# EDGAR Filing Document

**Accession Number:** 0001403166
**File Stem:** 0001193125-23-004824
**Filing Date:** 2023-1
**Character Count:** 216950
**Document Hash:** e947ffeca739b40fa7d5a3b37379ad4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-004824.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001193125-23-004824

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Master Trust
- **CENTRAL INDEX KEY:** 0001403166
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22078
- **FILM NUMBER:** 23518800

**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

## Series and Classes Contracts Data

### Prime Master Fund (Series ID: S000019502)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000054151 | Prime Master Fund |  |

### Treasury Master Fund (Series ID: S000019503)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000054152 | Treasury Master Fund |  |

### Tax-Free Master Fund (Series ID: S000019504)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000054153 | Tax-Free Master Fund |  |

### Prime CNAV Master Fund (Series ID: S000053209)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000167359 | Prime CNAV Master Fund |  |

### Government Master Fund (Series ID: S000054189)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000170250 | Government Master Fund |  |

### ESG Prime Master Fund (Series ID: S000068192)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000218350 | ESG Prime Master Fund |  |

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: 811-22078

------

Master Trust

------

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

------

![LOGO](g3891197mm_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.

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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.

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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

------

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

------

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.

------

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.

------

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 |

---

---

| | | |
|:---|:---|:---|
| **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.

------

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

**Manager** 

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 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 interests in the Funds unless accompanied or preceded by an offering document.© UBS 2022. All rights reserved.

------

![LOGO](g3891197mm_k485.jpg)

![LOGO](g389119g38c43.jpg)

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

787 Seventh Avenue

New York, New York 10019

------

&nbsp;&nbsp;&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;&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;&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;&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;&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.](d389119dex99cert.htm)

&nbsp;&nbsp;&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;&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;&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.](d389119dex99906cert.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.

---

| | |
|:---|:---|
| Master Trust | Master Trust |
| 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 Master Trust, certify that:

1. I have reviewed this report on Form N-CSR of Master Trust;

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 Master Trust, certify that:

1. I have reviewed this report on Form N-CSR of Master Trust;

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 Master Trust (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: | <u>January 9, 2023</u> |
| 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.