# EDGAR Filing Document

**Accession Number:** 0001403166
**File Stem:** 0001193125-26-008856
**Filing Date:** 2026-1
**Character Count:** 162013
**Document Hash:** 42785cb12543d1e3bd2ce527cf268ebc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-008856.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001193125-26-008856

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Master Trust
- **CENTRAL INDEX KEY:** 0001403166

**ORGANIZATION NAME:**
- **EIN:** 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:** 26522860

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC.
- **STREET 2:** 1285 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-821-3000

**MAIL ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC.
- **STREET 2:** 1285 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

## Series and Classes Contracts Data

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

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

### 100% US Treasury Master Fund (Series ID: S000085171)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000250056 | 100% US Treasury 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)** 

**1285 Avenue of the Americas, 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 10036-6796** 

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

**Date of fiscal year end: April 30** 

**Date of reporting period: October 31, 2025** 

------

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

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

Funds within the Master Trust do not issue shares and therefore have no shareholders to provide with Tailored Shareholder Reports.

&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>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Included as part of the financial statements filed under Item 7(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

------

**<u>Master Trust</u>**

**<u>Form N-CSR Information Items 7 through 11</u>**

**<u>Item</u><u> </u><u>7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Copy of the most recent financial statements:

------

![LOGO](g850607mm_k485.jpg)

Semiannual Financial Statements \| October 31, 2025

**Includes:** 

• Government Master Fund

• Treasury Master Fund

• 100% US Treasury Master Fund

• Prime CNAV 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, 2025 to October 31, 2025.

**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.

------

Master Trust

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

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>May 1, 2025** | **Ending<br>account value<br>October 31, 2025** | **Expenses paid<br>during period<br>05/01/25 to 10/31/25**<sup>1</sup> | **Expense<br>ratio during<br>the period** |
| **Government Master Fund** |  |  |  |  |
| Actual | $1000.00 | $1021.70 | $0.52 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.97 | 0.52 | 0.10 |
| **Treasury Master Fund** | **Treasury Master Fund** |  |  |  |
| Actual | $1000.00 | $1021.70 | $0.52 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.97 | 0.52 | 0.10 |
| **100% US Treasury Master Fund** | **100% US Treasury Master Fund** |  |  |  |
| Actual | $1000.00 | $1021.40 | $0.52 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.97 | 0.52 | 0.10 |
| **Prime CNAV Master Fund** | **Prime CNAV Master Fund** |  |  |  |
| Actual | $1000.00 | $1022.30 | $0.52 | 0.10% |
| Hypothetical (5% annual return before expenses) | 1000.00 | 1024.97 | 0.52 | 0.10 |

---

<sup>1</sup> Expenses are equal to the Master Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 186 divided by 365 (to reflect the one–half year period).

------

Master Trust

**Portfolio characteristics at a glance—October 31, 2025 (unaudited)**

**Government Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 37 days |

---

---

| | |
|:---|:---|
| **Portfolio composition**<sup>2</sup> | |
| U.S. Treasury obligations | 43.7% |
| Repurchase agreements | 32.1 |
| U.S. government agency obligations | 21.8 |
| Other assets in excess of liabilities | 2.4 |
| **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 a bank account and not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor is not required to reimburse the fund for losses, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time, including during periods of market stress.** 

**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, 2025 (unaudited) (continued)** 

**Treasury Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 37 days |

---

---

| | |
|:---|:---|
| **Portfolio composition**<sup>2</sup> | |
| U.S. Treasury obligations | 65.7% |
| Repurchase agreements | 32.4 |
| Other assets in excess of liabilities | 1.9 |
| **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 a bank account and not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor is not required to reimburse the fund for losses, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time, including during periods of market stress.** 

**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, 2025 (unaudited) (continued)** 

**100% US Treasury Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 45 days |

---

---

| | |
|:---|:---|
| **Portfolio composition**<sup>2</sup> | |
| U.S. Treasury obligations | 102.1% |
| Liabilities in excess of other assets | (2.1) |
| **Total** | **100.0%** |

---

**You could lose money by investing in a money market fund. Although 100% US 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, 100% US Treasury Master Fund cannot guarantee it will do so. An investment in a money market fund is not a bank account and not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor is not required to reimburse the fund for losses, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time, including during periods of market stress.** 

**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, 2025 (unaudited) (concluded)** 

**Prime CNAV Master Fund** 

---

| | |
|:---|:---|
| **Characteristics** | **Characteristics** |
| Weighted average maturity<sup>1</sup> | 25 days |

---

---

| | |
|:---|:---|
| **Top five issuer breakdown by country or territory of origin**<sup>2</sup> | |
| United States | 46.9% |
| Canada | 11.8 |
| Sweden | 7.0 |
| Australia | 5.9 |
| Singapore | 5.0 |
| **Total** | **76.6%** |

---

---

| | |
|:---|:---|
| **Portfolio composition**<sup>2</sup> | |
| Commercial paper | 52.4% |
| Repurchase agreements | 31.3 |
| Certificates of deposit | 8.7 |
| Time deposits | 4.0 |
| Other assets in excess of liabilities | 3.6 |
| **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 under certain circumstances. An investment in a money market fund is not a bank account and not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. A money market fund's sponsor is not required to reimburse the fund for losses, and you should not expect that the fund's sponsor will provide financial support to a money market fund at any time, including during periods of market stress.**

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

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

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

------

Government Master Fund

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—21.8%** | **U.S. government agency obligations—21.8%** | **U.S. government agency obligations—21.8%** |
|  Federal Farm Credit Banks Funding Corp. |  |  |
| &nbsp;&nbsp; 1 day USD SOFR + 0.020%, <br>4.060%, due 11/03/25<sup>1</sup> | $127000000 | $127000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.060%, <br>4.100%, due 11/03/25<sup>1</sup> | 80000000 | 80000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.090%, <br>4.130%, due 11/03/25<sup>1</sup> | 28000000 | 28000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.105%, <br>4.145%, due 11/03/25<sup>1</sup> | 69000000 | 69000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.115%, <br>4.155%, due 11/03/25<sup>1</sup> | 174000000 | 174000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.120%, <br>4.160%, due 11/03/25<sup>1</sup> | 100000000 | 100019730 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.125%, <br>4.165%, due 11/03/25<sup>1</sup> | 64000000 | 64000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.130%, <br>4.170%, due 11/03/25<sup>1</sup> | 90000000 | 90000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.135%, <br>4.175%, due 11/03/25<sup>1</sup> | 63000000 | 63000000 |
|  Federal Home Loan Bank Discount Notes |  |  |
| &nbsp;&nbsp; 3.690%, due 04/09/26<sup>2</sup> | 126000000 | 123972345 |
| &nbsp;&nbsp; 3.750%, due 02/23/26<sup>2</sup> | 122000000 | 120576667 |
| &nbsp;&nbsp; 3.750%, due 02/24/26<sup>2</sup> | 126000000 | 124516875 |
| &nbsp;&nbsp; 3.750%, due 03/13/26<sup>2</sup> | 125000000 | 123307292 |
| &nbsp;&nbsp; 3.775%, due 02/20/26<sup>2</sup> | 125000000 | 123571267 |
| &nbsp;&nbsp; 3.800%, due 01/23/26<sup>2</sup> | 128000000 | 126905600 |
| &nbsp;&nbsp; 3.800%, due 01/30/26<sup>2</sup> | 126000000 | 124829600 |
| &nbsp;&nbsp; 3.805%, due 01/30/26<sup>2</sup> | 126000000 | 124828060 |
| &nbsp;&nbsp; 3.830%, due 01/28/26<sup>2</sup> | 125000000 | 123856320 |
| &nbsp;&nbsp; 3.865%, due 01/06/26<sup>2</sup> | 122000000 | 121161725 |
| &nbsp;&nbsp; 3.920%, due 12/19/25<sup>2</sup> | 127000000 | 126363871 |
| &nbsp;&nbsp; 3.920%, due 02/13/26<sup>2</sup> | 124000000 | 122622773 |
| &nbsp;&nbsp; 3.940%, due 02/20/26<sup>2</sup> | 131000000 | 129437243 |
| &nbsp;&nbsp; 3.970%, due 11/26/25<sup>2</sup> | 125000000 | 124682951 |
| &nbsp;&nbsp; 3.985%, due 12/26/25<sup>2</sup> | 126000000 | 125260783 |
| &nbsp;&nbsp; 3.990%, due 01/28/26<sup>2</sup> | 120000000 | 118856200 |
| &nbsp;&nbsp; 4.010%, due 01/16/26<sup>2</sup> | 124000000 | 122977896 |
| &nbsp;&nbsp; 4.020%, due 01/22/26<sup>2</sup> | 123000000 | 121901200 |
| &nbsp;&nbsp; 4.030%, due 01/02/26<sup>2</sup> | 127000000 | 126146983 |
| &nbsp;&nbsp; 4.070%, due 12/19/25<sup>2</sup> | 126000000 | 125344730 |
| &nbsp;&nbsp; 4.100%, due 12/05/25<sup>2</sup> | 126000000 | 125540800 |
| &nbsp;&nbsp; 4.100%, due 01/02/26<sup>2</sup> | 248000000 | 246305333 |
| &nbsp;&nbsp; 4.140%, due 11/03/25<sup>2</sup> | 126000000 | 126000000 |
|  Federal Home Loan Banks |  |  |
| &nbsp;&nbsp; 3.850%, due 03/10/26 | 127000000 | 126995046 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.020%, <br>4.060%, due 11/03/25<sup>1</sup> | 126000000 | 126000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.025%, <br>4.065%, due 11/03/25<sup>1</sup> | 259000000 | 259000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.030%, <br>4.070%, due 11/03/25<sup>1</sup> | 280150000 | 280135137 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.035%, <br>4.075%, due 11/03/25<sup>1</sup> | 133000000 | 133000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.060%, <br>4.100%, due 11/05/25<sup>1</sup> | 67000000 | 67000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.085%, <br>4.125%, due 11/03/25<sup>1</sup> | 69000000 | 69000000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** |
| &nbsp;&nbsp; 1 day USD SOFR + 0.100%, <br>4.140%, due 11/03/25<sup>1</sup> | $| 379000000 | $| 379000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.115%, <br>4.155%, due 11/03/25<sup>1</sup> |  | 171000000 |  | 171000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.120%, <br>4.160%, due 11/03/25<sup>1</sup> |  | 64000000 |  | 64000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.170%, <br>4.210%, due 11/03/25<sup>1</sup> |  | 102000000 |  | 102000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.180%, <br>4.220%, due 11/03/25<sup>1</sup> |  | 176000000 |  | 176000000 |
|  **Total U.S. government agency obligations**<br>(cost—$5,727,116,427) |  |  |  | **5727116427** |
| **U.S. Treasury obligations—43.7%** | **U.S. Treasury obligations—43.7%** | **U.S. Treasury obligations—43.7%** | **U.S. Treasury obligations—43.7%** | **U.S. Treasury obligations—43.7%** |
|  U.S. Treasury Bills |  |  |  |  |
| &nbsp;&nbsp; 3.760% due 04/30/26<sup>3</sup> |  | 100000000 |  | 98200222 |
| &nbsp;&nbsp; 3.760% due 04/30/26<sup>3</sup> |  | 30000000 |  | 29460067 |
| &nbsp;&nbsp; 3.781% due 04/23/26<sup>3</sup> |  | 100000000 |  | 98261500 |
| &nbsp;&nbsp; 3.781% due 04/23/26<sup>3</sup> |  | 30000000 |  | 29478450 |
| &nbsp;&nbsp; 3.803% due 03/03/26<sup>3</sup> |  | 150000000 |  | 148162938 |
| &nbsp;&nbsp; 3.803% due 03/03/26<sup>3</sup> |  | 45000000 |  | 44448881 |
| &nbsp;&nbsp; 3.818% due 01/29/26<sup>3</sup> |  | 150000000 |  | 148647875 |
| &nbsp;&nbsp; 3.818% due 01/29/26<sup>3</sup> |  | 46000000 |  | 45585348 |
| &nbsp;&nbsp; 3.834% due 02/24/26<sup>3</sup> |  | 46000000 |  | 45460708 |
| &nbsp;&nbsp; 3.834% due 02/24/26<sup>3</sup> |  | 150000000 |  | 148241438 |
| &nbsp;&nbsp; 3.855% due 03/12/26<sup>3</sup> |  | 25000000 |  | 24665854 |
| &nbsp;&nbsp; 3.855% due 03/12/26<sup>3</sup> |  | 100000000 |  | 98663417 |
| &nbsp;&nbsp; 3.876% due 02/10/26<sup>3</sup> |  | 37000000 |  | 36615894 |
| &nbsp;&nbsp; 3.876% due 02/10/26<sup>3</sup> |  | 150000000 |  | 148442812 |
| &nbsp;&nbsp; 3.886% due 02/03/26<sup>3</sup> |  | 100000000 |  | 99032722 |
| &nbsp;&nbsp; 3.886% due 02/03/26<sup>3</sup> |  | 23000000 |  | 22777526 |
| &nbsp;&nbsp; 3.901% due 01/22/26<sup>3</sup> |  | 100000000 |  | 99153333 |
| &nbsp;&nbsp; 3.901% due 01/22/26<sup>3</sup> |  | 30000000 |  | 29746000 |
| &nbsp;&nbsp; 3.912% due 02/17/26<sup>3</sup> |  | 3000000 |  | 2966345 |
| &nbsp;&nbsp; 3.912% due 02/17/26<sup>3</sup> |  | 250000000 |  | 247195417 |
| &nbsp;&nbsp; 3.954% due 01/13/26<sup>3</sup> |  | 250000000 |  | 248101736 |
| &nbsp;&nbsp; 3.954% due 01/13/26<sup>3</sup> |  | 1000000 |  | 992407 |
| &nbsp;&nbsp; 4.013% due 03/05/26<sup>3</sup> |  | 24000000 |  | 23684427 |
| &nbsp;&nbsp; 4.013% due 03/05/26<sup>3</sup> |  | 100000000 |  | 98685111 |
| &nbsp;&nbsp; 4.035% due 12/11/25<sup>3</sup> |  | 1000000 |  | 995841 |
| &nbsp;&nbsp; 4.035% due 12/11/25<sup>3</sup> |  | 250000000 |  | 248960278 |
| &nbsp;&nbsp; 4.074% due 01/06/26<sup>3</sup> |  | 250000000 |  | 248237778 |
| &nbsp;&nbsp; 4.081% due 02/19/26<sup>3</sup> |  | 125000000 |  | 123520625 |
| &nbsp;&nbsp; 4.108% due 02/12/26<sup>3</sup> |  | 24000000 |  | 23732687 |
| &nbsp;&nbsp; 4.108% due 02/12/26<sup>3</sup> |  | 100000000 |  | 98886194 |
| &nbsp;&nbsp; 4.118% due 02/05/26<sup>3</sup> |  | 100000000 |  | 98960778 |
| &nbsp;&nbsp; 4.118% due 02/05/26<sup>3</sup> |  | 23000000 |  | 22760979 |
| &nbsp;&nbsp; 4.131% due 12/30/25<sup>3</sup> |  | 36000000 |  | 35770860 |
| &nbsp;&nbsp; 4.131% due 12/30/25<sup>3</sup> |  | 150000000 |  | 149045250 |
| &nbsp;&nbsp; 4.144% due 12/04/25<sup>3</sup> |  | 47000000 |  | 46836290 |
| &nbsp;&nbsp; 4.144% due 12/04/25<sup>3</sup> |  | 200000000 |  | 199303361 |
| &nbsp;&nbsp; 4.162% due 12/16/25<sup>3</sup> |  | 246000000 |  | 244809975 |
| &nbsp;&nbsp; 4.162% due 12/23/25<sup>3</sup> |  | 186000000 |  | 184953750 |
| &nbsp;&nbsp; 4.219% due 12/09/25<sup>3</sup> |  | 34000000 |  | 33860430 |
| &nbsp;&nbsp; 4.219% due 12/09/25<sup>3</sup> |  | 150000000 |  | 149384250 |
| &nbsp;&nbsp; 4.232% due 11/20/25<sup>3</sup> |  | 1000000 |  | 998050 |

---

------

Government Master Fund

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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)** |
| &nbsp;&nbsp; 4.232% due 11/20/25<sup>3</sup> | $| 250000000 | $| 249512431 |
| &nbsp;&nbsp; 4.252% due 11/13/25<sup>3</sup> |  | 100000000 |  | 99884722 |
| &nbsp;&nbsp; 4.252% due 11/13/25<sup>3</sup> |  | 24000000 |  | 23972333 |
| &nbsp;&nbsp; 4.256% due 01/02/26<sup>3</sup> |  | 246000000 |  | 244314900 |
| &nbsp;&nbsp; 4.261% due 01/22/26<sup>3</sup> |  | 3000000 |  | 2972567 |
| &nbsp;&nbsp; 4.261% due 01/22/26<sup>3</sup> |  | 250000000 |  | 247713889 |
| &nbsp;&nbsp; 4.266% due 01/29/26<sup>3</sup> |  | 6000000 |  | 5940260 |
| &nbsp;&nbsp; 4.266% due 01/29/26<sup>3</sup> |  | 250000000 |  | 247510833 |
| &nbsp;&nbsp; 4.268% due 11/06/25<sup>3</sup> |  | 200000000 |  | 199930583 |
| &nbsp;&nbsp; 4.268% due 11/06/25<sup>3</sup> |  | 47000000 |  | 46983687 |
| &nbsp;&nbsp; 4.271% due 01/15/26<sup>3</sup> |  | 250000000 |  | 247908854 |
| &nbsp;&nbsp; 4.271% due 01/15/26<sup>3</sup> |  | 13000000 |  | 12891260 |
| &nbsp;&nbsp; 4.293% due 01/08/26<sup>3</sup> |  | 250000000 |  | 248100208 |
| &nbsp;&nbsp; 4.293% due 01/08/26<sup>3</sup> |  | 6000000 |  | 5954405 |
| &nbsp;&nbsp; 4.329% due 12/02/25<sup>3</sup> |  | 250000000 |  | 249152153 |
| &nbsp;&nbsp; 4.329% due 12/02/25<sup>3</sup> |  | 2000000 |  | 1993217 |
| &nbsp;&nbsp; 4.344% due 11/25/25<sup>3</sup> |  | 2000000 |  | 1994836 |
| &nbsp;&nbsp; 4.344% due 11/25/25<sup>3</sup> |  | 250000000 |  | 249354514 |
| &nbsp;&nbsp; 4.350% due 11/12/25<sup>3</sup> |  | 381000000 |  | 380597092 |
| &nbsp;&nbsp; 4.350% due 11/18/25<sup>3</sup> |  | 386000000 |  | 385319675 |
|  U.S. Treasury Floating Rate Notes |  |  |  |  |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.098%, 3.864% due 11/03/25<sup>1</sup> |  | 370000000 |  | 369945260 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.150%, 3.916% due 11/03/25<sup>1</sup> |  | 663000000 |  | 663003704 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.182%, 3.948% due 11/03/25<sup>1</sup> |  | 516000000 |  | 515894852 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.205%, 3.971% due 11/03/25<sup>1</sup> |  | 810000000 |  | 810303748 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.245%, 4.011% due 11/03/25<sup>1</sup> |  | 699000000 |  | 699043929 |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp; 3.625% due 05/15/26 |  | 124000000 |  | 123713641 |
| &nbsp;&nbsp; 3.750% due 04/15/26 |  | 130000000 |  | 129782691 |
| &nbsp;&nbsp; 3.875% due 01/15/26 |  | 138000000 |  | 137956281 |
| &nbsp;&nbsp; 4.250% due 01/31/26 |  | 329000000 |  | 329107212 |
| &nbsp;&nbsp; 4.500% due 03/31/26 |  | 255000000 |  | 255362238 |
| &nbsp;&nbsp; 4.625% due 03/15/26 |  | 134000000 |  | 134241397 |
| &nbsp;&nbsp; 4.875% due 04/30/26 |  | 253000000 |  | 253857019 |
|  **Total U.S. Treasury obligations** <br> (cost—$11,501,902,195) |  |  |  | **11501902195** |
| **Repurchase agreements—32.1%** | **Repurchase agreements—32.1%** | **Repurchase agreements—32.1%** | **Repurchase agreements—32.1%** | **Repurchase agreements—32.1%** |
|  Repurchase agreement dated 03/31/22 with MUFG Securities Americas, Inc., 3.860% due 12/05/25, collateralized by $31,073,080 Federal Home Loan Mortgage Corp., obligations, 2.500% to 6.500% due 05/01/27 to 10/01/55 and $150,742,759 Federal National Mortgage Association obligations, 2.000% to 6.500% due 04/01/26 to 07/01/55; (value—$102,000,000); proceeds: $100,321,667<sup>4</sup> |  | 100000000 |  | 100000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** | **Repurchase agreements—(continued)** |
|  Repurchase agreement dated 02/01/23 with J.P. Morgan Securities LLC, 4.050% due 11/07/25, collateralized by $4,317,136 Federal Home Loan Mortgage Corp., obligations, 4.300% to 6.000% due 09/01/28 to 06/01/53 and $217,456,047 Federal National Mortgage Association obligations, 1.500% to 7.500% due 05/01/34 to 02/01/57; (value—$204,000,001); proceeds: $200,675,000<sup>4</sup> | $200000000 | $200000000 |
|  Repurchase agreement dated 10/31/25 with TD Securities (USA) LLC, 4.140% due 11/03/25, collateralized by $129,070,137 Federal Home Loan Mortgage Corp., obligations, 1.000% to 6.000% due 05/15/33 to 10/25/55 and $255,074,994 Federal National Mortgage Association obligations, 2.000% to 6.000% due 04/25/26 to 11/25/55; (value—$306,000,000); proceeds: $300,103,500 | 300000000 | 300000000 |
|  Repurchase agreement dated 03/25/25 with J.P. Morgan Securities LLC, 3.990% due 01/29/26, collateralized by $2,554,073,873 Federal Home Loan Mortgage Corp., obligations, zero coupon to 6.500% due 08/25/29 to 08/25/55, $1,506,907,514 Federal National Mortgage Association obligations, zero coupon to 4.000% due 10/25/29 to 03/25/60 and $7,177,618,264 Government National Mortgage Association obligations, zero coupon to 6.000% due 09/16/40 to 08/20/65; (value—$515,000,001); proceeds: $501,662,500<sup>4</sup> | 500000000 | 500000000 |
|  Repurchase agreement dated 10/31/25 with J.P. Morgan Securities LLC, 4.150% due 11/03/25, collateralized by $248,418,274 Federal Home Loan Mortgage Corp., obligations, 3.500% to 7.100% due 01/01/36 to 11/01/55 and $2,541,549,181 Federal National Mortgage Association obligations, 1.050% to 7.500% due 07/01/27 to 09/01/61; (value—$1,530,000,001); proceeds: $1,500,518,750 | 1500000000 | 1500000000 |

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Government Master Fund

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/31/25 with Fixed Income Clearing Corp. (State Street Bank and Trust Co.) 4.150% due 11/03/25, collateralized by $4,000,007,600 U.S. Treasury Notes, 2.750% to 4.500% due 05/31/29 to 07/31/29, $814,682,400 U.S. Treasury Inflation Index Bonds, 2.000% due 01/15/26 and $395,108,600 U.S. Treasury Inflation Index Notes, 0.625% due 01/15/26; (value—$5,951,700,426); proceeds: $5,837,017,938 | $5835000000 | $5835000000 |
|  **Total repurchase agreements** <br> (cost—$8,435,000,000) | **Total repurchase agreements** <br> (cost—$8,435,000,000) | **8435000000** |
|  **Total investments** <br> (cost—$25,664,018,622 which approximates cost for federal income tax purposes)—97.6% |  | **25664018622** |
|  Other assets in excess of liabilities—2.4% |  | 620053141 |
|  **Net assets—100.0%** |  | $**26284071763** |

---

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.

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Government Master Fund

Portfolio of investments—October 31, 2025 (unaudited)

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 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** |
| **Assets** |  |  |  |  |
| U.S. government agency obligations | $— | $5727116427 | $— | $5727116427 |
| U.S. Treasury obligations |  | 11501902195 |  | 11501902195 |
| Repurchase agreements |  | 8435000000 |  | 8435000000 |
| **Total** | $**—** | $**25664018622** | $**—** | $**25664018622** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Floating or variable rate securities. The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. 

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

<sup>3</sup> Rate shown reflects yield at October 31, 2025.

<sup>4</sup> Investment has a put feature, which allows the Master Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2025 and changes periodically. The maturity date reflects the earliest put dat, interest is paid monthly, and the proceeds represent the receivable of the Master Fund if the put feature was exercised as of October 31, 2025. 

See accompanying notes to financial statements.

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Treasury Master Fund

Portfolio of investments—October 31, 2025 (unaudited)

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| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. Treasury obligations—65.7%** | **U.S. Treasury obligations—65.7%** | **U.S. Treasury obligations—65.7%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp; 3.760% due 04/30/26<sup>1</sup> | $10000000 | $9820022 |
| &nbsp;&nbsp; 3.760% due 04/30/26<sup>1</sup> | 200000000 | 196400444 |
| &nbsp;&nbsp; 3.781% due 04/23/26<sup>1</sup> | 200000000 | 196523000 |
| &nbsp;&nbsp; 3.781% due 04/23/26<sup>1</sup> | 23000000 | 22600145 |
| &nbsp;&nbsp; 3.803% due 03/03/26<sup>1</sup> | 13000000 | 12840788 |
| &nbsp;&nbsp; 3.803% due 03/03/26<sup>1</sup> | 300000000 | 296325875 |
| &nbsp;&nbsp; 3.807% due 04/16/26<sup>1</sup> | 200000000 | 196642556 |
| &nbsp;&nbsp; 3.807% due 04/16/26<sup>1</sup> | 25000000 | 24580319 |
| &nbsp;&nbsp; 3.815% due 02/24/26<sup>1</sup> | 325000000 | 321189781 |
| &nbsp;&nbsp; 3.818% due 01/29/26<sup>1</sup> | 300000000 | 297295750 |
| &nbsp;&nbsp; 3.818% due 01/29/26<sup>1</sup> | 15000000 | 14864788 |
| &nbsp;&nbsp; 3.818% due 04/09/26<sup>1</sup> | 31000000 | 30500457 |
| &nbsp;&nbsp; 3.818% due 04/09/26<sup>1</sup> | 200000000 | 196777139 |
| &nbsp;&nbsp; 3.839% due 04/02/26<sup>1</sup> | 200000000 | 196904167 |
| &nbsp;&nbsp; 3.839% due 04/02/26<sup>1</sup> | 31000000 | 30520146 |
| &nbsp;&nbsp; 3.855% due 03/12/26<sup>1</sup> | 200000000 | 197326833 |
| &nbsp;&nbsp; 3.855% due 03/12/26<sup>1</sup> | 35000000 | 34532196 |
| &nbsp;&nbsp; 3.876% due 02/10/26<sup>1</sup> | 47000000 | 46512081 |
| &nbsp;&nbsp; 3.876% due 02/10/26<sup>1</sup> | 300000000 | 296885625 |
| &nbsp;&nbsp; 3.886% due 02/03/26<sup>1</sup> | 200000000 | 198065444 |
| &nbsp;&nbsp; 3.886% due 02/03/26<sup>1</sup> | 29000000 | 28719489 |
| &nbsp;&nbsp; 3.901% due 01/22/26<sup>1</sup> | 200000000 | 198306667 |
| &nbsp;&nbsp; 3.901% due 01/22/26<sup>1</sup> | 23000000 | 22805267 |
| &nbsp;&nbsp; 3.907% due 01/27/26<sup>1</sup> | 350000000 | 346855590 |
| &nbsp;&nbsp; 3.912% due 02/17/26<sup>1</sup> | 46000000 | 45483957 |
| &nbsp;&nbsp; 3.912% due 02/17/26<sup>1</sup> | 400000000 | 395512667 |
| &nbsp;&nbsp; 3.930% due 01/20/26<sup>1</sup> | 350000000 | 347106958 |
| &nbsp;&nbsp; 3.937% due 01/15/26<sup>1</sup> | 38000000 | 37703721 |
| &nbsp;&nbsp; 3.937% due 01/15/26<sup>1</sup> | 300000000 | 297660958 |
| &nbsp;&nbsp; 3.942% due 01/08/26<sup>1</sup> | 200000000 | 198588333 |
| &nbsp;&nbsp; 3.942% due 01/08/26<sup>1</sup> | 31000000 | 30781192 |
| &nbsp;&nbsp; 3.953% due 12/26/25<sup>1</sup> | 44000000 | 43749958 |
| &nbsp;&nbsp; 3.953% due 12/26/25<sup>1</sup> | 300000000 | 298295167 |
| &nbsp;&nbsp; 3.953% due 01/02/26<sup>1</sup> | 200000000 | 198713333 |
| &nbsp;&nbsp; 3.953% due 01/02/26<sup>1</sup> | 31000000 | 30800567 |
| &nbsp;&nbsp; 3.954% due 01/13/26<sup>1</sup> | 16000000 | 15878511 |
| &nbsp;&nbsp; 3.954% due 01/13/26<sup>1</sup> | 450000000 | 446583125 |
| &nbsp;&nbsp; 3.999% due 12/18/25<sup>1</sup> | 1000000 | 995119 |
| &nbsp;&nbsp; 3.999% due 12/18/25<sup>1</sup> | 350000000 | 348291563 |
| &nbsp;&nbsp; 4.013% due 03/05/26<sup>1</sup> | 200000000 | 197370222 |
| &nbsp;&nbsp; 4.013% due 03/05/26<sup>1</sup> | 39000000 | 38487193 |
| &nbsp;&nbsp; 4.035% due 12/11/25<sup>1</sup> | 450000000 | 448128500 |
| &nbsp;&nbsp; 4.035% due 12/11/25<sup>1</sup> | 20000000 | 19916822 |
| &nbsp;&nbsp; 4.050% due 02/26/26<sup>1</sup> | 200000000 | 197498750 |
| &nbsp;&nbsp; 4.050% due 02/26/26<sup>1</sup> | 29000000 | 28637319 |
| &nbsp;&nbsp; 4.074% due 01/06/26<sup>1</sup> | 450000000 | 446828000 |
| &nbsp;&nbsp; 4.074% due 01/06/26<sup>1</sup> | 14000000 | 13901316 |
| &nbsp;&nbsp; 4.081% due 02/19/26<sup>1</sup> | 30000000 | 29644950 |
| &nbsp;&nbsp; 4.081% due 02/19/26<sup>1</sup> | 200000000 | 197633000 |
| &nbsp;&nbsp; 4.108% due 02/12/26<sup>1</sup> | 200000000 | 197772389 |
| &nbsp;&nbsp; 4.108% due 02/12/26<sup>1</sup> | 26000000 | 25710411 |
| &nbsp;&nbsp; 4.118% due 02/05/26<sup>1</sup> | 26000000 | 25729802 |
| &nbsp;&nbsp; 4.118% due 02/05/26<sup>1</sup> | 200000000 | 197921556 |
| &nbsp;&nbsp; 4.131% due 12/30/25<sup>1</sup> | 48000000 | 47694480 |
| &nbsp;&nbsp; 4.131% due 12/30/25<sup>1</sup> | 300000000 | 298090500 |
| &nbsp;&nbsp; 4.144% due 12/04/25<sup>1</sup> | 29000000 | 28898987 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** |
| &nbsp;&nbsp; 4.144% due 12/04/25<sup>1</sup> | $450000000 | $448432563 |
| &nbsp;&nbsp; 4.162% due 12/16/25<sup>1</sup> | 468000000 | 465736050 |
| &nbsp;&nbsp; 4.162% due 12/23/25<sup>1</sup> | 349000000 | 347036875 |
| &nbsp;&nbsp; 4.201% due 11/28/25<sup>1</sup> | 200000000 | 199430556 |
| &nbsp;&nbsp; 4.201% due 11/28/25<sup>1</sup> | 29000000 | 28917431 |
| &nbsp;&nbsp; 4.219% due 12/09/25<sup>1</sup> | 300000000 | 298768500 |
| &nbsp;&nbsp; 4.219% due 12/09/25<sup>1</sup> | 39000000 | 38839905 |
| &nbsp;&nbsp; 4.232% due 11/20/25<sup>1</sup> | 450000000 | 449122375 |
| &nbsp;&nbsp; 4.232% due 11/20/25<sup>1</sup> | 9000000 | 8982448 |
| &nbsp;&nbsp; 4.252% due 11/13/25<sup>1</sup> | 26000000 | 25970028 |
| &nbsp;&nbsp; 4.252% due 11/13/25<sup>1</sup> | 200000000 | 199769444 |
| &nbsp;&nbsp; 4.256% due 01/02/26<sup>1</sup> | 469000000 | 465787350 |
| &nbsp;&nbsp; 4.261% due 01/22/26<sup>1</sup> | 400000000 | 396342222 |
| &nbsp;&nbsp; 4.261% due 01/22/26<sup>1</sup> | 46000000 | 45579356 |
| &nbsp;&nbsp; 4.266% due 01/29/26<sup>1</sup> | 36000000 | 35641560 |
| &nbsp;&nbsp; 4.266% due 01/29/26<sup>1</sup> | 400000000 | 396017333 |
| &nbsp;&nbsp; 4.268% due 11/06/25<sup>1</sup> | 450000000 | 449843812 |
| &nbsp;&nbsp; 4.268% due 11/06/25<sup>1</sup> | 2000000 | 1999306 |
| &nbsp;&nbsp; 4.271% due 01/15/26<sup>1</sup> | 9000000 | 8924719 |
| &nbsp;&nbsp; 4.271% due 01/15/26<sup>1</sup> | 450000000 | 446235937 |
| &nbsp;&nbsp; 4.293% due 01/08/26<sup>1</sup> | 450000000 | 446580375 |
| &nbsp;&nbsp; 4.293% due 01/08/26<sup>1</sup> | 1000000 | 992401 |
| &nbsp;&nbsp; 4.329% due 12/02/25<sup>1</sup> | 400000000 | 398643444 |
| &nbsp;&nbsp; 4.329% due 12/02/25<sup>1</sup> | 37000000 | 36874519 |
| &nbsp;&nbsp; 4.339% due 11/04/25<sup>1</sup> | 450000000 | 449947187 |
| &nbsp;&nbsp; 4.344% due 11/25/25<sup>1</sup> | 38000000 | 37901886 |
| &nbsp;&nbsp; 4.344% due 11/25/25<sup>1</sup> | 400000000 | 398967222 |
| &nbsp;&nbsp; 4.345% due 11/04/25<sup>1</sup> | 450000000 | 449947119 |
| &nbsp;&nbsp; 4.350% due 11/12/25<sup>1</sup> | 672000000 | 671289360 |
| &nbsp;&nbsp; 4.350% due 11/18/25<sup>1</sup> | 685000000 | 683792687 |
|  U.S. Treasury Floating Rate Notes |  |  |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.098%, 3.864% due 11/03/25<sup>2</sup> | 608000000 | 607911939 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.150%, 3.916% due 11/03/25<sup>2</sup> | 1907000000 | 1907063299 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.159%, 3.925% due 11/03/25<sup>2</sup> | 232000000 | 231853887 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.160%, 3.926% due 11/03/25<sup>2</sup> | 850000000 | 850049145 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.182%, 3.948% due 11/03/25<sup>2</sup> | 1241000000 | 1240593184 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.190%, 3.956% due 11/03/25<sup>2</sup> | 209000000 | 208999997 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.205%, 3.971% due 11/03/25<sup>2</sup> | 1812000000 | 1812830394 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.245%, 4.011% due 11/03/25<sup>2</sup> | 1246000000 | 1246075423 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp; 3.625% due 05/15/26 | 222000000 | 221487325 |
| &nbsp;&nbsp; 3.750% due 04/15/26 | 220000000 | 219632246 |
| &nbsp;&nbsp; 3.875% due 01/15/26 | 222000000 | 221929669 |
| &nbsp;&nbsp; 4.250% due 01/31/26 | 542000000 | 542174821 |
| &nbsp;&nbsp; 4.500% due 03/31/26 | 431000000 | 431612284 |
| &nbsp;&nbsp; 4.625% due 03/15/26 | 220000000 | 220396323 |
| &nbsp;&nbsp; 4.875% due 04/30/26 | 657000000 | 659183789 |
|  **Total U.S. Treasury obligations** <br> (cost—$27,543,911,590) | **Total U.S. Treasury obligations** <br> (cost—$27,543,911,590) | **27543911590** |

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Treasury Master Fund

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Repurchase agreements—32.4%** | **Repurchase agreements—32.4%** | **Repurchase agreements—32.4%** |
|  Repurchase agreement dated 10/31/25 with MUFG Securities Americas, Inc., 4.120% due 11/03/25, collateralized by $347,823,800 U.S. Treasury Notes, 0.750% to 4.875% due 08/31/26 to 05/31/32, $1,100 U.S. Treasury Bill, zero coupon due 01/29/26 to 04/30/26, $1,960,800 U.S. Treasury Bonds, 2.250% to 4.625% due 05/15/41 to 02/15/55 and $1,000 U.S. Treasury Inflation Index Note, 1.625% due 04/15/30; (value—$357,000,014); proceeds: $350,120,167 | $350000000 | $350000000 |
|  Repurchase agreement dated 10/30/25 with Barclays Bank PLC, 3.850% due 11/07/25, collateralized by $1,076,601,700 U.S. Treasury Bonds, 1.125% to 4.750% due 02/15/38 to 05/15/55, $108,949,400 U.S. Treasury Inflation Index Bonds, 0.875% to 2.375% due 01/15/27 to 02/15/53 and $31,895,000 U.S. Treasury Inflation Index Note, 0.375% due 01/15/27; (value—$1,020,000,008); proceeds: $1,000,106,944<sup>3</sup> | 1000000000 | 1000000000 |
|  Repurchase agreement dated 10/31/25 with Barclays Bank PLC, 4.150% due 11/03/25, collateralized by $87,723,291 U.S. Treasury Bond Strips, zero coupon due 02/15/39 to 02/15/51, $298,850,000 U.S. Treasury Bond Principal Strip, zero coupon due 05/15/55, $1,214,867,400 U.S. Treasury Bonds, 1.125% to 4.750% due 08/15/40 to 05/15/54 and $117,695,500 U.S. Treasury Inflation Index Bonds, 0.750% to 2.375% due 01/15/27 to 02/15/53; (value—$1,193,400,000); proceeds: $1,170,404,625 | 1170000000 | 1170000000 |
|  Repurchase agreement dated 10/31/25 with Fixed Income Clearing Corp. (State Street Bank and Trust Co.) 4.150% due 11/03/25, collateralized by $8,862,774,300 U.S. Treasury Notes, 0.750% to 4.875% due 04/30/26 to 10/31/29, $1,152,086,200 U.S. Treasury Bill, zero coupon due 04/16/26 to 10/01/26 and $1,008,667,400 U.S. Treasury Inflation Index Notes, 0.125% to 1.625% due 07/15/26 to 10/15/29; (value—$11,280,180,025); proceeds: $11,062,824,571 | 11059000000 | 11059000000 |
|  **Total repurchase agreements** <br> (cost—$13,579,000,000) | **Total repurchase agreements** <br> (cost—$13,579,000,000) | **13579000000** |
|  **Total investments** <br> (cost—$41,122,911,590 which approximates cost for federal income tax purposes)—98.1% |  | **41122911590** |
|  Other assets in excess of liabilities—1.9% | Other assets in excess of liabilities—1.9% | 812651801 |
|  **Net assets—100.0%** |  | $**41935563391** |

---

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, 2025 (unaudited)

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 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** |
| **Assets** |  |  |  |  |
| U.S. Treasury obligations | $— | $27543911590 | $— | $27543911590 |
| Repurchase agreements |  | 13579000000 |  | 13579000000 |
| **Total** | $**—** | $**41122911590** | $**—** | $**41122911590** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Rate shown reflects yield at October 31, 2025.

<sup>2</sup> Floating or variable rate securities. The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. 

<sup>3</sup> Investment has a put feature, which allows the Master Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2025 and changes periodically. The maturity date reflects the earliest put date, interest is paid monthly, and the proceeds represent the receivable of the Master Fund if the put feature was exercised as of October 31, 2025. 

See accompanying notes to financial statements.

------

100% US Treasury Master Fund

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. Treasury obligations—102.1%** | **U.S. Treasury obligations—102.1%** | **U.S. Treasury obligations—102.1%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp; 3.760% due 04/30/26<sup>1</sup> | $19000000 | $18658042 |
| &nbsp;&nbsp; 3.760% due 04/30/26<sup>1</sup> | 50000000 | 49100111 |
| &nbsp;&nbsp; 3.781% due 04/23/26<sup>1</sup> | 19000000 | 18669685 |
| &nbsp;&nbsp; 3.781% due 04/23/26<sup>1</sup> | 50000000 | 49130750 |
| &nbsp;&nbsp; 3.803% due 03/03/26<sup>1</sup> | 4000000 | 3951012 |
| &nbsp;&nbsp; 3.803% due 03/03/26<sup>1</sup> | 100000000 | 98775292 |
| &nbsp;&nbsp; 3.807% due 04/16/26<sup>1</sup> | 19000000 | 18681043 |
| &nbsp;&nbsp; 3.807% due 04/16/26<sup>1</sup> | 50000000 | 49160639 |
| &nbsp;&nbsp; 3.815% due 02/24/26<sup>1</sup> | 104000000 | 102780730 |
| &nbsp;&nbsp; 3.818% due 01/29/26<sup>1</sup> | 4000000 | 3963943 |
| &nbsp;&nbsp; 3.818% due 01/29/26<sup>1</sup> | 100000000 | 99098583 |
| &nbsp;&nbsp; 3.818% due 04/09/26<sup>1</sup> | 18000000 | 17709943 |
| &nbsp;&nbsp; 3.818% due 04/09/26<sup>1</sup> | 50000000 | 49194285 |
| &nbsp;&nbsp; 3.839% due 04/02/26<sup>1</sup> | 16000000 | 15752333 |
| &nbsp;&nbsp; 3.839% due 04/02/26<sup>1</sup> | 50000000 | 49226042 |
| &nbsp;&nbsp; 3.855% due 03/12/26<sup>1</sup> | 50000000 | 49331708 |
| &nbsp;&nbsp; 3.855% due 03/12/26<sup>1</sup> | 17000000 | 16772781 |
| &nbsp;&nbsp; 3.876% due 02/10/26<sup>1</sup> | 1000000 | 989619 |
| &nbsp;&nbsp; 3.876% due 02/10/26<sup>1</sup> | 100000000 | 98961875 |
| &nbsp;&nbsp; 3.886% due 02/03/26<sup>1</sup> | 16000000 | 15845236 |
| &nbsp;&nbsp; 3.886% due 02/03/26<sup>1</sup> | 50000000 | 49516361 |
| &nbsp;&nbsp; 3.890% due 01/02/26<sup>1</sup> | 50000000 | 49682442 |
| &nbsp;&nbsp; 3.890% due 01/02/26<sup>1</sup> | 10000000 | 9936488 |
| &nbsp;&nbsp; 3.901% due 12/23/25<sup>1</sup> | 150000000 | 149203021 |
| &nbsp;&nbsp; 3.901% due 12/23/25<sup>1</sup> | 30000000 | 29840604 |
| &nbsp;&nbsp; 3.901% due 01/22/26<sup>1</sup> | 19000000 | 18839133 |
| &nbsp;&nbsp; 3.901% due 01/22/26<sup>1</sup> | 50000000 | 49576667 |
| &nbsp;&nbsp; 3.907% due 01/27/26<sup>1</sup> | 100000000 | 99101597 |
| &nbsp;&nbsp; 3.910% due 12/18/25<sup>1</sup> | 150000000 | 149280937 |
| &nbsp;&nbsp; 3.910% due 12/18/25<sup>1</sup> | 50000000 | 49760312 |
| &nbsp;&nbsp; 3.912% due 02/17/26<sup>1</sup> | 37000000 | 36584922 |
| &nbsp;&nbsp; 3.912% due 02/17/26<sup>1</sup> | 100000000 | 98878167 |
| &nbsp;&nbsp; 3.917% due 12/26/25<sup>1</sup> | 200000000 | 198869333 |
| &nbsp;&nbsp; 3.917% due 01/20/26<sup>1</sup> | 100000000 | 99173417 |
| &nbsp;&nbsp; 3.917% due 01/20/26<sup>1</sup> | 2000000 | 1983468 |
| &nbsp;&nbsp; 3.922% due 12/23/25<sup>1</sup> | 30000000 | 29839792 |
| &nbsp;&nbsp; 3.922% due 12/23/25<sup>1</sup> | 100000000 | 99465972 |
| &nbsp;&nbsp; 3.927% due 12/26/25<sup>1</sup> | 100000000 | 99433194 |
| &nbsp;&nbsp; 3.937% due 12/18/25<sup>1</sup> | 100000000 | 99517500 |
| &nbsp;&nbsp; 3.937% due 01/15/26<sup>1</sup> | 4000000 | 3968813 |
| &nbsp;&nbsp; 3.937% due 01/15/26<sup>1</sup> | 100000000 | 99220319 |
| &nbsp;&nbsp; 3.939% due 12/18/25<sup>1</sup> | 40000000 | 39806973 |
| &nbsp;&nbsp; 3.942% due 01/08/26<sup>1</sup> | 50000000 | 49647083 |
| &nbsp;&nbsp; 3.942% due 01/08/26<sup>1</sup> | 18000000 | 17872950 |
| &nbsp;&nbsp; 3.952% due 12/11/25<sup>1</sup> | 40000000 | 39836178 |
| &nbsp;&nbsp; 3.952% due 12/11/25<sup>1</sup> | 100000000 | 99590444 |
| &nbsp;&nbsp; 3.953% due 12/26/25<sup>1</sup> | 1000000 | 994317 |
| &nbsp;&nbsp; 3.953% due 12/26/25<sup>1</sup> | 100000000 | 99431722 |
| &nbsp;&nbsp; 3.953% due 01/02/26<sup>1</sup> | 16000000 | 15897067 |
| &nbsp;&nbsp; 3.953% due 01/02/26<sup>1</sup> | 50000000 | 49678333 |
| &nbsp;&nbsp; 3.954% due 01/13/26<sup>1</sup> | 33000000 | 32749429 |
| &nbsp;&nbsp; 3.954% due 01/13/26<sup>1</sup> | 100000000 | 99240694 |
| &nbsp;&nbsp; 3.968% due 12/11/25<sup>1</sup> | 30000000 | 29876753 |
| &nbsp;&nbsp; 3.968% due 12/30/25<sup>1</sup> | 40000000 | 39757956 |
| &nbsp;&nbsp; 3.968% due 12/30/25<sup>1</sup> | 100000000 | 99394889 |
| &nbsp;&nbsp; 3.976% due 12/02/25<sup>1</sup> | 40000000 | 39878356 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. Treasury obligations—(continued)** | **U.S. Treasury obligations—(continued)** | **U.S. Treasury obligations—(continued)** |
| &nbsp;&nbsp; 3.976% due 12/02/25<sup>1</sup> | $100000000 | $99695889 |
| &nbsp;&nbsp; 3.976% due 12/11/25<sup>1</sup> | 40000000 | 39835291 |
| &nbsp;&nbsp; 3.978% due 12/23/25<sup>1</sup> | 40000000 | 39783333 |
| &nbsp;&nbsp; 3.978% due 12/23/25<sup>1</sup> | 100000000 | 99458333 |
| &nbsp;&nbsp; 3.980% due 12/16/25<sup>1</sup> | 200000000 | 199067856 |
| &nbsp;&nbsp; 3.985% due 12/11/25<sup>1</sup> | 100000000 | 99587452 |
| &nbsp;&nbsp; 3.986% due 12/16/25<sup>1</sup> | 50000000 | 49766653 |
| &nbsp;&nbsp; 3.986% due 12/16/25<sup>1</sup> | 25000000 | 24883327 |
| &nbsp;&nbsp; 3.987% due 12/09/25<sup>1</sup> | 100000000 | 99608900 |
| &nbsp;&nbsp; 3.999% due 12/18/25<sup>1</sup> | 50000000 | 49755937 |
| &nbsp;&nbsp; 3.999% due 12/18/25<sup>1</sup> | 48000000 | 47765700 |
| &nbsp;&nbsp; 4.012% due 11/25/25<sup>1</sup> | 100000000 | 99758917 |
| &nbsp;&nbsp; 4.012% due 11/25/25<sup>1</sup> | 40000000 | 39903567 |
| &nbsp;&nbsp; 4.012% due 12/04/25<sup>1</sup> | 100000000 | 99660808 |
| &nbsp;&nbsp; 4.013% due 12/04/25<sup>1</sup> | 35000000 | 34881253 |
| &nbsp;&nbsp; 4.013% due 12/04/25<sup>1</sup> | 100000000 | 99660722 |
| &nbsp;&nbsp; 4.013% due 03/05/26<sup>1</sup> | 50000000 | 49342556 |
| &nbsp;&nbsp; 4.013% due 03/05/26<sup>1</sup> | 16000000 | 15789618 |
| &nbsp;&nbsp; 4.014% due 12/04/25<sup>1</sup> | 30000000 | 29898222 |
| &nbsp;&nbsp; 4.021% due 11/04/25<sup>1</sup> | 200000000 | 199978078 |
| &nbsp;&nbsp; 4.030% due 12/09/25<sup>1</sup> | 150000000 | 149407320 |
| &nbsp;&nbsp; 4.030% due 12/09/25<sup>1</sup> | 20000000 | 19920976 |
| &nbsp;&nbsp; 4.035% due 12/09/25<sup>1</sup> | 100000000 | 99604500 |
| &nbsp;&nbsp; 4.035% due 12/09/25<sup>1</sup> | 40000000 | 39841800 |
| &nbsp;&nbsp; 4.035% due 12/11/25<sup>1</sup> | 100000000 | 99584111 |
| &nbsp;&nbsp; 4.035% due 12/11/25<sup>1</sup> | 34000000 | 33858598 |
| &nbsp;&nbsp; 4.036% due 12/02/25<sup>1</sup> | 200000000 | 199362483 |
| &nbsp;&nbsp; 4.037% due 11/28/25<sup>1</sup> | 200000000 | 199450000 |
| &nbsp;&nbsp; 4.037% due 12/02/25<sup>1</sup> | 100000000 | 99681000 |
| &nbsp;&nbsp; 4.040% due 12/02/25<sup>1</sup> | 35000000 | 34888350 |
| &nbsp;&nbsp; 4.040% due 12/02/25<sup>1</sup> | 100000000 | 99681000 |
| &nbsp;&nbsp; 4.040% due 12/16/25<sup>1</sup> | 35000000 | 34834450 |
| &nbsp;&nbsp; 4.040% due 12/16/25<sup>1</sup> | 100000000 | 99527000 |
| &nbsp;&nbsp; 4.045% due 11/18/25<sup>1</sup> | 10000000 | 9983454 |
| &nbsp;&nbsp; 4.045% due 11/18/25<sup>1</sup> | 100000000 | 99834542 |
| &nbsp;&nbsp; 4.045% due 11/18/25<sup>1</sup> | 35000000 | 34942177 |
| &nbsp;&nbsp; 4.045% due 11/18/25<sup>1</sup> | 100000000 | 99834792 |
| &nbsp;&nbsp; 4.046% due 11/25/25<sup>1</sup> | 200000000 | 199514778 |
| &nbsp;&nbsp; 4.047% due 12/04/25<sup>1</sup> | 100000000 | 99658139 |
| &nbsp;&nbsp; 4.047% due 12/04/25<sup>1</sup> | 20000000 | 19931628 |
| &nbsp;&nbsp; 4.050% due 02/26/26<sup>1</sup> | 50000000 | 49374687 |
| &nbsp;&nbsp; 4.050% due 02/26/26<sup>1</sup> | 15000000 | 14812406 |
| &nbsp;&nbsp; 4.053% due 11/13/25<sup>1</sup> | 150000000 | 149834125 |
| &nbsp;&nbsp; 4.053% due 11/18/25<sup>1</sup> | 35000000 | 34942002 |
| &nbsp;&nbsp; 4.053% due 11/18/25<sup>1</sup> | 50000000 | 49917146 |
| &nbsp;&nbsp; 4.053% due 11/25/25<sup>1</sup> | 40000000 | 39902784 |
| &nbsp;&nbsp; 4.063% due 11/12/25<sup>1</sup> | 200000000 | 199800450 |
| &nbsp;&nbsp; 4.064% due 11/20/25<sup>1</sup> | 50000000 | 49905820 |
| &nbsp;&nbsp; 4.069% due 11/04/25<sup>1</sup> | 200000000 | 199977806 |
| &nbsp;&nbsp; 4.069% due 11/12/25<sup>1</sup> | 150000000 | 149850159 |
| &nbsp;&nbsp; 4.071% due 11/20/25<sup>1</sup> | 40000000 | 39924511 |
| &nbsp;&nbsp; 4.074% due 01/06/26<sup>1</sup> | 100000000 | 99295111 |
| &nbsp;&nbsp; 4.074% due 01/06/26<sup>1</sup> | 32000000 | 31774436 |
| &nbsp;&nbsp; 4.075% due 11/20/25<sup>1</sup> | 35000000 | 34933889 |
| &nbsp;&nbsp; 4.075% due 11/20/25<sup>1</sup> | 100000000 | 99811111 |
| &nbsp;&nbsp; 4.076% due 11/20/25<sup>1</sup> | 50000000 | 49905473 |
| &nbsp;&nbsp; 4.076% due 11/20/25<sup>1</sup> | 150000000 | 149716419 |

---

------

100% US Treasury Master Fund

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. Treasury obligations—(continued)** | **U.S. Treasury obligations—(continued)** | **U.S. Treasury obligations—(continued)** |
| &nbsp;&nbsp; 4.077% due 11/06/25<sup>1</sup> | $35000000 | $34988319 |
| &nbsp;&nbsp; 4.077% due 11/06/25<sup>1</sup> | 10000000 | 9996663 |
| &nbsp;&nbsp; 4.077% due 11/06/25<sup>1</sup> | 50000000 | 49983312 |
| &nbsp;&nbsp; 4.081% due 11/12/25<sup>1</sup> | 100000000 | 99900000 |
| &nbsp;&nbsp; 4.081% due 11/12/25<sup>1</sup> | 37000000 | 36963000 |
| &nbsp;&nbsp; 4.081% due 11/25/25<sup>1</sup> | 100000000 | 99755556 |
| &nbsp;&nbsp; 4.081% due 11/25/25<sup>1</sup> | 35000000 | 34914444 |
| &nbsp;&nbsp; 4.081% due 02/19/26<sup>1</sup> | 50000000 | 49408250 |
| &nbsp;&nbsp; 4.081% due 02/19/26<sup>1</sup> | 13000000 | 12846145 |
| &nbsp;&nbsp; 4.085% due 11/06/25<sup>1</sup> | 13000000 | 12995656 |
| &nbsp;&nbsp; 4.085% due 11/06/25<sup>1</sup> | 50000000 | 49983292 |
| &nbsp;&nbsp; 4.085% due 11/06/25<sup>1</sup> | 35000000 | 34988304 |
| &nbsp;&nbsp; 4.085% due 11/28/25<sup>1</sup> | 100000000 | 99721528 |
| &nbsp;&nbsp; 4.085% due 11/28/25<sup>1</sup> | 40000000 | 39888611 |
| &nbsp;&nbsp; 4.087% due 11/06/25<sup>1</sup> | 150000000 | 149949808 |
| &nbsp;&nbsp; 4.087% due 11/28/25<sup>1</sup> | 200000000 | 199442861 |
| &nbsp;&nbsp; 4.090% due 11/06/25<sup>1</sup> | 100000000 | 99966542 |
| &nbsp;&nbsp; 4.090% due 11/13/25<sup>1</sup> | 25000000 | 24972118 |
| &nbsp;&nbsp; 4.091% due 11/13/25<sup>1</sup> | 200000000 | 199776889 |
| &nbsp;&nbsp; 4.095% due 11/13/25<sup>1</sup> | 100000000 | 99888333 |
| &nbsp;&nbsp; 4.095% due 11/13/25<sup>1</sup> | 35000000 | 34960917 |
| &nbsp;&nbsp; 4.099% due 11/12/25<sup>1</sup> | 140000000 | 139858950 |
| &nbsp;&nbsp; 4.099% due 11/18/25<sup>1</sup> | 35000000 | 34941229 |
| &nbsp;&nbsp; 4.099% due 11/18/25<sup>1</sup> | 100000000 | 99832083 |
| &nbsp;&nbsp; 4.100% due 11/06/25<sup>1</sup> | 30000000 | 29989938 |
| &nbsp;&nbsp; 4.108% due 02/12/26<sup>1</sup> | 50000000 | 49443097 |
| &nbsp;&nbsp; 4.108% due 02/12/26<sup>1</sup> | 12000000 | 11866343 |
| &nbsp;&nbsp; 4.118% due 02/05/26<sup>1</sup> | 11000000 | 10885686 |
| &nbsp;&nbsp; 4.118% due 02/05/26<sup>1</sup> | 50000000 | 49480389 |
| &nbsp;&nbsp; 4.129% due 11/04/25<sup>1</sup> | 35000000 | 34996053 |
| &nbsp;&nbsp; 4.129% due 11/04/25<sup>1</sup> | 100000000 | 99988722 |
| &nbsp;&nbsp; 4.131% due 12/30/25<sup>1</sup> | 48000000 | 47694480 |
| &nbsp;&nbsp; 4.131% due 12/30/25<sup>1</sup> | 50000000 | 49681750 |
| &nbsp;&nbsp; 4.144% due 12/04/25<sup>1</sup> | 100000000 | 99651681 |
| &nbsp;&nbsp; 4.144% due 12/04/25<sup>1</sup> | 32000000 | 31888538 |
| &nbsp;&nbsp; 4.162% due 12/16/25<sup>1</sup> | 124000000 | 123400150 |
| &nbsp;&nbsp; 4.162% due 12/23/25<sup>1</sup> | 50000000 | 49718750 |
| &nbsp;&nbsp; 4.162% due 12/23/25<sup>1</sup> | 44000000 | 43752500 |
| &nbsp;&nbsp; 4.184% due 11/04/25<sup>1</sup> | 100000000 | 99988611 |
| &nbsp;&nbsp; 4.184% due 11/04/25<sup>1</sup> | 33000000 | 32996242 |
| &nbsp;&nbsp; 4.201% due 11/28/25<sup>1</sup> | 50000000 | 49857639 |
| &nbsp;&nbsp; 4.201% due 11/28/25<sup>1</sup> | 15000000 | 14957292 |
| &nbsp;&nbsp; 4.219% due 12/09/25<sup>1</sup> | 42000000 | 41827590 |
| &nbsp;&nbsp; 4.219% due 12/09/25<sup>1</sup> | 50000000 | 49794750 |
| &nbsp;&nbsp; 4.232% due 11/20/25<sup>1</sup> | 100000000 | 99804972 |
| &nbsp;&nbsp; 4.232% due 11/20/25<sup>1</sup> | 25000000 | 24951243 |
| &nbsp;&nbsp; 4.252% due 11/13/25<sup>1</sup> | 12000000 | 11986167 |
| &nbsp;&nbsp; 4.252% due 11/13/25<sup>1</sup> | 50000000 | 49942361 |
| &nbsp;&nbsp; 4.256% due 01/02/26<sup>1</sup> | 115000000 | 114212250 |
| &nbsp;&nbsp; 4.261% due 01/22/26<sup>1</sup> | 23000000 | 22789678 |
| &nbsp;&nbsp; 4.261% due 01/22/26<sup>1</sup> | 100000000 | 99085556 |
| &nbsp;&nbsp; 4.266% due 01/29/26<sup>1</sup> | 24000000 | 23761040 |
| &nbsp;&nbsp; 4.266% due 01/29/26<sup>1</sup> | 100000000 | 99004333 |
| &nbsp;&nbsp; 4.271% due 01/15/26<sup>1</sup> | 20000000 | 19832708 |
| &nbsp;&nbsp; 4.271% due 01/15/26<sup>1</sup> | 100000000 | 99163542 |
| &nbsp;&nbsp; 4.293% due 01/08/26<sup>1</sup> | 17000000 | 16870814 |
| &nbsp;&nbsp; 4.293% due 01/08/26<sup>1</sup> | 100000000 | 99240083 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** |
| **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** |
| &nbsp;&nbsp; 4.329% due 12/02/25<sup>1</sup> | $| 23000000 | $22921998 |
| &nbsp;&nbsp; 4.329% due 12/02/25<sup>1</sup> |  | 100000000 | 99660861 |
| &nbsp;&nbsp; 4.344% due 11/25/25<sup>1</sup> |  | 100000000 | 99741806 |
| &nbsp;&nbsp; 4.344% due 11/25/25<sup>1</sup> |  | 25000000 | 24935451 |
| &nbsp;&nbsp; 4.350% due 11/12/25<sup>1</sup> |  | 175000000 | 174814937 |
| &nbsp;&nbsp; 4.350% due 11/18/25<sup>1</sup> |  | 181000000 | 180680987 |
|  U.S. Treasury Floating Rate Notes |  |  |  |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.098%, 3.864% due 11/03/25<sup>2</sup> |  | 145000000 | 144976906 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.150%, 3.916% due 11/03/25<sup>2</sup> |  | 482250000 | 482238960 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.159%, 3.925% due 11/03/25<sup>2</sup> |  | 65000000 | 64959063 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.160%, 3.926% due 11/03/25<sup>2</sup> |  | 217000000 | 217011923 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.182%, 3.948% due 11/03/25<sup>2</sup> |  | 267000000 | 266981913 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.190%, 3.956% due 11/03/25<sup>2</sup> |  | 69000000 | 68999999 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.205%, 3.971% due 11/03/25<sup>2</sup> |  | 408000000 | 408198891 |
| &nbsp;&nbsp; 3 mo. Treasury money market yield + 0.245%, 4.011% due 11/03/25<sup>2</sup> |  | 141928000 | 141944257 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp; 3.625% due 05/15/26 |  | 58000000 | 57866058 |
| &nbsp;&nbsp; 3.750% due 04/15/26 |  | 55000000 | 54908061 |
| &nbsp;&nbsp; 3.875% due 01/15/26 |  | 51000000 | 50983843 |
| &nbsp;&nbsp; 4.250% due 01/31/26 |  | 130000000 | 130041792 |
| &nbsp;&nbsp; 4.500% due 03/31/26 |  | 106000000 | 106150683 |
| &nbsp;&nbsp; 4.625% due 03/15/26 |  | 55000000 | 55099220 |
| &nbsp;&nbsp; 4.875% due 04/30/26 |  | 161000000 | 161535266 |
|  **Total U.S. Treasury obligations** <br> (cost—$14,403,261,733) | **Total U.S. Treasury obligations** <br> (cost—$14,403,261,733) | **Total U.S. Treasury obligations** <br> (cost—$14,403,261,733) | **14403261733** |
|  **Total investments** <br> (cost—$14,403,261,733 which approximates cost for federal income tax purposes)—102.1% |  |  | **14403261733** |
|  Liabilities in excess of other assets—(2.1)% | Liabilities in excess of other assets—(2.1)% | Liabilities in excess of other assets—(2.1)% | (296721718) |
|  **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | **$14106540015** |

---

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.

------

100% US Treasury Master Fund

Portfolio of investments—October 31, 2025 (unaudited)

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 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 market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable inputs<br>(Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| U.S. Treasury obligations | $— | $14403261733 | $— | $14403261733 |
| **Total** | $**—** | $**14403261733** | $**—** | $**14403261733** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Rate shown reflects yield at October 31, 2025.

<sup>2</sup> Floating or variable rate securities. The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. 

See accompanying notes to financial statements.

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Certificates of deposit—8.7%** | **Certificates of deposit—8.7%** | **Certificates of deposit—8.7%** |
| **Banking-non-U.S.—8.1%** | **Banking-non-U.S.—8.1%** | **Banking-non-U.S.—8.1%** |
|  Bank of Nova Scotia |  |  |
| &nbsp;&nbsp; 1 day USD SOFR + 0.300%, <br>4.340%, due 11/03/25<sup>1</sup> | $85000000 | $85000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.320%, <br>4.360%, due 11/03/25<sup>1</sup> | 113000000 | 113000000 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; 1 day USD SOFR + 0.310%, <br>4.350%, due 11/03/25<sup>1</sup> | 100000000 | 100000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.330%, <br>4.370%, due 11/03/25<sup>1</sup> | 125000000 | 125000000 |
|  Commonwealth Bank of Australia <br>1 day USD SOFR + 0.280%, <br>4.320%, due 11/03/25<sup>1</sup> | 25000000 | 25000000 |
|  Mizuho Bank Ltd. |  |  |
| &nbsp;&nbsp; 4.360%, due 01/02/26 | 125000000 | 125000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.230%, <br>4.500%, due 11/03/25<sup>1</sup> | 125000000 | 125000000 |
|  National Australia Bank Ltd. <br>1 day USD SOFR + 0.340%, <br>4.380%, due 11/03/25<sup>1</sup> | 125000000 | 125000000 |
|  Nordea Bank Abp |  |  |
| &nbsp;&nbsp; 1 day USD SOFR + 0.320%, <br>4.360%, due 11/03/25<sup>1</sup> | 100000000 | 100000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.370%, <br>4.410%, due 11/03/25<sup>1</sup> | 42000000 | 42000000 |
|  Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp; 1 day USD SOFR + 0.200%, <br>4.470%, due 11/03/25<sup>1</sup> | 92000000 | 92000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.240%, <br>4.510%, due 11/03/25<sup>1</sup> | 121000000 | 121000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.240%, <br>4.510%, due 11/03/25<sup>1</sup> | 100000000 | 99978667 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.250%, <br>4.520%, due 11/03/25<sup>1</sup> | 125000000 | 125000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.400%, <br>4.670%, due 11/03/25<sup>1</sup> | 65000000 | 65000000 |
|  Skandinaviska Enskilda Banken AB <br>1 day USD SOFR + 0.320%, <br>4.590%, due 11/03/25<sup>1</sup> | 92000000 | 92000000 |
|  Sumitomo Mitsui Banking Corp. <br>1 day USD SOFR + 0.220%, <br>4.260%, due 11/03/25<sup>1</sup> | 125000000 | 125000000 |
|  Sumitomo Mitsui Trust <br>4.070%, due 01/20/26 | 125000000 | 125000000 |
|  Svenska Handelsbanken AB <br>1 day USD SOFR + 0.210%, <br>4.480%, due 11/03/25<sup>1</sup> | 125000000 | 125000000 |
|  Westpac Banking Corp. <br>1 day USD SOFR + 0.300%, <br>4.340%, due 11/03/25<sup>1</sup> | 121000000 | 121000000 |
|  |  | 2055978667 |
| **Banking-U.S.—0.6%** | **Banking-U.S.—0.6%** | **Banking-U.S.—0.6%** |
|  KBC Bank <br>3.870%, due 11/06/25 | 165000000 | 165000000 |
|  |  | 165000000 |
|  **Total Certificates of deposit** <br> (cost—$2,220,978,667) | **Total Certificates of deposit** <br> (cost—$2,220,978,667) | **2220978667** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Commercial paper—52.4%** | **Commercial paper—52.4%** | **Commercial paper—52.4%** |
| **Asset-backed-miscellaneous—11.0%** | **Asset-backed-miscellaneous—11.0%** | **Asset-backed-miscellaneous—11.0%** |
|  Albion Capital Corp. SA/Albion Capital LLC |  |  |
| &nbsp;&nbsp; 4.290%, due 11/28/25 | $56000000 | $55833167 |
| &nbsp;&nbsp; 4.310%, due 11/20/25 | 36000000 | 35926730 |
|  Antalis SA |  |  |
| &nbsp;&nbsp; 4.110%, due 01/07/26<sup>2</sup> | 42000000 | 41688325 |
| &nbsp;&nbsp; 4.370%, due 11/12/25<sup>2</sup> | 49000000 | 48946467 |
| &nbsp;&nbsp; 4.370%, due 11/13/25<sup>2</sup> | 36000000 | 35956300 |
| &nbsp;&nbsp; 4.400%, due 11/06/25<sup>2</sup> | 31000000 | 30988633 |
|  Atlantic Asset Securitization LLC <br>4.290%, due 11/20/25<sup>2</sup> | 61000000 | 60876424 |
|  Barton Capital SA |  |  |
| &nbsp;&nbsp; 4.020%, due 11/05/25<sup>2</sup> | 60000000 | 59986600 |
| &nbsp;&nbsp; 4.210%, due 12/10/25<sup>2</sup> | 50000000 | 49783653 |
| &nbsp;&nbsp; 4.320%, due 11/05/25<sup>2</sup> | 50000000 | 49988000 |
|  Cabot Trail Funding LLC |  |  |
| &nbsp;&nbsp; 3.890%, due 11/03/25<sup>2</sup> | 162430000 | 162430000 |
| &nbsp;&nbsp; 3.980%, due 02/02/26<sup>2</sup> | 125000000 | 123742430 |
|  Fairway Finance Co. LLC |  |  |
| &nbsp;&nbsp; 3.970%, due 03/25/26<sup>2</sup> | 50000000 | 49217028 |
| &nbsp;&nbsp; 4.200%, due 02/19/26<sup>2</sup> | 100000000 | 98740000 |
|  Gotham Funding Corp. |  |  |
| &nbsp;&nbsp; 3.960%, due 01/26/26<sup>2</sup> | 125000000 | 123845000 |
| &nbsp;&nbsp; 4.280%, due 11/21/25<sup>2</sup> | 125000000 | 124732500 |
| &nbsp;&nbsp; 4.310%, due 11/04/25<sup>2</sup> | 50000000 | 49994014 |
|  Liberty Street Funding LLC |  |  |
| &nbsp;&nbsp; 4.290%, due 12/02/25<sup>2</sup> | 50000000 | 49827208 |
| &nbsp;&nbsp; 4.300%, due 01/09/26<sup>2</sup> | 77000000 | 76383786 |
|  LMA-Americas LLC |  |  |
| &nbsp;&nbsp; 4.300%, due 11/06/25<sup>2</sup> | 31000000 | 30988892 |
| &nbsp;&nbsp; 4.320%, due 11/05/25<sup>2</sup> | 56000000 | 55986560 |
| &nbsp;&nbsp; 4.360%, due 11/13/25<sup>2</sup> | 63700000 | 63622852 |
|  Manhattan Asset Funding Co. LLC <br>4.300%, due 11/03/25<sup>2</sup> | 50000000 | 50000000 |
|  Matchpoint Finance PLC <br>4.340%, due 11/03/25<sup>2</sup> | 125000000 | 125000000 |
|  Nieuw Amsterdam Receivables Corp. BV <br>4.360%, due 11/12/25<sup>2</sup> | 92000000 | 91899720 |
|  Old Line Funding LLC |  |  |
| &nbsp;&nbsp; 3.930%, due 04/06/26 | 75000000 | 73739125 |
| &nbsp;&nbsp; 3.980%, due 03/19/26 | 42000000 | 41368507 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.250%,<br>4.520%, due 11/03/25<sup>1,2</sup> | 130000000 | 130000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.250%,<br>4.520%, due 11/03/25<sup>1,2</sup> | 50000000 | 50000000 |
|  Starbird Funding Corp. <br>3.830%, due 11/03/25<sup>2</sup> | 100000000 | 100000000 |
|  Thunder Bay Funding LLC |  |  |
| &nbsp;&nbsp; 3.930%, due 04/06/26 | 50000000 | 49159417 |
| &nbsp;&nbsp; 4.110%, due 03/04/26<sup>2</sup> | 75000000 | 73963937 |
| &nbsp;&nbsp; 4.240%, due 02/02/26 | 75000000 | 74196167 |
| &nbsp;&nbsp; 4.350%, due 11/03/25<sup>2</sup> | 43000000 | 43000000 |
| &nbsp;&nbsp; 4.350%, due 12/03/25<sup>2</sup> | 100000000 | 99637500 |
|  Victory Receivables Corp. |  |  |
| &nbsp;&nbsp; 3.960%, due 01/26/26<sup>2</sup> | 100000000 | 99076000 |
| &nbsp;&nbsp; 4.040%, due 01/07/26<sup>2</sup> | 100000000 | 99270556 |
| &nbsp;&nbsp; 4.310%, due 11/03/25<sup>2</sup> | 125000000 | 125000000 |
|  |  | 2804795498 |

---

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Commercial paper—(continued)** | **Commercial paper—(continued)** | **Commercial paper—(continued)** |
| **Banking-non-U.S.—37.1%** | **Banking-non-U.S.—37.1%** | **Banking-non-U.S.—37.1%** |
|  Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp; 3.850%, due 05/18/26<sup>2</sup> | $125000000 | $122379861 |
| &nbsp;&nbsp; 4.120%, due 02/18/26<sup>2</sup> | 125000000 | 123469306 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.200%,<br>4.240%, due 11/03/25<sup>1,2</sup> | 73000000 | 73000000 |
| &nbsp;&nbsp; 4.280%, due 12/18/25<sup>2</sup> | 125000000 | 124331250 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.270%,<br>4.310%, due 11/03/25<sup>1,2</sup> | 125000000 | 125000000 |
|  Bank of Montreal <br>1 day USD SOFR + 0.250%, <br>4.290%, due 11/03/25<sup>1</sup> | 116000000 | 116000000 |
|  Barclays Bank PLC |  |  |
| &nbsp;&nbsp; 3.930%, due 03/02/26<sup>2</sup> | 80000000 | 78960733 |
| &nbsp;&nbsp; 4.000%, due 01/14/26<sup>2</sup> | 83000000 | 82336000 |
| &nbsp;&nbsp; 4.020%, due 02/04/26<sup>2</sup> | 100000000 | 98961500 |
| &nbsp;&nbsp; 4.025%, due 02/02/26<sup>2</sup> | 100000000 | 98982570 |
| &nbsp;&nbsp; 4.030%, due 01/14/26<sup>2</sup> | 63000000 | 62492220 |
| &nbsp;&nbsp; 4.330%, due 11/26/25<sup>2</sup> | 75000000 | 74792521 |
| &nbsp;&nbsp; 4.340%, due 11/07/25<sup>2</sup> | 125000000 | 124939722 |
| &nbsp;&nbsp; 4.400%, due 11/03/25<sup>2</sup> | 115000000 | 115000000 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; 3.880%, due 11/06/25<sup>2</sup> | 155000000 | 154949883 |
| &nbsp;&nbsp; 3.940%, due 11/05/25<sup>2</sup> | 175000000 | 174961694 |
| &nbsp;&nbsp; 4.010%, due 11/04/25<sup>2</sup> | 305000000 | 304966026 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp; 1 day USD SOFR + 0.250%,<br>4.290%, due 11/03/25<sup>1,2</sup> | 50000000 | 50000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.250%,<br>4.290%, due 11/03/25<sup>1,2</sup> | 62000000 | 61999877 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.260%,<br>4.300%, due 11/03/25<sup>1,2</sup> | 100000000 | 100000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.330%,<br>4.370%, due 11/03/25<sup>1,2</sup> | 100000000 | 100000000 |
|  Cooperatieve Rabobank UA <br>4.260%, due 11/07/25 | 62000000 | 61970653 |
|  DBS Bank Ltd. |  |  |
| &nbsp;&nbsp; 4.100%, due 03/03/26<sup>2</sup> | 40000000 | 39453333 |
| &nbsp;&nbsp; 4.220%, due 12/03/25<sup>2</sup> | 125000000 | 124560417 |
| &nbsp;&nbsp; 4.220%, due 12/05/25<sup>2</sup> | 85000000 | 84681156 |
| &nbsp;&nbsp; 4.310%, due 11/06/25<sup>2</sup> | 138000000 | 137950435 |
| &nbsp;&nbsp; 4.370%, due 11/03/25<sup>2</sup> | 125000000 | 125000000 |
|  DZ Bank AG Deutsche Zentral-Genossenschaftsbank <br>3.840%, due 11/03/25<sup>2</sup> | 875000000 | 875000000 |
|  Erste Finance Delaware LLC |  |  |
| &nbsp;&nbsp; 3.900%, due 11/05/25<sup>2</sup> | 505000000 | 504890583 |
| &nbsp;&nbsp; 3.920%, due 11/04/25<sup>2</sup> | 315000000 | 314965700 |
|  Federation des Caisses Desjardins du Quebec |  |  |
| &nbsp;&nbsp; 3.820%, due 04/14/26<sup>2</sup> | 125000000 | 122851250 |
| &nbsp;&nbsp; 3.940%, due 03/18/26<sup>2</sup> | 76752000 | 75617989 |
| &nbsp;&nbsp; 4.030%, due 11/04/25<sup>2</sup> | 75000000 | 74991604 |
| &nbsp;&nbsp; 4.150%, due 02/20/26<sup>2</sup> | 125000000 | 123429340 |
| &nbsp;&nbsp; 4.340%, due 11/14/25<sup>2</sup> | 125000000 | 124834236 |
| &nbsp;&nbsp; 4.340%, due 12/22/25<sup>2</sup> | 125000000 | 124261597 |
|  Mitsubishi UFJ Trust & Banking Corp. <br>3.830%, due 04/28/26<sup>2</sup> | 125000000 | 122659444 |

---

---

| | | |
|:---|:---|:---|
| | **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. |  |  |
| &nbsp;&nbsp; 3.925%, due 02/24/26<sup>2</sup> | $125000000 | $123459983 |
| &nbsp;&nbsp; 4.385%, due 11/07/25<sup>2</sup> | 125000000 | 124939097 |
|  National Australia Bank Ltd. <br>1 day USD SOFR + 0.240%, <br>4.280%, due 11/03/25<sup>1,2</sup> | 99000000 | 99000000 |
|  National Bank of Canada |  |  |
| &nbsp;&nbsp; 4.100%, due 05/18/26<sup>2</sup> | 125000000 | 122209722 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.300%,<br>4.340%, due 11/03/25<sup>1,2</sup> | 125000000 | 125000000 |
|  Nordea Bank Abp |  |  |
| &nbsp;&nbsp; 3.820%, due 04/07/26<sup>2</sup> | 104875000 | 103150098 |
| &nbsp;&nbsp; 4.075%, due 03/02/26<sup>2</sup> | 88000000 | 86814628 |
| &nbsp;&nbsp; 4.160%, due 02/06/26<sup>2</sup> | 62000000 | 61319378 |
|  NRW Bank <br>4.025%, due 11/04/25<sup>2</sup> | 60000000 | 59993292 |
|  Podium Funding Trust |  |  |
| &nbsp;&nbsp; 3.860%, due 04/23/26 | 80000000 | 78533200 |
| &nbsp;&nbsp; 3.920%, due 04/07/26 | 90000000 | 88481000 |
| &nbsp;&nbsp; 4.330%, due 01/14/26 | 125000000 | 123917500 |
| &nbsp;&nbsp; 4.330%, due 01/21/26 | 61000000 | 60420381 |
| &nbsp;&nbsp; 4.330%, due 01/23/26 | 61000000 | 60405708 |
| &nbsp;&nbsp; 4.340%, due 01/05/26 | 50000000 | 49620250 |
| &nbsp;&nbsp; 4.345%, due 11/12/25 | 118000000 | 117871823 |
| &nbsp;&nbsp; 4.360%, due 11/21/25 | 50000000 | 49891000 |
|  Royal Bank of Canada <br>4.160%, due 02/23/26<sup>2</sup> | 68000000 | 67119929 |
|  Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp; 3.900%, due 05/11/26<sup>2</sup> | 125000000 | 122440625 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.260%,<br>4.530%, due 11/03/25<sup>1,2</sup> | 75000000 | 75000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.260%,<br>4.530%, due 11/03/25<sup>1,2</sup> | 125000000 | 125000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.320%,<br>4.590%, due 11/03/25<sup>1,2</sup> | 33000000 | 33000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.320%,<br>4.590%, due 11/03/25<sup>1,2</sup> | 125000000 | 125000000 |
|  Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp; 3.980%, due 01/23/26<sup>2</sup> | 125000000 | 123880625 |
| &nbsp;&nbsp; 4.255%, due 11/20/25<sup>2</sup> | 117500000 | 117263907 |
| &nbsp;&nbsp; 4.370%, due 11/04/25<sup>2</sup> | 125000000 | 124984826 |
|  Svenska Handelsbanken AB |  |  |
| &nbsp;&nbsp; 4.160%, due 02/10/26<sup>2</sup> | 125000000 | 123570000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.200%,<br>4.470%, due 11/03/25<sup>1,2</sup> | 125000000 | 125000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.260%,<br>4.530%, due 11/03/25<sup>1,2</sup> | 113000000 | 113000000 |
|  Swedbank AB |  |  |
| &nbsp;&nbsp; 4.150%, due 02/20/26<sup>2</sup> | 140000000 | 138240861 |
| &nbsp;&nbsp; 4.470%, due 11/03/25<sup>1</sup> | 125000000 | 125000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.200%,<br>4.470%, due 11/03/25<sup>1,2</sup> | 91000000 | 91000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.250%,<br>4.520%, due 11/03/25<sup>1</sup> | 125000000 | 125000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.270%,<br>4.540%, due 11/03/25<sup>1,2</sup> | 125000000 | 125000000 |

---

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2025 (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-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; 1 day USD SOFR + 0.280%,<br>4.550%, due 11/03/25<sup>1,2</sup> | $| 125000000 | $| 125000000 |
|  United Overseas Bank Ltd. |  |  |  |  |
| &nbsp;&nbsp; 1 day USD SOFR + 0.180%,<br>4.450%, due 11/03/25<sup>1,2</sup> |  | 125000000 |  | 125000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.200%,<br>4.470%, due 11/03/25<sup>1,2</sup> |  | 125000000 |  | 125000000 |
|  Westpac Banking Corp. |  |  |  |  |
| &nbsp;&nbsp; 1 day USD SOFR + 0.260%,<br>4.300%, due 11/03/25<sup>1,2</sup> |  | 125000000 |  | 125000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.400%,<br>4.440%, due 11/03/25<sup>1,2</sup> |  | 125000000 |  | 125000000 |
|  |  |  |  | 9444168733 |
| **Banking-U.S.—3.3%** | **Banking-U.S.—3.3%** | **Banking-U.S.—3.3%** | **Banking-U.S.—3.3%** | **Banking-U.S.—3.3%** |
|  Bedford Row Funding Corp. |  |  |  |  |
| &nbsp;&nbsp; 3.850%, due 04/13/26<sup>2</sup> |  | 50000000 |  | 49139097 |
| &nbsp;&nbsp; 4.140%, due 02/20/26<sup>2</sup> |  | 85000000 |  | 83934525 |
| &nbsp;&nbsp; 4.170%, due 02/04/26<sup>2</sup> |  | 50000000 |  | 49461375 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.190%,<br>4.230%, due 11/03/25<sup>1,2</sup> |  | 125000000 |  | 125000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.230%,<br>4.270%, due 11/03/25<sup>1,2</sup> |  | 125000000 |  | 125000000 |
| &nbsp;&nbsp; 4.310%, due 01/12/26<sup>2</sup> |  | 125000000 |  | 123952431 |
|  Collateralized Commercial Paper V Co. LLC |  |  |  |  |
| &nbsp;&nbsp; 1 day USD SOFR + 0.300%,<br>4.340%, due 11/03/25<sup>1</sup> |  | 125000000 |  | 125000000 |
| &nbsp;&nbsp; 1 day USD SOFR + 0.300%,<br>4.340%, due 11/03/25<sup>1</sup> |  | 75000000 |  | 75000000 |
|  Cooperatieve Rabobank UA <br>3.930%, due 03/09/26 |  | 78000000 |  | 76927110 |
|  |  |  |  | 833414538 |
| **Banks—1.0%** | **Banks—1.0%** | **Banks—1.0%** | **Banks—1.0%** | **Banks—1.0%** |
|  Bank of Nova Scotia <br>4.080%, due 03/03/26<sup>2</sup> |  | 125000000 |  | 123300000 |
|  Toronto-Dominion Bank <br>3.980%, due 03/10/26<sup>2</sup> |  | 125000000 |  | 123244931 |
|  |  |  |  | 246544931 |
|  **Total commercial paper** <br> (cost—$13,328,923,700) | **Total commercial paper** <br> (cost—$13,328,923,700) | **Total commercial paper** <br> (cost—$13,328,923,700) |  | **13328923700** |
| **Time deposits—4.0%** | **Time deposits—4.0%** | **Time deposits—4.0%** | **Time deposits—4.0%** | **Time deposits—4.0%** |
| **Banking-non-U.S.—4.0%** | **Banking-non-U.S.—4.0%** | **Banking-non-U.S.—4.0%** | **Banking-non-U.S.—4.0%** | **Banking-non-U.S.—4.0%** |
|  ABN AMRO Bank NV <br>3.830%, due 11/03/25 |  | 575000000 |  | 575000000 |
|  Credit Agricole Corporate & Investment Bank SA 3.820%, due 11/03/25 |  | 170000000 |  | 170000000 |
|  Mizuho Bank Ltd. <br>3.870%, due 11/03/25 |  | 275000000 |  | 275000000 |
|  **Total time deposits** <br> (cost—$1,020,000,000) | **Total time deposits** <br> (cost—$1,020,000,000) | **Total time deposits** <br> (cost—$1,020,000,000) |  | **1020000000** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Repurchase agreements—31.3%** | **Repurchase agreements—31.3%** | **Repurchase agreements—31.3%** |
|  Repurchase agreement dated 10/01/25 with BofA Securities, Inc., 4.520% due 02/03/26, collateralized by $33,266,170 various asset-backed convertible bonds, zero coupon to 12.750% due 06/15/26 to 05/01/2119, 129,145, various equity securities; (value—$26,323,549); proceeds: $25,094,167<sup>3</sup> | $25000000 | $25000000 |
|  Repurchase agreement dated 10/31/25 with BNP Paribas Securities Corp., 4.000% due 11/03/25, collateralized by $59,892,869 various asset-backed convertible bonds, zero coupon to 11.250% due 11/12/25 to 12/31/79; (value—$54,330,229); proceeds: $50,016,667 | 50000000 | 50000000 |
|  Repurchase agreement dated 10/01/25 with BofA Securities, Inc., 4.520% due 02/03/26, collateralized by $63,950,075 various asset-backed convertible bonds, zero coupon to 14.000% due 08/01/26 to 10/23/45, 89,661, various equity securities; (value—$68,668,711); proceeds: $65,244,833<sup>3</sup> | 65000000 | 65000000 |
|  Repurchase agreement dated 06/03/24 with J.P. Morgan Securities LLC, 4.100% due 11/07/25, collateralized by $77,791,000 various asset-backed convertible bonds, 0.250% due 06/01/29; (value—$82,500,057); proceeds: $75,256,250<sup>3</sup> | 75000000 | 75000000 |
|  Repurchase agreement dated 06/03/24 with J.P. Morgan Securities LLC, 4.240% due 01/29/26, collateralized by $105,527,640 various asset-backed convertible bond, zero coupon due 12/01/25; (value—$105,000,002); proceeds: $100,353,333<sup>3</sup> | 100000000 | 100000000 |
|  Repurchase agreement dated 06/03/25 with J.P. Morgan Securities LLC, 4.100% due 11/07/25, collateralized by $67,328,096 various asset-backed convertible bonds, zero coupon to 7.500% due 12/01/25 to 06/15/31; $770 various equity securities; (value—$118,808,639); proceeds: $104,353,333<sup>3</sup> | 104000000 | 104000000 |
|  Repurchase agreement dated 10/31/25 with BofA Securities, Inc., 4.150% due 11/03/25, collateralized by $765,306,907 Federal National Mortgage Association obligations, 3.000% to 4.000% due 11/01/46 to 11/01/49; (value—$129,234,000); proceeds: $126,743,817 | 126700000 | 126700000 |

---

------

Prime CNAV Master Fund

Portfolio of investments—October 31, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
|  Repurchase agreement dated 10/01/25 with BofA Securities, Inc., 4.520% due 02/03/26, collateralized by $124,042,000 various asset-backed convertible bonds, zero coupon to 8.875% due 12/01/25 to 12/01/44; $668,325 various equity securities; (value—$187,175,414); proceeds: $175,659,167<sup>3</sup> | $| 175000000 | $175000000 |
|  Repurchase agreement dated 10/31/25 with BNP Paribas Securities Corp., 3.960% due 11/03/25, collateralized by $460,847,637 Federal Home Loan Mortgage Corp., obligations, 0.361% to 5.430% due 03/25/26 to 02/25/35, $43,727,571 Federal National Mortgage Association obligations, 1.873% to 4.450% due 07/25/33 to 02/25/40 and $376,963,661 various asset-backed convertible bonds, Zero coupn to 9.250% due 11/03/25 to 01/28/85; (value—$237,369,178); proceeds: $225,074,250 |  | 225000000 | 225000000 |
|  Repurchase agreement dated 10/31/25 with Barclays Bank PLC, 4.150% due 11/03/25, collateralized by $117,309,840 U.S. Treasury Bond Strips, zero coupon due 11/15/34 to 02/15/51, $6,835,600 U.S. Treasury Notes, 4.625% to 4.875% due 11/30/25 to 02/15/35, $256,993,600 U.S. Treasury Bond Principal Strips, zero coupon due 05/15/55, $3,188,202,900 U.S. Treasury Bonds, 1.125% to 4.875% due 02/15/39 to 08/15/55, $226,631,500 U.S. Treasury Inflation Index Bonds, 0.250% to 2.375% due 01/15/27 to 02/15/54 and $7,241,800 U.S. Treasury Inflation Index Notes, 0.375% due 01/15/27; (value—$3,060,000,000); proceeds: $3,001,037,500 |  | 3000000000 | 3000000000 |
|  Repurchase agreement dated 10/31/25 with Fixed Income Clearing Corp. (State Street Bank and Trust Co.) 4.150% due 11/03/25, collateralized by $3,128,518,600 U.S. Treasury Notes, 0.500% to 4.625% due 01/15/26 to 08/15/32, $75,000,000 U.S. Treasury Bill, zero coupon due 03/12/26 and $659,421,900 U.S. Treasury Inflation Index Notes, 0.125% to 0.625% due 01/15/26 to 04/15/26; (value—$4,080,000,355); proceeds: $4,001,383,333 |  | 4000000000 | 4000000000 |
|  **Total repurchase agreements** <br> (cost—$7,945,700,000) | **Total repurchase agreements** <br> (cost—$7,945,700,000) | **Total repurchase agreements** <br> (cost—$7,945,700,000) | **7945700000** |
|  **Total investments** <br> (cost—$24,515,602,367 which approximates cost for federal income tax purposes)—96.4% |  |  | **24515602367** |
|  Other assets in excess of liabilities—3.6% | Other assets in excess of liabilities—3.6% | Other assets in excess of liabilities—3.6% | 919494526 |
|  **Net assets—100.0%** |  |  | $**25435096893** |

---

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, 2025 (unaudited)

**Fair valuation summary** 

The following is a summary of the fair valuations according to the inputs used as of October 31, 2025 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** |
| **Assets** |  |  |  |  |
| Certificates of deposit | $— | $2220978667 | $— | $2220978667 |
| Commercial paper |  | 13328923700 |  | 13328923700 |
| Time deposits |  | 1020000000 |  | 1020000000 |
| Repurchase agreements |  | 7945700000 |  | 7945700000 |
| **Total** | $**—** | $**24515602367** | $**—** | $**24515602367** |

---

At October 31, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

<sup>1</sup> Floating or variable rate securities. The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. 

<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 registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $11,664,661,962, represented 45.9% of the Master Fund's net assets at period end. 

<sup>3</sup> Investment has a put feature, which allows the Master Fund to accelerate the maturity, and a variable or floating rate. The interest rate shown is the current rate as of October 31, 2025 and changes periodically. The maturity date reflects the earliest put date, interest is paid monthly, and the proceeds represent the receivable of the Master Fund if the put feature was exercised as of October 31, 2025. 

See accompanying notes to financial statements.

------

Glossary of terms used in the Portfolio of investments

**Portfolio acronyms:** 

SOFR Secured Overnight Financing Rate

See accompanying notes to financial statements.

------

Master Trust

**Statement of assets and liabilities** 

**October 31, 2025 (unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Government<br>Master Fund** | **Treasury<br>Master Fund** | **100% US Treasury<br>Master Fund** | **Prime CNAV<br>Master Fund** |
| **Assets:** |  |  |  |  |
| **Investments, at cost** |  |  |  |  |
| Investments | $17229018622 | $27543911590 | $14403261733 | $16569902367 |
| Repurchase agreements | 8435000000 | 13579000000 |  | 7945700000 |
| **Investments, at value** |  |  |  |  |
| Investments | 17229018622 | 27543911590 | 14403261733 | 16569902367 |
| Repurchase agreements | 8435000000 | 13579000000 |  | 7945700000 |
| Cash | 987901512 | 1105390908 | 82418329 | 900193556 |
| Receivable for interest | 22909639 | 23865557 | 4574520 | 23529644 |
| Deferred offering costs |  |  | 71376 |  |
| **Total assets** | **26674829773** | **42252168055** | **14490325958** | **25439325567** |
| **Liabilities:** |  |  |  |  |
| Payable for investments purchased | 386517419 | 309166663 | 381453392 |  |
| Payable to affiliate | 4240591 | 7438001 | 2173450 | 4228674 |
| Payable to custodian |  |  | 80910 |  |
| Accrued expenses and other liabilities |  |  | 78191 |  |
| **Total liabilities** | **390758010** | **316604664** | **383785943** | **4228674** |
| **Net assets, at value** | **$26284071763** | **$41935563391** | **$14106540015** | **$25435096893** |

---

See accompanying notes to financial statements.

------

Master Trust

**Statement of operations** 

**For the six months ended October 31, 2025 (unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Government<br>Master Fund** | **Treasury<br>Master Fund** | **100% US Treasury<br>Master Fund** | **Prime CNAV<br>Master Fund** |
| **Investment income:** |  |  |  |  |
| Interest | $549884526 | $981055364 | $263847612 | $568088404 |
| **Expenses:** |  |  |  |  |
| Investment advisory and administration fees | 12729774 | 22464130 | 6179397 | 12775985 |
| Custody and fund accounting fees |  |  | 156061 |  |
| Trustees' fees | 52168 | 89424 | 61509 | 52136 |
| Professional services fees |  |  | 62526 |  |
| Printing and shareholder report fees |  |  | 4821 |  |
| Other expenses |  |  | 43195 |  |
| **Total expenses** | **12781942** | **22553554** | **6507509** | **12828121** |
| Less: Fee waivers and/or Trustees' fees reimbursement by administrator |  |  | (296165) |  |
| **Net expenses** | **12781942** | **22553554** | **6211344** | **12828121** |
| **Net investment income (loss)** | **537102584** | **958501810** | **257636268** | **555260283** |
| Net realized gain (loss) |  | 239668 | 108108 |  |
| **Net increase (decrease) in net assets resulting from operations** | **$537102584** | **$958741478** | **$257744376** | **$555260283** |

---

See accompanying notes to financial statements.

------

Master Trust

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **Government Master Fund** | **Government Master Fund** |
| | **For the<br>six months ended<br>October 31, 2025<br>(unaudited)** | **For the<br>year ended<br>April 30, 2025** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $537102584 | $1248575044 |
| Net realized gain (loss) |  | 1158182 |
| Net increase (decrease) in net assets resulting from operations | 537102584 | 1249733226 |
| Net increase (decrease) in net assets from beneficial interest transactions | 1704214514 | (530449132) |
| **Net increase (decrease) in net assets** | **2241317098** | **719284094** |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 24042754665 | 23323470571 |
| End of period | $26284071763 | $24042754665 |

---

---

| | | |
|:---|:---|:---|
|  | **Treasury Master Fund** | **Treasury Master Fund** |
| | **For the<br>six months ended<br>October 31, 2025<br>(unaudited)** | **For the<br>year ended<br>April 30, 2025** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $958501810 | $2022437831 |
| Net realized gain (loss) | 239668 |  |
| Net increase (decrease) in net assets resulting from operations | 958741478 | 2022437831 |
| Net increase (decrease) in net assets from beneficial interest transactions | (440470473) | 297824288 |
| **Net increase (decrease) in net assets** | **518271005** | **2320262119** |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 41417292386 | 39097030267 |
| End of period | $41935563391 | $41417292386 |

---

---

| | | |
|:---|:---|:---|
|  | **100% US Treasury Master Fund** | **100% US Treasury Master Fund** |
| | **For the<br>six months ended<br>October 31, 2025<br>(unaudited)** | **For the<br>year ended<br>April 30, 2025** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $257636268 | $312136145 |
| Net realized gain (loss) | 108108 | 67921 |
| Net increase (decrease) in net assets resulting from operations | 257744376 | 312204066 |
| Net increase (decrease) in net assets from beneficial interest transactions | 3897402069 | 9614090492 |
| **Net increase (decrease) in net assets** | **4155146445** | **9926294558** |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 9951393570 | 25099012 |
| End of period | $14106540015 | $9951393570 |

---

See accompanying notes to financial statements.

------

Master Trust

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
|  | **Prime CNAV Master Fund** | **Prime CNAV Master Fund** |
| | **For the<br>six months ended<br>October 31, 2025<br>(unaudited)** | **For the<br>year ended<br>April 30, 2025** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $555260283 | $1042986492 |
| Net realized gain (loss) |  | 66584 |
| Net increase (decrease) in net assets resulting from operations | 555260283 | 1043053076 |
| Net increase (decrease) in net assets from beneficial interest transactions | (167446124) | 10647278707 \* |
| **Net increase (decrease) in net assets** | **387814159** | **11690331783** |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of period | 25047282734 | 13356950951 |
| End of period | $25435096893 | $25047282734 |

---

\* Includes $8,370,789,961 attributed to the Plan of Reorganization pursuant to which Prime Master Fund transferred its assets to Prime CNAV Master Fund. Refer to the Reorganization of Funds in the notes to financial statements for further details. 

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, 2025**<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, 2025**<br> **(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **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% | 0.04% | 0.06% | 0.10% |
| Net investment income (loss) | 4.20%<sup>1</sup> | 4.77% | 5.25% | 3.78% | 0.02% | 0.09% |
| **Supplemental data:** |  |  |  |  |  |  |
| Total investment return<sup>2</sup> | 2.17% | 4.90% | 5.39% | 3.14% | 0.03% | 0.08% |
| Net assets, end of period (000's) | $26284072 | $24042755 | $23323471 | $19234965 | $4297678 | $8822693 |

---

<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, 2025**<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, 2025**<br> **(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **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% | 0.06% | 0.09% |
| Net investment income (loss) | 4.20%<sup>1</sup> | 4.76% | 5.24% | 3.23% | 0.04% | 0.09% |
| **Supplemental data:** |  |  |  |  |  |  |
| Total investment return<sup>2</sup> | 2.17% | 4.89% | 5.36% | 3.06% | 0.04% | 0.08% |
| Net assets, end of period (000's) | $41935563 | $41417292 | $39097030 | $34877847 | $21681389 | $32675191 |

---

<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.

------

100% US Treasury Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | |
|:---|:---|:---|:---|
| | **Six months ended<br>October 31, 2025<br>(unaudited)** | **Year ended<br>April 30, 2025** | **For the period from<br>March 13, 2024**<sup>1</sup> **to<br>April 30, 2024** |
| **Ratios to average net assets:** |  |  |  |
| Expenses before fee waivers | 0.10%<sup>2</sup> | 0.11% | 1.73%<sup>2</sup> |
| Expenses after fee waivers | 0.10%<sup>2</sup> | 0.10% | 0.10%<sup>2</sup> |
| Net investment income (loss) | 4.15%<sup>2</sup> | 4.53% | 5.26%<sup>2</sup> |
| **Supplemental data:** |  |  |  |
| Total investment return<sup>3</sup> | 2.14% | 4.95% | 0.70% |
| Net assets, end of period (000's) | $14106540 | $9951394 | $25099 |

---

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

<sup>2</sup> Annualized.

<sup>3</sup> The total investment return for the Master Funds is calculated using geometric average return. The Master Funds issue ownership interests, rather than shares, to the feeder funds. Individual investors invest only into the feeder funds. Feeder fund total investment return is calculated as described within the feeder fund financial highlights and may differ from geometric average return of the Master Fund. Total investment return for the period of less than one year has not been annualized. 

See accompanying notes to financial statements.

------

Prime CNAV Master Fund

Financial highlights

Selected financial data throughout each period is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended<br>October 31, 2025**<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, 2025**<br> **(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **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) | 4.33%<sup>1</sup> | 4.80% | 5.41% | 3.84% | 0.08% | 0.19% |
| **Supplemental data:** |  |  |  |  |  |  |
| Total investment return<sup>2</sup> | 2.23% | 5.01% | 5.55% | 3.27% | 0.09% | 0.17% |
| Net assets, end of period (000's) | $25435097 | $25047283 | $13356951 | $8966285 | $1908435 | $4449407 |

---

<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** 

Government Master Fund, Treasury Master Fund, 100% US Treasury Master Fund, and Prime CNAV 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 four series.

Treasury 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 100% US Treasury Master Fund commenced operations on March 13, 2024.

UBS Asset Management (Americas) LLC ("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 Master Funds adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07")*. Adoption of the new standard impacted financial statement disclosures only and did not affect the Master Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Master Funds' portfolio management team acts as the Master Funds' CODM. Each of the Master Funds represents a single operating segment, as the CODM monitors the operating results of each Master Fund as a whole, and the Master Fund's long-term strategic asset allocation is pre-determined in accordance

------

Master Trust

Notes to financial statements (unaudited)

with the Master Fund's single investment objective which is executed by the Master Fund's portfolio managers as a team. The financial information in the form of the Master Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which are used by the CODM to assess the segment's performance versus the Master Fund's comparative benchmarks and to make resource allocation decisions for the Master Fund's single segment, is consistent with that presented within the Master Fund's financial statements. Segment assets are reflected on the accompanying statements of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statements of operations.

In December 2023, FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while eliminating certain outdated disclosure requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact of ASU 2023-09 but does not expect it to have a material impact on the financial statements.

The following is a summary of significant accounting policies:

**Valuation of investments** 

Under Rule 2a-7, Government Master Fund, Treasury Master Fund, 100% US Treasury Master Fund, and Prime CNAV Master Fund have adopted certain policies that enable them to use the amortized cost method of valuation. Government Master Fund, Treasury Master Fund and 100% US 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 operates as a "retail money market fund". 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 a "retail money market fund", Government Master Fund, Treasury Master Fund, 100% US Treasury Master Fund, and Prime CNAV 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, 100% US Treasury Master Fund, and Prime CNAV 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' portfolios of 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 of 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.

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Master Trust

Notes to financial statements (unaudited)

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—**Consistent with Rule 2a-7, the Board is permitted to impose a liquidity fee on redemptions from Prime CNAV Master Fund under certain circumstances. Liquidity fees would reduce the amount an interest holder receives upon redemption of its beneficial interests. Prime CNAV Master Fund retains the liquidity fees for the benefit of its remaining interest holders. For the period ended October 31, 2025, the Board of Prime CNAV Master Fund did not impose any liquidity fees.

By operating as "government money market funds", Government Master Fund, Treasury Master Fund and 100% US Treasury Master Fund are exempt from requirements that permit the imposition of a liquidity fee. While the Board may elect to subject Government Master Fund, Treasury Master Fund and 100% US Treasury Master Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time.

**Repurchase agreements**—Each Master Fund (except 100% US Treasury Master Fund) may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. In all cases, underlying collateral (the purchased obligations) is valued daily in an effort to ensure that the value of the purchased securities, including accrued interest, is at least equal to the repurchase price. Such Master Funds maintain custody of the purchased securities 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 (in either case, in accordance with the 1940 Act).

In certain cases, these repurchase agreements are cleared through a central counterparty so that each of the Master Fund and the seller faces the central counterparty on the trade. These cleared repurchase agreements are subject to additional rules and requirements of the central counterparty and are also subject to a bilateral agreement between the Master Fund and the clearing member through which the Master Fund's transaction was effected. The Master Fund maintains custody of the securities prior to their repurchase in accordance with the 1940 Act. Repurchase agreements collateralized by US Treasury securities will be subject to mandatory clearing as of June 30, 2027.

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

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Master Trust

Notes to financial statements (unaudited)

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 any other party to the transaction (including by the central counterparty in the case of cleared repurchase agreements), realization and/or retention of the collateral may be subject to legal proceedings. Each such Master Fund intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM to present minimal credit risk.

The relevant Master Funds may participate in joint repurchase agreement transactions with other funds managed or advised by UBS AM. Government Master Fund, Treasury Master Fund and Prime CNAV Master Fund may engage in repurchase agreements as part of normal investing strategies.

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, political and other developments particular to a specific industry, country, state or region.

**Deferred offering costs—**Offering costs consist primarily of legal fees and other costs incurred with organizing and registering a fund. With respect to 100% US Treasury Preferred Fund, deferred offering costs are amortized over a period of 12 months.

**Investment advisor and administrator** 

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

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

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Master Trust

Notes to financial statements (unaudited)

At October 31, 2025, the Master Fund owed UBS AM for investment advisory and administration services, net of waivers (if any), as follows:

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| | |
|:---|:---|
| **Fund** | **Net amount owed to UBS AM** |
| Government Master Fund | $4240591 |
| Treasury Master Fund | 7438001 |
| 100% US Treasury Master Fund | 2173450 |
| Prime CNAV Master Fund | 4228674 |

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In exchange for these fees, for each Master Fund except 100% US Treasury Master Fund, UBS AM has agreed to bear all of the Master Funds' expenses other than interest (except interest on borrowings), taxes, extraordinary costs and the cost of securities purchased and sold by such Master Funds, including any transaction costs. Although UBS AM is not obligated to pay the fees and expenses of such 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 less than 0.01% of each Master Fund's average daily net assets.

With respect to 100% US Treasury Master Fund, such Master Fund will bear all expenses not specifically assumed by UBS AM incurred in its operations and the offering of its shares. UBS AM has contractually agreed to waive its management fees and/or reimburse expenses so that this Master Fund's ordinary total operating expenses through August 31, 2026 (excluding, as applicable, (i) dividend expense, borrowing costs, and interest expense relating to short sales and (ii) investments in other investment companies, interest, taxes, brokerage commissions, expenses related to interest holders' meetings and extraordinary expenses) do not exceed 0.10%. The contractual fee waiver agreement also provides that UBS AM is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and expense reimbursements were made, provided that the reimbursement of UBS AM by 100% US Treasury Master Fund will not cause such Master Fund to exceed the lesser of any applicable expense limit that is in place for such Master Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Trust's board at any time and also will terminate automatically upon the expiration or termination of such Master Fund's management contract with UBS AM.

At October 31, 2025, UBS AM waived the below amounts, which are subject to future renouncements which expire according to the dates below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Fee waivers/expense<br>reimbursements subject<br>to repayment** | **Expires April 30, 2027** | **Expires April 30, 2028** | **Expires April 30, 2029** |
| 100% US Treasury Master Fund | $802350 | $54171 | $452014 | $296165 |

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**Beneficial interest transactions** 

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| | | |
|:---|:---|:---|
| **Government Master Fund** | **Government Master Fund** | **Government Master Fund** |
| | **For the<br>six months ended<br>October 31, 2025** | **For the<br>year ended<br>April 30, 2025** |
| Contributions | $44688129006 | $92715049160 |
| Withdrawals | (42983914492) | (93245498292) |
| Net increase (decrease) in beneficial interest | $1704214514 | $(530449132) |

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Master Trust

Notes to financial statements (unaudited)

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| | | |
|:---|:---|:---|
| **Treasury Master Fund** | **Treasury Master Fund** | **Treasury Master Fund** |
| | **For the<br>six months ended<br>October 31, 2025** | **For the<br>year ended<br>April 30, 2025** |
| Contributions | $64623143333 | $83950122114 |
| Withdrawals | (65063613806) | (83652297826) |
| Net increase (decrease) in beneficial interest | $(440470473) | $297824288 |
| **100% US Treasury Master Fund** | **100% US Treasury Master Fund** | **100% US Treasury Master Fund** |
|  | **For the<br>six months ended<br>October 31, 2025** | **For the<br>year ended<br>April 30, 2025** |
| Contributions | $10533630006 | $14987658097 |
| Withdrawals | (6636227937) | (5373567605) |
| Net increase (decrease) in beneficial interest | $3897402069 | $9614090492 |
| **Prime CNAV Master Fund** | **Prime CNAV Master Fund** | **Prime CNAV Master Fund** |
|  | **For the<br>six months ended<br>October 31, 2025** | **For the<br>year ended<br>April 30, 2025** |
| Contributions | $7140561380 | $27537686305 \* |
| Withdrawals | (7308007504) | (16890407598) |
| Net increase (decrease) in beneficial interest | $(167446124) | $10647278707 |

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\* Includes $8,370,789,961 attributed to the Plan of Reorganization pursuant to which Prime Master Fund transferred its assets to Prime CNAV Master Fund. Refer to the Reorganization of Funds in the notes to financial statements for further details. 

**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.

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, 2025, 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, 2025, the Funds did not incur any interest or penalties.

Each of the tax years in the four year period ended April 30, 2025 and since inception for 100% US Treasury Master Fund, remains subject to examination by the Internal Revenue Service and state taxing authorities.

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Master Trust

Notes to financial statements (unaudited)

**Reorganization of Fund** 

Following the close of business August 23, 2024, the Target Fund reorganized into the existing Destination Fund within the Trust. The reorganization into the existing Destination Fund was as follows:

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| | | |
|:---|:---|:---|
| **Target Fund** | **Destination Fund** | **Destination Fund** |
| Prime Master Fund | | Prime CNAV Master Fund |

---

Pursuant to an Agreement and Plan of Reorganization, the Target Fund transferred all of its property and assets to the Destination Fund. In exchange, the Destination Fund assumed all of the liabilities of the Target Fund and issued a proportionate interest to the Target Fund, as described below. The reorganization was accomplished by a tax-free exchange of the net assets of the Target Fund for a proportionate interest of the Destination Fund outstanding following the close of business on August 23, 2024. The allocated cost basis of the investments received from the Target Fund were carried forward to align ongoing reporting of the related feeder funds' allocated realized and unrealized gains and losses with amounts distributable to feeder fund shareholders for tax purposes.

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| | | |
|:---|:---|:---|
| **Target Fund** | **Destination Fund** | **Dollar<br>Amount** |
| Prime Master Fund | Prime CNAV Master Fund | $8370789961 |

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The net assets of the Target Fund, including unrealized appreciation (depreciation), were combined with those of the Destination Fund. These amounts were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Target Fund** | **Target Fund**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Target Fund**<br> **Net Assets** | **Destination Fund** | **Destination**<br>**Fund Net<br>Assets Prior to**<br>**Reorganization** | **Net Assets**<br>**After**<br>**Reorganization** |
| Prime Master Fund | $(1124223) | $8370789961 | Prime CNAV Master Fund | $16158299089 | $24529089050 |

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**Trustees** 

Virginia G. Breen

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

*Chair* 

David R. Malpass

**Manager** 

UBS Asset Management (Americas) LLC

1285 Avenue of the Americas

New York, NY 10019

**Placement Agent** 

UBS Asset Management (US) Inc.

1285 Avenue of the Americas

New York, NY 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 2025. All rights reserved.

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![LOGO](g850607mm_k485.jpg)

![LOGO](g85060g38c43.jpg)

**UBS Asset Management (Americas) LLC** 

**1285 Avenue of the Americas** 

**New York, NY 10019** 

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&nbsp;&nbsp;&nbsp;&nbsp;(b) Included as part of the financial statements filed under Item 7(a) of this form.

**<u>Item</u><u> </u><u>8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>** 

Not applicable.

**<u>Item</u><u> </u><u>9. Proxy Disclosures for Open-End Management Investment Companies.</u>** 

Not applicable.

**<u>Item</u><u> </u><u>10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;(1) All board members and all members of any advisory board for regular compensation: $225,674

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each board member and each member of an advisory board for special compensation: Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(3) All officers: Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Each person of whom any officer or director of the registrant is an affiliated person: Not applicable.

**<u>Item</u><u> </u><u>11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>** 

**Background**—At a meeting of the board of Master Trust (the "Trust") on July 15-16, 2025, 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 (the "Independent Trustees"), considered and approved the continuance of (1) the amended and restated management contract (the "Unitary Fee Management Contract") between UBS Asset Management (Americas) LLC ("UBS AM") and the Trust, with respect to Government Master Fund ("Government Master"), Prime CNAV Master Fund ("Prime CNAV Master"), and Treasury Master Fund ("Treasury Master"); and (2) the management contract (the "Non-Unitary Fee Management Contract") between UBS AM and the Trust with respect to 100% U.S. Treasury Master Fund ("100% Treasury Master" and, collectively with Government Master, Prime CNAV Master and Treasury Master, each a "Master Fund" and collectively

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the "Master Funds"). (The Unitary Fee Management Contract and the Non-Unitary Fee Management Contract are referred to collectively as the "Management Contracts.") In preparing for the meeting, the Independent Trustees 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, joined by their independent legal counsel, to review the disclosure that had been made to them. 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 Contracts, the board reviewed the following factors:

**Nature, extent and quality of the services under the Management Contracts**—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 Contracts. 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

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Fund's performance as well as the 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 $538 billion in assets under management as of March 31, 2025 and was part of the UBS Asset Management Division, which had approximately $1.8 trillion in assets under management worldwide as of March 31, 2025. The board considered management's discussions regarding recent financial combination transactions and organizational changes involving UBS AM and its affiliates. The board also was cognizant of, and considered, 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 Contracts.

**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 arrangements in place for the Prime Preferred Feeder Fund, Cantor Fitzgerald Government Money Market Feeder Fund, Select Treasury Preferred Feeder Fund, Select Government Preferred Feeder Fund, 100% Treasury Master, Select 100% U.S. Treasury Institutional Feeder Fund and Select 100% U.S. Treasury Preferred Feeder Fund through August 31, 2026.

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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 RMA Government Money Market Feeder Fund, the board also received from Broadridge comparative data on a supplemental expense group of funds selected based on their utilization as account sweep funds (the "Supplemental Expense Group").

In connection with its consideration of the management fees, the board also received information from UBS AM with respect to fees paid by institutional or separate accounts; however, the board considered management's view that such fee information was less instructive 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>Government Master</u>

*Select Government Institutional Feeder Fund, Select Government Preferred Feeder Fund, RMA Government Money Market Feeder Fund and Cantor Fitzgerald Government Money Market Feeder Fund* 

The comparative Broadridge information showed that, with the exception of the Select Government Institutional Feeder Fund's Actual Management Fee and the RMA Government Money Market Feeder Fund's Actual Management Fee and total expenses, 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 and Prime Preferred Feeder Fund* 

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

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<u>Treasury Master</u>

*Select Treasury Institutional Feeder Fund and Select Treasury Preferred Feeder Fund* 

The comparative Broadridge information showed that, with the exception of the Select Treasury Institutional Feeder Fund's Actual Management Fee, the Treasury 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>100% Treasury Master</u> 

*Select 100% U.S. Treasury Institutional Feeder Fund and Select 100% U.S. Treasury Preferred Feeder Fund* 

The comparative Broadridge information showed that the 100% Treasury Master Fund's Contractual Management Fee, Actual Management Fee and total expenses were all below its corresponding Expense Group median with the related Feeder Funds' fees taken into account.

In light of the foregoing, the board determined that the management fees for each of Government Master, Prime CNAV Master, Treasury Master and 100% Treasury 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 Contracts.

**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 March 31, 2025 and (b) annualized performance information for each year in the ten-year (or shorter) period ended March 31, 2025. 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 correlated with its corresponding Master Fund's performance, with the only difference being the administrative, distribution and/or shareholder service fees or other expenses paid at the Feeder Fund level.

<u>Government Master</u>

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*Select Government Institutional Feeder Fund, Select Government Preferred Feeder Fund, RMA Government Money Market Feeder Fund and Cantor Fitzgerald Government Money Market Feeder Fund* 

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

<u>Prime CNAV Master</u>

*Prime Reserves Feeder Fund and Prime Preferred Feeder Fund* 

The comparative Broadridge information showed that the performance of each Feeder Fund was above its corresponding Performance Universe median for the one-, three- and five-year periods and since inception.

<u>Treasury Master</u>

*Select Treasury Institutional Feeder Fund and Select Treasury Preferred Feeder Fund* 

The comparative Broadridge information showed that the performance of each Feeder Fund was above its corresponding Performance Universe median for the one-, three-, five-, and ten-year periods and since inception.

<u>100% Treasury Master</u> 

*Select 100% U.S. Treasury Institutional Feeder Fund and Select 100% U.S. Treasury Preferred Feeder Fund* 

The comparative Broadridge information showed that the performance of each Feeder Fund was above its corresponding Performance Universe median for the one-year period and since inception.

For periods in which a Master Fund's performance was below the median of its Performance Universe, UBS AM representatives explained, in a satisfactory manner, the reasons for the relative under-performance. Based on its review, the board concluded that each Master Fund's investment performance was acceptable under the circumstances.

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**Advisor profitability**—The board received and considered a profitability analysis of UBS AM and its affiliates 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, and the board considered management's explanation of changes to the methodology as a result of internal restructuring at UBS AM. 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, with respect to the Government Master, Prime CNAV Master and Treasury Master, although each such 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 such Master Fund's non-management operating expenses under the "unitary" fee structure applicable under the Unitary Fee Management Contract. Overall, the board considered sharing 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.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Management Contracts. No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Management Contracts. The Independent

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Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Management Contracts in private sessions with their independent legal counsel at which no representatives of UBS AM were present.

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**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item</u><u> </u><u>13. Portfolio Managers of Closed-End Management Investment Companies.</u><u> </u>** 

Not applicable to the registrant.

**<u>Item</u><u> </u><u>14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u><u> </u>** 

Not applicable to the registrant.

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**<u>Item 15. 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 holders of proportional interests 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, holders of proportional interests 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, UBS Building, One North Wacker Drive, Chicago, IL 60606, Attn: Keith A. Weller, Secretary, and indicate on the envelope "Nominating and Corporate Governance Committee." The 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 holders of proportional interests.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer have concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures
as of a date within 90 days of the filing date of this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's principal executive officer and principal financial officer are aware of no changes in
the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting.

**<u>Item</u><u> </u><u>17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>** 

Not applicable to the registrant.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Code of Ethics - Form N-CSR disclosure requirement not applicable
to this filing of a semi-annual report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the
registrant's securities are listed. Not applicable to the registrant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [(3) Certifications of principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto as Exhibit EX-99.CERT.](d85060dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (4) Written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (5) Change in the registrant's independent public accountant. Provide the information called for by Item
4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information
should relate to events occurring during the reporting period. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications of principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the 1940 Act are attached hereto as Exhibit EX-99.906CERT.](d85060dex99906cert.htm)

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**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.

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| | |
|:---|:---|
| Master Trust | Master Trust |
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | President |
| Date: | January 9, 2026 |

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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.

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| | |
|:---|:---|
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | President |
| Date: | January 9, 2026 |
| By: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |

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Vice President, Treasurer and Principal Accounting Officer

Date: January 9, 2026

## Ex-99.Cert

Exhibit EX-99.CERT

**<u>Certifications</u>**

I, Mark E. Carver, 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.

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| | |
|:---|:---|
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | President |
| Date: | January 9, 2026 |

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------

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: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |

---

Vice President, Treasurer and Principal Accounting Officer

Date: January 9, 2026

## 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.

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| | |
|:---|:---|
| Dated: | January 9, 2026 |
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | President |
| Dated: | January 9, 2026 |
| By: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |
|  | Vice President, Treasurer and Principal Accounting Officer |

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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.