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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
072 Z000400 2192
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045 000500 Y
046 000500 N
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<PAGE> PAGE 22
048 B010500 0
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054 A000500 Y
054 B000500 Y
054 C000500 Y
054 D000500 Y
054 E000500 Y
054 F000500 Y
054 G000500 Y
054 H000500 Y
054 I000500 Y
054 J000500 Y
054 K000500 Y
054 L000500 N
054 M000500 N
054 N000500 Y
054 O000500 N
062 A000500 N
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<PAGE> PAGE 23
062 Q000500 0.0
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066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 Y
067 000500 Y
068 A000500 N
068 B000500 N
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070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 Y
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 Y
070 O010500 Y
070 O020500 N
070 P010500 Y
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070 Q020500 N
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070 R020500 N
<PAGE> PAGE 24
071 A000500 86504
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<PAGE> PAGE 25
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<PAGE> PAGE 26
054 C001100 Y
054 D001100 Y
054 E001100 Y
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054 H001100 Y
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<PAGE> PAGE 27
070 F021100 N
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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054 A001200 Y
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054 F001200 Y
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<PAGE> PAGE 30
062 N001200 12.5
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<PAGE> PAGE 31
071 D001200 25
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<PAGE> PAGE 32
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<PAGE> PAGE 33
054 F001300 Y
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<PAGE> PAGE 34
070 F011300 Y
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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SIGNATURE ANN BONSTEEL
TITLE ASST.SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000915092
<NAME> MASTER INVESTMENT PORTFOLIO
<SERIES>
<NUMBER> 1
<NAME> LIFEPATH 2000 MASTER PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-START> MAR-01-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 127,890,397
<INVESTMENTS-AT-VALUE> 134,415,490
<RECEIVABLES> 1,344,830
<ASSETS-OTHER> 975
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 135,761,295
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,395,246
<TOTAL-LIABILITIES> 16,395,246
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 8,629,516
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,426,722
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,525,093
<NET-ASSETS> 119,366,049
<DIVIDEND-INCOME> 282,768
<INTEREST-INCOME> 2,916,482
<OTHER-INCOME> 0
<EXPENSES-NET> 339,193
<NET-INVESTMENT-INCOME> 2,860,057
<REALIZED-GAINS-CURRENT> 1,924,950
<APPREC-INCREASE-CURRENT> 2,070,882
<NET-CHANGE-FROM-OPS> 6,855,889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
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