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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08257

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, 2021

Item 1. Shareholder Report.

(a) The Report to Shareholders is attached herewith.

(b) Not Applicable.

Semi-Annual Report

March 31, 2021

State Street Institutional Funds

LOGO

State Street Institutional Funds

Semi-Annual Report

March 31, 2021

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 Institutional Small-Cap Equity Fund		13
State Street Institutional International Equity Fund		24
State Street Active Core Bond Fund		29
Financial Statements
Financial Highlights		53
Statements of Assets and Liabilities		58
Statements of Operations		60
Statements of Changes in Net Assets		62
Notes to Financial Statements		64
Other Information		75

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, 2021 (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 www.ssga.com/geam for the most recent month-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, 2021 (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 entire six-month period ended March 31, 2021.

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, 2020	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2021	$	1,188.40	$	1,023.20
Expenses Paid During Period*	$	1.91	$	1.77

*	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, 2020-March 31, 2021), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value October 1, 2020	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2021	$	1,186.90	$	1,021.90
Expenses Paid During Period*	$	3.27	$	3.02

*	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, 2020-March 31, 2021), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).


2		State Street Institutional U.S. Equity Fund

State Street Institutional U.S. Equity Fund

Fund Information — March 31, 2021 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $548,508 (in thousands) as of March 31, 2021 ^(a)(b)

LOGO

Top Ten Largest Holdings

as of March 31, 2021 (as a % of Fair Value) ^(a)(b)


Microsoft Corp.	5.73	%
Amazon.com Inc.	4.71	%
Apple Inc.	4.65	%
Alphabet Inc., Class A	3.23	%
JPMorgan Chase & Co.	2.83	%
Facebook Inc., Class A	2.64	%
Visa Inc., Class A	2.43	%
Applied Materials Inc.	1.91	%
Boston Scientific Corp.	1.85	%
Lowe’s Companies Inc.	1.82	%

(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, 2021 (Unaudited)


	Number of Shares		Fair Value $


Common Stock - 98.9%†
Aerospace & Defense - 0.5%
Raytheon Technologies Corp.		39,136		3,024,039


Air Freight & Logistics - 0.8%
United Parcel Service Inc.,
Class B		24,432		4,153,196


Apparel Retail - 1.4%
Ross Stores Inc.		62,916		7,544,258


Application Software - 2.4%
Adobe Inc. (a)		7,268		3,454,989
Intuit Inc.		2,618		1,002,851
salesforce.com Inc. (a)		37,774		8,003,178
Splunk Inc. (a)		6,484		878,452

			13,339,470


Asset Management & Custody Banks - 0.3%
The Blackstone Group Inc.		19,955		1,487,246


Automotive Retail - 0.6%
O’Reilly Automotive Inc. (a)		6,006		3,046,543


Biotechnology - 0.9%
BioMarin Pharmaceutical Inc. (a)		24,132		1,822,208
Vertex Pharmaceuticals Inc. (a)		13,343		2,867,277

			4,689,485


Building Products - 1.8%
Allegion PLC		20,290		2,548,830
Trane Technologies PLC		43,535		7,207,654

			9,756,484


Cable & Satellite - 1.5%
Charter Communications Inc., Class A (a)		7,721		4,764,011
Comcast Corp., Class A		66,204		3,582,299

			8,346,310


Construction Materials - 0.9%
Martin Marietta Materials Inc.		14,569		4,892,562


Data Processing & Outsourced Services - 4.5%
Fidelity National Information Services Inc.		12,939		1,819,353
Mastercard Inc., Class A		17,032		6,064,243
PayPal Holdings Inc. (a)		13,265		3,221,273
Visa Inc., Class A		63,030		13,345,342

				24,450,211


	Number of Shares		Fair Value $
Diversified Banks - 2.8%
JPMorgan Chase & Co.		101,910		15,513,759


Diversified Support Services - 0.6%
Cintas Corp.		9,806		3,346,886


Electric Utilities - 0.9%
NextEra Energy Inc.		64,609		4,885,086


Electronic Components - 2.6%
Amphenol Corp., Class A		80,944		5,339,876
Corning Inc.		201,304		8,758,737

				14,098,613


Electronic Equipment & Instruments - 0.7%
Keysight Technologies Inc. (a)		26,778		3,839,965


Environmental & Facilities Services - 1.5%
Waste Management Inc.		64,472		8,318,177


Financial Exchanges & Data - 1.6%
CME Group Inc.		23,972		4,895,801
MSCI Inc.		2,131		893,486
S&P Global Inc.		5,794		2,044,529


Tradeweb Markets Inc.,
Class A		16,364		1,210,936

				9,044,752


Footwear - 0.8%
NIKE Inc., Class B		31,692		4,211,550


Healthcare Equipment - 4.1%
Becton Dickinson & Co.		16,921		4,114,341
Boston Scientific Corp. (a)		262,409		10,142,108
Edwards Lifesciences Corp. (a)		30,338		2,537,470
Medtronic PLC		30,059		3,550,870
Zimmer Biomet Holdings Inc.		15,059		2,410,645

				22,755,434


Healthcare Services - 0.6%
Cigna Corp.		13,726		3,318,123


Home Improvement Retail - 2.2%
Lowe’s Companies Inc.		52,547		9,993,388
The Home Depot Inc.		5,983		1,826,311

				11,819,699


Hotels, Resorts & Cruise Lines - 1.1%
Marriott International Inc.,
Class A		41,776		6,187,443

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, 2021 (Unaudited)


	Number of Shares		Fair Value $

Household Products - 1.4%
Colgate-Palmolive Co.		26,369		2,078,668
The Procter & Gamble Co.		41,315		5,595,291

				7,673,959


Hypermarkets & Super Centers - 0.4%
Walmart Inc.		15,496		2,104,822


Industrial Conglomerates - 2.1%
Honeywell International Inc.		43,662		9,477,711
Roper Technologies Inc.		5,477		2,209,093

				11,686,804


Industrial Gases - 1.5%
Air Products & Chemicals Inc.		29,763		8,373,522


Industrial Machinery - 0.4%
Xylem Inc.		20,536		2,159,976


Insurance Brokers - 0.2%
Marsh & McLennan
Companies Inc.		11,095		1,351,371


Integrated Oil & Gas - 0.9%
Chevron Corp.		29,065		3,045,721
Exxon Mobil Corp.		35,601		1,987,604

				5,033,325


Interactive Home Entertainment - 0.3%
Activision Blizzard Inc.		15,568		1,447,824


Interactive Media & Services - 7.4%
Alphabet Inc., Class C (a)		3,989		8,251,765
Alphabet Inc., Class A (a)		8,601		17,739,735
Facebook Inc., Class A (a)		49,134		14,471,437

				40,462,937


Internet & Direct Marketing Retail - 4.7%
Amazon.com Inc. (a)		8,351		25,838,663


Investment Banking & Brokerage - 0.4%
The Charles Schwab Corp.		30,796		2,007,283


IT Consulting & Other Services - 0.4%
Accenture PLC, Class A		7,522		2,077,953


Life & Health Insurance - 0.2%
Lincoln National Corp.		13,659		850,546


Life Sciences Tools & Services - 1.2%
IQVIA Holdings Inc. (a)		33,732		6,514,998


	Number of Shares		Fair Value $
Managed Healthcare - 2.0%
Centene Corp. (a)		71,781		4,587,524
UnitedHealth Group Inc.		17,504		6,512,713

				11,100,237


Movies & Entertainment - 2.3%
Netflix Inc. (a)		6,739		3,515,467
The Walt Disney Co. (a)		50,337		9,288,183

				12,803,650


Multi-Line Insurance - 0.3%
American International
Group Inc.		33,934		1,568,090


Multi-Sector Holdings - 1.2%
Berkshire Hathaway Inc.,
Class B (a)		25,202		6,438,355


Multi-Utilities - 1.6%
Sempra Energy		67,688		8,974,075


Oil & Gas Equipment & Services - 0.3%
Schlumberger N.V.		52,409		1,425,001


Oil & Gas Exploration & Production - 1.4%
ConocoPhillips		107,469		5,692,633
Pioneer Natural Resources Co.		12,606		2,002,085

				7,694,718


Packaged Foods & Meats - 1.4%
Mondelez International Inc.,
Class A		129,912		7,603,749


Personal Products - 0.4%
The Estee Lauder
Companies Inc., Class A		8,230		2,393,696


Pharmaceuticals - 4.0%
Bristol-Myers Squibb Co.		63,382		4,001,306
Elanco Animal Health Inc. (a)		119,372		3,515,505
Johnson & Johnson		18,218		2,994,128
Merck & Company Inc.		123,163		9,494,636
Viatris Inc. (a)		152,227		2,126,611

				22,132,186


Property & Casualty Insurance - 1.1%
Chubb Ltd.		37,932		5,992,118


Railroads - 0.7%
Union Pacific Corp.		17,357		3,825,656

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, 2021 (Unaudited)


	Number of Shares		Fair Value $

Regional Banks - 3.0%
First Republic Bank		43,183		7,200,765
Regions Financial Corp.		306,952		6,341,628
SVB Financial Group (a)		6,431		3,174,728

				16,717,121


Restaurants - 0.6%
McDonald’s Corp.		15,481		3,469,911


Semiconductor Equipment - 1.9%
Applied Materials Inc.		78,504		10,488,134


Semiconductors - 4.2%
NVIDIA Corp.		11,568		6,176,502
QUALCOMM Inc.		66,957		8,877,829
Texas Instruments Inc.		41,230		7,792,058

				22,846,389


Soft Drinks - 0.8%
PepsiCo Inc.		32,324		4,572,230


Specialized REITs - 1.3%
American Tower Corp.		30,539		7,300,653


Specialty Chemicals - 0.6%
DuPont de Nemours Inc.		15,998		1,236,326
Ecolab Inc.		4,245		908,727
PPG Industries Inc.		6,397		961,213

				3,106,266


Systems Software - 6.7%
Microsoft Corp.		133,407		31,453,368
Oracle Corp.		45,003		3,157,861
ServiceNow Inc. (a)		4,147		2,073,956

				36,685,185


	Number of Shares		Fair Value $
Technology Hardware, Storage & Peripherals - 4.6%
Apple Inc.		208,868		25,513,226


Trading Companies & Distributors - 1.5%
United Rentals Inc. (a)		24,313		8,006,514


Trucking - 0.1%
Lyft Inc., Class A (a)		8,137		514,096


Wireless Telecommunication Services - 0.3%
T-Mobile US Inc. (a)		13,524		1,694,422


Total Common Stock (Cost $330,898,275)				542,518,952


Short-Term Investments - 1.1%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.04% (b)(c)(d)		5,988,802		5,988,802


Total Investments (Cost $336,887,077)				548,507,754

Other Assets and Liabilities, net - 0.0%*				272,878


NET ASSETS - 100.0%				548,780,632

Other Information:

The Fund had the following short futures contracts open at March 31, 2021:


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-MINI S&P 500 INDEX		June 2021		8	$	(1,586,883)	$	(1,586,960)	$	(77	)

During the period ended March 31, 2021, average notional values related to long and short futures contracts was $2,472,714 and $274,594, respectively.

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, 2021 (Unaudited)

Notes to Schedule of Investments — March 31, 2021 (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 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, 2021, all or a portion of this security was pledged to cover collateral requirements for futures and/or TBAs.

(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.

*	Less than 0.05%.

†	Percentages are based on net assets as of March 31, 2021.

Abbreviations:

REITs - Real Estate Investment Trusts

The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2021:


Fund	Investments	Level 1		Level 2		Level 3		Total

State Street Institutional

U.S. Equity Fund	Investments in Securities

	Common Stock	$	542,518,952	$	—	$	—	$	542,518,952

	Short-Term Investments		5,988,802		—		—		5,988,802


	Total Investments in Securities	$	548,507,754	$	—	$	—	$	548,507,754


	Other Financial Instruments

	Short Futures Contracts -

	Unrealized Depreciation	$	(77)	$	—	$	—	$	(77	)

Affiliate Table


	Number of Shares Held at 9/30/20		Value at 9/30/20		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Number of Shares Held at 3/31/21		Value at 3/31/21		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		5,363,497	$	5,363,497	$	30,391,995	$	29,766,690	$	—	$	—		5,988,802	$	5,988,802	$	2,089

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, 2021 (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, 2020	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2021	$	1,137.80	$	1,022.70
Expenses Paid During Period*	$	2.40	$	2.27

*	Expenses are equal to the Fund’s annualized expense ratio of 0.46% for Investment Class shares and 0.71% for Service Class shares (for the period October 1, 2020-March 31, 2021), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value October 1, 2020	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2021	$	1,136.40	$	1,021.40
Expenses Paid During Period*	$	3.73	$	3.53

*	Expenses are equal to the Fund’s annualized expense ratio of 0.46% for Investment Class shares and 0.71% for Service Class shares (for the period October 1, 2020-March 31, 2021), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).


8		State Street Institutional Premier Growth Equity Fund

State Street Institutional Premier Growth Equity Fund

Fund Information — March 31, 2021 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $90,956 (in thousands) as of March 31, 2021 ^(a)(b)

LOGO

Top Ten Largest Holdings

as of March 31, 2021 (as a % of Fair Value) ^(a)(b)



Microsoft Corp.	9.19	%

Apple Inc.	8.70	%

Amazon.com Inc.	6.01	%

Alphabet Inc., Class C	5.38	%

Facebook Inc., Class A	5.35	%

Visa Inc., Class A	4.61	%

Applied Materials Inc.	3.47	%

QUALCOMM Inc.	3.14	%

UnitedHealth Group Inc.	3.11	%

salesforce.com Inc.	3.09	%

(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, 2021 (Unaudited)


		Number of Shares		Fair Value $


Common Stock - 96.3%†

Apparel Retail - 1.8%
Ross Stores Inc.			14,004		1,679,220


Application Software - 5.0%
Adobe Inc. (a)			1,214		577,099
salesforce.com Inc. (a)			13,254		2,808,125
Splunk Inc. (a)			8,437		1,143,045

					4,528,269


Biotechnology - 2.8%
BioMarin Pharmaceutical Inc. (a)			14,736		1,112,715
Vertex Pharmaceuticals Inc. (a)			6,546		1,406,670

	��				2,519,385


Building Products - 0.8%
Trane Technologies PLC			4,260		705,286


Cable & Satellite - 1.5%
Charter Communications Inc.,
Class A (a)			2,136		1,317,955


Data Processing & Outsourced Services - 7.3%
Fidelity National Information
Services Inc.			6,669		937,728
Mastercard Inc., Class A			4,286		1,526,030
Visa Inc., Class A			19,829		4,198,394

					6,662,152


Electronic Components - 1.9%
Corning Inc.			39,883		1,735,309


Financial Exchanges & Data - 1.3%
S&P Global Inc.			3,221		1,136,594


Healthcare Equipment - 3.7%
Boston Scientific Corp. (a)			56,829		2,196,441
Intuitive Surgical Inc. (a)			1,622		1,198,560

					3,395,001


Home Improvement Retail - 2.9%
Lowe’s Companies Inc.			14,082		2,678,115


Industrial Conglomerates - 1.8%
Honeywell International Inc.			7,708		1,673,176


Industrial Gases - 1.1%
Air Products & Chemicals Inc.			3,547		997,913


	Number of Shares		Fair Value $
Interactive Media & Services - 12.7%
Alphabet Inc., Class C (a)		2,366		4,894,379
Alphabet Inc., Class A (a)		845		1,742,829
Facebook Inc., Class A (a)		16,513		4,863,574

				11,500,782


Internet & Direct Marketing Retail - 7.1%
Alibaba Group Holding Ltd. ADR (a)		4,518		1,024,366
Amazon.com Inc. (a)		1,768		5,470,334

				6,494,700


Investment Banking & Brokerage - 1.3%
The Charles Schwab Corp.		17,942		1,169,460


Managed Healthcare - 3.1%
UnitedHealth Group Inc.		7,598		2,826,988


Movies & Entertainment - 1.5%
The Walt Disney Co. (a)		7,141		1,317,657


Pharmaceuticals - 2.1%
Elanco Animal Health Inc. (a)		65,237		1,921,230


Regional Banks - 1.3%
First Republic Bank		7,184		1,197,932


Semiconductor Equipment - 3.5%
Applied Materials Inc.		23,599		3,152,826


Semiconductors - 5.7%
NVIDIA Corp.		4,400		2,349,292
QUALCOMM Inc.		21,516		2,852,806

				5,202,098


Soft Drinks - 1.9%
PepsiCo Inc.		12,004		1,697,966


Specialized REITs - 1.2%
American Tower Corp.		4,658		1,113,541


Systems Software - 11.4%
Microsoft Corp.		35,439		8,355,453
ServiceNow Inc. (a)		4,041		2,020,944

				10,376,397


Technology Hardware, Storage & Peripherals - 8.7%
Apple Inc.		64,784		7,913,366


Trading Companies & Distributors - 2.0%
United Rentals Inc. (a)		5,516		1,816,474

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, 2021 (Unaudited)


	Number of Shares		Fair Value $

Trucking - 0.9%
Lyft Inc., Class A (a)		13,154		831,070


Total Common Stock (Cost $43,973,729)				87,560,862


Exchange Traded & Mutual Funds - 2.5%
The Consumer Discretionary Select Sector SPDR Fund (b)		9,145		1,537,000
The Technology Select Sector SPDR Fund (b)		5,675		753,697


Total Exchange Traded & Mutual Funds (Cost $1,914,316)				2,290,697


Total Investments in Securities (Cost $45,888,045)				89,851,559


	Number of Shares		Fair Value $

Short-Term Investments - 1.2%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.04% (b)(c)(d)		1,104,475		1,104,475

Total Investments (Cost $46,992,520)				90,956,034

Liabilities in Excess of Other Assets, net - (0.0)%*				(39,898	)


NET ASSETS - 100.0%				90,916,136

Other Information:

The Fund had the following long futures contracts open at March 31, 2021:


Description	Expiration Date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)

S&P 500 Emini Index Futures		June 2021		1	$	196,365	$	198,370	$	2,005

During the period ended March 31, 2021, average notional values related to long and short futures contracts was $995,539 and $47,886, respectively.

Notes to Schedule of Investments — March 31, 2021 (Unaudited)

(a)	Non-income producing security.

(b)	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.

(c)	Coupon amount represents effective yield.

(d)	At March 31, 2021, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs.

*	Less than 0.05%.

†	Percentages are based on net assets as of March 31, 2021.

Abbreviations:

ADR - American Depositary Receipt

REITs - Real Estate Investment Trusts

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, 2021 (Unaudited)

The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2021:


Fund	Investments	Level 1		Level 2		Level 3		Total

State Street Institutional

Premier Growth Equity
Fund	Investments in Securities

	Common Stock	$	87,560,862	$	—	$	—	$	87,560,862

	Exchange Traded & Mutual

	Funds		2,290,697		—		—		2,290,697

	Short-Term Investments		1,104,475		—		—		1,104,475


	Total Investments in Securities	$	90,956,034	$	—	$	—	$	90,956,034


	Other Financial Instruments

	Long Futures Contracts -

	Unrealized Appreciation	$	2,005	$	—	$	—	$	2,005

Affiliate Table


	Number of Shares Held at 9/30/20		Value at 9/30/20		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Number of Shares Held at 3/31/21		Value at 3/31/21		Dividend Income
State Street Institutional U.S. Government
Money Market Fund, Class G Shares		1,019,025	$	1,019,025	$	6,492,391	$	6,406,941	$	—	$	—		1,104,475	$	1,104,475	$	496
The Technology Select Sector SPDR Fund		1,111		129,653		609,328		5,043		273		19,486		5,675		753,697		2,068
The Consumer Discretionary Select Sector SPDR Fund		6,161		905,544		576,256		81,085		18,030		118,255		9,145		1,537,000		3,817

TOTAL			$	2,054,222	$	7,677,975	$	6,493,069	$	18,303	$	137,741			$	3,395,172	$	6,381

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


12		State Street Institutional Premier Growth Equity Fund

State Street Institutional Small-Cap Equity Fund

Understanding Your Fund’s Expenses — March 31, 2021 (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, 2020	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2021	$	1,453.20	$	1,020.80
Expenses Paid During Period*	$	5.02	$	4.13

*	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, 2020-March 31, 2021), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value October 1, 2020	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2021	$	1,452.10	$	1,019.30
Expenses Paid During Period*	$	6.91	$	5.69

*	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, 2020-March 31, 2021), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).


State Street Institutional Small-Cap Equity Fund		13

State Street Institutional Small-Cap Equity Fund

Fund Information — March 31, 2021 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $1,302,628 (in thousands) as of March 31, 2021 ^(a)(b)

LOGO

Top Ten Largest Holdings

as of March 31, 2021 (as a % of Fair Value) ^(a)(b)


Ingevity Corp.	1.33	%

Darling Ingredients Inc.	1.32	%

The Brink’s Co.	1.26	%

Dycom Industries Inc.	1.24	%

Extended Stay America Inc.	1.20	%

Thor Industries Inc.	1.12	%

Altra Industrial Motion Corp.	1.07	%

Polaris Inc.	1.06	%

The Timken Co.	1.04	%

Sanderson Farms Inc.	1.03	%

(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 Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Schedule of Investments — March 31, 2021 (Unaudited)


	Number of Shares		Fair Value $


Common Stock - 94.9%†
Aerospace & Defense - 0.5%
Teledyne Technologies Inc. (a)		14,751		6,101,751


Agricultural & Farm Machinery - 0.8%
AGCO Corp.		70,799		10,170,276


Agricultural Products - 1.3%
Darling Ingredients Inc. (a)		233,531		17,183,211


Air Freight & Logistics - 0.3%
Atlas Air Worldwide Holdings Inc. (a)		7,258		438,673
Echo Global Logistics Inc. (a)		29,654		931,432
Forward Air Corp.		13,690		1,215,809
Hub Group Inc., Class A (a)		13,014		875,582

				3,461,496


Airlines - 0.1%
Allegiant Travel Co.		4,242		1,035,303


Aluminum - 0.2%
Alcoa Corp. (a)		90,029		2,925,042


Apparel Retail - 0.8%
American Eagle Outfitters Inc.		133,824		3,913,014
Burlington Stores Inc. (a)		9,801		2,928,539
The Buckle Inc.		89,823		3,528,247

				10,369,800


Application Software - 4.8%
ACI Worldwide Inc. (a)		159,694		6,076,357
Altair Engineering Inc., Class A (a)		59,853		3,745,002
Blackbaud Inc.		126,960		9,024,317
Blackline Inc. (a)		53,564		5,806,338
Box Inc., Class A (a)		31,140		714,974
Cornerstone OnDemand Inc. (a)		74,034		3,226,402
Envestnet Inc. (a)		37,500		2,708,625
J2 Global Inc. (a)		5,955		713,766
Medallia Inc. (a)		222,500		6,205,525
Mitek Systems Inc. (a)		68,917		1,004,810
New Relic Inc. (a)		123,000		7,562,040
Q2 Holdings Inc. (a)		60,360		6,048,072
Sumo Logic Inc. (a)		13,405		252,818
Upland Software Inc. (a)		18,432		869,806
Workiva Inc. (a)		40,500		3,574,530


	Number of Shares		Fair Value $
Yext Inc. (a)		332,000		4,807,360

				62,340,742

Asset Management & Custody Banks - 0.2%
Artisan Partners Asset Management Inc., Class A		14,219		741,805
Blucora Inc. (a)		25,526		424,752
Diamond Hill Investment Group Inc.		3,681		574,273
Federated Hermes Inc., Class B		18,086		566,092

				2,306,922


Auto Parts & Equipment - 1.0%
Dana Inc.		100,615		2,447,963
Dorman Products Inc. (a)		73,981		7,593,410
LCI Industries		13,795		1,824,803
Standard Motor Products Inc.		20,273		842,951

				12,709,127


Automobile Manufacturers - 1.1%
Thor Industries Inc.		107,838		14,530,092


Automotive Retail - 1.6%
America’s Car-Mart Inc. (a)		21,101		3,215,159
Camping World Holdings Inc., Class A		14,643		532,712
Group 1 Automotive Inc.		39,667		6,259,056
Monro Inc.		29,774		1,959,129
Murphy USA Inc.		65,315		9,441,937

				21,407,993


Biotechnology - 1.5%
Avid Bioservices Inc. (a)		122,434		2,231,972
Catalyst Pharmaceuticals Inc. (a)		297,791		1,372,816
CytomX Therapeutics Inc. (a)		44,909		347,147
Eagle Pharmaceuticals Inc. (a)		7,041		293,891
Emergent BioSolutions Inc. (a)		79,215		7,359,866
Heron Therapeutics Inc. (a)		155,937		2,527,739
Ironwood Pharmaceuticals Inc. (a)		42,651		476,838
Novavax Inc. (a)		2,934		531,963
Puma Biotechnology Inc. (a)		115,529		1,122,942
Radius Health Inc. (a)		55,373		1,155,081
Vanda Pharmaceuticals Inc. (a)		32,400		486,648

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


State Street Institutional Small-Cap Equity Fund		15

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2021 (Unaudited)


	Number of Shares		Fair Value $

Veracyte Inc. (a)		23,500		1,263,125

				19,170,028


Building Products - 1.0%
American Woodmark Corp. (a)		13,428		1,323,732
Builders FirstSource Inc. (a)		31,393		1,455,694
CSW Industrials Inc.		16,000		2,160,000
Gibraltar Industries Inc. (a)		62,483		5,717,819
UFP Industries Inc.		31,698		2,403,976

				13,061,221

Commodity Chemicals - 0.5%
Koppers Holdings Inc. (a)		200,324		6,963,262


Communications Equipment - 0.7%
Casa Systems Inc. (a)		86,488		824,231

CommScope Holding Company Inc. (a)		50,800		780,288
Extreme Networks Inc. (a)		290,892		2,545,305
Lumentum Holdings Inc. (a)		17,704		1,617,260
NETGEAR Inc. (a)		14,433		593,196
Plantronics Inc.		56,104		2,183,007
Viavi Solutions Inc. (a)		70,933		1,113,648

				9,656,935


Computer & Electronics Retail - 0.2%
Rent-A-Center Inc.		36,841		2,124,252


Construction & Engineering - 1.7%
Comfort Systems USA Inc.		9,827		734,765
Dycom Industries Inc. (a)		174,343		16,187,747
EMCOR Group Inc.		9,352		1,048,920
MasTec Inc. (a)		12,468		1,168,252
Valmont Industries Inc.		12,636		3,003,198

				22,142,882


Construction Machinery & Heavy Trucks - 1.2%
Alamo Group Inc.		16,939		2,645,025
Astec Industries Inc.		41,883		3,158,816
Meritor Inc. (a)		87,954		2,587,607
The Greenbrier Companies Inc.		52,550		2,481,411
The Manitowoc Company Inc. (a)		102,504		2,113,632
Trinity Industries Inc.		32,049		913,076
Wabash National Corp.		87,011		1,635,807

				15,535,374


Construction Materials - 0.1%
Eagle Materials Inc.		12,374		1,663,189


	Number of Shares		Fair Value $
Consumer Electronics - 0.3%
GoPro Inc., Class A (a)		78,828		917,558
Sonos Inc. (a)		28,050		1,051,033
Turtle Beach Corp. (a)		33,624		896,752
Universal Electronics Inc. (a)		9,344		513,640

				3,378,983


Consumer Finance - 0.3%
Curo Group Holdings Corp.		35,714		521,067
Prog Holdings Inc.		78,668		3,405,538

				3,926,605


Data Processing & Outsourced Services - 1.4%
Broadridge Financial Solutions Inc.		25,950		3,972,945
Cass Information Systems Inc.		116,550		5,392,768
CSG Systems International Inc.		66,796		2,998,472
EVERTEC Inc.		28,644		1,066,130
MAXIMUS Inc.		10,267		914,174
TTEC Holdings Inc.		7,204		723,642
Verra Mobility Corp. (a)		198,389		2,685,195

				17,753,326


Distillers & Vintners - 0.7%
MGP Ingredients Inc.		155,978		9,226,099


Distributors - 0.5%
LKQ Corp. (a)		149,397		6,323,975


Diversified Metals & Mining - 0.3%
Compass Minerals International Inc.		47,193		2,959,945
Materion Corp.		10,790		714,730

				3,674,675


Diversified REITs - 0.2%
American Assets Trust Inc.		52,507		1,703,327
Essential Properties Realty Trust Inc.		41,502		947,491
Gladstone Commercial Corp.		31,089		608,101

				3,258,919


Diversified Support Services - 1.6%
Healthcare Services Group Inc.		134,119		3,759,356
IAA Inc. (a)		44,272		2,441,158
Matthews International Corp., Class A		67,891		2,685,089

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


16		State Street Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2021 (Unaudited)


	Number of Shares		Fair Value $

Ritchie Bros Auctioneers Inc.		175,869		10,297,130
UniFirst Corp.		6,402		1,432,191

				20,614,924


Education Services - 0.3%
American Public
Education Inc. (a)		17,421		620,710
Perdoceo Education Corp. (a)		23,548		281,634
Stride Inc. (a)		90,308		2,719,174

				3,621,518


Electric Utilities - 0.7%
ALLETE Inc.		16,243		1,091,367
IDACORP Inc.		79,998		7,997,400

				9,088,767

Electrical Components & Equipment - 0.4%
Acuity Brands Inc.		7,505		1,238,325
Atkore Inc. (a)		23,140		1,663,766
Regal Beloit Corp.		18,000		2,568,240

				5,470,331


Electronic Components - 1.4%
Belden Inc.		174,202		7,729,343
II-VI Inc. (a)		14,892		1,018,166
Littelfuse Inc.		28,773		7,608,732
Rogers Corp. (a)		7,623		1,434,725

				17,790,966


Electronic Equipment & Instruments - 0.3%
National Instruments Corp.		98,478		4,252,772
OSI Systems Inc. (a)		2,435		234,004

				4,486,776


Electronic Manufacturing Services - 0.4%
Methode Electronics Inc.		38,431		1,613,333
Plexus Corp. (a)		25,045		2,300,133
Sanmina Corp. (a)		23,725		981,741

				4,895,207


Environmental & Facilities Services - 0.7%
Clean Harbors Inc. (a)		106,704		8,969,538


Food Distributors - 0.4%
Performance Food Group Co. (a)		92,585		5,333,822


Food Retail - 0.1%
Sprouts Farmers Market Inc. (a)		32,709		870,714


	Number of Shares		Fair Value $
Footwear - 0.7%
Deckers Outdoor Corp. (a)		9,220		3,046,472
Wolverine World Wide Inc.		165,500		6,341,960

				9,388,432


Gas Utilities - 0.1%
Spire Inc.		21,502		1,588,783


Health Care REITs - 0.3%
CareTrust REIT Inc.		49,680		1,156,799
LTC Properties Inc.		10,510		438,477
National Health Investors Inc.		25,781		1,863,451

				3,458,727


Healthcare Distributors - 0.6%
AdaptHealth Corp. (a)		94,077		3,458,270
Covetrus Inc. (a)		168,076		5,037,238

				8,495,508


Healthcare Equipment - 5.2%
Accuray Inc. (a)		105,935		524,378
AtriCure Inc. (a)		92,500		6,060,600
Cantel Medical Corp. (a)		85,000		6,786,400
Cardiovascular Systems Inc. (a)		146,500		5,616,810
CONMED Corp.		73,000		9,533,070
Electromed Inc. (a)		32,922		346,998
Envista Holdings Corp. (a)		34,200		1,395,360
Globus Medical Inc., Class A (a)		65,000		4,008,550
Hill-Rom Holdings Inc.		74,188		8,196,290
Integra LifeSciences Holdings Corp. (a)		123,910		8,560,942
IntriCon Corp. (a)		67,053		1,719,239
LeMaitre Vascular Inc.		26,369		1,286,280
Masimo Corp. (a)		7,500		1,722,450
Natus Medical Inc. (a)		49,031		1,255,684
Outset Medical Inc. (a)		24,500		1,332,555
Penumbra Inc. (a)		18,500		5,005,730
Tactile Systems Technology Inc. (a)		75,000		4,086,750
Vapotherm Inc. (a)		39,500		948,790

				68,386,876


Healthcare Facilities - 0.9%
Acadia Healthcare Company Inc. (a)		124,923		7,138,100
Hanger Inc. (a)		72,756		1,660,292
Select Medical Holdings Corp. (a)		38,898		1,326,422
The Ensign Group Inc.		13,608		1,276,975

				11,401,789

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


State Street Institutional Small-Cap Equity Fund		17

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2021 (Unaudited)


	Number of Shares		Fair Value $

Healthcare Services - 0.8%
Addus HomeCare Corp. (a)		9,845		1,029,689
Amedisys Inc. (a)		4,854		1,285,291
AMN Healthcare Services Inc. (a)		28,596		2,107,525
Cross Country Healthcare Inc. (a)		46,187		576,876
InfuSystem Holdings Inc. (a)		45,582		928,049
MEDNAX Inc. (a)		114,936		2,927,420
ModivCare Inc. (a)		3,802		563,152
Tivity Health Inc. (a)		27,872		622,103

				10,040,105


Healthcare Supplies - 0.7%
Avanos Medical Inc. (a)		124,660		5,452,628
BioLife Solutions Inc. (a)		55,312		1,991,232
Meridian Bioscience Inc. (a)		25,066		657,983
Merit Medical Systems Inc. (a)		7,456		446,465
Pulmonx Corp. (a)		20,050		917,087

				9,465,395


Healthcare Technology - 1.0%
Computer Programs and
Systems Inc.		20,460		626,076
Inspire Medical Systems Inc. (a)		25,000		5,174,750
NextGen Healthcare Inc. (a)		94,986		1,719,246
Omnicell Inc. (a)		45,964		5,969,345

				13,489,417


Home Building - 1.2%
Cavco Industries Inc. (a)		7,925		1,787,959
Century Communities Inc. (a)		12,801		772,156
Green Brick Partners Inc. (a)		27,439		622,317
Installed Building Products Inc.		6,366		705,862
LGI Homes Inc. (a)		3,587		535,575
M/I Homes Inc. (a)		9,236		545,571
Meritage Homes Corp. (a)		7,681		706,037
Skyline Champion Corp. (a)		22,874		1,035,277
Taylor Morrison Home Corp. (a)		124,865		3,847,091
TopBuild Corp. (a)		19,511		4,086,189
Tri Pointe Homes Inc. (a)		29,514		600,905

				15,244,939


	Number of Shares		Fair Value $
Home Furnishing Retail - 0.2%
The Aaron’s Company Inc.		111,084		2,852,637


Home Furnishings - 0.3%
Hooker Furniture Corp.		20,810		758,733
La-Z-Boy Inc.		64,495		2,739,747

				3,498,480


Home Improvement Retail - 0.0%*
Lumber Liquidators
Holdings Inc. (a)		17,746		445,780


Hotel & Resort REITs - 0.2%
RLJ Lodging Trust		207,612		3,213,834


Hotels, Resorts & Cruise Lines - 1.2%
Extended Stay America Inc.		789,170		15,586,107
Wyndham Hotels & Resorts Inc.		7,341		512,255

				16,098,362


Household Appliances - 0.1%
Helen of Troy Ltd. (a)		5,301		1,116,709


Household Products - 0.2%
Central Garden & Pet Co., Class A (a)		31,055		1,611,444
Central Garden & Pet Co. (a)		13,580		787,776

				2,399,220


Human Resource & Employment Services - 0.2%
ASGN Inc. (a)		12,445		1,187,751
Kforce Inc.		25,423		1,362,673
TriNet Group Inc. (a)		8,341		650,264

				3,200,688


Hypermarkets & Super Centers - 0.1%
BJ’s Wholesale Club Holdings Inc. (a)		27,099		1,215,661


Industrial Machinery - 7.2%
Albany International Corp., Class A		12,500		1,043,375
Altra Industrial Motion Corp.		251,722		13,925,261
Barnes Group Inc.		210,593		10,432,777
Crane Co.		134,855		12,664,233
Enerpac Tool Group Corp.		329,858		8,615,891
ESCO Technologies Inc.		7,500		816,675
Evoqua Water Technologies Corp. (a)		250,000		6,575,000

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


18		State Street Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2021 (Unaudited)


	Number of Shares		Fair Value $

John Bean Technologies Corp.		73,500		9,800,490
L B Foster Co., Class A (a)		28,032		501,773
Lydall Inc. (a)		45,817		1,545,866
Mueller Industries Inc.		125,395		5,185,083
Standex International Corp.		28,200		2,695,074
The Timken Co.		167,113		13,564,562
TriMas Corp. (a)		141,240		4,282,397
Woodward Inc.		22,102		2,666,164

				94,314,621


Industrial REITs - 0.6%
EastGroup Properties Inc.		45,665		6,542,881
Innovative Industrial Properties Inc.		5,285		952,146

				7,495,027


Insurance Brokers - 0.1%
BRP Group Inc., Class A (a)		43,000		1,171,750


Interactive Media & Services - 0.0%*
Cargurus Inc. (a)		17,300		412,259


Internet & Direct Marketing Retail - 0.5%
1-800-Flowers.com Inc., Class A (a)		35,378		976,787
Revolve Group Inc. (a)		115,324		5,181,507

				6,158,294


Internet Services & Infrastructure - 0.1%
Brightcove Inc. (a)		40,957		824,055


Investment Banking & Brokerage - 1.2%
Houlihan Lokey Inc.		17,447		1,160,400
Moelis & Co., Class A		9,675		530,964
Piper Sandler Cos.		35,148		3,853,978
PJT Partners Inc., Class A		7,137		482,818
Raymond James Financial Inc.		47,092		5,771,596
Stifel Financial Corp.		49,465		3,168,728
Stonex Group Inc. (a)		7,672		501,595
Virtu Financial Inc., Class A		14,019		435,290

				15,905,369


IT Consulting & Other Services - 0.5%
Perficient Inc. (a)		16,211		951,910
Unisys Corp. (a)		217,286		5,523,410

				6,475,320


	Number of Shares		Fair Value $
Leisure Products - 1.4%
Acushnet Holdings Corp.		15,132		625,406
Johnson Outdoors Inc., Class A		9,406		1,342,706
Malibu Boats Inc., Class A (a)		15,264		1,216,236
MasterCraft Boat Holdings Inc. (a)		35,417		941,738
Polaris Inc.		103,214		13,779,069

				17,905,155


Life & Health Insurance - 0.3%
American Equity Investment Life Holding Co.		66,740		2,104,312
Trupanion Inc. (a)		31,216		2,378,972

				4,483,284


Life Sciences Tools & Services - 2.8%
Bruker Corp.		93,904		6,036,149
ICON PLC (a)		45,447		8,924,428
Medpace Holdings Inc. (a)		11,018		1,807,503
Repligen Corp. (a)		47,674		9,268,302
Syneos Health Inc. (a)		135,738		10,295,727

				36,332,109

Marine - 0.1%
Kirby Corp. (a)		32,552		1,962,235


Metal & Glass Containers - 0.1%
Silgan Holdings Inc.		19,305		811,389

Multi-Line Insurance - 0.2%
Horace Mann Educators Corp.		59,806		2,584,217


Multi-Utilities - 0.1%
Black Hills Corp.		17,431		1,163,868


Office REITs - 0.6%
Corporate Office Properties Trust		54,226		1,427,771
Cousins Properties Inc.		141,787		5,012,170
Easterly Government Properties Inc.		94,643		1,961,949

				8,401,890


Office Services & Supplies - 0.8%
Herman Miller Inc.		21,634		890,239
HNI Corp.		37,769		1,494,142
MSA Safety Inc.		57,454		8,619,249

				11,003,630

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


State Street Institutional Small-Cap Equity Fund		19

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2021 (Unaudited)


	Number of Shares		Fair Value $

Oil & Gas Drilling - 0.2%
Helmerich & Payne Inc.		81,212		2,189,475


Oil & Gas Equipment & Services - 0.2%
ChampionX Corp. (a)		73,634		1,600,067
Oil States International Inc. (a)		244,935		1,476,958

				3,077,025


Oil & Gas Exploration & Production - 0.9%
Cimarex Energy Co.		46,748		2,776,364
Denbury Inc. (a)		37,218		1,782,370
Northern Oil & Gas Inc. (a)		131,682		1,590,719
PDC Energy Inc. (a)		121,216		4,169,830
Southwestern Energy Co. (a)		232,467		1,080,971

				11,400,254


Packaged Foods & Meats - 3.8%
B&G Foods Inc.		54,500		1,692,770
Calavo Growers Inc.		14,925		1,158,777
Hostess Brands Inc. (a)		459,500		6,589,230
J&J Snack Foods Corp.		25,000		3,925,750
John B Sanfilippo & Son Inc.		13,635		1,232,195
Lancaster Colony Corp.		42,000		7,365,120
Sanderson Farms Inc.		86,134		13,417,954
The Simply Good Foods Co. (a)		263,400		8,012,628
TreeHouse Foods Inc. (a)		96,000		5,015,040
Utz Brands Inc.		73,000		1,809,670

				50,219,134


Paper Packaging - 0.0%*
UFP Technologies Inc. (a)		10,301		513,196


Personal Products - 0.5%
elf Beauty Inc. (a)		161,000		4,319,630
Lifevantage Corp. (a)		26,601		248,719
Medifast Inc.		5,330		1,129,001
Nu Skin Enterprises Inc., Class A		8,668		458,450
USANA Health Sciences Inc. (a)		4,690		457,744

				6,613,544


Pharmaceuticals - 0.4%
Phibro Animal Health Corp., Class A		39,666		967,850
Prestige Consumer Healthcare Inc. (a)		90,000		3,967,200

				4,935,050


	Number of Shares		Fair Value $
Property & Casualty Insurance - 1.8%
AMERISAFE Inc.		45,586		2,917,504
Argo Group International Holdings Ltd.		122,575		6,167,974
James River Group Holdings Ltd.		56,500		2,577,530
Kemper Corp.		6,172		492,032
Palomar Holdings Inc. (a)		29,500		1,977,680
RLI Corp.		39,185		4,371,870
Selective Insurance Group Inc.		64,000		4,642,560
Stewart Information Services Corp.		13,024		677,639

				23,824,789


Publishing - 1.0%
John Wiley & Sons Inc., Class A		231,765		12,561,663


Regional Banks - 8.2%
1st Source Corp.		40,893		1,945,689
Atlantic Union Bankshares Corp.		42,016		1,611,734
Bank OZK		58,373		2,384,537
BankUnited Inc.		26,836		1,179,442
Bryn Mawr Bank Corp.		43,000		1,956,930
Cadence BanCorp		133,048		2,758,085
Community Bank System Inc.		45,000		3,452,400
Cullen/Frost Bankers Inc.		36,823		4,004,869
CVB Financial Corp.		112,500		2,485,125
Enterprise Financial Services Corp.		44,912		2,220,449
Equity Bancshares Inc., Class A (a)		42,008		1,151,019
FB Financial Corp.		24,156		1,073,976
First Horizon Corp.		104,350		1,764,559
First Interstate BancSystem Inc., Class A		40,551		1,866,968
Fulton Financial Corp.		221,726		3,775,994
German American Bancorp Inc.		54,000		2,495,880
Glacier Bancorp Inc.		23,677		1,351,483
Great Western Bancorp Inc.		69,224		2,096,795
Independent Bank Corp.		94,322		7,940,969
Investors Bancorp Inc.		66,654		979,147
Lakeland Financial Corp.		10,803		747,460
National Bank Holdings Corp., Class A		34,172		1,355,945
Origin Bancorp Inc.		60,504		2,565,975
PacWest Bancorp		85,707		3,269,722

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


20		State Street Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2021 (Unaudited)


	Number of Shares		Fair Value $

Peapack-Gladstone Financial Corp.		18,791		580,266
Pinnacle Financial Partners Inc.		23,608		2,093,085
Prosperity Bancshares Inc.		104,135		7,798,670
Renasant Corp.		154,755		6,403,762
Sandy Spring Bancorp Inc.		43,422		1,885,817
Stock Yards Bancorp Inc.		38,775		1,979,852
Texas Capital Bancshares Inc. (a)		7,581		537,645
UMB Financial Corp.		63,500		5,862,955
United Community Banks Inc.		51,968		1,773,148
Washington Trust Bancorp Inc.		32,000		1,652,160
Westamerica BanCorp.		67,199		4,218,753
Western Alliance Bancorp		122,641		11,582,216
Wintrust Financial Corp.		49,045		3,717,611

				106,521,092


Research & Consulting Services - 0.2%
Resources Connection Inc.		190,391		2,577,894
Science Applications
International Corp.		6,314		527,787

				3,105,681


Residential REITs - 0.2%
NexPoint Residential Trust Inc.		46,362		2,136,825


Restaurants - 1.1%
Brinker International Inc.		13,392		951,636
Cracker Barrel Old Country
Store Inc.		11,833		2,045,689
Texas Roadhouse Inc.		41,127		3,945,724
The Cheesecake Factory Inc.		50,506		2,955,106
Wingstop Inc.		30,000		3,815,100

				13,713,255

Retail REITs - 0.2%
Alexander’s Inc.		949		263,158
Kite Realty Group Trust		25,274		487,535
Retail Opportunity Investments Corp.		100,045		1,587,714
The Macerich Co.		60,207		704,422

				3,042,829


Security & Alarm Services - 1.3%
The Brink’s Co.		207,255		16,420,814


	Number of Shares		Fair Value $

Semiconductor Equipment - 1.3%
Advanced Energy
Industries Inc.		10,295		1,123,905
Amkor Technology Inc.		35,419		839,784
Axcelis Technologies Inc. (a)		15,622		641,908
Brooks Automation Inc.		58,295		4,759,787
Cohu Inc.		24,098		1,008,260
FormFactor Inc. (a)		15,554		701,641
Ichor Holdings Ltd. (a)		47,072		2,532,474
Onto Innovation Inc. (a)		71,660		4,708,779
Ultra Clean Holdings Inc. (a)		7,771		451,029

				16,767,567


Semiconductors - 0.6%
Cirrus Logic Inc. (a)		6,485		549,863
Diodes Inc. (a)		16,963		1,354,326
Semtech Corp. (a)		94,576		6,525,744

				8,429,933


Soft Drinks - 0.4%
Coca-Cola Consolidated Inc.		1,837		530,489
Primo Water Corp.		258,161		4,197,698

				4,728,187


Specialized Consumer Services - 1.2%
frontdoor Inc. (a)		121,088		6,508,480
OneSpaWorld Holdings Ltd. (a)		167,590		1,784,833
Terminix Global Holdings Inc. (a)		159,367		7,597,025

				15,890,338

Specialized REITs - 0.5%
CoreSite Realty Corp.		22,767		2,728,625
National Storage Affiliates Trust		16,085		642,274
PotlatchDeltic Corp.		37,405		1,979,473
QTS Realty Trust Inc., Class A		15,875		984,885

				6,335,257


Specialty Chemicals - 4.3%
Avient Corp.		163,872		7,746,229
Chase Corp.		14,000		1,629,460
Danimer Scientific Inc. (a)		31,982		1,207,320
HB Fuller Co.		17,580		1,105,958
Ingevity Corp. (a)		229,391		17,325,902
Innospec Inc.		34,000		3,491,460

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


State Street Institutional Small-Cap Equity Fund		21

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2021 (Unaudited)


	Number of Shares		Fair Value $

Minerals Technologies Inc.		15,984		1,203,915
Quaker Chemical Corp.		19,897		4,850,292
Sensient Technologies Corp.		77,500		6,045,000
Stepan Co.		86,825		11,036,326

				55,641,862


Specialty Stores - 0.7%
Dick’s Sporting Goods Inc.		20,294		1,545,388
National Vision Holdings Inc. (a)		75,500		3,309,165
Sally Beauty Holdings Inc. (a)		191,000		3,844,830

				8,699,383


Steel - 0.5%
Carpenter Technology Corp.		27,573		1,134,629
Commercial Metals Co.		102,613		3,164,585
Steel Dynamics Inc.		53,828		2,732,309

				7,031,523


Systems Software - 1.3%
A10 Networks Inc. (a)		59,970		576,312
CommVault Systems Inc. (a)		9,879		637,196
Ping Identity Holding Corp. (a)		110,827		2,430,436
Progress Software Corp.		21,030		926,582
Qualys Inc. (a)		24,500		2,567,110
Sailpoint Technologies
Holdings Inc. (a)		97,500		4,937,400
Tenable Holdings Inc. (a)		133,500		4,830,697

				16,905,733


Technology Distributors - 0.1%
Insight Enterprises Inc. (a)		13,415		1,280,059


Technology Hardware, Storage & Peripherals - 0.5%
Pure Storage Inc., Class A (a)		314,155		6,766,899


Thrifts & Mortgage Finance - 1.2%
Flagstar Bancorp Inc.		42,264		1,906,107
FS Bancorp Inc.		8,657		581,750
HomeStreet Inc.		44,239		1,949,613
Kearny Financial Corp.		78,499		948,268
NMI Holdings Inc., Class A (a)		32,024		757,047
PennyMac Financial
Services Inc.		10,599		708,755
Premier Financial Corp.		35,261		1,172,781


	Number of Shares		Fair Value $
Washington Federal Inc.		41,293		1,271,825
Waterstone Financial Inc.		38,010		776,164
WSFS Financial Corp.		114,346		5,693,287

				15,765,597


Tires & Rubber - 0.1%
Cooper Tire & Rubber Co.		25,819		1,445,348


Trading Companies & Distributors - 1.1%
Applied Industrial
Technologies Inc.		99,686		9,088,373
Boise Cascade Co.		25,197		1,507,536
GMS Inc. (a)		28,191		1,176,974
McGrath RentCorp.		15,640		1,261,366
Rush Enterprises Inc., Class B		21,274		959,245
Transcat Inc. (a)		6,500		319,020

				14,312,514


Trucking - 0.9%
ArcBest Corp.		16,072		1,130,987
Marten Transport Ltd.		86,718		1,471,604
Saia Inc. (a)		32,720		7,544,577
USA Truck Inc. (a)		45,916		877,455
Werner Enterprises Inc.		16,492		777,928

				11,802,551


Total Common Stock (Cost $770,140,043)				1,238,027,234


Short-Term Investments - 5.0%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.04% (b)(c)(d)		64,600,745		64,600,745


Total Investments (Cost $834,740,788)				1,302,627,979

Other Assets and Liabilities, net - 0.1%				1,182,617


NET ASSETS - 100.0%				1,303,810,596

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


22		State Street Institutional Small-Cap Equity Fund

State Street Institutional Small-Cap Equity Fund

Schedule of Investments, continued — March 31, 2021 (Unaudited)

Other Information:

The Fund had the following long futures contracts open at March 31, 2021:


Description	Expiration Date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-mini Russell 2000 Index Futures		June 2021		243	$	28,141,896	$	27,003,376	$	(1,138,520	)

During the period ended March 31, 2021, average notional values related to long futures contracts was $20,386,967.

Notes to Schedule of Investments — March 31, 2021 (Unaudited)

(a)	Non-income producing security.

(b)	At March 31, 2021, 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, 2021.

*	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, 2021:


Fund	Investments	Level 1			Level 2		Level 3		Total

State Street Institutional Small-Cap Equity Fund	Investments in Securities

	Common Stock	$	1,238,027,234		$	—	$	—	$	1,238,027,234

	Short-Term Investments		64,600,745			—		—		64,600,745


	Total Investments in Securities	$	1,302,627,979		$	—	$	—	$	1,302,627,979


	Other Financial Instruments

	Long Futures Contracts - Unrealized Depreciation	$	(1,138,520	)	$	—	$	—	$	(1,138,520	)

Affiliate Table


	Number of Shares Held at 9/30/20		Value at 9/30/20		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Number of Shares Held at 3/31/21		Value at 3/31/21		Dividend Income

State Street Institutional U.S. Government Money Market Fund, Class G Shares		29,664,602	$	29,664,602	$	231,075,225	$	196,139,082	$	—	$	—		64,600,745	$	64,600,745	$	14,161

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


State Street Institutional Small-Cap Equity Fund		23

State Street Institutional International Equity Fund

Understanding Your Fund’s Expenses — March 31, 2021 (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, 2020	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2021	$	1,171.60	$	1,022.30
Expenses Paid During Period*	$	2.87	$	2.67

*	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, 2020-March 31, 2021), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value October 1, 2020	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2021	$	1,170.10	$	1,021.10
Expenses Paid During Period*	$	4.17	$	3.88

*	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, 2020-March 31, 2021), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).


24		State Street Institutional International Equity Fund

State Street Institutional International Equity Fund

Fund Information — March 31, 2021 (Unaudited)

Regional Allocation

Portfolio Composition as a % of Fair Value of $105,629 (in thousands) as of March 31, 2021 ^(a)(b)

LOGO

Top Ten Largest Holdings

as of March 31, 2021 (as a % of Fair Value) ^(a)(b)


ASML Holding N.V.	3.48	%
Nestle S.A.	3.48	%
Schneider Electric SE	3.45	%
AIA Group Ltd.	3.08	%
Novartis AG	2.99	%
LVMH Moet Hennessy Louis Vuitton SE	2.85	%
Air Liquide S.A.	2.75	%
Roche Holding AG	2.68	%
Daikin Industries Ltd.	2.52	%
AstraZeneca PLC	2.51	%

(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 International Equity Fund		25

State Street Institutional International Equity Fund

Schedule of Investments — March 31, 2021 (Unaudited)


	Number of Shares		Fair Value $


Common Stock - 97.7%†
Australia - 1.9%
BHP Group PLC		71,260		2,059,259


Brazil - 0.9%
Itau Unibanco Holding S.A. ADR (a)		191,869		951,670


Canada - 1.1%
Brookfield Asset Management Inc., Class A		25,742		1,144,908


China - 0.6%
Alibaba Group Holding Ltd. ADR (a)(b)		2,761		626,002


France - 20.3%
Air Liquide S.A.		17,745		2,905,198
AXA S.A.		72,370		1,946,516
BNP Paribas S.A. (b)		37,409		2,280,996
Dassault Systemes SE		6,121		1,312,187
LVMH Moet Hennessy Louis Vuitton SE		4,513		3,013,274
Safran S.A. (b)		17,698		2,413,892
Schneider Electric SE		23,780		3,640,308
Vivendi S.A.		60,523		1,991,714
Worldline S.A. (b)		26,256		2,204,543

				21,708,628


Germany - 6.4%
adidas AG (b)		4,462		1,396,002
Fresenius SE & Company KGaA		8,059		359,737
HeidelbergCement AG		22,087		2,010,772
Infineon Technologies AG		27,746		1,179,009
SAP SE		15,627		1,917,820

				6,863,340


Hong Kong - 3.0%
AIA Group Ltd.		267,802		3,248,298


Ireland - 1.4%
Kerry Group PLC A Shares		12,135		1,521,783


Japan - 27.0%
Daikin Industries Ltd.		13,200		2,666,280
Disco Corp.		6,100		1,918,326
FANUC Corp.		5,349		1,267,544
Fast Retailing Company Ltd.		2,580		2,057,696
Hoya Corp.		22,254		2,619,125
Kao Corp.		20,200		1,336,856
Keyence Corp.		1,800		818,878


	Number of Shares		Fair Value $
Komatsu Ltd.		57,700		1,785,306
Mitsubishi UFJ Financial Group Inc.		429,374		2,299,191
Murata Manufacturing Company Ltd.		26,537		2,123,440
Nidec Corp.		8,058		979,721
Recruit Holdings Company Ltd.		50,400		2,463,442
Secom Company Ltd.		14,600		1,230,496
Shimadzu Corp.		43,443		1,574,563
Shiseido Company Ltd.		31,338		2,104,893
Tokio Marine Holdings Inc.		34,649		1,650,923

				28,896,680


Netherlands - 6.9%
ASML Holding N.V.		6,057		3,680,414
ING Groep N.V.		169,545		2,078,744
Koninklijke DSM N.V.		9,956		1,688,495

				7,447,653


Norway - 1.5%
Equinor ASA		79,921		1,566,335


Portugal - 1.1%
Galp Energia SGPS S.A.		103,070		1,201,690


Spain - 2.2%
Industria de Diseno Textil S.A.		70,160		2,317,098


Sweden - 2.3%
Assa Abloy AB B Shares		84,988		2,447,367


Switzerland - 9.5%
Givaudan S.A.		134		518,544
Nestle S.A.		32,790		3,670,083
Novartis AG		36,851		3,162,573
Roche Holding AG		8,713		2,827,802

				10,179,002


Taiwan - 1.4%
Taiwan Semiconductor Manufacturing Company Ltd.		74,548		1,533,652


United Kingdom - 10.2%
Ashtead Group PLC		43,658		2,606,367
AstraZeneca PLC		26,553		2,654,952
London Stock Exchange Group PLC		19,529		1,869,925
Prudential PLC		97,416		2,070,507

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, 2021 (Unaudited)


	Number of Shares		Fair Value $

Vodafone Group PLC		941,909		1,713,850

				10,915,601

Total Common Stock (Cost $77,761,595)				104,628,966


Short-Term Investments - 0.9%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.04% (c)(d)		999,763		999,763


Total Investments (Cost $78,761,358)				105,628,729

Other Assets and Liabilities, net - 1.4%				1,493,360


NET ASSETS - 100.0%				107,122,089

Other Information:

The Fund had the following long futures contracts open at March 31, 2021:


Description	Expiration Date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
MSCI EAFE Mini Index Futures		June 2021		5	$	548,509	$	548,000	$	(509	)

During the period ended March 31, 2021, average notional values related to long futures contracts was $530,453.

Notes to Schedule of Investments — March 31, 2021 (Unaudited)

(a)	At March 31, 2021, all or a portion of this security was pledged to cover collateral requirements for futures.

(b)	Non-income producing security.

(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, 2021.

Abbreviations:

ADR - American Depositary Receipt

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


State Street Institutional International Equity Fund		27

State Street Institutional International Equity Fund

Schedule of Investments, continued — March 31, 2021 (Unaudited)

The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2021:


Fund	Investments	Level 1			Level 2		Level 3		Total

State Street Institutional

International Equity

Fund	Investments in Securities

	Common Stock	$	104,628,966		$	—	$	—	$	104,628,966

	Short-Term Investments		999,763			—		—		999,763


	Total Investments in Securities	$	105,628,729		$	—	$	—	$	105,628,729


	Other Financial Instruments

	Long Futures Contracts - Unrealized Depreciation	$	(509	)	$	—	$	—	$	(509	)

The Fund was invested in the following sectors at March 31, 2021 (unaudited):


Sector	Percentage (based on Fair Value)
Pharmaceuticals		8.18%
Diversified Banks		7.21%
Semiconductor Equipment		5.30%
Life & Health Insurance		5.04%
Packaged Foods & Meats		4.92%
Building Products		4.84%
Electrical Components & Equipment		4.38%
Apparel, Accessories & Luxury Goods		4.17%
Apparel Retail		4.14%
Personal Products		3.26%
Application Software		3.06%
Industrial Gases		2.75%
Integrated Oil & Gas		2.62%
Semiconductors		2.57%
Healthcare Supplies		2.48%
Trading Companies & Distributors		2.47%
Human Resource & Employment Services		2.33%
Aerospace & Defense		2.28%
Electronic Equipment & Instruments		2.27%
Specialty Chemicals		2.09%
Data Processing & Outsourced Services		2.09%


Sector	Percentage (based on Fair Value)
Electronic Components		2.01%
Diversified Metals & Mining		1.95%
Construction Materials		1.90%
Movies & Entertainment		1.89%
Multi-Line Insurance		1.84%
Financial Exchanges & Data		1.77%
Construction Machinery & Heavy Trucks		1.69%
Wireless Telecommunication Services		1.62%
Property & Casualty Insurance		1.56%
Industrial Machinery		1.20%
Security & Alarm Services		1.16%
Asset Management & Custody Banks		1.08%
Internet & Direct Marketing Retail		0.59%
Healthcare Services		0.34%

		99.05%


Short-Term Investments
Short-Term Investments		0.95%

		100.00%

Affiliate Table


	Number of Shares Held at 9/30/20		Value at 9/30/20		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Number of Shares Held at 3/31/21		Value at 3/31/21		Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares		1,143,904	$	1,143,904	$	6,836,320	$	6,980,461	$	—	$	—		999,763	$	999,763	$	276

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


28		State Street Institutional International Equity Fund

State Street Active Core Bond Fund

Understanding Your Fund’s Expenses — March 31, 2021 (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, 2020	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2021	$	982.10	$	1,023.60
Expenses Paid During Period*	$	1.28	$	1.31

*	Expenses are equal to the Fund’s annualized expense ratio of 0.27% for Investment Class shares and 0.52% for Service Class shares (for the period October 1, 2020-March 31, 2021), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).


Service Class	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value October 1, 2020	$	1,000.00	$	1,000.00
Ending Account Value March 31, 2021	$	981.60	$	1,021.80
Expenses Paid During Period*	$	3.06	$	3.13

*	Expenses are equal to the Fund’s annualized expense ratio of 0.27% for Investment Class shares and 0.52% for Service Class shares (for the period October 1, 2020-March 31, 2021), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).


State Street Active Core Bond Fund		29

State Street Active Core Bond Fund

Fund Information — March 31, 2021 (Unaudited)

Sector Allocation

Portfolio Composition as a % of Fair Value of $160,667 (in thousands) as of March 31, 2021 ^(a)(b)

LOGO

Quality Ratings

as of March 31, 2021 as a % of Fair Value *


Moody’s / S&P / Rating	Percentage of Fair Value
Aaa / AAA		16.08	%

Aa / AA		48.23	%

A / A		7.65	%

Baa / BBB		24.52	%

Ba / BB and lower		2.00	%

NR / Other		1.52	%

		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.

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

(b)


30		State Street Active Core Bond Fund

State Street Active Core Bond Fund

Schedule of Investments — March 31, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $


Bonds and Notes - 98.0%†
U.S. Treasuries - 22.7%
U.S. Treasury Bonds
1.13%, 05/15/40 (a)		1,928,000		1,574,935
1.25%, 05/15/50 (a)		1,106,900		836,574
2.25%, 08/15/46 (a)		883,600		858,611
3.00%, 08/15/48 (a)		1,978,400		2,222,918
U.S. Treasury Notes
0.13%, 07/15/23 - 12/15/23 (a)		2,410,900		2,401,320
0.25%, 07/31/25 (a)		2,595,100		2,538,332
0.38%, 01/31/26 (a)		3,429,000		3,343,543
0.63%, 08/15/30 (a)		3,614,200		3,275,933
0.75%, 01/31/28 (a)		9,430,000		9,041,013
1.13%, 06/30/21 (a)		523,000		524,389
1.38%, 01/31/22 (a)		4,964,000		5,018,100
2.63%, 02/15/29 (a)		1,022,300		1,106,001

				32,741,669


Agency Mortgage Backed - 25.8%
Federal Home Loan Mortgage Corp.
3.00%, 04/01/43 -10/01/49 (a)		3,446,089		3,637,326
4.50%, 06/01/33 -02/01/35 (a)		6,637		7,499
5.00%, 07/01/35 (a)		54,232		61,897
5.50%, 01/01/38 - 04/01/39 (a)		127,133		146,212
6.00%, 02/01/29 -11/01/37 (a)		153,337		175,746
6.50%, 10/01/33 (a)		719		839
7.00%, 06/01/29 - 08/01/36 (a)		40,110		46,835
7.50%, 01/01/30 - 09/01/33 (a)		1,684		1,870
8.00%, 11/01/30 (a)		8,782		9,937
8.50%, 04/01/30 (a)		10,104		12,668
Federal National Mortgage Assoc.
2.50%, 02/01/51 (a)		4,747,776		4,894,023
2.50%, 03/01/51		1,700,000		1,753,685
3.00%, 03/01/50 (a)		837,765		874,785
3.50%, 08/01/45 - 01/01/48 (a)		3,863,065		4,138,514
4.00%, 01/01/41 - 01/01/50 (a)		2,792,318		3,047,333
4.50%, 07/01/33 - 12/01/48 (a)		1,385,558		1,540,742
5.00%, 03/01/34 - 05/01/39 (a)		158,639		180,766
5.50%, 12/01/32 - 04/01/38 (a)		247,280		281,257


	Principal Amount ($)		Fair Value $
6.00%, 06/01/21 -07/01/35 (a)		303,259		347,104
6.50%, 05/01/21 - 08/01/36 (a)		30,647		34,093
7.00%, 10/01/32 - 02/01/34 (a)		5,902		6,539
7.50%, 12/01/23 - 03/01/33 (a)		26,415		30,383
8.00%, 07/01/25 - 10/01/31 (a)		5,180		5,732
9.00%, 12/01/22 (a)		99		100
Federal National Mortgage Assoc. 1.25% + USD COF11 5.50%, 10/01/24 (a)(b)		3,491		3,618
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR 3.35%, 04/01/37 (a)(b)		2,057		2,108
Federal National Mortgage Assoc. TBA 2.00%, 04/01/36 - 04/01/51 (c)		7,029,610		7,167,589
Government National Mortgage Assoc. 3.00%, 12/20/42 - 05/20/45 (a)		4,229,844		4,478,976
3.50%, 08/20/48 (a)		789,311		837,996
4.00%, 01/20/41 - 04/20/43 (a)		1,093,629		1,206,368
4.50%, 08/15/33 - 05/20/40 (a)		183,576		205,760
5.00%, 08/15/33 (a)		15,459		17,070
6.00%, 04/15/27 - 09/15/36 (a)		110,521		125,854
6.50%, 02/15/24 - 09/15/36 (a)		45,342		50,361
7.00%, 10/15/27 - 10/15/36 (a)		23,301		26,540
7.50%, 01/15/23 - 11/15/31 (a)		1,448		1,490
8.00%, 05/15/30 - 09/15/30 (a)		113		118
9.00%, 12/15/21 (a)		13		13
Government National Mortgage Assoc. TBA 2.50%, 04/01/51 (c)		1,833,000		1,891,069

				37,250,815


Agency Collateralized Mortgage Obligations - 0.4%
Federal Home Loan Mortgage Corp.
0.08%, 09/25/43 (a)(b)(d)		511,440		1,908
2.51%, 07/25/29 (a)		290,000		305,685

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

Federal Home Loan Mortgage Corp. REMIC
3.50%, 11/15/30 (a)(d)		89,769		3,354
5.50%, 06/15/33 (a)(d)		17,676		2,776
7.50%, 07/15/27 (a)(d)		1,757		256
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR 6.49%, 08/15/25 (a)(b)(d)		18,245		318
Federal Home Loan Mortgage Corp. STRIPS
1.47%, 08/01/27 (a)(e)		397		378
8.00%, 02/01/23 - 07/01/24 (a)(d)		891		80
Federal National Mortgage Assoc. REMIC
1.11%, 12/25/42 (a)(b)(d) 5.00%, 02/25/40 - 09/25/40 (a)(d)		92,749 67,279		3,170 7,142
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 5.89%, 07/25/38 (a)(b)(d)		30,160		4,013
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR 6.44%, 11/25/41 (a)(b)(d)		1,281,402		253,603
Federal National Mortgage Assoc. STRIPS 1.87%, 12/25/34 (a)(e)		7,717		6,897
4.50%, 08/25/35 - 01/25/36 (a)(d)		49,847		7,689
5.00%, 03/25/38 - 05/25/38 (a)(d)		30,395		5,640
5.50%, 12/25/33 (a)(d)		7,889		1,252
6.00%, 01/25/35 (a)(d)		34,509		6,617
7.50%, 11/25/23 (a)(d)		3,049		213
8.00%, 08/25/23 -07/25/24 (a)(d)		1,611		154
8.50%, 07/25/22 (a)(d)**		8		—
9.00%, 05/25/22 (a)(d)**		4		—

				611,145


Asset Backed - 1.2%
Ally Auto Receivables Trust 2018- 1 2.35%, 06/15/22		1,876		1,877
CarMax Auto Owner Trust 3.13%, 06/15/23		51,189		51,846
Chase Funding Trust Series 2004-1 4.99%, 11/25/33		116,380		116,380


	Principal Amount ($)		Fair Value $
Enterprise Fleet Financing 2019-1 LLC 3.07%, 10/20/24 (f)		473,000		493,345
Ford Credit Auto Owner Trust 0.56%, 10/15/24		264,000		264,892
Nissan Auto Lease Trust 2019-A 2.76%, 03/15/22		157,908		158,417
Nissan Auto Lease Trust 2020-A 1.80%, 05/16/22		79,162		79,295
Santander Retail Auto Lease Trust 2019-B 2.30%, 01/20/23 (f)		455,000		460,939
Securitized Term Auto Receivables Trust 2018-1 3.30%, 11/25/22 (f)		108,768		109,790

				1,736,781


Corporate Notes - 37.8%
3M Co. 3.13%, 09/19/46 (a)		42,000		41,657
7-Eleven Inc.
0.95%, 02/10/26 (a)(f)		276,000		268,766
2.50%, 02/10/41 (a)(f)		52,000		47,193
2.80%, 02/10/51 (a)(f)		36,000		32,291
Abbott Laboratories
3.75%, 11/30/26 (a)		223,000		250,277
4.90%, 11/30/46 (a)		34,000		44,241
AbbVie Inc.
2.60%, 11/21/24 (a)		65,000		68,581
2.95%, 11/21/26 (a)		109,000		116,033
3.20%, 05/14/26 - 11/21/29 (a)		104,000		110,792
3.25%, 10/01/22 (a)		29,000		29,976
3.45%, 03/15/22 (a)		87,000		89,010
4.05%, 11/21/39 (a)		29,000		32,328
4.25%, 11/21/49 (a)		71,000		80,369
4.63%, 10/01/42 (a)		2,000		2,341
4.70%, 05/14/45 (a)		7,000		8,294
4.88%, 11/14/48 (a)		5,000		6,113
5.00%, 12/15/21 (a)		55,000		56,094
Advance Auto Parts Inc. 3.90%, 04/15/30 (a)		126,000		136,840
Aetna Inc. 3.50%, 11/15/24 (a)		29,000		31,336
Aircastle Ltd. 4.25%, 06/15/26 (a)		58,000		61,076
Alcon Finance Corp. 2.60%, 05/27/30 (a)(f)		201,000		201,555

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (a)		32,000		29,019
4.70%, 07/01/30 (a)		40,000		46,547
Alimentation Couche-Tard Inc.
2.95%, 01/25/30 (a)(f)		27,000		27,558
3.80%, 01/25/50 (a)(f)		20,000		20,181
Ally Financial Inc. 5.75%, 11/20/25 (a)		42,000		47,720
Alphabet Inc.
1.10%, 08/15/30 (a)		138,000		126,953
Altria Group Inc.
3.40%, 05/06/30 - 02/04/41 (a)		85,000		80,238
4.00%, 02/04/61 (a)		46,000		42,752
4.45%, 05/06/50 (a)		21,000		21,727
4.50%, 05/02/43 (a)		11,000		11,587
Amazon.com Inc.
1.50%, 06/03/30 (a)		26,000		24,758
2.50%, 06/03/50 (a)		48,000		42,957
2.70%, 06/03/60 (a)		25,000		22,253
3.15%, 08/22/27 (a)		26,000		28,423
4.05%, 08/22/47 (a)		10,000		11,652
4.25%, 08/22/57 (a)		4,000		4,813
Ameren Corp. 2.50%, 09/15/24 (a)		75,000		78,922
American Electric Power Company Inc.
2.30%, 03/01/30 (a)		25,000		24,369
3.25%, 03/01/50 (a)		25,000		23,245
American Express Co. 3.00%, 10/30/24 (a)		250,000		268,510
American International Group Inc.
4.25%, 03/15/29 (a)		82,000		92,336
4.50%, 07/16/44 (a)		105,000		119,520
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)		39,000		43,515
American Tower Corp.
1.50%, 01/31/28 (a)		101,000		96,451
2.90%, 01/15/30 (a)		113,000		115,346
3.70%, 10/15/49 (a)		26,000		26,293
3.80%, 08/15/29 (a)		26,000		28,336
4.70%, 03/15/22 (a)		200,000		208,070
American Water Capital Corp. 2.95%, 09/01/27 (a)		61,000		65,018


	Principal Amount ($)		Fair Value $
Amgen Inc.
2.45%, 02/21/30 (a)		126,000		126,857
3.15%, 02/21/40 (a)		55,000		54,826
3.38%, 02/21/50 (a)		16,000		15,922
4.56%, 06/15/48 (a)		20,000		23,831
4.66%, 06/15/51 (a)		5,000		6,087
Anheuser-Busch Companies LLC/Anheuser- Busch InBev Worldwide Inc.
3.65%, 02/01/26 (a)		266,000		292,337
4.70%, 02/01/36 (a)		13,000		15,245
4.90%, 02/01/46 (a)		22,000		26,146
Anheuser-Busch InBev
Worldwide Inc.
3.50%, 06/01/30 (a)		77,000		83,386
4.00%, 04/13/28 (a)		34,000		37,907
4.35%, 06/01/40 (a)		71,000		80,045
4.38%, 04/15/38 (a)		39,000		44,352
4.50%, 06/01/50 (a)		88,000		100,106
4.60%, 04/15/48 (a)		19,000		21,783
4.75%, 04/15/58 (a)		11,000		12,703
5.55%, 01/23/49 (a)		13,000		16,765
Anthem Inc.
2.88%, 09/15/29 (a)		17,000		17,637
3.30%, 01/15/23 (a)		27,000		28,356
3.60%, 03/15/51 (a)		40,000		41,458
3.70%, 09/15/49 (a)		17,000		17,742
Apollo Management Holdings LP 2.65%, 06/05/30(a)(f)		38,000		37,276
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)(f)		50,000		51,238
Apple Inc.
2.15%, 02/09/22 (a)		3,000		3,049
2.20%, 09/11/29 (a)		62,000		62,640
2.65%, 02/08/51 (a)		66,000		60,395
2.80%, 02/08/61 (a)		90,000		80,930
2.95%, 09/11/49 (a)		16,000		15,456
3.35%, 02/09/27 (a)		12,000		13,192
3.45%, 02/09/45 (a)		30,000		31,927
3.85%, 08/04/46 (a)		34,000		38,262
Applied Materials Inc. 4.35%, 04/01/47 (a)		80,000		95,709
Aptiv PLC 4.40%, 10/01/46 (a)		19,000		20,277
Archer-Daniels-Midland Co. 2.50%, 08/11/26 (a)		11,000		11,601

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

Ares Capital Corp. 3.25%, 07/15/25 (a)		202,000		208,480
Ascension Health 4.85%, 11/15/53 (a)		17,000		22,733
AstraZeneca PLC
4.00%, 01/17/29 (a)		12,000		13,463
4.38%, 08/17/48 (a)		4,000		4,712
AT&T Inc.
1.70%, 03/25/26		348,000		348,031
2.30%, 06/01/27 (a)		52,000		53,015
2.63%, 12/01/22 (a)		3,000		3,304
2.75%, 06/01/31 (a)		228,000		227,138
3.30%, 02/01/52 (a)		35,000		31,747
3.85%, 06/01/60 (a)		69,000		66,025
4.35%, 03/01/29 (a)		68,000		76,856
4.45%, 04/01/24 (a)		24,000		26,364
4.50%, 05/15/35 (a)		70,000		78,914
4.55%, 03/09/49 (a)		26,000		28,516
4.75%, 05/15/46 (a)		36,000		41,280
4.80%, 06/15/44 (a)		20,000		22,812
4.85%, 03/01/39 (a)		31,000		36,024
5.15%, 11/15/46 (a)		3,000		3,643
5.25%, 03/01/37 (a)		23,000		27,782
5.35%, 12/15/43 (a)		15,000		17,190
Athene Holding Ltd. 6.15%, 04/03/30 (a)		54,000		65,944
Avangrid Inc. 3.15%, 12/01/24 (a)		45,000		48,415
Avery Dennison Corp. 2.65%, 04/30/30 (a)		15,000		15,077
Bain Capital Specialty Finance Inc. 2.95%, 03/10/26 (a)		95,000		94,043
Bank of America Corp.
3.25%, 10/21/27 (a)		4,000		4,301
3.95%, 04/21/25 (a)		89,000		97,566
4.18%, 11/25/27 (a)		130,000		144,611
Bank of America Corp. (2.59%fixed rate until 04/29/30; 2.15% + SOFR thereafter) 2.59%, 04/29/31 (a)(b)		325,000		323,973
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		31,660
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		20,439


	Principal Amount ($)		Fair Value $
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)		163,000		177,463
Bank of America Corp. (3.71%fixed rate until 04/24/27; 1.51% + 3 month USD LIBOR thereafter) 3.71%, 04/24/28 (a)(b)		72,000		78,781
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)		17,000		18,506
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)		93,000		105,424
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)		79,000		89,061
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)		65,000		65,209
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)		83,000		96,968
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		48,695
Barclays PLC 4.84%, 05/09/28 (a)		200,000		223,160
Barclays PLC (2.65% fixed rate until 06/24/30; 1.90% + 1 year CMT Rate thereafter) 2.65%, 06/24/31 (a)(b)		633,000		623,454

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

Barclays PLC (2.85% fixed rate until 05/07/25; 2.45% + 3 month USD LIBOR thereafter) 2.85%, 05/07/26 (a)(b)		200,000		209,196
Barrick North America Finance LLC 5.70%, 05/30/41 (a)		3,000		3,859
BAT Capital Corp.
2.26%, 03/25/28 (a)		29,000		28,522
2.73%, 03/25/31 (a)		60,000		58,314
3.98%, 09/25/50 (a)		37,000		34,741
4.39%, 08/15/37 (a)		30,000		31,493
4.54%, 08/15/47 (a)		16,000		16,129
4.70%, 04/02/27 (a)		34,000		38,301
4.91%, 04/02/30 (a)		36,000		41,067
BAT International Finance PLC 1.67%, 03/25/26 (a)		35,000		34,638
Baxter International Inc. 3.95%, 04/01/30 (a)(f)		57,000		64,136
Baylor Scott & White Holdings 2.84%, 11/15/50 (a)		10,000		9,450
Becton Dickinson & Co.
2.89%, 06/06/22 (a)		23,000		23,598
3.70%, 06/06/27 (a)		26,000		28,657
3.73%, 12/15/24 (a)		4,000		4,370
4.67%, 06/06/47 (a)		3,000		3,585
Berkshire Hathaway Energy Co.
3.25%, 04/15/28 (a)		16,000		17,304
3.70%, 07/15/30 (a)		81,000		89,759
3.80%, 07/15/48 (a)		38,000		40,734
4.25%, 10/15/50 (a)		33,000		38,039
6.13%, 04/01/36 (a)		64,000		86,787
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30 (a)		42,000		39,339
2.85%, 10/15/50 (a)		27,000		24,977
Berry Global Inc. 4.88%, 07/15/26 (a)(f)		101,000		106,831
Biogen Inc.
2.25%, 05/01/30 (a)		20,000		19,237
3.15%, 05/01/50 (a)		14,000		12,876
Block Financial LLC 3.88%, 08/15/30 (a)		16,000		16,487
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)(f)		204,000		214,692
Boardwalk Pipelines LP 4.80%, 05/03/29 (a)		23,000		25,480


	Principal Amount ($)		Fair Value $
Boston Scientific Corp. 4.70%, 03/01/49 (a)		9,000		10,913
BP Capital Markets America Inc.
3.00%, 02/24/50 (a)		44,000		40,215
3.02%, 01/16/27 (a)		56,000		59,832
3.38%, 02/08/61 (a)		90,000		83,492
BP Capital Markets PLC (4.88% Fixed rate until 03/22/30; 4.40% + 5 year CMT Rate thereafter) 4.88%, 12/31/99 (a)(b)		53,000		56,801
BP Capital Markets PLC (4.38% Fixed rate until 06/22/25; 4.04% + 5 year CMT Rate thereafter) 4.38%, 12/31/99 (a)(b)		66,000		70,044
Bristol-Myers Squibb Co.
1.45%, 11/13/30 (a)		35,000		32,688
2.35%, 11/13/40 (a)		65,000		59,111
2.55%, 11/13/50 (a)		50,000		44,510
3.20%, 06/15/26 (a)		23,000		25,049
3.40%, 07/26/29 (a)		42,000		45,879
3.45%, 11/15/27 (a)		12,000		13,210
4.13%, 06/15/39 (a)		19,000		22,107
4.25%, 10/26/49 (a)		19,000		22,381
4.35%, 11/15/47 (a)		2,000		2,377
4.55%, 02/20/48 (a)		46,000		56,174
5.00%, 08/15/45 (a)		21,000		26,985
Brixmor Operating Partnership LP 2.25%, 04/01/28 (a)		85,000		83,398
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.88%, 01/15/27 (a)		6,000		6,510
Broadcom Inc.
3.15%, 11/15/25 (a)		85,000		90,550
3.42%, 04/15/33		7,000		6,999
4.15%, 11/15/30 (a)		53,000		57,185
4.30%, 11/15/32 (a)		37,000		40,275
Brown-Forman Corp. 4.00%, 04/15/38 (a)		4,000		4,515
Bunge Limited Finance Corp. 3.75%, 09/25/27 (a)		10,000		10,959
Burlington Northern Santa Fe LLC
4.15%, 12/15/48 (a)		61,000		69,672
4.55%, 09/01/44 (a)		31,000		37,089
Cameron LNG LLC 3.30%, 01/15/35 (a)(f)		17,000		17,435
Canadian Natural Resources Ltd.
3.85%, 06/01/27 (a)		42,000		45,468
4.95%, 06/01/47 (a)		3,000		3,477

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

Canadian Pacific Railway Co. 2.90%, 02/01/25 (a)		13,000		13,812
Capital One Financial Corp. 3.75%, 07/28/26 (a)		675,000		732,895
Cardinal Health Inc.
2.62%, 06/15/22 (a)		13,000		13,307
3.08%, 06/15/24 (a)		12,000		12,765
Carrier Global Corp.
2.72%, 02/15/30 (a)		36,000		36,338
3.38%, 04/05/40 (a)		25,000		24,994
3.58%, 04/05/50 (a)		36,000		35,486
Caterpillar Inc. 3.25%, 09/19/49 - 04/09/50 (a)		89,000		91,138
3.80%, 08/15/42 (a)		6,000		6,756
Centene Corp.
3.38%, 02/15/30 (a)		63,000		63,612
4.25%, 12/15/27 (a)		164,000		172,382
5.38%, 08/15/26 (a)(f)		297,000		313,804
Charter Communications Operating LLC/Charter Communications Operating Capital
3.50%, 06/01/41		58,000		55,056
3.70%, 04/01/51		87,000		81,315
4.46%, 07/23/22 (a)		90,000		93,834
4.80%, 03/01/50 (a)		18,000		19,380
4.91%, 07/23/25 (a)		63,000		71,497
5.05%, 03/30/29 (a)		39,000		44,850
5.75%, 04/01/48 (a)		14,000		16,983
6.38%, 10/23/35 (a)		2,000		2,592
6.48%, 10/23/45 (a)		16,000		20,973
Cheniere Corpus Christi Holdings LLC 5.88%, 03/31/25 (a)		81,000		92,343
Chevron Corp.
2.24%, 05/11/30 (a)		15,000		14,952
2.98%, 05/11/40 (a)		25,000		24,834
3.08%, 05/11/50 (a)		12,000		11,600
Chevron USA Inc.
3.85%, 01/15/28 (a)		34,000		37,902
3.90%, 11/15/24 (a)		16,000		17,627
4.20%, 10/15/49 (a)		4,000		4,584
5.05%, 11/15/44 (a)		2,000		2,551
Choice Hotels International Inc. 3.70%, 01/15/31 (a)		36,000		37,799
Chubb INA Holdings Inc. 4.35%, 11/03/45 (a)		47,000		55,857
Cigna Corp.
2.40%, 03/15/30 (a)		32,000		31,698
3.25%, 04/15/25 (a)		24,000		25,775
3.40%, 03/01/27 - 03/15/51 (a)		43,000		43,412


	Principal Amount ($)		Fair Value $
3.75%, 07/15/23 (a)		26,000		27,790
3.88%, 10/15/47 (a)		2,000		2,140
4.13%, 11/15/25 (a)		34,000		37,929
4.38%, 10/15/28 (a)		12,000		13,735
4.80%, 08/15/38 (a)		10,000		12,002
4.90%, 12/15/48 (a)		2,000		2,450
Cisco Systems Inc. 5.90%, 02/15/39 (a)		13,000		18,364
Citigroup Inc. 4.75%, 05/18/46 (a)		41,000		48,585
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) 2.98%, 11/05/30 (a)(b)		413,000		427,154
CitiGroup Inc.
4.13%, 07/25/28 (a)		265,000		292,483
4.65%, 07/23/48 (a)		91,000		111,625
CitiGroup Inc. (1.68% fixed rate until 05/15/23; 1.67% + SOFR thereafter) 1.68%, 05/15/24 (a)(b)		220,000		224,569
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		66,946
CitiGroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter) 3.88%, 01/24/39 (a)(b)		31,000		33,613
CitiGroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) 4.70%, 12/31/99 (a)(b)		83,000		83,676
Citrix Systems Inc. 1.25%, 03/01/26 (a)		150,000		147,831
CMS Energy Corp. 4.88%, 03/01/44 (a)		43,000		51,494
CNA Financial Corp.
3.45%, 08/15/27 (a)		30,000		32,742
3.90%, 05/01/29 (a)		69,000		76,219
CNH Industrial Capital LLC 1.95%, 07/02/23 (a)		70,000		71,901
CNOOC Finance 2014 ULC 4.25%, 04/30/24 (a)		233,000		253,879
CNOOC Petroleum North America ULC 6.40%, 05/15/37 (a)		69,000		90,219
Comcast Corp.
2.65%, 08/15/62 (a)		22,000		18,709
2.80%, 01/15/51 (a)		48,000		44,006

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

3.10%, 04/01/25 (a)		35,000		37,762
3.20%, 07/15/36 (a)		22,000		22,946
3.25%, 11/01/39 (a)		50,000		51,559
3.45%, 02/01/50 (a)		44,000		45,194
3.97%, 11/01/47 (a)		29,000		32,474
4.15%, 10/15/28 (a)		12,000		13,723
4.60%, 08/15/45 (a)		6,000		7,293
4.70%, 10/15/48 (a)		43,000		53,132
CommonSpirit Health 4.35%, 11/01/42		129,000		142,367
Conagra Brands Inc.
5.30%, 11/01/38 (a)		12,000		14,841
5.40%, 11/01/48 (a)		10,000		12,806
ConocoPhillips
3.75%, 10/01/27 (a)(f)		10,000		11,041
4.30%, 08/15/28 (a)(f)		47,000		53,246
4.88%, 10/01/47 (a)(f)		9,000		10,995
ConocoPhillips Co. 4.30%, 11/15/44 (a)		22,000		25,073
Consolidated Edison Company of New York Inc.
2.90%, 12/01/26 (a)		24,000		25,467
3.35%, 04/01/30 (a)		16,000		17,177
3.88%, 06/15/47 (a)		52,000		55,026
3.95%, 04/01/50 (a)		44,000		47,695
Constellation Brands Inc.
3.15%, 08/01/29 (a)		233,000		244,077
3.70%, 12/06/26 (a)		46,000		50,519
4.50%, 05/09/47 (a)		19,000		21,648
Continental Resources Inc.
3.80%, 06/01/24		290,000		297,064
4.50%, 04/15/23 (a)		122,000		126,132
Corning Inc. 4.38%, 11/15/57 (a)		20,000		21,888
Corporate Nacional del Cobre de Chile 3.15%, 01/15/51 (a)(f)		85,000		78,033
Corporate Office Properties LP
2.25%, 03/15/26 (a)		55,000		55,987
2.75%, 04/15/31 (a)		36,000		34,806
Costco Wholesale Corp. 1.75%, 04/20/32 (a)		34,000		32,407
Credit Agricole SA (1.25%fixed rate until 01/26/26; 0.89% + SOFR thereafter) 1.25%, 01/26/27 (a)(b)(f)		267,000		261,038
Crown Castle International Corp.
3.30%, 07/01/30 (a)		281,000		293,673
4.15%, 07/01/50 (a)		36,000		38,408
5.20%, 02/15/49 (a)		35,000		42,581


	Principal Amount ($)		Fair Value $
CSX Corp. 4.50%, 03/15/49 - 08/01/54 (a)		68,000		79,713
CubeSmart LP 4.38%, 02/15/29 (a)		94,000		104,926
CVS Health Corp.
3.00%, 08/15/26 (a)		19,000		20,300
3.25%, 08/15/29 (a)		21,000		22,226
3.63%, 04/01/27 (a)		32,000		35,136
3.75%, 04/01/30 (a)		25,000		27,275
3.88%, 07/20/25 (a)		13,000		14,368
4.25%, 04/01/50 (a)		21,000		23,616
4.30%, 03/25/28 (a)		9,000		10,216
4.78%, 03/25/38 (a)		11,000		12,989
5.00%, 12/01/24 (a)		28,000		31,777
5.13%, 07/20/45 (a)		22,000		27,040
5.30%, 12/05/43 (a)		35,000		43,750
Dell International LLC/EMC Corp.
4.00%, 07/15/24 (a)(f)		34,000		36,926
5.45%, 06/15/23 (a)(f)		269,000		293,979
6.02%, 06/15/26 (a)(f)		11,000		13,016
8.35%, 07/15/46 (a)(f)		27,000		41,098
Devon Energy Corp. 5.00%, 06/15/45 (a)		12,000		13,134
DH Europe Finance II Sarl
2.60%, 11/15/29 (a)		29,000		29,633
3.25%, 11/15/39 (a)		17,000		17,353
3.40%, 11/15/49 (a)		9,000		9,147
Diamondback Energy Inc.
2.88%, 12/01/24 (a)		50,000		52,756
3.13%, 03/24/31		95,000		94,894
3.25%, 12/01/26 (a)		29,000		30,542
3.50%, 12/01/29 (a)		26,000		27,023
4.40%, 03/24/51		50,000		51,241
Digital Realty Trust LP 3.60%, 07/01/29 (a)		36,000		38,866
Discovery Communications LLC
2.95%, 03/20/23 (a)		65,000		67,895
3.95%, 03/20/28 (a)		44,000		48,053
4.95%, 05/15/42 (a)		3,000		3,404
5.00%, 09/20/37 (a)		7,000		8,163
Dollar General Corp.
3.50%, 04/03/30 (a)		57,000		61,516
4.13%, 04/03/50 (a)		31,000		34,362
Dollar Tree Inc. 4.00%, 05/15/25 (a)		51,000		56,308
Dominion Energy Inc.
3.07%, 08/15/24 (a)(g)		26,000		27,743
3.38%, 04/01/30 (a)		94,000		100,137
Dover Corp. 2.95%, 11/04/29 (a)		32,000		33,580

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

DTE Energy Co.
2.85%, 10/01/26 (a)		24,000		25,453
3.85%, 12/01/23 (a)		15,000		16,142
Duke Energy Carolinas LLC 3.95%, 03/15/48 (a)		14,000		15,422
Duke Energy Corp. 3.75%, 09/01/46 (a)		9,000		9,104
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		79,346
Duke Energy Progress LLC 4.15%, 12/01/44 (a)		18,000		20,413
Duke Realty LP
3.05%, 03/01/50 (a)		16,000		14,771
3.38%, 12/15/27 (a)		30,000		32,716
DuPont de Nemours Inc.
2.17%, 05/01/23 (a)		65,000		65,303
5.32%, 11/15/38 (a)		7,000		8,785
5.42%, 11/15/48 (a)		7,000		9,123
Duquesne Light Holdings Inc. 3.62%, 08/01/27 (a)(f)		18,000		19,484
Eastman Chemical Co. 4.65%, 10/15/44 (a)		35,000		40,677
Eaton Corp. 3.10%, 09/15/27 (a)		41,000		44,220
Ecolab Inc.
1.30%, 01/30/31 (a)		30,000		27,429
2.13%, 08/15/50 (a)		24,000		19,612
Edison International
4.95%, 04/15/25 (a)		75,000		83,803
5.75%, 06/15/27 (a)		7,000		8,176
EI du Pont de Nemours & Co. 2.30%, 07/15/30 (a)		66,000		65,861
Electronic Arts Inc.
1.85%, 02/15/31 (a)		52,000		49,081
2.95%, 02/15/51 (a)		40,000		36,900
Eli Lilly & Co. 3.95%, 03/15/49 (a)		30,000		34,113
Emerson Electric Co.
1.80%, 10/15/27 (a)		26,000		26,110
2.75%, 10/15/50 (a)		19,000		17,568
Empower Finance 2020 LP
1.36%, 09/17/27 (a)(f)		61,000		58,953
1.78%, 03/17/31 (a)(f)		184,000		171,589
Enbridge Energy Partners LP 5.50%, 09/15/40 (a)		2,000		2,386


	Principal Amount ($)		Fair Value $
Enbridge Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter) 5.75%, 07/15/80 (a)(b)		89,000		95,525
Energy Transfer Operating LP
4.25%, 03/15/23 (a)		52,000		54,869
4.50%, 04/15/24 (a)		8,000		8,718
4.95%, 06/15/28 (a)		9,000		10,074
5.30%, 04/15/47 (a)		35,000		36,664
6.13%, 12/15/45 (a)		4,000		4,578
6.50%, 02/01/42 (a)		21,000		25,050
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		118,160
Energy Transfer Partners LP/Regency Energy Finance Corp. 4.50%, 11/01/23 (a)		18,000		19,383
Entergy Louisiana LLC 4.00%, 03/15/33 (a)		14,000		15,947
Enterprise Products Operating LLC 4.25%, 02/15/48 (a)		34,000		36,192
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)		11,000		11,064
EOG Resources Inc.
4.15%, 01/15/26 (a)		6,000		6,746
4.38%, 04/15/30 (a)		81,000		93,129
4.95%, 04/15/50 (a)		16,000		19,587
5.10%, 01/15/36 (a)		9,000		10,673
Equinix Inc.
1.25%, 07/15/25 (a)		60,000		59,510
2.15%, 07/15/30 (a)		52,000		49,381
Equinor ASA 3.25%, 11/18/49 (a)		20,000		19,610
ERP Operating LP 4.50%, 07/01/44 (a)		30,000		35,549
Essex Portfolio LP 2.65%, 03/15/32 (a)		21,000		20,661
Eversource Energy 3.45%, 01/15/50 (a)		31,000		31,130
Exelon Corp.
3.50%, 06/01/22 (a)		30,000		30,941
4.05%, 04/15/30 (a)		54,000		60,046

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

4.45%, 04/15/46 (a)		39,000		44,802
4.70%, 04/15/50 (a)		36,000		43,170
Expedia Group Inc. 2.95%, 03/15/31 (a)(f)		48,000		47,309
Exxon Mobil Corp.
2.61%, 10/15/30 (a)		108,000		109,956
3.45%, 04/15/51 (a)		57,000		57,454
FedEx Corp.
3.80%, 05/15/25 (a)		179,000		197,358
4.10%, 02/01/45 (a)		84,000		90,558
Fidelity National Information Services Inc.
0.60%, 03/01/24 (a)		95,000		94,489
1.65%, 03/01/28 (a)		48,000		46,888
2.25%, 03/01/31 (a)		59,000		57,963
3.10%, 03/01/41 (a)		12,000		11,801
FirstEnergy Transmission LLC 4.55%, 04/01/49 (a)(f)		80,000		84,830
Fiserv Inc.
3.50%, 07/01/29 (a)		199,000		214,623
4.40%, 07/01/49 (a)		10,000		11,549
Florida Power & Light Co.
2.85%, 04/01/25 (a)		80,000		85,350
4.13%, 02/01/42 (a)		59,000		67,990
Flowers Foods Inc. 2.40%, 03/15/31 (a)		52,000		50,737
Ford Motor Credit Company LLC 5.88%, 08/02/21 (a)		205,000		207,823
Fox Corp. 3.50%, 04/08/30 (a)		35,000		37,304
GA Global Funding Trust 1.63%, 01/15/26 (a)(f)		135,000		134,860
General Dynamics Corp. 4.25%, 04/01/50 (a)		90,000		107,945
General Mills Inc.
2.88%, 04/15/30 (a)		40,000		41,292
3.00%, 02/01/51 (a)(f)		18,000		16,838
General Motors Co.
5.20%, 04/01/45 (a)		2,000		2,303
5.40%, 10/02/23 - 04/01/48 (a)		17,000		19,383
6.13%, 10/01/25 (a)		66,000		77,747
6.80%, 10/01/27 (a)		29,000		36,056
General Motors Financial Company Inc.
1.25%, 01/08/26 (a)		163,000		159,986
2.35%, 01/08/31 (a)		43,000		41,077
3.45%, 01/14/22 - 04/10/22 (a)		441,000		451,396
3.55%, 04/09/21 (a)		104,000		104,035
5.25%, 03/01/26 (a)		24,000		27,501


	Principal Amount ($)		Fair Value $
Georgia-Pacific LLC
1.75%, 09/30/25 (a)(f)		90,000		91,547
3.60%, 03/01/25 (a)(f)		41,000		44,395
Gilead Sciences Inc.
1.20%, 10/01/27 (a)		29,000		27,781
1.65%, 10/01/30 (a)		25,000		23,436
2.60%, 10/01/40 (a)		50,000		45,988
2.80%, 10/01/50 (a)		44,000		39,184
2.95%, 03/01/27 (a)		4,000		4,253
3.50%, 02/01/25 (a)		13,000		14,082
3.65%, 03/01/26 (a)		99,000		108,786
4.15%, 03/01/47 (a)		8,000		8,894
GlaxoSmithKline Capital Inc.
3.38%, 05/15/23 (a)		29,000		30,813
3.63%, 05/15/25 (a)		28,000		30,762
GlaxoSmithKline Capital PLC 3.38%, 06/01/29 (a)		26,000		28,427
Graphic Packaging International LLC 1.51%, 04/15/26 (a)(f)		97,000		96,313
Gray Oak Pipeline LLC
2.00%, 09/15/23 (a)(f)		125,000		127,266
2.60%, 10/15/25 (a)(f)		90,000		91,433
Halliburton Co.
3.80%, 11/15/25 (a)		2,000		2,201
5.00%, 11/15/45 (a)		13,000		14,437
HCA Inc.
4.13%, 06/15/29 (a)		81,000		89,731
4.50%, 02/15/27 (a)		36,000		40,397
Health Care Service Corp.
2.20%, 06/01/30 (a)(f)		90,000		88,447
3.20%, 06/01/50 (a)(f)		19,000		18,057
Healthcare Trust of America
Holdings LP 2.00%, 03/15/31 (a)		32,000		29,835
Hess Corp.
5.60%, 02/15/41 (a)		6,000		6,929
5.80%, 04/01/47 (a)		3,000		3,565
Hewlett Packard Enterprise
Co. 6.35%, 10/15/45 (a)		5,000		6,527
Highwoods Realty LP
4.13%, 03/15/28 (a)		34,000		36,899
4.20%, 04/15/29 (a)		103,000		112,281
Honeywell International Inc. 2.70%, 08/15/29 (a)		43,000		45,007
Hormel Foods Corp. 1.80%, 06/11/30 (a)		76,000		73,067
HSBC Holdings PLC 4.25%, 03/14/24 (a)		248,000		269,797

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

HSBC Holdings PLC (2.01%fixed rate until 09/22/27; 1.73% + SOFR thereafter) 2.01%, 09/22/28 (a)(b)		400,000		392,968
HSBC Holdings PLC (4.00%fixed rate until 09/09/26; 3.22% + 5 year CMT Rate thereafter) 4.00%, 12/31/99 (a)(b)		200,000		198,800
Huntington Bancshares Inc. 2.55%, 02/04/30 (a)		68,000		68,102
Hyundai Capital America
1.30%, 01/08/26 (a)(f)		163,000		158,967
3.10%, 04/05/22 (a)(f)		17,000		17,389
Imperial Brands Finance PLC 3.50%, 02/11/23 (a)(f)		203,000		211,260
ING Groep N.V.
4.10%, 10/02/23 (a)		204,000		221,107
ING Groep N.V. (1.02% fixed rate until 04/01/26; 1.01% + SOFR thereafter) 1.02%, 04/01/27 (b)(c)		288,000		288,490
ING Groep N.V. (1.73% fixed rate until 04/01/26; 0.92% + SOFR thereafter) 1.73%, 04/01/27 (b)(c)		200,000		200,160
ING Groep N.V. (2.73% fixed rate until 04/01/31; 1.12% + SOFR thereafter) 2.73%, 04/01/32 (b)(c)		200,000		199,816
Ingredion Inc.
2.90%, 06/01/30 (a)		30,000		30,671
3.90%, 06/01/50 (a)		16,000		17,007
Intel Corp.
2.45%, 11/15/29 (a)		58,000		59,358
2.60%, 05/19/26 (a)		33,000		35,040
3.10%, 02/15/60 (a)		55,000		52,065
Intercontinental Exchange Inc.
1.85%, 09/15/32 (a)		16,000		14,643
2.65%, 09/15/40 (a)		16,000		14,801
3.00%, 09/15/60 (a)		32,000		28,591
International Business
Machines Corp.
4.15%, 05/15/39 (a)		141,000		161,060
4.25%, 05/15/49 (a)		141,000		162,574
International Paper Co. 4.40%, 08/15/47 (a)		36,000		42,045


	Principal Amount ($)		Fair Value $
Interstate Power & Light Co. 3.40%, 08/15/25 (a)		24,000		25,889
ITC Holdings Corp. 2.95%, 05/14/30 (a)(f)		90,000		92,144
Jabil Inc. 3.95%, 01/12/28 (a)		20,000		22,290
John Deere Capital Corp. 2.45%, 01/09/30 (a)		121,000		123,465
Johnson & Johnson 3.63%, 03/03/37 (a)		31,000		35,015
Johnson Controls International PLC 4.50%, 02/15/47 (a)		6,000		7,058
JPMorgan Chase & Co.
3.30%, 04/01/26 (a)		238,000		258,675
3.63%, 12/01/27 (a)		36,000		39,103
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter) 2.96%, 05/13/31 (a)(b)		57,000		58,015
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)		90,000		99,495
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)		77,000		84,868
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)		123,000		135,983
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)		62,000		69,182
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + SOFR thereafter) 4.49%, 03/24/31 (a)(b)		361,000		416,428

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter) 4.60%, 12/31/99 (a)(b)		81,000		81,842
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		183,780
Keurig Dr Pepper Inc.
3.20%, 05/01/30 (a)		60,000		63,476
3.80%, 05/01/50 (a)		46,000		48,938
4.50%, 11/15/45 (a)		10,000		11,575
4.60%, 05/25/28 (a)		16,000		18,489
KeyCorp 2.25%, 04/06/27 (a)		107,000		109,793
Kinder Morgan Energy Partners LP
4.70%, 11/01/42 (a)		3,000		3,250
5.00%, 03/01/43 (a)		13,000		14,634
6.38%, 03/01/41 (a)		11,000		14,042
Kinder Morgan Inc. 5.05%, 02/15/46 (a)		11,000		12,413
KLA Corp.
3.30%, 03/01/50 (a)		77,000		74,818
4.10%, 03/15/29 (a)		73,000		82,245
4.65%, 11/01/24 (a)		66,000		73,816
Kohl’s Corp. 3.38%, 05/01/31		65,000		65,063
4.25%, 07/17/25 (a)		109,000		119,376
5.55%, 07/17/45 (a)		41,000		46,581
9.50%, 05/15/25 (a)		21,000		27,276
L3Harris Technologies Inc. 3.85%, 12/15/26 (a)		157,000		173,753
Lear Corp. 4.25%, 05/15/29 (a)		5,000		5,539
Leidos Inc.
2.95%, 05/15/23 (a)(f)		88,000		92,003
3.63%, 05/15/25 (a)(f)		25,000		27,134
4.38%, 05/15/30 (a)(f)		90,000		99,955
Liberty Mutual Group Inc. 3.95%, 05/15/60 (a)(f)		17,000		17,293
Life Storage LP 2.20%, 10/15/30 (a)		57,000		54,030
Lincoln National Corp.
3.63%, 12/12/26 (a)		26,000		28,645
4.35%, 03/01/48 (a)		125,000		139,352
Lloyds Banking Group PLC 3.75%, 01/11/27 (a)		400,000		438,636


	Principal Amount ($)		Fair Value $
Lockheed Martin Corp.
3.55%, 01/15/26 (a)		9,000		9,935
3.80%, 03/01/45 (a)		15,000		16,638
4.50%, 05/15/36 (a)		22,000		26,590
Lowe’s Companies Inc.
1.30%, 04/15/28 (a)		25,000		23,780
1.70%, 10/15/30 (a)		18,000		16,843
3.00%, 10/15/50 (a)		62,000		57,907
3.70%, 04/15/46 (a)		12,000		12,524
4.05%, 05/03/47 (a)		12,000		13,167
Lsega Financing PLC 3.20%, 04/06/41 (c)(f)		200,000		198,312
LYB International Finance BV 4.88%, 03/15/44 (a)		5,000		5,848
LYB International Finance II BV 3.50%, 03/02/27 (a)		7,000		7,597
LYB International Finance III LLC
1.25%, 10/01/25 (a)		30,000		29,648
3.63%, 04/01/51 (a)		43,000		42,454
3.80%, 10/01/60 (a)		21,000		20,402
Macquarie Group, Ltd. (1.34% fixed rate until 01/12/26; 1.07% + SOFR thereafter) 1.34%, 01/12/27 (a)(b)(f)		44,000		43,166
Marathon Oil Corp. 3.85%, 06/01/25 (a)		14,000		15,023
Masco Corp. 3.50%, 11/15/27 (a)		5,000		5,469
Mastercard Inc.
3.30%, 03/26/27 (a)		32,000		35,187
3.85%, 03/26/50 (a)		12,000		13,601
McCormick & Company Inc.
1.85%, 02/15/31 (a)		29,000		27,319
3.25%, 11/15/25 (a)		254,000		274,096
McDonald’s Corp.
3.60%, 07/01/30 (a)		55,000		60,054
3.63%, 09/01/49 (a)		10,000		10,413
3.70%, 01/30/26 (a)		9,000		9,925
3.80%, 04/01/28 (a)		21,000		23,238
4.20%, 04/01/50 (a)		27,000		30,773
4.88%, 12/09/45 (a)		14,000		17,127
Medtronic Inc. 4.63%, 03/15/45 (a)		2,000		2,518
Memorial Sloan-Kettering Cancer Center 4.13%, 07/01/52 (a)		34,000		40,173
Merck & Company Inc.
2.45%, 06/24/50 (a)		105,000		92,960

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

2.75%, 02/10/25 (a)		23,000		24,486
4.00%, 03/07/49 (a)		4,000		4,612
MetLife Inc.
4.05%, 03/01/45 (a)		11,000		12,472
4.72%, 12/15/44 (a)		51,000		62,788
Microchip Technology Inc. 2.67%, 09/01/23 (a)(f)		471,000		491,083
Micron Technology Inc. 2.50%, 04/24/23 (a)		65,000		67,452
Microsoft Corp.
2.40%, 08/08/26 (a)		51,000		53,873
2.68%, 06/01/60 (a)		9,000		8,259
2.88%, 02/06/24 (a)		150,000		159,970
2.92%, 03/17/52		138,000		135,785
3.04%, 03/17/62		56,000		54,947
3.45%, 08/08/36 (a)		9,000		9,929
3.50%, 02/12/35 (a)		18,000		20,105
Morgan Stanley
3.70%, 10/23/24 (a)		130,000		142,399
3.95%, 04/23/27 (a)		149,000		164,442
4.35%, 09/08/26 (a)		54,000		60,966
5.00%, 11/24/25 (a)		597,000		686,102
Morgan Stanley (1.93% fixed rate until 04/28/31; 1.02% + SOFR thereafter) 1.93%, 04/28/32 (a)(b)		65,000		61,300
Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) 2.80%, 01/25/52 (a)(b)		57,000		52,177
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) 3.97%, 07/22/38 (a)(b)		114,000		127,360
Morgan Stanley 3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter) 3.62%, 04/01/31 (a)(b)		207,000		224,434
MPLX LP
2.65%, 08/15/30 (a)		40,000		39,226
3.38%, 03/15/23 (a)		164,000		172,161
5.20%, 12/01/47 (a)		6,000		6,781
MPLX LP 1.33% fixed rate until 03/29/21; 1.10% + 3 month USD LIBOR 1.29%, 09/09/22 (a)(b)		65,000		65,029
Mylan Inc. 5.20%, 04/15/48 (a)		12,000		14,034


	Principal Amount ($)		Fair Value $
National Retail Properties Inc. 4.00%, 11/15/25 (a)		82,000		90,097
NewMarket Corp. 2.70%, 03/18/31 (a)		142,000		138,521
Newmont Corp. 4.88%, 03/15/42 (a)		17,000		20,752
NextEra Energy Capital Holdings Inc. 3.25%, 04/01/26 (a)		39,000		42,083
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)		65,000		74,276
NIKE Inc. 3.38%, 03/27/50 (a)		19,000		19,982
NiSource Inc.
3.60%, 05/01/30 (a)		38,000		41,195
3.95%, 03/30/48 (a)		12,000		12,691
Nordstrom Inc. 4.25%, 08/01/31 (c)(f)		30,000		29,993
Norfolk Southern Corp. 3.95%, 10/01/42 (a)		16,000		17,734
Northrop Grumman Corp.
3.85%, 04/15/45 (a)		2,000		2,153
4.03%, 10/15/47 (a)		5,000		5,545
NOV Inc. 3.60%, 12/01/29 (a)		49,000		49,300
Novartis Capital Corp. 2.20%, 08/14/30 (a)		94,000		94,579
NTT Finance Corp. 1.59%, 04/03/28 (a)(f)		283,000		276,231
Nucor Corp.
2.98%, 12/15/55 (a)(f)		21,000		19,080
3.95%, 05/01/28 (a)		21,000		23,462
Nutrien Ltd.
4.00%, 12/15/26 (a)		13,000		14,564
4.90%, 06/01/43 (a)		12,000		14,234
NVIDIA Corp.
2.85%, 04/01/30 (a)		36,000		37,808
3.50%, 04/01/50 (a)		83,000		87,689
NXP BV/NXP Funding LLC/NXP USA Inc. 2.70%, 05/01/25 (a)(f)		95,000		99,662
Occidental Petroleum Corp. 2.90%, 08/15/24 (a)		17,000		16,790
Oklahoma Gas & Electric Co. 3.25%, 04/01/30 (a)		29,000		30,964

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

Oncor Electric Delivery Company LLC 3.80%, 09/30/47 (a)		16,000		17,320
ONEOK Inc. 4.35%, 03/15/29 (a)		31,000		33,798
Oracle Corp.
1.65%, 03/25/26		80,000		80,576
2.30%, 03/25/28		60,000		60,721
2.40%, 09/15/23 (a)		18,000		18,717
2.65%, 07/15/26 (a)		23,000		24,132
2.88%, 03/25/31		40,000		40,721
2.95%, 04/01/30 (a)		115,000		118,540
3.60%, 04/01/50 (a)		97,000		94,137
3.65%, 03/25/41		45,000		45,554
3.80%, 11/15/37 (a)		6,000		6,236
3.95%, 03/25/51		45,000		46,461
4.00%, 07/15/46 - 11/15/47 (a)		38,000		39,240
4.10%, 03/25/61		55,000		56,892
4.13%, 05/15/45 (a)		3,000		3,146
Otis Worldwide Corp.
2.06%, 04/05/25 (a)		55,000		56,712
2.57%, 02/15/30 (a)		25,000		25,170
3.36%, 02/15/50 (a)		21,000		20,683
Ovintiv Exploration Inc. 5.63%, 07/01/24 (a)		217,000		238,377
Owens Corning 4.40%, 01/30/48 (a)		15,000		16,500
Pacific Gas & Electric Co.
2.10%, 08/01/27 (a)		29,000		28,388
2.50%, 02/01/31 (a)		53,000		49,985
3.50%, 08/01/50 (a)		25,000		21,757
4.30%, 03/15/45 (a)		43,000		41,664
Pacific Gas and Electric Co. 3.30%, 08/01/40 (a)		53,000		47,787
PacifiCorp
2.70%, 09/15/30 (a)		32,000		32,748
6.25%, 10/15/37 (a)		113,000		154,175
Parker-Hannifin Corp. 3.25%, 06/14/29 (a)		21,000		22,439
PartnerRe Finance B LLC (4.50% fixed rate until 04/01/30; 3.82% + 5 year CMT Rate thereafter) 4.50%, 10/01/50 (a)(b)		76,000		77,782
PayPal Holdings Inc.
2.65%, 10/01/26 (a)		36,000		38,101
3.25%, 06/01/50 (a)		69,000		68,954
PepsiCo Inc.
1.63%, 05/01/30 (a)		73,000		69,845
2.63%, 07/29/29 (a)		51,000		53,257
3.45%, 10/06/46 (a)		15,000		15,834


	Principal Amount ($)		Fair Value $
Pfizer Inc.
2.70%, 05/28/50 (a)		121,000		112,352
3.45%, 03/15/29 (a)		29,000		31,828
3.60%, 09/15/28 (a)		28,000		31,009
3.90%, 03/15/39 (a)		14,000		15,932
4.13%, 12/15/46 (a)		8,000		9,372
4.40%, 05/15/44 (a)		4,000		4,812
Philip Morris International Inc.
1.50%, 05/01/25 (a)		25,000		25,350
2.10%, 05/01/30 (a)		17,000		16,467
Phillips 66 2.15%, 12/15/30 (a)		179,000		169,635
Phillips 66 Partners LP
3.15%, 12/15/29 (a)		107,000		108,831
3.75%, 03/01/28 (a)		12,000		12,859
4.68%, 02/15/45 (a)		13,000		13,759
Pioneer Natural Resources Co.
1.13%, 01/15/26 (a)		125,000		122,900
2.15%, 01/15/31 (a)		40,000		37,758
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (a)		27,000		26,997
3.65%, 06/01/22 (a)		40,000		40,957
PPG Industries Inc. 1.20%, 03/15/26 (a)		142,000		139,545
PPL Capital Funding Inc. 3.10%, 05/15/26 (a)		71,000		75,837
Precision Castparts Corp. 4.38%, 06/15/45 (a)		14,000		15,860
Prologis LP 4.38%, 02/01/29 (a)		20,000		23,008
Prudential Financial Inc. 3.94%, 12/07/49 (a)		76,000		83,243
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)		83,000		94,951
PVH Corp. 4.63%, 07/10/25 (a)		80,000		88,146
QUALCOMM Inc.
1.30%, 05/20/28 (a)		6,000		5,739
1.65%, 05/20/32 (a)		11,000		10,107
3.25%, 05/20/27 (a)		2,000		2,182
4.30%, 05/20/47 (a)		2,000		2,357
Quest Diagnostics Inc. 2.95%, 06/30/30 (a)		12,000		12,412
Ralph Lauren Corp. 1.70%, 06/15/22 (a)		15,000		15,229

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

Raymond James Financial Inc. 3.75%, 04/01/51 (c)		62,000		64,217
Raytheon Technologies Corp.
3.13%, 05/04/27 (a)		197,000		211,726
3.50%, 03/15/27 (a)		16,000		17,516
3.65%, 08/16/23 (a)		2,000		2,138
3.95%, 08/16/25 (a)		14,000		15,559
4.13%, 11/16/28 (a)		4,000		4,503
4.15%, 05/15/45 (a)		15,000		16,726
4.45%, 11/16/38 (a)		12,000		13,955
Realty Income Corp.
3.00%, 01/15/27 (a)		41,000		43,497
3.25%, 01/15/31 (a)		32,000		33,826
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (a)		61,000		56,444
2.80%, 09/15/50 (a)		29,000		25,038
Reliance Steel & Aluminum Co. 2.15%, 08/15/30 (a)		105,000		100,899
Rio Tinto Finance USA PLC 4.13%, 08/21/42 (a)		12,000		13,794
Rockwell Automation Inc. 4.20%, 03/01/49 (a)		49,000		58,165
Rogers Communications Inc. 5.00%, 03/15/44 (a)		7,000		8,316
Roper Technologies Inc. 2.95%, 09/15/29 (a)		85,000		88,612
Ross Stores Inc. 4.70%, 04/15/27 (a)		14,000		15,972
Royalty Pharma PLC
0.75%, 09/02/23 (a)(f)		35,000		34,955
1.20%, 09/02/25 (a)(f)		45,000		44,181
1.75%, 09/02/27 (a)(f)		25,000		24,428
2.20%, 09/02/30 (a)(f)		12,000		11,464
RPM International Inc. 3.75%, 03/15/27 (a)		17,000		18,714
Ryder System Inc. 2.90%, 12/01/26 (a)		85,000		90,307
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (a)		12,000		13,188
4.50%, 05/15/30 (a)		21,000		23,567
5.00%, 03/15/27 (a)		6,000		6,840
5.88%, 06/30/26 (a)		67,000		78,582
Schlumberger Holdings Corp. 3.90%, 05/17/28 (a)(f)		13,000		14,141


	Principal Amount ($)		Fair Value $
Sempra Energy
3.80%, 02/01/38 (a)		9,000		9,666
4.00%, 02/01/48 (a)		21,000		22,068
Shell International Finance BV
2.38%, 08/21/22 (a)		2,000		2,057
3.13%, 11/07/49 (a)		54,000		52,008
3.75%, 09/12/46 (a)		8,000		8,538
4.13%, 05/11/35 (a)		12,000		13,685
Shire Acquisitions Investments Ireland DAC
2.88%, 09/23/23 (a)		2,000		2,103
3.20%, 09/23/26 (a)		10,000		10,758
Siemens Financieringsmaatschappij N.V.
1.70%, 03/11/28 (a)(f)		282,000		277,440
2.15%, 03/11/31 (a)(f)		250,000		243,950
2.88%, 03/11/41 (a)(f)		250,000		241,665
Simon Property Group LP 3.38%, 06/15/27 (a)		54,000		58,179
Societe Generale SA (1.49%fixed rate until 12/14/25; 1.10% + 1 year CMT Rate thereafter) 1.49%, 12/14/26 (a)(b)(f)		201,000		197,173
South Jersey Industries Inc. 3.70%, 04/15/31		116,000		116,991
Southern California Edison Co.
2.40%, 02/01/22 (a)		37,000		37,490
4.00%, 04/01/47 (a)		46,000		47,673
4.20%, 03/01/29 (a)		31,000		34,541
Southern Company Gas Capital Corp.
3.95%, 10/01/46 (a)		33,000		34,597
4.40%, 05/30/47 (a)		11,000		12,272
Southwest Airlines Co. 2.63%, 02/10/30 (a)		54,000		53,159
Southwestern Electric Power Co. 2.75%, 10/01/26 (a)		19,000		19,997
Spectra Energy Partners LP
3.38%, 10/15/26 (a)		6,000		6,458
4.50%, 03/15/45 (a)		2,000		2,176
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)(f)		203,000		211,134

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

Starbucks Corp. 4.00%, 11/15/28 (a)		16,000		17,996
Steel Dynamics Inc. 3.45%, 04/15/30 (a)		85,000		90,940
STERIS Irish FinCo UnLtd Co. 2.70%, 03/15/31 (c)		120,000		119,021
Stryker Corp.
1.95%, 06/15/30 (a)		71,000		68,622
2.90%, 06/15/50 (a)		32,000		30,198
Sumitomo Mitsui Financial Group Inc. 2.35%, 01/15/25 (a)		400,000		415,116
Suncor Energy Inc. 4.00%, 11/15/47 (a)		3,000		3,066
Sunoco Logistics Partners Operations LP 5.30%, 04/01/44 (a)		16,000		16,525
Sysco Corp.
3.25%, 07/15/27 (a)		16,000		17,223
5.95%, 04/01/30 (a)		32,000		40,015
6.60%, 04/01/50 (a)		8,000		11,584
Tampa Electric Co.
2.40%, 03/15/31		80,000		79,615
3.45%, 03/15/51		60,000		61,237
4.35%, 05/15/44 (a)		35,000		40,180
Tapestry Inc.
4.13%, 07/15/27 (a)		28,000		30,363
4.25%, 04/01/25 (a)		285,000		308,621
Target Corp. 2.50%, 04/15/26 (a)		20,000		21,241
Teck Resources Ltd. 3.90%, 07/15/30 (a)		34,000		35,511
Teledyne Technologies Inc.
2.25%, 04/01/28 (a)		172,000		171,197
2.75%, 04/01/31 (a)		59,000		58,965
TELUS Corp. 3.70%, 09/15/27 (a)		121,000		134,368
Texas Instruments Inc. 3.88%, 03/15/39 (a)		19,000		21,882
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		42,652
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		90,770


	Principal Amount ($)		Fair Value $
The Bank of Nova Scotia (2.65% fixed rate until 06/24/30; 1.90% + 1 year CMT Rate thereafter) 4.65%, 12/31/99 (a)(b)		109,000		108,947
The Boeing Co.
2.20%, 02/04/26 (a)		166,000		165,507
2.70%, 02/01/27 (a)		158,000		160,387
2.95%, 02/01/30 (a)		11,000		10,880
3.25%, 03/01/28 (a)		15,000		15,449
3.55%, 03/01/38 (a)		16,000		15,455
3.75%, 02/01/50 (a)		31,000		29,608
5.04%, 05/01/27 (a)		261,000		297,545
5.15%, 05/01/30 (a)		92,000		105,951
5.81%, 05/01/50 (a)		59,000		74,632
The Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT Rate thereafter) 4.00%, 12/31/99 (a)(b)		101,000		99,276
The Cleveland Electric Illuminating Co. 4.55%, 11/15/30 (a)(f)		57,000		63,118
The CloroxCo. 1.80%, 05/15/30 (a)		90,000		86,170
The Coca-Cola Co.
2.60%, 06/01/50 (a)		66,000		59,807
2.75%, 06/01/60 (a)		26,000		23,491
The Dow Chemical Co.
2.10%, 11/15/30 (a)		103,000		99,303
3.60%, 11/15/50 (a)		43,000		43,477
4.25%, 10/01/34 (a)		21,000		23,517
5.55%, 11/30/48 (a)		13,000		17,138
The Estee Lauder Companies Inc.
2.38%, 12/01/29 (a)		65,000		65,987
3.13%, 12/01/49 (a)		21,000		21,281
The George Washington University 4.13%, 09/15/48		84,000		98,089
The Goldman Sachs Group Inc.
2.60%, 02/07/30 (a)		275,000		278,168
3.50%, 04/01/25 - 11/16/26 (a)		186,000		201,702
3.85%, 01/26/27 (a)		200,000		219,380
4.25%, 10/21/25 (a)		204,000		227,656
5.15%, 05/22/45 (a)		57,000		71,320
The Goldman Sachs Group Inc. (1.99% fixed rate until 01/27/31; 1.09% + SOFR thereafter) 1.99%, 01/27/32 (a)(b)		101,000		95,895

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

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)		94,000		102,994
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)		40,000		44,405
The Hartford Financial Services Group Inc. 2.80%, 08/19/29 (a)		52,000		53,910
The Hartford Financial Services Group Inc. (2.32%fixed rate until 03/29/21; 2.13% + 3 month USD LIBOR) 2.32%, 02/12/67 (a)(b)(f)		77,000		73,940
The Home Depot Inc.
2.70%, 04/15/30 (a)		43,000		44,843
3.35%, 04/15/50 (a)		37,000		38,362
3.50%, 09/15/56 (a)		17,000		17,913
3.90%, 12/06/28 - 06/15/47 (a)		53,000		60,120
4.50%, 12/06/48 (a)		31,000		38,105
The Kroger Co.
2.20%, 05/01/30 (a)		33,000		32,401
4.65%, 01/15/48 (a)		10,000		11,626
The Mosaic Co. 5.63%, 11/15/43 (a)		2,000		2,504
The Northwestern Mutual Life Insurance Co. 3.45%, 03/30/51 (f)		59,000		58,963
The Sherwin-Williams Co.
3.45%, 06/01/27 (a)		5,000		5,451
4.50%, 06/01/47 (a)		4,000		4,696
The Southern Co.
3.25%, 07/01/26 (a)		6,000		6,424
4.40%, 07/01/46 (a)		3,000		3,346
The Travelers Companies Inc. 2.55%, 04/27/50 (a)		89,000		79,907
The Walt Disney Co.
2.65%, 01/13/31 (a)		52,000		53,112
3.38%, 11/15/26 (a)		5,000		5,471
3.60%, 01/13/51 (a)		31,000		32,973
4.75%, 11/15/46 (a)		3,000		3,714
6.65%, 11/15/37 (a)		26,000		38,039


	Principal Amount ($)		Fair Value $
The Williams Companies Inc.
3.75%, 06/15/27 (a)		4,000		4,367
4.85%, 03/01/48 (a)		12,000		13,367
4.90%, 01/15/45 (a)		42,000		46,562
5.40%, 03/04/44 (a)		2,000		2,328
Thermo Fisher Scientific Inc.
4.13%, 03/25/25 (a)		3,000		3,332
4.50%, 03/25/30 (a)		12,000		14,004
Time Warner Cable LLC
4.50%, 09/15/42 (a)		2,000		2,137
6.55%, 05/01/37 (a)		14,000		18,423
T-Mobile USA Inc. 3.50%, 04/15/25 (a)(f)		55,000		59,325
3.75%, 04/15/27 (a)(f)		81,000		88,481
3.88%, 04/15/30 (a)(f)		65,000		70,531
4.50%, 04/15/50 (a)(f)		32,000		35,758
Total Capital International S.A. 3.46%, 02/19/29 (a)		43,000		46,888
Trane Technologies Luxembourg Finance S.A. 3.55%, 11/01/24 (a)		26,000		28,114
3.80%, 03/21/29 (a)		52,000		57,163
TransCanada PipeLines Ltd.
4.25%, 05/15/28 (a)		31,000		34,906
4.88%, 01/15/26 (a)		7,000		8,026
Transcanada Trust (5.63%fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter) 5.63%, 05/20/75 (a)(b)		85,000		90,390
Transcontinental Gas Pipe Line Company LLC 4.00%, 03/15/28 (a)		13,000		14,457
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		86,976
TSMC Global Ltd. 0.75%, 09/28/25 (a)(f)		247,000		241,139
TWDC Enterprises 18 Corp. 4.13%, 06/01/44 (a)		3,000		3,422
Tyco Electronics Group S.A. 3.13%, 08/15/27 (a)		23,000		24,694

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, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

Tyson Foods Inc.
4.00%, 03/01/26 (a)		79,000		87,613
4.55%, 06/02/47 (a)		2,000		2,347
UDR Inc.
2.10%, 08/01/32 (a)		44,000		40,979
3.00%, 08/15/31 (a)		21,000		21,409
Union Pacific Corp.
3.50%, 06/08/23 (a)		31,000		32,933
3.60%, 09/15/37 (a)		5,000		5,334
4.10%, 09/15/67 (a)		17,000		18,355
4.30%, 03/01/49 (a)		21,000		24,075
UnitedHealth Group Inc.
2.00%, 05/15/30 (a)		57,000		56,069
4.45%, 12/15/48 (a)		15,000		18,366
4.75%, 07/15/45 (a)		7,000		8,778
Unum Group 4.50%, 03/15/25 (a)		22,000		24,577
Vale S.A. 5.63%, 09/11/42 (a)		19,000		22,892
Valero Energy Corp.
2.85%, 04/15/25 (a)		43,000		44,933
4.00%, 04/01/29 (a)		21,000		22,765
Ventas Realty LP 3.25%, 10/15/26 (a)		71,000		76,370
VEREIT Operating Partnership LP 2.85%, 12/15/32 (a)		36,000		34,894
Verizon Communications Inc.
1.45%, 03/20/26		115,000		115,074
2.10%, 03/22/28		85,000		85,275
2.45%, 11/01/22 (a)		700,000		718,935
2.55%, 03/21/31 (a)		80,000		79,895
3.00%, 03/22/27 (a)		246,000		262,799
3.40%, 03/22/41 (a)		60,000		60,944
3.55%, 03/22/51		65,000		64,955
3.70%, 03/22/61		55,000		54,414
4.33%, 09/21/28 (a)		41,000		46,945
4.40%, 11/01/34 (a)		194,000		221,812
4.52%, 09/15/48 (a)		34,000		39,201
4.67%, 03/15/55 (a)		47,000		56,007
5.25%, 03/16/37 (a)		13,000		16,410
ViacomCBS Inc. 2.90%, 01/15/27 (a)		16,000		16,806
3.70%, 06/01/28 (a)		31,000		33,591
5.25%, 04/01/44 (a)		2,000		2,406
Virginia Electric & Power Co. 4.00%, 11/15/46 (a)		34,000		37,880
Visa Inc.
2.00%, 08/15/50 (a)		22,000		17,822
2.05%, 04/15/30 (a)		36,000		35,889
2.70%, 04/15/40 (a)		38,000		37,305


	Principal Amount ($)		Fair Value $
Vodafone Group PLC
4.38%, 05/30/28 (a)		39,000		44,791
5.25%, 05/30/48 (a)		18,000		22,499
Volkswagen Group of America Finance LLC 1.63%, 11/24/27 (a)(f)		201,000		195,549
Vontier Corp.
2.40%, 04/01/28 (a)(f)		116,000		113,955
2.95%, 04/01/31 (a)(f)		90,000		87,898
Vornado Realty LP 3.50%, 01/15/25 (a)		14,000		14,784
Vulcan Materials Co. 3.90%, 04/01/27 (a)		12,000		13,413
Walgreens Boots Alliance Inc. 4.10%, 04/15/50 (a)		12,000		12,213
Walmart Inc.
3.63%, 12/15/47 (a)		12,000		13,271
3.70%, 06/26/28 (a)		24,000		26,967
3.95%, 06/28/38 (a)		24,000		27,757
4.05%, 06/29/48 (a)		34,000		39,964
WEC Energy Group Inc. 3.55%, 06/15/25 (a)		25,000		27,104
Wells Fargo & Co.
4.15%, 01/24/29 (a)		66,000		74,350
4.75%, 12/07/46 (a)		98,000		115,788
Wells Fargo & Co. (1.65% fixed rate until 06/02/23; 1.60% + SOFR thereafter) 1.65%, 06/02/24 (a)(b)		55,000		56,217
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) 2.39%, 06/02/28 (a)(b)		57,000		58,407
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)		36,000		37,102
3.20%, 06/17/27 (a)(b)		402,000		430,856
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) 3.07%, 04/30/41 (a)(b)		77,000		75,525
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		128,811

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


State Street Active Core Bond Fund		47

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

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		84,467
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)		26,000		27,782
Willis North America Inc.
3.60%, 05/15/24 (a)		75,000		80,889
3.88%, 09/15/49 (a)		36,000		38,412
WPP Finance 2010 3.75%, 09/19/24 (a)		19,000		20,724
WRKCo Inc. 3.00%, 09/15/24 (a)		19,000		20,266
Xcel Energy Inc. 3.40%, 06/01/30 (a)		44,000		47,269
Zoetis Inc.
3.00%, 09/12/27 (a)		5,000		5,343
3.90%, 08/20/28 (a)		17,000		18,906

				54,583,664


Non-Agency Collateralized Mortgage Obligations - 9.1%
Banc of America Commercial Mortgage Trust 2015-UBS7 4.36%, 09/15/48 (a)(b)		160,000		153,692
BANK 2017-BNK7 3.18%, 09/15/60 (a)		1,168,000		1,247,355
BANK 2018-BNK15 4.41%, 11/15/61 (a)(b)		487,000		558,940
Benchmark 2019-B12 Mortgage Trust 3.12%, 08/15/52 (a)		140,000		148,301
Benchmark 2019-B9 Mortgage Trust 4.02%, 03/15/52 (a)		1,000,000		1,121,524
Cantor Commercial Real Estate Lending 2019-CF3 3.01%, 01/15/53 (a)		222,000		232,712
CD 2019-CD8 Mortgage Trust 2.91%, 08/15/57 (a)		827,000		858,172
CFCRE Commercial Mortgage Trust 2016-C7 4.43%, 12/10/54 (a)(b)		160,000		154,326
Citigroup Commercial Mortgage Trust 2015-GC35 4.48%, 11/10/48 (a)(b)		278,000		261,122


	Principal Amount ($)		Fair Value $
Citigroup Commercial Mortgage Trust 2015-P1 3.72%, 09/15/48 (a)		717,000		785,715
Citigroup Commercial Mortgage Trust 2016-P6 3.72%, 12/10/49 (a)(b)		126,803		140,017
COMM 2012-CCRE3 Mortgage Trust 3.92%, 10/15/45 (a)(f)		107,000		106,265
CSAIL 2015-C3 Commercial Mortgage Trust 4.13%, 08/15/48 (a)(b)		365,943		372,007
CSAIL 2016-C7 Commercial Mortgage Trust 4.34%, 11/15/49 (a)(b)		267,000		273,705
GS Mortgage Securities Trust 2012-GCJ9 1.93%, 11/10/45 (a)(b)(d)		670,305		14,836
GS Mortgage Securities Trust 2014-GC22 4.69%, 06/10/47 (a)(b)		174,000		182,278
GS Mortgage Securities Trust 2014-GC24 4.51%, 09/10/47 (a)(b)		211,000		212,293
GS Mortgage Securities Trust 2015-GS1 4.42%, 11/10/48 (a)(b)		213,000		183,022
GS Mortgage Securities Trust 2016-GS3 2.85%, 10/10/49 (a)		379,000		400,686
GS Mortgage Securities Trust 2019-GC42 2.75%, 09/01/52 (a)		773,000		795,383
GS Mortgage Securities Trust 2019-GSA1 3.05%, 11/10/52 (a)		1,526,000		1,602,496
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9 1.49%, 12/15/47 (a)(b)(d)		570,790		11,167
JPMBB Commercial Mortgage Securities Trust 2015-C32 4.65%, 11/15/48 (a)(b)		494,000		409,691
MASTR Alternative Loan Trust 2003-5 5.00%, 08/25/18 (a)(d)		1,095		12
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 4.12%, 02/15/46 (a)(b)		223,000		216,018

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


48		State Street Active Core Bond Fund

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2021 (Unaudited)


	Principal Amount ($)		Fair Value $

Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 0.88%, 03/15/48 (a)(b)(d)		3,446,465		92,630
Morgan Stanley Capital I Trust 2016-UBS12 4.03%, 12/15/49 (a)(b)		227,000		214,903
UBS Commercial Mortgage Trust 2012-C1 5.57%, 05/10/45 (a)(b)(f)		146,000		145,738
UBS Commercial Mortgage Trust 2018-C12 4.79%, 08/15/51 (a)(b)		189,000		208,210
UBS-Barclays Commercial Mortgage Trust 2013-C6 3.88%, 04/10/46 (a)(b)(f)		535,000		542,952
Wells Fargo Commercial Mortgage Trust 2014-LC16 4.32%, 08/15/50 (a)		534,000		525,495
Wells Fargo Commercial Mortgage Trust 2015-C26 1.21%, 02/15/48 (a)(b)(d)		2,673,895		103,675
WFRBS Commercial Mortgage Trust 2012-C10 3.74%, 12/15/45 (a)		140,000		134,170
WFRBS Commercial Mortgage Trust 2014-C20 4.38%, 05/15/47 (a)		214,000		217,692
WFRBS Commercial Mortgage Trust 2014-LC14 4.35%, 03/15/47 (a)(b)		544,000		588,909

				13,216,109


Sovereign Bonds - 0.6%
Government of Chile 2.55%, 01/27/32 (a)		203,000		204,837
Government of Mexico 4.60%, 02/10/48 (a)		202,000		206,539
Government of Peru
1.86%, 12/01/32 (a)		75,000		68,453
2.78%, 12/01/60 (a)		125,000		103,455
5.63%, 11/18/50 (a)		113,000		150,246
Government of Uruguay 5.10%, 06/18/50 (a)		117,568		145,748

				879,278


Municipal Bonds and Notes - 0.4%
American Municipal Power Inc. 6.27%, 02/15/50		105,000		142,862


	Principal Amount ($) Number of Shares		Fair Value $
Board of Regents of the University of Texas System 3.35%, 08/15/47		95,000		104,084
State of California 4.60%, 04/01/38		165,000		190,564
State of Illinois 5.10%, 06/01/33		100,000		112,586

				550,096


Total Bonds and Notes (Cost $140,562,272)				141,569,557


Domestic Equity - 0.2%

Preferred Stock - 0.2%
Wells Fargo & Co. 5.85%, 3.09% + 3 month USD LIBOR (Cost $214,450) (b)		8,578		229,890


Total Investments in Securities (Cost $140,776,722)				141,799,447


Short-Term Investments - 13.1%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 0.04% (a)(h)(i)		18,867,965		18,867,965


Total Investments (Cost $159,644,687)				160,667,412

Liabilities in Excess of Other Assets, net - (11.3)%				(16,258,667	)


NET ASSETS - 100.0%				144,408,745

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


State Street Active Core Bond Fund		49

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2021 (Unaudited)

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)
Sell Protection
Markit CDX North America High Yield Index	Intercontinental Exchange	$	2,695		5.00%/ Quarterly		06/20/25	$	246,442	$	(142,047	)	$	388,489

The Fund had the following long futures contracts open at March 31, 2021:


Description	Expiration Date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra Long-Term U.S. Treasury Bond Futures		June 2021		21	$	3,945,410	$	3,808,549	$	(136,861	)
2 Yr. U.S. Treasury Notes Futures		June 2021		98		21,646,778		21,631,203		(15,575	)
U.S. Long Bond Futures		June 2021		8		1,277,499		1,236,750		(40,749	)

									$	(193,185	)

The Fund had the following short futures contracts open at March 31, 2021:


Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Appreciation (Depreciation)
5 Yr. U.S. Treasury Notes Futures		June 2021		31	$	(3,857,306	)	$	(3,825,352	)	$	31,954
10 Yr. U.S. Treasury Notes Futures		June 2021		59		(7,893,817	)		(7,725,312	)		168,505
10 Yr. U.S. Treasury Ultra Futures		June 2021		80		(11,848,857	)		(11,495,000	)		353,857

											$	554,316

											$	361,131

During the period ended March 31, 2021 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

—

17,411,624

17,018,926

4,780,975

—

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


50		State Street Active Core Bond Fund

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2021 (Unaudited)

Notes to Schedule of Investments — March 31, 2021 (Unaudited)

(a)	At March 31, 2021, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs.

(b)	Variable Rate Security - Interest rate shown is rate in effect at March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

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

(d)	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.

(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)

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, 2021, these securities amounted to $9,415,538 or 6.52% 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.

(g)	Step coupon bond.

(h)	Coupon amount represents effective yield.

(i)	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, 2021.

**	Amount is less than $0.50.

Abbreviations:

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

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.


State Street Active Core Bond Fund		51

State Street Active Core Bond Fund

Schedule of Investments, continued — March 31, 2021 (Unaudited)

The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2021:


Fund	Investments	Level 1			Level 2		Level 3		Total

State Street Active Core Bond Fund	Investments in Securities

	U.S. Treasuries	$	—		$	32,741,669	$	—	$	32,741,669

	Agency Mortgage Backed		—			37,250,815		—		37,250,815

	Agency Collateralized Mortgage Obligations		—			611,145		—		611,145

	Asset Backed		—			1,736,781		—		1,736,781

	Corporate Notes		—			54,583,664		—		54,583,664

	Non-Agency Collateralized Mortgage Obligations		—			13,216,109		—		13,216,109

	Sovereign Bonds		—			879,278		—		879,278

	Municipal Bonds and Notes		—			550,096		—		550,096

	Preferred Stock		229,890			—		—		229,890

	Short-Term Investments		18,867,965			—		—		18,867,965


	Total Investments in Securities	$	19,097,855		$	141,569,557	$	—	$	160,667,412


	Other Financial Instruments

	Credit Default Swap Contracts - Unrealized Appreciation	$	—		$	388,489	$	—	$	388,489

	Long Futures Contracts - Unrealized Depreciation		(193,185	)		—		—		(193,185	)

	Short Futures Contracts - Unrealized Appreciation		554,316			—		—		554,316


	Total Other Financial Instruments	$	361,131		$	388,489	$	—	$	749,620

Affiliate Table

Number
of Shares
Held at
9/30/20

Value at
9/30/20

Cost of
Purchases

Proceeds
from

Shares

Sold

Realized
Gain
(Loss)

Change in
Unrealized
Appreciation
(Depreciation)

Number
of Shares
Held at
3/31/21

Value at
3/31/21

Dividend

Income

State Street Institutional U.S. Government Money Market Fund, Class G Shares

9,155,711

56,291,307

46,579,053

—

18,867,965

4,206

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


52		State Street Active Core Bond Fund

State Street Institutional U.S. Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Investment Class
	3/31/21^†			9/30/20			9/30/19			9/30/18			9/30/17			9/30/16
Inception date																	11/25/97

Net asset value, beginning of period	$	13.97		$	12.30		$	13.74		$	14.95		$	13.50		$	14.46


Income/(loss) from investment operations:
Net investment income		0.07	^(a)		0.14	^(a)		0.15	^(a)		0.16	^(a)		0.18	^(a)		0.21	^(a)
Net realized and unrealized gains/(losses) on investments		2.51	^(a)		2.35	^(a)		0.05	^(a)		1.95	^(a)		2.16	^(a)		1.52	^(a)

Total income from investment operations		2.58			2.49			0.20			2.11			2.34			1.73


Less distributions from:
Net investment income		0.14			0.16			0.18			0.21			0.21			0.24
Net realized gains		0.56			0.66			1.46			3.11			0.68			2.45

Total distributions		0.70			0.82			1.64			3.32			0.89			2.69

Net asset value, end of period	$	15.85		$	13.97		$	12.30		$	13.74		$	14.95		$	13.50

Total Return^(b)		18.84	%		20.77	%		4.43	%		16.72	%		18.29	%		13.29	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	548,721		$	461,624		$	419,296		$	522,658		$	461,828		$	603,060

Ratios to average net assets:
Net expenses		0.37	%^**		0.37	%		0.38	%		0.37	%		0.37	%		0.37	%
Gross expenses		0.37	%^**		0.37	%		0.38	%		0.37	%		0.37	%		0.37	%
Net investment income		0.89	%^**		1.12	%		1.29	%		1.21	%		1.29	%		1.61	%
Portfolio turnover rate		19	%		38	%		35	%		48	%		80	%		43	%

	Service Class
	3/31/21^†			9/30/20			9/30/19			9/30/18			9/30/17			9/30/16
Inception date																	1/3/01

Net asset value, beginning of period	$	15.21		$	13.32		$	14.70		$	15.77		$	14.18		$	15.06


Income/(loss) from investment operations:
Net investment income		0.05	^(a)		0.12	^(a)		0.14	^(a)		0.14	^(a)		0.15	^(a)		0.19	^(a)
Net realized and unrealized gains/(losses) on investments		2.74	^(a)		2.54	^(a)		0.09	^(a)		2.08	^(a)		2.29	^(a)		1.58	^(a)

Total income from investment operations		2.79			2.66			0.23			2.22			2.44			1.77


Less distributions from:
Net investment income		0.10			0.11			0.15			0.18			0.17			0.20
Net realized gains		0.56			0.66			1.46			3.11			0.68			2.45

Total distributions		0.66			0.77			1.61			3.29			0.85			2.65

Net asset value, end of period	$	17.34		$	15.21		$	13.32		$	14.70		$	15.77		$	14.18

Total Return^(b)		18.69	%		20.52	%		4.23	%		16.35	%		18.07	%		12.96	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	60		$	58		$	48		$	104		$	95		$	95

Ratios to average net assets:
Net expenses		0.62	%^**		0.62	%		0.63	%		0.62	%		0.62	%		0.62	%
Gross expenses		0.62	%^**		0.62	%		0.63	%		0.62	%		0.62	%		0.62	%
Net investment income		0.63	%^**		0.87	%		1.06	%		0.95	%		1.04	%		1.35	%
Portfolio turnover rate		19	%		38	%		35	%		48	%		80	%		43	%

(a)

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

(b)

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

†

Unaudited.

Annualized for periods less than one year.

See Notes to Financial Highlights and Notes to Financial Statements.


Financial Highlights		53

State Street Institutional Premier Growth Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Investment Class
	3/31/21^†			9/30/20			9/30/19			9/30/18			9/30/17			9/30/16
Inception date																	10/29/99

Net asset value, beginning of period	$	10.72		$	15.51		$	17.49		$	15.69		$	14.23		$	13.61


Income/(loss) from investment operations:
Net investment income		0.01	^(a)		0.05	^(a)		0.09	^(a)		0.11	^(a)		0.13	^(a)		0.13	^(a)
Net realized and unrealized gains/(losses) on investments		1.41	^(a)		3.89	^(a)		(0.03	)^(a)		2.82	^(a)		2.60	^(a)		1.88	^(a)

Total income from investment operations		1.42			3.94			0.06			2.93			2.73			2.01


Less distributions from:
Net investment income		0.01			0.09			0.11			0.13			0.12			0.14
Net realized gains		1.29			8.64			1.93			1.00			1.15			1.25

Total distributions		1.30			8.73			2.04			1.13			1.27			1.39

Net asset value, end of period	$	10.84		$	10.72		$	15.51		$	17.49		$	15.69		$	14.23

Total Return^(c)		13.78	%		39.25	%		3.57	%		19.64	%		21.18	%		15.25	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	82,154		$	73,933		$	192,144		$	365,078		$	360,416		$	325,700

Ratios to average net assets:
Net expenses		0.46	%^**		0.42	%		0.39	%		0.38	%		0.38	%		0.38	%
Gross expenses		0.46	%^**		0.42	%		0.39	%		0.38	%		0.38	%		0.38	%
Net investment income		0.18	%^**		0.40	%		0.59	%		0.68	%		0.88	%		0.95	%
Portfolio turnover rate		15	%		28	%		27	%		21	%		24	%		21	%

	Service Class
	3/31/21^†			9/30/20			9/30/19			9/30/18			9/30/17			9/30/16
Inception date																	1/3/01

Net asset value, beginning of period	$	10.40		$	15.27		$	17.24		$	15.48		$	14.06		$	13.46


Income/(loss) from investment operations:
Net investment income		(0.00	)^(a)(b)		0.01	^(a)		0.05	^(a)		0.07	^(a)		0.09	^(a)		0.09	^(a)
Net realized and unrealized gains/(losses) on investments		1.36	^(a)		3.80	^(a)		(0.02	)^(a)		2.78	^(a)		2.57	^(a)		1.87	^(a)

Total income from investment operations		1.36			3.81			0.03			2.85			2.66			1.96


Less distributions from:
Net investment income		—			0.04			0.07			0.09			0.09			0.11
Net realized gains		1.29			8.64			1.93			1.00			1.15			1.25

Total distributions		1.29			8.68			2.00			1.09			1.24			1.36

Net asset value, end of period	$	10.47		$	10.40		$	15.27		$	17.24		$	15.48		$	14.06

Total Return^(c)		13.64	%		38.83	%		3.32	%		19.37	%		20.84	%		14.99	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	8,762		$	8,832		$	9,609		$	17,298		$	16,136		$	11,547

Ratios to average net assets:
Net expenses		0.71	%^**		0.69	%		0.64	%		0.63	%		0.63	%		0.63	%
Gross expenses		0.71	%^**		0.69	%		0.64	%		0.63	%		0.63	%		0.63	%
Net investment income (loss)		(0.07	)%^**		0.08	%		0.34	%		0.43	%		0.62	%		0.67	%
Portfolio turnover rate		15	%		28	%		27	%		21	%		24	%		21	%

(a)

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

(b)

Rounds to less than $0.005.

(c)

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

†

Unaudited.

Annualized for periods less than one year.

See Notes to Financial Highlights and Notes to Financial Statements.


54		Financial Highlights

State Street Institutional Small-Cap Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Investment Class
	3/31/21^†			9/30/20			9/30/19			9/30/18			9/30/17			9/30/16
Inception date																	8/3/98

Net asset value, beginning of period	$	15.55		$	17.04		$	21.94		$	20.79		$	17.96		$	17.18


Income/(loss) from investment operations:
Net investment income		0.02	^(a)		0.05	^(a)		0.06	^(a)		0.03	^(a)		0.05	^(a)		0.04	^(a)
Net realized and unrealized gains/(losses) on investments		6.94	^(a)		(0.45	)^(a)		(2.06	)^(a)		2.95	^(a)		3.42	^(a)		2.79	^(a)

Total income/(loss) from investment operations		6.96			(0.40	)		(2.00	)		2.98			3.47			2.83


Less distributions from:
Net investment income		0.04			0.07			0.04			0.04			0.04			0.03
Net realized gains		0.57			1.02			2.86			1.79			0.60			2.02

Total distributions		0.61			1.09			2.90			1.83			0.64			2.05

Net asset value, end of period	$	21.90		$	15.55		$	17.04		$	21.94		$	20.79		$	17.96

Total Return^(c)		45.32	%		(3.03	)%		(6.21	)%		15.47	%		19.65	%		18.24	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,301,795		$	973,165		$	1,255,899		$	1,528,575		$	1,464,018		$	1,298,789

Ratios to average net assets:
Net expenses		0.88	%^**		0.89	%		0.88	%		0.88	%		0.88	%		0.89	%
Gross expenses		0.88	%^**		0.89	%		0.88	%		0.88	%		0.88	%		0.89	%
Net investment income		0.24	%^**		0.33	%		0.37	%		0.14	%		0.27	%		0.25	%
Portfolio turnover rate		18	%		31	%		29	%		38	%		34	%		33	%

	Service Class
	3/31/21^†			9/30/20			9/30/19			9/30/18			9/30/17			9/30/16
Inception date																	9/30/05

Net asset value, beginning of period	$	15.53		$	17.02		$	21.93		$	20.79		$	17.98		$	17.21


Income/(loss) from investment operations:
Net investment income (loss)		(0.00	)^(a)(b)		0.01	^(a)		0.02	^(a)		(0.02	)^(a)		0.01	^(a)		(0.00	)^(a)(b)
Net realized and unrealized gains/(losses) on investments		6.94	^(a)		(0.46	)^(a)		(2.05	)^(a)		2.95	^(a)		3.41	^(a)		2.80	^(a)

Total income/(loss) from investment operations		6.94			(0.45	)		(2.03	)		2.93			3.42			2.80


Less distributions from:
Net investment income		—			0.02			0.02			—			0.01			0.01
Net realized gains		0.57			1.02			2.86			1.79			0.60			2.02

Total distributions		0.57			1.04			2.88			1.79			0.61			2.03

Net asset value, end of period	$	21.90		$	15.53		$	17.02		$	21.93		$	20.79		$	17.98

Total Return^(c)		45.21	%		(3.30	)%		(6.44	)%		15.14	%		19.38	%		17.96	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	2,015		$	1,750		$	1,937		$	2,671		$	2,373		$	2,579

Ratios to average net assets:
Net expenses		1.13	%^**		1.14	%		1.13	%		1.13	%		1.13	%		1.14	%
Gross expenses		1.13	%^**		1.14	%		1.13	%		1.13	%		1.13	%		1.14	%
Net investment income (loss)		(0.00	)%^(b)**		0.08	%		0.12	%		(0.11	)%		0.03	%		(0.00	)%^(b)
Portfolio turnover rate		18	%		31	%		29	%		38	%		34	%		33	%

(a)

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

(b)

Rounds to less than $0.005.

(c)

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

†

Unaudited.

Annualized for periods less than one year.

See Notes to Financial Highlights and Notes to Financial Statements.


Financial Highlights		55

State Street Institutional International Equity Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


	Investment Class
	3/31/21^†			9/30/20			9/30/19			9/30/18			9/30/17			9/30/16
Inception date																	11/25/97

Net asset value, beginning of period	$	14.26		$	13.42		$	13.37		$	13.42		$	11.83		$	11.41


Income/(loss) from investment operations:
Net investment income		0.06	^(a)		0.32	^(a)		0.15	^(a)		0.23	^(a)		0.17	^(a)		0.20	^(a)
Net realized and unrealized gains/(losses) on investments		2.37	^(a)		0.79	^(a)		0.22	^(a)		(0.09	)^(a)		1.63	^(a)		0.40	^(a)

Total income from investment operations		2.43			1.11			0.37			0.14			1.80			0.60


Less distributions from:
Net investment income		0.31			0.27			0.32			0.19			0.21			0.18

Total distributions		0.31			0.27			0.32			0.19			0.21			0.18

Net asset value, end of period	$	16.38		$	14.26		$	13.42		$	13.37		$	13.42		$	11.83

Total Return^(b)		17.16	%		8.28	%		3.18	%		1.01	%		15.58	%		5.32	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	94,667		$	83,672		$	73,060		$	1,095,253		$	1,213,757		$	1,238,011

Ratios to average net assets:
Net expenses		0.55	%^**		0.55	%		0.56	%		0.57	%		0.57	%		0.57	%
Gross expenses		0.67	%^**		0.69	%		0.63	%		0.57	%		0.57	%		0.57	%
Net investment income		0.77	%^**		2.39	%		1.15	%		1.68	%		1.40	%		1.73	%
Portfolio turnover rate		9	%		25	%		20	%		24	%		30	%		33	%

	Service Class
	3/31/21^†			9/30/20			9/30/19			9/30/18			9/30/17			9/30/16
Inception date																	1/3/01

Net asset value, beginning of period	$	14.21		$	13.37		$	13.28		$	13.34		$	11.76		$	11.33


Income/(loss) from investment operations:
Net investment income		0.04	^(a)		0.29	^(a)		0.22	^(a)		0.20	^(a)		0.14	^(a)		0.17	^(a)
Net realized and unrealized gains/(losses) on investments		2.37	^(a)		0.79	^(a)		0.13	^(a)		(0.10	)^(a)		1.63	^(a)		0.40	^(a)

Total income from investment operations		2.41			1.08			0.35			0.10			1.77			0.57


Less distributions from:
Net investment income		0.28			0.24			0.26			0.16			0.19			0.14

Total distributions		0.28			0.24			0.26			0.16			0.19			0.14

Net asset value, end of period	$	16.34		$	14.21		$	13.37		$	13.28		$	13.34		$	11.76

Total Return^(b)		17.01	%		7.96	%		3.03	%		0.75	%		15.33	%		5.01	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	12,455		$	11,201		$	13,228		$	17,820		$	18,687		$	17,796

Ratios to average net assets:
Net expenses		0.80	%^**		0.80	%		0.81	%		0.82	%		0.82	%		0.82	%
Gross expenses		0.92	%^**		0.94	%		0.94	%		0.82	%		0.82	%		0.82	%
Net investment income		0.52	%^**		2.19	%		1.80	%		1.44	%		1.14	%		1.45	%
Portfolio turnover rate		9	%		25	%		20	%		24	%		30	%		33	%

(a)

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

(b)

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

†

Unaudited.

Annualized for periods less than one year.

See Notes to Financial Highlights and Notes to Financial Statements.


56		Financial Highlights

State Street Active Core Bond Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated


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

Net asset value, beginning of period	$	9.88		$	9.66		$	9.07		$	9.52		$	9.67		$	9.45


Income/(loss) from investment operations:
Net investment income		0.08	^(a)		0.21	^(a)		0.27	^(a)		0.26	^(a)		0.24	^(a)		0.26	^(a)
Net realized and unrealized gains/(losses) on investments		(0.25	)^(a)		0.44	^(a)		0.60	^(a)		(0.38	)^(a)		(0.15	)^(a)		0.31	^(a)

Total income/(loss) from investment operations		(0.17	)		0.65			0.87			(0.12	)		0.09			0.57


Less distributions from:
Net investment income		0.12			0.29			0.28			0.27			0.23			0.26
Net realized gains		0.13			0.14			—			0.06			0.01			0.09

Total distributions		0.25			0.43			0.28			0.33			0.24			0.35

Net asset value, end of period	$	9.46		$	9.88		$	9.66		$	9.07		$	9.52		$	9.67

Total Return^(b)		(1.79	)%		6.92	%		9.76	%		(1.35	)%		0.98	%		6.18	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	144,292		$	133,793		$	115,089		$	221,201		$	220,157		$	298,908

Ratios to average net assets:
Net expenses		0.27	%^**		0.28	%		0.26	%		0.25	%		0.24	%		0.24	%
Gross expenses		0.28	%^**		0.29	%		0.26	%		0.25	%		0.24	%		0.24	%
Net investment income		1.57	%^**		2.20	%		2.92	%		2.83	%		2.56	%		2.79	%
Portfolio turnover rate		36	%^(c)		120	%^(d)		438	%		181	%		326	%		219	%

	Service Class
	3/31/21^†			9/30/20			9/30/19			9/30/18			9/30/17			9/30/16
Inception date																	9/30/05

Net asset value, beginning of period	$	10.14		$	9.89		$	9.28		$	9.73		$	9.89		$	9.66


Income/(loss) from investment operations:
Net investment income		0.06	^(a)		0.19	^(a)		0.25	^(a)		0.24	^(a)		0.22	^(a)		0.25	^(a)
Net realized and unrealized gains/(losses) on investments		(0.24	)^(a)		0.45	^(a)		0.62	^(a)		(0.38	)^(a)		(0.16	)^(a)		0.31	^(a)

Total income/(loss) from investment operations		(0.18	)		0.64			0.87			(0.14	)		0.06			0.56


Less distributions from:
Net investment income		0.11			0.25			0.26			0.25			0.21			0.24
Net realized gains		0.13			0.14			—			0.06			0.01			0.09

Total distributions		0.24			0.39			0.26			0.31			0.22			0.33

Net asset value, end of period	$	9.72		$	10.14		$	9.89		$	9.28		$	9.73		$	9.89

Total Return^(b)		(1.84	)%		6.63	%		9.56	%		(1.51	)%		0.65	%		5.95	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	116		$	362		$	86		$	80		$	90		$	181

Ratios to average net assets:
Net expenses		0.52	%^**		0.54	%		0.51	%		0.50	%		0.49	%		0.49	%
Gross expenses		0.52	%^**		0.54	%		0.51	%		0.50	%		0.49	%		0.49	%
Net investment income		1.18	%^**		1.94	%		2.65	%		2.57	%		2.28	%		2.58	%
Portfolio turnover rate		36	%^(c)		120	%^(d)		438	%		181	%		326	%		219	%

(a)

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

(b)

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

(c)

The portfolio turnover calculated for the period ended 3/31/21 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 88%.

(d)

The portfolio turnover calculated for the period ended 9/30/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 405%.

†

Unaudited.

Annualized for periods less than one year.

See Notes to Financial Highlights and Notes to Financial Statements.


Financial Highlights		57

State Street Institutional Funds

Statements of Assets and Liabilities — March 31, 2021 (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 $330,898,275; $43,973,729; $770,140,043; $77,761,595; and $140,776,722, respectively)	$	542,518,952	$	87,560,862	$	1,238,027,234
Investments in affiliated securities, at fair value (cost $1,914,316)		—		2,290,697		—
Short-term affiliated investments, at fair value		5,988,802		1,104,475		64,600,745
Cash		—		—		15,821
Net cash collateral on deposit with broker for future contracts		78,362		11,058		4,183,632
Foreign currency (cost $0; $0; $0; $75,038; and $0, respectively)		—		—		—
Receivable for investments sold		943,711		—		1,650,886
Income receivables		392,373		5,321		701,089
Receivable for fund shares sold		61,475		388		31,703
Income receivable from affiliated investments		231		31		2,155
Receivable for accumulated variation margin on swap contracts		—		—		—
Receivable for accumulated variation margin on futures contracts		—		2,008		—


Total assets		549,983,906		90,974,840		1,309,213,265


Liabilities
Distribution payable to shareholders		—		—		—
Net cash collateral on futures contracts due to broker		—		—		—
Net cash collateral on swap contracts due to broker		—		—		—
Payable for investments purchased		1,035,784		—		2,449,447
Payable for fund shares redeemed		15		23,831		841,551
Payable for accumulated variation margin on futures contracts		60		—		1,137,965
Payable to the Adviser		167,357		32,900		972,764
Accrued other expenses		45		125		519
Distribution and service fees		13		1,848		423


Total liabilities		1,203,274		58,704		5,402,669



Net Assets	$	548,780,632	$	90,916,136	$	1,303,810,596


Net Assets Consist of:
Capital paid in	$	322,976,183	$	43,544,901	$	768,074,266
Total distributable earnings (loss)	$	225,804,449	$	47,371,235	$	535,736,330


Net Assets	$	548,780,632	$	90,916,136	$	1,303,810,596


Investment Class:
Net Assets	$	548,720,628	$	82,154,375	$	1,301,795,236
Shares outstanding ($0.001 par value, unlimited shares authorized)		34,619,784		7,577,083		59,440,042
Net asset value, offering and redemption price per share	$	15.85	$	10.84	$	21.90

Service Class:
Net Assets	$	60,004	$	8,761,761	$	2,015,360
Shares outstanding ($0.001 par value, unlimited shares authorized)		3,460		836,837		92,046
Net asset value, offering and redemption price per share	$	17.34	$	10.47	$	21.90

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


58		Statements of Assets and Liabilities


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

$	104,628,966	$	141,799,447
	—		—
	999,763		18,867,965
	—		7,127
	37,216		—
	75,134		—
	—		450,578
	1,410,040		668,702
	22,482		15,733
	17		512
	—		249,975
	—		358,729


	107,173,618		162,418,768



	—		16
	—		342,587
	—		242,579
	—		17,391,422
	101		2,214
	494		—
	48,390		31,180
	—		—
	2,544		25


	51,529		18,010,023



$	107,122,089	$	144,408,745



$	77,927,916	$	144,051,954
$	29,194,173	$	356,791


$	107,122,089	$	144,408,745



$	94,666,637	$	144,292,310
	5,777,999		15,255,124
$	16.38	$	9.46


$	12,455,452	$	116,436
	762,221		11,984
$	16.34	$	9.72

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


Statements of Assets and Liabilities		59

State Street Institutional Funds

Statements of Operations For the period ended — March 31, 2021 (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	$	3,226,106		$	274,418	$	6,659,358
Interest		—			—		—
Income from affiliated investments		2,089			6,381		14,161
Less: Foreign taxes withheld		—			—		(13,788	)

Total income		3,228,195			280,799		6,659,731


Expenses
Advisory and administration fees		934,547			190,153		5,216,687
Distribution and service fees
Service Class		79			11,387		2,394
Trustees’ fees		11,343			10,165		13,481

Total expenses before waivers		945,969			211,705		5,232,562

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

Total expenses		945,969			211,705		5,232,562

Net investment income	$	2,282,226		$	69,094	$	1,427,169


Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	17,670,603		$	5,571,787	$	89,318,784
Affiliated investments		—			18,303		—
Futures		320,217			276,289		8,162,033
Swap contracts		—			—		—
Foreign currency transactions		—			—		—
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		67,368,662			5,099,426		328,015,122
Affiliated investments		—			137,741		—
Futures		(673	)		4,855		(1,078,835	)
Swap contracts		—			—		—
Foreign currency translations		—			—		—


Net realized and unrealized gain (loss) on investments		85,358,809			11,108,401		424,417,104


Net Increase (Decrease) in Net Assets Resulting from Operations	$	87,641,035		$	11,177,495	$	425,844,273

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


60		Statements of Operations


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


$	770,884		$	6,273
	—			1,287,956
	276			4,206
	(81,389	)		—

	689,771			1,298,435



	336,846			185,054

	15,331			183
	10,161			10,257

	362,338			195,494

	(60,024	)		(4,738	)

	302,314			190,756

$	387,457		$	1,107,679




$	4,213,873		$	(282,378	)
	—			—
	59,769			(58,022	)
	—			230,425
	20,078			—

	11,539,657			(4,173,710	)
	—			—
	8,203			350,040
	—			(9,110	)
	(29,835	)		—


	15,811,745			(3,942,755	)


$	16,199,202		$	(2,835,076	)

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


Statements of Operations		61

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, 2021			Year Ended September 30, 2020			Six Months Ended March 31, 2021			Year Ended September 30, 2020
Increase (Decrease) in Net Assets

Operations:
Net investment income	$	2,282,226		$	4,753,464		$	69,094		$	513,482
Net realized gain (loss) on investments, futures and foreign currency transactions		17,990,820			19,852,700			5,866,379			67,955,212
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		67,367,989			57,146,335			5,242,022			(31,617,714	)

Net increase (decrease) from operations		87,641,035			81,752,499			11,177,495			36,850,980


Distributions to shareholders:
Total distributions
Investment Class		(23,406,981	)		(26,072,740	)		(8,735,337	)		(122,991,014	)
Service Class		(2,531	)		(2,748	)		(1,048,868	)		(4,866,436	)

Total distributions		(23,409,512	)		(26,075,488	)		(9,784,205	)		(127,857,450	)

Increase (decrease) in assets from operations and distributions		64,231,523			55,677,011			1,393,290			(91,006,470	)


Share transactions:
Proceeds from sale of shares
Investment Class		17,731,145			21,263,774			1,449,900			14,487,775
Service Class		735			20,082			766,771			1,885,268
Value of distributions reinvested
Investment Class		23,158,592			25,797,811			8,735,201			122,990,094
Service Class		2,531			2,748			1,048,868			4,866,436
Cost of shares redeemed
Investment Class		(18,016,612	)		(60,403,984	)		(3,251,468	)		(166,783,898	)
Service Class		(9,655	)		(19,074	)		(1,991,035	)		(5,426,873	)

Net increase (decrease) from share transactions		22,866,736			(13,338,643	)		6,758,237			(27,981,198	)


Total increase (decrease) in net assets		87,098,259			42,338,368			8,151,527			(118,987,668	)

Net Assets
Beginning of period		461,682,373			419,344,005			82,764,609			201,752,277


End of period	$	548,780,632		$	461,682,373		$	90,916,136		$	82,764,609


Changes in Fund Shares
Investment Class
Shares sold		1,169,225			1,658,150			134,024			1,177,997
Issued for distributions reinvested		1,580,791			2,034,528			846,434			12,292,292
Shares redeemed		(1,184,924	)		(4,713,446	)		(299,835	)		(18,958,505	)

Net increase (decrease) in fund shares		1,565,092			(1,020,768	)		680,623			(5,488,216	)


Service Class
Shares sold		44			1,303			72,849			183,138
Issued for distributions reinvested		158			199			105,097			494,189
Shares redeemed		(561	)		(1,264	)		(190,411	)		(457,284	)

Net increase (decrease) in fund shares		(359	)		238			(12,465	)		220,043

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


62		Statements of Changes in Net Assets


State Street Institutional Small-Cap Equity Fund						State Street Institutional International Equity Fund						State Street Active Core Bond Fund
Six Months Ended March 31, 2021			Year Ended September 30, 2020			Six Months Ended March 31, 2021			Year Ended September 30, 2020			Six Months Ended March 31, 2021			Year Ended September 30, 2020



$	1,427,169		$	3,612,084		$	387,457		$	2,019,931		$	1,107,679		$	2,611,100
	97,480,817			31,647,245			4,293,720			1,363,129			(109,975	)		3,113,931
	326,936,287			(76,678,453	)		11,518,025			3,446,769			(3,832,780	)		2,066,799

	425,844,273			(41,419,124	)		16,199,202			6,829,829			(2,835,076	)		7,791,830




	(36,826,282	)		(77,013,163	)		(1,798,730	)		(1,417,916	)		(3,677,243	)		(5,180,419	)
	(53,141	)		(109,788	)		(215,008	)		(230,486	)		(3,046	)		(5,910	)

	(36,879,423	)		(77,122,951	)		(2,013,738	)		(1,648,402	)		(3,680,289	)		(5,186,329	)

	388,964,850			(118,542,075	)		14,185,464			5,181,427			(6,515,365	)		2,605,501




	19,673,541			55,256,413			390,081			8,611,083			14,745,044			30,031,206
	127,064			301,847			44,062			182,631			2,630			292,572

	36,808,062			77,013,163			1,798,165			1,417,425			3,677,165			5,170,345
	53,141			109,787			215,008			230,375			3,045			5,882

	(116,162,604	)		(296,634,844	)		(3,704,194	)		(3,933,169	)		(1,412,224	)		(19,099,938	)
	(568,611	)		(424,254	)		(679,213	)		(3,104,945	)		(245,814	)		(26,421	)

	(60,069,407	)		(164,377,888	)		(1,936,091	)		3,403,400			16,769,846			16,373,646


	328,895,443			(282,919,963	)		12,249,373			8,584,827			10,254,481			18,979,147


	974,915,153			1,257,835,116			94,872,716			86,287,889			134,154,264			115,175,117


$	1,303,810,596		$	974,915,153		$	107,122,089		$	94,872,716		$	144,408,745		$	134,154,264




	1,001,665			3,511,521			24,157			604,371			1,487,089			3,070,585
	1,909,132			4,426,044			114,314			98,982			376,368			536,343
	(6,070,553	)		(19,031,357	)		(228,356	)		(279,919	)		(145,921	)		(1,980,172	)

	(3,159,756	)		(11,093,792	)		(89,885	)		423,434			1,717,536			1,626,756


	Service Class
	6,103			18,676			2,704			13,765			262			29,044
	2,755			6,306			13,695			16,121			303			589
	(29,493	)		(26,081	)		(42,643	)		(230,777	)		(24,240	)		(2,694	)

	(20,635	)		(1,099	)		(26,244	)		(200,891	)		(23,675	)		26,939

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


Statements of Changes in Net Assets		63

State Street Institutional Funds

Notes to Financial Statements — March 31, 2021 (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 an open-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 Institutional Small-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.


64		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2021 (Unaudited)

•

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.

•

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.

•

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.


Notes to Financial Statements		65

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2021 (Unaudited)

The value of each Fund’s investments according to the fair value hierarchy as of March 31, 2021 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 the ex-dividend date, net of any foreign taxes withheld at source, if any. 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.

Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Certain Funds invest in Real Estate Investment Trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds’ policy is to record all REIT distributions initially as dividend income and re-designate a portion of the capital or capital gains distributions at period end based on information provided by the REIT and/or SSGA FM’s estimates of such re-designations for which actual information has not yet been reported.

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 Trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“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, 2021, 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


66		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2021 (Unaudited)

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.

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. Securities deposited, if any, are designated on the Schedules of Investments and cash deposited, if any, is included in Net cash collateral on deposit with broker for future contracts on the Statements of Assets and Liabilities. Subsequent payments are made or received by a Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. 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 with the movement of the assets underlying such contracts. For the period ended March 31, 2021, 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 Institutional Small-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

Credit Default Swaps During the period ended March 31, 2021, 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


Notes to Financial Statements		67

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2021 (Unaudited)

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 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 for non-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, 2021, the State Street Active Core Bond Fund entered into interest rate swaps in order to manage interest rate risk.


68		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2021 (Unaudited)

The following tables summarize the value of the Funds’ derivative instruments as of March 31, 2021 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 U.S. Equity Fund
Futures Contracts	$	—	$	—	$	—	$	—	$	—	$	—
State Street Institutional Premier Growth Equity Fund
Futures Contracts	$	—	$	—	$	—	$	2,008	$	—	$	2,008
State Street Institutional Small-Cap Equity Fund
Futures Contracts	$	—	$	—	$	—	$	—	$	—	$	—
State Street Institutional International Equity Fund
Futures Contracts	$	—	$	—	$	—	$	—	$	—	$	—
State Street Active Core Bond Fund
Futures Contracts	$	358,729	$	—	$	—	$	—	$	—	$	358,729
Swap Contracts		—		—		249,975		—		—		249,975

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	$	—	$	—	$	—	$	(60	)	$	—	$	(60	)
State Street Institutional Premier Growth Equity Fund
Futures Contracts	$	—	$	—	$	—	$	—		$	—	$	—
State Street Institutional Small-Cap Equity Fund
Futures Contracts	$	—	$	—	$	—	$	(1,137,965	)	$	—	$	(1,137,965	)
State Street Institutional International Equity Fund
Futures Contracts	$	—	$	—	$	—	$	(494	)	$	—	$	(494	)


Notes to Financial Statements		69

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2021 (Unaudited)

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	$	—		$	—	$	—	$	320,217	$	—	$	320,217
State Street Institutional Premier Growth Equity Fund
Futures Contracts	$	—		$	—	$	—	$	276,289	$	—	$	276,289
State Street Institutional Small-Cap Equity Fund
Futures Contracts	$			$		$		$	8,162,033	$		$	8,162,033
State Street Institutional International Equity Fund
Futures Contracts	$	—		$	—	$	—	$	59,769	$	—	$	59,769
State Street Active Core Bond Fund
Futures Contracts	$	(58,022	)	$	—	$	—	$	—	$	—	$	(58,022	)
Swap Contracts		(772	)		—		231,197		—		—		230,425

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	$	—	$	—	$	—		$	(673	)	$	—	$	(673	)
State Street Institutional Premier Growth Equity Fund
Futures Contracts	$	—	$	—	$	—		$	4,855		$	—	$	4,855
State Street Institutional Small-Cap Equity Fund
Futures Contracts	$	—	$	—	$	—		$	(1,078,835	)	$	—	$	(1,078,835	)
State Street Institutional International Equity Fund
Futures Contracts	$	—	$	—	$	—		$	8,203		$	—	$	8,203
State Street Active Core Bond Fund
Futures Contracts	$	350,040	$	—	$	—		$	—		$	—	$	350,040
Swap Contracts		—		—		(9,110	)		—			—		(9,110	)

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


70		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2021 (Unaudited)

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 Institutional Small-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 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, 2022 (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 of non-recurring account fees, extraordinary expenses, and certain class specific expenses, such as distribution and shareholder servicing fees) exceed 0.55% of average daily net assets on an annual basis. This fee waiver and/or expense reimbursement arrangement may not be terminated prior to January 31, 2022, except with approval of the Board.

SSGA FM is contractually obligated until January 31, 2022 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, 2022 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 Rule 12b-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 a 12b-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, 2021 are disclosed in the Schedules of Investments.

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.


Notes to Financial Statements		71

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2021 (Unaudited)

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.

Sub-Advisory Fees

Pursuant to investment sub-advisory agreements with SSGA FM, the assets of the State Street Institutional Small-Cap Equity Fund are allocated to and managed by each of the following sub-advisers: (i) Palisade Capital Management, L.L.C.; (ii) Champlain Investment Partners, LLC; (iii) GlobeFlex Capital, L.P.; (iv) Kennedy Capital Management, Inc.; and (v) SouthernSun Asset Management, LLC. SSGA FM is responsible for allocating the State Street Institutional Small-Cap Equity Fund’s assets among the sub-advisers in its discretion (“Allocated Assets”), and for managing the State Street Institutional Small-Cap Equity Fund’s cash position, while each sub-adviser is responsible for the day-to-day management of their portion of the Allocated Assets, under the general supervision and oversight of SSGA FM and the Board. For their services, SSGA FM pays each sub-adviser an investment sub-advisory fee, which is calculated as a percentage of the average daily net assets of the respective Allocated Assets that it manages.

Trustees’ Fees

The fees and expenses of the Independent Trustees are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended March 31, 2021 were as follows:


	U.S. Government Obligations				Other Securities
Fund	Purchases		Sales		Purchases		Sales
State Street Institutional U.S. Equity Fund	$	—	$	—	$	96,093,464	$	94,072,498
State Street Institutional Premier Growth Equity Fund		—		—		12,732,241		15,463,451
State Street Institutional Small-Cap Equity Fund		—		—		196,595,011		306,618,312
State Street Institutional International Equity Fund		—		—		9,279,760		12,612,504
State Street Active Core Bond Fund		33,792,429		24,036,966		24,766,665		19,628,438

Income Tax Information

The Funds have qualified and intend to continue to qualify as a 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 on ex-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.


72		Notes to Financial Statements

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2021 (Unaudited)

As of March 31, 2021, 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	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
State Street Institutional U.S. Equity Fund	$	340,049,092	$	208,458,662	$	77	$	208,458,585
State Street Institutional Premier Growth Equity Fund		47,733,962		43,531,882		307,805		43,224,077
State Street Institutional Small-Cap Equity Fund		854,928,842		454,576,447		8,015,830		446,560,617
State Street Institutional International Equity Fund		79,353,477		28,056,967		1,782,224		26,274,743
State Street Active Core Bond Fund		169,605,949		3,588,463		11,777,380		(8,188,917	)

10.

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 2021 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 1.25% plus the New York

Fed Bank Rate. Prior to October 8, 2020, interest was calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The Funds had no outstanding loans as of March 31, 2021.

11.

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 A 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,


Notes to Financial Statements		73

State Street Institutional Funds

Notes to Financial Statements, continued — March 31, 2021 (Unaudited)

and general market liquidity. A 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 a Fund and its investments.

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-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 United States. Financial markets experienced and may continue to experience extreme volatility and severe losses, and trading in many instruments was and may continue to be disrupted as a result. Liquidity for many instruments was and may continue to be 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 of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

12.

New Accounting Pronouncement

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848)”. In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the guidance.

13.

Subsequent Events

The Board has approved the appointment of Riverbridge Partners, LLC as a sub-adviser to the State Street Institutional Small-Cap Equity Fund to replace GlobeFlex Capital L.P., effective on or about June 30, 2021.


74		Notes to Financial Statements

State Street Institutional Funds

Other Information — March 31, 2021 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted and implemented a liquidity risk management program (the “Program”). SSGA FM has been designated by the Board to administer the Funds’ 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 the effectiveness of the Program’s implementation for the period October 2019 through September 2020. As reported 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. SSGA FM reported that the Program operated adequately to meet the requirements of Rule 22e-4 and that the implementation of the Program has been effective.

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 calling 1-800-242-0134, (ii) on the Funds’ website at www.ssga.com/geam, and (iii) on the SEC’s website at www.sec.gov. Information regarding how the Funds voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (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 Form N-PORT, which can be found on the Funds’ website at www.ssga.com/geam and the SEC’s website at www.sec.gov. The Funds’ schedules of investments are available upon request, without charge, by calling 1-800-242-0134.


Other Information		75

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

David K. Lancaster, Assistant Treasurer

Sean O’Malley, Chief Legal Officer

David Barr, 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 Form N-CSR.

(b) Not applicable to the Registrant.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-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 Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed,

summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

Item 13. Exhibits.


(a)(1)		Not applicable; this Form N-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 Rule 30a-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 Rule 30a-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 2, 2021

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 2, 2021

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

Date:		June 2, 2021

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