Streisand receives the 29th Life Achievement Award from the American Film Institute in a ceremony that includes a sparkling musical number by teenager Lauren Frost (who sings á la Barbra); comments by Shirley MacLaine, Dustin Hoffman, Elizabeth Taylor, Jack Nicholson and Sidney Poitier; and clips from "Funny Girl," "The Way We Were," "Yentl" and "The Prince of Tides."