<PAGE> PAGE 1
000 A000000 08/31/2000
000 C000000 915092
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002 A000000 111 CENTER STREET
002 B000000 LITTLE ROCK
002 C000000 AR
002 D010000 72201
003 000000 N
004 000000 N
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007 A000000 Y
007 B000000 12
007 C010100 1
007 C020100 LIFEPATH INCOME MASTER PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 LIFEPATH 2010 MASTER PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 LIFEPATH 2020 MASTER PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 LIFEPATH 2030 MASTER PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 LIFEPATH 2040 MASTER PORTFOLIO
007 C030500 N
007 C010600 6
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007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 STEPHENS INC
010 B00AA01 8-1927
010 C01AA01 LITTLE ROCK
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010 C03AA01 72201
010 A00AA02 INVESTORS BANK & TRUST COMPANY
010 B00AA02 85-720
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<PAGE> PAGE 2
010 C03AA02 02116
010 A00AA03 BARCLAYS GLOBAL INVESTORS
010 B00AA03 811-000000
010 C01AA03 SAN FRANCISCO
010 C02AA03 CA
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014 A00AA01 BARCLAYS GLOBAL INVESTOR SERVICES
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020 A000008 INVESTMENT TECHNOLOGY GROUP
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<PAGE> PAGE 3
022 A000003 LEHMAN BROTHERS INC
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<PAGE> PAGE 4
070 B01AA00 Y
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<PAGE> PAGE 5
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<PAGE> PAGE 6
025 B000203 13-2761776
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<PAGE> PAGE 7
076 000200 0.00
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025 C000301 E
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025 A000303 MERRILL LYNCH PIERCE FENNER & SMITH INC
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<PAGE> PAGE 8
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025 A000401 BEAR STEARNS
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025 C000401 E
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025 B000403 13-2761776
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<PAGE> PAGE 9
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025 A000501 BEAR STEARNS
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025 C000501 E
025 D000501 214
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025 B000502 13-2518466
025 C000502 E
025 D000502 486
025 A000503 MERRILL LYNCH PIERCE FENNER & SMITH INC
025 B000503 13-2761776
025 C000503 E
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025 A000504 MORGAN STANLEY DEAN WITTER
025 B000504 13-2655998
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<PAGE> PAGE 10
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SIGNATURE PEGGY VAUGHAN
TITLE ASST. SECRETARY
