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 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: September 30, 2022
Item 1. Shareholder Report.
(a) The Report to Shareholders is attached herewith.
State Street Institutional Funds |
State Street Institutional U.S. Equity Fund |
State Street Institutional Premier Growth Equity Fund |
State Street Institutional Small-Cap Equity Fund |
Page | |
1 | |
Management's Discussion of Fund Performance, Understanding Your Fund's Expenses, Performance Summary and Schedule of Investments | |
2 | |
10 | |
17 | |
Financial Statements | |
28 | |
34 | |
35 | |
36 | |
38 | |
46 | |
47 |
Notes to Performance | 1 |
2 | State Street Institutional U.S. Equity Fund |
Sector Allocation |
Portfolio composition as a % of Fair Value of $176,225 (in thousands) as of September 30, 2022 (a)(b) |
Top Ten Largest Holdings | |
as of September 30, 2022 (as a % of Fair Value) (a)(b) | |
Microsoft Corp. | 6.19% |
Apple Inc. | 5.73% |
Amazon.com Inc. | 4.34% |
Alphabet Inc., Class A | 3.78% |
Johnson & Johnson | 2.56% |
ConocoPhillips | 2.40% |
UnitedHealth Group Inc. | 2.36% |
Merck & Company Inc. | 1.85% |
Mastercard Inc., Class A | 1.80% |
NextEra Energy Inc. | 1.71% |
(a) | Fair Value basis is inclusive of a short-term investment in the 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 |
Average Annual Total Return for the years ended September 30, 2022 | |||||||
Investment Class Shares (Inception date: 11/25/97) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
State Street Institutional U.S. Equity Fund | (16.99)% | 9.60% | 11.55% | $29,821 | |||
S&P 500® Index | (15.47)% | 9.24% | 11.70% | $30,244 | |||
Service Class Shares (Inception date: 1/3/01) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
State Street Institutional U.S. Equity Fund | (17.16)% | 9.35% | 11.35% | $29,294 | |||
S&P 500® Index | (15.47)% | 9.24% | 11.70% | $30,244 |
4 | State Street Institutional U.S. Equity Fund |
Investment Class | Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Begining Account Value April 1, 2022 | $1,000.00 | $1,000.00 | ||
Ending Account Value September 30, 2022 | $ 803.00 | $1,023.10 | ||
Expenses Paid During Period* | $ 1.81 | $ 2.03 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.40% for Investment Class shares and 0.64% for Service Class shares (for the period April 1, 2022 - September 30, 2022), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
Service Class | Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Begining Account Value April 1, 2022 | $1,000.00 | $1,000.00 | ||
Ending Account Value September 30, 2022 | $ 801.70 | $1,021.90 | ||
Expenses Paid During Period* | $ 2.89 | $ 3.24 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.40% for Investment Class shares and 0.64% for Service Class shares (for the period April 1, 2022 - September 30, 2022), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
State Street Institutional U.S. Equity Fund | 5 |
Number of Shares | Fair Value | |
Common Stock - 96.3% † | ||
Aerospace & Defense - 0.6% | ||
Raytheon Technologies Corp. | 13,983 | $ 1,144,648 |
Apparel Retail - 1.1% | ||
Ross Stores Inc. | 22,093 | 1,861,777 |
Application Software - 2.4% | ||
Adobe Inc. (a) | 2,540 | 699,008 |
Intuit Inc. | 982 | 380,348 |
Salesforce Inc. (a) | 20,520 | 2,951,597 |
Splunk Inc. (a) | 2,113 | 158,898 |
4,189,851 | ||
Auto Parts & Equipment - 0.5% | ||
Magna International Inc. | 20,201 | 957,931 |
Automobile Manufacturers - 1.1% | ||
Ford Motor Co. | 81,597 | 913,887 |
Tesla Inc. (a) | 3,981 | 1,055,960 |
1,969,847 | ||
Automotive Retail - 0.9% | ||
O'Reilly Automotive Inc. (a) | 2,285 | 1,607,155 |
Biotechnology - 1.8% | ||
BioMarin Pharmaceutical Inc. (a) | 9,432 | 799,550 |
Seagen Inc. (a) | 619 | 84,698 |
Vertex Pharmaceuticals Inc. (a) | 7,883 | 2,282,444 |
3,166,692 | ||
Building Products - 0.8% | ||
Allegion PLC | 4,580 | 410,734 |
Trane Technologies PLC | 7,501 | 1,086,220 |
1,496,954 | ||
Cable & Satellite - 0.6% | ||
Charter Communications Inc., Class A (a) | 1,116 | 338,539 |
Comcast Corp., Class A | 22,079 | 647,577 |
986,116 | ||
Communications Equipment - 0.1% | ||
Cisco Systems Inc. | 6,023 | 240,920 |
Construction Materials - 0.4% | ||
Martin Marietta Materials Inc. | 1,929 | 621,312 |
Number of Shares | Fair Value | |
Data Processing & Outsourced Services - 4.8% | ||
Fidelity National Information Services Inc. | 23,559 | $ 1,780,354 |
Mastercard Inc., Class A | 11,156 | 3,172,097 |
PayPal Holdings Inc. (a) | 9,474 | 815,427 |
Visa Inc., Class A | 15,633 | 2,777,202 |
8,545,080 | ||
Diversified Banks - 0.8% | ||
JPMorgan Chase & Co. | 13,565 | 1,417,542 |
Diversified Support Services - 0.5% | ||
Cintas Corp. | 2,074 | 805,106 |
Electric Utilities - 2.1% | ||
American Electric Power Company Inc. | 7,537 | 651,574 |
NextEra Energy Inc. | 38,390 | 3,010,160 |
3,661,734 | ||
Electrical Components & Equipment - 0.1% | ||
Generac Holdings Inc. (a) | 1,352 | 240,845 |
Electronic Components - 1.3% | ||
Amphenol Corp., Class A | 26,597 | 1,780,935 |
Corning Inc. | 19,799 | 574,567 |
2,355,502 | ||
Environmental & Facilities Services - 0.6% | ||
Waste Management Inc. | 6,639 | 1,063,634 |
Financial Exchanges & Data - 2.7% | ||
CME Group Inc. | 6,401 | 1,133,809 |
MSCI Inc. | 1,926 | 812,368 |
S&P Global Inc. | 9,109 | 2,781,433 |
4,727,610 | ||
Footwear - 0.1% | ||
NIKE Inc., Class B | 1,629 | 135,402 |
Healthcare Equipment - 3.8% | ||
Becton Dickinson & Co. | 2,743 | 611,223 |
Boston Scientific Corp. (a) | 60,948 | 2,360,516 |
IDEXX Laboratories Inc. (a) | 2,508 | 817,106 |
Medtronic PLC | 16,130 | 1,302,497 |
Stryker Corp. | 4,050 | 820,287 |
Teleflex Inc. | 3,634 | 732,106 |
6,643,735 |
6 | State Street Institutional U.S. Equity Fund |
Number of Shares | Fair Value | |
Healthcare Services - 0.3% | ||
Cigna Corp. | 2,074 | $ 575,473 |
Home Improvement Retail - 1.4% | ||
Lowe's Companies Inc. | 10,469 | 1,966,183 |
The Home Depot Inc. | 2,058 | 567,884 |
2,534,067 | ||
Hotels, Resorts & Cruise Lines - 0.4% | ||
Marriott International Inc., Class A | 4,935 | 691,591 |
Household Products - 1.3% | ||
Colgate-Palmolive Co. | 9,373 | 658,453 |
The Procter & Gamble Co. | 12,890 | 1,627,363 |
2,285,816 | ||
Hypermarkets & Super Centers - 1.2% | ||
Costco Wholesale Corp. | 1,283 | 605,923 |
Walmart Inc. | 11,689 | 1,516,063 |
2,121,986 | ||
Industrial Conglomerates - 1.4% | ||
Honeywell International Inc. | 15,007 | 2,505,719 |
Industrial Gases - 1.1% | ||
Air Products & Chemicals Inc. | 8,405 | 1,956,096 |
Industrial Machinery - 1.2% | ||
Parker-Hannifin Corp. | 9,055 | 2,194,117 |
Insurance Brokers - 0.3% | ||
Marsh & McLennan Companies Inc. | 3,610 | 538,937 |
Integrated Oil & Gas - 0.9% | ||
Chevron Corp. | 10,614 | 1,524,913 |
Interactive Home Entertainment - 0.3% | ||
Activision Blizzard Inc. | 7,487 | 556,584 |
Interactive Media & Services - 5.6% | ||
Alphabet Inc., Class C (a) | 10,440 | 1,003,806 |
Alphabet Inc., Class A (a) | 69,549 | 6,652,362 |
Meta Platforms Inc., Class A (a) | 16,946 | 2,299,233 |
9,955,401 | ||
Internet & Direct Marketing Retail - 4.3% | ||
Amazon.com Inc. (a)(b) | 67,744 | 7,655,072 |
Number of Shares | Fair Value | |
Investment Banking & Brokerage - 1.7% | ||
The Charles Schwab Corp. | 40,681 | $ 2,923,743 |
IT Consulting & Other Services - 0.4% | ||
Accenture PLC, Class A | 2,487 | 639,905 |
Life & Health Insurance - 0.1% | ||
Lincoln National Corp. | 4,703 | 206,509 |
Life Sciences Tools & Services - 1.2% | ||
IQVIA Holdings Inc. (a) | 11,580 | 2,097,601 |
Managed Healthcare - 2.8% | ||
Humana Inc. | 1,734 | 841,320 |
UnitedHealth Group Inc. | 8,253 | 4,168,095 |
5,009,415 | ||
Movies & Entertainment - 0.5% | ||
The Walt Disney Co. (a) | 8,853 | 835,103 |
Multi-Line Insurance - 0.3% | ||
American International Group Inc. | 10,992 | 521,900 |
Multi-Sector Holdings - 1.3% | ||
Berkshire Hathaway Inc., Class B (a) | 8,542 | 2,280,885 |
Multi-Utilities - 0.9% | ||
Sempra Energy | 11,090 | 1,662,835 |
Oil & Gas Equipment & Services - 0.8% | ||
Schlumberger N.V. | 38,224 | 1,372,242 |
Oil & Gas Exploration & Production - 3.1% | ||
ConocoPhillips | 41,265 | 4,223,060 |
Pioneer Natural Resources Co. | 5,486 | 1,187,884 |
5,410,944 | ||
Packaged Foods & Meats - 0.7% | ||
Mondelez International Inc., Class A | 21,158 | 1,160,093 |
Personal Products - 0.4% | ||
The Estee Lauder Companies Inc., Class A | 2,996 | 646,836 |
Pharmaceuticals - 5.6% | ||
AstraZeneca PLC ADR | 12,280 | 673,435 |
Bristol-Myers Squibb Co. | 17,470 | 1,241,942 |
State Street Institutional U.S. Equity Fund | 7 |
Number of Shares | Fair Value | |
Elanco Animal Health Inc. (a) | 14,845 | $ 184,227 |
Johnson & Johnson | 27,573 | 4,504,325 |
Merck & Company Inc. | 37,928 | 3,266,360 |
9,870,289 | ||
Property & Casualty Insurance - 1.3% | ||
Chubb Ltd. | 12,178 | 2,214,935 |
Railroads - 0.7% | ||
Union Pacific Corp. | 5,938 | 1,156,841 |
Regional Banks - 2.5% | ||
First Republic Bank | 19,280 | 2,517,004 |
SVB Financial Group (a) | 5,893 | 1,978,752 |
4,495,756 | ||
Restaurants - 0.7% | ||
McDonald's Corp. | 5,325 | 1,228,690 |
Semiconductor Equipment - 1.2% | ||
Applied Materials Inc. | 26,391 | 2,162,215 |
Semiconductors - 4.5% | ||
Advanced Micro Devices Inc. (a) | 39,600 | 2,509,056 |
NVIDIA Corp. | 10,698 | 1,298,630 |
QUALCOMM Inc. | 26,382 | 2,980,639 |
Texas Instruments Inc. | 7,285 | 1,127,572 |
7,915,897 | ||
Soft Drinks - 1.2% | ||
Monster Beverage Corp. (a) | 6,567 | 571,066 |
PepsiCo Inc. | 9,811 | 1,601,744 |
2,172,810 | ||
Specialized REITs - 1.5% | ||
American Tower Corp. | 11,913 | 2,557,721 |
Specialty Chemicals - 0.5% | ||
DuPont de Nemours Inc. | 9,088 | 458,035 |
Number of Shares | Fair Value | |
Ecolab Inc. | 2,512 | $ 362,783 |
820,818 | ||
Systems Software - 7.3% | ||
Microsoft Corp. | 46,854 | 10,912,296 |
Oracle Corp. | 10,161 | 620,532 |
ServiceNow Inc. (a) | 3,747 | 1,414,905 |
12,947,733 | ||
Technology Hardware, Storage & Peripherals - 5.7% | ||
Apple Inc. (b) | 73,134 | 10,107,119 |
Trading Companies & Distributors - 1.4% | ||
United Rentals Inc. (a) | 8,918 | 2,408,930 |
Trucking - 0.0%* | ||
Lyft Inc., Class A (a) | 5,824 | 76,702 |
Wireless Telecommunication Services - 1.2% | ||
T-Mobile US Inc. (a) | 15,133 | 2,030,395 |
Total Common Stock (Cost $140,872,322) | 169,870,027 | |
Short-Term Investments - 3.6% | ||
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.98% (c)(d) (Cost $6,354,619) | 6,354,619 | 6,354,619 |
Total Investments (Cost $147,226,941) | 176,224,646 | |
Other Assets and Liabilities, net - 0.1% | 136,796 | |
NET ASSETS - 100.0% | $ 176,361,442 |
The Fund had the following long futures contracts open at September 30, 2022: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
S&P 500 E-mini Index Futures | December 2022 | 23 | $ 4,683,473 | $ 4,141,725 | $ (541,748) |
8 | State Street Institutional U.S. Equity Fund |
(a) | Non-income producing security. |
(b) | At September 30, 2022, all or a portion of this security was pledged to cover collateral requirements for futures . |
(c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(d) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of September 30, 2022. |
* | Less than 0.05%. |
Abbreviations: |
ADR - American Depositary Receipt |
REIT - Real Estate Investment Trust |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Common Stock | $ 169,870,027 | $ — | $ — | $ 169,870,027 | |||
Short-Term Investments | 6,354,619 | — | — | 6,354,619 | |||
Total Investments in Securities | $ 176,224,646 | $ — | $ — | $ 176,224,646 | |||
Other Financial Instruments | |||||||
Long Futures Contracts - Unrealized Depreciation | $ (541,748) | $ — | $ — | $ (541,748) | |||
Total Other Financial Instruments | $ (541,748) | $ — | $ — | $ (541,748) |
Affiliate Table |
Number of Shares Held at 9/30/21 | Value at 9/30/21 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 9/30/22 | Value at 9/30/22 | Dividend Income | |
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 9,885,922 | $9,885,922 | $47,178,974 | $50,710,277 | $— | $— | 6,354,619 | $6,354,619 | $61,826 |
State Street Institutional U.S. Equity Fund | 9 |
10 | State Street Institutional Premier Growth Equity Fund |
Sector Allocation |
Portfolio composition as a % of Fair Value of $25,744 (in thousands) as of September 30, 2022 (a)(b) |
Top Ten Largest Holdings | |
as of September 30, 2022 (as a % of Fair Value) (a)(b) | |
Microsoft Corp. | 11.62% |
Apple Inc. | 10.81% |
Amazon.com Inc. | 7.69% |
Alphabet Inc., Class C | 5.09% |
UnitedHealth Group Inc. | 3.78% |
Mastercard Inc., Class A | 3.30% |
Visa Inc., Class A | 3.30% |
QUALCOMM Inc. | 2.84% |
Alphabet Inc., Class A | 2.32% |
Salesforce Inc. | 2.13% |
(a) | Fair Value basis is inclusive of a short-term investment in the 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 Premier Growth Equity Fund | 11 |
Average Annual Total Return for the years ended September 30, 2022 | |||||||
Investment Class Shares (Inception date: 10/29/99) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
State Street Institutional Premier Growth Equity Fund | (26.33)% | 9.85% | 12.40% | $32,193 | |||
S&P 500® Index | (15.47)% | 9.24% | 11.70% | $30,244 | |||
Russell 1000® Growth Index | (22.59)% | 12.17% | 13.70% | $36,110 | |||
Service Class Shares (Inception date: 1/3/01) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
State Street Institutional Premier Growth Equity Fund | (26.51)% | 9.58% | 12.12% | $31,387 | |||
S&P 500® Index | (15.47)% | 9.24% | 11.70% | $30,244 | |||
Russell 1000® Growth Index | (22.59)% | 12.17% | 13.70% | $36,110 |
12 | State Street Institutional Premier Growth Equity Fund |
Investment Class | Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Begining Account Value April 1, 2022 | $1,000.00 | $1,000.00 | ||
Ending Account Value September 30, 2022 | $ 745.20 | $1,021.90 | ||
Expenses Paid During Period* | $ 2.80 | $ 3.24 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.64% for Investment Class shares and 0.76% for Service Class shares (for the period April 1, 2022 - September 30, 2022), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
Service Class | Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Begining Account Value April 1, 2022 | $1,000.00 | $1,000.00 | ||
Ending Account Value September 30, 2022 | $ 744.50 | $1,021.30 | ||
Expenses Paid During Period* | $ 3.32 | $ 3.85 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.64% for Investment Class shares and 0.76% for Service Class shares (for the period April 1, 2022 - September 30, 2022), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
State Street Institutional Premier Growth Equity Fund | 13 |
Number of Shares | Fair Value | |
Common Stock - 95.5% † | ||
Apparel Retail - 1.7% | ||
Ross Stores Inc. | 5,049 | $ 425,479 |
Application Software - 3.5% | ||
Adobe Inc. (a) | 1,237 | 340,423 |
Salesforce Inc. (a) | 3,805 | 547,311 |
887,734 | ||
Automobile Manufacturers - 1.2% | ||
Tesla Inc. (a) | 1,160 | 307,690 |
Biotechnology - 3.1% | ||
BioMarin Pharmaceutical Inc. (a) | 4,497 | 381,211 |
Vertex Pharmaceuticals Inc. (a) | 1,440 | 416,937 |
798,148 | ||
Cable & Satellite - 0.9% | ||
Charter Communications Inc., Class A (a) | 793 | 240,557 |
Data Processing & Outsourced Services - 9.1% | ||
Fidelity National Information Services Inc. | 3,779 | 285,579 |
Mastercard Inc., Class A | 2,987 | 849,324 |
PayPal Holdings Inc. (a) | 4,249 | 365,711 |
Visa Inc., Class A | 4,779 | 848,989 |
2,349,603 | ||
Financial Exchanges & Data - 1.6% | ||
S&P Global Inc. | 1,320 | 403,062 |
Healthcare Equipment - 2.8% | ||
Boston Scientific Corp. (a) | 12,239 | 474,017 |
IDEXX Laboratories Inc. (a) | 763 | 248,585 |
722,602 | ||
Home Improvement Retail - 1.8% | ||
Lowe's Companies Inc. | 2,421 | 454,688 |
Industrial Conglomerates - 1.4% | ||
Honeywell International Inc. | 2,199 | 367,167 |
Industrial Machinery - 1.8% | ||
Parker-Hannifin Corp. | 1,944 | 471,051 |
Interactive Media & Services - 9.1% | ||
Alphabet Inc., Class C (a) | 13,635 | 1,311,005 |
Number of Shares | Fair Value | |
Alphabet Inc., Class A (a) | 6,239 | $ 596,760 |
Meta Platforms Inc., Class A (a) | 3,282 | 445,302 |
2,353,067 | ||
Internet & Direct Marketing Retail - 8.4% | ||
Amazon.com Inc. (a) | 17,520 | 1,979,760 |
Chewy Inc., Class A (a) | 6,141 | 188,651 |
2,168,411 | ||
Investment Banking & Brokerage - 1.9% | ||
The Charles Schwab Corp. | 6,704 | 481,816 |
Life Sciences Tools & Services - 1.9% | ||
IQVIA Holdings Inc. (a) | 2,714 | 491,614 |
Managed Healthcare - 3.8% | ||
UnitedHealth Group Inc. | 1,925 | 972,202 |
Pharmaceuticals - 1.2% | ||
AstraZeneca PLC ADR | 5,720 | 313,685 |
Regional Banks - 1.3% | ||
First Republic Bank | 2,567 | 335,122 |
Semiconductor Equipment - 1.8% | ||
Applied Materials Inc. | 5,684 | 465,690 |
Semiconductors - 6.3% | ||
Advanced Micro Devices Inc. (a) | 7,326 | 464,175 |
NVIDIA Corp. | 3,593 | 436,154 |
QUALCOMM Inc. | 6,476 | 731,659 |
1,631,988 | ||
Soft Drinks - 2.0% | ||
Monster Beverage Corp. (a) | 6,033 | 524,630 |
Specialized REITs - 1.9% | ||
American Tower Corp. | 2,230 | 478,781 |
Systems Software - 13.6% | ||
Microsoft Corp. | 12,842 | 2,990,902 |
ServiceNow Inc. (a) | 1,336 | 504,487 |
3,495,389 | ||
Technology Hardware, Storage & Peripherals - 10.8% | ||
Apple Inc. | 20,141 | 2,783,486 |
14 | State Street Institutional Premier Growth Equity Fund |
Number of Shares | Fair Value | |
Trading Companies & Distributors - 2.0% | ||
United Rentals Inc. (a) | 1,949 | $ 526,464 |
Trucking - 0.6% | ||
Lyft Inc., Class A (a) | 11,459 | 150,915 |
Total Common Stock (Cost $22,848,116) | 24,601,041 | |
Short-Term Investments - 4.5% | ||
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.98% (b)(c)(d) (Cost $1,142,486) | 1,142,486 | 1,142,486 |
Total Investments (Cost $23,990,602) | 25,743,527 | |
Other Assets and Liabilities, net - 0.0%* | 11,261 | |
NET ASSETS - 100.0% | $ 25,754,788 |
The Fund had the following long futures contracts open at September 30, 2022: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
S&P 500 E-mini Index Futures | December 2022 | 3 | $ 546,719 | $ 540,225 | $ (6,494) |
(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) | At September 30, 2022, all or a portion of this security was pledged to cover collateral requirements for futures . |
(d) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of September 30, 2022. |
* | Less than 0.05%. |
Abbreviations: |
ADR - American Depositary Receipt |
REIT - Real Estate Investment Trust |
State Street Institutional Premier Growth Equity Fund | 15 |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Common Stock | $ 24,601,041 | $ — | $ — | $ 24,601,041 | |||
Short-Term Investments | 1,142,486 | — | — | 1,142,486 | |||
Total Investments in Securities | $ 25,743,527 | $ — | $ — | $ 25,743,527 | |||
Other Financial Instruments | |||||||
Long Futures Contracts - Unrealized Depreciation | $ (6,494) | $ — | $ — | $ (6,494) | |||
Total Other Financial Instruments | $ (6,494) | $ — | $ — | $ (6,494) |
Affiliate Table |
Number of Shares Held at 9/30/21 | Value at 9/30/21 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 9/30/22 | Value at 9/30/22 | Dividend Income | ||||||
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 1,877,600 | $1,877,600 | $15,589,973 | $16,325,087 | $ — | $ — | 1,142,486 | $1,142,486 | $7,808 | |||||
The Consumer Discretionary Select Sector SPDR Fund | 12,585 | 2,258,378 | — | 2,253,767 | 250,871 | (255,482) | — | — | — | |||||
The Technology Select Sector SPDR Fund | 5,819 | 868,893 | — | 858,319 | 110,117 | (120,691) | — | — | — | |||||
TOTAL | $5,004,871 | $15,589,973 | $19,437,173 | $360,988 | $(376,173) | $1,142,486 | $7,808 |
16 | State Street Institutional Premier Growth Equity Fund |
State Street Institutional Small-Cap Equity Fund | 17 |
Sector Allocation |
Portfolio composition as a % of Fair Value of $948,558 (in thousands) as of September 30, 2022 (a)(b) |
Top Ten Largest Holdings | |
as of September 30, 2022 (as a % of Fair Value) (a)(b) | |
MGP Ingredients Inc. | 1.62% |
Darling Ingredients Inc. | 1.44% |
Ingevity Corp. | 1.41% |
Dycom Industries Inc. | 1.30% |
The Timken Co. | 1.18% |
Stepan Co. | 1.14% |
Murphy USA Inc. | 1.10% |
Ritchie Bros Auctioneers Inc. | 1.09% |
MSA Safety Inc. | 1.02% |
Altra Industrial Motion Corp. | 1.01% |
(a) | Fair Value basis is inclusive of a short-term investment in the 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. |
18 | State Street Institutional Small-Cap Equity Fund |
Average Annual Total Return for the years ended September 30, 2022 | |||||||
Investment Class Shares (Inception date: 8/3/98) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
State Street Institutional Small-Cap Equity Fund | (18.14)% | 4.79% | 9.34% | $24,429 | |||
Russell 2000® Index | (23.50)% | 3.56% | 8.56% | $22,720 | |||
Service Class Shares (Inception date: 9/30/05) | |||||||
One Year | Five Year | Ten Year | Ending Value of a $10,000 Investment | ||||
State Street Institutional Small-Cap Equity Fund | (18.28)% | 4.53% | 9.07% | $23,836 | |||
Russell 2000® Index | (23.50)% | 3.56% | 8.56% | $22,720 |
State Street Institutional Small-Cap Equity Fund | 19 |
Investment Class | Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Begining Account Value April 1, 2022 | $1,000.00 | $1,000.00 | ||
Ending Account Value September 30, 2022 | $ 841.80 | $1,021.30 | ||
Expenses Paid During Period* | $ 3.46 | $ 3.80 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.75% for Investment Class shares and 1.00% for Service Class shares (for the period April 1, 2022 - September 30, 2022), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
Service Class | Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Begining Account Value April 1, 2022 | $1,000.00 | $1,000.00 | ||
Ending Account Value September 30, 2022 | $ 841.50 | $1,020.10 | ||
Expenses Paid During Period* | $ 4.62 | $ 5.06 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.75% for Investment Class shares and 1.00% for Service Class shares (for the period April 1, 2022 - September 30, 2022), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
20 | State Street Institutional Small-Cap Equity Fund |
Number of Shares | Fair Value | |
Common Stock - 94.3% † | ||
Aerospace & Defense - 0.2% | ||
Woodward Inc. | 24,941 | $ 2,001,765 |
Agricultural & Farm Machinery - 0.9% | ||
AGCO Corp. (a) | 83,934 | 8,071,933 |
Agricultural Products - 1.4% | ||
Darling Ingredients Inc. (b) | 206,031 | 13,628,951 |
Airlines - 0.0%* | ||
Allegiant Travel Co. (a)(b) | 3,321 | 242,367 |
Aluminum - 0.1% | ||
Alcoa Corp. (a) | 22,485 | 756,845 |
Apparel Retail - 0.4% | ||
American Eagle Outfitters Inc. | 116,868 | 1,137,125 |
The Buckle Inc. | 86,383 | 2,734,886 |
3,872,011 | ||
Application Software - 5.0% | ||
ACI Worldwide Inc. (a)(b) | 161,689 | 3,379,300 |
Altair Engineering Inc., Class A (a)(b) | 62,380 | 2,758,444 |
Asana Inc., Class A (b) | 106,125 | 2,359,159 |
Blackbaud Inc. (b) | 129,064 | 5,686,560 |
Blackline Inc. (b) | 124,673 | 7,467,913 |
Envestnet Inc. (b) | 45,500 | 2,020,200 |
Freshworks Inc., Class A Revenue (b) | 327,500 | 4,247,675 |
New Relic Inc. (b) | 112,500 | 6,455,250 |
Q2 Holdings Inc. (b) | 135,000 | 4,347,000 |
Vertex Inc., Class A (b) | 137,771 | 1,883,329 |
Workiva Inc. (b) | 82,000 | 6,379,600 |
46,984,430 | ||
Auto Parts & Equipment - 1.2% | ||
Dana Inc. | 157,512 | 1,800,362 |
Dorman Products Inc. (b) | 105,639 | 8,675,075 |
LCI Industries | 7,084 | 718,743 |
Modine Manufacturing Co. (b) | 29,776 | 385,301 |
11,579,481 | ||
Automobile Manufacturers - 0.7% | ||
Thor Industries Inc. | 99,101 | 6,935,088 |
Automotive Retail - 1.8% | ||
America's Car-Mart Inc. (b) | 16,003 | 976,503 |
Group 1 Automotive Inc. | 28,508 | 4,072,938 |
Number of Shares | Fair Value | |
Monro Inc. | 40,888 | $ 1,776,992 |
Murphy USA Inc. | 37,911 | 10,422,113 |
17,248,546 | ||
Biotechnology - 1.0% | ||
Avid Bioservices Inc. (b) | 134,850 | 2,578,332 |
Emergent BioSolutions Inc. (b) | 69,956 | 1,468,377 |
Halozyme Therapeutics Inc. (b) | 43,450 | 1,718,013 |
Heron Therapeutics Inc. (b) | 483,737 | 2,041,370 |
Veracyte Inc. (b) | 104,000 | 1,726,400 |
9,532,492 | ||
Brewers - 0.8% | ||
The Boston Beer Company Inc., Class A (b) | 24,177 | 7,824,886 |
Building Products - 1.4% | ||
Armstrong World Industries Inc. | 24,446 | 1,936,857 |
CSW Industrials Inc. | 35,000 | 4,193,000 |
Gibraltar Industries Inc. (b) | 92,722 | 3,795,111 |
Hayward Holdings Inc. (b) | 108,000 | 957,960 |
Insteel Industries Inc. | 31,933 | 847,182 |
UFP Industries Inc. | 19,717 | 1,422,779 |
13,152,889 | ||
Commodity Chemicals - 0.2% | ||
Hawkins Inc. | 43,926 | 1,712,675 |
Communications Equipment - 0.1% | ||
Cambium Networks Corp. (b) | 51,439 | 870,348 |
Lumentum Holdings Inc. (b) | 5,177 | 354,987 |
1,225,335 | ||
Computer & Electronics Retail - 0.1% | ||
Rent-A-Center Inc. | 29,934 | 524,144 |
Construction & Engineering - 1.7% | ||
Dycom Industries Inc. (b) | 129,389 | 12,360,531 |
IES Holdings Inc. (b) | 28,279 | 781,066 |
Valmont Industries Inc. | 9,878 | 2,653,429 |
15,795,026 | ||
Construction Machinery & Heavy Trucks - 0.6% | ||
Alamo Group Inc. (a) | 19,434 | 2,376,195 |
Astec Industries Inc. | 35,788 | 1,116,228 |
Wabash National Corp. | 117,787 | 1,832,766 |
5,325,189 |
State Street Institutional Small-Cap Equity Fund | 21 |
Number of Shares | Fair Value | |
Construction Materials - 0.1% | ||
Eagle Materials Inc. | 10,088 | $ 1,081,232 |
Consumer Finance - 0.2% | ||
PROG Holdings Inc. (b) | 110,557 | 1,656,144 |
Data Processing & Outsourced Services - 0.9% | ||
CSG Systems International Inc. | 78,120 | 4,130,986 |
Shift4 Payments Inc., Class A (b) | 22,674 | 1,011,487 |
Verra Mobility Corp. (b) | 242,328 | 3,724,581 |
8,867,054 | ||
Distillers & Vintners - 1.6% | ||
MGP Ingredients Inc. | 144,670 | 15,358,167 |
Distributors - 0.7% | ||
LKQ Corp. | 142,145 | 6,702,137 |
Diversified Metals & Mining - 0.3% | ||
Compass Minerals International Inc. | 44,903 | 1,730,113 |
Materion Corp. | 11,369 | 909,520 |
2,639,633 | ||
Diversified REITs - 0.3% | ||
Alpine Income Property Trust Inc. | 72,708 | 1,179,324 |
American Assets Trust Inc. | 51,146 | 1,315,475 |
Essential Properties Realty Trust Inc. | 33,719 | 655,834 |
3,150,633 | ||
Diversified Support Services - 2.0% | ||
Healthcare Services Group Inc. | 140,146 | 1,694,365 |
IAA Inc. (b) | 128,217 | 4,083,711 |
Matthews International Corp., Class A | 72,505 | 1,624,837 |
Ritchie Bros Auctioneers Inc. | 164,951 | 10,306,139 |
UniFirst Corp. | 6,761 | 1,137,403 |
18,846,455 | ||
Education Services - 0.5% | ||
Stride Inc. (b) | 111,383 | 4,681,427 |
Electric Utilities - 1.0% | ||
ALLETE Inc. (a) | 13,193 | 660,310 |
Number of Shares | Fair Value | |
IDACORP Inc. | 87,914 | $ 8,704,365 |
9,364,675 | ||
Electrical Components & Equipment - 0.5% | ||
Acuity Brands Inc. (a) | 6,096 | 959,937 |
Atkore Inc. (b) | 14,528 | 1,130,424 |
Regal Rexnord Corp. | 15,932 | 2,236,215 |
4,326,576 | ||
Electronic Components - 1.4% | ||
Belden Inc. | 130,681 | 7,843,474 |
Coherent Corp. (b) | 28,835 | 1,004,900 |
Littelfuse Inc. | 23,657 | 4,700,409 |
13,548,783 | ||
Electronic Equipment & Instruments - 0.8% | ||
National Instruments Corp. | 93,705 | 3,536,427 |
Novanta Inc. (b) | 35,000 | 4,047,750 |
7,584,177 | ||
Electronic Manufacturing Services - 0.2% | ||
Plexus Corp. (b) | 20,434 | 1,789,201 |
Environmental & Facilities Services - 0.7% | ||
Clean Harbors Inc. (b) | 40,629 | 4,468,377 |
Montrose Environmental Group Inc. (b) | 65,000 | 2,187,250 |
6,655,627 | ||
Food Distributors - 0.4% | ||
Performance Food Group Co. (b) | 88,090 | 3,783,465 |
Food Retail - 0.0%* | ||
The Fresh Market, Inc. (b)(c) | 303,000 | — |
Footwear - 0.7% | ||
Deckers Outdoor Corp. (b) | 15,035 | 4,700,091 |
Wolverine World Wide Inc. | 100,830 | 1,551,774 |
6,251,865 | ||
General Merchandise Stores - 0.1% | ||
Ollie's Bargain Outlet Holdings Inc. (b) | 19,981 | 1,031,020 |
Health Care REITs - 0.2% | ||
Community Healthcare Trust Inc. | 55,755 | 1,825,976 |
22 | State Street Institutional Small-Cap Equity Fund |
Number of Shares | Fair Value | |
Healthcare Distributors - 0.4% | ||
AdaptHealth Corp. (a)(b) | 210,819 | $ 3,959,181 |
Healthcare Equipment - 5.7% | ||
AtriCure Inc. (b) | 104,000 | 4,066,400 |
Axonics Inc. (b) | 45,500 | 3,205,020 |
Cardiovascular Systems Inc. (b) | 113,000 | 1,566,180 |
CONMED Corp. | 67,500 | 5,411,475 |
Globus Medical Inc., Class A (b) | 107,500 | 6,403,775 |
Inspire Medical Systems Inc. (b) | 35,500 | 6,296,635 |
Integra LifeSciences Holdings Corp. (b) | 137,500 | 5,824,500 |
LeMaitre Vascular Inc. | 21,430 | 1,086,073 |
Masimo Corp. (b) | 7,000 | 988,120 |
Omnicell Inc. (b) | 49,776 | 4,332,005 |
Outset Medical Inc. (b) | 100,000 | 1,593,000 |
Penumbra Inc. (b) | 42,000 | 7,963,200 |
SI-BONE Inc. (b) | 94,000 | 1,641,240 |
Tandem Diabetes Care Inc. (b) | 71,500 | 3,421,275 |
53,798,898 | ||
Healthcare Facilities - 1.3% | ||
Acadia Healthcare Company Inc. (a)(b) | 103,506 | 8,092,099 |
U.S. Physical Therapy Inc. | 51,269 | 3,897,469 |
11,989,568 | ||
Healthcare Services - 0.9% | ||
Addus HomeCare Corp. (a)(b) | 21,698 | 2,066,517 |
AMN Healthcare Services Inc. (b) | 13,225 | 1,401,321 |
Castle Biosciences Inc. (b) | 82,947 | 2,163,258 |
Enhabit Inc. (b) | 75,691 | 1,062,702 |
Pediatrix Medical Group Inc. (b) | 110,021 | 1,816,447 |
8,510,245 | ||
Healthcare Supplies - 0.7% | ||
BioLife Solutions Inc. (b) | 131,452 | 2,990,533 |
ICU Medical Inc. (b) | 7,562 | 1,138,837 |
Pulmonx Corp. (b) | 145,000 | 2,415,700 |
6,545,070 | ||
Healthcare Technology - 0.2% | ||
NextGen Healthcare Inc. (b) | 100,171 | 1,773,027 |
Number of Shares | Fair Value | |
Home Building - 0.7% | ||
Cavco Industries Inc. (b) | 8,628 | $ 1,775,297 |
Green Brick Partners Inc. (b) | 29,959 | 640,523 |
Taylor Morrison Home Corp. (b) | 126,477 | 2,949,444 |
TopBuild Corp. (b) | 9,277 | 1,528,664 |
6,893,928 | ||
Home Furnishing Retail - 0.1% | ||
The Aaron's Company Inc. (a) | 134,046 | 1,302,927 |
Hotel & Resort REITs - 0.5% | ||
RLJ Lodging Trust | 340,016 | 3,440,962 |
Sunstone Hotel Investors Inc. | 158,734 | 1,495,274 |
4,936,236 | ||
Household Appliances - 0.1% | ||
Helen of Troy Ltd. (b) | 12,730 | 1,227,681 |
Household Products - 0.3% | ||
Central Garden & Pet Co., Class A (b) | 83,000 | 2,835,280 |
Industrial Machinery - 8.4% | ||
Albany International Corp., Class A (a) | 25,000 | 1,970,750 |
Altra Industrial Motion Corp. (a) | 285,370 | 9,594,139 |
Barnes Group Inc. | 231,533 | 6,686,673 |
Chart Industries Inc. (b) | 7,194 | 1,326,214 |
Crane Holdings Co. | 108,118 | 9,464,650 |
Enerpac Tool Group Corp. | 535,643 | 9,550,515 |
ESCO Technologies Inc. | 62,000 | 4,553,280 |
Evoqua Water Technologies Corp. (b) | 214,500 | 7,093,515 |
John Bean Technologies Corp. | 87,500 | 7,525,000 |
Mueller Industries Inc. | 75,721 | 4,500,856 |
RBC Bearings Inc. (b) | 16,500 | 3,428,865 |
Standex International Corp. | 31,000 | 2,531,150 |
The Timken Co. | 189,504 | 11,188,316 |
79,413,923 | ||
Industrial REITs - 0.8% | ||
EastGroup Properties Inc. | 47,615 | 6,872,749 |
Innovative Industrial Properties Inc. | 3,595 | 318,158 |
7,190,907 |
State Street Institutional Small-Cap Equity Fund | 23 |
Number of Shares | Fair Value | |
Insurance Brokers - 0.5% | ||
BRP Group Inc., Class A (b) | 175,000 | $ 4,611,250 |
Interactive Media & Services - 0.2% | ||
Ziff Davis Inc. (b) | 21,211 | 1,452,529 |
Internet & Direct Marketing Retail - 0.2% | ||
Overstock.com Inc. (b) | 31,363 | 763,689 |
Revolve Group Inc. (b) | 43,450 | 942,431 |
1,706,120 | ||
Internet Services & Infrastructure - 0.2% | ||
Switch Inc., Class A | 50,362 | 1,696,696 |
Investment Banking & Brokerage - 1.1% | ||
Piper Sandler Cos. | 17,109 | 1,791,997 |
Raymond James Financial Inc. | 67,207 | 6,641,396 |
Stifel Financial Corp. | 40,275 | 2,090,675 |
10,524,068 | ||
IT Consulting & Other Services - 0.3% | ||
Perficient Inc. (b) | 19,352 | 1,258,267 |
Unisys Corp. (b) | 256,257 | 1,934,740 |
3,193,007 | ||
Leisure Products - 1.6% | ||
Malibu Boats Inc., Class A (b) | 126,787 | 6,084,508 |
Polaris Inc. | 96,448 | 9,225,251 |
15,309,759 | ||
Life & Health Insurance - 0.4% | ||
American Equity Investment Life Holding Co. | 54,354 | 2,026,860 |
Trupanion Inc. (b) | 26,297 | 1,562,831 |
3,589,691 | ||
Life Sciences Tools & Services - 2.3% | ||
Azenta Inc. | 52,879 | 2,266,394 |
Bruker Corp. | 88,149 | 4,677,186 |
ICON PLC (b) | 15,129 | 2,780,408 |
Repligen Corp. (b) | 37,200 | 6,960,492 |
Syneos Health Inc. (b) | 113,197 | 5,337,238 |
22,021,718 | ||
Marine - 0.2% | ||
Kirby Corp. (b) | 26,584 | 1,615,510 |
Number of Shares | Fair Value | |
Metal & Glass Containers - 0.4% | ||
TriMas Corp. | 162,000 | $ 4,061,340 |
Multi-Line Insurance - 0.3% | ||
Horace Mann Educators Corp. | 72,686 | 2,565,089 |
Multi-Utilities - 0.1% | ||
Avista Corp. | 35,277 | 1,307,013 |
Office REITs - 0.8% | ||
Corporate Office Properties Trust | 44,140 | 1,025,372 |
Cousins Properties Inc. | 149,218 | 3,484,240 |
Easterly Government Properties Inc. | 171,501 | 2,704,571 |
7,214,183 | ||
Office Services & Supplies - 1.0% | ||
MSA Safety Inc. | 88,691 | 9,692,152 |
Oil & Gas Drilling - 0.1% | ||
Helmerich & Payne Inc. | 20,858 | 771,120 |
Oil & Gas Equipment & Services - 0.4% | ||
ChampionX Corp. | 80,995 | 1,585,072 |
Oil States International Inc. (b) | 631,331 | 2,455,878 |
4,040,950 | ||
Oil & Gas Exploration & Production - 1.7% | ||
Denbury Inc. (b) | 9,710 | 837,585 |
Northern Oil & Gas Inc. | 86,331 | 2,366,333 |
PDC Energy Inc. | 129,112 | 7,461,382 |
SM Energy Co. | 102,410 | 3,851,640 |
Southwestern Energy Co. (b) | 249,373 | 1,526,163 |
16,043,103 | ||
Oil & Gas Refining & Marketing - 0.2% | ||
HF Sinclair Corp. | 28,508 | 1,534,871 |
Packaged Foods & Meats - 3.1% | ||
Calavo Growers Inc. | 44,683 | 1,418,685 |
Freshpet Inc. (b) | 53,500 | 2,679,815 |
Hostess Brands Inc. (b) | 239,000 | 5,554,360 |
J&J Snack Foods Corp. | 28,000 | 3,625,160 |
Lancaster Colony Corp. | 45,000 | 6,762,600 |
Sovos Brands Inc. (b) | 57,500 | 818,800 |
The Simply Good Foods Co. (b) | 137,000 | 4,382,630 |
24 | State Street Institutional Small-Cap Equity Fund |
Number of Shares | Fair Value | |
Utz Brands Inc. | 255,500 | $ 3,858,050 |
29,100,100 | ||
Paper Packaging - 0.0%* | ||
Ranpak Holdings Corp. (b) | 90,438 | 309,298 |
Personal Products - 0.5% | ||
BellRing Brands Inc. (b) | 67,971 | 1,400,882 |
elf Beauty Inc. (b) | 97,000 | 3,649,140 |
5,050,022 | ||
Pharmaceuticals - 0.2% | ||
ANI Pharmaceuticals Inc. (b) | 47,561 | 1,528,611 |
Property & Casualty Insurance - 2.2% | ||
AMERISAFE Inc. | 43,375 | 2,026,914 |
Argo Group International Holdings Ltd. | 175,638 | 3,382,788 |
James River Group Holdings Ltd. | 107,500 | 2,452,075 |
Palomar Holdings Inc. (b) | 44,000 | 3,683,680 |
RLI Corp. | 37,280 | 3,816,726 |
Selective Insurance Group Inc. | 71,000 | 5,779,400 |
21,141,583 | ||
Publishing - 0.9% | ||
John Wiley & Sons Inc., Class A | 236,476 | 8,882,039 |
Regional Banks - 9.2% | ||
1st Source Corp. | 38,136 | 1,765,697 |
Bank OZK | 47,521 | 1,879,931 |
BankUnited Inc. | 43,126 | 1,473,615 |
Banner Corp. | 15,610 | 922,239 |
Cadence Bank | 61,944 | 1,573,997 |
Community Bank System Inc. | 46,000 | 2,763,680 |
Cullen/Frost Bankers Inc. | 37,388 | 4,943,441 |
CVB Financial Corp. | 102,500 | 2,595,300 |
Enterprise Financial Services Corp. | 36,569 | 1,610,499 |
FB Financial Corp. | 19,712 | 753,196 |
First Interstate BancSystem Inc., Class A | 60,312 | 2,433,589 |
Fulton Financial Corp. | 210,965 | 3,333,247 |
German American Bancorp Inc. | 73,500 | 2,624,685 |
Heritage Commerce Corp. | 66,111 | 749,699 |
Home BancShares Inc. | 123,692 | 2,784,307 |
HomeStreet Inc. | 24,475 | 705,125 |
Number of Shares | Fair Value | |
Independent Bank Corp. | 124,883 | $ 9,307,530 |
National Bank Holdings Corp., Class A | 61,766 | 2,284,724 |
Origin Bancorp Inc. | 51,130 | 1,966,971 |
PacWest Bancorp | 57,240 | 1,293,624 |
Peapack-Gladstone Financial Corp. | 40,311 | 1,356,465 |
Pinnacle Financial Partners Inc. | 19,223 | 1,558,985 |
Prosperity Bancshares Inc. | 125,016 | 8,336,067 |
Renasant Corp. | 147,248 | 4,605,918 |
Sandy Spring Bancorp Inc. | 35,353 | 1,246,547 |
Stock Yards Bancorp Inc. | 22,500 | 1,530,225 |
Texas Capital Bancshares Inc. (b) | 32,380 | 1,911,391 |
UMB Financial Corp. | 65,500 | 5,520,995 |
United Community Banks Inc. | 42,252 | 1,398,541 |
Washington Federal Inc. | 33,599 | 1,007,298 |
Washington Trust Bancorp Inc. | 25,000 | 1,162,000 |
Westamerica BanCorp | 63,937 | 3,343,266 |
Western Alliance Bancorp | 57,874 | 3,804,637 |
Wintrust Financial Corp. | 33,248 | 2,711,374 |
87,258,805 | ||
Research & Consulting Services - 0.4% | ||
Resources Connection Inc. | 181,149 | 3,273,362 |
Residential REITs - 0.2% | ||
NexPoint Residential Trust Inc. | 42,235 | 1,951,679 |
Restaurants - 1.5% | ||
Bloomin' Brands Inc. | 78,324 | 1,435,679 |
Shake Shack Inc., Class A (b) | 48,500 | 2,181,530 |
Texas Roadhouse Inc. | 39,173 | 3,418,236 |
The Cheesecake Factory Inc. | 71,237 | 2,085,819 |
Wingstop Inc. | 40,500 | 5,079,510 |
14,200,774 | ||
Retail REITs - 0.2% | ||
Kite Realty Group Trust | 105,271 | 1,812,767 |
The Macerich Co. | 49,009 | 389,131 |
2,201,898 | ||
Security & Alarm Services - 0.9% | ||
The Brink's Co. | 170,745 | 8,270,888 |
Semiconductor Equipment - 0.4% | ||
Ichor Holdings Ltd. (b) | 38,312 | 927,533 |
State Street Institutional Small-Cap Equity Fund | 25 |
Number of Shares | Fair Value | |
Onto Innovation Inc. (b) | 50,812 | $ 3,254,509 |
4,182,042 | ||
Semiconductors - 0.5% | ||
Diodes Inc. (b) | 12,108 | 785,930 |
MaxLinear Inc. (b) | 24,733 | 806,791 |
Semtech Corp. (b) | 82,813 | 2,435,530 |
SMART Global Holdings Inc. (b) | 60,835 | 965,452 |
4,993,703 | ||
Soft Drinks - 0.4% | ||
Primo Water Corp. | 274,701 | 3,447,498 |
Zevia PBC, Class A (b) | 62,500 | 270,000 |
3,717,498 | ||
Specialized Consumer Services - 0.3% | ||
European Wax Center Inc., Class A | 95,500 | 1,761,975 |
OneSpaWorld Holdings Ltd. (b) | 159,456 | 1,339,430 |
3,101,405 | ||
Specialized REITs - 0.3% | ||
National Storage Affiliates Trust | 34,292 | 1,425,861 |
PotlatchDeltic Corp. | 38,015 | 1,560,136 |
2,985,997 | ||
Specialty Chemicals - 4.1% | ||
Avient Corp. | 155,918 | 4,724,316 |
HB Fuller Co. | 14,289 | 858,769 |
Ingevity Corp. (b) | 221,097 | 13,405,111 |
Innospec Inc. | 46,500 | 3,983,655 |
Quaker Chemical Corp. | 18,924 | 2,732,247 |
Sensient Technologies Corp. | 37,500 | 2,600,250 |
Stepan Co. | 114,905 | 10,763,151 |
39,067,499 | ||
Specialty Stores - 0.6% | ||
Leslie's Inc. (b) | 211,000 | 3,103,810 |
Sally Beauty Holdings Inc. (b) | 212,500 | 2,677,500 |
5,781,310 | ||
Steel - 0.5% | ||
Carpenter Technology Corp. | 30,546 | 951,202 |
Commercial Metals Co. | 97,704 | 3,466,538 |
Number of Shares | Fair Value | |
Ryerson Holding Corp. | 28,332 | $ 729,266 |
5,147,006 | ||
Systems Software - 0.7% | ||
Ping Identity Holding Corp. (b) | 80,815 | 2,268,477 |
Progress Software Corp. | 26,973 | 1,147,701 |
Tenable Holdings Inc. (b) | 96,825 | 3,369,510 |
6,785,688 | ||
Technology Hardware, Storage & Peripherals - 1.1% | ||
Corsair Gaming Inc. (b) | 112,444 | 1,276,239 |
Pure Storage Inc., Class A (b) | 322,120 | 8,816,425 |
10,092,664 | ||
Thrifts & Mortgage Finance - 0.9% | ||
Flagstar Bancorp Inc. | 18,676 | 623,778 |
WSFS Financial Corp. | 162,098 | 7,531,073 |
8,154,851 | ||
Trading Companies & Distributors - 2.3% | ||
Applied Industrial Technologies Inc. | 87,814 | 9,025,523 |
McGrath RentCorp. | 15,861 | 1,330,103 |
Transcat Inc. (b) | 20,000 | 1,513,800 |
Univar Solutions Inc. (b) | 414,381 | 9,423,024 |
21,292,450 | ||
Trucking - 0.5% | ||
Saia Inc. (b) | 26,720 | 5,076,800 |
Water Utilities - 0.1% | ||
American States Water Co. | 14,970 | 1,166,911 |
Total Common Stock (Cost $775,944,135) | 893,600,223 | |
Short-Term Investments - 5.8% | ||
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.98% (d)(e) (Cost $54,958,269) | 54,958,269 | 54,958,269 |
Total Investments (Cost $830,902,404) | 948,558,492 | |
Liabilities in Excess of Other Assets, net - (0.1)% | (1,054,515) | |
NET ASSETS - 100.0% | $ 947,503,977 |
26 | State Street Institutional Small-Cap Equity Fund |
The Fund had the following long futures contracts open at September 30, 2022: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
E-mini Russell 2000 Index Futures | December 2022 | 214 | $ 18,913,121 | $ 17,866,860 | $ (1,046,261) |
(a) | At September 30, 2022, all or a portion of this security was pledged to cover collateral requirements for futures . |
(b) | Non-income producing security. |
(c) | Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Fund's Board of Trustees. Security value is determined based on level 3 inputs. |
(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. |
(e) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of September 30, 2022. |
* | Less than 0.05%. |
Abbreviations: |
REIT - Real Estate Investment Trust |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Common Stock | $ 893,600,223 | $ — | $ — | $ 893,600,223 | |||
Short-Term Investments | 54,958,269 | — | — | 54,958,269 | |||
Total Investments in Securities | $ 948,558,492 | $ — | $ — | $ 948,558,492 | |||
Other Financial Instruments | |||||||
Long Futures Contracts - Unrealized Depreciation | $ (1,046,261) | $ — | $ — | $ (1,046,261) | |||
Total Other Financial Instruments | $ (1,046,261) | $ — | $ — | $ (1,046,261) |
Affiliate Table |
Number of Shares Held at 9/30/21 | Value at 9/30/21 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 9/30/22 | Value at 9/30/22 | Dividend Income | |
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 49,748,651 | $49,748,651 | $362,832,769 | $357,623,151 | $— | $— | 54,958,269 | $54,958,269 | $450,062 |
State Street Institutional Small-Cap Equity Fund | 27 |
Investment Class | |||||||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |||||
Inception date | 11/25/97 | ||||||||
Net asset value, beginning of period | $ 17.26 | $ 13.97 | $ 12.30 | $ 13.74 | $ 14.95 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income | 0.11 (a) | 0.13 (a) | 0.14 (a) | 0.15 (a) | 0.16 (a) | ||||
Net realized and unrealized gains/(losses) on investments | (1.80) (a) | 3.86 (a) | 2.35 (a) | 0.05 (a) | 1.95 (a) | ||||
Total income/(loss) from investment operations | (1.69) | 3.99 | 2.49 | 0.20 | 2.11 | ||||
Less distributions from: | |||||||||
Net investment income | 0.13 | 0.14 | 0.16 | 0.18 | 0.21 | ||||
Net realized gains | 5.70 | 0.56 | 0.66 | 1.46 | 3.11 | ||||
Total distributions | 5.83 | 0.70 | 0.82 | 1.64 | 3.32 | ||||
Net asset value, end of period | $ 9.74 | $ 17.26 | $ 13.97 | $ 12.30 | $ 13.74 | ||||
Total Return(b) | (16.99)% | 29.41% | 20.77% | 4.43% | 16.72% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $176,243 | $572,329 | $461,624 | $419,296 | $522,658 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.38% | 0.37% | 0.37% | 0.38% | 0.37% | ||||
Gross expenses | 0.38% | 0.37% | 0.37% | 0.38% | 0.37% | ||||
Net investment income | 0.78% | 0.81% | 1.12% | 1.29% | 1.21% | ||||
Portfolio turnover rate | 29% | 35% | 38% | 35% | 48% |
Notes to Financial Highlights | |
(a) | Per share values have been calculated using the average shares method. |
(b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
28 | Financial Highlights |
Service Class | |||||||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |||||
Inception date | 1/3/01 | ||||||||
Net asset value, beginning of period | $ 18.86 | $15.21 | $13.32 | $14.70 | $15.77 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income | 0.09 (a) | 0.10 (a) | 0.12 (a) | 0.14 (a) | 0.14 (a) | ||||
Net realized and unrealized gains/(losses) on investments | (2.08) (a) | 4.21 (a) | 2.54 (a) | 0.09 (a) | 2.08 (a) | ||||
Total income/(loss) from investment operations | (1.99) | 4.31 | 2.66 | 0.23 | 2.22 | ||||
Less distributions from: | |||||||||
Net investment income | 0.09 | 0.10 | 0.11 | 0.15 | 0.18 | ||||
Net realized gains | 5.70 | 0.56 | 0.66 | 1.46 | 3.11 | ||||
Total distributions | 5.79 | 0.66 | 0.77 | 1.61 | 3.29 | ||||
Net asset value, end of period | $ 11.08 | $18.86 | $15.21 | $13.32 | $14.70 | ||||
Total Return(b) | (17.16)% | 29.10% | 20.52% | 4.23% | 16.35% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $ 118 | $ 268 | $ 58 | $ 48 | $ 104 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.63% | 0.62% | 0.62% | 0.63% | 0.62% | ||||
Gross expenses | 0.63% | 0.62% | 0.62% | 0.63% | 0.62% | ||||
Net investment income (loss) | 0.62% | 0.56% | 0.87% | 1.06% | 0.95% | ||||
Portfolio turnover rate | 29% | 35% | 38% | 35% | 48% |
Notes to Financial Highlights | |
(a) | Per share values have been calculated using the average shares method. |
(b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
Financial Highlights | 29 |
Investment Class | |||||||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |||||
Inception date | 10/29/99 | ||||||||
Net asset value, beginning of period | $ 11.99 | $ 10.72 | $ 15.51 | $ 17.49 | $ 15.69 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income | (0.00) (a)(b) | 0.02 (a) | 0.05 (a) | 0.09 (a) | 0.11 (a) | ||||
Net realized and unrealized gains/(losses) on investments | (2.67) (a) | 2.55 (a) | 3.89 (a) | (0.03) (a) | 2.82 (a) | ||||
Total income/(loss) from investment operations | (2.67) | 2.57 | 3.94 | 0.06 | 2.93 | ||||
Less distributions from: | |||||||||
Net investment income | 0.01 | 0.01 | 0.09 | 0.11 | 0.13 | ||||
Net realized gains | 1.53 | 1.29 | 8.64 | 1.93 | 1.00 | ||||
Total distributions | 1.54 | 1.30 | 8.73 | 2.04 | 1.13 | ||||
Net asset value, end of period | $ 7.78 | $ 11.99 | $ 10.72 | $ 15.51 | $ 17.49 | ||||
Total Return(c) | (26.33)% | 25.85% | 39.25% | 3.57% | 19.64% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $15,818 | $85,331 | $73,933 | $192,144 | $365,078 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.51% | 0.45% | 0.42% | 0.39% | 0.38% | ||||
Gross expenses | 0.51% | 0.45% | 0.42% | 0.39% | 0.38% | ||||
Net investment income (loss) | (0.01)% | 0.16% | 0.40% | 0.59% | 0.68% | ||||
Portfolio turnover rate | 41% | 27% | 28% | 27% | 21% |
Notes to Financial Highlights | |
(a) | Per share values have been calculated using the average shares 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. |
30 | Financial Highlights |
Service Class | |||||||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |||||
Inception date | 1/3/01 | ||||||||
Net asset value, beginning of period | $ 11.57 | $10.40 | $15.27 | $17.24 | $ 15.48 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income (loss) | (0.02) (a) | (0.01) (a) | 0.01 (a) | 0.05 (a) | 0.07 (a) | ||||
Net realized and unrealized gains/(losses) on investments | (2.56) (a) | 2.47 (a) | 3.80 (a) | (0.02) (a) | 2.78 (a) | ||||
Total income/(loss) from investment operations | (2.58) | 2.46 | 3.81 | 0.03 | 2.85 | ||||
Less distributions from: | |||||||||
Net investment income | — | — | 0.04 | 0.07 | 0.09 | ||||
Net realized gains | 1.53 | 1.29 | 8.64 | 1.93 | 1.00 | ||||
Total distributions | 1.53 | 1.29 | 8.68 | 2.00 | 1.09 | ||||
Net asset value, end of period | $ 7.46 | $11.57 | $10.40 | $15.27 | $ 17.24 | ||||
Total Return(b) | (26.51)% | 25.58% | 38.83% | 3.32% | 19.37% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $ 9,937 | $9,784 | $8,832 | $9,609 | $17,298 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.76% | 0.70% | 0.69% | 0.64% | 0.63% | ||||
Gross expenses | 0.76% | 0.70% | 0.69% | 0.64% | 0.63% | ||||
Net investment income (loss) | (0.21)% | (0.09)% | 0.08% | 0.34% | 0.43% | ||||
Portfolio turnover rate | 41% | 27% | 28% | 27% | 21% |
Notes to Financial Highlights | |
(a) | Per share values have been calculated using the average shares method. |
(b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
Financial Highlights | 31 |
Investment Class | |||||||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |||||
Inception date | 8/3/98 | ||||||||
Net asset value, beginning of period | $ 22.15 | $ 15.55 | $ 17.04 | $ 21.94 | $ 20.79 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income | 0.05 (a) | 0.02 (a) | 0.05 (a) | 0.06 (a) | 0.03 (a) | ||||
Net realized and unrealized gains/(losses) on investments | (3.38) (a) | 7.19 (a) | (0.45) (a) | (2.06) (a) | 2.95 (a) | ||||
Total income/(loss) from investment operations | (3.33) | 7.21 | (0.40) | (2.00) | 2.98 | ||||
Less distributions from: | |||||||||
Net investment income | 0.03 | 0.04 | 0.07 | 0.04 | 0.04 | ||||
Net realized gains | 3.30 | 0.57 | 1.02 | 2.86 | 1.79 | ||||
Total distributions | 3.33 | 0.61 | 1.09 | 2.90 | 1.83 | ||||
Net asset value, end of period | $ 15.49 | $ 22.15 | $ 15.55 | $ 17.04 | $ 21.94 | ||||
Total Return(b) | (18.14)% | 46.98% | (3.03)% | (6.21)% | 15.47% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $945,933 | $1,308,410 | $973,165 | $1,255,899 | $1,528,575 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 0.79% | 0.88% | 0.89% | 0.88% | 0.88% | ||||
Gross expenses | 0.88% | 0.88% | 0.89% | 0.88% | 0.88% | ||||
Net investment income | 0.27% | 0.10% | 0.33% | 0.37% | 0.14% | ||||
Portfolio turnover rate | 30% | 42% | 31% | 29% | 38% |
Notes to Financial Highlights | |
(a) | Per share values have been calculated using the average shares method. |
(b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
32 | Financial Highlights |
Service Class | |||||||||
9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 | |||||
Inception date | 9/30/05 | ||||||||
Net asset value, beginning of period | $ 22.11 | $15.53 | $17.02 | $21.93 | $20.79 | ||||
Income/(loss) from investment operations: | |||||||||
Net investment income (loss) | 0.01 (a) | (0.03) (a) | 0.01 (a) | 0.02 (a) | (0.02) (a) | ||||
Net realized and unrealized gains/(losses) on investments | (3.37) (a) | 7.18 (a) | (0.46) (a) | (2.05) (a) | 2.95 (a) | ||||
Total income/(loss) from investment operations | (3.36) | 7.15 | (0.45) | (2.03) | 2.93 | ||||
Less distributions from: | |||||||||
Net investment income | — | — | 0.02 | 0.02 | — | ||||
Net realized gains | 3.30 | 0.57 | 1.02 | 2.86 | 1.79 | ||||
Total distributions | 3.30 | 0.57 | 1.04 | 2.88 | 1.79 | ||||
Net asset value, end of period | $ 15.45 | $22.11 | $15.53 | $17.02 | $21.93 | ||||
Total Return(b) | (18.28)% | 46.60% | 3.30% | (6.44)% | 15.14% | ||||
Ratios/Supplemental Data: | |||||||||
Net assets, end of period (in thousands) | $ 1,571 | $2,078 | $1,750 | $1,937 | $2,671 | ||||
Ratios to average net assets: | |||||||||
Net expenses | 1.04% | 1.13% | 1.14% | 1.13% | 1.13% | ||||
Gross expenses | 1.13% | 1.13% | 1.14% | 1.13% | 1.13% | ||||
Net investment income (loss) | 0.03% | (0.14)% | 0.08% | 0.12% | (0.11)% | ||||
Portfolio turnover rate | 30% | 42% | 31% | 29% | 38% |
Notes to Financial Highlights | |
(a) | Per share values have been calculated using the average shares method. |
(b) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
Financial Highlights | 33 |
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 $140,872,322; $22,848,116 and $775,944,135, respectively) | $ 169,870,027 | $ 24,601,041 | $ 893,600,223 | ||
Investments in affiliated securities, at fair value | 6,354,619 | 1,142,486 | 54,958,269 | ||
Cash | 5,026 | — | 16,622 | ||
Net cash collateral on deposit with broker for future contracts | 733,985 | 31,530 | 2,243,315 | ||
Receivable for investments sold | 460,842 | — | 3,114,723 | ||
Income receivables | 166,788 | — | 567,084 | ||
Receivable for fund shares sold | 26,060 | 3,111 | 4,176 | ||
Income receivable from affiliated investments | 14,954 | 1,865 | 119,835 | ||
Total assets | 177,632,301 | 25,780,033 | 954,624,247 | ||
Liabilities | |||||
Payable for investments purchased | 667,686 | — | 4,242,189 | ||
Payable for fund shares redeemed | 344 | 3,535 | 1,236,314 | ||
Payable for accumulated variation margin on futures contracts | 541,694 | 6,487 | 1,045,785 | ||
Payable to the Adviser | 61,072 | 12,982 | 595,532 | ||
Accrued other expenses | 37 | 5 | 108 | ||
Distribution and service fees | 26 | 2,236 | 342 | ||
Total liabilities | 1,270,859 | 25,245 | 7,120,270 | ||
Net Assets | $ 176,361,442 | $ 25,754,788 | $ 947,503,977 | ||
Net Assets Consist of: | |||||
Capital paid in | $ 122,103,230 | $ (13,651,089) | $ 806,132,822 | ||
Total distributable earnings (loss) | 54,258,212 | 39,405,877 | 141,371,155 | ||
Net Assets | $ 176,361,442 | $ 25,754,788 | $ 947,503,977 | ||
Investment Class: | |||||
Net Assets | $ 176,243,258 | $ 15,818,198 | $ 945,933,355 | ||
Shares outstanding ($0.001 par value, unlimited shares authorized) | 18,092,234 | 2,033,034 | 61,055,711 | ||
Net asset value, offering and redemption price per share | $ 9.74 | $ 7.78 | $ 15.49 | ||
Service Class: | |||||
Net Assets | $ 118,184 | $ 9,936,590 | $ 1,570,622 | ||
Shares outstanding ($0.001 par value, unlimited shares authorized) | 10,664 | 1,331,241 | 101,683 | ||
Net asset value, offering and redemption price per share | $ 11.08 | $ 7.46 | $ 15.45 |
34 | Statements of Assets and Liabilities |
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 | $ 3,871,810 | $ 265,747 | $ 12,047,016 | ||
Income from affiliated investments | 61,826 | 7,808 | 450,062 | ||
Less: Foreign taxes withheld | (8,960) | — | (41,325) | ||
Total income | 3,924,676 | 273,555 | 12,455,753 | ||
Expenses | |||||
Advisory and administration fees | 1,259,268 | 249,559 | 10,342,070 | ||
Distribution and service fees | |||||
Service Class | 366 | 28,362 | 4,811 | ||
Trustees' fees | 22,434 | 20,426 | 28,251 | ||
Other expenses | 4,193 | 130 | 3,688 | ||
Total expenses before waivers | 1,286,261 | 298,477 | 10,378,820 | ||
Less: Expenses waived or borne by the adviser | — | — | (1,131,707) | ||
Net expenses | 1,286,261 | 298,477 | 9,247,113 | ||
Net investment income | $ 2,638,415 | $ (24,922) | $ 3,208,640 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Realized gain (loss) on: | |||||
Unaffiliated investments | $ 168,316,155 | $ 39,048,421 | $ 57,421,184 | ||
Affiliated investments | — | 360,988 | — | ||
Futures | (200,960) | (30,137) | (4,418,599) | ||
Increase (decrease) in unrealized appreciation/depreciation on: | |||||
Unaffiliated investments | (185,679,844) | (44,580,370) | (271,224,611) | ||
Affiliated investments | — | (376,173) | — | ||
Futures | (351,715) | 49,132 | (896,638) | ||
Net realized and unrealized gain (loss) on investments | (17,916,364) | (5,528,139) | (219,118,664) | ||
Net Decrease in Net Assets Resulting from Operations | $ (15,277,949) | $ (5,553,061) | $ (215,910,024) |
Statements of Operations | 35 |
State Street Institutional U.S. Equity Fund | State Street Institutional Premier Growth Equity Fund | ||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations: | |||||||
Net investment income (loss) | $ 2,638,415 | $ 4,433,694 | $ (24,922) | $ 122,083 | |||
Net realized gain (loss) on investments and futures | 168,115,195 | 62,022,436 | 39,379,272 | 12,886,766 | |||
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | (186,031,559) | 70,234,904 | (44,907,411) | 7,930,345 | |||
Net increase (decrease) from operations | (15,277,949) | 136,691,034 | (5,553,061) | 20,939,194 | |||
Distributions to shareholders: | |||||||
Total distributions | |||||||
Investment Class | (205,273,357) | (23,406,981) | (10,884,926) | (8,735,337) | |||
Service Class | (44,930) | (2,531) | (1,289,070) | (1,048,868) | |||
Total distributions | (205,318,287) | (23,409,512) | (12,173,996) | (9,784,205) | |||
Increase (decrease) in assets from operations and distributions | (220,596,236) | 113,281,522 | (17,727,057) | 11,154,989 | |||
Share transactions: | |||||||
Proceeds from sale of shares | |||||||
Investment Class | 15,780,972 | 22,603,685 | 618,623 | 2,801,546 | |||
Service Class | 20,287 | 214,086 | 7,554,181 | 1,531,472 | |||
Value of distributions reinvested | |||||||
Investment Class | 205,036,339 | 23,158,592 | 10,884,764 | 8,735,201 | |||
Service Class | 44,930 | 2,531 | 1,289,070 | 1,048,868 | |||
Cost of shares redeemed | |||||||
Investment Class | (396,371,663) | (48,319,146) | (68,544,625) | (10,268,082) | |||
Service Class | (150,188) | (26,642) | (3,435,029) | (2,653,742) | |||
Net increase (decrease) from share transactions | (175,639,323) | (2,366,894) | (51,633,016) | 1,195,263 | |||
Total increase (decrease) in net assets | (396,235,559) | 110,914,628 | (69,360,073) | 12,350,252 | |||
Net Assets | |||||||
Beginning of year | 572,597,001 | 461,682,373 | 95,114,861 | 82,764,609 | |||
End of year | $ 176,361,442 | $ 572,597,001 | $ 25,754,788 | $ 95,114,861 | |||
Changes in Fund Shares | |||||||
Investment Class | |||||||
Shares sold | 1,252,674 | 1,450,198 | 57,571 | 246,456 | |||
Issued for distributions reinvested | 15,246,073 | 1,580,791 | 955,642 | 846,434 | |||
Shares redeemed | (31,563,308) | (2,928,886) | (6,095,192) | (874,337) | |||
Net increase (decrease) in fund shares | (15,064,561) | 102,103 | (5,081,979) | 218,553 | |||
Service Class | |||||||
Shares sold | 1,529 | 11,659 | 742,057 | 139,140 | |||
Issued for distributions reinvested | 2,917 | 158 | 117,831 | 105,097 | |||
Shares redeemed | (7,965) | (1,453) | (374,515) | (247,671) | |||
Net increase (decrease) in fund shares | (3,519) | 10,364 | 485,373 | (3,434) |
36 | Statements of Changes in Net Assets |
State Street Institutional Small-Cap Equity Fund | ||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | |
$ 3,208,640 | $ 1,263,304 | |
53,002,585 | 189,993,131 | |
(272,121,249) | 248,918,692 | |
(215,910,024) | 440,175,127 | |
(192,472,199) | (36,826,282) | |
(313,806) | (53,141) | |
(192,786,005) | (36,879,423) | |
(408,696,029) | 403,295,704 | |
46,621,109 | 67,272,135 | |
168,550 | 300,585 | |
192,441,993 | 36,808,062 | |
313,806 | 53,141 | |
(193,522,296) | (171,456,650) | |
(311,306) | (699,980) | |
45,711,856 | (67,722,707) | |
(362,984,173) | 335,572,997 | |
1,310,488,150 | 974,915,153 | |
$ 947,503,977 | $ 1,310,488,150 | |
2,528,748 | 3,105,436 | |
9,884,026 | 1,909,132 | |
(10,440,078) | (8,531,351) | |
1,972,696 | (3,516,783) | |
8,905 | 13,863 | |
16,134 | 2,755 | |
(17,329) | (35,326) | |
7,710 | (18,708) |
Statements of Changes in Net Assets | 37 |
• | 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. |
38 | Notes to Financial Statements |
• | 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. |
• | 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 | 39 |
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 |
40 | Notes to Financial Statements |
Liability Derivatives | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
State Street Institutional U.S. Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | (541,694) | $ — | $ (541,694) |
State Street Institutional Premier Growth Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ (6,487) | $ — | $ (6,487) |
State Street Institutional Small-Cap Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | (1,045,785) | $ — | $ (1,045,785) |
Realized Gain/Loss | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
State Street Institutional U.S. Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | (200,960) | $ — | $ (200,960) |
State Street Institutional Premier Growth Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ (30,137) | $ — | $ (30,137) |
State Street Institutional Small-Cap Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | (4,418,599) | $ — | $ (4,418,599) |
Net Change in Unrealized Appreciation (Depreciation) | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
State Street Institutional U.S. Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | (351,715) | $ — | $ (351,715) |
State Street Institutional Premier Growth Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 49,132 | $ — | $ 49,132 |
State Street Institutional Small-Cap Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | (896,638) | $ — | $ (896,638) |
Notes to Financial Statements | 41 |
Fund | Average Daily Net Assets of the Fund | Management Fee |
State Street Institutional U.S. Equity Fund | First $25 million | 0.55% |
Next $25 million | 0.45% | |
Over $50 million | 0.35% | |
State Street Institutional Premier Growth Equity Fund | First $25 million | 0.55% |
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% |
42 | Notes to Financial Statements |
Other Securities | ||
Fund | Purchases | Sales |
State Street Institutional U.S. Equity Fund | $ 97,719,776 | $473,097,350 |
State Street Institutional Premier Growth Equity Fund | 21,520,876 | 84,184,018 |
State Street Institutional Small-Cap Equity Fund | 335,846,896 | 487,368,003 |
Fund | Ordinary Income | Long-Term Capital Gains | Total |
State Street Institutional U.S. Equity Fund | $ 9,994,445 | $195,323,842 | $205,318,287 |
State Street Institutional Premier Growth Equity Fund | 424,140 | 11,749,856 | 12,173,996 |
State Street Institutional Small-Cap Equity Fund | 60,316,849 | 132,469,156 | 192,786,005 |
Notes to Financial Statements | 43 |
Fund | Ordinary Income | Long-Term Capital Gains | Total |
State Street Institutional U.S. Equity Fund | $6,558,470 | $16,851,042 | $23,409,512 |
State Street Institutional Premier Growth Equity Fund | 374,542 | 9,409,663 | 9,784,205 |
State Street Institutional Small-Cap Equity Fund | 4,283,820 | 32,595,603 | 36,879,423 |
Fund | Undistributed Ordinary Income | Tax Exempt Income | Capital Loss Carryforwards | Undistributed long term gain | Net Unrealized Gains (Losses) | Qualified Late-Year Losses | Total |
State Street Institutional U.S. Equity Fund | $1,408,209 | $— | $— | $25,173,434 | $ 27,676,569 | $ — | $ 54,258,212 |
State Street Institutional Premier Growth Equity Fund | — | — | — | 39,215,083 | 1,322,559 | (1,131,765) | 39,405,877 |
State Street Institutional Small-Cap Equity Fund | 298,548 | — | — | 38,769,713 | 102,302,894 | — | 141,371,155 |
Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) |
State Street Institutional U.S. Equity Fund | $148,006,329 | $ 41,315,450 | $13,638,881 | $ 27,676,569 |
State Street Institutional Premier Growth Equity Fund | 24,414,474 | 5,308,143 | 3,985,584 | 1,322,559 |
State Street Institutional Small-Cap Equity Fund | 845,209,337 | 192,169,785 | 89,866,891 | 102,302,894 |
44 | Notes to Financial Statements |
Notes to Financial Statements | 45 |
46 | Report of Independent Registered Public Accounting Firm |
Amount | |
State Street Institutional U.S. Equity Fund | $195,323,842 |
State Street Institutional Premier Growth Equity Fund | 11,749,856 |
State Street Institutional Small-Cap Equity Fund | 132,469,156 |
Other Information | 47 |
• | A report prepared by an independent third-party provider of investment company data, which includes for each Fund: |
○ | Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2021, to the performance of an appropriate benchmark constructed by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Lipper Index”) and/or a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”); |
48 | Other Information |
○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
• | Comparative information concerning fees charged by the Adviser and Sub-Advisers for managing institutional accounts using investment strategies and techniques similar to those used in managing the Funds, as applicable; and |
• | Profitability analyses for (a) the Adviser and Sub-Advisers with respect to each applicable Fund and (b) affiliates of SSGA FM that provide services to the Funds (“Affiliated Service Providers”). |
• | Descriptions of the investment management services provided by the Adviser and Sub-Advisers, including their investment strategies and processes; |
• | Information concerning the allocation of brokerage; and |
• | Information regarding the procedures and processes used to value the assets of the Funds. |
• | Reports detailing the financial results and condition of SSGA FM and its affiliates, as well as of the Sub-Advisers; |
• | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolios of the Funds and for Fund operations; |
• | Information relating to compliance with and the administration of the Codes of Ethics adopted by the Adviser and Sub-Advisers; |
• | Information about the Adviser’s and each Sub-Adviser’s proxy voting policies and procedures and information regarding the Adviser’s and each Sub-Adviser’s practices for overseeing proxy vendors; |
• | Information concerning the resources devoted by the Adviser and Sub-Advisers to overseeing compliance by the Funds and their service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Funds; |
• | A description of the adequacy and sophistication of the Adviser’s and Sub-Advisers’ technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
• | A description of the business continuity and disaster recovery plans of the Adviser and Sub-Advisers; and |
• | Information regarding the Adviser’s and Sub-Advisers’ risk management processes. |
• | Information concerning the nature, extent, quality and cost of services provided to the Funds by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
• | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Funds by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Funds, as applicable, and the role of the Adviser in managing the Funds’ relationship with these service providers; |
Other Information | 49 |
• | Copies of the Advisory Agreement and Sub-Advisory Agreements and agreements with other service providers of the Funds; |
• | Responses to a request for information reviewed prior to the April 6, 2022 and May 11-12 meetings by Independent Counsel, requesting specific information from each of: |
○ | SSGA FM, in its capacity as the Funds’ Adviser and Administrator, with respect to its operations relating to the Funds and its approximate profit margins from such operations for the calendar year ended December 31, 2021; and the relevant operations of other Affiliated Service Providers to the Funds, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2021; |
�� | The Sub-Advisers, with respect to their operations relating to the Institutional Small-Cap Equity Fund and their approximate profitability from such operations for the calendar year ended December 31, 2021; |
○ | State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Funds, with respect to its operations relating to the Funds; and |
○ | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Funds (the “Distributor”), with respect to its operations relating to the Funds, together with the Funds’ related distribution plans and arrangements under Rule 12b-1 of the 1940 Act; |
• | Information from SSGA FM, State Street, the Distributor and the Sub-Advisers with respect to the Funds, as applicable, providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 11-12, 2022; and |
• | Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel. |
50 | Other Information |
Other Information | 51 |
52 | Other Information |
Other Information | 53 |
Name, Address, and Year of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation During Past Five Years and Relevant Experience | Number of Funds in Fund Complex Overseen by Trustee† | Other Directorships Held by Trustee During Past Five Years |
INDEPENDENT TRUSTEES | |||||
Michael F. Holland c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1944 | Trustee and Co-Chairperson of the Board | Term: Until successor is elected and qualified Elected: 1/19 | Chairman, Holland & Company L.L.C. (investment adviser) (1995 - present). | 57 | Director, the Holland Series Fund, Inc.; Director, The China Fund, Inc. (1992 – 2017); Director, The Taiwan Fund, Inc. (2007 – 2017); Director, Reaves Utility Income Fund, Inc.; and Director, Blackstone/ GSO Loans (and Real Estate) Funds. |
Patrick J. Riley c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948 | Trustee and Co-Chairperson of the Board | Term: Until successor is elected and qualified Elected: 1/19 | 2002 to May 2010, Associate Justice of the Superior Court, Commonwealth of Massachusetts; 1985 to 2002, Partner, Riley, Burke & Donahue, L.L.P. (law firm); 1998 to Present, Independent Director, State Street Global Advisers Europe Limited. (investment company); 1998 to Present, Independent Director, SSGA Liquidity plc (formerly, SSGA Cash Management Fund plc); January 2009 to Present, Independent Director, SSGA Fixed Income plc; and January 2009 - 2019, Independent Director, SSGA Qualified Funds PLC. | 57 | Board Director and Chairman, SPDR Europe 1PLC Board (2011 - Present); Board Director and Chairman, SPDR Europe II, PLC (2013 - Present). |
54 | Other Information |
Name, Address, and Year of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation During Past Five Years and Relevant Experience | Number of Funds in Fund Complex Overseen by Trustee† | Other Directorships Held by Trustee During Past Five Years |
INDEPENDENT TRUSTEES (continued) | |||||
John R. Costantino c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946 | Trustee and Chairperson of the Qualified Legal Compliance Committee | Term: Until successor is elected and qualified Elected: 1997 | Senior Advisor to NGN Capital LLC (January 2020 - Present); Managing General Partner, NGN Capital LLC (2006 - December 2019). | 57 | Director of Kleinfeld Bridal Corp. (January 2016 - present); Trustee of Neuroscience Research Institute (1986 - present); Trustee of Fordham University (1989 - 1995 and 2001 - 2007) and Trustee Emeritus (2007 - present); Trustee of GE Funds (1993 - February 2011); Director of Artes Medical (2006 - 2008); Trustee of Gregorian University Foundation (1992 - 2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 - present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 - present); Trustee, Gallim Dance (December 2021 - present). |
Donna M. Rapaccioli c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1962 | Trustee and Chairperson of the Audit Committee | Term: Until successor is elected and qualified Appointed: 1/12 Elected: 6/16 | Dean of the Gabelli School of Business (2007 - June 2022) and Accounting Professor (1987 - present) at Fordham University. | 57 | Director- Graduate Management Admissions Council (2015 - present); Trustee of Emmanuel College (2010 - 2019). |
Richard D. Shirk c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1945 | Trustee and Chairperson of the Nominating Committee Chairperson of the Governance Committee | Term: Until successor is elected and qualified Elected: 1/19 | March 2001 to April 2002, Chairman (1996 to March 2001, President and Chief Executive Officer), Cerulean Companies, Inc. (holding company) (Retired); 1992 to March 2001, President and Chief Executive Officer, Blue Cross Blue Shield of Georgia (health insurer, managed healthcare). | 57 | 1998 to December 2008, Chairman, Board Member and December 2008 to Present, Investment Committee Member, Healthcare Georgia Foundation (private foundation); September 2002 to 2012, Lead Director and Board Member, Amerigroup Corp. (managed health care); 1999 to 2013, Board Member and (since 2001 - 2017) Investment Committee Member, Woodruff Arts Center; 2003 to 2009, Trustee, Gettysburg College; Board member, Aerocare Holdings (2003 - January 2021), Regenesis Biomedical Inc. (April 2012 - present). |
Other Information | 55 |
Name, Address, and Year of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation During Past Five Years and Relevant Experience | Number of Funds in Fund Complex Overseen by Trustee† | Other Directorships Held by Trustee During Past Five Years |
INDEPENDENT TRUSTEES (continued) | |||||
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946 | Trustee and Chairperson of the Valuation Committee | Term: Until successor is elected and qualified Elected: 1/19 | Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 - 2009); Trustee, Randolph-Macon College (2004 - 2016). | 57 | None. |
Margaret McLaughlin c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967 | Trustee | Term: Indefinite Appointed: 9/22 | Consultant (since 2020) Bates Group (consultants); Consultant (2019 - 2020) Madison Dearborn Partners (private equity); General Counsel/CCO (2011 - 2019) Kramer Van Kirk Credit Strategies L.P./Mariana Systems LLC (Investment Adviser/SaaS Technology). | 57 | Director, Manning & Napier Fund Inc. (2021 - present). |
George Pereira c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1964 | Trustee | Term: Indefinite Appointed: 9/22 | Chief Operating Officer (January 2011 - September 2020) and Chief Financial Officer (November 2004 - September 2020), Charles Schwab Investment Management. | 57 | Director, Pacific Premier Bancorp, Pacific Premier Bank (2021 – present); Director, Charles Schwab Asset Management (Ireland) Ltd., & Charles Schwab Worldwide Funds plc. (2005 – 2020); Director, Rotaplast International, Inc. (non-profit providing free medical services to children worldwide) (2012 – 2018). |
INTERESTED TRUSTEE(1) | |||||
Ellen M. Needham(2) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967 | Trustee and President | Term: Until successor is elected and qualified Elected: 1/19 | Chairman, SSGA Funds Management, Inc. (March 2020 - present); President and Director, SSGA Funds Management, Inc. (2001 - present)*; Senior Managing Director, State Street Global Advisors (1992 - present)*; Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 - present).* | 57 | Board Director, SSGA SPDR ETFs, Europe I plc (May 2020 – present); Board Director, SSGA SPDR ETFs Europe II plc (May 2020 – present). |
(1) | The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). |
(2) | Ms. Needham is an Interested Trustee because of her employment by SSGA FM, an affiliate of the Trust. |
* | Served in various capacities and/or with various affiliated entities during noted time period. |
† | For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA FM serves as Adviser. |
56 | Other Information |
Name, Address, and Year of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation During Past Five Years |
OFFICERS: | |||
Ellen M. Needham SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967 | President and Trustee | Term: Indefinite Elected: 4/20 | Chairman, SSGA Funds Management, Inc. (March 2020 - present); President and Director, SSGA Funds Management, Inc. (2001 - present)*; Senior Managing Director, State Street Global Advisors (1992 - present)*; Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 - present).* |
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961 | Treasurer | Term: Indefinite Elected: 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 - present); Director, Credit Suisse (April 2008 - July 2015). |
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966 | Vice President and Deputy Treasurer | Term: Indefinite Elected: 4/19 | Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 - present)*; Managing Director, State Street Global Advisors (2005 - present).* |
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969 | Deputy Treasurer | Term: Indefinite Elected: 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 - present); Vice President, State Street Bank and Trust Company (2001 - November 2014).* |
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968 | Deputy Treasurer | Term: Indefinite Elected: 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 - present); Senior Vice President, John Hancock Investments (September 2007 - May 2016). |
Arthur A. Jensen SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 YOB: 1966 | Deputy Treasurer | Term: Indefinite Elected: 4/19 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 - present); Mutual Funds Controller, GE Asset Management Incorporated (April 2011 - July 2016). |
David K. Lancaster SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1971 | Assistant Treasurer | Term: Indefinite Elected: 11/20 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 - present); Assistant Vice President, State Street Bank and Trust Company (November 2011 - July 2017). |
Other Information | 57 |
Name, Address, and Year of Birth | Position(s) Held with Trust | Term of Office and Length of Time Served | Principal Occupation During Past Five Years |
OFFICERS: (continued) | |||
Ryan Hill SSGA Funds Management, Inc. One Iron Street, Boston, MA 02210 YOB:1982 | Assistant Treasurer | Term: Indefinite Elected: 5/22 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2017 - present); Assistant Vice President, State Street Bank and Trust Company (May 2014 - May 2017). |
John Bettencourt SSGA Funds Management, Inc. One Iron Street, Boston, MA 02210 YOB:1976 | Assistant Treasurer | Term: Indefinite Elected: 5/22 | Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (March 2020 - present); Assistant Vice President, State Street Global Advisors (June 2007 - March 2020). |
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973 | Chief Compliance Officer, Anti-Money Laundering Officer and Code of Ethics Compliance Officer | Term: Indefinite Elected: 6/16 Term: Indefinite Elected: 4/19 | Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 - Present).* |
Sean O’Malley SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969 | Chief Legal Officer | Term: Indefinite Elected: 8/19 | Senior Vice President and General Counsel, State Street Global Advisors (May 2022 – present); Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 – May 2022). |
David Barr SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974 | Secretary | Term: Indefinite Elected: 9/20 | Vice President and Senior Counsel, State Street Global Advisors (October 2019 - present); Vice President and Counsel Eaton Vance Corp. (October 2010 - October 2019). |
David Urman SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1985 | Assistant Secretary | Term: Indefinite Elected: 8/19 | Vice President and Senior Counsel, State Street Global Advisors (April 2019 - present); Vice President and Counsel, State Street Global Advisors (August 2015 - April 2019); Associate, Ropes & Gray LLP (November 2012 - August 2015). |
* | Served in various capacities and/or with various affiliated entities during noted time period. |
58 | Other Information |
(b) Not applicable.
Item 2. Code of Ethics.
As of the end of the period covered by this report, State Street Institutional Funds (the “Trust,” “Fund Entity” or “Registrant”) has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code”). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the “SEC”) and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. For the period covered by the report, the Code was combined with other mutual funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of Form N-CSR during the covered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Code is filed as Exhibit 13(a)(1) to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
The Trust’s Board of Trustees (the “Board”) has determined that the Trust has the following “audit committee financial experts” as defined in Item 3(b) of Form N-CSR serving on its audit committee (the “Audit Committee”): Messrs. Michael F. Holland, Richard D. Shirk and John R. Costantino and Ms. Donna M. Rapaccioli. Each of the “audit committee financial experts” is “independent” as that term is defined in Item 3(a)(2) of Form N-CSR.
An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees |
For the fiscal years ended September 30, 2022 and September 30, 2021, the aggregate audit fees billed for professional services rendered by Ernst & Young LLP (“E&Y”), the Trust’s principal accountant, for the audit of the Trust’s annual financial statements or services normally provided by E&Y in connection with the Trust’s statutory and regulatory filings and engagements were $85,147 and $128,971, respectively.
(b) | Audit-Related Fees |
For the fiscal years ended September 30, 2022 and September 30, 2021, there were no fees for assurance and related services by E&Y reasonably related to the performance of the audit of the Trust’s financial statements that were not reported under paragraph (a) of this Item.
(c) | Tax Fees |
For the fiscal years ended September 30, 2022 and September 30, 2021, the aggregate tax fees billed for professional services rendered by E&Y were $6,477 and $28,526, respectively. Tax services related to the review of year-end distribution requirements for the fiscal year ended September 30, 2022 and the review of year-end distribution requirements as well as tax compliance, tax advice, and tax planning in the form of preparation of excise filings and income tax returns for the fiscal year ended September 30, 2021.
(d) | All Other Fees |
For the fiscal years ended September 30, 2022 and September 30, 2021, there were no fees billed for professional services rendered by E&Y for products and services provided by E&Y to the Trust, other than the services reported in paragraphs (a) through (c).
For the fiscal years ended September 30, 2022 and September 30, 2021, the aggregate fees for professional services rendered by E&Y for products and services provided by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Trust that (i) relate directly to the operations and financial reporting of the Trust and (ii) were pre-approved by the Audit Committee were approximately $9,327,125 and $8,904,469, respectively.
(e)(1) | Audit Committee Pre-Approval Policies and Procedures |
The Trust’s Audit Committee Charter states the following with respect to pre-approval procedures:
The Audit Committee shall have the following duties and powers:
• | To pre-approve engagements by a Fund Entity’s independent auditor for non-audit services to be rendered to the Adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Fund, if the engagement relates directly to the operations and financial reporting of the Fund; |
• | To establish, if deemed necessary or appropriate as an alternative to Committee pre-approval of services to be provided by the independent auditor as required by paragraph (ii) above, policies and procedures to permit such services to be pre-approved by other means, such as by action of a designated member or members of the Committee, subject to the requirement that the decision of any member to whom authority is delegated to pre-approve an activity shall be presented to the full Committee at its next scheduled meeting; |
Alternate Pre-Approval Procedure:
• | The Chairperson, or a Co-Chairperson, of the Committee is authorized to pre-approve any engagement involving the Fund Entity’s independent auditors to the same extent as the Committee. Any pre-approval decision by the Chairperson, or a Co-Chairperson, under the foregoing authority shall be presented to the Committee at its next scheduled meeting. |
(e)(2) | Percentages of Services |
None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the period of time for which such rule was effective.
(f) | Not applicable. |
(g) | Total Fees Paid By Adviser and Certain Affiliates |
The aggregate non-audit fees billed for by E&Y for services rendered to the Trust and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Trust were as follows:
FY 2022 (in millions) | FY 2021 (in millions) | |||||||
Non audit services billed to: | ||||||||
Registrant: | See Item 4 | (c) | See Item 4 | (c) | ||||
Investment Adviser: | — | — | ||||||
Other entities in the Investment Company Complex (1)(2): | ||||||||
Audit Related Fees | $ | 18.1 | $ | 18.4 | ||||
Tax Fees | $ | 5.4 | $ | 4.4 | ||||
All Other Fees | $ | 14.5 | $ | 14.5 |
(1) | Information is for the calendar years 2022 and 2021, respectively. |
(2) | Services under the caption Audit-Related Fees consisted principally of reports on the processing of transactions by servicing organizations, audits of employee benefit plan, non-statutory audits and due diligence procedures. Services under the caption Tax Fees consisted principally of expatriate, compliance and corporate tax advisory services. Services under the caption All Other Fees primarily related to statutory and financial statement audits and the requirement to opine on the design and operating effectiveness of internal control over financial reporting. |
(h) | E&Y notified the Trust’s Audit Committee of all non-audit services that were rendered by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the Trust, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the Trust’s Audit Committee to consider whether such services were compatible with maintaining E&Y’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable to the 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 Board.
Item 11. Controls and Procedures.
(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective 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 Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’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.
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: December 7, 2022 |
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: December 7, 2022 | ||
By: | /s/ Bruce S. Rosenberg | |
Bruce S. Rosenberg | ||
Treasurer (Principal Financial and Accounting Officer) | ||
Date: December 7, 2022 |