -- 9 3
Mattel Inc. 403 3,980 4,111 40,596
---------- -----------
6,036 130,174
---------- -----------
TRANSPORTATION
Percent of Net Assets 0.04% 0.04%
Airborne Freight Corp. 0 -- 0 --
Alexander & Baldwin Inc. 0 -- 0 --
Burlington Northern Santa Fe Corp. 0 -- 0 --
CNF Transportation Inc. 0 -- 0 --
CSX Corp. 0 -- 1,713 40,898
FedEx Corp.+ 0 -- 0 --
Kansas City Southern Industries Inc. 66 611 2,230 20,628
Norfolk Southern Corp. 0 -- 2,895 46,501
Union Pacific Corp. 0 -- 0 --
United Parcel Service Inc. 0 -- 0 --
Wisconsin Central Transportation Corp.+ 2,800 37,450 0 --
---------- -----------
38,061 108,027
---------- -----------
TRUCKING & LEASING
Percent of Net Assets 0.13% 0.01%
GATX Corporation 0 -- 0 --
Interpool Inc. 0 -- 1,600 19,300
Ryder System Inc. 1,529 29,338 0 --
Xtra Corp.+ 2,200 97,625 0 --
---------- -----------
126,963 19,300
---------- -----------
WATER
Percent of Net Assets 0.00% 0.02%
American Water Works Inc. 0 -- 0 --
Middlesex Water Co. 0 -- 1,100 32,038
Southwest Water Co. 0 -- 1,700 23,481
---------- -----------
-- 55,519
---------- -----------
TOTAL U.S. COMMON STOCKS
(Cost $10,643,593, $56,919,625, $172,289,611, $121,412,612
and $275,044,462, respectively) 14,121,686 78,591,402
---------- -----------
</TABLE>
58
<PAGE>
LifePath 2020 LifePath 2030 LifePath 2040
----------------------- -------------------- -----------------------
Shares Value Shares Value Shares Value
-----------------------------------------------------------------------
0.25% 0.35% 0.35%
36,064 $ 1,068,396 29,038 $ 860,251 55,337 $ 1,639,359
3,848 138,047 3,422 122,764 5,537 198,640
913 19,744 5,065 109,531 5,181 112,039
----------- ----------- ------------
1,226,187 1,092,546 1,950,038
----------- ----------- ------------
0.03% 0.03% 0.03%
5,332 65,650 3,513 43,254 4,991 61,452
39 17 5 2 16 7
66 21 9 3 28 9
7,476 73,826 5,386 53,187 11,803 116,555
----------- ----------- ------------
139,514 96,446 178,023
----------- ----------- ------------
0.17% 0.21% 0.24%
0 -- 1,150 17,178 0 --
0 -- 990 26,049 0 --
6,757 151,188 6,015 134,586 10,972 245,499
2,436 59,682 1,126 27,587 2,518 61,691
3,683 87,932 2,898 69,190 6,132 146,402
4,906 197,957 3,818 154,056 8,156 329,095
911 8,427 702 6,494 0 --
6,371 102,334 5,058 81,244 10,672 171,419
4,145 164,764 3,263 129,704 6,510 258,773
1,100 60,981 0 -- 2,500 138,594
0 -- 0 -- 0 --
----------- ----------- ------------
833,265 646,088 1,351,473
----------- ----------- ------------
0.02% 0.01% 0.02%
2,431 98,911 1,091 44,390 2,679 109,002
0 -- 0 -- 0 --
0 -- 0 -- 0 --
0 -- 0 -- 0 --
----------- ----------- ------------
98,911 44,390 109,002
----------- ----------- ------------
0.01% 0.01% 0.02%
1,765 43,243 1,707 41,822 3,656 89,572
0 -- 0 -- 0 --
0 -- 0 -- 0 --
----------- ----------- ------------
43,243 41,822 89,572
----------- ----------- ------------
242,160,351 188,382,530 408,683,312
----------- ----------- ------------
59
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
LifePath Income LifePath 2010
------------------- ---------------------
Shares Value Shares Value
------------------------------------------------------------------------------
COMMON STOCKS (Continued)
INTERNATIONAL COMMON STOCKS
Percentage of Net Assets 5.22% 9.31%
AUSTRALIA
Percent of Net Assets 0.17% 0.31%
Coles Myer Ltd. ADR 574 $ 19,014 2,682 $ 88,841
National Australia Bank 633 47,159 3,001 223,575
News Corporation Ltd. 494 25,997 2,310 121,564
Rio Tinto PLC ADR 540 35,910 2,530 168,245
Westpac Banking Corp. ADR 916 33,377 4,268 155,515
-------- ----------
161,457 757,740
-------- ----------
CANADA
Percent of Net Assets 0.25% 0.63%
Alcan Aluminium Ltd. 1 16 1,310 42,984
Barrick Gold Corp. 323 5,148 4,188 66,746
Inco Ltd.+ 166 2,967 5,549 99,188
Nortel Networks Corp. 2,392 195,098 14,748 1,202,884
Placer Dome Inc. 1,021 9,061 0 --
Seagram Co. Ltd. 444 26,723 2,650 159,497
-------- ----------
239,013 1,571,299
-------- ----------
DENMARK
Percent of Net Assets 0.22% 0.39%
Novo-Nordisk A/S ADR 1,482 150,423 6,951 705,527
Tele Denmark A/S ADR 1,858 55,159 8,786 260,834
-------- ----------
205,582 966,361
-------- ----------
FINLAND
Percent of Net Assets 0.12% 0.22%
Nokia OYJ 2,508 112,703 11,844 532,240
-------- ----------
FRANCE
Percent of Net Assets 0.70% 1.26%
Alcatel SA ADR 2,239 185,557 10,552 874,497
Aventis SA 1,344 100,464 6,305 471,299
AXA Financial Inc. ADR 0 -- 0 --
AXA-UAP ADR 1,255 88,242 5,918 416,109
ELF Aquitaine ADR 460 45,856 2,170 216,322
France Telecom SA ADR 350 40,359 1,670 192,572
LVMH Moet-Hennessy Louis
Vuitton ADR 2,805 43,828 13,415 209,609
Total Fina SA 2,162 161,069 10,226 761,837
Total Fina SA Warrants
(Expires 08/08/03)+ 0 -- 81 2,724
-------- ----------
665,375 3,144,969
-------- ----------
GERMANY
Percent of Net Assets 0.25% 0.46%
DaimlerChrysler AG 2,259 117,609 10,648 554,362
Deutsche Telekom AG ADR 2,116 82,392 10,008 389,687
SAP AG ADR 640 41,080 3,020 193,846
-------- ----------
241,081 1,137,895
-------- ----------
HONG KONG
Percent of Net Assets 0.07% 0.13%
Pacific Century
CyberWorks Ltd. ADR+ 3,731 70,193 17,646 331,969
-------- ----------
IRELAND
Percent of Net Assets 0.05% 0.10%
Allied Irish Banks PLC
ADR 3,018 50,552 14,276 239,123
-------- ----------
60
<PAGE>
LifePath 2020 LifePath 2030 LifePath 2040
--------------------- ---------------------- -----------------------
Shares Value Shares Value Shares Value
----------------------------------------------------------------------
14.33% 17.81% 20.84%
0.45% 0.57% 0.67%
7,845 $ 259,866 6,259 $ 207,329 13,149 $ 435,561
8,732 650,534 6,957 518,297 14,625 1,089,563
6,734 354,377 5,365 282,333 11,275 593,347
7,380 490,770 5,890 391,685 12,370 822,605
12,439 453,246 9,923 361,569 20,842 759,430
---------- ---------- ----------
2,208,793 1,761,213 3,700,506
---------- ---------- ----------
1.00% 1.25% 1.49%
3,700 121,406 2,894 94,959 6,172 202,519
10,497 167,296 8,137 129,683 11,004 175,376
6,195 110,736 3,485 62,294 5,373 96,042
47,868 3,904,234 38,324 3,125,801 87,792 7,160,535
15,616 138,592 11,595 102,906 8,811 78,198
7,241 435,818 5,630 338,856 12,099 728,209
---------- ---------- ----------
4,878,082 3,854,499 8,440,879
---------- ---------- ----------
0.57% 0.72% 0.82%
20,206 2,050,909 16,114 1,635,571 33,857 3,436,486
25,372 753,231 20,234 600,697 42,512 1,262,075
---------- ---------- ----------
2,804,140 2,236,268 4,698,561
---------- ---------- ----------
0.32% 0.40% 0.45%
34,298 1,541,266 27,358 1,229,400 57,468 2,582,468
---------- ---------- ----------
1.94% 2.40% 2.79%
30,674 2,542,108 24,460 2,027,122 51,393 4,259,195
18,346 1,371,364 14,632 1,093,742 30,735 2,297,441
3,830 198,203 3,328 172,224 8,426 436,046
17,187 1,208,461 13,708 963,844 28,790 2,024,297
6,300 628,031 5,030 501,428 10,560 1,052,700
4,850 559,266 3,870 446,259 8,120 936,338
38,765 605,703 30,920 483,125 64,945 1,014,766
29,620 2,206,690 23,618 1,759,541 49,626 3,697,137
81 2,724 81 2,724 162 5,447
---------- ---------- ----------
9,322,550 7,450,009 15,723,367
---------- ---------- ----------
0.68% 0.84% 0.99%
30,819 1,604,514 24,585 1,279,957 51,639 2,688,455
28,975 1,128,214 23,110 899,846 48,540 1,890,026
8,790 564,208 7,010 449,954 14,720 944,840
---------- ---------- ----------
3,296,936 2,629,757 5,523,321
---------- ---------- ----------
0.19% 0.25% 0.29%
49,171 925,031 40,497 761,840 85,456 1,607,635
---------- ---------- ----------
0.14% 0.18% 0.21%
41,219 690,418 32,875 550,656 69,063 1,156,805
---------- ---------- ----------
61
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
-------------------------- -------------------------
Shares Value Shares Value
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
ITALY
Percent of Net Assets 0.20% 0.35%
Benetton Group SpA ADR 1,297 $ 48,232 6,072 $ 225,803
ENI-Ente Nazionale Idrocarburi SpA ADR 410 23,959 1,900 111,031
Fiat SpA ADR 1,189 29,353 5,635 139,114
Montedison SpA ADR 1,199 24,879 5,581 115,806
San Paolo-Imi SpA ADR 1,580 56,485 7,480 267,410
---------- ----------
182,908 859,164
---------- ----------
JAPAN
Percent of Net Assets 1.34% 1.98%
Canon Inc. ADR 1,040 47,060 4,030 182,358
Fuji Photo Film ADR 785 28,064 3,040 108,680
Hitachi Ltd. ADR 472 56,847 1,834 220,882
Honda Motor Company Ltd. ADR 533 38,643 2,055 148,988
Ito-Yokado Co. Ltd. ADR 960 48,000 3,750 187,500
Japan Air Lines ADR 6,068 42,855 23,640 166,958
Kirin Brewery Co. Ltd. ADR 767 83,267 2,992 324,819
Kubota Corp. ADR 884 58,786 3,463 230,290
Kyocera Corp. ADR 330 60,019 1,288 234,255
Makita Corp. ADR 970 7,518 3,803 29,473
Matsushita Electric Industrial Co. 237 65,086 943 258,971
Mitsubishi Corp. ADR 2,774 41,249 10,825 161,022
Mitsui & Co. ADR 380 50,920 1,465 196,310
NEC Corp. ADR 713 103,296 2,783 403,187
Nippon Telegraph & Telephone Corp. ADR 1,914 115,199 7,459 448,939
Nissan Motor Co. Ltd. ADR 3,305 32,637 12,916 127,546
Pioneer Corp. ADR 1,342 57,622 5,217 224,005
Ricoh Corp. Ltd. ADR 407 37,037 1,599 145,509
Sony Corp. ADR 636 72,663 2,484 283,797
Tokio Marine and Fire Insurance Co. Ltd. ADR 2,108 108,826 8,260 426,423
Toyota Motor Corp. ADR 1,378 120,231 5,361 467,747
---------- ----------
1,275,825 4,977,659
---------- ----------
NETHERLANDS
Percent of Net Assets 0.45% 0.94%
Abn Amro Holding NV 2,462 61,550 11,535 288,375
Aegon NV ADR 1,184 46,472 5,573 218,740
Akzo Nobel NV ADR 700 31,325 3,250 145,438
Elsevier NV ADR 2,187 53,855 10,271 252,923
ING Groep NV ADR 487 32,842 2,274 153,353
Koninklijke (Royal) Philips Electonics NV 1,216 59,964 5,728 282,462
Koninklijke Ahold NV ADR 1,666 47,481 7,810 222,589
Royal Dutch Petroleum Co. 1,676 102,550 12,788 782,466
Unilever NV 0 -- 0 --
---------- ----------
436,039 2,346,346
---------- ----------
NEW ZEALAND
Percent of Net Assets 0.01% 0.02%
Telecom Corp. of New Zealand Ltd. 589 13,105 2,728 60,698
---------- ----------
PORTUGAL
Percent of Net Assets 0.02% 0.03%
Banco Comercial Portugues ADR 690 17,854 3,280 84,870
---------- ----------
</TABLE>
62
<PAGE>
LifePath 2020 LifePath 2030 LifePath 2040
---------------------- -------------------- -----------------------
Shares Value Shares Value Shares Value
------------------------------------------------------------------------
0.52% 0.64% 0.75%
17,672 $ 657,178 14,096 $ 524,195 29,606 $ 1,100,973
5,550 324,328 4,420 258,294 9,290 542,884
16,190 399,691 12,909 318,679 27,116 669,414
16,317 338,578 13,007 269,895 27,337 567,243
21,760 777,920 17,350 620,263 36,450 1,303,088
----------- ----------- -----------
2,497,695 1,991,326 4,183,602
----------- ----------- -----------
3.22% 4.04% 4.87%
12,625 571,281 10,145 459,061 22,220 1,005,455
9,514 340,126 7,646 273,345 16,740 598,455
5,748 692,275 4,614 555,699 10,116 1,218,346
6,417 465,233 5,162 374,245 11,304 819,540
11,730 586,500 9,432 471,600 20,644 1,032,200
74,125 523,508 59,554 420,600 130,467 921,423
9,346 1,014,625 7,510 815,304 16,462 1,787,156
10,826 719,929 8,695 578,218 19,050 1,266,825
4,022 731,501 3,230 587,456 7,084 1,288,403
11,989 92,915 9,637 74,687 21,103 163,548
2,951 810,418 2,371 651,136 5,196 1,426,952
33,918 504,530 27,250 405,344 59,700 888,038
4,592 615,328 3,694 494,996 8,085 1,083,390
8,700 1,260,413 6,984 1,011,807 15,309 2,217,891
23,350 1,405,378 18,758 1,128,997 41,094 2,473,345
40,514 400,076 32,559 321,520 71,317 704,255
16,394 703,917 13,177 565,787 28,856 1,239,005
4,989 453,999 4,015 365,365 8,783 799,253
7,740 884,295 6,216 710,178 13,622 1,556,314
25,806 1,332,235 20,739 1,070,651 45,428 2,345,221
16,791 1,465,015 13,489 1,176,915 29,554 2,578,587
----------- ----------- -----------
15,573,497 12,512,911 27,413,602
----------- ----------- -----------
1.44% 1.78% 2.01%
33,545 838,625 26,774 669,350 56,247 1,406,175
16,174 634,829 12,894 506,089 27,318 1,072,251
9,490 424,678 7,570 338,758 15,900 711,525
29,886 735,943 23,831 586,838 50,076 1,233,122
6,526 440,097 5,209 351,282 11,108 749,096
16,697 823,371 13,309 656,300 27,926 1,377,101
22,729 647,765 18,138 516,931 38,106 1,086,026
32,302 1,976,479 24,600 1,505,213 49,772 3,045,424
9,607 453,931 7,253 342,704 13,714 647,986
----------- ----------- -----------
6,975,718 5,473,465 11,328,706
----------- ----------- -----------
0.04% 0.05% 0.05%
7,963 177,177 6,361 141,532 13,350 297,038
----------- ----------- -----------
0.05% 0.06% 0.07%
9,580 247,883 7,640 197,685 16,060 415,553
----------- ----------- -----------
63
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
---------------------- ---------------------------
Shares Value Shares Value
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (Continued)
SINGAPORE
Percent of Net Assets 0.03% 0.05%
Chartered Semiconductor
Manufacturing Ltd. ADR+ 290 $ 24,614 1,370 $ 116,279
----------- -----------
SPAIN
Percent of Net Assets 0.20% 0.35%
Banco Bilbao Vizcaya Argentaria SA ADR 2,320 34,655 10,818 161,594
Banco Santander Central Hispano SA ADR 6,694 73,216 31,618 345,822
Repsol SA 1,401 27,757 6,650 131,753
Telefonica SA ADR+ 965 55,307 4,563 261,517
----------- -----------
190,935 900,686
----------- -----------
SWEDEN
Percent of Net Assets 0.13% 0.24%
Telefonaktiebolaget LM Ericsson 6,128 125,624 28,904 592,532
----------- -----------
SWITZERLAND
Percent of Net Assets 0.05% 0.10%
Adecco SA ADR 320 30,840 1,562 150,538
Sulzer Medica ADR 830 23,240 3,930 110,040
----------- -----------
54,080 260,578
----------- -----------
UNITED KINGDOM
Percent of Net Assets 0.96% 1.75%
AstraZeneca PLC ADR 1,403 63,924 6,615 301,396
Barclays PLC ADR 480 49,440 2,250 231,750
BP Amoco PLC ADR 1,288 71,162 6,090 336,473
British Sky Broadcasting PLC ADR+ 377 36,004 1,785 170,468
British Telecom PLC ADR 804 102,711 3,803 485,833
Cadbury Schweppes PLC ADR 1,614 37,929 7,634 179,399
Diageo PLC ADR 2,257 77,725 10,615 365,554
Glaxo Wellcome PLC ADR 2,120 122,033 9,992 575,165
Hanson PLC ADR 1,379 40,767 6,456 190,856
Hong Kong & Shanghai Banking ADR 420 30,424 1,960 141,978
Reuters Group PLC ADR 394 47,305 1,873 224,877
Smithkline Beecham PLC ADR 1,305 85,233 6,125 400,039
Vodafone Group PLC ADR 3,950 161,703 18,640 763,075
----------- ------------
926,360 4,366,863
----------- ------------
TOTAL INTERNATIONAL COMMON STOCKS
(Cost $3,836,730, $15,599,815,$51,039,324,
$38,400,533 and $87,428,203, respectively) 4,993,300 23,247,271
----------- ------------
TOTAL COMMON STOCKS (Cost $14,480,323,
$72,519,440, $223,328,935, $159,813,145 and
$362,472,665, respectively) 19,114,986 101,838,673
----------- ------------
</TABLE>
64
<PAGE>
LifePath 2020 LifePath 2030 LifePath 2040
------------------- ------------------- -------------------
Shares Value Shares Value Shares Value
------------------------------------------------------------------
0.07% 0.09% 0.10%
4,000 $ 339,500 3,190 $ 270,751 6,700 $ 568,663
----------- ----------- -----------
0.54% 0.67% 0.77%
31,515 470,755 25,133 375,424 52,791 788,566
91,318 998,791 72,828 796,556 152,976 1,673,175
19,095 378,320 15,230 301,744 31,989 633,782
13,186 755,723 10,513 602,526 22,092 1,266,148
----------- ----------- -----------
2,603,589 2,076,250 4,361,671
----------- ----------- -----------
0.36% 0.44% 0.51%
83,906 1,720,073 66,912 1,371,696 140,564 2,881,562
----------- ----------- -----------
0.16% 0.19% 0.23%
4,456 429,447 3,549 342,035 7,470 719,921
11,500 322,000 9,170 256,760 19,260 539,280
----------- ----------- -----------
751,447 598,795 1,259,201
----------- ----------- -----------
2.64% 3.24% 3.77%
19,116 870,973 15,246 694,646 32,019 1,458,866
6,560 675,680 5,230 538,690 10,990 1,131,970
17,598 972,290 14,038 775,600 29,482 1,628,881
5,177 494,404 4,128 394,224 8,663 827,317
11,033 1,409,466 8,795 1,123,561 18,477 2,360,437
21,982 516,577 17,536 412,096 36,828 865,458
30,842 1,062,121 24,596 847,025 51,678 1,779,661
29,031 1,671,097 23,146 1,332,342 48,632 2,799,380
18,797 555,686 14,991 443,171 31,496 931,101
5,710 413,618 4,550 329,591 9,560 692,503
5,444 653,620 4,336 520,591 9,121 1,095,090
17,791 1,161,975 14,188 926,654 29,807 1,946,770
54,010 2,211,034 43,073 1,763,301 90,480 3,704,025
----------- ----------- -----------
12,668,541 10,101,492 21,221,459
----------- ----------- -----------
69,222,336 55,209,545 117,364,599
----------- ----------- -----------
311,382,687 243,592,075 526,047,911
----------- ----------- -----------
65
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
-------------------------- ----------------------------
Principal Value Principal Value
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. TREASURY BONDS & NOTES
Percent of NeT Assets 55.86% 48.58%
U.S. Treasury Bonds, 5.25%, 11/15/28 $ 0 $ -- $ 0 $
U.S. Treasury Bonds, 6.00%, 02/15/26 0 -- 0 --
U.S. Treasury Bonds, 6.13%, 11/15/27-08/15/29 0 -- 150,000 157,125
U.S. Treasury Bonds, 6.25%, 08/15/23-05/15/30 200,000 208,188 0 --
U.S. Treasury Bonds, 6.38%, 08/15/27 0 -- 0 --
U.S. Treasury Bonds, 6.50%, 11/15/26 0 -- 0 --
U.S. Treasury Bonds, 6.63%, 02/15/27 0 -- 0 --
U.S. Treasury Bonds, 6.75%, 08/15/26 0 -- 570,000 634,481
U.S. Treasury Bonds, 6.88%, 08/15/25 0 -- 0 --
U.S. Treasury Bonds, 7.13%, 02/15/23 0 -- 350,000 401,516
U.S. Treasury Bonds, 7.25%, 05/15/16-08/15/22 0 -- 0 --
U.S. Treasury Bonds, 7.50%, 11/15/16-11/15/24 150,000 180,281 0 --
U.S. Treasury Bonds, 7.63%, 02/15/07-02/15/25 0 -- 0 --
U.S. Treasury Bonds, 7.88%, 02/15/21 0 -- 0 --
U.S. Treasury Bonds, 8.00%, 11/15/21 100,000 124,562 0 --
U.S. Treasury Bonds, 8.13%, 08/15/19-08/15/21 0 -- 200,000 251,625
U.S. Treasury Bonds, 8.50%, 02/15/20 0 -- 0 --
U.S. Treasury Bonds, 8.75%, 11/15/08-08/15/20 0 -- 0 --
U.S. Treasury Bonds, 8.88%, 08/15/17-02/15/19 0 -- 0 --
U.S. Treasury Bonds, 9.00%, 11/15/18 0 -- 0 --
U.S. Treasury Bonds, 9.13%, 05/15/09-05/15/18 0 -- 400,000 436,500
U.S. Treasury Bonds, 9.25%, 02/15/16 0 -- 0 --
U.S. Treasury Bonds, 9.38%, 02/15/06 510,000 587,456 600,000 691,125
U.S. Treasury Bonds, 9.88%, 11/15/15 0 -- 0 --
U.S. Treasury Bonds, 10.00%, 05/15/10 0 -- 0 --
U.S. Treasury Bonds, 10.63%, 11/15/09-08/15/15 0 -- 600,000 689,063
U.S. Treasury Bonds, 10.75%, 02/15/03-08/15/05 3,350,000 3,811,875 2,450,000 2,900,516
U.S. Treasury Bonds, 11.13%, 08/15/03 1,650,000 1,868,625 400,000 453,000
U.S. Treasury Bonds, 11.25%, 02/15/15 200,000 301,000 400,000 602,000
U.S. Treasury Bonds, 11.63%, 11/15/02-11/15/04 0 -- 1,400,000 1,632,547
U.S. Treasury Bonds, 11.75%, 02/15/10-11/15/14 0 -- 550,000 665,844
U.S. Treasury Bonds, 11.88%, 11/15/03 0 -- 1,490,000 1,734,454
U.S. Treasury Bonds, 12.00%, 05/15/05-08/15/13 200,000 247,875 0 --
U.S. Treasury Bonds, 12.38%, 05/15/04 0 -- 1,500,000 1,805,157
U.S. Treasury Bonds, 12.50%, 08/15/14 0 -- 0 --
U.S. Treasury Bonds, 13.75%, 08/15/04 500,000 632,031 0 --
U.S. Treasury Bonds, 15.75%, 11/15/01 0 -- 0 --
U.S. Treasury Notes, 4.25%, 11/15/03 0 -- 1,700,000 1,609,687
U.S. Treasury Notes, 4.75%, 02/15/04-11/15/08 1,600,000 1,514,000 4,050,000 3,790,968
U.S. Treasury Notes, 5.25%, 08/15/03-05/15/04 600,000 584,063 3,200,000 3,122,313
U.S. Treasury Notes, 5.38%, 06/30/03 1,000,000 980,938 1,000,000 980,938
U.S. Treasury Notes, 5.50%, 08/31/01-05/15/09 2,675,000 2,613,000 8,600,000 8,429,471
U.S. Treasury Notes, 5.63%, 09/30/01-05/15/08 1,700,000 1,669,187 8,110,000 7,990,174
U.S. Treasury Notes, 5.75%, 10/31/02-08/15/03 5,350,000 5,302,688 9,450,000 9,364,642
U.S. Treasury Notes, 5.88%, 10/31/01-11/15/05 3,450,000 3,430,438 7,650,000 7,603,893
U.S. Treasury Notes, 6.00%, 07/31/02-08/15/09 300,000 301,781 4,200,000 4,206,626
U.S. Treasury Notes, 6.13%, 12/31/01-08/15/07 4,300,000 4,329,782 6,700,000 6,714,221
U.S. Treasury Notes, 6.25%, 10/31/01-02/15/07 7,500,000 7,514,471 9,250,000 9,288,051
U.S. Treasury Notes, 6.38%, 09/30/01-08/15/02 3,700,000 3,706,908 8,400,000 8,415,691
U.S. Treasury Notes, 6.50%, 08/31/01-02/15/10 5,350,000 5,460,440 13,700,000 13,924,784
U.S. Treasury Notes, 6.63%, 03/31/02-05/15/07 0 -- 5,300,000 5,393,117
U.S. Treasury Notes, 6.75%, 05/15/05 0 -- 0 --
U.S. Treasury Notes, 6.88%, 05/15/06 1,400,000 1,457,313 3,000,000 3,122,814
U.S. Treasury Notes, 7.00%, 07/15/06 2,000,000 2,095,626 3,500,000 3,667,346
U.S. Treasury Notes, 7.25%, 05/15/04-08/15/04 1,250,000 1,301,563 5,400,000 5,615,532
U.S. Treasury Notes, 7.50%, 11/15/01-02/15/05 2,350,000 2,424,188 4,150,000 4,240,516
U.S. Treasury Notes, 7.88%, 08/15/01-11/15/04 750,000 760,781 700,000 746,158
---------- -----------
TOTAL U.S. TREASURY BONDS & NOTES
(Cost $53,641,570, $121,513,479, $145,213,784, $54,339,773
and $35,386,067, respectively) 53,409,060 121,281,895
---------- -----------
</TABLE>
66
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
-------------------------------- ------------------------------- -------------------------------
Principal Value Principal Value Principal Value
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30.13% 17.96% 6.44%
$ 260,000 $ 239,281 $ 600,000 $ 552,188 $ 1,000,000 $ 920,313
0 -- 900,000 912,375 1,570,000 1,591,588
500,000 523,750 1,600,000 1,662,563 400,000 413,625
500,000 520,469 1,300,000 1,353,219 2,610,000 2,761,879
0 -- 600,000 639,563 1,400,000 1,492,313
0 -- 600,000 648,375 0 --
0 -- 500,000 549,062 0 --
0 -- 500,000 556,562 0 --
500,000 562,656 600,000 675,188 1,420,000 1,597,945
0 -- 910,000 1,043,941 1,500,000 1,720,782
300,000 348,094 2,650,000 3,018,750 175,000 197,750
0 -- 1,950,000 2,279,766 1,000,000 1,201,875
1,500,000 1,624,062 2,120,000 2,481,481 1,000,000 1,219,375
0 -- 650,000 796,250 1,300,000 1,592,500
0 -- 500,000 622,812 1,600,000 1,993,000
1,250,000 1,559,156 1,010,000 1,269,863 2,130,000 2,659,406
0 -- 200,000 257,938 0 --
1,150,000 1,418,610 2,350,000 3,072,625 2,500,000 3,257,188
0 -- 950,000 1,241,531 1,000,000 1,322,188
0 -- 350,000 466,703 0 --
500,000 545,625 600,000 805,125 0 --
0 -- 0 -- 810,000 1,075,781
1,450,000 1,670,219 800,000 921,500 1,000,000 1,151,875
0 -- 0 -- 1,000,000 1,386,250
1,000,000 1,150,938 330,000 379,810 0 --
0 -- 450,000 612,719 1,950,000 2,637,485
2,400,000 2,874,000 400,000 479,000 550,000 658,625
600,000 679,500 0 -- 0 --
500,000 752,500 600,000 903,000 1,000,000 1,505,000
900,000 1,082,532 0 -- 0 --
230,000 321,137 710,000 991,338 0 --
950,000 1,105,860 0 -- 0 --
500,000 619,687 1,100,000 1,501,844 0 --
700,000 842,407 0 -- 0 --
350,000 502,469 350,000 502,469 1,000,000 1,435,625
100,000 126,406 0 -- 0 --
0 -- 1,600,000 1,774,000 0 --
1,200,000 1,136,250 0 -- 0 --
3,500,000 3,301,812 0 -- 0 --
3,400,000 3,317,407 1,250,000 1,221,875 0 --
2,000,000 1,961,876 0 -- 0 --
12,400,000 12,173,189 1,530,000 1,486,969 0 --
9,200,000 9,068,378 2,000,000 1,973,360 0 --
8,000,000 7,926,939 1,300,000 1,287,813 0 --
16,700,000 16,604,724 750,000 745,547 300,000 298,219
5,200,000 5,207,064 1,900,000 1,892,875 0 --
4,450,000 4,460,376 450,000 453,656 0 --
9,350,000 9,385,239 2,710,000 2,720,898 0 --
6,600,000 6,609,879 2,000,000 2,005,626 0 --
15,920,000 16,234,190 1,950,000 1,993,454 1,200,000 1,228,688
5,950,000 6,065,594 1,500,000 1,537,657 500,000 517,500
2,000,000 2,061,876 0 -- 0 --
2,900,000 3,018,720 1,410,000 1,467,723 300,000 312,281
4,840,000 5,071,415 1,100,000 1,152,594 0 --
4,800,000 4,994,563 1,250,000 1,301,563 0 --
5,850,000 6,043,002 1,400,000 1,477,874 100,000 105,563
1,700,000 1,812,095 0 -- 0 --
------------ ------------ -----------
145,523,946 55,691,044 36,254,619
------------ ------------ -----------
</TABLE>
67
<PAGE>
MASTER INVESTMENT PORTFOLIO--LIFEPATH MASTER PORTFOLIOS
AUGUST 31, 2000 (Unaudited)
Schedules of Investments (Continued)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010
-------------------------- -------------------------
Principal Value Principal Value
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SHORT TERM INSTRUMENTS
Percent of Net Assets 2.02% 6.00%
Federal Home Loan Mortgage Corporation Discount Note, 6.43%, 10/24/00++ $ 168,906 $ 168,906 $ 1,307,110 $ 1,307,110
Goldman Sachs Financial Square Prime Obligation Fund++ 498,542 498,542 5,596,742 5,596,742
Providian Temp Cash Money Market Fund++ 266,277 266,277 2,060,634 2,060,634
Short Term Investment Company Liquid Assets Portfolio++ 1,000,000 1,000,000 6,000,000 6,000,000
----------- ------------
TOTAL SHORT TERM INSTRUMENTS
(Cost $1,933,725, $14,964,486, $41,587,847, $24,074,452
and $51,770,500, respectively) 1,933,725 14,964,486
----------- ------------
REPURCHASE AGREEMENT
Percent of Net Assets 23.80% 10.27%
Morgan Stanley Tri Party Repurchase Agreement, dated 8/31/00, due
09/01/00, with a maturity value of $85,816,892 and an effective
yield of 6.35%. 22,755,814 22,755,814 25,637,236 25,637,236
----------- ------------
TOTAL REPURCHASE AGREEMENT
(Cost $22,755,814, $25,637,236, $25,273,471, $10,784,020
and $1,351,216, respectively) 22,755,814 25,637,236
----------- ------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $92,811,432, $234,634,641, $435,404,037, $249,011,390
and $450,980,448, respectively) 101.67% 97,213,585 105.64% 263,722,290
Other Assets and Liabilities, Net (1.67) (1,593,891) (5.64) (14,070,036)
------------ ----------- ----------- ------------
TOTAL NET ASSETS 100.00% $95,619,694 100.00% $249,652,254
============ =========== =========== ============
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
+ Non-income earning securities.
++ Represents investment of collateral received from securities lending
transactions. See Note 4.
The accompanying notes are an integral part of the financial statements.
68
<PAGE>
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
--------------------------------- -------------------------------- -----------------------------
Principal Value Principal Value Principal Value
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
8.61% 7.77% 9.19%
$ 3,632,594 $ 3,632,594 $ 2,102,842 $ 2,102,842 $ 4,522,022 $ 4,522,022
11,713,785 11,713,785 6,656,519 6,656,519 14,540,820 14,540,820
5,726,715 5,726,715 3,315,091 3,315,091 6,707,658 6,707,658
20,514,753 20,514,753 12,000,000 12,000,000 26,000,000 26,000,000
------------ ------------ ------------
41,587,847 24,074,452 51,770,500
------------ ------------ ------------
5.23% 3.48% 0.24%
25,273,471 25,273,471 10,784,020 10,784,020 1,351,216 1,351,216
------------ ------------ ------------
25,273,471 10,784,020 1,351,216
------------ ------------ ------------
108.43% 523,767,951 107.77% 334,141,591 109.27% 615,424,246
(8.43) (40,707,324) (7.77) (24,085,460) (9.27) (52,189,657)
----------- ------------ ------------ ------------ ------------ ------------
100.00% $483,060,627 100.00% $310,056,131 100.00% $563,234,589
=========== ============ ============ ============ ============ ============
--------------------------------------------------------------------------------------------------------
</TABLE>
69
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010 LifePath 2020 LifePath 2030 LifePath 2040
Master Portfolio Master Portfolio Master Portfolio Master Portfolio Master Portfolio
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at cost $92,811,432 $234,634,641 $435,404,037 $249,011,390 $450,980,448
----------- ------------ ------------ ------------ ------------
Investments at market value (Note 1) $74,457,771 $238,085,054 $498,494,480 $323,357,571 $614,073,030
Repurchase agreements (Note 1) 22,755,814 25,637,236 25,273,471 10,784,020 1,351,216
----------- ------------ ------------ ------------ ------------
Total investments in securities 97,213,585 263,722,290 523,767,951 334,141,591 615,424,24
Receivables:
Investment securities sold -- -- 90,000 66,000 156,000
Dividends and interest 599,117 1,546,971 2,037,225 727,045 947,693
----------- ------------ ------------ ------------ ------------
Total Assets 97,812,702 265,269,261 525,895,176 334,934,636 616,527,939
----------- ------------ ------------ ------------ ------------
LIABILITIES
Payables:
Collateral for securities loaned (Note 4) 1,933,725 14,964,486 41,587,847 24,074,452 51,770,500
Due to BGI (Note 2) 259,283 652,521 1,246,702 804,053 1,522,850
----------- ------------ ------------ ------------ ------------
Total Liabilities 2,193,008 15,617,007 42,834,549 24,878,505 53,293,350
----------- ------------ ------------ ------------ ------------
NET ASSETS $95,619,694 $249,652,254 $483,060,627 $310,056,131 $563,234,589
=========== ============ ============ ============ ============
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
STATEMENTS OF OPERATIONS
For The Six Months Ended August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
LifePath Income LifePath 2010 LifePath 2020 LifePath 2030 LifePath 2040
Master Portfolio Master Portfolio Master Portfolio Master Portfolio Master Portfolio
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME
Dividends+ $ 140,717 $ 732,721 $ 1,994,048 $ 1,598,567 3,460,059
Interest++ 2,192,118 3,918,698 4,534,695 1,513,453 468,170
---------- ----------- ----------- ----------- -----------
Total investment income 2,332,835 4,651,419 6,528,743 3,112,020 3,928,22
---------- ----------- ----------- ----------- -----------
EXPENSES (Note 2)
Advisory fees 259,282 652,521 1,246,702 804,053 1,522,850
---------- ----------- ----------- ----------- -----------
Total expenses 259,282 652,521 1,246,702 804,053 1,522,850
---------- ----------- ----------- ----------- -----------
Net investment income 2,073,553 3,998,898 5,282,041 2,307,967 2,405,379
---------- ----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain on sale of investments 3,619,518 8,128,815 12,163,265 6,844,122 23,459,612
Net change in unrealized appreciation
(depreciation) of investments (662,112) 1,736,694 12,160,995 14,369,713 19,763,487
---------- ----------- ----------- ----------- -----------
Net gain on investments 2,957,406 9,865,509 24,324,260 21,213,835 43,223,099
---------- ----------- ----------- ----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $5,030,959 $13,864,407 $29,606,301 $23,521,802 $45,628,478
========== =========== =========== =========== ===========
------------------------------------------------------------------------------------------------------------------------------------
+ Net of foreign withholding tax of: $ 5,625 $ 24,281 $ 60,384 $ 57,058 $ 107,229
++ Interest income includes securities lending
income of: $ 1,382 $ 12,277 $ 37,605 $ 26,482 $ 60,803
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
70
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LifePath Income Master Portfolio LifePath 2010 Master Portfolio
--------------------------------------- -----------------------------------------
For the Six For the Six
Months Ended For the Months Ended For the
August 31, 2000 Year ended August 31, 2000 Year ended
(Unaudited) February 29, 2000 (Unaudited) February 29, 2000
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS
Operations:
Net investment income $ 2,073,553 $ 4,330,040 $ 3,998,898 $ 7,464,247
Net realized gain 3,619,518 2,506,435 8,128,815 17,805,780
Net change in unrealized
appreciation (depreciation) (662,112) (1,106,762) 1,736,694 (6,180,937)
------------ ------------- ------------ -------------
Net increase in net assets
resulting from operations 5,030,959 5,729,713 13,864,407 19,089,090
------------ ------------- ------------ -------------
Interestholder transactions:
Contributions 13,866,851 43,145,007 45,826,394 94,838,352
Withdrawals (17,338,902) (71,554,344) (39,270,166) (128,256,885)
------------ ------------- ------------ -------------
Net increase (decrease) in net
assets resulting from
interestholder transactions (3,472,051) (28,409,337) 6,556,228 (33,418,533)
------------ ------------- ------------ -------------
Increase (decrease) in net
assets 1,558,908 (22,679,624) 20,420,635 (14,329,443)
NET ASSETS:
Beginning of period 94,060,786 116,740,410 229,231,619 243,561,062
------------ ------------- ------------ -------------
End of period $ 95,619,694 $ 94,060,786 $249,652,254 $ 229,231,619
============ ============= ============ =============
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
LifePath 2020 Master Portfolio LifePath 2030 Master Portfolio
--------------------------------------- -----------------------------------------
For the Six For the Six
Months Ended For the Months Ended For the
August 31, 2000 Year ended August 31, 2000 Year ended
(Unaudited) February 29, 2000 (Unaudited) February 29, 2000
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS
Operations:
Net investment income $ 5,282,041 $ 8,682,071 $ 2,307,967 $ 4,706,083
Net realized gain 12,163,265 33,627,531 6,844,122 31,399,199
Net change in unrealized
appreciation (depreciation) 12,160,995 (2,423,834) 14,369,713 (1,042,385)
------------ ------------- ------------ -------------
Net increase in net assets
resulting from operations 29,606,301 39,885,768 23,521,802 35,062,897
------------ ------------- ------------ -------------
Interestholder transactions:
Contributions 126,357,753 168,045,167 51,173,633 88,855,257
Withdrawals (66,433,754) (180,564,241) (36,857,981) (128,529,895)
------------ ------------- ------------ -------------
Net increase (decrease) in net
assets resulting from
interestholder transactions 59,923,999 (12,519,074) 14,315,652 (39,674,638)
------------ ------------- ------------ -------------
Increase (decrease) in net
assets 89,530,300 27,366,694 37,837,454 (4,611,741)
NET ASSETS:
Beginning of period 393,530,327 366,163,633 272,218,677 276,830,418
------------ ------------- ------------ -------------
End of period $483,060,627 $ 393,530,327 $310,056,131 $ 272,218,677
============ ============= ============ =============
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
71
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
LifePath 2040 Master Portfolio
--------------------------------------
For the Six
Months Ended For the
August 31, 2000 Year Ended
(Unaudited) February 29, 2000
--------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 2,405,379 $ 5,036,306
Net realized gain 23,459,612 52,425,320
Net change in unrealized appreciation
(depreciation) 19,763,487 19,635,208
------------ -------------
Net increase in net assets resulting
from operations 45,628,478 77,096,834
------------ -------------
Interestholder transactions:
Contributions 61,791,381 194,264,394
Withdrawals (84,045,168) (224,020,215)
------------ -------------
Net (decrease) in net assets resulting
from interestholder transactions (22,253,787) (29,755,821)
------------ -------------
Increase in net assets 23,374,691 47,341,013
NET ASSETS:
Beginning of period 539,859,898 492,518,885
------------ -------------
End of period $563,234,589 $ 539,859,898
============ =============
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
72
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS (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 as a Delaware business trust pursuant to
an Agreement and Declaration of Trust dated October 21, 1993, and had no
operations prior to March 1, 1994. MIP currently issues the following separate
portfolios: Asset Allocation, Bond Index, Extended Index, International Index,
LifePath Income, LifePath 2010, LifePath 2020, LifePath 2030, LifePath 2040,
Money Market, S&P 500 Index and U.S. Equity Index Master Portfolios.
These financial statements relate to the LifePath Income, LifePath 2010,
LifePath 2020, LifePath 2030 and LifePath 2040 Master Portfolios (each, a
"Master Portfolio", collectively the "Master Portfolios").
The following is a summary of significant accounting policies which are
consistently followed by the 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 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.
Security Valuation
The equity securities of each Master Portfolio are valued at the last
reported sales 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.
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.
Original issue discount and discount on securities purchased are accreted as
interest income using a constant yield to maturity method. Premiums on
securities purchased are amortized as a reduction in interest income using a
constant yield to maturity method.
Federal Income Taxes
MIP believes that each Master Portfolio has and will continue to be
operated in a manner so as to qualify it as a partnership for federal income tax
purposes. Provided that each Master Portfolio so qualifies, it will not be
subject to any federal income tax on its income and gain (if any). However, each
investor in a Master Portfolio will be taxable on its distributive share of the
Master Portfolio's taxable income in determining its federal income tax
liability. As a partnership for federal income tax purposes, each Master
Portfolio will be deemed to have "passed through" to interestholders any
interest, dividends, gains or losses for such purposes. The determination of
such share will be made in accordance with the Internal Revenue Code of 1986, as
amended (the "Code"), and regulations promulgated thereunder.
It is intended that each Master Portfolio's assets, income and
distributions will be managed in such a way that an entity electing and
qualifying as a "regulated investment company" under the Code can continue to so
qualify by investing substantially all of its assets through the Master
Portfolio, provided that the regulated investment company meets other
requirements for such qualification not within the control of the Master
Portfolio (e.g. distributing at least 90% of the regulated investment company's
"investment company taxable income" annually).
Futures Contracts
The Master Portfolios may purchase long 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
73
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS (Unaudited) (Continued)
buy and sell a security at a set price on a future date and is exchange traded.
Upon entering into a futures contract, the Master Portfolios are required to
pledge to the broker an amount of 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 securities or high
quality, liquid debt instruments in connection with long 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, 2000, there were no open long futures contracts
outstanding.
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 Schedule of Investments. The advisor 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 the value at equal to or greater than the repurchase price.
The repurchase agreements entered into on August 31, 2000 by the Master
Portfolios were fully collateralized by U.S. Government obligations with a rate
of 5.50%, a maturity date of 02/28/03 and an aggregate market value of
$87,548,481.
2. Agreements and Other Transactions with Affliates
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 0.55% of the average daily net assets of each of the
Master Portfolios as compensation for its advisory services. BGFA 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 sub-administrator of each
Master Portfolio.
Stephens Inc. ("Stephens"), is the sponsor and placement agent for the
Master Portfolios.
The MIP has entered into administration services arrangements with BGI and
Stephens, as co-administrators, who have agreed jointly to provide general
administration services to the Master Portfolios, such as managing and
coordinating third-party service relationships. BGI and Stephens are not
entitled to compensation for providing administration services to the Master
Portfolios. BGI and Stephens may delegate certain of their administration duties
to sub-administrators.
Certain officers and trustees of MIP are also officers of Stephens. As of
August 31, 2000, these officers of Stephens collectively owned less than 1% of
the Master Portfolios' outstanding beneficial interests.
74
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS (Unaudited) (Continued)
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, 2000, were as follows:
<TABLE>
<CAPTION>
LifePath Income LifePath 2010 LifePath 2020 LifePath 2030 LifePath 2040
Aggregate Purchases and Sales of: Master Portfolio Master Portfolio Master Portfolio Master Portfolio Master Portfolio
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
U.S. GOVERNMENT OBLIGATIONS:
Purchases at cost $ 2,969,541 $28,194,766 $63,324,207 $22,904,625 $34,096,634
Sales proceeds 11,367,132 22,266,375 33,376,181 9,572,016 3,321,569
OTHER SECURITIES:
Purchases at cost $ 9,531,498 $41,636,481 $79,476,353 $35,700,653 $38,325,264
Sales proceeds 12,211,307 48,436,996 54,942,885 36,244,240 87,634,003
</TABLE>
As of August 31, 2000 the Master Portfolios' aggregate unrealized appreciation
and depreciation based on cost for federal income tax purposes were as follows:
<TABLE>
<CAPTION>
Tax Unrealized Unrealized Net Unrealized
Master Portfolio Cost Appreciation Depreciation Appreciation
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LifePath Income Master Portfolio $ 92,811,432 $ 5,724,933 $ (1,322,780) $ 4,402,153
LifePath 2010 Master Portfolio 234,634,641 32,730,382 (3,642,733) 29,087,649
LifePath 2020 Master Portfolio 435,404,037 99,281,379 (10,917,465) 88,363,914
LifePath 2030 Master Portfolio 249,011,390 94,048,787 (8,918,586) 85,130,201
LifePath 2040 Master Portfolio 450,980,448 189,508,547 (25,064,749) 164,443,798
</TABLE>
4. Portfolio Securities Loaned
As of August 31, 2000, the Master Portfolios had loaned securities which were
collateralized by cash. The cash collateral received was invested in U.S.
Government Agency obligations and money market mutual funds. Each Master
Portfolio receives transaction fees for providing services in connection with
the securities lending program. The risks to the Master 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:
Value of Value of
Master Portfolio Securities Collateral
--------------------------------------------------------------------------------
LifePath Income Master Portfolio $ 1,872,563 $ 1,933,725
LifePath 2010 Master Portfolio 14,533,869 14,964,486
LifePath 2020 Master Portfolio 40,313,331 41,587,847
LifePath 2030 Master Portfolio 23,295,075 24,074,452
LifePath 2040 Master Portfolio 50,152,653 51,770,500
75
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS (Unaudited) (Continued)
5. Financial Highlights
The ratios of expenses to average net assets, net investment income to average
net assets and portfolio turnover rates, excluding short-term securities, for
the Master Portfolios were as follows:
Six For the
Months Ended Year Ended
August 31, 2000 February 29,
(Unaudited) 2000
--------------------------------------------------------------------------------
LifePath Income Master Portfolio
Ratio of expenses to average net assets+ 0.55% 0.55%
Ratio of net investment income to average net assets+ 4.40% 4.03%
Portfolio turnover rate 16% 55%
Lifepath 2010 Master Portfolio
Ratio of expenses to average net assets+ 0.55% 0.55%
Ratio of net investment income to average net assets+ 3.37% 3.20%
Portfolio turnover rate 33% 49%
Lifepath 2020 Master Portfolio
Ratio of expenses to average net assets+ 0.55% 0.55%
Ratio of net investment income to average net assets+ 2.33% 2.27%
Portfolio turnover rate 21% 43%
Lifepath 2030 Master Portfolio
Ratio of expenses to average net assets+ 0.55% 0.55%
Ratio of net investment income to average net assets+ 1.58% 1.72%
Portfolio turnover rate 16% 26%
Lifepath 2040 Master Portfolio
Ratio of expenses to average net assets+ 0.55% 0.55%
Ratio of net investment income to average net assets+ 0.87% 0.99%
Portfolio turnover rate 13% 29%
--------------------------------------------------------------------------------
+ Annualized for periods of less than one year.
76
<PAGE>
Barclays Global Investors Funds, Inc.
c/o Investors Bank and Trust Co.
200 Clarendon Street
Boston, MA 02116
BGI/SAR.8/00
|
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