<PAGE> 1
LOGO
STAGECOACH LIFEPATH(R) FUNDS
INSTITUTIONAL CLASS
------------------------------
ANNUAL REPORT
------------------------------
LIFEPATH 2000
LIFEPATH 2010
LIFEPATH 2020
LIFEPATH 2030
LIFEPATH 2040
FEBRUARY 29, 1996
ADVISED BY BZW BARCLAYS GLOBAL FUND ADVISORS
SPONSORED AND DISTRIBUTED BY STEPHENS INC.,
MEMBER NYSE/SIPC
NOT FDIC INSURED
<PAGE> 2
- --------------------------------
TABLE OF CONTENTS
<TABLE>
<S> <C>
Letter to Shareholders......................................... 1
Investment Adviser Discussion.................................. 3
STAGECOACH TRUST
Statement of Assets and Liabilities........................... 12
Statement of Operations....................................... 14
Statements of Changes in Net Assets........................... 16
Financial Highlights.......................................... 20
Notes to the Financial Statements............................. 25
Independent Auditors' Report.................................. 29
Proxy Voting Results.......................................... 30
MASTER INVESTMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS
LifePath Master Series....................................... 32
MASTER INVESTMENT PORTFOLIO
Statement of Assets and Liabilities.......................... 92
Statement of Operations....................................... 94
Statements of Changes in Net Assets........................... 96
Notes to the Financial Statements............................. 100
Independent Auditors' Report.................................. 105
</TABLE>
STAGECOACH FUNDS:
--------------------------------------------------------------------
<TABLE>
<S> <C>
- are NOT FDIC insured
- are NOT obligations of Wells Fargo Bank
or BZW Barclays Global Investors, N.A.
("BGI")
- are NOT guaranteed by Wells Fargo Bank or LOGO
BGI
- involve investment risk, including
possible loss of principal
</TABLE>
<PAGE> 3
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<PAGE> 4
LETTER TO SHAREHOLDERS
- -----------------------------------------
LETTER TO SHAREHOLDERS
TO OUR SHAREHOLDERS
What a wonderful year this has been for investors! The year ended February 29,
1996, was among the best one-year periods ever for the U.S. markets.
- - The U.S. stock market led the way. As measured by the Standard and Poor's 500
Index, the U.S. Stock Market returned 34.70%.
- - The U.S. bond market, as measured by the Lehman Brothers Aggregate Bond Index,
returned 12.24%.
- - The U.S. money market, as measured by 91-day U.S. Treasury bills, returned
5.53%.
- - Foreign stock markets, as represented by the Morgan Stanley Capital
International Europe/Australasia/Far East (MSCI EAFE) Index, returned 15.15%.
What does this excellent across-the-board performance mean for the future? The
best answer is, to put it bluntly, nothing! Past performance, no matter how
dramatically positive, is no guarantee of future returns.
The best advice for the future is, as always, to develop an investment plan
designed to ensure that your investments are well-positioned to meet your
personal financial goals. If they are, then stick with your plan. If they
aren't, then make the necessary adjustments and stick with your new plan.
Remember: successful investors stay focused on their personal financial goals
and do not change their investment plan solely on the basis of short-term market
swings.
The MasterWorks Funds are conceived and managed to be simple and
cost-effective--to help you plan a personal portfolio designed to meet your
needs, and to give you the confidence to stick with your plan for the long term.
We hope you've been satisfied with your investment this year. We look forward to
a long and rewarding relationship with you as a shareholder.
MASTERWORKS FAMILY OF FUNDS MARCH 1996
The S&P 500 Index of Stocks ("S&P 500") is a trademark of Standard & Poor's
Corporation and is an unmanaged index that tracks the performance of 500
companies, including industrial, transportation, utility, and financial
companies. The Morgan Stanley Capital International Europe, Australasia, Far
East (MSCI/EAFE) Index consists of primarily large-capitalization foreign
stocks. The Lehman Brothers Aggregate Bond Index includes substantially all
significant issues in the U.S. bond market, including government and corporate
bonds, mortgage-backed securities, and asset-backed securities. Investors should
note that the Fund is a professionally managed mutual fund while the S&P 500
Index, Lehman Brothers Aggregate Bond Index and the Morgan Stanley Capital
International Europe, Australasia, Far East Index are unmanaged indices, do not
incur expenses, and are not available directly for investment. If operating
expenses such as the Fund's had been applied to these indices, their performance
would have been lower.
---------------------------
1
<PAGE> 5
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- ---------------------------
2
<PAGE> 6
INVESTMENT ADVISER DISCUSSION
- -----------------------
PERFORMANCE AT A GLANCE
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
(INSTITUTIONAL CLASS)
---------------------------------
LIFE OF FUND
PERFORMANCE AS OF 2/29/96 ONE YEAR 3/1/94-2/29/96
----------------------------------------------------------------------------------
<S> <C> <C>
LifePath 2000 13.19% 7.65%
----------------------------------------------------------------------------------
LifePath 2010 19.69% 11.33%
----------------------------------------------------------------------------------
LifePath 2020 23.18% 13.40%
----------------------------------------------------------------------------------
LifePath 2030 26.88% 15.11%
----------------------------------------------------------------------------------
LifePath 2040 29.32% 16.85%
----------------------------------------------------------------------------------
</TABLE>
Average annual total return for the indicated periods represents the average
annual increase in value of an investment over the indicated periods assuming
reinvestment of dividends and capital gains distributions at net asset value.
Past performance is not predictive of future results. The investment return
and principal value of a share of the Funds will fluctuate with market
conditions so that shares of the Funds, when redeemed, may be worth more or
less than their original cost.
WHAT ECONOMIC FACTORS CONTRIBUTED TO THE FUNDS' PERFORMANCE?
In 1995, both stocks and bonds had exceptional returns. In fact, based on
historical statistics, stocks have experienced returns like those in 1995 less
than 5% of the time and bonds less than 1% of the time. Investors must remember
that one year is a fairly short timeframe, so 1995's performance must be viewed
in relation to 1994's, which was disappointing. An up year like 1995 following a
down to flat year like 1994 is just a natural rhythm of the market. Investors
must be willing to accept these fluctuations and not overreact to them.
Looking at 1994 and 1995 together should be of interest for LifePath investors.
Believing that securities were going to continue to drop, many investors
withdrew from the stock and bond markets after 1994's poor performance. A
disciplined investment strategy such as the strategy followed by each of the
LifePath Funds considers the likelihood of short-term ups and downs in the
investment markets and develops a long-term investment plan designed to not
overreact to short-term market movements.
DID LOWER INTEREST RATES DRIVE STOCK PRICES HIGHER DURING 1995?
Lower interest rates certainly did not hurt the stock market, but 1995's return
was primarily driven by increased earning expectations.
---------------------------
3
<PAGE> 7
INVESTMENT ADVISER DISCUSSION
THE STOCK MARKET HAS BEEN VERY VOLATILE DURING THE FIRST QUARTER OF 1996. IS
THIS THE BEGINNING OF A CORRECTION? WHAT STEPS WILL (OR HAVE) THE FUNDS TAKEN TO
PREPARE?
While the stock market has become more volatile in the last several months, we
still see stocks as fairly valued relative to bonds and cash. This does not mean
that a correction will not occur, just that the expected return of stocks is
adequately compensating investors for the risk of a possible correction.
It is important to remember that the Funds do not attempt to predict a market
correction, but try to balance the odds of poor stock performance with the
opportunities available in bonds and cash--all within the strategic context of
each Fund's time horizon.
For example, the Funds have been at their target stock allocation since June;
during this period, cash yields have been in the 5% range. If our outlook for
stocks had remained the same, but cash yields were around 10%, we would have
probably moved a small portion of the funds to cash. This is because stocks
would be less attractive relative to the opportunities in money markets, even
though the outlook for stocks remained unchanged when viewed on their own.
HOW ARE THE DECISIONS MADE TO ALLOCATE EACH FUND'S PORTFOLIO INVESTMENTS AMONG
THE 17 ASSET CLASSES IN WHICH THE FUNDS ARE PERMITTED TO INVEST? ARE THERE ANY
CHANGES PLANNED IN EITHER THE ASSET CLASSES OR IN THE ALLOCATION AMONG THEM?
The selection and allocation of the various asset classes is based on each
Fund's time horizon, and estimates of each asset class's expected return, risk,
and correlation (i.e., how similar the returns of different assets are expected
to be). While the calculations that determine the target mix are quite
sophisticated, the concept is fairly straightforward: the objective is to
determine a mix of asset classes that is expected to be "optimal." This means
that investors cannot expect to increase their return potential without
increasing their risk; nor can they decrease their risk without decreasing their
return potential.
We do not anticipate adding any new asset classes in the next year, but, of
course, our weighting in the seventeen existing asset classes will change as
time passes and market conditions change.
As of February 29, 1996, the asset allocation for each of the Funds was:
- ---------------------------
4
<PAGE> 8
INVESTMENT ADVISER DISCUSSION
<TABLE>
<CAPTION>
ASSET CLASS MIX AS OF FEBRUARY 29, 1996
- ----------------------------------------------------------------------------------------------
LIFEPATH LIFEPATH LIFEPATH LIFEPATH LIFEPATH
STOCKS 2000 2010 2020 2030 2040
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Large Capitalization -- Value 5.64% 17.78% 23.70% 28.04% 27.78%
---------------------------------------------------------------------------------------------
Large Capitalization -- Growth 4.09 16.39 23.57 28.35 40.22
- ----------------------------------------------------------------------------------------------
Medium Capitalization -- Value 3.28 3.01 3.99 4.77 5.31
---------------------------------------------------------------------------------------------
Medium Capitalization -- Growth 3.35 3.14 3.88 4.,86 5.59
---------------------------------------------------------------------------------------------
Small Capitalization -- Value 0.11 0.05 0.22 0.17 0.06
---------------------------------------------------------------------------------------------
Small Capitalization -- Growth 0.12 0.06 0.26 0.22 0.09
---------------------------------------------------------------------------------------------
Micro Capitalization 0.10 0.05 0.13 0.14 0.10
---------------------------------------------------------------------------------------------
Utilities 0.76 0.71 0.78 0.85 0.48
---------------------------------------------------------------------------------------------
Japan 1.24 3.05 3.87 4.32 5.19
---------------------------------------------------------------------------------------------
International except Japan 3.89 8.29 11.28 14.11 14.94
---------------------------------------------------------------------------------------------
BONDS
---------------------------------------------------------------------------------------------
Long-Term Government 3.82 2.58 6.62 10.96 0.00
---------------------------------------------------------------------------------------------
Long-Term Corporate 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------------------
Intermediate-Term Government 57.62 35.19 15.93 0.00 0.00
---------------------------------------------------------------------------------------------
Intermediate-Term Corporate 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------------------
Mortgage-backed 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------------------
Foreign 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------------------
MONEY MARKETS
---------------------------------------------------------------------------------------------
U.S. Treasury Bills 15.98 9.70 5.77 3.21 0.24
---------------------------------------------------------------------------------------------
TOTAL 100.00 100.00 100.00 100.00 100.00
---------------------------------------------------------------------------------------------
</TABLE>
The Funds purchase securities in each of the above asset classes by investing in
substantially the same securities and in substantially the same percentages as
the respective index.
(Any differences between the percentages above and the percentages shown in the
Portfolio of Investments are due to unsettled trades and allocations to large
cap stocks through S&P 500 futures contracts.)
DID THE FUNDS' STRATEGY BECOME RELATIVELY MORE OR LESS AGGRESSIVE DURING THE
YEAR?
The Funds are designed to gradually become less aggressive through time, but
this does not mean that they will always be reducing their allocation of stock
investments. A slightly less aggressive long-term stance can be overshadowed by
the changing risks and opportunities in the marketplace.
For instance, the 2040 Fund's target allocation to stocks increased by slightly
more than 10% between February 1995 and February 1996. Back in February 1995,
bonds were a more attractive investment than stocks, so the actual allocation to
stocks was about 10% less than the target. By June, stocks were again more
attractive, so the allocation was increased. This responsiveness to market
valuations is a key element of the LifePath strategy.
---------------------------
5
<PAGE> 9
INVESTMENT ADVISER DISCUSSION
IN THE TWO YEARS SINCE THE LIFEPATH FUNDS WERE INTRODUCED, HAVE THERE BEEN ANY
REFINEMENTS TO THEIR "TIME HORIZON" STRATEGY?
The strategy had a slight change in September of 1994, when the average
allocation to stocks was increased--which certainly helped in 1995. We started
adding international securities through 1995, and continually research ways to
enhance the strategy.
THE PROSPECTUS ALLOWS THE USE OF FUTURES CONTRACTS. WHAT KINDS OF FUTURES ARE
USED AND HOW DO THEY HELP THE FUNDS REACH THEIR OBJECTIVES?
The Funds use S&P 500 Index futures to replace a portion of the Funds'
investment in the S&P 500 stocks. This allows the Funds to remain fully invested
while providing access to immediate cash for an investor's share redemptions.
Many mutual funds hold at least 3% to 5% of their portfolio investments in money
market instruments to provide access to cash for shareholder redemptions. These
money market holdings can reduce a fund's return, especially in markets like
last year's. Since stocks were up about 35% last year, if a stock fund had to
keep 5% of its assets in money market instruments, its return would have been
about 2% lower than if it were fully invested in stocks.
We want to invest fully in stocks when we feel it is appropriate. Index futures
allow us to do this, and keep the Funds more closely aligned with their
objective.
SHOULD INVESTORS BE CONCERNED ABOUT FUTURES CONTRACTS?
Investors should be aware of all the investments in a Fund's portfolio and how
such investments are used by a fund manager. Speculators can use futures in very
risky ways, but that's not the way we use them in our Funds.
SINCE SHORTER-HORIZON FUNDS BECOME LESS AGGRESSIVE OVER TIME, DO SHORTER-HORIZON
FUNDS USE FEWER FUTURES THAN LONGER-TERM ONES?
The shorter-horizon funds do use fewer futures, but this does not mean that
shorter-term funds are less aggressive. Shorter-term funds generally hold more
money market instruments, which provide the liquidity needed for fund
redemptions and reduce or eliminate the need for futures.
WHY DO THE FUNDS INVEST IN FOREIGN STOCKS?
Foreign stocks increase the Funds' diversification. This means that foreign
stocks provide a bit of a buffer against the ups and downs of the U.S. stock
market. This is not to say that foreign stocks don't have their own ups and
downs. By investing in both foreign and U.S. stocks, however, one is more likely
to have a diversifying combination of ups
- ---------------------------
6
<PAGE> 10
INVESTMENT ADVISER DISCUSSION
and downs over short and long periods. It's a way to reduce your risk while not
reducing your expected returns.
While the amount of foreign investments in each Fund's portfolio will change
from time to time, we are not contemplating changing the manner in which we use
foreign stocks.
HOW HAVE THE FOREIGN STOCKS PERFORMED IN RELATION TO THE S&P 500 INDEX?
For the year ending February 29, 1996, the S&P 500 was up more than 34%. During
this same period foreign stocks as measured by the Morgan Stanley Capital
International Europe, Australasia, Far East (MSCI/EAFE) Index were up about 15%.
The idea is that these two types of investments perform differently, and by
investing in both one can "hedge one's bets." Over time, U.S. and foreign stocks
can be expected to return about the same, and investing in both will smooth out
one's year-to-year performance.
THE LONGER-HORIZON FUNDS HAD GREATER RETURNS THAN THE SHORTER-HORIZON ONES. IF
INVESTORS HAVE A SHORT-TERM NEED FOR MONEY, WHY SHOULDN'T THEY CHOOSE THE MORE
AGGRESSIVE FUNDS FOR QUICKER RETURNS?
The longer-dated funds outperformed the shorter funds this year, and this is
indeed the pattern one expects over the long term. But during shorter periods,
this relationship will not always be the case. An investor who chooses a more
aggressive fund must be more willing to accept the losses that would accompany a
market downturn. All the Funds can suffer downturns, but the sooner the date in
the Fund's name, the less likely it is to suffer a large downturn due to a
downturn in the equity markets.
HOW HAS THE APPOINTMENT OF BZW BARCLAYS GLOBAL FUND ADVISORS AS INVESTMENT
ADVISER AFFECTED THE FUNDS?
On January 1, 1996, BZW Global Fund Advisors ("BGFA") replaced Wells Fargo Bank
as adviser to the Funds. BGFA employs substantially the same personnel and
investment procedures previously used by Wells Fargo Nikko Investment Advisors
("WFNIA"), the Fund's former sub-adviser, and the appointment of BGFA as adviser
to the Funds is not expected to have a material effect on the day-to-day
portfolio management of the Fund. BGFA was formed by the reorganization of WFNIA
with a former affiliate when WFNIA was sold by Wells Fargo Bank to Barclays Bank
PLC.
The Stagecoach LifePath Funds are organized in a "master-feeder" structure.
Instead of investing directly in individual securities, the "feeder" funds,
which are offered to the public, hold interests in a Master Series that, in
turn, invests in individual securities. The Master Series has engaged BZW
---------------------------
7
<PAGE> 11
INVESTMENT ADVISER DISCUSSION
Barclays Global Fund Advisors to invest its assets according to its investment
objectives. References to the LifePath Funds are to the feeder funds or the
Master Series as the context requires. LifePath, LifePath 2000, LifePath 2010,
LifePath 2020, LifePath 2030, and LifePath 2040 are registered trademarks of BZW
Barclays Global Fund Advisors.
The S&P 500 Index is an unmanaged index of stocks composed of 500 industrial,
financial, utility and transportation companies. "S&P " and "S&P 500 " are
trademarks of The McGraw-Hill Companies, Inc. The Morgan Stanley Capital
International Europe, Australasia, Far East (MSCI/EAFE) Index consists of
primarily large-capitalization foreign stocks. Investors should note that the
Funds are professionally managed mutual funds while the S&P 500 Index and the
MSCI/EAFE are unmanaged indices, do not incur expenses, and are not available
directly for investment. If operating expenses such as the Funds' had been
applied to the indices, their performance would have been lower.
- ---------------------------
8
<PAGE> 12
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---------------------------
9
<PAGE> 13
INVESTMENT ADVISER DISCUSSION
GROWTH OF A $10,000 INVESTMENT
These charts show the performance of the Stagecoach LifePath
Funds -- Institutional Class since inception compared with the S&P 500 Index and
the Lehman Brothers Aggregate Bond Index. The charts assume a hypothetical
$10,000 initial investment in each of the Funds, reinvestment of dividends and
distributions, and reflect all Fund expenses. Past performance is not predictive
of future results. The S&P 500 Index is an unmanaged index of 500 widely held
common stocks, representing industrial, financial, utility and transportation
companies listed on national exchanges. The Lehman Brothers Aggregate Bond Index
is an unmanaged index composed of bonds, mortgage-backed securities, and
asset-backed securities. Investors should note that the funds are professionally
managed mutual funds while the Lehman Brothers Aggregate Bond Index and the S&P
500 Index are unmanaged indices, do not incur expenses, and are not available
directly for investment. If operating expenses such as the Funds' had been
applied to the indices, their performance would have been lower.
Total returns for the indicated period represent the cumulative increase in the
value of an investment over the indicated period assuming reinvestment of
dividends and capital gains distributions at net asset value. Past performance
is not predictive of future results. The investment return and principal value
of shares of the Funds will fluctuate with market conditions so that shares of
the Funds, when redeemed, may be worth more or less than their original cost.
LIFEPATH 2000 INSTITUTIONAL
Inception 03/01/94
Growth of a $10,000 investment
<TABLE>
<CAPTION>
LEHMAN
LIFEPATH BROTHERS
2000 AGGREGATE S & P 500
INSTITUTIONAL BOND INDEX INDEX
- ------------------------------------------------------
<S> <C> <C> <C>
Inception 10,000 10,000 10,000
3/31/94 9,855 9,753 9,564
4/30/94 9,815 9,675 9,687
5/31/94 9,825 9,674 9,846
6/30/94 9,765 9,653 9,604
7/31/94 9,916 9,845 9,920
8/31/94 10,007 9,857 10,326
9/30/94 9,878 9,712 10,074
10/31/94 9,909 9,703 10,300
11/30/94 9,787 9,682 9,925
12/31/94 9,826 9,748 10,072
1/31/95 10,001 9,941 10,333
2/28/95 10,238 10,178 10,736
3/31/95 10,330 10,240 11,052
4/28/95 10,476 10,384 11,377
5/31/95 10,778 10,785 11,831
6/30/95 10,882 10,864 12,106
7/31/95 10,987 10,840 12,507
8/31/95 11,060 10,971 12,538
9/29/95 11,180 11,078 13,067
10/31/95 11,222 11,222 13,020
11/30/95 11,414 11,390 13,591
12/29/95 11,533 11,550 13,853
1/31/96 11,653 11,626 14,324
2/29/96 11,588 11,424 14,457
</TABLE>
LIFEPATH 2010 INSTITUTIONAL
Inception 03/01/94
Growth of a $10,000 investment
<TABLE>
<CAPTION>
LEHMAN
LIFEPATH BROTHERS
2010 AGGREGATE S & P 500
INSTITUTIONAL BOND INDEX INDEX
- ------------------------------------------------------
<S> <C> <C> <C>
Inception 10,000 10,000 10,000
3/31/94 9,838 9,753 9,564
4/30/94 9,798 9,675 9,687
5/31/94 9,838 9,674 9,846
6/30/94 9,760 9,653 9,604
7/31/94 9,941 9,845 9,920
8/31/94 10,062 9,857 10,326
9/30/94 9,900 9,712 10,074
10/31/94 9,981 9,703 10,300
11/30/94 9,777 9,682 9,925
12/31/94 9,847 9,748 10,072
1/31/95 10,043 9,941 10,333
2/28/95 10,353 10,178 10,736
3/31/95 10,520 10,240 11,052
4/28/95 10,718 10,384 11,377
5/31/95 11,094 10,785 11,831
6/30/95 11,257 10,864 12,106
7/31/95 11,457 10,840 12,507
8/31/95 11,510 10,971 12,538
9/29/95 11,738 11,078 13,067
10/31/95 11,738 11,222 13,020
11/30/95 12,024 11,390 13,591
12/29/95 12,209 11,550 13,853
1/31/96 12,425 11,626 14,324
2/29/96 12,392 11,424 14,457
</TABLE>
- ---------------------------
10
<PAGE> 14
INVESTMENT ADVISER DISCUSSION
LIFEPATH 2020 INSTITUTIONAL
<TABLE>
<CAPTION>
LEHMAN
LIFEPATH BROTHERS
MEASUREMENT PERIOD 2010 INSTI- AGGREGATE S&P 500 IND
(FISCAL YEAR COVERED) TUTIONAL BOND INDEX EX
<S> <C> <C> <C>
INCEPTION 10000 10000 10000
MAR-31-94 9810 9753 9564
APR-30-94 9800 9675 9687
MAY-31-94 9860 9674 9846
JUN-30-94 9752 9653 9604
JUL-31-94 9943 9845 9920
AUG-31-94 10104 9857 10326
SEP-30-94 9916 9712 10074
OCT-31-94 10028 9703 10300
NOV-30-94 9773 9682 9925
DEC-31-94 9874 9748 10072
JAN-31-95 10090 9941 10333
FEB-28-95 10439 10178 10736
MAR-31-95 10635 10240 11052
APR-28-95 10873 10384 11377
MAY-31-95 11277 10785 11831
JUN-30-95 11472 10864 12106
JUL-31-95 11743 10840 12507
AUG-31-95 11774 10971 12538
SEP-29-95 12057 11078 13067
OCT-31-95 12015 11222 13020
NOV-30-95 12372 11390 13591
DEC-29-95 12590 11550 13853
JAN-31-96 12869 11626 14324
FEB-29-96 12858 11424 14457
</TABLE>
LIFEPATH 2030 INSTITUTIONAL
<TABLE>
<CAPTION>
LEHMAN
LIFEPATH BROTHERS
MEASUREMENT PERIOD 2030 INSTI- AGGREGATE S&P 500 IND
(FISCAL YEAR COVERED) TUTIONAL BOND INDEX EX
<S> <C> <C> <C>
INCEPTION 10000 10000 10000
MAR-31-94 9711 9753 9564
APR-30-94 9721 9675 9687
MAY-31-94 9781 9674 9846
JUN-30-94 9610 9653 9604
JUL-31-94 9853 9845 9920
AUG-31-94 10105 9857 10326
SEP-30-94 9878 9712 10074
OCT-31-94 10020 9703 10300
NOV-30-94 9745 9682 9925
DEC-31-94 9857 9748 10072
JAN-31-95 10083 9941 10333
FEB-28-95 10442 10178 10736
MAR-31-95 10682 10240 11052
APR-28-95 10940 10384 11377
MAY-31-95 11405 10785 11831
JUN-30-95 11637 10864 12106
JUL-31-95 11938 10840 12507
AUG-31-95 11969 10971 12538
SEP-29-95 12300 11078 13067
OCT-31-95 12248 11222 13020
NOV-30-95 12665 11390 13591
DEC-29-95 12927 11550 13853
JAN-31-96 13249 11626 14324
FEB-29-96 13249 11424 14457
</TABLE>
LIFEPATH 2040 INSTITUTIONAL
<TABLE>
<CAPTION>
LEHMAN
LIFEPATH BROTHERS
MEASUREMENT PERIOD 2040 INSTI- AGGREGATE S&P 500 IND
(FISCAL YEAR COVERED) TUTIONAL BOND INDEX EX
<S> <C> <C> <C>
INCEPTION 10000 10000 10000
MAR-31-94 9652 9753 9564
APR-30-94 9722 9675 9687
MAY-31-94 9842 9674 9846
JUN-30-94 9621 9653 9604
JUL-31-94 9892 9845 9920
AUG-31-94 10224 9857 10326
SEP-30-94 9976 9712 10074
OCT-31-94 10138 9703 10300
NOV-30-94 9815 9682 9925
DEC-31-94 9955 9748 10072
JAN-31-95 10179 9941 10333
FEB-28-95 10555 10178 10736
MAR-31-95 10829 10240 11052
APR-28-95 11105 10384 11377
MAY-31-95 11544 10785 11831
JUN-30-95 11799 10864 12106
JUL-31-95 12189 10840 12507
AUG-31-95 12189 10971 12538
SEP-29-95 12564 11078 13067
OCT-31-95 12471 11222 13020
NOV-30-95 12935 11390 13591
DEC-29-95 13194 11550 13853
JAN-31-96 13565 11626 14324
FEB-29-96 13650 11424 14457
</TABLE>
---------------------------
11
<PAGE> 15
STATEMENT OF ASSETS & LIABILITIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath LifePath
2000 2010
Fund Fund
- ---------------------------------------------------------------------------
<S> <C> <C>
ASSETS
INVESTMENTS:
In corresponding Master Series, at market
value (Note 1) $115,921,169 $100,953,999
Receivables:
Dividends and interest 790,234 554,913
Fund shares sold 739,424 223,457
TOTAL ASSETS 117,450,827 101,732,369
LIABILITIES
Payables:
Due to sponsor and distributor 64,876 48,900
Due to WFB (Note 2) 54,388 47,458
TOTAL LIABILITIES 119,264 96,358
TOTAL NET ASSETS $117,331,563 $101,636,011
NET ASSETS CONSIST OF:
Paid-in capital - Retail class $ 95,186,922 $ 60,462,163
Paid-in capital - Institutional class 16,411,492 31,268,514
Undistributed net investment income 679,006 465,425
Undistributed net realized gain on
investment 333,226 105,621
Net unrealized appreciation of
investments 4,720,917 9,334,288
TOTAL NET ASSETS $117,331,563 $101,636,011
COMPUTATION OF NET ASSET VALUE AND
OFFERING PRICE PER SHARE
Net assets - Retail class $100,069,827 $ 67,177,550
Shares outstanding Retail class 9,406,473 5,883,370
Net asset value and offering price per
share - Retail class $ 10.64 $ 11.42
Net assets - Institutional class $ 17,261,736 $ 34,458,461
Shares outstanding - Institutional class 1,617,681 3,003,663
Net asset value and offering price per
share - Institutional class $ 10.67 $ 11.47
</TABLE>
- ------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- ---------------------------
12
<PAGE> 16
<TABLE>
<CAPTION>
LifePath LifePath LifePath
2020 2030 2040
Fund Fund Fund
- -----------------------------------------
<S> <C> <C>
$162,242,539 $108,088,285 $175,438,224
727,642 398,218 467,598
250,250 79,691 392,785
163,220,431 108,566,194 176,298,607
85,716 57,118 94,044
76,994 50,849 80,825
162,710 107,967 174,869
$163,057,721 $108,458,227 $176,123,738
$105,893,213 $ 70,249,444 $120,727,227
35,898,293 22,017,257 28,956,178
576,434 297,777 304,826
386,332 294,707 796,031
20,303,449 15,599,042 25,339,476
$163,057,721 $108,458,227 $176,123,738
$122,487,598 $ 83,011,588 $142,738,020
10,224,047 6,727,901 11,114,364
$ 11.98 $ 12.34 $ 12.84
$ 40,570,123 $ 25,446,639 $ 33,385,718
3,385,233 2,057,869 2,596,487
$ 11.98 $ 12.37 $ 12.86
</TABLE>
- ------------------------------------------------------------------------------
---------------------------
13
<PAGE> 17
STATEMENT OF OPERATIONS - FOR THE YEAR ENDED FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath LifePath
2000 2010
Fund Fund
- ----------------------------------------------------------------------------
<S> <C> <C>
NET INVESTMENT INCOME
ALLOCATED FROM MASTER SERIES
Dividends $ 457,693 $ 858,525
Interest 3,944,756 2,238,868
Expenses (463,048) (399,353)
NET INVESTMENT INCOME ALLOCATED FROM MASTER
SERIES 3,939,401 2,698,040
EXPENSES (NOTE 2)
Administration fees 84,548 72,832
Shareholder servicing fees 169,096 145,664
Transfer agency fees 84,548 72,832
Distribution fees - Retail Class 181,814 123,024
TOTAL EXPENSES 520,006 414,352
NET INVESTMENT INCOME 3,419,395 2,283,688
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
ALLOCATED FROM MASTER SERIES
Net realized gain on sale of investments 1,439,626 1,104,963
Net change in unrealized appreciation of
investments 4,675,607 8,769,343
NET GAIN ON INVESTMENTS 6,115,233 9,874,306
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $9,534,628 $12,157,994
</TABLE>
- ----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- ---------------------------
14
<PAGE> 18
<TABLE>
<CAPTION>
LifePath LifePath LifePath
2020 2030 2040
Fund Fund Fund
- --------------------------------------------
<S> <C> <C>
$ 1,897,772 $ 1,475,312 $ 2,479,072
2,497,569 1,007,991 475,459
(661,371) (437,090) (651,639)
3,733,970 2,046,213 2,302,892
120,505 79,564 118,468
241,010 159,128 236,936
120,505 79,564 118,468
235,256 155,735 244,529
717,276 473,991 718,401
3,016,694 1,572,222 1,584,491
2,879,775 2,562,661 4,689,987
17,940,046 13,548,933 22,210,329
20,819,821 16,111,594 26,900,316
$23,836,515 $17,683,816 $ 28,484,807
</TABLE>
- ------------------------------------------------------------------------------
---------------------------
15
<PAGE> 19
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LifePath 2000 Fund
-------------------------------------
For the For the
Year Ended Year Ended
February 29, 1996 February 28, 1995
- ----------------------------------------------------------------------------------
<S> <C> <C>
INCREASE IN NET ASSETS
OPERATIONS:
Net investment income $ 3,419,395 $ 1,861,823
Net realized gain (loss) on sale of
investments 1,439,626 167,080
Net change in unrealized appreciation of
investments 4,675,607 45,309
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS 9,534,628 2,074,212
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Retail class (2,759,078) (1,272,285)
Institutional class (453,332) (117,516)
From net realized gain on sales of
investments
Retail class (1,047,308) (47,137)
Institutional class (173,730) (5,304)
CAPITAL SHARES TRANSACTIONS:
Proceeds from shares sold - Retail class 70,169,401 79,821,113
Reinvestment of dividends - Retail class 3,617,931 1,242,642
Cost of shares redeemed - Retail class (32,730,053) (26,934,112)
NET INCREASE IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - RETAIL CLASS 41,057,279 54,129,643
Proceeds from shares sold - Institutional
class 13,750,541 8,826,786
Reinvestment of dividends - Institutional
class 627,061 122,820
Cost of shares redeemed - Institutional
class (5,320,639) (1,605,078)
NET INCREASE IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL
CLASS 9,056,963 7,344,528
INCREASE IN NET ASSETS 55,215,422 62,106,141
NET ASSETS:
Beginning net assets 62,116,141 10,000
ENDING NET ASSETS $117,331,563 $ 62,116,141
SHARES ISSUED AND REDEEMED:
Shares sold - Retail class 6,695,893 8,149,639
Shares issued in reinvestment of
dividends - Retail class 347,286 129,306
Shares redeemed - Retail class (3,139,915) (2,775,736)
NET INCREASE IN SHARES OUTSTANDING - RETAIL
CLASS 3,903,264 5,503,209
Shares sold - Institutional class 1,310,755 905,140
Shares issued in reinvestment of
dividends - Institutional class 59,945 12,783
Shares redeemed - Institutional class (507,478) (164,464)
NET INCREASE IN SHARES
OUTSTANDING - INSTITUTIONAL CLASS 863,222 753,459
</TABLE>
- ------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- ---------------------------
16
<PAGE> 20
<TABLE>
<CAPTION>
LifePath 2010 Fund LifePath 2020 Fund
- --------------------------------------- ---------------------------------------
For the For the For the For the
Year Ended Year Ended Year Ended Year Ended
February 29, 1996 February 28, 1995 February 29, 1996 February 28, 1995
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 2,283,688 $ 1,293,590 $ 3,016,694 $ 1,710,504
1,104,963 298,374 2,879,775 31,741
8,769,343 564,945 17,940,046 2,363,401
12,157,994 2,156,909 23,836,515 4,105,646
(1,441,405) (792,655) (2,215,468) (1,059,929)
(690,971) (186,822) (641,133) (234,233)
(722,105) (164,665) (1,971,461) 0
(360,652) (50,293) (553,722) 0
37,481,337 44,016,587 64,078,009 76,248,722
2,136,750 938,718 4,137,056 1,036,090
(15,292,452) (8,818,777) (26,156,416) (13,450,247)
24,325,635 36,136,528 42,058,649 63,834,565
25,592,865 14,259,774 27,673,486 19,610,472
1,051,620 237,115 1,194,854 234,233
(8,068,526) (1,814,335) (8,977,511) (3,847,242)
18,575,959 12,682,554 19,890,829 15,997,463
51,844,455 49,781,556 80,404,209 82,643,512
49,791,556 10,000 82,653,512 10,000
$101,636,011 $ 49,791,556 $163,057,721 $ 82,653,512
3,419,301 4,487,768 5,680,695 7,760,327
195,828 97,829 362,399 107,008
(1,410,750) (906,606) (2,313,057) (1,373,325)
2,204,379 3,678,991 3,730,037 6,494,010
2,346,284 1,459,857 2,446,685 2,005,382
95,504 24,706 104,547 24,204
(737,665) (186,023) (800,489) (396,096)
1,704,123 1,298,540 1,750,743 1,633,490
</TABLE>
- ------------------------------------------------------------------------------
---------------------------
17
<PAGE> 21
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LifePath 2030 Fund
-------------------------------------
For the For the
Year Ended Year Ended
February 29, 1996 February 28, 1995
- ----------------------------------------------------------------------------------
<S> <C> <C>
INCREASE IN NET ASSETS
OPERATIONS:
Net investment income $ 1,572,222 $ 974,574
Net realized gain (loss) on sale of
investments 2,562,661 (183,134)
Net change in unrealized appreciation of
investments 13,548,933 2,050,109
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS 17,683,816 2,841,549
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Retail class (1,155,658) (626,319)
Institutional class (341,075) (125,966)
From net realized gain on sales of
investments
Retail class (1,623,091) 0
Institutional class (461,729) 0
CAPITAL SHARES TRANSACTIONS:
Proceeds from shares sold - Retail class 41,344,184 46,409,294
Reinvestment of dividends - Retail class 2,763,089 620,208
Cost of shares redeemed - Retail class (13,327,263) (7,560,069)
NET INCREASE IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - RETAIL CLASS 30,780,010 39,469,433
Proceeds from shares sold - Institutional
class 17,149,303 10,945,015
Reinvestment of dividends - Institutional
class 802,805 125,966
Cost of shares redeemed - Institutional
class (5,211,092) (1,804,740)
NET INCREASE IN NET ASSETS RESULTING FROM
CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL
CLASS 12,741,016 9,266,241
INCREASE IN NET ASSETS 57,623,289 50,824,938
NET ASSETS:
Beginning net assets 50,834,938 10,000
ENDING NET ASSETS $108,458,227 $50,834,938
SHARES ISSUED AND REDEEMED:
Shares sold - Retail class 3,605,187 4,756,966
Shares issued in reinvestment of
dividends - Retail class 235,448 64,274
Shares redeemed - Retail class (1,157,351) (776,623)
NET INCREASE IN SHARES OUTSTANDING - RETAIL
CLASS 2,683,284 4,044,617
Shares sold - Institutional class 1,489,943 1,121,285
Shares issued in reinvestment of
dividends - Institutional class 68,155 13,083
Shares redeemed - Institutional class (450,828) (184,769)
NET INCREASE IN SHARES
OUTSTANDING - INSTITUTIONAL CLASS 1,107,270 949,599
</TABLE>
- ------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- ---------------------------
18
<PAGE> 22
<TABLE>
<CAPTION>
LifePath 2040 Fund
- ---------------------------------------
For the For the
Year Ended Year Ended
February 29, 1996 February 28, 1995
- ---------------------------------------
<S> <C>
$ 1,584,491 $ 828,402
4,689,987 38,771
22,210,329 3,129,146
28,484,807 3,996,319
(1,207,755) (515,015)
(284,559) (100,738)
(3,228,065) 0
(704,661) 0
94,087,204 63,522,813
4,438,069 514,110
(31,629,443) (10,205,526)
66,895,830 53,831,397
27,615,270 11,844,340
989,218 100,738
(9,148,939) (2,454,449)
19,455,549 9,490,629
109,411,146 66,702,592
66,712,592 10,000
$176,123,738 $66,712,592
7,936,980 6,450,959
363,610 52,581
(2,657,939) (1,031,827)
5,642,651 5,471,713
2,317,045 1,198,550
80,888 10,318
(763,114) (248,200)
1,634,819 960,668
</TABLE>
- ------------------------------------------------------------------------------
---------------------------
19
<PAGE> 23
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
<TABLE>
<CAPTION>
LifePath 2000 Fund
-----------------------------------------------
Year Ended Year Ended
Feb. 29, 1996 Feb. 28, 1995
----------------------- ----------------------
Institutional Retail Institutional Retail
Class Class Class Class
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $9.94 $9.92 $10.00 $10.00
------------- -------- ------------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.42 0.40 0.35 0.34
Net realized and unrealized
gain/(loss) on investments 0.86 0.86 (0.12) (0.14)
------------- -------- ------------- -------
TOTAL FROM INVESTMENT OPERATIONS 1.28 1.26 0.23 0.20
LESS DISTRIBUTIONS:
Dividends from net investment income (0.42) (0.41) (0.28) (0.27)
Distributions from net realized
capital gains (0.13) (0.13) (0.01) (0.01)
------------- -------- ------------- -------
TOTAL DISTRIBUTIONS (0.55) (0.54) (0.29) (0.28)
------------- -------- ------------- -------
NET ASSET VALUE, END OF PERIOD $10.67 $10.64 $9.94 $9.92
============= ======== ============= =======
TOTAL RETURN (NOT ANNUALIZED) 13.19% 12.98% 2.38% 2.10%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $17,262 $100,070 $7,499 $54,617
Number of shares outstanding, end of
period (000) 1,618 9,406 754 5,503
RATIOS TO AVERAGE NET ASSETS
(ANNUALIZED):(1)
Ratio of expenses to average net
assets 0.95% 1.20% 0.95% 1.20%
Ratio of net investment income to
average net assets 4.23% 4.00% 4.89% 4.62%
Portfolio Turnover(2) -- -- -- --
</TABLE>
- ------------------------------------------------------------------------------
(1) These ratios include expenses charged to the Master Series.
(2) The Funds invest all of their assets in the corresponding Master Series,
hence no securities-related activity.
The accompanying notes are an integral part of these financial statements.
- ---------------------------
20
<PAGE> 24
<TABLE>
<CAPTION>
LifePath 2010 Fund
-----------------------------------------------
Year Ended Year Ended
Feb. 29, 1996 Feb. 28, 1995
----------------------- ----------------------
Institutional Retail Institutional Retail
Class Class Class Class
-----------------------------------------------
<S> <C> <C> <C>
$10.02 $9.99 $10.00 $10.00
------------- -------- ------------- -------
0.34 0.32 0.33 0.34
1.60 1.58 0.01 (0.02)
------------- -------- ------------- -------
1.94 1.90 0.34 0.32
(0.35) (0.33) (0.27) (0.28)
(0.14) (0.14) (0.05) (0.05)
------------- -------- ------------- -------
(0.49) (0.47) (0.32) (0.33)
------------- -------- ------------- -------
$11.47 $11.42 $10.02 $9.99
============= ======== ============= =======
19.69% 19.40% 3.53% 3.31%
$34,458 $67,178 $13,028 $36,764
3,004 5,883 1,300 3,679
0.95% 1.20% 0.95% 1.20%
3.27% 3.06% 4.61% 4.40%
-- -- -- --
</TABLE>
- ------------------------------------------------------------------------------
---------------------------
21
<PAGE> 25
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
<TABLE>
<CAPTION>
LifePath 2020 Fund
-----------------------------------------------
Year Ended Year Ended
Feb. 29, 1996 Feb. 28, 1995
----------------------- ----------------------
Institutional Retail Institutional Retail
Class Class Class Class
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.17 $10.17 $10.00 $10.00
------------- -------- ------------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.29 0.27 0.30 0.28
Net realized and unrealized
gain/(loss) on investments 2.03 2.03 0.12 0.12
------------- -------- ------------- -------
TOTAL FROM INVESTMENT OPERATIONS 2.32 2.30 0.42 0.40
LESS DISTRIBUTIONS:
Dividends from net investment income (0.30) (0.28) (0.25) (0.23)
Distributions from net realized
capital gains (0.21) (0.21) 0.00 0.00
------------- -------- ------------- -------
TOTAL DISTRIBUTIONS (0.51) (0.49) (0.25) (0.23)
------------- -------- ------------- -------
NET ASSET VALUE, END OF PERIOD $11.98 $11.98 $10.17 $10.17
============= ======== ============= =======
TOTAL RETURN (NOT ANNUALIZED) 23.18% 22.94% 4.39% 4.12%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $40,570 $122,488 $16,618 $66,036
Number of shares outstanding, end of
period (000) 3,385 10,224 1,634 6,494
RATIOS TO AVERAGE NET ASSETS
(ANNUALIZED):(1)
Ratio of expenses to average net
assets 0.95% 1.20% 0.95% 1.20%
Ratio of net investment income to
average net assets 2.68% 2.45% 3.88% 3.64%
Portfolio Turnover(2) -- -- -- --
</TABLE>
- ------------------------------------------------------------------------------
(1) These ratios include expenses charged to the Master Series.
(2) The Funds invest all of their assets in the corresponding Master Series,
hence no securities-related activity.
The accompanying notes are an integral part of these financial statements.
- ---------------------------
22
<PAGE> 26
<TABLE>
<CAPTION>
LifePath 2030 Fund
-----------------------------------------------
Year Ended Year Ended
Feb. 29, 1996 Feb. 28, 1995
----------------------- ----------------------
Institutional Retail Institutional Retail
Class Class Class Class
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$10.18 $10.17 $10.00 $10.00
------------- -------- ------------- -------
0.23 0.21 0.29 0.26
2.47 2.45 0.14 0.13
------------- -------- ------------- -------
2.70 2.66 0.43 0.39
(0.24) (0.22) (0.25) (0.22)
(0.27) (0.27) 0.00 0.00
------------- -------- ------------- -------
(0.51) (0.49) (0.25) (0.22)
------------- -------- ------------- -------
$12.37 $12.34 $10.18 $10.17
============= ======== ============= =======
26.88% 26.53% 4.42% 4.03%
$25,447 $83,012 $9,682 $41,153
2,058 6,728 951 4,045
0.95% 1.20% 0.95% 1.20%
2.15% 1.92% 3.59% 3.35%
-- -- -- --
</TABLE>
- ------------------------------------------------------------------------------
---------------------------
23
<PAGE> 27
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
<TABLE>
<CAPTION>
LifePath 2040 Fund
-----------------------------------------------
Year Ended Year Ended
Feb. 29, 1996 Feb. 28, 1995
----------------------- ----------------------
Institutional Retail Institutional Retail
Class Class Class Class
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.37 $10.37 $10.00 $10.00
------------- -------- ------------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.17 0.15 0.20 0.18
Net realized and unrealized
gain/(loss) on investments 2.84 2.82 0.34 0.34
------------- -------- ------------- -------
TOTAL FROM INVESTMENT OPERATIONS 3.01 2.97 0.54 0.52
LESS DISTRIBUTIONS:
Dividends from net investment income (0.18) (0.16) (0.17) (0.15)
Distributions from net realized
capital gains (0.34) (0.34) 0.00 0.00
------------- -------- ------------- -------
TOTAL DISTRIBUTIONS (0.52) (0.50) (0.17) (0.15)
------------- -------- ------------- -------
NET ASSET VALUE, END OF PERIOD $12.86 $12.84 $10.37 $10.37
============= ======== ============= =======
TOTAL RETURN (NOT ANNUALIZED) 29.32% 28.91% 5.55% 5.26%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $33,386 $142,738 $9,976 $56,737
Number of shares outstanding, end of
period (000) 2,596 11,114 962 5,472
RATIOS TO AVERAGE NET ASSETS
(ANNUALIZED):(1)
Ratio of expenses to average net
assets 0.95% 1.20% 0.95% 1.20%
Ratio of net investment income to
average net assets 1.53% 1.29% 2.61% 2.35%
Portfolio Turnover(2) -- -- -- --
</TABLE>
- ------------------------------------------------------------------------------
(1) These ratios include expenses charged to the Master Series.
(2) The Funds invest all of their assets in the corresponding Master Series,
hence no securities-related activity.
The accompanying notes are an integral part of these financial statements.
- ---------------------------
24
<PAGE> 28
NOTES TO THE FINANCIAL STATEMENTS
- ---------------------------------
NOTES TO THE FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
Stagecoach Trust (the "Trust") is registered under the Investment Company Act of
1940 (the "1940 Act"), as amended, as an open-end management investment company.
The Trust was organized as a Massachusetts business trust pursuant to an
Agreement and Declaration of Trust dated May 14, 1993. The Trust currently is
authorized to issue ten separate diversified funds, of which the following
commenced operations on March 1, 1994: the LifePath 2000 Fund, the LifePath 2010
Fund, the LifePath 2020 Fund, the LifePath 2030 Fund and the LifePath 2040 Fund
(each, a "Fund," collectively, the "Funds"). The following significant
accounting policies are consistently followed by the Trust 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 revenues and expenses during the reporting period.
Actual results could differ from those estimates.
Each Fund offers two classes of shares, an Institutional Class and a Retail
Class. The two classes of shares differ principally in their respective
distribution fees. Shareholders of each class bear certain expenses that pertain
to that particular class. All shareholders bear the common expenses of the Fund
and earn income from the portfolio, pro rata based on the average daily net
assets of each class. Dividends are declared separately for each class. Gains
are allocated to each class pro rata based upon net assets of each class on the
date of distribution. Neither class has preferential dividend rights;
differences in per share dividend rates are generally due to differences in
separate class expenses, including distribution fees and from the weightings of
pro rata income and gain allocations.
INVESTMENT POLICY AND
SECURITY VALUATION
Each Fund invests all of its assets in a separate series (each, a "Master
Series") of
Master Investment Portfolio. Each Master Series has the same invest-
---------------------------
25
<PAGE> 29
NOTES TO THE FINANCIAL STATEMENTS
ment objective as the Fund bearing the corresponding name. The value of each
Fund's investment in its corresponding Master Series reflects that Fund's
interest in the net assets of that Master Series ( 99.99%, 99.99%, 99.99%,
99.99%, 99.99% and 99.99% for the LifePath 2000, LifePath 2010, LifePath 2020,
LifePath 2030 and LifePath 2040 Funds, respectively, at February 29, 1996). The
Master Series invest in a wide range of U.S. and foreign equity, debt securities
and money market instruments. Each Master Series follows an asset allocation
strategy among three broad investment classes: equity and debt securities of
issuers located throughout the world and cash in the form of money market
instruments. The equity securities of the Master Series are valued at their last
sale price on the primary securities exchange or national securities market on
which such securities are traded. Securities not listed on an exchange or
national securities market, or securities in which there were no transactions,
are valued at their most recent bid prices. Debt securities maturing in 60 days
or less are valued at amortized cost, which approximates market value. Debt
securities, other than those maturing in 60 days or less, are valued at the
latest quoted bid price. Any securities, restricted securities or other assets
for which recent market quotations are not readily available are valued at fair
value as determined in good faith in accordance with policies approved by the
Master Portfolio's Board of Trustees.
SECURITY TRANSACTIONS AND
INCOME RECOGNITION
Securities transactions are accounted for by each Master Series on the date the
securities are purchased or sold (trade date). Revenue is recognized by each
Master Series as follows: Dividend income is recognized on the ex-dividend date,
and interest income is recognized on a daily accrual basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Bond discounts and premiums are amortized as required by the Internal Revenue
Code of 1986 (the "Code").
All net investment income and realized and unrealized capital gains and losses
of each Master Series are allocated as required by the Code.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Each Fund declares and pays dividends from net investment income quarterly. Each
Fund makes distributions from net realized capital gains, if any, once a year.
FEDERAL INCOME TAXES
Each Fund of the Trust is treated as a separate entity for federal income tax
purposes. It is the
- ---------------------------
26
<PAGE> 30
NOTES TO THE FINANCIAL STATEMENTS
policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to investment
companies, as defined in the Code, and to make distributions of substantially
all its investment company taxable income and net capital gain sufficient to
relieve it from all, or substantially all, federal income taxes. Accordingly, no
provision for federal income taxes was required.
ORGANIZATION EXPENSES
Stephens Inc. ("Stephens"), the Funds' administrator, sponsor and distributor,
has incurred all expenses in connection with the Funds' organization and initial
registration.
2. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has entered into an agreement on behalf of the Funds with Wells Fargo
Bank ("WFB") to provide transfer and dividend disbursing agency services. For
providing the transfer and dividend disbursing agency services, the Trust has
agreed to pay a monthly fee at the annual rate of 0.10% of each Fund's average
daily net assets.
On behalf of the Funds, the Trust may enter into servicing agreements with
certain financial institutions, securities dealers and other industry
professionals (collectively, "Shareholder Servicing Agents") for the provision
of certain services to Fund shareholders. For the services provided pursuant to
a Shareholder Servicing Agreement, the Trust may pay each Shareholder Servicing
Agent a monthly fee at the annual rate of up to 0.20% of the average daily value
of each Fund's shares beneficially owned by customers of the Shareholder
Servicing Agent. The Trust has entered into a Shareholder Servicing Agreement
with WFB.
The Trust has entered into an agreement with Stephens on behalf of the Retail
Class of shares for distribution services and has adopted a Plan of Distribution
pursuant to Rule 12b-1 under the 1940 Act, whereby Stephens may be compensated
for services rendered and reimbursed for expenses incurred. For providing these
services, Stephens is entitled to receive monthly payments at an annual rate of
0.25% of the average daily net assets of the Retail Class of shares.
The Trust has also entered into an administration agreement on behalf of the
Funds with Stephens whereby Stephens has agreed to provide administrative
services to the Funds. For providing administrative services, the Trust pays
Stephens a monthly fee at the annual rate of 0.10% of each Fund's average daily
net assets.
Under the Administration Agreement, Stephens has agreed to
---------------------------
27
<PAGE> 31
NOTES TO THE FINANCIAL STATEMENTS
assume the operating expenses of each LifePath Fund and a pro rata share of the
operating expenses of each LifePath Master Series, except for extraordinary
expenses and those fees and expenses payable pursuant to the various service
contracts described above which will be borne by the Trust and those expenses
specifically assumed by WFB under its contracts with the Funds.
Certain officers and directors of the Trust are also officers of Stephens. At
February 29, 1996, these officers and directors of Stephens collectively owned
less than 1% of the Funds' outstanding shares.
3. CAPITAL SHARE TRANSACTIONS
As of February 29, 1996, the Trust has authorized an unlimited number of shares
of beneficial interest. Transactions in shares for the years ended February 29,
1996 and February 28, 1995, for each Fund are disclosed in detail in the
Statements of Changes in Net Assets.
4. TRANSFER OF LIFEPATH INSTITUTIONAL SHARE CLASS
At a meeting held in October 1995, the Board of Directors of MasterWorks Funds
Inc. (formerly Stagecoach Inc.) approved the establishment of five LifePath
Funds (the New LifePath Funds). The New LifePath Funds were created to supersede
the five LifePath Institutional class shares of Stagecoach Trust, and are feeder
funds in a master-feeder structure that invest in corresponding master series of
Master Investment Portfolio. Net assets attributable to each LifePath
Institutional class of shares were transferred to the corresponding New LifePath
Funds on March 22, 1996 as follows:
LifePath 2000 $17,280,877
LifePath 2010 $34,620,440
LifePath 2020 $37,028,509
LifePath 2030 $25,785,162
LifePath 2040 $33,520,758
- ---------------------------
28
<PAGE> 32
INDEPENDENT AUDITORS' REPORT
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES
STAGECOACH TRUST:
We have audited the accompanying statements of assets and liabilities of
Stagecoach Trust (comprising, respectively, LifePath 2000 Fund, LifePath 2010
Fund, LifePath 2020 Fund, LifePath 2030 Fund, and LifePath 2040 Fund) as of
February 29, 1996, and the related statements of operations for the year then
ended, the statements of changes in net assets and the financial highlights for
the two years in the period then ended. These financial statements and financial
highlights are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included verification of securities owned as of
February 29, 1996, by examination and other appropriate audit procedures. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the aforementioned funds of Stagecoach Trust as of February 29, 1996, the
results of their operations, the changes in their net assets and their financial
highlights for the periods indicated herein in conformity with generally
accepted accounting principles.
/s/ KPMG PEAT MARWICK LLP
SAN FRANCISCO, CALIFORNIA
APRIL 12, 1996
---------------------------
29
<PAGE> 33
- ---------------------------------------
PROXY VOTING RESULTS
PROPOSAL 1.
To authorize the Trust to vote each Fund's interests in the corresponding Master
Portfolio of Master Investment Portfolio ("MIP") to approve a new Investment
Advisory Contract between MIP, on behalf of such Master Portfolio, and BZW
Barclays Global Fund Advisors, as adviser.
<TABLE>
<CAPTION>
LIFEPATH 2000 FUND
For Against Abstain
-----------------------------------
<S> <C> <C>
3,640,742 110,629 540,599
</TABLE>
<TABLE>
<CAPTION>
LIFEPATH 2010 FUND
For Against Abstain
-----------------------------------
<S> <C> <C>
3,145,839 74,069 323,035
</TABLE>
<TABLE>
<CAPTION>
LIFEPATH 2020 FUND
For Against Abstain
-----------------------------------
<S> <C> <C>
5,075,877 169,989 691,527
</TABLE>
<TABLE>
<CAPTION>
LIFEPATH 2030 FUND
For Against Abstain
-----------------------------------
<S> <C> <C>
3,415,385 89,066 386,318
</TABLE>
<TABLE>
<CAPTION>
LIFEPATH 2040 FUND
For Against Abstain
-----------------------------------
<S> <C> <C>
4,746,002 126,396 608,279
</TABLE>
PROPOSAL 2.
To authorize the Trust to vote each Fund's interests in the corresponding Master
Portfolio of MIP to approve a Rule 12b-1 Distribution Plan for such Master
Portfolio.
<TABLE>
<CAPTION>
LIFEPATH 2000 FUND
For Against Abstain
---------------------------------
<S> <C> <C>
3,642,123 103,282 540,599
</TABLE>
<TABLE>
<CAPTION>
LIFEPATH 2010 FUND
For Against Abstain
---------------------------------
<S> <C> <C>
3,133,430 83,400 326,113
</TABLE>
<TABLE>
<CAPTION>
LIFEPATH 2020 FUND
For Against Abstain
---------------------------------
<S> <C> <C>
5,062,610 178,856 695,926
</TABLE>
<TABLE>
<CAPTION>
LIFEPATH 2030 FUND
For Against Abstain
---------------------------------
<S> <C> <C>
3,408,014 93,130 389,625
</TABLE>
<TABLE>
<CAPTION>
LIFEPATH 2040 FUND
For Against Abstain
---------------------------------
<S> <C> <C>
4,718,110 156,292 606,273
</TABLE>
- ---------------------------
30
<PAGE> 34
(THIS PAGE INTENTIONALLY LEFT BLANK)
---------------------------
31
<PAGE> 35
LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS
PERCENT OF NET ASSETS 22.60% 52.70%
LARGE CAP GROWTH STOCKS
PERCENT OF NET ASSETS 4.12% 16.54%
3Com Corp+ 1,700 $ 83,088 1,300 $ 63,538
Abbott Laboratories 1,561 65,172 5,546 231,546
Airtouch Communications+ 938 29,078 3,501 108,531
Albertson's Inc 344 12,728 1,800 66,600
Alco Standard Corp 88 4,169 830 39,321
Allergan Inc 62 2,310 407 15,161
Allied Signal Inc 899 50,007 2,026 112,696
ALZA Corp+ 118 3,924 587 19,518
American Home Products Corp 644 63,434 2,169 213,647
American International Group Inc 909 87,832 3,273 316,254
Ameritech Corp 1,083 62,408 3,900 224,738
Amgen Inc+ 516 30,831 1,896 113,286
AMP Inc 230 9,804 1,560 66,495
Andrew Corp+ 3 156 277 14,404
Anheuser-Busch Inc 366 24,659 1,744 117,502
Applied Materials Inc+ 200 7,150 1,240 44,330
Armco Inc+ 207 1,164 475 2,672
AT & T Corp 3,045 193,633 11,151 709,386
Autodesk Inc 84 2,972 330 11,674
Automatic Data Processing 346 13,408 1,974 76,493
Avery Dennison Corp 48 2,586 395 21,281
Avon Products Inc 77 6,189 445 35,767
Bard (C R) Inc 41 1,471 362 12,987
Barrick Gold Corp 507 15,337 2,470 74,718
Bay Networks Inc+ 1,943 78,934 1,680 68,250
Bell Atlantic Corp 889 58,785 3,038 200,888
Belo (A H) Corp 456 15,960 340 11,900
Bemis Co Inc 40 1,225 361 11,056
Biomet Inc+ 77 1,463 844 16,036
Block (H & R) Inc 161 5,695 752 26,602
Boston Scientific Corp+ 343 16,464 1,176 56,448
Bristol-Myers Squibb Co 971 82,656 3,582 304,918
Burlington Northern Santa Fe 439 35,120 950 76,000
Cabletron Systems Inc+ 50 3,756 510 38,314
Campbell Soup Co 440 27,170 1,745 107,754
Ceridian Corp+ 27 1,161 424 18,232
Cincinnati Milacron Inc 59 1,696 182 5,233
Cisco Systems Inc+ 1,098 52,155 3,858 183,255
Clorox Co 45 3,814 366 31,019
Coca-Cola Co 2,466 199,130 8,741 705,836
Colgate-Palmolive Co 183 14,320 1,021 79,893
</TABLE>
- ---------------------------
32
<PAGE> 36
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
71.86% 86.03% 98.85%
23.78% 28.60% 39.77%
2,600 $ 127,075 2,100 $ 102,638 4,700 $ 229,713
12,809 534,776 10,252 428,021 23,279 971,898
8,012 248,372 6,422 199,082 14,429 447,299
4,108 151,996 3,266 120,842 7,382 273,134
1,848 87,549 1,484 70,305 3,248 153,874
1,001 37,287 790 29,428 1,803 67,162
4,621 257,043 3,690 205,256 8,259 459,407
1,305 43,391 1,107 36,808 2,357 78,370
5,015 493,978 4,073 401,191 9,172 903,442
7,638 738,022 6,128 592,118 13,942 1,347,146
8,973 517,069 7,176 413,517 16,302 939,403
4,288 256,208 3,494 208,767 7,828 467,723
3,506 149,443 2,848 121,396 6,359 271,052
669 34,788 509 26,468 1,152 59,904
4,096 275,968 3,261 219,710 7,450 501,944
2,882 103,032 2,332 83,369 5,130 183,398
1,738 9,776 1,305 7,341 3,124 17,573
25,707 1,635,496 20,638 1,312,991 46,808 2,978,046
768 27,168 653 23,100 1,305 46,164
4,646 180,033 3,770 146,088 8,414 326,043
855 46,063 715 38,521 1,515 81,621
1,114 89,538 840 67,515 2,033 163,402
913 32,754 690 24,754 1,588 56,970
5,676 171,699 4,621 139,785 10,435 315,659
2,925 118,828 2,391 97,134 5,277 214,378
7,115 470,479 5,618 371,490 12,862 850,500
714 24,990 544 19,040 1,040 36,400
887 27,164 682 20,886 1,534 46,979
1,865 35,435 1,434 27,246 3,361 63,859
1,691 59,819 1,330 47,049 2,983 105,524
2,863 137,424 2,291 109,968 5,006 240,288
8,228 700,409 6,569 559,186 14,920 1,270,065
2,347 187,760 1,862 148,960 4,123 329,840
1,190 89,399 977 73,397 2,125 159,641
4,042 249,594 3,225 199,144 7,267 448,737
1,088 46,784 835 35,905 1,880 80,840
605 17,394 463 13,311 1,027 29,526
8,780 417,050 7,090 336,775 16,010 760,475
798 67,631 635 53,816 1,578 133,736
20,252 1,635,349 16,245 1,311,784 36,897 2,979,433
2,393 187,252 1,932 151,179 4,298 336,319
</TABLE>
---------------------------
33
<PAGE> 37
LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)
<S> <C> <C> <C> <C>
Columbia HCA Healthcare Corp 875 47,906 3,150 172,463
Comcast Corp Class A 393 7,713 1,699 33,343
Compaq Computer Corp+ 342 17,314 1,824 92,340
Computer Associates International Inc 519 35,681 1,687 115,981
Computer Sciences Corp+ 38 2,774 359 26,207
ConAgra Inc 334 14,070 1,640 69,085
CPC International Inc 187 12,950 976 67,588
CUC International Inc+ 210 6,799 1,255 40,631
Dial Corp 136 4,080 680 20,400
Disney (Walt) Co 1,235 80,893 4,631 303,331
Dover Corp 100 4,450 792 35,244
DSC Communications Corp+ 171 5,216 863 26,322
Dun & Bradstreet Corp 223 14,105 1,160 73,370
Eastman Kodak Co 629 44,974 2,381 170,242
Ecolab Inc 60 1,823 406 12,332
Emerson Electric Co 468 36,446 1,526 118,837
Engelhard Corp 214 4,360 1,065 21,699
Enron Corp 336 12,306 1,794 65,705
First Bank System Inc 1,266 72,953 1,090 62,811
First Data Corp 1,222 84,624 1,512 104,706
First Interstate Bancorp 195 31,858 488 79,727
Fluor Corp 119 7,988 537 36,046
FMC Corp+ -- -- 261 19,053
Foster Wheeler Corp -- -- 260 11,440
Freeport McMoRan Copper & Gold Inc
Class B 1,072 34,974 1,387 45,251
Gannett Co Inc 183 12,444 1,020 69,360
Gap Inc 179 9,599 1,019 54,644
General Electric Co 3,222 243,261 11,691 882,671
General Mills Inc 203 11,673 1,115 64,113
Gillette Co 824 44,599 3,140 169,953
Grace (W R) & Co 139 9,591 683 47,127
Grainger (W W) Inc 39 2,667 360 24,615
Great Lakes Chemical Corp 75 5,363 444 31,746
GTE Corp 3,026 129,740 6,743 289,106
Harnischfeger Industries Inc 108 4,091 319 12,082
Harrah's Entertainment Inc+ 154 4,177 722 19,584
Heinz (H J) Co 474 16,116 2,619 89,046
Hercules Inc 188 11,280 753 45,180
Hewlett Packard Co 986 99,340 3,550 357,663
Home Depot Inc 935 40,439 3,377 146,055
Homestake Mining Co 166 3,216 980 18,988
Humana Inc+ 1,200 29,400 1,400 34,300
Illinois Tool Works Inc 174 11,462 865 56,982
Intel Corp 1,616 95,041 5,802 341,230
</TABLE>
- ---------------------------
34
<PAGE> 38
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7,243 396,554 5,765 315,634 13,084 716,349
3,924 77,009 3,050 59,856 6,868 134,785
4,251 215,207 3,433 173,796 7,829 396,343
3,923 269,706 3,111 213,881 7,089 487,369
870 63,510 671 48,983 1,578 115,194
3,812 160,581 3,113 131,135 7,041 296,602
2,371 164,192 1,839 127,351 4,312 298,606
2,932 94,924 2,275 73,653 5,270 170,616
1,541 46,230 1,228 36,840 2,708 81,240
10,589 693,580 8,481 555,506 18,977 1,242,994
1,818 80,901 1,426 63,457 3,304 147,028
1,860 56,730 1,457 44,439 3,333 101,657
2,754 174,191 2,221 140,478 4,991 315,681
5,490 392,535 4,407 315,101 10,109 722,794
1,032 31,347 859 26,092 1,822 55,343
3,679 286,502 2,872 223,657 6,619 515,455
2,312 47,107 1,897 38,651 4,110 83,741
4,042 148,038 3,242 118,738 7,450 272,856
2,089 120,379 1,784 102,803 4,320 248,940
3,603 249,508 2,891 200,202 6,579 455,596
1,202 196,377 1,015 165,826 2,254 368,247
1,326 89,008 1,063 71,354 2,388 160,295
630 45,990 473 34,529 1,093 79,789
629 27,676 473 20,812 1,141 50,204
3,318 108,250 2,592 84,564 5,952 194,184
2,312 157,216 1,828 124,304 4,141 281,588
2,288 122,694 1,821 97,651 4,182 224,260
27,037 2,041,294 21,576 1,628,988 49,172 3,712,486
2,611 150,133 2,047 117,703 4,651 267,433
7,222 390,891 5,704 308,729 12,976 702,326
1,572 108,468 1,239 85,491 2,838 195,822
866 59,213 676 46,222 1,447 98,939
1,012 72,358 839 59,989 1,923 137,495
15,667 671,723 12,561 538,553 28,501 1,221,980
794 30,073 637 24,126 1,360 51,510
1,648 44,702 1,290 34,991 2,910 78,934
5,978 203,252 4,793 162,962 10,905 370,770
1,810 108,600 1,438 86,280 3,293 197,580
8,314 837,636 6,612 666,159 15,066 1,517,900
7,745 334,971 6,213 268,712 14,057 607,965
2,276 44,098 1,766 34,216 3,915 75,853
2,600 63,700 2,100 51,450 4,600 112,700
1,871 123,252 1,564 103,029 3,388 223,185
13,370 786,323 10,626 624,942 24,258 1,426,674
</TABLE>
---------------------------
35
<PAGE> 39
LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
International Flavors & Fragrances 171 8,571 763 38,245
Interpublic Group Cos Inc 82 3,454 576 24,264
Johnson & Johnson 1,413 132,116 4,736 442,816
Jostens Inc 5 114 301 6,848
Kellogg Co 469 35,410 1,527 115,289
Kimberly-Clark Corp 531 40,555 1,922 146,793
Kroger Co+ 165 6,126 808 29,997
Lilly (Eli) & Co 1,076 65,098 3,830 231,715
Lockheed Martin Corp 602 45,903 1,508 114,985
Lowe's Co Inc 200 6,200 1,113 34,503
LSI Logic Corp+ 1,072 29,614 960 26,520
Marriott International 123 6,042 913 44,851
Marsh & McLennan Companies Inc 80 7,770 499 48,465
Mattel Inc 247 8,213 1,523 50,640
MBNA Corp 277 7,825 1,611 45,511
McDonald's Corp 1,390 69,500 4,884 244,200
McGraw-Hill Inc 36 3,146 358 31,280
Medtronic Inc 400 22,950 1,584 90,882
Merck & Co Inc 2,372 157,145 8,603 569,949
Meredith Corp 50 2,194 198 8,687
Micron Technology Inc 276 8,832 1,458 46,656
Microsoft Corp+ 1,159 114,379 4,142 408,764
Millipore Corp 50 2,219 294 13,046
Minnesota Mining & Manufacturing Co 767 49,951 2,960 192,770
Monsanto Co 383 51,561 800 107,700
Motorola Inc 1,151 62,442 4,166 226,006
Nalco Chemical Co 71 2,254 440 13,970
Newell Co 202 5,606 1,115 30,941
Newmont Mining Corp 124 7,053 618 35,149
Norwest Corp 1,008 36,792 2,436 88,914
Novell Inc+ 520 6,338 2,592 31,590
Nucor Corp 127 6,842 621 33,456
Oracle Systems Corp+ 862 44,824 3,052 158,704
Oryx Energy Co+ 245 3,154 665 8,562
Owens Corning Fiberglass Corp+ 26 1,056 323 13,122
Pall Corp 78 2,126 794 21,637
Pepsico Inc 1,499 94,812 5,513 348,697
Perkin-Elmer Corp 27 1,242 324 14,904
Pfizer Inc 1,270 83,661 4,432 291,958
Pharmacia and Upjohn Inc 765 32,034 3,547 148,531
Philip Morris Co Inc 1,676 165,924 5,840 578,160
Pioneer Hi Bred International Inc 132 7,112 574 30,924
Pitney Bowes Inc 202 9,747 1,015 48,974
Placer Dome Inc 292 8,249 1,599 45,172
</TABLE>
- ---------------------------
36
<PAGE> 40
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,765 88,471 1,463 73,333 3,237 162,255
1,277 53,794 980 41,283 2,206 92,928
10,735 1,003,723 8,731 816,349 19,562 1,829,047
685 15,584 457 10,397 1,084 24,661
3,479 262,665 2,824 213,212 6,416 484,408
4,481 342,236 3,561 271,971 8,150 622,456
1,953 72,505 1,596 59,252 3,504 130,086
8,950 541,475 7,190 434,995 16,202 980,221
3,331 253,989 2,654 202,368 4,184 319,030
2,582 80,042 2,041 63,271 4,769 147,839
2,042 56,410 1,612 44,532 3,720 102,765
2,041 100,264 1,642 80,663 3,595 176,604
1,225 118,978 957 92,949 2,145 208,333
3,560 118,370 2,848 94,696 6,479 215,427
3,555 100,429 2,904 82,038 6,506 183,795
11,218 560,900 8,994 449,700 20,455 1,022,750
778 67,978 603 52,687 1,422 124,247
3,738 214,468 3,032 173,961 6,808 390,609
19,988 1,324,205 16,010 1,060,663 36,390 2,410,838
460 20,183 344 15,093 768 33,696
3,348 107,136 2,714 86,848 6,034 193,088
9,593 946,709 7,704 760,289 17,409 1,718,051
684 30,353 572 25,383 1,320 58,575
6,826 444,543 5,412 352,457 12,371 805,661
1,864 250,941 1,510 203,284 3,348 450,725
9,556 518,413 7,635 414,199 17,352 941,346
1,079 34,258 834 26,480 1,887 59,912
2,587 71,789 2,039 56,582 4,556 126,429
1,494 84,971 1,246 70,866 2,713 154,302
5,748 209,802 4,609 168,229 10,316 376,534
6,008 73,223 4,786 58,329 10,587 129,029
1,396 75,210 1,155 62,226 2,526 136,088
7,002 364,104 5,674 295,048 12,771 664,092
1,680 21,630 1,379 17,755 3,039 39,127
810 32,906 631 25,634 1,475 59,922
1,817 49,513 1,475 40,194 3,280 89,380
12,755 806,754 10,171 643,316 23,227 1,469,108
686 31,556 534 24,564 1,176 54,096
10,216 672,979 8,182 538,989 18,666 1,229,623
8,166 341,951 6,495 271,978 14,829 620,964
13,539 1,340,361 10,908 1,079,892 24,751 2,450,349
1,334 71,869 1,116 60,125 2,440 131,455
2,478 119,564 1,943 93,750 4,428 213,651
3,846 108,650 3,047 86,078 6,866 193,965
</TABLE>
---------------------------
37
<PAGE> 41
LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Praxair Inc 161 5,555 977 33,707
Procter & Gamble Co 1,323 108,486 4,847 397,454
Quaker Oats Co 136 4,675 974 33,481
Ralston-Purina Group 151 10,117 718 48,106
Raychem Corp 125 8,109 322 20,890
Rubbermaid Inc 206 5,794 1,119 31,472
Sara Lee Corp 913 29,558 3,352 108,521
Schering-Plough Corp 676 37,941 2,596 145,701
Service Corp International 324 14,702 819 37,162
Shared Medical System Corp 40 2,230 138 7,694
Shoney's Inc+ 97 812 170 1,424
Sigma-Aldrich Corp 62 3,550 362 20,725
Silicon Graphics Inc+ 217 5,425 1,122 28,050
Southwest Airlines Co 175 5,381 1,039 31,949
St Jude Medical Inc+ 48 1,812 478 18,045
Sun Microsystems Inc+ 678 35,595 1,366 71,715
Sysco Corp 248 8,153 1,309 43,033
Tektronix Inc 78 3,539 276 12,524
Tellabs Inc+ 100 4,725 600 28,350
Texas Instruments Inc 272 13,566 1,358 67,730
Time Warner Inc 763 32,618 2,735 116,921
Tribune Co 68 4,539 438 29,237
Trinova Corp 50 1,506 223 6,718
U.S. Healthcare Inc 208 10,140 1,121 54,649
U.S. West Media Group 1,444 30,144 3,291 68,700
United Healthcare Corp 539 35,170 1,253 81,758
USAir Group Inc+ 129 2,177 351 5,923
UST Inc 234 8,307 1,343 47,677
Wal Mart Stores Inc 4,502 95,668 16,078 341,658
Walgreen Co 380 12,540 1,712 56,496
Warner Lambert Co 259 25,609 899 88,889
Westinghouse Electric Corp 1,194 22,089 2,718 50,283
Whitman Corp 60 1,395 701 16,298
Winn-Dixie Stores Inc 160 5,480 1,100 37,675
Wrigley (Wm) Jr Co 179 10,516 795 46,706
------------ ------------
TOTAL LARGE CAP GROWTH STOCKS
- VALUE $ 4,816,549 $ 16,754,846
- COST $ 3,866,428 $ 12,863,339
LARGE CAP VALUE STOCKS
PERCENT OF NET ASSETS 5.66% 17.74%
Advanced Micro Devices+ 344 $ 6,665 983 $ 19,046
Aetna Life & Casualty Co 372 28,133 865 65,416
Ahmanson (H F) & Co 380 8,645 898 20,430
</TABLE>
- ---------------------------
38
<PAGE> 42
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2,220 76,590 1,848 63,756 4,028 138,966
11,114 911,348 8,927 732,014 20,180 1,654,760
2,188 75,213 1,755 60,328 3,847 132,241
1,744 116,848 1,390 93,130 3,092 207,164
710 46,061 522 33,865 1,269 82,326
2,570 72,281 2,086 58,669 4,516 127,013
7,787 252,104 6,233 201,793 14,105 456,649
5,962 334,617 4,730 265,471 10,806 606,487
1,870 84,851 1,452 65,885 3,331 151,144
362 20,182 258 14,384 694 38,691
651 5,452 396 3,317 1,204 10,084
767 43,911 696 39,846 1,471 84,215
2,575 64,375 2,084 52,100 4,633 115,825
2,371 72,908 1,873 57,595 4,164 128,043
1,125 42,469 910 34,353 2,000 75,500
3,044 159,810 2,418 126,945 5,578 292,845
2,974 97,770 2,353 77,355 5,266 173,120
523 23,731 433 19,647 976 44,286
1,400 66,150 1,100 51,975 2,500 118,125
3,070 153,116 2,454 122,393 5,514 275,011
6,246 267,017 4,954 211,784 11,412 487,863
994 66,350 829 55,336 1,872 124,956
444 13,376 329 9,911 790 23,799
2,521 122,899 1,964 95,745 4,479 218,351
7,605 158,754 6,142 128,214 13,892 289,996
2,855 186,289 2,223 145,051 5,130 334,733
1,051 17,736 820 13,838 1,787 30,156
3,131 111,151 2,486 88,253 5,644 200,362
37,146 789,353 29,734 631,848 67,592 1,436,330
4,002 132,066 3,158 104,214 7,272 239,976
2,146 212,186 1,749 172,932 4,020 397,478
6,378 117,993 5,052 93,462 12,225 226,163
1,667 38,758 1,378 32,039 2,961 68,843
2,442 83,639 1,966 67,336 4,298 147,207
1,852 108,805 1,527 89,711 3,337 196,049
------------ ----------- ------------
$ 38,659,927 $30,957,519 $ 70,006,419
$ 29,353,227 $23,553,073 $ 56,193,020
23.66% 27.98% 27.33%
2,195 $ 42,528 1,706 $ 33,054 2,633 $ 51,014
1,911 144,519 1,461 110,488 2,374 179,534
1,932 43,953 1,581 35,968 2,432 55,328
</TABLE>
---------------------------
39
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Air Products & Chemicals Inc 275 14,644 868 46,221
Alberto-Culver Co Class B 48 1,698 222 7,853
Alcan Aluminium Ltd 668 20,374 1,729 52,735
Alexander & Alexander Services 1 19 323 6,016
Allstate Corp 1,304 55,909 3,480 149,205
Alltel Corp 571 18,986 1,450 48,213
Aluminum Co of America 460 26,105 1,348 76,499
Amdahl Corp+ 327 2,739 845 7,077
Amerada Hess Corp 238 12,257 682 35,123
American Brands Inc 503 22,824 1,441 65,385
American Electric Power Inc 548 23,496 1,462 62,683
American Express Corp 1,341 61,686 3,714 170,844
American General Corp 550 20,006 1,585 57,654
American Greetings Corp Class A 280 7,665 601 16,452
American Stores Co 475 13,834 1,141 33,232
Amoco Corp 1,444 100,358 3,839 266,811
AMR Corp+ 183 16,058 578 50,720
Apple Computer Inc 380 10,450 998 27,445
Archer-Daniels-Midland Co 1,561 30,049 4,149 79,868
Armstrong World Industries Inc 90 5,276 313 18,350
ASARCO Inc 123 3,675 321 9,590
Ashland Inc 156 5,714 502 18,386
Atlantic Richfield Corp 505 55,298 1,220 133,590
Baker Hughes Inc 471 12,423 1,088 28,696
Ball Corp 52 1,560 275 8,250
Bally Entertainment Corp+ 107 1,659 304 4,712
Baltimore Gas & Electric Co 481 13,648 1,172 33,256
Banc One Corp 1,251 44,556 3,578 127,473
Bank of Boston Corp 360 17,505 853 41,477
Bank of New York Inc 539 27,961 1,510 78,331
BankAmerica Corp 1,021 72,746 2,898 206,483
Bankers Trust N Y Corp 190 12,279 585 37,806
Barnett Banks Inc 245 15,313 715 44,688
Bausch & Lomb Inc 154 5,987 400 15,550
Baxter International Inc 809 37,012 2,144 98,088
Becton Dickinson & Co 177 14,514 548 44,936
BellSouth Corp 2,788 111,172 7,678 306,160
Beneficial Corp 142 7,384 463 24,076
Bethlehem Steel Corp+ 362 4,978 856 11,770
Beverly Enterprises+ 220 2,668 691 8,378
Black & Decker Corp 222 7,493 642 21,668
Boatmen's Bancshares Inc 457 17,937 1,251 49,102
Boeing Co 946 76,744 2,626 213,034
Boise Cascade Corp 167 5,887 414 14,594
</TABLE>
- ---------------------------
40
<PAGE> 44
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,900 101,175 1,467 78,118 2,364 125,883
410 14,504 334 11,815 581 20,553
3,777 115,199 2,975 90,738 4,701 143,381
781 14,546 551 10,262 1,072 19,966
7,460 319,848 5,886 252,362 9,333 400,152
3,138 104,339 2,523 83,890 3,938 130,939
2,954 167,640 2,321 131,717 3,655 207,421
2,018 16,901 1,545 12,939 2,348 19,665
1,545 79,568 1,233 63,500 1,983 102,125
3,021 137,078 2,376 107,811 3,785 171,744
3,129 134,156 2,432 104,272 3,911 167,684
8,089 372,094 6,389 293,894 10,025 461,150
3,367 122,475 2,733 99,413 4,301 156,449
1,247 34,137 979 26,800 1,575 43,116
2,455 71,502 1,913 55,716 3,053 88,919
8,283 575,669 6,492 451,194 10,314 716,823
1,255 110,126 988 86,697 1,588 139,347
2,063 56,733 1,611 44,303 2,536 69,740
8,857 170,497 6,957 133,922 11,012 211,981
634 37,168 477 27,964 798 46,783
684 20,435 520 15,535 858 25,633
1,102 40,361 872 31,937 1,371 50,213
2,722 298,059 2,062 225,789 3,301 361,460
2,392 63,089 1,882 49,638 2,882 76,013
547 16,410 437 13,110 597 17,910
742 11,501 564 8,742 892 13,826
2,493 70,739 1,977 56,097 3,079 87,367
7,577 269,920 5,918 210,825 9,403 334,968
1,894 92,096 1,436 69,826 2,377 115,582
3,303 171,343 2,588 134,253 4,160 215,800
6,134 437,048 4,802 342,143 7,715 549,694
1,295 83,689 1,002 64,754 1,636 105,727
1,615 100,938 1,274 79,625 2,065 129,063
965 37,514 770 29,934 1,159 45,056
4,651 212,783 3,593 164,380 5,737 262,468
1,143 93,726 859 70,438 1,332 109,224
16,482 657,220 12,978 517,498 20,672 824,296
895 46,540 730 37,960 1,058 55,016
1,826 25,108 1,438 19,773 2,283 31,391
1,650 20,006 1,245 15,096 2,040 24,735
1,457 49,174 1,143 38,576 1,792 60,480
2,614 102,600 2,027 79,560 3,371 132,312
5,707 462,980 4,452 361,169 7,112 576,961
845 29,786 588 20,727 1,009 35,567
</TABLE>
---------------------------
41
<PAGE> 45
LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Briggs & Stratton Corp 50 2,144 249 10,676
Brown-Forman Corp Class B 171 6,690 542 21,206
Brown Group Inc 31 384 80 990
Browning-Ferris Industries Inc 588 17,420 1,674 49,592
Brunswick Corp 342 7,823 762 17,431
Burlington Resources Inc 327 11,895 944 34,338
Caliber System Inc 93 3,929 316 13,351
Carolina Power & Light Co 406 14,819 1,221 44,567
Case Corp -- -- 500 26,563
Caterpillar Inc 607 40,593 1,541 103,054
Centex Corp 55 1,581 228 6,555
Central & South West Corp 581 16,123 1,644 45,621
Champion International Corp 238 9,520 782 31,280
Charming Shoppes Inc 305 1,277 574 2,404
Chase Manhattan Corp 548 40,826 1,361 101,395
Chemical Banking Corp Class A 742 53,146 1,900 136,088
Chevron Corp 1,842 102,461 5,027 279,627
Chrysler Corp 1,095 61,731 2,924 164,841
Chubb Corp 229 22,242 723 70,221
CIGNA Corp 176 20,856 547 64,820
Cinergy Corp 470 14,041 1,262 37,702
Circuit City Stores Inc 343 10,161 712 21,093
Citicorp 1,177 91,806 3,780 294,840
Coastal Corp 358 13,157 827 30,392
Columbia Gas System Inc+ 139 6,081 360 15,750
Comerica Inc 289 11,235 1,010 39,264
Community Psychiatric Centers+ 101 934 273 2,525
Conrail Inc 190 13,704 585 42,193
Consolidated Edison Co 685 22,348 1,872 61,074
Consolidated Freightways 162 3,969 361 8,845
Consolidated Natural Gas Co 238 10,234 682 29,326
Cooper Industries Inc 278 10,738 795 30,707
Cooper Tire & Rubber Co 121 3,070 641 16,265
Coors (Adolph) Co Class B 67 1,298 265 5,134
CoreStates Financial Corp 377 16,211 1,042 44,806
Corning Inc 661 21,483 1,825 59,313
Crane Co 52 2,106 275 11,138
Cray Research Inc+ 46 1,305 219 6,214
Crown Cork & Seal Co+ 230 10,839 975 45,947
CSX Corp 618 27,733 1,654 74,223
Cummins Engine Co Inc 123 5,181 320 13,480
Cyprus Amax Minerals 336 8,694 681 17,621
Dana Corp 348 10,527 816 24,684
Darden Restaurants Inc+ 203 2,487 1,215 14,884
</TABLE>
- ---------------------------
42
<PAGE> 46
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
472 20,237 357 15,306 627 26,883
1,166 45,620 935 36,582 1,389 54,345
238 2,945 221 2,735 253 3,131
3,533 104,665 2,839 84,105 4,455 131,979
1,576 36,051 1,248 28,548 1,932 44,195
2,079 75,624 1,710 62,201 2,652 96,467
640 27,040 487 20,576 818 34,561
2,547 92,966 2,063 75,300 3,155 115,158
1,200 63,750 900 47,813 1,500 79,688
3,245 217,009 2,589 173,139 4,064 271,780
452 12,995 343 9,861 558 16,043
3,153 87,496 2,547 70,679 4,265 118,354
1,647 65,880 1,233 49,320 2,012 80,480
1,692 7,085 1,294 5,419 2,104 8,811
2,928 218,136 2,331 173,660 3,710 276,395
4,185 299,751 3,257 233,283 5,202 372,593
10,840 602,975 8,584 477,485 13,527 752,439
6,361 358,601 5,058 285,145 7,911 445,983
1,400 135,975 1,109 107,712 1,825 177,253
1,242 147,177 967 114,590 1,557 184,505
2,617 78,183 2,025 60,497 3,215 96,048
1,601 47,430 1,265 37,476 2,265 67,101
7,039 549,042 5,521 430,638 10,052 784,056
1,790 65,783 1,403 51,560 2,173 79,858
872 38,150 687 30,056 1,024 44,800
2,013 78,255 1,523 59,207 2,340 90,968
606 5,606 512 4,736 724 6,697
1,297 93,546 997 71,909 1,641 118,357
3,869 126,226 3,041 99,213 4,828 157,514
710 17,395 573 14,039 838 20,531
1,541 66,263 1,233 53,019 1,911 82,173
1,831 70,722 1,424 55,002 2,276 87,911
1,354 34,358 1,121 28,445 1,995 50,623
641 12,419 455 8,816 760 14,725
2,360 101,480 1,812 77,916 2,859 122,937
3,819 124,118 3,010 97,825 4,784 155,480
548 22,194 439 17,780 700 28,350
390 11,066 304 8,626 515 14,613
1,512 71,253 1,216 57,304 1,879 88,548
3,468 155,627 2,754 123,586 4,348 195,117
657 27,676 518 21,821 853 35,933
1,568 40,572 1,229 31,800 1,906 49,318
1,712 51,788 1,378 41,685 2,049 61,982
2,611 31,985 2,047 25,076 3,651 44,725
</TABLE>
---------------------------
43
<PAGE> 47
LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Data General Corp+ 62 1,046 261 4,404
Dayton-Hudson Corp 175 13,016 545 40,534
Dean Witter Discover & Co 524 28,165 1,264 67,940
Deere & Co 778 30,439 2,063 80,715
Delta Air Lines Inc 138 10,764 360 28,080
Deluxe Corp 220 7,068 639 20,528
Digital Equipment Corp+ 467 33,624 1,184 85,248
Dillard Department Stores Inc Class A 373 11,656 866 27,063
Dominion Resources Inc 520 20,540 1,360 53,720
Donnelley (R R) & Sons Co 403 14,508 1,191 42,876
Dow Chemical Co 782 62,756 2,016 161,784
Dow Jones & Co Inc 250 9,750 718 28,002
Dresser Industries Inc 557 15,666 1,421 39,966
DTE Energy Co 382 13,609 1,123 40,007
Duke Power Co 609 29,765 1,547 75,610
DuPont (E I) de Nemours 1,596 122,094 4,348 332,622
Eastern Enterprises 37 1,309 185 6,544
Eastman Chemical Co 220 15,840 638 45,936
Eaton Corp 183 10,591 577 33,394
Echlin Inc 153 5,183 500 16,938
Echo Bay Mines Ltd 371 5,101 965 13,269
Edison International 1,310 22,925 3,482 60,935
EG & G Inc 123 2,937 369 8,810
Enserch Corp 242 3,660 538 8,137
Entergy Corp 679 19,267 1,764 50,054
Exxon Corp 3,526 280,317 9,598 763,041
Federal Express Corp+ 148 10,952 394 29,156
Federal Home Loan Mortgage Corp 541 44,633 1,405 115,913
Federal National Mortgage Assoc 3,116 98,544 8,448 267,168
Federal Paper Board Co 124 6,619 321 17,133
Federated Department Stores Inc 600 18,150 1,600 48,400
First Chicago NBD Corp 934 40,512 2,473 107,266
First Union Corp 813 49,187 2,154 130,317
Fleet Financial Group Inc 805 33,106 2,033 83,607
Fleetwood Enterprises Inc 130 3,494 352 9,460
Fleming Co Inc 165 3,300 313 6,260
Ford Motor Co 3,030 94,688 8,322 260,063
FPL Group Inc 583 26,016 1,445 64,483
Fruit of the Loom Inc Class A+ 214 5,430 550 13,956
General Dynamics Corp 161 9,600 507 30,230
General Motors Corp 2,080 106,600 5,836 299,095
General Public Utilities 387 12,916 984 32,841
General Re Corp 197 28,343 642 92,368
General Signal Corp 133 4,838 355 12,913
</TABLE>
- ---------------------------
44
<PAGE> 48
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
595 10,041 462 7,796 711 11,998
1,234 91,779 965 71,772 1,527 113,571
2,835 152,381 2,225 119,594 3,486 187,373
4,388 171,681 3,459 135,333 5,409 211,627
866 67,548 672 52,416 1,075 83,850
1,327 42,630 1,060 34,053 1,888 60,652
2,458 176,976 1,972 141,984 3,096 222,912
1,898 59,313 1,465 45,781 2,383 74,469
2,921 115,380 2,319 91,601 3,570 141,015
2,558 92,088 2,023 72,828 3,187 114,732
4,369 350,612 3,462 277,826 5,401 433,430
1,644 64,116 1,289 50,271 1,989 77,571
3,074 86,456 2,416 67,950 3,753 105,553
2,369 84,396 1,934 68,899 2,980 106,163
3,362 164,318 2,690 131,474 4,256 208,012
9,285 710,303 7,238 553,707 11,566 884,799
325 11,497 279 9,870 382 13,513
1,327 95,544 1,064 76,608 1,686 121,392
1,284 74,312 987 57,123 1,614 93,410
965 32,689 774 26,219 1,256 42,547
2,062 28,353 1,618 22,248 2,622 36,053
7,404 129,570 5,794 101,395 9,204 161,070
785 18,742 615 14,683 964 23,016
1,071 16,199 899 13,597 1,413 21,372
3,801 107,853 2,992 84,898 4,750 134,781
20,694 1,645,173 16,226 1,289,967 25,875 2,057,063
957 70,818 751 55,574 1,141 84,434
3,044 251,130 2,393 197,423 3,724 307,230
18,140 573,678 14,312 452,617 22,676 717,129
759 40,512 620 33,093 956 51,027
3,400 102,850 2,700 81,675 4,200 127,050
5,319 230,712 4,227 183,346 6,789 294,473
4,654 281,567 3,651 220,886 5,821 352,171
4,438 182,513 3,436 141,306 5,540 227,833
716 19,243 564 15,158 983 26,418
608 12,160 482 9,640 699 13,980
17,843 557,594 14,097 440,531 22,359 698,719
3,079 137,400 2,409 107,502 3,871 172,743
1,254 31,820 1,044 26,492 1,780 45,168
1,007 60,042 809 48,237 1,339 79,838
12,387 634,834 9,768 500,610 15,592 799,090
1,957 65,315 1,568 52,332 2,444 81,569
1,332 191,642 1,120 161,140 1,664 239,408
763 27,754 593 21,570 1,001 36,411
</TABLE>
---------------------------
45
<PAGE> 49
LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Genuine Parts Co 318 13,595 908 38,817
Georgia-Pacific Corp 233 14,708 676 42,673
Giant Food Inc Class A 154 5,063 501 16,470
Giddings & Lewis Inc 60 1,005 283 4,740
Golden West Financial 162 8,201 408 20,655
Goodrich (B F) Co 45 3,426 218 16,595
Goodyear Tire & Rubber Co 490 23,275 1,181 56,098
Great Atlantic & Pacific Tea Co 167 3,758 315 7,088
Great Western Financial Corp 457 10,454 1,050 24,019
Halliburton Co 375 20,578 868 47,632
Handleman Co 59 295 132 660
Harcourt General Inc 186 8,068 580 25,158
Harland (John H) Co 53 1,186 276 6,176
Harris Corp 95 6,318 317 21,081
Hasbro Inc 229 7,901 724 24,978
Helmerich & Payne Inc 43 1,441 242 8,107
Hershey Foods Corp 229 17,261 623 46,959
Hilton Hotels Corp 134 12,563 356 33,375
Honeywell Inc 329 17,437 946 50,138
Household International Inc 241 16,207 785 52,791
Houston Industries Inc 758 17,150 1,992 45,069
Inco Ltd 379 12,081 897 28,592
Ingersoll-Rand Co 360 14,715 853 34,866
Inland Steel Industries Inc 97 2,364 346 8,434
Intergraph Corp+ 104 1,924 302 5,587
International Business Machines Corp 1,569 192,399 4,384 537,588
International Paper Co 684 24,368 2,020 71,963
ITT Corp+ 381 23,003 896 54,096
ITT Hartford Group Inc+ 381 19,622 896 46,144
ITT Industries Inc+ 381 10,001 896 23,520
James River Corp 218 5,750 689 18,172
Jefferson-Pilot Corp 204 11,348 537 29,871
Johnson Controls Inc 96 6,888 319 22,888
K Mart Corp 1,384 9,688 3,412 23,884
Kaufman & Broad Home Corp 57 876 230 3,536
Kerr-McGee Corp 141 8,407 362 21,584
KeyCorp 723 27,203 1,834 69,004
King World Productions+ 100 4,188 312 13,065
Knight-Ridder Inc 145 10,041 366 25,346
Laidlaw Inc Class B 881 8,590 2,192 21,372
Limited Inc 1,186 20,755 2,733 47,828
Lincoln National Corp 340 18,700 760 41,800
Liz Claiborne Inc 188 5,899 583 18,292
Loews Corp 300 25,500 900 76,500
</TABLE>
- ---------------------------
46
<PAGE> 50
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2,003 85,628 1,588 67,887 2,520 107,730
1,507 95,129 1,223 77,202 1,893 119,496
996 32,744 740 24,328 1,185 38,957
573 9,598 464 7,772 627 10,502
1,008 51,030 791 40,044 1,195 60,497
414 31,516 381 29,004 520 39,585
2,532 120,270 1,972 93,670 3,161 150,148
641 14,423 505 11,363 778 17,505
2,314 52,933 1,841 42,113 2,803 64,119
1,925 105,634 1,468 80,557 2,363 129,670
467 2,335 307 1,535 521 2,605
1,208 52,397 992 43,028 1,527 66,234
514 11,501 405 9,062 704 15,752
644 42,826 509 33,849 814 54,131
1,426 49,197 1,164 40,158 1,826 62,997
367 12,295 315 10,553 508 17,018
1,275 96,103 990 74,621 1,623 122,334
825 77,344 663 62,156 1,105 103,594
2,079 110,187 1,715 90,895 2,669 141,457
1,580 106,255 1,262 84,870 2,024 136,114
4,360 98,645 3,482 78,780 5,422 122,673
1,930 61,519 1,533 48,864 2,430 77,456
1,787 73,044 1,430 58,451 2,275 92,991
806 19,646 642 15,649 982 23,936
722 13,357 611 11,304 937 17,335
9,479 1,162,362 7,443 912,698 11,838 1,451,635
4,262 151,834 3,366 119,914 5,284 188,243
1,934 116,765 1,530 92,374 2,434 146,953
1,934 99,601 1,530 78,795 2,434 125,351
1,934 50,768 1,530 40,163 2,434 63,893
1,347 35,527 1,113 29,355 1,723 45,444
1,232 68,530 958 53,289 1,504 83,660
646 46,351 516 37,023 821 58,907
7,599 53,193 5,881 41,167 9,412 65,884
544 8,364 443 6,811 564 8,672
868 51,755 679 40,485 1,081 64,455
3,890 146,361 3,095 116,449 4,930 185,491
608 25,460 476 19,933 898 37,604
825 57,131 637 44,112 1,003 69,458
4,861 47,395 3,802 37,070 6,080 59,280
5,910 103,425 4,710 82,425 7,363 128,853
1,698 93,390 1,361 74,855 2,143 117,865
1,213 38,058 1,009 31,657 1,531 48,035
2,000 170,000 1,500 127,500 2,500 212,500
</TABLE>
---------------------------
47
<PAGE> 51
LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Longs Drug Stores Corp 37 1,665 185 8,325
Loral Corp 542 25,542 1,382 65,127
Louisiana-Pacific Corp 368 8,510 862 19,934
Louisiana Land & Exploration Co 83 3,465 281 11,732
Luby's Cafeterias Inc 45 934 219 4,544
Mallinckrodt Group Inc 184 7,222 580 22,765
Manor Care Inc 159 6,102 505 19,379
Masco Corp 499 14,222 1,215 34,628
May Co Department Stores Co 735 34,269 1,945 90,686
Maytag Corp 362 7,104 806 15,818
McDermott International Inc 144 2,772 465 8,951
McDonnell Douglas Corp 282 24,887 849 74,924
MCI Communications 1,915 56,014 5,292 154,791
Mead Corp 154 7,700 400 20,000
Mellon Bank Corp 363 20,283 1,143 63,865
Melville Corp 360 11,475 853 27,189
Mercantile Stores Co Inc 90 4,714 263 13,775
Merrill Lynch & Co Inc 508 29,274 1,366 78,716
Mobil Corp 1,098 120,368 3,023 331,396
Moore Corp Ltd 350 6,869 719 14,110
Morgan (J P) & Co Inc 489 40,037 1,501 122,894
Morgan Stanley Group 448 21,000 1,240 58,125
Morton International Inc 482 18,256 1,171 44,352
NACCO Industries Inc Class A 16 892 40 2,230
National City Corp 473 16,437 1,140 39,615
National Semiconductor+ 410 6,406 1,003 15,672
National Service Industries Inc 137 4,778 359 12,520
NationsBank 892 65,785 2,328 171,690
Navistar International Corp+ 181 1,833 477 4,830
New York Times Co Class A 262 7,205 729 20,048
Niagara Mohawk Power Corp 475 3,563 1,091 8,183
NICOR Inc 142 3,816 364 9,783
Nike Inc Class B 460 29,843 1,100 71,363
NorAm Energy Corp 364 3,276 858 7,722
Nordstrom Inc 219 9,882 637 28,745
Norfolk Southern Corp 342 27,873 1,008 82,152
Northern States Power Co 167 8,225 538 26,497
Northern Telecom Ltd 740 35,150 1,997 94,858
Northrop Grumman Corp 136 8,398 358 22,107
NYNEX Corp 1,252 64,478 3,353 172,680
Occidental Petroleum Corp 986 22,678 2,469 56,787
Ogden Corp 201 4,296 425 9,084
Ohio Edison Co 493 11,709 1,183 28,096
ONEOK Inc 47 1,022 220 4,785
</TABLE>
- ---------------------------
48
<PAGE> 52
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
349 15,705 284 12,780 375 16,875
2,912 137,228 2,274 107,162 3,566 168,048
1,833 42,388 1,457 33,693 2,209 51,083
600 25,050 472 19,706 714 29,810
380 7,885 269 5,582 421 8,736
1,257 49,337 995 39,054 1,593 62,525
1,005 38,567 807 30,969 1,417 54,377
2,681 76,409 2,094 59,679 3,307 94,250
4,144 193,214 3,319 154,748 5,226 243,662
1,817 35,659 1,435 28,162 2,167 42,527
902 17,364 739 14,226 1,091 21,002
1,830 161,498 1,423 125,580 2,334 205,976
11,309 330,788 8,879 259,711 14,128 413,244
865 43,250 669 33,450 1,159 57,950
2,352 131,418 1,851 103,425 2,963 165,558
1,712 54,570 1,430 45,581 2,174 69,296
632 33,101 477 24,983 796 41,691
2,949 169,936 2,333 134,439 3,695 212,924
6,577 721,004 5,188 568,735 8,257 905,174
1,645 32,283 1,336 26,219 2,056 40,349
3,112 254,795 2,418 197,974 3,894 318,821
2,582 121,031 2,082 97,594 3,190 149,531
2,506 94,915 1,929 73,061 3,100 117,413
154 8,586 151 8,418 165 9,199
2,413 83,852 1,961 68,145 3,032 105,362
2,189 34,203 1,720 26,875 2,780 43,438
785 27,377 674 23,506 1,015 35,398
4,922 362,998 3,845 283,569 6,171 455,111
1,234 12,494 955 9,669 1,552 15,714
1,595 43,863 1,314 36,135 2,032 55,880
2,351 17,633 1,867 14,003 2,802 21,015
819 22,011 697 18,732 993 26,687
2,344 152,067 1,850 120,019 2,984 193,587
1,984 17,856 1,630 14,670 2,380 21,420
1,326 59,836 1,062 47,923 1,685 76,036
2,141 174,492 1,671 136,187 2,673 217,850
1,151 56,687 929 45,753 1,368 67,374
4,204 199,690 3,350 159,125 5,264 250,040
868 53,599 669 41,311 1,058 65,332
7,110 366,165 5,562 286,443 8,932 459,998
5,265 121,095 4,131 95,013 6,562 150,926
784 16,758 606 12,953 944 20,178
2,541 60,349 1,978 46,978 3,173 75,359
406 8,831 405 8,809 520 11,310
</TABLE>
---------------------------
49
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Outboard Marine Corp 35 709 184 3,726
PACCAR Inc 93 4,394 315 14,884
Pacific Enterprises 298 7,972 692 18,511
Pacific Gas & Electric Co 1,273 32,621 3,298 84,511
Pacific Telesis Group 1,264 35,708 3,364 95,033
PacifiCorp 894 18,551 2,227 46,210
Panhandle Eastern Corp 424 12,137 1,177 33,692
Parker Hannifin Corp 202 7,095 587 20,618
PECO Energy Co 663 18,730 1,725 48,731
Penney (J C) Co Inc 688 32,680 1,774 84,265
Pennzoil Co 130 4,973 353 13,502
Peoples Energy Corp 161 4,951 284 8,733
Pep Boys-Manny Moe & Jack 57 1,710 503 15,090
Phelps Dodge Corp 174 10,636 545 33,313
Phillips Petroleum Co 758 26,530 2,038 71,330
PNC Bank Corp 1,006 30,809 2,692 82,443
Polaroid Corp 132 5,808 354 15,576
Potlatch Corp 76 3,126 224 9,212
PP & L Resources Inc 500 12,438 1,200 29,850
PPG Industries Inc 548 25,414 1,481 68,681
Premark International Inc 161 8,432 506 26,502
Price/Costco Inc+ 556 9,591 1,512 26,082
Providian Corp 251 11,609 719 33,254
Public Services Enterprise Group 729 20,503 1,864 52,425
Pulte Corp 48 1,434 222 6,632
Raytheon Co 724 36,291 1,900 95,238
Reebok International Ltd 195 5,143 638 16,827
Republic New York Corp 200 11,975 400 23,950
Reynolds Metals Co 156 8,054 503 25,967
Rite Aid Corp 204 6,426 648 20,412
Rockwell International Corp 661 37,677 1,723 98,211
Rohm & Haas Co 169 11,767 539 37,528
Rowan Co Inc+ 272 2,958 592 6,438
Russell Corp 173 4,844 320 8,960
Ryan's Family Steak House+ 119 788 316 2,094
Ryder System Inc 286 7,186 581 14,598
SAFECO Corp 320 11,600 1,012 36,685
Safety-Kleen Corp 226 3,277 398 5,771
Salomon Inc 269 10,256 836 31,873
Santa Fe Energy Resources Inc+ 283 2,618 628 5,809
Santa Fe Pacific Gold Corp+ 428 6,688 956 14,938
SBC Communication Inc 1,702 93,397 4,756 260,986
Schlumberger Ltd 727 52,980 1,909 139,118
Scientific-Atlanta Inc 82 1,374 577 9,665
</TABLE>
- ---------------------------
50
<PAGE> 54
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
324 6,561 224 4,536 348 7,047
642 30,335 507 23,956 812 38,367
1,406 37,611 1,123 30,040 1,774 47,455
7,110 182,194 5,584 143,090 8,778 224,936
7,135 201,564 5,631 159,076 8,885 251,001
4,748 98,521 3,682 76,402 5,857 121,533
2,492 71,334 1,925 55,103 3,061 87,621
1,213 42,607 952 33,439 1,534 53,882
3,742 105,712 2,909 82,179 4,578 129,329
3,797 180,358 2,945 139,888 4,742 225,245
737 28,190 584 22,338 984 37,638
584 17,958 477 14,668 736 22,632
1,077 32,310 798 23,940 1,481 44,430
1,114 68,093 938 57,335 1,416 86,553
4,390 153,650 3,448 120,680 5,492 192,220
5,714 174,991 4,477 137,108 7,100 217,438
713 31,372 643 28,292 897 39,468
446 18,342 431 17,725 568 23,359
2,600 64,675 2,100 52,238 3,300 82,088
3,228 149,699 2,544 117,978 4,050 187,819
1,033 54,103 796 41,691 1,450 75,944
3,269 56,390 2,591 44,695 4,018 69,311
1,618 74,833 1,284 59,385 1,987 91,899
4,105 115,453 3,204 90,113 5,054 142,144
398 11,890 321 9,590 533 15,923
4,042 202,605 3,202 160,500 5,032 252,229
1,230 32,441 1,019 26,876 1,764 46,526
900 53,888 700 41,913 1,200 71,850
1,102 56,891 786 40,577 1,319 68,093
1,371 43,187 1,139 35,879 1,698 53,487
3,611 205,827 2,831 161,367 4,554 259,578
1,173 81,670 932 64,891 1,370 95,386
1,358 14,768 1,045 11,364 1,596 17,357
656 18,368 516 14,448 802 22,456
912 6,042 579 3,836 839 5,558
1,289 32,386 997 25,050 1,573 39,522
2,116 76,705 1,678 60,828 2,580 93,525
943 13,674 710 10,295 1,126 16,327
1,807 68,892 1,433 54,633 2,258 86,086
1,455 13,459 1,175 10,869 1,790 16,558
2,189 34,203 1,688 26,375 3,026 47,281
10,159 557,475 8,005 439,274 12,632 693,181
4,072 296,747 3,197 232,981 5,057 368,529
1,268 21,239 955 15,996 1,753 29,363
</TABLE>
---------------------------
51
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Seagram Co Ltd 1,028 35,338 2,905 99,859
Sears Roebuck & Co 1,091 49,504 3,068 139,211
Sherwin Williams Co 227 9,619 646 27,374
Snap-On Inc 124 5,549 322 14,410
Sonat Inc 228 7,638 723 24,221
Southern Co 1,936 46,222 5,222 124,675
Springs Industries Inc Class A 31 1,341 180 7,785
Sprint Corp 977 42,011 2,757 118,551
St Paul Co Inc 223 12,627 643 36,410
Stanley Works 129 7,289 326 18,419
Stone Container Corp+ 333 4,579 726 9,983
Stride Rite Corp 113 918 310 2,519
Sun Co Inc 262 7,631 655 19,077
SunTrust Banks Inc 290 20,844 906 65,119
Super Value Inc 176 5,676 547 17,641
Tandem Computers Inc+ 375 3,609 893 8,595
Tandy Corp 161 7,044 507 22,181
Tele-Communication Inc Class A+ 1,862 39,102 5,027 105,567
Teledyne Inc 122 3,431 394 11,081
Teledyne Inc Class E 1 18 4 59
Temple-Inland Inc 147 5,917 394 15,859
Tenet Healthcare Corp+ 616 13,783 1,616 36,158
Tenneco Inc 521 29,111 1,364 76,214
Texaco Inc 754 60,132 2,038 162,531
Texas Utilities Co 670 27,051 1,757 70,939
Textron Inc 230 18,113 674 53,078
Thomas & Betts Corp+ 33 2,376 182 13,104
Times Mirror Co Class A 348 11,832 840 28,560
Timken Co 79 3,555 277 12,465
TJX Companies Inc 178 3,961 550 12,238
Torchmark Corp 178 8,255 548 25,414
Toys R Us Inc+ 809 19,315 2,161 51,594
Transamerica Corp 174 13,115 545 41,079
Travelers Inc 917 61,324 2,471 165,248
TRW Inc 163 14,120 534 46,258
Tyco International Inc 466 16,834 1,150 41,544
U.S. Bancorp 410 12,659 1,159 35,784
U.S. Life Corp 60 1,815 307 9,287
U.S. West Inc 1,344 44,016 3,691 120,880
Unicom Corp 649 20,768 1,687 53,984
Union Camp Corp 172 8,020 543 25,317
Union Carbide Corp 390 17,550 1,079 48,555
Union Electric Co 254 10,732 822 34,730
Union Pacific Corp 609 40,194 1,647 108,702
</TABLE>
- ---------------------------
52
<PAGE> 56
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
6,255 215,016 4,905 168,609 7,718 265,306
6,530 296,299 5,071 230,097 8,142 369,443
1,467 62,164 1,085 45,977 1,819 77,080
710 31,773 522 23,360 868 38,843
1,474 49,379 1,162 38,927 1,820 60,970
11,050 263,819 8,764 209,241 13,903 331,934
312 13,494 221 9,558 455 19,679
5,774 248,282 4,586 197,198 7,262 312,266
1,443 81,710 1,146 64,892 1,796 101,699
734 41,471 536 30,284 880 49,720
1,533 21,079 1,268 17,435 2,246 30,883
756 6,143 632 5,135 821 6,671
1,425 41,503 1,119 32,591 1,791 52,163
1,901 136,634 1,478 106,231 2,372 170,488
1,112 35,862 943 30,412 1,407 45,376
1,921 18,490 1,473 14,178 2,245 21,608
1,033 45,194 806 35,263 1,343 58,756
10,891 228,711 8,527 179,067 13,557 284,697
932 26,213 706 19,856 1,305 36,703
9 140 7 106 13 196
952 38,318 750 30,188 1,134 45,644
3,360 75,180 2,603 58,242 4,094 91,603
2,978 166,396 2,326 129,965 3,732 208,526
4,382 349,465 3,442 274,500 5,459 435,355
3,789 152,981 2,981 120,358 4,712 190,247
1,406 110,723 1,110 87,413 1,727 136,001
345 24,840 275 19,800 459 33,048
1,871 63,614 1,521 51,714 2,365 80,410
475 21,375 435 19,575 680 30,600
1,205 26,811 972 21,627 1,440 32,040
1,220 56,578 951 44,103 1,460 67,708
4,493 107,270 3,567 85,162 5,670 135,371
1,114 83,968 940 70,853 1,393 104,997
5,326 356,176 4,154 277,799 6,609 441,977
1,041 90,177 818 70,859 1,348 116,771
2,526 91,252 1,996 72,106 3,182 114,950
2,541 78,453 2,862 88,364 3,447 106,426
537 16,244 496 15,004 683 20,661
7,805 255,614 6,142 201,151 9,792 320,688
3,621 115,872 2,857 91,424 4,452 142,464
1,187 55,344 941 43,874 1,494 69,658
2,329 104,805 1,770 79,650 2,861 128,745
1,651 69,755 1,296 54,756 2,105 88,936
3,432 226,512 2,691 177,606 4,266 281,556
</TABLE>
---------------------------
53
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Union Pacific Resources Group Inc 2,200 56,650 300 7,725
Unisys Corp+ 523 3,203 1,214 7,436
United States Surgical 149 4,228 496 14,074
United Technologies Corp 323 34,723 939 100,943
Unocal Corp 723 21,690 1,909 57,270
UNUM Corp 183 10,774 577 33,971
USF & G Corp 324 4,860 820 12,300
USX -- Marathon Group 902 16,687 2,259 41,792
USX -- US Steel Group 282 9,236 678 22,205
Varity Corp+ 127 4,794 325 12,269
VF Corp 163 8,761 509 27,359
Viacom Inc Class B+ 1,072 42,076 2,851 111,902
Wachovia Corp 525 24,413 1,365 63,473
Wells Fargo & Co 122 30,088 367 90,511
Wendy's International Inc 355 6,434 874 15,841
Western Atlas Inc+ 132 6,947 456 23,997
Westvaco Corp 252 7,308 757 21,953
Weyerhaeuser Co 610 25,849 1,623 68,775
Whirlpool Corp 180 10,013 601 33,431
Willamette Industries Inc 207 10,868 470 24,675
Williams Co Inc 257 12,208 823 39,093
WMX Technologies Inc 1,422 40,527 3,761 107,189
Woolworth Corp 431 5,172 949 11,388
Worthington Industries Inc 233 5,010 677 14,556
Xerox Corp 357 46,499 851 110,843
Yellow Corp 49 542 123 1,361
------------ ------------
TOTAL LARGE CAP VALUE STOCKS
- VALUE $ 6,599,702 $ 17,957,347
- COST $ 5,364,810 $ 14,957,475
MEDIUM CAP GROWTH STOCKS
PERCENT OF NET ASSETS 3.36% 3.16%
Adaptec Inc+ 600 $ 33,638 500 $ 28,031
ADC Telecommunication+ 786 31,244 580 23,055
Adobe Systems Inc 819 27,437 610 20,435
Adtran Inc+ -- -- 100 4,325
Airgas Inc+ 200 7,200 200 7,200
Allegheny Ludlum Corp 772 14,089 510 9,308
Alliance Semiconductor Corp -- -- -- --
Altera Corp+ 460 30,015 460 30,015
America Online Inc 600 29,475 500 24,563
American Oncology Resources Inc+ -- -- 100 4,025
American Power Conversion+ 1,000 10,500 680 7,140
Amphenol Corp Class A+ -- -- 200 4,875
</TABLE>
- ---------------------------
54
<PAGE> 58
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
3,400 87,550 2,400 61,800 1,100 28,325
2,733 16,740 2,177 13,334 3,485 21,346
963 27,325 757 21,480 1,119 31,752
2,069 222,418 1,593 171,248 2,531 272,083
4,065 121,950 3,195 95,850 5,157 154,710
1,254 73,829 988 58,169 1,488 87,606
1,831 27,465 1,453 21,795 2,307 34,605
4,789 88,597 3,729 68,987 5,916 109,446
1,379 45,162 1,085 35,534 1,684 55,151
712 26,878 535 20,196 873 32,956
1,036 55,685 813 43,699 1,349 72,509
5,960 233,930 4,700 184,475 7,557 296,612
2,862 133,083 2,228 103,602 3,540 164,610
808 199,273 629 155,127 976 240,706
1,951 35,362 1,543 27,967 2,408 43,645
889 46,784 723 38,048 1,096 57,677
1,714 49,706 1,293 37,497 2,049 59,421
3,332 141,194 2,616 110,853 4,260 180,518
1,273 70,811 985 54,791 1,544 85,885
943 49,508 718 37,695 1,185 62,213
1,677 79,658 1,320 62,700 2,159 102,553
8,103 230,936 6,358 181,203 10,096 287,736
2,193 26,316 1,689 20,268 2,796 33,552
1,539 33,089 1,174 25,241 2,149 46,204
1,815 236,404 1,427 185,867 2,270 295,668
385 4,259 299 3,308 437 4,834
------------ ----------- ------------
$ 38,457,956 $30,287,958 $ 48,100,917
$ 31,755,906 $25,370,032 $ 40,567,682
3.89% 4.87% 5.59%
900 $ 50,456 900 $ 50,456 1,600 $ 89,700
948 37,683 908 36,093 1,860 73,935
1,006 33,701 951 31,859 2,015 67,503
200 8,650 100 4,325 300 12,975
300 10,800 300 10,800 600 21,600
1,186 21,645 786 14,345 1,040 18,980
-- -- -- -- 250 2,500
718 46,850 648 42,282 1,340 87,435
1,200 58,950 800 39,300 1,400 68,775
-- -- 100 4,025 200 8,050
1,494 15,687 1,009 10,595 2,060 21,630
300 7,313 200 4,875 500 12,188
</TABLE>
---------------------------
55
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Anadarko Petroleum Corp 639 34,826 500 27,250
Analog Devices Inc+ 1,201 32,277 1,045 28,084
Apria Healthcare Group Inc+ 500 15,625 400 12,500
Arrow International Inc+ -- -- 100 4,075
Ascend Communication Inc 1,000 45,250 900 40,725
Atmel Corp+ 962 25,734 760 20,330
AutoZone Inc+ 1,400 36,050 1,300 33,475
Battle Mountain Gold Co 878 9,548 790 8,591
Bed Bath & Beyond Inc 200 8,925 200 8,925
Best Buy Co Inc+ -- -- 100 1,675
Betz Labs Inc 296 12,950 240 10,500
Biogen Inc+ 459 30,007 380 24,843
BMC Software Inc+ 556 30,997 440 24,530
Boston Chicken Inc+ 400 14,350 400 14,350
Boyd Gaming Corp+ -- -- 200 2,250
Brinker International Inc+ 756 10,301 690 9,401
Broderbund Software Inc+ 200 9,050 200 9,050
Cadence Design System Inc+ 655 29,229 575 25,659
Callaway Golf Co 596 14,155 480 11,400
Cardinal Health Inc 441 26,570 340 20,485
Centocor Inc+ 546 15,902 540 15,728
Chiron Corp+ 224 24,892 173 19,225
Cintas Corp+ 510 24,735 300 14,550
Circus Circus Entertainment Inc+ 1,129 35,987 930 29,644
Cirrus Logic Corp+ 634 11,927 580 10,911
Clear Channel Communications Inc+ 200 10,125 200 10,125
Coleman Co Inc+ -- -- -- --
Coltec Industries+ 600 8,250 400 5,500
Compuware Corp+ 400 9,200 300 6,900
Consolidated Stores Corp+ 500 13,000 400 10,400
Cracker Barrel Old Country Store Inc 649 13,629 610 12,810
Credit Acceptance Corp+ -- -- 100 1,875
Crompton & Knowles Corp 550 7,425 340 4,590
Cypress Semiconductor+ 800 10,200 740 9,435
Danaher Corp 600 20,400 380 12,920
Dell Computer Corp+ 810 27,844 460 15,813
Dentsply International Inc 200 7,925 200 7,925
Department 56 Inc+ 200 4,025 200 4,025
Diebold Inc 510 20,018 390 15,308
Dollar General Corp 602 16,630 375 10,359
Duracell International Inc 700 36,138 600 30,975
Eckerd (Jack) Corp Del+ 300 13,463 300 13,463
Electronic Arts Inc+ 300 7,500 400 10,000
EMC Corp+ 2,058 45,276 1,520 33,440
</TABLE>
- ---------------------------
56
<PAGE> 60
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,001 54,555 846 46,107 1,615 88,018
1,879 50,498 1,696 45,580 3,397 91,294
800 25,000 600 18,750 1,400 43,750
-- -- -- -- 200 8,150
1,600 72,400 1,500 67,875 2,700 122,175
1,566 41,891 1,288 34,454 2,326 62,221
2,100 54,075 2,200 56,650 4,000 103,000
1,345 14,627 1,295 14,083 2,345 25,502
300 13,388 300 13,388 600 26,775
-- -- 300 5,025 600 10,050
427 18,681 407 17,806 905 39,594
591 38,637 561 36,675 1,045 68,317
766 42,705 776 43,262 1,440 80,280
700 25,113 500 17,938 1,100 39,463
-- -- 300 3,375 700 7,875
1,171 15,955 1,171 15,955 2,330 31,746
200 9,050 200 9,050 500 22,625
1,117 49,846 897 40,029 1,810 80,771
1,158 27,503 756 17,955 1,516 36,005
709 42,717 554 33,379 1,019 61,395
881 25,659 866 25,222 1,720 50,095
606 67,342 325 36,116 613 68,120
820 39,770 515 24,978 890 43,165
1,422 45,326 1,562 49,789 2,795 89,091
996 18,737 1,066 20,054 1,910 35,932
300 15,188 200 10,125 500 25,313
-- -- -- -- 100 4,375
700 9,625 500 6,875 1,200 16,500
600 13,800 400 9,200 900 20,700
700 18,200 800 20,800 1,400 36,400
1,011 21,231 971 20,391 1,825 38,325
-- -- 200 3,750 500 9,375
885 11,948 570 7,695 1,430 19,305
1,364 17,391 1,424 18,156 2,470 31,493
962 32,708 622 21,148 880 29,920
1,374 47,231 834 28,669 1,570 53,969
300 11,888 200 7,925 600 23,775
300 6,038 200 4,025 600 12,075
707 27,730 662 25,964 1,238 48,572
955 26,382 618 17,072 1,380 38,123
1,700 87,763 1,100 56,788 1,900 98,088
500 22,438 400 17,950 900 40,388
600 15,000 600 15,000 1,300 32,500
3,197 70,334 2,607 57,354 4,680 102,960
</TABLE>
---------------------------
57
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Enron Oil & Gas Co 1,000 25,000 600 15,000
Equifax Inc 2,010 41,708 1,500 31,125
Estee Lauder Co Class A 200 7,325 100 3,663
Ethyl Corp 1,031 11,083 810 8,708
Fastenal Co 300 10,763 300 10,763
Federal Signal Corp 498 12,699 390 9,945
First USA Inc 600 30,075 500 25,063
Forest Labs Inc Class A+ 482 25,064 470 24,440
Foundation Health Corp+ 609 23,751 382 14,898
Franklin Resources Inc+ 896 51,632 600 34,575
Freeport-McMoRan Inc+ 254 10,827 263 11,210
Freeport-McMoRan Copper & Gold Inc 38 1,216 28 896
Gartner Group Inc Class A 200 10,825 200 10,825
Gateway 2000 Inc+ -- -- 100 2,950
General Instrument Corp+ 900 24,525 800 21,800
General Nutrition Co Inc+ 1,100 24,888 800 18,100
Georgia Gulf Corp 437 13,929 260 8,288
Glenayre Technologies Inc 550 24,269 450 19,856
Global DirectMail Corp+ -- -- -- --
Global Marine Inc+ 1,600 14,200 1,400 12,425
Green Tree Financial Inc 1,600 50,600 1,300 41,113
GTECH Holdings Corp+ 400 13,000 300 9,750
Guidant Corp+ 200 9,475 100 4,738
Harley-Davidson Inc 818 29,346 750 26,906
HBO & Co 500 49,500 400 39,600
Health Care Property Investors Inc 300 10,050 300 10,050
Health Management Associates Inc
Class A 700 21,963 500 15,688
HealthCare Compare Corp+ 384 18,720 390 19,013
Healthsource Inc+ 600 22,725 500 18,938
Hillenbrand Industries Inc 300 9,788 300 9,788
HON Industries Inc 353 7,678 270 5,873
Hormel Foods Corp 400 10,050 400 10,050
Houghton Mifflin Co 152 6,726 120 5,310
ICN Pharmaceuticals Inc 500 11,500 404 9,292
Illinois Central Corp 474 17,657 260 9,685
Infinity Broadcasting Corp Class A+ 500 20,625 500 20,625
Informix Corp+ 1,590 56,048 1,320 46,530
Integrated Device Technology Inc+ 700 8,400 600 7,200
International Game Technology 1,397 20,606 1,200 17,700
Intuit Inc+ 400 26,700 300 20,025
IVAX Corp 1,230 35,209 1,040 29,770
Jefferson Smurfit Corp+ 700 7,963 800 9,100
John Nuveen & Co Inc Class A -- -- 100 2,475
Jones Apparel Group Inc+ 200 8,275 200 8,275
</TABLE>
- ---------------------------
58
<PAGE> 62
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2,200 55,000 1,600 40,000 1,800 45,000
2,542 52,747 2,672 55,444 4,840 100,430
800 29,300 200 7,325 400 14,650
2,029 21,812 1,308 14,061 2,630 28,273
400 14,350 400 14,350 800 28,700
807 20,579 802 20,451 1,380 35,190
900 45,113 900 45,113 1,700 85,213
766 39,832 686 35,672 1,360 70,720
965 37,635 626 24,414 1,286 50,154
1,363 78,543 913 52,612 1,665 95,946
384 16,368 359 15,302 878 37,425
52 1,664 38 1,216 236 7,552
300 16,238 300 16,238 600 32,475
1,000 29,500 100 2,950 400 11,800
1,400 38,150 1,400 38,150 2,500 68,125
1,600 36,200 1,400 31,675 2,700 61,088
745 23,747 465 14,822 840 26,775
875 38,609 800 35,300 1,525 67,291
-- -- -- -- 200 5,600
2,715 24,096 2,200 19,525 4,500 39,938
2,200 69,575 2,200 69,575 4,100 129,663
500 16,250 400 13,000 1,000 32,500
1,000 47,375 200 9,475 400 18,950
1,259 45,167 1,244 44,629 2,290 82,154
600 59,400 600 59,400 1,100 108,900
400 13,400 500 16,750 900 30,150
900 28,238 800 25,100 1,650 51,769
516 25,155 496 24,180 1,065 51,919
800 30,300 800 30,300 1,700 64,388
1,000 32,625 500 16,313 900 29,363
484 10,527 354 7,700 535 11,636
600 15,075 600 15,075 1,200 30,150
230 10,178 155 6,859 445 19,691
708 16,284 607 13,961 1,340 30,820
757 28,198 477 17,768 735 27,379
900 37,125 800 33,000 1,550 63,938
2,218 78,185 2,138 75,365 3,980 140,295
800 9,600 800 9,600 2,100 25,200
2,172 32,037 1,917 28,276 3,945 58,189
600 40,050 500 33,375 1,000 66,750
1,823 52,183 1,663 47,603 3,095 88,594
1,400 15,925 900 10,238 1,800 20,475
-- -- -- -- 300 7,425
300 12,413 200 8,275 500 20,688
</TABLE>
---------------------------
59
<PAGE> 63
LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
K-III Communications Corp+ -- -- -- --
KLA Instruments Corp+ 300 7,200 400 9,600
Kohls Corp+ 393 24,317 210 12,994
La Quinta Inns Inc 400 10,800 400 10,800
Laboratory Corp of America Holdings+ 660 5,115 418 3,240
Lam Research Corp+ 300 11,063 300 11,063
Lancaster Colony Corp 338 12,760 260 9,815
Lear Seating Corp+ 300 9,563 300 9,563
Lexmark International Group Inc Class
A+ -- -- 100 2,263
LIN Television Corp+ 200 6,850 100 3,425
Linear Technology Corp 786 36,549 720 33,480
Loctite Corp 385 20,405 300 15,900
Lone Star Steakhouse & Saloon+ 300 9,563 300 9,563
Lubrizol Corp 729 21,323 660 19,305
Lyondell Petrochemical 876 23,543 580 15,588
Manpower Inc 700 21,963 600 18,825
Mark IV Industries Inc 497 9,940 388 7,760
Marvel Entertainment Group Inc+ -- -- 200 2,300
Maxim Integrated Products Inc+ 700 25,375 600 21,750
McCormick & Co Inc 888 20,313 700 16,013
McKesson Corp 500 26,125 400 20,900
Medaphis Corp+ 600 23,325 500 19,438
MEMC Electronic Materials Inc+ 300 10,200 200 6,800
Mentor Graphics Corp+ 600 8,550 500 7,125
Mercury Financial Corp 1,800 24,750 1,400 19,250
MGIC Investment Corp 400 23,300 300 17,475
Micro Warehouse Inc+ 300 14,250 200 9,500
Microchip Technology Inc+ 300 8,325 300 8,325
Mid Atlantic Medical Services+ 400 8,450 400 8,450
MobileMedia Corp+ 300 7,500 200 5,000
Modine Manufacturing Co 309 7,262 250 5,875
Morrison Restaurants 385 6,449 200 3,350
Mylan Laboratories 1,303 25,409 1,170 22,815
Netscape Communications Corp+ 200 10,200 200 10,200
New World Communications Group Inc+ -- -- 200 3,750
Newmont Gold Co 600 33,750 100 5,625
Nine West Group Inc+ 200 7,850 200 7,850
Noble Affiliates Inc 538 16,476 330 10,106
Nordson Corp 214 12,091 160 9,040
Northwest Airlines Corp Class A+ 800 36,700 700 32,113
Novellus Systems Inc+ 200 10,475 200 10,475
Oakley Inc+ 300 10,313 200 6,875
Office Depot Inc+ 1,538 32,106 1,150 24,006
Olsten Corp 461 21,091 350 16,013
</TABLE>
- ---------------------------
60
<PAGE> 64
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,800 20,925 -- -- 400 4,650
600 14,400 600 14,400 1,100 26,400
652 40,343 404 24,998 379 23,451
600 16,200 600 16,200 1,200 32,400
1,043 8,083 684 5,301 1,337 10,362
500 18,438 500 18,438 800 29,500
470 17,743 340 12,835 628 23,707
500 15,938 400 12,750 900 28,688
1,000 22,625 300 6,788 500 11,313
-- -- 200 6,850 400 13,700
1,300 60,450 1,110 51,615 2,150 99,975
542 28,726 397 21,041 765 40,545
400 12,750 500 15,938 900 28,688
1,117 32,672 942 27,554 1,900 55,575
1,317 35,394 892 23,973 1,245 33,459
900 28,238 900 28,238 1,800 56,475
790 15,800 501 10,020 1,156 23,120
1,400 16,100 200 2,300 600 6,900
1,000 36,250 900 32,625 1,700 61,625
1,355 30,996 1,205 27,564 2,155 49,296
600 31,350 600 31,350 1,100 57,475
800 31,100 800 31,100 1,400 54,425
400 13,600 400 13,600 700 23,800
852 12,141 600 8,550 1,600 22,800
2,600 35,750 2,400 33,000 4,400 60,500
700 40,775 600 34,950 1,100 64,075
400 19,000 400 19,000 700 33,250
400 11,100 500 13,875 1,000 27,750
700 14,788 500 10,563 1,300 27,463
400 10,000 300 7,500 700 17,500
465 10,928 335 7,873 500 11,750
643 10,770 398 6,667 775 12,981
1,965 38,318 1,927 37,577 3,652 71,214
1,000 51,000 800 40,800 400 20,400
-- -- 400 7,500 700 13,125
1,300 73,125 1,000 56,250 300 16,875
300 11,775 200 7,850 500 19,625
873 26,736 558 17,089 820 25,113
293 16,555 208 11,752 485 27,403
1,100 50,463 1,100 50,463 2,000 91,750
200 10,475 200 10,475 500 26,188
400 13,750 400 13,750 800 27,500
2,442 50,977 1,967 41,061 3,580 74,733
745 34,084 459 20,999 944 43,188
</TABLE>
---------------------------
61
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Omnicom Group 788 32,210 720 29,430
Outback Steakhouse Inc+ 300 10,650 300 10,650
Owens-Illinois Inc+ 700 11,375 700 11,375
Oxford Health Plans Inc+ 300 24,694 300 24,694
PacifiCare Health Systems Inc Class
B+ 200 18,800 200 18,800
Paging Network Inc+ 500 13,250 500 13,250
Parametric Technology Corp+ 710 52,806 580 43,138
Paychex Inc 505 27,838 290 15,986
Peoplesoft Inc+ 300 16,200 300 16,200
Perrigo Co+ 812 11,368 550 7,700
PetSmart Inc+ 600 20,850 500 17,375
Physician Corp of America+ 400 6,600 300 4,950
Pixar Inc+ -- -- -- --
Premier Industrial Corp 300 9,638 200 6,425
Price (T Rowe) Associates 300 16,125 200 10,750
Primadonna Resorts Inc+ -- -- -- --
Promus Hotel Corp+ 477 12,402 461 11,986
Qualcomm Inc+ 500 19,719 400 15,775
Readers Digest Association Class A 900 43,088 800 38,300
Reynolds & Reynolds Co Class A 473 17,915 460 17,423
Rhone-Poulenc Rorer Inc 900 57,600 400 25,600
Rollins Inc 388 8,536 210 4,620
Rouse Co 400 8,050 300 6,038
RPM Inc 778 11,476 687 10,133
Safeway Inc+ 1,400 41,825 600 17,925
Scherer (R P) Corp+ 300 13,200 200 8,800
Scholastic Inc+ 100 6,975 100 6,975
Schulman (A) Inc 403 9,168 320 7,280
Schwab (Charles) Corp 1,878 47,889 1,270 32,385
Sealed Air Corp+ 400 11,800 400 11,800
Sensormatic Electronics 735 15,343 670 13,986
Shaw Industries Inc 1,560 17,745 1,030 11,716
Simon Property Group Inc 300 7,013 300 7,013
Solectron Corp+ 500 24,250 300 14,550
Sonoco Products 988 27,047 877 24,008
Southern National Corp 1,100 30,800 1,000 28,000
Southland Corp+ 1,800 6,750 1,300 4,875
SPS Transaction Services Inc+ -- -- 100 3,225
Staples Inc+ 931 24,090 665 17,207
Starbucks Corp+ 600 10,575 600 10,575
Stop & Shop Co Inc+ 500 11,500 500 11,500
Stratacom Inc+ 700 28,000 600 24,000
Stryker Corp+ 524 28,427 310 16,818
Student Loan Marketing Assoc 900 74,363 700 57,838
</TABLE>
- ---------------------------
62
<PAGE> 66
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,320 53,955 1,210 49,459 2,258 92,296
500 17,750 400 14,200 900 31,950
1,400 22,750 1,100 17,875 2,000 32,500
500 41,156 500 41,156 800 65,850
300 28,200 300 28,200 600 56,400
1,500 39,750 800 21,200 1,500 39,750
971 72,218 921 68,499 1,785 132,759
802 44,210 507 27,948 1,050 57,881
400 21,600 400 21,600 800 43,200
1,252 17,528 842 11,788 1,680 23,520
700 24,325 800 27,800 1,450 50,388
600 9,900 500 8,250 1,100 18,150
-- -- -- -- 200 4,950
1,200 38,550 300 9,638 800 25,700
400 21,500 400 21,500 800 43,000
-- -- -- -- 400 6,400
674 17,524 745 19,370 1,455 37,830
600 23,663 600 23,663 1,300 51,269
1,300 62,238 1,200 57,450 2,300 110,113
756 28,634 676 25,604 1,250 47,344
1,900 121,600 1,400 89,600 1,300 83,200
645 14,190 400 8,800 675 14,850
500 10,063 400 8,050 900 18,113
1,198 17,671 986 14,544 2,168 31,978
2,800 83,650 2,000 59,750 1,600 47,800
400 17,600 300 13,200 700 30,800
200 13,950 200 13,950 400 27,900
686 15,607 616 14,014 1,185 26,959
2,786 71,043 1,896 48,348 3,214 81,957
606 17,877 636 18,762 1,100 32,450
1,123 23,443 1,048 21,877 2,085 43,524
2,415 27,471 1,605 18,257 3,000 34,125
500 11,688 300 7,013 900 21,038
500 24,250 700 33,950 1,100 53,350
1,500 41,063 1,422 38,927 2,755 75,418
1,700 47,600 1,500 42,000 3,080 86,240
2,600 9,750 1,800 6,750 4,200 15,750
-- -- -- -- 200 6,450
1,442 37,312 1,160 30,015 2,238 57,908
1,200 21,150 1,200 21,150 2,100 37,013
800 18,400 800 18,400 1,500 34,500
1,200 48,000 1,000 40,000 2,000 80,000
834 45,245 544 29,512 1,000 54,250
1,200 99,150 1,200 99,150 2,200 181,775
</TABLE>
---------------------------
63
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Sundstrand Corp 363 27,361 280 21,105
Superior Industries International Inc 322 8,010 260 6,468
Sybase Inc+ 700 21,963 600 18,825
Sybron International Corp+ 500 11,625 400 9,300
Symantec Corp+ 378 4,820 500 6,375
Symbol Technologies Inc+ 260 9,880 210 7,980
Synopsys Inc+ 400 13,100 300 9,825
Talbots Inc -- -- 100 3,025
Tambrands Inc 397 19,155 410 19,783
TCI Liberty Media Group Class A+ 1,890 52,211 1,606 44,366
Tencor Instruments+ 300 6,225 200 4,150
Teradyne Inc+ 776 15,811 720 14,670
Thermo Cardiosystems Inc+ 100 7,425 100 7,425
Thermo Instrument Systems Inc+ 200 5,475 125 3,422
Tootsie Roll Industries 200 7,800 200 7,800
Total System Services Inc -- -- 100 2,863
TransTexas Gas Corp+ -- -- -- --
TriMas Corp -- -- 100 2,288
Triton Energy Corp+ 400 19,850 300 14,888
Turner Broadcasting System Inc Class
A 800 22,800 700 19,950
Turner Broadcasting System Inc Class
B 1,200 34,800 1,000 29,000
U.S. Robotics Corp+ 400 49,600 300 37,200
Unifi Inc 768 18,624 600 14,550
Union Texas Petroleum Holdings Inc 600 11,850 500 9,875
USG Corp+ 300 7,950 300 7,950
UUNET Technologies Inc+ -- -- -- --
Valhi Inc -- -- -- --
Valspar Corp 200 8,925 200 8,925
Value Health Inc+ 435 11,256 545 14,102
ValuJet Inc+ 300 6,938 200 4,625
Varian Associates Inc 377 19,604 290 15,080
Vastar Resources Inc 600 18,975 200 6,325
Vencor Inc+ 700 26,163 500 18,688
Viking Office Products Inc+ 400 22,750 400 22,750
Vishay Intertechnology Inc 400 10,550 400 10,550
VLSI Technology Inc+ 500 6,000 400 4,800
Vornado Realty Trust 200 7,525 200 7,525
Western Digital Corp+ 500 10,438 500 10,438
Xilinx Inc+ 747 28,853 600 23,175
York International Corp 502 24,033 420 20,108
------------ ------------
TOTAL MEDIUM CAP GROWTH STOCKS
- VALUE $ 3,918,200 $ 3,193,866
- COST $ 3,228,944 $ 2,664,167
</TABLE>
- ---------------------------
64
<PAGE> 68
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
495 37,311 465 35,049 845 63,692
454 11,293 331 8,234 510 12,686
1,000 31,375 900 28,238 1,700 53,338
800 18,600 600 13,950 1,400 32,550
636 8,109 761 9,703 1,500 19,125
390 14,820 270 10,260 450 17,100
500 16,375 600 19,650 1,100 36,025
-- -- 200 6,050 400 12,100
654 31,556 609 29,384 1,185 57,176
2,922 80,720 2,756 76,135 5,014 138,512
400 8,300 300 6,225 700 14,525
1,290 26,284 1,100 22,413 2,250 45,844
200 14,850 200 14,850 300 22,275
1,300 35,588 250 6,844 537 14,700
300 11,700 200 7,800 506 19,734
900 25,763 200 5,725 400 11,450
-- -- -- -- 300 3,225
-- -- 200 4,575 500 11,438
600 29,775 500 24,813 1,100 54,588
1,000 28,500 1,000 28,500 2,100 59,850
1,700 49,300 1,500 43,500 3,000 87,000
500 62,000 500 62,000 1,000 124,000
1,182 28,664 982 23,814 1,840 44,620
800 15,800 900 17,775 1,600 31,600
500 13,250 400 10,600 900 23,850
-- -- -- -- 200 6,000
-- -- -- -- 300 2,025
300 13,388 300 13,388 600 26,775
1,019 26,367 847 21,916 1,719 44,479
400 9,250 200 4,625 700 16,188
535 27,820 490 25,480 965 50,180
1,300 41,113 900 28,463 500 15,813
900 33,638 780 29,153 1,674 62,566
700 39,813 700 39,813 1,200 68,250
800 21,100 600 15,825 1,320 34,815
600 7,200 400 4,800 1,200 14,400
300 11,288 400 15,050 600 22,575
900 18,788 800 16,700 1,500 31,313
1,059 40,904 974 37,621 1,920 74,160
659 31,550 614 29,395 1,285 61,519
------------ ----------- ------------
$ 6,320,860 $ 5,274,331 $ 9,847,538
$ 5,232,300 $ 4,377,898 $ 8,492,361
</TABLE>
---------------------------
65
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
MEDIUM CAP VALUE STOCKS
PERCENT OF NET ASSETS 3.33% 3.06%
AFLAC Inc 1,131 $ 52,450 980 $ 45,448
Albemarle Corp 713 13,725 460 8,855
Alexander & Baldwin Inc 504 11,844 390 9,165
Alleghany Corp+ 100 19,700 -- --
Allmerica Financial Corp -- -- 100 2,700
Allmerica Property & Casualty Co Inc 600 15,450 600 15,450
Alumax Inc+ 489 17,665 280 10,115
AMBAC Inc 400 19,300 300 14,475
American Financial Group Inc 504 16,065 290 9,244
American National Insurance Co 100 6,825 100 6,825
American Re Corp 500 19,188 400 15,350
American Standard Co Inc+ 400 11,300 400 11,300
American Water Works Co Inc 300 11,400 200 7,600
AmSouth Bancorp 600 23,625 500 19,688
Anixter International Inc+ 500 9,438 400 7,550
Aon Corp 1,090 56,680 960 49,920
Apache Corp 662 17,212 620 16,120
Arco Chemical Co 600 30,750 100 5,125
Argonaut Group Inc -- -- 100 3,300
Arrow Electronics Inc+ 493 24,280 396 19,503
AT & T Capital Corp -- -- 100 4,138
Avnet Inc 430 21,446 350 17,456
Bandag Inc -- -- 100 5,100
Bandag Inc Class A 100 4,988 100 4,988
Bankers Life Holding Corp 300 6,750 200 4,500
Barnes & Noble+ -- -- 100 2,888
BayBanks Inc 200 20,900 200 20,900
Bear Stearns & Co Inc 1,360 32,980 1,029 24,953
Beckman Instruments Inc 294 10,658 250 9,063
Bergen Brunswig Corp Class A 420 10,133 316 7,624
Bob Evans Farms Inc 468 7,839 360 6,030
Boise Cascade Office Products Corp+ -- -- -- --
Bowater Inc 395 14,615 310 11,470
Burlington Industries Inc+ 729 8,292 477 5,426
Cabot Corp 405 24,503 320 19,360
Capital One Financial Corp -- -- 400 10,700
Caremark International Inc+ 1,000 25,500 700 17,850
Central Fidelity Banks Inc 417 14,178 330 11,220
Chesapeake Corp 256 6,592 200 5,150
Chris-Craft Industries Inc+ 304 12,882 247 10,467
Cincinnati Financial Corp 600 39,150 520 33,930
Clayton Homes Inc 1,021 19,271 687 12,967
</TABLE>
- ---------------------------
66
<PAGE> 70
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
4.04% 4.84% 5.38%
1,678 $ 77,817 1,558 $ 72,252 2,885 $ 133,792
1,112 21,406 732 14,091 1,686 32,456
814 19,129 809 19,012 1,380 32,430
100 19,700 100 19,700 100 19,700
700 18,900 200 5,400 300 8,100
900 23,175 900 23,175 1,900 48,925
773 27,925 493 17,810 970 35,041
600 28,950 500 24,125 1,100 53,075
813 25,914 508 16,193 980 31,238
200 13,650 100 6,825 300 20,475
800 30,700 700 26,863 1,300 49,888
600 16,950 500 14,125 1,200 33,900
400 15,200 300 11,400 700 26,600
800 31,500 900 35,438 1,600 63,000
500 9,438 700 13,213 1,200 22,650
1,660 86,320 1,525 79,300 2,850 148,200
1,049 27,274 1,084 28,184 2,035 52,910
1,300 66,625 900 46,125 300 15,375
-- -- 200 6,600 300 9,900
799 39,351 610 30,043 1,175 57,869
700 28,963 -- -- 200 8,275
714 35,611 659 32,868 1,215 60,598
200 10,200 100 5,100 300 15,300
200 9,975 200 9,975 400 19,950
400 9,000 300 6,750 600 13,500
-- -- 200 5,775 400 11,550
300 31,350 300 31,350 600 62,700
2,058 49,907 1,696 41,128 3,102 75,224
450 16,313 505 18,306 880 31,900
629 15,175 620 14,958 1,200 28,950
752 12,596 472 7,906 1,250 20,938
400 22,200 -- -- 100 5,550
652 24,124 607 22,459 1,075 39,775
1,136 12,922 749 8,520 1,902 21,635
686 41,503 616 37,268 1,095 66,248
900 24,075 600 16,050 800 21,400
1,500 38,250 1,200 30,600 2,500 63,750
700 23,800 630 21,420 1,205 40,970
361 9,296 266 6,850 650 16,738
465 19,704 316 13,391 214 9,068
900 58,725 800 52,200 1,615 105,379
1,556 29,370 1,056 19,932 1,926 36,353
</TABLE>
---------------------------
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<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
CNA Financial Corp+ 400 46,500 100 11,625
Coca-Cola Enterprises 1,412 40,066 910 25,821
Comdisco Inc 616 12,628 345 7,073
Commerce Bancshares Inc 515 18,604 415 14,992
Compass Bankshares Inc 300 9,675 300 9,675
Comsat Corp 510 11,794 400 9,250
Conseco Inc 200 13,550 200 13,550
Consolidated Papers Inc 486 24,847 280 14,315
Countrywide Credit Industries Inc 1,200 25,200 1,000 21,000
Cox Communications Inc Class A+ 613 13,486 474 10,428
Crestar Financial Corp 502 29,367 420 24,570
Dauphin Deposit Corp 360 10,530 270 7,898
Dean Foods Co 424 10,865 340 8,713
Diamond Offshore Drilling Inc 200 7,325 100 3,663
Diamond Shamrock R&M Inc 304 9,272 250 7,625
Dime Bancorp Inc+ 1,200 13,500 900 10,125
Dole Food Inc 646 26,002 410 16,503
Donaldson Lufkin & Jenrette Inc -- -- 100 3,125
DST Systems Inc 200 6,850 200 6,850
Edwards A G & Sons Inc 655 15,884 520 12,610
Ensco International Inc+ 500 12,063 400 9,650
Equitable Co Inc 900 22,725 700 17,675
Equitable of Iowa Co 300 11,588 300 11,588
Equity Residential Properties Trust 300 9,525 300 9,525
Ferro Corp 305 7,778 250 6,375
FHP International Corp+ 424 13,886 340 11,135
Fifth Third Bancorp 994 50,943 645 33,056
Fina Inc Class A -- -- -- --
Finova Group Inc 300 16,013 300 16,013
First America Bank Corp 647 28,306 610 26,688
First American Corp -- Tennessee 300 13,388 300 13,388
First Brands Corp 486 13,001 380 10,165
First Colony Corp 400 9,900 300 7,425
First Empire State Corp 100 24,100 -- --
First Hawaiian Inc 200 5,650 200 5,650
First Security Corp 774 20,801 780 20,963
First Tennessee National Corp 708 22,302 740 23,310
First Virginia Banks Inc 359 14,315 280 11,165
Firstar Corp 700 31,588 600 27,075
Firstmerit Corp 300 8,775 300 8,775
Fiserv Inc+ 417 12,927 430 13,330
Flight Safety Int'l. 356 19,002 270 14,411
Food Lion Inc Class A 2,400 13,350 2,200 12,238
Food Lion Inc Class B 1,700 9,456 1,700 9,456
</TABLE>
- ---------------------------
68
<PAGE> 72
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
800 93,000 600 69,750 300 34,875
2,188 62,085 1,448 41,087 2,255 63,986
1,041 21,341 636 13,038 1,142 23,411
525 18,966 620 22,398 1,145 41,363
500 16,125 400 12,900 900 29,025
819 18,939 814 18,824 1,390 32,144
300 20,325 300 20,325 600 40,650
770 39,366 490 25,051 870 44,479
1,700 35,700 1,500 31,500 3,100 65,100
3,494 76,868 2,327 51,194 1,549 34,078
685 40,073 715 41,828 1,285 75,173
492 14,391 362 10,589 945 27,641
707 18,117 637 16,323 1,205 30,878
700 25,638 200 7,325 400 14,650
435 13,268 330 10,065 515 15,708
1,500 16,875 1,600 18,000 3,000 33,750
1,008 40,572 668 26,887 1,125 45,281
900 28,125 200 6,250 300 9,375
400 13,700 300 10,275 700 23,975
1,017 24,662 877 21,267 1,625 39,406
700 16,888 600 14,475 1,400 33,775
2,700 68,175 1,300 32,825 2,200 55,550
400 15,450 400 15,450 800 30,900
400 12,700 400 12,700 800 25,400
436 11,118 331 8,441 815 20,783
703 23,023 636 20,829 1,209 39,595
1,576 80,770 1,129 57,861 2,152 110,290
400 19,250 -- -- 100 4,813
400 21,350 400 21,350 800 42,700
1,009 44,144 1,069 46,769 1,925 84,219
400 17,850 500 22,313 900 40,163
694 18,565 704 18,832 1,260 33,705
500 12,375 400 9,900 1,000 24,750
100 24,100 100 24,100 100 24,100
300 8,475 200 5,650 600 16,950
1,275 34,266 1,102 29,616 2,250 60,469
970 30,555 1,100 34,650 2,080 65,520
491 19,579 461 18,382 945 37,682
1,100 49,638 900 40,613 1,800 81,225
500 14,625 500 14,625 900 26,325
699 21,669 629 19,499 1,295 40,145
487 25,994 357 19,055 645 34,427
3,300 18,356 4,200 23,363 7,500 41,719
2,700 15,019 3,000 16,688 5,300 29,481
</TABLE>
---------------------------
69
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Fort Howard Corp+ 400 9,200 300 6,900
Franchise Finance Corp -- -- -- --
GATX Corp 223 10,007 170 7,629
Gaylord Entertainment Co Class A 300 8,025 200 5,350
General Motors Corp Class E 2,788 159,265 1,630 93,114
General Motors Corp Class H 1,100 62,975 900 51,525
Genzyme Corp -- General Division+ 263 18,147 210 14,490
Glatfelter (P H) Co 486 8,080 280 4,655
Greenpoint Financial Corp 400 10,600 400 10,600
HFS Inc 1,000 46,500 800 37,200
Hanna (M A) Co 387 10,933 200 5,650
Hannaford Brothers Co 436 11,990 260 7,150
Harsco Corp 269 17,754 210 13,860
Hartford Steam Boiler Inspection 230 11,529 180 9,023
Hawaiian Electric Industries Inc 292 11,060 240 9,090
Health & Retire Property Trust 600 10,050 600 10,050
Health Care & Retirement Corp+ 300 12,188 300 12,188
Healthsouth Corp+ 1,494 52,290 800 28,000
Heilig-Meyers Co 524 7,336 410 5,740
Hibernia Corp Class A 1,200 12,900 1,100 11,825
Host Marriot Corp+ 1,200 15,600 1,200 15,600
Hubbell Inc Class B 366 24,156 283 18,678
Huntington Bancshares Inc 1,650 38,569 1,350 31,556
IBP Inc 1,032 25,800 1,020 25,500
IMC Fertilizer Group 618 25,493 500 20,625
Integra Financial Corp 300 20,438 200 13,625
International Specialty Products Inc -- -- 200 2,475
Kansas City Southern Industries 481 22,306 270 12,521
Kelly Services Inc Class A 406 11,673 320 9,200
Kennametal Inc 300 9,713 200 6,475
Keystone International Inc 383 7,708 300 6,038
Kimco Realty Corp 300 8,175 250 6,813
Komag Inc+ 400 12,550 400 12,550
Lafarge Corp -- -- 200 3,700
Leggett & Platt Inc 858 20,056 700 16,363
Lehman Brothers Holdings 1,200 29,700 1,000 24,750
Leucadia National Corp 400 10,650 300 7,988
Litton Industries Inc+ 501 25,301 290 14,645
Longview Fibre Co 554 9,003 340 5,525
LTV Corp 1,000 12,750 1,000 12,750
Manville Corp+ -- -- 200 2,550
MAPCO Inc 337 18,367 260 14,170
Marshall & Ilsley Corp 1,058 26,318 940 23,383
Martin Mareitta Inc -- -- -- --
</TABLE>
- ---------------------------
70
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<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
600 13,800 400 9,200 1,000 23,000
-- -- -- -- 300 6,075
302 13,552 317 14,225 610 27,374
400 10,700 300 8,025 715 19,126
6,391 365,086 4,276 244,267 4,900 279,913
1,700 97,325 1,500 85,875 2,800 160,300
367 25,323 272 18,768 350 24,150
769 12,785 489 8,130 770 12,801
700 18,550 800 21,200 1,400 37,100
1,400 65,100 1,300 60,450 2,600 120,900
645 18,221 400 11,300 775 21,894
745 20,488 465 12,788 940 25,850
374 24,684 379 25,014 760 50,160
309 15,489 324 16,241 620 31,078
423 16,021 403 15,264 880 33,330
800 13,400 1,000 16,750 1,700 28,475
500 20,313 400 16,250 900 36,563
2,121 74,235 2,061 72,135 2,530 88,550
834 11,676 544 7,616 1,300 18,200
1,700 18,275 1,700 18,275 3,700 39,775
1,900 24,700 2,100 27,300 3,700 48,100
504 33,264 467 30,822 851 56,166
2,270 53,061 2,345 54,814 4,190 97,941
1,652 41,300 1,542 38,550 2,800 70,000
930 38,363 770 31,763 1,500 61,875
400 27,250 400 27,250 700 47,688
1,300 16,088 -- -- 500 6,188
765 35,477 485 22,492 760 35,245
689 19,809 419 12,046 1,085 31,194
411 13,306 300 9,713 800 25,900
641 12,900 396 7,970 965 19,421
450 12,263 300 8,175 700 19,075
600 18,825 600 18,825 1,300 40,788
-- -- 300 5,550 600 11,100
1,474 34,455 1,184 27,676 2,130 49,789
1,800 44,550 1,600 39,600 3,200 79,200
400 10,650 400 10,650 900 23,963
808 40,804 503 25,402 779 39,340
890 14,463 575 9,344 1,330 21,613
1,900 24,225 1,700 21,675 3,100 39,525
1,800 22,950 300 3,825 700 8,925
468 25,506 338 18,421 700 38,150
1,603 39,875 1,583 39,377 2,920 72,635
-- -- -- -- 300 6,750
</TABLE>
---------------------------
71
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Mascotech Inc -- -- 300 3,863
MBIA Inc 400 30,400 400 30,400
Media General Inc Class A 280 10,465 220 8,223
Meditrust Corp 600 19,950 400 13,300
Mercantile Bancorporation 736 33,120 570 25,650
Mercantile Bankshares 503 13,267 390 10,286
Mercury General Corp 100 4,375 100 4,375
Meridian Bancorp Inc 635 32,703 590 30,385
MFS Communications Inc+ 200 12,100 200 12,100
MGM Grand Inc+ -- -- 100 3,325
Mirage Resorts Inc+ 995 46,143 680 31,535
Molex Inc 1,063 37,471 718 25,310
Molex Inc Class A 600 19,950 475 15,794
Murphy Oil Corp 493 20,583 380 15,865
Nabisco Holdings Corp Class A 200 7,025 200 7,025
New Plan Realty Trust 500 10,313 500 10,313
NGC Corp -- -- -- --
Northern Trust Corp 667 35,184 560 29,540
Officemax Inc+ 800 17,200 700 15,050
Ohio Casualty Corp 300 11,175 300 11,175
Old Kent Financial Corp 600 23,925 415 16,548
Old National Bancorp 315 10,395 210 6,930
Old Republic International Corp 500 17,125 500 17,125
Olin Corp 235 19,446 180 14,895
PacifiCare Health Systems Inc Class
A+ 289 26,877 240 22,320
Painewebber Group Inc 1,200 23,850 900 17,888
Paul Revere Corp -- -- -- --
PHH Corp 178 8,922 150 7,519
Pittston Services Group 523 12,225 320 7,480
PMI Group Inc 200 9,150 200 9,150
Policy Management Systems Corp+ 248 12,679 170 8,691
Progressive Corp Ohio 782 35,972 520 23,920
Provident Companies Inc+ 497 16,836 290 9,824
Prudential Reinsurance Holdings -- -- 200 4,900
Quantum Corp+ 500 8,563 500 8,563
Questar Corp 427 13,451 340 10,710
Quorom Health Group Inc+ 300 7,388 200 4,925
Rayonier Inc 256 8,768 250 8,563
Read-Rite Corp+ 400 7,500 400 7,500
Readers Digest Association Class B 200 8,800 200 8,800
Regions Financial 435 19,956 450 20,644
Reliastar Financial Corp 300 14,400 300 14,400
Revco DS Inc+ 400 11,100 300 8,325
Riverwood International Group -- -- 100 1,988
</TABLE>
- ---------------------------
72
<PAGE> 76
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
-- -- 400 5,150 800 10,300
600 45,600 600 45,600 1,200 91,200
410 15,324 290 10,839 570 21,304
700 23,275 700 23,275 1,200 39,900
769 34,605 1,064 47,880 1,740 78,300
813 21,443 708 18,674 1,280 33,760
200 8,750 100 4,375 300 13,125
997 51,346 942 48,513 1,705 87,808
900 54,450 300 18,150 600 36,300
700 23,275 200 6,650 400 13,300
1,489 69,052 1,104 51,198 2,035 94,373
1,638 57,740 1,100 38,775 822 28,976
925 30,756 825 27,431 1,525 50,706
777 32,440 597 24,925 1,270 53,023
800 28,100 100 3,513 600 21,075
800 16,500 900 18,563 1,700 35,063
1,600 18,200 -- -- 200 2,275
928 48,952 888 46,842 1,665 87,829
1,300 27,950 1,300 27,950 2,400 51,600
400 14,900 400 14,900 900 33,525
825 32,897 720 28,710 1,330 53,034
420 13,860 315 10,395 735 24,255
700 23,975 700 23,975 1,400 47,950
339 28,052 429 35,500 730 60,408
420 39,060 300 27,900 280 26,040
1,800 35,775 1,700 33,788 3,000 59,625
-- -- -- -- 200 4,625
257 12,882 197 9,875 575 28,822
657 15,357 743 17,368 804 18,794
300 13,725 300 13,725 700 32,025
303 15,491 258 13,190 440 22,495
1,197 55,062 797 36,662 1,150 52,900
806 27,303 501 16,971 680 23,035
400 9,800 300 7,350 600 14,700
790 13,529 785 13,443 1,400 23,975
710 22,365 440 13,860 1,030 32,445
400 9,850 300 7,388 700 17,238
462 15,824 526 18,016 919 31,476
600 11,250 500 9,375 1,300 24,375
300 13,200 300 13,200 600 26,400
719 32,984 664 30,461 1,340 61,473
500 24,000 600 28,800 1,000 48,000
700 19,425 500 13,875 1,200 33,300
1,000 19,875 -- -- 400 7,950
</TABLE>
---------------------------
73
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
RJR Nabisco Holdings Corp 2,670 89,779 2,143 72,058
Scripps (E W) Co 600 25,200 200 8,400
Seagate Technology Inc+ 1,018 66,425 900 58,725
Security Capital Pacific Trust 600 12,900 500 10,750
Signet Banking Corp 600 15,600 500 13,000
Southern Pacific Rail Corp+ 561 13,324 549 13,039
SouthTrust Corp 871 22,537 780 20,183
Spelling Entertainment Group Inc+ -- -- -- --
St Joe Paper Co 100 6,100 100 6,100
Standard Fed Bancorp 300 12,413 300 12,413
Star Banc Corp 300 18,900 300 18,900
State Street Boston Corp 1,019 46,110 850 38,463
Stewart & Stevenson Services 364 9,282 280 7,140
Storage Technology Corp+ 559 16,910 435 13,159
Stratus Computer Inc+ 261 7,569 210 6,090
Sunamerica Inc+ 200 10,900 300 16,350
Sunbeam-Oster Co Inc 500 8,063 400 6,450
Sungard Data Systems Inc+ 400 13,700 400 13,700
Synovus Financial Corp 900 26,325 700 20,475
Tecumseh Products Co Class A 241 13,617 190 10,735
Tele-Communications International Inc
Class A+ -- -- 200 4,300
Terra Industries Inc 500 6,125 300 3,675
Thermo Electron Corp+ 1,022 55,955 751 41,117
Tidewater Inc 565 19,281 350 11,944
TIG Holdings Inc 500 15,813 400 12,650
Tosco Corp 357 15,931 280 12,495
Transatlantic Holdings Inc 251 17,633 200 14,050
Trinity Industries Inc 422 14,084 340 11,348
Tyson Foods Inc Class A 1,594 35,865 1,060 23,850
U.S. Industries Inc 595 11,528 505 9,784
UAL Corp+ 100 17,863 100 17,863
UCAR International Inc+ 200 7,100 200 7,100
UJB Financial Corp 603 22,914 570 21,660
Ultramar Corp 400 11,450 400 11,450
Union Bank -- -- 100 5,200
Union Planters Corp 400 12,350 400 12,350
United Asset Management Corp 300 12,825 300 12,825
Unitrin Inc 300 14,700 300 14,700
Universal Corp 381 10,239 300 8,063
Universal Foods Corp 279 10,567 220 8,333
Valero Energy Corp 480 11,340 370 8,741
Vons Co Inc+ 480 13,800 270 7,763
Vulcan Materials Co 400 21,700 300 16,275
Washington Federal Inc 440 9,405 440 9,405
</TABLE>
- ---------------------------
74
<PAGE> 78
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
3,905 131,306 3,551 119,402 6,618 222,530
900 37,800 300 12,600 800 33,600
1,537 100,289 1,242 81,041 2,379 155,230
800 17,200 900 19,350 1,600 34,400
800 20,800 1,000 26,000 1,800 46,800
2,162 51,348 711 16,886 1,661 39,449
1,337 34,595 1,387 35,889 2,535 65,593
-- -- -- -- 400 4,650
200 12,200 100 6,100 300 18,300
600 24,825 500 20,688 1,000 41,375
500 31,500 500 31,500 900 56,700
1,485 67,196 1,350 61,088 2,490 112,673
495 12,623 365 9,308 845 21,548
884 26,741 767 23,202 1,625 49,156
366 10,614 271 7,859 750 21,750
750 40,875 450 24,525 700 38,150
800 12,900 600 9,675 1,300 20,963
600 20,550 600 20,550 1,100 37,675
1,300 38,025 1,100 32,175 2,300 67,275
345 19,493 249 14,069 431 24,352
1,500 32,250 200 4,300 600 12,900
700 8,575 500 6,125 1,100 13,475
1,468 80,373 1,344 73,584 2,442 133,700
925 31,566 585 19,963 965 32,931
900 28,463 700 22,138 1,400 44,275
489 21,822 359 16,020 845 37,708
355 24,939 260 18,265 340 23,885
705 23,529 635 21,193 1,205 40,217
2,474 55,665 1,649 37,103 2,330 52,425
950 18,406 760 14,725 1,535 29,741
200 35,725 200 35,725 400 71,450
300 10,650 300 10,650 500 17,750
939 35,682 814 30,932 1,679 63,802
700 20,038 600 17,175 1,300 37,213
500 26,000 100 5,200 200 10,400
600 18,525 600 18,525 1,400 43,225
400 17,100 400 17,100 900 38,475
400 19,600 400 19,600 800 39,200
639 17,173 594 15,964 1,065 28,622
409 15,491 489 18,521 770 29,164
764 18,050 684 16,160 1,360 32,130
764 21,965 484 13,915 760 21,850
600 32,550 500 27,125 1,000 54,250
660 14,108 550 11,756 1,320 28,215
</TABLE>
---------------------------
75
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Washington Mutual Inc 600 18,000 600 18,000
Washington Post Co Class B 127 36,576 100 28,800
Weingarten Realty Investors 200 7,500 200 7,500
Weis Markets Inc -- -- 100 2,963
Wellman Inc 363 8,213 280 6,335
Wesco Financial Corp -- -- -- --
Western National Corp 400 6,250 300 4,688
Wheelabrator Technologies Inc+ 1,200 19,050 800 12,700
Wilmingtion Trust Corp 392 13,034 310 10,308
Witco Corp 616 20,097 580 18,923
Xtra Corp 200 8,725 200 8,725
Zurich Reinsurance Centre Holdings
Inc+ -- -- 100 3,175
------------ ------------
TOTAL MEDIUM CAP VALUE STOCKS
- VALUE $ 3,880,375 $ 3,094,209
- COST $ 3,206,098 $ 2,532,268
MEDIUM CAP UTILITY STOCKS
PERCENT OF NET ASSETS 0.76% 0.71%
AES Corp+ 784 $ 19,208 640 $ 15,680
Allegheny Power System Inc 1,284 37,397 1,010 29,416
Atlanta Gas Light Co 538 9,751 440 7,975
Atlantic Energy Inc 569 10,384 460 8,395
Brooklyn Union Gas Co 510 13,324 400 10,450
Century Telephone Enterprise 567 19,065 460 15,468
CMS Energy Corp 921 27,975 740 22,478
Delmarva Power & Light Co 640 14,160 510 11,284
El Paso Natural Gas Co 398 13,433 320 10,800
Florida Progress Corp 1,015 35,906 800 28,300
Frontier Corp 783 23,490 630 18,900
Idaho Power Co 402 11,658 320 9,280
Illinova Corp 813 23,171 650 18,525
IPALCO Enterprises Inc 405 16,149 320 12,760
Kansas City Power & Light Co 667 16,925 530 13,449
LG&E Energy Corp+ 364 15,652 280 12,040
MCN Corp 616 15,477 500 12,563
Midamerican Energy Co+ 451 8,174 367 6,652
Minnesota Power & Light Co 349 9,554 270 7,391
Mobile Telecommunication Technologies
Corp+ -- -- 400 5,750
Montana Power Co 563 12,316 460 10,063
National Fuel Gas Co 400 12,850 320 10,280
Nevada Power Co 444 9,657 360 7,830
New England Electric System 695 26,844 560 21,630
New York State Electric & Gas 772 18,239 610 14,411
NEXTEL Communications Class A+ 1,068 16,154 880 13,310
</TABLE>
- ---------------------------
76
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<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
900 27,000 800 24,000 1,900 57,000
180 51,840 133 38,304 125 36,000
400 15,000 400 15,000 700 26,250
600 17,775 200 5,925 300 8,888
495 11,199 365 8,258 845 19,118
100 18,025 -- -- -- --
600 9,375 400 6,250 1,000 15,625
2,800 44,450 1,400 22,225 2,500 39,688
649 21,579 504 16,758 1,175 39,069
952 31,059 822 26,818 1,695 55,299
300 13,088 200 8,725 500 21,813
-- -- 100 3,175 300 9,525
------------ ----------- ------------
$ 6,571,874 $ 5,234,694 $ 9,472,623
$ 5,464,393 $ 4,373,873 $ 8,067,064
0.79% 0.86% 0.48%
1,148 $ 28,126 798 $ 19,551 750 $ 18,375
1,809 52,687 1,319 38,416 1,230 35,824
798 14,464 558 10,114 520 9,425
830 15,148 590 10,768 550 10,038
719 18,784 514 13,428 490 12,801
828 27,842 588 19,772 565 18,998
1,314 39,913 954 28,978 885 26,882
903 19,979 648 14,337 615 13,607
556 18,765 411 13,871 385 12,994
1,434 50,728 1,039 36,755 980 34,668
1,122 33,660 797 23,910 750 22,500
585 16,965 415 12,035 385 11,165
1,153 32,861 843 24,026 780 22,230
588 23,447 418 16,668 385 15,352
955 24,233 690 17,509 645 16,367
496 21,328 366 15,738 345 14,835
930 23,366 670 16,834 600 15,075
680 12,325 489 8,863 -- --
480 13,140 350 9,581 335 9,171
-- -- -- -- -- --
824 18,025 584 12,775 540 11,813
582 18,697 412 13,236 385 12,368
652 14,181 472 10,266 450 9,788
1,008 38,934 718 27,733 690 26,651
1,087 25,680 787 18,593 740 17,483
1,588 24,019 1,101 16,653 1,025 15,503
</TABLE>
---------------------------
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
NIPSCO Industries Inc 702 26,501 560 21,140
Northeast Utilities 1,340 29,815 1,070 23,808
Oklahoma Gas & Electric Co 429 17,696 340 14,025
Pinnacle West Capital Corp 941 26,701 750 21,281
Portland General Corp 540 16,538 430 13,169
Potomac Electric Power Co 1,282 33,813 1,010 26,639
Public Service Company of Colorado 661 23,300 530 18,683
Puget Sound Power & Light Co 683 17,075 540 13,500
Ranger Oil Ltd -- -- -- --
SCANA Corp 1,026 28,215 820 22,550
Seagull Energy Corp+ 391 7,380 310 5,851
Southern New England Telecom Corp 687 28,081 550 22,481
Southwestern Public Service Co 433 13,910 350 11,244
TECO Energy Inc 1,265 31,625 990 24,750
Telephone & Data Systems Inc 566 26,107 450 20,756
Utilicorp United Inc 491 14,485 380 11,210
Vanguard Cellular Systems Class A+ 411 9,042 330 7,260
Washington Gas Light Co 464 10,092 360 7,830
Wisconsin Energy Corp 1,148 33,149 920 26,565
WorldCom Inc+ 1,308 51,503 1,030 40,556
WPL Holdings Inc 341 10,571 260 8,060
------------ ------------
TOTAL MEDIUM CAP UTILITY STOCKS
- VALUE $ 892,512 $ 716,438
- COST $ 739,484 $ 601,524
SMALL CAP GROWTH STOCKS
PERCENT OF NET ASSETS 0.11% 0.05%
Bancorp Hawaii Inc 474 $ 16,472 460 $ 15,985
Breed Technologies Inc -- -- -- --
Collins & Aikman Corp+ -- -- -- --
Ennis Business Forms Inc -- -- -- --
Firstmiss Gold Inc+ 24 648 59 1,593
Flowers Industries Inc 606 8,257 480 6,540
Geon Co -- -- -- --
Goulds Pumps Inc -- -- -- --
Home Shopping Network Inc+ 1,025 10,763 810 8,505
International Dairy Queen Class A -- -- -- --
Jacobs Engineering Group+ -- -- -- --
Kaydon Corp -- -- -- --
Lance Inc -- -- -- --
Lands End Inc+ -- -- -- --
Lawson Products Inc -- -- -- --
Lawter International Inc -- -- -- --
Lee Enterprises Inc 498 10,769 -- --
</TABLE>
- ---------------------------
78
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<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,015 38,316 740 27,935 675 25,481
1,916 42,631 1,386 30,839 1,290 28,703
612 25,245 442 18,233 415 17,119
1,334 37,852 974 27,637 905 25,679
775 23,734 560 17,150 520 15,925
1,806 47,633 1,316 34,710 1,230 32,441
949 33,452 684 24,111 635 22,384
971 24,275 706 17,650 655 16,375
1,508 9,425 1,103 6,894 -- --
1,446 39,765 1,036 28,490 980 26,950
548 10,344 403 7,607 375 7,078
975 39,853 710 29,021 680 27,795
617 19,821 462 14,842 415 13,332
1,789 44,725 1,284 32,100 1,220 30,500
827 38,145 587 27,075 565 26,061
675 19,913 494 14,573 472 13,924
595 13,090 427 9,394 390 8,580
624 13,572 454 9,875 440 9,570
1,645 47,499 1,175 33,928 1,105 31,907
1,858 73,159 1,343 52,881 1,260 49,613
473 14,663 343 10,633 325 10,075
------------ ----------- ------------
$ 1,284,409 $ 925,988 $ 853,405
$ 1,047,122 $ 758,672 $ 694,833
0.22% 0.17% 0.06%
757 $ 26,306 677 $ 23,526 1,335 $ 46,391
-- -- -- -- 100 1,663
-- -- -- -- 400 2,650
247 2,779 -- -- -- --
222 5,994 158 4,266 246 6,642
879 11,976 624 8,502 577 7,862
-- -- -- -- 300 8,025
315 6,812 -- -- -- --
1,444 15,162 1,049 11,015 680 7,140
369 7,934 -- -- -- --
373 10,631 -- -- -- --
250 8,250 -- -- -- --
478 7,648 -- -- -- --
547 9,231 -- -- -- --
197 4,633 -- -- -- --
677 7,278 -- -- -- --
708 15,311 510 11,029 -- --
</TABLE>
---------------------------
79
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Lincoln Telecommunications -- -- -- --
MagneTek Inc+ -- -- -- --
MAXXAM Inc+ -- -- -- --
Nabors Industries Inc+ -- -- -- --
Nellcor Inc+ -- -- -- --
OEA Inc+ -- -- -- --
Precision Castparts Corp -- -- -- --
Sbarro Inc -- -- -- --
Schweitzer-Mauduit International Inc+ 20 568 92 2,611
Smith International Inc+ 414 8,435 -- --
Sotheby's Holdings Inc 611 9,089 -- --
Stanhome Inc 220 6,655 170 5,143
Sterling Chemicals Inc+ 612 7,268 -- --
Structural Dynamics Research+ 303 9,242 -- --
TCA Cable TV Inc 266 8,978 -- --
Tiffany & Co 163 8,761 -- --
Topps Inc+ 512 2,496 -- --
VeriFone Inc+ 258 11,546 -- --
Wausau Paper Mills Co 392 8,820 316 7,110
Weatherford Enterra Inc+ -- -- -- --
Williams-Sonoma Inc+ -- -- -- --
------------ ------------
TOTAL SMALL CAP GROWTH STOCKS
- VALUE $ 128,767 $ 47,487
- COST $ 101,699 $ 42,429
SMALL CAP VALUE STOCKS
PERCENT OF NET ASSETS 0.12% 0.06%
AnnTaylor Stores Inc+ 247 $ 4,292 195 $ 3,388
AVX Corp -- -- 200 4,900
Bally Total Fitness Holding Corp+ 26 112 76 328
Bassett Furniture Industries 25 644 50 1,288
Borders Group Inc+ -- -- -- --
Castle & Cooke Inc+ 215 3,198 136 2,023
Crown Vantage Inc+ 21 315 48 720
Edison Brothers Stores Inc -- -- -- --
Exabyte Corp+ -- -- -- --
Family Dollar Stores Inc 620 8,525 480 6,600
Federal Mogul Corp 396 7,326 300 5,550
Federal Realty Investment Trust -- -- -- --
Fingerhut Co 505 7,007 400 5,550
First Mississippi Corp 35 914 84 2,195
Fuller H B Co -- -- -- --
Fund American Enterprises Inc+ -- -- -- --
GenCorp Inc -- -- -- --
</TABLE>
- ---------------------------
80
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<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
490 9,678 -- -- -- --
367 2,569 -- -- -- --
128 5,760 -- -- -- --
1,285 16,544 29 373 -- --
250 16,750 175 11,725 -- --
308 10,010 223 7,248 -- --
300 11,775 213 8,360 -- --
319 7,935 219 5,448 -- --
214 6,072 176 4,994 351 9,960
597 12,164 427 8,700 -- --
848 12,614 623 9,267 -- --
299 9,045 214 6,474 210 6,353
849 10,082 624 7,410 -- --
434 13,237 319 9,730 -- --
371 12,521 276 9,315 -- --
240 12,900 180 9,675 -- --
722 3,520 527 2,569 -- --
363 16,244 268 11,993 -- --
572 12,870 407 9,158 371 8,348
357 10,933 -- -- -- --
-- -- -- -- 200 2,975
------------ ----------- ------------
$ 353,168 $ 180,777 $ 108,009
$ 279,712 $ 136,929 $ 97,999
0.28% 0.23% 0.10%
351 $ 6,099 253 $ 4,396 237 $ 4,118
1,300 31,850 300 7,350 600 14,700
185 798 116 500 223 962
200 5,150 120 3,090 206 5,305
-- -- -- -- 400 9,250
336 4,998 222 3,302 341 5,072
104 1,560 81 1,215 132 1,980
347 521 -- -- -- --
340 4,845 -- -- -- --
857 11,784 627 8,621 495 6,806
553 10,231 398 7,363 380 7,030
-- -- -- -- 400 9,000
714 9,907 509 7,062 180 2,498
314 8,203 224 5,852 348 9,092
225 8,100 -- -- -- --
-- -- -- -- 100 7,700
485 6,305 -- -- -- --
</TABLE>
---------------------------
81
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Gibson Greeting Inc+ -- -- -- --
Granite Construction Inc -- -- -- --
Hancock Fabrics -- -- -- --
Highland Insurance Group+ 37 754 76 1,549
Host Marriot Services Corp+ 240 1,590 240 1,590
Hunt (JB) Transport Services -- -- -- --
IES Industries Inc -- -- -- --
Indiana Energy Inc -- -- -- --
Information Resources Inc+ -- -- -- --
Intelligent Electronics -- -- -- --
International Multifoods Corp -- -- -- --
John Alden Financial Corp -- -- -- --
Lukens Inc -- -- -- --
MacFrugals Bargains Closeouts+ -- -- -- --
Measurex Corp -- -- -- --
Meyer (Fred) Inc+ -- -- -- --
Michael Foods Inc -- -- -- --
Michaels Stores Inc+ -- -- -- --
Miller (Herman) Inc 269 8,642 210 6,746
National Presto Industries Inc+ -- -- -- --
NCH Corp -- -- -- --
Novacare Corp+ -- -- -- --
Octel Communications+ -- -- -- --
Oregon Steel Mills Inc -- -- -- --
Oshkosh B'Gosh Inc Class A 26 397 49 747
Overseas Shipholding Group 393 7,369 310 5,813
Parker & Parsley Petroleum 376 8,084 297 6,386
Parker Drilling Co+ -- -- -- --
Pentair Corp -- -- -- --
Phillips Van Heusen Corp -- -- -- --
Pittston Burlington Group 61 1,144 160 3,000
Public Service Company of New Mexico+ -- -- -- --
Quaker State Corp -- -- -- --
Roadway Express Inc+ 46 690 158 2,370
Rohr Industries Inc+ -- -- -- --
Rollins Environmental Services+ 131 328 353 883
Ruddick Corp -- -- -- --
Savannah Foods & Industries -- -- -- --
Sequent Computer Systems+ 340 3,995 -- --
Service Merchandise Co+ 771 3,951 -- --
Skyline Corp 20 470 44 1,034
Smucker (J M) Co Class A 305 6,138 -- --
Southdown Inc+ 175 3,894 -- --
Standard Register Co 301 6,697 -- --
</TABLE>
- ---------------------------
82
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<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
244 3,508 -- -- -- --
180 4,995 -- -- -- --
342 3,249 -- -- -- --
172 3,505 136 2,771 216 4,401
380 2,518 320 2,120 680 4,505
596 10,877 -- -- -- --
-- -- -- -- 300 8,700
352 8,800 -- -- -- --
403 5,894 -- -- -- --
540 3,713 -- -- -- --
274 5,103 -- -- -- --
-- -- -- -- 300 5,700
230 6,038 -- -- -- --
438 6,734 -- -- -- --
286 8,187 -- -- -- --
-- -- -- -- 200 4,825
229 2,719 -- -- -- --
-- -- -- -- 200 2,425
374 12,015 279 8,963 260 8,353
116 4,785 81 3,341 -- --
124 6,526 89 4,684 -- --
975 6,947 710 5,059 -- --
365 14,554 270 10,766 -- --
299 3,924 199 2,612 -- --
228 3,477 85 1,296 222 3,386
550 10,313 405 7,594 375 7,031
534 11,481 386 8,299 462 9,933
844 5,064 619 3,714 -- --
576 15,264 406 10,759 -- --
410 4,049 290 2,864 -- --
328 6,150 221 4,144 402 7,538
650 11,538 470 8,343 -- --
419 5,866 299 4,186 -- --
270 4,050 243 3,645 359 5,385
287 5,166 207 3,726 -- --
769 1,923 623 1,558 822 2,055
714 7,854 524 5,764 -- --
410 4,459 290 3,154 -- --
471 5,534 341 4,007 -- --
1,516 7,770 1,111 5,694 -- --
222 5,217 78 1,833 133 3,126
436 8,775 331 6,661 -- --
253 5,629 178 3,961 -- --
432 9,612 312 6,942 -- --
</TABLE>
---------------------------
83
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<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
Teleflex Inc 175 7,788 -- --
Thiokol Inc 216 8,856 -- --
Varco International Inc+ 292 3,468 -- --
Waban Inc+ 365 8,213 -- --
Wallace Computer Services Inc 245 13,720 -- --
Watts Industries Inc Class A+ 308 5,814 -- --
Western Publishing Group Inc+ 234 2,208 -- --
Zenith Electronic Corp+ 44 303 89 612
Zurn Industries Inc 22 476 46 995
------------ ------------
TOTAL SMALL CAP VALUE STOCKS - VALUE $ 137,322 $ 64,267
- COST $ 142,827 $ 70,146
MICRO CAP STOCKS
PERCENT OF NET ASSETS 0.01% 0.00%
Dave & Buster's Inc+ -- $ - -- $ -
Genzyme Corp -- Tissue Repair+ 35 630 -- --
Hartmarx Corp+ 81 324 230 920
International Technology+ -- -- -- --
Mid-American Waste Systems Inc+ -- -- -- --
Morrison Knudsen Corp+ 55 103 229 429
National Education Corp+ 52 572 118 1,298
NPC International Inc -- -- -- --
Petrie Stores Corp+ -- -- -- --
Sequa Corp Class A+ 110 3,713 -- --
Sizzler International Inc 254 794 -- --
SPX Corp 22 338 46 707
Strattec Security Corp+ 10 168 28 469
Transport Holding Inc Class A+ 4 177 10 443
XOMA Corp+ 188 764 -- --
------------ ------------
TOTAL MICRO CAP STOCKS - VALUE $ 7,583 $ 4,266
- COST $ 7,639 $ 6,486
INTERNATIONAL STOCKS (EXCEPT JAPAN)
PERCENT OF NET ASSETS 3.89% 8.32%
Alcatel Alsthom Compagnie ADR
(France)+ 7,950 $ 142,106 14,600 $ 260,975
Allied Irish Banks PLC ADR (Ireland) 900 28,800 1,700 54,400
Banco Bilbao Vizcaya ADR (Spain) 650 25,188 1,100 42,625
Banco Central Hispanoamericano SA ADR
(Spain) 800 8,700 1,400 15,225
Banco Santander SA ADR (Spain) 500 24,375 1,000 48,750
Barclays PLC ADR (UK) 1,650 77,756 3,100 146,088
BAT Industries PLC ADR (UK) 6,700 119,763 12,300 219,863
Benetton Group SpA ADR (Italy)+ 3,650 84,406 6,700 154,938
</TABLE>
- ---------------------------
84
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<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
254 11,303 194 8,633 -- --
295 12,095 210 8,610 -- --
524 6,223 374 4,441 -- --
497 11,183 367 8,258 -- --
350 19,600 255 14,280 -- --
464 8,758 334 6,304 -- --
313 2,954 233 2,199 -- --
279 1,918 230 1,581 367 2,523
224 4,844 180 3,893 241 5,212
------------ ----------- ------------
$ 453,011 $ 245,410 $ 168,611
$ 454,955 $ 245,661 $ 176,785
0.01% 0.01% 0.01%
69 $ 1,001 -- $ - -- $ -
49 882 36 648 33 594
389 1,556 354 1,416 618 2,472
551 1,240 -- -- -- --
372 605 -- -- -- --
367 688 343 643 563 1,056
270 2,970 212 2,332 -- --
374 2,618 284 1,988 -- --
-- -- -- -- 200 525
137 4,624 102 3,443 -- --
434 1,356 319 997 -- --
226 3,475 83 1,276 248 3,813
72 1,206 49 821 -- --
22 974 17 752 27 1,195
193 784 193 784 -- --
------------ ----------- ------------
$ 23,979 $ 15,100 $ 9,655
$ 30,520 $ 18,683 $ 16,621
11.31% 14.14% 14.94%
32,000 $ 572,000 26,600 $ 475,475 45,650 $ 815,994
3,850 123,200 3,200 102,400 5,400 172,800
2,400 93,000 2,000 77,500 3,500 135,625
3,050 33,169 2,500 27,188 4,300 46,763
2,100 102,375 1,750 85,313 2,950 143,813
6,975 328,697 5,650 266,256 9,750 459,469
26,850 479,944 22,350 399,506 38,300 684,613
14,725 340,516 12,300 284,438 21,000 485,625
</TABLE>
---------------------------
85
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LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
BET PLC ADR (UK) 4,550 55,738 8,600 105,350
British Airways PLC ADR (UK) 1,100 85,250 2,000 155,000
British Gas PLC ADR (UK) 2,500 90,625 4,600 166,750
British Petroleum Co PLC ADR (UK) 811 81,362 1,521 152,686
British Steel PLC ADR (UK) 550 15,675 1,100 31,350
British Telecommunications PLC ADR
(UK) 2,500 142,188 4,600 261,625
Broken Hill Proprietory Co Ltd ADR
(Australia) 1,540 89,128 2,830 163,786
Coles Myer Ltd ADR (Australia) 1,624 43,442 3,032 81,106
Courtaulds PLC ADR (UK) 13,500 92,813 25,000 171,875
Daimler-Benz Aktiengesellschaft ADR
(Germany) 11,950 660,238 22,000 1,215,500
ELF Aquitaine ADR (France)+ 6,550 225,975 12,200 420,900
Fiat SpA ADR (Italy) 5,300 84,800 9,900 158,400
Glaxo Holdings Plc ADR (UK) 5,100 139,613 9,400 257,325
Grand Metropolitan PLC ADR (UK) 5,152 139,104 9,672 261,144
Hafslund Nycomed Class B ADR
(Norway)+ 1,750 45,938 3,300 86,625
Hanson Finance PLC 5,950 87,763 10,900 160,775
Hong Kong Telecommunications Ltd ADR
(Hong Kong) 15,104 290,752 27,906 537,191
Imperial Chemical Industries PLC ADR
(UK) 1,400 77,875 2,700 150,188
KLM Royal Dutch Airlines ADR
(Netherlands)+ 407 13,533 810 26,933
Montedison SpA ADR (Italy)+ 2,400 14,400 4,400 26,400
National Australia Bank Ltd ADS
(Australia) 1,350 64,800 2,500 120,000
News Corporation Ltd ADR (Australia) 950 21,494 1,800 40,725
Novo-Nordisk A/S ADR (Denmark) 2,850 97,613 5,200 178,100
Philips Electronics NV (Netherlands) 1,300 53,788 2,400 99,300
Repsol SA ADR (Spain) 1,250 45,313 2,400 87,000
Rhone-Poulenc SA ADR (France) 3,000 75,750 5,600 141,400
Royal Dutch Petroleum Co ADR
(Netherlands) 1,289 177,560 2,417 332,942
RTZ PLC ADR (UK) 1,900 108,300 3,500 199,500
Smithkline Beecham Plc ADR (UK) 1,450 79,388 2,600 142,350
Telecommunication of New Zealand Corp
ADR (New Zealand) 650 46,231 1,100 78,238
Telefonica de Espana ADR (Spain) 1,650 81,056 3,100 152,288
Total Compagnie des Petroles SA ADR
(France)+ 2,750 90,406 5,000 164,375
Unilever NV (Netherlands) 3,805 511,773 7,083 952,664
Vodafone Group Plc ADR (UK) 1,250 44,219 2,400 84,900
Westpac Banking Corp ADR (Australia) 1,250 28,906 2,300 53,188
WMC Limited ADR 1,150 29,469 2,200 56,375
------------ ------------
TOTAL INTERNATIONAL STOCKS - VALUE $ 4,543,372 $ 8,417,118
(EXCEPT JAPAN)
- COST $ 4,247,434 $ 7,862,501
</TABLE>
- ---------------------------
86
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<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
18,450 226,013 15,250 186,813 26,200 320,950
4,325 335,188 3,600 279,000 6,150 476,625
10,100 366,125 8,350 302,688 14,450 523,813
3,327 333,924 2,742 275,270 4,820 483,782
2,350 66,975 1,900 54,150 3,350 95,475
10,100 574,438 8,350 474,906 14,450 821,844
6,145 355,642 5,160 298,635 8,790 508,721
6,575 175,881 5,432 145,306 9,340 249,845
54,700 376,063 45,400 312,125 78,000 536,250
48,100 2,657,525 40,100 2,215,525 68,800 3,801,200
26,550 915,975 22,100 762,450 37,950 1,309,275
21,500 344,000 17,950 287,200 30,700 491,200
20,500 561,188 17,100 468,113 29,350 803,456
21,014 567,378 17,520 473,040 30,034 810,918
7,250 190,313 6,050 158,813 10,350 271,688
23,875 352,156 19,850 292,788 34,050 502,238
61,051 1,175,232 50,851 978,882 87,290 1,680,333
5,775 321,234 4,850 269,781 8,300 461,688
1,729 57,489 1,474 49,011 2,439 81,097
9,575 57,450 7,850 47,100 13,600 81,600
5,525 265,200 4,550 218,400 7,850 376,800
4,000 90,500 3,350 75,794 5,750 130,094
11,475 393,019 9,500 325,375 16,350 559,988
5,275 218,253 4,450 184,119 7,550 312,381
5,125 185,781 4,250 154,063 7,350 266,438
12,175 307,419 10,150 256,288 17,400 439,350
5,338 735,310 4,500 619,875 7,703 1,061,088
7,625 434,625 6,350 361,950 10,850 618,450
5,700 312,075 4,800 262,800 8,200 448,950
2,475 176,034 2,100 149,363 3,500 248,938
6,700 329,138 5,600 275,100 9,650 474,056
11,050 363,269 9,200 302,450 15,700 516,138
15,421 2,074,125 12,815 1,723,618 22,132 2,976,754
5,200 183,950 4,300 152,113 7,500 265,313
5,100 117,938 4,200 97,125 7,300 168,813
4,675 119,797 3,850 98,656 6,700 171,688
------------ ----------- ------------
$ 18,389,523 $15,306,761 $ 26,291,939
$ 17,398,345 $14,647,316 $ 25,221,262
</TABLE>
---------------------------
87
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<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (CONTINUED)
JAPANESE STOCKS
PERCENT OF NET ASSETS 1.24% 3.06%
Canon Inc ADR 500 $ 46,250 1,150 $ 106,375
CSK Corp ADR 1,750 52,938 3,600 108,900
Fuji Photo Film Co Ltd ADR 700 39,725 1,500 85,125
Hitachi Ltd ADR 400 40,300 900 90,675
Honda Motor Co Ltd ADR 1,000 42,750 2,300 98,325
Ito Yokado Co Ltd ADR 550 124,025 1,100 248,050
Japan Air Lines Co ADR 8,800 122,100 18,800 260,850
Kirin Brewery Co ADR 1,400 165,200 3,050 359,900
Kubota Corp ADR 100 12,750 100 12,750
Kyocera Corp ADR 250 33,750 400 54,000
Makita Corp ADR 2,150 32,788 4,850 73,963
Matsushita Electric Industrial Co Ltd
ADR 250 40,500 450 72,900
Mitsui & Co Ltd ADR 850 144,394 1,900 322,763
NEC Corp ADR 950 56,288 2,000 118,500
Nippon Telephone & Telegraph ADR 1,836 70,686 4,011 154,424
Nissan Motor Co Ltd ADR 2,200 34,375 5,000 78,125
Pioneer Electronics Corp 1,750 35,875 3,950 80,975
Sony Corp ADR 600 35,100 1,350 78,975
Tokio Marine & Fire Insurance Co ADR 4,200 254,100 9,100 550,550
Toyota Motor Corp ADR 1,500 64,313 3,200 137,200
------------ ------------
TOTAL JAPANESE STOCKS - VALUE $ 1,448,207 $ 3,093,325
- COST $ 1,405,819 $ 3,023,606
TOTAL COMMON STOCKS - VALUE $ 26,372,589 $ 53,343,169
- COST $ 22,311,182 $ 44,623,941
LONG-TERM GOVERNMENT BONDS
PERCENT OF NET ASSETS 5.62% 4.58%
U.S. Treasury Bonds, 6.25% -- 11.75%,
02/15/01 -- 11/15/24 5,300,000 $ 6,560,124 3,700,000 $ 4,640,138
U.S. TREASURY BONDS -- COST $ 6,457,343 $ 4,533,007
INTERMEDIATE-TERM GOVERNMENT BONDS
PERCENT OF NET ASSETS 55.19% 32.98%
U.S. Treasury Notes, 4.75% -- 9.13%,
11/15/00 -- 02/15/05 63,100,000 $ 64,393,064 32,500,000 $ 33,375,491
U.S. TREASURY NOTES -- COST $ 63,828,899 $ 32,838,703
</TABLE>
- ---------------------------
88
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<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------ -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
3.88% 4.33% 5.19%
2,275 $ 210,438 1,700 $ 157,250 3,250 $ 300,625
7,200 217,800 5,425 164,106 10,500 317,625
2,950 167,413 2,175 123,431 4,250 241,188
1,825 183,869 1,425 143,569 2,700 272,025
4,625 197,719 3,375 144,281 6,700 286,425
2,325 524,288 1,750 394,625 3,350 755,425
38,075 528,291 28,350 393,356 55,200 765,900
6,200 731,600 4,600 542,800 8,950 1,056,100
100 12,750 100 12,750 100 12,750
950 128,250 775 104,625 1,500 202,500
9,525 145,256 6,975 106,369 13,850 211,213
850 137,700 600 97,200 1,300 210,600
4,000 679,500 2,925 496,884 5,750 976,781
4,125 244,406 3,050 180,713 6,000 355,500
8,043 309,656 6,006 231,231 11,774 453,299
10,050 157,031 7,550 117,969 14,650 228,906
7,875 161,438 5,875 120,438 11,350 232,675
2,700 157,950 1,950 114,075 3,900 228,150
18,600 1,125,300 13,850 837,925 26,900 1,627,450
6,525 279,759 4,850 207,944 9,450 405,169
------------ ----------- ------------
$ 6,300,414 $ 4,691,541 $ 9,140,306
$ 6,193,945 $ 4,569,269 $ 8,914,120
$116,815,121 $93,120,079 $173,999,422
$ 97,210,425 $78,051,406 $148,440,747
6.92% 10.85% 0.00%
9,750,000 $ 11,251,820 10,080,000 $11,739,620 -- $ --
$ 10,822,101 $11,149,455 $ --
15.51% 0.00% 0.00%
24,430,000 $ 25,212,800 -- $ -- -- $ --
$ 24,889,823 $ -- $ --
</TABLE>
---------------------------
89
<PAGE> 93
LIFEPATH MASTER SERIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath 2000 LifePath 2010
------------------------- -------------------------
Shares/Par Value Shares/Par Value
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MONEY MARKET SECURITIES
PERCENT OF NET ASSETS 15.97% 10.14%
U.S. Treasury Bills,
4.68% -- 5.12%++,
03/07/96 -- 05/23/96 18,771,000 $ 18,631,639 10,331,000 $ 10,264,680
U.S. TREASURY BILLS -- COST $ 18,632,682 $ 10,265,079
TOTAL INVESTMENTS -- VALUE $115,957,416 $101,623,478
(NOTES 1 AND 3) - COST** $111,230,106 $ 92,260,730
------------ ------------
TOTAL INVESTMENTS IN SECURITIES 99.38% $115,957,416 100.40% $101,623,478
Other Assets and Liabilities, Net 0.62% 720,410 (0.40%) (402,278)
---------- ------------ ---------- ------------
TOTAL NET ASSETS 100.00% $116,677,826 100.00% $101,221,200
=========== ============= =========== =============
</TABLE>
- ------------------------------------------------------------------------------
+ Non-income earning securities.
++ Yield to Maturity.
* These U.S. Treasury Bills are held in segregated accounts in connection with
the Fund's holdings of S&P 500 futures contracts. See Note 1.
** Cost for federal income tax purposes is the same as for financial statement
purposes and net unrealized appreciation consists of:
<TABLE>
<S> <C> <C> <C> <C>
Gross Unrealized Appreciation $5,597,549 $10,447,046
Gross Unrealized Depreciation (870,239) (1,084,297)
---------- -----------
GROSS UNREALIZED APPRECIATION $4,727,310 $ 9,362,748
=========== ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
- ---------------------------
90
<PAGE> 94
<TABLE>
<CAPTION>
LifePath 2020 LifePath 2030 LifePath 2040
- ------------------------- ------------------------- -------------------------
Shares/Par Value Shares/Par Value Shares/Par Value
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
6.04% 3.07% 0.95%
9,870,000 $ 9,812,232 3,350,000 $ 3,325,796 1,681,000 $ 1,667,681*
$ 9,811,906 $ 3,326,126 $ 1,667,880
$163,091,973 $108,185,495 $175,667,103
$142,734,255 $ 92,526,987 $150,108,627
- ---------- ------------ ---------- ------------ ---------- ------------
100.33% $163,091,973 99.95% $108,185,495 99.80% $175,667,103
(0.33%) (533,980) 0.05% 52,844 0.20% 353,803
- ---------- ------------ ---------- ------------ ---------- ------------
100.00% $162,557,993 100.00% $108,238,339 100.00% $176,020,906
========== ============ ========== ============ ========== ============
</TABLE>
- ------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C>
$22,684,366 $17,539,847 $29,071,669
(2,326,648) (1,881,339) (3,513,193)
----------- ----------- -----------
$20,357,718 $15,658,508 $25,558,476
=========== =========== ===========
</TABLE>
---------------------------
91
<PAGE> 95
STATEMENT OF ASSETS & LIABILITIES - FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath LifePath
2000 2010
Master Master
Series Series
- ---------------------------------------------------------------------------
<S> <C> <C>
ASSETS
INVESTMENTS:
In securities, at market value
(see cost below) (Note 1) $115,957,416 $101,623,478
Cash 15,162 68,607
RECEIVABLES:
Dividends and interest 855,672 446,845
Beneficial interests sold 739,424 223,457
TOTAL ASSETS 117,567,674 102,362,387
LIABILITIES
PAYABLES:
Variation margin on futures contracts 0 0
Investment securities purchased 0 499,283
Allocation to beneficial interest holders 790,335 554,984
Due to adviser 99,513 86,920
TOTAL LIABILITIES 889,848 1,141,187
TOTAL NET ASSETS $116,677,826 $101,221,200
INVESTMENTS AT COST $111,230,106 $ 92,260,730
</TABLE>
- ------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- ---------------------------
92
<PAGE> 96
<TABLE>
<CAPTION>
LifePath LifePath LifePath
2020 2030 2040
Master Master Master
Series Series Series
- ----------------------------------------------
<S> <C> <C>
$163,091,973 $108,185,495 $175,667,103
151,923 123,872 255,495
532,899 340,894 329,776
250,250 79,691 392,786
164,027,045 108,729,952 176,645,160
0 0 8,100
595,122 0 0
732,854 398,373 467,829
141,076 93,240 148,325
1,469,052 491,613 624,254
$162,557,993 $108,238,339 $176,020,906
$142,734,255 $ 92,526,987 $150,108,627
</TABLE>
- ------------------------------------------------------------------------------
---------------------------
93
<PAGE> 97
STATEMENT OF OPERATIONS - FOR THE YEAR ENDED FEBRUARY 29, 1996
<TABLE>
<CAPTION>
LifePath LifePath
2000 2010
Master Series Master Series
- ------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Dividends $ 457,754 $ 858,697
Interest 3,945,282 2,239,207
TOTAL INVESTMENT INCOME 4,403,036 3,097,904
EXPENSES (NOTE 2)
Advisory fees 463,110 399,432
TOTAL EXPENSES 463,110 399,432
NET INVESTMENT INCOME 3,939,926 2,698,472
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS
Net realized gain on sale
of investments 1,412,647 1,041,589
Net realized gain on sale
of futures contracts 27,030 67,639
Net change in unrealized appreciation
of investments 4,707,324 8,805,216
Net change in unrealized depreciation
of futures contracts 0 0
NET GAIN ON INVESTMENTS 6,147,001 9,914,444
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $10,086,927 $12,612,916
</TABLE>
- ------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- ---------------------------
94
<PAGE> 98
<TABLE>
<CAPTION>
LifePath LifePath LifePath
2020 2030 2040
Master Series Master Series Master Series
- -------------------------------------------------
<S> <C> <C>
$ 1,897,963 $ 1,475,538 $ 2,479,337
2,497,817 1,008,146 475,510
4,395,780 2,483,684 2,954,847
661,437 437,157 651,709
661,437 437,157 651,709
3,734,343 2,046,527 2,303,138
2,814,112 2,515,159 4,521,411
65,955 47,954 169,434
18,004,995 13,600,387 22,384,421
0 0 (40,125)
20,885,062 16,163,500 27,035,141
$24,619,405 $18,210,027 $29,338,279
</TABLE>
- ------------------------------------------------------------------------------
---------------------------
95
<PAGE> 99
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LifePath 2000 Master Series
---------------------------------------
For the For the
Year Ended Year Ended
February 29, 1996 February 28, 1995
- ----------------------------------------------------------------------------------
<S> <C> <C>
INCREASE IN NET ASSETS
Net investment income $ 3,939,926 $ 2,112,452
Net realized gain (loss) on sale of
investments 1,412,647 118,927
Net realized gain (loss) on sale of
futures contracts 27,030 48,130
Net change in unrealized appreciation of
investments 4,707,324 4,911
Net change in unrealized appreciation
(depreciation) of futures contracts 0 15,075
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS 10,086,927 2,299,495
NET INCREASE IN NET ASSETS RESULTING FROM
BENEFICIAL INTERESTS TRANSACTIONS 44,956,678 59,314,726
INCREASE IN NET ASSETS 55,043,605 61,614,221
NET ASSETS:
Beginning net assets 61,634,221 20,000
ENDING NET ASSETS $116,677,826 $61,634,221
</TABLE>
- ------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- ---------------------------
96
<PAGE> 100
<TABLE>
<CAPTION>
LifePath 2010 Master Series LifePath 2020 Master Series
- --------------------------------------- ---------------------------------------
For the For the For the For the
Year Ended Year Ended Year Ended Year Ended
February 29, 1996 February 28, 1995 February 29, 1996 February 28, 1995
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 2,698,472 $ 1,467,751 $ 3,734,343 $ 1,990,649
1,041,589 2,805 2,814,112 52,734
67,639 295,721 65,955 (21,107)
8,805,216 547,483 18,004,995 2,352,722
0 10,050 0 0
12,612,916 2,323,810 24,619,405 4,374,998
39,123,950 47,140,524 55,695,812 77,847,778
51,736,866 49,464,334 80,315,217 82,222,776
49,484,334 20,000 82,242,776 20,000
$101,221,200 $49,484,334 $162,557,993 $82,242,776
</TABLE>
- ------------------------------------------------------------------------------
---------------------------
97
<PAGE> 101
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LifePath 2030 Master Series
---------------------------------------
For the For the
Year Ended Year Ended
February 29, 1996 February 28, 1995
- ----------------------------------------------------------------------------------
<S> <C> <C>
INCREASE IN NET ASSETS
Net investment income $ 2,046,527 $ 1,148,788
Net realized gain (loss) on sale of
investments 2,515,159 (144,351)
Net realized gain (loss) on sale of
futures contracts 47,954 (38,856)
Net change in unrealized appreciation of
investments 13,600,387 2,058,121
Net change in unrealized appreciation
(depreciation) of futures contracts 0 0
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS 18,210,027 3,023,702
NET INCREASE IN NET ASSETS RESULTING FROM
BENEFICIAL INTERESTS TRANSACTIONS 39,393,839 47,590,771
INCREASE IN NET ASSETS 57,603,866 50,614,473
NET ASSETS:
Beginning net assets 50,634,473 20,000
ENDING NET ASSETS $108,238,339 $50,634,473
</TABLE>
- ------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- ---------------------------
98
<PAGE> 102
<TABLE>
<CAPTION>
LifePath 2040 Master Series
- ---------------------------------------
For the For the
Year Ended Year Ended
February 29, 1996 February 28, 1995
- ---------------------------------------
<S> <C>
$ 2,303,138 $ 1,039,966
4,521,411 140,585
169,434 (102,175)
22,384,421 3,174,056
(40,125) 0
29,338,279 4,252,432
80,123,105 62,287,090
109,461,384 66,539,522
66,559,522 20,000
$176,020,906 $66,559,522
</TABLE>
- ------------------------------------------------------------------------------
---------------------------
99
<PAGE> 103
NOTES TO THE FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
Master Investment Portfolio ("Master Portfolio") is registered under the
Investment Company Act of 1940, as amended, as an open-end management investment
company. Master Portfolio was organized as a Delaware business trust pursuant to
an Agreement and Declaration of Trust dated May 14, 1993 (the "Trust") and had
no operations prior to March 1, 1994. Master Portfolio is currently authorized
to issue fourteen separate diversified portfolios (the "Master Series"), of
which the following have commenced operations: LifePath 2000 Master Series,
LifePath 2010 Master Series, LifePath 2020 Master Series, LifePath 2030 Master
Series, LifePath 2040 Master Series, Asset Allocation Master Series, Bond Index
Master Series, S&P 500 Index Master Series and U.S. Treasury Allocation Master
Series. The following significant accounting policies are consistently followed
by Master Portfolio in the preparation of its financial statements, and such
policies are in conformity with generally accepted accounting principles for
investment companies.
These Master Series invest in a range of securities, generally including money
market instruments, equities and U.S. government securities. The financial
statements for the Asset Allocation Master Series, Bond Index Master Series, S&P
500 Index Master Series and U.S. Treasury Allocation Master Series are presented
separately. 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 revenues and expenses during the
reporting period. Actual results could differ from those estimates.
INVESTMENT POLICY AND
SECURITY VALUATION
Each Master Series covered by this report follows an asset allocation strategy
among three broad investment classes: equity and debt securities of issuers
located throughout the world and cash in the form of money market instruments.
The equity securities of the Master Series are valued at the last sale price on
the primary securities exchange or national securities market on which such
securities are traded. Securities not listed on an exchange or national
securities market, or securities in which there were no transactions, are valued
at the most recent bid prices. Debt securities maturing in 60 days or less are
valued at amortized cost, which approximates market value. Debt securities,
other than those maturing in 60 days or less, are
- ---------------------------
100
<PAGE> 104
NOTES TO THE FINANCIAL STATEMENTS
valued at the latest quoted bid price. Any securities, restricted securities or
other assets for which recent market quotations are not readily available, are
valued at fair value as determined in good faith in accordance with policies
approved by Master Portfolio's Board of Trustees.
SECURITY TRANSACTIONS AND
INCOME RECOGNITION
Securities transactions are accounted for on the date the securities are
purchased or sold (trade date). Dividend income is recognized on the ex-dividend
date, and interest income is recognized on a daily accrual basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Bond discounts and premiums are amortized as required by the Internal Revenue
Code of 1986 (the "Code").
FEDERAL INCOME TAXES
Each Master Series of the Trust intends to qualify as a partnership for federal
income tax purposes. Each Master Series therefore believes that it will not be
subject to any federal income tax on its income and net capital gains (if any).
However, each investor in a Master Series will be taxable on its allocable share
of the partnership's income and capital gains. The determination of such share
will be made in accordance with the applicable sections of the Code.
It is intended that each Master Series' assets, income and allocations will be
managed in such a way that a regulated investment company investing in a Master
Series will be able to satisfy the requirements of Subchapter M of the Code,
assuming that the investment company invested all of its assets in the
corresponding Master Series.
ORGANIZATION EXPENSES
Stephens Inc. ("Stephens"), the administrator, sponsor and distributor for the
Master Series, has paid all expenses in connection with the Master Series'
organization and initial registration.
FUTURES CONTRACTS
The Master Series may purchase futures contracts to gain exposure to market
changes, as this may be more efficient or cost effective than actually buying
the securities. A futures contract is an agreement between two parties to buy
and sell a security at a set price on a future date and is exchange traded. Upon
entering into a futures contract, a Master Series is 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 Series agrees 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 pay-
---------------------------
101
<PAGE> 105
NOTES TO THE FINANCIAL STATEMENTS
ments are known as "variation margin" and are recorded by the Master Series as
unrealized gains or losses. When the contract is closed, the Master Series
records a realized 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 Series are required to segregate cash, U.S.
Government obligations or high quality, liquid debt instruments in connection
with futures transactions in an amount generally equal to the entire 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
February 29, 1996, the following Master Series had futures contracts
outstanding:
<TABLE>
<CAPTION>
Number Notional Net
of Expiration Contract Unrealized
Master Series Contracts Type Date Value Depreciation
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LifePath 2040 3 S&P 500 Index June 1996 $966,375 $(40,125)
</TABLE>
The LifePath 2040 Master Series has pledged to brokers U.S. Treasury bills for
initial margin requirements with a par value of $40,000.
2. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
Prior to January 1, 1996 Wells Fargo Bank, N.A. ("WFB") served as investment
adviser to each Master Series. Pursuant to the agreement, WFB provided
investment guidance and policy direction in connection with the daily portfolio
management of each Master Series, for which it was entitled to be compensated by
the Master Portfolio monthly at an annual rate of 0.55% of the average daily net
assets of each Master Series. WFB had engaged Wells Fargo Nikko Investment
Advisors ("WFNIA") to provide sub-advisory services to each Master Series.
Effective January 1, 1996, BZW Barclays Global Fund Advisors ("BGFA") replaced
WFB as investment adviser to each of the LifePath 2000, LifePath 2010, LifePath
2020, LifePath 2030 and LifePath 2040 Master Series (the "Master Series") of
Master Investment Portfolio. BGFA was created by the reorganization of Wells
Fargo Nikko Investment Advisors ("WFNIA"), the former sub-adviser to each Master
Series, with and into an affiliate of Wells Fargo Institutional Trust Company,
N.A. ("WFITC"). Pursuant to an Investment Advisory Contract with each Master
Series, BGFA provides investment guidance and policy direction in connection
with the management of each Master Series assets. The same WFNIA in-
- ---------------------------
102
<PAGE> 106
NOTES TO THE FINANCIAL STATEMENTS
vestment team that were previously responsible for the day-to-day management of
each Master Series investment portfolio will continue to manage each Master
Series investment portfolio using the approach developed by WFNIA. BGFA is
entitled to receive as compensation for its advisory services to each Master
Series a monthly fee at the annual rate of 0.55% of the average daily net assets
of such Master Series. Effective January 1, 1996, each Master Series no longer
retains a sub-investment adviser. BGFA is an indirect subsidiary of Barclays
bank PLC. Prior to January 1, 1996, WFNIA served as sub-adviser to each Master
Series. Pursuant to a Sub-Advisory Agreement, WFNIA, subject to the supervision
and approval of WFB, provides investment advisory assistance and the day-to-day
management of each Master Series' assets, subject to the overall authority of
Master Portfolio's Board of Trustees. For providing these services, WFNIA is
entitled to be compensated by WFB monthly at an annual rate of 0.40% of the
average daily net assets of the Master Series.
In addition, Wells Fargo Institutional Trust Company N.A. ("WFITC"), a
subsidiary of WFNIA, acts as custodian for the Master Series. Custody fees are
paid to WFITC from the sub-advisory fee paid to WFNIA.
Effective January 1, 1996, WFITC, due to a change in control of its outstanding
voting securities, became a wholly owned subsidiary of BZW Barclays Global
Investors Holdings Inc. (formerly, The Nikko Building U.S.A., Inc.) and was
renamed BZW Barclays Global Investors, N.A. ("BGI"). BGI currently acts as
custodian to each Master Series. BGFA is a subsidiary of BGI. BGI will not be
entitled to receive compensation for its custodial services so long as BGFA is
entitled to receive fees for providing investment advisory services to the
Master Series.
Pursuant to the Administration Agreement, Stephens has agreed to assume all
operating expenses of each LifePath Master Series, except for advisory fees,
interest, brokerage fees and commissions, if any, and any extraordinary
expenses.
Certain officers and directors of Master Portfolio are also officers of
Stephens. As of February 29, 1996, these officers of Stephens collectively owned
less than 1% of the Master Series' outstanding shares of beneficial interest.
---------------------------
103
<PAGE> 107
NOTES TO THE FINANCIAL STATEMENTS
3. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities, for each
Master Series for the year ended February 29, 1996, are as follows:
<TABLE>
<CAPTION>
LIFEPATH LIFEPATH LIFEPATH LIFEPATH LIFEPATH
AGGREGATE 2000 2010 2020 2030 2040
PURCHASES MASTER MASTER MASTER MASTER MASTER
AND SALES OF: SERIES SERIES SERIES SERIES SERIES
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
U.S. Government
Obligations:
----------------------------------------------------------------------------------------------
Purchases at cost $81,426,566 $33,988,445 $50,501,547 $17,532,355 $ 5,278,906
Sales proceeds 52,503,695 22,838,345 45,256,643 18,841,183 13,762,540
Other Securities:
----------------------------------------------------------------------------------------------
Purchases at cost 13,507,156 24,739,875 57,260,078 51,427,848 110,033,586
Sales proceeds 4,083,879 2,921,255 10,403,397 10,693,480 20,682,559
</TABLE>
4. FINANCIAL HIGHLIGHTS
The portfolio turnover rate, excluding short-term securities, for the Master
Series for each of the following periods are as follows:
<TABLE>
<CAPTION>
LIFEPATH LIFEPATH LIFEPATH LIFEPATH LIFEPATH
2000 2010 2020 2030 2040
PORTFOLIO MASTER MASTER MASTER MASTER MASTER
TURNOVER SERIES SERIES SERIES SERIES SERIES
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
For the Year Ended February 29,
1996 84% 39% 49% 39% 29%
For the Year Ended February 28,
1995 17% 24% 28% 40% 5%
</TABLE>
- ---------------------------
104
<PAGE> 108
INDEPENDENT AUDITORS' REPORT
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES
MASTER INVESTMENT PORTFOLIO:
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Master Investment Portfolio (comprising,
respectively, LifePath 2000 Master Series, LifePath 2010 Master Series, LifePath
2020 Master Series, LifePath 2030 Master Series, and LifePath 2040 Master
Series) as of February 29, 1996, and the related statements of operations and
changes in net assets and the financial highlights set forth in Note 4 for the
year then ended. These financial statements and financial highlights are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. All periods indicated in the financial statements and notes ending prior
to March 1, 1995, were audited by other auditors whose report dated April 20,
1995, expressed an unqualified opinion on this information.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included verification of securities owned as of
February 29, 1996, by examination and other appropriate audit procedures. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the aforementioned master series of Master Investment Portfolio as of
February 29, 1996, the results of their operations, the changes in their net
assets and their financial highlights for the year then ended in conformity with
generally accepted accounting principles.
/s/ KPMG PEAT MARWICK LLP
SAN FRANCISCO, CALIFORNIA
APRIL 12, 1996
---------------------------
105
<PAGE> 109
BZW Barclays Global Fund Advisors ("BGFA") provides investment advisory services
for the Funds. Wells Fargo Bank provides shareholder services and certain other
services for the Funds. The Funds are sponsored and distributed by Stephens
Inc., Member NYSE/SIPC. BGFA is not affiliated with Stephens Inc.
The report and the financial statements contained herein are submitted for the
general information of the shareholders of the Stagecoach Funds. If this report
is used for promotional purposes, distribution of the report must be accompanied
or preceded by a current prospectus. For an additional prospectus containing
more complete information, including charges and expenses, call 1-800-776-0179.
Read the prospectus carefully before you invest or send money.
MAC 0101-030
<TABLE>
<S> <C>
STAGECOACH INSTITUTIONAL FUNDS
c/o Wells Fargo Bank, N.A.
Transfer Agent BULK RATE
420 Montgomery Street U.S. POSTAGE
San Francisco, CA 94163 PAID
PERMIT NO.
HOUSTON TX
</TABLE>
DATED MATERIAL
PLEASE EXPEDITE
LOGO
