Quarterly Report
March 31, 2021
GE RSP U.S. Equity Fund
GE RSP U.S. Equity Fund
Schedule of Investments
March 31, 2021 (Unaudited)
Number of Shares | Fair Value | ||
Common Stock - 98.8% † | |||
Aerospace & Defense - 0.6% | |||
Raytheon Technologies Corp. | 467,373 | $36,113,912 | |
Air Freight & Logistics - 0.8% | |||
United Parcel Service Inc., Class B | 291,785 | 49,600,532 | |
Apparel Retail - 1.4% | |||
Ross Stores Inc. | 751,650 | 90,130,351 | |
Application Software - 2.5% | |||
Adobe Inc. (a) | 86,722 | 41,225,037 | |
Intuit Inc. | 31,241 | 11,967,177 | |
salesforce.com Inc. (a) | 450,837 | 95,518,835 | |
Splunk Inc. (a) | 76,487 | 10,362,459 | |
159,073,508 | |||
Asset Management & Custody Banks - 0.3% | |||
The Blackstone Group Inc. | 238,055 | 17,742,239 | |
Automotive Retail - 0.6% | |||
O'Reilly Automotive Inc. (a) | 71,719 | 36,379,463 | |
Biotechnology - 0.9% | |||
BioMarin Pharmaceutical Inc. (a) | 288,103 | 21,754,658 | |
Vertex Pharmaceuticals Inc. (a) | 159,242 | 34,219,513 | |
55,974,171 | |||
Building Products - 1.8% | |||
Allegion PLC | 242,369 | 30,446,394 | |
Trane Technologies PLC | 518,965 | 85,919,845 | |
116,366,239 | |||
Cable & Satellite - 1.5% | |||
Charter Communications Inc., Class A (a) | 92,111 | 56,834,329 | |
Comcast Corp., Class A | 790,111 | 42,752,906 | |
99,587,235 | |||
Construction Materials - 0.9% | |||
Martin Marietta Materials Inc. | 174,052 | 58,450,143 | |
Data Processing & Outsourced Services - 4.5% | |||
Fidelity National Information Services Inc. | 154,452 | 21,717,496 | |
Mastercard Inc., Class A | 203,312 | 72,389,237 | |
PayPal Holdings Inc. (a) | 158,468 | 38,482,369 | |
Visa Inc., Class A | 752,374 | 159,300,147 | |
291,889,249 | |||
Diversified Banks - 2.9% | |||
JPMorgan Chase & Co. | 1,216,261 | 185,151,412 | |
Diversified Support Services - 0.6% | |||
Cintas Corp. | 117,139 | 39,980,712 | |
Electric Utilities - 0.9% | |||
NextEra Energy Inc. | 771,501 | 58,333,191 | |
Electronic Components - 2.6% | |||
Amphenol Corp., Class A | 966,013 | 63,727,878 | |
Corning Inc. | 2,402,212 | 104,520,244 | |
168,248,122 | |||
Electronic Equipment & Instruments - 0.7% | |||
Keysight Technologies Inc. (a) | 319,257 | 45,781,454 |
Number of Shares | Fair Value | ||
Environmental & Facilities Services - 1.5% | |||
Waste Management Inc. | 769,982 | $99,343,078 | |
Financial Exchanges & Data - 1.7% | |||
CME Group Inc. | 286,042 | 58,418,358 | |
MSCI Inc. | 25,393 | 10,646,777 | |
S&P Global Inc. | 68,946 | 24,328,975 | |
Tradeweb Markets Inc., Class A | 195,205 | 14,445,170 | |
107,839,280 | |||
Footwear - 0.8% | |||
NIKE Inc., Class B | 378,256 | 50,266,440 | |
Healthcare Equipment - 4.2% | |||
Becton Dickinson & Co. | 202,272 | 49,182,437 | |
Boston Scientific Corp. (a) | 3,132,652 | 121,077,000 | |
Edwards Lifesciences Corp. (a) | 364,168 | 30,459,011 | |
Medtronic PLC | 358,899 | 42,396,739 | |
Zimmer Biomet Holdings Inc. | 179,948 | 28,806,076 | |
271,921,263 | |||
Healthcare Services - 0.6% | |||
Cigna Corp. | 164,053 | 39,658,172 | |
Home Improvement Retail - 2.2% | |||
Lowe's Companies Inc. | 627,240 | 119,288,503 | |
The Home Depot Inc. | 71,403 | 21,795,766 | |
141,084,269 | |||
Hotels, Resorts & Cruise Lines - 1.1% | |||
Marriott International Inc., Class A | 498,978 | 73,903,631 | |
Household Products - 1.4% | |||
Colgate-Palmolive Co. | 314,770 | 24,813,319 | |
The Procter & Gamble Co. | 493,131 | 66,784,731 | |
91,598,050 | |||
Hypermarkets & Super Centers - 0.4% | |||
Walmart Inc. | 184,986 | 25,126,648 | |
Industrial Conglomerates - 2.2% | |||
Honeywell International Inc. | 521,202 | 113,137,318 | |
Roper Technologies Inc. | 65,367 | 26,365,126 | |
139,502,444 | |||
Industrial Gases - 1.5% | |||
Air Products & Chemicals Inc. | 355,514 | 100,020,309 | |
Industrial Machinery - 0.4% | |||
Xylem Inc. | 245,123 | 25,782,037 | |
Insurance Brokers - 0.2% | |||
Marsh & McLennan Companies Inc. | 132,417 | 16,128,391 | |
Integrated Oil & Gas - 0.9% | |||
Chevron Corp. | 346,610 | 36,321,262 | |
Exxon Mobil Corp. | 424,851 | 23,719,431 | |
60,040,693 | |||
Interactive Home Entertainment - 0.3% | |||
Activision Blizzard Inc. | 185,860 | 17,284,980 | |
Interactive Media & Services - 7.5% | |||
Alphabet Inc., Class C (a) | 47,595 | 98,456,445 |
See accompanying notes to schedule of investments.
1
GE RSP U.S. Equity Fund
Schedule of Investments
March 31, 2021 (Unaudited)
Number of Shares | Fair Value | ||
Alphabet Inc., Class A (a) | 102,658 | $211,734,178 | |
Facebook Inc., Class A (a) | 586,448 | 172,726,529 | |
482,917,152 | |||
Internet & Direct Marketing Retail - 4.8% | |||
Amazon.com Inc. (a) | 99,648 | 308,318,884 | |
Investment Banking & Brokerage - 0.4% | |||
The Charles Schwab Corp. | 367,427 | 23,948,892 | |
IT Consulting & Other Services - 0.4% | |||
Accenture PLC, Class A | 89,788 | 24,803,935 | |
Life & Health Insurance - 0.1% | |||
Lincoln National Corp. | 163,147 | 10,159,164 | |
Life Sciences Tools & Services - 1.2% | |||
IQVIA Holdings Inc. (a) | 401,051 | 77,458,990 | |
Managed Healthcare - 2.0% | |||
Centene Corp. (a) | 857,794 | 54,821,615 | |
UnitedHealth Group Inc. | 208,290 | 77,498,460 | |
132,320,075 | |||
Movies & Entertainment - 2.4% | |||
Netflix Inc. (a) | 80,465 | 41,975,372 | |
The Walt Disney Co. (a) | 600,717 | 110,844,301 | |
152,819,673 | |||
Multi-Line Insurance - 0.3% | |||
American International Group Inc. | 405,179 | 18,723,322 | |
Multi-Sector Holdings - 1.2% | |||
Berkshire Hathaway Inc., Class B (a) | 300,852 | 76,858,660 | |
Multi-Utilities - 1.7% | |||
Sempra Energy | 808,203 | 107,151,554 | |
Oil & Gas Equipment & Services - 0.3% | |||
Schlumberger N.V. | 624,810 | 16,988,584 | |
Oil & Gas Exploration & Production - 1.4% | |||
ConocoPhillips | 1,283,583 | 67,991,392 | |
Pioneer Natural Resources Co. | 150,559 | 23,911,780 | |
91,903,172 | |||
Packaged Foods & Meats - 1.4% | |||
Mondelez International Inc., Class A | 1,550,646 | 90,759,310 | |
Personal Products - 0.4% | |||
The Estee Lauder Companies Inc., Class A | 98,296 | 28,589,392 | |
Pharmaceuticals - 4.1% | |||
Bristol-Myers Squibb Co. | 756,646 | 47,767,062 | |
Elanco Animal Health Inc. (a) | 1,426,207 | 42,001,796 | |
Johnson & Johnson | 217,213 | 35,698,957 | |
Merck & Company Inc. | 1,470,091 | 113,329,315 | |
Viatris Inc. (a) | 1,817,665 | 25,392,780 | |
264,189,910 | |||
Property & Casualty Insurance - 1.1% | |||
Chubb Ltd. | 453,103 | 71,576,681 |
Number of Shares | Fair Value | ||
Railroads - 0.7% | |||
Union Pacific Corp. | 207,269 | $45,684,160 | |
Regional Banks - 3.1% | |||
First Republic Bank | 515,112 | 85,894,926 | |
Regions Financial Corp. | 3,691,264 | 76,261,514 | |
SVB Financial Group (a) | 76,661 | 37,844,469 | |
200,000,909 | |||
Restaurants - 0.6% | |||
McDonald's Corp. | 184,770 | 41,414,348 | |
Semiconductor Equipment - 1.9% | |||
Applied Materials Inc. | 936,451 | 125,109,854 | |
Semiconductors - 4.2% | |||
NVIDIA Corp. | 137,995 | 73,679,670 | |
QUALCOMM Inc. | 799,762 | 106,040,444 | |
Texas Instruments Inc. | 492,365 | 93,052,061 | |
272,772,175 | |||
Soft Drinks - 0.8% | |||
PepsiCo Inc. | 385,571 | 54,539,018 | |
Specialized REITs - 0.4% | |||
American Tower Corp. | 119,666 | 28,607,354 | |
Specialty Chemicals - 0.6% | |||
DuPont de Nemours Inc. | 190,870 | 14,750,434 | |
Ecolab Inc. | 50,696 | 10,852,493 | |
PPG Industries Inc. | 76,432 | 11,484,672 | |
37,087,599 | |||
Systems Software - 6.3% | |||
Microsoft Corp. | 1,470,017 | 346,585,908 | |
Oracle Corp. | 537,187 | 37,694,412 | |
ServiceNow Inc. (a) | 49,467 | 24,738,941 | |
409,019,261 | |||
Technology Hardware, Storage & Peripherals - 4.7% | |||
Apple Inc. | 2,492,783 | 304,493,443 | |
Trading Companies & Distributors - 1.5% | |||
United Rentals Inc. (a) | 290,097 | 95,531,843 | |
Trucking - 0.1% | |||
Lyft Inc., Class A (a) | 96,788 | 6,115,066 | |
Wireless Telecommunication Services - 0.3% | |||
T-Mobile US Inc. (a) | 161,434 | 20,226,066 | |
Total Common Stock (Cost $3,733,646,428) | 6,388,390,064 | ||
Total Investments (Cost $3,733,646,428) | 6,388,390,064 | ||
Other Assets and Liabilities, net - 1.2% | 74,582,160 | ||
NET ASSETS - 100.0% | $6,462,972,224 |
The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s summary prospectus and statutory prospectus for complete descriptions of investment objectives, policies, risks and permissible investments.
See accompanying notes to schedule of investments.
2
GE RSP U.S. Equity Fund
Schedule of Investments
March 31, 2021 (Unaudited)
(a) | Non-income producing security. |
† | Percentages are based on net assets as of March 31, 2021. |
See accompanying notes to schedule of investments.
3
GE RSP U.S. Equity Fund
Schedule of Investments
March 31, 2021 (Unaudited)
The following table presents the Fund’s investments measured at fair value on a recurring basis at March 31, 2021:
Fund | Investments | Level 1 | Level 2 | Level 3 | Total | |||||
GE RSP U.S. Equity Fund | Investments in Securities | |||||||||
Common Stock | $6,388,390,064 | $— | $— | $6,388,390,064 |
See accompanying notes to schedule of investments.
4
GE RSP U.S. Equity Fund
Notes to Schedule of Investments
March 31, 2021 (Unaudited)
Security Valuation
The Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board of Trustees of the Trust (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value the Fund’s investments by major category are as follows:
•Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
•Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability;
•Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of the Fund’s investments according to the fair value hierarchy as of March 31, 2021 is disclosed in the Fund’s respective Schedule of Investments.
Reorganization of the Fund
On May 24, 2021, the Fund reorganized into a newly organized series of State Street Institutional Investment Trust, the State Street U.S. Core Equity Fund.
5