BlackRock Funds III – ‘N-30D’ for 2/28/02

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Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Barclays Global Investors Lifepath Annual Report     202±   813K 

Document Table of Contents

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February 28, 2002                                                               

Annual Report 02                                                                

                                                    LifePath/R/ Income Portfolio
                                                      LifePath/R/ 2010 Portfolio
                                                      LifePath/R/ 2020 Portfolio
                                                      LifePath/R/ 2030 portfolio
                                                      LifePath/R/ 2040 portfolio

                                  Advised by Barclays Global Fund Advisors
                                     Sponsored and distributed by Stephens Inc.,
          Member NYSE/SIPC

                                                 Barclays Global Investors Funds

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TABLE OF CONTENTS                                                               

To Our Shareholders.........................................    1               
Market Overview.............................................    2               
Managers' Discussion and Analysis...........................    4               

BARCLAYS GLOBAL INVESTORS FUNDS                                                 

Financial Statements......................................    9             
Financial Highlights......................................   13             
Notes to the Financial Statements.........................   16             
Report of Independent Accountants.........................   19             
Tax Information (Unaudited)...............................   20             
Shareholder Meeting Results (Unaudited)...................   21             
Trustees Information (Unaudited)..........................   25             

MASTER INVESTMENT PORTFOLIO                                                     
Schedules of Investments..................................   26             
LifePath Income Master Portfolio........................   26           
LifePath 2010 Master Portfolio..........................   37           
LifePath 2020 Master Portfolio..........................   49           
LifePath 2030 Master Portfolio..........................   62           
LifePath 2040 Master Portfolio..........................   73           
Financial Statements......................................   84             
Notes to the Financial Statements.........................   87             
Report of Independent Accountants.........................   91             
Trustees Information (Unaudited)..........................   92             

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TO OUR SHAREHOLDERS                                                             

The LifePath Portfolios' fiscal year ended February 28, 2002 can be     
described as a period of volatility and opportunity. Highlights from the fiscal 
year include:                                                                   

. The Federal Reserve Board lowered short-term interest rates nine times
    during the twelve-month period, bringing the federal funds rate to 1.75%
and the discount rate to 1.25%.                                     

    . The events of September 11 resulted in the equity markets remaining closed
for four business days, the longest period since World War I.       

. On December 31, 2001, the unemployment rate stood at 5.8%, the highest
since April 1995.                                                   

    . On January 11, 2002, Barclays Global Investors Funds, Inc. (the "Company")
     redomiciled from a Maryland corporation to a Delaware business trust. The
   name of the new trust is Barclays Global Investors Funds (the "Trust").
    The Trust has adopted the registration statement of the Company and will
      continue to offer multiple series including the Portfolios in this report.

  As you read through this report and review the performance of the funds in
your portfolio, we urge you to maintain a broad perspective in your investment  
decisions. While one fund's recent performance may be better than another's, it 
is important to remember that past performance is no guarantee of future        
returns. Even as market conditions change, you should maintain your investment  
strategy as long as it remains appropriate for your personal objectives. One    
trait many successful investors share is the ability to stay focused on their   
personal financial goals while ignoring temporary market swings.                

  The Barclays Global Investors Funds offer a simple, cost-effective way for
you to invest in your future. We trust that the Funds are fulfilling your       
expectations and will continue to do so. We appreciate your confidence and look 
forward to continuing to help you meet your investment goals.                   

BARCLAYS GLOBAL INVESTORS FAMILY OF FUNDS                             APRIL 2002

                                                                               1

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BARCLAYS GLOBAL INVESTORS FUNDS MARKET OVERVIEW                                 
12-MONTH PERIOD ENDED FEBRUARY 28, 2002                                         

US EQUITY MARKETS                                                               

  The U.S. stock market endured another volatile period during the 12 months
ended February 28, 2002. For most of the reporting period, earnings             
disappointments, job cuts, and weak economic indicators continued to plague     
equity markets. In response to the bleak economic signs and weak markets, the   
Federal Reserve Board (the "Fed") continued its campaign to stimulate the       
sagging economy. After nine rate cuts, the Fed had lowered short-term rates a   
total of 3.75%. By year-end, the federal funds rate stood at 1.75%, its lowest  
level in 40 years. The federal government also acted to stimulate the economy.  
In the second quarter, a $1.35 trillion tax cut was passed, including a tax     
rebate intended to inject capital into the economy.                             

   Despite these actions, discouraging economic signs and poor earnings growth
weighed on the markets for much of the year. The events of September 11         
accelerated the broad market sell off. After remaining closed for four business 
days following September 11, equity markets reopened on September 17. Despite   
the combined effects of monetary stimulus from the Fed and fiscal stimulus from 
the federal government, equity markets declined sharply through the remainder of
the month. The losses resulted in the largest quarterly declines for both the   
S&P 500 Index and the Dow Jones Industrial Average since the quarter that       
included the stock market crash of 1987.                                        

  Finally, in the fourth quarter, markets rallied. Other economic indicators
delivered positive news: inventories declined, factory orders surged, housing   
starts increased, and consumer confidence rose. Although job losses remained    
high and third quarter GDP shrank, many investors found cause to be optimistic  
about economic recovery. In January, additional positive news helped to boost   
consumer confidence. Newly released figures showed that fourth quarter 2001 GDP 
had grown 0.2%, ahead of the 1.1% decline predicted by many analysts. By the end
of January, the jobless rate declined to 5.6%, ending eight straight months of  
increases. Citing these improvements in the economy, the Fed left short-term    
rates unchanged at its January meeting. February brought more positive news: the
previously reported 0.2% fourth quarter 2001 GDP growth rate was revised upward,
to a surprising 1.4%, and unemployment rates continued to fall. Not all news was
positive, however: most notably, accounting concerns resulting from Enron's and 
Arthur Anderson's problems dominated the news and drove many investors from     
stock markets.                                                                  

U.S. FIXED INCOME MARKETS                                                       

Like U.S. equity markets, bond markets experienced a volatile period.   
However, because what is positive for stocks typically tends to be negative for 
bonds and vice versa, the bond markets' performance pattern was opposite the    
equities markets'.                                                              

  During the second quarter of 2001, the signs of possible economic recovery
that had temporarily buoyed equity markets hurt bonds, particularly long-term   
Treasury bonds. Because the prospect of economic strength brought with it the   
potential for inflation, long-term rates crept up during the second quarter. The
federal government's tax cut also lowered projections of future government      
budget surpluses. This led investors to conclude that the Treasury would not be 
able to buy back as many of its outstanding bonds. Meanwhile, additional Fed    
rate cuts helped short-term yields to drift lower through the second quarter.   

   In the wake of the September 11 events, the Fed lowered short-term rates in
an attempt to boost investor confidence. This move caused a further steepening  
of the yield curve. A flight to quality that led investors from equities and    
lower-quality bonds to the safe haven of government securities, particularly    
short-term issues, contributed to the phenomenon. For Treasury bonds, yields    
reached their lows in early November before spiking upward as investors began   
anticipating an economic recovery, the stock market rebounded strongly, and the 
campaign in Afghanistan progressed successfully. Long-term bonds rallied more   
than 8.5% in October, when the Treasury announced its suspension of the 30-year 
bond, but erased those gains in November and December as yields increased.      
During the first two months of 2002, fixed-income markets posted gains,         
benefiting from investors' apprehension about equity markets.                   

2                                                                               

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BARCLAYS GLOBAL INVESTORS FUNDS MARKET OVERVIEW (CONTINUED)                     

INTERNATIONAL EQUITY MARKETS                                                    

   The economic slowdown that the United States experienced during this period
also continued to take its toll in Europe and Asia. In Europe, economies        
continued to slide, although authorities were reluctant to describe the         
condition as a recession. By year-end, Germany appeared to be approaching       
recession, with France and Italy close behind. In the United Kingdom, however,  
economic conditions were markedly better. Because the Bank of England had       
pursued a more proactive monetary policy, and fiscal policy was also loosened   
before the economic slowdown was fully appreciated, the United Kingdom ended the
year with one of the strongest rates of growth of any of the major industrial   
countries. In Asia, Japan found itself in its fourth recession in a decade. The 
country has, in effect, been in a prolonged slump for the entire decade,        
alleviated periodically by massive injections of government spending.           
Consequently, Japan now stands at a point where any additional government       
spending would threaten its international credit standing. Similarly, monetary  
easing has been overused to the point where nominal interest rates can no longer
be cut.                                                                         

 As it became more apparent that the global economy was slowing, investors
increasingly favored stocks considered relatively "defensive," such as consumer 
staples, utilities and financials. Conversely, information-technology and       
telecommunications stocks were among the worst performers on a sector basis, as 
demand for technology and telecommunications products and services declined on a
worldwide basis.                                                                

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MANAGERS' DISCUSSION & ANALYSIS                                                 

 LIFEPATH-REGISTERED TRADEMARK(R) PORTFOLIOS
PERFORMANCE AS OF 2/28/02 

--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------------------------------------------

LifePath Income Portfolio                                   One Year     2.25%  
                                                          Five Year    6.40%
                              Since Inception Date (3/1/94-2/28/02)    6.78%
LifePath 2010 Portfolio                                     One Year    (1.13)% 
                                                          Five Year    7.26%
                              Since Inception Date (3/1/94-2/28/02)    8.85%
LifePath 2020 Portfolio                                     One Year    (5.44)% 
                                                          Five Year    7.15%
                              Since Inception Date (3/1/94-2/28/02)    9.65%
LifePath 2030 Portfolio                                     One Year    (8.25)% 
                                                          Five Year    7.26%
                              Since Inception Date (3/1/94-2/28/02)   10.41%
LifePath 2040 Portfolio                                     One Year   (10.89)% 
                                                          Five Year    6.85%
                              Since Inception Date (3/1/94-2/28/02)   10.92%

--------------------------------------------------------------------------------

Average annual total return represents the LifePath Portfolios' average annual  
increase or decrease in value during the time periods noted above. These figures
assume that dividends and capital gain distributions have been reinvested in the
Portfolio at net asset value. A Portfolio's "net asset value" is the value of   
one share of a fund.                                                            

The returns shown both in the table above and on the graphs that follow do not  
reflect the deduction of taxes that a shareholder would pay on fund             
distributions or the redemption of fund shares. The investment return and       
principal value of shares of the Portfolio will vary with changes in market     
conditions. Shares of the Portfolio may be worth more or less than their        
original cost when they are redeemed. An Index is a statistical composite that  
tracks a specified financial market or sector. Unlike the Portfolio, the Index  
does not actually hold a portfolio of securities and therefore does not incur   
the management, administration, distribution, transaction or other expenses     
incurred by the Portfolio. These expenses negatively impact the performance of  
the Portfolio. The Portfolio's past performance is no guarantee of future       
results.                                                                        

The Portfolios are successors to the assets of the institutional class of shares
of the Stagecoach Trust LifePath Funds (the "predecessor funds"), that began    
operations on March 1, 1994. Performance information for the periods before     
March 26, 1996, the date the LifePath Portfolios began operations, reflects the 
performance of the predecessor funds.                                           

   Most of the twelve-month period ending February 28, 2002 was a continuation
of the same themes from the previous period. The wave of earnings               
disappointments, weak economic indicators and job cuts that had already begun to
drag down markets again weighed on investors. Against a backdrop of a slowing   
economy, the Federal Reserve ("the Fed") continued to aggressively lower        
interest rates in an effort to keep the economy out of recession. The Fed cut   
rates an additional nine times during the period, bringing the federal funds    
rate to 1.75%, its lowest level in 40 years.                                    

  By the fourth quarter, however, some encouraging economic indicators began
to point to the prospect of an improving economy. Declining inventory levels,   
lower inflation, and low interest rates all suggested the possibility of        
economic recovery. The Fed's actions, combined with proposed tax cuts helped    
buoy markets in the fourth quarter, and consumer confidence responded positively
as well.                                                                        

January marked an important turnaround in both earnings expectations and
economic expectations for 2002. This upward trend continued in February.        
Earnings estimates for all four quarters of 2002 moved higher, initial jobless  
claims began trending down, and fourth quarter 2001 GDP growth was revised up to
a more vigorous 1.4% annualized growth rate. This GDP growth was a significant  
contrast to analysts' consensus estimates at the end of January of a 1.1%       
decline. Despite these signs of both an economic and earnings recovery, however,
accounting concerns sparked by the Enron bankruptcy continued to have a negative
impact on equity prices and created uncertainty regarding the exact timing and  
strength of these recoveries.                                                   

4                                                                               

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LIFEPATH(R) PORTFOLIOS                                                          
MANAGERS' DISCUSSION & ANALYSIS (CONTINUED)                                     

In general, the economic concerns that drove down stocks for much of the
period helped the bond market. Long-term bonds posted gains early in the period,
then suffered a setback in the fourth quarter as investor optimism about the    
stock market was renewed. In January and February, the accounting concerns that 
drove many investors away from stocks helped the bond market. Short-term paper  
did well throughout the period, benefiting directly from the Fed's interest rate
campaign.                                                                       

For the twelve-month period ending February 28, 2002, U.S. equities as  
measured by the BGI U.S. Equity Index declined 9.51%. Fixed-income markets, on  
the other hand, posted positive returns: U.S. bonds as measured by the Lehman   
Brothers Aggregate Index returned 7.67% and U.S. money market instruments, as   
measured by 3-month Treasury bills rose 3.67%. Following the U.S. markets' lead,
most international markets endured a difficult period, as measured by the MSCI  
EAFE Index's decline of 18.91%.                                                 

On February 28, 2001, assets in the LifePath Portfolios were as follows:

          U.S.  International   U.S.     Money
Portfolio        Equity         Equity  Bonds   Market*         
---------        ------  -------------  -----  --------         

LifePath Income     15%             4%    54%       27%         
LifePath 2010       31%             8%    46%       15%         
LifePath 2020       50%            13%    29%        8%         
LifePath 2030       61%            16%    17%        6%         
LifePath 2040       73%            21%     5%        1%         

* THE PERCENTAGE OF THE PORTFOLIOS' ASSETS THAT ARE INVESTED IN MONEY MARKET    
INSTRUMENTS IS NET OF THE PORTFOLIOS' OTHER ASSETS AND LIABILITIES              

During the reporting period, shorter-horizon Portfolios outperformed    
longer-horizon Portfolios. Because of their lower risk targets, the LifePath    
Income and shorter-horizon Portfolios held more bonds than the LifePath 2040 and
other longer-horizon Portfolios. This allocation to bonds, which outperformed   
equities during the year, caused the LifePath Income Portfolio to outperform the
rest of the Portfolios in the group, followed by the 2010, 2020, 2030 and 2040  
Portfolios.                                                                     

 Because of an inverted yield curve (long-term bonds had lower yields than
short-term paper), at the beginning of the period, the LifePath Portfolios held 
a higher cash allocation and a lower bond allocation. As the Fed cut short-term 
interest rates, the LifePath strategies moved out of cash and into bonds. In the
beginning of December, the normal equity allocation was increased from          
approximately 20% to 35%, in the LifePath Income Portfolio and by a lesser      
amount in the other strategies.                                                 

On February 28, 2002, assets in the LifePath Portfolios were as follows:

          U.S.  International   U.S.     Money
Portfolio        Equity         Equity  Bonds   Market*         
---------        ------  -------------  -----  --------         

LifePath Income     29%            10%    59%        2%         
LifePath 2010       45%            14%    40%        1%         
LifePath 2020       55%            17%    26%        2%         
LifePath 2030       63%            20%    16%        1%         
LifePath 2040       74%            21%     4%        1%         

* THE PERCENTAGE OF THE PORTFOLIOS' ASSETS THAT ARE INVESTED IN MONEY MARKET    
INSTRUMENTS IS NET OF THE PORTFOLIOS' OTHER ASSETS AND LIABILITIES              

    As of the date of this Annual Report, the LifePath Portfolios are positioned
with a moderate overweight in equities and underweight in bonds. Our equity     
overweight reflects the strengthening economic environment, and the improved    
earnings outlook. Further, bond prices remain high, with low yields.            

  The graphs below illustrate the value of a hypothetical $10,000 investment
in each of the LifePath Portfolios since inception. The result is compared with 
not only the indexes and benchmarks used in the past, but also compared with two
additional market indexes (the MSCI EAFE Index and Salomon Brothers 3-Month     
Treasury Bill Index). These two additional market indexes, along with the Lehman
Brothers Aggregate Index and Wilshire 5000 Index used in the past, will replace 
the LifePath Benchmark Index for each of the Portfolios. The four indexes will  
serve as more useful comparisons as they are representative of the four asset   
classes in the portfolio holdings of each of the LifePath Portfolios.           

                                                                               5

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LIFEPATH(R) PORTFOLIOS                                                          
MANAGERS' DISCUSSION & ANALYSIS (CONTINUED)                                     

+ Additional index for comparison to the Portfolio.                             

[LINE GRAPH]

LifePath(R) Income Portfolio
GROWTH OF $10,000 INVESTMENT
SINCE INCEPTION (3/1/94)

                                                        [Enlarge/Download Table]

            LIFEPATH(R)    LEHMAN BROTHERS  LIFEPATH INCOME                  WILSHIRE       MSCI    
         Income Portfolio  Aggregate Index  Benchmark Index  S&P 500 Index  5000 Index+  EAFE Index+
                                                                                                    
3/1/94            $10,000          $10,000          $10,000        $10,000      $10,000      $10,000
2/28/95           $10,238          $10,178          $10,262        $10,735      $10,529       $9,581
2/28/96           $11,557          $11,424          $11,914        $14,445      $14,092      $11,230
2/28/97           $12,257          $12,035          $12,962        $18,222      $17,315      $11,628
2/28/98           $13,489          $13,283          $14,823        $24,618      $23,225      $13,464
2/28/99           $14,159          $14,115          $15,990        $29,493      $26,438      $14,170
2/28/00           $14,641          $14,271          $16,975        $32,923      $32,192      $17,822
2/28/01           $15,257          $16,190          $18,090        $30,227      $28,024      $14,739
2/28/02           $15,482          $17,431          $18,709        $27,352      $25,693      $11,977

SALOMON BROTHERS 3-MONTH                        
Treasury Bill Index+                      
3/1/94                    $10,000                                               
2/28/95                   $10,450                                               
2/28/96                   $11,049                                               
2/28/97                   $11,632                                               
2/28/98                   $12,248                                               
2/28/99                   $12,858                                               
2/28/00                   $13,487                                               
2/28/01                   $14,302                                               
2/28/02                   $14,790                                               

Yearly periods ended February 28                                                

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     

LifePath(R) 2010 Portfolio                                                      
GROWTH OF $10,000 INVESTMENT                                                    
SINCE INCEPTION (3/1/94)                                                        

                                                        [Enlarge/Download Table]

           LIFEPATH (R)  LEHMAN BROTHERS  LIFEPATH 2010                                      
         2010 PORTFOLIO  AGGREGATE INDEX  BENCHMARK INDEX  S&P 500 INDEX  WILSHIRE 5000 INDEX
                                                                                             
3/1/94      $10,000       $10,000          $10,000         $10,000              $10,000      
2/28/95     $10,354       $10,178          $10,280         $10,735              $10,529      
2/28/96     $12,323       $11,424          $12,249         $14,445              $14,092      
2/28/97     $13,521       $12,035          $13,589         $18,222              $17,315      
2/28/98     $15,394       $13,283          $15,994         $24,618              $23,225      
2/28/99     $16,413       $14,115          $17,436         $29,493              $26,438      
2/28/00     $17,205       $14,271          $19,079         $32,923              $32,192      
2/28/01     $17,378       $16,190          $19,550         $30,227              $28,024      
2/28/02     $17,265       $17,431          $19,744         $27,352              $25,693      

MCSI       SALOMON BROTHERS 3-MONTH                 
EAFE INDEX+     TREASURY BILL INDEX+                      
3/1/94       $10,000               $10,000                                      
2/28/95       $9,581               $10,450                                      
2/28/96      $11,230               $11,049                                      
2/28/97      $11,628               $11,632                                      
2/28/98      $13,464               $12,248                                      
2/28/99      $14,170               $12,858                                      
2/28/00      $17,822               $13,487                                      
2/28/01      $14,739               $14,302                                      
2/28/02      $11,977               $14,790                                      

Yearly periods ended February 28                                                

6                                                                               

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LIFEPATH(R) PORTFOLIOS                                                          
MANAGERS' DISCUSSION & ANALYSIS (CONTINUED)                                     

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     
LifePath(R) 2020 Portfolio                                                      
GROWTH OF $10,000 INVESTMENT                                                    
SINCE INCEPTION (3/1/94)                                                        

                                                        [Enlarge/Download Table]


                            LEHMAN                                                                        
                          BROTHERS  LIFEPATH 2020                                         SALOMON BROTHERS
            LIFEPATH(R)  AGGREGATE      BENCHMARK  S&P 500  WILSHIRE 5000  MSCI EAFE               3-MONTH
         2020 PORTFOLIO      INDEX          INDEX    INDEX          INDEX     INDEX+  TREASURY BILL INDEX+
                                                                                                          
3/1/94          $10,000    $10,000        $10,000  $10,000        $10,000    $10,000               $10,000
2/28/95         $10,439    $10,178        $10,298  $10,735        $10,529     $9,581               $10,450
2/28/96         $12,757    $11,424        $12,590  $14,445        $14,092    $11,230               $11,049
2/28/97         $14,263    $12,035        $14,240  $18,222        $17,315    $11,628               $11,632
2/28/98         $16,688    $13,283        $17,240  $24,618        $23,225    $13,464               $12,248
2/28/99         $17,930    $14,115        $18,976  $29,493        $26,438    $14,170               $12,858
2/28/00         $19,014    $14,271        $21,388  $32,923        $32,192    $17,822               $13,487
2/28/01         $18,660    $16,190        $21,018  $30,227        $28,024    $14,739               $14,302
2/28/02         $18,116    $17,431        $20,632  $27,352        $25,693    $11,977               $14,790

Yearly periods ended February 28                                                

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     
LifePath(R) 2030 Portfolio                                                      
GROWTH OF $10,000 INVESTMENT                                                    
SINCE INCEPTION (3/1/94)                                                        

                                                        [Enlarge/Download Table]

                            LEHMAN                                                                         
                          BROTHERS   LIFEPATH 2030                                         SALOMON BROTHERS
            LIFEPATH(R)  AGGREGATE       BENCHMARK  S&P 500  WILSHIRE 5000  MSCI EAFE               3-MONTH
         2030 PORTFOLIO      INDEX           INDEX    INDEX          INDEX     INDEX+  TREASURY BILL INDEX+
                                                                                                           
3/1/94          $10,000     $10,000        $10,000  $10,000        $10,000    $10,000               $10,000
2/28/95         $10,442     $10,178        $10,314  $10,735        $10,529     $9,581               $10,450
2/28/96         $13,130     $11,424        $12,936  $14,445        $14,092    $11,230               $11,049
2/28/97         $14,867     $12,035        $14,914  $18,222        $17,315    $11,628               $11,632
2/28/98         $17,689     $13,283        $18,561  $24,618        $23,225    $13,464               $12,248
2/28/99         $19,044     $14,115        $20,584  $29,493        $26,438    $14,170               $12,858
2/28/00         $20,348     $14,271        $23,887  $32,923        $32,192    $17,822               $13,487
2/28/01         $19,749     $16,190        $22,498  $30,227        $28,024    $14,739               $14,302
2/28/02         $18,924     $17,431        $21,453  $27,352        $25,693    $11,977               $14,790

Yearly periods ended February 28                                                

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LIFEPATH(R) PORTFOLIOS                                                          
MANAGERS' DISCUSSION & ANALYSIS (CONTINUED)                                     

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC                     
LifePath(R) 2040 Portfolio                                                      
GROWTH OF $10,000 INVESTMENT                                                    
SINCE INCEPTION (3/1/94)                                                        

                                                        [Enlarge/Download Table]

                            LEHMAN                                                                        
                          BROTHERS  LIFEPATH 2040                                         SALOMON BROTHERS
            LIFEPATH(R)  AGGREGATE      BENCHMARK  S&P 500  WILSHIRE 5000  MSCI EAFE               3-MONTH
         2040 PORTFOLIO      INDEX          INDEX    INDEX          INDEX     INDEX+  TREASURY BILL INDEX+
                                                                                                          
3/1/94          $10,000    $10,000        $10,000  $10,000        $10,000    $10,000               $10,000
2/28/95         $10,556    $10,178        $10,328  $10,735        $10,529     $9,581               $10,450
2/28/96         $13,488    $11,424        $13,288  $14,445        $14,092    $11,230               $11,049
2/28/97         $15,535    $12,035        $15,611  $18,222        $17,315    $11,628               $11,632
2/28/98         $18,630    $13,283        $19,965  $24,618        $23,225    $13,464               $12,248
2/28/99         $20,166    $14,115        $22,300  $29,493        $26,438    $14,170               $12,858
2/28/00         $21,768    $14,271        $26,630  $32,923        $32,192    $17,822               $13,487
2/28/01         $20,687    $16,190        $24,017  $30,227        $28,024    $14,739               $14,302
2/28/02         $19,598    $17,431        $22,226  $27,352        $25,693    $11,977               $14,790

Yearly periods ended February 28                                                

The LifePath Portfolios do not have their own investment advisor. They are      
organized as "feeder" funds in a "master/feeder" structure. Instead of investing
directly in the individual securities in the portfolio, the feeder fund, which  
is offered to the public, holds interests in the net assets of the Master       
Portfolio. It is the Master Portfolio that actually invests in the individual   
securities. References to "the Portfolios" are to the feeder funds or the Master
Portfolios. Barclays Global Fund Advisors (BGFA) advises the Master Portfolios. 

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BARCLAYS GLOBAL INVESTORS FUNDS                                                 
STATEMENTS OF ASSETS AND LIABILITIES                                            
FEBRUARY 28, 2002                                                               

                                                        [Enlarge/Download Table]

                              LifePath      LifePath      LifePath      LifePath      LifePath 
                                Income          2010          2020          2030          2040 
                             Portfolio     Portfolio     Portfolio     Portfolio     Portfolio 
 --------------------------------------------------------------------------------------------- 
                                                                                               
ASSETS                                                                                         
 Investments:                                                                                  
  In corresponding Master                                                                      
    Portfolio, at market                                                                       
    value (Note 1)         $37,138,769  $108,671,864  $320,550,589  $108,530,619  $ 85,140,219 
Receivables:                                                                                   
  Capital shares sold           19,808        69,738       117,311       155,264        63,224 
                           -----------  ------------  ------------  ------------  ------------ 
Total Assets                37,158,577   108,741,602   320,667,900   108,685,883    85,203,443 
                           -----------  ------------  ------------  ------------  ------------ 
LIABILITIES                                                                                    
Payables:                                                                                      
  Capital shares redeemed      213,150       108,793       621,822       113,758       223,847 
  Administration fees                                                                          
    (Note 2)                     9,021        31,410       110,677        34,602        18,870 
                           -----------  ------------  ------------  ------------  ------------ 
Total Liabilities              222,171       140,203       732,499       148,360       242,717 
                           -----------  ------------  ------------  ------------  ------------ 
NET ASSETS                 $36,936,406  $108,601,399  $319,935,401  $108,537,523  $ 84,960,726 
                           ===========  ============  ============  ============  ============ 
NET ASSETS CONSIST OF:                                                                         
  Paid-in capital          $36,914,414  $111,083,432  $354,315,012  $114,234,467  $ 98,583,295 
  Undistributed net                                                                            
    investment income          188,349       398,627       861,868       216,545        94,266 
  Undistributed net                                                                            
    realized gain (loss)                                                                       
    on investments              60,084       240,536    (4,173,677)      162,763    (3,695,065)
  Net unrealized                                                                               
    depreciation of                                                                            
    investments               (226,441)   (3,121,196)  (31,067,802)   (6,076,252)  (10,021,770)
                           -----------  ------------  ------------  ------------  ------------ 
NET ASSETS                 $36,936,406  $108,601,399  $319,935,401  $108,537,523  $ 84,960,726 
                           ===========  ============  ============  ============  ============ 
Shares outstanding           3,487,435     9,164,285    23,665,011     7,929,860     5,769,278 
                           ===========  ============  ============  ============  ============ 
Net asset value and                                                                            
  offering price per                                                                           
  share                    $     10.59  $      11.85  $      13.52  $      13.69  $      14.73 
                           ===========  ============  ============  ============  ============ 
---------------------------------------------------------------------------------------------- 

STATEMENTS OF OPERATIONS                                                        
FOR THE YEAR ENDED FEBRUARY 28, 2002                                            

                                                        [Enlarge/Download Table]

                              LifePath      LifePath      LifePath      LifePath      LifePath 
                                Income          2010          2020          2030          2040 
                             Portfolio     Portfolio     Portfolio     Portfolio     Portfolio 
---------------------------------------------------------------------------------------------- 
                                                                                               
NET INVESTMENT INCOME                                                                          
  ALLOCATED FROM                                                                               
  CORRESPONDING MASTER                                                                         
  PORTFOLIO                                                                                    
  Dividends                $   140,626  $    744,392  $  3,250,212  $  1,297,726  $  1,222,749 
  Interest                   1,281,804     2,945,986     5,357,066       985,238       165,225 
  Expenses                    (147,189)     (448,228)   (1,382,700)     (449,410)     (393,894)
                           -----------  ------------  ------------  ------------  ------------ 
Net investment income                                                                          
  allocated from                                                                               
  corresponding Master                                                                         
  Portfolio                  1,275,241     3,242,150     7,224,578     1,833,554       994,080 
                           -----------  ------------  ------------  ------------  ------------ 
FUND EXPENSES (NOTE 2)                                                                         
  Administration fees          162,853       495,002     1,526,565       498,320       418,184 
                           -----------  ------------  ------------  ------------  ------------ 
Total fund expenses            162,853       495,002     1,526,565       498,320       418,184 
                           -----------  ------------  ------------  ------------  ------------ 
Net investment income        1,112,388     2,747,148     5,698,013     1,335,234       575,896 
                           -----------  ------------  ------------  ------------  ------------ 
REALIZED AND UNREALIZED                                                                        
  GAIN (LOSS) ON                                                                               
  INVESTMENTS ALLOCATED                                                                        
  FROM CORRESPONDING                                                                           
  MASTER PORTFOLIO                                                                             
  Net realized gain            879,800     7,333,013    21,881,975    11,130,277    17,326,803 
  Net change in                                                                                
    unrealized                                                                                 
    appreciation                                                                               
    (depreciation)          (1,224,199)  (10,532,849)  (42,810,225)  (20,961,737)  (28,612,667)
                           -----------  ------------  ------------  ------------  ------------ 
Net loss on investments       (344,399)   (3,199,836)  (20,928,250)   (9,831,460)  (11,285,864)
                           -----------  ------------  ------------  ------------  ------------ 
NET INCREASE (DECREASE)                                                                        
  IN NET ASSETS RESULTING                                                                      
  FROM OPERATIONS          $   767,989  $   (452,688) $(15,230,237) $ (8,496,226) $(10,709,968)
                           ===========  ============  ============  ============  ============ 

--------------------------------------------------------------------------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      
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BARCLAYS GLOBAL INVESTORS FUNDS                                                 
STATEMENTS OF CHANGES IN NET ASSETS                                             

                                                        [Enlarge/Download Table]

                                                      LIFEPATH INCOME PORTFOLIO                           LIFEPATH 2010 PORTFOLIO 
                               ------------------------------------------------  ------------------------------------------------ 
                                               FOR THE                  FOR THE                  FOR THE                  FOR THE 
                                            YEAR ENDED               YEAR ENDED               YEAR ENDED               YEAR ENDED 
                                     FEBRUARY 28, 2002        FEBRUARY 28, 2001        FEBRUARY 28, 2002        FEBRUARY 28, 2001 
--------------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                                  

INCREASE (DECREASE) IN NET                                                                                                        
  ASSETS                                                                                                                          
OPERATIONS:                                                                                                                       
  Net investment income                   $  1,112,388             $  1,260,700             $  2,747,148             $  2,879,157 
  Net realized gain                            879,800                1,598,995                7,333,013                4,724,771 
  Net change in unrealized                                                                                                        
    appreciation                                                                                                                  
    (depreciation)                          (1,224,199)              (1,050,307)             (10,532,849)              (6,008,577)
                                       ----------------  -----------------------  -----------------------  -----------------------
Net increase (decrease) in                                                                                                        
  net assets resulting from                                                                                                       
  operations                                   767,989                1,809,388                 (452,688)               1,595,351 
                               -----------------------  -----------------------  -----------------------  ----------------------- 
DISTRIBUTIONS TO                                                                                                                  
  SHAREHOLDERS:                                                                                                                   
  From net investment income                (1,122,275)              (1,241,206)              (2,788,806)              (2,830,893)
  From net realized gain on                                                                                                       
    sale of investments                       (231,518)              (1,968,848)              (1,181,330)              (6,232,440)
                               -----------------------  -----------------------  -----------------------  ----------------------- 
Total distributions to                                                                                                            
  shareholders                              (1,353,793)              (3,210,054)              (3,970,136)              (9,063,333)
                               -----------------------  -----------------------  -----------------------  ----------------------- 
CAPITAL SHARE TRANSACTIONS:                                                                                                       
  Proceeds from shares sold                 19,731,124               19,332,593               59,184,328               37,116,361 
  Net asset value of shares                                                                                                       
    issued in reinvestment of                                                                                                     
    dividends and                                                                                                                 
    distributions                            1,350,246                3,188,819                3,943,544                8,943,538 
  Cost of shares redeemed                  (16,322,558)             (17,129,776)             (40,091,401)             (37,318,821)
                               -----------------------  -----------------------  -----------------------  ----------------------- 
Net increase in net assets                                                                                                        
  resulting from capital                                                                                                          
  share transactions                         4,758,812                5,391,636               23,036,471                8,741,078 
                               -----------------------  -----------------------  -----------------------  ----------------------- 
Increase in net assets                       4,173,008                3,990,970               18,613,647                1,273,096 

NET ASSETS:                                                                                                                       
Beginning of year                           32,763,398               28,772,428               89,987,752               88,714,656 
                               -----------------------  -----------------------  -----------------------  ----------------------- 
End of year                               $ 36,936,406             $ 32,763,398             $108,601,399             $ 89,987,752 
                               =======================  =======================  =======================  ======================= 
Undistributed net investment                                                                                                      
  income included in net                                                                                                          
  assets at end of year                   $    188,349             $    199,554             $    398,627  $               446,190 
                               =======================  =======================  =======================  ======================= 

SHARES ISSUED AND REDEEMED:                                                                                                       
  Shares sold                                1,847,700                1,726,003                4,921,447                2,789,286 
  Shares issued in                                                                                                                
    reinvestment of dividends                                                                                                     
    and distributions                          127,274                  292,544                  329,114                  687,655 
  Shares redeemed                           (1,530,208)              (1,548,642)              (3,307,156)              (2,833,065)
                               -----------------------  -----------------------  -----------------------  ----------------------- 
Net increase in shares                                                                                                            
  outstanding                                  444,766                  469,905                1,943,405                  643,876 
                               =======================  =======================  =======================  ======================= 

--------------------------------------------------------------------------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

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BARCLAYS GLOBAL INVESTORS FUNDS                                                 
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)                                 

                                                        [Enlarge/Download Table]

                                                LIFEPATH 2020 PORTFOLIO                           LIFEPATH 2030 PORTFOLIO         
                               ------------------------------------------------  ------------------------------------------------ 
                                               FOR THE                  FOR THE                  FOR THE                  FOR THE 
                                            YEAR ENDED               YEAR ENDED               YEAR ENDED               YEAR ENDED 
                                     FEBRUARY 28, 2002        FEBRUARY 28, 2001        FEBRUARY 28, 2002        FEBRUARY 28, 2001 

--------------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                                  

INCREASE (DECREASE) IN NET                                                                                                        
  ASSETS                                                                                                                          
OPERATIONS:                                                                                                                       
  Net investment income                   $  5,698,013             $   3,740,220            $  1,335,234             $  1,186,978 
  Net realized gain                         21,881,975                6,419,207               11,130,277                3,872,141 
  Net change in unrealized                                                                                                        
    appreciation                                                                                                                  
    (depreciation)                         (42,810,225)             (19,301,313)             (20,961,737)             (10,576,268)
                                           ------------             ------------             ------------             ------------
Net decrease in net assets                                                                                                        
  resulting from operations                (15,230,237)              (9,141,886)              (8,496,226)              (5,517,149)
                                           ------------              -----------               ----------              ---------- 
DISTRIBUTIONS TO                                                                                                                  
  SHAREHOLDERS:                                                                                                                   
  From net investment income                (5,456,953)              (3,512,514)              (1,284,503)              (1,167,080)
  From net realized gain on                                                                                                       
    sale of investments                        (59,612)              (9,804,236)              (4,510,194)              (4,388,703)
                                           ------------              -----------              -----------              -----------
Total distributions to                                                                                                            
  shareholders                              (5,516,565)             (13,316,750)              (5,794,697)              (5,555,783)
                                           ------------             ------------             ------------              -----------
CAPITAL SHARE TRANSACTIONS:                                                                                                       
  Proceeds from shares sold                232,961,306              112,177,884               70,559,568               37,256,030 
  Net asset value of shares                                                                                                       
    issued in reinvestment of                                                                                                     
    dividends and                                                                                                                 
    distributions                            5,503,683               13,255,564                5,760,350                5,507,941 
  Cost of shares redeemed                  (80,589,737)             (63,219,749)             (33,156,836)             (36,041,958)
                                           ------------             ------------             ------------              -----------
Net increase in net assets                                                                                                        
  resulting from capital                                                                                                          
  share transactions                       157,875,252               62,213,699               43,163,082                6,722,013 
                                           -----------               -----------              ----------              ----------- 
Increase (decrease) in net                                                                                                        
  assets                                   137,128,450               39,755,063               28,872,159               (4,350,919)

NET ASSETS:                                                                                                                       
Beginning of year                          182,806,951              143,051,888               79,665,364               84,016,283 
                                           -----------              -----------              -----------              ----------- 
End of year                               $319,935,401             $182,806,951              108,537,523              79,665,364  
                                          ============              ===========              ===========               ========== 
Undistributed net investment                                                                                                      
 income included in net                                                                                                           
  assets at end of year                   $    861,868             $    618,054             $    216,545             $   170,024  
                                          ============             ============             ============             ============ 

SHARES ISSUED AND REDEEMED:                                                                                                       
  Shares sold                               16,503,097                6,817,728                4,714,637                2,090,743 
  Shares issued in                                                                                                                
    reinvestment of dividends                                                                                                     
    and distributions                          401,414                  847,517                  412,574                  316,698 
  Shares redeemed                           (5,800,325)              (3,947,464)              (2,249,154)              (2,063,853)
                                           ------------              -----------              -----------              -----------
Net increase in shares                                                                                                            
  outstanding                               11,104,186                3,717,781                2,878,057                  343,588 
                                            ==========              ============             ===========              ============


--------------------------------------------------------------------------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

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BARCLAYS GLOBAL INVESTORS FUNDS                                                 
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)                                 

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                                                                   LIFEPATH 2040 PORTFOLIO 
                                          ------------------------------------------------ 
                                                          FOR THE                  FOR THE 
                                                       YEAR ENDED               YEAR ENDED 
                                                FEBRUARY 28, 2002        FEBRUARY 28, 2001 
------------------------------------------------------------------------------------------ 
                                                                                           
INCREASE (DECREASE) IN NET ASSETS                                                          
OPERATIONS:                                                                                
  Net investment income                              $    575,896             $    616,158 
  Net realized gain                                    17,326,803                9,116,690 
  Net change in unrealized appreciation                                                    
    (depreciation)                                    (28,612,667)             (22,414,260)
                                                     ------------            ------------- 
Net decrease in net assets resulting                                                       
  from operations                                     (10,709,968)             (12,681,412)
                                                     ------------            ------------- 
DISTRIBUTIONS TO SHAREHOLDERS:                                                             
  From net investment income                             (576,425)                (570,768)
  From net realized gain on sale of                                                        
    investments                                          (475,967)             (10,402,656)
                                                     ------------             ------------ 
Total distributions to shareholders                    (1,052,392)             (10,973,424)
                                                     ------------            ------------- 
CAPITAL SHARE TRANSACTIONS:                                                                
  Proceeds from shares sold                            31,978,773               49,119,954 
  Net asset value of shares issued in                                                      
    reinvestment of dividends and                                                          
    distributions                                       1,045,497               10,894,420 
  Cost of shares redeemed                             (34,163,747)             (61,180,371)
                                                      -----------             ------------ 
Net decrease in net assets resulting                                                       
  from capital share transactions                      (1,139,477)              (1,165,997)
                                                     ------------             ------------ 
Decrease in net assets                                (12,901,837)             (24,820,833)

NET ASSETS:                                                                                
Beginning of year                                      97,862,563              122,683,396 
                                                     ------------             ------------ 
End of year                                          $ 84,960,726             $ 97,862,563 
                                                     ============             ============ 
Undistributed net investment income                                                        
  included in net assets at end of year              $     94,266             $     82,752 
                                                     ============             ============ 

SHARES ISSUED AND REDEEMED:                                                                
  Shares sold                                           2,047,219                2,384,022 
  Shares issued in reinvestment of                                                         
    dividends and distributions                            71,926                  592,999 
  Shares redeemed                                      (2,195,606)              (3,074,996)
                                                     ------------            ------------- 
Net decrease in shares outstanding                        (76,461)                 (97,975)
                                                     ============            ============= 


--------------------------------------------------------------------------------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

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BARCLAYS GLOBAL INVESTORS FUNDS                                                 
FINANCIAL HIGHLIGHTS                                                            
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD                                  

                                                        [Enlarge/Download Table]


                                                                           LIFEPATH INCOME PORTFOLIO
                           -------------------------------------------------------------------------
                              YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED
                           FEB. 28, 2002  FEB. 28, 2001  FEB. 29, 2000  FEB. 28, 1999  FEB. 28, 1998
----------------------------------------------------------------------------------------------------
                                                                                                    
NET ASSET VALUE,                                                                                    
  BEGINNING OF YEAR           $ 10.77        $ 11.18        $ 11.53        $ 11.56        $ 10.97   
                              -------        -------        -------        -------        -------   
INCOME FROM INVESTMENT                                                                              
  OPERATIONS:                                                                                       
  Net investment income          0.34(3)        0.44           0.43           0.42           0.46   
  Net realized and                                                                                  
    unrealized gain                                                                                 
    (loss) on investments       (0.10)(3)       0.23           0.12           0.34           0.85   
                              -------        -------        -------        -------        -------   
TOTAL FROM INVESTMENT                                                                               
  OPERATIONS                     0.24           0.67           0.55           0.76           1.31   
                              -------        -------        -------        -------        -------   
LESS DISTRIBUTIONS FROM:                                                                            
  Net investment income         (0.35)         (0.44)         (0.43)         (0.42)         (0.46)  
  Net realized gain             (0.07)         (0.64)         (0.47)         (0.37)         (0.26)  
                              -------        -------        -------        -------        -------   
TOTAL DISTRIBUTIONS             (0.42)         (1.08)         (0.90)         (0.79)         (0.72)  
                              -------        -------        -------        -------        -------   
NET ASSET VALUE, END OF                                                                             
  YEAR                        $ 10.59        $ 10.77        $ 11.18        $ 11.53        $ 11.56   
                              =======        =======        =======        =======        =======   
TOTAL RETURN                     2.25%          6.16%          4.82%          6.70%         12.32%  
                              =======        =======        =======        =======        =======   
RATIOS/SUPPLEMENTAL DATA:                                                                           
  Net assets, end of year                                                                           
    (000s)                    $36,936        $32,763        $28,772        $51,281        $48,731   
  Ratio of expenses to                                                                              
    average net assets(1)        0.89%          0.95%          0.95%          0.95%          0.95%  
  Ratio of net investment                                                                           
    income to average net                                                                           
    assets(1)                    3.19%(3)       4.00%          3.63%          3.55%          4.06%  
  Portfolio turnover                                                                                
    rate(2)                       116%(4)         58%            55%            66%            39%  
----------------------------------------------------------------------------------------------------



                                                                             LIFEPATH 2010 PORTFOLIO
                           -------------------------------------------------------------------------
                              YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED
                           FEB. 28, 2002  FEB. 28, 2001  FEB. 29, 2000  FEB. 28, 1999  FEB. 28, 1998
----------------------------------------------------------------------------------------------------
                                                                                                    
NET ASSET VALUE,                                                                                    
  BEGINNING OF YEAR          $  12.46        $ 13.49        $ 14.29       $  13.90       $  12.46   
                             --------        -------        -------       --------       --------   
INCOME FROM INVESTMENT                                                                              
  OPERATIONS:                                                                                       
  Net investment income          0.31(3)        0.41           0.42           0.38           0.40   
  Net realized and                                                                                  
    unrealized gain                                                                                 
    (loss) on investments       (0.46)(3)      (0.16)          0.71           1.01           1.87   
                             --------        -------        -------       --------       --------   
TOTAL FROM INVESTMENT                                                                               
  OPERATIONS                    (0.15)          0.25           1.13           1.39           2.27   
                             --------        -------        -------       --------       --------   
LESS DISTRIBUTIONS FROM:                                                                            
  Net investment income         (0.33)         (0.41)         (0.42)         (0.38)         (0.40)  
  Net realized gain             (0.13)         (0.87)         (1.51)         (0.62)         (0.43)  
                             --------        -------        -------       --------       --------   
TOTAL DISTRIBUTIONS             (0.46)         (1.28)         (1.93)         (1.00)         (0.83)  
                             --------        -------        -------       --------       --------   
NET ASSET VALUE, END OF                                                                             
  YEAR                       $  11.85        $ 12.46        $ 13.49       $  14.29       $  13.90   
                             ========        =======        =======       ========       ========   
TOTAL RETURN                    (1.13)%         1.73%          7.92%         10.19%         18.73%  
                             ========        =======        =======       ========       ========   
RATIOS/SUPPLEMENTAL DATA:                                                                           
  Net assets, end of year                                                                           
    (000s)                   $108,601        $89,988        $88,715       $132,798       $112,436   
  Ratio of expenses to                                                                              
    average net assets(1)        0.89%          0.95%          0.95%          0.95%          0.95%  
  Ratio of net investment                                                                           
    income to average net                                                                           
    assets(1)                    2.59%(3)       3.09%          2.80%          2.73%          3.09%  
  Portfolio turnover                                                                                
    rate(2)                        86%(4)         54%            49%            38%            46%  
----------------------------------------------------------------------------------------------------

(1)  THESE RATIOS INCLUDE EXPENSES CHARGED TO THE CORRESPONDING MASTER          
PORTFOLIO.                                                            
(2)  REPRESENTS THE PORTFOLIO TURNOVER RATE OF EACH PORTFOLIO'S CORRESPONDING   
MASTER PORTFOLIO.                                                     
(3)  EFFECTIVE MARCH 1, 2001 THE PORTFOLIO ADOPTED THE PROVISIONS OF THE REVISED
     AICPA AUDIT AND ACCOUNTING GUIDE FOR INVESTMENT COMPANIES THAT REQUIRES THE
    AMORTIZATION OF DISCOUNTS AND PREMIUMS ON DEBT SECURITIES PURCHASED, USING
 A CONSTANT YIELD TO MATURITY METHOD. THE ADOPTION OF THIS POLICY HAD NO
MATERIAL EFFECT ON THE RATIOS AND PER SHARE DATA FOR THE YEAR ENDED   
FEBRUARY 28, 2002. RATIOS AND PER SHARE DATA FOR THE PERIODS PRIOR TO 
MARCH 1, 2001 HAVE NOT BEEN RESTATED TO REFLECT THIS CHANGE IN POLICY.
(4)  PORTFOLIO TURNOVER RATES EXCLUDING IN-KIND TRANSACTIONS WERE 52% FOR THE   
LIFEPATH INCOME PORTFOLIO AND 48% FOR THE LIFEPATH 2010 PORTFOLIO.    

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

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BARCLAYS GLOBAL INVESTORS FUNDS                                                 
FINANCIAL HIGHLIGHTS (CONTINUED)                                                
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD                                  

                                                        [Enlarge/Download Table]


                                                                             LIFEPATH 2020 PORTFOLIO
                           -------------------------------------------------------------------------
                              YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED
                           FEB. 28, 2002  FEB. 28, 2001  FEB. 29, 2000  FEB. 28, 1999  FEB. 28, 1998
----------------------------------------------------------------------------------------------------
                                                                                                    
NET ASSET VALUE,                                                                                    
  BEGINNING OF YEAR          $  14.55       $  16.18       $  16.38       $  15.73       $  13.40   
                             --------       --------       --------       --------       --------   
INCOME FROM INVESTMENT                                                                              
  OPERATIONS:                                                                                       
  Net investment income          0.23(3)        0.31           0.32           0.31           0.33   
  Net realized and                                                                                  
    unrealized gain                                                                                 
    (loss) on investments       (1.02)(3)      (0.83)          1.47           1.58           2.84   
                             --------       --------       --------       --------       --------   
TOTAL FROM INVESTMENT                                                                               
  OPERATIONS                    (0.79)         (0.52)          1.79           1.89           3.17   
                             --------       --------       --------       --------       --------   
LESS DISTRIBUTIONS FROM:                                                                            
  Net investment income         (0.24)         (0.31)         (0.32)         (0.31)         (0.33)  
  Net realized gain             (0.00)(4)      (0.80)         (1.67)         (0.93)         (0.51)  
                             --------       --------       --------       --------       --------   
TOTAL DISTRIBUTIONS             (0.24)         (1.11)         (1.99)         (1.24)         (0.84)  
                             --------       --------       --------       --------       --------   
NET ASSET VALUE, END OF                                                                             
  YEAR                       $  13.52       $  14.55       $  16.18       $  16.38       $  15.73   
                             ========       ========       ========       ========       ========   
TOTAL RETURN                    (5.44)%        (3.54)%        10.84%         12.42%         24.25%  
                             ========       ========       ========       ========       ========   
RATIOS/SUPPLEMENTAL DATA:                                                                           
  Net assets, end of year                                                                           
    (000s)                   $319,935       $182,807       $143,052       $166,130       $148,197   
  Ratio of expenses to                                                                              
    average net assets(1)        0.89%          0.95%          0.95%          0.95%          0.95%  
  Ratio of net investment                                                                           
    income to average net                                                                           
    assets(1)                    1.74%(3)       1.99%          1.87%          1.91%          2.28%  
  Portfolio turnover                                                                                
    rate(2)                        86%(5)         39%            43%            36%            41%  
----------------------------------------------------------------------------------------------------



                                                                             LIFEPATH 2030 PORTFOLIO
                           -------------------------------------------------------------------------
                              YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED
                           FEB. 28, 2002  FEB. 28, 2001  FEB. 29, 2000  FEB. 28, 1999  FEB. 28, 1998
----------------------------------------------------------------------------------------------------
                                                                                                    
NET ASSET VALUE,                                                                                    
  BEGINNING OF YEAR          $  15.77        $ 17.84        $ 18.57       $  17.39        $ 14.17   
                             --------        -------        -------       --------        -------   
INCOME FROM INVESTMENT                                                                              
  OPERATIONS:                                                                                       
  Net investment income          0.18(3)        0.23           0.26           0.24           0.26   
  Net realized and                                                                                  
    unrealized gain                                                                                 
    (loss) on investments       (1.48)(3)      (1.22)          2.22           2.06           3.65   
                             --------        -------        -------       --------        -------   
TOTAL FROM INVESTMENT                                                                               
  OPERATIONS                    (1.30)         (0.99)          2.48           2.30           3.91   
                             --------        -------        -------       --------        -------   
LESS DISTRIBUTIONS FROM:                                                                            
  Net investment income         (0.19)         (0.23)         (0.26)         (0.24)         (0.26)  
  Net realized gain             (0.59)         (0.85)         (2.95)         (0.88)         (0.43)  
                             --------        -------        -------       --------        -------   
TOTAL DISTRIBUTIONS             (0.78)         (1.08)         (3.21)         (1.12)         (0.69)  
                             --------        -------        -------       --------        -------   
NET ASSET VALUE, END OF                                                                             
  YEAR                       $  13.69        $ 15.77        $ 17.84       $  18.57        $ 17.39   
                             ========        =======        =======       ========        =======   
TOTAL RETURN                    (8.25)%        (5.99)%        13.04%         13.55%         28.22%  
                             ========        =======        =======       ========        =======   
RATIOS/SUPPLEMENTAL DATA:                                                                           
  Net assets, end of year                                                                           
    (000s)                   $108,538        $79,665        $84,016       $116,729        $95,309   
  Ratio of expenses to                                                                              
    average net assets(1)        0.89%          0.95%          0.95%          0.95%          0.95%  
  Ratio of net investment                                                                           
    income to average net                                                                           
    assets(1)                    1.25%(3)       1.32%          1.32%          1.35%          1.72%  
  Portfolio turnover                                                                                
    rate(2)                        53%(5)         27%            26%            19%            27%  
----------------------------------------------------------------------------------------------------

(1)  THESE RATIOS INCLUDE EXPENSES CHARGED TO THE CORRESPONDING MASTER          
PORTFOLIO.                                                            
(2)  REPRESENTS THE PORTFOLIO TURNOVER RATE OF EACH PORTFOLIO'S CORRESPONDING   
MASTER PORTFOLIO.                                                     
(3)  EFFECTIVE MARCH 1, 2001, THE PORTFOLIO ADOPTED THE PROVISIONS OF THE       
REVISED AICPA AUDIT AND ACCOUNTING GUIDE FOR INVESTMENT COMPANIES THAT
REQUIRES THE AMORTIZATION OF DISCOUNTS AND PREMIUMS ON DEBT SECURITIES
    PURCHASED, USING A CONSTANT YIELD TO MATURITY METHOD. THE ADOPTION OF THIS
     POLICY HAD NO MATERIAL EFFECT ON THE RATIOS AND PER SHARE DATA FOR THE YEAR
     ENDED FEBRUARY 28, 2002. RATIOS AND PER SHARE DATA FOR THE PERIODS PRIOR TO
MARCH 1, 2001 HAVE NOT BEEN RESTATED TO RELECT THIS CHANGE IN POLICY. 
(4)  ROUNDS TO LESS THAN $0.01.                                                 
(5)  PORTFOLIO TURNOVER RATES EXCLUDING IN-KIND TRANSACTIONS WERE 35% FOR THE   
LIFEPATH 2020 PORTFOLIO AND 25% FOR THE LIFEPATH 2030 PORTFOLIO.      

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

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BARCLAYS GLOBAL INVESTORS FUNDS                                                 
FINANCIAL HIGHLIGHTS (CONTINUED)                                                
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD                                  

                                                        [Enlarge/Download Table]


                                                                             LIFEPATH 2040 PORTFOLIO 
                           ------------------------------------------------------------------------- 
                              YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED 
                           FEB. 28, 2002  FEB. 28, 2001  FEB. 29, 2000  FEB. 28, 1999  FEB. 28, 1998 
---------------------------------------------------------------------------------------------------- 
                                                                                                     

NET ASSET VALUE,                                                                                     
  BEGINNING OF YEAR           $ 16.74        $ 20.64       $  20.25       $  18.77       $  15.21    
                              -------        -------       --------       --------       --------    
INCOME FROM INVESTMENT                                                                               
  OPERATIONS:                                                                                        
  Net investment income          0.10(3)        0.11           0.13           0.14           0.18    
  Net realized and                                                                                   
    unrealized gain                                                                                  
    (loss) on investments       (1.93)(3)      (2.20)          3.18           2.67           4.41    
                              -------        -------       --------       --------       --------    
TOTAL FROM INVESTMENT                                                                                
  OPERATIONS                    (1.83)         (2.09)          3.31           2.81           4.59    
                              -------        -------       --------       --------       --------    
LESS DISTRIBUTIONS FROM:                                                                             
  Net investment income         (0.10)         (0.10)         (0.13)         (0.14)         (0.19)   
  Net realized gain             (0.08)         (1.71)         (2.79)         (1.19)         (0.84)   
                              -------        -------       --------       --------       --------    
TOTAL DISTRIBUTIONS             (0.18)         (1.81)         (2.92)         (1.33)         (1.03)   
                              -------        -------       --------       --------       --------    
NET ASSET VALUE, END OF                                                                              
  YEAR                        $ 14.73        $ 16.74       $  20.64       $  20.25       $  18.77    
                              =======        =======       ========       ========       ========    
TOTAL RETURN                   (10.89)%       (10.81)%        16.01%         15.35%         30.95%   
                              =======        =======       ========       ========       ========    
RATIOS/SUPPLEMENTAL DATA:                                                                            
  Net assets, end of year                                                                            
    (000s)                    $84,961        $97,863       $122,683       $163,883       $126,601    
  Ratio of expenses to                                                                               
    average net assets(1)        0.90%          0.95%          0.95%          0.95%          0.95%   
  Ratio of net investment                                                                            
    income to average net                                                                            
    assets(1)                    0.64%(3)       0.50%          0.59%          0.72%          1.04%   
  Portfolio turnover                                                                                 
    rate(2)                        15%(4)         20%            29%            19%            34%   
-----------------------------------------------------------------------------------------------------

(1)  THESE RATIOS INCLUDE EXPENSES CHARGED TO THE CORRESPONDING MASTER          
PORTFOLIO.                                                            
(2)  REPRESENTS THE PORTFOLIO TURNOVER RATE OF EACH PORTFOLIO'S CORRESPONDING   
MASTER PORTFOLIO.                                                     
(3)  EFFECTIVE MARCH 1, 2001, THE PORTFOLIO ADOPTED THE PROVISIONS OF THE       
REVISED AICPA AUDIT AND ACCOUNTING GUIDE FOR INVESTMENT COMPANIES THAT
REQUIRES THE AMORTIZATION OF DISCOUNTS AND PREMIUMS ON DEBT SECURITIES
    PURCHASED, USING A CONSTANT YIELD TO MATURITY METHOD. THE ADOPTION OF THIS
     POLICY HAD NO MATERIAL EFFECT ON THE RATIOS AND PER SHARE DATA FOR THE YEAR
     ENDED FEBRUARY 28, 2002. RATIOS AND PER SHARE DATA FOR THE PERIODS PRIOR TO
MARCH 1, 2001 HAVE NOT BEEN RESTATED TO REFLECT THIS CHANGE IN POLICY.
(4)  PORTFOLIO TURNOVER RATE EXCLUDING IN-KIND TRANSACTIONS WAS 15%.            

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

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BARCLAYS GLOBAL INVESTORS FUNDS                                                 
NOTES TO THE FINANCIAL STATEMENTS                                               

1.  SIGNIFICANT ACCOUNTING POLICIES                                             

    Barclays Global Investors Funds (the "Trust"), a Delaware business trust, is
registered under the Investment Company Act of 1940, as amended (the "1940      
Act"), as an open-end series investment company. The Trust, formerly known as   
Barclays Global Investors Funds, Inc., was redomiciled from a Maryland          
corporation to a Delaware business trust effective January 11, 2002. The Trust  
currently offers the following diversified funds: the Asset Allocation, Bond    
Index, Institutional Money Market, Money Market and S&P 500 Stock Funds, and the
LifePath Income, LifePath 2010, LifePath 2020, LifePath 2030, and LifePath 2040 
Portfolios.                                                                     

These financial statements relate only to the LifePath Income, LifePath 
2010, LifePath 2020, LifePath 2030 and LifePath 2040 Portfolios (each, a        
"Portfolio", collectively, the "Portfolios").                                   

    The Portfolios offer two classes of shares: Class I and Class R Shares. Both
classes of shares have equal rights to assets and earnings, and differ          
principally in that the Class R shares have an initial sales charge and also    
bear distribution fees. As of February 28, 2002, there were no Class R shares   
outstanding.                                                                    

  The following significant accounting policies are consistently followed by
the Trust in the preparation of its financial statements, and such policies are 
in conformity with accounting principles generally accepted in the United States
of America ("U.S. GAAP") for investment companies. The preparation of financial 
statements in conformity with U.S. GAAP requires management to make estimates   
and assumptions that affect the reported amounts of assets and liabilities and  
disclosure of contingent assets and liabilities at the date of the financial    
statements and the reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.                       

INVESTMENT POLICY AND SECURITY VALUATION                                  

Each Portfolio invests all of its assets in a separate series (each a   
"Master Portfolio") of Master Investment Portfolio ("MIP"). Each Master         
Portfolio has the same investment objective as the Portfolio bearing the        
corresponding name. The value of each Portfolio's investment in its             
corresponding Master Portfolio reflects that Portfolio's interest in the net    
assets of that Master Portfolio (86.84%, 86.79%, 93.09%, 90.54% and 89.35% for  
the LifePath Income, LifePath 2010, LifePath 2020, LifePath 2030 and LifePath   
2040 Portfolios, respectively, as of February 28, 2002). The method by which MIP
values its securities is discussed in Note 1 of MIP's Notes to the Financial    
Statements, which are included elsewhere in this report.                        

    The performance of each Portfolio is directly affected by the performance of
its corresponding Master Portfolio. The financial statements of each Master     
Portfolio, including the Schedules of Investments, are included elsewhere in    
this report and should be read in conjunction with the Portfolio's financial    
statements.                                                                     

SECURITY TRANSACTIONS AND INCOME RECOGNITION                              

Each Portfolio records daily its proportionate interest in the net      
investment income and realized and unrealized capital gains and losses of its   
corresponding Master Portfolio. In addition, each Portfolio accrues its own     
expenses. Net investment income, common fund expenses and realized and          
unrealized gains and losses are allocated among the classes of shares of each   
Portfolio based on the relative net assets of each class. Dividends are         
determined separately for each class based on income and expenses allocable to  
each class.                                                                     

CHANGE IN ACCOUNTING POLICY                                               

Effective March 1, 2001, the Portfolios adopted the provisions of the   
revised AICPA Audit and Accounting Guide for Investment Companies that require  
the amortization of discounts and premiums on debt securities purchased, using a
constant yield to maturity method. The adoption of this policy had no material  
effect on the financial statements and had no impact on the net asset values of 
the Portfolios.                                                                 

DISTRIBUTIONS TO SHAREHOLDERS                                             

 Distributions to shareholders from net investment income are declared and
distributed quarterly. Distributions to shareholders from any net realized      
capital gains are declared and distributed annually, generally in December.     

Due to the timing of distributions and the differences in accounting for
income and realized gains (losses) for financial statement and federal income   
tax purposes, the fiscal year in which amounts are distributed may differ from  
the year in which the income and realized gains (losses) were recorded by the   
Portfolios.                                                                     

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BARCLAYS GLOBAL INVESTORS FUNDS                                                 
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)                                   

FEDERAL INCOME TAXES                                                      

Each Portfolio is treated as a separate entity for federal income tax   
purposes. It is the policy of each Portfolio to continue to qualify as a        
"regulated investment company" by complying with the provisions applicable to   
regulated investment companies, as defined under Subchapter M of the Internal   
Revenue Code of 1986, as amended, and to distribute annually substantially all  
of its income and any gains (taking into account any capital loss carryforwards)
sufficient to relieve it from all, or substantially all, federal income and     
excise taxes. If so qualified, a Portfolio will not be subject to federal income
tax to the extent it distributes its net income to shareholders. Accordingly, no
provision for federal income taxes was required for the year ended February 28, 
2002.                                                                           

At December 31, 2001, the Portfolios' tax year end, the LifePath 2020   
Portfolio and the LifePath 2040 Portfolio had tax basis net capital loss        
carryforwards of $1,968,165 and $1,548,612 respectively. Such losses may be     
applied against any net realized taxable gains in each succeeding year or until 
their respective expiration date (December 31, 2009) whichever occurs first.    

At February 28, 2002, the components of distributable earnings on a tax 
basis were as follows:                                                          

                                                        [Enlarge/Download Table]


------------------------------------------------------------------------------------ 
                                                       UNDISTRIBUTED           TOTAL 
                                       UNDISTRIBUTED       LONG TERM   DISTRIBUTABLE 
PORTFOLIO                            ORDINARY INCOME     GAIN (LOSS)        EARNINGS 
------------------------------------------------------------------------------------ 
                                                                                     

LifePath Income                      $       189,388  $       77,387  $      266,775 
LifePath 2010                                401,632         429,373         831,005 
LifePath 2020                                860,088        (654,583)        205,505 
LifePath 2030                                214,229         383,496         597,725 
LifePath 2040                                 90,760      (2,225,789)     (2,135,029)
------------------------------------------------------------------------------------ 

    The tax character of distributions paid for the year ended February 28, 2002
was as follows:                                                                 

                                                                [Download Table]


----------------------------------------------------------   
                                                       PER   
PORTFOLIO                                   AMOUNT   SHARE   

----------------------------------------------------------   
                                                             

LIFEPATH INCOME PORTFOLIO                                    
Distributions paid from:                                     
  Ordinary Income                       $1,131,313   $0.35   
  Long-Term Capital Gain                   222,480    0.07   
                                         ---------   -----   
Total Distributions                     $1,353,793   $0.42   
LIFEPATH 2010 PORTFOLIO                                      
Distributions paid from:                                     
  Ordinary Income                       $2,850,309   $0.34   
  Long-Term Capital Gain                 1,119,827    0.12   
                                        ----------   -----   
Total Distributions                     $3,970,136   $0.46   
LIFEPATH 2020 PORTFOLIO                                      
Distributions paid from:                                     
  Ordinary Income                       $5,456,953   $0.24   
  Long-Term Capital Gain                    59,612    0.00(1)
                                        ----------   -----   
Total Distributions                     $5,516,565   $0.24   
LIFEPATH 2030 PORTFOLIO                                      
Distributions paid from:                                     
  Ordinary Income                       $1,380,704  $0.20    
  Long-Term Capital Gain                 4,413,993   0.58    
                                        ----------  -----    
Total Distributions                     $5,794,697  $0.78    
LIFEPATH 2040 PORTFOLIO                                      
Distributions paid from:                                     
  Ordinary Income                       $ 594,288    $0.10   
  Long-Term Capital Gain                  458,104   0.08     
                                        ---------  -----     
Total Distributions                    $1,052,392  $0.18     
----------------------------------------------------------   

(1)ROUNDS TO LESS THAN $0.01                                                    

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BARCLAYS GLOBAL INVESTORS FUNDS                                                 
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)                                   

  From November 1, 2001 to December 31, 2001, the LifePath Income Portfolio,
the LifePath 2020 Portfolio, the LifePath 2030 Portfolio and the LifePath 2040  
Portfolio incurred net realized capital losses or net foreign currency losses.  
As permitted by tax regulations, these Portfolios have elected to defer these   
losses of $1,140, $682,459, $389 and $875,366 respectively and treat them as    
arising in the tax year ending December 31, 2002.                               

2.  AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES                           

Investors Bank & Trust Company ("IBT") serves as the custodian and      
sub-administrator of the Portfolios. IBT will not be entitled to receive fees   
for its custodial services so long as it is entitled to receive a separate fee  
from Barclays Global Investors, N.A. ("BGI") for its services as                
sub-administrator of the Portfolios. IBT also serves as the transfer agent and  
dividend disbursement agent for the Portfolios.                                 

 Stephens Inc. ("Stephens") is the Portfolios' distributor. The Portfolios
have adopted a plan pursuant to Rule 12b-1 of the 1940 Act, which authorizes the
Portfolios to pay expenses relating to the distribution of its Class R shares.  
Under the plan, Stephens is entitled to receive a fee for these services of     
0.75% of the average daily net asset of each Portfolio's Class R shares.        
Class I shareholders do not pay any fees for distribution services. The         
Portfolios did not pay any distribution expenses during the year ended          
February 28, 2002.                                                              

    The Trust has entered into administration services arrangements with BGI and
Stephens, as co-administrators, who have agreed jointly to provide general      
administration services to the Portfolios, such as managing and coordinating    
third-party service relationships. This fee is an "all-in" or "semi-unified" fee
and BGI and Stephens, in consideration thereof, have agreed to bear all of the  
Portfolios' ordinary operating expenses, excluding, generally, advisory fees,   
distribution fees and costs related to securities transactions. BGI and Stephens
may delegate certain of their administration duties to sub-administrators.      
Effective July 1, 2001, BGI and Stephens are entitled to receive for these      
administration services a combined fee (expressed as a percentage of average    
daily net assets) of 0.50% from each Portfolio. Prior to July 1, 2001, BGI and  
Stephens received a combined fee of 0.40% from each Portfolio.                  

    Certain officers and trustees of the Trust are also officers of Stephens and
BGI. As of February 28, 2002, these officers of Stephens and BGI collectively   
owned less than 1% of the outstanding shares of each Portfolio.                 

3.  CAPITAL SHARE TRANSACTIONS                                                  

As of February 28, 2002, there were an unlimited number of no par value 
shares of beneficial interest authorized. Transactions in capital shares for    
each Portfolio are disclosed in detail in the Statements of Changes in Net      
Assets.                                                                         

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REPORT OF INDEPENDENT ACCOUNTANTS                                               

To the Shareholders and Board of Trustees of                                    
Barclays Global Investors Funds:                                                

  In our opinion, the accompanying statements of assets and liabilities, and
the related statements of operations and of changes in net assets and the       
financial highlights present fairly, in all material respects, the financial    
position of the LifePath Income Portfolio, LifePath 2010 Portfolio, LifePath    
2020 Portfolio, LifePath 2030 Portfolio and LifePath 2040 Portfolio, each a     
series of Barclays Global Investors Funds (the "Portfolios"), at February 28,   
2002, and the results of each of their operations, the changes in each of their 
net assets and their financial highlights for the year then ended, in conformity
with accounting principles generally accepted in the United States of America.  
These financial statements and financial highlights (hereafter referred to as   
"financial statements") are the responsibility of the Portfolios' management;   
our responsibility is to express an opinion on these financial statements based 
on our audit. We conducted our audit of these financial statements in accordance
with auditing standards generally accepted in the United States of America,     
which require that we plan and perform the audit to obtain reasonable assurance 
about whether the financial statements are free of material misstatement. An    
audit includes examining, on a test basis, evidence supporting the amounts and  
disclosures in the financial statements, assessing the accounting principles    
used and significant estimates made by management, and evaluating the overall   
financial statement presentation. We believe that our audit provides a          
reasonable basis for our opinion.                                               

  The financial statements of the Portfolios as of February 28, 2001 and for
the years then ended were audited by other auditors whose report dated          
April 13, 2001 expressed an unqualified opinion on those statements.            

PricewaterhouseCoopers LLP                                                      
San Francisco, California                                                       
April 12, 2002                                                                  

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TAX INFORMATION -- UNAUDITED                                                    

Pursuant to section 852 of the Internal Revenue Code, the Portfolios    
designate the following amounts as capital gains dividends for the tax year     
ended December 31, 2001, of which 100% represents 20% gains:                    

                                                                [Download Table]


-------------------------------------------------------------
PORTFOLIO                                              AMOUNT
-------------------------------------------------------------
                                                             

LifePath Income                                     $ 222,480
LifePath 2010                                       1,119,827
LifePath 2020                                          59,612
LifePath 2030                                       4,413,993
LifePath 2040                                         458,104
-------------------------------------------------------------

For corporate shareholders, the following percentages of the income     
dividends paid by the Portfolios during the tax year ended December 31, 2001    
qualified for the dividends received deduction:                                 

                                                                [Download Table]


--------------------------------------------------------------
PORTFOLIO                                           PERCENTAGE
--------------------------------------------------------------
                                                              

LifePath Income                                          7.87%
LifePath 2010                                           20.14%
LifePath 2020                                           49.79%
LifePath 2030                                           77.29%
LifePath 2040                                          100.00%
--------------------------------------------------------------

CHANGE IN INDEPENDENT ACCOUNTANTS -- UNAUDITED                                  

As a result of the resignation of KPMG LLP ("KPMG") as the Portfolios'  
independent accountants, the Audit Committee and the Board of Directors of the  
Portfolios voted to appoint PricewaterhouseCoopers LLP as the independent       
accountants for the Portfolios' year ended February 28, 2002. During the two    
previous years, the audit reports of KPMG contained no adverse opinion or       
disclaimer of opinion; nor were its reports qualified nor modified as to        
uncertainty, audit scope, or accounting principle. Further, in connection with  
its audits for the two previous years, there were no disagreements between the  
Portfolios and KPMG on any matters of accounting principles or practices,       
financial statement disclosure or auditing scope or procedures, which if not    
resolved to the satisfaction of KPMG would have caused it to make reference to  
the disagreements in its report on the financial statements for such years.     

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SHAREHOLDER MEETING RESULTS -- UNAUDITED                                        

   The Annual Meeting of Shareholders of Barclays Global Investors Funds, Inc.
was held on November 16, 2001. At the Meeting, the following matters were voted 
upon and approved by the shareholders of the LifePath Portfolios. The results of
the voting are presented below.                                                 
--------------------------------------------------------------------------------
PROPOSAL 1(A)*                                                                  

                                                        VOTES        VOTES
                                                         FOR        WITHHELD
                                                      ------------  ----------

To elect the seven nominees specified below as                                  
Directors of the Company.                                                   
   Mary G.F. Bitterman                                 390,663,741   7,648,219
   Jack S. Euphrat                                     390,664,196   7,647,764
   R. Greg Feltus                                      390,665,087   7,646,873
   W. Rodney Hughes                                    390,664,196   7,647,764
   Lee T. Kranefuss                                    390,665,223   7,646,737
   Richard K. Lyons                                    390,665,223   7,646,737
   Leo Soong                                           390,665,223   7,646,737

   Messrs. Euphrat, Feltus, Hughes and S oong previously served as Directors
of the Company and were reelected. Ms. Bitte rman, Mr. Kranefuss and Mr. Lyons  
were newly elected. The Directors of the Compa ny now serve as Trustees of the  
Trust.                                                                          
--------------------------------------------------------------------------------
PROPOSAL 1(B)                                                                   

                                                          VOTES      VOTES
                                                             FOR      WITHHELD
                                                          ----------- ----------

To elect the seven nominees specified below as                                  
Trustees of Master Investment Portfolio.                                    
LifePath Income Portfolio                                                   
   Mary G.F. Bitterman                                   1,680,863     118,435
   Jack S. Euphrat                                       1,680,863     118,435
   R. Greg Feltus                                        1,680,863     118,435
   W. Rodney Hughes                                      1,680,863     118,435
   Lee T. Kranefuss                                      1,680,863     118,435
   Richard K. Lyons                                      1,680,863     118,435
   Leo Soong                                             1,680,863     118,435
LifePath 2010 Portfolio                                                     
   Mary G.F. Bitterman                                   5,187,404     267,051
   Jack S. Euphrat                                       5,187,404     267,051
   R. Greg Feltus                                        5,187,404     267,051
   W. Rodney Hughes                                      5,187,404     267,051
   Lee T. Kranefuss                                      5,187,404     267,051
   Richard K. Lyons                                      5,187,404     267,051
   Leo Soong                                             5,187,404     267,051
LifePath 2020 Portfolio                                                     
   Mary G.F. Bitterman                                  12,804,693   2,456,561
   Jack S. Euphrat                                      12,804,693   2,456,561
   R. Greg Feltus                                       12,804,693   2,456,561
   W. Rodney Hughes                                     12,804,693   2,456,561
   Lee T. Kranefuss                                     12,804,693   2,456,561
   Richard K. Lyons                                     12,804,693   2,456,561
   Leo Soong                                            12,804,693   2,456,561
LifePath 2030 Portfolio                                                     
   Mary G.F. Bitterman                                   3,927,029     161,211
   Jack S. Euphrat                                       3,927,029     161,211
   R. Greg Feltus                                        3,927,029     161,211
   W. Rodney Hughes                                      3,927,029     161,211
   Lee T. Kranefuss                                      3,927,029     161,211
   Richard K. Lyons                                      3,927,029     161,211
   Leo Soong                                             3,927,029     161,211
--------------------------------------------------------------------------------

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SHAREHOLDER MEETING RESULTS -- UNAUDITED (CONTINUED)                            

--------------------------------------------------------------------------------
PROPOSAL 1(B) (CONTINUED)                                                       

                           VOTES       VOTES
                              FOR       WITHHELD
                           -----------  ----------

LifePath 2040 Portfolio                                                     
Mary G.F. Bitterman                     3,597,730      82,345           
Jack S. Euphrat                         3,597,730      82,345           
R. Greg Feltus                          3,597,730      82,345           
W. Rodney Hughes                        3,597,730      82,345           
Lee T. Kranefuss                        3,597,730      82,345           
Richard K. Lyons                        3,597,730      82,345           
Leo Soong                               3,597,730      82,345           

--------------------------------------------------------------------------------
PROPOSAL 2(A)                                                                   

                              VOTES      VOTES      VOTES       BROKER
                                  FOR      AGAINST   ABSTAINING  NON-VOTES**
                              -----------  --------  ----------  -----------

To approve converting the                                                       
Portfolio's investment                                                          
objectives from fundamental to                                                  
non-fundamental.                                                                
  LifePath Income Portfolio     1,600,773    74,699     121,358        2,468
  LifePath 2010 Portfolio       4,795,083   384,112     192,338       82,922
  LifePath 2020 Portfolio      12,270,628   446,327   2,440,459      103,840
  LifePath 2030 Portfolio       3,470,562   417,143     139,668       60,867
  LifePath 2040 Portfolio       3,019,915   519,216      83,670       57,274

--------------------------------------------------------------------------------
PROPOSAL 2(B)                                                                   

                              VOTES      VOTES      VOTES       BROKER
                                  FOR      AGAINST   ABSTAINING  NON-VOTES**
                              -----------  --------  ----------  -----------

To instruct the Portfolio to                                                    
approve a proposal to convert                                                   
the investment objectives of                                                    
each Portfolio's corresponding                                                  
Master Portfolio from                                                           
fundamental to                                                                  
non-fundamental.                                                                
  LifePath Income Portfolio     1,601,303    74,169     121,358        2,468
  LifePath 2010 Portfolio       4,794,863   384,112     192,558       82,922
  LifePath 2020 Portfolio      12,271,741   445,580   2,440,094      103,839
  LifePath 2030 Portfolio       3,470,183   417,522     139,668       60,867
  LifePath 2040 Portfolio       3,018,597   520,612      83,593       57,273

--------------------------------------------------------------------------------
PROPOSAL 3                                                                      

Not applicable to the LifePath Portfolios.                              
--------------------------------------------------------------------------------
PROPOSAL 4                                                                      

                              VOTES      VOTES      VOTES       BROKER
                                  FOR      AGAINST   ABSTAINING  NON-VOTES**
                              -----------  --------  ----------  -----------

To approve changing the asset                                                   
allocation model of the                                                         
LifePath Portfolios to                                                          
increase the "normal" equity                                                    
allocation percentage for each                                                  
LifePath Portfolio that has                                                     
reached its time horizon.                                                       
  LifePath Income Portfolio     1,587,790    87,682     121,358        2,468
  LifePath 2010 Portfolio       5,084,166    95,029     192,338       82,922

--------------------------------------------------------------------------------
PROPOSAL 5(A)                                                                   

                              VOTES      VOTES      VOTES       BROKER
                                  FOR      AGAINST   ABSTAINING  NON-VOTES**
                              -----------  --------  ----------  -----------

To approve amending the                                                         
Portfolio's fundamental                                                         
investment policy concerning                                                    
industry concentration.                                                         
  LifePath Income Portfolio     1,601,303    74,169     121,358        2,468
  LifePath 2010 Portfolio       4,796,186   382,789     192,558       82,922
  LifePath 2020 Portfolio      12,273,424   443,883   2,440,107      103,840
  LifePath 2030 Portfolio       3,470,852   415,633     140,888       60,867
  LifePath 2040 Portfolio       3,020,127   518,630      84,045       57,273

--------------------------------------------------------------------------------

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SHAREHOLDER MEETING RESULTS -- UNAUDITED (CONTINUED)                            

--------------------------------------------------------------------------------
PROPOSAL 5(B)                                                                   

                              VOTES      VOTES      VOTES       BROKER
                                  FOR      AGAINST   ABSTAINING  NON-VOTES**
                              -----------  --------  ----------  -----------

To approve amending the                                                         
Portfolio's fundamental                                                         
investment policy concerning                                                    
diversification.                                                                
  LifePath Income Portfolio     1,600,773    74,699     121,358        2,468
  LifePath 2010 Portfolio       4,797,079   381,896     192,558       82,922
  LifePath 2020 Portfolio      12,273,756   443,574   2,440,084      103,840
  LifePath 2030 Portfolio       3,470,182   413,795     143,396       60,867
  LifePath 2040 Portfolio       3,020,436   518,791      83,574       57,274

--------------------------------------------------------------------------------
PROPOSAL 5(C)                                                                   

                              VOTES      VOTES      VOTES       BROKER
                                  FOR      AGAINST   ABSTAINING  NON-VOTES**
                              -----------  --------  ----------  -----------

To approve amending the                                                         
Portfolio's fundamental                                                         
investment policy concerning                                                    
the borrowing of money.                                                         
  LifePath Income Portfolio     1,601,199    74,169     121,462        2,468
  LifePath 2010 Portfolio       4,794,160   384,414     192,960       82,921
  LifePath 2020 Portfolio      12,263,822   453,508   2,440,084      103,840
  LifePath 2030 Portfolio       3,466,007   421,697     139,668       60,868
  LifePath 2040 Portfolio       3,017,849   521,359      83,593       57,274

--------------------------------------------------------------------------------
PROPOSAL 5(D)                                                                   

                              VOTES      VOTES      VOTES       BROKER
                                  FOR      AGAINST   ABSTAINING  NON-VOTES**
                              -----------  --------  ----------  -----------

To approve amending the                                                         
Portfolio's fundamental                                                         
investment policy concerning                                                    
the issuance of senior                                                          
securities.                                                                     
  LifePath Income Portfolio     1,601,303    74,169     121,358        2,468
  LifePath 2010 Portfolio       4,797,423   380,930     193,180       82,922
  LifePath 2020 Portfolio      12,272,177   445,130   2,440,107      103,840
  LifePath 2030 Portfolio       3,466,027   421,332     140,013       60,868
  LifePath 2040 Portfolio       3,014,274   524,688      83,839       57,274

--------------------------------------------------------------------------------
PROPOSAL 5(E)                                                                   

                              VOTES      VOTES      VOTES       BROKER
                                  FOR      AGAINST   ABSTAINING  NON-VOTES**
                              -----------  --------  ----------  -----------

To approve amending the                                                         
Portfolio's fundamental                                                         
investment policy concerning                                                    
lending.                                                                        
  LifePath Income Portfolio     1,601,199    74,169     121,462        2,468
  LifePath 2010 Portfolio       4,797,757   381,438     192,338       82,922
  LifePath 2020 Portfolio      12,264,967   452,363   2,440,084      103,840
  LifePath 2030 Portfolio       3,466,027   417,950     143,396       60,867
  LifePath 2040 Portfolio       3,018,105   521,123      83,574       57,273

--------------------------------------------------------------------------------
PROPOSAL 5(F)                                                                   

                              VOTES      VOTES      VOTES       BROKER
                                  FOR      AGAINST   ABSTAINING  NON-VOTES**
                              -----------  --------  ----------  -----------

To approve amending the                                                         
Portfolio's fundamental                                                         
investment policy concerning                                                    
underwriting.                                                                   
  LifePath Income Portfolio     1,600,773    74,699     121,358        2,468
  LifePath 2010 Portfolio       4,793,681   384,892     192,960       82,922
  LifePath 2020 Portfolio      12,266,584   450,737   2,440,094      103,839
  LifePath 2030 Portfolio       3,465,497   421,333     140,543       60,867
  LifePath 2040 Portfolio       3,018,126   521,102      83,574       57,273

--------------------------------------------------------------------------------

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SHAREHOLDER MEETING RESULTS -- UNAUDITED (CONTINUED)                            

--------------------------------------------------------------------------------
PROPOSAL 5(G)                                                                   

                              VOTES      VOTES      VOTES       BROKER
                                  FOR      AGAINST   ABSTAINING  NON-VOTES**
                              -----------  --------  ----------  -----------

To approve amending the                                                         
Portfolio's fundamental                                                         
investment policy concerning                                                    
investments in real estate.                                                     
  LifePath Income Portfolio     1,600,773    74,699     121,358        2,468
  LifePath 2010 Portfolio       4,873,828   305,368     192,338       82,921
  LifePath 2020 Portfolio      12,301,429   415,901   2,440,084      103,840
  LifePath 2030 Portfolio       3,497,098   390,607     139,668       60,867
  LifePath 2040 Portfolio       3,020,465   518,762      83,574       57,274

--------------------------------------------------------------------------------
PROPOSAL 5(H)                                                                   

                              VOTES      VOTES      VOTES       BROKER
                                  FOR      AGAINST   ABSTAINING  NON-VOTES**
                              -----------  --------  ----------  -----------

To approve amending the                                                         
Portfolio's fundamental                                                         
investment policy concerning                                                    
investments in commodities and                                                  
commodity contracts.                                                            
  LifePath Income Portfolio     1,601,303    74,169     121,358        2,468
  LifePath 2010 Portfolio       4,795,388   383,804     192,341       82,922
  LifePath 2020 Portfolio      12,272,177   445,153   2,440,084      103,840
  LifePath 2030 Portfolio       3,471,695   416,009     139,669       60,867
  LifePath 2040 Portfolio       3,018,502   520,725      83,574       57,274

--------------------------------------------------------------------------------
PROPOSAL 5(I)(I)                                                                

Not applicable to the LifePath Portfolios.                              
--------------------------------------------------------------------------------
PROPOSAL 5(I)(II)                                                               

Not applicable to the LifePath Portfolios.                              
--------------------------------------------------------------------------------
PROPOSAL 5(I)(III)                                                              

Not applicable to the LifePath Portfolios.                              
--------------------------------------------------------------------------------
PROPOSAL 5(I)(IV)                                                               

Not applicable to the LifePath Portfolios.                              
--------------------------------------------------------------------------------
PROPOSAL 5(I)(V)                                                                

                                VOTES        VOTES       VOTES      BROKER
                                    FOR        AGAINST    ABSTAINING NON-VOTES**
                                ------------  ----------  ---------- -----------

To approve converting the                                                       
Portfolio's fundamental policy                                                  
concerning securities on                                                        
margin to a non-fundamental                                                     
policy.                                                                         
    LifePath Income Portfolio      1,588,295      87,073     121,462       2,468
    LifePath 2010 Portfolio        4,760,731     417,622     193,180      82,922
    LifePath 2020 Portfolio       12,224,767     492,554   2,440,094     103,839
    LifePath 2030 Portfolio        3,464,068     423,636     139,668      60,868
    LifePath 2040 Portfolio        3,018,145     521,064      83,593      57,273

--------------------------------------------------------------------------------
PROPOSAL 6*                                                                     

                                VOTES        VOTES       VOTES      BROKER
                                    FOR        AGAINST    ABSTAINING NON-VOTES**
                                ------------  ----------  ---------- -----------

To approve the redomiciling of                                                  
the Company as a Delaware                                                       
Business Trust and thereafter                                                   
dissolve the existing Maryland                                                  
Corporation.                     386,821,101   4,690,788   4,843,461   1,956,610

--------------------------------------------------------------------------------

*  DENOTES COMPANY-WIDE PROPOSALS AND VOTING RESULTS.                       
**  BROKER NON-VOTES ARE PROXIES RECEIVED BY THE PORTFOLIO FROM BROKERS OR    
   NOMINEES, WHO NEITHER HAS RECEIVED INSTRUCTIONS FROM THE BENEFICIAL OWNER
     OR OTHER PERSONS ENTITLED TO VOTE, NOR HAS DISCRETIONARY POWER TO VOTE ON A
PARTICULAR MATTER.                                                    

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BARCLAYS GLOBAL INVESTORS FUNDS                                                 
TRUSTEES INFORMATION -- UNAUDITED                                               

The Board of Trustees has responsibility for the overall management and 
operations of the Portfolios. Each Trustee serves until he or she resigns,      
retires, or his or her successor is elected and qualified. Each Officer serves  
until his or her successor is chosen and qualified.                             

Barclays Global Investors Funds, Master Investment Portfolio ("MIP"),   
iShares Trust and iShares, Inc. are considered to be members of the same fund   
complex, as defined in Form N-1A under the 1940 Act. Each Trustee also serves as
a Trustee for MIP and oversees 23 portfolios within the fund complex. In        
addition, Richard K. Lyons serves as a Trustee for iShares Trust and as a       
Director for iShares, Inc. and oversees 100 portfolios within the fund complex. 

   Unless otherwise noted in the tables below, the address for each Trustee is
111 Center Street, Little Rock, Arkansas 72201. Additional information about the
Portfolios' Trustees may be found in the Portfolios' Statement of Additional    
Information, which is available without charge upon request by calling toll-free
1-888-204-3956.                                                                 

INTERESTED TRUSTEES AND OFFICERS

                                                        [Enlarge/Download Table]


---------------------------------------------------------------------------------------------------------------------
                                                                                                                     
                                                POSITION(S),                                                         
       NAME, ADDRESS AND AGE                  LENGTH OF SERVICE           PRINCIPAL OCCUPATION DURING PAST FIVE YEARS

---------------------------------------------------------------------------------------------------------------------

Richard H. Blank, Jr., 45            Chief Operating Officer, Secretary   Senior Vice President of Stephens Inc.     
                                     and Treasurer                                                                   

*Lee T. Kranefuss, 40                Trustee since November 16, 2001      Chief Executive Officer of the Individual  
45 Fremont Street                                                         Investor Business of Barclays Global       
San Francisco, CA 94105                                                   Investors, N.A.                            

-----------------------------------  -----------------------------------                                             
                                          OTHER PUBLIC COMPANY AND                                                   
                                             INVESTMENT COMPANY                                                      
       NAME, ADDRESS AND AGE                    DIRECTORSHIPS                                                        

-----------------------------------  -----------------------------------                                             
Richard H. Blank, Jr., 45            Director of Capo Inc.                                                           

*Lee T. Kranefuss, 40                None.                                                                           
45 Fremont Street                                                                                                    
San Francisco, CA 94105                                                                                              

--------------------------------------------------------------------------------                                     

  *  LEE T. KRANEFUSS IS DEEMED TO BE AN "INTERESTED PERSON" OF THE TRUST                                            
     BECAUSE HE SERVES AS CHIEF EXECUTIVE OFFICER OF THE INDIVIDUAL INVESTOR                                         
     BUSINESS OF BARCLAYS GLOBAL INVESTORS, N.A., THE CO-ADMINISTRATOR OF THE                                        
     PORTFOLIOS AND THE PARENT COMPANY OF BGFA, THE INVESTMENT ADVISOR OF THE                                        
     MASTER PORTFOLIOS.                                                                                              

INDEPENDENT TRUSTEES

                                                        [Enlarge/Download Table]

-------------------------------------------------------------------------------------------------------------
                                                                                                             
                                                POSITION(S),                     PRINCIPAL OCCUPATION        
       NAME, ADDRESS AND AGE                  LENGTH OF SERVICE                 DURING PAST FIVE YEARS       

-------------------------------------------------------------------------------------------------------------

Mary G.F. Bitterman, 57              Trustee since November 16, 2001      President and Chief Executive      
                                                                          Officer of The James Irvine        
                                                                          Foundation (non-profit foundation);
                                                                          President and Chief Executive      
                                                                          Officer of KQED, Inc. (public      
                                                                          television and radio) from         
                                                                          1993-2002.                         

Jack S. Euphrat, 79                  Trustee since October 20, 1993       Private Investor.                  

W. Rodney Hughes, 75                 Trustee since October 20, 1993       Private Investor.                  

Richard K. Lyons, 41                 Trustee since November 16, 2001      Professor, University of           
                                                                          California, Berkeley: Haas School  
                                                                          of Business; Member, Consultant for
                                                                          IMF World Bank, Federal Reserve    
                                                                          Bank and Citibank N.A.             

Leo Soong, 55                        Trustee since February 9, 2000       Managing Director of CG LLC (water 
                                                                          company); Co-founder of Crystal    
                                                                          Geyser Water Co.; President of     
                                                                          Crystal Geyser Water Company       
                                                                          (through 2000).                    
-------------------------------------------------------------------------------------------------------------

-----------------------------------  -----------------------------------                                     
                                          OTHER PUBLIC COMPANY AND                                           
                                             INVESTMENT COMPANY                                              
       NAME, ADDRESS AND AGE                    DIRECTORSHIPS                                                

-----------------------------------  -----------------------------------                                     
Mary G.F. Bitterman, 57              Director of Pacific Century                                             
                                     Financial Corporation/Bank of                                           
                                     Hawaii.                                                                 

Jack S. Euphrat, 79                  None.                                                                   

W. Rodney Hughes, 75                 Trustee of the Wells Fargo Funds                                        
                                     (oversees 96 portfolios); President                                     
                                     of Wells Fargo Funds from November                                      
                                     1999 to May 2000.                                                       

Richard K. Lyons, 41                 Trustee of Matthews Asian Funds                                         
                                     (oversees 6 portfolios).                                                

Leo Soong, 55                        None.                                                                   

-----------------------------------  -----------------------------------                                     

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LIFEPATH INCOME MASTER PORTFOLIO                                                
SCHEDULE OF INVESTMENTS                                                         
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

COMMON STOCKS - 38.10%                                                          

U.S. COMMON STOCKS - 28.57%                                                     

ADVERTISING - 0.08%                                                             
-------------------------------------------------------------                   
Interpublic Group of Companies Inc.        334   $     9,085                    
Omnicom Group Inc.                         275        25,723                    
Ventiv Health Inc.(1)                      322           683                    
-------------------------------------------------------------                   
                                  35,491
-------------------------------------------------------------                   

AEROSPACE / DEFENSE - 0.41%                                                     
-------------------------------------------------------------                   
BE Aerospace Inc.(1)                       215         1,643                    
Boeing Co.                               1,265        58,139                    
Goodrich (B.F.) Co.                        301         8,985                    
Lockheed Martin Corp.                      600        33,846                    
Northrop Grumman Corp.                     246        26,332                    
Raytheon Co.                               500        19,345                    
Sequa Corp. "A"(1)                         512        25,170                    
Titan Corp. (The)(1)                       215         3,870                    
-------------------------------------------------------------                   
                                 177,330
-------------------------------------------------------------                   

AIRLINES - 0.08%                                                                
-------------------------------------------------------------                   
AMR Corp.(1)                               500        13,050                    
Midway Airlines Corp.(1)                   465            84                    
Southwest Airlines Co.                     988        20,857                    
U.S. Airways Group Inc.(1)                  94           500                    
-------------------------------------------------------------                   
                                  34,491
-------------------------------------------------------------                   

APPAREL - 0.10%                                                                 
-------------------------------------------------------------                   
Liz Claiborne Inc.                         330        10,002                    
Nike Inc. "B"                              276        16,245                    
Oxford Industries Inc.                     286         7,236                    
Unifi Inc.(1)                            1,276         9,289                    
-------------------------------------------------------------                   
                                  42,772
-------------------------------------------------------------                   

AUTO MANUFACTURERS - 0.20%                                                      
-------------------------------------------------------------                   
Ford Motor Company                       2,200        32,736                    
General Motors Corp. "A"                   604        32,000                    
PACCAR Inc.                                269        19,349                    
-------------------------------------------------------------                   
                                  84,085
-------------------------------------------------------------                   

AUTO PARTS & EQUIPMENT - 0.02%                                                  
-------------------------------------------------------------                   
Cooper Tire & Rubber Co.                   452         8,642                    
-------------------------------------------------------------                   
                                   8,642
-------------------------------------------------------------                   

BANKS - 2.35%                                                                   
-------------------------------------------------------------                   
AmSouth Bancorp                            284         6,007                    
Bank of America Corp.                    1,987       127,069                    
Bank of New York Co. Inc.                  886        33,349                    
Bank One Corp.                           1,431        51,291                    
BankUnited Financial Corp. "A"(1)          894        13,633                    

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   
BANKS (CONTINUED)                                                               
-------------------------------------------------------------                   
BB&T Corp.                                 717   $    26,536                    
Central Coast Bancorp(1)                   268         5,564                    
Comerica Inc.                              305        18,254                    
Fifth Third Bancorp                        653        41,635                    
Firstfed America Bancorp Inc.              322         6,424                    
FleetBoston Financial Corp.              1,420        47,400                    
GA Financial Inc.                          537         9,129                    
Golden West Financial Corp.                337        21,484                    
Hamilton Bancorp Inc.(1)                 1,073             5                    
Huntington Bancshares Inc.                 117         2,159                    
ITLA Capital Corp.(1)                      622        14,424                    
JP Morgan Chase & Co.                    2,437        71,282                    
Mellon Financial Corp.                     716        25,776                    
Northern Trust Corp.                       421        22,785                    
PNC Financial Services Group               486        26,701                    
Regions Financial Corp.                    490        15,925                    
SouthTrust Corp.                           512        12,938                    
State Street Corp.                         447        22,663                    
Sun Bancorp Inc. "B"(1)                    526         6,654                    
SunTrust Banks Inc.                        457        28,695                    
Synovus Financial Corp.                    249         7,296                    
Troy Financial Corp.                       829        22,565                    
U.S. Bancorp                             2,240        46,704                    
Union Planters Corp.                       462        21,511                    
USB Holding Co. Inc.                       432         6,286                    
Wachovia Corp.                           1,826        60,678                    
Washington Mutual Inc.                   1,200        39,036                    
Wells Fargo & Company                    2,165       101,538                    
Wintrust Financial Corp.                   286         9,315                    
WSFS Financial Corp.                     1,437        24,932                    
Yardville National Bancorp                 501         6,273                    
-------------------------------------------------------------                   
                               1,003,916
-------------------------------------------------------------                   

BEVERAGES - 0.51%                                                               
-------------------------------------------------------------                   
Brown-Forman Corp. "B"                     123         8,358                    
Coca-Cola Co.                            2,268       107,481                    
Coca-Cola Enterprises Inc.                 256         4,462                    
Coors (Adolf) Company "B"                  200        12,102                    
Gumtech International Inc.(1)              393         2,743                    
PepsiCo Inc.                             1,671        84,385                    
-------------------------------------------------------------                   
                                 219,531
-------------------------------------------------------------                   

BIOTECHNOLOGY - 0.22%                                                           
-------------------------------------------------------------                   
Amgen Inc.(1)                              989        57,342                    
Biogen Inc.(1)                             206        10,949                    
Cellegy Pharmaceuticals Inc.(1)            751         4,356                    
Immunomedics Inc.(1)                       250         4,152                    
Integra LifeSciences Holdings                                                   
Corp.(1)                                 215         6,041                  
Myriad Genetics Inc.(1)                    143         4,683                    
Nanogen Inc.(1)                            322         1,333                    
Regeneron Pharmaceuticals Inc.(1)          286         6,495                    
-------------------------------------------------------------                   
                                  95,351
-------------------------------------------------------------                   

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LIFEPATH INCOME MASTER PORTFOLIO                                                
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

BUILDING MATERIALS - 0.02%                                                      
-------------------------------------------------------------                   
Vulcan Materials Co.                       168   $     8,119                    
-------------------------------------------------------------                   
                                   8,119
-------------------------------------------------------------                   

CHEMICALS - 0.64%                                                               
-------------------------------------------------------------                   
Airgas Inc.(1)                           1,860        32,736                    
Ashland Inc.                               235        10,197                    
Dow Chemical Co.                         1,000        31,280                    
Du Pont (E.I.) de Nemours                1,294        60,611                    
Eastman Chemical Co.                       363        15,972                    
Engelhard Corp.                            393        11,307                    
Gentek Inc.                                179           175                    
Georgia Gulf Corp.                         729        17,503                    
Grace (W.R.) & Co.(1)                      837         1,883                    
Great Lakes Chemical Corp.                  24           565                    
Hercules Inc.(1)                           101         1,262                    
Mississippi Chemical Corp.(1)            2,325         8,044                    
PPG Industries Inc.                        600        30,810                    
Schulman (A.) Inc.                       2,076        37,949                    
Sherwin-Williams Co.                       136         3,593                    
Sigma-Aldrich Corp.                        150         6,838                    
Uniroyal Technology Corp.(1)               393           149                    
Vertex Pharmaceuticals Inc.(1)             110         2,399                    
-------------------------------------------------------------                   
                                 273,273
-------------------------------------------------------------                   

COMMERCIAL SERVICES - 0.39%                                                     
-------------------------------------------------------------                   
Arbitron Inc.(1)                           121         3,727                    
Atrix Laboratories Inc.(1)                 107         2,228                    
Block (H & R) Inc.                         218        10,998                    
Bowne & Co. Inc.                           429         5,362                    
Cendant Corp.(1)                         1,216        21,171                    
Charles River Associates Inc.(1)           250         5,037                    
Consolidated Graphics Inc.(1)              322         5,996                    
Deluxe Corp.                                94         4,456                    
Donnelley (R.R.) & Sons Co.                385        11,015                    
Ecolab Inc.                                102         4,777                    
Electro Rent Corp.(1)                      286         3,847                    
Equifax Inc.                               275         8,250                    
First Consulting Group Inc.(1)             393         3,561                    
ICT Group Inc.(1)                          250         3,997                    
Kendle International Inc.(1)               215         3,117                    
McKesson Corp.                             395        13,924                    
Michael Baker Corp.(1)                     537         7,518                    
Moody's Corp.                              134         4,958                    
National Service Industries Inc.           254         1,956                    
Nobel Learning Communities Inc.(1)         465         2,557                    
Paychex Inc.                               433        15,999                    
ProsoftTraining.com(1)                     214           255                    
Quintiles Transnational Corp.(1)           318         5,282                    
Quovadx Inc.(1)                            215         1,479                    
Staff Leasing Inc.                          71           213                    
Stewart Enterprises Inc. "A"(1)          2,400        13,248                    
-------------------------------------------------------------                   
                                 164,928
-------------------------------------------------------------                   

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

COMPUTERS - 1.40%                                                               
-------------------------------------------------------------                   
Apple Computer Inc.(1)                     268   $     5,816                    
Brocade Communications Systems                                                  
Inc.(1)                                  300         6,591                  
Cisco Systems Inc.(1)                    6,439        91,885                    
Cognizant Technology Solutions                                                  
Corp.(1)                                 179         6,347                  
Compaq Computer Corp.                    1,954        19,814                    
Computer Network Technology                                                     
Corp.(1)                                 358         4,353                  
Computer Sciences Corp.(1)                 219        10,405                    
Computer Task Group Inc.(1)                393         1,572                    
Datastream Systems Inc.(1)                 393         3,116                    
Dell Computer Corp.(1)                   2,306        56,935                    
Digimarc Corp.(1)                          107         1,625                    
Dynamics Research Corp.(1)                 465         8,951                    
Electronic Data Systems Corp.              471        27,803                    
EMC Corp.(1)                             1,814        19,773                    
Enterasys Networks Inc.(1)                 314         1,115                    
Extended Systems Inc.(1)                   214         1,302                    
FalconStor Software Inc.(1)                358         2,485                    
Gateway Inc.(1)                            290         1,334                    
Hewlett-Packard Co.                      2,083        41,910                    
Innodata Corp.(1)                          393           857                    
International Business Machines                                                 
Corp.                                  1,544       151,497                  
Juniper Networks Inc.(1)                   300         2,796                    
Lexmark International Group                                                     
Inc. "A"(1)                              100         4,971                  
MapInfo Corp.(1)                           143         1,266                    
NCR Corp.(1)                                93         3,887                    
Network Appliance Inc.(1)                  850        13,591                    
NYFIX Inc.(1)                              286         3,383                    
Palm Inc.(1)                               432         1,305                    
Performance Technologies Inc.(1)           250         2,364                    
RadiSys Corp.(1)                           143         2,491                    
Riverstone Networks Inc.(1)                161           615                    
SCM Microsystems Inc.(1)                   143         1,574                    
Secure Computing Corp.(1)                2,500        38,075                    
Sun Microsystems Inc.(1)                 2,722        23,164                    
Travelocity.com Inc.(1)                    543        13,955                    
Unisys Corp.(1)                            772         8,569                    
Vasco Data Security International                                               
Inc.(1)                                  501         1,152                  
Veritas Software Corp.(1)                  320        11,357                    
-------------------------------------------------------------                   
                                 600,001
-------------------------------------------------------------                   

COSMETICS / PERSONAL CARE - 0.49%                                               
-------------------------------------------------------------                   
Alberto-Culver Co. "B"                     462        24,056                    
Avon Products Inc.                         261        13,491                    
Colgate-Palmolive Co.                      582        32,580                    
Gillette Co.                             1,000        34,190                    
International Flavors & Fragrances                                              
Inc.                                      92         3,169                  

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LIFEPATH INCOME MASTER PORTFOLIO                                                
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   
COSMETICS / PERSONAL CARE (CONTINUED)                                           
-------------------------------------------------------------                   
Procter & Gamble Co.                     1,200   $   101,748                    
-------------------------------------------------------------                   
                                 209,234
-------------------------------------------------------------                   

DISTRIBUTION / WHOLESALE - 0.14%                                                
-------------------------------------------------------------                   
Advanced Marketing Services Inc.           179         4,081                    
Costco Wholesale Corp.(1)                  640        26,406                    
Daisytek International Corp.(1)            322         4,698                    
Grainger (W.W.) Inc.                       326        19,322                    
Watsco Inc.                                322         4,814                    
-------------------------------------------------------------                   
                                  59,321
-------------------------------------------------------------                   

DIVERSIFIED FINANCIAL SERVICES - 1.84%                                          
-------------------------------------------------------------                   
American Express Co.                     1,270        46,291                    
Capital One Financial Corp.                243        11,973                    
Citigroup Inc.                           5,867       265,482                    
Countrywide Credit Industries Inc.         205         8,415                    
DVI Inc.(1)                                215         3,627                    
Fannie Mae                                 965        75,511                    
Franklin Resources Inc.                    485        19,817                    
Freddie Mac                                858        54,689                    
Household International Inc.               600        30,900                    
Innotrac Corp.(1)                          536         2,117                    
Legg Mason Inc.                            400        20,968                    
Lehman Brothers Holdings Inc.              365        20,622                    
MBNA Corp.                               1,142        39,605                    
Merrill Lynch & Co. Inc.                 1,022        49,005                    
Morgan Stanley Dean Witter & Co.         1,340        65,821                    
PMC Capital Inc.                           501         3,878                    
Providian Financial Corp.                  141           548                    
S1 Corp.(1)                                358         5,395                    
Schwab (Charles) Corp.                   1,151        15,009                    
SoundView Technology Group Inc.(1)       1,180         2,950                    
Stifel Financial Corp.                     680         8,038                    
Stilwell Financial Inc.                    202         4,608                    
T. Rowe Price Group Inc.                   504        20,064                    
USA Education Inc.                          84         7,791                    
WFS Financial Inc.(1)                      107         2,026                    
World Acceptance Corp.(1)                  501         3,457                    
-------------------------------------------------------------                   
                                 788,607
-------------------------------------------------------------                   

ELECTRIC - 0.63%                                                                
-------------------------------------------------------------                   
AES Corp.(1)                               822         4,242                    
Ameren Corp.                               467        19,026                    
American Electric Power Inc.               214         9,384                    
Cinergy Corp.                              156         4,961                    
CMS Energy Corp.                            36           785                    
Consolidated Edison Inc.                    91         3,713                    
Constellation Energy Group Inc.            260         7,509                    
Dominion Resources Inc.                    582        33,919                    
DTE Energy Co.                             174         7,207                    
Duke Energy Corp.                          823        29,052                    
Edison International(1)                    485         7,663                    

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   
ELECTRIC (CONTINUED)                                                            
-------------------------------------------------------------                   
Entergy Corp.                              289   $    11,930                    
Exelon Corp.                               523        25,773                    
FirstEnergy Corp.                          321        11,749                    
FPL Group Inc.                             175         9,294                    
Mirant Corp.(1)                            443         3,845                    
NiSource Inc.                               60         1,259                    
PG&E Corp.(1)                              424         8,993                    
Pinnacle West Capital Corp.                400        16,224                    
Progress Energy Inc.                       251        11,230                    
Public Service Enterprise Group                                                 
Inc.                                     174         7,338                  
Reliant Energy Inc.                        219         4,555                    
Southern Co.                               970        24,638                    
Xcel Energy Inc.                           188         4,446                    
-------------------------------------------------------------                   
                                 268,735
-------------------------------------------------------------                   

ELECTRICAL COMPONENTS & EQUIPMENT - 0.02%                                       
-------------------------------------------------------------                   
Medis Technologies Ltd.(1)                 179         1,548                    
UCAR International Inc.(1)                 787         8,476                    
-------------------------------------------------------------                   
                                  10,024
-------------------------------------------------------------                   

ELECTRONICS - 0.29%                                                             
-------------------------------------------------------------                   
Agilent Technologies Inc.(1)               617        19,220                    
Analogic Corp.                              72         2,887                    
Applera Corp. - Applied Biosystems                                              
Group                                    256         5,786                  
BMC Industries Inc.                        715         1,394                    
Cubic Corp.                                407        22,332                    
Evans & Sutherland Computer                                                     
Corp.(1)                                 393         2,723                  
Johnson Controls Inc.                      338        30,001                    
Millipore Corp.                             87         4,541                    
PCD Inc.(1)                                286           372                    
REMEC Inc.(1)                              465         3,636                    
Solectron Corp.(1)                       1,061         8,774                    
Thermo Electron Corp.(1)                   383         7,794                    
Thomas & Betts Corp.                       164         3,132                    
Watts Industries Inc. "A"                  322         5,104                    
X-Rite Inc.                                465         4,231                    
-------------------------------------------------------------                   
                                 121,927
-------------------------------------------------------------                   

ENERGY & RELATED - 0.00%                                                        
-------------------------------------------------------------                   
Syntroleum Corp.(1)                        286         1,682                    
-------------------------------------------------------------                   
                                   1,682
-------------------------------------------------------------                   

ENGINEERING & CONSTRUCTION - 0.02%                                              
-------------------------------------------------------------                   
Fluor Corp.                                176         6,672                    
Washington Group Warrants                                                       
(Expires 03/11/03)(1)                      4             1                  
-------------------------------------------------------------                   
                                   6,673
-------------------------------------------------------------                   

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LIFEPATH INCOME MASTER PORTFOLIO                                                
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

ENTERTAINMENT - 0.02%                                                           
-------------------------------------------------------------                   
Penn National Gaming Inc.(1)               215   $     7,665                    
-------------------------------------------------------------                   
                                   7,665
-------------------------------------------------------------                   

ENVIRONMENTAL CONTROL - 0.08%                                                   
-------------------------------------------------------------                   
Allied Waste Industries Inc.(1)            644         8,404                    
Waste Management Inc.                      900        23,679                    
-------------------------------------------------------------                   
                                  32,083
-------------------------------------------------------------                   

FOOD - 0.58%                                                                    
-------------------------------------------------------------                   
Albertson's Inc.                           402        12,165                    
Archer-Daniels-Midland Co.                 723        10,014                    
Campbell Soup Co.                          400        10,696                    
ConAgra Foods Inc.                         432        10,113                    
Dreyer's Grand Ice Cream Inc.              107         4,677                    
General Mills Inc.                         272        12,575                    
Great Atlantic & Pacific Tea Co.(1)      1,173        31,788                    
Heinz (H.J.) Co.                           459        18,713                    
Hershey Foods Corp.                        228        16,108                    
Kellogg Co.                                292        10,089                    
Kroger Co.(1)                              733        16,236                    
Penn Traffic Company (The)(1)              214         1,498                    
Safeway Inc.(1)                            639        27,464                    
Sara Lee Corp.                           1,000        20,920                    
SUPERVALU Inc.                             331         8,589                    
Sysco Corp.                                665        19,664                    
Winn-Dixie Stores Inc.                     303         5,075                    
Wrigley (William Jr.) Co.                  189        10,592                    
-------------------------------------------------------------                   
                                 246,976
-------------------------------------------------------------                   

FOREST PRODUCTS & PAPER - 0.16%                                                 
-------------------------------------------------------------                   
Boise Cascade Corp.                        121         4,350                    
Chesapeake Corp.                           557        15,512                    
Glatfelter (P.H.) Co.                    1,849        31,895                    
MeadWestvaco Corp.                         252         8,754                    
Temple-Inland Inc.                         118         6,571                    
-------------------------------------------------------------                   
                                  67,082
-------------------------------------------------------------                   

GAS - 0.14%                                                                     
-------------------------------------------------------------                   
NICOR Inc.                                 624        26,114                    
Peoples Energy Corp.                       735        27,305                    
Sempra Energy                              253         5,647                    
Southwestern Energy Co.(1)                 250         2,800                    
-------------------------------------------------------------                   
                                  61,866
-------------------------------------------------------------                   

HAND / MACHINE TOOLS - 0.07%                                                    
-------------------------------------------------------------                   
Black & Decker Corp.                       213        10,330                    
Snap-On Inc.                               285         9,818                    
Stanley Works (The)                        204        10,288                    
-------------------------------------------------------------                   
                                  30,436
-------------------------------------------------------------                   

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

HEALTH CARE - 1.36%                                                             
-------------------------------------------------------------                   
Abaxis Inc.(1)                             644   $     4,250                    
Advanced Tissue Sciences Inc.(1)           429         1,579                    
Aksys Ltd.(1)                              358         2,313                    
American Retirement Corp.(1)               286           343                    
Apria Healthcare Group Inc.(1)             787        16,991                    
Bard (C.R.) Inc.                            51         2,774                    
Bausch & Lomb Inc.                          52         1,975                    
Baxter International Inc.                  618        34,287                    
Biomet Inc.                                198         6,051                    
Boston Scientific Corp.(1)                 455        10,174                    
Cobalt Corp.(1)                            680         5,202                    
Conmed Corp.(1)                            214         4,411                    
Cyberonics Inc.(1)                         250         3,685                    
Cygnus Inc.(1)                           1,001         4,174                    
Endocardial Solutions Inc.(1)              465         3,115                    
Flir Systems Inc.(1)                       250        13,632                    
Genelabs Technologies Inc.(1)              250           460                    
Guidant Corp.(1)                           342        14,193                    
HCA - The Healthcare Company               700        28,511                    
Healthsouth Corp.(1)                       511         6,086                    
Humana Inc.(1)                           1,312        17,187                    
Johnson & Johnson                        2,818       171,616                    
Laser Vision Centers Inc.(1)               429           854                    
Manor Care Inc.(1)                         286         5,362                    
Matria Healthcare Inc.(1)                   89         1,830                    
Medtronic Inc.                           1,194        53,181                    
Oakley Inc.(1)                             715        11,569                    
Ocular Sciences Inc.(1)                    215         5,654                    
OraSure Technologies Inc.(1)               393         2,044                    
Oratec Interventions Inc.(1)               393         4,885                    
PolyMedica Corp.(1)                        407         8,645                    
RITA Medical Systems Inc.(1)               465         2,841                    
Sierra Health Services Inc.(1)             858         9,352                    
Spacelabs Medical Inc.(1)                  322         4,621                    
St. Jude Medical Inc.(1)                   219        17,148                    
Tenet Healthcare Corp.(1)                  600        34,650                    
UnitedHealth Group Inc.                    420        30,446                    
Urologix Inc.(1)                           143         2,002                    
Valentis Inc.(1)                           572           818                    
Viasys Healthcare Inc.(1)                   26           571                    
West Pharmaceutical Services Inc.          543        15,720                    
Zimmer Holdings Inc.(1)                    482        17,236                    
-------------------------------------------------------------                   
                                 582,438
-------------------------------------------------------------                   

HOME BUILDERS - 0.15%                                                           
-------------------------------------------------------------                   
Centex Corp.                               273        15,954                    
Champion Enterprises Inc.(1)               465         4,106                    
KB HOME                                    375        16,369                    
Pulte Corp.                                569        29,554                    
-------------------------------------------------------------                   
                                  65,983
-------------------------------------------------------------                   

HOME FURNISHINGS - 0.07%                                                        
-------------------------------------------------------------                   
Leggett & Platt Inc.                       464        11,902                    
Maytag Corp.                               131         5,231                    

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LIFEPATH INCOME MASTER PORTFOLIO                                                
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                 
HOME FURNISHINGS (CONTINUED)                                                    
-------------------------------------------------------------                   
Whirlpool Corp.                            162   $    12,166                    
-------------------------------------------------------------                   
                                  29,299
-------------------------------------------------------------                   

HOUSEHOLD PRODUCTS / WARES - 0.18%                                              
-------------------------------------------------------------                   
American Greetings Corp. "A"               902        12,421                    
Avery Dennison Corp.                       125         8,000                    
Central Garden & Pet Co.(1)              1,896        17,557                    
Clorox Co.                                 235        10,291                    
Enesco Group Inc.(1)                       358         2,227                    
Fortune Brands Inc.                        200         9,100                    
Newell Rubbermaid Inc.                     216         6,724                    
Tupperware Corp.                           452         9,121                    
-------------------------------------------------------------                   
                                  75,441
-------------------------------------------------------------                   

INSURANCE - 1.33%                                                               
-------------------------------------------------------------                   
AFLAC Inc.                                 600        15,420                    
Allstate Corp.                             900        31,518                    
American International Group Inc.        3,092       228,715                    
AON Corp.                                  423        14,648                    
Chubb Corp.                                270        20,288                    
CIGNA Corp.                                213        19,106                    
Cincinnati Financial Corp.                 343        13,792                    
Hartford Financial Services Group                                               
Inc.                                     440        29,480                  
LandAmerica Financial Group Inc.           179         5,365                    
Lincoln National Corp.                     357        18,282                    
Marsh & McLennan Companies Inc.            314        33,143                    
MBIA Inc.                                  222        12,976                    
MetLife Inc.                             1,400        44,632                    
MGIC Investment Corp.                      206        13,827                    
ProAssurance Corp.(1)                      160         2,600                    
Progressive Corp.                           63         9,815                    
SAFECO Corp.                                92         3,123                    
St. Paul Companies Inc.                    366        17,897                    
Torchmark Corp.                            258        10,369                    
Vesta Insurance Group                    1,145         6,114                    
XL Capital Ltd. "A"                        200        19,052                    
-------------------------------------------------------------                   
                                 570,162
-------------------------------------------------------------                   
IRON / STEEL - 0.00%                                                            
-------------------------------------------------------------                   
United States Steel Corp.                   45           797                    
-------------------------------------------------------------                   
                                     797
-------------------------------------------------------------                   

LEISURE TIME - 0.18%                                                            
-------------------------------------------------------------                   
Brunswick Corp.                            317         8,556                    
Carnival Corp. "A"                         847        23,115                    
Coastcast Corp.                            608         2,584                    
Harley-Davidson Inc.                       412        21,119                    
Hotel Reservations Network                                                      
Inc. "A"(1)                              107         5,457                  
K2 Inc.(1)                                 393         2,515                    

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   
LEISURE TIME (CONTINUED)                                                        
-------------------------------------------------------------                   
Sabre Holdings Corp.(1)                    342   $    15,051                    
-------------------------------------------------------------                   
                                  78,397
-------------------------------------------------------------                   

LODGING - 0.10%                                                                 
-------------------------------------------------------------                   
Choice Hotels International Inc.(1)      1,280        26,752                    
Harrah's Entertainment Inc.(1)             324        13,103                    
Hilton Hotels Corp.                        215         2,765                    
-------------------------------------------------------------                   
                                  42,620
-------------------------------------------------------------                   

MACHINERY - 0.17%                                                               
-------------------------------------------------------------                   
Briggs & Stratton Corp.                    458        21,595                    
Dover Corp.                                366        14,483                    
Flow International Corp.(1)                393         4,048                    
Gardner Denver Inc.(1)                     215         4,259                    
Gerber Scientific Inc.(1)                  536         4,610                    
Kadant Inc.(1)                              11           143                    
Nordson Corp.                              797        21,702                    
-------------------------------------------------------------                   
                                  70,840
-------------------------------------------------------------                   

MANUFACTURERS - 1.31%                                                           
-------------------------------------------------------------                   
Crane Co.                                  114         2,785                    
Eaton Corp.                                299        24,141                    
General Electric Co.                     9,024       347,424                    
Honeywell International Inc.             1,057        40,293                    
ITT Industries Inc.                        417        24,603                    
Minnesota Mining & Manufacturing                                                
Co.                                      500        58,965                  
Pall Corp.                                 348         6,793                    
Tyco International Ltd.                  1,961        57,065                    
-------------------------------------------------------------                   
                                 562,069
-------------------------------------------------------------                   

MANUFACTURING - 0.06%                                                           
-------------------------------------------------------------                   
Acuity Brands Inc.                       1,016        14,427                    
ESCO Technologies Inc.(1)                  286        10,919                    
-------------------------------------------------------------                   
                                  25,346
-------------------------------------------------------------                   

MEDIA - 1.13%                                                                   
-------------------------------------------------------------                   
AOL Time Warner Inc.(1)                  4,962       123,058                    
Beasley Broadcast Group Inc. "A"(1)        429         6,062                    
Clear Channel Communications                                                    
Inc.(1)                                  670        31,235                  
Comcast Corp. "A"(1)                     1,072        36,309                    
Dow Jones & Co. Inc.                        59         3,293                    
Gannett Co. Inc.                           242        18,436                    
Gray Communications Systems Inc.           286         3,947                    
Hollywood Media Corp.(1)                   393         2,083                    
Knight Ridder Inc.                          80         5,392                    
Lynch Interactive Corp.(1)                  72         2,952                    
McGraw-Hill Companies Inc.                 244        16,055                    
Meredith Corp.                             745        29,398                    
New York Times Co. "A"                     229        10,053                    
Pulitzer Inc.                              700        35,693                    
TiVo Inc.(1)                               286         1,501                    

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LIFEPATH INCOME MASTER PORTFOLIO                                                
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   
MEDIA (CONTINUED)                                                               
-------------------------------------------------------------                   
Tribune Co.                                213   $     9,121                    
Viacom Inc. "B"(1)                       2,013        93,705                    
Walt Disney Co. (The)                    2,455        56,465                    
-------------------------------------------------------------                   
                                 484,758
-------------------------------------------------------------                   
METAL FABRICATE / HARDWARE - 0.07%                                              
-------------------------------------------------------------                   
Timken Co. (The)                           516         9,262                    
Worthington Industries Inc.              1,279        18,814                    
-------------------------------------------------------------                   
                                  28,076
-------------------------------------------------------------                   

METALS-DIVERSIFIED - 0.06%                                                      
-------------------------------------------------------------                   
Griffon Corporation(1)                   1,151        21,696                    
Gulf Island Fabrication Inc.(1)            358         4,708                    
-------------------------------------------------------------                   
                                  26,404
-------------------------------------------------------------                   
MINING - 0.12%                                                                  
-------------------------------------------------------------                   
Alcoa Inc.                               1,114        41,853                    
Newmont Mining Corp.                       211         5,077                    
Phelps Dodge Corp.                         145         5,497                    
-------------------------------------------------------------                   
                                  52,427
-------------------------------------------------------------                   

OFFICE / BUSINESS EQUIPMENT - 0.09%                                             
-------------------------------------------------------------                   
CompX International Inc.                   322         4,186                    
General Binding Corp.(1)                   393         5,070                    
Global Imaging Systems Inc.(1)             465         7,240                    
Imagistics International Inc.(1)            34           534                    
Pitney Bowes Inc.                          431        17,981                    
Xerox Corp.(1)                             401         3,894                    
-------------------------------------------------------------                   
                                  38,905
-------------------------------------------------------------                   

OIL & GAS PRODUCERS - 1.58%                                                     
-------------------------------------------------------------                   
Amerada Hess Corp.                         208        14,408                    
Anadarko Petroleum Corp.                   369        19,225                    
Burlington Resources Inc.                  341        12,815                    
ChevronTexaco Corp.                      1,219       102,932                    
Conoco Inc.                                622        17,205                    
Exxon Mobil Corp.                        7,970       329,161                    
Kerr-McGee Corp.                           235        12,993                    
Marathon Oil Corp.                         563        15,482                    
MarkWest Hydrocarbon Inc.(1)               465         3,278                    
Phillips Petroleum Co.                     632        37,358                    
Plains Resource Inc.(1)                    215         4,837                    
Prize Energy Corp.(1)                      572        13,436                    
Rowan Companies Inc.(1)                  1,060        19,769                    
South Jersey Industries                    472        14,372                    
Sunoco Inc.                                709        27,311                    
Transocean Sedco Forex Inc.                765        21,428                    
Unocal Corp.                               309        11,102                    
-------------------------------------------------------------                   
                                 677,112
-------------------------------------------------------------                   

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

OIL & GAS SERVICES - 0.21%                                                      
-------------------------------------------------------------                   
Baker Hughes Inc.                          622   $    21,963                    
Halliburton Co.                            745        12,263                    
Lufkin Industries Inc.                     250         5,525                    
Schlumberger Ltd.                          844        49,129                    
-------------------------------------------------------------                   
                                  88,880
-------------------------------------------------------------                   

PACKAGING & CONTAINERS - 0.17%                                                  
-------------------------------------------------------------                   
AEP Industries Inc.(1)                      72         1,944                    
Ball Corp.                                 604        25,543                    
Bemis Co.                                  115         6,550                    
Pactiv Corp.(1)                          1,255        23,883                    
Sealed Air Corp.(1)                        292        13,134                    
-------------------------------------------------------------                   
                                  71,054
-------------------------------------------------------------                   

PHARMACEUTICALS - 2.20%                                                         
-------------------------------------------------------------                   
Abbott Laboratories                      1,545        87,370                    
American Home Products Corp.             1,271        80,772                    
Antigenics Inc.(1)                         179         2,334                    
Barr Laboratories Inc.(1)                   91         6,211                    
Bristol-Myers Squibb Co.                 1,822        85,634                    
Cardinal Health Inc.                       538        35,556                    
Corixa Corp.(1)                          2,900        28,536                    
Corvas International Inc.(1)               429         2,527                    
Genzyme Corp. - Molecular                                                       
Oncology(1)                              358         2,914                  
Hyseq Inc.(1)                              215         1,150                    
Ilex Oncology Inc.(1)                      179         2,672                    
Inkine Pharmaceutical Co.(1)               286           372                    
King Pharmaceuticals Inc.(1)               200         6,212                    
Kos Pharmaceuticals Inc.(1)                215         4,900                    
La Jolla Pharmaceutical Co.(1)             465         2,939                    
Lilly (Eli) and Co.                      1,070        81,031                    
Merck & Co. Inc.                         2,175       133,393                    
MGI Pharma Inc.(1)                         322         5,023                    
NaPro BioTherapeutics Inc.(1)              358         3,580                    
Orphan Medical Inc.(1)                     322         4,041                    
Penwest Pharmaceuticals Co.(1)             250         4,507                    
Pfizer Inc.                              5,785       236,954                    
Pharmaceutical Resources Inc.(1)           322         5,474                    
Pharmacia Corporation                    1,270        52,133                    
Schering-Plough Corp.                    1,466        50,562                    
Texas Biotech Corp.(1)                     429         2,531                    
Twinlab Corp.(1)                           393           495                    
VaxGen Inc.(1)                             715         7,944                    
Watson Pharmaceuticals Inc.(1)             175         5,124                    
-------------------------------------------------------------                   
                                 942,891
-------------------------------------------------------------                   

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LIFEPATH INCOME MASTER PORTFOLIO                                                
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

PIPELINES - 0.11%                                                               
-------------------------------------------------------------                   
Dynegy Inc. "A"                            400   $    10,228                    
El Paso Corp.                              666        26,027                    
Williams Companies Inc.                    768        11,866                    
-------------------------------------------------------------                   
                                  48,121
-------------------------------------------------------------                   

PUBLISHING - 0.00%                                                              
-------------------------------------------------------------                   
Golden Books Family Entertainment                                               
Inc. Warrants (Expires 01/27/03)           1             -                  
-------------------------------------------------------------                   
                                       -
-------------------------------------------------------------                   

REAL ESTATE - 0.24%                                                             
-------------------------------------------------------------                   
Aegis Realty Inc.                        2,210        24,089                    
Annaly Mortgage Management Inc.          1,637        26,683                    
Boykin Lodging Co.                         787         6,729                    
Entertainment Properties Trust           1,351        27,763                    
Mid Atlantic Realty Trust                1,037        15,918                    
National Golf Properties Inc.              465         2,743                    
-------------------------------------------------------------                   
                                 103,925
-------------------------------------------------------------                   

REAL ESTATE INVESTMENT TRUSTS - 0.08%                                           
-------------------------------------------------------------                   
Mid-America Apartment Communities,                                              
Inc.                                   1,300        33,345                  
-------------------------------------------------------------                   
                                  33,345
-------------------------------------------------------------                   

RETAIL - 2.00%                                                                  
-------------------------------------------------------------                   
AG Services of America Inc.(1)             143         1,802                    
AutoZone Inc.(1)                           145         9,622                    
Bed Bath & Beyond Inc.(1)                  379        12,659                    
Best Buy Co. Inc.(1)                       218        14,693                    
Big Lots Inc.                              200         2,520                    
Brookstone Inc.(1)                         179         2,613                    
Circuit City Stores Inc.                   323         5,775                    
Cost Plus Inc.(1)                          107         2,729                    
CVS Corp.                                  416        11,365                    
Darden Restaurants Inc.                    204         8,625                    
Dillards Inc. "A"                          185         3,719                    
Dollar General Corp.                       201         2,965                    
eBay Inc.(1)                               100         5,205                    
Fred's Inc.                                268         8,386                    
Gap Inc. (The)                             814         9,744                    
Gart Sports Co.(1)                         277         7,230                    
Global Sports Inc.(1)                      322         5,136                    
Golden State Bancorp Inc.(1)               200           242                    
Gottschalks Inc.(1)                        501         1,202                    
Hancock Fabrics Inc.                       429         7,319                    
Home Depot Inc.                          2,065       103,250                    
Jill (J.) Group Inc. (The)(1)              179         4,144                    
Kohls Corp.(1)                             420        28,421                    
Limited Inc.                               585        10,536                    
Longs Drug Stores Corp.                    560        14,672                    

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   
RETAIL (CONTINUED)                                                              
-------------------------------------------------------------                   
Lowe's Companies Inc.                      732   $    33,123                    
Marinemax Inc.(1)                          358         4,153                    
May Department Stores Co.                  500        18,320                    
McDonald's Corp.                         1,722        44,944                    
Movie Gallery Inc.(1)                      562         7,441                    
Nordstrom Inc.                             148         3,768                    
Office Depot Inc.(1)                       242         4,600                    
1-800-FLOWERS.com Inc.(1)                  358         4,647                    
1-800 Contacts Inc.(1)                     143         1,592                    
PC Connection Inc.(1)                      143         1,237                    
Pricesmart Inc.(1)                          72         2,628                    
RadioShack Corp.                           183         5,022                    
Ruby Tuesday Inc.                        1,470        29,694                    
Sears, Roebuck and Co.                     400        21,032                    
7-Eleven Inc.(1)                           236         2,107                    
Shopko Stores Inc.(1)                      250         3,525                    
Staples Inc.(1)                            690        13,572                    
Target Corp.                               846        35,447                    
TJX Companies Inc.                         442        16,783                    
Ultimate Electronics Inc.(1)               143         3,392                    
United Auto Group Inc.(1)                  179         3,841                    
Value City Department Stores                                                    
Inc.(1)                                  286         1,030                  
Walgreen Co.                             1,047        42,131                    
Wal-Mart Stores Inc.                     3,998       247,916                    
Wendy's International Inc.                 483        14,978                    
Whitehall Jewellers Inc.(1)                215         2,999                    
-------------------------------------------------------------                   
                                 854,496
-------------------------------------------------------------                   

SEMICONDUCTORS - 1.04%                                                          
-------------------------------------------------------------                   
Advanced Micro Devices Inc.(1)             608         8,208                    
Altera Corp.(1)                            479         9,135                    
Analog Devices Inc.(1)                     444        16,521                    
Applied Materials Inc.(1)                  837        36,384                    
Applied Micro Circuits Corp.(1)            586         4,506                    
Broadcom Corp. "A"(1)                      479        14,681                    
Elantec Semiconductor Inc.(1)              179         5,481                    
EMCORE Corp.(1)                            107           815                    
Integrated Device Technology                                                    
Inc.(1)                                  300         7,671                  
Intel Corp.                              6,192       176,782                    
Linear Technology Corp.                    352        12,964                    
LSI Logic Corp.(1)                         627         9,399                    
Maxim Integrated Products Inc.(1)          486        22,239                    
Micron Technology Inc.(1)                  826        26,556                    
Mykrolis Corp.(1)                           59           624                    
PMC-Sierra Inc.(1)                         300         4,383                    
QLogic Corp.(1)                            100         3,725                    
Teradyne Inc.(1)                           194         6,501                    
Texas Instruments Inc.                   2,123        62,310                    
Xilinx Inc.(1)                             453        16,272                    
-------------------------------------------------------------                   
                                 445,157
-------------------------------------------------------------                   

32                                                                              

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LIFEPATH INCOME MASTER PORTFOLIO                                                
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   

SOFTWARE - 1.53%                                                                
-------------------------------------------------------------                   
Actuate Corp.(1)                           250   $     1,253                    
Adobe Systems Inc.                         303        11,023                    
Akamai Technologies Inc.(1)              5,600        17,416                    
Alico Inc.                                 215         6,211                    
Automatic Data Processing Inc.             689        36,317                    
Avant! Corp.(1)                            800        13,960                    
BMC Software Inc.(1)                       204         3,274                    
BroadVision Inc.(1)                        393           751                    
Centra Software Inc.(1)                    679         3,938                    
Certegy Inc.(1)                            137         5,090                    
Computer Associates International                                               
Inc.                                     746        12,145                  
Compuware Corp.(1)                         411         4,690                    
Documentum Inc.(1)                         250         4,458                    
EXE Technologies Inc.(1)                   250           420                    
F5 Networks Inc.(1)                      1,100        24,035                    
First Data Corp.                           430        35,054                    
Globix Corp.(1)                            250             9                    
IMS Health Inc.                            175         3,500                    
Intuit Inc.(1)                             300        11,367                    
Microsoft Corp.(1)                       4,756       277,465                    
Netegrity Inc.(1)                          107         1,320                    
NetIQ Corp.(1)                             169         3,667                    
Novell Inc.(1)                             402         1,644                    
Oracle Corp.(1)                          4,762        79,144                    
Overture Services Inc.(1)                  179         5,417                    
PeopleSoft Inc.(1)                         300         8,721                    
Per-Se Technologies Inc.(1)                429         4,869                    
Rational Software Corp.(1)                 500         9,280                    
Siebel Systems Inc.(1)                     722        20,043                    
SkillSoft Corp.(1)                         172         3,722                    
Synplicity Inc.(1)                         107           902                    
Vastera Inc.(1)                            579         7,591                    
Websense Inc.(1)                         1,400        31,374                    
Yahoo! Inc.(1)                             336         4,859                    
-------------------------------------------------------------                   
                                 654,929
-------------------------------------------------------------                   
TELECOMMUNICATION EQUIPMENT - 0.33%                                             
-------------------------------------------------------------                   
ADC Telecommunications Inc.(1)             682         2,455                    
Andrew Corp.(1)                            283         4,757                    
Avanex Corp.(1)                          5,200        16,926                    
Avaya Inc.(1)                              712         3,809                    
CIENA Corp.(1)                             500         3,880                    
Comverse Technology Inc.(1)                107         1,675                    
Harmonic Inc.(1)                           465         4,948                    
JDS Uniphase Corp.(1)                    1,658         8,041                    
Lucent Technologies Inc.                 3,861        21,583                    
Motorola Inc.                            2,569        33,397                    
NMS Communications Corp.(1)                465         1,628                    
QUALCOMM Inc.(1)                           751        24,971                    
Sorrento Networks Corp.(1)                 358           716                    
Tellabs Inc.(1)                            573         5,879                    
Terayon Communication Systems                                                   
Inc.(1)                                  600         3,546                  
Tollgrade Communications Inc.(1)           143         3,067                    

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
TELECOMMUNICATION EQUIPMENT (CONTINUED)                                         
-------------------------------------------------------------                   
Williams Communications Group                                                   
Inc.(1)                                  132   $        17                  
-------------------------------------------------------------                   
                                 141,295
-------------------------------------------------------------                   

TELECOMMUNICATIONS - 0.55%                                                      
-------------------------------------------------------------                   
Anaren Microwave Inc.(1)                   215         2,731                    
AT&T Wireless Services Inc.(1)           2,789        28,141                    
Catapult Communications Corp.(1)           179         3,360                    
Celeritek Inc.(1)                          650         5,818                    
Channell Commercial Corp.(1)               465         1,860                    
Choice One Communications Inc.(1)          250           363                    
Corning Inc.                               745         5,014                    
General Communication Inc. "A"(1)          429         3,857                    
InterDigital Communications                                                     
Corp.(1)                                 250         2,088                  
ITC DeltaCom Inc.(1)                       465           130                    
Leap Wireless International Inc.(1)        500         2,355                    
Lightpath Technologies Inc. "A"(1)         322           506                    
Nextel Communications Inc. "A"(1)          921         4,596                    
NTELOS Inc.(1)                             600         2,490                    
Pentastar Communications Inc.(1)           215           516                    
Qwest Communications International                                              
Inc.                                   1,619        14,085                  
Sprint Corp. (PCS Group)(1)                859         7,946                    
Verizon Communications Inc.              3,147       147,280                    
WebEx Communications Inc.(1)               215         2,455                    
-------------------------------------------------------------                   
                                 235,591
-------------------------------------------------------------                   

TELEPHONE - 0.76%                                                               
-------------------------------------------------------------                   
Alltel Corp.                               361        20,090                    
AT&T Corp.                               3,542        55,043                    
BellSouth Corp.                          2,244        86,977                    
CenturyTel Inc.                            207         6,872                    
SBC Communications Inc.                  3,107       117,569                    
Sprint Corp. (FON Group)                 1,051        14,809                    
WorldCom Inc.(1)                         3,064        23,041                    
-------------------------------------------------------------                   
                                 324,401
-------------------------------------------------------------                   

TEXTILES - 0.02%                                                                
-------------------------------------------------------------                   
Cutter & Buck Inc.(1)                      572         3,947                    
Interface Inc. "A"                         536         2,653                    
Westpoint Stevens Inc.                     572           978                    
-------------------------------------------------------------                   
                                   7,578
-------------------------------------------------------------                   

TOBACCO - 0.28%                                                                 
-------------------------------------------------------------                   
Philip Morris Companies Inc.             2,109       111,060                    
UST Inc.                                   240         8,366                    
-------------------------------------------------------------                   
                                 119,426
-------------------------------------------------------------                   

TOYS / GAMES / HOBBIES - 0.04%                                                  
-------------------------------------------------------------                   
Hasbro Inc.                                203         2,905                    
Mattel Inc.                                395         7,485                    

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LIFEPATH INCOME MASTER PORTFOLIO                                                
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
TOYS / GAMES / HOBBIES (CONTINUED)                                              
-------------------------------------------------------------                   
Topps Co. (The)(1)                         536   $     5,140                    
-------------------------------------------------------------                   
                                  15,530
-------------------------------------------------------------                   

TRANSPORTATION - 0.07%                                                          
-------------------------------------------------------------                   
FedEx Corp.(1)                             500        28,930                    
Morgan Group Holding Co.(1)                 72            73                    
-------------------------------------------------------------                   
                                  29,003
-------------------------------------------------------------                   

TRUCKING & LEASING - 0.04%                                                      
-------------------------------------------------------------                   
Ryder System Inc.                          583        16,382                    
Willis Lease Finance Corp.(1)              393         1,690                    
-------------------------------------------------------------                   
                                  18,072
-------------------------------------------------------------                   

WATER - 0.04%                                                                   
-------------------------------------------------------------                   
American States Water Co.                  443        15,483                    
-------------------------------------------------------------                   
                                  15,483
-------------------------------------------------------------                   
TOTAL U.S. COMMON STOCKS                                                        
(Cost: $12,384,283)                               12,220,492                    
-------------------------------------------------------------                   
INTERNATIONAL COMMON STOCKS - 9.53%                                             
AUSTRALIA - 0.28%                                                               
-------------------------------------------------------------                   
Coles Myer Ltd. ADR                        384        13,901                    
National Australia Bank ADR                448        41,261                    
News Corporation Ltd. ADR                  348         8,902                    
Rio Tinto PLC ADR                          368        29,422                    
Westpac Banking Corp. ADR                  632        26,765                    
-------------------------------------------------------------                   
                                 120,251
-------------------------------------------------------------                   

CANADA - 0.12%                                                                  
-------------------------------------------------------------                   
Alcan Aluminum Ltd.                          1            20                    
Barrick Gold Corp.                       1,525        27,526                    
Inco Ltd.(1)                                95         1,770                    
Nortel Networks Corp.                    3,357        17,020                    
Placer Dome Inc.                           401         4,660                    
-------------------------------------------------------------                   
                                  50,996
-------------------------------------------------------------                   

DENMARK - 0.28%                                                                 
-------------------------------------------------------------                   
Novo-Nordisk A/S ADR                     2,514        98,172                    
TDC A/S ADR                              1,244        19,531                    
-------------------------------------------------------------                   
                                 117,703
-------------------------------------------------------------                   

FINLAND - 0.40%                                                                 
-------------------------------------------------------------                   
Nokia OYJ ADR                            1,699        35,288                    
Outokumpu OYJ                            5,474        63,923                    
Rautaruukki OYJ                         18,768        73,054                    
-------------------------------------------------------------                   
                                 172,265
-------------------------------------------------------------                   

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   

FRANCE - 0.84%                                                                  
-------------------------------------------------------------                   
Alcatel SA ADR                           1,516   $    20,754                    
Aventis SA ADR                             921        68,292                    
AXA-UAP ADR                              1,699        31,330                    
BNP Paribas SA                             930        45,089                    
France Telecom SA ADR                      258         6,760                    
LVMH Moet-Hennessy Louis Vuitton                                                
ADR                                    1,909        17,868                  
Total Fina SA ADR                        1,883       138,495                    
Vivendi Universal SA                       595        23,099                    
Vivendi Universal SA ADR                   270        10,449                    
-------------------------------------------------------------                   
                                 362,136
-------------------------------------------------------------                   

GERMANY - 0.49%                                                                 
-------------------------------------------------------------                   
DaimlerChrysler AG                       1,520        60,618                    
Deutsche Telekom AG ADR                  1,426        20,092                    
E.On AG                                  1,093        53,673                    
SAP AG ADR                                 451        15,411                    
Siemens AG                                 956        55,984                    
-------------------------------------------------------------                   
                                 205,778
-------------------------------------------------------------                   

HONG KONG - 0.12%                                                               
-------------------------------------------------------------                   
Cheung Kong (Holdings) Ltd.              6,000        50,005                    
-------------------------------------------------------------                   
                                  50,005
-------------------------------------------------------------                   

IRELAND - 0.11%                                                                 
-------------------------------------------------------------                   
Allied Irish Banks PLC ADR               2,053        45,494                    
-------------------------------------------------------------                   
                                  45,494
-------------------------------------------------------------                   

ITALY - 0.28%                                                                   
-------------------------------------------------------------                   
Benetton Group SpA ADR                     865        21,020                    
ENI-Ente Nazionale Idrocarburi SpA                                              
ADR                                      279        19,388                  
Fiat SpA ADR                               819        10,295                    
San Paolo-IMI SpA ADR                    1,098        22,125                    
Seat-Pagine Gialle SpA(1)               60,712        46,004                    
-------------------------------------------------------------                   
                                 118,832
-------------------------------------------------------------                   

JAPAN - 1.84%                                                                   
-------------------------------------------------------------                   
Canon Inc.                               1,000        35,046                    
Canon Inc. ADR                             372        12,886                    
Dai Nippon Printing Co. Ltd.             5,000        48,085                    
Fuji Photo Film Co. Ltd. ADR               281         8,970                    
Fujitsu Ltd.                             7,000        45,873                    
Hitachi Ltd. ADR                           169        10,564                    
Honda Motor Company Ltd. ADR               764        15,211                    
Ito-Yokado Co. Ltd. ADR                    343        13,566                    
Japan Air Lines ADR                      2,170        11,501                    
Kinki Nippon Railway Co. Ltd.           14,000        42,578                    
Kirin Brewery Co. Ltd. ADR                 274        17,541                    
Kubota Corp. ADR                           316        17,459                    
Kyocera Corp. ADR                          118         7,021                    
Makita Corp. ADR                           347         2,082                    

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LIFEPATH INCOME MASTER PORTFOLIO                                                
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
JAPAN (CONTINUED)                                                               
-------------------------------------------------------------                   
Matsushita Electric Industrial Co.                                              
Ltd.                                   1,000   $    12,113                  
Matsushita Electric Industrial Co.                                              
Ltd. ADR                                 848        10,227                  
Mitsubishi Corp. ADR                       992        13,739                    
Mitsui & Co. ADR                           136        14,960                    
Murata Manufacturing Co. Ltd.              800        49,737                    
NEC Corp.                                4,000        29,083                    
NEC Corp. ADR                            3,107        22,526                    
Nippon Telegraph & Telephone Corp.                                              
ADR                                      685        10,967                  
Nissan Motor Co. Ltd. ADR                1,182        15,165                    
Nomura Holdings Inc.                     4,000        45,731                    
NTT DoCoMo Inc.                              4        41,547                    
Pioneer Corp. ADR                          480         9,115                    
Ricoh Corp. Ltd. ADR                       146        12,848                    
Secom Co. Ltd.                           1,000        44,461                    
Sony Corp.                               1,100        49,976                    
Sony Corp. ADR                             227        10,487                    
Takeda Chemical Industries Ltd.          1,000        40,575                    
Tokio Marine and Fire Insurance Co.                                             
Ltd. ADR                                 754        26,918                  
Toyota Motor Corp.                         700        17,889                    
Toyota Motor Corp. ADR                     493        25,365                    
-------------------------------------------------------------                   
                                 791,812
-------------------------------------------------------------                   

NETHERLANDS - 0.94%                                                             
-------------------------------------------------------------                   
Abn Amro Holding NV ADR                  1,681        29,535                    
Aegon NV ADR                               847        18,295                    
Akzo Nobel NV ADR                          472        20,971                    
Elsevier NV ADR                          1,491        38,021                    
ING Groep NV                             1,508        35,859                    
ING Groep NV ADR                           616        14,642                    
Koninklijke Ahold NV ADR                 1,162        27,086                    
Koninklijke (Royal) Philips                                                     
Electronics NV - NY Shares(1)            850        22,066                  
Royal Dutch Petroleum Co.                1,320        68,108                    
Royal Dutch Petroleum Co. - NY                                                  
Shares                                 2,521       129,504                  
-------------------------------------------------------------                   
                                 404,087
-------------------------------------------------------------                   

NEW ZEALAND - 0.02%                                                             
-------------------------------------------------------------                   
Telecom Corp. of New Zealand Ltd.                                               
ADR                                      390         6,739                  
-------------------------------------------------------------                   
                                   6,739
-------------------------------------------------------------                   

PORTUGAL - 0.02%                                                                
-------------------------------------------------------------                   
Banco Comercial Portugues ADR              456         7,912                    
-------------------------------------------------------------                   
                                   7,912
-------------------------------------------------------------                   

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   

SINGAPORE - 0.01%                                                               
-------------------------------------------------------------                   
Chartered Semiconductor                                                         
Manufacturing Ltd. ADR(1)                193   $     4,339                  
-------------------------------------------------------------                   
                                   4,339
-------------------------------------------------------------                   

SPAIN - 0.22%                                                                   
-------------------------------------------------------------                   
Banco Bilbao Vizcaya Argentaria SA                                              
ADR                                    1,578        18,368                  
Banco Santander Central Hispano SA                                              
ADR                                    4,523        36,139                  
Repsol SA ADR                              945        11,567                    
Telefonica SA ADR                          686        24,088                    
-------------------------------------------------------------                   
                                  90,162
-------------------------------------------------------------                   

SWEDEN - 0.44%                                                                  
-------------------------------------------------------------                   
Hoganas AB "B"                           5,047        85,372                    
Sapa AB                                  5,651        83,708                    
Telefonaktiebolaget LM Ericsson AB                                              
ADR(1)                                 4,153        17,526                  
-------------------------------------------------------------                   
                                 186,606
-------------------------------------------------------------                   

SWITZERLAND - 0.91%                                                             
-------------------------------------------------------------                   
Adecco SA ADR                            1,038        15,466                    
Credit Suisse Group(1)                   1,867        64,519                    
Nestle S.A.                                340        75,106                    
Novartis AG                              2,079        78,981                    
Roche Holding AG - Genusschein           1,073        75,388                    
Sulzer Medica ADR                          569         4,347                    
UBS AG - Registered(1)                   1,603        74,159                    
-------------------------------------------------------------                   
                                 387,966
-------------------------------------------------------------                   

SECURITY                               SHARES       VALUE                       

UNITED KINGDOM - 2.21%                                                          
-------------------------------------------------------------                   
AstraZeneca PLC ADR                        945        48,176                    
Barclays PLC ADR                           308        37,176                    
BP PLC                                   5,979        49,260                    
BP PLC ADR                                 861        42,663                    
British Sky Broadcasting PLC ADR           242        14,764                    
British Telecom PLC ADR(1)                 552        20,231                    
Cadbury Schweppes PLC ADR                1,107        30,166                    
Diageo PLC ADR                           1,519        73,353                    
GlaxoSmithKline PLC ADR                  2,441       119,487                    
Hanson PLC ADR                             937        31,333                    
HBOS PLC                                14,793       155,041                    
Hong Kong & Shanghai Banking ADR           283        15,865                    
HSBC Holdings PLC                        3,215        35,128                    
Lloyds TSB Group PLC                     3,221        30,979                    
Reuters Group PLC ADR                      273        12,028                    
Royal Bank of Scotland Group PLC         2,802        68,642                    
Tesco PLC                               21,161        75,424                    
Vodafone Group PLC                      21,251        40,202                    

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LIFEPATH INCOME MASTER PORTFOLIO                                                
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

     SHARES OR
SECURITY                             FACE AMOUNT     VALUE                      

--------------------------------------------------------------                  
UNITED KINGDOM (CONTINUED)                                                      
--------------------------------------------------------------                  
Vodafone Group PLC ADR                    2,697   $    51,243                   
--------------------------------------------------------------                  
                                   951,161
--------------------------------------------------------------                  
TOTAL INTERNATIONAL COMMON STOCKS                                               
(Cost: $4,459,914)                                  4,074,244                   
--------------------------------------------------------------                  

TOTAL COMMON STOCKS                                                             
(Cost: $16,844,197)                                16,294,736                   
--------------------------------------------------------------                  

     SHARES OR
SECURITY                             FACE AMOUNT     VALUE                      

U.S. GOVERNMENT OBLIGATIONS - 59.42%                                            
--------------------------------------------------------------                  
U.S. Treasury Bonds                                                             
8.75%,  11/15/08                   $  450,000       493,295                 
9.38%,  02/15/06                      110,000       131,343                 
10.75%,  05/15/03                     850,000       934,070                 
10.75%,  08/15/05                     100,000       122,211                 
11.13%,  08/15/03                     550,000       616,537                 
11.63%,  11/15/04                     270,000       326,120                 
12.00%,  05/15/05                     100,000       124,906                 
13.75%,  08/15/04                     200,000       248,883                 
U.S. Treasury Notes                                                             
2.75%,  10/31/03                    1,500,000     1,499,824                 
3.00%,  01/31/04                      450,000       450,053                 
4.25%,  11/15/03                      500,000       512,051                 
4.75%,  02/15/04                      400,000       413,391                 
4.75%,  11/15/08                      890,000       895,597                 
5.00%,  08/15/11                    1,200,000     1,207,781                 
5.25%,  08/15/03                    1,100,000     1,141,895                 
5.25%,  05/15/04                      900,000       940,008                 
5.38%,  06/30/03                       30,000        31,141                 
5.50%,  03/31/03                      400,000       413,844                 
5.50%,  05/31/03                      200,000       207,633                 
5.50%,  02/15/08                      145,000       152,522                 
5.50%,  05/15/09                      800,000       838,062                 
5.63%,  02/15/06                      300,000       317,906                 
5.63%,  05/15/08                      680,000       718,675                 
5.75%,  08/15/03                      300,000       313,465                 
5.75%,  11/15/05                      560,000       595,328                 
5.75%,  08/15/10                      500,000       530,274                 
5.88%,  02/15/04                      400,000       421,797                 
5.88%,  11/15/04                      200,000       212,406                 
5.88%,  11/15/05                      320,000       341,713                 
6.00%,  08/15/04                      400,000       425,391                 
6.00%,  08/15/09                      185,000       199,193                 
6.13%,  08/15/07                      500,000       541,035                 
6.25%,  02/15/07                      650,000       706,291                 
6.50%,  05/15/05                      300,000       325,442                 
6.50%,  08/15/05                      200,000       217,453                 
6.50%,  10/15/06                      800,000       875,750                 
6.63%,  05/15/07                      400,000       441,734                 
6.75%,  05/15/05                      700,000       764,066                 
6.88%,  05/15/06                      400,000       442,766                 
7.00%,  07/15/06                    2,680,000     2,982,127                 
7.25%,  05/15/04                      880,000       956,037                 

SECURITY                             FACE AMOUNT     VALUE                      

---------------------------------------------------------------                 

7.25%,  08/15/04                    $  450,000   $   491,660                
7.50%,  02/15/05                       400,000       443,891                
7.88%,  11/15/04                       400,000       445,031                
---------------------------------------------------------------                 

TOTAL U.S. GOVERNMENT OBLIGATIONS                                               
(Cost: $24,589,144)                                 25,410,598                  
---------------------------------------------------------------                 

SHORT TERM INSTRUMENTS - 11.14%                                                 
---------------------------------------------------------------                 
Barclays Global Investors Funds                                                 
Institutional Money Market Fund,                                            
Institutional Shares                 3,032,120     3,032,120                
Dreyfus Money Market Fund                641,635       641,635                  
Goldman Sachs Financial Square                                                  
Prime Obligation Fund                  263,944       263,944                
Providian Temp Cash Money Market                                                
Fund                                   827,372       827,372                
---------------------------------------------------------------                 

TOTAL SHORT TERM INSTRUMENTS                                                    
(Cost: $4,765,071)                                   4,765,071                  
---------------------------------------------------------------                 

TOTAL INVESTMENTS IN SECURITIES - 108.66%                                       
(Cost $46,198,412)                                  46,470,405                  
---------------------------------------------------------------                 

Other Assets, Less Liabilities - (8.66%)            (3,702,052)                 
---------------------------------------------------------------                 

NET ASSETS - 100.00%                               $42,768,353                  
---------------------------------------------------------------                 

-------------------------------------------------------------------------       

(1)                     NON-INCOME EARNING SECURITIES.                          

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

36                                                                              

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LIFEPATH 2010 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS                                                         
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

COMMON STOCKS - 58.37%                                                          

U.S. COMMON STOCKS - 44.73%                                                     

ADVERTISING - 0.14%                                                             
-------------------------------------------------------------                   
Equity Marketing Inc.(1)                   593   $      7,799                   
Interpublic Group of Companies Inc.      1,986         54,019                   
Omnicom Group Inc.                         972         90,921                   
TMP Worldwide Inc.(1)                      900         25,128                   
-------------------------------------------------------------                   
                                   177,867
-------------------------------------------------------------                   
AEROSPACE / DEFENSE - 0.68%                                                     
-------------------------------------------------------------                   
Boeing Co.                               5,052        232,190                   
General Dynamics Corp.                   1,181        107,329                   
Goodrich (B.F.) Co.                        910         27,163                   
L-3 Communications Holdings Inc.(1)        300         32,955                   
Lockheed Martin Corp.                    2,090        117,897                   
Northrop Grumman Corp.                     779         83,384                   
Raytheon Co.                             1,766         68,327                   
Rockwell Collins                           678         15,763                   
United Technologies Corp.                2,211        161,292                   
-------------------------------------------------------------                   
                                   846,300
-------------------------------------------------------------                   

AGRICULTURE - 0.02%                                                             
-------------------------------------------------------------                   
Maui Land & Pineapple Co.(1)               932         19,581                   
-------------------------------------------------------------                   
                                    19,581
-------------------------------------------------------------                   

AIRLINES - 0.11%                                                                
-------------------------------------------------------------                   
AMR Corp.(1)                               969         25,291                   
Delta Air Lines Inc.                       800         27,600                   
Northwest Airlines Corp. "A"(1)            790         12,593                   
Southwest Airlines Co.                   3,411         72,006                   
U.S. Airways Group Inc.(1)                 898          4,777                   
-------------------------------------------------------------                   
                                   142,267
-------------------------------------------------------------                   

APPAREL - 0.18%                                                                 
-------------------------------------------------------------                   
Garan Inc.                               1,005         44,119                   
Haggar Corp.                             1,187         15,194                   
Liz Claiborne Inc.                       2,028         61,469                   
Nike Inc. "B"                            1,263         74,340                   
VF Corp.                                   787         33,093                   
-------------------------------------------------------------                   
                                   228,215
-------------------------------------------------------------                   

AUTO MANUFACTURERS - 0.30%                                                      
-------------------------------------------------------------                   
Ford Motor Company                       8,407        125,096                   
General Motors Corp. "A"                 2,953        156,450                   
Navistar International Corp.             1,054         44,816                   
PACCAR Inc.                                739         53,156                   
-------------------------------------------------------------                   
                                   379,518
-------------------------------------------------------------                   

AUTO PARTS & EQUIPMENT - 0.17%                                                  
-------------------------------------------------------------                   
BorgWarner Inc.                            500         30,075                   

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   
AUTO PARTS & EQUIPMENT (CONTINUED)                                              
-------------------------------------------------------------                   
Dana Corp.                               1,044   $     19,418                   
Delphi Automotive Systems Corp.          1,560         24,944                   
Goodyear Tire & Rubber Co.                 889         24,447                   
Modine Manufacturing Co.                   500         13,495                   
Superior Industries International                                               
Inc.                                     600         27,000                 
TRW Inc.                                 1,012         50,853                   
Visteon Corp.                            1,354         19,200                   
-------------------------------------------------------------                   
                                   209,432
-------------------------------------------------------------                   

BANKS - 3.41%                                                                   
-------------------------------------------------------------                   
AmSouth Bancorp                          1,839         38,895                   
Area Bancshares Corp.                    1,166         23,658                   
Bancorp South Inc.                       1,255         23,217                   
Bank of America Corp.                    7,812        499,577                   
Bank of New York Co. Inc.                3,232        121,652                   
Bank One Corp.                           6,110        218,982                   
BankUnited Financial Corp. "A"(1)        1,865         28,441                   
Banner Corporation                       1,280         24,960                   
BB&T Corp.                               2,658         98,373                   
Centennial Bancorp                       2,107         16,477                   
CFS Bancorp Inc.                         2,265         30,487                   
Charter One Financial Inc.               1,403         42,735                   
Comerica Inc.                            1,236         73,975                   
Community Trust Bancorp Inc.             1,387         32,803                   
Dime Community Bancshares                1,335         39,115                   
Fifth Third Bancorp                      2,552        162,716                   
First Republic Bank(1)                     763         20,639                   
First Sentinel Bancorp Inc.              1,907         24,333                   
FirstFed Financial Corp.(1)              1,144         30,202                   
Flagstar Bancorp Inc.                    1,653         39,011                   
FleetBoston Financial Corp.              5,606        187,128                   
Gold Bancorp Inc.                        1,950         14,176                   
Golden West Financial Corp.                693         44,179                   
Hamilton Bancorp Inc.(1)                 1,738              9                   
Huntington Bancshares Inc.               1,191         21,974                   
Investors Financial Services Corp.         300         20,844                   
JP Morgan Chase & Co.                   11,494        336,199                   
KeyCorp                                  1,700         42,636                   
Mellon Financial Corp.                   2,325         83,700                   
National City Corp.                      3,639        103,784                   
NBT Bancorp Inc.                         1,187         16,677                   
Northern Trust Corp.                     1,299         70,302                   
Northwest Bancorp Inc.                   1,992         23,506                   
OceanFirst Financial Corp.               1,302         35,258                   
PNC Financial Services Group             1,454         79,883                   
Regions Financial Corp.                  1,572         51,090                   
Republic Bancorp Inc.                    2,014         24,974                   
Republic Bancorp Inc. "A"                1,314         16,136                   
Republic Bancshares Inc.(1)              1,572         22,480                   
Royal Bancshares of                                                             
Pennsylvania "A"                       1,792         36,288                 
SouthTrust Corp.                         2,045         51,677                   
State Street Corp.                       1,593         80,765                   
Sterling Bancorp - NY Shares               440         13,134                   
Sterling Financial Corp.(WA)               932         21,958                   

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LIFEPATH 2010 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   
BANKS (CONTINUED)                                                               
-------------------------------------------------------------                   
SunTrust Banks Inc.                      1,424   $     89,413                   
Synovus Financial Corp.                  1,717         50,308                   
U.S. Bancorp                             9,369        195,344                   
Union Planters Corp.                     1,408         65,556                   
United Community Financial Corp.         1,950         14,430                   
USB Holding Co. Inc.                     1,885         27,427                   
Wachovia Corp.                           7,097        235,833                   
Washington Mutual Inc.                   3,699        120,328                   
Wells Fargo & Company                    8,782        411,876                   
West Coast Bancorp                       2,256         31,584                   
Zions Bancorp                              800         42,280                   
-------------------------------------------------------------                   
                                 4,273,384
-------------------------------------------------------------                   

BEVERAGES - 1.12%                                                               
-------------------------------------------------------------                   
Anheuser-Busch Companies Inc.            3,501        178,026                   
Brown-Forman Corp. "B"                     389         26,433                   
Coca-Cola Co.                           15,354        727,626                   
Coca-Cola Enterprises Inc.               2,099         36,586                   
National Beverage Corp.(1)               2,077         26,482                   
Peet's Coffee & Tea Inc.(1)                975         14,428                   
Pepsi Bottling Group Inc.                1,200         29,820                   
PepsiCo Inc.                             7,247        365,973                   
-------------------------------------------------------------                   
                                 1,405,374
-------------------------------------------------------------                   

BIOTECHNOLOGY - 0.61%                                                           
-------------------------------------------------------------                   
Amgen Inc.(1)                            4,850        281,203                   
Applera Corp. - Celera Genomics                                                 
Group(1)                                 539         10,888                 
Biogen Inc.(1)                             912         48,473                   
Bio-Technology General Corp.(1)          2,331         12,354                   
Chiron Corp.(1)                          1,309         56,837                   
Cryolife Inc.(1)                           890         22,250                   
Deltagen Inc.(1)                           170          1,379                   
Exelixis Inc.(1)                           763          8,622                   
Genentech Inc.(1)                        1,112         52,486                   
Genzyme Corp. - General Division(1)      1,100         48,818                   
Human Genome Sciences Inc.(1)              681         13,974                   
IDEC Pharmaceuticals Corp.(1)              800         50,256                   
Immunex Corp.(1)                         2,934         84,323                   
Immunomedics Inc.(1)                       551          9,152                   
Integra LifeSciences Holdings                                                   
Corp.(1)                                 454         12,757                 
Millennium Pharmaceuticals Inc.(1)       1,500         28,170                   
Transkaryotic Therapies Inc.(1)            666         25,455                   
-------------------------------------------------------------                   
                                   767,397
-------------------------------------------------------------                   

BROADCASTING - 0.00%                                                            
-------------------------------------------------------------                   
Cablevision Systems Corporation-                                                
Rainbow Media Group(1)                   165          4,174                 
-------------------------------------------------------------                   
                                     4,174
-------------------------------------------------------------                   

BUILDING MATERIALS - 0.18%                                                      
-------------------------------------------------------------                   
American Standard Companies Inc.(1)        670         43,751                   
Butler Manufacturing Co.                   400          9,992                   

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

BUILDING MATERIALS (CONTINUED)                                                  
-------------------------------------------------------------                   
Ceradyne Inc.(1)                           297   $      2,985                   
Masco Corp.                              3,339         93,726                   
Rayonier Inc.                              700         35,406                   
Vulcan Materials Co.                       838         40,501                   
-------------------------------------------------------------                   
                                   226,361
-------------------------------------------------------------                   

CHEMICALS - 0.66%                                                               
-------------------------------------------------------------                   
Air Products & Chemicals Inc.            1,178         57,133                   
Dow Chemical Co.                         4,151        129,843                   
Du Pont (E.I.) de Nemours                5,341        250,172                   
Eastman Chemical Co.                       569         25,036                   
Engelhard Corp.                          2,633         75,751                   
Great Lakes Chemical Corp.                 600         14,130                   
Hercules Inc.(1)                         1,923         24,037                   
Nanophase Technologies Corp.(1)            890          5,660                   
PPG Industries Inc.                        900         46,215                   
Praxair Inc.                               902         52,226                   
Rohm & Haas Co. "A"                      1,249         47,974                   
Sherwin-Williams Co.                     1,104         29,168                   
Sigma-Aldrich Corp.                      1,417         64,601                   
-------------------------------------------------------------                   
                                   821,946
-------------------------------------------------------------                   

COMMERCIAL SERVICES - 0.65%                                                     
-------------------------------------------------------------                   
Arbitron Inc.(1)                           520         16,016                   
Block (H & R) Inc.                       1,176         59,329                   
CDI Corp.(1)                               932         19,665                   
Cendant Corp.(1)                         4,944         86,075                   
Charles River Associates Inc.(1)           721         14,528                   
Concord EFS Inc.(1)                      2,362         70,931                   
Convergys Corp.(1)                       1,132         34,515                   
CPI Corp.                                  593          9,191                   
Donnelley (R.R.) & Sons Co.              3,244         92,811                   
Dun & Bradstreet Corp.(1)                  869         34,065                   
Ecolab Inc.                                626         29,316                   
Electro Rent Corp.(1)                    1,399         18,817                   
Equifax Inc.                               975         29,250                   
First Consulting Group Inc.(1)             593          5,373                   
Insurance Auto Auctions Inc.(1)            890         13,528                   
Interactive Data Corp.(1)                1,399         22,734                   
kForce.com Inc.(1)                         382          1,662                   
McKesson Corp.                           1,753         61,793                   
Moody's Corp.                            1,229         45,473                   
NationsRent Inc.(1)                      2,713            190                   
Paychex Inc.                             1,940         71,683                   
ProsoftTraining.com(1)                     424            506                   
Wackenhut Corrections Corp.(1)           2,395         39,901                   
World Fuel Services Corp.                2,553         42,124                   
-------------------------------------------------------------                   
                                   819,476
-------------------------------------------------------------                   

COMPUTERS - 2.32%                                                               
-------------------------------------------------------------                   
Affiliated Computer Services                                                    
Inc. "A"(1)                              600         29,346                 
Apple Computer Inc.(1)                   2,018         43,791                   
Art Technology Group Inc.(1)               466          1,146                   

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LIFEPATH 2010 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

COMPUTERS (CONTINUED)                                                           
-------------------------------------------------------------                   
Bottomline Technologies Inc.(1)          4,789   $     40,611                   
Brocade Communications Systems                                                  
Inc.(1)                                1,400         30,758                 
CCC Information Services Group                                                  
Inc.(1)                                   85            766                 
Cisco Systems Inc.(1)                   33,370        476,190                   
Compaq Computer Corp.                    8,165         82,793                   
Computer Sciences Corp.(1)               1,051         49,933                   
Covansys Corporation(1)                  1,636         13,366                   
Datalink Corp.(1)                          424          2,094                   
Dataram Corp.(1)                           212          1,401                   
Datastream Systems Inc.(1)                 721          5,718                   
Dell Computer Corp.(1)                  12,131        299,514                   
DST Systems Inc.(1)                        700         29,183                   
Echelon Corp.(1)                           424          6,742                   
Electronic Data Systems Corp.            2,200        129,866                   
EMC Corp.(1)                             9,616        104,814                   
Enterasys Networks Inc.(1)                 932          3,309                   
Extended Systems Inc.(1)                   170          1,034                   
Extreme Networks Inc.(1)                 1,181          7,428                   
Gateway Inc.(1)                          1,301          5,985                   
Hewlett-Packard Co.                      9,918        199,550                   
Inrange Technologies Corp.(1)              890          8,179                   
International Business Machines                                                 
Corp.                                  7,957        780,741                 
Interwoven Inc.(1)                         593          3,718                   
Juniper Networks Inc.(1)                 1,251         11,659                   
Keynote Systems Inc.(1)                  1,490         13,023                   
Lexmark International Group                                                     
Inc. "A"(1)                              923         45,882                 
McDATA Corp. "A"(1)                        701         11,048                   
NCR Corp.(1)                             1,197         50,035                   
Network Appliance Inc.(1)                1,994         31,884                   
Nuance Communications Inc.(1)              527          3,057                   
NYFIX Inc.(1)                            1,105         13,072                   
Palm Inc.(1)                             2,033          6,140                   
Pegasus Solutions Inc.(1)                1,693         27,190                   
Performance Technologies Inc.(1)         1,051          9,940                   
Procom Technology Inc.(1)                  551          1,174                   
Qualstar Corp.(1)                          466          3,165                   
Rainbow Technologies Inc.(1)                42            317                   
Red Hat Inc.(1)                          1,823         10,737                   
Safeguard Scientifics Inc.(1)              127            358                   
Sapient Corp.(1)                           593          2,603                   
SilverStream Software Inc.(1)            1,181          5,669                   
SS&C Technologies Inc.(1)                1,144          9,552                   
Sun Microsystems Inc.(1)                14,044        119,514                   
SunGard Data Systems Inc.(1)             1,400         43,218                   
Turnstone Systems Inc.(1)                  424          1,933                   
Unisys Corp.(1)                          1,931         21,434                   
Vasco Data Security International                                               
Inc.(1)                                1,017          2,339                 
VeriSign Inc.(1)                           981         23,279                   
Veritas Software Corp.(1)                2,126         75,452                   
-------------------------------------------------------------                   
                                 2,901,650
-------------------------------------------------------------                   

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

COSMETICS / PERSONAL CARE - 0.80%                                               
-------------------------------------------------------------                   
Avon Products Inc.                       1,140   $     58,927                   
Colgate-Palmolive Co.                    2,336        130,769                   
Estee Lauder Companies Inc. "A"            400         12,480                   
Gillette Co.                             4,462        152,556                   
International Flavors & Fragrances                                              
Inc.                                   1,146         39,480                 
Kimberly-Clark Corp.                     2,211        138,409                   
Procter & Gamble Co.                     5,595        474,400                   
Tristar Corp.(1)                         2,119            233                   
-------------------------------------------------------------                   
                                 1,007,254
-------------------------------------------------------------                   

DISTRIBUTION / WHOLESALE - 0.16%                                                
-------------------------------------------------------------                   
Costco Wholesale Corp.(1)                2,462        101,582                   
Genuine Parts Co.                        1,077         39,343                   
Grainger (W.W.) Inc.                     1,074         63,656                   
-------------------------------------------------------------                   
                                   204,581
-------------------------------------------------------------                   

DIVERSIFIED FINANCIAL SERVICES - 2.84%                                          
-------------------------------------------------------------                   
Acacia Research Corp.(1)                 1,212         11,999                   
American Express Co.                     5,927        216,039                   
Bear Stearns Companies Inc.                784         43,191                   
Capital One Financial Corp.                941         46,363                   
Charter Municipal Mortgage                                                      
Acceptance Corp.                       1,823         28,876                 
Citigroup Inc.                          29,997      1,357,364                   
Countrywide Credit Industries Inc.       1,057         43,390                   
Digital Insight Corp.(1)                   497         11,694                   
Fannie Mae                               4,047        316,678                   
First Albany Companies Inc.                572          3,863                   
Forrester Research Inc.(1)                 600         11,682                   
Franklin Resources Inc.                  1,885         77,021                   
Freddie Mac                              3,446        219,648                   
Friedman Billings Ramsey Group                                                  
Inc. "A"(1)                              678          4,407                 
Household International Inc.             2,429        125,093                   
Lehman Brothers Holdings Inc.            1,383         78,139                   
MBNA Corp.                               4,370        151,552                   
Merrill Lynch & Co. Inc.                 4,541        217,741                   
MicroFinancial Inc.                      1,417          9,919                   
Morgan Stanley Dean Witter & Co.         6,099        299,583                   
NextCard Inc.(1)                           805             97                   
Providian Financial Corp.                1,066          4,147                   
Schwab (Charles) Corp.                   5,958         77,692                   
Seacoast Financial Services Corp.        2,204         41,788                   
Stilwell Financial Inc.                  1,596         36,405                   
T. Rowe Price Group Inc.                 1,273         50,678                   
USA Education Inc.                         772         71,603                   
-------------------------------------------------------------                   
                                 3,556,652
-------------------------------------------------------------                   

ELECTRIC - 0.95%                                                                
-------------------------------------------------------------                   
AES Corp.(1)                             2,644         13,643                   
Ameren Corp.                               827         33,692                   
American Electric Power Inc.             1,100         48,235                   
Calpine Corp.(1)                         1,148          8,438                   

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LIFEPATH 2010 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   
ELECTRIC (CONTINUED)                                                            
-------------------------------------------------------------                   
CH Energy Group Inc.                       600   $     27,672                   
Cinergy Corp.                            1,046         33,263                   
CMS Energy Corp.                         2,309         50,336                   
Constellation Energy Group Inc.            856         24,721                   
Dominion Resources Inc.                  1,000         58,280                   
DTE Energy Co.                             665         27,544                   
Duke Energy Corp.                        3,750        132,375                   
Edison International(1)                  1,200         18,960                   
Entergy Corp.                            1,115         46,027                   
Exelon Corp.                             1,581         77,912                   
FirstEnergy Corp.                        2,186         80,008                   
FPL Group Inc.                             700         37,177                   
Mirant Corp.(1)                          1,827         15,858                   
NiSource Inc.                            1,405         29,491                   
PG&E Corp.(1)                            1,400         29,694                   
Pinnacle West Capital Corp.              2,119         85,947                   
PPL Corp.                                1,009         32,903                   
Progress Energy Inc.                     1,129         50,511                   
Reliant Energy Inc.                      1,523         31,678                   
Southern Co.                             1,832         46,533                   
TXU Corp.                                1,000         50,870                   
Xcel Energy Inc.                         4,163         98,455                   
-------------------------------------------------------------                   
                                 1,190,223
-------------------------------------------------------------                   

ELECTRICAL COMPONENTS & EQUIPMENT - 0.15%                                       
-------------------------------------------------------------                   
American Power Conversion Corp.(1)       1,282         16,781                   
Emerson Electric Co.                     2,217        127,677                   
Energizer Holdings Inc.(1)                   1             22                   
Evercel Inc.(1)                            890          1,405                   
Molex Inc.                               1,344         39,782                   
-------------------------------------------------------------                   
                                   185,667
-------------------------------------------------------------                   

ELECTRONICS - 0.54%                                                             
-------------------------------------------------------------                   
Agilent Technologies Inc.(1)             2,574         80,180                   
Alpha Industries Inc.(1)                   466          7,181                   
Applera Corp. - Applied Biosystems                                              
Group                                  1,315         29,719                 
Astropower Inc.(1)                         497         17,325                   
Diodes Inc.(1)                             254          1,844                   
Energy Conversion Devices Inc.(1)          597         11,313                   
General Cable Corp.                        851         10,042                   
HI/FN Inc.(1)                            1,093         11,378                   
Hutchinson Technology Inc.(1)            1,636         34,765                   
II-VI Inc.(1)                              636          8,949                   
inTEST Corp.(1)                            339          1,458                   
Jabil Circuit Inc.(1)                    1,421         26,502                   
JNI Corp.(1)                               805          5,683                   
Johnson Controls Inc.                      794         70,475                   
Keithley Instruments Inc.                  339          6,566                   
Mackie Designs Inc.(1)                   1,017          4,221                   
Maxwell Technologies Inc.(1)               466          4,101                   
Merix Corp.(1)                             300          4,875                   
Millipore Corp.                            672         35,078                   
OYO Geospace Corp.(1)                      424          5,554                   

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

ELECTRONICS (CONTINUED)                                                         
-------------------------------------------------------------                   
Parker Hannifin Corp.                      809   $     40,304                   
Parlex Corp.(1)                            470          6,016                   
PCD Inc.(1)                                170            221                   
PerkinElmer Inc.                         1,096         25,208                   
Photon Dynamics Inc.(1)                    624         25,784                   
Sanmina-SCI Corp.(1)                     2,397         24,330                   
Signal Technology Corp.(1)               1,399          7,051                   
Solectron Corp.(1)                       4,151         34,329                   
Spectrum Control Inc.(1)                 1,144          5,949                   
Symbol Technologies Inc.                 1,163         10,037                   
Tektronix Inc.(1)                        1,132         27,066                   
Thermo Electron Corp.(1)                 2,023         41,168                   
Trimble Navigation Ltd.(1)                 678          8,814                   
UQM Technologies Inc.(1)                 1,483          5,932                   
Waters Corp.(1)                          1,027         32,094                   
Zoltek Companies Inc.(1)                 1,526          3,662                   
-------------------------------------------------------------                   
                                   675,174
-------------------------------------------------------------                   

ENERGY & RELATED - 0.02%                                                        
-------------------------------------------------------------                   
Headwaters Inc.(1)                       1,929         26,003                   
-------------------------------------------------------------                   
                                    26,003
-------------------------------------------------------------                   

ENGINEERING & CONSTRUCTION - 0.04%                                              
-------------------------------------------------------------                   
Fluor Corp.                              1,382         52,392                   
Washington Group Warrants (Expires                                              
03/11/03)(1)                              17              2                 
-------------------------------------------------------------                   
                                    52,394
-------------------------------------------------------------                   

ENTERTAINMENT - 0.08%                                                           
-------------------------------------------------------------                   
Churchill Downs Inc.                       751         31,872                   
Expedia Inc. "A"(1)                        327         18,279                   
International Game Technology                                                   
Inc.(1)                                  500         33,760                 
Steinway Musical Instruments                                                    
Inc.(1)                                1,063         21,207                 
-------------------------------------------------------------                   
                                   105,118
-------------------------------------------------------------                   

ENTERTAINMENT & LEISURE - 0.01%                                                 
-------------------------------------------------------------                   
Alliance Gaming Corp.(1)                   508         16,429                   
-------------------------------------------------------------                   
                                    16,429
-------------------------------------------------------------                   

ENVIRONMENTAL CONTROL - 0.07%                                                   
-------------------------------------------------------------                   
Allied Waste Industries Inc.(1)          1,483         19,353                   
Waste Management Inc.                    2,668         70,195                   
-------------------------------------------------------------                   
                                    89,548
-------------------------------------------------------------                   

FOOD - 0.84%                                                                    
-------------------------------------------------------------                   
Albertson's Inc.                         1,927         58,311                   
Archer-Daniels-Midland Co.               3,112         43,101                   
Campbell Soup Co.                        1,736         46,421                   
ConAgra Foods Inc.                       2,221         51,994                   
General Mills Inc.                       1,397         64,583                   
Heinz (H.J.) Co.                         1,200         48,924                   

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LIFEPATH 2010 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

FOOD (CONTINUED)                                                                
-------------------------------------------------------------                   
Hershey Foods Corp.                        699   $     49,384                   
J & J Snack Foods Corp.(1)                 805         29,793                   
Kellogg Co.                              1,539         53,172                   
Kroger Co.(1)                            3,265         72,320                   
M&F Worldwide Corp.(1)                   1,907          4,672                   
Nash Finch Co.                           1,526         43,674                   
P.F. Chang's China Bistro Inc.(1)          500         29,465                   
Safeway Inc.(1)                          2,623        112,737                   
Sanderson Farms Inc.                     1,907         48,800                   
Sara Lee Corp.                           2,623         54,873                   
SUPERVALU Inc.                           2,524         65,498                   
Sysco Corp.                              2,483         73,422                   
Winn-Dixie Stores Inc.                   2,691         45,074                   
Wrigley (William Jr.) Co.                1,084         60,747                   
-------------------------------------------------------------                   
                                 1,056,965
-------------------------------------------------------------                   

FOREST PRODUCTS & PAPER - 0.28%                                                 
-------------------------------------------------------------                   
Georgia-Pacific Corp.                    1,312         33,653                   
International Paper Co.                  2,360        103,250                   
MeadWestvaco Corp.                       2,210         76,775                   
Temple-Inland Inc.                         975         54,298                   
Weyerhaeuser Co.                         1,400         86,548                   
-------------------------------------------------------------                   
                                   354,524
-------------------------------------------------------------                   

GAS - 0.07%                                                                     
-------------------------------------------------------------                   
EnergySouth Inc.                         1,187         31,574                   
Sempra Energy                            1,459         32,565                   
Southwestern Energy Co.(1)               2,311         25,883                   
-------------------------------------------------------------                   
                                    90,022
-------------------------------------------------------------                   

HAND / MACHINE TOOLS - 0.12%                                                    
-------------------------------------------------------------                   
Black & Decker Corp.                       858         41,613                   
SPX Corp.(1)                               200         25,302                   
Stanley Works (The)                      1,756         88,555                   
-------------------------------------------------------------                   
                                   155,470
-------------------------------------------------------------                   

HEALTH CARE - 1.78%                                                             
-------------------------------------------------------------                   
Aetna Inc.                                 863         30,257                   
America Service Group Inc.(1)              678          3,390                   
Bard (C.R.) Inc.                           600         32,640                   
Bausch & Lomb Inc.                         773         29,359                   
Baxter International Inc.                2,641        146,523                   
Becton Dickinson & Co.                   1,797         65,932                   
Biomet Inc.                              1,503         45,932                   
Boston Scientific Corp.(1)               2,053         45,905                   
Cobalt Corp.(1)                          2,458         18,804                   
Cyberoptics Corp.(1)                       678          7,119                   
Guidant Corp.(1)                         1,456         60,424                   
HCA - The Healthcare Company             2,860        116,488                   
Healthsouth Corp.(1)                     2,463         29,334                   
Hycor Biomedical Inc.(1)                   763          4,082                   
Johnson & Johnson                       13,317        811,005                   
Medtronic Inc.                           5,426        241,674                   

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

HEALTH CARE (CONTINUED)                                                         
-------------------------------------------------------------                   
Oxford Health Plans Inc.(1)              1,178   $     42,820                   
PharmaNetics Inc.(1)                     1,060          7,950                   
Q-Med Inc.(1)                              424          4,232                   
SpectRx Inc.(1)                          1,187          6,184                   
St. Jude Medical Inc.(1)                   874         68,434                   
Stryker Corp.                            1,239         76,198                   
Tenet Healthcare Corp.(1)                1,851        106,895                   
Triad Hospitals Inc.(1)                  1,349         41,279                   
UnitedHealth Group Inc.                  1,605        116,346                   
Wellpoint Health Networks Inc.(1)          541         65,796                   
-------------------------------------------------------------                   
                                 2,225,002
-------------------------------------------------------------                   

HOME BUILDERS - 0.00%                                                           
-------------------------------------------------------------                   
Champion Enterprises Inc.(1)               627          5,536                   
-------------------------------------------------------------                   
                                     5,536
-------------------------------------------------------------                   

HOME FURNISHINGS - 0.10%                                                        
-------------------------------------------------------------                   
Cobra Electronics Corp.(1)               1,102          7,933                   
Leggett & Platt Inc.                     1,522         39,039                   
Maytag Corp.                               931         37,175                   
Whirlpool Corp.                            503         37,775                   
-------------------------------------------------------------                   
                                   121,922
-------------------------------------------------------------                   

HOUSEHOLD PRODUCTS / WARES - 0.14%                                              
-------------------------------------------------------------                   
Avery Dennison Corp.                       748         47,872                   
Clorox Co.                               1,043         45,673                   
Enesco Group Inc.(1)                     1,653         10,282                   
Fortune Brands Inc.                        632         28,756                   
Newell Rubbermaid Inc.                   1,352         42,088                   
-------------------------------------------------------------                   
                                   174,671
-------------------------------------------------------------                   

INSURANCE - 2.12%                                                               
-------------------------------------------------------------                   
AFLAC Inc.                               2,236         57,465                   
Allstate Corp.                           3,653        127,928                   
Ambac Financial Group Inc.                 500         31,025                   
American International Group Inc.       15,941      1,179,156                   
American Medical Security Group                                                 
Inc.(1)                                2,765         36,609                 
AON Corp.                                1,406         48,672                   
Chubb Corp.                              1,000         75,140                   
CIGNA Corp.                                824         73,913                   
Cincinnati Financial Corp.               1,193         47,971                   
Conseco Inc.(1)                            890          3,337                   
Hancock (John) Financial Services                                               
Inc.                                   2,100         80,661                 
Hartford Financial Services Group                                               
Inc.                                   1,397         93,599                 
Jefferson-Pilot Corp.                    1,092         55,222                   
Lincoln National Corp.                   1,043         53,412                   
Loews Corp.                              1,145         66,788                   
Marsh & McLennan Companies Inc.          1,318        139,115                   
MBIA Inc.                                  886         51,787                   
MetLife Inc.                             3,395        108,233                   

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LIFEPATH 2010 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

INSURANCE (CONTINUED)                                                           
-------------------------------------------------------------                   
MGIC Investment Corp.                      708   $     47,521                   
MIIX Group Inc. (The)                    2,314          7,289                   
Penn Treaty American Corp.(1)            1,102          5,797                   
PICO Holdings Inc.(1)                    1,017         12,885                   
ProAssurance Corp.(1)                      722         11,733                   
Progressive Corp.                          392         61,074                   
SAFECO Corp.                               890         30,215                   
St. Paul Companies Inc.                  1,308         63,961                   
Torchmark Corp.                          1,200         48,228                   
UNUMProvident Corp.                      1,422         40,271                   
-------------------------------------------------------------                   
                                 2,659,007
-------------------------------------------------------------                   

IRON / STEEL - 0.07%                                                            
-------------------------------------------------------------                   
Allegheny Technologies Inc.              3,191         49,812                   
Nucor Corp.                                681         38,477                   
Oregon Steel Mills Inc.(1)                 254          1,486                   
-------------------------------------------------------------                   
                                    89,775
-------------------------------------------------------------                   

LEISURE TIME - 0.16%                                                            
-------------------------------------------------------------                   
Carnival Corp. "A"                       2,995         81,734                   
Harley-Davidson Inc.                     1,372         70,329                   
Sabre Holdings Corp.(1)                    953         41,942                   
-------------------------------------------------------------                   
                                   194,005
-------------------------------------------------------------                   

LODGING - 0.14%                                                                 
-------------------------------------------------------------                   
Harrah's Entertainment Inc.(1)             500         20,220                   
Hilton Hotels Corp.                      3,094         39,789                   
Marriott International Inc. "A"          1,339         52,850                   
Starwood Hotels & Resorts Worldwide                                             
Inc.                                   1,800         64,800                 
-------------------------------------------------------------                   
                                   177,659
-------------------------------------------------------------                   

MACHINERY - 0.24%                                                               
-------------------------------------------------------------                   
Caterpillar Inc.                         1,709         94,867                   
Deere & Co.                              1,100         52,723                   
Dover Corp.                              1,338         52,945                   
Electroglas Inc.(1)                      2,063         31,811                   
Ingersoll-Rand Co. "A"                   1,000         50,000                   
Rockwell International Corp.               678         13,391                   
-------------------------------------------------------------                   
                                   295,737
-------------------------------------------------------------                   
MANUFACTURERS - 2.53%                                                           
-------------------------------------------------------------                   
Carlisle Companies Inc.                    600         22,500                   
Cooper Industries Inc.                     540         19,089                   
Danaher Corp.                              964         64,810                   
Eastman Kodak Co.                        1,509         47,534                   
Eaton Corp.                                656         52,965                   
FMC Corp.(1)                               600         22,650                   
General Electric Co.                    52,101      2,005,889                   
Honeywell International Inc.             4,228        161,171                   
Illinois Tool Works Inc.                 1,651        121,448                   
ITT Industries Inc.                      1,182         69,738                   

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

MANUFACTURERS (CONTINUED)                                                       
-------------------------------------------------------------                   
Minnesota Mining & Manufacturing                                                
Co.                                    1,672   $    197,179                 
Pall Corp.                               2,693         52,567                   
Textron Inc.                             1,000         47,530                   
Tyco International Ltd.                  9,781        284,627                   
-------------------------------------------------------------                   
                                 3,169,697
-------------------------------------------------------------                   

MEDIA - 1.68%                                                                   
-------------------------------------------------------------                   
AOL Time Warner Inc.(1)                 22,574        559,835                   
Cablevision Systems Corp.(1)               631         22,653                   
Clear Channel Communications                                                    
Inc.(1)                                3,235        150,816                 
Comcast Corp. "A"(1)                     4,978        168,605                   
Dow Jones & Co. Inc.                       633         35,328                   
Gannett Co. Inc.                         1,466        111,680                   
Gemstar-TV Guide International                                                  
Inc.(1)                                1,300         23,777                 
Gray Communications Systems Inc.         2,217         30,595                   
Knight Ridder Inc.                         694         46,776                   
LodgeNet Entertainment Corp.(1)            551          8,265                   
Lynch Interactive Corp.(1)                 227          9,307                   
McGraw-Hill Companies Inc.               1,112         73,170                   
New York Times Co. "A"                   1,042         45,744                   
Spanish Broadcasting System                                                     
Inc. "A"(1)                            1,399         17,404                 
Tribune Co.                              1,900         81,358                   
Univision Communications Inc.(1)         1,309         53,983                   
Viacom Inc. "B"(1)                       8,871        412,945                   
Walt Disney Co. (The)                   10,438        240,074                   
XM Satellite Radio Holdings                                                     
Inc. "A"(1)                            1,272         15,162                 
-------------------------------------------------------------                   
                                 2,107,477
-------------------------------------------------------------                   

MINING - 0.21%                                                                  
-------------------------------------------------------------                   
Alcoa Inc.                               4,540        170,568                   
Newmont Mining Corp.                     2,564         61,844                   
Phelps Dodge Corp.                         637         24,149                   
-------------------------------------------------------------                   
                                   256,561
-------------------------------------------------------------                   

OFFICE / BUSINESS EQUIPMENT - 0.09%                                             
-------------------------------------------------------------                   
Global Imaging Systems Inc.(1)           1,060         16,504                   
Pitney Bowes Inc.                        1,784         74,428                   
Xerox Corp.(1)                           2,603         25,275                   
-------------------------------------------------------------                   
                                   116,207
-------------------------------------------------------------                   

OIL & GAS PRODUCERS - 2.29%                                                     
-------------------------------------------------------------                   
Amerada Hess Corp.                         838         58,048                   
Anadarko Petroleum Corp.                 1,649         85,913                   
Apache Corp.                             1,184         62,456                   
Atwood Oceanics Inc.(1)                  2,400         95,880                   
Burlington Resources Inc.                1,513         56,859                   
ChevronTexaco Corp.                      4,605        388,846                   
Devon Energy Corp.                       1,199         52,372                   
EOG Resources Inc.                       1,200         42,228                   
Exxon Mobil Corp.                       34,648      1,430,962                   

42                                                                              

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LIFEPATH 2010 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

OIL & GAS PRODUCERS (CONTINUED)                                                 
-------------------------------------------------------------                   
Kerr-McGee Corp.                         1,070   $     59,160                   
Kinder Morgan Inc.                         700         28,700                   
Marathon Oil Corp.                       1,789         49,198                   
Nabors Industries Inc.(1)                1,327         47,069                   
Noble Drilling Corp.(1)                    981         34,561                   
Occidental Petroleum Corp.               1,813         48,661                   
Penn Virginia Corp.                      1,178         42,538                   
Phillips Petroleum Co.                   2,087        123,363                   
Rowan Companies Inc.(1)                    975         18,184                   
Sunoco Inc.                                900         34,668                   
Transocean Sedco Forex Inc.              1,675         46,917                   
Unocal Corp.                             1,564         56,195                   
-------------------------------------------------------------                   
                                 2,862,778
-------------------------------------------------------------                   

OIL & GAS SERVICES - 0.28%                                                      
-------------------------------------------------------------                   
Baker Hughes Inc.                        1,406         49,646                   
FMC Technologies Inc.(1)                   915         17,028                   
Halliburton Co.                          2,203         36,261                   
OSCA Inc.(1)                             2,460         68,388                   
Schlumberger Ltd.                        3,007        175,037                   
-------------------------------------------------------------                   
                                   346,360
-------------------------------------------------------------                   

PACKAGING & CONTAINERS - 0.06%                                                  
-------------------------------------------------------------                   
Astronics Corp.(1)                         127          1,193                   
Owens-Illinois Inc.(1)                   2,805         41,177                   
Sealed Air Corp.(1)                        768         34,545                   
-------------------------------------------------------------                   
                                    76,915
-------------------------------------------------------------                   

PHARMACEUTICALS - 3.67%                                                         
-------------------------------------------------------------                   
Abbott Laboratories                      6,773        383,013                   
Abgenix Inc.(1)                            766         13,826                   
Allergan Inc.                              722         46,814                   
American Home Products Corp.             5,885        373,992                   
Amylin Pharmaceuticals Inc.(1)           1,187         10,552                   
Aphton Corp.(1)                            127          1,453                   
Arqule Inc.(1)                           1,181         14,644                   
BioSphere Medical Inc.(1)                  721          5,408                   
Bristol-Myers Squibb Co.                 8,609        404,623                   
Cardinal Health Inc.                     2,229        147,315                   
Celgene Corp.(1)                           700         18,263                   
Cell Therapeutics Inc.(1)                  466         10,294                   
Columbia Laboratories Inc.(1)            1,356          5,153                   
Dendreon Corp.(1)                        1,144          3,718                   
Forest Laboratories Inc. "A"(1)            966         76,816                   
Geron Corp.(1)                           1,178          8,823                   
Gilead Sciences Inc.(1)                    600         42,276                   
Hemispherx Biopharma Inc.(1)               424          1,488                   
Herbalife International Inc. "A"         3,087         42,755                   
Isis Pharmaceuticals Inc.(1)             1,860         27,286                   
King Pharmaceuticals Inc.(1)             1,500         46,590                   
KV Pharmaceuticals Co.(1)                1,051         26,538                   
Lilly (Eli) and Co.                      4,896        370,774                   
Medarex Inc.(1)                            766         11,590                   
MedImmune Inc.(1)                        1,483         61,144                   

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

PHARMACEUTICALS (CONTINUED)                                                     
-------------------------------------------------------------                   
Merck & Co. Inc.                        10,861   $    666,105                   
MGI Pharma Inc.(1)                       1,778         27,737                   
Northfield Laboratories Inc.(1)            570          4,298                   
Penwest Pharmaceuticals Co.(1)           1,729         31,174                   
Pfizer Inc.                             28,821      1,180,508                   
Pharmacia Corporation                    5,829        239,280                   
Schering-Plough Corp.                    6,734        232,256                   
Sepracor Inc.(1)                           498         21,424                   
Vical Inc.(1)                            1,405         11,760                   
Watson Pharmaceuticals Inc.(1)             970         28,402                   
-------------------------------------------------------------                   
                                 4,598,092
-------------------------------------------------------------                   

PIPELINES - 0.15%                                                               
-------------------------------------------------------------                   
Dynegy Inc. "A"                          1,663         42,523                   
El Paso Corp.                            2,701        105,555                   
Williams Companies Inc.                  2,509         38,764                   
-------------------------------------------------------------                   
                                   186,842
-------------------------------------------------------------                   

REAL ESTATE INVESTMENT TRUSTS - 0.47%                                           
-------------------------------------------------------------                   
Alexandria Real Estate Equities                                                 
Inc.                                   2,690        111,232                 
Ameresco Capital Trust                   1,611          2,046                   
Capstead Mortgage Corp.                  1,240         21,142                   
Crown American Realty Trust              5,934         51,566                   
Koger Equity Inc.                        4,223         73,396                   
Konover Property Trust Inc.              4,366          7,815                   
Mid-America Apartment Communities,                                              
Inc.                                   3,599         92,314                 
Parkway Properties Inc.                  3,217        107,448                   
Senior Housing Properties Trust              1              8                   
Thornbury Mortgage Inc.                  1,695         33,561                   
Washington Real Estate Investment                                               
Trust                                  1,907         49,792                 
Winston Hotels Inc.                      3,730         33,757                   
-------------------------------------------------------------                   
                                   584,077
-------------------------------------------------------------                   

RETAIL - 3.25%                                                                  
-------------------------------------------------------------                   
Abercrombie & Fitch Co. "A"(1)             600         15,984                   
Amazon.com Inc.(1)                       1,387         19,557                   
AutoZone Inc.(1)                           780         51,761                   
Bed Bath & Beyond Inc.(1)                1,473         49,198                   
Best Buy Co. Inc.(1)                     1,090         73,466                   
Cato Corp. "A"                             890         17,818                   
CDW Computer Centers Inc.(1)               400         21,120                   
Charming Shoppes Inc.(1)                 2,416         18,217                   
Circuit City Stores Inc.                 1,021         18,255                   
CVS Corp.                                2,302         62,891                   
Darden Restaurants Inc.                  2,748        116,185                   
Deb Shops Inc.                             805         19,328                   
Dollar General Corp.                     1,603         23,644                   
Dollar Tree Stores Inc.(1)                 900         28,836                   
eBay Inc.(1)                               897         46,689                   
Family Dollar Stores Inc.                1,400         45,976                   
Federated Department Stores Inc.(1)      1,228         51,465                   
Finlay Enterprises Inc.(1)                 890          9,256                   

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LIFEPATH 2010 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

RETAIL (CONTINUED)                                                              
-------------------------------------------------------------                   
Footstar Inc.(1)                           639   $     17,764                   
Fred's Inc.                              1,792         56,072                   
Gap Inc. (The)                           3,424         40,985                   
Golden State Bancorp Inc.(1)               500            605                   
Guitar Center Inc.(1)                      932         15,238                   
Home Depot Inc.                         10,672        533,600                   
Kohls Corp.(1)                           1,733        117,272                   
Limited Inc.                             2,287         41,189                   
Lowe's Companies Inc.                    3,504        158,556                   
May Department Stores Co.                1,624         59,503                   
McDonald's Corp.                         6,169        161,011                   
Men's Wearhouse Inc. (The)(1)              800         19,648                   
Michaels Stores Inc.(1)                    700         20,860                   
Nordstrom Inc.                           1,043         26,555                   
Office Depot Inc.(1)                     2,075         39,446                   
Penney (J.C.) Company Inc.               1,213         23,702                   
RadioShack Corp.                         1,188         32,599                   
Sears, Roebuck and Co.                   1,712         90,017                   
Staples Inc.(1)                          2,433         47,857                   
Starbucks Corp.(1)                       1,811         41,671                   
Target Corp.                             4,175        174,933                   
Tiffany & Co.                            1,031         33,827                   
TJX Companies Inc.                       1,304         49,513                   
Toys R Us Inc.(1)                        1,170         20,838                   
Tricon Global Restaurants Inc.(1)          742         43,874                   
Tweeter Home Entertainment Group                                                
Inc.(1)                                  527          8,959                 
Walgreen Co.                             4,563        183,615                   
Wal-Mart Stores Inc.                    20,057      1,243,735                   
Wendy's International Inc.               2,646         82,052                   
-------------------------------------------------------------                   
                                 4,075,142
-------------------------------------------------------------                   

SEMICONDUCTORS - 1.76%                                                          
-------------------------------------------------------------                   
Advanced Micro Devices Inc.(1)           2,094         28,269                   
Altera Corp.(1)                          1,919         36,595                   
Analog Devices Inc.(1)                   1,710         63,629                   
Applied Materials Inc.(1)                3,892        169,185                   
Applied Micro Circuits Corp.(1)          1,587         12,204                   
Atmel Corp.(1)                           2,229         16,116                   
Broadcom Corp. "A"(1)                    1,605         49,193                   
Conexant Systems Inc.(1)                 1,453         14,879                   
Credence Systems Corp.(1)                  890         13,955                   
EMCORE Corp.(1)                             85            648                   
GlobeSpan Virata Inc.(1)                   883          9,898                   
Integrated Device Technology                                                    
Inc.(1)                                1,000         25,570                 
Intel Corp.                             30,459        869,604                   
KLA-Tencor Corp.(1)                      1,038         60,111                   
Linear Technology Corp.                  1,677         61,764                   
LSI Logic Corp.(1)                       2,169         32,513                   
Maxim Integrated Products Inc.(1)        1,692         77,426                   
Microchip Technology Inc.(1)               900         30,762                   
Micron Technology Inc.(1)                3,143        101,047                   
Mykrolis Corp.(1)                          455          4,821                   
National Semiconductor Corp.(1)          1,015         25,527                   
Novellus Systems Inc.(1)                 1,044         44,464                   

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

SEMICONDUCTORS (CONTINUED)                                                      
-------------------------------------------------------------                   
NVIDIA Corp.(1)                            770   $     39,278                   
Optical Communication Products                                                  
Inc.(1)                                1,314          2,497                 
QLogic Corp.(1)                            609         22,685                   
Rambus Inc.(1)                             339          2,322                   
Teradyne Inc.(1)                         1,027         34,415                   
Texas Instruments Inc.                   8,935        262,242                   
TriQuint Semiconductor Inc.(1)             600          5,430                   
Veeco Instruments Inc.(1)                  370          9,254                   
Vitesse Semiconductor Corp.(1)           1,114          7,820                   
White Electronic Designs Corp.(1)        1,102          6,998                   
Xilinx Inc.(1)                           1,644         59,052                   
-------------------------------------------------------------                   
                                 2,200,173
-------------------------------------------------------------                   

SOFTWARE - 2.43%                                                                
-------------------------------------------------------------                   
Adobe Systems Inc.                       1,490         54,206                   
Akamai Technologies Inc.(1)                212            659                   
Ansoft Corp.(1)                          1,148         16,302                   
Ariba Inc.(1)                              593          2,627                   
Automatic Data Processing Inc.           3,030        159,711                   
BEA Systems Inc.(1)                      2,197         27,924                   
BMC Software Inc.(1)                     1,908         30,623                   
BNS Co. "A"                                 76            175                   
BroadVision Inc.(1)                      1,653          3,157                   
Cadence Design Systems Inc.(1)           1,900         40,185                   
Certegy Inc.(1)                            487         18,092                   
Citrix Systems Inc.(1)                   1,283         19,463                   
Computer Associates International                                               
Inc.                                   3,044         49,556                 
Compuware Corp.(1)                       2,570         29,324                   
Electronic Arts Inc.(1)                    800         43,056                   
First Data Corp.                         1,830        149,182                   
Fiserv Inc.(1)                           1,021         43,638                   
i2 Technologies Inc.(1)                  1,422          7,750                   
IMS Health Inc.                          1,566         31,320                   
Inktomi Corp.(1)                           466          2,036                   
Inter-Tel Inc.                             890         14,685                   
Intuit Inc.(1)                           1,421         53,842                   
Mercury Interactive Corp.(1)               954         32,322                   
Micromuse Inc.(1)                          739          6,695                   
Microsoft Corp.(1)                      25,106      1,464,684                   
Network Associates Inc.(1)               1,100         26,092                   
Novell Inc.(1)                           1,969          8,053                   
Oracle Corp.(1)                         25,696        427,068                   
PeopleSoft Inc.(1)                       1,705         49,564                   
Per-Se Technologies Inc.(1)              1,424         16,162                   
Pinnacle Systems Inc.(1)                 1,321         10,542                   
Quality Systems Inc.(1)                    805         13,524                   
Rational Software Corp.(1)               1,456         27,023                   
Siebel Systems Inc.(1)                   2,536         70,399                   
SignalSoft Corp.(1)                        127            227                   
Stellent Inc.(1)                           454          6,805                   
Symantec Corp.(1)                          900         32,454                   
Yahoo! Inc.(1)                           3,273         47,328                   
-------------------------------------------------------------                   
                                 3,036,455
-------------------------------------------------------------                   

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LIFEPATH 2010 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

TELECOMMUNICATION EQUIPMENT - 0.41%                                             
-------------------------------------------------------------                   
ADC Telecommunications Inc.(1)           3,113   $     11,207                   
Avaya Inc.(1)                            1,902         10,176                   
CIENA Corp.(1)                           1,732         13,440                   
Comverse Technology Inc.(1)              1,419         22,207                   
JDS Uniphase Corp.(1)                    6,747         32,723                   
Lucent Technologies Inc.                15,274         85,382                   
Motorola Inc.                           10,518        136,734                   
NumereX Corp. "A"(1)                     1,356         11,933                   
Peco II Inc.(1)                            551          2,893                   
QUALCOMM Inc.(1)                         3,413        113,482                   
RF Micro Devices Inc.(1)                 1,251         19,566                   
Scientific-Atlanta Inc.                    894         19,999                   
Tellabs Inc.(1)                          2,000         20,520                   
Terayon Communication Systems                                                   
Inc.(1)                                  800          4,728                 
Tollgrade Communications Inc.(1)           300          6,435                   
Williams Communications Group                                                   
Inc.(1)                                1,488            193                 
-------------------------------------------------------------                   
                                   511,618
-------------------------------------------------------------                   

TELECOMMUNICATIONS - 0.92%                                                      
-------------------------------------------------------------                   
Aether Systems Inc.(1)                   1,136          4,771                   
AT&T Wireless Services Inc.(1)          13,504        136,255                   
Avocent Corp.(1)                           900         21,204                   
Aware Inc.(1)                              763          4,898                   
C-COR.net Corp.(1)                       1,187         16,915                   
Celeritek Inc.(1)                          851          7,616                   
Conestoga Enterprises Inc.                 539         16,881                   
Corning Inc.                             4,350         29,276                   
EchoStar Communications Corp.(1)         1,497         39,102                   
EMS Technologies Inc.(1)                   893         17,815                   
Emulex Corp.(1)                            554         17,983                   
Hungarian Telephone and Cable                                                   
Corp.(1)                                  42            210                 
InterDigital Communications                                                     
Corp.(1)                                 636          5,311                 
InterVoice-Brite Inc.(1)                 1,017          5,126                   
Intrado Inc.(1)                          2,924         41,667                   
LCC International Inc. "A"(1)               42            215                   
Lightpath Technologies Inc. "A"(1)         466            732                   
Metro One Telecommunications                                                    
Inc.(1)                                  327          7,308                 
MRV Communications Inc.(1)                 509          1,278                   
Nextel Communications Inc. "A"(1)        3,390         16,916                   
NTL Inc.(1)                              3,239            583                   
Qwest Communications International                                              
Inc.                                   7,565         65,816                 
Sprint Corp. (PCS Group)(1)              4,171         38,582                   
US LEC Corp. "A"(1)                      2,543         11,876                   
Verizon Communications Inc.             13,585        635,778                   
Western Wireless Corp. "A"(1)              400          3,252                   
-------------------------------------------------------------                   
                                 1,147,366
-------------------------------------------------------------                   

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

TELEPHONE - 1.22%                                                               
-------------------------------------------------------------                   
Alltel Corp.                             1,816   $    101,060                   
AT&T Corp.                              16,805        261,150                   
BellSouth Corp.                          9,298        360,390                   
CenturyTel Inc.                          1,145         38,014                   
SBC Communications Inc.                 16,031        606,613                   
Sprint Corp. (FON Group)                 3,993         56,261                   
WorldCom Inc.(1)                        14,551        109,424                   
-------------------------------------------------------------                   
                                 1,532,912
-------------------------------------------------------------                   

TEXTILES - 0.10%                                                                
-------------------------------------------------------------                   
Cintas Corp.                               970         42,961                   
G&K Services Inc. "A"                      805         28,578                   
UniFirst Corp.                           2,241         50,176                   
-------------------------------------------------------------                   
                                   121,715
-------------------------------------------------------------                   

TOBACCO - 0.47%                                                                 
-------------------------------------------------------------                   
Philip Morris Companies Inc.             9,509        500,744                   
UST Inc.                                 2,618         91,263                   
-------------------------------------------------------------                   
                                   592,007
-------------------------------------------------------------                   

TOYS / GAMES / HOBBIES - 0.06%                                                  
-------------------------------------------------------------                   
Hasbro Inc.                              2,956         42,300                   
Mattel Inc.                              1,954         37,028                   
-------------------------------------------------------------                   
                                    79,328
-------------------------------------------------------------                   

TRANSPORTATION - 0.34%                                                          
-------------------------------------------------------------                   
Burlington Northern Santa Fe Corp.       1,554         45,097                   
CSX Corp.                                1,404         52,987                   
FedEx Corp.(1)                           1,732        100,214                   
Kansas City Southern Industries                                                 
Inc.                                   1,835         26,314                 
Morgan Group Holding Co.(1)                227            229                   
Norfolk Southern Corp.                   2,159         51,363                   
Union Pacific Corp.                      1,297         78,689                   
United Parcel Service Inc.               1,000         58,940                   
USA Truck Inc.(1)                        1,356         17,357                   
-------------------------------------------------------------                   
                                   431,190
-------------------------------------------------------------                   

TRUCKING & LEASING - 0.02%                                                      
-------------------------------------------------------------                   
Interpool Inc.                           1,102         19,395                   
-------------------------------------------------------------                   
                                    19,395
-------------------------------------------------------------                   

WATER - 0.05%                                                                   
-------------------------------------------------------------                   
Middlesex Water Co.                      1,807         41,109                   
Southwest Water Co.                      1,779         24,817                   
-------------------------------------------------------------                   
                                    65,926
-------------------------------------------------------------                   

TOTAL U.S. COMMON STOCKS                                                        
(Cost: $57,428,908)                                56,050,513                   
-------------------------------------------------------------                   

                                                                              45

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LIFEPATH 2010 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

INTERNATIONAL COMMON STOCKS - 13.64%                                            

AUSTRALIA - 0.58%                                                               
-------------------------------------------------------------                   
Coles Myer Ltd. ADR                      2,154   $     77,975                   
National Australia Bank ADR              2,429        223,711                   
News Corporation Ltd. ADR                1,839         47,042                   
Rio Tinto PLC ADR                        2,034        162,618                   
Sons of Gwalia Ltd.                     20,416         70,603                   
Westpac Banking Corp. ADR                3,428        145,176                   
-------------------------------------------------------------                   
                                   727,125
-------------------------------------------------------------                   

CANADA - 0.21%                                                                  
-------------------------------------------------------------                   
Alcan Aluminum Ltd.                      1,921         77,877                   
Barrick Gold Corp.                       2,972         53,645                   
Genesis Microchip Inc.(1)                  580         13,624                   
Inco Ltd.(1)                             2,352         43,818                   
Nortel Networks Corp.                   15,143         76,775                   
-------------------------------------------------------------                   
                                   265,739
-------------------------------------------------------------                   

DENMARK - 0.53%                                                                 
-------------------------------------------------------------                   
Novo-Nordisk A/S ADR                    13,967        545,411                   
TDC A/S ADR                              6,983        109,633                   
-------------------------------------------------------------                   
                                   655,044
-------------------------------------------------------------                   

FINLAND - 0.38%                                                                 
-------------------------------------------------------------                   
Comptel OYJ                             25,972         63,354                   
Nokia OYJ ADR                            9,483        196,962                   
Outokumpu OYJ                            1,044         12,191                   
Rautaruukki OYJ                         14,863         57,854                   
Stora Enso OYJ - R Shares                  806         10,458                   
TietoEnator OYJ                            808         20,548                   
Uponor OYJ                               5,616        100,557                   
-------------------------------------------------------------                   
                                   461,924
-------------------------------------------------------------                   

FRANCE - 1.42%                                                                  
-------------------------------------------------------------                   
Alcatel SA ADR                           8,456        115,763                   
Aventis SA ADR                           5,088        377,275                   
AXA-UAP ADR                              9,535        175,825                   
BNP Paribas SA                             994         48,192                   
France Telecom SA ADR                    1,356         35,527                   
LVMH Moet-Hennessy Louis Vuitton                                                
ADR                                   10,695        100,105                 
Societe Generale "A"                       745         44,079                   
STMicroelectronics NV                    1,504         44,584                   
Total Fina SA ADR                       10,528        774,334                   
Total Fina SA Warrants (Expires                                                 
08/08/03)                                 81          2,147                 
Vivendi Universal SA ADR                 1,492         57,740                   
-------------------------------------------------------------                   
                                 1,775,571
-------------------------------------------------------------                   

GERMANY - 0.64%                                                                 
-------------------------------------------------------------                   
Bayer AG                                   314         10,009                   
DaimlerChrysler AG                       8,523        339,897                   

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

GERMANY (CONTINUED)                                                             
-------------------------------------------------------------                   
Deutsche Bank AG                           748   $     43,933                   
Deutsche Telekom AG ADR                  8,004        112,776                   
E.On AG                                  1,118         54,901                   
RWE AG                                   1,286         46,198                   
SAP AG ADR                               2,437         83,272                   
Siemens AG                               1,659         97,152                   
-------------------------------------------------------------                   
                                   788,138
-------------------------------------------------------------                   

HONG KONG - 0.21%                                                               
-------------------------------------------------------------                   
Bank of East Asia Ltd.                  25,200         47,982                   
Cheung Kong (Holdings) Ltd.              1,000          8,334                   
CLP Holdings Ltd.                        7,000         28,182                   
Hang Seng Bank Ltd.                        900          9,866                   
Hong Kong & China Gas Co. Ltd.          43,000         60,096                   
Hongkong Electric Holdings Ltd.          7,500         28,080                   
Sun Hung Kai Properties Ltd.             1,000          7,148                   
Swire Pacific Ltd. "A"                   7,500         40,773                   
Wharf Holdings Ltd.                     11,000         24,188                   
-------------------------------------------------------------                   
                                   254,649
-------------------------------------------------------------                   

IRELAND - 0.20%                                                                 
-------------------------------------------------------------                   
Allied Irish Banks PLC ADR              11,399        252,602                   
-------------------------------------------------------------                   
                                   252,602
-------------------------------------------------------------                   

ITALY - 0.43%                                                                   
-------------------------------------------------------------                   
Assicurazioni Generali SpA                 370          9,163                   
Autostrade SpA                           6,777         49,359                   
Benetton Group SpA ADR                   4,882        118,633                   
ENI-Ente Nazionale Idrocarburi SpA                                              
ADR                                    1,560        108,404                 
Fiat SpA ADR                             4,478         56,288                   
IntesaBci SpA                           14,435         33,588                   
San Paolo-IMI SpA ADR                    5,997        120,840                   
Seat-Pagine Gialle SpA(1)               41,059         31,112                   
-------------------------------------------------------------                   
                                   527,387
-------------------------------------------------------------                   

JAPAN - 2.66%                                                                   
-------------------------------------------------------------                   
Canon Inc. ADR                           3,272        113,342                   
Daiwa Securities Group Inc.             11,000         66,662                   
Fuji Photo Film Co. Ltd. ADR             2,462         78,587                   
Hitachi Ltd. ADR                         1,460         91,265                   
Honda Motor Company Ltd. ADR             6,620        131,804                   
Ito-Yokado Co. Ltd. ADR                  3,001        118,690                   
Japan Air Lines ADR                     19,081        101,129                   
Kirin Brewery Co. Ltd. ADR               2,412        154,416                   
Kubota Corp. ADR                         2,782        153,706                   
Kyocera Corp. ADR                        1,046         62,237                   
Makita Corp. ADR                         3,040         18,240                   
Matsushita Electric Industrial Co.                                              
Ltd. ADR                               7,599         91,644                 
Mitsubishi Corp. ADR                     8,741        121,063                   
Mitsui & Co. ADR                         1,172        128,920                   
Murata Manufacturing Co. Ltd.            1,000         62,171                   

46                                                                              

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LIFEPATH 2010 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

JAPAN (CONTINUED)                                                               
-------------------------------------------------------------                   
NEC Corp. ADR                           11,218   $     81,331                   
Nikko Cordial Corp.                     11,000         42,331                   
Nintendo Co. Ltd.                          300         44,252                   
Nippon Steel Corp.                      31,000         46,792                   
Nippon Telegraph & Telephone Corp.                                              
ADR                                    6,022         96,412                 
Nissan Motor Co. Ltd. ADR               10,428        133,791                   
Nomura Holdings Inc.                     6,000         68,597                   
NTT DoCoMo Inc.                              7         72,707                   
Pioneer Corp. ADR                        4,237         80,461                   
Ricoh Corp. Ltd. ADR                     1,292        113,696                   
Rohm Co. Ltd.                              600         86,755                   
Secom Co. Ltd.                           2,000         88,922                   
Seven-Eleven Japan Co. Ltd.              1,000         30,712                   
Shin-Etsu Chemical Co. Ltd.              1,300         49,348                   
Sony Corp. ADR                           1,998         92,308                   
Sumitomo Mitsui Banking Corp.            9,000         33,357                   
Takeda Chemical Industries Ltd.          1,000         40,575                   
Takefuji Corp.                             490         29,841                   
Tokio Marine and Fire Insurance Co.                                             
Ltd. ADR                               6,642        237,119                 
Tokyo Electric Power Co. Inc. (The)      2,800         52,935                   
Tokyo Electron Ltd.                      1,100         71,100                   
Toyota Motor Corp. ADR                   4,345        223,550                   
UFJ Holdings Inc.(1)                        11         23,344                   
-------------------------------------------------------------                   
                                 3,334,112
-------------------------------------------------------------                   

NETHERLANDS - 1.41%                                                             
-------------------------------------------------------------                   
Abn Amro Holding NV ADR                  9,233        162,224                   
Aegon NV ADR                             4,571         98,734                   
Akzo Nobel NV ADR                        2,640        117,295                   
Elsevier NV ADR                          8,240        210,120                   
ING Groep NV ADR                         3,618         86,000                   
Koninklijke Ahold NV ADR                 6,465        150,699                   
Koninklijke (Royal) Philips                                                     
Electronics NV - NY Shares(1)          4,729        122,765                 
Royal Dutch Petroleum Co.                2,340        120,738                   
Royal Dutch Petroleum Co. - NY                                                  
Shares                                 9,634        494,899                 
Unilever NV - CVA                        1,104         64,173                   
Unilever NV - NY Shares                  2,350        136,958                   
-------------------------------------------------------------                   
                                 1,764,605
-------------------------------------------------------------                   

NEW ZEALAND - 0.03%                                                             
-------------------------------------------------------------                   
Telecom Corp. of New Zealand Ltd.                                               
ADR                                    2,178         37,636                 
-------------------------------------------------------------                   
                                    37,636
-------------------------------------------------------------                   

PORTUGAL - 0.04%                                                                
-------------------------------------------------------------                   
Banco Comercial Portugues ADR            2,762         47,921                   
-------------------------------------------------------------                   
                                    47,921
-------------------------------------------------------------                   

SECURITY                               SHARES         VALUE                     
-------------------------------------------------------------                   

SINGAPORE - 0.12%                                                               
-------------------------------------------------------------                   
Chartered Semiconductor                                                         
Manufacturing Ltd. ADR(1)              1,089   $     24,481                 
Haw Par Corp. Ltd.                      48,000        108,481                   
United Overseas Bank Ltd.                2,000         15,176                   
-------------------------------------------------------------                   
                                   148,138
-------------------------------------------------------------                   

SPAIN - 0.40%                                                                   
-------------------------------------------------------------                   
Banco Bilbao Vizcaya Argentaria SA                                              
ADR                                    8,683        101,070                 
Banco Santander Central Hispano SA                                              
ADR                                   25,209        201,420                 
Repsol SA ADR                            5,256         64,333                   
Telefonica SA ADR                        3,801        133,360                   
-------------------------------------------------------------                   
                                   500,183
-------------------------------------------------------------                   

SWEDEN - 0.40%                                                                  
-------------------------------------------------------------                   
Hennes & Mauritz AB "B"                    505          8,759                   
Hoganas AB "B"                           5,606         94,828                   
Nordea AB                                2,015         10,495                   
Sapa AB                                  9,671        143,256                   
Securitas AB "B"                           559         11,192                   
SSAB Svenskt Stal AB "A"                 5,278         56,493                   
SSAB Svenskt Stal AB "B"                 5,413         54,576                   
Svenska Cellulosa AB "B"                   398         12,799                   
Telefonaktiebolaget LM Ericsson AB                                              
ADR(1)                                23,122         97,575                 
-------------------------------------------------------------                   
                                   489,973
-------------------------------------------------------------                   

SWITZERLAND - 0.84%                                                             
-------------------------------------------------------------                   
Adecco SA ADR                            6,256         93,214                   
Credit Suisse Group(1)                   2,871         99,215                   
Lonza AG                                   362        228,321                   
Nestle S.A.                                621        137,178                   
Novartis AG                              3,301        125,405                   
Roche Holding AG - Genusschein           1,101         77,356                   
Sulzer Medica ADR                        3,145         24,028                   
Swiss Re                                   724         65,098                   
UBS AG - Registered(1)                   3,059        141,517                   
Zurich Financial Services AG               414         80,036                   
-------------------------------------------------------------                   
                                 1,071,368
-------------------------------------------------------------                   

UNITED KINGDOM - 3.14%                                                          
-------------------------------------------------------------                   
AstraZeneca PLC ADR                      5,300        270,194                   
Barclays PLC ADR                         1,814        218,950                   
BHP Billiton PLC                        10,183         57,611                   
BP PLC                                  14,076        115,970                   
BP PLC ADR                               4,878        241,705                   
British Sky Broadcasting PLC ADR         1,435         87,549                   
British Telecom PLC ADR(1)               3,066        112,369                   
Cadbury Schweppes PLC ADR                6,075        165,544                   
CGNU PLC                                 8,561         86,880                   
Diageo PLC ADR                           8,530        411,914                   
GlaxoSmithKline PLC ADR                 13,626        666,993                   

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LIFEPATH 2010 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

     SHARES OR
SECURITY                             FACE AMOUNT      VALUE                     
---------------------------------------------------------------                 

UNITED KINGDOM (CONTINUED)                                                      
---------------------------------------------------------------                 
Hanson PLC ADR                             5,207   $    174,122                 
HBOS PLC                                  15,403        161,434                 
Hong Kong & Shanghai Banking ADR           1,585         88,855                 
HSBC Holdings PLC                         10,564        115,425                 
Lloyds TSB Group PLC                      12,355        118,829                 
Reuters Group PLC ADR                      1,502         66,178                 
Royal Bank of Scotland Group PLC           6,332        155,118                 
Shell Transport & Trading Co. PLC         10,821         75,302                 
Tesco PLC                                 31,060        110,707                 
Unilever PLC                              13,800        114,380                 
Vodafone Group PLC                        17,764         33,605                 
Vodafone Group PLC ADR                    14,928        283,632                 
---------------------------------------------------------------                 
                                     3,933,266
---------------------------------------------------------------                 

TOTAL INTERNATIONAL COMMON STOCKS                                               
(Cost: $19,649,195)                                  17,035,381                 
---------------------------------------------------------------                 

TOTAL COMMON STOCKS                                                             
(Cost: $77,078,103)                                  73,085,894                 
---------------------------------------------------------------                 

PREFERRED STOCKS - 0.00%                                                        

AUSTRALIA - 0.00%                                                               
---------------------------------------------------------------                 

News Corporation Ltd.                      1,578          8,299                 
---------------------------------------------------------------                 
                                         8,299
---------------------------------------------------------------                 

TOTAL PREFERRED STOCKS                                                          
(Cost: $10,226)                                           8,299                 
---------------------------------------------------------------                 

U.S. GOVERNMENT OBLIGATIONS - 39.99%                                            
---------------------------------------------------------------                 
U.S. Treasury Bonds                                                             
9.13%,   05/15/09                   $  200,000        224,664               
9.38%,   02/15/06                      350,000        417,908               
10.63%,  11/15/09                      300,000        351,820               
10.75%,  05/15/03                      400,000        439,563               
10.75%,  08/15/05                      900,000      1,099,898               
11.13%,  08/15/03                      200,000        224,195               
11.63%,  11/15/04                      350,000        422,748               
11.75%,  02/15/10                       50,000         61,125               
11.88%,  11/15/03                      590,000        678,546               
12.00%,  05/15/05                      450,000        562,078               
12.38%,  05/15/04                      600,000        716,742               
13.75%,  08/15/04                      280,000        348,436               
U.S. Treasury Notes                                                             
2.75%,   10/31/03                    3,550,000      3,549,585               
4.25%,   11/15/03                    1,350,000      1,382,538               
4.63%,   05/15/06                    2,600,000      2,654,844               
4.75%,   02/15/04                      550,000        568,412               
4.75%,   11/15/08                      720,000        724,528               
5.00%,   02/15/11                    1,200,000      1,209,047               
5.25%,   05/15/04                    1,900,000      1,984,461               
5.50%,   03/31/03                    1,100,000      1,138,070               

SECURITY                             FACE AMOUNT      VALUE                     
---------------------------------------------------------------                 
5.50%,  05/31/03                    $  500,000   $    519,082               
5.50%,  02/15/08                       600,000        631,125               
5.50%,  05/15/09                     1,230,000      1,288,521               
5.63%,  02/15/06                     1,650,000      1,748,485               
5.63%,  05/15/08                       550,000        581,281               
5.75%,  04/30/03                       550,000        571,571               
5.75%,  08/15/03                     1,300,000      1,358,348               
5.75%,  11/15/05                     2,400,000      2,551,406               
5.75%,  08/15/10                     1,100,000      1,166,602               
5.88%,  02/15/04                     1,450,000      1,529,013               
6.00%,  08/15/04                       900,000        957,129               
6.00%,  08/15/09                     1,220,000      1,313,597               
6.13%,  08/15/07                     1,550,000      1,677,209               
6.25%,  02/15/07                     2,690,000      2,922,959               
6.50%,  05/15/05                     1,000,000      1,084,805               
6.50%,  08/15/05                     1,100,000      1,195,993               
6.50%,  10/15/06                     1,450,000      1,587,298               
6.50%,  02/15/10                       560,000        621,206               
6.63%,  05/15/07                       710,000        784,079               
6.75%,  05/15/05                     1,300,000      1,418,980               
6.88%,  05/15/06                     1,600,000      1,771,062               
7.25%,  05/15/04                       900,000        977,765               
7.50%,  02/15/05                     1,150,000      1,276,186               
7.88%,  11/15/04                     1,600,000      1,780,125               
---------------------------------------------------------------                 

TOTAL U.S. GOVERNMENT OBLIGATIONS                                               
(Cost: $48,339,107)                                  50,073,035                 
---------------------------------------------------------------                 

SHORT TERM INSTRUMENTS - 12.05%                                                 
---------------------------------------------------------------                 
Barclays Global Investors Funds                                                 
Institutional Money Market Fund,                                            
Institutional Shares                 9,490,608      9,490,608               
Dreyfus Money Market Fund                410,345        410,345                 
General Electric Commercial Paper                                               
1.77%,  03/11/02                     2,500,000      2,500,000               
Goldman Sachs Financial Square                                                  
Prime Obligation Fund                  156,412        156,412               
Providian Temp Cash Money Market                                                
Fund                                 2,527,813      2,527,813               
---------------------------------------------------------------                 

TOTAL SHORT TERM INSTRUMENTS                                                    
(Cost: $15,085,178)                                  15,085,178                 
---------------------------------------------------------------                 

TOTAL INVESTMENTS IN SECURITIES - 110.41%                                       
(Cost $140,512,614)                                 138,252,406                 
---------------------------------------------------------------                 
Other Assets, Less Liabilities - (10.41%)           (13,039,427)                
---------------------------------------------------------------                 

NET ASSETS - 100.00%                               $125,212,979                 
===============================================================                 
(1) NON-INCOME EARNING SECURITIES.                                              

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

48                                                                              

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LIFEPATH 2020 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS                                                         
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  

COMMON STOCKS - 72.35%                                                          

U.S. COMMON STOCKS - 54.93%                                                     
ADVERTISING - 0.15%                                                             
--------------------------------------------------------------                  
Interpublic Group of Companies Inc.       6,282   $    170,870                  
Omnicom Group Inc.                        3,190        298,393                  
TMP Worldwide Inc.(1)                     2,055         57,376                  
--------------------------------------------------------------                  
                                     526,639
--------------------------------------------------------------                  

AEROSPACE / DEFENSE - 0.77%                                                     
--------------------------------------------------------------                  
Boeing Co.                               14,538        668,166                  
General Dynamics Corp.                    4,007        364,156                  
Goodrich (B.F.) Co.                       2,186         65,252                  
L-3 Communications Holdings Inc.(1)         400         43,940                  
Lockheed Martin Corp.                     7,983        450,321                  
Northrop Grumman Corp.                    2,060        220,502                  
Raytheon Co.                              5,580        215,890                  
Rockwell Collins                          3,173         73,772                  
United Technologies Corp.                 7,699        561,642                  
--------------------------------------------------------------                  
                                   2,663,641
--------------------------------------------------------------                  

AIRLINES - 0.17%                                                                
--------------------------------------------------------------                  
AMR Corp.(1)                              2,121         55,358                  
Delta Air Lines Inc.                      2,062         71,139                  
Northwest Airlines Corp. "A"(1)             985         15,701                  
Southwest Airlines Co.                   17,852        376,856                  
U.S. Airways Group Inc.(1)                1,120          5,958                  
UAL Corp.                                 4,215         54,036                  
--------------------------------------------------------------                  
                                     579,048
--------------------------------------------------------------                  

APPAREL - 0.16%                                                                 
--------------------------------------------------------------                  
Jones Apparel Group Inc.(1)               1,683         60,016                  
Liz Claiborne Inc.                        2,760         83,656                  
Nike Inc. "B"                             4,601        270,815                  
VF Corp.                                  2,881        121,146                  
--------------------------------------------------------------                  
                                     535,633
--------------------------------------------------------------                  

AUTO MANUFACTURERS - 0.32%                                                      
--------------------------------------------------------------                  
Ford Motor Company                       27,616        410,926                  
General Motors Corp. "A"                  9,073        480,688                  
Navistar International Corp.              1,394         59,273                  
PACCAR Inc.                               1,911        137,458                  
--------------------------------------------------------------                  
                                   1,088,345
--------------------------------------------------------------                  

AUTO PARTS & EQUIPMENT - 0.26%                                                  
--------------------------------------------------------------                  
BorgWarner Inc.                           3,700        222,555                  
Dana Corp.                                4,628         86,081                  
Delphi Automotive Systems Corp.           8,752        139,944                  
Goodyear Tire & Rubber Co.                3,498         96,195                  
IMPCO Technologies Inc.(1)                1,000         10,490                  
Lear Corp.(1)                             1,451         64,860                  
Standard Motor Products Inc.              4,502         61,047                  

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
AUTO PARTS & EQUIPMENT (CONTINUED)                                              
--------------------------------------------------------------                  
TRW Inc.                                  2,961   $    148,790                  
Visteon Corp.                             4,536         64,320                  
--------------------------------------------------------------                  
                                     894,282
--------------------------------------------------------------                  

BANKS - 4.21%                                                                   
--------------------------------------------------------------                  
ABC Bancorp                               3,527         46,274                  
AmericanWest Bancorporation(1)            3,082         36,524                  
AmSouth Bancorp                           5,893        124,637                  
Associated Bancorp                        2,183         80,029                  
Bank of America Corp.                    24,614      1,574,065                  
Bank of New York Co. Inc.                10,140        381,670                  
Bank One Corp.                           18,370        658,381                  
BB&T Corp.                                6,348        234,939                  
Bostonfed Bancorp Inc.                    2,230         53,520                  
Bryn Mawr Bank Corp.                      1,430         45,617                  
Capitol Bancorp Ltd.                      2,379         36,874                  
Cascade Bancorp                           4,349         74,585                  
Cavalry Bancorp Inc.                      2,447         30,955                  
CB Bancshares Inc.                          831         28,753                  
Charter One Financial Inc.                3,235         98,538                  
City National Corp.                       1,860         94,525                  
Civic Bancorp(1)                          1,855         37,731                  
CoBiz Inc.                                2,650         37,180                  
Columbia Bancorp                          3,379         60,653                  
Comerica Inc.                             2,511        150,283                  
Commerce Bancshares Inc.                  2,103         87,779                  
Compass Bancshares Inc.                   1,473         44,116                  
Connecticut Bankshares Inc.               5,262        141,548                  
Fifth Third Bancorp                       9,700        618,472                  
First Federal Bancshares of                                                     
Arkansas                                1,361         31,820                
First M&F Corp.                           1,361         29,942                  
First Oak Brook Bancshares "A"            1,630         46,944                  
First Place Financial Corp.               3,634         60,542                  
First Security Financial Inc.             4,199         81,880                  
First South Bancorp Inc.                  1,430         53,797                  
First Tennessee National Corp.            2,899        100,015                  
First Virginia Banks Inc.                 1,447         76,488                  
FirstMerit Corp.                          1,471         40,276                  
FleetBoston Financial Corp.              16,955        565,958                  
Fulton Financial Corp.                    2,500         58,250                  
GA Financial Inc.                         1,930         32,810                  
German American Bancorp                   1,861         29,869                  
Golden West Financial Corp.               1,939        123,611                  
Granite State Bankshares Inc.             1,355         32,574                  
Greenpoint Financial Corp.                1,025         45,100                  
Heritage Commerce Corp.(1)                   58            450                  
Heritage Financial Corp.                  5,580         69,025                  
Hibernia Corp. "A"                        2,313         42,559                  
Horizon Financial Corp.                  33,837        438,189                  
Huntington Bancshares Inc.                4,364         80,516                  
Interchange Financial Services                                                  
Corp.                                   1,973         43,505                
ITLA Capital Corp.(1)                     2,298         53,288                  
JP Morgan Chase & Co.                    30,890        903,533                  

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LIFEPATH 2020 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
BANKS (CONTINUED)                                                               
--------------------------------------------------------------                  
M&T Bank Corp.                            1,469   $    112,378                  
Main Street Bancorp Inc.                  3,153         50,889                  
Marshall & Ilsley Corp.                   1,884        114,905                  
Massbank Corp.                            1,224         50,796                  
Mellon Financial Corp.                    8,280        298,080                  
Mercantile Bankshares Corp.               1,544         67,643                  
Merchants Bancshares Inc.                 1,630         41,728                  
National City Corp.                       7,868        224,395                  
National Commerce Financial Corp.         2,895         76,283                  
North Fork Bancorp                        3,172        109,688                  
Northern Trust Corp.                      4,341        234,935                  
Oak Hill Financial Inc.                   1,361         25,791                  
Ohio Valley Bancorp                       1,155         27,558                  
Peoples Bancorp Inc.                      2,834         58,947                  
PNC Financial Services Group              1,714         94,167                  
Prosperity Bancshares Inc.                3,945        114,405                  
Regions Financial Corp.                   3,142        102,115                  
SouthTrust Corp.                          4,687        118,440                  
Sovereign Bancorp Inc.                    3,544         44,902                  
State Bancorp Inc.                        2,347         40,486                  
State Street Corp.                        4,513        228,809                  
Summit Bancshares Inc.                    1,292         25,194                  
Sun Bancorp Inc.                          1,561         26,381                  
SunTrust Banks Inc.                       4,078        256,058                  
Synovus Financial Corp.                   4,586        134,370                  
TCF Financial Corp.                       1,639         84,245                  
Trustmark Corp.                           4,831        117,973                  
U.S. Bancorp                             30,330        632,381                  
Union Planters Corp.                      3,211        149,504                  
Valley National Bancorp                   5,344        185,330                  
VIB Corp.(1)                              3,970         40,692                  
Vista Bancorp Inc.                        2,659         69,001                  
Wachovia Corp.                           21,486        713,980                  
Washington Mutual Inc.                   14,343        466,578                  
Wells Fargo & Company                    27,497      1,289,609                  
Wilmington Trust Corp.                    1,329         87,169                  
Yardville National Bancorp                3,162         39,588                  
Zions Bancorp                             2,525        133,446                  
--------------------------------------------------------------                  
                                  14,507,428
--------------------------------------------------------------                  

BEVERAGES - 1.32%                                                               
--------------------------------------------------------------                  
Anheuser-Busch Companies Inc.            12,701        645,846                  
Brown-Forman Corp. "B"                      858         58,301                  
Coca-Cola Co.                            45,565      2,159,325                  
Coca-Cola Enterprises Inc.                7,545        131,509                  
Coors (Adolf) Company "B"                   517         31,284                  
Pepsi Bottling Group Inc.                 3,400         84,490                  
PepsiAmericas Inc.                        3,257         44,686                  
PepsiCo Inc.                             27,291      1,378,195                  
--------------------------------------------------------------                  
                                   4,533,636
--------------------------------------------------------------                  

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  

BIOTECHNOLOGY - 0.78%                                                           
--------------------------------------------------------------                  
Amgen Inc.(1)                            18,322   $  1,062,310                  
Applera Corp. - Celera Genomics                                                 
Group(1)                                2,455         49,591                
Biogen Inc.(1)                            3,057        162,480                  
Cephalon, Inc.(1)                           400         23,320                  
Chiron Corp.(1)                           4,908        213,105                  
CuraGen Corp.(1)                          1,949         32,412                  
Gene Logic Inc.(1)                        2,492         40,296                  
Genentech Inc.(1)                         4,335        204,612                  
Genzyme Corp. - General Division(1)       3,071        136,291                  
Human Genome Sciences Inc.(1)             2,330         47,812                  
IDEC Pharmaceuticals Corp.(1)             3,041        191,036                  
Immunex Corp.(1)                         10,534        302,747                  
Immunomedics Inc.(1)                      1,487         24,699                  
Incyte Genomics Inc.(1)                   2,261         24,848                  
Millennium Pharmaceuticals Inc.(1)        6,143        115,366                  
Protein Design Labs Inc.(1)               2,362         37,485                  
ViroLogic Inc.(1)                         1,658          3,896                  
--------------------------------------------------------------                  
                                   2,672,306
--------------------------------------------------------------                  

BUILDING MATERIALS - 0.16%                                                      
--------------------------------------------------------------                  
American Standard Companies Inc.(1)       1,102         71,961                  
Masco Corp.                               6,673        187,311                  
Texas Industries Inc.                     6,000        230,100                  
Vulcan Materials Co.                      1,646         79,551                  
--------------------------------------------------------------                  
                                     568,923
--------------------------------------------------------------                  

CHEMICALS - 0.87%                                                               
--------------------------------------------------------------                  
Air Products & Chemicals Inc.             3,453        167,470                  
Ashland Inc.                              2,233         96,890                  
Cabot Corp.                               2,344         76,602                  
Cabot Microelectronics Corp.(1)           1,102         60,654                  
Crompton Corp.                            4,617         45,893                  
Dow Chemical Co.                         14,707        460,035                  
Du Pont (E.I.) de Nemours                16,567        775,998                  
Eastman Chemical Co.                      1,401         61,644                  
Engelhard Corp.                           2,696         77,564                  
Great Lakes Chemical Corp.                1,321         31,110                  
Hawkins Inc.                              3,733         31,730                  
Hercules Inc.(1)                          3,071         38,387                  
IMC Global Inc.                           4,036         53,679                  
Landec Corp.(1)                             572          2,088                  
Lubrizol Corp.                            3,206        105,477                  
Millennium Chemicals Inc.                 3,999         54,586                  
PPG Industries Inc.                       2,909        149,377                  
Praxair Inc.                              2,679        155,114                  
Rogers Corp.(1)                             500         15,500                  
Rohm & Haas Co. "A"                       3,636        139,659                  
Sherwin-Williams Co.                      3,180         84,016                  
Sigma-Aldrich Corp.                       2,609        118,944                  
Solutia Inc.                              2,516         17,109                  
Valspar Corp.                             3,215        142,360                  

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LIFEPATH 2020 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
CHEMICALS (CONTINUED)                                                           
--------------------------------------------------------------                  
Vertex Pharmaceuticals Inc.(1)            1,555   $     33,915                  
--------------------------------------------------------------                  
                                   2,995,801
--------------------------------------------------------------                  

COMMERCIAL SERVICES - 0.78%                                                     
--------------------------------------------------------------                  
Arbitron Inc.(1)                          1,534         47,247                  
Block (H & R) Inc.                        3,512        177,180                  
Caremark Rx Inc.(1)                       3,127         54,566                  
Cendant Corp.(1)                         15,572        271,109                  
Concord EFS Inc.(1)                       8,966        269,249                  
Convergys Corp.(1)                        3,684        112,325                  
CorVel Corp.(1)                           1,282         36,986                  
Deluxe Corp.                              3,402        161,255                  
Donnelley (R.R.) & Sons Co.               2,943         84,199                  
Dun & Bradstreet Corp.(1)                 1,994         78,165                  
Ecolab Inc.                               2,023         94,737                  
Equifax Inc.                              3,221         96,630                  
First Health Group Corp.(1)               2,180         50,096                  
Landauer Inc.                             3,804        141,509                  
Manpower Inc.                             2,076         69,608                  
McKesson Corp.                            5,426        191,266                  
Moody's Corp.                             3,399        125,763                  
MPS Group Inc.(1)                         3,118         20,548                  
Paychex Inc.                              6,907        255,214                  
Plexus Corp.(1)                           1,949         41,923                  
Quintiles Transnational Corp.(1)          2,427         40,312                  
Robert Half International Inc.(1)         3,199         83,206                  
Scient Inc.(1)                            1,944            311                  
Servicemaster Co.                         4,819         65,394                  
Valassis Communications Inc.(1)           1,615         62,113                  
Viad Corp.                                1,836         45,716                  
--------------------------------------------------------------                  
                                   2,676,627
--------------------------------------------------------------                  

COMPUTERS - 2.81%                                                               
--------------------------------------------------------------                  
Affiliated Computer Services                                                    
Inc. "A"(1)                             1,200         58,692                
Apple Computer Inc.(1)                    6,808        147,734                  
Brocade Communications Systems                                                  
Inc.(1)                                 3,798         83,442                
Ceridian Corp.(1)                         2,168         40,325                  
Cisco Systems Inc.(1)                   116,478      1,662,141                  
Commerce One Inc.(1)                      1,973          3,315                  
Compaq Computer Corp.                    26,389        267,584                  
Computer Sciences Corp.(1)                3,200        152,032                  
Dell Computer Corp.(1)                   44,087      1,088,508                  
Diebold Inc.                              3,998        145,927                  
Drexler Technology Corp.(1)                 800         15,872                  
DST Systems Inc.(1)                       2,011         83,839                  
Echelon Corp.(1)                            949         15,089                  
Electronic Data Systems Corp.             7,144        421,710                  
EMC Corp.(1)                             39,415        429,623                  
Enterasys Networks Inc.(1)                3,144         11,161                  
Entrust Inc.(1)                           1,224          5,900                  
Extreme Networks Inc.(1)                  1,855         11,668                  
Gateway Inc.(1)                           4,794         22,052                  

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
COMPUTERS (CONTINUED)                                                           
--------------------------------------------------------------                  
Hewlett-Packard Co.                      33,663   $    677,300                  
International Business Machines                                                 
Corp.                                  27,400      2,688,488                
Internet Security Systems Inc.(1)           681         16,147                  
Intraware Inc.(1)                         1,087          1,859                  
Juniper Networks Inc.(1)                  3,827         35,668                  
Lexmark International Group                                                     
Inc. "A"(1)                             3,096        153,902                
McDATA Corp. "A"(1)                       1,765         27,816                  
NCR Corp.(1)                              3,307        138,233                  
Network Appliance Inc.(1)                 5,886         94,117                  
Palm Inc.(1)                             10,885         32,873                  
Quantum DLT & Storage Group(1)            4,047         36,018                  
Redback Networks Inc.(1)                  1,155          3,569                  
Riverstone Networks Inc.(1)               1,613          6,162                  
RSA Security Inc.(1)                      1,619         15,413                  
SanDisk Corp.(1)                            681         10,018                  
Sapient Corp.(1)                          2,447         10,742                  
Sun Microsystems Inc.(1)                 53,279        453,404                  
SunGard Data Systems Inc.(1)              3,956        122,122                  
Synopsys Inc.(1)                          2,181        102,725                  
3Com Corp.(1)                             4,489         21,546                  
Unisys Corp.(1)                           4,983         55,311                  
VeriSign Inc.(1)                          3,223         76,482                  
Veritas Software Corp.(1)                 6,805        241,509                  
--------------------------------------------------------------                  
                                   9,688,038
--------------------------------------------------------------                  

COSMETICS / PERSONAL CARE - 1.02%                                               
--------------------------------------------------------------                  
Avon Products Inc.                        3,614        186,808                  
Colgate-Palmolive Co.                     7,946        444,817                  
Estee Lauder Companies Inc. "A"           1,425         44,460                  
Gillette Co.                             16,760        573,024                  
International Flavors & Fragrances                                              
Inc.                                    1,698         58,496                
Kimberly-Clark Corp.                      7,548        472,505                  
Procter & Gamble Co.                     20,273      1,718,948                  
--------------------------------------------------------------                  
                                   3,499,058
--------------------------------------------------------------                  

DISTRIBUTION / WHOLESALE - 0.23%                                                
--------------------------------------------------------------                  
Costco Wholesale Corp.(1)                 8,764        361,603                  
Fastenal Co.                                981         73,320                  
Genuine Parts Co.                         2,881        105,243                  
Grainger (W.W.) Inc.                      3,071        182,018                  
Tech Data Corp.(1)                        1,859         85,142                  
--------------------------------------------------------------                  
                                     807,326
--------------------------------------------------------------                  

DIVERSIFIED FINANCIAL SERVICES - 3.44%                                          
--------------------------------------------------------------                  
American Express Co.                     20,795        757,978                  
Atalanta Sosnoff Capital Corp.            2,001         20,010                  
Bear Stearns Companies Inc.               1,858        102,357                  
Capital One Financial Corp.               3,096        152,540                  
Citigroup Inc.                           90,705      4,104,401                  
Countrywide Credit Industries Inc.        1,737         71,304                  

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LIFEPATH 2020 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
DIVERSIFIED FINANCIAL SERVICES (CONTINUED)                                      
--------------------------------------------------------------                  
E*TRADE Group Inc.(1)                     2,779   $     22,510                  
Edwards (A.G.) Inc.                       2,474        101,063                  
Fannie Mae                               15,369      1,202,624                  
Federated Investors Inc. "B"              4,141        130,773                  
Franklin Resources Inc.                   4,944        202,012                  
Freddie Mac                              10,971        699,292                  
Goldman Sachs Group Inc. (The)            5,390        436,267                  
Household International Inc.              7,733        398,249                  
Knight Trading Group Inc.(1)              1,767         14,065                  
Legg Mason Inc.                           2,033        106,570                  
Lehman Brothers Holdings Inc.             3,922        221,593                  
MBNA Corp.                               14,272        494,953                  
Merrill Lynch & Co. Inc.                 13,586        651,449                  
Metris Companies Inc.                     1,101         17,924                  
Morgan Stanley Dean Witter & Co.         19,045        935,490                  
Providian Financial Corp.                 4,243         16,505                  
Sanders Morris Harris Group Inc.(1)       4,359         23,539                  
Schwab (Charles) Corp.                   22,365        291,640                  
Stifel Financial Corp.                    4,416         52,197                  
Stilwell Financial Inc.                   4,059         92,586                  
T. Rowe Price Group Inc.                  2,650        105,496                  
USA Education Inc.                        2,447        226,959                  
Wackenhut Corp. "A"(1)                    5,215        171,261                  
World Acceptance Corp.(1)                 3,373         23,274                  
--------------------------------------------------------------                  
                                  11,846,881
--------------------------------------------------------------                  

ELECTRIC - 1.30%                                                                
--------------------------------------------------------------                  
AES Corp.(1)                              8,670         44,737                  
Ameren Corp.                              4,163        169,597                  
American Electric Power Inc.              5,863        257,093                  
Calpine Corp.(1)                          4,588         33,722                  
Cinergy Corp.                             3,545        112,731                  
CMS Energy Corp.                          1,837         40,047                  
Consolidated Edison Inc.                  6,173        251,858                  
Constellation Energy Group Inc.           2,397         69,225                  
Dominion Resources Inc.                   3,983        232,129                  
DQE Inc.                                  3,600         73,800                  
DTE Energy Co.                            3,998        165,597                  
Duke Energy Corp.                        13,351        471,290                  
Edison International(1)                   6,110         96,538                  
Entergy Corp.                             4,662        192,447                  
Exelon Corp.                              5,910        291,245                  
FirstEnergy Corp.                         6,156        225,310                  
FPL Group Inc.                            3,241        172,130                  
Mirant Corp.(1)                          10,204         88,571                  
NiSource Inc.                             3,149         66,098                  
PG&E Corp.(1)                             6,297        133,559                  
Pinnacle West Capital Corp.               2,058         83,472                  
PPL Corp.                                 2,557         83,384                  
Progress Energy Inc.                      4,770        213,410                  
Public Service Enterprise Group                                                 
Inc.                                    3,558        150,041                
Reliant Energy Inc.                       4,513         93,870                  
Southern Co.                             10,521        267,233                  
TXU Corp.                                 4,604        234,205                  

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
ELECTRIC (CONTINUED)                                                            
--------------------------------------------------------------                  
Unitil Corp.                              2,035   $     52,299                  
Xcel Energy Inc.                          5,234        123,784                  
--------------------------------------------------------------                  
                                   4,489,422
--------------------------------------------------------------                  

ELECTRICAL COMPONENTS & EQUIPMENT - 0.16%                                       
--------------------------------------------------------------                  
American Power Conversion Corp.(1)        4,405         57,661                  
Emerson Electric Co.                      6,120        352,451                  
Evercel Inc.(1)                              58             92                  
Molex Inc.                                4,412        130,595                  
Power-One Inc.(1)                         1,430         10,053                  
--------------------------------------------------------------                  
                                     550,852
--------------------------------------------------------------                  

ELECTRONICS - 0.44%                                                             
--------------------------------------------------------------                  
Agilent Technologies Inc.(1)              8,597        267,797                  
Applera Corp. - Applied Biosystems                                              
Group                                   3,239         73,201                
Arrow Electronics Inc.(1)                 1,893         50,732                  
Badger Meter Inc.                         1,915         48,373                  
Jabil Circuit Inc.(1)                     4,030         75,159                  
Johnson Controls Inc.                     2,504        222,255                  
Millipore Corp.                           1,623         84,721                  
Parker Hannifin Corp.                     2,423        120,714                  
PerkinElmer Inc.                          2,415         55,545                  
Sanmina-SCI Corp.(1)                      9,543         96,861                  
Solectron Corp.(1)                       12,777        105,666                  
Symbol Technologies Inc.                  4,272         36,867                  
Tektronix Inc.(1)                         2,909         69,554                  
Thermo Electron Corp.(1)                  3,496         71,144                  
Vishay Intertechnology Inc.(1)            2,514         44,523                  
Waters Corp.(1)                           2,438         76,187                  
--------------------------------------------------------------                  
                                   1,499,299
--------------------------------------------------------------                  

ENGINEERING & CONSTRUCTION - 0.02%                                              
--------------------------------------------------------------                  
Fluor Corp.                               1,858         70,437                  
UNIFAB International Inc.(1)              2,916            671                  
Washington Group Warrants (Expires                                              
03/11/03)(1)                               27              4                
--------------------------------------------------------------                  
                                      71,112
--------------------------------------------------------------                  

ENTERTAINMENT - 0.05%                                                           
--------------------------------------------------------------                  
International Game Technology                                                   
Inc.(1)                                 2,154        145,438                
International Speedway Corp. "A"            900         39,546                  
--------------------------------------------------------------                  
                                     184,984
--------------------------------------------------------------                  

ENVIRONMENTAL CONTROL - 0.09%                                                   
--------------------------------------------------------------                  
Allied Waste Industries Inc.(1)           4,097         53,466                  
Waste Management Inc.                     9,681        254,707                  
--------------------------------------------------------------                  
                                     308,173
--------------------------------------------------------------                  

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LIFEPATH 2020 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  

FOOD - 1.06%                                                                    
--------------------------------------------------------------                  
Albertson's Inc.                          6,979   $    211,185                  
Archer-Daniels-Midland Co.               11,294        156,422                  
Campbell Soup Co.                         7,193        192,341                  
ConAgra Foods Inc.                        9,102        213,078                  
Flowers Foods Inc.(1)                     1,783         44,147                  
General Mills Inc.                        4,856        224,493                  
Heinz (H.J.) Co.                          5,288        215,592                  
Hershey Foods Corp.                       2,126        150,202                  
Hormel Foods Corp.                        2,904         79,482                  
Kellogg Co.                               7,232        249,866                  
Kroger Co.(1)                            13,245        293,377                  
McCormick & Co. Inc.                      2,508        122,892                  
Safeway Inc.(1)                           8,615        370,273                  
Sara Lee Corp.                           13,365        279,596                  
SUPERVALU Inc.                            3,633         94,276                  
Sysco Corp.                              11,002        325,329                  
Tyson Foods Inc. "A"                      2,009         26,097                  
Whole Foods Market Inc.(1)                2,099         93,301                  
Winn-Dixie Stores Inc.                    3,564         59,697                  
Wrigley (William Jr.) Co.                 4,312        241,644                  
--------------------------------------------------------------                  
                                   3,643,290
--------------------------------------------------------------                  

FOREST PRODUCTS & PAPER - 0.35%                                                 
--------------------------------------------------------------                  
Boise Cascade Corp.                       5,300        190,535                  
Bowater Inc.                              2,527        130,267                  
Georgia-Pacific Corp.                     3,534         90,647                  
International Paper Co.                   7,029        307,519                  
MeadWestvaco Corp.                        4,435        154,072                  
Plum Creek Timber Co. Inc.                2,285         70,721                  
Temple-Inland Inc.                          864         48,116                  
Weyerhaeuser Co.                          3,427        211,857                  
--------------------------------------------------------------                  
                                   1,203,734
--------------------------------------------------------------                  
GAS - 0.04%                                                                     
--------------------------------------------------------------                  
EnergySouth Inc.                          1,698         45,167                  
Sempra Energy                             3,495         78,008                  
--------------------------------------------------------------                  
                                     123,175
--------------------------------------------------------------                  
HAND / MACHINE TOOLS - 0.07%                                                    
--------------------------------------------------------------                  
Black & Decker Corp.                      1,214         58,879                  
SPX Corp.(1)                                844        106,774                  
Stanley Works (The)                       1,649         83,159                  
--------------------------------------------------------------                  
                                     248,812
--------------------------------------------------------------                  

HEALTH CARE - 2.30%                                                             
--------------------------------------------------------------                  
Aetna Inc.                                1,846         64,721                  
American Retirement Corp.(1)              2,116          2,539                  
Apogent Technologies Inc.(1)              3,790         90,998                  
Bard (C.R.) Inc.                          1,274         69,306                  
Bausch & Lomb Inc.                        1,355         51,463                  
Baxter International Inc.                 9,784        542,816                  
Beckman Coulter Inc.                      2,467        117,602                  

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
HEALTH CARE (CONTINUED)                                                         
--------------------------------------------------------------                  
Becton Dickinson & Co.                    4,672   $    171,416                  
Biomet Inc.                               4,953        151,364                  
Boston Scientific Corp.(1)                6,273        140,264                  
Cyber-Care Inc.(1)                        1,601            704                  
Endocardial Solutions Inc.(1)               572          3,832                  
Enzon Inc.(1)                             1,624         71,294                  
Guidant Corp.(1)                          5,688        236,052                  
HCA - The Healthcare Company              9,499        386,894                  
Health Management Associates Inc.                                               
"A"(1)                                  3,470         61,246                
Health Net Inc.(1)                        2,517         61,012                  
Healthsouth Corp.(1)                      6,290         74,914                  
Healthtronics Inc.(1)                        58            498                  
Humana Inc.(1)                            3,390         44,409                  
Johnson & Johnson                        48,653      2,962,968                  
LCA-Vision Inc.(1)                       10,281         14,522                  
Manor Care Inc.(1)                        2,813         52,744                  
Medtronic Inc.                           20,507        913,382                  
Oxford Health Plans Inc.(1)               2,198         79,897                  
Quest Diagnostics Inc.(1)                 1,456        103,245                  
St. Jude Medical Inc.(1)                  1,778        139,217                  
Stryker Corp.                             3,953        243,109                  
Tenet Healthcare Corp.(1)                 5,427        313,409                  
UnitedHealth Group Inc.                   5,255        380,935                  
Universal Health Services                                                       
Inc. "B"(1)                             1,425         54,848                
Viasys Healthcare Inc.(1)                   481         10,568                  
Wellpoint Health Networks Inc.(1)         1,127        137,066                  
Zimmer Holdings Inc.(1)                   4,422        158,131                  
--------------------------------------------------------------                  
                                   7,907,385
--------------------------------------------------------------                  

HOLDING COMPANIES-DIVERSIFIED - 0.28%                                           
--------------------------------------------------------------                  
Berkshire Hathaway Inc. "A"(1)               13        949,000                  
--------------------------------------------------------------                  
                                     949,000
--------------------------------------------------------------                  

HOME BUILDERS - 0.10%                                                           
--------------------------------------------------------------                  
Clayton Homes Inc.                        5,250         79,800                  
Pulte Corp.                               5,282        274,347                  
--------------------------------------------------------------                  
                                     354,147
--------------------------------------------------------------                  

HOME FURNISHINGS - 0.12%                                                        
--------------------------------------------------------------                  
Ethan Allen Interiors Inc.                1,630         66,064                  
Leggett & Platt Inc.                      4,650        119,272                  
Maytag Corp.                              2,009         80,219                  
Polycom Inc.(1)                           2,161         52,599                  
Whirlpool Corp.                           1,089         81,784                  
--------------------------------------------------------------                  
                                     399,938
--------------------------------------------------------------                  

HOUSEHOLD PRODUCTS / WARES - 0.17%                                              
--------------------------------------------------------------                  
Avery Dennison Corp.                      2,082        133,248                  
Clorox Co.                                3,947        172,839                  
Fortune Brands Inc.                       2,106         95,823                  

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LIFEPATH 2020 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
HOUSEHOLD PRODUCTS / WARES (CONTINUED)                                          
--------------------------------------------------------------                  
Newell Rubbermaid Inc.                    4,598   $    143,136                  
Tupperware Corp.                          2,725         54,990                  
--------------------------------------------------------------                  
                                     600,036
--------------------------------------------------------------                  
INSURANCE - 2.43%                                                               
--------------------------------------------------------------                  
ACE Ltd.                                    100          4,390                  
AFLAC Inc.                                7,732        198,712                  
Allmerica Financial Corp.                   877         38,132                  
Allstate Corp.                           10,931        382,804                  
Ambac Financial Group Inc.                1,646        102,134                  
American International Group Inc.        46,925      3,471,042                  
American National Insurance Co.             949         84,660                  
AON Corp.                                 4,370        151,316                  
Ceres Group Inc.(1)                       2,916         10,906                  
Chubb Corp.                               2,360        177,330                  
CIGNA Corp.                               2,400        215,280                  
Cincinnati Financial Corp.                4,379        176,080                  
CNA Financial Corp.(1)                    2,084         60,457                  
Conseco Inc.(1)                           5,852         21,945                  
Hancock (John) Financial Services                                               
Inc.                                    4,716        181,142                
Hartford Financial Services Group                                               
Inc.                                    4,230        283,410                
Jefferson-Pilot Corp.                     2,857        144,478                  
Lincoln National Corp.                    3,360        172,066                  
Loews Corp.                               3,030        176,740                  
Marsh & McLennan Companies Inc.           4,662        492,074                  
MBIA Inc.                                 2,146        125,434                  
MetLife Inc.                             11,256        358,841                  
MGIC Investment Corp.                     1,736        116,520                  
Old Republic International Corp.          1,992         63,664                  
PMI Group Inc. (The)                      1,393         98,694                  
Progressive Corp.                         1,312        204,410                  
Protective Life Corp.                     1,219         37,862                  
Radian Group Inc.                           991         46,250                  
SAFECO Corp.                              2,960        100,492                  
St. Paul Companies Inc.                   3,829        187,238                  
Stewart Information Services                                                    
Corp.(1)                                2,567         43,639                
Torchmark Corp.                           2,010         80,782                  
Unitrin Inc.                              1,388         54,798                  
UNUMProvident Corp.                       3,736        105,804                  
XL Capital Ltd. "A"                       2,000        190,520                  
--------------------------------------------------------------                  
                                   8,360,046
--------------------------------------------------------------                  
IRON / STEEL - 0.08%                                                            
--------------------------------------------------------------                  
Allegheny Technologies Inc.               3,299         51,497                  
Nucor Corp.                               1,453         82,094                  
United States Steel Corp.                 7,493        132,776                  
--------------------------------------------------------------                  
                                     266,367
--------------------------------------------------------------                  

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  

LEISURE TIME - 0.22%                                                            
--------------------------------------------------------------                  
Callaway Golf Co.                         2,525   $     46,990                  
Carnival Corp. "A"                        9,470        258,436                  
Harley-Davidson Inc.                      5,395        276,548                  
Royal Caribbean Cruises Ltd.              2,173         40,157                  
Sabre Holdings Corp.(1)                   2,877        126,617                  
--------------------------------------------------------------                  
                                     748,748
--------------------------------------------------------------                  

LODGING - 0.21%                                                                 
--------------------------------------------------------------                  
Harrah's Entertainment Inc.(1)            1,928         77,968                  
Hilton Hotels Corp.                       7,529         96,823                  
Mandalay Resort Group Inc.(1)             5,936        173,925                  
Marriott International Inc. "A"           4,573        180,496                  
Park Place Entertainment Corp.(1)         3,694         36,090                  
Starwood Hotels & Resorts Worldwide                                             
Inc.                                    3,965        142,740                
--------------------------------------------------------------                  
                                     708,042
--------------------------------------------------------------                  

MACHINERY - 0.26%                                                               
--------------------------------------------------------------                  
AGCO Corp.(1)                             1,591         35,734                  
Caterpillar Inc.                          5,062        280,992                  
Deere & Co.                               3,513        168,378                  
Dover Corp.                               4,177        165,284                  
Hardinge Inc.                             1,904         19,611                  
Ingersoll-Rand Co. "A"                    2,997        149,850                  
Kadant Inc.(1)                            1,301         16,913                  
Rockwell International Corp.              3,173         62,667                  
--------------------------------------------------------------                  
                                     899,429
--------------------------------------------------------------                  

MANUFACTURERS - 2.89%                                                           
--------------------------------------------------------------                  
Cooper Industries Inc.                    1,849         65,362                  
Crane Co.                                 1,422         34,739                  
Danaher Corp.                             3,243        218,027                  
Eastman Kodak Co.                         4,994        157,311                  
FMC Corp.(1)                                748         28,237                  
General Electric Co.                    170,472      6,563,172                  
Honeywell International Inc.             13,759        524,493                  
Illinois Tool Works Inc.                  5,390        396,488                  
ITT Industries Inc.                       3,259        192,281                  
Minnesota Mining & Manufacturing                                                
Co.                                     5,824        686,824                
Pall Corp.                                2,621         51,162                  
Textron Inc.                              2,974        141,354                  
Tyco International Ltd.                  31,027        902,886                  
--------------------------------------------------------------                  
                                   9,962,336
--------------------------------------------------------------                  

MEDIA - 2.33%                                                                   
--------------------------------------------------------------                  
Adelphia Communications                                                         
Corp. "A"(1)                            3,587         78,735                
AOL Time Warner Inc.(1)                  75,616      1,875,277                  
Belo (A.H.) Corp.                         3,689         80,974                  
Cablevision Systems Corp.(1)              2,592         93,053                  

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LIFEPATH 2020 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
MEDIA (CONTINUED)                                                               
--------------------------------------------------------------                  
Clear Channel Communications                                                    
Inc.(1)                                11,474   $    534,918                
Comcast Corp. "A"(1)                     18,843        638,212                  
Dow Jones & Co. Inc.                      2,184        121,889                  
Gannett Co. Inc.                          5,140        391,565                  
Gemstar-TV Guide International                                                  
Inc.(1)                                 4,345         79,470                
Gray Communications Systems Inc.                                                
"B"                                     3,767         41,814                
Hispanic Broadcasting Corp.(1)            4,857        126,622                  
Knight Ridder Inc.                        2,255        151,987                  
Liberty Media Corp. "A"(1)               30,400        389,120                  
McGraw-Hill Companies Inc.                3,742        246,224                  
New York Times Co. "A"                    3,505        153,869                  
Readers Digest Association Inc.                                                 
(The) "A"                               2,477         51,720                
Tribune Co.                               6,915        296,100                  
UnitedGlobalCom Inc. "A"(1)               1,561          6,244                  
Univision Communications Inc.(1)          3,591        148,093                  
USA Networks Inc.(1)                      3,472        102,632                  
Viacom Inc. "B"(1)                       30,261      1,408,650                  
Walt Disney Co. (The)                    34,274        788,302                  
Washington Post Company (The) "B"           351        200,695                  
Young Broadcasting Inc. "A"(1)              800         19,504                  
--------------------------------------------------------------                  
                                   8,025,669
--------------------------------------------------------------                  

METAL FABRICATE / HARDWARE - 0.01%                                              
--------------------------------------------------------------                  
Precision Castparts Corp.                 1,597         51,503                  
--------------------------------------------------------------                  
                                      51,503
--------------------------------------------------------------                  

MINING - 0.21%                                                                  
--------------------------------------------------------------                  
Alcoa Inc.                               13,981        525,266                  
Arch Coal Inc.                            2,041         37,044                  
Newmont Mining Corp.                      4,424        106,695                  
Phelps Dodge Corp.                        1,413         53,567                  
--------------------------------------------------------------                  
                                     722,572
--------------------------------------------------------------                  
OFFICE / BUSINESS EQUIPMENT - 0.15%                                             
--------------------------------------------------------------                  
Herman Miller Inc.                        1,890         43,961                  
HON Industries Inc.                       2,309         62,597                  
Imagistics International Inc.(1)            517          8,117                  
Pitney Bowes Inc.                         6,472        270,012                  
Xerox Corp.(1)                           13,334        129,473                  
--------------------------------------------------------------                  
                                     514,160
--------------------------------------------------------------                  
OIL & GAS PRODUCERS - 2.73%                                                     
--------------------------------------------------------------                  
Anadarko Petroleum Corp.                  3,954        206,003                  
Apache Corp.                              2,236        117,949                  
Burlington Resources Inc.                 2,812        105,675                  
ChevronTexaco Corp.                      16,808      1,419,268                  
Conoco Inc.                               9,041        250,074                  

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
OIL & GAS PRODUCERS (CONTINUED)                                                 
--------------------------------------------------------------                  
Devon Energy Corp.                        2,260   $     98,717                  
Diamond Offshore Drilling Inc.              729         21,119                  
ENSCO International Inc.                  1,709         43,528                  
EOG Resources Inc.                        2,778         97,758                  
Exxon Mobil Corp.                       112,244      4,635,677                  
Kerr-McGee Corp.                          1,060         58,607                  
Kinder Morgan Inc.                        2,644        108,404                  
Marathon Oil Corp.                        5,662        155,705                  
Murphy Oil Corp.                          2,954        254,576                  
Nabors Industries Inc.(1)                 3,116        110,525                  
Newfield Exploration Co.(1)               4,700        170,563                  
Noble Affiliates Inc.                     2,124         76,889                  
Noble Drilling Corp.(1)                   2,079         73,243                  
Occidental Petroleum Corp.                6,018        161,523                  
Ocean Energy Inc.                         8,386        153,044                  
Phillips Petroleum Co.                    3,892        230,056                  
Pioneer Natural Resources Co.(1)          4,044         80,152                  
Rowan Companies Inc.(1)                   9,329        173,986                  
Sunoco Inc.                               5,615        216,290                  
Transocean Sedco Forex Inc.               4,698        131,591                  
Unocal Corp.                              3,550        127,551                  
WD-40 Company                             3,862        107,788                  
--------------------------------------------------------------                  
                                   9,386,261
--------------------------------------------------------------                  

OIL & GAS SERVICES - 0.44%                                                      
--------------------------------------------------------------                  
Baker Hughes Inc.                         4,604        162,567                  
BJ Services Co.(1)                        1,957         64,875                  
Cooper Cameron Corp.(1)                     847         38,030                  
FMC Technologies Inc.(1)                  1,286         23,932                  
GlobalSantaFe Corp.                       5,960        164,794                  
Grant Prideco Inc.(1)                    11,127        139,199                  
Halliburton Co.                           6,045         99,501                  
OSCA Inc.(1)                              4,873        135,469                  
Schlumberger Ltd.                         9,044        526,451                  
Smith International Inc.(1)                 639         41,311                  
Tidewater Inc.                              769         29,976                  
Varco International Inc.(1)               1,782         28,512                  
Weatherford International Inc.(1)         1,310         60,391                  
--------------------------------------------------------------                  
                                   1,515,008
--------------------------------------------------------------                  

PACKAGING & CONTAINERS - 0.04%                                                  
--------------------------------------------------------------                  
Sealed Air Corp.(1)                       1,917         86,227                  
Smurfit-Stone Container Corp.(1)          3,669         59,841                  
--------------------------------------------------------------                  
                                     146,068
--------------------------------------------------------------                  

PHARMACEUTICALS - 4.61%                                                         
--------------------------------------------------------------                  
Abbott Laboratories                      24,628      1,392,713                  
Abgenix Inc.(1)                           2,592         46,786                  
Allergan Inc.                             2,623        170,075                  
American Home Products Corp.             21,394      1,359,589                  
Bristol-Myers Squibb Co.                 31,029      1,458,363                  
Cardinal Health Inc.                      7,991        528,125                  
Celgene Corp.(1)                          2,187         57,059                  

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LIFEPATH 2020 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
PHARMACEUTICALS (CONTINUED)                                                     
--------------------------------------------------------------                  
DENTSPLY International Inc.               3,621   $    120,109                  
Forest Laboratories Inc. "A"(1)           3,182        253,033                  
Gilead Sciences Inc.(1)                   2,261        159,310                  
ICN Pharmaceuticals Inc.                  2,039         56,786                  
ImClone Systems Inc.(1)                   1,850         41,458                  
IVAX Corp.(1)                             2,933         49,861                  
King Pharmaceuticals Inc.(1)              4,856        150,827                  
Lilly (Eli) and Co.                      17,452      1,321,640                  
Medarex Inc.(1)                           1,924         29,110                  
MedImmune Inc.(1)                         5,173        213,283                  
Merck & Co. Inc.                         37,586      2,305,149                  
Mylan Laboratories Inc.                   2,774         84,274                  
Omnicare Inc.                             2,216         46,868                  
Pfizer Inc.                             101,910      4,174,234                  
Pharmacia Corporation                    21,564        885,202                  
Schering-Plough Corp.                    23,484        809,963                  
Sepracor Inc.(1)                          1,787         76,877                  
Watson Pharmaceuticals Inc.(1)            2,401         70,301                  
--------------------------------------------------------------                  
                                  15,860,995
--------------------------------------------------------------                  

PIPELINES - 0.17%                                                               
--------------------------------------------------------------                  
Dynegy Inc. "A"                           4,759        121,688                  
El Paso Corp.                             7,255        283,525                  
Questar Corp.                             1,801         40,216                  
Williams Companies Inc.                   8,243        127,354                  
--------------------------------------------------------------                  
                                     572,783
--------------------------------------------------------------                  

PUBLISHING - 0.00%                                                              
--------------------------------------------------------------                  
Golden Books Family Entertainment                                               
Inc. Warrants (Expires 01/27/03)            2              -                
--------------------------------------------------------------                  
                                           -
--------------------------------------------------------------                  

REAL ESTATE - 0.17%                                                             
--------------------------------------------------------------                  
Annaly Mortgage Management Inc.          14,626        238,404                  
Catellus Development Corp.(1)             3,931         74,296                  
LNR Property Corp.                        7,900        261,490                  
--------------------------------------------------------------                  
                                     574,190
--------------------------------------------------------------                  

REAL ESTATE INVESTMENT TRUSTS - 0.57%                                           
--------------------------------------------------------------                  
Apartment Investment & Management                                               
Co. "A"                                 6,443        291,095                
Archstone-Smith Trust                     6,447        166,848                  
AvalonBay Communities Inc.                4,265        196,787                  
Capital Automotive REIT                     115          2,469                  
Capstead Mortgage Corp.                   1,700         28,985                  
Duke-Weeks Realty Corp.                   7,976        189,829                  
Equity Office Properties Trust           10,861        311,711                  
Equity Residential Properties Trust       8,896        239,747                  
Host Marriott Corp.                      12,070        130,356                  
Simon Property Group Inc.                 5,347        164,581                  

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
REAL ESTATE INVESTMENT TRUSTS (CONTINUED)                                       
--------------------------------------------------------------                  
Vornado Realty Trust                      5,964   $    249,295                  
--------------------------------------------------------------                  
                                   1,971,703
--------------------------------------------------------------                  

RETAIL - 3.89%                                                                  
--------------------------------------------------------------                  
Amazon.com Inc.(1)                        3,446         48,589                  
AutoNation Inc.(1)                        6,891         86,069                  
AutoZone Inc.(1)                          2,562        170,014                  
Bed Bath & Beyond Inc.(1)                 4,658        155,577                  
Best Buy Co. Inc.(1)                      3,558        239,809                  
BJ's Wholesale Club Inc.(1)               1,514         62,301                  
Brinker International Inc.(1)             2,350         80,699                  
Cash American Investments Inc.            8,018         63,342                  
CDW Computer Centers Inc.(1)              1,849         97,627                  
Circuit City Stores Inc.                  4,386         78,422                  
CVS Corp.                                 6,227        170,122                  
Darden Restaurants Inc.                   4,130        174,616                  
Dollar General Corp.                      5,017         74,001                  
Dollar Tree Stores Inc.(1)                1,947         62,382                  
eBay Inc.(1)                              2,973        154,745                  
Edison Brothers Stores Warrants                                                 
(Expires 09/26/05)(1)                      16              -                
Family Dollar Stores Inc.                 4,806        157,829                  
Federated Department Stores Inc.(1)       3,379        141,614                  
Gap Inc. (The)                           13,912        166,527                  
Golden State Bancorp Inc.(1)                800            968                  
Home Depot Inc.                          36,832      1,841,600                  
Intimate Brands Inc.                      1,835         35,471                  
Kohls Corp.(1)                            6,429        435,050                  
Limited Inc.                              7,197        129,618                  
Lowe's Companies Inc.                    11,914        539,108                  
May Department Stores Co.                 5,349        195,987                  
McDonald's Corp.                         22,181        578,924                  
Nordstrom Inc.                            3,231         82,261                  
Office Depot Inc.(1)                      5,141         97,730                  
Outback Steakhouse Inc.(1)                1,644         58,625                  
Payless Shoesource Inc.(1)                  825         49,038                  
Penney (J.C.) Company Inc.                6,106        119,311                  
Pier 1 Imports Inc.                       2,607         52,062                  
RadioShack Corp.                          3,284         90,113                  
Rite Aid Corp.(1)                         6,347         21,199                  
Ross Stores Inc.                          2,190         78,971                  
Saks Inc.(1)                              3,726         42,849                  
Sears, Roebuck and Co.                    4,826        253,751                  
Staples Inc.(1)                           7,389        145,342                  
Starbucks Corp.(1)                        5,669        130,444                  
Target Corp.                             13,984        585,930                  
Tiffany & Co.                             2,695         88,423                  
TJX Companies Inc.                        4,704        178,611                  
Toys R Us Inc.(1)                         3,822         68,070                  
Tractor Supply Co.(1)                       500         21,655                  
Tricon Global Restaurants Inc.(1)         2,690        159,060                  
Walgreen Co.                             16,715        672,612                  
Wal-Mart Stores Inc.                     69,862      4,332,143                  

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LIFEPATH 2020 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                                 SHARES          VALUE                  
--------------------------------------------------------------                  
RETAIL (CONTINUED)                                                              
--------------------------------------------------------------                  
Wendy's International Inc.                3,632    $   112,628                  
--------------------------------------------------------------                  
                                  13,381,839
--------------------------------------------------------------                  

SEMICONDUCTORS - 2.21%                                                          
--------------------------------------------------------------                  
Advanced Micro Devices Inc.(1)            4,710         63,585                  
Altera Corp.(1)                           6,608        126,015                  
Analog Devices Inc.(1)                    6,112        227,428                  
Applied Materials Inc.(1)                13,398        582,411                  
Applied Micro Circuits Corp.(1)           5,514         42,403                  
Atmel Corp.(1)                            4,651         33,627                  
Broadcom Corp. "A"(1)                     5,039        154,445                  
Conexant Systems Inc.(1)                  5,681         58,173                  
Cree Inc.(1)                              1,824         25,664                  
Cypress Semiconductor Corp.(1)            2,127         42,221                  
Integrated Device Technology                                                    
Inc.(1)                                 2,318         59,271                
Intel Corp.                             106,617      3,043,915                  
International Rectifier Corp.(1)          1,442         52,950                  
Intersil Corp. "A"(1)                       400         11,096                  
KLA-Tencor Corp.(1)                       3,729        215,946                  
Lam Research Corp.(1)                     3,438         74,398                  
Lattice Semiconductor Corp.(1)            2,510         43,122                  
Linear Technology Corp.                   5,953        219,249                  
LSI Logic Corp.(1)                        5,550         83,195                  
Maxim Integrated Products Inc.(1)         6,195        283,483                  
Microchip Technology Inc.(1)              2,577         88,082                  
Micron Technology Inc.(1)                 9,885        317,803                  
Mykrolis Corp.(1)                         1,098         11,644                  
National Semiconductor Corp.(1)           3,004         75,551                  
Novellus Systems Inc.(1)                  3,290        140,121                  
NVIDIA Corp.(1)                           2,510        128,035                  
PMC-Sierra Inc.(1)                        3,300         48,213                  
QLogic Corp.(1)                           1,883         70,142                  
Rambus Inc.(1)                            1,259          8,624                  
Teradyne Inc.(1)                          3,320        111,253                  
Texas Instruments Inc.                   29,447        864,269                  
TranSwitch Corp.(1)                       1,561          4,480                  
TriQuint Semiconductor Inc.(1)            2,598         23,512                  
Varian Semiconductor Equipment                                                  
Associates Inc.(1)                      1,367         46,505                
Vitesse Semiconductor Corp.(1)            4,020         28,220                  
Xilinx Inc.(1)                            5,507        197,811                  
--------------------------------------------------------------                  
                                   7,606,862
--------------------------------------------------------------                  

SOFTWARE - 3.05%                                                                
--------------------------------------------------------------                  
Adobe Systems Inc.                        4,103        149,267                  
Akamai Technologies Inc.(1)                 612          1,903                  
Ariba Inc.(1)                             2,516         11,146                  
Autodesk Inc.                             2,242         99,029                  
Automatic Data Processing Inc.           10,766        567,476                  
BEA Systems Inc.(1)                       5,308         67,465                  
BMC Software Inc.(1)                      5,110         82,016                  
BroadVision Inc.(1)                       4,108          7,846                  
Cadence Design Systems Inc.(1)            5,185        109,663                  

SECURITY                                 SHARES          VALUE                  
--------------------------------------------------------------                  
SOFTWARE (CONTINUED)                                                            
--------------------------------------------------------------                  
Certegy Inc.(1)                           1,660    $    61,669                  
CheckFree Corp.(1)                        1,549         21,609                  
ChoicePoint Inc.(1)                       1,774         94,377                  
Citrix Systems Inc.(1)                    3,559         53,990                  
CMGI Inc.(1)                              2,573          3,782                  
Computer Associates International                                               
Inc.                                   11,039        179,715                
Compuware Corp.(1)                        6,074         69,304                  
DoubleClick Inc.(1)                       2,130         22,940                  
eFunds Corp.(1)                           1,862         32,548                  
Electronic Arts Inc.(1)                   2,501        134,604                  
First Data Corp.                          6,359        518,386                  
Fiserv Inc.(1)                            3,397        145,188                  
i2 Technologies Inc.(1)                   3,689         20,105                  
IMS Health Inc.                           5,314        106,280                  
InfoSpace Inc.(1)                         3,487          4,707                  
Inktomi Corp.(1)                          1,630          7,123                  
Intuit Inc.(1)                            4,883        185,017                  
Macromedia Inc.(1)                          763         13,353                  
Mercury Interactive Corp.(1)              2,061         69,827                  
Micromuse Inc.(1)                         1,824         16,525                  
Microsoft Corp.(1)                       86,048      5,020,040                  
Network Associates Inc.(1)                3,282         77,849                  
Novell Inc.(1)                            5,988         24,491                  
Openwave Systems Inc.(1)                  2,742         15,328                  
Oracle Corp.(1)                          92,681      1,540,358                  
Parametric Technology Corp.(1)            4,601         33,863                  
PeopleSoft Inc.(1)                        5,199        151,135                  
Peregrine Systems Inc.(1)                 3,504         31,536                  
Rational Software Corp.(1)                3,828         71,048                  
RealNetworks Inc.(1)                      1,767          9,630                  
Reynolds & Reynolds Co. "A"               3,434        100,788                  
Siebel Systems Inc.(1)                    7,841        217,666                  
Sybase Inc.(1)                            2,463         41,551                  
Symantec Corp.(1)                         3,598        129,744                  
TIBCO Software Inc.(1)                    2,424         25,573                  
VA Linux Systems Inc.(1)                    515            901                  
Vignette Corp.(1)                         2,001          5,603                  
webMethods Inc.(1)                          701         12,057                  
Yahoo! Inc.(1)                            9,834        142,200                  
--------------------------------------------------------------                  
                                  10,508,221
--------------------------------------------------------------                  

TELECOMMUNICATION EQUIPMENT - 0.53%                                             
--------------------------------------------------------------                  
ADC Telecommunications Inc.(1)           11,744         42,278                  
Advanced Fibre Communications                                                   
Inc.(1)                                 1,645         26,731                
American Tower Corp.(1)                   4,726         22,874                  
Andrew Corp.(1)                           2,269         38,142                  
Avaya Inc.(1)                             6,295         33,678                  
CIENA Corp.(1)                            5,522         42,851                  
Comverse Technology Inc.(1)               3,074         48,108                  
Digital Lightwave Inc.(1)                 1,044          5,043                  
Harris Corp.                              1,881         64,424                  
JDS Uniphase Corp.(1)                    21,928        106,351                  
Lucent Technologies Inc.                 53,738        300,395                  

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LIFEPATH 2020 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      
--------------------------------------------------------------                  
TELECOMMUNICATION EQUIPMENT (CONTINUED)                                         
--------------------------------------------------------------                  
Motorola Inc.                            37,246   $    484,198                  
Nx Networks Inc.(1)                          58              -                  
QUALCOMM Inc.(1)                         12,389        411,934                  
RF Micro Devices Inc.(1)                  3,041         47,561                  
Scientific-Atlanta Inc.                   3,315         74,157                  
Sonus Networks Inc.(1)                    2,730          7,235                  
Sycamore Networks Inc.(1)                 1,698          5,926                  
Tellabs Inc.(1)                           6,894         70,732                  
Terayon Communication Systems                                                   
Inc.(1)                                   800          4,728                
Williams Communications Group                                                   
Inc.(1)                                 6,103            793                
--------------------------------------------------------------                  
                                   1,838,139
--------------------------------------------------------------                  

TELECOMMUNICATIONS - 1.08%                                                      
--------------------------------------------------------------                  
Adelphia Business Solutions Inc.(1)       1,786            143                  
Allegiance Telecom Inc.(1)                2,270          5,947                  
AT&T Wireless Services Inc.(1)           42,363        427,443                  
Broadwing Inc.(1)                         5,114         32,116                  
Citizen Communications Co.(1)             6,091         55,489                  
Corning Inc.                             15,334        103,198                  
Cox Communications Inc. "A"(1)            6,427        236,835                  
Crown Castle International Corp.(1)       2,641         16,401                  
EchoStar Communications Corp.(1)          4,616        120,570                  
Emulex Corp.(1)                           1,724         55,961                  
General Motors Corp. "H"(1)               8,386        123,694                  
Leap Wireless International Inc.(1)       4,046         19,057                  
Level 3 Communications Inc.(1)            3,988         12,044                  
Loral Space & Communications                                                    
Ltd.(1)                                 3,673          7,309                
McLeodUSA Inc. "A"(1)                     4,623            832                  
Metromedia Fiber Network                                                        
Inc. "A"(1)                             4,039          1,252                
MRV Communications Inc.(1)                1,430          3,589                  
Newport Corp.                             1,212         22,919                  
Next Level Communications Inc.(1)         1,767          2,863                  
Nextel Communications Inc. "A"(1)        14,089         70,304                  
NTL Inc.(1)                               1,633            294                  
Powerwave Technologies Inc.(1)              744          9,694                  
Qwest Communications International                                              
Inc.                                   28,849        250,986                
Sprint Corp. (PCS Group)(1)              15,803        146,178                  
Verizon Communications Inc.              42,348      1,981,886                  
--------------------------------------------------------------                  
                                   3,707,004
--------------------------------------------------------------                  

TELEPHONE - 1.51%                                                               
--------------------------------------------------------------                  
Alltel Corp.                              5,922        329,559                  
AT&T Corp.                               57,898        899,735                  
BellSouth Corp.                          28,086      1,088,613                  
CenturyTel Inc.                           3,983        132,236                  
SBC Communications Inc.                  53,899      2,039,538                  

SECURITY                               SHARES        VALUE                      
--------------------------------------------------------------                  
TELEPHONE (CONTINUED)                                                           
--------------------------------------------------------------                  
Sprint Corp. (FON Group)                 14,723   $    207,447                  
Telephone & Data Systems Inc.             1,632        142,229                  
WorldCom Inc.(1)                         48,038        361,246                  
--------------------------------------------------------------                  
                                   5,200,603
--------------------------------------------------------------                  

TEXTILES - 0.05%                                                                
--------------------------------------------------------------                  
Cintas Corp.                              3,956        175,211                  
--------------------------------------------------------------                  
                                     175,211
--------------------------------------------------------------                  

TOBACCO - 0.61%                                                                 
--------------------------------------------------------------                  
Philip Morris Companies Inc.             34,095      1,795,443                  
R.J. Reynolds Tobacco Holdings Inc.       3,461        227,215                  
UST Inc.                                  2,480         86,453                  
--------------------------------------------------------------                  
                                   2,109,111
--------------------------------------------------------------                  

TOYS / GAMES / HOBBIES - 0.05%                                                  
--------------------------------------------------------------                  
Hasbro Inc.                               3,995         57,168                  
Marvel Enterprises Inc. "C"                                                     
Warrants (Expires 10/02/01)(1)             66              1                
Mattel Inc.                               6,198        117,452                  
--------------------------------------------------------------                  
                                     174,621
--------------------------------------------------------------                  

TRANSPORTATION - 0.34%                                                          
--------------------------------------------------------------                  
Burlington Northern Santa Fe Corp.        5,838        169,419                  
CNF Transportation Inc.                   2,062         63,943                  
CSX Corp.                                 4,032        152,168                  
FedEx Corp.(1)                            5,129        296,764                  
Kansas City Southern Industries                                                 
Inc.                                    4,045         58,005                
Norfolk Southern Corp.                    6,812        162,057                  
Old Dominion Freight Line Inc.(1)         2,916         37,616                  
Union Pacific Corp.                       3,622        219,747                  
--------------------------------------------------------------                  
                                   1,159,719
--------------------------------------------------------------                  

TRUCKING & LEASING - 0.02%                                                      
--------------------------------------------------------------                  
GATX Corp.                                1,859         56,923                  
--------------------------------------------------------------                  
                                      56,923
--------------------------------------------------------------                  

WATER - 0.07%                                                                   
--------------------------------------------------------------                  
American Water Works Inc.                 2,741        118,165                  
Connecticut Water Service Inc.            2,616         73,483                  
Middlesex Water Co.                       2,332         53,053                  
--------------------------------------------------------------                  
                                     244,701
--------------------------------------------------------------                  

TOTAL U.S. COMMON STOCKS                                                        
(Cost: $226,738,197)                               189,065,805                  
--------------------------------------------------------------                  

58                                                                              

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LIFEPATH 2020 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                                 SHARES          VALUE                  
--------------------------------------------------------------                  

INTERNATIONAL COMMON STOCKS - 17.42%                                            

AUSTRALIA - 0.95%                                                               
--------------------------------------------------------------                  
Coles Myer Ltd. ADR                      10,219     $  369,928                  
National Australia Bank ADR              11,366      1,046,809                  
Newcrest Mining Ltd.                     80,855        189,887                  
News Corporation Ltd. ADR                 8,760        224,081                  
Rio Tinto PLC ADR                         9,615        768,719                  
Westpac Banking Corp. ADR                16,195        685,858                  
--------------------------------------------------------------                  
                                   3,285,282
--------------------------------------------------------------                  
CANADA - 0.24%                                                                  
--------------------------------------------------------------                  
Alcan Aluminum Ltd.                       4,951        200,714                  
Barrick Gold Corp.                        8,807        158,966                  
Inco Ltd.(1)                              4,948         92,181                  
Nortel Networks Corp.                    50,115        254,083                  
Placer Dome Inc.                         11,222        130,400                  
--------------------------------------------------------------                  
                                     836,344
--------------------------------------------------------------                  
DENMARK - 0.90%                                                                 
--------------------------------------------------------------                  
Novo-Nordisk A/S ADR                     65,778      2,568,631                  
TDC A/S ADR                              33,035        518,650                  
--------------------------------------------------------------                  
                                   3,087,281
--------------------------------------------------------------                  
FINLAND - 0.33%                                                                 
--------------------------------------------------------------                  
Nokia OYJ ADR                            44,658        927,547                  
Stora Enso OYJ - R Shares                16,832        218,395                  
--------------------------------------------------------------                  
                                   1,145,942
--------------------------------------------------------------                  

FRANCE - 2.24%                                                                  
--------------------------------------------------------------                  
Alcatel SA ADR                           39,930        546,642                  
Aventis SA ADR                           23,879      1,770,628                  
AXA-UAP ADR                              44,745        825,098                  
France Telecom SA ADR                     6,308        165,270                  
LVMH Moet-Hennessy Louis Vuitton                                                
ADR                                    50,469        472,390                
Total Fina SA ADR                        49,505      3,641,093                  
Total Fina SA Warrants (Expires                                                 
08/08/03)                                  81          2,147                
Vivendi Universal SA ADR                  7,022        271,751                  
--------------------------------------------------------------                  
                                   7,695,019
--------------------------------------------------------------                  

GERMANY - 0.72%                                                                 
--------------------------------------------------------------                  
DaimlerChrysler AG                       40,129      1,600,345                  
Deutsche Telekom AG ADR                  37,720        531,475                  
SAP AG ADR                               11,445        391,076                  
--------------------------------------------------------------                  
                                   2,522,896
--------------------------------------------------------------                  

HONG KONG - 0.15%                                                               
--------------------------------------------------------------                  
ASM Pacific Technology Ltd.              67,500        130,686                  
Bank of East Asia Ltd.                   78,800        150,038                  
Giordano International Ltd.             150,000         76,450                  
Hang Lung Properties Ltd.                26,000         25,836                  

SECURITY                                 SHARES          VALUE                  
--------------------------------------------------------------                  
HONG KONG (CONTINUED)                                                           
--------------------------------------------------------------                  
Hong Kong Exchanges & Clearing Ltd.      10,000     $   14,040                  
Sino Land Co. Ltd.                      350,000        118,922                  
Wharf Holdings Ltd.                       5,000         10,995                  
--------------------------------------------------------------                  
                                     526,967
--------------------------------------------------------------                  

IRELAND - 0.35%                                                                 
--------------------------------------------------------------                  
Allied Irish Banks PLC ADR               53,666      1,189,239                  
--------------------------------------------------------------                  
                                   1,189,239
--------------------------------------------------------------                  

ITALY - 0.56%                                                                   
--------------------------------------------------------------                  
Benetton Group SpA ADR                   23,003        558,973                  
ENI-Ente Nazionale Idrocarburi SpA                                              
ADR                                     7,224        501,996                
Fiat SpA ADR                             21,073        264,888                  
San Paolo-IMI SpA ADR                    28,328        570,809                  
--------------------------------------------------------------                  
                                   1,896,666
--------------------------------------------------------------                  

JAPAN - 3.57%                                                                   
--------------------------------------------------------------                  
Anritsu Corp.                             3,000         21,767                  
Asatsu-DK Inc.                            4,200         82,854                  
Canon Inc. ADR                           12,647        438,092                  
CSK Corp.                                 1,100         23,755                  
Daicel Chemical Industries Ltd.          31,000         85,941                  
Daifuku Co. Ltd.                         37,000        129,116                  
Daimaru Inc. (The)                       17,000         50,813                  
Fuji Machine Manufacturing Co. Ltd.       7,200        109,755                  
Fuji Photo Film Co. Ltd. ADR              9,554        304,964                  
Fujikura Ltd.                            13,000         43,228                  
Gunma Bank Ltd.                          10,000         44,685                  
Hitachi Cable Ltd.                       15,000         57,276                  
Hitachi Ltd. ADR                          5,744        359,057                  
Hitachi Zosen Corp.(1)                  193,000         85,089                  
Honda Motor Company Ltd. ADR             25,876        515,191                  
Ito-Yokado Co. Ltd. ADR                  11,793        466,413                  
Japan Air Lines ADR                      74,271        393,636                  
JGC Corp.                                 2,000         13,495                  
JSR Corp.                                 4,000         28,126                  
Kaken Pharmaceutical Co. Ltd.            17,000         87,017                  
Katokichi Co. Ltd.                        7,800        104,622                  
Kikkoman Corp.                           28,000        137,254                  
Kinden Corp.                              7,000         24,846                  
Kirin Brewery Co. Ltd. ADR                9,401        601,852                  
Kubota Corp. ADR                         10,876        600,899                  
Kurita Water Industries Ltd.              1,000         12,031                  
Kyocera Corp. ADR                         4,071        242,225                  
Makita Corp. ADR                         11,884         71,304                  
Matsushita Electric Industrial Co.                                              
Ltd. ADR                               29,617        357,181                
Meitec Corp.                              3,300         78,169                  
Mitsubishi Corp. ADR                     33,966        470,429                  
Mitsubishi Gas Chemical Co. Inc.         46,000         80,090                  

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LIFEPATH 2020 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
JAPAN (CONTINUED)                                                               
--------------------------------------------------------------                  
Mitsui & Co. ADR                          4,626   $    508,860                  
Mitsui Engineering & Shipbuilding                                               
Co. Ltd.(1)                            50,000         44,835                
Mitsui O.S.K. Lines Ltd.                  5,000          9,639                  
Mitsui Trust Holdings Inc.(1)            55,000         74,799                  
Mitsumi Electric Co. Ltd.                 5,700         76,795                  
Namco Ltd.(1)                             3,800         63,747                  
NEC Corp. ADR                            43,730        317,043                  
Nichirei Corp.                           42,000        101,999                  
Nikon Corp.                               1,000          9,042                  
Nippon Sanso Corp.                       31,000         83,856                  
Nippon Telegraph & Telephone Corp.                                              
ADR                                    23,409        374,778                
Nishimatsu Construction Co. Ltd.         33,000         87,540                  
Nissan Chemical Industries Ltd.          18,000         87,697                  
Nissan Motor Co. Ltd. ADR                40,594        520,821                  
NKK Corp.(1)                             53,000         43,168                  
Oki Electric Industry Co. Ltd.            3,000          6,344                  
Pioneer Corp. ADR                        16,460        312,575                  
Q.P. Corp.                               20,000        145,713                  
Ricoh Corp. Ltd. ADR                      5,024        442,112                  
Rohm Co. Ltd.                               100         14,459                  
Sekisui Chemical Co. Ltd.                10,000         24,211                  
77 Bank Ltd. (The)                       10,000         37,437                  
Showa Denko K.K.(1)                      40,000         51,709                  
Softbank Corp.                              500          6,736                  
Sony Corp. ADR                            7,740        357,588                  
Sumitomo Metal Industries Ltd.(1)       169,000         64,405                  
Sumitomo Metal Mining Co. Ltd.           11,000         42,167                  
Suruga Bank Ltd. (The)                    2,000         10,148                  
Takuma Co. Ltd                           25,000        165,701                  
Teikoku Oil Co. Ltd.                     16,000         64,801                  
Toda Corp.                               15,000         35,644                  
Tokio Marine and Fire Insurance Co.                                             
Ltd. ADR                               25,899        924,594                
Toyota Motor Corp. ADR                   16,858        867,344                  
Trans Cosmos Inc.                         1,300         30,211                  
Ube Industries Ltd.                      31,000         30,346                  
Yamazaki Baking Co. Ltd.                 24,000        125,178                  
Yokogawa Electric Corp.                   3,000         23,785                  
--------------------------------------------------------------                  
                                  12,308,999
--------------------------------------------------------------                  
NETHERLANDS - 1.92%                                                             
--------------------------------------------------------------                  
Abn Amro Holding NV ADR                  42,781        751,662                  
Aegon NV ADR                             21,309        460,274                  
Akzo Nobel NV ADR                        12,353        548,844                  
Elsevier NV ADR                          38,913        992,282                  
ING Groep NV ADR                         16,996        403,995                  
Koninklijke Ahold NV ADR                 30,081        701,188                  
Koninklijke (Royal) Philips                                                     
Electronics NV - NY Shares(1)          22,377        580,907                
Royal Dutch Petroleum Co. - NY                                                  
Shares                                 32,314      1,659,970                

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
NETHERLANDS (CONTINUED)                                                         
--------------------------------------------------------------                  
Unilever NV - NY Shares                   8,656   $    504,472                  
--------------------------------------------------------------                  
                                   6,603,594
--------------------------------------------------------------                  

NEW ZEALAND - 0.05%                                                             
--------------------------------------------------------------                  
Telecom Corp. of New Zealand Ltd.                                               
ADR                                    10,375        179,280                
--------------------------------------------------------------                  
                                     179,280
--------------------------------------------------------------                  

PORTUGAL - 0.07%                                                                
--------------------------------------------------------------                  
Banco Comercial Portugues ADR            14,551        252,460                  
--------------------------------------------------------------                  
                                     252,460
--------------------------------------------------------------                  

SINGAPORE - 0.20%                                                               
--------------------------------------------------------------                  
Chartered Semiconductor                                                         
Manufacturing Ltd. ADR(1)               5,209        117,098                
Hotel Properties Ltd.                   156,000        110,708                  
Neptune Orient Lines Ltd.(1)            120,000         78,609                  
Parkway Holdings Ltd.                   211,000        103,090                  
Singapore Exchange Ltd.                 197,000        138,729                  
SMRT Corp. Ltd.                         335,000        127,098                  
ST Assembly Test Services Ltd.(1)        12,000         15,394                  
Venture Manufacturing Ltd.                2,000         16,049                  
--------------------------------------------------------------                  
                                     706,775
--------------------------------------------------------------                  

SPAIN - 0.68%                                                                   
--------------------------------------------------------------                  
Banco Bilbao Vizcaya Argentaria SA                                              
ADR                                    41,026        477,543                
Banco Santander Central Hispano SA                                              
ADR                                   118,876        949,819                
Repsol SA ADR                            24,863        304,323                  
Telefonica SA ADR                        17,857        626,607                  
--------------------------------------------------------------                  
                                   2,358,292
--------------------------------------------------------------                  

SWEDEN - 0.13%                                                                  
--------------------------------------------------------------                  
Telefonaktiebolaget LM Ericsson AB                                              
ADR(1)                                109,241        460,997                
--------------------------------------------------------------                  
                                     460,997
--------------------------------------------------------------                  

SWITZERLAND - 0.44%                                                             
--------------------------------------------------------------                  
Adecco SA ADR                            29,005        432,175                  
Credit Suisse Group(1)                    5,972        206,378                  
Kudelski SA - Bearer(1)                   1,347         68,757                  

SECURITY                               SHARES        VALUE                      

Sulzer Medica ADR                        14,966        114,340                  
Swiss Re                                  2,199        197,722                  
UBS AG - Registered(1)                    7,384        341,603                  
Zurich Financial Services AG                805        155,625                  
--------------------------------------------------------------                  
                                   1,516,600
--------------------------------------------------------------                  

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LIFEPATH 2020 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

     SHARES OR
SECURITY                             FACE AMOUNT      VALUE                     

---------------------------------------------------------------                 

UNITED KINGDOM - 3.92%                                                          
---------------------------------------------------------------                 
Arm Holdings PLC(1)                       15,550   $     62,243                 
AstraZeneca PLC ADR                       24,885      1,268,637                 
Barclays PLC ADR                           8,537      1,030,416                 
BHP Billiton PLC                          41,751        236,210                 
BP PLC ADR                                22,914      1,135,389                 
British Sky Broadcasting PLC ADR           6,736        410,963                 
British Telecom PLC ADR(1)                14,358        526,221                 
Cadbury Schweppes PLC ADR                 28,624        780,004                 
Diageo PLC ADR                            40,162      1,939,423                 
GlaxoSmithKline PLC ADR                   64,078      3,136,618                 
Hanson PLC ADR                            24,474        818,411                 
Hong Kong & Shanghai Banking ADR           7,425        416,246                 
Reuters Group PLC ADR                      7,085        312,165                 
Royal Bank of Scotland Group PLC           3,401         83,316                 
Vodafone Group PLC ADR                    70,313      1,335,947                 
---------------------------------------------------------------                 
                                    13,492,209
---------------------------------------------------------------                 

TOTAL INTERNATIONAL COMMON STOCKS                                               
(Cost: $78,790,427)                                  60,064,842                 
---------------------------------------------------------------                 

TOTAL COMMON STOCKS                                                             
(Cost: $305,528,624)                                249,130,647                 
---------------------------------------------------------------                 

     SHARES OR
SECURITY                             FACE AMOUNT      VALUE                     

U.S. GOVERNMENT OBLIGATIONS - 26.42%                                            
---------------------------------------------------------------                 
U.S. Treasury Bonds                                                             
5.25%,  11/15/28                   $ 3,000,000      2,856,915               
6.00%,  02/15/26                     6,000,000      6,288,750               
8.75%,  11/15/08                       200,000        219,242               
9.13%,  05/15/09                       300,000        336,996               
9.38%,  02/15/06                       450,000        537,310               
10.00%,  05/15/10                      300,000        354,609               
10.75%,  05/15/03                      600,000        659,344               
10.75%,  08/15/05                    1,400,000      1,710,953               
11.13%,  08/15/03                      300,000        336,293               
11.63%,  11/15/04                      500,000        603,926               
11.88%,  11/15/03                      550,000        632,543               
12.00%,  05/15/05                      300,000        374,719               
12.38%,  05/15/04                      400,000        477,828               
13.75%,  08/15/04                      100,000        124,441               
U.S. Treasury Notes                                                             
2.75%,  10/31/03                     2,800,000      2,799,672               
4.00%,  04/30/03                       900,000        917,332               
4.25%,  11/15/03                     1,300,000      1,331,333               
4.63%,  05/15/06                     4,400,000      4,492,814               
4.75%,  02/15/04                     3,900,000      4,030,560               
4.75%,  11/15/08                     4,500,000      4,528,300               
5.25%,  08/15/03                     1,100,000      1,141,895               
5.25%,  05/15/04                     3,150,000      3,290,027               
5.38%,  06/30/03                     1,100,000      1,141,852               
5.50%,  03/31/03                       900,000        931,148               
5.50%,  05/31/03                       600,000        622,898               
5.50%,  02/15/08                     1,000,000      1,051,875               

SECURITY                             FACE AMOUNT      VALUE                     

---------------------------------------------------------------                 
5.63%,  02/15/06                   $ 1,300,000   $  1,377,594               
5.63%,  05/15/08                     2,600,000      2,747,875               
5.75%,  04/30/03                     1,100,000      1,143,141               
5.75%,  08/15/03                     3,250,000      3,395,870               
5.75%,  08/15/10                     1,440,000      1,527,188               
5.88%,  02/15/04                     5,060,000      5,335,730               
5.88%,  11/15/04                       900,000        955,828               
5.88%,  11/15/05                     1,200,000      1,281,422               
6.00%,  08/15/04                     2,300,000      2,445,997               
6.13%,  08/15/07                     3,040,000      3,289,493               
6.25%,  02/15/07                     1,350,000      1,466,913               
6.50%,  05/15/05                     1,100,000      1,193,285               
6.50%,  08/15/05                     1,650,000      1,793,989               
6.50%,  10/15/06                     3,020,000      3,305,958               
6.50%,  02/15/10                        30,000         33,279               
6.63%,  05/15/07                     1,640,000      1,811,111               
6.75%,  05/15/05                     3,250,000      3,547,450               
7.00%,  07/15/06                     1,600,000      1,780,374               
7.25%,  05/15/04                     3,400,000      3,693,780               
7.25%,  08/15/04                     1,900,000      2,075,898               
7.50%,  02/15/05                     3,500,000      3,884,045               
7.88%,  11/15/04                     1,000,000      1,112,578               
---------------------------------------------------------------                 

TOTAL U.S. GOVERNMENT OBLIGATIONS                                               
(Cost: $88,126,040)                                  90,992,373                 
---------------------------------------------------------------                 

SHORT TERM INSTRUMENTS - 11.56%                                                 
---------------------------------------------------------------                 
Barclays Global Investors Funds                                                 
Institutional Money Market Fund,                                            
Institutional Shares                21,537,250     21,537,250               
Dreyfus Money Market Fund              4,892,937      4,892,937                 
General Electric Commercial Paper                                               
1.77%, 03/11/02                      5,000,000      5,000,000               
Goldman Sachs Financial Square                                                  
Prime Obligation Fund                1,774,132      1,774,132               
Providian Temp Cash Money Market                                                
Fund                                 6,598,788      6,598,788               
---------------------------------------------------------------                 

TOTAL SHORT TERM INSTRUMENTS                                                    
(Cost: $39,803,107)                                  39,803,107                 
---------------------------------------------------------------                 

TOTAL INVESTMENTS IN SECURITIES - 110.33%                                       
(Cost $433,457,771)                                 379,926,127                 
---------------------------------------------------------------                 

Other Assets, Less Liabilities - (10.33%)           (35,578,531)                
---------------------------------------------------------------                 

NET ASSETS - 100.00%                               $344,347,596                 
---------------------------------------------------------------                 
(1) NON-INCOME EARNING SECURITIES.                                              

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL                  
STATEMENTS.                                                                     

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LIFEPATH 2030 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS                                                         
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  

COMMON STOCKS - 83.46%                                                          
U.S. COMMON STOCKS - 63.48%                                                     
ADVERTISING - 0.20%                                                             
--------------------------------------------------------------                  
Harte-Hanks Inc.                            880   $     26,620                  
Interpublic Group of Companies Inc.       2,401         65,307                  
Omnicom Group Inc.                        1,301        121,696                  
TMP Worldwide Inc.(1)                     1,000         27,920                  
--------------------------------------------------------------                  
                                     241,543
--------------------------------------------------------------                  

AEROSPACE / DEFENSE - 0.82%                                                     
--------------------------------------------------------------                  
Boeing Co.                                5,559        255,492                  
General Dynamics Corp.                    1,552        141,046                  
Goodrich (B.F.) Co.                         807         24,089                  
Lockheed Martin Corp.                     2,735        154,281                  
Northrop Grumman Corp.                      643         68,827                  
Raytheon Co.                              2,478         95,874                  
Rockwell Collins                          1,215         28,249                  
United Technologies Corp.                 3,021        220,382                  
--------------------------------------------------------------                  
                                     988,240
--------------------------------------------------------------                  

AIRLINES - 0.17%                                                                
--------------------------------------------------------------                  
AMR Corp.(1)                              1,274         33,251                  
Continental Airlines Inc. "B"(1)            486         15,309                  
Delta Air Lines Inc.                        386         13,317                  
Northwest Airlines Corp. "A"(1)             501          7,986                  
Southwest Airlines Co.                    4,760        100,484                  
U.S. Airways Group Inc.(1)                  488          2,596                  
UAL Corp.                                 2,315         29,678                  
--------------------------------------------------------------                  
                                     202,621
--------------------------------------------------------------                  

APPAREL - 0.20%                                                                 
--------------------------------------------------------------                  
Jones Apparel Group Inc.(1)                 746         26,602                  
Liz Claiborne Inc.                        1,636         49,587                  
Nike Inc. "B"                             1,671         98,355                  
VF Corp.                                  1,482         62,318                  
--------------------------------------------------------------                  
                                     236,862
--------------------------------------------------------------                  

AUTO MANUFACTURERS - 0.35%                                                      
--------------------------------------------------------------                  
Ford Motor Company                       11,192        166,537                  
General Motors Corp. "A"                  3,390        179,602                  
Navistar International Corp.                606         25,767                  
PACCAR Inc.                                 718         51,646                  
--------------------------------------------------------------                  
                                     423,552
--------------------------------------------------------------                  

AUTO PARTS & EQUIPMENT - 0.16%                                                  
--------------------------------------------------------------                  
Dana Corp.                                1,329         24,719                  
Delphi Automotive Systems Corp.           3,686         58,939                  
Goodyear Tire & Rubber Co.                1,014         27,885                  
TRW Inc.                                    928         46,632                  

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
AUTO PARTS & EQUIPMENT (CONTINUED)                                              
--------------------------------------------------------------                  
Visteon Corp.                             2,565   $     36,372                  
--------------------------------------------------------------                  
                                     194,547
--------------------------------------------------------------                  

BANKS - 4.76%                                                                   
--------------------------------------------------------------                  
AmSouth Bancorp                           2,931         61,991                  
Associated Bancorp                        1,735         63,605                  
Bank of America Corp.                    10,025        641,099                  
Bank of New York Co. Inc.                 4,533        170,622                  
Bank One Corp.                            6,966        249,661                  
BB&T Corp.                                2,424         89,712                  
Charter One Financial Inc.                2,090         63,661                  
City National Corp.                       1,858         94,424                  
Comerica Inc.                             1,087         65,057                  
Commerce Bancshares Inc.                    603         25,169                  
Compass Bancshares Inc.                   1,104         33,065                  
Fifth Third Bancorp                       3,899        248,600                  
First Tennessee National Corp.            2,662         91,839                  
First Virginia Banks Inc.                   939         49,636                  
FleetBoston Financial Corp.               6,610        220,642                  
Golden West Financial Corp.               1,108         70,635                  
Hibernia Corp. "A"                        1,646         30,286                  
Huntington Bancshares Inc.                2,058         37,970                  
JP Morgan Chase & Co.                    12,122        354,568                  
KeyCorp                                   2,839         71,202                  
M&T Bank Corp.                              799         61,123                  
Marshall & Ilsley Corp.                   1,702        103,805                  
Mellon Financial Corp.                    2,981        107,316                  
Mercantile Bankshares Corp.                 825         36,143                  
National City Corp.                       3,666        104,554                  
National Commerce Financial Corp.         1,118         29,459                  
North Fork Bancorp                        2,877         99,487                  
Northern Trust Corp.                      1,322         71,547                  
Pacific Century Financial Corp.             883         22,358                  
PNC Financial Services Group              1,751         96,200                  
Regions Financial Corp.                   3,498        113,685                  
Sky Financial Group Inc.                  1,108         23,057                  
SouthTrust Corp.                          2,116         53,471                  
State Street Corp.                        2,007        101,755                  
SunTrust Banks Inc.                       1,764        110,762                  
Synovus Financial Corp.                   1,821         53,355                  
TCF Financial Corp.                       1,104         56,746                  
Trustmark Corp.                             844         20,610                  
U.S. Bancorp                             11,980        249,783                  
Union Planters Corp.                      3,094        144,057                  
Valley National Bancorp                   1,361         47,199                  
Wachovia Corp.                            7,997        265,740                  
Washington Federal Inc.                   1,518         39,377                  
Washington Mutual Inc.                    9,692        315,281                  
Wells Fargo & Company                    11,345        532,080                  
Wilmington Trust Corp.                      294         19,283                  
Zions Bancorp                             1,735         91,695                  
--------------------------------------------------------------                  
                                   5,703,372
--------------------------------------------------------------                  

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LIFEPATH 2030 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  

BEVERAGES - 1.31%                                                               
--------------------------------------------------------------                  
Anheuser-Busch Companies Inc.             4,572   $    232,486                  
Brown-Forman Corp. "B"                      431         29,286                  
Coca-Cola Co.                            15,010        711,324                  
Coca-Cola Enterprises Inc.                2,670         46,538                  
Coors (Adolf) Company "B"                   254         15,370                  
PepsiAmericas Inc.                          797         10,935                  
PepsiCo Inc.                             10,411        525,755                  
--------------------------------------------------------------                  
                                   1,571,694
--------------------------------------------------------------                  

BIOTECHNOLOGY - 0.81%                                                           
--------------------------------------------------------------                  
Amgen Inc.(1)                             6,831        396,061                  
Applera Corp. - Celera Genomics                                                 
Group(1)                                1,076         21,735                
Biogen Inc.(1)                            1,166         61,973                  
Chiron Corp.(1)                           2,072         89,966                  
CuraGen Corp.(1)                          1,146         19,058                  
Genentech Inc.(1)                         1,515         71,508                  
Genzyme Corp. - General Division(1)       1,554         68,967                  
IDEC Pharmaceuticals Corp.(1)             1,100         69,102                  
Immunex Corp.(1)                          4,514        129,732                  
Millennium Pharmaceuticals Inc.(1)        2,038         38,274                  
--------------------------------------------------------------                  
                                     966,376
--------------------------------------------------------------                  

BUILDING MATERIALS - 0.12%                                                      
--------------------------------------------------------------                  
American Standard Companies Inc.(1)         491         32,062                  
Masco Corp.                               2,990         83,929                  
Vulcan Materials Co.                        671         32,429                  
--------------------------------------------------------------                  
                                     148,420
--------------------------------------------------------------                  

CHEMICALS - 0.94%                                                               
--------------------------------------------------------------                  
Air Products & Chemicals Inc.             1,707         82,789                  
Ashland Inc.                                450         19,525                  
Cabot Corp.                                 809         26,438                  
Cabot Microelectronics Corp.(1)             553         30,437                  
Crompton Corp.                            1,379         13,707                  
Dow Chemical Co.                          5,557        173,823                  
Du Pont (E.I.) de Nemours                 6,338        296,872                  
Eastman Chemical Co.                        822         36,168                  
Engelhard Corp.                           1,064         30,611                  
IMC Global Inc.                           1,055         14,031                  
Lubrizol Corp.                              831         27,340                  
Lyondell Chemical Co.                     1,089         17,021                  
Millennium Chemicals Inc.                   895         12,217                  
Olin Corp.                                1,797         30,351                  
PPG Industries Inc.                       1,278         65,625                  
Praxair Inc.                              1,071         62,011                  
Rohm & Haas Co. "A"                       1,409         54,120                  
Sherwin-Williams Co.                      1,202         31,757                  
Sigma-Aldrich Corp.                       1,341         61,136                  
Solutia Inc.                              1,174          7,983                  
Valspar Corp.                               627         27,764                  
--------------------------------------------------------------                  
                                   1,121,726
--------------------------------------------------------------                  

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  

COAL - 0.01%                                                                    
--------------------------------------------------------------                  
Massey Energy Co.                           573   $      8,102                  
--------------------------------------------------------------                  
                                       8,102
--------------------------------------------------------------                  

COMMERCIAL SERVICES - 0.96%                                                     
--------------------------------------------------------------                  
Apollo Group Inc. "A"(1)                  1,117         54,230                  
Arbitron Inc.(1)                            575         17,710                  
Block (H & R) Inc.                        2,340        118,053                  
Caremark Rx Inc.(1)                       2,238         39,053                  
Cendant Corp.(1)                          8,390        146,070                  
Comdisco Inc.(1)                            995            368                  
Concord EFS Inc.(1)                       3,592        107,868                  
Convergys Corp.(1)                        1,507         45,948                  
Deluxe Corp.                              1,035         49,059                  
Donnelley (R.R.) & Sons Co.               1,257         35,963                  
Dun & Bradstreet Corp.(1)                   774         30,341                  
Ecolab Inc.                                 889         41,632                  
Equifax Inc.                              1,089         32,670                  
First Health Group Corp.(1)               1,814         41,686                  
Manpower Inc.                               788         26,422                  
McKesson Corp.                            2,444         86,151                  
Moody's Corp.                             1,295         47,915                  
MPS Group Inc.(1)                         1,184          7,803                  
Paychex Inc.                              2,461         90,934                  
Quintiles Transnational Corp.(1)          1,023         16,992                  
Robert Half International Inc.(1)         1,584         41,200                  
Servicemaster Co.                         2,027         27,506                  
Valassis Communications Inc.(1)             488         18,768                  
Viad Corp.                                  912         22,709                  
--------------------------------------------------------------                  
                                   1,147,051
--------------------------------------------------------------                  

COMPUTERS - 3.31%                                                               
--------------------------------------------------------------                  
Affiliated Computer Services                                                    
Inc. "A"(1)                               960         46,954                
Apple Computer Inc.(1)                    2,403         52,145                  
Brocade Communications Systems                                                  
Inc.(1)                                 1,688         37,085                
Ceridian Corp.(1)                         1,031         19,177                  
Cisco Systems Inc.(1)                    46,082        657,590                  
Commerce One Inc.(1)                      1,015          1,705                  
Compaq Computer Corp.                    10,641        107,900                  
Computer Sciences Corp.(1)                1,172         55,682                  
Dell Computer Corp.(1)                   17,312        427,433                  
Diebold Inc.                              1,294         47,231                  
DST Systems Inc.(1)                         519         21,637                  
Echelon Corp.(1)                            992         15,773                  
Electronic Data Systems Corp.             2,978        175,791                  
Electronics For Imaging Inc.(1)             377          7,314                  
EMC Corp.(1)                             14,576        158,878                  
Enterasys Networks Inc.(1)                1,329          4,718                  
Gateway Inc.(1)                           2,019          9,287                  
Hewlett-Packard Co.                      14,509        291,921                  
International Business Machines                                                 
Corp.                                  11,021      1,081,381                
Internet Security Systems Inc.(1)           380          9,010                  

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LIFEPATH 2030 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
COMPUTERS (CONTINUED)                                                           
--------------------------------------------------------------                  
Juniper Networks Inc.(1)                  1,634   $     15,229                  
Lexmark International Group                                                     
Inc. "A"(1)                               951         47,274                
Maxtor Corp.(1)                           1,755         12,548                  
McDATA Corp. "A"(1)                         787         12,403                  
Mentor Graphics Corp.(1)                  1,504         32,652                  
NCR Corp.(1)                              1,314         54,925                  
Network Appliance Inc.(1)                 2,357         37,688                  
Palm Inc.(1)                              3,659         11,050                  
Quantum DLT & Storage Group(1)            1,386         12,335                  
Redback Networks Inc.(1)                    550          1,699                  
Riverstone Networks Inc.(1)               2,181          8,331                  
RSA Security Inc.(1)                        545          5,188                  
Sapient Corp.(1)                          1,142          5,013                  
Silicon Graphics Inc.(1)                  2,410          8,411                  
Storage Technology Corp.(1)               1,026         19,699                  
Sun Microsystems Inc.(1)                 21,723        184,863                  
SunGard Data Systems Inc.(1)              1,864         57,542                  
Synopsys Inc.(1)                            599         28,213                  
3Com Corp.(1)                             2,048          9,830                  
Unisys Corp.(1)                           1,914         21,245                  
VeriSign Inc.(1)                          2,025         48,053                  
Veritas Software Corp.(1)                 2,877        102,105                  
--------------------------------------------------------------                  
                                   3,964,908
--------------------------------------------------------------                  

COSMETICS / PERSONAL CARE - 1.17%                                               
--------------------------------------------------------------                  
Alberto-Culver Co. "B"                    1,087         56,600                  
Avon Products Inc.                        1,633         84,410                  
Colgate-Palmolive Co.                     3,190        178,576                  
Estee Lauder Companies Inc. "A"             528         16,474                  
Gillette Co.                              5,985        204,627                  
International Flavors & Fragrances                                              
Inc.                                      921         31,728                
Kimberly-Clark Corp.                      2,981        186,611                  
Procter & Gamble Co.                      7,573        642,115                  
--------------------------------------------------------------                  
                                   1,401,141
--------------------------------------------------------------                  

DISTRIBUTION / WHOLESALE - 0.24%                                                
--------------------------------------------------------------                  
Costco Wholesale Corp.(1)                 3,960        163,390                  
Fastenal Co.                                259         19,358                  
Genuine Parts Co.                         1,175         42,923                  
Grainger (W.W.) Inc.                        691         40,956                  
Tech Data Corp.(1)                          537         24,595                  
--------------------------------------------------------------                  
                                     291,222
--------------------------------------------------------------                  
DIVERSIFIED FINANCIAL SERVICES - 3.95%                                          
--------------------------------------------------------------                  
American Express Co.                      8,092        294,953                  
Bear Stearns Companies Inc.               1,141         62,858                  
Capital One Financial Corp.               1,433         70,604                  
Citigroup Inc.                           34,086      1,542,391                  
Countrywide Credit Industries Inc.          817         33,538                  
Edwards (A.G.) Inc.                         846         34,559                  
Fannie Mae                                6,242        488,436                  
Franklin Resources Inc.                   1,930         78,860                  

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
DIVERSIFIED FINANCIAL SERVICES (CONTINUED)                                      
--------------------------------------------------------------                  
Freddie Mac                               4,988   $    317,935                  
Goldman Sachs Group Inc. (The)            3,180        257,389                  
Household International Inc.              2,955        152,183                  
Legg Mason Inc.                             528         27,678                  
Lehman Brothers Holdings Inc.             2,269        128,199                  
MBNA Corp.                                5,419        187,931                  
Merrill Lynch & Co. Inc.                  5,945        285,063                  
Morgan Stanley Dean Witter & Co.          8,158        400,721                  
Providian Financial Corp.                 2,006          7,803                  
Schwab (Charles) Corp.                    9,019        117,608                  
Stilwell Financial Inc.                   2,480         56,569                  
T. Rowe Price Group Inc.                  1,653         65,806                  
USA Education Inc.                        1,362        126,326                  
--------------------------------------------------------------                  
                                   4,737,410
--------------------------------------------------------------                  

ELECTRIC - 1.42%                                                                
--------------------------------------------------------------                  
AES Corp.(1)                              3,479         17,952                  
Ameren Corp.                                827         33,692                  
American Electric Power Inc.              2,591        113,615                  
Calpine Corp.(1)                          2,446         17,978                  
Cinergy Corp.                             1,009         32,086                  
Consolidated Edison Inc.                  1,612         65,770                  
Constellation Energy Group Inc.           1,074         31,017                  
Dominion Resources Inc.                   1,531         89,227                  
DTE Energy Co.                            1,012         41,917                  
Duke Energy Corp.                         6,104        215,471                  
Edison International(1)                   2,510         39,658                  
Entergy Corp.                             1,955         80,702                  
Exelon Corp.                              2,784        137,196                  
FirstEnergy Corp.                         3,449        126,233                  
FPL Group Inc.                            1,125         59,749                  
Mirant Corp.(1)                           1,454         12,621                  
NiSource Inc.                             1,782         37,404                  
PG&E Corp.(1)                             2,726         57,818                  
Pinnacle West Capital Corp.                 592         24,012                  
PPL Corp.                                 1,215         39,621                  
Progress Energy Inc.                      1,348         60,310                  
Public Service Enterprise Group                                                 
Inc.                                    1,314         55,411                
Reliant Energy Inc.                       2,083         43,326                  
Southern Co.                              4,106        104,292                  
TXU Corp.                                 2,061        104,843                  
Xcel Energy Inc.                          2,500         59,125                  
--------------------------------------------------------------                  
                                   1,701,046
--------------------------------------------------------------                  

ELECTRICAL COMPONENTS & EQUIPMENT - 0.19%                                       
--------------------------------------------------------------                  
American Power Conversion Corp.(1)        1,623         21,245                  
Emerson Electric Co.                      2,259        130,096                  
Hubbell Inc. "B"                          1,209         38,676                  
Molex Inc.                                1,352         40,019                  
--------------------------------------------------------------                  
                                     230,036
--------------------------------------------------------------                  

ELECTRONICS - 0.54%                                                             
--------------------------------------------------------------                  
Agilent Technologies Inc.(1)              4,010        124,912                  

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LIFEPATH 2030 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      
--------------------------------------------------------------                  

ELECTRONICS (CONTINUED)                                                         
--------------------------------------------------------------                  
Applera Corp. - Applied Biosystems                                              
Group                                   1,428   $     32,273                
Arrow Electronics Inc.(1)                   745         19,966                  
Avnet Inc.                                  673         17,673                  
AVX Corp.                                 1,680         30,358                  
Jabil Circuit Inc.(1)                     1,408         26,259                  
Johnson Controls Inc.                     1,096         97,281                  
Millipore Corp.                             412         21,506                  
Parker Hannifin Corp.                       887         44,190                  
PerkinElmer Inc.                            768         17,664                  
Sanmina-SCI Corp.(1)                      3,410         34,612                  
Solectron Corp.(1)                        4,169         34,478                  
Symbol Technologies Inc.                  1,662         14,343                  
Tektronix Inc.(1)                           844         20,180                  
Thermo Electron Corp.(1)                  1,302         26,496                  
Thomas & Betts Corp.                        525         10,028                  
Varian Inc.(1)                              844         28,789                  
Vishay Intertechnology Inc.(1)              910         16,116                  
Waters Corp.(1)                           1,057         33,031                  
--------------------------------------------------------------                  
                                     650,155
--------------------------------------------------------------                  

ENGINEERING & CONSTRUCTION - 0.03%                                              
--------------------------------------------------------------                  
Fluor Corp.                               1,081         40,981                  
Washington Group Warrants                                                       
(Expires 03/11/03)(1)                      25              3                
--------------------------------------------------------------                  
                                      40,984
--------------------------------------------------------------                  

ENTERTAINMENT - 0.06%                                                           
--------------------------------------------------------------                  
International Game Technology                                                   
Inc.(1)                                   785         53,003                
Macrovision Corp.(1)                        623         14,547                  
--------------------------------------------------------------                  
                                      67,550
--------------------------------------------------------------                  
ENVIRONMENTAL CONTROL - 0.09%                                                   
--------------------------------------------------------------                  
Waste Management Inc.                     4,151        109,213                  
--------------------------------------------------------------                  
                                     109,213
--------------------------------------------------------------                  

FOOD - 1.25%                                                                    
--------------------------------------------------------------                  
Albertson's Inc.                          2,601         78,706                  
Archer-Daniels-Midland Co.                4,170         57,755                  
Campbell Soup Co.                         3,018         80,701                  
ConAgra Foods Inc.                        3,226         75,521                  
Dean Foods Co.(1)                           370         26,518                  
Dole Food Co.                               719         21,232                  
Flowers Foods Inc.(1)                     1,000         24,760                  
General Mills Inc.                        1,623         75,031                  
Heinz (H.J.) Co.                          1,978         80,643                  
Hershey Foods Corp.                       1,061         74,960                  
Hormel Foods Corp.                          728         19,925                  
Kellogg Co.                               2,933        101,335                  
Kroger Co.(1)                             5,143        113,917                  
McCormick & Co. Inc.                        690         33,810                  
Safeway Inc.(1)                           3,260        140,115                  
Sara Lee Corp.                            5,150        107,738                  

SECURITY                               SHARES        VALUE                      
--------------------------------------------------------------                  

FOOD (CONTINUED)                                                                
--------------------------------------------------------------                  
Smithfield Foods Inc.(1)                  2,014   $     49,746                  
SUPERVALU Inc.                              904         23,459                  
Sysco Corp.                               4,812        142,291                  
Tyson Foods Inc. "A"                      1,171         15,211                  
Whole Foods Market Inc.(1)                  867         38,538                  
Winn-Dixie Stores Inc.                    1,163         19,480                  
Wrigley (William Jr.) Co.                 1,650         92,466                  
--------------------------------------------------------------                  
                                   1,493,858
--------------------------------------------------------------                  

FOREST PRODUCTS & PAPER - 0.36%                                                 
--------------------------------------------------------------                  
Boise Cascade Corp.                         451         16,213                  
Bowater Inc.                                800         41,240                  
Georgia-Pacific Corp.                     1,535         39,373                  
International Paper Co.                   3,505        153,344                  
MeadWestvaco Corp.                        1,432         49,748                  
Plum Creek Timber Co. Inc.                1,006         31,136                  
Temple-Inland Inc.                          397         22,109                  
Weyerhaeuser Co.                          1,319         81,541                  
--------------------------------------------------------------                  
                                     434,704
--------------------------------------------------------------                  

GAS - 0.03%                                                                     
--------------------------------------------------------------                  
Sempra Energy                             1,553         34,663                  
--------------------------------------------------------------                  
                                      34,663
--------------------------------------------------------------                  

HAND / MACHINE TOOLS - 0.07%                                                    
--------------------------------------------------------------                  
Black & Decker Corp.                        517         25,075                  
SPX Corp.(1)                                218         27,579                  
Stanley Works (The)                         698         35,200                  
--------------------------------------------------------------                  
                                      87,854
--------------------------------------------------------------                  

HEALTH CARE - 2.78%                                                             
--------------------------------------------------------------                  
Aetna Inc.                                  702         24,612                  
Apogent Technologies Inc.(1)              1,095         26,291                  
Bard (C.R.) Inc.                            603         32,803                  
Bausch & Lomb Inc.                          946         35,929                  
Baxter International Inc.                 4,170        231,352                  
Beckman Coulter Inc.                      1,466         69,884                  
Becton Dickinson & Co.                    1,668         61,199                  
Biomet Inc.                               1,992         60,876                  
Boston Scientific Corp.(1)                2,882         64,442                  
Guidant Corp.(1)                          2,186         90,719                  
HCA - The Healthcare Company              3,655        148,868                  
Health Management Associates                                                    
Inc. "A"(1)                             2,682         47,337                
Health Net Inc.(1)                        3,040         73,690                  
Healthsouth Corp.(1)                      3,591         42,769                  
IDEXX Laboratories Inc.(1)                1,369         35,704                  
Johnson & Johnson                        19,426      1,183,043                  
Lincare Holdings Inc.(1)                  1,564         39,350                  
Medtronic Inc.                            7,927        353,069                  
Oxford Health Plans Inc.(1)                 759         27,590                  
PacifiCare Health Systems                                                       
Inc. "A"(1)                               409          6,033                
Quest Diagnostics Inc.(1)                   716         50,772                  

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LIFEPATH 2030 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      
--------------------------------------------------------------                  

HEALTH CARE (CONTINUED)                                                         
--------------------------------------------------------------                  
St. Jude Medical Inc.(1)                    636   $     49,799                  
Steris Corp.(1)                           1,145         23,495                  
Stryker Corp.                             1,486         91,389                  
Tenet Healthcare Corp.(1)                 2,472        142,758                  
UnitedHealth Group Inc.                   1,979        143,458                  
Universal Health Services                                                       
Inc. "B"(1)                               519         19,976                
Varian Medical Systems Inc.(1)            1,342         54,190                  
Viasys Healthcare Inc.(1)                   190          4,174                  
Wellpoint Health Networks Inc.(1)           398         48,405                  
Zimmer Holdings Inc.(1)                   1,280         45,773                  
--------------------------------------------------------------                  
                                   3,329,749
--------------------------------------------------------------                  

HOLDING COMPANIES-DIVERSIFIED - 0.37%                                           
--------------------------------------------------------------                  
Berkshire Hathaway Inc. "A"(1)                6        438,000                  
--------------------------------------------------------------                  
                                     438,000
--------------------------------------------------------------                  

HOME BUILDERS - 0.01%                                                           
--------------------------------------------------------------                  
Clayton Homes Inc.                        1,189         18,073                  
--------------------------------------------------------------                  
                                      18,073
--------------------------------------------------------------                  

HOME FURNISHINGS - 0.15%                                                        
--------------------------------------------------------------                  
Ethan Allen Interiors Inc.                1,003         40,652                  
Leggett & Platt Inc.                      1,420         36,423                  
Maytag Corp.                              1,849         73,831                  
Whirlpool Corp.                             451         33,870                  
--------------------------------------------------------------                  
                                     184,776
--------------------------------------------------------------                  

HOUSEHOLD PRODUCTS / WARES - 0.23%                                              
--------------------------------------------------------------                  
American Greetings Corp. "A"              1,269         17,474                  
Avery Dennison Corp.                        746         47,744                  
Clorox Co.                                2,121         92,879                  
Dial Corp.                                1,867         31,366                  
Fortune Brands Inc.                         833         37,902                  
Newell Rubbermaid Inc.                    1,743         54,260                  
--------------------------------------------------------------                  
                                     281,625
--------------------------------------------------------------                  

INSURANCE - 2.79%                                                               
--------------------------------------------------------------                  
AFLAC Inc.                                3,350         86,095                  
Allmerica Financial Corp.                   429         18,653                  
Allstate Corp.                            4,508        157,870                  
Ambac Financial Group Inc.                  742         46,041                  
American Financial Group Inc.               592         15,581                  
American International Group Inc.        17,227      1,274,281                  
American National Insurance Co.             169         15,076                  
AON Corp.                                 1,672         57,884                  
Chubb Corp.                               1,129         84,833                  
CIGNA Corp.                                 822         73,733                  
Cincinnati Financial Corp.                1,042         41,899                  
Conseco Inc.(1)                           2,184          8,190                  
Hancock (John) Financial Services                                               
Inc.                                    2,607        100,135                

SECURITY                               SHARES        VALUE                      
--------------------------------------------------------------                  

INSURANCE (CONTINUED)                                                           
--------------------------------------------------------------                  
Hartford Financial Services Group                                               
Inc.                                    1,468   $     98,356                
Jefferson-Pilot Corp.                       991         50,115                  
Lincoln National Corp.                    1,252         64,115                  
Loews Corp.                               1,564         91,228                  
Markel Corp.(1)                             169         33,631                  
Marsh & McLennan Companies Inc.           1,712        180,702                  
MBIA Inc.                                   996         58,216                  
Mercury General Corp.                       803         34,690                  
MetLife Inc.                              4,750        151,430                  
MGIC Investment Corp.                       745         50,004                  
Old Republic International Corp.          1,194         38,160                  
PMI Group Inc. (The)                        948         67,166                  
Progressive Corp.                           715        111,397                  
Protective Life Corp.                       566         17,580                  
Radian Group Inc.                         1,892         88,300                  
SAFECO Corp.                              1,179         40,027                  
St. Paul Companies Inc.                   1,325         64,793                  
Torchmark Corp.                             894         35,930                  
Transatlantic Holdings Inc.                 150         13,076                  
21st Century Insurance Group                577          9,838                  
Unitrin Inc.                                604         23,846                  
UNUMProvident Corp.                       1,666         47,181                  
--------------------------------------------------------------                  
                                   3,350,052
--------------------------------------------------------------                  

IRON / STEEL - 0.05%                                                            
--------------------------------------------------------------                  
Allegheny Technologies Inc.                 806         12,582                  
Nucor Corp.                                 903         51,020                  
--------------------------------------------------------------                  
                                      63,602
--------------------------------------------------------------                  

LEISURE TIME - 0.27%                                                            
--------------------------------------------------------------                  
Brunswick Corp.                           1,045         28,205                  
Callaway Golf Co.                           992         18,461                  
Carnival Corp. "A"                        3,732        101,846                  
Harley-Davidson Inc.                      2,369        121,435                  
Sabre Holdings Corp.(1)                   1,319         58,049                  
--------------------------------------------------------------                  
                                     327,996
--------------------------------------------------------------                  

LODGING - 0.26%                                                                 
--------------------------------------------------------------                  
Harrah's Entertainment Inc.(1)              817         33,039                  
Hilton Hotels Corp.                       2,363         30,388                  
Mandalay Resort Group Inc.(1)             1,268         37,152                  
Marriott International Inc. "A"           1,425         56,245                  
MGM Grand Inc.(1)                         2,584         88,890                  
Park Place Entertainment Corp.(1)         1,659         16,208                  
Starwood Hotels & Resorts Worldwide                                             
Inc.                                    1,379         49,644                
--------------------------------------------------------------                  
                                     311,566
--------------------------------------------------------------                  

MACHINERY - 0.31%                                                               
--------------------------------------------------------------                  
Caterpillar Inc.                          2,099        116,515                  
Cognex Corp.(1)                             565         13,057                  
Deere & Co.                               1,377         66,000                  

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LIFEPATH 2030 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      
--------------------------------------------------------------                  

MACHINERY (CONTINUED)                                                           
--------------------------------------------------------------                  
Dover Corp.                               1,612   $     63,787                  
Imation Corp.(1)                          1,160         27,237                  
Ingersoll-Rand Co. "A"                    1,179         58,950                  
Rockwell International Corp.              1,215         23,996                  
--------------------------------------------------------------                  
                                     369,542
--------------------------------------------------------------                  

MANUFACTURERS - 3.16%                                                           
--------------------------------------------------------------                  
Cooper Industries Inc.                      609         21,528                  
Crane Co.                                   886         21,645                  
Danaher Corp.                               992         66,692                  
Eastman Kodak Co.                         1,891         59,567                  
Eaton Corp.                                 659         53,208                  
General Electric Co.                     62,239      2,396,202                  
Harsco Corp.                                470         17,446                  
Honeywell International Inc.              4,964        189,228                  
Illinois Tool Works Inc.                  1,858        136,674                  
ITT Industries Inc.                       1,519         89,621                  
Minnesota Mining & Manufacturing                                                
Co.                                     2,179        256,969                
Pall Corp.                                1,542         30,100                  
Textron Inc.                              1,249         59,365                  
Tyco International Ltd.                  13,129        382,054                  
U.S. Industries Inc.(1)                   1,030          2,266                  
--------------------------------------------------------------                  
                                   3,782,565
--------------------------------------------------------------                  

MEDIA - 2.71%                                                                   
--------------------------------------------------------------                  
Adelphia Communications                                                         
Corp. "A"(1)                            1,300         28,535                
AOL Time Warner Inc.(1)                  31,187        773,438                  
Belo (A.H.) Corp.                         1,301         28,557                  
Cablevision Systems Corp.(1)                713         25,597                  
Clear Channel Communications                                                    
Inc.(1)                                 5,041        235,011                
Comcast Corp. "A"'(1)                     8,056        272,857                  
Dow Jones & Co. Inc.                      1,176         65,633                  
Gannett Co. Inc.                          1,544        117,622                  
Gemstar-TV Guide International                                                  
Inc.(1)                                 1,884         34,458                
Hearst-Argyle Television Inc.(1)            867         17,904                  
Hispanic Broadcasting Corp.(1)            2,982         77,741                  
Hollinger International Inc.              2,650         31,694                  
Knight Ridder Inc.                        1,029         69,355                  
McGraw-Hill Companies Inc.                1,249         82,184                  
Meredith Corp.                              760         29,990                  
New York Times Co. "A"                    1,059         46,490                  
Readers Digest Association Inc.                                                 
(The) "A"                                 751         15,681                
Scripps (E.W.) Company                    1,233         92,722                  
Tribune Co.                               3,176        135,996                  
UnitedGlobalCom Inc. "A"(1)                 803          3,212                  
Univision Communications Inc.(1)          1,477         60,911                  
USA Networks Inc.(1)                      1,363         40,290                  
Viacom Inc. "B"(1)                       11,807        549,616                  
Walt Disney Co. (The)                    13,121        301,783                  
Washington Post Company (The) "B"           204        116,643                  
--------------------------------------------------------------                  
                                   3,253,920
--------------------------------------------------------------                  

SECURITY                               SHARES        VALUE                      
--------------------------------------------------------------                  

MINING - 0.28%                                                                  
--------------------------------------------------------------                  
Alcoa Inc.                                6,763   $    254,086                  
Newmont Mining Corp.                      2,191         52,847                  
Phelps Dodge Corp.                          770         29,191                  
--------------------------------------------------------------                  
                                     336,124
--------------------------------------------------------------                  

OFFICE / BUSINESS EQUIPMENT - 0.17%                                             
--------------------------------------------------------------                  
Herman Miller Inc.                        1,034         24,051                  
HON Industries Inc.                       1,382         37,466                  
Imagistics International Inc.(1)            557          8,745                  
Pitney Bowes Inc.                         2,214         92,368                  
Xerox Corp.(1)                            4,175         40,539                  
--------------------------------------------------------------                  
                                     203,169
--------------------------------------------------------------                  

OIL & GAS PRODUCERS - 3.28%                                                     
--------------------------------------------------------------                  
Amerada Hess Corp.                          723         50,082                  
Anadarko Petroleum Corp.                  2,606        135,773                  
Apache Corp.                              1,706         89,992                  
Burlington Resources Inc.                 1,776         66,742                  
ChevronTexaco Corp.                       6,564        554,264                  
Conoco Inc.                               3,915        108,289                  
Devon Energy Corp.                        2,207         96,402                  
Diamond Offshore Drilling Inc.            1,587         45,975                  
ENSCO International Inc.                  1,054         26,845                  
EOG Resources Inc.                          896         31,530                  
Exxon Mobil Corp.                        45,584      1,882,619                  
Kerr-McGee Corp.                          1,191         65,850                  
Marathon Oil Corp.                        1,891         52,003                  
Murphy Oil Corp.                          1,218        104,967                  
Nabors Industries Inc.(1)                 2,505         88,852                  
Noble Affiliates Inc.                       639         23,132                  
Noble Drilling Corp.(1)                   1,026         36,146                  
Occidental Petroleum Corp.                2,414         64,792                  
Phillips Petroleum Co.                    2,663        157,410                  
Rowan Companies Inc.(1)                   1,098         20,478                  
Sunoco Inc.                               2,557         98,496                  
Transocean Sedco Forex Inc.               1,524         42,687                  
Unocal Corp.                              1,584         56,913                  
Valero Energy Corp.                         692         29,638                  
--------------------------------------------------------------                  
                                   3,929,877
--------------------------------------------------------------                  

OIL & GAS SERVICES - 0.50%                                                      
--------------------------------------------------------------                  
Baker Hughes Inc.                         1,975         69,737                  
BJ Services Co.(1)                        1,265         41,935                  
Cooper Cameron Corp.(1)                     491         22,046                  
GlobalSantaFe Corp.                         833         23,032                  
Grant Prideco Inc.(1)                     1,147         14,349                  
Halliburton Co.                           2,387         39,290                  
Schlumberger Ltd.                         3,808        221,664                  
Smith International Inc.(1)                 420         27,153                  
Varco International Inc.(1)                 889         14,224                  
Weatherford International Inc.(1)         2,663        122,764                  
--------------------------------------------------------------                  
                                     596,194
--------------------------------------------------------------                  

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LIFEPATH 2030 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      
--------------------------------------------------------------                  

PACKAGING & CONTAINERS - 0.13%                                                  
--------------------------------------------------------------                  
Bemis Co.                                   891   $     50,751                  
Pactiv Corp.(1)                           1,261         23,997                  
Sealed Air Corp.(1)                         676         30,406                  
Smurfit-Stone Container Corp.(1)          1,232         20,094                  
Sonoco Products Co.                         896         24,774                  
--------------------------------------------------------------                  
                                     150,022
--------------------------------------------------------------                  

PHARMACEUTICALS - 5.28%                                                         
--------------------------------------------------------------                  
Abbott Laboratories                       9,918        560,863                  
Abgenix Inc.(1)                           1,046         18,880                  
Allergan Inc.                               992         64,321                  
American Home Products Corp.              8,655        550,025                  
Bristol-Myers Squibb Co.                 12,409        583,223                  
Cardinal Health Inc.                      3,090        204,218                  
DENTSPLY International Inc.                 870         28,858                  
Forest Laboratories Inc. "A"(1)           1,475        117,292                  
ICN Pharmaceuticals Inc.                    862         24,007                  
IVAX Corp.(1)                             1,396         23,732                  
King Pharmaceuticals Inc.(1)              2,178         67,649                  
Lilly (Eli) and Co.                       7,276        551,011                  
MedImmune Inc.(1)                         2,150         88,645                  
Merck & Co. Inc.                         14,666        899,466                  
Mylan Laboratories Inc.                   1,766         53,651                  
Omnicare Inc.                             2,118         44,796                  
Pfizer Inc.                              40,756      1,669,366                  
Pharmacia Corporation                     8,513        349,459                  
Schering-Plough Corp.                     9,750        336,278                  
Sepracor Inc.(1)                            622         26,758                  
Sybron Dental Specialties Inc.(1)         1,406         26,700                  
Tanox Inc.(1)                               676          9,315                  
Watson Pharmaceuticals Inc.(1)            1,015         29,719                  
--------------------------------------------------------------                  
                                   6,328,232
--------------------------------------------------------------                  

PIPELINES - 0.22%                                                               
--------------------------------------------------------------                  
Dynegy Inc. "A"                           2,057         52,597                  
El Paso Corp.                             4,127        161,283                  
Williams Companies Inc.                   3,020         46,659                  
--------------------------------------------------------------                  
                                     260,539
--------------------------------------------------------------                  

PUBLISHING - 0.00%                                                              
--------------------------------------------------------------                  
Golden Books Family Entertainment                                               
Inc. Warrants (Expires 01/27/03)            1              -                
--------------------------------------------------------------                  
                                           -
--------------------------------------------------------------                  

REAL ESTATE INVESTMENT TRUSTS - 0.91%                                           
--------------------------------------------------------------                  
Apartment Investment & Management                                               
Co. "A"                                 2,045         92,393                
Archstone-Smith Trust                     1,971         51,009                  
Arden Realty Inc.                         2,216         56,951                  
AvalonBay Communities Inc.                1,154         53,246                  
Boston Properties Inc.                    1,172         44,149                  
CarrAmerica Realty Corp.                  1,774         52,865                  
Crescent Real Estate Equities Co.         2,271         40,901                  

SECURITY                               SHARES        VALUE                      
--------------------------------------------------------------                  

REAL ESTATE INVESTMENT TRUSTS (CONTINUED)                                       
--------------------------------------------------------------                  
Duke-Weeks Realty Corp.                   1,751   $     41,674                  
Equity Office Properties Trust            2,657         76,256                  
Equity Residential Properties Trust       2,226         59,991                  
Highwoods Properties Inc.                 3,046         81,602                  
Host Marriott Corp.                       2,886         31,169                  
Kimco Realty Corp.                        1,963         60,892                  
Mack-Cali Realty Corp.                    3,493        109,855                  
Public Storage Inc.                       2,715         99,803                  
Rouse Co.                                 1,807         53,885                  
Senior Housing Properties Trust               1              4                  
Simon Property Group Inc.                   877         26,994                  
Vornado Realty Trust                      1,229         51,372                  
--------------------------------------------------------------                  
                                   1,085,011
--------------------------------------------------------------                  

RETAIL - 4.59%                                                                  
--------------------------------------------------------------                  
Abercrombie & Fitch Co. "A"(1)            1,029         27,413                  
Amazon.com Inc.(1)                        1,911         26,945                  
AutoNation Inc.(1)                        3,167         39,556                  
AutoZone Inc.(1)                            843         55,941                  
Barnes & Noble Inc.(1)                      618         19,152                  
Bed Bath & Beyond Inc.(1)                 2,758         92,117                  
Best Buy Co. Inc.(1)                      1,437         96,854                  
Big Lots Inc.                             1,199         15,107                  
BJ's Wholesale Club Inc.(1)               1,016         41,808                  
Borders Group Inc.(1)                       886         18,952                  
Brinker International Inc.(1)               768         26,373                  
CDW Computer Centers Inc.(1)                472         24,922                  
Circuit City Stores Inc.                  1,434         25,640                  
CVS Corp.                                 2,442         66,715                  
Darden Restaurants Inc.                   2,316         97,920                  
Dollar General Corp.                      2,206         32,539                  
Dollar Tree Stores Inc.(1)                  836         26,785                  
eBay Inc.(1)                              1,288         67,040                  
Family Dollar Stores Inc.                 2,056         67,519                  
Federated Department Stores Inc.(1)       1,329         55,698                  
FreeMarkets Inc.(1)                       1,184         23,017                  
Gap Inc. (The)                            5,400         64,638                  
Golden State Bancorp Inc.(1)                900          1,089                  
Home Depot Inc.                          14,863        743,150                  
Intimate Brands Inc.                        846         16,353                  
Kohls Corp.(1)                            2,162        146,303                  
Limited Inc.                              2,749         49,509                  
Lowe's Companies Inc.                     5,024        227,336                  
May Department Stores Co.                 2,244         82,220                  
McDonald's Corp.                          7,392        192,931                  
Nordstrom Inc.                              986         25,104                  
Office Depot Inc.(1)                      4,302         81,781                  
Outback Steakhouse Inc.(1)                  951         33,913                  
Payless Shoesource Inc.(1)                  421         25,024                  
Penney (J.C.) Company Inc.                2,374         46,388                  
Pier 1 Imports Inc.                       1,291         25,781                  
RadioShack Corp.                          1,262         34,629                  
Rite Aid Corp.(1)                         3,498         11,683                  
Ross Stores Inc.                            676         24,377                  
Saks Inc.(1)                              1,048         12,052                  

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LIFEPATH 2030 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
RETAIL (CONTINUED)                                                              
--------------------------------------------------------------                  
Sears, Roebuck and Co.                    1,992   $    104,739                  
Staples Inc.(1)                           3,136         61,685                  
Starbucks Corp.(1)                        2,553         58,745                  
Target Corp.                              5,663        237,280                  
Tiffany & Co.                             1,088         35,697                  
TJX Companies Inc.                        1,767         67,093                  
Toys R Us Inc.(1)                         1,320         23,509                  
Tricon Global Restaurants Inc.(1)           990         58,539                  
Walgreen Co.                              6,866        276,288                  
Wal-Mart Stores Inc.                     28,182      1,747,566                  
Wendy's International Inc.                1,067         33,088                  
--------------------------------------------------------------                  
                                   5,496,503
--------------------------------------------------------------                  

SEMICONDUCTORS - 2.62%                                                          
--------------------------------------------------------------                  
Advanced Micro Devices Inc.(1)            2,029         27,392                  
Altera Corp.(1)                           2,699         51,470                  
Analog Devices Inc.(1)                    2,254         83,871                  
Applied Materials Inc.(1)                 5,069        220,349                  
Applied Micro Circuits Corp.(1)           1,888         14,519                  
Atmel Corp.(1)                            2,354         17,019                  
Axcelis Technologies Inc.(1)              1,231         15,031                  
Broadcom Corp. "A"(1)                     2,265         69,422                  
Cirrus Logic Inc.(1)                        614          9,474                  
Conexant Systems Inc.(1)                  1,733         17,746                  
Cree Inc.(1)                                719         10,116                  
Cypress Semiconductor Corp.(1)              791         15,701                  
Integrated Device Technology                                                    
Inc.(1)                                 1,282         32,781                
Intel Corp.                              42,204      1,204,924                  
International Rectifier Corp.(1)            391         14,358                  
Intersil Corp. "A"(1)                       380         10,541                  
KLA-Tencor Corp.(1)                       1,298         75,167                  
Lam Research Corp.(1)                     2,677         57,930                  
Lattice Semiconductor Corp.(1)            2,130         36,593                  
Linear Technology Corp.                   2,366         87,140                  
LSI Logic Corp.(1)                        2,659         39,858                  
Maxim Integrated Products Inc.(1)         2,365        108,222                  
Microchip Technology Inc.(1)                915         31,275                  
Micron Technology Inc.(1)                 5,316        170,909                  
Mykrolis Corp.(1)                           279          2,956                  
National Semiconductor Corp.(1)           1,302         32,745                  
Novellus Systems Inc.(1)                  1,020         43,442                  
NVIDIA Corp.(1)                           1,130         57,641                  
QLogic Corp.(1)                             676         25,181                  
Rambus Inc.(1)                              641          4,391                  
Silicon Laboratories Inc.(1)                253          6,583                  
Teradyne Inc.(1)                          1,251         41,921                  
Texas Instruments Inc.                   12,777        375,005                  
Varian Semiconductor Equipment                                                  
Associates Inc.(1)                      1,459         49,635                
Vitesse Semiconductor Corp.(1)            1,199          8,417                  
Xilinx Inc.(1)                            2,088         75,001                  
--------------------------------------------------------------                  
                                   3,144,726
--------------------------------------------------------------                  

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  

SOFTWARE - 3.64%                                                                
--------------------------------------------------------------                  
Adobe Systems Inc.                        1,553   $     56,498                  
Ariba Inc.(1)                             1,184          5,245                  
Ascential Software Corp.(1)               2,019          7,874                  
Autodesk Inc.                             1,028         45,407                  
Automatic Data Processing Inc.            4,373        230,501                  
BEA Systems Inc.(1)                       2,660         33,809                  
BMC Software Inc.(1)                      1,862         29,885                  
BroadVision Inc.(1)                       1,719          3,283                  
Cadence Design Systems Inc.(1)            2,345         49,597                  
Certegy Inc.(1)                           1,144         42,500                  
ChoicePoint Inc.(1)                         725         38,570                  
Citrix Systems Inc.(1)                    1,340         20,328                  
CMGI Inc.(1)                              1,338          1,967                  
Computer Associates International                                               
Inc.                                    5,161         84,021                
Compuware Corp.(1)                        2,593         29,586                  
DoubleClick Inc.(1)                       1,134         12,213                  
eFunds Corp.(1)                           1,666         29,122                  
Electronic Arts Inc.(1)                   1,040         55,973                  
First Data Corp.                          2,514        204,941                  
Fiserv Inc.(1)                            1,594         68,128                  
Global Payments Inc.                      1,047         32,007                  
i2 Technologies Inc.(1)                   1,715          9,347                  
IMS Health Inc.                           1,901         38,020                  
InfoSpace Inc.(1)                         1,888          2,549                  
Inktomi Corp.(1)                            719          3,142                  
Internet Capital Group Inc.(1)              930            716                  
Intuit Inc.(1)                            1,916         72,597                  
Keane Inc.(1)                               759         12,144                  
Legato Systems Inc.(1)                      934          9,013                  
Macromedia Inc.(1)                          400          7,000                  
Mercury Interactive Corp.(1)                876         29,679                  
Micromuse Inc.(1)                           719          6,514                  
Microsoft Corp.(1)                       34,627      2,020,139                  
NDCHealth Corp.                             962         32,746                  
Network Associates Inc.(1)                1,413         33,516                  
Novell Inc.(1)                            2,244          9,178                  
Openwave Systems Inc.(1)                  1,792         10,017                  
Oracle Corp.(1)                          35,489        589,827                  
Parametric Technology Corp.(1)            2,243         16,508                  
PeopleSoft Inc.(1)                        2,149         62,471                  
Rational Software Corp.(1)                1,405         26,077                  
RealNetworks Inc.(1)                      1,519          8,279                  
Reynolds & Reynolds Co. "A"               1,635         47,987                  
Siebel Systems Inc.(1)                    3,277         90,970                  
Sybase Inc.(1)                            1,622         27,363                  
Symantec Corp.(1)                         1,178         42,479                  
Total System Services Inc.                  462         10,672                  
Vignette Corp.(1)                         1,269          3,553                  
Yahoo! Inc.(1)                            3,872         55,989                  
--------------------------------------------------------------                  
                                   4,359,947
--------------------------------------------------------------                  

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LIFEPATH 2030 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  

TELECOMMUNICATION EQUIPMENT - 0.67%                                             
--------------------------------------------------------------                  
ADC Telecommunications Inc.(1)            5,033   $     18,119                  
ADTRAN Inc.(1)                              240          5,784                  
Advanced Fibre Communications                                                   
Inc.(1)                                   618         10,043                
American Tower Corp.(1)                   4,697         22,733                  
Andrew Corp.(1)                           1,138         19,130                  
Avaya Inc.(1)                             1,822          9,748                  
CIENA Corp.(1)                            2,652         20,580                  
CommScope Inc.(1)                           696         11,484                  
Comverse Technology Inc.(1)               1,113         17,418                  
Harris Corp.                              1,292         44,251                  
JDS Uniphase Corp.(1)                    10,596         51,391                  
Lucent Technologies Inc.                 21,201        118,514                  
Motorola Inc.                            16,346        212,498                  
QUALCOMM Inc.(1)                          4,980        165,585                  
RF Micro Devices Inc.(1)                  1,388         21,708                  
Scientific-Atlanta Inc.                   1,184         26,486                  
Tellabs Inc.(1)                           2,629         26,974                  
Williams Communications Group                                                   
Inc.(1)                                 2,465            320                
--------------------------------------------------------------                  
                                     802,766
--------------------------------------------------------------                  

TELECOMMUNICATIONS - 1.35%                                                      
--------------------------------------------------------------                  
Adaptec Inc.(1)                             742          8,459                  
Adelphia Business Solutions Inc.(1)         647             52                  
Anixter International Inc.(1)               349          9,029                  
AT&T Wireless Services Inc.(1)           18,456        186,221                  
Broadwing Inc.(1)                         3,665         23,016                  
Corning Inc.                              5,841         39,310                  
Cox Communications Inc. "A"(1)            3,198        117,846                  
EchoStar Communications Corp.(1)          2,700         70,524                  
General Motors Corp. "H"(1)               5,903         87,069                  
Leap Wireless International Inc.(1)       1,641          7,729                  
Level 3 Communications Inc.(1)            1,423          4,297                  
McLeodUSA Inc. "A"(1)                     2,364            426                  
Metromedia Fiber Network                                                        
Inc. "A"(1)                             1,973            612                
Nextel Communications Inc. "A"(1)         5,089         25,394                  
NTL Inc.(1)                                 896            161                  
Qwest Communications International                                              
Inc.                                   12,282        106,853                
Sprint Corp. (PCS Group)(1)               6,188         57,239                  
Verizon Communications Inc.              18,728        876,470                  
--------------------------------------------------------------                  
                                   1,620,707
--------------------------------------------------------------                  
TELEPHONE - 1.84%                                                               
--------------------------------------------------------------                  
Alltel Corp.                              2,430        135,230                  
AT&T Corp.                               23,713        368,500                  
BellSouth Corp.                          13,215        512,213                  
CenturyTel Inc.                           1,227         40,736                  
SBC Communications Inc.                  22,157        838,421                  
Sprint Corp. (FON Group)                  5,773         81,342                  
Telephone & Data Systems Inc.               915         79,742                  
WorldCom Inc.(1)                         19,574        147,196                  
--------------------------------------------------------------                  
                                   2,203,380
--------------------------------------------------------------                  

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  

TEXTILES - 0.05%                                                                
--------------------------------------------------------------                  
Cintas Corp.                              1,402   $     62,095                  
--------------------------------------------------------------                  
                                      62,095
--------------------------------------------------------------                  

TOBACCO - 0.70%                                                                 
--------------------------------------------------------------                  
Philip Morris Companies Inc.             13,548        713,438                  
R.J. Reynolds Tobacco Holdings Inc.       1,320         86,658                  
UST Inc.                                  1,212         42,250                  
--------------------------------------------------------------                  
                                     842,346
--------------------------------------------------------------                  

TOYS / GAMES / HOBBIES - 0.08%                                                  
--------------------------------------------------------------                  
Hasbro Inc.                               1,471         21,050                  
Mattel Inc.                               3,944         74,739                  
--------------------------------------------------------------                  
                                      95,789
--------------------------------------------------------------                  

TRANSPORTATION - 0.46%                                                          
--------------------------------------------------------------                  
Airborne Inc.                               867         15,675                  
Alexander & Baldwin Inc.                  1,545         38,254                  
Burlington Northern Santa Fe Corp.        2,445         70,954                  
CNF Transportation Inc.                   1,153         35,755                  
CSX Corp.                                 1,337         50,458                  
FedEx Corp.(1)                            1,980        114,563                  
Kansas City Southern Industries                                                 
Inc.                                    3,589         51,466                
Norfolk Southern Corp.                    3,013         71,679                  
Union Pacific Corp.                       1,619         98,225                  
--------------------------------------------------------------                  
                                     547,029
--------------------------------------------------------------                  

TRUCKING & LEASING - 0.03%                                                      
--------------------------------------------------------------                  
GATX Corp.                                1,003         30,712                  
--------------------------------------------------------------                  
                                      30,712
--------------------------------------------------------------                  

WATER - 0.07%                                                                   
--------------------------------------------------------------                  
American Water Works Inc.                 2,064         88,979                  
--------------------------------------------------------------                  
                                      88,979
--------------------------------------------------------------                  

TOTAL U.S. COMMON STOCKS                                                        
(Cost: $69,746,117)                                 76,094,463                  
--------------------------------------------------------------                  

INTERNATIONAL COMMON STOCKS - 19.98%                                            

AUSTRALIA - 1.04%                                                               
--------------------------------------------------------------                  
Coles Myer Ltd. ADR                       4,129        149,470                  
National Australia Bank ADR               4,594        423,107                  
News Corporation Ltd. ADR                 3,539         90,528                  
Rio Tinto PLC ADR                         3,888        310,846                  
Westpac Banking Corp. ADR                 6,568        278,155                  
--------------------------------------------------------------                  
                                   1,252,106
--------------------------------------------------------------                  

CANADA - 0.30%                                                                  
--------------------------------------------------------------                  
Alcan Aluminum Ltd.                       2,986        121,052                  
Barrick Gold Corp.                        2,835         51,172                  

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LIFEPATH 2030 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
CANADA (CONTINUED)                                                              
--------------------------------------------------------------                  
Inco Ltd.(1)                              1,459   $     27,181                  
Nortel Networks Corp.                    20,819        105,552                  
Placer Dome Inc.                          4,086         47,479                  
--------------------------------------------------------------                  
                                     352,436
--------------------------------------------------------------                  

DENMARK - 1.05%                                                                 
--------------------------------------------------------------                  
Novo-Nordisk A/S ADR                     26,650      1,040,683                  
TDC A/S ADR                              13,385        210,145                  
--------------------------------------------------------------                  
                                   1,250,828
--------------------------------------------------------------                  

FINLAND - 0.31%                                                                 
--------------------------------------------------------------                  
Nokia OYJ ADR                            18,091        375,750                  
--------------------------------------------------------------                  
                                     375,750
--------------------------------------------------------------                  

FRANCE - 2.60%                                                                  
--------------------------------------------------------------                  
Alcatel SA ADR                           16,188        221,614                  
Aventis SA ADR                            9,661        716,363                  
AXA-UAP ADR                              18,158        334,834                  
France Telecom SA ADR                     2,568         67,282                  
LVMH Moet-Hennessy Louis Vuitton                                                
ADR                                    20,445        191,365                
Total Fina SA ADR                        20,066      1,475,854                  
Total Fina SA Warrants                                                          
(Expires 08/08/03)                         81          2,147                
Vivendi Universal SA ADR                  2,837        109,792                  
--------------------------------------------------------------                  
                                   3,119,251
--------------------------------------------------------------                  

GERMANY - 0.85%                                                                 
--------------------------------------------------------------                  
DaimlerChrysler AG                       16,284        649,406                  
Deutsche Telekom AG ADR                  15,279        215,281                  
SAP AG ADR                                4,658        159,164                  
--------------------------------------------------------------                  
                                   1,023,851
--------------------------------------------------------------                  
IRELAND - 0.40%                                                                 
--------------------------------------------------------------                  
Allied Irish Banks PLC ADR               21,737        481,692                  
--------------------------------------------------------------                  
                                     481,692
--------------------------------------------------------------                  
ITALY - 0.64%                                                                   
--------------------------------------------------------------                  
Benetton Group SpA ADR                    9,307        226,160                  
ENI-Ente Nazionale Idrocarburi SpA                                              
ADR                                     2,928        203,467                
Fiat SpA ADR                              8,551        107,480                  
San Paolo-IMI SpA ADR                    11,488        231,483                  
--------------------------------------------------------------                  
                                     768,590
--------------------------------------------------------------                  
JAPAN - 4.33%                                                                   
--------------------------------------------------------------                  
Canon Inc. ADR                            7,000        242,480                  
Fuji Photo Film Co. Ltd. ADR              5,276        168,410                  
Hitachi Ltd. ADR                          3,187        199,219                  
Honda Motor Company Ltd. ADR             14,248        283,678                  

SECURITY                               SHARES        VALUE                      

--------------------------------------------------------------                  
JAPAN (CONTINUED)                                                               
--------------------------------------------------------------                  
Ito-Yokado Co. Ltd. ADR                   6,507   $    257,352                  
Japan Air Lines ADR                      34,938        185,171                  
Kirin Brewery Co. Ltd. ADR                5,186        332,008                  
Kubota Corp. ADR                          6,003        331,666                  
Kyocera Corp. ADR                         2,233        132,864                  
Makita Corp. ADR                          6,620         39,720                  
Matsushita Electric Industrial Co.                                              
Ltd. ADR                               16,391        197,675                
Mitsubishi Corp. ADR                     18,804        260,435                  
Mitsui & Co. ADR                          2,547        280,170                  
NEC Corp. ADR                            24,095        174,689                  
Nippon Telegraph & Telephone Corp.                                              
ADR                                    12,951        207,346                
Nissan Motor Co. Ltd. ADR                22,442        287,931                  
Pioneer Corp. ADR                         9,099        172,790                  
Ricoh Corp. Ltd. ADR                      2,769        243,672                  
Sony Corp. ADR                            4,291        198,244                  
Tokio Marine and Fire Insurance Co.                                             
Ltd. ADR                               14,316        511,081                
Toyota Motor Corp. ADR                    9,313        479,154                  
--------------------------------------------------------------                  
                                   5,185,755
--------------------------------------------------------------                  

NETHERLANDS - 2.52%                                                             
--------------------------------------------------------------                  
Abn Amro Holding NV ADR                  17,633        309,812                  
Aegon NV ADR                              8,731        188,590                  
Akzo Nobel NV ADR                         5,022        223,127                  
Elsevier NV ADR                          15,753        401,702                  
ING Groep NV ADR                          6,908        164,203                  
Koninklijke Ahold NV ADR                 12,337        287,575                  
Koninklijke (Royal) Philips                                                     
Electronics NV - NY Shares(1)           9,058        235,146                
Royal Dutch Petroleum Co.                 7,000        361,181                  
Royal Dutch Petroleum Co. - NY                                                  
Shares                                 12,532        643,769                
Unilever NV - NY Shares                   3,561        207,535                  
--------------------------------------------------------------                  
                                   3,022,640
--------------------------------------------------------------                  

NEW ZEALAND - 0.06%                                                             
--------------------------------------------------------------                  
Telecom Corp. of New Zealand Ltd.                                               
ADR                                     4,215         72,835                
--------------------------------------------------------------                  
                                      72,835
--------------------------------------------------------------                  

PORTUGAL - 0.08%                                                                
--------------------------------------------------------------                  
Banco Comercial Portugues ADR             5,288         91,747                  
--------------------------------------------------------------                  
                                      91,747
--------------------------------------------------------------                  

SINGAPORE - 0.04%                                                               
--------------------------------------------------------------                  
Chartered Semiconductor                                                         
Manufacturing Ltd. ADR(1)               2,111         47,455                
--------------------------------------------------------------                  
                                      47,455
--------------------------------------------------------------                  

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LIFEPATH 2030 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

     SHARES OR
SECURITY                             FACE AMOUNT      VALUE                     

---------------------------------------------------------------                 

SPAIN - 0.79%                                                                   
---------------------------------------------------------------                 
Banco Bilbao Vizcaya Argentaria SA                                              
ADR                                     16,643   $    193,725               
Banco Santander Central Hispano SA                                              
ADR                                     48,205        385,158               
Repsol SA ADR                             10,083        123,416                 
Telefonica SA ADR                          7,230        253,692                 
---------------------------------------------------------------                 
                                       955,991
---------------------------------------------------------------                 

SWEDEN - 0.16%                                                                  
---------------------------------------------------------------                 
Telefonaktiebolaget LM Ericsson AB                                              
ADR(1)                                  44,305        186,967               
---------------------------------------------------------------                 
                                       186,967
---------------------------------------------------------------                 

SWITZERLAND - 0.38%                                                             
---------------------------------------------------------------                 
Adecco SA ADR                             11,739        174,911                 
Novartis AG                                6,000        227,939                 
Sulzer Medica ADR                          6,081         46,459                 
---------------------------------------------------------------                 
                                       449,309
---------------------------------------------------------------                 

UNITED KINGDOM - 4.43%                                                          
---------------------------------------------------------------                 
AstraZeneca PLC ADR                       10,090        514,388                 
Barclays PLC ADR                           3,482        420,277                 
BP PLC ADR                                 9,282        459,923                 
British Sky Broadcasting PLC ADR           2,720        165,947                 
British Telecom PLC ADR(1)                 5,837        213,926                 
Cadbury Schweppes PLC ADR                 11,609        316,345                 
Diageo PLC ADR                            16,288        786,548                 
GlaxoSmithKline PLC ADR                   25,962      1,270,840                 
Hanson PLC ADR                             9,939        332,360                 
Hong Kong & Shanghai Banking ADR           3,025        169,582                 
Reuters Group PLC ADR                      2,892        127,422                 
Vodafone Group PLC ADR                    28,506        541,614                 
---------------------------------------------------------------                 
                                     5,319,172
---------------------------------------------------------------                 

TOTAL INTERNATIONAL COMMON STOCKS                                               
(Cost: $27,920,215)                                  23,956,375                 
---------------------------------------------------------------                 

TOTAL COMMON STOCKS                                                             
(Cost: $97,666,332)                                 100,050,838                 
---------------------------------------------------------------                 

     SHARES OR
SECURITY                             FACE AMOUNT      VALUE                     

U.S. GOVERNMENT OBLIGATIONS - 15.54%                                            
---------------------------------------------------------------                 
U.S. Treasury Bonds                                                             
5.25%,  11/15/28                   $ 3,500,000      3,333,068               
7.25%,  05/15/16                       350,000        410,894               
7.50%,  1/15/16                        650,000        779,949               
7.88%,  02/15/21                        50,000         63,180               
8.13%,  08/15/19                       200,000        256,469               
8.13%,  05/15/21                       150,000        194,233               
8.50%,  02/15/20                       100,000        132,859               
8.75%,  05/15/17                       150,000        199,852               

SECURITY                             FACE AMOUNT      VALUE                     

---------------------------------------------------------------                 
8.75%,  05/15/20                   $   200,000   $    271,992               
9.13%,  05/15/18                       100,000        138,199               
9.38%,  02/15/06                       100,000        119,402               
10.00%,  05/15/10                      130,000        153,664               
10.38%,  11/15/12                      100,000        128,578               
10.63%,  08/15/15                      150,000        224,889               
10.75%,  08/15/05                      200,000        244,422               
11.25%,  02/15/15                      300,000        465,234               
11.75%,  11/15/14                      150,000        215,613               
12.00%,  08/15/13                      250,000        350,205               
12.50%,  08/15/14                      150,000        221,209               
U.S. Treasury Notes                                                             
3.00%,  01/31/04                     1,750,000      1,750,205               
3.88%,  06/30/03                     2,550,000      2,596,915               
4.75%,  02/15/04                     2,630,000      2,718,045               
5.00%,  02/15/11                       590,000        594,448               
5.25%,  08/15/03                       550,000        570,947               
5.63%,  05/15/08                     1,000,000      1,056,875               
5.75%,  08/15/03                       100,000        104,488               
5.88%,  11/15/05                       200,000        213,570               
6.50%,  05/15/05                       200,000        216,961               
6.88%,  05/15/06                       400,000        442,766               
7.00%,  07/15/06                       300,000        333,820               
7.25%,  08/15/04                       110,000        120,184               
---------------------------------------------------------------                 

TOTAL U.S. GOVERNMENT OBLIGATIONS                                               
(Cost: $18,231,640)                                  18,623,135                 
---------------------------------------------------------------                 

SHORT TERM INSTRUMENTS - 11.80%                                                 
---------------------------------------------------------------                 
Barclays Global Investors Funds                                                 
Institutional Money Market Fund,                                            
Institutional Shares                 8,849,028      8,849,028               
Dreyfus Money Market Fund              2,461,334      2,461,334                 
Goldman Sachs Financial Square                                                  
Prime Obligation Fund                  306,819        306,819               
Providian Temp Cash Money Market                                                
Fund                                 2,529,089      2,529,089               
---------------------------------------------------------------                 

TOTAL SHORT TERM INSTRUMENTS                                                    
(Cost: $14,146,271)                                  14,146,270                 
---------------------------------------------------------------                 

TOTAL INVESTMENTS IN SECURITIES - 110.80%                                       
(Cost $130,044,243)                                 132,820,243                 
---------------------------------------------------------------                 

Other Assets, Less Liabilities - (10.80%)           (12,946,963)                
---------------------------------------------------------------                 

NET ASSETS - 100.00%                               $119,873,280                 
---------------------------------------------------------------                 

---------------------------------------------------------------                 

(1) NON-INCOME EARNING SECURITIES.                                              

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL                  
STATEMENTS.                                                                     

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LIFEPATH 2040 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS                                                         
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   

COMMON STOCKS - 94.07%                                                          

U.S. COMMON STOCKS - 73.51%                                                     

ADVERTISING - 0.22%                                                             
-------------------------------------------------------------                   
Interpublic Group of Companies Inc.      2,064   $     56,141                   
Lamar Advertising Co.(1)                   789         31,473                   
Omnicom Group Inc.                       1,163        108,787                   
TMP Worldwide Inc.(1)                      586         16,361                   
-------------------------------------------------------------                   
                                   212,762
-------------------------------------------------------------                   

AEROSPACE / DEFENSE - 0.99%                                                     
-------------------------------------------------------------                   
Boeing Co.                               4,724        217,115                   
General Dynamics Corp.                   1,335        121,325                   
Goodrich (B.F.) Co.                        784         23,402                   
L-3 Communications Holdings Inc.(1)        458         50,311                   
Lockheed Martin Corp.                    2,683        151,348                   
Northrop Grumman Corp.                     686         73,429                   
Raytheon Co.                             2,258         87,362                   
Rockwell Collins                         1,248         29,016                   
United Technologies Corp.                2,660        194,047                   
-------------------------------------------------------------                   
                                   947,355
-------------------------------------------------------------                   

AIRLINES - 0.17%                                                                
-------------------------------------------------------------                   
AMR Corp.(1)                               978         25,526                   
Continental Airlines Inc. "B"(1)           299          9,418                   
Delta Air Lines Inc.                       342         11,799                   
Northwest Airlines Corp. "A"(1)            588          9,373                   
Southwest Airlines Co.                   4,422         93,348                   
U.S. Airways Group Inc.(1)                 586          3,118                   
UAL Corp.                                  634          8,128                   
-------------------------------------------------------------                   
                                   160,710
-------------------------------------------------------------                   

APPAREL - 0.22%                                                                 
-------------------------------------------------------------                   
Jones Apparel Group Inc.(1)              1,113         39,690                   
Liz Claiborne Inc.                         844         25,582                   
Nike Inc. "B"                            1,857        109,303                   
VF Corp.                                   851         35,785                   
-------------------------------------------------------------                   
                                   210,360
-------------------------------------------------------------                   

AUTO MANUFACTURERS - 0.41%                                                      
-------------------------------------------------------------                   
Ford Motor Company                      10,040        149,395                   
General Motors Corp. "A"                 3,093        163,867                   
Navistar International Corp.               666         28,318                   
PACCAR Inc.                                751         54,019                   
-------------------------------------------------------------                   
                                   395,599
-------------------------------------------------------------                   
AUTO PARTS & EQUIPMENT - 0.23%                                                  
-------------------------------------------------------------                   
Dana Corp.                               1,064         19,790                   
Delphi Automotive Systems Corp.          3,837         61,354                   
Goodyear Tire & Rubber Co.               1,030         28,325                   
Lear Corp.(1)                              968         43,270                   
TRW Inc.                                   879         44,170                   
Visteon Corp.                            1,332         18,888                   
-------------------------------------------------------------                   
                                   215,797
-------------------------------------------------------------                   

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   

BANKS - 5.45%                                                                   
-------------------------------------------------------------                   
AmSouth Bancorp                          2,733   $     57,803                   
Associated Bancorp                       1,327         48,648                   
Astoria Financial Corp.                  1,830         54,552                   
Bank of America Corp.                    9,479        606,182                   
Bank of New York Co. Inc.                4,017        151,200                   
Bank One Corp.                           6,825        244,608                   
Banknorth Group Inc.                     2,013         50,305                   
BB&T Corp.                               2,952        109,254                   
Charter One Financial Inc.               2,073         63,144                   
Comerica Inc.                              905         54,164                   
Commerce Bancshares Inc.                 1,075         44,870                   
Compass Bancshares Inc.                  1,762         52,772                   
Fifth Third Bancorp                      3,362        214,361                   
First Tennessee National Corp.           1,744         60,168                   
First Virginia Banks Inc.                  876         46,305                   
FleetBoston Financial Corp.              5,894        196,742                   
Golden West Financial Corp.                896         57,120                   
Greenpoint Financial Corp.               1,051         46,244                   
Huntington Bancshares Inc.               2,961         54,630                   
JP Morgan Chase & Co.                   12,160        355,680                   
KeyCorp                                  2,593         65,032                   
M&T Bank Corp.                           1,120         85,680                   
Marshall & Ilsley Corp.                  1,445         88,131                   
Mellon Financial Corp.                   2,500         90,000                   
Mercantile Bankshares Corp.              1,030         45,124                   
National City Corp.                      3,783        107,891                   
National Commerce Financial Corp.        2,159         56,890                   
North Fork Bancorp                       2,289         79,154                   
Northern Trust Corp.                     1,096         59,316                   
PNC Financial Services Group             1,748         96,035                   
Popular Inc.                             1,708         49,566                   
Regions Financial Corp.                  1,848         60,060                   
SouthTrust Corp.                         2,555         64,565                   
Sovereign Bancorp Inc.                   4,478         56,736                   
State Street Corp.                       1,697         86,038                   
SunTrust Banks Inc.                      1,474         92,552                   
Synovus Financial Corp.                  2,204         64,577                   
TCF Financial Corp.                        788         40,503                   
U.S. Bancorp                            12,334        257,164                   
Union Planters Corp.                     1,362         63,415                   
UnionBanCal Corp.                        1,689         64,182                   
Wachovia Corp.                           7,670        254,874                   
Washington Mutual Inc.                   5,652        183,860                   
Wells Fargo & Company                    9,149        429,088                   
Wilmington Trust Corp.                     594         38,960                   
Zions Bancorp                              898         47,459                   
-------------------------------------------------------------                   
                                 5,195,604
-------------------------------------------------------------                   

BEVERAGES - 1.53%                                                               
-------------------------------------------------------------                   
Anheuser-Busch Companies Inc.            4,135        210,265                   
Brown-Forman Corp. "B"                     491         33,363                   
Coca-Cola Co.                           13,482        638,912                   
Coca-Cola Enterprises Inc.               2,927         51,018                   
Coors (Adolf) Company "B"                  199         12,041                   
Pepsi Bottling Group Inc.                  200          4,970                   
PepsiAmericas Inc.                       1,340         18,385                   

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LIFEPATH 2040 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
BEVERAGES (CONTINUED)                                                           
-------------------------------------------------------------                   
PepsiCo Inc.                             9,778   $    493,789                   
-------------------------------------------------------------                   
                                 1,462,743
-------------------------------------------------------------                   

BIOTECHNOLOGY - 0.99%                                                           
-------------------------------------------------------------                   
Amgen Inc.(1)                            6,374        369,565                   
Applera Corp. - Celera Genomics                                                 
Group(1)                                 884         17,857                 
Biogen Inc.(1)                           1,082         57,508                   
Chiron Corp.(1)                          1,290         56,012                   
CuraGen Corp.(1)                           535          8,897                   
Genentech Inc.(1)                        1,755         82,836                   
Genzyme Corp. - General Division(1)      1,581         70,165                   
Human Genome Sciences Inc.(1)              786         16,129                   
IDEC Pharmaceuticals Corp.(1)            1,246         78,274                   
Immunex Corp.(1)                         3,137         90,157                   
Immunomedics Inc.(1)                       510          8,471                   
Invitrogen Corp.(1)                        680         31,035                   
Millennium Pharmaceuticals Inc.(1)       1,805         33,898                   
Protein Design Labs Inc.(1)                910         14,442                   
XOMA Ltd.(1)                               611          4,912                   
-------------------------------------------------------------                   
                                   940,158
-------------------------------------------------------------                   
BUILDING MATERIALS - 0.16%                                                      
-------------------------------------------------------------                   
American Standard Companies Inc.(1)        455         29,711                   
Masco Corp.                              3,096         86,905                   
Vulcan Materials Co.                       812         39,244                   
-------------------------------------------------------------                   
                                   155,860
-------------------------------------------------------------                   

CHEMICALS - 1.02%                                                               
-------------------------------------------------------------                   
Air Products & Chemicals Inc.            1,529         74,156                   
Ashland Inc.                               724         31,414                   
Cabot Corp.                              1,046         34,183                   
Dow Chemical Co.                         5,109        159,810                   
Du Pont (E.I.) de Nemours                5,925        277,527                   
Eastman Chemical Co.                       517         22,748                   
Engelhard Corp.                          1,008         29,000                   
Great Lakes Chemical Corp.                 420          9,891                   
Hercules Inc.(1)                         1,041         13,013                   
IMC Global Inc.                          1,283         17,064                   
Lyondell Chemical Co.                    2,522         39,419                   
PPG Industries Inc.                      1,033         53,045                   
Praxair Inc.                             1,038         60,100                   
Rohm & Haas Co. "A"                      1,452         55,771                   
Sherwin-Williams Co.                     1,098         29,009                   
Sigma-Aldrich Corp.                        892         40,666                   
Solutia Inc.                             1,540         10,472                   
Vertex Pharmaceuticals Inc.(1)             657         14,329                   
-------------------------------------------------------------                   
                                   971,617
-------------------------------------------------------------                   

COAL - 0.02%                                                                    
-------------------------------------------------------------                   
Massey Energy Co.                        1,173         16,586                   
-------------------------------------------------------------                   
                                    16,586
-------------------------------------------------------------                   

COMMERCIAL SERVICES - 1.20%                                                     
-------------------------------------------------------------                   
Apollo Group Inc. "A"(1)                 1,037         50,346                   

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
COMMERCIAL SERVICES (CONTINUED)                                                 
-------------------------------------------------------------                   
Block (H & R) Inc.                       1,996   $    100,698                   
Caremark Rx Inc.(1)                      2,115         36,907                   
Cendant Corp.(1)                         6,201        107,959                   
Comdisco Inc.(1)                         1,562            578                   
Concord EFS Inc.(1)                      3,682        110,570                   
Convergys Corp.(1)                       1,148         35,003                   
Deluxe Corp.                             1,275         60,435                   
Donnelley (R.R.) & Sons Co.              1,010         28,896                   
Dun & Bradstreet Corp.(1)                  795         31,164                   
Ecolab Inc.                                931         43,599                   
Equifax Inc.                             1,089         32,670                   
First Health Group Corp.(1)              1,730         39,755                   
Iron Mountain Inc.(1)                    1,452         46,420                   
KPMG Consulting Inc.(1)                  1,733         30,379                   
Manpower Inc.                            1,060         35,542                   
McKesson Corp.                           1,911         67,363                   
Moody's Corp.                            1,133         41,921                   
Paychex Inc.                             2,443         90,269                   
Quintiles Transnational Corp.(1)           835         13,869                   
Robert Half International Inc.(1)        1,795         46,688                   
Servicemaster Co.                        3,130         42,474                   
Valassis Communications Inc.(1)            688         26,460                   
Viad Corp.                               1,125         28,012                   
-------------------------------------------------------------                   
                                 1,147,977
-------------------------------------------------------------                   

COMPUTERS - 3.79%                                                               
-------------------------------------------------------------                   
Apple Computer Inc.(1)                   2,196         47,653                   
Art Technology Group Inc.(1)               560          1,378                   
Brocade Communications Systems                                                  
Inc.(1)                                1,829         40,183                 
Ceridian Corp.(1)                        1,038         19,307                   
Cisco Systems Inc.(1)                   43,015        613,824                   
Commerce One Inc.(1)                     1,046          1,757                   
Compaq Computer Corp.                   10,917        110,698                   
Computer Sciences Corp.(1)               1,102         52,356                   
Dell Computer Corp.(1)                  15,795        389,979                   
Diebold Inc.                             1,389         50,698                   
DST Systems Inc.(1)                        764         31,851                   
Echelon Corp.(1)                           560          8,904                   
Electronic Data Systems Corp.            2,929        172,899                   
EMC Corp.(1)                            13,060        142,354                   
Enterasys Networks Inc.(1)               1,191          4,228                   
Extreme Networks Inc.(1)                 1,148          7,221                   
Foundry Networks Inc.(1)                   993          5,581                   
Gateway Inc.(1)                          2,326         10,700                   
Hewlett-Packard Co.                     11,610        233,593                   
International Business Machines                                                 
Corp.                                 10,182        999,058                 
Juniper Networks Inc.(1)                 1,682         15,676                   
Lexmark International Group                                                     
Inc. "A"(1)                              999         49,660                 
Manhattan Associates Inc.(1)               179          5,379                   
McDATA Corp. "A"(1)                      1,040         16,390                   
NCR Corp.(1)                               990         41,382                   
Network Appliance Inc.(1)                2,344         37,481                   
ONI Systems Inc.(1)                        917          5,007                   
Palm Inc.(1)                             3,482         10,516                   

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LIFEPATH 2040 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
COMPUTERS (CONTINUED)                                                           
-------------------------------------------------------------                   
Portal Software Inc.(1)                    510   $        780                   
Quantum DLT & Storage Group(1)           1,759         15,655                   
Redback Networks Inc.(1)                 1,199          3,705                   
Riverstone Networks Inc.(1)                611          2,334                   
SanDisk Corp.(1)                           382          5,619                   
Sapient Corp.(1)                           866          3,802                   
Sun Microsystems Inc.(1)                19,538        166,268                   
SunGard Data Systems Inc.(1)             2,081         64,240                   
Synopsys Inc.(1)                           815         38,386                   
3Com Corp.(1)                            5,720         27,456                   
Unisys Corp.(1)                          2,112         23,443                   
VeriSign Inc.(1)                         2,115         50,189                   
Veritas Software Corp.(1)                2,434         86,383                   
-------------------------------------------------------------                   
                                 3,613,973
-------------------------------------------------------------                   

COSMETICS / PERSONAL CARE - 1.39%                                               
-------------------------------------------------------------                   
Alberto-Culver Co. "B"                     582         30,305                   
Avon Products Inc.                       1,461         75,519                   
Colgate-Palmolive Co.                    3,126        174,993                   
Estee Lauder Companies Inc. "A"            783         24,430                   
Gillette Co.                             6,052        206,918                   
International Flavors & Fragrances                                              
Inc.                                     750         25,837                 
Kimberly-Clark Corp.                     2,740        171,524                   
Procter & Gamble Co.                     7,248        614,558                   
-------------------------------------------------------------                   
                                 1,324,084
-------------------------------------------------------------                   

DISTRIBUTION / WHOLESALE - 0.27%                                                
-------------------------------------------------------------                   
Costco Wholesale Corp.(1)                3,054        126,008                   
Fastenal Co.                               360         26,906                   
Genuine Parts Co.                        1,171         42,777                   
Grainger (W.W.) Inc.                       971         57,551                   
-------------------------------------------------------------                   
                                   253,242
-------------------------------------------------------------                   

DIVERSIFIED FINANCIAL SERVICES - 4.65%                                          
-------------------------------------------------------------                   
American Express Co.                     7,384        269,147                   
AmeriCredit Corp.(1)                       917         21,412                   
Bear Stearns Companies Inc.                741         40,822                   
Capital One Financial Corp.              1,379         67,943                   
Citigroup Inc.                          31,516      1,426,099                   
Countrywide Credit Industries Inc.         971         39,860                   
E*TRADE Group Inc.(1)                    2,318         18,776                   
Edwards (A.G.) Inc.                        884         36,111                   
Fannie Mae                               5,482        428,966                   
Franklin Resources Inc.                  1,812         74,038                   
Freddie Mac                              4,165        265,477                   
Goldman Sachs Group Inc. (The)           3,271        264,755                   
Household International Inc.             2,987        153,830                   
John Nuveen Co. "A"                      1,239         65,047                   
Knight Trading Group Inc.(1)             1,351         10,754                   
Labranche & Co. Inc.(1)                    840         26,250                   
Legg Mason Inc.                            856         44,872                   
Lehman Brothers Holdings Inc.            1,608         90,852                   
MBNA Corp.                               5,478        189,977                   
Merrill Lynch & Co. Inc.                 5,065        242,867                   
Morgan Stanley Dean Witter & Co.         6,590        323,701                   

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
DIVERSIFIED FINANCIAL SERVICES (CONTINUED)                                      
-------------------------------------------------------------                   
Neuberger Berman Inc.                      540   $     22,799                   
Providian Financial Corp.                2,109          8,204                   
Schwab (Charles) Corp.                   8,859        115,521                   
Stilwell Financial Inc.                  1,385         31,592                   
T. Rowe Price Group Inc.                 1,027         40,885                   
USA Education Inc.                       1,180        109,445                   
-------------------------------------------------------------                   
                                 4,430,002
-------------------------------------------------------------                   

ELECTRIC - 1.54%                                                                
-------------------------------------------------------------                   
AES Corp.(1)                             3,181         16,414                   
Ameren Corp.                               942         38,377                   
American Electric Power Inc.             2,172         95,242                   
Calpine Corp.(1)                         1,835         13,487                   
Cinergy Corp.                            1,273         40,481                   
CMS Energy Corp.                         1,092         23,806                   
Consolidated Edison Inc.                 1,518         61,934                   
Constellation Energy Group Inc.          1,058         30,555                   
Dominion Resources Inc.                  1,339         78,037                   
DTE Energy Co.                           1,351         55,958                   
Duke Energy Corp.                        4,390        154,967                   
Edison International(1)                  2,419         38,220                   
Entergy Corp.                            1,652         68,195                   
Exelon Corp.                             1,720         84,762                   
FirstEnergy Corp.                        2,717         99,442                   
FPL Group Inc.                           1,024         54,385                   
Mirant Corp.(1)                          1,666         14,461                   
NiSource Inc.                            1,046         21,956                   
PG&E Corp.(1)                            2,141         45,411                   
Pinnacle West Capital Corp.                738         29,933                   
PPL Corp.                                1,040         33,914                   
Progress Energy Inc.                     1,077         48,185                   
Public Service Enterprise Group                                                 
Inc.                                   1,009         42,550                 
Reliant Energy Inc.                      2,015         41,912                   
Southern Co.                             3,794         96,368                   
TXU Corp.                                1,708         86,886                   
Xcel Energy Inc.                         2,263         53,520                   
-------------------------------------------------------------                   
                                 1,469,358
-------------------------------------------------------------                   

ELECTRICAL COMPONENTS & EQUIPMENT - 0.20%                                       
-------------------------------------------------------------                   
American Power Conversion Corp.(1)       1,970         25,787                   
Emerson Electric Co.                     2,021        116,389                   
Molex Inc.                               1,311         38,806                   
Power-One Inc.(1)                          789          5,547                   
-------------------------------------------------------------                   
                                   186,529
-------------------------------------------------------------                   

ELECTRONICS - 0.63%                                                             
-------------------------------------------------------------                   
Agilent Technologies Inc.(1)             2,861         89,120                   
Applera Corp. - Applied Biosystems                                              
Group                                  1,486         33,584                 
Arrow Electronics Inc.(1)                1,064         28,515                   
Avnet Inc.                               1,098         28,833                   
AVX Corp.                                  534          9,649                   
Jabil Circuit Inc.(1)                    1,155         21,541                   
Johnson Controls Inc.                      811         71,984                   
KEMET Corp.(1)                           1,606         26,162                   
Millipore Corp.                            354         18,479                   

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LIFEPATH 2040 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
ELECTRONICS (CONTINUED)                                                         
-------------------------------------------------------------                   
Parker Hannifin Corp.                      806   $     40,155                   
PerkinElmer Inc.                           661         15,203                   
Sanmina-SCI Corp.(1)                     4,030         40,904                   
Solectron Corp.(1)                       4,232         34,999                   
Symbol Technologies Inc.                 2,177         18,788                   
Tektronix Inc.(1)                          659         15,757                   
Thermo Electron Corp.(1)                 1,219         24,807                   
Thomas & Betts Corp.                       378          7,220                   
Varian Inc.(1)                             423         14,429                   
Vishay Intertechnology Inc.(1)           1,564         27,698                   
Waters Corp.(1)                          1,064         33,250                   
-------------------------------------------------------------                   
                                   601,077
-------------------------------------------------------------                   
ENGINEERING & CONSTRUCTION - 0.03%                                              
-------------------------------------------------------------                   
Fluor Corp.                                654         24,793                   
Washington Group Warrants (Expires                                              
03/11/03)(1)                              42              5                 
-------------------------------------------------------------                   
                                    24,798
-------------------------------------------------------------                   
ENTERTAINMENT - 0.08%                                                           
-------------------------------------------------------------                   
International Game Technology                                                   
Inc.(1)                                  789         53,273                 
Six Flags Inc.(1)                        1,708         25,193                   
-------------------------------------------------------------                   
                                    78,466
-------------------------------------------------------------                   

ENVIRONMENTAL CONTROL - 0.15%                                                   
-------------------------------------------------------------                   
Allied Waste Industries Inc.(1)          1,637         21,363                   
Republic Services Inc. "A"(1)            1,529         27,446                   
Waste Management Inc.                    3,754         98,768                   
-------------------------------------------------------------                   
                                   147,577
-------------------------------------------------------------                   

FOOD - 1.52%                                                                    
-------------------------------------------------------------                   
Albertson's Inc.                         2,627         79,493                   
Archer-Daniels-Midland Co.               4,573         63,336                   
Campbell Soup Co.                        2,769         74,043                   
ConAgra Foods Inc.                       3,201         74,935                   
General Mills Inc.                       2,001         92,506                   
Heinz (H.J.) Co.                         2,161         88,104                   
Hershey Foods Corp.                        968         68,389                   
Hormel Foods Corp.                       1,115         30,518                   
Kellogg Co.                              2,860         98,813                   
Kraft Foods Inc.                         1,000         39,100                   
Kroger Co.(1)                            5,577        123,531                   
McCormick & Co. Inc.                     1,105         54,145                   
Safeway Inc.(1)                          3,227        138,696                   
Sara Lee Corp.                           5,485        114,746                   
SUPERVALU Inc.                             945         24,523                   
Sysco Corp.                              4,878        144,242                   
Tyson Foods Inc. "A"                     1,784         23,174                   
Winn-Dixie Stores Inc.                   1,053         17,638                   
Wrigley (William Jr.) Co.                1,704         95,492                   
-------------------------------------------------------------                   
                                 1,445,424
-------------------------------------------------------------                   
FOREST PRODUCTS & PAPER - 0.39%                                                 
-------------------------------------------------------------                   
Boise Cascade Corp.                        396         14,236                   
Bowater Inc.                               439         22,630                   

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
FOREST PRODUCTS & PAPER (CONTINUED)                                             
-------------------------------------------------------------                   
Georgia-Pacific Corp.(1)                 1,525   $     39,116                   
International Paper Co.                  2,499        109,331                   
MeadWestvaco Corp.                       1,376         47,802                   
Plum Creek Timber Co. Inc.               1,264         39,121                   
Temple-Inland Inc.                         399         22,220                   
Weyerhaeuser Co.                         1,210         74,802                   
-------------------------------------------------------------                   
                                   369,258
-------------------------------------------------------------                   

GAS - 0.06%                                                                     
-------------------------------------------------------------                   
NICOR Inc.                                 596         24,943                   
Sempra Energy                            1,372         30,623                   
-------------------------------------------------------------                   
                                    55,566
-------------------------------------------------------------                   

HAND / MACHINE TOOLS - 0.13%                                                    
-------------------------------------------------------------                   
Black & Decker Corp.                       631         30,603                   
Snap-On Inc.                               419         14,435                   
SPX Corp.(1)                               365         46,176                   
Stanley Works (The)                        615         31,014                   
-------------------------------------------------------------                   
                                   122,228
-------------------------------------------------------------                   

HEALTH CARE - 3.29%                                                             
-------------------------------------------------------------                   
Aetna Inc.                                 947         33,202                   
Apogent Technologies Inc.(1)             1,326         31,837                   
Bard (C.R.) Inc.                           362         19,693                   
Bausch & Lomb Inc.                         404         15,344                   
Baxter International Inc.                3,398        188,521                   
Beckman Coulter Inc.                       756         36,039                   
Becton Dickinson & Co.                   1,701         62,410                   
Biomet Inc.                              1,689         51,616                   
Boston Scientific Corp.(1)               2,860         63,950                   
Cytyc Corp.(1)                           1,402         32,891                   
Enzon Inc.(1)                              586         25,725                   
Guidant Corp.(1)                         1,983         82,294                   
HCA - The Healthcare Company             3,408        138,808                   
Health Management Associates                                                    
Inc. "A"(1)                            3,028         53,444                 
Health Net Inc.(1)                       1,911         46,323                   
Healthsouth Corp.(1)                     3,048         36,302                   
Hillenbrand Industries Inc.                859         51,531                   
Johnson & Johnson                       17,920      1,091,328                   
Medtronic Inc.                           7,360        327,814                   
Oxford Health Plans Inc.(1)                883         32,097                   
Quest Diagnostics Inc.(1)                  715         50,701                   
St. Jude Medical Inc.(1)                   556         43,535                   
Stryker Corp.(1)                         1,504         92,496                   
Tenet Healthcare Corp.(1)                2,320        133,980                   
Trigon Healthcare Inc.(1)                  713         51,122                   
UnitedHealth Group Inc.                  2,087        151,287                   
Universal Health Services                                                       
Inc. "B"(1)                              866         33,332                 
Varian Medical Systems Inc.(1)             844         34,081                   
WebMD Corp.(1)                           2,980         23,393                   
Wellpoint Health Networks Inc.(1)          454         55,215                   
Zimmer Holdings Inc.(1)                  1,251         44,736                   
-------------------------------------------------------------                   
                                 3,135,047
-------------------------------------------------------------                   

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LIFEPATH 2040 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   

HOLDING COMPANIES-DIVERSIFIED - 0.61%                                           
-------------------------------------------------------------                   
Berkshire Hathaway Inc. "A"(1)               8   $    584,000                   
-------------------------------------------------------------                   
                                   584,000
-------------------------------------------------------------                   
HOME BUILDERS - 0.12%                                                           
-------------------------------------------------------------                   
D.R. Horton Inc.                         1,615         64,438                   
Lennar Corp.                               866         47,812                   
-------------------------------------------------------------                   
                                   112,250
-------------------------------------------------------------                   
HOME FURNISHINGS - 0.13%                                                        
-------------------------------------------------------------                   
Leggett & Platt Inc.                     1,313         33,678                   
Maytag Corp.                               639         25,515                   
Polycom Inc.(1)                          1,148         27,942                   
Whirlpool Corp.                            532         39,953                   
-------------------------------------------------------------                   
                                   127,088
-------------------------------------------------------------                   
HOUSEHOLD PRODUCTS / WARES - 0.24%                                              
-------------------------------------------------------------                   
Avery Dennison Corp.                       673         43,072                   
Clorox Co.                               1,581         69,232                   
Fortune Brands Inc.                      1,078         49,049                   
Newell Rubbermaid Inc.                   1,912         59,521                   
Tupperware Corp.                           491          9,908                   
-------------------------------------------------------------                   
                                   230,782
-------------------------------------------------------------                   

INSURANCE - 3.31%                                                               
-------------------------------------------------------------                   
AFLAC Inc.                               3,255         83,654                   
Allmerica Financial Corp.                  726         31,566                   
Allstate Corp.                           4,155        145,508                   
Ambac Financial Group Inc.                 929         57,644                   
American International Group Inc.       16,167      1,195,873                   
American National Insurance Co.            484         43,178                   
AON Corp.                                1,726         59,771                   
Chubb Corp.                              1,033         77,620                   
CIGNA Corp.                                672         60,278                   
Cincinnati Financial Corp.               1,477         59,390                   
CNA Financial Corp.(1)                     750         21,758                   
Conseco Inc.(1)                          2,166          8,123                   
Hancock (John) Financial Services                                               
Inc.                                   2,642        101,479                 
Hartford Financial Services Group                                               
Inc.                                   1,443         96,681                 
Jefferson-Pilot Corp.                    1,284         64,932                   
Lincoln National Corp.                   1,301         66,624                   
Loews Corp.                              1,256         73,262                   
Marsh & McLennan Companies Inc.          1,596        168,458                   
MBIA Inc.                                1,054         61,606                   
MetLife Inc.                             4,509        143,747                   
MGIC Investment Corp.                      748         50,206                   
PMI Group Inc. (The)                       591         41,872                   
Progressive Corp.                          535         83,353                   
Radian Group Inc.                        1,071         49,984                   
SAFECO Corp.                             1,015         34,459                   
St. Paul Companies Inc.                  1,324         64,744                   
Torchmark Corp.                            943         37,899                   
Transatlantic Holdings Inc.                653         56,922                   
Unitrin Inc.                               796         31,426                   

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
INSURANCE (CONTINUED)                                                           
-------------------------------------------------------------                   
UNUMProvident Corp.                      1,591   $     45,057                   
XL Capital Ltd. "A"                        400         38,104                   
-------------------------------------------------------------                   
                                 3,155,178
-------------------------------------------------------------                   

IRON / STEEL - 0.08%                                                            
-------------------------------------------------------------                   
Allegheny Technologies Inc.                998         15,579                   
Nucor Corp.                                632         35,708                   
United States Steel Corp.                1,185         20,998                   
-------------------------------------------------------------                   
                                    72,285
-------------------------------------------------------------                   

LEISURE TIME - 0.28%                                                            
-------------------------------------------------------------                   
Brunswick Corp.                            661         17,840                   
Carnival Corp. "A"                       3,898        106,376                   
Harley-Davidson Inc.                     2,077        106,467                   
Sabre Holdings Corp.(1)                    921         40,533                   
-------------------------------------------------------------                   
                                   271,216
-------------------------------------------------------------                   

LODGING - 0.26%                                                                 
-------------------------------------------------------------                   
Harrah's Entertainment Inc.(1)             889         35,951                   
Hilton Hotels Corp.                      2,956         38,014                   
Marriott International Inc. "A"          1,677         66,191                   
MGM Grand Inc.(1)                          675         23,220                   
Park Place Entertainment Corp.(1)        2,972         29,036                   
Starwood Hotels & Resorts Worldwide                                             
Inc.                                   1,417         51,012                 
-------------------------------------------------------------                   
                                   243,424
-------------------------------------------------------------                   

MACHINERY - 0.33%                                                               
-------------------------------------------------------------                   
Caterpillar Inc.                         1,984        110,132                   
Cognex Corp.(1)                            318          7,349                   
Deere & Co.                              1,573         75,394                   
Dover Corp.                              1,350         53,420                   
Ingersoll-Rand Co. "A"                     816         40,800                   
Rockwell International Corp.             1,248         24,648                   
-------------------------------------------------------------                   
                                   311,743
-------------------------------------------------------------                   

MANUFACTURERS - 3.59%                                                           
-------------------------------------------------------------                   
Cooper Industries Inc.                     682         24,109                   
Crane Co.                                  479         11,702                   
Danaher Corp.                            1,016         68,306                   
Eastman Kodak Co.                        1,640         51,660                   
Eaton Corp.                                523         42,227                   
General Electric Co.                    56,834      2,188,109                   
Honeywell International Inc.             4,996        190,448                   
Illinois Tool Works Inc.                 1,809        133,070                   
ITT Industries Inc.                      1,032         60,888                   
Minnesota Mining & Manufacturing                                                
Co.                                    2,120        250,012                 
Pall Corp.                                 893         17,431                   
Pentair Inc.                               628         24,492                   
Textron Inc.                               630         29,944                   
Tyco International Ltd.                 11,176        325,222                   
-------------------------------------------------------------                   
                                 3,417,620
-------------------------------------------------------------                   

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LIFEPATH 2040 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   

MEDIA - 3.37%                                                                   
-------------------------------------------------------------                   
Adelphia Communications                                                         
Corp. "A"(1)                           1,597   $     35,054                 
AOL Time Warner Inc.(1)                 28,200        699,360                   
Belo (A.H.) Corp.                        2,446         53,690                   
Cablevision Systems Corp.(1)               787         28,253                   
Charter Communications Inc.(1)           1,869         19,438                   
Clear Channel Communications                                                    
Inc.(1)                                3,938        183,590                 
Comcast Corp. "A"(1)                     6,105        206,776                   
Dow Jones & Co. Inc.                       476         26,566                   
Entercom Communications Corp.(1)           940         48,137                   
Fox Entertainment Group Inc. "A"(1)      1,249         27,853                   
Gannett Co. Inc.                         1,688        128,592                   
Gemstar-TV Guide International                                                  
Inc.(1)                                2,733         49,987                 
Hispanic Broadcasting Corp.(1)           1,666         43,433                   
Knight Ridder Inc.                         598         40,305                   
Liberty Media Corp. "A"(1)              17,900        229,120                   
McClatchy Co. (The) "A"                  1,148         63,140                   
McGraw-Hill Companies Inc.               1,095         72,051                   
Meredith Corp.                           1,006         39,697                   
New York Times Co. "A"                   1,122         49,256                   
Readers Digest Association Inc.                                                 
(The) "A"                              1,018         21,256                 
Scripps (E.W.) Company                     697         52,414                   
Tribune Co.                              1,968         84,270                   
Univision Communications Inc.(1)         1,393         57,447                   
USA Networks Inc.(1)                     2,621         77,477                   
Viacom Inc. "B"(1)                      10,655        495,990                   
Walt Disney Co. (The)                   11,992        275,816                   
Washington Post Company (The) "B"           99         56,606                   
Westwood One Inc.(1)                     1,326         47,431                   
-------------------------------------------------------------                   
                                 3,213,005
-------------------------------------------------------------                   

METAL FABRICATE / HARDWARE - 0.04%                                              
-------------------------------------------------------------                   
Precision Castparts Corp.                1,044         33,669                   
-------------------------------------------------------------                   
                                    33,669
-------------------------------------------------------------                   
MINING - 0.29%                                                                  
-------------------------------------------------------------                   
Alcoa Inc.                               5,468        205,433                   
Freeport-McMoRan Copper & Gold                                                  
Inc.(1)                                1,825         26,736                 
Newmont Mining Corp.                     1,096         26,436                   
Phelps Dodge Corp.                         571         21,647                   
-------------------------------------------------------------                   
                                   280,252
-------------------------------------------------------------                   
OFFICE / BUSINESS EQUIPMENT - 0.16%                                             
-------------------------------------------------------------                   
Herman Miller Inc.                       1,132         26,330                   
Pitney Bowes Inc.                        2,049         85,484                   
Xerox Corp.(1)                           4,540         44,083                   
-------------------------------------------------------------                   
                                   155,897
-------------------------------------------------------------                   

OIL & GAS PRODUCERS - 3.66%                                                     
-------------------------------------------------------------                   
Amerada Hess Corp.                         570         39,484                   
Anadarko Petroleum Corp.                 1,705         88,831                   
Apache Corp.                               959         50,587                   
Burlington Resources Inc.                1,759         66,103                   

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
OIL & GAS PRODUCERS (CONTINUED)                                                 
-------------------------------------------------------------                   
ChevronTexaco Corp.                      6,232   $    526,230                   
Conoco Inc.                              4,249        117,527                   
Devon Energy Corp.(1)                    1,110         48,485                   
Diamond Offshore Drilling Inc.             880         25,494                   
ENSCO International Inc.                 1,527         38,893                   
EOG Resources Inc.                       1,055         37,125                   
Exxon Mobil Corp.                       40,748      1,682,892                   
Kerr-McGee Corp.                           549         30,354                   
Kinder Morgan Inc.                       1,015         41,615                   
Marathon Oil Corp.                       2,106         57,915                   
Murphy Oil Corp.                           584         50,329                   
Nabors Industries Inc.(1)                  846         30,008                   
Newfield Exploration Co.(1)              1,019         36,980                   
Noble Drilling Corp.(1)                  1,016         35,794                   
Occidental Petroleum Corp.               2,521         67,664                   
Phillips Petroleum Co.                   2,107        124,545                   
Pioneer Natural Resources Co.(1)         1,937         38,391                   
Rowan Companies Inc.(1)                    782         14,584                   
Sunoco Inc.                              1,299         50,037                   
Transocean Sedco Forex Inc.              1,694         47,449                   
Unocal Corp.                             1,635         58,746                   
Valero Energy Corp.                      1,115         47,755                   
XTO Energy Inc.                          1,733         32,650                   
-------------------------------------------------------------                   
                                 3,486,467
-------------------------------------------------------------                   

OIL & GAS SERVICES - 0.60%                                                      
-------------------------------------------------------------                   
Baker Hughes Inc.                        2,089         73,763                   
BJ Services Co.(1)                       1,442         47,802                   
Cooper Cameron Corp.(1)                    607         27,254                   
GlobalSantaFe Corp.                      1,291         35,696                   
Grant Prideco Inc.(1)                    1,087         13,598                   
Halliburton Co.                          2,494         41,051                   
Schlumberger Ltd.                        3,067        178,530                   
Smith International Inc.(1)                386         24,955                   
Tidewater Inc.                             734         28,611                   
Varco International Inc.(1)              1,708         27,328                   
Weatherford International Inc.(1)        1,488         68,597                   
-------------------------------------------------------------                   
                                   567,185
-------------------------------------------------------------                   

PACKAGING & CONTAINERS - 0.16%                                                  
-------------------------------------------------------------                   
Bemis Co.                                  572         32,581                   
Pactiv Corp.(1)                          1,497         28,488                   
Sealed Air Corp.(1)                        629         28,292                   
Smurfit-Stone Container Corp.(1)         1,864         30,402                   
Sonoco Products Co.                      1,330         36,775                   
-------------------------------------------------------------                   
                                   156,538
-------------------------------------------------------------                   

PHARMACEUTICALS - 6.16%                                                         
-------------------------------------------------------------                   
Abbott Laboratories                      9,230        521,957                   
Abgenix Inc.(1)                            713         12,870                   
Allergan Inc.                            1,012         65,618                   
American Home Products Corp.             7,888        501,282                   
AmerisourceBergen Corp.                    791         53,551                   
Bristol-Myers Squibb Co.                11,418        536,646                   
Cardinal Health Inc.                     2,900        191,661                   
Celgene Corp.(1)                           833         21,733                   

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LIFEPATH 2040 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
PHARMACEUTICALS (CONTINUED)                                                     
-------------------------------------------------------------                   
Cell Therapeutics Inc.(1)                  604   $     13,342                   
Forest Laboratories Inc. "A"(1)          1,411        112,203                   
Gilead Sciences Inc.(1)                    917         64,612                   
ICN Pharmaceuticals Inc.                 1,009         28,101                   
IVAX Corp.(1)                            1,632         27,744                   
King Pharmaceuticals Inc.(1)             1,994         61,934                   
Lilly (Eli) and Co.                      6,625        501,711                   
Medarex Inc.(1)                            662         10,016                   
MedImmune Inc.(1)                        1,351         55,702                   
Merck & Co. Inc.                        13,150        806,490                   
Mylan Laboratories Inc.                  1,562         47,454                   
NPS Pharmaceuticals Inc.(1)                128          3,821                   
Omnicare Inc.                            1,733         36,653                   
OSI Pharmaceuticals Inc.(1)                328         12,480                   
Pfizer Inc.                             36,990      1,515,110                   
Pharmacia Corporation                    7,682        315,346                   
Schering-Plough Corp.                    9,008        310,686                   
Sepracor Inc.(1)                           382         16,434                   
Sybron Dental Specialties Inc.(1)          475          9,020                   
Watson Pharmaceuticals Inc.(1)             684         20,028                   
-------------------------------------------------------------                   
                                 5,874,205
-------------------------------------------------------------                   

PIPELINES - 0.24%                                                               
-------------------------------------------------------------                   
Dynegy Inc. "A"                          1,860         47,560                   
El Paso Corp.                            3,287        128,456                   
Williams Companies Inc.                  3,463         53,503                   
-------------------------------------------------------------                   
                                   229,519
-------------------------------------------------------------                   

REAL ESTATE - 0.07%                                                             
-------------------------------------------------------------                   
Catellus Development Corp.(1)            2,573         48,630                   
St. Joe Company (The)                      765         21,956                   
-------------------------------------------------------------                   
                                    70,586
-------------------------------------------------------------                   

REAL ESTATE INVESTMENT TRUSTS - 0.85%                                           
-------------------------------------------------------------                   
Archstone-Smith Trust                    1,642         42,495                   
Boston Properties Inc.                   1,303         49,084                   
Crescent Real Estate Equities Co.        2,023         36,434                   
Duke-Weeks Realty Corp.                  2,162         51,456                   
Equity Office Properties Trust           2,209         63,398                   
Equity Residential Properties Trust      2,502         67,429                   
Host Marriott Corp.                      3,617         39,064                   
iStar Financial Inc.                     2,267         61,504                   
Kimco Realty Corp.                       1,479         45,879                   
Public Storage Inc.                      2,244         82,489                   
Rouse Co.                                1,575         46,967                   
Simon Property Group Inc.                1,836         56,512                   
Ventas Inc.                              7,794         98,906                   
Vornado Realty Trust                     1,565         65,417                   
-------------------------------------------------------------                   
                                   807,034
-------------------------------------------------------------                   

RETAIL - 5.25%                                                                  
-------------------------------------------------------------                   
Abercrombie & Fitch Co. "A"(1)             891         23,736                   
Amazon.com Inc.(1)                       1,328         18,725                   
AutoNation Inc.(1)                       4,941         61,713                   
AutoZone Inc.(1)                           989         65,630                   

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
RETAIL (CONTINUED)                                                              
-------------------------------------------------------------                   
Bed Bath & Beyond Inc.(1)                2,040   $     68,136                   
Best Buy Co. Inc.(1)                     1,395         94,023                   
Big Lots Inc.                              798         10,055                   
CDW Computer Centers Inc.(1)               433         22,862                   
Circuit City Stores Inc.                 1,361         24,335                   
CVS Corp.                                2,290         62,563                   
Darden Restaurants Inc.                  1,320         55,810                   
Dillards Inc. "A"                          745         14,975                   
Dollar General Corp.                     2,266         33,423                   
Dollar Tree Stores Inc.(1)                 704         22,556                   
eBay Inc.(1)                             1,271         66,156                   
Family Dollar Stores Inc.                1,640         53,858                   
Federated Department Stores Inc.(1)      1,392         58,339                   
Foot Locker Inc.(1)                      2,471         40,772                   
Gap Inc. (The)                           6,096         72,969                   
Golden State Bancorp Inc.(1)             1,900          2,299                   
Home Depot Inc.                         13,714        685,700                   
Intimate Brands Inc.                       713         13,782                   
Kohls Corp.(1)                           1,910        129,250                   
Limited Inc.                             2,945         53,039                   
Lowe's Companies Inc.                    4,912        222,268                   
May Department Stores Co.                2,225         81,524                   
McDonald's Corp.                         7,379        192,592                   
Nordstrom Inc.                             971         24,722                   
Office Depot Inc.(1)                     2,259         42,944                   
Outback Steakhouse Inc.(1)                 759         27,066                   
Penney (J.C.) Company Inc.               1,757         34,332                   
PurchasePro.com Inc.(1)                    588            423                   
RadioShack Corp.                         1,386         38,032                   
Rite Aid Corp.(1)                        1,754          5,858                   
Ross Stores Inc.                         1,380         49,763                   
Sears, Roebuck and Co.                   1,765         92,804                   
Staples Inc.(1)                          3,257         64,065                   
Starbucks Corp.(1)                       3,315         76,278                   
Target Corp.                             5,316        222,740                   
Tiffany & Co.                              990         32,482                   
TJX Companies Inc.                       1,827         69,371                   
Toys R Us Inc.(1)                        1,627         28,977                   
Tricon Global Restaurants Inc.(1)        1,140         67,408                   
Walgreen Co.                             6,194        249,247                   
Wal-Mart Stores Inc.                    25,539      1,583,673                   
Wendy's International Inc.               1,267         39,290                   
-------------------------------------------------------------                   
                                 5,000,565
-------------------------------------------------------------                   

SEMICONDUCTORS - 2.99%                                                          
-------------------------------------------------------------                   
Advanced Micro Devices Inc.(1)           1,992         26,892                   
Altera Corp.(1)                          2,665         50,822                   
Amkor Technology Inc.(1)                 1,275         17,697                   
Analog Devices Inc.(1)                   2,384         88,709                   
Applied Materials Inc.(1)                5,068        220,306                   
Applied Micro Circuits Corp.(1)          1,962         15,088                   
Atmel Corp.(1)                           4,724         34,155                   
Broadcom Corp. "A"(1)                    1,628         49,898                   
Conexant Systems Inc.(1)                 1,578         16,159                   
Cree Inc.(1)                               662          9,314                   
Cypress Semiconductor Corp.(1)           1,708         33,904                   
EMCORE Corp.(1)                            102            777                   

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LIFEPATH 2040 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
SEMICONDUCTORS (CONTINUED)                                                      
-------------------------------------------------------------                   
Integrated Device Technology                                                    
Inc.(1)                                  956   $     24,445                 
Intel Corp.                             38,901      1,110,624                   
International Rectifier Corp.(1)           630         23,134                   
KLA-Tencor Corp.(1)                      1,410         81,653                   
Lam Research Corp.(1)                    1,463         31,659                   
Lattice Semiconductor Corp.(1)           1,262         21,681                   
Linear Technology Corp.                  2,025         74,581                   
LSI Logic Corp.(1)                       2,028         30,400                   
Maxim Integrated Products Inc.(1)        2,077         95,044                   
Microchip Technology Inc.(1)             1,526         52,159                   
Micron Technology Inc.(1)                3,655        117,508                   
Mykrolis Corp.(1)                          240          2,540                   
National Semiconductor Corp.(1)          1,119         28,143                   
Novellus Systems Inc.(1)                 1,182         50,341                   
NVIDIA Corp.(1)                          1,112         56,723                   
QLogic Corp.(1)                            725         27,006                   
Rambus Inc.(1)                             629          4,309                   
Silicon Laboratories Inc.(1)               128          3,331                   
Teradyne Inc.(1)                         1,122         37,598                   
Texas Instruments Inc.                  10,353        303,861                   
TranSwitch Corp.(1)                        560          1,607                   
TriQuint Semiconductor Inc.(1)           1,213         10,978                   
Varian Semiconductor Equipment                                                  
Associates Inc.(1)                       423         14,390                 
Vitesse Semiconductor Corp.(1)           1,061          7,448                   
Xilinx Inc.(1)                           1,994         71,624                   
-------------------------------------------------------------                   
                                 2,846,508
-------------------------------------------------------------                   

SOFTWARE - 4.06%                                                                
-------------------------------------------------------------                   
Adobe Systems Inc.                       1,457         53,006                   
Akamai Technologies Inc.(1)                382          1,188                   
Ariba Inc.(1)                            1,300          5,759                   
Ascential Software Corp.(1)              5,012         19,547                   
Autodesk Inc.                              743         32,818                   
Automatic Data Processing Inc.           3,668        193,340                   
BEA Systems Inc.(1)                      2,516         31,978                   
BMC Software Inc.(1)                     1,774         28,473                   
BroadVision Inc.(1)                      1,478          2,823                   
Cadence Design Systems Inc.(1)           2,296         48,560                   
Certegy Inc.(1)                            544         20,210                   
CheckFree Corp.(1)                         433          6,040                   
ChoicePoint Inc.(1)                        983         52,296                   
Citrix Systems Inc.(1)                   1,355         20,555                   
CMGI Inc.(1)                             1,860          2,734                   
Computer Associates International                                               
Inc.                                   3,806         61,962                 
Compuware Corp.(1)                       2,655         30,294                   
CSG Systems International Inc.(1)          837         26,098                   
Electronic Arts Inc.(1)                  1,235         66,468                   
First Data Corp.                         2,380        194,018                   
Fiserv Inc.(1)                           1,461         62,443                   
i2 Technologies Inc.(1)                  2,375         12,944                   
IMS Health Inc.                          2,259         45,180                   
Intuit Inc.(1)                           1,678         63,579                   
Mercury Interactive Corp.(1)               764         25,884                   
Micromuse Inc.(1)                          611          5,536                   
Microsoft Corp.(1)                      31,445      1,834,501                   

SECURITY                               SHARES       VALUE                       

-------------------------------------------------------------                   
SOFTWARE (CONTINUED)                                                            
-------------------------------------------------------------                   
Netegrity Inc.(1)                          179   $      2,209                   
Novell Inc.(1)                           2,219          9,076                   
Openwave Systems Inc.(1)                 1,724          9,637                   
Oracle Corp.(1)                         33,251        552,632                   
Parametric Technology Corp.(1)           1,981         14,580                   
PeopleSoft Inc.(1)                       1,944         56,512                   
Peregrine Systems Inc.(1)                1,515         13,635                   
Rational Software Corp.(1)               1,390         25,798                   
RealNetworks Inc.(1)                       713          3,886                   
SERENA Software Inc.(1)                    331          5,322                   
Siebel Systems Inc.(1)                   2,734         75,896                   
Stellent Inc.(1)                           451          6,760                   
Sybase Inc.(1)                             613         10,341                   
Symantec Corp.(1)                        1,434         51,710                   
TIBCO Software Inc.(1)                     484          5,106                   
Total System Services Inc.                 571         13,190                   
Vignette Corp.(1)                        2,853          7,988                   
Yahoo! Inc.(1)                           3,957         57,218                   
-------------------------------------------------------------                   
                                 3,869,730
-------------------------------------------------------------                   

TELECOMMUNICATION EQUIPMENT - 0.72%                                             
-------------------------------------------------------------                   
ADC Telecommunications Inc.(1)           4,499         16,196                   
Advanced Fibre Communications                                                   
Inc.(1)                                  681         11,066                 
American Tower Corp.(1)                  2,038          9,864                   
Andrew Corp.(1)                            589          9,901                   
Avaya Inc.(1)                            1,951         10,438                   
CIENA Corp.(1)                           2,197         17,049                   
CommScope Inc.(1)                          426          7,029                   
Comverse Technology Inc.(1)              1,099         17,199                   
Corvis Corp.(1)                          2,878          3,281                   
Digital Lightwave Inc.(1)                  255          1,232                   
Harris Corp.                               563         19,283                   
JDS Uniphase Corp.(1)                    8,204         39,789                   
Lucent Technologies Inc.(1)             20,405        114,064                   
Motorola Inc.                           13,184        171,392                   
QUALCOMM Inc.(1)                         4,503        149,725                   
RF Micro Devices Inc.(1)                 1,522         23,804                   
Scientific-Atlanta Inc.                  1,017         22,750                   
Sonus Networks Inc.(1)                     942          2,496                   
Spectrasite Holdings Inc.(1)             3,438          4,401                   
Sycamore Networks Inc.(1)                1,453          5,071                   
Tellabs Inc.(1)                          3,010         30,883                   
-------------------------------------------------------------                   
                                   686,913
-------------------------------------------------------------                   

TELECOMMUNICATIONS - 1.59%                                                      
-------------------------------------------------------------                   
Adelphia Business Solutions Inc.(1)        795             64                   
AirGate PCS Inc.(1)                        480          4,406                   
Allegiance Telecom Inc.(1)               1,377          3,608                   
AT&T Wireless Services Inc.(1)          15,158        152,944                   
Broadwing Inc.(1)                        2,240         14,067                   
Citizen Communications Co.(1)            2,675         24,369                   
Corning Inc.                             6,088         40,972                   
Cox Communications Inc. "A"(1)           1,989         73,295                   
Crown Castle International Corp.(1)      2,420         15,028                   
EchoStar Communications Corp.(1)         1,649         43,072                   
Emulex Corp.(1)                            713         23,144                   

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LIFEPATH 2040 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

TELECOMMUNICATIONS (CONTINUED)                                                  
-------------------------------------------------------------                   
Finisar Corp.(1)                         1,453   $      8,863                   
General Motors Corp. "H"(1)              7,470        110,183                   
InterDigital Communications                                                     
Corp.(1)                                 459          3,833                 
Level 3 Communications Inc.(1)           3,031          9,154                   
McLeodUSA Inc. "A"(1)                    3,539            637                   
Metromedia Fiber Network                                                        
Inc. "A"(1)                            2,827            876                 
MRV Communications Inc.(1)                 560          1,406                   
Nextel Communications Inc. "A"(1)        5,425         27,071                   
NTL Inc.(1)                              1,195            215                   
PanAmSat Corp.(1)                        1,468         31,577                   
Powerwave Technologies Inc.(1)             408          5,316                   
Qwest Communications International                                              
Inc.                                  10,122         88,061                 
Sprint Corp. (PCS Group)(1)              5,851         54,122                   
Verizon Communications Inc.             16,606        777,161                   
Western Wireless Corp. "A"(1)              475          3,862                   
-------------------------------------------------------------                   
                                 1,517,306
-------------------------------------------------------------                   

TELEPHONE - 2.04%                                                               
-------------------------------------------------------------                   
Alltel Corp.                             2,046        113,860                   
AT&T Corp.                              21,198        329,417                   
BellSouth Corp.                         11,344        439,693                   
CenturyTel Inc.                          1,291         42,861                   
SBC Communications Inc.                 19,761        747,756                   
Sprint Corp. (FON Group)                 5,224         73,606                   
Telephone & Data Systems Inc.              735         64,055                   
WorldCom Inc.(1)                        17,664        132,833                   
-------------------------------------------------------------                   
                                 1,944,081
-------------------------------------------------------------                   

TEXTILES - 0.06%                                                                
-------------------------------------------------------------                   
Cintas Corp.                             1,289         57,090                   
-------------------------------------------------------------                   
                                    57,090
-------------------------------------------------------------                   

TOBACCO - 0.80%                                                                 
-------------------------------------------------------------                   
Philip Morris Companies Inc.            11,955        629,550                   
R.J. Reynolds Tobacco Holdings Inc.      1,310         86,002                   
UST Inc.                                 1,219         42,494                   
-------------------------------------------------------------                   
                                   758,046
-------------------------------------------------------------                   

TOYS / GAMES / HOBBIES - 0.08%                                                  
-------------------------------------------------------------                   
Hasbro Inc.                              1,171         16,757                   
Mattel Inc.                              2,905         55,050                   
-------------------------------------------------------------                   
                                    71,807
-------------------------------------------------------------                   

TRANSPORTATION - 0.54%                                                          
-------------------------------------------------------------                   
Burlington Northern Santa Fe Corp.       2,693         78,151                   
CNF Transportation Inc.                  1,249         38,731                   
CSX Corp.                                1,461         55,138                   

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

TRANSPORTATION (CONTINUED)                                                      
-------------------------------------------------------------                   
Expeditors International Washington                                             
Inc.                                     687   $     37,455                 
FedEx Corp.(1)                           1,976        114,331                   
Norfolk Southern Corp.                   2,617         62,258                   
Union Pacific Corp.                      1,257         76,262                   
United Parcel Service Inc.                 896         52,810                   
-------------------------------------------------------------                   
                                   515,136
-------------------------------------------------------------                   

TRUCKING & LEASING - 0.02%                                                      
-------------------------------------------------------------                   
GATX Corp.                                 682         20,883                   
-------------------------------------------------------------                   
                                    20,883
-------------------------------------------------------------                   

WATER - 0.08%                                                                   
-------------------------------------------------------------                   
American Water Works Inc.                1,758         75,787                   
-------------------------------------------------------------                   
                                    75,787
-------------------------------------------------------------                   

TOTAL U.S. COMMON STOCKS                                                        
(Cost: $91,351,421)                                70,053,552                   
-------------------------------------------------------------                   

INTERNATIONAL COMMON STOCKS - 20.56%                                            

AUSTRALIA - 1.06%                                                               
-------------------------------------------------------------                   
Coles Myer Ltd. ADR                      3,319        120,148                   
National Australia Bank ADR              3,712        341,875                   
News Corporation Ltd. ADR                2,847         72,826                   
Rio Tinto PLC ADR                        3,138        250,883                   
Westpac Banking Corp. ADR                5,289        223,989                   
-------------------------------------------------------------                   
                                 1,009,721
-------------------------------------------------------------                   

CANADA - 0.32%                                                                  
-------------------------------------------------------------                   
Alcan Aluminum Ltd.                      2,057         83,391                   
Barrick Gold Corp.                       3,850         69,493                   
Inco Ltd.(1)                             1,701         31,690                   
Nortel Networks Corp.                   19,129         96,984                   
Placer Dome Inc.                         2,143         24,902                   
-------------------------------------------------------------                   
                                   306,460
-------------------------------------------------------------                   

DENMARK - 1.06%                                                                 
-------------------------------------------------------------                   
Novo-Nordisk A/S ADR                    21,434        836,998                   
TDC A/S ADR                             10,774        169,152                   
-------------------------------------------------------------                   
                                 1,006,150
-------------------------------------------------------------                   

FINLAND - 0.32%                                                                 
-------------------------------------------------------------                   
Nokia OYJ ADR                           14,547        302,141                   
-------------------------------------------------------------                   
                                   302,141
-------------------------------------------------------------                   

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LIFEPATH 2040 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

FRANCE - 2.64%                                                                  
-------------------------------------------------------------                   
Alcatel SA ADR                          13,009   $    178,093                   
Aventis SA ADR                           7,792        577,777                   
AXA-UAP ADR                             14,604        269,298                   
France Telecom SA ADR                    2,059         53,946                   
LVMH Moet-Hennessy Louis Vuitton                                                
ADR                                   16,438        153,860                 
Total Fina SA ADR                       16,130      1,186,362                   
Total Fina SA Warrants (Expires                                                 
08/08/03)                                162          4,293                 
Vivendi Universal SA ADR                 2,336         90,403                   
-------------------------------------------------------------                   
                                 2,514,032
-------------------------------------------------------------                   

GERMANY - 0.86%                                                                 
-------------------------------------------------------------                   
DaimlerChrysler AG                      13,074        521,391                   
Deutsche Telekom AG ADR                 12,303        173,349                   
SAP AG ADR                               3,739        127,762                   
-------------------------------------------------------------                   
                                   822,502
-------------------------------------------------------------                   

IRELAND - 0.41%                                                                 
-------------------------------------------------------------                   
Allied Irish Banks PLC ADR              17,478        387,312                   
-------------------------------------------------------------                   
                                   387,312
-------------------------------------------------------------                   

ITALY - 0.65%                                                                   
-------------------------------------------------------------                   
Benetton Group SpA ADR                   7,416        180,209                   
ENI-Ente Nazionale Idrocarburi SpA                                              
ADR                                    2,344        162,885                 
Fiat SpA ADR(1)                          6,859         86,211                   
San Paolo-IMI SpA ADR                    9,236        186,105                   
-------------------------------------------------------------                   
                                   615,410
-------------------------------------------------------------                   

JAPAN - 4.41%                                                                   
-------------------------------------------------------------                   
Canon Inc. ADR                           5,655        195,889                   
Fuji Photo Film Co. Ltd. ADR             4,261        136,011                   
Hitachi Ltd. ADR                         2,575        160,963                   
Honda Motor Company Ltd. ADR            11,508        229,124                   
Ito-Yokado Co. Ltd. ADR                  5,254        207,796                   
Japan Air Lines ADR(1)                  33,205        175,987                   
Kirin Brewery Co. Ltd. ADR               4,190        268,244                   
Kubota Corp. ADR                         4,848        267,852                   
Kyocera Corp. ADR                        1,803        107,279                   
Makita Corp. ADR                         5,370         32,220                   
Matsushita Electric Industrial Co.                                              
Ltd. ADR                              13,224        159,481                 
Mitsubishi Corp. ADR                    15,194        210,437                   
Mitsui & Co. ADR                         2,058        226,380                   
NEC Corp. ADR                           19,482        141,245                   
Nippon Telegraph & Telephone Corp.                                              
ADR                                   10,459        167,449                 
Nissan Motor Co. Ltd. ADR               18,151        232,877                   
Pioneer Corp. ADR                        7,344        139,463                   
Ricoh Corp. Ltd. ADR                     2,235        196,680                   
Sony Corp. ADR                           3,467        160,175                   
Tokio Marine and Fire Insurance Co.                                             
Ltd. ADR                              11,562        412,763                 

SECURITY                               SHARES       VALUE                       
-------------------------------------------------------------                   

JAPAN (CONTINUED)                                                               
-------------------------------------------------------------                   
Toyota Motor Corp. ADR                   7,522   $    387,007                   
-------------------------------------------------------------                   
                                 4,215,322
-------------------------------------------------------------                   

NETHERLANDS - 2.67%                                                             
-------------------------------------------------------------                   
Abn Amro Holding NV ADR                 14,235        250,109                   
Aegon NV ADR                             7,021        151,654                   
Akzo Nobel NV ADR                        4,026        178,875                   
Elsevier NV ADR                         12,684        323,442                   
ING Groep NV ADR                         5,560        132,161                   
Koninklijke Ahold NV ADR                10,311        240,349                   
Koninklijke (Royal) Philips                                                     
Electronics NV - NY Shares             7,303        189,586                 
Royal Dutch Petroleum Co.                6,000        309,584                   
Royal Dutch Petroleum Co. - NY                                                  
Shares                                11,504        590,960                 
Unilever NV - NY Shares                  3,089        180,027                   
-------------------------------------------------------------                   
                                 2,546,747
-------------------------------------------------------------                   

NEW ZEALAND - 0.06%                                                             
-------------------------------------------------------------                   
Telecom Corp. of New Zealand Ltd.                                               
ADR                                    3,372         58,268                 
-------------------------------------------------------------                   
                                    58,268
-------------------------------------------------------------                   

PORTUGAL - 0.08%                                                                
-------------------------------------------------------------                   
Banco Comercial Portugues ADR            4,146         71,933                   
-------------------------------------------------------------                   
                                    71,933
-------------------------------------------------------------                   

SINGAPORE - 0.04%                                                               
-------------------------------------------------------------                   
Chartered Semiconductor                                                         
Manufacturing Ltd. ADR(1)              1,708         38,396                 
-------------------------------------------------------------                   
                                    38,396
-------------------------------------------------------------                   

SPAIN - 0.81%                                                                   
-------------------------------------------------------------                   
Banco Bilbao Vizcaya Argentaria SA                                              
ADR                                   13,380        155,743                 
Banco Santander Central Hispano SA                                              
ADR                                   38,734        309,485                 
Repsol SA ADR                            8,103         99,181                   
Telefonica SA ADR(1)                     5,943        208,523                   
-------------------------------------------------------------                   
                                   772,932
-------------------------------------------------------------                   

SWEDEN - 0.16%                                                                  
-------------------------------------------------------------                   
Telefonaktiebolaget LM Ericsson AB                                              
ADR                                   35,585        150,169                 
-------------------------------------------------------------                   
                                   150,169
-------------------------------------------------------------                   

SWITZERLAND - 0.47%                                                             
-------------------------------------------------------------                   
Adecco SA ADR                            9,417        140,313                   
Novartis AG                              7,000        265,929                   
Sulzer Medica ADR                        4,869         37,199                   
-------------------------------------------------------------                   
                                   443,441
-------------------------------------------------------------                   

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LIFEPATH 2040 MASTER PORTFOLIO                                                  
SCHEDULE OF INVESTMENTS (CONTINUED)                                             
FEBRUARY 28, 2002                                                               

     SHARES OR
SECURITY                             FACE AMOUNT      VALUE                     
---------------------------------------------------------------                 

UNITED KINGDOM - 4.54%                                                          
---------------------------------------------------------------                 
AstraZeneca PLC ADR                        8,109   $    413,397                 
Barclays PLC ADR                           2,772        334,580                 
BP PLC ADR                                 7,460        369,643                 
British Sky Broadcasting PLC ADR           2,179        132,941                 
British Telecom PLC ADR(1)                 4,687        171,779                 
Cadbury Schweppes PLC ADR                  9,338        254,461                 
Diageo PLC ADR                            13,084        631,826                 
GlaxoSmithKline PLC ADR                   21,956      1,074,746                 
Hanson PLC ADR                             7,970        266,517                 
Hong Kong & Shanghai Banking ADR           2,415        135,385                 
Reuters Group PLC ADR                      2,299        101,294                 
Vodafone Group PLC ADR                    22,921        435,499                 
---------------------------------------------------------------                 
                                     4,322,068
---------------------------------------------------------------                 

TOTAL INTERNATIONAL COMMON STOCKS                                               
(Cost: $28,498,554)                                  19,583,004                 
---------------------------------------------------------------                 
TOTAL COMMON STOCKS                                                             
(Cost: $119,849,975)                                 89,636,556                 
---------------------------------------------------------------                 

U.S. GOVERNMENT OBLIGATIONS - 3.58%                                             
---------------------------------------------------------------                 
U.S. Treasury Bonds                                                             
6.88%,  08/15/25                    $  900,000      1,044,422               
7.25%,  05/15/16                     1,000,000      1,173,984               
7.25%,  08/15/22                     1,000,000      1,196,562               
---------------------------------------------------------------                 

TOTAL U.S. GOVERNMENT OBLIGATIONS                                               
(Cost: $3,457,201)                                    3,414,968                 
---------------------------------------------------------------                 

SECURITY                             FACE AMOUNT      VALUE                     
---------------------------------------------------------------                 

SHORT TERM INSTRUMENTS - 12.08%                                                 
---------------------------------------------------------------                 
Barclays Global Investors Funds                                                 
Institutional Money Market Fund,                                            
Institutional Shares                $7,215,789   $  7,215,789               
Dreyfus Money Market Fund              1,916,138      1,916,138                 
Goldman Sachs Financial Square                                                  
Prime Obligation Fund                  423,682        423,682               
Providian Temp Cash Money Market                                                
Fund                                 1,955,020      1,955,020               
---------------------------------------------------------------                 

TOTAL SHORT TERM INSTRUMENTS                                                    
(Cost: $11,510,629)                                  11,510,629                 
---------------------------------------------------------------                 

TOTAL INVESTMENTS IN SECURITIES - 109.73%                                       
(Cost $134,817,805)                                 104,562,153                 
---------------------------------------------------------------                 

Other Assets, Less Liabilities - (9.73%)             (9,276,092)                
---------------------------------------------------------------                 

NET ASSETS - 100.00%                               $ 95,286,061                 
===============================================================                 

(1) NON-INCOME EARNING SECURITIES.                                              

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

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MASTER INVESTMENT PORTFOLIO                                                     
STATEMENTS OF ASSETS AND LIABILITIES                                            
FEBRUARY 28, 2002                                                               

                                                        [Enlarge/Download Table]

                          LIFEPATH INCOME       LIFEPATH 2010       LIFEPATH 2020        LIFEPATH 2030        LIFEPATH 2040 
                         MASTER PORTFOLIO     MASTER PORTFOLIO     MASTER PORTFOLIO     MASTER PORTFOLIO    MASTER PORTFOLIO
----------------------------------------------------------------------------------------------------------------------------
                                                                                                                            
ASSETS                                                                                                                      
Investments at cost        $ 46,198,412        $ 140,512,614        $ 433,457,771        $ 130,044,243        $134,817,805  
                           ------------        -------------        -------------        -------------        ------------  
Foreign currency, at cost  $     21,670        $      83,522        $      61,518        $       5,492        $      5,357  
                           ------------        -------------        -------------        -------------        ------------  
Investments in                                                                                                              
  securities, at value                                                                                                      
  (including securities                                                                                                     
  on loan(1)) (Note 1)     $ 46,470,405        $ 138,252,406        $ 379,926,127        $ 132,820,243        $ 04,562,153  
Foreign currency, at                                                                                                        
  value                          21,009               82,160               58,775                5,330               5,198  
Receivables:                                                                                                                
  Dividends and interest        311,001              700,501            1,384,595              375,121             247,231  
                           ------------        -------------        -------------        -------------        ------------  
Total Assets                 46,802,415          139,035,067          381,369,497          133,200,694          04,814,582  
                           ------------        -------------        -------------        -------------        ------------  
LIABILITIES                                                                                                                 
Payables:                                                                                                                   
  Investment securities                                                                                                     
    purchased                        --            1,501,548                   --            1,003,472                  --  
  Collateral for                                                                                                            
    securities loaned                                                                                                       
    (Note 4)                  4,012,445           12,258,953           36,851,292           12,265,141           9,481,120  
  Advisory fees (Note 2)         21,617               61,587              170,609               58,801              47,401  
                           ------------        -------------        -------------        -------------        ------------  
Total Liabilities             4,034,062           13,822,088           37,021,901           13,327,414           9,528,521  
                           ------------        -------------        -------------        -------------        ------------  
NET ASSETS                 $ 42,768,353        $ 125,212,979        $ 344,347,596        $ 119,873,280        $ 95,286,061  
                           ============        =============        =============        =============        ============  

--------------------------------------------------------------------------------
(1)  SECURITIES ON LOAN WITH MARKET VALUES OF $3,886,428, $11,814,230,          
$35,441,823, $11,764,714 AND $9,062,718, RESPECTIVELY. SEE NOTE 4.    

STATEMENTS OF OPERATIONS                                                        
FOR THE YEAR ENDED FEBRUARY 28, 2002                                            

                                                        [Enlarge/Download Table]

                             LIFEPATH INCOME       LIFEPATH 2010      LIFEPATH 2020        LIFEPATH 2030           LIFEPATH 2040    
                            MASTER PORTFOLIO     MASTER PORTFOLIO   MASTER PORTFOLIO     MASTER PORTFOLIO        MASTER PORTFOLIO   
----------------------------------------------------------------------------------------------------------------------------------- 

NET INVESTMENT INCOME                                                                                                               
                                                                                                                                    
  Dividends(2)             $          229,861  $        1,211,440  $        4,350,609  $         2,124,324      $         2,865,398 
  Interest                          2,353,806           5,027,534           7,295,932            1,720,029                  406,934 
  Securities lending                                                                                                                
    income                             13,483              39,334             108,977               37,669                   48,685 
                           ------------------  ------------------  ------------------  -------------------      ------------------- 
Total investment income             2,597,150           6,278,308          11,755,518            3,882,022                3,321,017 
                           ------------------  ------------------  ------------------  -------------------      ------------------- 
EXPENSES (NOTE 2)                                                                                                                   
  Advisory fees                       287,560             806,441           1,958,450              814,320                1,003,440 
                           ------------------  ------------------  ------------------  -------------------      ------------------- 
Total expenses                        287,560             806,441           1,958,450              814,320                1,003,440 
                           ------------------  ------------------  ------------------  -------------------      ------------------- 
Net investment income               2,309,590           5,471,867           9,797,068            3,067,702                2,317,577 
                           ------------------  ------------------  ------------------  -------------------      ------------------- 

REALIZED AND UNREALIZED                                                                                                             
  GAIN (LOSS) ON                                                                                                                    
  INVESTMENTS                                                                                                                       
  Net realized gain                                                                                                                 
    (loss) on sale of                                                                                                               
    investments                       315,591             730,244          (4,840,430)           3,738,616               (6,857,565)
  Net realized gain from                                                                                                            
    in-kind redemptions             1,482,594          10,694,860          60,723,260           17,061,052               71,929,640 
  Net realized gain                                                                                                                 
    (loss) on foreign                                                                                                               
    currency transactions              (2,699)            (10,260)             16,074                  (13)                      55 
  Net change in                                                                                                                     
    unrealized                                                                                                                      
    appreciation                                                                                                                    
    (depreciation) of                                                                                                               
    investments                    (2,310,426)        (16,180,333)        (82,075,727)         (34,991,245)             (85,921,486)
  Net change in                                                                                                                     
    unrealized                                                                                                                      
    depreciation on                                                                                                                 
    translation of assets                                                                                                           
    and liabilities in                                                                                                              
    foreign currencies                   (662)             (1,362)             (2,743)                (162)                    (158)
                           ------------------  ------------------  ------------------  -------------------      ------------------- 
Net loss on investments              (515,602)         (4,766,851)        (26,179,566)         (14,191,752)             (20,849,514)
                           ------------------  ------------------  ------------------  -------------------      ------------------- 
NET INCREASE (DECREASE)                                                                                                             
  IN NET ASSETS RESULTING                                                                                                           
  FROM OPERATIONS          $        1,793,988  $          705,016  $      (16,382,498) $       (11,124,050)     $       (18,531,937)
                           ==================  ==================  ==================  ===================      =================== 

--------------------------------------------------------------------------------

(2)  NET OF FOREIGN WITHHOLDING TAX OF $5,839, $35,649, $102,923, $62,138 AND   
$98,749, RESPECTIVELY.                                                

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

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MASTER INVESTMENT PORTFOLIO                                                     
STATEMENTS OF CHANGES IN NET ASSETS                                             

                                                        [Enlarge/Download Table]


                                              LIFEPATH INCOME MASTER PORTFOLIO                  LIFEPATH 2010 MASTER PORTFOLIO 
                                ----------------------------------------------  ---------------------------------------------- 
                                               FOR THE                 FOR THE                 FOR THE                 FOR THE 
                                            YEAR ENDED              YEAR ENDED              YEAR ENDED              YEAR ENDED 
                                     FEBRUARY 28, 2002       FEBRUARY 28, 2001       FEBRUARY 28, 2002       FEBRUARY 28, 2001 

------------------------------------------------------------------------------------------------------------------------------ 

INCREASE (DECREASE) IN NET                                                                                                     
  ASSETS                                                                                                                       
OPERATIONS:                                                                                                                    
                                                                                                                               
  Net investment income         $            2,309,590  $            4,225,123  $            5,471,867  $            8,579,397 
  Net realized gain                          1,795,486               4,227,323              11,414,844               9,281,281 
  Net change in unrealized                                                                                                     
    appreciation                                                                                                               
    (depreciation)                          (2,311,088)             (2,481,846)            (16,181,695)            (13,430,829)
                                ----------------------  ----------------------  ----------------------  ---------------------- 
Net increase in net assets                                                                                                     
  resulting from operations                  1,793,988               5,970,600                 705,016               4,429,849 
                                ----------------------  ----------------------  ----------------------  ---------------------- 
INTERESTHOLDER TRANSACTIONS:                                                                                                   
  Contributions                             30,951,244              41,836,304              84,755,676             130,864,739 
  Withdrawals                              (95,547,521)            (36,297,048)           (236,515,911)            (88,258,009)
                                ----------------------  ----------------------  ----------------------  ---------------------- 
Net increase (decrease) in net                                                                                                 
  assets resulting from                                                                                                        
  interestholder transactions              (64,596,277)              5,539,256            (151,760,235)             42,606,730 
                                ----------------------  ----------------------  ----------------------  ---------------------- 
Increase (decrease) in net                                                                                                     
  assets                                   (62,802,289)             11,509,856            (151,055,219)             47,036,579 

NET ASSETS:                                                                                                                    
Beginning of year                          105,570,642              94,060,786             276,268,198             229,231,619 
                                ----------------------  ----------------------  ----------------------  ---------------------- 
End of year                     $           42,768,353  $          105,570,642  $          125,212,979  $          276,268,198 
                                ======================  ======================  ======================  ====================== 

--------------------------------------------------------------------------------                                               



                                                LIFEPATH 2020 MASTER PORTFOLIO                  LIFEPATH 2030 MASTER PORTFOLIO 
                                ----------------------------------------------  ---------------------------------------------- 
                                               FOR THE                 FOR THE                 FOR THE                 FOR THE 
                                            YEAR ENDED              YEAR ENDED              YEAR ENDED              YEAR ENDED 
                                     FEBRUARY 28, 2002       FEBRUARY 28, 2001       FEBRUARY 28, 2002       FEBRUARY 28, 2001 

------------------------------------------------------------------------------------------------------------------------------ 

INCREASE (DECREASE) IN NET                                                                                                     
  ASSETS                                                                                                                       
OPERATIONS:                                                                                                                    
                                                                                                                               
  Net investment income         $            9,797,068  $           11,165,147  $            3,067,702  $            4,984,452 
  Net realized gain                         55,898,904              16,252,938              20,799,655              10,548,364 
  Net change in unrealized                                                                                                     
    appreciation                                                                                                               
    (depreciation)                         (82,078,470)            (47,658,836)            (34,991,407)            (32,993,243)
                                ----------------------  ----------------------  ----------------------  ---------------------- 
Net decrease in net assets                                                                                                     
  resulting from operations                (16,382,498)            (20,240,751)            (11,124,050)            (17,460,427)
                                ----------------------  ----------------------  ----------------------  ---------------------- 
INTERESTHOLDER TRANSACTIONS:                                                                                                   
  Contributions                            271,054,874             253,737,778              89,451,581             112,167,174 
  Withdrawals                             (390,877,654)           (146,474,480)           (240,386,251)            (84,993,424)
                                ----------------------  ----------------------  ----------------------  ---------------------- 
Net increase (decrease) in net                                                                                                 
  assets resulting from                                                                                                        
  interestholder transactions             (119,822,780)            107,263,298            (150,934,670)             27,173,750 
                                ----------------------  ----------------------  ----------------------  ---------------------- 
Increase (decrease) in net                                                                                                     
  assets                                  (136,205,278)             87,022,547            (162,058,720)              9,713,323 

NET ASSETS:                                                                                                                    
Beginning of year                          480,552,874             393,530,327             281,932,000             272,218,677 
                                ----------------------  ----------------------  ----------------------  ---------------------- 
End of year                     $          344,347,596  $          480,552,874  $          119,873,280  $          281,932,000 
                                ======================  ======================  ======================  ====================== 

--------------------------------------------------------------------------------

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

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MASTER INVESTMENT PORTFOLIO                                                     
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)                                 

                                                        [Enlarge/Download Table]

                                                          LIFEPATH 2040 MASTER PORTFOLIO 
                                          ---------------------------------------------- 
                                                         FOR THE                 FOR THE 
                                                      YEAR ENDED              YEAR ENDED 
                                               FEBRUARY 28, 2002       FEBRUARY 28, 2001 

---------------------------------------------------------------------------------------- 

INCREASE (DECREASE) IN NET ASSETS                                                        
OPERATIONS:                                                                              
                                                                                         
  Net investment income                   $            2,317,577  $            4,746,297 
  Net realized gain                                   65,072,130              32,259,065 
  Net change in unrealized appreciation                                                  
    (depreciation)                                   (85,921,644)            (89,014,477)
                                          ----------------------  ---------------------- 
Net decrease in net assets resulting                                                     
  from operations                                    (18,531,937)            (52,009,115)
                                          ----------------------  ---------------------- 
INTERESTHOLDER TRANSACTIONS:                                                             
  Contributions                                       47,790,242             149,860,283 
  Withdrawals                                       (384,441,174)           (187,242,136)
                                          ----------------------  ---------------------- 
Net decrease in net assets resulting                                                     
  from interestholder transactions                  (336,650,932)            (37,381,853)
                                          ----------------------  ---------------------- 
Decrease in net assets                              (355,182,869)            (89,390,968)

NET ASSETS:                                                                              
Beginning of year                                    450,468,930             539,859,898 
                                          ----------------------  ---------------------- 
End of year                               $           95,286,061  $          450,468,930 
                                          ======================  ====================== 

--------------------------------------------------------------------------------         

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.      

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MASTER INVESTMENT PORTFOLIO                                                     
NOTES TO THE FINANCIAL STATEMENTS                                               

1.  SIGNIFICANT ACCOUNTING POLICIES                                             

Master Investment Portfolio ("MIP") is registered under the Investment  
Company Act of 1940, as amended (the "1940 Act"), as an open-end management     
investment company organized as a Delaware business trust. MIP currently        
consists of the following separate portfolios: Asset Allocation, Bond Index,    
Extended Index, International Index, LifePath Income, LifePath 2010, LifePath   
2020, LifePath 2030, LifePath 2040, Money Market, Russell 2000 Index, S&P 500   
Index and U.S. Equity Index Master Portfolios.                                  

These financial statements relate only to the LifePath Income, LifePath 
2010, LifePath 2020, LifePath 2030 and LifePath 2040 Master Portfolios (each, a 
"Master Portfolio", collectively the "Master Portfolios").                      

The following is a summary of significant accounting policies which are 
consistently followed by MIP in the preparation of its financial statements, and
such policies are in conformity with accounting principles generally accepted in
the United States of America ("U.S. GAAP") for investment companies. The        
preparation of financial statements in conformity with U.S. GAAP requires       
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at   
the date of the financial statements and the reported amounts of revenue and    
expenses during the reporting period. Actual results could differ from those    
estimates.                                                                      

SECURITY VALUATION                                                        

The equity securities of each Master Portfolio are valued at the last   
reported sales price on the primary securities exchange or national securities  
market on which such securities are traded. Securities not listed on an exchange
or national securities market, or securities in which there was no last reported
sales price, are valued at the most recent bid prices. Debt securities are      
generally traded in the over-the-counter market and are valued at a price deemed
best to reflect fair value as quoted by dealers who make markets in those       
securities or by an independent pricing source. U.S. Government obligations are 
valued at the last reported bid price. Debt securities maturing in 60 days or   
less are valued at amortized cost, which approximates market value. Any         
securities, restricted securities or other assets for which market quotations   
are not readily available, or for which a significant event has occurred since  
the time of the most recent market quotation, are valued in accordance with fair
value pricing policies approved by MIP's Board of Trustees.                     

SECURITY TRANSACTIONS AND INCOME RECOGNITION                              

 Security transactions are accounted for on trade date. Dividend income is
recognized on the ex-dividend date, and interest income is accrued daily.       
Realized gains and losses on investment transactions are determined using the   
specific identification method. The Master Portfolios amortize premiums and     
accrete discounts on debt securities purchased, using a constant yield to       
maturity method.                                                                

FOREIGN CURRENCY TRANSLATION                                              

The accounting records of the Master Portfolios are maintained in U.S.  
dollars. Investment securities and other assets and liabilities denominated in  
foreign currencies are translated into U.S. dollars at the prevailing rates of  
exchange on the valuation date. Purchases and sales of securities, income       
receipts and expense payments are translated into U.S. dollars at the prevailing
exchange rate on the respective dates of such transactions.                     

    Each Master Portfolio does not isolate the effect of fluctuations in foreign
exchange rates from the effect of fluctuations in the market prices of          
securities. Such fluctuations are reflected by the Master Portfolios as a       
component of realized and unrealized gains and losses from investments for      
financial reporting purposes.                                                   

CHANGE IN ACCOUNTING POLICY                                               

    Effective March 1, 2001, the Master Portfolios adopted the provisions of the
revised AICPA Audit and Accounting Guide for Investment Companies that require  
the amortization of discounts and premiums on debt securities purchased, using a
constant yield to maturity method. The adoption of this policy had no material  
effect on the financial statements and had no impact on the total net assets of 
the Master Portfolios.                                                          

FEDERAL INCOME TAXES                                                      

    MIP believes that each Master Portfolio has and will continue to be operated
in a manner so as to qualify it as a partnership for federal income tax         
purposes. Provided that each Master Portfolio so qualifies, it will not be      
subject to any federal income tax on its income and gain (if any). However, each
investor in a Master Portfolio will be taxable on its                           

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MASTER INVESTMENT PORTFOLIO                                                     
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)                                   

distributive share of the Master Portfolio's taxable income in determining its  
federal income tax liability. As a partnership for federal income tax purposes, 
each Master Portfolio will be deemed to have "passed through" to interestholders
any interest, dividends, gains or losses for such purposes. The determination of
such share will be made in accordance with the Internal Revenue Code of 1986, as
amended (the "Code"), and regulations promulgated thereunder.                   

    It is intended that each Master Portfolio's assets, income and distributions
will be managed in such a way that an entity electing and qualifying as a       
"regulated investment company" under the Code can continue to so qualify by     
investing substantially all of its assets through the Master Portfolio, provided
that the regulated investment company meets other requirements for such         
qualification not within the control of the Master Portfolio (e.g. distributing 
at least 90% of the regulated investment company's "investment company taxable  
income" annually).                                                              

For the year ended February 28, 2002, the Master Portfolios realized net
capital gains resulting from in-kind redemptions, transactions in which         
interestholders exchange their interests in a Master Portfolio for securities   
held by the Master Portfolio rather than for cash. Such gains or losses are not 
taxable to the investors in the Master Portfolios. The in-kind gains for the    
year ended February 28, 2002 are disclosed in the accompanying Statements of    
Operations.                                                                     

REPURCHASE AGREEMENTS                                                     

 Each Master Portfolio may enter into repurchase agreements with banks and
securities dealers. These transactions involve the purchase of securities with a
simultaneous commitment to resell the securities to the bank or the dealer at an
agreed-upon date and price. A repurchase agreement is accounted for as a loan by
the Master Portfolio to the seller, collateralized by securities, which are     
delivered to the Master Portfolio's custodian, or to an agent bank under a      
tri-party agreement. The securities are marked-to-market daily and additional   
securities are acquired as needed, to ensure that their value equals or exceeds 
the repurchase price plus accrued interest. None of the Master Portfolios held  
repurchase agreements at February 28, 2002.                                     

2.  AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES                           

Pursuant to an Investment Advisory Contract with each Master Portfolio, 
Barclays Global Fund Advisors ("BGFA") provides investment guidance and policy  
direction in connection with the management of each Master Portfolio's assets.  
BGFA is a California corporation indirectly owned by Barclays Bank PLC.         
Effective July 1, 2001, BGFA is entitled to receive 0.35% of the average daily  
net assets of each of the Master Portfolios as compensation for its advisory    
services. Prior to July 1, 2001, BGFA was entitled to receive a fee of 0.55%    
from each Master Portfolio.                                                     

Investors Bank & Trust Company ("IBT") serves as the custodian to each  
Master Portfolio. IBT will not be entitled to receive fees for its custodial    
services so long as it is entitled to receive a separate fee from Barclays      
Global Investors, N.A. ("BGI") for its services as sub-administrator of each    
Master Portfolio.                                                               

    Stephens Inc. ("Stephens") is the sponsor and placement agent for the Master
Portfolios.                                                                     

MIP has entered into administration services arrangements with BGI and  
Stephens, as co-administrators, who have agreed jointly to provide general      
administration services to the Master Portfolios, such as managing and          
coordinating third-party service relationships. BGI and Stephens are not        
entitled to compensation for providing administration services to the Master    
Portfolios for so long as BGI or Stephens are entitled to compensation for      
providing co-administration services to corresponding feeder funds that invest  
substantially all of their assets in the Master Portfolios, or either BGI or    
Stephens (or an affiliate) receives advisory fees from the Master Portfolios.   
BGI and Stephens may delegate certain of their administration duties to         
sub-administrators.                                                             

   Barclays Global Investors Services ("BGIS"), a subsidiary of BGI, may serve
as a broker-dealer for the Master Portfolios. For the year ended February 28,   
2002, BGIS received $3,021, $9, $33,241 and $10,266 in brokerage commissions    
from the LifePath Income, LifePath 2010, LifePath 2020 and LifePath 2040 Master 
Portfolios, respectively. BGIS did not receive any brokerage commissions from   
the LifePath 2030 Master Portfolio for the year ended February 28, 2002.        

 As a result of using an index approach to investing, the LifePath Income,
LifePath 2010, LifePath 2020, LifePath 2030 and LifePath 2040 Master Portfolios 
held shares of Barclays PLC, with current market values of $37,176, $218,950,   
$1,030,415, $420,277, and $334,580, respectively, as of February 28, 2002.      
Barclays PLC is an affiliate of BGFA, the Master Portfolios' investment advisor.

Pursuant to an exemptive order issued by the Securities and Exchange    
Commission, each Master Portfolio may invest in the Institutional Shares of the 
Institutional Money Market Fund ("IMMF") of Barclays Global Investors Funds.    

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MASTER INVESTMENT PORTFOLIO                                                     
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)                                   

The IMMF is a feeder fund in a master/feeder fund structure that invests        
substantially all of its assets in the Money Market Master Portfolio, which is  
managed by BGFA, the Master Portfolios' investment advisor. The IMMF is an      
open-end money market fund available only to institutional investors, including 
other investment companies managed by BGFA. The IMMF seeks a high level of      
income consistent with liquidity and the preservation of capital. While the IMMF
does not directly charge an advisory fee, the master portfolio in which it      
invests does charge an advisory fee. Income distributions from the IMMF are     
declared daily and paid monthly from net investment income. Income distributions
earned by the Master Portfolios are recorded as either interest income or       
securities lending income in the accompanying Statements of Operations.         

   Certain officers and trustees of MIP are also officers of Stephens and BGI.
As of February 28, 2002, these officers of Stephens and BGI collectively owned  
less than 1% of the Master Portfolios' outstanding beneficial interests.        

3.  INVESTMENT PORTFOLIO TRANSACTIONS                                           

Investment transactions (excluding in-kind transactions and short-term  
investments) for the year ended February 28, 2002, were as follows:             

                                                        [Enlarge/Download Table]

-------------------------------------------------------------------------------------
                                U.S. GOVERNMENT OBLIGATIONS      OTHER SECURITIES    
                                ----------------------------  -----------------------
MASTER PORTFOLIO                   PURCHASES        SALES      PURCHASES      SALES  

-------------------------------------------------------------------------------------
                                                                                     
LifePath Income Master                                                               
  Portfolio                     $ 48,645,893   $ 26,786,541  $ 14,911,591 $ 1,733,406
LifePath 2010 Master Portfolio    86,266,539     72,037,556    53,241,479   6,216,085
LifePath 2020 Master Portfolio   161,474,462    122,766,814   189,855,930  21,886,928
LifePath 2030 Master Portfolio    32,465,623     31,048,270    56,903,766  10,779,991
LifePath 2040 Master Portfolio     6,628,891     22,880,470    23,677,262  18,755,940
-------------------------------------------------------------------------------------

    For the year ended February 28, 2002, in-kind sales for the LifePath Income,
LifePath 2010, LifePath 2020, LifePath 2030 and LifePath 2040 Master Portfolios 
were $69,201,905, $167,965,684, $276,815,793, $179,253,810, and $319,431,269,   
respectively.                                                                   

    At February 28, 2002, the aggregate unrealized appreciation and depreciation
based on cost for federal income tax purposes were as follows:                  

                                                        [Enlarge/Download Table]

--------------------------------------------------------------------------------------- 
                                                                          NET UNREALIZED
                                     TAX       UNREALIZED    UNREALIZED    APPRECIATION 
MASTER PORTFOLIO                    COST      APPRECIATION  DEPRECIATION  (DEPRECIATION)

--------------------------------------------------------------------------------------- 
                                                                                        
LifePath Income Master                                                                  
  Portfolio                    $ 46,216,601  $ 2,079,893  $ (1,826,089)   $   253,804   
LifePath 2010 Master Portfolio  140,665,670    7,380,976    (9,794,244)    (2,413,268)  
LifePath 2020 Master Portfolio  434,324,116   14,713,902   (69,111,891)   (54,397,989)  
LifePath 2030 Master Portfolio  130,474,100   14,512,526   (12,166,383)     2,346,143   
LifePath 2040 Master Portfolio  134,895,436    6,609,004   (36,942,287)   (30,333,283)  
--------------------------------------------------------------------------------------- 

4.  PORTFOLIO SECURITIES LOANED                                                 

Each Master Portfolio may lend its investment securities to approved    
borrowers such as brokers, dealers and other financial institutions. The        
borrower pledges and maintains with the Master Portfolio collateral consisting  
of cash, an irrevocable letter of credit issued by a bank, or securities issued,
or guaranteed by the U.S. Government. The initial collateral received is        
required to have a value of at least 102% of the market value of the loaned     
securities for securities denominated in U.S. dollars and a value of at least   
105% for all other securities. The collateral is maintained thereafter, at a    
value equal to at least 100% of the current market value of the securities on   
loan. The risks to the Master Portfolios of securities lending are that the     
borrower may not provide additional collateral when required, or return the     
securities when due.                                                            

  As of February 28, 2002, the Master Portfolios had loaned securities which
were collateralized by cash. The cash collateral received was invested in       
commercial paper and money market mutual funds. The market value of the         
securities on loan at February 28, 2002 and the value of the related collateral 
are disclosed in the Statements of Assets and Liabilities.                      

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MASTER INVESTMENT PORTFOLIO                                                     
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)                                   

5.  FINANCIAL HIGHLIGHTS                                                        

Financial highlights for each of the Master Portfolios were as follows: 

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------     
                             YEAR ENDED    YEAR ENDED    YEAR ENDED    YEAR ENDED    YEAR ENDED     
                           FEBRUARY 28,  FEBRUARY 28,  FEBRUARY 29,  FEBRUARY 28,  FEBRUARY 28,     
                                   2002          2001          2000          1999          1998     
-----------------------------------------------------------------------------------------------     
                                                                                                    

LIFEPATH INCOME MASTER                                                                              
  PORTFOLIO                                                                                         
  Ratio of expenses to                                                                              
    average net assets             0.46%         0.55%         0.55%         0.55%         0.55%    
  Ratio of net investment                                                                           
    income to average net                                                                           
    assets                         3.73%(1)      4.40%         4.03%         3.95%         4.46%    
  Portfolio turnover rate           116%(2)        58%           55%           66%           39%    
  Total return                     2.68%         6.56%         5.22%         7.10%        12.72%    
LIFEPATH 2010 MASTER                                                                                
  PORTFOLIO                                                                                         
  Ratio of expenses to                                                                              
    average net assets             0.46%         0.55%         0.55%         0.55%         0.55%    
  Ratio of net investment                                                                           
    income to average net                                                                           
    assets                         3.11%(1)      3.49%         3.20%         3.12%         3.49%    
  Portfolio turnover rate            86%(2)        54%           49%           38%           46%    
  Total return                    (0.70)%        2.13%         8.32%        10.59%        19.13%    
LIFEPATH 2020 MASTER                                                                                
  PORTFOLIO                                                                                         
  Ratio of expenses to                                                                              
    average net assets             0.44%         0.55%         0.55%         0.55%         0.55%    
  Ratio of net investment                                                                           
    income to average net                                                                           
    assets                         2.23%(1)      2.38%         2.27%         2.30%         2.69%    
  Portfolio turnover rate            86%(2)        39%           43%           36%           41%    
  Total return                    (4.99)%       (3.14)%       11.24%        12.82%        24.65%    
LIFEPATH 2030 MASTER                                                                                
  PORTFOLIO                                                                                         
  Ratio of expenses to                                                                              
    average net assets             0.46%         0.55%         0.55%         0.55%         0.55%    
  Ratio of net investment                                                                           
    income to average net                                                                           
    assets                         1.74%(1)      1.72%         1.72%         1.74%         2.13%    
  Portfolio turnover rate            53%(2)        27%           26%           19%           27%    
  Total return                    (7.82)%       (5.59)%       13.44%        13.95%        28.62%    
LIFEPATH 2040 MASTER                                                                                
  PORTFOLIO                                                                                         
  Ratio of expenses to                                                                              
    average net assets             0.49%         0.55%         0.55%         0.55%         0.55%    
  Ratio of net investment                                                                           
    income to average net                                                                           
    assets                         1.13%(1)      0.90%         0.99%         1.11%         1.45%    
  Portfolio turnover rate            15%(2)        20%           29%           19%           34%    
  Total return                   (10.48)%      (10.41)%       16.41%        15.75%        31.35%    
----------------------------------------------------------------------------------------------------

(1)  EFFECTIVE MARCH 1, 2001, THE MASTER PORTFOLIOS ADOPTED THE PROVISIONS OF   
    THE REVISED AICPA AUDIT AND ACCOUNTING GUIDE FOR INVESTMENT COMPANIES THAT
REQUIRES THE AMORTIZATION OF DISCOUNTS AND PREMIUMS ON DEBT SECURITIES
    PURCHASED, USING A CONSTANT YIELD TO MATURITY METHOD. THE ADOPTION OF THIS
POLICY HAD NO MATERIAL EFFECT ON THE RATIO OF NET INVESTMENT INCOME TO
  AVERAGE NET ASSETS FOR THE MASTER PORTFOLIOS FOR THE YEAR ENDED FEBRUARY
28, 2002. RATIOS FOR THE PERIODS PRIOR TO MARCH 1, 2001 HAVE NOT BEEN 
RESTATED TO REFLECT THIS CHANGE IN POLICY.                            
(2)  PORTFOLIO TURNOVER RATES EXCLUDING IN-KIND TRANSACTIONS FOR THE LIFEPATH   
INCOME, LIFEPATH 2010, LIFEPATH 2020, LIFEPATH 2030 AND LIFEPATH 2040 
MASTER PORTFOLIOS WERE 52%, 48%, 35%, 25%, AND 15%, RESPECTIVELY.     

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REPORT OF INDEPENDENT ACCOUNTANTS                                               

To the Interestholders and Board of Trustees of                                 
Master Investment Portfolio:                                                    

In our opinion, the accompanying statements of assets and liabilities,  
including the schedules of investments, and the related statement of operations 
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of the LifePath Income Master         
Portfolio, LifePath 2010 Master Portfolio, LifePath 2020 Master Portfolio,      
LifePath 2030 Master Portfolio and LifePath 2040 Master Portfolio, each a       
portfolio of Master Investment Portfolio (the "Portfolios"), at February 28,    
2002, and the results of each of their operations, the changes in each of their 
net assets and their financial highlights for the year then ended, in conformity
with accounting principles generally accepted in the United States of America.  
These financial statements and financial highlights (hereafter referred to as   
"financial statements") are the responsibility of the Portfolios' management;   
our responsibility is to express an opinion on these financial statements based 
on our audit. We conducted our audit of these financial statements in accordance
with auditing standards generally accepted in the United States of America,     
which require that we plan and perform the audit to obtain reasonable assurance 
about whether the financial statements are free of material misstatement. An    
audit includes examining, on a test basis, evidence supporting the amounts and  
disclosures in the financial statements, assessing the accounting principles    
used and significant estimates made by management, and evaluating the overall   
financial statement presentation. We believe that our audit, which included     
confirmation of securities at February 28, 2002 by correspondence with the      
custodian and brokers, provides a reasonable basis for our opinion.             

  The financial statements of the Portfolios as of February 28, 2001 and for
the years then ended were audited by other auditors, whose report dated April   
13, 2001 expressed an unqualified opinion on those statements.                  

PricewaterhouseCoopers LLP                                                      
San Francisco, California                                                       
April 12, 2002                                                                  

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CHANGE IN INDEPENDENT ACCOUNTANTS -- UNAUDITED                                  

As a result of the resignation of KPMG LLP ("KPMG") as the Master       
Portfolios' independent accountants, the Audit Committee and the Board of       
Trustees of the Master Portfolios voted to appoint PricewaterhouseCoopers LLP as
the independent accountants for the Master Portfolios' year ended February 28,  
2002. During the two previous years, the audit reports of KPMG contained no     
adverse opinion or disclaimer of opinion; nor were its reports qualified nor    
modified as to uncertainty, audit scope, or accounting principle. Further, in   
connection with its audits for the two previous years, there were no            
disagreements between the Master Portfolios and KPMG on any matters of          
accounting principles or practices, financial statement disclosure or auditing  
scope or procedures, which if not resolved to the satisfaction of KPMG would    
have caused it to make reference to the disagreements in its report on the      
financial statements for such years.                                            

TRUSTEES INFORMATION -- UNAUDITED                                               

The Board of Trustees has responsibility for the overall management and 
operations of the Master Portfolios. The Trustees and Officers of Master        
Investment Portfolio ("MIP") also serve as the Trustees and Officers of Barclays
Global Investors Funds ("BGIF"). Please see the Trustees Information for BGIF   
(found elsewhere in this report), for information regarding the Trustees and    
Officers of MIP.                                                                

  Additional information about MIP's Trustees may be found in Part B of each
Master Portfolio's Registration Statement, which is available without charge    
upon request by calling toll-free 1-888-204-3956.                               

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                               Barclays Global Investors Funds
                                c/o Investors Bank and Trust Co.
                    200 Clarendon Street
                Boston, MA 02116

            BGI/AR. 2/02

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘N-30D’ Filing		Date		First		Last			Other Filings
		12/31/09		20					24F-2NT,  497J,  N-CSR,  NSAR-B,  NSAR-B/A
		12/31/02		21					24F-2NT,  N-30D,  NSAR-B,  NSAR-BT
Filed on:		5/2/02
		4/12/02		22		94
For Period End:		2/28/02		1		95			24F-2NT,  NSAR-B
		1/11/02		4		19			485BPOS
		12/31/01		4		23			24F-2NT,  N-30D,  NSAR-B
		11/16/01		24		28			DEF 14A,  PRE 14A
		11/1/01		21
		7/1/01		21		91
		4/13/01		22		94
		3/1/01		16		93
		2/28/01		8		94			24F-2NT,  NSAR-B
		2/29/00		16		18			24F-2NT,  N-30D,  NSAR-B
		2/9/00		28
		2/28/99		16		18			24F-2NT,  N-30D,  NSAR-B
		2/28/98		16		18			24F-2NT,  N-30D,  NSAR-B
		3/26/96		7
		3/1/94		7
		10/20/93		28
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