NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 Summary of Significant Accounting Policies
Hewitt Money Market Fund (the "Fund") is a series of Hewitt Series Trust (the "Trust"), a diversified open-end
management investment company registered under the Investment Company Act of 1940, as amended. The Trust
was established as a Delaware business trust organized pursuant to a Declaration of Trust on July 7, 1998.
The Fund presently offers two classes of shares, Administrative Shares and Institutional Shares. Shares of each
class have identical interests in the Fund and have the same rights, however, differ principally in their respective
distribution fees and shareholder servicing fees.
The following significant accounting policies are consistently followed by the Fund in the preparation of its
financial statements, and such policies are in conformity with generally accepted accounting principles for
investment companies. The preparation of financial statements in conformity with generally accepted accounting
principles 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
The Fund invests 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 Fund. The
value of the Fund's investment in the Master Portfolio reflects the Fund's interest in the net assets of the Master
Portfolio (38.08% as of June 30, 2000).
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