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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>57152383246.35000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Deutsche Bank Securities Inc.</principalName>
            <principalFileNo>8-17822</principalFileNo>
            <principalCrdNo>000002525</principalCrdNo>
            <principalLei>9J6MBOOO7BECTDTUZW19</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>13280000000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>286205263512.49000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <dailyAvgNetAssets>2724324524.71000000</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Master Trust" signedDate="2024-07-01" signature="Joanne Kilkeary" title="Vice President, Treasurer and Principal Accounting Officer"/>
  </formData>
</edgarSubmission>
