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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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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 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
073 B000300 0.0000
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074 A000300 1
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074 C000300 52205
074 D000300 96295
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074 M000300 0
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076 000300 0.00
024 000400 Y
025 A000401 AMERICAN EXPRESS
025 B000401 UNKNOWN
025 C000401 E
025 D000401 717
025 A000402 BEAR STEARNS
025 B000402 13-3299429
025 C000402 E
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025 A000403 CHASE MANHATTAN
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025 D000403 966
025 A000404 DONALDSON LUFKIN & JENRETTE
025 B000404 13-2741729
025 C000404 E
025 D000404 36
<PAGE> PAGE 21
025 A000405 AG EDWARDS & SONS
025 C000405 E
025 D000405 72
025 A000406 LEHMAN BROTHERS
025 B000406 13-2518466
025 C000406 E
025 D000406 105
025 A000407 MERRILL LYNCH
025 B000407 13-2761776
025 C000407 E
025 D000407 446
025 A000408 JP MORGAN
025 B000408 13-3224016
025 C000408 E
025 D000408 335
025 A000409 MORGAN STANLEY DEAN WITTER
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025 C000409 E
025 D000409 888
025 A000410 PAINE WEBBER
025 B000410 13-2638166
025 C000410 E
025 D000410 70
025 A000411 CHARLES SCHWAB
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025 A000412 WELLS FARGO
025 B000412 94-1347393
025 C000412 E
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045 000400 Y
046 000400 N
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048 B020400 0.000
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<PAGE> PAGE 22
048 G020400 0.000
048 H010400 0
048 H020400 0.000
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048 I020400 0.000
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062 B000400 0.0
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062 G000400 0.0
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062 I000400 0.0
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063 A000400 0
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066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 Y
067 000400 Y
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
<PAGE> PAGE 23
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 Y
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
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071 D000400 19
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<PAGE> PAGE 24
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076 000400 0.00
024 000500 Y
025 A000501 AMERICAN EXPRESS
025 B000501 UNKNOWN
<PAGE> PAGE 25
025 C000501 E
025 D000501 1634
025 A000502 BEAR STEARNS
025 B000502 13-3299429
025 C000502 E
025 D000502 171
025 A000503 CHASE MANHATTAN
025 C000503 E
025 D000503 2188
025 A000504 DONALDSON LUFKIN & JENRETTE
025 B000504 13-2741729
025 C000504 E
025 D000504 76
025 A000505 AG EDWARDS & SONS
025 C000505 E
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025 A000506 LEHMAN BROTHERS
025 B000506 13-2518466
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025 A000507 MERRILL LYNCH
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025 C000507 E
025 D000507 917
025 A000508 JP MORGAN
025 B000508 13-3224016
025 C000508 E
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025 A000509 MORGAN STANLEY DEAN WITTER
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025 C000509 E
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025 A000510 PAINE WEBBER
025 B000510 13-2638166
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025 A000512 WELLS FARGO
025 B000512 94-1347393
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045 000500 Y
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<PAGE> PAGE 26
048 A010500 0
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066 A000500 Y
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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
<PAGE> PAGE 27
068 B000500 N
069 000500 N
070 A010500 Y
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070 E020500 N
070 F010500 Y
070 F020500 N
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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 Y
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 Y
070 O010500 Y
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070 P020500 N
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070 Q020500 N
070 R010500 Y
070 R020500 N
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<PAGE> PAGE 28
072 J000500 0
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<PAGE> PAGE 29
074 U010500 0
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024 001100 N
025 A001101 DELETE
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<PAGE> PAGE 30
062 F001100 0.0
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066 A001100 N
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068 A001100 N
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<PAGE> PAGE 31
070 P021100 N
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<PAGE> PAGE 32
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024 001200 Y
025 A001201 LEHMAN BROTHERS
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<PAGE> PAGE 33
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<PAGE> PAGE 34
070 C021200 N
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<PAGE> PAGE 35
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<PAGE> PAGE 36
075 A001200 0
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024 001300 Y
025 A001301 AMERICAN EXPRESS
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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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<NAME> MASTER INVESTMENT PORTFOLIO
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<NAME> S&P 500 STOCK MASTER PORTFOLIO
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<NAME> MASTER INVESTMENT PORTFOLIO
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<NAME> ASSET ALLOCATION MASTER PORTFOLIO
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<TABLE> <S> <C>
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<NAME> MASTER INVESTMENT PORTFOLIO
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<NUMBER> 11
<NAME> U.S. TREASURY ALLOCATION MASTER PORTFOLIO
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 915092
<NAME> MASTER INVESTMENT PORTFOLIO
<SERIES>
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<NAME> MONEY MARKET MASTER PORTFOLIO
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</TABLE>
Independent Auditors' Report on Internal Accounting Controls
To the Trustees
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, Money Market Master Portfolio, S&P
500 Index Master Portfolio, and U.S. Treasury Allocation Master Portfolio)
(collectively the "Funds") for the year ended February 28, 1999, we considered
their internal control, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of Master Investment Portfolio is responsible for establishing
and maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control,
including controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of February 28, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission, and is not
intended to be and should not be used by anyone other than these specified
parties.