2025-03-10LMM0100_GovernmentPortfolio_SingleClass_TSRSemiAnnual
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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 811-10407

 

Master Portfolio Trust

(Exact name of registrant as specified in charter)

 

620 Eighth Avenue, 47th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

 

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 877-6LM-FUND/656-3863

 

Date of fiscal year end: August 31

 

Date of reporting period: February 28, 2025

 

 

 

 

ITEM 1. REPORT TO STOCKHOLDERS.

 

  (a) The Report to Shareholders is filed herewith
Government Portfoliotrue
image
Semi-Annual Shareholder Report | February 28, 2025
image
This semi-annual shareholder report contains important information about Government Portfolio for the period September 1, 2024, to February 28, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-masterfunds-documents. You can also request this information by contacting us at 1-800-625-4554, or 1-203-703-6002.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Government Portfolio
$1
0.01%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. Additional amounts may be voluntarily waived and/or reimbursed from time to time.
† Annualized.
KEY FUND STATISTICS (as of February 28, 2025)
Total Net Assets
$28,271,570,908
Total Number of Portfolio Holdings
166
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
Portfolio Composition (% of Total Investments)
image
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-masterfunds-documents, including its:
• proxy voting information • financial information • holdings • tax information
Government Portfolio  PAGE 1  98068-SHTSR-0425
58.924.18.98.1
 
  (b) Not applicable

 

ITEM 2. CODE OF ETHICS.

 

Not applicable.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

(b) Not applicable.

 

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Schedule of Investments (unaudited)
February 28, 2025
 Government Portfolio
(Percentages shown based on Portfolio net assets)  
Security
 
Rate
Maturity
Date
Face
Amount
Value
Short-Term Investments — 98.7%
U.S. Government Agencies — 23.8%
Federal Farm Credit Bank (FFCB) (Federal
Reserve Bank Prime Loan Rate - 2.995%)
4.505%
3/20/25
$50,000,000
$50,000,000
  (a)
Federal Farm Credit Bank (FFCB)
5.000%
3/28/25
40,000,000
40,000,000
  
Federal Farm Credit Bank (FFCB) (SOFR +
0.140%)
4.500%
4/25/25
115,000,000
114,992,933
  (a)
Federal Farm Credit Bank (FFCB) (Federal
Reserve Bank Prime Loan Rate - 3.040%)
4.460%
6/18/25
110,000,000
109,995,260
  (a)
Federal Farm Credit Bank (FFCB) (U.S.
Federal Funds Intraday Effective Rate +
0.190%)
4.520%
6/20/25
25,000,000
25,000,000
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.130%)
4.520%
8/13/25
75,000,000
75,000,000
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.065%)
4.455%
9/5/25
70,000,000
70,000,000
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.155%)
4.545%
9/5/25
25,000,000
25,011,052
  (a)
Federal Farm Credit Bank (FFCB)
4.390%
9/8/25
50,000,000
50,000,000
  (a)
Federal Farm Credit Bank (FFCB) (Federal
Reserve Bank Prime Loan Rate - 3.010%)
4.490%
9/15/25
50,000,000
50,000,000
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.155%)
4.545%
9/15/25
25,000,000
25,011,886
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.300%)
4.690%
10/3/25
17,000,000
17,023,919
  (a)
Federal Farm Credit Bank (FFCB) (U.S.
Federal Funds Intraday Effective Rate +
0.135%)
4.465%
11/10/25
43,500,000
43,509,710
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.080%)
4.440%
11/21/25
72,000,000
71,994,691
  (a)
Federal Farm Credit Bank (FFCB) (Federal
Reserve Bank Prime Loan Rate - 3.070%)
4.430%
11/28/25
200,000,000
200,000,000
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.155%)
4.545%
11/28/25
30,000,000
30,000,000
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.190%)
4.550%
12/1/25
25,000,000
25,005,513
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.100%)
4.460%
1/15/26
48,270,000
48,270,000
  (a)
Federal Farm Credit Bank (FFCB) (U.S.
Federal Funds Intraday Effective Rate +
0.060%)
4.390%
1/16/26
60,000,000
60,000,000
  (a)
Federal Farm Credit Bank (FFCB)
4.125%
2/3/26
47,780,000
47,720,362
  
See Notes to Financial Statements.
Government Portfolio 2025 Semi-Annual Report
0
Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Government Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
U.S. Government Agencies — continued
Federal Farm Credit Bank (FFCB) (SOFR +
0.090%)
4.480%
2/12/26
$147,500,000
$147,517,104
  (a)
Federal Farm Credit Bank (FFCB) (U.S.
Federal Funds Intraday Effective Rate +
0.120%)
4.450%
3/6/26
155,000,000
154,998,962
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.110%)
4.470%
3/11/26
73,400,000
73,400,000
  (a)
Federal Farm Credit Bank (FFCB) (Federal
Reserve Bank Prime Loan Rate - 3.025%)
4.475%
3/18/26
125,000,000
125,000,000
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.085%)
4.475%
3/20/26
50,000,000
50,000,000
  (a)
Federal Farm Credit Bank (FFCB) (Federal
Reserve Bank Prime Loan Rate - 3.030%)
4.470%
4/17/26
87,500,000
87,500,000
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.080%)
4.440%
5/7/26
50,000,000
50,000,000
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.120%)
4.480%
5/8/26
9,280,000
9,281,494
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.090%)
4.480%
5/14/26
99,875,000
99,857,090
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.085%)
4.445%
5/15/26
120,000,000
120,000,000
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.090%)
4.480%
5/21/26
16,000,000
16,000,487
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.070%)
4.430%
5/22/26
17,790,000
17,790,000
  (a)
Federal Farm Credit Bank (FFCB) (Federal
Reserve Bank Prime Loan Rate - 3.040%)
4.460%
5/28/26
40,000,000
40,000,000
  (a)
Federal Farm Credit Bank (FFCB) (Federal
Reserve Bank Prime Loan Rate - 3.040%)
4.460%
6/12/26
25,549,000
25,549,061
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.100%)
4.490%
6/18/26
15,000,000
15,001,655
  (a)
Federal Farm Credit Bank (FFCB) (Federal
Reserve Bank Prime Loan Rate - 2.990%)
4.510%
6/18/26
3,552,000
3,552,440
  (a)
Federal Farm Credit Bank (FFCB) (Federal
Reserve Bank Prime Loan Rate - 3.020%)
4.480%
6/22/26
148,300,000
148,266,515
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.130%)
4.520%
7/2/26
7,800,000
7,802,953
  (a)
Federal Farm Credit Bank (FFCB) (Federal
Reserve Bank Prime Loan Rate - 3.045%)
4.455%
7/15/26
25,000,000
25,000,000
  (a)
Federal Farm Credit Bank (FFCB) (SOFR +
0.085%)
4.475%
8/7/26
37,780,000
37,780,000
  (a)
See Notes to Financial Statements.
1
Government Portfolio 2025 Semi-Annual Report
 Government Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
U.S. Government Agencies — continued
Federal Farm Credit Bank (FFCB) (SOFR +
0.130%)
4.520%
8/28/26
$7,000,000
$7,003,937
  (a)
Federal Farm Credit Bank (FFCB) (U.S.
Federal Funds Intraday Effective Rate +
0.130%)
4.460%
11/24/26
57,790,000
57,790,000
  (a)
Federal Farm Credit Bank (FFCB) (Federal
Reserve Bank Prime Loan Rate - 3.055%)
4.445%
2/26/27
45,000,000
45,000,000
  (a)
Federal Farm Credit Bank (FFCB), Discount
Notes
4.318%
8/25/25
18,800,000
18,416,402
  (b)
Federal Farm Credit Bank (FFCB), Discount
Notes
4.319%
8/29/25
25,000,000
24,478,368
  (b)
Federal Farm Credit Bank (FFCB), Discount
Notes
4.343%
9/2/25
20,000,000
19,571,417
  (b)
Federal Home Loan Bank (FHLB)
0.500%
4/14/25
53,060,000
52,813,526
  
Federal Home Loan Bank (FHLB) (SOFR +
0.140%)
4.530%
4/21/25
75,000,000
75,000,000
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.135%)
4.525%
5/2/25
9,970,000
9,970,459
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.150%)
4.540%
5/28/25
17,915,000
17,916,858
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.030%)
4.420%
6/9/25
25,000,000
25,000,000
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.115%)
4.505%
6/16/25
50,000,000
50,000,000
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.040%)
4.430%
6/18/25
20,000,000
20,000,275
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.005%)
4.395%
6/27/25
40,000,000
40,000,259
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.115%)
4.475%
7/8/25
100,000,000
100,000,000
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.155%)
4.545%
7/8/25
12,050,000
12,051,370
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.155%)
4.545%
8/21/25
18,195,000
18,196,190
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.155%)
4.545%
8/22/25
11,055,000
11,055,733
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.130%)
4.520%
10/3/25
200,145,000
200,151,674
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.150%)
4.540%
12/11/25
75,000,000
75,000,000
  (a)
Federal Home Loan Bank (FHLB)
4.500%
12/12/25
32,050,000
32,106,905
  
See Notes to Financial Statements.
Government Portfolio 2025 Semi-Annual Report
2
Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Government Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
U.S. Government Agencies — continued
Federal Home Loan Bank (FHLB) (SOFR +
0.145%)
4.505%
1/5/26
$100,000,000
$100,000,000
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.090%)
4.480%
2/2/26
130,000,000
130,003,265
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.090%)
4.480%
2/19/26
100,000,000
100,000,000
  (a)
Federal Home Loan Bank (FHLB)
4.500%
3/13/26
10,000,000
10,019,998
  
Federal Home Loan Bank (FHLB) (SOFR +
0.110%)
4.500%
4/7/26
6,830,000
6,832,159
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.110%)
4.500%
4/10/26
81,000,000
80,984,215
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.120%)
4.480%
5/15/26
75,000,000
75,000,000
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.085%)
4.445%
6/24/26
25,000,000
25,012,555
  (a)
Federal Home Loan Bank (FHLB) (SOFR +
0.090%)
4.450%
7/24/26
100,000,000
100,012,983
  (a)
Federal Home Loan Bank (FHLB), Discount
Notes
4.013%
3/5/25
133,250,000
133,178,193
  (b)
Federal Home Loan Bank (FHLB), Discount
Notes
3.866%
3/7/25
361,830,000
361,566,895
  (b)
Federal Home Loan Bank (FHLB), Discount
Notes
4.193%
3/21/25
150,000,000
149,645,917
  (b)
Federal Home Loan Bank (FHLB), Discount
Notes
4.316%
4/1/25
211,200,000
210,419,053
  (b)
Federal Home Loan Bank (FHLB), Discount
Notes
4.418%
5/7/25
106,020,000
105,169,572
  (b)
Federal Home Loan Bank (FHLB), Discount
Notes
4.224%
5/16/25
230,000,000
228,001,340
  (b)
Federal Home Loan Bank (FHLB), Discount
Notes
4.361%
9/23/25
169,780,000
165,719,051
  (b)
Federal Home Loan Mortgage Corp.
(FHLMC)
4.050%
8/28/25
4,799,000
4,791,798
  
Federal Home Loan Mortgage Corp.
(FHLMC)
0.590%
10/8/25
57,800,000
56,533,788
  
Federal Home Loan Mortgage Corp.
(FHLMC) (SOFR + 0.100%)
4.490%
2/9/26
148,270,000
148,270,000
  (a)
Federal Home Loan Mortgage Corp.
(FHLMC) (SOFR + 0.110%)
4.470%
3/5/26
94,300,000
94,300,000
  (a)
Federal Home Loan Mortgage Corp.
(FHLMC) (SOFR + 0.115%)
4.505%
4/2/26
97,400,000
97,400,000
  (a)
See Notes to Financial Statements.
3
Government Portfolio 2025 Semi-Annual Report
 Government Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
U.S. Government Agencies — continued
Federal Home Loan Mortgage Corp.
(FHLMC) (SOFR + 0.110%)
4.500%
5/7/26
$73,000,000
$73,000,000
  (a)
Federal Home Loan Mortgage Corp.
(FHLMC) (SOFR + 0.140%)
4.530%
10/16/26
75,027,000
75,110,991
  (a)
Federal National Mortgage Association
(FNMA)
0.700%
7/14/25
3,250,000
3,204,805
  
Federal National Mortgage Association
(FNMA)
0.650%
8/25/25
73,560,000
72,221,531
  
Federal National Mortgage Association
(FNMA)
0.500%
11/7/25
53,620,000
52,258,839
  
Federal National Mortgage Association
(FNMA) (SOFR + 0.120%)
4.510%
7/29/26
75,000,000
75,000,000
  (a)
Federal National Mortgage Association
(FNMA) (SOFR + 0.135%)
4.525%
8/21/26
292,540,000
292,550,581
  (a)
Federal National Mortgage Association
(FNMA) (SOFR + 0.140%)
4.530%
9/11/26
85,600,000
85,600,000
  (a)
Federal National Mortgage Association
(FNMA) (SOFR + 0.140%)
4.530%
10/23/26
66,000,000
66,000,000
  (a)
Federal National Mortgage Association
(FNMA) (SOFR + 0.140%)
4.530%
11/20/26
124,910,000
124,910,758
  (a)
Federal National Mortgage Association
(FNMA) (SOFR + 0.140%)
4.530%
12/11/26
85,960,000
85,960,024
  (a)
 
Total U.S. Government Agencies
6,733,034,771
U.S. Treasury Bills — 8.8%
U.S. Treasury Bills
3.400%
3/4/25
50,000,000
49,981,685
  (b)
U.S. Treasury Bills
3.987%
3/6/25
70,000,000
69,955,025
  (b)
U.S. Treasury Bills
3.988%
3/11/25
150,000,000
149,823,333
  (b)
U.S. Treasury Bills
4.070%
3/13/25
150,000,000
149,787,000
  (b)
U.S. Treasury Bills
4.285%
3/18/25
180,000,000
179,627,983
  (b)
U.S. Treasury Bills
4.359%
3/25/25
200,000,000
199,416,333
  (b)
U.S. Treasury Bills
4.243%
3/27/25
147,370,000
146,917,656
  (b)
U.S. Treasury Bills
4.415%
4/1/25
161,700,000
161,088,729
  (b)
U.S. Treasury Bills
4.283%
4/3/25
245,000,000
244,044,788
  (b)
U.S. Treasury Bills
4.365%
4/8/25
271,700,000
270,462,482
  (b)
U.S. Treasury Bills
4.361%
4/10/25
75,000,000
74,641,250
  (b)
U.S. Treasury Bills
4.398%
4/24/25
50,000,000
49,676,750
  (b)
U.S. Treasury Bills
4.425%
5/1/25
65,000,000
64,523,649
  (b)
U.S. Treasury Bills
4.472%
5/29/25
115,000,000
113,766,034
  (b)
U.S. Treasury Bills
4.441%
6/5/25
280,000,000
276,785,600
  (b)
U.S. Treasury Bills
4.369%
6/17/25
100,000,000
98,731,000
  (b)
See Notes to Financial Statements.
Government Portfolio 2025 Semi-Annual Report
4
Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Government Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
U.S. Treasury Bills — continued
U.S. Treasury Bills
4.236%
7/1/25
$110,000,000
$108,472,834
  (b)(c)
U.S. Treasury Bills
4.391%
8/21/25
75,000,000
73,479,042
  (b)
 
Total U.S. Treasury Bills
2,481,181,173
U.S. Treasury Notes — 8.0%
U.S. Treasury Notes
0.375%
4/30/25
80,000,000
79,487,963
  
U.S. Treasury Notes
3.875%
4/30/25
235,070,000
234,663,261
  
U.S. Treasury Notes
2.750%
5/15/25
50,000,000
49,789,763
  
U.S. Treasury Notes
4.625%
6/30/25
114,000,000
113,878,590
  
U.S. Treasury Notes
2.875%
7/31/25
96,500,000
95,698,596
  
U.S. Treasury Notes
0.250%
9/30/25
223,500,000
218,295,628
  
U.S. Treasury Notes
5.000%
9/30/25
175,700,000
176,369,116
  
U.S. Treasury Notes
0.250%
10/31/25
53,500,000
52,061,288
  
U.S. Treasury Notes
5.000%
10/31/25
55,000,000
55,213,221
  
U.S. Treasury Notes
4.875%
11/30/25
83,300,000
83,593,120
  
U.S. Treasury Notes
0.375%
12/31/25
141,600,000
137,143,420
  
U.S. Treasury Notes
4.250%
12/31/25
397,880,000
397,849,747
  
U.S. Treasury Notes
3.875%
1/15/26
103,600,000
103,262,777
  
U.S. Treasury Notes
4.250%
1/31/26
26,650,000
26,644,514
  
U.S. Treasury Notes
1.625%
2/15/26
163,040,000
158,978,565
  
U.S. Treasury Notes
4.625%
2/28/26
180,530,000
181,115,105
  
U.S. Treasury Notes
0.750%
3/31/26
57,000,000
54,950,019
  
U.S. Treasury Notes
4.500%
3/31/26
44,000,000
44,144,014
  
 
Total U.S. Treasury Notes
2,263,138,707
Repurchase Agreements — 58.1%
Bank of Montreal tri-party repurchase
agreement dated 2/28/25; Proceeds at
maturity — $200,071,000; (Fully
collateralized by U.S. government
obligations, 0.000% to 4.250% due 4/30/25
to 2/15/49; Market value — $204,000,003)
4.260%
3/3/25
200,000,000
200,000,000
  
Bank of Montreal tri-party repurchase
agreement dated 2/28/25; Proceeds at
maturity — $300,107,500; (Fully
collateralized by U.S. government
obligations, 1.250% to 4.500% due 8/31/26
to 12/31/31; Market value —
$306,000,008)
4.300%
3/3/25
300,000,000
300,000,000
  
See Notes to Financial Statements.
5
Government Portfolio 2025 Semi-Annual Report
 Government Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Repurchase Agreements — continued
Bank of Montreal tri-party repurchase
agreement dated 2/28/25; Proceeds at
maturity — $200,072,667; (Fully
collateralized by U.S. government
obligations, 5.516% to 5.996% due 9/20/54
to 11/20/54; Market value —
$210,000,000)
4.360%
3/3/25
$200,000,000
$200,000,000
  
BMO Capital Markets Corp. tri-party
repurchase agreement dated 2/12/25;
Proceeds at maturity — $200,648,000;
(Fully collateralized by U.S. government
obligations, 0.000% to 7.000% due 5/2/25
to 2/20/65; Market value — $209,310,762)
4.320%
3/11/25
200,000,000
200,000,000
  
BMO Capital Markets Corp. tri-party
repurchase agreement dated 2/5/25;
Proceeds at maturity — $200,672,000;
(Fully collateralized by U.S. government
obligations, 1.250% to 7.000% due 2/28/26
to 2/20/65; Market value — $208,409,845)
4.320%
3/5/25
200,000,000
200,000,000
  
BNP Paribas SA tri-party repurchase
agreement dated 2/28/25; Proceeds at
maturity — $500,181,667; (Fully
collateralized by U.S. government
obligations, 1.500% to 7.209% due 7/1/28
to 7/20/64; Market value — $511,315,544)
4.360%
3/3/25
500,000,000
500,000,000
  
BofA Securities Inc. tri-party repurchase
agreement dated 1/17/25; Proceeds at
maturity — $101,125,389; (Fully
collateralized by U.S. government
obligations, 1.500% to 7.037% due 8/1/26
to 2/20/64; Market value — $102,000,000)
4.310%
4/21/25
100,000,000
100,000,000
  
BofA Securities Inc. tri-party repurchase
agreement dated 12/18/24; Proceeds at
maturity — $101,095,000; (Fully
collateralized by U.S. government
obligations, 3.000% to 7.000% due 2/1/26
to 10/15/59; Market value —
$102,000,000)
4.380%
3/18/25
100,000,000
100,000,000
  
See Notes to Financial Statements.
Government Portfolio 2025 Semi-Annual Report
6
Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Government Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Repurchase Agreements — continued
BofA Securities Inc. tri-party repurchase
agreement dated 2/28/25; Proceeds at
maturity — $250,090,417; (Fully
collateralized by U.S. government
obligations, 0.125% to 4.500% due 4/15/25
to 8/15/41; Market value — $255,000,051)
4.340%
3/3/25
$250,000,000
$250,000,000
  
BofA Securities Inc. tri-party repurchase
agreement dated 2/28/25; Proceeds at
maturity — $900,326,250; (Fully
collateralized by U.S. government
obligations, 4.000% to 4.125% due 2/28/30
to 2/29/32; Market value — $918,000,023)
4.350%
3/3/25
900,000,000
900,000,000
  
BofA Securities Inc. tri-party repurchase
agreement dated 2/28/25; Proceeds at
maturity — $1,000,363,333; (Fully
collateralized by U.S. government
obligations, 2.000% to 8.500% due 1/1/26
to 12/15/64; Market value —
$1,020,000,000)
4.360%
3/3/25
1,000,000,000
1,000,000,000
  
Canadian Imperial Bank of Commerce tri-
party repurchase agreement dated 1/30/25;
Proceeds at maturity — $150,880,979;
(Fully collateralized by U.S. government
obligations, 0.125% to 4.875% due 9/30/25
to 2/15/54; Market value — $153,587,711)
4.315%
3/20/25
150,000,000
150,000,000
  
Canadian Imperial Bank of Commerce tri-
party repurchase agreement dated 2/27/25;
Proceeds at maturity — $150,252,000;
(Fully collateralized by U.S. government
obligations, 0.125% to 5.000% due
10/31/25 to 5/15/54; Market value —
$153,073,642)
4.320%
3/13/25
150,000,000
150,000,000
  
Canadian Imperial Bank of Commerce tri-
party repurchase agreement dated 2/28/25;
Proceeds at maturity — $55,019,938; (Fully
collateralized by U.S. government
obligations, 0.000% to 4.375% due 5/22/25
to 2/15/54; Market value — $56,120,379)
4.350%
3/3/25
55,000,000
55,000,000
  
See Notes to Financial Statements.
7
Government Portfolio 2025 Semi-Annual Report
 Government Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Repurchase Agreements — continued
Canadian Imperial Bank of Commerce tri-
party repurchase agreement dated 2/28/25;
Proceeds at maturity — $115,041,783;
(Fully collateralized by U.S. government
obligations, 0.375% to 8.000% due 8/15/25
to 8/20/64; Market value — $117,342,619)
4.360%
3/3/25
$115,000,000
$115,000,000
  
Credit Agricole SA tri-party repurchase
agreement dated 2/28/25; Proceeds at
maturity — $500,179,167; (Fully
collateralized by U.S. government
obligations, 4.000% to 7.000% due 3/20/53
to 1/20/55; Market value — $510,000,000)
4.300%
3/3/25
500,000,000
500,000,000
  
Credit Agricole SA tri-party repurchase
agreement dated 2/28/25; Proceeds at
maturity — $160,058,000; (Fully
collateralized by U.S. government
obligations, 5.852% due 11/25/54; Market
value — $168,000,001)
4.350%
3/3/25
160,000,000
160,000,000
  
Credit Agricole SA tri-party repurchase
agreement dated 2/28/25; Proceeds at
maturity — $350,127,167; (Fully
collateralized by U.S. government
obligations, 4.500% to 6.500% due 12/1/52
to 1/1/55; Market value — $357,000,000)
4.360%
3/3/25
350,000,000
350,000,000
  
Fixed Income Clearing Corp. tri-party
repurchase agreement dated 2/28/25;
Proceeds at maturity — $480,174,000;
(Fully collateralized by U.S. government
obligations, 4.375% due 5/15/34; Market
value — $489,600,056)
4.350%
3/3/25
480,000,000
480,000,000
  
Fixed Income Clearing Corp. tri-party
repurchase agreement dated 2/28/25;
Proceeds at maturity — $1,450,525,625;
(Fully collateralized by U.S. government
obligations, 0.375% to 4.125% due 8/16/27
to 10/15/27; Market value —
$1,479,000,000)
4.350%
3/3/25
1,450,000,000
1,450,000,000
  
See Notes to Financial Statements.
Government Portfolio 2025 Semi-Annual Report
8
Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Government Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Repurchase Agreements — continued
Fixed Income Clearing Corp. tri-party
repurchase agreement dated 2/28/25;
Proceeds at maturity — $1,382,060,966;
(Fully collateralized by U.S. government
obligations, 0.750% to 4.875% due 5/15/26
to 6/30/26; Market value —
$1,409,190,267)
4.360%
3/3/25
$1,381,559,000
$1,381,559,000
  
ING Financial Markets LLC tri-party
repurchase agreement dated 1/30/25;
Proceeds at maturity — $502,953,611;
(Fully collateralized by U.S. government
obligations, 2.000% to 7.000% due 12/1/47
to 7/1/56; Market value — $510,000,000)
4.340%
3/20/25
500,000,000
500,000,000
  
ING Financial Markets LLC tri-party
repurchase agreement dated 2/28/25;
Proceeds at maturity — $45,016,313; (Fully
collateralized by U.S. government
obligations, 3.750% due 5/31/30; Market
value — $45,900,001)
4.350%
3/3/25
45,000,000
45,000,000
  
ING Financial Markets LLC tri-party
repurchase agreement dated 2/28/25;
Proceeds at maturity — $400,145,333;
(Fully collateralized by U.S. government
obligations, 3.000% to 6.000% due 1/1/51
to 2/1/55; Market value — $408,000,000)
4.360%
3/3/25
400,000,000
400,000,000
  
JPMorgan Securities LLC tri-party
repurchase agreement dated 2/28/25;
Proceeds at maturity — $200,072,000;
(Fully collateralized by U.S. government
obligations, 1.250% due 4/15/28; Market
value — $204,073,504)
4.320%
3/3/25
200,000,000
200,000,000
  
JPMorgan Securities LLC tri-party
repurchase agreement dated 2/28/25;
Proceeds at maturity — $165,059,950;
(Fully collateralized by U.S. government
obligations, 4.125% due 11/15/27 to
11/15/32; Market value — $168,361,160)
4.360%
3/3/25
165,000,000
165,000,000
  
See Notes to Financial Statements.
9
Government Portfolio 2025 Semi-Annual Report
 Government Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Repurchase Agreements — continued
JPMorgan Securities LLC tri-party
repurchase agreement dated 2/28/25;
Proceeds at maturity — $200,072,667;
(Fully collateralized by U.S. government
obligations, 2.250% due 8/15/27; Market
value — $204,074,176)
4.360%
3/3/25
$200,000,000
$200,000,000
  
JPMorgan Securities LLC tri-party
repurchase agreement dated 2/28/25;
Proceeds at maturity — $3,001,092,500;
(Fully collateralized by U.S. government
obligations, 1.500% to 9.000% due 8/1/28
to 3/1/55; Market value — $3,061,114,350)
4.370%
3/3/25
3,000,000,000
3,000,000,000
  
MUFG Securities Americas Inc. tri-party
repurchase agreement dated 2/28/25;
Proceeds at maturity — $250,090,625;
(Fully collateralized by U.S. government
obligations, 2.000% to 7.000% due 4/1/25
to 1/20/55; Market value — $255,000,000)
4.350%
3/3/25
250,000,000
250,000,000
  
MUFG Securities Americas Inc. tri-party
repurchase agreement dated 2/28/25;
Proceeds at maturity — $200,072,833;
(Fully collateralized by U.S. government
obligations, 2.000% to 7.000% due 4/1/25
to 1/1/55; Market value — $204,000,000)
4.370%
3/3/25
200,000,000
200,000,000
  
Nomura Securities International Inc. tri-
party repurchase agreement dated 2/28/25;
Proceeds at maturity — $600,218,000;
(Fully collateralized by U.S. government
obligations, 1.500% to 7.375% due 4/1/25
to 5/1/56; Market value — $612,222,360)
4.360%
3/3/25
600,000,000
600,000,000
  
Societe Generale NY tri-party repurchase
agreement dated 2/28/25; Proceeds at
maturity — $700,254,333; (Fully
collateralized by U.S. government
obligations, 2.000% to 5.500% due 9/1/50
to 9/1/53; Market value — $714,000,000)
4.360%
3/3/25
700,000,000
700,000,000
  
See Notes to Financial Statements.
Government Portfolio 2025 Semi-Annual Report
10
Schedule of Investments (unaudited) (cont’d)
February 28, 2025
 Government Portfolio
(Percentages shown based on Portfolio net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Repurchase Agreements — continued
TD Securities LLC tri-party repurchase
agreement dated 2/28/25; Proceeds at
maturity — $237,643,510; (Fully
collateralized by U.S. government
obligations, 3.875% to 4.125% due
12/31/27 to 11/30/31; Market value —
$242,308,142)
4.370%
3/3/25
$237,557,000
$237,557,000
  
TD Securities LLC tri-party repurchase
agreement dated 2/28/25; Proceeds at
maturity — $100,036,500; (Fully
collateralized by U.S. government
obligations, 5.996% to 6.000% due 8/1/54
to 11/20/54; Market value —
$103,527,166)
4.380%
3/3/25
100,000,000
100,000,000
  
Wells Fargo Securities LLC tri-party
repurchase agreement dated 1/6/25;
Proceeds at maturity — $101,094,528;
(Fully collateralized by U.S. government
obligations, 2.000% to 6.500% due 1/1/26
to 2/1/55; Market value — $102,000,000)
4.330%
4/7/25
100,000,000
100,000,000
  
Wells Fargo Securities LLC tri-party
repurchase agreement dated 2/28/25;
Proceeds at maturity — $850,309,542;
(Fully collateralized by U.S. government
obligations, 1.500% to 7.000% due 7/1/29
to 3/1/55; Market value — $867,000,001)
4.370%
3/3/25
850,000,000
850,000,000
  
Wells Fargo Securities LLC tri-party
repurchase agreement dated 2/5/25;
Proceeds at maturity — $151,671,333;
(Fully collateralized by U.S. government
obligations, 0.000% to 6.750% due 5/23/25
to 9/15/65; Market value — $153,003,246)
4.360%
5/8/25
150,000,000
150,000,000
  
 
Total Repurchase Agreements
16,439,116,000
Total Investments — 98.7% (Cost — $27,916,470,651#)
27,916,470,651
Other Assets in Excess of Liabilities — 1.3%
355,100,257
Total Net Assets — 100.0%
$28,271,570,908
 
See Notes to Financial Statements.
11
Government Portfolio 2025 Semi-Annual Report
 Government Portfolio
#
Aggregate cost for federal income tax purposes is substantially the same.
(a)
Variable rate security. Interest rate disclosed is as of the most recent information available. 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 their
description above.
(b)
Rate shown represents yield-to-maturity.
(c)
Securities traded on a when-issued or delayed delivery basis.
 
Abbreviation(s) used in this schedule:
SOFR
—
Secured Overnight Financing Rate
See Notes to Financial Statements.
Government Portfolio 2025 Semi-Annual Report
12
Statement of Assets and Liabilities (unaudited)
February 28, 2025
 
Assets:
Investments, at value
$11,477,354,651
Repurchase agreements, at value
16,439,116,000
Cash
562,867,225
Interest receivable
49,742,630
Total Assets
28,529,080,506
Liabilities:
Payable for securities purchased
257,187,730
Trustees’ fees payable
24,653
Accrued expenses
297,215
Total Liabilities
257,509,598
Total Net Assets
$28,271,570,908
Represented by:
Paid-in capital
$28,271,570,908
See Notes to Financial Statements.
13
Government Portfolio 2025 Semi-Annual Report
Statement of Operations (unaudited)
For the Six Months Ended February 28, 2025
 
Investment Income:
Interest
$587,037,184
Expenses:
Investment management fee (Note 2)
12,424,398
Trustees’ fees
293,101
Fund accounting fees
141,566
Legal fees
118,924
Custody fees
31,315
Audit and tax fees
17,190
Miscellaneous expenses 
50,432
Total Expenses
13,076,926
Less: Fee waivers and/or expense reimbursements (Note 2)
(12,424,398
)
Net Expenses
652,528
Net Investment Income
586,384,656
Net Realized Gain on Investments
348,079
Increase in Net Assets From Operations
$586,732,735
See Notes to Financial Statements.
Government Portfolio 2025 Semi-Annual Report
14
Statements of Changes in Net Assets
 
For the Six Months Ended February 28, 2025 (unaudited)
and the Year Ended August 31, 2024
2025
2024
Operations:
Net investment income
$586,384,656
$1,122,397,382
Net realized gain
348,079
1,009,670
Increase in Net Assets From Operations
586,732,735
1,123,407,052
Capital Transactions:
Proceeds from contributions
93,446,715,251
189,641,084,362
Value of withdrawals
(94,193,617,197
)
(182,717,180,632
)
Increase (Decrease) in Net Assets From Capital
Transactions
(746,901,946
)
6,923,903,730
Increase (Decrease) in Net Assets
(160,169,211
)
8,047,310,782
Net Assets:
Beginning of period
28,431,740,119
20,384,429,337
End of period
$28,271,570,908
$28,431,740,119
See Notes to Financial Statements.
15
Government Portfolio 2025 Semi-Annual Report
Financial Highlights
 
For the years ended August 31, unless otherwise noted:
 
20251
2024
2023
2022
2021
2020
Net assets, end of period (millions)
$28,272
$28,432
$20,384
$13,797
$18,484
$19,125
Total return2
2.37
%
5.55
%
4.52
%
0.55
%
0.10
%
1.08
%
Ratios to average net assets:
Gross expenses
0.11
%3
0.11
%
0.11
%
0.11
%
0.11
%
0.11
%
Net expenses4,5
0.01
3
0.01
0.01
0.01
0.01
0.01
Net investment income
4.72
3
5.39
4.51
0.49
0.10
0.95
 
1
For the six months ended February 28, 2025 (unaudited).
2
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total
return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less
than one year are not annualized.
3
Annualized.
4
The investment manager, pursuant to the terms of the feeder fund’s investment management agreement, has
agreed to waive 0.10% of Portfolio expenses, attributable to the Portfolio’s investment management fee.
Additional amounts may be voluntarily waived and/or reimbursed from time to time.
5
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
Government Portfolio 2025 Semi-Annual Report
16
Notes to Financial Statements (unaudited)
1. Organization and significant accounting policies
Government Portfolio (the “Portfolio”) is a separate diversified investment series of Master Portfolio Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Declaration of Trust permits the Board of Trustees (the “Board”) to issue beneficial interests in the Portfolio. At February 28, 2025, all investors in the Portfolio were funds advised or administered by the investment manager of the Portfolio and/or its affiliates.
The Portfolio follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Portfolio and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.
(a) Investment valuation. In accordance with Rule 2a-7 under the 1940 Act, money market instruments are valued at amortized cost, which approximates market value. This method involves valuing portfolio securities at their cost and thereafter assuming a constant amortization to maturity of any discount or premium. The Portfolio’s use of amortized cost is subject to its compliance with certain conditions as specified by Rule 2a-7 under the 1940 Act.
Pursuant to policies adopted by the Board, the Portfolio’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Portfolio’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Portfolio’s pricing policies, and reporting to the Board.
The Portfolio uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
17
Government Portfolio 2025 Semi-Annual Report
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) 
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Portfolio’s assets carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Short-Term Investments†
—
$27,916,470,651
—
$27,916,470,651
 
†
See Schedule of Investments for additional detailed categorizations.
(b) Repurchase agreements. The Portfolio may enter into repurchase agreements with institutions that its subadviser has determined are creditworthy. Each repurchase agreement is recorded at cost. Under the terms of a typical repurchase agreement, the Portfolio acquires a debt security subject to an obligation of the seller to repurchase, and of the Portfolio to resell, the security at an agreed-upon price and time, thereby determining the yield during the Portfolio’s holding period. When entering into repurchase agreements, it is the Portfolio’s policy that its custodian or a third party custodian, acting on the Portfolio’s behalf, take possession of the underlying collateral securities, the market value of which, at all times, at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction maturity exceeds one business day, the value of the collateral is marked-to-market and measured against the value of the agreement in an effort to ensure the adequacy of the collateral. If the counterparty defaults, the Portfolio generally has the right to use the collateral to satisfy the terms of the repurchase transaction. However, if the market value of the collateral declines during the period in which the Portfolio seeks to assert its rights or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Portfolio may be delayed or limited.
(c) Securities traded on a when-issued and delayed delivery basis. The Portfolio may trade securities on a when-issued or delayed delivery basis. In when-issued and
Government Portfolio 2025 Semi-Annual Report
18
Notes to Financial Statements (unaudited) (cont’d)
delayed delivery transactions, the securities are purchased or sold by the Portfolio with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Portfolio at the time of entering into the transaction.
Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.
(d) Interest income and expenses. Interest income (including interest income from payment-in-kind securities) consists of interest accrued and discount earned (including both original issue and market discount adjusted for amortization of premium) on the investments of the Portfolio. Expenses of the Portfolio are accrued daily. The Portfolio bears all costs of its operations other than expenses specifically assumed by the investment manager.
(e) Method of allocation. Net investment income of the Portfolio is allocated pro rata, based on respective ownership interests, among the Fund and other investors in the Portfolio (the “Holders”) at the time of such determination. Gross realized gains and/or losses of the Portfolio are allocated to the Holders in a manner such that the net asset values per share of each Holder, after each such allocation, is closer to the total of all Holders’ net asset values divided by the aggregate number of shares outstanding for all Holders.
(f) Compensating balance arrangements. The Portfolio has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Portfolio’s cash on deposit with the bank.
(g) Income taxes. The Portfolio is classified as a partnership for federal income tax purposes. As such, each investor in the Portfolio is treated as owner of its proportionate share of the net assets, income, expenses and realized and unrealized gains and losses of the Portfolio. Therefore, no federal income tax provision is required. It is intended that the Portfolio’s assets will be managed so an investor in the Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code.
Management has analyzed the Portfolio’s tax positions taken on income tax returns for all open tax years and has concluded that as of August 31, 2024, no provision for income tax is required in the Portfolio’s financial statements. The Portfolio’s federal and state income tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
(h) Other. Purchases, maturities and sales of money market instruments are accounted for on the date of the transaction. Realized gains and losses are calculated on the identified cost basis.
19
Government Portfolio 2025 Semi-Annual Report
2. Investment management agreement and other transactions with affiliates
Franklin Templeton Fund Adviser, LLC (“FTFA”) is the Portfolio’s investment manager and Western Asset Management Company, LLC (“Western Asset”) is the Portfolio’s subadviser. FTFA and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).
Under the investment management agreement, the Portfolio pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.10% of the Portfolio’s average daily net assets.
FTFA provides administrative and certain oversight services to the Portfolio. FTFA delegates to the subadviser the day-to-day portfolio management of the Portfolio. For its services, FTFA pays Western Asset monthly 70% of the net management fee it receives from the Portfolio.
As a result of the investment management agreement between FTFA and the feeder fund, FTFA has agreed to waive 0.10% of Portfolio expenses, attributable to the Portfolio’s investment management fee. Additional amounts may be voluntarily waived and/or reimbursed from time to time.
During the six months ended February 28, 2025, fees waived and/or expenses reimbursed amounted to $12,424,398.
FTFA is permitted to recapture amounts waived and/or reimbursed to the Portfolio during the same fiscal year under certain circumstances.
All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.
3. Derivative instruments and hedging activities
During the six months ended February 28, 2025, the Portfolio did not invest in derivative instruments.
4. Operating segments
The Portfolio has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Portfolio’s financial position or results of operations.
The Portfolio operates as a single operating segment, which is an investment portfolio. The Portfolio’s Investment Manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.
Government Portfolio 2025 Semi-Annual Report
20
Notes to Financial Statements (unaudited) (cont’d)
For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Portfolio’s Schedule of Investments provides details of the Portfolio’s investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including expense ratios, are disclosed in the Financial Highlights.
21
Government Portfolio 2025 Semi-Annual Report
 
Changes in and Disagreements with Accountants
For the period covered by this report
Not applicable.
 
Results of Meeting(s) of Shareholders
For the period covered by this report
Not applicable.
 
Remuneration Paid to Directors, Officers and Others
For the period covered by this report
Refer to the financial statements included herein.
Government Portfolio
22

 

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

 

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

Not applicable.

 

ITEM 16. CONTROLS AND PROCEDURES.

 

(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 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

 

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the Registrant’s internal control over financial reporting.

 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Not applicable.

Exhibit 99.CODE ETH

 

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

 

 

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, there unto duly authorized.

 

Master Portfolio Trust  
     
By: /s/ Jane Trust  
  Jane Trust  
  Chief Executive Officer  
     
Date: April 21, 2025  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By: /s/ Jane Trust  
  Jane Trust  
  Chief Executive Officer  
     
Date: April 21, 2025  

 

By: /s/ Christopher Berarducci  
  Christopher Berarducci  
  Principal Financial Officer  
     
Date: April 21, 2025