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: March 31, 2023
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 | |
Fund Information, Understanding Your Fund’s Expenses and Schedule of Investments | |
2 | |
8 | |
13 | |
Financial Statements | |
22 | |
28 | |
29 | |
30 | |
32 | |
39 |
Notes to Performance | 1 |
Sector Allocation |
Portfolio composition as a % of Fair Value of $203,362 (in thousands) as of March 31, 2023 (a)(b) |
Top Ten Largest Holdings | |
as of March 31, 2023 (as a % of Fair Value) (a)(b) | |
Microsoft Corp. | 6.72% |
Apple, Inc. | 5.79% |
Alphabet, Inc., Class A | 3.96% |
Amazon.com, Inc. | 3.58% |
Visa, Inc., Class A | 2.39% |
UnitedHealth Group, Inc. | 2.20% |
Meta Platforms, Inc., Class A | 2.18% |
Johnson & Johnson | 1.96% |
Merck & Co., Inc. | 1.93% |
Mastercard, Inc., Class A | 1.90% |
(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. |
2 | State Street Institutional U.S. Equity Fund |
Investment Class | Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Begining Account Value October 1, 2022 | $1,000.00 | $1,000.00 | ||
Ending Account Value March 31, 2023 | $1,144.10 | $1,022.90 | ||
Expenses Paid During Period* | $ 2.14 | $ 2.02 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.40% for Investment Class shares and 0.65% for Service Class shares (for the period October 1, 2022 - March 31, 2023), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
Service Class | Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Begining Account Value October 1, 2022 | $1,000.00 | $1,000.00 | ||
Ending Account Value March 31, 2023 | $1,143.40 | $1,021.70 | ||
Expenses Paid During Period* | $ 3.47 | $ 3.28 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.40% for Investment Class shares and 0.65% for Service Class shares (for the period October 1, 2022 - March 31, 2023), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
State Street Institutional U.S. Equity Fund | 3 |
Number of Shares | Fair Value | |
Common Stock - 95.3% † | ||
Aerospace & Defense - 0.7% | ||
Raytheon Technologies Corp. | 14,602 | $ 1,429,974 |
Apparel Retail - 1.0% | ||
Ross Stores, Inc. | 18,267 | 1,938,677 |
Application Software - 2.6% | ||
Adobe, Inc. (a) | 3,195 | 1,231,257 |
Intuit, Inc. | 1,383 | 616,583 |
Salesforce, Inc. (a) | 15,477 | 3,091,995 |
Splunk, Inc. (a) | 3,781 | 362,522 |
5,302,357 | ||
Automobile Manufacturers - 0.9% | ||
General Motors Co. (b) | 24,582 | 901,668 |
Tesla, Inc. (a) | 4,521 | 937,926 |
1,839,594 | ||
Automotive Parts & Equipment - 0.3% | ||
Magna International, Inc. | 13,376 | 716,552 |
Automotive Retail - 0.8% | ||
O'Reilly Automotive, Inc. (a) | 2,044 | 1,735,315 |
Biotechnology - 2.0% | ||
BioMarin Pharmaceutical, Inc. (a) | 19,350 | 1,881,594 |
Vertex Pharmaceuticals, Inc. (a) | 6,852 | 2,158,860 |
4,040,454 | ||
Broadline Retail - 3.6% | ||
Amazon.com, Inc. (a) | 70,394 | 7,270,996 |
Building Products - 0.6% | ||
Trane Technologies PLC | 6,837 | 1,257,871 |
Cable & Satellite - 0.4% | ||
Charter Communications, Inc., Class A (a) | 982 | 351,173 |
Comcast Corp., Class A | 11,027 | 418,034 |
769,207 | ||
Communications Equipment - 0.2% | ||
Cisco Systems, Inc. | 6,023 | 314,852 |
Construction Materials - 0.5% | ||
Martin Marietta Materials, Inc. | 2,717 | 964,698 |
Number of Shares | Fair Value | |
Consumer Staples Merchandise Retail - 1.9% | ||
Costco Wholesale Corp. | 5,007 | $ 2,487,828 |
Walmart, Inc. | 9,712 | 1,432,034 |
3,919,862 | ||
Diversified Banks - 1.1% | ||
JPMorgan Chase & Co. | 16,499 | 2,149,985 |
Diversified Support Services - 0.5% | ||
Cintas Corp. | 2,166 | 1,002,165 |
Electric Utilities - 1.7% | ||
American Electric Power Co., Inc. | 7,894 | 718,275 |
NextEra Energy, Inc. | 35,763 | 2,756,612 |
3,474,887 | ||
Electrical Components & Equipment - 1.1% | ||
Eaton Corp. PLC | 13,151 | 2,253,292 |
Electronic Components - 0.9% | ||
Amphenol Corp., Class A | 23,382 | 1,910,777 |
Environmental & Facilities Services - 1.2% | ||
Waste Management, Inc. | 14,857 | 2,424,217 |
Financial Exchanges & Data - 3.4% | ||
CME Group, Inc. | 12,028 | 2,303,603 |
MSCI, Inc. | 2,167 | 1,212,848 |
S&P Global, Inc. | 9,888 | 3,409,086 |
6,925,537 | ||
Footwear - 0.6% | ||
NIKE, Inc., Class B | 10,483 | 1,285,635 |
Healthcare Equipment - 3.6% | ||
Becton Dickinson & Co. | 4,198 | 1,039,173 |
Boston Scientific Corp. (a) | 33,920 | 1,697,018 |
Edwards Lifesciences Corp. (a) | 13,273 | 1,098,075 |
Medtronic PLC | 15,470 | 1,247,191 |
Teleflex, Inc. | 9,237 | 2,339,825 |
7,421,282 | ||
Home Improvement Retail - 0.8% | ||
Home Depot, Inc. (b) | 2,058 | 607,357 |
Lowe's Cos., Inc. | 4,811 | 962,056 |
1,569,413 |
4 | State Street Institutional U.S. Equity Fund |
Number of Shares | Fair Value | |
Hotels, Resorts & Cruise Lines - 0.3% | ||
Marriott International, Inc., Class A | 4,289 | $ 712,146 |
Household Products - 1.3% | ||
Colgate-Palmolive Co. | 9,373 | 704,381 |
Procter & Gamble Co. | 12,890 | 1,916,614 |
2,620,995 | ||
Industrial Conglomerates - 0.7% | ||
Honeywell International, Inc. (b) | 7,415 | 1,417,155 |
Industrial Gases - 1.6% | ||
Linde PLC | 9,104 | 3,235,926 |
Industrial Machinery & Supplies & Components - 1.4% | ||
Parker-Hannifin Corp. | 8,550 | 2,873,741 |
Insurance Brokers - 0.3% | ||
Marsh & McLennan Cos., Inc. | 3,798 | 632,557 |
Integrated Oil & Gas - 1.0% | ||
Chevron Corp. | 12,423 | 2,026,937 |
Interactive Home Entertainment - 0.2% | ||
Activision Blizzard, Inc. | 5,974 | 511,315 |
Interactive Media & Services - 6.7% | ||
Alphabet, Inc., Class C (a) | 10,440 | 1,085,760 |
Alphabet, Inc., Class A (a)(b) | 77,684 | 8,058,161 |
Meta Platforms, Inc., Class A (a) | 20,874 | 4,424,036 |
13,567,957 | ||
Investment Banking & Brokerage - 0.3% | ||
Charles Schwab Corp. | 10,913 | 571,623 |
IT Consulting & Other Services - 0.4% | ||
Accenture PLC, Class A | 2,821 | 806,270 |
Life Sciences Tools & Services - 1.4% | ||
Danaher Corp. | 3,785 | 953,971 |
IQVIA Holdings, Inc. (a) | 9,291 | 1,847,887 |
2,801,858 | ||
Managed Healthcare - 2.7% | ||
Humana, Inc. (b) | 2,189 | 1,062,672 |
UnitedHealth Group, Inc. | 9,458 | 4,469,756 |
5,532,428 |
Number of Shares | Fair Value | |
Movies & Entertainment - 1.0% | ||
Walt Disney Co. (a) | 20,111 | $ 2,013,714 |
Multi-Line Insurance - 0.2% | ||
American International Group, Inc. | 8,739 | 440,096 |
Multi-Sector Holdings - 1.3% | ||
Berkshire Hathaway, Inc., Class B (a) | 8,618 | 2,660,980 |
Multi-Utilities - 0.8% | ||
Sempra Energy | 10,192 | 1,540,623 |
Oil & Gas Equipment & Services - 0.8% | ||
Schlumberger NV | 34,363 | 1,687,223 |
Oil & Gas Exploration & Production - 2.4% | ||
ConocoPhillips | 27,695 | 2,747,621 |
Pioneer Natural Resources Co. | 10,875 | 2,221,110 |
4,968,731 | ||
Packaged Foods & Meats - 0.7% | ||
Mondelez International, Inc., Class A | 21,158 | 1,475,136 |
Personal Care Products - 0.4% | ||
Estee Lauder Cos., Inc., Class A (b) | 2,996 | 738,394 |
Pharmaceuticals - 5.0% | ||
AstraZeneca PLC ADR | 14,450 | 1,002,974 |
Bristol-Myers Squibb Co. | 17,470 | 1,210,846 |
Elanco Animal Health, Inc. (a)(b) | 14,845 | 139,543 |
Johnson & Johnson | 25,687 | 3,981,485 |
Merck & Co., Inc. | 36,872 | 3,922,812 |
10,257,660 | ||
Property & Casualty Insurance - 1.2% | ||
Chubb Ltd. | 12,091 | 2,347,830 |
Rail Transportation - 0.4% | ||
Union Pacific Corp. | 3,973 | 799,606 |
Restaurants - 0.7% | ||
McDonald's Corp. | 4,769 | 1,333,460 |
Semiconductor Materials & Equipment - 2.0% | ||
Applied Materials, Inc. | 27,010 | 3,317,638 |
State Street Institutional U.S. Equity Fund | 5 |
Number of Shares | Fair Value | |
ASML Holding NV | 1,038 | $ 706,577 |
4,024,215 | ||
Semiconductors - 5.8% | ||
Advanced Micro Devices, Inc. (a) | 38,289 | 3,752,705 |
NVIDIA Corp. | 11,301 | 3,139,079 |
QUALCOMM, Inc. | 29,075 | 3,709,388 |
Texas Instruments, Inc. | 6,761 | 1,257,614 |
11,858,786 | ||
Soft Drinks & Non-alcoholic Beverages - 1.2% | ||
Monster Beverage Corp. (a) | 13,134 | 709,368 |
PepsiCo, Inc. | 9,811 | 1,788,545 |
2,497,913 | ||
Specialty Chemicals - 0.6% | ||
DuPont de Nemours, Inc. | 6,414 | 460,333 |
Ecolab, Inc. | 2,609 | 431,868 |
International Flavors & Fragrances, Inc. | 3,510 | 322,779 |
1,214,980 | ||
Systems Software - 7.9% | ||
Microsoft Corp. | 47,382 | 13,660,230 |
Oracle Corp. | 12,812 | 1,190,491 |
ServiceNow, Inc. (a) | 2,422 | 1,125,552 |
15,976,273 | ||
Technology Hardware, Storage & Peripherals - 5.8% | ||
Apple, Inc. | 71,376 | 11,769,902 |
Telecom Tower REITs - 1.3% | ||
American Tower Corp. | 13,106 | 2,678,080 |
Number of Shares | Fair Value | |
Trading Companies & Distributors - 1.5% | ||
United Rentals, Inc. | 6,995 | $ 2,768,341 |
WW Grainger, Inc. | 506 | 348,538 |
3,116,879 | ||
Transaction & Payment Processing Services - 4.8% | ||
Fidelity National Information Services, Inc. (b) | 17,933 | 974,300 |
Mastercard, Inc., Class A | 10,626 | 3,861,595 |
Visa, Inc., Class A | 21,547 | 4,857,986 |
9,693,881 | ||
Wireless Telecommunication Services - 0.8% | ||
T-Mobile U.S., Inc. (a) | 10,801 | 1,564,417 |
Total Common Stock (Cost $139,573,151) | 193,887,286 | |
Short-Term Investments - 4.7% | ||
State Street Institutional U.S. Government Money Market Fund - Class G Shares 4.74% (b)(c)(d) (Cost $9,474,912) | 9,474,912 | 9,474,912 |
Total Investments (Cost $149,048,063) | 203,362,198 | |
Liabilities in Excess of Other Assets, net - (0.0)%* | (6,391) | |
NET ASSETS - 100.0% | $ 203,355,807 |
The Fund had the following long futures contracts open at March 31, 2023: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
S&P 500 E-mini Index Futures | June 2023 | 29 | $ 5,772,220 | $ 5,999,737 | $ 227,517 |
6 | State Street Institutional U.S. Equity Fund |
(a) | Non-income producing security. |
(b) | At March 31, 2023, 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 March 31, 2023. |
* | 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 | $ 193,887,286 | $ — | $ — | $ 193,887,286 | |||
Short-Term Investments | 9,474,912 | — | — | 9,474,912 | |||
Total Investments in Securities | $ 203,362,198 | $ — | $ — | $ 203,362,198 | |||
Other Financial Instruments | |||||||
Long Futures Contracts - Unrealized Appreciation | $ 227,517 | $ — | $ — | $ 227,517 | |||
Total Other Financial Instruments | $ 227,517 | $ — | $ — | $ 227,517 |
Affiliate Table |
Number of Shares Held at 9/30/22 | Value at 9/30/22 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 3/31/23 | Value at 3/31/23 | Dividend Income | |
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 6,354,619 | $6,354,619 | $19,629,898 | $16,509,605 | $— | $— | 9,474,912 | $9,474,912 | $141,991 |
State Street Institutional U.S. Equity Fund | 7 |
Sector Allocation |
Portfolio composition as a % of Fair Value of $27,476 (in thousands) as of March 31, 2023 (a)(b) |
Top Ten Largest Holdings | |
as of March 31, 2023 (as a % of Fair Value) (a)(b) | |
Microsoft Corp. | 12.42% |
Apple, Inc. | 11.06% |
Amazon.com, Inc. | 6.53% |
Alphabet, Inc., Class C | 4.78% |
UnitedHealth Group, Inc. | 3.80% |
Visa, Inc., Class A | 3.73% |
NVIDIA Corp. | 3.48% |
Mastercard, Inc., Class A | 3.21% |
QUALCOMM, Inc. | 2.84% |
Alphabet, Inc., Class A | 2.76% |
(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. |
8 | State Street Institutional Premier Growth Equity Fund |
Investment Class | Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Begining Account Value October 1, 2022 | $1,000.00 | $1,000.00 | ||
Ending Account Value March 31, 2023 | $1,177.40 | $1,021.80 | ||
Expenses Paid During Period* | $ 3.42 | $ 3.18 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.63% for Investment Class shares and 0.88% for Service Class shares (for the period October 1, 2022 - March 31, 2023), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
Service Class | Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Begining Account Value October 1, 2022 | $1,000.00 | $1,000.00 | ||
Ending Account Value March 31, 2023 | $1,174.40 | $1,020.50 | ||
Expenses Paid During Period* | $ 4.77 | $ 4.43 |
* | Expenses are equal to the Fund's annualized expense ratio of 0.63% for Investment Class shares and 0.88% for Service Class shares (for the period October 1, 2022 - March 31, 2023), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
State Street Institutional Premier Growth Equity Fund | 9 |
Number of Shares | Fair Value | |
Common Stock - 97.2% † | ||
Apparel Retail - 1.6% | ||
Ross Stores, Inc. | 4,036 | $ 428,341 |
Application Software - 3.7% | ||
Adobe, Inc. (a) | 1,252 | 482,483 |
Salesforce, Inc. (a) | 2,637 | 526,820 |
1,009,303 | ||
Automobile Manufacturers - 0.9% | ||
Tesla, Inc. (a) | 1,181 | 245,010 |
Biotechnology - 3.2% | ||
BioMarin Pharmaceutical, Inc. (a) | 4,468 | 434,468 |
Vertex Pharmaceuticals, Inc. (a) | 1,402 | 441,728 |
876,196 | ||
Broadline Retail - 6.5% | ||
Amazon.com, Inc. (a) | 17,359 | 1,793,011 |
Cable & Satellite - 1.1% | ||
Charter Communications, Inc., Class A (a) | 851 | 304,326 |
Consumer Staples Merchandise Retail - 2.4% | ||
Costco Wholesale Corp. | 1,301 | 646,428 |
Electrical Components & Equipment - 1.9% | ||
Eaton Corp. PLC | 3,064 | 524,986 |
Financial Exchanges & Data - 1.6% | ||
S&P Global, Inc. | 1,249 | 430,618 |
Healthcare Equipment - 2.7% | ||
Boston Scientific Corp. (a) | 8,024 | 401,441 |
IDEXX Laboratories, Inc. (a) | 691 | 345,555 |
746,996 | ||
Home Improvement Retail - 1.6% | ||
Lowe's Cos., Inc. | 2,187 | 437,334 |
Industrial Machinery & Supplies & Components - 2.1% | ||
Parker-Hannifin Corp. | 1,717 | 577,101 |
Interactive Media & Services - 10.2% | ||
Alphabet, Inc., Class C (a)(b) | 12,626 | 1,313,104 |
Alphabet, Inc., Class A (a)(b) | 7,306 | 757,851 |
Number of Shares | Fair Value | |
Meta Platforms, Inc., Class A (a) | 3,375 | $ 715,298 |
2,786,253 | ||
Life Sciences Tools & Services - 1.4% | ||
IQVIA Holdings, Inc. (a) | 1,985 | 394,797 |
Managed Healthcare - 3.8% | ||
UnitedHealth Group, Inc. | 2,208 | 1,043,479 |
Other Specialty Retail - 1.0% | ||
Chewy, Inc., Class A (a) | 7,430 | 277,733 |
Pharmaceuticals - 1.8% | ||
AstraZeneca PLC ADR | 7,165 | 497,323 |
Semiconductor Materials & Equipment - 2.2% | ||
Applied Materials, Inc. | 4,791 | 588,478 |
Semiconductors - 8.7% | ||
Advanced Micro Devices, Inc. (a) | 6,665 | 653,236 |
NVIDIA Corp. | 3,440 | 955,529 |
QUALCOMM, Inc. | 6,124 | 781,300 |
2,390,065 | ||
Soft Drinks & Non-alcoholic Beverages - 1.9% | ||
Monster Beverage Corp. (a) | 9,654 | 521,413 |
Systems Software - 14.7% | ||
Microsoft Corp. | 11,842 | 3,414,049 |
ServiceNow, Inc. (a) | 1,299 | 603,671 |
4,017,720 | ||
Technology Hardware, Storage & Peripherals - 11.1% | ||
Apple, Inc. | 18,433 | 3,039,602 |
Telecom Tower REITs - 1.5% | ||
American Tower Corp. | 1,988 | 406,228 |
Trading Companies & Distributors - 2.1% | ||
United Rentals, Inc. | 1,451 | 574,248 |
Transaction & Payment Processing Services - 7.5% | ||
Fidelity National Information Services, Inc. | 2,548 | 138,433 |
Mastercard, Inc., Class A | 2,424 | 880,906 |
10 | State Street Institutional Premier Growth Equity Fund |
Number of Shares | Fair Value | |
Visa, Inc., Class A | 4,546 | $ 1,024,941 |
2,044,280 | ||
Total Common Stock (Cost $20,149,884) | 26,601,269 | |
Short-Term Investments - 3.2% | ||
State Street Institutional U.S. Government Money Market Fund - Class G Shares 4.74% (c)(d) (Cost $874,696) | 874,696 | 874,696 |
Total Investments (Cost $21,024,580) | 27,475,965 | |
Liabilities in Excess of Other Assets, net - (0.4)% | (97,844) | |
NET ASSETS - 100.0% | $ 27,378,121 |
(a) | Non-income producing security. |
(b) | At March 31, 2023, 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 March 31, 2023. |
Abbreviations: |
ADR - American Depositary Receipt |
REIT - Real Estate Investment Trust |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Common Stock | $ 26,601,269 | $ — | $ — | $ 26,601,269 | |||
Short-Term Investments | 874,696 | — | — | 874,696 | |||
Total Investments in Securities | $ 27,475,965 | $ — | $ — | $ 27,475,965 |
State Street Institutional Premier Growth Equity Fund | 11 |
Affiliate Table |
Number of Shares Held at 9/30/22 | Value at 9/30/22 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 3/31/23 | Value at 3/31/23 | Dividend Income | |
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 1,142,486 | $1,142,486 | $3,133,736 | $3,401,526 | $— | $— | 874,696 | $874,696 | $14,342 |
12 | State Street Institutional Premier Growth Equity Fund |
Sector Allocation |
Portfolio composition as a % of Fair Value of $1,054,903 (in thousands) as of March 31, 2023 (a)(b) |
Top Ten Largest Holdings | |
as of March 31, 2023 (as a % of Fair Value) (a)(b) | |
Ingevity Corp. | 1.58% |
Darling Ingredients, Inc. | 1.49% |
MGP Ingredients, Inc. | 1.40% |
Dycom Industries, Inc. | 1.33% |
Ritchie Bros Auctioneers, Inc. | 1.30% |
Enerpac Tool Group Corp. | 1.09% |
Timken Co. | 1.08% |
Stepan Co. | 1.06% |
Applied Industrial Technologies, Inc. | 1.04% |
Univar Solutions, Inc. | 1.01% |
(a) | Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government Money Market Fund - Class G Shares and State Street Institutional Treasury Money Market Fund - Premier Class. |
(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 Small-Cap Equity Fund | 13 |
Investment Class | Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Begining Account Value October 1, 2022 | $1,000.00 | $1,000.00 | ||
Ending Account Value March 31, 2023 | $1,136.70 | $1,021.20 | ||
Expenses Paid During Period* | $ 4.00 | $ 3.78 |
* | 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 October 1, 2022 - March 31, 2023), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
Service Class | Actual Fund Return | Hypothetical 5% Return (2.5% for the period) | ||
Begining Account Value October 1, 2022 | $1,000.00 | $1,000.00 | ||
Ending Account Value March 31, 2023 | $1,134.30 | $1,019.90 | ||
Expenses Paid During Period* | $ 5.32 | $ 5.04 |
* | 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 October 1, 2022 - March 31, 2023), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
14 | State Street Institutional Small-Cap Equity Fund |
Number of Shares | Fair Value | |
Common Stock - 92.0% † | ||
Aerospace & Defense - 0.2% | ||
Woodward, Inc. | 24,637 | $ 2,398,905 |
Agricultural & Farm Machinery - 0.9% | ||
AGCO Corp. (a) | 70,377 | 9,514,970 |
Agricultural Products & Services - 1.5% | ||
Darling Ingredients, Inc. (a)(b) | 268,734 | 15,694,066 |
Aluminum - 0.0%* | ||
Alcoa Corp. (a) | 8,265 | 351,758 |
Apparel Retail - 0.6% | ||
American Eagle Outfitters, Inc. (a) | 112,881 | 1,517,121 |
Buckle, Inc. | 85,324 | 3,045,213 |
Revolve Group, Inc. (b) | 59,414 | 1,562,588 |
6,124,922 | ||
Application Software - 5.7% | ||
ACI Worldwide, Inc. (a)(b) | 159,707 | 4,308,895 |
Altair Engineering, Inc., Class A (b) | 61,616 | 4,443,130 |
Asana, Inc., Class A (b) | 151,500 | 3,201,195 |
Blackbaud, Inc. (b) | 121,138 | 8,394,863 |
Blackline, Inc. (b) | 109,515 | 7,353,932 |
CCC Intelligent Solutions Holdings, Inc. (b) | 187,679 | 1,683,481 |
Freshworks, Inc., Class A Revenue (b) | 309,500 | 4,753,920 |
New Relic, Inc. (b) | 108,500 | 8,168,965 |
Nutanix, Inc., Class A (b) | 94,000 | 2,443,060 |
Q2 Holdings, Inc. (b) | 96,720 | 2,381,246 |
Smartsheet, Inc., Class A (b) | 39,500 | 1,888,100 |
Vertex, Inc., Class A (b) | 147,203 | 3,045,630 |
Workiva, Inc. (b) | 74,000 | 7,578,340 |
59,644,757 | ||
Automobile Manufacturers - 0.6% | ||
Thor Industries, Inc. | 84,664 | 6,742,641 |
Automotive Parts & Equipment - 1.3% | ||
Dana, Inc. | 133,455 | 2,008,498 |
Dorman Products, Inc. (b) | 112,721 | 9,723,314 |
LCI Industries | 6,828 | 750,192 |
Modine Manufacturing Co. (b) | 58,386 | 1,345,797 |
13,827,801 |
Number of Shares | Fair Value | |
Automotive Retail - 1.6% | ||
America's Car-Mart, Inc. (a)(b) | 15,275 | $ 1,209,933 |
Group 1 Automotive, Inc. | 15,725 | 3,560,454 |
Monro, Inc. | 40,388 | 1,996,379 |
Murphy USA, Inc. | 40,154 | 10,361,740 |
17,128,506 | ||
Biotechnology - 0.8% | ||
Avid Bioservices, Inc. (b) | 147,560 | 2,768,226 |
Emergent BioSolutions, Inc. (b) | 69,098 | 715,855 |
Halozyme Therapeutics, Inc. (b) | 41,945 | 1,601,879 |
Heron Therapeutics, Inc. (b) | 569,305 | 859,651 |
Veracyte, Inc. (b) | 100,500 | 2,241,150 |
8,186,761 | ||
Brewers - 0.9% | ||
Boston Beer Co., Inc., Class A (b) | 27,598 | 9,071,463 |
Broadline Retail - 0.3% | ||
Ollie's Bargain Outlet Holdings, Inc. (b) | 53,804 | 3,117,404 |
Building Products - 2.5% | ||
Armstrong World Industries, Inc. | 113,464 | 8,083,175 |
CSW Industrials, Inc. | 39,500 | 5,487,735 |
Gibraltar Industries, Inc. (b) | 113,500 | 5,504,750 |
Hayward Holdings, Inc. (b) | 193,000 | 2,261,960 |
Insteel Industries, Inc. | 61,940 | 1,723,171 |
Simpson Manufacturing Co., Inc. | 15,950 | 1,748,758 |
UFP Industries, Inc. | 19,020 | 1,511,520 |
26,321,069 | ||
Cargo Ground Transportation - 0.7% | ||
Saia, Inc. (b) | 25,670 | 6,984,294 |
Commodity Chemicals - 0.2% | ||
Hawkins, Inc. | 42,347 | 1,853,952 |
Communications Equipment - 0.1% | ||
Cambium Networks Corp. (b) | 49,804 | 882,527 |
Computer & Electronics Retail - 0.1% | ||
Upbound Group, Inc. | 28,817 | 706,305 |
State Street Institutional Small-Cap Equity Fund | 15 |
Number of Shares | Fair Value | |
Construction & Engineering - 1.7% | ||
Dycom Industries, Inc. (b) | 149,591 | $ 14,009,197 |
IES Holdings, Inc. (b) | 27,262 | 1,174,720 |
Valmont Industries, Inc. | 7,722 | 2,465,480 |
17,649,397 | ||
Construction Machinery & Heavy Transportation Equipment - 0.6% | ||
Alamo Group, Inc. | 18,735 | 3,450,238 |
Astec Industries, Inc. | 9,738 | 401,692 |
Wabash National Corp. | 98,198 | 2,414,689 |
6,266,619 | ||
Construction Materials - 0.1% | ||
Eagle Materials, Inc. | 9,718 | 1,426,116 |
Consumer Finance - 0.2% | ||
PROG Holdings, Inc. (b) | 109,203 | 2,597,939 |
Data Processing & Outsourced Services - 0.8% | ||
CSG Systems International, Inc. | 77,164 | 4,143,707 |
Verra Mobility Corp. (b) | 239,360 | 4,049,971 |
8,193,678 | ||
Distillers & Vintners - 1.4% | ||
MGP Ingredients, Inc. | 153,016 | 14,799,707 |
Distributors - 0.8% | ||
LKQ Corp. | 140,405 | 7,969,388 |
Diversified Metals & Mining - 0.3% | ||
Compass Minerals International, Inc. | 44,352 | 1,520,830 |
Materion Corp. | 10,962 | 1,271,592 |
2,792,422 | ||
Diversified REITs - 0.3% | ||
Alpine Income Property Trust, Inc. (a) | 70,169 | 1,180,945 |
American Assets Trust, Inc. (a) | 49,307 | 916,617 |
Essential Properties Realty Trust, Inc. | 32,599 | 810,085 |
2,907,647 | ||
Diversified Support Services - 1.9% | ||
Healthcare Services Group, Inc. | 138,429 | 1,920,010 |
Number of Shares | Fair Value | |
Matthews International Corp., Class A | 95,537 | $ 3,445,064 |
Ritchie Bros Auctioneers, Inc. | 243,581 | 13,711,175 |
UniFirst Corp. | 6,529 | 1,150,606 |
20,226,855 | ||
Education Services - 0.5% | ||
Bright Horizons Family Solutions, Inc. (b) | 17,827 | 1,372,501 |
Stride, Inc. (b) | 95,062 | 3,731,183 |
5,103,684 | ||
Electric Utilities - 1.0% | ||
ALLETE, Inc. (a) | 22,813 | 1,468,473 |
IDACORP, Inc. | 86,465 | 9,366,753 |
10,835,226 | ||
Electrical Components & Equipment - 0.8% | ||
Acuity Brands, Inc. (a) | 5,880 | 1,074,452 |
Atkore, Inc. (b) | 14,330 | 2,013,079 |
Generac Holdings, Inc. (b) | 34,000 | 3,672,340 |
Regal Rexnord Corp. | 11,410 | 1,605,729 |
8,365,600 | ||
Electronic Components - 1.6% | ||
Belden, Inc. | 99,178 | 8,605,675 |
Coherent Corp. (b) | 54,851 | 2,088,726 |
Littelfuse, Inc. | 23,369 | 6,264,995 |
16,959,396 | ||
Electronic Equipment & Instruments - 1.4% | ||
National Instruments Corp. | 92,556 | 4,850,860 |
Novanta, Inc. (b) | 35,500 | 5,647,695 |
Vontier Corp. | 138,011 | 3,773,221 |
14,271,776 | ||
Electronic Manufacturing Services - 0.1% | ||
Plexus Corp. (b) | 12,550 | 1,224,503 |
Environmental & Facilities Services - 0.3% | ||
Montrose Environmental Group, Inc. (b) | 79,000 | 2,817,930 |
Food Distributors - 0.5% | ||
Performance Food Group Co. (b) | 87,011 | 5,250,244 |
Footwear - 0.3% | ||
Deckers Outdoor Corp. (b) | 7,387 | 3,320,826 |
16 | State Street Institutional Small-Cap Equity Fund |
Number of Shares | Fair Value | |
Health Care REITs - 0.3% | ||
Community Healthcare Trust, Inc. | 99,779 | $ 3,651,911 |
Healthcare Distributors - 0.3% | ||
AdaptHealth Corp. (b) | 227,658 | 2,829,789 |
Healthcare Equipment - 5.7% | ||
AtriCure, Inc. (b) | 99,000 | 4,103,550 |
Axonics, Inc. (b) | 69,000 | 3,764,640 |
Cardiovascular Systems, Inc. (b) | 113,000 | 2,244,180 |
CONMED Corp. | 51,500 | 5,348,790 |
Globus Medical, Inc., Class A (b) | 86,000 | 4,871,040 |
Heska Corp. (b) | 11,271 | 1,100,275 |
Inspire Medical Systems, Inc. (b) | 34,000 | 7,958,380 |
Integra LifeSciences Holdings Corp. (b) | 133,000 | 7,635,530 |
LeMaitre Vascular, Inc. | 28,429 | 1,463,241 |
Mesa Laboratories, Inc. | 11,891 | 2,077,714 |
Omnicell, Inc. (b) | 51,000 | 2,992,170 |
Outset Medical, Inc. (b) | 95,500 | 1,757,200 |
Penumbra, Inc. (b) | 33,000 | 9,196,770 |
SI-BONE, Inc. (b) | 89,000 | 1,750,630 |
Tandem Diabetes Care, Inc. (b) | 89,500 | 3,634,595 |
59,898,705 | ||
Healthcare Facilities - 1.3% | ||
Acadia Healthcare Co., Inc. (a)(b) | 90,352 | 6,527,932 |
U.S. Physical Therapy, Inc. | 78,465 | 7,682,508 |
14,210,440 | ||
Healthcare Services - 0.7% | ||
Addus HomeCare Corp. (a)(b) | 20,918 | 2,233,206 |
AMN Healthcare Services, Inc. (a)(b) | 13,883 | 1,151,734 |
Castle Biosciences, Inc. (b) | 81,930 | 1,861,449 |
Pediatrix Medical Group, Inc. (b) | 108,673 | 1,620,314 |
6,866,703 | ||
Healthcare Supplies - 0.4% | ||
ICU Medical, Inc. (b) | 4,908 | 809,624 |
Neogen Corp. (b) | 162,000 | 3,000,240 |
3,809,864 |
Number of Shares | Fair Value | |
Healthcare Technology - 0.3% | ||
NextGen Healthcare, Inc. (b) | 96,843 | $ 1,686,037 |
Simulations Plus, Inc. | 27,300 | 1,199,562 |
2,885,599 | ||
Home Building - 0.8% | ||
Cavco Industries, Inc. (b) | 8,323 | 2,644,550 |
Green Brick Partners, Inc. (b) | 13,311 | 466,684 |
Taylor Morrison Home Corp. (b) | 97,840 | 3,743,358 |
TopBuild Corp. (b) | 8,944 | 1,861,604 |
8,716,196 | ||
Home Furnishing Retail - 0.2% | ||
Aaron's Co., Inc. (a) | 169,929 | 1,641,514 |
Overstock.com, Inc. (b) | 30,977 | 627,904 |
2,269,418 | ||
Hotel & Resort REITs - 0.5% | ||
RLJ Lodging Trust | 384,657 | 4,077,364 |
Sunstone Hotel Investors, Inc. | 172,689 | 1,706,168 |
5,783,532 | ||
Household Products - 0.3% | ||
Central Garden & Pet Co., Class A (b) | 85,500 | 3,340,485 |
Industrial Machinery & Supplies & Components - 7.1% | ||
Albany International Corp., Class A (a) | 25,500 | 2,278,680 |
Barnes Group, Inc. | 189,808 | 7,645,466 |
Chart Industries, Inc. (b) | 10,412 | 1,305,665 |
Enerpac Tool Group Corp. | 451,319 | 11,508,635 |
ESCO Technologies, Inc. | 62,000 | 5,917,900 |
Evoqua Water Technologies Corp. (b) | 178,000 | 8,850,160 |
Helios Technologies, Inc. | 12,195 | 797,553 |
Hillenbrand, Inc. | 29,065 | 1,381,459 |
John Bean Technologies Corp. | 83,000 | 9,071,070 |
Mueller Industries, Inc. | 74,793 | 5,495,790 |
RBC Bearings, Inc. (b) | 23,000 | 5,352,790 |
Standex International Corp. | 31,480 | 3,854,411 |
Timken Co. | 139,418 | 11,393,239 |
74,852,818 | ||
Industrial REITs - 0.7% | ||
EastGroup Properties, Inc. | 46,732 | 7,725,734 |
State Street Institutional Small-Cap Equity Fund | 17 |
Number of Shares | Fair Value | |
Insurance Brokers - 0.4% | ||
BRP Group, Inc., Class A (b) | 180,000 | $ 4,582,800 |
Interactive Media & Services - 0.2% | ||
Ziff Davis, Inc. (b) | 20,447 | 1,595,888 |
Investment Banking & Brokerage - 1.0% | ||
Piper Sandler Cos., | 16,493 | 2,286,095 |
Raymond James Financial, Inc. | 65,501 | 6,109,278 |
Stifel Financial Corp. | 45,046 | 2,661,768 |
11,057,141 | ||
IT Consulting & Other Services - 0.2% | ||
Perficient, Inc. (b) | 18,621 | 1,344,250 |
Unisys Corp. (b) | 253,118 | 982,098 |
2,326,348 | ||
Leisure Products - 1.7% | ||
Johnson Outdoors, Inc., Class A | 12,284 | 774,015 |
Malibu Boats, Inc., Class A (b) | 126,764 | 7,155,828 |
Polaris, Inc. | 90,059 | 9,963,227 |
17,893,070 | ||
Life & Health Insurance - 0.2% | ||
American Equity Investment Life Holding Co. (a) | 38,316 | 1,398,151 |
Trupanion, Inc. (b) | 25,976 | 1,114,110 |
2,512,261 | ||
Life Sciences Tools & Services - 2.3% | ||
Azenta, Inc. (b) | 62,105 | 2,771,125 |
BioLife Solutions, Inc. (b) | 152,432 | 3,315,396 |
Bruker Corp. | 87,070 | 6,864,599 |
ICON PLC ADR (b) | 14,943 | 3,191,675 |
Repligen Corp. (b) | 36,743 | 6,186,052 |
Syneos Health, Inc. (b) | 68,328 | 2,433,843 |
24,762,690 | ||
Marine Transportation - 0.2% | ||
Kirby Corp. (b) | 25,557 | 1,781,323 |
Metal, Glass & Plastic Containers - 0.3% | ||
TriMas Corp. | 131,000 | 3,649,660 |
Multi-Family Residential REITs - 0.2% | ||
NexPoint Residential Trust, Inc. | 40,716 | 1,778,068 |
Number of Shares | Fair Value | |
Multi-Line Insurance - 0.2% | ||
Horace Mann Educators Corp. | 71,424 | $ 2,391,276 |
Multi-Utilities - 0.1% | ||
Avista Corp. | 33,979 | 1,442,409 |
Office REITs - 0.6% | ||
Corporate Office Properties Trust | 42,520 | 1,008,149 |
Cousins Properties, Inc. | 147,388 | 3,151,155 |
Easterly Government Properties, Inc. | 190,605 | 2,618,913 |
6,778,217 | ||
Office Services & Supplies - 1.0% | ||
MSA Safety, Inc. | 80,017 | 10,682,269 |
Oil & Gas Drilling - 0.0%* | ||
Helmerich & Payne, Inc. | 10,617 | 379,558 |
Oil & Gas Equipment & Services - 0.6% | ||
ChampionX Corp. | 57,523 | 1,560,599 |
Oil States International, Inc. (b) | 559,541 | 4,660,976 |
6,221,575 | ||
Oil & Gas Exploration & Production - 1.6% | ||
Civitas Resources, Inc. | 23,474 | 1,604,213 |
Northern Oil & Gas, Inc. | 56,100 | 1,702,635 |
PDC Energy, Inc. | 127,529 | 8,184,811 |
SM Energy Co. | 123,819 | 3,486,743 |
Southwestern Energy Co. (b) | 335,198 | 1,675,990 |
16,654,392 | ||
Other Specialty Retail - 0.6% | ||
Leslie's, Inc. (b) | 264,000 | 2,906,640 |
Sally Beauty Holdings, Inc. (b) | 205,500 | 3,201,690 |
6,108,330 | ||
Packaged Foods & Meats - 3.2% | ||
Calavo Growers, Inc. | 56,281 | 1,619,204 |
Fresh Market, Inc. (c) | 303,000 | — |
Freshpet, Inc. (b) | 58,500 | 3,872,115 |
Hostess Brands, Inc. (b) | 217,500 | 5,411,400 |
J & J Snack Foods Corp. | 27,000 | 4,001,940 |
Lancaster Colony Corp. | 31,000 | 6,289,280 |
Simply Good Foods Co. (b) | 136,500 | 5,428,605 |
Sovos Brands, Inc. (b) | 156,180 | 2,605,083 |
18 | State Street Institutional Small-Cap Equity Fund |
Number of Shares | Fair Value | |
Utz Brands, Inc. | 301,500 | $ 4,965,705 |
34,193,332 | ||
Paper & Plastic Packaging Products & Materials - 0.1% | ||
Ranpak Holdings Corp. (b) | 156,049 | 814,576 |
Personal Care Products - 0.2% | ||
BellRing Brands, Inc. (b) | 49,902 | 1,696,668 |
Pharmaceuticals - 0.2% | ||
ANI Pharmaceuticals, Inc. (a)(b) | 50,326 | 1,998,949 |
Organon & Co. | 17,750 | 417,480 |
2,416,429 | ||
Property & Casualty Insurance - 2.0% | ||
AMERISAFE, Inc. (a) | 42,845 | 2,097,263 |
Argo Group International Holdings Ltd. | 71,861 | 2,104,808 |
James River Group Holdings Ltd. | 104,000 | 2,147,600 |
Palomar Holdings, Inc. (b) | 51,500 | 2,842,800 |
RLI Corp. | 36,823 | 4,894,145 |
Selective Insurance Group, Inc. | 68,500 | 6,530,105 |
20,616,721 | ||
Publishing - 0.9% | ||
John Wiley & Sons, Inc., Class A | 240,888 | 9,339,228 |
Regional Banks - 7.9% | ||
1st Source Corp. (a) | 48,966 | 2,112,883 |
Banc of California, Inc. | 31,974 | 400,634 |
BancFirst Corp. | 23,000 | 1,911,300 |
Bank OZK | 58,912 | 2,014,790 |
BankUnited, Inc. (a) | 41,551 | 938,222 |
Banner Corp. | 15,059 | 818,758 |
Cadence Bank | 65,788 | 1,365,759 |
Community Bank System, Inc. | 48,500 | 2,545,765 |
Cullen/Frost Bankers, Inc. | 36,929 | 3,890,101 |
CVB Financial Corp. | 80,000 | 1,334,400 |
Enterprise Financial Services Corp. | 35,246 | 1,571,619 |
First Financial Bankshares, Inc. | 71,500 | 2,280,850 |
First Interstate BancSystem, Inc., Class A | 24,328 | 726,434 |
Fulton Financial Corp. | 208,380 | 2,879,812 |
Number of Shares | Fair Value | |
German American Bancorp, Inc. | 78,000 | $ 2,602,860 |
Heritage Commerce Corp. | 126,457 | 1,053,387 |
Home BancShares, Inc. | 119,455 | 2,593,368 |
HomeStreet, Inc. | 44,049 | 792,441 |
Independent Bank Corp. | 98,805 | 6,483,584 |
Lakeland Financial Corp. | 12,392 | 776,235 |
Live Oak Bancshares, Inc. | 253,120 | 6,168,534 |
National Bank Holdings Corp., Class A | 59,565 | 1,993,045 |
New York Community Bancorp, Inc. | 117,936 | 1,066,141 |
Origin Bancorp, Inc. | 49,291 | 1,584,706 |
Peapack-Gladstone Financial Corp. | 38,808 | 1,149,493 |
Pinnacle Financial Partners, Inc. | 29,896 | 1,649,063 |
Prosperity Bancshares, Inc. | 67,184 | 4,133,160 |
Renasant Corp. | 145,445 | 4,447,708 |
ServisFirst Bancshares, Inc. | 42,000 | 2,294,460 |
SouthState Corp. | 16,435 | 1,171,158 |
Stock Yards Bancorp, Inc. | 12,895 | 711,030 |
Texas Capital Bancshares, Inc. (b) | 33,981 | 1,663,710 |
United Community Banks, Inc. | 40,827 | 1,148,055 |
Washington Federal, Inc. | 32,377 | 975,195 |
Westamerica BanCorp | 63,153 | 2,797,678 |
Western Alliance Bancorp | 57,166 | 2,031,680 |
Wintrust Financial Corp. | 37,698 | 2,750,069 |
WSFS Financial Corp. | 177,108 | 6,661,032 |
83,489,119 | ||
Research & Consulting Services - 0.3% | ||
Resources Connection, Inc. | 194,206 | 3,313,154 |
Restaurants - 1.5% | ||
Bloomin' Brands, Inc. | 100,345 | 2,573,849 |
Cheesecake Factory, Inc. | 70,363 | 2,466,223 |
Shake Shack, Inc., Class A (b) | 67,000 | 3,717,830 |
Texas Roadhouse, Inc. | 38,693 | 4,181,166 |
Wingstop, Inc. | 17,000 | 3,120,860 |
16,059,928 | ||
Retail REITs - 0.3% | ||
Kite Realty Group Trust | 101,342 | 2,120,075 |
Macerich Co. | 132,067 | 1,399,910 |
3,519,985 |
State Street Institutional Small-Cap Equity Fund | 19 |
Number of Shares | Fair Value | |
Security & Alarm Services - 1.0% | ||
Brink's Co. | 159,706 | $ 10,668,361 |
Self Storage REITs - 0.1% | ||
National Storage Affiliates Trust | 33,010 | 1,379,158 |
Semiconductor Materials & Equipment - 0.5% | ||
Ichor Holdings Ltd. (b) | 61,600 | 2,016,784 |
Onto Innovation, Inc. (b) | 43,119 | 3,789,298 |
5,806,082 | ||
Semiconductors - 0.4% | ||
Diodes, Inc. (b) | 11,674 | 1,082,880 |
MaxLinear, Inc. (b) | 23,851 | 839,794 |
Semtech Corp. (b) | 81,797 | 1,974,580 |
3,897,254 | ||
Soft Drinks & Non-alcoholic Beverages - 0.5% | ||
Primo Water Corp. | 308,835 | 4,740,617 |
Zevia PBC, Class A (b) | 62,500 | 240,625 |
4,981,242 | ||
Specialized Consumer Services - 0.4% | ||
European Wax Center, Inc., Class A | 128,500 | 2,441,500 |
OneSpaWorld Holdings Ltd. (b) | 157,502 | 1,888,449 |
4,329,949 | ||
Specialty Chemicals - 4.8% | ||
Avient Corp. | 164,862 | 6,785,720 |
HB Fuller Co. | 13,775 | 942,899 |
Ingevity Corp. (b) | 232,203 | 16,607,158 |
Innospec, Inc. | 45,000 | 4,620,150 |
Quaker Chemical Corp. | 29,800 | 5,898,910 |
Sensient Technologies Corp. | 54,000 | 4,134,240 |
Stepan Co. | 108,572 | 11,186,173 |
50,175,250 | ||
Steel - 0.6% | ||
Carpenter Technology Corp. | 29,464 | 1,318,809 |
Commercial Metals Co. | 71,395 | 3,491,215 |
Ryerson Holding Corp. | 33,098 | 1,204,105 |
6,014,129 |
Number of Shares | Fair Value | |
Systems Software - 0.5% | ||
Progress Software Corp. | 31,646 | $ 1,818,063 |
Tenable Holdings, Inc. (b) | 74,300 | 3,529,993 |
5,348,056 | ||
Technology Hardware, Storage & Peripherals - 1.0% | ||
Corsair Gaming, Inc. (b) | 133,398 | 2,447,853 |
Pure Storage, Inc., Class A (b) | 322,500 | 8,226,975 |
10,674,828 | ||
Timber REITs - 0.2% | ||
PotlatchDeltic Corp. | 36,612 | 1,812,294 |
Trading Companies & Distributors - 2.4% | ||
Applied Industrial Technologies, Inc. | 77,370 | 10,996,598 |
Transcat, Inc. (b) | 21,190 | 1,894,174 |
Univar Solutions, Inc. (b) | 305,086 | 10,687,163 |
WESCO International, Inc. (b) | 10,036 | 1,550,963 |
25,128,898 | ||
Transaction & Payment Processing Services - 0.3% | ||
Shift4 Payments, Inc., Class A (b) | 35,519 | 2,692,340 |
Water Utilities - 0.1% | ||
American States Water Co. (a) | 14,428 | 1,282,505 |
Total Common Stock (Cost $761,098,145) | 970,619,009 | |
Short-Term Investments - 8.0% | ||
State Street Institutional U.S. Government Money Market Fund - Class G Shares 4.74% (d)(e) (Cost $84,283,652) | 84,283,652 | 84,283,652 |
Total Investments (Cost $845,381,797) | 1,054,902,661 | |
Liabilities in Excess of Other Assets, net - (0.0)%* | (95,999) | |
NET ASSETS - 100.0% | $ 1,054,806,662 |
20 | State Street Institutional Small-Cap Equity Fund |
The Fund had the following long futures contracts open at March 31, 2023: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
E-mini Russell 2000 Index Futures | June 2023 | 327 | $ 29,548,448 | $ 29,650,725 | $ 102,277 |
(a) | At March 31, 2023, 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 March 31, 2023. |
* | 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 | $ 970,619,009 | $ — | $ 0(a) | $ 970,619,009 | |||
Short-Term Investments | 84,283,652 | — | — | 84,283,652 | |||
Total Investments in Securities | $ 1,054,902,661 | $ — | $ 0(a) | $ 1,054,902,661 | |||
Other Financial Instruments | |||||||
Long Futures Contracts - Unrealized Appreciation | $ 102,277 | $ — | $ — | $ 102,277 | |||
Total Other Financial Instruments | $ 102,277 | $ — | $ — | $ 102,277 |
(a) | The Fund held Level 3 securities that were valued at $0 at March 31, 2023. |
Affiliate Table |
Number of Shares Held at 9/30/22 | Value at 9/30/22 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 3/31/23 | Value at 3/31/23 | Dividend Income | |
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 54,958,269 | $54,958,269 | $169,112,846 | $139,787,463 | $— | $— | 84,283,652 | $84,283,652 | $1,017,871 |
State Street Institutional Small-Cap Equity Fund | 21 |
Investment Class | |||||||||||
3/31/23 (a) | 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 | $ 9.74 | $ 17.26 | $ 13.97 | $ 12.30 | $ 13.74 | $ 14.95 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income | 0.05 (b) | 0.11 (b) | 0.13 (b) | 0.14 (b) | 0.15 (b) | 0.16 (b) | |||||
Net realized and unrealized gains/(losses) on investments | 1.24 (b) | (1.80) (b) | 3.86 (b) | 2.35 (b) | 0.05 (b) | 1.95 (b) | |||||
Total income/(loss) from investment operations | 1.29 | (1.69) | 3.99 | 2.49 | 0.20 | 2.11 | |||||
Less distributions from: | |||||||||||
Net investment income | 0.11 | 0.13 | 0.14 | 0.16 | 0.18 | 0.21 | |||||
Net realized gains | 1.42 | 5.70 | 0.56 | 0.66 | 1.46 | 3.11 | |||||
Total distributions | 1.53 | 5.83 | 0.70 | 0.82 | 1.64 | 3.32 | |||||
Net asset value, end of period | $ 9.50 | $ 9.74 | $ 17.26 | $ 13.97 | $ 12.30 | $ 13.74 | |||||
Total Return(c) | 14.41% | (16.99)% | 29.41% | 20.77% | 4.43% | 16.72% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $203,222 | $176,243 | $572,329 | $461,624 | $419,296 | $522,658 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.40% (d) | 0.38% | 0.37% | 0.37% | 0.38% | 0.37% | |||||
Gross expenses | 0.40% (d) | 0.38% | 0.37% | 0.37% | 0.38% | 0.37% | |||||
Net investment income | 1.10% (d) | 0.78% | 0.81% | 1.12% | 1.29% | 1.21% | |||||
Portfolio turnover rate | 21% | 29% | 35% | 38% | 35% | 48% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
(d) | Annualized for periods less than one year. |
22 | Financial Highlights |
Service Class | |||||||||||
3/31/23 (a) | 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 | $11.08 | $ 18.86 | $15.21 | $13.32 | $14.70 | $15.77 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income | 0.05 (b) | 0.09 (b) | 0.10 (b) | 0.12 (b) | 0.14 (b) | 0.14 (b) | |||||
Net realized and unrealized gains/(losses) on investments | 1.43 (b) | (2.08) (b) | 4.21 (b) | 2.54 (b) | 0.09 (b) | 2.08 (b) | |||||
Total income/(loss) from investment operations | 1.48 | (1.99) | 4.31 | 2.66 | 0.23 | 2.22 | |||||
Less distributions from: | |||||||||||
Net investment income | 0.08 | 0.09 | 0.10 | 0.11 | 0.15 | 0.18 | |||||
Net realized gains | 1.42 | 5.70 | 0.56 | 0.66 | 1.46 | 3.11 | |||||
Total distributions | 1.50 | 5.79 | 0.66 | 0.77 | 1.61 | 3.29 | |||||
Net asset value, end of period | $11.06 | $ 11.08 | $18.86 | $15.21 | $13.32 | $14.70 | |||||
Total Return(c) | 14.34% | (17.16)% | 29.10% | 20.52% | 4.23% | 16.35% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $ 134 | $ 118 | $ 268 | $ 58 | $ 48 | $ 104 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.65% (d) | 0.63% | 0.62% | 0.62% | 0.63% | 0.62% | |||||
Gross expenses | 0.65% (d) | 0.63% | 0.62% | 0.62% | 0.63% | 0.62% | |||||
Net investment income (loss) | 0.85% (d) | 0.62% | 0.56% | 0.87% | 1.06% | 0.95% | |||||
Portfolio turnover rate | 21% | 29% | 35% | 38% | 35% | 48% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
(d) | Annualized for periods less than one year. |
Financial Highlights | 23 |
Investment Class | |||||||||||
3/31/23 (a) | 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 | $ 7.78 | $ 11.99 | $ 10.72 | $ 15.51 | $ 17.49 | $ 15.69 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income | 0.00 (b)(c) | (0.00) (b)(c) | 0.02 (b) | 0.05 (b) | 0.09 (b) | 0.11 (b) | |||||
Net realized and unrealized gains/(losses) on investments | 0.25 (b) | (2.67) (b) | 2.55 (b) | 3.89 (b) | (0.03) (b) | 2.82 (b) | |||||
Total income/(loss) from investment operations | 0.25 | (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 | 7.51 | 1.53 | 1.29 | 8.64 | 1.93 | 1.00 | |||||
Total distributions | 7.51 | 1.54 | 1.30 | 8.73 | 2.04 | 1.13 | |||||
Net asset value, end of period | $ 0.52 | $ 7.78 | $ 11.99 | $ 10.72 | $ 15.51 | $ 17.49 | |||||
Total Return(d) | 17.74% | (26.33)% | 25.85% | 39.25% | 3.57% | 19.64% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $17,301 | $15,818 | $85,331 | $73,933 | $192,144 | $365,078 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.63% (e) | 0.51% | 0.45% | 0.42% | 0.39% | 0.38% | |||||
Gross expenses | 0.63% (e) | 0.51% | 0.45% | 0.42% | 0.39% | 0.38% | |||||
Net investment income (loss) | 0.21% (e) | (0.01)% | 0.16% | 0.40% | 0.59% | 0.68% | |||||
Portfolio turnover rate | 11% | 41% | 27% | 28% | 27% | 21% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Rounds to less than $0.005. |
(d) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
(e) | Annualized for periods less than one year. |
24 | Financial Highlights |
Service Class | |||||||||||
3/31/23 (a) | 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 | $ 7.46 | $ 11.57 | $10.40 | $15.27 | $17.24 | $ 15.48 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income (loss) | (0.00) (b)(c) | (0.02) (b) | (0.01) (b) | 0.01 (b) | 0.05 (b) | 0.07 (b) | |||||
Net realized and unrealized gains/(losses) on investments | 0.20 (b) | (2.56) (b) | 2.47 (b) | 3.80 (b) | (0.02) (b) | 2.78 (b) | |||||
Total income/(loss) from investment operations | 0.20 | (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 | 7.51 | 1.53 | 1.29 | 8.64 | 1.93 | 1.00 | |||||
Total distributions | 7.51 | 1.53 | 1.29 | 8.68 | 2.00 | 1.09 | |||||
Net asset value, end of period | $ 0.15 | $ 7.46 | $11.57 | $10.40 | $15.27 | $ 17.24 | |||||
Total Return(d) | 17.44% | (26.51)% | 25.58% | 38.83% | 3.32% | 19.37% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $10,077 | $ 9,937 | $9,784 | $8,832 | $9,609 | $17,298 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.88% (e) | 0.76% | 0.70% | 0.69% | 0.64% | 0.63% | |||||
Gross expenses | 0.88% (e) | 0.76% | 0.70% | 0.69% | 0.64% | 0.63% | |||||
Net investment income (loss) | (0.04)% (e) | (0.21)% | (0.09)% | 0.08% | 0.34% | 0.43% | |||||
Portfolio turnover rate | 11% | 41% | 27% | 28% | 27% | 21% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Rounds to less than $0.005. |
(d) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
(e) | Annualized for periods less than one year. |
Financial Highlights | 25 |
Investment Class | |||||||||||
3/31/23 (a) | 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 | $ 15.49 | $ 22.15 | $ 15.55 | $ 17.04 | $ 21.94 | $ 20.79 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income | 0.06 (b) | 0.05 (b) | 0.02 (b) | 0.05 (b) | 0.06 (b) | 0.03 (b) | |||||
Net realized and unrealized gains/(losses) on investments | 2.02 (b) | (3.38) (b) | 7.19 (b) | (0.45) (b) | (2.06) (b) | 2.95 (b) | |||||
Total income/(loss) from investment operations | 2.08 | (3.33) | 7.21 | (0.40) | (2.00) | 2.98 | |||||
Less distributions from: | |||||||||||
Net investment income | 0.04 | 0.03 | 0.04 | 0.07 | 0.04 | 0.04 | |||||
Net realized gains | 0.75 | 3.30 | 0.57 | 1.02 | 2.86 | 1.79 | |||||
Total distributions | 0.79 | 3.33 | 0.61 | 1.09 | 2.90 | 1.83 | |||||
Net asset value, end of period | $ 16.78 | $ 15.49 | $ 22.15 | $ 15.55 | $ 17.04 | $ 21.94 | |||||
Total Return(c) | 13.67% | (18.14)% | 46.98% | (3.03)% | (6.21)% | 15.47% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $1,053,125 | $945,933 | $1,308,410 | $973,165 | $1,255,899 | $1,528,575 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.75% (d) | 0.79% | 0.88% | 0.89% | 0.88% | 0.88% | |||||
Gross expenses | 0.89% (d) | 0.88% | 0.88% | 0.89% | 0.88% | 0.88% | |||||
Net investment income | 0.70% (d) | 0.27% | 0.10% | 0.33% | 0.37% | 0.14% | |||||
Portfolio turnover rate | 13% | 30% | 42% | 31% | 29% | 38% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
(d) | Annualized for periods less than one year. |
26 | Financial Highlights |
Service Class | |||||||||||
3/31/23 (a) | 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 | $15.45 | $ 22.11 | $15.53 | $17.02 | $21.93 | $20.79 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income (loss) | 0.04 (b) | 0.01 (b) | (0.03) (b) | 0.01 (b) | 0.02 (b) | (0.02) (b) | |||||
Net realized and unrealized gains/(losses) on investments | 2.00 (b) | (3.37) (b) | 7.18 (b) | (0.46) (b) | (2.05) (b) | 2.95 (b) | |||||
Total income/(loss) from investment operations | 2.04 | (3.36) | 7.15 | (0.45) | (2.03) | 2.93 | |||||
Less distributions from: | |||||||||||
Net investment income | — | — | — | 0.02 | 0.02 | — | |||||
Net realized gains | 0.75 | 3.30 | 0.57 | 1.02 | 2.86 | 1.79 | |||||
Total distributions | 0.75 | 3.30 | 0.57 | 1.04 | 2.88 | 1.79 | |||||
Net asset value, end of period | $16.74 | $ 15.45 | $22.11 | $15.53 | $17.02 | $21.93 | |||||
Total Return(c) | 13.43% | (18.28)% | 46.60% | 3.30% | (6.44)% | 15.14% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $1,682 | $ 1,571 | $2,078 | $1,750 | $1,937 | $2,671 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 1.00% (d) | 1.04% | 1.13% | 1.14% | 1.13% | 1.13% | |||||
Gross expenses | 1.14% (d) | 1.13% | 1.13% | 1.14% | 1.13% | 1.13% | |||||
Net investment income (loss) | 0.44% (d) | 0.03% | (0.14)% | 0.08% | 0.12% | (0.11)% | |||||
Portfolio turnover rate | 13% | 30% | 42% | 31% | 29% | 38% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. |
(d) | Annualized for periods less than one year. |
Financial Highlights | 27 |
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 $139,573,151; $20,149,884 and $761,098,145, respectively) | $ 193,887,286 | $ 26,601,269 | $ 970,619,009 | ||
Investments in affiliated securities, at fair value | 9,474,912 | 874,696 | 84,283,652 | ||
Cash | — | — | 17,101 | ||
Net cash collateral on deposit with broker for future contracts | 186,239 | — | 2,757,480 | ||
Receivable for investments sold | 297,487 | 219,180 | — | ||
Income receivables | 114,947 | — | 569,178 | ||
Receivable for fund shares sold | 489,853 | 226 | 9,006 | ||
Income receivable from affiliated investments | 32,023 | 2,524 | 233,983 | ||
Receivable for accumulated variation margin on futures contracts | 227,585 | — | 103,040 | ||
Total assets | 204,710,332 | 27,697,895 | 1,058,592,449 | ||
Liabilities | |||||
Payable for investments purchased | 1,289,396 | 264,178 | 2,873,152 | ||
Payable for fund shares redeemed | 545 | 41,178 | 248,741 | ||
Payable to the Adviser | 64,468 | 12,215 | 663,538 | ||
Accrued other expenses | 89 | 121 | — | ||
Distribution and service fees | 27 | 2,082 | 356 | ||
Total liabilities | 1,354,525 | 319,774 | 3,785,787 | ||
Net Assets | $ 203,355,807 | $ 27,378,121 | $ 1,054,806,662 | ||
Net Assets Consist of: | |||||
Capital paid in | $ 151,397,155 | $ 22,961,233 | $ 832,064,126 | ||
Total distributable earnings (loss) | 51,958,652 | 4,416,888 | 222,742,536 | ||
Net Assets | $ 203,355,807 | $ 27,378,121 | $ 1,054,806,662 | ||
Investment Class: | |||||
Net Assets | $ 203,221,966 | $ 17,300,948 | $ 1,053,124,848 | ||
Shares outstanding ($0.001 par value, unlimited shares authorized) | 21,384,123 | 33,384,615 | 62,769,492 | ||
Net asset value, offering and redemption price per share | $ 9.50 | $ 0.52 | $ 16.78 | ||
Service Class: | |||||
Net Assets | $ 133,841 | $ 10,077,173 | $ 1,681,814 | ||
Shares outstanding ($0.001 par value, unlimited shares authorized) | 12,104 | 67,450,980 | 100,440 | ||
Net asset value, offering and redemption price per share | $ 11.06 | $ 0.15 | $ 16.74 |
28 | 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 | $ 1,297,918 | $ 95,263 | $ 6,618,607 | ||
Income from affiliated investments | 141,991 | 14,342 | 1,017,871 | ||
Less: Foreign taxes withheld | (2,007) | — | (54,309) | ||
Total income | 1,437,902 | 109,605 | 7,582,169 | ||
Expenses | |||||
Advisory and administration fees | 372,948 | 70,902 | 4,634,116 | ||
Distribution and service fees | |||||
Service Class | 161 | 12,287 | 2,098 | ||
Trustees' fees | 11,337 | 10,732 | 14,378 | ||
Other expenses | — | 90 | 29 | ||
Total expenses before waivers | 384,446 | 94,011 | 4,650,621 | ||
Less: Expenses waived or borne by the adviser | — | — | (723,298) | ||
Net expenses | 384,446 | 94,011 | 3,927,323 | ||
Net investment income | $ 1,053,456 | $ 15,594 | $ 3,654,846 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Realized gain (loss) on: | |||||
Unaffiliated investments | $ (1,445,727) | $ (534,353) | $ 32,519,128 | ||
Futures | (254,259) | 40,849 | (474,161) | ||
Increase (decrease) in unrealized appreciation/depreciation on: | |||||
Unaffiliated investments | 25,316,430 | 4,698,460 | 91,864,776 | ||
Futures | 769,265 | 6,494 | 1,148,538 | ||
Net realized and unrealized gain (loss) on investments | 24,385,709 | 4,211,450 | 125,058,281 | ||
Net Increase in Net Assets Resulting from Operations | $ 25,439,165 | $ 4,227,044 | $ 128,713,127 |
Statements of Operations | 29 |
State Street Institutional U.S. Equity Fund | State Street Institutional Premier Growth Equity Fund | ||||||
Six Months Ended March 31, 2023 | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations: | |||||||
Net investment income (loss) | $ 1,053,456 | $ 2,638,415 | $ 15,594 | $ (24,922) | |||
Net realized gain (loss) on investments and futures | (1,699,986) | 168,115,195 | (493,504) | 39,379,272 | |||
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures | 26,085,695 | (186,031,559) | 4,704,954 | (44,907,411) | |||
Net increase (decrease) from operations | 25,439,165 | (15,277,949) | 4,227,044 | (5,553,061) | |||
Distributions to shareholders: | |||||||
Total distributions | |||||||
Investment Class | (27,722,659) | (205,273,357) | (23,135,940) | (10,884,926) | |||
Service Class | (16,066) | (44,930) | (16,080,093) | (1,289,070) | |||
Total distributions | (27,738,725) | (205,318,287) | (39,216,033) | (12,173,996) | |||
Increase (decrease) in assets from operations and distributions | (2,299,560) | (220,596,236) | (34,988,989) | (17,727,057) | |||
Share transactions: | |||||||
Proceeds from sale of shares | |||||||
Investment Class | 10,887,786 | 15,780,972 | 322,355 | 618,623 | |||
Service Class | 3,062 | 20,287 | 1,042,346 | 7,554,181 | |||
Value of distributions reinvested | |||||||
Investment Class | 27,290,053 | 205,036,339 | 23,135,157 | 10,884,764 | |||
Service Class | 16,066 | 44,930 | 16,080,093 | 1,289,070 | |||
Cost of shares redeemed | |||||||
Investment Class | (8,898,605) | (396,371,663) | (1,483,677) | (68,544,625) | |||
Service Class | (4,437) | (150,188) | (2,483,952) | (3,435,029) | |||
Net increase (decrease) from share transactions | 29,293,925 | (175,639,323) | 36,612,322 | (51,633,016) | |||
Total increase (decrease) in net assets | 26,994,365 | (396,235,559) | 1,623,333 | (69,360,073) | |||
Net Assets | |||||||
Beginning of period | 176,361,442 | 572,597,001 | 25,754,788 | 95,114,861 | |||
End of period | $ 203,355,807 | $ 176,361,442 | $ 27,378,121 | $ 25,754,788 | |||
Changes in Fund Shares | |||||||
Investment Class | |||||||
Shares sold | 1,145,343 | 1,252,674 | 574,689 | 57,571 | |||
Issued for distributions reinvested | 3,083,622 | 15,246,073 | 32,966,332 | 955,642 | |||
Shares redeemed | (937,076) | (31,563,308) | (2,189,440) | (6,095,192) | |||
Net increase (decrease) in fund shares | 3,291,889 | (15,064,561) | 31,351,581 | (5,081,979) | |||
Service Class | |||||||
Shares sold | 280 | 1,529 | 7,028,530 | 742,057 | |||
Issued for distributions reinvested | 1,558 | 2,917 | 68,828,374 | 117,831 | |||
Shares redeemed | (398) | (7,965) | (9,737,165) | (374,515) | |||
Net increase (decrease) in fund shares | 1,440 | (3,519) | 66,119,739 | 485,373 |
30 | Statements of Changes in Net Assets |
State Street Institutional Small-Cap Equity Fund | ||
Six Months Ended March 31, 2023 | Year Ended September 30, 2022 | |
$ 3,654,846 | $ 3,208,640 | |
32,044,967 | 53,002,585 | |
93,013,314 | (272,121,249) | |
128,713,127 | (215,910,024) | |
(47,269,694) | (192,472,199) | |
(72,052) | (313,806) | |
(47,341,746) | (192,786,005) | |
81,371,381 | (408,696,029) | |
33,491,846 | 46,621,109 | |
37,941 | 168,550 | |
47,269,694 | 192,441,993 | |
72,052 | 313,806 | |
(54,807,998) | (193,522,296) | |
(132,231) | (311,306) | |
25,931,304 | 45,711,856 | |
107,302,685 | (362,984,173) | |
947,503,977 | 1,310,488,150 | |
$ 1,054,806,662 | $ 947,503,977 | |
1,985,983 | 2,528,748 | |
2,945,152 | 9,884,026 | |
(3,217,354) | (10,440,078) | |
1,713,781 | 1,972,696 | |
2,232 | 8,905 | |
4,495 | 16,134 | |
(7,970) | (17,329) | |
(1,243) | 7,710 |
Statements of Changes in Net Assets | 31 |
• | 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. |
32 | 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 | 33 |
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 |
34 | Notes to Financial Statements |
Asset Derivatives | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
State Street Institutional U.S. Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 227,585 | $ — | $ 227,585 |
State Street Institutional Small-Cap Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 103,040 | $ — | $ 103,040 |
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 | $ — | $ — | $ — | (254,259) | $ — | $ (254,259) |
State Street Institutional Premier Growth Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 40,849 | $ — | $ 40,849 |
State Street Institutional Small-Cap Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | (474,161) | $ — | $ (474,161) |
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 | $ — | $ — | $ — | $ 769,265 | $ — | $ 769,265 |
State Street Institutional Premier Growth Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | $ 6,494 | $ — | $ 6,494 |
State Street Institutional Small-Cap Equity Fund | ||||||
Futures Contracts | $ — | $ — | $ — | 1,148,538 | $ — | $ 1,148,538 |
Notes to Financial Statements | 35 |
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% |
36 | Notes to Financial Statements |
Other Securities | ||
Fund | Purchases | Sales |
State Street Institutional U.S. Equity Fund | $ 38,373,959 | $ 38,115,085 |
State Street Institutional Premier Growth Equity Fund | 2,889,872 | 5,053,753 |
State Street Institutional Small-Cap Equity Fund | 133,410,444 | 179,864,480 |
Notes to Financial Statements | 37 |
Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) |
State Street Institutional U.S. Equity Fund | $149,827,451 | $ 58,167,373 | $ 4,405,109 | $ 53,762,264 |
State Street Institutional Premier Growth Equity Fund | 21,448,452 | 8,045,387 | 2,017,874 | 6,027,513 |
State Street Institutional Small-Cap Equity Fund | 859,688,730 | 268,444,849 | 73,128,641 | 195,316,208 |
38 | Notes to Financial Statements |
Other Information | 39 |
(b) Not applicable.
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.
Item 6. Investments.
(a) | Schedules of Investments are included as 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.
(a)(1) | Not applicable; this Form N-CSR is a Semi-Annual Report. | |
(a)(2) | Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto. | |
(a)(3) | Not applicable to the Registrant. | |
(a)(4) | Not applicable. | |
(b) | Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | STATE STREET INSTITUTIONAL FUNDS |
By: | /s/ Ann M. Carpenter | |
Ann M. Carpenter | ||
President | ||
Date: | June 2, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Ann M. Carpenter | |
Ann M. Carpenter | ||
President (Principal Executive Officer) | ||
Date: | June 2, 2023 | |
By: | /s/ Bruce S. Rosenberg | |
Bruce S. Rosenberg | ||
Treasurer (Principal Financial and Accounting Officer) | ||
Date: | June 2, 2023 |