<PAGE> PAGE 1
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007 C010800 8
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007 C021100 U.S. TREASURY ALLOCATION MASTER PORTFOLIO
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007 C011200 12
007 C021200 BOND INDEX MASTER PORTFOLIO
007 C031200 N
007 C011300 13
007 C021300 S&P 500 STOCK INDEX MASTER PORTFOLIO
007 C031300 N
007 C011400 14
007 C021400 ASSET ALLOCATION MASTER PORTFOLIO
007 C031400 N
007 C011500 15
007 C021500 MONEY MARKET MASTER PORTFOLIO
007 C031500 N
007 C011600 16
007 C021600 EXTENDED INDEX MASTER PORTFOLIO
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<PAGE> PAGE 2
007 C021700 U.S. EQUITY MASTER PORTFOLIO
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007 C011800 18
007 C021800 INTERNATIONAL INDEX MASTER PORTFOLIO
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<PAGE> PAGE 3
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<PAGE> PAGE 4
013 A00AA01 KPMG LLP
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020 A000010 NATIONAL FINANCIAL SERVICES
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<PAGE> PAGE 5
022 B000002 13-2518466
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<PAGE> PAGE 6
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<PAGE> PAGE 7
050 00AA00 N
051 00AA00 N
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<PAGE> PAGE 8
086 E020000 0
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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
070 F011200 Y
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<PAGE> PAGE 14
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<PAGE> PAGE 15
025 B001301 UNKNOWN
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025 A001303 JP MORGAN
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<PAGE> PAGE 16
045 001300 Y
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<PAGE> PAGE 17
066 F001300 N
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
025 A001410 WELLS FARGO
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<PAGE> PAGE 21
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070 E021400 N
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070 F021400 N
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070 H011400 N
070 H021400 N
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070 I021400 N
070 J011400 N
070 J021400 N
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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
070 D011500 N
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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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<PAGE> PAGE 36
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<PAGE> PAGE 37
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SIGNATURE PEGGY VAUGHN
TITLE ASST. SECRETARY
<TABLE> <S> <C>
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<CIK> 915092
<NAME> MASTER INVESTMENT PORTFOLIO
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<NAME> BOND INDEX MASTER PORTFOLIO
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<REALIZED-GAINS-CURRENT> (2,713,060)
<APPREC-INCREASE-CURRENT> (22,407,564)
<NET-CHANGE-FROM-OPS> (2,876,641)
<EQUALIZATION> 0
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<NET-CHANGE-IN-ASSETS> 42,716,027
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 915092
<NAME> MASTER INVESTMENT PORTFOLIO
<SERIES>
<NUMBER> 13
<NAME> S&P 500 STOCK INDEX MASTER PORTFOLIO
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 915092
<NAME> MASTER INVESTMENT PORTFOLIO
<SERIES>
<NUMBER> 14
<NAME> ASSET ALLOCATION MASTER PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> MAR-01-1999
<PERIOD-END> DEC-31-1999
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 915092
<NAME> MASTER INVESTMENT PORTFOLIO
<SERIES>
<NUMBER> 11
<NAME> U.S. TREASURY ALLOCATION MASTER PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> MAR-01-1999
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 915092
<NAME> MASTER INVESTMENT PORTFOLIO
<SERIES>
<NUMBER> 15
<NAME> MONEY MARKET MASTER PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> MAR-01-1999
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 915092
<NAME> MASTER INVESTMENT PORTFOLIO
<SERIES>
<NUMBER> 16
<NAME> EXTENDED INDEX MASTER PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> MAR-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 158,230,669
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 202,456,551
<DIVIDEND-INCOME> 1,409,143
<INTEREST-INCOME> 333,669
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<NET-INVESTMENT-INCOME> 1,614,308
<REALIZED-GAINS-CURRENT> 9,035,857
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<NUMBER-OF-SHARES-SOLD> 0
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<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 915092
<NAME> MASTER INVESTMENT PORTFOLIO
<SERIES>
<NUMBER> 17
<NAME> U.S. EQUITY MASTER PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> MAR-01-1999
<PERIOD-END> DEC-31-1999
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<SHARES-REINVESTED> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 915092
<NAME> MASTER INVESTMENT PORTFOLIO
<SERIES>
<NUMBER> 18
<NAME> INTERNATIONAL INDEX MASTER PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> MAR-01-1999
<PERIOD-END> DEC-31-1999
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<INVESTMENTS-AT-VALUE> 63,258,911
<RECEIVABLES> 426,757
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<OTHER-INCOME> 0
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</TABLE>
Page 1
Independent Auditors' Report on Internal Accounting Controls
To the Interestholders and Board of Trustees
Master Investment Portfolio:
In planning and performing our audits of the financial statements of Asset
Allocation Master Portfolio, Bond Index Master Portfolio, S&P 500 Index Master
Portfolio, Money Market Master Portfolio, Extended Index Master Portfolio, U.S.
Equity Master Portfolio and International Index Master Portfolio (seven
portfolios of Master Investment Portfolio) for the period ended December 31,
1999, we considered its 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 risks 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 one or more
of the internal control components 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 and its
operation, including controls over safeguarding securities, that we consider to
be material weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of management and the
Board of Trustees of Master Investment Portfolio and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
San Francisco, California
February 11, 2000
