# EDGAR Filing Document

**Accession Number:** 0001094885
**File Stem:** 0001193125-25-195708
**Filing Date:** 2025-9
**Character Count:** 469034
**Document Hash:** 812d7189deee1b371daa5395ba6b6214
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-195708.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-195708

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STATE STREET MASTER FUNDS
- **CENTRAL INDEX KEY:** 0001094885

**ORGANIZATION NAME:**
- **EIN:** 043480508
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09599
- **FILM NUMBER:** 251292397

**BUSINESS ADDRESS:**
- **STREET 1:** ONE IRON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 6176643920

**MAIL ADDRESS:**
- **STREET 1:** ONE IRON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STATE STREET MASTER TRUST
- **DATE OF NAME CHANGE:** 19990913

## Series and Classes Contracts Data

### State Street U.S. Government Money Market Portfolio (Series ID: S000010686)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000029566 | State Street U.S. Government Money Market Portfolio |  |

### State Street Treasury Money Market Portfolio (Series ID: S000019933)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000055942 | State Street Treasury Money Market Portfolio |  |

### State Street Treasury Plus Money Market Portfolio (Series ID: S000019934)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000055943 | State Street Treasury Plus Money Market Portfolio |  |

### State Street International Developed Equity Index Portfolio (Series ID: S000054412)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000170903 | State Street International Developed Equity Index Portfolio |  |

?xml version='1.0' encoding='ASCII'? STATE STREET MASTER FUNDS

### 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: 811-09599

## STATE STREET MASTER FUNDS

#### (Exact name of registrant as specified in charter)

#### One Iron Street, Boston, Massachusetts 02210

#### (Address of principal executive offices) (Zip code)

---

| | |
|:---|:---|
| (Name and Address of Agent for Service) | **Copy to:** |
| **Andrew J. DeLorme, Esq.**<br> **Chief Legal Officer**<br> **c/o SSGA Funds Management, Inc.**<br> **One Iron Street**<br> **Boston, Massachusetts 02210** | **Adam M. Schlichtmann, Esq.**<br> **Ropes & Gray LLP**<br> **Prudential Tower, 800 Boylston Street**<br> **Boston, Massachusetts 02199-3600** |

---

#### Registrant's telephone number, including area code: (617) 664-3920

#### Date of fiscal year end: December 31

#### Date of reporting period: June 30, 2025

------

#### Item 1. Report to Stockholders.
(a) The Report to Shareholders is attached herewith.

![Image](g57416i39acb7a2f7ac41f16b97.jpg)

# State Street International Developed Equity Index Portfolio

#### Semi-Annual Shareholder Report

#### June 30, 2025
This semi-annual shareholder report contains important information about the State Street International Developed Equity Index Portfolio (the "Fund") for the period of January 1, 2025 through June 30, 2025. You can request additional information about the Fund by contacting us at 1-800-647-7327.

## **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** |
| State Street International Developed Equity Index Portfolio | $8 | 0.14%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$3,754,968,039

* Number of Portfolio Holdings699

* Portfolio Turnover Rate5%

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### Top Ten Countries

---

| | |
|:---|:---|
| **Country** | **%** |
| Japan | 21.5% |
| United Kingdom | 11.2% |
| Germany | 10.2% |
| United States | 10.0% |
| France | 9.4% |
| Australia | 6.8% |
| Switzerland | 4.9% |
| Netherlands | 4.2% |
| Spain | 3.1% |
| Italy | 3.1% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| SAP SE | 1.7% |
| ASML Holding NV | 1.6% |
| Nestle SA | 1.4% |
| Roche Holding AG | 1.3% |
| Novartis AG | 1.2% |
| Novo Nordisk AS, Class B | 1.2% |
| AstraZeneca PLC | 1.1% |
| HSBC Holdings PLC | 1.1% |
| Shell PLC | 1.1% |
| Commonwealth Bank of Australia | 1.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information please contact us at 1-800-647-7327.

![Image](g57416i39acb7a2f7ac41f16b97.jpg)

# State Street Treasury Money Market Portfolio

#### Semi-Annual Shareholder Report

#### June 30, 2025
This semi-annual shareholder report contains important information about the State Street Treasury Money Market Portfolio (the "Fund") for the period of January 1, 2025 through June 30, 2025. You can request additional information about the Fund by contacting us at 1-866-392-0869.

## **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** |
| State Street Treasury Money Market Portfolio | $3 | 0.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$12,554,275,695

* Number of Portfolio Holdings67

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Security Types** 

---

| | |
|:---|:---|
| **Asset** | **%** |
| Treasury Debt | 101.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| U.S. Treasury Inflation-Indexed Notes, 1.08%, due 07/15/25 | 7.4% |
| U.S. Treasury Bills, 4.18%, due 07/17/25 | 4.5% |
| U.S. Treasury Bills, 4.10%, due 09/18/25 | 4.4% |
| U.S. Treasury Bills, 4.22%, due 07/03/25 | 4.4% |
| U.S. Treasury Bills, 4.19%, due 08/12/25 | 4.1% |
| U.S. Treasury Bills, 4.13%, due 09/04/25 | 4.1% |
| U.S. Treasury Bills, 4.19%, due 07/22/25 | 4.1% |
| U.S. Treasury Floating Rate Notes, 4.40%, due 07/31/25 | 3.9% |
| U.S. Treasury Bills, 4.15%, due 07/08/25 | 3.8% |
| U.S. Treasury Floating Rate Notes, 4.46%, due 07/31/26 | 3.6% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information please contact us at 1-866-392-0869.

![Image](g57416i39acb7a2f7ac41f16b97.jpg)

# State Street Treasury Plus Money Market Portfolio

#### Semi-Annual Shareholder Report

#### June 30, 2025
This semi-annual shareholder report contains important information about the State Street Treasury Plus Money Market Portfolio (the "Fund") for the period of January 1, 2025 through June 30, 2025. You can request additional information about the Fund by contacting us at 1-866-392-0869.

## **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** |
| State Street Treasury Plus Money Market Portfolio | $3 | 0.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$59,969,978,016

* Number of Portfolio Holdings100

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Security Types** 

---

| | |
|:---|:---|
| **Asset** | **%** |
| Treasury Debt | 55.0% |
| Treasury Repurchase Agreements | 39.3% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| FICCRP TRI PARTY REPO A, 4.39%, due 07/01/25 | 4.2% |
| FICCBA TRI PARTY REPO A, 4.40%, due 07/01/25 | 3.8% |
| JP MORGAN SEC LLC TPR A, 4.39%, due 07/01/25 | 3.7% |
| FICCUB BI PARTY REPO, 4.40%, due 07/01/25 | 3.3% |
| FICCJP TRI PARTY REPO A, 4.39%, due 07/01/25 | 3.3% |
| U.S. Treasury Floating Rate Notes, 4.38%, due 01/31/27 | 3.3% |
| U.S. Treasury Floating Rate Notes, 4.49%, due 10/31/26 | 3.0% |
| U.S. Treasury Bills, 4.10%, due 01/02/26 | 3.0% |
| U.S. Treasury Bills, 4.20%, due 08/12/25 | 2.9% |
| U.S. Treasury Bills, 4.09%, due 11/06/25 | 2.0% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information please contact us at 1-866-392-0869.

![Image](g57416i39acb7a2f7ac41f16b97.jpg)

# State Street U.S. Government Money Market Portfolio

#### Semi-Annual Shareholder Report

#### June 30, 2025
This semi-annual shareholder report contains important information about the State Street U.S. Government Money Market Portfolio (the "Fund") for the period of January 1, 2025 through June 30, 2025. You can request additional information about the Fund by contacting us at 1-866-392-0869.

## **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** |
| State Street U.S. Government Money Market Portfolio | $3 | 0.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$171,174,726,708

* Number of Portfolio Holdings187

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Security Types** 

---

| | |
|:---|:---|
| **Asset** | **%** |
| Treasury Debt | 45.8% |
| Treasury Repurchase Agreements | 21.6% |
| Government Agency Repurchase Agreements | 17.7% |
| Government Agency Debt | 11.7% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| FICCBA TRI PARTY REPO A, 4.40%, due 09/02/25 | 3.9% |
| JP MORGAN SEC LLC TPR D TRI PARTY REPO D, 4.40%, due 07/01/25 | 3.7% |
| FICCMS TRI PARTY REPO D, 4.39%, due 07/01/25 | 3.5% |
| FICCJP TRI PARTY REPO A, 4.39%, due 07/01/25 | 3.5% |
| FICCUB BI PARTY REPO, 4.40%, due 07/01/25 | 3.5% |
| U.S. Treasury Bills, 4.10%, due 01/02/26 | 3.2% |
| U.S. Treasury Bills, 4.20%, due 08/12/25 | 3.1% |
| JP MORGAN SEC LLC TPR A, 4.39%, due 07/01/25 | 2.5% |
| U.S. Treasury Bills, 4.17%, due 08/14/25 | 1.9% |
| JPMBOS CA, 4.55%, due 10/24/25 | 1.9% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information please contact us at 1-866-392-0869.

------

(b) Not Applicable to the Registrant.

#### Item 2. Code of Ethics.
Not applicable to this filing.

#### Item 3. Audit Committee Financial Expert.
Not applicable to this filing.

#### Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.

#### Item 6. Investments.
(a) Schedules of Investments are included as a part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

(b) Not applicable to the Registrant.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The Registrant's Financial Statements are attached herewith.

(b) The Registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

## Semi-Annual Financial Statements and Other Information
June 30, 2025

## State Street Master Funds
State Street U.S. Government Money Market Portfolio

**The information contained in this report is intended for the general information of shareholders of the Portfolio and shareholders of any fund invested in the Portfolio. Interests in the Portfolio are offered solely to eligible investors in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act. This report is not authorized for distribution (i) to prospective investors in any fund invested in the Portfolio unless preceded or accompanied by a current offering document for such fund or (ii) to prospective eligible investors in the Portfolio unless preceded or accompanied by a current offering document of the Portfolio. Eligible investors in the Portfolio may obtain a current Portfolio offering document by calling 1-866-392-0869. Please read the offering document carefully before investing in the Portfolio.**![](g52640img40b0ba191.jpg)

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

------

**TABLE OF CONTENTS** (Unaudited)

---

| | |
|:---|:---|
| **[Schedule of Investments (Unaudited) (N-CSR Item 6)](#xx_84837228-4d0c-45a8-b1fb-f0ace963a84e_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **[Statement of Assets and Liabilities (Unaudited) (N-CSR Item 7)](#xx_0ec851d9-ad74-4113-a005-97fa3d31bf09_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;12 |
| **[Statement of Operations (Unaudited) (N-CSR Item 7)](#xx_03dda516-5366-457f-a1c7-a9e0a6602307_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;13 |
| **[Statements of Changes in Net Assets (Unaudited) (N-CSR Item 7)](#xx_ebdf30fc-7ac7-4994-96db-03f49f92e62f_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;14 |
| **[Financial Highlights (Unaudited) (N-CSR Item 7)](#xx_4adc28bb-67e1-4a11-9011-655d45fd63c2_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;15 |
| **[Notes to Financial Statements (Unaudited) (N-CSR Item 7)](#xx_1a44a8ef-8fe8-4d36-93c0-ff3ce94b2e77_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;16 |
| **[Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11).](#xx_6bc393d0-3f6b-4d31-89eb-84f5cb9bc186_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;20 |

---

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable

#### Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not Applicable
**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above**

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| **GOVERNMENT AGENCY DEBT—11.7%** |  |  |  |  |  |
| Federal Farm Credit Banks Funding Corp., Fed Funds Rate + 0.05% (a)<br>| &nbsp;&nbsp;4.380% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;09/17/2026 | &nbsp;&nbsp;$85600000 | &nbsp;&nbsp;$85600000 |
| Federal Farm Credit Banks Funding Corp., 3 mo. Treasury money market yield + 0.12% (a)<br>| &nbsp;&nbsp;4.401% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;11/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 |
| Federal Farm Credit Banks Funding Corp., 3 mo. Treasury money market yield + 0.12% (a)<br>| &nbsp;&nbsp;4.401% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| Federal Farm Credit Banks Funding Corp., 3 mo. Treasury money market yield + 0.12% (a)<br>| &nbsp;&nbsp;4.401% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.07% (a)<br>| &nbsp;&nbsp;4.460% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;12/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119100000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.07% (a)<br>| &nbsp;&nbsp;4.460% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287686000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287686000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.08% (a)<br>| &nbsp;&nbsp;4.465% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133200000 |
| Federal Farm Credit Banks Funding Corp., 3 mo. Treasury money market yield + 0.19% (a)<br>| &nbsp;&nbsp;4.471% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;02/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249992821 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.09% (a)<br>| &nbsp;&nbsp;4.475% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301200000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.09% (a)<br>| &nbsp;&nbsp;4.480% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156200000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.10% (a)<br>| &nbsp;&nbsp;4.485% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;02/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225300000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.10% (a)<br>| &nbsp;&nbsp;4.490% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613500000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.10% (a)<br>| &nbsp;&nbsp;4.490% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47392440 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.10% (a)<br>| &nbsp;&nbsp;4.490% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;06/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76100000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.11% (a)<br>| &nbsp;&nbsp;4.495% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450377034 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.11% (a)<br>| &nbsp;&nbsp;4.495% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;05/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33200000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.11% (a)<br>| &nbsp;&nbsp;4.500% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;04/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94700000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.12% (a)<br>| &nbsp;&nbsp;4.505% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;04/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28550000 |
| Federal Farm Credit Banks Funding Corp., Fed Funds Rate + 0.18% (a)<br>| &nbsp;&nbsp;4.510% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;11/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189700000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.12% (a)<br>| &nbsp;&nbsp;4.510% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417948000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417948000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.12% (a)<br>| &nbsp;&nbsp;4.510% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;05/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30002236 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.13% (a)<br>| &nbsp;&nbsp;4.515% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.13% (a)<br>| &nbsp;&nbsp;4.515% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270800000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.13% (a)<br>| &nbsp;&nbsp;4.515% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94900000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.13% (a)<br>| &nbsp;&nbsp;4.515% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;09/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66400000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.13% (a)<br>| &nbsp;&nbsp;4.515% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.13% (a)<br>| &nbsp;&nbsp;4.520% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;02/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.13% (a)<br>| &nbsp;&nbsp;4.520% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;08/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33100000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.13% (a)<br>| &nbsp;&nbsp;4.520% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;11/02/2026 | &nbsp;&nbsp;$175000000 | &nbsp;&nbsp;$175000000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.13% (a)<br>| &nbsp;&nbsp;4.520% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;02/03/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106100000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.525% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;03/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259330110 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.525% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;09/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246900000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.525% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404987139 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.525% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;12/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247463765 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.525% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/08/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339842284 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.525% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;09/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129320000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590600000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;11/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243700000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;11/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57277000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;12/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62200000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.20% (a)<br>| &nbsp;&nbsp;4.585% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;05/03/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56493763 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.20% (a)<br>| &nbsp;&nbsp;4.590% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;03/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46677670 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.27% (a)<br>| &nbsp;&nbsp;4.660% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;12/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28584991 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.35% (a)<br>| &nbsp;&nbsp;4.740% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14115972 |
| Federal Farm Credit Discount Notes (b)<br>| &nbsp;&nbsp;4.060% | &nbsp;&nbsp;10/30/2025 | &nbsp;&nbsp;10/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24658847 |
| Federal Farm Credit Discount Notes (b)<br>| &nbsp;&nbsp;4.160% | &nbsp;&nbsp;11/26/2025 | &nbsp;&nbsp;11/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39315911 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;4.105% | &nbsp;&nbsp;08/04/2025 | &nbsp;&nbsp;08/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266363305 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;4.105% | &nbsp;&nbsp;08/05/2025 | &nbsp;&nbsp;08/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177588410 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;4.110% | &nbsp;&nbsp;11/21/2025 | &nbsp;&nbsp;11/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440686027 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;4.110% | &nbsp;&nbsp;11/28/2025 | &nbsp;&nbsp;11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616313192 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;4.163% | &nbsp;&nbsp;11/26/2025 | &nbsp;&nbsp;11/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44622999 |
| Federal Home Loan Banks<br>| &nbsp;&nbsp;4.388% | &nbsp;&nbsp;01/09/2026 | &nbsp;&nbsp;01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970407455 |
| Federal Home Loan Banks, SOFR + 0.04% (a)<br>| &nbsp;&nbsp;4.425% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;05/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143000000 |
| Federal Home Loan Banks, SOFR + 0.04% (a)<br>| &nbsp;&nbsp;4.430% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;04/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53400000 |
| Federal Home Loan Banks, SOFR + 0.09% (a)<br>| &nbsp;&nbsp;4.480% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482030000 |
| Federal Home Loan Banks, SOFR + 0.10% (a)<br>| &nbsp;&nbsp;4.485% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189700000 |
| Federal Home Loan Banks, SOFR + 0.11% (a)<br>| &nbsp;&nbsp;4.500% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;04/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 |
| Federal Home Loan Banks, SOFR + 0.11% (a)<br>| &nbsp;&nbsp;4.500% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |
| Federal Home Loan Banks, SOFR + 0.13% (a)<br>| &nbsp;&nbsp;4.520% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;02/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120520000 |
| Federal Home Loan Banks, SOFR + 0.13% (a)<br>| &nbsp;&nbsp;4.520% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384760000 |
| Federal Home Loan Banks, SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.525% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192600000 |
| Federal Home Loan Banks, SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.525% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163700000 |
| Federal Home Loan Banks, SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;09/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000727 |
| Federal Home Loan Banks, SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473200000 |
| Federal Home Loan Banks, SOFR + 0.16% (a)<br>| &nbsp;&nbsp;4.550% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678472223 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| Federal Home Loan Banks, SOFR + 0.18% (a)<br>| &nbsp;&nbsp;4.570% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;12/02/2026 | &nbsp;&nbsp;$750000000 | &nbsp;&nbsp;$750000000 |
| Federal Home Loan Banks, SOFR + 0.20% (a)<br>| &nbsp;&nbsp;4.590% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;12/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47035455 |
| Federal Home Loan Mortgage Corp., SOFR + 0.09% (a)<br>| &nbsp;&nbsp;4.480% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26109172 |
| Federal Home Loan Mortgage Corp., SOFR + 0.11% (a)<br>| &nbsp;&nbsp;4.500% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;03/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591300000 |
| Federal Home Loan Mortgage Corp., SOFR + 0.11% (a)<br>| &nbsp;&nbsp;4.500% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;05/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177400000 |
| Federal Home Loan Mortgage Corp., SOFR + 0.12% (a)<br>| &nbsp;&nbsp;4.505% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;04/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705628289 |
| Federal Home Loan Mortgage Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;09/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599300000 |
| Federal Home Loan Mortgage Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;09/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578000000 |
| Federal Home Loan Mortgage Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416342259 |
| Federal National Mortgage Association, SOFR + 0.12% (a)<br>| &nbsp;&nbsp;4.510% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536849752 |
| Federal National Mortgage Association, SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.525% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;08/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589200000 |
| Federal National Mortgage Association, SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;09/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530798611 |
| Federal National Mortgage Association, SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91700000 |
| Federal National Mortgage Association, SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;11/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713504000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713870775 |
| Federal National Mortgage Association, SOFR + 0.14% (a)<br>| &nbsp;&nbsp;4.530% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;12/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126100000 |
| TOTAL GOVERNMENT AGENCY DEBT<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;19969624634 |
| **TREASURY DEBT—45.8%** |  |  |  |  |  |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.795% | &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792674037 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.060% | &nbsp;&nbsp;10/30/2025 | &nbsp;&nbsp;10/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786001091 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.080% | &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318113387 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.085% | &nbsp;&nbsp;11/06/2025 | &nbsp;&nbsp;11/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212841697 |
| U.S. Treasury Bills (b)(c)<br>| &nbsp;&nbsp;4.095% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5423106403 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.096% | &nbsp;&nbsp;09/25/2025 | &nbsp;&nbsp;09/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907533200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888872037 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.100% | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566935070 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.105% | &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855382012 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.105% | &nbsp;&nbsp;12/26/2025 | &nbsp;&nbsp;12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833634452 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.125% | &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676181469 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.135% | &nbsp;&nbsp;07/03/2025 | &nbsp;&nbsp;07/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48988744 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.135% | &nbsp;&nbsp;09/04/2025 | &nbsp;&nbsp;09/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964642446 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.140% | &nbsp;&nbsp;11/20/2025 | &nbsp;&nbsp;11/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286309781 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.140% | &nbsp;&nbsp;12/11/2025 | &nbsp;&nbsp;12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513290754 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.153% | &nbsp;&nbsp;11/28/2025 | &nbsp;&nbsp;11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775056103 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.153% | &nbsp;&nbsp;12/04/2025 | &nbsp;&nbsp;12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079222964 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.155% | &nbsp;&nbsp;12/18/2025 | &nbsp;&nbsp;12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868088198 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.165% | &nbsp;&nbsp;07/24/2025 | &nbsp;&nbsp;07/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519895406 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.173% | &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298038000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3281024517 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.180% | &nbsp;&nbsp;07/17/2025 | &nbsp;&nbsp;07/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891734459 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.180% | &nbsp;&nbsp;08/28/2025 | &nbsp;&nbsp;08/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295371000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286595909 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.190% | &nbsp;&nbsp;09/02/2025 | &nbsp;&nbsp;09/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115292974 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.195% | &nbsp;&nbsp;08/12/2025 | &nbsp;&nbsp;08/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5297920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5271883978 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.200% | &nbsp;&nbsp;07/29/2025 | &nbsp;&nbsp;07/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101248417 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.200% | &nbsp;&nbsp;08/05/2025 | &nbsp;&nbsp;08/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305071000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299741960 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.203% | &nbsp;&nbsp;08/21/2025 | &nbsp;&nbsp;08/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639466184 |
| U.S. Treasury Bills (b)(c)<br>| &nbsp;&nbsp;4.208% | &nbsp;&nbsp;10/28/2025 | &nbsp;&nbsp;10/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96508812 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.220% | &nbsp;&nbsp;10/14/2025 | &nbsp;&nbsp;10/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685714816 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.235% | &nbsp;&nbsp;10/21/2025 | &nbsp;&nbsp;10/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900082576 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.248% | &nbsp;&nbsp;09/16/2025 | &nbsp;&nbsp;09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852996154 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.250% | &nbsp;&nbsp;09/11/2025 | &nbsp;&nbsp;09/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84267585 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.394% | &nbsp;&nbsp;08/19/2025 | &nbsp;&nbsp;08/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631674000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627896133 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.10% (a)<br>| &nbsp;&nbsp;4.379% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/31/2027 | &nbsp;&nbsp;$1798890000 | &nbsp;&nbsp;$1798797904 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.17% (a)<br>| &nbsp;&nbsp;4.410% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731684000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731569421 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.15% (a)<br>| &nbsp;&nbsp;4.431% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712182900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712174799 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.16% (a)<br>| &nbsp;&nbsp;4.441% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;04/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611079442 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.18% (a)<br>| &nbsp;&nbsp;4.463% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082897960 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.21% (a)<br>| &nbsp;&nbsp;4.486% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634946986 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.25% (a)<br>| &nbsp;&nbsp;4.526% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530243800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530252079 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.020% | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873537101 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.100% | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879887113 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.180% | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423879864 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.190% | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430065200 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.200% | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64908457 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.210% | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96134808 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.250% | &nbsp;&nbsp;02/28/2026 | &nbsp;&nbsp;02/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492096149 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.290% | &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728515731 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.290% | &nbsp;&nbsp;02/28/2026 | &nbsp;&nbsp;02/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165654872 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.300% | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873756000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866725758 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.310% | &nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132997243 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.330% | &nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134209343 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.340% | &nbsp;&nbsp;11/30/2025 | &nbsp;&nbsp;11/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139014000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139309216 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.440% | &nbsp;&nbsp;07/31/2025 | &nbsp;&nbsp;07/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050567000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044613310 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;5.020% | &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326135904 |
| TOTAL TREASURY DEBT<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;78444079185 |
| **GOVERNMENT AGENCY REPURCHASE AGREEMENTS—17.7%** |  |  |  |  |  |
| Agreement with Bank of Montreal and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by Government National Mortgage Associations, 3.500% - 7.000% due 07/20/2044 - 06/20/2065, valued at $56,100,001); expected proceeds $55,006,707<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000000 |
| Agreement with Barclays Capital, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by Federal Home Loan Mortgage Corporations, 3.000% - 4.500% due 04/01/2037 - 12/01/2049, Federal National Mortgage Associations, 2.500% - 6.000% due 05/01/2037 - 03/01/2053 and Government National Mortgage Associations, 2.500% - 6.500% due 04/20/2036 - 09/15/2059, valued at $51,000,000); expected proceeds $50,006,111<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 |
| Agreement with BNP Paribas and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by Federal Home Loan Mortgage Corporations, 0.795% - 19.433% due 01/15/2027 - 04/25/2055, Federal National Mortgage Associations, 1.745% - 22.033% due 12/25/2053 - 10/25/2054 and Government National Mortgage Associations, 0.000% - 22.726% due 01/20/2041 - 09/20/2073, valued at $128,831,370); expected proceeds $125,094,287<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125079000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125079000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 06/03/2025 (collateralized by Federal Home Loan Mortgage Corporations, 0.000% - 12.790% due 06/15/2027 - 03/25/2055, Federal National Mortgage Associations, 0.000% - 13.255% due 03/25/2030 - 10/25/2060 and Government National Mortgage Associations, 0.000% - 18.887% due 06/20/2050 - 06/20/2075, valued at $978,500,072); expected proceeds $964,186,667 (d)<br>| &nbsp;&nbsp;4.480% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;$950000000 | &nbsp;&nbsp;$950000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 06/18/2025 (collateralized by Federal Home Loan Mortgage Corporations, 5.155% - 8.235% due 06/25/2054 - 07/25/2055, valued at $206,000,000); expected proceeds $202,913,333 (d)<br>| &nbsp;&nbsp;4.370% | &nbsp;&nbsp;10/16/2025 | &nbsp;&nbsp;10/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by Government National Mortgage Associations, 0.000% - 36.374% due 02/16/2041 - 06/20/2075, valued at $862,110,000); expected proceeds $837,102,300<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a Federal Home Loan Mortgage Corporation, 6.500% due 04/01/2055, valued at $306,000,000); expected proceeds $300,036,833<br>| &nbsp;&nbsp;4.420% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a Federal Home Loan Mortgage Corporation, 6.623% due 01/01/2054 and Federal National Mortgage Associations, 1.500% - 7.500% due 07/01/2028 - 06/01/2055, valued at $2,040,000,000); expected proceeds $2,000,244,444<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Note, 4.000% due 02/28/2030, Federal Home Loan Mortgage Corporations, 3.500% - 6.500% due 06/01/2040 - 07/01/2055 and Federal National Mortgage Associations, 2.000% - 7.000% due 07/01/2036 - 06/01/2063, valued at $1,173,000,569); expected proceeds $1,150,140,556<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by Federal Home Loan Mortgage Corporations, 1.500% - 8.500% due 08/01/2025 - 07/01/2055, Federal National Mortgage Associations, 1.500% - 8.500% due 07/25/2025 - 07/01/2055, a U.S. Treasury Bill, 0.000% due 04/16/2026, U.S. Treasury Bonds, 2.750% - 4.625% due 11/15/2042 - 05/15/2054 and U.S. Treasury Notes, 0.625% - 4.625% due 03/31/2026 - 08/15/2033, valued at $6,120,000,000); expected proceeds $6,000,731,667<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| Agreement with Goldman Sachs & Co. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by Federal Home Loan Mortgage Corporations, 2.000% - 6.500% due 01/01/2029 - 05/01/2055, Federal National Mortgage Associations, 2.000% - 6.500% due 09/01/2028 - 04/01/2055, Federal National Mortgage Associations Strips, 6.000% due 02/01/2053 and Government National Mortgage Associations, 0.226% - 7.500% due 01/20/2039 - 06/16/2066, valued at $2,058,695,817); expected proceeds $2,015,245,461<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;$2014999183 | &nbsp;&nbsp;$2014999183 |
| Agreement with HSBC Securities USA, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by Federal Home Loan Mortgage Corporations, 2.000% - 7.500% due 05/01/2036 - 02/01/2055 and Federal National Mortgage Associations, 2.000% - 7.500% due 12/01/2032 - 05/01/2055, valued at $444,720,000); expected proceeds $436,053,289<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436000000 |
| Agreement with ING Financial Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by Federal Home Loan Mortgage Corporations, 3.000% - 6.000% due 06/01/2052 - 04/01/2055 and Federal National Mortgage Associations, 2.000% - 6.500% due 12/01/2047 - 12/01/2054, valued at $459,000,001); expected proceeds $450,054,875<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 06/27/2025 (collateralized by Federal Home Loan Mortgage Corporations, 0.150% - 8.055% due 09/25/2026 - 07/01/2055, Federal National Mortgage Associations, 0.000% - 6.782% due 04/25/2030 - 05/25/2055, Federal National Mortgage Associations Strips, 4.500% - 6.500% due 11/01/2039 - 05/01/2055 and Government National Mortgage Associations, 0.125% - 6.202% due 07/16/2039 - 01/16/2063, valued at $3,430,135,448); expected proceeds $3,298,773,472 (d)<br>| &nbsp;&nbsp;4.540% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a Government National Mortgage Association, 5.500% due 06/20/2055, valued at $91,800,002); expected proceeds $90,010,975<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by Federal Home Loan Mortgage Corporations, 1.500% - 7.505% due 08/01/2029 - 04/01/2055 and Federal National Mortgage Associations, 1.500% - 7.500% due 08/01/2026 - 07/01/2065, valued at $6,489,452,161); expected proceeds $6,362,985,603<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6362208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6362208000 |
| Agreement with Mitsubishi UFJ Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by Federal Home Loan Mortgage Corporations, 1.899% - 7.121% due 02/07/2029 - 03/01/2055, Federal National Mortgage Associations, 2.000% - 6.500% due 12/01/2027 - 06/01/2054 and U.S. Treasury Notes, 1.250% - 4.000% due 12/31/2026 - 10/31/2029, valued at $912,900,090); expected proceeds $895,109,389<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| Agreement with Royal Bank of Canada and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by Federal Farm Credit Banks, 4.000% due 03/16/2027, Federal Home Loan Mortgage Corporations, 1.500% - 6.000% due 07/01/2030 - 04/01/2055, Federal National Mortgage Associations, 1.500% - 6.500% due 11/01/2025 - 04/01/2055 and Government National Mortgage Associations, 3.000% - 7.500% due 12/15/2027 - 06/20/2055, valued at $845,580,000); expected proceeds $829,101,553<br>| &nbsp;&nbsp;4.410% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;$829000000 | &nbsp;&nbsp;$829000000 |
| Agreement with Royal Bank of Canada and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by Federal Home Loan Mortgage Corporations, 2.000% - 7.500% due 04/01/2031 - 01/01/2055 and Federal National Mortgage Associations, 2.000% - 7.500% due 12/01/2032 - 06/01/2055, valued at $663,000,000); expected proceeds $650,079,264<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000000 |
| Agreement with Santander and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Note, 4.125% due 07/31/2031, Federal Home Loan Mortgage Corporations, 1.500% - 6.500% due 05/01/2026 - 01/01/2055, Federal National Mortgage Associations, 2.000% - 6.500% due 01/01/2040 - 12/01/2054 and Government National Mortgage Associations, 2.500% - 7.500% due 06/15/2027 - 06/20/2055, valued at $510,000,000); expected proceeds $500,061,111<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 |
| Agreement with Standard Chartered Bank and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Inflation Index Note, 0.125% due 01/15/2030, Federal Home Loan Mortgage Corporations, 2.000% - 6.500% due 01/01/2041 - 09/01/2054, Federal National Mortgage Associations, 2.500% - 6.000% due 12/01/2041 - 12/01/2054, Government National Mortgage Associations, 4.000% - 5.500% due 04/20/2052 - 01/20/2055, U.S. Treasury Bills, 0.000% due 07/10/2025 - 11/28/2025, U.S. Treasury Bonds, 1.125% - 6.125% due 11/15/2027 - 02/15/2054 and U.S. Treasury Notes, 0.250% - 4.875% due 08/15/2025 - 11/15/2034, valued at $510,000,791); expected proceeds $500,061,111<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| Agreement with UBS Securities LLC and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by Federal Farm Credit Banks, 0.900% - 5.240% due 04/23/2026 - 10/03/2039, Federal Home Loan Banks, 4.500% due 03/12/2027, Federal Home Loan Mortgage Corporations, 0.000% - 6.750% due 07/21/2025 - 10/10/2029, Federal National Mortgage Associations, 0.000% - 7.250% due 10/22/2025 - 11/15/2030, Resolution Funding Strips, 0.000% due 07/15/2025 - 07/15/2026, Tennessee Valley Authorities, 0.000% - 5.250% due 11/01/2025 - 12/15/2042, U.S. Treasury Bills, 0.000% due 07/03/2025 - 05/14/2026, U.S. Treasury Bonds, 1.125% - 6.875% due 08/15/2025 - 05/15/2053, U.S. Treasury Inflation Index Bonds, 0.125% - 2.375% due 01/15/2027 - 02/15/2054, U.S. Treasury Inflation Index Notes, 0.125% - 2.375% due 07/15/2026 - 01/15/2035, U.S. Treasury Notes, 0.250% - 5.000% due 07/15/2025 - 05/15/2035 and U.S. Treasury Strips, 0.000% due 08/15/2025 - 11/15/2052, valued at $153,000,000); expected proceeds $150,018,333<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;$150000000 | &nbsp;&nbsp;$150000000 |
| Agreement with Wells Fargo Bank and Bank of New York Mellon (Tri-Party), dated 04/01/2025 (collateralized by Federal Farm Credit Banks, 1.680% - 5.600% due 01/09/2026 - 06/25/2040, Federal Home Loan Banks, 0.650% - 5.950% due 06/03/2026 - 11/05/2041, Federal National Mortgage Associations, 0.450% - 4.750% due 08/18/2025 - 11/16/2035, Resolution Funding Strips, 0.000% due 10/15/2027 - 04/15/2030 and Tennessee Valley Authorities, 0.000% - 6.750% due 09/15/2025 - 09/15/2060, valued at $721,814,956); expected proceeds $710,271,722 (d)<br>| &nbsp;&nbsp;4.330% | &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000000 |
| Agreement with Wells Fargo Bank and Bank of New York Mellon (Tri-Party), dated 06/11/2025 (collateralized by a Government National Mortgage Association, 4.500% due 06/20/2052, Federal Home Loan Mortgage Corporations, 2.000% - 7.169% due 09/01/2043 - 05/01/2055 and Federal National Mortgage Associations, 2.000% - 6.500% due 07/01/2041 - 01/01/2055, valued at $393,653,389); expected proceeds $389,206,125 (d)<br>| &nbsp;&nbsp;4.370% | &nbsp;&nbsp;09/09/2025 | &nbsp;&nbsp;09/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000000 |
| Agreement with Wells Fargo Bank and Bank of New York Mellon (Tri-Party), dated 06/11/2025 (collateralized by Federal Farm Credit Banks, 2.080% due 10/06/2036, Federal Home Loan Mortgage Corporations, 0.375% - 6.000% due 09/23/2025 - 07/01/2055, Federal National Mortgage Associations, 2.500% - 6.000% due 12/01/2051 - 01/01/2055, Government National Mortgage Associations, 2.500% - 7.000% due 06/15/2039 - 06/20/2065, U.S. Treasury Bonds, 3.000% - 4.625% due 11/15/2042 - 05/15/2054, U.S. Treasury Inflation Index Bonds, 0.750% - 2.375% due 02/15/2045 - 02/15/2055 and U.S. Treasury Notes, 0.750% - 4.875% due 04/30/2026 - 05/15/2032, valued at $393,649,049); expected proceeds $386,395,625 (d)<br>| &nbsp;&nbsp;4.350% | &nbsp;&nbsp;07/11/2025 | &nbsp;&nbsp;07/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| Agreement with Wells Fargo Bank and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Bond, 4.000% due 11/15/2042, a U.S. Treasury Inflation Index Note, 1.875% due 07/15/2034, Federal Farm Credit Banks, 2.080% due 10/06/2036, Federal Home Loan Mortgage Corporations, 3.000% - 6.500% due 05/01/2039 - 05/01/2055, Federal National Mortgage Associations, 2.125% - 6.500% due 04/24/2026 - 06/01/2055, Government National Mortgage Associations, 2.500% - 6.500% due 03/15/2038 - 06/20/2055 and U.S. Treasury Inflation Index Bonds, 0.750% - 3.625% due 04/15/2028 - 02/15/2048, valued at $612,074,800); expected proceeds $600,073,333<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;$600000000 | &nbsp;&nbsp;$600000000 |
| Agreement with Wells Fargo Bank and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by Federal Home Loan Mortgage Corporations, 1.500% - 6.000% due 04/01/2037 - 06/01/2055, valued at $510,062,333); expected proceeds $500,061,111<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 |
| TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENTS<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;30364286183 |
| **TREASURY REPURCHASE AGREEMENTS—21.6%** |  |  |  |  |  |
| Agreement with Australia and New Zealand Banking Group, dated 06/30/2025 (collateralized by U.S. Treasury Notes, 1.000% – 4.625% due 07/31/2027 – 02/15/2055, valued at $2,548,097,720); expected proceeds $2,500,305,556<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000000 |
| Agreement with Bank of Nova Scotia and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Inflation Index Note, 1.375% due 07/15/2033, U.S. Treasury Bonds, 1.125% - 4.750% due 08/15/2040 - 05/15/2055 and U.S. Treasury Notes, 2.625% - 4.000% due 05/31/2027 - 02/15/2034, valued at $204,000,003); expected proceeds $200,024,389<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| Agreement with Barclays Capital, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Inflation Index Bond, 0.750% due 02/15/2045, a U.S. Treasury Inflation Index Note, 1.375% due 07/15/2033, U.S. Treasury Bonds, 2.250% - 4.750% due 08/15/2039 - 05/15/2053 and U.S. Treasury Notes, 0.250% - 4.500% due 09/30/2025 - 08/15/2032, valued at $76,500,003); expected proceeds $75,009,146<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 |
| Agreement with BNP Paribas and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Bond, 4.000% due 11/15/2052 and U.S. Treasury Notes, 0.250% - 4.000% due 07/31/2025 - 06/30/2032, valued at $75,480,052); expected proceeds $74,009,024<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 05/16/2025 (collateralized by a U.S. Treasury Bond, 5.375% due 02/15/2031, a U.S. Treasury Inflation Index Note, 0.125% due 07/15/2030 and U.S. Treasury Notes, 0.875% - 4.250% due 05/15/2029 - 03/31/2031, valued at $561,000,027); expected proceeds $557,926,722 (d)<br>| &nbsp;&nbsp;4.360% | &nbsp;&nbsp;09/12/2025 | &nbsp;&nbsp;09/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 05/06/2025 (collateralized by U.S. Treasury Bills, 0.000% due 04/16/2026, U.S. Treasury Bonds, 3.000% - 6.625% due 02/15/2027 - 02/15/2049 and U.S. Treasury Notes, 1.500% - 5.000% due 09/30/2025 - 06/30/2031, valued at $510,000,024); expected proceeds $507,173,056 (d)<br>| &nbsp;&nbsp;4.340% | &nbsp;&nbsp;09/02/2025 | &nbsp;&nbsp;09/02/2025 | &nbsp;&nbsp;$500000000 | &nbsp;&nbsp;$500000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Inflation Index Bond, 1.750% due 01/15/2028 and a U.S. Treasury Note, 3.750% due 04/30/2027, valued at $1,785,000,071); expected proceeds $1,750,213,403<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Note, 3.625% due 08/31/2029, valued at $357,000,046); expected proceeds $350,042,778<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Bills, 0.000% due 07/03/2025 - 03/19/2026 and U.S. Treasury Notes, 0.375% - 4.875% due 08/15/2025 - 05/15/2035, valued at $2,269,500,052); expected proceeds $2,225,270,708<br>| &nbsp;&nbsp;4.380% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Bills, 0.000% due 09/25/2025 - 03/19/2026, U.S. Treasury Bonds, 1.250% - 6.625% due 02/15/2026 - 05/15/2053 and U.S. Treasury Notes, 0.250% - 4.875% due 07/31/2025 - 11/15/2034, valued at $6,834,000,034); expected proceeds $6,700,818,889<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Notes, 1.625% – 4.500% due 11/15/2025 – 04/30/2030, valued at $6,120,000,025); expected proceeds $6,000,731,667<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000000 |
| Agreement with Fixed Income Clearing Corp. and Northern Trust (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Notes, 1.250% - 3.875% due 05/31/2028 - 06/15/2028, valued at $735,613,621); expected proceeds $720,087,600<br>| &nbsp;&nbsp;4.380% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000000 |
| Agreement with Fixed Income Clearing Corp., dated 06/30/2025 (collateralized by U.S. Treasury Notes, 1.375% – 4.625% due 03/31/2027 – 11/15/2034, valued at $6,119,103,329); expected proceeds $6,000,733,333<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 06/23/2025 (collateralized by a U.S. Treasury Strip, 0.000% due 05/15/2027, valued at $372,300,001); expected proceeds $365,624,555<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Note, 1.250% due 12/31/2026 and U.S. Treasury Inflation Index Notes, 0.500% - 1.625% due 10/15/2027 - 01/15/2028, valued at $4,411,500,027); expected proceeds $4,325,527,410<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| Agreement with Mitsubishi UFJ Securities, Inc., dated 06/30/2025 (collateralized by U.S. Treasury Notes, 0.375% – 6.250%, due 08/31/2025 – 05/15/2034, valued at $3,120,121,329); expected proceeds $3,060,373,150<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;$3060000000 | &nbsp;&nbsp;$3060000000 |
| Agreement with National Australia Bank, Ltd., dated 06/30/2025 (collateralized by a U.S. Treasury Note, 2.250% due 08/15/2027, valued at $764,737,575); expected proceeds $750,091,250<br>| &nbsp;&nbsp;4.380% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000000 |
| Agreement with Prudential Insurance Co., dated 06/30/2025 (collateralized by U.S. Treasury Notes, 2.875% – 4.375% due 07/31/2026 – 11/15/2052 and U.S. Treasury Strips, 0.000% due 02/15/2037 – 08/15/2052, valued at $502,882,012); expected proceeds $490,761,225<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490701250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490701250 |
| Agreement with Prudential Insurance Co., dated 06/30/2025 (collateralized by U.S. Treasury Notes, 4.125% – 4.750% due 03/31/2029 – 11/15/2054 and U.S. Treasury Strips, 0.000% due 02/15/2040 – 11/15/2045, valued at $148,447,979); expected proceeds $145,086,481<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145068750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145068750 |
| Agreement with Royal Bank of Canada and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Notes, 3.500% - 3.750% due 09/30/2026 - 12/31/2028, valued at $204,000,090); expected proceeds $200,024,444<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| TOTAL TREASURY REPURCHASE AGREEMENTS<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36979770000 |
| **TOTAL INVESTMENTS –96.8% (e)(f)<br>**  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**165757760002** |
| **Other Assets in Excess of Liabilities —3.2% <br>**  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5416966706** |
| **NET ASSETS –100.0% <br>**  |  |  |  |  | &nbsp;&nbsp;**$171174726708** |

---

(a) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(b) Rate shown is the discount rate at time of purchase.

(c) When-issued security.

(d) Illiquid security. These securities represent $6,920,000,000 or 4.0% of net assets as of June 30, 2025.

(e) Also represents the cost for federal tax purposes.

(f) Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 2 inputs (Note 3).

SOFR Secured Overnight Financing Rate

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value and amortized cost.<br>| &nbsp;&nbsp;&nbsp;&nbsp;$98413703819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements, at value and amortized cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;67344056183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;165757760002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10220919682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764057827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269147149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;177011884660 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5824945329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and administrator fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6763247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody, sub-administration and transfer agent fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4902781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837157952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $171174726708 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732821230 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and administrator fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41753522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian, sub-administrator and transfer agent fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4967506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34051 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47774569 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $3685046661 |
| **REALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612124 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $3685658785 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | **Year Ended<br> 12/31/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3685046661 | $7970796746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(541395) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685658785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7970255351 |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341605370147 | &nbsp;&nbsp;&nbsp;&nbsp;659062075445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347858408200) | &nbsp;&nbsp;&nbsp;(645387590224) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6253038053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13674485221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2567379268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21644740572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;173742105976 | &nbsp;&nbsp;&nbsp;&nbsp;152097365404 |
| **NET ASSETS AT END OF PERIOD<br>**  | $171174726708 | $173742105976 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### FINANCIAL HIGHLIGHTS

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/23** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/20** |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$171174727 | &nbsp;&nbsp;$173742106 | &nbsp;&nbsp;$152097365 | &nbsp;&nbsp;$91338606 | &nbsp;&nbsp;$97388223 | &nbsp;&nbsp;$79611947 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06%(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39%(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% |

---

(a) Results represent past performance and are not indicative of future results. Total return for periods of less than one year are not annualized.

(b) Annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS

#### June 30, 2025 (Unaudited)

------

1.&nbsp;&nbsp;&nbsp;&nbsp;Organization

State Street Master Funds (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended ("1940 Act"), is an open-end management investment company.

As of June 30, 2025, the Trust consists of four (4) series, each of which represents a separate series of beneficial interest in the Trust. State Street U.S. Government Money Market Portfolio (the "Portfolio") is authorized to issue an unlimited number of shares of beneficial interest with no par value. The financial statements herein relate only to the Portfolio.

The Portfolio operates as a "government money market fund" within the meaning of Rule 2a-7 under the 1940 Act to comply with the amendments to Rule 2a-7. The Portfolio is not currently subject to liquidity fees during periods of high illiquidity in the markets for the investments held by it.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting

The Portfolio has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through the Portfolio's investments in accordance with its investment objective. The Portfolio's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on the Portfolio's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. The Portfolio's Total Return is utilized by the CODM to compare results, including the impact of the Portfolio's costs, to the Portfolio's competitors and to the Portfolio's benchmark index.

3.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

#### Security Valuation
The investments of the Portfolio are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board of Trustees of the Trust (the "Board"). The Committee provides oversight of the valuation of investments for the Portfolio. The Board has responsibility for overseeing the determination of the fair value of investments.

The Portfolio's securities are recorded on the basis of amortized cost which approximates fair value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Because of the inherent uncertainties of valuation and under certain market conditions, the values reflected in the financial statements may differ from the value received upon actual sale of those investments and it is possible that the differences could be material.

Various inputs are used in determining the value of the Portfolio's investments. The Portfolio values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

------

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.

#### Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

All of the net investment income and realized gains and losses from the security transactions of the Portfolio are allocated pro rata among the partners in the Portfolio on a daily basis based on each partner's daily ownership percentage.

#### Expenses
Certain expenses, which are directly identifiable to a specific Portfolio, are applied to that Portfolio within the Trust. Other expenses which cannot be attributed to a specific Portfolio are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Portfolio within the Trust.

4.&nbsp;&nbsp;&nbsp;&nbsp;Securities and Other Investments

#### Repurchase Agreements
The Portfolio may enter into repurchase agreements under the terms of a Master Repurchase Agreement. A repurchase agreement customarily obligates the seller at the time it sells securities to the Portfolio to repurchase the securities at a mutually agreed upon price and time. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Portfolio including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest.

The Portfolio monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the Portfolio's principal amount of the repurchase agreement (including accrued interest). The underlying securities are ordinarily United States Government or Government Agency securities, but may consist of other securities. The use of repurchase agreements involves certain risks including counterparty risks. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which the value of the collateral may decline.

As of June 30, 2025, the Portfolio had invested in repurchase agreements with the gross values of $67,344,056,183 and associated collateral equal to $68,840,364,869.

5.&nbsp;&nbsp;&nbsp;&nbsp;Fees and Transactions with Affiliates

#### Advisory and Administrator Fee
The Trust has entered into an investment advisory agreement with SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM"), a subsidiary of State Street Corporation and an affiliate of State Street Bank and Trust Company ("State Street"), under which the Adviser directs the investments of the Portfolio in accordance with its investment objective, policies, and limitations. In compensation for the Adviser's services as investment adviser, the Portfolio pays the Adviser a management fee at an annual rate of 0.05% of its average daily net assets. SSGA FM also serves as administrator.

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

------

Each of the Adviser and State Street Global Advisors Funds Distributors, LLC (each a "Service Provider") also may voluntarily reduce all or a portion of its fees and/or reimburse expenses for a Portfolio to the extent necessary to maintain a certain minimum net yield, which may vary from time to time, in SSGA FM's sole discretion (any such waiver or reimbursement of expenses by a Service Provider being referred to herein as a "Voluntary Reduction"). The Adviser may, in its sole discretion, implement the Voluntary Reduction for some series of the Trust and not others. The amount of any Voluntary Reduction may differ between such series in the Adviser's sole discretion. The business objectives of the Adviser and its affiliates and their broader relationships with certain Portfolio shareholders, Financial Intermediaries or distribution channels could give the Adviser an incentive to implement the Voluntary Reduction for some series of the Trust and not others, or to implement it to a greater degree for some series or share classes than others. Under an agreement with the Service Providers relating to the Voluntary Reduction, the Portfolios have agreed to reimburse the Service Providers for the full dollar amount of any Voluntary Reduction beginning on May 1, 2020, subject to certain limitations. Each Service Provider may, in its sole discretion, irrevocably waive receipt of any or all reimbursement amounts due from a Portfolio.

A reimbursement to the Service Provider would increase fund expenses and may negatively impact the Portfolio's yield during such period. There is no guarantee that the Voluntary Reduction will be in effect at any given time or that the Portfolio will be able to avoid a negative yield.

There were no reimbursements for the period ended June 30, 2025.

#### Custodian, Sub-Administrator and Transfer Agent Fees
State Street serves as the custodian, sub-administrator and transfer agent to the Portfolio. For its services as custodian, sub-administrator and transfer agent, the Portfolio pays State Street an annual fee. The fees are accrued daily and paid monthly.

6.&nbsp;&nbsp;&nbsp;&nbsp;Trustees' Fees

The fees and expenses of the Trust's Trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), are paid directly by the Portfolio. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

7.&nbsp;&nbsp;&nbsp;&nbsp;Income Tax Information

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains because it is treated as a partnership for federal income tax purposes. All interest, gains and losses of the Portfolio are deemed to have been "passed through" to the Portfolio's partners in proportion to their holdings in the Portfolio, regardless of whether such items have been distributed by the Portfolio. Each partner is responsible for its tax liability based on its distributive share; therefore, no provision has been made for federal income taxes.

The Portfolio files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Portfolio's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

As of June 30, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

8.&nbsp;&nbsp;&nbsp;&nbsp;Risks

#### Concentration Risk
As a result of the Portfolio's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Portfolio's investments more than if the Portfolio was more broadly diversified.

#### Market, Credit and Counterparty Risk
In the normal course of business, the Portfolio trades securities and enters into financial transactions where risk of potential loss exists due to changes in global economic conditions and fluctuations of the market (market risk). Additionally, the Portfolio may also be exposed to counterparty risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio has unsettled or open transactions defaults. The value of securities held by the Portfolio may decline in response to certain events, including those directly involving

------

[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

------

the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations (credit risk).

Financial assets, which potentially expose the Portfolio to market, credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Portfolio's exposure to market, credit and counterparty risks in respect to these financial assets approximates their value as recorded in the Portfolio's Statement of Assets and Liabilities, less any collateral held by the Portfolio.

The Portfolio's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Portfolio and its investments.

9.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events

Management has evaluated the impact of all subsequent events on the Portfolio through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

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[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract

#### June 30, 2025 (Unaudited)

------

#### TRUSTEE CONSIDERATIONS IN APPROVING CONTINUATION OF INVESTMENT ADVISORY AGREEMENT<sup>1</sup>
*Overview of the Contract Review Process*

Under the Investment Company Act of 1940, as amended (the "1940 Act"), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund's board of trustees or its shareholders, and by a vote of a majority of those trustees who are not "interested persons" of the fund (the "Independent Trustees") cast in person at a meeting called for the purpose of considering such approval.

Consistent with these requirements, the Board of Trustees (the "Board") of the State Street Master Funds (the "Trust"), met in person on April 2, 2025 and May 7-8, 2025, including in executive sessions attended by the Independent Trustees, to consider a proposal to approve, with respect to the State Street U.S. Government Money Market Portfolio (the "Portfolio"), the continuation of the investment advisory agreement (the "Advisory Agreement") with SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"). Prior to voting on the proposal, the Independent Trustees reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Trustees were separately represented by counsel who are independent of the Adviser ("Independent Counsel") in connection with their consideration of approval of the Advisory Agreement. In advance of the meetings held on April 2, 2025 and May 7-8, 2025, the Independent Trustees met with their Independent Counsel on March 27, 2025, in a private session to review and discuss the information provided by the Adviser in connection with the proposal. Following the April 2, 2025 meeting, the Independent Trustees submitted questions and requests for additional information to management, and considered management's responses thereto prior to and at the May 7-8, 2025 meeting. The Independent Trustees considered, among other things, the following:

<u>Information about Performance, Expenses and Fees</u>

• A report prepared by an independent third-party provider of investment company data, which includes for the feeder fund for which the Portfolio serves as the master fund in a master-feeder structure (the "Fund"):

o Comparisons of the Fund's performance over the past one-, three-, five- and ten-year periods ended December 31, 2024, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. ("Broadridge") for the Fund (the "Benchmark") and/or a universe of other mutual funds with similar investment objectives and policies (the "Performance Group" and/or the "Performance Universe") constructed by Broadridge;

o Comparisons of the Fund's expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the "Expense Group" and/or "Expense Universe");

o A chart showing the Fund's historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and

o Comparisons of the Fund's contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.

_______________________________

*<sup>1</sup> Over the course of many years overseeing the Portfolio and other investment companies, the Independent Trustees have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Trustees may not change substantially from year to year. However, the information requested by, and provided to, the Independent Trustees with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Trustees schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Trustees take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Trustees before the annual review process is completed and prior to the Independent Trustees voting on proposals to approve continuation of the agreements and plans.*

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[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

#### June 30, 2025 (Unaudited)

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• Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and

• Profitability analyses for (a) the Adviser with respect to the Portfolio and (b) affiliates of the Adviser that provide services to the Portfolio ("Affiliated Service Providers").

<u>Information about Portfolio Management</u>

• Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes;

• Information concerning the allocation of brokerage; and

• Information regarding the procedures and processes used to value the assets of the Portfolio.

<u>Information about the Adviser</u>

• Reports detailing the financial results and condition of the Adviser and its affiliates;

• Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Portfolio and for Portfolio operations;

• Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser;

• Information about the Adviser's proxy voting policies and procedures and information regarding the Adviser's practices for overseeing proxy vendors;

• Information concerning the resources devoted by the Adviser to overseeing compliance by the Portfolio and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Portfolio;

• A description of the adequacy and sophistication of the Adviser's technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year;

• A description of the business continuity and disaster recovery plans of the Adviser; and

• Information regarding the Adviser's risk management processes.

<u>Other Relevant Information</u>

• Information concerning the nature, extent, quality and cost of services provided to the Portfolio by SSGA FM in its capacity as the Portfolio's administrator (the "Administrator");

• Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Portfolio by affiliates of the Adviser, including the custodian, sub-administrator, transfer agent and fund accountant of the Portfolio, and the role of the Adviser in managing the Portfolio's relationship with these service providers;

• Copies of the Advisory Agreement and agreements with other service providers of the Portfolio;

• Responses to a request for information reviewed prior to the April 2, 2025 and May 7-8, 2025 meetings by Independent Counsel, requesting specific information from each of:

o SSGA FM, in its capacity as the Portfolio's Adviser and Administrator, with respect to its operations relating to the Portfolio and its approximate profit margins from such operations for the calendar year ended December 31, 2024; and the relevant operations of other Affiliated Service Providers to the Portfolio, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2024;

o State Street Bank and Trust Company ("State Street"), the sub-administrator, custodian and transfer agent for the Portfolio, with respect to its operations relating to the Portfolio; and

o State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Portfolio (the "Distributor"), with respect to its operations relating to the Portfolio;

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[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

#### June 30, 2025 (Unaudited)

------

• Information from SSGA FM, State Street and the Distributor with respect to the Trust providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 7-8, 2025; and

• Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel, with respect to the Fund.

In addition to the information identified above, the Board considered information provided from time to time by the Adviser and other service providers of the Portfolio throughout the year at meetings of the Board and its committees. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Portfolio and the investment strategies used in pursuing the Portfolio's investment objective.

The Independent Trustees were assisted throughout the contract review process by their Independent Counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the Portfolio.

<u>Results of the Process</u>

Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 7-8, 2025, the Board, including a majority of the Independent Trustees, voted to approve the continuation of the Advisory Agreement effective June 1, 2025, for an additional year with respect to the Portfolio

<u>Nature, Extent and Quality of Services</u>

In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing various funds that invest primarily in money market instruments. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Trustees also considered the significant risks assumed by the Adviser in connection with the services provided to the Portfolio, including reputational and entrepreneurial risks. The Board considered the Adviser's success in maintaining the constant dollar value of the Portfolio through extraordinary market conditions. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Portfolio by senior management, as well as the Adviser's succession planning process.

The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.

On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Portfolio.

<u>Portfolio Performance</u>

The Board considered the Portfolio's performance by evaluating the performance of the Fund. The Board compared the Fund's investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2024. For purposes of these comparisons the Independent Trustees relied on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. It was noted that while the Board found the Broadridge data

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[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

#### June 30, 2025 (Unaudited)

------

generally useful, they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing the Fund's performance against its benchmark and against the Fund's peers. The Board also considered the Fund's performance in light of overall financial market conditions. Among other information, the Board considered the following performance information in its evaluation of the Portfolio:

*Money Market Funds, Generally. The Board noted the relatively narrow range of returns in each Fund's Performance Group and Performance Universe. The Board also observed that several basis points of performance, whether from yield on portfolio investments or fees waived by service providers, accounted for substantial differences in performance relative to other funds in such Performance Group and Performance Universe during periods when preservation of capital and net asset value were generally considered by stockholders to have been more important than several basis points of yield.*

*State Street Institutional U.S. Government Money Market Fund and State Street U.S. Government Money Market Portfolio. The Board considered that the Fund's performance was above the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund's performance was above the Benchmark for the 1-, 3-, 5- and 10-year periods.*

On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Portfolio is satisfactory.

<u>Management Fees and Expenses</u>

The Board reviewed the contractual investment advisory fee rates payable by the Portfolio and actual fees paid by the Fund, net of waivers. As part of its review, the Board considered the Fund's management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts. The Board considered the investment advisory fee in the context of the overall master-feeder arrangement with the Fund. Among other information, the Board considered the following expense information in its evaluation of the Portfolio:

*State Street Institutional U.S. Government Money Market Fund and State Street U.S. Government Money Market Portfolio. The Board considered that the Fund's actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund's total expenses were below the medians of its Expense Group and Expense Universe.*

On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Fund compare favorably to the fees and expenses of the Expense Group and Expense Universe and the fees and expense ratio of the Portfolio are reasonable in relation to the services provided.

<u>Profitability</u>

The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Portfolio and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Portfolio, together with the profitability of each of the Affiliated Service Providers with respect to their services to the Portfolio and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Trust, including reputational and entrepreneurial risks.

The Board concluded that the profitability of the Adviser with respect to the Portfolio, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Portfolio, were reasonable in relation to the services provided.

<u>Economies of Scale</u>

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Portfolio and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Portfolio and fund complex increase. The Board

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[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET U.S. GOVERNMENT MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

#### June 30, 2025 (Unaudited)

------

acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Portfolio or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Portfolio and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Portfolio and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Portfolio to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Portfolio at this time.

<u>Conclusions</u>

In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Trustee may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Trustees, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.

Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Portfolio and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.

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[**Table of Contents**](#JOB_SSIIT_6e9cad71-704c-4f44-933a-f8bf6b8af9fa_TOC-LETTERSIZE-FEEDER)

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[**Table of Contents**](#JOB_SSIIT_f451c4b0-9d05-49f4-a3dc-394d97605605_TOC-LETTERSIZE-FEEDER)

## Semi-Annual Financial Statements and Other Information
June 30, 2025

## State Street Master Funds
State Street Treasury Money Market Portfolio

![](g52640img6ab0d3901.jpg)

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[**Table of Contents**](#JOB_SSIIT_f451c4b0-9d05-49f4-a3dc-394d97605605_TOC-LETTERSIZE-FEEDER)

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**TABLE OF CONTENTS** (Unaudited)

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| | |
|:---|:---|
| **[Schedule of Investments (Unaudited) (N-CSR Item 6)](#xx_5a5ae077-b209-478e-ae5c-b19d0b436a2b_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **[Statement of Assets and Liabilities (Unaudited) (N-CSR Item 7)](#xx_881411d1-bb26-414b-8590-bbc23041d80a_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| **[Statement of Operations (Unaudited) (N-CSR Item 7)](#xx_2205a58b-2ab1-4a97-965e-bebab889bcbb_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| **[Statements of Changes in Net Assets (Unaudited) (N-CSR Item 7)](#xx_8cc586a3-748a-4233-9183-a062ceddf5fd_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| **[Financial Highlights (Unaudited) (N-CSR Item 7)](#xx_c502f861-4ac3-4794-8f7e-689de16cfad3_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| **[Notes to Financial Statements (Unaudited) (N-CSR Item 7)](#xx_36020b92-15b0-4a37-90d3-e45d1bc5a144_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| **[Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11)](#xx_df3c1835-01cc-44ad-a76c-1a418a9ee4cf_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;11 |

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable

#### Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not Applicable
**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above**

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[**Table of Contents**](#JOB_SSIIT_f451c4b0-9d05-49f4-a3dc-394d97605605_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025 (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| **TREASURY DEBT—101.2%** |  |  |  |  |  |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.795% | &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;$61580000 | &nbsp;&nbsp;$60946276 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.050% | &nbsp;&nbsp;10/23/2025 | &nbsp;&nbsp;10/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;101020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99724418 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.060% | &nbsp;&nbsp;10/16/2025 | &nbsp;&nbsp;10/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;123740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122246802 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.060% | &nbsp;&nbsp;10/30/2025 | &nbsp;&nbsp;10/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88011808 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.080% | &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22600920 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.085% | &nbsp;&nbsp;11/06/2025 | &nbsp;&nbsp;11/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;250920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247260677 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;4.095% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;152400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149222901 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.096% | &nbsp;&nbsp;09/25/2025 | &nbsp;&nbsp;09/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;373361000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369620777 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.100% | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;558551200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553427088 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.105% | &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;124570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122650766 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.105% | &nbsp;&nbsp;12/26/2025 | &nbsp;&nbsp;12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65825287 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.125% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;209550200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209550200 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.125% | &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;248420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248162677 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.135% | &nbsp;&nbsp;09/04/2025 | &nbsp;&nbsp;09/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;519830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515858754 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.140% | &nbsp;&nbsp;11/20/2025 | &nbsp;&nbsp;11/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97265582 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.140% | &nbsp;&nbsp;12/11/2025 | &nbsp;&nbsp;12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;182010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178592810 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.150% | &nbsp;&nbsp;07/08/2025 | &nbsp;&nbsp;07/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;478000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477616906 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.153% | &nbsp;&nbsp;11/28/2025 | &nbsp;&nbsp;11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;205950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202382747 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.153% | &nbsp;&nbsp;12/04/2025 | &nbsp;&nbsp;12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;129600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127267400 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.155% | &nbsp;&nbsp;12/18/2025 | &nbsp;&nbsp;12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96187589 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.165% | &nbsp;&nbsp;07/24/2025 | &nbsp;&nbsp;07/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;147910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147514039 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.173% | &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;254100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252789017 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;4.175% | &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;195000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194681568 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.180% | &nbsp;&nbsp;07/17/2025 | &nbsp;&nbsp;07/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;559870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558822161 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.180% | &nbsp;&nbsp;07/31/2025 | &nbsp;&nbsp;07/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298955000 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.180% | &nbsp;&nbsp;08/28/2025 | &nbsp;&nbsp;08/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;105731000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105017996 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.190% | &nbsp;&nbsp;09/02/2025 | &nbsp;&nbsp;09/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;153530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152404093 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.195% | &nbsp;&nbsp;07/22/2025 | &nbsp;&nbsp;07/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;515900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514632591 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.195% | &nbsp;&nbsp;08/12/2025 | &nbsp;&nbsp;08/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;520360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517774581 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.200% | &nbsp;&nbsp;07/29/2025 | &nbsp;&nbsp;07/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92826454 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.200% | &nbsp;&nbsp;08/05/2025 | &nbsp;&nbsp;08/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;243410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242398576 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.203% | &nbsp;&nbsp;08/21/2025 | &nbsp;&nbsp;08/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;211950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210679706 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;4.208% | &nbsp;&nbsp;10/28/2025 | &nbsp;&nbsp;10/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7573186 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.220% | &nbsp;&nbsp;07/03/2025 | &nbsp;&nbsp;07/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;546800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546672436 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.220% | &nbsp;&nbsp;10/14/2025 | &nbsp;&nbsp;10/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51142674 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.227% | &nbsp;&nbsp;09/23/2025 | &nbsp;&nbsp;09/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99013700 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.228% | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49465628 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.230% | &nbsp;&nbsp;08/19/2025 | &nbsp;&nbsp;08/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;246719000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245254987 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.235% | &nbsp;&nbsp;10/21/2025 | &nbsp;&nbsp;10/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70735576 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.248% | &nbsp;&nbsp;09/16/2025 | &nbsp;&nbsp;09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63805528 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.250% | &nbsp;&nbsp;09/11/2025 | &nbsp;&nbsp;09/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;156570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155237655 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.10% (c)<br>| &nbsp;&nbsp;4.379% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;257820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257817801 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.13% (c)<br>| &nbsp;&nbsp;4.406% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;487500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487517082 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.17% (c)<br>| &nbsp;&nbsp;4.410% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;179206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179176613 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.15% (c)<br>| &nbsp;&nbsp;4.431% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;247800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247817635 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.16% (c)<br>| &nbsp;&nbsp;4.441% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;04/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;112930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112930322 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.18% (c)<br>| &nbsp;&nbsp;4.463% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;451260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450938066 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.21% (c)<br>| &nbsp;&nbsp;4.486% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;200140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200200095 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_f451c4b0-9d05-49f4-a3dc-394d97605605_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.25% (c)<br>| &nbsp;&nbsp;4.526% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/31/2026 | &nbsp;&nbsp;$312905000 | &nbsp;&nbsp;$312903601 |
| U.S. Treasury Inflation-Indexed Notes<br>| &nbsp;&nbsp;1.080% | &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;927890460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927635488 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.020% | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;162743000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160144204 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.100% | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;153374000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150513302 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.180% | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33508722 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.190% | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31597729 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.200% | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769506 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.210% | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600401 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.250% | &nbsp;&nbsp;02/28/2026 | &nbsp;&nbsp;02/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33258133 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.290% | &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;209480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208898050 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.290% | &nbsp;&nbsp;02/28/2026 | &nbsp;&nbsp;02/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6566095 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.300% | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43862000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43560852 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.330% | &nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096676 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.440% | &nbsp;&nbsp;07/31/2025 | &nbsp;&nbsp;07/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;189690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189127626 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;5.020% | &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29038266 |
| **TOTAL INVESTMENTS –101.2% (d)(e)<br>**  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**12710435802** |
| **Liabilities in Excess of Other Assets —(1.2)% <br>**  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(156160107)** |
| **NET ASSETS –100.0% <br>**  |  |  |  |  | &nbsp;&nbsp;**$12554275695** |

---

(a) Rate shown is the discount rate at time of purchase.

(b) When-issued security.

(c) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(d) Also represents the cost for federal tax purposes.

(e) Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 2 inputs (Note 3).

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_f451c4b0-9d05-49f4-a3dc-394d97605605_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value and amortized cost.<br>| &nbsp;&nbsp;&nbsp;&nbsp;$12710435802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23334223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;12734074803 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178748119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and administrator fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody, sub-administration and transfer agent fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179799108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $12554275695 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_f451c4b0-9d05-49f4-a3dc-394d97605605_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$289785682 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and administrator fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian, sub-administrator and transfer agent fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6208 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832491 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $285953191 |
| **REALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19429 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $285972620 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_f451c4b0-9d05-49f4-a3dc-394d97605605_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | **Year Ended<br> 12/31/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$285953191 | $672943435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336952 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285972620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673280387 |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14990784819 | &nbsp;&nbsp;&nbsp;&nbsp;36057022712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16846209358) | &nbsp;&nbsp;&nbsp;(36832811231) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(1855424539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(775788519) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1569451919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102508132) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;14123727614 | &nbsp;&nbsp;&nbsp;&nbsp;14226235746 |
| **NET ASSETS AT END OF PERIOD<br>**  | $12554275695 | $14123727614 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_f451c4b0-9d05-49f4-a3dc-394d97605605_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### FINANCIAL HIGHLIGHTS

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/23** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/20** |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$12554276 | &nbsp;&nbsp;$14123728 | &nbsp;&nbsp;$14226236 | &nbsp;&nbsp;$12678909 | &nbsp;&nbsp;$14060872 | &nbsp;&nbsp;$16771503 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% |

---

(a) Results represent past performance and are not indicative of future results. Total return for periods of less than one year are not annualized.

(b) Amount is less than 0.005%.

(c) Annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_f451c4b0-9d05-49f4-a3dc-394d97605605_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS

#### June 30, 2025 (Unaudited)

------

1.&nbsp;&nbsp;&nbsp;&nbsp;Organization

State Street Master Funds (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended ("1940 Act"), is an open-end management investment company.

As of June 30, 2025, the Trust consists of four (4) series, each of which represents a separate series of beneficial interest in the Trust. State Street Treasury Money Market Portfolio (the "Portfolio") is authorized to issue an unlimited number of shares of beneficial interest with no par value. The financial statements herein relate only to the Portfolio.

The Portfolio operates as a "government money market fund" within the meaning of Rule 2a-7 under the 1940 Act to comply with the amendments to Rule 2a-7. The Portfolio is not currently subject to liquidity fees during periods of high illiquidity in the markets for the investments it holds.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting

The Portfolio has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through the Portfolio's investments in accordance with its investment objective. The Portfolio's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on the Portfolio's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. The Portfolio's Total Return is utilized by the CODM to compare results, including the impact of the Portfolio's costs, to the Portfolio's competitors and to the Portfolio's benchmark index.

3.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

#### Security Valuation
The investments of the Portfolio are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board of Trustees of the Trust (the "Board" and each member thereof, a "Trustee"). The Committee provides oversight of the valuation of investments for the Portfolio. The Board has responsibility for overseeing the determination of the fair value of investments.

The Portfolio's securities are recorded on the basis of amortized cost which approximates fair value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Because of the inherent uncertainties of valuation and under certain market conditions, the values reflected in the financial statements may differ from the value received upon actual sale of those investments and it is possible that the differences could be material.

Various inputs are used in determining the value of the Portfolio's investments. The Portfolio values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

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#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

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The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.

#### Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

All of the net investment income and realized gains and losses from the security transactions of the Portfolio are allocated pro rata among the partners in the Portfolio on a daily basis based on each partner's daily ownership percentage.

#### Expenses
Certain expenses, which are directly identifiable to a specific Portfolio, are applied to that Portfolio within the Trust. Other expenses which cannot be attributed to a specific Portfolio are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Portfolio within the Trust.

4.&nbsp;&nbsp;&nbsp;&nbsp;Fees and Transactions with Affiliates

#### Advisory and Administrator Fee
The Trust has entered into an investment advisory agreement with SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM"), a subsidiary of State Street Corporation and an affiliate of State Street Bank and Trust Company ("State Street"), under which the Adviser directs the investments of the Portfolio in accordance with its investment objective, policies, and limitations. In compensation for the Adviser's services as investment adviser, the Portfolio pays the Adviser a management fee at an annual rate of 0.05% of its average daily net assets. SSGA FM also serves as administrator.

Each of the Adviser and State Street Global Advisors Funds Distributors, LLC (each a "Service Provider") also may voluntarily reduce all or a portion of its fees and/or reimburse expenses for the Portfolio to the extent necessary to attempt to maintain a certain minimum net yield, which may vary from time to time, in SSGA FM's sole discretion (any such waiver or reimbursement of expenses by a Service Provider being referred to herein as a "Voluntary Reduction"). The Adviser may, in its sole discretion, implement the Voluntary Reduction for some series of the Trust and not others. The amount of any Voluntary Reduction may differ between such series in the Adviser's sole discretion. The business objectives of the Adviser and its affiliates and their broader relationships with certain Portfolio shareholders, Financial Intermediaries or distribution channels could give the Adviser an incentive to implement the Voluntary Reduction for some series of the Trust and not others, or to implement it to a greater degree for some series or share classes than others. Under an agreement with the Service Providers relating to the Voluntary Reduction, the Portfolio has agreed to reimburse the Service Providers for the full dollar amount of any Voluntary Reduction beginning on May 1, 2020, subject to certain limitations. Each Service Provider may, in its sole discretion, irrevocably waive receipt of any or all reimbursement amounts due from the Portfolio.

A reimbursement to the Service Provider would increase fund expenses and may negatively impact the Portfolio's yield during such period. There is no guarantee that the Voluntary Reduction will be in effect at any given time or that the Portfolio will be able to avoid a negative yield.

There were no reimbursements for the period ended June 30, 2025.

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#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

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#### Custodian, Sub-Administrator and Transfer Agent Fees
State Street serves as the custodian, sub-administrator and transfer agent to the Portfolio. For its services as custodian, sub-administrator and transfer agent, the Portfolio pays State Street an annual fee. The fees are accrued daily and paid monthly.

5.&nbsp;&nbsp;&nbsp;&nbsp;Trustees' Fees

The fees and expenses of the Trust's Trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), are paid directly by the Portfolio. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

6.&nbsp;&nbsp;&nbsp;&nbsp;Income Tax Information

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains because it is treated as a partnership for federal income tax purposes. All interest, gains and losses of the Portfolio are deemed to have been "passed through" to the Portfolio's partners in proportion to their holdings in the Portfolio, regardless of whether such items have been distributed by the Portfolio. Each partner is responsible for its tax liability based on its distributive share; therefore, no provision has been made for federal income taxes.

The Portfolio files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of December 31, 2024, SSGA FM has analyzed the Portfolio's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

As of June 30, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

7.&nbsp;&nbsp;&nbsp;&nbsp;Risks

#### Concentration Risk
As a result of the Portfolio's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Portfolio's investments more than if the Portfolio was more broadly diversified.

#### Market, Credit and Counterparty Risk
In the normal course of business, the Portfolio trades securities and enters into financial transactions where risk of potential loss exists due to changes in global economic conditions and fluctuations of the market (market risk). Additionally, the Portfolio may also be exposed to counterparty risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio has unsettled or open transactions defaults. The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations (credit risk).

Financial assets, which potentially expose the Portfolio to market, credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Portfolio's exposure to market, credit and counterparty risks in respect to these financial assets approximates their value as recorded in the Portfolio's Statement of Assets and Liabilities, less any collateral held by the Portfolio.

The Portfolio's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Portfolio and its investments.

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#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

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8.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events

Management has evaluated the impact of all subsequent events on the Portfolio through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

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#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract

#### June 30, 2025 (Unaudited)

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#### TRUSTEE CONSIDERATIONS IN APPROVING CONTINUATION OF INVESTMENT ADVISORY AGREEMENT<sup>1</sup>
*Overview of the Contract Review Process*

Under the Investment Company Act of 1940, as amended (the "1940 Act"), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund's board of trustees or its shareholders, and by a vote of a majority of those trustees who are not "interested persons" of the fund (the "Independent Trustees") cast in person at a meeting called for the purpose of considering such approval*.*

Consistent with these requirements, the Board of Trustees (the "Board") of the State Street Master Funds (the "Trust"), met in person on April 2, 2025 and May 7-8, 2025, including in executive sessions attended by the Independent Trustees, to consider a proposal to approve, with respect to the State Street Treasury Money Market Portfolio (the "Portfolio"), the continuation of the investment advisory agreement (the "Advisory Agreement") with SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"). Prior to voting on the proposal, the Independent Trustees reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Trustees were separately represented by counsel who are independent of the Adviser ("Independent Counsel") in connection with their consideration of approval of the Advisory Agreement. In advance of the meetings held on April 2, 2025 and May 7-8, 2025, the Independent Trustees met with their Independent Counsel on March 27, 2025, in a private session to review and discuss the information provided by the Adviser in connection with the proposal. Following the April 2, 2025 meeting, the Independent Trustees submitted questions and requests for additional information to management, and considered management's responses thereto prior to and at the May 7-8, 2025 meeting. The Independent Trustees considered, among other things, the following:

<u>Information about Performance, Expenses and Fees</u>

• A report prepared by an independent third-party provider of investment company data, which includes for the feeder fund for which the Portfolio serves as the master fund in a master-feeder structure (the "Fund"):

o Comparisons of the Fund's performance over the past one-, three-, five- and ten-year periods ended December 31, 2024, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. ("Broadridge") for the Fund (the "Benchmark") and/or a universe of other mutual funds with similar investment objectives and policies (the "Performance Group" and/or the "Performance Universe") constructed by Broadridge;

o Comparisons of the Fund's expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the "Expense Group" and/or "Expense Universe");

o A chart showing the Fund's historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and

o Comparisons of the Fund's contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.

*____________________________________*

*<sup>1</sup> Over the course of many years overseeing the Portfolio and other investment companies, the Independent Trustees have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Trustees may not change substantially from year to year. However, the information requested by, and provided to, the Independent Trustees with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Trustees schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Trustees take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Trustees before the annual review process is completed and prior to the Independent Trustees voting on proposals to approve continuation of the agreements and plans.*

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#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

#### June 30, 2025 (Unaudited)

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• Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and

• Profitability analyses for (a) the Adviser with respect to the Portfolio and (b) affiliates of the Adviser that provide services to the Portfolio ("Affiliated Service Providers").

<u>Information about Portfolio Management</u>

• Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes;

• Information concerning the allocation of brokerage; and

• Information regarding the procedures and processes used to value the assets of the Portfolio.

<u>Information about the Adviser</u>

• Reports detailing the financial results and condition of the Adviser and its affiliates;

• Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Portfolio and for Portfolio operations;

• Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser;

• Information about the Adviser's proxy voting policies and procedures and information regarding the Adviser's practices for overseeing proxy vendors;

• Information concerning the resources devoted by the Adviser to overseeing compliance by the Portfolio and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Portfolio;

• A description of the adequacy and sophistication of the Adviser's technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year;

• A description of the business continuity and disaster recovery plans of the Adviser; and

• Information regarding the Adviser's risk management processes.

<u>Other Relevant Information</u>

• Information concerning the nature, extent, quality and cost of services provided to the Portfolio by SSGA FM in its capacity as the Portfolio's administrator (the "Administrator");

• Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Portfolio by affiliates of the Adviser, including the custodian, sub-administrator, transfer agent and fund accountant of the Portfolio, and the role of the Adviser in managing the Portfolio's relationship with these service providers;

• Copies of the Advisory Agreement and agreements with other service providers of the Portfolio;

• Responses to a request for information reviewed prior to the April 2, 2025 and May 7-8, 2025 meetings by Independent Counsel, requesting specific information from each of;

o SSGA FM, in its capacity as the Portfolio's Adviser and Administrator, with respect to its operations relating to the Portfolio and its approximate profit margins from such operations for the calendar year ended December 31, 2024; and the relevant operations of other Affiliated Service Providers to the Portfolio, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2024;

o State Street Bank and Trust Company ("State Street"), the sub-administrator, custodian and transfer agent for the Portfolio, with respect to its operations relating to the Portfolio; and

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#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

#### June 30, 2025 (Unaudited)

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o State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Portfolio (the "Distributor"), with respect to its operations relating to the Portfolio;

• Information from SSGA FM, State Street and the Distributor with respect to the Trust providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 7-8, 2025; and

• Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel, with respect to the Fund.

In addition to the information identified above, the Board considered information provided from time to time by the Adviser and other service providers of the Portfolio throughout the year at meetings of the Board and its committees. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Portfolio and the investment strategies used in pursuing the Portfolio's investment objective.

The Independent Trustees were assisted throughout the contract review process by their Independent Counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the Portfolio.

<u>Results of the Process</u>

Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 7-8, 2025 the Board, including a majority of the Independent Trustees, voted to approve the continuation of the Advisory Agreement effective June 1, 2025, for an additional year with respect to the Portfolio.

<u>Nature, Extent and Quality of Services</u>

In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing various funds that invest primarily in money market instruments. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Trustees also considered the significant risks assumed by the Adviser in connection with the services provided to the Portfolio, including reputational and entrepreneurial risks. The Board considered the Adviser's success in maintaining the constant dollar value of the Portfolio through extraordinary market conditions. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Portfolio by senior management, as well as the Adviser's succession planning process.

The Board had previously reviewed the compliance programs of SSGA FM and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.

On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Portfolio.

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#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

#### June 30, 2025 (Unaudited)

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<u>Portfolio Performance</u>

The Board considered the Portfolio's performance by evaluating the performance of the Fund. The Board compared the Fund's investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2024. For purposes of these comparisons the Independent Trustees relied on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing the Fund's performance against its benchmark and against the Fund's peers. The Board also considered the Fund's performance in light of overall financial market conditions. Among other information, the Board considered the following performance information in its evaluation of the Portfolio:

*Money Market Funds, Generally. The Board noted the relatively narrow range of returns in each Fund's Performance Group and Performance Universe. The Board also observed that several basis points of performance, whether from yield on portfolio investments or fees waived by service providers, accounted for substantial differences in performance relative to other funds in such Performance Group and Performance Universe during periods when preservation of capital and net asset value were generally considered by stockholders to have been more important than several basis points of yield.*

*State Street Institutional Treasury Money Market Fund and State Street Treasury Money Market Portfolio. The Board considered that the Fund's performance was above the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund's performance was above the Benchmark for the 1-, 3-, 5- and 10-year periods.*

On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Portfolio is satisfactory.

<u>Profitability</u>

The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Portfolio and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Portfolio, together with the profitability of each of the Affiliated Service Providers with respect to their services to the Portfolio and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Trust, including reputational and entrepreneurial risks.

The Board concluded that the profitability of the Adviser with respect to the Portfolio, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Portfolio, were reasonable in relation to the services provided.

<u>Economies of Scale</u>

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Portfolio and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Portfolio and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Portfolio or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Portfolio and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Portfolio and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Portfolio to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Portfolio at this time.

<u>Conclusions</u>

In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Trustee may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Trustees,

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#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

#### June 30, 2025 (Unaudited)

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concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.

Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Portfolio and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.

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## Semi-Annual Financial Statements and Other Information
June 30, 2025

## State Street Master Funds
State Street Treasury Plus Money Market Portfolio

![](g52640img47f90e171.jpg)

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**TABLE OF CONTENTS** (Unaudited)

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| | |
|:---|:---|
| **[Schedule of Investments (Unaudited) (N-CSR Item 6)](#xx_269331a7-8996-4f0a-8e7f-c5032cc16a83_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **[Statement of Assets and Liabilities (Unaudited) (N-CSR Item 7)](#xx_4d4f226a-b649-47aa-b85c-cb2b44c2532c_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| **[Statement of Operations (Unaudited) (N-CSR Item 7)](#xx_7036b4d6-aad3-47f8-9e78-00b6d1a47c68_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| **[Statements of Changes in Net Assets (Unaudited) (N-CSR Item 7)](#xx_1f63da0f-bf79-4478-adf3-4102d74ed297_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| **[Financial Highlights (Unaudited) (N-CSR Item 7)](#xx_ebf43dc3-9024-4fba-8292-76ef0e1cb278_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| **[Notes to Financial Statements (Unaudited) (N-CSR Item 7)](#xx_4a522b9a-3d82-45f8-aa70-6f56b1a3122f_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| **[Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11)](#xx_c93bfe47-3fc3-4e1f-a335-a687e7ad0a60_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;15 |

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#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable

#### Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not Applicable
**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above**

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[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025 (Unaudited)

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| **TREASURY DEBT—55.0%** |  |  |  |  |  |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.795% | &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;$267900000 | &nbsp;&nbsp;$265139238 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.050% | &nbsp;&nbsp;10/23/2025 | &nbsp;&nbsp;10/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433922643 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.060% | &nbsp;&nbsp;10/16/2025 | &nbsp;&nbsp;10/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722860534 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.060% | &nbsp;&nbsp;10/30/2025 | &nbsp;&nbsp;10/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565335061 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.080% | &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106261893 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.085% | &nbsp;&nbsp;11/06/2025 | &nbsp;&nbsp;11/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173069215 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;4.095% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789209488 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.096% | &nbsp;&nbsp;09/25/2025 | &nbsp;&nbsp;09/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733612000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726435164 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.100% | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794546398 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.105% | &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554010860 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.105% | &nbsp;&nbsp;12/26/2025 | &nbsp;&nbsp;12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657038058 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.125% | &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712804387 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.135% | &nbsp;&nbsp;07/03/2025 | &nbsp;&nbsp;07/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149965542 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.135% | &nbsp;&nbsp;09/04/2025 | &nbsp;&nbsp;09/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634791628 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.135% | &nbsp;&nbsp;11/20/2025 | &nbsp;&nbsp;11/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439347690 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.140% | &nbsp;&nbsp;12/11/2025 | &nbsp;&nbsp;12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878167170 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.153% | &nbsp;&nbsp;11/28/2025 | &nbsp;&nbsp;11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995630741 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.153% | &nbsp;&nbsp;12/04/2025 | &nbsp;&nbsp;12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030050881 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.153% | &nbsp;&nbsp;12/18/2025 | &nbsp;&nbsp;12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969601481 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.165% | &nbsp;&nbsp;07/24/2025 | &nbsp;&nbsp;07/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095676271 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.173% | &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806169000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801991530 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.180% | &nbsp;&nbsp;07/17/2025 | &nbsp;&nbsp;07/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280188503 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.180% | &nbsp;&nbsp;08/28/2025 | &nbsp;&nbsp;08/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411619000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408829470 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.190% | &nbsp;&nbsp;09/02/2025 | &nbsp;&nbsp;09/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734841256 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.195% | &nbsp;&nbsp;08/12/2025 | &nbsp;&nbsp;08/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761032864 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.200% | &nbsp;&nbsp;07/29/2025 | &nbsp;&nbsp;07/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364617543 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.200% | &nbsp;&nbsp;08/05/2025 | &nbsp;&nbsp;08/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429947184 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.203% | &nbsp;&nbsp;08/21/2025 | &nbsp;&nbsp;08/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590865344 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;4.208% | &nbsp;&nbsp;10/28/2025 | &nbsp;&nbsp;10/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34641408 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.220% | &nbsp;&nbsp;10/14/2025 | &nbsp;&nbsp;10/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230803789 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.235% | &nbsp;&nbsp;10/21/2025 | &nbsp;&nbsp;10/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327201381 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.248% | &nbsp;&nbsp;09/16/2025 | &nbsp;&nbsp;09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587597480 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.250% | &nbsp;&nbsp;09/11/2025 | &nbsp;&nbsp;09/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29447550 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.394% | &nbsp;&nbsp;08/19/2025 | &nbsp;&nbsp;08/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200721000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199520543 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.10% (c)<br>| &nbsp;&nbsp;4.379% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975844000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975789372 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.13% (c)<br>| &nbsp;&nbsp;4.406% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476998758 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.17% (c)<br>| &nbsp;&nbsp;4.410% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298902000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298862717 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.15% (c)<br>| &nbsp;&nbsp;4.431% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888093228 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.16% (c)<br>| &nbsp;&nbsp;4.441% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;04/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494501476 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.18% (c)<br>| &nbsp;&nbsp;4.463% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078388195 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.21% (c)<br>| &nbsp;&nbsp;4.486% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811464888 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.25% (c)<br>| &nbsp;&nbsp;4.526% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;01/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230698000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230720471 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.016% | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286394568 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.016% | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515458000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501489380 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.099% | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201851592 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.100% | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582478000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568106690 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.179% | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144723445 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.192% | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;$137770000 | &nbsp;&nbsp;$137803709 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.197% | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20805251 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.206% | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32827474 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.254% | &nbsp;&nbsp;02/28/2026 | &nbsp;&nbsp;02/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178840259 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.292% | &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910403000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907873487 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.294% | &nbsp;&nbsp;02/28/2026 | &nbsp;&nbsp;02/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54597129 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.297% | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61533415 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.298% | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250615187 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.313% | &nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43875175 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.332% | &nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44275454 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.342% | &nbsp;&nbsp;11/30/2025 | &nbsp;&nbsp;11/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41528004 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.436% | &nbsp;&nbsp;07/31/2025 | &nbsp;&nbsp;07/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586341783 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.438% | &nbsp;&nbsp;07/31/2025 | &nbsp;&nbsp;07/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85739775 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;5.024% | &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119020919 |
| TOTAL TREASURY DEBT<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;32998451989 |
| **TREASURY REPURCHASE AGREEMENTS—39.3%** |  |  |  |  |  |
| Agreement with Australia and New Zealand Banking Group, dated 06/30/2025 (collateralized by U.S. Treasury Notes, 0.500% – 4.625% due 08/15/2026 – 08/15/2054, valued at $917,711,752); expected proceeds $900,110,000<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000000 |
| Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Strips, 0.000% due 05/15/2047 - 02/15/2054, valued at $91,800,001); expected proceeds $90,010,975<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000000 |
| Agreement with Bank of Montreal and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Bonds, 1.875% - 6.625% due 02/15/2027 - 02/15/2051, valued at $76,500,041); expected proceeds $75,009,125<br>| &nbsp;&nbsp;4.380% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 |
| Agreement with Bank of Nova Scotia and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Bills, 0.000% due 07/03/2025 - 11/20/2025, U.S. Treasury Bonds, 2.000% - 4.750% due 05/15/2039 - 05/15/2055, U.S. Treasury Inflation Index Bonds, 0.750% - 2.375% due 02/15/2042 - 02/15/2055, U.S. Treasury Inflation Index Notes, 0.125% - 2.375% due 04/15/2027 - 01/15/2035 and U.S. Treasury Notes, 0.500% - 4.625% due 11/15/2025 - 05/15/2035, valued at $606,900,023); expected proceeds $595,072,557<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000000 |
| Agreement with Barclays Capital, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Inflation Index Notes, 1.375% - 1.875% due 07/15/2033 - 07/15/2034, valued at $25,500,075); expected proceeds $25,003,049<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| Agreement with BNP Paribas and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Inflation Index Note, 1.875% due 07/15/2034, a U.S. Treasury Note, 4.250% due 02/28/2029, U.S. Treasury Inflation Index Bonds, 1.000% - 1.500% due 02/15/2049 - 02/15/2053 and U.S. Treasury Strips, 0.000% due 05/15/2031 - 05/15/2055, valued at $153,000,000); expected proceeds $150,018,292<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 03/19/2025 (collateralized by a U.S. Treasury Inflation Index Note, 2.125% due 04/15/2029 and U.S. Treasury Notes, 1.750% - 4.250% due 01/31/2029 - 03/31/2029, valued at $204,083,507); expected proceeds $202,886,667 (d)<br>| &nbsp;&nbsp;4.330% | &nbsp;&nbsp;07/17/2025 | &nbsp;&nbsp;07/17/2025 | &nbsp;&nbsp;$200000000 | &nbsp;&nbsp;$200000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 05/16/2025 (collateralized by a U.S. Treasury Bond, 5.375% due 02/15/2031 and U.S. Treasury Notes, 0.875% - 4.250% due 08/31/2030 - 09/30/2031, valued at $204,202,191); expected proceeds $202,882,445 (d)<br>| &nbsp;&nbsp;4.360% | &nbsp;&nbsp;09/12/2025 | &nbsp;&nbsp;09/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Notes, 3.125% - 3.500% due 08/31/2027 - 09/30/2029, valued at $464,100,075); expected proceeds $455,055,485<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000000 |
| Agreement with Credit Agricole Corporate and Investment Bank and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Notes, 4.125% - 4.625% due 09/15/2026 - 11/15/2027, valued at $132,600,060); expected proceeds $130,015,853<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000000 |
| Agreement with Deutsche Bank and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Strip, 0.000% due 08/15/2029 and U.S. Treasury Bonds, 2.000% - 2.750% due 11/15/2047 - 08/15/2051, valued at $193,800,000); expected proceeds $190,023,169<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 05/06/2025 (collateralized by U.S. Treasury Bills, 0.000% due 05/14/2026, U.S. Treasury Bonds, 3.500% - 5.250% due 02/15/2029 - 08/15/2039 and U.S. Treasury Notes, 0.500% - 4.500% due 10/31/2025 - 11/15/2033, valued at $510,000,098); expected proceeds $507,173,056 (d)<br>| &nbsp;&nbsp;4.340% | &nbsp;&nbsp;09/02/2025 | &nbsp;&nbsp;09/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Bond, 5.375% due 02/15/2031, U.S. Treasury Bills, 0.000% due 07/10/2025 and U.S. Treasury Notes, 4.000% - 4.125% due 10/31/2029 - 02/28/2030, valued at $790,500,022); expected proceeds $775,094,292<br>| &nbsp;&nbsp;4.380% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Note, 4.250% due 06/30/2031, valued at $153,000,012); expected proceeds $150,018,333<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Bills, 0.000% due 07/08/2025 - 02/19/2026, a U.S. Treasury Bond, 6.875% due 08/15/2025 and U.S. Treasury Notes, 0.250% - 5.000% due 09/30/2025 - 10/31/2028, valued at $2,040,000,087); expected proceeds $2,000,243,889<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Bills, 0.000% due 07/08/2025 - 05/14/2026, U.S. Treasury Bonds, 1.375% - 6.625% due 02/15/2027 - 08/15/2052 and U.S. Treasury Notes, 0.625% - 4.625% due 01/31/2026 - 02/15/2034, valued at $2,346,000,092); expected proceeds $2,300,281,111<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;$2300000000 | &nbsp;&nbsp;$2300000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Inflation Index Notes, 1.125% - 1.750% due 01/15/2033 - 01/15/2034, valued at $2,550,000,072); expected proceeds $2,500,304,861<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Notes, 0.625% - 3.875% due 05/31/2027 - 08/15/2030, valued at $408,000,024); expected proceeds $400,049,000<br>| &nbsp;&nbsp;4.410% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000000 |
| Agreement with Fixed Income Clearing Corp. and Northern Trust (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Notes, 1.250% - 3.625% due 05/31/2028, valued at $255,621,173); expected proceeds $250,030,417<br>| &nbsp;&nbsp;4.380% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 |
| Agreement with Fixed Income Clearing Corp., dated 06/30/2025 (collateralized by U.S. Treasury Notes, 1.625% – 4.75% due 11/30/2026 – 05/15/2055, valued at $2,038,997,232); expected proceeds $2,000,244,444<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000000 |
| Agreement with Goldman Sachs & Co. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Bond, 3.000% due 05/15/2045, U.S. Treasury Notes, 2.250% - 3.375% due 09/15/2027 - 11/15/2027 and U.S. Treasury Strips, 0.000% due 11/15/2026 - 05/15/2048, valued at $1,102,620,002); expected proceeds $1,081,131,822<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081000000 |
| Agreement with HSBC Securities USA, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Bonds, 1.750% - 4.750% due 08/15/2041 - 11/15/2053, U.S. Treasury Inflation Index Bonds, 1.000% - 2.125% due 02/15/2041 - 02/15/2048, U.S. Treasury Notes, 0.250% - 5.000% due 08/31/2025 - 05/31/2027 and U.S. Treasury Strips, 0.000% due 08/15/2025 - 02/15/2027, valued at $851,700,001); expected proceeds $835,101,824<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 06/23/2025 (collateralized by a U.S. Treasury Note, 4.500% due 11/15/2033, valued at $122,400,007); expected proceeds $120,205,333<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Bonds, 3.000% - 4.750% due 02/15/2041 - 02/15/2053, valued at $2,282,760,053); expected proceeds $2,238,272,912<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| Agreement with Mitsubishi UFJ Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Bills, 0.000% due 07/15/2025 - 12/26/2025, U.S. Treasury Bonds, 1.375% - 4.750% due 05/15/2040 - 05/15/2055, U.S. Treasury Inflation Index Bonds, 0.125% - 1.500% due 02/15/2044 - 02/15/2053, U.S. Treasury Inflation Index Notes, 0.125% - 1.375% due 07/15/2025 - 07/15/2033 and U.S. Treasury Notes, 0.250% - 4.875% due 09/30/2025 - 05/15/2035, valued at $510,000,023); expected proceeds $500,060,972<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;$500000000 | &nbsp;&nbsp;$500000000 |
| Agreement with Mitsubishi UFJ Securities, Inc., dated 06/30/2025 (collateralized by U.S. Treasury Inflation Index Notes, 0.125% – 3.875% due 07/15/2025 – 02/15/2047 and U.S. Treasury Notes, 1.125% – 4.750% due 05/15/2040 – 05/15/2054, valued at $1,085,406,564); expected proceeds $1,065,129,871<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065000000 |
| Agreement with Mizuho Securities USA, Inc. and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Notes, 2.625% - 3.750% due 04/30/2027 - 07/31/2029, valued at $255,031,173); expected proceeds $250,030,486<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 |
| Agreement with National Australia Bank, Ltd., dated 06/30/2025 (collateralized by a U.S. Treasury Note, 2.250% due 08/15/2027, valued at $254,914,155); expected proceeds $250,030,417<br>| &nbsp;&nbsp;4.380% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 |
| Agreement with Prudential Insurance Co., dated 06/30/2025 (collateralized by U.S. Treasury Notes, 2.250% – 4.125% due 11/30/2031 – 11/15/2052 and U.S. Treasury Strips, 0.000% due 02/15/2030 – 11/15/2044, valued at $139,886,991); expected proceeds $136,909,412<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136892681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136892681 |
| Agreement with Prudential Insurance Co., dated 06/30/2025 (collateralized by U.S. Treasury Notes, 3.000% – 3.125% due 08/15/2044 – 18/15/2048 and U.S. Treasury Strips, 0.000% due 08/15/2039 – 11/15/2052, valued at $317,629,254); expected proceeds $309,081,522<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309043750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309043750 |
| Agreement with Royal Bank of Canada and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Bond, 4.625% due 05/15/2044, a U.S. Treasury Strip, 0.000% due 05/15/2029, U.S. Treasury Bills, 0.000% due 07/03/2025, U.S. Treasury Inflation Index Bonds, 0.750% - 2.125% due 02/15/2041 - 02/15/2053, U.S. Treasury Inflation Index Notes, 0.875% - 1.875% due 04/15/2028 - 07/15/2034 and U.S. Treasury Notes, 0.375% - 4.875% due 11/30/2025 - 08/31/2031, valued at $525,300,000); expected proceeds $515,062,658<br>| &nbsp;&nbsp;4.380% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000000 |
| Agreement with Royal Bank of Canada and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Notes, 1.500% - 4.250% due 01/31/2027 - 04/30/2028, valued at $561,000,003); expected proceeds $550,067,222<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000000 |
| Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 03/26/2025 (collateralized by U.S. Treasury Bonds, 1.250% - 6.625% due 02/15/2026 - 02/15/20535, valued at $255,000,031); expected proceeds $253,608,333 (d)<br>| &nbsp;&nbsp;4.330% | &nbsp;&nbsp;07/24/2025 | &nbsp;&nbsp;07/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next Rate Reset Date** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;**Value** |
| Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 04/01/2025 (collateralized by a U.S. Treasury Note, 3.750% due 06/30/2027 and U.S. Treasury Bonds, 1.375% - 6.875% due 08/15/2025 - 02/15/2055, valued at $255,000,009); expected proceeds $253,608,333 (d)<br>| &nbsp;&nbsp;4.330% | &nbsp;&nbsp;07/30/2025 | &nbsp;&nbsp;07/30/2025 | &nbsp;&nbsp;$250000000 | &nbsp;&nbsp;$250000000 |
| Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Bond, 4.375% due 08/15/2043, valued at $20,400,090); expected proceeds $20,002,439<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 |
| Agreement with Standard Chartered Bank and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by a U.S. Treasury Inflation Index Bond, 2.000% due 01/15/2026, U.S. Treasury Bills, 0.000% due 07/10/2025, U.S. Treasury Bonds, 1.875% - 4.750% due 11/15/2041 - 05/15/2055, U.S. Treasury Inflation Index Notes, 0.125% - 1.875% due 07/15/2026 - 07/15/2034 and U.S. Treasury Notes, 0.375% - 4.875% due 12/31/2025 - 05/15/2034, valued at $657,900,016); expected proceeds $645,078,654<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000000 |
| Agreement with Toronto Dominion Bank and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Notes, 0.375% - 4.875% due 02/28/2026 - 07/31/2027, valued at $51,000,065); expected proceeds $50,006,111<br>| &nbsp;&nbsp;4.400% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 |
| Agreement with UBS Securities LLC and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Bills, 0.000% due 07/08/2025 - 11/20/2025, U.S. Treasury Bonds, 1.375% - 6.125% due 11/15/2027 - 05/15/2051, U.S. Treasury Inflation Index Bonds, 0.875% - 3.875% due 01/15/2028 - 02/15/2049, U.S. Treasury Inflation Index Notes, 0.125% - 1.625% due 10/15/2029 - 07/15/2031, U.S. Treasury Notes, 0.250% - 5.000% due 07/31/2025 - 06/30/2032 and U.S. Treasury Strips, 0.000% due 02/15/2026 - 02/15/2037, valued at $122,400,002); expected proceeds $120,014,633<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000000 |
| Agreement with Wells Fargo Bank and Bank of New York Mellon (Tri-Party), dated 06/30/2025 (collateralized by U.S. Treasury Inflation Index Bonds, 0.125% - 2.375% due 02/15/2040 - 02/15/2055 and U.S. Treasury Inflation Index Notes, 0.125% - 2.375% due 10/15/2025 - 01/15/2035, valued at $510,062,192); expected proceeds $500,060,972<br>| &nbsp;&nbsp;4.390% | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 |
| TOTAL TREASURY REPURCHASE AGREEMENTS<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;23569936431 |
| **TOTAL INVESTMENTS <sup>(e)(f)</sup>–94.3% <br>**  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**56568388420** |
| **Other Assets in Excess of Liabilities —5.7% <br>**  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3401589596** |
| **NET ASSETS –100.0% <br>**  |  |  |  |  | &nbsp;&nbsp;**$59969978016** |

---

(a) Rate shown is the discount rate at time of purchase.

(b) When-issued security.

(c) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(d) Illiquid security. These securities represent $1,400,000,000 or 2.3% of net assets as of June 30, 2025.

(e) Also represents the cost for federal tax purposes.

(f) Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 2 inputs (Note 3).

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value and amortized cost.<br>| &nbsp;&nbsp;&nbsp;&nbsp;$32998451989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements, at value and amortized cost<br>| &nbsp;&nbsp;&nbsp;23569936431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;56568388420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5019124565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220498453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90054947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;61899061084 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924885643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and administrator fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody, sub-administration and transfer agent fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1929083068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $59969978016 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238519922 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and administrator fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14104285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian, sub-administrator and transfer agent fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12927 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16161287 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $1222358635 |
| **REALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28483 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $1222387118 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | **Year Ended<br> 12/31/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1222358635 | $2558755151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61195) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222387118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558693956 |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124467259923 | &nbsp;&nbsp;&nbsp;&nbsp;217367694672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122235077982) | &nbsp;&nbsp;&nbsp;(209524911840) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232181941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7842782832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454569059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10401476788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56515408957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46113932169 |
| **NET ASSETS AT END OF PERIOD<br>**  | $59969978016 | $56515408957 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### FINANCIAL HIGHLIGHTS

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/23** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/20** |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$59969978 | &nbsp;&nbsp;$56515409 | &nbsp;&nbsp;$46113932 | &nbsp;&nbsp;$43687095 | &nbsp;&nbsp;$27061311 | &nbsp;&nbsp;$28049358 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06%(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31%(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% |

---

(a) Results represent past performance and are not indicative of future results. Total return for periods of less than one year are not annualized.

(b) Annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS

#### June 30, 2025 (Unaudited)

------

1.&nbsp;&nbsp;&nbsp;&nbsp;Organization

State Street Master Funds (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended ("1940 Act"), is an open-end management investment company.

As of June 30, 2025, the Trust consists of four (4) series, each of which represents a separate series of beneficial interest in the Trust. State Street Treasury Plus Money Market Portfolio (the "Portfolio") is authorized to issue an unlimited number of shares of beneficial interest with no par value. The financial statements herein relate only to the Portfolio.

The Portfolio operates as a "government money market fund" within the meaning of Rule 2a-7 under the 1940 Act to comply with the amendments to Rule 2a-7. The Portfolio is not currently subject to liquidity fees during periods of high illiquidity in the markets for the investments it holds.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting

The Portfolio has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through the Portfolio's investments in accordance with its investment objective. The Portfolio's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on the Portfolio's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. The Portfolio's Total Return is utilized by the CODM to compare results, including the impact of the Portfolio's costs, to the Portfolio's competitors and to the Portfolio's benchmark index.

3.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

#### Security Valuation
The investments of the Portfolio are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board of Trustees of the Trust (the "Board"). The Committee provides oversight of the valuation of investments for the Portfolio. The Board has responsibility for overseeing the determination of the fair value of investments.

The Portfolio's securities are recorded on the basis of amortized cost which approximates fair value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Because of the inherent uncertainties of valuation and under certain market conditions, the values reflected in the financial statements may differ from the value received upon actual sale of those investments and it is possible that the differences could be material.

Various inputs are used in determining the value of the Portfolio's investments. The Portfolio values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

------

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.

#### Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

All of the net investment income and realized gains and losses from the security transactions of the Portfolio are allocated pro rata among the partners in the Portfolio on a daily basis based on each partner's daily ownership percentage.

#### Expenses
Certain expenses, which are directly identifiable to a specific Portfolio, are applied to that Portfolio within the Trust. Other expenses which cannot be attributed to a specific Portfolio are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Portfolio within the Trust.

4.&nbsp;&nbsp;&nbsp;&nbsp;Securities and Other Investments

#### Repurchase Agreements
The Portfolio may enter into repurchase agreements under the terms of a Master Repurchase Agreement. A repurchase agreement customarily obligates the seller at the time it sells securities to the Portfolio to repurchase the securities at a mutually agreed upon price and time. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Portfolio including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest.

The Portfolio monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the Portfolio's principal amount of the repurchase agreement (including accrued interest). The underlying securities are ordinarily United States Government or Government Agency securities, but may consist of other securities. The use of repurchase agreements involves certain risks including counterparty risks. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which the value of the collateral may decline.

As of June 30, 2025, the Portfolio had invested in repurchase agreements with the gross values of $23,569,936,431 and associated collateral equal to $24,042,727,168.

5.&nbsp;&nbsp;&nbsp;&nbsp;Fees and Transactions with Affiliates

#### Advisory and Administrator Fee
The Trust has entered into an investment advisory agreement with SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM"), a subsidiary of State Street Corporation and an affiliate of State Street Bank and Trust Company ("State Street"), under which the Adviser directs the investments of the Portfolio in accordance with its investment objective, policies, and limitations. In compensation for the Adviser's services as investment adviser, the Portfolio pays the Adviser a management fee at an annual rate of 0.05% of its average daily net assets. SSGA FM also serves as administrator.

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

------

Each of the Adviser and State Street Global Advisors Funds Distributors, LLC (each a "Service Provider") also may voluntarily reduce all or a portion of its fees and/or reimburse expenses for the Portfolio to the extent necessary to maintain a certain minimum net yield, which may vary from time to time, in SSGA FM's sole discretion (any such waiver or reimbursement of expenses by a Service Provider being referred to herein as a "Voluntary Reduction"). The Adviser may, in its sole discretion, implement the Voluntary Reduction for some series of the Trust and not others. The amount of any Voluntary Reduction may differ between such series in the Adviser's sole discretion. The business objectives of the Adviser and its affiliates and their broader relationships with certain Portfolio shareholders, Financial Intermediaries or distribution channels could give the Adviser an incentive to implement the Voluntary Reduction for some series of the Trust and not others, or to implement it to a greater degree for some series or share classes than others. Under an agreement with the Service Providers relating to the Voluntary Reduction, the Portfolio has agreed to reimburse the Service Providers for the full dollar amount of any Voluntary Reduction beginning on May 1, 2020, subject to certain limitations. Each Service Provider may, in its sole discretion, irrevocably waive receipt of any or all reimbursement amounts due from the Portfolio.

A reimbursement to the Service Provider would increase fund expenses and may negatively impact a Portfolio's yield during such period. There is no guarantee that the Voluntary Reduction will be in effect at any given time or that a Portfolio will be able to avoid a negative yield.

There were no reimbursements for the period ended June 30, 2025.

#### Custodian, Sub-Administrator and Transfer Agent Fees
State Street serves as the custodian, sub-administrator and transfer agent to the Portfolio. For its services as custodian, sub-administrator and transfer agent, the Portfolio pays State Street an annual fee. The fees are accrued daily and paid monthly.

6.&nbsp;&nbsp;&nbsp;&nbsp;Trustees' Fees

The fees and expenses of the Trust's Trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), are paid directly by the Portfolio. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

7.&nbsp;&nbsp;&nbsp;&nbsp;Income Tax Information

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains because it is treated as a partnership for federal income tax purposes. All interest, gains and losses of the Portfolio are deemed to have been "passed through" to the Portfolio's partners in proportion to their holdings in the Portfolio, regardless of whether such items have been distributed by the Portfolio. Each partner is responsible for its tax liability based on its distributive share; therefore, no provision has been made for federal income taxes.

The Portfolio files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of December 31, 2024, SSGA FM has analyzed the Portfolio's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

As of June 30, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

8.&nbsp;&nbsp;&nbsp;&nbsp;Risks

#### Concentration Risk
As a result of the Portfolio's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Portfolio's investments more than if the Portfolio was more broadly diversified.

#### Market, Credit and Counterparty Risk
In the normal course of business, the Portfolio trades securities and enters into financial transactions where risk of potential loss exists due to changes in global economic conditions and fluctuations of the market (market risk). Additionally, the Portfolio may also be exposed to counterparty risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio has unsettled or open transactions defaults. The

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

------

value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations (credit risk).

Financial assets, which potentially expose the Portfolio to market, credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Portfolio's exposure to market, credit and counterparty risks in respect to these financial assets approximates their value as recorded in the Portfolio's Statement of Assets and Liabilities, less any collateral held by the Portfolio.

The Portfolio's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Portfolio and its investments.

9.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events

Management has evaluated the impact of all subsequent events on the Portfolio through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract

#### June 30, 2025 (Unaudited)

------

#### TRUSTEE CONSIDERATIONS IN APPROVING CONTINUATION OF INVESTMENT ADVISORY AGREEMENT<sup>1</sup>
*Overview of the Contract Review Process*

Under the Investment Company Act of 1940, as amended (the "1940 Act"), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund's board of trustees or its shareholders, and by a vote of a majority of those trustees who are not "interested persons" of the fund (the "Independent Trustees") cast in person at a meeting called for the purpose of considering such approval.

Consistent with these requirements, the Board of Trustees (the "Board") of the State Street Master Funds (the "Trust"), met in person on April 2, 2025 and May 7-8, 2025, including in executive sessions attended by the Independent Trustees, to consider a proposal to approve, with respect to the State Street Treasury Plus Money Market Portfolio (the "Portfolio"), the continuation of the investment advisory agreement (the "Advisory Agreement") with SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"). Prior to voting on the proposal, the Independent Trustees reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Trustees were separately represented by counsel who are independent of the Adviser ("Independent Counsel") in connection with their consideration of approval of the Advisory Agreement. In advance of the meetings held on April 2, 2025 and May 7-8, 2025, the Independent Trustees met with their Independent Counsel on March 27, 2025, in a private session to review and discuss the information provided by the Adviser in connection with the proposal. Following the April 2, 2025 meeting, the Independent Trustees submitted questions and requests for additional information to management, and considered management's responses thereto prior to and at the May 7-8, 2025 meeting. The Independent Trustees considered, among other things, the following:

<u>Information about Performance, Expenses and Fees</u>

• A report prepared by an independent third-party provider of investment company data, which includes for the feeder fund for which the Portfolio serves as the master fund in a master-feeder structure (the "Fund"):

o Comparisons of the Fund's performance over the past one-, three-, five- and ten-year periods ended December 31, 2024, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. ("Broadridge") for the Fund (the "Benchmark") and/or a universe of other mutual funds with similar investment objectives and policies (the "Performance Group" and/or the "Performance Universe") constructed by Broadridge;

o Comparisons of the Fund's expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the "Expense Group" and/or "Expense Universe");

o A chart showing the Fund's historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and

o Comparisons of the Fund's contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.

*<sup>____________________________</sup>*

*<sup>1</sup>Over the course of many years overseeing the Portfolio and other investment companies, the Independent Trustees have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreements, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Trustees may not change substantially from year to year. However, the information requested by, and provided to, the Independent Trustees with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Trustees schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Trustees take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Trustees before the annual review process is completed and prior to the Independent Trustees voting on proposals to approve continuation of the agreements and plans.* 

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

#### June 30, 2025 (Unaudited)

------

• Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Fund; and

• Profitability analyses for (a) the Adviser with respect to the Portfolio and (b) affiliates of the Adviser that provide services to the Portfolio ("Affiliated Service Providers").

<u>Information about Portfolio Management</u>

• Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes;

• Information concerning the allocation of brokerage; and

• Information regarding the procedures and processes used to value the assets of the Portfolio.

<u>Information about the Adviser</u>

• Reports detailing the financial results and condition of the Adviser and its affiliates;

• Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Portfolio and for Portfolio operations;

• Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser;

• Information about the Adviser's proxy voting policies and procedures and information regarding the Adviser's practices for overseeing proxy vendors;

• Information concerning the resources devoted by the Adviser to overseeing compliance by the Portfolio and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Portfolio;

• A description of the adequacy and sophistication of the Adviser's technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year;

• A description of the business continuity and disaster recovery plans of the Adviser; and

• Information regarding the Adviser's risk management processes.

<u>Other Relevant Information</u>

• Information concerning the nature, extent, quality and cost of services provided to the Portfolio by SSGA FM in its capacity as the Portfolio's administrator (the "Administrator");

• Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Portfolio by affiliates of the Adviser, including the custodian, sub-administrator, transfer agent and fund accountant of the Portfolio, and the role of the Adviser in managing the Portfolio's relationship with these service providers;

• Copies of the Advisory Agreement and agreements with other service providers of the Portfolio;

• Responses to a request for information reviewed prior to the April 2, 2025 and May 7-8, 2025 meetings by Independent Counsel, requesting specific information from each of:

o SSGA FM, in its capacity as the Portfolio's Adviser and Administrator, with respect to its operations relating to the Portfolio and its approximate profit margins from such operations for the calendar year ended December 31, 2024; and the relevant operations of other affiliated service providers to the Portfolio, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2024;

o State Street Bank and Trust Company ("State Street"), the sub-administrator, custodian and transfer agent for the Portfolio, with respect to its operations relating to the Portfolio; and

o State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Portfolio (the "Distributor"), with respect to its operations relating to the Portfolio;

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

#### June 30, 2025 (Unaudited)

------

• Information from SSGA FM, State Street and the Distributor with respect to the Trust providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 7-8, 2025; and

• Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel, with respect to the Fund.

In addition to the information identified above, the Board considered information provided from time to time by the Adviser, and other service providers of the Portfolio throughout the year at meetings of the Board and its committees. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Portfolio and the investment strategies used in pursuing the Portfolio's investment objective.

The Independent Trustees were assisted throughout the contract review process by their Independent Counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the Portfolio.

<u>Results of the Process</u>

Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 7-8, 2025, the Board, including a majority of the Independent Trustees, voted to approve the continuation of the Advisory Agreement effective June 1, 2025, for an additional year with respect to the Portfolio.

<u>Nature, Extent and Quality of Services</u>

In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio. The Board evaluated the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing various funds that invest primarily in money market instruments. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Trustees also considered the significant risks assumed by the Adviser in connection with the services provided to the Portfolio, including reputational and entrepreneurial risks. The Board considered the Adviser's success in maintaining the constant dollar value of the Portfolio through extraordinary market conditions. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Portfolio by senior management, as well as the Adviser's succession planning process.

The Board had previously reviewed the compliance programs of SSGA FM and various affiliated service providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.

On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Portfolio.

<u>Portfolio Performance</u>

The Board considered the Portfolio's performance by evaluating the performance of the Fund. The Board compared the Fund's investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2024. For purposes of these comparisons the Independent Trustees relied on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. It was noted that while the Board found the Broadridge data

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

#### June 30, 2025 (Unaudited)

------

generally useful, they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing the Fund's performance against its benchmark and against the Fund's peers. The Board also considered the Fund's performance in light of overall financial market conditions. Among other information, the Board considered the following performance information in its evaluation of the Portfolio:

*Money Market Funds, Generally. The Board noted the relatively narrow range of returns in each Fund's Performance Group and Performance Universe. The Board also observed that several basis points of performance, whether from yield on portfolio investments or fees waived by service providers, accounted for substantial differences in performance relative to other funds in such Performance Group and Performance Universe during periods when preservation of capital and net asset value were generally considered by stockholders to have been more important than several basis points of yield.*

*State Street Institutional Treasury Plus Money Market Fund and State Street Treasury Plus Money Market Portfolio. The Board considered that the Fund's performance was above the medians of its Performance Group and Performance Universe for the 1-, 3-, 5- and 10-year periods. The Board also considered that the Fund's performance was above the Benchmark for the 1-, 3-, 5- and 10-year periods.*

On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Portfolio is satisfactory.

<u>Management Fees and Expenses</u>

The Board reviewed the contractual investment advisory fee rates payable by the Portfolio and actual fees paid by the Fund, net of waivers. As part of its review, the Board considered the Fund's management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts. The Board considered the investment advisory fee in the context of the overall master-feeder arrangement with the Fund. Among other information, the Board considered the following expense information in its evaluation of the Portfolio:

*State Street Institutional Treasury Plus Money Market Fund and State Street Treasury Plus Money Market Portfolio. The Board considered that the Fund's actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund's total expenses were below the medians of its Expense Group and Expense Universe.*

On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Fund compare favorably to the fees and expenses of the Expense Group and Expense Universe and the fees and the expense ratio of the Portfolio are reasonable in relation to the services provided.

<u>Profitability</u>

The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Portfolio and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Portfolio, together with the profitability of each of the Affiliated Service Providers with respect to their services to the Portfolio and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Trust, including reputational and entrepreneurial risks.

The Board concluded that the profitability of the Adviser with respect to the Portfolio, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Portfolio, were reasonable in relation to the services provided.

<u>Economies of Scale</u>

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Portfolio and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Portfolio and fund complex increase. The Board

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

#### June 30, 2025 (Unaudited)

------

acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Portfolio or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Portfolio and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Portfolio and the fund complex over various time periods, and the comparative management fee and expense ratio of the Fund during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Portfolio to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Portfolio at this time.

<u>Conclusions</u>

In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Trustee may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Trustees, concluded that the Adviser possesses the capability and resources to perform the duties required of it under the Advisory Agreement.

Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Portfolio and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.

------

[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

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[**Table of Contents**](#JOB_SSIIT_c4cf8b3d-a405-4185-8984-ea9e7df516d9_TOC-LETTERSIZE-FEEDER)

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[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

## Semi-Annual Financial Statements and Other Information
June 30, 2025

## State Street Master Funds
State Street International Developed Equity Index Portfolio

![](g52640img02719c8d1.jpg)

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

------

**TABLE OF CONTENTS** (Unaudited)

---

| | |
|:---|:---|
| **[Schedule of Investments (Unaudited) (N-CSR Item 6)](#xx_af47f06e-b150-417a-8950-a9dd493e15fc_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **[Statement of Assets and Liabilities (Unaudited) (N-CSR Item 7)](#xx_d73f996a-8f6a-40fb-a8cc-eefc41729e72_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| **[Statement of Operations (Unaudited) (N-CSR Item 7)](#xx_0f80ccc8-574e-442e-ae08-e3593d2279ed_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| **[Statements of Changes in Net Assets (Unaudited) (N-CSR Item 7)](#xx_fc9c5a49-1970-45a1-9069-8d169acfc740_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;12 |
| **[Financial Highlights (Unaudited) (N-CSR Item 7)](#xx_d8a5aa18-b9aa-46f5-bc1d-607e9bbe1606_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;13 |
| **[Notes to Financial Statements (Unaudited) (N-CSR Item 7)](#xx_00e56c50-c0a6-434e-b5a1-8d3bad1157f1_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;14 |
| **[Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11)](#xx_c813c9f1-eb91-4015-bc21-32749e8f22d6_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;21 |

---

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable

#### Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not Applicable
**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above**

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.7%** |  |  |
| **AUSTRALIA — 6.8%** | **AUSTRALIA — 6.8%** | **AUSTRALIA — 6.8%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;587161 | &nbsp;&nbsp;$11220652 |
| APA Group Stapled Security | &nbsp;&nbsp;&nbsp;259687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390419 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp;&nbsp;113380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4842365 |
| ASX Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;37414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710464 |
| BHP Group Ltd. | 1005156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24208293 |
| BlueScope Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;91093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379616 |
| Brambles Ltd. | &nbsp;&nbsp;&nbsp;277186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4254334 |
| CAR Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;73824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810401 |
| Cochlear Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634258 |
| Coles Group Ltd. | &nbsp;&nbsp;&nbsp;262962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591402 |
| Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;330205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39979877 |
| Computershare Ltd. | &nbsp;&nbsp;&nbsp;105745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764377 |
| Evolution Mining Ltd. | &nbsp;&nbsp;&nbsp;395229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017714 |
| Fortescue Ltd. | &nbsp;&nbsp;&nbsp;338701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391667 |
| Glencore PLC (a) | 2034128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7905253 |
| Goodman Group REIT | &nbsp;&nbsp;&nbsp;398055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8932031 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp;&nbsp;447372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647463 |
| Lottery Corp. Ltd. | &nbsp;&nbsp;&nbsp;441553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542352 |
| Macquarie Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;70657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10591359 |
| Medibank Pvt Ltd. | &nbsp;&nbsp;&nbsp;512135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694920 |
| National Australia Bank Ltd. | &nbsp;&nbsp;&nbsp;607193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15662288 |
| Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;268068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258834 |
| Origin Energy Ltd. | &nbsp;&nbsp;&nbsp;327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312291 |
| Pro Medicus Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003348 |
| Qantas Airways Ltd. | &nbsp;&nbsp;&nbsp;128634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905385 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;301516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4621830 |
| REA Group Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;10667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681174 |
| Reece Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;48540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456483 |
| Rio Tinto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;72406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5083455 |
| Rio Tinto PLC | &nbsp;&nbsp;&nbsp;224022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13031656 |
| Santos Ltd. | &nbsp;&nbsp;&nbsp;648969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257812 |
| Scentre Group REIT | 1037928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421534 |
| SGH Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478906 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp;&nbsp;911397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785879 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;84429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482306 |
| South32 Ltd. | &nbsp;&nbsp;&nbsp;842585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606868 |
| Stockland REIT | &nbsp;&nbsp;&nbsp;481795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692390 |
| Suncorp Group Ltd. | &nbsp;&nbsp;&nbsp;213928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029673 |
| Telstra Group Ltd. | &nbsp;&nbsp;&nbsp;767976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435939 |
| Transurban Group Stapled Security | &nbsp;&nbsp;&nbsp;605840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550581 |
| Vicinity Ltd. REIT | &nbsp;&nbsp;&nbsp;700127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133306 |
| Washington H Soul Pattinson & Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;50349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386171 |
| Wesfarmers Ltd. | &nbsp;&nbsp;&nbsp;223614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12419727 |
| Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;677855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15041707 |
| WiseTech Global Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;39621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831032 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp;&nbsp;367259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5687344 |
| Woolworths Group Ltd. | &nbsp;&nbsp;&nbsp;245707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255776596 |
| **AUSTRIA — 0.2%** | **AUSTRIA — 0.2%** | **AUSTRIA — 0.2%** |
| Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;61793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5244330 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Mondi PLC | &nbsp;&nbsp;80471 | &nbsp;&nbsp;$1311702 |
| OMV AG (b) | &nbsp;&nbsp;27411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485905 |
| Verbund AG (b) | &nbsp;&nbsp;14316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9136772 |
| **BELGIUM — 0.8%** | **BELGIUM — 0.8%** | **BELGIUM — 0.8%** |
| Ageas SA | &nbsp;&nbsp;29322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973965 |
| Anheuser-Busch InBev SA | 195102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13338147 |
| D'ieteren Group (b) | &nbsp;&nbsp;&nbsp;&nbsp;4423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947009 |
| Elia Group SA (b) | &nbsp;&nbsp;&nbsp;&nbsp;9688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111638 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp;17513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486316 |
| KBC Group NV (b) | &nbsp;&nbsp;46043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4737808 |
| Lotus Bakeries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834360 |
| Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;3290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081350 |
| Syensqo SA (b) | &nbsp;&nbsp;13139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009912 |
| UCB SA | &nbsp;&nbsp;24353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4772559 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31293064 |
| **BRAZIL — 0.0% <sup>\*</sup>** | **BRAZIL — 0.0% <sup>\*</sup>** | **BRAZIL — 0.0% <sup>\*</sup>** |
| Yara International ASA  | &nbsp;&nbsp;33994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249619 |
| **CHILE — 0.0% <sup>\*</sup>** | **CHILE — 0.0% <sup>\*</sup>** | **CHILE — 0.0% <sup>\*</sup>** |
| Antofagasta PLC  | &nbsp;&nbsp;74647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850982 |
| **CHINA — 0.6%** | **CHINA — 0.6%** | **CHINA — 0.6%** |
| BOC Hong Kong Holdings Ltd. | 720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127643 |
| Prosus NV | 257281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14336375 |
| SITC International Holdings Co. Ltd. | 293000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938720 |
| Wharf Holdings Ltd. (b) | 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700255 |
| Wilmar International Ltd. | 385400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868447 |
| Yangzijiang Shipbuilding Holdings Ltd. | 549600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20929405 |
| **DENMARK — 2.3%** | **DENMARK — 2.3%** | **DENMARK — 2.3%** |
| AP Moller - Maersk AS Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036392 |
| AP Moller - Maersk AS Class B (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635880 |
| Carlsberg AS Class B (b) | &nbsp;&nbsp;18972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678730 |
| Coloplast AS Class B (b) | &nbsp;&nbsp;24151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285981 |
| Danske Bank AS (b) | 137929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5605441 |
| Demant AS (a) (b) | &nbsp;&nbsp;16592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689702 |
| DSV AS (b) | &nbsp;&nbsp;40127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9609065 |
| Genmab AS (a) | &nbsp;&nbsp;12908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670635 |
| Novo Nordisk AS Class B (b) | 633980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43849336 |
| Novonesis Novozymes B Class B | &nbsp;&nbsp;69904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994400 |
| Orsted AS (a) (b) (c) | &nbsp;&nbsp;32759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401939 |
| Pandora AS | &nbsp;&nbsp;15832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769940 |
| Rockwool AS Class B | &nbsp;&nbsp;20370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949946 |
| Tryg AS (b) | &nbsp;&nbsp;69763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795718 |
| Vestas Wind Systems AS | 199899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84961620 |
| **FINLAND — 1.1%** | **FINLAND — 1.1%** | **FINLAND — 1.1%** |
| Elisa OYJ | &nbsp;&nbsp;28657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583724 |
| Fortum OYJ | &nbsp;&nbsp;91577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708137 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Kesko OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;57821 | &nbsp;&nbsp;$1421264 |
| Kone OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;68554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4496780 |
| Metso OYJ | &nbsp;&nbsp;&nbsp;123340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589713 |
| Neste OYJ | &nbsp;&nbsp;&nbsp;&nbsp;80830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093043 |
| Nokia OYJ | 1056494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5464166 |
| Nordea Bank Abp (d) | &nbsp;&nbsp;&nbsp;521426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7703431 |
| Nordea Bank Abp (d) | &nbsp;&nbsp;&nbsp;101782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506602 |
| Orion OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;19878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489862 |
| Sampo OYJ Class A | &nbsp;&nbsp;&nbsp;467473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010023 |
| Stora Enso OYJ Class R (b) | &nbsp;&nbsp;&nbsp;122809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329725 |
| UPM-Kymmene OYJ | &nbsp;&nbsp;&nbsp;102248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779750 |
| Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;97527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39470440 |
| **FRANCE — 9.4%** | **FRANCE — 9.4%** | **FRANCE — 9.4%** |
| Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;37039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927389 |
| Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943351 |
| Air Liquide SA | &nbsp;&nbsp;&nbsp;114530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23545993 |
| Airbus SE | &nbsp;&nbsp;&nbsp;117085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24362643 |
| Alstom SA (a) | &nbsp;&nbsp;&nbsp;&nbsp;72423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683271 |
| Amundi SA (c) | &nbsp;&nbsp;&nbsp;&nbsp;10973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884901 |
| Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp;11768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864057 |
| AXA SA | &nbsp;&nbsp;&nbsp;350247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17132089 |
| BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128801 |
| BNP Paribas SA | &nbsp;&nbsp;&nbsp;201218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18026756 |
| Bollore SE | &nbsp;&nbsp;&nbsp;142165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889472 |
| Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;37071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671006 |
| Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;64677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197156 |
| Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;31477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5359490 |
| Carrefour SA | &nbsp;&nbsp;&nbsp;112192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576407 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;87668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10253856 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;134110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4965183 |
| Covivio SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;11567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727097 |
| Credit Agricole SA | &nbsp;&nbsp;&nbsp;209316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947258 |
| Danone SA | &nbsp;&nbsp;&nbsp;128001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10421611 |
| Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269307 |
| Dassault Systemes SE | &nbsp;&nbsp;&nbsp;134018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834350 |
| Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;49738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534940 |
| Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;13277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858535 |
| Engie SA | &nbsp;&nbsp;&nbsp;360754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8437657 |
| EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;58287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15935056 |
| Eurazeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643812 |
| FDJ UNITED (c) | &nbsp;&nbsp;&nbsp;&nbsp;20442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799061 |
| Gecina SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001233 |
| Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;64204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235246 |
| Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16899134 |
| Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942882 |
| Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;14876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222821 |
| Klepierre SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;43360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702033 |
| Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;51199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6821341 |
| L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;47362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20186856 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;54070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28218780 |
| Orange SA | &nbsp;&nbsp;&nbsp;363274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5507330 |
| Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;40460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4017988 |
| Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;45753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138699 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Renault SA | &nbsp;&nbsp;37435 | &nbsp;&nbsp;$1719492 |
| Rexel SA | &nbsp;&nbsp;40746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250268 |
| Safran SA | &nbsp;&nbsp;70945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22976607 |
| Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;5355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274793 |
| Societe Generale SA | 142006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8092977 |
| Sodexo SA | &nbsp;&nbsp;18636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141920 |
| Teleperformance SE | &nbsp;&nbsp;11251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087199 |
| Thales SA | &nbsp;&nbsp;18187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5328661 |
| TotalEnergies SE | 402684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24627169 |
| Unibail-Rodamco-Westfield REIT (a) | &nbsp;&nbsp;24951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376487 |
| Veolia Environnement SA | 122331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4343845 |
| Vinci SA | &nbsp;&nbsp;98232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14425228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351359494 |
| **GERMANY — 10.2%** | **GERMANY — 10.2%** | **GERMANY — 10.2%** |
| adidas AG | &nbsp;&nbsp;33796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7852957 |
| Allianz SE | &nbsp;&nbsp;76164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30764284 |
| BASF SE | 178036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8748215 |
| Bayer AG | 196569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5892008 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;57992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5136855 |
| Bayerische Motoren Werke AG Preference Shares | &nbsp;&nbsp;11599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957168 |
| Beiersdorf AG | &nbsp;&nbsp;19263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410424 |
| Brenntag SE | &nbsp;&nbsp;23610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557560 |
| Commerzbank AG | 173251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5446264 |
| Continental AG | &nbsp;&nbsp;22206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931528 |
| Covestro AG (a) | &nbsp;&nbsp;35647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527390 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;12864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591582 |
| Daimler Truck Holding AG | &nbsp;&nbsp;93228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396030 |
| Deutsche Bank AG | 361280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10674303 |
| Deutsche Boerse AG | &nbsp;&nbsp;37367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12145729 |
| Deutsche Lufthansa AG | 121904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027436 |
| Deutsche Post AG | 191237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801996 |
| Deutsche Telekom AG | 690177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25090776 |
| Dr. Ing hc F Porsche AG Preference Shares (c) | &nbsp;&nbsp;23999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181501 |
| E.ON SE | 443396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8132502 |
| Evonik Industries AG | &nbsp;&nbsp;52799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084616 |
| Fresenius Medical Care AG | &nbsp;&nbsp;41504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370201 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp;82974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4156989 |
| GEA Group AG | &nbsp;&nbsp;29348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046338 |
| Hannover Rueck SE | &nbsp;&nbsp;11747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684477 |
| Heidelberg Materials AG | &nbsp;&nbsp;26638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6236602 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp;20876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507075 |
| Henkel AG & Co. KGaA Preference Shares | &nbsp;&nbsp;33425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615466 |
| Infineon Technologies AG | 258111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10942248 |
| Knorr-Bremse AG | &nbsp;&nbsp;14394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386349 |
| LEG Immobilien SE | &nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264829 |
| Mercedes-Benz Group AG | 143994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8398965 |
| Merck KGaA | &nbsp;&nbsp;25115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242935 |
| MTU Aero Engines AG | &nbsp;&nbsp;10727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4749658 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;26332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17018938 |
| Nemetschek SE | &nbsp;&nbsp;11865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713110 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Porsche Automobil Holding SE Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;31031 | &nbsp;&nbsp;$1227183 |
| Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898464 |
| Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18613411 |
| RWE AG | &nbsp;&nbsp;&nbsp;121871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5068552 |
| SAP SE | &nbsp;&nbsp;&nbsp;206207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62486750 |
| Sartorius AG Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283478 |
| Scout24 SE (c) | &nbsp;&nbsp;&nbsp;&nbsp;15173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085647 |
| Siemens AG | &nbsp;&nbsp;&nbsp;149962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38313541 |
| Siemens Energy AG (a) | &nbsp;&nbsp;&nbsp;134102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15436170 |
| Siemens Healthineers AG (c) | &nbsp;&nbsp;&nbsp;&nbsp;66793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689736 |
| Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;26483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771100 |
| Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;11898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534914 |
| Volkswagen AG Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;40640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4275344 |
| Vonovia SE (b) | &nbsp;&nbsp;&nbsp;149330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5242952 |
| Zalando SE (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp;45329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487203 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383099749 |
| **HONG KONG — 1.9%** | **HONG KONG — 1.9%** | **HONG KONG — 1.9%** |
| AIA Group Ltd. | 2105400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18881549 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp;&nbsp;399899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762612 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp;136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900026 |
| CLP Holdings Ltd. | &nbsp;&nbsp;&nbsp;324500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2732414 |
| Futu Holdings Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421285 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp;&nbsp;153700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302563 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp;&nbsp;289436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012104 |
| HKT Trust & HKT Ltd. Stapled Security | &nbsp;&nbsp;&nbsp;811000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210818 |
| Hong Kong & China Gas Co. Ltd. | 2112995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773839 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;237230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12656296 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp;&nbsp;218900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263053 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585980 |
| Link REIT | &nbsp;&nbsp;&nbsp;512391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734928 |
| MTR Corp. Ltd. | &nbsp;&nbsp;&nbsp;325012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167559 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748076 |
| Prudential PLC | &nbsp;&nbsp;&nbsp;517370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6470129 |
| Sino Land Co. Ltd. | &nbsp;&nbsp;&nbsp;640456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681249 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177561 |
| Swire Pacific Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531147 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078217 |
| WH Group Ltd. (c) | 1712766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647310 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69756804 |
| **IRELAND — 0.4%** | **IRELAND — 0.4%** | **IRELAND — 0.4%** |
| AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;35800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4188600 |
| AIB Group PLC | &nbsp;&nbsp;&nbsp;406701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3334679 |
| Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;192314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728161 |
| Kerry Group PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;32578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585156 |
| Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;30531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16424157 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **ISRAEL — 0.8%** | **ISRAEL — 0.8%** | **ISRAEL — 0.8%** |
| Azrieli Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8514 | &nbsp;&nbsp;$783010 |
| Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;243476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4672136 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;301389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5604448 |
| Check Point Software Technologies Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3674962 |
| Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358989 |
| ICL Group Ltd. | &nbsp;&nbsp;&nbsp;163285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119599 |
| Israel Discount Bank Ltd. Class A | &nbsp;&nbsp;&nbsp;229635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288510 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877695 |
| Nice Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102713 |
| Teva Pharmaceutical Industries Ltd. ADR (a) | &nbsp;&nbsp;&nbsp;220128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689345 |
| Wix.com Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29740161 |
| **ITALY — 3.1%** | **ITALY — 3.1%** | **ITALY — 3.1%** |
| Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;44136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757448 |
| Banco BPM SpA | &nbsp;&nbsp;&nbsp;218329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540301 |
| BPER Banca SpA | &nbsp;&nbsp;&nbsp;185021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675813 |
| Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;41181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146687 |
| Davide Campari-Milano NV (b) | &nbsp;&nbsp;&nbsp;106104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711181 |
| DiaSorin SpA (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554078 |
| Enel SpA | 1592753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15061918 |
| Eni SpA | &nbsp;&nbsp;&nbsp;427394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6903340 |
| Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;24850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12137703 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;121237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680484 |
| Generali | &nbsp;&nbsp;&nbsp;168699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5982402 |
| Infrastrutture Wireless Italiane SpA (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;48975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596739 |
| Intesa Sanpaolo SpA | 2991078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17174425 |
| Leonardo SpA (b) | &nbsp;&nbsp;&nbsp;&nbsp;81177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4552936 |
| Mediobanca Banca di Credito Finanziario SpA (b) | &nbsp;&nbsp;&nbsp;&nbsp;94761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195226 |
| Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;46684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651771 |
| Nexi SpA (c) | &nbsp;&nbsp;&nbsp;&nbsp;90247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537521 |
| Poste Italiane SpA (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;94478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022870 |
| Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;54004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806090 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;22997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441534 |
| Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;167813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4731632 |
| Snam SpA | &nbsp;&nbsp;&nbsp;379454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290359 |
| Telecom Italia SpA (a) (b) | 1880790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924170 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;270842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774237 |
| UniCredit SpA | &nbsp;&nbsp;&nbsp;275987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18436973 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;72518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116720070 |
| **JAPAN — 21.5%** | **JAPAN — 21.5%** | **JAPAN — 21.5%** |
| Advantest Corp. | &nbsp;&nbsp;&nbsp;149900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11057389 |
| Aeon Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;131200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014705 |
| AGC, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205666 |
| Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226261 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762948 |
| ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689773 |
| Asahi Group Holdings Ltd. (b) | &nbsp;&nbsp;&nbsp;289300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3860471 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Asahi Kasei Corp. | 237800 | &nbsp;&nbsp;$1690751 |
| Asics Corp. | 125800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204985 |
| Astellas Pharma, Inc. | 366600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3595063 |
| Bandai Namco Holdings, Inc. | 119400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4274412 |
| Bridgestone Corp. (b) | 114700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685036 |
| Canon, Inc. (b) | 183400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5318721 |
| Capcom Co. Ltd. | &nbsp;&nbsp;68300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332541 |
| Central Japan Railway Co. | 154500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456984 |
| Chiba Bank Ltd. | 117700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087408 |
| Chubu Electric Power Co., Inc. | 131900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626321 |
| Chugai Pharmaceutical Co. Ltd. | 133200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6939181 |
| Concordia Financial Group Ltd. | 186000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206821 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252338 |
| Daifuku Co. Ltd. | &nbsp;&nbsp;67100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729005 |
| Dai-ichi Life Holdings, Inc. | 679400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5155058 |
| Daiichi Sankyo Co. Ltd. (b) | 336900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7848444 |
| Daikin Industries Ltd. | &nbsp;&nbsp;51400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6058257 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334781 |
| Daiwa House Industry Co. Ltd. | 112200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848100 |
| Daiwa Securities Group, Inc. (b) | 253500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797991 |
| Denso Corp. (b) | 370400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001663 |
| Dentsu Group, Inc. (b) | &nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929295 |
| Disco Corp. (b) | &nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400872 |
| East Japan Railway Co. | 181600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907458 |
| Eisai Co. Ltd. (b) | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435841 |
| ENEOS Holdings, Inc. | 538500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665938 |
| FANUC Corp. | 187600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5117131 |
| Fast Retailing Co. Ltd. (b) | &nbsp;&nbsp;37600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12890387 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp;26700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229962 |
| FUJIFILM Holdings Corp. (b) | 217600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4733284 |
| Fujikura Ltd. | &nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473960 |
| Fujitsu Ltd. | 349200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8497615 |
| Hankyu Hanshin Holdings, Inc. (b) | &nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302641 |
| Hikari Tsushin, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001793 |
| Hitachi Ltd. | 902900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26284707 |
| Honda Motor Co. Ltd. | 827800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7991741 |
| Hoshizaki Corp. (b) | &nbsp;&nbsp;22800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785439 |
| Hoya Corp. | &nbsp;&nbsp;68800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8171027 |
| Hulic Co. Ltd. (b) | &nbsp;&nbsp;84300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847698 |
| Idemitsu Kosan Co. Ltd. | 148900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901987 |
| IHI Corp. | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140019 |
| Inpex Corp. (b) | 174900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451954 |
| Isuzu Motors Ltd. | 100400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272333 |
| ITOCHU Corp. | 235800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12334832 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp;31400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639434 |
| Japan Exchange Group, Inc. | 197600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997956 |
| Japan Post Bank Co. Ltd. | 355700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3829233 |
| Japan Post Holdings Co. Ltd. | 344900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188854 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp;42100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950452 |
| Japan Tobacco, Inc. | 238100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7002311 |
| JFE Holdings, Inc. (b) | 121300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408288 |
| Kajima Corp. | &nbsp;&nbsp;79200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063274 |
| Kansai Electric Power Co., Inc. | 193500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289394 |
| Kao Corp. | &nbsp;&nbsp;93900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4197531 |
| Kawasaki Kisen Kaisha Ltd. (b) | &nbsp;&nbsp;66300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938192 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| KDDI Corp. | &nbsp;&nbsp;&nbsp;608500 | &nbsp;&nbsp;$10447437 |
| Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15376482 |
| Kikkoman Corp. | &nbsp;&nbsp;&nbsp;131900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221795 |
| Kirin Holdings Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;148700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078990 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007546 |
| Komatsu Ltd. | &nbsp;&nbsp;&nbsp;175900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5768551 |
| Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080013 |
| Kubota Corp. (b) | &nbsp;&nbsp;&nbsp;188400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115579 |
| Kyocera Corp. | &nbsp;&nbsp;&nbsp;256300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075884 |
| Kyowa Kirin Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;40100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684458 |
| Lasertec Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136585 |
| LY Corp. | &nbsp;&nbsp;&nbsp;569200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090094 |
| M3, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;89400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228867 |
| Makita Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510589 |
| Marubeni Corp. | &nbsp;&nbsp;&nbsp;283400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5715284 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;&nbsp;68800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413438 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;50400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112014 |
| Minebea Mitsumi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098948 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;248400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303522 |
| Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;678800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13571771 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;377300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8126140 |
| Mitsubishi Estate Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;213200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3989613 |
| Mitsubishi HC Capital, Inc. (b) | &nbsp;&nbsp;&nbsp;169700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245920 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;636000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15895047 |
| Mitsubishi UFJ Financial Group, Inc. | 2268500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31142895 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp;&nbsp;484700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9888960 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;509900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4924438 |
| Mitsui OSK Lines Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202361 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;469540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12979842 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;53900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061619 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;255200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5706643 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;331000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4935955 |
| NEC Corp. | &nbsp;&nbsp;&nbsp;239500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6995400 |
| Nexon Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;67400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357846 |
| NIDEC Corp. | &nbsp;&nbsp;&nbsp;160100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109007 |
| Nintendo Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;217900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20938433 |
| Nippon Building Fund, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370909 |
| Nippon Paint Holdings Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;199800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604541 |
| Nippon Sanso Holdings Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301029 |
| Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;193700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664939 |
| Nippon Telegraph & Telephone Corp. | 5933500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6325999 |
| Nippon Yusen KK (b) | &nbsp;&nbsp;&nbsp;&nbsp;87300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135535 |
| Nissan Motor Co. Ltd. (a) (b) | &nbsp;&nbsp;&nbsp;424500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029180 |
| Nissin Foods Holdings Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;43200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895881 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590086 |
| Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;135500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618632 |
| Nomura Holdings, Inc. (b) | &nbsp;&nbsp;&nbsp;608800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4012445 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;74900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998696 |
| Obayashi Corp. | &nbsp;&nbsp;&nbsp;121800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842874 |
| Obic Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;66100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567670 |
| Olympus Corp. | &nbsp;&nbsp;&nbsp;221700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632251 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Omron Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;$889626 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;80500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868839 |
| Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999370 |
| Oriental Land Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;216200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975242 |
| ORIX Corp. | &nbsp;&nbsp;&nbsp;224300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5062259 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;73700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884275 |
| Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912796 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;88600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386296 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;73600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2526791 |
| Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;457200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4923497 |
| Rakuten Group, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;281500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552055 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;276700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16349714 |
| Renesas Electronics Corp. | &nbsp;&nbsp;&nbsp;337000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4173859 |
| Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;417700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3851822 |
| Ricoh Co. Ltd. | &nbsp;&nbsp;&nbsp;101300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957632 |
| Sanrio Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702865 |
| SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925709 |
| SCREEN Holdings Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;16900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375915 |
| SCSK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930134 |
| Secom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;83900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010514 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;73200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323676 |
| Sekisui House Ltd. | &nbsp;&nbsp;&nbsp;118400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609071 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;439700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7071363 |
| SG Holdings Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;62100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690669 |
| Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122703 |
| Shimano, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;14600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113005 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;356600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11780921 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp;&nbsp;149500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684780 |
| Shiseido Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;75900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352270 |
| SMC Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3963031 |
| SoftBank Corp. | 5660200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8738444 |
| SoftBank Group Corp. (b) | &nbsp;&nbsp;&nbsp;189100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13765700 |
| Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;173700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225009 |
| Sony Group Corp. | 1217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31426564 |
| Subaru Corp. (b) | &nbsp;&nbsp;&nbsp;116400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027098 |
| Sumitomo Corp. | &nbsp;&nbsp;&nbsp;212200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5478167 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp;&nbsp;142200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046897 |
| Sumitomo Metal Mining Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;44800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104143 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;726700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18282584 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;&nbsp;124200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300937 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;61900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385664 |
| Suntory Beverage & Food Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;27500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877670 |
| Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;315100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3802273 |
| Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658653 |
| T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049763 |
| Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802762 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;310217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9503342 |
| TDK Corp. | &nbsp;&nbsp;&nbsp;388500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4560225 |
| Terumo Corp. | &nbsp;&nbsp;&nbsp;259000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4751636 |
| TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373242 |
| Toho Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272567 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;362600 | &nbsp;&nbsp;$15340431 |
| Tokyo Electron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;88900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17035910 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096676 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;61300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711902 |
| Tokyu Corp. (b) | &nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222209 |
| TOPPAN Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296151 |
| Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;281600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925747 |
| Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3644917 |
| Toyota Motor Corp. | 1863900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32169356 |
| Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;121600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751984 |
| Trend Micro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719875 |
| Unicharm Corp. (b) | &nbsp;&nbsp;&nbsp;214800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547298 |
| West Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;91000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080252 |
| Yakult Honsha Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;51400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965229 |
| Yamaha Motor Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;179700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342976 |
| Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273035 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155428 |
| ZOZO, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;85400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806266498 |
| **LUXEMBOURG — 0.1%** | **LUXEMBOURG — 0.1%** | **LUXEMBOURG — 0.1%** |
| ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;89754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830961 |
| CVC Capital Partners PLC (c) | &nbsp;&nbsp;&nbsp;&nbsp;45343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925066 |
| Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;22282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5336878 |
| **MACAU — 0.1%** | **MACAU — 0.1%** | **MACAU — 0.1%** |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;&nbsp;406000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802433 |
| Sands China Ltd. | &nbsp;&nbsp;&nbsp;454800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2749112 |
| **NETHERLANDS — 4.2%** | **NETHERLANDS — 4.2%** | **NETHERLANDS — 4.2%** |
| ABN AMRO Bank NV (c) | &nbsp;&nbsp;&nbsp;&nbsp;87475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386341 |
| Adyen NV (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9097243 |
| Aegon Ltd. | &nbsp;&nbsp;&nbsp;250271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806162 |
| Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;34850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429974 |
| Argenx SE (a) | &nbsp;&nbsp;&nbsp;&nbsp;11861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6541039 |
| ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5997890 |
| ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;77766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61855107 |
| ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;28108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860233 |
| BE Semiconductor Industries NV (b) | &nbsp;&nbsp;&nbsp;&nbsp;16426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449734 |
| Euronext NV (c) | &nbsp;&nbsp;&nbsp;&nbsp;14767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515197 |
| EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;16472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655131 |
| Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;25576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898915 |
| Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;55605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4831426 |
| IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;11913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594883 |
| ING Groep NV | &nbsp;&nbsp;&nbsp;624793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13660549 |
| JDE Peet's NV (b) | &nbsp;&nbsp;&nbsp;&nbsp;33035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939982 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;177467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7395344 |
| Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;776219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768575 |
| Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;163623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3920124 |
| NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;51791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3430045 |
| Randstad NV (b) | &nbsp;&nbsp;&nbsp;&nbsp;20906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961987 |
| Universal Music Group NV (b) | &nbsp;&nbsp;&nbsp;217161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7005045 |
| Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;47137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7854341 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155855267 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **NEW ZEALAND — 0.3%** | **NEW ZEALAND — 0.3%** | **NEW ZEALAND — 0.3%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp;&nbsp;329714 | &nbsp;&nbsp;$1550184 |
| Contact Energy Ltd. | &nbsp;&nbsp;&nbsp;168288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919433 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp;&nbsp;110672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421963 |
| Infratil Ltd. | &nbsp;&nbsp;&nbsp;193963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248099 |
| Meridian Energy Ltd. | &nbsp;&nbsp;&nbsp;264630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947797 |
| Xero Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;28827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10484218 |
| **NORWAY — 0.6%** | **NORWAY — 0.6%** | **NORWAY — 0.6%** |
| Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;64596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645587 |
| DNB Bank ASA | &nbsp;&nbsp;&nbsp;179024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4928613 |
| Equinor ASA | &nbsp;&nbsp;&nbsp;167170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4214064 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;37920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957021 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;87570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382189 |
| Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;96138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848716 |
| Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;262216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490944 |
| Orkla ASA | &nbsp;&nbsp;&nbsp;137201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485936 |
| Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;14543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627725 |
| Telenor ASA | &nbsp;&nbsp;&nbsp;122496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22477603 |
| **POLAND — 0.0% <sup>\*</sup>** | **POLAND — 0.0% <sup>\*</sup>** | **POLAND — 0.0% <sup>\*</sup>** |
| InPost SA (a) | &nbsp;&nbsp;&nbsp;&nbsp;41604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688599 |
| **PORTUGAL — 0.1%** | **PORTUGAL — 0.1%** | **PORTUGAL — 0.1%** |
| EDP SA | &nbsp;&nbsp;&nbsp;622308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2689686 |
| Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;80709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475105 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;58707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5645046 |
| **SINGAPORE — 1.8%** | **SINGAPORE — 1.8%** | **SINGAPORE — 1.8%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;785815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653503 |
| CapitaLand Integrated Commercial Trust REIT | 1118228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905197 |
| CapitaLand Investment Ltd. | &nbsp;&nbsp;&nbsp;414682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862802 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;420492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14826911 |
| Genting Singapore Ltd. | 1255700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704923 |
| Grab Holdings Ltd. Class A (a) | &nbsp;&nbsp;&nbsp;474500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386735 |
| Keppel Ltd. | &nbsp;&nbsp;&nbsp;282800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647530 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp;&nbsp;665066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8516646 |
| Sea Ltd. ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;75500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12075470 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp;&nbsp;157500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847073 |
| Singapore Airlines Ltd. (b) | &nbsp;&nbsp;&nbsp;304949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668822 |
| Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;168500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968578 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;&nbsp;320800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962103 |
| Singapore Telecommunications Ltd. | 1488600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4464690 |
| STMicroelectronics NV | &nbsp;&nbsp;&nbsp;130230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964694 |
| United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;247090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66439731 |
| **SOUTH AFRICA — 0.2%** | **SOUTH AFRICA — 0.2%** | **SOUTH AFRICA — 0.2%** |
| Anglo American PLC  | &nbsp;&nbsp;&nbsp;219451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6465569 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SOUTH KOREA — 0.0% <sup>\*</sup>** | **SOUTH KOREA — 0.0% <sup>\*</sup>** | **SOUTH KOREA — 0.0% <sup>\*</sup>** |
| Delivery Hero SE (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp;39154 | &nbsp;&nbsp;$1055722 |
| **SPAIN — 3.1%** | **SPAIN — 3.1%** | **SPAIN — 3.1%** |
| Acciona SA (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757634 |
| ACS Actividades de Construccion y Servicios SA (b) | &nbsp;&nbsp;&nbsp;&nbsp;33961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350048 |
| Aena SME SA (c) | &nbsp;&nbsp;&nbsp;150400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000554 |
| Amadeus IT Group SA (b) | &nbsp;&nbsp;&nbsp;&nbsp;89371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7498831 |
| Banco Bilbao Vizcaya Argentaria SA | 1139243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17458449 |
| Banco de Sabadell SA | 1080061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426942 |
| Banco Santander SA | 2976053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24548390 |
| Bankinter SA (b) | &nbsp;&nbsp;&nbsp;133063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730651 |
| CaixaBank SA (b) | &nbsp;&nbsp;&nbsp;782612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6755889 |
| Cellnex Telecom SA (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp;95847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707203 |
| EDP Renovaveis SA | &nbsp;&nbsp;&nbsp;&nbsp;68800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765209 |
| Endesa SA (b) | &nbsp;&nbsp;&nbsp;&nbsp;65821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077628 |
| Grifols SA (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;59839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727004 |
| Iberdrola SA (b) | 1142011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21837543 |
| Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;216472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11226383 |
| Redeia Corp. SA (b) | &nbsp;&nbsp;&nbsp;&nbsp;81896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744824 |
| Repsol SA (b) | &nbsp;&nbsp;&nbsp;230508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3364683 |
| Telefonica SA (b) | &nbsp;&nbsp;&nbsp;714927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3741228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117719093 |
| **SWEDEN — 3.0%** | **SWEDEN — 3.0%** | **SWEDEN — 3.0%** |
| AddTech AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;52438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771703 |
| Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;59142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468594 |
| Assa Abloy AB Class B | &nbsp;&nbsp;&nbsp;198706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6154832 |
| Atlas Copco AB Class A (b) | &nbsp;&nbsp;&nbsp;535522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8588783 |
| Atlas Copco AB Class B | &nbsp;&nbsp;&nbsp;300319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4236747 |
| Beijer Ref AB | &nbsp;&nbsp;&nbsp;&nbsp;81118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271192 |
| Boliden AB (a) | &nbsp;&nbsp;&nbsp;&nbsp;51350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590005 |
| Epiroc AB Class A | &nbsp;&nbsp;&nbsp;126937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735757 |
| Epiroc AB Class B (b) | &nbsp;&nbsp;&nbsp;&nbsp;71338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354841 |
| EQT AB (b) | &nbsp;&nbsp;&nbsp;&nbsp;70809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347075 |
| Essity AB Class B | &nbsp;&nbsp;&nbsp;116622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3206053 |
| Evolution AB (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;28249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227813 |
| Fastighets AB Balder Class B (a) | &nbsp;&nbsp;&nbsp;144226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063263 |
| H & M Hennes & Mauritz AB Class B (b) | &nbsp;&nbsp;&nbsp;105588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472409 |
| Hexagon AB Class B (b) | &nbsp;&nbsp;&nbsp;407783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071669 |
| Holmen AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;16166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636435 |
| Industrivarden AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;20695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745249 |
| Industrivarden AB Class C (b) | &nbsp;&nbsp;&nbsp;&nbsp;30713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101174 |
| Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;51369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391702 |
| Investment AB Latour Class B | &nbsp;&nbsp;&nbsp;&nbsp;32040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837779 |
| Investor AB Class B (b) | &nbsp;&nbsp;&nbsp;340829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10004503 |
| L E Lundbergforetagen AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;16401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811583 |
| Lifco AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;48109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932356 |
| Nibe Industrier AB Class B | &nbsp;&nbsp;&nbsp;309051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308142 |
| Saab AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;63520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3516448 |
| Sagax AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;47347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073087 |
| Sandvik AB | &nbsp;&nbsp;&nbsp;210049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4780453 |
| Securitas AB Class B (b) | &nbsp;&nbsp;&nbsp;&nbsp;91607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360110 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Skandinaviska Enskilda Banken AB Class A (b) | 317533 | &nbsp;&nbsp;$5500787 |
| Skanska AB Class B | &nbsp;&nbsp;68534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583479 |
| SKF AB Class B | &nbsp;&nbsp;62457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422754 |
| Svenska Cellulosa AB SCA Class B | 118708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532054 |
| Svenska Handelsbanken AB Class A | 292929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886602 |
| Swedbank AB Class A (b) | 169836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4464022 |
| Swedish Orphan Biovitrum AB (a) | &nbsp;&nbsp;40740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231981 |
| Tele2 AB Class B | 102132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481548 |
| Telefonaktiebolaget LM Ericsson Class B | 557889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4738052 |
| Telia Co. AB | 478608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705942 |
| Trelleborg AB Class B | &nbsp;&nbsp;38042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405459 |
| Volvo AB Class B | 316658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8818206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111830643 |
| **SWITZERLAND — 4.9%** | **SWITZERLAND — 4.9%** | **SWITZERLAND — 4.9%** |
| ABB Ltd. (b) | 312644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18581894 |
| Avolta AG | &nbsp;&nbsp;15455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835269 |
| Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;8359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965835 |
| Banque Cantonale Vaudoise (b) | &nbsp;&nbsp;&nbsp;&nbsp;5172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594195 |
| Barry Callebaut AG (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839035 |
| BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;4237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922452 |
| Chocoladefabriken Lindt & Spruengli AG (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035616 |
| Chocoladefabriken Lindt & Spruengli AG (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487688 |
| Cie Financiere Richemont SA Class A (b) | 105900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19882858 |
| DSM-Firmenich AG (b) | &nbsp;&nbsp;36542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3871685 |
| EMS-Chemie Holding AG (b) | &nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102431 |
| Galderma Group AG | &nbsp;&nbsp;22690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278078 |
| Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;6685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240503 |
| Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8811138 |
| Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;7494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752052 |
| Julius Baer Group Ltd. (b) | &nbsp;&nbsp;39872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686852 |
| Kuehne & Nagel International AG (b) | &nbsp;&nbsp;&nbsp;&nbsp;9852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124492 |
| Logitech International SA | &nbsp;&nbsp;30098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701258 |
| Lonza Group AG | &nbsp;&nbsp;14093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10003197 |
| Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5851131 |
| Sandoz Group AG | &nbsp;&nbsp;83637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4562209 |
| Schindler Holding AG (d) | &nbsp;&nbsp;&nbsp;&nbsp;7912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932211 |
| Schindler Holding AG (d) | &nbsp;&nbsp;&nbsp;&nbsp;4731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708747 |
| SGS SA | &nbsp;&nbsp;30719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3106633 |
| SIG Group AG | &nbsp;&nbsp;64401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186079 |
| Sika AG | &nbsp;&nbsp;29865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8081559 |
| Sonova Holding AG | &nbsp;&nbsp;10113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003409 |
| Straumann Holding AG | &nbsp;&nbsp;21380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781280 |
| Swatch Group AG Bearer Shares (b) | &nbsp;&nbsp;&nbsp;&nbsp;5970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968250 |
| Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;5608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5654498 |
| Swiss Prime Site AG | &nbsp;&nbsp;15781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355255 |
| Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;5185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664023 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11173 | &nbsp;&nbsp;$796568 |
| UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;647977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21857013 |
| VAT Group AG (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136025 |
| Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20088225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182449643 |
| **UNITED KINGDOM — 11.2%** | **UNITED KINGDOM — 11.2%** | **UNITED KINGDOM — 11.2%** |
| 3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;191798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10828606 |
| Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247287 |
| Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5384756 |
| Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904805 |
| AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;306050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42442812 |
| Auto Trader Group PLC (c) | &nbsp;&nbsp;&nbsp;&nbsp;180270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036539 |
| Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;535134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4540720 |
| BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;597821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15454652 |
| Barclays PLC | &nbsp;&nbsp;2842070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13136581 |
| Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;264885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654848 |
| British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;390038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18509329 |
| BT Group PLC (b) | &nbsp;&nbsp;1150387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054337 |
| Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983605 |
| Centrica PLC | &nbsp;&nbsp;1035547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292493 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3168726 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4218760 |
| Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;336739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11383972 |
| Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128383 |
| DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281678 |
| Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;441689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11064302 |
| Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;114884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418455 |
| Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188068 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964767 |
| HSBC Holdings PLC | &nbsp;&nbsp;3487873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42146548 |
| Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;156147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6156087 |
| Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;263896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914012 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264858 |
| International Consolidated Airlines Group SA (b) | &nbsp;&nbsp;&nbsp;&nbsp;245317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147829 |
| Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079650 |
| J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;350599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392324 |
| JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;501204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609488 |
| Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;331926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322717 |
| Land Securities Group PLC REIT (b) | &nbsp;&nbsp;&nbsp;&nbsp;143450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240398 |
| Legal & General Group PLC | &nbsp;&nbsp;1178519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4111746 |
| Lloyds Banking Group PLC | 11821410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12424986 |
| London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13768469 |
| M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;417414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470048 |
| Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;391170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899724 |
| Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;257722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874622 |
| National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;971989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14138802 |
| NatWest Group PLC | &nbsp;&nbsp;1594440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11173781 |
| Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993293 |
| Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;118025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732995 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;145994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317413 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;135641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9210133 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| RELX PLC | &nbsp;&nbsp;&nbsp;363905 | &nbsp;&nbsp;$19632911 |
| Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;516272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491012 |
| Rolls-Royce Holdings PLC | 1663555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22057906 |
| Sage Group PLC | &nbsp;&nbsp;&nbsp;194112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326345 |
| Schroders PLC | &nbsp;&nbsp;&nbsp;159095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787909 |
| Segro PLC REIT (b) | &nbsp;&nbsp;&nbsp;262246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442269 |
| Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;52606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970902 |
| Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;159754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436566 |
| Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;63876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965978 |
| Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;15720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282820 |
| SSE PLC | &nbsp;&nbsp;&nbsp;221837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5566133 |
| Standard Chartered PLC | &nbsp;&nbsp;&nbsp;401471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6640376 |
| Tesco PLC | 1327563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300550 |
| Unilever PLC | &nbsp;&nbsp;&nbsp;492951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29891539 |
| United Utilities Group PLC | &nbsp;&nbsp;&nbsp;135274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116028 |
| Vodafone Group PLC | 3873835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4128957 |
| Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;37255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441208 |
| Wise PLC Class A (a) | &nbsp;&nbsp;&nbsp;128810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835753 |
| WPP PLC | &nbsp;&nbsp;&nbsp;223290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568481 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421562047 |
| **UNITED STATES — 10.0%** | **UNITED STATES — 10.0%** | **UNITED STATES — 10.0%** |
| Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;98928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8724555 |
| Amrize Ltd. (a) | &nbsp;&nbsp;&nbsp;102755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109350 |
| BP PLC | 3137839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15724863 |
| CSL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;95659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15013033 |
| CyberArk Software Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783984 |
| Experian PLC | &nbsp;&nbsp;&nbsp;181939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9354485 |
| Ferrovial SE | &nbsp;&nbsp;&nbsp;100800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355345 |
| GSK PLC | &nbsp;&nbsp;&nbsp;806798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15367770 |
| Haleon PLC | 1791770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192833 |
| Holcim AG | &nbsp;&nbsp;&nbsp;102755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7603354 |
| James Hardie Industries PLC CDI (a) | &nbsp;&nbsp;&nbsp;&nbsp;83678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286761 |
| Monday.com Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421496 |
| Nestle SA (b) | &nbsp;&nbsp;&nbsp;517306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51230191 |
| Novartis AG | &nbsp;&nbsp;&nbsp;375230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45334006 |
| Qiagen NV (a) | &nbsp;&nbsp;&nbsp;&nbsp;41086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971834 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;138671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45015812 |
| Roche Holding AG Bearer Shares (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106376 |
| Sanofi SA | &nbsp;&nbsp;&nbsp;218804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21115059 |
| Schneider Electric SE | &nbsp;&nbsp;&nbsp;108166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28669961 |
| Shell PLC | 1181269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41334808 |
| Spotify Technology SA (a) | &nbsp;&nbsp;&nbsp;&nbsp;30200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23173668 |
| Stellantis NV | &nbsp;&nbsp;&nbsp;405489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050140 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59787 | &nbsp;&nbsp;$10301240 |
| Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375789991 |
| **TOTAL COMMON STOCKS<br>(Cost $2,226,514,068)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;3704584593 |
| **SHORT-TERM INVESTMENTS — 2.6%** | **SHORT-TERM INVESTMENTS — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (e) (f) | 11083988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11083988 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (g) (h) | 88699520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88699520 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $99,783,508)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $99,783,508)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99783508 |
| **TOTAL INVESTMENTS — 101.3%<br>(Cost $2,326,297,576)<br>** | **TOTAL INVESTMENTS — 101.3%<br>(Cost $2,326,297,576)<br>** | &nbsp;&nbsp;3804368101 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS — (1.3)% <br>** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS — (1.3)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49400062) |
| **NET ASSETS — 100.0% <br>** | **NET ASSETS — 100.0% <br>** | $3754968039 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.2% of net assets as of June 30, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.

(e) The Portfolio invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended June 30, 2025 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at June 30, 2025.

(g) The Portfolio invested in an affiliated entity. Amounts related to these investments during the period ended June 30, 2025 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

\* Amount is less than 0.05% of net assets.

ADR American Depositary Receipt <br> CDI CREST Depository Interest <br> REIT Real Estate Investment Trust

At June 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| MSCI EAFE Index (long) | 390 | 09/19/2025 | $51434251 | $52293150 | $858899 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025 (Unaudited)

------

During the period ended June 30, 2025, the average notional value related to futures contracts was $81,288,825.

The following table summarizes the value of the Portfolio's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $3704584593 | $— | $— | $3704584593 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99783508 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99783508 |
| **TOTAL INVESTMENTS<br>**  | $3804368101 | $— | $— | $3804368101 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $858899 | $— | $— | $858899 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $858899 | $— | $— | $858899 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 12/31/24** | **Value at<br>12/31/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 80638108 | $80638108 | $483581516 | $553135636 | $— | $— | 11083988 | $11083988 | $1166681 |
| State Street Navigator Securities Lending Portfolio II<br>| 43267190 | &nbsp;&nbsp;&nbsp;43267190 | &nbsp;&nbsp;&nbsp;&nbsp;529213124 | &nbsp;&nbsp;&nbsp;&nbsp;483780794 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 88699520 | &nbsp;&nbsp;88699520 | &nbsp;&nbsp;&nbsp;&nbsp;557419 |
| Total<br>|  | $123905298 | $1012794640 | $1036916430 | $— | $— |  | $99783508 | $1724100 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3704584593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99783508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;3804368101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15217984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash at broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from broker — accumulated variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5024561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — affiliated issuers <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for foreign taxes recoverable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17759613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;3844535714 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88699520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89567675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $3754968039 |
| **COST OF INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2226514068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99783508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $2326297576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost<br>| $15070982 |
| &nbsp;&nbsp;&nbsp;&nbsp;\* Includes investments in securities on loan, at value<br>| $163902975 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended June 30, 2025 (Unaudited)

------

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$62463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80329288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10123059) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;72609512 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98980 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645317 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $69964195 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20801120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12205006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34058005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554481922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4218265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;561072437 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;595130442 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $665094637 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | **Year Ended<br> 12/31/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$69964195 | $97358234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34058005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14251452) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561072437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18817711 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665094637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101924493 |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191779684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601428822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(598130297) | &nbsp;&nbsp;&nbsp;&nbsp;(231655661) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(406350613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369773161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258744024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471697654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;3496224015 | &nbsp;&nbsp;&nbsp;3024526361 |
| **NET ASSETS AT END OF PERIOD<br>**  | $3754968039 | $3496224015 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### FINANCIAL HIGHLIGHTS

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Six Months<br> Ended<br> 6/30/25<br> (Unaudited)** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/24** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/23** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/22** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/21** | &nbsp;&nbsp;**Year<br> Ended<br> 12/31/20** |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.64)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$3754968 | &nbsp;&nbsp;$3496224 | &nbsp;&nbsp;$3024526 | &nbsp;&nbsp;$3463427 | &nbsp;&nbsp;$4346560 | &nbsp;&nbsp;$3655822 |
| **Ratios to average net assets:** |  |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14%(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79%(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |

---

(a) Total return for periods of less than one year are not annualized. Results represent past performance and is not indicative of future results.

(b) Annualized.

(c) Not annualized.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS

#### June 30, 2025 (Unaudited)

------

1.&nbsp;&nbsp;&nbsp;&nbsp;Organization

State Street Master Funds (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended ("1940 Act"), is an open-end management investment company.

As of June 30, 2025, the Trust consists of four (4) investment portfolios (together, the "Portfolios"). Financial statements herein relate only to the State Street International Developed Equity Index Portfolio (the "Portfolio"), which commenced operations on April 29, 2016.

The Portfolio is classified as a diversified investment company under the 1940 Act.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting

The Portfolio has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through Portfolio's investments in accordance with its investment objective. The Portfolio's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on the Portfolio's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. The Portfolio's Total Return is utilized by the CODM to compare results, including the impact of the Portfolio's costs, to the Portfolio's competitors and to the Portfolio's benchmark index.

3.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

#### Security Valuation
The Portfolio's investments are valued at fair value each day that the New York Stock Exchange ("NYSE") is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Portfolio are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board of Trustees of the Trust (the "Board"). The Committee provides oversight of the valuation of investments for the Portfolio. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value the Portfolio's investments by major category are as follows:

• Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.

• Investments in registered investment companies (including money market funds) or other unitized pooled

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

------

investment vehicles that are not traded on an exchange are valued at that day's published net asset value ("NAV") per share or unit.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

A "significant event" is an event that the Board believes, with a reasonably high degree of certainty, has caused the closing market prices of a Fund's portfolio securities to no longer reflect their value at the time of the Fund's net asset value calculation. Fair value may be determined using an independent fair value service under valuation procedures approved by the Board. The independent fair value service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of foreign securities exchanges. The use of the independent fair value service or alternative fair valuation methods would result in the investments being classified within Level 2 of the fair value hierarchy.

Various inputs are used in determining the value of the Portfolio's investments.

The Portfolio values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.

The value of the Portfolio's investments according to the fair value hierarchy as of June 30, 2025 is disclosed in the Portfolio's Schedule of Investments.

#### Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value.

Distributions received by the Portfolio may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

All of the net investment income and realized gains and losses from the security transactions of the Portfolio are allocated pro rata among the partners in the Portfolio on a daily basis based on each partner's daily ownership percentage.

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[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

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#### Expenses
Certain expenses, which are directly identifiable to a specific Portfolio, are applied to that Portfolio within the Trust. Other expenses which cannot be attributed to a specific Portfolio are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Portfolio within the Trust.

#### Foreign Currency Translation
The accounting records of the Portfolio are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

#### Foreign Taxes
The Portfolio may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.'s (the "Adviser" or "SSGA FM") understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Portfolio invests. These foreign taxes, if any, are paid by the Portfolio and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Portfolio's Statement of Assets and Liabilities.

4.&nbsp;&nbsp;&nbsp;&nbsp;Derivative Financial Instruments

#### Futures Contracts
The Portfolio may enter into futures contracts to meet its objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Portfolio is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Portfolio's Schedule of Investments and cash deposited, if any, is shown as Cash at Broker on the Portfolio's Statement of Assets and Liabilities. Subsequent payments are made or received by the Portfolio equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Portfolio recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the period ended June 30, 2025, the Portfolio entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.

The following summarizes the value of the Portfolio's derivative instruments as of June 30, 2025, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$860001 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$860001 |

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&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$12205006 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$12205006 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4218265 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4218265 |

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5.&nbsp;&nbsp;&nbsp;&nbsp;Fees and Transactions with Affiliates

#### Advisory Fee
The Portfolio has entered into an Investment Advisory Agreement with the Adviser. For its advisory services to the Portfolio, the Portfolio pays the Adviser a management fee at an annual rate of 0.11% of its average daily net assets.

#### Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company ("State Street"), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent to the Portfolio. For its services as custodian, sub-administrator, and transfer agent, the Portfolio pays State Street an annual fee. The fees are accrued daily and paid monthly.

#### Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Portfolio, acts as the securities lending agent for the Portfolio, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017, as amended.

Net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers, are paid as follows: If the calendar year to date net proceeds is below a specified threshold across participating affiliated funds, the Portfolio retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund/Portfolio retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street.

In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 8 for additional information regarding securities lending.

#### Other Transactions with Affiliates
The Portfolio may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Portfolio owning more than five percent of the entity's voting securities or outstanding shares. Amounts relating to these transactions during the period ended June 30, 2025, are disclosed in the Schedule of Investments.

6.&nbsp;&nbsp;&nbsp;&nbsp;Trustees' Fees

The fees and expenses of the Trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), are paid directly by the Portfolio. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

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[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

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7.&nbsp;&nbsp;&nbsp;&nbsp;Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, derivative contracts and short term investments) for the period ended June 30, 2025, were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| State Street International Developed Equity Index Portfolio<br>| $179183678 | $437463669 |

---

8.&nbsp;&nbsp;&nbsp;&nbsp;Income Tax Information

The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains because it is treated as a partnership for federal income tax purposes. All interest, gains and losses of the Portfolio are deemed to have been "passed through" to the Portfolio's partners in proportion to their holdings in the Portfolio, regardless of whether such items have been distributed by the Portfolio. Each partner is responsible for its tax liability based on its distributive share; therefore, no provision has been made for federal income taxes.

The Portfolio files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of December 31, 2024,SSGA FM has analyzed the Portfolio's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

As of June 30, 2025, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| State Street International Developed Equity Index Portfolio<br>| $2477332622 | $1532123618 | $204229240 | $1327894378 |

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9.&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending

The Portfolio may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.

The Portfolio will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Portfolio may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, the Portfolio will bear the risk of loss of any cash collateral that it may invest. The Portfolio receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, the Portfolio will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.

The market value of securities on loan as of June 30, 2025, and the value of the invested cash collateral are disclosed in the Portfolio's Statement of Assets and Liabilities. Non-cash collateral is not disclosed in the Portfolio's Statement of Assets and Liabilities as it is held by the lending agent on behalf of the Portfolio, and the Portfolio does not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Portfolio's Statement of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

------

[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

------

The following is a summary of the Portfolio's securities lending agreements and related cash and non-cash collateral received as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Market Value of<br> Securities on Loan** | **Cash<br> Collateral<br> Received** | **Non-Cash<br> Collateral<br> Received** | **Total<br> Collateral<br> Received** |
| State Street International Developed Equity Index Portfolio<br>| $163902975 | $88699520 | $82392570 | $171092090 |

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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of June 30, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** |
| **Portfolio** | **Securities<br> Lending<br> Transactions** | **Overnight<br> and<br> Continuous** | **<30 Days** | **Between<br> 30 & 90<br> Days** | **>90 Days** | **Total<br> Borrowings** | **Gross Amount<br> of Recognized<br> Liabilities for<br> Securities Lending Transactions** |
| State Street International Developed Equity Index Portfolio<br>| Common Stocks | $88699520 | $— | $— | $— | $88699520 | $88699520 |

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10.&nbsp;&nbsp;&nbsp;&nbsp;Line of Credit

The Portfolio and other affiliated funds (each, a "Participant" and collectively, the "Participants") have access to $194.29 million of a $1.36 billion revolving credit facility, provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2025 unless extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.

The Portfolio had no outstanding loans as of June 30, 2025.

11.&nbsp;&nbsp;&nbsp;&nbsp;Risks

#### Foreign and Emerging Markets Risk
Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Portfolio invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the Portfolio invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

#### Market Risks
The Portfolio's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Portfolio is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Portfolio and its investments.

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[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025 (Unaudited)

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#### Russian Sanctions Risk
Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio's. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio's. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio's to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio's, even if the Portfolio's does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Portfolio's have used, and may in the future use, fair valuation procedures approved by the Portfolio's Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.

12.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events

Management has evaluated the impact of all subsequent events on the Portfolio through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

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[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract

#### June 30, 2025 (Unaudited)

------

#### TRUSTEE CONSIDERATIONS IN APPROVING CONTINUATION OF INVESTMENT ADVISORY AGREEMENT<sup>1</sup>
*Overview of the Contract Review Process*

Under the Investment Company Act of 1940, as amended (the "1940 Act"), an investment advisory agreement between a mutual fund and its investment adviser may continue in effect from year to year only if its continuance is approved at least annually by the fund's board of trustees or its shareholders, and by a vote of a majority of those trustees who are not "interested persons" of the fund (the "Independent Trustees") cast in person at a meeting called for the purpose of considering such approval.

Consistent with these requirements, the Board of Trustees (the "Board") of the State Street Master Funds (the "Trust"), met in person on April 2, 2025 and May 7-8, 2025, including in executive sessions attended by the Independent Trustees, to consider a proposal to approve, with respect to the State Street International Developed Equity Index Portfolio (the "Portfolio"), the continuation of the investment advisory agreement (the "Advisory Agreement") with SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"). Prior to voting on the proposal, the Independent Trustees reviewed information furnished by the Adviser and others reasonably necessary to permit the Board to evaluate the proposal fully. The Independent Trustees were separately represented by counsel who are independent of the Adviser ("Independent Counsel") in connection with their consideration of approval of the Advisory Agreement. In advance of the meetings held on April 2, 2025 and May 7-8, 2025, the Independent Trustees met with their Independent Counsel on March 27, 2025, in a private session to review and discuss the information provided by the Adviser in connection with the proposal. Following the April 2, 2025 meeting, the Independent Trustees submitted questions and requests for additional information to management, and considered management's responses thereto prior to and at the May 7-8, 2025 meeting. The Independent Trustees considered, among other things, the following:

<u>Information about Performance, Expenses and Fees</u>

• A report prepared by an independent third-party provider of investment company data, which includes for the Portfolio:

o Comparisons of the Portfolio's performance over the past one-, three- and five-year periods ended December 31, 2024 to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. ("Broadridge") for the Portfolio (the "Benchmark") and/or a universe of other mutual funds with similar investment objectives and policies (the "Performance Group" and/or the "Performance Universe") constructed by Broadridge;

o Comparisons of the Portfolio's expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the "Expense Group" and/or "Expense Universe");

o A chart showing the Portfolio's historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five years; and

o Comparisons of the Portfolio's contractual management fee to the contractual management fees of comparable mutual funds at different asset levels.

_______________________________________________

*<sup>1</sup>Over the course of many years overseeing the Portfolio and other investment companies, the Independent Trustees have identified numerous relevant issues, factors and concerns ("issues, factors and concerns") that they consider each year in connection with the proposed continuation of the advisory agreement, the administration agreement, the distribution plans, the distribution agreement and various related-party service agreements (the "annual review process"). The statement of issues, factors and concerns and the related conclusions of the Independent Trustees may not change substantially from year to year. However, the information requested by, and provided to, the Independent Trustees with respect to the issues, factors and concerns and on which their conclusions are based is updated annually and, in some cases, may differ substantially from the previous year. The Independent Trustees schedule annually a separate in-person meeting that is dedicated to the annual review process (the "special meeting"). At the special meeting and throughout the annual review process, the Independent Trustees take a fresh look at each of the issues, factors and concerns in light of the latest available information and each year present one or more sets of comments and questions to management with respect to specific issues, factors and concerns. Management responds to such comments and questions to the satisfaction of the Independent Trustees before the annual review process is completed and prior to the Independent Trustees voting on proposals to approve continuation of the agreements and plans.*

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[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract

#### June 30, 2025 (Unaudited)

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• Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Portfolio; and

• Profitability analyses for (a) the Adviser with respect to the Portfolio and (b) affiliates of the Adviser that provide services to the Portfolio ("Affiliated Service Providers").

<u>Information about Portfolio Management</u>

• Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes;

• Information concerning the allocation of brokerage; and

• Information regarding the procedures and processes used to value the assets of the Portfolio.

<u>Information about the Adviser</u>

• Reports detailing the financial results and condition of the Adviser and its affiliates;

• Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolio of the Portfolio and for Portfolio operations;

• Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser;

• Information about the Adviser's proxy voting policies and procedures and information regarding the Adviser's practices for overseeing proxy vendors;

• Information concerning the resources devoted by the Adviser to overseeing compliance by the Portfolio and its service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Portfolio;

• A description of the adequacy and sophistication of the Adviser's technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year;

• A description of the business continuity and disaster recovery plans of the Adviser; and

• Information regarding the Adviser's risk management processes.

<u>Other Relevant Information</u>

• Information concerning the nature, extent, quality and cost of services provided to the Portfolio by SSGA FM in its capacity as the Portfolio's administrator (the "Administrator");

• Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Portfolio by affiliates of the Adviser, including the custodian, sub-administrator, fund accountant, transfer agent and securities lending agent of the Portfolio, and the role of the Adviser in managing the Portfolio's relationship with these service providers;

• Copies of the Advisory Agreement and agreements with other service providers of the Portfolio;

• Responses to a request for information reviewed prior to the April 2, 2025 and May 7-8, 2025 meetings by Independent Counsel, requesting specific information from each of:

o SSGA FM, in its capacity as the Portfolio's Adviser and Administrator, with respect to its operations relating to the Portfolio and its approximate profit margins from such operations for the calendar year ended December 31, 2024; and the relevant operations of other Affiliated Service Providers to the Portfolio, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2024;

o State Street Bank and Trust Company ("State Street"), the sub-administrator and custodian for the Portfolio and transfer agent and securities lending agent for the Portfolio, with respect to its operations relating to the Portfolio; and

o State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Portfolio (the "Distributor"), with respect to its operations relating to the Portfolio;

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[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract

#### June 30, 2025 (Unaudited)

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• Information from the Adviser, State Street and the Distributor with respect to the Trust providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 7-8, 2025; and

• Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel.

In addition to the information identified above, the Board considered information provided from time to time by the Adviser, and other service providers of the Portfolio throughout the year at meetings of the Board and its committees. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of the Adviser relating to the performance of the Portfolio and the investment strategies used in pursuing the Portfolio's investment objective.

The Independent Trustees were assisted throughout the contract review process by their Independent Counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the Portfolio.

<u>Results of the Process</u>

Based on a consideration of the foregoing and such other information as deemed relevant, including the factors and conclusions described below, at the meeting held on May 7-8, 2025, the Board, including a majority of the Independent Trustees, voted to approve the continuation of the Advisory Agreement effective June 1, 2025, for an additional year with respect to the Portfolio.

<u>Nature, Extent and Quality of Services</u>

In considering whether to approve the Advisory Agreement, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing various funds that invest primarily in equity securities. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. Further, the Board considered material enhancements made to the risk management processes and systems over the past year. The Trustees also considered the significant risks assumed by the Adviser in connection with the services provided to the Portfolio, including reputational and entrepreneurial risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Portfolio by senior management, as well as the Adviser's succession planning process.

The Board had previously reviewed the compliance programs of the Adviser and various Affiliated Service Providers. Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies. The Board also considered the role of the Adviser in overseeing the Portfolio's securities lending activities.

On the basis of the foregoing and other relevant information, the Board concluded that the Adviser can be expected to continue to provide high quality investment management and related services for the Portfolio.

<u>Portfolio Performance</u>

The Board compared the Portfolio's investment performance to the performance of an appropriate benchmark and universe of comparable mutual funds for various time periods ended December 31, 2024. For purposes of these comparisons the Independent Trustees relied on the Performance Group, Performance Universe and Benchmark and the analyses of the related data provided by Broadridge. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing the Fund's performance against its

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[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract

#### June 30, 2025 (Unaudited)

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benchmark and against the Fund's peers. The Board also considered the Fund's performance in light of overall financial market conditions. Among other information, the Board considered the following performance information in its evaluation of the Portfolio:

*State Street International Developed Equity Index Portfolio. The Board considered that the Fund's performance was below the medians of its Performance Group and Performance Universe for the 1-year period and was above the medians of its Performance Group and Performance Universe for the 3- and 5-year periods. The Board also considered that the Fund's performance was below the Benchmark for the 1- and 3-year periods and was above the Benchmark for the 5-year period. The Board also took into account the fact that the Fund is designed to track a designated index.*

On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Portfolio is satisfactory.

<u>Management Fees and Expenses</u>

The Board reviewed the contractual investment advisory fee rates payable by the Portfolio and actual fees paid by the Portfolio, net of waivers. As part of its review, the Board considered the Portfolio's management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM (both before and after giving effect to any expense caps), as compared to its Expense Group and Expense Universe, as constructed by Broadridge, and the related Broadridge analysis for the Portfolio. The Board also considered the comparability of the fees charged and the services provided to the Portfolio by the Adviser to the fees charged and services provided to other clients of the Adviser, including institutional accounts. Among other information, the Board considered the following expense information in its evaluation of the Portfolio:

*State Street International Developed Equity Index Portfolio. The Board considered that the Fund's actual management fee was below the medians of its Expense Group and Expense Universe. The Board also considered that the Fund's total expenses were below the medians of its Expense Group and Expense Universe.*

On the basis of the foregoing and other relevant information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the fees and the expense ratio of the Portfolio compare favorably to the fees and expenses of the Expense Group and Expense Universe and are reasonable in relation to the services provided.

<u>Profitability</u>

The Board reviewed the level of profits realized by the Adviser and its affiliates in providing investment advisory and other services to the Portfolio and to all funds within the fund complex. The Board considered other direct and indirect benefits received by the Adviser and Affiliated Service Providers in connection with their relationships with the Portfolio, together with the profitability of each of the Affiliated Service Providers with respect to their services to the Portfolio and/or fund complex. The Board also considered the various risks borne by SSGA FM and State Street in connection with their various roles in servicing the Trust, including reputational and entrepreneurial risks.

The Board concluded that the profitability of the Adviser with respect to the Portfolio, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Portfolio, were reasonable in relation to the services provided.

<u>Economies of Scale</u>

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Portfolio and the fund complex, on the other hand, can expect to realize benefits from economies of scale as the assets of the Portfolio and fund complex increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Portfolio or the fund complex taken as a whole. The Board concluded that, in light of the current size of the Portfolio and the fund complex, the level of profitability of the Adviser and its affiliates with respect to the Portfolio and the fund complex over various time periods, and the comparative management fee and expense ratio of the Portfolio during these periods, it does not appear that the Adviser or its affiliates has realized benefits from economies of scale in managing the assets of the Portfolio to such an extent that previously agreed advisory fees should be reduced or that breakpoints in such fees should be implemented for the Portfolio at this time.

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[**Table of Contents**](#JOB_SSIIT_e5a01fb8-2edc-4e08-ae04-a05fc86329e2_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### Statement Regarding Basis for Approval of Investment Advisory Contract

#### June 30, 2025 (Unaudited)

------

<u>Conclusions</u>

In reaching its decision to approve the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Trustee may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of its deliberations, the Board, including the Independent Trustees, concluded that the Adviser possesses the capability and resources to perform the duties required of them under the Advisory Agreement.

Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that (1) the terms of the Advisory Agreement are reasonable, fair, and in the best interests of the Portfolio and its shareholders, and (2) the rates payable under the Advisory Agreement are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable to the Registrant.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable to the Registrant.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

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#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The Registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board.

#### Item 16. Controls and Procedures.
(a) The Trust's principal executive officer and principal financial officer have concluded that the Trust'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 to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Trust'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 reasonably likely to materially affect, the Trust's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the Registrant.

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#### Item 19. Exhibits.
(a)(1) Not applicable to this filing; this Form N-CSR is a Semi-Annual Report.

(a)(2) Not applicable to the Registrant.

(a)(3) [Certifications of principal executive officer and principal financial and accounting officer of the Trust as required by Rule 30a-2(a) under the 1940 Act are attached hereto.](d57416dex99cert.htm)

(a)(4) Not applicable to the Registrant.

(a)(5) Not applicable to the Registrant.

(b) [Certifications of principal executive officer and principal financial and accounting officer of the Trust as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d57416dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| **STATE STREET MASTER FUNDS** | **STATE STREET MASTER FUNDS** |
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President |

---

Date: September 4, 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/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President |

---

Date: September 4, 2025

---

| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) |

---

Date: September 4, 2025

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Ann M. Carpenter, President of State Street Master Funds, certify that:

1. I have reviewed this report on Form N-CSR of State Street Master Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: September 4, 2025

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President (Principal Executive Officer) of State Street Master Funds |

---

------

**<u>CERTIFICATIONS</u>**

I, Bruce S. Rosenberg, Treasurer of State Street Master Funds, certify that:

1. I have reviewed this report on Form N-CSR of State Street Master Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: September 4, 2025

---

| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) of State Street Master Funds |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**EX-99-906CERT** 

<u>Certification pursuant to Section</u> <u>906 of the Sarbanes-Oxley Act of 2002</u>

I, Ann M. Carpenter, President, and I, Bruce S. Rosenberg, Treasurer, of State Street Master Funds (the "Trust"), each certify, to the best of my knowledge and belief, that:

1. This Form N-CSR filing of the Trust for the period ended June 30,
2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Trust.

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President (Principal Executive Officer) of State Street Master Funds |

---

Date: September 4, 2025

---

| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) of State Street Master Funds |

---

Date: September 4, 2025