# EDGAR Filing Document

**Accession Number:** 0001403166
**File Stem:** 0001145549-25-038895
**Filing Date:** 2025-6
**Character Count:** 59024
**Document Hash:** 0e90e50007bb29025fcc69d2b42ae65a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-038895.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001145549-25-038895

**CONFORMED SUBMISSION TYPE**: N-MFP3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**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-MFP3
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22078
- **FILM NUMBER:** 251029867

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

**MAIL ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC.
- **STREET 2:** 787 SEVENTH AVENUE
- **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 |  |

# Form N-MFP3: Monthly Schedule of Portfolio Holdings

## N-MFP: Filer Information
**Submission Type:** N-MFP3
**CIK:** 0001403166

### General Information

**Report for (YYYY-MM-DD):** 2025-05-31

**Registrant Full Name:** Master Trust

**CIK Number of Registrant:** 0001403166

**LEI of Registrant:** 549300EBIIAXTNCMYQ69

**Name of Series:** Treasury Master Fund

**LEI of Series:** 549300XQ6V293JKF0677

**EDGAR Series Identifier:** S000019503

**Total number of share classes in the series:** 1

**Is this the fund's final filing on Form N-MFP?:** No

**Has the fund acquired or merged with another fund?:** No

## Part A: Series-Level Information about the Fund

### Service Providers
| Role                          | Details                                           | File/CIK Number   |
|:---|:---|:---|
| Investment Adviser            | UBS ASSET MANAGEMENT (AMERICAS) LLC               | 801-34910         |
| Independent Public Accountant | Ernst & Young  LLP<br>City: New York<br>State: NY |  |
| Administrator                 | UBS ASSET MANAGEMENT (AMERICAS) LLC               |  |
| Transfer Agent                | None<br>CIK: —                                    |  |

### Fund Characteristics & Assets

- **Is this a Feeder Fund?:** No

- **Is this a Master Fund?:** Yes

- **Is this series for insurance company separate accounts?:** No

- **Money Market Fund Category:** Government

- **Is this a Retail Money Market Fund?:** No

- **Is this a Government Money Market Fund?:** Yes

- **WAM:** 17 days

- **WAL:** 87 days

- **Total Value of Portfolio Securities:** $44012762299.16

- **Amortized Cost of Portfolio Securities:** $44006919576.32

- **Cash:** $1311551591.29

- **Total Other Assets:** $58943537.33

- **Total Liabilities:** $1274746565.99

- **Net Assets of Series:** $44102668138.95

- **Number of Shares Outstanding (Series):** 0.0000

- **Does the fund seek to maintain a stable price per share?:** Yes

- **Stable Price Per Share:** $1.00

- **Is cash management vehicle an affiliated fund?:** No

- **Does the fund apply liquidity fees?:** No

### Daily & Weekly Liquid Assets
| Date       | Daily Liquid Assets ($)   | Weekly Liquid Assets ($)   | Daily Liquid Assets (%)   | Weekly Liquid Assets (%)   |
|:---|:---|:---|:---|:---|
| 2025-05-01 | $41546483228.14           | $42546483228.14            | 97.6100%                  | 99.9600%                   |
| 2025-05-02 | $41882913353.96           | $42882913353.96            | 97.6100%                  | 99.9400%                   |
| 2025-05-05 | $41542793890.51           | $42542793890.51            | 97.6000%                  | 99.9500%                   |
| 2025-05-06 | $41983189311.18           | $42983189311.18            | 97.6200%                  | 99.9500%                   |
| 2025-05-07 | $42753519784.82           | $42753519784.82            | 99.9400%                  | 99.9400%                   |
| 2025-05-08 | $41602840331.60           | $42602840331.60            | 97.6100%                  | 99.9500%                   |
| 2025-05-09 | $41581700142.94           | $42581700142.94            | 97.5900%                  | 99.9300%                   |
| 2025-05-12 | $42220795613.29           | $43220795613.29            | 97.6200%                  | 99.9400%                   |
| 2025-05-13 | $42640974122.46           | $43640974122.46            | 97.6400%                  | 99.9300%                   |
| 2025-05-14 | $42666046294.32           | $43666046294.32            | 97.6400%                  | 99.9300%                   |
| 2025-05-15 | $43639088387.15           | $44639088387.15            | 97.6900%                  | 99.9300%                   |
| 2025-05-16 | $43402077953.90           | $44402077953.90            | 97.6600%                  | 99.9100%                   |
| 2025-05-19 | $43698010049.85           | $44698010049.85            | 97.6800%                  | 99.9200%                   |
| 2025-05-20 | $43067375182.98           | $44067375182.98            | 97.6500%                  | 99.9100%                   |
| 2025-05-21 | $43161374345.64           | $44161374345.64            | 97.6500%                  | 99.9100%                   |
| 2025-05-22 | $44533071525.56           | $45533071525.56            | 97.7200%                  | 99.9100%                   |
| 2025-05-23 | $43892283395.21           | $44892283395.21            | 97.6500%                  | 99.8800%                   |
| 2025-05-27 | $43105476187.28           | $44105476187.28            | 97.6300%                  | 99.8900%                   |
| 2025-05-28 | $42120279185.66           | $43120279185.66            | 97.5700%                  | 99.8900%                   |
| 2025-05-29 | $43674115102.32           | $44674115102.32            | 97.6500%                  | 99.8900%                   |
| 2025-05-30 | $44324313890.45           | $45324313890.45            | 97.6700%                  | 99.8700%                   |

### 7-Day Gross Yield
| Date       | 7-Day Gross Yield   |
|:---|:---|
| 2025-05-01 | 0.0000%             |
| 2025-05-02 | 0.0000%             |
| 2025-05-05 | 0.0000%             |
| 2025-05-06 | 0.0000%             |
| 2025-05-07 | 0.0000%             |
| 2025-05-08 | 0.0000%             |
| 2025-05-09 | 0.0000%             |
| 2025-05-12 | 0.0000%             |
| 2025-05-13 | 0.0000%             |
| 2025-05-14 | 0.0000%             |
| 2025-05-15 | 0.0000%             |
| 2025-05-16 | 0.0000%             |
| 2025-05-19 | 0.0000%             |
| 2025-05-20 | 0.0000%             |
| 2025-05-21 | 0.0000%             |
| 2025-05-22 | 0.0000%             |
| 2025-05-23 | 0.0000%             |
| 2025-05-27 | 0.0000%             |
| 2025-05-28 | 0.0000%             |
| 2025-05-29 | 0.0000%             |
| 2025-05-30 | 0.0000%             |

### Daily Net Asset Value per Share (Series)
| Date       | Net Asset Value per Share   |
|:---|:---|
| 2025-05-01 | 1.0001                      |
|  |  |
| 2025-05-02 | 1.0001                      |
|  |  |
| 2025-05-05 | 1.0001                      |
|  |  |
| 2025-05-06 | 1.0001                      |
|  |  |
| 2025-05-07 | 1.0001                      |
|  |  |
| 2025-05-08 | 1.0001                      |
|  |  |
| 2025-05-09 | 1.0001                      |
|  |  |
| 2025-05-12 | 1.0001                      |
|  |  |
| 2025-05-13 | 1.0001                      |
|  |  |
| 2025-05-14 | 1.0001                      |
|  |  |
| 2025-05-15 | 1.0001                      |
|  |  |
| 2025-05-16 | 1.0001                      |
|  |  |
| 2025-05-19 | 1.0001                      |
|  |  |
| 2025-05-20 | 1.0001                      |
|  |  |
| 2025-05-21 | 1.0001                      |
|  |  |
| 2025-05-22 | 1.0001                      |
|  |  |
| 2025-05-23 | 1.0001                      |
|  |  |
| 2025-05-27 | 1.0001                      |
|  |  |
| 2025-05-28 | 1.0001                      |
|  |  |
| 2025-05-29 | 1.0001                      |
|  |  |
| 2025-05-30 | 1.0001                      |
|  |  |

## Part B: Class-Level Information about the Fund

### Class: Single Class

- **Minimum Initial Investment:** $1.00

- **Net Assets of Class:** $44102668138.95

- **Number of Shares Outstanding:** 0.0000

**Daily Net Asset Value per Share (Class)**
| Date       | NAV per Share   |
|:---|:---|
| 2025-05-01 | 1.0001          |
|  |  |
| 2025-05-02 | 1.0001          |
|  |  |
| 2025-05-05 | 1.0001          |
|  |  |
| 2025-05-06 | 1.0001          |
|  |  |
| 2025-05-07 | 1.0001          |
|  |  |
| 2025-05-08 | 1.0001          |
|  |  |
| 2025-05-09 | 1.0001          |
|  |  |
| 2025-05-12 | 1.0001          |
|  |  |
| 2025-05-13 | 1.0001          |
|  |  |
| 2025-05-14 | 1.0001          |
|  |  |
| 2025-05-15 | 1.0001          |
|  |  |
| 2025-05-16 | 1.0001          |
|  |  |
| 2025-05-19 | 1.0001          |
|  |  |
| 2025-05-20 | 1.0001          |
|  |  |
| 2025-05-21 | 1.0001          |
|  |  |
| 2025-05-22 | 1.0001          |
|  |  |
| 2025-05-23 | 1.0001          |
|  |  |
| 2025-05-27 | 1.0001          |
|  |  |
| 2025-05-28 | 1.0001          |
|  |  |
| 2025-05-29 | 1.0001          |
|  |  |
| 2025-05-30 | 1.0001          |
|  |  |

**Daily Shareholder Flows**
| Date       | Gross Subscriptions ($)   | Gross Redemptions ($)   |
|:---|:---|:---|
| 2025-05-01 | $0.00                     | $0.00                   |
| 2025-05-02 | $0.00                     | $0.00                   |
| 2025-05-05 | $0.00                     | $0.00                   |
| 2025-05-06 | $0.00                     | $0.00                   |
| 2025-05-07 | $0.00                     | $0.00                   |
| 2025-05-08 | $0.00                     | $0.00                   |
| 2025-05-09 | $0.00                     | $0.00                   |
| 2025-05-12 | $0.00                     | $0.00                   |
| 2025-05-13 | $0.00                     | $0.00                   |
| 2025-05-14 | $0.00                     | $0.00                   |
| 2025-05-15 | $0.00                     | $0.00                   |
| 2025-05-16 | $0.00                     | $0.00                   |
| 2025-05-19 | $0.00                     | $0.00                   |
| 2025-05-20 | $0.00                     | $0.00                   |
| 2025-05-21 | $0.00                     | $0.00                   |
| 2025-05-22 | $0.00                     | $0.00                   |
| 2025-05-23 | $0.00                     | $0.00                   |
| 2025-05-27 | $0.00                     | $0.00                   |
| 2025-05-28 | $0.00                     | $0.00                   |
| 2025-05-29 | $0.00                     | $0.00                   |
| 2025-05-30 | $0.00                     | $0.00                   |

**Total Gross Subscriptions (Month):** $0.00

**Total Gross Redemptions (Month):** $0.00

**7-Day Net Yield (Class)**
| Date       | 7-Day Net Yield   |
|:---|:---|
| 2025-05-01 | 0.0000%           |
| 2025-05-02 | 0.0000%           |
| 2025-05-05 | 0.0000%           |
| 2025-05-06 | 0.0000%           |
| 2025-05-07 | 0.0000%           |
| 2025-05-08 | 0.0000%           |
| 2025-05-09 | 0.0000%           |
| 2025-05-12 | 0.0000%           |
| 2025-05-13 | 0.0000%           |
| 2025-05-14 | 0.0000%           |
| 2025-05-15 | 0.0000%           |
| 2025-05-16 | 0.0000%           |
| 2025-05-19 | 0.0000%           |
| 2025-05-20 | 0.0000%           |
| 2025-05-21 | 0.0000%           |
| 2025-05-22 | 0.0000%           |
| 2025-05-23 | 0.0000%           |
| 2025-05-27 | 0.0000%           |
| 2025-05-28 | 0.0000%           |
| 2025-05-29 | 0.0000%           |
| 2025-05-30 | 0.0000%           |

## Part C: Schedule of Portfolio Securities

### Security 1: Barclays Bank PLC Tri Party Repo

- **C.1 - Title:** Barclays Bank PLC Tri Party Repo 4.300000%
- **C.6 - Investment Category:** U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash
- **Identifiers:** C.3 - CUSIP: 0673PA005, C.3 - LEI: G5GSEF7VJP5I7OUK5573, C.5 - Other ID: 0673PA005_4.30_0606
- **C.18 - Value (incl. sponsor support):** $1000000000.00
- **C.18.a - Value (excl. sponsor support):** $1000000000.00
- **C.19 - Percentage of Net Assets:** 2.2700%
- **C.17 - Yield as of Reporting Date:** 4.3000%
- **C.11 - Maturity Date (WAM):** 2025-06-02
- **C.12 - Maturity Date (WAL):** 2025-06-06
- **C.13 - Final Legal Maturity Date:** 2025-06-20
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? No, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** No

- **Is Tri-party?:** Yes

**Collateral:**
| Issuer Name                        | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                           |
|:---|:---|:---|:---|:---|:---|:---|
| U.S. Treasury Inflation Index Bond | 2026-01-15      | 2.0000%  | 0.0000% | $77654000.00       | $126427548.78      | U.S. Treasuries (including strips) |
| U.S. Treasury Bond                 | 2050-11-15      | 1.6250%  | 0.0000% | $2133500.00        | $1094838.30        | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2025-05-31      | 4.2500%  | 0.0000% | $23400.00          | $23886.75          | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2031-07-31      | 4.1250%  | 0.0000% | $160400.00         | $162475.59         | U.S. Treasuries (including strips) |
| US Treasury Strip Coupon           | 2032-02-15      | 0.0000%  | 0.0000% | $0.01              | $0.01              | U.S. Treasuries (including strips) |
| US Treasury Strip Coupon           | 2035-02-15      | 0.0000%  | 0.0000% | $0.02              | $0.01              | U.S. Treasuries (including strips) |
| US Treasury Strip Coupon           | 2026-02-15      | 0.0000%  | 0.0000% | $104632809.73      | $101755616.73      | U.S. Treasuries (including strips) |
| US Treasury Strip Coupon           | 2026-05-15      | 0.0000%  | 0.0000% | $2999970.06        | $2886925.19        | U.S. Treasuries (including strips) |
| US Treasury Strip Coupon           | 2027-08-15      | 0.0000%  | 0.0000% | $1840.07           | $1684.45           | U.S. Treasuries (including strips) |
| US Treasury Strip Coupon           | 2028-02-15      | 0.0000%  | 0.0000% | $142.00            | $127.45            | U.S. Treasuries (including strips) |
| US Treasury Strip Coupon           | 2028-11-15      | 0.0000%  | 0.0000% | $100.40            | $87.44             | U.S. Treasuries (including strips) |
| US Treasury Strip Coupon           | 2038-08-15      | 0.0000%  | 0.0000% | $102.40            | $53.77             | U.S. Treasuries (including strips) |
| US Treasury Strip Coupon           | 2041-05-15      | 0.0000%  | 0.0000% | $1999630.47        | $887372.01         | U.S. Treasuries (including strips) |
| US Treasury Strip Coupon           | 2042-05-15      | 0.0000%  | 0.0000% | $2003054.54        | $837318.86         | U.S. Treasuries (including strips) |
| US Treasury Strip Coupon           | 2042-11-15      | 0.0000%  | 0.0000% | $65.00             | $26.43             | U.S. Treasuries (including strips) |
| US Treasury Strip Coupon           | 2046-02-15      | 0.0000%  | 0.0000% | $7.38              | $2.51              | U.S. Treasuries (including strips) |
| US Treasury Strip Coupon           | 2050-02-15      | 0.0000%  | 0.0000% | $0.01              | $0.00              | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2027-07-15      | 0.3750%  | 0.0000% | $100.00            | $128.80            | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2034-07-15      | 1.8750%  | 0.0000% | $100.00            | $101.32            | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2034-01-15      | 1.7500%  | 0.0000% | $100.00            | $102.41            | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2028-04-15      | 1.2500%  | 0.0000% | $600.00            | $636.85            | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2032-01-15      | 0.1250%  | 0.0000% | $100.00            | $103.24            | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2025-10-15      | 0.1250%  | 0.0000% | $509944000.00      | $626458545.11      | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2025-07-15      | 0.3750%  | 0.0000% | $95349700.00       | $128610187.86      | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2026-07-15      | 0.1250%  | 0.0000% | $23344500.00       | $30852058.74       | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2026-01-15      | 0.6250%  | 0.0000% | $100.00            | $134.17            | U.S. Treasuries (including strips) |
| U.S. Treasury Bill                 | 2025-10-30      | 0.0000%  | 0.0000% | $100.00            | $98.22             | U.S. Treasuries (including strips) |

### Security 2: J.P. Morgan Securities LLC Tri Party Repo

- **C.1 - Title:** J.P. Morgan Securities LLC Tri Party Repo 4.290000%
- **C.6 - Investment Category:** U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash
- **Identifiers:** C.3 - CUSIP: 45599P007, C.3 - LEI: ZBUT11V806EZRVTWT807, C.5 - Other ID: 45599P007_4.29_0602
- **C.18 - Value (incl. sponsor support):** $1000000000.00
- **C.18.a - Value (excl. sponsor support):** $1000000000.00
- **C.19 - Percentage of Net Assets:** 2.2700%
- **C.17 - Yield as of Reporting Date:** 4.2900%
- **C.11 - Maturity Date (WAM):** 2025-06-02
- **C.12 - Maturity Date (WAL):** 2025-06-02
- **C.13 - Final Legal Maturity Date:** 2025-06-02
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** No

- **Is Tri-party?:** Yes

**Collateral:**
| Issuer Name        | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                           |
|:---|:---|:---|:---|:---|:---|:---|
| U.S. Treasury Note | 2026-11-30      | 1.6250%  | 0.0000% | $2494100.00        | $2428179.33        | U.S. Treasuries (including strips) |
| U.S. Treasury Note | 2026-12-31      | 1.2500%  | 0.0000% | $400.00            | $385.32            | U.S. Treasuries (including strips) |
| U.S. Treasury Note | 2027-06-30      | 3.2500%  | 0.0000% | $445097600.00      | $445306729.55      | U.S. Treasuries (including strips) |
| U.S. Treasury Note | 2029-08-31      | 3.1250%  | 0.0000% | $179000.00         | $174647.00         | U.S. Treasuries (including strips) |
| U.S. Treasury Note | 2028-09-30      | 4.6250%  | 0.0000% | $130488800.00      | $134404634.09      | U.S. Treasuries (including strips) |
| U.S. Treasury Note | 2027-06-15      | 4.6250%  | 0.0000% | $422972800.00      | $437685499.83      | U.S. Treasuries (including strips) |

### Security 3: J.P. Morgan Securities LLC Tri Party Repo

- **C.1 - Title:** J.P. Morgan Securities LLC Tri Party Repo 4.340000%
- **C.6 - Investment Category:** U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash
- **Identifiers:** C.3 - CUSIP: 45599P007, C.3 - LEI: ZBUT11V806EZRVTWT807, C.5 - Other ID: 45599P007_4.34_0602
- **C.18 - Value (incl. sponsor support):** $500000000.00
- **C.18.a - Value (excl. sponsor support):** $500000000.00
- **C.19 - Percentage of Net Assets:** 1.1300%
- **C.17 - Yield as of Reporting Date:** 4.3400%
- **C.11 - Maturity Date (WAM):** 2025-06-02
- **C.12 - Maturity Date (WAL):** 2025-06-02
- **C.13 - Final Legal Maturity Date:** 2025-06-02
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** No

- **Is Tri-party?:** Yes

**Collateral:**
| Issuer Name        | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                           |
|:---|:---|:---|:---|:---|:---|:---|
| U.S. Treasury Note | 2027-06-15      | 4.6250%  | 0.0000% | $492856500.00      | $510000036.76      | U.S. Treasuries (including strips) |

### Security 4: Fixed Income Clearing Corp. - State Street Bank and Trust Co.

- **C.1 - Title:** Fixed Income Clearing Corp. - State Street Bank and Trust Co. 4.340000%
- **C.6 - Investment Category:** U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash
- **Identifiers:** C.3 - CUSIP: 85748R009, C.3 - LEI: N/A, C.5 - Other ID: 85748R009_4.34_0602
- **C.18 - Value (incl. sponsor support):** $18241000000.00
- **C.18.a - Value (excl. sponsor support):** $18241000000.00
- **C.19 - Percentage of Net Assets:** 41.3600%
- **C.17 - Yield as of Reporting Date:** 4.3400%
- **C.11 - Maturity Date (WAM):** 2025-06-02
- **C.12 - Maturity Date (WAL):** 2025-06-02
- **C.13 - Final Legal Maturity Date:** 2025-06-02
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** Yes

- **Name of CCP:** Fixed Income Clearing Corp. - State Street Bank and Trust Co.

- **Is Tri-party?:** No

**Collateral:**
| Issuer Name                        | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                           |
|:---|:---|:---|:---|:---|:---|:---|
| U.S. Treasury Note                 | 2031-07-31      | 4.1250%  | 0.0000% | $702000000.00      | $710861058.20      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2029-10-31      | 4.1250%  | 0.0000% | $704396300.00      | $710479621.40      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2029-07-31      | 4.0000%  | 0.0000% | $328011900.00      | $332581246.80      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2031-06-30      | 4.2500%  | 0.0000% | $964050000.00      | $986977413.10      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2031-05-31      | 4.6250%  | 0.0000% | $583000000.00      | $611643233.10      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2030-01-31      | 4.2500%  | 0.0000% | $333410500.00      | $341493850.90      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2031-03-31      | 4.1250%  | 0.0000% | $257000000.00      | $258938694.90      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2031-02-28      | 4.2500%  | 0.0000% | $1150000000.00     | $1170980485.00     | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2031-01-31      | 4.0000%  | 0.0000% | $100000000.00      | $100853980.00      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2030-07-30      | 4.0000%  | 0.0000% | $483000000.00      | $488407697.00      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2031-08-15      | 1.2500%  | 0.0000% | $158200000.00      | $133820725.10      | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2031-01-15      | 0.1250%  | 0.0000% | $100000000.00      | $112654876.00      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2031-04-30      | 4.6250%  | 0.0000% | $200000000.00      | $206035328.00      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2030-11-30      | 4.3750%  | 0.0000% | $19000000.00       | $19692404.08       | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2030-06-30      | 3.7500%  | 0.0000% | $550000000.00      | $551349007.00      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2030-08-15      | 0.6250%  | 0.0000% | $450000000.00      | $379001376.00      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2030-12-31      | 3.7500%  | 0.0000% | $229000000.00      | $228720819.20      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2029-07-31      | 2.6250%  | 0.0000% | $380985200.00      | $364628229.10      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2030-11-15      | 0.8750%  | 0.0000% | $23950000.00       | $20244421.27       | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2031-11-30      | 4.1250%  | 0.0000% | $50000000.00       | $50883006.50       | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2031-11-15      | 1.3750%  | 0.0000% | $100000000.00      | $84274797.00       | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2031-05-15      | 1.6250%  | 0.0000% | $900000000.00      | $782717229.00      | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2032-01-05      | 0.1250%  | 0.0000% | $162794400.00      | $168162367.90      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2029-12-31      | 4.3750%  | 0.0000% | $1256782800.00     | $1298909003.00     | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2029-11-30      | 4.1250%  | 0.0000% | $83513100.00       | $85689331.96       | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2025-11-30      | 4.8750%  | 0.0000% | $50000000.00       | $51337444.50       | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2025-10-31      | 0.2500%  | 0.0000% | $50000000.00       | $49162534.50       | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2025-10-15      | 0.1250%  | 0.0000% | $3425000000.00     | $4207563865.00     | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2026-01-16      | 0.6250%  | 0.0000% | $1054424900.00     | $1414242768.00     | U.S. Treasuries (including strips) |
| U.S. Treasury Bill                 | 2025-09-23      | 0.0000%  | 0.0000% | $727512200.00      | $717611923.00      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2025-10-31      | 5.0000%  | 0.0000% | $274000000.00      | $275774024.00      | U.S. Treasuries (including strips) |
| U.S. Treasury Bill                 | 2025-11-28      | 0.0000%  | 0.0000% | $57680000.00       | $56463602.05       | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2025-11-30      | 0.3750%  | 0.0000% | $87000000.00       | $85452815.49       | U.S. Treasuries (including strips) |
| U.S. Treasury Bill                 | 2025-11-20      | 0.0000%  | 0.0000% | $496476900.00      | $486450136.90      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2025-12-31      | 0.3750%  | 0.0000% | $48000000.00       | $46998336.00       | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2025-11-30      | 2.8750%  | 0.0000% | $48000000.00       | $48336709.44       | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2025-09-30      | 5.0000%  | 0.0000% | $699000000.00      | $706072901.40      | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Bond | 2026-01-15      | 2.0000%  | 0.0000% | $160335000.00      | $260353061.70      | U.S. Treasuries (including strips) |

### Security 5: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797LN5, C.4 - ISIN: US912797LN52, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $409515896.60
- **C.18.a - Value (excl. sponsor support):** $409515896.60
- **C.19 - Percentage of Net Assets:** 0.9300%
- **C.17 - Yield as of Reporting Date:** 4.3100%
- **C.11 - Maturity Date (WAM):** 2025-06-12
- **C.12 - Maturity Date (WAL):** 2025-06-12
- **C.13 - Final Legal Maturity Date:** 2025-06-12
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 6: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797LW5, C.4 - ISIN: US912797LW51, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $651083343.12
- **C.18.a - Value (excl. sponsor support):** $651083343.12
- **C.19 - Percentage of Net Assets:** 1.4800%
- **C.17 - Yield as of Reporting Date:** 4.3000%
- **C.11 - Maturity Date (WAM):** 2025-07-10
- **C.12 - Maturity Date (WAL):** 2025-07-10
- **C.13 - Final Legal Maturity Date:** 2025-07-10
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 7: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797NP8, C.4 - ISIN: US912797NP82, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $826707035.25
- **C.18.a - Value (excl. sponsor support):** $826707035.25
- **C.19 - Percentage of Net Assets:** 1.8700%
- **C.17 - Yield as of Reporting Date:** 4.3100%
- **C.11 - Maturity Date (WAM):** 2025-06-05
- **C.12 - Maturity Date (WAL):** 2025-06-05
- **C.13 - Final Legal Maturity Date:** 2025-06-05
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 8: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797NV5, C.4 - ISIN: US912797NV50, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $632657505.00
- **C.18.a - Value (excl. sponsor support):** $632657505.00
- **C.19 - Percentage of Net Assets:** 1.4300%
- **C.17 - Yield as of Reporting Date:** 4.3000%
- **C.11 - Maturity Date (WAM):** 2025-06-20
- **C.12 - Maturity Date (WAL):** 2025-06-20
- **C.13 - Final Legal Maturity Date:** 2025-06-20
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 9: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797NW3, C.4 - ISIN: US912797NW34, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $634207007.88
- **C.18.a - Value (excl. sponsor support):** $634207007.88
- **C.19 - Percentage of Net Assets:** 1.4400%
- **C.17 - Yield as of Reporting Date:** 4.3000%
- **C.11 - Maturity Date (WAM):** 2025-06-26
- **C.12 - Maturity Date (WAL):** 2025-06-26
- **C.13 - Final Legal Maturity Date:** 2025-06-26
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 10: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797NX1, C.4 - ISIN: US912797NX17, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $648635457.33
- **C.18.a - Value (excl. sponsor support):** $648635457.33
- **C.19 - Percentage of Net Assets:** 1.4700%
- **C.17 - Yield as of Reporting Date:** 4.2900%
- **C.11 - Maturity Date (WAM):** 2025-07-03
- **C.12 - Maturity Date (WAL):** 2025-07-03
- **C.13 - Final Legal Maturity Date:** 2025-07-03
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 11: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797PL5, C.4 - ISIN: US912797PL50, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $413951388.12
- **C.18.a - Value (excl. sponsor support):** $413951388.12
- **C.19 - Percentage of Net Assets:** 0.9400%
- **C.17 - Yield as of Reporting Date:** 4.2900%
- **C.11 - Maturity Date (WAM):** 2025-06-03
- **C.12 - Maturity Date (WAL):** 2025-06-03
- **C.13 - Final Legal Maturity Date:** 2025-06-03
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 12: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797PR2, C.4 - ISIN: US912797PR21, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $421602851.58
- **C.18.a - Value (excl. sponsor support):** $421602851.58
- **C.19 - Percentage of Net Assets:** 0.9600%
- **C.17 - Yield as of Reporting Date:** 4.3000%
- **C.11 - Maturity Date (WAM):** 2025-06-10
- **C.12 - Maturity Date (WAL):** 2025-06-10
- **C.13 - Final Legal Maturity Date:** 2025-06-10
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 13: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797PS0, C.4 - ISIN: US912797PS04, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $644857387.50
- **C.18.a - Value (excl. sponsor support):** $644857387.50
- **C.19 - Percentage of Net Assets:** 1.4600%
- **C.17 - Yield as of Reporting Date:** 4.3100%
- **C.11 - Maturity Date (WAM):** 2025-06-17
- **C.12 - Maturity Date (WAL):** 2025-06-17
- **C.13 - Final Legal Maturity Date:** 2025-06-17
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 14: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797PT8, C.4 - ISIN: US912797PT86, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $1063241128.04
- **C.18.a - Value (excl. sponsor support):** $1063241128.04
- **C.19 - Percentage of Net Assets:** 2.4100%
- **C.17 - Yield as of Reporting Date:** 4.3000%
- **C.11 - Maturity Date (WAM):** 2025-06-24
- **C.12 - Maturity Date (WAL):** 2025-06-24
- **C.13 - Final Legal Maturity Date:** 2025-06-24
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 15: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797PU5, C.4 - ISIN: US912797PU59, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $634833269.98
- **C.18.a - Value (excl. sponsor support):** $634833269.98
- **C.19 - Percentage of Net Assets:** 1.4400%
- **C.17 - Yield as of Reporting Date:** 4.3000%
- **C.11 - Maturity Date (WAM):** 2025-07-01
- **C.12 - Maturity Date (WAL):** 2025-07-01
- **C.13 - Final Legal Maturity Date:** 2025-07-01
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 16: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QA8, C.4 - ISIN: US912797QA86, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $642743798.24
- **C.18.a - Value (excl. sponsor support):** $642743798.24
- **C.19 - Percentage of Net Assets:** 1.4600%
- **C.17 - Yield as of Reporting Date:** 4.3000%
- **C.11 - Maturity Date (WAM):** 2025-07-15
- **C.12 - Maturity Date (WAL):** 2025-07-15
- **C.13 - Final Legal Maturity Date:** 2025-07-15
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 17: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QB6, C.4 - ISIN: US912797QB69, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $649172355.61
- **C.18.a - Value (excl. sponsor support):** $649172355.61
- **C.19 - Percentage of Net Assets:** 1.4700%
- **C.17 - Yield as of Reporting Date:** 4.3000%
- **C.11 - Maturity Date (WAM):** 2025-07-22
- **C.12 - Maturity Date (WAL):** 2025-07-22
- **C.13 - Final Legal Maturity Date:** 2025-07-22
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 18: U.S. Treasury Bill

- **C.1 - Title:** U.S. Treasury Bill
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 912797QC4, C.4 - ISIN: US912797QC43, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $632731169.98
- **C.18.a - Value (excl. sponsor support):** $632731169.98
- **C.19 - Percentage of Net Assets:** 1.4300%
- **C.17 - Yield as of Reporting Date:** 4.3200%
- **C.11 - Maturity Date (WAM):** 2025-07-29
- **C.12 - Maturity Date (WAL):** 2025-07-29
- **C.13 - Final Legal Maturity Date:** 2025-07-29
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 19: U.S. Treasury Note

- **C.1 - Title:** U.S. Treasury Note 3.875000%
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 91282CGE5, C.4 - ISIN: US91282CGE57, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $221579414.34
- **C.18.a - Value (excl. sponsor support):** $221579414.34
- **C.19 - Percentage of Net Assets:** 0.5000%
- **C.17 - Yield as of Reporting Date:** 4.1800%
- **C.11 - Maturity Date (WAM):** 2026-01-15
- **C.12 - Maturity Date (WAL):** 2026-01-15
- **C.13 - Final Legal Maturity Date:** 2026-01-15
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 20: U.S. Treasury Note

- **C.1 - Title:** U.S. Treasury Note 4.625000%
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 91282CGR6, C.4 - ISIN: US91282CGR60, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $220640235.20
- **C.18.a - Value (excl. sponsor support):** $220640235.20
- **C.19 - Percentage of Net Assets:** 0.5000%
- **C.17 - Yield as of Reporting Date:** 4.2400%
- **C.11 - Maturity Date (WAM):** 2026-03-15
- **C.12 - Maturity Date (WAL):** 2026-03-15
- **C.13 - Final Legal Maturity Date:** 2026-03-15
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 21: U.S. Treasury Floating Rate Note

- **C.1 - Title:** U.S. Treasury Floating Rate Note 4.546300%
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 91282CJU6, C.4 - ISIN: US91282CJU62, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $1247723218.00
- **C.18.a - Value (excl. sponsor support):** $1247723218.00
- **C.19 - Percentage of Net Assets:** 2.8300%
- **C.17 - Yield as of Reporting Date:** 4.3200%
- **C.11 - Maturity Date (WAM):** 2025-06-02
- **C.12 - Maturity Date (WAL):** 2026-01-31
- **C.13 - Final Legal Maturity Date:** 2026-01-31
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 22: U.S. Treasury Note

- **C.1 - Title:** U.S. Treasury Note 4.250000%
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 91282CJV4, C.4 - ISIN: US91282CJV46, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $541782988.62
- **C.18.a - Value (excl. sponsor support):** $541782988.62
- **C.19 - Percentage of Net Assets:** 1.2300%
- **C.17 - Yield as of Reporting Date:** 4.3000%
- **C.11 - Maturity Date (WAM):** 2026-01-31
- **C.12 - Maturity Date (WAL):** 2026-01-31
- **C.13 - Final Legal Maturity Date:** 2026-01-31
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 23: U.S. Treasury Note

- **C.1 - Title:** U.S. Treasury Note 4.500000%
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 91282CKH3, C.4 - ISIN: US91282CKH33, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $211504420.82
- **C.18.a - Value (excl. sponsor support):** $211504420.82
- **C.19 - Percentage of Net Assets:** 0.4800%
- **C.17 - Yield as of Reporting Date:** 4.2000%
- **C.11 - Maturity Date (WAM):** 2026-03-31
- **C.12 - Maturity Date (WAL):** 2026-03-31
- **C.13 - Final Legal Maturity Date:** 2026-03-31
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 24: U.S. Treasury Note

- **C.1 - Title:** U.S. Treasury Note 4.875000%
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 91282CKK6, C.4 - ISIN: US91282CKK61, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $219301187.50
- **C.18.a - Value (excl. sponsor support):** $219301187.50
- **C.19 - Percentage of Net Assets:** 0.5000%
- **C.17 - Yield as of Reporting Date:** 4.2000%
- **C.11 - Maturity Date (WAM):** 2026-04-30
- **C.12 - Maturity Date (WAL):** 2026-04-30
- **C.13 - Final Legal Maturity Date:** 2026-04-30
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 25: U.S. Treasury Floating Rate Note

- **C.1 - Title:** U.S. Treasury Floating Rate Note 4.451300%
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 91282CKM2, C.4 - ISIN: US91282CKM28, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $1908413525.61
- **C.18.a - Value (excl. sponsor support):** $1908413525.61
- **C.19 - Percentage of Net Assets:** 4.3300%
- **C.17 - Yield as of Reporting Date:** 4.3600%
- **C.11 - Maturity Date (WAM):** 2025-06-03
- **C.12 - Maturity Date (WAL):** 2026-04-30
- **C.13 - Final Legal Maturity Date:** 2026-04-30
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 26: U.S. Treasury Floating Rate Note

- **C.1 - Title:** U.S. Treasury Floating Rate Note 4.483300%
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 91282CLA7, C.4 - ISIN: US91282CLA70, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $1242644250.54
- **C.18.a - Value (excl. sponsor support):** $1242644250.54
- **C.19 - Percentage of Net Assets:** 2.8200%
- **C.17 - Yield as of Reporting Date:** 4.3600%
- **C.11 - Maturity Date (WAM):** 2025-06-03
- **C.12 - Maturity Date (WAL):** 2026-07-31
- **C.13 - Final Legal Maturity Date:** 2026-07-31
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 27: U.S. Treasury Floating Rate Note

- **C.1 - Title:** U.S. Treasury Floating Rate Note 4.506300%
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 91282CLT6, C.4 - ISIN: US91282CLT61, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $1814669420.28
- **C.18.a - Value (excl. sponsor support):** $1814669420.28
- **C.19 - Percentage of Net Assets:** 4.1100%
- **C.17 - Yield as of Reporting Date:** 4.3900%
- **C.11 - Maturity Date (WAM):** 2025-06-03
- **C.12 - Maturity Date (WAL):** 2026-10-31
- **C.13 - Final Legal Maturity Date:** 2026-10-31
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 28: U.S. Treasury Floating Rate Note

- **C.1 - Title:** U.S. Treasury Floating Rate Note 4.399300%
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 91282CMJ7, C.4 - ISIN: US91282CMJ70, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $608202482.24
- **C.18.a - Value (excl. sponsor support):** $608202482.24
- **C.19 - Percentage of Net Assets:** 1.3800%
- **C.17 - Yield as of Reporting Date:** 4.3700%
- **C.11 - Maturity Date (WAM):** 2025-06-03
- **C.12 - Maturity Date (WAL):** 2027-01-31
- **C.13 - Final Legal Maturity Date:** 2027-01-31
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 29: U.S. Treasury Floating Rate Note

- **C.1 - Title:** U.S. Treasury Floating Rate Note 4.491900%
- **C.6 - Investment Category:** U.S. Treasury Debt
- **Identifiers:** C.3 - CUSIP: 91282CMX6, C.4 - ISIN: US91282CMX64, C.3 - LEI: 254900HROIFWPRGM1V77
- **C.18 - Value (incl. sponsor support):** $629361561.78
- **C.18.a - Value (excl. sponsor support):** $629361561.78
- **C.19 - Percentage of Net Assets:** 1.4300%
- **C.17 - Yield as of Reporting Date:** 4.4300%
- **C.11 - Maturity Date (WAM):** 2025-06-03
- **C.12 - Maturity Date (WAL):** 2027-04-30
- **C.13 - Final Legal Maturity Date:** 2027-04-30
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? Yes, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

### Security 30: Federal Reserve Bank of New York Tri Party Repo

- **C.1 - Title:** Federal Reserve Bank of New York 4.250000%
- **C.6 - Investment Category:** U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash
- **Identifiers:** C.3 - CUSIP: 98599G006, C.3 - LEI: N/A, C.5 - Other ID: 98599G006_4.25_0602
- **C.18 - Value (incl. sponsor support):** $5000000000.00
- **C.18.a - Value (excl. sponsor support):** $5000000000.00
- **C.19 - Percentage of Net Assets:** 11.3400%
- **C.17 - Yield as of Reporting Date:** 4.2500%
- **C.11 - Maturity Date (WAM):** 2025-06-02
- **C.12 - Maturity Date (WAL):** 2025-06-02
- **C.13 - Final Legal Maturity Date:** 2025-06-02
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** No

- **Is Tri-party?:** Yes

**Collateral:**
| Issuer Name        | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                           |
|:---|:---|:---|:---|:---|:---|:---|
| U.S. Treasury Note | 2041-02-15      | 4.7500%  | 0.0000% | $4974978600.00     | $5001770894.53     | U.S. Treasuries (including strips) |

### Security 31: MUFG Securities Americas Inc. Tri Party Repo

- **C.1 - Title:** MUFG Securities Americas Inc. Tri Party Repo 4.350000%
- **C.6 - Investment Category:** U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash
- **Identifiers:** C.3 - CUSIP: 985FHY004, C.3 - LEI: N/A, C.5 - Other ID: 985FHY004_4.35_0602
- **C.18 - Value (incl. sponsor support):** $500000000.00
- **C.18.a - Value (excl. sponsor support):** $500000000.00
- **C.19 - Percentage of Net Assets:** 1.1300%
- **C.17 - Yield as of Reporting Date:** 4.3500%
- **C.11 - Maturity Date (WAM):** 2025-06-02
- **C.12 - Maturity Date (WAL):** 2025-06-02
- **C.13 - Final Legal Maturity Date:** 2025-06-02
- **Characteristics:** C.9 Eligible Security? Yes, C.14 Has Demand Feature? No, C.15 Has Guarantee? No, C.16 Has Enhancement? No, C.22 Is an Illiquid Security? No, C.20 Is a Daily Liquid Asset? Yes, C.21 Is a Weekly Liquid Asset? Yes, C.23 Categorized at Level 3? No

**C.8 - Repurchase Agreement Details:**

- **Is Open?:** No

- **Is Cleared?:** No

- **Is Tri-party?:** Yes

**Collateral:**
| Issuer Name                        | Maturity Date   | Coupon   | Yield   | Principal Amount   | Collateral Value   | Category                           |
|:---|:---|:---|:---|:---|:---|:---|
| U.S. Treasury Bond                 | 2043-05-15      | 3.8750%  | 0.0000% | $100.00            | $87.75             | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2027-08-15      | 2.2500%  | 0.0000% | $104997600.00      | $102019772.31      | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2028-05-15      | 2.8750%  | 0.0000% | $100.00            | $97.30             | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2027-05-15      | 2.3750%  | 0.0000% | $49999900.00       | $48588906.37       | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2030-11-15      | 0.8750%  | 0.0000% | $100.00            | $84.70             | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2026-08-31      | 0.7500%  | 0.0000% | $100.00            | $96.16             | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2028-09-30      | 1.2500%  | 0.0000% | $100.00            | $91.97             | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2027-02-28      | 1.8750%  | 0.0000% | $100.00            | $96.96             | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2029-08-31      | 3.1250%  | 0.0000% | $8121600.00        | $7924095.54        | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2029-10-31      | 4.0000%  | 0.0000% | $100.00            | $100.50            | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2027-10-31      | 4.1250%  | 0.0000% | $1861700.00        | $1877272.70        | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2030-06-30      | 3.7500%  | 0.0000% | $100.00            | $100.40            | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2028-08-31      | 4.3750%  | 0.0000% | $400.00            | $410.01            | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2030-09-30      | 4.6250%  | 0.0000% | $100.00            | $103.60            | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2034-05-15      | 4.3750%  | 0.0000% | $12832000.00       | $12881663.54       | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2026-05-31      | 4.8750%  | 0.0000% | $200.00            | $206.15            | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2027-09-15      | 3.3750%  | 0.0000% | $2210100.00        | $2200755.94        | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2031-11-30      | 4.1250%  | 0.0000% | $536000.00         | $546399.30         | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2027-02-28      | 4.1250%  | 0.0000% | $49329700.00       | $49958525.81       | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2027-10-15      | 1.6250%  | 0.0000% | $2399800.00        | $2623281.05        | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2032-07-15      | 0.6250%  | 0.0000% | $4584400.00        | $4668116.29        | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2027-04-15      | 0.1250%  | 0.0000% | $100.00            | $110.74            | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2026-04-30      | 0.7500%  | 0.0000% | $100.00            | $96.99             | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2026-03-31      | 0.7500%  | 0.0000% | $200.00            | $194.65            | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2025-09-30      | 0.2500%  | 0.0000% | $100.00            | $98.70             | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2025-07-15      | 0.3750%  | 0.0000% | $200.00            | $269.80            | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Bond | 2048-02-15      | 1.0000%  | 0.0000% | $100.00            | $93.95             | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Bond | 2047-02-15      | 0.8750%  | 0.0000% | $69999800.00       | $66104732.59       | U.S. Treasuries (including strips) |
| U.S. Treasury Bond                 | 2047-02-15      | 3.0000%  | 0.0000% | $100.00            | $74.33             | U.S. Treasuries (including strips) |
| U.S. Treasury Inflation Index Note | 2029-01-15      | 0.8750%  | 0.0000% | $200.00            | $248.99            | U.S. Treasuries (including strips) |
| U.S. Treasury Bond                 | 2053-05-15      | 3.6250%  | 0.0000% | $300.00            | $239.85            | U.S. Treasuries (including strips) |
| U.S. Treasury Bond                 | 2051-05-15      | 2.3750%  | 0.0000% | $200.00            | $123.97            | U.S. Treasuries (including strips) |
| U.S. Treasury Bond                 | 2041-02-15      | 1.8750%  | 0.0000% | $115998400.00      | $78719848.03       | U.S. Treasuries (including strips) |
| U.S. Treasury Bond                 | 2040-11-15      | 1.3750%  | 0.0000% | $146722400.00      | $91548829.77       | U.S. Treasuries (including strips) |
| U.S. Treasury Bond                 | 2049-08-15      | 2.2500%  | 0.0000% | $56682200.00       | $35052560.88       | U.S. Treasuries (including strips) |
| U.S. Treasury Bill                 | 2025-08-28      | 0.0000%  | 0.0000% | $100.00            | $98.97             | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2027-03-31      | 3.8750%  | 0.0000% | $200.00            | $200.99            | U.S. Treasuries (including strips) |
| U.S. Treasury Note                 | 2028-03-15      | 3.8750%  | 0.0000% | $5239800.00        | $5281973.67        | U.S. Treasuries (including strips) |

## N-MFP: Signatures

**Registrant:** Master Trust

**Date:** 2025-06-06

**By:** /s/Rose Ann Bubloski

**Name of Signing Officer:** Rose Ann Bubloski

**Title of Signing Officer:** Vice President