Alight Series Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08885

Hewitt Series Trust

(Exact name of registrant as specified in charter)

100 Half Day Road Lincolnshire, IL	60069
(Address of principal executive offices)	(Zip code)

Peter Ross 100 Half Day Road Lincolnshire, IL 60069

(Name and address of agent for service)

Registrant’s telephone number, including area code: 847-295-5000

Date of fiscal year end: December 31, 2005

Date of reporting period: January 1, 2005 to June 30, 2005

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 0549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(Semi-Annual Report for the period 1/1/05 through 6/30/05 is filed herewith)

HEWITT SERIES TRUST

SHAREHOLDER EXPENSES

As a shareholder of a Hewitt Series Trust Fund, you incur ongoing costs, including management fees and other fund expenses. The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2005 to June 30, 2005.

Actual Expenses

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line under each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line under each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Fund	Beginning Account Value (January 1, 2005)		Ending Account Value (June 30, 2005)		Annualized Expense Ratio†		Expenses Paid During Period* (January 1 to June 30, 2005)
Hewitt Money Market Fund
Actual	$	1,000.00	$	1,009.10	0.93	%	$	4.63
Hypothetical (5% return before expenses)		1,000.00		1,020.18	0.93			4.66
Hewitt Institutional Money Market Fund
Actual		1,000.00		1,011.60	0.42			2.09
Hypothetical (5% return before expenses)		1,000.00		1,022.71	0.42			2.11

† This ratio includes the Fund’s share of expenses charged to the corresponding Master Portfolio.

* Expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).

1

HEWITT SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2005 (Unaudited)

	Hewitt Money Market Fund		Hewitt Institutional Money Market Fund
ASSETS
Investments:
In Money Market Master Portfolio (“Master Portfolio”), at market value (Note 1)	$	119,625,085	$	61,142,198
Receivables:
Due from Hewitt Associates LLC (Note 2)		—		17,707
Due from Hewitt Financial Services LLC (Note 2)		984		—
Total Assets		119,626,069		61,159,905
LIABILITIES
Payables:
Distribution to shareholders		205,642		142,847
Due to Trustees		5,065		5,025
Due to Hewitt Associates LLC (Note 2)		100,862		—
Accrued shareholder servicing fees		65,684		10,712
Accrued expenses		9,097		63,618
Total Liabilities		386,350		222,202
NET ASSETS	$	119,239,719	$	60,937,703
Net assets consist of:
Paid-in capital	$	119,236,884	$	60,966,328
Undistributed (distributions in excess of) net investment income		242		(31,492	)
Undistributed net realized gain		2,593		2,867
NET ASSETS	$	119,239,719	$	60,937,703
Shares outstanding		119,235,180		605,540
Net asset value and offering price per share	$	1.00	$	100.63

The accompanying notes are an integral part of these financial statements.

2

HEWITT SERIES TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2005 (Unaudited)

	Hewitt Money Market Fund			Hewitt Institutional Money Market Fund
NET INVESTMENT INCOME ALLOCATED FROM MASTER PORTFOLIO
Interest	$	1,413,207		$	914,925
Expenses(a)		(12,384	)		(8,092	)
Net investment income allocated from Master Portfolio		1,400,823			906,833
FUND EXPENSES (Note 2)
Administration fees		279,205			57,479
Shareholder servicing fees		126,911			44,750
Fund accounting & transfer agent fees		40,182			41,400
Legal fees		13,622			13,540
Audit fees		7,602			7,560
Printing costs		7,470			7,423
Registration costs		37,105			540
Trustee fees		5,973			5,940
Total fund expenses		518,070			178,632
Fees reimbursed by Hewitt Associates LLC (Note 2)		(48,296	)		(33,805	)
Total Net Expenses		469,774			144,827
NET INVESTMENT INCOME		931,049			762,006
REALIZED GAIN (LOSS) ALLOCATED FROM MASTER PORTFOLIO
Net realized gain		2,620			2,905
Net gain on investments		2,620			2,905
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	933,669		$	764,911

(a) Net of investment advisory fee waivers by the Master Portfolio’s investment adviser in the amounts of $38,530 and $26,038, respectively.

The accompanying notes are an integral part of these financial statements.

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HEWITT SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Hewitt Money Market Fund						Hewitt Institutional Money Market Fund
	For the Six Months Ended June 30, 2005 (Unaudited)			For the Year Ended December 31, 2004			For the Six Months Ended June 30, 2005 (Unaudited)			For the Year Ended December 31, 2004
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	931,049		$	458,611		$	762,006		$	799,439
Net realized gain (loss)		2,620			(27	)		2,905			(38	)
Net increase in net assets resulting from operations		933,669			458,584			764,911			799,401
Distributions to shareholders:
From net investment income		(933,664	)		(458,718	)		(793,341	)		(831,322	)
Total distributions to shareholders		(933,664	)		(458,718	)		(793,341	)		(831,322	)
Capital share transactions:
Net capital share transactions (Note 3)		25,866,779			3,397,517			275,060			(25,524,795	)
Net increase (decrease) in net assets resulting from capital share transactions		25,866,779			3,397,517			275,060			(25,524,795	)
Increase (decrease) in net assets		25,866,784			3,397,383			246,630			(25,556,716	)
NET ASSETS:
Beginning of period		93,372,935			89,975,552			60,691,073			86,247,789
End of period	$	119,239,719		$	93,372,935		$	60,937,703		$	60,691,073
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	242		$	2,857		$	(31,492	)	$	(157	)

The accompanying notes are an integral part of these financial statements.

4

HEWITT MONEY MARKET FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended Jun. 30, 2005 (Unaudited)			Year ended Dec. 31, 2004			Year ended Dec. 31, 2003			Year ended Dec. 31, 2002			Year ended Dec. 31, 2001			Period from Dec. 4, 2000(a) to Dec. 31, 2000
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income		0.01			0.00	(b)		0.00	(b)		0.01			0.03			0.00	(b)
Total from investment operations		0.01			0.00			0.00			0.01			0.03			0.00
Less distributions from:
Net investment income		(0.01	)		(0.00	)(b)		(0.00	)(b)		(0.01	)		(0.03	)		(0.00	)(b)
Total distributions		(0.01	)		(0.00	)		(0.00	)		(0.01	)		(0.03	)		(0.00	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.91	%(c)		0.49	%		0.31	%		0.98	%		3.36	%		0.47	%(c)
Ratios/Supplemental data:
Net assets, end of period (000s)	$	119,240		$	93,373		$	89,976		$	77,505		$	66,254		$	57,865
Ratio of expenses to average net assets(e)		0.95	%(d)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%(d)
Ratio of net investment income to average net assets(e)		1.83	%(d)		0.50	%		0.30	%		0.98	%		3.31	%		5.77	%(d)
Ratio of expenses to average net assets prior to waived fees and reimbursed expenses(e)		1.12	%(d)		1.18	%		1.19	%		1.34	%		1.36	%		1.54	%(d)
Ratio of net investment income to average net assets prior to waived fees and reimbursed expenses(e)		1.66	%(d)		0.27	%		0.06	%		0.59	%		2.90	%		5.18	%(d)

(a) Commencement of operations.

(b) Rounds to less than $0.01.

(c) Not annualized.

(d) Annualized.

(e) These ratios include the Fund’s share of expenses charged to the corresponding Master Portfolio.

The accompanying notes are an integral part of these financial statements.

5

HEWITT INSTITUTIONAL MONEY MARKET FUND

FINANCIAL HIGHLIGHTS

(For a share outstanding throughout each period)

	Six months ended Jun. 30, 2005 (Unaudited)			Year ended Dec. 31, 2004			Year ended Dec. 31, 2003			Year ended Dec. 31, 2002			Year ended Dec. 31, 2001			Year ended Dec. 31, 2000
Net asset value, beginning of period	$	100.63		$	100.70		$	100.69		$	100.70		$	100.68		$	100.52
Income from investment operations:
Net investment income		1.10			1.03			0.82			1.49			3.86			5.73
Net realized and unrealized gain (loss) on investments		0.06			(0.03	)		0.00	(a)		0.00	(a)		0.02			0.13
Total from investment operations		1.16			1.00			0.82			1.49			3.88			5.86
Less distributions from:
Net investment income		(1.16	)		(1.07	)		(0.81	)		(1.50	)		(3.86	)		(5.70	)
Total distributions		(1.16	)		(1.07	)		(0.81	)		(1.50	)		(3.86	)		(5.70	)
Net asset value, end of period	$	100.63		$	100.63		$	100.70		$	100.69		$	100.70		$	100.68
Total return		1.16	%(b)		0.99	%		0.82	%		1.51	%		3.93	%		6.12	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	60,938		$	60,691		$	86,248		$	114,192		$	109,285		$	103,656
Ratio of expenses to average net assets(d)		0.45	%(c)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of net investment income to average net assets(d)		2.24	%(c)		0.96	%		0.82	%		1.48	%		3.82	%		6.05	%
Ratio of expenses to average net assets prior to waived fees and reimbursed expenses(d)		0.62	%(c)		0.59	%		0.55	%		0.59	%		0.60	%		0.59	%
Ratio of net investment income to average net assets prior to waived fees and reimbursed expenses(d)		2.07	%(c)		0.82	%		0.72	%		1.34	%		3.67	%		5.91	%

(a) Rounds to less than $0.01.

(b) Not annualized.

(c) Annualized.

(d) These ratios include the Fund’s share of expenses charged to the corresponding Master Portfolio.

The accompanying notes are an integral part of these financial statements.

6

HEWITT SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Summary of Significant Accounting Policies

Hewitt Money Market Fund (the “Money Market Fund”) and Hewitt Institutional Money Market Fund, (the “Institutional Money Market Fund”), (each a “Fund,” collectively, the “Funds”) are diversified series of Hewitt Series Trust (the “Trust”), an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust was established as a Delaware statutory trust organized pursuant to a Declaration of Trust on July 7, 1998.

Under the Funds’ organizational documents, the officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

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

Investment Policy and Security Valuation

Each Fund invests substantially all of its assets in the Money Market Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio (“MIP”). The Master Portfolio has the same investment objective as the Funds. The value of each Fund’s investment in the Master Portfolio reflects each Fund’s interest in the net assets of the Master Portfolio (1.72% and 1.05% for the Money Market Fund and the Institutional Money Market Fund, respectively as of June 30, 2005).

The method by which the Master Portfolio values its securities is discussed in Note 1 of the Master Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

Security Transactions and Income Recognition

Each Fund records daily its proportionate interest in the net investment income and realized and unrealized gains and losses of the Master Portfolio.

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

Federal Income Taxes

Each Fund is treated as a separate entity for federal income tax purposes. It is the policy of the Trust that each Fund continue to qualify as a regulated investment company by complying with the provisions under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) applicable to regulated investment companies, and to distribute substantially all of its investment company taxable income and any net realized gains (after taking into

7

HEWITT SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)—Continued

account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal taxes was required at June 30, 2005.

Dividends and Distributions to Shareholders

Dividends to shareholders from net investment income of each Fund are declared daily and distributed monthly. Distributions to shareholders from capital gains, if any, are declared and distributed annually, generally in December.

2. Agreements and Other Transactions with Affiliates

Hewitt Associates LLC (“Hewitt Associates”) provides administrative services to the Money Market Fund. The Money Market Fund pays Hewitt Associates a monthly fee calculated at an annual rate of 0.55% of the Money Market Fund’s average daily net assets for these services. Hewitt Associates has agreed to waive its fees or absorb expenses of the Money Market Fund to the extent necessary to assure that total ordinary operating expenses (excluding interest, brokerage commissions and extraordinary expenses) of the Money Market Fund, on an annual basis, does not exceed 0.95% of the average daily net assets of the Money Market Fund. Hewitt Associates may not modify or terminate this waiver agreement without approval of the Board of Trustees of the Trust. For the six months ended June 30, 2005, Hewitt Associates reimbursed the Money Market Fund $48,296 for expenses related to this agreement.

Hewitt Associates provides administrative services to the Institutional Money Market Fund at an annual rate of 0.10% of average daily net assets, but has agreed to absorb such expenses of the Institutional Money Market Fund to the extent necessary to assure that total ordinary operating expenses (excluding interest, brokerage commissions and extraordinary expenses) of the Institutional Money Market Fund, on an annual basis, does not exceed 0.45% of the average daily net assets of the Institutional Money Market Fund. For the six months ended June 30, 2005, Hewitt Associates reimbursed the Institutional Money Market Fund $33,805 for expenses related to this agreement.

Hewitt Financial Services LLC (“Hewitt Services”) serves as the Distributor of the Money Market Fund. Hewitt Services does not receive a fee from the Money Market Fund for its distribution services.

Hewitt Services also serves as the Shareholder Servicing Agent for the Money Market Fund. As Shareholder Servicing Agent, Hewitt Services is responsible for maintaining records showing the number of shares owned by investors who have purchased shares through Hewitt Services. In addition, Hewitt Services sends all shareholder communications relating to the Money Market Fund to shareholders or arranges for these materials to be sent. For these services, the Money Market Fund pays Hewitt Services a monthly fee calculated at an annual rate of 0.25% of the average daily net assets of the Money Market Fund.

Hewitt Associates also serves as the Shareholder Servicing Agent for the Institutional Money Market Fund. As Shareholder Servicing Agent, Hewitt Associates is responsible for receiving on behalf of the Transfer Agent orders by employee benefit plans to purchase and redeem shares. Hewitt Associates is also responsible for maintaining records showing the number of Institutional Money Market Shares allocable to individual participant accounts in those plans. In addition, Hewitt Associates sends all shareholder communications relating to the Fund to shareholders or arranges for these materials to be sent. For these services, the Institutional Money Market Fund pays Hewitt Associates a monthly fee calculated at an annual rate of 0.20% of average daily net assets of the Institutional Money Market Fund. The Funds also reimburse each Shareholder Servicing Agent for certain out-of-pocket expenses.

8

HEWITT SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)—Continued

The Hewitt Series Trust pursues its investment objectives by investing in the Money Market Master Portfolio, which is a series of the Master Investment Portfolio. The Money Market Master Portfolio has the same investment objectives and substantially the same investment policies as the Trust. Barclays Global Fund Advisors, Inc. serves as the Portfolio’s investment advisor. As such, the Trust does not itself have an investment advisor.

3. Capital Share Transactions

As of June 30, 2005, there was an unlimited number of shares of $0.001 par value capital stock authorized by each Fund. Transactions in capital shares for each Fund is as follows:

Hewitt Money Market Fund

	Six Months Ended June 30, 2005 (Unaudited)					For the Year Ended December 31, 2004
	Shares		Amount			Shares		Amount
Shares Issued and Redeemed:
Shares sold	57,525,023		$	57,525,023		74,938,960		$	74,938,960
Shares issued in reinvestments of dividends	825,226			825,226		376,832			376,832
Shares redeemed	(32,483,470	)		(32,483,470	)	(71,918,275	)		(71,918,275	)
Net increase	25,866,779		$	25,866,779		3,397,517		$	3,397,517

Hewitt Institutional Money Market Fund

	Six Months Ended June 30, 2005 (Unaudited)					For the Year Ended December 31, 2004
	Shares		Amount			Shares		Amount
Shares Issued and Redeemed:
Shares sold	605,613		$	61,020,960		1,793,746		$	180,689,535
Shares issued in reinvestments of dividends	7,673			772,234		7,549			760,192
Shares redeemed	(610,864	)		(61,518,134	)	(2,054,674	)		(206,974,522	)
Net increase/decrease	2,422		$	275,060		(253,379	)	$	(25,524,795	)

4. Multiple Class Plan effective May 1, 2005

The Trustees of the Hewitt Series Trust approved amendments to the Administration, Distribution and Shareholder Servicing Agreements for the Trust on behalf of the Money Market Fund, which became effective May 1, 2005. These agreements were modified to reflect a new multi-class structure for the Money Market Fund pursuant to Rule 18f-3 under the Investment Company Act of 1940, and the eventual termination of the Institutional Money Market Fund. The Institutional Money Market Fund closed to new investors effective May 1, 2005 and its shareholders have been invited to exchange their shares for Institutional Shares of the Money Market Fund. Outstanding shares of the Money Market Fund were redesignated Administrative Shares of the Money Market Fund effective May 1, 2005. As investors in the Institutional Money Market Fund may elect to switch to the new Institutional Shares class at different points in time, it is anticipated that the Institutional Money Market Fund will remain operational

9

HEWITT SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)—Continued

indefinitely. As of June 30, 2005, no Institutional Money Market Fund shareholder had moved to the new Institutional Shares class of the Money Market Fund.

The Administration, Distribution and Shareholder Servicing Agreements for the Trust on behalf of the Money Market Fund were amended to offer the new Institutional Shares class at an identical expense ratio currently offered by the Institutional Money Market Fund. As described in Note 2, Hewitt Associates provides administrative services to all of the funds of the Trust and has agreed to absorb such expenses to the extent necessary to assure that the annual total ordinary operating expenses (excluding interest, brokerage commissions and extraordinary expenses) do not exceed 0.45% of the average daily net assets of the Institutional Money Market Fund and 0.95% of the average daily net assets of the Money Market Fund. Under the new multiple share classes in the Money Market Fund, Hewitt Associates agrees to absorb such expenses of the share classes to the extent necessary to assure that the annual total ordinary operating expenses (excluding interest, brokerage commissions and extraordinary expenses) do not exceed 0.45% of the average daily net assets of the Institutional Shares class and 0.95% of the average daily net assets of the Administrative Shares class.

10

HEWITT SERIES TRUST

PROXY VOTING (Unaudited)

Because the Funds invest exclusively in non-voting securities, the Funds are not required to describe the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities. The Funds filed Form N-PX with their complete proxy voting record for the 12 months ended June 30, 2005. The Funds filed are available (i) without charge, upon request, by calling the Funds toll-free at 1-800-890-3200, and (ii) on the SEC’s website at www.sec.gov.

11

MONEY MARKET MASTER PORTFOLIO

June 30, 2005 (Unaudited)

Schedule of Investments

Security	Face Amount		Value
CERTIFICATES OF DEPOSIT—3.94%
HBOS Treasury Services PLC
3.56%, 03/14/06	$	50,000,000	$	50,000,000
3.79%, 06/19/06		50,000,000		49,995,280
Toronto-Dominion Bank
2.78%, 07/11/05		50,000,000		50,000,068
Washington Mutual Bank
3.28%, 08/08/05		100,000,000		100,000,000
Wells Fargo Bank N.A.
3.04%, 07/01/05		25,000,000		25,000,000
TOTAL CERTIFICATES OF DEPOSIT
(Cost: $274,995,348)				274,995,348
COMMERCIAL PAPER—15.69%
Charta LLC
3.24%, 08/09/05(1)		50,000,000		49,824,500
3.25%, 08/05/05(1)		20,000,000		19,936,806
CRC Funding LLC
3.24%, 07/27/05(1)		50,000,000		49,883,000
Ebury Finance Ltd.
3.24%, 07/18/05(1)		54,440,000		54,356,707
Ford Credit Floorplan Motown
3.26%, 07/21/05(1)		25,000,000		24,954,722
General Electric Capital Corp.
2.93%, 08/15/05		60,000,000		59,780,250
3.12%, 09/06/05		50,000,000		49,709,666
General Electric Capital Services Inc.
2.74%, 07/07/05		50,000,000		49,977,167
Giro Multi-Funding Corp.
3.07%, 07/01/05(1)		75,000,000		75,000,000
Grampian Funding LLC
2.95%, 08/17/05(1)	$	65,000,000	$	64,750,084
3.12%, 09/07/05(1)		75,000,000		74,558,000
3.38%, 11/08/05(1)		56,000,000		55,316,489
3.49%, 12/09/05(1)		50,000,000		49,219,597
Mortgage Interest Networking Trust
3.28%, 07/25/05		35,000,000		34,923,467
New Center Asset Trust
3.27%, 08/02/05(1)		50,000,000		49,854,667
Scaldis Capital LLC
3.24%, 07/19/05(1)		57,000,000		56,907,660
3.50%, 12/12/05(1)		25,000,000		24,601,389
Solitaire Funding Ltd.
3.05%, 07/01/05(1)		106,000,000		106,000,000
Three Pillars Funding Corp.
3.06%, 07/01/05(1)		90,000,000		90,000,000
UBS Finance Delaware LLC
3.03%, 07/01/05		50,000,000		50,000,000
WhistleJacket Capital LLC
3.51%, 12/15/05(1)		5,000,000		4,918,587
TOTAL COMMERCIAL PAPER
(Cost: $1,094,472,758)				1,094,472,758
MEDIUM-TERM NOTES—1.22%
Beta Finance Inc.
2.68%, 11/15/05(1)		50,000,000		49,996,152
K2 USA LLC
2.43%, 08/01/05(1)		20,000,000		19,999,663
3.57%, 03/16/06(1)		15,000,000		15,000,000
TOTAL MEDIUM-TERM NOTES
(Cost: $84,995,815)				84,995,815
TIME DEPOSITS—6.77%
Chase Bank USA N.A.
3.38%, 07/01/05		72,140,000		72,140,000
Deutsche Bank
3.31%, 07/01/05		150,000,000		150,000,000

12

MONEY MARKET MASTER PORTFOLIO

June 30, 2005 (Unaudited)

Schedule of Investments—Continued

Security	Face Amount		Value
Key Bank N.A.
3.34%, 07/01/05	$	200,000,000	$	200,000,000
UBS AG
3.05%, 07/01/05		50,000,000		50,000,000
TOTAL TIME DEPOSITS
(Cost: $472,140,000)				472,140,000
VARIABLE NOTES & FLOATING RATE —49.58%
Allstate Life Global Funding II
3.30%, 06/27/06(1)		50,000,000		50,000,000
American Express Bank
3.24%, 10/17/05		10,000,000		10,000,973
American Express Centurion Bank
3.11%, 09/01/05		50,000,000		50,003,176
3.29%, 06/29/06		35,000,000		35,000,000
American Express Credit Corp.
3.36%, 02/28/06		31,000,000		31,015,829
ASIF Global Financing
3.29%, 06/23/06(1)		75,000,000		74,995,270
Australia & New Zealand Banking Group Ltd.
3.28%, 06/23/06(1)		35,000,000		35,000,000
Bank of America Securities
3.52%, 11/18/05		100,000,000		100,000,000
Bear Stearns Companies Inc. (The)
3.31%, 09/16/05		100,000,000		100,000,000
Beta Finance Inc.
3.17%, 05/25/06(1)		15,000,000		14,998,606
3.27%, 04/25/06(1)		30,000,000		29,997,000
CC USA Inc.
3.17%, 05/25/06(1)		25,000,000		24,997,677
3.17%, 06/15/06(1)		55,000,000		54,994,741
3.25%, 08/25/05(1)		15,000,000		14,999,434
3.27%, 03/23/06(1)		25,000,000		25,000,158
Citigroup Global Markets Holdings Inc.
3.16%, 11/04/05	$	100,000,000	$	100,000,000
Commodore CDO Ltd. 2003-2A
Class A1MM
3.47%, 12/12/05(1)		25,000,000		25,000,000
Credit Suisse First Boston
3.15%, 05/09/06		50,000,000		50,000,000
DEPFA Bank PLC
3.42%, 03/15/06		100,000,000		100,000,000
Dorada Finance Inc.
3.20%, 09/15/05(1)		82,000,000		82,001,323
3.26%, 06/26/06(1)		15,000,000		14,998,618
Five Finance Inc.
3.10%, 05/25/06(1)		22,000,000		21,997,956
3.27%, 06/26/06(1)		14,000,000		13,998,615
Goldman Sachs Group Inc. (The)
3.30%, 07/29/05(1)		50,000,000		50,000,000
Greenwich Capital Holdings Inc.
3.15%, 02/10/06		15,000,000		15,000,000
3.17%, 02/13/06		15,000,000		15,000,000
HBOS Treasury Services PLC
3.51%, 04/24/06(1)		50,000,000		50,000,000
HSBC Bank USA N.A.
3.57%, 05/04/06		15,000,000		15,010,240
K2 USA LLC
3.09%, 06/02/06(1)		35,000,000		34,996,778
3.21%, 02/15/06(1)		25,000,000		25,003,458
3.27%, 05/25/06(1)		100,000,000		99,986,521
Leafs LLC
3.26%, 02/21/06(1)		20,000,000		20,000,000
LEEK Series 14A
Class A1
3.27%, 07/21/05(1)		42,028,200		42,028,200

13

MONEY MARKET MASTER PORTFOLIO

June 30, 2005 (Unaudited)

Schedule of Investments—Continued

Security	Face Amount		Value
Links Finance LLC
3.21%, 10/17/05(1)	$	65,000,000	$	65,001,488
3.21%, 01/20/06(1)		35,000,000		34,995,485
3.22%, 05/18/06(1)		50,000,000		49,991,206
3.27%, 07/26/05(1)		25,000,000		24,999,487
3.33%, 07/29/05(1)		50,000,000		50,000,946
Lothian Mortgages PLC Series 4A
Class A1
3.29%, 01/24/06(1)		75,000,000		75,000,000
Marshall & Ilsley Bank
3.36%, 02/20/06		30,000,000		30,022,987
Metropolitan Life Insurance Funding Agreement
3.23%, 07/18/05(1)(2)		25,000,000		25,000,000
3.26%, 07/25/05(1)(2)		50,000,000		50,000,000
Morgan Stanley
3.13%, 07/03/06		100,000,000		100,000,000
3.34%, 08/15/05		25,000,000		25,004,549
3.35%, 06/27/06		100,000,000		100,021,029
National City Bank
3.06%, 08/02/05		50,000,000		49,998,087
3.09%, 01/06/06		20,000,000		19,996,874
Nationwide Building Society
3.51%, 04/28/06(1)		100,000,000		100,000,000
Northern Rock PLC
3.15%, 05/03/06(1)		70,000,000		70,000,000
Permanent Financing PLC No. 7 Series 1
Class A
3.15%, 03/10/06		150,000,000		150,000,000
Permanent Financing PLC No. 8 Series 1
Class A
3.20%, 06/12/06		25,000,000		25,000,000
Royal Bank of Scotland
3.07%, 04/05/06		76,250,000		76,226,417
Sigma Finance Inc.
3.17%, 07/15/05(1)	$	25,000,000	$	24,999,710
3.17%, 11/18/05(1)		70,000,000		69,991,923
3.20%, 03/20/06(1)		20,000,000		20,001,107
Skandinav Enskilda Bank NY
3.27%, 07/18/06(1)		50,000,000		50,000,000
Societe Generale
3.15%, 06/13/06		30,000,000		29,994,277
Strips III LLC
3.35%, 07/25/05(1)(2)		30,999,027		30,999,027
Tango Finance Corp.
3.15%, 06/12/06(1)		50,000,000		49,995,286
3.27%, 05/26/06(1)		15,000,000		14,997,972
Travelers Insurance Co. Funding Agreement
3.29%, 02/03/06(1)(2)		50,000,000		50,000,000
3.35%, 08/19/05(1)(2)		50,000,000		50,000,000
Wachovia Asset Securitization Inc. Series 2004-HM1A
Class A
3.30%, 07/25/05		84,837,695		84,837,695
Wachovia Asset Securitization Inc. Series 2004-HM2A
Class AMM
3.30%, 07/25/05		87,106,594		87,106,594
Westpac Banking Corp.
3.40%, 04/11/06		70,000,000		70,000,000
WhistleJacket Capital LLC
3.14%, 12/08/05(1)		30,000,000		29,998,028
3.18%, 02/15/06(1)		20,000,000		19,996,837
3.24%, 06/22/06(1)		15,000,000		14,998,537
White Pine Finance LLC
3.18%, 03/15/06(1)		46,000,000		45,990,935
3.28%, 12/28/05(1)		67,000,000		66,993,382

14

MONEY MARKET MASTER PORTFOLIO

June 30, 2005 (Unaudited)

Schedule of Investments—Continued

Security	Face Amount		Value
Winston Funding Ltd.
3.23%, 07/25/05(1)	$	100,000,000	$	100,000,000
TOTAL VARIABLE & FLOATING RATE NOTES
(Cost: $3,458,184,438)				3,458,184,438
REPURCHASE AGREEMENTS(3)—22.67%
Bank of America N.A. Tri-Party Repurchase Agreement, dated 6/30/05, due 7/1/05, with a maturity value of $125,011,910 and an effective yield of 3.43%.		125,000,000		125,000,000
Bank of America Securities Corporate Tri-Party Repurchase Agreement, dated 6/30/05, due 7/1/05, with a maturity value of $200,019,375 and an effective yield of 3.49%.		200,000,000		200,000,000
Bank of America Securities Tri-Party Repurchase Agreement, dated 6/30/05, due 7/1/05, with a maturity value of $40,003,811 and an effective yield of 3.43%.		40,000,000		40,000,000
Credit Suisse First Boston Inc. Tri-Party Repurchase Agreement, dated 6/30/05, due 7/1/05, with a maturity value of $40,003,811 and an effective yield of 3.43%.	$	40,000,000	$	40,000,000
Goldman Sachs Group Inc. Tri-Party Repurchase Agreements, dated 6/30/05, due 7/1/05, with a total maturity value of $290,027,700 and effective yields of 3.43% - 3.44%.		290,000,000		290,000,000
Greenwich Capital Markets Inc. Corporate Tri-Party Repurchase Agreement, dated 6/30/05, due 7/1/05, with a maturity value of $100,009,688 and an effective yield of 3.49%.		100,000,000		100,000,000
JP Morgan Chase & Co. Tri-Party Repurchase Agreement, dated 6/30/05, due 7/1/05, with a maturity value of $40,003,789 and an effective yield of 3.41%.		40,000,000		40,000,000

15

MONEY MARKET MASTER PORTFOLIO

June 30, 2005 (Unaudited)

Schedule of Investments—Continued

Security	Face Amount		Value
Lehman Brothers Holdings Inc. Corporate Tri-Party Repurchase Agreements, dated 6/30/05, due 7/1/05, with a total maturity value of $300,029,114 and effective yields of 3.49% - 3.50%.	$	300,000,000	$	300,000,000
Lehman Brothers Inc. Tri-Party Repurchase Agreements, dated 6/30/05, due 7/1/05, with a total maturity value of $56,392,357 and an effective yield of 3.42%.		56,387,000		56,387,000
Merrill Lynch & Co. Inc. Corporate Tri-Party Repurchase Agreements, dated 6/30/05, due 7/1/05, with a total maturity value of $100,009,799 and effective yields of 3.50% - 3.56%.		100,000,000		100,000,000
Merrill Lynch & Co. Inc. Tri-Party Repurchase Agreements, dated 3/22/05, due 12/27/05, with a maturity value of $150,152,500 and an effective yield of 3.56%.	$	150,000,000	$	150,000,000
Merrill Lynch & Co. Inc. Tri-Party Repurchase Agreements, dated 6/30/05, due 7/1/05, with a total maturity value of $140,013,139 and effective yields of 3.37% - 3.40%.		140,000,000		140,000,000
TOTAL REPURCHASE AGREEMENTS
(Cost: $1,581,387,000)				1,581,387,000
TOTAL INVESTMENTS IN SECURITIES—99.87%
(Cost: $6,966,175,359)				6,966,175,359
Other Assets, Less Liabilities—0.13%				8,780,862
NET ASSETS—100.00%			$	6,974,956,221

(1) Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(2) 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.

(3) See Note 1 for information regarding collateral.

The accompanying notes are an integral part of these financial statements.

16

MONEY MARKET MASTER PORTFOLIO

June 30, 2005

Portfolio Allocations (Unaudited)

Asset Type	Value		% of Net Assets
Variable & Floating Rate Notes	$	3,458,184,438	49.58	%
Repurchase Agreements		1,581,387,000	22.67
Commercial Paper		1,094,472,758	15.69
Time Deposits		472,140,000	6.77
Certificates of Deposit		274,995,348	3.94
Medium-Term Notes		84,995,815	1.22
Other Net Assets		8,780,862	0.13
TOTAL	$	6,974,956,221	100.00	%

This table is not part of the financial statements.

17

MONEY MARKET MASTER PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2005 (Unaudited)

ASSETS
Investments in securities, at amortized cost which approximates value (Note 1)	$	5,384,788,359
Repurchase agreements, at value and cost (Note 1)		1,581,387,000
Total investments in securities		6,966,175,359
Cash		393
Receivables:
Interest		9,074,982
Total Assets		6,975,250,734
LIABILITIES
Payables:
Investment advisory fees (Note 2)		294,513
Total Liabilities		294,513
NET ASSETS	$	6,974,956,221

The accompanying notes are an integral part of these financial statements.

18

MONEY MARKET MASTER PORTFOLIO

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2005 (Unaudited)

NET INVESTMENT INCOME
Interest	$	93,618,275
Total investment income		93,618,275
EXPENSES (Note 2)
Investment advisory fees		3,368,502
Total expenses		3,368,502
Less investment advisory fees waived		(2,559,229	)
Net expenses		809,273
NET INVESTMENT INCOME		92,809,002
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	92,809,002

The accompanying notes are an integral part of these financial statements.

19

MONEY MARKET MASTER PORTFOLIO

STATEMENTS OF CHANGES IN NET ASSETS

	For the Six Months Ended June 30, 2005 (Unaudited)			For the Year Ended December 31, 2004
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	92,809,002		$	75,589,172
Net realized loss		—			(3,023	)
Net increase in net assets resulting from operations		92,809,002			75,586,149
Interestholder transactions:
Contributions		32,604,415,242			27,939,964,264
Withdrawals		(31,253,093,847	)		(27,213,733,782	)
Net increase in net assets resulting from interestholder transactions		1,351,321,395			726,230,482
Increase in net assets		1,444,130,397			801,816,631
NET ASSETS:
Beginning of period		5,530,825,824			4,729,009,193
End of period	$	6,974,956,221		$	5,530,825,824

The accompanying notes are an integral part of these financial statements.

20

MONEY MARKET MASTER PORTFOLIO

NOTES TO THE FINANCIAL STATEMENTS (Unaudited)

1. Significant Accounting Policies

Master Investment Portfolio (“MIP”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company organized as a Delaware statutory trust. As of June 30, 2005, MIP offered the following separate portfolios: Active Stock, Bond Index, CoreAlpha Bond, Government Money Market, International Index, LifePath Retirement, LifePath 2010, LifePath 2020, LifePath 2030, LifePath 2040, Money Market, Prime Money Market, Russell 2000 Index, S&P 500 Index and Treasury Money Market Master Portfolios.

These financial statements relate only to the Money Market Master Portfolio (the “Master Portfolio”).

Under MIP’s organizational documents, the Master Portfolio’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Master Portfolio. Additionally, in the normal course of business, the Master Portfolio enters into contracts with service providers that contain general indemnification clauses. The Master Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Master Portfolio that have not yet occurred.

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

Security Valuation

The Master Portfolio uses the amortized cost method of valuation to determine the value of its portfolio securities in accordance with Rule 2a-7 under the 1940 Act. The amortized cost method, which involves valuing a security at its cost and accreting or amortizing any discount or premium, respectively, over the period until maturity, approximates market value.

Security Transactions and Income Recognition

Security transactions are accounted for on trade date. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method. The Master Portfolio amortizes premium and accretes discount using a constant yield to maturity method.

Federal Income Taxes

In general, MIP believes that the Master Portfolio has and will continue to be operated in a manner so as to qualify it as a non-publicly traded partnership for federal income tax purposes. Provided that the Master Portfolio so qualifies, it will not be subject to any federal income tax on its income and gain (if any). However, each interestholder in the Master Portfolio will be taxed on its distributive share of the Master Portfolio’s taxable income in determining its federal income tax liability. As a non-publicly traded partnership for federal income tax purposes, the Master Portfolio will be deemed to have “passed through” to its interestholders any interest, dividends, gains or

21

MONEY MARKET MASTER PORTFOLIO

NOTES TO THE FINANCIAL STATEMENTS (Unaudited)—Continued

losses of the Master Portfolio for such purposes. The determination of such share will be made in accordance with the Internal Revenue Code of 1986, as amended (the “Code”), and regulations promulgated thereunder.

It is intended that the Master Portfolio’s assets, income and distributions will be managed in such a way that an entity electing and qualifying as a “regulated investment company” under the Code can continue to qualify by investing substantially all of its assets through the Master Portfolio, provided that the regulated investment company meets other requirements for such qualifications not within the control of the Master Portfolio (e.g., distributing at least 90% of the regulated investment company’s “investment company taxable income” annually).

As of June 30, 2005, the Master Portfolio’s cost of investments for federal income tax purposes was the same as for financial statement purposes.

Repurchase Agreements

The 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.

The repurchase agreements held by the Master Portfolio as of June 30, 2005 were fully collateralized by U.S. Government and Agency obligations and long-term debt securities as follows:

Repurchase Agreement	Interest Rate(s)		Maturity Date(s)	Aggregate Market Value
Bank of America N.A. Tri-Party	5.50	%	06/01/33	$	127,500,000
Bank of America Securities Corporate Tri-Party	4.65 - 8.38		05/01/07 - 10/15/99		204,000,001
Bank of America Securities Tri-Party	5.00		08/01/34		40,800,001
Credit Suisse First Boston Inc. Tri-Party	3.70 - 5.44		12/01/31 - 11/01/43		40,801,035
Goldman Sachs Group Inc. Tri-Party	4.69 - 5.00		05/01/34 - 06/01/35		295,800,000
Greenwich Capital Markets Inc. Corporate Tri-Party	2.52 - 5.41		02/25/33 - 01/25/45		105,002,316
JP Morgan Chase & Co. Tri-Party	3.80 - 5.34		05/01/22 - 07/01/35		40,801,196
Lehman Brothers Holdings Inc. Corporate Tri-Party	1.01 - 8.90		02/25/06 - 04/25/25		314,941,418
Lehman Brothers Inc. Tri-Party	3.14 - 6.31		08/01/16 - 10/01/44		57,511,680
Merrill Lynch & Co. Inc. Corporate Tri-Party	3.50 - 8.88		02/15/08 - 05/01/17		103,009,259
Merrill Lynch & Co. Inc. Tri-Party	1.80 - 6.50		07/01/05 - 05/25/34		142,804,232
Merrill Lynch & Co. Inc. Tri-Party	4.75 - 10.13		11/15/05 - 04/15/22		154,500,602

2. Agreements and Other Transactions With Affiliates

Pursuant to an Investment Advisory Contract with the Master Portfolio, Barclays Global Fund Advisors (“BGFA”) provides investment advisory services to the Master Portfolio. BGFA is a California corporation indirectly

22

MONEY MARKET MASTER PORTFOLIO

NOTES TO THE FINANCIAL STATEMENTS (Unaudited)—Continued

owned by Barclays Bank PLC. BGFA is entitled to receive an annual fee of 0.10% of the average daily net assets of the Master Portfolio, as compensation for investment advisory services. From time to time, BGFA may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Master Portfolio and, accordingly, have a favorable impact on its performance. For the six months ended June 30, 2005, BGFA waived investment advisory fees of $2,559,229 for the Master Portfolio.

Investors Bank & Trust Company (“IBT”) serves as the custodian and sub-administrator of the Master Portfolio. IBT will not be entitled to receive fees for its custodial services, so long as it is entitled to receive a separate fee from Barclays Global Investors, N.A. (“BGI”) for its services as sub-administrator of the Master Portfolio.

SEI Investments Distribution Company (“SEI”) is the sponsor and placement agent for the Master Portfolio. SEI does not receive any fee from the Master Portfolio for acting as placement agent.

MIP has entered into an administration services arrangement with BGI, which has agreed to provide general administration services, such as managing and coordinating third-party service relationships (e.g., the Master Portfolio’s custodian, financial printer, counsel and independent registered accounting firm), to the Master Portfolio. BGI is not entitled to compensation for providing administration services to the Master Portfolio, for so long as BGI is entitled to compensation for providing administration services to corresponding feeder funds that invest substantially all of their assets in the Master Portfolio, or BGI (or an affiliate) receives investment advisory fees from the Master Portfolio. BGI may delegate certain of its administration duties to sub-administrators.

Certain officers and trustees of MIP are also officers of BGI. As of June 30, 2005, these officers of BGI collectively owned less than 1% of MIP’s outstanding beneficial interests.

3. Financial Highlights

Financial highlights for the Master Portfolio were as follows:

	Six Months Ended June 30, 2005 (Unaudited)		Year Ended December 31, 2004		Year Ended December 31, 2003		Year Ended December 31, 2002		Year Ended December 31, 2001		Year Ended December 31, 2000
Ratio of expenses to average net assets(a)	0.02	%	0.05	%	0.10	%	0.10	%	0.10	%	0.10	%
Ratio of expenses to average net assets prior to waived fees(a)	0.10	%	0.10	%	n/a		n/a		n/a		n/a
Ratio of net investment income to average net assets(a)	2.76	%	1.40	%	1.15	%	1.80	%	3.66	%	6.43	%
Ratio of net investment income to average net assets prior to waived fees(a)	2.68	%	1.35	%	n/a		n/a		n/a		n/a
Total return	1.36	%(b)	1.39	%	1.16	%	1.84	%	4.23	%	6.52	%

(a) Annualized for periods of less than one year.

(b) Not annualized.

23

MASTER INVESTMENT PORTFOLIO

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT

Under Section 15(c) of the 1940 Act, MIP’s Board of Trustees, including a majority of Trustees who are not interested persons of MIP (as that term is defined in the 1940 Act), who are commonly referred to as the “Independent Trustees,” is required annually to consider the Master Portfolio’s Investment Advisory Contract with BGFA (an “Advisory Contract”). Pursuant to Section 15(c), the Board is required to request and evaluate, and BGFA is required to provide, such information as may be reasonably necessary to evaluate the terms of the Advisory Contract. At a meeting held on March 2, 2005, the Board approved the selection of BGFA and the continuance of the Advisory Contract, based on its review of qualitative and quantitative information provided by BGFA. In selecting BGFA and approving the Advisory Contract for the Master Portfolio, the Board, including the Independent Trustees, advised by their independent counsel, considered the following factors, none of which was controlling, and made the following conclusions:

Nature, Extent, and Quality of Services Provided by BGFA

The Board reviewed the scope of services to be provided by BGFA under the Advisory Contract and noted that there would be no differences between the scope of services required to be provided by BGFA for the past year and the scope of services required to be provided by BGFA for the upcoming year. In reviewing the scope of services provided to the Master Portfolio by BGFA, the Board reviewed and discussed BGFA’s investment philosophy and experience, noting that BGFA and its affiliates have committed significant resources over time to the support of those funds and accounts for which they provide investment advisory/management services, including the Master Portfolio. The Board also considered BGFA’s compliance program and its compliance record with respect to the Master Portfolio. The Board further noted that BGFA provides information regarding portfolio management and compliance to the Board on a periodic basis in connection with regularly scheduled meetings of the Board. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Master Portfolio. In addition to the above considerations, the Board reviewed and considered BGFA’s investment processes and strategies, and matters related to BGFA’s portfolio transaction policies and procedures. The Board also noted that during BGFA’s term as investment adviser, the Master Portfolio has met its investment objective consistently over time. Based on this review, the Board concluded that the nature, extent, and quality of services to be provided by BGFA to the Master Portfolio under the Advisory Contract were appropriate and continued to support the Board’s original selection of BGFA as investment adviser to the Master Portfolio.

Master Portfolio’s Expenses and Performance of the Master Portfolio

The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Master Portfolio in comparison with the same information for other funds registered under the 1940 Act objectively determined solely by Lipper, as comprising the Master Portfolio’s applicable peer group (the “Lipper Peer Group”). In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Master Portfolio for the one-, three-, five-, and 10-year periods ended December 31, 2004, as applicable, and a comparison of the Master Portfolio’s performance to that of the funds in its Lipper Peer Group for the same periods. In support of its review of the statistical information, the Board was provided with a detailed description of the methodology used by Lipper to determine the applicable Lipper Peer Groups and to prepare this information. The Board noted that the Master Portfolio generally outperformed the funds in their Lipper Peer Groups over relevant periods. The Board noted that the advisory fees for the Master Portfolio were generally lower than the advisory fee rates of the funds in its Lipper Peer Group, and the overall expenses for the Master Portfolio were the lowest of the overall expenses of the funds in its Lipper Peer Group, noting

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MASTER INVESTMENT PORTFOLIO

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT—Continued

BGFA’s voluntary waiver of certain advisory fee amounts for the Master Portfolio. Based on this review, the Board concluded that the advisory fees and expense levels and the historical performance of the Master Portfolio, as managed by BGFA, as compared to the advisory fees and expense levels and performance of the funds in the Lipper Peer Groups, were satisfactory for the purposes of approving the continuance of the Advisory Contract.

Costs of Services Provided to Master Portfolio and Profits Realized by BGFA and Affiliates

The Board reviewed information about the profitability of the Master Portfolio to BGFA based on the fees payable under the Advisory Contract for the last calendar year. The Board analyzed the Master Portfolio’s expenses, including the investment advisory fees paid to BGFA. The Board also reviewed information regarding direct revenue received by BGFA and ancillary revenue received by BGFA and/or its affiliates in connection with the services provided to the Master Portfolio by BGFA (as discussed below). The Board also discussed BGFA’s profit margin as reflected in the Master Portfolio’s profitability analysis. Based on this review, the Board concluded that the profits to be realized by BGFA and its affiliates under the Advisory Contract and from other relationships between the Master Portfolio and BGFA and/or its affiliates, if any, were within the range the Board considered reasonable and appropriate.

Economies of Scale

In connection with its review of the Master Portfolio’s profitability analysis, the Board received information regarding economies of scale or other efficiencies that may result from increases in the Master Portfolio’s asset levels. The Board noted that the Advisory Contract does not provide any breakpoints in the investment advisory fee rates as a result of any increases in the asset levels of the Master Portfolio. However, the Board noted that the investment advisory fee rates for the Master Portfolio had been set initially at the lower end of the marketplace so as to afford the Master Portfolio’s interestholders the opportunity to share in economies of scale from inception. The Board also noted the difficulty of considering the potential for economies of scale based on advisory services independently and separately from any potential for economies of scale based on other services provided by BGFA and its affiliates. Based on the profitability analysis presented to the Board, which indicated that with respect to the Master Portfolio, BGFA generally is providing services at a loss, and the relatively low investment advisory fee rates for the Master Portfolio, the Board determined that whether further economies of scale may be realized by the Master Portfolio or reflected in fee levels was not a significant factor in its consideration of whether to approve continuance of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BGFA and its Affiliates

The Board also received and considered information regarding the Master Portfolio’s annual investment advisory fee rates under the Advisory Contract in comparison to the investment advisory/management fee rates for other funds with substantially similar investment objectives and strategies for which BGFA or BGI, an affiliate of BGFA, provides investment advisory/management services, including other funds registered under the 1940 Act and collective funds. BGFA and its affiliates do not provide investment management services to separate accounts with substantially similar investment objectives and strategies. The Board noted that BGFA had provided the Board with information regarding how the level of services provided to the other funds registered under the 1940 Act and collective funds differed from the level of services provided to the Master Portfolio. The Board analyzed the level of the investment advisory/management fees in relation to the nature and extent of services provided to the Master Portfolio in comparison with the nature and extent of services provided to the other funds, including, among other

25

MASTER INVESTMENT PORTFOLIO

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT—Continued

factors, the level of complexity in managing the Master Portfolio and the other funds under differing regulatory requirements and the various client guidelines or other requirements, the nature and extent of the support services provided to the Master Portfolio and its interestholders in comparison with the nature and extent of the services provided to the other funds and their clients, and in relation to the Master Portfolio’s and the other funds’ fee structures and asset levels. The Board noted that the investment advisory fee rates under the Master Portfolio’s Advisory Contract were similar to the investment advisory fee rates for other funds registered under the 1940 Act and were within the range of the investment management fee rates for the collective funds. The Board noted that any differences between the advisory fee rates for the Master Portfolio and the investment advisory/management fee rates for the other funds for which BGFA or BGI provides investment advisory/management services appeared to be attributable to, among other things, the type and level of services provided and/or the asset levels of the funds. Based on this review, the Board determined that the investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that the investment advisory fee rates under the Advisory Contract are fair and reasonable.

Other Benefits to BGFA and/or its Affiliates

The Board reviewed any ancillary revenue received by BGFA and/or its affiliates in connection with the services provided to the Master Portfolio by BGFA, such as the payment of securities lending revenue to BGI, MIP’s securities lending agent, and the payment of advisory fees and/or administration fees to BGFA and BGI in connection with the Master Portfolio’s investments in other funds for which BGFA provides investment advisory services and/or BGI provides administration services and the associated voluntary waivers by BGFA and/or its affiliates of those fees, if any. The Board noted that BGFA and its affiliates do not use soft dollars or consider the value of research or other services that may be provided to BGFA or its affiliates in connection with portfolio transactions for the Master Portfolio. The Board further noted that any portfolio transactions on behalf of the Master Portfolio placed through an affiliate of the Master Portfolio or BGFA are reported to the Board pursuant to Rule 17e-1 under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Master Portfolio’s interestholders.

Based on the above analysis, the Board determined that the Advisory Contract, including the investment advisory fee rates thereunder, are fair and reasonable in light of all relevant circumstances and concluded that it is in the best interest of the Master Portfolio and its interestholders to continue the Advisory Contract.

26

TABLE OF CONTENTS

	Page
HEWITT SERIES TRUST
Shareholder Expenses	1
Statements of Assets and Liabilities	2
Statements of Operations	3
Statements of Changes in Net Assets	4
Financial Highlights	5
Notes to Financial Statements	7
Proxy Voting	11
MASTER INVESTMENT PORTFOLIO
Schedule of Investments	12
Portfolio Allocation	17
Statement of Assets and Liabilities	18
Statement of Operations	19
Statements of Changes in Net Assets	20
Notes to the Financial Statements	21
Investment Advisory Contracts	24

Hewitt Series Trust

Hewitt Money Market Fund

Hewitt Institutional

Money Market Fund

Semi–Annual Report

June 30, 2005

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Schedule of Investments.

Not applicable to this filing.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable to this filing.

Item 11. Controls and Procedures.

(a) Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the “Disclosure Controls”) as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), the Disclosure Controls are effectively designed to ensure that information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s management, including the registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule

30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1)	Code of Ethics – not required for this filing.
	(2)	Certifications pursuant to Rule 30a-2 under the Investment Company Act of 1940 (17 CFR 270.30a-2), attached hereto as Exhibits (a)(2)(i) and (a)(2)(ii)
(b)		Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, attached hereto as Exhibit (b)

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.

(Registrant)            Hewitt Series Trust
By:	/s/ Stacy L. Schaus
	Stacy L. Schaus
	President
	Date 8/29/05

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/ Stacy L. Schaus
	Stacy L. Schaus
	President
	Date 8/29/05

By:	/s/ Douglas S. Keith
	Douglas S. Keith
	Treasurer and Chief Financial Officer
	Date 8/29/05