# EDGAR Filing Document

**Accession Number:** 0001094885
**File Stem:** 0001193125-26-098715
**Filing Date:** 2026-3
**Character Count:** 453745
**Document Hash:** 9362727237966f381901afd13ab971b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-098715.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001193125-26-098715

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09599
- **FILM NUMBER:** 26735731

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114
- **BUSINESS PHONE:** 6176643920

**MAIL ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114

**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 Congress Street, Boston, Massachusetts 02114

#### (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 Congress Street**<br> **Boston, Massachusetts 02114** | **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: December 31, 2025

------

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

# State Street International Developed Equity Index Portfolio
![Image](g52862g97v54.jpg)

#### Annual Shareholder Report

#### December 31, 2025
This 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 December 31, 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 year? *(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 | $16 | 0.14% |

---

## How did the Fund perform last year and what affected its performance?
Performance of the Fund for the reporting period was driven by robust earnings growth, Artificial Intelligence-driven optimism, positive services sector and manufacturing data, accommodative monetary policy and moderating inflation. During the reporting period, the Fund's use of their current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g52862g76l96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **MSCI All Country World ex USA Index** | **MSCI EAFE Index** |
| **04/29/16** | $10000 | $10000 | $10000 |
| **04/30/16** | $10000 | $10000 | $10000 |
| **05/31/16** | $9910 | $9831 | $9909 |
| **06/30/16** | $9650 | $9681 | $9577 |
| **07/31/16** | $10060 | $10160 | $10062 |
| **08/31/16** | $10060 | $10224 | $10069 |
| **09/30/16** | $10220 | $10350 | $10193 |
| **10/31/16** | $9970 | $10201 | $9984 |
| **11/30/16** | $9770 | $9965 | $9785 |
| **12/31/16** | $10100 | $10220 | $10120 |
| **01/31/17** | $10390 | $10582 | $10414 |
| **02/28/17** | $10540 | $10751 | $10562 |
| **03/31/17** | $10830 | $11023 | $10853 |
| **04/30/17** | $11110 | $11259 | $11129 |
| **05/31/17** | $11530 | $11625 | $11538 |
| **06/30/17** | $11510 | $11661 | $11517 |
| **07/31/17** | $11840 | $12091 | $11850 |
| **08/31/17** | $11840 | $12154 | $11845 |
| **09/30/17** | $12140 | $12379 | $12140 |
| **10/31/17** | $12320 | $12612 | $12324 |
| **11/30/17** | $12480 | $12715 | $12454 |
| **12/31/17** | $12650 | $12999 | $12653 |
| **01/31/18** | $13280 | $13723 | $13288 |
| **02/28/18** | $12590 | $13076 | $12688 |
| **03/31/18** | $12490 | $12845 | $12460 |
| **04/30/18** | $12690 | $13050 | $12744 |
| **05/31/18** | $12450 | $12749 | $12458 |
| **06/30/18** | $12300 | $12509 | $12306 |
| **07/31/18** | $12600 | $12809 | $12608 |
| **08/31/18** | $12360 | $12541 | $12365 |
| **09/30/18** | $12470 | $12598 | $12472 |
| **10/31/18** | $11470 | $11573 | $11480 |
| **11/30/18** | $11460 | $11683 | $11465 |
| **12/31/18** | $10900 | $11154 | $10909 |
| **01/31/19** | $11620 | $11996 | $11625 |
| **02/28/19** | $11910 | $12231 | $11922 |
| **03/31/19** | $11990 | $12304 | $11997 |
| **04/30/19** | $12330 | $12629 | $12334 |
| **05/31/19** | $11750 | $11951 | $11742 |
| **06/30/19** | $12450 | $12671 | $12438 |
| **07/31/19** | $12240 | $12517 | $12281 |
| **08/31/19** | $11970 | $12131 | $11962 |
| **09/30/19** | $12310 | $12443 | $12305 |
| **10/31/19** | $12750 | $12877 | $12747 |
| **11/30/19** | $12890 | $12990 | $12891 |
| **12/31/19** | $13310 | $13553 | $13310 |
| **01/31/20** | $12930 | $13189 | $13032 |
| **02/29/20** | $11920 | $12146 | $11854 |
| **03/31/20** | $10160 | $10388 | $10272 |
| **04/30/20** | $10889 | $11175 | $10935 |
| **05/31/20** | $11416 | $11541 | $11412 |
| **06/30/20** | $11849 | $12062 | $11800 |
| **07/31/20** | $12081 | $12600 | $12075 |
| **08/31/20** | $12706 | $13139 | $12696 |
| **09/30/20** | $12399 | $12816 | $12366 |
| **10/31/20** | $11904 | $12541 | $11872 |
| **11/30/20** | $13729 | $14228 | $13713 |
| **12/31/20** | $14369 | $14997 | $14350 |
| **01/31/21** | $14195 | $15029 | $14197 |
| **02/28/21** | $14530 | $15327 | $14516 |
| **03/31/21** | $14866 | $15521 | $14850 |
| **04/30/21** | $15322 | $15978 | $15296 |
| **05/31/21** | $15874 | $16477 | $15795 |
| **06/30/21** | $15643 | $16371 | $15617 |
| **07/31/21** | $15760 | $16101 | $15735 |
| **08/31/21** | $16034 | $16407 | $16013 |
| **09/30/21** | $15485 | $15881 | $15548 |
| **10/31/21** | $15957 | $16261 | $15930 |
| **11/30/21** | $15157 | $15528 | $15189 |
| **12/31/21** | $15986 | $16170 | $15967 |
| **01/31/22** | $15337 | $15574 | $15195 |
| **02/28/22** | $14908 | $15266 | $14926 |
| **03/31/22** | $14937 | $15290 | $15022 |
| **04/30/22** | $13921 | $14330 | $14050 |
| **05/31/22** | $14161 | $14433 | $14156 |
| **06/30/22** | $12843 | $13191 | $12842 |
| **07/31/22** | $13537 | $13643 | $13482 |
| **08/31/22** | $12779 | $13204 | $12842 |
| **09/30/22** | $11564 | $11884 | $11641 |
| **10/31/22** | $12258 | $12240 | $12267 |
| **11/30/22** | $13786 | $13684 | $13648 |
| **12/31/22** | $13646 | $13582 | $13659 |
| **01/31/23** | $14819 | $14684 | $14765 |
| **02/28/23** | $14441 | $14168 | $14457 |
| **03/31/23** | $14835 | $14515 | $14815 |
| **04/30/23** | $15253 | $14767 | $15234 |
| **05/31/23** | $14578 | $14230 | $14589 |
| **06/30/23** | $15282 | $14868 | $15253 |
| **07/31/23** | $15733 | $15473 | $15746 |
| **08/31/23** | $15127 | $14774 | $15143 |
| **09/30/23** | $14613 | $14307 | $14626 |
| **10/31/23** | $14089 | $13717 | $14033 |
| **11/30/23** | $15321 | $14952 | $15336 |
| **12/31/23** | $16141 | $15703 | $16150 |
| **01/31/24** | $16140 | $15547 | $16243 |
| **02/29/24** | $16520 | $15941 | $16541 |
| **03/31/24** | $17048 | $16439 | $17085 |
| **04/30/24** | $16540 | $16144 | $16647 |
| **05/31/24** | $17366 | $16612 | $17292 |
| **06/30/24** | $17000 | $16597 | $17013 |
| **07/31/24** | $17464 | $16981 | $17512 |
| **08/31/24** | $18072 | $17464 | $18081 |
| **09/30/24** | $18242 | $17935 | $18248 |
| **10/31/24** | $17182 | $17055 | $17256 |
| **11/30/24** | $17151 | $16900 | $17158 |
| **12/31/24** | $16716 | $16572 | $16768 |
| **01/31/25** | $17554 | $17240 | $17649 |
| **02/28/25** | $18074 | $17479 | $17991 |
| **03/31/25** | $18016 | $17439 | $17919 |
| **04/30/25** | $18741 | $18069 | $18739 |
| **05/31/25** | $19617 | $18897 | $19597 |
| **06/30/25** | $20046 | $19538 | $20029 |
| **07/31/25** | $19645 | $19482 | $19747 |
| **08/31/25** | $20608 | $20158 | $20589 |
| **09/30/25** | $21003 | $20884 | $20983 |
| **10/31/25** | $21243 | $21306 | $21230 |
| **11/30/25** | $21375 | $21301 | $21362 |
| **12/31/25** | $22015 | $21939 | $22003 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 04/29/16** |
| Fund | 31.70% | 8.91% | 8.50% |
| MSCI All Country World ex USA Index | 32.39% | 7.91% | 8.46% |
| MSCI EAFE Index | 31.22% | 8.93% | 8.49% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-800-647-7327 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 12/31/2025
* Total Net Assets$4,134,111,349

* Number of Portfolio Holdings698

* Portfolio Turnover Rate9%

* Total Advisory Fees Paid$4,675,281

## **What did the Fund invest in as of 12/31/2025 ?** (as a percentage of total net assets)

### Top Ten Countries

---

| | |
|:---|:---|
| **Countries** | **%** |
| Japan | 21.6% |
| United Kingdom | 11.1% |
| Germany | 9.4% |
| United States | 9.2% |
| France | 8.9% |
| Australia | 6.8% |
| Switzerland | 4.9% |
| Netherlands | 4.4% |
| Spain | 3.7% |
| Italy | 3.3% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| ASML Holding NV | 2.0% |
| Roche Holding AG | 1.4% |
| AstraZeneca PLC | 1.4% |
| HSBC Holdings PLC | 1.3% |
| Novartis AG | 1.3% |
| Nestle SA | 1.2% |
| SAP SE | 1.2% |
| Shell PLC | 1.0% |
| Siemens AG | 1.0% |
| Toyota Motor Corp. | 1.0% |

---

#### 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 1-800-647-7327.

![Image](g52862g80p50.jpg)

# State Street Treasury Money Market Portfolio

#### Annual Shareholder Report

#### December 31, 2025
This annual shareholder report contains important information about the State Street Treasury Money Market Portfolio (the "Fund") for the period of January 1, 2025 through December 31, 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 year ? *(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 | $5 | 0.05% |

---

## Key Fund Statistics as of 12/31/2025
* Total Net Assets$16,046,865,241

* Number of Portfolio Holdings76

* Total Advisory Fees Paid$6,846,496

## **What did the Fund invest in as of 12/31/2025 ?** (as a percentage of total net assets)

### **Top Security Types** 

---

| | |
|:---|:---|
| **Assets** | **%** |
| Treasury Debt | 107.3% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| U.S. Treasury Bills, 3.85%, due 01/13/26 | 9.2% |
| U.S. Treasury Bills, 4.12%, due 01/22/26 | 7.1% |
| U.S. Treasury Bills, 3.85%, due 01/08/26 | 5.2% |
| U.S. Treasury Bills, 3.86%, due 01/02/26 | 4.9% |
| U.S. Treasury Bills, 4.13%, due 01/15/26 | 4.6% |
| U.S. Treasury Bills, 3.84%, due 01/06/26 | 4.4% |
| U.S. Treasury Bills, 3.82%, due 01/20/26 | 4.3% |
| U.S. Treasury Floating Rate Notes, 3.78%, due 07/31/26 | 3.9% |
| U.S. Treasury Bills, 3.79%, due 02/03/26 | 3.4% |
| U.S. Treasury Bills, 3.80%, due 02/17/26 | 3.0% |

---

#### 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](g52862g80p50.jpg)

# State Street Treasury Plus Money Market Portfolio

#### Annual Shareholder Report

#### December 31, 2025
This 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 December 31, 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 year ? *(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 | $5 | 0.05% |

---

## Key Fund Statistics as of 12/31/2025
* Total Net Assets$70,116,616,942

* Number of Portfolio Holdings105

* Total Advisory Fees Paid$29,229,640

## **What did the Fund invest in as of 12/31/2025 ?** (as a percentage of total net assets)

### **Top Security Types** 

---

| | |
|:---|:---|
| **Assets** | **%** |
| Treasury Debt | 56.0% |
| Treasury Repurchase Agreements | 37.6% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| FICCBA TRI PARTY REPO A, 3.83%, due 01/02/26 | 7.1% |
| JP MORGAN SEC LLC TPR A, 3.82%, due 01/02/26 | 6.3% |
| FICCMS TRI PARTY REPO A, 3.85%, due 01/02/26 | 4.1% |
| FICCJP TRI PARTY REPO A, 3.82%, due 01/02/26 | 3.9% |
| U.S. Treasury Bills, 4.10%, due 01/02/26 | 3.7% |
| FICCUB BI PARTY REPO, 3.85%, due 01/02/26 | 2.9% |
| U.S. Treasury Floating Rate Notes, 3.70%, due 01/31/27 | 2.8% |
| U.S. Treasury Floating Rate Notes, 3.81%, due 10/31/26 | 2.6% |
| U.S. Treasury Floating Rate Notes, 3.78%, due 07/31/26 | 2.3% |
| U.S. Treasury Bills, 4.15%, due 01/08/26 | 2.2% |

---

#### 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](g52862g80p50.jpg)

# State Street U.S. Government Money Market Portfolio

#### Annual Shareholder Report

#### December 31, 2025
This 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 December 31, 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 year ? *(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 | $5 | 0.05% |

---

## Key Fund Statistics as of 12/31/2025
* Total Net Assets$220,971,497,276

* Number of Portfolio Holdings248

* Total Advisory Fees Paid$89,601,567

## **What did the Fund invest in as of 12/31/2025 ?** (as a percentage of total net assets)

### **Top Security Types** 

---

| | |
|:---|:---|
| **Assets** | **%** |
| Treasury Debt | 49.1% |
| Treasury Repurchase Agreements | 22.7% |
| Government Agency Debt | 12.9% |
| Government Agency Repurchase Agreements | 9.6% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| FICCBA TRI PARTY REPO A, 3.83%, due 01/02/26 | 4.1% |
| U.S. Treasury Bills, 4.10%, due 01/02/26 | 3.6% |
| FICCJP TRI PARTY REPO A, 3.82%, due 01/02/26 | 3.3% |
| FICCUB BI PARTY REPO, 3.85%, due 01/02/26 | 2.7% |
| FICCMS TRI PARTY REPO A, 3.85%, due 01/02/26 | 2.5% |
| JP MORGAN SEC LLC TPR A, 3.82%, due 01/02/26 | 2.2% |
| U.S. Treasury Bills, 4.13%, due 01/15/26 | 1.7% |
| JP MORGAN SEC LLC TPR A, 3.86%, due 04/10/26 | 1.6% |
| U.S. Treasury Bills, 3.95%, due 02/19/26 | 1.5% |
| U.S. Treasury Bills, 3.72%, due 03/19/26 | 1.5% |

---

#### 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.
As of the end of the period covered by this report, State Street Master Funds (the "Trust" or "Registrant") has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code"). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the "SEC") and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. For the period covered by the report, the Code was combined with other mutual funds advised by SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"). The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of Form N-CSR during the covered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Code is filed as Exhibit 19(a)(1) to this Form N-CSR.

#### Item 3. Audit Committee Financial Expert.
The Trust's Board of Trustees (the "Board") has determined that the Trust has the following "audit committee financial experts" as defined in Item 3(b) of Form N-CSR serving on its audit committee (the "Audit Committee"): Mr. George M. Pereira, Mr. Mark E. Swanson and Ms. Donna M. Rapaccioli. Each of the "audit committee financial experts" is "independent" as that term is defined in Item 3(a)(2) of Form N-CSR.

An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.

#### Item 4. Principal Accountant Fees and Services.
(a) <u>Audit Fees</u> 

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate audit fees billed for professional services rendered by Ernst & Young LLP ("EY"), the Trust's principal accountant, for the audit of the Trust's annual financial statements or services normally provided by EY in connection with the Trust's statutory and regulatory filings and engagements were $140,061 and $180,319, respectively.

------

(b) <u>Audit-Related Fees</u> 

For the fiscal years ended December 31, 2025 and December 31, 2024, there were no fees for assurance and related services by EY reasonably related to the performance of the audit of the Trust's financial statements that were not reported under paragraph (a) of this Item.

(c) <u>Tax Fees</u> 

For the fiscal year ended December 31, 2025, the aggregate tax fees billed for professional services rendered by EY for tax preparation and tax compliance services were $34,320. For the fiscal year ended December 31, 2024, the aggregate tax fees billed for professional services rendered by EY for the review of year-end distribution requirements were $9,487.

(d) <u>All Other Fees</u> 

For the fiscal years ended December 31, 2025 and December 31, 2024, there were no fees billed for professional services rendered by EY for products and services provided by EY to the Trust, other than the services reported in paragraphs (a) through (c).

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees for professional services rendered by EY for products and services provided by EY to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Trust that (i) relate directly to the operations and financial reporting of the Trust and (ii) were pre-approved by the Audit Committee were approximately $9,761,443 and $9,556,710, respectively.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>

The Trust's Audit Committee Charter states the following with respect to pre-approval procedures:

The Audit Committee shall have the following duties and powers:

• To pre-approve engagements by a Trust's independent auditor for non-audit services to be rendered to the Trust's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the engagement relates directly to the operations and financial reporting of the Trust;

• To establish, if deemed necessary or appropriate as an alternative to Audit Committee pre-approval of services to be provided by the independent auditor as required by paragraph (b) above, policies and procedures to permit such services to be pre-approved by other means, such as by action of a designated member or members of the Audit Committee, subject to the requirement that the decision of any member to whom authority is delegated to pre-approve an activity shall be presented to the full Audit Committee at its next scheduled meeting;

------

Alternate Pre-Approval Procedure:

• The Chairperson, or a Co-Chairperson, of the Audit Committee is authorized to pre-approve any engagement involving the Trust's independent auditors to the same extent as the Audit Committee. Any pre-approval decision by the Chairperson, or a Co-Chairperson, under the foregoing authority shall be presented to the Audit Committee at its next scheduled meeting.

---

| | |
|:---|:---|
| (e)(2) | <u>Percentage of Services</u>  |

---

None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the period of time for which such rule was effective.

(f) Not applicable to the Registrant.

(g) <u>Total Fees Paid By Adviser and Certain Affiliates</u> 

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate non-audit fees billed by EY for services rendered to the Trust and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Trust were approximately $37,900,000 and $36,700,000, respectively.

(h) EY notified the Trust's Audit Committee of all non-audit services that were rendered by EY to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the Trust, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the Trust's Audit Committee to consider whether such services were compatible with maintaining EY's independence.

(i) Not applicable to the Registrant.

(j) Not applicable to the Registrant.

#### 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 N-CSR.

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

## Annual Financial Statements and Other Information
December 31, 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.**![](g105530imgd985ce9e1.jpg)

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Schedule of Investments (N-CSR Item 6)](#xx_07132a74-0eda-4f83-b61e-ad94916ecf38_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **[Statement of Assets and Liabilities (N-CSR Item 7)](#xx_b2a1022d-9079-49f4-8b32-197d2ec91ed4_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;14 |
| **[Statement of Operations (N-CSR Item 7)](#xx_580b4331-a306-4fec-85b5-8120d0800979_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;15 |
| **[Statements of Changes in Net Assets (N-CSR Item 7)](#xx_ece1135a-6635-4083-acb5-e7f6788a9899_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;16 |
| **[Financial Highlights (N-CSR Item 7)](#xx_eaf357b0-4b5d-41e7-a7fa-e152c42bee83_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;17 |
| **[Notes to Financial Statements (N-CSR Item 7)](#xx_c73bd780-c738-4e41-8715-1db0dcb79f49_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;18 |
| **[Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_9af7b03d-0c50-4385-bb0f-983773634c6f_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;22 |

---

#### 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**

#### Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11) - Not Applicable

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### SCHEDULE OF INVESTMENTS

#### December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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—12.9%** |  |  |  |  |  |
| Federal Farm Credit Banks Funding Corp., Fed Funds Rate + 0.05% (a)<br>| &nbsp;&nbsp;3.690% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/17/2026 | &nbsp;&nbsp;$85600000 | &nbsp;&nbsp;$85600000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.01% (a)<br>| &nbsp;&nbsp;3.720% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;06/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000000 |
| Federal Farm Credit Banks Funding Corp., 3 mo. Treasury money market yield + 0.12% (a)<br>| &nbsp;&nbsp;3.722% | &nbsp;&nbsp;01/01/2026 | &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;3.722% | &nbsp;&nbsp;01/01/2026 | &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;3.722% | &nbsp;&nbsp;01/01/2026 | &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., Fed Funds Rate + 0.13% (a)<br>| &nbsp;&nbsp;3.770% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/23/2027 | &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;3.780% | &nbsp;&nbsp;01/01/2026 | &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;3.780% | &nbsp;&nbsp;01/01/2026 | &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;3.785% | &nbsp;&nbsp;01/01/2026 | &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., SOFR + 0.08% (a)<br>| &nbsp;&nbsp;3.790% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;11/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000000 |
| Federal Farm Credit Banks Funding Corp., 3 mo. Treasury money market yield + 0.19% (a)<br>| &nbsp;&nbsp;3.792% | &nbsp;&nbsp;01/01/2026 | &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;249998858 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.09% (a)<br>| &nbsp;&nbsp;3.795% | &nbsp;&nbsp;01/01/2026 | &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;3.795% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;12/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.09% (a)<br>| &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/01/2026 | &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 + 0.09% (a)<br>| &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;05/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.09% (a)<br>| &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.10% (a)<br>| &nbsp;&nbsp;3.805% | &nbsp;&nbsp;01/01/2026 | &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;3.810% | &nbsp;&nbsp;01/01/2026 | &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;3.810% | &nbsp;&nbsp;01/01/2026 | &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;47396413 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.10% (a)<br>| &nbsp;&nbsp;3.810% | &nbsp;&nbsp;01/01/2026 | &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;3.815% | &nbsp;&nbsp;01/01/2026 | &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;450393375 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.11% (a)<br>| &nbsp;&nbsp;3.815% | &nbsp;&nbsp;01/01/2026 | &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., Fed Funds Rate + 0.18% (a)<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/01/2026 | &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 + 0.11% (a)<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/01/2026 | &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;3.825% | &nbsp;&nbsp;01/01/2026 | &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., SOFR + 0.12% (a)<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/01/2026 | &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;3.830% | &nbsp;&nbsp;01/01/2026 | &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;30000906 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.12% (a)<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;06/09/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 + 0.12% (a)<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;06/16/2027 | &nbsp;&nbsp;$30000000 | &nbsp;&nbsp;$30000000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.12% (a)<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;08/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119500000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.13% (a)<br>| &nbsp;&nbsp;3.835% | &nbsp;&nbsp;01/01/2026 | &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;3.835% | &nbsp;&nbsp;01/01/2026 | &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;3.835% | &nbsp;&nbsp;01/01/2026 | &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;3.835% | &nbsp;&nbsp;01/01/2026 | &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;3.835% | &nbsp;&nbsp;01/01/2026 | &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;3.835% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;08/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198400000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.13% (a)<br>| &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/01/2026 | &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;3.840% | &nbsp;&nbsp;01/01/2026 | &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 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.13% (a)<br>| &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;11/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000000 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.13% (a)<br>| &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/01/2026 | &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 + 0.13% (a)<br>| &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79637000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79645571 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;3.845% | &nbsp;&nbsp;01/01/2026 | &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;3.845% | &nbsp;&nbsp;01/01/2026 | &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;404992127 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;3.845% | &nbsp;&nbsp;01/01/2026 | &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;247441715 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;3.845% | &nbsp;&nbsp;01/01/2026 | &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;339728395 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;3.845% | &nbsp;&nbsp;01/01/2026 | &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;3.845% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334949066 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &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;3.850% | &nbsp;&nbsp;01/01/2026 | &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;3.850% | &nbsp;&nbsp;01/01/2026 | &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;3.850% | &nbsp;&nbsp;01/01/2026 | &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;3.850% | &nbsp;&nbsp;01/01/2026 | &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;3.850% | &nbsp;&nbsp;01/01/2026 | &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;3.905% | &nbsp;&nbsp;01/01/2026 | &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;56467912 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.20% (a)<br>| &nbsp;&nbsp;3.910% | &nbsp;&nbsp;01/01/2026 | &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;46655077 |
| Federal Farm Credit Banks Funding Corp., SOFR + 0.27% (a)<br>| &nbsp;&nbsp;3.980% | &nbsp;&nbsp;01/01/2026 | &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;28555602 |
| Federal Farm Credit Discount Notes (b)<br>| &nbsp;&nbsp;3.740% | &nbsp;&nbsp;05/05/2026 | &nbsp;&nbsp;05/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124389930 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Discount Notes (b)<br>| &nbsp;&nbsp;3.940% | &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;$97200000 | &nbsp;&nbsp;$96614910 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;3.515% | &nbsp;&nbsp;06/17/2026 | &nbsp;&nbsp;06/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73784396 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;3.705% | &nbsp;&nbsp;04/08/2026 | &nbsp;&nbsp;04/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84160200 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;3.725% | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454820550 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;3.805% | &nbsp;&nbsp;02/06/2026 | &nbsp;&nbsp;02/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356676093 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/30/2026 | &nbsp;&nbsp;01/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452451750 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;3.835% | &nbsp;&nbsp;01/26/2026 | &nbsp;&nbsp;01/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134455361 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;3.870% | &nbsp;&nbsp;01/09/2026 | &nbsp;&nbsp;01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91331222 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;3.895% | &nbsp;&nbsp;01/07/2026 | &nbsp;&nbsp;01/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323970650 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;3.930% | &nbsp;&nbsp;03/06/2026 | &nbsp;&nbsp;03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241527392 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;3.940% | &nbsp;&nbsp;02/24/2026 | &nbsp;&nbsp;02/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446992070 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;3.955% | &nbsp;&nbsp;02/20/2026 | &nbsp;&nbsp;02/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448572179 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;3.960% | &nbsp;&nbsp;02/19/2026 | &nbsp;&nbsp;02/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673027552 |
| Federal Home Loan Bank Discount Notes (b)<br>| &nbsp;&nbsp;4.030% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449300000 |
| Federal Home Loan Banks, SOFR + 0.01% (a)<br>| &nbsp;&nbsp;3.720% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;06/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000000 |
| Federal Home Loan Banks, SOFR + 0.03% (a)<br>| &nbsp;&nbsp;3.735% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;05/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342600000 |
| Federal Home Loan Banks, SOFR + 0.03% (a)<br>| &nbsp;&nbsp;3.735% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;06/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111700000 |
| Federal Home Loan Banks, SOFR + 0.04% (a)<br>| &nbsp;&nbsp;3.745% | &nbsp;&nbsp;01/01/2026 | &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;3.750% | &nbsp;&nbsp;01/01/2026 | &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 + 0.08% (a)<br>| &nbsp;&nbsp;3.790% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214500000 |
| Federal Home Loan Banks, SOFR + 0.09% (a)<br>| &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;12/02/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 |
| Federal Home Loan Banks, SOFR + 0.09% (a)<br>| &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;12/03/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220800000 |
| Federal Home Loan Banks, SOFR + 0.10% (a)<br>| &nbsp;&nbsp;3.805% | &nbsp;&nbsp;01/01/2026 | &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 + 0.10% (a)<br>| &nbsp;&nbsp;3.805% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;05/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369000000 |
| Federal Home Loan Banks, SOFR + 0.11% (a)<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/01/2026 | &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;3.820% | &nbsp;&nbsp;01/01/2026 | &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;3.835% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;08/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145900000 |
| Federal Home Loan Banks, SOFR + 0.13% (a)<br>| &nbsp;&nbsp;3.835% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2606301 |
| Federal Home Loan Banks, SOFR + 0.13% (a)<br>| &nbsp;&nbsp;3.835% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30405289 |
| Federal Home Loan Banks, SOFR + 0.13% (a)<br>| &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/01/2026 | &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;3.840% | &nbsp;&nbsp;01/01/2026 | &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 + 0.13% (a)<br>| &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166854 |
| Federal Home Loan Banks, SOFR + 0.14% (a)<br>| &nbsp;&nbsp;3.845% | &nbsp;&nbsp;01/01/2026 | &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;3.845% | &nbsp;&nbsp;01/01/2026 | &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;3.850% | &nbsp;&nbsp;01/01/2026 | &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;185000424 |
| Federal Home Loan Banks, SOFR + 0.14% (a)<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &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 + 0.20% (a)<br>| &nbsp;&nbsp;3.910% | &nbsp;&nbsp;01/01/2026 | &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;47023195 |
| Federal Home Loan Banks<br>| &nbsp;&nbsp;4.013% | &nbsp;&nbsp;03/04/2026 | &nbsp;&nbsp;03/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378001994 |
| Federal Home Loan Banks<br>| &nbsp;&nbsp;4.126% | &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449659706 |
| Federal Home Loan Banks<br>| &nbsp;&nbsp;4.269% | &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;970689334 |
| Federal Home Loan Mortgage Corp., SOFR + 0.09% (a)<br>| &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/01/2026 | &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;26101053 |
| Federal Home Loan Mortgage Corp., SOFR + 0.10% (a)<br>| &nbsp;&nbsp;3.805% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;05/05/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559100000 |
| Federal Home Loan Mortgage Corp., SOFR + 0.11% (a)<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/01/2026 | &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;3.820% | &nbsp;&nbsp;01/01/2026 | &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;3.825% | &nbsp;&nbsp;01/01/2026 | &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;705609258 |
| Federal Home Loan Mortgage Corp., SOFR + 0.12% (a)<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;08/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95600000 |
| Federal Home Loan Mortgage Corp., SOFR + 0.13% (a)<br>| &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/02/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143200000 |
| Federal Home Loan Mortgage Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &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;3.850% | &nbsp;&nbsp;01/01/2026 | &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;3.850% | &nbsp;&nbsp;01/01/2026 | &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;416325696 |
| Federal Home Loan Mortgage Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476800000 |
| Federal Home Loan Mortgage Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/06/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478200000 |
| Federal Home Loan Mortgage Corp., SOFR + 0.14% (a)<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000000 |
| Federal National Mortgage Association, SOFR + 0.08% (a)<br>| &nbsp;&nbsp;3.790% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;12/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413600000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 National Mortgage Association, SOFR + 0.12% (a)<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;07/29/2026 | &nbsp;&nbsp;$536750000 | &nbsp;&nbsp;$536802795 |
| Federal National Mortgage Association, SOFR + 0.14% (a)<br>| &nbsp;&nbsp;3.845% | &nbsp;&nbsp;01/01/2026 | &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;3.850% | &nbsp;&nbsp;01/01/2026 | &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;530799199 |
| Federal National Mortgage Association, SOFR + 0.14% (a)<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &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;3.850% | &nbsp;&nbsp;01/01/2026 | &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;713736942 |
| Federal National Mortgage Association, SOFR + 0.14% (a)<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &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;28584398312 |
| **TREASURY DEBT—49.1%** |  |  |  |  |  |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.471% | &nbsp;&nbsp;06/18/2026 | &nbsp;&nbsp;06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922042396 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.496% | &nbsp;&nbsp;06/25/2026 | &nbsp;&nbsp;06/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966250387 |
| U.S. Treasury Bills (b)(c)<br>| &nbsp;&nbsp;3.500% | &nbsp;&nbsp;07/02/2026 | &nbsp;&nbsp;07/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173780955 |
| U.S. Treasury Bills (c)<br>| &nbsp;&nbsp;3.540% | &nbsp;&nbsp;05/05/2026 | &nbsp;&nbsp;05/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674939005 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.555% | &nbsp;&nbsp;04/21/2026 | &nbsp;&nbsp;04/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249360800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235957890 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.556% | &nbsp;&nbsp;04/28/2026 | &nbsp;&nbsp;04/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977086327 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.585% | &nbsp;&nbsp;06/11/2026 | &nbsp;&nbsp;06/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268786729 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.640% | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30778346 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.650% | &nbsp;&nbsp;06/04/2026 | &nbsp;&nbsp;06/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393037310 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.660% | &nbsp;&nbsp;04/23/2026 | &nbsp;&nbsp;04/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637607633 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.660% | &nbsp;&nbsp;05/28/2026 | &nbsp;&nbsp;05/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093154522 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.683% | &nbsp;&nbsp;04/16/2026 | &nbsp;&nbsp;04/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752179244 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.690% | &nbsp;&nbsp;05/14/2026 | &nbsp;&nbsp;05/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987086140 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.695% | &nbsp;&nbsp;04/09/2026 | &nbsp;&nbsp;04/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694135191 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.705% | &nbsp;&nbsp;03/26/2026 | &nbsp;&nbsp;03/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425404402 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.710% | &nbsp;&nbsp;05/21/2026 | &nbsp;&nbsp;05/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307751031 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.715% | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239821124 |
| U.S. Treasury Bills (b)(c)<br>| &nbsp;&nbsp;3.720% | &nbsp;&nbsp;04/02/2026 | &nbsp;&nbsp;04/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534215540 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.730% | &nbsp;&nbsp;03/12/2026 | &nbsp;&nbsp;03/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704546159 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.735% | &nbsp;&nbsp;02/24/2026 | &nbsp;&nbsp;02/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690341926 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.735% | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342885881 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.740% | &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935897416 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.750% | &nbsp;&nbsp;03/24/2026 | &nbsp;&nbsp;03/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144877894 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.755% | &nbsp;&nbsp;03/17/2026 | &nbsp;&nbsp;03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835757830 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.775% | &nbsp;&nbsp;02/10/2026 | &nbsp;&nbsp;02/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453258046 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.775% | &nbsp;&nbsp;03/10/2026 | &nbsp;&nbsp;03/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644408064 |
| U.S. Treasury Bills (b)(c)<br>| &nbsp;&nbsp;3.785% | &nbsp;&nbsp;02/03/2026 | &nbsp;&nbsp;02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715004269 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.795% | &nbsp;&nbsp;02/17/2026 | &nbsp;&nbsp;02/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176530477 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.805% | &nbsp;&nbsp;01/27/2026 | &nbsp;&nbsp;01/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664262703 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.815% | &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707857003 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025881155 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.880% | &nbsp;&nbsp;03/05/2026 | &nbsp;&nbsp;03/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343184165 |
| U.S. Treasury Bills (b)(c)<br>| &nbsp;&nbsp;3.945% | &nbsp;&nbsp;02/19/2026 | &nbsp;&nbsp;02/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3339490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3322104671 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.957% | &nbsp;&nbsp;01/06/2026 | &nbsp;&nbsp;01/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706463263 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.095% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8029220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8029220000 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.118% | &nbsp;&nbsp;01/22/2026 | &nbsp;&nbsp;01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069706338 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.120% | &nbsp;&nbsp;01/29/2026 | &nbsp;&nbsp;01/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834949276 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.125% | &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832403405 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;4.150% | &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827235657 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.10% (a)<br>| &nbsp;&nbsp;3.700% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;01/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798827330 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 + 0.15% (a)<br>| &nbsp;&nbsp;3.752% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;$712182900 | &nbsp;&nbsp;$712179745 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.16% (a)<br>| &nbsp;&nbsp;3.761% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;07/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286941305 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.16% (a)<br>| &nbsp;&nbsp;3.762% | &nbsp;&nbsp;01/01/2026 | &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;611076827 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.18% (a)<br>| &nbsp;&nbsp;3.784% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083634232 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.19% (a)<br>| &nbsp;&nbsp;3.792% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504000000 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.21% (a)<br>| &nbsp;&nbsp;3.807% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634799979 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.25% (a)<br>| &nbsp;&nbsp;3.847% | &nbsp;&nbsp;01/01/2026 | &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;530244922 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.004% | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199721635 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.554% | &nbsp;&nbsp;09/30/2026 | &nbsp;&nbsp;09/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418143637 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.564% | &nbsp;&nbsp;09/30/2026 | &nbsp;&nbsp;09/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302807267 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.578% | &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172371811 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.624% | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339436274 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.634% | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866014738 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.653% | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955653000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958997488 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.654% | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555247579 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.659% | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740331358 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.671% | &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304461092 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.673% | &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328321456 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.694% | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524485604 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.723% | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831698000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817333032 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.723% | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690026000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692570497 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.748% | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485483000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475265263 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.753% | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66404987 |
| 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;1063791000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066666373 |
| 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;2642515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614570335 |
| 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;1127460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128738081 |
| 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;1259388000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249413094 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.137% | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805720688 |
| 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;425920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425066736 |
| 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;248504000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246476821 |
| 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;490940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491212316 |
| 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;169790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168816024 |
| TOTAL TREASURY DEBT<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;108441088296 |
| **GOVERNMENT AGENCY REPURCHASE AGREEMENTS—9.6%** |  |  |  |  |  |
| Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal Home Loan Mortgage Corporations, 2.000% - 6.500% due 03/01/2034 - 10/01/2055, a Government National Mortgage Association, 6.500% due 09/20/2055 and Federal National Mortgage Associations, 2.500% - 6.000% due 08/01/2038 - 08/01/2055, valued at $66,300,000); expected proceeds $65,013,903<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 |
| Agreement with Bank of Montreal and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 6.000% due 05/01/2053 - 08/01/2054 and a Federal Home Loan Mortgage Corporation, 6.000% due 04/01/2055, valued at $178,500,000); expected proceeds $175,037,431<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Bank of Montreal and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Government National Mortgage Associations, 4.500% - 7.000% due 06/20/2055 - 12/20/2055, valued at $76,500,000); expected proceeds $75,016,042<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;$75000000 | &nbsp;&nbsp;$75000000 |
| Agreement with BNP Paribas and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 0.796% - 4.226% due 05/25/2027 - 03/25/2061, Federal Home Loan Mortgage Corporations, 0.000% - 6.500% due 01/15/2027 - 12/25/2055, Government National Mortgage Associations, 0.000% - 6.500% due 05/20/2042 - 05/20/2063 and U.S. Treasury Notes, 1.375% - 4.250% due 02/15/2028 - 09/30/2030, valued at $180,003,548); expected proceeds $176,037,449<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 09/09/2025 (collateralized by Government National Mortgage Associations, 0.000% - 21.577% due 06/20/2050 - 08/20/2075, valued at $396,550,000); expected proceeds $390,184,667<br>| &nbsp;&nbsp;4.040% | &nbsp;&nbsp;01/07/2026 | &nbsp;&nbsp;01/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/16/2025 (collateralized by Government National Mortgage Associations, 0.000% - 6.000% due 12/20/2040 - 10/20/2075, valued at $978,500,000); expected proceeds $962,033,333 (d)<br>| &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal Home Loan Mortgage Corporations, 0.000% - 14.710% due 05/15/2031 - 12/25/2055 and Federal National Mortgage Associations, 0.017% - 9.103% due 06/25/2043 - 10/25/2060, valued at $309,000,000); expected proceeds $300,063,833<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 |
| Agreement with Credit Agricole Corporate and Investment Bank and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal Home Loan Mortgage Corporations, 2.500% - 4.500% due 07/01/2050 - 01/01/2054 and a Federal National Mortgage Association, 6.000% due 08/01/2055, valued at $102,000,000); expected proceeds $100,021,278<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| Agreement with Credit Agricole Corporate and Investment Bank and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 4.385% - 4.720% due 10/01/2028 - 07/01/2030 and a Federal Home Loan Mortgage Corporation, 2.000% due 03/01/2051, valued at $25,500,000); expected proceeds $25,005,194<br>| &nbsp;&nbsp;3.740% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &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 Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal Home Loan Mortgage Corporations, 1.500% - 7.000% due 01/01/2033 - 01/01/2056 and Federal National Mortgage Associations, 1.500% - 7.000% due 01/01/2028 - 01/01/2056, valued at $3,060,000,000); expected proceeds $3,000,643,333<br>| &nbsp;&nbsp;3.860% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 12/31/2025 (collateralized by Federal National Mortgage Associations, 1.500% - 6.500% due 10/01/2031 - 01/01/2056, Federal Home Loan Mortgage Corporations, 3.500% - 7.000% due 07/01/2029 - 12/01/2055 and U.S. Treasury Notes, 3.500% - 4.250% due 10/15/2028 - 06/30/2031, valued at $1,938,000,000); expected proceeds $1,900,404,278<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;$1900000000 | &nbsp;&nbsp;$1900000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 1.500% - 7.500% due 07/01/2027 - 03/01/2060, valued at $2,040,000,000); expected proceeds $2,000,425,556<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &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 12/31/2025 (collateralized by Government National Mortgage Associations, 5.000% - 5.500% due 01/20/2055 - 07/20/2055, Federal National Mortgage Associations, 4.620% - 4.665% due 05/01/2033 - 09/01/2035 and a Federal Home Loan Mortgage Corporation, 4.500% due 12/01/2029, valued at $204,000,025); expected proceeds $200,042,556<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| Agreement with Goldman Sachs & Co. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Government National Mortgage Associations, 1.250% - 6.500% due 10/20/2034 - 08/20/2065, Federal Home Loan Mortgage Corporations, 2.500% - 6.000% due 04/01/2031 - 05/01/2055 and Federal National Mortgage Associations, 2.000% - 6.000% due 12/01/2039 - 01/01/2053, valued at $1,781,477,664); expected proceeds $1,740,371,200<br>| &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740000000 |
| Agreement with HSBC Securities USA, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal Home Loan Mortgage Corporations, 2.000% - 7.500% due 09/01/2041 - 10/01/2054 and Federal National Mortgage Associations, 2.000% - 7.000% due 11/01/2029 - 11/01/2055, valued at $438,600,001); expected proceeds $430,091,733<br>| &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000000 |
| Agreement with ING Financial Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 2.500% - 6.480% due 08/01/2033 - 03/01/2054 and Federal Home Loan Mortgage Corporations, 3.000% - 7.000% due 04/01/2036 - 09/01/2055, valued at $204,000,000); expected proceeds $200,042,556<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| Agreement with ING Financial Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 3.500% - 7.000% due 11/01/2035 - 08/01/2054 and Federal Home Loan Mortgage Corporations, 3.000% - 7.000% due 08/01/2040 - 03/01/2055, valued at $66,300,000); expected proceeds $65,013,831<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/12/2025 (collateralized by Federal Home Loan Mortgage Corporations, 0.000% - 10.409% due 09/25/2026 - 04/26/2060, Federal National Mortgage Associations, 0.000% - 8.045% due 03/25/2026 - 10/25/2060, Government National Mortgage Associations, 0.000% - 6.000% due 03/20/2035 - 01/16/2068, Federal National Mortgage Associations Strips, 3.500% - 6.500% due 06/01/2033 - 05/01/2055 and Federal Home Loan Mortgage Corporation Strips, 4.000% - 5.000% due 01/15/2036 - 11/15/2043, valued at $3,750,843,196); expected proceeds $3,534,530,461 (d)<br>| &nbsp;&nbsp;3.860% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/10/2026 | &nbsp;&nbsp;$3490000000 | &nbsp;&nbsp;$3490000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 1.500% - 7.500% due 12/01/2027 - 01/01/2056, Federal Home Loan Mortgage Corporations, 2.500% - 8.500% due 10/01/2031 - 11/01/2054 and Government National Mortgage Associations, 2.000% - 7.000% due 05/20/2032 - 10/20/2055, valued at $2,086,920,001); expected proceeds $2,046,435,343<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046000000 |
| Agreement with Mitsubishi UFJ Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal Home Loan Mortgage Corporations, 4.000% - 6.500% due 07/01/2048 - 09/01/2055, U.S. Treasury Notes, 1.625% - 4.375% due 02/28/2027 - 08/15/2035, U.S. Treasury Bonds, 1.250% - 5.000% due 05/15/2039 - 05/15/2051, Government National Mortgage Associations, 3.500% - 7.000% due 12/20/2051 - 01/20/2055, a U.S. Treasury Inflation Index Bond, 0.875% due 02/15/2047, U.S. Treasury Inflation Index Notes, 0.375% - 2.125% due 07/15/2027 - 01/15/2035 and Federal National Mortgage Associations, 3.030% - 5.500% due 12/01/2027 - 02/01/2055, valued at $306,000,011); expected proceeds $300,063,667<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 |
| Agreement with Royal Bank of Canada and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal Home Loan Mortgage Corporations, 1.500% - 8.000% due 12/01/2026 - 11/01/2055, Government National Mortgage Associations, 4.500% - 8.000% due 06/20/2048 - 11/20/2055 and Federal National Mortgage Associations, 1.500% - 7.000% due 07/01/2026 - 11/01/2055, valued at $1,009,800,000); expected proceeds $990,209,000<br>| &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990000000 |
| Agreement with Royal Bank of Canada and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 2.000% - 6.500% due 08/01/2034 - 11/01/2055, Federal Home Loan Mortgage Corporations, 3.000% - 6.500% due 03/01/2035 - 12/01/2055, U.S. Treasury Notes, 3.625% - 4.375% due 03/31/2028 - 05/15/2034, a U.S. Treasury Bond, 2.750% due 08/15/2047, a U.S. Treasury Inflation Index Bond, 2.000% due 01/15/2026 and U.S. Treasury Bills, 0.000% due 02/17/2026 - 08/06/2026, valued at $775,200,050); expected proceeds $760,160,444<br>| &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Santander and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 2.000% - 7.000% due 02/01/2035 - 06/01/2063, a U.S. Treasury Note, 1.250% due 09/30/2028, Federal Home Loan Mortgage Corporations, 2.000% - 7.000% due 07/01/2030 - 12/01/2055 and Government National Mortgage Associations, 1.500% - 6.500% due 11/20/2028 - 07/20/2065, valued at $510,000,079); expected proceeds $500,106,389<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;$500000000 | &nbsp;&nbsp;$500000000 |
| Agreement with Toronto Dominion Bank and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Government National Mortgage Associations, 0.782% - 3.332% due 10/20/2049 - 12/20/2055, valued at $75,600,000); expected proceeds $70,014,894<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 |
| Agreement with UBS Securities LLC and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Bills, 0.000% due 01/02/2026 - 09/03/2026, Federal Farm Credit Banks, 0.900% - 5.110% due 04/23/2026 - 06/21/2041, U.S. Treasury Bonds, 1.875% - 6.500% due 11/15/2026 - 02/15/2054, U.S. Treasury Strips, 0.000% due 02/15/2026 - 11/15/2053, U.S. Treasury Inflation Index Bonds, 0.250% - 3.375% due 01/15/2029 - 02/15/2054, Federal Home Loan Mortgage Corporations, 0.000% - 6.750% due 08/15/2027 - 09/15/2029, Federal National Mortgage Associations, 0.000% - 6.250% due 05/15/2026 - 08/05/2030, Resolution Funding Strips, 0.000% due 07/15/2026, Tennessee Valley Authorities, 0.000% - 5.250% due 11/01/2026 - 12/15/2042, Federal Home Loan Banks, 2.070% - 4.750% due 03/09/2029 - 06/29/2040, U.S. Treasury Notes, 0.375% - 4.875% due 01/31/2026 - 11/15/2035 and U.S. Treasury Inflation Index Notes, 0.125% - 2.125% due 01/15/2028 - 01/15/2035, valued at $153,000,021); expected proceeds $150,032,083<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000000 |
| Agreement with Wells Fargo Bank and Bank of New York Mellon (Tri-Party), dated 11/28/2025 (collateralized by Federal Home Loan Mortgage Corporations, 3.650% - 6.750% due 10/08/2027 - 07/15/2032, Resolution Funding Strips, 0.000% due 10/15/2027 - 07/15/2028 and Federal Home Loan Banks, 3.750% due 12/19/2028, valued at $368,567,983); expected proceeds $364,251,300 (d)<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000000 |
| Agreement with Wells Fargo Bank and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 1.500% - 7.172% due 10/01/2026 - 01/01/2056 and Federal Home Loan Mortgage Corporations, 2.502% - 7.436% due 12/01/2028 - 11/01/2055, valued at $877,386,649); expected proceeds $860,182,989<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000000 |
| TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENTS<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21312000000 |
| **TREASURY REPURCHASE AGREEMENTS—22.7%** |  |  |  |  |  |
| Agreement with Australia and New Zealand Banking Group, dated 12/31/2025 (collateralized by U.S. Treasury Notes, 0.875% – 4.750% due 05/31/2026 – 08/15/2055, valued at $2,656,864,150); expected proceeds $2,600,551,778<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Barclays Capital, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Inflation Index Bonds, 0.750% - 2.375% due 02/15/2042 - 02/15/2055, U.S. Treasury Notes, 0.375% - 4.625% due 07/31/2026 - 08/15/2034, U.S. Treasury Bills, 0.000% due 01/29/2026 and U.S. Treasury Inflation Index Notes, 0.125% - 1.875% due 07/15/2026 - 07/15/2035, valued at $484,500,020); expected proceeds $475,100,806<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;$475000000 | &nbsp;&nbsp;$475000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 09/12/2025 (collateralized by U.S. Treasury Notes, 1.375% - 3.500% due 10/15/2028 - 04/30/2029, valued at $408,000,050); expected proceeds $405,288,889 (d)<br>| &nbsp;&nbsp;4.000% | &nbsp;&nbsp;01/09/2026 | &nbsp;&nbsp;01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000000 |
| Agreement with Deutsche Bank and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 0.750% - 3.750% due 06/30/2026 - 12/31/2030, valued at $510,000,040); expected proceeds $500,106,111<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &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 09/03/2025 (collateralized by U.S. Treasury Bonds, 1.375% - 6.375% due 08/15/2027 - 11/15/2053, U.S. Treasury Notes, 1.250% - 4.500% due 07/31/2026 - 04/30/2028 and U.S. Treasury Bills, 0.000% due 05/28/2026 - 10/29/2026, valued at $510,000,014); expected proceeds $506,974,306<br>| &nbsp;&nbsp;4.150% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &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 11/17/2025 (collateralized by U.S. Treasury Notes, 2.750% - 4.000% due 12/31/2027 - 05/31/2030 and U.S. Treasury Bonds, 1.125% - 4.250% due 05/15/2040 - 11/15/2044, valued at $790,500,023); expected proceeds $784,965,424 (d)<br>| &nbsp;&nbsp;3.890% | &nbsp;&nbsp;03/16/2026 | &nbsp;&nbsp;03/16/2026 | &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 12/31/2025 (collateralized by a U.S. Treasury Inflation Index Note, 0.500% due 01/15/2028 and a U.S. Treasury Note, 4.125% due 03/31/2029, valued at $892,500,037); expected proceeds $875,185,694<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by a U.S. Treasury Note, 4.375% due 05/15/2034, valued at $459,000,032); expected proceeds $450,092,500<br>| &nbsp;&nbsp;3.700% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 0.375% - 4.875% due 01/15/2026 - 11/15/2034, U.S. Treasury Bills, 0.000% due 02/24/2026 - 10/29/2026 and U.S. Treasury Bonds, 1.125% - 6.625% due 02/15/2027 - 08/15/2054, valued at $9,180,000,060); expected proceeds $9,001,915,000<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 12/31/2025 (collateralized by U.S. Treasury Notes, 0.375% - 4.875% due 01/15/2026 - 11/15/2035, U.S. Treasury Bills, 0.000% due 01/15/2026 - 10/29/2026 and U.S. Treasury Bonds, 5.250% - 6.125% due 11/15/2027 - 11/15/2028, valued at $5,610,000,026); expected proceeds $5,501,176,389<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;$5500000000 | &nbsp;&nbsp;$5500000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 0.500% - 4.625% due 06/30/2026 - 05/15/2035, U.S. Treasury Bills, 0.000% due 03/05/2026 - 05/14/2026 and U.S. Treasury Bonds, 1.875% - 4.625% due 02/15/2041 - 02/15/2055, valued at $2,703,000,000); expected proceeds $2,650,562,389<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 0.500% - 4.875% due 01/31/2026 - 08/15/2034, U.S. Treasury Bonds, 1.375% - 4.875% due 08/15/2039 - 05/15/2055 and U.S. Treasury Bills, 0.000% due 04/07/2026 - 04/16/2026, valued at $3,060,000,016); expected proceeds $3,000,638,333<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 0.875% - 4.375% due 01/31/2026 - 11/30/2031, U.S. Treasury Bonds, 5.375% - 6.000% due 02/15/2026 - 02/15/2031 and U.S. Treasury Bills, 0.000% due 01/06/2026 - 08/06/2026, valued at $510,000,082); expected proceeds $500,098,889<br>| &nbsp;&nbsp;3.560% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &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 12/31/2025 (collateralized by U.S. Treasury Notes, 1.125% - 4.250% due 08/15/2026 - 08/15/2035, U.S. Treasury Bills, 0.000% due 04/28/2026 and U.S. Treasury Bonds, 2.375% - 3.000% due 05/15/2051 - 08/15/2052, valued at $102,000,019); expected proceeds $100,021,222<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 1.500% - 4.375% due 05/15/2026 - 02/15/2030 and U.S. Treasury Bills, 0.000% due 03/24/2026, valued at $7,395,000,087); expected proceeds $7,251,538,611<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250000000 |
| Agreement with Fixed Income Clearing Corp. and Northern Trust (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Bills, 0.000% due 04/14/2026 - 06/18/2026 and a U.S. Treasury Note, 3.375% due 12/31/2027, valued at $356,870,367); expected proceeds $350,068,250<br>| &nbsp;&nbsp;3.510% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &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 Northern Trust (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 3.875% - 4.250% due 03/15/2027 - 02/28/2031, valued at $743,166,712); expected proceeds $730,154,922<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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., dated 12/31/2025 (collateralized by U.S. Treasury Inflation Index Notes, 0.125% – 2.375% due 10/15/2028 – 07/15/2035 and U.S. Treasury Notes, 1.250% – 4.875% due 01/31/2027 – 11/15/2041, valued at $6,133,716,770); expected proceeds $6,001,283,333<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;$6000000000 | &nbsp;&nbsp;$6000000000 |
| Agreement with Goldman Sachs & Co. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by a U.S. Treasury Inflation Index Note, 1.875% due 07/15/2035, valued at $306,000,075); expected proceeds $300,063,833<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 |
| Agreement with Goldman Sachs & Co. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by a U.S. Treasury Note, 3.375% due 12/31/2027 and a U.S. Treasury Bond, 4.375% due 11/15/2039, valued at $290,700,033); expected proceeds $285,060,642<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000000 |
| Agreement with Goldman Sachs & Co. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by a U.S. Treasury Strip, 0.000% due 02/15/2038, valued at $15,300,000); expected proceeds $15,002,933<br>| &nbsp;&nbsp;3.520% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/12/2025 (collateralized by U.S. Treasury Strips, 0.000% due 02/15/2027 - 08/15/2028 and a U.S. Treasury Note, 3.125% due 11/15/2028, valued at $372,300,001); expected proceeds $365,980,633<br>| &nbsp;&nbsp;3.720% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;01/07/2026 | &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 12/31/2025 (collateralized by U.S. Treasury Notes, 0.500% - 4.250% due 12/31/2026 - 08/15/2032, a U.S. Treasury Strip, 0.000% due 05/15/2043 and a U.S. Treasury Bond, 3.750% due 08/15/2041, valued at $153,000,001); expected proceeds $150,030,833<br>| &nbsp;&nbsp;3.700% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Strips, 0.000% due 05/15/2027 - 08/15/2030, U.S. Treasury Inflation Index Notes, 0.125% - 1.625% due 01/15/2030 - 04/15/2030, U.S. Treasury Notes, 0.375% - 4.500% due 04/15/2027 - 11/15/2030 and a U.S. Treasury Bond, 3.000% due 11/15/2044, valued at $4,912,525,021); expected proceeds $4,817,223,105<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4816201000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4816201000 |
| Agreement with Mitsubishi UFJ Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 3.700% - 4.500% due 01/31/2027 - 05/31/2029 and U.S. Treasury Bills, 0.000% due 01/02/2026 - 08/06/2026, valued at $71,414,692); expected proceeds $70,014,389<br>| &nbsp;&nbsp;3.700% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 |
| Agreement with Mitsubishi UFJ Securities, Inc., dated 12/31/2025 (collateralized by U.S. Treasury Notes, 0.625% – 6.125%, due 02/15/2026 – 05/15/2052, valued at $374,953,546); expected proceeds $365,077,461<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000000 |
| Agreement with Mizuho Securities USA, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 0.750% - 4.625% due 05/31/2026 - 02/15/2035, valued at $510,108,251); expected proceeds $500,106,111<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &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_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 National Australia Bank, Ltd., dated 12/31/2025 (collateralized by a U.S. Treasury Note, 2.250% due 08/15/2027, valued at $586,255,103); expected proceeds $575,122,347<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;$575000000 | &nbsp;&nbsp;$575000000 |
| Agreement with Prudential Insurance Co., dated 12/31/2025 (collateralized by a U.S. Treasury Strip, 0.000% due 02/15/2040 and U.S. Treasury Notes, 2.875% – 4.750% due 05/15/2043 – 05/15/2054, valued at $122,907,006); expected proceeds $120,355,804<br>| &nbsp;&nbsp;3.860% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120330000 |
| Agreement with Prudential Insurance Co., dated 12/31/2025 (collateralized by U.S. Treasury Notes, 3.000% – 4.375% due 07/31/2026 – 11/15/2052 and U.S. Treasury Strips, 0.000% due 02/15/2037 – 05/15/2052, valued at $593,019,382); expected proceeds $580,598,229<br>| &nbsp;&nbsp;3.860% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580473750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580473750 |
| Agreement with Wells Fargo Bank and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Bonds, 2.250% - 4.625% due 05/15/2041 - 05/15/2054, valued at $306,064,970); expected proceeds $300,063,667<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 |
| TOTAL TREASURY REPURCHASE AGREEMENTS<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50097004750 |
| **TOTAL INVESTMENTS –94.3% (e)(f)<br>**  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**208434491358** |
| **Other Assets in Excess of Liabilities —5.7% <br>**  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12537005918** |
| **NET ASSETS –100.0% <br>**  |  |  |  |  | &nbsp;&nbsp;**$220971497276** |

---

(a) Variable Rate Security - Interest rate shown is rate in effect at December 31, 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 $5,975,000,000 or 2.7% of net assets as of December 31, 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_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

------

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value and amortized cost.<br>| &nbsp;&nbsp;&nbsp;&nbsp;$137025486608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements, at value and amortized cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;71409004750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;208434491358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16060045766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343555853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;224838117223 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848719960 |
| &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;9537417 |
| &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;7945163 |
| &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;&nbsp;&nbsp;14396 |
| &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;227560 |
| &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;&nbsp;77233 |
| &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;&nbsp;98218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3866619947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $220971497276 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

------

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7710353289 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and administrator fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89601567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian, sub-administrator and transfer agent fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10628173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018270 |
| &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;111852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102065072 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $7608288217 |
| **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;669016 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $7608957233 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> 12/31/25** | **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;$7608288217 | $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;669016 | &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;7608957233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7970255351 |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817194006112 | &nbsp;&nbsp;&nbsp;&nbsp;659062075445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(777573572045) | &nbsp;&nbsp;&nbsp;(645387590224) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39620434067 | &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;47229391300 | &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>**  | $220971497276 | $173742105976 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_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;**Year<br> Ended<br> 12/31/25** | &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** |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32% | &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% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$220971497 | &nbsp;&nbsp;$173742106 | &nbsp;&nbsp;$152097365 | &nbsp;&nbsp;$91338606 | &nbsp;&nbsp;$97388223 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &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;&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;4.25% | &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% |

---

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

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025

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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 December 31, 2025, the Trust consists of four (4) series, each of which represents a separate series of beneficial interest in the Trust. The 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 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_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2025

------

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 December 31, 2025, the Portfolio had invested in repurchase agreements with the gross values of $71,409,004,750 and associated collateral equal to $73,078,215,812.

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_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2025

------

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 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 year ended December 31, 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 December 31, 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

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[**Table of Contents**](#JOB_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2025

------

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_AR_SA_8b7e6ab3-bcb5-48d8-99e5-c2e105900125_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

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

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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To the Owners of a Beneficial Interest in State Street U.S. Government Money Market Portfolio and the Board of Trustees of State Street Master Funds

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of State Street U.S. Government Money Market Portfolio (the "Portfolio") (one of the series constituting State Street Master Funds (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting State Street Master Funds) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and in accordance with the relevant ethical requirements relating to our audit.

We conducted our audits in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g105530img4e1965452.jpg)

We have served as the auditor of one or more State Street Investment Management (formerly, State Street Global Advisors) investment companies since 2000.

Boston, Massachusetts

February 26, 2026

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[**Table of Contents**](#JOB_AR_SA_cf0257e9-ff2b-4ed1-b5bb-5e4293cf7f9e_TOC-LETTERSIZE-FEEDER)

## Annual Financial Statements and Other Information
December 31, 2025

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

![](g105530img685ea0a21.jpg)

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[**Table of Contents**](#JOB_AR_SA_cf0257e9-ff2b-4ed1-b5bb-5e4293cf7f9e_TOC-LETTERSIZE-FEEDER)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Schedule of Investments (N-CSR Item 6)](#xx_a945a27a-758c-45a8-a834-c86e323ab505_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **[Statement of Assets and Liabilities (N-CSR Item 7)](#xx_c70f3a21-ebe9-44fa-a117-808e52a5859b_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| **[Statement of Operations (N-CSR Item 7)](#xx_59179048-70de-4fc1-b939-f8f6a84080d5_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| **[Statements of Changes in Net Assets (N-CSR Item 7)](#xx_99990382-e7fe-4c4c-98e4-aa86734f461b_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| **[Financial Highlights (N-CSR Item 7)](#xx_73434b56-bd38-47c7-831d-77ab9fc888c9_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| **[Notes to Financial Statements (N-CSR Item 7)](#xx_e4e8562e-5914-452f-b52b-674e5d0e6ece_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| **[Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_5218f16e-4e7e-4b4b-a609-05a8f2218cae_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;11 |

---

#### 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**

#### Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11) - Not Applicable

------

[**Table of Contents**](#JOB_AR_SA_cf0257e9-ff2b-4ed1-b5bb-5e4293cf7f9e_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS

#### December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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—107.3%** |  |  |  |  |  |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.471% | &nbsp;&nbsp;06/18/2026 | &nbsp;&nbsp;06/18/2026 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;$98385266 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.496% | &nbsp;&nbsp;06/25/2026 | &nbsp;&nbsp;06/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147468776 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;3.500% | &nbsp;&nbsp;07/02/2026 | &nbsp;&nbsp;07/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143021342 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.540% | &nbsp;&nbsp;04/07/2026 | &nbsp;&nbsp;04/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84205958 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;3.540% | &nbsp;&nbsp;05/05/2026 | &nbsp;&nbsp;05/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134645022 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.555% | &nbsp;&nbsp;04/21/2026 | &nbsp;&nbsp;04/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296785122 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.556% | &nbsp;&nbsp;04/28/2026 | &nbsp;&nbsp;04/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98854316 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;3.575% | &nbsp;&nbsp;02/12/2026 | &nbsp;&nbsp;02/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393391747 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;3.580% | &nbsp;&nbsp;03/03/2026 | &nbsp;&nbsp;03/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288386578 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.585% | &nbsp;&nbsp;06/11/2026 | &nbsp;&nbsp;06/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118266228 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.640% | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312081 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.650% | &nbsp;&nbsp;06/04/2026 | &nbsp;&nbsp;06/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125940523 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.660% | &nbsp;&nbsp;04/23/2026 | &nbsp;&nbsp;04/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59846882 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.660% | &nbsp;&nbsp;05/28/2026 | &nbsp;&nbsp;05/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123181209 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.678% | &nbsp;&nbsp;05/14/2026 | &nbsp;&nbsp;05/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125453137 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.683% | &nbsp;&nbsp;04/16/2026 | &nbsp;&nbsp;04/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64041017 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.695% | &nbsp;&nbsp;04/09/2026 | &nbsp;&nbsp;04/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123834820 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.705% | &nbsp;&nbsp;03/26/2026 | &nbsp;&nbsp;03/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185480510 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.710% | &nbsp;&nbsp;05/21/2026 | &nbsp;&nbsp;05/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90810705 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.715% | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403766353 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;3.720% | &nbsp;&nbsp;04/02/2026 | &nbsp;&nbsp;04/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74105084 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.730% | &nbsp;&nbsp;03/12/2026 | &nbsp;&nbsp;03/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413968000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411067901 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.735% | &nbsp;&nbsp;02/24/2026 | &nbsp;&nbsp;02/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397817550 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.735% | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106785225 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.740% | &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64996190 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.750% | &nbsp;&nbsp;03/24/2026 | &nbsp;&nbsp;03/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88407713 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.755% | &nbsp;&nbsp;03/17/2026 | &nbsp;&nbsp;03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135585882 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.775% | &nbsp;&nbsp;02/10/2026 | &nbsp;&nbsp;02/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478699203 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.775% | &nbsp;&nbsp;03/10/2026 | &nbsp;&nbsp;03/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134251173 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;3.785% | &nbsp;&nbsp;02/03/2026 | &nbsp;&nbsp;02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553187348 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.795% | &nbsp;&nbsp;02/17/2026 | &nbsp;&nbsp;02/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481418642 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.813% | &nbsp;&nbsp;02/05/2026 | &nbsp;&nbsp;02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323849785 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.815% | &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687652000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686386835 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/27/2026 | &nbsp;&nbsp;01/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358676537 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.843% | &nbsp;&nbsp;01/06/2026 | &nbsp;&nbsp;01/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709880578 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.848% | &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835191908 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481444504 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.858% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780089000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780089000 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.880% | &nbsp;&nbsp;03/05/2026 | &nbsp;&nbsp;03/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206109473 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;3.945% | &nbsp;&nbsp;02/19/2026 | &nbsp;&nbsp;02/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368596119 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.118% | &nbsp;&nbsp;01/22/2026 | &nbsp;&nbsp;01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135424000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133084874 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.120% | &nbsp;&nbsp;01/29/2026 | &nbsp;&nbsp;01/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329810260 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.125% | &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737469083 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.10% (c)<br>| &nbsp;&nbsp;3.700% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;01/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257818504 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.15% (c)<br>| &nbsp;&nbsp;3.752% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346808700 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.16% (c)<br>| &nbsp;&nbsp;3.761% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;07/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220941175 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.16% (c)<br>| &nbsp;&nbsp;3.762% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112930233 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.18% (c)<br>| &nbsp;&nbsp;3.784% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619207265 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.19% (c)<br>| &nbsp;&nbsp;3.792% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34100000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_cf0257e9-ff2b-4ed1-b5bb-5e4293cf7f9e_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 + 0.21% (c)<br>| &nbsp;&nbsp;3.807% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;$270640000 | &nbsp;&nbsp;$270707941 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.25% (c)<br>| &nbsp;&nbsp;3.847% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;01/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312904810 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.004% | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15789979 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.554% | &nbsp;&nbsp;09/30/2026 | &nbsp;&nbsp;09/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23827584 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.578% | &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14121567 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.624% | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24889157 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.634% | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53514270 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.653% | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56576000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56777618 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.654% | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25220594 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.659% | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44966356 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.671% | &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16539000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16228211 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.673% | &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23520561 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.694% | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39484000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38946292 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.723% | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48683243 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.723% | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50631000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50817464 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.748% | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35326000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34582505 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.753% | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103502 |
| 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;&nbsp;94499000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94745279 |
| 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;147093000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145544049 |
| 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;&nbsp;73000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73089182 |
| 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;119674000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118723177 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.137% | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60178000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60334505 |
| 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;&nbsp;33670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33602547 |
| 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;18158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18008929 |
| 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;&nbsp;33180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33198403 |
| 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;&nbsp;6730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691394 |
| **TOTAL INVESTMENTS –107.3% (d)(e)<br>**  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**17221333455** |
| **Liabilities in Excess of Other Assets —(7.3)% <br>**  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1174468214)** |
| **NET ASSETS –100.0% <br>**  |  |  |  |  | &nbsp;&nbsp;**$16046865241** |

---

(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 December 31, 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_AR_SA_cf0257e9-ff2b-4ed1-b5bb-5e4293cf7f9e_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

------

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value and amortized cost.<br>| &nbsp;&nbsp;&nbsp;&nbsp;$17221333455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20027344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;17242101282 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193788516 |
| &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;706783 |
| &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;670547 |
| &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;&nbsp;&nbsp;1488 |
| &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;49704 |
| &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;&nbsp;8858 |
| &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;10145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1195236041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $16046865241 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_cf0257e9-ff2b-4ed1-b5bb-5e4293cf7f9e_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

------

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$583525393 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and administrator fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6846496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian, sub-administrator and transfer agent fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7879705 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $575645688 |
| **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;147567 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $575793255 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_cf0257e9-ff2b-4ed1-b5bb-5e4293cf7f9e_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> 12/31/25** | **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;$575645688 | $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;147567 | &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;575793255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673280387 |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38033558994 | &nbsp;&nbsp;&nbsp;&nbsp;36057022712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36686214622) | &nbsp;&nbsp;&nbsp;(36832811231) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347344372 | &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;&nbsp;&nbsp;1923137627 | &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>**  | $16046865241 | $14123727614 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_cf0257e9-ff2b-4ed1-b5bb-5e4293cf7f9e_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;**Year<br> Ended<br> 12/31/25** | &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** |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27% | &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) |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$16046865 | &nbsp;&nbsp;$14123728 | &nbsp;&nbsp;$14226236 | &nbsp;&nbsp;$12678909 | &nbsp;&nbsp;$14060872 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &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;0.07% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% | &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) |

---

(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%.

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_cf0257e9-ff2b-4ed1-b5bb-5e4293cf7f9e_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025

------

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 December 31, 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.

------

[**Table of Contents**](#JOB_AR_SA_cf0257e9-ff2b-4ed1-b5bb-5e4293cf7f9e_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2025

------

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 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 year ended December 31, 2025.

------

[**Table of Contents**](#JOB_AR_SA_cf0257e9-ff2b-4ed1-b5bb-5e4293cf7f9e_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 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.

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. 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 December 31, 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.

------

[**Table of Contents**](#JOB_AR_SA_cf0257e9-ff2b-4ed1-b5bb-5e4293cf7f9e_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2025

------

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.

------

[**Table of Contents**](#JOB_AR_SA_cf0257e9-ff2b-4ed1-b5bb-5e4293cf7f9e_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY MONEY MARKET PORTFOLIO

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

To the Owners of a Beneficial Interest in State Street Treasury Money Market Portfolio and the Board of Trustees of State Street Master Funds

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of State Street Treasury Money Market Portfolio (the "Portfolio") (one of the series constituting State Street Master Funds (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting State Street Master Funds) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and in accordance with the relevant ethical requirements relating to our audit.

We conducted our audits in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g105530img7b3dd2ca2.jpg)

We have served as the auditor of one or more State Street Investment Management (formerly, State Street Global Advisors) investment companies since 2000.

Boston, Massachusetts

February 26, 2026

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[**Table of Contents**](#JOB_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

## Annual Financial Statements and Other Information
December 31, 2025

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

![](g105530imgf24ed9f41.jpg)

------

[**Table of Contents**](#JOB_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Schedule of Investments (N-CSR Item 6)](#xx_ada652f9-a140-4846-9709-2de3ace4d695_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **[Statement of Assets and Liabilities (N-CSR Item 7)](#xx_72ac6e03-2154-486c-8cfe-679556a31ab3_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| **[Statement of Operations (N-CSR Item 7)](#xx_31a7c24e-31ca-49be-b5c2-f1db934c497c_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| **[Statements of Changes in Net Assets (N-CSR Item 7)](#xx_830112fd-2325-49b5-9113-9519b30806b4_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| **[Financial Highlights (N-CSR Item 7)](#xx_e7b6cfc7-00d3-4b3f-9dd8-d998ac015bfe_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| **[Notes to Financial Statements (N-CSR Item 7)](#xx_c78304c0-829e-4f8f-81a7-2be87929b721_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| **[Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_8ddb95ad-510e-4b96-a787-0847a609a2b8_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;15 |
| **[Other Information (Unaudited) (N-CSR Item 7)](#xx_87596750-422c-4e0a-8c7e-56eb7f1f2c46_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;16 |

---

#### 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**

#### Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11) - Not Applicable

------

[**Table of Contents**](#JOB_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS

#### December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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—56.0%** |  |  |  |  |  |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.471% | &nbsp;&nbsp;06/18/2026 | &nbsp;&nbsp;06/18/2026 | &nbsp;&nbsp;$1000500000 | &nbsp;&nbsp;$984344587 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.496% | &nbsp;&nbsp;06/25/2026 | &nbsp;&nbsp;06/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639031370 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;3.500% | &nbsp;&nbsp;07/02/2026 | &nbsp;&nbsp;07/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594936557 |
| U.S. Treasury Bills (b)<br>| &nbsp;&nbsp;3.540% | &nbsp;&nbsp;05/05/2026 | &nbsp;&nbsp;05/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460593896 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.555% | &nbsp;&nbsp;04/21/2026 | &nbsp;&nbsp;04/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741954138 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.556% | &nbsp;&nbsp;04/28/2026 | &nbsp;&nbsp;04/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642553056 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.585% | &nbsp;&nbsp;06/11/2026 | &nbsp;&nbsp;06/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618304658 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.640% | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9139637 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.650% | &nbsp;&nbsp;06/04/2026 | &nbsp;&nbsp;06/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654926164 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.660% | &nbsp;&nbsp;04/23/2026 | &nbsp;&nbsp;04/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497985773 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.660% | &nbsp;&nbsp;05/28/2026 | &nbsp;&nbsp;05/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512447226 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.678% | &nbsp;&nbsp;05/14/2026 | &nbsp;&nbsp;05/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574063768 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.683% | &nbsp;&nbsp;04/16/2026 | &nbsp;&nbsp;04/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532827594 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.695% | &nbsp;&nbsp;04/09/2026 | &nbsp;&nbsp;04/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515169882 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.705% | &nbsp;&nbsp;03/26/2026 | &nbsp;&nbsp;03/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766589204 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.710% | &nbsp;&nbsp;05/21/2026 | &nbsp;&nbsp;05/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377801313 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.715% | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142614099 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;3.720% | &nbsp;&nbsp;04/02/2026 | &nbsp;&nbsp;04/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770633429 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.730% | &nbsp;&nbsp;03/12/2026 | &nbsp;&nbsp;03/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682308000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677424924 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.735% | &nbsp;&nbsp;02/24/2026 | &nbsp;&nbsp;02/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251121228 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.735% | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399238217 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.740% | &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270365062 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.750% | &nbsp;&nbsp;03/24/2026 | &nbsp;&nbsp;03/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340363744 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.755% | &nbsp;&nbsp;03/17/2026 | &nbsp;&nbsp;03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515988428 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.775% | &nbsp;&nbsp;02/10/2026 | &nbsp;&nbsp;02/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431825476 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.775% | &nbsp;&nbsp;03/10/2026 | &nbsp;&nbsp;03/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498268463 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;3.785% | &nbsp;&nbsp;02/03/2026 | &nbsp;&nbsp;02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509607818 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.795% | &nbsp;&nbsp;02/17/2026 | &nbsp;&nbsp;02/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501869022 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.805% | &nbsp;&nbsp;01/27/2026 | &nbsp;&nbsp;01/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504324449 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.815% | &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499665350 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054016851 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.880% | &nbsp;&nbsp;03/05/2026 | &nbsp;&nbsp;03/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450489479 |
| U.S. Treasury Bills (a)(b)<br>| &nbsp;&nbsp;3.945% | &nbsp;&nbsp;02/19/2026 | &nbsp;&nbsp;02/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384362138 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;3.957% | &nbsp;&nbsp;01/06/2026 | &nbsp;&nbsp;01/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210237230 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.095% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612240000 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.118% | &nbsp;&nbsp;01/22/2026 | &nbsp;&nbsp;01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017175805 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.120% | &nbsp;&nbsp;01/29/2026 | &nbsp;&nbsp;01/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553092996 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.125% | &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276099105 |
| U.S. Treasury Bills (a)<br>| &nbsp;&nbsp;4.150% | &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560223716 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.10% (c)<br>| &nbsp;&nbsp;3.700% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;01/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975844000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975806826 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.15% (c)<br>| &nbsp;&nbsp;3.752% | &nbsp;&nbsp;01/01/2026 | &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;888036306 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.16% (c)<br>| &nbsp;&nbsp;3.761% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;07/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492784227 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.16% (c)<br>| &nbsp;&nbsp;3.762% | &nbsp;&nbsp;01/01/2026 | &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;494501067 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.18% (c)<br>| &nbsp;&nbsp;3.784% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609721821 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.19% (c)<br>| &nbsp;&nbsp;3.792% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136500000 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.21% (c)<br>| &nbsp;&nbsp;3.807% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811368062 |
| U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.25% (c)<br>| &nbsp;&nbsp;3.847% | &nbsp;&nbsp;01/01/2026 | &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;230701045 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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;3.004% | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;$60440000 | &nbsp;&nbsp;$59349897 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.554% | &nbsp;&nbsp;09/30/2026 | &nbsp;&nbsp;09/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117488796 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.564% | &nbsp;&nbsp;09/30/2026 | &nbsp;&nbsp;09/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90844179 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.578% | &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55216232 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.624% | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98329944 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.634% | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;12/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248722849 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.653% | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267912000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268853042 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.654% | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151975576 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.659% | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;11/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207841198 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.671% | &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92380337 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.673% | &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93892025 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.694% | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163222000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160999036 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.723% | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249721983 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.723% | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205386000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206143195 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.748% | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134514000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131682705 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;3.753% | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21999563 |
| 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;455633000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456799573 |
| 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;825608000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816860832 |
| 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;366960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367383063 |
| 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;577845490 |
| U.S. Treasury Notes<br>| &nbsp;&nbsp;4.137% | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119194000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119581486 |
| 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;145128673 |
| 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;80068000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79411799 |
| 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;178518987 |
| 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;55638993 |
| TOTAL TREASURY DEBT<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;39245944659 |
| **TREASURY REPURCHASE AGREEMENTS—37.6%** |  |  |  |  |  |
| Agreement with Australia and New Zealand Banking Group, dated 12/31/2025 (collateralized by U.S. Treasury Notes, 2.375% – 4.625% due 04/30/2028 – 02/15/2055, valued at $869,815,136); expected proceeds $850,180,389<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000000 |
| Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Strips, 0.000% due 05/15/2026 - 08/15/2047, valued at $2,040,000); expected proceeds $2,000,424<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| Agreement with Bank of Montreal and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 1.500% - 3.875% due 01/31/2027 - 05/31/2027, valued at $178,500,003); expected proceeds $175,037,333<br>| &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000000 |
| Agreement with Bank of Nova Scotia and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Bonds, 1.250% - 5.250% due 02/15/2029 - 11/15/2055, U.S. Treasury Notes, 1.250% - 4.875% due 02/28/2026 - 11/15/2034, U.S. Treasury Inflation Index Bonds, 0.125% - 2.375% due 02/15/2041 - 02/15/2055 and a U.S. Treasury Inflation Index Note, 1.125% due 01/15/2033, valued at $204,000,023); expected proceeds $200,042,333<br>| &nbsp;&nbsp;3.810% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Bank of Nova Scotia and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Bonds, 2.750% - 4.250% due 11/15/2040 - 11/15/2047, U.S. Treasury Inflation Index Bonds, 0.750% - 2.125% due 02/15/2042 - 02/15/2054, U.S. Treasury Notes, 0.500% - 4.875% due 04/30/2026 - 07/31/2031 and U.S. Treasury Inflation Index Notes, 0.125% due 07/15/2026 - 10/15/2026, valued at $168,300,034); expected proceeds $165,034,925<br>| &nbsp;&nbsp;3.810% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;$165000000 | &nbsp;&nbsp;$165000000 |
| Agreement with Barclays Capital, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Inflation Index Bonds, 2.375% - 3.625% due 04/15/2028 - 02/15/2055, U.S. Treasury Bonds, 2.250% - 4.500% due 08/15/2039 - 05/15/2041, U.S. Treasury Notes, 3.750% - 4.375% due 01/15/2026 - 05/15/2034 and U.S. Treasury Inflation Index Notes, 0.125% - 1.625% due 04/15/2026 - 10/15/2027, valued at $535,500,004); expected proceeds $525,111,417<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000000 |
| Agreement with BNP Paribas and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Strips, 0.000% due 02/15/2027 - 08/15/2051, U.S. Treasury Bills, 0.000% due 04/21/2026, a U.S. Treasury Inflation Index Bond, 3.625% due 04/15/2028, U.S. Treasury Inflation Index Notes, 0.125% - 0.875% due 10/15/2026 - 01/15/2029 and U.S. Treasury Notes, 1.375% - 4.500% due 07/15/2026 - 02/28/2030, valued at $163,200,002); expected proceeds $160,033,956<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 09/12/2025 (collateralized by U.S. Treasury Notes, 3.125% - 3.625% due 08/31/2027 - 11/15/2028, valued at $102,000,026); expected proceeds $101,322,222 (d)<br>| &nbsp;&nbsp;4.000% | &nbsp;&nbsp;01/09/2026 | &nbsp;&nbsp;01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 2.750% - 4.125% due 09/30/2027 - 08/15/2032, valued at $193,800,099); expected proceeds $190,040,322<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &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 09/03/2025 (collateralized by U.S. Treasury Notes, 0.500% - 3.875% due 08/15/2027 - 02/15/2033, U.S. Treasury Bonds, 2.250% - 6.625% due 02/15/2027 - 02/15/2052 and U.S. Treasury Bills, 0.000% due 04/07/2026, valued at $510,000,055); expected proceeds $506,974,306<br>| &nbsp;&nbsp;4.150% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &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 11/17/2025 (collateralized by U.S. Treasury Notes, 1.125% - 3.750% due 04/30/2027 - 02/15/2031, U.S. Treasury Bonds, 2.750% - 2.875% due 08/15/2042 - 05/15/2049 and U.S. Treasury Bills, 0.000% due 03/05/2026 - 04/02/2026, valued at $229,500,075); expected proceeds $227,893,188 (d)<br>| &nbsp;&nbsp;3.890% | &nbsp;&nbsp;03/16/2026 | &nbsp;&nbsp;03/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by a U.S. Treasury Inflation Index Note, 0.500% due 01/15/2028, valued at $382,500,054); expected proceeds $375,079,583<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 12/31/2025 (collateralized by U.S. Treasury Bills, 0.000% due 04/07/2026, U.S. Treasury Notes, 2.750% - 4.625% due 07/31/2027 - 05/15/2035 and U.S. Treasury Bonds, 1.125% - 4.625% due 05/15/2040 - 02/15/2055, valued at $861,900,006); expected proceeds $845,179,328<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;$845000000 | &nbsp;&nbsp;$845000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 0.375% - 4.250% due 06/30/2026 - 11/15/2034, U.S. Treasury Bills, 0.000% due 02/19/2026 - 11/27/2026 and U.S. Treasury Bonds, 2.000% - 6.375% due 08/15/2027 - 11/15/2053, valued at $5,100,000,056); expected proceeds $5,001,063,889<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 0.500% - 4.875% due 05/31/2026 - 12/31/2032, a U.S. Treasury Bond, 6.375% due 08/15/2027 and U.S. Treasury Bills, 0.000% due 01/29/2026 - 10/29/2026, valued at $2,907,000,084); expected proceeds $2,850,609,583<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 1.250% - 4.250% due 11/30/2026 - 08/31/2031, U.S. Treasury Bills, 0.000% due 05/28/2026 - 11/27/2026 and U.S. Treasury Bonds, 3.625% - 3.875% due 05/15/2043 - 08/15/2043, valued at $1,020,000,006); expected proceeds $1,000,212,778<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 2.375% - 4.000% due 04/30/2026 - 05/31/2030, valued at $2,805,000,065); expected proceeds $2,750,583,611<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000000 |
| Agreement with Fixed Income Clearing Corp. and Northern Trust (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 4.130% – 4.250% due 02/28/2031 – 03/01/2032, valued at $244,800,000); expected proceeds $240,050,933<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000000 |
| Agreement with Fixed Income Clearing Corp., dated 12/31/2025 (collateralized by a U.S. Treasury Bill, 0.000% due 12/24/2026 and U.S. Treasury Notes, 2.375% – 4.500% due 10/31/2027 – 05/15/2051, valued at $2,046,663,757); expected proceeds $2,000,427,778<br>| &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &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 12/31/2025 (collateralized by U.S. Treasury Inflation Index Notes, 0.125% - 2.125% due 07/15/2026 - 01/15/2035 and U.S. Treasury Notes, 1.875% - 2.500% due 02/28/2027 - 03/31/2027, valued at $1,020,000,079); expected proceeds $1,000,212,778<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/12/2025 (collateralized by U.S. Treasury Bonds, 2.750% - 2.875% due 08/15/2042 - 05/15/2043, valued at $122,400,071); expected proceeds $120,384,400<br>| &nbsp;&nbsp;3.720% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;01/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000000 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Bonds, 1.875% - 4.875% due 02/15/2041 - 05/15/2051, valued at $4,488,000,017); expected proceeds $4,400,933,778<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;$4400000000 | &nbsp;&nbsp;$4400000000 |
| Agreement with Mitsubishi UFJ Securities, Inc., dated 12/31/2025 (collateralized by U.S. Treasury Notes, 2.375% – 4.625%, due 02/15/2034 – 11/15/2054, valued at $122,966,825); expected proceeds $120,025,467<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000000 |
| Agreement with National Australia Bank, Ltd., dated 12/31/2025 (collateralized by a U.S. Treasury Note, 2.250% due 08/15/2027, valued at $178,434,663); expected proceeds $175,037,236<br>| &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000000 |
| Agreement with Prudential Insurance Co., dated 12/31/2025 (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 $174,217,701); expected proceeds $170,617,339<br>| &nbsp;&nbsp;3.860% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170580759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170580759 |
| Agreement with Prudential Insurance Co., dated 12/31/2025 (collateralized by U.S. Treasury Notes, 3.000% – 3.625% due 08/31/2030 – 08/15/2048 and U.S. Treasury Strips, 0.000% due 08/15/2039 – 11/15/2052, valued at $308,383,198); expected proceeds $300,838,249<br>| &nbsp;&nbsp;3.860% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300773750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300773750 |
| Agreement with Royal Bank of Canada and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Inflation Index Notes, 0.375% - 2.125% due 07/15/2027 - 04/15/2030, valued at $244,800,017); expected proceeds $240,050,933<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000000 |
| Agreement with Royal Bank of Canada and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 0.625% - 4.500% due 02/15/2027 - 02/15/2034, valued at $765,000,034); expected proceeds $750,157,500<br>| &nbsp;&nbsp;3.780% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000000 |
| Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by a U.S. Treasury Note, 1.250% due 06/30/2028, valued at $219,300,014); expected proceeds $215,045,628<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000000 |
| Agreement with Standard Chartered Bank and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Inflation Index Notes, 0.375% - 0.875% due 01/15/2027 - 01/15/2029, valued at $55,315,643); expected proceeds $54,242,509<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54231000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54231000 |
| Agreement with Toronto Dominion Bank and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 0.625% - 1.375% due 12/31/2027 - 12/31/2028, valued at $561,000,033); expected proceeds $550,116,722<br>| &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &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_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 12/31/2025 (collateralized by U.S. Treasury Notes, 0.375% - 4.625% due 01/31/2026 - 08/15/2035, U.S. Treasury Inflation Index Notes, 0.125% - 1.875% due 01/15/2026 - 07/15/2034, U.S. Treasury Strips, 0.000% due 11/15/2026 - 08/15/2034, U.S. Treasury Bills, 0.000% due 01/02/2026 - 09/03/2026, U.S. Treasury Inflation Index Bonds, 1.000% - 3.625% due 04/15/2028 - 02/15/2054 and U.S. Treasury Bonds, 1.250% - 4.875% due 11/15/2040 - 11/15/2055, valued at $127,500,062); expected proceeds $125,026,667<br>| &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;$125000000 | &nbsp;&nbsp;$125000000 |
| TOTAL TREASURY REPURCHASE AGREEMENTS<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26372585509 |
| **TOTAL INVESTMENTS <sup>(e)(f)</sup>–93.6% <br>**  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**65618530168** |
| **Other Assets in Excess of Liabilities —6.4% <br>**  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4498086774** |
| **NET ASSETS –100.0% <br>**  |  |  |  |  | &nbsp;&nbsp;**$70116616942** |

---

(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 December 31, 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 $325,000,000 or 0.5% of net assets as of December 31, 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_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

------

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value and amortized cost.<br>| &nbsp;&nbsp;&nbsp;&nbsp;$39245944659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements, at value and amortized cost<br>| &nbsp;&nbsp;&nbsp;26372585509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;65618530168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5474097013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84152828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;71177896491 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055530453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and administrator fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983517 |
| &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;2588768 |
| &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;&nbsp;&nbsp;4326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109014 |
| &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;33431 |
| &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;30040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1061279549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $70116616942 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

------

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2494093435 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory and administrator fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29229640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian, sub-administrator and transfer agent fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3504712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369573 |
| &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;54970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2428 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33408717 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $2460684718 |
| **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;28737 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $2460713455 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> 12/31/25** | **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;$2460684718 | $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;28737 | &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;2460713455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558693956 |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280167322096 | &nbsp;&nbsp;&nbsp;&nbsp;217367694672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269026827566) | &nbsp;&nbsp;&nbsp;(209524911840) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11140494530 | &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;13601207985 | &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>**  | $70116616942 | $56515408957 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_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;**Year<br> Ended<br> 12/31/25** | &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** |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% | &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% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$70116617 | &nbsp;&nbsp;$56515409 | &nbsp;&nbsp;$46113932 | &nbsp;&nbsp;$43687095 | &nbsp;&nbsp;$27061311 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &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;4.21% | &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% |

---

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

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025

------

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 December 31, 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_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2025

------

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 December 31, 2025, the Portfolio had invested in repurchase agreements with the gross values of $26,372,585,509 and associated collateral equal to $26,911,837,839.

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_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2025

------

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 Portfolio 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 year ended December 31, 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 is 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 December 31, 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_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2025

------

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_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET TREASURY PLUS MONEY MARKET PORTFOLIO

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

To the Owners of a Beneficial Interest in State Street Treasury Plus Money Market Portfolio and the Board of Trustees of State Street Master Funds

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of State Street Treasury Plus Money Market Portfolio (the "Portfolio") (one of the series constituting State Street Master Funds (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting State Street Master Funds) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and in accordance with the relevant ethical requirements relating to our audit.

We conducted our audits in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g105530imgf33c0b142.jpg)

We have served as the auditor of one or more State Street Investment Management (formerly, State Street Global Advisors) investment companies since 2000.

Boston, Massachusetts

February 26, 2026

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[**Table of Contents**](#JOB_AR_SA_e5092cbb-905f-4738-87f6-fa3ca789b089_TOC-LETTERSIZE-FEEDER)

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

## Annual Financial Statements and Other Information
December 31, 2025

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

![](g105530imgdc582a211.jpg)

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Schedule of Investments (N-CSR Item 6)](#xx_aed79de2-cb60-4cb9-978c-bf2b1623e345_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **[Statement of Assets and Liabilities (N-CSR Item 7)](#xx_b25fbd05-ddf3-43ac-8b04-6ec2c10c3b5a_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| **[Statement of Operations (N-CSR Item 7)](#xx_0ef73114-b306-48ce-aa43-beeddfddfae7_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| **[Statements of Changes in Net Assets (N-CSR Item 7)](#xx_1baba281-2dd7-44a4-9d2f-7960981a9602_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;12 |
| **[Financial Highlights (N-CSR Item 7)](#xx_90cb9b52-fcbc-48b0-add9-89e61a1313e2_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;13 |
| **[Notes to Financial Statements (N-CSR Item 7)](#xx_418b629c-df56-43f0-b930-b5af50c0f28f_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;14 |
| **[Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_fb71f07c-ec8a-42fa-872b-95b53fd61d2f_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**

#### Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11) - Not Applicable

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.6%** |  |  |
| **AUSTRALIA — 6.8%** | **AUSTRALIA — 6.8%** | **AUSTRALIA — 6.8%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;585299 | &nbsp;&nbsp;$14183740 |
| APA Group Stapled Security | &nbsp;&nbsp;&nbsp;269237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610480 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp;&nbsp;108240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199422 |
| ASX Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;37414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283403 |
| BHP Group Ltd. | &nbsp;&nbsp;&nbsp;999372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30315948 |
| Brambles Ltd. | &nbsp;&nbsp;&nbsp;262853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024509 |
| CAR Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;73824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514300 |
| Cochlear Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236208 |
| Coles Group Ltd. | &nbsp;&nbsp;&nbsp;262962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3759636 |
| Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;329409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35271823 |
| Computershare Ltd. | &nbsp;&nbsp;&nbsp;105745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2407417 |
| CSL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;96240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080267 |
| Evolution Mining Ltd. | &nbsp;&nbsp;&nbsp;401114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391682 |
| Fortescue Ltd. | &nbsp;&nbsp;&nbsp;338701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971238 |
| Glencore PLC (a) | 1989759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10880598 |
| Goodman Group REIT | &nbsp;&nbsp;&nbsp;399612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8255587 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp;&nbsp;447372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380673 |
| Lottery Corp. Ltd. | &nbsp;&nbsp;&nbsp;441553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519360 |
| Lynas Rare Earths Ltd. (a) | &nbsp;&nbsp;&nbsp;186680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548625 |
| Macquarie Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;70848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600179 |
| Medibank Pvt Ltd. | &nbsp;&nbsp;&nbsp;512135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635867 |
| National Australia Bank Ltd. | &nbsp;&nbsp;&nbsp;601464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16969956 |
| Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;268068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4778284 |
| Origin Energy Ltd. | &nbsp;&nbsp;&nbsp;327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505508 |
| Pro Medicus Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602778 |
| Qantas Airways Ltd. | &nbsp;&nbsp;&nbsp;135208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935896 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;301516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999201 |
| REA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304506 |
| Rio Tinto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;72421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7090515 |
| Rio Tinto PLC | &nbsp;&nbsp;&nbsp;223846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18046974 |
| Santos Ltd. | &nbsp;&nbsp;&nbsp;648969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670159 |
| Scentre Group REIT | 1037928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2906997 |
| SGH Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292780 |
| Sigma Healthcare Ltd. | 1067587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093045 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;99169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495218 |
| South32 Ltd. | &nbsp;&nbsp;&nbsp;842585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000284 |
| Stockland REIT | &nbsp;&nbsp;&nbsp;497055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899272 |
| Suncorp Group Ltd. | &nbsp;&nbsp;&nbsp;213928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517911 |
| Telstra Group Ltd. | &nbsp;&nbsp;&nbsp;767976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494047 |
| Transurban Group Stapled Security | &nbsp;&nbsp;&nbsp;606072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5743100 |
| Vicinity Ltd. REIT | &nbsp;&nbsp;&nbsp;716737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223567 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;71957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782145 |
| Wesfarmers Ltd. | &nbsp;&nbsp;&nbsp;222404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12026464 |
| Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;671721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17290370 |
| WiseTech Global Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;39621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808799 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp;&nbsp;380517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5985908 |
| Woolworths Group Ltd. | &nbsp;&nbsp;&nbsp;236901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4641376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283176022 |
| **AUSTRIA — 0.3%** | **AUSTRIA — 0.3%** | **AUSTRIA — 0.3%** |
| Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;60566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7319459 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| OMV AG | &nbsp;&nbsp;27411 | &nbsp;&nbsp;$1529805 |
| Raiffeisen Bank International AG | &nbsp;&nbsp;28055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261955 |
| Verbund AG (b) | &nbsp;&nbsp;14316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11153652 |
| **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;2059347 |
| Anheuser-Busch InBev SA (b) | 195455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12602417 |
| D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;4423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799448 |
| Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;7632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983286 |
| Financiere de Tubize SA (b) | &nbsp;&nbsp;&nbsp;&nbsp;4292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053515 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp;16335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457074 |
| KBC Group NV | &nbsp;&nbsp;46052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6017045 |
| Lotus Bakeries NV (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802091 |
| Sofina SA (b) | &nbsp;&nbsp;&nbsp;&nbsp;3524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022275 |
| Syensqo SA (b) | &nbsp;&nbsp;13139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057957 |
| UCB SA | &nbsp;&nbsp;25196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7060521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34914976 |
| **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;1395234 |
| **CHILE — 0.1%** | **CHILE — 0.1%** | **CHILE — 0.1%** |
| Antofagasta PLC  | &nbsp;&nbsp;75944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3349448 |
| **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;3646483 |
| Prosus NV | 256826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15941116 |
| SITC International Holdings Co. Ltd. | 263000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941373 |
| Wharf Holdings Ltd. (b) | 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642410 |
| Wilmar International Ltd. | 385400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923042 |
| Yangzijiang Shipbuilding Holdings Ltd. | 505900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23463423 |
| **DENMARK — 1.8%** | **DENMARK — 1.8%** | **DENMARK — 1.8%** |
| Carlsberg AS Class B (b) | &nbsp;&nbsp;18972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491574 |
| Coloplast AS Class B (b) | &nbsp;&nbsp;24151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074990 |
| Danske Bank AS | 133330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6679498 |
| Demant AS (a)(b) | &nbsp;&nbsp;16592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561450 |
| DSV AS | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10157872 |
| Genmab AS (a)(b) | &nbsp;&nbsp;11956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810745 |
| Novo Nordisk AS Class B (b) | 633845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32416832 |
| Novonesis Novozymes B Class B (b) | &nbsp;&nbsp;69904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4482491 |
| Orsted AS (a)(b)(c) | 102956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980733 |
| Pandora AS | &nbsp;&nbsp;15832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761545 |
| Rockwool AS Class B | &nbsp;&nbsp;20370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721963 |
| Tryg AS | &nbsp;&nbsp;69763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826458 |
| Vestas Wind Systems AS | 199899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74416570 |
| **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;1270186 |
| Fortum OYJ | &nbsp;&nbsp;91577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955307 |
| Kesko OYJ Class B | &nbsp;&nbsp;58594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324703 |
| Kone OYJ Class B | &nbsp;&nbsp;68254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4854547 |
| Metso OYJ | 135655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386615 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Neste OYJ | &nbsp;&nbsp;&nbsp;&nbsp;80830 | &nbsp;&nbsp;$1842607 |
| Nokia OYJ | 1060404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6939324 |
| Nordea Bank Abp (b)(d) | &nbsp;&nbsp;&nbsp;491431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9272836 |
| Nordea Bank Abp (d) | &nbsp;&nbsp;&nbsp;116957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209439 |
| Orion OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;20272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515409 |
| Sampo OYJ Class A | &nbsp;&nbsp;&nbsp;485491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5890013 |
| Stora Enso OYJ Class R (b) | &nbsp;&nbsp;&nbsp;114074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434195 |
| UPM-Kymmene OYJ | &nbsp;&nbsp;&nbsp;102248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976913 |
| Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;97527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3482035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47354129 |
| **FRANCE — 8.9%** | **FRANCE — 8.9%** | **FRANCE — 8.9%** |
| Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;37039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097593 |
| Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890847 |
| Air Liquide SA | &nbsp;&nbsp;&nbsp;114821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21611315 |
| Airbus SE | &nbsp;&nbsp;&nbsp;116881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27234557 |
| Alstom SA (a) | &nbsp;&nbsp;&nbsp;&nbsp;68089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012773 |
| Amundi SA (c) | &nbsp;&nbsp;&nbsp;&nbsp;10973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909840 |
| AXA SA | &nbsp;&nbsp;&nbsp;340549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16382278 |
| BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061078 |
| BNP Paribas SA | &nbsp;&nbsp;&nbsp;197443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18734154 |
| Bollore SE | &nbsp;&nbsp;&nbsp;142165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800434 |
| Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;37071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930913 |
| Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;64677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064591 |
| Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;29940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001944 |
| Carrefour SA | &nbsp;&nbsp;&nbsp;112192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875001 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;87816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8968667 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;129819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316312 |
| Covivio SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;11567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769583 |
| Credit Agricole SA | &nbsp;&nbsp;&nbsp;209316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314339 |
| Danone SA | &nbsp;&nbsp;&nbsp;128245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11564405 |
| Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158276 |
| Dassault Systemes SE | &nbsp;&nbsp;&nbsp;134018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3752357 |
| Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;49738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104624 |
| Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;13277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908605 |
| Engie SA | &nbsp;&nbsp;&nbsp;360754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9494842 |
| EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;59753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18940757 |
| FDJ UNITED | &nbsp;&nbsp;&nbsp;&nbsp;20442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567072 |
| Gecina SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868609 |
| Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;65279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205971 |
| Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15491416 |
| Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110390 |
| Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;14876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5258809 |
| Klepierre SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;43360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718182 |
| Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;51199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7651631 |
| L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;47644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20513294 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;49227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37290466 |
| Orange SA | &nbsp;&nbsp;&nbsp;363274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6058392 |
| Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;38871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337166 |
| Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;45753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4761963 |
| Renault SA | &nbsp;&nbsp;&nbsp;&nbsp;37435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557260 |
| Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;46506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834652 |
| Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;70812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24733328 |
| Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320728 |
| Societe Generale SA | &nbsp;&nbsp;&nbsp;138407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11170585 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Sodexo SA | &nbsp;&nbsp;18636 | &nbsp;&nbsp;$956465 |
| Thales SA | &nbsp;&nbsp;18187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4908466 |
| TotalEnergies SE | 393962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25720875 |
| Unibail-Rodamco-Westfield REIT (a) | &nbsp;&nbsp;23915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605349 |
| Veolia Environnement SA | 122331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4269923 |
| Vinci SA | &nbsp;&nbsp;97852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13796426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367607503 |
| **GERMANY — 9.4%** | **GERMANY — 9.4%** | **GERMANY — 9.4%** |
| adidas AG | &nbsp;&nbsp;33796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6709887 |
| Allianz SE | &nbsp;&nbsp;76011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34860388 |
| BASF SE | 177743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9274779 |
| Bayer AG | 193257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400189 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;55038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6020514 |
| Bayerische Motoren Werke AG Preference Shares | &nbsp;&nbsp;11599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246454 |
| Beiersdorf AG | &nbsp;&nbsp;19263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119364 |
| Brenntag SE | &nbsp;&nbsp;23610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374238 |
| Commerzbank AG | 142667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6048748 |
| Continental AG | &nbsp;&nbsp;22206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772387 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;12864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185988 |
| Daimler Truck Holding AG | &nbsp;&nbsp;93228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086229 |
| Deutsche Bank AG | 367497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14290509 |
| Deutsche Boerse AG | &nbsp;&nbsp;37016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9725013 |
| Deutsche Lufthansa AG | 121904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203489 |
| Deutsche Post AG | 191180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10492355 |
| Deutsche Telekom AG | 730049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23715862 |
| Dr. Ing hc F Porsche AG Preference Shares (c) | &nbsp;&nbsp;23999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285829 |
| E.ON SE | 443396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8397040 |
| Evonik Industries AG | &nbsp;&nbsp;52799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828451 |
| Fresenius Medical Care AG | &nbsp;&nbsp;41504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986822 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp;82974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4773045 |
| GEA Group AG | &nbsp;&nbsp;29348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992237 |
| Hannover Rueck SE | &nbsp;&nbsp;11747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3672567 |
| Heidelberg Materials AG | &nbsp;&nbsp;26779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7013486 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp;20876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593659 |
| Henkel AG & Co. KGaA Preference Shares | &nbsp;&nbsp;30649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504583 |
| Hensoldt AG | &nbsp;&nbsp;12433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071783 |
| HOCHTIEF AG | &nbsp;&nbsp;&nbsp;&nbsp;3302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306898 |
| Infineon Technologies AG | 255774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11333862 |
| Knorr-Bremse AG | &nbsp;&nbsp;14394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608515 |
| LEG Immobilien SE | &nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045467 |
| Mercedes-Benz Group AG | 143744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10141030 |
| Merck KGaA | &nbsp;&nbsp;25115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616249 |
| MTU Aero Engines AG | &nbsp;&nbsp;10727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4476187 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;25912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17109074 |
| Nemetschek SE | &nbsp;&nbsp;11865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293155 |
| Porsche Automobil Holding SE Preference Shares | &nbsp;&nbsp;31031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454859 |
| Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835166 |
| Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;9139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16754687 |
| RWE AG | 126379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6717756 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| SAP SE | &nbsp;&nbsp;&nbsp;205683 | &nbsp;&nbsp;$50329965 |
| Sartorius AG Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469621 |
| Scout24 SE (c) | &nbsp;&nbsp;&nbsp;&nbsp;15173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528951 |
| Siemens AG | &nbsp;&nbsp;&nbsp;149650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42032172 |
| Siemens Energy AG (a) | &nbsp;&nbsp;&nbsp;153868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21757527 |
| Siemens Healthineers AG (c) | &nbsp;&nbsp;&nbsp;&nbsp;66793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523753 |
| Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;26483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142373 |
| Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;11898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590197 |
| Volkswagen AG Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;40640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942407 |
| Vonovia SE | &nbsp;&nbsp;&nbsp;147188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4242108 |
| Zalando SE (a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;45329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390246891 |
| **HONG KONG — 1.8%** | **HONG KONG — 1.8%** | **HONG KONG — 1.8%** |
| AIA Group Ltd. | 2064800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21195801 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp;&nbsp;378399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911563 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp;&nbsp;136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006437 |
| CLP Holdings Ltd. | &nbsp;&nbsp;&nbsp;324500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2901677 |
| Futu Holdings Ltd. ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757047 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp;&nbsp;153700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031149 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp;&nbsp;289436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046410 |
| HKT Trust & HKT Ltd. Stapled Security | &nbsp;&nbsp;&nbsp;746000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103162 |
| Hong Kong & China Gas Co. Ltd. | 2112995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903012 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;236130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12365464 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp;&nbsp;218900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521355 |
| Link REIT | &nbsp;&nbsp;&nbsp;512391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286948 |
| MTR Corp. Ltd. (b) | &nbsp;&nbsp;&nbsp;325012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244345 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927256 |
| Prudential PLC | &nbsp;&nbsp;&nbsp;500343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7702327 |
| Sino Land Co. Ltd. | &nbsp;&nbsp;&nbsp;640456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840940 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;&nbsp;279500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400610 |
| Swire Pacific Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499441 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257121 |
| WH Group Ltd. (c) | 1712766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907841 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp;&nbsp;328000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73845718 |
| **INDONESIA — 0.1%** | **INDONESIA — 0.1%** | **INDONESIA — 0.1%** |
| Jardine Matheson Holdings Ltd.  | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256870 |
| **IRELAND — 0.5%** | **IRELAND — 0.5%** | **IRELAND — 0.5%** |
| AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103480 |
| AIB Group PLC | &nbsp;&nbsp;&nbsp;430216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4648460 |
| Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;192314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3698511 |
| Kerry Group PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;32578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984377 |
| Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;30531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19093636 |
| **ISRAEL — 0.9%** | **ISRAEL — 0.9%** | **ISRAEL — 0.9%** |
| Azrieli Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963037 |
| Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;243476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5504203 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;290017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6387999 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Check Point Software Technologies Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16610 | &nbsp;&nbsp;$3082152 |
| Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054911 |
| ICL Group Ltd. | &nbsp;&nbsp;&nbsp;163285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937566 |
| Isracard Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Israel Discount Bank Ltd. Class A | &nbsp;&nbsp;&nbsp;249725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649964 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255262 |
| Nice Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388243 |
| Nova Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918050 |
| Phoenix Financial Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828807 |
| Teva Pharmaceutical Industries Ltd. ADR (a) | &nbsp;&nbsp;&nbsp;230228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7185416 |
| Wix.com Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38371125 |
| **ITALY — 3.3%** | **ITALY — 3.3%** | **ITALY — 3.3%** |
| Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;44136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009238 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;386973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4149408 |
| Banco BPM SpA (b) | &nbsp;&nbsp;&nbsp;218329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3338544 |
| BPER Banca SpA | &nbsp;&nbsp;&nbsp;297894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058396 |
| Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;41181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128103 |
| Davide Campari-Milano NV (b) | &nbsp;&nbsp;&nbsp;135836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883492 |
| Enel SpA | 1613034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16816843 |
| Eni SpA | &nbsp;&nbsp;&nbsp;399234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7567733 |
| Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;24850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9301290 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;121237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160988 |
| Generali | &nbsp;&nbsp;&nbsp;168699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7083099 |
| 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;453535 |
| Intesa Sanpaolo SpA | 2828674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19670377 |
| Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;78456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4529735 |
| Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;46684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011156 |
| Nexi SpA (b)(c) | &nbsp;&nbsp;&nbsp;126319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626208 |
| Poste Italiane SpA (c) | &nbsp;&nbsp;&nbsp;&nbsp;89864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267017 |
| Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;56354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5717059 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;22997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311009 |
| Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;167813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5823952 |
| Snam SpA | &nbsp;&nbsp;&nbsp;410443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726447 |
| Telecom Italia SpA (a) | 2250138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357807 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;270842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879992 |
| UniCredit SpA | &nbsp;&nbsp;&nbsp;275599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22955201 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;72518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134578551 |
| **IVORY COAST — 0.0% <sup>\*</sup>** | **IVORY COAST — 0.0% <sup>\*</sup>** | **IVORY COAST — 0.0% <sup>\*</sup>** |
| Endeavour Mining PLC  | &nbsp;&nbsp;&nbsp;&nbsp;40014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083942 |
| **JAPAN — 21.6%** | **JAPAN — 21.6%** | **JAPAN — 21.6%** |
| Advantest Corp. | &nbsp;&nbsp;&nbsp;150500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18852707 |
| Aeon Co. Ltd. | &nbsp;&nbsp;&nbsp;438900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6935821 |
| AGC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364966 |
| Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790190 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724470 |
| ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670890 |
| Asahi Group Holdings Ltd. (b) | &nbsp;&nbsp;&nbsp;292500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059452 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;246800 | &nbsp;&nbsp;$2187025 |
| Asics Corp. | &nbsp;&nbsp;&nbsp;136600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3272404 |
| Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4753632 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;114300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042264 |
| Bridgestone Corp. (b) | &nbsp;&nbsp;&nbsp;224600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5035213 |
| Canon, Inc. (b) | &nbsp;&nbsp;&nbsp;169700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015918 |
| Capcom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590885 |
| Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;154500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4274883 |
| Chiba Bank Ltd. | &nbsp;&nbsp;&nbsp;117700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312575 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;131900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029684 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;133200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7004801 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419659 |
| Daifuku Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;60800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911528 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;683900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5687350 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7561275 |
| Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;51400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6584657 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171578 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;112200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720792 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp;&nbsp;253500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216477 |
| Denso Corp. | &nbsp;&nbsp;&nbsp;341800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705760 |
| Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5623854 |
| East Japan Railway Co. (b) | &nbsp;&nbsp;&nbsp;188700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974375 |
| Ebara Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136436 |
| Eisai Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486491 |
| ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;538500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803116 |
| FANUC Corp. | &nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7064264 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;37400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13586118 |
| Fuji Electric Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;26700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018533 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;217600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4642281 |
| Fujikura Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;50200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5585429 |
| Fujitsu Ltd. | &nbsp;&nbsp;&nbsp;350500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9680146 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121936 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948994 |
| Hitachi Ltd. | &nbsp;&nbsp;&nbsp;901300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28187008 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;728000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7133931 |
| Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10275160 |
| Hulic Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;84300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922086 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp;&nbsp;148900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123791 |
| IHI Corp. | &nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567345 |
| Inpex Corp. (b) | &nbsp;&nbsp;&nbsp;174900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489185 |
| Isuzu Motors Ltd. | &nbsp;&nbsp;&nbsp;100400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562575 |
| ITOCHU Corp. | 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15057099 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581945 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;197600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112843 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp;&nbsp;355700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5012864 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;344900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3631742 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;37700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133321 |
| Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;234600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8441379 |
| JFE Holdings, Inc. | &nbsp;&nbsp;&nbsp;113200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442579 |
| JX Advanced Metals Corp. | &nbsp;&nbsp;&nbsp;109600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370481 |
| Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;86600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223777 |
| Kansai Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;195900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068261 |
| Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658857 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960177 |
| Kawasaki Kisen Kaisha Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;66300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922519 |
| KDDI Corp. | &nbsp;&nbsp;&nbsp;577400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9977275 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38500 | &nbsp;&nbsp;$13921848 |
| Kikkoman Corp. | &nbsp;&nbsp;&nbsp;131900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196605 |
| Kioxia Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;36200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409946 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;148700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227488 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785830 |
| Komatsu Ltd. | &nbsp;&nbsp;&nbsp;186100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5936393 |
| Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653577 |
| Kubota Corp. | &nbsp;&nbsp;&nbsp;188400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664127 |
| Kyocera Corp. | &nbsp;&nbsp;&nbsp;256300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591585 |
| Kyowa Kirin Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;52700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849615 |
| Lasertec Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007149 |
| LY Corp. | &nbsp;&nbsp;&nbsp;569200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515010 |
| M3, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205726 |
| Makita Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465721 |
| Marubeni Corp. | &nbsp;&nbsp;&nbsp;281800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7825930 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;&nbsp;68800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190377 |
| Minebea Mitsumi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502919 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;248400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450195 |
| Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;638400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14605266 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;378200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11062854 |
| Mitsubishi Estate Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;206500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5033886 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;&nbsp;169700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419354 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;629000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15409487 |
| Mitsubishi UFJ Financial Group, Inc. | 2256700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35892393 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp;&nbsp;484500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14351549 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;514400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5843180 |
| Mitsui OSK Lines Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983221 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;488940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17780203 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;53900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859848 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;255200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5996374 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;331000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6854611 |
| NEC Corp. | &nbsp;&nbsp;&nbsp;253300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8580963 |
| Nexon Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;78800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923938 |
| NIDEC Corp. | &nbsp;&nbsp;&nbsp;160100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177634 |
| Nintendo Co. Ltd. | &nbsp;&nbsp;&nbsp;216600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14640831 |
| Nippon Building Fund, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358391 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;173300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158134 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024461 |
| Nippon Steel Corp. (b) | &nbsp;&nbsp;&nbsp;968500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965570 |
| Nippon Yusen KK (b) | &nbsp;&nbsp;&nbsp;&nbsp;81200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630601 |
| Nissan Motor Co. Ltd. (a)(b) | &nbsp;&nbsp;&nbsp;424500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056477 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;82500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443467 |
| Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;135500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211474 |
| Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;583300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4841451 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;74900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877112 |
| NTT, Inc. | 5933500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5969651 |
| Obayashi Corp. | &nbsp;&nbsp;&nbsp;121800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540203 |
| Obic Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990844 |
| Olympus Corp. (b) | &nbsp;&nbsp;&nbsp;221700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806875 |
| Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706855 |
| Oriental Land Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;208400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3853695 |
| ORIX Corp. | &nbsp;&nbsp;&nbsp;232700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6760763 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;73700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553134 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Otsuka Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;44900 | &nbsp;&nbsp;$925815 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;85100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817329 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;368000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188819 |
| Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;457200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5902225 |
| Rakuten Group, Inc. (a) | &nbsp;&nbsp;&nbsp;281500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803094 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;276300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15594922 |
| Renesas Electronics Corp. (a) | &nbsp;&nbsp;&nbsp;344800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4707468 |
| Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;401200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3821440 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757109 |
| Sanrio Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107341 |
| SBI Holdings, Inc. (b) | &nbsp;&nbsp;&nbsp;110600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381416 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643153 |
| Secom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;78100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776811 |
| Seibu Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136786 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;73200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230546 |
| Sekisui House Ltd. | &nbsp;&nbsp;&nbsp;118400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642274 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;407800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5855076 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;62100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567931 |
| Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207230 |
| Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540151 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;330300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10268601 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp;&nbsp;149500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709684 |
| Shiseido Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;75900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103067 |
| SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856621 |
| SoftBank Corp. | 5660200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7756617 |
| SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;766400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21513669 |
| Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;173700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5913191 |
| Sony Financial Group, Inc. (a) | 1205300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276467 |
| Sony Group Corp. | 1210200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31068581 |
| Subaru Corp. | &nbsp;&nbsp;&nbsp;116400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521152 |
| Sumitomo Corp. | &nbsp;&nbsp;&nbsp;212800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7347434 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp;&nbsp;142200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5738078 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;51900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104873 |
| Sumitomo Mitsui Financial Group, Inc. (b) | &nbsp;&nbsp;&nbsp;720500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23171651 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;&nbsp;124200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785150 |
| Sumitomo Realty & Development Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;123800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105564 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;27500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829325 |
| Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;316300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4710851 |
| Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937831 |
| T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154078 |
| Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650037 |
| Takeda Pharmaceutical Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;311317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9602971 |
| TDK Corp. | &nbsp;&nbsp;&nbsp;380700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370045 |
| Terumo Corp. | &nbsp;&nbsp;&nbsp;259000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750869 |
| TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375081 |
| Toho Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099671 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;364700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13534466 |
| Tokyo Electron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19267983 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501872 |
| Tokyo Metro Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;61300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623579 |
| Tokyu Corp. | &nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202526 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| TOPPAN Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47700 | &nbsp;&nbsp;$1418417 |
| Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;281600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832479 |
| Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667996 |
| Toyota Motor Corp. | 1866000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39952126 |
| Toyota Tsusho Corp. (b) | &nbsp;&nbsp;&nbsp;135100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545711 |
| Trend Micro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032887 |
| Tsuruha Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958446 |
| Unicharm Corp. | &nbsp;&nbsp;&nbsp;214800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226489 |
| West Japan Railway Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;83200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659276 |
| Yamaha Motor Co. Ltd. (b) | &nbsp;&nbsp;&nbsp;179700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329306 |
| Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526449 |
| Yokohama Financial Group, Inc. | &nbsp;&nbsp;&nbsp;192300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586909 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093639 |
| ZOZO, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890981852 |
| **LUXEMBOURG — 0.2%** | **LUXEMBOURG — 0.2%** | **LUXEMBOURG — 0.2%** |
| ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;90752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4166358 |
| CVC Capital Partners PLC (c) | &nbsp;&nbsp;&nbsp;&nbsp;45343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761520 |
| Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;22282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6560830 |
| **MACAU — 0.1%** | **MACAU — 0.1%** | **MACAU — 0.1%** |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033296 |
| Sands China Ltd. | &nbsp;&nbsp;&nbsp;454800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178550 |
| **MEXICO — 0.0% <sup>\*</sup>** | **MEXICO — 0.0% <sup>\*</sup>** | **MEXICO — 0.0% <sup>\*</sup>** |
| Fresnillo PLC  | &nbsp;&nbsp;&nbsp;&nbsp;43266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940219 |
| **NETHERLANDS — 4.4%** | **NETHERLANDS — 4.4%** | **NETHERLANDS — 4.4%** |
| ABN AMRO Bank NV Dutch Certificate (c) | &nbsp;&nbsp;&nbsp;114127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3992948 |
| Adyen NV (a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030746 |
| Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;35096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440136 |
| Argenx SE (a) | &nbsp;&nbsp;&nbsp;&nbsp;12143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10222538 |
| ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5695982 |
| ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;76501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82784694 |
| ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;32578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319397 |
| BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;14293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245184 |
| Euronext NV (c) | &nbsp;&nbsp;&nbsp;&nbsp;14767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219918 |
| EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;18299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557043 |
| Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;25576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874355 |
| Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;55819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4571921 |
| IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;11913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082082 |
| ING Groep NV (b) | &nbsp;&nbsp;&nbsp;599493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16904838 |
| JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;33035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236103 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;177467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7267822 |
| Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;776219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624644 |
| Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;150765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115015 |
| Magnum Ice Cream Co. NV (a) | &nbsp;&nbsp;&nbsp;&nbsp;98159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554638 |
| Nebius Group NV (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;42900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590944 |
| NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;51791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3998699 |
| Randstad NV (b) | &nbsp;&nbsp;&nbsp;&nbsp;20906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794783 |
| Universal Music Group NV (b) | &nbsp;&nbsp;&nbsp;217161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5669647 |
| Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;47137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890509 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182684586 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **NEW ZEALAND — 0.2%** | **NEW ZEALAND — 0.2%** | **NEW ZEALAND — 0.2%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp;&nbsp;333281 | &nbsp;&nbsp;$1596472 |
| Contact Energy Ltd. | &nbsp;&nbsp;&nbsp;173166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921107 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp;&nbsp;110672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402483 |
| Infratil Ltd. | &nbsp;&nbsp;&nbsp;170601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086994 |
| Meridian Energy Ltd. | &nbsp;&nbsp;&nbsp;272469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877426 |
| Xero Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;31353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9268383 |
| **NORWAY — 0.5%** | **NORWAY — 0.5%** | **NORWAY — 0.5%** |
| Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;64596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645183 |
| DNB Bank ASA | &nbsp;&nbsp;&nbsp;172047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4801423 |
| Equinor ASA | &nbsp;&nbsp;&nbsp;150121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527234 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;37920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135324 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;87570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245062 |
| Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;91155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197802 |
| Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;262216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032873 |
| Orkla ASA | &nbsp;&nbsp;&nbsp;137201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530221 |
| Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;14543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890298 |
| Telenor ASA | &nbsp;&nbsp;&nbsp;122496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21786963 |
| **POLAND — 0.0% <sup>\*</sup>** | **POLAND — 0.0% <sup>\*</sup>** | **POLAND — 0.0% <sup>\*</sup>** |
| InPost SA (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;41604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511583 |
| **PORTUGAL — 0.2%** | **PORTUGAL — 0.2%** | **PORTUGAL — 0.2%** |
| Banco Comercial Portugues SA Class R | 1626906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712388 |
| EDP SA | &nbsp;&nbsp;&nbsp;622308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861356 |
| Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;80709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386759 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;58707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357399 |
| **SINGAPORE — 1.7%** | **SINGAPORE — 1.7%** | **SINGAPORE — 1.7%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;766315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686370 |
| CapitaLand Integrated Commercial Trust REIT | 1246428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316456 |
| CapitaLand Investment Ltd. | &nbsp;&nbsp;&nbsp;414682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873863 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;422792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18529205 |
| Grab Holdings Ltd. Class A (a) | &nbsp;&nbsp;&nbsp;474500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367755 |
| Keppel Ltd. | &nbsp;&nbsp;&nbsp;282800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276034 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp;&nbsp;662866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10185251 |
| Sea Ltd. ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;74800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9542236 |
| Sembcorp Industries Ltd. (b) | &nbsp;&nbsp;&nbsp;157500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737286 |
| Singapore Airlines Ltd. | &nbsp;&nbsp;&nbsp;304949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517631 |
| Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;168500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222208 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;&nbsp;306900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009407 |
| Singapore Telecommunications Ltd. | 1490600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5273896 |
| STMicroelectronics NV | &nbsp;&nbsp;&nbsp;138044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3638104 |
| United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;247090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6736373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69912075 |
| **SOUTH AFRICA — 0.2%** | **SOUTH AFRICA — 0.2%** | **SOUTH AFRICA — 0.2%** |
| Anglo American PLC  | &nbsp;&nbsp;&nbsp;219450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9106030 |

---

---

| | | |
|:---|:---|:---|
| **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;$1044766 |
| **SPAIN — 3.7%** | **SPAIN — 3.7%** | **SPAIN — 3.7%** |
| Acciona SA (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974408 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;34930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480849 |
| Aena SME SA (c) | &nbsp;&nbsp;&nbsp;145091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058980 |
| Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;89659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6617056 |
| Banco Bilbao Vizcaya Argentaria SA | 1133554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26692627 |
| Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;983229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885747 |
| Banco Santander SA | 2929829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34650258 |
| Bankinter SA | &nbsp;&nbsp;&nbsp;133063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212086 |
| CaixaBank SA | &nbsp;&nbsp;&nbsp;772925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9481576 |
| Cellnex Telecom SA (a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;95847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087728 |
| EDP Renovaveis SA (b) | &nbsp;&nbsp;&nbsp;&nbsp;68800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972858 |
| Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;62439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246144 |
| Grifols SA (b) | &nbsp;&nbsp;&nbsp;&nbsp;59839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751974 |
| Iberdrola SA | 1248469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27074585 |
| Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;213984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14159010 |
| Mapfre SA | &nbsp;&nbsp;&nbsp;199226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001907 |
| Naturgy Energy Group SA | &nbsp;&nbsp;&nbsp;&nbsp;52549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599684 |
| Redeia Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;81896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459093 |
| Repsol SA | &nbsp;&nbsp;&nbsp;218271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4082350 |
| Telefonica SA (b) | &nbsp;&nbsp;&nbsp;714927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151421805 |
| **SWEDEN — 3.2%** | **SWEDEN — 3.2%** | **SWEDEN — 3.2%** |
| AddTech AB Class B (b) | &nbsp;&nbsp;&nbsp;&nbsp;52438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862303 |
| Alfa Laval AB (b) | &nbsp;&nbsp;&nbsp;&nbsp;56876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873167 |
| Assa Abloy AB Class B | &nbsp;&nbsp;&nbsp;198706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7735886 |
| Atlas Copco AB Class A | &nbsp;&nbsp;&nbsp;534790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9632694 |
| Atlas Copco AB Class B | &nbsp;&nbsp;&nbsp;302935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4896225 |
| Beijer Ref AB (b) | &nbsp;&nbsp;&nbsp;&nbsp;75390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219318 |
| Boliden AB (a) | &nbsp;&nbsp;&nbsp;&nbsp;54601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051420 |
| Epiroc AB Class A (b) | &nbsp;&nbsp;&nbsp;126937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890189 |
| Epiroc AB Class B (b) | &nbsp;&nbsp;&nbsp;&nbsp;71338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444744 |
| EQT AB (b) | &nbsp;&nbsp;&nbsp;&nbsp;99945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944113 |
| Essity AB Class B | &nbsp;&nbsp;&nbsp;116622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354900 |
| Evolution AB (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;28249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929885 |
| Fastighets AB Balder Class B (a)(b) | &nbsp;&nbsp;&nbsp;144226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066973 |
| H & M Hennes & Mauritz AB Class B (b) | &nbsp;&nbsp;&nbsp;&nbsp;93350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882432 |
| Hexagon AB Class B | &nbsp;&nbsp;&nbsp;407783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843606 |
| Holmen AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;16166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621472 |
| Industrivarden AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;20695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932519 |
| Industrivarden AB Class C (b) | &nbsp;&nbsp;&nbsp;&nbsp;30713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382598 |
| Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;51369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339557 |
| Investment AB Latour Class B | &nbsp;&nbsp;&nbsp;&nbsp;32040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783379 |
| Investor AB Class B | &nbsp;&nbsp;&nbsp;362668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12997951 |
| 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;910000 |
| Lifco AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;48109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836938 |
| Nibe Industrier AB Class B (b) | &nbsp;&nbsp;&nbsp;309051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194125 |
| Saab AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;63520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704208 |
| Sagax AB Class B (b) | &nbsp;&nbsp;&nbsp;&nbsp;47347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014857 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Sandvik AB | 210049 | &nbsp;&nbsp;$6849127 |
| Securitas AB Class B | &nbsp;&nbsp;91607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462723 |
| Skandinaviska Enskilda Banken AB Class A (b) | 296292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6270509 |
| Skanska AB Class B | &nbsp;&nbsp;68534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875638 |
| SKF AB Class B | &nbsp;&nbsp;71195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898266 |
| Svenska Cellulosa AB SCA Class B | 118708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578687 |
| Svenska Handelsbanken AB Class A | 292929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268995 |
| Swedbank AB Class A (b) | 166290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5792047 |
| Swedish Orphan Biovitrum AB (a) | &nbsp;&nbsp;40740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470720 |
| Tele2 AB Class B | 102132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712208 |
| Telefonaktiebolaget LM Ericsson Class B | 562462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527732 |
| Telia Co. AB | 478608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044472 |
| Trelleborg AB Class B | &nbsp;&nbsp;38042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620503 |
| Volvo AB Class B | 316394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10155442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131872528 |
| **SWITZERLAND — 4.9%** | **SWITZERLAND — 4.9%** | **SWITZERLAND — 4.9%** |
| ABB Ltd. | 311087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23253483 |
| Avolta AG | &nbsp;&nbsp;15455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919594 |
| Banque Cantonale Vaudoise | &nbsp;&nbsp;&nbsp;&nbsp;5172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655436 |
| Barry Callebaut AG (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274267 |
| Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;1926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898651 |
| BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;4237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900613 |
| Chocoladefabriken Lindt & Spruengli AG (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647889 |
| 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;3085390 |
| Cie Financiere Richemont SA Class A (b) | 106695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23170558 |
| DSM-Firmenich AG (b) | &nbsp;&nbsp;33072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670737 |
| EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016116 |
| Galderma Group AG | &nbsp;&nbsp;30943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6331158 |
| Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5318119 |
| Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250989 |
| Helvetia Baloise Holding AG | &nbsp;&nbsp;15952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4212254 |
| Julius Baer Group Ltd. | &nbsp;&nbsp;39872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140439 |
| Kuehne & Nagel International AG (b) | &nbsp;&nbsp;&nbsp;&nbsp;9852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129574 |
| Logitech International SA | &nbsp;&nbsp;30098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097748 |
| Lonza Group AG | &nbsp;&nbsp;13736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9324356 |
| Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580057 |
| Sandoz Group AG | &nbsp;&nbsp;83674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6108809 |
| Schindler Holding AG (d) | &nbsp;&nbsp;&nbsp;&nbsp;7912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988035 |
| Schindler Holding AG (d) | &nbsp;&nbsp;&nbsp;&nbsp;4731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681005 |
| SGS SA (b) | &nbsp;&nbsp;32402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716056 |
| Sika AG | &nbsp;&nbsp;29865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6129440 |
| Sonova Holding AG | &nbsp;&nbsp;10113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643613 |
| Straumann Holding AG (b) | &nbsp;&nbsp;21380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522152 |
| Swatch Group AG Bearer Shares (b) | &nbsp;&nbsp;&nbsp;&nbsp;5970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267848 |
| Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;5608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6489636 |
| Swiss Prime Site AG | &nbsp;&nbsp;15781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454048 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185 | &nbsp;&nbsp;$3766447 |
| UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;624566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29137216 |
| VAT Group AG (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513891 |
| Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21852423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201148047 |
| **UNITED KINGDOM — 11.1%** | **UNITED KINGDOM — 11.1%** | **UNITED KINGDOM — 11.1%** |
| 3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;198230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700110 |
| Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142389 |
| Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5757389 |
| Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834193 |
| AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;305497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56664299 |
| Auto Trader Group PLC (c) | &nbsp;&nbsp;&nbsp;&nbsp;180270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421856 |
| Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;601939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541161 |
| BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;597755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13780734 |
| Barclays PLC | &nbsp;&nbsp;2741972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17553457 |
| Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;264885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357796 |
| British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;433754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24585346 |
| BT Group PLC | &nbsp;&nbsp;1150387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2847856 |
| Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742214 |
| Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;988738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254848 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503469 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809400 |
| Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;332359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10568010 |
| DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968825 |
| Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;435477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9392312 |
| Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;114884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184586 |
| Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3484525 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738321 |
| HSBC Holdings PLC | &nbsp;&nbsp;3391155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53540207 |
| Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;151392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6351212 |
| Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;263896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3137786 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4036600 |
| International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp;&nbsp;245317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368247 |
| Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992162 |
| J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;350599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532612 |
| JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;501204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569382 |
| Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;331926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396071 |
| Land Securities Group PLC REIT | &nbsp;&nbsp;&nbsp;&nbsp;143450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200133 |
| Legal & General Group PLC | &nbsp;&nbsp;1150178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051715 |
| Lloyds Banking Group PLC | 11618327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15352187 |
| London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11017529 |
| M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;479078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845515 |
| Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;391170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736272 |
| Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;257722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039682 |
| National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;973576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14948034 |
| NatWest Group PLC | &nbsp;&nbsp;1575990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13816757 |
| Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4310265 |
| Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;118025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666870 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;145994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447241 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;134133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10828541 |
| RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;361824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14697471 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;496275 | &nbsp;&nbsp;$2987127 |
| Rolls-Royce Holdings PLC | 1655247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25603477 |
| Sage Group PLC | &nbsp;&nbsp;&nbsp;194112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827608 |
| Schroders PLC | &nbsp;&nbsp;&nbsp;159095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870942 |
| Segro PLC REIT | &nbsp;&nbsp;&nbsp;262246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541095 |
| Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;52606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973432 |
| Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;159754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661252 |
| Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;63876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020753 |
| Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;14481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328377 |
| SSE PLC | &nbsp;&nbsp;&nbsp;236638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6935536 |
| Standard Chartered PLC | &nbsp;&nbsp;&nbsp;380627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9327951 |
| Tesco PLC | 1287848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7652946 |
| Unilever PLC | &nbsp;&nbsp;&nbsp;428744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28023859 |
| United Utilities Group PLC | &nbsp;&nbsp;&nbsp;135274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172486 |
| Vodafone Group PLC | 3873835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5152143 |
| Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;32168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103323 |
| Wise PLC Class A (a) | &nbsp;&nbsp;&nbsp;128810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457441604 |
| **UNITED STATES — 9.2%** | **UNITED STATES — 9.2%** | **UNITED STATES — 9.2%** |
| Aegon Ltd. | &nbsp;&nbsp;&nbsp;250271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951701 |
| Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;99677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7961578 |
| AP Moller - Maersk AS Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296044 |
| AP Moller - Maersk AS Class B (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924498 |
| BP PLC | 3089935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17987670 |
| Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;16529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009450 |
| CyberArk Software Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;10140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4523048 |
| Experian PLC | &nbsp;&nbsp;&nbsp;183039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8279590 |
| Ferrovial SE | &nbsp;&nbsp;&nbsp;101676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6608339 |
| GSK PLC | &nbsp;&nbsp;&nbsp;806798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19799170 |
| Haleon PLC | 1752016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8832344 |
| Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;99832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9798594 |
| Monday.com Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387064 |
| Nestle SA (b) | &nbsp;&nbsp;&nbsp;507498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50439120 |
| Novartis AG | &nbsp;&nbsp;&nbsp;374501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51808532 |
| Qiagen NV | &nbsp;&nbsp;&nbsp;&nbsp;41086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874889 |
| Roche Holding AG (b) | &nbsp;&nbsp;&nbsp;138414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57339823 |
| Roche Holding AG Bearer Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579633 |
| Sanofi SA | &nbsp;&nbsp;&nbsp;219266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21301812 |
| Schneider Electric SE | &nbsp;&nbsp;&nbsp;107875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29760386 |
| Shell PLC | 1140546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42034092 |
| Spotify Technology SA (a) | &nbsp;&nbsp;&nbsp;&nbsp;31060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18036853 |
| Stellantis NV | &nbsp;&nbsp;&nbsp;390507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339109 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58462 | &nbsp;&nbsp;$9803315 |
| Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381997591 |
| **TOTAL COMMON STOCKS<br>(Cost $2,238,377,878)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;4035522501 |
| **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 3.78% (e)(f) | 31668325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31668325 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (g)(h) | 97809942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97809942 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $129,478,267)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $129,478,267)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;129478267 |
| **TOTAL INVESTMENTS — 100.7%<br>(Cost $2,367,856,145)<br>** | **TOTAL INVESTMENTS — 100.7%<br>(Cost $2,367,856,145)<br>** | &nbsp;&nbsp;4165000768 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS — (0.7)% <br>** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS — (0.7)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30889419) |
| **NET ASSETS — 100.0% <br>** | **NET ASSETS — 100.0% <br>** | $4134111349 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2025.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.1% of net assets as of December 31, 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 year ended December 31, 2025 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at December 31, 2025.

(g) The Portfolio invested in an affiliated entity. Amounts related to these investments during the year ended December 31, 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.

Abbreviations: <br> ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

At December 31, 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) | 640 | 03/20/2026 | $92111069 | $92867200 | $756131 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### SCHEDULE OF INVESTMENTS (continued) December 31, 2025

------

During the year ended December 31, 2025, the average notional value related to futures contracts was $78,822,913.

The following table summarizes the value of the Portfolio's investments according to the fair value hierarchy as of December 31, 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>| $4035522501 | $— | $— | $4035522501 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;129478267 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;129478267 |
| **TOTAL INVESTMENTS<br>**  | $4165000768 | $— | $— | $4165000768 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $756131 | $— | $— | $756131 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $756131 | $— | $— | $756131 |

---

#### 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> 12/31/25** | **Value at<br>12/31/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 80638108 | $80638108 | $730008223 | $778978006 | $— | $— | 31668325 | $31668325 | $1988620 |
| State Street Navigator Securities Lending Portfolio II<br>| 43267190 | &nbsp;&nbsp;&nbsp;43267190 | &nbsp;&nbsp;&nbsp;&nbsp;900774900 | &nbsp;&nbsp;&nbsp;&nbsp;846232148 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 97809942 | &nbsp;&nbsp;&nbsp;97809942 | &nbsp;&nbsp;&nbsp;&nbsp;864741 |
| Total<br>|  | $123905298 | $1630783123 | $1625210154 | $— | $— |  | $129478267 | $2853361 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

------

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4035522501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129478267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;4165000768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash at broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678457 |
| &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;757850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42513767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199299 |
| &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;29643 |
| &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;37319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for foreign taxes recoverable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17737194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;4233290069 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97809942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314166 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46328 |
| &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;2268 |
| &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;105457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99178720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $4134111349 |
| **COST OF INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2238377878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129478267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $2367856145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost<br>| $2630239 |
| &nbsp;&nbsp;&nbsp;&nbsp;\* Includes investments in securities on loan, at value<br>| $115924781 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2025

------

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$104822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119802518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13329617) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110188577 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4675281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60073 |
| &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;&nbsp;&nbsp;&nbsp;3222 |
| &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;1095 |
| &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;&nbsp;&nbsp;&nbsp;770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194874 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5397222 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $104791355 |
| **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;&nbsp;&nbsp;&nbsp;32829533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17502980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51042359 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;873556020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879858299 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930900658 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $1035692013 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> 12/31/25** | **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;$104791355 | $97358234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51042359 | &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;879858299 | &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;1035692013 | &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;386803105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601428822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(784607784) | &nbsp;&nbsp;&nbsp;&nbsp;(231655661) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(397804679) | &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;637887334 | &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>**  | $4134111349 | $3496224015 |

---

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_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;**Year<br> Ended<br> 12/31/25** | &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** |
| **Total return (a)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.70% | &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% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$4134111 | &nbsp;&nbsp;$3496224 | &nbsp;&nbsp;$3024526 | &nbsp;&nbsp;$3463427 | &nbsp;&nbsp;$4346560 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &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;2.75% | &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% |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &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% |

---

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

*See accompanying notes to financial statements.*

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025

------

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 December 31, 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_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2025

------

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 December 31, 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.

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2025

------

#### 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 December 31, 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 fiscal year ended December 31, 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 December 31, 2025, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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;$757850 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$757850 |

---

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

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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;$17502980 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$17502980 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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;$4115497 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4115497 |

---

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 year ended December 31, 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.

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2025

------

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

Purchases and sales of investments (excluding in-kind transactions, derivative contracts and short term investments) for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| State Street International Developed Equity Index Portfolio<br>| $318775294 | $574279753 |

---

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. 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 December 31, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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>| $2530409129 | $1841251922 | $205904152 | $1635347770 |

---

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 December 31, 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_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2025

------

The following is a summary of the Portfolio's securities lending agreements and related cash and non-cash collateral received as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>| $115924781 | $97809942 | $24204236 | $122014178 |

---

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 December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Remaining Contractual Maturity of the Agreements<br> as of December 31, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of December 31, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of December 31, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of December 31, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of December 31, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of December 31, 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 | $97809942 | $— | $— | $— | $97809942 | $97809942 |

---

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

The Portfolio and other affiliated funds (each, a "Participant" and collectively, the "Participants") have access to $210 million of a $1.425 billion ($194.29 million of $1.36 billion prior to October 2, 2025) revolving credit facility, provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2026 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 December 31, 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.

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### NOTES TO FINANCIAL STATEMENTS (continued) December 31, 2025

------

#### 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.

------

[**Table of Contents**](#JOB_AR_SA_78f807b7-0ac1-4995-9973-eb0e7aa85a00_TOC-LETTERSIZE-FEEDER)

#### STATE STREET MASTER FUNDS

#### STATE STREET INTERNATIONAL DEVELOPED EQUITY INDEX PORTFOLIO

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

To the Owners of a Beneficial Interest in State Street International Developed Equity Index Portfolio and the Board of Trustees of State Street Master Funds

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of State Street International Developed Equity Index Portfolio (the "Portfolio") (one of the series constituting State Street Master Funds (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting State Street Master Funds) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and in accordance with the relevant ethical requirements relating to our audit.

We conducted our audits in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g105530img58f367ca2.jpg)

We have served as the auditor of one or more State Street Investment Management (formerly, State Street Global Advisors) investment companies since 2000.

Boston, Massachusetts

February 26, 2026

------

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

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

#### 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 N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.

#### 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.

#### Item 19. Exhibits.
(a)(1) [Code of Ethics referred to in Item 2.](d52862dex99codeeth.htm)

(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.](d52862dex99cert.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.](d52862dex99906cert.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.

------

#### 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.

---

| | |
|:---|:---|
| **STATE STREET MASTER FUNDS** | **STATE STREET MASTER FUNDS** |
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President |
| Date: | March 9, 2026 |

---

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: | March 9, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) |
| Date: | March 9, 2026 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**SSGA FUNDS** 

**STATE STREET MASTER FUNDS** 

**STATE STREET INSTITUTIONAL INVESTMENT TRUST** 

**ELFUN TRUSTS** 

**ELFUN INTERNATIONAL EQUITY FUND** 

**ELFUN INCOME FUND** 

**ELFUN TAX-EXEMPT INCOME FUND** 

**ELFUN DIVERSIFIED FUND** 

**ELFUN GOVERNMENT MONEY MARKET FUND** 

**STATE STREET NAVIGATOR SECURITIES LENDING TRUST** 

**STATE STREET INSTITUTIONAL FUNDS** 

**STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC. (THE "COMPANY")<sup>1</sup>** 

**<u>CODE OF CONDUCT FOR PRINCIPAL EXECUTIVE AND</u>**

**<u>PRINCIPAL FINANCIAL OFFICERS</u>**

**As of September 20, 2017** 

I. **Covered Officers/Purpose of the Code** 

This Code of Conduct (the "Code") shall apply to the Trust/Company's Principal Executive Officer, Principal Financial Officer, Controller, Principal Accounting Officer and persons performing similar functions (the "Covered Officers," each of whom is named in <u>Exhibit A</u> attached hereto) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust/Company files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

<sup>1</sup> Unless otherwise noted, the singular term "Trust/Company" used throughout this document means each of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, State Street Navigator Securities Lending Trust, Elfun Government Money Market Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun Diversified Fund, Elfun International Equity Fund, Elfun Trusts, State Street Institutional Funds, and State Street Variable Insurance Series Funds, Inc. 

------

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust/Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust/Company. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to the Trust/Company. All Covered Officers should conduct themselves such that a reasonable observer would have no grounds for belief that a conflict of interest exists. Covered Officers are not permitted to self-deal or otherwise to use their positions with the Trust/Company to further their own or any other related person's business opportunities.

This Code does not, and is not intended to, repeat or replace the compliance programs and procedures or codes of ethics of the Trust/Company or the Trust/Company's investment adviser or distributor.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust/Company and its service providers, including the investment adviser, of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust/Company, the investment adviser, or other service providers), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Trust/Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust/Company and its service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust/Company. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust/Company's Board of Trustees/Directors (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust/Company.

\* \* \* \*

------

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationship improperly to influence investment decisions or financial
reporting by the Trust/Company whereby the Covered Officer would benefit personally to the detriment of the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Trust/Company to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit of the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Officer or any employee of the Trust/Company or its affiliated persons for
reports of potential violations by the Trust/Company of applicable rules and regulations that are made in good faith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use material non-public knowledge of portfolio transactions made or
contemplated for the series of the Trust/Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer must discuss certain material conflict of interest situations with the Trust/Company's Chief Compliance Officer ("CCO"). Examples of such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director, trustee, general partner, or officer of any unaffiliated business organization. This rule
does not apply to charitable, civic, religious, public, political, or social organizations, the activities of which do not conflict with the interests of the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any gifts, excluding branded promotional items valued at U.S. $50 or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Trust/Company has current or prospective
business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust/Company's
service providers, other than its investment adviser, principal underwriter, administrator, sub-administrator, transfer agent, custodian or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust/Company
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

------

III. **Disclosure and Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the
Trust/Company to others, whether within or outside the Trust/Company, including to the Trust/Company's Board, the Trust/Company's Qualified Legal and Compliance Committee ("QLCC") or, if the Trust/Company does not have a
QLCC, the Trust/Company's Audit Committee, and the Trust/Company's independent auditors, and to governmental regulators and self-regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with
other officers and employees of the Trust/Company and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust/Company files with, or submits to, the SEC and
in other public communications made by the Trust/Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer will exhibit and promote the highest standards of honest and ethical conduct through the
establishment and operation of policies and procedures that encourage professional integrity in all aspects of the Trust/Company's operations.

IV. **Compliance with Applicable Laws and Regulations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust/Company's CCO is responsible for applying this Code to specific situations in which questions are
presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Covered Officers will be considered by the QLCC or, if the Trust/Company does not have a QLCC, the
Trust/Company's Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event of any question of interpretation of the requirements under this Code, Covered Officers shall
consult with the CCO in order to assure compliance with the Code.

V. **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a
report in the form of <u>Exhibit B</u> to the Trust/Company's compliance officer affirming that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually sign and return a report in the form of <u>Exhibit C or D</u> to the Trust/Company's compliance
officer as an affirmation that he or she has complied with the requirements of the Code; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Trust/Company's CCO promptly if he or she knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

The Trust/Company will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The CCO will take all appropriate actions to investigate any potential violations reported to him/her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take
any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the CCO believes is a violation of this Code will be reported to the Trust/Company's QLCC
or, if the Trust/Company does not have a QLCC, the Trust/Company's Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Board, after consultation with the QLCC or, if the Trust/Company does not have a QLCC, the
Trust/Company's Audit Committee, concurs that a violation has occurred, it will notify the appropriate personnel of the applicable service provider and may dismiss the Covered Officer as an officer of the Trust/Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The QLCC or, if the Trust/Company does not have a QLCC, the Trust/Company's Audit Committee, will be
responsible for granting waivers of provisions of this Code, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VI. **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust/Company for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust/Company, the Trust/Company's investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust/Company's investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the investment adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII. **Amendments** 

Any amendments to this Code, other than amendments to <u>Exhibit A</u>, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees/Directors.

------

VIII. **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trust/Company's Board, QLCC or Audit Committee.

IX. **Internal Use** 

The Code is intended solely for the internal use by the Trust/Company and does not constitute an admission, by or on behalf of the Trust/Company, as to any fact, circumstance, or legal conclusion.

X. **Sanctions** 

Any violation of the rules and requirements set forth in this Code may result in the imposition of such sanctions as the Board, after review by the QLCC or, if the Trust/Company does not have a QLCC, the Trust/Company's Audit Committee, and its recommendation to the Board, may deem appropriate under the circumstances. These sanctions can include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dismissal for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Removal or suspension from office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restitution to the damaged party; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary fines.

------

EXHIBIT A

Persons Covered by this Code of Conduct for SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, Elfun Trusts, Elfun International Equity Fund, Elfun Income Fund, Elfun Tax-Exempt Income Fund, Elfun Diversified Fund, Elfun Government Money Market Fund, and State Street Navigator Securities Lending Trust:

Ann M. Carpenter, President and Principal Executive Officer

Bruce S. Rosenberg, Treasurer and Principal Financial Officer

Persons Covered by this Code of Conduct for State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc.:

Ann M. Carpenter, President and Principal Executive Officer

Bruce S. Rosenberg, Treasurer and Principal Financial Officer

------

EXHIBIT B

INITIAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, Elfun Trusts, Elfun International Equity Fund, Elfun Income Fund, Elfun Tax Exempt Income Fund, Elfun Diversified Fund, Elfun Government Money Market Fund, State Street Navigator Securities Lending Trust, State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

Please sign your name here:<u> </u> 

Please print your name here:<u> </u> 

Please date here:

------

EXHIBIT C

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, Elfun Trusts, Elfun International Equity Fund, Elfun Income Fund, Elfun Tax Exempt Income Fund, Elfun Diversified Fund, Elfun Government Money Market Fund, and State Street Navigator Securities Lending Trust (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the policies and procedures set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

Please sign your name here:<u> </u> 

Please print your name here:

Please date here:

------

EXHIBIT D

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc., (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the policies and procedures set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

Please sign your name here:<u> </u> 

Please print your name here:<u> </u> 

Please date here:

## 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: March 9, 2026 | Date: March 9, 2026 |
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President (Principal Executive Officer)<br> 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

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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.

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| | |
|:---|:---|
| Date: March 9, 2026 | Date: March 9, 2026 |
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) of State Street Master Funds |

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## 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
December 31, 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.

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| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President (Principal Executive Officer)<br> of State Street Master Funds |
| Date: | March 9, 2026 |
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) of State Street Master Funds |
| Date: | March 9, 2026 |

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