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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 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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1297075/251-53695-98
Independent Auditors' Report on Internal Accounting Controls
To the Trustees and Shareholders
Master Investment Portfolio:
In planning and performing our audit of the financial statements of Master
Investment Portfolio (comprising, respectively, Asset Allocation Master
Portfolio, Bond Index Master Portfolio, LifePath 2000 Master Portfolio, LifePath
2010 Master Portfolio, LifePath 2020 Master Portfolio, LifePath 2030 Master
Portfolio, LifePath 2040 Master Portfolio, S&P 500 Index Master Portfolio, and
U.S Treasury Allocation Master Portfolio) for the year ended February 28, l998,
we considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Master Investment Portfolio is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
fraud may occur and not be detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding securities,
that we consider to be material weaknesses, as defined above as of February 28,
l998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
April 3, 1998
<PAGE>
