UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07332

Barclays Global Investors Funds

(Exact name of Registrant as specified in charter)

c/o: State Street Bank and Trust Company

200 Clarendon Street, Boston, MA 02116-5021

(Address of principal executive offices) (Zip code)

CT Corporation System

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-877-244-1544

Date of fiscal year end: December 31, 2008

Date of reporting period: March 31, 2008

Item 1. Schedules of Investments.

BOND INDEX FUND

Schedule of Investments

March 31, 2008 (Unaudited)

The Bond Index Fund (the “Fund”), a series of Barclays Global Investors Funds, invests substantially all of its assets in the Bond Index Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio. The Fund owns a pro rata interest in the Master Portfolio’s net assets. As of March 31, 2008, the value of the Fund’s investment in the Master Portfolio was $116,902,890, which represents 99.99% of the Master Portfolio’s outstanding interests. The Master Portfolio’s Schedule of Investments is set forth below.

BOND INDEX MASTER PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Security	Principal		Value
CORPORATE BONDS & NOTES—22.69%
AEROSPACE & DEFENSE—0.27%
Boeing Co. (The)
6.13%, 02/15/33	$	100,000	$	105,880
Lockheed Martin Corp.
6.15%, 09/01/36		100,000		103,278
United Technologies Corp.
6.10%, 05/15/12		100,000		107,696
				316,854
AUTO MANUFACTURERS—0.31%
DaimlerChrysler North America Holding Corp.
7.20%, 09/01/09		350,000		362,033
				362,033
BANKS—3.18%
Abbey National PLC
7.95%, 10/26/29		100,000		107,077
American Express Centurion Bank
5.20%, 11/26/10		200,000		202,334
Bank of America Corp.
5.49%, 03/15/19		200,000		193,818
Capital One Financial Corp.
6.75%, 09/15/17		100,000		94,857
Deutsche Bank AG London
5.38%, 10/12/12		100,000		104,510
HSBC Holdings PLC
5.25%, 12/12/12		300,000		297,763
KfW Bankengruppe
0.00%, 04/18/36		250,000		62,028
Landwirtschaftliche Rentenbank
3.88%, 03/15/10		500,000		516,099
NationsBank Corp.
7.75%, 08/15/15		250,000		286,989
Royal Bank of Scotland Group PLC
5.00%, 10/01/14		250,000		248,822
Sanwa Bank Ltd.
7.40%, 06/15/11		200,000		219,048
Swiss Bank Corp.
7.00%, 10/15/15		150,000		167,772
US Bank N.A.
6.38%, 08/01/11		250,000		270,681
Wachovia Bank N.A.
6.60%, 01/15/38		50,000		46,326
Wachovia Corp.
5.50%, 08/01/35		150,000		118,799
Wells Fargo & Co.
4.20%, 01/15/10		500,000		508,345

Wells Fargo Bank N.A.
7.55%, 06/21/10	250,000	271,394
		3,716,662
BEVERAGES—0.33%
Bottling Group LLC
4.63%, 11/15/12	100,000	104,234
Coca-Cola Enterprises Inc.
8.50%, 02/01/22	100,000	126,749
Diageo Capital PLC
5.20%, 01/30/13	150,000	155,182
		386,165
BUILDING MATERIALS—0.17%
Masco Corp.
5.88%, 07/15/12	200,000	201,605
		201,605
CHEMICALS—0.27%
Dow Chemical Co. (The)
6.00%, 10/01/12	100,000	105,336
E.I. du Pont de Nemours and Co.
6.88%, 10/15/09	100,000	105,613
Praxair Inc.
4.63%, 03/30/15	100,000	101,043
		311,992
COMPUTERS—0.22%
International Business Machines Corp.
4.75%, 11/29/12	250,000	258,740
		258,740
COSMETICS & PERSONAL CARE—0.32%
Procter & Gamble Co. (The)
6.88%, 09/15/09	350,000	369,795
		369,795
DIVERSIFIED FINANCIAL SERVICES—4.20%
Bear Stearns Companies Inc. (The)
5.70%, 11/15/14	200,000	192,422
CIT Group Funding Co. of Canada
4.65%, 07/01/10	250,000	205,157
Citigroup Inc.
5.00%, 09/15/14	177,000	166,809
5.30%, 10/17/12	250,000	250,624
6.63%, 06/15/32	100,000	94,203
6.88%, 03/05/38	100,000	99,929
8.30%, 12/21/57	50,000	49,269
Credit Suisse First Boston USA Inc.
4.70%, 06/01/09	250,000	252,058
6.50%, 01/15/12	100,000	106,296
Credit Suisse USA Inc.
6.13%, 11/15/11	250,000	264,153
General Electric Capital Corp.
6.75%, 03/15/32	250,000	267,027

Goldman Sachs Group Inc. (The)
5.95%, 01/18/18	50,000	49,512
6.13%, 02/15/33	200,000	182,114
6.88%, 01/15/11	400,000	426,996
Household Finance Corp.
8.00%, 07/15/10	250,000	263,822
HSBC Finance Corp.
5.50%, 01/19/16	100,000	96,737
International Lease Finance Corp.
5.45%, 03/24/11	250,000	249,765
John Deere Capital Corp.
7.00%, 03/15/12	150,000	165,965
JP Morgan Chase Capital XVIII
6.95%, 08/17/36	100,000	92,108
JPMorgan Chase & Co.
5.13%, 09/15/14	250,000	247,012
Lehman Brothers Holdings Inc.
4.80%, 03/13/14	150,000	130,349
6.50%, 07/19/17	100,000	94,965
6.75%, 12/28/17	50,000	48,066
Merrill Lynch & Co. Inc.
6.05%, 08/15/12	200,000	203,128
6.11%, 01/29/37	100,000	79,041
Morgan Stanley
4.75%, 04/01/14	450,000	417,727
National Rural Utilities Cooperative Finance Corp.
7.25%, 03/01/12	200,000	217,510
		4,912,764
ELECTRIC—1.78%
Alabama Power Co. Series Q
5.50%, 10/15/17	100,000	102,381
Arizona Public Service Co.
6.50%, 03/01/12	100,000	104,118
Cincinnati Gas & Electric Co.
5.70%, 09/15/12	100,000	105,125
Consumers Energy Co.
5.00%, 02/15/12	150,000	152,000
Indiana Michigan Power Co.
6.05%, 03/15/37	100,000	88,466
MidAmerican Energy Holdings Co.
6.13%, 04/01/36	100,000	96,654
Northern States Power Co.
8.00%, 08/28/12	100,000	115,499
Oncor Electric Delivery Co.
6.38%, 05/01/12	150,000	154,353
Ontario Hydro Canada
7.45%, 03/31/13	150,000	175,662
Pacific Gas and Electric Co.
6.05%, 03/01/34	100,000	98,033
Pepco Holdings Inc.
6.45%, 08/15/12	100,000	106,553
Progress Energy Inc.
7.10%, 03/01/11	175,000	188,374
Public Service Electric & Gas Co.
5.13%, 09/01/12	100,000	103,409

Southern California Edison Co.
5.00%, 01/15/16	200,000	202,170
Toledo Edison Co.
6.15%, 05/15/37	100,000	88,554
Virginia Electric and Power Co.
4.75%, 03/01/13	200,000	204,668
		2,086,019
ENVIRONMENTAL CONTROL—0.09%
Waste Management Inc.
7.00%, 07/15/28	100,000	102,058
		102,058
FOOD—1.01%
Archer-Daniels-Midland Co.
8.38%, 04/15/17	150,000	179,428
Kellogg Co.
6.60%, 04/01/11	250,000	269,413
Kraft Foods Inc.
5.63%, 11/01/11	150,000	152,835
Safeway Inc.
7.50%, 09/15/09	285,000	299,308
Unilever Capital Corp.
7.13%, 11/01/10	250,000	274,112
		1,175,096
FOREST PRODUCTS & PAPER—0.09%
MeadWestvaco Corp.
6.85%, 04/01/12	100,000	103,804
		103,804
HEALTH CARE - PRODUCTS—0.12%
Johnson & Johnson
5.15%, 08/15/12	125,000	135,173
		135,173
HEALTH CARE - SERVICES—0.24%
Aetna Inc.
6.75%, 12/15/37	50,000	47,652
WellPoint Inc.
5.25%, 01/15/16	250,000	235,091
		282,743
INSURANCE—0.93%
Allstate Corp. (The)
7.20%, 12/01/09	250,000	264,464
American International Group Inc.
6.25%, 03/15/37	100,000	81,011
Berkshire Hathaway Finance Corp.
5.10%, 07/15/14	100,000	105,755
Hartford Financial Services Group Inc.
6.10%, 10/01/41	100,000	88,426
ING Capital Funding Trust III
8.44%, 06/30/49	100,000	99,769

MetLife Inc.
5.38%, 12/15/12	200,000	209,169
5.70%, 06/15/35	100,000	88,958
Prudential Financial Inc. Series S
6.63%, 12/01/37	50,000	49,387
Travelers Property Casualty Corp.
6.38%, 03/15/33	100,000	96,905
		1,083,844
MACHINERY—0.23%
Caterpillar Inc.
5.70%, 08/15/16	250,000	263,051
		263,051
MANUFACTURING—0.43%
General Electric Co.
5.00%, 02/01/13	100,000	103,582
5.25%, 12/06/17	100,000	99,862
Honeywell International Inc.
5.30%, 03/01/18	100,000	102,474
Tyco International Group SA
6.38%, 10/15/11	200,000	199,297
		505,215
MEDIA—1.17%
AOL Time Warner Inc.
6.88%, 05/01/12	350,000	361,318
Comcast Corp.
6.45%, 03/15/37	100,000	94,234
Cox Communications Inc.
5.50%, 10/01/15	100,000	97,716
News America Inc.
6.20%, 12/15/34	100,000	95,238
TCI Communications Inc.
8.75%, 08/01/15	200,000	226,237
Time Warner Cable Inc.
6.55%, 05/01/37	100,000	94,398
Viacom Inc.
5.63%, 08/15/12(a)	200,000	195,121
6.88%, 04/30/36	100,000	96,296
Walt Disney Co. (The)
6.38%, 03/01/12	100,000	108,286
		1,368,844
MINING—0.41%
Alcan Inc.
4.88%, 09/15/12	150,000	150,740
Alcoa Inc.
5.90%, 02/01/27	150,000	135,180
BHP Billiton Finance (USA) Ltd.
4.80%, 04/15/13	100,000	99,903
Vale Overseas Ltd.
6.88%, 11/21/36	100,000	97,572
		483,395

MULTI-NATIONAL—1.01%
European Investment Bank
4.88%, 02/16/16	250,000	267,946
5.13%, 09/13/16	225,000	245,002
International Bank for Reconstruction & Development
4.13%, 08/12/09	650,000	667,273
		1,180,221
OIL & GAS—1.30%
Alberta Energy Co. Ltd.
7.38%, 11/01/31	100,000	109,921
Anadarko Petroleum Corp.
6.45%, 09/15/36	100,000	101,835
Apache Corp.
6.00%, 01/15/37	100,000	100,950
Burlington Resources Finance Co.
7.20%, 08/15/31	100,000	115,800
Canadian Natural Resources Ltd.
5.70%, 05/15/17	250,000	252,816
Devon Financing Corp. ULC
6.88%, 09/30/11	250,000	272,871
Enterprise Products Operating LP
5.60%, 10/15/14	200,000	200,106
Marathon Oil Corp.
6.13%, 03/15/12	150,000	157,953
Transocean Inc.
5.25%, 03/15/13	100,000	102,189
XTO Energy Inc.
6.25%, 04/15/13	100,000	108,677
		1,523,118
PHARMACEUTICALS—0.72%
Abbott Laboratories
5.60%, 11/30/17	150,000	156,930
AstraZeneca PLC
5.90%, 09/15/17	200,000	211,413
Eli Lilly and Co.
5.50%, 03/15/27	50,000	49,011
Merck & Co. Inc.
5.95%, 12/01/28	100,000	100,660
Pharmacia Corp.
6.50%, 12/01/18	150,000	170,670
Wyeth
5.50%, 03/15/13	150,000	158,836
		847,520
PIPELINES—0.30%
Kinder Morgan Energy Partners LP
6.50%, 02/01/37	100,000	92,782
Tennessee Gas Pipeline Co.
7.50%, 04/01/17	100,000	107,930
TransCanada PipeLines Ltd.
6.20%, 10/15/37	50,000	48,211
Williams Companies Inc. (The)
7.63%, 07/15/19	100,000	106,750
		355,673

REAL ESTATE INVESTMENT TRUSTS—0.41%
Boston Properties LP
6.25%, 01/15/13	200,000	206,136
Health Care Property Investors Inc.
6.00%, 01/30/17	100,000	81,644
Simon Property Group LP
5.63%, 08/15/14	200,000	192,792
		480,572
RETAIL—0.60%
Home Depot Inc.
5.88%, 12/16/36	100,000	81,637
J.C. Penney Co. Inc.
6.38%, 10/15/36	50,000	42,491
May Department Stores Co. (The)
6.65%, 07/15/24	125,000	106,247
McDonald’s Corp.
5.35%, 03/01/18	100,000	101,222
Target Corp.
6.50%, 10/15/37	100,000	96,690
Wal-Mart Stores Inc.
5.25%, 09/01/35	100,000	88,502
6.88%, 08/10/09	175,000	184,732
		701,521
SAVINGS & LOANS—0.18%
Washington Mutual Bank
5.65%, 08/15/14	250,000	206,250
		206,250
TELECOMMUNICATIONS—1.98%
AT&T Wireless Services Inc.
7.88%, 03/01/11	250,000	271,927
BellSouth Corp.
6.88%, 10/15/31	150,000	152,492
British Telecom PLC
8.63%, 12/15/10	250,000	274,941
Deutsche Telekom International Finance AG
8.25%, 06/15/30	100,000	119,959
Embarq Corp.
7.08%, 06/01/16	100,000	94,674
France Telecom SA
7.75%, 03/01/11	150,000	162,651
Motorola Inc.
7.63%, 11/15/10	16,000	16,582
SBC Communications Inc.
5.10%, 09/15/14	300,000	298,041
Sprint Capital Corp.
6.88%, 11/15/28	100,000	74,500
8.38%, 03/15/12	150,000	138,750
Telecom Italia Capital SA
5.25%, 11/15/13	150,000	140,159
Telefonica Europe BV
8.25%, 09/15/30	50,000	58,392

Verizon Global Funding Corp.
4.38%, 06/01/13	250,000	244,420
Verizon Pennsylvania Inc.
5.65%, 11/15/11	150,000	153,588
Vodafone Group PLC
7.88%, 02/15/30	100,000	109,913
		2,310,989
TRANSPORTATION—0.42%
Burlington Northern Santa Fe Corp.
7.13%, 12/15/10	250,000	270,631
Norfolk Southern Corp.
7.70%, 05/15/17	150,000	173,544
Union Pacific Corp.
6.15%, 05/01/37	50,000	48,293
		492,468
TOTAL CORPORATE BONDS & NOTES
(Cost: $26,531,161)		26,524,184
Security	Principal	Value
ASSET-BACKED SECURITIES—0.90%
Connecticut RRB Special Purpose Trust CL&P Series 2001-1 Class A5
6.21%, 12/30/11	1,000,000	1,049,689
TOTAL ASSET-BACKED SECURITIES
(Cost: $1,033,242)		1,049,689
Security	Principal	Value
COLLATERALIZED MORTGAGE OBLIGATIONS—6.04%
MORTGAGE-BACKED SECURITIES—6.04%
Credit Suisse First Boston Mortgage Securities Corp. Series 1999-C1 Class A2
7.29%, 09/15/41	576,314	589,455
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-C2 Class A2
5.42%, 05/15/36	1,000,000	1,011,992
Greenwich Capital Commercial Funding Corp. Series 2007-GG9 Class A4
5.44%, 01/10/17	1,000,000	972,947
JP Morgan Chase Commercial Mortgage Finance Corp. Series 2000-C10 Class A2
7.37%, 08/15/32	731,526	753,862
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2004-C3 Class A5
4.88%, 01/15/42	500,000	491,473
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2005-CB11 Class A2
5.02%, 08/12/37	210,000	209,079
LB-UBS Commercial Mortgage Trust Series 2004-C2 Class A4
4.37%, 03/15/36	500,000	478,043
LB-UBS Commercial Mortgage Trust Series 2005-C5 Class A2
4.89%, 09/15/40	1,000,000	992,995

LB-UBS Commercial Mortgage Trust Series 2006-C4 Class AM
5.90%, 06/15/38	600,000	565,596
Morgan Stanley Capital I Series 2006-HQ8 Class A4
5.39%, 03/12/44	1,000,000	993,402
		7,058,844
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost: $7,297,146)		7,058,844
Security	Principal	Value
FOREIGN GOVERNMENT BONDS & NOTES—1.65%(b)
British Columbia (Province of)
6.50%, 01/15/26	100,000	121,076
Finland (Republic of)
6.95%, 02/15/26	100,000	124,171
Hydro-Quebec
6.30%, 05/11/11	150,000	163,981
Israel (State of)
4.63%, 06/15/13	100,000	102,581
Italy (Republic of)
6.88%, 09/27/23	200,000	247,896
Nova Scotia (Province of)
5.75%, 02/27/12	150,000	165,140
Ontario (Province of)
5.00%, 10/18/11	500,000	534,989
Quebec (Province of)
6.13%, 01/22/11	150,000	163,017
United Mexican States
8.13%, 12/30/19(a)	250,000	315,000
TOTAL FOREIGN GOVERNMENT BONDS & NOTES
(Cost: $1,773,655)		1,937,851
Security	Principal	Value
MUNICIPAL DEBT OBLIGATIONS—0.33%
ILLINOIS—0.17%
Illinois State
5.10%, 06/01/33	200,000	199,896
		199,896
NEW JERSEY—0.16%
New Jersey State Turnpike Authority
4.25%, 01/01/16	190,000	186,153
		186,153
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $372,413)		386,049
Security	Principal	Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS—67.34%
MORTGAGE-BACKED SECURITIES—39.34%
Federal Home Loan Mortgage Corp.
4.00%, 05/01/19	657,052	644,645

4.50%, 04/01/18	978,487	977,202
4.50%, 11/01/18	759,394	758,397
4.50%, 01/01/19	136,762	136,583
4.50%, 02/01/19	774,499	773,482
4.63%, 10/25/12	690,000	732,022
5.00%, 10/01/18	1,132,579	1,149,586
5.00%, 02/01/34	648,886	644,383
5.00%, 08/01/35	851,769	844,730
5.00%, 04/01/38(c)	1,000,000	990,000
5.50%, 04/01/33	1,671,618	1,693,545
5.50%, 10/01/35	3,776,001	3,820,171
6.00%, 08/01/34	3,497,916	3,600,230
6.50%, 06/01/31	250,461	261,924
8.00%, 12/01/24	691,392	748,652
Federal National Mortgage Association
4.04%, 10/01/36	3,401,900	3,542,295
5.00%, 01/01/19	2,871,620	2,912,319
5.00%, 11/01/33	5,429,294	5,388,710
5.50%, 07/01/33	3,784,507	3,832,815
5.50%, 12/01/33	778,288	788,213
5.50%, 03/01/34	77,102	78,029
5.50%, 10/01/35	1,507,311	1,524,648
5.86%, 11/01/36	747,612	764,232
6.00%, 07/01/37	1,814,894	1,860,828
6.00%, 12/01/37	975,806	1,000,503
6.00%, 04/01/38(c)	1,000,000	1,024,375
6.50%, 11/01/37	980,876	1,016,720
7.00%, 02/01/32	140,658	149,475
Government National Mortgage Association
5.50%, 12/15/32	695,932	711,623
6.00%, 03/15/35	685,564	709,058
6.00%, 04/01/38(c)	1,000,000	1,031,875
6.50%, 09/15/36	868,476	903,760
7.50%, 12/15/23	908,589	979,368
		45,994,398
U.S. GOVERNMENT AGENCY OBLIGATIONS—9.07%
Federal Home Loan Bank
3.75%, 08/18/09(a)	1,000,000	1,020,574
4.88%, 03/12/10	500,000	524,785
5.00%, 09/18/09	2,500,000	2,599,467
Federal Home Loan Mortgage Corp.
4.88%, 08/16/10	750,000	792,130
6.25%, 07/15/32(a)	320,000	381,441
Federal National Mortgage Association
4.38%, 09/15/12	500,000	526,440
4.63%, 10/15/13(a)	2,000,000	2,120,478
5.38%, 11/15/11	500,000	543,725
6.25%, 02/01/11	500,000	537,870
7.25%, 01/15/10(a)	500,000	543,315
Financing Corp.
8.60%, 09/26/19	200,000	276,579
Tennessee Valley Authority
6.25%, 12/15/17	400,000	470,334
7.13%, 05/01/30	200,000	261,138
		10,598,276

U.S. GOVERNMENT OBLIGATIONS—18.93%
U.S. Treasury Bonds
4.50%, 02/15/36	300,000	309,914
4.75%, 02/15/37(a)	600,000	645,328
6.13%, 11/15/27(a)	600,000	744,844
6.25%, 08/15/23(a)	1,200,000	1,477,031
7.25%, 05/15/16(a)	1,000,000	1,285,312
7.63%, 02/15/25(a)	350,000	492,625
8.00%, 11/15/21(a)	400,000	564,188
8.13%, 05/15/21(a)	500,000	708,555
8.75%, 05/15/17(a)	500,000	704,492
8.75%, 05/15/20	500,000	732,383
12.50%, 08/15/14	400,000	458,062
U.S. Treasury Notes
2.75%, 02/28/13(a)	250,000	253,438
3.13%, 04/15/09(a)	1,000,000	1,016,719
3.50%, 02/15/18(a)	300,000	301,734
3.63%, 07/15/09(a)	1,300,000	1,334,429
4.00%, 02/15/15(a)	400,000	430,125
4.25%, 11/15/14(a)	1,700,000	1,858,845
4.25%, 08/15/15(a)	1,150,000	1,252,871
4.25%, 11/15/17(a)	275,000	293,412
4.38%, 08/15/12(a)	500,000	543,750
4.50%, 11/15/10	500,000	536,172
4.50%, 02/28/11(a)	250,000	269,395
4.50%, 05/15/17(a)	750,000	815,039
4.63%, 10/31/11(a)	750,000	816,973
4.63%, 11/15/16(a)	250,000	275,820
4.75%, 02/15/10(a)	500,000	528,906
4.88%, 06/30/12	650,000	716,269
4.88%, 08/15/16(a)	1,000,000	1,120,156
5.13%, 05/15/16(a)	250,000	284,805
5.75%, 08/15/10	600,000	657,328
6.00%, 08/15/09	300,000	318,234
6.50%, 02/15/10(a)	350,000	381,172
		22,128,326
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost: $75,564,505)		78,721,000
Security	Shares	Value
SHORT-TERM INVESTMENTS—22.68%
MONEY MARKET FUNDS—22.68%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares
3.18%(d)(e)	2,721,579	2,721,579
BGI Cash Premier Fund LLC
3.22%(d)(e)(f)	23,790,864	23,790,864
		26,512,443
TOTAL SHORT-TERM INVESTMENTS
(Cost: $26,512,443)		26,512,443

TOTAL INVESTMENTS IN SECURITIES — 121.63%
(Cost: $139,084,565)		142,190,060
Other Assets, Less Liabilities — (21.63)%		(25,286,927	)
NET ASSETS — 100.00%	$	116,903,133

(a) All or a portion of this security represents a security on loan. See Note 3.

(b) Investments are denominated in U.S. dollars.

(c) To-be-announced (TBA). See Note 1.

(d) Affiliated issuer. See Note 2.

(e) The rate quoted is the annualized seven-day yield of the fund at period end.

(f) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

GOVERNMENT MONEY MARKET FUND

Schedule of Investments

March 31, 2008 (Unaudited)

The Government Money Market Fund (the “Fund”), a series of Barclays Global Investors Funds, invests substantially all of its assets in the Government Money Market Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio. The Fund owns a pro rata interest in the Master Portfolio’s net assets. As of March 31, 2008, the value of the Fund’s investment in the Master Portfolio was $76,451,843, which represents 100.00% of the Master Portfolio’s outstanding interests. The Master Portfolio’s Schedule of Investments is set forth below.

GOVERNMENT MONEY MARKET MASTER PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Security	Face Amount		Value
REPURCHASE AGREEMENTS—99.99%
Banc of America Securities LLC Tri-Party 2.40%, dated 3/31/08, due 4/1/08, maturity value $14,100,940 (collateralized by U.S. government obligations, value $14,382,000, 5.00%, 10/1/35).	$	14,100,000	$	14,100,000
Bank of America N.A. Tri-Party 2.40%, dated 3/31/08, due 4/1/08, maturity value $10,000,667 (collateralized by U.S. government obligations, value $10,200,000, 5.00%, 5/1/35).		10,000,000		10,000,000
Credit Suisse First Boston Tri-Party 2.75%, dated 3/31/08, due 4/1/08, maturity value $14,101,077 (collateralized by U.S. government obligations, value $14,384,973, 5.24% to 6.10%, 10/1/21 to 11/1/37).		14,100,000		14,100,000
Goldman Sachs Group Inc. (The) Tri-Party 2.75%, dated 3/31/08, due 4/1/08, maturity value $14,149,081 (collateralized by U.S. government obligations, value $14,430,961, 6.00%, 8/1/37).		14,148,000		14,148,000
Lehman Brothers Holdings Inc. Tri-Party 2.60%, dated 3/31/08, due 4/1/08, maturity value $14,101,018 (collateralized by U.S. government obligations, value $14,384,273, 6.00%, 12/1/37).		14,100,000		14,100,000
Merrill Lynch & Co. Inc. Tri-Party 2.53%, dated 3/31/08, due 4/1/08, maturity value $10,000,703 (collateralized by U.S. government obligations, value $10,301,072, 3.01%, 9/25/35).		10,000,000		10,000,000
TOTAL REPURCHASE AGREEMENTS
(Cost: $76,448,000)				76,448,000
TOTAL INVESTMENTS IN SECURITIES — 99.99%
(Cost: $76,448,000)				76,448,000
Other Assets, Less Liabilities — 0.01 %				3,843
NET ASSETS — 100.00%			$	76,451,843

See accompanying notes to schedules of investments.

INSTITUTIONAL MONEY MARKET FUND

Schedule of Investments

March 31, 2008 (Unaudited)

The Institutional Money Market Fund (the “Fund”), a series of Barclays Global Investors Funds, invests substantially all of its assets in the Money Market Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio. The Fund owns a pro rata interest in the Master Portfolio’s net assets. As of March 31, 2008, the value of the Fund’s investment in the Master Portfolio was $4,688,171,184, which represents 14.64% of the Master Portfolio’s outstanding interests. The Master Portfolio’s Schedule of Investments is set forth below.

MONEY MARKET MASTER PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Security	Face Amount		Value
CERTIFICATES OF DEPOSIT—6.93%
Banco Bilbao Vizcaya Argentaria SA
2.70%, 03/10/09	$	250,000,000	$	250,023,188
Bank of Nova Scotia
3.00%, 01/29/09		175,000,000		174,918,584
Branch Banking & Trust
2.81%, 11/07/08		100,000,000		100,005,983
Chase Bank USA N.A.
2.75%, 01/28/09		500,000,000		500,000,000
Credit Suisse First Boston NY
4.93%, 10/09/08		275,000,000		275,000,000
HBOS Treasury Services PLC
5.26%, 05/14/08		90,000,000		90,000,000
Skandinaviska Enskilda Banken AB
4.80%, 04/24/08		65,000,000		65,000,000
Societe Generale NY
4.51%, 11/21/08		75,000,000		75,004,662
5.27%, 05/14/08		65,000,000		65,000,000
UniCredito Italiano NY
2.88%, 06/16/08		125,000,000		125,001,310
4.81%, 05/02/08		200,000,000		200,001,681
US Bank N.A.
2.82%, 08/15/08(a)		150,000,000		150,000,000
Wachovia Bank N.A.
2.60%, 03/12/09		150,000,000		150,000,000
TOTAL CERTIFICATES OF DEPOSIT
(Cost: $2,219,955,408)				2,219,955,408
Security	Face Amount		Value
COMMERCIAL PAPER—34.30%
Allied Irish Banks
2.58%, 03/05/09		250,000,000		243,944,167
Amstel Funding Corp.
2.90%, 06/13/08(a)		175,000,000		173,970,902
3.12%, 05/05/08(a)		100,000,000		99,705,333
3.33%, 04/29/08(a)		200,000,000		199,482,000
4.67%, 04/04/08(a)		230,000,000		229,910,492
4.73%, 04/04/08(a)		125,000,000		124,950,729
Amsterdam Funding Corp.
3.00%, 04/15/08(a)		200,000,000		199,766,666
3.00%, 05/01/08(a)		77,000,000		76,807,500
Bank of Ireland
4.65%, 04/25/08		35,000,000		34,891,499
Barton Capital Corp.
3.10%, 04/10/08(a)		112,408,000		112,320,884
CAFCO LLC
3.90%, 04/10/08(a)		200,000,000		199,805,000
4.67%, 05/12/08(a)		175,000,000		174,070,239
Cancara Asset Securitisation Ltd.
2.85%, 06/13/08(a)		92,000,000		91,468,317
3.05%, 05/05/08(a)		250,000,000		249,279,861
3.10%, 05/14/08(a)		200,000,000		199,259,445
3.15%, 05/07/08(a)		200,000,000		199,370,000
3.30%, 04/30/08(a)		200,000,000		199,468,333
3.92%, 04/14/08(a)		100,000,000		99,858,445

Chariot Funding LLC
2.75%, 04/15/08(a)	75,000,000	74,919,792
Charta LLC
3.90%, 04/10/08(a)	200,000,000	199,805,000
3.90%, 04/16/08(a)	150,000,000	149,756,250
CRC Funding LLC
3.90%, 04/10/08(a)	200,000,000	199,805,000
4.67%, 05/12/08(a)	125,000,000	124,335,886
Edison Asset Securitization LLC
2.86%, 08/05/08(a)	150,000,000	148,498,500
4.66%, 06/17/08(a)	200,000,000	198,006,556
Falcon Asset Securitization Co. LLC
2.50%, 06/18/08(a)	220,000,000	218,808,333
2.70%, 07/03/08(a)	101,000,000	100,295,525
2.95%, 06/06/08(a)	194,542,000	193,489,853
General Electric Capital Corp.
3.65%, 10/10/08	175,000,000	171,593,334
3.92%, 10/03/08	275,000,000	269,460,277
4.39%, 08/25/08	140,000,000	137,507,455
General Electric Capital Services Inc.
3.65%, 10/10/08	100,000,000	98,053,333
4.39%, 08/25/08	140,000,000	137,507,455
Grampian Funding LLC
3.12%, 05/12/08(a)	150,000,000	149,467,000
3.26%, 04/30/08(a)	300,000,000	299,212,167
3.30%, 04/29/08(a)	75,000,000	74,807,500
3.90%, 04/17/08(a)	300,000,000	299,480,001
4.64%, 04/07/08(a)	225,000,000	224,826,000
Jupiter Securitization Corp.
2.90%, 04/14/08(a)	225,000,000	224,764,375
3.10%, 05/09/08(a)	100,000,000	99,672,778
3.20%, 04/08/08(a)	101,321,000	101,257,956
Morgan Stanley
4.69%, 05/05/08	85,000,000	84,623,497
4.71%, 04/28/08	120,000,000	119,576,100
Nationwide Building Society
2.95%, 08/01/08	150,000,000	148,500,417
Nordea North America Inc.
4.74%, 06/23/08	250,000,000	247,267,917
Park Avenue Receivables Corp.
2.70%, 07/02/08(a)	111,578,000	110,808,112
2.95%, 06/11/08(a)	124,231,000	123,508,217
3.10%, 05/09/08(a)	100,000,000	99,672,778
3.20%, 04/08/08(a)	251,927,000	251,770,245
Ranger Funding Co. LLC
2.77%, 04/21/08(a)	250,000,000	249,615,278
3.20%, 04/04/08(a)	158,031,000	157,988,858
Regency Markets No. 1 LLC
2.85%, 04/18/08(a)	125,833,000	125,663,649
3.15%, 05/14/08(a)	175,000,000	174,341,562
Royal Bank of Scotland
2.87%, 08/01/08	150,000,000	148,541,084
Solitaire Funding Ltd.
3.05%, 04/08/08(a)	125,000,000	124,925,868
Thames Asset Global Securitization No. 1 Inc.
2.75%, 04/18/08(a)	155,438,000	155,236,146
2.85%, 06/12/08(a)	85,438,000	84,951,004
2.85%, 06/16/08(a)	52,145,000	51,831,261
2.85%, 06/25/08(a)	85,000,000	84,428,021
3.05%, 05/06/08(a)	200,000,000	199,406,945
3.12%, 05/15/08(a)	132,994,000	132,486,850
Ticonderoga Master Funding Ltd.
3.15%, 04/10/08(a)	195,000,000	194,846,437
3.25%, 04/01/08(a)	115,677,000	115,677,000

Tulip Funding Corp.
3.15%, 05/07/08(a)	101,155,000	100,836,362
Westpac Banking Corp.
2.62%, 03/06/09	250,000,000	243,832,084
Westpac Securities NZ Ltd.
2.52%, 03/09/09	200,000,000	195,212,000
Windmill Funding Corp.
3.00%, 04/07/08(a)	75,000,000	74,962,500
3.25%, 04/08/08(a)	200,000,000	199,873,611
Yorktown Capital LLC
2.65%, 05/09/08(a)	11,120,000	11,088,895
3.20%, 04/04/08(a)	165,000,000	164,956,000
TOTAL COMMERCIAL PAPER
(Cost: $10,980,088,836)		10,980,088,836
Security	Face Amount	Value
MEDIUM-TERM NOTES—6.08%
Asscher Finance Corp.
5.42%, 06/25/08(a)(b)	100,000,000	100,000,000
Cullinan Finance Corp.
5.31%, 05/27/08(a)(b)	100,000,000	99,999,240
Dorada Finance Inc.
5.32%, 05/29/08(a)(b)	115,000,000	114,999,085
Federal Home Loan Bank
2.70%, 03/17/09	250,000,000	250,000,000
Goldman Sachs Group Inc. (The)
3.40%, 01/30/09(c)	300,000,000	300,000,000
5.36%, 04/16/08(c)	100,000,000	100,000,000
5.46%, 06/09/08(c)	250,000,000	250,000,000
K2 USA LLC
5.42%, 06/16/08(a)(b)	130,000,000	130,000,000
US Bank N.A.
2.60%, 02/19/09	300,000,000	300,000,000
2.70%, 09/08/08(a)	150,000,000	150,000,000
Zela Finance Inc.
5.41%, 06/25/08(a)(b)	150,000,000	149,996,516
TOTAL MEDIUM-TERM NOTES
(Cost: $1,944,994,841)		1,944,994,841
Security	Face Amount	Value
REPURCHASE AGREEMENTS—21.58%
Banc of America Securities LLC Tri-Party 2.40%, dated 3/31/08, due 4/1/08, maturity value $40,002,667 (collateralized by U.S. government obligations, value $40,800,000, 5.00%, 10/1/35).	40,000,000	40,000,000
Banc of America Securities LLC Tri-Party 3.07%, dated 3/31/08, due 4/1/08, maturity value $194,016,544 (collateralized by non-U.S. government debt securities, value $199,820,000, 4.65% to 10.15%, 8/16/10 to 1/1/27).	194,000,000	194,000,000
Banc of America Securities LLC Tri-Party 3.10%, dated 3/31/08, due 4/1/08, maturity value $200,017,222 (collateralized by non-U.S. government debt securities, value $206,000,000, 4.75% to 8.50%, 4/15/09 to 6/1/18).	200,000,000	200,000,000
Bank of America N.A. Tri-Party 2.40%, dated 3/31/08, due 4/1/08, maturity value $90,006,000 (collateralized by U.S. government obligations, value $91,800,001, 5.00%, 5/1/35).	90,000,000	90,000,000
Bank of America N.A. Tri-Party 3.17%, dated 3/31/08, due 4/1/08, maturity value $465,040,946 (collateralized by U.S. government obligations, value $511,500,001, 0.00% to 10.00%, 2/23/36).	465,000,000	465,000,000
Bank of America N.A. Tri-Party 3.20%, dated 3/31/08, due 4/1/08, maturity value $485,043,111 (collateralized by non-U.S. government debt securities, value $533,500,000, 0.00% to 10.00%, 2/23/36).	485,000,000	485,000,000
Citigroup Global Financial Products Inc. Tri-Party 3.20%, dated 3/31/08, due 4/1/08, maturity value $120,010,667 (collateralized by non-U.S. government debt securities, value $135,299,085, 0.00% to 10.00%, 2/9/17 to 2/7/38).	120,000,000	120,000,000

Citigroup Global Markets Holdings Inc. Tri-Party 3.12%, dated 3/31/08, due 4/1/08, maturity value $300,026,000 (collateralized by non-U.S. government debt securities, value $315,000,000, 5.90% to 5.97%, 3/25/36 to 2/25/37).	300,000,000	300,000,000
Credit Suisse First Boston Tri-Party 3.15%, dated 3/31/08, due 4/1/08, maturity value $500,043,750 (collateralized by U.S. government obligations, value $515,003,911, 3.12% to 9.75%, 7/15/08 to 10/15/37).	500,000,000	500,000,000
Credit Suisse First Boston Tri-Party 3.25%, dated 3/31/08, due 4/1/08, maturity value $175,015,799 (collateralized by non-U.S. government debt securities, value $180,251,197, 4.20% to 7.80%, 5/15/09 to 1/15/18).	175,000,000	175,000,000
Goldman Sachs Group Inc. (The) Tri-Party 2.75%, dated 3/31/08, due 4/1/08, maturity value $150,011,458 (collateralized by U.S. government obligations, value $153,000,000, 5.00% to 6.00%, 8/1/22 to 9/1/37).	150,000,000	150,000,000
Goldman Sachs Group Inc. (The) Tri-Party 3.18%, dated 3/31/08, due 4/1/08, maturity value $630,055,650 (collateralized by non-U.S. government debt securities, value $653,640,026, 0.00% to 10.00%, 6/6/08 to 2/15/51).	630,000,000	630,000,000
Greenwich Capital Markets Inc. Tri-Party 3.20%, dated 3/31/08, due 4/1/08, maturity value $400,035,556 (collateralized by non-U.S. government debt securities, value $440,328,544, 0.00% to 10.27%, 4/1/08 to 2/28/38).	400,000,000	400,000,000
HSBC Securities Inc. Tri-Party 3.08%, dated 3/31/08, due 4/1/08, maturity value $100,008,556 (collateralized by non-U.S. government debt securities, value $105,001,801, 2.95% to 6.10%, 5/25/36 to 9/25/37).	100,000,000	100,000,000
JP Morgan Securities Inc. Tri-Party 3.10%, dated 3/31/08, due 4/1/08, maturity value $150,012,917 (collateralized by non-U.S. government debt securities, value $154,505,079, 4.88% to 8.38%, 6/15/08 to 4/1/38).	150,000,000	150,000,000
JP Morgan Securities Inc. Tri-Party 3.10%, dated 3/31/08, due 4/1/08, maturity value $625,053,819 (collateralized by non-U.S. government debt securities, value $656,252,957, 0.02% to 7.32%, 12/15/10 to 7/18/56).	625,000,000	625,000,000
Lehman Brothers Holdings Inc. Tri-Party 3.10%, dated 3/31/08, due 4/1/08, maturity value $250,021,528 (collateralized by U.S. government obligations, value $255,000,059, 5.50%, 9/1/37).	250,000,000	250,000,000
Lehman Brothers Holdings Inc. Tri-Party 3.12%, dated 3/31/08, due 4/1/08, maturity value $440,038,133 (collateralized by non-U.S. government debt securities, value $453,202,599, 1.85% to 9.63%, 9/15/08 to 3/15/38).	440,000,000	440,000,000
Lehman Brothers Holdings Inc. Tri-Party 3.50%, dated 3/31/08, due 4/4/08, maturity value $285,110,833 (collateralized by non-U.S. government debt securities, value $290,701,253, 5.50%, 3/1/38).	285,000,000	285,000,000
Merrill Lynch & Co. Inc. Tri-Party 3.15%, dated 3/31/08, due 4/1/08, maturity value $250,021,875 (collateralized by non-U.S. government debt securities, value $262,500,711, 1.63% to 14.88%, 8/1/08 to 5/15/37).	250,000,000	250,000,000
Merrill Lynch & Co. Inc. Tri-Party 3.15%, dated 3/31/08, due 4/1/08, maturity value $320,028,000 (collateralized by non-U.S. government debt securities, value $336,004,300, 4.25% to 12.75%, 2/24/09 to 1/15/68).	320,000,000	320,000,000
Morgan Stanley Tri-Party 3.32%, dated 3/31/08, due 7/1/08, maturity value $342,884,712 (collateralized by non-U.S. government debt securities, value $357,455,442, 0.00% to 10.00%, 4/1/08 to 3/31/38).(c)	340,000,000	340,000,000
Wachovia Capital Tri-Party 3.15%, dated 3/31/08, due 4/1/08, maturity value $400,035,000 (collateralized by non-U.S. government debt securities, value $414,814,617, 0.25% to 8.75%, 5/15/08 to 11/15/35).	400,000,000	400,000,000
TOTAL REPURCHASE AGREEMENTS
(Cost: $6,909,000,000)		6,909,000,000
Security	Face Amount	Value
TIME DEPOSITS—4.59%
Danske Bank
3.05%, 04/01/08	250,000,000	250,000,000
JP Morgan Chase Bank N.A.
1.50%, 04/01/08	162,726,000	162,726,000
KBC Bank
2.25%, 04/01/08	340,427,000	340,427,000
Lloyds TSB Bank PLC
3.25%, 04/01/08	400,000,000	400,000,000
Societe Generale
2.00%, 04/01/08	317,519,000	317,519,000
TOTAL TIME DEPOSITS
(Cost: $1,470,672,000)		1,470,672,000

Security	Face Amount	Value
VARIABLE & FLOATING RATE NOTES—26.23%
AIG Matched Funding Corp.
2.54%, 06/20/08(a)	20,000,000	19,999,977
Allstate Life Global Funding II
2.68%, 10/27/08(a)	140,000,000	140,014,278
2.88%, 11/14/08(a)	65,000,000	65,014,436
2.91%, 11/15/08(a)	80,000,000	80,026,675
3.13%, 11/07/08(a)	82,000,000	82,012,723
Allstate Life Global Funding Trusts
2.68%, 09/26/08	64,500,000	64,439,740
3.05%, 12/08/08	16,250,000	16,239,809
3.11%, 09/04/08	125,000,000	124,952,759
American Express Bank
2.83%, 05/16/08	247,500,000	247,508,805
American Express Credit Corp.
2.54%, 10/17/08	5,000,000	4,990,954
3.00%, 05/16/08	19,720,000	19,699,636
ANZ National (International) Ltd. London Branch
3.09%, 09/05/08(a)	75,000,000	75,000,000
ASIF Global Financing
2.63%, 10/22/08(a)	75,000,000	74,998,911
Australia & New Zealand Banking Group Ltd.
2.62%, 10/22/08(a)	100,000,000	100,007,952
Bank of America N.A.
3.21%, 04/03/09	225,000,000	225,000,000
Bank of Ireland
2.55%, 08/18/08(a)	70,000,000	70,000,298
2.55%, 09/19/08(a)	145,000,000	144,997,694
3.06%, 09/12/08(a)	65,000,000	65,000,000
Bank of Scotland PLC
3.06%, 10/08/08(a)	91,700,000	91,553,034
BMW US Capital LLC
2.84%, 11/14/08(a)	200,000,000	200,029,033
3.09%, 09/04/08(a)	30,000,000	30,000,455
BNP Paribas
2.62%, 05/28/08	40,000,000	39,986,735
3.06%, 05/19/08(a)	185,000,000	184,998,863
Commodore CDO Ltd. 2003-2A Class A1MM
2.98%, 06/12/08(a)	27,852,699	27,852,699
Commonwealth Bank of Australia
2.62%, 09/23/08(a)	50,000,000	50,005,087
Credit Agricole SA
3.84%, 08/26/08(a)	100,000,000	99,996,762
DEPFA Bank PLC
2.86%, 07/15/08	200,000,000	200,012,112
Dexia Credit SA NY
2.65%, 09/29/08	17,100,000	17,071,254
Fifth Third Bancorp
2.61%, 08/22/08(a)	200,000,000	200,011,856
Florida Heart Group PA/Florida Heart Group Holdings
3.12%, 04/01/08	10,370,000	10,370,000
General Electric Capital Corp.
2.62%, 04/24/09	60,000,000	60,002,159
Granite Master Issuer PLC Series 2005-3 Class A
2.54%, 08/20/08(a)	375,000,000	375,000,000
Guiding Light Church
3.12%, 04/01/08	10,100,000	10,100,000
Hartford Life Global Funding Trust
2.88%, 11/15/08	100,000,000	100,016,653
HBOS Treasury Services PLC
2.67%, 06/24/08(a)	150,000,000	150,014,841
ING USA Annuity & Life Insurance Co.
4.93%, 01/12/09	235,000,000	235,000,000
Jordan Brick Co. Inc.
3.03%, 11/01/08	45,610,000	45,610,000

JPMorgan Chase & Co.
3.11%, 09/02/08	150,000,000	150,000,143
Kommunalkredit Austria AG
3.07%, 08/08/08(a)	40,000,000	40,000,000
Lakeline Austin Development Ltd.
3.12%, 10/01/08	11,000,000	11,000,000
Lloyds TSB Group PLC
2.97%, 10/06/08(a)	15,000,000	14,986,718
3.05%, 09/06/08(a)	54,400,000	54,347,002
Lothian Mortgages Master Issuer PLC Series 2006-1A Class A1
2.58%, 04/24/08(a)	75,297,800	75,295,763
Marshall & Ilsley Bank
2.83%, 09/12/08	115,000,000	115,003,590
MassMutual Global Funding II
3.27%, 02/02/09(a)	125,000,000	125,000,000
MetLife Insurance Co. of Connecticut
3.15%, 08/18/08(c)	50,000,000	50,000,000
Metropolitan Life Global Funding I
2.60%, 08/21/08(a)	75,000,000	75,000,000
2.92%, 09/12/08(a)	40,000,000	40,016,804
3.13%, 11/06/08(a)	150,000,000	150,028,817
Metropolitan Life Insurance Co.
4.03%, 07/18/08(c)	25,000,000	25,000,000
Monumental Global Funding III
2.82%, 02/17/09(a)	5,000,000	4,969,764
3.24%, 08/29/08(a)	150,000,000	150,000,000
Natexis Banques Populaires
2.84%, 09/12/08	125,000,000	125,002,945
National City Bank (Ohio)
3.20%, 08/13/08	150,000,000	150,000,000
Nationwide Building Society
2.75%, 10/27/08(a)	315,000,000	315,081,376
3.14%, 10/06/08(a)	165,000,000	165,038,022
Natixis SA
3.10%, 09/08/08(a)	100,000,000	100,001,419
Nordea Bank AB
3.02%, 09/10/08(a)	225,000,000	225,014,477
Northern Rock PLC
3.19%, 08/01/08(a)(b)	190,000,000	190,026,797
Paragon Mortgages PLC Series 15A Class A1
2.82%, 07/15/08(a)	176,535,612	176,535,612
Pricoa Global Funding I
2.65%, 08/27/08(a)	200,000,000	199,999,924
2.98%, 09/12/08(a)	10,000,000	9,994,715
4.12%, 02/13/09(a)	100,000,000	100,000,000
Royal Bank of Canada
2.65%, 06/30/08	275,000,000	274,884,374
3.05%, 09/05/08(a)	200,000,000	200,000,000
Royal Bank of Scotland NY
3.06%, 07/03/08	70,000,000	69,971,707
Skandinaviska Enskilda Banken AB
2.80%, 09/17/08	150,000,000	150,006,662
Societe Generale
3.12%, 08/29/08(a)	30,000,000	30,000,000
Trap Rock Industries Inc.
3.12%, 10/17/08	18,095,000	18,095,000
Trinitas Hospital
3.12%, 04/01/08	14,675,000	14,675,000
Wachovia Bank Commercial Mortgage Trust Series 2007-C32 Class A4M
2.82%, 07/17/08(a)	54,273,000	54,273,000
Wachovia Bank Commercial Mortgage Trust Series 2007-C32 Class AMM
2.84%, 07/17/08(a)	187,623,000	187,623,000
Wachovia Bank N.A.
4.75%, 02/04/09	515,000,000	515,000,000

Wells Fargo & Co.
2.90%, 03/13/09(a)	50,000,000		50,014,447
Westpac Banking Corp.
3.00%, 10/10/08	70,000,000		70,000,000
3.09%, 08/14/08(a)	100,000,000		100,000,000
World Savings Bank FSB
2.59%, 06/20/08	80,000,000		80,020,101
TOTAL VARIABLE & FLOATING RATE NOTES
(Cost: $8,399,443,369)			8,399,443,369
TOTAL INVESTMENTS IN SECURITIES — 99.71%
(Cost: $31,924,154,454)			31,924,154,454
Other Assets, Less Liabilities — 0.29%			93,096,626
NET ASSETS — 100.00%		$	32,017,251,080

(a) This security may be resold to qualified institutional buyers under Rule 144A or pursuant to Section 4(2) of the Securities Act of 1933.

(b) Security issued by a Structured Investment Vehicle.

(c) The investment adviser has determined that this security is “illiquid,” in that it cannot be sold within seven (7) days for approximately the value at which it is carried in the Master Portfolio.

See accompanying notes to schedules of investments.

LIFEPATH RETIREMENT PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

The LifePath Retirement Portfolio (the “LifePath Portfolio”), a series of Barclays Global Investors Funds, invests substantially all of its assets in the LifePath Retirement Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio. The LifePath Portfolio owns a pro rata interest in the Master Portfolio’s net assets. As of March 31, 2008, the value of the LifePath Portfolio’s investment in the Master Portfolio was $154,997,102, which represents 47.74% of the Master Portfolio’s outstanding interests. The Master Portfolio’s Schedule of Investments is set forth below.

LIFEPATH RETIREMENT MASTER PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Security		Value
MASTER PORTFOLIOS—71.89%
Active Stock Master Portfolio(a)		$	61,777,697
CoreAlpha Bond Master Portfolio(a)			171,618,795
TOTAL MASTER PORTFOLIOS			233,396,492
Security	Shares	Value
EXCHANGE-TRADED FUNDS—29.08%
iShares Cohen & Steers Realty Majors Index Fund(a)(b)	107,563		8,646,990
iShares Lehman TIPS Bond Fund(a)(b)	267,776		29,428,582
iShares MSCI Canada Index Fund(a)(b)	79,505		2,409,001
iShares MSCI EAFE Index Fund(a)	391,757		28,167,328
iShares MSCI Emerging Markets Index Fund(a)(b)	53,236		7,153,854
iShares S&P MidCap 400 Index Fund(a)	164,308		12,768,375
iShares S&P SmallCap 600 Index Fund(a)(b)	97,560		5,846,771
TOTAL EXCHANGE-TRADED FUNDS
(Cost: $87,884,157)			94,420,901
Security	Shares	Value
SHORT-TERM INVESTMENTS—8.46%
MONEY MARKET FUNDS—8.46%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares
3.18%(a)(c)	1,429,820		1,429,820
BGI Cash Premier Fund LLC
3.22%(a)(c)(d)	26,045,350		26,045,350
			27,475,170
TOTAL SHORT-TERM INVESTMENTS
(Cost: $27,475,170)			27,475,170
TOTAL INVESTMENTS — 109.43%			355,292,563
Other Assets, Less Liabilities — (9.43)%			(30,604,225	)
NET ASSETS — 100.00%		$	324,688,338

(a) Affiliated issuer. See Note 2.

(b) All or a portion of this security represents a security on loan. See Note 3.

(c) The rate quoted is the annualized seven-day yield of the fund at period end.

(d) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

LIFEPATH 2010 PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

The LifePath 2010 Portfolio (the “LifePath Portfolio”), a series of Barclays Global Investors Funds, invests substantially all of its assets in the LifePath 2010 Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio. The LifePath Portfolio owns a pro rata interest in the Master Portfolio’s net assets. As of March 31, 2008, the value of the LifePath Portfolio’s investment in the Master Portfolio was $464,310,664, which represents 49.95% of the Master Portfolio’s outstanding interests. The Master Portfolio’s Schedule of Investments is set forth below.

LIFEPATH 2010 MASTER PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Security		Value
MASTER PORTFOLIOS—70.25%
Active Stock Master Portfolio(a)		$	206,768,684
CoreAlpha Bond Master Portfolio(a)			446,219,494
TOTAL MASTER PORTFOLIOS			652,988,178
Security	Shares	Value
EXCHANGE-TRADED FUNDS—30.68%
iShares Cohen & Steers Realty Majors Index Fund(a)	347,310		27,920,251
iShares Lehman TIPS Bond Fund(a)(b)	701,573		77,102,873
iShares MSCI Canada Index Fund(a)(b)	248,939		7,542,852
iShares MSCI EAFE Index Fund(a)	1,256,826		90,365,789
iShares MSCI Emerging Markets Index Fund(a)(b)	174,074		23,392,064
iShares S&P MidCap 400 Index Fund(a)(b)	521,465		40,523,045
iShares S&P SmallCap 600 Index Fund(a)(b)	306,095		18,344,273
TOTAL EXCHANGE-TRADED FUNDS
(Cost: $263,094,554)			285,191,147
Security	Shares	Value
SHORT-TERM INVESTMENTS—10.23%
MONEY MARKET FUNDS—10.23%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares
3.18%(a)(c)	3,024,334		3,024,334
BGI Cash Premier Fund LLC
3.22%(a)(c)(d)	92,116,795		92,116,795
			95,141,129
TOTAL SHORT-TERM INVESTMENTS
(Cost: $95,141,129)			95,141,129
TOTAL INVESTMENTS — 111.16%			1,033,320,454
Other Assets, Less Liabilities — (11.16)%			(103,731,245	)
NET ASSETS — 100.00%		$	929,589,209

(a) Affiliated issuer. See Note 2.

(b) All or a portion of this security represents a security on loan. See Note 3.

(c) The rate quoted is the annualized seven-day yield of the fund at period end.

(d) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

LIFEPATH 2020 PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

The LifePath 2020 Portfolio (the “LifePath Portfolio”), a series of Barclays Global Investors Funds, invests substantially all of its assets in the LifePath 2020 Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio. The LifePath Portfolio owns a pro rata interest in the Master Portfolio’s net assets. As of March 31, 2008, the value of the LifePath Portfolio’s investment in the Master Portfolio was $919,190,879, which represents 52.99% of the Master Portfolio’s outstanding interests. The Master Portfolio’s Schedule of Investments is set forth below.

LIFEPATH 2020 MASTER PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Security		Value
MASTER PORTFOLIOS—64.82%
Active Stock Master Portfolio(a)		$	590,434,588
CoreAlpha Bond Master Portfolio(a)			533,931,690
TOTAL MASTER PORTFOLIOS			1,124,366,278
Security	Shares	Value
EXCHANGE-TRADED FUNDS—36.96%
iShares Cohen & Steers Realty Majors Index Fund(a)(b)	967,788		77,800,477
iShares Lehman TIPS Bond Fund(a)(b)	814,097		89,469,260
iShares MSCI Canada Index Fund(a)(b)	673,113		20,395,324
iShares MSCI EAFE Index Fund(a)	3,373,166		242,530,635
iShares MSCI Emerging Markets Index Fund(a)(b)	465,670		62,576,735
iShares S&P MidCap 400 Index Fund(a)(b)	1,304,133		101,344,176
iShares S&P SmallCap 600 Index Fund(a)(b)	784,880		47,037,858
TOTAL EXCHANGE-TRADED FUNDS
(Cost: $592,189,819)			641,154,465
Security	Shares	Value
SHORT-TERM INVESTMENTS—8.33%
MONEY MARKET FUNDS—8.33%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares
3.18%(a)(c)	6,923,713		6,923,713
BGI Cash Premier Fund LLC
3.22%(a)(c)(d)	137,586,043		137,586,043
			144,509,756
TOTAL SHORT-TERM INVESTMENTS
(Cost: $144,509,756)			144,509,756
TOTAL INVESTMENTS — 110.11%			1,910,030,499
Other Assets, Less Liabilities — (10.11)%			(175,447,466	)
NET ASSETS — 100.00%		$	1,734,583,033

(a) Affiliated issuer. See Note 2.

(b) All or a portion of this security represents a security on loan. See Note 3.

(c) The rate quoted is the annualized seven-day yield of the fund at period end.

(d) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

LIFEPATH 2030 PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

The LifePath 2030 Portfolio (the “LifePath Portfolio”), a series of Barclays Global Investors Funds, invests substantially all of its assets in the LifePath 2030 Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio. The LifePath Portfolio owns a pro rata interest in the Master Portfolio’s net assets. As of March 31, 2008, the value of the LifePath Portfolio’s investment in the Master Portfolio was $665,702,446, which represents 50.81% of the Master Portfolio’s outstanding interests. The Master Portfolio’s Schedule of Investments is set forth below.

LIFEPATH 2030 MASTER PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Security		Value
MASTER PORTFOLIOS—60.72%
Active Stock Master Portfolio(a)		$	557,918,599
CoreAlpha Bond Master Portfolio(a)			237,576,616
TOTAL MASTER PORTFOLIOS			795,495,215
Security	Shares	Value
EXCHANGE-TRADED FUNDS—41.54%
iShares Cohen & Steers Realty Majors Index Fund(a)(b)	911,015		73,236,496
iShares Lehman TIPS Bond Fund(a)	348,389		38,287,951
iShares MSCI Canada Index Fund(a)(b)	618,640		18,744,792
iShares MSCI EAFE Index Fund(a)	3,124,493		224,651,047
iShares MSCI Emerging Markets Index Fund(a)(b)	427,298		57,420,305
iShares S&P MidCap 400 Index Fund(a)(b)	1,163,258		90,396,779
iShares S&P SmallCap 600 Index Fund(a)(b)	693,349		41,552,405
TOTAL EXCHANGE-TRADED FUNDS
(Cost: $515,056,386)			544,289,775
Security	Shares	Value
SHORT-TERM INVESTMENTS—12.07%
MONEY MARKET FUNDS—12.07%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares
3.18%(a)(c)	4,750,779		4,750,779
BGI Cash Premier Fund LLC
3.22%(a)(c)(d)	153,356,716		153,356,716
			158,107,495
TOTAL SHORT-TERM INVESTMENTS
(Cost: $158,107,495)			158,107,495
TOTAL INVESTMENTS — 114.33%			1,497,892,485
Other Assets, Less Liabilities — (14.33)%			(187,768,952	)
NET ASSETS — 100.00%		$	1,310,123,533

(a) Affiliated issuer. See Note 2.

(b) All or a portion of this security represents a security on loan. See Note 3.

(c) The rate quoted is the annualized seven-day yield of the fund at period end.

(d) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

LIFEPATH 2040 PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

The LifePath 2040 Portfolio (the “LifePath Portfolio”), a series of Barclays Global Investors Funds, invests substantially all of its assets in the LifePath 2040 Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio. The LifePath Portfolio owns a pro rata interest in the Master Portfolio’s net assets. As of March 31, 2008, the value of the LifePath Portfolio’s investment in the Master Portfolio was $464,394,257, which represents 48.59% of the Master Portfolio’s outstanding interests. The Master Portfolio’s Schedule of Investments is set forth below.

LIFEPATH 2040 MASTER PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Security		Value
MASTER PORTFOLIOS—58.45%
Active Stock Master Portfolio(a)		$	474,638,018
CoreAlpha Bond Master Portfolio(a)			84,048,244
TOTAL MASTER PORTFOLIOS			558,686,262
Security	Shares	Value
EXCHANGE-TRADED FUNDS—44.46%
iShares Cohen & Steers Realty Majors Index Fund(a)(b)	770,586		61,947,409
iShares MSCI Canada Index Fund(a)(b)	528,830		16,023,549
iShares MSCI EAFE Index Fund(a)(b)	2,625,449		188,769,783
iShares MSCI Emerging Markets Index Fund(a)(b)	360,609		48,458,637
iShares S&P MidCap 400 Index Fund(a)	969,048		75,304,720
iShares S&P SmallCap 600 Index Fund(a)(b)	573,759		34,385,377
TOTAL EXCHANGE-TRADED FUNDS
(Cost: $411,450,928)			424,889,475
Security	Shares	Value
SHORT-TERM INVESTMENTS—15.70%
MONEY MARKET FUNDS—15.70%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares
3.18%(a)(c)	3,420,946		3,420,946
BGI Cash Premier Fund LLC
3.22%(a)(c)(d)	146,618,182		146,618,182
			150,039,128
TOTAL SHORT-TERM INVESTMENTS
(Cost: $150,039,128)			150,039,128
TOTAL INVESTMENTS — 118.61%			1,133,614,865
Other Assets, Less Liabilities — (18.61)%			(177,903,458	)
NET ASSETS — 100.00%		$	955,711,407

(a) Affiliated issuer. See Note 2.

(b) All or a portion of this security represents a security on loan. See Note 3.

(c) The rate quoted is the annualized seven-day yield of the fund at period end.

(d) This security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

PRIME MONEY MARKET FUND

Schedule of Investments

March 31, 2008 (Unaudited)

The Prime Money Market Fund (the “Fund”), a series of Barclays Global Investors Funds, invests substantially all of its assets in the Prime Money Market Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio. The Fund owns a pro rata interest in the Master Portfolio’s net assets. As of March 31, 2008, the value of the Fund’s investment in the Master Portfolio was $11,795,280,755, which represents 92.02% of the Master Portfolio’s outstanding interests. The Master Portfolio’s Schedule of Investments is set forth below.

PRIME MONEY MARKET MASTER PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Security	Face Amount		Value
CERTIFICATES OF DEPOSIT—8.89%
Bank of Nova Scotia
3.00%, 01/29/09	$	75,000,000	$	74,965,108
Bank of Scotland
4.98%, 07/07/08		135,000,000		135,000,000
Branch Banking & Trust
2.81%, 11/07/08		100,000,000		100,005,983
Chase Bank USA N.A.
2.75%, 01/28/09		200,000,000		200,000,000
Credit Suisse First Boston NY
4.93%, 10/09/08		110,000,000		110,000,000
5.40%, 07/10/08		100,000,000		100,000,000
HBOS Treasury Services PLC
5.26%, 05/14/08		60,000,000		60,000,000
Skandinaviska Enskilda Banken AB
4.80%, 04/24/08		35,000,000		35,000,000
Societe Generale NY
4.51%, 11/21/08		25,000,000		25,001,554
5.05%, 04/03/08		135,000,000		135,000,000
5.27%, 05/14/08		35,000,000		35,000,000
UniCredito Italiano NY
2.88%, 06/16/08		75,000,000		75,000,786
Wachovia Bank N.A.
4.65%, 01/12/09		5,000,000		5,002,969
Westpac Banking Corp.
5.38%, 04/09/08		50,000,000		50,000,000
TOTAL CERTIFICATES OF DEPOSIT
(Cost: $1,139,976,400)				1,139,976,400
Security	Face Amount		Value
COMMERCIAL PAPER—30.05%
Amstel Funding Corp.
2.90%, 06/13/08(a)		75,000,000		74,558,958
3.11%, 04/17/08(a)		96,917,000		96,783,039
3.33%, 04/29/08(a)		100,000,000		99,741,000
4.32%, 04/18/08(a)		200,000,000		199,592,000
Amsterdam Funding Corp.
3.00%, 04/15/08(a)		250,000,000		249,708,333
Barton Capital Corp.
3.10%, 04/10/08(a)		100,000,000		99,922,500
CAFCO LLC
4.67%, 05/12/08(a)		25,000,000		24,867,177
Cancara Asset Securitisation Ltd.
2.85%, 06/09/08(a)		100,000,000		99,453,750
3.30%, 04/30/08(a)		100,000,000		99,734,167
3.92%, 04/16/08(a)		100,000,000		99,836,667
Chariot Funding LLC
2.60%, 06/26/08(a)		100,000,000		99,378,889
2.75%, 04/15/08(a)		175,000,000		174,812,847
3.10%, 04/10/08(a)		100,000,000		99,922,500
CRC Funding LLC
4.67%, 05/12/08(a)		75,000,000		74,601,531
Edison Asset Securitization LLC
2.86%, 08/05/08(a)		100,000,000		98,999,000
Falcon Asset Securitization Co. LLC
2.70%, 06/30/08(a)		51,000,000		50,655,750
2.75%, 04/17/08(a)		150,000,000		149,816,666

General Electric Capital Corp.
3.92%, 10/03/08	125,000,000	122,481,944
4.39%, 08/25/08	60,000,000	58,931,767
General Electric Capital Services Inc.
4.39%, 08/25/08	60,000,000	58,931,767
Grampian Funding LLC
3.12%, 05/12/08(a)	100,000,000	99,644,667
3.90%, 04/17/08(a)	100,000,000	99,826,666
4.50%, 04/08/08(a)	200,000,000	199,825,000
Jupiter Securitization Corp.
3.10%, 05/09/08(a)	50,000,000	49,836,389
Morgan Stanley
4.69%, 05/05/08	45,000,000	44,800,675
4.71%, 04/28/08	50,000,000	49,823,375
Nationwide Building Society
2.95%, 08/01/08	100,000,000	99,000,277
Park Avenue Receivables Corp.
2.60%, 06/27/08(a)	75,000,000	74,528,750
3.10%, 05/09/08(a)	100,000,000	99,672,778
Royal Bank of Scotland
2.87%, 08/01/08	100,000,000	99,027,389
3.00%, 05/06/08	117,250,000	116,908,021
Solitaire Funding Ltd.
3.05%, 04/08/08(a)	125,000,000	124,925,868
Thames Asset Global Securitization No. 1 Inc.
3.25%, 04/07/08(a)	105,762,000	105,704,713
4.50%, 04/07/08(a)	41,363,000	41,331,978
Thunder Bay Funding LLC
2.95%, 05/01/08(a)	118,521,000	118,229,636
Tulip Funding Corp.
3.15%, 05/07/08(a)	100,000,000	99,685,000
3.92%, 04/15/08(a)	124,762,000	124,571,808
Windmill Funding I Corp.
3.00%, 05/01/08(a)	72,000,000	71,820,000
TOTAL COMMERCIAL PAPER
(Cost: $3,851,893,242)		3,851,893,242
Security	Face Amount	Value
MEDIUM-TERM NOTES—5.19%
ANZ National (International) Ltd. London Branch
4.27%, 05/16/08(a)	24,000,000	24,026,653
ASIF Global Financing
3.90%, 10/22/08(a)	15,670,000	15,572,777
Asscher Finance Corp.
5.42%, 06/25/08(a)(b)	50,000,000	50,000,000
Berkshire Hathaway Finance Corp.
3.38%, 10/15/08	65,200,000	65,404,382
Cullinan Finance Corp.
5.37%, 06/05/08(a)(b)	70,000,000	69,999,378
Goldman Sachs Group Inc. (The)
5.36%, 04/16/08(c)	50,000,000	50,000,000
5.46%, 06/09/08(c)	100,000,000	100,000,000
MassMutual Global Funding II
3.80%, 04/15/09(a)	40,000,000	40,519,500
Metropolitan Life Global Funding I
3.80%, 01/20/09(a)	250,000,000	250,000,000
TOTAL MEDIUM-TERM NOTES
(Cost: $665,522,690)		665,522,690

Security	Face Amount	Value
REPURCHASE AGREEMENTS—22.70%
Banc of America Securities LLC Tri-Party 2.40%, dated 3/31/08, due 4/1/08, maturity value $40,002,667 (collateralized by U.S. government obligations, value $40,800,000, 5.00%, 10/1/35).	40,000,000	40,000,000
Banc of America Securities LLC Tri-Party 3.10%, dated 3/31/08, due 4/1/08, maturity value $115,009,903 (collateralized by non-U.S. government debt securities, value $118,450,000, 2.65% to 8.50%, 4/18/08 to 5/17/47).	115,000,000	115,000,000
Bank of America N.A. Tri-Party 3.20%, dated 3/31/08, due 4/1/08, maturity value $400,035,556 (collateralized by non-U.S. government debt securities, value $440,000,001, 0.00% to 10.00%, 2/23/36).	400,000,000	400,000,000
Credit Suisse First Boston Tri-Party 2.75%, dated 3/31/08, due 4/1/08, maturity value $250,019,097 (collateralized by U.S. government obligations, value $255,001,931, 3.00% to 5.88%, 5/19/08 to 11/23/35).	250,000,000	250,000,000
Credit Suisse First Boston Tri-Party 3.15%, dated 3/31/08, due 4/1/08, maturity value $175,015,313 (collateralized by non-U.S. government debt securities, value $180,250,139, 4.90% to 7.88%, 11/15/10 to 2/1/37).	175,000,000	175,000,000
Credit Suisse First Boston Tri-Party 3.25%, dated 3/31/08, due 4/1/08, maturity value $125,011,285 (collateralized by non-U.S. government debt securities, value $128,750,120, 3.50% to 9.40%, 3/1/09 to 5/15/37).	125,000,000	125,000,000
Goldman Sachs Group Inc. (The) Tri-Party 3.18%, dated 3/31/08, due 4/1/08, maturity value $170,015,017 (collateralized by non-U.S. government debt securities, value $176,388,244, 0.00% to 10.00%, 6/6/08 to 2/15/51).	170,000,000	170,000,000
Goldman Sachs Group Inc. (The) Tri-Party 3.18%, dated 3/31/08, due 4/1/08, maturity value $250,022,083 (collateralized by non-U.S. government debt securities, value $262,500,000, 0.00% to 10.00%, 12/31/08 to 8/25/12).	250,000,000	250,000,000
JP Morgan Securities Inc Tri-Party 3.10%, dated 3/31/08, due 4/1/08, maturity value $375,032,292 (collateralized by non-U.S. government debt securities, value $393,751,209, 4.60% to 5.76%, 6/25/34 to 6/25/37).	375,000,000	375,000,000
Lehman Brothers Holdings Inc. Tri-Party 3.10%, dated 3/31/08, due 4/1/08, maturity value $100,008,611 (collateralized by U.S. government obligations, value $102,004,635, 5.50%, 9/1/37 to 3/1/38).	100,000,000	100,000,000
Lehman Brothers Holdings Inc. Tri-Party 3.12%, dated 3/31/08, due 4/1/08, maturity value $200,017,333 (collateralized by non-U.S. government debt securities, value $206,001,800, 4.25% to 8.13%, 8/20/09 to 12/15/33).	200,000,000	200,000,000
Lehman Brothers Holdings Inc. Tri-Party 3.50%, dated 1/4/08, due 4/4/08, maturity value $126,500,868 (collateralized by U.S. government obligations, value $127,501,079, 5.50%, 3/1/38).	125,000,000	125,000,000
Merrill Lynch & Co. Inc. Tri-Party 3.12%, dated 3/31/08, due 4/1/08, maturity value $334,571,994 (collateralized by non-U.S. government debt securities, value $351,273,053, 2.82% to 8.26%, 9/15/11 to 6/23/22).	334,543,000	334,543,000
Merrill Lynch & Co. Inc. Tri-Party 3.15%, dated 3/31/08, due 4/1/08, maturity value $250,021,875 (collateralized by non-U.S. government debt securities, value $262,503,645, 3.63% to 9.00%, 3/15/09 to 8/15/31).	250,000,000	250,000,000
TOTAL REPURCHASE AGREEMENTS
(Cost: $2,909,543,000)		2,909,543,000
Security	Face Amount	Value
TIME DEPOSITS—5.13%
Danske Bank
3.05%, 04/01/08	250,000,000	250,000,000
KBC Bank
2.25%, 04/01/08	150,000,000	150,000,000
Societe Generale
2.00%, 04/01/08	82,481,000	82,481,000
Wells Fargo Bank N.A.
2.50%, 04/01/08	175,000,000	175,000,000
TOTAL TIME DEPOSITS
(Cost: $657,481,000)		657,481,000
Security	Face Amount	Value
VARIABLE & FLOATING RATE NOTES—27.65%
AIG Matched Funding Corp.
2.54%, 06/20/08(a)	9,000,000	8,999,980
2.80%, 06/16/08(a)	10,000,000	9,999,961
Allstate Life Global Funding II
2.68%, 10/27/08(a)	160,000,000	160,002,083

2.88%, 11/14/08(a)	85,000,000	85,011,165
3.13%, 11/07/08(a)	58,000,000	58,003,315
Allstate Life Global Funding Trusts
3.11%, 09/04/08	45,000,000	45,000,000
Arkle Master Issuer PLC Series 2007-1A Class 1A
2.80%, 05/19/08(a)	125,000,000	125,000,000
ASIF Global Financing
2.63%, 10/22/08(a)	75,000,000	74,998,911
Bank of America N.A.
3.21%, 04/03/09	75,000,000	75,000,000
Bank of Ireland
3.06%, 09/12/08(a)	35,000,000	35,000,000
BNP Paribas
2.62%, 05/28/08	20,000,000	19,993,367
Citigroup Global Markets Holdings Inc.
3.28%, 10/21/08	350,000,000	350,000,000
DEPFA Bank PLC
2.86%, 07/15/08	50,000,000	50,000,000
Deutsche Bank AG
3.09%, 09/30/08	100,000,000	99,997,666
General Electric Capital Corp.
2.62%, 04/24/09	65,000,000	65,000,000
Granite Master Issuer PLC Series 2005-3 Class A
2.54%, 08/20/08(a)	125,000,000	125,000,000
Hartford Life Global Funding Trust
2.88%, 11/15/08	100,000,000	100,000,000
ING USA Annuity & Life Insurance Co.
4.93%, 01/12/09	65,000,000	65,000,000
MassMutual Global Funding II
3.27%, 02/02/09(a)	125,000,000	125,000,000
Metropolitan Life Global Funding I
2.92%, 09/12/08(a)	40,000,000	40,016,804
3.13%, 11/06/08(a)	139,680,000	139,682,898
Metropolitan Life Insurance Co.
3.41%, 07/25/08(c)	50,000,000	50,000,000
Metropolitan Life Insurance Funding Agreement
4.81%, 08/01/08(a)(c)	15,000,000	15,000,000
Monumental Global Funding III
3.24%, 08/29/08(a)	50,000,000	50,000,000
Morgan Stanley
3.27%, 12/03/08	100,000,000	100,000,000
Nationwide Building Society
2.75%, 10/27/08(a)	50,000,000	50,000,000
3.14%, 10/06/08(a)	135,000,000	135,007,683
Paragon Mortgages PLC Series 15A Class A1
2.82%, 07/15/08(a)	58,845,204	58,845,204
Rabobank Nederland NV NY
3.05%, 11/14/08(a)	140,000,000	140,000,000
Royal Bank of Canada
2.65%, 06/30/08	100,000,000	99,957,954
3.05%, 09/05/08(a)	100,000,000	100,000,000
Royal Bank of Scotland NY
3.06%, 07/03/08	70,000,000	69,971,707
Royal Bank of Scotland PLC
3.94%, 07/21/08(a)	20,000,000	20,002,901
Societe Generale
3.12%, 08/29/08(a)	5,000,000	4,996,685
Toyota Motor Credit Corp.
2.31%, 10/20/08	25,000,000	24,918,422
Toyota Motor Credit Corp. Series 1
2.99%, 01/12/09	200,000,000	200,000,000
UBS AG Stamford Branch
2.79%, 08/15/08	100,000,000	100,000,000

Wachovia Bank Commercial Mortgage Trust Series 2007-C32 Class A4M
2.82%, 07/17/08(a)	23,000,000		23,000,000
Wachovia Bank Commercial Mortgage Trust Series 2007-C32 Class AMM
2.84%, 07/17/08(a)	80,000,000		80,000,000
Wachovia Bank N.A.
3.40%, 11/25/08	40,000,000		39,992,040
4.67%, 10/03/08	31,200,000		31,186,410
4.75%, 02/04/09	250,000,000		250,000,000
World Savings Bank FSB
2.59%, 06/20/08	44,000,000		44,011,056
TOTAL VARIABLE & FLOATING RATE NOTES
(Cost: $3,543,596,212)			3,543,596,212
TOTAL INVESTMENTS IN SECURITIES — 99.61%
(Cost: $12,768,012,544)			12,768,012,544
Other Assets, Less Liabilities — 0.39%			49,549,797
NET ASSETS — 100.00%		$	12,817,562,341

(a) This security may be resold to qualified institutional buyers under Rule 144A or pursuant to Section 4(2) of the Securities Act of 1933.

(b) Security issued by a Structured Investment Vehicle.

(c) The investment adviser has determined that this security is “illiquid,” in that it cannot be sold within seven (7) days for approximately the value at which it is carried in the Master Portfolio.

See accompanying notes to schedules of investments.

S&P 500 STOCK FUND

Schedule of Investments

March 31, 2008 (Unaudited)

The S&P 500 Stock Fund (the “Fund”), a series of Barclays Global Investors Funds, invests substantially all of its assets in the S&P 500 Index Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio. The Fund owns a pro rata interest in the Master Portfolio’s net assets. As of March 31, 2008, the value of the Fund’s investment in the Master Portfolio was $308,218,638, which represents 11.65% of the Master Portfolio’s outstanding interests. The Master Portfolio’s Schedule of Investments is set forth below.

S&P 500 INDEX MASTER PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Security	Shares	Value
COMMON STOCKS—98.37%
ADVERTISING—0.15%
Interpublic Group of Companies Inc. (The)(a)(b)	104,483	$	878,702
Omnicom Group Inc.	72,742		3,213,742
			4,092,444
AEROSPACE & DEFENSE—2.36%
Boeing Co. (The)	173,312		12,889,213
General Dynamics Corp.	90,659		7,558,241
Goodrich Corp.	28,160		1,619,482
L-3 Communications Holdings Inc.	27,750		3,034,185
Lockheed Martin Corp.	77,788		7,724,348
Northrop Grumman Corp.	76,364		5,941,883
Raytheon Co.	96,664		6,245,461
Rockwell Collins Inc.	36,770		2,101,405
United Technologies Corp.	221,600		15,250,512
			62,364,730
AGRICULTURE—2.21%
Altria Group Inc.	476,436		10,576,879
Archer-Daniels-Midland Co.	145,744		5,998,823
Monsanto Co.	123,698		13,792,327
Philip Morris International Inc.	476,436		24,098,133
Reynolds American Inc.	38,452		2,269,822
UST Inc.(b)	34,272		1,868,509
			58,604,493
AIRLINES—0.08%
Southwest Airlines Co.	165,279		2,049,460
			2,049,460
APPAREL—0.43%
Coach Inc.(a)	80,501		2,427,105
Jones Apparel Group Inc.	21,297		285,806
Liz Claiborne Inc.(b)	21,450		389,317
Nike Inc. Class B(b)	86,724		5,897,232
Polo Ralph Lauren Corp.(b)	13,755		801,779
VF Corp.	19,909		1,543,147
			11,344,386
AUTO MANUFACTURERS—0.34%
Ford Motor Co.(a)(b)	494,174		2,826,675
General Motors Corp.	127,209		2,423,331
PACCAR Inc.	82,525		3,713,625
			8,963,631
AUTO PARTS & EQUIPMENT—0.22%

Goodyear Tire & Rubber Co. (The)(a)(b)	54,220	1,398,876
Johnson Controls Inc.	133,501	4,512,334
		5,911,210
BANKS—5.12%
Bank of America Corp.	1,003,956	38,059,972
Bank of New York Mellon Corp. (The)	257,542	10,747,228
BB&T Corp.(b)	124,319	3,985,667
Comerica Inc.	34,000	1,192,720
Discover Financial Services LLC	107,447	1,758,907
Fifth Third Bancorp	121,669	2,545,315
First Horizon National Corp.(b)	27,800	389,478
Huntington Bancshares Inc.(b)	81,116	871,997
KeyCorp	89,010	1,953,769
M&T Bank Corp.	17,097	1,375,967
Marshall & Ilsley Corp.	58,280	1,352,096
National City Corp.(b)	140,842	1,401,378
Northern Trust Corp.	43,033	2,860,403
PNC Financial Services Group Inc. (The)	77,447	5,078,200
Regions Financial Corp.(b)	155,941	3,079,835
State Street Corp.	87,301	6,896,779
SunTrust Banks Inc.	79,794	4,399,841
U.S. Bancorp	391,418	12,666,286
Wachovia Corp.	447,304	12,077,208
Wells Fargo & Co.	746,416	21,720,706
Zions Bancorporation(b)	24,763	1,127,955
		135,541,707
BEVERAGES—2.56%
Anheuser-Busch Companies Inc.	162,298	7,701,040
Brown-Forman Corp. Class B	19,171	1,269,504
Coca-Cola Co. (The)	451,563	27,486,640
Coca-Cola Enterprises Inc.	64,581	1,562,860
Constellation Brands Inc. Class A(a)(b)	43,465	768,027
Molson Coors Brewing Co. Class B	31,075	1,633,613
Pepsi Bottling Group Inc.	31,656	1,073,455
PepsiCo Inc.	361,971	26,134,306
		67,629,445
BIOTECHNOLOGY—0.97%
Amgen Inc.(a)	245,337	10,250,180
Biogen Idec Inc.(a)	66,902	4,127,184
Celgene Corp.(a)(b)	97,940	6,002,743
Genzyme Corp.(a)	60,427	4,504,229
Millipore Corp.(a)(b)	12,731	858,197
		25,742,533
BUILDING MATERIALS—0.13%
Masco Corp.(b)	82,579	1,637,542
Trane Inc.	38,733	1,777,845
		3,415,387
CHEMICALS—1.48%
Air Products and Chemicals Inc.(b)	48,489	4,460,988
Ashland Inc.	13,102	619,725

Dow Chemical Co. (The)	213,184	7,855,830
E.I. du Pont de Nemours and Co.	203,031	9,493,730
Eastman Chemical Co.	17,744	1,108,113
Ecolab Inc.	39,537	1,717,092
Hercules Inc.(b)	25,729	470,583
International Flavors & Fragrances Inc.	18,006	793,164
PPG Industries Inc.	37,244	2,253,634
Praxair Inc.	71,031	5,982,941
Rohm and Haas Co.(b)	28,838	1,559,559
Sherwin-Williams Co. (The)(b)	23,154	1,181,780
Sigma-Aldrich Corp.	29,309	1,748,282
		39,245,421
COAL—0.23%
CONSOL Energy Inc.	41,379	2,863,013
Peabody Energy Corp.(b)	61,279	3,125,229
		5,988,242
COMMERCIAL SERVICES—0.61%
Apollo Group Inc. Class A(a)	30,963	1,337,602
Convergys Corp.(a)	28,872	434,812
Equifax Inc.(b)	29,659	1,022,642
H&R Block Inc.	73,379	1,523,348
McKesson Corp.	65,911	3,451,759
Monster Worldwide Inc.(a)(b)	28,491	689,767
Moody’s Corp.(b)	47,255	1,645,892
R.R. Donnelley & Sons Co.	47,709	1,446,060
Robert Half International Inc.	35,459	912,715
Western Union Co.	168,659	3,587,377
		16,051,974
COMPUTERS—4.57%
Affiliated Computer Services Inc. Class A(a)	22,235	1,114,196
Apple Inc.(a)	198,958	28,550,473
Cognizant Technology Solutions Corp.(a)	66,116	1,906,124
Computer Sciences Corp.(a)	37,648	1,535,662
Dell Inc.(a)	508,097	10,121,292
Electronic Data Systems Corp.	113,842	1,895,469
EMC Corp.(a)	473,301	6,787,136
Hewlett-Packard Co.	558,083	25,482,070
International Business Machines Corp.	312,852	36,021,779
Lexmark International Inc. Class A(a)	21,396	657,285
NetApp Inc.(a)	78,063	1,565,163
SanDisk Corp.(a)	50,682	1,143,893
Sun Microsystems Inc.(a)	180,857	2,808,709
Teradata Corp.(a)	40,109	884,805
Unisys Corp.(a)	75,179	333,043
		120,807,099
COSMETICS & PERSONAL CARE—2.37%
Avon Products Inc.	96,118	3,800,506
Colgate-Palmolive Co.	114,961	8,956,611
Estee Lauder Companies Inc. (The) Class A(b)	26,102	1,196,777
Procter & Gamble Co. (The)	695,607	48,741,182
		62,695,076

DISTRIBUTION & WHOLESALE—0.10%
Genuine Parts Co.	37,945	1,526,148
W.W. Grainger Inc.	15,221	1,162,732
		2,688,880
DIVERSIFIED FINANCIAL SERVICES—5.83%
American Express Co.	262,053	11,456,957
Ameriprise Financial Inc.	51,584	2,674,630
Bear Stearns Companies Inc. (The)(b)	31,137	326,627
Capital One Financial Corp.(b)	84,860	4,176,809
Charles Schwab Corp. (The)	210,982	3,972,791
CIT Group Inc.	42,384	502,250
Citigroup Inc.	1,176,167	25,193,497
CME Group Inc.	12,113	5,682,208
Countrywide Financial Corp.(b)	128,289	705,589
E*TRADE Financial Corp.(a)(b)	105,624	407,709
Federal Home Loan Mortgage Corp.	146,335	3,705,202
Federal National Mortgage Association	220,316	5,798,717
Federated Investors Inc. Class B(b)	18,897	740,006
Franklin Resources Inc.	35,735	3,465,938
Goldman Sachs Group Inc. (The)	89,505	14,803,232
IntercontinentalExchange Inc.(a)	15,665	2,044,282
Janus Capital Group Inc.(b)	34,499	802,792
JPMorgan Chase & Co.	767,529	32,965,371
Legg Mason Inc.	30,965	1,733,421
Lehman Brothers Holdings Inc.	119,432	4,495,420
Merrill Lynch & Co. Inc.	219,159	8,928,538
Morgan Stanley	249,197	11,388,303
NYSE Euronext Inc.	60,351	3,724,260
SLM Corp.(a)	107,035	1,642,987
T. Rowe Price Group Inc.(b)	59,269	2,963,450
		154,300,986
ELECTRIC—3.29%
AES Corp. (The)(a)	150,425	2,507,585
Allegheny Energy Inc.	37,492	1,893,346
Ameren Corp.(b)	47,355	2,085,514
American Electric Power Co. Inc.	91,182	3,795,907
CenterPoint Energy Inc.	72,998	1,041,681
CMS Energy Corp.(b)	49,800	674,292
Consolidated Edison Inc.	62,175	2,468,347
Constellation Energy Group Inc.	40,538	3,578,289
Dominion Resources Inc.	130,250	5,319,410
DTE Energy Co.	37,106	1,443,052
Duke Energy Corp.(b)	284,159	5,072,238
Dynegy Inc. Class A(a)	110,140	869,005
Edison International	73,893	3,622,235
Entergy Corp.	43,281	4,721,091
Exelon Corp.	149,215	12,126,703
FirstEnergy Corp.	68,567	4,705,068
FPL Group Inc.	91,708	5,753,760
Integrys Energy Group Inc.	17,420	812,469
Pepco Holdings Inc.	45,425	1,122,906
PG&E Corp.	79,757	2,936,653

Pinnacle West Capital Corp.(b)	22,223	779,583
PPL Corp.	84,376	3,874,546
Progress Energy Inc.	59,053	2,462,510
Public Service Enterprise Group Inc.	114,420	4,598,540
Southern Co. (The)(b)	172,215	6,132,576
TECO Energy Inc.(b)	46,582	742,983
Xcel Energy Inc.	95,767	1,910,552
		87,050,841
ELECTRICAL COMPONENTS & EQUIPMENT—0.37%
Emerson Electric Co.	177,509	9,134,613
Molex Inc.(b)	31,316	725,279
		9,859,892
ELECTRONICS—0.58%
Agilent Technologies Inc.(a)	83,415	2,488,269
Applied Biosystems Group	38,115	1,252,459
Jabil Circuit Inc.	46,308	438,074
PerkinElmer Inc.	25,769	624,898
Thermo Fisher Scientific Inc.(a)	94,416	5,366,605
Tyco Electronics Ltd.	110,672	3,798,263
Waters Corp.(a)	22,954	1,278,538
		15,247,106
ENGINEERING & CONSTRUCTION—0.19%
Fluor Corp.	20,225	2,854,961
Jacobs Engineering Group Inc.(a)	27,789	2,044,992
		4,899,953
ENTERTAINMENT—0.11%
International Game Technology Inc.(b)	71,107	2,859,212
		2,859,212
ENVIRONMENTAL CONTROL—0.17%
Allied Waste Industries Inc.(a)	73,709	796,794
Waste Management Inc.	112,400	3,772,144
		4,568,938
FOOD—1.84%
Campbell Soup Co.(b)	49,416	1,677,673
ConAgra Foods Inc.	109,494	2,622,381
Dean Foods Co.	32,930	661,564
General Mills Inc.	75,711	4,533,575
H.J. Heinz Co.	71,849	3,374,748
Hershey Co. (The)(b)	38,195	1,438,806
Kellogg Co.	59,447	3,124,534
Kraft Foods Inc.	347,622	10,779,758
Kroger Co. (The)	152,477	3,872,916
McCormick & Co. Inc. NVS(b)	28,442	1,051,501
Safeway Inc.(b)	99,297	2,914,367
Sara Lee Corp.	161,050	2,251,479
SUPERVALU Inc.(b)	46,943	1,407,351
Sysco Corp.	137,101	3,978,671
Tyson Foods Inc. Class A	60,753	969,010
Whole Foods Market Inc.(b)	32,360	1,066,909

Wm. Wrigley Jr. Co.	49,115	3,086,387
		48,811,630
FOREST PRODUCTS & PAPER—0.32%
International Paper Co.(b)	95,830	2,606,576
MeadWestvaco Corp.	40,059	1,090,406
Plum Creek Timber Co. Inc.(b)	38,264	1,557,345
Weyerhaeuser Co.	47,662	3,099,936
		8,354,263
GAS—0.17%
Nicor Inc.(b)	9,693	324,812
NiSource Inc.	60,778	1,047,813
Sempra Energy	59,606	3,175,808
		4,548,433
HAND & MACHINE TOOLS—0.09%
Black & Decker Corp. (The)(b)	14,177	937,100
Snap-On Inc.	13,001	661,101
Stanley Works (The)(b)	18,181	865,779
		2,463,980
HEALTH CARE - PRODUCTS—3.45%
Baxter International Inc.	143,335	8,287,630
Becton, Dickinson and Co.	55,010	4,722,608
Boston Scientific Corp.(a)	301,668	3,882,467
C.R. Bard Inc.	22,647	2,183,171
Covidien Ltd.	112,202	4,964,939
Johnson & Johnson	640,204	41,530,033
Medtronic Inc.	254,518	12,311,036
Patterson Companies Inc.(a)	29,980	1,088,274
St. Jude Medical Inc.(a)(b)	77,180	3,333,404
Stryker Corp.	53,768	3,497,608
Varian Medical Systems Inc.(a)	28,299	1,325,525
Zimmer Holdings Inc.(a)	52,968	4,124,088
		91,250,783
HEALTH CARE - SERVICES—1.02%
Aetna Inc.	112,928	4,753,139
Coventry Health Care Inc.(a)	35,099	1,416,245
Humana Inc.(a)	38,258	1,716,254
Laboratory Corp. of America Holdings(a)	25,338	1,866,904
Quest Diagnostics Inc.	35,608	1,611,974
Tenet Healthcare Corp.(a)(b)	104,381	590,796
UnitedHealth Group Inc.	283,752	9,749,719
WellPoint Inc.(a)	122,007	5,384,169
		27,089,200
HOLDING COMPANIES - DIVERSIFIED—0.06%
Leucadia National Corp.	38,099	1,722,837
		1,722,837
HOME BUILDERS—0.12%
Centex Corp.(b)	26,832	649,603
D.R. Horton Inc.	61,285	965,239

KB Home(b)	17,404	430,401
Lennar Corp. Class A(b)	30,690	577,279
Pulte Homes Inc.(b)	46,744	680,125
		3,302,647
HOME FURNISHINGS—0.08%
Harman International Industries Inc.(b)	13,990	609,125
Whirlpool Corp.(b)	17,151	1,488,364
		2,097,489
HOUSEHOLD PRODUCTS & WARES—0.43%
Avery Dennison Corp.	24,137	1,188,747
Clorox Co. (The)	31,343	1,775,267
Fortune Brands Inc.(b)	34,436	2,393,302
Kimberly-Clark Corp.	94,637	6,108,818
		11,466,134
HOUSEWARES—0.05%
Newell Rubbermaid Inc.	62,010	1,418,169
		1,418,169
INSURANCE—4.08%
ACE Ltd.(b)	74,145	4,082,424
Aflac Inc.	107,777	7,000,114
Allstate Corp. (The)	127,116	6,109,195
Ambac Financial Group Inc.	60,676	348,887
American International Group Inc.	571,036	24,697,307
Aon Corp.	68,459	2,752,052
Assurant Inc.	21,482	1,307,395
Chubb Corp.	84,256	4,168,987
CIGNA Corp.	63,754	2,586,500
Cincinnati Financial Corp.	36,878	1,402,839
Genworth Financial Inc. Class A	97,534	2,208,170
Hartford Financial Services Group Inc. (The)	71,213	5,395,809
Lincoln National Corp.	59,908	3,115,216
Loews Corp.	99,694	4,009,693
Marsh & McLennan Companies Inc.	116,953	2,847,806
MBIA Inc.(b)	45,402	554,812
MetLife Inc.	160,820	9,691,013
MGIC Investment Corp.	26,907	283,331
Principal Financial Group Inc.(b)	58,227	3,244,408
Progressive Corp. (The)	155,020	2,491,171
Prudential Financial Inc.	101,150	7,914,987
Safeco Corp.	20,886	916,478
Torchmark Corp.	20,323	1,221,616
Travelers Companies Inc. (The)	140,838	6,739,098
Unum Group(b)	79,009	1,738,988
XL Capital Ltd. Class A(b)	39,666	1,172,130
		108,000,426
INTERNET—1.97%
Akamai Technologies Inc.(a)(b)	37,876	1,066,588
Amazon.com Inc.(a)(b)	69,392	4,947,650
eBay Inc.(a)	252,379	7,530,989
Expedia Inc.(a)	47,681	1,043,737

Google Inc. Class A(a)	52,386	23,074,461
IAC/InterActiveCorp(a)	42,129	874,598
Symantec Corp.(a)(b)	192,975	3,207,244
VeriSign Inc.(a)(b)	49,009	1,629,059
Yahoo! Inc.(a)	301,461	8,721,267
		52,095,593
INVESTMENT COMPANIES—0.06%
American Capital Strategies Ltd.(b)	43,378	1,481,792
		1,481,792
IRON & STEEL—0.36%
Allegheny Technologies Inc.	22,721	1,621,371
Nucor Corp.	65,494	4,436,564
United States Steel Corp.	26,485	3,360,152
		9,418,087
LEISURE TIME—0.24%
Brunswick Corp.(b)	19,367	309,291
Carnival Corp.(b)	98,042	3,968,740
Harley-Davidson Inc.(b)	54,304	2,036,400
		6,314,431
LODGING—0.21%
Marriott International Inc. Class A	68,853	2,365,789
Starwood Hotels & Resorts Worldwide Inc.	43,105	2,230,684
Wyndham Worldwide Corp.	40,217	831,688
		5,428,161
MACHINERY—0.97%
Caterpillar Inc.	141,372	11,068,014
Cummins Inc.	45,433	2,127,173
Deere & Co.	98,865	7,952,701
Manitowoc Co. Inc. (The)(b)	28,805	1,175,244
Rockwell Automation Inc.	33,919	1,947,629
Terex Corp.(a)	23,381	1,461,312
		25,732,073
MANUFACTURING—5.24%
Cooper Industries Ltd.(b)	40,020	1,606,803
Danaher Corp.(b)	57,489	4,370,889
Dover Corp.	43,928	1,835,312
Eastman Kodak Co.(b)	63,900	1,129,113
Eaton Corp.	33,371	2,658,668
General Electric Co.	2,257,576	83,552,888
Honeywell International Inc.	168,521	9,507,955
Illinois Tool Works Inc.(b)	91,098	4,393,657
Ingersoll-Rand Co. Ltd. Class A(b)	61,744	2,752,548
ITT Industries Inc.	40,777	2,112,656
Leggett & Platt Inc.(b)	36,984	564,006
Pall Corp.	27,168	952,782
Parker Hannifin Corp.	38,207	2,646,599
Textron Inc.	56,537	3,133,281
3M Co.	160,364	12,692,811
Tyco International Ltd.	110,154	4,852,284
		138,762,252

MEDIA—2.68%
CBS Corp. Class B(b)	153,594	3,391,356
Clear Channel Communications Inc.	111,867	3,268,754
Comcast Corp. Class A	682,304	13,195,759
DIRECTV Group Inc. (The)(a)	161,021	3,991,711
E.W. Scripps Co. Class A	19,857	834,193
Gannett Co. Inc.(b)	51,582	1,498,457
McGraw-Hill Companies Inc. (The)	73,323	2,709,285
Meredith Corp.	8,984	343,638
New York Times Co. (The) Class A(b)	31,693	598,364
News Corp. Class A	518,932	9,729,975
Time Warner Inc.	807,234	11,317,421
Viacom Inc. Class B(a)	145,251	5,754,845
Walt Disney Co. (The)	425,024	13,337,253
Washington Post Co. (The) Class B(b)	1,293	855,319
		70,826,330
METAL FABRICATE & HARDWARE—0.12%
Precision Castparts Corp.	31,461	3,211,539
		3,211,539
MINING—0.82%
Alcoa Inc.	184,851	6,665,727
Freeport-McMoRan Copper & Gold Inc.	86,829	8,354,686
Newmont Mining Corp.	101,999	4,620,555
Titanium Metals Corp.(b)	21,235	319,587
Vulcan Materials Co.(b)	24,898	1,653,227
		21,613,782
OFFICE & BUSINESS EQUIPMENT—0.18%
Pitney Bowes Inc.(b)	48,181	1,687,299
Xerox Corp.	207,338	3,103,850
		4,791,149
OIL & GAS—10.41%
Anadarko Petroleum Corp.	106,010	6,681,810
Apache Corp.	75,497	9,121,548
Chesapeake Energy Corp.(b)	102,912	4,749,389
Chevron Corp.	469,953	40,115,188
ConocoPhillips	353,475	26,938,330
Devon Energy Corp.	100,753	10,511,560
ENSCO International Inc.	32,255	2,019,808
EOG Resources Inc.	55,653	6,678,360
Exxon Mobil Corp.	1,210,226	102,360,915
Hess Corp.	62,813	5,538,850
Marathon Oil Corp.	160,875	7,335,900
Murphy Oil Corp.	42,650	3,503,271
Nabors Industries Ltd.(a)(b)	63,480	2,143,720
Noble Corp.	61,016	3,030,665
Noble Energy Inc.	38,524	2,804,547
Occidental Petroleum Corp.	186,380	13,637,425
Range Resources Corp.	33,538	2,127,986
Rowan Companies Inc.	24,646	1,014,922

Sunoco Inc.	26,306	1,380,276
Tesoro Corp.	30,403	912,090
Transocean Inc.(a)	72,048	9,740,890
Valero Energy Corp.	121,436	5,963,722
XTO Energy Inc.	114,989	7,113,220
		275,424,392
OIL & GAS SERVICES—2.02%
Baker Hughes Inc.	70,346	4,818,701
BJ Services Co.	65,989	1,881,346
Cameron International Corp.(a)	49,992	2,081,667
Halliburton Co.	199,746	7,856,010
National Oilwell Varco Inc.(a)	80,283	4,686,922
Schlumberger Ltd.	270,557	23,538,459
Smith International Inc.	45,554	2,925,933
Weatherford International Ltd.(a)	76,628	5,553,231
		53,342,269
PACKAGING & CONTAINERS—0.12%
Ball Corp.	22,556	1,036,223
Bemis Co. Inc.(b)	21,997	559,384
Pactiv Corp.(a)	29,266	767,062
Sealed Air Corp.	35,723	902,006
		3,264,675
PHARMACEUTICALS—5.50%
Abbott Laboratories	349,089	19,252,258
Allergan Inc.	69,615	3,925,590
AmerisourceBergen Corp.	37,427	1,533,758
Barr Pharmaceuticals Inc.(a)	23,898	1,154,512
Bristol-Myers Squibb Co.	446,421	9,508,767
Cardinal Health Inc.	81,161	4,261,764
Eli Lilly and Co.	223,622	11,536,659
Express Scripts Inc.(a)	57,028	3,668,041
Forest Laboratories Inc.(a)	70,879	2,835,869
Gilead Sciences Inc.(a)	210,612	10,852,836
Hospira Inc.(a)	35,553	1,520,602
King Pharmaceuticals Inc.(a)	53,838	468,391
Medco Health Solutions Inc.(a)	118,577	5,192,487
Merck & Co. Inc.	490,295	18,606,695
Mylan Inc.(b)	66,943	776,539
Pfizer Inc.	1,527,779	31,976,414
Schering-Plough Corp.	365,298	5,263,944
Watson Pharmaceuticals Inc.(a)	22,859	670,226
Wyeth	303,047	12,655,243
		145,660,595
PIPELINES—0.47%
El Paso Corp.	157,351	2,618,321
Questar Corp.(b)	39,124	2,212,853
Spectra Energy Corp.(b)	141,956	3,229,499
Williams Companies Inc. (The)	132,146	4,358,175
		12,418,848

REAL ESTATE—0.03%
CB Richard Ellis Group Inc. Class A(a)(b)	40,607	878,735
		878,735
REAL ESTATE INVESTMENT TRUSTS—1.13%
Apartment Investment and Management Co. Class A(b)	21,345	764,364
AvalonBay Communities Inc.(b)	17,486	1,687,749
Boston Properties Inc.	26,796	2,467,108
Developers Diversified Realty Corp.	27,245	1,141,021
Equity Residential(b)	60,936	2,528,235
General Growth Properties Inc.(b)	60,323	2,302,529
HCP Inc.	49,157	1,661,998
Host Hotels & Resorts Inc.	117,621	1,872,526
Kimco Realty Corp.(b)	56,854	2,226,971
ProLogis(b)	57,941	3,410,407
Public Storage(b)	27,951	2,477,018
Simon Property Group Inc.	50,162	4,660,551
Vornado Realty Trust	30,772	2,652,854
		29,853,331
RETAIL—5.33%
Abercrombie & Fitch Co. Class A(b)	19,453	1,422,792
AutoNation Inc.(a)	31,676	474,190
AutoZone Inc.(a)	9,952	1,132,836
Bed Bath & Beyond Inc.(a)	59,188	1,746,046
Best Buy Co. Inc.	79,053	3,277,537
Big Lots Inc.(a)(b)	21,692	483,732
Costco Wholesale Corp.	98,468	6,397,466
CVS Caremark Corp.	324,492	13,145,171
Darden Restaurants Inc.	31,654	1,030,338
Dillard’s Inc. Class A(b)	12,440	214,092
Family Dollar Stores Inc.	31,470	613,665
GameStop Corp. Class A(a)	35,865	1,854,579
Gap Inc. (The)	104,117	2,049,023
Home Depot Inc.	380,699	10,648,151
J.C. Penney Co. Inc.	50,758	1,914,084
Kohl’s Corp.(a)	71,493	3,066,335
Limited Brands Inc.	71,508	1,222,787
Lowe’s Companies Inc.	329,604	7,561,116
Macy’s Inc.	97,826	2,255,868
McDonald’s Corp.	260,926	14,551,843
Nordstrom Inc.(b)	41,263	1,345,174
Office Depot Inc.(a)	60,361	666,989
OfficeMax Inc.	16,993	325,246
RadioShack Corp.	29,264	475,540
Sears Holdings Corp.(a)(b)	16,764	1,711,437
Staples Inc.	158,472	3,503,816
Starbucks Corp.(a)	166,619	2,915,832
Target Corp.	185,665	9,409,502
Tiffany & Co.(b)	29,405	1,230,305
TJX Companies Inc. (The)	98,041	3,242,216
Walgreen Co.	223,744	8,522,409
Wal-Mart Stores Inc.	534,879	28,177,426
Wendy’s International Inc.	20,828	480,294
Yum! Brands Inc.	108,229	4,027,201
		141,095,038

SAVINGS & LOANS—0.18%
Hudson City Bancorp Inc.	118,700	2,098,616
Sovereign Bancorp Inc.	79,756	743,326
Washington Mutual Inc.(b)	197,124	2,030,377
		4,872,319
SEMICONDUCTORS—2.45%
Advanced Micro Devices Inc.(a)(b)	133,658	787,246
Altera Corp.	70,921	1,307,074
Analog Devices Inc.	67,393	1,989,441
Applied Materials Inc.	306,877	5,987,170
Broadcom Corp. Class A(a)	107,203	2,065,802
Intel Corp.	1,307,777	27,698,717
KLA-Tencor Corp.	40,861	1,515,943
Linear Technology Corp.(b)	50,232	1,541,620
LSI Corp.(a)(b)	154,465	764,602
MEMC Electronic Materials Inc.(a)	51,952	3,683,397
Microchip Technology Inc.(b)	43,475	1,422,937
Micron Technology Inc.(a)	168,598	1,006,530
National Semiconductor Corp.	52,679	965,079
Novellus Systems Inc.(a)	24,224	509,915
NVIDIA Corp.(a)	124,986	2,473,473
QLogic Corp.(a)	30,539	468,774
Teradyne Inc.(a)	40,651	504,885
Texas Instruments Inc.	300,840	8,504,747
Xilinx Inc.(b)	65,835	1,563,581
		64,760,933
SOFTWARE—3.74%
Adobe Systems Inc.(a)	128,556	4,575,308
Autodesk Inc.(a)	53,011	1,668,786
Automatic Data Processing Inc.	118,793	5,035,635
BMC Software Inc.(a)	43,604	1,418,002
CA Inc.	87,099	1,959,727
Citrix Systems Inc.(a)(b)	42,122	1,235,438
Compuware Corp.(a)(b)	63,053	462,809
Electronic Arts Inc.(a)	71,885	3,588,499
Fidelity National Information Services Inc.	38,657	1,474,378
Fiserv Inc.(a)	37,373	1,797,268
IMS Health Inc.	41,800	878,218
Intuit Inc.(a)	75,082	2,027,965
Microsoft Corp.	1,809,251	51,346,543
Novell Inc.(a)	82,059	516,151
Oracle Corp.(a)	893,173	17,470,464
Paychex Inc.	73,386	2,514,204
Total System Services Inc.	43,963	1,040,165
		99,009,560
TELECOMMUNICATIONS—5.86%
American Tower Corp. Class A(a)	90,866	3,562,856
AT&T Inc.	1,364,298	52,252,613
CenturyTel Inc.(b)	24,502	814,446
Ciena Corp.(a)(b)	20,448	630,412
Cisco Systems Inc.(a)	1,349,126	32,500,445

Citizens Communications Co.(b)		73,277	768,676
Corning Inc.		354,985	8,533,839
Embarq Corp.		34,554	1,385,615
JDS Uniphase Corp.(a)		50,359	674,307
Juniper Networks Inc.(a)		117,386	2,934,650
Motorola Inc.		508,891	4,732,686
QUALCOMM Inc.		364,692	14,952,372
Qwest Communications International Inc.(b)		349,117	1,581,500
Sprint Nextel Corp.		639,878	4,280,784
Tellabs Inc.(a)(b)		96,873	527,958
Verizon Communications Inc.		648,537	23,639,174
Windstream Corp.		103,843	1,240,924
			155,013,257
TEXTILES—0.03%
Cintas Corp.		29,903	853,432
			853,432
TOYS, GAMES & HOBBIES—0.10%
Hasbro Inc.		33,081	922,960
Mattel Inc.		81,265	1,617,173
			2,540,133
TRANSPORTATION—1.97%
Burlington Northern Santa Fe Corp.		67,210	6,198,106
C.H. Robinson Worldwide Inc.(b)		38,319	2,084,554
CSX Corp.		91,701	5,141,675
Expeditors International Washington Inc.(b)		47,961	2,166,878
FedEx Corp.		69,980	6,485,047
Norfolk Southern Corp.		85,569	4,648,108
Ryder System Inc.		12,849	782,633
Union Pacific Corp.		59,161	7,417,606
United Parcel Service Inc. Class B		234,196	17,100,992
			52,025,599
TOTAL COMMON STOCKS
(Cost: $2,415,769,769)			2,603,137,342
Security	Shares or Principal		Value
SHORT-TERM INVESTMENTS—6.09%
MONEY MARKET FUNDS—6.00%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares
3.18%(c)(d)		36,990,742	36,990,742
BGI Cash Premier Fund LLC
3.22%(c)(d)(e)		121,840,983	121,840,983
			158,831,725
U.S. TREASURY OBLIGATIONS—0.09%
U.S. Treasury Bill
1.24%, 06/26/08(f)(g)	$	2,250,000	2,243,147
			2,243,147

TOTAL SHORT-TERM INVESTMENTS
(Cost: $161,075,191)		161,074,872
TOTAL INVESTMENTS IN SECURITIES — 104.46%
(Cost: $2,576,844,960)		2,764,212,214
Other Assets, Less Liabilities — (4.46)%		(117,898,066	)
NET ASSETS — 100.00%	$	2,646,314,148

NVS - Non-Voting Shares

(a) Non-income earning security.

(b) All or a portion of this security represents a security on loan. See Note 3.

(c) Affiliated issuer. See Note 2.

(d) The rate quoted is the annualized seven-day yield of the fund at period end.

(e) This security represents an investment of securities lending collateral. See Note 3.

(f) The rate quoted is the yield to maturity.

(g) This U.S. Treasury Bill is held in a segregated account in connection with the Master Portfolio’s holdings of futures contracts. See Note 1.

As of March 31, 2008, the open futures contracts held by the Master Portfolio were as follows:

Futures Contracts (Expiration Date)	Number of Contracts	Notional Contract Value		Net Unrealized Depreciation
S&P 500 Index (June 2008)	642	$	42,500,400	$	(304,375	)
				$	(304,375	)

See accompanying notes to schedules of investments.

TREASURY MONEY MARKET FUND

Schedule of Investments

March 31, 2008 (Unaudited)

The Treasury Money Market Fund (the “Fund”), a series of Barclays Global Investors Funds, invests substantially all of its assets in the Treasury Money Market Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio. The Fund owns a pro rata interest in the Master Portfolio’s net assets. As of March 31, 2008, the value of the Fund’s investment in the Master Portfolio was $165,961,906, which represents 100.00% of the Master Portfolio’s outstanding interests. The Master Portfolio’s Schedule of Investments is set forth below.

TREASURY MONEY MARKET MASTER PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

Security	Face Amount		Value
REPURCHASE AGREEMENTS—100.00%
Banc of America Securities LLC Tri-Party 1.25%, dated 3/31/08, due 4/1/08, maturity value $32,701,135 (collateralized by U.S. government obligations, value $33,354,253, 4.63%, 11/15/09).	$	32,700,000	$	32,700,000
Credit Suisse First Boston Tri-Party 1.35%, dated 3/31/08, due 4/1/08, maturity value $32,701,226 (collateralized by U.S. government obligations, value $33,358,814, 4.38% to 4.50%, 12/15/10 to 9/30/11).		32,700,000		32,700,000
Goldman Sachs Group Inc. (The) Tri-Party 1.00%, dated 3/31/08, due 4/1/08, maturity value $32,859,913 (collateralized by U.S. government obligations, value $33,516,984, 3.88% to 4.75%, 5/15/09 to 2/15/37).		32,859,000		32,859,000
Lehman Brothers Holdings Inc. Tri-Party 0.75%, dated 3/31/08, due 4/1/08, maturity value $32,700,681 (collateralized by U.S. government obligations, value $33,355,355, 2.00% to 3.88%, 2/28/10 to 5/15/13).		32,700,000		32,700,000
Merrill Lynch & Co. Inc. Tri-Party 1.00%, dated 3/31/08, due 4/1/08, maturity value $35,000,972 (collateralized by U.S. government obligations, value $35,701,951, 4.50%, 4/2/14).		35,000,000		35,000,000
TOTAL REPURCHASE AGREEMENTS
(Cost: $165,959,000)				165,959,000
TOTAL INVESTMENTS IN SECURITIES — 100.00%
(Cost: $165,959,000)				165,959,000
Other Assets, Less Liabilities — 0.00%				2,906
NET ASSETS — 100.00%			$	165,961,906

See accompanying notes to schedules of investments.

MASTER INVESTMENT PORTFOLIO

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)

Master Investment Portfolio (“MIP”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company organized as a Delaware statutory trust. As of March 31, 2008, MIP offered the following separate portfolios: Active Stock, Bond Index, CoreAlpha Bond, Government Money Market, LifePath Retirement, LifePath 2010, LifePath 2020, LifePath 2030, LifePath 2040, Money Market, Prime Money Market, S&P 500 Index and Treasury Money Market Master Portfolios (each, a “Master Portfolio,” collectively, the “Master Portfolios”).

1. SIGNIFICANT ACCOUNTING POLICIES

SECURITY VALUATION

The securities and other assets of each Master Portfolio are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker (or dealer) or (iii) based on amortized cost. In the case of shares of funds that are not traded on an exchange, a market valuation means such fund’s published net asset value per share. The investment adviser may use various pricing services or discontinue the use of any pricing service. A price obtained from a pricing service based on such pricing service’s valuation matrix may be considered a market valuation. In the event that current market valuations are not readily available or such valuations do not reflect current market values, the affected investments will be valued pursuant to the pricing policy and procedures approved by the Board of Trustees of MIP (the “Board”).

The Government Money Market, Money Market, Prime Money Market and Treasury Money Market Master Portfolios (collectively, the “Money Market Master Portfolios”) use the amortized cost method of valuation to determine the value of their portfolio securities in accordance with Rule 2a-7 under the 1940 Act. The amortized cost method, which approximates market value, involves valuing a security at its cost and accreting or amortizing any discount or premium, respectively, over the period until maturity. At such intervals as the Board may deem appropriate, a review of the deviation of the Money Market Master Portfolios’ net assets calculated by using available market valuations (or an appropriate substitute which reflects current market conditions) and the valuation based on amortized cost will be performed. If the Board determines that the extent of any deviation from the Money Market Master Portfolios’ amortized cost valuation will result in material dilution or other unfair results to investors or existing interestholders, it will take such action as it deems appropriate.

Effective January 1, 2008, the Master Portfolios adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” This standard defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. Various inputs are used in determining the value of the Master Portfolios’ investments. These inputs are summarized in the three broad Levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Master Portfolios’ own assumptions in determining the fair value of investments)

Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (i.e., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (i.e., an event that occurs after the close of the markets on which the security is traded but before the time as of which the Master Portfolio’s net assets are computed and that may materially affect the value of the Master Portfolio’s investments). Examples of events that may be “significant events” are government actions, natural disasters, armed conflict, acts of terrorism, and significant market fluctuations.

Fair value pricing could result in a difference between the prices used to calculate a Master Portfolio’s net assets and the prices used by the Master Portfolio’s benchmark index, which, in turn, could result in a difference between the Master Portfolio’s performance and the

performance of the Master Portfolio’s benchmark index. The inputs or methodology used for valuation are not necessarily an indication of the risk associated with investing in those investments.

The following is a summary of the inputs used in valuing the Master Portfolios’ investments as of March 31, 2008:

Investments in Securities
Master Portfolio	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total Fair Value
Active Stock	$	1,702,172,758	$	92,151,215	$	—	$	1,794,323,973
Bond Index		22,128,325		120,061,735		—		142,190,060
CoreAlpha Bond		60,405,564		1,783,431,456		38,209,733		1,882,046,753
Government Money Market		—		76,448,000		—		76,448,000
LifePath Retirement		327,817,393		27,475,170		—		355,292,563
LifePath 2010		938,179,325		95,141,129		—		1,033,320,454
LifePath 2020		1,765,520,743		144,509,756		—		1,910,030,499
LifePath 2030		1,339,784,990		158,107,495		—		1,497,892,485
LifePath 2040		983,575,737		150,039,128		—		1,133,614,865
Money Market		—		31,924,154,454		—		31,924,154,454
Prime Money Market		—		12,768,012,544		—		12,768,012,544
S&P 500 Index		2,605,380,489		158,831,725		—		2,764,212,214
Treasury Money Market		—		165,959,000		—		165,959,000

Other Financial Instruments (a)
Master Portfolio	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total Fair Value
Active Stock	$	(68,102	)	$	—	$	—	$	(68,102	)
CoreAlpha Bond		(118,368	)		8,001,768		—		7,883,400
S&P 500 Index		(304,375	)		—		—		(304,375	)

(a) Other financial instruments include futures and swap contracts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the quarter ended March 31, 2008:

Master Portfolio	Balance at Beginning of Period		Amortized Premiums/ Accreted Discounts			Realized Gain/Loss and Change in Unrealized Appreciation (Depreciation)			Net Purchases/ Sales			Net Transfers in and/or out of Level 3			Balance at End of Period		Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held at End of Period
Bond Index	$	815,869	$	—		$	(5,071	)	$	(56,294	)	$	(754,504	)	$	—	$	—
CoreAlpha Bond		98,570,544		(865,179	)		(3,532,443	)		(39,741,870	)		(16,221,319	)		38,209,733		(1,163,205	)

FEDERAL INCOME TAXES

As of March 31, 2008, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

Master Portfolio	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Active Stock	$	1,899,328,578	$	85,191,811	$	(190,196,416	)	$	(105,004,605	)
Bond Index		139,555,781		4,159,321		(1,525,042	)		2,634,279
CoreAlpha Bond		1,877,968,551		21,818,392		(17,740,190	)		4,078,202
LifePath Retirement (a)		115,919,609		7,159,564		(1,183,102	)		5,976,462
LifePath 2010 (a)		360,005,621		24,721,143		(4,394,488	)		20,326,655
LifePath 2020 (a)		741,899,081		55,503,549		(11,738,409	)		43,765,140
LifePath 2030 (a)		678,079,102		36,320,470		(12,002,302	)		24,318,168
LifePath 2040 (a)		567,094,280		18,902,389		(11,068,066	)		7,834,323
S&P 500 Index		2,623,492,932		592,404,713		(451,685,431	)		140,719,282

(a) Tax cost information does not include investments in the underlying Master Portfolios.

As of March 31, 2008, the Money Market Master Portfolios’ costs of investments for federal income tax purposes were the same as for financial statement purposes.

FUTURES CONTRACTS

The Active Stock, Bond Index, CoreAlpha Bond and S&P 500 Index Master Portfolios may purchase futures contracts to gain exposure to market changes, as this may be more efficient or cost effective than actually buying the securities. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date and is exchange-traded. Upon entering into a futures contract, a Master Portfolio is required to pledge to the broker and hold in a segregated account, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum “initial margin” requirements of the exchange. Pursuant to the contract, the Master Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” Risks of entering into futures contracts include the possibility that there may be an illiquid market and that a change in the value of the contracts may not correlate with changes in the value of the underlying securities.

As of March 31, 2008, the Active Stock, CoreAlpha Bond and S&P 500 Index Master Portfolios have pledged to brokers U.S. Treasury Bills or U.S. Treasury Notes with face amounts of $2,300,000, $2,353,000 and $2,250,000, respectively, for initial margin requirements on outstanding futures contracts.

WHEN ISSUED/TBA TRANSACTIONS

The Bond Index and CoreAlpha Bond Master Portfolios may purchase mortgage pass-through securities on a when-issued or to-be-announced (“TBA”) basis, with payment and delivery scheduled for a future date. The Master Portfolio may enter into a TBA agreement, sell the obligation to purchase the pools stipulated in the TBA agreement prior to the stipulated settlement date and enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities (a “TBA roll”). A TBA roll is treated by the Master Portfolio as a purchase transaction and a sale transaction in which the Master Portfolio realizes a gain or loss. The Master Portfolio’s use of TBA rolls may cause the Master Portfolio to experience higher portfolio turnover and higher transaction costs. The Master Portfolio could be exposed to possible risk if there is adverse market action, expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

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 an investment by the Master Portfolio, 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.

SWAP TRANSACTIONS

The CoreAlpha Bond Master Portfolio may enter into swaps, including, but not limited to, interest-rate, index and credit default swaps. Swap transactions generally do not involve the delivery of securities or other underlying assets or principal. If the Master Portfolio enters into a swap transaction, cash or securities may be posted by or to the Master Portfolio as collateral in accordance with the terms of the swap agreement. If there is a default by the other party to such a transaction, the Master Portfolio will have contractual remedies pursuant to the agreements related to the transaction. Upon early termination of a swap agreement due to an event of default or termination event with respect to the Master Portfolio or other party, the risk of loss to the Master Portfolio would generally be limited to the net amount of payments that the Master Portfolio is contractually obligated to make if, after exercising in accordance with the swap agreement the rights with respect to early close-out of the swap transaction(s), it is determined that the Master Portfolio would be obligated to make a net payment with respect to the swap transaction(s). In the event the other party to the swap transaction(s) were to owe a net amount to the Master Portfolio upon an early termination of the swap agreement as described above, the Master Portfolio could be exposed to the risk of loss in the event that any collateral held by the Master Portfolio would be insufficient. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with conventional securities transactions. The Master Portfolio segregates liquid assets in connection with transactions in swaps.

Interest-rate swaps involve the exchange by the Master Portfolio with another party of their respective commitments to pay or receive interest (for example, an exchange of floating-rate payments or fixed-rate payments). Index swaps (sometimes referred to as total return swaps) involve the exchange by the Master Portfolio with another party of cash flows based upon the performance of an index of securities or a portion of an index of securities that usually include, but are not limited to, dividends or income. In each case, the exchange of commitments can involve payments to be made in the same currency or in different currencies. Details of interest-rate swaps held by the Master Portfolio as of March 31, 2008 are included in its Schedule of Investments.

A credit default swap is a contract between two parties which transfers the credit risk of an entity (the “reference entity”) for a defined period whereby if there is a Credit Event then the seller of protection pays a predetermined amount to the buyer of protection. A “Credit Event” is commonly defined as the reference entity’s (a) failing to pay principal or interest on time, (b) restructuring its debt, (c) accelerating its debt, or (d) entering bankruptcy. The buyer of credit protection pays a premium to the seller of credit protection until the earlier of a Credit Event or the scheduled termination date of the credit default swap. Credit default swaps can be used to implement Barclays Global Fund Advisors’ (“BGFA”), the Master Portfolios’ investment advisor, view that a particular credit, or group of credits, will experience credit improvement. In the case of expected credit improvement, the Master Portfolio may sell credit default protection in which it receives a premium to take on the risk. In such an instance, the obligation of the Master Portfolio to make payments upon the occurrence of a Credit Event creates leveraged exposure to the credit risk of the referenced entity. The Master Portfolio may also buy credit default protection with respect to a reference entity if, in the judgment of BGFA, there is a high likelihood of credit deterioration. In such instance, the Master Portfolio will pay a premium regardless of whether there is a Credit Event. The credit default swap market in high yield securities is comparatively new and rapidly evolving compared to the credit default swap market for more seasoned and liquid investment grade securities creating the risk that the newer markets will be less liquid and it may be difficult to exit or enter into a particular transaction. In the event of counterparty default, the Master Portfolio would have rights solely against the counterparty and will have no recourse against the reference entity as a result of the counterparty default. Details of credit default swaps held by the Master Portfolio as of March 31, 2008 are included in its Schedule of Investments.

In a cash-settled credit default swap where the Master Portfolio is buying protection, the Master Portfolio makes a stream of fixed payments to the counterparty in exchange for the right to receive compensation for the loss in market value of the designated obligation that is being hedged, in the event the reference entity experiences a Credit Event. In a cash-settled credit default swap where the Master Portfolio is selling protection, the Master Portfolio would be compensated for assuming the transfer of credit risk from the counterparty by receiving the fixed premium over the life of the transaction. Alternatively, if the transaction were to be physically settled, the counterparty, as seller of protection, would agree that if a specified Credit Event occurs, it would take delivery of an obligation specified by the Master Portfolio and pay to the Master Portfolio an amount equal to the notional amount of the transaction. In exchange for this risk protection, the Master Portfolio would pay the counterparty a fixed premium over the specified life of the credit default swap. In instances where the Master Portfolio sells protection, the Master Portfolio would be compensated for assuming the transfer of credit risk from the counterparty by

receiving a fixed premium over the life of the credit default swap. The Master Portfolio would be required to compensate the counterparty for the loss in market value of the designated obligation if the reference entity suffered a Credit Event and the credit default swap were to be cash settled. In the event that the transaction were to be physically settled on the occurrence of a specified Credit Event with respect to the reference entity, the Master Portfolio would be required to take physical delivery of an obligation specified at the time of the occurrence of the relevant Credit Event and would pay to the counterparty an amount equal to the notional amount of the transaction. As of March 31, 2008, the Master Portfolio did not hold any cash-settled credit default swap contracts.

The Master Portfolio may also write (sell) and purchase put and call options on swaps. An option on a swap (commonly referred to as a “swaption”) is a contract that gives a counterparty the right (but not the obligation) in return for payment of a premium, to enter into a new swap transaction at some designated future time on specified terms as described in the swaption. Depending on the terms of the particular swaption, the Master Portfolio may incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When the Master Portfolio purchases a swaption, it risks losing only the amount of the premium it has paid if it decides to let the swaption expire unexercised. When the Master Portfolio writes a swaption, upon exercise of the swaption, the Master Portfolio becomes obligated according to the terms of the underlying agreement. As of March 31, 2008, the Master Portfolio did not hold any swaptions.

SHORT SALES

The CoreAlpha Bond Master Portfolio may make short sales of securities as part of its overall portfolio management strategies or to offset potential declines in long positions in similar securities. A short sale involves the sale of securities, with the ultimate obligation to deliver these securities. To make delivery to the buyer of the securities, the seller purchases or borrows the securities to offset the short obligation. When making a short sale, the Master Portfolio must cover its position. Short sales expose the Master Portfolio to the risk that it will be required to acquire, convert or exchange securities to replace the securities sold short at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Master Portfolio. The successful use of short selling may be adversely affected by an imperfect correlation between movements in the price of the security sold short and the securities being hedged. As of March 31, 2008, the Master Portfolio did not hold any short positions.

2. TRANSACTIONS WITH AFFILIATES

The Master Portfolios may invest in the shares of exchange-traded funds (“ETFs”), including shares of ETFs of which Barclays Global Investors, N.A. is an affiliate, to obtain exposure to the bond and stock markets while maintaining flexibility to meet the liquidity needs of the Master Portfolios.

Each Master Portfolio may invest in the Institutional Shares of certain money market funds managed by BGFA including the Government Money Market Fund (“GMMF”), Institutional Money Market Fund (“IMMF”), Prime Money Market Fund (“PMMF”) and Treasury Money Market Fund (“TMMF”) of Barclays Global Investors Funds. The GMMF, IMMF, PMMF and TMMF are feeder funds in a master/feeder fund structure that invest substantially all of their assets in the Money Market Master Portfolios, which are also managed by BGFA. While the GMMF, IMMF, PMMF and TMMF do not directly charge an investment advisory fee, the Money Market Master Portfolios in which they invest do charge an investment advisory fee. Income distributions from the GMMF, IMMF, PMMF and TMMF are declared daily and paid monthly from net investment income.

Each Master Portfolio may invest its securities lending cash collateral, if any, in the BGI Cash Premier Fund LLC (“Premier Fund”), an affiliated private money market fund managed by BGFA. See Note 3 for additional information regarding the Premier Fund.

The following table provides information about the direct investment by each Master Portfolio (exclusive of short-term investments) in issuers of which BGFA is an affiliate, other than the Active Stock and CoreAlpha Bond Master Portfolios, for the quarter ended March 31, 2008.

Master Portfolio and Name of Affiliated Issuer	Number of Shares Held Beginning of Period (in 000s)	Gross Additions (in 000s)	Gross Reductions (in 000s)	Number of Shares Held End of Period (in 000s)	Value at End of Period		Dividend Income		Net Realized Gain (Loss)
LifePath Retirement
iShares Cohen & Steers Realty Majors Index Fund	105	19	16	108	$	8,646,990	$	96,720	$	(83,661	)
iShares Lehman TIPS Bond Fund	294	8	34	268		29,428,582		292,618		218,363

iShares MSCI Canada Index Fund	66	14	—	80	2,409,001	—	—
iShares MSCI EAFE Index Fund	331	75	14	392	28,167,328	—	(12,713	)
iShares MSCI Emerging Markets Index Fund	43	10	—	53	7,153,854	—	—
iShares S&P MidCap 400 Index Fund	138	36	10	164	12,768,375	26,491	(20,985	)
iShares S&P SmallCap 600 Index Fund	90	13	5	98	5,846,771	6,696	(25,993	)
LifePath 2010
iShares Cohen & Steers Realty Majors Index Fund	375	41	69	347	27,920,251	318,147	(403,831	)
iShares Lehman TIPS Bond Fund	782	13	94	702	77,102,873	766,159	518,309
iShares MSCI Canada Index Fund	239	20	10	249	7,542,852	—	(5,317	)
iShares MSCI EAFE Index Fund	1,152	202	97	1,257	90,365,789	—	1,971,979
iShares MSCI Emerging Markets Index Fund	158	17	1	174	23,392,064	—	(12,381	)
iShares S&P MidCap 400 Index Fund	468	81	28	521	40,523,045	83,625	11,865
iShares S&P SmallCap 600 Index Fund	283	43	20	306	18,344,273	21,382	(77,607	)
LifePath 2020
iShares Cohen & Steers Realty Majors Index Fund	1,004	112	148	968	77,800,477	849,780	(1,275,288	)
iShares Lehman TIPS Bond Fund	888	23	97	814	89,469,260	871,823	623,558
iShares MSCI Canada Index Fund	620	66	13	673	20,395,324	—	(35,244	)
iShares MSCI EAFE Index Fund	2,992	477	96	3,373	242,530,635	—	(249,691	)
iShares MSCI Emerging Markets Index Fund	397	69	—	466	62,576,735	—	—
iShares S&P MidCap 400 Index Fund	1,150	202	48	1,304	101,344,176	209,776	(119,926	)
iShares S&P SmallCap 600 Index Fund	702	93	10	785	47,037,858	52,467	(43,809	)
LifePath 2030
iShares Cohen & Steers Realty Majors Index Fund	935	99	123	911	73,236,496	791,200	(624,759	)
iShares Lehman TIPS Bond Fund	373	21	46	348	38,287,951	363,505	303.611
iShares MSCI Canada Index Fund	574	61	16	619	18,744,792	—	(44,055	)
iShares MSCI EAFE Index Fund	2,783	431	90	3,124	224,651,047	—	80,425
iShares MSCI Emerging Markets Index Fund	372	55	—	427	57,420,305	—	—
iShares S&P MidCap 400 Index Fund	1,033	163	33	1,163	90,396,779	188,117	(64,266	)
iShares S&P SmallCap 600 Index Fund	628	94	29	693	41,552,405	46,600	(134,750	)
LifePath 2040
iShares Cohen & Steers Realty Majors Index Fund	805	73	107	771	61,947,409	666,490	(631,405	)
iShares MSCI Canada Index Fund	479	83	33	529	16,023,549	—	(88,111	)
iShares MSCI EAFE Index Fund	2,356	371	102	2,625	188,769,783	—	(115,762	)

iShares MSCI Emerging Markets Index Fund	312	56	7	361	48,458,637	—	(164,245	)
iShares S&P MidCap 400 Index Fund	853	161	45	969	75,304,720	155,443	(104,189	)
iShares S&P SmallCap 600 Index Fund	525	86	37	574	34,385,377	39,193	(163,758	)

3. 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 by each Master Portfolio is required to have a value of at least 102% of the market value of the loaned securities plus the interest accrued on such securities, if any, for securities traded on U.S. exchanges 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 plus accrued interest, if any. The risks to the Master Portfolios of securities lending are that the borrower may not provide additional collateral when required or may not return the securities when due.

As of March 31, 2008, the Master Portfolios had loaned securities which were collateralized by cash. The cash collateral received was invested in the Premier Fund. The Premier Fund seeks to achieve its investment objective by investing in a portfolio of high-quality, short-term fixed-income instruments, including money market funds (which may be managed by BGFA or its affiliate) and other instruments that, at the time of investment, have remaining maturities of 397 calendar days or less from the date of acquisition.

Item 2. Controls and Procedures.

(a) The President (the Registrant’s Principal Executive Officer) and Chief Financial Officer (the Registrant’s Principal Financial Officer) have concluded that, based on their evaluation as of a date within 90 days of the filing date of this report, the disclosure controls and procedures of the Registrant (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are reasonably designed to achieve the purposes described in Section 4(a) of the certifications filed with this Form N-Q.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) Certifications of the President (the Registrant’s Principal Executive Officer) and Chief Financial Officer (the Registrant’s Principal Financial Officer) as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed with this Form N-Q as exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Barclays Global Investors Funds
By:	/s/ H. Michael Williams
	H. Michael Williams, President (Principal Executive Officer)
Date: May 16, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ H. Michael Williams
	H. Michael Williams, President (Principal Executive Officer)
Date: May 16, 2008

By:	/s/ Geoffrey D. Flynn
	Geoffrey D. Flynn, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date: May 16, 2008