# EDGAR Filing Document

**Accession Number:** 0001060517
**File Stem:** 0001193125-23-004864
**Filing Date:** 2023-1
**Character Count:** 1147960
**Document Hash:** 078e7689943ae87ed04243689abae538
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-004864.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001193125-23-004864

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBS Series Funds
- **CENTRAL INDEX KEY:** 0001060517
- **IRS NUMBER:** 134010447
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08767
- **FILM NUMBER:** 23518975

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) INC
- **STREET 2:** 787 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-821-3000

**MAIL ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) INC
- **STREET 2:** 787 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UBS MONEY SERIES
- **DATE OF NAME CHANGE:** 20020716

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRINSON MONEY SERIES
- **DATE OF NAME CHANGE:** 20010625

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MITCHELL HUTCHINS LIR MONEY SERIES
- **DATE OF NAME CHANGE:** 19990730

## Series and Classes Contracts Data

### UBS Select Prime Institutional Fund (Series ID: S000002681)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000007332 | UBS Select Prime Institutional Fund | SELXX           |

### UBS Select Treasury Institutional Fund (Series ID: S000002682)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000007334 | UBS Select Treasury Institutional Fund | SETXX           |

### UBS Liquid Assets Government Fund (Series ID: S000002684)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000007336 | UBS Liquid Assets Government Fund |  |

### UBS Tax-Free Reserves Fund (Series ID: S000018675)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000051798 | UBS Tax-Free Reserves Fund | STFXX           |

### UBS Select Prime Preferred Fund (Series ID: S000018676)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000051799 | UBS Select Prime Preferred Fund | SPPXX           |

### UBS Select Treasury Preferred Fund (Series ID: S000018677)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000051800 | UBS Select Treasury Preferred Fund | STPXX           |

### UBS Tax-Free Preferred Fund (Series ID: S000018678)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000051801 | UBS Tax-Free Preferred Fund | SFPXX           |

### UBS Select Prime Investor Fund (Series ID: S000018679)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000051802 | UBS Select Prime Investor Fund | SPIXX           |

### UBS Select Treasury Investor Fund (Series ID: S000018680)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000051803 | UBS Select Treasury Investor Fund | STRXX           |

### UBS Tax-Free Investor Fund (Series ID: S000018681)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000051804 | UBS Tax-Free Investor Fund | SFRXX           |

### UBS Prime Reserves Fund (Series ID: S000052306)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000164452 | UBS Prime Reserves Fund | UPRXX           |

### UBS Prime Preferred Fund (Series ID: S000052307)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000164453 | UBS Prime Preferred Fund | UPPXX           |

### UBS Prime Investor Fund (Series ID: S000052308)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000164454 | UBS Prime Investor Fund | UPIXX           |

### UBS Select Government Institutional Fund (Series ID: S000053131)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000167199 | UBS Select Government Institutional Fund | SEGXX           |

### UBS Select Government Preferred Fund (Series ID: S000053132)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000167200 | UBS Select Government Preferred Fund | SGPXX           |

### UBS RMA Government Money Market Fund (Series ID: S000053134)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000167202 | UBS RMA Government Money Market Fund | RMGXX           |

### UBS Select Government Investor Fund (Series ID: S000053135)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000167203 | UBS Select Government Investor Fund | SGEXX           |

### Limited Purpose Cash Investment Fund (Series ID: S000056215)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000176976 | Limited Purpose Cash Investment Fund |  |

### UBS Ultra Short Income Fund (Series ID: S000061955)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000200717 | Class A      | USIAX           |
| C000200718 | Class P      | USIPX           |
| C000200719 | Class I      | USDIX           |

### UBS Select ESG Prime Preferred Fund (Series ID: S000067418)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000216775 | UBS Select ESG Prime Preferred Fund: | SSPXX           |

### UBS Select ESG Prime Investor Fund (Series ID: S000067419)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000216776 | UBS Select ESG Prime Investor Fund | SEIXX           |

### UBS Select ESG Prime Institutional Fund (Series ID: S000067420)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000216777 | UBS Select ESG Prime Institutional Fund | SGIXX           |

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: 811-08767

------

UBS Series Funds

------

(Exact name of registrant as specified in charter)

787 Seventh Avenue, New York, New York 10019

------

(Address of principal executive offices) (Zip code)

Keith A. Weller, Esq.

UBS Asset Management

One North Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

Copy to:

Stephen H. Bier, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036-6797

Registrant's telephone number, including area code: 888-793 8637

Date of fiscal year end: April 30

Date of reporting period: October 31, 2022

------

**<u>Item 1. Reports to Stockholders.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Copy of the report transmitted to shareholders:

------

![LOGO](g4724547mm_k485.jpg)

## UBS Liquid Assets Government Fund
Semiannual Report \| October 31, 2022

------

UBS Liquid Assets Government Fund

December 15, 2022

**Dear Shareholder,** 

We present you with the semiannual report for UBS Liquid Assets Government Fund (the "Fund") for the six months ended October 31, 2022 (the "reporting period").

**Performance** 

The US Federal Reserve (the "Fed") raised the federal funds rate from a range between 0.25% and 0.50% to a range between 3.00% and 3.25% during the six-month reporting period. The federal funds rate or the "fed funds rate," is the rate US banks charge one another for funds they borrow on an overnight basis. (For more details on the Fed's actions, see below.) The Fed also anticipates several additional rate hikes during the remainder of the Fund's current fiscal year. As a result, the yields on a number of short-term investments moved higher—as did the Fund's yields—during the reporting period.

The seven-day current yield for the Fund as of October 31, 2022 was 3.13%, versus 0.30% on April 30, 2022 (after fee waivers). (For more information on the Fund's performance, refer to "Yields and characteristics at a glance" on page 4.)

**UBS Liquid Assets Government Fund** 

**Investment goal:** 

Provide as high a level of current interest income as is consistent with maintaining liquidity and principal stability

**Portfolio Managers:** 

Robert Sabatino

David J. Walczak

UBS Asset Management (Americas) Inc.

**Commencement:** 

February 14, 2000

**Dividend payments:** 

Monthly

**An interview with Portfolio Manager Robert Sabatino** 

**Q.** **How would you describe the economic environment during the reporting period?** 

**A.** The US economy moved in fits and starts, as it was impacted by COVID-19 and its variants, 40-year high inflation, supply chain shortages, rising interest rates and the repercussions from the war in Ukraine. These headwinds were at times offset by a resilient job market and overall
positive consumer spending. Looking back, first quarter 2022 US annualized gross domestic product ("GDP") was -1.6%. The economy then contracted 0.6% over the second quarter of the year. Finally, the
Commerce Department's initial estimate showed that third quarter annualized GDP was a positive 2.6%.

**Q.** **How did the US Federal Reserve (the "Fed") react to the economic environment?** 

**A.** The Fed raised interest rates four times during the reporting period in an attempt to rein in persistent and
elevated inflation. These moves pushed the federal funds rate from a range between 0.25% and 0.50% to a range between 3.00% and 3.25%. Then, in November 2022—after the reporting period ended—the Fed raised rates to a range between 3.75%
and 4.00% and indicated that additional rate hikes would be appropriate. Finally, in December 2022, the Fed raised rates to a range between 4.25% and 4.50%.

**Q.** **How did you position the Fund over the fiscal year?** 

**A.** We tactically adjusted the Fund's weighted average maturity (WAM)—which is the weighted average maturity of the
securities in the portfolio—throughout the six month review period. When the reporting period began, the Fund had a WAM of 32 days. At the end of the period on October 31, 2022, the Fund's WAM was 19 days.

**Q.** **What level of portfolio diversification did you maintain during the reporting period?** 

**A.** At the issuer level, we maintained a high level of diversification over the period, investing in smaller positions with
the goal of reducing risk and keeping the Fund highly liquid.

**Q.** **What types of securities did you emphasize over the period?** 

**A.** Several adjustments were made to the Fund's sector positioning during the six month period. We significantly
decreased the Fund's exposure to direct US Treasury obligations. In contrast, we meaningfully increased the

------

UBS Liquid Assets Government Fund

Fund's exposure to US government agency obligations and also added to its allocation to repurchase agreements backed by government securities. (Repurchase agreements are transactions in which the seller of a security agrees to buy it back at a predetermined time and price or upon demand.)

**Q.** **What factors do you believe will affect the Fund over the coming months?** 

**A.** We expect the Fed to continue tightening monetary policy as it seeks to lower inflation. At the same time, several
economic indicators point to slowing growth, and it's unclear whether the central bank can maneuver a "soft landing" for the US economy. In this environment, we anticipate continuing to manage the Fund focusing on risk and liquidity.

We thank you for your continued support and welcome any comments or questions you may have. For additional information on the UBS family of funds,\* please contact your financial advisor, or visit us at www.ubs.com/am-us.

Sincerely,

![LOGO](g472454g29p71.jpg)

Igor Lasun

*President—UBS Series Funds* 

UBS Liquid Assets Government Fund

*Managing Director* 

UBS Asset Management (Americas) Inc.

![LOGO](g472454g13n19.jpg)

Robert Sabatino

*Portfolio Manager—UBS Series Funds* 

UBS Liquid Assets Government Fund

*Managing Director* 

UBS Asset Management (Americas) Inc.

![LOGO](g472454g67i63.jpg)

David J. Walczak

*Portfolio Manager—UBS Series Funds* 

UBS Liquid Assets Government Fund

*Executive Director* 

UBS Asset Management (Americas) Inc.

*This letter is intended to assist shareholders in understanding how the Funds performed during the six-month period ended October 31, 2022. The views and opinions in the letter were current as of December 15, 2022. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.* 

\* Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us. 

------

UBS Liquid Assets Government Fund

**Understanding your Fund's expenses (unaudited)** 

As a shareholder of the Fund, you incur ongoing costs, including management fees (unless waived) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2022 to October 31, 2022

**Actual expenses** 

The first line 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 a 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 under the heading "Expenses paid during period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the 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 your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, if those other funds impose transactional costs—for example, exchange fees. In addition, if those transactional costs were included, your costs for those other funds would have been higher.

The example does not reflect any program fees (e.g., ACCESS<sup>SM</sup> program fees, Resource Management Account<sup>®</sup> (RMA<sup>®</sup>) program fees) as these are external to the Fund and relate to the particular program chosen by the investor.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>May 1, 2022** | **Ending<br>account value**<sup>1</sup>**<br>October 31, 2022** | **Expenses paid<br>during period**<sup>2</sup>**<br>05/01/22 to 10/31/22** | **Expense<br>ratio during<br>the period** |
| Actual | $1000.00 | $1008.50 | $0.20 | 0.04% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1025.00 | 0.20 | 0.04 |

---

<sup>1</sup> "Actual—Ending account value" may or may not be reflective of a shareholder's actual investment experience during periods of very low interest rates. While the Fund declares dividends daily and pays them monthly, the amounts are rounded to the nearest $0.01 on a daily basis with respect to each investor's account. As a result, investors whose Fund account balances earn daily dividends that total less than one half a cent on any given day will not accrue any dividends on that day. 

<sup>2</sup> Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

------

UBS Liquid Assets Government Fund

**Yields and characteristics at a glance—October 31, 2022 (unaudited)** 

---

| | |
|:---|:---|
| **Yields and Characteristics** | |
| Seven-Day current yield after fee waivers and/or expense reimbursements<sup>1</sup> | 3.13% |
| Seven-Day effective yield after fee waivers and/or expense reimbursements<sup>1</sup> | 3.18 |
| Seven-Day current yield before fee waivers and/or expense reimbursements<sup>1</sup> | 3.10 |
| Seven-Day effective yield before fee waivers and/or expense reimbursements<sup>1</sup> | 3.15 |
| Weighted average maturity<sup>2</sup> | 19 days |
| **Portfolio composition<sup>3</sup>** |  |
| U.S. government agency obligations | 77.7% |
| Repurchase agreements | 21.5 |
| U.S. Treasury obligations | 1 |
| Liabilities in excess of other assets | (0.2) |
| **Total** | **100.0%** |

---

**You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, the Fund cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the Fund's sponsor will provide financial support to the Fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. 

<sup>2</sup> The portfolio is actively managed and its weighted average maturity will differ over time.

<sup>3</sup> Weightings represent percentages of the Fund's net assets as of the date indicated. The Fund's portfolio is actively managed and its composition will vary over time. 

------

UBS Liquid Assets Government Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—77.7%** | **U.S. government agency obligations—77.7%** | **U.S. government agency obligations—77.7%** |
|  Federal Farm Credit Bank  | Federal Farm Credit Bank  | Federal Farm Credit Bank  |
| &nbsp;&nbsp; SOFR + 0.018%, <br>3.068%, due 11/01/22 <sup>1</sup> | $5000000 | $4998851 |
| &nbsp;&nbsp; SOFR + 0.035%, <br>3.085%, due 11/01/22 <sup>1</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp; SOFR + 0.040%, <br>3.090%, due 11/01/22 <sup>1</sup> | 4000000 | 4000000 |
| &nbsp;&nbsp; SOFR + 0.045%, <br>3.095%, due 11/01/22 <sup>1</sup> | 3000000 | 3000000 |
|  Federal Farm Credit Banks Funding Corp.  | Federal Farm Credit Banks Funding Corp.  | Federal Farm Credit Banks Funding Corp.  |
| &nbsp;&nbsp; SOFR + 0.013%, <br>3.063%, due 11/01/22 <sup>1</sup> | 9000000 | 9000000 |
| &nbsp;&nbsp; SOFR + 0.025%, <br>3.075%, due 11/01/22 <sup>1</sup> | 28000000 | 27999162 |
| &nbsp;&nbsp; SOFR + 0.030%, <br>3.080%, due 11/01/22 <sup>1</sup> | 11000000 | 11000000 |
| &nbsp;&nbsp; SOFR + 0.035%, <br>3.085%, due 11/01/22 <sup>1</sup> | 8000000 | 8000000 |
| &nbsp;&nbsp; SOFR + 0.040%, <br>3.090%, due 11/01/22 <sup>1</sup> | 3000000 | 3000000 |
| &nbsp;&nbsp; SOFR + 0.050%, <br>3.100%, due 11/01/22 <sup>1</sup> | 7500000 | 7500000 |
| &nbsp;&nbsp; SOFR + 0.055%, <br>3.105%, due 11/01/22 <sup>1</sup> | 1500000 | 1500000 |
| &nbsp;&nbsp; SOFR + 0.060%, <br>3.110%, due 11/01/22 <sup>1</sup> | 3000000 | 3000000 |
| &nbsp;&nbsp; SOFR + 0.070%, <br>3.120%, due 11/01/22 <sup>1</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp; SOFR + 0.090%, <br>3.140%, due 11/01/22 <sup>1</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp; SOFR + 0.100%, <br>3.150%, due 11/01/22 <sup>1</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp; SOFR + 0.105%, <br>3.155%, due 11/01/22 <sup>1</sup> | 3000000 | 3000000 |
|  Federal Home Loan Bank Discount Notes 2.507%, due 11/02/22<sup>2</sup> | 9000000 | 8999373 |
| &nbsp;&nbsp; 2.638%, due 11/09/22<sup>2</sup> | 9000000 | 8994724 |
| &nbsp;&nbsp; 2.750%, due 12/15/22<sup>2</sup> | 5000000 | 4983194 |
| &nbsp;&nbsp; 2.800%, due 11/03/22<sup>2</sup> | 22000000 | 21996578 |
| &nbsp;&nbsp; 2.800%, due 11/23/22<sup>2</sup> | 10000000 | 9982889 |
| &nbsp;&nbsp; 2.950%, due 11/03/22<sup>2</sup> | 15000000 | 14997542 |
| &nbsp;&nbsp; 2.950%, due 11/30/22<sup>2</sup> | 10000000 | 9976236 |
| &nbsp;&nbsp; 3.050%, due 11/16/22<sup>2</sup> | 27000000 | 26965687 |
| &nbsp;&nbsp; 3.050%, due 11/17/22<sup>2</sup> | 6000000 | 5991867 |
| &nbsp;&nbsp; 3.055%, due 11/22/22<sup>2</sup> | 50000000 | 49910896 |
| &nbsp;&nbsp; 3.060%, due 11/15/22<sup>2</sup> | 10000000 | 9988100 |
| &nbsp;&nbsp; 3.080%, due 11/15/22<sup>2</sup> | 10000000 | 9988022 |
| &nbsp;&nbsp; 3.120%, due 11/18/22<sup>2</sup> | 25000000 | 24963167 |
| &nbsp;&nbsp; 3.130%, due 11/14/22<sup>2</sup> | 12000000 | 11986437 |
| &nbsp;&nbsp; 3.130%, due 12/01/22<sup>2</sup> | 20000000 | 19947833 |
| &nbsp;&nbsp; 3.150%, due 11/21/22<sup>2</sup> | 15000000 | 14973750 |
| &nbsp;&nbsp; 3.200%, due 11/17/22<sup>2</sup> | 15000000 | 14978667 |
| &nbsp;&nbsp; 3.250%, due 12/09/22<sup>2</sup> | 15000000 | 14948542 |
| &nbsp;&nbsp; 3.270%, due 12/14/22<sup>2</sup> | 25000000 | 24902354 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** |
| &nbsp;&nbsp; 3.280%, due 12/14/22<sup>2</sup> | $| 10000000 | $| 9960822 |
| &nbsp;&nbsp; 3.300%, due 11/25/22<sup>2</sup> |  | 16000000 |  | 15964800 |
| &nbsp;&nbsp; 3.360%, due 12/02/22<sup>2</sup> |  | 15000000 |  | 14956600 |
| &nbsp;&nbsp; 3.380%, due 11/28/22<sup>2</sup> |  | 15000000 |  | 14961975 |
| &nbsp;&nbsp; 3.385%, due 11/23/22<sup>2</sup> |  | 25000000 |  | 24948285 |
| &nbsp;&nbsp; 3.385%, due 11/29/22<sup>2</sup> |  | 20000000 |  | 19947344 |
| &nbsp;&nbsp; 3.440%, due 12/05/22<sup>2</sup> |  | 15000000 |  | 14951267 |
| &nbsp;&nbsp; 3.440%, due 12/06/22<sup>2</sup> |  | 40000000 |  | 39866222 |
| &nbsp;&nbsp; 3.460%, due 11/23/22<sup>2</sup> |  | 10000000 |  | 9978855 |
| &nbsp;&nbsp; 3.460%, due 12/21/22<sup>2</sup> |  | 11000000 |  | 10947139 |
| &nbsp;&nbsp; 3.470%, due 12/23/22<sup>2</sup> |  | 12000000 |  | 11939853 |
| &nbsp;&nbsp; 3.490%, due 12/28/22<sup>2</sup> |  | 10000000 |  | 9944742 |
| &nbsp;&nbsp; 3.610%, due 12/20/22<sup>2</sup> |  | 15000000 |  | 14926296 |
| &nbsp;&nbsp; 3.720%, due 12/23/22<sup>2</sup> |  | 5000000 |  | 4973133 |
| &nbsp;&nbsp; 3.970%, due 03/31/23<sup>2</sup> |  | 11000000 |  | 10818042 |
| &nbsp;&nbsp; 4.050%, due 01/27/23<sup>2</sup> |  | 10000000 |  | 9902125 |
| &nbsp;&nbsp; 4.400%, due 04/26/23<sup>2</sup> |  | 7000000 |  | 6849422 |
|  Federal Home Loan Banks<br>0.210%, due 12/12/22 |  | 5000000 |  | 5000000 |
| &nbsp;&nbsp; SOFR + 0.030%, <br>3.080%, due 11/01/22 <sup>1</sup> |  | 16000000 |  | 16000000 |
| &nbsp;&nbsp; SOFR + 0.035%, <br>3.085%, due 11/01/22 <sup>1</sup> |  | 15000000 |  | 15000000 |
| &nbsp;&nbsp; SOFR + 0.040%, <br>3.090%, due 11/01/22 <sup>1</sup> |  | 16000000 |  | 16000000 |
| &nbsp;&nbsp; SOFR + 0.045%, <br>3.095%, due 11/01/22 <sup>1</sup> |  | 13500000 |  | 13500000 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.100%, due 11/01/22 <sup>1</sup> |  | 15000000 |  | 15000000 |
| &nbsp;&nbsp; SOFR + 0.055%, <br>3.105%, due 11/01/22 <sup>1</sup> |  | 15000000 |  | 15000000 |
| &nbsp;&nbsp; SOFR + 0.060%, <br>3.110%, due 11/01/22 <sup>1</sup> |  | 3000000 |  | 3000000 |
| &nbsp;&nbsp; SOFR + 0.700%,<br>3.120%, due 11/01/22 <sup>1</sup> |  | 8000000 |  | 8000000 |
|  **Total U.S. government agency obligations** (cost—$767,810,793) |  |  |  | **767810793** |
| **U.S. Treasury obligations—1.0%** |  |  |  |  |
|  U.S. Treasury Bills<br>1.450%, due 11/03/22<sup>3</sup><br>(cost—$9,999,211) |  | 10000000 |  | 9999211 |
| **Repurchase agreements—21.5%** | **Repurchase agreements—21.5%** | **Repurchase agreements—21.5%** | **Repurchase agreements—21.5%** | **Repurchase agreements—21.5%** |
|  Repurchase agreement dated 10/31/22 with Fixed Income Clearing Corp., 3.010% due 11/01/22, collateralized by $887,000 U.S. Treasury Notes, 3.000% due 06/30/24; (value—$864,998); proceeds: $848,071 |  | 848000 |  | 848000 |
|  Repurchase agreement dated 10/31/22 with Goldman Sachs & Co., 3.000% due 11/01/22, collateralized by $6,970,700 U.S. Treasury Notes, 0.875% due 09/30/26; (value—$6,120,081); proceeds: $6,000,500 |  | 6000000 |  | 6000000 |

---

------

UBS Liquid Assets Government Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/31/22 with MUFG Securities Americas Inc., 3.040% due 11/01/22, collateralized by $438,565,048 Federal Home Loan Mortgage Corp. obligations, 1.500% to 5.000% due 12/25/33 to 09/25/52 and $263,735,857 Federal National Mortgage Association obligations, zero coupon to 4.000% due 05/25/24 to 02/25/60; (value—$209,100,000); proceeds: $205,017,311 | $205000000 | $205000000 |
|  **Total repurchase agreements** ****<br> (cost—$211,848,000) |  | **211848000** |
|  **Total investments** <br> (cost—$989,658,004 which approximates cost for federal income tax purposes)—100.2% |  | **989658004** |
|  Liabilities in excess of other assets—(0.2)%  |  | (1964041) |
|  **Net assets—100.0%** |  | $**987693963** |

---

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Fund's investments. In the event the Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted**<br> **quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| U.S. government agency obligations | $— | $767810793 | $— | $767810793 |
| U.S. Treasury obligations |  | 9999211 |  | 9999211 |
| Repurchase agreements |  | 211848000 |  | 211848000 |
| **Total** | $**—** | $**989658004** | $**—** | $**989658004** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

<sup>2</sup> Rate shown is the discount rate at the date of purchase unless otherwise noted.

<sup>3</sup> Rates shown reflect yield at October 31, 2022.

**Portfolio acronyms** 

SOFR Secured Overnight Financing Rate

See accompanying notes to financial statements.

------

UBS Liquid Assets Government Fund

------

**Statement of assets and liabilities** 

**October 31, 2022 (unaudited)** 

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost—$777,810,004) | $777810004 |
| Repurchase agreements, at value (cost—$211,848,000) | 211848000 |
| Total investments in securities, at value (cost—$989,658,004) | 989658004 |
| Cash | 1400459 |
| Receivable for investments sold | 4600000 |
| Receivable for interest | 649074 |
| Other assets | 38038 |
| Total assets | 996345575 |
| **Liabilities:** | **Liabilities:** |
| Payable for investments purchased | 6000000 |
| Dividends payable to shareholders | 2537132 |
| Accrued expenses and other liabilities | 114480 |
| Total liabilities | 8651612 |
| **Net assets consist of:** |  |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $987696276 |
| Distributable earnings (accumulated losses) | (2313) |
| Net assets | $987693963 |
| Shares outstanding | 987692714 |
| Net asset value per share | $1.00 |

---

See accompanying notes to financial statements.

------

UBS Liquid Assets Government Fund

------

**Statement of operations** 

---

| | |
|:---|:---|
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** |
| **Investment income:** | **Investment income:** |
| Interest | $8838327 |
| **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 151900 |
| Transfer agency fees | 42057 |
| Custody and fund accounting fees | 24359 |
| Trustees fees | 11864 |
| Professional services fees | 44546 |
| Printing and shareholder report fees | 24753 |
| Federal and state registration fees | 29544 |
| Insurance expense | 5902 |
| Other expenses | 27736 |
| Total expenses | 362661 |
| Fee waivers by investment advisor and administrator | (151900) |
| Net expenses | 210761 |
| Net investment income (loss) | 8627566 |
| Net increase (decrease) in net assets resulting from operations | $8627566 |

---

See accompanying notes to financial statements.

------

UBS Liquid Assets Government Fund

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the**<br> **year ended<br>April 30, 2022** |
| **From operations:** |  |  |
| Net investment income (loss) | $8627566 | $519622 |
| Net realized gain (loss) |  | (571) |
| Net increase (decrease) in net assets resulting from operations | 8627566 | 519051 |
| Total distributions | (8627566) | (519622) |
| Net increase (decrease) in net assets from beneficial interest transactions | (31077287) | (81077084) |
| Net increase (decrease) in net assets | (31077287) | (81077655) |
| **Net assets:** |  |  |
| Beginning of period | 1018771250 | 1099848905 |
| End of period | $987693963 | $1018771250 |

---

See accompanying notes to financial statements.

------

UBS Liquid Assets Government Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022**<br>**(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Net investment income (loss) | 0.009 | 0.001 | 0.001 | 0.017 | 0.022 | 0.011 |
| Net realized gain (loss) |  | (0.000)<sup>1</sup> |  | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> |
| Net increase (decrease) from operations | 0.009 | 0.001 | 0.001 | 0.017 | 0.022 | 0.011 |
| Dividends from net investment income | (0.009) | (0.001) | (0.001) | (0.017) | (0.022) | (0.011) |
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total investment return<sup>2</sup>** | **0.85%** | **0.05%** | **0.15%** | **1.75%** | **2.16%** | **1.14%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers | 0.07%<sup>3</sup> | 0.07% | 0.07% | 0.07% | 0.08% | 0.10% |
| Expenses after fee waivers | 0.04%<sup>3</sup> | 0.04% | 0.04% | 0.04% | 0.03% | 0.05% |
| Net investment income (loss) | 1.70%<sup>3</sup> | 0.05% | 0.14% | 1.90% | 2.20% | 1.13% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $987694 | $1018771 | $1099849 | $1012980 | $2234641 | $1099902 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Annualized.

See accompanying notes to financial statements.

------

UBS Liquid Assets Government Fund

Notes to financial statements (unaudited)

**Organization and significant accounting policies** 

UBS Liquid Assets Government Fund (the "Fund") is registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), as a diversified series of UBS Series Funds (the "Trust"), an open-end management investment company organized as a Delaware statutory trust on April 29, 1998. The Trust is a series mutual fund with twenty-two series. The financial statements for the other series of the Trust are not included herein.

UBS Asset Management (Americas) Inc. ("UBS AM") is the investment advisor and administrator for the Fund. UBS AM is an indirect wholly owned subsidiary of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

In the normal course of business, the Fund may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had any prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Fund's financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The following is a summary of significant accounting policies:

**Valuation of investments**—Under Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), the Fund has adopted a policy to operate as a "government money market fund". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (*i.e.*, collateralized by cash and/or government securities). As a "government money market fund", the Fund values its investments at amortized cost unless UBS AM, as the valuation designee appointed by the Fund's Board of Trustees (the "Board") pursuant to Rule 2a-5 under the 1940 Act, determines that this does not represent fair value. Periodic review and monitoring of the valuation of the securities held by the Fund is performed in an effort to ensure that amortized cost approximates market value.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of the Fund's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted 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 and credit risks.

Level 3—Unobservable inputs inclusive of Fund's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of the Fund's Portfolio of investments.

------

UBS Liquid Assets Government Fund

Notes to financial statements (unaudited)

**Constant net asset value per share**—The Fund attempts to maintain a stable net asset value of $1.00 per share. There is no assurance, however, that the Fund will be able to maintain a stable net asset value of $1.00 per share. The Fund has adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to enable it to do so. The Fund has adopted a policy to operate as a "government money market fund" and as such the Fund is permitted to seek to maintain a stable price per share.

**Liquidity fee and/or redemption gates**—By operating as a "government money market fund", the Fund is exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Board may elect to subject the Fund to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

**Repurchase agreements**—The Fund may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Fund maintains custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Fund and its counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by the Fund upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Fund generally has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 or the Fund's investment strategies and limitations may require the Fund to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Fund may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. The Fund intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM to present minimal credit risks.

The Fund may participate in joint repurchase agreement transactions with other funds managed or advised by UBS AM. Under certain circumstances, the Fund may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its portfolio at the end of the day in order to avoid having the Fund potentially exposed to a fee for uninvested cash held in a business account at a bank.

**Investment transactions and investment income**—Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the identified cost method. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

**Dividends and distributions**—Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions is determined in accordance with federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Concentration of risk**—The ability of the issuers of the debt securities held by the Fund to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

------

UBS Liquid Assets Government Fund

Notes to financial statements (unaudited)

Certain impacts to public health conditions particular to the coronavirus "COVID-19" outbreak that occurred may have a significant negative impact on the operations and profitability of the issuers of the Fund's investments. The extent of the impact to the financial performance of the Fund will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

**Investment advisor and administrator and other transactions with affiliates** 

The Board has approved an investment advisory and administration contract (the "Advisory Contract") with UBS AM, under which UBS AM serves as investment advisor and administrator of the Fund. In accordance with the Advisory Contract, the Fund pays UBS AM an investment advisory and administration fee, which is accrued daily and paid monthly. Where the services are provided directly by UBS AM or an affiliate, the fee will be limited to reimbursement of UBS AM's direct advisory/administrative costs and expenses and will exclude any profit or overhead charges. Where UBS AM arranges for an unaffiliated person to provide services, the Fund will reimburse UBS AM for the cost of the services provided by the unaffiliated person, but no additional profit or overhead charge will be included or the Fund will pay the service provider directly. UBS AM has advised the Fund that for the period ended October 31, 2022, its direct advisory/administrative costs and expenses approximate an annual rate of 0.03% of the average daily net assets of the Fund. These expenses are estimated amounts in addition to other expenses of the Fund. To the extent such fees are not waived, UBS AM periodically will review Fund expenses in an effort to confirm that only direct costs and expenses are paid to UBS AM by the Fund.

For the period ended October 31, 2022, UBS AM waived its entire fee for its direct advisory/administrative costs and expenses; such amount is not subject to future recoupment.

UBS AM may also voluntarily reimburse expenses in the event that Fund yields drop below a certain level. This additional undertaking is voluntary and not contractual and may be terminated at any time. For the period ended October 31, 2022, the Fund did not incur this additional waiver. To the extent that expenses are to be reimbursed, they will be reimbursed by UBS AM. This amount owed by or owed to UBS AM is shown at a net level on the statement of assets and liabilities, if any.

**Shares of beneficial interest** 

There is an unlimited amount of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest, at $1.00 per share, were as follows:

---

| | | |
|:---|:---|:---|
| | **For the<br>six months ended<br>October 31, 2022** | **For the<br>year ended<br>April 30, 2022** |
| Shares sold | 2196963721 | 5125697549 |
| Shares repurchased | (2234282527) | (5207114491) |
| Dividends reinvested | 6241519 | 339858 |
| Net increase (decrease) in shares outstanding | (31077287) | (81077084) |

---

**Federal tax status** 

The Fund intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Fund intends not to be subject to a federal excise tax.

The tax character of distributions paid to shareholders by the Fund during the fiscal year ended April 30, 2022 was ordinary income in the amount of $519,622.

------

UBS Liquid Assets Government Fund

Notes to financial statements (unaudited)

The tax character of distributions made and the components of accumulated earnings (accumulated losses) on a tax basis for the current fiscal year will be determined after the Fund's fiscal year ending April 30, 2023.

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Fund has conducted an analysis and concluded as of October 31, 2022, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. It is the Fund's policy to record any significant foreign tax exposures on the financial statements. The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended October 31, 2022, the Fund did not incur any interest or penalties.

Each of the tax years in the four year period ended April 30, 2022, remains subject to examination by the Internal Revenue Service and state taxing authorities.

------

UBS Liquid Assets Government Fund

General information (unaudited)

**Monthly and quarterly portfolio holdings disclosure** 

The Fund files its complete schedule of portfolio holdings with the US Securities and Exchange Commission ("SEC") each month on Form N-MFP. These reports on Form N-MFP are available on the SEC's Web site at http://www.sec.gov. The Fund makes portfolio holdings information available to shareholders on UBS's Web site at the following internet address: www.ubs.com/usmoneymarketfunds. Investors also may find additional information about the Fund at the above referenced UBS Web site internet address.

**Proxy voting policies, procedures and record** 

You may obtain a description of the Fund's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1-800-647 1568, online on the Fund's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

------

UBS Liquid Assets Government Fund

Board approval of investment advisory agreement (unaudited)

**Background**—At a meeting of the board of UBS Series Funds (the "Trust") on July 19-20, 2022, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust ("Independent Trustees"), considered and approved the continuance of the investment advisory and administration contract (the "Investment Advisory and Administration Contract") of the Trust with respect to its series, UBS Liquid Assets Government Fund (the "Fund"), with UBS Asset Management (Americas) Inc. ("UBS AM"). In preparing for the meeting, the Independent Trustees had requested and received extensive information from UBS AM to assist them, including information about UBS AM, as well as the advisory, administrative and distribution arrangements for the Fund. The board reviewed and discussed with management the materials provided by UBS AM prior to the scheduled board meeting. The Independent Trustees also met in executive session to review the disclosure that had been made to them. At these sessions the Independent Trustees were joined by their independent legal counsel. The Independent Trustees also received a memorandum from their independent legal counsel discussing the duties of board members in considering the approval of advisory, administration and distribution agreements.

In its consideration of the approval of the Investment Advisory and Administration Contract, the board reviewed the following factors:

**Nature, extent and quality of the services under the Investment Advisory and Administration Contract**—The board received and considered information regarding the nature, extent and quality of advisory services provided to the Fund by UBS AM under the Investment Advisory and Administration Contract during the past year. The board also considered the nature, extent and quality of administrative, distribution and shareholder services performed by UBS AM and its affiliates for the Fund and the resources devoted to, and the record of compliance with, the Fund's compliance policies and procedures. The board noted that it received information at regular meetings throughout the year regarding the services rendered by UBS AM concerning the management of the Fund's affairs and UBS AM's role in coordinating and overseeing providers of other services to the Fund. The board's evaluation of the services provided by UBS AM took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the scope and quality of UBS AM's investment advisory and other capabilities and the quality of its administrative and other services. The board observed that the scope of services provided by UBS AM had expanded over time as a result of regulatory and other developments, including maintaining and monitoring its own and the Fund's expanded compliance programs.

The board had available to it the qualifications, backgrounds and responsibilities of the senior personnel at UBS AM responsible for the Fund and had previously met with and received information regarding the persons primarily responsible for the day-to-day management of the Fund. The board recognized that several senior personnel at UBS AM report to the board regularly and that at each regular meeting the board receives a detailed report from UBS AM on the Fund's performance. The board also considered, based on its knowledge of UBS AM and its affiliates, the financial resources available to UBS AM and its parent organization, UBS Group AG. In that regard, the board received extensive financial information regarding UBS AM and noted that it was a wholly owned, indirect subsidiary of one of the largest financial services firms in the world. It also was noted that UBS AM had approximately $290.6 billion in assets under management as of March 31, 2022 and was part of the UBS Asset Management Division, which had approximately $1.2 trillion in assets under management worldwide as of March 31, 2022. The board also was cognizant of, and considered, the regulatory and litigation actions and investigations occurring in the past few years involving UBS Group AG, UBS AM and certain of their affiliates.

The board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund under the Investment Advisory and Administration Contract.

**Advisory fees and expense ratios**—The board reviewed and considered the contractual advisory and administration fee (the "Contractual Management Fee") payable by the Fund to UBS AM in light of the nature, extent and

------

UBS Liquid Assets Government Fund

Board approval of investment advisory agreement (unaudited)

quality of the advisory and administrative services provided by UBS AM. The board also reviewed and considered the fee waiver and/or expense reimbursement arrangement implemented for the Fund and considered the actual fee rate (after taking any waivers and/or reimbursements into account) (the "Actual Management Fee").

The board noted that UBS AM currently voluntarily waives its entire management/administrative fees due from the Fund. The board also noted that UBS AM could change or terminate this voluntary waiver at any time in the future. Additionally, the board received and considered information comparing the Fund's Contractual Management Fee, Actual Management Fee and total expenses with those of funds in a group of funds selected and provided by Broadridge, an independent provider of investment company data (the "Expense Group").

In connection with its consideration of the Fund's management fees, the board also received information from UBS AM with respect to fees paid by institutional or separate accounts; however, in management's view, such fee information was not very relevant to the Fund because, among other reasons, separately managed and institutional accounts with a "cash" mandate (a) were not subject to all of the constraints of Rule 2a-7 under the 1940 Act to which the Fund is subject and (b) do not involve the management responsibilities attendant to the operation of a 1940 Act regulated fund, and, therefore, were not totally comparable. The board also received information on fees charged to other mutual funds managed by UBS AM.

The comparative Broadridge information showed that the Fund's Contractual Management Fee, Actual Management Fee and total expenses were below the respective medians in the Fund's Expense Group (Contractual Management Fee, Actual Management Fee and total expenses were lowest in the Expense Group) for the comparison periods utilized in the Broadridge report. (Below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the Expense Group.)

In light of the foregoing, the board determined that the management fee continued to be appropriate under the circumstances and in light of the nature, extent and quality of services provided to the Fund under the Investment Advisory and Administration Contract.

**Fund performance**—The board received and considered (a) annualized total return information of the Fund compared to other funds (the "Performance Universe") selected by Broadridge over the one-, three-, five-, ten-year and since inception periods ended April 30, 2022 and (b) annualized performance information for each year in the ten-year period ended April 30, 2022. Although the board received information for the ten-year and since inception periods, in its analysis, it generally placed greater emphasis on the one-, three- and five-year periods. The board was provided with a description of the methodology Broadridge used to determine the similarity of the Fund with the funds included in its Performance Universe. The board also noted that it had received information throughout the year at periodic intervals with respect to the Fund's performance.

The comparative Broadridge information showed that the Fund's performance was above the median for all comparative periods, ranking first in the Performance Universe for the five- and ten-year and since inception periods. (Below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median.) Based on its review, the board concluded that the Fund's investment performance was acceptable.

**Advisor profitability**—The board received and considered a profitability analysis of UBS AM and its affiliates in providing services to the Fund and was provided information on UBS AM's expense allocation methodology. The board also received profitability information with respect to the UBS New York fund complex as a whole. The board observed that the profitability and expense analyses are substantially similar to those used by UBS AM for many internal purposes, and are subject to regular review with respect to how certain revenue and expenses should be allocated. UBS AM's profitability was considered not excessive in light of the nature, extent and quality of the services provided to the Fund.

------

UBS Liquid Assets Government Fund

Board approval of investment advisory agreement (unaudited)

**Economies of scale**—The board received and considered information from management regarding whether UBS AM realized material economies of scale as the Fund's assets grew, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale for the Fund. The board considered whether economies of scale in the provision of services to the Fund were being passed along to the shareholders.

The board noted that because UBS AM currently voluntarily waives its entire management/administrative fees due from the Fund, a discussion regarding breakpoints was not necessary.

Generally, in light of UBS AM's profitability data, the Contractual Management Fee and Actual Management Fee, and the voluntary fee waiver currently in effect, the board believed that UBS AM's sharing of current economies of scale with the Fund was acceptable.

**Other benefits to UBS AM**—The board considered other benefits received by UBS AM and its affiliates as a result of its relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders. In light of the costs of providing investment advisory, administrative and other services to the Fund and UBS AM's ongoing commitment to the Fund, the profits and other ancillary benefits that UBS AM and its affiliates received were considered reasonable.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Investment Advisory and Administration Contract. No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Investment Advisory and Administration Contract. The Independent Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Investment Advisory and Administration Contract in private sessions with its independent legal counsel at which no representatives of UBS AM were present.

------

**Trustees** 

Alan S. Bernikow

*Chairman* 

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

**Investment Advisor and Administrator** 

UBS Asset Management (Americas) Inc.

787 Seventh Avenue

New York, New York 10019

**Principal Underwriter** 

UBS Asset Management (US) Inc.

787 Seventh Avenue

New York, New York 10019

The financial information included herein is taken from the records of the Fund without examination by independent registered public accountants who do not express an opinion thereon.

This report is not to be used in connection with the offering of shares of the Fund unless accompanied or preceded by an effective prospectus.© UBS 2022. All rights reserved.

------

![LOGO](g4724547mm_k485.jpg)

![LOGO](g472454g38c43.jpg)

**UBS Asset Management (Americas) Inc.** 

787 Seventh Avenue

New York, New York 10019

S217

------

![LOGO](g3933797mm_k485.jpg)

## UBS Ultra Short Income Fund
Semiannual Report \| October 31, 2022

------

UBS Ultra Short Income Fund

December 15, 2022

**Dear Shareholder,** 

We present you with the semiannual report for UBS Ultra Short Income Fund (the "Fund") for the six months ended October 31, 2022 (the "reporting period").

**Performance** 

For the reporting period, Class A shares of Fund returned -0.52%, while Class P shares returned -0.47% and Class I shares returned -0.57% (in each case after fee waivers/expense reimbursements). For comparison purposes, the ICE BofAML 3-month U.S. Treasury Bill Index (the "Index") returned 0.72%. (Class I shares have lower expenses than other share classes of the Fund. Returns for all share classes over various time periods are shown on page 3; please note that the Fund's returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of Fund shares, while index returns do not reflect the deduction of fees and expenses.)

**An interview with Portfolio Management Team** 

**Q.** **How would you describe the economic environment during the reporting period?** 

**UBS Ultra Short Income Fund** 

**Investment Objective:** 

To provide current income while seeking to maintain low volatility of principal

**Portfolio Managers:** 

Scott Dolan

David G. Rothweiler

Robert Sabatino

David J. Walczak

UBS Asset Management

(Americas) Inc.

**Commencement:** 

Class A—May 29, 2018

Class P—May 29, 2018

Class I—May 29, 2018

**Dividend payments:** 

Monthly

**A.** The US economy moved in fits and starts, as it was impacted by COVID-19 and its
variants, 40-year high inflation, supply chain shortages, rising interest rates and the repercussions from the war in Ukraine. These headwinds were at times offset by a resilient job market and overall
positive consumer spending. Looking back, first quarter 2022 US annualized gross domestic product ("GDP") was -1.6%. The economy then contracted 0.6% over the second quarter of the year. Finally, the
Commerce Department's initial estimate showed that third quarter annualized GDP was a positive 2.6%.

**Q.** **How did the US Federal Reserve (the "Fed") react to the economic environment?** 

**A.** The Fed raised interest rates four times during the reporting period in an attempt to rein in persistent and
elevated inflation. These moves pushed the federal funds rate from a range between 0.25% and 0.50% to a range between 3.00% and 3.25%. Then, in November 2022—after the reporting period ended—the Fed raised rates to a range between 3.75%
and 4.00% and indicated that additional rate hikes would be appropriate. Finally, in December 2022, the Fed raised rates to a range between 4.25% and 4.50%.

**Q.** **What factors impacted the Fund's performance during the reporting period?** 

The Fund underperformed the benchmark during the reporting period. The Fed continuing to hike rates at an accelerated pace was a main driver of the underperformance relative to the benchmark due to duration positioning. Corporate spreads were wider during the reporting period, also detracting from performance. Spreads on mortgage-backed securities also widened as higher mortgage rates caused extension on securities held in the portfolio, which also detracted from performance relative to the benchmark. (The yield spread or credit spread is the difference between the quoted yields on two different investments, usually of a credit security relative to a US Treasury with similar maturities.)<br>

**Q.** **How was the Fund's portfolio positioned at the end of the reporting period?** 

**A.** The Fund's largest exposures were in corporate bonds, asset-backed securities, commercial paper and certificates of
deposit. It also had a modest allocation to mortgage-backed securities.

------

UBS Ultra Short Income Fund

**Q.** **What factors do you believe will affect the Fund over the coming months?** 

**A.** We expect the Fed to continue tightening monetary policy as it seeks to lower inflation. At the same time, several
economic indicators point to slowing growth, and it's unclear whether the central bank can maneuver a "soft landing" for the US economy. In this environment, we anticipate continuing to manage the Fund focusing on risk and liquidity.

We thank you for your continued support and welcome any comments or questions you may have. For additional information on the UBS family of funds,\* please contact your financial advisor, or visit us at www.ubs.com/am-us.

Sincerely,

![LOGO](g393379g29p71.jpg)

Igor Lasun

*President* 

UBS Ultra Short Income Fund

*Managing Director* 

UBS Asset Management (Americas) Inc.

![LOGO](g393379g68a45.jpg)

David G. Rothweiler

*Portfolio Manager* 

UBS Ultra Short Income Fund

*Executive Director* 

UBS Asset Management (Americas) Inc.

![LOGO](g393379g67i63.jpg)

David J. Walczak

*Portfolio Manager* 

UBS Ultra Short Income Fund

*Executive Director* 

UBS Asset Management (Americas) Inc.

![LOGO](g393379g13n19.jpg)

Robert Sabatino

*Portfolio Manager* 

UBS Ultra Short Income Fund

*Managing Director* 

UBS Asset Management (Americas) Inc.

![LOGO](g393379g38w28.jpg)

Scott Dolan

*Portfolio Manager* 

UBS Ultra Short Income Fund

*Managing Director* 

UBS Asset Management (Americas) Inc.

*This letter is intended to assist shareholders in understanding how the Fund performed during the six-month period ended October 31, 2022. The views and opinions in the letter were current as of December 15, 2022. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.* 

\* Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us. 

------

UBS Ultra Short Income Fund

**Average annual total returns for periods ended 10/31/22 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 months** | **1 year** | **Inception**<sup>1</sup> |
| Class A | (0.52)% | (1.20)% | 0.76% |
| Class P | (0.47) | (1.10) | 0.84 |
| Class I | (0.57) | (1.19) | 0.81 |
| ICE BofAML US 3-Month Treasury Bill Index<sup>2</sup> | 0.72 | 0.79 | 1.13 |

---

**The annualized gross and net expense ratios, respectively, for each class of shares as in the August 29, 2022 prospectuses were as follows: Class A—0.44% and 0.35%; Class P—0.34% and 0.25%; and Class I—0.33% and 0.23%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The fund and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fee and/or reimburse expenses so that the fund's ordinary total operating expenses of each class through August 31, 2023 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, expenses related to shareholders' meetings and extraordinary expenses) would not exceed 0.35% for Class A; 0.25% for Class P; and 0.23% for Class I. The fund has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the fund's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the fund's board at any time and also will terminate automatically upon the expiration or termination of the fund's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.** 

<sup>1</sup> Inception date of Class A, Class P and Class I shares of UBS Ultra Short Income Fund was May 29, 2018.

<sup>2</sup> ICE BofAML US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. 

**Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.** 

------

UBS Ultra Short Income Fund

**Understanding your Fund's expenses (unaudited)** 

As a shareholder of the Fund, you incur ongoing costs, including management fees, 12b-1 service fees (Class A shares only) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2022 to October 31, 2022.

**Actual expenses** 

The first line for each class of shares 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 a 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 each class of shares 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 for each class of shares in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratios for each class of shares and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return for each class of shares. 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 the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the second line in the table for each class of shares is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, if those other funds impose transactional costs—for example, sales charges (loads), redemption fees or exchange fees. In addition, if those transactional costs were included, your costs for those other funds would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>May 1, 2022** | **Ending<br>account value<br>October 31, 2022** | **Expenses paid<br>during period<br>05/01/22 to 10/31/22**<sup>1</sup> | **Expense<br>ratio during<br>the period** |
| **UBS Ultra Short Income Fund** |  |  |  |  |
| **Class A**<br> Actual | $1000.00 | $994.80 | $1.76 | 0.35% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1023.44 | 1.79 | 0.35 |
| **Class P**<br> Actual | $1000.00 | $995.30 | $1.26 | 0.25% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1023.95 | 1.28 | 0.25 |
| **Class I**<br> Actual | $1000.00 | $994.30 | $1.16 | 0.23% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.05 | 1.17 | 0.23 |

---

<sup>1</sup> Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184 divided by 365 (to reflect the one-half year period).

------

UBS Ultra Short Income Fund

------

**Portfolio statistics (unaudited)**<sup>1</sup>

As a percentage of net assets as of October 31, 2022

---

| | |
|:---|:---|
| **Top ten holdings** | |
|  Energy Transfer LP,<br>3.700% due 11/01/22 | 4.0% |
|  GM Financial Co., Inc.,<br>3.550% due 11/01/22 | 4.0 |
|  BMW Vehicle Lease Trust,<br>0.330% due 12/26/24 | 2.7 |
|  Bank of Nova Scotia,<br>3.479% due 04/15/24 | 2.6 |
|  Cooperatieve Rabobank UA,<br>3.875% due 09/26/23 | 2.2 |
|  Credit Agricole Corporate & Investment Bank,<br>3.030% due 11/01/22 | 2.0 |
|  MUFG Bank Ltd.,<br>0.760% due 01/17/23 | 2.0 |
|  Westpac Banking Corp.,<br>3.530% due 03/24/23 | 2.0 |
|  Royal Bank of Canada,<br>3.380% due 10/07/24 | 1.9 |
|  Credit Suisse AG,<br>1.000% due 05/05/23 | 1.9 |
| **Total** | **25.3%** |

---

---

| | |
|:---|:---|
| **Top five issuer breakdown by country or territory of origin** | |
|  United States | 56.6% |
|  Canada | 14.9 |
|  United Kingdom | 6.5 |
|  France | 4.8 |
|  Japan | 4.4 |
| **Total** | **87.2%** |

---

---

| | |
|:---|:---|
| **Asset allocation** | |
|  Corporate bonds | 49.7 |
|  Asset-backed securities | 24.8 |
|  Commercial paper | 15.5 |
|  Certificates of deposit | 7.0 |
|  Mortgage-backed securities | 3.2 |
|  Short-term investments | 0.3 |
|  Investments of cash collateral from securities loaned | 0.0 |
|  Cash equivalents and liabilities in excess of other assets | (0.5 |
| **Total** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount is less than 0.05%  |

---

<sup>1</sup> The portfolio is actively managed and its composition will vary over time.

------

UBS Ultra Short Income Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Asset-backed securities—24.8%** | **Asset-backed securities—24.8%** | **Asset-backed securities—24.8%** |
|  Ally Auto Receivables Trust, |  |  |
| &nbsp;&nbsp; Series 2022-1, Class A2,<br>2.670%, due 04/15/25 | $4808000 | $4751591 |
|  BMW Vehicle Lease Trust, | BMW Vehicle Lease Trust, | BMW Vehicle Lease Trust, |
| &nbsp;&nbsp; Series 2021-2, Class A3,<br>0.330%, due 12/26/24 | 28000000 | 27138507 |
|  Canadian Pacer Auto Receivables Trust, |  |  |
| &nbsp;&nbsp; Series 2020-1A, Class B,<br>2.000%, due 07/21/25<sup>1</sup> | 1590000 | 1539031 |
|  CarMax Auto Owner Trust, |  |  |
| &nbsp;&nbsp; Series 2019-2, Class B,<br>3.010%, due 12/16/24 | 1935000 | 1915764 |
| &nbsp;&nbsp; Series 2021-1, Class A4,<br>0.530%, due 10/15/26 | 1235000 | 1135528 |
| &nbsp;&nbsp; Series 2021-2, Class A4,<br>0.810%, due 12/15/26 | 1500000 | 1360515 |
| &nbsp;&nbsp; Series 2022-2, Class A2A,<br>2.810%, due 05/15/25 | 3043293 | 3006259 |
|  CCG Receivables Trust, | CCG Receivables Trust, | CCG Receivables Trust, |
| &nbsp;&nbsp; Series 2020-1, Class C,<br>1.840%, due 12/14/27<sup>1</sup> | 4075000 | 3864358 |
| &nbsp;&nbsp; Series 2021-1, Class A2,<br>0.300%, due 06/14/27<sup>1</sup> | 1114449 | 1074992 |
| &nbsp;&nbsp; Series 2021-2, Class A2,<br>0.540%, due 03/14/29<sup>1</sup> | 4912026 | 4674139 |
|  Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, |
| &nbsp;&nbsp; Series 2019-1A, Class A1,<br>2.940%, due 04/15/31<sup>1</sup> | 2734 | 2732 |
| &nbsp;&nbsp; Series 2019-2A, Class A1,<br>1.950%, due 09/15/31<sup>1</sup> | 378654 | 378129 |
|  CNH Equipment Trust, | CNH Equipment Trust, | CNH Equipment Trust, |
| &nbsp;&nbsp; Series 2021-B, Class A3,<br>0.440%, due 08/17/26 | 1364000 | 1284760 |
| &nbsp;&nbsp; Series 2022-A, Class A2,<br>2.390%, due 08/15/25 | 6600000 | 6459809 |
|  Dell Equipment Finance Trust, | Dell Equipment Finance Trust, | Dell Equipment Finance Trust, |
| &nbsp;&nbsp; Series 2021-2, Class A3,<br>0.530%, due 12/22/26<sup>1</sup> | 18920000 | 17915558 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp; Series 2019-2, Class A2,<br>2.290%, due 02/20/25<sup>1</sup> | 889285 | 887109 |
| &nbsp;&nbsp; Series 2020-1, Class A3,<br>1.860%, due 12/22/25<sup>1</sup> | 3000000 | 2915884 |
| &nbsp;&nbsp; Series 2020-2, Class A3,<br>0.650%, due 07/20/26<sup>1</sup> | 1240000 | 1153960 |
|  Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, |
| &nbsp;&nbsp; Series 2022-A, Class A2A,<br>2.780%, due 10/15/24 | 9360239 | 9232990 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp; Series 2020-B, Class A4,<br>0.790%, due 11/15/25 | 4580000 | 4348822 |
|  GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp; Series 2020-3, Class C,<br>1.110%, due 10/21/24 | 3390000 | 3331095 |
| &nbsp;&nbsp; Series 2021-1, Class A4,<br>0.330%, due 02/20/25 | 1280000 | 1244167 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| &nbsp;&nbsp; Series 2021-1, Class C,<br>0.700%, due 02/20/25 | $1300000 | $1252606 |
| &nbsp;&nbsp; Series 2021-3, Class A4,<br>0.500%, due 07/21/25 | 1255000 | 1180471 |
|  GM Financial Consumer Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp; Series 2020-2, Class B,<br>2.540%, due 08/18/25 | 1000000 | 962403 |
| &nbsp;&nbsp; Series 2020-3, Class C,<br>1.370%, due 01/16/26 | 2150000 | 2022015 |
| &nbsp;&nbsp; Series 2021-1, Class B,<br>0.750%, due 05/17/27 | 2125000 | 1929043 |
|  GM Financial Floorplan Owner Revolving Trust, |  |  |
| &nbsp;&nbsp; Series 2020-1, Class A,<br>0.680%, due 08/15/25<sup>1</sup> | 4328000 | 4173870 |
|  GMF Floorplan Owner Revolving Trust, | GMF Floorplan Owner Revolving Trust, | GMF Floorplan Owner Revolving Trust, |
| &nbsp;&nbsp; Series 2019-2, Class A,<br>2.900%, due 04/15/26<sup>1</sup> | 4760000 | 4604625 |
| &nbsp;&nbsp; Series 2020-2, Class B,<br>0.960%, due 10/15/25<sup>1</sup> | 500000 | 477370 |
|  GreatAmerica Leasing Receivables Funding LLC, |  |  |
| &nbsp;&nbsp; Series 2020-1, Class B,<br>2.000%, due 02/16/26<sup>1</sup> | 4880000 | 4673368 |
|  Harley-Davidson Motorcycle Trust, | Harley-Davidson Motorcycle Trust, | Harley-Davidson Motorcycle Trust, |
| &nbsp;&nbsp; Series 2021-A, Class A4,<br>0.530%, due 09/15/28 | 597000 | 555562 |
|  Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, |
| &nbsp;&nbsp; Series 2020-B, Class B,<br>0.810%, due 10/15/24<sup>1</sup> | 3590000 | 3530138 |
| &nbsp;&nbsp; Series 2021-A, Class B,<br>0.610%, due 10/15/25<sup>1</sup> | 5426000 | 5248398 |
| &nbsp;&nbsp; Series 2021-B, Class B,<br>0.620%, due 03/16/26<sup>1</sup> | 12045000 | 11415826 |
| &nbsp;&nbsp; Series 2021-C, Class A3,<br>0.380%, due 09/16/24<sup>1</sup> | 2304000 | 2219320 |
| &nbsp;&nbsp; Series 2022-A, Class A4,<br>1.320%, due 12/15/25<sup>1</sup> | 1000000 | 942932 |
|  Master Credit Card Trust, | Master Credit Card Trust, | Master Credit Card Trust, |
| &nbsp;&nbsp; Series 2021-1A, Class A,<br>0.530%, due 11/21/25<sup>1</sup> | 17000000 | 15785513 |
|  MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, |
| &nbsp;&nbsp; Series 2017-B, Class A4,<br>2.410%, due 11/15/24<sup>1</sup> | 5587 | 5581 |
| &nbsp;&nbsp; Series 2017-B, Class A5, <br>2.720%, due 06/15/40<sup>1</sup> | 19573000 | 18972040 |
| &nbsp;&nbsp; Series 2020-BA, Class A3,<br>0.490%, due 08/14/25<sup>1</sup> | 2889000 | 2763019 |
|  Nissan Auto Lease Trust, | Nissan Auto Lease Trust, | Nissan Auto Lease Trust, |
| &nbsp;&nbsp; Series 2021-A, Class A3,<br>0.520%, due 08/15/24 | 6100000 | 5901312 |
| &nbsp;&nbsp; Series 2021-A, Class A4,<br>0.650%, due 07/15/26 | 7000000 | 6624912 |
|  Nissan Auto Receivables Owner Trust, | Nissan Auto Receivables Owner Trust, | Nissan Auto Receivables Owner Trust, |
| &nbsp;&nbsp; Series 2020-B, Class A4,<br>0.710%, due 02/16/27 | 3305000 | 3155886 |

---

------

UBS Ultra Short Income Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** |
|  Santander Consumer Auto Receivables Trust, |  |  |
| &nbsp;&nbsp; Series 2020-BA, Class B,<br>0.770%, due 12/15/25<sup>1</sup> | 7820000 | 7592825 |
| &nbsp;&nbsp; Series 2020-BA, Class C,<br>1.290%, due 04/15/26<sup>1</sup> | 900000 | 860479 |
| &nbsp;&nbsp; Series 2021-AA, Class A4,<br>0.480%, due 06/15/26<sup>1</sup> | 1290000 | 1215750 |
| &nbsp;&nbsp; Series 2021-AA, Class B,<br>0.710%, due 08/17/26<sup>1</sup> | 1250000 | 1153733 |
|  Santander Retail Auto Lease Trust, | Santander Retail Auto Lease Trust, | Santander Retail Auto Lease Trust, |
| &nbsp;&nbsp; Series 2020-B, Class A3,<br>0.570%, due 04/22/24<sup>1</sup> | 1144038 | 1117073 |
| &nbsp;&nbsp; Series 2020-B, Class A4,<br>0.650%, due 12/20/24<sup>1</sup> | 5725000 | 5489255 |
| &nbsp;&nbsp; Series 2021-A, Class A3,<br>0.510%, due 07/22/24<sup>1</sup> | 5349000 | 5175133 |
| &nbsp;&nbsp; Series 2021-B, Class A3,<br>0.510%, due 08/20/24<sup>1</sup> | 3500000 | 3348621 |
| &nbsp;&nbsp; Series 2021-B, Class C,<br>1.100%, due 06/20/25<sup>1</sup> | 500000 | 465590 |
| &nbsp;&nbsp; Series 2021-C, Class B,<br>0.830%, due 03/20/26<sup>1</sup> | 10500000 | 9784836 |
| &nbsp;&nbsp; Series 2022-A, Class A3,<br>1.340%, due 07/21/25<sup>1</sup> | 2000000 | 1878202 |
| &nbsp;&nbsp; Series 2022-B, Class A2,<br>2.840%, due 05/20/25<sup>1</sup> | 2775848 | 2727127 |
|  Toyota Auto Receivables Owner Trust, | Toyota Auto Receivables Owner Trust, | Toyota Auto Receivables Owner Trust, |
| &nbsp;&nbsp; Series 2018-D, Class A4,<br>3.300%, due 02/15/24 | 735789 | 734416 |
|  Toyota Lease Owner Trust, | Toyota Lease Owner Trust, | Toyota Lease Owner Trust, |
| &nbsp;&nbsp; Series 2021-A, Class A4,<br>0.500%, due 08/20/25<sup>1</sup> | 1000000 | 959506 |
| &nbsp;&nbsp; Series 2021-B, Class A3,<br>0.420%, due 10/21/24<sup>1</sup> | 5860000 | 5638613 |
|  Transportation Finance Equipment Trust, | Transportation Finance Equipment Trust, | Transportation Finance Equipment Trust, |
| &nbsp;&nbsp; Series 2019-1, Class B,<br>2.060%, due 05/23/24<sup>1</sup> | 2595000 | 2543617 |
|  Verizon Owner Trust, | Verizon Owner Trust, | Verizon Owner Trust, |
| &nbsp;&nbsp; Series 2020-C, Class B,<br>0.670%, due 04/21/25 | 1000000 | 947757 |
|  **Total asset-backed securities**<br> (cost—$254,070,693) |  | **249644442** |
| **Certificates of deposit—7.0%** | **Certificates of deposit—7.0%** | **Certificates of deposit—7.0%** |
|  Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
| &nbsp;&nbsp; SOFR + 0.620%,<br>3.650%, due 04/05/23<sup>2</sup> | 15000000 | 15000000 |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
| &nbsp;&nbsp; 0.760%, due 01/17/23 | 20000000 | 20000000 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| &nbsp;&nbsp; 3.520%, due 03/30/23 | 15000000 | 15000000 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.530%, due 03/24/23<sup>1,2</sup> | 20000000 | 20000000 |
|  **Total Certificates of deposit**<br> (cost—$70,000,000) |  | **70000000** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Commercial paper—15.5%** | **Commercial paper—15.5%** | **Commercial paper—15.5%** |
|  Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
| &nbsp;&nbsp; 0.684%, due 01/03/23<sup>3</sup> | $10000000 | $9988275 |
| &nbsp;&nbsp; 0.787%, due 01/03/23<sup>3</sup> | 10000000 | 9986525 |
|  Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank |
| &nbsp;&nbsp; 3.030%, due 11/01/22 | 20000000 | 20000000 |
|  DBS Bank Ltd. | DBS Bank Ltd. | DBS Bank Ltd. |
| &nbsp;&nbsp; 3.570%, due 12/16/22 | 5800000 | 5774118 |
|  Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC |
| &nbsp;&nbsp; 2.001%, due 11/01/22<sup>3</sup> | 10000000 | 10000000 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| &nbsp;&nbsp; 3.700%, due 11/01/22 | 40000000 | 40000000 |
|  GM Financial Co., Inc. | GM Financial Co., Inc. | GM Financial Co., Inc. |
| &nbsp;&nbsp; 3.550%, due 11/01/22 | 40000000 | 40000000 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
| &nbsp;&nbsp; 3.526%, due 11/03/22 | 10550000 | 10547966 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
| &nbsp;&nbsp; 3.540%, due 11/03/22 | 10000000 | 9998033 |
|  **Total commercial paper**<br> (cost—$156,294,917) | **Total commercial paper**<br> (cost—$156,294,917) | **156294917** |
| **Corporate bonds—49.7%** | **Corporate bonds—49.7%** | **Corporate bonds—49.7%** |
| **Auto manufacturers—3.7%** | **Auto manufacturers—3.7%** | **Auto manufacturers—3.7%** |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
| &nbsp;&nbsp; 0.875%, due 07/07/23 | 5000000 | 4858050 |
|  Toyota Motor Credit Corp.,<br>Series B, |  |  |
| &nbsp;&nbsp; SOFR + 0.290%,<br>3.117%, due 09/13/24<sup>2</sup> | 16000000 | 15807427 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
| &nbsp;&nbsp; SOFR + 0.950%,<br>3.719%, due 06/07/24<sup>1,2</sup> | 5000000 | 4983805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 11/13/23<sup>1</sup> | 11897000 | 11753328 |
|  |  | 37402610 |
| **Banks—33.8%** | **Banks—33.8%** | **Banks—33.8%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp; SOFR + 1.100%,<br>4.136%, due 04/25/25<sup>2</sup> | 8000000 | 7972680 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
| &nbsp;&nbsp; SOFR + 0.265%,<br>3.140%, due 09/15/23<sup>2</sup> | 5475000 | 5446757 |
| &nbsp;&nbsp; SOFR + 0.320%,<br>3.360%, due 07/09/24<sup>2</sup> | 2000000 | 1966240 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| &nbsp;&nbsp; 0.400%, due 09/15/23 | 12000000 | 11514982 |
| &nbsp;&nbsp; SOFR + 0.445%,<br>3.479%, due 04/15/24<sup>2</sup> | 26882000 | 26610116 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
| &nbsp;&nbsp; SOFR + 0.410%,<br>3.005%, due 02/04/25<sup>1,2</sup> | 10000000 | 9764454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, due 07/20/23<sup>1</sup> | 1900000 | 1876720 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
| &nbsp;&nbsp; 3.250%, due 03/03/23 | 10000000 | 9938674 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.262%, due 12/14/23<sup>2</sup> | 4577000 | 4547204 |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.453%, due 10/18/24<sup>2</sup> | 15000000 | 14726453 |

---

------

UBS Ultra Short Income Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
| &nbsp;&nbsp; 3.875%, due 09/26/23<sup>1</sup> | $23000000 | $22664446 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
| &nbsp;&nbsp; 3.750%, due 04/24/23<sup>1</sup> | 5000000 | 4961685 |
|  Credit Suisse AG | Credit Suisse AG | Credit Suisse AG |
| &nbsp;&nbsp; 1.000%, due 05/05/23 | 20000000 | 19392926 |
|  Deutsche Bank AG,<br>Series E, | Deutsche Bank AG,<br>Series E, | Deutsche Bank AG,<br>Series E, |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.101%, due 11/08/23<sup>2</sup> | 12000000 | 11849640 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.124%, due 05/21/24<sup>1,2</sup> | 4307000 | 4243233 |
|  Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| &nbsp;&nbsp; 3.650%, due 01/25/24 | 12000000 | 11726560 |
|  Fifth Third Bank NA | Fifth Third Bank NA | Fifth Third Bank NA |
| &nbsp;&nbsp; 1.800%, due 01/30/23 | 1865000 | 1851886 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| &nbsp;&nbsp; SOFR + 0.490%,<br>3.517%, due 10/21/24<sup>2</sup> | 5000000 | 4892475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, due 01/22/23<sup>4</sup> | 10000000 | 9977195 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
| &nbsp;&nbsp; 4.100%, due 10/02/23 | 12000000 | 11829185 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp; SOFR + 0.920%,<br>3.603%, due 02/24/26<sup>2</sup> | 10000000 | 9752700 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
| &nbsp;&nbsp; 4.050%, due 08/16/23 | 15000000 | 14821425 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
| &nbsp;&nbsp; 3.761%, due 07/26/23 | 5000000 | 4937903 |
|  Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. |
| &nbsp;&nbsp; 3.500%, due 03/21/23<sup>1</sup> | 550000 | 546536 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
| &nbsp;&nbsp; SOFR + 0.490%,<br>3.091%, due 08/06/24<sup>2</sup> | 4960000 | 4859311 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
| &nbsp;&nbsp; 3.875%, due 09/12/23 | 8000000 | 7875952 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.154%, due 08/12/24<sup>1,2</sup> | 7570000 | 7419703 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| &nbsp;&nbsp; SOFR + 0.340%,<br>3.380%, due 10/07/24<sup>2</sup> | 20000000 | 19629394 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
| &nbsp;&nbsp; 4.250%, due 09/14/23<sup>1</sup> | 2000000 | 1969358 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| &nbsp;&nbsp; 3.936%, due 10/16/23 | 19000000 | 18731400 |
|  Swedbank AB | Swedbank AB | Swedbank AB |
| &nbsp;&nbsp; 0.600%, due 09/25/23<sup>1</sup> | 11475000 | 10979739 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.166%, due 09/10/24<sup>2</sup> | 15000000 | 14780205 |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.510%, due 01/27/23<sup>2</sup> | 9475000 | 9471604 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
|  Truist Bank | Truist Bank | Truist Bank |
| &nbsp;&nbsp; SOFR + 0.200%,<br>3.234%, due 01/17/24<sup>2</sup> | 7000000 | 6925064 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| &nbsp;&nbsp; SOFR + 0.300%,<br>2.951%, due 11/18/24<sup>2</sup> | 10000000 | 9845935 |
|  |  | 340299740 |
| **Chemicals—1.0%** | **Chemicals—1.0%** | **Chemicals—1.0%** |
|  DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
| &nbsp;&nbsp; 4.205%, due 11/15/23 | 10000000 | 9890232 |
| **Diversified financial services—2.9%** | **Diversified financial services—2.9%** | **Diversified financial services—2.9%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| &nbsp;&nbsp; 3.300%, due 01/23/23 | 5000000 | 4974555 |
|  American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp; 0.750%, due 11/03/23 | 5000000 | 4790579 |
| &nbsp;&nbsp; 3.700%, due 08/03/23 | 10000000 | 9895525 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| &nbsp;&nbsp; 3.900%, due 01/29/24 | 10000000 | 9801303 |
|  |  | 29461962 |
| **Electric—4.3%** | **Electric—4.3%** | **Electric—4.3%** |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp; 2.450%, due 01/15/23<sup>1</sup> | 5000000 | 4970952 |
|  Eversource Energy,<br>Series T, | Eversource Energy,<br>Series T, | Eversource Energy,<br>Series T, |
| &nbsp;&nbsp; SOFR + 0.250%,<br>2.879%, due 08/15/23<sup>2</sup> | 7000000 | 6961740 |
|  National Rural Utilities Cooperative Finance Corp.,<br>Series D, | National Rural Utilities Cooperative Finance Corp.,<br>Series D, | National Rural Utilities Cooperative Finance Corp.,<br>Series D, |
| &nbsp;&nbsp; SOFR + 0.330%,<br>3.363%, due 10/18/24<sup>2</sup> | 15000000 | 14795313 |
|  Southern Co. | Southern Co. | Southern Co. |
| &nbsp;&nbsp; 2.950%, due 07/01/23<br>Series 2021, | 10000000 | 9836208 |
| &nbsp;&nbsp; SOFR + 0.370%,<br>2.986%, due 05/10/23<sup>2</sup> | 7000000 | 6969698 |
|  |  | 43533911 |
| **Gas—0.5%** | **Gas—0.5%** | **Gas—0.5%** |
|  CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. |
| &nbsp;&nbsp; 0.700%, due 03/02/23 | 5000000 | 4930607 |
| **Insurance—1.0%** | **Insurance—1.0%** | **Insurance—1.0%** |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
| &nbsp;&nbsp; SOFR + 0.300%,<br>3.325%, due 09/27/24<sup>1,2</sup> | 10000000 | 9843300 |
| **Oil & gas services—1.0%** | **Oil & gas services—1.0%** | **Oil & gas services—1.0%** |
|  Schlumberger Investment SA | Schlumberger Investment SA | Schlumberger Investment SA |
| &nbsp;&nbsp; 3.650%, due 12/01/23 | 10000000 | 9858400 |
| **Pharmaceuticals—1.0%** | **Pharmaceuticals—1.0%** | **Pharmaceuticals—1.0%** |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| &nbsp;&nbsp; 3.750%, due 11/14/23 | 10000000 | 9867474 |

---

------

UBS Ultra Short Income Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Corporate bonds— (concluded)** | **Corporate bonds— (concluded)** | **Corporate bonds— (concluded)** |
| **Semiconductors—0.5%** | **Semiconductors—0.5%** | **Semiconductors—0.5%** |
|  Analog Devices, Inc. | Analog Devices, Inc. | Analog Devices, Inc. |
| &nbsp;&nbsp; SOFR + 0.250%,<br>3.281%, due 10/01/24<sup>2</sup> | $5000000 | $4920617 |
|  **Total corporate bonds**<br> (cost—$508,491,320) | **Total corporate bonds**<br> (cost—$508,491,320) | **500008853** |
| **Mortgage-backed securities—3.2%** | **Mortgage-backed securities—3.2%** | **Mortgage-backed securities—3.2%** |
|  Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |
| &nbsp;&nbsp; Series 2020-R1, Class A1,<br>0.990%, due 04/25/53<sup>1,5</sup> | 5121140 | 4773420 |
| &nbsp;&nbsp; Series 2021-1, Class A1,<br>0.909%, due 01/25/66<sup>1,5</sup> | 4342756 | 3283284 |
| &nbsp;&nbsp; Series 2021-4, Class A1,<br>1.035%, due 01/20/65<sup>1,5</sup> | 3246706 | 2441279 |
| &nbsp;&nbsp; Series 2021-5, Class A1,<br>0.951%, due 07/25/66<sup>1,5</sup> | 5704483 | 4289449 |
|  COLT Funding LLC, | COLT Funding LLC, | COLT Funding LLC, |
| &nbsp;&nbsp; Series 2021-3R, Class A1,<br>1.051%, due 12/25/64<sup>1,5</sup> | 2438352 | 1954210 |
|  COLT Mortgage Pass-Through Certificates, | COLT Mortgage Pass-Through Certificates, | COLT Mortgage Pass-Through Certificates, |
| &nbsp;&nbsp; Series 2021-1R, Class A1,<br>0.857%, due 05/25/65<sup>1,5</sup> | 815600 | 697649 |
|  Deephaven Residential Mortgage Trust, | Deephaven Residential Mortgage Trust, | Deephaven Residential Mortgage Trust, |
| &nbsp;&nbsp; Series 2021-1, Class A1,<br>0.715%, due 05/25/65<sup>1,5</sup> | 1090810 | 979917 |
|  GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, |
| &nbsp;&nbsp; Series 2021-NQM1, Class A1,<br>1.017%, due 07/25/61<sup>1,5</sup> | 2578841 | 2126508 |
|  MFA Trust, | MFA Trust, | MFA Trust, |
| &nbsp;&nbsp; Series 2020-NQM3, Class A1,<br>1.014%, due 01/26/65<sup>1,5</sup> | 404178 | 368433 |
| &nbsp;&nbsp; Series 2021-NQM1, Class A1,<br>1.153%, due 04/25/65<sup>1,5</sup> | 1168032 | 1006833 |
| &nbsp;&nbsp; Series 2021-NQM2, Class A1,<br>1.029%, due 11/25/64<sup>1,5</sup> | 2280336 | 1717943 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities— (concluded)** | **Mortgage-backed securities— (concluded)** | **Mortgage-backed securities— (concluded)** |
|  Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |
| &nbsp;&nbsp; Series 2021-1, Class A1,<br>0.815%, due 01/25/66<sup>1,5</sup> | 2550961 | $1975623 |
| &nbsp;&nbsp; Series 2021-2, Class A1,<br>1.031%, due 02/25/66<sup>1,5</sup> | 983212 | 787811 |
| &nbsp;&nbsp; Series 2021-4, Class A1,<br>0.938%, due 07/25/66<sup>1,5</sup> | 1361022 | 1043178 |
| &nbsp;&nbsp; Series 2021-R1, Class A1, <br>0.820%, due 10/25/63<sup>1,5</sup> | 4216933 | 3816070 |
| &nbsp;&nbsp; Series 2021-R2, Class A1,<br>0.918%, due 02/25/64<sup>1,5</sup> | 1589240 | 1442891 |
|  **Total mortgage-backed securities**<br> (cost—$39,885,626) | **Total mortgage-backed securities**<br> (cost—$39,885,626) | **32704498** |
|  | **Number of<br>shares** |  |
| **Short-term investments—0.3%** | **Short-term investments—0.3%** | **Short-term investments—0.3%** |
| **Investment companies—0.3%** | **Investment companies—0.3%** | **Investment companies—0.3%** |
|  State Street Institutional U.S. Government Money Market Fund, 3.010%<sup>3</sup><br>(cost—$3,069,484) | 3069484 | 3069484 |
| **Investment of cash collateral from securities loaned—0.0%**<sup>†</sup> | **Investment of cash collateral from securities loaned—0.0%**<sup>†</sup> | **Investment of cash collateral from securities loaned—0.0%**<sup>†</sup> |
| **Money market funds—0.0%**<sup>†</sup> | **Money market funds—0.0%**<sup>†</sup> | **Money market funds—0.0%**<sup>†</sup> |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.090%<sup>3</sup><br>(cost—$111,998) | 111998 | 111998 |
|  **Total investments**<br> (cost—$1,031,924,038)—100.5% | **Total investments**<br> (cost—$1,031,924,038)—100.5% | **1011834192** |
|  Liabilities in excess of other assets—(0.5)% | Liabilities in excess of other assets—(0.5)% | (5500977) |
|  **Net assets—100.0%** | **Net assets—100.0%** | $**1006333215** |

---

------

UBS Ultra Short Income Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets**<br>**Description** | <br>**Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | <br>**Other significant<br>observable inputs<br>(Level 2)** | <br>**Unobservable inputs**<br> **(Level 3)** | <br>**Total** |
| Asset-backed securities | $— | $249644442 | $— | $249644442 |
| Certificates of deposit |  | 70000000 |  | 70000000 |
| Commercial paper |  | 156294917 |  | 156294917 |
| Corporate bonds |  | 500008853 |  | 500008853 |
| Mortgage-backed securities |  | 32704498 |  | 32704498 |
| Short-term investments |  | 3069484 |  | 3069484 |
| Investment of cash collateral from securities loaned |  | 111998 |  | 111998 |
| **Total** | $**—** | $**1011834192** | $**—** | $**1011834192** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

---

| | |
|:---|:---|
| <sup>†</sup> | Amount represents less than 0.05%  |

---

<sup>1</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $307,850,009, represented 30.6% of the Fund's net assets at period end. 

<sup>2</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

<sup>3</sup> Rates shown reflect yield at October 31, 2022.

<sup>4</sup> Security, or portion thereof, was on loan at the period end.

<sup>5</sup> Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

**Portfolio acronyms** 

SOFR Secured Overnight Financing Rate

See accompanying notes to financial statements.

------

UBS Ultra Short Income Fund

------

**Statement of assets and liabilities** 

**October 31, 2022 (unaudited)** 

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost—$1,031,924,038)<sup>1</sup> | $1011834192 |
| Cash | 290458 |
| Receivable for fund shares sold | 583917 |
| Receivable for interest and dividends | 3229863 |
| Receivable for foreign tax reclaims | 34222 |
| Other assets | 3448 |
| **Total assets** | **1015976100** |
| **Liabilities:** | **Liabilities:** |
| Payable for cash collateral from securities loaned | 111998 |
| Payable for fund shares redeemed | 8815457 |
| Dividends payable to shareholders | 276002 |
| Payable to affiliate | 156084 |
| Payable to custodian | 41167 |
| Accrued expenses and other liabilities | 242177 |
| **Total liabilities** | **9642885** |
| **Net assets** | **$1006333215** |
| **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $1052578875 |
| Distributable earnings (accumulated losses) | (46245660) |
| **Net assets** | **$1006333215** |
| **Class A** | **Class A** |
| Net assets | $192828271 |
| Shares outstanding | 19753599 |
| Net asset value and offering price per share | $9.76 |
| **Class P** | **Class P** |
| Net assets | $813428785 |
| Shares outstanding | 83412123 |
| Net asset value and offering price per share | $9.75 |
| **Class I** | **Class I** |
| Net assets | $76159 |
| Shares outstanding | 7825 |
| Net asset value and offering price per share | $9.73 |

---

<sup>1</sup> Includes $109,827 of investments in securities on loan, at value, plus accrued interest and dividends, if any. 

See accompanying notes to financial statements.

------

UBS Ultra Short Income Fund

------

**Statement of operations** 

---

| | |
|:---|:---|
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** |
| **Investment income:** | **Investment income:** |
| Interest | $13081082 |
| Securities lending | 2843 |
| **Total income** | **13083925** |
| **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 1911729 |
| Service fees—Class A | 133664 |
| Transfer agency and related services fees—Class A | 21934 |
| Transfer agency and related services fees—Class P | 71906 |
| Transfer agency and related services fees—Class I | 28 |
| Custody and fund accounting fees | 31895 |
| Trustees fees | 22396 |
| Professional services fees | 60000 |
| Printing and shareholder report fees | 28336 |
| Federal and state registration fees | 46500 |
| Insurance expense | 14186 |
| Other expenses | 60746 |
| **Total expenses** | **2403320** |
| Fee waivers and/or expense reimbursements by advisor and administrator | (676562) |
| **Net expenses** | **1726758** |
| **Net investment income (loss)** | **11357167** |
| Net realized gain (loss) on investments | (13200675) |
| Net change in unrealized appreciation (depreciation) on investments | (3881736) |
| Net realized and unrealized gain (loss) from investment activities | (17082411) |
| Net increase (decrease) in net assets resulting from operations | $(5725244) |

---

See accompanying notes to financial statements.

------

UBS Ultra Short Income Fund

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
| | **For the <br>six months ended <br>October 31, 2022 <br>(unaudited)** | **For the year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $11357167 | $5107699 |
| Net realized gain (loss) | (13200675) | 101137 |
| Net change in unrealized appreciation (depreciation) | (3881736) | (18665621) |
| Net increase (decrease) in net assets resulting from operations | (5725244) | (13456785) |
| Total distributions—Class A | (2250571) | (884022) |
| Total distributions—Class P | (9099553) | (4940775) |
| Total distributions—Class I | (3177) | (379151) |
| **Total distributions** | **(11353301)** | **(6203948)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 159463628 | 1221467324 |
| Cost of shares redeemed | (770945225) | (2958171252) |
| Shares issued on reinvestment of dividends and distributions | 9749391 | 5304679 |
| Net increase (decrease) in net assets from beneficial interest transactions | (601732206) | (1731399249) |
| **Net increase (decrease) in net assets** | **(618810751)** | **(1751059982)** |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 1625143966 | 3376203948 |
| End of period | $1006333215 | $1625143966 |

---

See accompanying notes to financial statements.

------

UBS Ultra Short Income Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six months ended<br>October 31, 2022**<br>**(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **For the period from**<br>**May 29, 2018**<sup>1</sup> **to**<br>**April 30, 2019** |
| **Class A**<br>| **Six months ended<br>October 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **For the period from**<br>**May 29, 2018**<sup>1</sup> **to**<br>**April 30, 2019** |
| **Net asset value, beginning of period** | **$9.90** | **$9.99** | **$9.95** | **$10.00** | **$10.00** |
| Net investment income (loss)<sup>2</sup> | 0.08 | 0.01 | 0.04 | 0.20 | 0.23 |
| Net realized and unrealized gain (loss) | (0.13) | (0.08) | 0.04 | (0.05) | (0.01)<sup>3</sup> |
| Net increase (decrease) from operations | (0.05) | (0.07) | 0.08 | 0.15 | 0.22 |
| Dividends from net investment income | (0.09) | (0.02) | (0.04) | (0.20) | (0.22) |
| Distributions from net realized gains |  | (0.00)<sup>4</sup> | (0.00)<sup>4</sup> |  |  |
| Total dividends and distributions | (0.09) | (0.02) | (0.04) | (0.20) | (0.22) |
| **Net asset value, end of period** | **$9.76** | **$9.90** | **$9.99** | **$9.95** | **$10.00** |
| **Total investment return**<sup>5</sup> | **(0.52)%** | **(0.75)%** | **0.82%** | **1.46%** | **2.35%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.46%<sup>6</sup> | 0.44%<sup>7</sup> | 0.44%<sup>7</sup> | 0.45%<sup>7</sup> | 0.47%<sup>6,7</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.35%<sup>6</sup> | 0.35%<sup>7</sup> | 0.35%<sup>7</sup> | 0.35%<sup>7</sup> | 0.31%<sup>6,7</sup> |
| Net investment income (loss) | 1.68%<sup>6</sup> | 0.13% | 0.41% | 2.01% | 2.48%<sup>6</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $192828 | $347829 | $662131 | $1226267 | $1193910 |
| Portfolio turnover | 50% | 56% | 64% | 53% | 12% |
| **Class P** |  |  |  |  |  |
|  | **Six months ended<br>October 31, 2022**<br>**(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **For the period from**<br>**May 29, 2018**<sup>1</sup> **to**<br>**April 30, 2019** |
|  | **Six months ended<br>October 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **For the period from**<br>**May 29, 2018**<sup>1</sup> **to**<br>**April 30, 2019** |
| **Net asset value, beginning of period** | **$9.89** | **$9.98** | **$9.94** | **$9.99** | **$10.00** |
| Net investment income (loss)<sup>2</sup> | 0.09 | 0.02 | 0.04 | 0.20 | 0.24 |
| Net realized and unrealized gain (loss) | (0.14) | (0.08) | 0.05 | (0.04) | (0.02)<sup>3</sup> |
| Net increase (decrease) from operations | (0.05) | (0.06) | 0.09 | 0.16 | 0.22 |
| Dividends from net investment income | (0.09) | (0.03) | (0.05) | (0.21) | (0.23) |
| Distributions from net realized gains |  | (0.00)<sup>4</sup> | (0.00)<sup>4</sup> |  |  |
| Total dividends and distributions | (0.09) | (0.03) | (0.05) | (0.21) | (0.23) |
| **Net asset value, end of period** | **$9.75** | **$9.89** | **$9.98** | **$9.94** | **$9.99** |
| **Total investment return**<sup>5</sup> | **(0.47)%** | **(0.65)%** | **0.92%** | **1.66%** | **2.24%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.36%<sup>6</sup> | 0.34%<sup>7</sup> | 0.34%<sup>7</sup> | 0.36%<sup>7</sup> | 0.39%<sup>6,7</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.25%<sup>6</sup> | 0.25%<sup>7</sup> | 0.25%<sup>7</sup> | 0.25%<sup>7</sup> | 0.21%<sup>6,7</sup> |
| Net investment income (loss) | 1.81%<sup>6</sup> | 0.24% | 0.38% | 2.04% | 2.61%<sup>6</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $813429 | $1227504 | $2218543 | $915463 | $358489 |
| Portfolio turnover | 50% | 56% | 64% | 53% | 12% |

---

See accompanying notes to financial statements.

------

UBS Ultra Short Income Fund

Financial highlights (concluded)

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six months ended<br>October 31, 2022**<br>**(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **For the period from**<br>**May 29, 2018**<sup>1</sup> **to**<br>**April 30, 2019** |
| **Class I**<br>| **Six months ended<br>October 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **For the period from**<br>**May 29, 2018**<sup>1</sup> **to**<br>**April 30, 2019** |
| **Net asset value, beginning of period** | **$9.88** | **$9.97** | **$9.94** | **$9.99** | **$10.00** |
| Net investment income (loss)<sup>2</sup> | 0.03 | 0.02 | 0.03 | 0.22 | 0.22 |
| Net realized and unrealized gain (loss) | (0.09) | (0.08) | 0.05 | (0.05) | (0.00)<sup>3,4</sup> |
| Net increase (decrease) from operations | (0.06) | (0.06) | 0.08 | 0.17 | 0.22 |
| Dividends from net investment income | (0.09) | (0.03) | (0.05) | (0.22) | (0.23) |
| Distributions from net realized gains |  | (0.00)<sup>4</sup> | (0.00)<sup>4</sup> |  |  |
| Total dividends and distributions | (0.09) | (0.03) | (0.05) | (0.22) | (0.23) |
| **Net asset value, end of period** | **$9.73** | **$9.88** | **$9.97** | **$9.94** | **$9.99** |
| **Total investment return**<sup>5</sup> | **(0.57)%** | **(0.63)%** | **0.84%** | **1.68%** | **2.26%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.34%<sup>6</sup> | 0.33%<sup>7</sup> | 0.33%<sup>7</sup> | 0.35%<sup>7</sup> | 0.38%<sup>6,7</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.23%<sup>6</sup> | 0.23%<sup>7</sup> | 0.23%<sup>7</sup> | 0.23%<sup>7</sup> | 0.16%<sup>6,7</sup> |
| Net investment income (loss) | 0.52%<sup>6</sup> | 0.23% | 0.31% | 2.25% | 2.42%<sup>6</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $76 | $49811 | $495530 | $421 | $675 |
| Portfolio turnover | 50% | 56% | 64% | 53% | 12% |

---

<sup>1</sup> Commencement of operations.

<sup>2</sup> Calculated using the average shares method.

<sup>3</sup> The amount of net realized and unrealized loss per share does not correspond with the net realized and unrealized gain reported within the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values. 

<sup>4</sup> Amount represents less than $0.005 or $(0.005) per share. 

<sup>5</sup> Total investment return is calculated assuming a $10,000 investment on the first day of the period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of the period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>6</sup> Annualized.

<sup>7</sup> Includes interest expense representing less than 0.005%. 

See accompanying notes to financial statements.

------

UBS Ultra Short Income Fund

Notes to financial statements (unaudited)

**Organization and significant accounting policies** 

UBS Ultra Short Income Fund (the "Fund") is registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), as a diversified series of UBS Series Funds (the "Trust"), an open-end management investment company organized as a Delaware statutory trust on April 29, 1998. The Trust is a series mutual fund with twenty-two series. The financial statements for the other series of the Trust are not included herein.

UBS Asset Management (Americas) Inc. ("UBS AM") is the investment advisor and administrator for the Fund. UBS AM is an indirect wholly owned subsidiary of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

The Fund currently offers Class A, Class P and Class I shares. Each class represents interests in the same assets of the Fund, and the classes are identical except for differences in ongoing service fees and certain transfer agency and related services expenses and certain fee waiver/expense reimbursement/cap arrangements as discussed further below. All classes of shares have equal voting privileges except that Class A shares have exclusive voting rights with respect to its service plan.

In the normal course of business the Fund may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had any prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Fund's financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The following is a summary of significant accounting policies:

**Investment transactions, investment income and expenses**—Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions and foreign exchange transactions are calculated using the identified cost method. Dividend income and expense are recorded on the ex-dividend date ("ex-date") except in the case of certain dividends from foreign securities which are recorded as soon after the ex-date as the Fund, using reasonable diligence, becomes aware of such dividends. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of outstanding shares (or the value of dividend eligible shares, as appropriate) of each class at the beginning of the day after adjusting for current capital share activity of the respective classes. Class specific expenses are charged directly to the applicable class of shares.

**Dividends and distributions**—Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends from investment income and distributions from realized capital gains and/or return of capital are determined in accordance with US federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

------

UBS Ultra Short Income Fund

Notes to financial statements (unaudited)

**Concentration of risk**—The ability of the issuers of debt securities held by the Fund to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Certain impacts to public health conditions particular to the coronavirus "COVID-19" outbreak that occurred may have a significant negative impact on the operations and profitability of the Fund's investments. The extent of the impact to the financial performance of the Fund will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

**Valuation of investments** 

The Fund generally calculates its net asset value on days that the New York Stock Exchange ("NYSE") is open. The Fund calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Fund does not price its shares, on most national holidays and Good Friday. To the extent that the Fund's assets are traded in other markets on days when the NYSE is not open, the value of the Fund's assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern time, the Fund's net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which the Fund calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.

The Fund calculates its net asset value based on the current market value, where available, for its portfolio investments. The Fund normally obtains market values for its investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized "evaluation" systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings.

Investments traded in the over-the-counter ("OTC") market and listed on The NASDAQ Stock Market, Inc. ("NASDAQ") normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by UBS AM as the valuation designee appointed by the Fund's Board of Trustees (the "Board") pursuant to Rule 2a-5 under the 1940 Act. Foreign currency exchange rates are generally determined as of the close of the NYSE.

The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless UBS AM determines that this does not represent fair value.

Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Fund's use of the practical expedient within ASC Topic 820, Fair Value Measurement, investments in investment companies without publicly published prices are also valued at the daily net asset value.

------

UBS Ultra Short Income Fund

Notes to financial statements (unaudited)

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third party pricing services. UBS AM has the Equities, Fixed Income and Multi-Asset Valuation Committee (the "VC") to assist with its designated responsibilities as valuation designee. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances; securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Fund's portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the "limit up" or "limit down" price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investment's fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of the Fund's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted 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 and credit risks.

Level 3—Unobservable inputs inclusive of the Fund's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of the Fund's Portfolio of investments.

**Investments** 

**Asset-backed securities**—The Fund may invest in asset-backed securities ("ABS"), representing interests in pools of certain types of underlying installment loans, home equity loans, leases of various types of real and personal property and receivables from revolving lines of credit (credit cards). Such assets are securitized through the use of trusts or special purpose corporations. The yield characteristics of ABS differ from those of traditional debt securities. One such major difference is that principal may be prepaid at any time because the underlying obligations generally may be prepaid at any time. ABS may decrease in value as a result of increases in interest rates and may benefit less than other fixed-income securities from declining interest rates because of the risk of prepayment.

**Mortgage-backed securities**—The Fund may invest in mortgage-backed securities ("MBS"), representing direct or indirect interests in pools of underlying mortgage loans that are secured by real property. These securities provide investors with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid.

------

UBS Ultra Short Income Fund

Notes to financial statements (unaudited)

The timely payment of principal and interest (but not the market value) on MBS issued or guaranteed by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA) is backed by Ginnie Mae and the full faith and credit of the US government. Obligations issued by Fannie Mae (formally known as the Federal National Mortgage Association or FNMA) and Freddie Mac (formally known as the Federal Home Loan Mortgage Company or FHLMC) are historically supported only by the credit of the issuer, but currently are guaranteed by the US government in connection with such agencies being placed temporarily into conservatorship by the US government.

Some MBS are sponsored or issued by private entities. Payments of principal and interest (but not the market value) of such private MBS may be supported by pools of mortgage loans or other MBS that are guaranteed, directly or indirectly, by the US government or one of its agencies or instrumentalities, or they may be issued without any government guarantee of the underlying mortgage assets but with some form of non-government credit enhancement.

Collateralized mortgage obligations ("CMO") are a type of MBS. A CMO is a debt security that may be collateralized by whole mortgage loans or mortgage pass-through securities. The mortgage loans or mortgage pass-through securities are divided into classes or tranches with each class having its own characteristics. Investors typically receive payments out of the interest and principal on the underlying mortgages. The portions of these payments that investors receive, as well as the priority of their rights to receive payments, are determined by the specific terms of the CMO class.

The yield characteristics of MBS differ from those of traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other obligations generally may be prepaid at any time. Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors. Generally, prepayments on fixed-rate mortgage loans will increase during a period of falling interest rates and decrease during a period of rising interest rates. Certain classes of CMOs and other MBS are structured in a manner that makes them extremely sensitive to changes in prepayment rates. Such classes include interest-only ("IO") and principal-only ("PO") classes. IOs are entitled to receive all or a portion of the interest, but none (or only a nominal amount) of the principal payments, from the underlying mortgage assets. If the mortgage assets underlying an IO experience greater than anticipated principal prepayments, then the total amount of interest payments allocable to the IO class, and therefore the yield to investors, generally will be reduced. Conversely, PO classes are entitled to receive all or a portion of the principal payments, but none of the interest, from the underlying mortgage assets. PO classes are purchased at substantial discounts from par, and the yield to investors will be reduced if principal payments are slower than expected.

**Repurchase agreements**—The Fund may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Fund maintains custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Fund and it's counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by the Fund upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Fund generally has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds, equities and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. Moreover, repurchase agreements secured by

------

UBS Ultra Short Income Fund

Notes to financial statements (unaudited)

obligations that are not eligible for direct investment under the Fund's investment strategies and limitations, may require the Fund to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Fund may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. The Fund intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM to present minimal credit risk .

The Fund may participate in joint repurchase agreement transactions with other funds managed, advised or subadvised by UBS AM. Under certain circumstances, the Fund may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its portfolio at the end of the day in order to avoid having the Fund potentially exposed to a fee for uninvested cash held in a business account at a bank.

At October 31, 2022, the Fund was not invested in any repurchase agreements.

**Restricted securities**—The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in the Fund's portfolio footnotes.

**Investment advisor and administrator fees and other transactions with affiliates** 

The Board has approved an Investment Advisory and Administration Contract (the "Advisory Contract"), under which UBS AM serves as investment advisor and administrator of the Fund. In accordance with the Advisory Contract, the Fund is to pay UBS AM an investment advisory fee and an administration fee, which is to be accrued daily and paid monthly, at the annual rates of 0.20% and 0.10%, respectively, of the Fund's average daily net assets. At October 31, 2022, UBS AM is owed $139,869 by the Fund, representing investment advisory and administration fees net of fee waivers/expense reimbursements.

UBS AM has contractually undertaken to waive fees/reimburse a portion of the Fund's expenses, when necessary, to maintain the total annual operating expenses (excluding (1) dividend expense, borrowing costs and interest expense relating to short sales, and (2) expenses related to investments in other investment companies, interest, taxes, brokerage commissions, expenses related to shareholders' meetings and extraordinary expenses, if any) of Class A, Class P and Class I shares at a level not to exceed 0.35%, 0.25% and 0.23% of average daily net assets, respectively through August 31, 2023. For the period ended October 31, 2022, UBS AM waived $676,562 in investment advisory and administration fees. UBS AM may recoup from the Fund any such waived fees/reimbursed expenses during the following three fiscal years, to the extent that ordinary operating expenses (with certain exclusions such as dividend expense, borrowing costs and interest expense) are otherwise below the applicable expense cap in effect at the time the fees or expenses were waived/reimbursed.

At October 31, 2022, the Fund had remaining fee waivers and expense reimbursements subject to repayment to UBS AM and respective dates of expiration as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fee waivers/<br>expense<br>reimbursements<br>subject to<br>repayment** | **Expires<br>April 30,<br>2023** | **Expires<br>April 30,<br>2024** | **Expires<br>April 30,<br>2025** | **Expires<br>April 30,<br>2026** |
| Class A | $3006775 | $1554459 | $864807 | $443464 | $144045 |
| Class P | 4413917 | 613566 | 1733591 | 1534902 | 531858 |
| Class I | 321754 | 801 | 188203 | 132091 | 659 |

---

------

UBS Ultra Short Income Fund

Notes to financial statements (unaudited)

For the period ended October 31, 2022, UBS AM did not voluntarily waive any additional fees.

**Service plan** 

UBS Asset Management (US) Inc. ("UBS AM (US)") is the principal underwriter of the Fund's shares. The Fund has adopted a service plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act for Class A shares. The Plan governs payments made for the expenses incurred in the service of Class A shares. The Fund pays UBS AM (US) monthly service fees at an annual rate of 0.10% of the average daily net assets of Class A shares. At October 31, 2022, the Fund owed UBS AM (US) $16,215 for service fees.

**Transfer agency and related services fees** 

UBS Financial Services Inc. provides certain services to the Fund pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Fund's transfer agent, and is compensated for these services by BNY Mellon, not the Fund. For the period ended October 31, 2022, UBS Financial Services Inc. received from BNY Mellon, not the Fund, $43,521 of the total transfer agency and related service fees paid by the Fund to BNY Mellon.

**Securities lending** 

The Fund may lend securities up to 33<sup>1</sup>⁄<sub>3</sub>% of its total assets to qualified broker-dealers or institutional investors. The loans are initially secured at all times by cash, US government securities and irrevocable letters of credit in an amount at least equal to 102% of the market value of the securities loaned with respect to domestic securities and 105% of the market value of the securities loaned with respect to foreign securities. In the event that the market value of the cash, US government securities, and irrevocable letters of credit securing the loan falls below 100% for domestic securities, and 103% for foreign securities, the borrower must provide additional cash, US government securities, and irrevocable letters of credit so that the total securing the loan is at least 102% of the market value for domestic securities and 105% of the market value for foreign securities.

The Fund will regain ownership of loaned securities to exercise certain beneficial rights; however, the Fund may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. The Fund receives compensation for lending its securities from interest or dividends earned on the cash, US government securities and irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Cash collateral received is invested in State Street Navigator Securities Lending Government Money Market Portfolio, which is included in the Fund's Portfolio of investments. State Street Bank and Trust Company serves as the Fund's lending agent.

At October 31, 2022, the Fund had securities on loan at value, cash collateral and non-cash collateral as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Value of securities**<br> **on loan** | **Cash**<br> **collateral** | **Non-cash**<br> **collateral** | **Total**<br> **collateral** | **Security types**<br> **held as non-cash<br>collateral** |
| $109827 | $111998 | $— | $111998 |  |

---

**Bank line of credit** 

The Fund participates with other funds managed by UBS AM in a $185 million committed credit facility (the "Committed Credit Facility") with State Street Bank and Trust Company. The Committed Credit Facility is to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the participating Fund at the request of shareholders and other temporary or emergency purposes.

Interest on amounts borrowed is calculated based on the prevailing rates in effect at the time of borrowing. The funds covered by the Committed Credit Facility have agreed to pay commitment fees on the average daily balance

------

UBS Ultra Short Income Fund

Notes to financial statements (unaudited)

of the Committed Credit Facility not utilized. Commitment fees have been allocated among the funds in the Committed Credit Facility as follows: 50% of the allocation is based on the relative asset size of funds and the other 50% of the allocation is based on utilization.

For the period ended October 31, 2022, the Fund did not borrow.

**Purchases and sales of securities** 

For the period ended October 31, 2022, aggregate purchases and sales of portfolio securities, excluding short-term securities, were $459,236,793 and $939,662,990, respectively.

**Shares of beneficial interest** 

There is an unlimited amount of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class A** | **Class A** |
| **For the six months ended October 31, 2022:**<br>| | | **Shares** | **Amount** |
| Shares sold |  |  | 7274 | $71375 |
| Shares repurchased |  |  | (15588486) | (153519230) |
| Dividends reinvested |  |  | 202461 | 1989362 |
| Net increase (decrease) |  |  | (15378751) | $(151458493) |
|  | **Class P** | **Class P** | **Class I** | **Class I** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 16204895 | $159392253 |  | $— |
| Shares repurchased | (57690161) | (567675152) | (5035510) | (49750843) |
| Dividends reinvested | 790568 | 7759296 | 75 | 733 |
| Net increase (decrease) | (40694698) | $(400523603) | (5035435) | $(49750110) |
|  **For the year ended April 30, 2022:** |  |  |  |  |
|  |  |  | **Class A** | **Class A** |
|  |  |  | **Shares** | **Amount** |
| Shares sold |  |  | 24786 | $246796 |
| Shares repurchased |  |  | (31224925) | (311334715) |
| Dividends reinvested |  |  | 76595 | 763010 |
| Net increase (decrease) |  |  | (31123544) | $(310324909) |
|  | **Class P** | **Class P** | **Class I** | **Class I** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 122533446 | $1221220528 |  | $— |
| Shares repurchased | (221080567) | (2201394392) | (44688330) | (445442145) |
| Dividends reinvested | 423677 | 4216998 | 32617 | 324671 |
| Net increase (decrease) | (98123444) | $(975956866) | (44655713) | $(445117474) |

---

**Federal tax status** 

The Fund intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Fund intends not to be subject to a federal excise tax.

------

UBS Ultra Short Income Fund

Notes to financial statements (unaudited)

The tax character of distributions paid during the fiscal year ended April 30, 2022 was ordinary income in the amount of $6,203,948.

For federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost of investments** | **Gross unrealized<br>appreciation** | **Gross unrealized<br>depreciation** | **Net Unrealized<br>Appreciation<br>(depreciation)** |
| $1031924038 | $17579 | $(20107425) | $(20089846) |

---

Net capital losses recognized by the Fund may be carried forward indefinitely, and retain their character as short-term and/or long-term losses. These carryforwards are available as a reduction, to the extent provided in the regulations, of future realized capital gains. To the extent that such losses are used to offset future net realized capital gains, it is probable these gains will not be distributed. At April 30, 2022, the Fund had capital loss carryforwards of $11,343,826 in short-term and $1,552,962 in long-term capital losses.

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Fund has analyzed and concluded as of October 31, 2022 that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended October 31, 2022, the Fund did not incur any interest or penalties.

Under the applicable foreign tax laws, gains on certain securities held in certain foreign countries may be subject to taxes that will be paid by the Fund.

Each of the tax year periods from Inception (May 29, 2018) to April 30, 2022, remains subject to examination by the Internal Revenue Service and state taxing authorities.

------

UBS Ultra Short Income Fund

General information (unaudited)

**Quarterly portfolio schedule** 

The Fund files its complete schedule of portfolio holdings with the US Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's Web site at http://www.sec.gov. Additionally, you may obtain copies of such portfolio holdings schedules for the first and third quarters of each fiscal year from the Fund upon request by calling 1-800-647 1568.

**Proxy voting policies, procedures and record** 

You may obtain a description of the Fund's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1-800-647 1568, online on the Fund's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

**Liquidity Risk Management Program** 

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, as amended (the "1940 Act"), UBS Series Funds (the "Trust") has adopted a liquidity risk management program (the "program") with respect to its series, Ultra Short Income Fund (the "Fund").

UBS Asset Management (Americas) Inc. ("UBS AM") has been designated by the Trust's Board to administer the program, and UBS AM has delegated the responsibility to carry out certain functions described in the program to an internal group which is comprised of representatives of various investment and non-investment areas of the firm. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining shareholders' interests. The program is intended to provide a framework for the assessment, management and periodic review of the Fund's liquidity risks, taking into consideration, as applicable, the Fund's investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, short-term and long-term cash flow projections during both normal and reasonable foreseeable stressed conditions; and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. The provisions of the program shall be administered for the Fund in a manner that is appropriately tailored to reflect the Fund's particular liquidity risks. UBS AM's process of determining the degree of liquidity of the Fund's investments is supported by a third-party liquidity assessment vendor. In May 2022, UBS AM provided the Board with a report addressing the operation of the program and assessing its adequacy and effectiveness of implementation (the "report"). The report covered the period from May 2, 2021 through May 1, 2022.

UBS AM's report concluded that the program was reasonably designed to assess and manage the Fund's liquidity risk, including during periods of market volatility and net redemptions. UBS AM reported that the program operated adequately and has been implemented effectively to assess and manage the Fund's liquidity risk.

There can be no assurance that the program will achieve its objectives in the future. Please refer to the Fund's prospectuses for more information regarding the Fund's exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

------

UBS Ultra Short Income Fund

Board approval of investment advisory agreement (unaudited)

**Background**—At a meeting of the board of UBS Series Funds (the "Trust") on July 19-20, 2022, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended, of the Trust ("Independent Trustees"), considered and approved the continuance of the investment advisory and administration contract (the "Investment Advisory and Administration Contract") of the Trust with respect to its series, UBS Ultra Short Income Fund (the "Fund"), with UBS Asset Management (Americas) Inc. ("UBS AM"). In preparing for the meeting, the Independent Trustees had requested and received extensive information from UBS AM to assist them, including information about UBS AM, as well as the advisory, administrative and distribution arrangements for the Fund. The board reviewed and discussed with management the materials provided by UBS AM prior to the scheduled board meeting. The Independent Trustees also met in executive session to review the disclosure that had been made to them. At these sessions the Independent Trustees were joined by their independent legal counsel. The Independent Trustees also received a memorandum from their independent legal counsel discussing the duties of board members in considering the approval of advisory, administration and distribution agreements.

In its consideration of the approval of the Investment Advisory and Administration Contract, the board reviewed the following factors:

**Nature, extent and quality of the services under the Investment Advisory and Administration Contract**—The board received and considered information regarding the nature, extent and quality of advisory services provided to the Fund by UBS AM under the Investment Advisory and Administration Contract during the past year. The board also considered the nature, extent and quality of administrative, distribution and shareholder services performed by UBS AM and its affiliates for the Fund and the resources devoted to, and the record of compliance with, the Fund's compliance policies and procedures. The board noted that it received information at regular meetings throughout the year regarding the services rendered by UBS AM concerning the management of the Fund's affairs and UBS AM's role in coordinating and overseeing providers of other services to the Fund. The board's evaluation of the services provided by UBS AM took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the scope and quality of UBS AM's investment advisory and other capabilities and the quality of its administrative and other services. The board observed that the scope of services provided by UBS AM had expanded over time as a result of regulatory and other developments, including maintaining and monitoring its own and the Fund's expanded compliance programs.

The board had available to it the qualifications, backgrounds and responsibilities of the senior personnel at UBS AM responsible for the Fund and had previously received information regarding the persons primarily responsible for the day-to-day management of the Fund. The board recognized that several senior personnel at UBS AM report to the board regularly and that at each regular meeting the board receives a detailed report from UBS AM on the Fund's performance. The board also considered, based on its knowledge of UBS AM and its affiliates, the financial resources available to UBS AM and its parent organization, UBS Group AG. In that regard, the board received extensive financial information regarding UBS AM and noted that it was a wholly owned, indirect subsidiary of one of the largest financial services firms in the world. It also was noted that UBS AM had approximately $290.6 billion in assets under management as of March 31, 2022 and was part of the UBS Asset Management Division, which had approximately $1.2 trillion in assets under management worldwide as of March 31, 2022. The board also was cognizant of, and considered, the regulatory and litigation actions and investigations occurring in the past few years involving UBS Group AG, UBS AM and certain of their affiliates.

The board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund under the Investment Advisory and Administration Contract.

**Advisory fees and expense ratios**—The board reviewed and considered the contractual management fee (the "Contractual Management Fee") payable by the Fund to UBS AM in light of the nature, extent and quality of the advisory and administrative services provided by UBS AM. The board also reviewed and considered the fee waiver

------

UBS Ultra Short Income Fund

Board approval of investment advisory agreement (unaudited)

arrangement implemented for the Fund and considered the actual fee rate (after taking any waivers into account) (the "Actual Management Fee"). Additionally, the board received and considered information comparing the Fund's Contractual Management Fee, Actual Management Fee and total expenses with those of funds in a group of funds selected and provided by Broadridge, an independent provider of investment company data (the "Expense Group").

In addition, pursuant to a written fee waiver/expense reimbursement agreement, UBS AM is contractually obligated to waive its management fees and/or reimburse the Fund so that the Fund's ordinary total annual operating expenses through August 31, 2023 (excluding dividend expense, borrowing costs, interest expense relating to short sales, expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, expenses related to shareholders' meetings and extraordinary expenses) would not exceed 0.35% for Class A shares, 0.23% for Class I shares and 0.25% for Class P shares. The board also considered that the Fund has agreed to repay UBS AM for those waived fees and/or reimbursed expenses if the Fund can do so over the following three fiscal years without causing its expenses in any of those years to exceed the expense caps.

In connection with its consideration of the Fund's management fees, the board also received information on UBS AM's standard institutional account fees for accounts of a similar investment type to the Fund. The board noted management's explanation that comparisons with such accounts may be of limited relevance given the different structures and regulatory requirements of mutual funds, such as the Fund, versus those accounts and the differences in the levels of services required by the Fund and those accounts. The board also received information on fees charged to other mutual funds managed by UBS AM.

The comparative Broadridge information showed that the Fund's Contractual Management Fee and total expenses were below, and Actual Management Fee was above, the respective medians in the Fund's Expense Group for the comparison periods utilized in the Broadridge report. (Below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the Expense Group.)

In light of the foregoing, the board determined that the management fee continued to be appropriate under the circumstances and in light of the nature, extent and quality of services provided to the Fund under the Investment Advisory and Administration Contract.

**Fund performance**—The board received and considered annualized total return information of the Fund compared to other funds (the "Performance Universe") selected by Broadridge over the one- and three-year and since inception periods ended April 30, 2022. The board was provided with a description of the methodology Broadridge used to determine the similarity of the Fund with the funds included in its Performance Universe. The board also noted that it had received information throughout the year at periodic intervals with respect to the Fund's performance.

The comparative Broadridge information showed that the Fund's performance was above the median for the one-year period and below the median for the three-year and since inception periods. (Below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median.)

Management discussed the reasons for underperformance, including the timing of cash flows and the interest rate environment at the time of reinvestment of increased cash flows. Based on its review, the board concluded that the Fund's investment performance was acceptable under the circumstances.

**Advisor profitability**—The board received and considered a profitability analysis of UBS AM and its affiliates in providing services to the Fund and was provided information on UBS AM's expense allocation methodology. The board also received profitability information with respect to the UBS New York fund complex as a whole. The board observed that the profitability and expense analyses are substantially similar to those used by UBS AM for many

------

UBS Ultra Short Income Fund

Board approval of investment advisory agreement (unaudited)

internal purposes, and are subject to regular review with respect to how certain revenue and expenses should be allocated. UBS AM's profitability was considered not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Economies of scale**—The board received and considered information from management regarding whether UBS AM realized economies of scale as the Fund's assets grew, whether the Fund has appropriately benefited from any material economies of scale, and whether there is potential for realization of any further material economies of scale for the Fund. The board considered whether economies of scale in the provision of services to the Fund were being passed along to the shareholders.

Generally, in light of UBS AM's profitability data, the Contractual Management Fee and Actual Management Fee, and the fee waiver currently in effect, the board believed that UBS AM's sharing of current economies of scale with the Fund was acceptable.

**Other benefits to UBS AM**—The board considered other benefits received by UBS AM and its affiliates as a result of its relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders. In light of the costs of providing investment advisory, administrative and other services to the Fund and UBS AM's ongoing commitment to the Fund, the profits and other ancillary benefits that UBS AM and its affiliates received were considered reasonable.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Investment Advisory and Administration Contract. No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Investment Advisory and Administration Contract. The Independent Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Investment Advisory and Administration Contract in private sessions with its independent legal counsel at which no representatives of UBS AM were present.

------

**Trustees** 

Alan S. Bernikow

*Chairman* 

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

**Investment Advisor and Administrator** 

UBS Asset Management (Americas) Inc.

787 Seventh Avenue

New York, New York 10019

**Principal Underwriter** 

UBS Asset Management (US) Inc.

787 Seventh Avenue

New York, New York 10019

The financial information included herein is taken from the records of the Funds without examination by independent registered public accountants who do not express an opinion thereon.

This report is not to be used in connection with the offering of shares of the Fund unless accompanied or preceded by an effective prospectus.© UBS 2022. All rights reserved.

------

![LOGO](g3933797mm_k485.jpg)

![LOGO](g393379g38c43.jpg)

**UBS Asset Management (Americas) Inc.** 

787 Seventh Avenue

New York, New York 10019-6028

S1698

------

![LOGO](g4199007mm_k485.jpg)

## Limited Purpose Cash Investment Fund
Semiannual Report \| October 31, 2022

------

Limited Purpose Cash Investment Fund

December 15, 2022

**Dear Shareholder,** 

We present you with the semiannual report for Limited Purpose Cash Investment Fund (the "Fund") for the six months ended October 31, 2022 (the "reporting period").

**Performance** 

The US Federal Reserve (the "Fed") raised the federal funds rate from a range between 0.25% and 0.50% to a range between 3.00% and 3.25% during the reporting period. The federal funds rate or the "fed funds rate," is the rate US banks charge one another for funds they borrow on an overnight basis. (For more details on the Fed's actions, see below.) The Fed also anticipates several additional rate hikes during the remainder of the Fund's current fiscal year. As a result, the yields on a number of short-term investments moved higher—as did the Fund's yields—during the reporting period.

The seven-day current yield for the Fund as of October 31, 2022 was 2.91%, versus 0.33% on April 30, 2022 (after fee waivers/expense reimbursements). (For more information on the Fund's performance, refer to "Yields and characteristics at a glance" on page 4.)

**An interview with Portfolio Manager Robert Sabatino** 

**Limited Purpose Cash Investment Fund** 

**Investment goal:** 

Maximum current income consistent with liquidity and the preservation of capital

**Portfolio Managers:** 

Robert Sabatino

David J. Walczak

UBS Asset Management (Americas) Inc.

**Commencement:** 

April 11, 2017

**Dividend payments:** 

Monthly

**Q.** **How would you describe the economic environment during the reporting period?** 

**A.** The US economy moved in fits and starts, as it was impacted by COVID-19 and its
variants, 40-year high inflation, supply chain shortages, rising interest rates and the repercussions from the war in Ukraine. These headwinds were at times offset by a resilient job market and overall
positive consumer spending. Looking back, first quarter 2022 US annualized gross domestic product ("GDP") was -1.6%. The economy then contracted 0.6% over the second quarter of the year. Finally, the
Commerce Department's initial estimate showed that third quarter annualized GDP was a positive 2.6%.

**Q.** **How did the Fed react to the economic environment?** 

**A.** The Fed raised interest rates four times during the reporting period in an attempt to rein in persistent and elevated
inflation. These moves pushed the federal funds rate from a range between 0.25% and 0.50% to a range between 3.00% and 3.25%. Then, in November 2022—after the reporting period ended—the Fed raised rates to a range between 3.75% and 4.00%
and indicated that additional rate hikes would be appropriate. Finally, in December 2022, the Fed raised rates to a range between 4.25% and 4.50%.

**Q.** **How did you position the Fund over the reporting period?** 

**A.** We tactically adjusted the Fund's weighted average maturity (WAM)—which is the weighted average maturity of the
securities in its portfolio—during the reporting period. The Fund's WAM was 38 days when the reporting period began. At period end on October 31, 2022, it was 13 days.

**Q.** **What level of portfolio diversification did you maintain during the reporting period?** 

**A.** At the issuer level, we continued to invest heavily in US government securities and agency securities with the goal of
reducing risk and keeping the Fund highly liquid.

**Q.** **What types of securities did the Fund emphasize?** 

**A.** At the security level, we modestly increased the Fund's exposures to repurchase agreements and US government agency
obligations. In contrast, we slightly reduced the Fund's exposure to direct US Treasury obligations.

------

Limited Purpose Cash Investment Fund

(Repurchase agreements are transactions in which the seller of a security agrees to buy it back at a predetermined time and price or upon demand.)

**Q.** **What factors do you believe will affect the Funds over the coming months?** 

**A.** We expect the Fed to continue tightening monetary policy as it seeks to lower inflation. At the same time, several
economic indicators point to slowing growth, and it's unclear whether the central bank can maneuver a "soft landing" for the US economy. In this environment, we anticipate continuing to manage the Funds focusing on risk and liquidity.

We thank you for your continued support and welcome any comments or questions you may have. For additional information on the UBS family of funds,\* please contact your financial advisor, or visit us at <u>www.ubs.com/am-us</u>.

Sincerely,

![LOGO](g419900g29p71.jpg)

Igor Lasun

*President—UBS Series Funds* 

Limited Purpose Cash Investment Fund

*Managing Director* 

UBS Asset Management (Americas) Inc.

![LOGO](g419900g13n19.jpg)

Robert Sabatino

*Portfolio Manager—UBS Series Funds* 

Limited Purpose Cash Investment Fund

*Managing Director*

UBS Asset Management (Americas) Inc.

![LOGO](g419900g67i63.jpg)

David J. Walczak

*Portfolio Manager—UBS Series Funds* 

Limited Purpose Cash Investment Fund

*Executive Director* 

UBS Asset Management (Americas) Inc.

*This letter is intended to assist shareholders in understanding how the Fund performed during the six-month period ended October 31, 2022. The views and opinions in the letter were current as of December 15, 2022. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.* 

\* Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568, or by visiting our Website at www.ubs.com/am-us. 

------

Limited Purpose Cash Investment Fund

**Understanding your Fund's expenses (unaudited)** 

As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2022 to October 31, 2022.

**Actual expenses** 

The first line 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 a 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 under the heading "Expenses paid during period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the 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 your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, if those other funds impose transactional costs—for example, exchange fees. In addition, if those transactional costs were included, your costs for those other funds would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>May 1, 2022** | **Ending<br>account value<br>October 31, 2022**<sup>1</sup> | **Expenses paid<br>during period<br>05/01/22 to 10/31/22**<sup>2</sup> | **Expense<br>ratio during<br>the period** |
| **Limited Purpose Cash Investment Fund** |  |  |  |  |
| Actual | $1000.00 | $1008.20 | $0.30 | 0.06% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.90 | 0.31 | 0.06 |

---

<sup>1</sup> "Actual—Ending account value" may or may not be reflective of a shareholder's actual investment experience during periods of very low interest rates. While the Fund declares dividends daily and pays them monthly, the amounts are rounded to the nearest $0.01 on a daily basis with respect to each investor's account. As a result, investors whose Fund account balances earn daily dividends that total less than one half a cent on any given day will not accrue any dividends on that day. 

<sup>2</sup> Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

------

Limited Purpose Cash Investment Fund

**Yields and characteristics at a glance—October 31, 2022 (unaudited)** 

---

| | |
|:---|:---|
| **Yields and Characteristics** | |
| Seven-Day current yield after fee waivers and/or expense reimbursements<sup>1</sup> | 2.91% |
| Seven-Day effective yield after fee waivers and/or expense reimbursements<sup>1</sup> | 2.96 |
| Seven-Day current yield before fee waivers and/or expense reimbursements<sup>1</sup> | 2.85 |
| Seven-Day effective yield before fee waivers and/or expense reimbursements<sup>1</sup> | 2.89 |
| Weighted average maturity<sup>2</sup> | 13 days |
| **Portfolio composition**<sup>3</sup> |  |
| U.S. Treasury obligations | 51.6% |
| Repurchase agreements | 38.8 |
| U.S. government agency obligations | 9.8 |
| Liabilities in excess of other assets | (0.2) |
| **Total** | **100.0%** |

---

**You could lose money by investing in the Fund. Because the price of shares of the Fund will fluctuate, when you sell your shares in the Fund, your shares may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the Fund's sponsor will provide financial support to the Fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. 

<sup>2</sup> The portfolio is actively managed and its weighted average maturity will differ over time.

<sup>3</sup> Weightings represent percentages of the Fund's net assets as of the date indicated. The portfolio is actively managed and its composition will vary over time. 

------

Limited Purpose Cash Investment Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—9.8%** | **U.S. government agency obligations—9.8%** | **U.S. government agency obligations—9.8%** |
|  Federal Home Loan Bank Discount Notes<br>3.000%, due 11/07/22<sup>1</sup> | $25000000 | $24984866 |
| &nbsp;&nbsp; 3.050%, due 11/16/22<sup>1</sup> | 100000000 | 99848731 |
| &nbsp;&nbsp; 3.055%, due 11/22/22<sup>1</sup> | 55000000 | 54883559 |
| &nbsp;&nbsp; 3.080%, due 11/17/22<sup>1</sup> | 10951000 | 10933331 |
| &nbsp;&nbsp; 3.160%, due 11/29/22<sup>1</sup> | 24214000 | 24145672 |
| &nbsp;&nbsp; 3.180%, due 11/25/22<sup>1</sup> | 70000000 | 69830656 |
| &nbsp;&nbsp; 3.250%, due 12/02/22<sup>1</sup> | 55000000 | 54818646 |
| &nbsp;&nbsp; 3.350%, due 12/13/22<sup>1</sup> | 100000000 | 99553525 |
| &nbsp;&nbsp; 3.690%, due 12/23/22<sup>1</sup> | 55000000 | 54696134 |
|  **Total U.S. government agency obligations** ****<br> (cost—$493,866,592) | **Total U.S. government agency obligations** ****<br> (cost—$493,866,592) | **493695120** |
| **U.S. Treasury obligations—51.6%** | **U.S. Treasury obligations—51.6%** | **U.S. Treasury obligations—51.6%** |
|  U.S. Treasury Bills<br>1.411%, due 11/10/22<sup>2</sup> | 52000000 | 51966597 |
| &nbsp;&nbsp; 1.450%, due 11/03/22<sup>2</sup> | 53000000 | 52993721 |
| &nbsp;&nbsp; 1.522%, due 11/17/22<sup>2</sup> | 54000000 | 53931816 |
| &nbsp;&nbsp; 1.563%, due 11/25/22<sup>2</sup> | 59000000 | 58870913 |
| &nbsp;&nbsp; 1.615%, due 12/01/22<sup>2</sup> | 57000000 | 56837629 |
| &nbsp;&nbsp; 2.541%, due 11/03/22<sup>2</sup> | 49000000 | 48994195 |
| &nbsp;&nbsp; 2.633%, due 11/10/22<sup>2</sup> | 70000000 | 69955034 |
| &nbsp;&nbsp; 2.659%, due 11/17/22<sup>2</sup> | 32000000 | 31959595 |
| &nbsp;&nbsp; 2.686%, due 11/01/22<sup>2</sup> | 100000000 | 100000000 |
| &nbsp;&nbsp; 2.743%, due 11/01/22<sup>2</sup> | 60000000 | 60000000 |
| &nbsp;&nbsp; 2.778%, due 11/15/22<sup>2</sup> | 30000000 | 29965000 |
| &nbsp;&nbsp; 2.798%, due 11/25/22<sup>2</sup> | 50000000 | 49890604 |
| &nbsp;&nbsp; 2.855%, due 11/10/22<sup>2</sup> | 150000000 | 149903644 |
| &nbsp;&nbsp; 2.869%, due 11/17/22<sup>2</sup> | 60000000 | 59924240 |
| &nbsp;&nbsp; 2.870%, due 11/15/22<sup>2</sup> | 55000000 | 54935833 |
| &nbsp;&nbsp; 2.929%, due 11/08/22<sup>2</sup> | 100000000 | 99946418 |
| &nbsp;&nbsp; 2.941%, due 12/01/22<sup>2</sup> | 52000000 | 51851872 |
| &nbsp;&nbsp; 2.943%, due 11/15/22<sup>2</sup> | 95000000 | 94889166 |
| &nbsp;&nbsp; 2.952%, due 11/08/22<sup>2</sup> | 220000000 | 219882120 |
| &nbsp;&nbsp; 2.958%, due 12/20/22<sup>2</sup> | 49000000 | 48754231 |
| &nbsp;&nbsp; 2.982%, due 11/22/22<sup>2</sup> | 60000000 | 59884898 |
| &nbsp;&nbsp; 3.014%, due 11/22/22<sup>2</sup> | 45000000 | 44913674 |
| &nbsp;&nbsp; 3.029%, due 12/08/22<sup>2</sup> | 50000000 | 49823543 |
| &nbsp;&nbsp; 3.041%, due 12/27/22<sup>2</sup> | 50000000 | 49703084 |
| &nbsp;&nbsp; 3.046%, due 11/22/22<sup>2</sup> | 57000000 | 56890653 |
| &nbsp;&nbsp; 3.101%, due 11/22/22<sup>2</sup> | 65000000 | 64875307 |
| &nbsp;&nbsp; 3.115%, due 11/29/22<sup>2</sup> | 115000000 | 114680236 |
| &nbsp;&nbsp; 3.154%, due 11/15/22<sup>2</sup> | 285000000 | 284667499 |
| &nbsp;&nbsp; 3.157%, due 11/22/22<sup>2</sup> | 155000000 | 154702654 |
| &nbsp;&nbsp; 3.366%, due 11/29/22<sup>2</sup> | 240000000 | 239332666 |
| &nbsp;&nbsp; 3.397%, due 11/29/22<sup>2</sup> | 50000000 | 49860972 |
|  **Total U.S. Treasury obligations** ****<br> (cost—$2,615,324,511) | **Total U.S. Treasury obligations** ****<br> (cost—$2,615,324,511) | **2614787814** |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Repurchase agreements—38.8%** | **Repurchase agreements—38.8%** | **Repurchase agreements—38.8%** |
|  Repurchase agreement dated 10/31/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.000% due 11/01/22, collateralized by $62,731,600 U.S. Treasury Notes, 3.125% due 08/31/27; (value—$60,180,048); proceeds: $59,004,917 | $59000000 | $59000000 |
|  Repurchase agreement dated 10/31/22 with Fixed Income Clearing Corp., 3.010% due 11/01/22, collateralized by $44,090,300 U.S. Treasury Bills, zero coupon due 01/26/23 and $208,175,800 U.S. Treasury Notes, 0.250% to 2.500% due 05/15/24; (value—$242,760,036); proceeds: $238,019,899 | 238000000 | 238000000 |
|  Repurchase agreement dated 10/31/22 with Federal Reserve Bank of New York, 3.050% due 11/01/22, collateralized by $1,693,471,500 U.S. Treasury Notes, 0.250% to 2.500% due 08/15/23 to 08/15/29; (value—$1,670,141,554); proceeds: $1,670,141,486 | 1670000000 | 1670000000 |
|  **Total repurchase agreements**<sup></sup>(cost—$1,967,000,000) |  | **1967000000** |
|  **Total investments** <br> (cost—$5,076,191,103 which approximates cost for federal income tax purposes)—100.2% |  | **5075482934** |
|  Liabilities in excess of other assets—(0.2)% |  | (11557809) |
|  **Net assets—100.0%** |  | $**5063925125** |

---

------

Limited Purpose Cash Investment Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other<br>significant<br>observable<br>inputs<br>(Level 2)** | **Unobservable inputs**<br>**(Level 3)** | **Total** |
| U.S. government agency obligations | $— | $493695120 | $— | $493695120 |
| U.S. Treasury obligations |  | 2614787814 |  | 2614787814 |
| Repurchase agreements |  | 1967000000 |  | 1967000000 |
| **Total** | $**—** | $**5075482934** | $**—** | $**5075482934** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnote** 

<sup>1</sup> Rate shown is the discount rate at the date of purchase unless otherwise noted.

<sup>2</sup> Rates shown reflect yield at October 31, 2022.

See accompanying notes to financial statements.

------

Limited Purpose Cash Investment Fund

------

**Statement of assets and liabilities** 

**October 31, 2022 (unaudited)** 

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost—$3,109,191,103) | $3108482934 |
| Repurchase agreements, at value (cost —$1,967,000,000) | 1967000000 |
| Total investments in securities, at value (cost—$5,076,191,103) | 5075482934 |
| Cash | 1254335 |
| Receivable for interest and dividends | 166302 |
| Total assets | 5076903571 |
| **Liabilities:** | **Liabilities:** |
| Dividends payable to shareholders | 12775722 |
| Payable to affiliate | 202724 |
| Total liabilities | 12978446 |
| Net assets | $5063925125 |
| **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $5064848808 |
| Distributable earnings (accumulated losses) | (923683) |
| Net assets | $5063925125 |
| Shares outstanding | 5066711217 |
| Net asset value per share | $0.9995 |

---

See accompanying notes to financial statements.

------

Limited Purpose Cash Investment Fund

------

**Statement of operations** 

---

| | |
|:---|:---|
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** |
| **Investment income:** |  |
| Interest | $44899619 |
| **Expenses:** | **Expenses:** |
| Investment management and administration fees | 3104681 |
| Trustees fees | 37040 |
| Total expenses | 3141721 |
| Fee waivers and/or expense reimbursements by investment manager and administrator | (1570860) |
| Net expenses | 1570861 |
| Net investment income (loss) | 43328758 |
| Net realized gain (loss) | (204501) |
| Net change in unrealized appreciation (depreciation) | (20158) |
| Net realized and unrealized gain (loss) | (224659) |
| Net increase (decrease) in net assets resulting from operations | $43104099 |

---

See accompanying notes to financial statements.

------

Limited Purpose Cash Investment Fund

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** |  |  |
| Net investment income (loss) | $43328758 | $2114042 |
| Net realized gain (loss) | (204501) | (10705) |
| Net change in unrealized appreciation (depreciation) | (20158) | (788690) |
| Net increase (decrease) in net assets resulting from operations | 43104099 | 1314647 |
| Total distributions | (43328758) | (2123397) |
| Net increase (decrease) in net assets from beneficial interest transactions | (185802334) | 2034212012 |
| Net increase (decrease) in net assets | (186026993) | 2033403262 |
| **Net assets:** |  |  |
| Beginning of period | 5249952118 | 3216548856 |
| End of period | $5063925125 | $5249952118 |

---

See accompanying notes to financial statements.

------

Limited Purpose Cash Investment Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$0.9995** | **$0.9997** | **$1.0008** | **$0.9999** | **$0.9998** | **$1.0000** |
| Net investment income (loss) | 0.0083 | 0.0004 | 0.0014 | 0.0179 | 0.0209 | 0.0109 |
| Net realized and unrealized gain (loss) | (0.0000)<sup>1</sup> | (0.0002) | (0.0010) | 0.0009 | 0.0001 | (0.0002) |
| Net increase (decrease) from operations | 0.0083 | 0.0002 | 0.0004 | 0.0188 | 0.0210 | 0.0107 |
| Dividends from net investment income | (0.0083) | (0.0004) | (0.0014) | (0.0179) | (0.0209) | (0.0109) |
| Distributions from net realized gains |  | (0.0000)<sup>1</sup> | (0.0001) |  |  |  |
| Total dividends, distributions and return of capital | (0.0083) | (0.0004) | (0.0015) | (0.0179) | (0.0209) | (0.0109) |
| **Net asset value, end of period** | **$0.9995** | **$0.9995** | **$0.9997** | **$1.0008** | **$0.9999** | **$0.9998** |
| **Total investment return**<sup>2</sup> | **0.82%** | **0.02%** | **0.04%** | **1.89%** | **2.12%** | **1.07%** |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Expenses before fee waivers and/or expense reimbursements | 0.12%<sup>3</sup> | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Expenses after fee waivers and/or expense reimbursements | 0.06%<sup>3</sup> | 0.04% | 0.06% | 0.06% | 0.06% | 0.06% |
| Net investment income (loss) | 1.65%<sup>3</sup> | 0.04% | 0.13% | 1.84% | 2.04% | 1.13% |
| **Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000's) | $5063925 | $5249952 | $3216549 | $3309628 | $3929522 | $7090380 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Annualized.

See accompanying notes to financial statements.

------

Limited Purpose Cash Investment Fund

Notes to financial statements (unaudited)

**Organization and significant accounting policies** 

Limited Purpose Cash Investment Fund (the "Fund") is registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), as a diversified series of UBS Series Funds (the "Trust") an open-end management investment company organized as a Delaware statutory trust on April 29, 1998. The Trust is a series mutual fund with twenty-two series. The financial statements for the other series of the Trust are not included herein. The Fund commenced operations on April 11, 2017.

UBS Asset Management (Americas) Inc. ("UBS AM") is the investment advisor and administrator for the Fund. UBS AM is an indirect wholly owned subsidiary of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

In the normal course of business, the Fund may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had any prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Fund's financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

This Fund is privately offered, and its shares are not registered under the Securities Act of 1933, as amended ("1933 Act").

The following is a summary of significant accounting policies:

**Valuation of investments—**Consistent with Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), the net asset value of the Fund is calculated using market-based values, and the price of its shares fluctuate.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of the Fund's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted 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 and credit risks.

Level 3—Unobservable inputs inclusive of the Fund's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of the Fund's Portfolio of investments.

**Floating net asset value per share fund—**Consistent with Rule 2a-7, the Fund calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and expects that its share price will fluctuate.

------

Limited Purpose Cash Investment Fund

Notes to financial statements (unaudited)

On occasion, it is possible that the end of day accounting net asset value ("NAV") per share of a floating NAV fund ("FNAV"), as reported in a shareholder report, for example, may differ from the transactional NAV per share (used for purposes of processing purchases and redemptions); while this is not expected to occur with great frequency, it may happen should certain factors align on a given business day. The final end-of-day NAV per share for accounting and financial statement reporting purposes is designed to reflect all end-of-day accounting activities, which may include, but are not limited to, income and expense accruals, dividend and distribution reinvestments as well as final share activity; such items are factored into the Fund after the last transactional NAV per share is calculated on a given day (normally, the transactional NAV per share is calculated as of 3 pm, Eastern time, as explained in the Fund's offering document).

**Liquidity fee and/or redemption gates—**Consistent with Rule 2a-7, Fund's Board of Trustees (the "Board") is permitted to impose a liquidity fee on redemptions from the Fund or a redemption gate to temporarily restrict redemptions in the event that the Fund's liquidity falls below required minimums because of market conditions or other factors. If the Fund's weekly liquid assets fall below 30% of the Fund's total assets, the board is permitted, but not required, to: (i) impose a liquidity fee of no more than 2% of the amount redeemed; and/or (ii) impose a redemption gate to temporarily suspend the right of redemption. If the Fund's weekly liquid assets falls below 10% of the Fund's total assets, the Fund must impose, generally as of the beginning of the next business day, a liquidity fee of 1% of the amount redeemed unless the Board determines that such a fee would not be in the best interest of the Fund or determines that a lower or higher fee (subject to the 2% limit) would be in the best interest of the Fund. Liquidity fees would reduce the amount a shareholder receives upon redemption of its shares. The Fund retains the liquidity fees for the benefit of remaining shareholders. For the period ended October 31, 2022, the Board of the Fund did not impose any liquidity fees and/or redemption gates.

**Repurchase agreements—**The Fund may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Fund maintains custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Fund and its counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by the Fund upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Fund generally has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds, equities and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. Moreover, repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 or a Fund's investment strategies and limitations, may require the Fund to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Fund may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. The Fund intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM to present minimal credit risk.

The Fund may participate in joint repurchase agreement transactions with other funds managed, advised or sub-advised by UBS AM. Under certain circumstances, the Fund may engage in a repurchase agreement transaction

------

Limited Purpose Cash Investment Fund

Notes to financial statements (unaudited)

with a yield of zero in order to invest cash amounts remaining in its Fund at the end of the day in order to avoid having the Fund potentially exposed to a fee for uninvested cash held in a business account at a bank.

**Investment transactions and investment income—**Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the identified cost method. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

**Dividends and distributions—**Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends from investment income and distributions from realized capital gains and/or return of capital are determined in accordance with US federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Concentration of risk—**The ability of the issuers of debt securities held by the Fund to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Certain impacts to public health conditions particular to the coronavirus "COVID-19" outbreak that occurred may have a significant negative impact on the operations and profitability of the issuers of the Fund's investments. The extent of the impact to the financial performance of the Fund will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

**Investment advisor and administrator and other transactions with affiliates** 

The Fund's Board of Trustees has approved an investment advisory and administration contract (the "Advisory Contract") with UBS AM, under which UBS AM serves as investment advisor and administrator of the Fund. In accordance with the Advisory Contract, the Fund pays UBS AM an investment advisory and administration fee, which is accrued daily and paid monthly. UBS AM's contract fee for the advisory and administration services it provides to the Fund is 0.12% of the Fund's average daily net assets. At October 31, 2022, UBS AM is owed $469,903 by the Fund, representing investment advisory and administration fees.

The Fund and UBS AM have entered into a written fee waiver agreement pursuant to which UBS AM is contractually obligated to waive its management fees so that the total ordinary operating expenses of the Fund through August 31, 2023, do not exceed 0.06%. The fee waiver agreement may be terminated by the Fund's board at any time and also will terminate automatically upon the expiration or termination of the Fund's contract with UBS AM. For the period ended October 31, 2022, UBS AM waived $1,570,860 in investment advisory and administration fees; such amount is not subject to future recoupment. At October 31, 2022, UBS AM owed the Fund $267,179 in fee waivers. The amount owed by or (owed to) UBS AM is shown at a net level on the statement of assets and liabilities.

UBS AM may also voluntarily waive fees/reimburse expenses in the event that Fund yields drop below a certain level. This additional undertaking is voluntary and not contractual and may be terminated at any time. For the period ended October 31, 2022, the Fund did not incur this additional waiver. There is no guarantee that this additional voluntary amount will continue to be waived/reimbursed. To the extent that expenses are to be reimbursed, they will be reimbursed by UBS AM.

In exchange for these fees, UBS AM has agreed to bear all of the Fund's expenses other than interest, taxes, extraordinary costs and the cost of securities purchased and sold by the Fund, including any transaction costs. Although UBS AM is not obligated to pay the fees and expenses of the Fund's independent trustees, it is contractually

------

Limited Purpose Cash Investment Fund

Notes to financial statements (unaudited)

obligated to reduce its management fee in an amount equal to those fees and expenses. UBS AM estimates that these fees and expenses will be less than 0.01% of the Fund's average daily net assets. At October 31, 2022, UBS AM did not owe the Fund any additional reductions in management fees for independent trustees' fees and expenses.

**Shares of beneficial interest** 

There is an unlimited amount of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest, for which the NAV per share has fluctuated, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended<br>October 31, 2022** | **For the six months ended<br>October 31, 2022** | **For the year ended<br>April 30, 2022** | **For the year ended<br>April 30, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 10808458955 | $10801247247 | 21314109830 | $21304702752 |
| Shares repurchased | (11012860324) | (11005378830) | (19279580711) | (19271069466) |
| Dividends reinvested | 18341310 | 18329249 | 578995 | 578726 |
| Net increase (decrease) | (186060059) | $(185802334) | 2035108114 | $2034212012 |

---

**Federal tax status** 

The Fund intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Fund intends not to be subject to a federal excise tax.

The tax character of distributions paid to shareholders by the Fund during the fiscal period ended April 30, 2022 was ordinary income in the amount of $2,123,397.

Aggregate cost for federal income tax purposes was substantially the same for book purposes; and net unrealized appreciation (depreciation) consisted of:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $30447 |
| Gross unrealized depreciation | (738616) |
| Net unrealized appreciation (depreciation) | (708169) |

---

The components of accumulated earnings (deficit) on a tax basis for the current fiscal year will be determined after the Fund's fiscal year ending April 30, 2023.

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Fund has conducted an analysis and concluded as of October 31, 2022, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. It is the Fund's policy to record any significant foreign tax exposures on the financial statements. The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended October 31, 2022, the Fund did not incur any interest or penalties.

Each of the tax years in the four year period ended April 30, 2022, remains subject to examination by the Internal Revenue Service and state taxing authorities.

------

Limited Purpose Cash Investment Fund

General information (unaudited)

**Monthly portfolio holdings disclosure** 

The Fund files its complete schedule of portfolio holdings with the US Securities and Exchange Commission ("SEC") each month on Form N-MFP. These reports on Form N-MFP are available on the SEC's Web site at http:// www.sec.gov. The Fund makes portfolio holdings information available to shareholders at the following internet address: www.lpcif.com. Investors also may find additional information about the Fund at www.lpcif.com.

**Proxy voting policies, procedures and record** 

You may obtain a description of the Fund's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1-800-647 1568, online on the Fund's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

------

Limited Purpose Cash Investment Fund

Board approval of management contract (unaudited)

**Background**—At a meeting of the board of UBS Series Funds (the "Trust") on July 19-20, 2022, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust ("Independent Trustees"), considered and approved the continuance of the management contract (the "Management Contract") of the Trust with respect to its series, Limited Purpose Cash Investment Fund (the "Fund"), with UBS Asset Management (Americas) Inc. ("UBS AM"). In preparing for the meeting, the Independent Trustees had requested and received extensive information from UBS AM to assist them, including information about UBS AM, as well as the advisory, administrative and distribution arrangements for the Fund. The board reviewed and discussed with management the materials provided by UBS AM prior to the scheduled board meeting. The Independent Trustees also met in executive session to review the disclosure that had been made to them. At these sessions the Independent Trustees were joined by their independent legal counsel. The Independent Trustees also received a memorandum from their independent legal counsel discussing the duties of board members in considering the approval of advisory, administration and distribution agreements.

In its consideration of the approval of the Management Contract, the board reviewed the following factors:

**Nature, extent and quality of the services under the Management Contract**—The board received and considered information regarding the nature, extent and quality of management services provided to the Fund by UBS AM under the Management Contract during the past year. The board recognized that although the Fund is registered under the 1940 Act, unlike the other existing series of the Trust, the Fund's shares are privately offered and, therefore, are not registered under the Securities Act of 1933, as amended. The board also recognized that the Fund is currently offered exclusively to funds advised by AQR Capital Management, LLC or its affiliates for specific purposes. The board also considered the nature, extent and quality of management services performed by UBS AM and its affiliates for the Fund and the resources devoted to, and the record of compliance with, the Fund's compliance policies and procedures. The board noted that it received information at regular meetings throughout the year regarding the services rendered by UBS AM concerning the management of the Fund's affairs and UBS AM's role in coordinating and overseeing providers of other services to the Fund. The board's evaluation of the services provided by UBS AM took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the scope and quality of UBS AM's investment advisory and other capabilities and the quality of its administrative and other services. The board observed that the scope of services provided by UBS AM had expanded over time as a result of regulatory and other developments, including maintaining and monitoring its own and the Fund's expanded compliance programs.

The board had available to it the qualifications, backgrounds and responsibilities of the senior personnel at UBS AM responsible for the Fund and had previously met with and received information regarding the persons primarily responsible for the day-to-day management of the Fund. The board recognized that several senior personnel at UBS AM report to the board regularly and that at each regular meeting the board receives a detailed report from UBS AM on the Fund's performance. The board also considered, based on its knowledge of UBS AM and its affiliates, the financial resources available to UBS AM and its parent organization, UBS Group AG. In that regard, the board received extensive financial information regarding UBS AM and noted that it was a wholly owned, indirect subsidiary of one of the largest financial services firms in the world. It also was noted that UBS AM had approximately $290.6 billion in assets under management as of March 31, 2022 and was part of the UBS Asset Management Division, which had approximately $1.2 trillion in assets under management worldwide as of March 31, 2022. The board also was cognizant of, and considered, the regulatory and litigation actions and investigations occurring in the past few years involving UBS Group AG, UBS AM and certain of their affiliates.

The board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund under the Management Contract.

**Management fees and expense ratios**—The board reviewed and considered the contractual management fee (the "Contractual Management Fee") payable by the Fund to UBS AM in light of the nature, extent and quality of

------

Limited Purpose Cash Investment Fund

Board approval of management contract (unaudited)

the advisory and administrative services provided by UBS AM. The board also reviewed and considered the fee waiver arrangement implemented for the Fund and considered the actual fee rate (after taking any waivers into account) (the "Actual Management Fee"). Additionally, the board received and considered information comparing the Fund's Contractual Management Fee, Actual Management Fee and total expenses with those of funds in a group of funds selected and provided by Broadridge, an independent provider of investment company data (the "Expense Group").

In connection with its consideration of the Fund's management fees, the board also received information from UBS AM with respect to fees paid by institutional or separate accounts; however, in management's view, such fee information was not very relevant to the Fund because, among other reasons, separately managed and institutional accounts with a "cash" mandate (a) were not subject to all of the constraints of Rule 2a-7 under the 1940 Act to which the Fund is subject and (b) do not involve the management responsibilities attendant to the operation of a 1940 Act regulated fund, and, therefore, were not totally comparable. The board also received information on fees charged to other mutual funds managed by UBS AM. The board considered UBS AM's belief that the level of services that it provides to the Fund is more streamlined than that which is provided to the publicly-offered UBS money market funds, and that by providing a more streamlined level of services to, in effect, a single client, UBS AM believes that it currently incurs minimal additional costs in managing the Fund.

The comparative Broadridge information showed that the Fund's Contractual Management Fee, Actual Management Fee and total expenses were below the respective medians in the Fund's Expense Group for the comparison periods utilized in the Broadridge report. (Below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the Expense Group.)

In light of the foregoing, the board determined that the management fee continued to be appropriate under the circumstances and in light of the nature, extent and quality of services provided to the Fund under the Management Contract.

**Fund performance**—The board received and considered annualized total return information of the Fund compared to other funds (the "Performance Universe") selected by Broadridge over the one-, three- and five-year and since inception periods ended April 30, 2022. The board was provided with a description of the methodology Broadridge used to determine the similarity of the Fund with the funds included in its Performance Universe. The board also noted that it had received information throughout the year at periodic intervals with respect to the Fund's performance.

The comparative Broadridge information showed that the Fund's performance was at the Performance Universe median for the one- and five-year periods, reasonably close to the median for the three-year period and at the median since inception. (Below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median.) Based on its review, the board concluded that the Fund's investment performance was acceptable.

**Advisor profitability**—The board received and considered a profitability analysis of UBS AM and its affiliates in providing services to the Fund and was provided information on UBS AM's expense allocation methodology. The board also received profitability information with respect to the UBS New York fund complex as a whole. The board observed that the profitability and expense analyses are substantially similar to those used by UBS AM for many internal purposes, and are subject to regular review with respect to how certain revenue and expenses should be allocated. UBS AM's profitability was considered not excessive in light of the nature, extent and quality of the services provided to the Fund.

**Economies of scale**—The board received and considered information from management regarding whether UBS AM realized material economies of scale as the Fund's assets grew, whether the Fund has appropriately

------

Limited Purpose Cash Investment Fund

Board approval of management contract (unaudited)

benefited from any material economies of scale, and whether there is potential for realization of any further economies of scale for the Fund. The board considered whether material economies of scale in the provision of services to the Fund were being passed along to the shareholders.

Generally, in light of UBS AM's profitability data, the Contractual Management Fee and Actual Management Fee, and the fee waiver currently in effect, the board believed that UBS AM's sharing of current economies of scale with the Fund was acceptable.

**Other benefits to UBS AM**—The board considered other benefits received by UBS AM and its affiliates as a result of its relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders. In light of the costs of providing investment advisory, administrative and other services to the Fund and UBS AM's ongoing commitment to the Fund, the profits and other ancillary benefits that UBS AM and its affiliates received were considered reasonable.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Management Contract. No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Management Contract. The Independent Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Management Contract in private sessions with its independent legal counsel at which no representatives of UBS AM were present.

------

**Trustees** 

Alan S. Bernikow

*Chairman* 

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

**Investment Advisor and Administrator** 

UBS Asset Management (Americas) Inc.

787 Seventh Avenue

New York, New York 10019

**Placement Agent** 

UBS Asset Management (US) Inc.

787 Seventh Avenue

New York, New York 10019

The financial information included herein is taken from the records of the Fund without examination by independent registered public accountants who do not express an opinion thereon.

This report is not to be used in connection with the offering of shares of the Fund unless accompanied or preceded by an offering document.© UBS 2022. All rights reserved.

------

![LOGO](g4199007mm_k485.jpg)

![LOGO](g419900g38c43.jpg)

**UBS Asset Management (Americas) Inc.** 

787 Seventh Avenue

New York, New York 10019

------

![LOGO](g4222607mm_k485.jpg)

## UBS RMA Government Money Market Fund
Semiannual Report \| October 31, 2022

------

UBS RMA Government Money Market Fund

December 15, 2022

**Dear Shareholder,** 

We present you with the semiannual report for UBS RMA Government Money Market Fund for the six months ended October 31, 2022 (the "reporting period").

**Performance** 

The US Federal Reserve (the "Fed") raised the federal funds rate from a range between 0.25% and 0.50% to a range between 3.00% and 3.25% during the six-month reporting period. The federal funds rate or the "fed funds rate," is the rate US banks charge one another for funds they borrow on an overnight basis. (For more details on the Fed's actions, see below.) The Fed also anticipates several additional rate hikes during the remainder of the Fund's current fiscal year. As a result, the yields on a number of short-term investments moved higher—as did the Fund's yields—during the reporting period.

The seven-day current yield for the Fund as of October 31, 2022 was 2.54%, versus 0.01% on April 30, 2022. (For more information on the Fund's performance, refer to "Yields and characteristics at a glance" on page 4.)

**UBS RMA Government Money Market Fund** 

**Investment goal:** 

Maximum current income consistent with liquidity and the preservation of capital.

**Portfolio Managers:** 

Robert Sabatino

David J. Walczak

UBS Asset Management (Americas) Inc.

**Commencement:** 

June 24, 2016

**Dividend payments:** 

Monthly

**An interview with Portfolio Manager Robert Sabatino** 

**Q.** **How would you describe the economic environment during the reporting period?** 

**A.** The US economy moved in fits and starts, as it was impacted by COVID-19 and its variants, 40-year high inflation,
supply chain shortages, rising interest rates and the repercussions from the war in Ukraine. These headwinds were at times offset by a resilient job market and overall positive consumer spending. Looking back, first quarter 2022 US annualized gross
domestic product ("GDP") was -1.6%. The economy then contracted 0.6% over the second quarter of the year. Finally, the Commerce Department's initial estimate showed that third quarter annualized GDP was a positive 2.6%.

**Q.** **How did the US Federal Reserve (the "Fed") react to the economic environment?** 

**A.** The Fed raised interest rates four times during the reporting period in an attempt to rein in persistent and elevated
inflation. These moves pushed the Fed funds rate from a range between 0.25% and 0.50% to a range between 3.00% and 3.25%. Then, in November 2022, after the reporting period ended, the Fed raised rates to a range between 3.75% and 4.00% and indicated
that additional rate hikes would be appropriate. Finally, in December 2022, the Fed raised rates to a range between 4.25% and 4.50%.

**Q.** **How did you position the Fund over the reporting period?** 

**A**. The Fund is a "feeder fund," investing all of its assets in a "master fund," namely Government Master
Fund. We tactically adjusted Government Master Fund's weighted average maturity (WAM)—which is the weighted average maturity of the securities in its portfolio—throughout the reporting period. The Fund's WAM was 22 days when the
reporting period began. At period end on October 31, 2022, it was three days.

**Q.** **What level of portfolio diversification did you maintain during the reporting period?** 

**A**. At the issuer level, we continued to invest in US government securities, investing in numerous smaller positions with the
goal of reducing risk and keeping the Fund highly liquid.

------

UBS RMA Government Money Market Fund

**Q.** **What types of securities did the Government Master Fund emphasize?** 

**A**. Over the review period, we significantly increased the Master Fund's exposure to repurchase agreements backed by
government securities. Conversely, we reduced its allocations to direct US Treasury obligations and direct US government agency obligations. (Repurchase agreements are transactions in which the seller of a security agrees to buy it back at a
predetermined time and price or upon demand.)

**Q.** **What factors do you believe will affect the Fund over the coming months?** 

**A.** We expect the Fed to continue tightening monetary policy as it seeks to lower inflation. At the same time, several
economic indicators point to slowing growth, and it's unclear whether the central bank can maneuver a "soft landing" for the US economy. In this environment, we anticipate continuing to manage the Fund focusing on risk and liquidity.

We thank you for your continued support and welcome any comments or questions you may have. For additional information on the UBS family of funds,\* please contact your financial advisor, or visit us at www.ubs.com/am-us.

Sincerely,

---

| | |
|:---|:---|
| ![LOGO](g422260g29p71.jpg) | ![LOGO](g422260g67i63.jpg) |
| Igor Lasun<br> *President—UBS Series Funds*<br> UBS RMA Government Money Market Fund<br> *Managing Director*<br> UBS Asset Management<br> (Americas) Inc. | David J. Walczak<br> *Portfolio Manager—UBS Series Funds*<br> UBS RMA Government Money Market Fund<br> *Executive Director*<br> UBS Asset Management<br> (Americas) Inc. |
| ![LOGO](g422260g13n19.jpg) |  |
| Robert Sabatino<br> *Portfolio Manager—UBS Series Funds*<br> UBS RMA Government Money Market Fund<br> *Managing Director*<br> UBS Asset Management<br> (Americas) Inc. |  |

---

*This letter is intended to assist shareholders in understanding how the Fund performed during the six-month period ended October 31, 2022. The views and opinions in the letter were current as of December 15, 2022. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.* 

\* Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568, or by visiting our Website at www.ubs.com/am-us. 

------

UBS RMA Government Money Market Fund

**Understanding your Fund's expenses**<sup>1</sup> **(unaudited)** 

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees (non-12-b-1 fees) and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Since the Fund is a "feeder fund" that invests in a corresponding "master fund," the expense information below reflects the combined effect of the two levels of expenses and not just those imposed directly at the feeder fund level.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2022 to October 31, 2022.

**Actual expenses** 

The first line 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 a 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 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 in the table below provides information about hypothetical account values and hypothetical expenses based on the 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 your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, if those other funds impose transactional costs—for example, exchange fees. In addition, if those transactional costs were included, your costs for those other funds would have been higher.

The examples do not reflect Resource Management Account<sup>®</sup> (RMA<sup>®</sup>) Program, Business Services Account BSA<sup>®</sup> Program or other program fees as these are external to the Fund and relate to those programs.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>May 1, 2022** | **Ending<br>account value<br>October 31, 2022**<sup>2</sup> | **Expenses paid<br>during period<br>05/01/22 to 10/31/22**<sup>3</sup> | **Expense<br>ratio during<br>the period** |
| Actual | $1000.00 | $1006.40 | $2.67 | 0.53% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1022.53 | 2.70 | 0.53 |

---

<sup>1</sup> The expenses for the Fund reflect the expenses of the corresponding master fund in which it invests in addition to its own direct expenses.

<sup>2</sup> "Actual—Ending account value" may or may not be reflective of a shareholder's actual investment experience during periods of very low interest rates. While the Fund declares dividends daily and pays them monthly, the amounts are rounded to the nearest $0.01 on a daily basis with respect to each investor's account. As a result, investors whose Fund account balances earn daily dividends that total less than one half a cent on any given day will not accrue any dividends on that day. 

<sup>3</sup> Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

------

UBS RMA Government Money Market Fund

**Yields and characteristics at a glance—October 31, 2022 (unaudited)** 

---

| | |
|:---|:---|
| **UBS RMA Government Money Market Fund**<br>**Yields and characteristics** | |
| Seven-day current yield after fee waivers and/or expense reimbursements<sup>1</sup> | 2.54% |
| Seven-day effective yield after fee waivers and/or expense reimbursements<sup>1</sup> | 2.57 |
| Seven-day current yield before fee waivers and/or expense reimbursements<sup>1</sup> | 2.46 |
| Seven-day effective yield before fee waivers and/or expense reimbursements<sup>1</sup> | 2.49 |
| Weighted average maturity<sup>2</sup> | 3 days |

---

**You could lose money by investing in UBS RMA Government Money Market Fund. Although the related money market master fund seeks to preserve the value of your investment so that the shares of UBS RMA Government Money Market Fund are at $1.00 per share, the related money market master fund cannot guarantee it will do so. An investment in UBS RMA Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. UBS RMA Government Money Market Fund's sponsor has no legal obligation to provide financial support to UBS RMA Government Money Market Fund, and you should not expect that the fund's sponsor will provide financial support to UBS RMA Government Money Market Fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. 

<sup>2</sup> Weighted average maturity provided is that of the related master fund, which is actively managed and its weighted average maturity will differ over time.

------

UBS RMA Government Money Market Fund

------

**Statement of assets and liabilities** 

**October 31, 2022 (unaudited)** 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in Government Master Fund ("Master Fund"), at value (cost—$776,965,644, which approximates cost for federal income tax purposes) | $776965644 |
| Other assets | 98858 |
| Total assets | 777064502 |
| **Liabilities:** |  |
| Dividends payable to shareholders | 1657510 |
| Payable to affiliate | 226311 |
| Accrued expenses and other liabilities | 272466 |
| Total liabilities | 2156287 |
| **Net assets:** |  |
| Shares of beneficial interest—$0.001 par value per share, unlimited amount authorized; 774,944,966 outstanding | $774944966 |
| Distributable earnings (accumulated losses) | (36751) |
| Net assets | $774908215 |
| Net asset value per share | $1.00 |

---

See accompanying notes to financial statements and attached financial statements for Government Master Fund.

------

UBS RMA Government Money Market Fund

------

**Statement of operations** 

---

| | |
|:---|:---|
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** |
| **Investment income:** |  |
| Interest income allocated from Master Fund | $7861880 |
| Expenses allocated from Master Fund | (439034) |
| Expense waiver allocated from Master Fund | 403684 |
| Net investment income allocated from Master Fund | 7826530 |
| **Expenses:** |  |
| Administration fees | 437375 |
| Service fees | 1096353 |
| Transfer agency and related services fees | 574004 |
| Accounting fees | 4146 |
| Trustees' fees | 11176 |
| Professional fees | 36402 |
| Reports and notices to shareholders | 47817 |
| State registration fees | 103624 |
| Insurance fees | 7936 |
| Other expenses | 7945 |
| Total expenses | 2326778 |
| Less: Fee waivers and/or expense reimbursements by administrator/distributor | (30958) |
| Net expenses | 2295820 |
| Net investment income (loss) | 5530710 |
| Net increase (decrease) in net assets resulting from operations | $5530710 |

---

See accompanying notes to financial statements and attached financial statements for Government Master Fund.

------

UBS RMA Government Money Market Fund

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** |  |  |
| Net investment income (loss) | $5530710 | $106152 |
| Net realized gain (loss) allocated from Master Fund |  | 1336 |
| Net increase (decrease) in net assets resulting from operations | 5530710 | 107488 |
| Total distributions | (5530710) | (115593) |
| Net increase (decrease) in net assets from beneficial interest transactions | (268682904) | (238177097) |
| Net increase (decrease) in net assets | (268682904) | (238185202) |
| **Net assets:** |  |  |
| Beginning of period | 1043591119 | 1281776321 |
| End of period | $774908215 | $1043591119 |

---

See accompanying notes to financial statements and attached financial statements for Government Master Fund.

------

UBS RMA Government Money Market Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Net investment income (loss) | 0.007 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.013 | 0.017 | 0.007 |
| Net realized gain (loss) |  | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | (0.000)<sup>1</sup> |
| Net increase (decrease) from operations | 0.007 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.013 | 0.017 | 0.007 |
| Dividends from net investment income | (0.007) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.013) | (0.017) | (0.007) |
| Distributions from net realized gains |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |  | (0.000)<sup>1</sup> |
| Total dividends, distributions and return of capital | (0.007) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.013) | (0.017) | (0.007) |
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total investment return**<sup>2</sup> | **0.64%** | **0.01%** | **0.02%** | **1.30%** | **1.70%** | **0.69%** |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Expenses before fee waivers and/or expense reimbursements<sup>3</sup> | 0.63%<sup>4</sup> | 0.58% | 0.59% | 0.51% | 0.49% | 0.49% |
| Expenses after fee waivers and/or expense reimbursements<sup>3</sup> | 0.53%<sup>4</sup> | 0.08% | 0.16% | 0.50% | 0.49% | 0.49% |
| Net investment income (loss)<sup>3</sup> | 1.26%<sup>4</sup> | 0.01% | 0.01% | 1.65% | 1.68% | 0.67% |
| **Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000's) | $774908 | $1043591 | $1281776 | $694940 | $4909374 | $5762262 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and attached financial statements for Government Master Fund.

------

UBS RMA Government Money Market Fund

Notes to financial statements

**Organization and significant accounting policies** 

UBS RMA Government Money Market Fund ("RMA Government Fund" or the "Fund") is registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), as a diversified series of UBS Series Funds (the "Trust"), an open-end management investment company organized as a Delaware statutory trust on April 29, 1998. The Trust is a series mutual fund with twenty-two series. The financial statements for the other series of the Trust are not included herein.

RMA Government Fund is a "feeder fund" that invests substantially all of its assets in a "master fund"—Government Master Fund (the "Master Fund", a diversified series of Master Trust, an open-end investment company registered with the SEC under the 1940 Act). The feeder fund and its respective Master Fund have the same investment objectives. RMA Government Fund commenced operations on June 24, 2016.

UBS Asset Management (Americas) Inc. ("UBS AM") is the investment advisor and administrator for the Master Fund and the administrator for the Fund. UBS Asset Management (US) Inc. ("UBS AM—US") serves as principal underwriter for the Fund. UBS AM and UBS AM—US are indirect wholly owned subsidiaries of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

The performance of the Fund is directly affected by the performance of the Master Fund. The value of such investment reflects the Fund's proportionate interest in the net assets of the Master Fund (8.94% at October 31, 2022).

All of the net investment income and realized and unrealized gains and losses from investment activities of the Master Fund are allocated pro rata, based on respective ownership interests, among the Fund and other investors in the Master Fund (e.g.*,* other feeder funds) at the time of such determination. The financial statements of the Master Fund, including the Portfolio of investments, are included elsewhere in this report and should be read in connection with the Fund's financial statements. The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

In the normal course of business, the Fund may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had any prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Fund's financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The following is a summary of significant accounting policies:

**Valuation of investments**—The Fund records its investment in the Master Fund at fair value. Securities held by the Master Fund are valued as indicated in the Master Fund's Notes to financial statements, which are included elsewhere in this report.

**Constant net asset value per share**—RMA Government Fund attempts to maintain a stable net asset value of $1.00 per share. There is no assurance, however, that the Fund will be able to maintain a stable net asset value of $1.00 per share. The Fund and the Master Fund have adopted certain investment, portfolio valuation and dividend/

------

UBS RMA Government Money Market Fund

Notes to financial statements

distribution policies in an attempt to enable the Fund to do so. RMA Government Fund and the Master Fund have each adopted a policy to operate as a "government money market fund". Under Rule 2a-7 of the 1940 Act, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (*i.e.*, collateralized by cash and/or government securities) (either directly or through a related master portfolio). As a "government money market fund", RMA Government Fund is permitted to seek to maintain a stable price per share.

**Liquidity fee and/or redemption gates**—By operating as a "government money market fund", RMA Government Fund is exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Fund's Board of Trustees (the "Board") may elect to subject RMA Government Fund to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

**Dividends and distributions**—Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions is determined in accordance with federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Concentration of risk**—The ability of the issuers of the debt securities held by the Master Fund to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Certain impacts to public health conditions particular to the coronavirus "COVID-19" outbreak that occurred may have a significant negative impact on the operations and profitability of the Fund's investments. The extent of the impact to the financial performance of the Fund will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

**Administrator** 

UBS AM serves as administrator to the Fund pursuant to an Administration Agreement approved by the Trust's Board. In accordance with the Administration Agreement, the Fund pays UBS AM an administration fee, which is accrued daily and paid monthly, at the below annual rate, as a percentage of the Fund's average daily net assets:

---

| | |
|:---|:---|
| **Fund** | **Administration fee** |
| RMA Government Fund | 0.10% |

---

At October 31, 2022, the Fund owed UBS AM $64,197 for administrative services.

**Shareholder services plan** 

UBS AM—US is the principal underwriter and distributor of the Fund's shares. Under the shareholder services plan, UBS AM—US is entitled to a monthly shareholder servicing fee, payable by the Fund, at the below annual rate, as a percentage of the Fund's average daily net assets:

---

| | |
|:---|:---|
| **Fund** | **Shareholder servicing fee** |
| RMA Government Fund | 0.25% |

---

At October 31, 2022, the Fund owed UBS AM—US $162,114 for shareholder servicing fees.

In addition, UBS AM and UBS AM—US may voluntarily undertake to waive fees, including in the event that Fund yields drop below a certain level. This additional undertaking is voluntary and not contractual and may be terminated at any time. For the period ended October 31, 2022, UBS AM and UBS AM—US voluntarily waived fees and/or reimbursed expenses of $30,958 which is not subject to future recoupment.

------

UBS RMA Government Money Market Fund

Notes to financial statements

**Transfer agency and related services fees** 

UBS Financial Services Inc. provides certain services pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Fund's transfer agent, and was compensated for these services by BNY Mellon, not the Fund. For the six months ended October 31, 2022, UBS Financial Services Inc. received from BNY Mellon, not the Fund, total delegated services fees of $296,893.

**Shares of beneficial interest** 

There is an unlimited amount of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest, at $1.00 per share, were as follows:

---

| | | |
|:---|:---|:---|
| **RMA Government Money Market Fund** | <br>**For the<br>six months ended<br>October 31, 2022** | <br>**For the<br>year ended<br>April 30, 2022** |
| Shares sold | 11903512576 | 23313017705 |
| Shares repurchased | (12175667071) | (23551309942) |
| Dividends reinvested | 3471591 | 115140 |
| Net increase (decrease) in shares outstanding | (268682904) | (238177097) |

---

**Federal tax status** 

The Fund intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Fund intends not to be subject to a federal excise tax.

The tax character of distributions paid to shareholders by the Fund during the fiscal year ended April 30, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Distributions paid<br>from ordinary<br>income** | **Distributions paid<br>from net long-term<br>capital gains** | **Total<br>distributions paid** |
| RMA Government Money Market Fund | $115396 | $197 | $115593 |

---

The tax character of distributions made and components of accumulated earnings (accumulated losses) on a tax basis for the current fiscal year will be determined after the Fund's fiscal year ending April 30, 2023.

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Fund has conducted an analysis and concluded as of October 31, 2022, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended October 31, 2022, the Fund did not incur any interest or penalties.

Each of the tax years in the four year period ended April 30, 2022, remains subject to examination by the Internal Revenue Service and state taxing authorities.

------

UBS RMA Government Money Market Fund

General information (unaudited)

**Monthly portfolio holdings disclosure** 

The Fund and Master Fund file their complete schedules of portfolio holdings with the US Securities and Exchange Commission ("SEC") each month on Form N-MFP. These reports on Form N-MFP are available on the SEC's Web site at http://www.sec.gov. The Fund and Master Fund make portfolio holdings information available to shareholders on UBS's Web site at the following internet address: www.ubs.com/usmoneymarketfunds. Investors also may find additional information about the Fund at the above referenced UBS Web site internet address.

**Proxy voting policies, procedures and record** 

You may obtain a description of the Fund's (and corresponding Master Fund's) (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how a fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1-800-647 1568, online on the Fund's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

------

## Master Trust
Semiannual Report \| October 31, 2022

**Includes:** 

• Government Master Fund

------

Government Master Fund

**Understanding Master Fund's expenses (unaudited)** 

*(Note: The expense information provided in this section is relevant for direct investors in the Master Fund. Investors in the related "feeder fund" should instead focus on separate expense examples relevant to the feeder fund; the expense examples for the feeder fund will reflect its proportionate share of the corresponding Master Fund's expenses.)* 

As an owner of a Master Fund, an investor such as a feeder fund incurs ongoing costs, including management fees and other Master Fund expenses. These examples are intended to help you understand a Master Fund investor's ongoing costs (in dollars) of investing in a Master Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2022 to October 31, 2022.

**Actual expenses** 

The first line 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 a 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 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 in the table below provides information about hypothetical account values and hypothetical expenses based on the Master Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Master Fund's actual return. The hypothetical account values and expenses may not be used to estimate your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Master Fund and other funds. To do so, compare these 5%

hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, if those other funds impose transactional costs—for example, exchange fees. In addition, if those transactional costs were included, your costs for those other funds would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>May 1, 2022** | **Ending<br>account value<br>October 31, 2022** | **Expenses paid<br>during period<br>05/01/22 to 10/31/22**<sup>1</sup> | **Expense<br>ratio during<br>the period** |
| Actual | $1000.00 | $1009.30 | $0.05 | 0.01% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1025.15 | 0.05 | 0.01 |

---

<sup>1</sup> Expenses are equal to the Master Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

------

Government Master Fund

**Portfolio characteristics at a glance—October 31, 2022 (unaudited)** 

------

**Government Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 3 days |
| **Portfolio composition**<sup>2</sup> |  |
| Repurchase agreements | 78.1% |
| U.S. government agency obligations | 16.2 |
| U.S. Treasury obligations | 5.6 |
| Other assets in excess of liabilities | 0.1 |
| **Total** | **100.0%** |

---

**You could lose money by investing in a money market fund. Although Government Master Fund seeks to preserve the value of your investment so that the shares of each related feeder fund are at $1.00 per share, Government Master Fund cannot guarantee it will do so. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Government Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—16.2%** | **U.S. government agency obligations—16.2%** | **U.S. government agency obligations—16.2%** |
|  Federal Farm Credit Banks Funding Corp.  | Federal Farm Credit Banks Funding Corp.  | Federal Farm Credit Banks Funding Corp.  |
| &nbsp;&nbsp; SOFR + 0.013%, <br>3.063%, due 11/01/22<sup>1</sup> | $62000000 | $62000000 |
| &nbsp;&nbsp; SOFR + 0.025%, <br>3.075%, due 11/01/22<sup>1</sup> | 232000000 | 231988888 |
| &nbsp;&nbsp; SOFR + 0.030%, <br>3.080%, due 11/01/22<sup>1</sup> | 63000000 | 63000000 |
| &nbsp;&nbsp; SOFR + 0.035%, <br>3.085%, due 11/01/22<sup>1</sup> | 52000000 | 52000000 |
| &nbsp;&nbsp; SOFR + 0.040%, <br>3.090%, due 11/01/22<sup>1</sup> | 40000000 | 40000000 |
| &nbsp;&nbsp; SOFR + 0.050%, <br>3.100%, due 11/01/22<sup>1</sup> | 30000000 | 30000000 |
| &nbsp;&nbsp; SOFR + 0.055%, <br>3.105%, due 11/01/22<sup>1</sup> | 5500000 | 5500000 |
| &nbsp;&nbsp; SOFR + 0.060%, <br>3.110%, due 11/01/22<sup>1</sup> | 7000000 | 7000000 |
| &nbsp;&nbsp; SOFR + 0.070%, <br>3.120%, due 11/01/22<sup>1</sup> | 18000000 | 18000000 |
| &nbsp;&nbsp; SOFR + 0.090%, <br>3.140%, due 11/01/22<sup>1</sup> | 22000000 | 22000000 |
| &nbsp;&nbsp; SOFR + 0.100%, <br>3.150%, due 11/01/22<sup>1</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.105%, <br>3.155%, due 11/01/22<sup>1</sup> | 19500000 | 19500000 |
|  Federal Home Loan Bank Discount Notes<br>2.750%, due 12/15/22<sup>2</sup> | 25000000 | 24915972 |
| &nbsp;&nbsp; 3.720%, due 12/23/22<sup>2</sup> | 50000000 | 49731334 |
| &nbsp;&nbsp; 4.050%, due 01/27/23<sup>2</sup> | 30000000 | 29706375 |
| &nbsp;&nbsp; 4.400%, due 04/26/23<sup>2</sup> | 8000000 | 7827911 |
|  Federal Home Loan Banks<br>0.210%, due 12/12/22 | 43000000 | 43000000 |
| &nbsp;&nbsp; SOFR + 0.030%, <br>3.080%, due 11/01/22<sup>1</sup> | 79000000 | 79000000 |
| &nbsp;&nbsp; SOFR + 0.035%, <br>3.085%, due 11/01/22<sup>1</sup> | 79000000 | 79000000 |
| &nbsp;&nbsp; SOFR + 0.040%, <br>3.090%, due 11/01/22<sup>1</sup> | 149000000 | 149000000 |
| &nbsp;&nbsp; SOFR + 0.045%, <br>3.095%, due 11/01/22<sup>1</sup> | 116000000 | 116000000 |
| &nbsp;&nbsp; SOFR + 0.050%, <br>3.100%, due 11/01/22<sup>1</sup> | 71000000 | 71000000 |
| &nbsp;&nbsp; SOFR + 0.055%, <br>3.105%, due 11/01/22<sup>1</sup> | 84500000 | 84500000 |
| &nbsp;&nbsp; SOFR + 0.060%, <br>3.110%, due 11/01/22<sup>1</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.700%, <br>3.120%, due 11/01/22<sup>1</sup> | 82000000 | 82000000 |
|  **Total U.S. government agency obligations** ****<br> (cost—$1,404,670,480) | **Total U.S. government agency obligations** ****<br> (cost—$1,404,670,480) | **1404670480** |
| **U.S. Treasury obligations—5.6%** | **U.S. Treasury obligations—5.6%** | **U.S. Treasury obligations—5.6%** |
|  U.S. Treasury Bills<br>1.450%, due 11/03/22<sup>3</sup> | 43000000 | 42996608 |
| &nbsp;&nbsp; 2.941%, due 12/01/22<sup>3</sup> | 59000000 | 58858400 |
| &nbsp;&nbsp; 3.029%, due 12/08/22<sup>3</sup> | 64000000 | 63804969 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.037%, 4.078%, due 11/01/22<sup>1</sup> | $| 226000000 | $| 225876691 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.140%, 4.181%, due 11/01/22<sup>1</sup> |  | 100000000 |  | 100007740 |
|  **Total U.S. Treasury obligations** ****<br> (cost—$491,544,408) | **Total U.S. Treasury obligations** ****<br> (cost—$491,544,408) | **Total U.S. Treasury obligations** ****<br> (cost—$491,544,408) |  | **491544408** |
| **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** |
|  Repurchase agreement dated 10/31/22 with Mitsubishi UFJ Securities Americas, Inc., 3.040% due 11/01/22, collateralized by $10,450,980 Federal Home Loan Mortgage Corp. obligations, 2.968% to 5.000% due 09/15/44 to 10/01/52, $31,210,411 Federal National Mortgage Association obligations, 2.500% to 4.500% due 05/01/25 to 10/25/52 and $86,770,556 Government National Mortgage Association obligations, 2.500% to 4.000% due 03/20/42 to 06/16/61; (value—$71,400,000); proceeds: $70,005,911 |  | 70000000 |  | 70000000 |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.190% due 01/30/23, collateralized by $454,997,498 Federal Home Loan Mortgage Corp. obligations, 0.100% to 11.100% due 03/25/29 to 03/25/54, $336,878,002 Federal National Mortgage Association obligations, 0.253% to 5.000% due 04/25/36 to 08/25/52 and $1,555,395,980 Government National Mortgage Association obligations, zero coupon to 5.000% due 02/20/34 to 03/16/64; (value—$103,000,001); proceeds: $100,248,111<sup>4</sup> |  | 100000000 |  | 100000000 |
|  Repurchase agreement dated 10/31/22 with Toronto-Dominion Bank, 3.050% due 11/01/22, collateralized by $119,600,000 Federal Home Loan Mortgage Corp. obligations, 3.762% to 4.350% due 07/15/36 to 03/15/45 and $533,950,865 Federal National Mortgage Association obligations, 1.500% to 5.500% due 04/25/23 to 02/25/51; (value—$102,000,000); proceeds: $100,008,472 |  | 100000000 |  | 100000000 |
|  Repurchase agreement dated 03/31/22 with Mitsubishi UFJ Securities Americas, Inc., 3.060% due 12/05/22, collateralized by $17,604,808 Federal National Mortgage Association obligations, 3.000% to 3.500% due 01/25/43 to 06/25/48 and $103,114,609 Government National Mortgage Association obligations, 2.000% to 5.000% due 03/20/41 to 10/20/52; (value—$102,000,000); proceeds: $101,819,000<sup>4</sup> |  | 100000000 |  | 100000000 |

---

------

Government Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** |
|  Repurchase agreement dated 10/03/22 with J.P. Morgan Securities LLC, 3.060% due 11/07/22, collateralized by $282,219,454 Federal National Mortgage Association obligations, 2.000% to 6.000% due 08/01/36 to 09/01/52; (value—$204,000,001); proceeds: $200,476,000<sup>4</sup> | $200000000 | $200000000 |
|  Repurchase agreement dated 10/31/22 with J.P. Morgan Securities LLC, 3.060% due 11/01/22, collateralized by $1,890,001,757 Federal Home Loan Mortgage Corp. obligations, zero coupon to 6.997% due 05/25/23 to 03/25/58, $1,558,033,365 Federal National Mortgage Association obligations, zero coupon to 5.000% due 08/25/24 to 01/25/52 and $2,297,529,578 Government National Mortgage Association obligations, zero coupon to 5.500% due 07/20/39 to 03/16/64; (value—$515,000,001); proceeds: $500,042,500 | 500000000 | 500000000 |
|  Repurchase agreement dated 10/31/22 with J.P. Morgan Securities LLC, 3.050% due 11/01/22, collateralized by $503,178,015 Federal Home Loan Mortgage Corp. obligations, 3.500% to 6.500% due 01/01/28 to 10/01/52, $1,554,162,388 Federal National Mortgage Association obligations, 1.500% to 7.500% due 07/01/28 to 03/01/61 and $75,335,770 Government National Mortgage Association obligations, 2.500% to 5.500% due 11/20/35 to 09/20/62; (value—$969,000,001); proceeds: $950,080,486 | 950000000 | 950000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/31/22 with Fixed Income Clearing Corp., 3.010% due 11/01/22, collateralized by $1,063,905,500 U.S. Treasury Bill, zero coupon due 01/26/23; (value—$1,053,660,090); proceeds: $1,033,086,370 | $| 1033000000 | $1033000000 |
|  Repurchase agreement dated 10/31/22 with Federal Reserve Bank of New York, 3.050% due 11/01/22, collateralized by 4,058,989,300 U.S. Treasury Notes, 1.625% to 2.250% due 08/15/27 to 08/15/29; (value—$3,730,316,043); proceeds: $3,730,316,014 |  | 3730000000 | 3730000000 |
|  **Total repurchase agreements** ****<br> (cost—$6,783,000,000) | **Total repurchase agreements** ****<br> (cost—$6,783,000,000) | **Total repurchase agreements** ****<br> (cost—$6,783,000,000) | **6783000000** |
|  **Total investments** <br> (cost—$8,679,214,888 which approximates cost for federal income tax purposes)—99.9% |  |  | **8679214888** |
|  Other assets in excess of liabilities—0.1%  | Other assets in excess of liabilities—0.1%  | Other assets in excess of liabilities—0.1%  | 7542039 |
|  **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**8686756927** |

---

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| U.S. government agency obligations | $— | $1404670480 | $— | $1404670480 |
| U.S. Treasury obligations |  | 491544408 |  | 491544408 |
| Repurchase agreements |  | 6783000000 |  | 6783000000 |
| **Total** | $**—** | $**8679214888** | $**—** | $**8679214888** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

------

Government Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

**Portfolio footnotes** 

<sup>1</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

<sup>2</sup> Rate shown is the discount rate at the date of purchase unless otherwise noted.

<sup>3</sup> Rates shown reflect yield at October 31, 2022.

<sup>4</sup> Investment has a put feature, which allows the Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2022 and changes periodically. The maturity date reflects the earliest put date and the proceeds represent the receivable of the Fund if the put feature was exercised as of October 31, 2022. 

**Portfolio acronyms** 

SOFR Secured Overnight Financing Rate

See accompanying notes to financial statements.

------

Government Master Trust

------

**Statement of assets and liabilities** 

**October 31, 2022 (unaudited)** 

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost—$1,896,214,888) | $1896214888 |
| Repurchase agreements (cost—$6,783,000,000) | 6783000000 |
| Total investments in securities, at value (cost—$8,679,214,888) | 8679214888 |
| Cash | 2128758 |
| Receivable for interest | 5532782 |
| Total assets | 8686876428 |
| **Liabilities:** | **Liabilities:** |
| Payable to affiliate | 119501 |
| Total liabilities | 119501 |
| Net assets, at value | $8686756927 |

---

See accompanying notes to financial statements.

------

Government Master Trust

------

**Statement of operations** 

---

| | |
|:---|:---|
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** |
| **Investment income:** | **Investment income:** |
| Interest | $62069861 |
| **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 3013535 |
| Total expenses | 3013535 |
| Less: Fee waivers and/or Trustees' fees reimbursement by administrator | (2745980) |
| Net expenses | 267555 |
| Net investment income (loss) | 61802306 |
| Net increase (decrease) in net assets resulting from operations | $61802306 |

---

See accompanying notes to financial statements.

------

Government Master Trust

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the**<br> **year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $61802306 | $1609012 |
| Net realized gain (loss) |  | 8316 |
| Net increase (decrease) in net assets resulting from operations | 61802306 | 1617328 |
| Net increase (decrease) in net assets from beneficial interest transactions | 4327276993 | (4526632556) |
| Net increase (decrease) in net assets | 4389079299 | (4525015228) |
| **Net assets:** |  |  |
| Beginning of period | 4297677628 | 8822692856 |
| End of period | $8686756927 | $4297677628 |

---

See accompanying notes to financial statements.

------

Government Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Expenses after fee waivers | 0.01%<sup>1</sup> | 0.06% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income (loss) | 2.05%<sup>1</sup> | 0.02% | 0.09% | 1.75% | 2.07% | 1.07% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Total investment return<sup>2</sup> | 0.93% | 0.03% | 0.08% | 1.74% | 2.10% | 1.08% |
| Net assets, end of period (000's) | $8686757 | $4297678 | $8822693 | $17762675 | $14278487 | $15676931 |

---

<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Government Master Fund

Notes to financial statements

**Organization and significant accounting policies** 

Government Master Fund (the "Master Fund") is registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), as a diversified series of Master Trust, an open-end management investment company organized as a Delaware statutory trust on June 12, 2007. Government Master Fund commenced operations on June 24, 2016.

UBS Asset Management (Americas) Inc. ("UBS AM") is the investment advisor and administrator for the Master Fund. UBS AM is an indirect wholly owned subsidiary of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

Master Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

The Master Fund may issue any number of interests and each interest shall have a par value of $0.001 per interest. The interests of the Master Fund shall represent a proportional beneficial interest in the net assets belonging to that series. Each holder of interests of the Master Fund shall be entitled to receive his or her pro rata share of all distributions made with respect to the Master Fund according to the investor's ownership percentage of the Master Fund on the record date established for payment. Upon redemption of interests, an investor shall be paid solely out of the assets and property of the Master Fund. Beneficial interests in the Trust are not registered under the Securities Act of 1933, as amended, since such interests are issued in private placement transactions.

In the normal course of business, the Master Fund may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Master Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Master Fund that have not yet occurred. However, the Master Fund has not had any prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Fund's financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The following is a summary of significant accounting policies:

**Valuation of investments**—Under Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), Government Master Fund has adopted a policy to operate as a "government money market fund". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (*i.e.*, collateralized by cash and/or government securities). As a "government money market fund", Government Master Fund values its investments at amortized cost unless UBS AM, as the valuation designee appointed by Master Trust's Board of Trustees (the "Board") pursuant to Rule 2a-5 under the 1940 Act, determines that this does not represent fair value. Periodic review and monitoring of the valuation of securities held by Government Master Fund is performed in an effort to ensure that amortized cost approximates market value.

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness

------

Government Master Fund

Notes to financial statements

of fair value methodologies; and overseeing and evaluating third-party pricing services. UBS AM has the Equities, Fixed Income, and Multi-Asset Valuation Committee (the "VC") to assist with its designated responsibilities as valuation designee with respect to the Master Fund's portfolio investments. The types of investments for which such fair value pricing may be necessary include, but are not limited to: investments of an issuer that has entered into a restructuring; fixed-income investments that have gone into default and for which there is no current market value quotation; Section 4(a)(2) commercial paper; investments that are restricted as to transfer or resale; illiquid investments; and investments for which the prices or values available do not, in the judgment of the VC, represent current market value. The need to fair value the Master Fund's portfolio investments may also result from low trading volume in foreign markets or thinly traded investments. Various factors may be reviewed in order to make a good faith determination of an investment's fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investments are purchased and sold.

The Master Fund's portfolio holdings may also consist of shares of other investment companies in which the Master Fund invests. The value of each such open-end investment company will generally be its net asset value at the time the Master Fund's beneficial interests are priced. Pursuant to the Master Fund's use of the practical expedient within ASC Topic 820, investments in non-registered investment companies and/or investments in investment companies without publicly published prices are also valued at the daily net asset value. Each investment company generally values investments in a manner as described in that investment company's prospectus or similar documents.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of the Master Fund's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted 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 and credit risks.

Level 3—Unobservable inputs inclusive of the Master Fund's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of the Master Fund's Portfolio of investments.

**Liquidity fee and/or redemption gates**—By operating as a "government money market fund", Government Master Fund is exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Board may elect to subject Government Master Fund to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

**Repurchase agreements**—The Master Fund may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Master Fund maintains custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Master Fund and its counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by a fund upon acquisition is

------

Government Master Fund

Notes to financial statements

accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Master Fund generally has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 of the 1940 Act or a fund's investment strategies and limitations may require the Master Fund to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Master Fund may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. The Master Fund intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM to present minimal credit risk.

The Master Fund may participate in joint repurchase agreement transactions with other funds managed or advised by UBS AM. The Master Fund may engage in repurchase agreements as part of normal investing strategies.

Under certain circumstances, the Master Fund may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its portfolio at the end of the day in order to avoid having the Master Fund potentially exposed to a fee for uninvested cash held in a business account at a bank.

**Investment transactions and investment income**—Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the identified cost method. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

**Concentration of risk**—The ability of the issuers of the debt securities held by the Master Fund to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Certain impacts to public health conditions particular to the coronavirus "COVID-19" outbreak that occurred may have a significant negative impact on the operations and profitability of the Fund's investments. The extent of the impact to the financial performance of the Fund will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

**Investment advisor and administrator** 

UBS AM serves as the investment advisor and administrator to the Master Fund pursuant to an investment advisory and administration contract ("Management Contract") approved by the Board. In accordance with the Management Contract, the Master Fund pays UBS AM an investment advisory and administration fee ("management fee"), which is accrued daily and paid monthly, at the below annual rates, as a percentage of the Master Fund's average daily net assets:

---

| | |
|:---|:---|
| **Average daily net assets** | **Annual rate** |
| Up to $30 billion | 0.1000% |
| In excess of $30 billion up to $40 billion | 0.0975 |
| In excess of $40 billion up to $50 billion | 0.0950 |
| In excess of $50 billion up to $60 billion | 0.0925 |
| Over $60 billion | 0.0900 |

---

------

Government Master Fund

Notes to financial statements

At October 31, 2022, the Master Fund owed UBS AM for investment advisory and administration services as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount owed to UBS AM** |
| Government Master Fund | $119501 |

---

In exchange for these fees, UBS AM has agreed to bear all of the Master Fund's expenses other than taxes, extraordinary costs and the cost of securities purchased and sold by the Master Fund, including any transaction costs. Although UBS AM is not obligated to pay the fees and expenses of the Master Fund's independent trustees, it is contractually obligated to reduce its management fee in an amount equal to those fees and expenses. UBS AM estimates that these fees and expenses will be 0.01% or less of the Master Fund's average daily net assets. At October 31, 2022, UBS AM did not owe the Master Fund any additional reductions in management fees for independent trustees' fees and expenses.

For the period May 9, 2022 to October 31, 2022, UBS AM voluntarily waived 0.10% of its management fee in order to voluntarily reduce the Fund's expenses by 0.10%. For the period ended October 31, 2022, UBS AM voluntarily waived $2,745,980 for the Fund, and such amount is not subject to future recoupment.

In addition, UBS AM may voluntarily undertake to waive fees. This additional undertaking is voluntary and not contractual and may be terminated at any time. During the period ended October 31, 2022, the Fund did not incur this additional waiver.

**Beneficial interest transactions** 

---

| | | |
|:---|:---|:---|
| **Government Master Fund** | **Government Master Fund** | **Government Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022** | **For the<br>year ended<br>April 30, 2022** |
| Contributions | $18529031580 | $118340152475 |
| Withdrawals | (14201754587) | (122866785031) |
| Net increase (decrease) in beneficial interest | $4327276993 | $(4526632556) |

---

**Federal tax status** 

Government Master Fund is considered a non-publicly traded partnership for federal income tax purposes under the Internal Revenue Code; therefore, no federal tax provision is necessary. As such, each investor in the Master Fund is treated as owning its proportionate share of the net assets, income, expenses, and realized and unrealized gains and losses of the Master Fund. UBS AM intends that the Master Fund's assets, income and distributions will be managed in such a way that an investor in the Master Fund will be able to continue to qualify as a regulated investment company by investing its net assets through the Master Fund.

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Master Fund has conducted an analysis and concluded, as of October 31, 2022, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. The Master Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended October 31, 2022, the Fund did not incur any interest or penalties.

Each of the tax years in the four year period ended April 30, 2022, remains subject to examination by the Internal Revenue Service and state taxing authorities.

------

Government Master Fund

General information (unaudited)

**Monthly portfolio holdings disclosure** 

The Master Fund files its complete schedule of portfolio holdings with the US Securities and Exchange Commission ("SEC") each month on Form N-MFP. The Master Fund's reports on Form N-MFP are available on the SEC's Website at http://www.sec.gov. The Master Fund makes portfolio holdings information available to interest holders (and investors in the related feeder fund) on UBS's Website at the following internet address: www.ubs.com/usmoneymarketfunds. Investors also may find additional information about the Master Fund at the above referenced UBS Website internet address.

**Proxy voting policies, procedures and record** 

You may obtain a description of the Master Fund's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Master Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Master Fund directly at 1-800-647 1568, online on the Fund's Website: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

------

Government Master Fund

Board approval of management contract (unaudited)

**Background**—At a meeting of the board of Master Trust (the "Trust") on July 19-20, 2022, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust ("Independent Trustees"), considered and approved the continuance of the management contract (the "Management Contract") between UBS Asset Management (Americas) Inc. ("UBS AM") and the Trust, with respect to Government Master Fund (the "Master Fund"), a series of the Trust. In preparing for the meeting, the Independent Trustees had requested and received extensive information from UBS AM to assist them, including information about UBS AM, as well as the advisory, administrative and distribution arrangements for the Master Fund. The board reviewed and discussed with management the materials provided by UBS AM prior to the scheduled board meeting. The Independent Trustees also met in executive session to review the disclosure that had been made to them. At these sessions the Independent Trustees were joined by their independent legal counsel. The Independent Trustees also received a memorandum from their independent legal counsel discussing the duties of board members in considering the approval of advisory and administration agreements.

In its consideration of the approval of the Management Contract, the board reviewed the following factors:

**Nature, extent and quality of the services under the Management Contract**—The board received and considered information regarding the nature, extent and quality of management services provided to the Master Fund by UBS AM under the Management Contract. The board also considered the nature, extent and quality of administrative, distribution, and shareholder services performed by UBS AM and its affiliates for the Master Fund and the corresponding SEC-registered "feeder funds" that invest in the Master Fund (the "Feeder Funds"). The board noted that it received information at regular meetings throughout the year regarding the services rendered by UBS AM concerning the management of the Master Fund's and each Feeder Fund's affairs and UBS AM's role in coordinating and overseeing providers of other services to the Master Fund and the Feeder Funds. The board's evaluation of the services provided by UBS AM took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the scope and quality of UBS AM's investment advisory and other capabilities and the quality of its administrative and other services. The board observed that the scope of services provided by UBS AM had expanded over time as a result of regulatory and other developments, including maintaining and monitoring its own and the Master Fund's and the Feeder Funds' expanded compliance programs.

The board had available to it the qualifications, backgrounds and responsibilities of the senior personnel at UBS AM responsible for the Master Fund and the Feeder Funds and had previously met with and received information regarding the persons primarily responsible for their day-to-day management. The board recognized that several senior personnel at UBS AM report to the board regularly and that at each regular meeting the board receives a detailed report from UBS AM on the Master Fund's and each Feeder Fund's performance. The board also considered, based on its knowledge of UBS AM and its affiliates, the financial resources available to UBS AM and its parent organization, UBS Group AG. In that regard, the board received extensive financial information regarding UBS AM and noted that it was a wholly owned, indirect subsidiary of one of the largest financial services firms in the world. It also was noted that UBS AM had approximately $290.6 billion in assets under management as of March 31, 2022 and was part of the UBS Asset Management Division, which had approximately $1.2 trillion in assets under management worldwide as of March 31, 2022. The board also was cognizant of, and considered, the regulatory and litigation actions and investigations occurring in the past few years involving UBS Group AG, UBS AM and certain of their affiliates.

The board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) under the Management Contract.

**Management fees and expense ratios**—In conducting its review, the board noted that under the master-feeder structure, the Master Fund pays an investment advisory and administration fee (the "Contractual Management Fee") to UBS AM, and, in turn, each Feeder Fund bears the Master Fund's expenses in proportion to its investment in the Master Fund. Therefore, in making its determination regarding the Master Fund's fees, the board assessed (i) the

------

Government Master Fund

Board approval of management contract (unaudited)

Master Fund's Contractual Management Fee, Actual Management Fee (defined below) and overall expenses, (ii) each Feeder Fund's portion of the Master Fund's Contractual Management Fee and Actual Management Fee (defined below), and (iii) each Feeder Fund's overall expenses.

In addition to reviewing each Feeder Fund's portion of the Master Fund's Contractual Management Fee, the board also reviewed and considered any fee waiver and/or expense reimbursement arrangement and considered the actual fee rate (after taking any waivers and/or reimbursements into account) (the "Actual Management Fee"). The board noted that management proposed to extend the contractual fee waiver and/or expense reimbursement arrangements in place for the Select Government Preferred Feeder Fund and Select Government Investor Feeder Fund through August 31, 2023. The board also noted that management would pass through to the benefit of the Select Government Investor Feeder Fund certain waivers from financial intermediaries. The board noted that such additional voluntary waiver/reimbursement arrangements are not contractually imposed and could change or terminate at any time.

The board also received and considered information comparing the Master Fund's Contractual Management Fee, Actual Management Fee and overall expenses and each Feeder Fund's portion of the Master Fund's Contractual Management Fee and Actual Management Fee and each Feeder Fund's total expenses with those of funds in a group of funds selected and provided by Broadridge ("Broadridge"), an independent provider of investment company data (the "Expense Group"). With respect to Select Government Investor Feeder Fund, the board also received from Broadridge comparative data on a supplemental expense group of funds selected based on feeder fund asset size instead of master fund asset size; with respect to RMA Government Money Market Feeder Fund, the board also received from Broadridge comparative data on a supplemental expense group of funds selected based on their utilization as account sweep funds (the "Supplemental Expense Group").

In connection with its consideration of the management fees, the board also received information from UBS AM with respect to fees paid by institutional or separate accounts; however, in management's view, such fee information was not very relevant to the Master Fund because, among other reasons, separately managed and institutional accounts with a "cash" mandate (a) were not subject to all of the constraints of Rule 2a-7 under the 1940 Act to which the Master Fund is subject and (b) do not involve the management responsibilities attendant to the operation of a 1940 Act regulated fund, and, therefore, were not totally comparable. The board also received information on fees charged to other mutual funds managed by UBS AM.

The comparative Broadridge information showed that, with the exception of the RMA Government Money Market Feeder Fund's Actual Management Fee, the Government Master Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

In light of the foregoing, the board determined that the management fees for the Master Fund continued to be appropriate under the circumstances and in light of the nature, extent and quality of services provided to the Master Fund under the Management Contract.

**Fund performance—**In considering the Master Fund's performance, the board received and considered (a) annualized total return information of each Feeder Fund compared to other funds (the "Performance Universe") selected by Broadridge over the one-, three-, five- and ten-year (or shorter) periods, as applicable to a Feeder Fund, and since inception, in each case ended April 30, 2022 and (b) annualized performance information for each year in the ten-year (or shorter) period ended April 30, 2022. Although the board received information for the ten-year period and since inception, in its analysis, it generally placed greater emphasis on the one-, three- and five-year periods. The board was provided with a description of the methodology Broadridge used to determine the similarity of each Feeder Fund with the funds included in its Performance Universe. The board noted that each Feeder Fund's performance is correlated with the Master Fund's performance, with the only difference being the administrative, distribution and shareholder service fees or other expenses paid at the Feeder Fund level.

------

Government Master Fund

Board approval of management contract (unaudited)

The comparative Broadridge information showed that the performance of each Feeder Fund was at or above its corresponding Performance Universe median for the one-, three- and five-year periods and since inception, with the only exception being the three-year period for RMA Government Money Market Feeder Fund, which was only slightly below such median.

Based on its review, the board concluded that the Master Fund's investment performance was acceptable under the circumstances.

**Advisor profitability—**The board received and considered a profitability analysis of UBS AM and its affiliates over time in providing services to the Master Fund and the Feeder Funds and was provided information on UBS AM's expense allocation methodology. The board also received profitability information with respect to the UBS New York fund complex as a whole. The board observed that the profitability and expense analyses are substantially similar to those used by UBS AM for many internal purposes and are subject to regular review with respect to how certain revenue and expenses should be allocated. UBS AM's profitability was considered not excessive in light of the nature, extent and quality of the services provided to the Master Fund and the Feeder Funds.

**Economies of scale—**The board received and considered information from management regarding whether UBS AM realized economies of scale as the Master Fund's assets grew, whether the Master Fund had appropriately benefited from any material unshared economies of scale over time, and whether there is potential for realization of any further economies of scale for the Master Fund. The board considered whether economies of scale in the provision of services to the Master Fund were being passed along to the Feeder Funds' shareholders.

The board noted that although the Master Fund's Contractual Management Fee contained breakpoints at higher asset levels, economies of scale might inure more to UBS AM because UBS AM paid most of the Master Fund's non-management operating expenses under the "unitary" fee structure. Overall, the board considered the sharing of economies of scale with the shareholders of the Feeder Funds acceptable.

**Other benefits to UBS AM—**The board considered other benefits received by UBS AM and its affiliates as a result of its relationship with the Master Fund and the Feeder Funds, including the opportunity to offer additional products and services to the Feeder Funds' shareholders and to others. In light of the costs of providing investment advisory, administrative and other services to the Master Fund, the costs of providing administrative services to the Feeder Funds and UBS AM's ongoing commitment to the Master Fund and the Feeder Funds, the profits and other ancillary benefits that UBS AM and its affiliates received were considered reasonable.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Management Contract. No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Management Contract. The Independent Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Management Contract in private sessions with their independent legal counsel at which no representatives of UBS AM were present.

------

**Trustees** 

Meyer Feldberg

*Chairman* 

Alan S. Bernikow

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

**Administrator (and Manager for Government Master Fund)** 

UBS Asset Management (Americas) Inc.

787 Seventh Avenue

New York, New York 10019

**Principal Underwriter (for the feeder fund)** 

UBS Asset Management (US) Inc.

787 Seventh Avenue

New York, New York 10019

The financial information included herein is taken from the records of the Fund without examination by independent registered public accountants who do not express an opinion thereon.

This report is not to be used in connection with the offering of shares of the Fund unless accompanied or preceded by an effective prospectus.© UBS 2022. All rights reserved.

------

![LOGO](g4222607mm_k485.jpg)

![LOGO](g422260g38c43.jpg)

**UBS Asset Management (Americas) Inc.** 

787 Seventh Avenue

New York, New York 10019-6028

S1661

------

![LOGO](g3133407mm_k485.jpg)

## UBS Investor Funds
Semiannual Report \| October 31, 2022

**Includes:** 

• UBS Select Prime Investor Fund

• UBS Select ESG Prime Investor Fund

• UBS Select Government Investor Fund

• UBS Select Treasury Investor Fund

• UBS Prime Investor Fund

• UBS Tax-Free Investor Fund

------

UBS Investor Funds

December 15, 2022

**Dear Shareholder,** 

We present you with the semiannual report for the UBS Investor Series of Funds, namely UBS Select Prime Investor Fund, UBS Select ESG Prime Investor Fund, UBS Select Government Investor Fund, UBS Select Treasury Investor Fund, UBS Prime Investor Fund and UBS Tax-Free Investor Fund, for the six months ended October 31, 2022 (the "reporting period").

**Performance** 

The US Federal Reserve (the "Fed") raised the federal funds rate from a range between 0.25% and 0.50% to a range between 3.00% and 3.25% during the six-month reporting period. The federal funds rate or the "fed funds rate," is the rate US banks charge one another for funds they borrow on an overnight basis. (For more details on the Fed's actions, see below.) The Fed also anticipates several additional rate hikes during the remainder of the Funds' current fiscal year. As a result, the yields on a number of short-term investments moved higher—as did the Funds' yields—during the reporting period.

The seven-day current yields for the Funds (after fee waivers/expense reimbursements) were as follows:

• **UBS Select Prime Investor Fund:** 2.98% on October 31, 2022, versus 0.05% on April 30, 2022.

• **UBS Select ESG Prime Investor Fund :** 2.81% on October 31, 2022, versus 0.13% on April 30, 2022.

• **UBS Select Government Investor Fund:** 2.82% on October 31, 2022, versus 0.01% on April 30, 2022.

• **UBS Select Treasury Investor Fund:** 2.78% on October 31, 2022, versus 0.01% on April 30, 2022.

• **UBS Prime Investor Fund:** 2.94% on October 31, 2022, versus 0.05% on April 30, 2022.

• **UBS Tax-Free Investor Fund:** 1.57% on October 31, 2022, versus 0.01% on April 30, 2022.

For detailed information on the Funds' performance, refer to "Yields and characteristics at a glance" on pages 7–9.

**An interview with the Portfolio Managers** 

**Q.** **How would you describe the economic environment during the reporting period?** 

**A.** The US economy moved in fits and starts, as it was impacted by COVID-19 and its variants, 40-year high inflation, supply chain shortages,

**UBS Select Prime Investor Fund** 

**UBS Select Government Investor Fund** 

**UBS Select Treasury Investor Fund** 

**UBS Prime Investor Fund** 

**Investment goals (all four Funds):** 

Maximum current income consistent with liquidity and the preservation of capital

**Portfolio managers:** 

Robert Sabatino

David J. Walczak

UBS Asset Management (Americas) Inc.

**Commencement:** 

UBS Select Prime Investor Fund—August 1, 2008;

UBS Select Government Investor Fund—August 17, 2016;

UBS Select Treasury Investor Fund—September 18, 2008;

UBS Prime Investor Fund—January 19, 2016

**Dividend payments:** 

Monthly

**UBS Select ESG Prime Investor Fund** 

**Investment goal:** 

Maximum current income as is consistent with liquidity and preservation of capital while incorporating select environmental, social, and governance criteria ("ESG") into the investment process.

**Portfolio Managers:** 

Robert Sabatino

David J. Walczak

UBS Asset Management (Americas) Inc.

**Commencement:** 

January 15, 2020

**Dividend payments:** 

Monthly

**UBS Tax-Free Investor Fund** 

**Investment goal:** 

Maximum current income exempt from federal income tax consistent with liquidity and the preservation of capital

**Portfolio manager:** 

Lisa M. DiPaolo

UBS Asset Management (Americas) Inc.

**Commencement:** 

September 22, 2008

**Dividend payments:** 

Monthly

------

UBS Investor Funds

rising interest rates and the repercussions from the war in Ukraine. These headwinds were at times offset by a resilient job market and overall positive consumer spending. Looking back, first quarter 2022 US annualized gross domestic product ("GDP") was -1.6%. The economy then contracted 0.6% over the second quarter of the year. Finally, the Commerce Department's initial estimate showed that third quarter annualized GDP was a positive 2.6%.

**Q. How did the US Federal Reserve (the "Fed") react to the economic environment?** 

**A.** The Fed raised interest rates four times during the reporting period in an attempt to rein in persistent and
elevated inflation. These moves pushed the federal funds rate from a range between 0.25% and 0.50% to a range between 3.00% and 3.25%. Then, in November 2022—after the reporting period ended—the Fed raised rates to a range between 3.75%
and 4.00% and indicated that additional rate hikes would be appropriate. Finally, in December 2022, the Fed raised rates to a range between 4.25% and 4.50%.

**Q.** **Given that the Funds are "feeder funds," how were the portfolios in which they invest managed during the reporting period?** 

**A.** Each fund is a "feeder fund," investing all of its assets in "Master Funds"—the Prime
Master Fund, the ESG Prime Master Fund, the Government Master Fund, the Treasury Master Fund, the Prime CNAV Master Fund, and the Tax-Free Master Fund, respectively. As always, quality and liquidity remained
paramount in our management process for the Master Funds.

• For the Prime Master Fund in which **UBS Select Prime Investor Fund** invests, we tactically adjusted its weighted
average maturity (WAM)—which is the weighted average maturity of the securities in the portfolio—throughout the six month review period. When the reporting period began, the Master Fund had a WAM of 21 days. By the end of the period on
October 31, 2022, the Master Fund's WAM was five days.

At the security level, we increased the Master Fund's exposure to repurchase agreements and, to a lesser extent, certificates of deposit. Conversely, we decreased its allocations to commercial paper and time deposits. (Repurchase agreements are transactions that require the seller of a security to buy it back at a predetermined time and price, or upon demand.)

• The WAM for the Master Fund in which **UBS Select ESG Prime Investor Fund** invests was 17 days when the reporting
period began. At period-end on October 31, 2022 it was seven days. At the security level, we modestly increased the Master Fund's exposure to certificates of deposit and commercial paper. In
contrast, we slightly decreased its exposures to time deposits and repurchase agreements.

• The WAM for the Government Master Fund in which **UBS Select Government Investor Fund** invests was 22 days when
the reporting period began. Over the review period, the WAM was adjusted, and at period-end on October 31, 2022, it was three days. At the security level, we significantly increased the Master Fund's
exposure to repurchase agreements backed by government securities. Conversely, we reduced its allocations to direct US Treasury obligations and US government agency obligations.

• The WAM for the Treasury Master Fund in which **UBS Select Treasury Investor Fund** invests was 23 days when the
reporting period began. Over the review period, the WAM was adjusted, and at period-end it was five days. At the security level, we meaningfully increased the Master Fund's exposure to repurchase
agreements backed by US Treasury obligations and significantly reduced its exposure to direct US Treasury obligations.

------

UBS Investor Funds

• The WAM for the Prime CNAV Master Fund in which **UBS Prime Investor Fund** invests was 22 days when the reporting
period began. We tactically adjusted its WAM, and at the end of the reporting period the Master Fund's WAM was six days. Over the review period, we modestly increased the Master Fund's exposures to repurchase agreements and certificates of
deposit. Conversely, we slightly decreased its exposures to commercial paper and time deposits.

• The WAM for the Tax-Free Master Fund in which **UBS Tax-Free Investor Fund** invests was 6 days when the reporting period began. We tactically adjusted the Master Fund's WAM based on market conditions and seasonality factors within the tax-exempt market. At the end of the reporting period its WAM was five days. Over the review period, we increased the Master Fund's allocation to municipal bonds and reduced its exposure to tax-exempt commercial paper.

We thank you for your continued support and welcome any comments or questions you may have. As previously communicated to shareholders, the UBS Investor Series of Funds are scheduled to be merged into a related set of money market funds in January 2023 and to cease operations. For additional information on the UBS family of funds,\* please contact your financial advisor, or visit us at www.ubs.com/am-us.

Sincerely,

---

| | |
|:---|:---|
| ![LOGO](g313340g29p71.jpg)  | ![LOGO](g313340g13n19.jpg)  |
| Igor Lasun<br> *President—UBS Series Funds*<br> UBS Select Prime Investor Fund<br> UBS Select ESG Prime Investor Fund<br> UBS Select Government Investor Fund<br> UBS Select Treasury Investor Fund<br> UBS Prime Investor Fund<br> UBS Tax-Free Investor Fund<br> *Managing Director*<br> UBS Asset Management<br> (Americas) Inc. | Robert Sabatino<br> Portfolio Manager—<br> UBS Select Prime Investor Fund<br> UBS Select ESG Prime Investor Fund<br> UBS Select Government Investor Fund<br> UBS Select Treasury Investor Fund<br> UBS Prime Investor Fund<br> Managing Director<br> UBS Asset Management<br> (Americas) Inc. |

---

\* Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us. 

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UBS Investor Funds

---

| | |
|:---|:---|
| ![LOGO](g313340g67i63.jpg)  | ![LOGO](g313340g20m05.jpg)  |
| David J. Walczak<br> Portfolio Manager—<br> UBS Select Prime Investor Fund<br> UBS Select ESG Prime Investor Fund<br> UBS Select Government Investor Fund<br> UBS Select Treasury Investor Fund<br> UBS Prime Investor Fund<br> Executive Director<br> UBS Asset Management<br> (Americas) Inc. | Lisa DiPaolo<br> Portfolio Manager—<br> UBS Tax-Free Investor Fund<br> Executive Director<br> UBS Asset Management<br> (Americas) Inc. |

---

*This letter is intended to assist shareholders in understanding how the Funds performed during the six-month period ended October 31, 2022. The views and opinions in the letter were current as of December 15, 2022. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.* 

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UBS Investor Funds

**Understanding your Fund's expenses**<sup>1</sup> **(unaudited)** 

As a shareholder of a Fund, you incur ongoing costs, including management fees, distribution (12b-1) fees, shareholder servicing fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Since each Fund is a "feeder fund" that invests in a corresponding "master fund," the expense information below reflects the combined effect of the two levels of expenses and not just those imposed directly at the feeder fund level.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2022 to October 31, 2022.

**Actual expenses** 

The first line in the table below for each Fund 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 a 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 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 in the table below for each Fund provides information about hypothetical account values and hypothetical expenses based on the 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 your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the second line in the table for each Fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, if those other funds impose transactional costs—for example, exchange fees. In addition, if those transactional costs were included, your costs for those other funds would have been higher.

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UBS Investor Funds

**Understanding your Fund's expenses**<sup>1</sup> **(unaudited) (concluded)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>May 1, 2022** | **Ending<br>account value<br>October 31, 2022**<sup>2</sup> | **Expenses paid<br>during period<br>05/01/22 to 10/31/22**<sup>3</sup> | **Expense<br>ratio during<br>the period** |
| **UBS Select Prime Investor Fund** |  |  |  |  |
| Actual | $1000.00 | $1008.70 | $1.71 | 0.34% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1023.49 | 1.73 | 0.34 |
| **UBS Select ESG Prime Investor Fund** |  |  |  |  |
| Actual | $1000.00 | $1008.20 | $2.01 | 0.40% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1023.19 | 2.04 | 0.40 |
| **UBS Select Government Investor Fund** |  |  |  |  |
| Actual | $1000.00 | $1007.80 | $1.36 | 0.27% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1023.84 | 1.38 | 0.27 |
| **UBS Select Treasury Investor Fund** |  |  |  |  |
| Actual | $1000.00 | $1007.50 | $1.71 | 0.34% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1023.49 | 1.73 | 0.34 |
| **UBS Prime Investor Fund** |  |  |  |  |
| Actual | $1000.00 | $1008.50 | $1.71 | 0.34% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1023.49 | 1.73 | 0.34 |
| **UBS Tax-Free Investor Fund** |  |  |  |  |
| Actual | $1000.00 | $1003.90 | $2.26 | 0.45% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1022.94 | 2.29 | 0.45 |

---

<sup>1</sup> The expenses for the Funds reflect the expenses of the corresponding master funds in which they invest in addition to their own direct expenses.

<sup>2</sup> "Actual–Ending account value" may or may not be reflective of a shareholder's actual investment experience during periods of very low interest rates. While the Fund declares dividends daily and pays them monthly, the amounts are rounded to the nearest $0.01 on a daily basis with respect to each investor's account. As a result, investors whose Fund account balances earn daily dividends that total less than one half a cent on any given day will not accrue any dividends on that day 

<sup>3</sup> Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

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UBS Investor Funds

**Yields and characteristics at a glance—October 31, 2022 (unaudited)** 

---

| | |
|:---|:---|
| **UBS Select Prime Investor Fund**<br>**Yields and characteristics** | |
| Seven-day current yield after fee waivers and/or expense reimbursements<sup>1</sup> | 2.98% |
| Seven-day effective yield after fee waivers and/or expense reimbursements<sup>1</sup> | 3.02 |
| Seven-day current yield before fee waivers and/or expense reimbursements<sup>1</sup> | 2.68 |
| Seven-day effective yield before fee waivers and/or expense reimbursements<sup>1</sup> | 2.72 |
| Weighted average maturity<sup>2</sup> | 5 days |

---

**Table footnotes are on page 9** 

---

| | |
|:---|:---|
| **UBS Select ESG Prime Investor Fund**<br>**Yields and characteristics** | |
| Seven-day current yield after fee waivers and/or expense reimbursements<sup>1</sup> | 2.81% |
| Seven-day effective yield after fee waivers and/or expense reimbursements<sup>1</sup> | 2.85 |
| Seven-day current yield before fee waivers and/or expense reimbursements<sup>1</sup> | (3.19) |
| Seven-day effective yield before fee waivers and/or expense reimbursements<sup>1</sup> | (3.15) |
| Weighted average maturity<sup>2</sup> | 7 days |

---

**Table footnotes are on page 9** 

**You could lose money by investing in UBS Select Prime Investor Fund and UBS Select ESG Prime Investor Fund. Because the price of interests in the related money market master fund will fluctuate, when you sell your shares of UBS Select Prime Investor Fund and UBS Select ESG Prime Investor Fund, your shares of UBS Select Prime Investor and UBS Select ESG Prime Investor Fund may be worth more or less than what you originally paid for them. The related money market master fund may impose a fee upon sale of your shares of UBS Select Prime Investor Fund and UBS Select ESG Prime Investor Fund or may temporarily suspend your ability to sell shares of UBS Select Prime Investor Fund and UBS Select ESG Prime Investor Fund if the related money market master fund's liquidity falls below required minimums because of market conditions or other factors. An investment in UBS Select Prime Investor Fund and UBS Select ESG Prime Investor Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. UBS Select Prime Investor Fund's and UBS Select ESG Prime Investor Fund's sponsor has no legal obligation to provide financial support to UBS Select Prime Investor Fund and UBS Select ESG Prime Investor Fund, and you should not expect that the fund's sponsor will provide financial support to UBS Select Prime Investor Fund and UBS Select ESG Prime Investor Fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

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UBS Investor Funds

**Yields and characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

---

| | |
|:---|:---|
| **UBS Select Government Investor Fund**<br>**Yields and characteristics** | |
| Seven-day current yield after fee waivers and/or expense reimbursements<sup>1</sup> | 2.82% |
| Seven-day effective yield after fee waivers and/or expense reimbursements<sup>1</sup> | 2.86 |
| Seven-day current yield before fee waivers and/or expense reimbursements<sup>1</sup> | 2.44 |
| Seven-day effective yield before fee waivers and/or expense reimbursements<sup>1</sup> | 2.48 |
| Weighted average maturity<sup>2</sup> | 3 days |

---

**Table footnotes are on page 9** 

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| | |
|:---|:---|
| **UBS Select Treasury Investor Fund**<br>**Yields and characteristics** | |
| Seven-day current yield after fee waivers and/or expense reimbursements<sup>1</sup> | 2.78% |
| Seven-day effective yield after fee waivers and/or expense reimbursements<sup>1</sup> | 2.82 |
| Seven-day current yield before fee waivers and/or expense reimbursements<sup>1</sup> | 2.48 |
| Seven-day effective yield before fee waivers and/or expense reimbursements<sup>1</sup> | 2.52 |
| Weighted average maturity<sup>2</sup> | 5 days |

---

**Table footnotes are on page 9** 

**You could lose money by investing in UBS Select Government Investor Fund and UBS Select Treasury Investor Fund. Although the related money market master funds seek to preserve the value of your investment so that the shares of UBS Select Government Investor Fund and UBS Select Treasury Investor Fund are at $1.00 per share, the related money market master funds cannot guarantee they will do so. An investment in UBS Select Government Investor Fund and UBS Select Treasury Investor Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. UBS Select Government Investor Fund's sponsor and UBS Select Treasury Investor Fund's sponsor has no legal obligation to provide financial support to UBS Select Government Investor Fund and UBS Select Treasury Investor Fund, and you should not expect that the funds' sponsor will provide financial support to UBS Select Government Investor Fund and UBS Select Treasury Investor Fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

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UBS Investor Funds

**Yields and characteristics at a glance—October 31, 2022 (unaudited) (concluded)** 

---

| | |
|:---|:---|
| **UBS Prime Investor Fund**<br>**Yields and characteristics** | |
| Seven-day current yield after fee waivers and/or expense reimbursements<sup>1</sup> | 2.94% |
| Seven-day effective yield after fee waivers and/or expense reimbursements<sup>1</sup> | 2.98 |
| Seven-day current yield before fee waivers and/or expense reimbursements<sup>1</sup> | 2.64 |
| Seven-day effective yield before fee waivers and/or expense reimbursements<sup>1</sup> | 2.68 |
| Weighted average maturity<sup>2</sup> | 6 days |

---

---

| | |
|:---|:---|
| **UBS Tax-Free Investor Fund**<br>**Yields and characteristics** | |
| Seven-day current yield after fee waivers and/or expense reimbursements<sup>1</sup> | 1.57% |
| Seven-day effective yield after fee waivers and/or expense reimbursements<sup>1</sup> | 1.59 |
| Seven-day current yield before fee waivers and/or expense reimbursements<sup>1</sup> | 1.09 |
| Seven-day effective yield before fee waivers and/or expense reimbursements<sup>1</sup> | 1.10 |
| Weighted average maturity<sup>2</sup> | 5 days |

---

**Investments in UBS Prime Investor Fund and UBS Tax-Free Investor Fund are intended to be limited to accounts beneficially owned by natural persons. UBS Prime Investor Fund and UBS Tax-Free Investor Fund reserve the right to repurchase shares in any account that are not beneficially owned by natural persons.** 

**You could lose money by investing in UBS Prime Investor Fund and UBS Tax-Free Investor Fund. Although the related money market master funds seek to preserve the value of your investment so that the shares of UBS Prime Investor Fund and UBS Tax-Free Investor Fund are at $1.00 per share, the related money market master funds cannot guarantee they will do so. The related money market master funds may impose a fee upon sale of your shares of UBS Prime Investor Fund and UBS Tax-Free Investor Fund or may temporarily suspend your ability to sell shares of UBS Prime Investor Fund and UBS Tax-Free Investor Fund if the related money market master fund's liquidity falls below required minimums because of market conditions or other factors. An investment in UBS Prime Investor Fund and UBS Tax-Free Investor Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. UBS Prime Investor Fund's sponsor and UBS Tax-Free Investor Fund's sponsor has no legal obligation to provide financial support to UBS Prime Investor Fund and UBS Tax-Free Investor Fund, and you should not expect that the funds' sponsor will provide financial support to UBS Prime Investor Fund and UBS Tax-Free Investor Fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted. 

<sup>2</sup> Weighted average maturity provided is that of the related master fund, which is actively managed and its weighted average maturity will differ over time.

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UBS Investor Funds

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**Statement of assets and liabilities** 

**October 31, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **UBS Select<br>Prime<br>Investor Fund** | **UBS Select<br>ESG Prime<br>Investor Fund** | **UBS Select<br>Government<br>Investor Fund** |
| **Assets:** |  |  |  |
| Investments in Master Fund, at cost (which approximates cost for federal income tax purposes) | $558937715 | $3502061 | $200044052 |
| Investments in Master Fund, at value | 559130939 | 3505554 | 200044052 |
| Receivable from affiliate |  | 24147 |  |
| Other assets | 21109 | 9211 | 16725 |
| **Total assets** | **559152048** | **3538912** | **200060777** |
| **Liabilities:** |  |  |  |
| Dividends payable to shareholders | 1401641 | 8234 | 481803 |
| Payable to affiliate | 69251 |  | 26943 |
| Accrued expenses and other liabilities | 95870 | 25579 | 41944 |
| **Total liabilities** | **1566762** | **33813** | **550690** |
| **Net assets** | **$557585286** | **$3505099** | **$199510087** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $557391783 | $3511968 | $199519801 |
| Distributable earnings (accumulated losses) | 193503 | (6869) | (9714) |
| **Net assets** | **$557585286** | **$3505099** | **$199510087** |
| Shares outstanding | 557555902 | 3507479 | 199519801 |
| Net asset value per share | $1.0001 | $0.9993 | $1.00 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

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UBS Investor Funds

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**Statement of assets and liabilities** 

**October 31, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **UBS Select<br>Treasury<br>Investor Fund** | **UBS Prime<br>Investor Fund** | **UBS Tax-Free<br>Investor Fund** |
| **Assets:** |  |  |  |
| Investments in Master Fund, at cost (which approximates cost for federal income tax purposes) | $414890267 | $353588141 | $37153642 |
| Investments in Master Fund, at value | 414890267 | 353588141 | 37153642 |
| Receivable from affiliate |  |  | 140 |
| Other assets | 21217 | 20120 | 16973 |
| **Total assets** | **414911484** | **353608261** | **37170755** |
| **Liabilities:** |  |  |  |
| Dividends payable to shareholders | 959607 | 878368 | 57715 |
| Payable to affiliate | 51493 | 43660 |  |
| Accrued expenses and other liabilities | 68372 | 65330 | 30792 |
| **Total liabilities** | **1079472** | **987358** | **88507** |
| **Net assets** | **$413832012** | **$352620903** | **$37082248** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $413833123 | $352620886 | $37082244 |
| Distributable earnings (accumulated losses) | (1111) | 17 | 4 |
| **Net assets** | **$413832012** | **$352620903** | **$37082248** |
| Shares outstanding | 413833123 | 352620886 | 37082244 |
| Net asset value per share | $1.00 | $1.00 | $1.00 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

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UBS Investor Funds

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**Statement of operations** 

**For the six months ended October 31, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **UBS Select**<br> **Prime<br>Investor Fund** | **UBS Select<br>ESG Prime<br>Investor Fund** | **UBS Select<br>Government<br>Investor Fund** |
| **Investment income:** |  |  |  |
| Interest income allocated from Master Fund | $6963730 | $46152 | $2158189 |
| Expenses allocated from Master Fund | (356865) | (2409) | (126036) |
| Expense waiver allocated from Master Fund |  | 1207 | 115543 |
| Net investment income allocated from Master Fund | 6606865 | 44950 | 2147696 |
| **Expenses:** |  |  |  |
| Administration fees | 356395 | 2411 | 125899 |
| Service and distribution fees | 1247750 | 8437 | 392760 |
| Transfer agency fees | 64163 | 327 | 17939 |
| Accounting fees | 4145 | 4145 | 4146 |
| Trustees fees | 11133 | 7812 | 9010 |
| Professional fees | 31616 | 34341 | 31344 |
| Reports and notices to shareholders | 24238 | 4968 | 7622 |
| State registration fees | 16404 | 11994 | 17907 |
| Insurance fees | 6724 | 39 | 2557 |
| Other expenses | 19092 | 14282 | 12952 |
|  | 1781660 | 88756 | 622136 |
| Fee waivers and/or expense reimbursements by administrator and distributor | (943471) | (80314) | (294696) |
| Net expenses | 838189 | 8442 | 327440 |
| Net investment income (loss) | 5768676 | 36508 | 1820256 |
| Net realized gain (loss) allocated from Master Fund | 411 | 3 |  |
| Net change in unrealized appreciation (depreciation) allocated from Master Fund | 118276 | 121 |  |
| Net increase (decrease) in net assets resulting from operations | $5887363 | $36632 | $1820256 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

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UBS Investor Funds

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**Statement of operations** 

**For the six months ended October 31, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **UBS Select<br>Treasury<br>Investor Fund** | **UBS Prime<br>Investor Fund** | **UBS Tax-Free<br>Investor Fund** |
| **Investment income:** |  |  |  |
| Interest income allocated from Master Fund | $5018891 | $4246777 | $278439 |
| Expenses allocated from Master Fund | (295315) | (217555) | (23800) |
| Expense waiver allocated from Master Fund |  |  |  |
| Net investment income allocated from Master Fund | 4723576 | 4029222 | 254639 |
| **Expenses:** |  |  |  |
| Administration fees | 294983 | 217243 | 23774 |
| Service and distribution fees | 1032682 | 760660 | 83232 |
| Transfer agency fees | 43781 | 41295 | 3602 |
| Accounting fees | 4146 | 4146 | 4145 |
| Trustees fees | 10838 | 9893 | 8048 |
| Professional fees | 31295 | 31423 | 30709 |
| Reports and notices to shareholders | 14843 | 18095 | 942 |
| State registration fees | 16140 | 15198 | 12793 |
| Insurance fees | 6146 | 4320 | 522 |
| Other expenses | 16739 | 8284 | 4953 |
|  | 1471593 | 1110557 | 172720 |
| Fee waivers and/or expense reimbursements by administrator and distributor | (767442) | (579065) | (89803) |
| Net expenses | 704151 | 531492 | 82917 |
| Net investment income (loss) | 4019425 | 3497730 | 171722 |
| Net realized gain (loss) allocated from Master Fund | (794) |  | (3) |
| Net change in unrealized appreciation (depreciation) allocated from Master Fund |  |  |  |
| Net increase (decrease) in net assets resulting from operations | $4018631 | $3497730 | $171719 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Investor Funds

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **UBS Select Prime Investor Fund** | **UBS Select Prime Investor Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $5768676 | $132237 |
| Net realized gain (loss) allocated from Master Fund | 411 | 5373 |
| Net change in unrealized appreciation (depreciation) allocated from Master Fund | 118276 | (424561) |
| Net increase (decrease) in net assets resulting from operations | 5887363 | (286951) |
| Total distributions | (5768809) | (136991) |
| Net increase (decrease) in net assets from beneficial interest transactions | (297888909) | (696191450) |
| Net increase (decrease) in net assets | (297770355) | (696615392) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 855355641 | 1551971033 |
| End of period | $557585286 | $855355641 |

---

---

| | | |
|:---|:---|:---|
|  | **UBS Select ESG Prime Investor Fund** | **UBS Select ESG Prime Investor Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $36508 | $830 |
| Net realized gain (loss) allocated from Master Fund | 3 | (66) |
| Net change in unrealized appreciation (depreciation) allocated from Master Fund | 121 | (1873) |
| Net increase (decrease) in net assets resulting from operations | 36632 | (1109) |
| Total distributions | (36508) | (830) |
| Net increase (decrease) in net assets from beneficial interest transactions | (658545) | (3603281) |
| Net increase (decrease) in net assets | (658421) | (3605220) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 4163520 | 7768740 |
| End of period | $3505099 | $4163520 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Investor Funds

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **UBS Select Government Investor Fund** | **UBS Select Government Investor Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $1820256 | $42688 |
| Net realized gain (loss) allocated from Master Fund |  | 483 |
| Net increase (decrease) in net assets resulting from operations | 1820256 | 43171 |
| Total distributions | (1820256) | (53731) |
| Net increase (decrease) in net assets from beneficial interest transactions | (126195628) | (201150574) |
| Net increase (decrease) in net assets | (126195628) | (201161134) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 325705715 | 526866849 |
| End of period | $199510087 | $325705715 |

---

---

| | | |
|:---|:---|:---|
|  | **UBS Select Treasury Investor Fund** | **UBS Select Treasury Investor Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $4019425 | $106789 |
| Net realized gain (loss) allocated from Master Fund | (794) | 153 |
| Net increase (decrease) in net assets resulting from operations | 4018631 | 106942 |
| Total distributions | (4019425) | (107259) |
| Net increase (decrease) in net assets from beneficial interest transactions | (425218486) | (456757947) |
| Net increase (decrease) in net assets | (425219280) | (456758264) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 839051292 | 1295809556 |
| End of period | $413832012 | $839051292 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Investor Funds

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **UBS Prime Investor Fund** | **UBS Prime Investor Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $3497730 | $80618 |
| Net increase (decrease) in net assets resulting from operations | 3497730 | 80618 |
| Total distributions | (3497730) | (84289) |
| Net increase (decrease) in net assets from beneficial interest transactions | (176359108) | (476763641) |
| Net increase (decrease) in net assets | (176359108) | (476767312) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 528980011 | 1005747323 |
| End of period | $352620903 | $528980011 |

---

---

| | | |
|:---|:---|:---|
|  | **UBS Tax-Free Investor Fund** | **UBS Tax-Free Investor Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $171722 | $8857 |
| Net realized gain (loss) allocated from Master Fund | (3) | 7 |
| Net increase (decrease) in net assets resulting from operations | 171719 | 8864 |
| Total distributions | (171722) | (8857) |
| Net increase (decrease) in net assets from beneficial interest transactions | (24230025) | (43142980) |
| Net increase (decrease) in net assets | (24230028) | (43142973) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 61312276 | 104455249 |
| End of period | $37082248 | $61312276 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Select Prime Investor Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022**<br>**(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$0.9999** | **$1.0003** | **$1.0005** | **$1.0002** | **$1.0001** | **$1.0002** |
| Net investment income (loss) | 0.0086 | 0.0001 | 0.0002 | 0.0155 | 0.0193 | 0.0099 |
| Net realized and unrealized gain (loss) | 0.0002 | (0.0004) | (0.0002) | 0.0003 | 0.0001 | (0.0001) |
| Net increase (decrease) from operations | 0.0088 | (0.0003) | 0.0000<sup>1</sup> | 0.0158 | 0.0194 | 0.0098 |
| Dividends from net investment income | (0.0086) | (0.0001) | (0.0002) | (0.0155) | (0.0193) | (0.0099) |
| Distributions from net realized gains |  | (0.0000)<sup>1</sup> | (0.0000)<sup>1</sup> | (0.0000)<sup>1</sup> | (0.0000)<sup>1</sup> | (0.0000)<sup>1</sup> |
| Total dividends and distributions | (0.0086) | (0.0001) | (0.0002) | (0.0155) | (0.0193) | (0.0099) |
| **Net asset value, end of period** | **$1.0001** | **$0.9999** | **$1.0003** | **$1.0005** | **$1.0002** | **$1.0001** |
| **Total investment return**<sup>2</sup> | **0.87%** | **(0.03)%** | **0.00%** | **1.59%** | **1.96%** | **0.99%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements<sup>3</sup> | 0.60%<sup>4</sup> | 0.58% | 0.58% | 0.57% | 0.57% | 0.63% |
| Expenses after fee waivers and/or expense reimbursements<sup>3</sup> | 0.34%<sup>4</sup> | 0.18% | 0.27% | 0.45% | 0.45% | 0.45% |
| Net investment income (loss)<sup>3</sup> | 1.62%<sup>4</sup> | 0.01% | 0.03% | 1.52% | 2.02% | 1.06% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $557585 | $855356 | $1551971 | $3798366 | $2941321 | $707025 |

---

<sup>1</sup> Amount represents less than $0.00005 or $(0.00005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Select ESG Prime Investor Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **For the period from<br>January 15, 2020**<sup>1</sup>**<br>to April 30, 2020** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **For the period from<br>January 15, 2020**<sup>1</sup>**<br>to April 30, 2020** |
| **Net asset value, beginning of period** | **$0.9993** | **$0.9996** | **$1.0007** | **$1.0000** |
| Net investment income (loss) | 0.0083 | 0.0002 | 0.0002 | 0.0029 |
| Net realized gain (loss) | 0.0000<sup>2</sup> | (0.0003) | (0.0002) | 0.0007 |
| Net increase (decrease) from operations | 0.0083 | (0.0001) |  | 0.0036 |
| Dividends from net investment income | (0.0083) | (0.0002) | (0.0002) | (0.0029) |
| Distributions from net realized gains |  |  | (0.0009) |  |
| Total dividends and distributions | (0.0083) | (0.0002) | (0.0011) | (0.0029) |
| **Net asset value, end of period** | **$0.9993** | **$0.9993** | **$0.9996** | **$1.0007** |
| **Total investment return**<sup>3</sup> | **0.82%** | **(0.01)%** | **0.00%** | **0.36%** |
| **Ratios to average net assets:** |  |  |  |  |
| Expenses before fee waivers and/or expense reimbursements<sup>4</sup> | 3.78%<sup>5</sup> | 3.01% | 1.45% | 3.58%<sup>5</sup> |
| Expenses after fee waivers and/or expense reimbursements<sup>4</sup> | 0.40%<sup>5</sup> | 0.13% | 0.21% | 0.35%<sup>5</sup> |
| Net investment income (loss)<sup>4</sup> | 1.51%<sup>5</sup> | 0.01% | 0.03% | 0.81%<sup>5</sup> |
| **Supplemental data:** |  |  |  |  |
| Net assets, end of period (000's) | $3505 | $4164 | $7769 | $19782 |

---

<sup>1</sup> Commencement of operations.

<sup>2</sup> Amount represents less than $0.00005 or $(0.00005) per share. 

<sup>3</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>4</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>5</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Select Government Investor Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022**<br>**(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Net investment income (loss) | 0.008 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.014 | 0.017 | 0.007 |
| Net realized gain (loss) |  | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | (0.000)<sup>1</sup> |
| Net increase (decrease) from operations | 0.008 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.014 | 0.017 | 0.007 |
| Dividends from net investment income | (0.008) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.014) | (0.017) | (0.007) |
| Distributions from net realized gains |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |
| Total dividends and distributions | (0.008) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.014) | (0.017) | (0.007) |
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total investment return**<sup>2</sup> | **0.78%** | **0.01%** | **0.01%** | **1.39%** | **1.74%** | **0.74%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements<sup>3</sup> | 0.59%<sup>4</sup> | 0.60% | 0.59% | 0.58% | 0.62% | 0.76% |
| Expenses after fee waivers and/or expense reimbursements<sup>3</sup> | 0.27%<sup>4</sup> | 0.08% | 0.19% | 0.45% | 0.45% | 0.45% |
| Net investment income (loss)<sup>3</sup> | 1.45%<sup>4</sup> | 0.01% | 0.01% | 1.27% | 1.81% | 0.77% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $199510 | $325706 | $526867 | $1178484 | $569581 | $134423 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Select Treasury Investor Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022**<br>**(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Net investment income (loss) | 0.008 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.014 | 0.017 | 0.007 |
| Net realized gain (loss) | (0.000)<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> |
| Net increase (decrease) from operations | 0.008 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.014 | 0.017 | 0.007 |
| Dividends from net investment income | (0.008) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.014) | (0.017) | (0.007) |
| Distributions from net realized gains |  | (0.000)<sup>1</sup> |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |
| Total dividends and distributions | (0.008) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.014) | (0.017) | (0.007) |
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total investment return**<sup>2</sup> | **0.75%** | **0.01%** | **0.01%** | **1.35%** | **1.74%** | **0.73%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements<sup>3</sup> | 0.60%<sup>4</sup> | 0.58% | 0.58% | 0.57% | 0.58% | 0.63% |
| Expenses after fee waivers and/or expense reimbursements<sup>3</sup> | 0.34%<sup>4</sup> | 0.09% | 0.18% | 0.44% | 0.45% | 0.45% |
| Net investment income (loss)<sup>3</sup> | 1.36%<sup>4</sup> | 0.01% | 0.01% | 1.21% | 1.81% | 0.78% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $413832 | $839051 | $1295810 | $2656216 | $1239535 | $435888 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Prime Investor Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022**<br>**(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022**<br>**(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Net investment income (loss) | 0.009 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.015 | 0.019 | 0.010 |
| Net realized gain (loss) |  |  | 0.000<sup>1</sup> | 0.000<sup>1</sup> |  | 0.000<sup>1</sup> |
| Net increase (decrease) from operations | 0.009 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.015 | 0.019 | 0.010 |
| Dividends from net investment income | (0.009) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.015) | (0.019) | (0.010) |
| Distributions from net realized gains |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |
| Total dividends and distributions | (0.009) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.015) | (0.019) | (0.010) |
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total investment return**<sup>2</sup> | **0.85%** | **0.01%** | **0.03%** | **1.54%** | **1.91%** | **0.97%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements<sup>3</sup> | 0.61%<sup>4</sup> | 0.59% | 0.58% | 0.57% | 0.58% | 0.64% |
| Expenses after fee waivers and/or expense reimbursements<sup>3</sup> | 0.34%<sup>4</sup> | 0.17% | 0.27% | 0.45% | 0.45% | 0.45% |
| Net investment income (loss)<sup>3</sup> | 1.61%<sup>4</sup> | 0.01% | 0.03% | 1.48% | 1.98% | 1.04% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $352621 | $528980 | $1005747 | $2399849 | $1516370 | $368536 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Tax-Free Investor Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Net investment income (loss) | 0.004 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.009 | 0.010 | 0.006 |
| Net realized gain (loss) | (0.000)<sup>1</sup> | 0.000<sup>1</sup> |  |  |  |  |
| Net increase (decrease) from operations | 0.004 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.009 | 0.010 | 0.006 |
| Dividends from net investment income | (0.004) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.009) | (0.010) | (0.006) |
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total investment return**<sup>2</sup> | **0.39%** | **0.01%** | **0.01%** | **0.89%** | **1.03%** | **0.56%** |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Expenses before fee waivers and/or expense reimbursements<sup>3</sup> | 0.83%<sup>4</sup> | 0.70% | 0.64% | 0.64% | 0.63% | 0.80% |
| Expenses after fee waivers and/or expense reimbursements<sup>3</sup> | 0.45%<sup>4</sup> | 0.08% | 0.12% | 0.43% | 0.45% | 0.45% |
| Net investment income (loss)<sup>3</sup> | 0.72%<sup>4</sup> | 0.01% | 0.01% | 0.83% | 1.02% | 0.63% |
| **Supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (000's) | $37082 | $61312 | $104455 | $319586 | $188615 | $123642 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder could pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Investor Funds

Notes to financial statements (unaudited)

**Organization and significant accounting policies** 

UBS Select Prime Investor Fund ("Prime Investor Fund"), UBS Select ESG Prime Investor Fund ("ESG Prime Investor Fund"), UBS Select Government Investor Fund ("Government Investor Fund"), UBS Select Treasury Investor Fund ("Treasury Investor Fund"), UBS Prime Investor Fund ("Prime CNAV Investor Fund"), and UBS Tax-Free Investor Fund ("Tax-Free Investor Fund") (each a "Fund", collectively, the "Funds") are each registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), as a diversified series of UBS Series Funds (the "Trust"), an open-end management investment company organized as a Delaware statutory trust on April 29, 1998. The Trust is a series mutual fund with twenty-two series. The financial statements for the other series of the Trust are not included herein.

Prime Investor Fund, ESG Prime Investor Fund, Government Investor Fund, Treasury Investor Fund, Prime CNAV Investor Fund, and Tax-Free Investor Fund are "feeder funds" that invest all of their investable assets in "master funds"—Prime Master Fund, ESG Prime Master Fund, Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund, and Tax-Free Master Fund, respectively (each a "Master Fund", collectively, the "Master Funds" and each a diversified series of Master Trust, an open-end investment company registered with the SEC under the 1940 Act). The feeder funds and their respective Master Funds have the same investment objectives.

Prime Investor Fund, Treasury Investor Fund and Tax-Free Investor Fund commenced operations on August 1, 2008, September 18, 2008, and September 22, 2008, respectively. Prime CNAV Investor Fund commenced operations on January 19, 2016, Government Investor Fund commenced operations on August 17, 2016 and ESG Prime Investor Fund commenced operations on January 15, 2020.

UBS Asset Management (Americas) Inc. ("UBS AM") is the investment advisor and administrator for the Master Funds and the administrator for the feeder funds. UBS Asset Management (US) Inc. ("UBS AM—US") serves as principal underwriter for the Funds. UBS AM and UBS AM—US are indirect wholly owned subsidiaries of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

The performance of each Fund is directly affected by the performance of the corresponding Master Fund. The value of such investment reflects each Fund's proportionate interest in the net assets of its corresponding Master Fund (7.04% for Prime Investor Fund, 0.13% for ESG Prime Investor Fund, 2.30% for Government Investor Fund, 1.68% for Treasury Investor Fund, 6.54% for Prime CNAV Investor Fund and 4.00% for Tax-Free Investor Fund at October 31, 2022).

All of the net investment income and realized and unrealized gains and losses from investment activities of each Master Fund are allocated pro rata, based on respective ownership interests, among the corresponding Fund and other investors in the Master Fund (e.g.*,* other feeder funds) at the time of such determination. The financial statements of the Master Funds, including the Portfolio of investments, are included elsewhere in this report and should be read in connection with the Funds' financial statements. The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

In the normal course of business, the Funds may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. 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, the Funds have not had any prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are

------

UBS Investor Funds

Notes to financial statements (unaudited)

also sources of authoritative US GAAP for SEC registrants. The Funds' financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The following is a summary of significant accounting policies:

**Valuation of investments—**Each Fund records its investment in its corresponding Master Fund at fair value. Securities held by the Master Funds are valued as indicated in the Master Funds' Notes to financial statements, which are included elsewhere in this report.

**Floating net asset value per share funds—**Consistent with Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), Prime Investor Fund and ESG Prime Investor Fund calculate their net asset values to four decimals (*e.g.*, $1.0000) using market-based pricing and expect that their share prices will fluctuate.

On occasion, it is possible that the end of day accounting net asset value ("NAV") per share of a floating NAV fund, such as Prime Investor Fund or ESG Prime Investor Fund, as reported in a shareholder report, for example, may differ from the transactional NAV per share (used for purposes of processing purchases and redemptions); while this is not expected to occur with great frequency, it may happen should certain factors align on a given business day. The final end-of-day NAV per share for accounting and financial statement reporting purposes is designed to reflect all end-of-day accounting activities, which may include, but are not limited to, income and expense accruals, dividend and distribution reinvestments as well as final share activity; such items are factored into the Fund after the last transactional NAV per share is calculated on a given day (normally, the last transactional NAV per share is calculated as of 3 pm, Eastern time, as explained in the Fund's prospectus).

**Constant net asset value per share funds—**Government Investor Fund, Treasury Investor Fund, Prime CNAV Investor Fund, and Tax-Free Investor Fund (collectively the "Constant NAV Funds") attempt to maintain a stable net asset value of $1.00 per share. There is no assurance, however, that the Constant NAV Funds will be able to maintain a stable net asset value of $1.00 per share. The Constant NAV Funds have adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to enable each to do so. Government Investor Fund and Treasury Investor Fund have adopted a policy to operate as "government money market funds". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (*i.e.*, collateralized by cash and/or government securities). As "government money market funds", Government Investor Fund and Treasury Investor Fund are permitted to seek to maintain a stable price per share. Prime CNAV Investor Fund and Tax-Free Investor Fund operate as "retail money market funds". Under Rule 2a-7, a "retail money market fund" is a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As "retail money market funds", Prime CNAV Investor Fund and Tax-Free Investor Fund are permitted to seek to maintain a stable price per share.

**Liquidity fee and/or redemption gates—**Consistent with Rule 2a-7, Prime Investor Fund, ESG Prime Investor Fund, Prime CNAV Investor Fund and Tax-Free Investor Fund may be subject to the possible imposition of a liquidity fee and/or temporary redemption gate. Prime Master Fund, ESG Prime Master Fund, Prime CNAV Master Fund and Tax-Free Master Fund may impose a fee upon the sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if Prime Master Fund's liquidity, ESG Prime Master Fund's liquidity, Prime CNAV Master Fund's liquidity and/or Tax-Free Master Fund's liquidity, respectively, falls below required minimums because of market conditions or other factors. For the period ended October 31, 2022, Prime Investor Fund, ESG Prime Investor Fund, Prime CNAV Investor Fund and Tax-Free Investor Fund were not subject to any liquidity fees and/or redemption gates.

By operating as "government money market funds", Government Investor Fund and Treasury Investor Fund are exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While

------

UBS Investor Funds

Notes to financial statements (unaudited)

the Funds' Board of Trustees (the "Board") may elect to subject Government Investor Fund and Treasury Investor Fund to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

**Dividends and distributions—**Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions is determined in accordance with federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Concentration of risk—**The ability of the issuers of the debt securities held by the Master Funds to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Certain impacts to public health conditions particular to the coronavirus "COVID-19" outbreak that occurred may have a significant negative impact on the operations and profitability of the issuers of the Funds investments. The extent of the impact to the financial performance of the Funds will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

**Administrator** 

UBS AM serves as administrator to each Fund pursuant to an Administration Agreement approved by the Trust's board. In accordance with the Administration Agreement, each Fund pays UBS AM an administration fee, which is accrued daily and paid monthly, at the below annual rate, as a percentage of each Fund's average daily net assets:

---

| | |
|:---|:---|
| **Fund** | **Administration fee** |
| Prime Investor Fund | 0.10% |
| ESG Prime Investor Fund | 0.10 |
| Government Investor Fund | 0.10 |
| Treasury Investor Fund | 0.10 |
| Prime CNAV Investor Fund | 0.10 |
| Tax-Free Investor Fund | 0.10 |

---

At October 31, 2022, each Fund owed UBS AM for administrative services as follows:

---

| | |
|:---|:---|
| **Fund** | **Amounts owed to UBS AM** |
| Prime Investor Fund | $46171 |
| ESG Prime Investor Fund | 703 |
| Government Investor Fund | 18785 |
| Treasury Investor Fund | 34341 |
| Prime CNAV Investor Fund | 29108 |
| Tax-Free Investor Fund | 3024 |

---

The Funds and UBS AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its administration fees and/or reimburse the Funds so that the Funds' operating expenses through August 31, 2023 (excluding interest expense, if any, expenses related to shareholders' meetings and extraordinary items) would not exceed 0.50%.

------

UBS Investor Funds

Notes to financial statements (unaudited)

At October 31, 2022, UBS AM owed the Funds, and for the period ended October 31, 2022, UBS AM was contractually obligated to waive fees and/or to reimburse certain operating expenses as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Amounts owed by UBS AM** | **Amounts waived and/or<br>reimbursed by UBS AM** |
| Prime Investor Fund | $— | $74892 |
| ESG Prime Investor Fund | 24999 | 74483 |
| Government Investor Fund |  | 35043 |
| Treasury Investor Fund |  | 65619 |
| Prime CNAV Investor Fund |  | 49896 |
| Tax-Free Investor Fund | 8924 | 33223 |

---

UBS AM may recoup from each fund any such waived fees/reimbursed expenses to the extent that it can do so over the three years following such waived fees/reimbursed expenses without causing each Fund's expenses in any of those three years to exceed such expense cap. The fee waiver/expense reimbursement agreement may be terminated by the Funds' Board at any time and also will terminate automatically upon the expiration or termination of the Funds' contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive. At October 31, 2022, the following Funds had remaining fee waivers and expense reimbursements subject to repayment to UBS AM and respective dates of expiration as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Total fee<br>waivers/expense<br>reimbursements<br>subject to<br>repayment** | **Expires**<br> **April 30,<br>2023** | **Expires**<br> **April 30,<br>2024** | **Expires**<br> **April 30,<br>2025** | **Expires**<br> **April 30,<br>2026** |
| Prime Investor Fund | $5623121 | $2474806 | $2075483 | $997940 | $74892 |
| ESG Prime Investor Fund | 499832 | 70511 | 187862 | 166976 | 74483 |
| Government Investor Fund | 1825685 | 650865 | 698618 | 441159 | 35043 |
| Treasury Investor Fund | 3624247 | 1249025 | 1461308 | 848295 | 65619 |
| Prime CNAV Investor Fund | 3434079 | 1415924 | 1317930 | 650329 | 49896 |
| Tax-Free Investor Fund | 720451 | 274670 | 237911 | 174647 | 33223 |

---

If the pending Fund reorganizations referenced further below occur in January 2023, such recoupment rights will expire at such times as the Funds cease operations.

**Shareholder servicing and distribution plans** 

UBS AM—US is the principal underwriter and distributor of the Funds' shares. During the period ended October 31, 2022, the Funds were contractually obligated to pay UBS AM—US monthly shareholder servicing fees at the below annual rates, as a percentage of each Fund's average daily net assets:

---

| | |
|:---|:---|
| **Fund** | **Shareholder servicing fee** |
| Prime Investor Fund | 0.10% |
| ESG Prime Investor Fund | 0.10 |
| Government Investor Fund | 0.10 |
| Treasury Investor Fund | 0.10 |
| Prime CNAV Investor Fund | 0.10 |
| Tax-Free Investor Fund | 0.10 |

---

------

UBS Investor Funds

Notes to financial statements (unaudited)

For the period May 1, 2022 through June 5, 2022, the Funds were contractually obligated to pay UBS AM-US a monthly distribution (12b-1) fee at the annual rate of 0.25% of each Funds' average daily net assets. Effective June 6, 2022, the Funds ceased paying these fees.

At October 31, 2022, each Fund owed UBS AM—US for shareholder servicing fees as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Amounts owed to UBS AM—US** | **Amounts waived by UBS AM—US** |
| Prime Investor Fund | $46167 | $690329 |
| ESG Prime Investor Fund | 286 | 4625 |
| Government Investor Fund | 16317 | 191979 |
| Treasury Investor Fund | 34333 | 551612 |
| Prime CNAV Investor Fund | 29105 | 420503 |
| Tax-Free Investor Fund | 3025 | 44408 |

---

In addition to UBS AM's fee waivers and/or expense reimbursements noted in the Administrator section above, in connection with voluntary waivers by the financial intermediaries that are selling each Fund's shares, UBS AM—US has agreed to voluntarily waive fees or reimburse fund expenses so that each Fund's operating expenses (excluding interest expense, if any, and extraordinary items) do not exceed 0.45%. At October 31, 2022, UBS AM—US owed the Funds and for the period ended October 31, 2022, UBS AM—US voluntarily waived the below amounts, which are not subject to future recoupment:

---

| | | |
|:---|:---|:---|
| **Fund** | **Amounts owed by/(to) UBS AM—US** | **Amounts waived by UBS AM—US** |
| Prime Investor Fund | $23087 | $178250 |
| ESG Prime Investor Fund | 137 | 1205 |
| Government Investor Fund | 8159 | 62961 |
| Treasury Investor Fund | 17181 | 147526 |
| Prime CNAV Investor Fund | 14553 | 108666 |
| Tax-Free Investor Fund | (2735) | 11890 |

---

UBS AM and UBS AM—US may also voluntarily undertake to waive fees and/or reimburse expenses, including in the event that Fund yields drop below a certain level. These additional undertakings are voluntary and not contractual and may be terminated at any time. For the period ended October 31, 2022, UBS AM and UBS AM—US voluntarily waived/reimbursed the below amounts, which are not subject to future recoupment:

---

| | |
|:---|:---|
| **Fund** | **Amounts waived by UBS AM<br>and UBS AM—US** |
| Government Investor Fund | $4714 |
| Treasury Investor Fund | 2685 |
| Tax-Free Investor Fund | 282 |

---

There is no guarantee that these additional voluntary amounts will continue to be waived and/or expenses reimbursed. To the extent that expenses are to be reimbursed, they will be reimbursed by UBS AM. At October 31, 2022, there were no amounts owed by UBS AM or UBS AM-US for this undertaking.

------

UBS Investor Funds

Notes to financial statements (unaudited)

**Shares of beneficial interest** 

There is an unlimited amount of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest, for each of the Funds for the periods ended October 31, 2022 and April 30, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Prime Investor Fund** | **Prime Investor Fund** | **Prime Investor Fund** |  |  |
| | **For the six months ended<br>October 31, 2022:** | **For the six months ended<br>October 31, 2022:** | **For the year ended April 30, 2022:** | **For the year ended April 30, 2022:** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 44527096 | $44524529 | 282901314 | $282942035 |
| Shares repurchased | (346517631) | (346516797) | (979078754) | (979253388) |
| Dividends reinvested | 4103266 | 4103359 | 119887 | 119903 |
| Net increase (decrease) | (297887269) | $(297888909) | (696057553) | $(696191450) |
| **ESG Prime Investor Fund** | **ESG Prime Investor Fund** | **ESG Prime Investor Fund** |  |  |
|  | **For the six months ended<br>October 31, 2022:** | **For the six months ended<br>October 31, 2022:** | **For the year ended April 30, 2022:** | **For the year ended April 30, 2022:** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3298948 | $3296655 | 163753 | $163651 |
| Shares repurchased | (3985172) | (3982422) | (3769444) | (3767599) |
| Dividends reinvested | 27239 | 27222 | 667 | 667 |
| Net increase (decrease) | (658985) | $(658545) | (3605024) | $(3603281) |

---

Transactions in shares of beneficial interest, at $1.00 per share, were as follows:

---

| | | |
|:---|:---|:---|
| **Government Investor Fund** | **Government Investor Fund** | **Government Investor Fund** |
| | **For the<br>six months ended<br>October 31, 2022** | **For the<br>year ended<br>April 30, 2022** |
| Shares sold | 6584685 | 122694261 |
| Shares repurchased | (134031934) | (323897606) |
| Dividends reinvested | 1251621 | 52771 |
| Net increase (decrease) in shares outstanding | (126195628) | (201150574) |
| **Treasury Investor Fund** | **Treasury Investor Fund** | **Treasury Investor Fund** |
|  | **For the<br>six months ended<br>October 31, 2022** | **For the<br>year ended<br>April 30, 2022** |
| Shares sold | 46136254 | 454809354 |
| Shares repurchased | (474092388) | (911671626) |
| Dividends reinvested | 2737648 | 104325 |
| Net increase (decrease) in shares outstanding | (425218486) | (456757947) |

---

------

UBS Investor Funds

Notes to financial statements (unaudited)

---

| | | |
|:---|:---|:---|
| **Prime CNAV Investor Fund** | **Prime CNAV Investor Fund** | **Prime CNAV Investor Fund** |
| | **For the<br>six months ended<br>October 31, 2022** | **For the<br>year ended<br>April 30, 2022** |
| Shares sold | 18974969 | 91673591 |
| Shares repurchased | (197766278) | (568514242) |
| Dividends reinvested | 2432201 | 77010 |
| Net increase (decrease) in shares outstanding | (176359108) | (476763641) |
| **Tax-Free Investor Fund** | **Tax-Free Investor Fund** | **Tax-Free Investor Fund** |
|  | **For the<br>six months ended<br>October 31, 2022** | **For the<br>year ended<br>April 30, 2022** |
| Shares sold | 9123594 | 66668783 |
| Shares repurchased | (33455818) | (109820373) |
| Dividends reinvested | 102199 | 8610 |
| Net increase (decrease) in shares outstanding | (24230025) | (43142980) |

---

**Federal tax status** 

Each Fund intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of their net investment income, net realized capital gains and certain other amounts, if any, each Fund intends not to be subject to a federal excise tax.

The tax character of distributions paid to shareholders by the Funds during the fiscal year ended April 30, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Tax-exempt income** | **Ordinary income** | **Long-term realized<br>capital gains** |
| UBS Select Prime Investor Fund | $— | $136991 | $— |
| UBS Select ESG Prime Investor Fund |  | 830 |  |
| UBS Select Government Investor Fund |  | 53649 | 82 |
| UBS Select Treasury Investor Fund |  | 106789 | 470 |
| UBS Prime Investor Fund |  | 84289 |  |
| UBS Tax-Free Investor Fund | 8857 |  |  |

---

The tax character of distributions made and the components of accumulated earnings (accumulated losses) on a tax basis for the current fiscal year will be determined after each Fund's fiscal year ending April 30, 2023.

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Funds have conducted an analysis and concluded as of October 31, 2022, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended October 31, 2022, the Funds did not incur any interest or penalties.

Each of the tax years in the four year period ended April 30, 2022, and since inception for the ESG Prime Investor Fund, remains subject to examination by the Internal Revenue Service and state taxing authorities.

------

UBS Investor Funds

Notes to financial statements (unaudited)

**Note Regarding Pending Reorgnaizations** 

In September 2022, the Board of Trustees of UBS Series Funds (the "Board") approved an Agreement and Plan of Reorganization for each of the Investor Series Funds listed below (each, an "Acquired Fund," and, collectively, the "Acquired Funds"), each a series of UBS Series Funds, providing for the acquisition of the assets and the assumption of the liabilities of each Acquired Fund by its corresponding Acquiring Fund, as shown below, each also a series of UBS Series Funds, in exchange for shares of the corresponding Acquiring Fund, followed by the complete liquidation of the Acquired Fund (each, a "Reorganization," and, collectively, the "Reorganizations"). The Reorganizations are expected to occur on or about January 20, 2023. The Reorganizations are expected to be tax-free for federal income tax purposes, and no commission, redemption fee or transaction fee will be charged as a result of the Reorganizations.

---

| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| UBS Select Prime Investor Fund | UBS Select Prime Institutional Fund |
| UBS Select ESG Prime Investor Fund | UBS Select ESG Prime Institutional Fund |
| UBS Select Government Investor Fund | UBS Select Government Institutional Fund |
| UBS Select Treasury Investor Fund | UBS Select Treasury Institutional Fund |
| UBS Prime Investor Fund | UBS Prime Reserves Fund |
| UBS Tax-Free Investor Fund | UBS Tax-Free Reserves Fund |

---

------

UBS Investor Funds

General information (unaudited)

**Monthly portfolio holdings disclosure** 

The Funds and Master Funds file their complete schedules of portfolio holdings with the US Securities and Exchange Commission ("SEC") each month on Form N-MFP. These reports on Form N-MFP are available on the SEC's Web site at http://www.sec.gov. The Funds and Master Funds make portfolio holdings information available to shareholders on UBS's Web site at the following internet address: www.ubs.com/usmoneymarketfunds. A more limited portfolio holdings report for each of Master Trust—Prime Master Fund (the master fund in which UBS Select Prime Investor Fund invests), Master Trust—ESG Prime Master Fund (the master fund in which UBS Select ESG Prime Investor Fund invests) and for Master Trust—Prime CNAV Master Fund (the master fund in which UBS Prime Investor Fund invests) is available on a weekly basis at the same UBS Web address. Investors also may find additional information about the Funds at the above referenced UBS Web site internet address.

**Proxy voting policies, procedures and record** 

You may obtain a description of each Fund's (and corresponding Master Fund's) (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how a fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting a fund directly at 1-800-647 1568, online on the Funds' Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

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![LOGO](g3133407mm_k485.jpg)

## Master Trust
Semiannual Report \| October 31, 2022

**Includes:** 

• Prime Master Fund

• ESG Prime Master Fund

• Government Master Fund

• Treasury Master Fund

• Prime CNAV Master Fund

• Tax-Free Master Fund

------

Master Trust

**Understanding a Master Fund's expenses (unaudited)** 

*(Note: The expense information provided in this section is relevant for direct investors in the Master Funds. Investors in the related "feeder funds" should instead focus on separate expense examples relevant to the particular feeder funds; the expense examples for the feeder funds will reflect their proportionate share of the corresponding Master Funds' expenses.)* 

As an owner of a Master Fund, an investor such as a feeder fund incurs ongoing costs, including management fees and other Master Fund expenses. These examples are intended to help you understand a Master Fund investor's ongoing costs (in dollars) of investing in a Master Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2022 to October 31, 2022.

**Actual expenses** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the second line in the table for each Master Fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, if those other funds impose transactional costs—for example, exchange fees. In addition, if those transactional costs were included, your costs for those other funds would have been higher.

------

Master Trust

**Understanding a Master Fund's expenses (unaudited) (concluded)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>May 1, 2022** | **Ending<br>account value<br>October 31, 2022** | **Expenses paid<br>during period<br>05/01/22 to 10/31/22**<sup>1</sup> | **Expense<br>ratio during<br>the period** |
| **Prime Master Fund** | **Prime Master Fund** | **Prime Master Fund** |  |  |
| Actual | $1000.00 | $1009.90 | $0.50 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.70 | 0.51 | 0.10 |
| **ESG Prime Master Fund** | **ESG Prime Master Fund** | **ESG Prime Master Fund** |  |  |
| Actual | $1000.00 | $1010.20 | $0.30 | 0.06% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.90 | 0.31 | 0.06 |
| **Government Master Fund** | **Government Master Fund** | **Government Master Fund** |  |  |
| Actual | $1000.00 | $1009.30 | $0.05 | 0.01% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1025.15 | 0.05 | 0.01 |
| **Treasury Master Fund** | **Treasury Master Fund** | **Treasury Master Fund** |  |  |
| Actual | $1000.00 | $1008.80 | $0.50 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.70 | 0.51 | 0.10 |
| **Prime CNAV Master Fund** | **Prime CNAV Master Fund** | **Prime CNAV Master Fund** |  |  |
| Actual | $1000.00 | $1009.90 | $0.50 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.70 | 0.51 | 0.10 |
| **Tax-Free Master Fund** | **Tax-Free Master Fund** | **Tax-Free Master Fund** |  |  |
| Actual | $1000.00 | $1005.80 | $0.50 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.70 | 0.51 | 0.10 |

---

<sup>1</sup> Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited)** 

**Prime Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 5 days |

---

---

| | |
|:---|:---|
| **Top five issuer breakdown by country or territory of origin**<sup>2</sup> | |
| United States | 57.5% |
| United Kingdom | 6.5 |
| Australia | 6.5 |
| Canada | 6.4 |
| Japan | 6.0 |
| **Total** | **82.9%** |
| **Portfolio composition**<sup>2</sup> |  |
| Repurchase agreements | 41.8% |
| Commercial paper | 40.8 |
| Certificates of deposit | 14.9 |
| Time deposits | 2.9 |
| Liabilities in excess of other assets | (0.4) |
| **Total** | **100.0%** |

---

**You could lose money by investing in a money market fund. Because the price of interests in Prime Master Fund will fluctuate, when you sell your shares of each related feeder fund, your shares of the related feeder fund may be worth more or less than what you originally paid for them. Prime Master Fund may impose a fee upon sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if Prime Master Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

**ESG Prime Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 7 days |

---

---

| | |
|:---|:---|
| **Top five issuer breakdown by country or territory of origin**<sup>2</sup> | |
| United States | 61.4% |
| Japan | 8.9 |
| Canada | 7.6 |
| Australia | 6.0 |
| Singapore | 5.6 |
| **Total** | **89.5%** |
| **Portfolio composition**<sup>2</sup> |  |
| Commercial paper | 49.0% |
| Repurchase agreements | 35.9 |
| Certificates of deposit | 13.5 |
| Time deposits | 2.9 |
| Liabilities in excess of other assets | (1.3) |
| **Total** | **100.0%** |

---

**You could lose money by investing in a money market fund. Because the price of interests in ESG Prime Master Fund will fluctuate, when you sell your shares of each related feeder fund, your shares of the related feeder fund may be worth more or less than what you originally paid for them. ESG Prime Master Fund may impose a fee upon sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if ESG Prime Master Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

**Government Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 3 days |

---

---

| | |
|:---|:---|
| **Portfolio composition**<sup>2</sup> | |
| Repurchase agreements | 78.1% |
| U.S. government agency obligations | 16.2 |
| U.S. Treasury obligations | 5.6 |
| Other assets in excess of liabilities | 0.1 |
| **Total** | **100.0%** |

---

**You could lose money by investing in a money market fund. Although Government Master Fund seeks to preserve the value of your investment so that the shares of each related feeder fund are at $1.00 per share, Government Master Fund cannot guarantee it will do so. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

**Treasury Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 5 days |

---

---

| | |
|:---|:---|
| **Portfolio composition**<sup>2</sup> | |
| Repurchase agreements | 68.4% |
| U.S. Treasury obligations | 30.2 |
| Other assets in excess of liabilities | 1.4 |
| **Total** | **100.0%** |

---

**You could lose money by investing in a money market fund. Although Treasury Master Fund seeks to preserve the value of your investment so that the shares of each related feeder fund are at $1.00 per share, Treasury Master Fund cannot guarantee it will do so. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

**Prime CNAV Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 6 days |

---

---

| | |
|:---|:---|
| **Top five issuer breakdown by country or territory of origin**<sup>2</sup> | |
| United States | 49.6% |
| Japan | 7.8 |
| Canada | 7.6 |
| Australia | 5.9 |
| France | 5.5 |
| **Total** | **76.4%** |
| **Portfolio composition**<sup>2</sup> |  |
| Commercial paper | 58.4% |
| Repurchase agreements | 20.5 |
| Certificates of deposit | 12.6 |
| Time deposits | 8.9 |
| Liabilities in excess of other assets | (0.4) |
| **Total** | **100.0%** |

---

**Investments in the fund are intended to be limited to feeder funds with accounts beneficially owned by natural persons. Each feeder fund reserves the right to repurchase shares in any account that are not beneficially owned by natural persons.** 

**You could lose money by investing in a money market fund. Although Prime CNAV Master Fund seeks to preserve the value of your investment so that the shares of each related feeder fund are at $1.00 per share, Prime CNAV Master Fund cannot guarantee it will do so. Prime CNAV Master Fund may impose a fee upon sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if Prime CNAV Master Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (concluded)** 

**Tax-Free Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 5 days |

---

---

| | |
|:---|:---|
| **Portfolio composition**<sup>2</sup> | |
| Municipal bonds | 96.8% |
| Tax-exempt commercial paper | 2.8 |
| Other assets in excess of liabilities | 0.4 |
| **Total** | **100.0%** |

---

**Investments in the fund are intended to be limited to feeder funds with accounts beneficially owned by natural persons. Each feeder fund reserves the right to repurchase shares in any account that are not beneficially owned by natural persons.** 

**You could lose money by investing in a money market fund. Although Tax-Free Master Fund seeks to preserve the value of your investment so that the shares of each related feeder fund are at $1.00 per share, Tax-Free Master Fund cannot guarantee it will do so. Tax-Free Master Fund may impose a fee upon sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if Tax-Free Master Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Certificates of deposit—14.9%** |  |  |
| **Banking-non-U.S.—13.3%** |  |  |
|  Bank of Nova Scotia |  |  |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | $32000000 | $31996354 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1</sup> | 25000000 | 24974931 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1</sup> | 29000000 | 29006455 |
|  Mitsubishi UFJ Trust & Banking Corp. |  |  |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | 32000000 | 31997828 |
|  Mizuho Bank Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.300%, <br>3.340%, due 11/01/22<sup>1</sup> | 38000000 | 37987457 |
|  MUFG Bank Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.710%, <br>3.750%, due 11/01/22<sup>1</sup> | 75000000 | 74968751 |
|  Nordea Bank Abp |  |  |
| &nbsp;&nbsp; SOFR + 0.400%, <br>3.450%, due 11/01/22<sup>1</sup> | 39000000 | 38965572 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.540%, due 11/01/22<sup>1</sup> | 9000000 | 8999537 |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.550%, due 11/01/22<sup>1</sup> | 20000000 | 20004655 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1</sup> | 40000000 | 40004277 |
|  Oversea-Chinese Banking Corp. Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.400%, <br>3.440%, due 11/01/22<sup>1</sup> | 17000000 | 17001384 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.490%, due 11/01/22<sup>1</sup> | 39000000 | 38969474 |
| &nbsp;&nbsp; SOFR + 0.470%, <br>3.510%, due 11/01/22<sup>1</sup> | 25000000 | 25001910 |
| &nbsp;&nbsp; SOFR + 0.480%, <br>3.520%, due 11/01/22<sup>1</sup> | 25000000 | 25005473 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp; SOFR + 0.700%, <br>3.750%, due 11/01/22<sup>1</sup> | 40000000 | 40001007 |
|  Sumitomo Mitsui Banking Corp. |  |  |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.500%, due 11/01/22<sup>1</sup> | 38000000 | 37990593 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 32000000 | 31996075 |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | 26000000 | 26007718 |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | 27000000 | 27004741 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1</sup> | 39000000 | 38972456 |
|  Sumitomo Mitsui Trust Bank Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.330%, <br>3.380%, due 11/01/22<sup>1</sup> | 32000000 | 32003485 |
| &nbsp;&nbsp; SOFR + 0.460%, <br>3.510%, due 11/01/22<sup>1</sup> | 33000000 | 32979810 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Certificates of deposit—(concluded)** |  |  |
| **Banking-non-U.S—(concluded)** |  |  |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | $39000000 | $38988247 |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | 40000000 | 39986538 |
|  Svenska Handelsbanken |  |  |
| &nbsp;&nbsp; SOFR + 0.250%, <br>3.290%, due 11/01/22<sup>1</sup> | 20000000 | 19981032 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.470%, due 11/01/22<sup>1</sup> | 26000000 | 26000453 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.540%, due 11/01/22<sup>1</sup> | 39000000 | 38974890 |
| &nbsp;&nbsp; SOFR + 0.530%, <br>3.570%, due 11/01/22<sup>1</sup> | 43000000 | 42974072 |
|  Swedbank AB |  |  |
| &nbsp;&nbsp; SOFR + 0.570%, <br>3.610%, due 11/01/22<sup>1</sup> | 32000000 | 32001183 |
|  Toronto Dominion Bank<br>3.300%, due 11/01/22<sup>2</sup> | 27000000 | 26983328 |
| &nbsp;&nbsp; 3.640%, due 11/01/22<sup>2</sup> | 40000000 | 39982008 |
|  Westpac Banking Corp.  |  |  |
| &nbsp;&nbsp; SOFR + 0.470%, <br>3.520%, due 11/01/22<sup>1</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1</sup> | 16000000 | 16000827 |
|  |  | 1058712521 |
| **Banking-U.S.—1.6%** |  |  |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp; SOFR + 0.350%, <br>3.400%, due 11/01/22<sup>1</sup> | 25000000 | 25003146 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.500%, due 11/01/22<sup>1</sup> | 31000000 | 31004303 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 27000000 | 26992450 |
| &nbsp;&nbsp; SOFR + 0.630%, <br>3.680%, due 11/01/22<sup>1</sup> | 40000000 | 39997224 |
|  |  | 122997123 |
|  **Total Certificates of deposit** ****<br> (cost—$1,182,000,367) |  | **1181709644** |
| **Commercial paper—40.8%** |  |  |
| **Asset-backed-miscellaneous—14.1%** |  |  |
|  Antalis SA<br>2.870%, due 11/02/22<sup>3</sup> | 22700000 | 22696062 |
| &nbsp;&nbsp; 2.920%, due 11/04/22<sup>3</sup> | 19040000 | 19033091 |
| &nbsp;&nbsp; 2.950%, due 11/07/22<sup>3</sup> | 18000000 | 17987820 |
| &nbsp;&nbsp; 2.950%, due 11/09/22<sup>3</sup> | 37000000 | 36967495 |
| &nbsp;&nbsp; 3.120%, due 11/29/22<sup>3</sup> | 34000000 | 33897018 |
| &nbsp;&nbsp; 3.300%, due 11/07/22<sup>3</sup> | 52000000 | 51964813 |
| &nbsp;&nbsp; 4.020%, due 01/03/23 | 28000000 | 27795364 |
| &nbsp;&nbsp; 4.020%, due 01/05/23 | 14000000 | 13893432 |
|  Barton Capital SA<br>2.930%, due 11/16/22<sup>3</sup> | 25000000 | 24959600 |

---

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Commercial paper—(continued)** |  |  |
| **Asset-backed-miscellaneous—(concluded)** | **Asset-backed-miscellaneous—(concluded)** | **Asset-backed-miscellaneous—(concluded)** |
|  Chariot Funding LLC<br>3.300%, due 11/16/22 | $59000000 | $58905442 |
|  Gotham Funding Corp.<br>4.120%, due 01/10/23 | 39000000 | 38665028 |
|  Liberty Street Funding LLC<br>3.055%, due 11/28/22<sup>3</sup> | 18000000 | 17947556 |
| &nbsp;&nbsp; 3.060%, due 11/30/22<sup>3</sup> | 13000000 | 12959158 |
|  LMA-Americas LLC<br>2.850%, due 11/02/22<sup>3</sup> | 50000000 | 49991225 |
| &nbsp;&nbsp; 2.930%, due 11/18/22<sup>3</sup> | 19000000 | 18965002 |
| &nbsp;&nbsp; 3.080%, due 11/29/22<sup>3</sup> | 15000000 | 14954204 |
| &nbsp;&nbsp; 3.150%, due 12/01/22<sup>3</sup> | 18800000 | 18738337 |
|  Old Line Funding LLC  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.460%, due 11/01/22<sup>1,3</sup> | 30000000 | 30000000 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.540%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.590%, due 11/01/22<sup>1,3</sup> | 42000000 | 42000000 |
| &nbsp;&nbsp; SOFR + 0.600%, <br>3.640%, due 11/01/22<sup>1,3</sup> | 29000000 | 28987354 |
| &nbsp;&nbsp; SOFR + 0.600%, <br>3.640%, due 11/01/22<sup>1,3</sup> | 20000000 | 20002711 |
|  Sheffield Receivables Co. LLC |  |  |
| &nbsp;&nbsp; 2.950%, due 11/16/22<sup>3</sup> | 49000000 | 48920576 |
| &nbsp;&nbsp; 2.960%, due 11/22/22<sup>3</sup> | 44000000 | 43899758 |
| &nbsp;&nbsp; 3.100%, due 12/07/22<sup>3</sup> | 34000000 | 33863682 |
|  Starbird Funding Corp.<br>3.080%, due 11/30/22<sup>3</sup> | 34000000 | 33893183 |
|  Thunder Bay Funding LLC |  |  |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.460%, due 11/01/22<sup>1,3</sup> | 14000000 | 14000000 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.600%, <br>3.640%, due 11/01/22<sup>1,3</sup> | 39000000 | 39000000 |
| &nbsp;&nbsp; SOFR + 0.600%, <br>3.640%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
| &nbsp;&nbsp; 4.000%, due 01/17/23 | 22000000 | 21811778 |
|  Versailles Commercial Paper LLC<br>2.870%, due 11/01/22 | 19000000 | 18998383 |
| &nbsp;&nbsp; 3.070%, due 12/05/22 | 25000000 | 24907323 |
| &nbsp;&nbsp; SOFR + 0.390%, <br>3.440%, due 11/01/22<sup>1,3</sup> | 35000000 | 35000000 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.500%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
|  Victory Receivables Corp. |  |  |
| &nbsp;&nbsp; 2.870%, due 11/02/22<sup>3</sup> | 25000000 | 24995635 |
| &nbsp;&nbsp; 2.930%, due 11/18/22<sup>3</sup> | 39000000 | 38929234 |
|  |  | 1116530264 |
| **Banking-non-U.S.—26.1%** |  |  |
|  ANZ New Zealand International Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 38000000 | 38000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Commercial paper—(continued)** |  |  |
| **Banking-non-U.S.—(continued)** |  |  |
|  Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.350%, <br>3.400%, due 11/01/22<sup>1,3</sup> | $38000000 | $37971270 |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 28000000 | 27973921 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.480%, due 11/01/22<sup>1,3</sup> | 26000000 | 26000000 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp; SOFR + 0.260%, <br>3.310%, due 11/01/22<sup>1</sup> | 27000000 | 26978903 |
| &nbsp;&nbsp; SOFR + 0.410%, <br>3.460%, due 11/01/22<sup>1</sup> | 26000000 | 26005517 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 26000000 | 25997088 |
|  Bank of Nova Scotia |  |  |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 25000000 | 25005278 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 25000000 | 24993182 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 40000000 | 40000000 |
|  Barclays Bank PLC<br>2.950%, due 11/10/22<sup>3</sup> | 50000000 | 49953875 |
| &nbsp;&nbsp; 2.980%, due 11/16/22<sup>3</sup> | 50000000 | 49923422 |
| &nbsp;&nbsp; 3.270%, due 11/08/22 | 39000000 | 38975203 |
|  BNZ International Funding Ltd.<br>|  |  |
| &nbsp;&nbsp; SOFR + 0.720%, <br>3.770%, due 11/01/22<sup>1,3</sup> | 34000000 | 34002236 |
|  Canadian Imperial Bank of Commerce<br>0.350%, due 11/03/22<sup>3</sup> | 28000000 | 27992830 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 46000000 | 46000000 |
| &nbsp;&nbsp; SOFR + 0.640%, <br>3.690%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
|  Credit Agricole Corporate & Investment Bank<br>3.030%, due 11/22/22 | 31000000 | 30933619 |
|  DBS Bank Ltd.<br>3.000%, due 11/23/22<sup>3</sup> | 21000000 | 20951311 |
| &nbsp;&nbsp; 3.550%, due 12/15/22 | 40000000 | 39809750 |
|  Federation des Caisses Desjardins du Quebec<br>2.820%, due 11/03/22<sup>3</sup> | 31000000 | 30991700 |
| &nbsp;&nbsp; 3.050%, due 11/01/22 | 60000000 | 59994860 |
| &nbsp;&nbsp; 3.050%, due 11/02/22 | 85000000 | 84985130 |
|  Mitsubishi UFJ Trust & Banking Corp.<br>3.600%, due 12/05/22 | 39000000 | 38860770 |
|  Mizuho Bank Ltd.<br>2.900%, due 11/15/22<sup>3</sup> | 31000000 | 30953668 |
| &nbsp;&nbsp; 2.970%, due 12/02/22<sup>3</sup> | 33000000 | 32889208 |
|  National Australia Bank Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 38000000 | 38000000 |
| &nbsp;&nbsp; SOFR + 0.480%, <br>3.530%, due 11/01/22<sup>1,3</sup> | 27000000 | 27002673 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 26000000 | 26000945 |

---

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Commercial paper—(continued)** |  |  |
| **Banking-non-U.S.—(continued)** |  |  |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1,3</sup> | $29000000 | $29000000 |
|  National Bank of Canada |  |  |
| &nbsp;&nbsp; SOFR + 0.400%, <br>3.450%, due 11/01/22<sup>1,3</sup> | 25000000 | 25000475 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.500%, due 11/01/22<sup>1,3</sup> | 39000000 | 38987642 |
| &nbsp;&nbsp; SOFR + 0.530%, <br>3.580%, due 11/01/22<sup>1,3</sup> | 33000000 | 33000000 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1,3</sup> | 30000000 | 30000000 |
| &nbsp;&nbsp; SOFR + 0.560%, <br>3.610%, due 11/01/22<sup>1,3</sup> | 29000000 | 29008720 |
|  Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.350%, <br>3.400%, due 11/01/22<sup>1,3</sup> | 40000000 | 40000000 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.480%, due 11/01/22<sup>1,3</sup> | 38000000 | 38000000 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 20000000 | 19993729 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1,3</sup> | 20000000 | 20000000 |
|  Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp; SOFR + 0.380%, <br>3.420%, due 11/01/22<sup>1,3</sup> | 25000000 | 24996677 |
| &nbsp;&nbsp; SOFR + 0.440%, <br>3.480%, due 11/01/22<sup>1,3</sup> | 27000000 | 27001754 |
| &nbsp;&nbsp; SOFR + 0.570%, <br>3.610%, due 11/01/22<sup>1,3</sup> | 31000000 | 31000599 |
| &nbsp;&nbsp; SOFR + 0.610%, <br>3.650%, due 11/01/22<sup>1,3</sup> | 40000000 | 40000000 |
|  Sumitomo Mitsui Trust Bank Ltd.<br>2.900%, due 11/09/22<sup>3</sup> | 38000000 | 37969505 |
|  Svenska Handelsbanken AB |  |  |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 30000000 | 30000000 |
| &nbsp;&nbsp; SOFR + 0.540%, <br>3.580%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
|  Swedbank AB |  |  |
| &nbsp;&nbsp; SOFR + 0.340%, <br>3.390%, due 11/01/22<sup>1</sup> | 40000000 | 39959333 |
| &nbsp;&nbsp; SOFR + 0.390%, <br>3.440%, due 11/01/22<sup>1</sup> | 25000000 | 25000679 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 25000000 | 25007110 |
| &nbsp;&nbsp; SOFR + 0.610%, <br>3.650%, due 11/01/22<sup>1</sup> | 40000000 | 39989985 |
|  United Overseas Bank Ltd.<br>3.110%, due 12/08/22 | 35000000 | 34860091 |
| &nbsp;&nbsp; 3.220%, due 12/14/22 | 25000000 | 24882758 |
| &nbsp;&nbsp; SOFR + 0.390%, <br>3.440%, due 11/01/22<sup>1,3</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 38000000 | 38000000 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.490%, due 11/01/22<sup>1,3</sup> | 34000000 | 34000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount** | **Value** | **Value** |
| **Commercial paper—(concluded)** |  |  |  |
| **Banking-non-U.S.—(concluded)** |  |  |  |
| &nbsp;&nbsp; SOFR + 0.540%, <br>3.580%, due 11/01/22<sup>1,3</sup> | 40000000 | $| 39999337 |
|  Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  |
| &nbsp;&nbsp; SOFR + 0.400%, <br>3.450%, due 11/01/22<sup>1,3</sup> | 38000000 |  | 37973719 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.480%, due 11/01/22<sup>1,3</sup> | 26000000 |  | 26000000 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1,3</sup> | 16000000 |  | 16000000 |
| &nbsp;&nbsp; SOFR + 0.560%, <br>3.610%, due 11/01/22<sup>1,3</sup> | 30000000 |  | 30001993 |
| &nbsp;&nbsp; SOFR + 0.660%, <br>3.710%, due 11/01/22<sup>1,3</sup> | 40000000 |  | 40000000 |
|  Westpac Securities NZ Ltd.<br>3.760%, due 05/02/23 | 39000000 |  | 39000000 |
|  |  |  | 2074780465 |
| **Banking-U.S.—0.6%** | **Banking-U.S.—0.6%** | **Banking-U.S.—0.6%** | **Banking-U.S.—0.6%** |
|  Bedford Row Funding Corp. | Bedford Row Funding Corp. | Bedford Row Funding Corp. | Bedford Row Funding Corp. |
| &nbsp;&nbsp; SOFR + 0.650%, <br>3.700%, due 11/01/22<sup>1,3</sup> | 27000000 |  | 26999776 |
|  Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 24000000 |  | 23995367 |
|  |  |  | 50995143 |
|  **Total commercial paper** ****<br> (cost—$3,242,933,649) | **Total commercial paper** ****<br> (cost—$3,242,933,649) |  | **3242305872** |
| **Time deposits—2.9%** | **Time deposits—2.9%** | **Time deposits—2.9%** | **Time deposits—2.9%** |
| **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** |
|  ABN AMRO Bank NV<br>3.060%, due 11/01/22 | 100000000 |  | 100000000 |
|  Credit Agricole Corporate & Investment Bank<br>3.050%, due 11/01/22 | 92000000 |  | 92000000 |
|  Mizuho Corporate Bank Ltd.<br>3.070%, due 11/01/22 | 40000000 |  | 40000000 |
|  **Total time deposits** ****<br> (cost—$232,000,000) | **Total time deposits** ****<br> (cost—$232,000,000) |  | **232000000** |
| **Repurchase agreements—41.8%** | **Repurchase agreements—41.8%** | **Repurchase agreements—41.8%** | **Repurchase agreements—41.8%** |
|  Repurchase agreement dated 10/31/22 with J.P. Morgan Securities LLC, OBFR + 0.33%, 3.400% due 12/05/22, collateralized by 3 shares of an equity security and $60,237,000 various asset-backed convertible bonds zero coupon to 4.630% due 11/15/25 to 09/30/29; (value $57,130,219); proceed $50,132,222<sup>4</sup> | 50000000 |  | 50000000 |
|  Repurchase agreement dated 10/03/22 with J.P. Morgan Securities LLC, OBFR + 0.23%, 3.300% due 11/07/22, collateralized by $80,916,605 various asset-backed convertible bonds, 0.250% to 9.000% due 07/15/24 to 05/01/28, 16,878 shares of various equity securities; (value—$61,195,765); proceed: $54,138,600<sup>4</sup> | 54000000 |  | 54000000 |

---

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** |
|  Repurchase agreement dated 04/28/20 with J.P. Morgan Securities LLC, OBFR + 0.23%, 3.300% due 11/07/22, collateralized by $94,526,175 various asset-backed convertible bonds, 2.000% to 11.500% due 02/15/23 to 11/06/33 and 5 shares of an equity security; (value—$81,000,162); proceeds: $81,208,125<sup>4</sup> | $75000000 | $75000000 |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., OBFR + 0.65%, 3.720% due 02/03/23, collateralized by $221,231,893 various asset-backed convertible bonds, zero coupon to 9.000% due 03/12/23 to 06/30/51; (value—$186,763,929); proceeds: $175,506,333<sup>4</sup> | 175000000 | 175000000 |
|  Repurchase agreement dated 10/31/22 with BNP Paribas SA, 3.200% due 11/01/22, collateralized by $224,591,765 various asset-backed convertible bonds, 0.010% to 13.375% due 12/15/22 to 12/31/99 and 4,500,000 shares of various equity securities; (value—$188,905,444); proceeds: $175,015,556 | 175000000 | 175000000 |
|  Repurchase agreement dated 10/31/22 with Barclays Bank PLC, 3.050% due 11/01/22, collateralized by $965,713,410 Federal Home Loan Mortgage Corp. obligations, 2.500% to 6.000% due 09/15/38 to 07/25/52, $1,463,317,694 Federal National Mortgage Association obligations, 1.814% to 5.500% due 11/25/32 to 09/25/52 and $1,173,416,383 Government National Mortgage Association obligations, 2.500% to 5.000 due 10/20/42 to 02/20/52; (value—$309,000,000); proceeds: $300,025,417 | 300000000 | 300000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/31/22 with Federal Reserve Bank of New York, 3.050% due 11/01/22, collateralized by $2,521,446,400 U.S. Treasury Notes, 0.250% to 2.500% due 08/15/23 to 11/15/31; (value—$2,485,210,587); proceeds: $2,485,210,535 | $| 2485000000 | $2485000000 |
|  **Total repurchase agreements** ****<br> (cost—$3,314,000,000) | **Total repurchase agreements** ****<br> (cost—$3,314,000,000) | **Total repurchase agreements** ****<br> (cost—$3,314,000,000) | **3314000000** |
|  **Total investments** <br> (cost—$7,970,934,016 which approximates<br>cost for federal income<br>tax purposes)—100.4% | **Total investments** <br> (cost—$7,970,934,016 which approximates<br>cost for federal income<br>tax purposes)—100.4% | **Total investments** <br> (cost—$7,970,934,016 which approximates<br>cost for federal income<br>tax purposes)—100.4% | **7970015516** |
|  Liabilities in excess of other assets—(0.4)%  | Liabilities in excess of other assets—(0.4)%  | Liabilities in excess of other assets—(0.4)%  | (31430114) |
|  **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**7938585402** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| Certificates of deposit | $— | $1181709644 | $— | $1181709644 |
| Commercial paper |  | 3242305872 |  | 3242305872 |
| Time deposits |  | 232000000 |  | 232000000 |
| Repurchase agreements |  | 3314000000 |  | 3314000000 |
| **Total** | $**—** | $**7970015516** | $**—** | $**7970015516** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

<sup>2</sup> Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

<sup>3</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $522,024,782, represented 6.6% of the Fund's net assets at period end. 

<sup>4</sup> Investment has a put feature, which allows the Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2022 and changes periodically. The maturity date reflects the earliest put date and the proceeds represent the receivable of the Fund if the put feature was exercised as of October 31, 2022. 

See accompanying notes to financial statements.

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Certificates of deposit—13.5%** | **Certificates of deposit—13.5%** | **Certificates of deposit—13.5%** |
| **Banking-non-U.S.—12.1%** | **Banking-non-U.S.—12.1%** | **Banking-non-U.S.—12.1%** |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp; SOFR + 0.200%,<br>3.250%, due 11/01/22<sup>1</sup> | $5000000 | $5000059 |
|  Bank of Nova Scotia  |  |  |
| &nbsp;&nbsp; SOFR + 0.250%,<br>3.300%, due 11/01/22<sup>1</sup> | 4000000 | 3997044 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 11000000 | 10998747 |
|  Canadian Imperial Bank of Commerce  |  |  |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1</sup> | 5000000 | 4994986 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 10000000 | 10002226 |
|  Mitsubishi UFJ Trust & Banking Corp.  |  |  |
| &nbsp;&nbsp; SOFR + 0.460%,<br>3.510%, due 11/01/22<sup>1</sup> | 8000000 | 8001822 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 9000000 | 8999389 |
|  MUFG Bank Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.460%, due 11/01/22<sup>1</sup> | 7000000 | 7000519 |
| &nbsp;&nbsp; SOFR + 0.710%,<br>3.750%, due 11/01/22<sup>1</sup> | 25000000 | 24989584 |
|  Nordea Bank Abp  |  |  |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1</sup> | 13000000 | 12988524 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.550%, due 11/01/22<sup>1</sup> | 4000000 | 4000931 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 14000000 | 14001497 |
| &nbsp;&nbsp; SOFR + 0.580%,<br>3.630%, due 11/01/22<sup>1</sup> | 11000000 | 11002388 |
|  Oversea-Chinese Banking Corp. Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1</sup> | 5000000 | 5000407 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.490%, due 11/01/22<sup>1</sup> | 13000000 | 12989824 |
|  Royal Bank of Canada  |  |  |
| &nbsp;&nbsp; SOFR + 0.220%,<br>3.270%, due 11/01/22<sup>1</sup> | 5000000 | 4996422 |
| &nbsp;&nbsp; SOFR + 0.700%,<br>3.750%, due 11/01/22<sup>1</sup> | 14000000 | 14000352 |
|  Sumitomo Mitsui Banking Corp.  |  |  |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> | 13000000 | 12996782 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 11000000 | 10998651 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 8000000 | 8002375 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 8000000 | 8001405 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 13000000 | 12990819 |
|  Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.330%,<br>3.380%, due 11/01/22<sup>1</sup> | 7000000 | 7000762 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** | **Value** |
| **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** |
| **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | $| 14000000 | $| 13995781 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> |  | 13000000 |  | 12995625 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.650%, due 11/01/22<sup>1</sup> |  | 10000000 |  | 9999122 |
|  Svenska Handelsbanken  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1</sup> |  | 6000000 |  | 6000104 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.540%, due 11/01/22<sup>1</sup> |  | 13000000 |  | 12991630 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.570%, due 11/01/22<sup>1</sup> |  | 14000000 |  | 13991558 |
|  Swedbank AB |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.570%,<br>3.610%, due 11/01/22<sup>1</sup> |  | 11000000 |  | 11000407 |
|  Toronto Dominion Bank |  |  |  |  |
| &nbsp;&nbsp; 3.300%, due 11/01/22 |  | 5000000 |  | 4996912 |
| &nbsp;&nbsp; 3.640%, due 11/01/22 |  | 13000000 |  | 12994153 |
|  Westpac Banking Corp.  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.470%,<br>3.520%, due 11/01/22<sup>1</sup> |  | 4000000 |  | 4000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> |  | 5000000 |  | 5000258 |
|  |  |  |  | 330921065 |
| **Banking-U.S.—1.4%** |  |  |  |  |
|  Cooperatieve Rabobank UA  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.200%,<br>3.250%, due 11/01/22<sup>1</sup> |  | 5000000 |  | 5000178 |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1</sup> |  | 5000000 |  | 5000629 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> |  | 6000000 |  | 6000833 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> |  | 8000000 |  | 7997763 |
| &nbsp;&nbsp; SOFR + 0.630%,<br>3.680%, due 11/01/22<sup>1</sup> |  | 14000000 |  | 13999028 |
|  |  |  |  | 37998431 |
|  **Total Certificates of deposit**<br> (cost—$369,000,074) | **Total Certificates of deposit**<br> (cost—$369,000,074) | **Total Certificates of deposit**<br> (cost—$369,000,074) |  | **368919496** |
| **Commercial paper—49.0%** | **Commercial paper—49.0%** | **Commercial paper—49.0%** | **Commercial paper—49.0%** | **Commercial paper—49.0%** |
| **Asset-backed-miscellaneous—16.6%** | **Asset-backed-miscellaneous—16.6%** | **Asset-backed-miscellaneous—16.6%** | **Asset-backed-miscellaneous—16.6%** | **Asset-backed-miscellaneous—16.6%** |
|  Albion Capital Corp. SA/Albion Capital LLC |  |  |  |  |
| &nbsp;&nbsp; 2.950%, due 11/15/22 |  | 6299000 |  | 6289559 |
|  Antalis SA |  |  |  |  |
| &nbsp;&nbsp; 2.870%, due 11/02/22 |  | 8000000 |  | 7998612 |
| &nbsp;&nbsp; 2.950%, due 11/07/22 |  | 6250000 |  | 6245771 |
| &nbsp;&nbsp; 3.120%, due 11/29/22 |  | 12000000 |  | 11963653 |
| &nbsp;&nbsp; 3.300%, due 11/07/22 |  | 17460000 |  | 17448185 |
| &nbsp;&nbsp; 4.020%, due 01/05/23 |  | 4580000 |  | 4545137 |
| &nbsp;&nbsp; 4.510%, due 01/18/23 |  | 11000000 |  | 10893403 |
|  Atlantic Asset Securitization LLC |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.360%,<br>3.410%, due 11/01/22<sup>1,2</sup> |  | 10000000 |  | 10000000 |

---

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Asset-backed-miscellaneous—(continued)** | **Asset-backed-miscellaneous—(continued)** | **Asset-backed-miscellaneous—(continued)** |
|  Barton Capital SA<br>2.920%, due 11/08/22 | $28000000 | $27977961 |
| &nbsp;&nbsp; 3.070%, due 11/01/22 | 15000000 | 14998715 |
|  Chariot Funding LLC<br>3.300%, due 11/16/22 | 19000000 | 18969549 |
|  Gotham Funding Corp.<br>4.120%, due 01/10/23 | 13000000 | 12888343 |
|  Liberty Street Funding LLC<br>2.850%, due 11/15/22 | 18000000 | 17973045 |
| &nbsp;&nbsp; 3.055%, due 11/28/22 | 7000000 | 6979605 |
| &nbsp;&nbsp; 3.060%, due 11/30/22 | 4000000 | 3987433 |
|  LMA-Americas LLC<br>2.930%, due 11/18/22 | 7000000 | 6987106 |
| &nbsp;&nbsp; 3.080%, due 11/29/22 | 5000000 | 4984735 |
| &nbsp;&nbsp; 3.150%, due 12/01/22 | 6000000 | 5980320 |
|  Old Line Funding LLC  | Old Line Funding LLC  | Old Line Funding LLC  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.460%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.540%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.590%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 10000000 | 9995640 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 6000000 | 6000813 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 21000000 | 21003189 |
|  Sheffield Receivables Co. LLC<br>2.850%, due 11/01/22 | 17695000 | 17693499 |
| &nbsp;&nbsp; 2.950%, due 11/16/22 | 11000000 | 10982170 |
| &nbsp;&nbsp; 2.960%, due 11/22/22 | 15000000 | 14965827 |
| &nbsp;&nbsp; 3.100%, due 12/07/22 | 12000000 | 11951888 |
|  Starbird Funding Corp.<br>3.050%, due 11/01/22 | 25000000 | 24997879 |
|  Thunder Bay Funding LLC  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.460%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 14000000 | 14000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; 4.000%, due 01/17/23 | 6000000 | 5948667 |
|  Versailles CDS LLC<br>2.870%, due 11/01/22 | 7000000 | 6999404 |
|  Versailles Commercial Paper LLC<br>2.850%, due 11/01/22 | 19000000 | 18998383 |
| &nbsp;&nbsp; 3.070%, due 12/05/22 | 9000000 | 8966636 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Asset-backed-miscellaneous—(concluded)** | **Asset-backed-miscellaneous—(concluded)** | **Asset-backed-miscellaneous—(concluded)** |
|  Victory Receivables Corp.<br>2.930%, due 11/18/22 | $13000000 | $12976412 |
|  |  | 453591539 |
|  **Banking-non-U.S.—31.0%** |  |  |
|  ANZ New Zealand International Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
|  Australia & New Zealand Banking Group Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1,2</sup> | 13000000 | 12990171 |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 10000000 | 9990686 |
|  Bank of Montreal  |  |  |
| &nbsp;&nbsp; SOFR + 0.260%,<br>3.310%, due 11/01/22<sup>1</sup> | 8000000 | 7993749 |
| &nbsp;&nbsp; SOFR + 0.410%,<br>3.460%, due 11/01/22<sup>1</sup> | 7000000 | 7001485 |
| &nbsp;&nbsp; 3.740%, due 05/02/23 | 25000000 | 24997383 |
|  Bank of Nova Scotia  |  |  |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 14000000 | 14000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 5000000 | 5001056 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 11000000 | 10992097 |
|  Barclays Bank PLC<br>2.850%, due 11/02/22 | 21000000 | 20996363 |
| &nbsp;&nbsp; 2.950%, due 11/10/22 | 18000000 | 17983395 |
| &nbsp;&nbsp; 3.270%, due 11/08/22 | 13000000 | 12991734 |
|  BNZ International Funding Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.720%,<br>3.770%, due 11/01/22<sup>1,2</sup> | 11000000 | 11000723 |
|  Canadian Imperial Bank of Commerce<br>0.350%, due 11/03/22 | 4000000 | 3998976 |
|  Commonwealth Bank of Australia  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 5000000 | 4999040 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 16000000 | 16000000 |
| &nbsp;&nbsp; SOFR + 0.640%,<br>3.690%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  Credit Agricole Corporate & Investment Bank<br>3.030%, due 11/22/22 | 18000000 | 17961456 |
|  DBS Bank Ltd.<br>3.000%, due 11/23/22 | 12000000 | 11972178 |
| &nbsp;&nbsp; 3.550%, due 12/15/22 | 13000000 | 12938169 |
|  Federation Des Caisses<br>3.060%, due 11/03/22 | 20000000 | 19994645 |
|  Federation des Caisses Desjardins du Quebec<br>2.820%, due 11/03/22 | 11000000 | 10997055 |
| &nbsp;&nbsp; 3.050%, due 11/01/22 | 40000000 | 39996573 |
| &nbsp;&nbsp; 3.050%, due 11/02/22 | 25000000 | 24995626 |
|  Mitsubishi UFJ Trust & Banking Corp.<br>2.870%, due 11/03/22 | 10000000 | 9997427 |
| &nbsp;&nbsp; 3.600%, due 12/05/22 | 13000000 | 12953590 |

---

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.—(continued)** | **Banking-non-U.S.—(continued)** | **Banking-non-U.S.—(continued)** |
|  Mizuho Bank Ltd.<br>2.965%, due 11/25/22 | $12000000 | $11969167 |
| &nbsp;&nbsp; 2.970%, due 12/02/22 | 11000000 | 10963069 |
|  National Australia Bank Ltd.  | National Australia Bank Ltd.  | National Australia Bank Ltd.  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000792 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 6000000 | 6000218 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 8000000 | 7999845 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  National Bank of Canada  | National Bank of Canada  | National Bank of Canada  |
| &nbsp;&nbsp; SOFR + 0.200%,<br>3.250%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000095 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1,2</sup> | 13000000 | 12995881 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.580%, due 11/01/22<sup>1,2</sup> | 11000000 | 11000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 11000000 | 11000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 10000000 | 10003007 |
|  NRW Bank<br>2.980%, due 11/03/22 | 35000000 | 34990792 |
|  Oversea-Chinese Banking Corp. Ltd.  | Oversea-Chinese Banking Corp. Ltd.  | Oversea-Chinese Banking Corp. Ltd.  |
| &nbsp;&nbsp; SOFR + 0.240%,<br>3.290%, due 11/01/22<sup>1,2</sup> | 5000000 | 4996343 |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000852 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp; SOFR + 0.460%,<br>3.510%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000000 |
|  Skandinaviska Enskilda Banken AB  |  |  |
| &nbsp;&nbsp; SOFR + 0.380%,<br>3.420%, due 11/01/22<sup>1,2</sup> | 5000000 | 4999335 |
| &nbsp;&nbsp; SOFR + 0.440%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000520 |
| &nbsp;&nbsp; SOFR + 0.570%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 11000000 | 11000213 |
| &nbsp;&nbsp; SOFR + 0.610%,<br>3.650%, due 11/01/22<sup>1,2</sup> | 14000000 | 14000000 |
|  Sumitomo Mitsui Trust Bank Ltd.<br>2.900%, due 11/09/22 | 13000000 | 12989567 |
| &nbsp;&nbsp; 2.970%, due 11/17/22 | 12000000 | 11980864 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** |
|  Svenska Handelsbanken AB  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1,2</sup> | $| 5000000 | $| 5000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.550%, due 11/01/22<sup>1,2</sup> |  | 4000000 |  | 4000000 |
| &nbsp;&nbsp; SOFR + 0.540%,<br>3.580%, due 11/01/22<sup>1,2</sup> |  | 10000000 |  | 10000000 |
|  Swedbank AB  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.340%,<br>3.390%, due 11/01/22<sup>1</sup> |  | 13000000 |  | 12986783 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1</sup> |  | 7000000 |  | 7000190 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> |  | 8000000 |  | 8002275 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1</sup> |  | 11000000 |  | 11000000 |
| &nbsp;&nbsp; SOFR + 0.610%,<br>3.650%, due 11/01/22<sup>1</sup> |  | 13000000 |  | 12996745 |
|  Toronto Dominion Bank |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.380%,<br>3.410%, due 11/01/22<sup>1,2</sup> |  | 5000000 |  | 5000677 |
|  United Overseas Bank Ltd.<br>2.810%, due 11/02/22 |  | 17000000 |  | 16997026 |
| &nbsp;&nbsp; 3.220%, due 12/14/22 |  | 7000000 |  | 6967172 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1,2</sup> |  | 7000000 |  | 7000000 |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1,2</sup> |  | 7000000 |  | 6997381 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> |  | 13000000 |  | 13000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.490%, due 11/01/22<sup>1,2</sup> |  | 6000000 |  | 6000000 |
| &nbsp;&nbsp; SOFR + 0.540%,<br>3.580%, due 11/01/22<sup>1,2</sup> |  | 13000000 |  | 12999785 |
|  Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> |  | 13000000 |  | 12991009 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> |  | 5000000 |  | 5000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1,2</sup> |  | 11000000 |  | 11000731 |
| &nbsp;&nbsp; SOFR + 0.660%,<br>3.710%, due 11/01/22<sup>1,2</sup> |  | 14000000 |  | 14000000 |
|  Westpac Securities NZ Ltd.<br>3.760%, due 05/02/23 |  | 14000000 |  | 14000000 |
|  |  |  |  | 846573911 |
| **Banking-U.S.—1.4%** | **Banking-U.S.—1.4%** | **Banking-U.S.—1.4%** | **Banking-U.S.—1.4%** | **Banking-U.S.—1.4%** |
|  Collateralized Commercial Paper FLEX Co. LLC  | Collateralized Commercial Paper FLEX Co. LLC  | Collateralized Commercial Paper FLEX Co. LLC  | Collateralized Commercial Paper FLEX Co. LLC  | Collateralized Commercial Paper FLEX Co. LLC  |
| &nbsp;&nbsp; SOFR + 0.240%,<br>3.290%, due 11/01/22<sup>1,2</sup> |  | 5000000 |  | 5000098 |
| &nbsp;&nbsp; SOFR + 0.250%,<br>3.300%, due 11/01/22<sup>1,2</sup> |  | 5000000 |  | 5000000 |
|  Collateralized Commercial Paper V Co. LLC  | Collateralized Commercial Paper V Co. LLC  | Collateralized Commercial Paper V Co. LLC  | Collateralized Commercial Paper V Co. LLC  | Collateralized Commercial Paper V Co. LLC  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1</sup> |  | 8000000 |  | 8000163 |

---

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** | **Value** |
| **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** |
| **Banking-U.S.—(concluded)** | **Banking-U.S.—(concluded)** | **Banking-U.S.—(concluded)** | **Banking-U.S.—(concluded)** | **Banking-U.S.—(concluded)** |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | $| 9000000 | $| 8998263 |
| &nbsp;&nbsp; SOFR + 0.630%,<br>3.680%, due 11/01/22<sup>1</sup> |  | 12000000 |  | 12001409 |
|  |  |  |  | 38999933 |
|  **Total commercial paper**<br> (cost—$1,339,390,527) | **Total commercial paper**<br> (cost—$1,339,390,527) | **Total commercial paper**<br> (cost—$1,339,390,527) |  | **1339165383** |
| **Time deposit—2.9%** | **Time deposit—2.9%** | **Time deposit—2.9%** | **Time deposit—2.9%** | **Time deposit—2.9%** |
| **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** |
|  Mizuho Corporate Bank Ltd.<br>3.070%, due 11/01/22<br>(cost—$80,000,000) |  | 80000000 |  | 80000000 |
| **Repurchase agreements—35.9%** | **Repurchase agreements—35.9%** | **Repurchase agreements—35.9%** | **Repurchase agreements—35.9%** | **Repurchase agreements—35.9%** |
|  Repurchase agreement dated 10/31/22 with Barclays Bank PLC, 3.050% due 11/01/22, collateralized by $747,637,100 U.S. Treasury Notes, 0.500% to 3.000% due 07/15/25 to 11/15/31; (value—$637,500,047; proceeds: $625,052,951 |  | 625000000 |  | 625000000 |
|  Repurchase agreement dated 10/31/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.000% due 11/01/22, collateralized by 368,436,100 U.S. Treasury Notes, 1.125% to 1.250 due 01/15/25 to 04/30/28; (value—$337,620,052); proceeds: $331,027,583 |  | 331000000 |  | 331000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/03/22 with J.P. Morgan Securities LLC, OBFR + 0.33%, 3.400% due 11/07/22, collateralized by $1,000 asset-backed convertible bond 2.625% due 02/15/28 and 22,207 shares of equity security; (value—$1,100,042); proceeds: $1,003,306<sup>3</sup> | $| 1000000 | $1000000 |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., OBFR + 0.65%, 3.720% due 01/06/23, collateralized by $28,420,000 various asset-backed convertible bonds, 0.500% to 6.875% due 01/17/23 to 09/15/15 and 99,000 shares of an equity security; (value—$26,390,729); proceeds: $26,245,417<sup>3</sup> |  | 25000000 | 25000000 |
|  **Total repurchase agreements**<br> (cost—$982,000,000) | **Total repurchase agreements**<br> (cost—$982,000,000) | **Total repurchase agreements**<br> (cost—$982,000,000) | **982000000** |
|  **Total investments**<br> (cost—$2,770,390,601 which approximates<br>cost for federal income tax<br>purposes)—101.3% | **Total investments**<br> (cost—$2,770,390,601 which approximates<br>cost for federal income tax<br>purposes)—101.3% | **Total investments**<br> (cost—$2,770,390,601 which approximates<br>cost for federal income tax<br>purposes)—101.3% | **2770084879** |
|  Liabilities in excess of other assets—(1.3)%  | Liabilities in excess of other assets—(1.3)%  | Liabilities in excess of other assets—(1.3)%  | (36204810) |
|  **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**2733880069** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments**<br> **(Level 1)** | **Other significant<br>observable inputs**<br> **(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| Certificates of deposit | $— | $368919496 | $— | $368919496 |
| Commercial paper |  | 1339165383 |  | 1339165383 |
| Time deposit |  | 80000000 |  | 80000000 |
| Repurchase agreements |  | 982000000 |  | 982000000 |
| **Total** | $**—** | $**2770084879** | $**—** | $**2770084879** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $557,960,197, represented 20.4% of the Fund's net assets at period end. 

<sup>3</sup> Investment has a put feature, which allows the Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2022 and changes periodically. The maturity date reflects the earliest put date and the proceeds represent the receivable of the Fund if the put feature was exercised as of October 31, 2022. 

See accompanying notes to financial statements.

------

Government Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—16.2%** | **U.S. government agency obligations—16.2%** | **U.S. government agency obligations—16.2%** |
|  Federal Farm Credit Banks Funding Corp.  | Federal Farm Credit Banks Funding Corp.  | Federal Farm Credit Banks Funding Corp.  |
| &nbsp;&nbsp; SOFR + 0.013%, <br>3.063%, due 11/01/22<sup>1</sup> | $62000000 | $62000000 |
| &nbsp;&nbsp; SOFR + 0.025%, <br>3.075%, due 11/01/22<sup>1</sup> | 232000000 | 231988888 |
| &nbsp;&nbsp; SOFR + 0.030%, <br>3.080%, due 11/01/22<sup>1</sup> | 63000000 | 63000000 |
| &nbsp;&nbsp; SOFR + 0.035%, <br>3.085%, due 11/01/22<sup>1</sup> | 52000000 | 52000000 |
| &nbsp;&nbsp; SOFR + 0.040%, <br>3.090%, due 11/01/22<sup>1</sup> | 40000000 | 40000000 |
| &nbsp;&nbsp; SOFR + 0.050%, <br>3.100%, due 11/01/22<sup>1</sup> | 30000000 | 30000000 |
| &nbsp;&nbsp; SOFR + 0.055%, <br>3.105%, due 11/01/22<sup>1</sup> | 5500000 | 5500000 |
| &nbsp;&nbsp; SOFR + 0.060%, <br>3.110%, due 11/01/22<sup>1</sup> | 7000000 | 7000000 |
| &nbsp;&nbsp; SOFR + 0.070%, <br>3.120%, due 11/01/22<sup>1</sup> | 18000000 | 18000000 |
| &nbsp;&nbsp; SOFR + 0.090%, <br>3.140%, due 11/01/22<sup>1</sup> | 22000000 | 22000000 |
| &nbsp;&nbsp; SOFR + 0.100%, <br>3.150%, due 11/01/22<sup>1</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.105%, <br>3.155%, due 11/01/22<sup>1</sup> | 19500000 | 19500000 |
|  Federal Home Loan Bank Discount Notes<br>2.750%, due 12/15/22<sup>2</sup> | 25000000 | 24915972 |
| &nbsp;&nbsp; 3.720%, due 12/23/22<sup>2</sup> | 50000000 | 49731334 |
| &nbsp;&nbsp; 4.050%, due 01/27/23<sup>2</sup> | 30000000 | 29706375 |
| &nbsp;&nbsp; 4.400%, due 04/26/23<sup>2</sup> | 8000000 | 7827911 |
|  Federal Home Loan Banks<br>0.210%, due 12/12/22 | 43000000 | 43000000 |
| &nbsp;&nbsp; SOFR + 0.030%, <br>3.080%, due 11/01/22<sup>1</sup> | 79000000 | 79000000 |
| &nbsp;&nbsp; SOFR + 0.035%, <br>3.085%, due 11/01/22<sup>1</sup> | 79000000 | 79000000 |
| &nbsp;&nbsp; SOFR + 0.040%, <br>3.090%, due 11/01/22<sup>1</sup> | 149000000 | 149000000 |
| &nbsp;&nbsp; SOFR + 0.045%, <br>3.095%, due 11/01/22<sup>1</sup> | 116000000 | 116000000 |
| &nbsp;&nbsp; SOFR + 0.050%, <br>3.100%, due 11/01/22<sup>1</sup> | 71000000 | 71000000 |
| &nbsp;&nbsp; SOFR + 0.055%, <br>3.105%, due 11/01/22<sup>1</sup> | 84500000 | 84500000 |
| &nbsp;&nbsp; SOFR + 0.060%, <br>3.110%, due 11/01/22<sup>1</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.700%, <br>3.120%, due 11/01/22<sup>1</sup> | 82000000 | 82000000 |
|  **Total U.S. government agency obligations** ****<br> (cost—$1,404,670,480) | **Total U.S. government agency obligations** ****<br> (cost—$1,404,670,480) | **1404670480** |
| **U.S. Treasury obligations—5.6%** | **U.S. Treasury obligations—5.6%** | **U.S. Treasury obligations—5.6%** |
|  U.S. Treasury Bills<br>1.450%, due 11/03/22<sup>3</sup> | 43000000 | 42996608 |
| &nbsp;&nbsp; 2.941%, due 12/01/22<sup>3</sup> | 59000000 | 58858400 |
| &nbsp;&nbsp; 3.029%, due 12/08/22<sup>3</sup> | 64000000 | 63804969 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.037%, 4.078%, due 11/01/22<sup>1</sup> | $| 226000000 | $| 225876691 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.140%, 4.181%, due 11/01/22<sup>1</sup> |  | 100000000 |  | 100007740 |
|  **Total U.S. Treasury obligations** ****<br> (cost—$491,544,408) | **Total U.S. Treasury obligations** ****<br> (cost—$491,544,408) | **Total U.S. Treasury obligations** ****<br> (cost—$491,544,408) |  | **491544408** |
| **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** |
|  Repurchase agreement dated 10/31/22 with Mitsubishi UFJ Securities Americas, Inc., 3.040% due 11/01/22, collateralized by $10,450,980 Federal Home Loan Mortgage Corp. obligations, 2.968% to 5.000% due 09/15/44 to 10/01/52, $31,210,411 Federal National Mortgage Association obligations, 2.500% to 4.500% due 05/01/25 to 10/25/52 and $86,770,556 Government National Mortgage Association obligations, 2.500% to 4.000% due 03/20/42 to 06/16/61; (value—$71,400,000); proceeds: $70,005,911 |  | 70000000 |  | 70000000 |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.190% due 01/30/23, collateralized by $454,997,498 Federal Home Loan Mortgage Corp. obligations, 0.100% to 11.100% due 03/25/29 to 03/25/54, $336,878,002 Federal National Mortgage Association obligations, 0.253% to 5.000% due 04/25/36 to 08/25/52 and $1,555,395,980 Government National Mortgage Association obligations, zero coupon to 5.000% due 02/20/34 to 03/16/64; (value—<br>$103,000,001); proceeds: $100,248,111<sup>4</sup> |  | 100000000 |  | 100000000 |
|  Repurchase agreement dated 10/31/22 with Toronto-Dominion Bank, 3.050% due 11/01/22, collateralized by $119,600,000 Federal Home Loan Mortgage Corp. obligations, 3.762% to 4.350% due 07/15/36 to 03/15/45 and $533,950,865 Federal National Mortgage Association obligations, 1.500% to 5.500% due 04/25/23 to 02/25/51; (value—<br>$102,000,000); proceeds: $100,008,472 |  | 100000000 |  | 100000000 |

---

------

Government Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** |
|  Repurchase agreement dated 03/31/22 with Mitsubishi UFJ Securities Americas, Inc., 3.060% due 12/05/22, collateralized by $17,604,808 Federal National Mortgage Association obligations, 3.000% to 3.500% due 01/25/43 to 06/25/48 and $103,114,609 Government National Mortgage Association obligations, 2.000% to 5.000% due 03/20/41 to 10/20/52; (value—$102,000,000); proceeds: $101,819,000<sup>4</sup> | $100000000 | $100000000 |
|  Repurchase agreement dated 10/03/22 with J.P. Morgan Securities LLC, 3.060% due 11/07/22, collateralized by $282,219,454 Federal National Mortgage Association obligations, 2.000% to 6.000% due 08/01/36 to 09/01/52; (value—<br>$204,000,001); proceeds: $200,476,000<sup>4</sup> | 200000000 | 200000000 |
|  Repurchase agreement dated 10/31/22 with J.P. Morgan Securities LLC, 3.060% due 11/01/22, collateralized by $1,890,001,757 Federal Home Loan Mortgage Corp. obligations, zero coupon to 6.997% due 05/25/23 to 03/25/58, $1,558,033,365 Federal National Mortgage Association obligations, zero coupon to 5.000% due 08/25/24 to 01/25/52 and $2,297,529,578 Government National Mortgage Association obligations, zero coupon to 5.500% due 07/20/39 to 03/16/64; (value—$515,000,001); proceeds: $500,042,500 | 500000000 | 500000000 |
|  Repurchase agreement dated 10/31/22 with J.P. Morgan Securities LLC, 3.050% due 11/01/22, collateralized by $503,178,015 Federal Home Loan Mortgage Corp. obligations, 3.500% to 6.500% due 01/01/28 to 10/01/52, $1,554,162,388 Federal National Mortgage Association obligations, 1.500% to 7.500% due 07/01/28 to 03/01/61 and $75,335,770 Government National Mortgage Association obligations, 2.500% to 5.500% due 11/20/35 to 09/20/62; (value—$969,000,001); proceeds: $950,080,486 | 950000000 | 950000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/31/22 with Fixed Income Clearing Corp., 3.010% due 11/01/22, collateralized by $1,063,905,500 U.S. Treasury Bill, zero coupon due 01/26/23; (value—<br>$1,053,660,090); proceeds: $1,033,086,370 | $| 1033000000 | $1033000000 |
|  Repurchase agreement dated 10/31/22 with Federal Reserve Bank of New York, 3.050% due 11/01/22, collateralized by 4,058,989,300 U.S. Treasury Notes, 1.625% to 2.250% due 08/15/27 to 08/15/29; (value—$3,730,316,043); proceeds: $3,730,316,014 |  | 3730000000 | 3730000000 |
|  **Total repurchase agreements** ****<br> (cost—$6,783,000,000) |  |  | **6783000000** |
|  **Total investments** <br> (cost—$8,679,214,888 which approximates cost for federal income tax<br>purposes)—99.9% |  |  | **8679214888** |
|  Other assets in excess of liabilities—0.1%  | Other assets in excess of liabilities—0.1%  | Other assets in excess of liabilities—0.1%  | 7542039 |
|  **Net assets—100.0%** |  |  | $**8686756927** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Government Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| U.S. government agency obligations | $— | $1404670480 | $— | $1404670480 |
| U.S. Treasury obligations |  | 491544408 |  | 491544408 |
| Repurchase agreements |  | 6783000000 |  | 6783000000 |
| **Total** | $**—** | $**8679214888** | $**—** | $**8679214888** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

<sup>2</sup> Rate shown is the discount rate at the date of purchase unless otherwise noted.

<sup>3</sup> Rates shown reflect yield at October 31, 2022.

<sup>4</sup> Investment has a put feature, which allows the Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2022 and changes periodically. The maturity date reflects the earliest put date and the proceeds represent the receivable of the Fund if the put feature was exercised as of October 31, 2022. 

See accompanying notes to financial statements.

------

Treasury Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. Treasury obligations—30.2%** | **U.S. Treasury obligations—30.2%** | **U.S. Treasury obligations—30.2%** |
|  U.S. Treasury Bills<br>1.411%, due 11/10/22<sup>1</sup> | $338000000 | $337883221 |
| &nbsp;&nbsp; 1.450%, due 11/03/22<sup>1</sup> | 216000000 | 215982960 |
| &nbsp;&nbsp; 1.522%, due 11/17/22<sup>1</sup> | 210000000 | 209860933 |
| &nbsp;&nbsp; 1.563%, due 11/25/22<sup>1</sup> | 215000000 | 214780700 |
| &nbsp;&nbsp; 1.615%, due 12/01/22<sup>1</sup> | 208000000 | 207726133 |
| &nbsp;&nbsp; 1.749%, due 12/08/22<sup>1</sup> | 215000000 | 214622138 |
| &nbsp;&nbsp; 2.541%, due 11/03/22<sup>1</sup> | 244000000 | 243966247 |
| &nbsp;&nbsp; 2.633%, due 11/10/22<sup>1</sup> | 362000000 | 361766510 |
| &nbsp;&nbsp; 2.659%, due 11/17/22<sup>1</sup> | 168000000 | 167805493 |
| &nbsp;&nbsp; 2.798%, due 11/25/22<sup>1</sup> | 249000000 | 248545160 |
| &nbsp;&nbsp; 2.845%, due 12/13/22<sup>1</sup> | 245000000 | 244205383 |
| &nbsp;&nbsp; 2.941%, due 12/01/22<sup>1</sup> | 251000000 | 250397600 |
| &nbsp;&nbsp; 2.958%, due 12/20/22<sup>1</sup> | 241000000 | 240052000 |
| &nbsp;&nbsp; 3.029%, due 12/08/22<sup>1</sup> | 249000000 | 248241207 |
| &nbsp;&nbsp; 3.041%, due 12/27/22<sup>1</sup> | 253000000 | 251831140 |
| &nbsp;&nbsp; 3.055%, due 11/22/22<sup>1</sup> | 4500000 | 4492121 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp; 3 mo. Treasury money market yield – 0.075%,<br>3.966%, due 11/01/22<sup>2</sup> | 200000000 | 199999986 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.029%,<br>4.070%, due 11/01/22<sup>2</sup> | 614210000 | 614220815 |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.034%,<br>4.075%, due 11/01/22<sup>2</sup> | 468575000 | 468580619 |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.035%,<br>4.076%, due 11/01/22<sup>2</sup> | 500000000 | 499992423 |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.037%,<br>4.078%, due 11/01/22<sup>2</sup> | 935000000 | 934542350 |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.049%,<br>4.090%, due 11/01/22<sup>2</sup> | 852950000 | 852968352 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.140%,<br>4.181%, due 11/01/22<sup>2</sup> | 250000000 | 250019349 |
|  **Total U.S. Treasury obligations** ****<br> (cost—$7,482,482,840) |  | **7482482840** |
| **Repurchase agreements—68.4%** | **Repurchase agreements—68.4%** | **Repurchase agreements—68.4%** |
|  Repurchase agreement dated 10/31/22 with J.P. Morgan Securities LLC, 3.000% due 11/01/22, collateralized by $171,352,400, U.S. Treasury Bond, 3.625% due 02/15/44; (value—$153,000,030); proceeds: $150,012,500 | 150000000 | 150000000 |
|  Repurchase agreement dated 10/31/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.000% due 11/01/22, collateralized by $262,499,300 U.S. Treasury Note, 4.375% due 10/31/24; (value—$262,242,051); proceeds: $257,121,425 | 257100000 | 257100000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/31/22 with Fixed Income Clearing Corp., 3.010% due 11/01/22, collateralized by $955,764,100 U.S. Treasury Bill, zero coupon due 01/26/23; (value—$946,560,092); proceeds: $928,077,591 | $| 928000000 | $928000000 |
|  Repurchase agreement dated 10/31/22 with Barclays Bank PLC, 3.050% due 11/01/22, collateralized by $1,096,722,200 U.S. Treasury Bonds, 1.250% to 4.625% due 02/15/40 to 08/15/50 and $1,219,269,000 U.S. Treasury Notes, 0.125% to 2.875% due 12/31/22 to 08/15/28; (value—$1,912,500,008); proceeds: $1,875,158,854 |  | 1875000000 | 1875000000 |
|  Repurchase agreement dated 10/31/22 with Federal Reserve Bank of New York, 3.050% due 11/01/22, collateralized by $14,337,943,100 U.S. Treasury Notes, 1.625% to 2.625% due 11/15/22 to 08/15/29; (value—$13,716,162,050); proceeds: $13,716,161,965 | $| 13715000000 | $13715000000 |
|  **Total repurchase agreements** ****<br> (cost—$16,925,100,000) |  |  | **16925100000** |
|  **Total investments** <br> (cost—$24,407,582,840 which approximates cost for federal income tax purposes)—98.6% |  |  | **24407582840** |
|  Other assets in excess of liabilities—1.4% | Other assets in excess of liabilities—1.4% | Other assets in excess of liabilities—1.4% | 353016899 |
|  **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**24760599739** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Treasury Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| U.S. Treasury obligations | $— | $7482482840 | $— | $7482482840 |
| Repurchase agreements |  | 16925100000 |  | 16925100000 |
| **Total** | $**—** | $**24407582840** | $**—** | $**24407582840** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Rates shown reflect yield at October 31, 2022.

<sup>2</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

See accompanying notes to financial statements.

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Certificates of deposit—12.6%** | **Certificates of deposit—12.6%** | **Certificates of deposit—12.6%** |
| **Banking-non-U.S.—11.5%** | **Banking-non-U.S.—11.5%** | **Banking-non-U.S.—11.5%** |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | $19000000 | $19000000 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 15000000 | 15000000 |
|  Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. |
| &nbsp;&nbsp; SOFR + 0.460%,<br>3.510%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 19000000 | 19000000 |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
| &nbsp;&nbsp; SOFR + 0.710%,<br>3.750%, due 11/01/22<sup>1</sup> | 50000000 | 50000000 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.550%, due 11/01/22<sup>1</sup> | 6000000 | 6000110 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 21000000 | 21000000 |
| &nbsp;&nbsp; SOFR + 0.580%,<br>3.630%, due 11/01/22<sup>1</sup> | 17000000 | 17000000 |
|  Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1</sup> | 7000000 | 7000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.490%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.470%,<br>3.510%, due 11/01/22<sup>1</sup> | 12000000 | 12000000 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.570%, due 11/01/22<sup>1</sup> | 12000000 | 12000000 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| &nbsp;&nbsp; SOFR + 0.700%,<br>3.750%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 19000000 | 19000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 11000000 | 11000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
| &nbsp;&nbsp; SOFR + 0.330%,<br>3.380%, due 11/01/22<sup>1</sup> | 18000000 | 18000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** |
| **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.650%, due 11/01/22<sup>1</sup> | 15000000 | 15000000 |
|  Svenska Handelsbanken | Svenska Handelsbanken | Svenska Handelsbanken |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.540%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.570%, due 11/01/22<sup>1</sup> | 29000000 | 29000000 |
|  Swedbank AB | Swedbank AB | Swedbank AB |
| &nbsp;&nbsp; SOFR + 0.570%,<br>3.610%, due 11/01/22<sup>1</sup> | 18000000 | 18000000 |
|  Toronto Dominion Bank | Toronto Dominion Bank | Toronto Dominion Bank |
| &nbsp;&nbsp; 3.300%, due 11/01/22 | 11000000 | 11000000 |
| &nbsp;&nbsp; 3.510%, due 11/01/22 | 20000000 | 20000000 |
| &nbsp;&nbsp; 3.640%, due 11/01/22 | 27000000 | 27000000 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 8000000 | 8000000 |
|  |  | 622000110 |
| **Banking-U.S.**—**1.1%** | **Banking-U.S.**—**1.1%** | **Banking-U.S.**—**1.1%** |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> | 11000000 | 11000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 12000000 | 12000000 |
| &nbsp;&nbsp; SOFR + 0.630%,<br>3.680%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
|  |  | 60000000 |
|  **Total Certificates of deposit**<br> (cost—$682,000,110) | **Total Certificates of deposit**<br> (cost—$682,000,110) | **682000110** |
| **Commercial paper**—**58.4%** | **Commercial paper**—**58.4%** | **Commercial paper**—**58.4%** |
| **Asset-backed-miscellaneous**—**16.5%** | **Asset-backed-miscellaneous**—**16.5%** | **Asset-backed-miscellaneous**—**16.5%** |
|  Albion Capital Corp. SA/Albion Capital LLC | Albion Capital Corp. SA/Albion Capital LLC | Albion Capital Corp. SA/Albion Capital LLC |
| &nbsp;&nbsp; 2.950%, due 11/21/22 | 40000000 | 39934444 |
|  Antalis SA | Antalis SA | Antalis SA |
| &nbsp;&nbsp; 2.870%, due 11/02/22<sup>2</sup> | 13000000 | 12998964 |
| &nbsp;&nbsp; 2.920%, due 11/04/22<sup>2</sup> | 11000000 | 10997323 |
| &nbsp;&nbsp; 2.950%, due 11/07/22<sup>2</sup> | 10000000 | 9995083 |
| &nbsp;&nbsp; 2.950%, due 11/09/22<sup>2</sup> | 8000000 | 7994756 |
| &nbsp;&nbsp; 3.120%, due 11/29/22<sup>2</sup> | 21000000 | 20949040 |
| &nbsp;&nbsp; 3.300%, due 11/07/22<sup>2</sup> | 35000000 | 34980750 |
| &nbsp;&nbsp; 4.020%, due 01/03/23 | 19000000 | 18866335 |
| &nbsp;&nbsp; 4.020%, due 01/05/23 | 9000000 | 8934675 |
| &nbsp;&nbsp; 4.510%, due 01/18/23 | 21000000 | 20794795 |
|  Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC |
| &nbsp;&nbsp; 3.370%, due 11/15/22 | 26000000 | 25965926 |
|  Barton Capital SA | Barton Capital SA | Barton Capital SA |
| &nbsp;&nbsp; 3.150%, due 11/04/22 | 50000000 | 49986875 |
| &nbsp;&nbsp; 3.450%, due 11/15/22 | 10695000 | 10680651 |
| &nbsp;&nbsp; 3.520%, due 11/14/22<sup>2</sup> | 10000000 | 9987289 |

---

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper**—**(continued)** | **Commercial paper**—**(continued)** | **Commercial paper**—**(continued)** |
| **Asset-backed-miscellaneous**—**(concluded)** | **Asset-backed-miscellaneous**—**(concluded)** | **Asset-backed-miscellaneous**—**(concluded)** |
|  Chariot Funding LLC | Chariot Funding LLC | Chariot Funding LLC |
| &nbsp;&nbsp; 3.300%, due 11/16/22 | $34000000 | $33953250 |
|  Gotham Funding Corp. | Gotham Funding Corp. | Gotham Funding Corp. |
| &nbsp;&nbsp; 4.120%, due 01/10/23 | 26000000 | 25791711 |
|  Liberty Street Funding LLC | Liberty Street Funding LLC | Liberty Street Funding LLC |
| &nbsp;&nbsp; 2.850%, due 11/15/22<sup>2</sup> | 27900000 | 27869077 |
| &nbsp;&nbsp; 3.055%, due 11/28/22<sup>2</sup> | 11000000 | 10974796 |
| &nbsp;&nbsp; 3.060%, due 11/30/22<sup>2</sup> | 8000000 | 7980280 |
|  LMA-Americas LLC | LMA-Americas LLC | LMA-Americas LLC |
| &nbsp;&nbsp; 2.930%, due 11/17/22<sup>2</sup> | 19500000 | 19474607 |
| &nbsp;&nbsp; 2.930%, due 11/18/22<sup>2</sup> | 12000000 | 11983397 |
| &nbsp;&nbsp; 3.080%, due 11/29/22<sup>2</sup> | 10000000 | 9976044 |
| &nbsp;&nbsp; 3.150%, due 12/01/22<sup>2</sup> | 12000000 | 11968500 |
| &nbsp;&nbsp; 3.470%, due 11/17/22<sup>2</sup> | 16520000 | 16494522 |
| &nbsp;&nbsp; 3.600%, due 11/18/22<sup>2</sup> | 10430000 | 10412269 |
|  Old Line Funding LLC | Old Line Funding LLC | Old Line Funding LLC |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.540%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 32000000 | 32000000 |
|  Sheffield Receivables Co. LLC | Sheffield Receivables Co. LLC | Sheffield Receivables Co. LLC |
| &nbsp;&nbsp; 2.850%, due 11/01/22<sup>2</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; 2.950%, due 11/16/22<sup>2</sup> | 20000000 | 19975417 |
| &nbsp;&nbsp; 2.960%, due 11/22/22<sup>2</sup> | 27000000 | 26953380 |
| &nbsp;&nbsp; 3.100%, due 12/07/22<sup>2</sup> | 20000000 | 19938000 |
|  Starbird Funding Corp. | Starbird Funding Corp. | Starbird Funding Corp. |
| &nbsp;&nbsp; 3.050%, due 11/01/22 | 25000000 | 25000000 |
| &nbsp;&nbsp; 3.080%, due 11/30/22<sup>2</sup> | 21000000 | 20947897 |
|  Thunder Bay Funding LLC | Thunder Bay Funding LLC | Thunder Bay Funding LLC |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.460%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 21000000 | 21000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 15000000 | 15000000 |
| &nbsp;&nbsp; 4.000%, due 01/17/23 | 9000000 | 8923000 |
|  Versailles CDS LLC | Versailles CDS LLC | Versailles CDS LLC |
| &nbsp;&nbsp; 2.870%, due 11/01/22 | 11000000 | 11000000 |
|  Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC |
| &nbsp;&nbsp; 2.850%, due 11/01/22 | 29000000 | 29000000 |
| &nbsp;&nbsp; 3.070%, due 12/05/22 | 16000000 | 15953609 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 21000000 | 21000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1,2</sup> | 16000000 | 16000000 |
|  Victory Receivables Corp. | Victory Receivables Corp. | Victory Receivables Corp. |
| &nbsp;&nbsp; 2.870%, due 11/02/22<sup>2</sup> | 13467000 | 13465926 |
| &nbsp;&nbsp; 2.930%, due 11/18/22<sup>2</sup> | 23000000 | 22968177 |
|  |  | 894070765 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.**—**40.2%** | **Banking-non-U.S.**—**40.2%** | **Banking-non-U.S.**—**40.2%** |
|  ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | $26000000 | $26000000 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1,2</sup> | 23000000 | 23000000 |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 20000000 | 19990071 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 12000000 | 12000000 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
| &nbsp;&nbsp; SOFR + 0.260%,<br>3.310%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.410%,<br>3.460%, due 11/01/22<sup>1</sup> | 9000000 | 9000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
|  Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
| &nbsp;&nbsp; 2.850%, due 11/02/22<sup>2</sup> | 25000000 | 24998021 |
| &nbsp;&nbsp; 2.980%, due 11/16/22<sup>2</sup> | 17000000 | 16978892 |
| &nbsp;&nbsp; 3.270%, due 11/08/22 | 24000000 | 23984740 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| &nbsp;&nbsp; 0.350%, due 11/03/22<sup>2</sup> | 12000000 | 11999767 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 31000000 | 31000000 |
| &nbsp;&nbsp; SOFR + 0.640%,<br>3.690%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
|  Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank |
| &nbsp;&nbsp; 3.030%, due 11/22/22 | 17000000 | 16969952 |
|  DBS Bank Ltd. | DBS Bank Ltd. | DBS Bank Ltd. |
| &nbsp;&nbsp; 3.000%, due 11/23/22<sup>2</sup> | 21000000 | 20961500 |
| &nbsp;&nbsp; 3.550%, due 12/15/22 | 23000000 | 22900205 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
| &nbsp;&nbsp; 2.910%, due 11/01/22 | 200000000 | 200000000 |
|  DZ Bank AG Deutsche Zentral-Genossenschaftsbank | DZ Bank AG Deutsche Zentral-Genossenschaftsbank | DZ Bank AG Deutsche Zentral-Genossenschaftsbank |
| &nbsp;&nbsp; 3.040%, due 11/01/22 | 175000000 | 175000000 |
|  Erste Finance Delaware LLC | Erste Finance Delaware LLC | Erste Finance Delaware LLC |
| &nbsp;&nbsp; 3.080%, due 11/03/22 | 137000000 | 136976558 |
|  Federation Des Caisses | Federation Des Caisses | Federation Des Caisses |
| &nbsp;&nbsp; 3.060%, due 11/03/22<sup>2</sup> | 45000000 | 44992350 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
| &nbsp;&nbsp; 2.820%, due 11/03/22<sup>2</sup> | 17000000 | 16997337 |
| &nbsp;&nbsp; 3.050%, due 11/01/22 | 110000000 | 110000000 |
| &nbsp;&nbsp; 3.050%, due 11/02/22 | 40000000 | 39996611 |
|  Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. |
| &nbsp;&nbsp; 2.870%, due 11/03/22<sup>2</sup> | 32000000 | 31994898 |

---

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.—(continued)** | **Banking-non-U.S.—(continued)** | **Banking-non-U.S.—(continued)** |
|  Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. |
| &nbsp;&nbsp; 2.965%, due 11/25/22<sup>2</sup> | $21000000 | $20958490 |
| &nbsp;&nbsp; 2.970%, due 12/02/22<sup>2</sup> | 20000000 | 19948850 |
|  National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 17000000 | 17000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 15000000 | 15000000 |
|  NRW Bank | NRW Bank | NRW Bank |
| &nbsp;&nbsp; 2.980%, due 11/02/22 | 70000000 | 69994205 |
| &nbsp;&nbsp; 2.980%, due 11/03/22 | 65000000 | 64989239 |
| &nbsp;&nbsp; 2.980%, due 11/04/22 | 50000000 | 49987583 |
|  Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1,2</sup> | 24000000 | 24000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| &nbsp;&nbsp; SOFR + 0.460%,<br>3.510%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
| &nbsp;&nbsp; SOFR + 0.380%,<br>3.420%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.440%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.570%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 17000000 | 17000000 |
| &nbsp;&nbsp; SOFR + 0.610%,<br>3.650%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
| &nbsp;&nbsp; 2.900%, due 11/09/22<sup>2</sup> | 21000000 | 20986467 |
| &nbsp;&nbsp; 2.970%, due 11/17/22<sup>2</sup> | 20000000 | 19973600 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.540%,<br>3.580%, due 11/01/22<sup>1,2</sup> | 15000000 | 15000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** |
|  Swedbank AB | Swedbank AB | Swedbank AB |
| &nbsp;&nbsp; SOFR + 0.340%,<br>3.390%, due 11/01/22<sup>1</sup> | 24000000 | 24000000 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 12000000 | 12000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1</sup> | 18000000 | 18000000 |
| &nbsp;&nbsp; SOFR + 0.610%,<br>3.650%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
|  Toronto Dominion Bank | Toronto Dominion Bank | Toronto Dominion Bank |
| &nbsp;&nbsp; SOFR + 0.380%,<br>3.410%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| &nbsp;&nbsp; 3.070%, due 11/01/22 | 60000000 | 60000000 |
| &nbsp;&nbsp; 3.070%, due 11/03/22 | 20000000 | 19996589 |
|  United Overseas Bank Ltd. | United Overseas Bank Ltd. | United Overseas Bank Ltd. |
| &nbsp;&nbsp; 2.810%, due 11/02/22<sup>2</sup> | 25000000 | 24998049 |
| &nbsp;&nbsp; 3.110%, due 12/08/22 | 15000000 | 14952054 |
| &nbsp;&nbsp; 3.220%, due 12/14/22 | 10000000 | 9961539 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.490%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
| &nbsp;&nbsp; SOFR + 0.540%,<br>3.580%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 12000000 | 12000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 17000000 | 17000000 |
| &nbsp;&nbsp; SOFR + 0.660%,<br>3.710%, due 11/01/22<sup>1,2</sup> | 28000000 | 28000000 |
|  Westpac Securities NZ Ltd. | Westpac Securities NZ Ltd. | Westpac Securities NZ Ltd. |
| &nbsp;&nbsp; 3.760%, due 05/02/23 | 27000000 | 27000000 |
|  |  | 2174487567 |
| **Banking-U.S.**—**1.7%** | **Banking-U.S.**—**1.7%** | **Banking-U.S.**—**1.7%** |
|  Bedford Row Funding Corp. | Bedford Row Funding Corp. | Bedford Row Funding Corp. |
| &nbsp;&nbsp; SOFR + 0.650%,<br>3.700%, due 11/01/22<sup>1,2</sup> | 18000000 | 18000000 |
|  Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 17000000 | 17000000 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.580%, due 11/01/22<sup>1</sup> | 28000000 | 28000000 |

---

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** | **Value** |
| **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** |
| **Banking-U.S.**—**(concluded)** | **Banking-U.S.**—**(concluded)** | **Banking-U.S.**—**(concluded)** | **Banking-U.S.**—**(concluded)** | **Banking-U.S.**—**(concluded)** |
| &nbsp;&nbsp; SOFR + 0.630%,<br>3.680%, due 11/01/22<sup>1</sup> | $| 18000000 | $| 18000000 |
|  |  |  |  | 91000000 |
|  **Total commercial paper**<br> (cost—$3,159,558,332) | **Total commercial paper**<br> (cost—$3,159,558,332) | **Total commercial paper**<br> (cost—$3,159,558,332) |  | **3159558332** |
| **Time deposits**—**8.9%** | **Time deposits**—**8.9%** | **Time deposits**—**8.9%** | **Time deposits**—**8.9%** | **Time deposits**—**8.9%** |
| **Banking-non-U.S.**—**8.9%** | **Banking-non-U.S.**—**8.9%** | **Banking-non-U.S.**—**8.9%** | **Banking-non-U.S.**—**8.9%** | **Banking-non-U.S.**—**8.9%** |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
| &nbsp;&nbsp; 3.060%, due 11/01/22 |  | 200000000 |  | 200000000 |
|  Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank |
| &nbsp;&nbsp; 3.050%, due 11/01/22 |  | 135000000 |  | 135000000 |
|  Mizuho Corporate Bank Ltd.<br>3.070%, due 11/01/22 |  | 145000000 |  | 145000000 |
|  **Total time deposits**<br> (cost—$480,000,000) | **Total time deposits**<br> (cost—$480,000,000) | **Total time deposits**<br> (cost—$480,000,000) |  | **480000000** |
| **Repurchase agreements**—**20.5%** | **Repurchase agreements**—**20.5%** | **Repurchase agreements**—**20.5%** | **Repurchase agreements**—**20.5%** | **Repurchase agreements**—**20.5%** |
|  Repurchase agreement dated 10/31/22 with Goldman Sachs & Co., 3.000% due 11/01/22, collateralized by $6,293,900 U.S. Treasury Bond, 2.500% due 02/15/45; (value—$4,590,040); proceeds: $4,500,375 |  | 4500000 |  | 4500000 |
|  Repurchase agreement dated 10/31/22 with BNP Paribas SA, 3.160% due 11/01/22, collateralized by $57,471,526 various asset-backed convertible bonds, 3.000% to 7.529% due 11/05/29 to 08/25/52; (value—$26,813,184); proceeds: $25,002,194 |  | 25000000 |  | 25000000 |
|  Repurchase agreement dated 10/31/22 with BNP Paribas SA., 3.200% due 11/01/22, collateralized by $56,094,248 various asset-backed convertible bonds, 3.876% to 8.000% due 12/15/22 to 06/25/33; (value—$54,000,089); proceeds: $50,004,444 |  | 50000000 |  | 50000000 |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.720% due 02/03/23, collateralized by $29,289,510, various asset-backed convertible bonds, 0.500% to 13.000% due 11/16/22 to 12/31/99 and 827 shares of various equity securities; (value—$26,425,953); proceeds: $25,072,333<sup>3</sup> |  | 25000000 |  | 25000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** |
| **Repurchase agreements**—**(concluded)** | **Repurchase agreements**—**(concluded)** | **Repurchase agreements**—**(concluded)** | **Repurchase agreements**—**(concluded)** |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.720% due 02/03/23, collateralized by $72,070,773 various asset-backed convertible bonds, zero coupon to 10.500% due 11/15/22 to 12/31/99 and 51,389 shares of various equity securities; (value—$69,121,974); proceeds: $65,188,067<sup>3</sup> | $| 65000000 | $65000000 |
|  Repurchase agreement dated 10/31/22 with Fixed Income Clearing Corp., 3.010% due 11/01/22, collateralized by $967,572,100 U.S. Treasury Bills, zero coupon due 01/19/23 to 01/26/23; (value—$958,800,057); proceeds: $940,078,594 |  | 940000000 | 940000000 |
|  **Total repurchase agreements**<br> (cost—$1,109,500,000) | **Total repurchase agreements**<br> (cost—$1,109,500,000) | **Total repurchase agreements**<br> (cost—$1,109,500,000) | **1109500000** |
|  **Total investments**<br> (cost — $5,431,058,442 which approximates cost for federal income tax purposes)—100.4% |  |  | **5431058442** |
|  Liabilities in excess of other assets—(0.4)% | Liabilities in excess of other assets—(0.4)% | Liabilities in excess of other assets—(0.4)% | (21455763) |
|  **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**5409602679** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments**<br> **(Level 1)** | **Other significant<br>observable inputs**<br> **(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| Certificates of deposit | $— | $682000110 | $— | $682000110 |
| Commercial paper |  | 3159558332 |  | 3159558332 |
| Time deposits |  | 480000000 |  | 480000000 |
| Repurchase agreements |  | 1109500000 |  | 1109500000 |
| **Total** | $**—** | $**5431058442** | $**—** | $**5431058442** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $1,599,063,786, represented 29.6% of the Fund's net assets at period end. 

<sup>3</sup> Investment has a put feature, which allows the Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2022 and changes periodically. The maturity date reflects the earliest put date and the proceeds represent the receivable of the Fund if the put feature was exercised as of October 31, 2022. 

See accompanying notes to financial statements.

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—96.8%** |  |  |
| **Alaska—2.2%** |  |  |
|  City of Valdez, Exxon Pipeline Co. Project, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A, <br>1.660%, VRD | $5250000 | $5250000 |
| &nbsp;&nbsp; Series B, <br>1.660%, VRD | 7635000 | 7635000 |
| &nbsp;&nbsp; Series C, <br>1.660%, VRD | 7365000 | 7365000 |
|  |  | 20250000 |
| **Arizona—5.2%** |  |  |
|  Arizona Health Facilities Authority, Banner Health Obligated Group, Revenue Bonds, <br>Series C,<br>1.640%, VRD | 19810000 | 19810000 |
|  Arizona Industrial Development Authority, Phoenix Children's Hospital, Refunding, Revenue Bonds, <br>Series A,<br>1.640%, VRD | 1300000 | 1300000 |
|  Industrial Development Authority of the City of Phoenix, Mayo Clinic, Revenue Bonds, <br>Series B,<br>1.630%, VRD | 27470000 | 27470000 |
|  |  | 48580000 |
| **California—1.0%** |  |  |
|  California Health Facilities Financing Authority, Dignity Health, Revenue Bonds, <br>Series C,<br>1.850%, VRD | 7900000 | 7900000 |
|  City of Modesto Water Revenue, Refunding, COP, <br>Series A,<br>1.950%, VRD | 1035000 | 1035000 |
|  |  | 8935000 |
| **Colorado—5.1%** |  |  |
|  City & County of Denver Co., Refunding, COP, <br>Series A1,<br>1.640%, VRD | 16750000 | 16750000 |
|  City & County of Denver Co., Refunding, COP, <br>Series A2,<br>1.640%, VRD | 2900000 | 2900000 |
|  City & County of Denver, Refunding, COP, <br>Series A3,<br>1.640%, VRD | 5555000 | 5555000 |
|  City of Colorado Springs Co. Utilities System Revenue, Revenue Bonds, <br>Series B-REMK,<br>2.250%, VRD | 4800000 | 4800000 |
|  Colorado Health Facilities Authority, Children's Hospital Colorado Obligated Group, Refunding, Revenue Bonds<br>1.640%, VRD | 9000000 | 9000000 |
| &nbsp;&nbsp; 2.250%, VRD | 7970000 | 7970000 |
|  |  | 46975000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Delaware—0.1%** |  |  |
|  Delaware State Economic Development Authority, YMCA of Delaware Project, Revenue Bonds<br>2.250%, VRD | $1170000 | $1170000 |
| **District of Columbia—2.0%** |  |  |
|  District of Columbia Water & Sewer Authority, Subordinate Lien, Revenue Bonds, <br>Subseries B-2,<br>2.260%, VRD | 11000000 | 11000000 |
|  District of Columbia, GO Bonds, <br>Series A,<br>2.000%, VRD | 7000000 | 7000000 |
|  Metropolitan Washington Airports Authority Aviation, Revenue Bonds, <br>Subseries D-2,<br>1.600%, VRD | 1050000 | 1050000 |
|  |  | 19050000 |
| **Florida—1.7%** |  |  |
|  Florida Keys Aqueduct Authority, Refunding, Revenue Bonds<br>2.220%, VRD | 5990000 | 5990000 |
|  Hillsborough County Industrial Development Authority, BayCare Health System, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series B, <br>1.620%, VRD | 3550000 | 3550000 |
| &nbsp;&nbsp; Series C, <br>2.250%, VRD | 400000 | 400000 |
|  Orange County Health Facilities Authority, The Nemours Foundation Project, Revenue Bonds, <br>Series B,<br>2.200%, VRD | 5540000 | 5540000 |
|  |  | 15480000 |
| **Illinois—11.8%** |  |  |
|  Illinois Development Finance Authority, Chicago Symphony Project, Revenue Bonds<br>2.410%, VRD | 12500000 | 12500000 |
|  Illinois Development Finance Authority,<br>Francis W. Parker School Project, Revenue Bonds<br>2.320%, VRD | 17200000 | 17200000 |
|  Illinois Finance Authority, Gift of Hope Donor Project, Revenue Bonds<br>2.250%, VRD | 8580000 | 8580000 |
|  Illinois Finance Authority, Hospital Sisters Services Obligated Group, Refunding, Revenue Bonds<br>2.260%, VRD | 8000000 | 8000000 |
|  Illinois Finance Authority, Steppenwolf Theatre Co., Revenue Bonds<br>2.290%, VRD | 6660000 | 6660000 |
| &nbsp;&nbsp; 2.290%, VRD | 8450000 | 8450000 |

---

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Illinois—(concluded)** | **Illinois—(concluded)** | **Illinois—(concluded)** | **Illinois—(concluded)** | **Illinois—(concluded)** |
|  Illinois Finance Authority, The University of Chicago Medical Center, Revenue Bonds, <br>Series E2,<br>2.260%, VRD | $| 900000 | $| 900000 |
|  Illinois Finance Authority, University of Chicago Medical Center Obligated Group, Revenue Bonds, <br>Series E-1-REMK,<br>2.260%, VRD |  | 15000000 |  | 15000000 |
|  Illinois Finance Authority, University of Chicago, Refunding, Revenue Bonds, <br>Series C,<br>2.230%, VRD |  | 18600000 |  | 18600000 |
|  Illinois Finance Authority, University of Chicago, Revenue Bonds, <br>Series B,<br>2.230%, VRD |  | 12015000 |  | 12015000 |
|  Village of Brookfield IL, Brookfield Zoo Project, Revenue Bonds<br>2.250%, VRD |  | 1780000 |  | 1780000 |
|  |  |  |  | 109685000 |
| **Indiana—7.6%** | **Indiana—7.6%** | **Indiana—7.6%** | **Indiana—7.6%** | **Indiana—7.6%** |
|  Indiana Finance Authority, Duke Energy Indiana Project, Refunding, Revenue Bonds, <br>Series A-5,<br>1.710%, VRD |  | 27000000 |  | 27000000 |
|  Indiana Finance Authority, Trinity Health, Refunding, Revenue Bonds, <br>Series D-1,<br>2.220%, VRD |  | 26400000 |  | 26400000 |
|  Indiana Municipal Power Agency, Refunding, Revenue Bonds, <br>Series B,<br>1.640%, VRD |  | 17250000 |  | 17250000 |
|  |  |  |  | 70650000 |
| **Louisiana—0.1%** | **Louisiana—0.1%** | **Louisiana—0.1%** | **Louisiana—0.1%** | **Louisiana—0.1%** |
|  Louisiana Public Facilities Authority, Christus Health Obligated Group, Refunding, Revenue Bonds, <br>Series B2,<br>2.230%, VRD |  | 620000 |  | 620000 |
| **Maryland—1.1%** |  |  |  |  |
|  County of Montgomery, GO Bonds, <br>Series E,<br>1.640%, VRD |  | 7600000 |  | 7600000 |
|  Montgomery County Housing Opportunities Commission, Housing Development, Revenue Bonds, <br>Series A,<br>2.240%, VRD |  | 2350000 |  | 2350000 |
|  |  |  |  | 9950000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Massachusetts—0.1%** |  |  |
|  Massachusetts Health & Educational Facilities Authority, Harvard University, Revenue Bonds, <br>Series Y,<br>2.120%, VRD | $700000 | $700000 |
| **Michigan—0.1%** |  |  |
|  Green Lake Township Economic Development Corp., Interlochen Center Project, Refunding, Revenue Bonds<br>1.640%, VRD | 1100000 | 1100000 |
| **Minnesota—0.6%** |  |  |
|  City of Minneapolis MN, Fairview Health Services Obligated Group, Refunding, Revenue Bonds, <br>Series B,<br>2.300%, VRD | 1700000 | 1700000 |
|  City of Rochester, Mayo Clinic, Revenue Bonds, <br>Series A,<br>2.320%, VRD | 3100000 | 3100000 |
|  Midwest Consortium of Municipal Utilities, Draw Down-Association Financing Program, Revenue Bonds, <br>Series B,<br>2.230%, VRD | 1200000 | 1200000 |
|  |  | 6000000 |
| **Mississippi—4.9%** |  |  |
|  Mississippi Business Finance Corp., Chevron USA, Inc. Project, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A, <br>1.660%, VRD | 1400000 | 1400000 |
| &nbsp;&nbsp; Series A, <br>1.660%, VRD | 3985000 | 3985000 |
| &nbsp;&nbsp; Series A, <br>2.200%, VRD | 1845000 | 1845000 |
| &nbsp;&nbsp; Series B, <br>1.660%, VRD | 575000 | 575000 |
| &nbsp;&nbsp; Series B, <br>1.660%, VRD | 2900000 | 2900000 |
| &nbsp;&nbsp; Series B, <br>1.660%, VRD | 3195000 | 3195000 |
| &nbsp;&nbsp; Series B, <br>2.200%, VRD | 600000 | 600000 |
| &nbsp;&nbsp; Series C, <br>1.660%, VRD | 3125000 | 3125000 |
| &nbsp;&nbsp; Series C, <br>1.660%, VRD | 5860000 | 5860000 |
| &nbsp;&nbsp; Series E, <br>1.660%, VRD | 1200000 | 1200000 |
| &nbsp;&nbsp; Series E, <br>1.660%, VRD | 2000000 | 2000000 |
| &nbsp;&nbsp; Series G, <br>1.660%, VRD | 1990000 | 1990000 |
| &nbsp;&nbsp; Series G, <br>1.660%, VRD | 3090000 | 3090000 |
| &nbsp;&nbsp; Series G, <br>1.660%, VRD | 4945000 | 4945000 |

---

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Mississippi—(concluded)** |  |  |  |  |
| &nbsp;&nbsp; Series H, <br>1.660%, VRD | $| 2825000 | $| 2825000 |
| &nbsp;&nbsp; Series L, <br>1.660%, VRD |  | 1775000 |  | 1775000 |
|  Mississippi Business Finance Corp., Chevron USA, Inc., Revenue Bonds, <br>Series K,<br>1.660%, VRD |  | 1795000 |  | 1795000 |
|  Mississippi Business Finance Corp., Chevron USA, Inc., Revenue Bonds.., <br>Series D,<br>1.660%, VRD |  | 740000 |  | 740000 |
|  Mississippi Development Bank, Jackson County Industrial Water System, Revenue Bonds<br>1.660%, VRD |  | 1950000 |  | 1950000 |
|  |  |  |  | 45795000 |
| **Missouri—3.2%** | **Missouri—3.2%** | **Missouri—3.2%** | **Missouri—3.2%** | **Missouri—3.2%** |
|  Health & Educational Facilities Authority of the State of Missouri, Ascension Health, Revenue Bonds,  |  |  |  |  |
| &nbsp;&nbsp; Series C-3, <br>2.250%, VRD |  | 10000000 |  | 10000000 |
| &nbsp;&nbsp; Series C-5, <br>2.200%, VRD |  | 3080000 |  | 3080000 |
|  Health & Educational Facilities Authority of the State of Missouri, BJC Healthcare System, Revenue Bonds, <br>Series D,<br>2.230%, VRD |  | 2020000 |  | 2020000 |
|  Health & Educational Facilities Authority of the State of Missouri, St. Louis University, Revenue Bonds,  |  |  |  |  |
| &nbsp;&nbsp; Series B-1, <br>1.690%, VRD |  | 10140000 |  | 10140000 |
| &nbsp;&nbsp; Series B-2, <br>1.660%, VRD |  | 2250000 |  | 2250000 |
|  Health & Educational Facilities Authority of the State of Missouri, Washington University, Revenue Bonds, <br>Series C-REMK,<br>1.640%, VRD |  | 2500000 |  | 2500000 |
|  |  |  |  | 29990000 |
| **Nebraska—0.1%** |  |  |  |  |
|  Douglas County Hospital Authority No. 2, Health Facilities for Children, Refunding, Revenue Bonds, <br>Series A,<br>1.600%, VRD |  | 500000 |  | 500000 |
| **Nevada—0.1%** |  |  |  |  |
|  County of Clark Department of Aviation, Subordinate Lien, Revenue Bonds, <br>Series D-2A,<br>2.370%, VRD |  | 555000 |  | 555000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **New Hampshire—0.0%**<sup>†</sup> |  |  |
|  New Hampshire Health and Education Facilities Authority Act, Dartmouth College, Revenue Bonds<br>2.220%, VRD | $350000 | $350000 |
| **New York—15.3%** |  |  |
|  City of New York, GO Bonds, |  |  |
| &nbsp;&nbsp; Subseries B-3, <br>2.190%, VRD | 9300000 | 9300000 |
| &nbsp;&nbsp; Subseries D-4, <br>1.600%, VRD | 9050000 | 9050000 |
| &nbsp;&nbsp; Subseries L-4, <br>1.630%, VRD | 4870000 | 4870000 |
|  Dutchess County Industrial Development Agency, Marist College Civic Facility, Revenue Bonds, <br>Series A,<br>2.240%, VRD | 4555000 | 4555000 |
|  Metropolitan Transportation Authority, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A-1, <br>1.600%, VRD | 6325000 | 6325000 |
| &nbsp;&nbsp; Subseries 2012G-1-REMK, <br>1.600%, VRD | 10990000 | 10990000 |
|  New York City Health & Hospital Corp., Health Systems, Revenue Bonds, <br>Series C,<br>2.190%, VRD | 2060000 | 2060000 |
|  New York City Housing Development Corp., Royal Properties, Revenue Bonds, <br>Series A,<br>2.220%, VRD | 600000 | 600000 |
|  New York City Municipal Water Finance Authority, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series BB-1, <br>2.200%, VRD | 13845000 | 13845000 |
| &nbsp;&nbsp; Series BB-5, <br>1.610%, VRD | 20375000 | 20375000 |
| &nbsp;&nbsp; Series DD-2, <br>1.590%, VRD | 1900000 | 1900000 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A-4, <br>1.630%, VRD | 4500000 | 4500000 |
| &nbsp;&nbsp; Series A-3, <br>1.600%, VRD | 8675000 | 8675000 |
| &nbsp;&nbsp; Series C6, <br>2.240%, VRD | 3000000 | 3000000 |
|  New York City Transitional Finance Authority Future Tax Secured, Revenue Bonds, <br>Series E4,<br>1.590%, VRD | 4000000 | 4000000 |
|  New York State Dormitory Authority, Rockefeller University, Revenue Bonds, <br>Series A,<br>2.200%, VRD | 9745000 | 9745000 |

---

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **New York—(concluded)** |  |  |
|  New York State Energy Research & Development Authority, Consolidated Edison, Revenue Bonds, <br>Subseries A-1,<br>2.190%, VRD | $3000000 | $3000000 |
|  Triborough Bridge & Tunnel Authority, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series 2005B-4C-REMK, <br>1.630%, VRD | 250000 | 250000 |
| &nbsp;&nbsp; Subseries B-3, <br>1.570%, VRD | 25000000 | 25000000 |
|  |  | 142040000 |
| **North Carolina—0.3%** |  |  |
|  Charlotte-Mecklenburg Hospital Authority, Carolinas, Revenue Bonds, AGM, <br>Series E-REMK,<br>1.620%, VRD | 2550000 | 2550000 |
| **Ohio—4.7%** |  |  |
|  Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A-R, <br>2.240%, VRD | 9700000 | 9700000 |
| &nbsp;&nbsp; Series B-R, <br>2.240%, VRD | 3015000 | 3015000 |
| &nbsp;&nbsp; Series C-R, <br>2.240%, VRD | 5105000 | 5105000 |
|  Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group, Revenue Bonds, <br>Series B1,<br>2.180%, VRD | 16500000 | 16500000 |
|  State of Ohio, GO Bonds,  |  |  |
| &nbsp;&nbsp; Series B, <br>2.150%, VRD | 2245000 | 2245000 |
| &nbsp;&nbsp; Series D, <br>2.240%, VRD | 6955000 | 6955000 |
|  |  | 43520000 |
| **Oregon—1.3%** |  |  |
|  Oregon State Facilities Authority, PeaceHealth Obligated Group, Refunding, Revenue Bonds, <br>Series A,<br>1.640%, VRD | 12600000 | 12600000 |
| **Pennsylvania—9.0%** |  |  |
|  Allegheny County Industrial Development Authority, Education Center Watson, Revenue Bonds<br>2.260%, VRD | 9600000 | 9600000 |
|  Allegheny County Industrial Development Authority, Watson Institute Friendship, Revenue Bonds<br>2.290%, VRD | 14045000 | 14045000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Pennsylvania—(concluded)** |  |  |
|  City of Philadelphia PA, Refunding, GO Bonds, <br>Series B-REMK,<br>2.180%, VRD | $10345000 | $10345000 |
|  Delaware Valley Regional Finance Authority, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A, <br>2.250%, VRD | 5000000 | 5000000 |
| &nbsp;&nbsp; Series B-REMK, <br>2.260%, VRD | 18095000 | 18095000 |
|  Pennsylvania Turnpike Commission, Revenue Bonds, <br>Series A,<br>2.180%, VRD | 19855000 | 19855000 |
|  Philadelphia Authority for Industrial Development, Refunding, Revenue Bonds, <br>Series B-2,<br>2.220%, VRD | 6400000 | 6400000 |
|  |  | 83340000 |
| **Rhode Island—0.1%** |  |  |
|  Rhode Island Health and Educational Building Corp., New England Institute of Technology, Refunding, Revenue Bonds<br>2.230%, VRD | 735000 | 735000 |
| **Tennessee—0.4%** |  |  |
|  Greeneville Health & Educational Facilities Board, Ballad Health, Revenue Bonds, <br>Series B,<br>2.230%, VRD | 4150000 | 4150000 |
| **Texas—11.8%** |  |  |
|  Board of Regents of the University of Texas System, Refunding, Revenue Bonds, <br>Series B,<br>2.180%, VRD | 1450000 | 1450000 |
|  Board of Regents of the University of Texas System, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series B, <br>2.150%, VRD | 1035000 | 1035000 |
| &nbsp;&nbsp; Series B, <br>2.150%, VRD | 5000000 | 5000000 |
|  City of Austin TX Water & Wastewater System, Refunding, Revenue Bonds<br>2.260%, VRD | 11250000 | 11250000 |
|  City of Houston TX Combined Utility System Revenue, First lien, Refunding, Revenue Bonds,<br>Series B-4-REMK,<br>2.240%, VRD | 3500000 | 3500000 |
|  Harris County Cultural Education Facilities Finance Corp., Methodist Hospital, Refunding, Revenue Bonds, <br>Series B,<br>1.640%, VRD | 34820000 | 34820000 |

---

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** |  |  |
| **Texas—(concluded)** |  |  |
|  Harris County Health Facilities Development Corp., Methodist Hospital System, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A-1, <br>1.640%, VRD | $1700000 | $1700000 |
| &nbsp;&nbsp; Series A-2, <br>1.640%, VRD | 3325000 | 3325000 |
|  Harris County Hospital District, Senior lien, Refunding, Revenue Bonds<br>2.260%, VRD | 7870000 | 7870000 |
|  Lower Neches Valley Authority Industrial Development Corp., Exxon Capital Ventures, Inc., Revenue Bonds<br>1.680%, VRD | 7585000 | 7585000 |
|  Lower Neches Valley Authority Industrial Development Corp., Exxon Mobil Project, Refunding, Revenue Bonds  |  |  |
| &nbsp;&nbsp; 1.680%, VRD | 700000 | 700000 |
| &nbsp;&nbsp; Series A, <br>1.660%, VRD | 4400000 | 4400000 |
|  State of Texas, Veterans Housing Assistance Program II, GO Bonds, <br>Series B-R,<br>2.240%, VRD | 800000 | 800000 |
|  State of Texas, Veterans, GO Bonds<br>2.260%, VRD | 605000 | 605000 |
| &nbsp;&nbsp; 2.300%, VRD | 7540000 | 7540000 |
| &nbsp;&nbsp; Series C, <br>2.350%, VRD | 9425000 | 9425000 |
|  Texas Transportation Commission State Highway Fund, Revenue Bonds, <br>Series B1,<br>2.270%, VRD | 8500000 | 8500000 |
|  |  | 109505000 |
| **Utah—1.7%** |  |  |
|  City of Murray Hospital, IHC Health Services, Inc., Revenue Bonds, <br>Series C,<br>1.640%, VRD | 8810000 | 8810000 |
|  City of Murray UT, IHC Health Services Inc., Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series C, <br>1.640%, VRD | 6390000 | 6390000 |
| &nbsp;&nbsp; Series D, <br>1.630%, VRD | 800000 | 800000 |
|  |  | 16000000 |
| **Virginia—4.0%** |  |  |
|  Loudoun County Economic Development Authority, Howard Hughes Medical Institute, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A, <br>2.230%, VRD | 10990000 | 10990000 |
| &nbsp;&nbsp; Series A, <br>2.320%, VRD | 3900000 | 3900000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** |
| **Municipal bonds—(concluded)** |  |  |  |
| **Virginia—(concluded)** |  |  |  |
| &nbsp;&nbsp; Series D, <br>2.280%, VRD | $| 14055000 | $14055000 |
| &nbsp;&nbsp; Series F, <br>2.190%, VRD |  | 5660000 | 5660000 |
|  Virginia Small Business Financing Authority, Carilion Clinic Obligated Group, Revenue Bonds, <br>Series B,<br>2.220%, VRD |  | 2350000 | 2350000 |
|  |  |  | 36955000 |
| **Washington—1.0%** |  |  |  |
|  Port of Tacoma WA, Subordinate Lien, Revenue Bonds, <br>Series B-REMK,<br>2.250%, VRD |  | 9400000 | 9400000 |
| **Wisconsin—0.2%** |  |  |  |
|  Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health, Inc., Revenue Bonds, <br>Series A,<br>1.620%, VRD |  | 2000000 | 2000000 |
|  **Total municipal bonds** ****<br> (cost—$899,130,000) |  |  | **899130000** |
| **Tax-exempt commercial paper—2.8%** | **Tax-exempt commercial paper—2.8%** | **Tax-exempt commercial paper—2.8%** |  |
| **Illinois—0.6%** |  |  |  |
|  Illinois Educational Facilities Authority<br>1.850%, due 11/02/22 |  | 6150000 | 6150000 |
| **Minnesota—1.1%** |  |  |  |
|  Rochester Minnesota Health Care Facilities Revenue<br>2.600%, due 11/16/22 |  | 10000000 | 10000000 |
| **Texas—1.1%** |  |  |  |
|  Board of Regents of the University of Texas System<br>1.900%, due 12/05/22 |  | 10000000 | 10000000 |
|  **Total tax-exempt commercial paper** ****<br> (cost—$26,150,000) | **Total tax-exempt commercial paper** ****<br> (cost—$26,150,000) | **Total tax-exempt commercial paper** ****<br> (cost—$26,150,000) | **26150000** |
|  **Total investments** <br> (cost—$925,280,000 which approximates<br>cost for federal income tax purposes)—99.6% | **Total investments** <br> (cost—$925,280,000 which approximates<br>cost for federal income tax purposes)—99.6% | **Total investments** <br> (cost—$925,280,000 which approximates<br>cost for federal income tax purposes)—99.6% | **925280000** |
|  Other assets in excess of liabilities—0.4%  |  |  | 3657167 |
|  **Net assets—100.0%** |  |  | $**928937167** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| Municipal bonds | $— | $899130000 | $— | $899130000 |
| Tax-exempt commercial paper |  | 26150000 |  | 26150000 |
| **Total** | $**—** | $**925280000** | $**—** | $**925280000** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

---

| | |
|:---|:---|
| <sup>†</sup> | Amount represents less than 0.05% or (0.05)%.  |

---

------

Glossary of terms used in the Portfolio of investments (unaudited)

**Portfolio acronyms:** 

---

| | |
|:---|:---|
| AGM | Assured Guaranty Municipal Corporation |
| COP | Certificate of Participation |
| GO | General Obligation |
| SOFR | Secured Overnight Financing Rate |

---

VRD Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of October, 2022 and reset periodically.

See accompanying notes to financial statements.

------

Master Trust

------

**Statement of assets and liabilities** 

**October 31, 2022 (unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Prime<br>Master Fund** | **ESG Prime<br>Master Fund** | **Government<br>Master Fund** | **Treasury<br>Master Fund** | **Prime CNAV<br>Master Fund** | **Tax-Free<br>Master Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |  |  |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |  |  |  |
| Investments | $4656934016 | $1788390601 | $1896214888 | $7482482840 | $4321558442 | $925280000 |
| Repurchase agreements | 3314000000 | 982000000 | 6783000000 | 16925100000 | 1109500000 |  |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |  |  |  |
| Investments | 4656015516 | 1788084879 | 1896214888 | 7482482840 | 4321558442 | 925280000 |
| Repurchase agreements | 3314000000 | 982000000 | 6783000000 | 16925100000 | 1109500000 |  |
| Cash | 1317395 | 752332 | 2128758 | 353024876 | 1956423 | 1640019 |
| Receivable for investments sold |  |  |  |  | 50000000 | 2703361 |
| Receivable for interest and dividends | 6842603 | 2211430 | 5532782 | 1865298 | 3988209 | 1650258 |
| Total assets | 7978175514 | 2773048641 | 8686876428 | 24762473014 | 5487003074 | 931273638 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |  |  |  |
| Payable for investments purchased | 39000000 | 39000000 |  |  | 76995764 | 2278170 |
| Payable to affiliate | 590112 | 168572 | 119501 | 1873275 | 404631 | 58301 |
| Total liabilities | 39590112 | 39168572 | 119501 | 1873275 | 77400395 | 2336471 |
| Net assets, at value | $7938585402 | $2733880069 | $8686756927 | $24760599739 | $5409602679 | $928937167 |

---

See accompanying notes to financial statements.

------

Master Trust

------

**Statement of operations** 

**For the six months ended October 31, 2022 (unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Prime<br>Master Fund** | **ESG Prime<br>Master Fund** | **Government<br>Master Fund** | **Treasury<br>Master Fund** | **Prime CNAV<br>Master Fund** | **Tax-Free<br>Master Fund** |
| **Investment income:** |  |  |  |  |  |  |
| Interest | $69474446 | $23541876 | $62069861 | $224428778 | $41270963 | $5732665 |
| **Expenses:** |  |  |  |  |  |  |
| Investment advisory and administration fees | 3137540 | 1039363 | 2987421 | 11736476 | 1747355 | 452521 |
| Trustees fees | 26035 | 13176 | 26114 | 77266 | 18213 | 9906 |
| Total expenses | 3163575 | 1052539 | 3013535 | 11813742 | 1765568 | 462427 |
| Less: Fee waivers and/or Trustees' fees reimbursement by administrator |  | (438083) | (2745980) |  |  |  |
| Net expenses | 3163575 | 614456 | 267555 | 11813742 | 1765568 | 462427 |
| Net investment income (loss) | 66310871 | 22927420 | 61802306 | 212615036 | 39505395 | 5270238 |
| Net realized gain (loss) |  |  |  | (22601) |  | 33 |
| Net change in unrealized appreciation (depreciation) | 900924 | 29593 |  |  |  |  |
| Net increase (decrease) in net assets resulting from operations | $67211795 | $22957013 | $61802306 | $212592435 | $39505395 | $5270271 |

---

See accompanying notes to financial statements.

------

Master Trust

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **Prime Master Fund** | **Prime Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $66310871 | $6137488 |
| Net realized gain (loss) |  | 30020 |
| Net change in unrealized appreciation (depreciation) | 900924 | (2396525) |
| Net increase (decrease) in net assets resulting from operations | 67211795 | 3770983 |
| Net increase (decrease) in net assets from beneficial interest transactions | 2934514620 | (3890021125) |
| Net increase (decrease) in net assets | 3001726415 | (3886250142) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 4936858987 | 8823109129 |
| End of period | $7938585402 | $4936858987 |

---

---

| | | |
|:---|:---|:---|
|  | **ESG Prime Master Fund** | **ESG Prime Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $22927420 | $1542924 |
| Net realized gain (loss) |  | (14219) |
| Net change in unrealized appreciation (depreciation) | 29593 | (357927) |
| Net increase (decrease) in net assets resulting from operations | 22957013 | 1170778 |
| Net increase (decrease) in net assets from beneficial interest transactions | 1241489491 | 857754697 |
| Net increase (decrease) in net assets | 1264446504 | 858925475 |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 1469433565 | 610508090 |
| End of period | $2733880069 | $1469433565 |

---

---

| | | |
|:---|:---|:---|
|  | **Government Master Fund** | **Government Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $61802306 | $1609012 |
| Net realized gain (loss) |  | 8316 |
| Net increase (decrease) in net assets resulting from operations | 61802306 | 1617328 |
| Net increase (decrease) in net assets from beneficial interest transactions | 4327276993 | (4526632556) |
| Net increase (decrease) in net assets | 4389079299 | (4525015228) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 4297677628 | 8822692856 |
| End of period | $8686756927 | $4297677628 |

---

See accompanying notes to financial statements.

------

Master Trust

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **Treasury Master Fund** | **Treasury Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $212615036 | $9984379 |
| Net realized gain (loss) | (22601) | 2691 |
| Net increase (decrease) in net assets resulting from operations | 212592435 | 9987070 |
| Net increase (decrease) in net assets from beneficial interest transactions | 2866618627 | (11003789356) |
| Net increase (decrease) in net assets | 3079211062 | (10993802286) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 21681388677 | 32675190963 |
| End of period | $24760599739 | $21681388677 |

---

---

| | | |
|:---|:---|:---|
|  | **Prime CNAV Master Fund** | **Prime CNAV Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $39505395 | $2238250 |
| Net realized gain (loss) |  | (2) |
| Net increase (decrease) in net assets resulting from operations | 39505395 | 2238248 |
| Net increase (decrease) in net assets from beneficial interest transactions | 3461662049 | (2543210434) |
| Net increase (decrease) in net assets | 3501167444 | (2540972186) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 1908435235 | 4449407421 |
| End of period | $5409602679 | $1908435235 |

---

---

| | | |
|:---|:---|:---|
|  | **Tax-Free Master Fund** | **Tax-Free Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $5270238 | $387547 |
| Net realized gain (loss) | 33 | 59 |
| Net increase (decrease) in net assets resulting from operations | 5270271 | 387606 |
| Net increase (decrease) in net assets from beneficial interest transactions | 39980875 | 69072966 |
| Net increase (decrease) in net assets | 45251146 | 69460572 |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 883686021 | 814225449 |
| End of period | $928937167 | $883686021 |

---

See accompanying notes to financial statements.

------

Prime Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Expenses before fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Expenses after fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.08% |
| Net investment income (loss) | 2.10%<sup>1</sup> | 0.09% | 0.19% | 1.90% | 2.32% | 1.41% |
| **Supplemental data:** |  |  |  |  |  |  |
| Total investment return<sup>2</sup> | 0.99% | 0.10% | 0.15% | 1.92% | 2.31% | 1.38% |
| Net assets, end of period (000's) | $7938585 | $4936859 | $8823109 | $16520754 | $15779160 | $7775651 |

---

<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

ESG Prime Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **For the period from**<br> **January 15, 2020**<sup>1</sup> **to**<br> **April 30, 2020** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **For the period from**<br> **January 15, 2020**<sup>1</sup> **to**<br> **April 30, 2020** |
| **Ratios to average net assets:** |  |  |  |  |
| Expenses before fee waivers | 0.10%<sup>2</sup> | 0.10% | 0.10% | 0.10%<sup>2</sup> |
| Expenses after fee waivers | 0.06%<sup>2</sup> | 0.00%<sup>3</sup> | 0.00% | 0.00%<sup>2</sup> |
| Net investment income (loss) | 2.18%<sup>2</sup> | 0.17% | 0.18% | 1.24%<sup>2</sup> |
| **Supplemental data:** |  |  |  |  |
| Total investment return<sup>4</sup> | 1.02% | 0.16% | 0.22% | 0.47% |
| Net assets, end of period (000's) | $2733880 | $1469434 | $610508 | $73612 |

---

<sup>1</sup> Commencement of operations.

<sup>2</sup> Annualized.

<sup>3</sup> Amount represents less than 0.005% or (0.005)%. 

<sup>4</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Government Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Expenses after fee waivers | 0.01%<sup>1</sup> | 0.06% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income (loss) | 2.05%<sup>1</sup> | 0.02% | 0.09% | 1.75% | 2.07% | 1.07% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Total investment return<sup>2</sup> | 0.93% | 0.03% | 0.08% | 1.74% | 2.10% | 1.08% |
| Net assets, end of period (000's) | $8686757 | $4297678 | $8822693 | $17762675 | $14278487 | $15676931 |

---

<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Treasury Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Expenses before fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Expenses after fee waivers | 0.10%<sup>1</sup> | 0.06% | 0.09% | 0.10% | 0.10% | 0.10% |
| Net investment income (loss) | 1.80%<sup>1</sup> | 0.04% | 0.09% | 1.56% | 2.07% | 1.08% |
| **Supplemental data:** |  |  |  |  |  |  |
| Total investment return<sup>2</sup> | 0.88% | 0.04% | 0.08% | 1.70% | 2.10% | 1.08% |
| Net assets, end of period (000's) | $24760600 | $21681389 | $32675191 | $34803721 | $17222690 | $18029945 |

---

<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Prime CNAV Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income (loss) | 2.24%<sup>1</sup> | 0.08% | 0.19% | 1.83% | 2.29% | 1.34% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Total investment return<sup>2</sup> | 0.99% | 0.09% | 0.17% | 1.90% | 2.27% | 1.32% |
| Net assets, end of period (000's) | $5409603 | $1908435 | $4449407 | $7495231 | $4881630 | $2370336 |

---

<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Tax-Free Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Expenses after fee waivers | 0.10%<sup>1</sup> | 0.05% | 0.09% | 0.10% | 0.10% | 0.10% |
| Net investment income (loss) | 1.14%<sup>1</sup> | 0.05% | 0.04% | 1.19% | 1.35% | 0.93% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Total investment return<sup>2</sup> | 0.58% | 0.05% | 0.04% | 1.23% | 1.38% | 0.91% |
| Net assets, end of period (000's) | $928937 | $883686 | $814225 | $2573583 | $2276103 | $3327962 |

---

<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Master Trust

Notes to financial statements (unaudited)

**Organization and significant accounting policies** 

Prime Master Fund, ESG Prime Master Fund, Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund and Tax-Free Master Fund (each a "Master Fund", collectively, the "Master Funds") are each registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), as a diversified series of Master Trust, an open-end management investment company organized as a Delaware statutory trust on June 12, 2007. The Trust is a series mutual fund with six series.

Prime Master Fund, Treasury Master Fund, and Tax-Free Master Fund commenced operations on August 28, 2007. Prime CNAV Master Fund commenced operations on January 19, 2016, Government Master Fund commenced operations on June 24, 2016 and ESG Prime Master Fund commenced operations on January 15, 2020.

UBS Asset Management (Americas) Inc. ("UBS AM") is the investment advisor and administrator for the Master Funds. UBS AM is an indirect wholly owned subsidiary of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

Master Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

Each Master Fund may issue any number of interests and each interest shall have a par value of $0.001 per interest. The interests of a Master Fund shall represent a proportional beneficial interest in the net assets belonging to that series. Each holder of interests of a Master Fund shall be entitled to receive his or her pro rata share of all distributions made with respect to such Master Fund according to the investor's ownership percentage of such Master Fund on the record date established for payment. Upon redemption of interests, an investor shall be paid solely out of the assets and property of such Master Fund. Beneficial interests in the Trust are not registered under the Securities Act of 1933, as amended, since such interests are issued in private placement transactions.

In the normal course of business, the Master Funds may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Master Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Master Funds that have not yet occurred. However, the Master Funds have not had any prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Master Funds' financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The following is a summary of significant accounting policies:

**Valuation of investments** 

Consistent with Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), the net asset values of each of Prime Master Fund and ESG Prime Master Fund are calculated using market-based values, and the price of its beneficial interests fluctuate.

Under Rule 2a-7, Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund, and Tax-Free Master Fund have adopted certain policies that enable them to use the amortized cost method of valuation. Government

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Master Trust

Notes to financial statements (unaudited)

Master Fund and Treasury Master Fund have adopted a policy to operate as "government money market funds". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (*i.e.*, collateralized by cash and/or government securities). Prime CNAV Master Fund and Tax-Free Master Fund operate as "retail money market funds". Under Rule 2a-7, a "retail money market fund" is a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As "government money market funds" and as "retail money market funds", Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund, and Tax-Free Master Fund value their investments at amortized cost unless UBS AM, as the valuation designee appointed by Master Trust's Board of Trustees (the"Board") pursuant to Rule 2a-5 under the 1940 Act, determines that this does not represent fair value. Periodic review and monitoring of the valuation of securities held by Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund, and Tax-Free Master Fund is performed in an effort to ensure that amortized cost approximates market value.

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. UBS AM has the Equities, Fixed Income, and Multi-Asset Valuation Committee (the "VC") to assist with its designated responsibilities as valuation designee with respect to the Master Funds' portfolio investments. The types of investments for which such fair value pricing may be necessary include, but are not limited to: investments of an issuer that has entered into a restructuring; fixed-income investments that have gone into default and for which there is no current market value quotation; Section 4(a)(2) commercial paper; investments that are restricted as to transfer or resale; illiquid investments; and investments for which the prices or values available do not, in the judgment of the VC, represent current market value. The need to fair value a Master Fund's portfolio investments may also result from low trading volume in foreign markets or thinly traded investments. Various factors may be reviewed in order to make a good faith determination of an investment's fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investments are purchased and sold.

Each Master Fund's portfolio holdings may also consist of shares of other investment companies in which the Master Fund invests. The value of each such open-end investment company will generally be its net asset value at the time a Master Fund's beneficial interests are priced. Pursuant to each Master Fund's use of the practical expedient within ASC Topic 820, investments in non-registered investment companies and/or investments in investment companies without publicly published prices are also valued at the daily net asset value. Each investment company generally values investments in a manner as described in that investment company's prospectus or similar documents.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of each Master Fund's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted 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 and credit risks.

Level 3—Unobservable inputs inclusive of each Master Fund's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of each Master Fund's Portfolio of investments.

**Liquidity fee and/or redemption gates—**Consistent with Rule 2a-7, the Board is permitted to impose a liquidity fee on redemptions from each of Prime Master Fund, ESG Prime Master Fund, Prime CNAV Master Fund and Tax- Free Master Fund or a redemption gate to temporarily restrict redemptions from those Master Funds in the event

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Master Trust

Notes to financial statements (unaudited)

that any of Prime Master Fund's liquidity, ESG Prime Master Fund's liquidity, Prime CNAV Master Fund's liquidity and/or Tax-Free Master Fund's liquidity, respectively, falls below required minimums because of market conditions or other factors. If Prime Master Fund's, ESG Prime Master Fund's, Prime CNAV Master Fund's or Tax-Free Master Fund's weekly liquid assets fall below 30% of the Fund's total assets, the board is permitted, but not required, to: (i) impose a liquidity fee of no more than 2% of the amount redeemed; and/or (ii) impose a redemption gate to temporarily suspend the right of redemption. If any of Prime Master Fund's, ESG Prime Master Fund's, Prime CNAV Master Fund's or Tax-Free Master Fund's weekly liquid assets falls below 10% of the Fund's total assets, the relevant Fund must impose, generally as of the beginning of the next business day, a liquidity fee of 1% of the amount redeemed unless the Board determines that such a fee would not be in the best interest of the Fund or determines that a lower or higher fee (subject to the 2% limit) would be in the best interest of the Fund. Liquidity fees would reduce the amount an interest holder receives upon redemption of its beneficial interests. Each of Prime Master Fund, ESG Prime Master Fund, Prime CNAV Master Fund and Tax-Free Master Fund, retains the liquidity fees for the benefit of remaining interest holders. For the period ended October 31, 2022,the Board of Prime Master Fund, ESG Prime Master Fund, Prime CNAV Master Fund and Tax-Free Master Fund did not impose any liquidity fees and/or redemption gates.

By operating as "government money market funds", Government Master Fund and Treasury Master Fund are exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Board may elect to subject Government Master Fund and Treasury Master Fund to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

**Repurchase agreements—**The Master Funds may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Master Funds maintain custody of the underlying obligations prior to their repurchase, either through their regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Master Funds and their counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by a fund upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Master Funds generally have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds, equities and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. Moreover, repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 or a fund's investment strategies and limitations may require the Master Fund to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Master Funds may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Each Master Fund intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM to present minimal credit risk.

The Master Funds may participate in joint repurchase agreement transactions with other funds managed or advised by UBS AM. Prime Master Fund, ESG Prime Master Fund, Government Master Fund, Treasury Master Fund, and Prime CNAV Master Fund may engage in repurchase agreements as part of normal investing strategies; Tax-Free Master Fund generally would only engage in repurchase agreement transactions as temporary or defensive investments.

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Master Trust

Notes to financial statements (unaudited)

Under certain circumstances, a Master Fund may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its portfolio at the end of the day in order to avoid having the Master Fund potentially exposed to a fee for uninvested cash held in a business account at a bank.

**Investment transactions and investment income—**Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the identified cost method. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

**Concentration of risk—**The ability of the issuers of the debt securities held by the Master Funds to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Certain impacts to public health conditions particular to the coronavirus "COVID-19" outbreak that occurred may have a significant negative impact on the operations and profitability of the issuers of a Master Fund's investments. The extent of the impact to the financial performance of a Fund will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

**Investment advisor and administrator** 

UBS AM serves as the investment advisor and administrator to each Master Fund pursuant to an investment advisory and administration contract ("Management Contract") approved by the Board. In accordance with the Management Contract, each Master Fund pays UBS AM an investment advisory and administration fee ("management fee"), which is accrued daily and paid monthly, at the below annual rates, as a percentage of each Master Fund's average daily net assets:

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| | |
|:---|:---|
| **Average daily net assets** | **Annual rate** |
| Up to $30 billion | 0.1000% |
| In excess of $30 billion up to $40 billion | 0.0975 |
| In excess of $40 billion up to $50 billion | 0.0950 |
| In excess of $50 billion up to $60 billion | 0.0925 |
| Over $60 billion | 0.0900 |

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At October 31, 2022, each Master Fund owed or was (owed by) UBS AM for investment advisory and administration services, net of waivers, as follows:

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| | |
|:---|:---|
| **Fund** | **Net amount owed to/(owed by) UBS AM** |
| Prime Master Fund | $590112 |
| ESG Prime Master Fund | 168572 |
| Government Master Fund | 119501 |
| Treasury Master Fund | 1873275 |
| Prime CNAV Master Fund | 404631 |
| Tax-Free Master Fund | 58301 |

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In exchange for these fees, UBS AM has agreed to bear all of the Master Funds' expenses other than taxes, extraordinary costs and the cost of securities purchased and sold by the Master Funds, including any transaction costs. Although UBS AM is not obligated to pay the fees and expenses of the Master Funds' independent trustees, it is contractually obligated to reduce its management fee in an amount equal to those fees and expenses. UBS AM estimates that these fees and expenses will be 0.01% or less of each Master Fund's average daily net assets.

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Master Trust

Notes to financial statements (unaudited)

In addition, UBS AM may voluntarily undertake to waive fees. This additional undertaking is voluntary and not contractual and may be terminated at any time. During the period ended October 31, 2022, UBS AM voluntarily waived the below amounts, which are not subject to future recoupment:

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| | |
|:---|:---|
| **Fund** | **Amount waived by UBS AM** |
| Government Master Fund | $2745980 |

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For the period April 1, 2022 to September 23, 2022, UBS AM voluntarily waived 0.07% of its management fee in order to voluntarily reduce ESG Prime Master Fund's expenses by 0.07%. For the period ended October 31, 2022, UBS AM voluntarily waived $438,083 for the ESG Prime Master Fund, and such amount is not subject to future recoupment.

**Beneficial interest transactions** 

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| | | |
|:---|:---|:---|
| **Prime Master Fund** | **Prime Master Fund** | **Prime Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $&nbsp;&nbsp;&nbsp;&nbsp;5645570186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073650718 |
| Withdrawals | (2711055566) | (6963671843) |
| Net increase (decrease) in beneficial interest | $2934514620 | $(3890021125) |

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| | | |
|:---|:---|:---|
| **ESG Prime Master Fund** | **ESG Prime Master Fund** | **ESG Prime Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $&nbsp;&nbsp;&nbsp;&nbsp;3116536254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338578556 |
| Withdrawals | (1875046763) | (1480823859) |
| Net increase (decrease) in beneficial interest | $1241489491 | $857754697 |

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| | | |
|:---|:---|:---|
| **Government Master Fund** | **Government Master Fund** | **Government Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $18529031580 | $118340152475 |
| Withdrawals | (14201754587) | (122866785031) |
| Net increase (decrease) in beneficial interest | $4327276993 | $(4526632556) |

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| | | |
|:---|:---|:---|
| **Treasury Master Fund** | **Treasury Master Fund** | **Treasury Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $36986682361 | $&nbsp;&nbsp;&nbsp;&nbsp;56066375618 |
| Withdrawals | (34120063734) | (67070164974) |
| Net increase (decrease) in beneficial interest | $2866618627 | $(11003789356) |

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Master Trust

Notes to financial statements (unaudited)

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| | | |
|:---|:---|:---|
| **Prime CNAV Master Fund** | **Prime CNAV Master Fund** | **Prime CNAV Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $5047264879 | $968414610 |
| Withdrawals | (1585602830) | (3511625044) |
| Net increase (decrease) in beneficial interest | $3461662049 | $(2543210434) |

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| | | |
|:---|:---|:---|
| **Tax-Free Master Fund** | **Tax-Free Master Fund** | **Tax-Free Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $&nbsp;&nbsp;&nbsp;&nbsp;799874187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807236613 |
| Withdrawals | (759893312) | (738163647) |
| Net increase (decrease) in beneficial interest | $39980875 | $69072966 |

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**Federal tax status** 

Each Master Fund is considered a non-publicly traded partnership for federal income tax purposes under the Internal Revenue Code; therefore, no federal tax provision is necessary. As such, each investor in a Master Fund is treated as owning its proportionate share of the net assets, income, expenses, and realized and unrealized gains and losses of the Master Fund. UBS AM intends that each Master Fund's assets, income and distributions will be managed in such a way that an investor in a Master Fund will be able to continue to qualify as a regulated investment company by investing its net assets through the Master Fund.

Aggregate cost for federal income tax purposes was substantially the same for book purposes; and net unrealized appreciation/(depreciation) consisted of:

**Prime Master Fund** 

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| | |
|:---|:---|
| Gross unrealized appreciation | $91340 |
| Gross unrealized depreciation | (1009840) |
| Net unrealized appreciation (depreciation) | $(918500) |

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**ESG Prime Master Fund** 

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| | |
|:---|:---|
| Gross unrealized appreciation | $36476 |
| Gross unrealized depreciation | (342198) |
| Net unrealized appreciation (depreciation) | $(305722) |

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ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Master Funds have conducted an analysis and concluded, as of October 31, 2022, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. The Master Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended October 31, 2022, the Funds did not incur any interest or penalties.

Each of the tax years in the four year period ended April 30, 2022, and since inception for ESG Prime Master Fund, remains subject to examination by the Internal Revenue Service and state taxing authorities.

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Master Trust

General information (unaudited)

**Monthly portfolio holdings disclosure** 

The Master Funds file their complete schedules of portfolio holdings with the US Securities and Exchange Commission ("SEC") each month on Form N-MFP. The Master Funds' reports on Form N-MFP are available on the SEC's Web site at http://www.sec.gov. The Master Funds make portfolio holdings information available to interest holders (and investors in the related feeder funds) on UBS's Web site at the following internet address: www.ubs.com/usmoneymarketfunds. A more limited portfolio holdings report for Prime Master Fund, ESG Prime Master Fund and Prime CNAV Master Fund is available on a weekly basis at the same Web address. Investors also may find additional information about the Master Funds at the above referenced UBS Website internet address.

**Proxy voting policies, procedures and record** 

You may obtain a description of the Fund's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1-800-647 1568, online on the Fund's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

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Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

**Background**—At a meeting of the board of Master Trust (the "Trust") on July 19-20, 2022, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust ("Independent Trustees"), considered and approved the continuance of the management contract (the "Management Contract") between UBS Asset Management (Americas) Inc. ("UBS AM") and the Trust, with respect to ESG Prime Master Fund ("ESG Prime Master"), Government Master Fund ("Government Master"), Prime CNAV Master Fund ("Prime CNAV Master"), Prime Master Fund ("Prime Master"), Treasury Master Fund ("Treasury Master") and Tax-Free Master Fund ("Tax-Free Master" and, collectively with ESG Prime Master, Government Master, Prime CNAV Master, Prime Master and Treasury Master, each a "Master Fund" and collectively the "Master Funds"). In preparing for the meeting, the Independent Trustees had requested and received extensive information from UBS AM to assist them, including information about UBS AM, as well as the advisory, administrative and distribution arrangements for the Master Funds. The board reviewed and discussed with management the materials provided by UBS AM prior to the scheduled board meeting. The Independent Trustees also met in executive session to review the disclosure that had been made to them. At these sessions the Independent Trustees were joined by their independent legal counsel. The Independent Trustees also received a memorandum from their independent legal counsel discussing the duties of board members in considering the approval of advisory and administration agreements.

In its consideration of the approval of the Management Contract, the board reviewed the following factors:

**Nature, extent and quality of the services under the Management Contract**—The board received and considered information regarding the nature, extent and quality of management services provided to the Master Funds by UBS AM under the Management Contract. The board also considered the nature, extent and quality of administrative, distribution, and shareholder services performed by UBS AM and its affiliates for the Master Funds and the corresponding SEC-registered "feeder funds" that invest in the Master Funds (the "Feeder Funds"). The board noted that it received information at regular meetings throughout the year regarding the services rendered by UBS AM concerning the management of each Master Fund's and Feeder Fund's affairs and UBS AM's role in coordinating and overseeing providers of other services to the Master Funds and the Feeder Funds. The board's evaluation of the services provided by UBS AM took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the scope and quality of UBS AM's investment advisory and other capabilities and the quality of its administrative and other services. The board observed that the scope of services provided by UBS AM had expanded over time as a result of regulatory and other developments, including maintaining and monitoring its own and the Master Funds' and the Feeder Funds' expanded compliance programs.

The board had available to it the qualifications, backgrounds and responsibilities of the senior personnel at UBS AM responsible for the Master Funds and the Feeder Funds and had previously met with and received information regarding the persons primarily responsible for their day-to-day management. The board recognized that several senior personnel at UBS AM report to the board regularly and that at each regular meeting the board receives a detailed report from UBS AM on each Master Fund's and corresponding Feeder Fund's performance. The board also considered, based on its knowledge of UBS AM and its affiliates, the financial resources available to UBS AM and its parent organization, UBS Group AG. In that regard, the board received extensive financial information regarding UBS AM and noted that it was a wholly owned, indirect subsidiary of one of the largest financial services firms in the world. It also was noted that UBS AM had approximately $290.6 billion in assets under management as of March 31, 2022 and was part of the UBS Asset Management Division, which had approximately $1.2 trillion in assets under management worldwide as of March 31, 2022. The board also was cognizant of, and considered, the regulatory and litigation actions and investigations occurring in the past few years involving UBS Group AG, UBS AM and certain of their affiliates.

The board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) under the Management Contract.

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Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

**Management fees and expense ratios**—In conducting its review, the board noted that under the master-feeder structure, each Master Fund pays an investment advisory and administration fee (the "Contractual Management Fee") to UBS AM, and, in turn, each Feeder Fund bears its corresponding Master Fund's expenses in proportion to its investment in its corresponding Master Fund. Therefore, in making its determination regarding each Master Fund's fees, the board assessed (i) each Master Fund's Contractual Management Fee, Actual Management Fee (defined below) and overall expenses, (ii) each Feeder Fund's portion of its Master Fund's Contractual Management Fee and Actual Management Fee (defined below), and (iii) each Feeder Fund's overall expenses.

In addition to reviewing each Feeder Fund's portion of its corresponding Master Fund's Contractual Management Fee, the board also reviewed and considered any fee waiver and/or expense reimbursement arrangement and considered the actual fee rate (after taking any waivers and/or reimbursements into account) (the "Actual Management Fee"). The board noted that management proposed to extend the contractual fee waiver and/or expense reimbursement arrangements in place for the Select Prime Preferred Feeder Fund, Select ESG Prime Preferred Feeder Fund, Prime Preferred Feeder Fund, Tax-Free Preferred Feeder Fund, Select Treasury Preferred Feeder Fund, Select Government Preferred Feeder Fund, Select Prime Investor Feeder Fund, Select ESG Prime Investor Feeder Fund, Prime Investor Feeder Fund, Tax-Free Investor Feeder Fund, Select Treasury Investor Feeder Fund and Select Government Investor Feeder Fund through August 31, 2023. The board also noted that management would pass through to the benefit of the Select Prime Investor Feeder Fund, Select ESG Prime Investor Feeder Fund, Prime Investor Feeder Fund, Tax-Free Investor Feeder Fund, Select Treasury Investor Feeder Fund and Select Government Investor Feeder Fund certain waivers from financial intermediaries. The board noted that such additional voluntary waiver/reimbursement arrangements are not contractually imposed and could change or terminate at any time.

The board also received and considered information comparing each Master Fund's Contractual Management Fee, Actual Management Fee and overall expenses and each Feeder Fund's portion of its corresponding Master Fund's Contractual Management Fee and Actual Management Fee and each Feeder Fund's total expenses with those of funds in a group of funds selected and provided by Broadridge ("Broadridge"), an independent provider of investment company data (the "Expense Group"). With respect to Select Prime Investor Feeder Fund, Tax-Free Investor Feeder Fund, Select Treasury Investor Feeder Fund, Select Government Investor Feeder Fund, Prime Investor Feeder Fund and Select ESG Prime Investor Feeder Fund, the board also received from Broadridge comparative data on a supplemental expense group of funds selected based on feeder fund asset size instead of master fund asset size; with respect to RMA Government Money Market Feeder Fund, the board also received from Broadridge comparative data on a supplemental expense group of funds selected based on their utilization as account sweep funds (each, a "Supplemental Expense Group").

In connection with its consideration of the management fees, the board also received information from UBS AM with respect to fees paid by institutional or separate accounts; however, in management's view, such fee information was not very relevant to the Master Funds because, among other reasons, separately managed and institutional accounts with a "cash" mandate (a) were not subject to all of the constraints of Rule 2a-7 under the 1940 Act to which the Master Funds are subject and (b) do not involve the management responsibilities attendant to the operation of a 1940 Act regulated fund, and, therefore, were not totally comparable. The board also received information on fees charged to other mutual funds managed by UBS AM.

<u>ESG Prime Master</u>

*Select ESG Prime Institutional Feeder Fund, Select ESG Prime Preferred Feeder Fund and Select ESG Prime Investor Feeder Fund* 

The comparative Broadridge information showed that, with the exception of the Select ESG Prime Institutional Feeder Fund's Actual Management Fee, the ESG Prime Master Fund's Contractual Management Fee, Actual

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Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account. (Below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the applicable Expense Group.)

<u>Government Master</u>

*Select Government Institutional Feeder Fund, Select Government Preferred Feeder Fund, Select Government Investor Feeder Fund and RMA Government Money Market Feeder Fund* 

The comparative Broadridge information showed that, with the exception of the RMA Government Money Market Feeder Fund 's Actual Management Fee, the Government Master Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

<u>Prime CNAV Master</u>

*Prime Reserves Feeder Fund, Prime Preferred Feeder Fund and Prime Investor Feeder Fund* 

The comparative Broadridge information showed that the Prime CNAV Master Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

<u>Prime Master</u>

*Select Prime Institutional Feeder Fund, Select Prime Preferred Feeder Fund and Select Prime Investor Feeder Fund* 

The comparative Broadridge information showed that, with the exception of (1) the Select Prime Institutional Feeder Fund's Actual Management Fee and total expenses and (2) the Select Prime Preferred Feeder Fund's Actual Management Fee, the Prime Master Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

<u>Treasury Master</u>

*Select Treasury Institutional Feeder Fund, Select Treasury Preferred Feeder Fund and Select Treasury Investor Feeder Fund* 

The comparative Broadridge information showed that each Feeder Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

<u>Tax-Free Master</u>

*Tax-Free Reserves Feeder Fund, Tax-Free Preferred Feeder Fund and Tax-Free Investor Feeder Fund* 

The comparative Broadridge information showed that, with the exception of the Tax-Free Investor Feeder Fund's Actual Management Fee, the Tax-Free Master Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

Management noted that the Tax-Free Investor Feeder Fund's Actual Management Fees were above the applicable Expense Group median, while the Contractual Management Fee and total expenses were below median.

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Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

In light of the foregoing, the board determined that the management fees for each of ESG Prime Master, Government Master, Prime CNAV Master, Prime Master, Treasury Master and Tax-Free Master continued to be appropriate under the circumstances and in light of the nature, extent and quality of services provided to each Master Fund under the Management Contract.

**Fund performance**—In considering each Master Fund's performance, the board received and considered (a) annualized total return information of each Feeder Fund compared to other funds (the "Performance Universe") selected by Broadridge over the one-, three-, five- and ten-year (or shorter) periods, as applicable to a Feeder Fund, and since inception, in each case ended April 30, 2022 and (b) annualized performance information for each year in the ten-year (or shorter) period ended April 30, 2022. Although the board received information for the ten-year period and since inception, in its analysis, it generally placed greater emphasis on the one-, three- and five-year periods. The board was provided with a description of the methodology Broadridge used to determine the similarity of each Feeder Fund with the funds included in its Performance Universe. The board noted that each Feeder Fund's performance is correlated with its corresponding Master Fund's performance, with the only difference being the administrative, distribution and shareholder service fees or other expenses paid at the Feeder Fund level.

<u>ESG Prime Master</u>

*Select ESG Prime Institutional Feeder Fund, Select ESG Prime Preferred Feeder Fund and Select ESG Prime Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of each of Select ESG Prime Institutional Feeder Fund and Select ESG Prime Preferred Feeder Fund was above its corresponding Performance Universe median for the one-year period and since inception; while the performance of Select ESG Prime Investor Feeder Fund was slightly below its corresponding Performance Universe median for each such period.

<u>Government Master</u>

*Select Government Institutional Feeder Fund, Select Government Preferred Feeder Fund, Select Government Investor Feeder Fund and RMA Government Money Market Feeder Fund* 

The comparative Broadridge information showed that the performance of each Feeder Fund was at or above its corresponding Performance Universe median for the one-, three- and five-year periods and since inception, with the only exception being the three-year period for RMA Government Money Market Feeder Fund, which was only slightly below such median.

<u>Prime CNAV Master</u>

*Prime Reserves Feeder Fund, Prime Preferred Feeder Fund and Prime Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of each Feeder Fund was at or above its corresponding Performance Universe median for the one-, three- and five-year periods and since inception.

<u>Prime Master</u>

*Select Prime Institutional Feeder Fund, Select Prime Preferred Feeder Fund and Select Prime Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of: (i) the Select Prime Institutional Feeder Fund was at or above its corresponding Performance Universe median for the three-, five- and ten-year periods and since inception, and below for the one-year period, (ii) the Select Prime Preferred Feeder Fund was at or above its corresponding Performance Universe median for the one-, three-, five- and ten-year periods and since inception, and (iii) the Select Prime Investor Feeder Fund was below its corresponding Performance Universe median for the one-, three-, five- and ten-year periods and since inception.

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Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

<u>Treasury Master</u>

*Select Treasury Institutional Feeder Fund, Select Treasury Preferred Feeder Fund and Select Treasury Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of each Feeder Fund was at or above its corresponding Performance Universe median for the one-, three-, five- and ten-year periods and since inception.

<u>Tax-Free Master</u>

*Tax-Free Reserves Feeder Fund, Tax-Free Preferred Feeder Fund and Tax-Free Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of the Tax-Free Reserves Feeder Fund and the Tax-Free Preferred Feeder Fund was at or above its corresponding Performance Universe median for the one-, three-, five- and ten-year periods and since inception, and the performance of the Tax-Free Investor Feeder Fund was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception, ranking in the fourth quintile in the one-year period.

For periods in which a Master Fund's performance was materially and persistently below median, UBS AM representatives explained, in a satisfactory manner, the reasons for the relative under-performance, including for structural reasons (for example, unitary fee as compared to non-unitary fees), or other comparison group selection criteria employed by Broadridge. Based on its review, the board concluded that each Master Fund's investment performance was acceptable under the circumstances.

**Advisor profitability**—The board received and considered a profitability analysis of UBS AM and its affiliates over time in providing services to the Master Funds and the Feeder Funds and was provided information on UBS AM's expense allocation methodology. The board also received profitability information with respect to the UBS New York fund complex as a whole. The board observed that the profitability and expense analyses are substantially similar to those used by UBS AM for many internal purposes and are subject to regular review with respect to how certain revenue and expenses should be allocated. UBS AM's profitability was considered not excessive in light of the nature, extent and quality of the services provided to the Master Funds and the Feeder Funds.

**Economies of scale**—The board received and considered information from management regarding whether UBS AM realized economies of scale as the Master Funds' assets grew, whether the Master Funds have appropriately benefited from any material unshared economies of scale over time, and whether there is potential for realization of any further economies of scale for the Master Funds. The board considered whether economies of scale in the provision of services to the Master Funds were being passed along to the Feeder Funds' shareholders.

The board noted that although each Master Fund's Contractual Management Fee contained breakpoints at higher asset levels, economies of scale might inure more to UBS AM because UBS AM paid most of each Master Fund's non-management operating expenses under the "unitary" fee structure. Overall, the board considered the sharing of economies of scale with the shareholders of the Feeder Funds acceptable.

**Other benefits to UBS AM**—The board considered other benefits received by UBS AM and its affiliates as a result of its relationship with the Master Funds and the Feeder Funds, including the opportunity to offer additional products and services to the Feeder Funds' shareholders and to others. In light of the costs of providing investment advisory, administrative and other services to the Master Funds, the costs of providing administrative services to the Feeder Funds and UBS AM's ongoing commitment to the Master Funds and the Feeder Funds, the profits and other ancillary benefits that UBS AM and its affiliates received were considered reasonable.

------

Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Management Contract. No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Management Contract. The Independent Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Management Contract in private sessions with their independent legal counsel at which no representatives of UBS AM were present.

------

**Trustees** 

Alan S. Bernikow

*Chairman* 

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

**Administrator (and Manager for the Master Funds)** 

UBS Asset Management (Americas) Inc.

787 Seventh Avenue

New York, New York 10019

**Principal Underwriter (for the feeder funds)** 

UBS Asset Management (US) Inc.

787 Seventh Avenue

New York, New York 10019

The financial information included herein is taken from the records of the Funds without examination by independent registered public accountants who do not express an opinion thereon.

This report is not to be used in connection with the offering of shares of the Funds unless accompanied or preceded by an effective prospectus.© UBS 2022. All rights reserved.

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![LOGO](g3133407mm_k485.jpg)

![LOGO](g313340g38c43.jpg)

**UBS Asset Management (Americas) Inc.** 

787 Seventh Avenue

New York, New York 10019

S1662

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![LOGO](g4231047mm_k485.jpg)

## UBS Preferred Funds
Semiannual Report \| October 31, 2022

**Includes:** 

• UBS Select Prime Preferred Fund

• UBS Select ESG Prime Preferred Fund

• UBS Select Government Preferred Fund

• UBS Select Treasury Preferred Fund

• UBS Prime Preferred Fund

• UBS Tax-Free Preferred Fund

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UBS Preferred Funds

December 15, 2022

**Dear Shareholder,** 

We present you with the semiannual report for the UBS Preferred Series of Funds, namely UBS Select Prime Preferred Fund, UBS Select ESG Prime Preferred Fund, UBS Select Government Preferred Fund, UBS Select Treasury Preferred Fund, UBS Prime Preferred Fund and UBS Tax-Free Preferred Fund (the "Funds") for the six months ended October 31, 2022 (the "reporting period").

**Performance** 

The US Federal Reserve raised the federal funds rate from a range between 0.25% and 0.50% to a range between 3.00% and 3.25% during the reporting period. The federal funds rate or the "fed

funds rate," is the rate US banks charge one another for funds they borrow on an overnight basis. (For more details on the Fed's actions, see below.) The Fed also anticipates several additional rate hikes during the remainder of the Funds' current fiscal year. As a result, the yields on a number of short-term investments moved higher—as did the Funds' yields—during the reporting period.

The seven-day current yields for the Funds (after fee waivers/expense reimbursements) were as follows:

• **UBS Select Prime Preferred Fund:** 3.16% on October 31, 2022, versus 0.36% on April 30, 2022.

• **UBS Select ESG Prime Preferred Fund**: 3.14% on October 31, 2022, versus 0.41% on April 30, 2022.

• **UBS Select Government Preferred Fund:** 3.05% on October 31, 2022, versus 0.15% on April 30, 2022.

• **UBS Select Treasury Preferred Fund:** 2.97% on October 31, 2022, versus 0.28% on April 30, 2022.

• **UBS Prime Preferred Fund:** 3.13% on October 31, 2022, versus 0.36% on April 30, 2022.

• **UBS Tax-Free Preferred Fund:** 1.88% on October 31, 2022, versus 0.29% on April 30, 2022.

For detailed information on the Funds' performance, refer to "Yields and characteristics at a glance" on pages 7–9.

**An interview with the Portfolio Managers** 

**Q.** **How would you describe the economic environment during the reporting period?** 

**A.** The US economy moved in fits and starts, as it was impacted by COVID-19 and its variants, 40-year high inflation, supply chain shortages, rising interest rates and the repercussions from the war in

**UBS Select Prime Preferred Fund** 

**UBS Select Government Preferred Fund** 

**UBS Select Treasury Preferred Fund** 

**UBS Prime Preferred Fund** 

**Investment goals (all four Funds):** 

Maximum current income consistent with liquidity and the preservation of capital

**Portfolio Managers:** 

Robert Sabatino

David J. Walczak

UBS Asset Management (Americas) Inc.

**Commencement:** 

UBS Select Government Preferred Fund—June 28, 2016;

UBS Select Prime Preferred Fund and UBS Select Treasury Preferred Fund—August 28, 2007;

UBS Prime Preferred Fund—January 19, 2016

**Dividend Payments:** 

Monthly

**UBS Select ESG Prime Preferred Fund** 

**Investment goal:** 

Maximum current income as is consistent with liquidity and preservation of capital while incorporating select environmental, social, and governance criteria ("ESG") into the investment process.

**Portfolio Managers:** 

Robert Sabatino

David J. Walczak

UBS Asset Management (Americas) Inc.

**Commencement:** 

January 15, 2020

**Dividend payments:** 

Monthly

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UBS Preferred Funds

Ukraine. These headwinds were at times offset by a resilient job market and overall positive consumer spending. Looking back, first quarter 2022 US annualized gross domestic product ("GDP") was -1.6%. The economy then contracted 0.6% over the second quarter of the year. Finally, the Commerce Department's initial estimate showed that third quarter annualized GDP was a positive 2.6%.

**Q.** **How did the US Federal Reserve (the "Fed") react to the economic environment?** 

**A.** The Fed raised interest rates four times during the reporting period in an attempt to rein in persistent and
elevated inflation. These moves pushed the federal funds rate from a range between 0.25% and 0.50% to a range between 3.00% and 3.25%. Then, in November 2022—after the reporting period ended—the Fed raised rates to a range between 3.75%
and 4.00% and indicated that additional rate hikes would be appropriate. Finally, in December 2022, the Fed raised rates to a range between 4.25% and 4.50%.

**Q.** **Given that the Funds are "feeder funds," how were the portfolios in which they invest managed during the reporting period?** 

**A**. Each fund is a "feeder fund," investing all of its assets in "Master Funds"—the Prime Master
Fund, the ESG Prime Master Fund, the Government Master Fund, the Treasury Master Fund, the Prime CNAV Master Fund and the Tax-Free Master Fund, respectively. As always, quality and liquidity remained paramount
in our management process for the Master Funds.

• For the Prime Master Fund in which **UBS Select Prime Preferred Fund** invests, we tactically adjusted its weighted
average maturity (WAM)—which is the weighted average maturity of the securities in the portfolio—throughout the six-month review period. When the reporting period began, the Master Fund had a WAM of
21 days. By the end of the period on October 31, 2022, the Master Fund's WAM was five days.

At the security level, we increased the Master Fund's exposure to repurchase agreements and, to a lesser extent, certificates of deposit. Conversely, we decreased its allocation to commercial paper and time deposits. (Repurchase agreements are transactions that require the seller of a security to buy it back at a predetermined time and price, or upon demand.) <br>

• The WAM for the Master Fund in which **UBS Select ESG Prime Preferred Fund** invests was 17 days when the reporting
period began. It was seven days at period-end on October 31, 2022. At the security level, we modestly increased the Master Fund's exposure to certificates of deposit and commercial paper. In
contrast, we slightly decreased its exposures to time deposits and repurchase agreements.

• The WAM for the Master Fund in which **UBS Select Government Preferred Fund** invests was 22 days when the reporting
period began. Over the review period, the WAM was adjusted, and at period-end on October 31, 2022, it was three days. At the security level, we significantly increased the Master Fund's exposure to
repurchase agreements backed by government securities. Conversely, we reduced its allocations to direct US Treasury obligations and US government agency obligations.

• The WAM for the Master Fund in which **UBS Select Treasury Preferred Fund** invests was 23 days when the reporting
period began. Over the review period, the WAM was adjusted, and at period-end it was five days. At the security level, we meaningfully increased the Master Fund's exposure to repurchase agreement backed
by US Treasury obligations and significantly reduced its exposure to direct US Treasury obligations.

• The WAM for the Prime CNAV Master Fund in which **UBS Prime Preferred Fund** invests was 22 days when the reporting
period began. We tactically adjusted its WAM, and at the end of the reporting period the Master

**UBS Tax-Free Preferred Fund** 

**Investment goal:** 

Maximum current income exempt from federal income tax consistent with liquidity and the preservation of capital

**Portfolio Manager:** 

Lisa M. DiPaolo

UBS Asset Management (Americas) Inc.

**Commencement:** 

August 28, 2007

**Dividend Payments:** 

Monthly

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UBS Preferred Funds

Fund's WAM was six days. Over the review period, we modestly increased the Master Fund's exposures to repurchase agreements and certificates of deposit. Conversely, we slightly decreased its exposures to commercial paper and time deposits.

• The WAM for the Master Fund in which **UBS Tax-Free Preferred Fund** invests was
six days when the reporting period began. We tactically adjusted the Master Fund's WAM based on market conditions and seasonality factors within the tax-exempt market. At the end of the reporting period
its WAM was five days. Over the review period, we increased the Master Fund's allocation to municipal bonds and reduced its exposure to tax-exempt commercial paper.

**Q.** **What factors do you believe will affect the Funds over the coming months?** 

**A**. We expect the Fed to continue tightening monetary policy as it seeks to lower inflation. At the same time, several
economic indicators point to slowing growth, and it's unclear whether the central bank can maneuver a "soft landing" for the US economy. In this environment, we anticipate continuing to manage the Funds focusing on risk and liquidity.

We thank you for your continued support and welcome any comments or questions you may have. For additional information on the UBS family of funds, please contact your financial advisor, or visit us at www.ubs.com/am-us. \*

Sincerely,

---

| | |
|:---|:---|
| ![LOGO](g423104g29p71.jpg) | ![LOGO](g423104g13n19.jpg) |
| Igor Lasun<br> President—UBS *Series Fund*<br> UBS Select Prime Preferred Fund<br> UBS Select ESG Prime Preferred Fund<br> UBS Select Government Preferred Fund<br> UBS Select Treasury Preferred Fund<br> UBS Prime Preferred Fund<br> UBS Tax-Free Preferred Fund<br> Managing Director<br> UBS Asset Management<br> (Americas) Inc. | Robert Sabatino<br> Portfolio Manager—<br> UBS Select Prime Preferred Fund<br> UBS Select ESG Prime Preferred Fund<br> UBS Select Government Preferred Fund<br> UBS Select Treasury Preferred Fund<br> UBS Prime Preferred Fund<br> Managing Director<br> UBS Asset Management<br> (Americas) Inc. |

---

\* Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Web site at www.ubs.com/am-us. 

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UBS Preferred Funds

---

| | |
|:---|:---|
| ![LOGO](g423104g20m05.jpg) | ![LOGO](g423104g67i63.jpg) |
| Lisa DiPaolo<br> Portfolio Manager—<br> UBS Tax-Free Preferred Fund<br> Executive Director<br> UBS Asset Management<br> (Americas) Inc. | David J. Walczak<br> Portfolio Manager—<br> UBS Select Prime Preferred Fund<br> UBS Select ESG Prime Preferred Fund<br> UBS Select Government Preferred Fund<br> UBS Select Treasury Preferred Fund<br> UBS Prime Preferred Fund<br> Executive Director<br> UBS Asset Management<br> (Americas) Inc. |

---

*This letter is intended to assist shareholders in understanding how the Funds performed during the six-month period ended October 31, 2022. The views and opinions in the letter were current as of December 15, 2022. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.* 

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UBS Preferred Funds

**Understanding your Fund's expenses**<sup>1</sup> **(unaudited)** 

As a shareholder of a Fund, you incur ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Since each Fund is a "feeder fund" that invests in a corresponding "master fund," the expense information below reflects the combined effect of the two levels of expenses and not just those imposed directly at the feeder fund level.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2022 to October 31, 2022.

**Actual expenses** 

The first line in the table below for each Fund 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 a 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 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 in the table below for each Fund provides information about hypothetical account values and hypothetical expenses based on the 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 your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, if those other funds impose transactional costs—for example, exchange fees. In addition, if those transactional costs were included, your costs for those other funds would have been higher.

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UBS Preferred Funds

**Understanding your Fund's expenses**<sup>1</sup> **(unaudited) (concluded)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>May 1, 2022** | **Ending<br>account value**<sup>2</sup>**<br>October 31, 2022** | **Expenses paid**<br> **during period**<sup>3</sup>**<br>05/01/2022 to 10/31/2022** | **Expense**<br> **ratio during<br>the period** |
| **UBS Select Prime Preferred Fund** |  |  |  |  |
| Actual | $1000.00 | $1009.70 | $0.71 | 0.14% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.50 | 0.71 | 0.14 |
| **UBS Select ESG Prime Preferred Fund** |  |  |  |  |
| Actual | $1000.00 | $1009.90 | $0.50 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.70 | 0.51 | 0.10 |
| **UBS Select Government Preferred Fund** |  |  |  |  |
| Actual | $1000.00 | $1008.80 | $0.25 | 0.05% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.95 | 0.26 | 0.05 |
| **UBS Select Treasury Preferred Fund** |  |  |  |  |
| Actual | $1000.00 | $1008.50 | $0.70 | 0.14% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.50 | 0.71 | 0.14 |
| **UBS Prime Preferred Fund** |  |  |  |  |
| Actual | $1000.00 | $1009.50 | $0.71 | 0.14% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.50 | 0.71 | 0.14 |
| **UBS Tax-Free Preferred Fund** |  |  |  |  |
| Actual | $1000.00 | $1005.50 | $0.70 | 0.14% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.50 | 0.71 | 0.14 |

---

<sup>1</sup> The expenses for the Funds reflect the expenses of the corresponding master funds in which they invest in addition to their own direct expenses.

---

| | |
|:---|:---|
| <sup>2</sup>"Actual—Ending | account value" may or may not be reflective of a shareholder's actual investment experience during periods of very low interest rates. While the Fund declares dividends daily and pays them monthly, the amounts are rounded to the nearest $0.01 on a daily basis with respect to each investor's account. As a result, investors whose Fund account balances earn daily dividends that total less than one half a cent on any given day will not accrue any dividends on that day.  |

---

<sup>3</sup> Expenses are equal to the Master Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

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UBS Preferred Funds

**Yields and characteristics at a glance—October 31, 2022 (unaudited)** 

---

| | |
|:---|:---|
| **UBS Select Prime Preferred Fund**<br>**Yields and characteristics** | |
| Seven-day current yield after fee waivers<sup>1</sup> | 3.16% |
| Seven-day effective yield after fee waivers<sup>1</sup> | 3.21 |
| Seven-day current yield before fee waivers<sup>1</sup> | 3.12 |
| Seven-day effective yield before fee waivers<sup>1</sup> | 3.17 |
| Weighted average maturity<sup>2</sup> | 5 days |
| **UBS Select ESG Prime Preferred Fund** |  |
| **Yields and characteristics** |  |
| Seven-day current yield after fee waivers<sup>1</sup> | 3.14% |
| Seven-day effective yield after fee waivers<sup>1</sup> | 3.19 |
| Seven-day current yield before fee waivers<sup>1</sup> | 3.10 |
| Seven-day effective yield before fee waivers<sup>1</sup> | 3.14 |
| Weighted average maturity<sup>2</sup> | 7 days |

---

**Table footnotes are on page 8.** 

**You could lose money by investing in UBS Select Prime Preferred Fund and UBS Select ESG Prime Preferred Fund. Because the price of interests in the related money market master fund will fluctuate, when you sell your shares of UBS Select Prime Preferred Fund and UBS Select ESG Prime Preferred Fund, your shares of UBS Select Prime Preferred Fund and UBS Select ESG Prime Preferred Fund may be worth more or less than what you originally paid for them. The related money market master fund may impose a fee upon sale of your shares of UBS Select Prime Preferred Fund and UBS Select ESG Prime Preferred Fund or may temporarily suspend your ability to sell shares of UBS Select Prime Preferred Fund and UBS Select ESG Prime Preferred Fund if the related money market master fund's liquidity falls below required minimums because of market conditions or other factors. An investment in UBS Select Prime Preferred Fund and UBS Select ESG Prime Preferred Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. UBS Select Prime Preferred Fund's sponsor and UBS Select ESG Prime Preferred Fund's sponsor has no legal obligation to provide financial support to UBS Select Prime Preferred Fund and UBS Select ESG Prime Preferred Fund, and you should not expect that the fund's sponsor will provide financial support to UBS Select Prime Preferred Fund and UBS Select ESG Prime Preferred Fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

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UBS Preferred Funds

**Yields and characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

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| | |
|:---|:---|
| **UBS Select Government Preferred Fund**<br>**Yields and characteristics** | |
| Seven-day current yield after fee waivers<sup>1</sup> | 3.05% |
| Seven-day effective yield after fee waivers<sup>1</sup> | 3.10 |
| Seven-day current yield before fee waivers<sup>1</sup> | 2.93 |
| Seven-day effective yield before fee waivers<sup>1</sup> | 2.97 |
| Weighted average maturity<sup>2</sup> | 3 days |
| **UBS Select Treasury Preferred Fund** |  |
| **Yields and characteristics** |  |
| Seven-day current yield after fee waivers<sup>1</sup> | 2.97% |
| Seven-day effective yield after fee waivers<sup>1</sup> | 3.01 |
| Seven-day current yield before fee waivers<sup>1</sup> | 2.93 |
| Seven-day effective yield before fee waivers<sup>1</sup> | 2.97 |
| Weighted average maturity<sup>2</sup> | 5 days |

---

**Table footnotes are on page 8.** 

**You could lose money by investing in UBS Select Government Preferred Fund and UBS Select Treasury Preferred Fund. Although the related money market master funds seek to preserve the value of your investment so that the shares of UBS Select Government Preferred Fund and UBS Select Treasury Preferred Fund are at $1.00 per share, the related money market master funds cannot guarantee they will do so. An investment in UBS Select Government Preferred Fund and UBS Select Treasury Preferred Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. UBS Select Government Preferred Fund's sponsor and UBS Select Treasury Preferred Fund's sponsor has no legal obligation to provide financial support to UBS Select Government Preferred Fund and UBS Select Treasury Preferred Fund, and you should not expect that the funds' sponsor will provide financial support to UBS Select Government Preferred Fund and UBS Select Treasury Preferred Fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

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UBS Preferred Funds

**Yields and characteristics at a glance—October 31, 2022 (unaudited) (concluded)** 

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| | |
|:---|:---|
| **UBS Prime Preferred Fund**<br>**Yields and characteristics** | |
| Seven-day current yield after fee waivers<sup>1</sup> | 3.13% |
| Seven-day effective yield after fee waivers<sup>1</sup> | 3.18 |
| Seven-day current yield before fee waivers<sup>1</sup> | 3.09 |
| Seven-day effective yield before fee waivers<sup>1</sup> | 3.14 |
| Weighted average maturity<sup>2</sup> | 6 days |
| **UBS Tax-Free Preferred Fund** |  |
| **Yields and characteristics** |  |
| Seven-day current yield after fee waivers<sup>1</sup> | 1.88% |
| Seven-day effective yield after fee waivers<sup>1</sup> | 1.90 |
| Seven-day current yield before fee waivers<sup>1</sup> | 1.84 |
| Seven-day effective yield before fee waivers<sup>1</sup> | 1.86 |
| Weighted average maturity<sup>2</sup> | 5 days |

---

**Investments in UBS Prime Preferred Fund and UBS Tax-Free Preferred Fund are intended to be limited to accounts beneficially owned by natural persons. UBS Prime Preferred Fund and UBS Tax-Free Preferred Fund reserve the right to repurchase shares in any accounts that are not beneficially owned by natural persons.** 

**You could lose money by investing in UBS Prime Preferred Fund and UBS Tax-Free Preferred Fund. Although the related money market master funds seek to preserve the value of your investment so that the shares of UBS Prime Preferred Fund and UBS Tax-Free Preferred Fund are at $1.00 per share, the related money market master funds cannot guarantee they will do so. The related money market master funds may impose a fee upon sale of your shares of UBS Prime Preferred Fund and UBS Tax-Free Preferred Fund or may temporarily suspend your ability to sell shares of UBS Prime Preferred Fund and UBS Tax-Free Preferred Fund if the related money market master fund's liquidity falls below required minimums because of market conditions or other factors. An investment in UBS Prime Preferred Fund and UBS Tax-Free Preferred Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. UBS Prime Preferred Fund's sponsor and UBS Tax-Free Preferred Fund's sponsor has no legal obligation to provide financial support to UBS Prime Preferred Fund and UBS Tax-Free Preferred Fund and you should not expect that the funds' sponsor will provide financial support to UBS Prime Preferred Fund and UBS Tax-Free Preferred Fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> Yields will fluctuate and reflect fee waivers, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted.

<sup>2</sup> Weighted average maturity provided is that of the related master fund, which is actively managed and its weighted average maturity will differ over time.

------

UBS Preferred Funds

------

**Statement of assets and liabilities** 

**October 31, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **UBS Select<br>Prime<br>Preferred Fund** | **UBS Select<br>ESG Prime<br>Preferred Fund** | **UBS Select<br>Government<br>Preferred Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in Master Fund, at cost (which approximates cost for federal income tax purposes) | $2494636507 | $2042674888 | $4680030205 |
| Investments in Master Fund, at value | 2494260981 | 2042408824 | 4680030205 |
| Total assets | 2494260981 | 2042408824 | 4680030205 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Dividends payable to shareholders | 6107794 | 5276062 | 14401098 |
| Payable to affiliate | 64500 | 43192 | 60486 |
| Total liabilities | 6172294 | 5319254 | 14461584 |
| **Net assets** | **$2488088687** | **$2037089570** | **$4665568621** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $2488464434 | $2037368092 | $4665569055 |
| Distributable earnings (accumulated losses) | (375747) | (278522) | (434) |
| **Net assets** | **$2488088687** | **$2037089570** | **$4665568621** |
| Shares outstanding | 2488112260 | 2036731654 | 4665569055 |
| Net asset value per share | $1.0000 | $1.0002 | $1.00 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements.

------

UBS Preferred Funds

------

**Statement of assets and liabilities** 

**October 31, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **UBS Select<br>Treasury<br>Preferred Fund** | **UBS<br>Prime<br>Preferred Fund** | **UBS<br>Tax-Free<br>Preferred Fund** |
| **Assets:** |  |  |  |
| Investments in Master Fund, at cost (which approximates cost for federal income tax purposes) | $14292310045 | $1926619703 | $298106626 |
| Investments in Master Fund, at value | 14292310045 | 1926619703 | 298106626 |
| Receivable from affiliate |  |  | 21136 |
| Total assets | 14292310045 | 1926619703 | 298127762 |
| **Liabilities:** |  |  |  |
| Dividends payable to shareholders | 33125272 | 5095865 | 508228 |
| Payable to affiliate | 307751 | 48948 |  |
| Total liabilities | 33433023 | 5144813 | 508228 |
| **Net assets** | **$14258877022** | **$1921474890** | **$297619534** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $14258893609 | $1921474877 | $297619492 |
| Distributable earnings (accumulated losses) | (16587) | 13 | 42 |
| **Net assets** | **$14258877022** | **$1921474890** | **$297619534** |
| Shares outstanding | 14258893609 | 1921474877 | 297619537 |
| Net asset value per share | $1.00 | $1.00 | $1.00 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements.

------

UBS Preferred Funds

------

**Statement of operations** 

**For the six months ended October 31, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **UBS Select<br>Prime<br>Preferred Fund** | **UBS Select<br>ESG Prime<br>Preferred Fund** | **UBS Select<br>Government<br>Preferred Fund** |
| **Investment income:** |  |  |  |
| Interest income allocated from Master Fund | $20161671 | $18391082 | $31598716 |
| Expenses allocated from Master Fund | (874141) | (829506) | (1435574) |
| Expense waiver allocated from Master Fund |  | 350756 | 1305196 |
| Net investment income allocated from Master Fund | 19287530 | 17912332 | 31468338 |
| **Expenses:** |  |  |  |
| Administration fees | 686066 | 651226 | 1130753 |
| Trustees fees | 12610 | 11774 | 16673 |
|  | 698676 | 663000 | 1147426 |
| Fee waivers by administrator | (349340) | (331500) | (573728) |
| Net expenses | 349336 | 331500 | 573698 |
| Net investment income (loss) | 18938194 | 17580832 | 30894640 |
| Net realized gain (loss) allocated from Master Fund | (41) | 118 |  |
| Net change in unrealized appreciation (depreciation) allocated from Master Fund | 216960 | 42935 |  |
| Net increase (decrease) in net assets resulting from operations | $19155113 | $17623885 | $30894640 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements.

------

UBS Preferred Funds

------

**Statement of operations** 

**For the six months ended October 31, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **UBS Select<br>Treasury<br>Preferred Fund** | **UBS Prime<br>Preferred Fund** | **UBS Tax-Free<br>Preferred Fund** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Interest income allocated from Master Fund | $128740047 | $13910732 | $1673882 |
| Expenses allocated from Master Fund | (6714425) | (553489) | (132387) |
| Net investment income allocated from Master Fund | 122025622 | 13357243 | 1541495 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Administration fees | 5322580 | 431385 | 97715 |
| Trustees fees | 43089 | 10908 | 8150 |
|  | 5365669 | 442293 | 105865 |
| Fee waivers by administrator | (2683760) | (221179) | (52934) |
| Net expenses | 2681909 | 221114 | 52931 |
| Net investment income (loss) | 119343713 | 13136129 | 1488564 |
| Net realized gain (loss) allocated from Master Fund | (12663) |  | 8 |
| Net increase (decrease) in net assets resulting from operations | $119331050 | $13136129 | $1488572 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements.

------

UBS Preferred Funds

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **UBS Select Prime Preferred Fund** | **UBS Select Prime Preferred Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $18938194 | $787165 |
| Net realized gain (loss) allocated from Master Fund | (41) | 5860 |
| Net change in unrealized appreciation (depreciation) allocated from Master Fund | 216960 | (522619) |
| Net increase (decrease) in net assets resulting from operations | 19155113 | 270406 |
| Total distributions | (18938377) | (792829) |
| Net increase (decrease) in net assets from beneficial interest transactions | 1392554322 | (500692147) |
| Net increase (decrease) in net assets | 1392771058 | (501214570) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 1095317629 | 1596532199 |
| End of period | $2488088687 | $1095317629 |

---

---

| | | |
|:---|:---|:---|
|  | **UBS Select ESG Prime Preferred Fund** | **UBS Select ESG Prime Preferred Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $17580832 | $1013446 |
| Net realized gain (loss) allocated from Master Fund | 118 | (12577) |
| Net change in unrealized appreciation (depreciation) allocated from Master Fund | 42935 | (309692) |
| Net increase (decrease) in net assets resulting from operations | 17623885 | 691177 |
| Total distributions | (17580832) | (1013638) |
| Net increase (decrease) in net assets from beneficial interest transactions | 717003927 | 920293121 |
| Net increase (decrease) in net assets | 717046980 | 919970660 |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 1320042590 | 400071930 |
| End of period | $2037089570 | $1320042590 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements.

------

UBS Preferred Funds

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **UBS Select Government Preferred Fund** | **UBS Select Government Preferred Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $30894640 | $512097 |
| Net realized gain (loss) allocated from Master Fund |  | 3598 |
| Net increase (decrease) in net assets resulting from operations | 30894640 | 515695 |
| Total distributions | (30894640) | (570672) |
| Net increase (decrease) in net assets from beneficial interest transactions | 3483440585 | (2906508687) |
| Net increase (decrease) in net assets | 3483440585 | (2906563664) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 1182128036 | 4088691700 |
| End of period | $4665568621 | $1182128036 |

---

---

| | | |
|:---|:---|:---|
|  | **UBS Select Treasury Preferred Fund** | **UBS Select Treasury Preferred Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $119343713 | $4419309 |
| Net realized gain (loss) allocated from Master Fund | (12663) | 871 |
| Net increase (decrease) in net assets resulting from operations | 119331050 | 4420180 |
| Total distributions | (119343713) | (4424103) |
| Net increase (decrease) in net assets from beneficial interest transactions | 2363185294 | (7039257392) |
| Net increase (decrease) in net assets | 2363172631 | (7039261315) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 11895704391 | 18934965706 |
| End of period | $14258877022 | $11895704391 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements.

------

UBS Preferred Funds

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **UBS Prime Preferred Fund** | **UBS Prime Preferred Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $13136129 | $232904 |
| Net increase (decrease) in net assets resulting from operations | 13136129 | 232904 |
| Total distributions | (13136129) | (235109) |
| Net increase (decrease) in net assets from beneficial interest transactions | 1578726655 | (1079136631) |
| Net increase (decrease) in net assets | 1578726655 | (1079138836) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 342748235 | 1421887071 |
| End of period | $1921474890 | $342748235 |

---

---

| | | |
|:---|:---|:---|
|  | **UBS Tax-Free Preferred Fund** | **UBS Tax-Free Preferred Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $1488564 | $22482 |
| Net realized gain (loss) allocated from Master Fund | 8 | 2 |
| Net increase (decrease) in net assets resulting from operations | 1488572 | 22484 |
| Total distributions | (1488564) | (22495) |
| Net increase (decrease) in net assets from beneficial interest transactions | 108128741 | 153599709 |
| Net increase (decrease) in net assets | 108128749 | 153599698 |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 189490785 | 35891087 |
| End of period | $297619534 | $189490785 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements.

------

UBS Select Prime Preferred Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$0.9998** | **$1.0002** | **$1.0005** | **$1.0001** | **$1.0001** | **$1.0002** |
| Net investment income (loss) | 0.0096 | 0.0006 | 0.0013 | 0.0186 | 0.0226 | 0.0137 |
| Net realized and unrealized gain (loss) | 0.0002 | (0.0004) | (0.0003) | 0.0004 | (0.0001)<sup>1</sup> | (0.0001) |
| Net increase (decrease) from operations | 0.0098 | 0.0002 | 0.0010 | 0.0190 | 0.0226 | 0.0136 |
| Dividends from net investment income | (0.0096) | (0.0006) | (0.0013) | (0.0186) | (0.0226) | (0.0137) |
| Distributions from net realized gains |  | (0.0000)<sup>1</sup> | (0.0000)<sup>1</sup> | (0.0000)<sup>1</sup> | (0.0001)<sup>1</sup> | (0.0001)<sup>1</sup> |
| Total dividends and distributions | (0.0096) | (0.0006) | (0.0013) | (0.0186) | (0.0226) | (0.0137) |
| **Net asset value, end of period** | **$1.0000** | **$0.9998** | **$1.0002** | **$1.0005** | **$1.0001** | **$1.0001** |
| **Total investment return**<sup>2</sup> | **0.97%** | **0.02%** | **0.10%** | **1.92%** | **2.28%** | **1.37%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers<sup>3</sup> | 0.18%<sup>4</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| Expenses after fee waivers<sup>3</sup> | 0.14%<sup>4</sup> | 0.14% | 0.14% | 0.14% | 0.12% | 0.08% |
| Net investment income (loss)<sup>3</sup> | 2.17%<sup>4</sup> | 0.06% | 0.15% | 1.87% | 2.29% | 1.40% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $2488089 | $1095318 | $1596532 | $2919293 | $2751367 | $1732540 |

---

<sup>1</sup> Amount represents less than $0.00005 or $(0.00005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements.

------

UBS Select ESG Prime Preferred Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **For the period from<br>January 15, 2020**<sup>1</sup> **to<br>April 30, 2020** |
| | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **2022** | **2021** | **For the period from<br>January 15, 2020**<sup>1</sup> **to<br>April 30, 2020** |
| **Net asset value, beginning of period** | **$1.0001** | **$1.0005** | **$1.0007** | **$1.0000** |
| Net investment income (loss) | 0.0099 | 0.0011 | 0.0018 | 0.0038 |
| Net realized and unrealized gain (loss) | 0.0001 | (0.0004) | (0.0002) | 0.0007 |
| Net increase (decrease) from operations | 0.0100 | 0.0007 | 0.0016 | 0.0045 |
| Dividends from net investment income | (0.0099) | (0.0011) | (0.0018) | (0.0038) |
| Distributions from net realized gains |  | (0.0000)<sup>2</sup> | (0.0000)<sup>2</sup> |  |
| Total dividends and distributions | (0.0099) | (0.0011) | (0.0018) | (0.0038) |
| **Net asset value, end of period** | **$1.0002** | **$1.0001** | **$1.0005** | **$1.0007** |
| **Total investment return**<sup>3</sup> | **0.99%** | **0.08%** | **0.16%** | **0.45%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers<sup>4</sup> | 0.18%<sup>5</sup> | 0.18% | 0.18% | 0.18%<sup>5</sup> |
| Expenses after fee waivers<sup>4</sup> | 0.10%<sup>5</sup> | 0.04% | 0.04% | 0.04%<sup>5</sup> |
| Net investment income (loss)<sup>4</sup> | 2.12%<sup>5</sup> | 0.14% | 0.12% | 1.25%<sup>5</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $2037090 | $1320043 | $400072 | $7437 |

---

<sup>1</sup> Commencement of operations.

<sup>2</sup> Amount represents less than $0.00005 or $(0.00005) per share. 

<sup>3</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>4</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>5</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements.

------

UBS Select Government Preferred Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Net investment income (loss) | 0.009 | 0.000<sup>1</sup> | 0.001 | 0.017 | 0.020 | 0.010 |
| Net realized gain (loss) |  | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | (0.000)<sup>1</sup> |
| Net increase (decrease) from operations | 0.009 | 0.000<sup>1</sup> | 0.001 | 0.017 | 0.020 | 0.010 |
| Dividends from net investment income | (0.009) | (0.000)<sup>1</sup> | (0.001) | (0.017) | (0.020) | (0.010) |
| Distributions from net realized gains |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |  | (0.000)<sup>1</sup> |
| Total dividends and distributions | (0.009) | (0.000)<sup>1</sup> | (0.001) | (0.017) | (0.020) | (0.010) |
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total investment return**<sup>2</sup> | **0.88%** | **0.02%** | **0.06%** | **1.70%** | **2.05%** | **1.04%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements<sup>3</sup> | 0.18%<sup>4</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| Expenses after fee waivers and/or expense reimbursements<sup>3</sup> | 0.05%<sup>4</sup> | 0.06% | 0.13% | 0.14% | 0.14% | 0.14% |
| Net investment income (loss)<sup>3</sup> | 2.15%<sup>4</sup> | 0.02% | 0.07% | 1.57% | 2.03% | 1.03% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $4665569 | $1182128 | $4088692 | $9953778 | $3609757 | $3913629 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements.

------

UBS Select Treasury Preferred Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Net investment income (loss) | 0.009 | 0.000<sup>1</sup> | 0.001 | 0.017 | 0.020 | 0.010 |
| Net realized gain (loss) | (0.000)<sup>1</sup> | 0.000<sup>1</sup> | (0.000)<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> |
| Net increase (decrease) from operations | 0.009 | 0.000<sup>1</sup> | 0.001 | 0.017 | 0.020 | 0.010 |
| Dividends from net investment income | (0.009) | (0.000)<sup>1</sup> | (0.001) | (0.017) | (0.020) | (0.010) |
| Distributions from net realized gains |  | (0.000)<sup>1</sup> |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |
| Total dividends and distributions | (0.009) | (0.000)<sup>1</sup> | (0.001) | (0.017) | (0.020) | (0.010) |
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total investment return**<sup>2</sup> | **0.85%** | **0.03%** | **0.06%** | **1.66%** | **2.06%** | **1.04%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers<sup>3</sup> | 0.18%<sup>4</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| Expenses after fee waivers<sup>3</sup> | 0.14%<sup>4</sup> | 0.07% | 0.11% | 0.14% | 0.14% | 0.14% |
| Net investment income (loss)<sup>3</sup> | 1.78%<sup>4</sup> | 0.03% | 0.07% | 1.50% | 2.00% | 1.04% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $14258877 | $11895704 | $18934966 | $15924921 | $5627247 | $9248153 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements.

------

UBS Prime Preferred Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** **ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months** **ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Net investment income (loss) | 0.010 | 0.001 | 0.001 | 0.018 | 0.023 | 0.013 |
| Net realized gain (loss) |  |  | 0.000<sup>1</sup> | 0.000<sup>1</sup> |  | 0.000<sup>1</sup> |
| Net increase (decrease) from operations | 0.010 | 0.001 | 0.001 | 0.018 | 0.023 | 0.013 |
| Dividends from net investment income | (0.010) | (0.001) | (0.001) | (0.018) | (0.023) | (0.013) |
| Distributions from net realized gains |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |
| Total dividends and distributions | (0.010) | (0.001) | (0.001) | (0.018) | (0.023) | (0.013) |
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total investment return**<sup>2</sup> | **0.95%** | **0.05%** | **0.13%** | **1.86%** | **2.23%** | **1.28%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements<sup>3</sup> | 0.18%<sup>4</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| Expenses after fee waivers and/or expense reimbursements<sup>3</sup> | 0.14%<sup>4</sup> | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% |
| Net investment income (loss)<sup>3</sup> | 2.38%<sup>4</sup> | 0.03% | 0.14% | 1.72% | 2.21% | 1.25% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $1921475 | $342748 | $1421887 | $1261243 | $554709 | $403597 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements.

------

UBS Tax-Free Preferred Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**1.00** | $**1.00** | $**1.00** | $**1.00** | $**1.00** | $**1.00** |
| Net investment income (loss) | 0.006 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.012 | 0.013 | 0.009 |
| Net realized gain (loss) | 0.000<sup>1</sup> | 0.000<sup>1</sup> |  |  |  |  |
| Net increase (decrease) from operations | 0.006 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.012 | 0.013 | 0.009 |
| Dividends from net investment income | (0.006) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.012) | (0.013) | (0.009) |
| **Net asset value, end of period** | $**1.00** | $**1.00** | $**1.00** | $**1.00** | $**1.00** | $**1.00** |
| **Total investment return**<sup>2</sup> | **0.55%** | **0.04%** | **0.02%** | **1.19%** | **1.34%** | **0.87%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers<sup>3</sup> | 0.18%<sup>4</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| Expenses after fee waivers<sup>3</sup> | 0.14%<sup>4</sup> | 0.07% | 0.12% | 0.14% | 0.14% | 0.14% |
| Net investment income (loss)<sup>3</sup> | 1.12%<sup>4</sup> | 0.06% | 0.03% | 1.12% | 1.28% | 0.89% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $297620 | $189491 | $35891 | $280243 | $406314 | $1263859 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements.

------

UBS Preferred Funds

Notes to financial statements (unaudited)

**Organization and significant accounting policies** 

UBS Select Prime Preferred Fund ("Prime Preferred Fund"), UBS Select ESG Prime Preferred Fund ("ESG Prime Preferred Fund"), UBS Select Government Preferred Fund ("Government Preferred Fund"), UBS Select Treasury Preferred Fund ("Treasury Preferred Fund"), UBS Prime Preferred Fund ("Prime CNAV Preferred Fund"), and UBS Tax-Free Preferred Fund ("Tax-Free Preferred Fund") (each a "Fund", collectively, the "Funds") are each registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), as a diversified series of UBS Series Funds (the "Trust"), an open-end management investment company organized as a Delaware statutory trust on April 29, 1998. The Trust is a series mutual fund with twenty-two series. The financial statements for the other series of the Trust are not included herein.

Prime Preferred Fund, ESG Prime Preferred Fund, Government Preferred Fund, Treasury Preferred Fund, Prime CNAV Preferred Fund, and Tax-Free Preferred Fund are "feeder funds" that invest all of their investable assets in "master funds"—Prime Master Fund, ESG Prime Master Fund, Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund, and Tax-Free Master Fund, respectively (each a "Master Fund", collectively, the "Master Funds" and each a diversified series of Master Trust, an open-end investment company registered with the SEC under the 1940 Act). The feeder funds and their respective Master Funds have the same investment objectives.

Prime Preferred Fund, Treasury Preferred Fund, and Tax-Free Preferred Fund commenced operations on August 28, 2007. Prime CNAV Preferred Fund commenced operations on January 19, 2016, Government Preferred Fund commenced operations on June 28, 2016 and ESG Prime Preferred Fund commenced operations on January 15, 2020.

UBS Asset Management (Americas) Inc. ("UBS AM") is the investment advisor and administrator for the Master Funds and the administrator for the feeder funds. UBS AM is an indirect wholly owned subsidiary of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

The performance of each Fund is directly affected by the performance of the corresponding Master Fund. The value of such investment reflects each Fund's proportionate interest in the net assets of its corresponding Master Fund (31.42% for Prime Preferred Fund, 74.71% for ESG Prime Preferred Fund, 53.88% for Government Preferred Fund, 57.72% for Treasury Preferred Fund, 35.61% for Prime CNAV Preferred Fund and 32.09% for Tax-Free Preferred Fund at October 31, 2022).

All of the net investment income and realized and unrealized gains and losses from investment activities of each Master Fund are allocated pro rata, based on respective ownership interests, among the corresponding Fund and other investors in the Master Fund (e.g.*,* other feeder funds) at the time of such determination. The financial statements of the Master Funds, including the Portfolio of investments, are included elsewhere in this report and should be read in connection with the Funds' financial statements. The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

In the normal course of business, the Funds may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. 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, the Funds have not had any prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Funds' financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

------

UBS Preferred Funds

Notes to financial statements (unaudited)

The following is a summary of significant accounting policies:

**Valuation of investments—**Each Fund records its investment in its corresponding Master Fund at fair value. Securities held by the Master Funds are valued as indicated in the Master Funds' Notes to financial statements, which are included elsewhere in this report.

**Floating net asset value per share funds—**Consistent with Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), Prime Preferred Fund and ESG Prime Preferred Fund calculate their net asset value to four decimals (*e.g.*, $1.0000) using market-based pricing and expect that their share price will fluctuate.

On occasion, it is possible that the end of day accounting net asset value ("NAV") per share of a floating NAV Fund ("FNAV"), as reported in a shareholder report, for example, may differ from the last transactional NAV per share (used for purposes of processing purchases and redemptions); while this is not expected to occur with great frequency, it may happen should certain factors align on a given business day. The final end-of-day NAV per share for accounting and financial statement reporting purposes is designed to reflect all end-of-day accounting activities, which may include, but are not limited to, income and expense accruals, dividend and distribution reinvestments as well as final share activity; such items are factored into the Fund after the last transactional NAV per share is calculated on a given day (normally, the last transactional NAV per share is calculated as of 3 pm, Eastern time, as explained in the fund's offering circular).

**Constant net asset value per share funds—**Government Preferred Fund, Treasury Preferred Fund, Prime CNAV Preferred Fund, and Tax-Free Preferred Fund (collectively the "Constant NAV Funds") attempt to maintain a stable net asset value of $1.00 per share. There is no assurance, however, that the Constant NAV Funds will be able to maintain a stable net asset value of $1.00 per share. The Constant NAV Funds have adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to enable each to do so. Government Preferred Fund and Treasury Preferred Fund have adopted a policy to operate as "government money market funds". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (*i.e.*, collateralized by cash and/or government securities). As "government money market funds", Government Preferred Fund and Treasury Preferred Fund are permitted to seek to maintain a stable price per share. Prime CNAV Preferred Fund and Tax-Free Preferred Fund operate as "retail money market funds". Under Rule 2a-7, a "retail money market fund" is a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As "retail money market funds", Prime CNAV Preferred Fund and Tax-Free Preferred Fund are permitted to seek to maintain a stable price per share.

**Liquidity fee and/or redemption gates—**Consistent with Rule 2a-7, Prime Preferred Fund, ESG Prime Preferred Fund, Prime CNAV Preferred Fund and Tax-Free Preferred Fund may be subject to the possible imposition of a liquidity fee and/or temporary redemption gate. Prime Master Fund, ESG Prime Master Fund, Prime CNAV Master Fund and Tax-Free Master Fund may impose a fee upon the sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if Prime Master Fund's liquidity**,** ESG Prime Master Fund's liquidity, Prime CNAV Master Fund's liquidity and/or Tax-Free Master Fund's liquidity, respectively, falls below required minimums because of market conditions or other factors. For the period ended October 31, 2022, Prime Preferred Fund, ESG Prime Preferred Fund, Prime CNAV Preferred Fund and Tax-Free Preferred Fund were not subject to any liquidity fees and/or redemption gates.

By operating as "government money market funds", Government Preferred Fund and Treasury Preferred Fund are exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Funds' Board of Trustees (the "Board") may elect to subject Government Preferred Fund and Treasury Preferred Fund to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

------

UBS Preferred Funds

Notes to financial statements (unaudited)

**Dividends and distributions—**Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions is determined in accordance with federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Concentration of risk** 

The ability of the issuers of the debt securities held by the Master Funds to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Certain impacts to public health conditions particular to the coronavirus "COVID-19" outbreak that occurred may have a significant negative impact on the operations and profitability of the issuers of the Funds' investments. The extent of the impact to the financial performance of the Funds will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

**Administrator** 

UBS AM serves as the administrator to each Fund pursuant to an Administration Agreement approved by the Trust's board. In accordance with the Administration Agreement, each Fund pays UBS AM an administration fee, which is accrued daily and paid monthly, at the below annual rate, as a percentage of each Fund's average daily net assets:

---

| | |
|:---|:---|
| **Fund** | **Administration fee** |
| Prime Preferred Fund | 0.08% |
| ESG Prime Preferred Fund | 0.08 |
| Government Preferred Fund | 0.08 |
| Treasury Preferred Fund | 0.08 |
| Prime CNAV Preferred Fund | 0.08 |
| Tax-Free Preferred Fund | 0.08 |

---

At October 31, 2022, each Fund owed UBS AM for administrative services as follows:

---

| | |
|:---|:---|
| **Fund** | **Amounts owed to UBS AM** |
| Prime Preferred Fund | $145748 |
| ESG Prime Preferred Fund | 110748 |
| Government Preferred Fund | 317350 |
| Treasury Preferred Fund | 756510 |
| Prime CNAV Preferred Fund | 112418 |
| Tax-Free Preferred Fund | 8880 |

---

In exchange for these fees, UBS AM has agreed to bear all of the Funds' expenses other than interest, taxes, extraordinary costs and the cost of securities purchased and sold by the Funds, including any transaction costs. Although UBS AM is not obligated to pay the fees and expenses of the Funds' independent trustees, it is contractually obligated to reduce its fee in an amount equal to those fees and expenses. UBS AM estimates that these fees and expenses will be 0.01% or less of each Fund's average daily net assets. At October 31, 2022, UBS AM did not owe the Funds any additional reductions in administration fees for independent trustees' fees and expenses.

The Funds and UBS AM have entered into a written fee waiver agreement pursuant to which UBS AM is contractually obligated to waive its administration fees so that the total ordinary operating expenses of the Funds, including expenses allocated from Master Funds, do not exceed 0.14% through August 31, 2023 for each of the Funds. The

------

UBS Preferred Funds

Notes to financial statements (unaudited)

fee waiver agreement may be terminated by the Funds' Board at any time and also will terminate automatically upon the expiration or termination of the Funds' contract with UBS AM. At October 31, 2022, UBS AM owed the Funds and for the period ended October 31, 2022, UBS was contractually obligated to waive, as follows, and such waived amounts are not subject to future recoupment:

---

| | | |
|:---|:---|:---|
| **Fund** | **Amounts owed by UBS AM** | **Amounts waived by UBS AM** |
| Prime Preferred Fund | $81248 | $349340 |
| ESG Prime Preferred Fund | 67556 | 331500 |
| Government Preferred Fund | 256864 | 573728 |
| Treasury Preferred Fund | 448759 | 2683760 |
| Prime CNAV Preferred Fund | 63470 | 221179 |
| Tax-Free Preferred Fund | 30016 | 52934 |

---

In addition, UBS AM may voluntarily undertake to waive fees, including in the event that the Funds' yields drop below a certain level. This additional undertaking is voluntary and not contractual and may be terminated at any time. At October 31, 2022, there were no amounts owed by UBS AM or UBS AM-US for this undertaking.

**Shares of beneficial interest** 

There is an unlimited amount of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest for each of the Funds for the periods ended October 31, 2022 and April 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Prime Preferred Fund** | **For the six<br>months ended October 31, 2022:** | **For the six<br>months ended October 31, 2022:** |
| | **Shares** | **Amount** |
| Shares sold | 3458944686 | $3458799791 |
| Shares repurchased | (2078244984) | (2078147580) |
| Dividends reinvested | 11902103 | 11902111 |
| Net increase (decrease) | 1392601805 | $1392554322 |
|  | **For the year ended April 30, 2022:** | **For the year ended April 30, 2022:** |
|  | **Shares** | **Amount** |
| Shares sold | 2104638847 | $2104889987 |
| Shares repurchased | (2605795524) | (2606096350) |
| Dividends reinvested | 514205 | 514216 |
| Net increase (decrease) | (500642472) | $(500692147) |

---

------

UBS Preferred Funds

Notes to financial statements (unaudited)

---

| | | |
|:---|:---|:---|
| **ESG Prime Preferred Fund** | **For the six months ended<br>October 31, 2022:** | **For the six months ended<br>October 31, 2022:** |
| | **Shares** | **Amount** |
| Shares sold | 3594164301 | $3594854612 |
| Shares repurchased | (2887957681) | (2888514684) |
| Dividends reinvested | 10661880 | 10663999 |
| Net increase (decrease) | 716868500 | $717003927 |
|  | **For the year ended April 30, 2022:** | **For the year ended April 30, 2022:** |
|  | **Shares** | **Amount** |
| Shares sold | 2383868261 | $2384656777 |
| Shares repurchased | (1464440601) | (1464930918) |
| Dividends reinvested | 567073 | 567262 |
| Net increase (decrease) | 919994733 | $920293121 |

---

Transactions in shares of beneficial interest, at $1.00 per share, were as follows:

---

| | | |
|:---|:---|:---|
| **Government Preferred Fund** | **Government Preferred Fund** | **Government Preferred Fund** |
| | **For the <br>six months<br>ended <br>October 31, 2022** | **For the <br>year ended <br>April 30, 2022** |
| Shares sold | 13520107944 | 114562195013 |
| Shares repurchased | (10051043776) | (117468958268) |
| Dividends reinvested | 14376417 | 254568 |
| Net increase (decrease) in shares outstanding | 3483440585 | (2906508687) |
| **Treasury Preferred Fund** | **Treasury Preferred Fund** | **Treasury Preferred Fund** |
|  | **For the <br>six months<br>ended <br>October 31, 2022** | **For the <br>year ended <br>April 30, 2022** |
| Shares sold | 40000017020 | 54025986478 |
| Shares repurchased | (37699816316) | (61067159548) |
| Dividends reinvested | 62984590 | 1915678 |
| Net increase (decrease) in shares outstanding | 2363185294 | (7039257392) |
| **Prime CNAV Preferred Fund** | **Prime CNAV Preferred Fund** | **Prime CNAV Preferred Fund** |
|  | **For the <br>six months<br>ended <br>October 31, 2022** | **For the <br>year ended <br>April 30, 2022** |
| Shares sold | 3088287179 | 678996581 |
| Shares repurchased | (1517360663) | (1758292049) |
| Dividends reinvested | 7800139 | 158837 |
| Net increase (decrease) in shares outstanding | 1578726655 | (1079136631) |

---

------

UBS Preferred Funds

Notes to financial statements (unaudited)

---

| | | |
|:---|:---|:---|
| **Tax-Free Preferred Fund** | **Tax-Free Preferred Fund** | **Tax-Free Preferred Fund** |
| | **For the <br>six months<br>ended <br>October 31,<br>2022** | **For the <br>year ended <br>April 30,<br>2022** |
| Shares sold | 447357406 | 289136862 |
| Shares repurchased | (340124616) | (135543647) |
| Dividends reinvested | 895951 | 6494 |
| Net increase (decrease) in shares outstanding | 108128741 | 153599709 |

---

**Federal tax status** 

Each Fund intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, each Fund intends not to be subject to a federal excise tax.

The tax character of distributions paid during the fiscal period ended April 30, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Tax-exempt**<br> **income** | **Ordinary<br>income** | **Long-term<br>realized<br>capital gains** |
| Prime Preferred Fund | $— | $792829 | $— |
| ESG Prime Preferred Fund |  | 1013638 |  |
| Government Preferred Fund |  | 569994 | 678 |
| Treasury Preferred Fund |  | 4419309 | 4794 |
| Prime CNAV Preferred Fund |  | 235109 |  |
| Tax-Free Preferred Fund | 22495 |  |  |

---

The tax character of distributions made and the components of accumulated earnings (accumulated losses) on a tax basis for the current fiscal year will be determined after each Fund's fiscal year ending April 30, 2023.

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Funds have conducted an analysis and concluded as of October 31, 2022, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the six months ended October 31, 2022, the Funds did not incur any interest or penalties.

Each of the tax years in the four year period ended April 30, 2022, and since inception for the ESG Prime Preferred Fund, remains subject to examination by the Internal Revenue Service and state taxing authorities.

------

General information (unaudited)

**Monthly portfolio holdings disclosure** 

The Funds and Master Funds file their complete schedules of portfolio holdings with the US Securities and Exchange Commission ("SEC") each month on Form N-MFP. These reports on Form N-MFP are available on the SEC's Web site at http://www.sec.gov. The Funds and Master Funds make portfolio holdings information available to shareholders on UBS's Web site at the following internet address: www.ubs.com/usmoneymarketfunds. A more limited portfolio holdings report for each of Master Trust—Prime Master Fund (the master fund in which UBS Select Prime Preferred Fund invests), Master Trust—ESG Prime Master Fund (the master fund in which UBS Select ESG Prime Preferred Fund invests) and Master Trust—Prime CNAV Master Fund (the master fund in which UBS Prime Preferred Fund invests) is available on a weekly basis at the same UBS Web address. Investors also may find additional information about the Funds at the above referenced UBS Web site internet address.

**Proxy voting policies, procedures and record** 

You may obtain a description of each Fund's (and corresponding Master Fund's) (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how a fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting a Fund directly at 1-800-647 1568, online on UBS's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

------

![LOGO](g4231047mm_k485.jpg)

## Master Trust
Semiannual Report \| October 31, 2022

**Includes:** 

• Prime Master Fund

• ESG Prime Master Fund

• Government Master Fund

• Treasury Master Fund

• Prime CNAV Master Fund

• Tax-Free Master Fund

------

Master Trust

**Understanding a Master Fund's expenses (unaudited)** 

*(Note: The expense information provided in this section is relevant for direct investors in the Master Funds. Investors in the related "feeder funds" should instead focus on separate expense examples relevant to the particular feeder funds; the expense examples for the feeder funds will reflect their proportionate share of the corresponding Master Funds' expenses.)* 

As an owner of a Master Fund, an investor such as a feeder fund incurs ongoing costs, including management fees and other Master Fund expenses. These examples are intended to help you understand a Master Fund investor's ongoing costs (in dollars) of investing in a Master Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2022 to October 31, 2022.

**Actual expenses** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the second line in the table for each Master Fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, if those other funds impose transactional costs—for example, exchange fees. In addition, if those transactional costs were included, your costs for those other funds would have been higher.

------

Master Trust

**Understanding a Master Fund's expenses (unaudited) (concluded)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>May 1, 2022** | **Ending<br>account value<br>October 31, 2022** | **Expenses paid<br>during period<br>05/01/22 to 10/31/22**<sup>1</sup> | **Expense<br>ratio during<br>the period** |
| **Prime Master Fund** | **Prime Master Fund** | **Prime Master Fund** |  |  |
| Actual | $1000.00 | $1009.90 | $0.50 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.70 | 0.51 | 0.10 |
| **ESG Prime Master Fund** | **ESG Prime Master Fund** | **ESG Prime Master Fund** |  |  |
| Actual | $1000.00 | $1010.20 | $0.30 | 0.06% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.90 | 0.31 | 0.06 |
| **Government Master Fund** | **Government Master Fund** | **Government Master Fund** |  |  |
| Actual | $1000.00 | $1009.30 | $0.05 | 0.01% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1025.15 | 0.05 | 0.01 |
| **Treasury Master Fund** | **Treasury Master Fund** | **Treasury Master Fund** |  |  |
| Actual | $1000.00 | $1008.80 | $0.50 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.70 | 0.51 | 0.10 |
| **Prime CNAV Master Fund** | **Prime CNAV Master Fund** | **Prime CNAV Master Fund** |  |  |
| Actual | $1000.00 | $1009.90 | $0.50 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.70 | 0.51 | 0.10 |
| **Tax-Free Master Fund** | **Tax-Free Master Fund** | **Tax-Free Master Fund** |  |  |
| Actual | $1000.00 | $1005.80 | $0.50 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.70 | 0.51 | 0.10 |

---

<sup>1</sup> Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited)** 

**Prime Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 5 days |

---

---

| | |
|:---|:---|
| **Top five issuer breakdown by country or territory of origin**<sup>2</sup> | |
| United States | 57.5% |
| United Kingdom | 6.5 |
| Australia | 6.5 |
| Canada | 6.4 |
| Japan | 6.0 |
| **Total** | **82.9%** |
| **Portfolio composition**<sup>2</sup> |  |
| Repurchase agreements | 41.8% |
| Commercial paper | 40.8 |
| Certificates of deposit | 14.9 |
| Time deposits | 2.9 |
| Liabilities in excess of other assets | (0.4) |
| **Total** | **100.0%** |

---

**You could lose money by investing in a money market fund. Because the price of interests in Prime Master Fund will fluctuate, when you sell your shares of each related feeder fund, your shares of the related feeder fund may be worth more or less than what you originally paid for them. Prime Master Fund may impose a fee upon sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if Prime Master Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

**ESG Prime Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 7 days |

---

---

| | |
|:---|:---|
| **Top five issuer breakdown by country or territory of origin**<sup>2</sup> | |
| United States | 61.4% |
| Japan | 8.9 |
| Canada | 7.6 |
| Australia | 6.0 |
| Singapore | 5.6 |
| **Total** | **89.5%** |
| **Portfolio composition**<sup>2</sup> |  |
| Commercial paper | 49.0% |
| Repurchase agreements | 35.9 |
| Certificates of deposit | 13.5 |
| Time deposits | 2.9 |
| Liabilities in excess of other assets | (1.3) |
| **Total** | **100.0%** |

---

**You could lose money by investing in a money market fund. Because the price of interests in ESG Prime Master Fund will fluctuate, when you sell your shares of each related feeder fund, your shares of the related feeder fund may be worth more or less than what you originally paid for them. ESG Prime Master Fund may impose a fee upon sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if ESG Prime Master Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

**Government Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 3 days |

---

---

| | |
|:---|:---|
| **Portfolio composition**<sup>2</sup> | |
| Repurchase agreements | 78.1% |
| U.S. government agency obligations | 16.2 |
| U.S. Treasury obligations | 5.6 |
| Other assets in excess of liabilities | 0.1 |
| **Total** | **100.0%** |

---

**You could lose money by investing in a money market fund. Although Government Master Fund seeks to preserve the value of your investment so that the shares of each related feeder fund are at $1.00 per share, Government Master Fund cannot guarantee it will do so. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

**Treasury Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 5 days |

---

---

| | |
|:---|:---|
| **Portfolio composition**<sup>2</sup> | |
| Repurchase agreements | 68.4% |
| U.S. Treasury obligations | 30.2 |
| Other assets in excess of liabilities | 1.4 |
| **Total** | **100.0%** |

---

**You could lose money by investing in a money market fund. Although Treasury Master Fund seeks to preserve the value of your investment so that the shares of each related feeder fund are at $1.00 per share, Treasury Master Fund cannot guarantee it will do so. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

**Prime CNAV Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 6 days |

---

---

| | |
|:---|:---|
| **Top five issuer breakdown by country or territory of origin**<sup>2</sup> | |
| United States | 49.6% |
| Japan | 7.8 |
| Canada | 7.6 |
| Australia | 5.9 |
| France | 5.5 |
| **Total** | **76.4%** |
| **Portfolio composition**<sup>2</sup> |  |
| Commercial paper | 58.4% |
| Repurchase agreements | 20.5 |
| Certificates of deposit | 12.6 |
| Time deposits | 8.9 |
| Liabilities in excess of other assets | (0.4) |
| **Total** | **100.0%** |

---

**Investments in the fund are intended to be limited to feeder funds with accounts beneficially owned by natural persons. Each feeder fund reserves the right to repurchase shares in any account that are not beneficially owned by natural persons.** 

**You could lose money by investing in a money market fund. Although Prime CNAV Master Fund seeks to preserve the value of your investment so that the shares of each related feeder fund are at $1.00 per share, Prime CNAV Master Fund cannot guarantee it will do so. Prime CNAV Master Fund may impose a fee upon sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if Prime CNAV Master Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (concluded)** 

**Tax-Free Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 5 days |

---

---

| | |
|:---|:---|
| **Portfolio composition**<sup>2</sup> | |
| Municipal bonds | 96.8% |
| Tax-exempt commercial paper | 2.8 |
| Other assets in excess of liabilities | 0.4 |
| **Total** | **100.0%** |

---

**Investments in the fund are intended to be limited to feeder funds with accounts beneficially owned by natural persons. Each feeder fund reserves the right to repurchase shares in any account that are not beneficially owned by natural persons.** 

**You could lose money by investing in a money market fund. Although Tax-Free Master Fund seeks to preserve the value of your investment so that the shares of each related feeder fund are at $1.00 per share, Tax-Free Master Fund cannot guarantee it will do so. Tax-Free Master Fund may impose a fee upon sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if Tax-Free Master Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Certificates of deposit—14.9%** |  |  |
| **Banking-non-U.S.—13.3%** |  |  |
|  Bank of Nova Scotia |  |  |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | $32000000 | $31996354 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1</sup> | 25000000 | 24974931 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1</sup> | 29000000 | 29006455 |
|  Mitsubishi UFJ Trust & Banking Corp. |  |  |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | 32000000 | 31997828 |
|  Mizuho Bank Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.300%, <br>3.340%, due 11/01/22<sup>1</sup> | 38000000 | 37987457 |
|  MUFG Bank Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.710%, <br>3.750%, due 11/01/22<sup>1</sup> | 75000000 | 74968751 |
|  Nordea Bank Abp |  |  |
| &nbsp;&nbsp; SOFR + 0.400%, <br>3.450%, due 11/01/22<sup>1</sup> | 39000000 | 38965572 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.540%, due 11/01/22<sup>1</sup> | 9000000 | 8999537 |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.550%, due 11/01/22<sup>1</sup> | 20000000 | 20004655 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1</sup> | 40000000 | 40004277 |
|  Oversea-Chinese Banking Corp. Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.400%, <br>3.440%, due 11/01/22<sup>1</sup> | 17000000 | 17001384 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.490%, due 11/01/22<sup>1</sup> | 39000000 | 38969474 |
| &nbsp;&nbsp; SOFR + 0.470%, <br>3.510%, due 11/01/22<sup>1</sup> | 25000000 | 25001910 |
| &nbsp;&nbsp; SOFR + 0.480%, <br>3.520%, due 11/01/22<sup>1</sup> | 25000000 | 25005473 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp; SOFR + 0.700%, <br>3.750%, due 11/01/22<sup>1</sup> | 40000000 | 40001007 |
|  Sumitomo Mitsui Banking Corp. |  |  |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.500%, due 11/01/22<sup>1</sup> | 38000000 | 37990593 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 32000000 | 31996075 |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | 26000000 | 26007718 |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | 27000000 | 27004741 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1</sup> | 39000000 | 38972456 |
|  Sumitomo Mitsui Trust Bank Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.330%, <br>3.380%, due 11/01/22<sup>1</sup> | 32000000 | 32003485 |
| &nbsp;&nbsp; SOFR + 0.460%, <br>3.510%, due 11/01/22<sup>1</sup> | 33000000 | 32979810 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Certificates of deposit—(concluded)** |  |  |
| **Banking-non-U.S—(concluded)** |  |  |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | $39000000 | $38988247 |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | 40000000 | 39986538 |
|  Svenska Handelsbanken |  |  |
| &nbsp;&nbsp; SOFR + 0.250%, <br>3.290%, due 11/01/22<sup>1</sup> | 20000000 | 19981032 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.470%, due 11/01/22<sup>1</sup> | 26000000 | 26000453 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.540%, due 11/01/22<sup>1</sup> | 39000000 | 38974890 |
| &nbsp;&nbsp; SOFR + 0.530%, <br>3.570%, due 11/01/22<sup>1</sup> | 43000000 | 42974072 |
|  Swedbank AB |  |  |
| &nbsp;&nbsp; SOFR + 0.570%, <br>3.610%, due 11/01/22<sup>1</sup> | 32000000 | 32001183 |
|  Toronto Dominion Bank<br>3.300%, due 11/01/22<sup>2</sup> | 27000000 | 26983328 |
| &nbsp;&nbsp; 3.640%, due 11/01/22<sup>2</sup> | 40000000 | 39982008 |
|  Westpac Banking Corp.  |  |  |
| &nbsp;&nbsp; SOFR + 0.470%, <br>3.520%, due 11/01/22<sup>1</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1</sup> | 16000000 | 16000827 |
|  |  | 1058712521 |
| **Banking-U.S.—1.6%** |  |  |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp; SOFR + 0.350%, <br>3.400%, due 11/01/22<sup>1</sup> | 25000000 | 25003146 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.500%, due 11/01/22<sup>1</sup> | 31000000 | 31004303 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 27000000 | 26992450 |
| &nbsp;&nbsp; SOFR + 0.630%, <br>3.680%, due 11/01/22<sup>1</sup> | 40000000 | 39997224 |
|  |  | 122997123 |
|  **Total Certificates of deposit** ****<br> (cost—$1,182,000,367) |  | **1181709644** |
| **Commercial paper—40.8%** |  |  |
| **Asset-backed-miscellaneous—14.1%** |  |  |
|  Antalis SA<br>2.870%, due 11/02/22<sup>3</sup> | 22700000 | 22696062 |
| &nbsp;&nbsp; 2.920%, due 11/04/22<sup>3</sup> | 19040000 | 19033091 |
| &nbsp;&nbsp; 2.950%, due 11/07/22<sup>3</sup> | 18000000 | 17987820 |
| &nbsp;&nbsp; 2.950%, due 11/09/22<sup>3</sup> | 37000000 | 36967495 |
| &nbsp;&nbsp; 3.120%, due 11/29/22<sup>3</sup> | 34000000 | 33897018 |
| &nbsp;&nbsp; 3.300%, due 11/07/22<sup>3</sup> | 52000000 | 51964813 |
| &nbsp;&nbsp; 4.020%, due 01/03/23 | 28000000 | 27795364 |
| &nbsp;&nbsp; 4.020%, due 01/05/23 | 14000000 | 13893432 |
|  Barton Capital SA<br>2.930%, due 11/16/22<sup>3</sup> | 25000000 | 24959600 |

---

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Commercial paper—(continued)** |  |  |
| **Asset-backed-miscellaneous—(concluded)** | **Asset-backed-miscellaneous—(concluded)** | **Asset-backed-miscellaneous—(concluded)** |
|  Chariot Funding LLC<br>3.300%, due 11/16/22 | $59000000 | $58905442 |
|  Gotham Funding Corp.<br>4.120%, due 01/10/23 | 39000000 | 38665028 |
|  Liberty Street Funding LLC<br>3.055%, due 11/28/22<sup>3</sup> | 18000000 | 17947556 |
| &nbsp;&nbsp; 3.060%, due 11/30/22<sup>3</sup> | 13000000 | 12959158 |
|  LMA-Americas LLC<br>2.850%, due 11/02/22<sup>3</sup> | 50000000 | 49991225 |
| &nbsp;&nbsp; 2.930%, due 11/18/22<sup>3</sup> | 19000000 | 18965002 |
| &nbsp;&nbsp; 3.080%, due 11/29/22<sup>3</sup> | 15000000 | 14954204 |
| &nbsp;&nbsp; 3.150%, due 12/01/22<sup>3</sup> | 18800000 | 18738337 |
|  Old Line Funding LLC  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.460%, due 11/01/22<sup>1,3</sup> | 30000000 | 30000000 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.540%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.590%, due 11/01/22<sup>1,3</sup> | 42000000 | 42000000 |
| &nbsp;&nbsp; SOFR + 0.600%, <br>3.640%, due 11/01/22<sup>1,3</sup> | 29000000 | 28987354 |
| &nbsp;&nbsp; SOFR + 0.600%, <br>3.640%, due 11/01/22<sup>1,3</sup> | 20000000 | 20002711 |
|  Sheffield Receivables Co. LLC |  |  |
| &nbsp;&nbsp; 2.950%, due 11/16/22<sup>3</sup> | 49000000 | 48920576 |
| &nbsp;&nbsp; 2.960%, due 11/22/22<sup>3</sup> | 44000000 | 43899758 |
| &nbsp;&nbsp; 3.100%, due 12/07/22<sup>3</sup> | 34000000 | 33863682 |
|  Starbird Funding Corp.<br>3.080%, due 11/30/22<sup>3</sup> | 34000000 | 33893183 |
|  Thunder Bay Funding LLC |  |  |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.460%, due 11/01/22<sup>1,3</sup> | 14000000 | 14000000 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.600%, <br>3.640%, due 11/01/22<sup>1,3</sup> | 39000000 | 39000000 |
| &nbsp;&nbsp; SOFR + 0.600%, <br>3.640%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
| &nbsp;&nbsp; 4.000%, due 01/17/23 | 22000000 | 21811778 |
|  Versailles Commercial Paper LLC<br>2.870%, due 11/01/22 | 19000000 | 18998383 |
| &nbsp;&nbsp; 3.070%, due 12/05/22 | 25000000 | 24907323 |
| &nbsp;&nbsp; SOFR + 0.390%, <br>3.440%, due 11/01/22<sup>1,3</sup> | 35000000 | 35000000 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.500%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
|  Victory Receivables Corp. |  |  |
| &nbsp;&nbsp; 2.870%, due 11/02/22<sup>3</sup> | 25000000 | 24995635 |
| &nbsp;&nbsp; 2.930%, due 11/18/22<sup>3</sup> | 39000000 | 38929234 |
|  |  | 1116530264 |
| **Banking-non-U.S.—26.1%** |  |  |
|  ANZ New Zealand International Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 38000000 | 38000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Commercial paper—(continued)** |  |  |
| **Banking-non-U.S.—(continued)** |  |  |
|  Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.350%, <br>3.400%, due 11/01/22<sup>1,3</sup> | $38000000 | $37971270 |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 28000000 | 27973921 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.480%, due 11/01/22<sup>1,3</sup> | 26000000 | 26000000 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp; SOFR + 0.260%, <br>3.310%, due 11/01/22<sup>1</sup> | 27000000 | 26978903 |
| &nbsp;&nbsp; SOFR + 0.410%, <br>3.460%, due 11/01/22<sup>1</sup> | 26000000 | 26005517 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 26000000 | 25997088 |
|  Bank of Nova Scotia |  |  |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 25000000 | 25005278 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 25000000 | 24993182 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 40000000 | 40000000 |
|  Barclays Bank PLC<br>2.950%, due 11/10/22<sup>3</sup> | 50000000 | 49953875 |
| &nbsp;&nbsp; 2.980%, due 11/16/22<sup>3</sup> | 50000000 | 49923422 |
| &nbsp;&nbsp; 3.270%, due 11/08/22 | 39000000 | 38975203 |
|  BNZ International Funding Ltd.<br>|  |  |
| &nbsp;&nbsp; SOFR + 0.720%, <br>3.770%, due 11/01/22<sup>1,3</sup> | 34000000 | 34002236 |
|  Canadian Imperial Bank of Commerce<br>0.350%, due 11/03/22<sup>3</sup> | 28000000 | 27992830 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 46000000 | 46000000 |
| &nbsp;&nbsp; SOFR + 0.640%, <br>3.690%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
|  Credit Agricole Corporate & Investment Bank<br>3.030%, due 11/22/22 | 31000000 | 30933619 |
|  DBS Bank Ltd.<br>3.000%, due 11/23/22<sup>3</sup> | 21000000 | 20951311 |
| &nbsp;&nbsp; 3.550%, due 12/15/22 | 40000000 | 39809750 |
|  Federation des Caisses Desjardins du Quebec<br>2.820%, due 11/03/22<sup>3</sup> | 31000000 | 30991700 |
| &nbsp;&nbsp; 3.050%, due 11/01/22 | 60000000 | 59994860 |
| &nbsp;&nbsp; 3.050%, due 11/02/22 | 85000000 | 84985130 |
|  Mitsubishi UFJ Trust & Banking Corp.<br>3.600%, due 12/05/22 | 39000000 | 38860770 |
|  Mizuho Bank Ltd.<br>2.900%, due 11/15/22<sup>3</sup> | 31000000 | 30953668 |
| &nbsp;&nbsp; 2.970%, due 12/02/22<sup>3</sup> | 33000000 | 32889208 |
|  National Australia Bank Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 38000000 | 38000000 |
| &nbsp;&nbsp; SOFR + 0.480%, <br>3.530%, due 11/01/22<sup>1,3</sup> | 27000000 | 27002673 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 26000000 | 26000945 |

---

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Commercial paper—(continued)** |  |  |
| **Banking-non-U.S.—(continued)** |  |  |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1,3</sup> | $29000000 | $29000000 |
|  National Bank of Canada |  |  |
| &nbsp;&nbsp; SOFR + 0.400%, <br>3.450%, due 11/01/22<sup>1,3</sup> | 25000000 | 25000475 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.500%, due 11/01/22<sup>1,3</sup> | 39000000 | 38987642 |
| &nbsp;&nbsp; SOFR + 0.530%, <br>3.580%, due 11/01/22<sup>1,3</sup> | 33000000 | 33000000 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1,3</sup> | 30000000 | 30000000 |
| &nbsp;&nbsp; SOFR + 0.560%, <br>3.610%, due 11/01/22<sup>1,3</sup> | 29000000 | 29008720 |
|  Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.350%, <br>3.400%, due 11/01/22<sup>1,3</sup> | 40000000 | 40000000 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.480%, due 11/01/22<sup>1,3</sup> | 38000000 | 38000000 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 20000000 | 19993729 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1,3</sup> | 20000000 | 20000000 |
|  Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp; SOFR + 0.380%, <br>3.420%, due 11/01/22<sup>1,3</sup> | 25000000 | 24996677 |
| &nbsp;&nbsp; SOFR + 0.440%, <br>3.480%, due 11/01/22<sup>1,3</sup> | 27000000 | 27001754 |
| &nbsp;&nbsp; SOFR + 0.570%, <br>3.610%, due 11/01/22<sup>1,3</sup> | 31000000 | 31000599 |
| &nbsp;&nbsp; SOFR + 0.610%, <br>3.650%, due 11/01/22<sup>1,3</sup> | 40000000 | 40000000 |
|  Sumitomo Mitsui Trust Bank Ltd.<br>2.900%, due 11/09/22<sup>3</sup> | 38000000 | 37969505 |
|  Svenska Handelsbanken AB |  |  |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 30000000 | 30000000 |
| &nbsp;&nbsp; SOFR + 0.540%, <br>3.580%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
|  Swedbank AB |  |  |
| &nbsp;&nbsp; SOFR + 0.340%, <br>3.390%, due 11/01/22<sup>1</sup> | 40000000 | 39959333 |
| &nbsp;&nbsp; SOFR + 0.390%, <br>3.440%, due 11/01/22<sup>1</sup> | 25000000 | 25000679 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 25000000 | 25007110 |
| &nbsp;&nbsp; SOFR + 0.610%, <br>3.650%, due 11/01/22<sup>1</sup> | 40000000 | 39989985 |
|  United Overseas Bank Ltd.<br>3.110%, due 12/08/22 | 35000000 | 34860091 |
| &nbsp;&nbsp; 3.220%, due 12/14/22 | 25000000 | 24882758 |
| &nbsp;&nbsp; SOFR + 0.390%, <br>3.440%, due 11/01/22<sup>1,3</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 38000000 | 38000000 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.490%, due 11/01/22<sup>1,3</sup> | 34000000 | 34000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount** | **Value** | **Value** |
| **Commercial paper—(concluded)** |  |  |  |
| **Banking-non-U.S.—(concluded)** |  |  |  |
| &nbsp;&nbsp; SOFR + 0.540%, <br>3.580%, due 11/01/22<sup>1,3</sup> | 40000000 | $| 39999337 |
|  Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  |
| &nbsp;&nbsp; SOFR + 0.400%, <br>3.450%, due 11/01/22<sup>1,3</sup> | 38000000 |  | 37973719 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.480%, due 11/01/22<sup>1,3</sup> | 26000000 |  | 26000000 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1,3</sup> | 16000000 |  | 16000000 |
| &nbsp;&nbsp; SOFR + 0.560%, <br>3.610%, due 11/01/22<sup>1,3</sup> | 30000000 |  | 30001993 |
| &nbsp;&nbsp; SOFR + 0.660%, <br>3.710%, due 11/01/22<sup>1,3</sup> | 40000000 |  | 40000000 |
|  Westpac Securities NZ Ltd.<br>3.760%, due 05/02/23 | 39000000 |  | 39000000 |
|  |  |  | 2074780465 |
| **Banking-U.S.—0.6%** | **Banking-U.S.—0.6%** | **Banking-U.S.—0.6%** | **Banking-U.S.—0.6%** |
|  Bedford Row Funding Corp. | Bedford Row Funding Corp. | Bedford Row Funding Corp. | Bedford Row Funding Corp. |
| &nbsp;&nbsp; SOFR + 0.650%, <br>3.700%, due 11/01/22<sup>1,3</sup> | 27000000 |  | 26999776 |
|  Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 24000000 |  | 23995367 |
|  |  |  | 50995143 |
|  **Total commercial paper** ****<br> (cost—$3,242,933,649) | **Total commercial paper** ****<br> (cost—$3,242,933,649) |  | **3242305872** |
| **Time deposits—2.9%** | **Time deposits—2.9%** | **Time deposits—2.9%** | **Time deposits—2.9%** |
| **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** |
|  ABN AMRO Bank NV<br>3.060%, due 11/01/22 | 100000000 |  | 100000000 |
|  Credit Agricole Corporate & Investment Bank<br>3.050%, due 11/01/22 | 92000000 |  | 92000000 |
|  Mizuho Corporate Bank Ltd.<br>3.070%, due 11/01/22 | 40000000 |  | 40000000 |
|  **Total time deposits** ****<br> (cost—$232,000,000) | **Total time deposits** ****<br> (cost—$232,000,000) |  | **232000000** |
| **Repurchase agreements—41.8%** | **Repurchase agreements—41.8%** | **Repurchase agreements—41.8%** | **Repurchase agreements—41.8%** |
|  Repurchase agreement dated 10/31/22 with J.P. Morgan Securities LLC, OBFR + 0.33%, 3.400% due 12/05/22, collateralized by 3 shares of an equity security and $60,237,000 various asset-backed convertible bonds zero coupon to 4.630% due 11/15/25 to 09/30/29; (value $57,130,219); proceed $50,132,222<sup>4</sup> | 50000000 |  | 50000000 |
|  Repurchase agreement dated 10/03/22 with J.P. Morgan Securities LLC, OBFR + 0.23%, 3.300% due 11/07/22, collateralized by $80,916,605 various asset-backed convertible bonds, 0.250% to 9.000% due 07/15/24 to 05/01/28, 16,878 shares of various equity securities; (value—$61,195,765); proceed: $54,138,600<sup>4</sup> | 54000000 |  | 54000000 |

---

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** |
|  Repurchase agreement dated 04/28/20 with J.P. Morgan Securities LLC, OBFR + 0.23%, 3.300% due 11/07/22, collateralized by $94,526,175 various asset-backed convertible bonds, 2.000% to 11.500% due 02/15/23 to 11/06/33 and 5 shares of an equity security; (value—$81,000,162); proceeds: $81,208,125<sup>4</sup> | $75000000 | $75000000 |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., OBFR + 0.65%, 3.720% due 02/03/23, collateralized by $221,231,893 various asset-backed convertible bonds, zero coupon to 9.000% due 03/12/23 to 06/30/51; (value—$186,763,929); proceeds: $175,506,333<sup>4</sup> | 175000000 | 175000000 |
|  Repurchase agreement dated 10/31/22 with BNP Paribas SA, 3.200% due 11/01/22, collateralized by $224,591,765 various asset-backed convertible bonds, 0.010% to 13.375% due 12/15/22 to 12/31/99 and 4,500,000 shares of various equity securities; (value—$188,905,444); proceeds: $175,015,556 | 175000000 | 175000000 |
|  Repurchase agreement dated 10/31/22 with Barclays Bank PLC, 3.050% due 11/01/22, collateralized by $965,713,410 Federal Home Loan Mortgage Corp. obligations, 2.500% to 6.000% due 09/15/38 to 07/25/52, $1,463,317,694 Federal National Mortgage Association obligations, 1.814% to 5.500% due 11/25/32 to 09/25/52 and $1,173,416,383 Government National Mortgage Association obligations, 2.500% to 5.000 due 10/20/42 to 02/20/52; (value—$309,000,000); proceeds: $300,025,417 | 300000000 | 300000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/31/22 with Federal Reserve Bank of New York, 3.050% due 11/01/22, collateralized by $2,521,446,400 U.S. Treasury Notes, 0.250% to 2.500% due 08/15/23 to 11/15/31; (value—$2,485,210,587); proceeds: $2,485,210,535 | $| 2485000000 | $2485000000 |
|  **Total repurchase agreements** ****<br> (cost—$3,314,000,000) | **Total repurchase agreements** ****<br> (cost—$3,314,000,000) | **Total repurchase agreements** ****<br> (cost—$3,314,000,000) | **3314000000** |
|  **Total investments** <br> (cost—$7,970,934,016 which approximates<br>cost for federal income<br>tax purposes)—100.4% | **Total investments** <br> (cost—$7,970,934,016 which approximates<br>cost for federal income<br>tax purposes)—100.4% | **Total investments** <br> (cost—$7,970,934,016 which approximates<br>cost for federal income<br>tax purposes)—100.4% | **7970015516** |
|  Liabilities in excess of other assets—(0.4)%  | Liabilities in excess of other assets—(0.4)%  | Liabilities in excess of other assets—(0.4)%  | (31430114) |
|  **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**7938585402** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| Certificates of deposit | $— | $1181709644 | $— | $1181709644 |
| Commercial paper |  | 3242305872 |  | 3242305872 |
| Time deposits |  | 232000000 |  | 232000000 |
| Repurchase agreements |  | 3314000000 |  | 3314000000 |
| **Total** | $**—** | $**7970015516** | $**—** | $**7970015516** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

<sup>2</sup> Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

<sup>3</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $522,024,782, represented 6.6% of the Fund's net assets at period end. 

<sup>4</sup> Investment has a put feature, which allows the Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2022 and changes periodically. The maturity date reflects the earliest put date and the proceeds represent the receivable of the Fund if the put feature was exercised as of October 31, 2022. 

See accompanying notes to financial statements.

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Certificates of deposit—13.5%** | **Certificates of deposit—13.5%** | **Certificates of deposit—13.5%** |
| **Banking-non-U.S.—12.1%** | **Banking-non-U.S.—12.1%** | **Banking-non-U.S.—12.1%** |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp; SOFR + 0.200%,<br>3.250%, due 11/01/22<sup>1</sup> | $5000000 | $5000059 |
|  Bank of Nova Scotia  |  |  |
| &nbsp;&nbsp; SOFR + 0.250%,<br>3.300%, due 11/01/22<sup>1</sup> | 4000000 | 3997044 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 11000000 | 10998747 |
|  Canadian Imperial Bank of Commerce  |  |  |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1</sup> | 5000000 | 4994986 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 10000000 | 10002226 |
|  Mitsubishi UFJ Trust & Banking Corp.  |  |  |
| &nbsp;&nbsp; SOFR + 0.460%,<br>3.510%, due 11/01/22<sup>1</sup> | 8000000 | 8001822 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 9000000 | 8999389 |
|  MUFG Bank Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.460%, due 11/01/22<sup>1</sup> | 7000000 | 7000519 |
| &nbsp;&nbsp; SOFR + 0.710%,<br>3.750%, due 11/01/22<sup>1</sup> | 25000000 | 24989584 |
|  Nordea Bank Abp  |  |  |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1</sup> | 13000000 | 12988524 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.550%, due 11/01/22<sup>1</sup> | 4000000 | 4000931 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 14000000 | 14001497 |
| &nbsp;&nbsp; SOFR + 0.580%,<br>3.630%, due 11/01/22<sup>1</sup> | 11000000 | 11002388 |
|  Oversea-Chinese Banking Corp. Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1</sup> | 5000000 | 5000407 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.490%, due 11/01/22<sup>1</sup> | 13000000 | 12989824 |
|  Royal Bank of Canada  |  |  |
| &nbsp;&nbsp; SOFR + 0.220%,<br>3.270%, due 11/01/22<sup>1</sup> | 5000000 | 4996422 |
| &nbsp;&nbsp; SOFR + 0.700%,<br>3.750%, due 11/01/22<sup>1</sup> | 14000000 | 14000352 |
|  Sumitomo Mitsui Banking Corp.  |  |  |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> | 13000000 | 12996782 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 11000000 | 10998651 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 8000000 | 8002375 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 8000000 | 8001405 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 13000000 | 12990819 |
|  Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.330%,<br>3.380%, due 11/01/22<sup>1</sup> | 7000000 | 7000762 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** | **Value** |
| **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** |
| **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | $| 14000000 | $| 13995781 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> |  | 13000000 |  | 12995625 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.650%, due 11/01/22<sup>1</sup> |  | 10000000 |  | 9999122 |
|  Svenska Handelsbanken  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1</sup> |  | 6000000 |  | 6000104 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.540%, due 11/01/22<sup>1</sup> |  | 13000000 |  | 12991630 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.570%, due 11/01/22<sup>1</sup> |  | 14000000 |  | 13991558 |
|  Swedbank AB |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.570%,<br>3.610%, due 11/01/22<sup>1</sup> |  | 11000000 |  | 11000407 |
|  Toronto Dominion Bank |  |  |  |  |
| &nbsp;&nbsp; 3.300%, due 11/01/22 |  | 5000000 |  | 4996912 |
| &nbsp;&nbsp; 3.640%, due 11/01/22 |  | 13000000 |  | 12994153 |
|  Westpac Banking Corp.  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.470%,<br>3.520%, due 11/01/22<sup>1</sup> |  | 4000000 |  | 4000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> |  | 5000000 |  | 5000258 |
|  |  |  |  | 330921065 |
| **Banking-U.S.—1.4%** |  |  |  |  |
|  Cooperatieve Rabobank UA  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.200%,<br>3.250%, due 11/01/22<sup>1</sup> |  | 5000000 |  | 5000178 |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1</sup> |  | 5000000 |  | 5000629 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> |  | 6000000 |  | 6000833 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> |  | 8000000 |  | 7997763 |
| &nbsp;&nbsp; SOFR + 0.630%,<br>3.680%, due 11/01/22<sup>1</sup> |  | 14000000 |  | 13999028 |
|  |  |  |  | 37998431 |
|  **Total Certificates of deposit**<br> (cost—$369,000,074) | **Total Certificates of deposit**<br> (cost—$369,000,074) | **Total Certificates of deposit**<br> (cost—$369,000,074) |  | **368919496** |
| **Commercial paper—49.0%** | **Commercial paper—49.0%** | **Commercial paper—49.0%** | **Commercial paper—49.0%** | **Commercial paper—49.0%** |
| **Asset-backed-miscellaneous—16.6%** | **Asset-backed-miscellaneous—16.6%** | **Asset-backed-miscellaneous—16.6%** | **Asset-backed-miscellaneous—16.6%** | **Asset-backed-miscellaneous—16.6%** |
|  Albion Capital Corp. SA/Albion Capital LLC |  |  |  |  |
| &nbsp;&nbsp; 2.950%, due 11/15/22 |  | 6299000 |  | 6289559 |
|  Antalis SA |  |  |  |  |
| &nbsp;&nbsp; 2.870%, due 11/02/22 |  | 8000000 |  | 7998612 |
| &nbsp;&nbsp; 2.950%, due 11/07/22 |  | 6250000 |  | 6245771 |
| &nbsp;&nbsp; 3.120%, due 11/29/22 |  | 12000000 |  | 11963653 |
| &nbsp;&nbsp; 3.300%, due 11/07/22 |  | 17460000 |  | 17448185 |
| &nbsp;&nbsp; 4.020%, due 01/05/23 |  | 4580000 |  | 4545137 |
| &nbsp;&nbsp; 4.510%, due 01/18/23 |  | 11000000 |  | 10893403 |
|  Atlantic Asset Securitization LLC |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.360%,<br>3.410%, due 11/01/22<sup>1,2</sup> |  | 10000000 |  | 10000000 |

---

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Asset-backed-miscellaneous—(continued)** | **Asset-backed-miscellaneous—(continued)** | **Asset-backed-miscellaneous—(continued)** |
|  Barton Capital SA<br>2.920%, due 11/08/22 | $28000000 | $27977961 |
| &nbsp;&nbsp; 3.070%, due 11/01/22 | 15000000 | 14998715 |
|  Chariot Funding LLC<br>3.300%, due 11/16/22 | 19000000 | 18969549 |
|  Gotham Funding Corp.<br>4.120%, due 01/10/23 | 13000000 | 12888343 |
|  Liberty Street Funding LLC<br>2.850%, due 11/15/22 | 18000000 | 17973045 |
| &nbsp;&nbsp; 3.055%, due 11/28/22 | 7000000 | 6979605 |
| &nbsp;&nbsp; 3.060%, due 11/30/22 | 4000000 | 3987433 |
|  LMA-Americas LLC<br>2.930%, due 11/18/22 | 7000000 | 6987106 |
| &nbsp;&nbsp; 3.080%, due 11/29/22 | 5000000 | 4984735 |
| &nbsp;&nbsp; 3.150%, due 12/01/22 | 6000000 | 5980320 |
|  Old Line Funding LLC  | Old Line Funding LLC  | Old Line Funding LLC  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.460%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.540%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.590%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 10000000 | 9995640 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 6000000 | 6000813 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 21000000 | 21003189 |
|  Sheffield Receivables Co. LLC<br>2.850%, due 11/01/22 | 17695000 | 17693499 |
| &nbsp;&nbsp; 2.950%, due 11/16/22 | 11000000 | 10982170 |
| &nbsp;&nbsp; 2.960%, due 11/22/22 | 15000000 | 14965827 |
| &nbsp;&nbsp; 3.100%, due 12/07/22 | 12000000 | 11951888 |
|  Starbird Funding Corp.<br>3.050%, due 11/01/22 | 25000000 | 24997879 |
|  Thunder Bay Funding LLC  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.460%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 14000000 | 14000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; 4.000%, due 01/17/23 | 6000000 | 5948667 |
|  Versailles CDS LLC<br>2.870%, due 11/01/22 | 7000000 | 6999404 |
|  Versailles Commercial Paper LLC<br>2.850%, due 11/01/22 | 19000000 | 18998383 |
| &nbsp;&nbsp; 3.070%, due 12/05/22 | 9000000 | 8966636 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Asset-backed-miscellaneous—(concluded)** | **Asset-backed-miscellaneous—(concluded)** | **Asset-backed-miscellaneous—(concluded)** |
|  Victory Receivables Corp.<br>2.930%, due 11/18/22 | $13000000 | $12976412 |
|  |  | 453591539 |
|  **Banking-non-U.S.—31.0%** |  |  |
|  ANZ New Zealand International Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
|  Australia & New Zealand Banking Group Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1,2</sup> | 13000000 | 12990171 |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 10000000 | 9990686 |
|  Bank of Montreal  |  |  |
| &nbsp;&nbsp; SOFR + 0.260%,<br>3.310%, due 11/01/22<sup>1</sup> | 8000000 | 7993749 |
| &nbsp;&nbsp; SOFR + 0.410%,<br>3.460%, due 11/01/22<sup>1</sup> | 7000000 | 7001485 |
| &nbsp;&nbsp; 3.740%, due 05/02/23 | 25000000 | 24997383 |
|  Bank of Nova Scotia  |  |  |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 14000000 | 14000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 5000000 | 5001056 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 11000000 | 10992097 |
|  Barclays Bank PLC<br>2.850%, due 11/02/22 | 21000000 | 20996363 |
| &nbsp;&nbsp; 2.950%, due 11/10/22 | 18000000 | 17983395 |
| &nbsp;&nbsp; 3.270%, due 11/08/22 | 13000000 | 12991734 |
|  BNZ International Funding Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.720%,<br>3.770%, due 11/01/22<sup>1,2</sup> | 11000000 | 11000723 |
|  Canadian Imperial Bank of Commerce<br>0.350%, due 11/03/22 | 4000000 | 3998976 |
|  Commonwealth Bank of Australia  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 5000000 | 4999040 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 16000000 | 16000000 |
| &nbsp;&nbsp; SOFR + 0.640%,<br>3.690%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  Credit Agricole Corporate & Investment Bank<br>3.030%, due 11/22/22 | 18000000 | 17961456 |
|  DBS Bank Ltd.<br>3.000%, due 11/23/22 | 12000000 | 11972178 |
| &nbsp;&nbsp; 3.550%, due 12/15/22 | 13000000 | 12938169 |
|  Federation Des Caisses<br>3.060%, due 11/03/22 | 20000000 | 19994645 |
|  Federation des Caisses Desjardins du Quebec<br>2.820%, due 11/03/22 | 11000000 | 10997055 |
| &nbsp;&nbsp; 3.050%, due 11/01/22 | 40000000 | 39996573 |
| &nbsp;&nbsp; 3.050%, due 11/02/22 | 25000000 | 24995626 |
|  Mitsubishi UFJ Trust & Banking Corp.<br>2.870%, due 11/03/22 | 10000000 | 9997427 |
| &nbsp;&nbsp; 3.600%, due 12/05/22 | 13000000 | 12953590 |

---

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.—(continued)** | **Banking-non-U.S.—(continued)** | **Banking-non-U.S.—(continued)** |
|  Mizuho Bank Ltd.<br>2.965%, due 11/25/22 | $12000000 | $11969167 |
| &nbsp;&nbsp; 2.970%, due 12/02/22 | 11000000 | 10963069 |
|  National Australia Bank Ltd.  | National Australia Bank Ltd.  | National Australia Bank Ltd.  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000792 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 6000000 | 6000218 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 8000000 | 7999845 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  National Bank of Canada  | National Bank of Canada  | National Bank of Canada  |
| &nbsp;&nbsp; SOFR + 0.200%,<br>3.250%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000095 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1,2</sup> | 13000000 | 12995881 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.580%, due 11/01/22<sup>1,2</sup> | 11000000 | 11000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 11000000 | 11000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 10000000 | 10003007 |
|  NRW Bank<br>2.980%, due 11/03/22 | 35000000 | 34990792 |
|  Oversea-Chinese Banking Corp. Ltd.  | Oversea-Chinese Banking Corp. Ltd.  | Oversea-Chinese Banking Corp. Ltd.  |
| &nbsp;&nbsp; SOFR + 0.240%,<br>3.290%, due 11/01/22<sup>1,2</sup> | 5000000 | 4996343 |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000852 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp; SOFR + 0.460%,<br>3.510%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000000 |
|  Skandinaviska Enskilda Banken AB  |  |  |
| &nbsp;&nbsp; SOFR + 0.380%,<br>3.420%, due 11/01/22<sup>1,2</sup> | 5000000 | 4999335 |
| &nbsp;&nbsp; SOFR + 0.440%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000520 |
| &nbsp;&nbsp; SOFR + 0.570%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 11000000 | 11000213 |
| &nbsp;&nbsp; SOFR + 0.610%,<br>3.650%, due 11/01/22<sup>1,2</sup> | 14000000 | 14000000 |
|  Sumitomo Mitsui Trust Bank Ltd.<br>2.900%, due 11/09/22 | 13000000 | 12989567 |
| &nbsp;&nbsp; 2.970%, due 11/17/22 | 12000000 | 11980864 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** |
|  Svenska Handelsbanken AB  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1,2</sup> | $| 5000000 | $| 5000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.550%, due 11/01/22<sup>1,2</sup> |  | 4000000 |  | 4000000 |
| &nbsp;&nbsp; SOFR + 0.540%,<br>3.580%, due 11/01/22<sup>1,2</sup> |  | 10000000 |  | 10000000 |
|  Swedbank AB  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.340%,<br>3.390%, due 11/01/22<sup>1</sup> |  | 13000000 |  | 12986783 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1</sup> |  | 7000000 |  | 7000190 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> |  | 8000000 |  | 8002275 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1</sup> |  | 11000000 |  | 11000000 |
| &nbsp;&nbsp; SOFR + 0.610%,<br>3.650%, due 11/01/22<sup>1</sup> |  | 13000000 |  | 12996745 |
|  Toronto Dominion Bank |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.380%,<br>3.410%, due 11/01/22<sup>1,2</sup> |  | 5000000 |  | 5000677 |
|  United Overseas Bank Ltd.<br>2.810%, due 11/02/22 |  | 17000000 |  | 16997026 |
| &nbsp;&nbsp; 3.220%, due 12/14/22 |  | 7000000 |  | 6967172 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1,2</sup> |  | 7000000 |  | 7000000 |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1,2</sup> |  | 7000000 |  | 6997381 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> |  | 13000000 |  | 13000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.490%, due 11/01/22<sup>1,2</sup> |  | 6000000 |  | 6000000 |
| &nbsp;&nbsp; SOFR + 0.540%,<br>3.580%, due 11/01/22<sup>1,2</sup> |  | 13000000 |  | 12999785 |
|  Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> |  | 13000000 |  | 12991009 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> |  | 5000000 |  | 5000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1,2</sup> |  | 11000000 |  | 11000731 |
| &nbsp;&nbsp; SOFR + 0.660%,<br>3.710%, due 11/01/22<sup>1,2</sup> |  | 14000000 |  | 14000000 |
|  Westpac Securities NZ Ltd.<br>3.760%, due 05/02/23 |  | 14000000 |  | 14000000 |
|  |  |  |  | 846573911 |
| **Banking-U.S.—1.4%** | **Banking-U.S.—1.4%** | **Banking-U.S.—1.4%** | **Banking-U.S.—1.4%** | **Banking-U.S.—1.4%** |
|  Collateralized Commercial Paper FLEX Co. LLC  | Collateralized Commercial Paper FLEX Co. LLC  | Collateralized Commercial Paper FLEX Co. LLC  | Collateralized Commercial Paper FLEX Co. LLC  | Collateralized Commercial Paper FLEX Co. LLC  |
| &nbsp;&nbsp; SOFR + 0.240%,<br>3.290%, due 11/01/22<sup>1,2</sup> |  | 5000000 |  | 5000098 |
| &nbsp;&nbsp; SOFR + 0.250%,<br>3.300%, due 11/01/22<sup>1,2</sup> |  | 5000000 |  | 5000000 |
|  Collateralized Commercial Paper V Co. LLC  | Collateralized Commercial Paper V Co. LLC  | Collateralized Commercial Paper V Co. LLC  | Collateralized Commercial Paper V Co. LLC  | Collateralized Commercial Paper V Co. LLC  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1</sup> |  | 8000000 |  | 8000163 |

---

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** | **Value** |
| **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** |
| **Banking-U.S.—(concluded)** | **Banking-U.S.—(concluded)** | **Banking-U.S.—(concluded)** | **Banking-U.S.—(concluded)** | **Banking-U.S.—(concluded)** |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | $| 9000000 | $| 8998263 |
| &nbsp;&nbsp; SOFR + 0.630%,<br>3.680%, due 11/01/22<sup>1</sup> |  | 12000000 |  | 12001409 |
|  |  |  |  | 38999933 |
|  **Total commercial paper**<br> (cost—$1,339,390,527) | **Total commercial paper**<br> (cost—$1,339,390,527) | **Total commercial paper**<br> (cost—$1,339,390,527) |  | **1339165383** |
| **Time deposit—2.9%** | **Time deposit—2.9%** | **Time deposit—2.9%** | **Time deposit—2.9%** | **Time deposit—2.9%** |
| **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** |
|  Mizuho Corporate Bank Ltd.<br>3.070%, due 11/01/22<br>(cost—$80,000,000) |  | 80000000 |  | 80000000 |
| **Repurchase agreements—35.9%** | **Repurchase agreements—35.9%** | **Repurchase agreements—35.9%** | **Repurchase agreements—35.9%** | **Repurchase agreements—35.9%** |
|  Repurchase agreement dated 10/31/22 with Barclays Bank PLC, 3.050% due 11/01/22, collateralized by $747,637,100 U.S. Treasury Notes, 0.500% to 3.000% due 07/15/25 to 11/15/31; (value—$637,500,047; proceeds: $625,052,951 |  | 625000000 |  | 625000000 |
|  Repurchase agreement dated 10/31/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.000% due 11/01/22, collateralized by 368,436,100 U.S. Treasury Notes, 1.125% to 1.250 due 01/15/25 to 04/30/28; (value—$337,620,052); proceeds: $331,027,583 |  | 331000000 |  | 331000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/03/22 with J.P. Morgan Securities LLC, OBFR + 0.33%, 3.400% due 11/07/22, collateralized by $1,000 asset-backed convertible bond 2.625% due 02/15/28 and 22,207 shares of equity security; (value—$1,100,042); proceeds: $1,003,306<sup>3</sup> | $| 1000000 | $1000000 |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., OBFR + 0.65%, 3.720% due 01/06/23, collateralized by $28,420,000 various asset-backed convertible bonds, 0.500% to 6.875% due 01/17/23 to 09/15/15 and 99,000 shares of an equity security; (value—$26,390,729); proceeds: $26,245,417<sup>3</sup> |  | 25000000 | 25000000 |
|  **Total repurchase agreements**<br> (cost—$982,000,000) | **Total repurchase agreements**<br> (cost—$982,000,000) | **Total repurchase agreements**<br> (cost—$982,000,000) | **982000000** |
|  **Total investments**<br> (cost—$2,770,390,601 which approximates<br>cost for federal income tax<br>purposes)—101.3% | **Total investments**<br> (cost—$2,770,390,601 which approximates<br>cost for federal income tax<br>purposes)—101.3% | **Total investments**<br> (cost—$2,770,390,601 which approximates<br>cost for federal income tax<br>purposes)—101.3% | **2770084879** |
|  Liabilities in excess of other assets—(1.3)%  | Liabilities in excess of other assets—(1.3)%  | Liabilities in excess of other assets—(1.3)%  | (36204810) |
|  **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**2733880069** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments**<br> **(Level 1)** | **Other significant<br>observable inputs**<br> **(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| Certificates of deposit | $— | $368919496 | $— | $368919496 |
| Commercial paper |  | 1339165383 |  | 1339165383 |
| Time deposit |  | 80000000 |  | 80000000 |
| Repurchase agreements |  | 982000000 |  | 982000000 |
| **Total** | $**—** | $**2770084879** | $**—** | $**2770084879** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $557,960,197, represented 20.4% of the Fund's net assets at period end. 

<sup>3</sup> Investment has a put feature, which allows the Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2022 and changes periodically. The maturity date reflects the earliest put date and the proceeds represent the receivable of the Fund if the put feature was exercised as of October 31, 2022. 

See accompanying notes to financial statements.

------

Government Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—16.2%** | **U.S. government agency obligations—16.2%** | **U.S. government agency obligations—16.2%** |
|  Federal Farm Credit Banks Funding Corp.  | Federal Farm Credit Banks Funding Corp.  | Federal Farm Credit Banks Funding Corp.  |
| &nbsp;&nbsp; SOFR + 0.013%, <br>3.063%, due 11/01/22<sup>1</sup> | $62000000 | $62000000 |
| &nbsp;&nbsp; SOFR + 0.025%, <br>3.075%, due 11/01/22<sup>1</sup> | 232000000 | 231988888 |
| &nbsp;&nbsp; SOFR + 0.030%, <br>3.080%, due 11/01/22<sup>1</sup> | 63000000 | 63000000 |
| &nbsp;&nbsp; SOFR + 0.035%, <br>3.085%, due 11/01/22<sup>1</sup> | 52000000 | 52000000 |
| &nbsp;&nbsp; SOFR + 0.040%, <br>3.090%, due 11/01/22<sup>1</sup> | 40000000 | 40000000 |
| &nbsp;&nbsp; SOFR + 0.050%, <br>3.100%, due 11/01/22<sup>1</sup> | 30000000 | 30000000 |
| &nbsp;&nbsp; SOFR + 0.055%, <br>3.105%, due 11/01/22<sup>1</sup> | 5500000 | 5500000 |
| &nbsp;&nbsp; SOFR + 0.060%, <br>3.110%, due 11/01/22<sup>1</sup> | 7000000 | 7000000 |
| &nbsp;&nbsp; SOFR + 0.070%, <br>3.120%, due 11/01/22<sup>1</sup> | 18000000 | 18000000 |
| &nbsp;&nbsp; SOFR + 0.090%, <br>3.140%, due 11/01/22<sup>1</sup> | 22000000 | 22000000 |
| &nbsp;&nbsp; SOFR + 0.100%, <br>3.150%, due 11/01/22<sup>1</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.105%, <br>3.155%, due 11/01/22<sup>1</sup> | 19500000 | 19500000 |
|  Federal Home Loan Bank Discount Notes<br>2.750%, due 12/15/22<sup>2</sup> | 25000000 | 24915972 |
| &nbsp;&nbsp; 3.720%, due 12/23/22<sup>2</sup> | 50000000 | 49731334 |
| &nbsp;&nbsp; 4.050%, due 01/27/23<sup>2</sup> | 30000000 | 29706375 |
| &nbsp;&nbsp; 4.400%, due 04/26/23<sup>2</sup> | 8000000 | 7827911 |
|  Federal Home Loan Banks<br>0.210%, due 12/12/22 | 43000000 | 43000000 |
| &nbsp;&nbsp; SOFR + 0.030%, <br>3.080%, due 11/01/22<sup>1</sup> | 79000000 | 79000000 |
| &nbsp;&nbsp; SOFR + 0.035%, <br>3.085%, due 11/01/22<sup>1</sup> | 79000000 | 79000000 |
| &nbsp;&nbsp; SOFR + 0.040%, <br>3.090%, due 11/01/22<sup>1</sup> | 149000000 | 149000000 |
| &nbsp;&nbsp; SOFR + 0.045%, <br>3.095%, due 11/01/22<sup>1</sup> | 116000000 | 116000000 |
| &nbsp;&nbsp; SOFR + 0.050%, <br>3.100%, due 11/01/22<sup>1</sup> | 71000000 | 71000000 |
| &nbsp;&nbsp; SOFR + 0.055%, <br>3.105%, due 11/01/22<sup>1</sup> | 84500000 | 84500000 |
| &nbsp;&nbsp; SOFR + 0.060%, <br>3.110%, due 11/01/22<sup>1</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.700%, <br>3.120%, due 11/01/22<sup>1</sup> | 82000000 | 82000000 |
|  **Total U.S. government agency obligations** ****<br> (cost—$1,404,670,480) | **Total U.S. government agency obligations** ****<br> (cost—$1,404,670,480) | **1404670480** |
| **U.S. Treasury obligations—5.6%** | **U.S. Treasury obligations—5.6%** | **U.S. Treasury obligations—5.6%** |
|  U.S. Treasury Bills<br>1.450%, due 11/03/22<sup>3</sup> | 43000000 | 42996608 |
| &nbsp;&nbsp; 2.941%, due 12/01/22<sup>3</sup> | 59000000 | 58858400 |
| &nbsp;&nbsp; 3.029%, due 12/08/22<sup>3</sup> | 64000000 | 63804969 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.037%, 4.078%, due 11/01/22<sup>1</sup> | $| 226000000 | $| 225876691 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.140%, 4.181%, due 11/01/22<sup>1</sup> |  | 100000000 |  | 100007740 |
|  **Total U.S. Treasury obligations** ****<br> (cost—$491,544,408) | **Total U.S. Treasury obligations** ****<br> (cost—$491,544,408) | **Total U.S. Treasury obligations** ****<br> (cost—$491,544,408) |  | **491544408** |
| **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** |
|  Repurchase agreement dated 10/31/22 with Mitsubishi UFJ Securities Americas, Inc., 3.040% due 11/01/22, collateralized by $10,450,980 Federal Home Loan Mortgage Corp. obligations, 2.968% to 5.000% due 09/15/44 to 10/01/52, $31,210,411 Federal National Mortgage Association obligations, 2.500% to 4.500% due 05/01/25 to 10/25/52 and $86,770,556 Government National Mortgage Association obligations, 2.500% to 4.000% due 03/20/42 to 06/16/61; (value—$71,400,000); proceeds: $70,005,911 |  | 70000000 |  | 70000000 |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.190% due 01/30/23, collateralized by $454,997,498 Federal Home Loan Mortgage Corp. obligations, 0.100% to 11.100% due 03/25/29 to 03/25/54, $336,878,002 Federal National Mortgage Association obligations, 0.253% to 5.000% due 04/25/36 to 08/25/52 and $1,555,395,980 Government National Mortgage Association obligations, zero coupon to 5.000% due 02/20/34 to 03/16/64; (value—<br>$103,000,001); proceeds: $100,248,111<sup>4</sup> |  | 100000000 |  | 100000000 |
|  Repurchase agreement dated 10/31/22 with Toronto-Dominion Bank, 3.050% due 11/01/22, collateralized by $119,600,000 Federal Home Loan Mortgage Corp. obligations, 3.762% to 4.350% due 07/15/36 to 03/15/45 and $533,950,865 Federal National Mortgage Association obligations, 1.500% to 5.500% due 04/25/23 to 02/25/51; (value—<br>$102,000,000); proceeds: $100,008,472 |  | 100000000 |  | 100000000 |

---

------

Government Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** |
|  Repurchase agreement dated 03/31/22 with Mitsubishi UFJ Securities Americas, Inc., 3.060% due 12/05/22, collateralized by $17,604,808 Federal National Mortgage Association obligations, 3.000% to 3.500% due 01/25/43 to 06/25/48 and $103,114,609 Government National Mortgage Association obligations, 2.000% to 5.000% due 03/20/41 to 10/20/52; (value—$102,000,000); proceeds: $101,819,000<sup>4</sup> | $100000000 | $100000000 |
|  Repurchase agreement dated 10/03/22 with J.P. Morgan Securities LLC, 3.060% due 11/07/22, collateralized by $282,219,454 Federal National Mortgage Association obligations, 2.000% to 6.000% due 08/01/36 to 09/01/52; (value—<br>$204,000,001); proceeds: $200,476,000<sup>4</sup> | 200000000 | 200000000 |
|  Repurchase agreement dated 10/31/22 with J.P. Morgan Securities LLC, 3.060% due 11/01/22, collateralized by $1,890,001,757 Federal Home Loan Mortgage Corp. obligations, zero coupon to 6.997% due 05/25/23 to 03/25/58, $1,558,033,365 Federal National Mortgage Association obligations, zero coupon to 5.000% due 08/25/24 to 01/25/52 and $2,297,529,578 Government National Mortgage Association obligations, zero coupon to 5.500% due 07/20/39 to 03/16/64; (value—$515,000,001); proceeds: $500,042,500 | 500000000 | 500000000 |
|  Repurchase agreement dated 10/31/22 with J.P. Morgan Securities LLC, 3.050% due 11/01/22, collateralized by $503,178,015 Federal Home Loan Mortgage Corp. obligations, 3.500% to 6.500% due 01/01/28 to 10/01/52, $1,554,162,388 Federal National Mortgage Association obligations, 1.500% to 7.500% due 07/01/28 to 03/01/61 and $75,335,770 Government National Mortgage Association obligations, 2.500% to 5.500% due 11/20/35 to 09/20/62; (value—$969,000,001); proceeds: $950,080,486 | 950000000 | 950000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/31/22 with Fixed Income Clearing Corp., 3.010% due 11/01/22, collateralized by $1,063,905,500 U.S. Treasury Bill, zero coupon due 01/26/23; (value—<br>$1,053,660,090); proceeds: $1,033,086,370 | $| 1033000000 | $1033000000 |
|  Repurchase agreement dated 10/31/22 with Federal Reserve Bank of New York, 3.050% due 11/01/22, collateralized by 4,058,989,300 U.S. Treasury Notes, 1.625% to 2.250% due 08/15/27 to 08/15/29; (value—$3,730,316,043); proceeds: $3,730,316,014 |  | 3730000000 | 3730000000 |
|  **Total repurchase agreements** ****<br> (cost—$6,783,000,000) |  |  | **6783000000** |
|  **Total investments** <br> (cost—$8,679,214,888 which approximates cost for federal income tax<br>purposes)—99.9% |  |  | **8679214888** |
|  Other assets in excess of liabilities—0.1%  | Other assets in excess of liabilities—0.1%  | Other assets in excess of liabilities—0.1%  | 7542039 |
|  **Net assets—100.0%** |  |  | $**8686756927** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Government Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| U.S. government agency obligations | $— | $1404670480 | $— | $1404670480 |
| U.S. Treasury obligations |  | 491544408 |  | 491544408 |
| Repurchase agreements |  | 6783000000 |  | 6783000000 |
| **Total** | $**—** | $**8679214888** | $**—** | $**8679214888** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

<sup>2</sup> Rate shown is the discount rate at the date of purchase unless otherwise noted.

<sup>3</sup> Rates shown reflect yield at October 31, 2022.

<sup>4</sup> Investment has a put feature, which allows the Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2022 and changes periodically. The maturity date reflects the earliest put date and the proceeds represent the receivable of the Fund if the put feature was exercised as of October 31, 2022. 

See accompanying notes to financial statements.

------

Treasury Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. Treasury obligations—30.2%** | **U.S. Treasury obligations—30.2%** | **U.S. Treasury obligations—30.2%** |
|  U.S. Treasury Bills<br>1.411%, due 11/10/22<sup>1</sup> | $338000000 | $337883221 |
| &nbsp;&nbsp; 1.450%, due 11/03/22<sup>1</sup> | 216000000 | 215982960 |
| &nbsp;&nbsp; 1.522%, due 11/17/22<sup>1</sup> | 210000000 | 209860933 |
| &nbsp;&nbsp; 1.563%, due 11/25/22<sup>1</sup> | 215000000 | 214780700 |
| &nbsp;&nbsp; 1.615%, due 12/01/22<sup>1</sup> | 208000000 | 207726133 |
| &nbsp;&nbsp; 1.749%, due 12/08/22<sup>1</sup> | 215000000 | 214622138 |
| &nbsp;&nbsp; 2.541%, due 11/03/22<sup>1</sup> | 244000000 | 243966247 |
| &nbsp;&nbsp; 2.633%, due 11/10/22<sup>1</sup> | 362000000 | 361766510 |
| &nbsp;&nbsp; 2.659%, due 11/17/22<sup>1</sup> | 168000000 | 167805493 |
| &nbsp;&nbsp; 2.798%, due 11/25/22<sup>1</sup> | 249000000 | 248545160 |
| &nbsp;&nbsp; 2.845%, due 12/13/22<sup>1</sup> | 245000000 | 244205383 |
| &nbsp;&nbsp; 2.941%, due 12/01/22<sup>1</sup> | 251000000 | 250397600 |
| &nbsp;&nbsp; 2.958%, due 12/20/22<sup>1</sup> | 241000000 | 240052000 |
| &nbsp;&nbsp; 3.029%, due 12/08/22<sup>1</sup> | 249000000 | 248241207 |
| &nbsp;&nbsp; 3.041%, due 12/27/22<sup>1</sup> | 253000000 | 251831140 |
| &nbsp;&nbsp; 3.055%, due 11/22/22<sup>1</sup> | 4500000 | 4492121 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp; 3 mo. Treasury money market yield – 0.075%,<br>3.966%, due 11/01/22<sup>2</sup> | 200000000 | 199999986 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.029%,<br>4.070%, due 11/01/22<sup>2</sup> | 614210000 | 614220815 |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.034%,<br>4.075%, due 11/01/22<sup>2</sup> | 468575000 | 468580619 |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.035%,<br>4.076%, due 11/01/22<sup>2</sup> | 500000000 | 499992423 |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.037%,<br>4.078%, due 11/01/22<sup>2</sup> | 935000000 | 934542350 |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.049%,<br>4.090%, due 11/01/22<sup>2</sup> | 852950000 | 852968352 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.140%,<br>4.181%, due 11/01/22<sup>2</sup> | 250000000 | 250019349 |
|  **Total U.S. Treasury obligations** ****<br> (cost—$7,482,482,840) |  | **7482482840** |
| **Repurchase agreements—68.4%** | **Repurchase agreements—68.4%** | **Repurchase agreements—68.4%** |
|  Repurchase agreement dated 10/31/22 with J.P. Morgan Securities LLC, 3.000% due 11/01/22, collateralized by $171,352,400, U.S. Treasury Bond, 3.625% due 02/15/44; (value—$153,000,030); proceeds: $150,012,500 | 150000000 | 150000000 |
|  Repurchase agreement dated 10/31/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.000% due 11/01/22, collateralized by $262,499,300 U.S. Treasury Note, 4.375% due 10/31/24; (value—$262,242,051); proceeds: $257,121,425 | 257100000 | 257100000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/31/22 with Fixed Income Clearing Corp., 3.010% due 11/01/22, collateralized by $955,764,100 U.S. Treasury Bill, zero coupon due 01/26/23; (value—$946,560,092); proceeds: $928,077,591 | $| 928000000 | $928000000 |
|  Repurchase agreement dated 10/31/22 with Barclays Bank PLC, 3.050% due 11/01/22, collateralized by $1,096,722,200 U.S. Treasury Bonds, 1.250% to 4.625% due 02/15/40 to 08/15/50 and $1,219,269,000 U.S. Treasury Notes, 0.125% to 2.875% due 12/31/22 to 08/15/28; (value—$1,912,500,008); proceeds: $1,875,158,854 |  | 1875000000 | 1875000000 |
|  Repurchase agreement dated 10/31/22 with Federal Reserve Bank of New York, 3.050% due 11/01/22, collateralized by $14,337,943,100 U.S. Treasury Notes, 1.625% to 2.625% due 11/15/22 to 08/15/29; (value—$13,716,162,050); proceeds: $13,716,161,965 | $| 13715000000 | $13715000000 |
|  **Total repurchase agreements** ****<br> (cost—$16,925,100,000) |  |  | **16925100000** |
|  **Total investments** <br> (cost—$24,407,582,840 which approximates cost for federal income tax purposes)—98.6% |  |  | **24407582840** |
|  Other assets in excess of liabilities—1.4% | Other assets in excess of liabilities—1.4% | Other assets in excess of liabilities—1.4% | 353016899 |
|  **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**24760599739** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Treasury Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| U.S. Treasury obligations | $— | $7482482840 | $— | $7482482840 |
| Repurchase agreements |  | 16925100000 |  | 16925100000 |
| **Total** | $**—** | $**24407582840** | $**—** | $**24407582840** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Rates shown reflect yield at October 31, 2022.

<sup>2</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

See accompanying notes to financial statements.

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Certificates of deposit—12.6%** | **Certificates of deposit—12.6%** | **Certificates of deposit—12.6%** |
| **Banking-non-U.S.—11.5%** | **Banking-non-U.S.—11.5%** | **Banking-non-U.S.—11.5%** |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | $19000000 | $19000000 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 15000000 | 15000000 |
|  Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. |
| &nbsp;&nbsp; SOFR + 0.460%,<br>3.510%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 19000000 | 19000000 |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
| &nbsp;&nbsp; SOFR + 0.710%,<br>3.750%, due 11/01/22<sup>1</sup> | 50000000 | 50000000 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.550%, due 11/01/22<sup>1</sup> | 6000000 | 6000110 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 21000000 | 21000000 |
| &nbsp;&nbsp; SOFR + 0.580%,<br>3.630%, due 11/01/22<sup>1</sup> | 17000000 | 17000000 |
|  Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1</sup> | 7000000 | 7000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.490%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.470%,<br>3.510%, due 11/01/22<sup>1</sup> | 12000000 | 12000000 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.570%, due 11/01/22<sup>1</sup> | 12000000 | 12000000 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| &nbsp;&nbsp; SOFR + 0.700%,<br>3.750%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 19000000 | 19000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 11000000 | 11000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
| &nbsp;&nbsp; SOFR + 0.330%,<br>3.380%, due 11/01/22<sup>1</sup> | 18000000 | 18000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** |
| **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.650%, due 11/01/22<sup>1</sup> | 15000000 | 15000000 |
|  Svenska Handelsbanken | Svenska Handelsbanken | Svenska Handelsbanken |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.540%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.570%, due 11/01/22<sup>1</sup> | 29000000 | 29000000 |
|  Swedbank AB | Swedbank AB | Swedbank AB |
| &nbsp;&nbsp; SOFR + 0.570%,<br>3.610%, due 11/01/22<sup>1</sup> | 18000000 | 18000000 |
|  Toronto Dominion Bank | Toronto Dominion Bank | Toronto Dominion Bank |
| &nbsp;&nbsp; 3.300%, due 11/01/22 | 11000000 | 11000000 |
| &nbsp;&nbsp; 3.510%, due 11/01/22 | 20000000 | 20000000 |
| &nbsp;&nbsp; 3.640%, due 11/01/22 | 27000000 | 27000000 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 8000000 | 8000000 |
|  |  | 622000110 |
| **Banking-U.S.**—**1.1%** | **Banking-U.S.**—**1.1%** | **Banking-U.S.**—**1.1%** |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> | 11000000 | 11000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 12000000 | 12000000 |
| &nbsp;&nbsp; SOFR + 0.630%,<br>3.680%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
|  |  | 60000000 |
|  **Total Certificates of deposit**<br> (cost—$682,000,110) | **Total Certificates of deposit**<br> (cost—$682,000,110) | **682000110** |
| **Commercial paper**—**58.4%** | **Commercial paper**—**58.4%** | **Commercial paper**—**58.4%** |
| **Asset-backed-miscellaneous**—**16.5%** | **Asset-backed-miscellaneous**—**16.5%** | **Asset-backed-miscellaneous**—**16.5%** |
|  Albion Capital Corp. SA/Albion Capital LLC | Albion Capital Corp. SA/Albion Capital LLC | Albion Capital Corp. SA/Albion Capital LLC |
| &nbsp;&nbsp; 2.950%, due 11/21/22 | 40000000 | 39934444 |
|  Antalis SA | Antalis SA | Antalis SA |
| &nbsp;&nbsp; 2.870%, due 11/02/22<sup>2</sup> | 13000000 | 12998964 |
| &nbsp;&nbsp; 2.920%, due 11/04/22<sup>2</sup> | 11000000 | 10997323 |
| &nbsp;&nbsp; 2.950%, due 11/07/22<sup>2</sup> | 10000000 | 9995083 |
| &nbsp;&nbsp; 2.950%, due 11/09/22<sup>2</sup> | 8000000 | 7994756 |
| &nbsp;&nbsp; 3.120%, due 11/29/22<sup>2</sup> | 21000000 | 20949040 |
| &nbsp;&nbsp; 3.300%, due 11/07/22<sup>2</sup> | 35000000 | 34980750 |
| &nbsp;&nbsp; 4.020%, due 01/03/23 | 19000000 | 18866335 |
| &nbsp;&nbsp; 4.020%, due 01/05/23 | 9000000 | 8934675 |
| &nbsp;&nbsp; 4.510%, due 01/18/23 | 21000000 | 20794795 |
|  Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC |
| &nbsp;&nbsp; 3.370%, due 11/15/22 | 26000000 | 25965926 |
|  Barton Capital SA | Barton Capital SA | Barton Capital SA |
| &nbsp;&nbsp; 3.150%, due 11/04/22 | 50000000 | 49986875 |
| &nbsp;&nbsp; 3.450%, due 11/15/22 | 10695000 | 10680651 |
| &nbsp;&nbsp; 3.520%, due 11/14/22<sup>2</sup> | 10000000 | 9987289 |

---

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper**—**(continued)** | **Commercial paper**—**(continued)** | **Commercial paper**—**(continued)** |
| **Asset-backed-miscellaneous**—**(concluded)** | **Asset-backed-miscellaneous**—**(concluded)** | **Asset-backed-miscellaneous**—**(concluded)** |
|  Chariot Funding LLC | Chariot Funding LLC | Chariot Funding LLC |
| &nbsp;&nbsp; 3.300%, due 11/16/22 | $34000000 | $33953250 |
|  Gotham Funding Corp. | Gotham Funding Corp. | Gotham Funding Corp. |
| &nbsp;&nbsp; 4.120%, due 01/10/23 | 26000000 | 25791711 |
|  Liberty Street Funding LLC | Liberty Street Funding LLC | Liberty Street Funding LLC |
| &nbsp;&nbsp; 2.850%, due 11/15/22<sup>2</sup> | 27900000 | 27869077 |
| &nbsp;&nbsp; 3.055%, due 11/28/22<sup>2</sup> | 11000000 | 10974796 |
| &nbsp;&nbsp; 3.060%, due 11/30/22<sup>2</sup> | 8000000 | 7980280 |
|  LMA-Americas LLC | LMA-Americas LLC | LMA-Americas LLC |
| &nbsp;&nbsp; 2.930%, due 11/17/22<sup>2</sup> | 19500000 | 19474607 |
| &nbsp;&nbsp; 2.930%, due 11/18/22<sup>2</sup> | 12000000 | 11983397 |
| &nbsp;&nbsp; 3.080%, due 11/29/22<sup>2</sup> | 10000000 | 9976044 |
| &nbsp;&nbsp; 3.150%, due 12/01/22<sup>2</sup> | 12000000 | 11968500 |
| &nbsp;&nbsp; 3.470%, due 11/17/22<sup>2</sup> | 16520000 | 16494522 |
| &nbsp;&nbsp; 3.600%, due 11/18/22<sup>2</sup> | 10430000 | 10412269 |
|  Old Line Funding LLC | Old Line Funding LLC | Old Line Funding LLC |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.540%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 32000000 | 32000000 |
|  Sheffield Receivables Co. LLC | Sheffield Receivables Co. LLC | Sheffield Receivables Co. LLC |
| &nbsp;&nbsp; 2.850%, due 11/01/22<sup>2</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; 2.950%, due 11/16/22<sup>2</sup> | 20000000 | 19975417 |
| &nbsp;&nbsp; 2.960%, due 11/22/22<sup>2</sup> | 27000000 | 26953380 |
| &nbsp;&nbsp; 3.100%, due 12/07/22<sup>2</sup> | 20000000 | 19938000 |
|  Starbird Funding Corp. | Starbird Funding Corp. | Starbird Funding Corp. |
| &nbsp;&nbsp; 3.050%, due 11/01/22 | 25000000 | 25000000 |
| &nbsp;&nbsp; 3.080%, due 11/30/22<sup>2</sup> | 21000000 | 20947897 |
|  Thunder Bay Funding LLC | Thunder Bay Funding LLC | Thunder Bay Funding LLC |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.460%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 21000000 | 21000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 15000000 | 15000000 |
| &nbsp;&nbsp; 4.000%, due 01/17/23 | 9000000 | 8923000 |
|  Versailles CDS LLC | Versailles CDS LLC | Versailles CDS LLC |
| &nbsp;&nbsp; 2.870%, due 11/01/22 | 11000000 | 11000000 |
|  Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC |
| &nbsp;&nbsp; 2.850%, due 11/01/22 | 29000000 | 29000000 |
| &nbsp;&nbsp; 3.070%, due 12/05/22 | 16000000 | 15953609 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 21000000 | 21000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1,2</sup> | 16000000 | 16000000 |
|  Victory Receivables Corp. | Victory Receivables Corp. | Victory Receivables Corp. |
| &nbsp;&nbsp; 2.870%, due 11/02/22<sup>2</sup> | 13467000 | 13465926 |
| &nbsp;&nbsp; 2.930%, due 11/18/22<sup>2</sup> | 23000000 | 22968177 |
|  |  | 894070765 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.**—**40.2%** | **Banking-non-U.S.**—**40.2%** | **Banking-non-U.S.**—**40.2%** |
|  ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | $26000000 | $26000000 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1,2</sup> | 23000000 | 23000000 |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 20000000 | 19990071 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 12000000 | 12000000 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
| &nbsp;&nbsp; SOFR + 0.260%,<br>3.310%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.410%,<br>3.460%, due 11/01/22<sup>1</sup> | 9000000 | 9000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
|  Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
| &nbsp;&nbsp; 2.850%, due 11/02/22<sup>2</sup> | 25000000 | 24998021 |
| &nbsp;&nbsp; 2.980%, due 11/16/22<sup>2</sup> | 17000000 | 16978892 |
| &nbsp;&nbsp; 3.270%, due 11/08/22 | 24000000 | 23984740 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| &nbsp;&nbsp; 0.350%, due 11/03/22<sup>2</sup> | 12000000 | 11999767 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 31000000 | 31000000 |
| &nbsp;&nbsp; SOFR + 0.640%,<br>3.690%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
|  Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank |
| &nbsp;&nbsp; 3.030%, due 11/22/22 | 17000000 | 16969952 |
|  DBS Bank Ltd. | DBS Bank Ltd. | DBS Bank Ltd. |
| &nbsp;&nbsp; 3.000%, due 11/23/22<sup>2</sup> | 21000000 | 20961500 |
| &nbsp;&nbsp; 3.550%, due 12/15/22 | 23000000 | 22900205 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
| &nbsp;&nbsp; 2.910%, due 11/01/22 | 200000000 | 200000000 |
|  DZ Bank AG Deutsche Zentral-Genossenschaftsbank | DZ Bank AG Deutsche Zentral-Genossenschaftsbank | DZ Bank AG Deutsche Zentral-Genossenschaftsbank |
| &nbsp;&nbsp; 3.040%, due 11/01/22 | 175000000 | 175000000 |
|  Erste Finance Delaware LLC | Erste Finance Delaware LLC | Erste Finance Delaware LLC |
| &nbsp;&nbsp; 3.080%, due 11/03/22 | 137000000 | 136976558 |
|  Federation Des Caisses | Federation Des Caisses | Federation Des Caisses |
| &nbsp;&nbsp; 3.060%, due 11/03/22<sup>2</sup> | 45000000 | 44992350 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
| &nbsp;&nbsp; 2.820%, due 11/03/22<sup>2</sup> | 17000000 | 16997337 |
| &nbsp;&nbsp; 3.050%, due 11/01/22 | 110000000 | 110000000 |
| &nbsp;&nbsp; 3.050%, due 11/02/22 | 40000000 | 39996611 |
|  Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. |
| &nbsp;&nbsp; 2.870%, due 11/03/22<sup>2</sup> | 32000000 | 31994898 |

---

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.—(continued)** | **Banking-non-U.S.—(continued)** | **Banking-non-U.S.—(continued)** |
|  Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. |
| &nbsp;&nbsp; 2.965%, due 11/25/22<sup>2</sup> | $21000000 | $20958490 |
| &nbsp;&nbsp; 2.970%, due 12/02/22<sup>2</sup> | 20000000 | 19948850 |
|  National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 17000000 | 17000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 15000000 | 15000000 |
|  NRW Bank | NRW Bank | NRW Bank |
| &nbsp;&nbsp; 2.980%, due 11/02/22 | 70000000 | 69994205 |
| &nbsp;&nbsp; 2.980%, due 11/03/22 | 65000000 | 64989239 |
| &nbsp;&nbsp; 2.980%, due 11/04/22 | 50000000 | 49987583 |
|  Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1,2</sup> | 24000000 | 24000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| &nbsp;&nbsp; SOFR + 0.460%,<br>3.510%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
| &nbsp;&nbsp; SOFR + 0.380%,<br>3.420%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.440%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.570%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 17000000 | 17000000 |
| &nbsp;&nbsp; SOFR + 0.610%,<br>3.650%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
| &nbsp;&nbsp; 2.900%, due 11/09/22<sup>2</sup> | 21000000 | 20986467 |
| &nbsp;&nbsp; 2.970%, due 11/17/22<sup>2</sup> | 20000000 | 19973600 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.540%,<br>3.580%, due 11/01/22<sup>1,2</sup> | 15000000 | 15000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** |
|  Swedbank AB | Swedbank AB | Swedbank AB |
| &nbsp;&nbsp; SOFR + 0.340%,<br>3.390%, due 11/01/22<sup>1</sup> | 24000000 | 24000000 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 12000000 | 12000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1</sup> | 18000000 | 18000000 |
| &nbsp;&nbsp; SOFR + 0.610%,<br>3.650%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
|  Toronto Dominion Bank | Toronto Dominion Bank | Toronto Dominion Bank |
| &nbsp;&nbsp; SOFR + 0.380%,<br>3.410%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| &nbsp;&nbsp; 3.070%, due 11/01/22 | 60000000 | 60000000 |
| &nbsp;&nbsp; 3.070%, due 11/03/22 | 20000000 | 19996589 |
|  United Overseas Bank Ltd. | United Overseas Bank Ltd. | United Overseas Bank Ltd. |
| &nbsp;&nbsp; 2.810%, due 11/02/22<sup>2</sup> | 25000000 | 24998049 |
| &nbsp;&nbsp; 3.110%, due 12/08/22 | 15000000 | 14952054 |
| &nbsp;&nbsp; 3.220%, due 12/14/22 | 10000000 | 9961539 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.490%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
| &nbsp;&nbsp; SOFR + 0.540%,<br>3.580%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 12000000 | 12000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 17000000 | 17000000 |
| &nbsp;&nbsp; SOFR + 0.660%,<br>3.710%, due 11/01/22<sup>1,2</sup> | 28000000 | 28000000 |
|  Westpac Securities NZ Ltd. | Westpac Securities NZ Ltd. | Westpac Securities NZ Ltd. |
| &nbsp;&nbsp; 3.760%, due 05/02/23 | 27000000 | 27000000 |
|  |  | 2174487567 |
| **Banking-U.S.**—**1.7%** | **Banking-U.S.**—**1.7%** | **Banking-U.S.**—**1.7%** |
|  Bedford Row Funding Corp. | Bedford Row Funding Corp. | Bedford Row Funding Corp. |
| &nbsp;&nbsp; SOFR + 0.650%,<br>3.700%, due 11/01/22<sup>1,2</sup> | 18000000 | 18000000 |
|  Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 17000000 | 17000000 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.580%, due 11/01/22<sup>1</sup> | 28000000 | 28000000 |

---

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** | **Value** |
| **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** |
| **Banking-U.S.**—**(concluded)** | **Banking-U.S.**—**(concluded)** | **Banking-U.S.**—**(concluded)** | **Banking-U.S.**—**(concluded)** | **Banking-U.S.**—**(concluded)** |
| &nbsp;&nbsp; SOFR + 0.630%,<br>3.680%, due 11/01/22<sup>1</sup> | $| 18000000 | $| 18000000 |
|  |  |  |  | 91000000 |
|  **Total commercial paper**<br> (cost—$3,159,558,332) | **Total commercial paper**<br> (cost—$3,159,558,332) | **Total commercial paper**<br> (cost—$3,159,558,332) |  | **3159558332** |
| **Time deposits**—**8.9%** | **Time deposits**—**8.9%** | **Time deposits**—**8.9%** | **Time deposits**—**8.9%** | **Time deposits**—**8.9%** |
| **Banking-non-U.S.**—**8.9%** | **Banking-non-U.S.**—**8.9%** | **Banking-non-U.S.**—**8.9%** | **Banking-non-U.S.**—**8.9%** | **Banking-non-U.S.**—**8.9%** |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
| &nbsp;&nbsp; 3.060%, due 11/01/22 |  | 200000000 |  | 200000000 |
|  Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank |
| &nbsp;&nbsp; 3.050%, due 11/01/22 |  | 135000000 |  | 135000000 |
|  Mizuho Corporate Bank Ltd.<br>3.070%, due 11/01/22 |  | 145000000 |  | 145000000 |
|  **Total time deposits**<br> (cost—$480,000,000) | **Total time deposits**<br> (cost—$480,000,000) | **Total time deposits**<br> (cost—$480,000,000) |  | **480000000** |
| **Repurchase agreements**—**20.5%** | **Repurchase agreements**—**20.5%** | **Repurchase agreements**—**20.5%** | **Repurchase agreements**—**20.5%** | **Repurchase agreements**—**20.5%** |
|  Repurchase agreement dated 10/31/22 with Goldman Sachs & Co., 3.000% due 11/01/22, collateralized by $6,293,900 U.S. Treasury Bond, 2.500% due 02/15/45; (value—$4,590,040); proceeds: $4,500,375 |  | 4500000 |  | 4500000 |
|  Repurchase agreement dated 10/31/22 with BNP Paribas SA, 3.160% due 11/01/22, collateralized by $57,471,526 various asset-backed convertible bonds, 3.000% to 7.529% due 11/05/29 to 08/25/52; (value—$26,813,184); proceeds: $25,002,194 |  | 25000000 |  | 25000000 |
|  Repurchase agreement dated 10/31/22 with BNP Paribas SA., 3.200% due 11/01/22, collateralized by $56,094,248 various asset-backed convertible bonds, 3.876% to 8.000% due 12/15/22 to 06/25/33; (value—$54,000,089); proceeds: $50,004,444 |  | 50000000 |  | 50000000 |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.720% due 02/03/23, collateralized by $29,289,510, various asset-backed convertible bonds, 0.500% to 13.000% due 11/16/22 to 12/31/99 and 827 shares of various equity securities; (value—$26,425,953); proceeds: $25,072,333<sup>3</sup> |  | 25000000 |  | 25000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** |
| **Repurchase agreements**—**(concluded)** | **Repurchase agreements**—**(concluded)** | **Repurchase agreements**—**(concluded)** | **Repurchase agreements**—**(concluded)** |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.720% due 02/03/23, collateralized by $72,070,773 various asset-backed convertible bonds, zero coupon to 10.500% due 11/15/22 to 12/31/99 and 51,389 shares of various equity securities; (value—$69,121,974); proceeds: $65,188,067<sup>3</sup> | $| 65000000 | $65000000 |
|  Repurchase agreement dated 10/31/22 with Fixed Income Clearing Corp., 3.010% due 11/01/22, collateralized by $967,572,100 U.S. Treasury Bills, zero coupon due 01/19/23 to 01/26/23; (value—$958,800,057); proceeds: $940,078,594 |  | 940000000 | 940000000 |
|  **Total repurchase agreements**<br> (cost—$1,109,500,000) | **Total repurchase agreements**<br> (cost—$1,109,500,000) | **Total repurchase agreements**<br> (cost—$1,109,500,000) | **1109500000** |
|  **Total investments**<br> (cost — $5,431,058,442 which approximates cost for federal income tax purposes)—100.4% |  |  | **5431058442** |
|  Liabilities in excess of other assets—(0.4)% | Liabilities in excess of other assets—(0.4)% | Liabilities in excess of other assets—(0.4)% | (21455763) |
|  **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**5409602679** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments**<br> **(Level 1)** | **Other significant<br>observable inputs**<br> **(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| Certificates of deposit | $— | $682000110 | $— | $682000110 |
| Commercial paper |  | 3159558332 |  | 3159558332 |
| Time deposits |  | 480000000 |  | 480000000 |
| Repurchase agreements |  | 1109500000 |  | 1109500000 |
| **Total** | $**—** | $**5431058442** | $**—** | $**5431058442** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $1,599,063,786, represented 29.6% of the Fund's net assets at period end. 

<sup>3</sup> Investment has a put feature, which allows the Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2022 and changes periodically. The maturity date reflects the earliest put date and the proceeds represent the receivable of the Fund if the put feature was exercised as of October 31, 2022. 

See accompanying notes to financial statements.

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—96.8%** |  |  |
| **Alaska—2.2%** |  |  |
|  City of Valdez, Exxon Pipeline Co. Project, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A, <br>1.660%, VRD | $5250000 | $5250000 |
| &nbsp;&nbsp; Series B, <br>1.660%, VRD | 7635000 | 7635000 |
| &nbsp;&nbsp; Series C, <br>1.660%, VRD | 7365000 | 7365000 |
|  |  | 20250000 |
| **Arizona—5.2%** |  |  |
|  Arizona Health Facilities Authority, Banner Health Obligated Group, Revenue Bonds, <br>Series C,<br>1.640%, VRD | 19810000 | 19810000 |
|  Arizona Industrial Development Authority, Phoenix Children's Hospital, Refunding, Revenue Bonds, <br>Series A,<br>1.640%, VRD | 1300000 | 1300000 |
|  Industrial Development Authority of the City of Phoenix, Mayo Clinic, Revenue Bonds, <br>Series B,<br>1.630%, VRD | 27470000 | 27470000 |
|  |  | 48580000 |
| **California—1.0%** |  |  |
|  California Health Facilities Financing Authority, Dignity Health, Revenue Bonds, <br>Series C,<br>1.850%, VRD | 7900000 | 7900000 |
|  City of Modesto Water Revenue, Refunding, COP, <br>Series A,<br>1.950%, VRD | 1035000 | 1035000 |
|  |  | 8935000 |
| **Colorado—5.1%** |  |  |
|  City & County of Denver Co., Refunding, COP, <br>Series A1,<br>1.640%, VRD | 16750000 | 16750000 |
|  City & County of Denver Co., Refunding, COP, <br>Series A2,<br>1.640%, VRD | 2900000 | 2900000 |
|  City & County of Denver, Refunding, COP, <br>Series A3,<br>1.640%, VRD | 5555000 | 5555000 |
|  City of Colorado Springs Co. Utilities System Revenue, Revenue Bonds, <br>Series B-REMK,<br>2.250%, VRD | 4800000 | 4800000 |
|  Colorado Health Facilities Authority, Children's Hospital Colorado Obligated Group, Refunding, Revenue Bonds<br>1.640%, VRD | 9000000 | 9000000 |
| &nbsp;&nbsp; 2.250%, VRD | 7970000 | 7970000 |
|  |  | 46975000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Delaware—0.1%** |  |  |
|  Delaware State Economic Development Authority, YMCA of Delaware Project, Revenue Bonds<br>2.250%, VRD | $1170000 | $1170000 |
| **District of Columbia—2.0%** |  |  |
|  District of Columbia Water & Sewer Authority, Subordinate Lien, Revenue Bonds, <br>Subseries B-2,<br>2.260%, VRD | 11000000 | 11000000 |
|  District of Columbia, GO Bonds, <br>Series A,<br>2.000%, VRD | 7000000 | 7000000 |
|  Metropolitan Washington Airports Authority Aviation, Revenue Bonds, <br>Subseries D-2,<br>1.600%, VRD | 1050000 | 1050000 |
|  |  | 19050000 |
| **Florida—1.7%** |  |  |
|  Florida Keys Aqueduct Authority, Refunding, Revenue Bonds<br>2.220%, VRD | 5990000 | 5990000 |
|  Hillsborough County Industrial Development Authority, BayCare Health System, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series B, <br>1.620%, VRD | 3550000 | 3550000 |
| &nbsp;&nbsp; Series C, <br>2.250%, VRD | 400000 | 400000 |
|  Orange County Health Facilities Authority, The Nemours Foundation Project, Revenue Bonds, <br>Series B,<br>2.200%, VRD | 5540000 | 5540000 |
|  |  | 15480000 |
| **Illinois—11.8%** |  |  |
|  Illinois Development Finance Authority, Chicago Symphony Project, Revenue Bonds<br>2.410%, VRD | 12500000 | 12500000 |
|  Illinois Development Finance Authority,<br>Francis W. Parker School Project, Revenue Bonds<br>2.320%, VRD | 17200000 | 17200000 |
|  Illinois Finance Authority, Gift of Hope Donor Project, Revenue Bonds<br>2.250%, VRD | 8580000 | 8580000 |
|  Illinois Finance Authority, Hospital Sisters Services Obligated Group, Refunding, Revenue Bonds<br>2.260%, VRD | 8000000 | 8000000 |
|  Illinois Finance Authority, Steppenwolf Theatre Co., Revenue Bonds<br>2.290%, VRD | 6660000 | 6660000 |
| &nbsp;&nbsp; 2.290%, VRD | 8450000 | 8450000 |

---

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Illinois—(concluded)** | **Illinois—(concluded)** | **Illinois—(concluded)** | **Illinois—(concluded)** | **Illinois—(concluded)** |
|  Illinois Finance Authority, The University of Chicago Medical Center, Revenue Bonds, <br>Series E2,<br>2.260%, VRD | $| 900000 | $| 900000 |
|  Illinois Finance Authority, University of Chicago Medical Center Obligated Group, Revenue Bonds, <br>Series E-1-REMK,<br>2.260%, VRD |  | 15000000 |  | 15000000 |
|  Illinois Finance Authority, University of Chicago, Refunding, Revenue Bonds, <br>Series C,<br>2.230%, VRD |  | 18600000 |  | 18600000 |
|  Illinois Finance Authority, University of Chicago, Revenue Bonds, <br>Series B,<br>2.230%, VRD |  | 12015000 |  | 12015000 |
|  Village of Brookfield IL, Brookfield Zoo Project, Revenue Bonds<br>2.250%, VRD |  | 1780000 |  | 1780000 |
|  |  |  |  | 109685000 |
| **Indiana—7.6%** | **Indiana—7.6%** | **Indiana—7.6%** | **Indiana—7.6%** | **Indiana—7.6%** |
|  Indiana Finance Authority, Duke Energy Indiana Project, Refunding, Revenue Bonds, <br>Series A-5,<br>1.710%, VRD |  | 27000000 |  | 27000000 |
|  Indiana Finance Authority, Trinity Health, Refunding, Revenue Bonds, <br>Series D-1,<br>2.220%, VRD |  | 26400000 |  | 26400000 |
|  Indiana Municipal Power Agency, Refunding, Revenue Bonds, <br>Series B,<br>1.640%, VRD |  | 17250000 |  | 17250000 |
|  |  |  |  | 70650000 |
| **Louisiana—0.1%** | **Louisiana—0.1%** | **Louisiana—0.1%** | **Louisiana—0.1%** | **Louisiana—0.1%** |
|  Louisiana Public Facilities Authority, Christus Health Obligated Group, Refunding, Revenue Bonds, <br>Series B2,<br>2.230%, VRD |  | 620000 |  | 620000 |
| **Maryland—1.1%** |  |  |  |  |
|  County of Montgomery, GO Bonds, <br>Series E,<br>1.640%, VRD |  | 7600000 |  | 7600000 |
|  Montgomery County Housing Opportunities Commission, Housing Development, Revenue Bonds, <br>Series A,<br>2.240%, VRD |  | 2350000 |  | 2350000 |
|  |  |  |  | 9950000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Massachusetts—0.1%** |  |  |
|  Massachusetts Health & Educational Facilities Authority, Harvard University, Revenue Bonds, <br>Series Y,<br>2.120%, VRD | $700000 | $700000 |
| **Michigan—0.1%** |  |  |
|  Green Lake Township Economic Development Corp., Interlochen Center Project, Refunding, Revenue Bonds<br>1.640%, VRD | 1100000 | 1100000 |
| **Minnesota—0.6%** |  |  |
|  City of Minneapolis MN, Fairview Health Services Obligated Group, Refunding, Revenue Bonds, <br>Series B,<br>2.300%, VRD | 1700000 | 1700000 |
|  City of Rochester, Mayo Clinic, Revenue Bonds, <br>Series A,<br>2.320%, VRD | 3100000 | 3100000 |
|  Midwest Consortium of Municipal Utilities, Draw Down-Association Financing Program, Revenue Bonds, <br>Series B,<br>2.230%, VRD | 1200000 | 1200000 |
|  |  | 6000000 |
| **Mississippi—4.9%** |  |  |
|  Mississippi Business Finance Corp., Chevron USA, Inc. Project, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A, <br>1.660%, VRD | 1400000 | 1400000 |
| &nbsp;&nbsp; Series A, <br>1.660%, VRD | 3985000 | 3985000 |
| &nbsp;&nbsp; Series A, <br>2.200%, VRD | 1845000 | 1845000 |
| &nbsp;&nbsp; Series B, <br>1.660%, VRD | 575000 | 575000 |
| &nbsp;&nbsp; Series B, <br>1.660%, VRD | 2900000 | 2900000 |
| &nbsp;&nbsp; Series B, <br>1.660%, VRD | 3195000 | 3195000 |
| &nbsp;&nbsp; Series B, <br>2.200%, VRD | 600000 | 600000 |
| &nbsp;&nbsp; Series C, <br>1.660%, VRD | 3125000 | 3125000 |
| &nbsp;&nbsp; Series C, <br>1.660%, VRD | 5860000 | 5860000 |
| &nbsp;&nbsp; Series E, <br>1.660%, VRD | 1200000 | 1200000 |
| &nbsp;&nbsp; Series E, <br>1.660%, VRD | 2000000 | 2000000 |
| &nbsp;&nbsp; Series G, <br>1.660%, VRD | 1990000 | 1990000 |
| &nbsp;&nbsp; Series G, <br>1.660%, VRD | 3090000 | 3090000 |
| &nbsp;&nbsp; Series G, <br>1.660%, VRD | 4945000 | 4945000 |

---

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Mississippi—(concluded)** |  |  |  |  |
| &nbsp;&nbsp; Series H, <br>1.660%, VRD | $| 2825000 | $| 2825000 |
| &nbsp;&nbsp; Series L, <br>1.660%, VRD |  | 1775000 |  | 1775000 |
|  Mississippi Business Finance Corp., Chevron USA, Inc., Revenue Bonds, <br>Series K,<br>1.660%, VRD |  | 1795000 |  | 1795000 |
|  Mississippi Business Finance Corp., Chevron USA, Inc., Revenue Bonds.., <br>Series D,<br>1.660%, VRD |  | 740000 |  | 740000 |
|  Mississippi Development Bank, Jackson County Industrial Water System, Revenue Bonds<br>1.660%, VRD |  | 1950000 |  | 1950000 |
|  |  |  |  | 45795000 |
| **Missouri—3.2%** | **Missouri—3.2%** | **Missouri—3.2%** | **Missouri—3.2%** | **Missouri—3.2%** |
|  Health & Educational Facilities Authority of the State of Missouri, Ascension Health, Revenue Bonds,  |  |  |  |  |
| &nbsp;&nbsp; Series C-3, <br>2.250%, VRD |  | 10000000 |  | 10000000 |
| &nbsp;&nbsp; Series C-5, <br>2.200%, VRD |  | 3080000 |  | 3080000 |
|  Health & Educational Facilities Authority of the State of Missouri, BJC Healthcare System, Revenue Bonds, <br>Series D,<br>2.230%, VRD |  | 2020000 |  | 2020000 |
|  Health & Educational Facilities Authority of the State of Missouri, St. Louis University, Revenue Bonds,  |  |  |  |  |
| &nbsp;&nbsp; Series B-1, <br>1.690%, VRD |  | 10140000 |  | 10140000 |
| &nbsp;&nbsp; Series B-2, <br>1.660%, VRD |  | 2250000 |  | 2250000 |
|  Health & Educational Facilities Authority of the State of Missouri, Washington University, Revenue Bonds, <br>Series C-REMK,<br>1.640%, VRD |  | 2500000 |  | 2500000 |
|  |  |  |  | 29990000 |
| **Nebraska—0.1%** |  |  |  |  |
|  Douglas County Hospital Authority No. 2, Health Facilities for Children, Refunding, Revenue Bonds, <br>Series A,<br>1.600%, VRD |  | 500000 |  | 500000 |
| **Nevada—0.1%** |  |  |  |  |
|  County of Clark Department of Aviation, Subordinate Lien, Revenue Bonds, <br>Series D-2A,<br>2.370%, VRD |  | 555000 |  | 555000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **New Hampshire—0.0%**<sup>†</sup> |  |  |
|  New Hampshire Health and Education Facilities Authority Act, Dartmouth College, Revenue Bonds<br>2.220%, VRD | $350000 | $350000 |
| **New York—15.3%** |  |  |
|  City of New York, GO Bonds, |  |  |
| &nbsp;&nbsp; Subseries B-3, <br>2.190%, VRD | 9300000 | 9300000 |
| &nbsp;&nbsp; Subseries D-4, <br>1.600%, VRD | 9050000 | 9050000 |
| &nbsp;&nbsp; Subseries L-4, <br>1.630%, VRD | 4870000 | 4870000 |
|  Dutchess County Industrial Development Agency, Marist College Civic Facility, Revenue Bonds, <br>Series A,<br>2.240%, VRD | 4555000 | 4555000 |
|  Metropolitan Transportation Authority, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A-1, <br>1.600%, VRD | 6325000 | 6325000 |
| &nbsp;&nbsp; Subseries 2012G-1-REMK, <br>1.600%, VRD | 10990000 | 10990000 |
|  New York City Health & Hospital Corp., Health Systems, Revenue Bonds, <br>Series C,<br>2.190%, VRD | 2060000 | 2060000 |
|  New York City Housing Development Corp., Royal Properties, Revenue Bonds, <br>Series A,<br>2.220%, VRD | 600000 | 600000 |
|  New York City Municipal Water Finance Authority, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series BB-1, <br>2.200%, VRD | 13845000 | 13845000 |
| &nbsp;&nbsp; Series BB-5, <br>1.610%, VRD | 20375000 | 20375000 |
| &nbsp;&nbsp; Series DD-2, <br>1.590%, VRD | 1900000 | 1900000 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A-4, <br>1.630%, VRD | 4500000 | 4500000 |
| &nbsp;&nbsp; Series A-3, <br>1.600%, VRD | 8675000 | 8675000 |
| &nbsp;&nbsp; Series C6, <br>2.240%, VRD | 3000000 | 3000000 |
|  New York City Transitional Finance Authority Future Tax Secured, Revenue Bonds, <br>Series E4,<br>1.590%, VRD | 4000000 | 4000000 |
|  New York State Dormitory Authority, Rockefeller University, Revenue Bonds, <br>Series A,<br>2.200%, VRD | 9745000 | 9745000 |

---

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **New York—(concluded)** |  |  |
|  New York State Energy Research & Development Authority, Consolidated Edison, Revenue Bonds, <br>Subseries A-1,<br>2.190%, VRD | $3000000 | $3000000 |
|  Triborough Bridge & Tunnel Authority, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series 2005B-4C-REMK, <br>1.630%, VRD | 250000 | 250000 |
| &nbsp;&nbsp; Subseries B-3, <br>1.570%, VRD | 25000000 | 25000000 |
|  |  | 142040000 |
| **North Carolina—0.3%** |  |  |
|  Charlotte-Mecklenburg Hospital Authority, Carolinas, Revenue Bonds, AGM, <br>Series E-REMK,<br>1.620%, VRD | 2550000 | 2550000 |
| **Ohio—4.7%** |  |  |
|  Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A-R, <br>2.240%, VRD | 9700000 | 9700000 |
| &nbsp;&nbsp; Series B-R, <br>2.240%, VRD | 3015000 | 3015000 |
| &nbsp;&nbsp; Series C-R, <br>2.240%, VRD | 5105000 | 5105000 |
|  Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group, Revenue Bonds, <br>Series B1,<br>2.180%, VRD | 16500000 | 16500000 |
|  State of Ohio, GO Bonds,  |  |  |
| &nbsp;&nbsp; Series B, <br>2.150%, VRD | 2245000 | 2245000 |
| &nbsp;&nbsp; Series D, <br>2.240%, VRD | 6955000 | 6955000 |
|  |  | 43520000 |
| **Oregon—1.3%** |  |  |
|  Oregon State Facilities Authority, PeaceHealth Obligated Group, Refunding, Revenue Bonds, <br>Series A,<br>1.640%, VRD | 12600000 | 12600000 |
| **Pennsylvania—9.0%** |  |  |
|  Allegheny County Industrial Development Authority, Education Center Watson, Revenue Bonds<br>2.260%, VRD | 9600000 | 9600000 |
|  Allegheny County Industrial Development Authority, Watson Institute Friendship, Revenue Bonds<br>2.290%, VRD | 14045000 | 14045000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Pennsylvania—(concluded)** |  |  |
|  City of Philadelphia PA, Refunding, GO Bonds, <br>Series B-REMK,<br>2.180%, VRD | $10345000 | $10345000 |
|  Delaware Valley Regional Finance Authority, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A, <br>2.250%, VRD | 5000000 | 5000000 |
| &nbsp;&nbsp; Series B-REMK, <br>2.260%, VRD | 18095000 | 18095000 |
|  Pennsylvania Turnpike Commission, Revenue Bonds, <br>Series A,<br>2.180%, VRD | 19855000 | 19855000 |
|  Philadelphia Authority for Industrial Development, Refunding, Revenue Bonds, <br>Series B-2,<br>2.220%, VRD | 6400000 | 6400000 |
|  |  | 83340000 |
| **Rhode Island—0.1%** |  |  |
|  Rhode Island Health and Educational Building Corp., New England Institute of Technology, Refunding, Revenue Bonds<br>2.230%, VRD | 735000 | 735000 |
| **Tennessee—0.4%** |  |  |
|  Greeneville Health & Educational Facilities Board, Ballad Health, Revenue Bonds, <br>Series B,<br>2.230%, VRD | 4150000 | 4150000 |
| **Texas—11.8%** |  |  |
|  Board of Regents of the University of Texas System, Refunding, Revenue Bonds, <br>Series B,<br>2.180%, VRD | 1450000 | 1450000 |
|  Board of Regents of the University of Texas System, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series B, <br>2.150%, VRD | 1035000 | 1035000 |
| &nbsp;&nbsp; Series B, <br>2.150%, VRD | 5000000 | 5000000 |
|  City of Austin TX Water & Wastewater System, Refunding, Revenue Bonds<br>2.260%, VRD | 11250000 | 11250000 |
|  City of Houston TX Combined Utility System Revenue, First lien, Refunding, Revenue Bonds,<br>Series B-4-REMK,<br>2.240%, VRD | 3500000 | 3500000 |
|  Harris County Cultural Education Facilities Finance Corp., Methodist Hospital, Refunding, Revenue Bonds, <br>Series B,<br>1.640%, VRD | 34820000 | 34820000 |

---

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** |  |  |
| **Texas—(concluded)** |  |  |
|  Harris County Health Facilities Development Corp., Methodist Hospital System, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A-1, <br>1.640%, VRD | $1700000 | $1700000 |
| &nbsp;&nbsp; Series A-2, <br>1.640%, VRD | 3325000 | 3325000 |
|  Harris County Hospital District, Senior lien, Refunding, Revenue Bonds<br>2.260%, VRD | 7870000 | 7870000 |
|  Lower Neches Valley Authority Industrial Development Corp., Exxon Capital Ventures, Inc., Revenue Bonds<br>1.680%, VRD | 7585000 | 7585000 |
|  Lower Neches Valley Authority Industrial Development Corp., Exxon Mobil Project, Refunding, Revenue Bonds  |  |  |
| &nbsp;&nbsp; 1.680%, VRD | 700000 | 700000 |
| &nbsp;&nbsp; Series A, <br>1.660%, VRD | 4400000 | 4400000 |
|  State of Texas, Veterans Housing Assistance Program II, GO Bonds, <br>Series B-R,<br>2.240%, VRD | 800000 | 800000 |
|  State of Texas, Veterans, GO Bonds<br>2.260%, VRD | 605000 | 605000 |
| &nbsp;&nbsp; 2.300%, VRD | 7540000 | 7540000 |
| &nbsp;&nbsp; Series C, <br>2.350%, VRD | 9425000 | 9425000 |
|  Texas Transportation Commission State Highway Fund, Revenue Bonds, <br>Series B1,<br>2.270%, VRD | 8500000 | 8500000 |
|  |  | 109505000 |
| **Utah—1.7%** |  |  |
|  City of Murray Hospital, IHC Health Services, Inc., Revenue Bonds, <br>Series C,<br>1.640%, VRD | 8810000 | 8810000 |
|  City of Murray UT, IHC Health Services Inc., Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series C, <br>1.640%, VRD | 6390000 | 6390000 |
| &nbsp;&nbsp; Series D, <br>1.630%, VRD | 800000 | 800000 |
|  |  | 16000000 |
| **Virginia—4.0%** |  |  |
|  Loudoun County Economic Development Authority, Howard Hughes Medical Institute, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A, <br>2.230%, VRD | 10990000 | 10990000 |
| &nbsp;&nbsp; Series A, <br>2.320%, VRD | 3900000 | 3900000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** |
| **Municipal bonds—(concluded)** |  |  |  |
| **Virginia—(concluded)** |  |  |  |
| &nbsp;&nbsp; Series D, <br>2.280%, VRD | $| 14055000 | $14055000 |
| &nbsp;&nbsp; Series F, <br>2.190%, VRD |  | 5660000 | 5660000 |
|  Virginia Small Business Financing Authority, Carilion Clinic Obligated Group, Revenue Bonds, <br>Series B,<br>2.220%, VRD |  | 2350000 | 2350000 |
|  |  |  | 36955000 |
| **Washington—1.0%** |  |  |  |
|  Port of Tacoma WA, Subordinate Lien, Revenue Bonds, <br>Series B-REMK,<br>2.250%, VRD |  | 9400000 | 9400000 |
| **Wisconsin—0.2%** |  |  |  |
|  Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health, Inc., Revenue Bonds, <br>Series A,<br>1.620%, VRD |  | 2000000 | 2000000 |
|  **Total municipal bonds** ****<br> (cost—$899,130,000) |  |  | **899130000** |
| **Tax-exempt commercial paper—2.8%** | **Tax-exempt commercial paper—2.8%** | **Tax-exempt commercial paper—2.8%** |  |
| **Illinois—0.6%** |  |  |  |
|  Illinois Educational Facilities Authority<br>1.850%, due 11/02/22 |  | 6150000 | 6150000 |
| **Minnesota—1.1%** |  |  |  |
|  Rochester Minnesota Health Care Facilities Revenue<br>2.600%, due 11/16/22 |  | 10000000 | 10000000 |
| **Texas—1.1%** |  |  |  |
|  Board of Regents of the University of Texas System<br>1.900%, due 12/05/22 |  | 10000000 | 10000000 |
|  **Total tax-exempt commercial paper** ****<br> (cost—$26,150,000) | **Total tax-exempt commercial paper** ****<br> (cost—$26,150,000) | **Total tax-exempt commercial paper** ****<br> (cost—$26,150,000) | **26150000** |
|  **Total investments** <br> (cost—$925,280,000 which approximates<br>cost for federal income tax purposes)—99.6% | **Total investments** <br> (cost—$925,280,000 which approximates<br>cost for federal income tax purposes)—99.6% | **Total investments** <br> (cost—$925,280,000 which approximates<br>cost for federal income tax purposes)—99.6% | **925280000** |
|  Other assets in excess of liabilities—0.4%  |  |  | 3657167 |
|  **Net assets—100.0%** |  |  | $**928937167** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| Municipal bonds | $— | $899130000 | $— | $899130000 |
| Tax-exempt commercial paper |  | 26150000 |  | 26150000 |
| **Total** | $**—** | $**925280000** | $**—** | $**925280000** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

---

| | |
|:---|:---|
| <sup>†</sup> | Amount represents less than 0.05% or (0.05)%.  |

---

------

Glossary of terms used in the Portfolio of investments (unaudited)

**Portfolio acronyms:** 

---

| | |
|:---|:---|
| AGM | Assured Guaranty Municipal Corporation |
| COP | Certificate of Participation |
| GO | General Obligation |
| SOFR | Secured Overnight Financing Rate |

---

VRD Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of October, 2022 and reset periodically.

See accompanying notes to financial statements.

------

Master Trust

------

**Statement of assets and liabilities** 

**October 31, 2022 (unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Prime<br>Master Fund** | **ESG Prime<br>Master Fund** | **Government<br>Master Fund** | **Treasury<br>Master Fund** | **Prime CNAV<br>Master Fund** | **Tax-Free<br>Master Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |  |  |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |  |  |  |
| Investments | $4656934016 | $1788390601 | $1896214888 | $7482482840 | $4321558442 | $925280000 |
| Repurchase agreements | 3314000000 | 982000000 | 6783000000 | 16925100000 | 1109500000 |  |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |  |  |  |
| Investments | 4656015516 | 1788084879 | 1896214888 | 7482482840 | 4321558442 | 925280000 |
| Repurchase agreements | 3314000000 | 982000000 | 6783000000 | 16925100000 | 1109500000 |  |
| Cash | 1317395 | 752332 | 2128758 | 353024876 | 1956423 | 1640019 |
| Receivable for investments sold |  |  |  |  | 50000000 | 2703361 |
| Receivable for interest and dividends | 6842603 | 2211430 | 5532782 | 1865298 | 3988209 | 1650258 |
| Total assets | 7978175514 | 2773048641 | 8686876428 | 24762473014 | 5487003074 | 931273638 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |  |  |  |
| Payable for investments purchased | 39000000 | 39000000 |  |  | 76995764 | 2278170 |
| Payable to affiliate | 590112 | 168572 | 119501 | 1873275 | 404631 | 58301 |
| Total liabilities | 39590112 | 39168572 | 119501 | 1873275 | 77400395 | 2336471 |
| Net assets, at value | $7938585402 | $2733880069 | $8686756927 | $24760599739 | $5409602679 | $928937167 |

---

See accompanying notes to financial statements.

------

Master Trust

------

**Statement of operations** 

**For the six months ended October 31, 2022 (unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Prime<br>Master Fund** | **ESG Prime<br>Master Fund** | **Government<br>Master Fund** | **Treasury<br>Master Fund** | **Prime CNAV<br>Master Fund** | **Tax-Free<br>Master Fund** |
| **Investment income:** |  |  |  |  |  |  |
| Interest | $69474446 | $23541876 | $62069861 | $224428778 | $41270963 | $5732665 |
| **Expenses:** |  |  |  |  |  |  |
| Investment advisory and administration fees | 3137540 | 1039363 | 2987421 | 11736476 | 1747355 | 452521 |
| Trustees fees | 26035 | 13176 | 26114 | 77266 | 18213 | 9906 |
| Total expenses | 3163575 | 1052539 | 3013535 | 11813742 | 1765568 | 462427 |
| Less: Fee waivers and/or Trustees' fees reimbursement by administrator |  | (438083) | (2745980) |  |  |  |
| Net expenses | 3163575 | 614456 | 267555 | 11813742 | 1765568 | 462427 |
| Net investment income (loss) | 66310871 | 22927420 | 61802306 | 212615036 | 39505395 | 5270238 |
| Net realized gain (loss) |  |  |  | (22601) |  | 33 |
| Net change in unrealized appreciation (depreciation) | 900924 | 29593 |  |  |  |  |
| Net increase (decrease) in net assets resulting from operations | $67211795 | $22957013 | $61802306 | $212592435 | $39505395 | $5270271 |

---

See accompanying notes to financial statements.

------

Master Trust

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **Prime Master Fund** | **Prime Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $66310871 | $6137488 |
| Net realized gain (loss) |  | 30020 |
| Net change in unrealized appreciation (depreciation) | 900924 | (2396525) |
| Net increase (decrease) in net assets resulting from operations | 67211795 | 3770983 |
| Net increase (decrease) in net assets from beneficial interest transactions | 2934514620 | (3890021125) |
| Net increase (decrease) in net assets | 3001726415 | (3886250142) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 4936858987 | 8823109129 |
| End of period | $7938585402 | $4936858987 |

---

---

| | | |
|:---|:---|:---|
|  | **ESG Prime Master Fund** | **ESG Prime Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $22927420 | $1542924 |
| Net realized gain (loss) |  | (14219) |
| Net change in unrealized appreciation (depreciation) | 29593 | (357927) |
| Net increase (decrease) in net assets resulting from operations | 22957013 | 1170778 |
| Net increase (decrease) in net assets from beneficial interest transactions | 1241489491 | 857754697 |
| Net increase (decrease) in net assets | 1264446504 | 858925475 |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 1469433565 | 610508090 |
| End of period | $2733880069 | $1469433565 |

---

---

| | | |
|:---|:---|:---|
|  | **Government Master Fund** | **Government Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $61802306 | $1609012 |
| Net realized gain (loss) |  | 8316 |
| Net increase (decrease) in net assets resulting from operations | 61802306 | 1617328 |
| Net increase (decrease) in net assets from beneficial interest transactions | 4327276993 | (4526632556) |
| Net increase (decrease) in net assets | 4389079299 | (4525015228) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 4297677628 | 8822692856 |
| End of period | $8686756927 | $4297677628 |

---

See accompanying notes to financial statements.

------

Master Trust

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **Treasury Master Fund** | **Treasury Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $212615036 | $9984379 |
| Net realized gain (loss) | (22601) | 2691 |
| Net increase (decrease) in net assets resulting from operations | 212592435 | 9987070 |
| Net increase (decrease) in net assets from beneficial interest transactions | 2866618627 | (11003789356) |
| Net increase (decrease) in net assets | 3079211062 | (10993802286) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 21681388677 | 32675190963 |
| End of period | $24760599739 | $21681388677 |

---

---

| | | |
|:---|:---|:---|
|  | **Prime CNAV Master Fund** | **Prime CNAV Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $39505395 | $2238250 |
| Net realized gain (loss) |  | (2) |
| Net increase (decrease) in net assets resulting from operations | 39505395 | 2238248 |
| Net increase (decrease) in net assets from beneficial interest transactions | 3461662049 | (2543210434) |
| Net increase (decrease) in net assets | 3501167444 | (2540972186) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 1908435235 | 4449407421 |
| End of period | $5409602679 | $1908435235 |

---

---

| | | |
|:---|:---|:---|
|  | **Tax-Free Master Fund** | **Tax-Free Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $5270238 | $387547 |
| Net realized gain (loss) | 33 | 59 |
| Net increase (decrease) in net assets resulting from operations | 5270271 | 387606 |
| Net increase (decrease) in net assets from beneficial interest transactions | 39980875 | 69072966 |
| Net increase (decrease) in net assets | 45251146 | 69460572 |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 883686021 | 814225449 |
| End of period | $928937167 | $883686021 |

---

See accompanying notes to financial statements.

------

Prime Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Expenses before fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Expenses after fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.08% |
| Net investment income (loss) | 2.10%<sup>1</sup> | 0.09% | 0.19% | 1.90% | 2.32% | 1.41% |
| **Supplemental data:** |  |  |  |  |  |  |
| Total investment return<sup>2</sup> | 0.99% | 0.10% | 0.15% | 1.92% | 2.31% | 1.38% |
| Net assets, end of period (000's) | $7938585 | $4936859 | $8823109 | $16520754 | $15779160 | $7775651 |

---

<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

ESG Prime Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **For the period from**<br> **January 15, 2020**<sup>1</sup> **to**<br> **April 30, 2020** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **For the period from**<br> **January 15, 2020**<sup>1</sup> **to**<br> **April 30, 2020** |
| **Ratios to average net assets:** |  |  |  |  |
| Expenses before fee waivers | 0.10%<sup>2</sup> | 0.10% | 0.10% | 0.10%<sup>2</sup> |
| Expenses after fee waivers | 0.06%<sup>2</sup> | 0.00%<sup>3</sup> | 0.00% | 0.00%<sup>2</sup> |
| Net investment income (loss) | 2.18%<sup>2</sup> | 0.17% | 0.18% | 1.24%<sup>2</sup> |
| **Supplemental data:** |  |  |  |  |
| Total investment return<sup>4</sup> | 1.02% | 0.16% | 0.22% | 0.47% |
| Net assets, end of period (000's) | $2733880 | $1469434 | $610508 | $73612 |

---

<sup>1</sup> Commencement of operations.

<sup>2</sup> Annualized.

<sup>3</sup> Amount represents less than 0.005% or (0.005)%. 

<sup>4</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Government Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Expenses after fee waivers | 0.01%<sup>1</sup> | 0.06% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income (loss) | 2.05%<sup>1</sup> | 0.02% | 0.09% | 1.75% | 2.07% | 1.07% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Total investment return<sup>2</sup> | 0.93% | 0.03% | 0.08% | 1.74% | 2.10% | 1.08% |
| Net assets, end of period (000's) | $8686757 | $4297678 | $8822693 | $17762675 | $14278487 | $15676931 |

---

<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Treasury Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Expenses before fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Expenses after fee waivers | 0.10%<sup>1</sup> | 0.06% | 0.09% | 0.10% | 0.10% | 0.10% |
| Net investment income (loss) | 1.80%<sup>1</sup> | 0.04% | 0.09% | 1.56% | 2.07% | 1.08% |
| **Supplemental data:** |  |  |  |  |  |  |
| Total investment return<sup>2</sup> | 0.88% | 0.04% | 0.08% | 1.70% | 2.10% | 1.08% |
| Net assets, end of period (000's) | $24760600 | $21681389 | $32675191 | $34803721 | $17222690 | $18029945 |

---

<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Prime CNAV Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income (loss) | 2.24%<sup>1</sup> | 0.08% | 0.19% | 1.83% | 2.29% | 1.34% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Total investment return<sup>2</sup> | 0.99% | 0.09% | 0.17% | 1.90% | 2.27% | 1.32% |
| Net assets, end of period (000's) | $5409603 | $1908435 | $4449407 | $7495231 | $4881630 | $2370336 |

---

<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Tax-Free Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Expenses after fee waivers | 0.10%<sup>1</sup> | 0.05% | 0.09% | 0.10% | 0.10% | 0.10% |
| Net investment income (loss) | 1.14%<sup>1</sup> | 0.05% | 0.04% | 1.19% | 1.35% | 0.93% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Total investment return<sup>2</sup> | 0.58% | 0.05% | 0.04% | 1.23% | 1.38% | 0.91% |
| Net assets, end of period (000's) | $928937 | $883686 | $814225 | $2573583 | $2276103 | $3327962 |

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<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

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Master Trust

Notes to financial statements (unaudited)

**Organization and significant accounting policies** 

Prime Master Fund, ESG Prime Master Fund, Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund and Tax-Free Master Fund (each a "Master Fund", collectively, the "Master Funds") are each registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), as a diversified series of Master Trust, an open-end management investment company organized as a Delaware statutory trust on June 12, 2007. The Trust is a series mutual fund with six series.

Prime Master Fund, Treasury Master Fund, and Tax-Free Master Fund commenced operations on August 28, 2007. Prime CNAV Master Fund commenced operations on January 19, 2016, Government Master Fund commenced operations on June 24, 2016 and ESG Prime Master Fund commenced operations on January 15, 2020.

UBS Asset Management (Americas) Inc. ("UBS AM") is the investment advisor and administrator for the Master Funds. UBS AM is an indirect wholly owned subsidiary of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

Master Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

Each Master Fund may issue any number of interests and each interest shall have a par value of $0.001 per interest. The interests of a Master Fund shall represent a proportional beneficial interest in the net assets belonging to that series. Each holder of interests of a Master Fund shall be entitled to receive his or her pro rata share of all distributions made with respect to such Master Fund according to the investor's ownership percentage of such Master Fund on the record date established for payment. Upon redemption of interests, an investor shall be paid solely out of the assets and property of such Master Fund. Beneficial interests in the Trust are not registered under the Securities Act of 1933, as amended, since such interests are issued in private placement transactions.

In the normal course of business, the Master Funds may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Master Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Master Funds that have not yet occurred. However, the Master Funds have not had any prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Master Funds' financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The following is a summary of significant accounting policies:

**Valuation of investments** 

Consistent with Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), the net asset values of each of Prime Master Fund and ESG Prime Master Fund are calculated using market-based values, and the price of its beneficial interests fluctuate.

Under Rule 2a-7, Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund, and Tax-Free Master Fund have adopted certain policies that enable them to use the amortized cost method of valuation. Government

------

Master Trust

Notes to financial statements (unaudited)

Master Fund and Treasury Master Fund have adopted a policy to operate as "government money market funds". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (*i.e.*, collateralized by cash and/or government securities). Prime CNAV Master Fund and Tax-Free Master Fund operate as "retail money market funds". Under Rule 2a-7, a "retail money market fund" is a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As "government money market funds" and as "retail money market funds", Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund, and Tax-Free Master Fund value their investments at amortized cost unless UBS AM, as the valuation designee appointed by Master Trust's Board of Trustees (the"Board") pursuant to Rule 2a-5 under the 1940 Act, determines that this does not represent fair value. Periodic review and monitoring of the valuation of securities held by Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund, and Tax-Free Master Fund is performed in an effort to ensure that amortized cost approximates market value.

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. UBS AM has the Equities, Fixed Income, and Multi-Asset Valuation Committee (the "VC") to assist with its designated responsibilities as valuation designee with respect to the Master Funds' portfolio investments. The types of investments for which such fair value pricing may be necessary include, but are not limited to: investments of an issuer that has entered into a restructuring; fixed-income investments that have gone into default and for which there is no current market value quotation; Section 4(a)(2) commercial paper; investments that are restricted as to transfer or resale; illiquid investments; and investments for which the prices or values available do not, in the judgment of the VC, represent current market value. The need to fair value a Master Fund's portfolio investments may also result from low trading volume in foreign markets or thinly traded investments. Various factors may be reviewed in order to make a good faith determination of an investment's fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investments are purchased and sold.

Each Master Fund's portfolio holdings may also consist of shares of other investment companies in which the Master Fund invests. The value of each such open-end investment company will generally be its net asset value at the time a Master Fund's beneficial interests are priced. Pursuant to each Master Fund's use of the practical expedient within ASC Topic 820, investments in non-registered investment companies and/or investments in investment companies without publicly published prices are also valued at the daily net asset value. Each investment company generally values investments in a manner as described in that investment company's prospectus or similar documents.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of each Master Fund's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted 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 and credit risks.

Level 3—Unobservable inputs inclusive of each Master Fund's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of each Master Fund's Portfolio of investments.

**Liquidity fee and/or redemption gates—**Consistent with Rule 2a-7, the Board is permitted to impose a liquidity fee on redemptions from each of Prime Master Fund, ESG Prime Master Fund, Prime CNAV Master Fund and Tax- Free Master Fund or a redemption gate to temporarily restrict redemptions from those Master Funds in the event

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Master Trust

Notes to financial statements (unaudited)

that any of Prime Master Fund's liquidity, ESG Prime Master Fund's liquidity, Prime CNAV Master Fund's liquidity and/or Tax-Free Master Fund's liquidity, respectively, falls below required minimums because of market conditions or other factors. If Prime Master Fund's, ESG Prime Master Fund's, Prime CNAV Master Fund's or Tax-Free Master Fund's weekly liquid assets fall below 30% of the Fund's total assets, the board is permitted, but not required, to: (i) impose a liquidity fee of no more than 2% of the amount redeemed; and/or (ii) impose a redemption gate to temporarily suspend the right of redemption. If any of Prime Master Fund's, ESG Prime Master Fund's, Prime CNAV Master Fund's or Tax-Free Master Fund's weekly liquid assets falls below 10% of the Fund's total assets, the relevant Fund must impose, generally as of the beginning of the next business day, a liquidity fee of 1% of the amount redeemed unless the Board determines that such a fee would not be in the best interest of the Fund or determines that a lower or higher fee (subject to the 2% limit) would be in the best interest of the Fund. Liquidity fees would reduce the amount an interest holder receives upon redemption of its beneficial interests. Each of Prime Master Fund, ESG Prime Master Fund, Prime CNAV Master Fund and Tax-Free Master Fund, retains the liquidity fees for the benefit of remaining interest holders. For the period ended October 31, 2022,the Board of Prime Master Fund, ESG Prime Master Fund, Prime CNAV Master Fund and Tax-Free Master Fund did not impose any liquidity fees and/or redemption gates.

By operating as "government money market funds", Government Master Fund and Treasury Master Fund are exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Board may elect to subject Government Master Fund and Treasury Master Fund to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

**Repurchase agreements—**The Master Funds may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Master Funds maintain custody of the underlying obligations prior to their repurchase, either through their regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Master Funds and their counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by a fund upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Master Funds generally have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds, equities and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. Moreover, repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 or a fund's investment strategies and limitations may require the Master Fund to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Master Funds may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Each Master Fund intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM to present minimal credit risk.

The Master Funds may participate in joint repurchase agreement transactions with other funds managed or advised by UBS AM. Prime Master Fund, ESG Prime Master Fund, Government Master Fund, Treasury Master Fund, and Prime CNAV Master Fund may engage in repurchase agreements as part of normal investing strategies; Tax-Free Master Fund generally would only engage in repurchase agreement transactions as temporary or defensive investments.

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Master Trust

Notes to financial statements (unaudited)

Under certain circumstances, a Master Fund may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its portfolio at the end of the day in order to avoid having the Master Fund potentially exposed to a fee for uninvested cash held in a business account at a bank.

**Investment transactions and investment income—**Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the identified cost method. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

**Concentration of risk—**The ability of the issuers of the debt securities held by the Master Funds to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Certain impacts to public health conditions particular to the coronavirus "COVID-19" outbreak that occurred may have a significant negative impact on the operations and profitability of the issuers of a Master Fund's investments. The extent of the impact to the financial performance of a Fund will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

**Investment advisor and administrator** 

UBS AM serves as the investment advisor and administrator to each Master Fund pursuant to an investment advisory and administration contract ("Management Contract") approved by the Board. In accordance with the Management Contract, each Master Fund pays UBS AM an investment advisory and administration fee ("management fee"), which is accrued daily and paid monthly, at the below annual rates, as a percentage of each Master Fund's average daily net assets:

---

| | |
|:---|:---|
| **Average daily net assets** | **Annual rate** |
| Up to $30 billion | 0.1000% |
| In excess of $30 billion up to $40 billion | 0.0975 |
| In excess of $40 billion up to $50 billion | 0.0950 |
| In excess of $50 billion up to $60 billion | 0.0925 |
| Over $60 billion | 0.0900 |

---

At October 31, 2022, each Master Fund owed or was (owed by) UBS AM for investment advisory and administration services, net of waivers, as follows:

---

| | |
|:---|:---|
| **Fund** | **Net amount owed to/(owed by) UBS AM** |
| Prime Master Fund | $590112 |
| ESG Prime Master Fund | 168572 |
| Government Master Fund | 119501 |
| Treasury Master Fund | 1873275 |
| Prime CNAV Master Fund | 404631 |
| Tax-Free Master Fund | 58301 |

---

In exchange for these fees, UBS AM has agreed to bear all of the Master Funds' expenses other than taxes, extraordinary costs and the cost of securities purchased and sold by the Master Funds, including any transaction costs. Although UBS AM is not obligated to pay the fees and expenses of the Master Funds' independent trustees, it is contractually obligated to reduce its management fee in an amount equal to those fees and expenses. UBS AM estimates that these fees and expenses will be 0.01% or less of each Master Fund's average daily net assets.

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Master Trust

Notes to financial statements (unaudited)

In addition, UBS AM may voluntarily undertake to waive fees. This additional undertaking is voluntary and not contractual and may be terminated at any time. During the period ended October 31, 2022, UBS AM voluntarily waived the below amounts, which are not subject to future recoupment:

---

| | |
|:---|:---|
| **Fund** | **Amount waived by UBS AM** |
| Government Master Fund | $2745980 |

---

For the period April 1, 2022 to September 23, 2022, UBS AM voluntarily waived 0.07% of its management fee in order to voluntarily reduce ESG Prime Master Fund's expenses by 0.07%. For the period ended October 31, 2022, UBS AM voluntarily waived $438,083 for the ESG Prime Master Fund, and such amount is not subject to future recoupment.

**Beneficial interest transactions** 

---

| | | |
|:---|:---|:---|
| **Prime Master Fund** | **Prime Master Fund** | **Prime Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $&nbsp;&nbsp;&nbsp;&nbsp;5645570186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073650718 |
| Withdrawals | (2711055566) | (6963671843) |
| Net increase (decrease) in beneficial interest | $2934514620 | $(3890021125) |

---

---

| | | |
|:---|:---|:---|
| **ESG Prime Master Fund** | **ESG Prime Master Fund** | **ESG Prime Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $&nbsp;&nbsp;&nbsp;&nbsp;3116536254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338578556 |
| Withdrawals | (1875046763) | (1480823859) |
| Net increase (decrease) in beneficial interest | $1241489491 | $857754697 |

---

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| | | |
|:---|:---|:---|
| **Government Master Fund** | **Government Master Fund** | **Government Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $18529031580 | $118340152475 |
| Withdrawals | (14201754587) | (122866785031) |
| Net increase (decrease) in beneficial interest | $4327276993 | $(4526632556) |

---

---

| | | |
|:---|:---|:---|
| **Treasury Master Fund** | **Treasury Master Fund** | **Treasury Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $36986682361 | $&nbsp;&nbsp;&nbsp;&nbsp;56066375618 |
| Withdrawals | (34120063734) | (67070164974) |
| Net increase (decrease) in beneficial interest | $2866618627 | $(11003789356) |

---

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Master Trust

Notes to financial statements (unaudited)

---

| | | |
|:---|:---|:---|
| **Prime CNAV Master Fund** | **Prime CNAV Master Fund** | **Prime CNAV Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $5047264879 | $968414610 |
| Withdrawals | (1585602830) | (3511625044) |
| Net increase (decrease) in beneficial interest | $3461662049 | $(2543210434) |

---

---

| | | |
|:---|:---|:---|
| **Tax-Free Master Fund** | **Tax-Free Master Fund** | **Tax-Free Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $&nbsp;&nbsp;&nbsp;&nbsp;799874187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807236613 |
| Withdrawals | (759893312) | (738163647) |
| Net increase (decrease) in beneficial interest | $39980875 | $69072966 |

---

**Federal tax status** 

Each Master Fund is considered a non-publicly traded partnership for federal income tax purposes under the Internal Revenue Code; therefore, no federal tax provision is necessary. As such, each investor in a Master Fund is treated as owning its proportionate share of the net assets, income, expenses, and realized and unrealized gains and losses of the Master Fund. UBS AM intends that each Master Fund's assets, income and distributions will be managed in such a way that an investor in a Master Fund will be able to continue to qualify as a regulated investment company by investing its net assets through the Master Fund.

Aggregate cost for federal income tax purposes was substantially the same for book purposes; and net unrealized appreciation/(depreciation) consisted of:

**Prime Master Fund** 

---

| | |
|:---|:---|
| Gross unrealized appreciation | $91340 |
| Gross unrealized depreciation | (1009840) |
| Net unrealized appreciation (depreciation) | $(918500) |

---

**ESG Prime Master Fund** 

---

| | |
|:---|:---|
| Gross unrealized appreciation | $36476 |
| Gross unrealized depreciation | (342198) |
| Net unrealized appreciation (depreciation) | $(305722) |

---

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Master Funds have conducted an analysis and concluded, as of October 31, 2022, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. The Master Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended October 31, 2022, the Funds did not incur any interest or penalties.

Each of the tax years in the four year period ended April 30, 2022, and since inception for ESG Prime Master Fund, remains subject to examination by the Internal Revenue Service and state taxing authorities.

------

Master Trust

General information (unaudited)

**Monthly portfolio holdings disclosure** 

The Master Funds file their complete schedules of portfolio holdings with the US Securities and Exchange Commission ("SEC") each month on Form N-MFP. The Master Funds' reports on Form N-MFP are available on the SEC's Web site at http://www.sec.gov. The Master Funds make portfolio holdings information available to interest holders (and investors in the related feeder funds) on UBS's Web site at the following internet address: www.ubs.com/usmoneymarketfunds. A more limited portfolio holdings report for Prime Master Fund, ESG Prime Master Fund and Prime CNAV Master Fund is available on a weekly basis at the same Web address. Investors also may find additional information about the Master Funds at the above referenced UBS Website internet address.

**Proxy voting policies, procedures and record** 

You may obtain a description of the Fund's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1-800-647 1568, online on the Fund's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

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Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

**Background**—At a meeting of the board of Master Trust (the "Trust") on July 19-20, 2022, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust ("Independent Trustees"), considered and approved the continuance of the management contract (the "Management Contract") between UBS Asset Management (Americas) Inc. ("UBS AM") and the Trust, with respect to ESG Prime Master Fund ("ESG Prime Master"), Government Master Fund ("Government Master"), Prime CNAV Master Fund ("Prime CNAV Master"), Prime Master Fund ("Prime Master"), Treasury Master Fund ("Treasury Master") and Tax-Free Master Fund ("Tax-Free Master" and, collectively with ESG Prime Master, Government Master, Prime CNAV Master, Prime Master and Treasury Master, each a "Master Fund" and collectively the "Master Funds"). In preparing for the meeting, the Independent Trustees had requested and received extensive information from UBS AM to assist them, including information about UBS AM, as well as the advisory, administrative and distribution arrangements for the Master Funds. The board reviewed and discussed with management the materials provided by UBS AM prior to the scheduled board meeting. The Independent Trustees also met in executive session to review the disclosure that had been made to them. At these sessions the Independent Trustees were joined by their independent legal counsel. The Independent Trustees also received a memorandum from their independent legal counsel discussing the duties of board members in considering the approval of advisory and administration agreements.

In its consideration of the approval of the Management Contract, the board reviewed the following factors:

**Nature, extent and quality of the services under the Management Contract**—The board received and considered information regarding the nature, extent and quality of management services provided to the Master Funds by UBS AM under the Management Contract. The board also considered the nature, extent and quality of administrative, distribution, and shareholder services performed by UBS AM and its affiliates for the Master Funds and the corresponding SEC-registered "feeder funds" that invest in the Master Funds (the "Feeder Funds"). The board noted that it received information at regular meetings throughout the year regarding the services rendered by UBS AM concerning the management of each Master Fund's and Feeder Fund's affairs and UBS AM's role in coordinating and overseeing providers of other services to the Master Funds and the Feeder Funds. The board's evaluation of the services provided by UBS AM took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the scope and quality of UBS AM's investment advisory and other capabilities and the quality of its administrative and other services. The board observed that the scope of services provided by UBS AM had expanded over time as a result of regulatory and other developments, including maintaining and monitoring its own and the Master Funds' and the Feeder Funds' expanded compliance programs.

The board had available to it the qualifications, backgrounds and responsibilities of the senior personnel at UBS AM responsible for the Master Funds and the Feeder Funds and had previously met with and received information regarding the persons primarily responsible for their day-to-day management. The board recognized that several senior personnel at UBS AM report to the board regularly and that at each regular meeting the board receives a detailed report from UBS AM on each Master Fund's and corresponding Feeder Fund's performance. The board also considered, based on its knowledge of UBS AM and its affiliates, the financial resources available to UBS AM and its parent organization, UBS Group AG. In that regard, the board received extensive financial information regarding UBS AM and noted that it was a wholly owned, indirect subsidiary of one of the largest financial services firms in the world. It also was noted that UBS AM had approximately $290.6 billion in assets under management as of March 31, 2022 and was part of the UBS Asset Management Division, which had approximately $1.2 trillion in assets under management worldwide as of March 31, 2022. The board also was cognizant of, and considered, the regulatory and litigation actions and investigations occurring in the past few years involving UBS Group AG, UBS AM and certain of their affiliates.

The board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) under the Management Contract.

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Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

**Management fees and expense ratios**—In conducting its review, the board noted that under the master-feeder structure, each Master Fund pays an investment advisory and administration fee (the "Contractual Management Fee") to UBS AM, and, in turn, each Feeder Fund bears its corresponding Master Fund's expenses in proportion to its investment in its corresponding Master Fund. Therefore, in making its determination regarding each Master Fund's fees, the board assessed (i) each Master Fund's Contractual Management Fee, Actual Management Fee (defined below) and overall expenses, (ii) each Feeder Fund's portion of its Master Fund's Contractual Management Fee and Actual Management Fee (defined below), and (iii) each Feeder Fund's overall expenses.

In addition to reviewing each Feeder Fund's portion of its corresponding Master Fund's Contractual Management Fee, the board also reviewed and considered any fee waiver and/or expense reimbursement arrangement and considered the actual fee rate (after taking any waivers and/or reimbursements into account) (the "Actual Management Fee"). The board noted that management proposed to extend the contractual fee waiver and/or expense reimbursement arrangements in place for the Select Prime Preferred Feeder Fund, Select ESG Prime Preferred Feeder Fund, Prime Preferred Feeder Fund, Tax-Free Preferred Feeder Fund, Select Treasury Preferred Feeder Fund, Select Government Preferred Feeder Fund, Select Prime Investor Feeder Fund, Select ESG Prime Investor Feeder Fund, Prime Investor Feeder Fund, Tax-Free Investor Feeder Fund, Select Treasury Investor Feeder Fund and Select Government Investor Feeder Fund through August 31, 2023. The board also noted that management would pass through to the benefit of the Select Prime Investor Feeder Fund, Select ESG Prime Investor Feeder Fund, Prime Investor Feeder Fund, Tax-Free Investor Feeder Fund, Select Treasury Investor Feeder Fund and Select Government Investor Feeder Fund certain waivers from financial intermediaries. The board noted that such additional voluntary waiver/reimbursement arrangements are not contractually imposed and could change or terminate at any time.

The board also received and considered information comparing each Master Fund's Contractual Management Fee, Actual Management Fee and overall expenses and each Feeder Fund's portion of its corresponding Master Fund's Contractual Management Fee and Actual Management Fee and each Feeder Fund's total expenses with those of funds in a group of funds selected and provided by Broadridge ("Broadridge"), an independent provider of investment company data (the "Expense Group"). With respect to Select Prime Investor Feeder Fund, Tax-Free Investor Feeder Fund, Select Treasury Investor Feeder Fund, Select Government Investor Feeder Fund, Prime Investor Feeder Fund and Select ESG Prime Investor Feeder Fund, the board also received from Broadridge comparative data on a supplemental expense group of funds selected based on feeder fund asset size instead of master fund asset size; with respect to RMA Government Money Market Feeder Fund, the board also received from Broadridge comparative data on a supplemental expense group of funds selected based on their utilization as account sweep funds (each, a "Supplemental Expense Group").

In connection with its consideration of the management fees, the board also received information from UBS AM with respect to fees paid by institutional or separate accounts; however, in management's view, such fee information was not very relevant to the Master Funds because, among other reasons, separately managed and institutional accounts with a "cash" mandate (a) were not subject to all of the constraints of Rule 2a-7 under the 1940 Act to which the Master Funds are subject and (b) do not involve the management responsibilities attendant to the operation of a 1940 Act regulated fund, and, therefore, were not totally comparable. The board also received information on fees charged to other mutual funds managed by UBS AM.

<u>ESG Prime Master</u>

*Select ESG Prime Institutional Feeder Fund, Select ESG Prime Preferred Feeder Fund and Select ESG Prime Investor Feeder Fund* 

The comparative Broadridge information showed that, with the exception of the Select ESG Prime Institutional Feeder Fund's Actual Management Fee, the ESG Prime Master Fund's Contractual Management Fee, Actual

------

Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account. (Below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the applicable Expense Group.)

<u>Government Master</u>

*Select Government Institutional Feeder Fund, Select Government Preferred Feeder Fund, Select Government Investor Feeder Fund and RMA Government Money Market Feeder Fund* 

The comparative Broadridge information showed that, with the exception of the RMA Government Money Market Feeder Fund 's Actual Management Fee, the Government Master Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

<u>Prime CNAV Master</u>

*Prime Reserves Feeder Fund, Prime Preferred Feeder Fund and Prime Investor Feeder Fund* 

The comparative Broadridge information showed that the Prime CNAV Master Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

<u>Prime Master</u>

*Select Prime Institutional Feeder Fund, Select Prime Preferred Feeder Fund and Select Prime Investor Feeder Fund* 

The comparative Broadridge information showed that, with the exception of (1) the Select Prime Institutional Feeder Fund's Actual Management Fee and total expenses and (2) the Select Prime Preferred Feeder Fund's Actual Management Fee, the Prime Master Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

<u>Treasury Master</u>

*Select Treasury Institutional Feeder Fund, Select Treasury Preferred Feeder Fund and Select Treasury Investor Feeder Fund* 

The comparative Broadridge information showed that each Feeder Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

<u>Tax-Free Master</u>

*Tax-Free Reserves Feeder Fund, Tax-Free Preferred Feeder Fund and Tax-Free Investor Feeder Fund* 

The comparative Broadridge information showed that, with the exception of the Tax-Free Investor Feeder Fund's Actual Management Fee, the Tax-Free Master Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

Management noted that the Tax-Free Investor Feeder Fund's Actual Management Fees were above the applicable Expense Group median, while the Contractual Management Fee and total expenses were below median.

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Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

In light of the foregoing, the board determined that the management fees for each of ESG Prime Master, Government Master, Prime CNAV Master, Prime Master, Treasury Master and Tax-Free Master continued to be appropriate under the circumstances and in light of the nature, extent and quality of services provided to each Master Fund under the Management Contract.

**Fund performance**—In considering each Master Fund's performance, the board received and considered (a) annualized total return information of each Feeder Fund compared to other funds (the "Performance Universe") selected by Broadridge over the one-, three-, five- and ten-year (or shorter) periods, as applicable to a Feeder Fund, and since inception, in each case ended April 30, 2022 and (b) annualized performance information for each year in the ten-year (or shorter) period ended April 30, 2022. Although the board received information for the ten-year period and since inception, in its analysis, it generally placed greater emphasis on the one-, three- and five-year periods. The board was provided with a description of the methodology Broadridge used to determine the similarity of each Feeder Fund with the funds included in its Performance Universe. The board noted that each Feeder Fund's performance is correlated with its corresponding Master Fund's performance, with the only difference being the administrative, distribution and shareholder service fees or other expenses paid at the Feeder Fund level.

<u>ESG Prime Master</u>

*Select ESG Prime Institutional Feeder Fund, Select ESG Prime Preferred Feeder Fund and Select ESG Prime Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of each of Select ESG Prime Institutional Feeder Fund and Select ESG Prime Preferred Feeder Fund was above its corresponding Performance Universe median for the one-year period and since inception; while the performance of Select ESG Prime Investor Feeder Fund was slightly below its corresponding Performance Universe median for each such period.

<u>Government Master</u>

*Select Government Institutional Feeder Fund, Select Government Preferred Feeder Fund, Select Government Investor Feeder Fund and RMA Government Money Market Feeder Fund* 

The comparative Broadridge information showed that the performance of each Feeder Fund was at or above its corresponding Performance Universe median for the one-, three- and five-year periods and since inception, with the only exception being the three-year period for RMA Government Money Market Feeder Fund, which was only slightly below such median.

<u>Prime CNAV Master</u>

*Prime Reserves Feeder Fund, Prime Preferred Feeder Fund and Prime Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of each Feeder Fund was at or above its corresponding Performance Universe median for the one-, three- and five-year periods and since inception.

<u>Prime Master</u>

*Select Prime Institutional Feeder Fund, Select Prime Preferred Feeder Fund and Select Prime Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of: (i) the Select Prime Institutional Feeder Fund was at or above its corresponding Performance Universe median for the three-, five- and ten-year periods and since inception, and below for the one-year period, (ii) the Select Prime Preferred Feeder Fund was at or above its corresponding Performance Universe median for the one-, three-, five- and ten-year periods and since inception, and (iii) the Select Prime Investor Feeder Fund was below its corresponding Performance Universe median for the one-, three-, five- and ten-year periods and since inception.

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Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

<u>Treasury Master</u>

*Select Treasury Institutional Feeder Fund, Select Treasury Preferred Feeder Fund and Select Treasury Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of each Feeder Fund was at or above its corresponding Performance Universe median for the one-, three-, five- and ten-year periods and since inception.

<u>Tax-Free Master</u>

*Tax-Free Reserves Feeder Fund, Tax-Free Preferred Feeder Fund and Tax-Free Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of the Tax-Free Reserves Feeder Fund and the Tax-Free Preferred Feeder Fund was at or above its corresponding Performance Universe median for the one-, three-, five- and ten-year periods and since inception, and the performance of the Tax-Free Investor Feeder Fund was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception, ranking in the fourth quintile in the one-year period.

For periods in which a Master Fund's performance was materially and persistently below median, UBS AM representatives explained, in a satisfactory manner, the reasons for the relative under-performance, including for structural reasons (for example, unitary fee as compared to non-unitary fees), or other comparison group selection criteria employed by Broadridge. Based on its review, the board concluded that each Master Fund's investment performance was acceptable under the circumstances.

**Advisor profitability**—The board received and considered a profitability analysis of UBS AM and its affiliates over time in providing services to the Master Funds and the Feeder Funds and was provided information on UBS AM's expense allocation methodology. The board also received profitability information with respect to the UBS New York fund complex as a whole. The board observed that the profitability and expense analyses are substantially similar to those used by UBS AM for many internal purposes and are subject to regular review with respect to how certain revenue and expenses should be allocated. UBS AM's profitability was considered not excessive in light of the nature, extent and quality of the services provided to the Master Funds and the Feeder Funds.

**Economies of scale**—The board received and considered information from management regarding whether UBS AM realized economies of scale as the Master Funds' assets grew, whether the Master Funds have appropriately benefited from any material unshared economies of scale over time, and whether there is potential for realization of any further economies of scale for the Master Funds. The board considered whether economies of scale in the provision of services to the Master Funds were being passed along to the Feeder Funds' shareholders.

The board noted that although each Master Fund's Contractual Management Fee contained breakpoints at higher asset levels, economies of scale might inure more to UBS AM because UBS AM paid most of each Master Fund's non-management operating expenses under the "unitary" fee structure. Overall, the board considered the sharing of economies of scale with the shareholders of the Feeder Funds acceptable.

**Other benefits to UBS AM**—The board considered other benefits received by UBS AM and its affiliates as a result of its relationship with the Master Funds and the Feeder Funds, including the opportunity to offer additional products and services to the Feeder Funds' shareholders and to others. In light of the costs of providing investment advisory, administrative and other services to the Master Funds, the costs of providing administrative services to the Feeder Funds and UBS AM's ongoing commitment to the Master Funds and the Feeder Funds, the profits and other ancillary benefits that UBS AM and its affiliates received were considered reasonable.

------

Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Management Contract. No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Management Contract. The Independent Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Management Contract in private sessions with their independent legal counsel at which no representatives of UBS AM were present.

------

**Trustees** 

Alan S. Bernikow

*Chairman* 

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

**Administrator (and Manager for the Master Funds)** 

UBS Asset Management (Americas) Inc.

787 Seventh Avenue

New York, New York 10019

**Principal Underwriter (for the feeder funds)** 

UBS Asset Management (US) Inc.

787 Seventh Avenue

New York, New York 10019

The financial information included herein is taken from the records of the Funds without examination by independent registered public accounts who do not express an opinion thereon.

This report is not to be used in connection with the offering of shares in the Funds unless accompanied or preceded by an effective prospectus.© UBS 2022. All rights reserved.

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![LOGO](g4231047mm_k485.jpg)

![LOGO](g423104g38c43.jpg)

**UBS Asset Management (Americas) Inc.** 

787 Seventh Avenue New York,

New York 10019-6028

S1663

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![LOGO](g3605537mm_k485.jpg)

## UBS Institutional/Reserves Funds
Semiannual Report \| October 31, 2022

**Includes:** 

• UBS Select Prime Institutional Fund

• UBS Select ESG Prime Institutional Fund

• UBS Select Government Institutional Fund

• UBS Select Treasury Institutional Fund

• UBS Prime Reserves Fund

• UBS Tax-Free Reserves Fund

------

UBS Institutional/Reserves Funds

December 15, 2022

**Dear Shareholder,** 

We present you with the semiannual report for the UBS Institutional/Reserves Series of Funds, namely UBS Select Prime Institutional Fund, UBS Select ESG Prime Institutional Fund, UBS Select Government Institutional Fund, UBS Select Treasury Institutional Fund, UBS Prime Reserves Fund and UBS Tax-Free Reserves Fund (the "Funds") for the six months ended October 31, 2022 (the "reporting period").

**Performance** 

The US Federal Reserve raised the federal funds rate from a range between 0.25% and 0.50% to a range between 3.00% and 3.25%

during the reporting period. The federal funds rate or the "fed funds rate," is the rate US banks charge one another for funds they borrow on an overnight basis. (For more details on the Fed's actions, see below.) The Fed also anticipates several additional rate hikes during the remainder of the Funds' current fiscal year. As a result, the yields on a number of short-term investments moved higher—as did the Funds' yields—during the reporting period.

The seven-day current yields for the Funds (after fee waivers/expense reimbursements, if any) were as follows:

• **UBS Select Prime Institutional Fund: 3.12% on October 31, 2022, versus 0.32% on April 30, 2022.** 

• **UBS Select ESG Prime Institutional Fund :** 3.10% on October 31, 2022, versus 0.37% on April 30,
2022. • **UBS Select Government Institutional Fund :** 3.01% on October 31, 2022, versus 0.11% on April 30,
2022. • **UBS Select Treasury Institutional Fund :** 2.93% on October 31, 2022, versus 0.24% on April 30,
2022. • **UBS Prime Reserves Fund :** 3.09% on October 31, 2022, versus 0.32% on April 30, 2022.

• **UBS Tax-Free Reserves Fund :** 1.84% on October 31, 2022, versus 0.25% on April 30, 2022.

For detailed information on the Funds' performance, refer to "Yields and characteristics at a glance" on pages<u> </u>6–8.

**An interview with the Portfolio Managers** 

**Q.** **How would you describe the economic environment during the reporting period?** 

**A.** The US economy moved in fits and starts, as it was impacted by COVID-19 and its variants, 40-year high inflation, supply chain shortages,

**UBS Select Prime Institutional Fund** 

**UBS Select Government Institutional Fund** 

**UBS Select Treasury Institutional Fund** 

**UBS Prime Reserves Fund** 

**Investment goals** 

**(all four Funds):** 

Maximum current income consistent with liquidity and capital preservation

**Portfolio Managers:** 

Robert Sabatino

David J. Walczak

UBS Asset Management (Americas) Inc.

**Commencement:** 

UBS Select Prime Institutional Fund—August 10, 1998;

UBS Select Government Institutional Fund—July 26, 2016;

UBS Select Treasury Institutional Fund—March 23, 2004;

UBS Prime Reserves Fund—January 19, 2016

**Dividend payments:** 

Monthly

**UBS Select ESG Prime Institutional Fund** 

**Investment goal:** 

Maximum current income as is consistent with liquidity and preservation of capital while incorporating select environmental, social, and governance criteria ("ESG") into the investment process.

**Portfolio Managers:** 

Robert Sabatino

David J. Walczak

UBS Asset Management

(Americas) Inc.

**Commencement:** 

January 15, 2020

**Dividend payments:** 

Monthly

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UBS Institutional/Reserves Funds

rising interest rates and the repercussions from the war in Ukraine. These headwinds were at times offset by a resilient job market and overall positive consumer spending. Looking back, first quarter 2022 US annualized gross domestic product ("GDP") was -1.6%. The economy then contracted 0.6% over the second quarter of the year. Finally, the Commerce Department's initial estimate showed that third quarter annualized GDP was a positive 2.6%.

**Q.** **How did the US Federal Reserve (the "Fed") react to the economic environment?** 

**A.** The Fed raised interest rates four times during the reporting period in an attempt to rein in persistent and
elevated inflation. These moves pushed the federal funds rate from a range between 0.25% and 0.50% to a range between 3.00% and 3.25%. Then, in November 2022—after the reporting period ended—the Fed raised rates to a range between 3.75%
and 4.00% and indicated that additional rate hikes would be appropriate. Finally, in December 2022, the Fed raised rates to a range between 4.25% and 4.50%.

**Q.** **Given that the Funds are "feeder funds," how were the portfolios in which they invest managed during the reporting period?** 

**A.** Each fund is a "feeder fund," investing all of its assets in "Master Funds"—the Prime Master
Fund, the ESG Prime Master Fund, the Government Master Fund, the Treasury Master Fund, the Prime CNAV Master Fund, and the Tax-Free Master Fund, respectively. As always, quality and liquidity remained
paramount in our management process for the Master Funds.

• For the Prime Master Fund in which **UBS Select Prime Institutional Fund** invests, we tactically adjusted its weighted
average maturity (WAM)—which is the weighted average maturity of the securities in the portfolio—throughout the six month review period. When the reporting period began, the Master Fund had a WAM of 21 days. By the end of the period
on October 31, 2022, the Master Fund's WAM was five days.

At the security level, we increased the Master Fund's exposure to repurchase agreements and, to a lesser extent, certificates of deposit. Conversely, we decreased its allocation to commercial paper and time deposits. (Repurchase agreements are transactions that require the seller of a security to buy it back at a predetermined time and price, or upon demand.)

• The WAM for the Master Fund in which **UBS Select ESG Prime Institutional Fund** invests was 17 days when the reporting
period began. By the end of the review period on October 31, 2022, the Master Fund had a WAM of seven days. At the security level, we modestly increased the Master Fund's exposure to certificates of deposit and commercial paper. In
contrast, we slightly decreased its exposures to time deposits and repurchase agreements.

• The WAM for the Master Fund in which **UBS Select Government Institutional Fund** invests was 22 days when the reporting
period began. Over the review period, the WAM was adjusted, and at period-end on October 31, 2022, it was three days. At the security level, we significantly increased the Master Fund's exposure to
repurchase agreements backed by government securities. Conversely, we reduced its allocations to direct US Treasury obligations and US government agency obligations.

• The WAM for the Master Fund in which **UBS Select Treasury Institutional Fund** invests was 23 days when the reporting
period began. Over the review period, the WAM was adjusted, and at period-end it was five days. At the security level, we meaningfully increased the Master Fund's exposure to repurchase agreements backed
by US Treasury obligations and significantly reduced its exposure to direct US Treasury obligations.

• The WAM for the Prime CNAV Master Fund in which **UBS Prime Reserves Fund** invests was 22 days when the reporting
period began. We tactically adjusted its WAM, and at the end of the reporting period the Master Fund's WAM was six days. Over the review period, we modestly increased the Master Fund's exposures to repurchase agreements and certificates of
deposit. Conversely, we slightly decreased its exposures to commercial paper and time deposits.

**UBS Tax-Free Reserves Fund** 

**Investment goal:** 

Maximum current income exempt from federal income tax consistent with liquidity and the preservation of capital

**Portfolio Manager:** 

Lisa M. DiPaolo

UBS Asset Management

(Americas) Inc.

**Commencement:** 

August 28, 2007

**Dividend payments:** 

Monthly

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UBS Institutional/Reserves Funds

• The WAM for the Master Fund in which **UBS Tax-Free Reserves Fund** invests was
six days when the reporting period began. We tactically adjusted the Master Fund's WAM based on market conditions and seasonality factors within the tax-exempt market. At the end of the reporting period
its WAM was five days. Over the review period, we increased the Master Fund's allocation to municipal bonds and reduced its exposure to tax-exempt commercial paper.

**Q.** **What factors do you believe will affect the Funds over the coming months?** 

**A.** We expect the Fed to continue tightening monetary policy as it seeks to lower inflation. At the same time, several
economic indicators point to slowing growth, and it's unclear whether the central bank can maneuver a "soft landing" for the US economy. In this environment, we anticipate continuing to manage the Funds focusing on risk and liquidity.

We thank you for your continued support and welcome any comments or questions you may have. For additional information on the UBS family of funds,\* please contact your financial advisor, or visit us at www.ubs.com/am-us.

Sincerely,

---

| | |
|:---|:---|
| ![LOGO](g360553g29p71.jpg) | ![LOGO](g360553g13n19.jpg) |
| Igor Lasun<br> President—UBS Series Funds<br> UBS Select Prime Institutional Fund<br> UBS Select ESG Prime Institutional Fund<br> UBS Select Government Institutional Fund<br> UBS Select Treasury Institutional Fund<br> UBS Prime Reserves Fund<br> UBS Tax-Free Reserves Fund<br> Managing Director<br> UBS Asset Management<br> (Americas) Inc. | Robert Sabatino<br> Portfolio Manager—<br> UBS Select Prime Institutional Fund<br> UBS Select ESG Prime Institutional Fund<br> UBS Select Government Institutional Fund<br> UBS Select Treasury Institutional Fund<br> UBS Prime Reserves Fund<br> Managing Director<br> UBS Asset Management<br> (Americas) Inc. |

---

---

| | |
|:---|:---|
| ![LOGO](g360553g67i63.jpg)  | ![LOGO](g360553g20m05.jpg)  |
| David J. Walczak<br> Portfolio Manager—<br> UBS Select Prime Institutional Fund<br> UBS Select ESG Prime Institutional Fund<br> UBS Select Government Institutional Fund<br> UBS Select Treasury Institutional Fund<br> UBS Prime Reserves Fund<br> Executive Director<br> UBS Asset Management<br> (Americas) Inc. | Lisa DiPaolo<br> Portfolio Manager—<br> UBS Tax-Free Reserves Fund<br> Executive Director<br> UBS Asset Management<br> (Americas) Inc. |

---

*This letter is intended to assist shareholders in understanding how the Funds performed during the six-month period ended October 31, 2022. The views and opinions in the letter were current as of December 15, 2022. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.* 

\* Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Web site at www.ubs.com/am-us. 

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UBS Institutional/Reserves Funds

**Understanding your Fund's expenses**<sup>1</sup> **(unaudited)** 

As a shareholder of a Fund, you incur ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Since each Fund is a "feeder fund" that invests in a corresponding "master fund," the expense information below reflects the combined effect of the two levels of expenses and not just those imposed directly at the feeder fund level.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2022 to October 31, 2022.

**Actual expenses** 

The first line in the table below for each Fund 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 a 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 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 in the table below for each Fund provides information about hypothetical account values and hypothetical expenses based on the 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 your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the second line in the table for each Fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, if those other funds impose transactional costs—for example, exchange fees. In addition, if those transactional costs were included, your costs for those other funds would have been higher.

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UBS Institutional/Reserves Funds

**Understanding your Fund's expenses**<sup>1</sup> **(unaudited) (concluded)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>May 1, 2022** | **Ending<br>account value**<sup>2</sup>**<br>October 31, 2022** | **Expenses paid<br>during period**<sup>3</sup>**<br>05/01/22 to 10/31/22** | **Expense<br>ratio during<br>the period** |
| **UBS Select Prime Institutional Fund** |  |  |  |  |
| Actual | $1000.00 | $1009.40 | $0.91 | 0.18% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.30 | 0.92 | 0.18 |
| **UBS Select ESG Prime Institutional Fund** |  |  |  |  |
| Actual | $1000.00 | $1009.60 | $0.71 | 0.14% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.50 | 0.71 | 0.14 |
| **UBS Select Government Institutional Fund** |  |  |  |  |
| Actual | $1000.00 | $1008.60 | $0.45 | 0.09% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.75 | 0.46 | 0.09 |
| **UBS Select Treasury Institutional Fund** |  |  |  |  |
| Actual | $1000.00 | $1008.30 | $0.91 | 0.18% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.30 | 0.92 | 0.18 |
| **UBS Prime Reserves Fund** |  |  |  |  |
| Actual | $1000.00 | $1009.30 | $0.91 | 0.18% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.30 | 0.92 | 0.18 |
| **UBS Tax-Free Reserves Fund** |  |  |  |  |
| Actual | $1000.00 | $1005.30 | $0.90 | 0.18% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.30 | 0.92 | 0.18 |

---

<sup>1</sup> The expenses for the Funds reflect the expenses of the corresponding master funds in which they invest in addition to their own direct expenses.

<sup>2</sup> "Actual–Ending account value" may or may not be reflective of a shareholder's actual investment experience during periods of very low interest rates. While the Fund declares dividends daily and pays them monthly, the amounts are rounded to the nearest $0.01 on a daily basis with respect to each investor's account. As a result, investors whose Fund account balances earn daily dividends that total less than one half a cent on any given day will not accrue any dividends on that day. 

<sup>3</sup> Expenses are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

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UBS Institutional/Reserves Funds

**Yields and characteristics at a glance—October 31, 2022 (unaudited)** 

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| | |
|:---|:---|
| **UBS Select Prime Institutional Fund**<br>**Yields and characteristics** | |
| Seven-day current yield after fee waivers<sup>1</sup> | 3.12% |
| Seven-day effective yield after fee waivers<sup>1</sup> | 3.17 |
| Seven-day current yield before fee waivers<sup>1</sup> | 3.12 |
| Seven-day effective yield before fee waivers<sup>1</sup> | 3.17 |
| Weighted average maturity<sup>2</sup> | 5 days |
| **UBS Select ESG Prime Institutional Fund** |  |
| **Yields and characteristics** |  |
| Seven-day current yield after fee waivers<sup>1</sup> | 3.10% |
| Seven-day effective yield after fee waivers<sup>1</sup> | 3.14 |
| Seven-day current yield before fee waivers<sup>1</sup> | 3.10 |
| Seven-day effective yield before fee waivers<sup>1</sup> | 3.14 |
| Weighted average maturity<sup>2</sup> | 7 days |

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**Table footnotes are on page 8.** 

**You could lose money by investing in UBS Select Prime Institutional Fund and UBS Select ESG Prime Institutional Fund. Because the price of interests in the related money market master funds will fluctuate, when you sell your shares of UBS Select Prime Institutional Fund and UBS Select ESG Prime Institutional Fund, your shares of UBS Select Prime Institutional Fund and UBS Select ESG Prime Institutional Fund may be worth more or less than what you originally paid for them. The related money market master funds may impose a fee upon sale of your shares of UBS Select Prime Institutional Fund and UBS Select ESG Prime Institutional Fund or may temporarily suspend your ability to sell shares of UBS Select Prime Institutional Fund and UBS Select ESG Prime Institutional Fund if the related money market master fund's liquidity falls below required minimums because of market conditions or other factors. An investment in UBS Select Prime Institutional Fund and UBS Select ESG Prime Institutional Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. UBS Select Prime Institutional Fund's and UBS Select ESG Prime Institutional Fund's sponsor has no legal obligation to provide financial support to UBS Select Prime Institutional Fund and UBS Select ESG Prime Institutional Fund, and you should not expect that the fund's sponsor will provide financial support to UBS Select Prime Institutional Fund and UBS Select ESG Prime Institutional Fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

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UBS Institutional/Reserves Funds

**Yields and characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

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| | |
|:---|:---|
| **UBS Select Government Institutional Fund**<br>**Yields and characteristics** | |
| Seven-day current yield after fee waivers<sup>1</sup> | 3.01% |
| Seven-day effective yield after fee waivers<sup>1</sup> | 3.05 |
| Seven-day current yield before fee waivers<sup>1</sup> | 2.93 |
| Seven-day effective yield before fee waivers<sup>1</sup> | 2.97 |
| Weighted average maturity<sup>2</sup> | 3 days |
| **UBS Select Treasury Institutional Fund** |  |
| **Yields and characteristics** |  |
| Seven-day current yield after fee waivers<sup>1</sup> | 2.93% |
| Seven-day effective yield after fee waivers<sup>1</sup> | 2.97 |
| Seven-day current yield before fee waivers<sup>1</sup> | 2.93 |
| Seven-day effective yield before fee waivers<sup>1</sup> | 2.97 |
| Weighted average maturity<sup>2</sup> | 5 days |

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**Table footnotes are on page 8.** 

**You could lose money by investing in UBS Select Government Institutional Fund and UBS Select Treasury Institutional Fund.** 

**Although the related money market master funds seek to preserve the value of your investment so that the shares of UBS Select Government Institutional Fund and UBS Select Treasury Institutional Fund are at $1.00 per share, the related money market master funds cannot guarantee they will do so. An investment in UBS Select Government Institutional Fund and UBS Select Treasury Institutional Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. UBS Select Government Institutional Fund's sponsor and UBS Select Treasury Institutional Fund's sponsor has no legal obligation to provide financial support to UBS Select Government Institutional Fund and UBS Select Treasury Institutional Fund, and you should not expect that the funds' sponsor will provide financial support to UBS Select Government Institutional Fund and UBS Select Treasury Institutional Fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

------

UBS Institutional/Reserves Funds

**Yields and characteristics at a glance—October 31, 2022 (unaudited) (concluded)** 

---

| | |
|:---|:---|
| **UBS Prime Reserves Fund**<br>**Yields and characteristics** | |
| Seven-day current yield after fee waivers<sup>1</sup> | 3.09% |
| Seven-day effective yield after fee waivers<sup>1</sup> | 3.14 |
| Seven-day current yield before fee waivers<sup>1</sup> | 3.09 |
| Seven-day effective yield before fee waivers<sup>1</sup> | 3.14 |
| Weighted average maturity<sup>2</sup> | 6 days |
| **UBS Tax-Free Reserves Fund** |  |
| **Yields and characteristics** |  |
| Seven-day current yield after fee waivers<sup>1</sup> | 1.84% |
| Seven-day effective yield after fee waivers<sup>1</sup> | 1.86 |
| Seven-day current yield before fee waivers<sup>1</sup> | 1.84 |
| Seven-day effective yield before fee waivers<sup>1</sup> | 1.86 |
| Weighted average maturity<sup>2</sup> | 5 days |

---

**Investments in UBS Prime Reserves Fund and UBS Tax-Free Reserves Fund are intended to be limited to accounts beneficially owned by natural persons. UBS Prime Reserves Fund and UBS Tax-Free Reserves Fund reserve the right to repurchase shares in any accounts that are not beneficially owned by natural persons.** 

**You could lose money by investing in UBS Prime Reserves Fund and UBS Tax-Free Reserves Fund. Although the related money market master funds seek to preserve the value of your investment so that the shares of UBS Prime Reserves Fund and UBS Tax-Free Reserves Fund are at $1.00 per share, the related money market master funds cannot guarantee they will do so. The related money market master funds may impose a fee upon sale of your shares of UBS Prime Reserves Fund and UBS Tax-Free Reserves Fund or may temporarily suspend your ability to sell shares of UBS Prime Reserves Fund and UBS Tax-Free Reserves Fund if the related money market master fund's liquidity falls below required minimums because of market conditions or other factors. An investment in UBS Prime Reserves Fund and UBS Tax-Free Reserves Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. UBS Prime Reserves Fund's sponsor and UBS Tax-Free Reserves Fund's sponsor has no legal obligation to provide financial support to UBS Prime Reserves Fund and UBS Tax-Free Reserves Fund, and you should not expect that the funds' sponsor will provide financial support to UBS Prime Reserves Fund and UBS Tax-Free Reserves Fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> Yields will fluctuate and reflect fee waivers, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted.

<sup>2</sup> Weighted average maturity provided is that of the related master fund, which is actively managed and its weighted average maturity will differ over time.

------

UBS Institutional/Reserves Funds

------

**Statement of assets and liabilities** 

**October 31, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **UBS Select<br>Prime<br>Institutional<br>Fund** | **UBS Select<br>ESG Prime<br>Institutional<br>Fund** | **UBS Select<br>Government<br>Institutional<br>Fund** |
| **Assets:** |  |  |  |
| Investments in Master Fund, at cost (which approximates cost for federal income tax purposes) | $4810512479 | $688008843 | $2987041873 |
| Investments in Master Fund, at value | 4809867915 | 687965691 | 2987041873 |
| **Total assets** | **4809867915** | **687965691** | **2987041873** |
| **Liabilities:** |  |  |  |
| Dividends payable to shareholders | 11903586 | 1696576 | 6334226 |
| Payable to affiliate | 270591 | 28760 | 81672 |
| **Total liabilities** | **12174177** | **1725336** | **6415898** |
| **Net assets** | **$4797693738** | **$686240355** | **$2980625975** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $4798339249 | $686285204 | $2980626239 |
| Distributable earnings (accumulated losses) | (645511) | (44849) | (264) |
| **Net assets** | **$4797693738** | **$686240355** | **$2980625975** |
| Shares outstanding | 4797619621 | 686101801 | 2980626239 |
| Net asset value per share | $1.0000 | $1.0002 | $1.00 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Institutional/Reserves Funds

------

**Statement of assets and liabilities** 

**October 31, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **UBS Select<br>Treasury<br>Institutional<br>Fund** | **UBS Prime<br>Reserves Fund** | **UBS Tax-Free<br>Reserves Fund** |
| **Assets:** |  |  |  |
| Investments in Master Fund, at cost (which approximates cost for federal income tax purposes) | $7719933834 | $3129394835 | $593676899 |
| Investments in Master Fund, at value | 7719933834 | 3129394835 | 593676899 |
| **Total assets** | **7719933834** | **3129394835** | **593676899** |
| **Liabilities:** |  |  |  |
| Dividends payable to shareholders | 18571272 | 7640540 | 1025314 |
| Payable to affiliate | 391066 | 174196 | 4606 |
| **Total liabilities** | **18962338** | **7814736** | **1029920** |
| **Net assets** | **$7700971496** | **$3121580099** | **$592646979** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $7700982091 | $3121580069 | $592646708 |
| Distributable earnings (accumulated losses) | (10595) | 30 | 271 |
| **Net assets** | **$7700971496** | **$3121580099** | **$592646979** |
| Shares outstanding | 7700982091 | 3121580069 | 592646952 |
| Net asset value per share | $1.00 | $1.00 | $1.00 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Institutional/Reserves Funds

------

**Statement of operations** 

**For the six months ended October 31, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **UBS Select<br>Prime<br>Institutional<br>Fund** | **UBS Select<br>ESG Prime<br>Institutional<br>Fund** | **UBS Select<br>Government<br>Institutional<br>Fund** |
| **Investment income:** |  |  |  |
| Interest income allocated from Master Fund | $40534969 | $5104642 | $19915399 |
| Expenses allocated from Master Fund | (1836282) | (220624) | (982879) |
| Expense waiver allocated from Master Fund |  | 86120 | 893781 |
| Net investment income allocated from Master Fund | 38698687 | 4970138 | 19826301 |
| **Expenses:** |  |  |  |
| Administration fees | 1449141 | 167548 | 772516 |
| Trustees' fees | 17873 | 8662 | 13054 |
| Net expenses | 1467014 | 176210 | 785570 |
| Net investment income (loss) | 37231673 | 4793928 | 19040731 |
| Net realized gain (loss) allocated from Master Fund | (465) | (121) |  |
| Net change in unrealized appreciation (depreciation) allocated from Master Fund | 525378 | (13464) |  |
| Net increase (decrease) in net assets resulting from operations | $37756586 | $4780343 | $19040731 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Institutional/Reserves Funds

------

**Statement of operations** 

**For the six months ended October 31, 2022 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **UBS Select<br>Treasury<br>Institutional<br>Fund** | **UBS Prime<br>Reserves Fund** | **UBS Tax-Free<br>Reserves Fund** |
| **Investment income:** |  |  |  |
| Interest income allocated from Master Fund | $72749200 | $23113454 | $3780344 |
| Expenses allocated from Master Fund | (3893425) | (994524) | (306240) |
| Net investment income allocated from Master Fund | 68855775 | 22118930 | 3474104 |
| **Expenses:** |  |  |  |
| Administration fees | 3083868 | 782655 | 235979 |
| Trustees' fees | 29275 | 13411 | 8909 |
| Net expenses | 3113143 | 796066 | 244888 |
| Net investment income (loss) | 65742632 | 21322864 | 3229216 |
| Net realized gain (loss) allocated from Master Fund | (7815) |  | 21 |
| Net increase (decrease) in net assets resulting from operations | $65734817 | $21322864 | $3229237 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Institutional/Reserves Funds

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **UBS Select Prime Institutional Fund** | **UBS Select Prime Institutional Fund** |
| | **For the <br>six months ended <br>October 31, 2022 <br>(unaudited)** | **For the year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $37231673 | $1257394 |
| Net realized gain (loss) allocated from Master Fund | (465) | 17166 |
| Net change in unrealized appreciation (depreciation) allocated from Master Fund | 525378 | (1317538) |
| Net increase (decrease) in net assets resulting from operations | 37756586 | (42978) |
| Total distributions | (37232162) | (1273843) |
| Net increase (decrease) in net assets from beneficial interest transactions | 2016458976 | (2411464367) |
| Net increase (decrease) in net assets | 2016983400 | (2412781188) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 2780710338 | 5193491526 |
| End of period | $4797693738 | $2780710338 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Institutional/Reserves Funds

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **UBS Select ESG Prime Institutional Fund** | **UBS Select ESG Prime Institutional Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $4793928 | $106127 |
| Net realized gain (loss) allocated from Master Fund | (121) | (1576) |
| Net change in unrealized appreciation (depreciation) allocated from Master Fund | (13464) | (46362) |
| Net increase (decrease) in net assets resulting from operations | 4780343 | 58189 |
| Total distributions | (4793927) | (106424) |
| Net increase (decrease) in net assets from beneficial interest transactions | 541469847 | (57777411) |
| Net increase (decrease) in net assets | 541456263 | (57825646) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 144784092 | 202609738 |
| End of period | $686240355 | $144784092 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Institutional/Reserves Funds

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **UBS Select Government Institutional Fund** | **UBS Select Government Institutional Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the year ended<br>April 30, 2022** |
| **From operations:** |  |  |
| Net investment income (loss) | $19040731 | $406685 |
| Net realized gain (loss) allocated from Master Fund |  | 2785 |
| Net increase (decrease) in net assets resulting from operations | 19040731 | 409470 |
| Total distributions | (19040731) | (442691) |
| Net increase (decrease) in net assets from beneficial interest transactions | 1297388481 | (1142683556) |
| Net increase (decrease) in net assets | 1297388481 | (1142716777) |
| **Net assets:** |  |  |
| Beginning of period | 1683237494 | 2825954271 |
| End of period | $2980625975 | $1683237494 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Institutional/Reserves Funds

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **UBS Select Treasury Institutional Fund** | **UBS Select Treasury Institutional Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $65742632 | $2546336 |
| Net realized gain (loss) allocated from Master Fund | (7815) | 1489 |
| Net increase (decrease) in net assets resulting from operations | 65734817 | 2547825 |
| Total distributions | (65742632) | (2550602) |
| Net increase (decrease) in net assets from beneficial interest transactions | 108114203 | (2879459155) |
| Net increase (decrease) in net assets | 108106388 | (2879461932) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 7592865108 | 10472327040 |
| End of period | $7700971496 | $7592865108 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Institutional/Reserves Funds

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **UBS Prime Reserves Fund** | **UBS Prime Reserves Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $21322864 | $436637 |
| Net realized gain (loss) allocated from Master Fund |  | (2) |
| Net increase (decrease) in net assets resulting from operations | 21322864 | 436635 |
| Total distributions | (21322864) | (444674) |
| Net increase (decrease) in net assets from beneficial interest transactions | 2085461932 | (985329926) |
| Net increase (decrease) in net assets | 2085461932 | (985337965) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 1036118167 | 2021456132 |
| End of period | $3121580099 | $1036118167 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Institutional/Reserves Funds

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **UBS Tax-Free Reserves Fund** | **UBS Tax-Free Reserves Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $3229216 | $233727 |
| Net realized gain (loss) allocated from Master Fund | 21 | 50 |
| Net increase (decrease) in net assets resulting from operations | 3229237 | 233777 |
| Total distributions | (3229216) | (233771) |
| Net increase (decrease) in net assets from beneficial interest transactions | (40065662) | (41133475) |
| Net increase (decrease) in net assets | (40065641) | (41133469) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 632712620 | 673846089 |
| End of period | $592646979 | $632712620 |

---

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Select Prime Institutional Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022,**<br> **(unaudited)** | **Years ended April 30** | **Years ended April 30** | **Years ended April 30** | **Years ended April 30** | **Years ended April 30** |
| | **Six months ended<br>October 31, 2022,**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$0.9999** | **$1.0003** | **$1.0005** | **$1.0001** | **$1.0001** | **$1.0002** |
| Net investment income (loss) | 0.0094 | 0.0004 | 0.0009 | 0.0182 | 0.0222 | 0.0133 |
| Net realized and unrealized gain (loss) | 0.0001 | (0.0004) | (0.0002) | 0.0004 | 0.0000<sup>1</sup> | (0.0001) |
| Net increase (decrease) from operations | 0.0095 | 0.0000<sup>1</sup> | 0.0007 | 0.0186 | 0.0222 | 0.0132 |
| Dividends from net investment income | (0.0094) | (0.0004) | (0.0009) | (0.0182) | (0.0222) | (0.0133) |
| Distributions from net realized gains |  | (0.0000)<sup>1</sup> | (0.0000)<sup>1</sup> | (0.0000)<sup>1</sup> | (0.0000)<sup>1</sup> | (0.0000)<sup>1</sup> |
| Total dividends and distributions | (0.0094) | (0.0004) | (0.0009) | (0.0182) | (0.0222) | (0.0133) |
| **Net asset value, end of period** | **$1.0000** | **$0.9999** | **$1.0003** | **$1.0005** | **$1.0001** | **$1.0001** |
| **Total investment return**<sup>2</sup> | **0.94%** | **0.00%** | **0.07%** | **1.88%** | **2.24%** | **1.33%** |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Expenses before fee waivers/Trustees' fees reimbursement<sup>3</sup> | 0.18%<sup>4</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| Expenses after fee waivers/Trustees' fees reimbursement<sup>3</sup> | 0.18%<sup>4</sup> | 0.16% | 0.18% | 0.18% | 0.16% | 0.12% |
| Net investment income (loss)<sup>3</sup> | 2.03%<sup>4</sup> | 0.03% | 0.11% | 1.83% | 2.26% | 1.37% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $4797694 | $2780710 | $5193492 | $9334162 | $9780634 | $5226567 |

---

<sup>1</sup> Amount represents less than $0.00005 or $(0.00005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Select ESG Prime Institutional Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Year ended<br>April 30, 2022** | **Year ended<br>April 30, 2021** | **For the period from**<br> **January 15, 2020**<sup>1</sup> **to**<br> **April 30, 2020** |
| **Net asset value, beginning of period** | **$1.0002** | **$1.0005** | **$1.0008** | **$1.0000** |
| Net investment income (loss) | 0.0097 | 0.0007 | 0.0014 | 0.0036 |
| Net realized gain (loss) | (0.0000)<sup>2</sup> | (0.0003) | (0.0003) | 0.0008 |
| Net increase (decrease) from operations | 0.0097 | 0.0004 | 0.0011 | 0.0044 |
| Dividends from net investment income | (0.0097) | (0.0007) | (0.0014) | (0.0036) |
| Distributions from net realized gains |  | (0.0000)<sup>2</sup> | (0.0000)<sup>2</sup> |  |
| Total dividends and distributions | (0.0097) | (0.0007) | (0.0014) | (0.0036) |
| **Net asset value, end of period** | **$1.0002** | **$1.0002** | **$1.0005** | **$1.0008** |
| **Total investment return**<sup>3</sup> | **0.96%** | **0.05%** | **0.11%** | **0.44%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |  |
| Expenses before fee waivers and/or expense reimbursements<sup>4</sup> | 0.18%<sup>5</sup> | 0.18% | 0.18% | 0.18%<sup>5</sup> |
| Expenses after fee waivers and/or expense reimbursements<sup>4</sup> | 0.14%<sup>5</sup> | 0.08% | 0.08% | 0.08%<sup>5</sup> |
| Net investment income (loss)<sup>4</sup> | 2.17%<sup>5</sup> | 0.07% | 0.10% | 1.17%<sup>5</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |  |
| Net assets, end of period (000's) | $686240 | $144784 | $202610 | $46409 |

---

<sup>1</sup> Commencement of operations.

<sup>2</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>3</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>4</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>5</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Select Government Institutional Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Net investment income (loss) | 0.009 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.016 | 0.020 | 0.010 |
| Net realized gain (loss) |  | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> | (0.000)<sup>1</sup> |
| Net increase (decrease) from operations | 0.009 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.016 | 0.020 | 0.010 |
| Dividends from net investment income | (0.009) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.016) | (0.020) | (0.010) |
| Distributions from net realized gains |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |  | (0.000)<sup>1</sup> |
| Total dividends and distributions | (0.009) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.016) | (0.020) | (0.010) |
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total investment return**<sup>2</sup> | **0.86%** | **0.02%** | **0.04%** | **1.66%** | **2.01%** | **1.00%** |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Expenses before fee waivers and/or expense reimbursements<sup>3</sup> | 0.18%<sup>4</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| Expenses after fee waivers and/or expense reimbursements<sup>3</sup> | 0.09%<sup>4</sup> | 0.07% | 0.15% | 0.18% | 0.18% | 0.18% |
| Net investment income (loss)<sup>3</sup> | 1.94%<sup>4</sup> | 0.02% | 0.04% | 1.46% | 2.03% | 1.01% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $2980626 | $1683237 | $2825954 | $5817145 | $2123329 | $1406858 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Select Treasury Institutional Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Net investment income (loss) | 0.008 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.016 | 0.020 | 0.010 |
| Net realized gain (loss) | 0.000<sup>1</sup> |  |  | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> |
| Net increase (decrease) from operations | 0.008 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.016 | 0.020 | 0.010 |
| Dividends from net investment income | (0.008) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.016) | (0.020) | (0.010) |
| Distributions from net realized gains |  |  |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |
| Total dividends and distributions | (0.008) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.016) | (0.020) | (0.010) |
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total investment return**<sup>2</sup> | **0.83%** | **0.03%** | **0.04%** | **1.62%** | **2.02%** | **1.00%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers/Trustees' fees reimbursement<sup>3</sup> | 0.18%<sup>4</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| Expenses after fee waivers/Trustees' fees reimbursement<sup>3</sup> | 0.18%<sup>4</sup> | 0.07% | 0.13% | 0.18% | 0.18% | 0.18% |
| Net investment income (loss)<sup>3</sup> | 1.69%<sup>4</sup> | 0.03% | 0.05% | 1.47% | 2.02% | 0.98% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $7700971 | $7592865 | $10472327 | $13354479 | $6934537 | $4331846 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Prime Reserves Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022**<br> **(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Net investment income (loss) | 0.009 | 0.000<sup>1</sup> | 0.001 | 0.018 | 0.022 | 0.012 |
| Net realized gain (loss) |  | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.000<sup>1</sup> |  | 0.000<sup>1</sup> |
| Net increase (decrease) from operations | 0.009 | 0.000<sup>1</sup> | 0.001 | 0.018 | 0.022 | 0.012 |
| Dividends from net investment income | (0.009) | (0.000)<sup>1</sup> | (0.001) | (0.018) | (0.022) | (0.012) |
| Distributions from net realized gains |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |
| Total dividends and distributions | (0.009) | (0.000)<sup>1</sup> | (0.001) | (0.018) | (0.022) | (0.012) |
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total investment return**<sup>2</sup> | **0.93%** | **0.04%** | **0.10%** | **1.82%** | **2.19%** | **1.24%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements<sup>3</sup> | 0.18%<sup>4</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| Expenses after fee waivers and/or expense reimbursements<sup>3</sup> | 0.18%<sup>4</sup> | 0.15% | 0.18% | 0.18% | 0.18% | 0.18% |
| Net investment income (loss)<sup>3</sup> | 2.15%<sup>4</sup> | 0.03% | 0.12% | 1.77% | 2.20% | 1.28% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $3121580 | $1036118 | $2021456 | $3830044 | $2799959 | $1594687 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Tax-Free Reserves Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022**<br> **(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022**<br> **(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| Net investment income (loss) | 0.005 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.011 | 0.013 | 0.008 |
| Net realized gain (loss) | 0.000<sup>1</sup> |  |  |  |  |  |
| Net increase (decrease) from operations | 0.005 | 0.000<sup>1</sup> | 0.000<sup>1</sup> | 0.011 | 0.013 | 0.008 |
| Dividends from net investment income | (0.005) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | (0.011) | (0.013) | (0.008) |
| **Net asset value, end of period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total investment return**<sup>2</sup> | **0.53%** | **0.04%** | **0.01%** | **1.15%** | **1.30%** | **0.83%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers/Trustees' fees reimbursement<sup>3</sup> | 0.18%<sup>4</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| Expenses after fee waivers/Trustees' fees reimbursement<sup>3</sup> | 0.18%<sup>4</sup> | 0.06% | 0.12% | 0.18% | 0.18% | 0.18% |
| Net investment income (loss)<sup>3</sup> | 1.06%<sup>4</sup> | 0.04% | 0.01% | 1.13% | 1.29% | 0.84% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $592647 | $632713 | $673846 | $1973068 | $1677875 | $1936271 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share. 

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. 

<sup>3</sup> Ratios include the Fund's share of income, expenses and expense waivers allocated from the Master Fund.

<sup>4</sup> Annualized.

See accompanying notes to financial statements and the attached Master Trust financial statements

------

UBS Institutional/Reserves Funds

Notes to financial statements (unaudited)

**Organization and significant accounting policies** 

UBS Select Prime Institutional Fund ("Prime Institutional Fund"), UBS Select ESG Prime Institutional Fund ("ESG Prime Institutional Fund"), UBS Select Government Institutional Fund ("Government Institutional Fund"), UBS Select Treasury Institutional Fund ("Treasury Institutional Fund"), UBS Prime Reserves Fund ("Prime Reserves Fund"), and UBS Tax-Free Reserves Fund ("Tax-Free Reserves Fund") (each a "Fund", collectively, the "Funds") are each registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), as a diversified series of UBS Series Funds (the "Trust"), an open-end management investment company organized as a Delaware statutory trust on April 29, 1998. The Trust is a series mutual fund with twenty-two series. The financial statements for the other series of the Trust are not included herein.

Prime Institutional Fund, ESG Prime Institutional Fund, Government Institutional Fund, Treasury Institutional Fund, Prime Reserves Fund, and Tax-Free Reserves Fund are "feeder funds" that invest all of their investable assets in "master funds"—Prime Master Fund, ESG Prime Master Fund, Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund, and Tax-Free Master Fund, respectively (each a "Master Fund", collectively, the "Master Funds" and each a diversified series of Master Trust, an open-end investment company registered with the SEC under the 1940 Act). The feeder funds and their respective Master Funds have the same investment objectives.

Prior to August 28, 2007, Prime Institutional Fund and Treasury Institutional Fund invested in securities directly. Effective August 28, 2007, Prime Institutional Fund and Treasury Institutional Fund invest substantially all of their assets in Prime Master Fund and Treasury Master Fund, respectively. ESG Prime Institutional fund commenced operations on January 15, 2020. Tax-Free Reserves Fund commenced operations on August 28, 2007. Prime Reserves fund commenced operations on January 19, 2016, and Government Institutional Fund commenced operations on July 26, 2016.

UBS Asset Management (Americas) Inc. ("UBS AM") is the investment advisor and administrator for the Master Funds and the administrator for the feeder funds. UBS AM is an indirect wholly owned subsidiary of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

The performance of each Fund is directly affected by the performance of the corresponding Master Fund. The value of such investment reflects each Fund's proportionate interest in the net assets of its corresponding Master Fund (60.59% for Prime Institutional Fund, 25.16% for ESG Prime Institutional Fund, 34.39% for Government Institutional Fund, 31.18% for Treasury Institutional Fund, 57.85% for Prime Reserves Fund, and 63.91% for Tax-Free Reserves Fund at October 31, 2022.)

All of the net investment income and realized and unrealized gains and losses from investment activities of each Master Fund are allocated pro rata, based on respective ownership interests, among the corresponding Fund and other investors in the Master Fund (e.g., other feeder funds) at the time of such determination. The financial statements of the Master Funds, including the Portfolio of investments, are included elsewhere in this report and should be read in connection with the Funds' financial statements. The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

In the normal course of business, the Funds may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. 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, the Funds have not had any prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be

------

UBS Institutional/Reserves Funds

Notes to financial statements (unaudited)

applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Funds' financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The following is a summary of significant accounting policies:

**Valuation of investments—**Each Fund records its investment in its corresponding Master Fund at fair value. Securities held by the Master Funds are valued as indicated in the Master Funds' Notes to financial statements, which are included elsewhere in this report.

**Floating net asset value per share funds—**Consistent with Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), Prime Institutional Fund and ESG Prime Institutional Fund each calculate its net asset value to four decimals (*e.g.*, $1.0000) using market-based pricing and expect that its share price will fluctuate.

On occasion, it is possible that the end of day accounting net asset value ("NAV") per share of a floating NAV fund, such as Prime Institutional Fund and ESG Prime Institutional Fund, as reported in a shareholder report, for example, may differ from the transactional NAV per share (used for purposes of processing purchases and redemptions); while this is not expected to occur with great frequency, it may happen should certain factors align on a given business day. The final end-of-day NAV per share for accounting and financial statement reporting purposes is designed to reflect all end-of-day accounting activities, which may include, but are not limited to, income and expense accruals, dividend and distribution reinvestments as well as final share activity; such items are factored into the Fund after the last transactional NAV per share is calculated on a given day (normally, the last transactional NAV per share is calculated as of 3 pm, Eastern time, as explained in the Fund's prospectus).

**Constant net asset value per share funds—**Government Institutional Fund, Treasury Institutional Fund, Prime Reserves Fund, and Tax-Free Reserves Fund (collectively the "Constant NAV Funds") attempt to maintain a stable net asset value of $1.00 per share. There is no assurance, however, that the Constant NAV Funds will be able to maintain a stable net asset value of $1.00 per share. The Constant NAV Funds have adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to enable each to do so. Government Institutional Fund and Treasury Institutional Fund have adopted a policy to operate as "government money market funds". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (*i.e.*, collateralized by cash and/or government securities). As "government money market funds", Government Institutional Fund and Treasury Institutional Fund are permitted to seek to maintain a stable price per share. Prime Reserves Fund and Tax-Free Reserves Fund operate as "retail money market funds". Under Rule 2a-7, a "retail money market fund" is a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As "retail money market funds", Prime Reserves Fund and Tax-Free Reserves Fund are permitted to seek to maintain a stable price per share.

**Liquidity fee and/or redemption gates—**Consistent with Rule 2a-7, Prime Institutional Fund, ESG Prime Institutional Fund, Prime Reserves Fund and Tax-Free Reserves Fund may be subject to the possible imposition of a liquidity fee and/or temporary redemption gate. Prime Master Fund, ESG Prime Master Fund, Prime CNAV Master Fund and Tax-Free Master Fund may impose a fee upon the sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if Prime Master Fund's liquidity, ESG Prime Master Fund's liquidity, Prime CNAV Master Fund's liquidity and/or Tax-Free Master Fund's liquidity, respectively, falls below required minimums because of market conditions or other factors. For the period ended October 31, 2022, Prime Institutional Fund, ESG Prime Institutional Fund, Prime Reserves Fund and Tax-Free Reserves Fund were not subject to any liquidity fees and/or redemption gates.

------

UBS Institutional/Reserves Funds

Notes to financial statements (unaudited)

By operating as "government money market funds", Government Institutional Fund and Treasury Institutional Fund are exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Funds' Board of Trustees (the "Board") may elect to subject Government Institutional Fund and Treasury Institutional Fund to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

**Dividends and distributions**—Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions is determined in accordance with federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Concentration of risk—**The ability of the issuers of the debt securities held by the Master Funds to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Certain impacts to public health conditions particular to the coronavirus "COVID-19" outbreak that occurred may have a significant negative impact on the operations and profitability of the issuers of the Funds' investments. The extent of the impact to the financial performance of the Fund will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

**Administrator** 

UBS AM serves as the administrator to each Fund pursuant to an Administration Agreement approved by the Trust's board. In accordance with the Administration Agreement, each Fund pays UBS AM an administration fee, which is accrued daily and paid monthly, at the below annual rate as a percentage of each Fund's average daily net assets:

---

| | |
|:---|:---|
| **Fund** | **Administration fee** |
| Prime Institutional Fund | 0.08% |
| ESG Prime Institutional Fund | 0.08 |
| Government Institutional Fund | 0.08 |
| Treasury Institutional Fund | 0.08 |
| Prime Reserves Fund | 0.08 |
| Tax-Free Reserves Fund | 0.08 |

---

At October 31, 2022, each Fund owed UBS AM for administrative services as follows:

---

| | |
|:---|:---|
| **Fund** | **Amounts owed to UBS AM** |
| Prime Institutional Fund | $270591 |
| ESG Prime Institutional Fund | 28760 |
| Government Institutional Fund | 81672 |
| Treasury Institutional Fund | 391066 |
| Prime Reserves Fund | 174196 |
| Tax-Free Reserves Fund | 4606 |

---

In exchange for these fees, UBS AM has agreed to bear all of the Funds' expenses other than interest, taxes, extraordinary costs and the cost of securities purchased and sold by the Funds, including any transaction costs. Although UBS AM is not obligated to pay the fees and expenses of the Funds' independent trustees, it is contractually obligated to reduce its fee in an amount equal to those fees and expenses. UBS AM estimates that these fees and expenses will be 0.01% or less of each Fund's average daily net assets. At October 31, 2022, UBS AM did not owe the Funds any additional reductions in administration fees for independent trustees' fees and expenses.

------

UBS Institutional/Reserves Funds

Notes to financial statements (unaudited)

In addition, UBS AM may voluntarily undertake to waive fees, including in the event that Funds' yields drop below a certain level. This additional undertaking is voluntary and not contractual and may be terminated at any time. At October 31, 2022, there were no amounts owed by UBS AM or UBS AM-US for this undertaking.

**Shares of beneficial interest** 

There is an unlimited amount of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest for each of the Funds for the periods ended October 31, 2022 and April 30, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Prime Institutional Fund** | **Prime Institutional Fund** | **Prime Institutional Fund** | | |
| | **For the**<br> **six months ended<br>October 31, 2022** | **For the**<br> **six months ended<br>October 31, 2022** | **For the**<br> **year ended<br>April 30, 2022** | **For the**<br> **year ended<br>April 30, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 4998635232 | $4998535461 | 1929904930 | $1930090019 |
| Shares repurchased | (3006199187) | (3006141203) | (4341543337) | (4342156935) |
| Dividends reinvested | 24064602 | 24064718 | 602531 | 602549 |
| Net increase (decrease) in shares outstanding | 2016500647 | $2016458976 | (2411035876) | $(2411464367) |
| **ESG Prime Institutional Fund** | **ESG Prime Institutional Fund** | **ESG Prime Institutional Fund** |  |  |
|  | **For the**<br> **six months ended<br>October 31, 2022** | **For the**<br> **six months ended<br>October 31, 2022** | **For the**<br> **year ended<br>April 30, 2022** | **For the**<br> **year ended<br>April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1109620668 | $1109862587 | 107899379 | $107937292 |
| Shares repurchased | (571125633) | (571242014) | (165712028) | (165782866) |
| Dividends reinvested | 2848714 | 2849274 | 68138 | 68163 |
| Net increase (decrease) in shares outstanding | 541343749 | $541469847 | (57744511) | $(57777411) |

---

Transactions in shares of beneficial interest, at $1.00 per share, were as follows:

---

| | | |
|:---|:---|:---|
| **Government Institutional Fund** | **Government Institutional Fund** | **Government Institutional Fund** |
| | **For the**<br> **six months ended<br>October 31,<br>2022** | **For the**<br> **year ended<br>April 30,<br>2022** |
| Shares sold | 6146163468 | 7965960932 |
| Shares repurchased | (4859579032) | (9108955974) |
| Dividends reinvested | 10804045 | 311486 |
| Net increase (decrease) in shares outstanding | 1297388481 | (1142683556) |

---

------

UBS Institutional/Reserves Funds

Notes to financial statements (unaudited)

---

| | | |
|:---|:---|:---|
| **Treasury Institutional Fund** | **Treasury Institutional Fund** | **Treasury Institutional Fund** |
| | **For the**<br> **six months ended<br>October 31, 2022** | **For the**<br> **year ended<br>April 30, 2022** |
| Shares sold | 15301459757 | 19029880083 |
| Shares repurchased | (15236009611) | (21910546565) |
| Dividends reinvested | 42664057 | 1207327 |
| Net increase (decrease) in shares outstanding | 108114203 | (2879459155) |
| **Prime Reserves Fund** | **Prime Reserves Fund** | **Prime Reserves Fund** |
|  | **For the**<br> **six months ended<br>October 31, 2022** | **For the**<br> **year ended<br>April 30, 2022** |
| Shares sold | 3838717705 | 458599033 |
| Shares repurchased | (1766390405) | (1444144944) |
| Dividends reinvested | 13134632 | 215985 |
| Net increase (decrease) in shares outstanding | 2085461932 | (985329926) |
| **Tax-Free Reserves Fund** | **Tax-Free Reserves Fund** | **Tax-Free Reserves Fund** |
|  | **For the**<br> **six months ended<br>October 31, 2022** | **For the**<br> **year ended<br>April 30, 2022** |
| Shares sold | 559946292 | 589619644 |
| Shares repurchased | (602070689) | (630864048) |
| Dividends reinvested | 2058735 | 110929 |
| Net increase (decrease) in shares outstanding | (40065662) | (41133475) |

---

**Federal tax status** 

Each Fund intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of their net investment income, net realized capital gains and certain other amounts, if any, each Fund intends not to be subject to a federal excise tax.

The tax character of distributions paid to shareholders by the Funds during the fiscal year ended April 30, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Tax-exempt<br>income** | **Ordinary<br>income** | **Long-term realized<br>capital gains** |
| UBS Select Prime Institutional Fund | $— | $1273843 | $— |
| UBS Select ESG Prime Institutional Fund |  | 106424 |  |
| UBS Select Government Institutional Fund |  | 442196 | 495 |
| UBS Select Treasury Institutional Fund |  | 2546336 | 4266 |
| UBS Prime Reserves Fund |  | 444674 |  |
| UBS Tax-Free Reserves Fund | 233771 |  |  |

---

The tax character of distributions made and the components of accumulated earnings (accumulated losses) on a tax basis for the current fiscal year will be determined after the Funds' fiscal year ending April 30, 2023.

------

UBS Institutional/Reserves Funds

Notes to financial statements (unaudited)

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Funds have conducted an analysis and concluded as of October 31, 2022, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended October 31, 2022, the Funds did not incur any interest or penalties.

Each of the tax years in the four year period ended April 30, 2022, and since inception for ESG Prime Institutional Fund, remains subject to examination by the Internal Revenue Service and state taxing authorities.

------

UBS Institutional/Reserves Funds

General information (unaudited)

**Monthly portfolio holdings disclosure** 

The Funds and Master Funds file their complete schedules of portfolio holdings with the US Securities and Exchange Commission ("SEC") each month on Form N-MFP. These reports on Form N-MFP are available on the SEC's Web site at http://www.sec.gov. The Funds and Master Funds make portfolio holdings information available to shareholders on UBS's Web site at the following internet address: www.ubs.com/usmoneymarketfunds. A more limited portfolio holdings report for each of Master Trust—Prime Master Fund (the master fund in which UBS Select Prime Institutional Fund invests), Master Trust—ESG Prime Master Fund (the master fund in which UBS Select ESG Prime Institutional Fund invests) and Master Trust—Prime CNAV Master Fund (the master fund in which UBS Prime Reserves Fund invests) is available on a weekly basis at the same UBS Web address. Investors also may find additional information about the Funds at the above referenced UBS Web site internet address.

**Proxy voting policies, procedures and record** 

You may obtain a description of each Fund's (and corresponding Master Fund's) (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how a fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting a fund directly at 1-800-647 1568, online on UBS's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

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![LOGO](g3605537mm_k485.jpg)

## Master Trust
Semiannual Report \| October 31, 2022

**Includes:** 

• Prime Master Fund

• ESG Prime Master Fund

• Government Master Fund

• Treasury Master Fund

• Prime CNAV Master Fund

• Tax-Free Master Fund

------

Master Trust

**Understanding a Master Fund's expenses (unaudited)** 

*(Note: The expense information provided in this section is relevant for direct investors in the Master Funds. Investors in the related "feeder funds" should instead focus on separate expense examples relevant to the particular feeder funds; the expense examples for the feeder funds will reflect their proportionate share of the corresponding Master Funds' expenses.)* 

As an owner of a Master Fund, an investor such as a feeder fund incurs ongoing costs, including management fees and other Master Fund expenses. These examples are intended to help you understand a Master Fund investor's ongoing costs (in dollars) of investing in a Master Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2022 to October 31, 2022.

**Actual expenses** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the second line in the table for each Master Fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, if those other funds impose transactional costs—for example, exchange fees. In addition, if those transactional costs were included, your costs for those other funds would have been higher.

------

Master Trust

**Understanding a Master Fund's expenses (unaudited) (concluded)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>May 1, 2022** | **Ending<br>account value<br>October 31, 2022** | **Expenses paid<br>during period<br>05/01/22 to 10/31/22**<sup>1</sup> | **Expense<br>ratio during<br>the period** |
| **Prime Master Fund** | **Prime Master Fund** | **Prime Master Fund** |  |  |
| Actual | $1000.00 | $1009.90 | $0.50 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.70 | 0.51 | 0.10 |
| **ESG Prime Master Fund** | **ESG Prime Master Fund** | **ESG Prime Master Fund** |  |  |
| Actual | $1000.00 | $1010.20 | $0.30 | 0.06% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.90 | 0.31 | 0.06 |
| **Government Master Fund** | **Government Master Fund** | **Government Master Fund** |  |  |
| Actual | $1000.00 | $1009.30 | $0.05 | 0.01% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1025.15 | 0.05 | 0.01 |
| **Treasury Master Fund** | **Treasury Master Fund** | **Treasury Master Fund** |  |  |
| Actual | $1000.00 | $1008.80 | $0.50 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.70 | 0.51 | 0.10 |
| **Prime CNAV Master Fund** | **Prime CNAV Master Fund** | **Prime CNAV Master Fund** |  |  |
| Actual | $1000.00 | $1009.90 | $0.50 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.70 | 0.51 | 0.10 |
| **Tax-Free Master Fund** | **Tax-Free Master Fund** | **Tax-Free Master Fund** |  |  |
| Actual | $1000.00 | $1005.80 | $0.50 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.70 | 0.51 | 0.10 |

---

<sup>1</sup> Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited)** 

**Prime Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 5 days |

---

---

| | |
|:---|:---|
| **Top five issuer breakdown by country or territory of origin**<sup>2</sup> | |
| United States | 57.5% |
| United Kingdom | 6.5 |
| Australia | 6.5 |
| Canada | 6.4 |
| Japan | 6.0 |
| **Total** | **82.9%** |
| **Portfolio composition**<sup>2</sup> |  |
| Repurchase agreements | 41.8% |
| Commercial paper | 40.8 |
| Certificates of deposit | 14.9 |
| Time deposits | 2.9 |
| Liabilities in excess of other assets | (0.4) |
| **Total** | **100.0%** |

---

**You could lose money by investing in a money market fund. Because the price of interests in Prime Master Fund will fluctuate, when you sell your shares of each related feeder fund, your shares of the related feeder fund may be worth more or less than what you originally paid for them. Prime Master Fund may impose a fee upon sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if Prime Master Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

**ESG Prime Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 7 days |

---

---

| | |
|:---|:---|
| **Top five issuer breakdown by country or territory of origin**<sup>2</sup> | |
| United States | 61.4% |
| Japan | 8.9 |
| Canada | 7.6 |
| Australia | 6.0 |
| Singapore | 5.6 |
| **Total** | **89.5%** |
| **Portfolio composition**<sup>2</sup> |  |
| Commercial paper | 49.0% |
| Repurchase agreements | 35.9 |
| Certificates of deposit | 13.5 |
| Time deposits | 2.9 |
| Liabilities in excess of other assets | (1.3) |
| **Total** | **100.0%** |

---

**You could lose money by investing in a money market fund. Because the price of interests in ESG Prime Master Fund will fluctuate, when you sell your shares of each related feeder fund, your shares of the related feeder fund may be worth more or less than what you originally paid for them. ESG Prime Master Fund may impose a fee upon sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if ESG Prime Master Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

**Government Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 3 days |

---

---

| | |
|:---|:---|
| **Portfolio composition**<sup>2</sup> | |
| Repurchase agreements | 78.1% |
| U.S. government agency obligations | 16.2 |
| U.S. Treasury obligations | 5.6 |
| Other assets in excess of liabilities | 0.1 |
| **Total** | **100.0%** |

---

**You could lose money by investing in a money market fund. Although Government Master Fund seeks to preserve the value of your investment so that the shares of each related feeder fund are at $1.00 per share, Government Master Fund cannot guarantee it will do so. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

**Treasury Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 5 days |

---

---

| | |
|:---|:---|
| **Portfolio composition**<sup>2</sup> | |
| Repurchase agreements | 68.4% |
| U.S. Treasury obligations | 30.2 |
| Other assets in excess of liabilities | 1.4 |
| **Total** | **100.0%** |

---

**You could lose money by investing in a money market fund. Although Treasury Master Fund seeks to preserve the value of your investment so that the shares of each related feeder fund are at $1.00 per share, Treasury Master Fund cannot guarantee it will do so. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (continued)** 

**Prime CNAV Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 6 days |

---

---

| | |
|:---|:---|
| **Top five issuer breakdown by country or territory of origin**<sup>2</sup> | |
| United States | 49.6% |
| Japan | 7.8 |
| Canada | 7.6 |
| Australia | 5.9 |
| France | 5.5 |
| **Total** | **76.4%** |
| **Portfolio composition**<sup>2</sup> |  |
| Commercial paper | 58.4% |
| Repurchase agreements | 20.5 |
| Certificates of deposit | 12.6 |
| Time deposits | 8.9 |
| Liabilities in excess of other assets | (0.4) |
| **Total** | **100.0%** |

---

**Investments in the fund are intended to be limited to feeder funds with accounts beneficially owned by natural persons. Each feeder fund reserves the right to repurchase shares in any account that are not beneficially owned by natural persons.** 

**You could lose money by investing in a money market fund. Although Prime CNAV Master Fund seeks to preserve the value of your investment so that the shares of each related feeder fund are at $1.00 per share, Prime CNAV Master Fund cannot guarantee it will do so. Prime CNAV Master Fund may impose a fee upon sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if Prime CNAV Master Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2022 (unaudited) (concluded)** 

**Tax-Free Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 5 days |

---

---

| | |
|:---|:---|
| **Portfolio composition**<sup>2</sup> | |
| Municipal bonds | 96.8% |
| Tax-exempt commercial paper | 2.8 |
| Other assets in excess of liabilities | 0.4 |
| **Total** | **100.0%** |

---

**Investments in the fund are intended to be limited to feeder funds with accounts beneficially owned by natural persons. Each feeder fund reserves the right to repurchase shares in any account that are not beneficially owned by natural persons.** 

**You could lose money by investing in a money market fund. Although Tax-Free Master Fund seeks to preserve the value of your investment so that the shares of each related feeder fund are at $1.00 per share, Tax-Free Master Fund cannot guarantee it will do so. Tax-Free Master Fund may impose a fee upon sale of your shares of each related feeder fund or may temporarily suspend your ability to sell shares of each related feeder fund if Tax-Free Master Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time.** 

**Not FDIC insured. May lose value. No bank guarantee.** 

<sup>1</sup> The Master Fund's portfolio is actively managed and its weighted average maturity will differ over time.

<sup>2</sup> Weightings represent percentages of the Master Fund's net assets as of the date indicated. The Master Fund's portfolio is actively managed and its composition will vary over time. 

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Certificates of deposit—14.9%** |  |  |
| **Banking-non-U.S.—13.3%** |  |  |
|  Bank of Nova Scotia |  |  |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | $32000000 | $31996354 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1</sup> | 25000000 | 24974931 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1</sup> | 29000000 | 29006455 |
|  Mitsubishi UFJ Trust & Banking Corp. |  |  |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | 32000000 | 31997828 |
|  Mizuho Bank Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.300%, <br>3.340%, due 11/01/22<sup>1</sup> | 38000000 | 37987457 |
|  MUFG Bank Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.710%, <br>3.750%, due 11/01/22<sup>1</sup> | 75000000 | 74968751 |
|  Nordea Bank Abp |  |  |
| &nbsp;&nbsp; SOFR + 0.400%, <br>3.450%, due 11/01/22<sup>1</sup> | 39000000 | 38965572 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.540%, due 11/01/22<sup>1</sup> | 9000000 | 8999537 |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.550%, due 11/01/22<sup>1</sup> | 20000000 | 20004655 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1</sup> | 40000000 | 40004277 |
|  Oversea-Chinese Banking Corp. Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.400%, <br>3.440%, due 11/01/22<sup>1</sup> | 17000000 | 17001384 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.490%, due 11/01/22<sup>1</sup> | 39000000 | 38969474 |
| &nbsp;&nbsp; SOFR + 0.470%, <br>3.510%, due 11/01/22<sup>1</sup> | 25000000 | 25001910 |
| &nbsp;&nbsp; SOFR + 0.480%, <br>3.520%, due 11/01/22<sup>1</sup> | 25000000 | 25005473 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp; SOFR + 0.700%, <br>3.750%, due 11/01/22<sup>1</sup> | 40000000 | 40001007 |
|  Sumitomo Mitsui Banking Corp. |  |  |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.500%, due 11/01/22<sup>1</sup> | 38000000 | 37990593 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 32000000 | 31996075 |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | 26000000 | 26007718 |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | 27000000 | 27004741 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1</sup> | 39000000 | 38972456 |
|  Sumitomo Mitsui Trust Bank Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.330%, <br>3.380%, due 11/01/22<sup>1</sup> | 32000000 | 32003485 |
| &nbsp;&nbsp; SOFR + 0.460%, <br>3.510%, due 11/01/22<sup>1</sup> | 33000000 | 32979810 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Certificates of deposit—(concluded)** |  |  |
| **Banking-non-U.S—(concluded)** |  |  |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | $39000000 | $38988247 |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.560%, due 11/01/22<sup>1</sup> | 40000000 | 39986538 |
|  Svenska Handelsbanken |  |  |
| &nbsp;&nbsp; SOFR + 0.250%, <br>3.290%, due 11/01/22<sup>1</sup> | 20000000 | 19981032 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.470%, due 11/01/22<sup>1</sup> | 26000000 | 26000453 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.540%, due 11/01/22<sup>1</sup> | 39000000 | 38974890 |
| &nbsp;&nbsp; SOFR + 0.530%, <br>3.570%, due 11/01/22<sup>1</sup> | 43000000 | 42974072 |
|  Swedbank AB |  |  |
| &nbsp;&nbsp; SOFR + 0.570%, <br>3.610%, due 11/01/22<sup>1</sup> | 32000000 | 32001183 |
|  Toronto Dominion Bank<br>3.300%, due 11/01/22<sup>2</sup> | 27000000 | 26983328 |
| &nbsp;&nbsp; 3.640%, due 11/01/22<sup>2</sup> | 40000000 | 39982008 |
|  Westpac Banking Corp.  |  |  |
| &nbsp;&nbsp; SOFR + 0.470%, <br>3.520%, due 11/01/22<sup>1</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1</sup> | 16000000 | 16000827 |
|  |  | 1058712521 |
| **Banking-U.S.—1.6%** |  |  |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp; SOFR + 0.350%, <br>3.400%, due 11/01/22<sup>1</sup> | 25000000 | 25003146 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.500%, due 11/01/22<sup>1</sup> | 31000000 | 31004303 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 27000000 | 26992450 |
| &nbsp;&nbsp; SOFR + 0.630%, <br>3.680%, due 11/01/22<sup>1</sup> | 40000000 | 39997224 |
|  |  | 122997123 |
|  **Total Certificates of deposit** ****<br> (cost—$1,182,000,367) |  | **1181709644** |
| **Commercial paper—40.8%** |  |  |
| **Asset-backed-miscellaneous—14.1%** |  |  |
|  Antalis SA<br>2.870%, due 11/02/22<sup>3</sup> | 22700000 | 22696062 |
| &nbsp;&nbsp; 2.920%, due 11/04/22<sup>3</sup> | 19040000 | 19033091 |
| &nbsp;&nbsp; 2.950%, due 11/07/22<sup>3</sup> | 18000000 | 17987820 |
| &nbsp;&nbsp; 2.950%, due 11/09/22<sup>3</sup> | 37000000 | 36967495 |
| &nbsp;&nbsp; 3.120%, due 11/29/22<sup>3</sup> | 34000000 | 33897018 |
| &nbsp;&nbsp; 3.300%, due 11/07/22<sup>3</sup> | 52000000 | 51964813 |
| &nbsp;&nbsp; 4.020%, due 01/03/23 | 28000000 | 27795364 |
| &nbsp;&nbsp; 4.020%, due 01/05/23 | 14000000 | 13893432 |
|  Barton Capital SA<br>2.930%, due 11/16/22<sup>3</sup> | 25000000 | 24959600 |

---

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Commercial paper—(continued)** |  |  |
| **Asset-backed-miscellaneous—(concluded)** | **Asset-backed-miscellaneous—(concluded)** | **Asset-backed-miscellaneous—(concluded)** |
|  Chariot Funding LLC<br>3.300%, due 11/16/22 | $59000000 | $58905442 |
|  Gotham Funding Corp.<br>4.120%, due 01/10/23 | 39000000 | 38665028 |
|  Liberty Street Funding LLC<br>3.055%, due 11/28/22<sup>3</sup> | 18000000 | 17947556 |
| &nbsp;&nbsp; 3.060%, due 11/30/22<sup>3</sup> | 13000000 | 12959158 |
|  LMA-Americas LLC<br>2.850%, due 11/02/22<sup>3</sup> | 50000000 | 49991225 |
| &nbsp;&nbsp; 2.930%, due 11/18/22<sup>3</sup> | 19000000 | 18965002 |
| &nbsp;&nbsp; 3.080%, due 11/29/22<sup>3</sup> | 15000000 | 14954204 |
| &nbsp;&nbsp; 3.150%, due 12/01/22<sup>3</sup> | 18800000 | 18738337 |
|  Old Line Funding LLC  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.460%, due 11/01/22<sup>1,3</sup> | 30000000 | 30000000 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.540%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.590%, due 11/01/22<sup>1,3</sup> | 42000000 | 42000000 |
| &nbsp;&nbsp; SOFR + 0.600%, <br>3.640%, due 11/01/22<sup>1,3</sup> | 29000000 | 28987354 |
| &nbsp;&nbsp; SOFR + 0.600%, <br>3.640%, due 11/01/22<sup>1,3</sup> | 20000000 | 20002711 |
|  Sheffield Receivables Co. LLC |  |  |
| &nbsp;&nbsp; 2.950%, due 11/16/22<sup>3</sup> | 49000000 | 48920576 |
| &nbsp;&nbsp; 2.960%, due 11/22/22<sup>3</sup> | 44000000 | 43899758 |
| &nbsp;&nbsp; 3.100%, due 12/07/22<sup>3</sup> | 34000000 | 33863682 |
|  Starbird Funding Corp.<br>3.080%, due 11/30/22<sup>3</sup> | 34000000 | 33893183 |
|  Thunder Bay Funding LLC |  |  |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.460%, due 11/01/22<sup>1,3</sup> | 14000000 | 14000000 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.600%, <br>3.640%, due 11/01/22<sup>1,3</sup> | 39000000 | 39000000 |
| &nbsp;&nbsp; SOFR + 0.600%, <br>3.640%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
| &nbsp;&nbsp; 4.000%, due 01/17/23 | 22000000 | 21811778 |
|  Versailles Commercial Paper LLC<br>2.870%, due 11/01/22 | 19000000 | 18998383 |
| &nbsp;&nbsp; 3.070%, due 12/05/22 | 25000000 | 24907323 |
| &nbsp;&nbsp; SOFR + 0.390%, <br>3.440%, due 11/01/22<sup>1,3</sup> | 35000000 | 35000000 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.500%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
|  Victory Receivables Corp. |  |  |
| &nbsp;&nbsp; 2.870%, due 11/02/22<sup>3</sup> | 25000000 | 24995635 |
| &nbsp;&nbsp; 2.930%, due 11/18/22<sup>3</sup> | 39000000 | 38929234 |
|  |  | 1116530264 |
| **Banking-non-U.S.—26.1%** |  |  |
|  ANZ New Zealand International Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 38000000 | 38000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Commercial paper—(continued)** |  |  |
| **Banking-non-U.S.—(continued)** |  |  |
|  Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.350%, <br>3.400%, due 11/01/22<sup>1,3</sup> | $38000000 | $37971270 |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 28000000 | 27973921 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.480%, due 11/01/22<sup>1,3</sup> | 26000000 | 26000000 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp; SOFR + 0.260%, <br>3.310%, due 11/01/22<sup>1</sup> | 27000000 | 26978903 |
| &nbsp;&nbsp; SOFR + 0.410%, <br>3.460%, due 11/01/22<sup>1</sup> | 26000000 | 26005517 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 26000000 | 25997088 |
|  Bank of Nova Scotia |  |  |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 25000000 | 25005278 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 25000000 | 24993182 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 40000000 | 40000000 |
|  Barclays Bank PLC<br>2.950%, due 11/10/22<sup>3</sup> | 50000000 | 49953875 |
| &nbsp;&nbsp; 2.980%, due 11/16/22<sup>3</sup> | 50000000 | 49923422 |
| &nbsp;&nbsp; 3.270%, due 11/08/22 | 39000000 | 38975203 |
|  BNZ International Funding Ltd.<br>|  |  |
| &nbsp;&nbsp; SOFR + 0.720%, <br>3.770%, due 11/01/22<sup>1,3</sup> | 34000000 | 34002236 |
|  Canadian Imperial Bank of Commerce<br>0.350%, due 11/03/22<sup>3</sup> | 28000000 | 27992830 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 46000000 | 46000000 |
| &nbsp;&nbsp; SOFR + 0.640%, <br>3.690%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
|  Credit Agricole Corporate & Investment Bank<br>3.030%, due 11/22/22 | 31000000 | 30933619 |
|  DBS Bank Ltd.<br>3.000%, due 11/23/22<sup>3</sup> | 21000000 | 20951311 |
| &nbsp;&nbsp; 3.550%, due 12/15/22 | 40000000 | 39809750 |
|  Federation des Caisses Desjardins du Quebec<br>2.820%, due 11/03/22<sup>3</sup> | 31000000 | 30991700 |
| &nbsp;&nbsp; 3.050%, due 11/01/22 | 60000000 | 59994860 |
| &nbsp;&nbsp; 3.050%, due 11/02/22 | 85000000 | 84985130 |
|  Mitsubishi UFJ Trust & Banking Corp.<br>3.600%, due 12/05/22 | 39000000 | 38860770 |
|  Mizuho Bank Ltd.<br>2.900%, due 11/15/22<sup>3</sup> | 31000000 | 30953668 |
| &nbsp;&nbsp; 2.970%, due 12/02/22<sup>3</sup> | 33000000 | 32889208 |
|  National Australia Bank Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 38000000 | 38000000 |
| &nbsp;&nbsp; SOFR + 0.480%, <br>3.530%, due 11/01/22<sup>1,3</sup> | 27000000 | 27002673 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 26000000 | 26000945 |

---

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Commercial paper—(continued)** |  |  |
| **Banking-non-U.S.—(continued)** |  |  |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1,3</sup> | $29000000 | $29000000 |
|  National Bank of Canada |  |  |
| &nbsp;&nbsp; SOFR + 0.400%, <br>3.450%, due 11/01/22<sup>1,3</sup> | 25000000 | 25000475 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.500%, due 11/01/22<sup>1,3</sup> | 39000000 | 38987642 |
| &nbsp;&nbsp; SOFR + 0.530%, <br>3.580%, due 11/01/22<sup>1,3</sup> | 33000000 | 33000000 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1,3</sup> | 30000000 | 30000000 |
| &nbsp;&nbsp; SOFR + 0.560%, <br>3.610%, due 11/01/22<sup>1,3</sup> | 29000000 | 29008720 |
|  Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.350%, <br>3.400%, due 11/01/22<sup>1,3</sup> | 40000000 | 40000000 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.480%, due 11/01/22<sup>1,3</sup> | 38000000 | 38000000 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 20000000 | 19993729 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1,3</sup> | 20000000 | 20000000 |
|  Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp; SOFR + 0.380%, <br>3.420%, due 11/01/22<sup>1,3</sup> | 25000000 | 24996677 |
| &nbsp;&nbsp; SOFR + 0.440%, <br>3.480%, due 11/01/22<sup>1,3</sup> | 27000000 | 27001754 |
| &nbsp;&nbsp; SOFR + 0.570%, <br>3.610%, due 11/01/22<sup>1,3</sup> | 31000000 | 31000599 |
| &nbsp;&nbsp; SOFR + 0.610%, <br>3.650%, due 11/01/22<sup>1,3</sup> | 40000000 | 40000000 |
|  Sumitomo Mitsui Trust Bank Ltd.<br>2.900%, due 11/09/22<sup>3</sup> | 38000000 | 37969505 |
|  Svenska Handelsbanken AB |  |  |
| &nbsp;&nbsp; SOFR + 0.510%, <br>3.550%, due 11/01/22<sup>1,3</sup> | 30000000 | 30000000 |
| &nbsp;&nbsp; SOFR + 0.540%, <br>3.580%, due 11/01/22<sup>1,3</sup> | 29000000 | 29000000 |
|  Swedbank AB |  |  |
| &nbsp;&nbsp; SOFR + 0.340%, <br>3.390%, due 11/01/22<sup>1</sup> | 40000000 | 39959333 |
| &nbsp;&nbsp; SOFR + 0.390%, <br>3.440%, due 11/01/22<sup>1</sup> | 25000000 | 25000679 |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 25000000 | 25007110 |
| &nbsp;&nbsp; SOFR + 0.610%, <br>3.650%, due 11/01/22<sup>1</sup> | 40000000 | 39989985 |
|  United Overseas Bank Ltd.<br>3.110%, due 12/08/22 | 35000000 | 34860091 |
| &nbsp;&nbsp; 3.220%, due 12/14/22 | 25000000 | 24882758 |
| &nbsp;&nbsp; SOFR + 0.390%, <br>3.440%, due 11/01/22<sup>1,3</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.470%, due 11/01/22<sup>1,3</sup> | 38000000 | 38000000 |
| &nbsp;&nbsp; SOFR + 0.450%, <br>3.490%, due 11/01/22<sup>1,3</sup> | 34000000 | 34000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount** | **Value** | **Value** |
| **Commercial paper—(concluded)** |  |  |  |
| **Banking-non-U.S.—(concluded)** |  |  |  |
| &nbsp;&nbsp; SOFR + 0.540%, <br>3.580%, due 11/01/22<sup>1,3</sup> | 40000000 | $| 39999337 |
|  Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  |
| &nbsp;&nbsp; SOFR + 0.400%, <br>3.450%, due 11/01/22<sup>1,3</sup> | 38000000 |  | 37973719 |
| &nbsp;&nbsp; SOFR + 0.430%, <br>3.480%, due 11/01/22<sup>1,3</sup> | 26000000 |  | 26000000 |
| &nbsp;&nbsp; SOFR + 0.550%, <br>3.600%, due 11/01/22<sup>1,3</sup> | 16000000 |  | 16000000 |
| &nbsp;&nbsp; SOFR + 0.560%, <br>3.610%, due 11/01/22<sup>1,3</sup> | 30000000 |  | 30001993 |
| &nbsp;&nbsp; SOFR + 0.660%, <br>3.710%, due 11/01/22<sup>1,3</sup> | 40000000 |  | 40000000 |
|  Westpac Securities NZ Ltd.<br>3.760%, due 05/02/23 | 39000000 |  | 39000000 |
|  |  |  | 2074780465 |
| **Banking-U.S.—0.6%** | **Banking-U.S.—0.6%** | **Banking-U.S.—0.6%** | **Banking-U.S.—0.6%** |
|  Bedford Row Funding Corp. | Bedford Row Funding Corp. | Bedford Row Funding Corp. | Bedford Row Funding Corp. |
| &nbsp;&nbsp; SOFR + 0.650%, <br>3.700%, due 11/01/22<sup>1,3</sup> | 27000000 |  | 26999776 |
|  Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC |
| &nbsp;&nbsp; SOFR + 0.500%, <br>3.550%, due 11/01/22<sup>1</sup> | 24000000 |  | 23995367 |
|  |  |  | 50995143 |
|  **Total commercial paper** ****<br> (cost—$3,242,933,649) | **Total commercial paper** ****<br> (cost—$3,242,933,649) |  | **3242305872** |
| **Time deposits—2.9%** | **Time deposits—2.9%** | **Time deposits—2.9%** | **Time deposits—2.9%** |
| **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** |
|  ABN AMRO Bank NV<br>3.060%, due 11/01/22 | 100000000 |  | 100000000 |
|  Credit Agricole Corporate & Investment Bank<br>3.050%, due 11/01/22 | 92000000 |  | 92000000 |
|  Mizuho Corporate Bank Ltd.<br>3.070%, due 11/01/22 | 40000000 |  | 40000000 |
|  **Total time deposits** ****<br> (cost—$232,000,000) | **Total time deposits** ****<br> (cost—$232,000,000) |  | **232000000** |
| **Repurchase agreements—41.8%** | **Repurchase agreements—41.8%** | **Repurchase agreements—41.8%** | **Repurchase agreements—41.8%** |
|  Repurchase agreement dated 10/31/22 with J.P. Morgan Securities LLC, OBFR + 0.33%, 3.400% due 12/05/22, collateralized by 3 shares of an equity security and $60,237,000 various asset-backed convertible bonds zero coupon to 4.630% due 11/15/25 to 09/30/29; (value $57,130,219); proceed $50,132,222<sup>4</sup> | 50000000 |  | 50000000 |
|  Repurchase agreement dated 10/03/22 with J.P. Morgan Securities LLC, OBFR + 0.23%, 3.300% due 11/07/22, collateralized by $80,916,605 various asset-backed convertible bonds, 0.250% to 9.000% due 07/15/24 to 05/01/28, 16,878 shares of various equity securities; (value—$61,195,765); proceed: $54,138,600<sup>4</sup> | 54000000 |  | 54000000 |

---

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** |
|  Repurchase agreement dated 04/28/20 with J.P. Morgan Securities LLC, OBFR + 0.23%, 3.300% due 11/07/22, collateralized by $94,526,175 various asset-backed convertible bonds, 2.000% to 11.500% due 02/15/23 to 11/06/33 and 5 shares of an equity security; (value—$81,000,162); proceeds: $81,208,125<sup>4</sup> | $75000000 | $75000000 |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., OBFR + 0.65%, 3.720% due 02/03/23, collateralized by $221,231,893 various asset-backed convertible bonds, zero coupon to 9.000% due 03/12/23 to 06/30/51; (value—$186,763,929); proceeds: $175,506,333<sup>4</sup> | 175000000 | 175000000 |
|  Repurchase agreement dated 10/31/22 with BNP Paribas SA, 3.200% due 11/01/22, collateralized by $224,591,765 various asset-backed convertible bonds, 0.010% to 13.375% due 12/15/22 to 12/31/99 and 4,500,000 shares of various equity securities; (value—$188,905,444); proceeds: $175,015,556 | 175000000 | 175000000 |
|  Repurchase agreement dated 10/31/22 with Barclays Bank PLC, 3.050% due 11/01/22, collateralized by $965,713,410 Federal Home Loan Mortgage Corp. obligations, 2.500% to 6.000% due 09/15/38 to 07/25/52, $1,463,317,694 Federal National Mortgage Association obligations, 1.814% to 5.500% due 11/25/32 to 09/25/52 and $1,173,416,383 Government National Mortgage Association obligations, 2.500% to 5.000 due 10/20/42 to 02/20/52; (value—$309,000,000); proceeds: $300,025,417 | 300000000 | 300000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/31/22 with Federal Reserve Bank of New York, 3.050% due 11/01/22, collateralized by $2,521,446,400 U.S. Treasury Notes, 0.250% to 2.500% due 08/15/23 to 11/15/31; (value—$2,485,210,587); proceeds: $2,485,210,535 | $| 2485000000 | $2485000000 |
|  **Total repurchase agreements** ****<br> (cost—$3,314,000,000) | **Total repurchase agreements** ****<br> (cost—$3,314,000,000) | **Total repurchase agreements** ****<br> (cost—$3,314,000,000) | **3314000000** |
|  **Total investments** <br> (cost—$7,970,934,016 which approximates<br>cost for federal income<br>tax purposes)—100.4% | **Total investments** <br> (cost—$7,970,934,016 which approximates<br>cost for federal income<br>tax purposes)—100.4% | **Total investments** <br> (cost—$7,970,934,016 which approximates<br>cost for federal income<br>tax purposes)—100.4% | **7970015516** |
|  Liabilities in excess of other assets—(0.4)%  | Liabilities in excess of other assets—(0.4)%  | Liabilities in excess of other assets—(0.4)%  | (31430114) |
|  **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**7938585402** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| Certificates of deposit | $— | $1181709644 | $— | $1181709644 |
| Commercial paper |  | 3242305872 |  | 3242305872 |
| Time deposits |  | 232000000 |  | 232000000 |
| Repurchase agreements |  | 3314000000 |  | 3314000000 |
| **Total** | $**—** | $**7970015516** | $**—** | $**7970015516** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

<sup>2</sup> Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

<sup>3</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $522,024,782, represented 6.6% of the Fund's net assets at period end. 

<sup>4</sup> Investment has a put feature, which allows the Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2022 and changes periodically. The maturity date reflects the earliest put date and the proceeds represent the receivable of the Fund if the put feature was exercised as of October 31, 2022. 

See accompanying notes to financial statements.

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Certificates of deposit—13.5%** | **Certificates of deposit—13.5%** | **Certificates of deposit—13.5%** |
| **Banking-non-U.S.—12.1%** | **Banking-non-U.S.—12.1%** | **Banking-non-U.S.—12.1%** |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp; SOFR + 0.200%,<br>3.250%, due 11/01/22<sup>1</sup> | $5000000 | $5000059 |
|  Bank of Nova Scotia  |  |  |
| &nbsp;&nbsp; SOFR + 0.250%,<br>3.300%, due 11/01/22<sup>1</sup> | 4000000 | 3997044 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 11000000 | 10998747 |
|  Canadian Imperial Bank of Commerce  |  |  |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1</sup> | 5000000 | 4994986 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 10000000 | 10002226 |
|  Mitsubishi UFJ Trust & Banking Corp.  |  |  |
| &nbsp;&nbsp; SOFR + 0.460%,<br>3.510%, due 11/01/22<sup>1</sup> | 8000000 | 8001822 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 9000000 | 8999389 |
|  MUFG Bank Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.460%, due 11/01/22<sup>1</sup> | 7000000 | 7000519 |
| &nbsp;&nbsp; SOFR + 0.710%,<br>3.750%, due 11/01/22<sup>1</sup> | 25000000 | 24989584 |
|  Nordea Bank Abp  |  |  |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1</sup> | 13000000 | 12988524 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.550%, due 11/01/22<sup>1</sup> | 4000000 | 4000931 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 14000000 | 14001497 |
| &nbsp;&nbsp; SOFR + 0.580%,<br>3.630%, due 11/01/22<sup>1</sup> | 11000000 | 11002388 |
|  Oversea-Chinese Banking Corp. Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1</sup> | 5000000 | 5000407 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.490%, due 11/01/22<sup>1</sup> | 13000000 | 12989824 |
|  Royal Bank of Canada  |  |  |
| &nbsp;&nbsp; SOFR + 0.220%,<br>3.270%, due 11/01/22<sup>1</sup> | 5000000 | 4996422 |
| &nbsp;&nbsp; SOFR + 0.700%,<br>3.750%, due 11/01/22<sup>1</sup> | 14000000 | 14000352 |
|  Sumitomo Mitsui Banking Corp.  |  |  |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> | 13000000 | 12996782 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 11000000 | 10998651 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 8000000 | 8002375 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 8000000 | 8001405 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 13000000 | 12990819 |
|  Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.330%,<br>3.380%, due 11/01/22<sup>1</sup> | 7000000 | 7000762 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** | **Value** |
| **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** |
| **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | $| 14000000 | $| 13995781 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> |  | 13000000 |  | 12995625 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.650%, due 11/01/22<sup>1</sup> |  | 10000000 |  | 9999122 |
|  Svenska Handelsbanken  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1</sup> |  | 6000000 |  | 6000104 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.540%, due 11/01/22<sup>1</sup> |  | 13000000 |  | 12991630 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.570%, due 11/01/22<sup>1</sup> |  | 14000000 |  | 13991558 |
|  Swedbank AB |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.570%,<br>3.610%, due 11/01/22<sup>1</sup> |  | 11000000 |  | 11000407 |
|  Toronto Dominion Bank |  |  |  |  |
| &nbsp;&nbsp; 3.300%, due 11/01/22 |  | 5000000 |  | 4996912 |
| &nbsp;&nbsp; 3.640%, due 11/01/22 |  | 13000000 |  | 12994153 |
|  Westpac Banking Corp.  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.470%,<br>3.520%, due 11/01/22<sup>1</sup> |  | 4000000 |  | 4000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> |  | 5000000 |  | 5000258 |
|  |  |  |  | 330921065 |
| **Banking-U.S.—1.4%** |  |  |  |  |
|  Cooperatieve Rabobank UA  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.200%,<br>3.250%, due 11/01/22<sup>1</sup> |  | 5000000 |  | 5000178 |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1</sup> |  | 5000000 |  | 5000629 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> |  | 6000000 |  | 6000833 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> |  | 8000000 |  | 7997763 |
| &nbsp;&nbsp; SOFR + 0.630%,<br>3.680%, due 11/01/22<sup>1</sup> |  | 14000000 |  | 13999028 |
|  |  |  |  | 37998431 |
|  **Total Certificates of deposit**<br> (cost—$369,000,074) | **Total Certificates of deposit**<br> (cost—$369,000,074) | **Total Certificates of deposit**<br> (cost—$369,000,074) |  | **368919496** |
| **Commercial paper—49.0%** | **Commercial paper—49.0%** | **Commercial paper—49.0%** | **Commercial paper—49.0%** | **Commercial paper—49.0%** |
| **Asset-backed-miscellaneous—16.6%** | **Asset-backed-miscellaneous—16.6%** | **Asset-backed-miscellaneous—16.6%** | **Asset-backed-miscellaneous—16.6%** | **Asset-backed-miscellaneous—16.6%** |
|  Albion Capital Corp. SA/Albion Capital LLC |  |  |  |  |
| &nbsp;&nbsp; 2.950%, due 11/15/22 |  | 6299000 |  | 6289559 |
|  Antalis SA |  |  |  |  |
| &nbsp;&nbsp; 2.870%, due 11/02/22 |  | 8000000 |  | 7998612 |
| &nbsp;&nbsp; 2.950%, due 11/07/22 |  | 6250000 |  | 6245771 |
| &nbsp;&nbsp; 3.120%, due 11/29/22 |  | 12000000 |  | 11963653 |
| &nbsp;&nbsp; 3.300%, due 11/07/22 |  | 17460000 |  | 17448185 |
| &nbsp;&nbsp; 4.020%, due 01/05/23 |  | 4580000 |  | 4545137 |
| &nbsp;&nbsp; 4.510%, due 01/18/23 |  | 11000000 |  | 10893403 |
|  Atlantic Asset Securitization LLC |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.360%,<br>3.410%, due 11/01/22<sup>1,2</sup> |  | 10000000 |  | 10000000 |

---

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Asset-backed-miscellaneous—(continued)** | **Asset-backed-miscellaneous—(continued)** | **Asset-backed-miscellaneous—(continued)** |
|  Barton Capital SA<br>2.920%, due 11/08/22 | $28000000 | $27977961 |
| &nbsp;&nbsp; 3.070%, due 11/01/22 | 15000000 | 14998715 |
|  Chariot Funding LLC<br>3.300%, due 11/16/22 | 19000000 | 18969549 |
|  Gotham Funding Corp.<br>4.120%, due 01/10/23 | 13000000 | 12888343 |
|  Liberty Street Funding LLC<br>2.850%, due 11/15/22 | 18000000 | 17973045 |
| &nbsp;&nbsp; 3.055%, due 11/28/22 | 7000000 | 6979605 |
| &nbsp;&nbsp; 3.060%, due 11/30/22 | 4000000 | 3987433 |
|  LMA-Americas LLC<br>2.930%, due 11/18/22 | 7000000 | 6987106 |
| &nbsp;&nbsp; 3.080%, due 11/29/22 | 5000000 | 4984735 |
| &nbsp;&nbsp; 3.150%, due 12/01/22 | 6000000 | 5980320 |
|  Old Line Funding LLC  | Old Line Funding LLC  | Old Line Funding LLC  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.460%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.540%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.590%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 10000000 | 9995640 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 6000000 | 6000813 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 21000000 | 21003189 |
|  Sheffield Receivables Co. LLC<br>2.850%, due 11/01/22 | 17695000 | 17693499 |
| &nbsp;&nbsp; 2.950%, due 11/16/22 | 11000000 | 10982170 |
| &nbsp;&nbsp; 2.960%, due 11/22/22 | 15000000 | 14965827 |
| &nbsp;&nbsp; 3.100%, due 12/07/22 | 12000000 | 11951888 |
|  Starbird Funding Corp.<br>3.050%, due 11/01/22 | 25000000 | 24997879 |
|  Thunder Bay Funding LLC  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.460%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 14000000 | 14000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; 4.000%, due 01/17/23 | 6000000 | 5948667 |
|  Versailles CDS LLC<br>2.870%, due 11/01/22 | 7000000 | 6999404 |
|  Versailles Commercial Paper LLC<br>2.850%, due 11/01/22 | 19000000 | 18998383 |
| &nbsp;&nbsp; 3.070%, due 12/05/22 | 9000000 | 8966636 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Asset-backed-miscellaneous—(concluded)** | **Asset-backed-miscellaneous—(concluded)** | **Asset-backed-miscellaneous—(concluded)** |
|  Victory Receivables Corp.<br>2.930%, due 11/18/22 | $13000000 | $12976412 |
|  |  | 453591539 |
|  **Banking-non-U.S.—31.0%** |  |  |
|  ANZ New Zealand International Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
|  Australia & New Zealand Banking Group Ltd.  |  |  |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1,2</sup> | 13000000 | 12990171 |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 10000000 | 9990686 |
|  Bank of Montreal  |  |  |
| &nbsp;&nbsp; SOFR + 0.260%,<br>3.310%, due 11/01/22<sup>1</sup> | 8000000 | 7993749 |
| &nbsp;&nbsp; SOFR + 0.410%,<br>3.460%, due 11/01/22<sup>1</sup> | 7000000 | 7001485 |
| &nbsp;&nbsp; 3.740%, due 05/02/23 | 25000000 | 24997383 |
|  Bank of Nova Scotia  |  |  |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 14000000 | 14000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 5000000 | 5001056 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 11000000 | 10992097 |
|  Barclays Bank PLC<br>2.850%, due 11/02/22 | 21000000 | 20996363 |
| &nbsp;&nbsp; 2.950%, due 11/10/22 | 18000000 | 17983395 |
| &nbsp;&nbsp; 3.270%, due 11/08/22 | 13000000 | 12991734 |
|  BNZ International Funding Ltd. |  |  |
| &nbsp;&nbsp; SOFR + 0.720%,<br>3.770%, due 11/01/22<sup>1,2</sup> | 11000000 | 11000723 |
|  Canadian Imperial Bank of Commerce<br>0.350%, due 11/03/22 | 4000000 | 3998976 |
|  Commonwealth Bank of Australia  |  |  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 5000000 | 4999040 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 16000000 | 16000000 |
| &nbsp;&nbsp; SOFR + 0.640%,<br>3.690%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  Credit Agricole Corporate & Investment Bank<br>3.030%, due 11/22/22 | 18000000 | 17961456 |
|  DBS Bank Ltd.<br>3.000%, due 11/23/22 | 12000000 | 11972178 |
| &nbsp;&nbsp; 3.550%, due 12/15/22 | 13000000 | 12938169 |
|  Federation Des Caisses<br>3.060%, due 11/03/22 | 20000000 | 19994645 |
|  Federation des Caisses Desjardins du Quebec<br>2.820%, due 11/03/22 | 11000000 | 10997055 |
| &nbsp;&nbsp; 3.050%, due 11/01/22 | 40000000 | 39996573 |
| &nbsp;&nbsp; 3.050%, due 11/02/22 | 25000000 | 24995626 |
|  Mitsubishi UFJ Trust & Banking Corp.<br>2.870%, due 11/03/22 | 10000000 | 9997427 |
| &nbsp;&nbsp; 3.600%, due 12/05/22 | 13000000 | 12953590 |

---

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.—(continued)** | **Banking-non-U.S.—(continued)** | **Banking-non-U.S.—(continued)** |
|  Mizuho Bank Ltd.<br>2.965%, due 11/25/22 | $12000000 | $11969167 |
| &nbsp;&nbsp; 2.970%, due 12/02/22 | 11000000 | 10963069 |
|  National Australia Bank Ltd.  | National Australia Bank Ltd.  | National Australia Bank Ltd.  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000792 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 6000000 | 6000218 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 8000000 | 7999845 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  National Bank of Canada  | National Bank of Canada  | National Bank of Canada  |
| &nbsp;&nbsp; SOFR + 0.200%,<br>3.250%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000000 |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000095 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1,2</sup> | 13000000 | 12995881 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.580%, due 11/01/22<sup>1,2</sup> | 11000000 | 11000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 11000000 | 11000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 10000000 | 10003007 |
|  NRW Bank<br>2.980%, due 11/03/22 | 35000000 | 34990792 |
|  Oversea-Chinese Banking Corp. Ltd.  | Oversea-Chinese Banking Corp. Ltd.  | Oversea-Chinese Banking Corp. Ltd.  |
| &nbsp;&nbsp; SOFR + 0.240%,<br>3.290%, due 11/01/22<sup>1,2</sup> | 5000000 | 4996343 |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000852 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp; SOFR + 0.460%,<br>3.510%, due 11/01/22<sup>1,2</sup> | 5000000 | 5000000 |
|  Skandinaviska Enskilda Banken AB  |  |  |
| &nbsp;&nbsp; SOFR + 0.380%,<br>3.420%, due 11/01/22<sup>1,2</sup> | 5000000 | 4999335 |
| &nbsp;&nbsp; SOFR + 0.440%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000520 |
| &nbsp;&nbsp; SOFR + 0.570%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 11000000 | 11000213 |
| &nbsp;&nbsp; SOFR + 0.610%,<br>3.650%, due 11/01/22<sup>1,2</sup> | 14000000 | 14000000 |
|  Sumitomo Mitsui Trust Bank Ltd.<br>2.900%, due 11/09/22 | 13000000 | 12989567 |
| &nbsp;&nbsp; 2.970%, due 11/17/22 | 12000000 | 11980864 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** |
|  Svenska Handelsbanken AB  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1,2</sup> | $| 5000000 | $| 5000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.550%, due 11/01/22<sup>1,2</sup> |  | 4000000 |  | 4000000 |
| &nbsp;&nbsp; SOFR + 0.540%,<br>3.580%, due 11/01/22<sup>1,2</sup> |  | 10000000 |  | 10000000 |
|  Swedbank AB  |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.340%,<br>3.390%, due 11/01/22<sup>1</sup> |  | 13000000 |  | 12986783 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1</sup> |  | 7000000 |  | 7000190 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> |  | 8000000 |  | 8002275 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1</sup> |  | 11000000 |  | 11000000 |
| &nbsp;&nbsp; SOFR + 0.610%,<br>3.650%, due 11/01/22<sup>1</sup> |  | 13000000 |  | 12996745 |
|  Toronto Dominion Bank |  |  |  |  |
| &nbsp;&nbsp; SOFR + 0.380%,<br>3.410%, due 11/01/22<sup>1,2</sup> |  | 5000000 |  | 5000677 |
|  United Overseas Bank Ltd.<br>2.810%, due 11/02/22 |  | 17000000 |  | 16997026 |
| &nbsp;&nbsp; 3.220%, due 12/14/22 |  | 7000000 |  | 6967172 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1,2</sup> |  | 7000000 |  | 7000000 |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1,2</sup> |  | 7000000 |  | 6997381 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> |  | 13000000 |  | 13000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.490%, due 11/01/22<sup>1,2</sup> |  | 6000000 |  | 6000000 |
| &nbsp;&nbsp; SOFR + 0.540%,<br>3.580%, due 11/01/22<sup>1,2</sup> |  | 13000000 |  | 12999785 |
|  Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  | Westpac Banking Corp.  |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> |  | 13000000 |  | 12991009 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> |  | 5000000 |  | 5000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1,2</sup> |  | 11000000 |  | 11000731 |
| &nbsp;&nbsp; SOFR + 0.660%,<br>3.710%, due 11/01/22<sup>1,2</sup> |  | 14000000 |  | 14000000 |
|  Westpac Securities NZ Ltd.<br>3.760%, due 05/02/23 |  | 14000000 |  | 14000000 |
|  |  |  |  | 846573911 |
| **Banking-U.S.—1.4%** | **Banking-U.S.—1.4%** | **Banking-U.S.—1.4%** | **Banking-U.S.—1.4%** | **Banking-U.S.—1.4%** |
|  Collateralized Commercial Paper FLEX Co. LLC  | Collateralized Commercial Paper FLEX Co. LLC  | Collateralized Commercial Paper FLEX Co. LLC  | Collateralized Commercial Paper FLEX Co. LLC  | Collateralized Commercial Paper FLEX Co. LLC  |
| &nbsp;&nbsp; SOFR + 0.240%,<br>3.290%, due 11/01/22<sup>1,2</sup> |  | 5000000 |  | 5000098 |
| &nbsp;&nbsp; SOFR + 0.250%,<br>3.300%, due 11/01/22<sup>1,2</sup> |  | 5000000 |  | 5000000 |
|  Collateralized Commercial Paper V Co. LLC  | Collateralized Commercial Paper V Co. LLC  | Collateralized Commercial Paper V Co. LLC  | Collateralized Commercial Paper V Co. LLC  | Collateralized Commercial Paper V Co. LLC  |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1</sup> |  | 8000000 |  | 8000163 |

---

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** | **Value** |
| **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** |
| **Banking-U.S.—(concluded)** | **Banking-U.S.—(concluded)** | **Banking-U.S.—(concluded)** | **Banking-U.S.—(concluded)** | **Banking-U.S.—(concluded)** |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | $| 9000000 | $| 8998263 |
| &nbsp;&nbsp; SOFR + 0.630%,<br>3.680%, due 11/01/22<sup>1</sup> |  | 12000000 |  | 12001409 |
|  |  |  |  | 38999933 |
|  **Total commercial paper**<br> (cost—$1,339,390,527) | **Total commercial paper**<br> (cost—$1,339,390,527) | **Total commercial paper**<br> (cost—$1,339,390,527) |  | **1339165383** |
| **Time deposit—2.9%** | **Time deposit—2.9%** | **Time deposit—2.9%** | **Time deposit—2.9%** | **Time deposit—2.9%** |
| **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** | **Banking-non-U.S.—2.9%** |
|  Mizuho Corporate Bank Ltd.<br>3.070%, due 11/01/22<br>(cost—$80,000,000) |  | 80000000 |  | 80000000 |
| **Repurchase agreements—35.9%** | **Repurchase agreements—35.9%** | **Repurchase agreements—35.9%** | **Repurchase agreements—35.9%** | **Repurchase agreements—35.9%** |
|  Repurchase agreement dated 10/31/22 with Barclays Bank PLC, 3.050% due 11/01/22, collateralized by $747,637,100 U.S. Treasury Notes, 0.500% to 3.000% due 07/15/25 to 11/15/31; (value—$637,500,047; proceeds: $625,052,951 |  | 625000000 |  | 625000000 |
|  Repurchase agreement dated 10/31/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.000% due 11/01/22, collateralized by 368,436,100 U.S. Treasury Notes, 1.125% to 1.250 due 01/15/25 to 04/30/28; (value—$337,620,052); proceeds: $331,027,583 |  | 331000000 |  | 331000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/03/22 with J.P. Morgan Securities LLC, OBFR + 0.33%, 3.400% due 11/07/22, collateralized by $1,000 asset-backed convertible bond 2.625% due 02/15/28 and 22,207 shares of equity security; (value—$1,100,042); proceeds: $1,003,306<sup>3</sup> | $| 1000000 | $1000000 |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., OBFR + 0.65%, 3.720% due 01/06/23, collateralized by $28,420,000 various asset-backed convertible bonds, 0.500% to 6.875% due 01/17/23 to 09/15/15 and 99,000 shares of an equity security; (value—$26,390,729); proceeds: $26,245,417<sup>3</sup> |  | 25000000 | 25000000 |
|  **Total repurchase agreements**<br> (cost—$982,000,000) | **Total repurchase agreements**<br> (cost—$982,000,000) | **Total repurchase agreements**<br> (cost—$982,000,000) | **982000000** |
|  **Total investments**<br> (cost—$2,770,390,601 which approximates<br>cost for federal income tax<br>purposes)—101.3% | **Total investments**<br> (cost—$2,770,390,601 which approximates<br>cost for federal income tax<br>purposes)—101.3% | **Total investments**<br> (cost—$2,770,390,601 which approximates<br>cost for federal income tax<br>purposes)—101.3% | **2770084879** |
|  Liabilities in excess of other assets—(1.3)%  | Liabilities in excess of other assets—(1.3)%  | Liabilities in excess of other assets—(1.3)%  | (36204810) |
|  **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**2733880069** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

ESG Prime Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments**<br> **(Level 1)** | **Other significant<br>observable inputs**<br> **(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| Certificates of deposit | $— | $368919496 | $— | $368919496 |
| Commercial paper |  | 1339165383 |  | 1339165383 |
| Time deposit |  | 80000000 |  | 80000000 |
| Repurchase agreements |  | 982000000 |  | 982000000 |
| **Total** | $**—** | $**2770084879** | $**—** | $**2770084879** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $557,960,197, represented 20.4% of the Fund's net assets at period end. 

<sup>3</sup> Investment has a put feature, which allows the Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2022 and changes periodically. The maturity date reflects the earliest put date and the proceeds represent the receivable of the Fund if the put feature was exercised as of October 31, 2022. 

See accompanying notes to financial statements.

------

Government Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—16.2%** | **U.S. government agency obligations—16.2%** | **U.S. government agency obligations—16.2%** |
|  Federal Farm Credit Banks Funding Corp.  | Federal Farm Credit Banks Funding Corp.  | Federal Farm Credit Banks Funding Corp.  |
| &nbsp;&nbsp; SOFR + 0.013%, <br>3.063%, due 11/01/22<sup>1</sup> | $62000000 | $62000000 |
| &nbsp;&nbsp; SOFR + 0.025%, <br>3.075%, due 11/01/22<sup>1</sup> | 232000000 | 231988888 |
| &nbsp;&nbsp; SOFR + 0.030%, <br>3.080%, due 11/01/22<sup>1</sup> | 63000000 | 63000000 |
| &nbsp;&nbsp; SOFR + 0.035%, <br>3.085%, due 11/01/22<sup>1</sup> | 52000000 | 52000000 |
| &nbsp;&nbsp; SOFR + 0.040%, <br>3.090%, due 11/01/22<sup>1</sup> | 40000000 | 40000000 |
| &nbsp;&nbsp; SOFR + 0.050%, <br>3.100%, due 11/01/22<sup>1</sup> | 30000000 | 30000000 |
| &nbsp;&nbsp; SOFR + 0.055%, <br>3.105%, due 11/01/22<sup>1</sup> | 5500000 | 5500000 |
| &nbsp;&nbsp; SOFR + 0.060%, <br>3.110%, due 11/01/22<sup>1</sup> | 7000000 | 7000000 |
| &nbsp;&nbsp; SOFR + 0.070%, <br>3.120%, due 11/01/22<sup>1</sup> | 18000000 | 18000000 |
| &nbsp;&nbsp; SOFR + 0.090%, <br>3.140%, due 11/01/22<sup>1</sup> | 22000000 | 22000000 |
| &nbsp;&nbsp; SOFR + 0.100%, <br>3.150%, due 11/01/22<sup>1</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.105%, <br>3.155%, due 11/01/22<sup>1</sup> | 19500000 | 19500000 |
|  Federal Home Loan Bank Discount Notes<br>2.750%, due 12/15/22<sup>2</sup> | 25000000 | 24915972 |
| &nbsp;&nbsp; 3.720%, due 12/23/22<sup>2</sup> | 50000000 | 49731334 |
| &nbsp;&nbsp; 4.050%, due 01/27/23<sup>2</sup> | 30000000 | 29706375 |
| &nbsp;&nbsp; 4.400%, due 04/26/23<sup>2</sup> | 8000000 | 7827911 |
|  Federal Home Loan Banks<br>0.210%, due 12/12/22 | 43000000 | 43000000 |
| &nbsp;&nbsp; SOFR + 0.030%, <br>3.080%, due 11/01/22<sup>1</sup> | 79000000 | 79000000 |
| &nbsp;&nbsp; SOFR + 0.035%, <br>3.085%, due 11/01/22<sup>1</sup> | 79000000 | 79000000 |
| &nbsp;&nbsp; SOFR + 0.040%, <br>3.090%, due 11/01/22<sup>1</sup> | 149000000 | 149000000 |
| &nbsp;&nbsp; SOFR + 0.045%, <br>3.095%, due 11/01/22<sup>1</sup> | 116000000 | 116000000 |
| &nbsp;&nbsp; SOFR + 0.050%, <br>3.100%, due 11/01/22<sup>1</sup> | 71000000 | 71000000 |
| &nbsp;&nbsp; SOFR + 0.055%, <br>3.105%, due 11/01/22<sup>1</sup> | 84500000 | 84500000 |
| &nbsp;&nbsp; SOFR + 0.060%, <br>3.110%, due 11/01/22<sup>1</sup> | 25000000 | 25000000 |
| &nbsp;&nbsp; SOFR + 0.700%, <br>3.120%, due 11/01/22<sup>1</sup> | 82000000 | 82000000 |
|  **Total U.S. government agency obligations** ****<br> (cost—$1,404,670,480) | **Total U.S. government agency obligations** ****<br> (cost—$1,404,670,480) | **1404670480** |
| **U.S. Treasury obligations—5.6%** | **U.S. Treasury obligations—5.6%** | **U.S. Treasury obligations—5.6%** |
|  U.S. Treasury Bills<br>1.450%, due 11/03/22<sup>3</sup> | 43000000 | 42996608 |
| &nbsp;&nbsp; 2.941%, due 12/01/22<sup>3</sup> | 59000000 | 58858400 |
| &nbsp;&nbsp; 3.029%, due 12/08/22<sup>3</sup> | 64000000 | 63804969 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.037%, 4.078%, due 11/01/22<sup>1</sup> | $| 226000000 | $| 225876691 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.140%, 4.181%, due 11/01/22<sup>1</sup> |  | 100000000 |  | 100007740 |
|  **Total U.S. Treasury obligations** ****<br> (cost—$491,544,408) | **Total U.S. Treasury obligations** ****<br> (cost—$491,544,408) | **Total U.S. Treasury obligations** ****<br> (cost—$491,544,408) |  | **491544408** |
| **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** | **Repurchase agreements—78.1%** |
|  Repurchase agreement dated 10/31/22 with Mitsubishi UFJ Securities Americas, Inc., 3.040% due 11/01/22, collateralized by $10,450,980 Federal Home Loan Mortgage Corp. obligations, 2.968% to 5.000% due 09/15/44 to 10/01/52, $31,210,411 Federal National Mortgage Association obligations, 2.500% to 4.500% due 05/01/25 to 10/25/52 and $86,770,556 Government National Mortgage Association obligations, 2.500% to 4.000% due 03/20/42 to 06/16/61; (value—$71,400,000); proceeds: $70,005,911 |  | 70000000 |  | 70000000 |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.190% due 01/30/23, collateralized by $454,997,498 Federal Home Loan Mortgage Corp. obligations, 0.100% to 11.100% due 03/25/29 to 03/25/54, $336,878,002 Federal National Mortgage Association obligations, 0.253% to 5.000% due 04/25/36 to 08/25/52 and $1,555,395,980 Government National Mortgage Association obligations, zero coupon to 5.000% due 02/20/34 to 03/16/64; (value—<br>$103,000,001); proceeds: $100,248,111<sup>4</sup> |  | 100000000 |  | 100000000 |
|  Repurchase agreement dated 10/31/22 with Toronto-Dominion Bank, 3.050% due 11/01/22, collateralized by $119,600,000 Federal Home Loan Mortgage Corp. obligations, 3.762% to 4.350% due 07/15/36 to 03/15/45 and $533,950,865 Federal National Mortgage Association obligations, 1.500% to 5.500% due 04/25/23 to 02/25/51; (value—<br>$102,000,000); proceeds: $100,008,472 |  | 100000000 |  | 100000000 |

---

------

Government Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** |
|  Repurchase agreement dated 03/31/22 with Mitsubishi UFJ Securities Americas, Inc., 3.060% due 12/05/22, collateralized by $17,604,808 Federal National Mortgage Association obligations, 3.000% to 3.500% due 01/25/43 to 06/25/48 and $103,114,609 Government National Mortgage Association obligations, 2.000% to 5.000% due 03/20/41 to 10/20/52; (value—$102,000,000); proceeds: $101,819,000<sup>4</sup> | $100000000 | $100000000 |
|  Repurchase agreement dated 10/03/22 with J.P. Morgan Securities LLC, 3.060% due 11/07/22, collateralized by $282,219,454 Federal National Mortgage Association obligations, 2.000% to 6.000% due 08/01/36 to 09/01/52; (value—<br>$204,000,001); proceeds: $200,476,000<sup>4</sup> | 200000000 | 200000000 |
|  Repurchase agreement dated 10/31/22 with J.P. Morgan Securities LLC, 3.060% due 11/01/22, collateralized by $1,890,001,757 Federal Home Loan Mortgage Corp. obligations, zero coupon to 6.997% due 05/25/23 to 03/25/58, $1,558,033,365 Federal National Mortgage Association obligations, zero coupon to 5.000% due 08/25/24 to 01/25/52 and $2,297,529,578 Government National Mortgage Association obligations, zero coupon to 5.500% due 07/20/39 to 03/16/64; (value—$515,000,001); proceeds: $500,042,500 | 500000000 | 500000000 |
|  Repurchase agreement dated 10/31/22 with J.P. Morgan Securities LLC, 3.050% due 11/01/22, collateralized by $503,178,015 Federal Home Loan Mortgage Corp. obligations, 3.500% to 6.500% due 01/01/28 to 10/01/52, $1,554,162,388 Federal National Mortgage Association obligations, 1.500% to 7.500% due 07/01/28 to 03/01/61 and $75,335,770 Government National Mortgage Association obligations, 2.500% to 5.500% due 11/20/35 to 09/20/62; (value—$969,000,001); proceeds: $950,080,486 | 950000000 | 950000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/31/22 with Fixed Income Clearing Corp., 3.010% due 11/01/22, collateralized by $1,063,905,500 U.S. Treasury Bill, zero coupon due 01/26/23; (value—<br>$1,053,660,090); proceeds: $1,033,086,370 | $| 1033000000 | $1033000000 |
|  Repurchase agreement dated 10/31/22 with Federal Reserve Bank of New York, 3.050% due 11/01/22, collateralized by 4,058,989,300 U.S. Treasury Notes, 1.625% to 2.250% due 08/15/27 to 08/15/29; (value—$3,730,316,043); proceeds: $3,730,316,014 |  | 3730000000 | 3730000000 |
|  **Total repurchase agreements** ****<br> (cost—$6,783,000,000) |  |  | **6783000000** |
|  **Total investments** <br> (cost—$8,679,214,888 which approximates cost for federal income tax<br>purposes)—99.9% |  |  | **8679214888** |
|  Other assets in excess of liabilities—0.1%  | Other assets in excess of liabilities—0.1%  | Other assets in excess of liabilities—0.1%  | 7542039 |
|  **Net assets—100.0%** |  |  | $**8686756927** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Government Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| U.S. government agency obligations | $— | $1404670480 | $— | $1404670480 |
| U.S. Treasury obligations |  | 491544408 |  | 491544408 |
| Repurchase agreements |  | 6783000000 |  | 6783000000 |
| **Total** | $**—** | $**8679214888** | $**—** | $**8679214888** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

<sup>2</sup> Rate shown is the discount rate at the date of purchase unless otherwise noted.

<sup>3</sup> Rates shown reflect yield at October 31, 2022.

<sup>4</sup> Investment has a put feature, which allows the Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2022 and changes periodically. The maturity date reflects the earliest put date and the proceeds represent the receivable of the Fund if the put feature was exercised as of October 31, 2022. 

See accompanying notes to financial statements.

------

Treasury Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. Treasury obligations—30.2%** | **U.S. Treasury obligations—30.2%** | **U.S. Treasury obligations—30.2%** |
|  U.S. Treasury Bills<br>1.411%, due 11/10/22<sup>1</sup> | $338000000 | $337883221 |
| &nbsp;&nbsp; 1.450%, due 11/03/22<sup>1</sup> | 216000000 | 215982960 |
| &nbsp;&nbsp; 1.522%, due 11/17/22<sup>1</sup> | 210000000 | 209860933 |
| &nbsp;&nbsp; 1.563%, due 11/25/22<sup>1</sup> | 215000000 | 214780700 |
| &nbsp;&nbsp; 1.615%, due 12/01/22<sup>1</sup> | 208000000 | 207726133 |
| &nbsp;&nbsp; 1.749%, due 12/08/22<sup>1</sup> | 215000000 | 214622138 |
| &nbsp;&nbsp; 2.541%, due 11/03/22<sup>1</sup> | 244000000 | 243966247 |
| &nbsp;&nbsp; 2.633%, due 11/10/22<sup>1</sup> | 362000000 | 361766510 |
| &nbsp;&nbsp; 2.659%, due 11/17/22<sup>1</sup> | 168000000 | 167805493 |
| &nbsp;&nbsp; 2.798%, due 11/25/22<sup>1</sup> | 249000000 | 248545160 |
| &nbsp;&nbsp; 2.845%, due 12/13/22<sup>1</sup> | 245000000 | 244205383 |
| &nbsp;&nbsp; 2.941%, due 12/01/22<sup>1</sup> | 251000000 | 250397600 |
| &nbsp;&nbsp; 2.958%, due 12/20/22<sup>1</sup> | 241000000 | 240052000 |
| &nbsp;&nbsp; 3.029%, due 12/08/22<sup>1</sup> | 249000000 | 248241207 |
| &nbsp;&nbsp; 3.041%, due 12/27/22<sup>1</sup> | 253000000 | 251831140 |
| &nbsp;&nbsp; 3.055%, due 11/22/22<sup>1</sup> | 4500000 | 4492121 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp; 3 mo. Treasury money market yield – 0.075%,<br>3.966%, due 11/01/22<sup>2</sup> | 200000000 | 199999986 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.029%,<br>4.070%, due 11/01/22<sup>2</sup> | 614210000 | 614220815 |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.034%,<br>4.075%, due 11/01/22<sup>2</sup> | 468575000 | 468580619 |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.035%,<br>4.076%, due 11/01/22<sup>2</sup> | 500000000 | 499992423 |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.037%,<br>4.078%, due 11/01/22<sup>2</sup> | 935000000 | 934542350 |
| &nbsp;&nbsp; 3 mo.Treasury money market yield + 0.049%,<br>4.090%, due 11/01/22<sup>2</sup> | 852950000 | 852968352 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.140%,<br>4.181%, due 11/01/22<sup>2</sup> | 250000000 | 250019349 |
|  **Total U.S. Treasury obligations** ****<br> (cost—$7,482,482,840) |  | **7482482840** |
| **Repurchase agreements—68.4%** | **Repurchase agreements—68.4%** | **Repurchase agreements—68.4%** |
|  Repurchase agreement dated 10/31/22 with J.P. Morgan Securities LLC, 3.000% due 11/01/22, collateralized by $171,352,400, U.S. Treasury Bond, 3.625% due 02/15/44; (value—$153,000,030); proceeds: $150,012,500 | 150000000 | 150000000 |
|  Repurchase agreement dated 10/31/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.000% due 11/01/22, collateralized by $262,499,300 U.S. Treasury Note, 4.375% due 10/31/24; (value—$262,242,051); proceeds: $257,121,425 | 257100000 | 257100000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/31/22 with Fixed Income Clearing Corp., 3.010% due 11/01/22, collateralized by $955,764,100 U.S. Treasury Bill, zero coupon due 01/26/23; (value—$946,560,092); proceeds: $928,077,591 | $| 928000000 | $928000000 |
|  Repurchase agreement dated 10/31/22 with Barclays Bank PLC, 3.050% due 11/01/22, collateralized by $1,096,722,200 U.S. Treasury Bonds, 1.250% to 4.625% due 02/15/40 to 08/15/50 and $1,219,269,000 U.S. Treasury Notes, 0.125% to 2.875% due 12/31/22 to 08/15/28; (value—$1,912,500,008); proceeds: $1,875,158,854 |  | 1875000000 | 1875000000 |
|  Repurchase agreement dated 10/31/22 with Federal Reserve Bank of New York, 3.050% due 11/01/22, collateralized by $14,337,943,100 U.S. Treasury Notes, 1.625% to 2.625% due 11/15/22 to 08/15/29; (value—$13,716,162,050); proceeds: $13,716,161,965 | $| 13715000000 | $13715000000 |
|  **Total repurchase agreements** ****<br> (cost—$16,925,100,000) |  |  | **16925100000** |
|  **Total investments** <br> (cost—$24,407,582,840 which approximates cost for federal income tax purposes)—98.6% |  |  | **24407582840** |
|  Other assets in excess of liabilities—1.4% | Other assets in excess of liabilities—1.4% | Other assets in excess of liabilities—1.4% | 353016899 |
|  **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**24760599739** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Treasury Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| U.S. Treasury obligations | $— | $7482482840 | $— | $7482482840 |
| Repurchase agreements |  | 16925100000 |  | 16925100000 |
| **Total** | $**—** | $**24407582840** | $**—** | $**24407582840** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Rates shown reflect yield at October 31, 2022.

<sup>2</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

See accompanying notes to financial statements.

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Certificates of deposit—12.6%** | **Certificates of deposit—12.6%** | **Certificates of deposit—12.6%** |
| **Banking-non-U.S.—11.5%** | **Banking-non-U.S.—11.5%** | **Banking-non-U.S.—11.5%** |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | $19000000 | $19000000 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 15000000 | 15000000 |
|  Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. |
| &nbsp;&nbsp; SOFR + 0.460%,<br>3.510%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 19000000 | 19000000 |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
| &nbsp;&nbsp; SOFR + 0.710%,<br>3.750%, due 11/01/22<sup>1</sup> | 50000000 | 50000000 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.550%, due 11/01/22<sup>1</sup> | 6000000 | 6000110 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 21000000 | 21000000 |
| &nbsp;&nbsp; SOFR + 0.580%,<br>3.630%, due 11/01/22<sup>1</sup> | 17000000 | 17000000 |
|  Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1</sup> | 7000000 | 7000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.490%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.470%,<br>3.510%, due 11/01/22<sup>1</sup> | 12000000 | 12000000 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.570%, due 11/01/22<sup>1</sup> | 12000000 | 12000000 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| &nbsp;&nbsp; SOFR + 0.700%,<br>3.750%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 19000000 | 19000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 11000000 | 11000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
| &nbsp;&nbsp; SOFR + 0.330%,<br>3.380%, due 11/01/22<sup>1</sup> | 18000000 | 18000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.560%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** | **Certificates of deposit—(concluded)** |
| **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.650%, due 11/01/22<sup>1</sup> | 15000000 | 15000000 |
|  Svenska Handelsbanken | Svenska Handelsbanken | Svenska Handelsbanken |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.540%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.570%, due 11/01/22<sup>1</sup> | 29000000 | 29000000 |
|  Swedbank AB | Swedbank AB | Swedbank AB |
| &nbsp;&nbsp; SOFR + 0.570%,<br>3.610%, due 11/01/22<sup>1</sup> | 18000000 | 18000000 |
|  Toronto Dominion Bank | Toronto Dominion Bank | Toronto Dominion Bank |
| &nbsp;&nbsp; 3.300%, due 11/01/22 | 11000000 | 11000000 |
| &nbsp;&nbsp; 3.510%, due 11/01/22 | 20000000 | 20000000 |
| &nbsp;&nbsp; 3.640%, due 11/01/22 | 27000000 | 27000000 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1</sup> | 8000000 | 8000000 |
|  |  | 622000110 |
| **Banking-U.S.**—**1.1%** | **Banking-U.S.**—**1.1%** | **Banking-U.S.**—**1.1%** |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1</sup> | 11000000 | 11000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 12000000 | 12000000 |
| &nbsp;&nbsp; SOFR + 0.630%,<br>3.680%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
|  |  | 60000000 |
|  **Total Certificates of deposit**<br> (cost—$682,000,110) | **Total Certificates of deposit**<br> (cost—$682,000,110) | **682000110** |
| **Commercial paper**—**58.4%** | **Commercial paper**—**58.4%** | **Commercial paper**—**58.4%** |
| **Asset-backed-miscellaneous**—**16.5%** | **Asset-backed-miscellaneous**—**16.5%** | **Asset-backed-miscellaneous**—**16.5%** |
|  Albion Capital Corp. SA/Albion Capital LLC | Albion Capital Corp. SA/Albion Capital LLC | Albion Capital Corp. SA/Albion Capital LLC |
| &nbsp;&nbsp; 2.950%, due 11/21/22 | 40000000 | 39934444 |
|  Antalis SA | Antalis SA | Antalis SA |
| &nbsp;&nbsp; 2.870%, due 11/02/22<sup>2</sup> | 13000000 | 12998964 |
| &nbsp;&nbsp; 2.920%, due 11/04/22<sup>2</sup> | 11000000 | 10997323 |
| &nbsp;&nbsp; 2.950%, due 11/07/22<sup>2</sup> | 10000000 | 9995083 |
| &nbsp;&nbsp; 2.950%, due 11/09/22<sup>2</sup> | 8000000 | 7994756 |
| &nbsp;&nbsp; 3.120%, due 11/29/22<sup>2</sup> | 21000000 | 20949040 |
| &nbsp;&nbsp; 3.300%, due 11/07/22<sup>2</sup> | 35000000 | 34980750 |
| &nbsp;&nbsp; 4.020%, due 01/03/23 | 19000000 | 18866335 |
| &nbsp;&nbsp; 4.020%, due 01/05/23 | 9000000 | 8934675 |
| &nbsp;&nbsp; 4.510%, due 01/18/23 | 21000000 | 20794795 |
|  Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC |
| &nbsp;&nbsp; 3.370%, due 11/15/22 | 26000000 | 25965926 |
|  Barton Capital SA | Barton Capital SA | Barton Capital SA |
| &nbsp;&nbsp; 3.150%, due 11/04/22 | 50000000 | 49986875 |
| &nbsp;&nbsp; 3.450%, due 11/15/22 | 10695000 | 10680651 |
| &nbsp;&nbsp; 3.520%, due 11/14/22<sup>2</sup> | 10000000 | 9987289 |

---

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper**—**(continued)** | **Commercial paper**—**(continued)** | **Commercial paper**—**(continued)** |
| **Asset-backed-miscellaneous**—**(concluded)** | **Asset-backed-miscellaneous**—**(concluded)** | **Asset-backed-miscellaneous**—**(concluded)** |
|  Chariot Funding LLC | Chariot Funding LLC | Chariot Funding LLC |
| &nbsp;&nbsp; 3.300%, due 11/16/22 | $34000000 | $33953250 |
|  Gotham Funding Corp. | Gotham Funding Corp. | Gotham Funding Corp. |
| &nbsp;&nbsp; 4.120%, due 01/10/23 | 26000000 | 25791711 |
|  Liberty Street Funding LLC | Liberty Street Funding LLC | Liberty Street Funding LLC |
| &nbsp;&nbsp; 2.850%, due 11/15/22<sup>2</sup> | 27900000 | 27869077 |
| &nbsp;&nbsp; 3.055%, due 11/28/22<sup>2</sup> | 11000000 | 10974796 |
| &nbsp;&nbsp; 3.060%, due 11/30/22<sup>2</sup> | 8000000 | 7980280 |
|  LMA-Americas LLC | LMA-Americas LLC | LMA-Americas LLC |
| &nbsp;&nbsp; 2.930%, due 11/17/22<sup>2</sup> | 19500000 | 19474607 |
| &nbsp;&nbsp; 2.930%, due 11/18/22<sup>2</sup> | 12000000 | 11983397 |
| &nbsp;&nbsp; 3.080%, due 11/29/22<sup>2</sup> | 10000000 | 9976044 |
| &nbsp;&nbsp; 3.150%, due 12/01/22<sup>2</sup> | 12000000 | 11968500 |
| &nbsp;&nbsp; 3.470%, due 11/17/22<sup>2</sup> | 16520000 | 16494522 |
| &nbsp;&nbsp; 3.600%, due 11/18/22<sup>2</sup> | 10430000 | 10412269 |
|  Old Line Funding LLC | Old Line Funding LLC | Old Line Funding LLC |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.540%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 32000000 | 32000000 |
|  Sheffield Receivables Co. LLC | Sheffield Receivables Co. LLC | Sheffield Receivables Co. LLC |
| &nbsp;&nbsp; 2.850%, due 11/01/22<sup>2</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; 2.950%, due 11/16/22<sup>2</sup> | 20000000 | 19975417 |
| &nbsp;&nbsp; 2.960%, due 11/22/22<sup>2</sup> | 27000000 | 26953380 |
| &nbsp;&nbsp; 3.100%, due 12/07/22<sup>2</sup> | 20000000 | 19938000 |
|  Starbird Funding Corp. | Starbird Funding Corp. | Starbird Funding Corp. |
| &nbsp;&nbsp; 3.050%, due 11/01/22 | 25000000 | 25000000 |
| &nbsp;&nbsp; 3.080%, due 11/30/22<sup>2</sup> | 21000000 | 20947897 |
|  Thunder Bay Funding LLC | Thunder Bay Funding LLC | Thunder Bay Funding LLC |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.460%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 21000000 | 21000000 |
| &nbsp;&nbsp; SOFR + 0.600%,<br>3.640%, due 11/01/22<sup>1,2</sup> | 15000000 | 15000000 |
| &nbsp;&nbsp; 4.000%, due 01/17/23 | 9000000 | 8923000 |
|  Versailles CDS LLC | Versailles CDS LLC | Versailles CDS LLC |
| &nbsp;&nbsp; 2.870%, due 11/01/22 | 11000000 | 11000000 |
|  Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC |
| &nbsp;&nbsp; 2.850%, due 11/01/22 | 29000000 | 29000000 |
| &nbsp;&nbsp; 3.070%, due 12/05/22 | 16000000 | 15953609 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 21000000 | 21000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1,2</sup> | 16000000 | 16000000 |
|  Victory Receivables Corp. | Victory Receivables Corp. | Victory Receivables Corp. |
| &nbsp;&nbsp; 2.870%, due 11/02/22<sup>2</sup> | 13467000 | 13465926 |
| &nbsp;&nbsp; 2.930%, due 11/18/22<sup>2</sup> | 23000000 | 22968177 |
|  |  | 894070765 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.**—**40.2%** | **Banking-non-U.S.**—**40.2%** | **Banking-non-U.S.**—**40.2%** |
|  ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | $26000000 | $26000000 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1,2</sup> | 23000000 | 23000000 |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 20000000 | 19990071 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 12000000 | 12000000 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
| &nbsp;&nbsp; SOFR + 0.260%,<br>3.310%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.410%,<br>3.460%, due 11/01/22<sup>1</sup> | 9000000 | 9000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
|  Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
| &nbsp;&nbsp; 2.850%, due 11/02/22<sup>2</sup> | 25000000 | 24998021 |
| &nbsp;&nbsp; 2.980%, due 11/16/22<sup>2</sup> | 17000000 | 16978892 |
| &nbsp;&nbsp; 3.270%, due 11/08/22 | 24000000 | 23984740 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| &nbsp;&nbsp; 0.350%, due 11/03/22<sup>2</sup> | 12000000 | 11999767 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 31000000 | 31000000 |
| &nbsp;&nbsp; SOFR + 0.640%,<br>3.690%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
|  Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank |
| &nbsp;&nbsp; 3.030%, due 11/22/22 | 17000000 | 16969952 |
|  DBS Bank Ltd. | DBS Bank Ltd. | DBS Bank Ltd. |
| &nbsp;&nbsp; 3.000%, due 11/23/22<sup>2</sup> | 21000000 | 20961500 |
| &nbsp;&nbsp; 3.550%, due 12/15/22 | 23000000 | 22900205 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
| &nbsp;&nbsp; 2.910%, due 11/01/22 | 200000000 | 200000000 |
|  DZ Bank AG Deutsche Zentral-Genossenschaftsbank | DZ Bank AG Deutsche Zentral-Genossenschaftsbank | DZ Bank AG Deutsche Zentral-Genossenschaftsbank |
| &nbsp;&nbsp; 3.040%, due 11/01/22 | 175000000 | 175000000 |
|  Erste Finance Delaware LLC | Erste Finance Delaware LLC | Erste Finance Delaware LLC |
| &nbsp;&nbsp; 3.080%, due 11/03/22 | 137000000 | 136976558 |
|  Federation Des Caisses | Federation Des Caisses | Federation Des Caisses |
| &nbsp;&nbsp; 3.060%, due 11/03/22<sup>2</sup> | 45000000 | 44992350 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
| &nbsp;&nbsp; 2.820%, due 11/03/22<sup>2</sup> | 17000000 | 16997337 |
| &nbsp;&nbsp; 3.050%, due 11/01/22 | 110000000 | 110000000 |
| &nbsp;&nbsp; 3.050%, due 11/02/22 | 40000000 | 39996611 |
|  Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. |
| &nbsp;&nbsp; 2.870%, due 11/03/22<sup>2</sup> | 32000000 | 31994898 |

---

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.—(continued)** | **Banking-non-U.S.—(continued)** | **Banking-non-U.S.—(continued)** |
|  Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. |
| &nbsp;&nbsp; 2.965%, due 11/25/22<sup>2</sup> | $21000000 | $20958490 |
| &nbsp;&nbsp; 2.970%, due 12/02/22<sup>2</sup> | 20000000 | 19948850 |
|  National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.480%,<br>3.530%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.500%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 17000000 | 17000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 15000000 | 15000000 |
|  NRW Bank | NRW Bank | NRW Bank |
| &nbsp;&nbsp; 2.980%, due 11/02/22 | 70000000 | 69994205 |
| &nbsp;&nbsp; 2.980%, due 11/03/22 | 65000000 | 64989239 |
| &nbsp;&nbsp; 2.980%, due 11/04/22 | 50000000 | 49987583 |
|  Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. |
| &nbsp;&nbsp; SOFR + 0.350%,<br>3.400%, due 11/01/22<sup>1,2</sup> | 24000000 | 24000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| &nbsp;&nbsp; SOFR + 0.460%,<br>3.510%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
| &nbsp;&nbsp; SOFR + 0.380%,<br>3.420%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.440%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.570%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 17000000 | 17000000 |
| &nbsp;&nbsp; SOFR + 0.610%,<br>3.650%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
| &nbsp;&nbsp; 2.900%, due 11/09/22<sup>2</sup> | 21000000 | 20986467 |
| &nbsp;&nbsp; 2.970%, due 11/17/22<sup>2</sup> | 20000000 | 19973600 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.510%,<br>3.550%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.540%,<br>3.580%, due 11/01/22<sup>1,2</sup> | 15000000 | 15000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** | **Banking-non-U.S.—(concluded)** |
|  Swedbank AB | Swedbank AB | Swedbank AB |
| &nbsp;&nbsp; SOFR + 0.340%,<br>3.390%, due 11/01/22<sup>1</sup> | 24000000 | 24000000 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 12000000 | 12000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1</sup> | 18000000 | 18000000 |
| &nbsp;&nbsp; SOFR + 0.610%,<br>3.650%, due 11/01/22<sup>1</sup> | 27000000 | 27000000 |
|  Toronto Dominion Bank | Toronto Dominion Bank | Toronto Dominion Bank |
| &nbsp;&nbsp; SOFR + 0.380%,<br>3.410%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| &nbsp;&nbsp; 3.070%, due 11/01/22 | 60000000 | 60000000 |
| &nbsp;&nbsp; 3.070%, due 11/03/22 | 20000000 | 19996589 |
|  United Overseas Bank Ltd. | United Overseas Bank Ltd. | United Overseas Bank Ltd. |
| &nbsp;&nbsp; 2.810%, due 11/02/22<sup>2</sup> | 25000000 | 24998049 |
| &nbsp;&nbsp; 3.110%, due 12/08/22 | 15000000 | 14952054 |
| &nbsp;&nbsp; 3.220%, due 12/14/22 | 10000000 | 9961539 |
| &nbsp;&nbsp; SOFR + 0.390%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.440%, due 11/01/22<sup>1,2</sup> | 13000000 | 13000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.470%, due 11/01/22<sup>1,2</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.450%,<br>3.490%, due 11/01/22<sup>1,2</sup> | 20000000 | 20000000 |
| &nbsp;&nbsp; SOFR + 0.540%,<br>3.580%, due 11/01/22<sup>1,2</sup> | 27000000 | 27000000 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| &nbsp;&nbsp; SOFR + 0.400%,<br>3.450%, due 11/01/22<sup>1,2</sup> | 26000000 | 26000000 |
| &nbsp;&nbsp; SOFR + 0.430%,<br>3.480%, due 11/01/22<sup>1,2</sup> | 12000000 | 12000000 |
| &nbsp;&nbsp; SOFR + 0.550%,<br>3.600%, due 11/01/22<sup>1,2</sup> | 8000000 | 8000000 |
| &nbsp;&nbsp; SOFR + 0.560%,<br>3.610%, due 11/01/22<sup>1,2</sup> | 17000000 | 17000000 |
| &nbsp;&nbsp; SOFR + 0.660%,<br>3.710%, due 11/01/22<sup>1,2</sup> | 28000000 | 28000000 |
|  Westpac Securities NZ Ltd. | Westpac Securities NZ Ltd. | Westpac Securities NZ Ltd. |
| &nbsp;&nbsp; 3.760%, due 05/02/23 | 27000000 | 27000000 |
|  |  | 2174487567 |
| **Banking-U.S.**—**1.7%** | **Banking-U.S.**—**1.7%** | **Banking-U.S.**—**1.7%** |
|  Bedford Row Funding Corp. | Bedford Row Funding Corp. | Bedford Row Funding Corp. |
| &nbsp;&nbsp; SOFR + 0.650%,<br>3.700%, due 11/01/22<sup>1,2</sup> | 18000000 | 18000000 |
|  Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC | Collateralized Commercial Paper V Co. LLC |
| &nbsp;&nbsp; SOFR + 0.420%,<br>3.470%, due 11/01/22<sup>1</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp; SOFR + 0.500%,<br>3.550%, due 11/01/22<sup>1</sup> | 17000000 | 17000000 |
| &nbsp;&nbsp; SOFR + 0.530%,<br>3.580%, due 11/01/22<sup>1</sup> | 28000000 | 28000000 |

---

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** | **Value** |
| **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** | **Commercial paper—(concluded)** |
| **Banking-U.S.**—**(concluded)** | **Banking-U.S.**—**(concluded)** | **Banking-U.S.**—**(concluded)** | **Banking-U.S.**—**(concluded)** | **Banking-U.S.**—**(concluded)** |
| &nbsp;&nbsp; SOFR + 0.630%,<br>3.680%, due 11/01/22<sup>1</sup> | $| 18000000 | $| 18000000 |
|  |  |  |  | 91000000 |
|  **Total commercial paper**<br> (cost—$3,159,558,332) | **Total commercial paper**<br> (cost—$3,159,558,332) | **Total commercial paper**<br> (cost—$3,159,558,332) |  | **3159558332** |
| **Time deposits**—**8.9%** | **Time deposits**—**8.9%** | **Time deposits**—**8.9%** | **Time deposits**—**8.9%** | **Time deposits**—**8.9%** |
| **Banking-non-U.S.**—**8.9%** | **Banking-non-U.S.**—**8.9%** | **Banking-non-U.S.**—**8.9%** | **Banking-non-U.S.**—**8.9%** | **Banking-non-U.S.**—**8.9%** |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
| &nbsp;&nbsp; 3.060%, due 11/01/22 |  | 200000000 |  | 200000000 |
|  Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank |
| &nbsp;&nbsp; 3.050%, due 11/01/22 |  | 135000000 |  | 135000000 |
|  Mizuho Corporate Bank Ltd.<br>3.070%, due 11/01/22 |  | 145000000 |  | 145000000 |
|  **Total time deposits**<br> (cost—$480,000,000) | **Total time deposits**<br> (cost—$480,000,000) | **Total time deposits**<br> (cost—$480,000,000) |  | **480000000** |
| **Repurchase agreements**—**20.5%** | **Repurchase agreements**—**20.5%** | **Repurchase agreements**—**20.5%** | **Repurchase agreements**—**20.5%** | **Repurchase agreements**—**20.5%** |
|  Repurchase agreement dated 10/31/22 with Goldman Sachs & Co., 3.000% due 11/01/22, collateralized by $6,293,900 U.S. Treasury Bond, 2.500% due 02/15/45; (value—$4,590,040); proceeds: $4,500,375 |  | 4500000 |  | 4500000 |
|  Repurchase agreement dated 10/31/22 with BNP Paribas SA, 3.160% due 11/01/22, collateralized by $57,471,526 various asset-backed convertible bonds, 3.000% to 7.529% due 11/05/29 to 08/25/52; (value—$26,813,184); proceeds: $25,002,194 |  | 25000000 |  | 25000000 |
|  Repurchase agreement dated 10/31/22 with BNP Paribas SA., 3.200% due 11/01/22, collateralized by $56,094,248 various asset-backed convertible bonds, 3.876% to 8.000% due 12/15/22 to 06/25/33; (value—$54,000,089); proceeds: $50,004,444 |  | 50000000 |  | 50000000 |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.720% due 02/03/23, collateralized by $29,289,510, various asset-backed convertible bonds, 0.500% to 13.000% due 11/16/22 to 12/31/99 and 827 shares of various equity securities; (value—$26,425,953); proceeds: $25,072,333<sup>3</sup> |  | 25000000 |  | 25000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face**<br> **amount** | **Face**<br> **amount** | **Value** |
| **Repurchase agreements**—**(concluded)** | **Repurchase agreements**—**(concluded)** | **Repurchase agreements**—**(concluded)** | **Repurchase agreements**—**(concluded)** |
|  Repurchase agreement dated 10/03/22 with Merrill Lynch Pierce Fenner & Smith, Inc., 3.720% due 02/03/23, collateralized by $72,070,773 various asset-backed convertible bonds, zero coupon to 10.500% due 11/15/22 to 12/31/99 and 51,389 shares of various equity securities; (value—$69,121,974); proceeds: $65,188,067<sup>3</sup> | $| 65000000 | $65000000 |
|  Repurchase agreement dated 10/31/22 with Fixed Income Clearing Corp., 3.010% due 11/01/22, collateralized by $967,572,100 U.S. Treasury Bills, zero coupon due 01/19/23 to 01/26/23; (value—$958,800,057); proceeds: $940,078,594 |  | 940000000 | 940000000 |
|  **Total repurchase agreements**<br> (cost—$1,109,500,000) | **Total repurchase agreements**<br> (cost—$1,109,500,000) | **Total repurchase agreements**<br> (cost—$1,109,500,000) | **1109500000** |
|  **Total investments**<br> (cost — $5,431,058,442 which approximates cost for federal income tax purposes)—100.4% |  |  | **5431058442** |
|  Liabilities in excess of other assets—(0.4)% | Liabilities in excess of other assets—(0.4)% | Liabilities in excess of other assets—(0.4)% | (21455763) |
|  **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**5409602679** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments**<br> **(Level 1)** | **Other significant<br>observable inputs**<br> **(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| Certificates of deposit | $— | $682000110 | $— | $682000110 |
| Commercial paper |  | 3159558332 |  | 3159558332 |
| Time deposits |  | 480000000 |  | 480000000 |
| Repurchase agreements |  | 1109500000 |  | 1109500000 |
| **Total** | $**—** | $**5431058442** | $**—** | $**5431058442** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $1,599,063,786, represented 29.6% of the Fund's net assets at period end. 

<sup>3</sup> Investment has a put feature, which allows the Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2022 and changes periodically. The maturity date reflects the earliest put date and the proceeds represent the receivable of the Fund if the put feature was exercised as of October 31, 2022. 

See accompanying notes to financial statements.

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—96.8%** |  |  |
| **Alaska—2.2%** |  |  |
|  City of Valdez, Exxon Pipeline Co. Project, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A, <br>1.660%, VRD | $5250000 | $5250000 |
| &nbsp;&nbsp; Series B, <br>1.660%, VRD | 7635000 | 7635000 |
| &nbsp;&nbsp; Series C, <br>1.660%, VRD | 7365000 | 7365000 |
|  |  | 20250000 |
| **Arizona—5.2%** |  |  |
|  Arizona Health Facilities Authority, Banner Health Obligated Group, Revenue Bonds, <br>Series C,<br>1.640%, VRD | 19810000 | 19810000 |
|  Arizona Industrial Development Authority, Phoenix Children's Hospital, Refunding, Revenue Bonds, <br>Series A,<br>1.640%, VRD | 1300000 | 1300000 |
|  Industrial Development Authority of the City of Phoenix, Mayo Clinic, Revenue Bonds, <br>Series B,<br>1.630%, VRD | 27470000 | 27470000 |
|  |  | 48580000 |
| **California—1.0%** |  |  |
|  California Health Facilities Financing Authority, Dignity Health, Revenue Bonds, <br>Series C,<br>1.850%, VRD | 7900000 | 7900000 |
|  City of Modesto Water Revenue, Refunding, COP, <br>Series A,<br>1.950%, VRD | 1035000 | 1035000 |
|  |  | 8935000 |
| **Colorado—5.1%** |  |  |
|  City & County of Denver Co., Refunding, COP, <br>Series A1,<br>1.640%, VRD | 16750000 | 16750000 |
|  City & County of Denver Co., Refunding, COP, <br>Series A2,<br>1.640%, VRD | 2900000 | 2900000 |
|  City & County of Denver, Refunding, COP, <br>Series A3,<br>1.640%, VRD | 5555000 | 5555000 |
|  City of Colorado Springs Co. Utilities System Revenue, Revenue Bonds, <br>Series B-REMK,<br>2.250%, VRD | 4800000 | 4800000 |
|  Colorado Health Facilities Authority, Children's Hospital Colorado Obligated Group, Refunding, Revenue Bonds<br>1.640%, VRD | 9000000 | 9000000 |
| &nbsp;&nbsp; 2.250%, VRD | 7970000 | 7970000 |
|  |  | 46975000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Delaware—0.1%** |  |  |
|  Delaware State Economic Development Authority, YMCA of Delaware Project, Revenue Bonds<br>2.250%, VRD | $1170000 | $1170000 |
| **District of Columbia—2.0%** |  |  |
|  District of Columbia Water & Sewer Authority, Subordinate Lien, Revenue Bonds, <br>Subseries B-2,<br>2.260%, VRD | 11000000 | 11000000 |
|  District of Columbia, GO Bonds, <br>Series A,<br>2.000%, VRD | 7000000 | 7000000 |
|  Metropolitan Washington Airports Authority Aviation, Revenue Bonds, <br>Subseries D-2,<br>1.600%, VRD | 1050000 | 1050000 |
|  |  | 19050000 |
| **Florida—1.7%** |  |  |
|  Florida Keys Aqueduct Authority, Refunding, Revenue Bonds<br>2.220%, VRD | 5990000 | 5990000 |
|  Hillsborough County Industrial Development Authority, BayCare Health System, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series B, <br>1.620%, VRD | 3550000 | 3550000 |
| &nbsp;&nbsp; Series C, <br>2.250%, VRD | 400000 | 400000 |
|  Orange County Health Facilities Authority, The Nemours Foundation Project, Revenue Bonds, <br>Series B,<br>2.200%, VRD | 5540000 | 5540000 |
|  |  | 15480000 |
| **Illinois—11.8%** |  |  |
|  Illinois Development Finance Authority, Chicago Symphony Project, Revenue Bonds<br>2.410%, VRD | 12500000 | 12500000 |
|  Illinois Development Finance Authority,<br>Francis W. Parker School Project, Revenue Bonds<br>2.320%, VRD | 17200000 | 17200000 |
|  Illinois Finance Authority, Gift of Hope Donor Project, Revenue Bonds<br>2.250%, VRD | 8580000 | 8580000 |
|  Illinois Finance Authority, Hospital Sisters Services Obligated Group, Refunding, Revenue Bonds<br>2.260%, VRD | 8000000 | 8000000 |
|  Illinois Finance Authority, Steppenwolf Theatre Co., Revenue Bonds<br>2.290%, VRD | 6660000 | 6660000 |
| &nbsp;&nbsp; 2.290%, VRD | 8450000 | 8450000 |

---

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Illinois—(concluded)** | **Illinois—(concluded)** | **Illinois—(concluded)** | **Illinois—(concluded)** | **Illinois—(concluded)** |
|  Illinois Finance Authority, The University of Chicago Medical Center, Revenue Bonds, <br>Series E2,<br>2.260%, VRD | $| 900000 | $| 900000 |
|  Illinois Finance Authority, University of Chicago Medical Center Obligated Group, Revenue Bonds, <br>Series E-1-REMK,<br>2.260%, VRD |  | 15000000 |  | 15000000 |
|  Illinois Finance Authority, University of Chicago, Refunding, Revenue Bonds, <br>Series C,<br>2.230%, VRD |  | 18600000 |  | 18600000 |
|  Illinois Finance Authority, University of Chicago, Revenue Bonds, <br>Series B,<br>2.230%, VRD |  | 12015000 |  | 12015000 |
|  Village of Brookfield IL, Brookfield Zoo Project, Revenue Bonds<br>2.250%, VRD |  | 1780000 |  | 1780000 |
|  |  |  |  | 109685000 |
| **Indiana—7.6%** | **Indiana—7.6%** | **Indiana—7.6%** | **Indiana—7.6%** | **Indiana—7.6%** |
|  Indiana Finance Authority, Duke Energy Indiana Project, Refunding, Revenue Bonds, <br>Series A-5,<br>1.710%, VRD |  | 27000000 |  | 27000000 |
|  Indiana Finance Authority, Trinity Health, Refunding, Revenue Bonds, <br>Series D-1,<br>2.220%, VRD |  | 26400000 |  | 26400000 |
|  Indiana Municipal Power Agency, Refunding, Revenue Bonds, <br>Series B,<br>1.640%, VRD |  | 17250000 |  | 17250000 |
|  |  |  |  | 70650000 |
| **Louisiana—0.1%** | **Louisiana—0.1%** | **Louisiana—0.1%** | **Louisiana—0.1%** | **Louisiana—0.1%** |
|  Louisiana Public Facilities Authority, Christus Health Obligated Group, Refunding, Revenue Bonds, <br>Series B2,<br>2.230%, VRD |  | 620000 |  | 620000 |
| **Maryland—1.1%** |  |  |  |  |
|  County of Montgomery, GO Bonds, <br>Series E,<br>1.640%, VRD |  | 7600000 |  | 7600000 |
|  Montgomery County Housing Opportunities Commission, Housing Development, Revenue Bonds, <br>Series A,<br>2.240%, VRD |  | 2350000 |  | 2350000 |
|  |  |  |  | 9950000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Massachusetts—0.1%** |  |  |
|  Massachusetts Health & Educational Facilities Authority, Harvard University, Revenue Bonds, <br>Series Y,<br>2.120%, VRD | $700000 | $700000 |
| **Michigan—0.1%** |  |  |
|  Green Lake Township Economic Development Corp., Interlochen Center Project, Refunding, Revenue Bonds<br>1.640%, VRD | 1100000 | 1100000 |
| **Minnesota—0.6%** |  |  |
|  City of Minneapolis MN, Fairview Health Services Obligated Group, Refunding, Revenue Bonds, <br>Series B,<br>2.300%, VRD | 1700000 | 1700000 |
|  City of Rochester, Mayo Clinic, Revenue Bonds, <br>Series A,<br>2.320%, VRD | 3100000 | 3100000 |
|  Midwest Consortium of Municipal Utilities, Draw Down-Association Financing Program, Revenue Bonds, <br>Series B,<br>2.230%, VRD | 1200000 | 1200000 |
|  |  | 6000000 |
| **Mississippi—4.9%** |  |  |
|  Mississippi Business Finance Corp., Chevron USA, Inc. Project, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A, <br>1.660%, VRD | 1400000 | 1400000 |
| &nbsp;&nbsp; Series A, <br>1.660%, VRD | 3985000 | 3985000 |
| &nbsp;&nbsp; Series A, <br>2.200%, VRD | 1845000 | 1845000 |
| &nbsp;&nbsp; Series B, <br>1.660%, VRD | 575000 | 575000 |
| &nbsp;&nbsp; Series B, <br>1.660%, VRD | 2900000 | 2900000 |
| &nbsp;&nbsp; Series B, <br>1.660%, VRD | 3195000 | 3195000 |
| &nbsp;&nbsp; Series B, <br>2.200%, VRD | 600000 | 600000 |
| &nbsp;&nbsp; Series C, <br>1.660%, VRD | 3125000 | 3125000 |
| &nbsp;&nbsp; Series C, <br>1.660%, VRD | 5860000 | 5860000 |
| &nbsp;&nbsp; Series E, <br>1.660%, VRD | 1200000 | 1200000 |
| &nbsp;&nbsp; Series E, <br>1.660%, VRD | 2000000 | 2000000 |
| &nbsp;&nbsp; Series G, <br>1.660%, VRD | 1990000 | 1990000 |
| &nbsp;&nbsp; Series G, <br>1.660%, VRD | 3090000 | 3090000 |
| &nbsp;&nbsp; Series G, <br>1.660%, VRD | 4945000 | 4945000 |

---

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Mississippi—(concluded)** |  |  |  |  |
| &nbsp;&nbsp; Series H, <br>1.660%, VRD | $| 2825000 | $| 2825000 |
| &nbsp;&nbsp; Series L, <br>1.660%, VRD |  | 1775000 |  | 1775000 |
|  Mississippi Business Finance Corp., Chevron USA, Inc., Revenue Bonds, <br>Series K,<br>1.660%, VRD |  | 1795000 |  | 1795000 |
|  Mississippi Business Finance Corp., Chevron USA, Inc., Revenue Bonds.., <br>Series D,<br>1.660%, VRD |  | 740000 |  | 740000 |
|  Mississippi Development Bank, Jackson County Industrial Water System, Revenue Bonds<br>1.660%, VRD |  | 1950000 |  | 1950000 |
|  |  |  |  | 45795000 |
| **Missouri—3.2%** | **Missouri—3.2%** | **Missouri—3.2%** | **Missouri—3.2%** | **Missouri—3.2%** |
|  Health & Educational Facilities Authority of the State of Missouri, Ascension Health, Revenue Bonds,  |  |  |  |  |
| &nbsp;&nbsp; Series C-3, <br>2.250%, VRD |  | 10000000 |  | 10000000 |
| &nbsp;&nbsp; Series C-5, <br>2.200%, VRD |  | 3080000 |  | 3080000 |
|  Health & Educational Facilities Authority of the State of Missouri, BJC Healthcare System, Revenue Bonds, <br>Series D,<br>2.230%, VRD |  | 2020000 |  | 2020000 |
|  Health & Educational Facilities Authority of the State of Missouri, St. Louis University, Revenue Bonds,  |  |  |  |  |
| &nbsp;&nbsp; Series B-1, <br>1.690%, VRD |  | 10140000 |  | 10140000 |
| &nbsp;&nbsp; Series B-2, <br>1.660%, VRD |  | 2250000 |  | 2250000 |
|  Health & Educational Facilities Authority of the State of Missouri, Washington University, Revenue Bonds, <br>Series C-REMK,<br>1.640%, VRD |  | 2500000 |  | 2500000 |
|  |  |  |  | 29990000 |
| **Nebraska—0.1%** |  |  |  |  |
|  Douglas County Hospital Authority No. 2, Health Facilities for Children, Refunding, Revenue Bonds, <br>Series A,<br>1.600%, VRD |  | 500000 |  | 500000 |
| **Nevada—0.1%** |  |  |  |  |
|  County of Clark Department of Aviation, Subordinate Lien, Revenue Bonds, <br>Series D-2A,<br>2.370%, VRD |  | 555000 |  | 555000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **New Hampshire—0.0%**<sup>†</sup> |  |  |
|  New Hampshire Health and Education Facilities Authority Act, Dartmouth College, Revenue Bonds<br>2.220%, VRD | $350000 | $350000 |
| **New York—15.3%** |  |  |
|  City of New York, GO Bonds, |  |  |
| &nbsp;&nbsp; Subseries B-3, <br>2.190%, VRD | 9300000 | 9300000 |
| &nbsp;&nbsp; Subseries D-4, <br>1.600%, VRD | 9050000 | 9050000 |
| &nbsp;&nbsp; Subseries L-4, <br>1.630%, VRD | 4870000 | 4870000 |
|  Dutchess County Industrial Development Agency, Marist College Civic Facility, Revenue Bonds, <br>Series A,<br>2.240%, VRD | 4555000 | 4555000 |
|  Metropolitan Transportation Authority, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A-1, <br>1.600%, VRD | 6325000 | 6325000 |
| &nbsp;&nbsp; Subseries 2012G-1-REMK, <br>1.600%, VRD | 10990000 | 10990000 |
|  New York City Health & Hospital Corp., Health Systems, Revenue Bonds, <br>Series C,<br>2.190%, VRD | 2060000 | 2060000 |
|  New York City Housing Development Corp., Royal Properties, Revenue Bonds, <br>Series A,<br>2.220%, VRD | 600000 | 600000 |
|  New York City Municipal Water Finance Authority, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series BB-1, <br>2.200%, VRD | 13845000 | 13845000 |
| &nbsp;&nbsp; Series BB-5, <br>1.610%, VRD | 20375000 | 20375000 |
| &nbsp;&nbsp; Series DD-2, <br>1.590%, VRD | 1900000 | 1900000 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A-4, <br>1.630%, VRD | 4500000 | 4500000 |
| &nbsp;&nbsp; Series A-3, <br>1.600%, VRD | 8675000 | 8675000 |
| &nbsp;&nbsp; Series C6, <br>2.240%, VRD | 3000000 | 3000000 |
|  New York City Transitional Finance Authority Future Tax Secured, Revenue Bonds, <br>Series E4,<br>1.590%, VRD | 4000000 | 4000000 |
|  New York State Dormitory Authority, Rockefeller University, Revenue Bonds, <br>Series A,<br>2.200%, VRD | 9745000 | 9745000 |

---

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **New York—(concluded)** |  |  |
|  New York State Energy Research & Development Authority, Consolidated Edison, Revenue Bonds, <br>Subseries A-1,<br>2.190%, VRD | $3000000 | $3000000 |
|  Triborough Bridge & Tunnel Authority, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series 2005B-4C-REMK, <br>1.630%, VRD | 250000 | 250000 |
| &nbsp;&nbsp; Subseries B-3, <br>1.570%, VRD | 25000000 | 25000000 |
|  |  | 142040000 |
| **North Carolina—0.3%** |  |  |
|  Charlotte-Mecklenburg Hospital Authority, Carolinas, Revenue Bonds, AGM, <br>Series E-REMK,<br>1.620%, VRD | 2550000 | 2550000 |
| **Ohio—4.7%** |  |  |
|  Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A-R, <br>2.240%, VRD | 9700000 | 9700000 |
| &nbsp;&nbsp; Series B-R, <br>2.240%, VRD | 3015000 | 3015000 |
| &nbsp;&nbsp; Series C-R, <br>2.240%, VRD | 5105000 | 5105000 |
|  Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group, Revenue Bonds, <br>Series B1,<br>2.180%, VRD | 16500000 | 16500000 |
|  State of Ohio, GO Bonds,  |  |  |
| &nbsp;&nbsp; Series B, <br>2.150%, VRD | 2245000 | 2245000 |
| &nbsp;&nbsp; Series D, <br>2.240%, VRD | 6955000 | 6955000 |
|  |  | 43520000 |
| **Oregon—1.3%** |  |  |
|  Oregon State Facilities Authority, PeaceHealth Obligated Group, Refunding, Revenue Bonds, <br>Series A,<br>1.640%, VRD | 12600000 | 12600000 |
| **Pennsylvania—9.0%** |  |  |
|  Allegheny County Industrial Development Authority, Education Center Watson, Revenue Bonds<br>2.260%, VRD | 9600000 | 9600000 |
|  Allegheny County Industrial Development Authority, Watson Institute Friendship, Revenue Bonds<br>2.290%, VRD | 14045000 | 14045000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Pennsylvania—(concluded)** |  |  |
|  City of Philadelphia PA, Refunding, GO Bonds, <br>Series B-REMK,<br>2.180%, VRD | $10345000 | $10345000 |
|  Delaware Valley Regional Finance Authority, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A, <br>2.250%, VRD | 5000000 | 5000000 |
| &nbsp;&nbsp; Series B-REMK, <br>2.260%, VRD | 18095000 | 18095000 |
|  Pennsylvania Turnpike Commission, Revenue Bonds, <br>Series A,<br>2.180%, VRD | 19855000 | 19855000 |
|  Philadelphia Authority for Industrial Development, Refunding, Revenue Bonds, <br>Series B-2,<br>2.220%, VRD | 6400000 | 6400000 |
|  |  | 83340000 |
| **Rhode Island—0.1%** |  |  |
|  Rhode Island Health and Educational Building Corp., New England Institute of Technology, Refunding, Revenue Bonds<br>2.230%, VRD | 735000 | 735000 |
| **Tennessee—0.4%** |  |  |
|  Greeneville Health & Educational Facilities Board, Ballad Health, Revenue Bonds, <br>Series B,<br>2.230%, VRD | 4150000 | 4150000 |
| **Texas—11.8%** |  |  |
|  Board of Regents of the University of Texas System, Refunding, Revenue Bonds, <br>Series B,<br>2.180%, VRD | 1450000 | 1450000 |
|  Board of Regents of the University of Texas System, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series B, <br>2.150%, VRD | 1035000 | 1035000 |
| &nbsp;&nbsp; Series B, <br>2.150%, VRD | 5000000 | 5000000 |
|  City of Austin TX Water & Wastewater System, Refunding, Revenue Bonds<br>2.260%, VRD | 11250000 | 11250000 |
|  City of Houston TX Combined Utility System Revenue, First lien, Refunding, Revenue Bonds,<br>Series B-4-REMK,<br>2.240%, VRD | 3500000 | 3500000 |
|  Harris County Cultural Education Facilities Finance Corp., Methodist Hospital, Refunding, Revenue Bonds, <br>Series B,<br>1.640%, VRD | 34820000 | 34820000 |

---

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(continued)** |  |  |
| **Texas—(concluded)** |  |  |
|  Harris County Health Facilities Development Corp., Methodist Hospital System, Refunding, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A-1, <br>1.640%, VRD | $1700000 | $1700000 |
| &nbsp;&nbsp; Series A-2, <br>1.640%, VRD | 3325000 | 3325000 |
|  Harris County Hospital District, Senior lien, Refunding, Revenue Bonds<br>2.260%, VRD | 7870000 | 7870000 |
|  Lower Neches Valley Authority Industrial Development Corp., Exxon Capital Ventures, Inc., Revenue Bonds<br>1.680%, VRD | 7585000 | 7585000 |
|  Lower Neches Valley Authority Industrial Development Corp., Exxon Mobil Project, Refunding, Revenue Bonds  |  |  |
| &nbsp;&nbsp; 1.680%, VRD | 700000 | 700000 |
| &nbsp;&nbsp; Series A, <br>1.660%, VRD | 4400000 | 4400000 |
|  State of Texas, Veterans Housing Assistance Program II, GO Bonds, <br>Series B-R,<br>2.240%, VRD | 800000 | 800000 |
|  State of Texas, Veterans, GO Bonds<br>2.260%, VRD | 605000 | 605000 |
| &nbsp;&nbsp; 2.300%, VRD | 7540000 | 7540000 |
| &nbsp;&nbsp; Series C, <br>2.350%, VRD | 9425000 | 9425000 |
|  Texas Transportation Commission State Highway Fund, Revenue Bonds, <br>Series B1,<br>2.270%, VRD | 8500000 | 8500000 |
|  |  | 109505000 |
| **Utah—1.7%** |  |  |
|  City of Murray Hospital, IHC Health Services, Inc., Revenue Bonds, <br>Series C,<br>1.640%, VRD | 8810000 | 8810000 |
|  City of Murray UT, IHC Health Services Inc., Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series C, <br>1.640%, VRD | 6390000 | 6390000 |
| &nbsp;&nbsp; Series D, <br>1.630%, VRD | 800000 | 800000 |
|  |  | 16000000 |
| **Virginia—4.0%** |  |  |
|  Loudoun County Economic Development Authority, Howard Hughes Medical Institute, Revenue Bonds,  |  |  |
| &nbsp;&nbsp; Series A, <br>2.230%, VRD | 10990000 | 10990000 |
| &nbsp;&nbsp; Series A, <br>2.320%, VRD | 3900000 | 3900000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** |
| **Municipal bonds—(concluded)** |  |  |  |
| **Virginia—(concluded)** |  |  |  |
| &nbsp;&nbsp; Series D, <br>2.280%, VRD | $| 14055000 | $14055000 |
| &nbsp;&nbsp; Series F, <br>2.190%, VRD |  | 5660000 | 5660000 |
|  Virginia Small Business Financing Authority, Carilion Clinic Obligated Group, Revenue Bonds, <br>Series B,<br>2.220%, VRD |  | 2350000 | 2350000 |
|  |  |  | 36955000 |
| **Washington—1.0%** |  |  |  |
|  Port of Tacoma WA, Subordinate Lien, Revenue Bonds, <br>Series B-REMK,<br>2.250%, VRD |  | 9400000 | 9400000 |
| **Wisconsin—0.2%** |  |  |  |
|  Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health, Inc., Revenue Bonds, <br>Series A,<br>1.620%, VRD |  | 2000000 | 2000000 |
|  **Total municipal bonds** ****<br> (cost—$899,130,000) |  |  | **899130000** |
| **Tax-exempt commercial paper—2.8%** | **Tax-exempt commercial paper—2.8%** | **Tax-exempt commercial paper—2.8%** |  |
| **Illinois—0.6%** |  |  |  |
|  Illinois Educational Facilities Authority<br>1.850%, due 11/02/22 |  | 6150000 | 6150000 |
| **Minnesota—1.1%** |  |  |  |
|  Rochester Minnesota Health Care Facilities Revenue<br>2.600%, due 11/16/22 |  | 10000000 | 10000000 |
| **Texas—1.1%** |  |  |  |
|  Board of Regents of the University of Texas System<br>1.900%, due 12/05/22 |  | 10000000 | 10000000 |
|  **Total tax-exempt commercial paper** ****<br> (cost—$26,150,000) | **Total tax-exempt commercial paper** ****<br> (cost—$26,150,000) | **Total tax-exempt commercial paper** ****<br> (cost—$26,150,000) | **26150000** |
|  **Total investments** <br> (cost—$925,280,000 which approximates<br>cost for federal income tax purposes)—99.6% | **Total investments** <br> (cost—$925,280,000 which approximates<br>cost for federal income tax purposes)—99.6% | **Total investments** <br> (cost—$925,280,000 which approximates<br>cost for federal income tax purposes)—99.6% | **925280000** |
|  Other assets in excess of liabilities—0.4%  |  |  | 3657167 |
|  **Net assets—100.0%** |  |  | $**928937167** |

---

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the Glossary of terms used in the Portfolio of investments.

------

Tax-Free Master Fund

Portfolio of investments—October 31, 2022 (unaudited)

------

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2022 in valuing the Master Fund's investments. In the event a Master Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br>quoted prices in<br>active markets for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs**<br> **(Level 3)** | **Total** |
| Municipal bonds | $— | $899130000 | $— | $899130000 |
| Tax-exempt commercial paper |  | 26150000 |  | 26150000 |
| **Total** | $**—** | $**925280000** | $**—** | $**925280000** |

---

At October 31, 2022, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

---

| | |
|:---|:---|
| <sup>†</sup> | Amount represents less than 0.05% or (0.05)%.  |

---

------

Glossary of terms used in the Portfolio of investments (unaudited)

**Portfolio acronyms:** 

---

| | |
|:---|:---|
| AGM | Assured Guaranty Municipal Corporation |
| COP | Certificate of Participation |
| GO | General Obligation |
| SOFR | Secured Overnight Financing Rate |

---

VRD Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of October, 2022 and reset periodically.

See accompanying notes to financial statements.

------

Master Trust

------

**Statement of assets and liabilities** 

**October 31, 2022 (unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Prime<br>Master Fund** | **ESG Prime<br>Master Fund** | **Government<br>Master Fund** | **Treasury<br>Master Fund** | **Prime CNAV<br>Master Fund** | **Tax-Free<br>Master Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |  |  |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |  |  |  |
| Investments | $4656934016 | $1788390601 | $1896214888 | $7482482840 | $4321558442 | $925280000 |
| Repurchase agreements | 3314000000 | 982000000 | 6783000000 | 16925100000 | 1109500000 |  |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |  |  |  |
| Investments | 4656015516 | 1788084879 | 1896214888 | 7482482840 | 4321558442 | 925280000 |
| Repurchase agreements | 3314000000 | 982000000 | 6783000000 | 16925100000 | 1109500000 |  |
| Cash | 1317395 | 752332 | 2128758 | 353024876 | 1956423 | 1640019 |
| Receivable for investments sold |  |  |  |  | 50000000 | 2703361 |
| Receivable for interest and dividends | 6842603 | 2211430 | 5532782 | 1865298 | 3988209 | 1650258 |
| Total assets | 7978175514 | 2773048641 | 8686876428 | 24762473014 | 5487003074 | 931273638 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |  |  |  |
| Payable for investments purchased | 39000000 | 39000000 |  |  | 76995764 | 2278170 |
| Payable to affiliate | 590112 | 168572 | 119501 | 1873275 | 404631 | 58301 |
| Total liabilities | 39590112 | 39168572 | 119501 | 1873275 | 77400395 | 2336471 |
| Net assets, at value | $7938585402 | $2733880069 | $8686756927 | $24760599739 | $5409602679 | $928937167 |

---

See accompanying notes to financial statements.

------

Master Trust

------

**Statement of operations** 

**For the six months ended October 31, 2022 (unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Prime<br>Master Fund** | **ESG Prime<br>Master Fund** | **Government<br>Master Fund** | **Treasury<br>Master Fund** | **Prime CNAV<br>Master Fund** | **Tax-Free<br>Master Fund** |
| **Investment income:** |  |  |  |  |  |  |
| Interest | $69474446 | $23541876 | $62069861 | $224428778 | $41270963 | $5732665 |
| **Expenses:** |  |  |  |  |  |  |
| Investment advisory and administration fees | 3137540 | 1039363 | 2987421 | 11736476 | 1747355 | 452521 |
| Trustees fees | 26035 | 13176 | 26114 | 77266 | 18213 | 9906 |
| Total expenses | 3163575 | 1052539 | 3013535 | 11813742 | 1765568 | 462427 |
| Less: Fee waivers and/or Trustees' fees reimbursement by administrator |  | (438083) | (2745980) |  |  |  |
| Net expenses | 3163575 | 614456 | 267555 | 11813742 | 1765568 | 462427 |
| Net investment income (loss) | 66310871 | 22927420 | 61802306 | 212615036 | 39505395 | 5270238 |
| Net realized gain (loss) |  |  |  | (22601) |  | 33 |
| Net change in unrealized appreciation (depreciation) | 900924 | 29593 |  |  |  |  |
| Net increase (decrease) in net assets resulting from operations | $67211795 | $22957013 | $61802306 | $212592435 | $39505395 | $5270271 |

---

See accompanying notes to financial statements.

------

Master Trust

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **Prime Master Fund** | **Prime Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $66310871 | $6137488 |
| Net realized gain (loss) |  | 30020 |
| Net change in unrealized appreciation (depreciation) | 900924 | (2396525) |
| Net increase (decrease) in net assets resulting from operations | 67211795 | 3770983 |
| Net increase (decrease) in net assets from beneficial interest transactions | 2934514620 | (3890021125) |
| Net increase (decrease) in net assets | 3001726415 | (3886250142) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 4936858987 | 8823109129 |
| End of period | $7938585402 | $4936858987 |

---

---

| | | |
|:---|:---|:---|
|  | **ESG Prime Master Fund** | **ESG Prime Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $22927420 | $1542924 |
| Net realized gain (loss) |  | (14219) |
| Net change in unrealized appreciation (depreciation) | 29593 | (357927) |
| Net increase (decrease) in net assets resulting from operations | 22957013 | 1170778 |
| Net increase (decrease) in net assets from beneficial interest transactions | 1241489491 | 857754697 |
| Net increase (decrease) in net assets | 1264446504 | 858925475 |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 1469433565 | 610508090 |
| End of period | $2733880069 | $1469433565 |

---

---

| | | |
|:---|:---|:---|
|  | **Government Master Fund** | **Government Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $61802306 | $1609012 |
| Net realized gain (loss) |  | 8316 |
| Net increase (decrease) in net assets resulting from operations | 61802306 | 1617328 |
| Net increase (decrease) in net assets from beneficial interest transactions | 4327276993 | (4526632556) |
| Net increase (decrease) in net assets | 4389079299 | (4525015228) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 4297677628 | 8822692856 |
| End of period | $8686756927 | $4297677628 |

---

See accompanying notes to financial statements.

------

Master Trust

------

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **Treasury Master Fund** | **Treasury Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $212615036 | $9984379 |
| Net realized gain (loss) | (22601) | 2691 |
| Net increase (decrease) in net assets resulting from operations | 212592435 | 9987070 |
| Net increase (decrease) in net assets from beneficial interest transactions | 2866618627 | (11003789356) |
| Net increase (decrease) in net assets | 3079211062 | (10993802286) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 21681388677 | 32675190963 |
| End of period | $24760599739 | $21681388677 |

---

---

| | | |
|:---|:---|:---|
|  | **Prime CNAV Master Fund** | **Prime CNAV Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $39505395 | $2238250 |
| Net realized gain (loss) |  | (2) |
| Net increase (decrease) in net assets resulting from operations | 39505395 | 2238248 |
| Net increase (decrease) in net assets from beneficial interest transactions | 3461662049 | (2543210434) |
| Net increase (decrease) in net assets | 3501167444 | (2540972186) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 1908435235 | 4449407421 |
| End of period | $5409602679 | $1908435235 |

---

---

| | | |
|:---|:---|:---|
|  | **Tax-Free Master Fund** | **Tax-Free Master Fund** |
| | **For the<br>six months ended<br>October 31, 2022<br>(unaudited)** | **For the<br>year ended<br>April 30, 2022** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $5270238 | $387547 |
| Net realized gain (loss) | 33 | 59 |
| Net increase (decrease) in net assets resulting from operations | 5270271 | 387606 |
| Net increase (decrease) in net assets from beneficial interest transactions | 39980875 | 69072966 |
| Net increase (decrease) in net assets | 45251146 | 69460572 |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 883686021 | 814225449 |
| End of period | $928937167 | $883686021 |

---

See accompanying notes to financial statements.

------

Prime Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Expenses before fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Expenses after fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.08% |
| Net investment income (loss) | 2.10%<sup>1</sup> | 0.09% | 0.19% | 1.90% | 2.32% | 1.41% |
| **Supplemental data:** |  |  |  |  |  |  |
| Total investment return<sup>2</sup> | 0.99% | 0.10% | 0.15% | 1.92% | 2.31% | 1.38% |
| Net assets, end of period (000's) | $7938585 | $4936859 | $8823109 | $16520754 | $15779160 | $7775651 |

---

<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

ESG Prime Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **For the period from**<br> **January 15, 2020**<sup>1</sup> **to**<br> **April 30, 2020** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **For the period from**<br> **January 15, 2020**<sup>1</sup> **to**<br> **April 30, 2020** |
| **Ratios to average net assets:** |  |  |  |  |
| Expenses before fee waivers | 0.10%<sup>2</sup> | 0.10% | 0.10% | 0.10%<sup>2</sup> |
| Expenses after fee waivers | 0.06%<sup>2</sup> | 0.00%<sup>3</sup> | 0.00% | 0.00%<sup>2</sup> |
| Net investment income (loss) | 2.18%<sup>2</sup> | 0.17% | 0.18% | 1.24%<sup>2</sup> |
| **Supplemental data:** |  |  |  |  |
| Total investment return<sup>4</sup> | 1.02% | 0.16% | 0.22% | 0.47% |
| Net assets, end of period (000's) | $2733880 | $1469434 | $610508 | $73612 |

---

<sup>1</sup> Commencement of operations.

<sup>2</sup> Annualized.

<sup>3</sup> Amount represents less than 0.005% or (0.005)%. 

<sup>4</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Government Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Expenses after fee waivers | 0.01%<sup>1</sup> | 0.06% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income (loss) | 2.05%<sup>1</sup> | 0.02% | 0.09% | 1.75% | 2.07% | 1.07% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Total investment return<sup>2</sup> | 0.93% | 0.03% | 0.08% | 1.74% | 2.10% | 1.08% |
| Net assets, end of period (000's) | $8686757 | $4297678 | $8822693 | $17762675 | $14278487 | $15676931 |

---

<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Treasury Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Expenses before fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Expenses after fee waivers | 0.10%<sup>1</sup> | 0.06% | 0.09% | 0.10% | 0.10% | 0.10% |
| Net investment income (loss) | 1.80%<sup>1</sup> | 0.04% | 0.09% | 1.56% | 2.07% | 1.08% |
| **Supplemental data:** |  |  |  |  |  |  |
| Total investment return<sup>2</sup> | 0.88% | 0.04% | 0.08% | 1.70% | 2.10% | 1.08% |
| Net assets, end of period (000's) | $24760600 | $21681389 | $32675191 | $34803721 | $17222690 | $18029945 |

---

<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Prime CNAV Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended**<sup></sup>**October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Net investment income (loss) | 2.24%<sup>1</sup> | 0.08% | 0.19% | 1.83% | 2.29% | 1.34% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Total investment return<sup>2</sup> | 0.99% | 0.09% | 0.17% | 1.90% | 2.27% | 1.32% |
| Net assets, end of period (000's) | $5409603 | $1908435 | $4449407 | $7495231 | $4881630 | $2370336 |

---

<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Tax-Free Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2022<br>(unaudited)** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** | **Years ended April 30,** |
| | **Six months ended<br>October 31, 2022<br>(unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers | 0.10%<sup>1</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Expenses after fee waivers | 0.10%<sup>1</sup> | 0.05% | 0.09% | 0.10% | 0.10% | 0.10% |
| Net investment income (loss) | 1.14%<sup>1</sup> | 0.05% | 0.04% | 1.19% | 1.35% | 0.93% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Total investment return<sup>2</sup> | 0.58% | 0.05% | 0.04% | 1.23% | 1.38% | 0.91% |
| Net assets, end of period (000's) | $928937 | $883686 | $814225 | $2573583 | $2276103 | $3327962 |

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<sup>1</sup> Annualized.

<sup>2</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

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Master Trust

Notes to financial statements (unaudited)

**Organization and significant accounting policies** 

Prime Master Fund, ESG Prime Master Fund, Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund and Tax-Free Master Fund (each a "Master Fund", collectively, the "Master Funds") are each registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), as a diversified series of Master Trust, an open-end management investment company organized as a Delaware statutory trust on June 12, 2007. The Trust is a series mutual fund with six series.

Prime Master Fund, Treasury Master Fund, and Tax-Free Master Fund commenced operations on August 28, 2007. Prime CNAV Master Fund commenced operations on January 19, 2016, Government Master Fund commenced operations on June 24, 2016 and ESG Prime Master Fund commenced operations on January 15, 2020.

UBS Asset Management (Americas) Inc. ("UBS AM") is the investment advisor and administrator for the Master Funds. UBS AM is an indirect wholly owned subsidiary of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

Master Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

Each Master Fund may issue any number of interests and each interest shall have a par value of $0.001 per interest. The interests of a Master Fund shall represent a proportional beneficial interest in the net assets belonging to that series. Each holder of interests of a Master Fund shall be entitled to receive his or her pro rata share of all distributions made with respect to such Master Fund according to the investor's ownership percentage of such Master Fund on the record date established for payment. Upon redemption of interests, an investor shall be paid solely out of the assets and property of such Master Fund. Beneficial interests in the Trust are not registered under the Securities Act of 1933, as amended, since such interests are issued in private placement transactions.

In the normal course of business, the Master Funds may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Master Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Master Funds that have not yet occurred. However, the Master Funds have not had any prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Master Funds' financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The following is a summary of significant accounting policies:

**Valuation of investments** 

Consistent with Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), the net asset values of each of Prime Master Fund and ESG Prime Master Fund are calculated using market-based values, and the price of its beneficial interests fluctuate.

Under Rule 2a-7, Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund, and Tax-Free Master Fund have adopted certain policies that enable them to use the amortized cost method of valuation. Government

------

Master Trust

Notes to financial statements (unaudited)

Master Fund and Treasury Master Fund have adopted a policy to operate as "government money market funds". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (*i.e.*, collateralized by cash and/or government securities). Prime CNAV Master Fund and Tax-Free Master Fund operate as "retail money market funds". Under Rule 2a-7, a "retail money market fund" is a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. As "government money market funds" and as "retail money market funds", Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund, and Tax-Free Master Fund value their investments at amortized cost unless UBS AM, as the valuation designee appointed by Master Trust's Board of Trustees (the"Board") pursuant to Rule 2a-5 under the 1940 Act, determines that this does not represent fair value. Periodic review and monitoring of the valuation of securities held by Government Master Fund, Treasury Master Fund, Prime CNAV Master Fund, and Tax-Free Master Fund is performed in an effort to ensure that amortized cost approximates market value.

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. UBS AM has the Equities, Fixed Income, and Multi-Asset Valuation Committee (the "VC") to assist with its designated responsibilities as valuation designee with respect to the Master Funds' portfolio investments. The types of investments for which such fair value pricing may be necessary include, but are not limited to: investments of an issuer that has entered into a restructuring; fixed-income investments that have gone into default and for which there is no current market value quotation; Section 4(a)(2) commercial paper; investments that are restricted as to transfer or resale; illiquid investments; and investments for which the prices or values available do not, in the judgment of the VC, represent current market value. The need to fair value a Master Fund's portfolio investments may also result from low trading volume in foreign markets or thinly traded investments. Various factors may be reviewed in order to make a good faith determination of an investment's fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investments are purchased and sold.

Each Master Fund's portfolio holdings may also consist of shares of other investment companies in which the Master Fund invests. The value of each such open-end investment company will generally be its net asset value at the time a Master Fund's beneficial interests are priced. Pursuant to each Master Fund's use of the practical expedient within ASC Topic 820, investments in non-registered investment companies and/or investments in investment companies without publicly published prices are also valued at the daily net asset value. Each investment company generally values investments in a manner as described in that investment company's prospectus or similar documents.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of each Master Fund's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted 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 and credit risks.

Level 3—Unobservable inputs inclusive of each Master Fund's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of each Master Fund's Portfolio of investments.

**Liquidity fee and/or redemption gates—**Consistent with Rule 2a-7, the Board is permitted to impose a liquidity fee on redemptions from each of Prime Master Fund, ESG Prime Master Fund, Prime CNAV Master Fund and Tax- Free Master Fund or a redemption gate to temporarily restrict redemptions from those Master Funds in the event

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Master Trust

Notes to financial statements (unaudited)

that any of Prime Master Fund's liquidity, ESG Prime Master Fund's liquidity, Prime CNAV Master Fund's liquidity and/or Tax-Free Master Fund's liquidity, respectively, falls below required minimums because of market conditions or other factors. If Prime Master Fund's, ESG Prime Master Fund's, Prime CNAV Master Fund's or Tax-Free Master Fund's weekly liquid assets fall below 30% of the Fund's total assets, the board is permitted, but not required, to: (i) impose a liquidity fee of no more than 2% of the amount redeemed; and/or (ii) impose a redemption gate to temporarily suspend the right of redemption. If any of Prime Master Fund's, ESG Prime Master Fund's, Prime CNAV Master Fund's or Tax-Free Master Fund's weekly liquid assets falls below 10% of the Fund's total assets, the relevant Fund must impose, generally as of the beginning of the next business day, a liquidity fee of 1% of the amount redeemed unless the Board determines that such a fee would not be in the best interest of the Fund or determines that a lower or higher fee (subject to the 2% limit) would be in the best interest of the Fund. Liquidity fees would reduce the amount an interest holder receives upon redemption of its beneficial interests. Each of Prime Master Fund, ESG Prime Master Fund, Prime CNAV Master Fund and Tax-Free Master Fund, retains the liquidity fees for the benefit of remaining interest holders. For the period ended October 31, 2022,the Board of Prime Master Fund, ESG Prime Master Fund, Prime CNAV Master Fund and Tax-Free Master Fund did not impose any liquidity fees and/or redemption gates.

By operating as "government money market funds", Government Master Fund and Treasury Master Fund are exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Board may elect to subject Government Master Fund and Treasury Master Fund to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

**Repurchase agreements—**The Master Funds may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Master Funds maintain custody of the underlying obligations prior to their repurchase, either through their regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Master Funds and their counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by a fund upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Master Funds generally have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds, equities and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. Moreover, repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 or a fund's investment strategies and limitations may require the Master Fund to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Master Funds may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Each Master Fund intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM to present minimal credit risk.

The Master Funds may participate in joint repurchase agreement transactions with other funds managed or advised by UBS AM. Prime Master Fund, ESG Prime Master Fund, Government Master Fund, Treasury Master Fund, and Prime CNAV Master Fund may engage in repurchase agreements as part of normal investing strategies; Tax-Free Master Fund generally would only engage in repurchase agreement transactions as temporary or defensive investments.

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Master Trust

Notes to financial statements (unaudited)

Under certain circumstances, a Master Fund may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its portfolio at the end of the day in order to avoid having the Master Fund potentially exposed to a fee for uninvested cash held in a business account at a bank.

**Investment transactions and investment income—**Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the identified cost method. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

**Concentration of risk—**The ability of the issuers of the debt securities held by the Master Funds to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Certain impacts to public health conditions particular to the coronavirus "COVID-19" outbreak that occurred may have a significant negative impact on the operations and profitability of the issuers of a Master Fund's investments. The extent of the impact to the financial performance of a Fund will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

**Investment advisor and administrator** 

UBS AM serves as the investment advisor and administrator to each Master Fund pursuant to an investment advisory and administration contract ("Management Contract") approved by the Board. In accordance with the Management Contract, each Master Fund pays UBS AM an investment advisory and administration fee ("management fee"), which is accrued daily and paid monthly, at the below annual rates, as a percentage of each Master Fund's average daily net assets:

---

| | |
|:---|:---|
| **Average daily net assets** | **Annual rate** |
| Up to $30 billion | 0.1000% |
| In excess of $30 billion up to $40 billion | 0.0975 |
| In excess of $40 billion up to $50 billion | 0.0950 |
| In excess of $50 billion up to $60 billion | 0.0925 |
| Over $60 billion | 0.0900 |

---

At October 31, 2022, each Master Fund owed or was (owed by) UBS AM for investment advisory and administration services, net of waivers, as follows:

---

| | |
|:---|:---|
| **Fund** | **Net amount owed to/(owed by) UBS AM** |
| Prime Master Fund | $590112 |
| ESG Prime Master Fund | 168572 |
| Government Master Fund | 119501 |
| Treasury Master Fund | 1873275 |
| Prime CNAV Master Fund | 404631 |
| Tax-Free Master Fund | 58301 |

---

In exchange for these fees, UBS AM has agreed to bear all of the Master Funds' expenses other than taxes, extraordinary costs and the cost of securities purchased and sold by the Master Funds, including any transaction costs. Although UBS AM is not obligated to pay the fees and expenses of the Master Funds' independent trustees, it is contractually obligated to reduce its management fee in an amount equal to those fees and expenses. UBS AM estimates that these fees and expenses will be 0.01% or less of each Master Fund's average daily net assets.

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Master Trust

Notes to financial statements (unaudited)

In addition, UBS AM may voluntarily undertake to waive fees. This additional undertaking is voluntary and not contractual and may be terminated at any time. During the period ended October 31, 2022, UBS AM voluntarily waived the below amounts, which are not subject to future recoupment:

---

| | |
|:---|:---|
| **Fund** | **Amount waived by UBS AM** |
| Government Master Fund | $2745980 |

---

For the period April 1, 2022 to September 23, 2022, UBS AM voluntarily waived 0.07% of its management fee in order to voluntarily reduce ESG Prime Master Fund's expenses by 0.07%. For the period ended October 31, 2022, UBS AM voluntarily waived $438,083 for the ESG Prime Master Fund, and such amount is not subject to future recoupment.

**Beneficial interest transactions** 

---

| | | |
|:---|:---|:---|
| **Prime Master Fund** | **Prime Master Fund** | **Prime Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $&nbsp;&nbsp;&nbsp;&nbsp;5645570186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073650718 |
| Withdrawals | (2711055566) | (6963671843) |
| Net increase (decrease) in beneficial interest | $2934514620 | $(3890021125) |

---

---

| | | |
|:---|:---|:---|
| **ESG Prime Master Fund** | **ESG Prime Master Fund** | **ESG Prime Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $&nbsp;&nbsp;&nbsp;&nbsp;3116536254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338578556 |
| Withdrawals | (1875046763) | (1480823859) |
| Net increase (decrease) in beneficial interest | $1241489491 | $857754697 |

---

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| | | |
|:---|:---|:---|
| **Government Master Fund** | **Government Master Fund** | **Government Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $18529031580 | $118340152475 |
| Withdrawals | (14201754587) | (122866785031) |
| Net increase (decrease) in beneficial interest | $4327276993 | $(4526632556) |

---

---

| | | |
|:---|:---|:---|
| **Treasury Master Fund** | **Treasury Master Fund** | **Treasury Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $36986682361 | $&nbsp;&nbsp;&nbsp;&nbsp;56066375618 |
| Withdrawals | (34120063734) | (67070164974) |
| Net increase (decrease) in beneficial interest | $2866618627 | $(11003789356) |

---

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Master Trust

Notes to financial statements (unaudited)

---

| | | |
|:---|:---|:---|
| **Prime CNAV Master Fund** | **Prime CNAV Master Fund** | **Prime CNAV Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $5047264879 | $968414610 |
| Withdrawals | (1585602830) | (3511625044) |
| Net increase (decrease) in beneficial interest | $3461662049 | $(2543210434) |

---

---

| | | |
|:---|:---|:---|
| **Tax-Free Master Fund** | **Tax-Free Master Fund** | **Tax-Free Master Fund** |
| | **For the**<br> **six months ended**<br> **October 31, 2022** | **For the**<br> **year ended**<br> **April 30, 2022** |
| Contributions | $&nbsp;&nbsp;&nbsp;&nbsp;799874187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807236613 |
| Withdrawals | (759893312) | (738163647) |
| Net increase (decrease) in beneficial interest | $39980875 | $69072966 |

---

**Federal tax status** 

Each Master Fund is considered a non-publicly traded partnership for federal income tax purposes under the Internal Revenue Code; therefore, no federal tax provision is necessary. As such, each investor in a Master Fund is treated as owning its proportionate share of the net assets, income, expenses, and realized and unrealized gains and losses of the Master Fund. UBS AM intends that each Master Fund's assets, income and distributions will be managed in such a way that an investor in a Master Fund will be able to continue to qualify as a regulated investment company by investing its net assets through the Master Fund.

Aggregate cost for federal income tax purposes was substantially the same for book purposes; and net unrealized appreciation/(depreciation) consisted of:

**Prime Master Fund** 

---

| | |
|:---|:---|
| Gross unrealized appreciation | $91340 |
| Gross unrealized depreciation | (1009840) |
| Net unrealized appreciation (depreciation) | $(918500) |

---

**ESG Prime Master Fund** 

---

| | |
|:---|:---|
| Gross unrealized appreciation | $36476 |
| Gross unrealized depreciation | (342198) |
| Net unrealized appreciation (depreciation) | $(305722) |

---

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Master Funds have conducted an analysis and concluded, as of October 31, 2022, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. The Master Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended October 31, 2022, the Funds did not incur any interest or penalties.

Each of the tax years in the four year period ended April 30, 2022, and since inception for ESG Prime Master Fund, remains subject to examination by the Internal Revenue Service and state taxing authorities.

------

Master Trust

General information (unaudited)

**Monthly portfolio holdings disclosure** 

The Master Funds file their complete schedules of portfolio holdings with the US Securities and Exchange Commission ("SEC") each month on Form N-MFP. The Master Funds' reports on Form N-MFP are available on the SEC's Web site at http://www.sec.gov. The Master Funds make portfolio holdings information available to interest holders (and investors in the related feeder funds) on UBS's Web site at the following internet address: www.ubs.com/usmoneymarketfunds. A more limited portfolio holdings report for Prime Master Fund, ESG Prime Master Fund and Prime CNAV Master Fund is available on a weekly basis at the same Web address. Investors also may find additional information about the Master Funds at the above referenced UBS Website internet address.

**Proxy voting policies, procedures and record** 

You may obtain a description of the Fund's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1-800-647 1568, online on the Fund's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

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Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

**Background**—At a meeting of the board of Master Trust (the "Trust") on July 19-20, 2022, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust ("Independent Trustees"), considered and approved the continuance of the management contract (the "Management Contract") between UBS Asset Management (Americas) Inc. ("UBS AM") and the Trust, with respect to ESG Prime Master Fund ("ESG Prime Master"), Government Master Fund ("Government Master"), Prime CNAV Master Fund ("Prime CNAV Master"), Prime Master Fund ("Prime Master"), Treasury Master Fund ("Treasury Master") and Tax-Free Master Fund ("Tax-Free Master" and, collectively with ESG Prime Master, Government Master, Prime CNAV Master, Prime Master and Treasury Master, each a "Master Fund" and collectively the "Master Funds"). In preparing for the meeting, the Independent Trustees had requested and received extensive information from UBS AM to assist them, including information about UBS AM, as well as the advisory, administrative and distribution arrangements for the Master Funds. The board reviewed and discussed with management the materials provided by UBS AM prior to the scheduled board meeting. The Independent Trustees also met in executive session to review the disclosure that had been made to them. At these sessions the Independent Trustees were joined by their independent legal counsel. The Independent Trustees also received a memorandum from their independent legal counsel discussing the duties of board members in considering the approval of advisory and administration agreements.

In its consideration of the approval of the Management Contract, the board reviewed the following factors:

**Nature, extent and quality of the services under the Management Contract**—The board received and considered information regarding the nature, extent and quality of management services provided to the Master Funds by UBS AM under the Management Contract. The board also considered the nature, extent and quality of administrative, distribution, and shareholder services performed by UBS AM and its affiliates for the Master Funds and the corresponding SEC-registered "feeder funds" that invest in the Master Funds (the "Feeder Funds"). The board noted that it received information at regular meetings throughout the year regarding the services rendered by UBS AM concerning the management of each Master Fund's and Feeder Fund's affairs and UBS AM's role in coordinating and overseeing providers of other services to the Master Funds and the Feeder Funds. The board's evaluation of the services provided by UBS AM took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the scope and quality of UBS AM's investment advisory and other capabilities and the quality of its administrative and other services. The board observed that the scope of services provided by UBS AM had expanded over time as a result of regulatory and other developments, including maintaining and monitoring its own and the Master Funds' and the Feeder Funds' expanded compliance programs.

The board had available to it the qualifications, backgrounds and responsibilities of the senior personnel at UBS AM responsible for the Master Funds and the Feeder Funds and had previously met with and received information regarding the persons primarily responsible for their day-to-day management. The board recognized that several senior personnel at UBS AM report to the board regularly and that at each regular meeting the board receives a detailed report from UBS AM on each Master Fund's and corresponding Feeder Fund's performance. The board also considered, based on its knowledge of UBS AM and its affiliates, the financial resources available to UBS AM and its parent organization, UBS Group AG. In that regard, the board received extensive financial information regarding UBS AM and noted that it was a wholly owned, indirect subsidiary of one of the largest financial services firms in the world. It also was noted that UBS AM had approximately $290.6 billion in assets under management as of March 31, 2022 and was part of the UBS Asset Management Division, which had approximately $1.2 trillion in assets under management worldwide as of March 31, 2022. The board also was cognizant of, and considered, the regulatory and litigation actions and investigations occurring in the past few years involving UBS Group AG, UBS AM and certain of their affiliates.

The board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) under the Management Contract.

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Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

**Management fees and expense ratios**—In conducting its review, the board noted that under the master-feeder structure, each Master Fund pays an investment advisory and administration fee (the "Contractual Management Fee") to UBS AM, and, in turn, each Feeder Fund bears its corresponding Master Fund's expenses in proportion to its investment in its corresponding Master Fund. Therefore, in making its determination regarding each Master Fund's fees, the board assessed (i) each Master Fund's Contractual Management Fee, Actual Management Fee (defined below) and overall expenses, (ii) each Feeder Fund's portion of its Master Fund's Contractual Management Fee and Actual Management Fee (defined below), and (iii) each Feeder Fund's overall expenses.

In addition to reviewing each Feeder Fund's portion of its corresponding Master Fund's Contractual Management Fee, the board also reviewed and considered any fee waiver and/or expense reimbursement arrangement and considered the actual fee rate (after taking any waivers and/or reimbursements into account) (the "Actual Management Fee"). The board noted that management proposed to extend the contractual fee waiver and/or expense reimbursement arrangements in place for the Select Prime Preferred Feeder Fund, Select ESG Prime Preferred Feeder Fund, Prime Preferred Feeder Fund, Tax-Free Preferred Feeder Fund, Select Treasury Preferred Feeder Fund, Select Government Preferred Feeder Fund, Select Prime Investor Feeder Fund, Select ESG Prime Investor Feeder Fund, Prime Investor Feeder Fund, Tax-Free Investor Feeder Fund, Select Treasury Investor Feeder Fund and Select Government Investor Feeder Fund through August 31, 2023. The board also noted that management would pass through to the benefit of the Select Prime Investor Feeder Fund, Select ESG Prime Investor Feeder Fund, Prime Investor Feeder Fund, Tax-Free Investor Feeder Fund, Select Treasury Investor Feeder Fund and Select Government Investor Feeder Fund certain waivers from financial intermediaries. The board noted that such additional voluntary waiver/reimbursement arrangements are not contractually imposed and could change or terminate at any time.

The board also received and considered information comparing each Master Fund's Contractual Management Fee, Actual Management Fee and overall expenses and each Feeder Fund's portion of its corresponding Master Fund's Contractual Management Fee and Actual Management Fee and each Feeder Fund's total expenses with those of funds in a group of funds selected and provided by Broadridge ("Broadridge"), an independent provider of investment company data (the "Expense Group"). With respect to Select Prime Investor Feeder Fund, Tax-Free Investor Feeder Fund, Select Treasury Investor Feeder Fund, Select Government Investor Feeder Fund, Prime Investor Feeder Fund and Select ESG Prime Investor Feeder Fund, the board also received from Broadridge comparative data on a supplemental expense group of funds selected based on feeder fund asset size instead of master fund asset size; with respect to RMA Government Money Market Feeder Fund, the board also received from Broadridge comparative data on a supplemental expense group of funds selected based on their utilization as account sweep funds (each, a "Supplemental Expense Group").

In connection with its consideration of the management fees, the board also received information from UBS AM with respect to fees paid by institutional or separate accounts; however, in management's view, such fee information was not very relevant to the Master Funds because, among other reasons, separately managed and institutional accounts with a "cash" mandate (a) were not subject to all of the constraints of Rule 2a-7 under the 1940 Act to which the Master Funds are subject and (b) do not involve the management responsibilities attendant to the operation of a 1940 Act regulated fund, and, therefore, were not totally comparable. The board also received information on fees charged to other mutual funds managed by UBS AM.

<u>ESG Prime Master</u>

*Select ESG Prime Institutional Feeder Fund, Select ESG Prime Preferred Feeder Fund and Select ESG Prime Investor Feeder Fund* 

The comparative Broadridge information showed that, with the exception of the Select ESG Prime Institutional Feeder Fund's Actual Management Fee, the ESG Prime Master Fund's Contractual Management Fee, Actual

------

Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account. (Below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the applicable Expense Group.)

<u>Government Master</u>

*Select Government Institutional Feeder Fund, Select Government Preferred Feeder Fund, Select Government Investor Feeder Fund and RMA Government Money Market Feeder Fund* 

The comparative Broadridge information showed that, with the exception of the RMA Government Money Market Feeder Fund 's Actual Management Fee, the Government Master Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

<u>Prime CNAV Master</u>

*Prime Reserves Feeder Fund, Prime Preferred Feeder Fund and Prime Investor Feeder Fund* 

The comparative Broadridge information showed that the Prime CNAV Master Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

<u>Prime Master</u>

*Select Prime Institutional Feeder Fund, Select Prime Preferred Feeder Fund and Select Prime Investor Feeder Fund* 

The comparative Broadridge information showed that, with the exception of (1) the Select Prime Institutional Feeder Fund's Actual Management Fee and total expenses and (2) the Select Prime Preferred Feeder Fund's Actual Management Fee, the Prime Master Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

<u>Treasury Master</u>

*Select Treasury Institutional Feeder Fund, Select Treasury Preferred Feeder Fund and Select Treasury Investor Feeder Fund* 

The comparative Broadridge information showed that each Feeder Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

<u>Tax-Free Master</u>

*Tax-Free Reserves Feeder Fund, Tax-Free Preferred Feeder Fund and Tax-Free Investor Feeder Fund* 

The comparative Broadridge information showed that, with the exception of the Tax-Free Investor Feeder Fund's Actual Management Fee, the Tax-Free Master Fund's Contractual Management Fee, Actual Management Fee and total expenses were all at or below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

Management noted that the Tax-Free Investor Feeder Fund's Actual Management Fees were above the applicable Expense Group median, while the Contractual Management Fee and total expenses were below median.

------

Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

In light of the foregoing, the board determined that the management fees for each of ESG Prime Master, Government Master, Prime CNAV Master, Prime Master, Treasury Master and Tax-Free Master continued to be appropriate under the circumstances and in light of the nature, extent and quality of services provided to each Master Fund under the Management Contract.

**Fund performance**—In considering each Master Fund's performance, the board received and considered (a) annualized total return information of each Feeder Fund compared to other funds (the "Performance Universe") selected by Broadridge over the one-, three-, five- and ten-year (or shorter) periods, as applicable to a Feeder Fund, and since inception, in each case ended April 30, 2022 and (b) annualized performance information for each year in the ten-year (or shorter) period ended April 30, 2022. Although the board received information for the ten-year period and since inception, in its analysis, it generally placed greater emphasis on the one-, three- and five-year periods. The board was provided with a description of the methodology Broadridge used to determine the similarity of each Feeder Fund with the funds included in its Performance Universe. The board noted that each Feeder Fund's performance is correlated with its corresponding Master Fund's performance, with the only difference being the administrative, distribution and shareholder service fees or other expenses paid at the Feeder Fund level.

<u>ESG Prime Master</u>

*Select ESG Prime Institutional Feeder Fund, Select ESG Prime Preferred Feeder Fund and Select ESG Prime Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of each of Select ESG Prime Institutional Feeder Fund and Select ESG Prime Preferred Feeder Fund was above its corresponding Performance Universe median for the one-year period and since inception; while the performance of Select ESG Prime Investor Feeder Fund was slightly below its corresponding Performance Universe median for each such period.

<u>Government Master</u>

*Select Government Institutional Feeder Fund, Select Government Preferred Feeder Fund, Select Government Investor Feeder Fund and RMA Government Money Market Feeder Fund* 

The comparative Broadridge information showed that the performance of each Feeder Fund was at or above its corresponding Performance Universe median for the one-, three- and five-year periods and since inception, with the only exception being the three-year period for RMA Government Money Market Feeder Fund, which was only slightly below such median.

<u>Prime CNAV Master</u>

*Prime Reserves Feeder Fund, Prime Preferred Feeder Fund and Prime Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of each Feeder Fund was at or above its corresponding Performance Universe median for the one-, three- and five-year periods and since inception.

<u>Prime Master</u>

*Select Prime Institutional Feeder Fund, Select Prime Preferred Feeder Fund and Select Prime Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of: (i) the Select Prime Institutional Feeder Fund was at or above its corresponding Performance Universe median for the three-, five- and ten-year periods and since inception, and below for the one-year period, (ii) the Select Prime Preferred Feeder Fund was at or above its corresponding Performance Universe median for the one-, three-, five- and ten-year periods and since inception, and (iii) the Select Prime Investor Feeder Fund was below its corresponding Performance Universe median for the one-, three-, five- and ten-year periods and since inception.

------

Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

<u>Treasury Master</u>

*Select Treasury Institutional Feeder Fund, Select Treasury Preferred Feeder Fund and Select Treasury Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of each Feeder Fund was at or above its corresponding Performance Universe median for the one-, three-, five- and ten-year periods and since inception.

<u>Tax-Free Master</u>

*Tax-Free Reserves Feeder Fund, Tax-Free Preferred Feeder Fund and Tax-Free Investor Feeder Fund* 

The comparative Broadridge information showed that the performance of the Tax-Free Reserves Feeder Fund and the Tax-Free Preferred Feeder Fund was at or above its corresponding Performance Universe median for the one-, three-, five- and ten-year periods and since inception, and the performance of the Tax-Free Investor Feeder Fund was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception, ranking in the fourth quintile in the one-year period.

For periods in which a Master Fund's performance was materially and persistently below median, UBS AM representatives explained, in a satisfactory manner, the reasons for the relative under-performance, including for structural reasons (for example, unitary fee as compared to non-unitary fees), or other comparison group selection criteria employed by Broadridge. Based on its review, the board concluded that each Master Fund's investment performance was acceptable under the circumstances.

**Advisor profitability**—The board received and considered a profitability analysis of UBS AM and its affiliates over time in providing services to the Master Funds and the Feeder Funds and was provided information on UBS AM's expense allocation methodology. The board also received profitability information with respect to the UBS New York fund complex as a whole. The board observed that the profitability and expense analyses are substantially similar to those used by UBS AM for many internal purposes and are subject to regular review with respect to how certain revenue and expenses should be allocated. UBS AM's profitability was considered not excessive in light of the nature, extent and quality of the services provided to the Master Funds and the Feeder Funds.

**Economies of scale**—The board received and considered information from management regarding whether UBS AM realized economies of scale as the Master Funds' assets grew, whether the Master Funds have appropriately benefited from any material unshared economies of scale over time, and whether there is potential for realization of any further economies of scale for the Master Funds. The board considered whether economies of scale in the provision of services to the Master Funds were being passed along to the Feeder Funds' shareholders.

The board noted that although each Master Fund's Contractual Management Fee contained breakpoints at higher asset levels, economies of scale might inure more to UBS AM because UBS AM paid most of each Master Fund's non-management operating expenses under the "unitary" fee structure. Overall, the board considered the sharing of economies of scale with the shareholders of the Feeder Funds acceptable.

**Other benefits to UBS AM**—The board considered other benefits received by UBS AM and its affiliates as a result of its relationship with the Master Funds and the Feeder Funds, including the opportunity to offer additional products and services to the Feeder Funds' shareholders and to others. In light of the costs of providing investment advisory, administrative and other services to the Master Funds, the costs of providing administrative services to the Feeder Funds and UBS AM's ongoing commitment to the Master Funds and the Feeder Funds, the profits and other ancillary benefits that UBS AM and its affiliates received were considered reasonable.

------

Master Trust

Board approval of investment advisory agreements

(ESG Prime Master Fund, Government Master Fund, Prime CNAV Master Fund, Prime Master Fund, Treasury Master Fund and Tax-Free Master Fund) (unaudited)

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Management Contract. No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Management Contract. The Independent Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Management Contract in private sessions with their independent legal counsel at which no representatives of UBS AM were present.

------

**Trustees** 

Alan S. Bernikow

*Chairman* 

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

**Administrator (and Manager for the Master Funds)** 

UBS Asset Management (Americas) Inc.

787 Seventh Avenue

New York, New York 10019

**Principal Underwriter (for the feeder funds)** 

UBS Asset Management (US) Inc.

787 Seventh Avenue

New York, New York 10019

The financial information included herein is taken from the records of the Funds without examination by independent registered public accountants who do not express an opinion thereon.

This report is not to be used in connection with the offering of shares of the Funds unless accompanied or preceded by an effective prospectus.© UBS 2022. All rights reserved.

------

![LOGO](g3605537mm_k485.jpg)

**UBS Asset Management (Americas) Inc.** 

787 Seventh Avenue

New York, New York 10019

![LOGO](g360553g38c43.jpg)

S1664

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Copy of each notice transmitted to shareholders in reliance on Rule 30e-3 under the Investment Company Act of 1940, as amended (the "1940 Act"), that contains disclosures specified by paragraph (c)(3) of that rule: Not applicable to the registrant.

**<u>Item 2. Code of Ethics.</u>**

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to the registrant.

**<u>Item 6. Investments.</u>**

(a) Included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to the registrant.

------

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

The registrant's Board has established a Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee will consider nominees recommended by shareholders if a vacancy occurs among those board members who are not "interested persons" as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended. In order to recommend a nominee, a shareholder should send a letter to the chairperson of the Nominating and Corporate Governance Committee, Richard R. Burt, care of the Secretary of the registrant at UBS Asset Management, One North Wacker Drive, Chicago, IL 60606, Attn: Keith A. Weller, Secretary, and indicate on the envelope "Nominating and Corporate Governance Committee." The shareholder's letter should state the nominee's name and should include the nominee's resume or curriculum vitae, and must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders.

**<u>Item 11. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer have concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures
as of a date within 90 days of the filing date of this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's principal executive officer and principal financial officer are aware of no changes in
the registrant's internal control over financial reporting that occurred during 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.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 13. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Code of Ethics – Form N-CSR disclosure requirement not
applicable to this filing of a semi-annual report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [(2) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.CERT.](d393400dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (3) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons – not applicable to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (4) Change in the registrant's independent public accountant - not applicable to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.906CERT.](d393400dex99906cert.htm)

------

**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.

---

| | |
|:---|:---|
| UBS Series Funds | UBS Series Funds |
| By: | <u>/s/ Igor Lasun</u> |
|  | Igor Lasun |
|  | President |
| Date: | <u>January 9, 2023</u> |

---

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: | <u>/s/ Igor Lasun</u> |
|  | Igor Lasun |
|  | President |
| Date: | <u>January 9, 2023</u> |
| By: | <u>/s/ Joanne M. Kilkeary</u> |
|  | Joanne M. Kilkeary |
|  | Vice President, Treasurer and Principal Accounting Officer |
| Date: | <u>January 9, 2023</u> |

---

## Ex-99.Cert

Exhibit EX-99.CERT

**<u>Certifications</u>**

I, Igor Lasun, President of UBS Series Funds, certify that:

1. I have reviewed this report on Form N-CSR of UBS Series Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | <u>/s/ Igor Lasun</u> |
|  | Igor Lasun |
|  | President |
| Date: | <u>January 9, 2023</u> |

---

------

I, Joanne M. Kilkeary, Vice President, Treasurer and Principal Accounting Officer of UBS Series Funds, certify that:

1. I have reviewed this report on Form N-CSR of UBS Series Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | <u>/s/ Joanne M. Kilkeary</u> |
|  | Joanne M. Kilkeary |
|  | Vice President, Treasurer and Principal Accounting Officer |
| Date: | <u>January 9, 2023</u> |

---

## Exhibit 99.906

Exhibit EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

In connection with the attached report of UBS Series Funds (the "Registrant") on Form N-CSR (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of such officer's knowledge:

1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended;

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented in the Report.

---

| | |
|:---|:---|
| Dated: | January 9, 2023 |
| By: | <u>/s/ Igor Lasun</u> |
|  | Igor Lasun |
|  | President |
| Dated: | January 9, 2023 |
| By: | <u>/s/ Joanne M. Kilkeary</u> |
|  | Joanne M. Kilkeary |
|  | Vice President, Treasurer and Principal Accounting Officer |

---

This certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.