State Street Institutional Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-08257

STATE STREET INSTITUTIONAL FUNDS

(Exact name of registrant as specified in charter)

One Iron Street

Boston, Massachusetts 02210

(Address of principal executive offices)(Zip code)


(Name and Address of Agent for Service)		Copy to:

Sean O’Malley, Esq. Senior Vice President and Deputy General Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210		Timothy W. Diggins, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600

Registrant’s telephone number, including area code:800-242-0134

Date of fiscal year end: September 30

Date of reporting period: March 31, 2020

Item 1.

Shareholder Report.

Semi-Annual Report

March 31, 2020

State Street Institutional Funds

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.ssga.com/geam), and you will be notified by mail each time a report is posted, and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund by calling800-242-0134.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 800-242-0134. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.

LOGO

State Street Institutional Funds

Semi-Annual Report

March 31, 2020

Table of Contents


	Page
Notes to Performance		1
Fund Information and Schedules of Investments
State Street Institutional U.S. Equity Fund		2
State Street Institutional Premier Growth Equity Fund		8
State Street InstitutionalSmall-Cap Equity Fund		13
State Street Institutional International Equity Fund		23
State Street Active Core Bond Fund		28
Financial Statements
Financial Highlights		48
Statements of Assets and Liabilities		54
Statements of Operations		56
Statements of Changes in Net Assets		58
Notes to Financial Statements		60
Other Information		70

This report has been prepared for shareholders and may be distributed to others only if accompanied with a current prospectus and/or summary prospectus.

State Street Institutional Funds

Notes to Performance — March 31, 2020 (Unaudited)

Total return performance shown in this report for the State Street Institutional Funds (the “Trust”) and each of its series portfolios (each, a “Fund” and collectively, the “Funds”) takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund expenses.

The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods of less than one year are not annualized. Please call toll-free (800)242-0134 or visit the Funds’ website at http://www.ssga.com/geam for the most recentmonth-end performance data.

An investment in a Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in a Fund is subject to risk, including possible loss of principal invested.

State Street Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street Institutional Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”) for investment advisory and administrative services.


Notes to Performance			1

State Street Institutional U.S. Equity Fund

Understanding Your Fund’s Expenses — March 31, 2020 (Unaudited)

As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, distribution and service fees (for Service Class shares) and trustees’ fees. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entiresix-month period ended March 31, 2020.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your class under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.


Investment Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value October 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2020	$	904.30	$	1,023.20
Expenses Paid During Period*	$	1.76	$	1.87

Service Class
Actual Fund Return
Beginning Account Value October 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2020	$	903.30	$	1,021.90
Expenses Paid During Period*	$	2.95	$	3.13

*	Expenses are equal to the Fund’s annualized expense ratio of 0.37% for Investment Class shares and 0.62% for Service Class shares (for the period October 1, 2019-March 31, 2020), multiplied by the average account value over the period, multiplied by 183/366 (to reflect theone-half year period).


2		State Street Institutional U.S. Equity Fund

State Street Institutional U.S. Equity Fund

Performance Summary — March 31, 2020 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $350,889 (in thousands) as of March 31, 2020^(a)(b)

LOGO

Top Ten Largest Holdings

as of March 31, 2020 (as a % of Fair Value)^(a)(b)


Microsoft Corp.	5.64	%

Amazon.com Inc.	4.61	%

Apple Inc.	3.90	%

Alphabet Inc., Class A	2.84	%

Visa Inc., Class A	2.49	%

JPMorgan Chase & Co.	2.43	%

Merck & Company Inc.	2.43	%

Facebook Inc., Class A	2.32	%

UnitedHealth Group Inc.	2.23	%

salesforce.com Inc.	1.81	%

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund – Class G Shares.

(b)

The securities information regarding holdings, allocations and other characteristics is presented to illustrate examples of securities that the Fund has bought and the diversity of areas in which the Fund may invest as of a particular date. It may not be representative of the Fund’s current or future investments and should not be construed as a recommendation to purchase or sell a particular security.


State Street Institutional U.S. Equity Fund			3

State Street Institutional U.S. Equity Fund

Schedule of Investments — March 31, 2020 (Unaudited)


	Number of Shares		Fair Value $



Common Stock - 97.2%†
Aerospace & Defense - 0.9%
Hexcel Corp.		20,602		766,188
Raytheon Co.		13,208		1,732,229
The Boeing Co.		4,211		628,029

				3,126,446


Air Freight & Logistics - 0.3%
United Parcel Service Inc., Class B		12,667		1,183,351


Application Software - 2.7%
Adobe Inc. (a)		8,043		2,559,604
Intuit Inc.		2,701		621,230
salesforce.com Inc. (a)		44,049		6,342,175

				9,523,009


Asset Management & Custody Banks - 0.4%
The Blackstone Group Inc., Class A		27,021		1,231,347


Auto Parts & Equipment - 0.1%
Aptiv PLC		6,168		303,712


Automotive Retail - 0.4%
O’Reilly Automotive Inc. (a)		4,841		1,457,383


Biotechnology - 2.4%
Alexion Pharmaceuticals Inc. (a)		14,887		1,336,704
BioMarin Pharmaceutical Inc. (a)		19,596		1,655,862
Gilead Sciences Inc.		33,286		2,488,461
Vertex Pharmaceuticals Inc. (a)		12,629		3,005,071

				8,486,098


Building Products - 1.3%
Allegion PLC		6,718		618,191
Trane Technologies PLC		47,292		3,905,846

				4,524,037


Cable & Satellite - 1.8%
Charter Communications Inc., Class A (a)		9,310		4,062,046
Comcast Corp., Class A		67,606		2,324,294

				6,386,340


Communications Equipment - 0.6%
Cisco Systems Inc.		52,780		2,074,782


Construction Materials - 0.1%
Vulcan Materials Co.		2,552		275,795


	Number of Shares		Fair Value $

Data Processing & Outsourced Services - 3.8%
Fidelity National Information Services Inc.		10,650		1,295,466
Mastercard Inc., Class A		13,914		3,361,066
Visa Inc., Class A		54,296		8,748,171

				13,404,703


Diversified Banks - 2.4%
JPMorgan Chase & Co.		94,735		8,528,992


Diversified Support Services - 0.1%
Cintas Corp.		2,796		484,323


Electric Utilities - 1.6%
American Electric Power Company Inc.		7,009		560,580
Exelon Corp.		47,502		1,748,548
NextEra Energy Inc.		14,266		3,432,685

				5,741,813


Electronic Components - 2.3%
Amphenol Corp., Class A		43,691		3,184,200
Corning Inc.		230,467		4,733,792

				7,917,992


Environmental & Facilities Services - 1.1%
Republic Services Inc.		8,598		645,366
Waste Connections Inc.		3,773		292,408
Waste Management Inc.		30,747		2,845,942

				3,783,716


Financial Exchanges & Data - 3.3%
CME Group Inc.		26,652		4,608,397
MSCI Inc.		4,350		1,256,976
S&P Global Inc.		18,654		4,571,163
Tradeweb Markets Inc., Class A		23,357		981,928

				11,418,464


Footwear - 0.7%
NIKE Inc., Class B		30,415		2,516,537


Gold - 0.2%
Newmont Corp.		11,220		508,042


Healthcare Equipment - 3.2%
Abbott Laboratories		10,618		837,866
Becton Dickinson and Co.		10,091		2,318,609
Boston Scientific Corp. (a)		176,482		5,758,608
Medtronic PLC		27,355		2,466,874

				11,381,957

See Notes to Schedules of Investments and Notes to Financial Statements.


4		State Street Institutional U.S. Equity Fund

State Street Institutional U.S. Equity Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Number of Shares		Fair Value $

Healthcare Services - 1.2%
Cigna Corp. (a)		13,474		2,387,323
Quest Diagnostics Inc.		22,793		1,830,278

				4,217,601


Home Improvement Retail - 1.7%
Lowe’s Companies Inc.		55,495		4,775,345
The Home Depot Inc.		5,983		1,117,086

				5,892,431


Hotels, Resorts & Cruise Lines - 0.2%
Marriott International Inc., Class A		8,697		650,623


Household Products - 1.6%
Colgate-Palmolive Co.		22,077		1,465,030
The Procter & Gamble Co.		37,472		4,121,920

				5,586,950


Hypermarkets & Super Centers - 0.5%
Walmart Inc.		16,616		1,887,910


Industrial Conglomerates - 2.0%
Honeywell International Inc.		39,497		5,284,304
Roper Technologies Inc.		6,021		1,877,408

				7,161,712


Industrial Gases - 0.8%
Air Products & Chemicals Inc.		13,176		2,630,061


Industrial Machinery - 0.4%
Xylem Inc.		23,814		1,551,006


Insurance Brokers - 0.4%
Brown & Brown Inc.		8,981		325,292
Marsh & McLennan Companies Inc.		13,612		1,176,893

				1,502,185


Integrated Oil & Gas - 1.5%
Chevron Corp.		55,575		4,026,964
Exxon Mobil Corp.		35,104		1,332,899

				5,359,863


Integrated Telecommunication Services - 0.7%
AT&T Inc.		23,677		690,185
Verizon Communications Inc.		30,439		1,635,487

				2,325,672


Interactive Home Entertainment - 0.3%
Activision Blizzard Inc.		10,926		649,878
Electronic Arts Inc. (a)		5,562		557,146

				1,207,024


	Number of Shares		Fair Value $
Interactive Media & Services - 6.6%
Alphabet Inc., Class A (a)		8,565		9,952,102
Alphabet Inc., Class C (a)		4,379		5,091,945
Facebook Inc., Class A (a)		48,791		8,138,339

				23,182,386


Internet & Direct Marketing Retail - 5.1%
Amazon.com Inc. (a)(b)		8,296		16,174,877
Booking Holdings Inc. (a)		1,288		1,732,772

				17,907,649


IT Consulting & Other Services - 0.7%
Accenture PLC, Class A		7,303		1,192,288
International Business Machines Corp.		10,119		1,122,501

				2,314,789


Life Sciences Tools & Services - 1.3%
Avantor Inc. (a)		46,328		578,637
IQVIA Holdings Inc. (a)		36,269		3,911,974

				4,490,611


Managed Healthcare - 2.2%
UnitedHealth Group Inc.		31,393		7,828,786


Movies & Entertainment - 2.0%
Netflix Inc. (a)		3,416		1,282,708
The Walt Disney Co.		60,927		5,885,548

				7,168,256


Multi-Line Insurance - 0.1%
American International Group Inc.		19,612		475,591


Multi-Sector Holdings - 1.2%
Berkshire Hathaway Inc., Class B (a)		23,669		4,327,403


Multi-Utilities - 2.2%
CMS Energy Corp.		31,304		1,839,110
Sempra Energy		53,349		6,027,904

				7,867,014


Oil & Gas Equipment & Services - 0.5%
Schlumberger Ltd.		115,981		1,564,584


Oil & Gas Exploration & Production - 0.5%
ConocoPhillips		29,046		894,617
EOG Resources Inc.		4,131		148,385
Pioneer Natural Resources Co.		9,325		654,149

				1,697,151

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street Institutional U.S. Equity Fund			5

State Street Institutional U.S. Equity Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Number of Shares		Fair Value $

Oil & Gas Refining & Marketing - 0.1%
Marathon Petroleum Corp.		19,771		466,991


Packaged Foods & Meats - 2.0%
General Mills Inc.		25,044		1,321,572
Mondelez International Inc., Class A		116,943		5,856,505

				7,178,077


Personal Products - 0.1%
The Estee Lauder Companies Inc., Class A		2,370		377,636


Pharmaceuticals - 5.8%
Bristol-Myers Squibb Co.		51,131		2,850,042
Elanco Animal Health Inc. (a)		119,977		2,686,285
Johnson & Johnson		39,223		5,143,312
Merck & Company Inc.		110,640		8,512,642
Mylan N.V. (a)		74,710		1,113,926

				20,306,207


Property & Casualty Insurance - 0.6%
Chubb Ltd.		10,425		1,164,368
The Progressive Corp.		14,499		1,070,606

				2,234,974


Railroads - 0.6%
Union Pacific Corp.		13,945		1,966,803


Regional Banks - 2.1%
First Republic Bank		64,485		5,305,826
Regions Financial Corp.		96,043		861,506
SVB Financial Group (a)		9,026		1,363,648

				7,530,980


Restaurants - 0.9%
Domino’s Pizza Inc.		2,221		719,760
McDonald’s Corp.		14,880		2,460,408

				3,180,168


Semiconductor Equipment - 1.7%
Applied Materials Inc.		120,360		5,514,895
Lam Research Corp.		1,601		384,240

				5,899,135


Semiconductors - 2.9%
Intel Corp.		37,053		2,005,308
NVIDIA Corp.		15,074		3,973,507
QUALCOMM Inc.		11,371		769,248
Texas Instruments Inc.		33,629		3,360,546

				10,108,609


	Number of Shares		Fair Value $
Soft Drinks - 1.8%
PepsiCo Inc.		51,153		6,143,475


Specialized REITs - 1.3%
American Tower Corp.		11,313		2,463,406
Extra Space Storage Inc.		20,447		1,958,005

				4,421,411


Specialty Chemicals - 0.7%
Albemarle Corp.		17,690		997,185
DuPont de Nemours Inc.		32,151		1,096,349
Ecolab Inc.		1,619		252,289

				2,345,823


Specialty Stores - 0.4%
Tractor Supply Co.		18,151		1,534,667


Systems Software - 6.7%
Microsoft Corp.		125,412		19,778,726
Oracle Corp.		39,161		1,892,651
ServiceNow Inc. (a)		6,644		1,904,038

				23,575,415


Technology Hardware, Storage & Peripherals - 3.9%
Apple Inc.		53,894		13,704,705


Tobacco - 0.5%
Philip Morris International Inc.		24,141		1,761,327


Trading Companies & Distributors - 1.1%
United Rentals Inc. (a)		36,172		3,722,099


Trucking - 0.3%
Lyft Inc., Class A (a)		38,311		1,028,650


Wireless Telecommunication Services - 0.3%
T-Mobile US Inc. (a)		10,964		919,880


Total Common Stock (Cost $305,961,332)				341,463,129


Short-Term Investments - 2.7%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.36% (Cost $9,425,638) (c)(d)		9,425,638		9,425,638


Total Investments (Cost $315,386,970)				350,888,767

Other Assets and Liabilities, net - 0.1%				518,647


NET ASSETS - 100.0%				351,407,414

See Notes to Schedules of Investments and Notes to Financial Statements.


6		State Street Institutional U.S. Equity Fund

State Street Institutional U.S. Equity Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)

Other Information:

The Fund had the following long futures contracts open at March 31, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Depreciation
S&P 500 Emini Index Futures		June 2020		44	$	5,748,304	$	5,653,340	$	(94,964	)

During the period ended March 31, 2020, average notional value related to long and short futures contracts was $3,561,171 or 1.01% of net assets and $274,031 or 0.08% of net assets, respectively.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a)	Non-income producing security.

(b)	At March 31, 2020, all or a portion of this security was pledged to cover collateral requirements for futures.

(c)	Coupon amount represents effective yield.

(d)	Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

†	Percentages are based on net assets as of March 31, 2020.

Abbreviations:

REIT - Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2020:


Fund	Investments	Level 1			Level 2		Level 3		Total

State Street Institutional U.S. Equity Fund	Investments in Securities

	Common Stock	$	341,463,129		$	—	$	—	$	341,463,129

	Short-Term Investments		9,425,638			—		—		9,425,638


	Total Investments in Securities	$	350,888,767		$	—	$	—	$	350,888,767


	Other Financial Instruments

	Long Futures Contracts - Unrealized Depreciation	$	(94,964	)	$	—	$	—	$	(94,964	)

Affiliate Table


	Number of Shares Held at 9/30/19		Value At 9/30/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/20		Value at 3/31/20		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		21,310,507	$	21,310,507	$	37,849,719	$	49,734,588	$	—	$	—		9,425,638	$	9,425,638	$	86,818

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street Institutional U.S. Equity Fund			7

State Street Institutional Premier Growth Equity Fund

Understanding Your Fund’s Expenses — March 31, 2020 (Unaudited)

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your class under the heading “Expenses paid during period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes


Investment Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value October 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2020	$	984.60	$	1,023.00
Expenses Paid During Period*	$	1.98	$	2.02

Service Class
Actual Fund Return
Beginning Account Value October 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2020	$	982.50	$	1,021.70
Expenses Paid During Period*	$	3.27	$	3.34

*	Expenses are equal to the Fund’s annualized expense ratio of 0.40% for Investment Class shares and 0.65% for Service Class shares (for the period October 1, 2019-March 31, 2020), multiplied by the average account value over the period, multiplied by 183/366 (to reflect theone-half year period).


8		State Street Institutional Premier Growth Equity Fund

State Street Institutional Premier Growth Equity Fund

Performance Summary — March 31, 2020 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $66,934 (in thousands) as of March 31, 2020^(a)(b)

LOGO

Top Ten Largest Holdings

as of March 31, 2020 (as a % of Fair Value)^(a)(b)


Microsoft Corp.	9.87	%

Apple Inc.	7.26	%

Amazon.com Inc.	6.11	%

Alphabet Inc., Class C	4.85	%

Visa Inc., Class A	4.53	%

Facebook Inc., Class A	4.19	%

salesforce.com Inc.	3.31	%

Applied Materials Inc.	2.83	%

PepsiCo Inc.	2.81	%

UnitedHealth Group Inc.	2.75	%

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund – Class G Shares.

(b)


State Street Institutional Premier Growth Equity Fund			9

State Street Institutional Premier Growth Equity Fund

Schedule of Investments — March 31, 2020 (Unaudited)


	Number of Shares		Fair Value $


Common Stock - 94.3%†
Application Software - 3.3%
salesforce.com Inc. (a)		15,403		2,217,724


Biotechnology - 5.7%
Alexion Pharmaceuticals Inc. (a)		15,174		1,362,473
BioMarin Pharmaceutical Inc. (a)		11,595		979,778
Vertex Pharmaceuticals Inc. (a)		6,362		1,513,838

				3,856,089


Cable & Satellite - 2.3%
Charter Communications Inc., Class A (a)		3,529		1,539,738


Data Processing & Outsourced Services - 7.9%
Fidelity National Information Services Inc.		10,710		1,302,765
Mastercard Inc., Class A		4,325		1,044,747
Visa Inc., Class A		18,811		3,030,828

				5,378,340


Electronic Components - 1.3%
Corning Inc.		44,027		904,315


Financial Exchanges & Data - 4.5%
CME Group Inc.		7,671		1,326,392
S&P Global Inc.		7,057		1,729,318

				3,055,710


Healthcare Equipment - 4.5%
Boston Scientific Corp. (a)		54,522		1,779,053
Intuitive Surgical Inc. (a)		2,526		1,250,900

				3,029,953


Home Improvement Retail - 1.9%
Lowe’s Companies Inc.		14,597		1,256,072


Industrial Conglomerates - 1.8%
Honeywell International Inc.		9,056		1,211,602


Interactive Media & Services - 10.6%
Alphabet Inc., Class A (a)		997		1,158,464
Alphabet Inc., Class C (a)		2,793		3,247,728
Facebook Inc., Class A (a)		16,820		2,805,576

				7,211,768


Internet & Direct Marketing Retail - 8.8%
Alibaba Group Holding Ltd. ADR (a)(b)		5,311		1,032,883
Amazon.com Inc. (a)		2,098		4,090,513
Booking Holdings Inc. (a)		616		828,717

				5,952,113


	Number of Shares		Fair Value $
Managed Healthcare - 2.7%
UnitedHealth Group Inc.		7,368		1,837,432


Movies & Entertainment - 2.3%
The Walt Disney Co.		16,043		1,549,754


Pharmaceuticals - 1.6%
Elanco Animal Health Inc. (a)		49,314		1,104,140


Regional Banks - 1.2%
First Republic Bank		9,856		810,952


Restaurants - 0.8%
Domino’s Pizza Inc.		1,766		572,308


Semiconductor Equipment - 4.0%
Applied Materials Inc.		41,414		1,897,590
ASML Holding N.V. (b)		3,158		826,259

				2,723,849


Semiconductors - 2.0%
NVIDIA Corp.		5,184		1,366,502


Soft Drinks - 2.8%
PepsiCo Inc.		15,650		1,879,565


Specialized REITs - 1.8%
American Tower Corp.		5,500		1,197,625


Specialty Chemicals - 0.8%
Albemarle Corp.		9,517		536,473


Systems Software - 12.0%
Microsoft Corp.		41,874		6,603,949
ServiceNow Inc. (a)		5,419		1,552,977

				8,156,926


Technology Hardware, Storage & Peripherals - 7.2%
Apple Inc.		19,114		4,860,499


Trading Companies & Distributors - 1.9%
United Rentals Inc. (a)		12,387		1,274,622


Trucking - 0.6%
Lyft Inc., Class A (a)		15,524		416,819


Total Common Stock (Cost $45,719,385)				63,900,890

See Notes to Schedules of Investments and Notes to Financial Statements.


10		State Street Institutional Premier Growth Equity Fund

State Street Institutional Premier Growth Equity Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Number of Shares		Fair Value $

Exchange Traded & Mutual Funds - 1.1%
The Consumer Discretionary Select Sector SPDR Fund (Cost $834,139)		7,435		729,225


Total Investments in Securities (Cost $46,553,524)				64,630,115


	Number of Shares		Fair Value $

Short-Term Investments - 3.4%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.36% (Cost $2,303,428) (b)(c)(d)		2,303,428		2,303,428


Total Investments (Cost $48,856,952)				66,933,543

Other Assets and Liabilities, net - 1.2%				801,818


NET ASSETS - 100.0%				67,735,361

Other Information:

The Fund had the following long futures contracts open at March 31, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
S&P 500 Emini Index Futures		June 2020		10	$	1,239,177	$	1,284,850	$	45,673

During the period ended March 31, 2020, average notional value related to long and short futures contracts was $1,557,766 or 2.3% of net assets and $512,960 or 0.8% of net assets, respectively.

(a)	Non-income producing security

(b)	At March 31, 2020, all or a portion of this security was pledged to cover collateral requirements for futures.

(c)	Coupon amount represents effective yield.

(d)	Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

†	Percentages are based on net assets as of March 31, 2020.

Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

SPDR - Standard and Poor’s Depositary Receipt

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street Institutional Premier Growth Equity Fund			11

State Street Institutional Premier Growth Equity Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)

The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total

State Street Institutional Premier Growth Equity Fund	Investments in Securities

	Common Stock	$	63,900,890	$	—	$	—	$	63,900,890

	Exchange Traded & Mutual Funds		729,225		—		—		729,225

	Short-Term Investments		2,303,428		—		—		2,303,428


	Total Investments in Securities	$	66,933,543	$	—	$	—	$	66,933,543


	Other Financial Instruments

	Long Futures Contracts - Unrealized Appreciation	$	45,673	$	—	$	—	$	45,673

Affiliate Table


	Number of Shares Held at 9/30/19		Value At 9/30/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)			Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 3/31/20		Value at 3/31/20		Dividend Income
The Consumer Discretionary Select Sector SPDR Fund		18,198	$	2,196,499	$	407,619	$	1,689,184	$	(62,299	)	$	(123,410	)		7,435	$	729,225	$	9,194
State Street Institutional U.S. Government Money Market Fund, Class G Shares		1,985,510		1,985,510		29,735,983		29,418,065		—			—			2,303,428		2,303,428		45,440


TOTAL			$	4,182,009	$	30,143,602	$	31,107,249	$	(62,299	)	$	(123,410	)			$	3,032,653	$	54,634

See Notes to Schedules of Investments and Notes to Financial Statements.


12		State Street Institutional Premier Growth Equity Fund

State Street InstitutionalSmall-Cap Equity Fund

Understanding Your Fund’s Expenses — March 31, 2020 (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


Investment Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value October 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2020	$	745.80	$	1,020.60
Expenses Paid During Period*	$	3.84	$	4.45

Service Class
Actual Fund Return
Beginning Account Value October 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2020	$	745.30	$	1,019.40
Expenses Paid During Period*	$	4.93	$	5.70

*	Expenses are equal to the Fund’s annualized expense ratio of 0.88% for Investment Class shares and 1.13% for Service Class shares (for the period October 1, 2019-March 31, 2020), multiplied by the average account value over the period, multiplied by 183/366 (to reflect theone-half year period).


State Street InstitutionalSmall-Cap Equity Fund			13

State Street InstitutionalSmall-Cap Equity Fund

Performance Summary — March 31, 2020 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $833,714 (in thousands) as of March 31, 2020^(a)(b)

LOGO

Top Ten Largest Holdings

as of March 31, 2020 (as a % of Fair Value)^(a)(b)


Darling Ingredients Inc.	1.22	%

Dycom Industries Inc.	1.10	%

John Wiley & Sons Inc., Class A	1.08	%

The Brink’s Co.	1.03	%

IDACORP Inc.	1.02	%

Hill-Rom Holdings Inc.	1.01	%

Sanderson Farms Inc.	0.99	%

Barnes Group Inc.	0.97	%

Ritchie Bros Auctioneers Inc.	0.96	%

The Timken Co.	0.96	%

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund – Class G Shares.

(b)


14		State Street InstitutionalSmall-Cap Equity Fund

State Street InstitutionalSmall-Cap Equity Fund

Schedule of Investments — March 31, 2020 (Unaudited)


	Number of Shares		Fair Value $


Common Stock - 94.6%†
Aerospace & Defense - 0.8%
Cubic Corp.		15,600		644,436
Teledyne Technologies Inc. (a)		19,659		5,844,031

				6,488,467


Agricultural & Farm Machinery - 0.9%
AGCO Corp.		168,121		7,943,717


Agricultural Products - 1.2%
Darling Ingredients Inc. (a)		529,892		10,158,030


Air Freight & Logistics - 0.3%
Air Transport Services Group Inc. (a)		32,308		590,590
Echo Global Logistics Inc. (a)		31,329		535,100
Forward Air Corp.		14,463		732,551
Hub Group Inc., Class A (a)		13,749		625,167

				2,483,408


Airlines - 0.0%*
Hawaiian Holdings Inc.		14,716		153,635


Apparel Retail - 0.7%
American Eagle Outfitters Inc.		173,736		1,381,201
Burlington Stores Inc. (a)		16,374		2,594,624
Chico’s FAS Inc.		217,043		279,986
The Buckle Inc.		126,417		1,733,177

				5,988,988


Application Software - 5.6%
ACI Worldwide Inc. (a)		156,473		3,778,823
Altair Engineering Inc., Class A (a)		66,619		1,765,404
Blackbaud Inc.		108,176		6,009,177
Blackline Inc. (a)		87,089		4,581,752
Box Inc., Class A (a)		32,899		461,902
Cloudera Inc. (a)		38,228		300,854
Cornerstone OnDemand Inc. (a)		70,128		2,226,564
Digital Turbine Inc. (a)		78,793		339,598
Envestnet Inc. (a)		59,500		3,199,910
Medallia Inc. (a)		115,000		2,304,600
Mitek Systems Inc. (a)		72,809		573,735
New Relic Inc. (a)		118,225		5,466,724
Q2 Holdings Inc. (a)		102,500		6,053,650
RealPage Inc. (a)		54,096		2,863,301
SPS Commerce Inc. (a)		4,965		230,922
Verint Systems Inc. (a)		29,543		1,270,349
Yext Inc. (a)		458,000		4,667,020
Zix Corp. (a)		147,492		635,691

				46,729,976


	Number of Shares		Fair Value $
Asset Management & Custody Banks - 0.1%
Brightsphere Investment Group Inc. (a)		48,744		311,474
Cohen & Steers Inc.		14,143		642,800

				954,274


Auto Parts & Equipment - 0.6%
Dana Inc.		101,182		790,231
Dorman Products Inc. (a)		14,447		798,486
LCI Industries		18,231		1,218,378
Modine Manufacturing Co. (a)		84,162		273,526
Standard Motor Products Inc.		48,300		2,007,831

				5,088,452


Automobile Manufacturers - 0.7%
Thor Industries Inc.		138,619		5,846,949
Winnebago Industries Inc.		16,344		454,527

				6,301,476


Automotive Retail - 1.3%
America’sCar-Mart Inc. (a)		29,175		1,644,011
Group 1 Automotive Inc.		55,625		2,461,963
Lithia Motors Inc., Class A		3,966		324,379
Monro Inc.		28,651		1,255,200
Murphy USA Inc. (a)		61,479		5,186,369

				10,871,922


Biotechnology - 0.5%
Emergent BioSolutions Inc. (a)		36,025		2,084,406
Heron Therapeutics Inc. (a)		118,419		1,390,239
Ironwood Pharmaceuticals Inc. (a)		42,651		430,349
Vanda Pharmaceuticals Inc. (a)		32,400		335,664

				4,240,658


Brewers - 0.4%
The Boston Beer Company Inc., Class A (a)		8,240		3,028,694


Building Products - 0.7%
American Woodmark Corp. (a)		16,630		757,829
Builders FirstSource Inc. (a)		36,199		442,714
CSW Industrials Inc.		26,500		1,718,525
Patrick Industries Inc.		14,467		407,391
Universal Forest Products Inc.		57,717		2,146,495

				5,472,954


Commodity Chemicals - 0.6%
AdvanSix Inc. (a)		30,014		286,334
Koppers Holdings Inc. (a)		379,485		4,694,229

				4,980,563

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street InstitutionalSmall-Cap Equity Fund			15

State Street InstitutionalSmall-Cap Equity Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Number of Shares		Fair Value $

Communications Equipment - 0.6%
Extreme Networks Inc. (a)		350,529		1,083,135
Infinera Corp. (a)		127,039		673,307
Lumentum Holdings Inc. (a)		22,944		1,690,973
NETGEAR Inc. (a)		41,728		953,067
Plantronics Inc.		41,332		415,800

				4,816,282


Computer & Electronics Retail - 0.0%*
Rent-A-Center Inc.		20,810		294,253


Construction & Engineering - 2.2%
Aegion Corp. (a)		308,359		5,528,877
Comfort Systems USA Inc.		10,382		379,462
Dycom Industries Inc. (a)		359,082		9,210,453
EMCOR Group Inc.		9,880		605,842
Great Lakes Dredge & Dock Corp. (a)		80,890		671,387
MasTec Inc. (a)		13,172		431,119
Valmont Industries Inc.		14,961		1,585,567

				18,412,707


Construction Machinery & Heavy Trucks - 1.6%
Alamo Group Inc.		24,275		2,155,134
Astec Industries Inc.		29,457		1,030,111
The Greenbrier Companies Inc.		42,120		747,209
The Manitowoc Company Inc. (a)		137,281		1,166,889
Trinity Industries Inc.		464,269		7,460,803
Wabash National Corp.		119,550		863,151

				13,423,297


Construction Materials - 0.1%
Eagle Materials Inc.		15,309		894,352


Consumer Electronics - 0.0%*
Universal Electronics Inc. (a)		9,344		358,529


Consumer Finance - 0.2%
Curo Group Holdings Corp.		35,714		189,284
Enova International Inc. (a)		57,244		829,466
Green Dot Corp., Class A (a)		18,550		470,984

				1,489,734


Data Processing & Outsourced Services - 1.9%
Broadridge Financial Solutions Inc.		60,390		5,726,784
Cass Information Systems Inc.		7,538		265,036
CSG Systems International Inc.		64,795		2,711,671
EVERTEC Inc.		35,381		804,210
ExlService Holdings Inc. (a)		5,822		302,918
I3 Verticals Inc., Class A (a)		27,420		523,448


	Number of Shares		Fair Value $
MAXIMUS Inc.		11,839		689,030
NIC Inc.		224,451		5,162,373

				16,185,470


Distillers & Vintners - 0.2%
MGP Ingredients Inc.		77,240		2,076,984


Distributors - 0.5%
Core-Mark Holding Company Inc.		21,024		600,656
LKQ Corp. (a)		179,343		3,678,325

				4,278,981


Diversified Metals & Mining - 0.3%
Compass Minerals International Inc.		56,651		2,179,364
Materion Corp.		14,804		518,288

				2,697,652


Diversified REITs - 0.2%
American Assets Trust Inc.		40,799		1,019,975
Essential Properties Realty Trust Inc.		51,445		671,872

				1,691,847


Diversified Support Services - 1.7%
Healthcare Services Group Inc.		176,432		4,218,489
IAA Inc. (a)		42,440		1,271,502
Ritchie Bros Auctioneers Inc.		235,130		8,036,744
UniFirst Corp.		6,220		939,780

				14,466,515


Education Services - 0.3%
K12 Inc. (a)		130,769		2,466,303


Electric Utilities - 1.1%
ALLETE Inc.		18,301		1,110,505
IDACORP Inc.		96,579		8,478,670

				9,589,175


Electrical Components & Equipment - 0.6%
Atkore International Group Inc. (a)		24,447		515,098
EnerSys		7,188		355,950
Generac Holdings Inc. (a)		26,127		2,434,253
Regal Beloit Corp.		21,319		1,342,031

				4,647,332


Electronic Components - 1.4%
Belden Inc.		215,890		7,789,311
Littelfuse Inc.		29,849		3,982,454
Rogers Corp. (a)		3,695		348,882

				12,120,647

See Notes to Schedules of Investments and Notes to Financial Statements.


16		State Street InstitutionalSmall-Cap Equity Fund

State Street InstitutionalSmall-Cap Equity Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Number of Shares		Fair Value $

Electronic Equipment & Instruments - 1.0%
Itron Inc. (a)		10,541		588,504
National Instruments Corp.		58,286		1,928,101
Novanta Inc. (a)		8,690		694,157
OSI Systems Inc. (a)		2,435		167,820
Zebra Technologies Corp., Class A (a)		25,117		4,611,481

				7,990,063


Electronic Manufacturing Services - 0.7%
Fabrinet (a)		14,493		790,738
Methode Electronics Inc.		47,192		1,247,285
Plexus Corp. (a)		31,046		1,693,870
Sanmina Corp. (a)		25,065		683,773
TTM Technologies Inc. (a)		129,428		1,338,285

				5,753,951


Environmental & Facilities Services - 0.8%
Clean Harbors Inc. (a)		123,040		6,316,874


Food Distributors - 0.4%
Performance Food Group Co. (a)		146,770		3,628,154


Food Retail - 0.2%
Casey’s General Stores Inc.		5,479		725,913
Sprouts Farmers Market Inc. (a)		37,017		688,146

				1,414,059


Footwear - 0.5%
Deckers Outdoor Corp. (a)		11,070		1,483,380
Wolverine World Wide Inc.		185,500		2,819,600

				4,302,980


Forest Products - 0.1%
Boise Cascade Co.		26,228		623,702


Gas Utilities - 0.3%
Chesapeake Utilities Corp.		7,461		639,482
Spire Inc.		26,389		1,965,453

				2,604,935


Health Care REITs - 0.3%
National Health Investors Inc.		21,060		1,042,891
Physicians Realty Trust		100,559		1,401,793

				2,444,684


Healthcare Distributors - 0.2%
Covetrus Inc. (a)		160,057		1,302,864


Healthcare Equipment - 5.0%
AtriCure Inc. (a)		92,810		3,117,488
Cantel Medical Corp.		92,000		3,302,800


	Number of Shares		Fair Value $
Cardiovascular Systems Inc. (a)		146,835		5,170,060
CONMED Corp.		70,000		4,008,900
Envista Holdings Corp. (a)		12,445		185,928
Globus Medical Inc., Class A (a)		36,905		1,569,570
Hill-Rom Holdings Inc.		83,324		8,382,395
Integer Holdings Corp. (a)		9,422		592,267
Integra LifeSciences Holdings Corp. (a)		152,000		6,789,840
IntriCon Corp. (a)		80,491		947,379
LeMaitre Vascular Inc.		32,488		809,601
LivaNova PLC (a)		13,405		606,576
Masimo Corp. (a)		14,500		2,568,240
Orthofix Medical Inc. (a)		34,193		957,746
Penumbra Inc. (a)		17,950		2,895,874
Tactile Systems Technology Inc. (a)		10,840		435,334

				42,339,998


Healthcare Facilities - 0.7%
Acadia Healthcare Company Inc. (a)		149,963		2,751,821
Hanger Inc. (a)		99,930		1,556,910
Select Medical Holdings Corp. (a)		41,095		616,425
Tenet Healthcare Corp. (a)		16,437		236,693
The Ensign Group Inc.		14,376		540,681

				5,702,530


Healthcare Services - 1.1%
Amedisys Inc. (a)		5,483		1,006,350
AMN Healthcare Services Inc. (a)		45,620		2,637,292
BioTelemetry Inc. (a)		76,552		2,948,018
LHC Group Inc. (a)		2,319		325,124
MEDNAX Inc. (a)		137,760		1,603,526
R1 RCM Inc. (a)		58,893		535,337

				9,055,647


Healthcare Supplies - 0.8%
Avanos Medical Inc. (a)		186,500		5,022,445
Haemonetics Corp. (a)		1,917		191,048
Lantheus Holdings Inc. (a)		47,434		605,258
Quidel Corp. (a)		7,420		725,750

				6,544,501


Healthcare Technology - 1.3%
Computer Programs & Systems Inc.		21,615		480,934
HMS Holdings Corp. (a)		171,297		4,328,675
Inspire Medical Systems Inc. (a)		47,515		2,864,204
NextGen Healthcare Inc. (a)		76,811		801,907
Omnicell Inc. (a)		17,951		1,177,227
Teladoc Health Inc. (a)		10,500		1,627,605

				11,280,552

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street InstitutionalSmall-Cap Equity Fund			17

State Street InstitutionalSmall-Cap Equity Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Number of Shares		Fair Value $

Home Building - 0.8%
Cavco Industries Inc. (a)		11,631		1,685,797
Installed Building Products Inc. (a)		6,725		268,126
LGI Homes Inc. (a)		19,969		901,600
Meritage Homes Corp. (a)		8,115		296,279
Skyline Champion Corp. (a)		63,093		989,298
TopBuild Corp. (a)		31,063		2,225,353

				6,366,453


Home Furnishing Retail - 0.3%
Aaron’s Inc.		81,900		1,865,682
RH (a)		6,385		641,501
Sleep Number Corp. (a)		13,883		265,998

				2,773,181


Hotel & Resort REITs - 0.2%
RLJ Lodging Trust		245,103		1,892,195


Hotels, Resorts & Cruise Lines - 0.8%
Extended Stay America Inc.		876,913		6,410,234


Household Appliances - 0.1%
Helen of Troy Ltd. (a)		6,567		945,845


Human Resource & Employment Services - 0.3%
ASGN Inc. (a)		15,373		542,974
Barrett Business Services Inc.		8,117		321,758
Heidrick & Struggles International Inc.		18,099		407,228
Insperity Inc.		13,228		493,404
Kforce Inc.		29,316		749,610

				2,514,974


Hypermarkets & Super Centers - 0.1%
BJ’s Wholesale Club Holdings Inc. (a)		33,473		852,557


Industrial Machinery - 6.9%
Albany International Corp., Class A		11,000		520,630
Altra Industrial Motion Corp.		283,653		4,961,091
Barnes Group Inc.		192,735		8,062,105
Crane Co.		127,733		6,281,909
Enerpac Tool Group Corp.		332,369		5,500,707
Evoqua Water Technologies Corp. (a)		65,500		734,255
John Bean Technologies Corp.		85,835		6,374,965
LB Foster Co., Class A (a)		49,845		616,084
Lydall Inc. (a)		34,490		222,805
Mueller Industries Inc.		150,530		3,603,688
Standex International Corp.		44,500		2,181,390
The Timken Co. (a)		247,987		8,019,900
TriMas Corp.		116,110		2,682,141


	Number of Shares		Fair Value $
Watts Water Technologies Inc., Class A		41,275		3,493,929
Welbilt Inc. (a)		431,000		2,211,030
Woodward Inc.		38,988		2,317,447

				57,784,076


Industrial REITs - 0.8%
EastGroup Properties Inc.		44,194		4,617,389
Monmouth Real Estate Investment Corp.		103,649		1,248,971
Rexford Industrial Realty Inc.		20,904		857,273

				6,723,633


Interactive Home Entertainment - 0.1%
Glu Mobile Inc. (a)		103,099		648,493


Internet & Direct Marketing Retail - 0.1%
1-800-Flowers.com Inc., Class A (a)		43,577		576,524


Investment Banking & Brokerage - 1.0%
Evercore Inc., Class A		10,580		487,315
Houlihan Lokey Inc.		24,468		1,275,272
Piper Sandler Cos.,		30,318		1,533,181
Raymond James Financial Inc.		56,530		3,572,696
Stifel Financial Corp.		34,070		1,406,410

				8,274,874


IT Consulting & Other Services - 0.4%
Perficient Inc. (a)		26,302		712,521
Unisys Corp. (a)		154,304		1,905,655
Virtusa Corp. (a)		28,700		815,080

				3,433,256


Leisure Facilities - 0.0%*
SeaWorld Entertainment Inc. (a)		21,804		240,280


Leisure Products - 0.7%
Callaway Golf Co.		53,091		542,590
Malibu Boats Inc., Class A (a)		18,854		542,807
MasterCraft Boat Holdings Inc. (a)		37,417		273,144
Polaris Inc.		92,771		4,466,923

				5,825,464


Life & Health Insurance - 0.2%
Trupanion Inc. (a)		51,776		1,347,729


Life Sciences Tools & Services - 2.8%
Bruker Corp.		112,726		4,042,354
ICON PLC (a)		47,041		6,397,576
Medpace Holdings Inc. (a)		13,610		998,702
PRA Health Sciences Inc. (a)		10,872		902,811
Repligen Corp. (a)		61,206		5,908,827

See Notes to Schedules of Investments and Notes to Financial Statements.


18		State Street InstitutionalSmall-Cap Equity Fund

State Street InstitutionalSmall-Cap Equity Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Number of Shares		Fair Value $

Syneos Health Inc. (a)		125,091		4,931,087

				23,181,357


Managed Healthcare - 0.0%*
Magellan Health Inc. (a)		8,216		395,272


Marine - 0.1%
Kirby Corp. (a)		12,685		551,417


Metal & Glass Containers - 0.0%*
Silgan Holdings Inc.		8,098		235,004


Mortgage REITs - 0.1%
Blackstone Mortgage Trust Inc., Class A		17,918		333,633
Redwood Trust Inc.		153,460		776,508

				1,110,141


Multi-Line Insurance - 0.5%
Horace Mann Educators Corp.		94,211		3,447,180
National General Holdings Corp.		33,309		551,264

				3,998,444


Multi-Utilities - 0.2%
Black Hills Corp.		21,392		1,369,730


Office REITs - 1.2%
Corporate Office Properties Trust		67,104		1,485,011
Cousins Properties Inc.		207,122		6,062,461
Easterly Government Properties Inc.		95,306		2,348,340

				9,895,812


Office Services & Supplies - 1.2%
Herman Miller Inc.		22,856		507,403
HNI Corp.		46,360		1,167,809
Knoll Inc.		37,135		383,233
MSA Safety Inc.		67,531		6,834,137
Steelcase Inc., Class A		125,722		1,240,876

				10,133,458


Oil & Gas Drilling - 0.1%
Helmerich & Payne Inc.		33,720		527,718


Oil & Gas Equipment & Services - 0.1%
Apergy Corp. (a)		31,745		182,534
Natural Gas Services Group Inc. (a)		47,791		213,148
Oil States International Inc. (a)		257,290		522,299
ProPetro Holding Corp. (a)		48,531		121,327

				1,039,308


	Number of Shares		Fair Value $
Oil & Gas Exploration & Production - 0.4%
Cabot Oil & Gas Corp.		31,187		536,105
Cimarex Energy Co.		73,117		1,230,559
Ovintiv Inc.		228,845		617,882
PDC Energy Inc. (a)		190,383		1,182,278

				3,566,824


Other Diversified Financial Services - 0.0%*
Voya Financial Inc.		8,819		357,610


Packaged Foods & Meats - 5.0%
B&G Foods Inc.		182,000		3,292,380
Freshpet Inc. (a)		78,500		5,013,795
Hostess Brands Inc. (a)		537,000		5,724,420
J&J Snack Foods Corp.		12,500		1,512,500
John B Sanfilippo & Son Inc.		8,881		793,961
Lancaster Colony Corp.		52,500		7,593,600
Sanderson Farms Inc.		66,959		8,257,384
The Simply Good Foods Co. (a)		247,500		4,766,850
TreeHouse Foods Inc. (a)		112,000		4,944,800

				41,899,690


Paper Products - 0.1%
Neenah Inc.		20,749		894,904


Personal Products - 0.3%
elf Beauty Inc. (a)		199,500		1,963,080
Medifast Inc.		6,584		411,500

				2,374,580


Pharmaceuticals - 2.1%
ANI Pharmaceuticals Inc. (a)		15,041		612,770
Catalent Inc. (a)		119,695		6,218,155
Collegium Pharmaceutical Inc. (a)		37,510		612,538
Endo International PLC (a)		46,616		172,479
Horizon Therapeutics PLC (a)		46,757		1,384,943
Prestige Consumer Healthcare Inc. (a)		213,919		7,846,549
Supernus Pharmaceuticals Inc. (a)		20,450		367,896

				17,215,330


Property & Casualty Insurance - 2.5%
AMERISAFE Inc.		61,952		3,994,045
Argo Group International Holdings Ltd.		137,788		5,106,423
James River Group Holdings Ltd.		66,500		2,409,960
Kemper Corp.		6,521		484,967
Palomar Holdings Inc. (a)		30,500		1,773,880
RLI Corp.		47,039		4,136,139
Selective Insurance Group Inc.		53,555		2,661,684

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street InstitutionalSmall-Cap Equity Fund			19

State Street InstitutionalSmall-Cap Equity Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Number of Shares		Fair Value $

Stewart Information Services Corp.		12,192		325,161

				20,892,259


Publishing - 1.1%
John Wiley & Sons Inc., Class A		240,879		9,030,554


Real Estate Services - 0.0%*
Newmark Group Inc., Class A		31,057		131,992


Regional Banks - 8.2%
1st Source Corp.		41,977		1,361,314
Atlantic Union Bankshares Corp.		52,028		1,139,413
BankUnited Inc.		26,966		504,264
Bryn Mawr Bank Corp.		58,500		1,660,230
Cadence BanCorp		151,265		990,786
Community Bank System Inc.		56,000		3,292,800
Cullen/Frost Bankers Inc.		39,328		2,194,109
CVB Financial Corp.		139,500		2,796,975
Enterprise Financial Services Corp.		47,443		1,324,134
Equity Bancshares Inc., Class A (a)		68,321		1,178,537
First Interstate BancSystem Inc., Class A		30,942		892,367
Franklin Financial Network Inc.		37,592		766,501
Fulton Financial Corp.		266,169		3,058,282
German American Bancorp Inc.		66,500		1,825,425
Glacier Bancorp Inc.		18,442		627,120
Home BancShares Inc.		49,599		594,692
IBERIABANK Corp.		83,085		3,004,354
Independent Bank Corp.		68,000		4,377,160
Investors Bancorp Inc.		82,530		659,415
Lakeland Financial Corp.		19,506		716,846
National Bank Holdings Corp., Class A		41,960		1,002,844
Origin Bancorp Inc.		52,297		1,059,014
PacWest Bancorp		70,712		1,267,159
Pinnacle Financial Partners Inc.		23,115		867,737
Prosperity Bancshares Inc.		126,786		6,117,425
Renasant Corp.		185,775		4,057,326
Sandy Spring Bancorp Inc.		53,482		1,210,832
Stock Yards Bancorp Inc.		55,000		1,591,150
UMB Financial Corp.		98,500		4,568,430
United Community Banks Inc.		64,345		1,178,157
Valley National Bancorp		87,993		643,229
Washington Trust Bancorp Inc.		47,000		1,718,320
Westamerica Bancorporation		80,667		4,741,606
Western Alliance Bancorp		120,061		3,675,067
Wintrust Financial Corp.		56,250		1,848,375

				68,511,395


	Number of Shares		Fair Value $
Research & Consulting Services - 0.7%
CoreLogic Inc.		115,972		3,541,785
Resources Connection Inc.		252,394		2,768,762

				6,310,547


Residential REITs - 0.1%
NexPoint Residential Trust Inc.		48,285		1,217,265


Restaurants - 1.0%
Bloomin’ Brands Inc.		17,697		126,357
Brinker International Inc.		20,743		249,123
Cracker Barrel Old Country Store Inc.		14,207		1,182,306
Dave & Buster’s Entertainment Inc.		12,222		159,864
Ruth’s Hospitality Group Inc.		77,941		520,646
Texas Roadhouse Inc.		118,116		4,878,191
The Cheesecake Factory Inc.		60,629		1,035,543

				8,152,030


Retail REITs - 0.1%
Retail Opportunity Investments Corp.		53,007		439,428


Security & Alarm Services - 1.0%
The Brink’s Co.		165,220		8,599,701


Semiconductor Equipment - 0.7%
Brooks Automation Inc.		57,140		1,742,770
Ichor Holdings Ltd. (a)		74,129		1,420,312
Onto Innovation Inc. (a)		83,880		2,488,719

				5,651,801


Semiconductors - 0.5%
Diodes Inc. (a)		17,117		695,549
Semtech Corp. (a)		104,481		3,918,038

				4,613,587


Soft Drinks - 0.3%
Primo Water Corp.		258,889		2,345,534


Specialized Consumer Services - 0.3%
OneSpaWorld Holdings Ltd.		136,683		554,933
ServiceMaster Global Holdings Inc. (a)		63,049		1,702,323
WW International Inc. (a)		14,181		239,801

				2,497,057


Specialized REITs - 0.9%
CoreSite Realty Corp.		27,330		3,167,547
National Storage Affiliates Trust		39,128		1,158,189
PotlatchDeltic Corp.		59,655		1,872,570

See Notes to Schedules of Investments and Notes to Financial Statements.


20		State Street InstitutionalSmall-Cap Equity Fund

State Street InstitutionalSmall-Cap Equity Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Number of Shares		Fair Value $

QTS Realty Trust Inc., Class A		19,661		1,140,535

				7,338,841


Specialty Chemicals - 3.7%
Chase Corp.		16,500		1,357,785
HB Fuller Co.		100,122		2,796,407
Ingevity Corp. (a)		91,336		3,215,027
Innospec Inc.		37,520		2,607,265
Minerals Technologies Inc.		19,684		713,742
PolyOne Corp.		176,404		3,346,384
Quaker Chemical Corp.		34,011		4,294,909
Sensient Technologies Corp.		151,720		6,601,337
Stepan Co.		71,254		6,303,129

				31,235,985


Specialty Stores - 0.5%
Hudson Ltd., Class A (a)		37,505		188,275
National Vision Holdings Inc. (a)		93,500		1,815,770
Sally Beauty Holdings Inc. (a)		316,278		2,555,526

				4,559,571


Steel - 0.5%
Carpenter Technology Corp.		34,193		666,764
Commercial Metals Co.		152,651		2,410,359
Steel Dynamics Inc.		56,278		1,268,506

				4,345,629


Systems Software - 1.3%
CommVault Systems Inc. (a)		9,879		399,902
Progress Software Corp.		23,800		761,600
Qualys Inc. (a)		17,000		1,478,830
SailPoint Technologies Holding Inc. (a)		217,500		3,310,350
Tenable Holdings Inc. (a)		226,500		4,951,290

				10,901,972


Technology Distributors - 0.2%
ePlus Inc. (a)		6,270		392,627
Insight Enterprises Inc. (a)		14,173		597,109
SYNNEX Corp.		6,060		442,986

				1,432,722


Technology Hardware, Storage & Peripherals - 0.7%
Pure Storage Inc., Class A (a)		487,000		5,990,100


Thrifts & Mortgage Finance - 0.9%
Axos Financial Inc. (a)		44,140		800,258
Essent Group Ltd.		18,615		490,319
Flagstar Bancorp Inc.		42,217		837,163
FS Bancorp Inc.		8,657		311,652
HomeStreet Inc.		61,547		1,368,190


	Number of Shares		Fair Value $
Kearny Financial Corp.		51,068		438,674
NMI Holdings Inc., Class A (a)		33,832		392,789
WSFS Financial Corp.		109,530		2,729,488

				7,368,533


Tires & Rubber - 0.1%
Cooper Tire & Rubber Co.		69,863		1,138,767


Trading Companies & Distributors - 0.9%
Applied Industrial Technologies Inc.		119,667		5,471,175
BMC Stock Holdings Inc. (a)		33,867		600,462
Foundation Building Materials Inc. (a)		38,061		391,648
GMS Inc. (a)		29,783		468,487
Herc Holdings Inc. (a)		22,923		469,004

				7,400,776


Trucking - 0.7%
ArcBest Corp.		16,980		297,489
Avis Budget Group Inc. (a)		21,737		302,144
Marten Transport Ltd.		83,507		1,713,564
PAM Transportation Services Inc. (a)		3,985		122,539
Saia Inc. (a)		48,763		3,586,031

				6,021,767


Total Common Stock (Cost $883,641,942)				793,584,948


Short-Term Investments - 4.8%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.36% (Cost $40,129,515) (b)(c)(d)		40,129,515		40,129,515


Total Investments (Cost $923,771,457)				833,714,463

Other Assets and Liabilities, net - 0.6%				4,933,931


NET ASSETS - 100.0%				838,648,394

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street InstitutionalSmall-Cap Equity Fund			21

State Street InstitutionalSmall-Cap Equity Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)

Other Information:

The Fund had the following long futures contracts open at March 31, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
E-mini Russell 2000 Index Futures		June 2020		238	$	12,422,407	$	13,656,440	$	1,234,033

During the period ended March 31, 2020, average notional value related to long futures contracts was $15,066,250 or 1.8% of net assets.

(a)	Non-income producing security.

(b)	At March 31, 2020, all or a portion of this security was pledged to cover collateral requirements for futures.

(c)	Coupon amount represents effective yield.

(d)	Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

†	Percentages are based on net assets as of March 31, 2020.

*	Less than 0.05%.

Abbreviations:

REIT- Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total

State Street InstitutionalSmall-Cap Equity Fund	Investments in Securities

	Common Stock	$	793,584,948	$	—	$	—	$	793,584,948

	Short-Term Investments		40,129,515		—		—		40,129,515


	Total Investments in Securities	$	833,714,463	$	—	$	—	$	833,714,463


	Other Financial Instruments

	Long Futures Contracts - Unrealized Appreciation	$	1,234,033	$	—	$	—	$	1,234,033

Affiliate Table


	Number of Shares Held at 9/30/19		Value At 9/30/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/20		Value at 3/31/20		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		66,352,770	$	66,352,770	$	273,373,672	$	299,596,927	$	—	$	—		40,129,515	$	40,129,515	$	551,675

See Notes to Schedules of Investments and Notes to Financial Statements.


22		State Street InstitutionalSmall-Cap Equity Fund

State Street Institutional International Equity Fund

Understanding Your Fund’s Expenses — March 31, 2020 (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


Investment Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value October 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2020	$	857.30	$	1,022.30
Expenses Paid During Period*	$	2.55	$	2.78

Service Class
Actual Fund Return
Beginning Account Value October 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2020	$	856.20	$	1,021.00
Expenses Paid During Period*	$	3.71	$	4.04

*	Expenses are equal to the Fund’s annualized expense ratio of 0.55% for Investment Class shares and 0.80% for Service Class shares (for the period October 1, 2019-March 31, 2020), multiplied by the average account value over the period, multiplied by 183/366 (to reflect theone-half year period).


State Street Institutional International Equity Fund			23

State Street Institutional International Equity Fund

Performance Summary — March 31, 2020 (Unaudited)

Regional Allocation

Portfolio Composition as a % of Fair Value of $70,032 (in thousands) as of March 31, 2020^(a)(b)

LOGO

Top Ten Largest Holdings

as of March 31, 2020 (as a % of Fair Value)^(a)(b)


Nestle S.A.	4.72	%

Roche Holding AG	4.35	%

Novartis AG	4.28	%

AstraZeneca PLC	3.85	%

AIA Group Ltd.	3.39	%

Hoya Corp.	3.30	%

Air Liquide S.A.	3.19	%

SAP SE	2.98	%

ASML Holding N.V.	2.94	%

Schneider Electric SE	2.83	%

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund – Class G Shares.

(b)


24		State Street Institutional International Equity Fund

State Street Institutional International Equity Fund

Schedule of Investments — March 31, 2020 (Unaudited)


	Number of Shares		Fair Value $


Common Stock - 94.8%†
Australia - 1.5%
BHP Group PLC		70,623		1,094,147


Brazil - 0.8%
Itau Unibanco Holding S.A. ADR		131,755		591,580


Canada - 1.0%
Brookfield Asset Management Inc., Class A		17,013		745,615


China - 1.2%
Alibaba Group Holding Ltd. ADR (a)		4,394		854,545


France - 14.9%
Air Liquide S.A. (b)		17,586		2,233,309
AXA S.A.		63,277		1,065,914
BNP Paribas S.A.		37,077		1,076,927
LVMH Moet Hennessy Louis Vuitton SE		4,468		1,630,251
Safran S.A.		17,541		1,546,121
Schneider Electric SE		23,569		1,981,916
Vivendi S.A. (b)		59,889		1,259,770

				10,794,208


Germany - 5.5%
Adidas AG		3,612		797,855
Fresenius SE & Company KGaA		7,977		295,484
HeidelbergCement AG		18,813		799,631
SAP SE		18,789		2,087,008

				3,979,978


Hong Kong - 3.3%
AIA Group Ltd. (b)		265,402		2,377,145


Ireland - 1.9%
Kerry Group PLC, Class A		12,007		1,385,977


Japan - 28.8%
Daikin Industries Ltd.		13,100		1,575,055
Disco Corp.		6,700		1,298,311
FANUC Corp.		6,049		805,083
Fast Retailing Company Ltd.		2,780		1,129,838
Hoya Corp.		27,254		2,308,218
Kao Corp.		20,000		1,622,875
Keyence Corp.		3,700		1,184,857
Komatsu Ltd.		57,100		920,392
Mitsubishi UFJ Financial Group Inc.		230,774		860,014
Mitsui Fudosan Company Ltd.		22,425		386,736
Murata Manufacturing Company Ltd.		33,737		1,670,545


	Number of Shares		Fair Value $
Nidec Corp.		8,058		413,611
Secom Company Ltd.		14,300		1,178,016
Shimadzu Corp.		55,343		1,438,601
Shiseido Company Ltd.		27,138		1,588,614
SoftBank Group Corp.		25,702		906,288
Suzuki Motor Corp.		16,753		397,320
Tokio Marine Holdings Inc.		24,549		1,118,754

				20,803,128


Netherlands - 4.0%
ASML Holding N.V. (b)		7,845		2,057,464
ING Groep N.V. (b)		167,721		855,016

				2,912,480


Norway - 1.4%
Equinor ASA		79,074		975,932


Portugal - 1.6%
Galp Energia SGPS S.A.		102,186		1,162,631


Sweden - 3.0%
Assa Abloy AB, Class B (b)		84,057		1,566,835
Hexagon AB, Class B		13,837		584,205

				2,151,040


Switzerland - 14.6%
Givaudan S.A.		381		1,166,209
Nestle S.A.		32,495		3,309,079
Novartis AG		36,520		2,997,130
Roche Holding AG		9,523		3,047,956

				10,520,374


Taiwan - 1.0%
Taiwan Semiconductor Manufacturing Company Ltd.		82,548		743,123


United Kingdom - 10.3%
Ashtead Group PLC (b)		52,337		1,129,251
AstraZeneca PLC		30,275		2,692,800
London Stock Exchange Group PLC		16,665		1,488,201
Prudential PLC		96,392		1,205,685
Vodafone Group PLC (b)		662,520		914,973

				7,430,910


Total Common Stock (Cost $69,589,668)				68,522,813

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street Institutional International Equity Fund			25

State Street Institutional International Equity Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Number of Shares		Fair Value $


Short-Term Investments - 2.1%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.36% (Cost $1,509,460) (c)(d)		1,509,460		1,509,460


Total Investments (Cost $71,099,128)				70,032,273

Other Assets and Liabilities, net - 3.1%				2,228,664


NET ASSETS - 100.0%				72,260,937

Other Information:

The Fund had the following long futures contracts open at March 31, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
MSCI EAFE Mini Index Futures		June 2020		15	$	1,050,528	$	1,169,475	$	118,947

During the period ended March 31, 2020, average notional value related to long and short futures contracts was $780,420 or 1.1% of net assets and $83,040 or 0.1% of net assets, respectively.

†	Percentages are based on net assets as of March 31, 2020.

(a)	Non-income producing security.

(b)	At March 31, 2020, all or a portion of this security was pledged to cover collateral requirements for futures.

(c)	Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

(d)	Coupon amount represents effective yield.

Abbreviations:

ADR - American Depositary Receipt

The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total

State Street Institutional International Equity Fund	Investments in Securities

	Common Stock	$	3,577,717	$	64,945,096	$	—	$	68,522,813

	Short-Term Investments		1,509,460		—		—		1,509,460


	Total Investments in Securities	$	5,087,177	$	64,945,096	$	—	$	70,032,273


	Other Financial Instruments

	Long Futures Contracts - Unrealized Appreciation	$	118,947	$	—	$	—	$	118,947

See Notes to Schedules of Investments and Notes to Financial Statements.


26		State Street Institutional International Equity Fund

State Street Institutional International Equity Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)

The Fund was invested in the following sectors at March 31, 2020 (unaudited):


Sector	Percentage (based on Fair Value)
Pharmaceuticals		12.48%
Packaged Foods & Meats		6.70%
Life & Health Insurance		5.12%
Diversified Banks		4.83%
Semiconductor Equipment		4.79%
Personal Products		4.59%
Electronic Equipment & Instruments		4.58%
Building Products		4.49%
Apparel, Accessories & Luxury Goods		3.47%
Electrical Components & Equipment		3.42%
Healthcare Supplies		3.30%
Industrial Gases		3.19%
Integrated Oil & Gas		3.05%
Application Software		2.98%
Wireless Telecommunication Services		2.60%
Electronic Components		2.39%
Aerospace & Defense		2.21%
Financial Exchanges & Data		2.12%
Movies & Entertainment		1.80%
Security & Alarm Services		1.68%
Specialty Chemicals		1.67%
Apparel Retail		1.61%


Sector	Percentage (based on Fair Value)
Trading Companies & Distributors		1.61%
Property & Casualty Insurance		1.60%
Diversified Metals & Mining		1.56%
Multi-Line Insurance		1.52%
Construction Machinery & Heavy Trucks		1.31%
Internet & Direct Marketing Retail		1.22%
Industrial Machinery		1.15%
Construction Materials		1.14%
Asset Management & Custody Banks		1.06%
Semiconductors		1.06%
Automobile Manufacturers		0.57%
Diversified Real Estate Activities		0.55%
Healthcare Services		0.42%

		97.84%

Short-Term Investments
Short-Term Investments		2.16%

		2.16%

		100.00%

Affiliate Table


	Number of Shares Held at 9/30/19		Value At 9/30/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/20		Value at 3/31/20		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		723,844	$	723,844	$	11,729,980	$	10,944,364	$	—	$	—		1,509,460	$	1,509,460	$	13,337

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street Institutional International Equity Fund			27

State Street Active Core Bond Fund

Understanding Your Fund’s Expenses — March 31, 2020 (Unaudited)

Actual Expenses

Hypothetical Example for Comparison Purposes


Investment Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value October 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2020	$	1,013.80	$	1,023.60
Expenses Paid During Period*	$	1.41	$	1.42

Service Class
Actual Fund Return
Beginning Account Value October 1, 2019	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2020	$	1,012.30	$	1,022.40
Expenses Paid During Period*	$	2.67	$	2.68

*	Expenses are equal to the Fund’s annualized expense ratio of 0.28% for Investment Class shares and 0.53% for Service Class shares (for the period October 1, 2019-March 31, 2020), multiplied by the average account value over the period, multiplied by 183/366 (to reflect theone-half year period).


28		State Street Active Core Bond Fund

State Street Active Core Bond Fund

Performance Summary — March 31, 2020 (Unaudited)

Quality Ratings

as of March 31, 2020 as a % of Fair Value^(a)(b)


Moody’s / S&P / Rating*		Percentage of Fair Value

Aaa / AAA	��		27.87	%

Aa / AA			46.61	%

A / A			6.7	%

Baa / BBB			16.55	%

Ba / BB and lower			1.45	%

NR / Other			0.82	%

			100.00	%

Moody’s Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standard of quality. In formulating investment decisions for the Fund, SSGA Funds Management, Inc. (“SSGA FM”) develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings.

Sector Allocation

Portfolio Composition as a % of Fair Value of $137,905 (in thousands) as of March 31, 2020^(a)(b)

LOGO

(a)	Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund – Class G Shares.

(b)


State Street Active Core Bond Fund			29

State Street Active Core Bond Fund

Schedule of Investments — March 31, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $


Bonds and Notes - 90.7%†
U.S. Treasuries - 25.0%
U.S. Treasury Bonds
2.25%, 08/15/46 (a)		742,600		885,434
3.00%, 08/15/48 (a)		3,098,200		4,285,198
4.50%, 08/15/39		136,000		214,795
U.S. Treasury Notes
1.38%, 01/31/22 (a)		889,000		907,544
1.50%, 01/15/23 (a)		562,000		580,968
1.63%, 12/15/22 - 02/15/26 (a)		5,905,800		6,242,953
1.75%, 12/31/24 (a)		869,600		925,513
1.88%, 06/30/20 - 12/15/20 (a)		8,914,500		8,984,710
2.50%, 01/31/24 (a)		3,279,900		3,547,673
2.63%, 02/15/29 (a)		2,458,300		2,868,913

				29,443,701


Agency Mortgage Backed - 27.2%
Federal Home Loan Mortgage Corp.
3.00%, 03/01/43 - 04/01/43 (a)		1,662,570		1,760,658
4.50%, 06/01/33 - 02/01/35 (a)		8,549		9,328
5.00%, 07/01/35 (a)		66,080		73,378
5.50%, 05/01/20 - 04/01/39 (a)		149,702		167,703
6.00%, 02/01/29 - 11/01/37 (a)		190,291		219,608
6.50%, 08/01/29 - 10/01/33 (a)		815		951
7.00%, 06/01/29 - 08/01/36 (a)		44,982		53,501
7.50%, 01/01/30 - 09/01/33 (a)		1,774		1,984
8.00%, 11/01/30 (a)		10,043		11,439
8.50%, 04/01/30 (a)		10,823		13,666
Federal National Mortgage Assoc.
3.50%, 06/01/44 - 08/01/45 (a)		1,974,075		2,116,248
4.00%, 01/01/41 - 12/01/41 (a)		1,489,720		1,618,601
4.50%, 07/01/20 - 02/01/40 (a)		932,736		1,027,670
5.00%, 07/01/20 - 05/01/39 (a)		204,313		225,884
5.50%, 06/01/20 - 04/01/38 (a)		315,545		354,344
6.00%, 05/01/20 - 07/01/35 (a)		380,666		439,334
6.50%, 05/01/21 - 08/01/36 (a)		35,819		40,231
7.00%, 10/01/32 - 02/01/34 (a)		6,286		7,010
7.50%, 12/01/23 - 03/01/33 (a)		30,504		35,117
8.00%, 07/01/25 - 10/01/31 (a)		7,245		8,050
9.00%, 12/01/22 (a)		218		225
Federal National Mortgage Assoc. 1.25% + USD COF11 5.50%, 10/01/24 (a)(b)		4,324		4,508
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR 4.47%, 04/01/37 (a)(b)		2,196		2,224
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 5.05%, 09/25/46 (a)(b)(c)		1,433,011		331,515


	Principal Amount ($)		Fair Value $
Federal National Mortgage Assoc. TBA
2.50%, TBA (d)		3,026,000		3,137,659
3.00%, TBA (d)		2,529,000		2,651,682
3.50%, TBA (d)		2,249,000		2,377,845
4.00%, TBA (d)		4,549,000		4,831,777
4.50%, TBA (d)		1,285,000		1,382,853
Government National Mortgage Assoc.
3.00%, 12/20/42 (a)		1,548,072		1,665,954
4.00%, 01/20/41 - 04/20/43 (a)		1,551,958		1,700,177
4.50%, 08/15/33 - 05/20/40 (a)		267,768		294,402
5.00%, 08/15/33 (a)		20,749		22,987
6.00%, 04/15/27 - 09/15/36 (a)		141,267		162,672
6.50%, 02/15/24 - 09/15/36 (a)		56,353		63,194
7.00%, 10/15/27 - 10/15/36 (a)		28,202		32,648
7.50%, 01/15/23 - 11/15/31 (a)		2,243		2,332
8.00%, 05/15/30 - 09/15/30 (a)		203		223
9.00%, 12/15/21 (a)		86		88
2.50%, TBA (d)		761,000		795,085
3.00%, TBA (d)		706,000		746,602
3.50%, TBA (d)		3,447,000		3,633,862

				32,025,219

Agency Collateralized Mortgage Obligations - 1.4%
Federal Home Loan Mortgage Corp.
0.08%, 09/25/43 (a)(b)(c)		576,132		1,659
2.43%, 08/25/29 (a)		673,000		710,270
2.51%, 07/25/29 (a)		290,000		308,093
Federal Home Loan Mortgage Corp. REMIC
3.50%, 09/15/29 - 11/15/30 (a)(c)		181,451		6,527
5.50%, 06/15/33 (a)(c)		21,631		3,725
7.50%, 07/15/27 (a)(c)		2,273		326
Federal Home Loan Mortgage Corp. REMIC 6.15% - 1 month USD LIBOR
5.45%, 10/15/42 (a)(b)(c)		1,205,007		204,327
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR
5.90%, 08/15/25 (a)(b)(c)		60,102		2,522
Federal Home Loan Mortgage Corp. STRIPS
1.47%, 08/01/27 (a)(e)		517		491
8.00%, 02/01/23 - 07/01/24 (a)(c)		1,326		145
Federal National Mortgage Assoc. REMIC
1.10%, 12/25/42 (b)(c)		104,966		4,197
5.00%, 02/25/40 - 09/25/40 (a)(c)		98,935		10,929

See Notes to Schedules of Investments and Notes to Financial Statements.


30		State Street Active Core Bond Fund

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
5.05%, 07/25/38 (a)(b)(c)		39,665		6,438
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR
5.60%, 11/25/41 (a)(b)(c)		1,597,249		393,312
Federal National Mortgage Assoc. STRIPS
1.87%, 12/25/34 (a)(e)		9,802		9,095
4.50%, 08/25/35 - 01/25/36 (a)(c)		71,279		10,234
5.00%, 03/25/38 - 05/25/38 (a)(c)		37,360		5,854
5.50%, 12/25/33 (a)(c)		9,874		1,911
6.00%, 01/25/35 (a)(c)		44,054		8,884
7.50%, 11/25/23 (a)(c)		4,938		436
8.00%, 08/25/23 - 07/25/24 (a)(c)		2,759		315
8.50%, 07/25/22 (a)(c)		29		2
9.00%, 05/25/22 (a)(c)		21		1
Government National Mortgage Assoc. REMIC
4.50%, 05/20/38 - 08/16/39 (a)(c)		47,937		776
5.00%, 09/20/38 (a)(c)**		178		—

				1,690,469


Asset Backed - 3.3%
Ally Auto Receivables Trust
2.35%, 06/15/22		67,990		68,131
American Express Credit Account Master Trust 0.24% + 1 month USD LIBOR
0.94%, 04/15/24 (a)(b)		490,000		479,287
BA Credit Card Trust2018-A1
2.70%, 07/17/23 (a)		432,000		432,599
CarMax Auto Owner Trust
3.13%, 06/15/23		101,000		102,657
Chase Funding Trust2004-1
4.99%, 11/25/33 (a)(f)		136,838		129,656
Enterprise Fleet Financing2019-1 LLC
3.07%, 10/20/24 (a)(g)		473,000		467,572
GMF Floorplan Owner Revolving Trust 0.32% + 1 month USD LIBOR
1.02%, 09/15/22 (a)(b)(g)		219,000		217,084
Hyundai Auto Lease Securitization Trust2018-A
2.89%, 03/15/22 (a)(g)		619,000		619,089


	Principal Amount ($)		Fair Value $
Nissan Auto Lease Trust
1.80%, 05/16/22		163,000		163,344
Nissan Auto Lease Trust2019-A
2.76%, 03/15/22 (a)		400,000		402,045
Securitized Term Auto Receivables Trust2018-1A
3.30%, 11/25/22 (a)(g)		118,000		117,617
Toyota Auto Receivables Owner Trust
2.05%, 09/15/22 (a)		241,000		240,353
Trillium Credit Card Trust II
3.04%, 01/26/24 (a)(g)		482,000		482,585

				3,922,019


Corporate Notes - 29.5%
3M Co.
2.65%, 04/15/25		35,000		36,227
3.05%, 04/15/30		40,000		41,918
3.13%, 09/19/46 (a)		52,000		50,267
3.70%, 04/15/50		25,000		28,382
Abbott Laboratories
3.75%, 11/30/26 (a)		223,000		248,870
4.90%, 11/30/46 (a)		34,000		46,509
AbbVie Inc.
2.60%, 11/21/24 (a)(g)		65,000		65,626
2.95%, 11/21/26 (a)(g)		85,000		86,023
3.20%, 05/14/26 (a)		24,000		24,462
3.20%, 11/21/29 (a)(g)		80,000		79,540
4.05%, 11/21/39 (a)(g)		35,000		36,286
4.25%, 11/21/49 (a)(g)		25,000		26,634
4.70%, 05/14/45 (a)		9,000		10,111
4.88%, 11/14/48 (a)		7,000		8,118
Aetna Inc.
3.50%, 11/15/24 (a)		29,000		29,588
Aircastle Ltd.
4.25%, 06/15/26 (a)		58,000		48,897
Albemarle Wodgina Pty Ltd.
3.45%, 11/15/29 (a)(g)		69,000		63,027
Alexandria Real Estate Equities Inc.
4.70%, 07/01/30 (a)		50,000		51,042
Alimentation Couche-Tard Inc.
2.95%, 01/25/30 (a)(g)		33,000		30,573
3.80%, 01/25/50 (a)(g)		51,000		44,689
Allergan Finance LLC
3.25%, 10/01/22 (a)		29,000		29,185
4.63%, 10/01/42 (a)		4,000		4,730
Allergan Funding SCS
3.45%, 03/15/22 (a)		87,000		87,535
Allergan Sales LLC
5.00%, 12/15/21 (a)(g)		55,000		58,205

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street Active Core Bond Fund			31

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Ally Financial Inc.
5.75%, 11/20/25 (a)		42,000		41,105
Altria Group Inc.
2.95%, 05/02/23 (a)		23,000		22,926
3.80%, 02/14/24 (a)		15,000		15,215
4.25%, 08/09/42 (a)		3,000		2,724
4.50%, 05/02/43 (a)		13,000		12,322
4.80%, 02/14/29 (a)		58,000		60,232
Amazon.com Inc.
3.15%, 08/22/27 (a)		31,000		34,222
4.05%, 08/22/47 (a)		12,000		15,223
4.25%, 08/22/57 (a)		6,000		8,011
Ameren Corp.
2.50%, 09/15/24 (a)		75,000		72,912
3.50%, 01/15/31		35,000		34,917
American Electric Power Company Inc.
3.25%, 03/01/50 (a)		30,000		26,755
American Electric Power Company Inc.
2.30%, 03/01/30 (a)		30,000		28,087
American Express Co.
3.00%, 10/30/24 (a)		167,000		173,262
American International Group Inc.
4.25%, 03/15/29 (a)		151,000		156,561
4.50%, 07/16/44 (a)		80,000		82,178
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter)
5.75%, 04/01/48 (a)(b)		49,000		42,037
American Tower Corp.
2.90%, 01/15/30 (a)		40,000		38,414
3.70%, 10/15/49 (a)		6,000		5,543
3.80%, 08/15/29 (a)		31,000		31,515
4.70%, 03/15/22 (a)		100,000		102,406
American Water Capital Corp.
2.95%, 09/01/27 (a)		75,000		73,723
Amgen Inc.
2.45%, 02/21/30 (a)		135,000		133,774
2.65%, 05/11/22 (a)		86,000		86,930
3.15%, 02/21/40 (a)		68,000		67,931
3.38%, 02/21/50 (a)		68,000		70,623
4.56%, 06/15/48 (a)		24,000		29,367
4.66%, 06/15/51 (a)		7,000		8,784
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (a)		116,000		121,530
4.70%, 02/01/36 (a)		16,000		16,705
4.90%, 02/01/46 (a)		27,000		29,407


	Principal Amount ($)		Fair Value $
Anheuser-Busch InBev Worldwide Inc.
4.00%, 04/13/28 (a)		42,000		44,506
4.38%, 04/15/38 (a)		49,000		50,457
4.60%, 04/15/48 (a)		23,000		24,300
4.75%, 04/15/58 (a)		13,000		13,281
5.55%, 01/23/49 (a)		44,000		51,646
Anthem Inc.
2.88%, 09/15/29 (a)		21,000		20,430
3.30%, 01/15/23 (a)		27,000		27,440
3.70%, 09/15/49 (a)		21,000		20,790
Apache Corp.
4.38%, 10/15/28 (a)		9,000		4,890
5.10%, 09/01/40 (a)		41,000		19,587
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter)
4.95%, 01/14/50 (a,b,g)		50,000		45,347
Apple Inc.
2.15%, 02/09/22 (a)		150,000		153,444
2.20%, 09/11/29 (a)		76,000		77,859
2.85%, 05/11/24 (a)		126,000		132,668
2.95%, 09/11/49 (a)		20,000		21,135
3.35%, 02/09/27 (a)		15,000		16,373
3.45%, 02/09/45 (a)		37,000		41,616
3.85%, 08/04/46 (a)		43,000		52,184
Applied Materials Inc.
4.35%, 04/01/47 (a)		48,000		61,278
Aptiv PLC
4.40%, 10/01/46 (a)		23,000		17,880
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (a)		13,000		13,071
Ares Capital Corp.
3.25%, 07/15/25 (a)		202,000		162,660
Ascension Health
4.85%, 11/15/53 (a)		17,000		22,787
AstraZeneca PLC
3.50%, 08/17/23 (a)		21,000		22,117
4.00%, 01/17/29 (a)		14,000		15,692
4.38%, 08/17/48 (a)		6,000		7,419
AT&T Inc.
2.63%, 12/01/22 (a)		500,000		501,265
4.35%, 03/01/29 (a)		84,000		89,972
4.45%, 04/01/24 (a)		24,000		25,561
4.50%, 05/15/35 (a)		36,000		38,770
4.55%, 03/09/49 (a)		31,000		33,286
4.75%, 05/15/46 (a)		45,000		49,252
4.80%, 06/15/44 (a)		24,000		26,115
4.85%, 03/01/39 (a)		38,000		42,479
5.15%, 11/15/46 (a)		5,000		5,836
5.25%, 03/01/37 (a)		28,000		32,668
5.35%, 12/15/43 (a)		18,000		19,228

See Notes to Schedules of Investments and Notes to Financial Statements.


32		State Street Active Core Bond Fund

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

5.45%, 03/01/47 (a)		31,000		37,319
Athene Holding Ltd.
6.15%, 04/03/30		67,000		66,871
Avangrid Inc.
3.15%, 12/01/24 (a)		45,000		45,006
Avery Dennison Corp.
2.65%, 04/30/30 (a)		55,000		51,942
Bank of America Corp.
3.25%, 10/21/27 (a)		4,000		4,225
3.95%, 04/21/25 (a)		89,000		92,772
4.18%, 11/25/27 (a)		130,000		136,760
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter)
3.12%, 01/20/23 (a)(b)		31,000		31,346
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter)
3.37%, 01/23/26 (a)(b)		19,000		19,789
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter)
3.56%, 04/23/27 (a)(b)		102,000		106,690
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95%, 01/23/49 (a)(b)		121,000		131,986
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter)
4.24%, 04/24/38 (a)(b)		114,000		127,142
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)
4.27%, 07/23/29 (a)(b)		97,000		105,093
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.66% + 3 month USD LIBOR thereafter)
4.30%, 12/31/99 (a)(b)	��	80,000		69,074
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)
4.44%, 01/20/48 (a)(b)		52,000		58,932


	Principal Amount ($)		Fair Value $
Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter)
4.34%, 10/05/28 (a)(b)		45,000		45,913
Barclays PLC
4.84%, 05/09/28 (a)		200,000		204,064
Barrick North America Finance LLC
5.70%, 05/30/41 (a)		5,000		6,066
BAT Capital Corp.
2.76%, 08/15/22 (a)		26,000		25,552
3.56%, 08/15/27 (a)		20,000		19,148
4.39%, 08/15/37 (a)		37,000		33,935
4.54%, 08/15/47 (a)		19,000		17,312
4.70%, 04/02/27		67,000		68,680
4.91%, 04/02/30		67,000		68,753
5.28%, 04/02/50		45,000		45,013
Baxter International Inc.
3.75%, 10/01/25 (a)(g)		45,000		47,854
3.95%, 04/01/30 (a)(g)		20,000		21,646
Becton Dickinson and Co.
2.89%, 06/06/22 (a)		27,000		26,822
3.70%, 06/06/27 (a)		26,000		26,297
3.73%, 12/15/24 (a)		4,000		4,124
4.67%, 06/06/47 (a)		4,000		4,333
4.69%, 12/15/44 (a)		3,000		3,208
Berkshire Hathaway Energy Co.
3.25%, 04/15/28 (a)		19,000		19,621
3.70%, 07/15/30 (g)		50,000		53,752
3.80%, 07/15/48 (a)		47,000		48,421
4.25%, 10/15/50 (g)		55,000		62,909
6.13%, 04/01/36 (a)		79,000		104,482
BNP Paribas S.A. (2.82% fixed rate until 11/19/24; 1.11% + 3 month USD LIBOR thereafter)
2.82%, 11/19/25 (a)(b)(g)		204,000		198,166
Boardwalk Pipelines LP
4.80%, 05/03/29 (a)		28,000		21,366
Boston Scientific Corp.
4.70%, 03/01/49 (a)		11,000		12,383
BP Capital Markets America Inc.
3.00%, 02/24/50 (a)		55,000		51,350
3.02%, 01/16/27 (a)		69,000		69,175
3.22%, 11/28/23 (a)		31,000		31,823
BPCE S.A.
4.50%, 03/15/25 (a)(g)		202,000		204,951
Bristol-Myers Squibb Co.
3.20%, 06/15/26 (a)(g)		64,000		68,020
3.40%, 07/26/29 (a)(g)		52,000		57,291
3.45%, 11/15/27 (a)(g)		15,000		15,969
4.13%, 06/15/39 (a)(g)		23,000		27,554
4.25%, 10/26/49 (a)(g)		23,000		29,043

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street Active Core Bond Fund			33

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

4.35%, 11/15/47 (a)(g)		4,000		5,012
4.55%, 02/20/48 (a)(g)		57,000		72,563
5.00%, 08/15/45 (a)(g)		33,000		44,030
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65%, 01/15/23 (a)		6,000		5,845
3.00%, 01/15/22 (a)		46,000		45,469
3.13%, 01/15/25 (a)		7,000		6,571
3.88%, 01/15/27 (a)		6,000		5,731
Brown-Forman Corp.
4.00%, 04/15/38 (a)		6,000		6,195
Bunge Limited Finance Corp.
3.75%, 09/25/27 (a)		12,000		10,668
Burlington Northern Santa Fe LLC
4.15%, 12/15/48 (a)		75,000		88,235
4.55%, 09/01/44 (a)		38,000		45,527
Cameron LNG LLC
3.30%, 01/15/35 (a)(g)		21,000		18,246
Canadian Natural Resources Ltd.
3.85%, 06/01/27 (a)		42,000		32,994
4.95%, 06/01/47 (a)		5,000		3,590
Canadian Pacific Railway Co.
2.90%, 02/01/25 (a)		13,000		13,312
Capital One Financial Corp.
3.75%, 07/28/26 (a)		225,000		213,874
Cardinal Health Inc.
2.62%, 06/15/22 (a)		13,000		13,067
3.08%, 06/15/24 (a)		12,000		11,873
Carlisle Companies Inc.
2.75%, 03/01/30 (a)		60,000		52,331
Carrier Global Corp.
2.72%, 02/15/30 (a)(g)		45,000		41,420
3.38%, 04/05/40 (a)(g)		30,000		26,505
3.58%, 04/05/50 (a)(g)		45,000		39,035
Caterpillar Inc.
3.25%, 09/19/49 (a)		39,000		39,088
3.80%, 08/15/42 (a)		8,000		8,802
Centene Corp.
3.38%, 02/15/30 (a)(g)		93,000		86,576
4.25%, 12/15/27 (a)(g)		99,000		97,029
4.63%, 12/15/29 (a)(g)		31,000		31,138
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46%, 07/23/22 (a)		90,000		93,288
4.80%, 03/01/50		22,000		23,050
4.91%, 07/23/25 (a)		13,000		13,795
5.05%, 03/30/29 (a)		48,000		51,795
5.75%, 04/01/48 (a)		45,000		51,237
6.38%, 10/23/35 (a)		4,000		4,755
6.48%, 10/23/45 (a)		19,000		22,737


	Principal Amount ($)		Fair Value $
Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/25 (a)		81,000		68,093
Chevron Corp.
3.19%, 06/24/23 (a)		47,000		49,146
Chevron Phillips Chemical Company LLC/Chevron Phillips Chemical Company LP
5.13%, 04/01/25 (a)(g)		112,000		115,426
Chubb INA Holdings Inc.
4.35%, 11/03/45 (a)		58,000		71,453
Cigna Corp.
2.40%, 03/15/30 (a)		40,000		38,076
3.25%, 04/15/25 (a)(g)		24,000		23,917
3.40%, 09/17/21 - 03/15/50 (a)		36,000		35,738
3.40%, 03/01/27 (a)(g)		13,000		13,139
3.75%, 07/15/23 (a)		48,000		49,380
3.88%, 10/15/47 (a)(g)		4,000		3,993
4.13%, 11/15/25 (a)		34,000		36,309
4.38%, 10/15/28 (a)		14,000		15,045
4.80%, 08/15/38 (a)		12,000		13,473
4.90%, 12/15/48 (a)		2,000		2,389
Cisco Systems Inc.
5.90%, 02/15/39 (a)		16,000		23,026
Citigroup Inc.
2.70%, 10/27/22 (a)		188,000		189,000
4.65%, 07/23/48 (a)		112,000		134,504
4.75%, 05/18/46 (a)		51,000		55,239
5.50%, 09/13/25 (a)		81,000		91,212
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter)
2.88%, 07/24/23 (a)(b)		65,000		65,123
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter)
2.98%, 11/05/30 (a)(b)		142,000		137,747
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter)
3.88%, 01/24/39 (a)(b)		39,000		41,196
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter)
4.70%, 12/31/99 (a)(b)		83,000		70,296
CMS Energy Corp.
4.88%, 03/01/44 (a)		53,000		59,804
CNA Financial Corp.
3.45%, 08/15/27 (a)		37,000		35,487
3.90%, 05/01/29 (a)		85,000		84,566
CNOOC Nexen Finance 2014 ULC
4.25%, 04/30/24 (a)		233,000		250,801

See Notes to Schedules of Investments and Notes to Financial Statements.


34		State Street Active Core Bond Fund

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Comcast Corp.
3.10%, 04/01/25 (a)		35,000		37,144
3.20%, 07/15/36 (a)		27,000		28,121
3.25%, 11/01/39 (a)		62,000		63,875
3.45%, 02/01/50 (a)		30,000		32,479
3.97%, 11/01/47 (a)		63,000		72,479
4.15%, 10/15/28 (a)		15,000		16,837
4.60%, 08/15/45 (a)		8,000		9,708
4.70%, 10/15/48 (a)		54,000		69,794
CommonSpirit Health
4.35%, 11/01/42 (a)		129,000		126,911
Conagra Brands Inc.
5.30%, 11/01/38 (a)		14,000		15,255
5.40%, 11/01/48 (a)		12,000		13,420
Concho Resources Inc.
3.75%, 10/01/27 (a)		10,000		8,436
4.30%, 08/15/28 (a)		47,000		40,543
4.88%, 10/01/47 (a)		9,000		6,847
ConocoPhillips Co.
4.30%, 11/15/44 (a)		27,000		24,077
Consolidated Edison Company of New York Inc.
2.90%, 12/01/26 (a)		29,000		27,718
3.35%, 04/01/30		20,000		20,668
3.88%, 06/15/47 (a)		65,000		65,931
3.95%, 04/01/50		30,000		31,912
Constellation Brands Inc.
3.15%, 08/01/29 (a)		138,000		128,547
3.70%, 12/06/26 (a)		49,000		47,966
4.50%, 05/09/47 (a)		23,000		21,470
Continental Resources Inc.
4.50%, 04/15/23 (a)		122,000		67,665
Corning Inc.
4.38%, 11/15/57 (a)		24,000		25,282
Crown Castle International Corp.
3.30%, 07/01/30		70,000		69,425
4.15%, 07/01/50		20,000		19,780
5.20%, 02/15/49 (a)		44,000		47,337
CSX Corp.
4.50%, 03/15/49 - 08/01/54 (a)		84,000		95,412
CubeSmart LP
4.38%, 02/15/29 (a)		94,000		98,313
CVS Health Corp.
3.00%, 08/15/26 (a)		23,000		23,165
3.25%, 08/15/29 (a)		25,000		24,985
3.35%, 03/09/21 (a)		11,000		11,071
3.63%, 04/01/27		40,000		41,054
3.75%, 04/01/30		30,000		30,959
3.88%, 07/20/25 (a)		13,000		13,449
4.10%, 03/25/25 (a)		31,000		32,792
4.25%, 04/01/50		25,000		26,140
4.30%, 03/25/28 (a)		19,000		20,141
4.78%, 03/25/38 (a)		13,000		14,355


	Principal Amount ($)		Fair Value $
5.00%, 12/01/24 (a)		28,000		30,213
5.05%, 03/25/48 (a)		29,000		33,113
5.13%, 07/20/45 (a)		27,000		30,953
Deere & Co.
2.75%, 04/15/25		65,000		67,913
3.10%, 04/15/30		45,000		48,205
3.75%, 04/15/50		40,000		45,840
Dell International LLC/EMC Corp.
4.00%, 07/15/24 (a)(g)		34,000		34,370
4.42%, 06/15/21 (a)(g)		40,000		39,972
5.45%, 06/15/23 (a)(g)		119,000		122,313
6.02%, 06/15/26 (a)(g)		13,000		13,451
8.10%, 07/15/36 (a)(g)		3,000		3,429
8.35%, 07/15/46 (a)(g)		33,000		38,644
Deutsche Telekom AG
3.63%, 01/21/50 (a)(g)		152,000		149,430
Devon Energy Corp.
5.00%, 06/15/45 (a)		14,000		8,967
DH Europe Finance II Sarl
2.60%, 11/15/29 (a)		35,000		34,814
3.25%, 11/15/39 (a)		21,000		20,157
3.40%, 11/15/49 (a)		11,000		10,870
Diamondback Energy Inc.
2.88%, 12/01/24 (a)		50,000		34,878
3.25%, 12/01/26 (a)		35,000		24,825
3.50%, 12/01/29 (a)		31,000		21,300
5.38%, 05/31/25 (a)		122,000		90,275
Digital Realty Trust LP
3.60%, 07/01/29 (a)		45,000		44,266
Discovery Communications LLC
2.95%, 03/20/23 (a)		123,000		122,519
3.95%, 03/20/28 (a)		55,000		54,037
4.95%, 05/15/42 (a)		5,000		4,821
5.00%, 09/20/37 (a)		9,000		9,005
Dollar Tree Inc.
4.00%, 05/15/25 (a)		51,000		52,401
Dominion Energy Inc.
3.07%, 08/15/24 (a)(f)		26,000		25,811
3.38%, 04/01/30		65,000		64,347
Dover Corp.
2.95%, 11/04/29 (a)		40,000		41,920
DTE Energy Co.
2.85%, 10/01/26 (a)		29,000		28,535
3.85%, 12/01/23 (a)		15,000		15,492
Duke Energy Carolinas LLC
3.95%, 03/15/48 (a)		17,000		19,234
Duke Energy Corp.
1.80%, 09/01/21 (a)		34,000		33,760
3.75%, 09/01/46 (a)		11,000		11,003

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street Active Core Bond Fund			35

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter)
4.88%, 12/31/99 (a)(b)		75,000		64,202
Duke Energy Progress LLC
4.15%, 12/01/44 (a)		22,000		24,042
Duke Realty LP
3.05%, 03/01/50 (a)		20,000		15,895
3.38%, 12/15/27 (a)		37,000		37,154
DuPont de Nemours Inc.
5.32%, 11/15/38 (a)		9,000		10,092
5.42%, 11/15/48 (a)		9,000		10,399
Duquesne Light Holdings Inc.
3.62%, 08/01/27 (a)(g)		22,000		21,463
Eastman Chemical Co.
3.50%, 12/01/21 (a)		27,000		27,367
4.50%, 01/15/21 (a)		57,000		57,565
4.65%, 10/15/44 (a)		44,000		47,401
Eaton Corp.
3.10%, 09/15/27 (a)		51,000		51,292
Edison International
2.40%, 09/15/22 (a)		123,000		118,604
4.95%, 04/15/25		75,000		74,827
5.75%, 06/15/27 (a)		8,000		8,314
Eli Lilly & Co.
3.95%, 03/15/49 (a)		36,000		45,291
Emera US Finance LP
4.75%, 06/15/46 (a)		3,000		2,799
Enbridge Energy Partners LP
5.50%, 09/15/40 (a)		4,000		3,870
Energy Transfer Operating LP
4.25%, 03/15/23 (a)		52,000		46,791
4.50%, 04/15/24 (a)		8,000		7,199
4.95%, 06/15/28 (a)		11,000		9,266
6.13%, 12/15/45 (a)		6,000		5,145
6.50%, 02/01/42 (a)		26,000		22,888
Energy Transfer Operating LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter)
6.75%, 12/31/99 (a)(b)		123,000		74,928
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50%, 11/01/23 (a)		18,000		16,253
Entergy Louisiana LLC
3.05%, 06/01/31 (a)		16,000		16,074
4.00%, 03/15/33 (a)		17,000		18,840
Enterprise Products Operating LLC
4.25%, 02/15/48 (a)		43,000		40,838


	Principal Amount ($)		Fair Value $
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter)
5.25%, 08/16/77 (a)(b)		13,000		8,947
EOG Resources Inc.
4.15%, 01/15/26 (a)		6,000		6,188
5.10%, 01/15/36 (a)		11,000		10,821
EPR Properties
4.95%, 04/15/28 (a)		18,000		16,349
Equinor ASA
3.25%, 11/18/49 (a)		20,000		19,897
ERP Operating LP
4.50%, 07/01/44 (a)		36,000		39,995
Essex Portfolio LP
2.65%, 03/15/32 (a)		25,000		22,594
Eversource Energy
3.45%, 01/15/50 (a)		80,000		73,450
Exelon Corp.
3.50%, 06/01/22 (a)		30,000		29,127
4.05%, 04/15/30		67,000		68,364
4.45%, 04/15/46 (a)		48,000		47,701
4.70%, 04/15/50		45,000		47,268
FedEx Corp.
4.10%, 02/01/45 (a)		53,000		47,337
FirstEnergy Corp.
3.90%, 07/15/27 (a)		12,000		12,190
FirstEnergy Transmission LLC
4.55%, 04/01/49 (a)(g)		80,000		79,938
Fiserv Inc.
3.50%, 07/01/29 (a)		70,000		72,570
4.40%, 07/01/49 (a)		12,000		12,672
Florida Power & Light Co.
2.85%, 04/01/25 (a)		80,000		83,498
4.13%, 02/01/42 (a)		73,000		82,881
Ford Motor Credit Company LLC
5.88%, 08/02/21 (a)		205,000		200,875
General Dynamics Corp.
3.25%, 04/01/25 (a)		25,000		26,583
4.25%, 04/01/50 (a)		35,000		43,870
General Mills Inc.
2.88%, 04/15/30		25,000		24,950
3.70%, 10/17/23 (a)		51,000		53,071
4.55%, 04/17/38 (a)		14,000		15,397
4.70%, 04/17/48 (a)		4,000		4,553
General Motors Co.
5.20%, 04/01/45 (a)		4,000		3,064
5.40%, 04/01/48 (a)		9,000		6,346
General Motors Financial Company Inc.
3.45%,01/14/22 - 04/10/22 (a)		441,000		409,675
3.55%, 04/09/21 (a)		104,000		99,496
5.25%, 03/01/26 (a)		24,000		21,137

See Notes to Schedules of Investments and Notes to Financial Statements.


36		State Street Active Core Bond Fund

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Georgia-Pacific LLC
3.60%, 03/01/25 (a)(g)		41,000		43,302
Gilead Sciences Inc.
2.95%, 03/01/27 (a)		6,000		6,198
3.50%, 02/01/25 (a)		13,000		13,913
3.65%, 03/01/26 (a)		99,000		106,888
4.15%, 03/01/47 (a)		30,000		36,590
4.80%, 04/01/44 (a)		11,000		14,075
GlaxoSmithKline Capital Inc.
3.38%, 05/15/23 (a)		29,000		30,489
3.63%, 05/15/25 (a)		28,000		30,336
GlaxoSmithKline Capital PLC
3.38%, 06/01/29 (a)		32,000		34,420
Grupo Televisa SAB
5.00%, 05/13/45 (a)		209,000		207,349
Halliburton Co.
3.80%, 11/15/25 (a)		2,000		1,876
5.00%, 11/15/45 (a)		16,000		12,357
HCA Inc.
4.13%, 06/15/29 (a)		100,000		99,892
Hess Corp.
5.60%, 02/15/41 (a)		8,000		5,491
5.80%, 04/01/47 (a)		5,000		3,364
Hewlett Packard Enterprise Co.
6.35%, 10/15/45 (a)		7,000		8,370
Highwoods Realty LP
4.13%, 03/15/28 (a)		42,000		43,440
4.20%, 04/15/29 (a)		127,000		133,647
Honeywell International Inc.
2.70%, 08/15/29 (a)		53,000		53,373
HSBC Holdings PLC
4.25%, 03/14/24 (a)		248,000		257,781
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 yearMid-Market Swap Rate thereafter)
6.50%, 12/31/99 (a)(b)		160,000		149,685
Huntington Bancshares Inc.
2.55%, 02/04/30 (a)		84,000		76,234
Hyundai Capital America
3.10%, 04/05/22 (a)(g)		17,000		16,622
ING Groep N.V.
4.10%, 10/02/23 (a)		204,000		209,112
Ingersoll-Rand Luxembourg Finance S.A.
3.55%, 11/01/24 (a)		26,000		25,873
3.80%, 03/21/29 (a)		64,000		65,782
Intel Corp.
2.45%, 11/15/29 (a)		122,000		123,693
2.60%, 05/19/26 (a)		33,000		33,815
3.10%, 02/15/60 (a)		65,000		67,657


	Principal Amount ($)		Fair Value $
International Business Machines Corp.
4.15%, 05/15/39 (a)		141,000		159,439
4.25%, 05/15/49 (a)		141,000		165,489
International Paper Co.
4.40%, 08/15/47 (a)		45,000		44,914
Interstate Power & Light Co.
3.40%, 08/15/25 (a)		24,000		25,267
Jabil Inc.
3.95%, 01/12/28 (a)		24,000		22,715
John Deere Capital Corp.
2.45%, 01/09/30 (a)		150,000		152,263
Johnson & Johnson
3.63%, 03/03/37 (a)		38,000		44,383
Johnson Controls International PLC
4.50%, 02/15/47 (a)		8,000		8,543
JPMorgan Chase & Co.
3.30%, 04/01/26 (a)		238,000		248,144
3.63%, 12/01/27 (a)		45,000		47,383
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)
3.88%, 07/24/38 (a)(b)		110,000		122,719
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90%, 01/23/49 (a)(b)		145,000		166,627
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter)
3.96%, 01/29/27 (a)(b)		152,000		163,312
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter)
4.01%, 04/23/29 (a)(b)		76,000		81,793
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter)
4.60%, 12/31/99 (a)(b)		81,000		71,316
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter)
6.10%, 10/29/49 (a)(b)		170,000		166,471
Keurig Dr Pepper Inc.
3.55%, 05/25/21 (a)		150,000		151,681
4.50%, 11/15/45 (a)		12,000		12,712
4.60%, 05/25/28 (a)		19,000		20,796

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street Active Core Bond Fund			37

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

KeyCorp
2.25%, 04/06/27 (a)		133,000		123,767
Kinder Morgan Energy Partners LP
3.50%, 03/01/21 (a)		88,000		86,962
4.70%, 11/01/42 (a)		5,000		4,711
5.00%, 03/01/43 (a)		16,000		14,687
5.30%, 09/15/20 (a)		20,000		19,962
6.38%, 03/01/41 (a)		13,000		10,951
Kinder Morgan Inc.
5.05%, 02/15/46 (a)		13,000		12,429
KLA Corp.
3.30%, 03/01/50 (a)		45,000		42,479
4.65%, 11/01/24 (a)		66,000		69,831
L3Harris Technologies Inc.
3.85%, 12/15/26 (a)(g)		194,000		203,797
Lam Research Corp.
4.00%, 03/15/29 (a)		38,000		42,024
Lear Corp.
4.25%, 05/15/29 (a)		34,000		29,817
5.25%, 05/15/49 (a)		15,000		12,993
Lincoln National Corp.
3.63%, 12/12/26 (a)		32,000		32,207
4.35%, 03/01/48 (a)		104,000		96,288
Lockheed Martin Corp.
3.55%, 01/15/26 (a)		9,000		9,646
3.80%, 03/01/45 (a)		18,000		19,976
4.50%, 05/15/36 (a)		27,000		30,902
Lowe’s Companies Inc.
3.70%, 04/15/46 (a)		14,000		13,549
4.00%, 04/15/25 (a)		35,000		37,466
4.05%, 05/03/47 (a)		12,000		12,282
4.55%, 04/05/49 (a)		31,000		34,116
5.13%, 04/15/50 (a)		25,000		30,607
LYB International Finance BV
4.88%, 03/15/44 (a)		7,000		7,510
LYB International Finance II BV
3.50%, 03/02/27 (a)		9,000		8,742
Marathon Oil Corp.
3.85%, 06/01/25 (a)		14,000		9,986
Marsh & McLennan Companies Inc.
3.50%, 03/10/25 (a)		171,000		179,169
4.90%, 03/15/49 (a)		136,000		166,542
Masco Corp.
3.50%, 11/15/27 (a)		7,000		6,515
Mastercard Inc.
3.30%, 03/26/27 (a)		40,000		43,718
3.85%, 03/26/50 (a)		15,000		18,452
McDonald’s Corp.
3.30%, 07/01/25		50,000		52,092
3.60%, 07/01/30		90,000		95,018
3.63%, 09/01/49 (a)		12,000		12,077


	Principal Amount ($)		Fair Value $
3.70%, 01/30/26 (a)		9,000		9,495
3.80%, 04/01/28 (a)		25,000		26,431
4.20%, 04/01/50		55,000		61,599
4.88%, 12/09/45 (a)		17,000		19,799
McKesson Corp.
3.65%, 11/30/20 (a)		113,000		113,871
Medtronic Inc.
4.63%, 03/15/45 (a)		4,000		5,332
Memorial Sloan-Kettering Cancer Center
4.13%, 07/01/52 (a)		34,000		39,151
Merck & Company Inc.
2.75%, 02/10/25 (a)		23,000		24,261
4.00%, 03/07/49 (a)		6,000		7,518
MetLife Inc.
4.05%, 03/01/45 (a)		13,000		13,757
4.72%, 12/15/44 (a)		63,000		70,433
Microsoft Corp.
2.40%, 08/08/26 (a)		63,000		66,880
2.88%, 02/06/24 (a)		150,000		159,561
3.45%, 08/08/36 (a)		18,000		20,106
3.50%, 02/12/35 (a)		18,000		21,144
3.70%, 08/08/46 (a)		74,000		88,618
3.95%, 08/08/56 (a)		37,000		46,146
4.10%, 02/06/37 (a)		5,000		6,035
4.50%, 02/06/57 (a)		5,000		6,895
Morgan Stanley
2.75%, 05/19/22 (a)		272,000		273,553
3.70%, 10/23/24 (a)		130,000		137,281
3.95%, 04/23/27 (a)		183,000		188,144
4.35%, 09/08/26 (a)		67,000		72,710
Morgan Stanley (2.72% fixed rate until 07/22/24; 1.15% + SOFR thereafter)
2.72%, 07/22/25 (a)(b)		97,000		97,466
Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter)
3.62%, 04/01/31 (b)		55,000		57,817
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter)
3.97%, 07/22/38 (a)(b)		91,000		96,996
MPLX LP
3.38%, 03/15/23 (a)		164,000		149,292
5.20%, 12/01/47 (a)(g)		8,000		6,418
5.25%, 01/15/25 (a)(g)		162,000		150,132
6.25%, 10/15/22 (a)(g)		48,000		44,064
MPLX LP 1.10% + 3 month USD LIBOR
2.10%, 09/09/22 (a)(b)		65,000		61,979
Mylan Inc.
5.20%, 04/15/48 (a)		14,000		13,939

See Notes to Schedules of Investments and Notes to Financial Statements.


38		State Street Active Core Bond Fund

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

National Oilwell Varco Inc.
3.60%, 12/01/29 (a)		61,000		45,889
National Retail Properties Inc.
4.00%, 11/15/25 (a)		82,000		85,032
Newfield Exploration Co.
5.63%, 07/01/24 (a)		217,000		108,064
Newmont Corp.
2.25%, 10/01/30 (a)		55,000		51,240
4.88%, 03/15/42 (a)		21,000		24,697
Nexen Inc.
6.40%, 05/15/37 (a)		69,000		93,267
NextEra Energy Capital Holdings Inc.
3.25%, 04/01/26 (a)		39,000		39,925
NextEra Energy Capital Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter)
5.65%, 05/01/79 (a)(b)		80,000		74,113
NIKE Inc.
2.40%, 03/27/25		112,000		116,781
2.85%, 03/27/30		55,000		58,266
3.38%, 03/27/50		45,000		49,407
NiSource Inc.
3.95%, 03/30/48 (a)		14,000		14,311
Noble Energy Inc.
3.85%, 01/15/28 (a)		43,000		30,422
3.90% 11/15/24 (a)		16,000		12,895
4.20%, 10/15/49 (a)		6,000		3,243
5.05%, 11/15/44 (a)		4,000		2,348
Nordstrom Inc.
4.38%, 04/01/30 (a)		20,000		16,061
5.00%, 01/15/44 (a)		4,000		2,794
Norfolk Southern Corp.
3.95%, 10/01/42 (a)		19,000		20,361
Northrop Grumman Corp.
2.55%, 10/15/22 (a)		64,000		63,958
3.85%, 04/15/45 (a)		4,000		4,370
4.03%, 10/15/47 (a)		7,000		8,000
Novartis Capital Corp.
2.20%, 08/14/30 (a)		67,000		68,534
Nucor Corp.
3.95%, 05/01/28 (a)		26,000		26,415
4.40%, 05/01/48 (a)		25,000		27,629
Nutrien Ltd.
4.00%, 12/15/26 (a)		16,000		16,420
4.90%, 06/01/43 (a)		15,000		16,823
NVIDIA Corp.
2.85%, 04/01/30		20,000		20,950
3.50%, 04/01/50		55,000		60,309
Occidental Petroleum Corp.
2.70%, 08/15/22 (a)		65,000		46,405
2.90%, 08/15/24 (a)		17,000		9,346


	Principal Amount ($)		Fair Value $
Olahoma G & E Co.
3.25%, 04/01/30		35,000		35,178
Omnicom Group Inc./Omnicom Capital Inc.
3.63%, 05/01/22 (a)		26,000		26,413
Oncor Electric Delivery Company LLC
3.80%, 09/30/47 (a)		16,000		16,761
ONEOK Inc.
4.35%, 03/15/29 (a)		38,000		31,024
5.20%, 07/15/48 (a)		41,000		32,573
Oracle Corp.
2.40%, 09/15/23 (a)		18,000		18,337
2.50%, 04/01/25		67,000		67,976
2.65%, 07/15/26 (a)		28,000		28,494
2.95%, 04/01/30		67,000		67,582
3.60%, 04/01/50		45,000		44,928
3.80%, 11/15/37 (a)		8,000		8,203
4.00%, 07/15/46- 11/15/47 (a)		47,000		50,457
4.13%, 05/15/45 (a)		5,000		5,475
Otis Worldwide Corp.
2.06%, 04/05/25 (a)(g)		55,000		53,729
2.57%, 02/15/30 (a)(g)		30,000		29,053
3.36%, 02/15/50 (a)(g)		25,000		24,251
Owens Corning
4.40%, 01/30/48 (a)		18,000		15,546
PacifiCorp
6.25%, 10/15/37 (a)		140,000		179,369
Parker-Hannifin Corp.
3.25%, 06/14/29 (a)		26,000		26,414
PayPal Holdings Inc.
2.65%, 10/01/26 (a)		45,000		44,018
PepsiCo Inc.
2.63%, 07/29/29 (a)		63,000		65,740
3.45%, 10/06/46 (a)		18,000		20,272
Petroleos Mexicanos
5.35%, 02/12/28 (a)		45,000		31,017
5.63%, 01/23/46 (a)		39,000		23,737
6.49%, 01/23/27 (a)(g)		20,000		14,737
6.50%, 03/13/27 (a)		114,000		84,412
7.69%, 01/23/50 (a)(g)		27,000		18,350
Pfizer Inc.
2.63%, 04/01/30		45,000		47,339
3.45%, 03/15/29 (a)		35,000		38,529
3.60%, 09/15/28 (a)		34,000		37,229
3.90%, 03/15/39 (a)		17,000		19,686
4.13%, 12/15/46 (a)		10,000		12,248
4.40%, 05/15/44 (a)		6,000		7,563
Philip Morris International Inc.
4.13%, 03/04/43 (a)		3,000		3,179
Phillips 66 Partners LP
3.75%, 03/01/28 (a)		15,000		13,825
4.68%, 02/15/45 (a)		16,000		13,087

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street Active Core Bond Fund			39

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (a)		83,000		58,771
3.65%, 06/01/22 (a)		40,000		36,675
PPL Capital Funding Inc.
3.10%, 05/15/26 (a)		71,000		70,306
Precision Castparts Corp.
4.38%, 06/15/45 (a)		17,000		18,891
Prologis LP
4.38%, 02/01/29 (a)		24,000		25,972
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter)
5.70%, 09/15/48 (a)(b)		102,000		87,315
QUALCOMM Inc.
2.90%, 05/20/24 (a)		12,000		12,415
3.00%, 05/20/22 (a)		8,000		8,156
3.25%, 05/20/27 (a)		4,000		4,208
4.30%, 05/20/47 (a)		2,000		2,438
Quest Diagnostics Inc.
2.95%, 06/30/30 (a)		15,000		14,669
Realty Income Corp.
3.00%, 01/15/27 (a)		51,000		48,501
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (a)		15,000		17,664
Rockwell Automation Inc.
4.20%, 03/01/49 (a)		36,000		40,809
Rockwell Collins Inc.
3.50%, 03/15/27 (a)		19,000		19,617
Rogers Communications Inc.
5.00%, 03/15/44 (a)		9,000		10,683
Roper Technologies Inc.
2.95%, 09/15/29 (a)		54,000		53,515
RPM International Inc.
3.75%, 03/15/27 (a)		21,000		19,923
Ryder System Inc.
2.90%, 12/01/26 (a)		105,000		102,820
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (a)		14,000		11,988
5.00%, 03/15/27 (a)		8,000		7,053
5.88%, 06/30/26 (a)		67,000		60,865
Schlumberger Holdings Corp.
3.90%, 05/17/28 (a)(g)		16,000		14,884
Sempra Energy
3.80%, 02/01/38 (a)		11,000		10,467
4.00%, 02/01/48 (a)		26,000		26,103
Shell International Finance BV
2.38%, 08/21/22 (a)		61,000		61,300
3.13%, 11/07/49 (a)		81,000		80,439
3.75%, 09/12/46 (a)		10,000		10,759
4.13%, 05/11/35 (a)		15,000		17,207


	Principal Amount ($)		Fair Value $
Shire Acquisitions Investments Ireland DAC
2.88%, 09/23/23 (a)		2,000		2,021
3.20%, 09/23/26 (a)		12,000		12,212
Simon Property Group LP
3.38%, 06/15/27 (a)		67,000		65,097
Southern California Edison Co.
2.40%, 02/01/22 (a)		37,000		36,343
2.90%, 03/01/21 (a)		46,000		45,844
4.00%, 04/01/47 (a)		57,000		59,691
4.20%, 03/01/29 (a)		39,000		41,553
Southern Company Gas Capital Corp.
3.95%, 10/01/46 (a)		41,000		36,596
4.40%, 05/30/47 (a)		13,000		13,497
Southwest Airlines Co.
2.63%, 02/10/30 (a)		67,000		56,163
Southwestern Electric Power Co.
2.75%, 10/01/26 (a)		23,000		21,840
Spectra Energy Partners LP
3.38%, 10/15/26 (a)		8,000		7,393
4.50%, 03/15/45 (a)		4,000		3,644
Standard Chartered PLC (2.82% fixed rate until 01/30/25; 1.21% + 3 month USD LIBOR thereafter)
2.82%, 01/30/26 (a)(b)(g)		203,000		190,444
Starbucks Corp.
4.00%, 11/15/28 (a)		19,000		20,314
Steel Dynamics Inc.
3.45%, 04/15/30 (a)		30,000		27,133
4.13%, 09/15/25 (a)		240,000		222,029
Sumitomo Mitsui Financial Group Inc.
2.35%, 01/15/25 (a)		200,000		197,796
Suncor Energy Inc.
4.00%, 11/15/47 (a)		5,000		4,620
Sunoco Logistics Partners Operations LP
5.30%, 04/01/44 (a)		19,000		13,113
Sysco Corp.
3.25%, 07/15/27 (a)		19,000		17,342
5.65%, 04/01/25		25,000		26,113
5.95%, 04/01/30		15,000		15,825
6.60%, 04/01/50		10,000		10,746
Tampa Electric Co.
4.35%, 05/15/44 (a)		44,000		47,911
Target Corp.
2.25%, 04/15/25		67,000		68,483
2.50%, 04/15/26 (a)		24,000		24,655
2.65%, 09/15/30		15,000		15,641
TELUS Corp.
3.70%, 09/15/27 (a)		150,000		161,289

See Notes to Schedules of Investments and Notes to Financial Statements.


40		State Street Active Core Bond Fund

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Texas Instruments Inc.
3.88%, 03/15/39 (a)		23,000		26,308
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75%, 08/15/53 (a)(b)		40,000		35,556
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter)
4.63%, 12/29/49 (a)(b)		86,000		75,929
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter)
4.65%, 12/31/99 (a)(b)		109,000		85,935
The Boeing Co.
2.70%, 02/01/27 (a)		58,000		53,078
2.95%, 02/01/30 (a)		13,000		12,016
3.25%, 03/01/28 (a)		18,000		17,000
3.55%, 03/01/38 (a)		19,000		16,665
3.75%, 02/01/50 (a)		39,000		35,561
The Cleveland Electric Illuminating Co.
4.55%, 11/15/30 (a)(g)		71,000		75,017
The Dow Chemical Co.
4.25%, 10/01/34 (a)		26,000		24,906
5.55%, 11/30/48 (a)		16,000		18,160
The Estee Lauder Companies Inc.
2.38%, 12/01/29 (a)		80,000		77,543
3.13%, 12/01/49 (a)		25,000		24,198
The George Washington University
4.13%, 09/15/48 (a)		84,000		91,473
The Goldman Sachs Group Inc.
2.60%, 02/07/30 (a)		40,000		37,636
3.50%, 04/01/25		40,000		41,078
3.50%, 11/16/26 (a)		146,000		149,796
3.85%, 01/26/27 (a)		114,000		116,547
4.25%, 10/21/25 (a)		4,000		4,148
5.15%, 05/22/45 (a)		71,000		79,773
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter)
3.81%, 04/23/29 (a)(b)		216,000		223,165
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)
4.02%, 10/31/38 (a)(b)		50,000		51,393
The Hartford Financial Services Group Inc.
2.80%, 08/19/29 (a)		65,000		63,289


	Principal Amount ($)		Fair Value $
The Hartford Financial Services Group Inc. (3.82% fixed rate until 05/01/20; 2.13% + 3 month USD LIBOR)
3.82%, 02/12/67 (a)(b)(g)		95,000		61,681
The Home Depot Inc.
2.70%, 04/15/30		50,000		51,020
3.35%, 04/15/50		90,000		94,742
3.50%, 09/15/56 (a)		21,000		21,520
3.90%, 12/06/28 - 06/15/47 (a)		64,000		71,155
4.50%, 12/06/48 (a)		38,000		46,225
The Interpublic Group of Companies Inc.
3.75%, 10/01/21 (a)		139,000		140,440
The Kroger Co.
2.95%, 11/01/21 (a)		43,000		43,418
4.65%, 01/15/48 (a)		12,000		13,248
The Mosaic Co.
5.63%, 11/15/43 (a)		4,000		3,579
The Procter & Gamble Co.
2.45%, 03/25/25 (a)		45,000		47,403
3.60%, 03/25/50 (a)		20,000		24,834
The Sherwin-Williams Co.
3.45%, 06/01/27 (a)		7,000		7,067
4.50%, 06/01/47 (a)		6,000		6,562
The Southern Co.
3.25%, 07/01/26 (a)		8,000		7,927
4.40%, 07/01/46 (a)		5,000		5,201
The Walt Disney Co.
3.38%, 11/15/26 (a)		7,000		7,323
4.00%, 10/01/23 (a)		358,000		382,541
4.75%, 11/15/46 (a)		5,000		6,342
6.65%, 11/15/37 (a)		31,000		43,632
The Williams Companies Inc.
3.75%, 06/15/27 (a)		6,000		5,564
4.85%, 03/01/48 (a)		15,000		14,019
5.40%, 03/04/44 (a)		4,000		3,602
Thermo Fisher Scientific Inc.
4.13%, 03/25/25 (a)		15,000		16,142
4.50%, 03/25/30 (a)		15,000		16,930
Time Warner Cable LLC
4.50%, 09/15/42 (a)		4,000		3,812
6.55%, 05/01/37 (a)		17,000		20,085
TJX Companies Inc.
3.50%, 04/15/25		50,000		51,256
3.88%, 04/15/30		35,000		36,233
4.50%, 04/15/50		25,000		26,987
Total Capital International S.A.
3.46%, 02/19/29 (a)		54,000		57,242
TransCanada PipeLines Ltd.
4.25%, 05/15/28 (a)		39,000		39,647
4.88%, 01/15/26 (a)		7,000		7,587

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street Active Core Bond Fund			41

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Transcontinental Gas Pipe Line Company LLC
4.00%, 03/15/28 (a)		16,000		14,681
Trinity Health Corp.
3.43%, 12/01/48 (a)		16,000		16,749
Truist Bank (3.50% fixed rate until 08/02/21; 0.59% + 3 month USD LIBOR thereafter)
3.50%, 08/02/22 (a)(b)		40,000		41,140
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter)
4.80%, 12/31/99 (a)(b)		83,000		68,800
TWDC Enterprises 18 Corp.
4.13%, 06/01/44 (a)		5,000		5,497
Tyco Electronics Group S.A.
3.13%, 08/15/27 (a)		28,000		29,567
Tyson Foods Inc.
4.00%, 03/01/26 (a)		79,000		83,578
4.55%, 06/02/47 (a)		4,000		4,457
UDR Inc.
3.00%, 08/15/31 (a)		25,000		23,613
Union Pacific Corp.
3.50%, 06/08/23 (a)		31,000		32,098
3.60%, 09/15/37 (a)		6,000		6,214
4.10%, 09/15/67 (a)		21,000		21,653
4.30%, 03/01/49 (a)		26,000		29,447
United Technologies Corp.
3.13%, 05/04/27 (a)		93,000		94,805
3.65%, 08/16/23 (a)		4,000		4,219
3.95%, 08/16/25 (a)		14,000		15,253
4.13%, 11/16/28 (a)		6,000		6,580
4.15%, 05/15/45 (a)		18,000		19,499
4.45%, 11/16/38 (a)		14,000		15,711
4.50%, 06/01/42 (a)		12,000		13,697
UnitedHealth Group Inc.
4.45% 12/15/48 (a)		18,000		21,670
4.75%, 07/15/45 (a)		9,000		11,529
Vale S.A.
5.63%, 09/11/42 (a)		19,000		19,066
Valero Energy Corp.
4.00%, 04/01/29 (a)		26,000		24,177
Ventas Realty LP
3.25%, 10/15/26 (a)		88,000		83,318
Verizon Communications Inc.
2.45%, 11/01/22 (a)		350,000		354,998
4.33%, 09/21/28 (a)		51,000		57,813
4.40%, 11/01/34 (a)		64,000		74,104
4.52%, 09/15/48 (a)		18,000		22,716
4.67%, 03/15/55 (a)		33,000		41,960
5.25%, 03/16/37 (a)		16,000		20,351


	Principal Amount ($)		Fair Value $
ViacomCBS Inc.
2.90%, 01/15/27 (a)		16,000		14,344
3.45%, 10/04/26 (a)		19,000		17,754
3.70%, 06/01/28 (a)		38,000		34,383
4.38%, 03/15/43 (a)		41,000		35,827
5.25%, 04/01/44 (a)		4,000		3,804
Virginia Electric & Power Co.
4.00%, 11/15/46 (a)		42,000		46,157
Visa Inc.
1.90%, 04/15/27		178,000		177,498
2.05%, 04/15/30		45,000		44,935
2.70%, 04/15/40		25,000		24,816
4.30%, 12/14/45 (a)		49,000		61,294
Vodafone Group PLC
4.38%, 05/30/28 (a)		48,000		50,574
5.25%, 05/30/48 (a)		22,000		26,101
Vornado Realty LP
3.50%, 01/15/25 (a)		14,000		13,430
Vulcan Materials Co.
3.90%, 04/01/27 (a)		14,000		14,049
Walmart Inc.
3.63%, 12/15/47 (a)		14,000		16,381
3.70%, 06/26/28 (a)		29,000		32,546
3.95%, 06/28/38 (a)		29,000		34,276
4.05%, 06/29/48 (a)		43,000		53,538
WEC Energy Group Inc.
3.55%, 06/15/25 (a)		30,000		30,389
Wells Fargo & Co.
4.15%, 01/24/29 (a)		82,000		89,344
4.75%, 12/07/46 (a)		71,000		79,626
Wells Fargo & Co. (2.88% fixed rate until 10/30/29; 1.17% + 3 month USD LIBOR thereafter)
2.88%, 10/30/30 (a)(b)		20,000		19,804
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter)
3.20%, 06/17/27 (a)(b)		317,000		326,218
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)
5.88%, 12/29/49 (a)(b)		117,000		118,872
Western Midstream Operating LP
3.10%, 02/01/25 (a)		95,000		48,446
5.38%, 06/01/21 (a)		49,000		39,227
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter)
2.89%, 02/04/30 (a)(b)		82,000		78,763

See Notes to Schedules of Investments and Notes to Financial Statements.


42		State Street Active Core Bond Fund

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Principal Amount ($)		Fair Value $

Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter)
4.11%, 07/24/34 (a)(b)		32,000		30,747
Weyerhaeuser Co.
4.00%, 04/15/30		112,000		113,119
Willis North America Inc.
3.60%, 05/15/24 (a)		75,000		76,346
WPP Finance 2010
3.75%, 09/19/24 (a)		19,000		19,195
WRKCo Inc.
3.00%, 09/15/24 (a)		19,000		18,383
Xcel Energy Inc.
3.40%, 06/01/30		55,000		56,135
Xilinx Inc.
2.95%, 06/01/24 (a)		15,000		14,735
Zoetis Inc.
3.00%, 09/12/27 (a)		7,000		7,106
3.90%, 08/20/28 (a)		21,000		23,103

				34,809,939


Non-Agency Collateralized Mortgage Obligations - 3.2%
Benchmark2019-B12 Mortgage Trust
3.12%, 08/15/52 (a)		300,000		314,819
Cantor Commercial Real Estate Lending2019-CF3
3.01%, 01/15/53 (a)		222,000		225,185
CD2019-CD8 Mortgage Trust
2.91%, 08/15/57 (a)		827,000		856,205
Citigroup Commercial Mortgage Trust2016-P6
3.72%, 12/10/49 (a)(b)		268,803		292,272
GS Mortgage Securities Trust 2012-GCJ9
1.94%, 11/10/45 (a)(b)(c)		693,459		28,599
GS Mortgage Securities Trust2016-GS3
2.85%, 10/10/49 (a)		379,000		390,287
JP Morgan Chase Commercial Mortgage Securities Trust2012-LC9
1.50%, 12/15/47 (a)(b)(c)		586,443		18,379
JPMBB Commercial Mortgage Securities Trust2015-C32
4.66%, 11/15/48 (a)(b)		494,000		472,546
MASTR Alternative Loan Trust2003-5
5.00%, 08/25/18 (a)(c)		1,114		39


	Principal Amount ($)		Fair Value $
Morgan Stanley Bank of America Merrill Lynch Trust2015-C21
0.88%, 03/15/48 (a)(b)(c)		3,516,849		120,061
Morgan Stanley Capital I Trust 2006-IQ11
6.06%, 10/15/42 (a)(b)		211,601		203,116
UBS Commercial Mortgage Trust2018-C12
4.79%, 08/15/51 (a)(b)		189,000		188,310
Wells Fargo Commercial Mortgage Trust2015-C26
1.21%, 02/15/48 (a)(b)(c)		2,760,502		127,559
WFRBS Commercial Mortgage Trust 2014-LC14
4.35%, 03/15/47 (a)(b)		544,000		563,198

				3,800,575


Sovereign Bonds - 0.6%
Government of Chile
2.55%, 01/27/32 (a)		203,000		202,669
Government of Mexico
4.60%, 02/10/48 (a)		202,000		201,836
Government of Peru
5.63%, 11/18/50 (a)		113,000		165,647
Government of Uruguay
5.10%, 06/18/50 (a)		117,568		133,796

				703,948


Municipal Bonds and Notes - 0.5%
American Municipal Power Inc.
6.27%, 02/15/50 (a)		105,000		140,163
State of California
4.60%, 04/01/38 (a)		165,000		181,677
State of Illinois
5.10%, 06/01/33 (a)		100,000		99,263
The University of Texas System
3.35%, 08/15/47 (a)		95,000		101,611

				522,714


Total Bonds and Notes (Cost $103,558,202)				106,918,584


	Number of Shares


Domestic Equity - 0.2%
Preferred Stock - 0.2%
Wells Fargo & Co. 3.09% + 3 month USD LIBOR (Cost $214,450) (a)(b)		8,578		208,874

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street Active Core Bond Fund			43

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)


	Notional Amount ($)		Fair Value $


Purchased Options - 0.1%
10 Yr. U.S. Treasury Notes Futures (Strike price 138.00USD, expiration date 05/22/20) (a)		20,000		35,000
U.S. Treasury Bond (Strike price 175 USD, expiration date 05/22/20) (a)		15,000		91,406


Total Options (Cost $77,047)				126,406


Total Investments in Securities (Cost $103,849,699)				107,253,864


	Number of Shares		Fair Value $
Short-Term Investments - 26.0%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.36% (Cost $30,650,715) (a)(h)(i)		30,650,715		30,650,715


Total Short-Term Investments (Cost $30,650,715)				30,650,715


Total Investments (Cost $134,500,414)				137,904,579

Liabilities in Excess of Other Assets, net - (17.0)%				(20,036,080	)


NET ASSETS - 100.0%				117,868,499

Other Information:

Centrally Cleared Credit Default Swaps


Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract Annual Fixed Rate/ Payment Frequency		Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Unrealized Appreciation/ Depreciation
Buy Protection
Markit CDX North America High Yield Index	Intercontinental Exchange	$	4,867		1.00%/Quarterly		12/20/24	$	(22,338	)	$	(76,040	)	$	53,702
Markit CDX North America High Yield Index	Intercontinental Exchange		6,315		5.00%/Quarterly		12/20/24		(374,463	)		(298,711	)		(75,752	)

														$	(22,050	)

Centrally Cleared Interest Rate Swaps


Counterparty	Notional Amount (000s omitted)	Fund Pays/Receives Fixed Rate/Payment Frequency		Floating Rate		Contract Annual Fixed Rate		Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)		Unrealized Depreciation
CME Group, Inc.	$9,488		Pays/Quarterly		3 Month U.S. Dollar LIBOR		3.06%		11/19/21	$	(479,482	)	$	—	$	(479,482	)

See Notes to Schedules of Investments and Notes to Financial Statements.


44		State Street Active Core Bond Fund

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)

The Fund had the following long futures contracts open at March 31, 2020:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
Ultra Long-Term U.S. Treasury Bond Futures		June 2020		11	$	2,271,118	$	2,440,625	$	169,507
2 Yr. U.S. Treasury Notes Futures		June 2020		106		23,173,640		23,360,578		186,938
5 Yr. U.S. Treasury Notes Futures		June 2020		24		2,982,840		3,008,625		25,785

									$	382,230

The Fund had the following short futures contracts open at March 31, 2020:


Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Depreciation
U.S. Long Bond Futures		June 2020		2	$	(341,840	)	$	(358,125	)	$	(16,285	)
10 Yr. U.S. Treasury Notes Futures		June 2020		15		(2,054,412	)		(2,080,312	)		(25,900	)
10 Yr. U.S. Treasury Ultra Futures		June 2020		30		(4,531,755	)		(4,680,938	)		(149,183	)

											$	(191,368	)

											$	190,862

The Fund had the following Purchased Options contracts at March 31, 2020:


Description	Counterparty		Strike Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ Depreciation
10 Yr. U.S. Treasury Notes Futures (Strike price 138.00 USD, expiration date 05/22/20)		Goldman Sachs & Co.	$	138.00		05/22/20		20	$	20,000	$	35,000	$	34,518	$	482
U.S. Treasury Bond (Strike price 175 USD, expiration date 05/22/20)		Goldman Sachs & Co.		175.00		05/22/20		15		15,000		91,406		42,529		48,877

															$	49,359

During the period ended March 31, 2020 average notional values related to derivative contracts were as follows:


	Purchased Put Options	Purchased Call Options		Written Put Options		Written Call Options		Long Futures Contracts		Short Futures Contracts		Credit Default Swap Contracts		Interest Rate Swap Contracts

Average Notional Value	$—	$	18,058	$	—	$	—	$	21,933,256	$	8,093,131	$	5,880,246	$	9,488,443

See Notes to Schedules of Investments and Notes to Financial Statements.


State Street Active Core Bond Fund			45

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Funds’ future investments and should not be construed as a recommendation to purchase or sell a particular security. See each Fund’s summary prospectus and the Funds’ statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.

(a)	At March 31, 2020, all or a portion of this security was pledged to cover collateral requirements for futures, options, swaps and/or TBAs.

(b)	Variable Rate Security - Interest rate shown is rate in effect at March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c)	Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding.

(d)	Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (“TBA”) in the future.

(e)	Principal only security. These securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the “principal only” holder.

(f)	Step coupon bond.

(g)

Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2020, these securities amounted to $5,294,572 or 4.49% of the net assets of the State Street Active Core Bond Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Trustees .

(h)	Coupon amount represents effective yield.

(i)	Sponsored by SSGA Funds Management, Inc., the Funds’ investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Funds’ sub-administrator, custodian and accounting agent.

†	Percentages are based on net assets as of March 31, 2020.

**	Amount is less than $0.50.

Abbreviations:

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

REIT- Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

See Notes to Schedules of Investments and Notes to Financial Statements.


46		State Street Active Core Bond Fund

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2020 (Unaudited)

The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2020:


Fund	Investments	Level 1			Level 2			Level 3		Total

State Street Active Core Bond Fund	Investments in Securities

	U.S. Treasuries	$	—		$	29,443,701		$	—	$	29,443,701

	Agency Mortgage Backed		—			32,025,219			—		32,025,219

	Agency Collateralized Mortgage Obligations		—			1,690,469			—		1,690,469

	Asset Backed		—			3,922,019			—		3,922,019

	Corporate Notes		—			34,809,939			—		34,809,939

	Non-Agency Collateralized Mortgage Obligations		—			3,800,575			—		3,800,575

	Sovereign Bonds		—			703,948			—		703,948

	Municipal Bonds and Notes		—			522,714			—		522,714

	Preferred Stock		208,874			—			—		208,874

	Purchased Options		126,406						—		126,406

	Short-Term Investments		30,650,715			—			—		30,650,715


	Total Investments in Securities	$	30,985,995		$	106,918,584		$	—	$	137,904,579


	Other Financial Instruments

	Credit Default Swap Contracts - Unrealized Appreciation					53,702					53,702

	Credit Default Swap Contracts - Unrealized Depreciation					(75,752	)				(75,752	)

	Interest Rate Swap Contracts - Unrealized Depreciation					(479,482	)				(479,482	)

	Long Futures Contracts - Unrealized Appreciation	$	382,230		$	—		$	—	$	382,230

	Short Futures Contracts - Unrealized Depreciation		(191,368	)		—			—		(191,368	)


	Total Other Financial Instruments	$	190,862		$	(501,532	)	$	—	$	(310,670	)

Affiliate Table


	Number of Shares Held at 9/30/19		Value At 9/30/19		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 3/31/20		Value at 3/31/20		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		47,836,549	$	47,836,549	$	67,606,160	$	84,791,994	$	—	$	—		30,650,715	$	30,650,715	$	170,727

Notes to Schedules of Investments and Notes to Financial Statements.


State Street Active Core Bond Fund			47

State Street Institutional U.S. Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Investment Class
	3/31/20†			9/30/19			9/30/18			9/30/17			9/30/16			9/30/15**
Inception date																	11/25/97

Net asset value, beginning of period	$	12.30		$	13.74		$	14.95		$	13.50		$	14.46		$	17.32


Income/(loss) from investment operations:
Net investment income		0.08	*		0.15	*		0.16	*		0.18	*		0.21	*		0.21	*
Net realized and unrealized gains/(losses) on investments		(1.10	)*		0.05	*		1.95	*		2.16	*		1.52	*		(0.65	)*

Total income/(loss) from investment operations		(1.02	)		0.20			2.11			2.34			1.73			(0.44	)


Less distributions from:
Net investment income		0.16			0.18			0.21			0.21			0.24			0.25
Net realized gains		0.66			1.46			3.11			0.68			2.45			2.17

Total distributions		0.82			1.64			3.32			0.89			2.69			2.42

Net asset value, end of period	$	10.46		$	12.30		$	13.74		$	14.95		$	13.50		$	14.46

Total return^(a)		(9.57	)%		4.43	%		16.72	%		18.29	%		13.29	%		(3.57	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	351,365		$	419,296		$	522,658		$	461,828		$	603,060		$	615,024

Ratios to average net assets:
Net expenses		0.37	%***		0.38	%		0.37	%		0.37	%		0.37	%		0.37	%
Gross expenses		0.37	%***		0.38	%		0.37	%		0.37	%		0.37	%		0.37	%
Net investment income		1.20	%***		1.29	%		1.21	%		1.29	%		1.61	%		1.32	%
Portfolio turnover rate		24	%		35	%		48	%		80	%		43	%		41	%

	Service Class
	3/31/20†			9/30/19			9/30/18			9/30/17			9/30/16			9/30/15**
Inception date																	1/3/01

Net asset value, beginning of period	$	13.32		$	14.70		$	15.77		$	14.18		$	15.06		$	17.95


Income/(loss) from investment operations:
Net investment income		0.06	*		0.14	*		0.14	*		0.15	*		0.19	*		0.18	*
Net realized and unrealized gains/(losses) on investments		(1.21	)*		0.09	*		2.08	*		2.29	*		1.58	*		(0.69	)*

Total income/(loss) from investment operations		(1.15	)		0.23			2.22			2.44			1.77			(0.51	)


Less distributions from:
Net investment income		0.11			0.15			0.18			0.17			0.20			0.21
Net realized gains		0.66			1.46			3.11			0.68			2.45			2.17

Total distributions		0.77			1.61			3.29			0.85			2.65			2.38

Net asset value, end of period	$	11.40		$	13.32		$	14.70		$	15.77		$	14.18		$	15.06

Total return^(a)		(9.67	)%		4.23	%		16.35	%		18.07	%		12.96	%		(3.83	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	42		$	48		$	104		$	95		$	95		$	104

Ratios to average net assets:
Net expenses		0.62	%***		0.63	%		0.62	%		0.62	%		0.62	%		0.62	%
Gross expenses		0.62	%***		0.63	%		0.62	%		0.62	%		0.62	%		0.62	%
Net investment income		0.95	%***		1.06	%		0.95	%		1.04	%		1.35	%		1.07	%
Portfolio turnover rate		24	%		35	%		48	%		80	%		43	%		41	%

See Notes to Financial Highlights and Notes to Financial Statements


48		Financial Highlights

State Street Institutional Premier Growth Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Investment Class
	3/31/20†			9/30/19			9/30/18			9/30/17			9/30/16			9/30/15**
Inception date																	10/29/99

Net asset value, beginning of period	$	15.51		$	17.49		$	15.69		$	14.23		$	13.61		$	14.96


Income/(loss) from investment operations:
Net investment income		0.03	*		0.09	*		0.11	*		0.13	*		0.13	*		0.13	*
Net realized and unrealized gains/(losses) on investments		0.77	*		(0.03	)*		2.82	*		2.60	*		1.88	*		(0.11	)*

Total income from investment operations		0.80			0.06			2.93			2.73			2.01			0.02


Less distributions from:
Net investment income		0.09			0.11			0.13			0.12			0.14			0.13
Net realized gains		8.64			1.93			1.00			1.15			1.25			1.24

Total distributions		8.73			2.04			1.13			1.27			1.39			1.37

Net asset value, end of period	$	7.58		$	15.51		$	17.49		$	15.69		$	14.23		$	13.61

Total return^(a)		(1.54	)%		3.57	%		19.64	%		21.18	%		15.25	%		(0.47	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	61,074		$	192,144		$	365,078		$	360,416		$	325,700		$	334,227

Ratios to average net assets:
Net expenses		0.40	%***		0.39	%		0.38	%		0.38	%		0.38	%		0.38	%
Gross expenses		0.40	%***		0.39	%		0.38	%		0.38	%		0.38	%		0.38	%
Net investment income		0.46	%***		0.59	%		0.68	%		0.88	%		0.95	%		0.89	%
Portfolio turnover rate		17	%		27	%		21	%		24	%		21	%		21	%

	Service Class
	3/31/20†			9/30/19			9/30/18			9/30/17			9/30/16			9/30/15**
Inception date																	1/3/01

Net asset value, beginning of period	$	15.27		$	17.24		$	15.48		$	14.06		$	13.46		$	14.82


Income/(loss) from investment operations:
Net investment income		0.01	*		0.05	*		0.07	*		0.09	*		0.09	*		0.09	*
Net realized and unrealized gains/(losses) on investments		0.76	*		(0.02	)*		2.78	*		2.57	*		1.87	*		(0.12	)*

Total income/(loss) from investment operations		0.77			0.03			2.85			2.66			1.96			(0.03	)


Less distributions from:
Net investment income		0.04			0.07			0.09			0.09			0.11			0.09
Net realized gains		8.64			1.93			1.00			1.15			1.25			1.24

Total distributions		8.68			2.00			1.09			1.24			1.36			1.33

Net asset value, end of period	$	7.36		$	15.27		$	17.24		$	15.48		$	14.06		$	13.46

Total return^(a)		(1.75	)%		3.32	%		19.37	%		20.84	%		14.99	%		(0.77	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	6,661		$	9,609		$	17,298		$	16,136		$	11,547		$	5,820

Ratios to average net assets:
Net expenses		0.65	%***		0.64	%		0.63	%		0.63	%		0.63	%		0.63	%
Gross expenses		0.65	%***		0.64	%		0.63	%		0.63	%		0.63	%		0.63	%
Net investment income		0.17	%***		0.34	%		0.43	%		0.62	%		0.67	%		0.61	%
Portfolio turnover rate		17	%		27	%		21	%		24	%		21	%		21	%

See Notes to Financial Highlights and Notes to Financial Statements


Financial Highlights			49

State Street InstitutionalSmall-Cap Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Investment Class
	3/31/20			9/30/19			9/30/18			9/30/17			9/30/16			9/30/15**
Inception date																	8/3/98

Net asset value, beginning of period	$	17.04		$	21.94		$	20.79		$	17.96		$	17.18		$	19.32


Income/(loss) from investment operations:
Net investment income		0.04	*		0.06	*		0.03	*		0.05	*		0.04	*		0.03	*
Net realized and unrealized gains/(losses) on investments		(4.03	)*		(2.06	)*		2.95	*		3.42	*		2.79	*		(0.08	)*

Total income/(loss) from investment operations		(3.99	)		(2.00	)		2.98			3.47			2.83			(0.05	)


Less distributions from:
Net investment income		0.07			0.04			0.04			0.04			0.03			0.02
Net realized gains		1.02			2.86			1.79			0.60			2.02			2.07

Total distributions		1.09			2.90			1.83			0.64			2.05			2.09

Net asset value, end of period	$	11.96		$	17.04		$	21.94		$	20.79		$	17.96		$	17.18

Total return^(a)		(25.42	)%		(6.21	)%		15.47	%		19.65	%		18.24	%		(0.90	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	837,365		$	1,255,899		$	1,528,575		$	1,464,018		$	1,298,789		$	1,171,984

Ratios to average net assets:
Net expenses		0.88	%***		0.88	%		0.88	%		0.88	%		0.89	%		0.89	%
Gross expenses		0.88	%***		0.88	%		0.88	%		0.88	%		0.89	%		0.89	%
Net investment income		0.50	%***		0.37	%		0.14	%		0.27	%		0.25	%		0.17	%
Portfolio turnover rate		16	%		29	%		38	%		34	%		33	%		40	%

	Service Class
	3/31/20			9/30/19			9/30/18			9/30/17			9/30/16			9/30/15**
Inception date																	9/30/05

Net asset value, beginning of period	$	17.02		$	21.93		$	20.79		$	17.98		$	17.21		$	19.37


Income/(loss) from investment operations:
Net investment income (loss)		0.02	*		0.02	*		(0.02	)*		0.01	*		(0.00	)*^(b)		(0.01	)*
Net realized and unrealized gains/(losses) on investments		(4.03	)*		(2.05	)*		2.95	*		3.41	*		2.80	*		(0.08	)*

Total income/(loss) from investment operations		(4.01	)		(2.03	)		2.93			3.42			2.80			(0.09	)


Less distributions from:
Net investment income		0.02			0.02			—			0.01			0.01			—
Net realized gains		1.02			2.86			1.79			0.60			2.02			2.07

Total distributions		1.04			2.88			1.79			0.61			2.03			2.07

Net asset value, end of period	$	11.97		$	17.02		$	21.93		$	20.79		$	17.98		$	17.21

Total return^(a)		(25.47	)%		(6.44	)%		15.14	%		19.38	%		17.96	%		(1.12	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,284		$	1,937		$	2,671		$	2,373		$	2,579		$	1,741

Ratios to average net assets:
Net expenses		1.13	%***		1.13	%		1.13	%		1.13	%		1.14	%		1.14	%
Gross expenses		1.13	%***		1.13	%		1.13	%		1.13	%		1.14	%		1.14	%
Net investment income (loss)		0.26	%***		0.12	%		(0.11	)%		0.03	%		(0.00	)%^(c)		(0.07	)%
Portfolio turnover rate		16	%		29	%		38	%		34	%		33	%		40	%

See Notes to Financial Highlights and Notes to Financial Statements


50		Financial Highlights

State Street Institutional International Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Investment Class
	3/31/20			9/30/19			9/30/18			9/30/17			9/30/16			9/30/15**
Inception date																	11/25/97

Net asset value, beginning of period	$	13.42		$	13.37		$	13.42		$	11.83		$	11.41		$	12.72


Income/(loss) from investment operations:
Net investment income		0.13	*		0.15	*		0.23	*		0.17	*		0.20	*		0.18	*
Net realized and unrealized gains/(losses) on investments		(1.99	)*		0.22	*		(0.09	)*		1.63	*		0.40	*		(1.15	)*

Total income/(loss) from investment operations		(1.86	)		0.37			0.14			1.80			0.60			(0.97	)


Less distributions from:
Net investment income		0.27			0.32			0.19			0.21			0.18			0.34

Total distributions		0.27			0.32			0.19			0.21			0.18			0.34

Net asset value, end of period	$	11.29		$	13.42		$	13.37		$	13.42		$	11.83		$	11.41

Total return^(a)		(14.27	)%		3.18	%		1.01	%		15.58	%		5.32	%		(7.80	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	61,458		$	73,060		$	1,095,253		$	1,213,757		$	1,238,011		$	1,284,412

Ratios to average net assets:
Net expenses		0.55	%***		0.56	%		0.57	%		0.57	%		0.57	%		0.56	%
Gross expenses		0.68	%***		0.63	%		0.57	%		0.57	%		0.57	%		0.56	%
Net investment income		2.15	%***		1.15	%		1.68	%		1.40	%		1.73	%		1.38	%
Portfolio turnover rate		15	%		20	%		24	%		30	%		33	%		26	%

	Service Class
	3/31/20			9/30/19			9/30/18			9/30/17			9/30/16			9/30/15**
Inception date																	1/3/01

Net asset value, beginning of period	$	13.37		$	13.28		$	13.34		$	11.76		$	11.33		$	12.62


Income/(loss) from investment operations:
Net investment income		0.13	*		0.22	*		0.20	*		0.14	*		0.17	*		0.08	*
Net realized and unrealized gains/(losses) on investments		(2.00	)*		0.13	*		(0.10	)*		1.63	*		0.40	*		(1.06	)*

Total income/(loss) from investment operations		(1.87	)		0.35			0.10			1.77			0.57			(0.98	)


Less distributions from:
Net investment income		0.24			0.26			0.16			0.19			0.14			0.31

Total distributions		0.24			0.26			0.16			0.19			0.14			0.31

Net asset value, end of period	$	11.26		$	13.37		$	13.28		$	13.34		$	11.76		$	11.33

Total return^(a)		(14.38	)%		3.03	%		0.75	%		15.33	%		5.01	%		(7.95	)%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	10,803		$	13,228		$	17,820		$	18,687		$	17,796		$	19,562

Ratios to average net assets:
Net expenses		0.80	%***		0.81	%		0.82	%		0.82	%		0.82	%		0.81	%
Gross expenses		0.93	%***		0.94	%		0.82	%		0.82	%		0.82	%		0.81	%
Net investment income		1.85	%***		1.80	%		1.44	%		1.14	%		1.45	%		0.63	%
Portfolio turnover rate		15	%		20	%		24	%		30	%		33	%		26	%

See Notes to Financial Highlights and Notes to Financial Statements


Financial Highlights			51

State Street Active Core Bond Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Investment Class
	3/31/20			9/30/19			9/30/18			9/30/17			9/30/16			9/30/15**
Inception date																	11/21/97

Net asset value, beginning of period	$	9.66		$	9.07		$	9.52		$	9.67		$	9.45		$	9.51


Income/(loss) from investment operations:
Net investment income		0.11	*		0.27	*		0.26	*		0.24	*		0.26	*		0.25	*
Net realized and unrealized gains/(losses) on investments		0.01	*		0.60	*		(0.38	)*		(0.15	)*		0.31	*		(0.05	)*

Total income/(loss) from investment operations		0.12			0.87			(0.12	)		0.09			0.57			0.20


Less distributions from:
Net investment income		0.15			0.28			0.27			0.23			0.26			0.26
Net realized gains		0.14			—			0.06			0.01			0.09			—

Total distributions		0.29			0.28			0.33			0.24			0.35			0.26

Net asset value, end of period	$	9.49		$	9.66		$	9.07		$	9.52		$	9.67		$	9.45

Total return^(a)		1.38	%		9.76	%		(1.35	)%		0.98	%		6.18	%		2.05	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	117,779		$	115,089		$	221,201		$	220,157		$	298,908		$	291,252

Ratios to average net assets:
Net expenses		0.28	%***		0.26	%		0.25	%		0.24	%		0.24	%		0.23	%
Gross expenses		0.29	%***		0.26	%		0.25	%		0.24	%		0.24	%		0.23	%
Net investment income		2.30	%***		2.92	%		2.83	%		2.56	%		2.79	%		2.65	%
Portfolio turnover rate		55	%^(d)		438	%		181	%		326	%		219	%		297	%

	Service Class
	3/31/20			9/30/19			9/30/18			9/30/17			9/30/16			9/30/15**
Inception date																	9/30/05

Net asset value, beginning of period	$	9.89		$	9.28		$	9.73		$	9.89		$	9.66		$	9.72


Income/(loss) from investment operations:
Net investment income		0.10	*		0.25	*		0.24	*		0.22	*		0.25	*		0.23	*
Net realized and unrealized gains/(losses) on investments		0.01	*		0.62	*		(0.38	)*		(0.16	)*		0.31	*		(0.05	)*

Total income/(loss) from investment operations		0.11			0.87			(0.14	)		0.06			0.56			0.18


Less distributions from:
Net investment income		0.12			0.26			0.25			0.21			0.24			0.24
Net realized gains		0.14			—			0.06			0.01			0.09			—

Total distributions		0.26			0.26			0.31			0.22			0.33			0.24

Net asset value, end of period	$	9.74		$	9.89		$	9.28		$	9.73		$	9.89		$	9.66

Total return^(a)		1.23	%		9.56	%		(1.51	)%		0.65	%		5.95	%		1.81	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	90		$	86		$	80		$	90		$	181		$	248

Ratios to average net assets:
Net expenses		0.53	%***		0.51	%		0.50	%		0.49	%		0.49	%		0.48	%
Gross expenses		0.54	%***		0.51	%		0.50	%		0.49	%		0.49	%		0.48	%
Net investment income		2.05	%***		2.65	%		2.57	%		2.28	%		2.58	%		2.40	%
Portfolio turnover rate		55	%^(d)		438	%		181	%		326	%		219	%		297	%

See Notes to Financial Highlights and Notes to Financial Statements


52		Financial Highlights

State Street Institutional Funds

Notes to Financial Highlights

(a)

Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions.

(b)

Less than $0.005.

(c)

Less than 0.005%.

(d)

The portfolio turnover calculated for the period ended 3/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 261%.

Per share values have been calculated using the average share method.

Beginning with the year ended September 30, 2016, the Funds were audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

***

Annualized for periods less than one year.

The accompanying Notes are an integral part of these financial statements.


Financial Highlights			53

State Street Institutional Funds

Statements of Assets and Liabilities — March 31, 2020 (Unaudited)


	State Street Institutional U.S. Equity Fund		State Street Institutional Premier Growth Equity Fund		State Street Institutional Small-Cap Equity Fund

Assets
Investments in securities, at fair value (cost $305,961,332; $45,719,385; $883,641,942; $69,589,668; and $103,849,699, respectively)	$	341,463,129	$	63,900,890	$	793,584,948
Investments in affiliated securities, at fair value (cost $0; $834,139; $0; $0; and $0, respectively)		—		729,225		—
Short-term affiliated investments, at fair value		9,425,638		2,303,428		40,129,515
Cash		22,933		—		—
Net Cash collateral on deposit with broker for future contracts		556,568		62,421		5,457,160
Net Cash collateral on deposit with broker for swap contracts		—		—		—
Foreign currency (cost $0; $0; $0; $707,239; and $0, respectively)		—		—		—
Receivable for investments sold		1,114,959		769,155		2,228,781
Income receivables		350,891		11,196		863,581
Receivable for fund shares sold		30,956		4,431		87,439
Income receivable from affiliated investments		7,830		1,565		39,202
Receivable for accumulated variation margin on futures contracts		—		45,695		1,234,540


Total assets		352,972,904		67,828,006		843,625,166


Liabilities
Due to custodian		—		—		2,029,823
Net cash collateral on futures contracts due to broker		—		—		—
Payable for investments purchased		1,356,888		—		2,124,691
Payable for fund shares redeemed		—		61,379		138,329
Payable for accumulated variation margin on swap contracts		—		—		—
Payable for accumulated variation margin on futures contracts		94,863		—		—
Payable to the Adviser		113,385		29,222		682,289
Accrued other expenses		345		597		1,345
Distribution and service fees		9		1,447		295
Accrued foreign capital gains tax		—		—		—


Total liabilities		1,565,490		92,645		4,976,772



Net Assets	$	351,407,414	$	67,735,361	$	838,648,394


Net Assets Consist of:
Capital paid in	$	307,306,349	$	48,045,297	$	940,845,189
Total distributable earnings (loss)		44,101,065		19,690,064		(102,196,795	)


Net Assets	$	351,407,414	$	67,735,361	$	838,648,394


Investment Class:
Net Assets	$	351,365,001	$	61,074,343	$	837,364,808
Shares outstanding ($0.001 par value, unlimited shares authorized)		33,591,209		8,056,387		69,991,234
Net asset value, offering and redemption price per share	$	10.46	$	7.58	$	11.96

Service Class:
Net Assets	$	42,413	$	6,661,018	$	1,283,586
Shares outstanding ($0.001 par value, unlimited shares authorized)		3,721		904,726		107,272
Net asset value, offering and redemption price per share	$	11.40	$	7.36	$	11.97

The accompanying Notes are an integral part of these financial statements.


54		Statements of Assets and Liabilities


State Street Institutional International Equity Fund			State Street Active Core Bond Fund


$	68,522,813		$	107,253,864
	—			—
	1,509,460			30,650,715
	—			—
	27,311			—
	—			666,435
	708,661			—
	1,171,943			29,239,084
	1,457,516			552,469
	8,122			10,954
	1,471			17,009
	118,890			191,193


	73,526,187			168,581,723



	—			31,916
	—			572,994
	1,224,772			49,207,436
	67			358
	—			876,283
	—			—
	32,877			23,617
	—			601
	2,346			19
	5,188			—


	1,265,250			50,713,224



$	72,260,937		$	117,868,499



$	76,107,066		$	115,698,737
	(3,846,129	)		2,169,762


$	72,260,937		$	117,868,499



$	61,458,310		$	117,778,840
	5,443,888			12,407,096
$	11.29		$	9.49


$	10,802,627		$	89,659
	959,195			9,204
$	11.26		$	9.74

The accompanying Notes are an integral part of these financial statements.


Statements of Assets and Liabilities			55

State Street Institutional Funds

Statements of Operations — For the period ended March 31, 2020 (Unaudited)


	State Street Institutional U.S. Equity Fund			State Street Institutional Premier Growth Equity Fund			State Street Institutional Small-Cap Equity Fund

Investment Income
Income
Dividend	$	3,228,146		$	782,137		$	7,818,275
Interest		—			—			—
Income from affiliated investments		86,818			54,634			551,675
Less: Foreign taxes withheld		(1,022	)		(1,640	)		(23,275	)

Total income		3,313,942			835,131			8,346,675


Expenses
Advisory and administration fees		773,070			377,244			5,312,878
Distribution and service fees
Service Class		63			10,722			2,299
Trustees’ fees		10,218			9,544			15,003

Total expenses before waivers		783,351			397,510			5,330,180

Less: Expenses waived or borne by the adviser		—			—			—

Total expenses		783,351			397,510			5,330,180

Net investment income	$	2,530,591		$	437,621		$	3,016,495


Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	14,587,793		$	62,441,692		$	17,309,297
Affiliated investments		—			(62,299	)		—
Futures		(1,138,299	)		(34,969	)		(5,881,149	)
Written options		—			—			—
Swap contracts		—			—			—
Foreign currency transactions		(3	)		—			—
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(51,658,341	)		(52,109,831	)		(306,649,065	)
Affiliated investments		—			(123,410	)		—
Futures		(41,102	)		14,292			1,817,023
Swap contracts		—			—			—
Foreign currency translations		—			—			—


Net realized and unrealized gain (loss) on investments		(38,249,952	)		10,125,475			(293,403,894	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(35,719,361	)	$	10,563,096		$	(290,387,399	)

(a)

Includes foreign capital gain taxes of $(8,119).

(b)

Includes foreign deferred taxes of $(5,188).

The accompanying Notes are an integral part of these financial statements.


56		Statements of Operations


State Street Institutional International Equity Fund			State Street Active Core Bond Fund



$	750,247		$	683
	—			1,328,917
	13,337			170,727
	401,726			(37	)

	1,165,310			1,500,290



	287,509			160,557

	16,582			118
	8,458			9,078

	312,549			169,753

	(58,116	)		(7,845	)

	254,433			161,908

$	910,877		$	1,338,382




$	280,384	^(a)	$	1,447,772
	—			—
	(308,693	)		(417,303	)
	—			56,610
	—			(660,410	)
	(2,842	)		—

	(13,044,806	)^(b)		(405,338	)
	—			—
	117,876			200,856
	—			(157,809	)
	22,195			—


	(12,935,886	)		64,378


$	(12,025,009	)	$	1,402,760

The accompanying Notes are an integral part of these financial statements.


Statements of Operations			57

State Street Institutional Funds

Statements of Changes in Net Assets


	State Street Institutional U.S. Equity Fund						State Street Institutional Premier Growth Equity Fund
	Six Months Ended March 31, 2020*			Year Ended September 30, 2019			Six Months Ended March 31, 2020*			Year Ended September 30, 2019

Increase (Decrease) in Net Assets

Operations:
Net investment income	$	2,530,591		$	5,325,947		$	437,621		$	1,658,486
Net realized gain (loss) on investments, futures, swap contracts and foreign currency transactions		13,449,491			35,203,076			62,344,424			69,342,586
Net increase (decrease) in unrealized appreciation/ depreciation on investments, futures, swap contracts and foreign currency translations		(51,699,443	)		(28,183,576	)		(52,218,949	)		(66,366,188	)

Net increase (decrease) from operations		(35,719,361	)		12,345,447			10,563,096			4,634,884


Distributions to shareholders:
Total distributions
Investment Class		(26,072,740	)		(51,146,504	)		(122,991,014	)		(42,353,247	)
Service Class		(2,748	)		(11,658	)		(4,866,436	)		(1,739,540	)

Total distributions		(26,075,488	)		(51,158,162	)		(127,857,450	)		(44,092,787	)

Increase (decrease) in assets from operations and distributions		(61,794,849	)		(38,812,715	)		(117,294,354	)		(39,457,903	)


Share transactions:
Proceeds from sale of shares
Investment Class		12,082,882			19,779,530			14,347,559			25,674,167
Service Class		5,000			10,736			917,001			1,436,396
Value of distributions reinvested
Investment Class		25,797,811			50,829,580			122,990,094			42,353,031
Service Class		2,748			11,658			4,866,436			1,739,540
Cost of shares redeemed
Investment Class		(44,024,188	)		(135,167,778	)		(155,820,637	)		(203,786,330	)
Service Class		(5,995	)		(69,590	)		(4,023,015	)		(8,582,328	)

Net increase (decrease) from share transactions		(6,141,742	)		(64,605,864	)		(16,722,562	)		(141,165,524	)


Total increase (decrease) in net assets		(67,936,591	)		(103,418,579	)		(134,016,916	)		(180,623,427	)

Net Assets
Beginning of period		419,344,005			522,762,584			201,752,277			382,375,704


End of period	$	351,407,414		$	419,344,005		$	67,735,361		$	201,752,277


Changes in Fund Shares
Investment Class
Shares sold		949,789			1,634,786			1,163,167			1,816,182
Issued for distributions reinvested		2,034,528			5,160,363			12,292,292			3,480,118
Shares redeemed		(3,468,568	)		(10,745,205	)		(17,783,748	)		(13,784,432	)

Net increase (decrease) in fund shares		(484,251	)		(3,950,056	)		(4,328,289	)		(8,488,132	)


Service Class
Shares sold		350			814			80,354			97,423
Issued for distributions reinvested		199			1,092			494,189			144,962
Shares redeemed		(409	)		(5,413	)		(299,076	)		(616,726	)

Net increase (decrease) in fund shares		140			(3,507	)		275,467			(374,341	)

Unaudited.

The accompanying Notes are an integral part of these financial statements.


58		Statements of Changes in Net Assets


State Street Institutional Small-Cap Equity Fund						State Street Institutional International Equity Fund						State Street Institutional Active Core Bond Fund
Six Months Ended March 31, 2020*			Year Ended September 30, 2019			Six Months Ended March 31, 2020*			Year Ended September 30, 2019			Six Months Ended March 31, 2020*			Year Ended September 30, 2019




$	3,016,495		$	4,820,698		$	910,877		$	2,020,628		$	1,338,382		$	5,541,524
	11,428,148			63,095,678			(31,151	)		60,234,710			426,669			6,811,921
	(304,832,042	)		(168,810,934	)		(12,904,735	)		(147,445,599	)		(362,291	)		6,137,047

	(290,387,399	)		(100,894,558	)		(12,025,009	)		(85,190,261	)		1,402,760			18,490,492




	(77,013,163	)		(193,897,894	)		(1,417,916	)		(19,402,183	)		(3,497,117	)		(5,762,735	)
	(109,788	)		(335,145	)		(230,486	)		(344,397	)		(2,536	)		(2,279	)

	(77,122,951	)		(194,233,039	)		(1,648,402	)		(19,746,580	)		(3,499,653	)		(5,765,014	)

	(367,510,350	)		(295,127,597	)		(13,673,411	)		(104,936,841	)		(2,096,893	)		12,725,478




	38,587,827			33,843,372			2,524,728			2,385,163			11,722,727			62,779,155
	176,831			272,639			151,156			155,994			18,761			—

	77,013,163			193,897,894			1,417,425			19,401,437			3,487,215			5,460,386
	109,787			335,145			230,375			343,612			2,536			2,279

	(167,181,862	)		(205,807,797	)		(3,907,767	)		(939,204,381	)		(10,424,981	)		(187,071,527	)
	(382,118	)		(824,015	)		(769,458	)		(4,930,445	)		(15,983	)		(1,340	)

	(51,676,372	)		21,717,238			(353,541	)		(921,848,620	)		4,790,275			(118,831,047	)


	(419,186,722	)		(273,410,359	)		(14,026,952	)		(1,026,785,461	)		2,693,382			(106,105,569	)


	1,257,835,116			1,531,245,475			86,287,889			1,113,073,350			115,175,117			221,280,686


$	838,648,394		$	1,257,835,116		$	72,260,937		$	86,287,889		$	117,868,499		$	115,175,117




	2,293,307			1,949,822			178,436			195,795			1,222,474			6,707,445
	4,426,044			13,849,850			98,982			1,670,182			365,880			589,748
	(10,421,707	)		(11,776,123	)		(277,980	)		(78,354,272	)		(1,092,090	)		(19,766,822	)

	(3,702,356	)		4,023,549			(562	)		(76,488,295	)		496,264			(12,469,629	)



	10,403			15,822			11,246			12,551			1,895			—
	6,306			23,922			16,121			29,931			259			239
	(23,217	)		(47,743	)		(57,528	)		(394,952	)		(1,670	)		(144	)

	(6,508	)		(7,999	)		(30,161	)		(352,470	)		484			95

The accompanying Notes are an integral part of these financial statements.


Statements of Changes in Net Assets			59

State Street Institutional Funds

Notes to Financial Statements — March 31, 2020 (Unaudited)

Organization of the Funds

State Street Institutional Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Trust was organized as a Delaware business trust on May 23, 1997, and is authorized to issue an unlimited number of shares. It is currently comprised of the following five series (each, a “Fund” and collectively, the “Funds”): State Street Institutional U.S. Equity Fund, State Street Institutional Premier Growth Equity Fund, State Street InstitutionalSmall-Cap Equity Fund, State Street Institutional International Equity Fund and State Street Active Core Bond Fund. Each Fund presently offers two classes of shares — the Investment Class and the Service Class. The Trust expects that most of the time, each Fund will have relatively few shareholders (as compared with most mutual funds), but that these shareholders will invest substantial amounts in a Fund (minimum initial investment requirements are described in the current summary prospectus for each Fund and in the Funds’ statutory prospectus). Each Fund is a diversified investment company within the meaning of 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.

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. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation Each Fund’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 each Fund 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 Funds. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value each Fund’s investments by major category are as follows:

•

Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) 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.

•

Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

•

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.

•

Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.


60		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2020 (Unaudited)

•

Debt obligations (including short term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.

•

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.

•

Options on futures are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options on futures are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with the valuation policy and procedures approved by the Board.

•

Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third-party valuation the agreements will be fair valued.

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 NAV 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.

The Funds value their 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 each Fund’s investments according to the fair value hierarchy as of March 31, 2020 is disclosed in each Fund’s respective 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 theex-dividend date, net of any foreign taxes withheld at source, if any.


Notes to Financial Statements			61

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2020 (Unaudited)

Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

Expenses Each Fund pays a “unitary fee” to SSGA FM equivalent to the Fund’s advisory and administration fee. This fee includes all operating expenses payable by each Fund, except for fees and expenses associated with the Trust’s independent Trustees, shareholder servicing and distribution(12b-1) fees, brokerage fees and commissions, and expenses that are not normal operating expenses of the Fund (such as extraordinary expenses, interest and taxes).

Foreign Currency Translation The accounting records of the Funds 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 Funds 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 FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of March 31, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Distributions Distributions from net investment income, if any, are declared and paid annually for all Funds except the State Street Active Core Bond Fund. The State Street Active Core Bond Fund declares them daily and pays them monthly.

Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

Securities and Other Investments

Delayed Delivery Transactions and When-Issued Securities During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund’s Schedule of Investments. A Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, a Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

To-Be-Announced Transactions Certain Funds may seek to obtain exposure to U.S. agency mortgage pass-through securities through the use of“to-be-announced” or “TBA transactions.” “TBA” refers to a commonly used mechanism for the forward settlement of U.S. agency mortgage pass-through securities. In a TBA transaction, the buyer and seller decide on general trade parameters, such as agency, settlement date, coupon, and price.

A Fund may use TBA transactions to “roll over” such agreements prior to the settlement date. This type of TBA transaction is sometimes known as a “TBA roll.” In a TBA roll, a Fund generally will sell the obligation to purchase the pools stipulated in the TBA agreement prior to the settlement date and will enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities. A Fund may also enter into TBA agreements and settle such transactions on the stipulated settlement date by accepting actual receipt or delivery of the pools of mortgage pass-through securities.


62		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2020 (Unaudited)

Default by or bankruptcy of a counterparty to a TBA transaction would expose a Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. To minimize this risk, a Fund will enter into TBA transactions only with established counterparties. A Fund’s use of “TBA rolls” may impact portfolio turnover, transaction costs and capital gain distributions to shareholders.

Derivative Financial Instruments

Futures Contracts Each Fund may enter into futures contracts to meet the Fund’s 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 Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. A Fund 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 the movement of the assets underlying such contracts.

For the period ended March 31, 2020, the following Funds entered into futures contracts for strategies listed below:


Fund		Strategies
State Street Institutional U.S. Equity Fund		Equitization of Cash
State Street Institutional Premier Growth Equity Fund		Equitization of Cash
State Street InstitutionalSmall-Cap Equity Fund		Equitization of Cash
State Street Institutional International Equity Fund		Equitization of Cash
State Street Active Core Bond Fund		Management of Interest Rate Risk

Options on Futures Contracts Each Fund may purchase and write options, including options on futures contracts, subject to certain limitations. Writing puts and buying calls tend to increase a Fund’s exposure to the underlying instrument while buying puts and writing calls tend to decrease the Fund’s exposure to the underlying instrument. A Fund will not enter into a transaction involving options for speculative purposes. A Fund’s risks in using these contracts include changes in the value of the underlying instruments,non-performance of the counterparties under the contracts’ terms and changes in the liquidity of

the secondary market for the contracts.

When a Fund writes an option, the amount of the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss. When an option is exercised, the proceeds from the sale of the underlying instrument or the cost basis of the securities purchased is adjusted by the original premium received or paid. In return for a premium paid, call and put options on futures contracts give the holder the right, but not the obligation, to purchase or sell, respectively, a position in a particular futures contract at a specified exercise price.

For the period ended March 31, 2020, the State Street Active Core Bond Fund purchased and wrote options in order to manage interest rate risk.

Credit Default Swaps During the period ended March 31, 2020, the State Street Active Core Bond Fund engaged in credit default swaps to manage credit risk. When the Fund is the buyer in a credit default swap contract, the Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (“CCP”) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund loses its investment and recovers nothing. However, if a credit event occurs, the Fund receives full notional value for a referenced debt obligation that may have little or no value. When the Fund is the seller


Notes to Financial Statements			63

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2020 (Unaudited)

of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, the Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically fornon-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swaps to determine the market value of swaps. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if the Fund had invested in the referenced debt obligation directly. If the Fund is a buyer of a credit default swap and no credit event occurs, the Fund will not earn any return on its investment. If the Fund is a seller of a credit default swap, the Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject the Fund to the risk that the counterparty to the transaction may not fulfill its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

Interest Rate Swaps Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments.

During the period ended March 31, 2020, the State Street Active Core Bond Fund entered into interest rate swaps in order to manage interest rate risk.

The following tables summarize the value of the Funds’ derivative instruments as of March 31, 2020 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Asset Derivatives


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total

State Street Institutional Premier Growth Equity Fund
Futures Contracts	$	—	$	—	$	—	$	45,695	$	—	$	45,695
State Street InstitutionalSmall-Cap Equity Fund
Future Contracts	$		$		$		$	1,234,540	$		$	1,234,540
State Street Institutional International Equity Fund
Futures Contracts	$	—	$	—	$	—	$	118,890	$	—	$	118,890
State Street Active Core Bond Fund
Futures Contracts	$		$	—	$	—	$	191,193	$	—	$	191,193
Purchased Option Contracts (a)		126,406		—		—		—		—		126,406

(a)

Purchased options are included in investments in securities.


64		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2020 (Unaudited)

Liability Derivatives


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk			Commodity Contracts Risk		Total

State Street Institutional U.S. Equity Fund
Futures Contracts	$	—		$	—	$	—		$	(94,863	)	$	—	$	(94,863	)
State Street Active Core Bond Fund
Swap Contracts	$	(479,482	)	$	—	$	(396,801	)	$	—		$	—	$	(876,283	)

Realized Gain/Loss


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk			Commodity Contracts Risk		Total

State Street Institutional U.S. Equity Fund
Futures Contracts	$	—		$	—	$	—		$	(1,138,299	)	$	—	$	(1,138,299	)
State Street Institutional Premier Growth Equity Fund
Futures Contracts	$	—		$	—	$	—		$	(34,969	)	$	—	$	(34,969	)
State Street InstitutionalSmall-Cap Equity Fund
Futures Contracts	$	—		$	—	$	—		$	(5,881,149	)	$	—	$	(5,881,149	)
State Street Institutional International Equity Fund
Futures Contracts	$	—		$	—	$	—		$	(308,693	)	$	—	$	(308,693	)
State Street Active Core Bond Fund
Futures Contracts	$	(404,959	)	$	—	$	—		$	—		$	—	$	(404,959	)
Swap Contracts		(81,995	)		—		(578,415	)		—			—		(660,410	)
Purchased Option Contracts^(a)		56,610			—		—			—			—		56,610

(a)

Purchased Options are included in realized gain (loss) on investments.

Net Change in Unrealized Appreciation (Depreciation)


	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk			Equity Contracts Risk			Commodity Contracts Risk		Total

State Street Institutional U.S. Equity Fund
Futures Contracts	$	—		$	—	$	—		$	(41,102	)	$	—	$	(41,102	)
State Street Institutional Premier Growth Equity Fund
Futures Contracts	$	—		$	—	$	—		$	14,292		$	—	$	14,292
State Street InstitutionalSmall-Cap Equity Fund
Future Contracts	$			$		$			$	1,817,023		$		$	1,817,023
State Street Institutional International Equity Fund
Futures Contracts	$	—		$	—	$	—		$	117,876		$	—	$	117,876
State Street Active Core Bond Fund
Futures Contracts	$	200,856		$	—	$	—		$	—		$	—	$	200,856
Swap Contracts		(107,011	)		—		(50,798	)		—			—		(157,809	)
Purchased Option Contracts^(a)		49,359			—		—			—			—		49,359

(a)

Purchased options are included in increase (decrease) in unrealized appreciation/depreciation on investments.


Notes to Financial Statements			65

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2020 (Unaudited)

Fees and Transactions with Affiliates

Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of each Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of each Fund. The Management Fee is stated in the following schedule:


Fund	Average Daily Net Assets of Fund	Management Fee

State Street Institutional U.S. Equity Fund	First $25 million		0.55	%

State Street Institutional Premier Growth Equity Fund	Next $25 million		0.45	%

	Over $50 million		0.35	%

State Street InstitutionalSmall-Cap Equity Fund	First $250 million		0.95	%

	Next $250 million		0.90	%

	Over $500 million		0.85	%

State Street Institutional International Equity Fund	First $25 million		0.75	%

	Next $50 million		0.65	%

	Over $75 million		0.55	%

State Street Active Core Bond Fund	First $25 million		0.35	%

	Next $25 million		0.30	%

	Next $50 million		0.25	%

	Over $100 million		0.20	%

Each Fund’s Management Fee is a “unitary” fee that includes all operating expenses payable by the Fund, except for fees and expenses associated with the Trust’s independent Trustees, shareholder servicing and distribution(12b-1) fees, brokerage fees and commissions, and expenses that are not normal operating expenses of the Fund (such as extraordinary expenses, interest and taxes).

SSGA FM is contractually obligated, until January 31, 2021 (i) to waive up to the full amount of the advisory fee payable by the State Street Institutional International Equity Fund and/or (ii) to reimburse the Fund for expenses to the extent that the Total Annual Fund Operating Expenses (exclusive ofnon-recurring account fees, extraordinary expenses, distribution and shareholder servicing fees) exceed 0.55% of average daily net assets on an annual basis (and certain class specific expenses, such as). This fee waiver and/or expense reimbursement arrangement may not be terminated prior to January 31, 2021, except with approval of the Board.

SSGA FM is contractually obligated until January 31, 2021 to waive its management fee and/or reimburse certain expenses for the State Street Active Core Bond Fund, in an amount equal to any acquired fund fees and expenses (“AFFEs”), excluding AFFEs derived from the Fund’s holdings in acquired funds for cash management purposes, if any. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to January 31, 2021 except with approval of the Board.

Amounts waived or reimbursed are included in the respective Statements of Operations.

Distribution and Shareholder Servicing Fees The Funds have adopted a Shareholder Servicing and Distribution Plan (the “Plan”) pursuant to Rule12b-1 under the 1940 Act with respect to the Service Class shares of each Fund. Each Fund pays State Street Global Advisors Funds Distributors, LLC (“SSGA FD”), the Funds’ principal underwriter, a monthly fee for distribution and/or shareholder services provided, at an annual rate of 0.25% of the average daily net assets of such Fund attributable to the Service Class shares. Currently, Investment Class shares are not subject to a12b-1 fee.

Other Transactions with Affiliates The Funds 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 Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2020 are disclosed in the Schedules of Investments.


66		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2020 (Unaudited)

Due to Custodian In certain circumstances, the Funds may have cash overdrafts with the custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to Custodian amount, if any, reflects cash overdrawn with State Street Bank and Trust Company, as custodian, who is an affiliate of the Funds.

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 Funds. The Independent Trustees are reimbursed for travel and otherout-of-pocket expenses in connection with meeting attendance and industry seminars.

Investment Transactions

Purchases and sales of investments (excludingin-kind transactions, short term investments and derivative contracts) for the period ended March 31, 2020 were as follows:


	U.S. Government Obligations				Other Securities
Fund	Purchases		Sales		Purchases		Sales
State Street Institutional U.S. Equity Fund	$	—	$	—		12,478,992		15,371,257
State Street Institutional Premier Growth Equity Fund		—		—		29,632,682		175,010,086
State Street InstitutionalSmall-Cap Equity Fund		—		—		94,529,920		120,671,025
State Street Institutional International Equity Fund		—		—		177,821,026		287,266,348
State Street Active Core Bond Fund		32,737,490		35,417,764		17,104,353		10,004,711

RedemptionIn-Kind In accordance with guidelines described in a Fund’s prospectus, a Fund may distribute portfolio securities rather than cash as payment for a redemption of Fund shares(in-kind redemption). For financial reporting purposes, a Fund recognizes a gain onin-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities. Gains and losses realized onin-kind redemptions are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) topaid-in capital. These reclassifications have no effect on net assets or NAV per share. The net realizedin-kind gains or losses are disclosed in the Statements of Operations.

During the year ended September 30, 2019, the State Street Institutional International Equity Fund had a redemptionin-kind

that resulted in a redemption from the Fund of $919,887,389. The redemption was paid in securities and cash in the amounts

of $845,305,430 and $74,581,959, respectively.

Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Funds file 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 Funds’ 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.

Distributions to shareholders are recorded onex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.


Notes to Financial Statements			67

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2020 (Unaudited)

As of March 31, 2020, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:


Fund	Cost of Investments for Tax Purposes		Gross Tax Appreciation		Gross Tax Depreciation			Net Tax Appreciation/ (Depreciation)

State Street Institutional U.S. Equity Fund	$	319,608,073	$	68,538,520	$	(37,352,790	)	$	31,185,730
State Street Institutional Premier Growth Equity Fund		51,349,026		21,733,902		(6,103,712	)		15,630,190
State Street InstitutionalSmall-Cap Equity Fund		942,718,244		114,539,381		(222,309,129	)		(107,769,748	)
State Street Institutional International Equity Fund		71,521,347		10,383,005		(11,753,132	)		(1,370,127	)
State Street Institutional Active Core Bond Fund		135,806,814		4,759,594		(2,923,139	)		1,836,455

Line of Credit

The Funds and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2020 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% plus the greater of the New York Fed Bank Rate and1-month LIBOR rate.

The Funds had no outstanding loans as of March 31, 2020.

10.

Risks

Concentration Risk As a result of a Fund’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 a Fund’s investments more than if a Fund was more broadly diversified.

Interest Rate Risk Is the risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of a Fund’s investments.

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 a Fund 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 a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Credit Risk A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

Market Risk The Fund’s investments are subject to changes in general economic conditions, and 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 Fund 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 or other public health issues, or other events could have a significant impact on the Fund and its investments.

An outbreak of a respiratory disease caused by a novel coronavirus (known asCOVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the


68		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2020 (Unaudited)

United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak ofCOVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

11.

Change in Accounting Principle

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20) — Premium Amortization on Purchased Callable Debt Securities (“ASU2017-08”). For callable debt securities held at a premium that have explicit,non-contingent call features and that are callable at fixed prices on preset dates, ASU2017-08 requires the premium to be amortized to the earliest call date. The adoption resulted in a change in accounting principle, since the Funds had historically amortized such premiums to maturity for U.S. GAAP. Accordingly, the Funds have adopted ASU2017-08 to amend the premium amortization period for certain purchased callable debt securities withnon-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, each Fund applied the amendments on a modified retrospective basis by recognizing a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments as follows:


Fund	Adjustment
State Street Institutional Active Core Bond Fund	$	4,944

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total accumulated earnings (loss) or the net asset value of each Fund. With respect to each Fund’s results of operations, amortization of premium to first call date accelerates amortization with the intent of more closely aligning the recognition of income on such bonds with the economics of the instrument.

12.

Subsequent Events

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


Notes to Financial Statements			69

State Street Institutional Funds

Other Information — March 31, 2020 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. SSGA FM has been designated by the Board to administer the Funds’ liquidity risk management program. The program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

During the period covered by the liquidity program report to the Board, the program supported each Fund’s ability to honor redemption requests timely and SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions. SSGA FM reported that the program operated adequately and that the implementation of the program was effective to manage each Fund’s liquidity risk.

There can be no assurance that the program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Proxy Voting Policies and Procedures and Record

A description of the policies and procedures that the Funds have adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling1-800-242-0134, (ii) on the Funds’ website at http://www.ssga.com/geam, or (iii) on the SEC’s website at www.sec.gov. Information regarding how the Funds voted proxies, if any, during the most recent12-month period ended June 30 is available by August 31 of each year without charge (1) by calling1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

Following the Funds’ first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit to their reports on FormN-PORT, which can be found on the SEC’s website at www.sec.gov. The Funds’ schedules of investments are available upon request, without charge, by calling1-800-242-0134.


70		Other Information

State Street Institutional Funds

Trustees:

Michael F. Holland,Co-Chairperson

Patrick J. Riley,Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers:

Ellen M. Needham,President

Brian Harris,Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer

Bruce S. Rosenberg,Treasurer

Ann M. Carpenter,Vice President and Deputy Treasurer

Chad C. Hallett,Deputy Treasurer

Arthur A. Jensen,Deputy Treasurer

Darlene Anderson-Vasquez,Deputy Treasurer

Sujata Upreti,Assistant Treasurer

Daniel Foley,Assistant Treasurer

Daniel G. Plourde,Assistant Treasurer

Sean O’Malley,Chief Legal Officer

Andrew DeLorme,Secretary

Kevin Morris,Assistant Secretary

David Urman,Assistant Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

One Iron Street

Boston, Massachusetts 02210

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, Massachusetts 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Item 2.

Code of Ethics.

Not applicable to this filing.

Item 3.

Audit Committee Financial Expert.

Not applicable to this filing.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to the State Street Institutional Funds (the “Trust” or “Registrant”).

Item 6.

Investments.

(a)	Schedules of Investments are included as part of the reports to shareholders filed under Item 1 of this FormN-CSR.

(b)	Not applicable to the Registrant.

Item 7.

Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8.

Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9.

Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10.

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 of Trustees.

Item 11.

Controls and Procedures.

(a) The Trust’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule30a-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 Trust on FormN-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 Rule30a-3(b) under the 1940 Act and Rules13a-15(b) or15d-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 Rule30a-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 12.

Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

Item 13.

Exhibits.



(a)(1)		Not applicable; this FormN-CSR is a Semi-Annual Report.

(a)(2)		Certifications of principal executive officer and principal financial and accounting officer of the Trust as required by Rule30a-2(a) under the 1940 Act are attached hereto.

(a)(3)		Not applicable to the Registrant.

(a)(4)		Not applicable.

(b)		Certifications of principal executive officer and principal financial and accounting officer of the Trust as required by Rule30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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.


Registrant:		STATE STREET INSTITUTIONAL FUNDS

By:		/s/ Ellen M. Needham
		Ellen M. Needham
		President

Date:		June 5, 2020

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/ Ellen M. Needham
		Ellen M. Needham
		President (Principal Executive Officer)

Date:		June 5, 2020

By:		/s/ Bruce S. Rosenberg
		Bruce S. Rosenberg
		Treasurer (Principal Financial Officer)

Date:		June 5, 2020

State Street Institutional Funds N-CSRSCertified semi-annual shareholder report (management investment company)