State Street Variable Insurance Series Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04041

STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC.

(Exact name of registrant as specified in charter)

1600 Summer Street, Stamford, Connecticut 06905

(Address of principal executive offices) (Zip code)

(Name and Address of Agent for Service)	Copy to:
Joshua A. Weinberg, Esq. Managing Director and Managing Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210	Christopher E. Palmer, Esq. Goodwin Procter LLP 901 New York Avenue, N.W. Washington, DC 20001

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2018

Item 1. Shareholder Reports.

Semi-Annual Report

June 30, 2018

State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Semi-Annual Report

June 30, 2018 (Unaudited)

Table of Contents

	Page
Fund Information		1
Understanding Your Fund’s Expenses		2
Schedule of Investments		3
Financial Statements
Financial Highlights		13
Statement of Assets and Liabilities		14
Statement of Operations		15
Statements of Changes in Net Assets		16
Notes to Financial Statements		17
Other Information		21

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

State Street S&P 500 Index V.I.S. Fund

Fund Information — June 30, 2018 (Unaudited)

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

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

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

Sector Allocation

Portfolio Composition as a % of Fair Value of $184,870 (in thousands) as of June 30, 2018 ^(a)(b)

Top Ten Largest Holdings

as of June 30, 2018 (as a % of Fair Value) ^(a)(b)

Apple Inc.	3.88	%
Microsoft Corp.	3.23	%
Amazon.com Inc.	2.92	%
Facebook Inc., Class A	2.00	%
Berkshire Hathaway Inc., Class B	1.54	%
JPMorgan Chase & Co.	1.52	%
Exxon Mobil Corp.	1.50	%
Alphabet Inc., Class A	1.45	%
Alphabet Inc., Class C	1.44	%
Johnson & Johnson	1.39	%

(a) Fair Value basis is inclusive of short-term investment in State Street Institutional U.S. Government 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 Global Advisors Funds Distributors, LLC, member of FINRA & SIPC is the principal underwriter and distributor of the State Street V.I.S. Funds and an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. The Funds pay State Street Bank and Trust Company for its services as custodian and Fund Accounting agent, and pay SSGA Funds Management, Inc. for investment advisory and administrative services.

State Street S&P 500 Index V.I.S. Fund 1

State Street S&P 500 Index V.I.S. Fund

Understanding Your Fund’s Expenses — (Unaudited)

As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value January 1, 2018	$	1,000.00	$	1,024.70
Ending Account Value
June 30, 2018	$	1,000.00	$	1,023.06
Expenses paid during the period*	$	1.76	$	1.76

* Expenses are equal to the Fund’s annualized expense ratio of 0.35% (for the period January 1, 2017-June 30, 2017), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2 State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Common Stock - 98.3%†
Advertising - 0.1%
Omnicom Group Inc.		1,743		132,938
The Interpublic Group of Companies Inc.		2,720		63,757
				196,695
Aerospace & Defense - 2.6%
Arconic Inc.		3,788		64,434
General Dynamics Corp.		2,212		412,339
Harris Corp.		900		130,086
Huntington Ingalls Industries Inc.		400		86,716
L3 Technologies Inc.		589		113,276
Lockheed Martin Corp.		1,968		581,406
Northrop Grumman Corp.		1,397		429,857
Raytheon Co.		2,261		436,780
Rockwell Collins Inc.		1,236		166,464
Textron Inc.		1,925		126,877
The Boeing Co.		4,284		1,437,325
TransDigm Group Inc.		333		114,932
United Technologies Corp.		5,789		723,799
				4,824,291
Agricultural & Farm Machinery - 0.2%
Deere & Co.		2,606		364,319
Agricultural Products - 0.1%
Archer-Daniels-Midland Co.		4,324		198,169
Air Freight & Logistics - 0.7%
CH Robinson Worldwide Inc.		1,229		102,818
Expeditors International of Washington Inc.		1,399		102,267
FedEx Corp.		1,988		451,396
United Parcel Service Inc., Class B		5,540		588,514
				1,244,995
Airlines - 0.4%
Alaska Air Group Inc.		1,000		60,390
American Airlines Group Inc.		3,098		117,600
Delta Air Lines Inc.		5,143		254,784
Southwest Airlines Co.		4,249		216,189
United Continental Holdings Inc. (a)		1,850		129,001
				777,964
Alternative Carriers - 0.1%
CenturyLink Inc.		7,333		136,687
Aluminum - 0.0%*
Alcoa Corp. (a)		1		47

	Number of Shares		Fair Value $
Apparel Retail - 0.5%
Foot Locker Inc.		800		42,120
L Brands Inc.		2,188		80,694
Ross Stores Inc.		2,896		245,436
The Gap Inc.		1,676		54,286
The TJX Companies Inc.		4,969		472,949
				895,485
Apparel, Accessories & Luxury Goods - 0.4%
Hanesbrands Inc.		2,400		52,848
Michael Kors Holdings Ltd. (a)		1,222		81,385
PVH Corp.		669		100,163
Ralph Lauren Corp.		400		50,288
Tapestry Inc.		2,289		106,919
Under Armour Inc., Class A (a)		1,700		38,216
Under Armour Inc., Class C (a)		1,712		36,089
VF Corp.		2,702		220,267
				686,175
Application Software - 1.5%
Adobe Systems Inc. (a)		3,909		953,053
ANSYS Inc. (a)		700		121,926
Autodesk Inc. (a)		1,648		216,036
Cadence Design Systems Inc. (a)		2,200		95,282
Citrix Systems Inc. (a)		1,107		116,058
Intuit Inc.		1,900		388,180
salesforce.com Inc. (a)		5,509		751,428
Synopsys Inc. (a)		1,199		102,598
Verint Systems Inc. (a)		1		44
				2,744,605
Asset Management & Custody Banks - 1.1%
Affiliated Managers Group Inc.		400		59,468
Ameriprise Financial Inc.		1,205		168,555
BlackRock Inc.		976		487,063
Franklin Resources Inc.		2,600		83,330
Invesco Ltd.		3,250		86,320
Northern Trust Corp.		1,696		174,501
State Street Corp. (b)		2,911		270,985
T Rowe Price Group Inc.		1,940		225,215
The Bank of New York Mellon Corp.		8,176		440,932
				1,996,369
Auto Parts & Equipment - 0.1%
Aptiv PLC		2,056		188,391
BorgWarner Inc.		1,747		75,401
				263,792
Automobile Manufacturers - 0.4%
Ford Motor Co.		31,182		345,185

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

State Street S&P 500 Index V.I.S. Fund 3

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
General Motors Co.		9,986		393,448
				738,633
Automotive Retail - 0.3%
Advance Auto Parts Inc.		622		84,406
AutoZone Inc. (a)		198		132,844
CarMax Inc. (a)		1,390		101,289
O’Reilly Automotive Inc. (a)		638		174,538
				493,077
Biotechnology - 2.5%
AbbVie Inc.		11,934		1,105,685
Alexion Pharmaceuticals Inc. (a)		1,701		211,179
Amgen Inc.		5,280		974,635
Biogen Inc. (a)		1,658		481,218
Celgene Corp. (a)		5,457		433,395
Gilead Sciences Inc.		10,205		722,922
Incyte Corp. (a)		1,400		93,800
Regeneron Pharmaceuticals Inc. (a)		550		189,745
Vertex Pharmaceuticals Inc. (a)		1,900		322,924
				4,535,503
Brewers - 0.1%
Molson Coors Brewing Co., Class B		1,598		108,728
Broadcasting - 0.1%
CBS Corp., Class B		2,596		145,947
Discovery Inc., Class A (a)		1,497		41,168
Discovery Inc., Class C (a)		2,636		67,218
				254,333
Building Products - 0.3%
Allegion PLC		733		56,705
AO Smith Corp.		1,300		76,895
Fortune Brands Home & Security Inc.		1,000		53,690
Johnson Controls International PLC		7,042		235,555
Masco Corp.		2,542		95,121
				517,966
Cable & Satellite - 0.9%
Charter Communications Inc., Class A (a)		1,500		439,815
Comcast Corp., Class A		36,253		1,189,461
DISH Network Corp., Class A (a)		2,100		70,581
				1,699,857
Casinos & Gaming - 0.1%
MGM Resorts International		4,200		121,926

	Number of Shares		Fair Value $
Wynn Resorts Ltd.		591		98,898
				220,824
Commodity Chemicals - 0.2%
LyondellBasell Industries N.V., Class A		2,610		286,709
Communications Equipment - 1.0%
Cisco Systems Inc.		37,161		1,599,038
F5 Networks Inc. (a)		400		68,980
Juniper Networks Inc.		2,800		76,776
Motorola Solutions Inc.		1,244		144,764
				1,889,558
Computer & Electronics Retail - 0.1%
Best Buy Company Inc.		1,895		141,329
Construction & Engineering - 0.1%
Fluor Corp.		1,178		57,463
Jacobs Engineering Group Inc.		850		53,966
Quanta Services Inc. (a)		1,200		40,080
				151,509
Construction Machinery & Heavy Trucks - 0.5%
Caterpillar Inc.		4,808		652,301
Cummins Inc.		1,256		167,048
PACCAR Inc.		2,703		167,478
				986,827
Construction Materials - 0.1%
Martin Marietta Materials Inc.		500		111,665
Vulcan Materials Co.		973		125,575
				237,240
Consumer Electronics - 0.0%*
Garmin Ltd.		1,000		61,000
Consumer Finance - 0.7%
American Express Co.		5,758		564,284
Capital One Financial Corp.		3,773		346,739
Discover Financial Services		2,677		188,487
Synchrony Financial		5,358		178,850
				1,278,360
Copper - 0.1%
Freeport-McMoRan Inc.		10,498		181,195
Data Processing & Outsourced Services - 3.2%
Alliance Data Systems Corp.		425		99,110
Automatic Data Processing Inc.		3,485		467,478
Broadridge Financial Solutions Inc.		900		103,590
Fidelity National Information Services Inc.		2,600		275,678

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

4 State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Fiserv Inc. (a)		3,358		248,794
FleetCor Technologies Inc. (a)		700		147,455
Global Payments Inc.		1,263		140,812
Mastercard Inc., Class A		7,212		1,417,302
Paychex Inc.		2,534		173,199
PayPal Holdings Inc. (a)		8,960		746,099
The Western Union Co.		3,224		65,544
Total System Services Inc.		1,302		110,045
Visa Inc., Class A		14,020		1,856,949
				5,852,055
Department Stores - 0.1%
Kohl’s Corp.		1,273		92,802
Macy’s Inc.		2,334		87,361
Nordstrom Inc.		992		51,366
				231,529
Distillers & Vintners - 0.2%
Brown-Forman Corp., Class B		1,925		94,344
Constellation Brands Inc., Class A		1,279		279,935
				374,279
Distributors - 0.1%
Genuine Parts Co.		1,145		105,099
LKQ Corp. (a)		2,452		78,219
				183,318
Diversified Banks - 4.8%
Bank of America Corp.		74,691		2,105,539
Citigroup Inc.		20,117		1,346,230
JPMorgan Chase & Co.		27,014		2,814,859
U.S. Bancorp		12,449		622,699
Wells Fargo & Co.		34,643		1,920,608
				8,809,935
Diversified Chemicals - 0.7%
DowDuPont Inc.		18,425		1,214,576
Eastman Chemical Co.		1,118		111,755
				1,326,331
Diversified Support Services - 0.1%
Cintas Corp.		664		122,886
Copart Inc. (a)		1,600		90,496
				213,382
Drug Retail - 0.2%
Walgreens Boots Alliance Inc.		6,613		396,879
Electric Utilities - 1.8%
Alliant Energy Corp.		1,600		67,712
American Electric Power Company Inc.		3,883		268,898

	Number of Shares		Fair Value $
Duke Energy Corp.		5,404		427,348
Edison International		2,742		173,486
Entergy Corp.		1,553		125,467
Evergy Inc.		2,199		123,474
Eversource Energy		2,630		154,144
Exelon Corp.		7,834		333,729
FirstEnergy Corp.		3,754		134,806
NextEra Energy Inc.		3,702		618,345
PG&E Corp.		4,254		181,050
Pinnacle West Capital Corp.		900		72,504
PPL Corp.		5,737		163,791
The Southern Co.		8,058		373,166
Xcel Energy Inc.		3,780		172,671
				3,390,591
Electrical Components & Equipment - 0.5%
AMETEK Inc.		1,800		129,888
Eaton Corporation PLC		3,345		250,005
Emerson Electric Co.		5,126		354,412
Rockwell Automation Inc.		1,019		169,388
				903,693
Electronic Components - 0.2%
Amphenol Corp., Class A		2,400		209,160
Corning Inc.		6,434		176,999
				386,159
Electronic Equipment & Instruments - 0.0%*
FLIR Systems Inc.		1,100		57,167
Electronic Manufacturing Services - 0.2%
IPG Photonics Corp. (a)		300		66,189
TE Connectivity Ltd.		2,854		257,031
				323,220
Environmental & Facilities Services - 0.2%
Republic Services Inc.		1,915		130,909
Stericycle Inc. (a)		800		52,232
Waste Management Inc.		3,103		252,398
				435,539
Fertilizers & Agricultural Chemicals - 0.1%
CF Industries Holdings Inc.		1,685		74,814
FMC Corp.		1,122		100,094
The Mosaic Co.		2,500		70,125
				245,033
Financial Exchanges & Data - 0.9%
Cboe Global Markets Inc.		800		83,256
CME Group Inc.		2,674		438,322
Intercontinental Exchange Inc.		4,655		342,375
Moody’s Corp.		1,329		226,674

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

State Street S&P 500 Index V.I.S. Fund 5

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
MSCI Inc.		700		115,801
Nasdaq Inc.		968		88,350
S&P Global Inc.		2,026		413,081
				1,707,859
Food Distributors - 0.1%
Sysco Corp.		3,749		256,019
Food Retail - 0.1%
The Kroger Co.		6,090		173,261
Footwear - 0.4%
NIKE Inc., Class B		10,142		808,115
General Merchandise Stores - 0.4%
Dollar General Corp.		2,100		207,060
Dollar Tree Inc. (a)		1,948		165,580
Target Corp.		4,295		326,935
				699,575
Gold - 0.1%
Newmont Mining Corp.		4,419		166,640
Health Care REITs - 0.2%
HCP Inc.		4,074		105,191
Ventas Inc.		2,629		149,721
Welltower Inc.		3,100		194,339
				449,251
Healthcare Distributors - 0.3%
AmerisourceBergen Corp.		1,261		107,525
Cardinal Health Inc.		2,668		130,278
Henry Schein Inc. (a)		1,098		79,759
McKesson Corp.		1,489		198,633
				516,195
Healthcare Equipment - 2.8%
Abbott Laboratories		13,614		830,318
ABIOMED Inc. (a)		300		122,715
Baxter International Inc.		3,777		278,894
Becton Dickinson and Co.		2,083		499,003
Boston Scientific Corp. (a)		10,899		356,397
Danaher Corp.		4,900		483,532
Edwards Lifesciences Corp. (a)		1,600		232,912
Hologic Inc. (a)		2,400		95,400
IDEXX Laboratories Inc. (a)		700		152,558
Intuitive Surgical Inc. (a)		869		415,799
Medtronic PLC		10,606		907,980
ResMed Inc.		1,200		124,296
Stryker Corp.		2,581		435,828
Varian Medical Systems Inc. (a)		634		72,098
Zimmer Biomet Holdings Inc.		1,640		182,762
				5,190,492

	Number of Shares		Fair Value $
Healthcare Facilities - 0.2%
HCA Healthcare Inc.		2,191		224,797
Universal Health Services Inc., Class B		758		84,471
				309,268
Healthcare Services - 0.7%
CVS Health Corp.		8,189		526,962
DaVita Inc. (a)		1,158		80,412
Envision Healthcare Corp. (a)		1,085		47,751
Express Scripts Holding Co. (a)		4,488		346,518
Laboratory Corporation of America Holdings (a)		800		143,624
Quest Diagnostics Inc.		1,000		109,940
				1,255,207
Healthcare Supplies - 0.2%
Align Technology Inc. (a)		600		205,284
DENTSPLY SIRONA Inc.		2,032		88,940
The Cooper Companies Inc.		415		97,712
				391,936
Healthcare Technology - 0.1%
Cerner Corp. (a)		2,400		143,496
Home Building - 0.2%
D.R. Horton Inc.		2,900		118,900
Lennar Corp., Class A		2,100		110,250
PulteGroup Inc.		2,235		64,256
				293,406
Home Entertainment Software - 0.5%
Activision Blizzard Inc.		6,100		465,552
Electronic Arts Inc. (a)		2,438		343,807
Take-Two Interactive Software Inc. (a)		900		106,524
				915,883
Home Furnishings - 0.1%
Leggett & Platt Inc.		1,000		44,640
Mohawk Industries Inc. (a)		500		107,135
				151,775
Home Improvement Retail - 1.3%
Lowe’s Companies Inc.		6,531		624,168
The Home Depot Inc.		9,174		1,789,847
				2,414,015
Hotel & Resort REITs - 0.1%
Host Hotels & Resorts Inc.		5,617		118,350

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

6 State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Hotels, Resorts & Cruise Lines - 0.5%
Carnival Corp.		3,300		189,123
Hilton Worldwide Holdings Inc.		2,100		166,236
Marriott International Inc., Class A		2,382		301,561
Norwegian Cruise Line Holdings Ltd. (a)		1,500		70,875
Royal Caribbean Cruises Ltd.		1,263		130,847
				858,642
Household Appliances - 0.0%*
Whirlpool Corp.		551		80,573
Household Products - 1.4%
Church & Dwight Company Inc.		1,838		97,708
Colgate-Palmolive Co.		7,053		457,105
Kimberly-Clark Corp.		2,812		296,216
The Clorox Co.		1,045		141,336
The Procter & Gamble Co.		19,796		1,545,276
				2,537,641
Housewares & Specialties - 0.0%*
Newell Brands Inc.		3,534		91,142
Human Resource & Employment Services - 0.0%*
Robert Half International Inc.		875		56,963
Hypermarkets & Super Centers - 0.9%
Costco Wholesale Corp.		3,509		733,311
Walmart Inc.		11,301		967,930
				1,701,241
Independent Power Producers & Energy Traders - 0.1%
AES Corp.		5,500		73,755
NRG Energy Inc.		2,538		77,917
				151,672
Industrial Conglomerates - 1.6%
3M Co.		4,691		922,813
General Electric Co.		69,062		939,934
Honeywell International Inc.		5,891		848,599
Roper Technologies Inc.		803		221,556
				2,932,902
Industrial Gases - 0.3%
Air Products & Chemicals Inc.		1,741		271,126
Praxair Inc.		2,314		365,959
				637,085
Industrial Machinery - 0.7%
Dover Corp.		1,309		95,819
Flowserve Corp.		900		36,360

	Number of Shares		Fair Value $
Fortive Corp.		2,500		192,775
Illinois Tool Works Inc.		2,460		340,808
Ingersoll-Rand PLC		2,000		179,460
Parker-Hannifin Corp.		1,034		161,149
Pentair PLC		1,407		59,207
Snap-on Inc.		509		81,806
Stanley Black & Decker Inc.		1,099		145,958
Xylem Inc.		1,281		86,314
				1,379,656
Industrial REITs - 0.2%
Duke Realty Corp.		3,100		89,993
Prologis Inc. REIT		4,029		264,665
				354,658
Insurance Brokers - 0.5%
Aon PLC		1,934		265,287
Arthur J Gallagher & Co.		1,427		93,154
Marsh & McLennan Companies Inc.		4,109		336,815
Willis Towers Watson PLC		1,058		160,393
				855,649
Integrated Oil & Gas - 2.8%
Chevron Corp.		15,049		1,902,645
Exxon Mobil Corp.		33,535		2,774,350
Occidental Petroleum Corp.		6,157		515,218
				5,192,213
Integrated Telecommunication Services - 1.9%
AT&T Inc.		57,166		1,835,600
Verizon Communications Inc.		32,592		1,639,704
				3,475,304
Internet & Direct Marketing Retail - 4.1%
Amazon.com Inc. (a)		3,175		5,396,865
Booking Holdings Inc. (a)		373		756,105
Expedia Group Inc.		850		102,161
Netflix Inc. (a)		3,428		1,341,822
TripAdvisor Inc. (a)		650		36,212
				7,633,165
Internet Software & Services - 5.2%
Akamai Technologies Inc. (a)		1,333		97,615
Alphabet Inc., Class A (a)		2,367		2,672,793
Alphabet Inc., Class C (a,c)		2,386		2,661,941
eBay Inc. (a)		7,560		274,126
Facebook Inc., Class A (a)		18,985		3,689,165
Twitter Inc. (a)		5,100		222,717
VeriSign Inc. (a)		662		90,972
				9,709,329

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

State Street S&P 500 Index V.I.S. Fund 7

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares			Fair Value $
Investment Banking & Brokerage - 1.0%
E*TRADE Financial Corp. (a)		2,040	��		124,766
Morgan Stanley		10,929			518,035
Raymond James Financial Inc.		1,100			98,285
The Charles Schwab Corp.		9,611			491,122
The Goldman Sachs Group Inc.		2,803			618,258
					1,850,466
IT Consulting & Other Services - 1.3%
Accenture PLC, Class A		5,045			825,312
Cognizant Technology Solutions Corp., Class A		4,519			356,956
DXC Technology Co.		2,324			187,338
Gartner Inc. (a)		800			106,320
International Business Machines Corp.		6,745			942,276
					2,418,202
Leisure Products - 0.1%
Hasbro Inc.		996			91,941
Mattel Inc.		3,296			54,120
					146,061
Life & Health Insurance - 0.7%
Aflac Inc.		6,348			273,091
Brighthouse Financial Inc. (a)		841			33,699
Lincoln National Corp.		1,759			109,498
MetLife Inc.		7,860			342,696
Principal Financial Group Inc.		2,111			111,777
Prudential Financial Inc.		3,401			318,028
Torchmark Corp.		966			78,642
Unum Group		1,589			58,777
					1,326,208
Life Sciences Tools & Services - 0.9%
Agilent Technologies Inc.		2,538			156,950
Illumina Inc. (a)		1,201			335,427
IQVIA Holdings Inc. (a)		1,200			119,784
Mettler-Toledo International Inc. (a)		207			119,776
PerkinElmer Inc.		1,011			74,036
Thermo Fisher Scientific Inc.		3,228			668,648
Waters Corp. (a)		584			113,057
					1,587,678
Managed Healthcare - 2.0%
Aetna Inc. (c)		2,627			482,055
Anthem Inc.		1,981			471,537
Centene Corp. (a)		1,600			197,136
Cigna Corp.		1,909			324,435
Humana Inc.		1,027			305,666

	Number of Shares		Fair Value $
UnitedHealth Group Inc.		7,548		1,851,826
				3,632,655
Metal & Glass Containers - 0.1%
Ball Corp.		2,682		95,345
Motorcycle Manufacturers - 0.0%*
Harley-Davidson Inc.		1,535		64,593
Movies & Entertainment - 1.0%
The Walt Disney Co.		11,815		1,238,330
Twenty-First Century Fox Inc., Class A		8,190		406,961
Twenty-First Century Fox Inc., Class B		3,392		167,124
Viacom Inc., Class B		2,846		85,835
				1,898,250
Multi-Line Insurance - 0.4%
American International Group Inc.		7,287		386,357
Assurant Inc.		500		51,745
Loews Corp.		1,862		89,897
The Hartford Financial Services Group Inc.		2,944		150,527
				678,526
Multi-Sector Holdings - 1.6%
Berkshire Hathaway Inc., Class B (a)		15,222		2,841,186
Jefferies Financial Group Inc.		2,200		50,028
				2,891,214
Multi-Utilities - 0.9%
Ameren Corp.		1,942		118,171
CenterPoint Energy Inc.		3,718		103,026
CMS Energy Corp.		2,400		113,472
Consolidated Edison Inc.		2,555		199,239
Dominion Energy Inc.		4,982		339,673
DTE Energy Co.		1,366		141,558
NiSource Inc.		2,515		66,094
Public Service Enterprise Group Inc.		4,192		226,955
SCANA Corp.		1,100		42,372
Sempra Energy		2,132		247,546
WEC Energy Group Inc.		2,474		159,944
				1,758,050
Office REITs - 0.2%
Alexandria Real Estate Equities Inc.		800		100,936
Boston Properties Inc.		1,298		162,795
SL Green Realty Corp.		800		80,424

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

8 State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Vornado Realty Trust		1,511		111,693
				455,848
Oil & Gas Drilling - 0.0%*
Helmerich & Payne Inc.		900		57,384
Oil & Gas Equipment & Services - 0.7%
Baker Hughes a GE Co.		2,981		98,463
Halliburton Co.		6,850		308,661
National Oilwell Varco Inc.		2,846		123,516
Schlumberger Ltd.		10,971		735,386
TechnipFMC PLC		3,386		107,472
				1,373,498
Oil & Gas Exploration & Production - 1.6%
Anadarko Petroleum Corp.		4,057		297,175
Apache Corp.		2,948		137,819
Cabot Oil & Gas Corp.		3,600		85,680
Cimarex Energy Co.		700		71,218
Concho Resources Inc. (a)		1,200		166,020
ConocoPhillips		9,340		650,251
Devon Energy Corp.		4,192		184,280
EOG Resources Inc.		4,500		559,935
EQT Corp.		2,014		111,133
Hess Corp.		2,049		137,058
Marathon Oil Corp.		7,042		146,896
Newfield Exploration Co. (a)		1,300		39,325
Noble Energy Inc.		3,700		130,536
Pioneer Natural Resources Co.		1,400		264,936
				2,982,262
Oil & Gas Refining & Marketing - 0.7%
Andeavor		1,114		146,135
HollyFrontier Corp.		1,300		88,959
Marathon Petroleum Corp.		3,690		258,890
Phillips 66		3,361		377,474
Valero Energy Corp.		3,428		379,925
				1,251,383
Oil & Gas Storage & Transportation - 0.3%
Kinder Morgan Inc.		14,304		252,752
ONEOK Inc.		3,000		209,490
The Williams Companies Inc.		6,871		186,273
				648,515
Packaged Foods & Meats - 1.0%
Campbell Soup Co.		1,615		65,472
Conagra Brands Inc.		3,254		116,265
General Mills Inc.		4,436		196,337
Hormel Foods Corp.		2,400		89,304
Kellogg Co.		1,890		132,054

	Number of Shares		Fair Value $
McCormick & Company Inc.		900		104,481
Mondelez International Inc., Class A		11,435		468,835
The Hershey Co.		1,216		113,161
The JM Smucker Co.		947		101,784
The Kraft Heinz Co.		4,795		301,222
Tyson Foods Inc., Class A		2,362		162,624
				1,851,539
Paper Packaging - 0.3%
Avery Dennison Corp.		692	��	70,653
International Paper Co.		3,430		178,634
Packaging Corporation of America		800		89,432
Sealed Air Corp.		1,331		56,501
WestRock Co.		2,175		124,019
				519,239
Personal Products - 0.2%
Coty Inc., Class A		3,445		48,574
The Estee Lauder Companies Inc., Class A		1,779		253,846
				302,420
Pharmaceuticals - 4.3%
Allergan PLC (c)		2,651		441,975
Bristol-Myers Squibb Co.		12,787		707,632
Eli Lilly & Co.		7,654		653,116
Johnson & Johnson		21,212		2,573,864
Merck & Company Inc.		21,268		1,290,968
Mylan N.V. (a)		3,904		141,090
Nektar Therapeutics (a)		1,300		63,479
Perrigo Company PLC		975		71,087
Pfizer Inc.		46,286		1,679,256
Zoetis Inc.		3,846		327,641
				7,950,108
Property & Casualty Insurance - 0.8%
Chubb Ltd.		3,661		465,021
Cincinnati Financial Corp.		1,092		73,011
The Allstate Corp.		2,786		254,278
The Progressive Corp.		4,573		270,493
The Travelers Companies Inc.		2,067		252,877
XL Group Ltd.		1,956		109,438
				1,425,118
Publishing - 0.0%*
News Corp., Class A		3,400		52,700
Railroads - 0.9%
CSX Corp.		6,773		431,982
Kansas City Southern		900		95,364

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

State Street S&P 500 Index V.I.S. Fund 9

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Norfolk Southern Corp.		2,145		323,616
Union Pacific Corp.		6,081		861,556
				1,712,518
Real Estate Services - 0.1%
CBRE Group Inc., Class A (a)		2,573		122,835
Regional Banks - 1.3%
BB&T Corp.		6,237		314,594
Citizens Financial Group Inc.		4,000		155,600
Comerica Inc.		1,356		123,288
Fifth Third Bancorp		5,350		153,545
Huntington Bancshares Inc.		8,234		121,534
KeyCorp		8,028		156,867
M&T Bank Corp.		1,190		202,478
People’s United Financial Inc.		3,200		57,888
Regions Financial Corp.		8,668		154,117
SunTrust Banks Inc.		3,829		252,791
SVB Financial Group (a)		400		115,504
The PNC Financial Services Group Inc.		3,739		505,139
Zions Bancorporation		1,500		79,035
				2,392,380
Reinsurance - 0.0%*
Everest Re Group Ltd.		300		69,144
Research & Consulting Services - 0.3%
Equifax Inc.		846		105,843
IHS Markit Ltd. (a)		2,800		144,452
Nielsen Holdings PLC		2,928		90,563
Verisk Analytics Inc. (a)		1,200		129,168
				470,026
Residential REITs - 0.4%
Apartment Investment & Management Co., Class A		1,477		62,477
AvalonBay Communities Inc.		972		167,077
Equity Residential		2,808		178,842
Essex Property Trust Inc.		500		119,535
Mid-America Apartment Communities Inc.		900		90,603
UDR Inc.		1,900		71,326
				689,860
Restaurants - 1.0%
Chipotle Mexican Grill Inc. (a)		160		69,019
Darden Restaurants Inc.		1,029		110,165
McDonald’s Corp.		6,188		969,598
Starbucks Corp.		10,824		528,752
Yum! Brands Inc.		2,574		201,338
				1,878,872

	Number of Shares		Fair Value $
Retail REITs - 0.5%
Federal Realty Investment Trust		600		75,930
GGP Inc.		5,300		108,279
Kimco Realty Corp.		3,931		66,788
Realty Income Corp.		2,400		129,096
Regency Centers Corp.		1,299		80,642
Simon Property Group Inc.		2,479		421,901
The Macerich Co.		744		42,281
				924,917
Semiconductor Equipment - 0.4%
Applied Materials Inc.		7,856		362,869
KLA-Tencor Corp.		1,178		120,780
Lam Research Corp.		1,347		232,829
				716,478
Semiconductors - 3.6%
Advanced Micro Devices Inc. (a)		6,600		98,934
Analog Devices Inc.		2,787		267,329
Broadcom Inc.		3,284		796,830
Intel Corp.		37,004		1,839,469
Microchip Technology Inc.		1,800		163,710
Micron Technology Inc. (a)		9,226		483,811
NVIDIA Corp.		4,838		1,146,122
Qorvo Inc. (a)		1,100		88,187
QUALCOMM Inc.		11,568		649,196
Skyworks Solutions Inc.		1,500		144,975
Texas Instruments Inc.		7,709		849,917
Xilinx Inc.		2,087		136,198
				6,664,678
Soft Drinks - 1.5%
Monster Beverage Corp. (a)		3,338		191,268
PepsiCo Inc.		11,154		1,214,336
The Coca-Cola Co.		30,270		1,327,642
				2,733,246
Specialized Consumer Services - 0.0%*
H&R Block Inc.		1,579		35,970
Specialized REITs - 1.2%
American Tower Corp.		3,391		488,880
Crown Castle International Corp.		3,300		355,806
Digital Realty Trust Inc.		1,700		189,686
Equinix Inc.		646		277,709
Extra Space Storage Inc.		1,000		99,810
Iron Mountain Inc.		1,886		66,029
Public Storage		1,230		279,038
SBA Communications Corp. (a)		900		148,608
Weyerhaeuser Co.		6,167		224,849
				2,130,415

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

10 State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Specialty Chemicals - 0.5%
Albemarle Corp.		900		84,897
Ecolab Inc.		2,102		294,974
International Flavors & Fragrances Inc.		647		80,202
PPG Industries Inc.		2,010		208,497
The Sherwin-Williams Co.		663		270,219
				938,789
Specialty Stores - 0.1%
Tiffany & Co.		704		92,647
Tractor Supply Co.		837		64,022
Ulta Salon Cosmetics & Fragrance Inc. (a)		400		93,384
				250,053
Steel - 0.1%
Nucor Corp.		2,559		159,938
Systems Software - 4.0%
CA Inc.		2,703		96,362
Microsoft Corp.		60,649		5,980,598
Oracle Corp.		23,497		1,035,278
Red Hat Inc. (a)		1,400		188,118
Symantec Corp.		4,672		96,476
				7,396,832
Technology Hardware, Storage & Peripherals - 4.4%
Apple Inc.		38,767		7,176,159
Hewlett Packard Enterprise Co.		12,019		175,598
HP Inc.		12,900		292,701
NetApp Inc.		2,170		170,410
Seagate Technology PLC		2,132		120,394
Western Digital Corp.		2,477		191,745
Xerox Corp.		1,811		43,464
				8,170,471

	Number of Shares		Fair Value $
Tires & Rubber - 0.0%*
The Goodyear Tire & Rubber Co.		2,019		47,023
Tobacco - 1.0%
Altria Group Inc.		14,839		842,707
Philip Morris International Inc.		12,183		983,655
				1,826,362
Trading Companies & Distributors - 0.2%
Fastenal Co.		2,200		105,886
United Rentals Inc. (a)		700		103,334
WW Grainger Inc.		382		117,809
				327,029
Trucking - 0.0%*
JB Hunt Transport Services Inc.		720		87,516
Water Utilities - 0.1%
American Water Works Company Inc.		1,400		119,531
Total Common Stock (Cost $76,506,022)				181,932,074
Short-Term Investments - 1.6%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.86% (Cost $2,937,871) (d,e)		2,937,871		2,937,871
Total Investments (Cost $79,439,893)				184,869,945
Other Assets and Liabilities, net - 0.1%				213,526
NET ASSETS - 100.0%				185,083,471

Other Information:

The Fund had the following long futures contracts open at June 30, 2018:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Depreciation
S&P 500 Emini Index Futures		September 2018		22		3,064,094	$	2,993,760	$	(70,334	)

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

State Street S&P 500 Index V.I.S. Fund 11

State Street S&P 500 Index V.I.S. Fund

Notes to Schedule of Investments — June 30, 2018 (Unaudited)

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

(a) Non-income producing security.

(b) State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

(c) At June 30, 2018, all or a portion of this security was pledged to cover collateral requirements for futures.

(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 June 30, 2018.

* Less than 0.05%.

Abbreviations:

REIT    Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2018:

Investments	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stock	$	181,932,074		$	—	$	—	$	181,932,074
Short-Term Investments		2,937,871			—		—		2,937,871
Total Investments in Securities	$	184,869,945		$	—	$	—	$	184,869,945
Other Financial Instruments
Long Futures Contracts - Unrealized Depreciation	$	(70,334	)	$	—	$	—	$	(70,334	)

	Number of Shares Held at 12/31/17		Value At 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 6/30/18		Value at 6/30/18		Dividend Income
State Street Corp.		3,111	$	303,665	$	—	$	20,315	$	6,151	$	(18,516	)		2,911	$	270,985	$	2,445
State Street Institutional U.S. Government Money Market Fund - Class G Shares		2,080,142		2,080,142		11,739,588		10,881,859		—		—			2,937,871	$	2,937,871		15,649
TOTAL			$	2,383,807	$	11,739,588	$	10,902,174	$	6,151	$	(18,516	)			$	3,208,856	$	18,094

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

12 State Street S&P 500 Index V.I.S. Fund

State Street S&P 500 Index V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/18†			12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date		—			—			—			—			—			4/15/85
Net asset value, beginning of period	$	44.09		$	38.22		$	36.16		$	36.60		$	32.83		$	25.29
Income/(loss) from investment operations:
Net investment income		0.35	(a)		0.71	(a)		0.72			0.69			0.61			0.55
Net realized and unrealized gains/(losses) on investments		0.74			7.52			3.49			(0.28	)		3.76			7.53
Total income from investment operations		1.09			8.23			4.21			0.41			4.37			8.08
Less distributions from:
Net investment income		—			0.79			0.73			0.85			0.60			0.54
Net realized gains		—			1.57			1.42			—			—			—
Total distributions		—			2.36			2.15			0.85			0.60			0.54
Net asset value, end of period	$	45.18		$	44.09		$	38.22		$	36.16		$	36.60		$	32.83
Total return(b)		2.47	%		21.50	%		11.61	%		1.07	%		13.28	%		31.97	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	185,083		$	194,117		$	180,761		$	179,395		$	203,262		$	206,556
Ratios to average net assets:
Net expenses		0.35	%**		0.32	%		0.34	%(d)		0.37	%(d)		0.41	%(c)(d)		0.35	%(c)(d)
Gross expenses		0.35	%**		0.32	%		0.37	%		0.42	%		0.46	%		0.40	%
Net investment income		1.58	%**		1.69	%		1.86	%		1.72	%		1.65	%		1.75	%
Portfolio turnover rate		1	%		2	%		2	%		2	%		2	%		3	%

Notes to Financial Highlights

(a) Per share values have been calculated using the average share method.

(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

(c) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

(d) Reflects a contractual arrangement with GE Asset Management Incorporated, the Fund’s investment adviser and administrator prior to July 1, 2016, to limit the advisory and administrative fee charged to the Fund to 0.30% of the average daily net assets of the Fund.

† Unaudited.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

** Annualized for periods less than one year.

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

Financial Highlights 13

State Street S&P 500 Index V.I.S. Fund

Statement of Assets and Liabilities — June 30, 2018 (Unaudited)

Assets
Investments in securities, at fair value (cost $76,333,629)	$	181,661,091
Investments in affiliated securities, at fair value (cost $168,393)		270,985
Short-term affiliated investments, at fair value		2,937,871
Cash		1,054
Cash collateral on deposit with broker for Future Contracts		195,766
Receivable for investments sold		182,909
Income receivables		150,854
Income receivable from affiliated investments		3,334
Other assets		16
Total assets		185,403,880
Liabilities
Payable for investments purchased		90,500
Payable for fund shares redeemed		84,542
Payable for Accumulated variation margin on Futures		70,285
Payable to the Adviser		38,706
Payable to the Custodian		11,873
Accrued other expenses		24,503
Total liabilities		320,409
Net Assets	$	185,083,471
Net Assets Consist of:
Capital paid in	$	76,592,026
Undistributed (distributions in excess of) net investment income		1,476,552
Accumulated net realized gain		1,655,173
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		105,327,462
Affiliated investments		102,592
Futures		(70,334	)
Net Assets	$	185,083,471
Shares outstanding ($0.01 par value; unlimited shares authorized)		4,096,963
Net asset value per share	$	45.18

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

14 Statements of Assets and Liabilities

State Street S&P 500 Index V.I.S. Fund

Statements of Operations — For the period ended June 30, 2018 (Unaudited)

Investment Income
Income
Dividend	$	1,797,686
Income from affiliated investments		18,094
Total income		1,815,780
Expenses
Advisory and administration fees		238,875
Directors’ fees		14,461
Custody and accounting expenses		24,416
Professional fees		20,211
Other expenses		27,964
Total expenses		325,927
Net investment income	$	1,489,853
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	6,642,668
Affiliated investments		6,151
Futures		139,732
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(3,424,602	)
Affiliated investments		(18,516	)
Futures		(111,716	)
Net realized and unrealized gain (loss) on investments		3,233,717
Net increase in net assets resulting from operations	$	4,723,570

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

Statements of Operations 15

State Street S&P 500 Index V.I.S. Fund

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018(a)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	1,489,853		$	3,149,646
Net realized gain (loss) on		6,788,551			7,133,916
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		(3,554,834	)		26,115,746
Net increase (decrease) from operations		4,723,570			36,399,308
Distributions to shareholders from:
Net investment income		—			(3,286,275	)
Net realized gains		—			(6,559,166	)
Total distributions		—			(9,845,441	)
Increase (decrease) in assets from operations and distributions		4,723,570			26,553,867
Share transactions:
Proceeds from sale of shares		1,554,571			3,059,520
Value of distributions reinvested		—			9,845,441
Cost of shares redeemed		(15,312,038	)		(26,102,452	)
Net increase (decrease) from share transactions		(13,757,467	)		(13,197,491	)
Total increase (decrease) in net assets		(9,033,897	)		13,356,376
Net Assets
Beginning of period		194,117,368			180,760,992
End of period	$	185,083,471		$	194,117,368
Undistributed (distributions in excess of) net investment income, end of period	$	1,476,552		$	(13,301	)
Changes in Fund Shares
Shares sold		34,370			73,043
Issued for distributions reinvested		—			222,798
Shares redeemed		(340,359	)		(622,096	)
Net decrease in fund shares		(305,989	)		(326,255	)

(a) Unaudited.

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

16 Statements of Changes in Net Assets

State Street S&P 500 Index V.I.S. Fund

Notes to Financial Statements — June 30, 2018 (Unaudited)

1. Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”); State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund (the “Fund”), State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

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 Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for determining 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.

• 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.

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.

Notes to Financial Statements 17

State Street S&P 500 Index V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

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 June 30, 2018 is disclosed in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the beginning of the reporting period. The Fund had no material transfers between levels for the six-month period ended June 30, 2018.

Investment Transactions and Income Recognition  Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.

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

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

Expenses  Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

Distributions  The Fund declares and pays any dividends from net investment income annually.

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

3. Derivative Financial Instruments

Futures Contracts  The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

18 Notes to Financial Statements

State Street S&P 500 Index V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate the movement of the assets underlying such contracts.

For the six-month period ended June 30, 2018 the Fund entered into futures contracts for cash equitization.

The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2018 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Liability Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
State Street S&P 500 Index V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(70,285	)	$	—	$	(70,285	)

Net Realized Gain (Loss)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street S&P 500 Index V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	139,732	$	—	$	139,732

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
State Street S&P 500 Index V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(111,716	)	$	—	$	(111,716	)

4. Fees and Transactions with Affiliates

Advisory Fee  SSGA Funds Management, Inc. (the “Advisor” or “SSGA FM”), a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.25%.

Administrator, Sub-Administrator and Custodian Fees  State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Fund to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

Due to Custodian  In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds.

Other Transactions with affiliates  The Fund may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended June 30, 2018 are disclosed in the Schedule of Investments.

5. Directors’ Fees

The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”) are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

Notes to Financial Statements 19

State Street S&P 500 Index V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the six-month period ended June 30, 2018 were as follows:

Purchases			Sales
	$	1,629,024		$	14,281,110

7. Income Taxes

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

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

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

As of June 30, 2018, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
	$	85,210,397		$	102,511,018		$	2,921,804		$	99,589,214

8. Line of Credit

The Fund and other affiliated funds (each a “Participant” and collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless otherwise extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The Fund had no outstanding loans as of June 30, 2018.

9. Risks

Concentration Risk  As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified.

Market and Credit Risk  In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

10. Subsequent Events

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

20 Notes to Financial Statements

State Street Variable Insurance Series Funds, Inc.

Other Information (Unaudited)

Proxy Voting Policies and Procedures and Record

The Fund has adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Fund has adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, and (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330. Information regarding how the Fund voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

The Fund files its complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available (i) without charge, upon request, by calling 1-800-242-013, (ii) on the Fund’s website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, and (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330.

Other Information 21

State Street S&P 500 Index V.I.S. Funds

Other Information (Unaudited), continued

Disclosure for the Board of Directors’ Consideration of the Renewal of the Investment Advisory and Administration Agreement with SSGA Funds Management, Inc. on behalf of the State Street S&P 500 Index V.I.S. Fund

At meetings of the Board of Directors (the “Board”) of State Street Variable Insurance Series Funds, Inc. (the “V.I.S. Funds”) held on May 16, 2018 and June 5, 2018 (the “Board Meetings”), the Board members, including the Board members who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the V.I.S. Funds (“Independent Board Members”), considered and unanimously approved the continuance for an additional year of the investment advisory and administration agreement (the “Investment Advisory and Administration Agreement”) between SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”) and the V.I.S. Funds on behalf of each of its series portfolios, including the State Street S&P 500 Index V.I.S. Fund (the “Fund”).

In considering whether to approve the continuance for an additional year of the Investment Advisory and Administration Agreement, the Board members considered and discussed a substantial amount of information and analysis provided, at the Board’s request, by the Adviser. The Board members also considered detailed information regarding performance and expenses of other investment companies, including those with similar investment strategies and sizes, which was prepared by an independent third party provider, Broadridge Financial Solutions, Inc. (“Broadridge”). The Board members reviewed the fees charged by the Adviser for other mutual funds and investment products other than mutual funds that employ a similar investment strategy as the Fund. The Board had the opportunity to ask questions and request additional information in connection with its considerations.

Before approving the continuance of the Investment Advisory and Administration Agreement, the Independent Board Members reviewed the information provided with management of the Adviser and with their independent legal counsel. The Board also reviewed a memorandum prepared by independent legal counsel discussing the legal standards for the consideration of the proposed continuance. The Independent Board Members discussed the proposed continuance of the Investment Advisory and Administration Agreement in detail during private sessions in advance of, and at, the Board Meetings with their independent legal counsel at which no representatives of the Adviser were present. The Independent Board Members and their independent legal counsel requested, and received and considered, additional information from the Adviser following the May 16, 2018 Board Meeting and prior to the June 5, 2018 Board Meeting.

In advance of the Board Meetings, and in response to their detailed requests, the Board members received from the Adviser written responses to their inquiries, which included substantial exhibits and other materials related to the Adviser’s business and the services it provides to the Fund. The Directors took into account their multi-year experience as Directors and particularly their previous consideration of these types of agreements.

During the Board Meetings, the Board members had an opportunity to discuss this information with SSGA FM representatives, including senior executives, representatives from the legal, compliance and finance departments, and investment personnel. The Board members posed questions to these representatives and engaged in significant discussions.

In reaching its determinations relating to the continuance of the Investment Advisory and Administration Agreement, the Board considered those factors it deemed relevant, including the factors discussed below. In its deliberations, the Board did not identify any single factor that was dispositive and each Director may have attributed different weights to the various factors. The Directors evaluated the information provided to them, as well as the presentations and discussions that occurred at the Board Meetings, for the Fund, and their determinations were made separately in respect of the Fund from other series portfolios of the V.I.S Funds.

The material factors and conclusions that formed the basis for the Board’s determinations to approve the continuance of the Investment Advisory and Administration Agreement with the Adviser on behalf of the Fund are as discussed below.

The Nature, Extent and Quality of Services Provided.

The Board reviewed the services provided to the Fund by the Adviser. The Board considered the Adviser’s management capabilities and investment process, including the education, experience and number of investment professionals and other personnel who provide portfolio management and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including operational, enterprise, regulatory, litigation and compliance risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

22 Other Information

State Street S&P 500 Index V.I.S. Funds

Other Information (Unaudited), continued

The Board had previously reviewed the compliance programs of SSGA FM and various affiliated service providers (“Affiliated Service Providers”). Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, late trading, portfolio valuation, business continuity and the voting of proxies.

In light of the foregoing and other relevant information, the Board, including the Independent Board Members, concluded that the services provided by the Adviser continue to be satisfactory.

Investment Performance.

The Board members considered the investment performance of the Fund for various periods. The Board members reviewed detailed comparisons of the performance of the Fund with the relevant securities index and peer and category groupings of mutual funds prepared by Broadridge with respect to various periods. The Board members also engaged in detailed discussions with SSGA FM management about its investment processes and performance results. These discussions focused on the Fund’s investment objective, the number and experience of portfolio management personnel, the Fund’s investment style and approach employed, the likely market cycles for the Fund’s investment style and the reasons for the Fund’s generally competitive performance.

Taking these factors into consideration, the Board, including the Independent Board Members, concluded that the Fund’s performance was acceptable overall.

Cost of the Services Provided And Profits Realized From The Relationship with the Fund.

The Directors considered the management fees paid to the Adviser by the Fund. The Board reviewed the level of profits realized by the Adviser and the Affiliated Service Providers in providing investment advisory and other services to the Fund. Information also was presented regarding the financial condition of the Adviser for various past periods. The Directors also considered the Adviser’s statements concerning its significant investment in supporting registered investment companies. The Board also considered the various risks borne by SSGA FM and the Affiliated Service Providers in connection with their various roles in servicing the Fund, including enterprise, litigation, business, operational and entrepreneurial risk.

The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.

The Extent to Which Economies of Scale Would Be Realized as the Fund Grows and Whether Fee Levels Would Reflect Such Economies of Scale.

The Board considered the extent to which the Adviser and the Affiliated Service Providers, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund. The Board concluded that, in light of, among other considerations, the current size of the Fund, the level of profitability of the Adviser and the Affiliated Service Providers with respect to the Fund, and/or the comparative management fee and expense ratio of the Fund, it does not appear that the Adviser or the Affiliated Service Providers has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed management fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.

Comparison of Services to be Rendered and Fees to be Paid.

The Board discussed the services provided to the Fund by the Adviser, and the fees charged to the Fund for those services. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to the expense ratios of a group of comparable mutual funds selected by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser. Among other information, the Board considered that the Fund’s advisory fee and expense ratios were within the applicable Broadridge peer group ranges.

In light of the foregoing, the Board, including the Independent Board Members, determined that the management fees, considered in relation to the services provided to the Fund, supported the Board’s approval of the continuance of the Investment Advisory and Administration Agreement.

Other Information 23

State Street S&P 500 Index V.I.S. Funds

Other Information (Unaudited), continued

Fall-Out Benefits.

The Board considered actual and potential financial benefits that the Adviser could derive from its relationship with the Fund, including the custody, fund accounting and sub-administration services being provided to the Fund by affiliates of the Adviser and, to the extent applicable, soft dollar commission benefits generated through Fund portfolio transactions. The Board noted, however, that the Fund benefits from the vast array of resources available through SSGA FM, and that the Fund represents only a small portion of the assets managed by SSGA FM.

Conclusion.

No single factor was determinative to the Board’s decision. Based on their discussion and such other matters as were deemed relevant, the Directors, including the Independent Board Members, approved the continuance of the Investment Advisory and Administration Agreement for the Fund.

24 Other Information

Directors

John R. Costantino, Chairman

R. Sheldon Johnson

Donna M. Rapaccioli

Jeanne M. La Porta

Officers

Jeanne M. La Porta, President

Arthur Jensen, Treasurer

Brian Harris, Chief Compliance Officer and Anti-Money Laundering Officer

Bruce S. Rosenberg, Assistant Treasurer

Ann M. Carpenter, Assistant Treasurer

Chad C. Hallett, Assistant Treasurer

Darlene Anderson-Vasquez, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Jesse Hallee, Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

1600 Summer Street

P.O. Box 7900

Stamford, CT 06904-7900

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Semi-Annual Report

June 30, 2018

State Street Small-Cap Equity V.I.S. Fund

State Street Small-Cap Equity V.I.S. Fund

Semi-Annual Report

June 30, 2018 (Unaudited)

Table of Contents

	Page
Fund Information		1
Understanding Your Fund’s Expenses		2
Schedule of Investments		3
Financial Statements
Financial Highlights		12
Statement of Assets and Liabilities		13
Statement of Operations		14
Statements of Changes in Net Assets		15
Notes to Financial Statements		16
Other Information		21

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

State Street Small-Cap Equity V.I.S. Fund

Fund Information — June 30, 2018 (Unaudited)

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

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

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

Sector Allocation

Portfolio Composition as a % of Fair Value of $40,395 (in thousands) as of June 30, 2018 ^(a)(b)

Top Ten Largest Holdings

as of June 30, 2018 (as a % of Fair Value) ^(a)(b)

John Wiley & Sons Inc., Class A	1.25	%
Ritchie Bros Auctioneers Inc.	1.10	%
Blackbaud Inc.	1.08	%
Integra LifeSciences Holdings Corp.	1.06	%
Actuant Corp., Class A	1.00	%
Darling Ingredients Inc.	0.94	%
Woodward Inc.	0.93	%
Welbilt Inc.	0.91	%
Newfield Exploration Co.	0.87	%
Sensient Technologies Corp.	0.86	%

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

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

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

State Street Small-Cap Equity V.I.S. Fund 1

State Street Small-Cap Equity V.I.S. Fund

Understanding Your Fund’s Expenses — June 30, 2018 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

January 1, 2018 – June 30, 2018

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account value at the beginning of the period	$	1,000.00	$	1,000.00
Account value at the end of the period	$	1,076.00	$	1,018.25
Expenses paid during the period*	$	6.79	$	6.61

* Expenses are equal to the Fund’s annualized expense ratio of 1.32% (for the period January 1, 2018-June 30, 2018), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2 State Street Small-Cap Equity V.I.S. Fund

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments — June 30, 2018 (Unaudited)

	Number of Shares			Fair Value $
Common Stock - 94.5%†
Aerospace & Defense - 0.7%
Esterline Technologies Corp. (a)		287			21,180
Teledyne Technologies Inc. (a)		1,279			254,598
					275,778
Agricultural & Farm Machinery - 0.5%
AGCO Corp. (b)		3,547			215,374
Agricultural Products - 0.9%
Darling Ingredients Inc. (a)		19,136			380,424
Air Freight & Logistics - 0.2%
Air Transport Services Group Inc. (a)		700			15,813
Forward Air Corp.		500			29,540
Hub Group Inc., Class A (a)		668			33,266
					78,619
Airlines - 0.0%*
Hawaiian Holdings Inc.		450			16,178
Apparel Retail - 0.6%
American Eagle Outfitters Inc.		448			10,416
Burlington Stores Inc. (a)		564			84,899
Chico’s FAS Inc.		1,399			11,388
The Buckle Inc.		4,676			125,784
The Children’s Place Inc.		250			30,200
					262,687
Apparel, Accessories & Luxury Goods - 0.5%
G-III Apparel Group Ltd. (a)		4,238			188,167
Application Software - 3.7%
ACI Worldwide Inc. (a)(b)		9,904			244,332
Blackbaud Inc. (b)		4,268			437,257
Blackline Inc. (a)		1,645	��		71,442
Fair Isaac Corp. (a)		142			27,451
Guidewire Software Inc. (a)		1,950			173,121
Paylocity Holding Corp. (a)		1,949			114,718
RealPage Inc. (a)		3,329			183,428
SS&C Technologies Holdings Inc.		4,323			224,364
Zix Corp. (a)		5,300			28,567
					1,504,680
Asset Management & Custody Banks - 1.0%
BrightSphere Investment Group PLC		1,457			20,777
Cohen & Steers Inc.		788			32,867
Financial Engines Inc.		7,650			343,485
					397,129

	Number of Shares		Fair Value $
Auto Parts & Equipment - 0.8%
American Axle & Manufacturing Holdings Inc. (a)		1,130		17,583
Cooper-Standard Holdings Inc. (a)		372		48,609
Gentherm Inc. (a)		716		28,139
LCI Industries		624		56,254
Standard Motor Products Inc.		1,797		86,867
Stoneridge Inc. (a)		1,771		62,233
Tenneco Inc.		336		14,770
Tower International Inc.		756		24,041
				338,496
Automobile Manufacturers - 0.6%
Thor Industries Inc.		2,187		212,992
Winnebago Industries Inc.		1,189		48,273
				261,265
Automotive Retail - 1.3%
America’s Car-Mart Inc. (a)		721		44,630
Asbury Automotive Group Inc. (a)		329		22,553
Group 1 Automotive Inc.		1,696		106,848
Monro Inc.		1,216		70,650
Murphy USA Inc. (a)		3,704		275,170
				519,851
Biotechnology - 0.7%
Repligen Corp. (a)		6,015		282,946
Brewers - 0.4%
Craft Brew Alliance Inc. (a)		557		11,502
The Boston Beer Company Inc., Class A (a)		500		149,850
				161,352
Building Products - 0.7%
American Woodmark Corp. (a)		217		19,866
Apogee Enterprises Inc.		515		24,808
Builders FirstSource Inc. (a)		2,949		53,937
Continental Building Products Inc. (a)		584		18,425
Masonite International Corp. (a)		198		14,226
NCI Building Systems Inc. (a)		1,277		26,817
Patrick Industries Inc. (a)		400		22,740
Trex Company Inc. (a)		680		42,561
Universal Forest Products Inc.		1,646		60,277
				283,657
Commercial Printing - 0.1%
Deluxe Corp.		338		22,379
Commodity Chemicals - 0.2%
AdvanSix Inc. (a)		887		32,491

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

State Street Small-Cap Equity V.I.S. Fund 3

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Koppers Holdings Inc. (a)		490		18,791
Trinseo S.A.		541		38,384
				89,666
Communications Equipment - 0.3%
ADTRAN Inc.		1,372		20,374
Ciena Corp. (a)		1,272		33,721
Extreme Networks Inc. (a)		2,600		20,696
Lumentum Holdings Inc. (a)		560		32,424
NETGEAR Inc. (a)		152		9,500
Plantronics Inc.		198		15,097
				131,812
Construction & Engineering - 1.2%
Aegion Corp. (a)		10,621		273,491
Dycom Industries Inc. (a)		2,130		201,306
EMCOR Group Inc.		301		22,930
				497,727
Construction Machinery & Heavy Trucks - 1.8%
Alamo Group Inc.		449		40,572
Astec Industries Inc.		847		50,651
Federal Signal Corp.		12,188		283,858
The Greenbrier Companies Inc.		423		22,313
Trinity Industries Inc.		8,526		292,101
Wabash National Corp.		2,100		39,186
				728,681
Construction Materials - 0.1%
Summit Materials Inc., Class A (a)		1,073		28,166
Consumer Electronics - 0.0%*
ZAGG Inc. (a)		1,000		17,300
Consumer Finance - 0.2%
Enova International Inc. (a)		2,163		79,058
Data Processing & Outsourced Services - 1.6%
Broadridge Financial Solutions Inc.		1,708		196,591
Cass Information Systems Inc.		256		17,618
CoreLogic Inc. (a)		3,491		181,183
CSG Systems International Inc.		1,640		67,027
EVERTEC Inc.		1,333		29,126
MAXIMUS Inc.		351		21,801
Travelport Worldwide Ltd.		6,636		123,031
				636,377
Distributors - 0.5%
LKQ Corp. (a)		6,648		212,071

	Number of Shares		Fair Value $
Diversified Metals & Mining - 0.3%
Compass Minerals International Inc.		1,660		109,145
Materion Corp.		337		18,249
				127,394
Diversified Real Estate Activities - 0.1%
The RMR Group Inc., Class A		350		27,458
Diversified REITs - 0.1%
American Assets Trust Inc.		763		29,215
Diversified Support Services - 1.7%
Healthcare Services Group Inc.		4,456		192,455
Ritchie Bros Auctioneers Inc.		12,950		441,854
UniFirst Corp.		199		35,203
				669,512
Education Services - 0.4%
Grand Canyon Education Inc. (a)		300		33,483
K12 Inc. (a)		8,960		146,675
				180,158
Electric Utilities - 0.8%
ALLETE Inc.		393		30,422
IDACORP Inc.		3,040		280,410
Spark Energy Inc., Class A		1,300		12,675
				323,507
Electrical Components & Equipment - 0.2%
Atkore International Group Inc. (a)		820		17,031
EnerSys		369		27,542
Regal Beloit Corp.		576		47,117
				91,690
Electronic Components - 1.2%
Belden Inc.		3,259		199,190
Littelfuse Inc.		1,080		246,434
Vishay Intertechnology Inc.		879		20,393
				466,017
Electronic Equipment & Instruments - 0.6%
Control4 Corp. (a)		2,240		54,454
National Instruments Corp.		1,334		56,001
Zebra Technologies Corp., Class A (a)		894		128,066
				238,521
Electronic Manufacturing Services - 0.3%
KEMET Corp. (a)		1,135		27,410
Methode Electronics Inc.		477		19,223

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

4 State Street Small-Cap Equity V.I.S. Fund

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Plexus Corp. (a)		342		20,363
Sanmina Corp. (a)		1,052		30,824
TTM Technologies Inc. (a)		1,407		24,805
				122,625
Environmental & Facilities Services - 0.9%
Casella Waste Systems Inc., Class A (a)		800		20,488
Clean Harbors Inc. (a)		6,050		336,077
				356,565
Food Distributors - 0.8%
Performance Food Group Co. (a)		4,643		170,398
SpartanNash Co.		5,975		152,482
				322,880
Food Retail - 0.1%
Casey’s General Stores Inc.		219		23,013
Sprouts Farmers Market Inc. (a)		1,300		28,691
				51,704
Footwear - 1.0%
Deckers Outdoor Corp. (a)		1,257		141,903
Skechers U.S.A. Inc., Class A (a)		703		21,097
Wolverine World Wide Inc.		6,797		236,331
				399,331
Forest Products - 0.1%
Boise Cascade Co.		809		36,162
Louisiana-Pacific Corp.		905		24,634
				60,796
Gas Utilities - 0.2%
Chesapeake Utilities Corp.		164		13,112
South Jersey Industries Inc.		1,476		49,401
Spire Inc.		292		20,630
				83,143
General Merchandise Stores - 0.0%*
Big Lots Inc.		411		17,172
Health Care REITs - 0.1%
CareTrust REIT Inc.		1,418		23,666
Healthcare Distributors - 0.0%*
Owens & Minor Inc.		600		10,026
Healthcare Equipment - 5.1%
Cantel Medical Corp.		550		54,098
Cardiovascular Systems Inc. (a)		7,000		226,380
CONMED Corp.		3,850		281,820

	Number of Shares		Fair Value $
Hill-Rom Holdings Inc.		3,443		300,712
Insulet Corp. (a)		2,650		227,105
Integra LifeSciences Holdings Corp. (a)		6,650		428,326
LivaNova PLC (a)		288		28,748
Masimo Corp. (a)		900		87,885
NuVasive Inc. (a)		4,700		244,964
Orthofix International N.V. (a)		624		35,456
Penumbra Inc. (a)		950		131,242
Varex Imaging Corp. (a)		400		14,836
				2,061,572
Healthcare Facilities - 0.6%
Acadia Healthcare Company Inc. (a)(b)		3,747		153,290
Encompass Health Corp.		389		26,343
Select Medical Holdings Corp. (a)		1,587		28,804
Tenet Healthcare Corp. (a)		482		16,181
				224,618
Healthcare Services - 1.3%
Addus HomeCare Corp. (a)		400		22,900
Amedisys Inc. (a)		500		42,730
AMN Healthcare Services Inc. (a)		577		33,812
BioTelemetry Inc. (a)		2,585		116,325
Chemed Corp.		95		30,572
Diplomat Pharmacy Inc. (a)		3,354		85,728
LHC Group Inc. (a)		400		34,236
MEDNAX Inc. (a)		3,382		146,373
RadNet Inc. (a)		2,200		33,000
				545,676
Healthcare Supplies - 1.1%
Avanos Medical Inc. (a)		3,050		174,613
Endologix Inc. (a)		10,728		60,720
ICU Medical Inc. (a)		550		161,508
Lantheus Holdings Inc. (a)		1,500		21,825
Merit Medical Systems Inc. (a)		747		38,246
				456,912
Healthcare Technology - 2.1%
HMS Holdings Corp. (a)		9,880		213,606
Medidata Solutions Inc. (a)		3,250		261,820
Omnicell Inc. (a)		4,209		220,762
Quality Systems Inc. (a)		396		7,722
Teladoc Inc. (a)		2,250		130,612
				834,522
Home Building - 0.3%
KB Home		870		23,699
LGI Homes Inc. (a)		517		29,846
TopBuild Corp. (a)		973		76,225
				129,770

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

State Street Small-Cap Equity V.I.S. Fund 5

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Home Furnishing Retail - 0.6%
Aaron’s Inc. (b)		4,629		201,130
RH (a)		304		42,469
				243,599
Hotel & Resort REITs - 0.4%
Ashford Hospitality Trust Inc.		1,799		14,572
Chatham Lodging Trust		1,290		27,374
RLJ Lodging Trust		5,701		125,707
				167,653
Hotels, Resorts & Cruise Lines - 0.7%
Extended Stay America Inc.		12,267		265,090
Household Appliances - 0.7%
Helen of Troy Ltd. (a)		2,847		280,287
Housewares & Specialties - 0.0%*
Tupperware Brands Corp.		254		10,475
Human Resource & Employment Services - 0.4%
Insperity Inc.		673		64,103
Kforce Inc.		900		30,870
TriNet Group Inc. (a)		706		39,494
TrueBlue Inc. (a)		768		20,697
				155,164
Industrial Machinery - 7.3%
Actuant Corp., Class A (b)		13,808		405,265
Altra Industrial Motion Corp.		851		36,678
Barnes Group Inc.		3,274		192,839
Briggs & Stratton Corp.		68		1,197
Crane Co.		1,637		131,173
Franklin Electric Company Inc.		693		31,254
Harsco Corp. (a)		662		14,630
Hillenbrand Inc.		545		25,697
John Bean Technologies Corp.		2,700		240,030
Kennametal Inc.		747		26,817
LB Foster Co., Class A (a)		801		18,383
Lydall Inc. (a)		3,750		163,688
Mueller Industries Inc.		5,426		160,121
Standex International Corp.		1,900		194,180
The Timken Co.		6,977		303,848
TriMas Corp. (a)		4,600		135,240
Watts Water Technologies Inc., Class A		1,739		136,338
Welbilt Inc. (a)		16,450		367,000
Woodward Inc.		4,885		375,461
				2,959,839
Industrial REITs - 0.3%
Gramercy Property Trust		1,727		47,182
Rexford Industrial Realty Inc.		626		19,650

	Number of Shares		Fair Value $
STAG Industrial Inc.		1,689		45,991
				112,823
Internet Software & Services - 3.7%
Care.com Inc. (a)		1,399		29,211
Cornerstone OnDemand Inc. (a)		4,814		228,328
LogMeIn Inc.		2,300		237,475
MINDBODY Inc., Class A (a)		2,200		84,920
New Relic Inc. (a)		3,050		306,799
NIC Inc.		5,391		83,830
Okta Inc. (a)		4,650		234,221
Q2 Holdings Inc. (a)		2,300		131,215
Stamps.com Inc. (a)		145		36,692
Yext Inc. (a)		5,300		102,502
				1,475,193
Investment Banking & Brokerage - 1.0%
BGC Partners Inc., Class A		1,800		20,376
Evercore Inc., Class A		260		27,417
Greenhill & Company Inc.		764		21,698
Houlihan Lokey Inc.		890		45,586
Piper Jaffray Cos.		557		42,805
Raymond James Financial Inc.		2,340		209,079
Stifel Financial Corp.		747		39,031
				405,992
IT Consulting & Other Services - 0.2%
Perficient Inc. (a)		1,087		28,664
Science Applications International Corp.		276		22,337
The Hackett Group Inc.		1,200		19,284
				70,285
Leisure Products - 0.8%
Malibu Boats Inc., Class A (a)		700		29,358
MCBC Holdings Inc. (a)		1,100		31,845
Polaris Industries Inc.		1,992		243,383
				304,586
Life & Health Insurance - 0.1%
Trupanion Inc. (a)		1,017		39,256
Life Sciences Tools & Services - 1.8%
Bruker Corp.		4,888		141,948
Cambrex Corp. (a)		1,285		67,205
ICON PLC (a)		1,811		240,012
PRA Health Sciences Inc. (a)		350		32,676
Syneos Health Inc. (a)		5,185		243,176
				725,017
Managed Healthcare - 0.8%
Centene Corp. (a)		1,695		208,841
HealthEquity Inc. (a)		950		71,345

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

6 State Street Small-Cap Equity V.I.S. Fund

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares			Fair Value $
Magellan Health Inc. (a)		300			28,785
					308,971
Marine - 0.1%
Kirby Corp. (a)		228			19,061
Matson Inc.		697			26,751
					45,812
Multi-Line Insurance - 0.4%
Horace Mann Educators Corp.		2,761			123,141
National General Holdings Corp.		900			23,697
					146,838
Multi-Utilities - 0.1%
Black Hills Corp.		692			42,357
Office REITs - 0.7%
Brandywine Realty Trust		2,162			36,495
Corporate Office Properties Trust		1,044			30,266
Cousins Properties Inc.		23,460			227,327
					294,088
Office Services & Supplies - 0.8%
Herman Miller Inc.		600			20,340
HNI Corp.		519			19,307
Knoll Inc.		771			16,044
MSA Safety Inc.		2,602			250,677
Steelcase Inc., Class A		1,344			18,144
					324,512
Oil & Gas Drilling - 0.0%*
Nabors Industries Ltd.		2,918			18,704
Oil & Gas Equipment & Services - 1.0%
C&J Energy Services Inc. (a)		1,265			29,854
Cactus Inc., Class A (a)		821	��		27,742
Dril-Quip Inc. (a)		1,205			61,937
Forum Energy Technologies Inc. (a)		5,887			72,704
Keane Group Inc. (a)		689			9,419
Natural Gas Services Group Inc. (a)		834			19,682
Oil States International Inc. (a)		5,501			176,582
					397,920
Oil & Gas Exploration & Production - 2.1%
Callon Petroleum Co. (a)		3,966			42,595
Carrizo Oil & Gas Inc. (a)		4,946			137,746
Gulfport Energy Corp. (a)		2,600			32,682
Newfield Exploration Co. (a)		11,658			352,655
Oasis Petroleum Inc. (a)		3,154			40,907

	Number of Shares		Fair Value $
PDC Energy Inc. (a)		372		22,488
Ring Energy Inc. (a)		2,465		31,108
SM Energy Co.		7,516		193,086
				853,267
Oil & Gas Refining & Marketing - 0.1%
Par Pacific Holdings Inc. (a)		1,567		27,234
Packaged Foods & Meats - 2.5%
B&G Foods Inc.		7,600		227,240
Calavo Growers Inc.		125		12,019
Hostess Brands Inc. (a)		11,850		161,160
J&J Snack Foods Corp.		500		76,235
Sanderson Farms Inc.		1,922		202,098
The Simply Good Foods Co. (a)		7,650		110,466
TreeHouse Foods Inc. (a)		4,050		212,666
				1,001,884
Paper Products - 0.1%
Neenah Inc.		484		41,067
Personal Products - 0.4%
elf Beauty Inc. (a)		9,100		138,684
USANA Health Sciences Inc. (a)		306		35,282
				173,966
Pharmaceuticals - 2.2%
Catalent Inc. (a)		5,103		213,765
Depomed Inc. (a)		2,500		16,675
Horizon Pharma PLC (a)		1,600		26,496
Innoviva Inc. (a)		1,500		20,700
Phibro Animal Health Corp., Class A		700		32,235
Prestige Brands Holdings Inc. (a)		8,040		308,575
Supernus Pharmaceuticals Inc. (a)		4,200		251,370
				869,816
Property & Casualty Insurance - 2.1%
AMERISAFE Inc.		2,227		128,609
Argo Group International Holdings Ltd.		4,906		285,284
James River Group Holdings Ltd.		1,650		64,828
RLI Corp.		1,963		129,931
The Navigators Group Inc.		3,850		219,450
Universal Insurance Holdings Inc.		416		14,602
				842,704
Publishing - 1.2%
John Wiley & Sons Inc., Class A (b)		8,082		504,317

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

State Street Small-Cap Equity V.I.S. Fund 7

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Railroads - 0.7%
Genesee & Wyoming Inc., Class A (a)		3,366		273,723
Regional Banks - 8.9%
1st Source Corp.		505		26,982
BankUnited Inc.		287		11,724
Banner Corp.		712		42,813
Bryn Mawr Bank Corp.		2,550		118,065
Cadence BanCorp		1,061		30,631
Camden National Corp.		581		26,558
Cathay General Bancorp		973		39,397
Chemical Financial Corp.		764		42,532
Columbia Banking System Inc.		975		39,877
Community Bank System Inc.		2,650		156,535
Cullen/Frost Bankers Inc.		1,758		190,286
CVB Financial Corp.		6,800		152,456
Enterprise Financial Services Corp.		681		36,740
Equity Bancshares Inc., Class A (a)		469		19,454
First Financial Bankshares Inc.		1,900		96,710
First Interstate BancSystem Inc., Class A		1,013		42,749
Fulton Financial Corp.		9,855		162,607
German American Bancorp Inc.		3,100		111,135
Home BancShares Inc.		2,063		46,541
IBERIABANK Corp.		2,684		203,447
Independent Bank Corp.		1,950		152,880
Lakeland Financial Corp.		332		15,999
LegacyTexas Financial Group Inc.		1,270		49,555
Origin Bancorp Inc.		748		30,623
Pinnacle Financial Partners Inc.		632		38,773
Prosperity Bancshares Inc.		4,586		313,499
Renasant Corp.		6,478		294,879
Sandy Spring Bancorp Inc.		360		14,764
Simmons First National Corp., Class A		1,112		33,249
South State Corp.		194		16,733
Stock Yards Bancorp Inc.		2,350		89,652
UMB Financial Corp.		3,100		236,313
Umpqua Holdings Corp.		1,692		38,222
Union Bankshares Corp.		882		34,292
United Community Banks Inc.		1,244		38,153
Washington Trust Bancorp Inc.		2,300		133,630
Westamerica Bancorporation		2,978		168,287
Western Alliance Bancorp (a)		4,444		251,575
Wintrust Financial Corp.		331		28,814
				3,577,131
Reinsurance - 0.0%*
Maiden Holdings Ltd.		1,187		9,199

	Number of Shares		Fair Value $
Research & Consulting Services - 0.3%
Resources Connection Inc.		7,628		128,913
Residential REITs - 0.6%
Education Realty Trust Inc.		6,147		255,101
Restaurants - 1.5%
BJ’s Restaurants Inc.		600		36,000
Bloomin’ Brands Inc.		500		10,050
Brinker International Inc.		562		26,751
Cracker Barrel Old Country Store Inc.		545		85,134
Dave & Buster’s Entertainment Inc. (a)		400		19,040
El Pollo Loco Holdings Inc. (a)		3,950		45,030
Papa John’s International Inc.		2,650		134,408
Red Robin Gourmet Burgers Inc. (a)		418		19,479
Ruth’s Hospitality Group Inc.		1,000		28,050
Texas Roadhouse Inc.		2,001		131,086
The Cheesecake Factory Inc.		1,464		80,608
				615,636
Retail REITs - 0.1%
Retail Opportunity Investments Corp.		2,217		42,478
Security & Alarm Services - 0.8%
The Brink’s Co.		4,203		335,189
Semiconductor Equipment - 0.7%
Advanced Energy Industries Inc. (a)		450		26,140
Amkor Technology Inc. (a)		2,100		18,039
Entegris Inc.		700		23,730
FormFactor Inc. (a)		1,500		19,950
Ichor Holdings Ltd. (a)		600		12,732
MKS Instruments Inc.		400		38,280
Rudolph Technologies Inc. (a)		3,273		96,881
Ultra Clean Holdings Inc. (a)		1,000		16,600
Versum Materials Inc.		465		17,275
				269,627
Semiconductors - 0.6%
Semtech Corp. (a)		4,241		199,539
SMART Global Holdings Inc. (a)		800		25,496
				225,035
Specialized REITs - 0.4%
CoreSite Realty Corp.		924		102,398
PotlatchDeltic Corp.		831		42,256
				144,654

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

8 State Street Small-Cap Equity V.I.S. Fund

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Specialty Chemicals - 4.0%
Chase Corp.		190		22,278
Ferro Corp. (a)		1,336		27,856
HB Fuller Co.		6,016		322,939
Ingevity Corp. (a)		2,327		188,161
Innospec Inc.		2,300		176,065
KMG Chemicals Inc.		741		54,671
Minerals Technologies Inc.		374		28,181
PolyOne Corp.		5,332		230,449
PQ Group Holdings Inc. (a)		638		11,484
Quaker Chemical Corp.		1,452		224,871
Sensient Technologies Corp.		4,846		346,731
				1,633,686
Specialty Stores - 0.2%
Hibbett Sports Inc. (a)		2,200		50,380
Sally Beauty Holdings Inc. (a)		1,392		22,314
				72,694
Steel - 0.4%
Carpenter Technology Corp.		899		47,261
Commercial Metals Co.		4,716		99,555
Worthington Industries Inc.		523		21,950
				168,766
Systems Software - 1.2%
OneSpan Inc. (a)		1,428		28,060
Progress Software Corp.		600		23,292
Qualys Inc. (a)		2,950		248,685
Talend S.A. ADR (a)		2,700		168,156
				468,193
Technology Distributors - 0.3%
ePlus Inc. (a)		320		30,112
SYNNEX Corp.		230		22,197
Tech Data Corp. (a)		632		51,900
				104,209
Technology Hardware, Storage & Peripherals - 1.3%
Diebold Nixdorf Inc.		14,993		179,166
NCR Corp. (a)		828		24,824
Pure Storage Inc., Class A (a)		12,650		302,082
				506,072
Thrifts & Mortgage Finance - 0.3%
Dime Community Bancshares Inc.		909		17,725
Essent Group Ltd. (a)		622		22,280
HomeStreet Inc. (a)		785		21,156
Kearny Financial Corp.		914		12,293
NMI Holdings Inc., Class A (a)		1,200		19,560

	Number of Shares		Fair Value $
Walker & Dunlop Inc.		495		27,547
Washington Federal Inc.		623		20,372
				140,933
Tires & Rubber - 0.1%
Cooper Tire & Rubber Co.		1,322		34,769
Trading Companies & Distributors - 0.8%
Applied Industrial Technologies Inc.		3,594		252,119
BMC Stock Holdings Inc. (a)		1,000		20,850
CAI International Inc. (a)		761		17,686
GMS Inc. (a)		637		17,256
				307,911
Trucking - 0.7%
Avis Budget Group Inc. (a)		600		19,500
Marten Transport Ltd.		1,298		30,438
Old Dominion Freight Line Inc.		1,181		175,922
Saia Inc. (a)		546		44,144
				270,004
Water Utilities - 0.0%*
SJW Group		55		3,643
Total Common Stock (Cost $27,545,898)				38,160,572
Short-Term Investments - 5.5%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.86% (Cost $2,234,828) (c)(d)		2,234,828		2,234,828
Total Investments (Cost $29,780,726)				40,395,400
Liabilities in Excess of Other Assets, net - (0.0)%*				(18,482	)
NET ASSETS - 100.0%				40,376,918

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

State Street Small-Cap Equity V.I.S. Fund 9

State Street Small-Cap Equity V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

Other Information:

The Fund had the following long futures contracts open at June 30, 2018:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Depreciation
CME E-mini Russell 2000 Index Futures		September 2018		6		502,574	$	494,250	$	(8,324	)

During the period ended June 30, 2018, the Fund had average notional values of $615,338 on long futures contracts.

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

10 State Street Small-Cap Equity V.I.S. Fund

State Street Small-Cap Equity V.I.S. Fund

Notes to Schedule of Investments — June 30, 2018 (Unaudited)

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

(a) Non-income producing security.

(b) At June 30, 2018, 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 June 30, 2018.

* Less than 0.05%.

Abbreviations:

ADR        American Depositary Receipt

REIT        Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2018:

Investments	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stock	$	38,160,572		$	—	$	—	$	38,160,572
Short-Term Investments		2,234,828			—		—		2,234,828
Total Investments in Securities	$	40,395,400		$	—	$	—	$	40,395,400
Other Financial Instruments
Long Futures Contracts - Unrealized Depreciation	$	(8,324	)	$	—	$	—	$	(8,324	)

Affiliate Table

	Number of Shares Held at 12/31/17		Value At 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/18		Value At 6/30/18		Dividend Income		Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund - Class G Shares		2,619,140	$	2,619,140	$	6,847,376	$	7,231,688	$	—	$	—		2,234,828	$	2,234,828	$	15,784	$	—

Notes to Schedule of Investments

State Street Small-Cap Equity V.I.S. Fund 11

State Street Small-Cap Equity V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/18†			12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date																	4/28/00
Net asset value, beginning of period	$	14.73		$	14.40		$	12.20		$	14.39		$	16.26		$	13.37
Income/(loss) from investment operations:
Net investment loss		(0.02	)(a)		(0.02	)(a)		(0.03	)		(0.04	)		(0.06	)		(0.03	)
Net realized and unrealized gains/(losses) on investments		1.14			1.86			2.93			(0.52	)		0.67			4.96
Total income/(loss) from investment operations		1.12			1.84			2.90			(0.56	)		0.61			4.93
Less distributions from:
Net investment income		—			—			—			—			—			—
Net realized gains		—			1.51			0.70			1.63			2.48			2.04
Total distributions		—			1.51			0.70			1.63			2.48			2.04
Net asset value, end of period	$	15.85		$	14.73		$	14.40		$	12.20		$	14.39		$	16.26
Total Return(b)		7.60	%		12.71	%		23.77	%		(4.12	)%		3.77	%		36.89	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	40,377		$	40,711		$	42,320		$	38,359		$	43,460		$	50,248
Ratios to average net assets:
Net expenses		1.32	%**		1.25	%		1.40	%		1.36	%		1.33	%(c)		1.27	%(c)(d)
Gross expenses		1.32	%**		1.25	%		1.40	%		1.36	%		1.33	%		1.28	%
Net investment loss		(0.28	)%**		(0.13	)%		(0.22	)%		(0.30	)%		(0.35	)%		(0.23	)%
Portfolio turnover rate		16	%		32	%		36	%		42	%		37	%		39	%

Notes to Financial Highlights

(a) Per share values have been calculated using the average share method.

(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

(c) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

(d) Reflects a voluntary reimbursement of other operating expenses by GE Asset Management, Inc., the Fund’s investment adviser and administrator prior to July 1, 2016.

† Unaudited.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

** Annualized for periods less than one year.

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

12 Financial Highlights

State Street Small-Cap Equity V.I.S. Fund

Statement of Assets and Liabilities — June 30, 2018 (Unaudited)

Assets
Investments in securities, at fair value (cost $27,545,898)	$	38,160,572
Short-term affiliated investments, at fair value		2,234,828
Cash collateral on deposit with broker for future contracts		87,306
Receivable for investments sold		105,522
Income receivables		26,625
Receivable for fund shares sold		104
Income receivable from affiliated investments		3,473
Other assets		4
Total assets		40,618,434
Liabilities
Payable for investments purchased		149,017
Payable for fund shares redeemed		7,327
Payable for accumulated variation margin on futures		8,310
Payable to the Adviser		32,064
Payable to the Custodian		22,576
Accrued other expenses		22,222
Total liabilities		241,516
Net Assets	$	40,376,918
Net Assets Consist of:
Capital paid in	$	27,106,591
Undistributed (distributions in excess of) net investment income		(55,521	)
Accumulated net realized gain		2,719,498
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		10,614,674
Futures		(8,324	)
Net Assets	$	40,376,918
Shares outstanding ($0.01 par value; unlimited shares authorized)		2,546,901
Net asset value per share	$	15.85

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

Statement of Assets and Liabilities 13

State Street Small-Cap Equity V.I.S. Fund

Statement of Operations — For the period ended June 30, 2018 (Unaudited)

Investment Income
Income
Dividend	$	189,022
Interest		232
Income from affiliated investments		15,784
Less: Foreign taxes withheld		(666	)
Total income		204,372
Expenses
Advisory and administration fees		188,006
Directors’ fees		3,224
Custody and accounting expenses		42,160
Professional fees		17,087
Other expenses		9,416
Total Expenses		259,893
Net investment loss	$	(55,521	)
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	2,540,889
Futures		102,525
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		345,610
Futures		(14,024	)
Net realized and unrealized gain (loss) on investments		2,975,000
Net increase in net assets resulting from operations	$	2,919,479

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

14 Statement of Operations

State Street Small-Cap Equity V.I.S. Fund

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018*			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment loss	$	(55,521	)	$	(52,152	)
Net realized gain (loss) on investments and futures		2,643,414			3,516,588
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		331,586			1,434,489
Net increase (decrease) from operations		2,919,479			4,898,925
Distributions to shareholders from:
Net realized gains		—			(3,784,875	)
Total distributions		—			(3,784,875	)
Increase (decrease) in assets from operations and distributions		2,919,479			1,114,050
Share transactions:
Proceeds from sale of shares		163,218			1,538,799
Value of distributions reinvested		—			3,784,875
Cost of shares redeemed		(3,417,149	)		(8,046,695	)
Net increase (decrease) from share transactions		(3,253,931	)		(2,723,021	)
Total increase (decrease) in net assets		(334,452	)		(1,608,971	)
Net Assets
Beginning of period		40,711,370			42,320,341
End of period	$	40,376,918		$	40,711,370
Undistributed (distributions in excess of) net investment income, end of period	$	(55,521	)	$	—
Changes in Fund Shares
Shares sold		11,061			103,389
Issued for distributions reinvested		—			255,908
Shares redeemed		(227,173	)		(535,089	)
Net decrease in fund shares		(216,112	)		(175,792	)

* Unaudited.

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

Statements of Changes in Net Assets 15

State Street Small-Cap Equity V.I.S. Fund

Notes to Financial Statements — June 30, 2018 (Unaudited)

1. Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund (the “Fund”), State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

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 Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for determining 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.

• 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.

• 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.

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.

16 Notes to Financial Statements

State Street Small-Cap Equity V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

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 June 30, 2018 is disclosed in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the beginning of the reporting period. The Fund had no material transfers between levels for the six-month period ended June 30, 2018.

Investment Transactions and Income Recognition  Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

Expenses  Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

Foreign Taxes  The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2018, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

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

3. Derivative Financial Instruments

Futures Contracts  The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Fund equal to the daily

Notes to Financial Statements 17

State Street Small-Cap Equity V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the six-month period ended June 30, 2018 the Fund entered into futures contracts for cash equitization.

The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2018 and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:

Liability Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
Futures Contracts	$	—	$	—	$	—	$	(8,310	)	$	—	$	(8,310	)

Net Realized Gain (Loss)

��	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Futures Contracts	$	—	$	—	$	—	$	102,525	$	—	$	102,525

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
Futures Contracts	$	—	$	—	$	—	$	(14,024	)	$	—	$	(14,024	)

4. Fees and Transactions with Affiliates

Advisory Fee  SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.95%.

Administrator, Sub-Administrator and Custodian Fees  State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Fund to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

Due to Custodian  In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds.

Other Transactions with Affiliates  The Fund may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the six-month period ended June 30, 2018 are disclosed in the Schedule of Investments.

5. Sub-Advisory Fees

Pursuant to investment sub-advisory agreements with SSGA FM, the assets of the Fund are allocated to and managed by each of the following sub-advisers: (i) Palisade Capital Management, L.L.C.; (ii) Champlain Investment Partners, LLC;

18 Notes to Financial Statements

State Street Small-Cap Equity V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

(iii) GlobeFlex Capital, L.P.; (iv) Kennedy Capital Management, Inc. and (v) SouthernSun Asset Management, LLC. SSGA FM is responsible for allocating the Fund’s assets among the sub-advisers in its discretion (“Allocated Assets”), and for managing the Fund’s cash position, while each sub-adviser is responsible for the day-to-day management of their portion of the Allocated Assets, under the general supervision and oversight of SSGA FM and the Board. For their services, SSGA FM pays each sub-adviser an investment sub-advisory fee, which is calculated as a percentage of the average daily net assets of the respective Allocated Assets that it manages.

6. Directors’ Fees

The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”) are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

7. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the six-month period ended June 30, 2018 were as follows:

Non-U.S. Government Securities
Purchases			Sales
	$	6,173,085		$	9,124,140

8. Income Taxes

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

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

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

As of June 30, 2018, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
	$	30,214,797		$	11,024,830		$	852,551		$	10,172,279

9. Line of Credit

The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless otherwise extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing.

Notes to Financial Statements 19

State Street Small-Cap Equity V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The Fund had no outstanding loans as of June 30, 2018.

10. Risks

Concentration Risk  As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified.

Market and Credit Risk  In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

11. Subsequent Events

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

20 Notes to Financial Statements

State Street Small-Cap Equity V.I.S. Fund

Other Information (Unaudited)

Proxy Voting Policies and Procedures and Record

The Fund has adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Fund has adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, and (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330. Information regarding how the Fund voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

The Fund files its complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available (i) without charge, upon request, by calling 1-800-242-013, (ii) on the Fund’s website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, and (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330.

Other Information 21

State Street Small-Cap Equity V.I.S. Fund

Other Information (Unaudited), continued

Disclosure for the Board of Directors’ Consideration of the Renewal of the Investment Advisory and Administration Agreement with SSGA Funds Management, Inc. and the Sub-Advisory Agreements with each of Champlain Investment Partners, LLC, GlobeFlex Capital, L.P., Kennedy Capital Management, Inc., Palisade Capital Management, LLC and SouthernSun Asset Management, LLC on behalf of the State Street Small-Cap Equity V.I.S. Fund

At meetings of the Board of Directors (the “Board”) of State Street Variable Insurance Series Funds, Inc. (the “V.I.S. Funds”) held on May 16, 2018 and June 5, 2018 (the “Board Meetings”), the Board members, including the Board members who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the V.I.S. Funds (“Independent Board Members”), considered and unanimously approved the continuance for an additional year of the investment advisory and administration agreement (the “Investment Advisory and Administration Agreement”) between SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”) and the V.I.S. Funds on behalf of each of its series portfolios, including the State Street Small-Cap Equity V.I.S. Fund (the “Fund”), and the sub-advisory agreements (each, a “Small-Cap Sub-Advisory Agreement”) by and among SSGA FM, the V.I.S. Funds on behalf of the Fund and each of Champlain Investment Partners, LLC, GlobeFlex Capital, L.P., Kennedy Capital Management, Inc., Palisade Capital Management, LLC and SouthernSun Asset Management, LLC (collectively, the “Small-Cap Equity Fund Sub-Advisers”).

In considering whether to approve the continuance for an additional year of the Investment Advisory and Administration Agreement and the Small-Cap Sub-Advisory Agreements, the Board members considered and discussed a substantial amount of information and analysis provided, at the Board’s request, by the Adviser and each of the Small-Cap Equity Fund Sub-Advisers. The Board members also considered detailed information regarding performance and expenses of other investment companies, including those with similar investment strategies and sizes, which was prepared by an independent third party provider, Broadridge Financial Solutions, Inc. (“Broadridge”). The Board members reviewed the fees charged by the Adviser for other mutual funds and investment products other than mutual funds that employ a similar investment strategy as the Fund. The Board had the opportunity to ask questions and request additional information in connection with its considerations.

Before approving the continuance of the Investment Advisory and Administration Agreement and the Small-Cap Sub-Advisory Agreements, the Independent Board Members reviewed the information provided with management of the Adviser and with their independent legal counsel. The Board also reviewed a memorandum prepared by independent legal counsel discussing the legal standards for the consideration of the proposed continuances. The Independent Board Members discussed the proposed continuances of the Investment Advisory and Administration Agreement and the Small-Cap Sub-Advisory Agreements in detail during private sessions in advance of, and at, the Board Meetings with their independent legal counsel at which no representatives of the Adviser or any of the Small-Cap Equity Fund Sub-Advisers were present. The Independent Board Members and their independent legal counsel requested, and received and considered, additional information from the Adviser and each of the Small-Cap Equity Fund Sub-Advisers following the May 16, 2018 Board Meeting and prior to the June 5, 2018 Board Meeting.

In advance of the Board Meetings, and in response to their detailed requests, the Board members received from the Adviser written responses to their inquiries, which included substantial exhibits and other materials related to the Adviser’s business and the services it provides to the Fund. Also in advance of the Board Meetings, the Board members received from each of the Small-Cap Equity Fund Sub-Advisers a written response to a letter of inquiry prepared by SSGA FM at the Board’s request, which included substantial exhibits and other materials related to the business of, and services provided by, each of the Small-Cap Equity Fund Sub-Advisers. The Directors took into account their multi-year experience as Directors and particularly their previous consideration of these types of agreements.

During the Board Meetings, the Board members had an opportunity to discuss this information with SSGA FM representatives, including senior executives, representatives from the legal, compliance and finance departments, and investment personnel. The Board members also had an opportunity to hear presentations by representatives of each of the Small-Cap Equity Fund Sub-Advisers. The Board members posed questions to these representatives and engaged in significant discussions.

In reaching its determinations relating to the continuances of the Investment Advisory and Administration Agreement and the Small-Cap Sub-Advisory Agreements, the Board considered those factors it deemed relevant, including the factors discussed below. In its deliberations, the Board did not identify any single factor that was dispositive and each Director may have attributed different weights to the various factors. The Directors evaluated the information provided to them, as well as the presentations and

22 Other Information

State Street Small-Cap Equity V.I.S. Fund

Other Information (Unaudited), continued

discussions that occurred at the Board Meetings, for the Fund, and their determinations were made separately in respect of the Fund from other series portfolios of the V.I.S Funds.

The material factors and conclusions that formed the basis for the Board’s determinations to approve the continuances of the Investment Advisory and Administration Agreement and the Small-Cap Sub-Advisory Agreements on behalf of the Fund are as discussed below.

The Nature, Extent and Quality of Services Provided.

The Board reviewed the services provided to the Fund by the Adviser and each of the Small-Cap Equity Fund Sub-Advisers. In connection with their consideration of the Adviser’s services, the Board considered the Adviser’s management capabilities, including the education, experience and number of investment professionals and other personnel who provide portfolio management and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel. The Board also considered the Adviser’s processes used for overseeing multiple sub-advisers. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including operational, enterprise, regulatory, litigation and compliance risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board had previously reviewed the compliance programs of SSGA FM and various affiliated service providers (“Affiliated Service Providers”). Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, portfolio valuation and business continuity.

In connection with their consideration of the services provided by each of the Small-Cap Equity Fund Sub-Advisers, the Board considered each Small-Cap Equity Fund Sub-Adviser’s attributes relating to its investment philosophy oriented toward long-term performance, its process for selecting investments, its experienced professionals, access to significant technological resources and a favorable history and reputation. The Board also considered the review process undertaken by SSGA FM and SSGA FM’s favorable assessment of the nature and quality of the investment sub-advisory services provided by each Small-Cap Equity Fund Sub-Adviser to the Fund.

In light of the foregoing and other relevant information, the Board, including the Independent Board Members, concluded that the services provided by the Adviser and each of the Small-Cap Equity Fund Sub-Advisers continue to be satisfactory.

Investment Performance.

The Board members considered the investment performance of the Fund for various periods. The Board members reviewed detailed comparisons of the performance of the Fund with the relevant securities index and peer and category groupings of mutual funds prepared by Broadridge with respect to various periods. The Board members also engaged in detailed discussions with SSGA FM management and representatives of each of the Small-Cap Equity Fund Sub-Advisers about their investment processes and performance results. These discussions focused on the Fund’s investment objective, the Adviser’s allocation process among the Small-Cap Equity Fund Sub-Advisers, the number and experience of portfolio management and supporting research personnel, the Fund’s investment style and approach employed, the likely market cycles for the Fund’s investment style and the Fund’s recent relative underperformance but competitive performance over the longer term. The Board also considered the Fund’s multi-manager structure and how each Small-Cap Equity Fund Sub-Adviser’s approach to small-cap investing fits within the Fund’s overall strategy, and the Fund’s relatively stronger performance over the long term.

Taking these factors into consideration, the Board, including the Independent Board Members, concluded that the Fund’s performance was acceptable overall.

Cost of the Services Provided And Profits Realized From The Relationships with the Fund.

The Directors considered the management fees paid to the Adviser by the Fund as well as the fees paid to each of the Small-Cap Equity Fund Sub-Advisers by the Adviser, which would reduce the net management fees retained by the Adviser. The Board reviewed the level of profits realized by the Adviser, the Affiliated Service Providers and each Small-Cap Equity Fund Sub-Adviser in providing investment advisory and other services to the Fund. Information also was presented regarding the financial condition of

Other Information 23

State Street Small-Cap Equity V.I.S. Fund

Other Information (Unaudited), continued

the Adviser and each Small-Cap Equity Fund Sub-Adviser for various past periods. The Directors also considered the Adviser’s statements concerning its significant investment in supporting registered investment companies. The Board also considered the various risks borne by SSGA FM, the Affiliated Service Providers and each of the Small-Cap Equity Fund Sub-Advisers in connection with their various roles in servicing the Fund, including enterprise, litigation, business, operational and entrepreneurial risk.

The Board concluded that the profitability of the Adviser and each of the Small-Cap Equity Fund Sub-Advisers with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.

The Extent to Which Economies of Scale Would Be Realized as the Fund Grows and Whether Fee Levels Would Reflect Such Economies of Scale.

The Board considered the extent to which the Adviser and the Affiliated Service Providers, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund. The Board concluded that, in light of, among other considerations, the current size of the Fund, the level of profitability of the Adviser and the Affiliated Service Providers with respect to the Fund, and/or the comparative management fee and expense ratio of the Fund, it does not appear that the Adviser or the Affiliated Service Providers has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed management fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.

Comparison of Services to be Rendered and Fees to be Paid.

The Board discussed the respective services provided to the Fund by each of the Adviser and each of the Small-Cap Equity Fund Sub-Advisers, and the fees charged to the Fund for those services. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to the expense ratios of a group of comparable mutual funds selected by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser. Among other information, the Board considered that the Fund’s advisory fee was among the highest, and the expense ratios were the highest, in the applicable Broadridge peer group ranges. The Board members also reviewed comparative mutual fund and/or other account fee information for Small-Cap Equity Fund Sub-Adviser clients provided by each of the Small-Cap Equity Fund Sub-Advisers.

In light of the foregoing, the Board, including the Independent Board Members, determined that the management fees and sub-advisory fees, considered in relation to the services provided to the Fund, supported the Board’s approval of the continuance of the Investment Advisory and Administration Agreement and the Small-Cap Sub-Advisory Agreements.

Fall-Out Benefits.

The Board considered actual and potential financial benefits that the Adviser and each of the Small-Cap Equity Fund Sub-Advisers could derive from their respective relationships with the Fund, including the custody, fund accounting and sub-administration services being provided to the Fund by affiliates of the Adviser and, to the extent applicable, soft dollar commission benefits generated through Fund portfolio transactions. The Board noted, however, that the Fund benefits from the vast array of resources available through SSGA FM, and that the Fund represents only a small portion of the assets managed by SSGA FM.

Conclusion.

No single factor was determinative to the Board’s decision. Based on their discussion and such other matters as were deemed relevant, the Directors, including the Independent Board Members, approved the continuance of the Investment Advisory and Administration Agreement and the Small-Cap Sub-Advisory Agreements for the Fund.

24 Other Information

Directors

John R. Costantino, Chairman

R. Sheldon Johnson

Donna M. Rapaccioli

Jeanne M. La Porta

Officers

Jeanne M. La Porta, President

Arthur Jensen, Treasurer

Brian Harris, Chief Compliance Officer and Anti-Money Laundering Officer

Bruce S. Rosenberg, Assistant Treasurer

Ann M. Carpenter, Assistant Treasurer

Chad C. Hallett, Assistant Treasurer

Darlene Anderson-Vasquez, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Jesse Hallee, Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

1600 Summer Street

P.O. Box 7900

Stamford, CT 06904-7900

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Semi-Annual Report

June 30, 2018

State Street U.S. Equity V.I.S. Fund

State Street U.S. Equity V.I.S Fund

Semi-Annual Report

June 30, 2018 (Unaudited)

Table of Contents

	Page
Fund Information		1
Understanding Your Fund’s Expenses		2
Schedule of Investments		3
Financial Statements
Financial Highlights		8
Statement of Assets and Liabilities		9
Statement of Operations		10
Statements of Changes in Net Assets		11
Notes to Financial Statements		12
Other Information		17

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

State Street U.S. Equity V.I.S. Fund

Fund Information — June 30, 2018 (Unaudited)

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

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

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

Sector Allocation

Portfolio Composition as a % of Fair Value of $27,499 (in thousands) as of June 30, 2018 ^(a)(b)

Top Ten Largest Holdings

as of June 30, 2018 (as a % of Fair Value) ^(a)(b)

Apple Inc.	4.07	%
Microsoft Corp.	4.04	%
Visa Inc., Class A	3.28	%
JPMorgan Chase & Co.	3.21	%
Amazon.com Inc.	3.17	%
Alphabet Inc., Class A	2.57	%
PepsiCo Inc.	2.36	%
Facebook Inc., Class A	2.31	%
Broadcom Inc.	1.97	%
Chevron Corp.	1.89	%

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

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

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

State Street U.S. Equity V.I.S. Fund 1

State Street U.S. Equity V.I.S. Fund

Understanding Your Fund’s Expenses — June 30, 2018 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

January 1, 2018 – June 30, 2018

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account value at the beginning of the period	$	1,000.00	$	1,000.00
Account value at the end of the period	$	1,031.40	$	1,020.68
Expenses paid during the period*	$	4.18	$	4.16

* Expenses are equal to the Fund’s annualized expense ratio of 0.83% (for the period January 1, 2018-June 30, 2018), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2 State Street U.S. Equity V.I.S. Fund

State Street U.S. Equity V.I.S. Fund

Schedule of Investments — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Common Stock - 98.9%†
Aerospace & Defense - 1.7%
General Dynamics Corp.		733		136,639
Hexcel Corp.		1,178		78,196
Raytheon Co.		875		169,032
The Boeing Co.		261		87,568
				471,435
Air Freight & Logistics - 0.5%
FedEx Corp.		247		56,084
United Parcel Service Inc., Class B		788		83,709
				139,793
Airlines - 0.3%
Alaska Air Group Inc.		550		33,214
JetBlue Airways Corp. (a)		2,663		50,544
				83,758
Apparel, Accessories & Luxury Goods - 0.1%
PVH Corp.		205		30,693
Application Software - 1.8%
Adobe Systems Inc. (a)		419		102,156
Intuit Inc.		580		118,497
salesforce.com Inc. (a)		1,966		268,163
				488,816
Asset Management & Custody Banks - 0.6%
Ameriprise Financial Inc.		424		59,309
BlackRock Inc.		208		103,800
				163,109
Auto Parts & Equipment - 0.2%
Aptiv PLC		627		57,452
Automobile Manufacturers - 0.1%
General Motors Co.		979		38,573
Automotive Retail - 0.5%
AutoZone Inc. (a)		198		132,844
Biotechnology - 4.0%
Alexion Pharmaceuticals Inc. (a)		812		100,810
Biogen Inc. (a)		1,369		397,338
Gilead Sciences Inc.		6,088		431,274
Vertex Pharmaceuticals Inc. (a)		1,058		179,818
				1,109,240
Building Products - 0.4%
Allegion PLC		1,314		101,651

	Number of Shares		Fair Value $
Cable & Satellite - 2.5%
Charter Communications Inc., Class A (a)		1,047		306,991
Comcast Corp., Class A		11,931		391,456
				698,447
Communications Equipment - 0.6%
Cisco Systems Inc.		3,680		158,350
Construction Materials - 0.1%
Vulcan Materials Co.		182		23,489
Consumer Finance - 0.5%
American Express Co.		1,012		99,176
Discover Financial Services		656		46,189
				145,365
Data Processing & Outsourced Services - 3.8%
Mastercard Inc., Class A		796		156,430
Visa Inc., Class A		6,807		901,587
				1,058,017
Diversified Banks - 4.6%
Bank of America Corp.		11,113		313,276
JPMorgan Chase & Co.		8,469		882,470
U.S. Bancorp		1,617		80,882
				1,276,628
Diversified Chemicals - 0.5%
DowDuPont Inc.		2,056		135,532
Electric Utilities - 1.5%
American Electric Power Company Inc.		913		63,225
Duke Energy Corp.		369		29,181
Edison International		513		32,457
Exelon Corp.		2,274		96,872
NextEra Energy Inc.		896		149,659
PG&E Corp.		760		32,346
				403,740
Electrical Components & Equipment - 0.2%
Rockwell Automation Inc.		340		56,518
Electronic Components - 0.8%
Corning Inc.		7,587		208,718
Environmental & Facilities Services - 0.3%
Republic Services Inc.		1,067		72,940

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

State Street U.S. Equity V.I.S. Fund 3

State Street U.S. Equity V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Financial Exchanges & Data - 1.9%
CME Group Inc.		2,088		342,265
S&P Global Inc.		915		186,559
				528,824
Footwear - 0.7%
NIKE Inc., Class B		2,458		195,853
Gold - 0.1%
Newmont Mining Corp.		696		26,246
Healthcare Distributors - 0.4%
Henry Schein Inc. (a)		1,511		109,759
Healthcare Equipment - 1.8%
Boston Scientific Corp. (a)		8,836		288,937
Hologic Inc. (a)		1,758		69,881
Medtronic PLC		1,702		145,708
				504,526
Healthcare Services - 0.3%
DaVita Inc. (a)		1,003		69,648
Healthcare Supplies - 0.6%
The Cooper Companies Inc.		666		156,810
Home Entertainment Software - 0.5%
Activision Blizzard Inc.		917		69,985
Electronic Arts Inc. (a)		434		61,203
				131,188
Home Improvement Retail - 1.0%
The Home Depot Inc.		1,463		285,431
Hotels, Resorts & Cruise Lines - 0.3%
Marriott International Inc., Class A		654		82,796
Household Products - 0.8%
The Procter & Gamble Co.		2,795		218,178
Hypermarkets & Super Centers - 0.4%
Walmart Inc.		1,395		119,482
Independent Power Producers & Energy Traders - 0.1%
NRG Energy Inc.		542		16,639
Industrial Conglomerates - 1.1%
Honeywell International Inc.		1,180		169,979
Roper Technologies Inc.		495		136,575
				306,554

	Number of Shares		Fair Value $
Industrial Gases - 0.1%
Air Products & Chemicals Inc.		209		32,548
Industrial Machinery - 2.3%
Ingersoll-Rand PLC		3,673		329,578
Xylem Inc.		4,646		313,048
				642,626
Insurance Brokers - 0.3%
Marsh & McLennan Companies Inc.		1,006		82,462
Integrated Oil & Gas - 2.9%
Chevron Corp.		4,103		518,742
Exxon Mobil Corp.		3,493		288,976
				807,718
Integrated Telecommunication Services - 0.7%
AT&T Inc.		1,914		61,458
Verizon Communications Inc.		2,460		123,763
				185,221
Internet & Direct Marketing Retail - 4.6%
Amazon.com Inc. (a)		513		871,997
Booking Holdings Inc. (a)		104		210,817
Netflix Inc. (a)		436		170,664
				1,253,478
Internet Software & Services - 6.4%
Alphabet Inc., Class A (a)		627		708,002
Alphabet Inc., Class C (a)(b)		365		407,213
Facebook Inc., Class A (a)		3,266		634,649
				1,749,864
Investment Banking & Brokerage - 1.0%
The Charles Schwab Corp.		5,587		285,496
IT Consulting & Other Services - 0.7%
Accenture PLC, Class A		526		86,048
International Business Machines Corp.		730		101,981
				188,029
Life & Health Insurance - 0.3%
Prudential Financial Inc.		863		80,699
Life Sciences Tools & Services - 0.7%
Illumina Inc. (a)		22		6,145
IQVIA Holdings Inc. (a)		1,311		130,864
Thermo Fisher Scientific Inc.		216		44,742
				181,751

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

4 State Street U.S. Equity V.I.S. Fund

State Street U.S. Equity V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Managed Healthcare - 1.6%
Humana Inc.		372		110,719
UnitedHealth Group Inc.		1,318		323,358
				434,077
Metal & Glass Containers - 0.2%
Ball Corp.		1,372		48,775
Movies & Entertainment - 1.3%
The Walt Disney Co.		3,529		369,875
Multi-Line Insurance - 0.3%
American International Group Inc.		828		43,901
The Hartford Financial Services Group Inc.		973		49,749
				93,650
Multi-Sector Holdings - 1.1%
Berkshire Hathaway Inc., Class B (a)		1,633		304,799
Multi-Utilities - 1.1%
Dominion Energy Inc.		631		43,022
Sempra Energy		2,202		255,674
				298,696
Oil & Gas Equipment & Services - 1.3%
Schlumberger Ltd.		5,202		348,690
Oil & Gas Exploration & Production - 1.9%
Concho Resources Inc. (a)		496		68,622
ConocoPhillips		1,456		101,367
Diamondback Energy Inc.		1,841		242,220
EOG Resources Inc.		620		77,146
Pioneer Natural Resources Co.		142		26,872
				516,227
Oil & Gas Refining & Marketing - 0.3%
Valero Energy Corp.		865		95,868
Packaged Foods & Meats - 2.0%
Mondelez International Inc., Class A		11,122		456,002
The Kraft Heinz Co.		1,355		85,121
				541,123
Paper Packaging - 0.1%
Packaging Corporation of America		290		32,419
Pharmaceuticals - 4.5%
Allergan PLC		2,439		406,630
Johnson & Johnson		3,406		413,284

	Number of Shares		Fair Value $
Mylan N.V. (a)		4,042		146,078
Pfizer Inc.		7,755		281,351
				1,247,343
Property & Casualty Insurance - 0.8%
Chubb Ltd.		1,788		227,112
Railroads - 0.5%
Union Pacific Corp.		1,021		144,655
Regional Banks - 1.6%
First Republic Bank		4,526		438,072
Research & Consulting Services - 0.1%
Verisk Analytics Inc. (a)		273		29,386
Restaurants - 1.3%
McDonald’s Corp.		815		127,702
Starbucks Corp.		4,882		238,486
				366,188
Semiconductor Equipment - 2.0%
Applied Materials Inc.		10,403		480,515
Lam Research Corp.		337		58,250
				538,765
Semiconductors - 2.9%
Broadcom Inc.		2,231		541,330
Intel Corp.		2,390		118,807
NVIDIA Corp.		603		142,850
				802,987
Soft Drinks - 2.4%
PepsiCo Inc.		5,962		649,083
Specialized REITs - 3.5%
American Tower Corp. (b)		3,034		437,412
Equinix Inc.		757		325,427
Extra Space Storage Inc.		1,988		198,422
				961,261
Specialty Chemicals - 1.3%
Albemarle Corp.		2,530		238,655
Ecolab Inc.		232		32,556
The Sherwin-Williams Co.		198		80,699
				351,910
Specialty Stores - 0.2%
Signet Jewelers Ltd.		452		25,199
Ulta Salon Cosmetics & Fragrance Inc. (a)		179		41,789
				66,988

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

State Street U.S. Equity V.I.S. Fund 5

State Street U.S. Equity V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Steel - 0.1%
Steel Dynamics Inc.		368		16,910
Systems Software - 4.9%
Microsoft Corp.		11,265		1,110,842
Oracle Corp.		3,422		150,773
Proofpoint Inc. (a)		646		74,490
ServiceNow Inc. (a)		140		24,146
				1,360,251
Technology Hardware, Storage & Peripherals - 4.1%
Apple Inc.		6,052		1,120,286
Tobacco - 0.6%
Philip Morris International Inc.		1,950		157,443
Trading Companies & Distributors - 1.1%
United Rentals Inc. (a)		2,060		304,097
Wireless Telecommunication Services - 0.2%
T-Mobile US Inc. (a)		838		50,071
Total Common Stock (Cost $21,599,490)				27,213,941

	Number of Shares		Fair Value $
Short-Term Investments - 1.0%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.86% (Cost $285,515) (c)(d)		285,515		285,515
Total Investments (Cost $21,885,005)				27,499,456
Other Assets and Liabilities, net - 0.1%				15,829
NET ASSETS - 100.0%				27,515,285

Other Information:

The Fund had the following short futures contracts open at June 30, 2018:

Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Appreciation
S&P 500 Emini Index Futures		September 2018		2		(276,658	)	$	(272,160	)	$	4,498

During the period ended June 30, 2018, the Fund had average notional values of $232,234 and $152,598 on long and short futures contracts, respectively.

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

6 State Street U.S. Equity V.I.S. Fund

State Street U.S. Equity V.I.S. Fund

Notes to Schedule of Investments — June 30, 2018 (Unaudited)

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

(a) Non-income producing security.

(b) At June 30, 2018, 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 June 30, 2018.

Abbreviations:

REIT    Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2018:

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	27,213,941	$	—	$	—	$	27,213,941
Short-Term Investments		285,515		—		—		285,515
Total Investments in Securities	$	27,499,456	$	—	$	—	$	27,499,456
Other Financial Instruments
Short Futures Contracts - Unrealized Appreciation	$	4,498	$	—	$	—	$	4,498

	Number of Shares Held at 12/31/17		Value At 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/18		Value At 6/30/18		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		1,034,501	$	1,034,501	$	1,687,918	$	2,436,904	$	—	$	—		285,515	$	285,515	$	5,291

Notes to Schedule of Investments

State Street U.S. Equity V.I.S. Fund 7

State Street U.S. Equity V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/18†			12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date																	1/3/95
Net asset value, beginning of period	$	44.20		$	42.02		$	42.25		$	48.44		$	46.63		$	35.14
Income/(loss) from investment operations:
Net investment income		0.16	(a)		0.35	(a)		0.55			0.53			0.50			0.42
Net realized and unrealized gains/(losses) on investments		1.23			8.03			3.41			(1.56	)		5.48			11.49
Total income/(loss) from investment operations		1.39			8.38			3.96			(1.03	)		5.98			11.91
Less distributions from:
Net investment income		—			0.38			0.54			0.53			0.46			0.42
Net realized gains		—			5.82			3.65			4.63			3.71			—
Total distributions		—			6.20			4.19			5.16			4.17			0.42
Net asset value, end of period	$	45.59		$	44.20		$	42.02		$	42.25		$	48.44		$	46.63
Total Return(b)		3.14	%		19.91	%		9.31	%		(2.30	)%		12.77	%		33.91	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	27,515		$	28,308		$	27,336		$	31,405		$	35,178		$	34,234
Ratios to average net assets:
Net expenses		0.83	%**		0.85	%		0.83	%		0.76	%		0.77	%(c)		0.80	%(c)
Gross expenses		0.83	%**		0.85	%		0.83	%		0.76	%		0.77	%		0.80	%
Net investment income		0.70	%**		0.75	%		1.16	%		1.04	%		0.99	%		0.95	%
Portfolio turnover rate		23	%		80	%		37	%		37	%		43	%		40	%

Notes to Financial Highlights

(a) Per share values have been calculated using the average share method.

(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

(c) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

† Unaudited.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

** Annualized for periods less than one year.

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

8 Financial Highlights

State Street U.S. Equity V.I.S. Fund

Statement of Assets and Liabilities — June 30, 2018 (Unaudited)

Assets
Investments in securities, at fair value (cost $21,599,490)	$	27,213,941
Short-term affiliated investments, at fair value		285,515
Cash		1,699
Income receivables		16,727
Receivable for fund shares sold		50,236
Income receivable from affiliated investments		602
Receivable for accumulated variation margin on futures		4,713
Other assets		3
Total Assets		27,573,436
Liabilities
Net cash collateral on futures contracts due to broker		4,715
Payable for investments purchased		11,456
Payable for fund shares redeemed		215
Payable to the Adviser		12,594
Payable to the Custodian		10,384
Accrued other expenses		18,787
Total liabilities		58,151
Net Assets	$	27,515,285
Net Assets Consist of:
Capital paid in	$	20,720,210
Undistributed (distributions in excess of) net investment income		97,755
Accumulated net realized gain		1,078,371
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		5,614,451
Futures		4,498
Net Assets	$	27,515,285
Shares outstanding ($0.01 par value; unlimited shares authorized)		603,503
Net asset value per share	$	45.59

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

Statement of Assets and Liabilities 9

State Street U.S. Equity V.I.S. Fund

Statement of Operations — For the period ended June 30, 2018 (Unaudited)

Investment Income
Income
Dividend	$	209,171
Income from affiliated investments		5,291
Total income		214,462
Expenses
Advisory and administration fees		77,433
Directors’ fees		2,209
Custody and accounting expenses		16,682
Professional fees		14,360
Other expenses		6,023
Total Expenses		116,707
Net investment income	$	97,755
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	869,883
Futures		(473	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(90,260	)
Futures		4,027
Net realized and unrealized gain (loss) on investments		783,177
Net increase in net assets resulting from operations	$	880,932

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

10 Statement of Operations

State Street U.S. Equity V.I.S. Fund

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018*			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	97,755		$	212,471
Net realized gain (loss) on investments and futures		869,410			3,495,066
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		(86,233	)		1,432,584
Net increase (decrease) from operations		880,932			5,140,121
Distributions to shareholders from:
Net investment income		—			(212,881	)
Net realized gains		—			(3,271,930	)
Total distributions		—			(3,484,811	)
Increase (decrease) in assets from operations and distributions		880,932			1,655,310
Share transactions:
Proceeds from sale of shares		165,465			272,095
Value of distributions reinvested		—			3,484,811
Cost of shares redeemed		(1,839,028	)		(4,440,611	)
Net increase (decrease) from share transactions		(1,673,563	)		(683,705	)
Total increase (decrease) in net assets		(792,631	)		971,605
Net Assets
Beginning of period		28,307,916			27,336,311
End of period	$	27,515,285		$	28,307,916
Undistributed (distributions in excess of) net investment income, end of period	$	97,755		$	—
Changes in Fund Shares
Shares sold		3,699			5,950
Issued for distributions reinvested		—			78,699
Shares redeemed		(40,626	)		(94,827	)
Net decrease in fund shares		(36,927	)		(10,178	)

* Unaudited.

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

Statements of Changes in Net Assets 11

State Street U.S. Equity V.I.S. Fund

Notes to Financial Statements — June 30, 2018 (Unaudited)

1. Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund (the “Fund”), State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

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 Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for determining the fair value of investments.

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

• Equity investments (including preferred stocks) 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.

• 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.

• 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 per share or unit.

12 Notes to Financial Statements

State Street U.S. Equity V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

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 June 30, 2018 is disclosed in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the beginning of the reporting period. The Fund had no material transfers between levels for the six-month period ended June 30, 2018.

Investment Transactions and Income Recognition   Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

Expenses Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

Foreign Currency Translation   The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2018, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

Notes to Financial Statements 13

State Street U.S. Equity V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

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

3. Derivative Financial Instruments

Futures Contracts   The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the six-month period ended June 30, 2018 the Fund entered into futures contracts for cash equitization.

The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2018 and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:

Asset Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Futures Contracts	$	—	$	—	$	—	$	4,713	$	—	$	4,713

Net Realized Gain (Loss)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
Futures Contracts	$	—	$	—	$	—	$	(473	)	$	—	$	(473	)

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Futures Contracts	$	—	$	—	$	—	$	4,027	$	—	$	4,027

4. Fees and Transactions with Affiliates

Advisory Fee  SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.55%.

14 Notes to Financial Statements

State Street U.S. Equity V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

Administrator, Sub-Administrator and Custodian Fees State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Fund to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

Due to Custodian In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds.

Other Transactions with Affiliates The Fund may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the six-month period ended June 30, 2018 are disclosed in the Schedule of Investments.

5. Directors’ Fees

The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”) are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the six-month period ended June 30, 2018 were as follows:

Non-U.S. Government Securities
Purchases			Sales
	$	6,327,766		$	7,119,742

7. Income Taxes

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

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

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

As of June 30, 2018, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
	$	22,010,467		$	6,006,326		$	512,839		$	5,493,487

8. Line of Credit

The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless otherwise extended or renewed.

Notes to Financial Statements 15

State Street U.S. Equity V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The Fund had no outstanding loans as of June 30, 2018.

9. Risks

Concentration Risk As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified.

Market and Credit Risk In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

10. Subsequent Events

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

16 Notes to Financial Statements

State Street U.S. Equity V.I.S. Fund

Other Information (Unaudited)

Proxy Voting Policies and Procedures and Record

The Fund has adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Fund has adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, and (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330. Information regarding how the Fund voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

The Fund files its complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available (i) without charge, upon request, by calling 1-800-242-013, (ii) on the Fund’s website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, and (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330.

Other Information 17

State Street U.S. Equity V.I.S. Fund

Other Information (Unaudited), continued

Disclosure for the Board of Directors’ Consideration of the Renewal of the Investment Advisory and Administration Agreement with SSGA Funds Management, Inc. on behalf of the State Street U.S. Equity V.I.S. Fund

At meetings of the Board of Directors (the “Board”) of State Street Variable Insurance Series Funds, Inc. (the “V.I.S. Funds”) held on May 16, 2018 and June 5, 2018 (the “Board Meetings”), the Board members, including the Board members who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the V.I.S. Funds (“Independent Board Members”), considered and unanimously approved the continuance for an additional year of the investment advisory and administration agreement (the “Investment Advisory and Administration Agreement”) between SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”) and the V.I.S. Funds on behalf of each of its series portfolios, including the State Street U.S. Equity V.I.S. Fund (the “Fund”).

In considering whether to approve the continuance for an additional year of the Investment Advisory and Administration Agreement, the Board members considered and discussed a substantial amount of information and analysis provided, at the Board’s request, by the Adviser. The Board members also considered detailed information regarding performance and expenses of other investment companies, including those with similar investment strategies and sizes, which was prepared by an independent third party provider, Broadridge Financial Solutions, Inc. (“Broadridge”). The Board members reviewed the fees charged by the Adviser for other mutual funds and investment products other than mutual funds that employ a similar investment strategy as the Fund. The Board had the opportunity to ask questions and request additional information in connection with its considerations.

Before approving the continuance of the Investment Advisory and Administration Agreement, the Independent Board Members reviewed the information provided with management of the Adviser and with their independent legal counsel. The Board also reviewed a memorandum prepared by independent legal counsel discussing the legal standards for the consideration of the proposed continuance. The Independent Board Members discussed the proposed continuance of the Investment Advisory and Administration Agreement in detail during private sessions in advance of, and at, the Board Meetings with their independent legal counsel at which no representatives of the Adviser were present. The Independent Board Members and their independent legal counsel requested, and received and considered, additional information from the Adviser following the May 16, 2018 Board Meeting and prior to the June 5, 2018 Board Meeting.

In advance of the Board Meetings, and in response to their detailed requests, the Board members received from the Adviser written responses to their inquiries, which included substantial exhibits and other materials related to the Adviser’s business and the services it provides to the Fund. The Directors took into account their multi-year experience as Directors and particularly their previous consideration of these types of agreements.

During the Board Meetings, the Board members had an opportunity to discuss this information with SSGA FM representatives, including senior executives, representatives from the legal, compliance and finance departments, and investment personnel. The Board members posed questions to these representatives and engaged in significant discussions.

In reaching its determinations relating to the continuance of the Investment Advisory and Administration Agreement, the Board considered those factors it deemed relevant, including the factors discussed below. In its deliberations, the Board did not identify any single factor that was dispositive and each Director may have attributed different weights to the various factors. The Directors evaluated the information provided to them, as well as the presentations and discussions that occurred at the Board Meetings, for the Fund, and their determinations were made separately in respect of the Fund from other series portfolios of the V.I.S Funds.

The material factors and conclusions that formed the basis for the Board’s determinations to approve the continuance of the Investment Advisory and Administration Agreement with the Adviser on behalf of the Fund are as discussed below.

The Nature, Extent and Quality of Services Provided.

The Board reviewed the services provided to the Fund by the Adviser. The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board

18 Other Information

State Street U.S. Equity V.I.S. Fund

Other Information (Unaudited), continued

considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including operational, enterprise, regulatory, litigation and compliance risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board had previously reviewed the compliance programs of SSGA FM and various affiliated service providers (“Affiliated Service Providers”). Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.

In light of the foregoing and other relevant information, the Board, including the Independent Board Members, concluded that the services provided by the Adviser continue to be satisfactory.

Investment Performance.

The Board members considered the investment performance of the Fund for various periods. The Board members reviewed detailed comparisons of the performance of the Fund with the relevant securities index and peer and category groupings of mutual funds prepared by Broadridge with respect to various periods. The Board members also engaged in detailed discussions with SSGA FM management about its investment processes and performance results. These discussions focused on the Fund’s investment objective, the number and experience of portfolio management and supporting research personnel, the Fund’s investment style and approach employed, the likely market cycles for the Fund’s investment style and the Fund’s relative underperformance in the measurement periods shown. The Board members discussed the Adviser’s investment approach with respect to the Fund and reasons for the Fund’s relative underperformance in the measurement periods shown.

Taking these factors into consideration, the Board, including the Independent Board Members, expressed concern about the Fund’s performance and agreed to closely monitor performance.

Cost of the Services Provided And Profits Realized From The Relationship with the Fund.

The Directors considered the management fees paid to the Adviser by the Fund. The Board reviewed the level of profits realized by the Adviser and the Affiliated Service Providers in providing investment advisory and other services to the Fund. Information also was presented regarding the financial condition of the Adviser for various past periods. The Directors also considered the Adviser’s statements concerning its significant investment in supporting registered investment companies. The Board also considered the various risks borne by SSGA FM and the Affiliated Service Providers in connection with their various roles in servicing the Fund, including enterprise, litigation, business, operational and entrepreneurial risk.

The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.

The Extent to Which Economies of Scale Would Be Realized as the Fund Grows and Whether Fee Levels Would Reflect Such Economies of Scale.

The Board considered the extent to which the Adviser and the Affiliated Service Providers, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund. The Board concluded that, in light of, among other considerations, the current size of the Fund, the level of profitability of the Adviser and the Affiliated Service Providers with respect to the Fund, and/or the comparative management fee and expense ratio of the Fund, it does not appear that the Adviser or the Affiliated Service Providers has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed management fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.

Comparison of Services to be Rendered and Fees to be Paid.

The Board discussed the services provided to the Fund by the Adviser, and the fees charged to the Fund for those services. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to

Other Information 19

State Street U.S. Equity V.I.S. Fund

Other Information (Unaudited), continued

administrative services provided by SSGA FM, as compared to the expense ratios of a group of comparable mutual funds selected by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser. Among other information, the Board considered that, although the net and gross expense ratios were among the highest in the applicable Broadridge peer group ranges, the Fund’s advisory fee was within the applicable Broadridge peer group range.

In light of the foregoing, the Board, including the Independent Board Members, determined that the management fees, considered in relation to the services provided to the Fund, supported the Board’s approval of the continuance of the Investment Advisory and Administration Agreement.

Fall-Out Benefits.

The Board considered actual and potential financial benefits that the Adviser could derive from its relationship with the Fund, including the custody, fund accounting and sub-administration services being provided to the Fund by affiliates of the Adviser and, to the extent applicable, soft dollar commission benefits generated through Fund portfolio transactions. The Board noted, however, that the Fund benefits from the vast array of resources available through SSGA FM, and that the Fund represents only a small portion of the assets managed by SSGA FM.

Conclusion.

No single factor was determinative to the Board’s decision. Based on their discussion and such other matters as were deemed relevant, the Directors, including the Independent Board Members, approved the continuance of the Investment Advisory and Administration Agreement for the Fund.

20 Other Information

Directors

John R. Costantino, Chairman

R. Sheldon Johnson

Donna M. Rapaccioli

Jeanne M. La Porta

Officers

Jeanne M. La Porta, President

Arthur Jensen, Treasurer

Brian Harris, Chief Compliance Officer and Anti-Money Laundering Officer

Bruce S. Rosenberg, Assistant Treasurer

Ann M. Carpenter, Assistant Treasurer

Chad C. Hallett, Assistant Treasurer

Darlene Anderson-Vasquez, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Jesse Hallee, Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

1600 Summer Street

P.O. Box 7900

Stamford, CT 06904-7900

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Semi-Annual Report

June 30, 2018

State Street Premier Growth Equity V.I.S. Fund

State Street Premier Growth Equity V.I.S. Fund

Semi-Annual Report

June 30, 2018 (Unaudited)

Table of Contents

	Page
Fund Information		1
Understanding Your Fund’s Expenses		2
Schedule of Investments		3
Financial Statements
Financial Highlights		6
Statement of Assets and Liabilities		7
Statement of Operations		8
Statements of Changes in Net Assets		9
Notes to Financial Statements		10
Other Information		15

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

State Street Premier Growth Equity V.I.S. Fund

Fund Information — June 30, 2018 (Unaudited)

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

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

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

Sector Allocation

Portfolio Composition as a % of Fair Value of $36,332 (in thousands) as of June 30, 2018 ^(a)(b)

Top Ten Largest Holdings

as of June 30, 2018 (as a % of Fair Value) ^(a)(b)

Apple Inc.	6.19	%
Microsoft Corp.	5.45	%
Alphabet Inc., Class C	5.18	%
Amazon.com Inc.	5.17	%
Visa Inc., Class A	4.83	%
CME Group Inc.	3.78	%
Facebook Inc., Class A	3.74	%
The Charles Schwab Corp.	3.73	%
United Rentals Inc.	3.46	%
American Tower Corp.	3.29	%

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

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

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

State Street Premier Growth Equity V.I.S. Fund 1

State Street Premier Growth Equity V.I.S. Fund

Understanding Your Fund’s Expenses — June 30, 2018 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

January 1, 2018 – June 30, 2018

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Account value at the beginning of the period	$	1,000.00	$	1,000.00
Account value at the end of the period	$	1,056.60	$	1,020.53
Expenses paid during the period*	$	4.39	$	4.31

* Expenses are equal to the Fund’s annualized expense ratio of 0.86% (for the period January 1, 2018-June 30, 2018), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2 State Street Premier Growth Equity V.I.S. Fund

State Street Premier Growth Equity V.I.S. Fund

Schedule of Investments — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Common Stock - 96.3%†
Application Software - 4.5%
Intuit Inc.		2,302		470,310
salesforce.com Inc. (a)		8,472		1,155,581
				1,625,891
Biotechnology - 6.7%
Alexion Pharmaceuticals Inc. (a)		8,472		1,051,799
Biogen Inc. (a)		1,827		530,268
Vertex Pharmaceuticals Inc. (a)		4,973		845,211
				2,427,278
Cable & Satellite - 6.2%
Charter Communications Inc., Class A (a)		3,186		934,167
Comcast Corp., Class A		18,233		598,225
Liberty Global PLC, Class C (a)		27,625		735,101
				2,267,493
Data Processing & Outsourced Services - 5.0%
Mastercard Inc., Class A		368		72,319
Visa Inc., Class A		13,260		1,756,287
				1,828,606
Financial Exchanges & Data - 6.5%
CME Group Inc.		8,380		1,373,650
S&P Global Inc.		4,880		994,983
				2,368,633
Healthcare Distributors - 1.9%
Henry Schein Inc. (a)		9,595		696,981
Healthcare Equipment - 4.3%
Boston Scientific Corp. (a)		31,861		1,041,855
Medtronic PLC		6,207		531,381
				1,573,236
Healthcare Supplies - 2.3%
The Cooper Companies Inc.		3,592		845,736
Internet & Direct Marketing Retail - 5.2%
Amazon.com Inc. (a)		1,105		1,878,279
Internet Software & Services - 11.9%
Alibaba Group Holding Ltd. ADR (a)		2,947		546,757
Alphabet Inc., Class A (a)		460		519,428
Alphabet Inc., Class C (a)		1,686		1,880,986
Facebook Inc., Class A (a)		6,998		1,359,851
				4,307,022

	Number of Shares		Fair Value $
Investment Banking & Brokerage - 3.7%
The Charles Schwab Corp.		26,520		1,355,172
Movies & Entertainment - 2.7%
The Walt Disney Co.		9,209		965,195
Oil & Gas Equipment & Services - 1.7%
Schlumberger Ltd.		9,172		614,799
Pharmaceuticals - 2.7%
Allergan PLC		5,857		976,479
Regional Banks - 1.9%
First Republic Bank		6,998		677,337
Restaurants - 0.7%
Starbucks Corp.		4,972		242,882
Semiconductor Equipment - 2.8%
Applied Materials Inc. (b)		22,100		1,020,799
Semiconductors - 2.7%
Broadcom Inc.		4,052		983,177
Soft Drinks - 3.2%
PepsiCo Inc.		10,633		1,157,615
Specialized REITs - 3.3%
American Tower Corp.		8,288		1,194,881
Specialty Chemicals - 1.3%
Albemarle Corp.		4,972		469,009
Systems Software - 5.4%
Microsoft Corp.		20,074		1,979,497
Technology Hardware, Storage & Peripherals - 6.2%
Apple Inc.		12,140		2,247,235
Trading Companies & Distributors - 3.5%
United Rentals Inc. (a)		8,527		1,258,756
Total Common Stock (Cost $21,730,778)				34,961,988
Short-Term Investments - 3.8%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.86%(Cost $1,370,393) (c)(d)		1,370,393		1,370,393
Total Investments (Cost $23,101,171)				36,332,381
Liabilities in Excess of Other Assets, net - (0.1)%				(38,552	)
NET ASSETS - 100.0%				36,293,829

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

State Street Premier Growth Equity V.I.S. Fund 3

State Street Premier Growth Equity V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

Other Information:

The Fund had the following long futures contracts open at June 30, 2018:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Depreciation
S&P 500 Emini Index Futures		September 2018		3		415,844	$	408,250	$	(7,594	)

During the period ended June 30, 2018, the Fund had average notional values of $272,076 and $97,097 on long and short futures contracts, respectively.

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

4 State Street Premier Growth Equity V.I.S. Fund

State Street Premier Growth Equity V.I.S. Fund

Notes to Schedule of Investments — June 30, 2018 (Unaudited)

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

(a) Non-income producing security.

(b) At June 30, 2018, 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 June 30, 2018.

Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2018:

Investments	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stock	$	34,961,988		$	—	$	—	$	34,961,988
Short-Term Investments		1,370,393			—		—		1,370,393
Total Investments in Securities	$	36,332,381		$	—	$	—	$	36,332,381
Other Financial Instruments
Long Futures Contracts - Unrealized Depreciation	$	(7,594	)	$	—	$	—	$	(7,594	)

Affiliate Table

	Number of Shares Held at 12/31/17		Value At 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/18		Value at 6/30/18		Dividend Income		Capital Gains Distributions
State Street Institutional U.S. Government Money Market Fund - Class G Shares		1,093,520	$	1,093,520	$	3,692,153	$	3,415,280		—		—		1,370,393	$	1,370,393	$	7,145		—

Notes to Schedule of Investments

State Street Premier Growth Equity V.I.S. Fund 5

State Street Premier Growth Equity V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/18†			12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date																	12/12/97
Net asset value, beginning of period	$	99.23		$	86.08		$	94.07		$	106.58		$	107.84		$	85.99
Income/(loss) from investment operations:
Net investment income		0.03	(a)		0.32	(a)		0.50			0.52			0.63			0.58
Net realized and unrealized gains/(losses) on investments		5.59			24.10			1.90			3.25			14.71			29.35
Total income from investment operations		5.62			24.42			2.40			3.77			15.34			29.93
Less distributions from:
Net investment income		—			0.34			0.48			0.53			0.58			0.58
Net realized gains		—			10.93			9.91			15.75			16.02			7.50
Total distributions		—			11.27			10.39			16.28			16.60			8.08
Net asset value, end of period	$	104.85		$	99.23		$	86.08		$	94.07		$	106.58		$	107.84
Total Return(b)		5.66	%		28.34	%		2.47	%		3.30	%		14.05	%		34.88	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	36,294		$	36,404		$	33,219		$	36,858		$	39,944		$	40,852
Ratios to average net assets:
Net expenses		0.86	%**		0.85	%		0.84	%		0.81	%		0.81	%(c)		0.83	%(c)
Gross expenses		0.86	%**		0.85	%		0.84	%		0.81	%		0.81	%		0.83	%
Net investment income		0.05	%**		0.31	%		0.52	%		0.46	%		0.52	%		0.54	%
Portfolio turnover rate		11	%		21	%		22	%		19	%		19	%		21	%

Notes to Financial Highlights

(a) Per share values have been calculated using the average share method.

(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

(c) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

^† Unaudited.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

** Annualized for periods less than one year.

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

6 Financial Highlights

State Street Premier Growth Equity V.I.S. Fund

Statement of Assets and Liabilities — June 30, 2018 (Unaudited)

Assets
Investments in securities, at fair value (cost $21,730,778)	$	34,961,988
Short-term affiliated investments, at fair value		1,370,393
Cash		315
Cash collateral on deposit with broker for future contracts		7,912
Income receivables		12,816
Income receivable from affiliated investments		1,621
Other assets		3
Total assets		36,355,048
Liabilities
Payable for fund shares redeemed		12,184
Payable for accumulated variation margin on futures		7,913
Payable to the Adviser		18,811
Payable to the Custodian		5,257
Accrued other expenses		17,054
Total liabilities		61,219
Net Assets	$	36,293,829
Net Assets Consist Of:
Capital paid in	$	20,779,054
Undistributed (distributions in excess of) net investment income		8,918
Accumulated net realized gain		2,282,241
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		13,231,210
Futures		(7,594	)
Net Assets	$	36,293,829
Shares outstanding ($0.01 par value; unlimited shares authorized)		346,134
Net asset value per share	$	104.85

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

Statement of Assets and Liabilities 7

State Street Premier Growth Equity V.I.S. Fund

Statement of Operations — For the period ended June 30, 2018 (Unaudited)

Investment Income
Income
Dividend	$	158,813
Income from affiliated investments		7,145
Total income		165,958
Expenses
Advisory and administration fees		119,018
Directors’ fees		2,769
Custody and accounting expenses		10,871
Professional fees		14,835
Other expenses		9,547
Total expenses		157,040
Net investment income	$	8,918
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	2,173,617
Futures		14,068
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(161,868	)
Futures		(7,423	)
Net realized and unrealized gain (loss) on investments		2,018,394
Net increase in net assets resulting from operations	$	2,027,312

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

8 Statement of Operations

State Street Premier Growth Equity V.I.S. Fund

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018*			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	8,918		$	112,102
Net realized gain (loss) on investments and futures		2,187,685			3,745,553
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		(169,291	)		4,967,942
Net increase (decrease) from operations		2,027,312			8,825,597
Distributions to shareholders from:
Net investment income		—			(112,086	)
Net realized gains		—			(3,610,073	)
Total distributions		—			(3,722,159	)
Increase (decrease) in assets from operations and distributions		2,027,312			5,103,438
Share transactions:
Proceeds from sale of shares		112,808			664,651
Value of distributions reinvested		—			3,722,159
Cost of shares redeemed		(2,250,238	)		(6,305,076	)
Net increase (decrease) from share transactions		(2,137,430	)		(1,918,266	)
Total increase (decrease) in net assets		(110,118	)		3,185,172
Net Assets
Beginning of period		36,403,947			33,218,775
End of period	$	36,293,829		$	36,403,947
Undistributed (distributions in excess of) net investment income, end of period	$	8,918		$	—
Changes in Fund Shares
Shares sold		1,098			6,781
Issued for distributions reinvested		—			37,435
Shares redeemed		(21,844	)		(63,263	)
Net decrease in fund shares		(20,746	)		(19,047	)

* Unaudited.

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

Statements of Changes in Net Assets 9

State Street Premier Growth Equity V.I.S. Fund

Notes to Financial Statements — June 30, 2018 (Unaudited)

1. Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund (the “Fund”), State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

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 Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for determining the fair value of investments.

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

• Equity investments (including preferred stocks) 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.

• 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.

10 Notes to Financial Statements

State Street Premier Growth Equity V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

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 June 30, 2018 is disclosed in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the beginning of the reporting period. The Fund had no material transfers between levels for the six-month period ended June 30, 2018.

Investment Transactions and Income Recognition   Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Non-cash dividends received in the form of stock are recorded as dividend income at fair value.

Expenses   Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

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

3. Derivative Financial Instruments

Futures Contracts   The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Notes to Financial Statements 11

State Street Premier Growth Equity V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the six-month period ended June 30, 2018 the Fund entered into futures contracts for cash equitization.

The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2018 and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:

Liability Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
Futures Contracts	$	—	$	—	$	—	$	(7,913	)	$	—	$	(7,913	)

Net Realized Gain (Loss)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
Futures Contracts	$	—	$	—	$	—	$	14,068	$	—	$	14,068

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
Futures Contracts	$	—	$	—	$	—	$	(7,423	)	$	—	$	(7,423	)

4. Fees and Transactions with Affiliates

Advisory Fee  SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”), a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.25%.

Administrator, Sub-Administrator and Custodian Fees  State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Fund to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

Due to Custodian  In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds.

5. Directors’ Fees

The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”) are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

12 Notes to Financial Statements

State Street Premier Growth Equity V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the six-month period ended June 30, 2018 were as follows:

Non-U.S. Government Securities
Purchases			Sales
	$	3,965,813		$	6,320,621

7. Income Taxes

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

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

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

As of June 30, 2018, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
	$	23,321,450		$	13,553,539		$	550,202		$	13,003,337

8. Line of Credit

The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless otherwise extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The Fund had no outstanding loans as of June 30, 2018.

9. Risks

Concentration Risk  As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified.

Market and Credit Risk  In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Notes to Financial Statements 13

State Street Premier Growth Equity V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

10. Subsequent Events

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

14 Notes to Financial Statements

State Street Premier Growth Equity V.I.S. Fund

Other Information (Unaudited)

Proxy Voting Policies and Procedures and Record

The Fund has adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Fund has adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, and (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330. Information regarding how the Fund voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

The Fund files its complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available (i) without charge, upon request, by calling 1-800-242-013, (ii) on the Fund’s website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, and (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330.

Other Information 15

State Street Premier Growth Equity V.I.S. Fund

Other Information (Unaudited), continued

Disclosure for the Board of Directors’ Consideration of the Renewal of the Investment Advisory and Administration Agreement with SSGA Funds Management, Inc. on behalf of the State Street Premier Growth Equity V.I.S. Fund

At meetings of the Board of Directors (the “Board”) of State Street Variable Insurance Series Funds, Inc. (the “V.I.S. Funds”) held on May 16, 2018 and June 5, 2018 (the “Board Meetings”), the Board members, including the Board members who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the V.I.S. Funds (“Independent Board Members”), considered and unanimously approved the continuance for an additional year of the investment advisory and administration agreement (the “Investment Advisory and Administration Agreement”) between SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”) and the V.I.S. Funds on behalf of each of its series portfolios, including the State Street Premier Growth Equity V.I.S. Fund (the “Fund”).

In considering whether to approve the continuance for an additional year of the Investment Advisory and Administration Agreement, the Board members considered and discussed a substantial amount of information and analysis provided, at the Board’s request, by the Adviser. The Board members also considered detailed information regarding performance and expenses of other investment companies, including those with similar investment strategies and sizes, which was prepared by an independent third party provider, Broadridge Financial Solutions, Inc. (“Broadridge”). The Board members reviewed the fees charged by the Adviser for other mutual funds and investment products other than mutual funds that employ a similar investment strategy as the Fund. The Board had the opportunity to ask questions and request additional information in connection with its considerations.

Before approving the continuance of the Investment Advisory and Administration Agreement, the Independent Board Members reviewed the information provided with management of the Adviser and with their independent legal counsel. The Board also reviewed a memorandum prepared by independent legal counsel discussing the legal standards for the consideration of the proposed continuance. The Independent Board Members discussed the proposed continuance of the Investment Advisory and Administration Agreement in detail during private sessions in advance of, and at, the Board Meetings with their independent legal counsel at which no representatives of the Adviser were present. The Independent Board Members and their independent legal counsel requested, and received and considered, additional information from the Adviser following the May 16, 2018 Board Meeting and prior to the June 5, 2018 Board Meeting.

In advance of the Board Meetings, and in response to their detailed requests, the Board members received from the Adviser written responses to their inquiries, which included substantial exhibits and other materials related to the Adviser’s business and the services it provides to the Fund. The Directors took into account their multi-year experience as Directors and particularly their previous consideration of these types of agreements.

During the Board Meetings, the Board members had an opportunity to discuss this information with SSGA FM representatives, including senior executives, representatives from the legal, compliance and finance departments, and investment personnel. The Board members posed questions to these representatives and engaged in significant discussions.

In reaching its determinations relating to the continuance of the Investment Advisory and Administration Agreement, the Board considered those factors it deemed relevant, including the factors discussed below. In its deliberations, the Board did not identify any single factor that was dispositive and each Director may have attributed different weights to the various factors. The Directors evaluated the information provided to them, as well as the presentations and discussions that occurred at the Board Meetings, for the Fund, and their determinations were made separately in respect of the Fund from other series portfolios of the V.I.S Funds.

The material factors and conclusions that formed the basis for the Board’s determinations to approve the continuance of the Investment Advisory and Administration Agreement with the Adviser on behalf of the Fund are as discussed below.

The Nature, Extent and Quality of Services Provided.

The Board reviewed the services provided to the Fund by the Adviser. The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund. The Board

16 Other Information

State Street Premier Growth Equity V.I.S. Fund

Other Information (Unaudited), continued

considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including operational, enterprise, regulatory, litigation and compliance risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board had previously reviewed the compliance programs of SSGA FM and various affiliated service providers (“Affiliated Service Providers”). Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.

In light of the foregoing and other relevant information, the Board, including the Independent Board Members, concluded that the services provided by the Adviser continue to be satisfactory.

Investment Performance.

The Board members considered the investment performance of the Fund for various periods. The Board members reviewed detailed comparisons of the performance of the Fund with the relevant securities indices and peer and category groupings of mutual funds prepared by Broadridge with respect to various periods. The Board members also engaged in detailed discussions with SSGA FM management about its investment processes and performance results. These discussions focused on the Fund’s investment objective, the number and experience of portfolio management and supporting research personnel, the Fund’s investment style and approach employed, the likely market cycles for the Fund’s investment style and the Fund’s relative underperformance in recent periods but strong performance over the longer term.

Taking these factors into consideration, the Board, including the Independent Board Members, concluded that the Fund’s performance was acceptable overall.

Cost of the Services Provided And Profits Realized From The Relationship with the Fund.

The Directors considered the management fees paid to the Adviser by the Fund. The Board reviewed the level of profits realized by the Adviser and the Affiliated Service Providers in providing investment advisory and other services to the Fund. Information also was presented regarding the financial condition of the Adviser for various past periods. The Directors also considered the Adviser’s statements concerning its significant investment in supporting registered investment companies. The Board also considered the various risks borne by SSGA FM and the Affiliated Service Providers in connection with their various roles in servicing the Fund, including enterprise, litigation, business, operational and entrepreneurial risk.

The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.

The Extent to Which Economies of Scale Would Be Realized as the Fund Grows and Whether Fee Levels Would Reflect Such Economies of Scale.

The Board considered the extent to which the Adviser and the Affiliated Service Providers, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund. The Board concluded that, in light of, among other considerations, the current size of the Fund, the level of profitability of the Adviser and the Affiliated Service Providers with respect to the Fund, and/or the comparative management fee and expense ratio of the Fund, it does not appear that the Adviser or the Affiliated Service Providers has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed management fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.

Comparison of Services to be Rendered and Fees to be Paid.

The Board discussed the services provided to the Fund by the Adviser, and the fees charged to the Fund for those services. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to the expense ratios of a group of comparable mutual funds selected

Other Information 17

State Street Premier Growth Equity V.I.S. Fund

Other Information (Unaudited), continued

by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser. Among other information, the Board considered that the Fund’s advisory fee and expense ratios generally were within the applicable Broadridge peer group ranges.

In light of the foregoing, the Board, including the Independent Board Members, determined that the management fees, considered in relation to the services provided to the Fund, supported the Board’s approval of the continuance of the Investment Advisory and Administration Agreement.

Fall-Out Benefits.

The Board considered actual and potential financial benefits that the Adviser could derive from its relationship with the Fund, including the custody, fund accounting and sub-administration services being provided to the Fund by affiliates of the Adviser and, to the extent applicable, soft dollar commission benefits generated through Fund portfolio transactions. The Board noted, however, that the Fund benefits from the vast array of resources available through SSGA FM, and that the Fund represents only a small portion of the assets managed by SSGA FM.

Conclusion.

No single factor was determinative to the Board’s decision. Based on their discussion and such other matters as were deemed relevant, the Directors, including the Independent Board Members, approved the continuance the Investment Advisory and Administration Agreement for the Fund.

18 Other Information

Directors

John R. Costantino, Chairman

R. Sheldon Johnson

Donna M. Rapaccioli

Jeanne M. La Porta

Officers

Jeanne M. La Porta, President

Arthur Jensen, Treasurer

Brian Harris, Chief Compliance Officer and Anti-Money Laundering Officer

Bruce S. Rosenberg, Assistant Treasurer

Ann M. Carpenter, Assistant Treasurer

Chad C. Hallett, Assistant Treasurer

Darlene Anderson-Vasquez, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Jesse Hallee, Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

1600 Summer Street

P.O. Box 7900

Stamford, CT 06904-7900

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Semi-Annual Report

June 30, 2018

State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Semi-Annual Report

June 30, 2018 (Unaudited)

Table of Contents

	Page
Fund Information		1
Understanding Your Fund’s Expenses		2
Schedule of Investments		3
Financial Statements
Financial Highlights		21
Statement of Assets and Liabilities		22
Statement of Operations		23
Statements of Changes in Net Assets		24
Notes to Financial Statements		25
Other Information		33

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

State Street Income V.I.S. Fund

Fund Information — June 30, 2018 (Unaudited)

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

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

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

Sector Allocation

Portfolio Composition as a % of Fair Value of $20,196 (in thousands) as of June 30, 2018 ^(a)(b)

Quality Ratings

as of June 30, 2018 as a % of Fair Value ^(a)(b)

Moody’s / S&P /Rating*	Percentage of Fair Value
Aaa / AAA		14.30	%
Aa / AA		47.66	%
A / A		8.36	%
Baa / BBB		20.29	%
Ba / BB and lower		8.77	%
NR / Other		0.62	%
		100.00	%

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

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

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

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

State Street Income V.I.S. Fund 1

State Street Income V.I.S. Fund

Understanding Your Fund’s Expenses — June 30, 2018 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account value January 1, 2018	$	1,000.00	$	1,000.00
Ending Account value June 30, 2018	$	974.80	$	1,017.60
Expenses Paid During Period*	$	7.10	$	7.25

* Expenses are equal to the Fund’s annualized expense ratio of 1.45% (for the period January 1, 2018-June 30, 2018), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments — June 30, 2018 (Unaudited)

	Principal Amount $		Fair Value $
Bonds and Notes - 97.6%†
U.S. Treasuries - 32.6%
U.S. Treasury Bonds
2.75% 11/15/42		55,000		52,861
3.13% 05/15/48		409,000		420,428
3.75% 11/15/43 (a)		149,000		169,331
4.50% 02/15/36 (a)		210,400		257,290
U.S. Treasury Notes
1.38% 12/15/19 (a)		726,400		715,061
1.50% 11/30/19 - 02/28/23		1,542,000		1,503,866
1.50% 08/15/20 (a)		567,000		554,730
2.25% 03/31/20 - 11/15/25		2,380,400		2,355,573
2.88% 05/15/28		427,900		428,833
				6,457,973
Agency Mortgage Backed - 12.5%
Federal Home Loan Mortgage Corp.
4.50% 06/01/33 - 02/01/35 (a)		4,270		4,466
5.00% 07/01/35 - 06/01/41 (a)		133,844		142,229
5.50% 05/01/20 - 01/01/38 (a)		48,079		51,491
6.00% 07/01/19 - 11/01/37 (a)		125,861		137,348
6.50% 02/01/29 (a)		62		69
6.93% 06/01/26 (a)(b)		60,000		76,107
7.00% 06/01/29 - 08/01/36 (a)		26,795		28,975
7.50% 01/01/30 - 09/01/33 (a)		4,226		4,420
8.00% 11/01/30 (a)		5,150		5,649
8.50% 04/01/30 (a)		5,922		6,945
Federal National Mortgage Assoc.
3.50% 11/01/42 - 08/01/45 (a)		68,705		68,865
4.00% 05/01/19 - 03/01/41 (a)		165,905		170,584
4.50% 05/01/19 - 01/01/41 (a)		308,988		324,417
5.00% 03/01/34 - 08/01/35 (a)		53,083		56,726
5.50% 06/01/20 - 01/01/39 (a)		178,428		192,131
6.00% 10/01/19 - 07/01/35 (a)		186,255		202,733
6.50% 01/01/19 - 08/01/34 (a)		27,783		30,547
7.00% 01/01/30 - 02/01/34 (a)		7,976		8,416
7.50% 11/01/22 - 12/01/33 (a)		21,048		22,041
8.00% 08/01/25 - 10/01/31 (a)		9,469		10,223
9.00% 12/01/22 (a)		344		362
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR 3.97% 04/01/37 (a)(c)		955		975
Federal National Mortgage Assoc. TBA 3.00% TBA (d)		218,232		216,951
3.50% TBA (d)		249,084		252,061
Government National Mortgage Assoc. 4.00% 01/20/41 - 04/20/43 (a)		148,763		153,793
4.50% 08/15/33 - 03/20/41 (a)		110,217		115,719
6.00% 04/15/27 - 04/15/34 (a)		90,859		100,133
6.50% 04/15/19 - 08/15/34 (a)		42,859		47,212
7.00% 01/15/28 - 10/15/36 (a)		29,132		30,711

	Principal Amount $		Fair Value $
7.50% 11/15/31 (a)		238		239
9.00% 12/15/21 (a)		176		185
Government National Mortgage Assoc. 1.50% + 1 year CMT 3.13% 12/20/24 (a)(c)		892		902
3.38% 02/20/23 - 02/20/26 (a)(c)		2,710		2,742
				2,466,367
Agency Collateralized Mortgage Obligations - 0.4%
Federal Home Loan Mortgage Corp. 0.08% 09/25/43 (a)(c)(e)		475,243		1,105
Federal Home Loan Mortgage Corp. REMIC 3.50% 09/15/29 - 11/15/30 (a)(e)		54,422		4,207
5.50% 06/15/33 (a)(e)		21,911		4,306
7.50% 07/15/27 (a)(e)		2,082		300
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR 4.53% 08/15/25 (a)(c)(e)		25,077		1,501
Federal Home Loan Mortgage Corp. STRIPS 1.47% 08/01/27 (f)(g)		256		232
8.00% 02/01/23 (e)		282		37
8.00% 07/01/24 (a)(e)		504		78
Federal National Mortgage Assoc. REMIC 0.51% 12/25/22 (a)(f)(g)		18		18
1.16% 12/25/42 (a)(c)(e)		26,273		1,013
5.00% 09/25/40 (a)(e)		24,242		2,552
7.00% 09/25/20 (a)		73		75
8.00% 05/25/22 (a)(e)		1		9
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 3.91% 07/25/38 (a)(c)(e)		7,760		774
Federal National Mortgage Assoc. REMIC 6.20% - 1 month USD LIBOR 4.11% 06/25/48 (c)(e)		171,170		26,269
Federal National Mortgage Assoc. STRIPS 1.87% 12/25/34 (a)(f)(g)		18,381		15,473
4.50% 08/25/35 - 01/25/36 (a)(e)		23,046		4,142
5.00% 03/25/38 - 05/25/38 (a)(e)		13,012		2,640
5.50% 12/25/33 (a)(e)		5,556		1,259
6.00% 01/25/35 (a)(e)		9,153		1,774
7.50% 11/25/23 (a)(e)		3,700		498
8.00% 08/25/23 - 07/25/24 (a)(e)		1,561		266
8.50% 07/25/22 (a)(e)		23		2
9.00% 05/25/22 (a)(e)		22		2

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

State Street Income V.I.S. Fund 3

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount $		Fair Value $
Government National Mortgage Assoc. REMIC 4.50% 08/16/39 (a)(e)		16,891		1,420
5.00% 09/20/38 (a)(e)		6,197		179
Government National Mortgage Assoc. REMIC 6.80% - 1 month USD LIBOR 4.71% 01/16/40 (a)(c)(e)		26,269		4,298
				74,429
Asset Backed - 2.2%
American Express Credit Account Master Trust 2017-6 2.04% 05/15/23 (a)		124,437		121,943
BA Credit Card Trust 2017-A2 1.84% 01/17/23 (a)		74,000		72,393
BA Credit Card Trust 2018-A1 2.70% 07/17/23		44,000		43,715
Citibank Credit Card Issuance Trust 2016-A1 1.75% 11/19/21 (a)		200,000		197,058
				435,109
Corporate Notes - 44.0%
21st Century Fox America Inc. 3.38% 11/15/26 (a)		7,000		6,708
4.50% 02/15/21 (a)		7,000		7,196
4.75% 11/15/46 (a)		4,000		4,138
6.65% 11/15/37 (a)		10,000		12,385
Abbott Laboratories 2.90% 11/30/21 (a)		15,000		14,765
3.75% 11/30/26 (a)		18,000		17,684
4.90% 11/30/46 (a)		8,000		8,612
AbbVie Inc. 2.00% 11/06/18 (a)		23,000		22,947
3.20% 05/14/26 (a)		8,000		7,476
4.45% 05/14/46 (a)		8,000		7,647
Acadia Healthcare Company Inc. 6.50% 03/01/24 (a)		17,000		17,382
Activision Blizzard Inc. 2.30% 09/15/21 (a)		37,000		35,760
AES Corp. 4.88% 05/15/23 (a)		31,000		30,922
Aetna Inc. 3.50% 11/15/24 (a)		16,000		15,549
Aflac Inc. 4.00% 10/15/46 (a)		5,000		4,699
Alexandria Real Estate Equities Inc. 4.70% 07/01/30 (a)		7,000		7,075

	Principal Amount $		Fair Value $
Alimentation Couche-Tard Inc. 2.70% 07/26/22 (a)(h)		10,000		9,621
3.55% 07/26/27 (a)(h)		10,000		9,458
4.50% 07/26/47 (a)(h)		6,000		5,646
Allergan Finance LLC 3.25% 10/01/22 (a)		12,000		11,662
Allergan Funding SCS 3.00% 03/12/20 (a)		24,000		23,882
3.45% 03/15/22 (a)		12,000		11,811
4.55% 03/15/35 (a)		7,000		6,646
4.75% 03/15/45 (a)		5,000		4,773
Allergan Sales LLC 5.00% 12/15/21 (a)(h)		24,000		24,832
Altria Group Inc. 2.95% 05/02/23 (a)		11,000		10,693
4.50% 05/02/43 (a)		3,000		2,888
Amazon.com Inc.
2.80% 08/22/24 (a)		9,000		8,674
3.15% 08/22/27 (a)		8,000		7,674
3.88% 08/22/37 (a)		6,000		5,863
4.05% 08/22/47 (a)		7,000		6,826
4.25% 08/22/57 (a)		7,000		6,898
Ameren Corp. 3.65% 02/15/26		7,000		6,798
American Axle & Manufacturing Inc. 6.25% 04/01/25 (a)		16,000		15,800
American Campus Communities Operating Partnership LP 4.13% 07/01/24 (a)		8,000		7,965
American Express Credit Corp. 2.25% 05/05/21 (a)		17,000		16,545
American International Group Inc.
4.50% 07/16/44 (a)		13,000		12,123
6.40% 12/15/20 (a)		7,000		7,502
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter) 5.75% 04/01/48 (a)(c)		10,000		9,810
American Tower Corp. (REIT)
3.38% 10/15/26 (a)		9,000		8,355
3.40% 02/15/19 (a)		36,000		36,106
American Water Capital Corp. 2.95% 09/01/27 (a)		12,000		11,278
Amgen Inc.
2.20% 05/22/19 (a)		38,000		37,791
2.65% 05/11/22 (a)		15,000		14,550
3.20% 11/02/27 (a)		11,000		10,300
4.56% 06/15/48 (a)		8,000		7,836
AMN Healthcare Inc. 5.13% 10/01/24 (a)(h)		23,000		22,310

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

4 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount $		Fair Value $
Anadarko Petroleum Corp.
4.85% 03/15/21 (a)		3,000		3,092
6.20% 03/15/40 (a)		9,000		10,130
6.60% 03/15/46 (a)		3,000		3,615
Andeavor Logistics LP/Tesoro Logistics Finance Corp.
5.20% 12/01/47 (a)		5,000		4,851
5.25% 01/15/25 (a)		66,000		67,597
5.50% 10/15/19 (a)		24,000		24,540
6.25% 10/15/22 (a)		16,000		16,570
Anheuser-Busch InBev Finance Inc. 3.65% 02/01/26 (a)		4,000		3,917
4.70% 02/01/36 (a)		9,000		9,108
4.90% 02/01/46 (a)		10,000		10,286
Anheuser-Busch InBev Worldwide Inc.
2.50% 07/15/22 (a)		31,000		29,948
4.00% 04/13/28 (a)		6,000		5,983
4.38% 04/15/38 (a)		9,000		8,755
4.60% 04/15/48 (a)		9,000		8,861
4.75% 04/15/58 (a)		7,000		6,878
Anthem Inc. 3.30% 01/15/23 (a)		12,000		11,693
Apache Corp. 5.10% 09/01/40 (a)		9,000		8,857
Apple Inc.
2.50% 02/09/22 (a)		9,000		8,827
2.85% 05/11/24 (a)		13,000		12,577
3.35% 02/09/27 (a)		9,000		8,795
3.45% 02/09/45 (a)		9,000		8,058
3.85% 08/04/46 (a)		9,000		8,561
4.25% 02/09/47 (a)		7,000		7,117
Applied Materials Inc.
3.30% 04/01/27 (a)		2,000		1,940
4.35% 04/01/47 (a)		5,000		5,000
Aptiv PLC 4.40% 10/01/46 (a)		9,000		8,395
Aramark Services Inc.
5.00% 02/01/28 (a)(h)		10,000		9,525
5.13% 01/15/24 (a)		21,000		21,000
Archer-Daniels-Midland Co. 2.50% 08/11/26 (a)		14,000		12,878
Arconic Inc.
5.13% 10/01/24 (a)		16,000		15,840
6.15% 08/15/20 (a)		5,000		5,200
Ascension Health 4.85% 11/15/53 (a)		10,000		11,246
AstraZeneca PLC
2.38% 11/16/20 (a)		8,000		7,848
3.38% 11/16/25 (a)		10,000		9,672

	Principal Amount $		Fair Value $
AT&T Inc.
3.00% 06/30/22 (a)		10,000		9,702
4.10% 02/15/28 (a)(h)		15,000		14,328
4.45% 04/01/24 (a)		15,000		15,171
4.50% 05/15/35 (a)		18,000		16,632
4.75% 05/15/46 (a)		8,000		7,137
4.80% 06/15/44 (a)		9,000		8,150
5.25% 03/01/37 (a)		11,000		10,843
5.45% 03/01/47 (a)		8,000		7,840
Athene Holding Ltd. 4.13% 01/12/28 (a)		10,000		9,215
Avangrid Inc. 3.15% 12/01/24 (a)		20,000		19,195
Bank of America Corp.
2.65% 04/01/19 (a)		23,000		22,976
3.95% 04/21/25 (a)		17,000		16,648
4.25% 10/22/26 (a)		8,000		7,898
Bank of America Corp. (2.37% fixed rate until 07/21/20; 0.66% + 3 month USD LIBOR thereafter) 2.37% 07/21/21 (a)(c)		14,000		13,719
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter) 3.12% 01/20/23 (a)(c)		18,000		17,697
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter) 3.37% 01/23/26 (a)(c)		27,000		25,961
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter) 3.42% 12/20/28 (a)(c)		9,000		8,482
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter) 3.95% 01/23/49 (a)(c)		13,000		11,747
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter) 4.24% 04/24/38 (a)(c)		19,000		18,436
Bank of America Corp. 3.63% + 3 month USD LIBOR 5.99% 12/31/49 (a)(c)		11,000		11,045
Barrick North America Finance LLC 5.70% 05/30/41 (a)		5,000		5,457
BAT Capital Corp.
2.30% 08/14/20 (a)(h)		11,000		10,761
2.76% 08/15/22 (a)(h)		9,000		8,629
3.56% 08/15/27 (a)(h)		8,000		7,450

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

State Street Income V.I.S. Fund 5

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount $		Fair Value $
4.39% 08/15/37 (a)(h)		7,000		6,551
4.54% 08/15/47 (a)(h)		6,000		5,613
Baxalta Inc. 2.88% 06/23/20 (a)		16,000		15,817
Becton Dickinson and Co.
2.89% 06/06/22 (a)		14,000		13,500
3.70% 06/06/27 (a)		25,000		23,685
3.73% 12/15/24 (a)		2,000		1,953
4.67% 06/06/47 (a)		3,000		2,914
4.69% 12/15/44 (a)		2,000		1,937
Berkshire Hathaway Energy Co.
2.40% 02/01/20 (a)		17,000		16,852
3.25% 04/15/28 (a)		8,000		7,624
3.80% 07/15/48 (a)		7,000		6,403
6.13% 04/01/36 (a)		9,000		11,111
Berry Global Inc. 5.13% 07/15/23 (a)		25,000		24,782
Biogen Inc. 2.90% 09/15/20 (a)		7,000		6,963
BNP Paribas S.A. 5.00% 01/15/21 (a)		7,000		7,274
Boston Scientific Corp. 4.00% 03/01/28 (a)		11,000		10,759
BP Capital Markets PLC
2.52% 01/15/20 (a)		7,000		6,955
3.22% 11/28/23 (a)		21,000		20,613
3.28% 09/19/27 (a)		10,000		9,622
Brighthouse Financial Inc. 3.70% 06/22/27 (a)		2,000		1,780
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.20% 01/15/21 (a)		7,000		6,779
2.65% 01/15/23 (a)		5,000		4,715
3.13% 01/15/25 (a)		7,000		6,491
3.88% 01/15/27 (a)		6,000		5,683
Brown-Forman Corp. 4.00% 04/15/38 (a)		4,000		3,987
Buckeye Partners LP 5.60% 10/15/44 (a)		10,000		8,965
Bunge Limited Finance Corp. 3.75% 09/25/27 (a)		7,000		6,585
Campbell Soup Co. 3.30% 03/15/21 (a)		18,000		17,924
Canadian Natural Resources Ltd.
3.85% 06/01/27 (a)		5,000		4,876
4.95% 06/01/47 (a)		4,000		4,165
Capital One Financial Corp.
3.75% 07/28/26 (a)		9,000		8,370
4.20% 10/29/25 (a)		9,000		8,748
Cardinal Health Inc.
2.62% 06/15/22 (a)		6,000		5,750

	Principal Amount $		Fair Value $
3.08% 06/15/24 (a)		8,000		7,546
3.41% 06/15/27 (a)		3,000		2,753
4.37% 06/15/47 (a)		4,000		3,519
Caterpillar Financial Services Corp. 2.55% 11/29/22 (a)		21,000		20,315
Caterpillar Inc. 3.80% 08/15/42 (a)		6,000		5,733
Catholic Health Initiatives
2.60% 08/01/18 (a)		15,000		15,000
4.35% 11/01/42 (a)		16,000		15,146
CBL & Associates LP 4.60% 10/15/24 (a)		15,000		12,338
CBS Corp.
2.50% 02/15/23 (a)		9,000		8,458
2.90% 01/15/27 (a)		9,000		8,014
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00% 02/01/28 (a)(h)		23,000		21,075
5.88% 04/01/24 (a)(h)		15,000		15,037
Celgene Corp.
3.45% 11/15/27 (a)		2,000		1,841
4.55% 02/20/48 (a)		8,000		7,296
5.00% 08/15/45 (a)		7,000		6,816
Cenovus Energy Inc.
4.25% 04/15/27 (a)		3,000		2,891
5.40% 06/15/47 (a)		3,000		2,947
CenterPoint Energy Inc. 2.50% 09/01/22 (a)		12,000		11,523
CenturyLink Inc. 5.80% 03/15/22 (a)		30,000		29,700
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.13% 12/15/21 (a)(h)		22,000		21,864
CF Industries Inc.
5.15% 03/15/34 (a)		15,000		13,912
7.13% 05/01/20 (a)		16,000		16,870
Charles River Laboratories International Inc. 5.50% 04/01/26 (a)(h)		18,000		17,977
Charter Communications Operating LLC/Charter Communications Operating Capital
3.58% 07/23/20 (a)		24,000		23,969
4.91% 07/23/25 (a)		9,000		9,088
5.38% 05/01/47 (a)		9,000		8,273
5.75% 04/01/48 (a)		5,000		4,839
6.38% 10/23/35 (a)		5,000		5,234
6.48% 10/23/45 (a)		7,000		7,384
Chevron Corp.
2.42% 11/17/20 (a)		7,000		6,921
3.19% 06/24/23 (a)		10,000		9,944

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

6 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount $		Fair Value $
Chevron Phillips Chemical Company LLC/Chevron Phillips Chemical Company LP 3.70% 06/01/28 (a)(h)		16,000		15,828
Church & Dwight Company Inc. 2.45% 08/01/22 (a)		7,000		6,706
Cigna Corp.
3.25% 04/15/25 (a)		15,000		14,113
3.88% 10/15/47 (a)		8,000		6,825
Cimarex Energy Co. 3.90% 05/15/27 (a)		2,000		1,924
Cinemark USA Inc. 4.88% 06/01/23 (a)		18,000		17,597
Cisco Systems Inc. 2.20% 02/28/21 (a)		28,000		27,454
Citigroup Inc.
2.05% 12/07/18 (a)		41,000		40,900
2.40% 02/18/20 (a)		18,000		17,776
2.70% 10/27/22 (a)		12,000		11,525
2.90% 12/08/21 (a)		16,000		15,672
4.40% 06/10/25 (a)		7,000		6,974
4.45% 09/29/27 (a)		6,000		5,897
4.75% 05/18/46 (a)		9,000		8,605
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter) 2.88% 07/24/23 (a)(c)		11,000		10,608
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter) 3.88% 01/24/39 (a)(c)		7,000		6,376
Citigroup Inc. (4.28% fixed rate until 04/24/47; 1.84% + 3 month USD LIBOR thereafter) 4.28% 04/24/48 (a)(c)		14,000		13,293
CME Group Inc. 3.75% 06/15/28 (a)		15,000		15,134
CMS Energy Corp. 4.88% 03/01/44 (a)		21,000		22,314
CNA Financial Corp.
3.45% 08/15/27 (a)		9,000		8,382
5.88% 08/15/20 (a)		32,000		33,599
CNH Industrial Capital LLC
3.38% 07/15/19 (a)		10,000		9,981
4.38% 11/06/20 (a)		8,000		8,095
4.88% 04/01/21 (a)		10,000		10,263
CNH Industrial N.V. 4.50% 08/15/23 (a)		17,000		17,092
Columbia Pipeline Group Inc. 3.30% 06/01/20 (a)		11,000		10,947
Comcast Corp.
3.38% 08/15/25 (a)		9,000		8,619

	Principal Amount $		Fair Value $
3.97% 11/01/47 (a)		17,000		14,965
4.20% 08/15/34 (a)		10,000		9,543
4.60% 08/15/45 (a)		6,000		5,785
Concho Resources Inc.
3.75% 10/01/27 (a)		5,000		4,809
4.30% 08/15/28 (a)(d)		15,000		15,059
4.88% 10/01/47 (a)		6,000		6,057
ConocoPhillips Co. 5.95% 03/15/46 (a)		5,000		6,236
Consolidated Edison Company of New York Inc. 2.90% 12/01/26 (a)		14,000		13,101
Constellation Brands Inc.
2.70% 05/09/22 (a)		9,000		8,707
4.50% 05/09/47 (a)		5,000		4,782
Continental Resources Inc. 4.50% 04/15/23 (a)		8,000		8,114
Corning Inc. 4.38% 11/15/57 (a)		8,000		7,036
Corporation Andina de Fomento
2.20% 07/18/20 (a)		16,000		15,705
4.38% 06/15/22 (a)		69,000		71,587
Crane Co. 4.20% 03/15/48 (a)		5,000		4,751
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75% 02/01/26 (a)(h)		5,000		4,747
CSX Corp. 4.50% 08/01/54 (a)		11,000		10,478
CVS Health Corp.
2.25% 08/12/19 (a)		17,000		16,869
3.13% 03/09/20 (a)		51,000		50,959
3.35% 03/09/21 (a)		51,000		50,952
3.70% 03/09/23 (a)		13,000		12,905
3.88% 07/20/25 (a)		9,000		8,794
4.10% 03/25/25 (a)		13,000		12,935
4.30% 03/25/28 (a)		13,000		12,821
4.78% 03/25/38 (a)		13,000		12,837
5.05% 03/25/48 (a)		8,000		8,130
D.R. Horton Inc. 2.55% 12/01/20 (a)		16,000		15,670
Daimler Finance North America LLC 2.38% 08/01/18 (a)(h)		150,000		149,960
Dana Financing Luxembourg Sarl 6.50% 06/01/26 (a)(h)		15,000		15,225
Dell International LLC/EMC Corp.
3.48% 06/01/19 (a)(h)		32,000		32,084
5.45% 06/15/23 (a)(h)		9,000		9,418
6.02% 06/15/26 (a)(h)		9,000		9,457
8.10% 07/15/36 (a)(h)		2,000		2,338
8.35% 07/15/46 (a)(h)		6,000		7,240

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

State Street Income V.I.S. Fund 7

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount $		Fair Value $
Deutsche Bank AG 2.70% 07/13/20 (a)		16,000		15,581
Devon Energy Corp.
4.00% 07/15/21 (a)		20,000		20,284
5.00% 06/15/45 (a)		8,000		8,128
Diageo Investment Corp. 2.88% 05/11/22 (a)		20,000		19,692
Discovery Communications LLC
2.20% 09/20/19 (a)		13,000		12,865
3.95% 03/20/28 (a)		9,000		8,528
5.00% 09/20/37 (a)		5,000		4,831
5.20% 09/20/47 (a)		2,000		1,934
Dollar Tree Inc.
3.70% 05/15/23 (a)		13,000		12,881
4.00% 05/15/25 (a)		13,000		12,712
Dominion Energy Inc.
2.50% 12/01/19 (a)		16,000		15,865
2.58% 07/01/20 (a)		11,000		10,843
3.63% 12/01/24 (a)		8,000		7,849
DTE Energy Co.
2.85% 10/01/26 (a)		11,000		10,038
3.85% 12/01/23 (a)		9,000		9,040
Duke Energy Corp. 3.75% 09/01/46 (a)		5,000		4,422
Duke Energy Progress LLC 4.15% 12/01/44 (a)		11,000		10,917
Duke Realty LP
3.25% 06/30/26 (a)		8,000		7,517
3.38% 12/15/27 (a)		7,000		6,522
Duquesne Light Holdings Inc. 3.62% 08/01/27 (a)(h)		13,000		12,315
Eastman Chemical Co. 3.60% 08/15/22 (a)		9,000		8,980
Eaton Corp. 3.10% 09/15/27 (a)		8,000		7,478
Ecolab Inc.
3.25% 12/01/27 (a)		8,000		7,652
3.95% 12/01/47 (a)		6,000		5,736
Ecopetrol S.A.
5.88% 05/28/45 (a)		16,000		15,125
7.63% 07/23/19		7,000		7,314
Edison International 4.13% 03/15/28 (a)		9,000		8,862
EI du Pont de Nemours & Co. 0.53% + 3 month USD LIBOR 2.89% 05/01/20 (a)(c)		13,000		13,044
Electricite de France S.A. 2.15% 01/22/19 (a)(h)		46,000		45,861
Eli Lilly & Co. 3.70% 03/01/45 (a)		4,000		3,784
EMC Corp. 2.65% 06/01/20 (a)		39,000		37,783

	Principal Amount $		Fair Value $
Emera US Finance LP 4.75% 06/15/46 (a)		5,000		4,929
Enbridge Energy Partners LP 5.50% 09/15/40 (a)		6,000		6,276
Encana Corp. 3.90% 11/15/21 (a)		16,000		16,100
Energy Transfer Equity LP 5.88% 01/15/24 (a)		56,000		57,470
Energy Transfer Partners LP
4.20% 09/15/23 (a)		6,000		6,006
4.95% 06/15/28 (a)		5,000		4,999
5.80% 06/15/38 (a)		9,000		8,926
6.00% 06/15/48 (a)		9,000		9,028
6.50% 02/01/42 (a)		12,000		12,485
Energy Transfer Partners LP/Regency Energy Finance Corp. 4.50% 11/01/23 (a)		8,000		8,071
Entergy Louisiana LLC
3.05% 06/01/31 (a)		11,000		10,029
4.00% 03/15/33 (a)		5,000		5,004
Enterprise Products Operating LLC
3.95% 02/15/27 (a)		11,000		10,924
4.25% 02/15/48 (a)		12,000		11,155
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter) 5.25% 08/16/77 (a)(c)		7,000		6,509
Envision Healthcare Corp. 6.25% 12/01/24 (a)(h)		16,000		17,040
EOG Resources Inc. 4.10% 02/01/21 (a)		16,000		16,326
EPR Properties 4.95% 04/15/28 (a)		8,000		7,807
EQT Corp. 3.90% 10/01/27 (a)		8,000		7,464
EQT Midstream Partners LP
4.75% 07/15/23 (a)		7,000		6,995
5.50% 07/15/28 (a)		7,000		7,019
ERP Operating LP 4.50% 07/01/44 (a)		9,000		9,144
Exelon Corp.
3.50% 06/01/22 (a)		11,000		10,884
4.45% 04/15/46 (a)		9,000		8,771
Express Scripts Holding Co.
3.40% 03/01/27 (a)		9,000		8,239
4.80% 07/15/46 (a)		6,000		5,714
Exxon Mobil Corp. 2.22% 03/01/21 (a)		11,000		10,715
FedEx Corp. 4.10% 02/01/45 (a)		2,000		1,823

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

8 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount $		Fair Value $
FirstEnergy Corp.
3.90% 07/15/27 (a)		6,000		5,828
4.85% 07/15/47 (a)		7,000		7,169
Florida Power & Light Co. 4.13% 02/01/42 (a)		17,000		17,162
Ford Motor Co. 4.35% 12/08/26 (a)		14,000		13,705
Frontier Communications Corp. 7.13% 03/15/19 (a)		26,000		26,195
GameStop Corp. 6.75% 03/15/21 (a)(h)		40,000		40,400
General Dynamics Corp.
2.13% 08/15/26 (a)		9,000		8,078
2.88% 05/11/20 (a)		18,000		17,982
3.00% 05/11/21 (a)		24,000		23,920
3.38% 05/15/23 (a)		15,000		15,031
3.50% 05/15/25 (a)		12,000		11,997
3.75% 05/15/28 (a)		12,000		12,119
General Mills Inc.
3.20% 04/16/21 (a)		15,000		14,926
3.70% 10/17/23 (a)		11,000		10,884
4.55% 04/17/38 (a)		3,000		2,870
4.70% 04/17/48 (a)		8,000		7,614
General Motors Co. 5.20% 04/01/45 (a)		5,000		4,613
General Motors Financial Company Inc.
2.35% 10/04/19 (a)		17,000		16,857
3.15% 01/15/20 (a)		22,000		21,965
3.20% 07/13/20 (a)		9,000		8,951
3.55% 04/09/21 (a)		24,000		23,938
5.25% 03/01/26 (a)		21,000		21,716
Georgia-Pacific LLC 3.60% 03/01/25 (a)(h)		5,000		4,977
Gilead Sciences Inc.
2.55% 09/01/20 (a)		7,000		6,915
2.95% 03/01/27 (a)		3,000		2,805
3.50% 02/01/25 (a)		8,000		7,887
3.65% 03/01/26 (a)		6,000		5,924
4.15% 03/01/47 (a)		9,000		8,601
GlaxoSmithKline Capital Inc.
3.38% 05/15/23 (a)		15,000		14,997
3.63% 05/15/25 (a)		12,000		11,996
3.88% 05/15/28 (a)		8,000		8,072
GlaxoSmithKline Capital PLC 3.13% 05/14/21 (a)		12,000		12,011
Glencore Funding LLC 2.50% 01/15/19 (a)(h)		33,000		32,904
Goldman Sachs Bank USA 3.20% 06/05/20 (a)		13,000		13,062
H&E Equipment Services Inc. 5.63% 09/01/25 (a)		23,000		22,597

	Principal Amount $		Fair Value $
Halliburton Co.
3.80% 11/15/25 (a)		11,000		10,917
5.00% 11/15/45 (a)		8,000		8,517
HCA Inc. 4.75% 05/01/23 (a)		40,000		39,800
Hess Corp.
5.60% 02/15/41 (a)		6,000		6,068
5.80% 04/01/47 (a)		4,000		4,142
Hewlett Packard Enterprise Co. 6.35% 10/15/45 (a)		7,000		6,950
Highwoods Realty LP 4.13% 03/15/28 (a)		9,000		8,836
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75% 10/01/25 (a)(h)		24,000		24,000
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 year Mid-Market Swap Rate thereafter) 6.50% 12/31/99 (a)(c)		15,000		14,389
Hyundai Capital America 3.10% 04/05/22 (a)(h)		7,000		6,829
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.00% 08/01/20 (a)		24,000		24,346
Ingersoll-Rand Luxembourg Finance S.A. 3.55% 11/01/24 (a)		13,000		12,794
Intel Corp.
2.60% 05/19/26 (a)		16,000		14,929
2.88% 05/11/24 (a)		7,000		6,782
International Paper Co. 4.40% 08/15/47 (a)		9,000		8,220
Interstate Power & Light Co. 3.40% 08/15/25 (a)		9,000		8,751
j2 Cloud Services LLC/j2 Global Co-Obligor Inc. 6.00% 07/15/25 (a)(h)		14,000		14,175
Jabil Inc. 3.95% 01/12/28 (a)		10,000		9,550
JBS USA LUX S.A./JBS USA Finance Inc. 6.75% 02/15/28 (a)(h)		15,000		14,119
Jefferies Group LLC
5.13% 01/20/23 (a)		15,000		15,603
6.50% 01/20/43 (a)		16,000		16,582
Johnson & Johnson
2.63% 01/15/25 (a)		24,000		23,002
3.63% 03/03/37 (a)		9,000		8,803
Johnson Controls International PLC 4.50% 02/15/47 (a)		7,000		6,750
JPMorgan Chase & Co.
2.30% 08/15/21 (a)		31,000		30,002

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

State Street Income V.I.S. Fund 9

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount $		Fair Value $
2.55% 10/29/20 (a)		20,000		19,662
3.30% 04/01/26 (a)		11,000		10,504
3.63% 12/01/27 (a)		9,000		8,470
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter) 3.51% 01/23/29 (a)(c)		9,000		8,517
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter) 3.88% 07/24/38 (a)(c)		8,000		7,378
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter) 3.90% 01/23/49 (a)(c)		5,000		4,501
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter) 4.01% 04/23/29 (a)(c)		27,000		26,654
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter) 4.03% 07/24/48 (a)(c)		7,000		6,383
JPMorgan Chase & Co. (4.63% fixed rate until 11/01/22; 2.58% + 3 month USD LIBOR thereafter) 4.63% 12/31/99 (a)(c)		13,000		12,019
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter) 6.10% 10/29/49 (a)(c)		48,000		49,565
JPMorgan Chase & Co. 3.47% + 3 month USD LIBOR 5.83% 12/29/49 (a)(c)		15,000		15,136
Kinder Morgan Energy Partners LP
3.50% 03/01/21 (a)		7,000		6,986
5.30% 09/15/20 (a)		8,000		8,315
6.38% 03/01/41 (a)		9,000		9,630
Kinder Morgan Inc.
3.05% 12/01/19 (a)		8,000		7,985
4.30% 03/01/28 (a)		15,000		14,590
5.05% 02/15/46 (a)		9,000		8,509
5.55% 06/01/45 (a)		13,000		13,100
Kraft Heinz Foods Co. 4.38% 06/01/46 (a)		8,000		6,930

	Principal Amount $		Fair Value $
Kreditanstalt fuer Wiederaufbau 4.50% 07/16/18 (a)		85,000		85,074
L Brands Inc. 5.25% 02/01/28 (a)		15,000		13,295
Lamb Weston Holdings Inc. 4.63% 11/01/24 (a)(h)		23,000		22,396
Lee Enterprises Inc. 9.50% 03/15/22 (a)(h)		27,000		28,198
Lennar Corp. 4.75% 05/30/25 - 11/29/27 (a)		34,000		32,191
Levi Strauss & Co. 5.00% 05/01/25 (a)		26,000		25,904
Lincoln National Corp.
3.63% 12/12/26 (a)		10,000		9,518
3.80% 03/01/28 (a)		8,000		7,632
4.35% 03/01/48 (a)		9,000		8,331
Lithia Motors Inc. 5.25% 08/01/25 (a)(h)		19,000		18,525
LYB International Finance BV 4.88% 03/15/44 (a)		7,000		6,961
Macy’s Retail Holdings Inc. 4.30% 02/15/43 (a)		6,000		4,669
Maple Escrow Subsidiary Inc.
3.55% 05/25/21 (a)(h)		51,000		51,026
4.06% 05/25/23 (a)(h)		15,000		15,053
4.60% 05/25/28 (a)(h)		12,000		12,044
5.09% 05/25/48 (a)(h)		12,000		12,091
Marathon Oil Corp.
2.70% 06/01/20 (a)		19,000		18,752
3.85% 06/01/25 (a)		9,000		8,863
Marathon Petroleum Corp. 3.63% 09/15/24 (a)		9,000		8,801
Marsh & McLennan Companies Inc. 3.50% 03/10/25 (a)		13,000		12,738
Masco Corp. 3.50% 11/15/27 (a)		6,000		5,534
McDonald’s Corp.
3.70% 01/30/26 (a)		7,000		6,954
4.88% 12/09/45 (a)		8,000		8,388
Medtronic Inc.
2.50% 03/15/20 (a)		18,000		17,869
4.63% 03/15/45 (a)		8,000		8,484
Memorial Sloan-Kettering Cancer Center 4.13% 07/01/52 (a)		18,000		18,154
Merck & Company Inc. 2.75% 02/10/25 (a)		13,000		12,427
MetLife Inc.
4.05% 03/01/45 (a)		3,000		2,791
4.72% 12/15/44 (a)		11,000		11,293
MGM Resorts International
4.63% 09/01/26 (a)		16,000		14,821

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

10 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount $		Fair Value $
5.75% 06/15/25 (a)		20,000		19,926
6.63% 12/15/21 (a)		17,000		17,914
Microsoft Corp.
1.55% 08/08/21 (a)		16,000		15,348
2.40% 08/08/26 (a)		14,000		12,943
3.45% 08/08/36 (a)		9,000		8,639
4.00% 02/12/55 (a)		9,000		8,978
4.10% 02/06/37 (a)		8,000		8,314
4.25% 02/06/47 (a)		9,000		9,531
4.50% 02/06/57 (a)		5,000		5,423
Molina Healthcare Inc. 4.88% 06/15/25 (a)(h)		32,000		31,000
Molson Coors Brewing Co.
2.10% 07/15/21 (a)		11,000		10,548
4.20% 07/15/46 (a)		8,000		7,163
Monsanto Co. 4.70% 07/15/64 (a)		5,000		4,388
Morgan Stanley
2.45% 02/01/19 (a)		54,000		53,906
2.63% 11/17/21 (a)		26,000		25,289
2.65% 01/27/20 (a)		25,000		24,820
2.75% 05/19/22 (a)		14,000		13,575
3.70% 10/23/24 (a)		9,000		8,886
3.95% 04/23/27 (a)		26,000		24,822
5.00% 11/24/25 (a)		16,000		16,566
Morgan Stanley (3.77% fixed rate until 01/24/28; 1.14% + 3 month USD LIBOR thereafter) 3.77% 01/24/29 (a)(c)		9,000		8,678
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) 3.97% 07/22/38 (a)(c)		9,000		8,296
MPLX LP
3.38% 03/15/23 (a)		9,000		8,800
4.50% 04/15/38 (a)		8,000		7,403
4.70% 04/15/48 (a)		8,000		7,427
5.20% 03/01/47 (a)		4,000		3,939
Murphy Oil Corp. 5.75% 08/15/25 (a)		56,000		55,720
Mylan Inc.
4.55% 04/15/28 (a)(h)		12,000		11,722
5.20% 04/15/48 (a)(h)		7,000		6,765
Mylan N.V.
3.15% 06/15/21 (a)		9,000		8,902
3.95% 06/15/26 (a)		8,000		7,645
National Retail Properties Inc. 4.00% 11/15/25 (a)		14,000		13,723
Navient Corp.
6.75% 06/15/26 (a)		15,000		14,658
8.00% 03/25/20 (a)		31,000		32,705

	Principal Amount $		Fair Value $
Newell Brands Inc.
3.85% 04/01/23 (a)		9,000		8,866
5.50% 04/01/46 (a)		8,000		7,833
Newfield Exploration Co. 5.38% 01/01/26 (a)		23,000		23,517
Newmont Mining Corp. 4.88% 03/15/42 (a)		9,000		9,000
Nexen Energy ULC 6.40% 05/15/37 (a)		9,000		11,019
NGPL PipeCo LLC 4.88% 08/15/27 (a)(h)		2,000		1,975
Noble Energy Inc.
3.90% 11/15/24 (a)		13,000		12,817
5.05% 11/15/44 (a)		3,000		2,998
Nordstrom Inc. 5.00% 01/15/44 (a)		2,000		1,840
Northern States Power Co. 2.20% 08/15/20 (a)		45,000		44,308
Northrop Grumman Corp.
2.08% 10/15/20 (a)		7,000		6,841
2.55% 10/15/22 (a)		7,000		6,748
2.93% 01/15/25 (a)		8,000		7,594
3.25% 01/15/28 (a)		8,000		7,531
3.85% 04/15/45 (a)		6,000		5,456
4.03% 10/15/47 (a)		8,000		7,488
Novartis Capital Corp. 3.00% 11/20/25 (a)		3,000		2,892
NRG Energy Inc. 6.25% 07/15/22 (a)		26,000		26,757
Nucor Corp.
3.95% 05/01/28 (a)		12,000		11,983
4.13% 09/15/22 (a)		8,000		8,216
Nutrien Ltd.
4.00% 12/15/26 (a)		5,000		4,830
4.90% 06/01/43 (a)		6,000		5,968
Occidental Petroleum Corp.
4.10% 02/15/47 (a)		8,000		7,843
4.20% 03/15/48 (a)		5,000		4,979
Olin Corp. 5.00% 02/01/30 (a)		23,000		21,735
Omnicom Group Inc./Omnicom Capital Inc. 3.63% 05/01/22 (a)		13,000		12,934
Oncor Electric Delivery Company LLC 3.80% 09/30/47 (a)		2,000		1,911
Oracle Corp.
1.90% 09/15/21 (a)		16,000		15,387
2.40% 09/15/23 (a)		8,000		7,590
3.25% 11/15/27 (a)		9,000		8,618
3.80% 11/15/37 (a)		5,000		4,729
4.00% 07/15/46 - 11/15/47 (a)		14,000		13,216

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

State Street Income V.I.S. Fund 11

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount $		Fair Value $
Oshkosh Corp. 5.38% 03/01/25 (a)		10,000		10,250
Owens Corning 4.40% 01/30/48 (a)		5,000		4,169
Pacific Gas & Electric Co. 3.40% 08/15/24 (a)		68,000		63,885
PacifiCorp 6.25% 10/15/37 (a)		8,000		10,244
Packaging Corporation of America 3.40% 12/15/27 (a)		5,000		4,720
Parker-Hannifin Corp. 3.25% 03/01/27 (a)		34,000		32,800
Party City Holdings Inc. 6.13% 08/15/23 (a)(h)		8,000		8,040
Penske Automotive Group Inc. 5.38% 12/01/24 (a)		19,000		18,810
PepsiCo Inc. 3.45% 10/06/46 (a)		6,000		5,359
Petroleos Mexicanos
5.35% 02/12/28 (a)(h)		10,000		9,450
5.63% 01/23/46 (a)		10,000		8,504
6.35% 02/12/48 (a)(h)		10,000		9,010
6.38% 01/23/45 (a)		12,000		11,016
6.50% 03/13/27 (a)		25,000		25,589
6.75% 09/21/47 (a)		20,000		18,871
Pfizer Inc.
3.00% 12/15/26 (a)		9,000		8,653
4.13% 12/15/46 (a)		9,000		9,073
4.40% 05/15/44 (a)		6,000		6,251
Philip Morris International Inc. 4.13% 03/04/43 (a)		9,000		8,346
Phillips 66 3.90% 03/15/28 (a)		13,000		12,745
Phillips 66 Partners LP
3.75% 03/01/28 (a)		7,000		6,551
4.68% 02/15/45 (a)		8,000		7,473
Pilgrim’s Pride Corp. 5.88% 09/30/27 (a)(h)		15,000		13,950
Plains All American Pipeline LP/PAA Finance Corp.
4.70% 06/15/44 (a)		8,000		7,040
5.75% 01/15/20 (a)		8,000		8,260
PPL Capital Funding Inc. 3.10% 05/15/26 (a)		23,000		21,414
Precision Castparts Corp. 4.38% 06/15/45 (a)		12,000		12,457
Prudential Financial Inc. (4.50% fixed rate until 09/15/27; 2.38% + 3 month USD LIBOR thereafter) 4.50% 09/15/47 (a)(c)		8,000		7,344

	Principal Amount $		Fair Value $
Prudential Financial Inc. (5.38% fixed rate until 05/15/25; 3.03% + 3 month USD LIBOR thereafter) 5.38% 05/15/45 (a)(c)		15,000		14,908
Public Service Company of Colorado 3.70% 06/15/28 (a)		15,000		15,087
Public Service Electric & Gas Co. 2.38% 05/15/23 (a)		47,000		44,868
PulteGroup Inc. 5.50% 03/01/26 (a)		20,000		19,900
QUALCOMM Inc.
2.90% 05/20/24 (a)		2,000		1,889
3.00% 05/20/22 (a)		5,000		4,923
3.25% 05/20/27 (a)		2,000		1,864
4.30% 05/20/47 (a)		5,000		4,662
Range Resources Corp. 5.00% 08/15/22 (a)		23,000		22,741
Realty Income Corp. 3.00% 01/15/27 (a)		9,000		8,244
Republic Services Inc. 3.38% 11/15/27 (a)		6,000		5,686
Reynolds American Inc. 4.45% 06/12/25 (a)		8,000		8,047
Rio Tinto Finance USA PLC 4.13% 08/21/42 (a)		8,000		7,878
Rockwell Collins Inc. 3.50% 03/15/27 (a)		7,000		6,664
Rogers Communications Inc. 5.00% 03/15/44 (a)		6,000		6,238
RPM International Inc. 3.75% 03/15/27 (a)		9,000		8,598
RSP Permian Inc. 5.25% 01/15/25 (a)		18,000		19,255
Ryder System Inc. 2.45% 09/03/19 (a)		53,000		52,662
Sabine Pass Liquefaction LLC
4.20% 03/15/28 (a)		8,000		7,714
5.00% 03/15/27 (a)		6,000		6,123
salesforce.com Inc.
3.25% 04/11/23 (a)		13,000		12,928
3.70% 04/11/28 (a)		17,000		16,865
Santander Holdings USA Inc.
2.65% 04/17/20 (a)		27,000		26,751
3.70% 03/28/22 (a)		27,000		26,617
4.40% 07/13/27 (a)		8,000		7,655
Schlumberger Holdings Corp. 3.00% 12/21/20 (a)(h)		10,000		9,940
Select Income REIT 4.25% 05/15/24 (a)		11,000		10,511
Sempra Energy
3.80% 02/01/38 (a)		6,000		5,446
4.00% 02/01/48 (a)		6,000		5,400

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

12 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount $		Fair Value $
Shell International Finance BV
3.25% 05/11/25 (a)		9,000		8,818
3.40% 08/12/23 (a)		9,000		9,014
3.75% 09/12/46 (a)		7,000		6,528
4.13% 05/11/35 (a)		9,000		9,131
Shire Acquisitions Investments Ireland DAC
2.40% 09/23/21 (a)		7,000		6,701
2.88% 09/23/23 (a)		7,000		6,590
3.20% 09/23/26 (a)		5,000		4,573
Simon Property Group LP 3.38% 06/15/27 (a)		10,000		9,604
Sinclair Television Group Inc. 5.38% 04/01/21 (a)		29,000		29,217
Smithfield Foods Inc.
2.70% 01/31/20 (a)(h)		8,000		7,885
4.25% 02/01/27 (a)(h)		13,000		12,509
South Carolina Electric & Gas Co. 4.10% 06/15/46 (a)		2,000		1,819
Southern California Edison Co. 2.40% 02/01/22 (a)		20,000		19,323
Southern Copper Corp. 5.88% 04/23/45 (a)		8,000		8,526
Southwestern Electric Power Co. 2.75% 10/01/26 (a)		11,000		10,087
Spectra Energy Partners LP
3.38% 10/15/26 (a)		2,000		1,854
4.50% 03/15/45 (a)		5,000		4,631
Sprint Corp. 7.63% 02/15/25 (a)		50,000		51,250
Standard Industries Inc. 5.38% 11/15/24 (a)(h)		52,000		51,350
Suncor Energy Inc. 4.00% 11/15/47 (a)		3,000		2,823
Sysco Corp. 3.25% 07/15/27 (a)		8,000		7,500
T-Mobile USA Inc. 4.50% 02/01/26 (a)		29,000		27,080
Tampa Electric Co. 4.35% 05/15/44 (a)		18,000		18,318
Target Corp. 2.50% 04/15/26 (a)		11,000		10,115
Teachers Insurance & Annuity Association of America 4.90% 09/15/44 (a)(h)		9,000		9,474
Teck Resources Ltd. 4.75% 01/15/22 (a)		14,000		14,029
Tenet Healthcare Corp.
4.75% 06/01/20 (a)		16,000		16,040
6.00% 10/01/20 (a)		44,000		45,210
Teva Pharmaceutical Finance Netherlands III BV
1.70% 07/19/19 (a)		46,000		44,942

	Principal Amount $		Fair Value $
2.20% 07/21/21 (a)		8,000		7,420
2.80% 07/21/23 (a)		31,000		26,727
Texas Instruments Inc. 4.15% 05/15/48 (a)		7,000		7,105
The Allstate Corp. 4.20% 12/15/46 (a)		8,000		7,857
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) 5.75% 08/15/53 (a)(c)		25,000		25,720
The Bank of New York Mellon Corp. (2.66% fixed rate until 05/16/22; 0.63% + 3 month USD LIBOR thereafter) 2.66% 05/16/23 (a)(c)		15,000		14,553
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter) 4.63% 12/29/49 (a)(c)		45,000		42,581
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter) 4.65% 12/31/99 (a)(c)		21,000		19,013
The Boeing Co.
3.25% 03/01/28 (a)		9,000		8,780
3.55% 03/01/38 (a)		11,000		10,596
The Dow Chemical Co. 4.25% 10/01/34 (a)		11,000		10,626
The George Washington University 4.13% 09/15/48		8,000		8,125
The Goldman Sachs Group Inc.
2.30% 12/13/19 (a)		51,000		50,435
2.35% 11/15/21 (a)		24,000		23,105
2.63% 04/25/21 (a)		26,000		25,421
2.90% 07/19/18 (a)		30,000		30,006
3.85% 01/26/27 (a)		8,000		7,686
4.25% 10/21/25 (a)		4,000		3,938
4.80% 07/08/44 (a)		8,000		7,977
5.15% 05/22/45 (a)		13,000		12,891
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter) 2.91% 06/05/23 (a)(c)		24,000		23,166
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter) 3.81% 04/23/29 (a)(c)		8,000		7,608

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

State Street Income V.I.S. Fund 13

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount $		Fair Value $
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter) 4.02% 10/31/38 (a)(c)		8,000		7,278
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter) 4.22% 05/01/29 (a)(c)		12,000		11,829
The Hartford Financial Services Group Inc. 2.13% + 3 month USD LIBOR 4.47% 02/12/47 (a)(c)(h)		10,000		9,488
The Home Depot Inc.
3.35% 09/15/25 (a)		4,000		3,936
3.50% 09/15/56 (a)		9,000		7,698
3.90% 06/15/47 (a)		9,000		8,625
The Kroger Co.
2.95% 11/01/21 (a)		24,000		23,652
4.65% 01/15/48 (a)		6,000		5,667
The Men’s Wearhouse Inc. 7.00% 07/01/22 (a)		11,000		11,344
The Mosaic Co. 5.63% 11/15/43 (a)		5,000		5,031
The Nielsen Company Luxembourg Sarl 5.00% 02/01/25 (a)(h)		16,000		15,240
The Sherwin-Williams Co.
2.25% 05/15/20 (a)		11,000		10,830
2.75% 06/01/22 (a)		7,000		6,781
The Southern Co.
1.85% 07/01/19 (a)		45,000		44,573
4.40% 07/01/46 (a)		8,000		7,815
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter) 3.63% 09/15/31 (a)(c)		26,000		24,439
The Walt Disney Co. 4.13% 06/01/44 (a)		8,000		7,713
Time Warner Cable LLC 4.50% 09/15/42 (a)		5,000		4,136
6.55% 05/01/37 (a)		9,000		9,515
Transcontinental Gas Pipe Line Company LLC 4.00% 03/15/28 (a)(h)		8,000		7,832
Tyco Electronics Group S.A. 2.35% 08/01/19 (a)		35,000		34,819
3.13% 08/15/27 (a)		9,000		8,424
Tyson Foods Inc.
2.65% 08/15/19 (a)		7,000		6,972
4.55% 06/02/47 (a)		4,000		3,829

	Principal Amount $		Fair Value $
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter) 5.13% 12/29/49 (a)(c)		45,000		46,181
Union Pacific Corp. 3.20% 06/08/21 (a)		19,000		19,042
3.50% 06/08/23 (a)		18,000		18,023
3.60% 09/15/37 (a)		4,000		3,657
4.10% 09/15/67 (a)		6,000		5,265
United Rentals North America Inc. 4.88% 01/15/28 (a)		15,000		13,870
United Technologies Corp. 4.50% 06/01/42 (a)		4,000		3,939
UnitedHealth Group Inc. 4.75% 07/15/45 (a)		8,000		8,576
Vale Overseas Ltd. 4.38% 01/11/22 (a)		4,000		4,060
6.25% 08/10/26 (a)		14,000		15,191
6.88% 11/10/39 (a)		8,000		9,038
Vale S.A. 5.63% 09/11/42 (a)		5,000		5,071
Valeant Pharmaceuticals International Inc. 7.00% 03/15/24 (a)(h)		44,000		46,134
Ventas Realty LP 3.25% 10/15/26 (a)		23,000		21,335
Verizon Communications Inc.
3.38% 02/15/25 (a)		8,000		7,674
4.33% 09/21/28 (h)		13,000		12,907
4.40% 11/01/34 (a)		11,000		10,369
4.67% 03/15/55 (a)		8,000		7,095
4.86% 08/21/46 (a)		15,000		14,046
5.01% 04/15/49 (a)		7,000		6,816
5.25% 03/16/37 (a)		9,000		9,250
Viacom Inc.
3.45% 10/04/26 (a)		9,000		8,216
5.25% 04/01/44 (a)		3,000		2,839
Virginia Electric & Power Co. 4.00% 11/15/46 (a)		9,000		8,623
Visa Inc.
3.15% 12/14/25 (a)		8,000		7,737
4.30% 12/14/45 (a)		9,000		9,340
Vodafone Group PLC
4.38% 05/30/28 (a)		17,000		16,797
5.25% 05/30/48 (a)		5,000		4,978
Vornado Realty LP 3.50% 01/15/25 (a)		8,000		7,679
Vulcan Materials Co. 3.90% 04/01/27 (a)		8,000		7,657
Wabtec Corp. 3.45% 11/15/26 (a)		2,000		1,835
Walgreens Boots Alliance Inc. 4.65% 06/01/46 (a)		6,000		5,536

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

14 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount $		Fair Value $
Walmart Inc.
3.63% 12/15/47 (a)		8,000		7,458
3.70% 06/26/28 (a)		17,000		17,162
3.95% 06/28/38 (a)		7,000		7,028
4.05% 06/29/48 (a)		7,000		7,054
Warner Media LLC 5.35% 12/15/43 (a)		9,000		8,786
WEC Energy Group Inc. 3.55% 06/15/25 (a)		15,000		14,758
WellCare Health Plans Inc. 5.25% 04/01/25 (a)		19,000		18,905
Wells Fargo & Co.
2.63% 07/22/22 (a)		24,000		23,082
3.90% 05/01/45 (a)		4,000		3,632
4.75% 12/07/46 (a)		11,000		10,617
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter) 5.88% 12/29/49 (a)(c)		28,000		28,875
Wells Fargo & Co. (5.90% fixed rate until 06/15/24; 3.11% + 3 month USD LIBOR thereafter) 5.90% 12/29/49 (a)(c)		26,000		26,097
Wells Fargo & Co. 3.77% + 3 month USD LIBOR 6.11% 03/29/49 (a)(c)		16,000		16,204
Western Digital Corp. 4.75% 02/15/26 (a)		10,000		9,717
Western Gas Partners LP
4.00% 07/01/22 (a)		33,000		32,708
5.38% 06/01/21 (a)		12,000		12,445
Westlake Chemical Corp.
3.60% 08/15/26 (a)		7,000		6,647
4.38% 11/15/47 (a)		2,000		1,845
5.00% 08/15/46 (a)		7,000		7,081
WestRock Co. 3.00% 09/15/24 (a)(h)		8,000		7,581
William Lyon Homes Inc. 5.88% 01/31/25 (a)		10,000		9,375
Williams Partners LP
3.75% 06/15/27 (a)		7,000		6,614
4.85% 03/01/48 (a)		9,000		8,622
4.90% 01/15/45 (a)		7,000		6,714
5.40% 03/04/44 (a)		4,000		4,111
Willis North America Inc. 3.60% 05/15/24 (a)		12,000		11,619
WPP Finance 2010 3.75% 09/19/24 (a)		14,000		13,548
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 05/15/27 (a)(h)		18,000		16,830
Xilinx Inc. 2.95% 06/01/24 (a)		9,000		8,552

	Principal Amount $		Fair Value $
XPO Logistics Inc. 6.50% 06/15/22 (a)(h)		17,000		17,405
Yamana Gold Inc. 4.63% 12/15/27 (a)		10,000		9,607
Zoetis Inc. 3.00% 09/12/27 (a)		7,000		6,483
				8,703,834
Non-Agency Collateralized Mortgage Obligations - 3.8%
BANK 2018-BNK10 4.16% 02/15/61 (a)(c)		16,831		16,475
BANK 2018-BNK11 4.50% 03/15/61 (c)		12,000		12,296
BANK 2018-BNK12 4.55% 05/15/61 (c)		17,333		17,231
BXP Trust 2017-GM 3.38% 06/13/39 (a)(h)		61,000		59,250
Citigroup Commercial Mortgage Trust 2016-P6
3.72% 12/10/49 (a)(c)		98,309		98,341
4.03% 12/10/49 (a)(c)		31,273		31,688
Citigroup Commercial Mortgage Trust 2018-C5 4.51% 06/10/51		21,000		21,654
COMM 2014-CR14 Mortgage Trust 4.53% 02/10/47 (a)(c)		25,000		26,025
GS Mortgage Securities Trust 2016-GS3 2.85% 10/10/49 (a)		68,000		63,915
GS Mortgage Securities Trust 2017-GS5 3.67% 03/10/50 (a)		39,990		39,885
GS Mortgage Securities Trust 2017-GS8 3.47% 11/10/50 (a)		63,977		62,454
GS Mortgage Securities Trust 2018-GS9 4.14% 03/10/51 (c)		25,000		25,427
JPMBB Commercial Mortgage Securities Trust 2013-C12 4.17% 07/15/45 (a)(c)		15,000		15,228
LB-UBS Commercial Mortgage Trust 2007-C6
6.11% 07/15/40 (a)(c)		1,780		1,780
6.11% 07/15/40 (a)(h)		3,545		3,544
MASTR Alternative Loan Trust 2003-5 5.00% 08/25/18 (a)(e)**		788		—
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20 1.52% 02/15/48 (a)(c)(e)		315,935		19,706

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

State Street Income V.I.S. Fund 15

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Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount $		Fair Value $
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 1.09% 03/15/48 (a)(c)(e)		382,083		17,865
Morgan Stanley Capital I Trust 2006-IQ11 6.37% 10/15/42 (a)(c)		50,000		51,075
Morgan Stanley Capital I Trust 2006-T21 5.27% 10/12/52 (a)(c)		9,937		9,999
Morgan Stanley Capital I Trust 2016-UBS9 1.38% 03/15/49 (a)(c)(e)		306,366		20,445
Wells Fargo Commercial Mortgage Trust 2017-RB1 3.64% 03/15/50 (a)		43,392		42,987
Wells Fargo Commercial Mortgage Trust 2018-C44 4.69% 05/15/51		12,000		12,341
WFRBS Commercial Mortgage Trust 2013-C17 4.26% 12/15/46 (a)		25,000		25,544
WFRBS Commercial Mortgage Trust 2014-LC14 4.35% 03/15/47 (a)(c)		58,000		59,723
				754,878
Sovereign Bonds - 0.3%
Government of Mexico
4.00% 10/02/23		14,000		14,057
4.75% 03/08/44 (a)		20,000		18,796
Government of Peru 5.63% 11/18/50 (a)		11,000		12,807
Government of Uruguay 5.10% 06/18/50		14,040		13,819
				59,479
Municipal Bonds and Notes - 1.8%
American Municipal Power Inc. 6.27% 02/15/50 (a)		15,000		19,132
Commonwealth of Massachusetts 5.00% 01/01/45		35,000		40,340
Metropolitan St. Louis Sewer District 5.00% 05/01/47		35,000		40,421
New Jersey Transportation Trust Fund Authority 6.88% 12/15/39 (a)		15,000		15,405
New York City Water & Sewer System 5.00% 06/15/40		100,000		115,815
Port Authority of New York & New Jersey 4.46% 10/01/62 (a)		40,000		42,483

	Principal Amount $		Fair Value $
State of California
4.60% 04/01/38		15,000		15,712
5.70% 11/01/21 (a)		40,000		43,478
State of Illinois 5.10% 06/01/33 (a)		10,000		9,464
The University of Texas System 3.35% 08/15/47 (a)		10,000		9,196
				351,446
FNMA (TBA) - 0.0%*
Lehman 5.50% TBA (a)(i)(j)		50,705		1,095
Total Bonds and Notes (Cost $19,449,740)				19,304,610
	Number of Shares
Domestic Equity - 0.1%
Preferred Stock - 0.1%
Wells Fargo & Co. 3.09% + 3 month USD LIBOR (Cost $23,300) (a)(c)		932		24,139
	Principal Amount
Purchased Options - 0.0%*
Purchased Option - 0.0%*
10 Yr. U.S. Treasury Notes Futures Options (Strike price 120.50 USD, expiration date 08/24/2018) (Cost $5,085)		12,000		6,750
Total Investments in Securities (Cost $19,478,125)				19,335,499
Short-Term Investments - 4.3%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.86% (Cost $860,845) (a)(f)(k)		860,845		860,845
Total Investments (Cost $20,338,970)				20,196,344
Liabilities in Excess of Other Assets, net - (2.0)%				(409,336	)
NET ASSETS - 100.0%				19,787,008

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

16 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

Other Information:

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract annual Fixed Rate/ Payment Frequency		Termination Date		Market Value			Unamortized Upfront Payments Received			Unrealized Appreciation
Markit CDX North America Investment Grade Index	CME Group, Inc.	$	529		1.00%/ Quaterly		12/20/22	$	(9,097	)	$	(9,970	)	$	873

Centrally Cleared Interest Rate Swaps

Counterparty	Notional Amount (000s omitted)		Fund Pays/ Receives Fixed Rate/ Payment Frequency		Floating Rate		Contract annual Fixed Rate		Termination Date		Market Value			Unamortized Upfront Payments Received		Unrealized Depreciation
CME Group, Inc.	$	883		Receives/ Quarterly		3 Month U.S. Dollar LIBOR		3.05%		11/19/21	$	(3,245	)	$	—	$	(3,245	)
CME Group, Inc.	$	884		Receives/ Quarterly		3 Month U.S. Dollar LIBOR		3.06%		11/19/21	$	(3,359	)	$	—	$	(3,359	)
																$	(6,604	)

The Fund had the following long futures contracts open at June 30, 2018:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
Ultra Long-Term U.S. Treasury Bond Futures		September 2018		4		613,255	$	638,250	$	24,995
2 Yr. U.S. Treasury Notes Futures		September 2018		14		2,960,448		2,965,593		5,145
5 Yr. U.S. Treasury Notes Futures		September 2018		10		1,128,769		1,136,172		7,403
10 Yr. U.S. Treasury Ultra Futures		September 2018		18		2,140,026		2,163,375		23,349
									$	60,892

The Fund had the following short futures contracts open at June 30, 2018:

Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Depreciation
U.S. Long Bond Futures		September 2018		5		(713,702	)	$	(725,000	)	$	(11,298	)
10 Yr. U.S. Treasury Ultra Futures		September 2018		6		(763,019	)		(769,406	)		(6,387	)
											$	(17,685	)
											$	43,207

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

State Street Income V.I.S. Fund 17

State Street Income V.I.S. Fund

Schedule of Investments, continued — June 30, 2018 (Unaudited)

The Fund had the following open Purchased Options contracts at June 30, 2018:

Purchased Options

Description	Counterparty		Strike Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Calls
10 Yr. U.S. Treasury Note Futures - September 2018		Goldman Sachs & Co.		120.50		8/24/2018		12	$	12,000	$	6,750	$	5,085	$	1,665
Total purchased option contracts															$	1,665

The Fund had the following open Written Options contracts at June 30, 2018:

Written Options

Description	Counterparty		Strike Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Calls
U.S. Treasury Bond Futures - September 2018		Goldman Sachs & Co.		145		8/24/2018		(5	)	$	(5,000	)	$	(7,188	)	$	(5,414	)	$	(1,774	)
Total written option contracts																			$	(1,774	)

During the period ended June 30, 2018 average notional values related to derivative contracts were as follows:

	Purchased Call Options		Written Call Options		Long Futures Contracts		Short Futures Contracts		Credit Default Swap Contracts		Interest Rate Swap Contracts
Average Notional Value	$	1,811	$	1,807	$	5,564,685	$	3,062,979	$	447,723	$	1,938,235

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

18 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Notes to Schedule of Investments — June 30, 2018 (Unaudited)

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

(a) At June 30, 2018, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBA’s.

(b) Step coupon bond.

(c) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

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

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

(f) Coupon amount represents effective yield.

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

(h) Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2018, these securities amounted to $1,208,208 or 6.11% of the net assets of the State Street Income V.I.S. Fund. These securities have been determined to be liquid using procedures established by the State Street Variable Insurance Series Funds, Inc.’s Board of Directors (the “Board”).

(i) Security is in default.

(j) Security is fair valued by the Oversight Committee, in accordance with the procedures approved by the Board. Security value is determined based on level 3 inputs.

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

† Percentages are based on net assets as of June 30, 2018.

* Less than 0.05%.

** Amount is less than $0.50.

Abbreviations:

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2018:

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasuries	$	—	$	6,457,973	$	—	$	6,457,973
Agency Mortgage Backed		—		2,466,367		—		2,466,367
Agency Collateralized Mortgage Obligations		—		74,429		—		74,429
Asset Backed		—		435,109		—		435,109
Corporate Notes		—		8,703,834		—		8,703,834
Non-Agency Collateralized Mortgage Obligations		—		754,878		—		754,878
Sovereign Bonds		—		59,479		—		59,479
Municipal Bonds and Notes		—		351,446		—		351,446
FNMA (TBA)		—		—		1,095		1,095
Preferred Stock		24,139		—		—		24,139
Purchased Options		6,750		—		—		6,750
Short-Term Investments		860,845		—		—		860,845
Total Investments in Securities	$	891,734	$	19,303,515	$	1,095	$	20,196,344

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

State Street Income V.I.S. Fund 19

State Street Income V.I.S. Fund

Notes to Schedule of Investments, continued — June 30, 2018 (Unaudited)

Investments	Level 1			Level 2			Level 3		Total
Other Financial Instruments
Written Options - Unrealized Depreciation	$	(1,774	)	$			$		$	(1,774	)
Credit Default Swap Contracts - Unrealized Appreciation		—			873			—		873
Credit Default Swap Contracts - Unrealized Depreciation		—			(6,604	)		—		(6,604	)
Long Futures Contracts - Unrealized Appreciation		60,892			—			—		60,892
Short Futures Contracts - Unrealized Depreciation		(17,685	)		—			—		(17,685	)
Total Other Financial Instruments	$	41,433		$	(5,731	)	$	—	$	35,702

Affiliate Table

	Number of Shares Held at 12/31/17		Value At 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/18		Value at 6/30/18		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		587,481	$	587,481	$	4,245,844	$	3,972,480		—		—		860,845	$	860,845	$	5,142

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

20 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/18†			12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date		—			—			—			—			—			1/3/95
Net asset value, beginning of period	$	11.49		$	11.37		$	11.25		$	11.56		$	11.25		$	11.71
Income/(loss) from investment operations:
Net investment income		0.09	(a)		0.19	(a)		0.24			0.25			0.27			0.30
Net realized and unrealized gains/(losses) on investments		(0.38	)		0.18			0.09			(0.30	)		0.31			(0.46	)
Total income/(loss) from investment operations		(0.29	)		0.37			0.33			(0.05	)		0.58			(0.16	)
Less distributions from:
Net investment income		—			0.25			0.21			0.26			0.27			0.30
Total distributions		—			0.25			0.21			0.26			0.27			0.30
Net asset value, end of period	$	11.20		$	11.49		$	11.37		$	11.25		$	11.56		$	11.25
Total Return(b)		(2.52	)%		3.25	%		2.98	%		(0.42	)%		5.12	%		(1.34	)%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	19,787		$	21,847		$	25,582		$	28,375		$	32,668		$	34,788
Ratios to average net assets:
Net expenses		1.45	%**		1.36	%		1.15	%		1.06	%(d)		0.91	%(c)		0.79	%(c)
Gross expenses		1.45	%**		1.36	%		1.15	%		1.11	%		0.91	%		0.80	%
Net investment income		1.67	%**		1.62	%		1.98	%		2.06	%		2.14	%		2.41	%
Portfolio turnover rate		82	%		255	%		220	%		241	%		282	%		256	%

Notes to Financial Highlights

(a) Per share values have been calculated using the average share method.

(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

(c) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

(d) Reflects a voluntary reimbursement of other operating expenses by GE Asset Management, Inc., the Fund’s investment adviser and administrator prior to July 1, 2016.

^†  Unaudited.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

** Annualized for periods less than one year.

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

Financial Highlights 21

State Street Income V.I.S. Fund

Statement of Assets and Liabilities — June 30, 2018 (Unaudited)

Assets
Investments in securities, at fair value (cost $19,478,125)	$	19,335,499
Short-term affiliated investments, at fair value		860,845
Cash collateral on deposit with broker for Swap Contracts		27,420
Receivable for investments sold		9,627
Income receivables		140,919
Income receivable from affiliated investments		1,086
Receivable for accumulated variation margin on futures		44,395
Other assets		2
Total assets		20,419,793
Liabilities
Due to custodian		1,113
Net cash collateral on futures contracts due to broker		44,371
Payable for investments purchased		491,084
Payable for fund shares redeemed		10,653
Payable for Accumulated variation margin on Swaps		15,863
Payable to the Adviser		8,157
Payable to the Custodian		35,756
Accrued other expenses		18,600
Written options (premiums received $5,414)		7,188
Total liabilities		632,785
Net Assets	$	19,787,008
Net Assets Consist of:
Capital paid in	$	20,200,608
Undistributed (distributions in excess of) net investment income		178,335
Accumulated net realized loss		(485,011	)
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		(142,626	)
Futures		43,207
Options written		(1,774	)
Swap contracts		(5,731	)
Net Assets	$	19,787,008
Shares outstanding ($0.01 par value; unlimited shares authorized)		1,766,432
Net asset value per share	$	11.20

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

22 Statement of Assets and Liabilities

State Street Income V.I.S. Fund

Statement of Operations — For the period ended June 30, 2018 (Unaudited)

Investment Income
Income
Dividend	$	639
Interest		312,412
Income from affiliated investments		5,142
Total income		318,193
Expenses
Advisory and administration fees		51,302
Directors’ fees		1,807
Custody and accounting expenses		71,120
Professional fees		16,031
Other expenses		7,925
Total expenses		148,185
Net investment income	$	170,008
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	(225,248	)
Futures		(135,777	)
Written options		3,174
Swap contracts		21,723
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(411,997	)
Futures		46,315
Written option contracts		(1,774	)
Swap contracts		562
Net realized and unrealized gain (loss) on investments		(703,022	)
Net Decrease in Net Assets Resulting from Operations	$	(533,014	)

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

Statement of Operations 23

State Street Income V.I.S. Fund

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018(a)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	170,008		$	378,325
Net realized gain (loss) on investments, futures, written options and swap contracts		(336,128	)		128,953
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, written options and swap contracts		(366,894	)		266,491
Net increase (decrease) from operations		(533,014	)		773,769
Distributions to shareholders from:
Net investment income		—			(460,900	)
Total distributions		—			(460,900	)
Increase (decrease) in assets from operations and distributions		(533,014	)		312,869
Share transactions:
Proceeds from sale of shares		193,954			352,577
Value of distributions reinvested		—			460,900
Cost of shares redeemed		(1,720,944	)		(4,860,905	)
Net increase (decrease) from share transactions		(1,526,990	)		(4,047,428	)
Total increase (decrease) in net assets		(2,060,004	)		(3,734,559	)
Net Assets
Beginning of period		21,847,012			25,581,571
End of period	$	19,787,008		$	21,847,012
Undistributed (distributions in excess of) net investment income, end of period	$	178,335		$	8,327
Changes in Fund Shares
Shares sold		17,177			30,432
Issued for distributions reinvested		—			40,253
Shares redeemed		(152,646	)		(419,395	)
Net decrease in fund shares		(135,469	)		(348,710	)

(a) Unaudited.

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

24 Statements of Changes in Net Assets

State Street Income V.I.S. Fund

Notes to Financial Statements — June 30, 2018 (Unaudited)

1. Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund (the “Fund”) and State Street Real Estate Securities V.I.S. Fund. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies. Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

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 Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for determining the fair value of investments.

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

• Equity investments (including preferred stocks) 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.

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

Notes to Financial Statements 25

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

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

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

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

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

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 June 30, 2018 is disclosed in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the beginning of the reporting period. The Fund had no material transfers between levels for the six-month period ended June 30, 2018.

Investment Transactions and Income Recognition  Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.

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

26 Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

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

Expenses  Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

Foreign Currency Translation  The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes  The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2018, if any, are disclosed in the Fund’s Statements of Assets and Liabilities.

Distributions  The Fund declares and pays any dividends from net investment income annually.

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

3. Securities and Other Investments

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

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

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

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

Notes to Financial Statements 27

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

4. Derivative Financial Instruments

Futures Contracts  The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the six-month period ended June 30, 2018 the Fund entered into futures contracts to manage interest rate exposure.

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

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

For the period ended June 30, 2018, the Fund purchased and wrote options in order to hedge against changes in market conditions and interest rates.

Credit Default Swaps  During the period ended June 30, 2018, the Fund engaged in credit default swaps to manage credit risk. When the Fund is the buyer in a credit default swap contract, the Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (“CCP”) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund loses its investment and recovers nothing. However, if a credit event occurs, the Fund receives full notional value for a referenced debt obligation that may have little or no value. When the Fund is the seller of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, the Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation.

As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation

28 Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

(depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swaps to determine the market value of swaps. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if the Fund had invested in the referenced debt obligation directly. If the Fund is a buyer of a credit default swap and no credit event occurs, the Fund will not earn any return on its investment. If the Fund is a seller of a credit default swap, the Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject the Fund to the risk that the counterparty to the transaction may not fulfill its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

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

During the period ended June 30, 2018, the Fund entered into interest rate swaps in order to manage exposure to interest rates.

The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2018 and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:

Asset Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street Income V.I.S. Fund
Futures Contracts	$	62,076	$	—	$	—	$	—	$	—	$	62,076
Swap Contracts(a)	$	—	$	—	$	873	$	—	$	—	$	873
Purchased Option Contracts(b)		1,665		—		—		—		—		1,665

(a) Unrealized appreciation on swap contracts.

(b) Options purchased are included in investments in securities.

Liability Derivatives

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street Income V.I.S. Fund
Futures Contracts	$	(17,681	)	$	—	$	—	$	—	$	—	$	(17,681	)
Swap Contracts(a)		(6,604	)		—		—		—		—		(6,604	)
Written Option Contracts(b)		(1,774	)		—		—		—		—		(1,774	)

(a) Unrealized depreciation on swap contracts.

(b) Unrealized depreciation on written option contracts.

Notes to Financial Statements 29

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

Net Realized Gain (Loss)

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street Income V.I.S. Fund
Futures Contracts	$	(135,777	)	$	—	$	—	$	—	$	—	$	(135,777	)
Swap Contracts		21,623			—		100		—		—		21,723
Purchased Option Contracts(a)		(5,679	)		—		—		—		—		(5,679	)
Written Option Contracts		3,174			—		—		—		—		3,174

(a) Options purchased are included in net realized gain (loss) from investments.

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk			Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street Income V.I.S. Fund
Futures Contracts	$	46,315		$	—	$	—	$	—	$	—	$	46,315
Swap Contracts		(1,726	)		—		2,288		—		—		562
Purchased Option Contracts(a)		1,665			—		—		—		—		(1,665	)
Written Option Contracts		(1,774	)		—		—		—		—		(1,774	)

(a) Options purchased are included in unrealized appreciation (depreciation) from investments.

5. Fees and Transactions with Affiliates

Advisory Fee  SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.50%.

Administrator, Sub-Administrator and Custodian Fees  State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Fund to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

Due to Custodian  In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds. As of June 30, 2018, the Fund had a cash overdraft related to derivative activity.

Other Transactions with Affiliates  The Fund may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the six-month period ended June 30, 2018 are disclosed in the Schedule of Investments.

6. Directors’ Fees

The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”) are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

30 Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

7. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the six-month period ended June 30, 2018 were as follows:

U.S. Government Securities
Purchases			Sales
	$	14,377,029		$	16,667,281
Non-U.S. Government Securities
Purchases			Sales
	$	14,958,427		$	14,155,005

8. Income Taxes

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

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

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

As of June 30, 2018, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

	Cost of Investments for Tax Purposes		Gross Tax Appreciation		Gross Tax Depreciation		Net Tax Appreciation/ (Depreciation)
State Street Income V.I.S. Fund	$	20,342,438	$	186,503	$	296,895	$	(110,392	)

9. Line of Credit

The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless otherwise extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The Fund had no outstanding loans as of June 30, 2018.

10. Risks

Concentration Risk  As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund was more broadly diversified.

Foreign and Emerging Markets Risk  Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation,

Notes to Financial Statements 31

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

economic, political and social instability in the countries in which the Fund invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk  In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

11. Recent Accounting Pronouncement

In March 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.

12. Subsequent Events

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

32 Notes to Financial Statements

State Street Income V.I.S. Fund

Other Information (Unaudited)

Proxy Voting Policies and Procedures and Record

The Fund has adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Fund has adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, and (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330. Information regarding how the Fund voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

The Fund files its complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available (i) without charge, upon request, by calling 1-800-242-013, (ii) on the Fund’s website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, and (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330.

Other Information 33

State Street Income V.I.S. Fund

Other Information (Unaudited), continued

Disclosure for the Board of Directors’ Consideration of the Renewal of the Investment Advisory and Administration Agreement with SSGA Funds Management, Inc. on behalf of the State Street Income V.I.S. Fund

At meetings of the Board of Directors (the “Board”) of State Street Variable Insurance Series Funds, Inc. (the “V.I.S. Funds”) held on May 16, 2018 and June 5, 2018 (the “Board Meetings”), the Board members, including the Board members who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the V.I.S. Funds (“Independent Board Members”), considered and unanimously approved the continuance for an additional year of the investment advisory and administration agreement (the “Investment Advisory and Administration Agreement”) between SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”) and the V.I.S. Funds on behalf of each of its series portfolios, including the State Street Income V.I.S. Fund (the “Fund”).

In considering whether to approve the continuance for an additional year of the Investment Advisory and Administration Agreement, the Board members considered and discussed a substantial amount of information and analysis provided, at the Board’s request, by the Adviser. The Board members also considered detailed information regarding performance and expenses of other investment companies, including those with similar investment strategies and sizes, which was prepared by an independent third party provider, Broadridge Financial Solutions, Inc. (“Broadridge”). The Board members reviewed the fees charged by the Adviser for other mutual funds and investment products other than mutual funds that employ a similar investment strategy as the Fund. The Board had the opportunity to ask questions and request additional information in connection with its considerations.

Before approving the continuance of the Investment Advisory and Administration Agreement, the Independent Board Members reviewed the information provided with management of the Adviser and with their independent legal counsel. The Board also reviewed a memorandum prepared by independent legal counsel discussing the legal standards for the consideration of the proposed continuance. The Independent Board Members discussed the proposed continuance of the Investment Advisory and Administration Agreement in detail during private sessions in advance of, and at, the Board Meetings with their independent legal counsel at which no representatives of the Adviser were present. The Independent Board Members and their independent legal counsel requested, and received and considered, additional information from the Adviser following the May 16, 2018 Board Meeting and prior to the June 5, 2018 Board Meeting.

In advance of the Board Meetings, and in response to their detailed requests, the Board members received from the Adviser written responses to their inquiries, which included substantial exhibits and other materials related to the Adviser’s business and the services it provides to the Fund. The Directors took into account their multi-year experience as Directors and particularly their previous consideration of these types of agreements.

During the Board Meetings, the Board members had an opportunity to discuss this information with SSGA FM representatives, including senior executives, representatives from the legal, compliance and finance departments, and investment personnel. The Board members posed questions to these representatives and engaged in significant discussions.

In reaching its determinations relating to the continuance of the Investment Advisory and Administration Agreement, the Board considered those factors it deemed relevant, including the factors discussed below. In its deliberations, the Board did not identify any single factor that was dispositive and each Director may have attributed different weights to the various factors. The Directors evaluated the information provided to them, as well as the presentations and discussions that occurred at the Board Meetings, for the Fund, and their determinations were made separately in respect of the Fund from other series portfolios of the V.I.S Funds.

The material factors and conclusions that formed the basis for the Board’s determinations to approve the continuance of the Investment Advisory and Administration Agreement with the Adviser on behalf of the Fund are as discussed below.

The Nature, Extent and Quality of Services Provided.

The Board reviewed the services provided to the Fund by the Adviser. The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the extensive experience and resources committed by the Adviser to the evaluation of a portfolio’s quality distribution and sector and

34 Other Information

State Street Income V.I.S. Fund

Other Information (Unaudited), continued

interest rate exposure. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including operational, enterprise, regulatory, litigation and compliance risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board had previously reviewed the compliance programs of SSGA FM and various affiliated service providers (“Affiliated Service Providers”). Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.

In light of the foregoing and other relevant information, the Board, including the Independent Board Members, concluded that the services provided by the Adviser continue to be satisfactory.

Investment Performance.

The Board members considered the investment performance of the Fund for various periods. The Board members reviewed detailed comparisons of the performance of the Fund with the relevant securities index and peer and category groupings of mutual funds prepared by Broadridge with respect to various periods. The Board members also engaged in detailed discussions with SSGA FM management about its investment processes and performance results. These discussions focused on the Fund’s investment objective, the number and experience of portfolio management and supporting research personnel, the Fund’s investment style and approach employed, the likely market cycles for the Fund’s investment style and the Fund’s relative underperformance in the measurement periods shown. The Board members discussed the Adviser’s investment approach with respect to the Fund and reasons for the Fund’s relative underperformance in the measurement periods shown.

Taking these factors into consideration, the Board, including the Independent Board Members, expressed concern about the Fund’s performance and agreed to closely monitor performance.

Cost of the Services Provided And Profits Realized From The Relationship with the Fund.

The Directors considered the management fees paid to the Adviser by the Fund. The Board reviewed the level of profits realized by the Adviser and the Affiliated Service Providers in providing investment advisory and other services to the Fund. Information also was presented regarding the financial condition of the Adviser for various past periods. The Directors also considered the Adviser’s statements concerning its significant investment in supporting registered investment companies. The Board also considered the various risks borne by SSGA FM and the Affiliated Service Providers in connection with their various roles in servicing the Fund, including enterprise, litigation, business, operational and entrepreneurial risk.

The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.

The Extent to Which Economies of Scale Would Be Realized as the Fund Grows and Whether Fee Levels Would Reflect Such Economies of Scale.

The Board considered the extent to which the Adviser and the Affiliated Service Providers, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund. The Board concluded that, in light of, among other considerations, the current size of the Fund, the level of profitability of the Adviser and the Affiliated Service Providers with respect to the Fund, and/or the comparative management fee and expense ratio of the Fund, it does not appear that the Adviser or the Affiliated Service Providers has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed management fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.

Comparison of Services to be Rendered and Fees to be Paid.

The Board discussed the services provided to the Fund by the Adviser, and the fees charged to the Fund for those services. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to

Other Information 35

State Street Income V.I.S. Fund

Other Information (Unaudited), continued

administrative services provided by SSGA FM, as compared to the expense ratios of a group of comparable mutual funds selected by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser. Among other information, the Board considered that the Fund’s advisory fee and expense ratios were the highest or among the highest in the applicable Broadridge peer group ranges.

In light of the foregoing, the Board, including the Independent Board Members, determined that the management fees, considered in relation to the services provided to the Fund, supported the Board’s approval of the continuance of the Investment Advisory and Administration Agreement.

Fall-Out Benefits.

The Board considered actual and potential financial benefits that the Adviser could derive from its relationship with the Fund, including the custody, fund accounting and sub-administration services being provided to the Fund by affiliates of the Adviser and, to the extent applicable, soft dollar commission benefits generated through Fund portfolio transactions. The Board noted, however, that the Fund benefits from the vast array of resources available through SSGA FM, and that the Fund represents only a small portion of the assets managed by SSGA FM.

Conclusion.

No single factor was determinative to the Board’s decision. Based on their discussion and such other matters as were deemed relevant, the Directors, including the Independent Board Members, approved the continuance of the Investment Advisory and Administration Agreement with the Adviser for the Fund.

36 Other Information

Directors

John R. Costantino, Chairman

R. Sheldon Johnson

Donna M. Rapaccioli

Jeanne M. La Porta

Officers

Jeanne M. La Porta, President

Arthur Jensen, Treasurer

Brian Harris, Chief Compliance Officer and Anti-Money Laundering Officer

Bruce S. Rosenberg, Assistant Treasurer

Ann M. Carpenter, Assistant Treasurer

Chad C. Hallett, Assistant Treasurer

Darlene Anderson-Vasquez, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Jesse Hallee, Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

1600 Summer Street

P.O. Box 7900

Stamford, CT 06904-7900

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Semi-Annual Report

June 30, 2018

State Street Real Estate Securities V.I.S. Fund

State Street Real Estate Securities V.I.S. Fund

Semi-Annual Report

June 30, 2018

Table of Contents

	Page
Fund Information		1
Understanding Your Fund’s Expenses		2
Schedule of Investments		3
Financial Statements
Financial Highlights		5
Statement of Assets and Liabilities		6
Statement of Operations		7
Statements of Changes in Net Assets		8
Notes to Financial Statements		9
Other Information		13

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

State Street Real Estate Securities V.I.S. Fund

Fund Information — June 30, 2018 (Unaudited)

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

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

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

Sector Allocation

Portfolio Compositions as a % of Fair Value of $57,044 (in thousands) on June 30, 2018 ^(a)

Top Ten Largest Holdings

as of June 30, 2018 (as a % of Investments) ^(a)

Simon Property Group Inc.	6.97	%
Equinix Inc.	5.76	%
AvalonBay Communities Inc.	5.04	%
Prologis Inc. REIT	4.56	%
Boston Properties Inc.	3.95	%
Ventas Inc.	3.02	%
CubeSmart	2.96	%
Alexandria Real Estate Equities Inc.	2.89	%
Kilroy Realty Corp.	2.84	%
Healthcare Trust of America Inc., Class A	2.75	%

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

State Street Real Estate Securities V.I.S. Fund 1

State Street Real Estate Securities V.I.S. Fund

Understanding Your Fund’s Expenses — June 30, 2018 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value January 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value June 30, 2018	$	1,007.30	$	1,019.44
Expenses Paid During Period*	$	5.38	$	5.41

* Expenses are equal to the Fund’s annualized expense ratio of 1.08% (for the period January 1, 2018-June 30, 2018), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2 State Street Real Estate Securities V.I.S. Fund

State Street Real Estate Securities V.I.S. Fund

Schedule of Investments — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Common Stock (REITs) - 99.4%†
Alternate Housing - 6.6%
American Homes 4 Rent, Class A		68,890		1,527,980
Invitation Homes Inc.		41,180		949,611
Sun Communities Inc.		13,650		1,336,062
				3,813,653
Diversified - 3.9%
Forest City Realty Trust Inc., Class A		31,600		720,796
JBG SMITH Properties		3,930		143,327
VEREIT Inc.		185,340		1,378,930
				2,243,053
Freestanding - 1.6%
Realty Income Corp.		7,010		377,068
STORE Capital Corp.		19,590		536,766
				913,834
Healthcare - 7.9%
HCP Inc.		48,970		1,264,405
Healthcare Trust of America Inc., Class A		58,210		1,569,342
Ventas Inc.		30,300		1,725,585
				4,559,332
Hotel - 6.4%
Chesapeake Lodging Trust		16,560		523,958
Hilton Worldwide Holdings Inc.		8,400		664,944
Park Hotels & Resorts Inc.		42,130		1,290,442
Sunstone Hotel Investors Inc.		70,000		1,163,400
				3,642,744
Industrial - 11.2%
Americold Realty Trust		19,290		424,766
DCT Industrial Trust Inc.		14,410		961,579
Duke Realty Corp.		35,820		1,039,855
Liberty Property Trust		17,390		770,899
Prologis Inc. REIT		39,600		2,601,324
STAG Industrial Inc.		22,940		624,656
				6,423,079
Multifamily - 11.9%
AvalonBay Communities Inc.		16,732		2,876,063
Camden Property Trust		16,940		1,543,742
Essex Property Trust Inc.		1,600		382,512
Mid-America Apartment Communities Inc.		7,080		712,744
UDR Inc.		34,500		1,295,130
				6,810,191

	Number of Shares		Fair Value $
Office - 18.3%
Alexandria Real Estate Equities Inc.		13,050		1,646,519
Boston Properties Inc.		17,980		2,255,052
Brandywine Realty Trust		25,450		429,596
Columbia Property Trust Inc.		4,200		95,382
Cousins Properties Inc.		57,220		554,462
Easterly Government Properties Inc.		7,740		152,942
Highwoods Properties Inc.		24,630		1,249,480
Hudson Pacific Properties Inc.		17,340		614,356
Kilroy Realty Corp.		21,410		1,619,452
Mack-Cali Realty Corp.		44,430		901,040
Paramount Group Inc.		22,765		350,581
VICI Properties Inc.		29,130		601,243
				10,470,105
Regional Malls - 9.4%
GGP Inc.		40,400		825,372
Simon Property Group Inc.		23,360		3,975,639
Taubman Centers Inc.		3,620		212,711
The Macerich Co.		7,010		398,378
				5,412,100
Self Storage - 6.0%
CubeSmart		52,420		1,688,972
Extra Space Storage Inc.		8,830		881,322
Public Storage		3,937		893,148
				3,463,442
Shopping Centers - 5.6%
Federal Realty Investment Trust		2,170		274,614
Kimco Realty Corp.		33,540		569,845
Regency Centers Corp.		23,730		1,473,158
Urban Edge Properties		11,960		273,525
Weingarten Realty Investors		20,805		641,002
				3,232,144
Specialty - 10.6%
CyrusOne Inc.		23,860		1,392,470
Equinix Inc.		7,640		3,284,360
Iron Mountain Inc.		36,490		1,277,515
QTS Realty Trust Inc., Class A		2,685		106,057
				6,060,402
Total Common Stock (REITs) (Cost $52,405,022)				57,044,079
Total Investments (Cost $52,405,022)				57,044,079
Other Assets and Liabilities, net - 0.6%				325,359
NET ASSETS - 100.0%				57,369,438

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

State Street Real Estate Securities V.I.S. Fund 3

State Street Real Estate Securities V.I.S. Fund

Notes to Schedule of Investments — June 30, 2018 (Unaudited)

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

for complete descriptions of investment objectives, policies, risks and permissible investments.

† Percentages are based on net assets as of June 30, 2018.

Abbreviations:

REIT - Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at June 30, 2018:

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	57,044,079	$	—	$	—	$	57,044,079
Total Investments in Securities	$	57,044,079	$	—	$	—	$	57,044,079

Affiliate Table

	Number of Shares Held at 12/31/17		Value At 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/18		Value at 6/30/18		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		327,393	$	327,393	$	4,597,027	$	4,924,420	$	—	$	—		—	$	—	$	1,164

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

4 State Street Real Estate Securities V.I.S. Fund

State Street Real Estate Securities V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	6/30/18†			12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date		—			—			—			—			—			5/1/95
Net asset value, beginning of period	$	12.32		$	12.37		$	13.30		$	14.74		$	12.68		$	13.27
Income/(loss) from investment operations:
Net investment income		0.16	(a)		0.15	(a)		0.31			0.29			0.28			0.19
Net realized and unrealized gains/(losses) on investments		(0.07	)		0.57			0.71			0.41			3.79			0.16
Total income from investment operations		0.09			0.72			1.02			0.70			4.07			0.35
Less distributions from:
Net investment income		—			0.22			0.35			0.28			0.29			0.20
Net realized gains		—			0.55			1.60			1.86			1.72			0.74
Total distributions		—			0.77			1.95			2.14			2.01			0.94
Net asset value, end of period	$	12.41		$	12.32		$	12.37		$	13.30		$	14.74		$	12.68
Total Return(b)		0.73	%		5.84	%		8.00	%		4.56	%		31.90	%		2.60	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	57,369		$	61,685		$	72,483		$	78,912		$	91,007		$	102,603
Ratios to average net assets:
Net expenses		1.08	%**		1.01	%		0.97	%		0.95	%		0.94	%(c)		0.96	%(c)
Gross expenses		1.08	%**		1.01	%		0.97	%		0.95	%		0.94	%		0.96	%
Net investment income		2.80	%**		1.16	%		1.95	%		1.80	%		1.57	%		1.50	%
Portfolio turnover rate		31	%		73	%		67	%		57	%		53	%		82	%

Notes to Financial Highlights

(a) Per share values have been calculated using the average share method.

(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

(c) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

† Unaudited.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

** Annualized for periods less than one year.

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

Financial Highlights 5

State Street Real Estate Securities V.I.S. Fund

Statement of Assets and Liabilities — June 30, 2018 (Unaudited)

Assets
Investments in securities, at fair value (cost $52,077,324)	$	57,044,079
Receivable for investments sold		344,787
Income receivables		277,032
Income receivable from affiliated investments		148
Other assets		6
	��
Total assets		57,666,052
Liabilities
Due to custodian		30,615
Payable for investments purchased		124,605
Payable for fund shares redeemed		74,922
Payable to the Adviser		39,778
Payable to the Custodian		9,054
Accrued other expenses		17,640
Total liabilities		296,614
Net Assets	$	57,369,438
Net Assets Consist of:
Capital paid in	$	52,747,808
Undistributed (distributions in excess of) net investment income		789,582
Accumulated net realized loss		(1,134,707	)
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		4,966,755
Net Assets	$	57,369,438
Shares outstanding ($0.01 par value; unlimited shares authorized)		4,623,814
Net asset value per share	$	12.41

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

6 Statement of Assets and Liabilities

State Street Real Estate Securities V.I.S. Fund

Statement of Operations — For the period ended June 30, 2018 (Unaudited)

Investment Income
Income
Dividend	$	1,091,568
Income from affiliated investments		1,164
Total income		1,092,732
Expenses
Advisory and administration fees		240,490
Directors’ fees		5,907
Custody and accounting expenses		17,241
Professional fees		15,912
Printing and shareholder reports		19,055
Other expenses		4,545
Total Expenses		303,150
Net investment income	$	789,582
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on investments	$	(1,384,167	)
Increase (decrease) in unrealized appreciation/(depreciation) on investments		722,290
Net realized and unrealized gain (loss) on investments		(661,877	)
Net Increase in Net Assets Resulting from Operations	$	127,705

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

Statement of Operations 7

State Street Real Estate Securities V.I.S. Fund

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018(a)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	789,582		$	778,423
Net realized gain (loss) on investments		(1,384,167	)		2,190,292
Net increase (decrease) in unrealized appreciation/depreciation on investments		722,290			873,041
Net increase (decrease) from operations		127,705			3,841,756
Distributions to shareholders from:
Net investment income		—			(1,040,860	)
Net realized gains		—			(2,570,772	)
Total distributions		—			(3,611,632	)
Increase (decrease) in assets from operations and distributions		127,705			230,124
Share transactions:
Proceeds from sale of shares		1,409,247			1,252,390
Value of distributions reinvested		—			3,611,632
Cost of shares redeemed		(5,852,412	)		(15,891,981	)
Net increase (decrease) from share transactions		(4,443,165	)		(11,027,959	)
Total increase (decrease) in net assets		(4,315,460	)		(10,797,835	)
Net Assets
Beginning of period		61,684,898			72,482,733
End of period	$	57,369,438		$	61,684,898
Undistributed (distributions in excess of) net investment income, end of period	$	789,582		$	—
Changes in Fund Shares
Shares sold		122,788			100,497
Issued for distributions reinvested		—			295,551
Shares redeemed		(505,471	)		(1,250,950	)
Net decrease in fund shares		(382,683	)		(854,902	)

(a) Unaudited.

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

8 Statements of Changes in Net Assets

State Street Real Estate Securities V.I.S. Fund

Notes to Financial Statements — June 30, 2018

1. Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund (the “Fund”). Each Fund is a diversified investment company within the meaning of the 1940 Act.

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers one share class (Class 1) of the Fund as an investment option for variable life insurance and variable annuity contracts.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

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 Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for determining 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.

Notes to Financial Statements 9

State Street Real Estate Securities V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018

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 June 30, 2018 is disclosed in the Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the beginning of the reporting period. The Fund had no material transfers between levels for the six-month period ended June 30, 2018.

Investment Transactions and Income Recognition  Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.

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

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

Expenses  Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

Foreign Currency Translation  The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes  The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.’s (the “Advisor” or “SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2018, if any, are disclosed in the Fund’s Statements of Assets and Liabilities.

Distributions  The Fund declares and pays any dividends from net investment income annually.

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

10 Notes to Financial Statements

State Street Real Estate Securities V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018

3. Fees and Transactions with Affiliates

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

Average Daily Net Assets of the Fund			Management Fees
	First $	100 million		0.85	%
	Next $	100 million		0.80	%
	Over $	200 million		0.75	%

Administrator, Sub-Administrator and Custodian Fees  State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Fund to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

Due to Custodian  In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds. As of June 30, 2018, the Fund had a cash overdraft related to fund share redemption activity.

Other Transactions with affiliates  The Fund may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended June 30, 2018 are disclosed in the Schedule of Investments.

4. Sub-Advisory Fees

Pursuant to an investment sub-advisory agreement with SSGA FM, CenterSquare Investment Management LLC (“CenterSquare”) is the sub-adviser to the Fund. CenterSquare is responsible for the day-to-day portfolio management of the assets of the Fund, including the responsibility for making decisions to buy, sell or hold a particular security, under the general supervision of SSGA FM and the Board. For its services, SSGA FM pays CenterSquare monthly sub-advisory fees which are calculated as a percentage of the average daily net assets of the Fund.

5. Directors’ Fees

The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”) are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the six-month ended, June 30, 2018 were as follows:

Non-U.S. Government Securities
Purchases		Sales
	$17,884,637		$	21,139,288

7. Income Taxes

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

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Notes to Financial Statements 11

State Street Real Estate Securities V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018

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

As of June 30, 2018, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
	$	52,511,042		$	5,622,016		$	1,088,979		$	4,533,037

8. Line of Credit

The Fund and other affiliated funds (each a “Participant” and collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless otherwise extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The Fund had no outstanding loans as of June 30, 2018.

9. Risks

Concentration Risk  As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified.

Market and Credit Risk  In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

10. Subsequent Events

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

12 Notes to Financial Statements

State Street Real Estate Securities V.I.S. Fund

Other Information (Unaudited)

Proxy Voting Policies and Procedures and Record

The Fund has adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Fund has adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, and (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330. Information regarding how the Fund voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

The Fund files its complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available (i) without charge, upon request, by calling 1-800-242-013, (ii) on the Fund’s website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, and (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330.

Other Information 13

State Street Real Estate Securities V.I.S. Fund

Other Information (Unaudited), continued

Disclosure for the Board of Directors’ Consideration of the Renewal of the Investment Advisory and Administration Agreement with SSGA Funds Management, Inc. and the Sub-Advisory Agreement with CenterSquare Investment Management LLC on behalf of the State Street Real Estate Securities V.I.S. Fund

At meetings of the Board of Directors (the “Board”) of State Street Variable Insurance Series Funds, Inc. (the “V.I.S. Funds”) held on May 16, 2018 and June 5, 2018 (the “Board Meetings”), the Board members, including the Board members who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the V.I.S. Funds (“Independent Board Members”), considered and unanimously approved the continuance for an additional year of the investment advisory and administration agreement (the “Investment Advisory and Administration Agreement”) between SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”) and the V.I.S. Funds on behalf of each of its series portfolios, including the State Street Real Estate Securities V.I.S. Fund (the “Fund”), and the sub-advisory agreement by and among SSGA FM, the V.I.S. Funds on behalf of the Fund and CenterSquare Investment Management LLC (“CenterSquare”) (the “Sub-Advisory Agreement”).

In considering whether to approve the continuance for an additional year of the Investment Advisory and Administration Agreement and the Sub-Advisory Agreement, the Board members considered and discussed a substantial amount of information and analysis provided, at the Board’s request, by the Adviser and CenterSquare. The Board members also considered detailed information regarding performance and expenses of other investment companies, including those with similar investment strategies and sizes, which was prepared by an independent third party provider, Broadridge Financial Solutions, Inc. (“Broadridge”). The Board members reviewed the fees charged by the Adviser for other mutual funds and investment products other than mutual funds that employ a similar investment strategy as the Fund. The Board had the opportunity to ask questions and request additional information in connection with its considerations.

Before approving the continuance of the Investment Advisory and Administration Agreement and the Sub-Advisory Agreement, the Independent Board Members reviewed the information provided with management of the Adviser and with their independent legal counsel. The Board also reviewed a memorandum prepared by independent legal counsel discussing the legal standards for the consideration of the proposed continuances. The Independent Board Members discussed the proposed continuances of the Investment Advisory and Administration Agreement and the Sub-Advisory Agreement in detail during private sessions in advance of, and at, the Board Meetings with their independent legal counsel at which no representatives of the Adviser or CenterSquare were present. The Independent Board Members and their independent legal counsel requested, and received and considered, additional information from the Adviser and CenterSquare following the May 16, 2018 Board Meeting and prior to the June 5, 2018 Board Meeting.

In advance of the Board Meetings, and in response to their detailed requests, the Board members received from the Adviser written responses to their inquiries, which included substantial exhibits and other materials related to the Adviser’s business and the services it provides to the Fund. Also in advance of the Board Meetings, the Board members received from CenterSquare a written response to a letter of inquiry prepared by SSGA FM at the Board’s request, which included substantial exhibits and other materials related to the business of, and services provided by, CenterSquare. The Directors took into account their multi-year experience as Directors and particularly their previous consideration of these types of agreements.

During the Board Meetings, the Board members had an opportunity to discuss this information with SSGA FM representatives, including senior executives, representatives from the legal, compliance and finance departments, and investment personnel. The Board members also had an opportunity to hear presentations by representatives of CenterSquare. The Board members posed questions to these representatives and engaged in significant discussions.

In reaching its determinations relating to the continuances of the Investment Advisory and Administration Agreement and the Sub-Advisory Agreement, the Board considered those factors it deemed relevant, including the factors discussed below. In its deliberations, the Board did not identify any single factor that was dispositive and each Director may have attributed different weights to the various factors. The Directors evaluated the information provided to them, as well as the presentations and discussions that occurred at the Board Meetings, for the Fund, and their determinations were made separately in respect of the Fund from other series portfolios of the V.I.S Funds.

14 Other Information

State Street Real Estate Securities V.I.S. Fund

Other Information (Unaudited), continued

The material factors and conclusions that formed the basis for the Board’s determinations to approve the continuances of the Investment Advisory and Administration Agreement and the Sub-Advisory Agreement on behalf of the Fund are as discussed below.

The Nature, Extent and Quality of Services Provided.

The Board reviewed the services provided to the Fund by the Adviser and CenterSquare. In connection with their consideration of the Adviser’s services, the Board considered the Adviser’s management capabilities, including the education, experience and number of investment professionals and other personnel who provide services to the Fund. The Board evaluated, where relevant, the abilities and experience of such personnel. The Board also considered the Adviser’s processes used for overseeing sub-advisers. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including operational, enterprise, regulatory, litigation and compliance risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board had previously reviewed the compliance programs of SSGA FM and various affiliated service providers (“Affiliated Service Providers”). Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, portfolio valuation and business continuity.

In connection with their consideration of the services provided by CenterSquare, the Board considered CenterSquare’s attributes relating to its investment philosophy oriented toward long-term performance, its process for selecting investments, its experienced professionals, access to significant technological resources and a favorable history and reputation. The Board also considered the review process undertaken by SSGA FM and SSGA FM’s favorable assessment of the nature and quality of the investment sub-advisory services provided by CenterSquare to the Fund.

In light of the foregoing and other relevant information, the Board, including the Independent Board Members, concluded that the services provided by the Adviser and CenterSquare continue to be satisfactory.

Investment Performance.

The Board members considered the investment performance of the Fund for various periods. The Board members reviewed detailed comparisons of the performance of the Fund with the relevant securities index and peer and category groupings of mutual funds prepared by Broadridge with respect to various periods. The Board members also engaged in detailed discussions with SSGA FM management and representatives of CenterSquare about their investment processes and performance results. These discussions focused on the Fund’s investment objective, the number and experience of portfolio management and supporting research personnel, the Fund’s investment style and approach employed, the likely market cycles for the Fund’s investment style and the Fund’s generally strong performance.

Taking these factors into consideration, the Board, including the Independent Board Members, concluded that the Fund’s performance was acceptable overall.

Cost of the Services Provided And Profits Realized From The Relationships with the Fund.

The Directors considered the management fees paid to the Adviser by the Fund as well as the fees paid to CenterSquare by the Adviser, which would reduce the net management fees retained by the Adviser. The Board reviewed the level of profits realized by the Adviser, the Affiliated Service Providers and CenterSquare in providing investment advisory and other services to the Fund. Information also was presented regarding the financial condition of the Adviser and CenterSquare for various past periods. The Directors also considered the Adviser’s statements concerning its significant investment in supporting registered investment companies. The Board also considered the various risks borne by SSGA FM, the Affiliated Service Providers and CenterSquare in connection with their various roles in servicing the Fund, including enterprise, litigation, business, operational and entrepreneurial risk.

The Board concluded that the profitability of the Adviser and CenterSquare with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.

Other Information 15

State Street Real Estate Securities V.I.S. Fund

Other Information (Unaudited), continued

The Extent to Which Economies of Scale Would Be Realized as the Fund Grows and Whether Fee Levels Would Reflect Such Economies of Scale.

The Board considered the extent to which the Adviser and the Affiliated Service Providers, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund. The Board concluded that, in light of, among other considerations, the current size of the Fund, the level of profitability of the Adviser and the Affiliated Service Providers with respect to the Fund, and/or the comparative management fee and expense ratio of the Fund, it does not appear that the Adviser or the Affiliated Service Providers has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed management fees (or breakpoints in such fees) should be reduced at this time.

Comparison of Services to be Rendered and Fees to be Paid.

The Board discussed the respective services provided to the Fund by each of the Adviser and CenterSquare, and the fees charged to the Fund for those services. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to the expense ratios of a group of comparable mutual funds selected by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser. Among other information, the Board considered that the Fund’s advisory fees and expense ratios were among the highest in the applicable Broadridge peer group range. The Board members also reviewed comparative mutual fund and/or other account fee information for CenterSquare clients provided by CenterSquare.

In light of the foregoing, the Board, including the Independent Board Members, determined that the management fees and sub-advisory fees, considered in relation to the services provided to the Fund, supported the Board’s approval of the continuance of the Investment Advisory and Administration Agreement and the Sub-Advisory Agreement.

Fall-Out Benefits.

The Board considered actual and potential financial benefits that the Adviser and CenterSquare could derive from their respective relationships with the Fund, including the custody, fund accounting and sub-administration services being provided to the Fund by affiliates of the Adviser and, to the extent applicable, soft dollar commission benefits generated through Fund portfolio transactions. The Board noted, however, that the Fund benefits from the vast array of resources available through SSGA FM, and that the Fund represents only a small portion of the assets managed by SSGA FM.

Conclusion.

No single factor was determinative to the Board’s decision. Based on their discussion and such other matters as were deemed relevant, the Directors, including the Independent Board Members, approved the continuance of the Investment Advisory and Administration Agreement and the Sub-Advisory Agreement for the Fund.

16 Other Information

Directors

John R. Costantino, Chairman

R. Sheldon Johnson

Donna M. Rapaccioli

Jeanne M. La Porta

Officers

Jeanne M. La Porta, President

Arthur Jensen, Treasurer

Brian Harris, Chief Compliance Officer and Anti-Money Laundering Officer

Bruce S. Rosenberg, Assistant Treasurer

Ann M. Carpenter, Assistant Treasurer

Chad C. Hallett, Assistant Treasurer

Darlene Anderson-Vasquez, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Jesse Hallee, Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

1600 Summer Street

P.O. Box 7900

Stamford, CT 06904-7900

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Semi-Annual Report

June 30, 2018

State Street Total Return V.I.S. Fund

State Street Total Return V.I.S Fund

Semi-Annual Report

June 30, 2018 (Unaudited)

Table of Contents

	Page
Fund Information		1
Understanding Your Fund’s Expenses		2
Summary Schedule of Investments		3
Financial Statements
Financial Highlights		13
Statement of Assets and Liabilities		15
Statement of Operations		16
Statements of Changes in Net Assets		17
Notes to Financial Statements		18
Other Information		24

This report is prepared for Policyholders of certain variable contracts and may be distributed to others only if preceded or accompanied by the variable contract’s current prospectus and the current summary prospectus of the Fund available for investments thereunder.

State Street Total Return V.I.S. Fund

Fund Information — June 30, 2018 (Unaudited)

Total return performance shown in this report for the Fund takes into account changes in share price and assumes reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund fees and expenses but do not reflect fees and charges associated with the variable contracts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the Fund’s total returns for all periods shown.

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

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

Sector Allocation

Portfolio Composition as a % of Fair Value of $2,158,061 (in thousands) as of June 30, 2018 ^(a)(b)

Top Ten Largest Equity Holdings

as of June 30, 2018 (as a % of Fair Value) ^(a)(b)

Apple Inc.	1.41	%
Microsoft Corp.	1.17	%
Amazon.com Inc.	1.06	%
Facebook Inc., Class A	0.72	%
Berkshire Hathaway Inc., Class B	0.56	%
JPMorgan Chase & Co.	0.55	%
Exxon Mobil Corp.	0.54	%
Alphabet Inc., Class C	0.53	%
Alphabet Inc., Class A	0.52	%
Johnson & Johnson	0.50	%

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

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

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

State Street Total Return V.I.S. Fund 1

State Street Total Return V.I.S. Fund

Understanding Your Fund’s Expenses — June 30, 2018 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Class 1	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return Beginning Account Value January 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value June 30, 2018	$	992.50	$	1,021.70
Expenses paid during the period*	$	3.11	$	3.16

Class 3	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return Beginning Account Value January 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value June 30, 2018	$	991.40	$	1,020.43
Expenses paid during the period*	$	4.35	$	4.41

* 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 January 1, 2018-June 30, 2018), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Summary Schedule of Investments — June 30, 2018 (Unaudited)

	Number of Shares		Fair Value $
Equity Securities - 63.5%†
Consumer Discretionary - 7.8%
Amazon.com Inc. (a)		13,415		22,802,817
Comcast Corp., Class A		152,989		5,019,569
Netflix Inc.		14,498		5,674,952
The Home Depot Inc.		38,447		7,501,010
The Walt Disney Co.		49,435		5,181,282
Other Securities		6,556,344		121,847,645
				168,027,275
Consumer Staples - 4.9%
China Huishan Dairy Holdings Company Ltd. (a)(f)		55,000		—
PepsiCo Inc.		47,208		5,139,535
Nestle S.A.		81,695		6,326,951
The Coca-Cola Co.		127,811		5,605,790
The Procter & Gamble Co.		83,702		6,533,778
Other Securities		4,678,952		83,395,296
				107,001,350
Energy - 4.3%
Chevron Corp.		63,788		8,064,717
Exxon Mobil Corp.		141,307		11,690,328
Other Securities		6,602,316		72,453,249
				92,208,294
Financials - 11.0%
Bank of America Corp.		314,098		8,854,423
Berkshire Hathaway Inc., Class B (a)		64,243		11,990,956
Citigroup Inc.		84,832		5,676,957
HSBC Holdings PLC		528,900		4,962,680
JPMorgan Chase & Co.		113,478		11,824,408
State Street Corp. (b)		12,236		1,139,049
Wells Fargo & Co.		146,606		8,127,837
Other Securities		38,064,029		184,647,781
				237,224,091
Healthcare - 7.4%
AbbVie Inc.		50,420		4,671,413
Johnson & Johnson		89,493		10,859,081
Merck & Company Inc.		89,812		5,451,588
Novartis AG		58,331		4,422,335
Pfizer Inc.		194,779		7,066,585
UnitedHealth Group Inc.		32,011		7,853,579
Other Securities		3,175,544		119,319,671
				159,644,252
Industrials - 6.8%
The Boeing Co.		18,229		6,116,012
Other Securities		7,245,844		139,785,097
				145,901,109

	Number of Shares or Principal Amount ($)		Fair Value $
Information Technology - 12.6%
Alphabet Inc., Class A (a)		9,934		11,217,373
Alphabet Inc., Class C (a)		10,163		11,338,351
Apple Inc.		163,887		30,337,123
Cisco Systems Inc.		156,534		6,735,658
Facebook Inc., Class A (a)		79,972		15,540,159
Hanergy Thin Film Power Group Ltd. (a)(f)		342,000		—
Intel Corp.		155,440		7,726,922
Microsoft Corp.		256,085		25,252,542
Tencent Holdings Ltd.		153,300		7,694,847
Visa Inc., Class A		59,457		7,875,080
Mastercard Inc., Class A		30,552		6,004,079
Alibaba Group Holding Ltd. ADR (a)		31,013		5,753,842
Samsung Electronics Company Ltd.		126,342		5,288,340
NVIDIA Corp.		20,281		4,804,569
Taiwan Semiconductor Manufacturing Company Ltd.		646,000		4,587,271
Oracle Corp.		99,786		4,396,571
Other Securities		5,090,940		118,106,156
				272,658,883
Materials - 3.1%
Ferroglobe PLC (a)(f)		1,316		—
DowDuPont Inc.		77,254		5,092,584
Other Securities		5,215,114		62,720,841
				67,813,425
Real Estate - 2.0%
Other Securities		5,271,193		43,422,562
				43,422,562
Telecommunication Services - 1.7%
AT&T Inc.		242,291		7,779,964
Verizon Communications Inc.		137,840		6,934,730
Other Securities		6,679,177		21,120,028
				35,834,722
Utilities - 1.9%
Other Securities		5,841,575		41,061,981
				41,061,981
Total Equity Securities (Cost $931,988,855)				1,370,797,944
Bonds and Notes - 30.8%
U.S. Treasuries - 11.3%
U.S. Treasury Bonds
2.25% 08/15/46		1,600,000		1,377,328
2.50% 02/15/45 - 05/15/46		4,510,000		4,101,329

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund 3

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount ($)		Fair Value $
2.75% 11/15/42 - 11/15/47		3,650,000		3,487,262
2.88% 08/15/45 - 11/15/46		1,800,000		1,763,548
3.00% 05/15/42 - 02/15/48		12,500,000		12,547,616
3.13% 08/15/44 - 05/15/48		2,500,000		2,566,550
3.38% 05/15/44		1,900,000		2,034,805
3.63% 08/15/43 - 02/15/44		1,740,000		1,939,547
3.75% 11/15/43		1,400,000		1,591,030
4.25% 05/15/39 - 11/15/40		2,000,000		2,417,890
4.38% 02/15/38 - 11/15/39		2,000,000		2,441,940
4.50% 02/15/36		2,000,000		2,445,720
4.63% 02/15/40		500,000		634,435
5.25% 02/15/29		200,000		243,566
5.50% 08/15/28		1,450,000		1,785,196
6.00% 02/15/26		1,827,000		2,225,067
6.38% 08/15/27		200,000		256,706
7.63% 11/15/22 - 02/15/25		500,000		618,528
7.88% 02/15/21		2,000,000		2,265,880
8.75% 05/15/20		3,000,000		3,342,810
U.S. Treasury Notes
1.00% 10/15/19		3,500,000		3,436,440
1.13% 03/31/20 - 09/30/21		6,500,000		6,235,796
1.25% 10/31/19 - 10/31/21		6,500,000		6,275,585
1.38% 07/31/19 - 05/31/21		15,500,000		15,171,165
1.50% 11/30/19 - 08/15/26		10,400,000		10,067,678
1.63% 08/31/19 - 05/15/26		19,540,000		18,806,757
1.75% 11/30/19 - 09/30/22		12,600,000		12,305,510
1.88% 12/15/20 - 09/30/22		23,000,000		22,341,750
2.00% 07/31/20 - 11/15/26		25,844,000		24,977,830
2.13% 08/31/20 - 11/30/23		8,600,000		8,443,432
2.25% 03/31/21 - 11/15/27		21,690,000		20,934,284
2.38% 12/31/20 - 05/15/27		14,000,000		13,742,560
2.50% 03/31/23 - 01/31/25		10,500,000		10,340,675
2.63% 08/15/20 - 02/28/23		5,885,000		5,881,403
2.75% 05/31/23 - 02/15/28		5,500,000		5,482,425
3.13% 05/15/21		1,500,000		1,520,865
3.38% 11/15/19		5,000,000		5,060,350
3.63% 02/15/20 - 02/15/21		2,700,000		2,753,312
				243,864,570
U.S. Government Sponsored Agency - 0.0%*
Tennessee Valley Authority
3.50% 12/15/42		1,000,000		1,002,760
Agency Mortgage Backed - 9.1%
Federal Home Loan Banks
1.38% 11/15/19		1,200,000		1,182,132
1.50% 10/21/19		1,000,000		987,360
Federal Home Loan Mortgage Corp.
1.13% 08/12/21		1,137,000		1,084,482
1.25% 10/02/19		1,500,000		1,477,095

	Principal Amount ($)		Fair Value $
2.38% 01/13/22		2,100,000		2,073,603
2.50% 07/01/28 - 02/01/32		3,539,747		3,456,165
2.51% 11/25/22		300,000		292,939
3.00% 05/01/30 - 03/01/47		13,895,996		13,600,979
3.50% 03/01/26 - 11/01/47		12,530,416		12,509,749
4.00% 06/01/42 - 08/01/47		6,395,642		6,543,625
4.50% 05/01/42 - 01/01/45		88,212		92,655
5.00% 12/01/22 - 06/01/41		1,888,660		1,990,322
5.50% 01/01/38 - 04/01/39		394,015		424,499
6.00% 06/01/37 - 11/01/37		380,461		415,808
6.25% 07/15/32		250,000		334,625
Federal Home Loan Mortgage Corp. 1.50% + 12 month USD LIBOR
4.01% 06/01/43 (c)		131,290		135,463
Federal Home Loan Mortgage Corp. 1.60% + 12 month USD LIBOR
2.51% 08/01/43 (c)		196,474		194,440
Federal Home Loan Mortgage Corp. 1.65% + 12 month USD LIBOR
2.45% 05/01/43 (c)		524,202		517,895
Federal National Mortgage Assoc.
1.50% 07/30/20		500,000		488,825
1.88% 09/24/26		1,000,000		911,730
2.13% 04/24/26		700,000		656,943
2.50% 02/01/28 - 11/01/31		5,754,591		5,638,992
2.68% 05/25/21 (c)		92,904		91,929
3.00% 01/01/28 - 05/01/47		26,270,550		25,724,129
3.50% 01/01/27 - 06/01/48		29,697,795		29,712,512
4.00% 10/01/41 - 01/01/48		12,810,593		13,108,514
4.50% 11/01/18 - 03/01/46		7,259,471		7,631,235
5.00% 12/01/39 - 06/01/41		1,810,622		1,929,594
5.50% 12/01/35 - 04/01/38		2,561,553		2,771,993
6.00% 03/01/34 - 08/01/37		1,769,640		1,933,281
6.63% 11/15/30		100,000		134,325
Federal National Mortgage Assoc. 1.53% + 12 month USD LIBOR
3.90% 04/01/43 (c)		79,936		82,281
Federal National Mortgage Assoc.
4.00% TBA (d)		3,350,000		3,415,331
Government National Mortgage Assoc.
2.50% 05/20/45		270,472		257,436
3.00% 10/15/42 - 06/20/47		16,294,377		16,002,278
3.50% 03/20/45 - 06/20/48		17,652,871		17,766,694

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

4 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — June 30, 2018 (Unaudited)

	Principal Amount ($)		Fair Value $
4.00% 12/20/40 - 02/20/48		13,753,893		14,157,625
4.50% 05/20/40		1,376,304		1,447,059
5.00% 08/15/41		2,185,405		2,315,853
3.50% TBA (d)		2,500,000		2,509,619
				196,002,014
Agency Collateralized Mortgage Obligations – 0.2%
Federal Home Loan Mortgage Corp.
2.37% 05/25/22		600,000		585,030
2.60% 10/25/23		103,971		102,613
2.75% 01/25/26		300,000		289,162
2.87% 12/25/21		800,000		794,311
3.06% 07/25/23 (c)		600,000		597,937
3.30% 04/25/23 (c)		100,000		100,756
3.39% 03/25/24		200,000		201,806
3.49% 01/25/24		300,000		305,295
3.53% 07/25/23 (c)		800,000		813,743
3.97% 01/25/21 (c)		200,000		204,204
4.25% 01/25/20		100,000		101,230
4.33% 10/25/20 (c)		450,000		461,738
Federal National Mortgage Assoc.
2.78% 06/25/21 (c)		328,675		326,447
				4,884,272
Asset Backed – 0.4%
Other Securities		3,565,000		3,516,601
Corporate Notes – 9.1%
Amazon.com Inc.
1.90% 08/21/20		100,000		97,948
3.15% 08/22/27		100,000		95,930
3.88% 08/22/37		100,000		97,709
4.25% 08/22/57		100,000		98,546
4.80% 12/05/34		250,000		273,555
Apple Inc.
1.10% 08/02/19		250,000		246,238
1.80% 11/13/19		50,000		49,463
2.00% 11/13/20		50,000		49,058
2.25% 02/23/21		200,000		196,398
2.40% 01/13/23		50,000		48,326
2.50% 02/09/22		300,000		294,219
2.75% 01/13/25		50,000		47,761
3.00% 11/13/27		100,000		94,968
3.25% 02/23/26		160,000		156,051
3.75% 11/13/47		50,000		47,072
4.38% 05/13/45		465,000		478,573
4.50% 02/23/36		300,000		322,353
4.65% 02/23/46		185,000		199,077

	Principal Amount ($)		Fair Value $
Microsoft Corp.
1.10% 08/08/19		200,000		196,810
1.55% 08/08/21		300,000		287,775
2.40% 02/06/22 - 08/08/26		500,000		478,440
2.88% 02/06/24		300,000		294,042
3.45% 08/08/36		200,000		191,976
3.50% 02/12/35		65,000		63,103
3.75% 05/01/43		300,000		292,926
4.45% 11/03/45		425,000		460,700
Other Securities		188,293,851		186,989,797
				192,148,814
Non-Agency Collateralized Mortgage Obligations - 0.6%
Other Securities		7,823,712		7,873,754
Sovereign Bonds - 0.7%
Other Securities		10,027,000		10,195,412
Municipal Bonds and Notes - 0.5%
Other Securities		4,180,000		5,068,078
FNMA (TBA) - 0.2%
Lehman
5.50% TBA (e)(f)		378,353		8,172
Total Bonds and Notes (Cost $680,493,893)				664,564,447
Exchange Traded Funds - 3.3%
Exchange Traded & Mutual Funds - 3.3%
SPDR Bloomberg Barclays High Yield Bond ETF(Cost $72,005,250) (g)		2,022,863		71,771,179
Total Investments in Securities (Cost $1,684,487,998)				2,107,133,570
Short-Term Investments - 2.4%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.86%(Cost $50,928,408) (g)(h)		50,927,408		50,927,408
Total Investments (Cost $1,735,416,406)				2,158,060,978
Liabilities in Excess of Other Assets, net - (0.0)%				(406,788	)
NET ASSETS - 100.0%				2,157,654,190

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund 5

State Street Total Return V.I.S. Fund

Summary Schedule of Investments, continued — June 30, 2018 (Unaudited)

Other Information:

The Fund had the following long futures contracts open at June 30, 2018:

Description	Expiration date		Number of Contracts		Current Notional Value		Unrealized Depreciation
CME E-mini Russell 2000 Index Futures		September 2018		10	$	823,750	$	(17,178	)
MSCI EAFE Mini Index Futures		September 2018		9		879,930		(26,455	)
MSCI Emerging Markets Index Futures		September 2018		91		4,838,015		(382,753	)
S&P 500 Emini Index Futures		September 2018		31		4,218,480		(97,920	)
S&P Mid 400 Emini Index Futures		September 2018		2		391,220		(8,959	)
							$	(533,265	)

During the period ended June 30, 2018, the Fund had an average notional value of $12,205,234 on long futures contracts.

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

6 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Notes to Summary Schedule of Investments — June 30, 2018 (Unaudited)

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 242-0134; and ii) on the SEC’s website at http://www.sec.gov

(a) Non-income producing security.

(b) State Street Corporation is the parent company of SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

(c) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

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

(e) Security is in default

(f) Security is fair valued by the Oversight Committee, in accordance with the procedures approved by the State Street Variable Insurance Series Funds, Inc.’s Board of Directors. Security value is determined based on level 3 inputs.

(g) 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.

(h) Coupon amount represents effective yield.

† Percentages are based on net assets as of June 30, 2018.

* Less than 0.05%.

** Less than 0.005%.

Abbreviations:

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

LIBOR - London Interbank Offered Rate

MBIA - Municipal Bond Investors Assurance Corporation

NVDR - Non-Voting Depositary Receipt

REIT - Real Estate Investment Trust

SPDR - Standard and Poor’s Depositary Receipt

TBA - To Be Announced

Investments	Level 1			Level 2		Level 3		Total
Investments in Securities
Domestic Equity	$	802,268,572		$	434,360	$	—	$	802,702,932
Foreign Equity		567,833,957			261,055		—		568,095,012
U.S. Treasuries		—			243,864,570		—		243,864,570
U.S. Government Sponsored Agencies		—			1,002,760		—		1,002,760
Agency Collateralized Mortgage Obligations		—			4,884,272		—		4,884,272
Agency Mortgage Backed		—			196,002,014		—		196,002,014
Asset Backed		—			3,516,601		—		3,516,601
Corporate Notes		—			192,148,814		—		192,148,814
Non-Agency Collateralized Mortgage Obligations		—			7,873,754		—		7,873,754
Sovereign Bonds		—			10,195,412		—		10,195,412
Municipal Bonds and Notes		—			5,068,078		—		5,068,078
FNMA (TBA)		—			—		8,172		8,172
Exchange Traded & Mutual Funds		71,771,179			—		—		71,771,179
Short-Term Investments		50,927,408			—		—		50,927,408
Total Investments in Securities	$	1,492,801,116		$	665,251,690	$	8,172	$	2,158,060,978
Other Financial Instruments
Long Futures Contracts - Unrealized Depreciation	$	(533,265	)	$	—	$	—	$	(533,265	)

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund 7

State Street Total Return V.I.S. Fund

Notes to Summary Schedule of Investments, continued — June 30, 2018 (Unaudited)

The Fund was invested in the following countries/territories at June 30, 2018 (unaudited):

Country/Territory	Percentage (based on Fair Value)
United States		71.02%
Japan		4.38%
United Kingdom		3.56%
Canada		2.08%
China		1.99%
France		1.97%
Germany		1.93%
Switzerland		1.64%
Australia		1.34%
South Korea		0.94%
Netherlands		0.74%
Taiwan		0.72%
Hong Kong		0.68%
Spain		0.57%
Ireland		0.55%
India		0.54%
Supranational		0.48%
Sweden		0.48%
South Africa		0.43%
Brazil		0.39%
Italy		0.39%
Mexico		0.37%
Denmark		0.29%
Singapore		0.21%
Russian Federation		0.21%
Belgium		0.20%
Finland		0.18%
Norway		0.17%
Malaysia		0.15%
Thailand		0.14%
Indonesia		0.12%

Country/Territory	Percentage (based on Fair Value)
Philippines		0.11%
Chile		0.10%
Colombia		0.10%
Poland		0.09%
Israel		0.09%
Bermuda		0.06%
Luxembourg		0.06%
Austria		0.06%
Turkey		0.05%
Qatar		0.05%
Cayman Islands		0.05%
Peru		0.05%
New Zealand		0.04%
United Arab Emirates		0.04%
Hungary		0.03%
Portugal		0.03%
Uruguay		0.02%
Iraq		0.02%
Greece		0.02%
Panama		0.02%
Guernsey		0.01%
Czech Republic		0.01%
Isle Of Man		0.01%
Egypt		0.01%
Uae		0.01%
Romania		0.00%	**
Jersey		0.00%	**
Puerto Rico		0.00%	**
Monaco		0.00%	**
Virgin Islands		0.00%	**
		100.00%

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2018 (unaudited):

Industry	Domestic		Foreign		Total
Diversified Banks		1.72%		3.40%		5.12%
Exchange Traded Funds		3.33%		0.00%		3.33%
Pharmaceuticals		1.53%		1.44%		2.97%
Internet Software & Services		1.90%		0.91%		2.81%
Integrated Oil & Gas		1.01%		1.23%		2.24%
Technology Hardware, Storage & Peripherals		1.58%		0.46%		2.04%
Semiconductors		1.32%		0.45%		1.77%
Internet & Direct Marketing Retail		1.50%		0.10%		1.60%
Systems Software		1.45%		0.05%		1.50%
Data Processing & Outsourced Services		1.13%		0.13%		1.26%
Healthcare Equipment		0.85%		0.41%		1.26%
Aerospace & Defense		0.95%		0.31%		1.26%
Biotechnology		0.90%		0.32%		1.22%
Integrated Telecommunication Services		0.68%		0.47%		1.15%
Electric Utilities		0.66%		0.41%		1.07%

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

8 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Notes to Summary Schedule of Investments, continued — June 30, 2018 (Unaudited)

Industry	Domestic		Foreign		Total
Packaged Foods & Meats		0.36%		0.63%		0.99%
Industrial Conglomerates		0.57%		0.37%		0.94%
Life & Health Insurance		0.26%		0.64%		0.90%
Oil & Gas Exploration & Production		0.61%		0.28%		0.89%
Automobile Manufacturers		0.15%		0.71%		0.86%
Application Software		0.54%		0.29%		0.83%
Regional Banks		0.47%		0.29%		0.76%
Managed Healthcare		0.70%		0.03%		0.73%
IT Consulting & Other Services		0.31%		0.39%		0.70%
Industrial Machinery		0.26%		0.43%		0.69%
Household Products		0.50%		0.18%		0.68%
Multi-Sector Holdings		0.57%		0.11%		0.68%
Tobacco		0.36%		0.28%		0.64%
Railroads		0.35%		0.29%		0.64%
Soft Drinks		0.54%		0.06%		0.60%
Asset Management & Custody Banks		0.38%		0.17%		0.55%
Cable & Satellite		0.32%		0.23%		0.55%
Multi-Utilities		0.34%		0.21%		0.55%
Apparel, Accessories & Luxury Goods		0.14%		0.40%		0.54%
Multi-Line Insurance		0.13%		0.39%		0.52%
Restaurants		0.40%		0.12%		0.52%
Specialty Chemicals		0.18%		0.33%		0.51%
Property & Casualty Insurance		0.17%		0.34%		0.51%
Personal Products		0.06%		0.44%		0.50%
Financial Exchanges & Data		0.34%		0.15%		0.49%
Home Improvement Retail		0.47%		0.01%		0.48%
Communications Equipment		0.37%		0.11%		0.48%
Diversified Chemicals		0.26%		0.22%		0.48%
Wireless Telecommunication Services		0.00%		0.47%		0.47%
Diversified Metals & Mining		0.00%		0.47%		0.47%
Hypermarkets & Super Centers		0.33%		0.12%		0.45%
Specialized REITs		0.44%		0.00%		0.44%
Investment Banking & Brokerage		0.36%		0.08%		0.44%
Oil & Gas Refining & Marketing		0.24%		0.18%		0.42%
Movies & Entertainment		0.37%		0.05%		0.42%
Electrical Components & Equipment		0.18%		0.21%		0.39%
Life Sciences Tools & Services		0.29%		0.09%		0.38%
Trading Companies & Distributors		0.06%		0.29%		0.35%
Retail REITs		0.16%		0.18%		0.34%
Healthcare Services		0.25%		0.09%		0.34%
Construction Machinery & Heavy Trucks		0.19%		0.15%		0.34%
Food Retail		0.03%		0.30%		0.33%
Oil & Gas Storage & Transportation		0.12%		0.21%		0.33%
Oil & Gas Equipment & Services		0.25%		0.08%		0.33%
Semiconductor Equipment		0.14%		0.18%		0.32%
Air Freight & Logistics		0.24%		0.07%		0.31%
Apparel Retail		0.17%		0.14%		0.31%
Electronic Components		0.08%		0.23%		0.31%
Consumer Finance		0.26%		0.03%		0.29%
Construction & Engineering		0.04%		0.24%		0.28%
Auto Parts & Equipment		0.01%		0.27%		0.28%
Steel		0.03%		0.25%		0.28%
Brewers		0.02%		0.25%		0.27%
Building Products		0.09%		0.18%		0.27%

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund 9

State Street Total Return V.I.S. Fund

Notes to Summary Schedule of Investments, continued — June 30, 2018 (Unaudited)

Industry	Domestic		Foreign		Total
Commodity Chemicals		0.06%		0.20%		0.26%
Research & Consulting Services		0.07%		0.19%		0.26%
Distillers & Vintners		0.08%		0.17%		0.25%
Home Entertainment Software		0.18%		0.07%		0.25%
Industrial Gases		0.12%		0.13%		0.25%
Hotels, Resorts & Cruise Lines		0.17%		0.07%		0.24%
Diversified Real Estate Activities		0.00%		0.24%		0.24%
Construction Materials		0.05%		0.19%		0.24%
Airlines		0.16%		0.06%		0.22%
Casinos & Gaming		0.04%		0.16%		0.20%
Diversified Capital Markets		0.00%		0.20%		0.20%
Footwear		0.16%		0.04%		0.20%
Electronic Equipment & Instruments		0.01%		0.18%		0.19%
General Merchandise Stores		0.13%		0.06%		0.19%
Healthcare Supplies		0.09%		0.09%		0.18%
Insurance Brokers		0.08%		0.09%		0.17%
Consumer Electronics		0.00%		0.15%		0.15%
Residential REITs		0.15%		0.00%		0.15%
Home Building		0.05%		0.10%		0.15%
Electronic Manufacturing Services		0.01%		0.14%		0.15%
Gold		0.03%		0.11%		0.14%
Gas Utilities		0.01%		0.13%		0.14%
Real Estate Development		0.00%		0.14%		0.14%
Office REITs		0.08%		0.06%		0.14%
Paper Packaging		0.09%		0.04%		0.13%
Real Estate Operating Companies		0.00%		0.13%		0.13%
Healthcare Distributors		0.10%		0.03%		0.13%
Industrial REITs		0.07%		0.06%		0.13%
Fertilizers & Agricultural Chemicals		0.06%		0.07%		0.13%
Department Stores		0.05%		0.07%		0.12%
Healthcare Facilities		0.06%		0.06%		0.12%
Reinsurance		0.00%		0.12%		0.12%
Advertising		0.04%		0.07%		0.11%
Automotive Retail		0.09%		0.02%		0.11%
Diversified REITs		0.00%		0.11%		0.11%
Thrifts & Mortgage Finance		0.00%		0.11%		0.11%
Agricultural & Farm Machinery		0.07%		0.04%		0.11%
Health Care REITs		0.11%		0.00%		0.11%
Environmental & Facilities Services		0.08%		0.03%		0.11%
Human Resource & Employment Services		0.01%		0.09%		0.10%
Drug Retail		0.08%		0.02%		0.10%
Other Diversified Financial Services		0.00%		0.09%		0.09%
Specialty Stores		0.07%		0.02%		0.09%
Paper Products		0.00%		0.09%		0.09%
Broadcasting		0.05%		0.04%		0.09%
Diversified Support Services		0.04%		0.05%		0.09%
Tires & Rubber		0.01%		0.07%		0.08%
Airport Services		0.00%		0.08%		0.08%
Leisure Products		0.03%		0.04%		0.07%
Heavy Electrical Equipment		0.00%		0.07%		0.07%
Food Distributors		0.05%		0.02%		0.07%
Agricultural Products		0.04%		0.03%		0.07%
Trucking		0.02%		0.05%		0.07%
Copper		0.04%		0.03%		0.07%

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

10 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Notes to Summary Schedule of Investments, continued — June 30, 2018 (Unaudited)

Industry	Domestic		Foreign		Total
Water Utilities		0.02%		0.04%		0.06%
Independent Power Producers & Energy Traders		0.02%		0.04%		0.06%
Healthcare Technology		0.04%		0.02%		0.06%
Highways & Railtracks		0.00%		0.06%		0.06%
Household Appliances		0.01%		0.05%		0.06%
Education Services		0.00%		0.05%		0.05%
Hotel & Resort REITs		0.05%		0.00%		0.05%
Publishing		0.01%		0.04%		0.05%
Distributors		0.04%		0.01%		0.05%
Security & Alarm Services		0.00%		0.04%		0.04%
Computer & Electronics Retail		0.03%		0.01%		0.04%
Alternative Carriers		0.03%		0.01%		0.04%
Marine		0.00%		0.04%		0.04%
Leisure Facilities		0.00%		0.04%		0.04%
Metal & Glass Containers		0.02%		0.02%		0.04%
Coal & Consumable Fuels		0.00%		0.04%		0.04%
Home Furnishings		0.03%		0.00%		0.03%
Real Estate Services		0.02%		0.01%		0.03%
Home Furnishing Retail		0.00%		0.03%		0.03%
Aluminum		0.00%		0.03%		0.03%
Motorcycle Manufacturers		0.01%		0.02%		0.03%
Oil & Gas Drilling		0.01%		0.02%		0.03%
Marine Ports & Services		0.00%		0.03%		0.03%
Commercial Printing		0.00%		0.02%		0.02%
Technology Distributors		0.00%		0.02%		0.02%
Housewares & Specialties		0.02%		0.00%		0.02%
Mortgage REITs		0.02%		0.00%		0.02%
Office Services & Supplies		0.00%		0.02%		0.02%
Specialized Consumer Services		0.02%		0.00%		0.02%
Renewable Electricity		0.00%		0.01%		0.01%
Silver		0.00%		0.01%		0.01%
Specialized Finance		0.00%		0.01%		0.01%
Forest Products		0.00%		0.01%		0.01%
Precious Metals & Minerals		0.00%		0.01%		0.01%
Textiles		0.00%		0.01%		0.01%
						66.85%

Sector	Percentage (based on Fair Value)
U.S. Treasuries		11.30%
Agency Mortgage Backed		9.08%
Corporate Notes		8.90%
Sovereign Bonds		0.47%
Non-Agency Collateralized Mortgage Obligations		0.37%
Municipal Bonds and Notes		0.23%
Agency Collateralized Mortgage Obligations		0.23%
Asset Backed		0.16%
U.S. Government Sponsored Agencies		0.05%
FNMA (TBA)		0.00%
		30.79%

Sector	Percentage (based on Fair Value)
Short-Term Investments
Short-Term Investments		2.36%
		2.36%
		100.00%

See Notes to Summary Schedule of Investments and Notes to Financial Statements.

State Street Total Return V.I.S. Fund 11

State Street Total Return V.I.S. Fund

Notes to Summary Schedule of Investments, continued — June 30, 2018 (Unaudited)

Affiliate Table

	Number of Shares Held at 12/31/17		Value At 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Realized Gain (Loss)		Change in Unrealized Appreciation/ Depreciation			Number of Shares Held at 6/30/18		Value at 6/30/18		Dividend Income		Capital Gains Distributions
SPDR Bloomberg Barclays High Yield Bond ETF		2,022,863	$	74,279,529	$	—	$	—	$	—	$	(2,508,350	)		2,022,863	$	71,771,179	$	1,624,804	$	—
State Street Corp.		13,036		1,272,444		—		83,607		51,400		(101,188	)		12,236		1,139,049		10,446		—
State Street Institutional U.S. Government Money Market Fund - Class G Shares		93,039,371		93,039,371		179,843,440		221,955,403		—		—			50,927,408		50,927,408		461,837		—
TOTAL			$	168,591,344	$	179,843,440	$	222,039,010	$	51,400	$	(2,609,538	)			$	123,837,636	$	2,097,087	$	—

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

12 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the periods indicated

	Class 1
	6/30/18†			12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date		—			—			—			—			—			7/1/85
Net asset value, beginning of period	$	19.94		$	18.08		$	17.66		$	18.81		$	18.71		$	17.35
Income/(loss) from investment operations:
Net investment income		0.20			0.36	(a)		0.35			0.31			0.35			0.29
Net realized and unrealized gains/(losses) on investments		(0.35	)		2.46			0.77			(0.52	)		0.65			2.29
Total income/(loss) from investment operations		(0.15	)		2.82			1.12			(0.21	)		1.00			2.58
Less distributions from:
Net investment income		—			0.41			0.35			0.34			0.34			0.29
Net realized gains		—			0.55			0.35			0.60			0.56			0.93
Total distributions		—			0.96			0.70			0.94			0.90			1.22
Net asset value, end of period	$	19.79		$	19.94		$	18.08		$	17.66		$	18.81		$	18.71
Total Return(b)		(0.75	)%		15.58	%		6.35	%		(1.13	)%		5.32	%		14.93	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	805,840		$	856,665		$	797,448		$	807,584		$	941,344		$	1,046,388
Ratios to average net assets:
Net expenses		0.63	%**		0.62	%		0.60	%		0.61	%		0.62	%(c)		0.60	%(c)
Gross expenses		0.63	%**		0.62	%		0.60	%		0.61	%		0.62	%		0.61	%
Net investment income		2.05	%**		1.83	%		1.85	%		1.56	%		1.66	%		1.50	%
Portfolio turnover rate		8	%		15	%		45	%		70	%		78	%		175	%

Notes to Financial Highlights

(a) Per share values have been calculated using the average share method.

(b) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

(c) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

† Unaudited.

** Annualized for periods less than one year.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

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

Financial Highlights 13

State Street Total Return V.I.S. Fund

Financial Highlights, continued

Selected data based on a share outstanding throughout the fiscal years indicated

	Class 3
	6/30/18†			12/31/17			12/31/16			12/31/15*			12/31/14*			12/31/13*
Inception date		—			—			—			—			—			5/1/06
Net asset value, beginning of period	$	19.88		$	18.03		$	17.61		$	18.75		$	18.65		$	17.30
Income/(loss) from investment operations:
Net investment income		0.18	*		0.31	*		0.30			0.27			0.28			0.24
Net realized and unrealized gains/(losses) on investments		(0.35	)		2.44			0.77			(0.51	)		0.67			2.28
Total income/(loss) from investment operations		(0.17	)		2.75			1.07			(0.24	)		0.95			2.52
Less distributions from:
Net investment income		—			0.35			0.30			0.30			0.29			0.24
Net realized gains		—			0.55			0.35			0.60			0.56			0.93
Total distributions		—			0.90			0.65			0.90			0.85			1.17
Net asset value, end of period	$	19.71		$	19.88		$	18.03		$	17.61		$	18.75		$	18.65
Total Return(a)		(0.86	)%		15.26	%		6.08	%		(1.34	)%		5.07	%		14.64	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,351,814		$	1,464,061		$	1,508,428		$	1,633,723		$	1,842,997		$	1,937,910
Ratios to average net assets:
Net expenses		0.88	%**		0.87	%		0.85	%		0.86	%		0.87	%(b)		0.85	%(b)
Gross expenses		0.88	%**		0.87	%		0.85	%		0.86	%		0.87	%		0.86	%
Net investment income		1.80	%**		1.59	%		1.60	%		1.31	%		1.40	%		1.25	%
Portfolio turnover rate		8	%		15	%		45	%		70	%		78	%		175	%

Notes to Financial Highlights

(a) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results.

(b) Includes contractual management fee waiver related to the Fund’s investments in the GE Institutional Money Market Fund (the “Money Market Fund”). The fee waiver agreement was terminated effective June 30, 2014 with the closure of the Money Market Fund.

† Unaudited.

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

** Annualized for periods less than one year.

* Beginning with the year ended December 31, 2016, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.

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

14 Financial Highlights

State Street Total Return V.I.S. Fund

Statement of Assets and Liabilities — June 30, 2018 (Unaudited)

Assets
Investments in securities, at fair value (cost $1,611,991,149)	$	2,034,223,342
Investments in affiliated securities, at fair value (cost $72,497,849)		72,910,228
Short-term affiliated investments, at fair value		50,927,408
Cash collateral on deposit with broker for future contracts		1,222,021
Foreign currency (cost $3,093,651)		3,035,202
Receivable for investments sold		9,446,234
Income receivables		6,841,953
Receivable for fund shares sold		11,822
Income receivable from affiliated investments		77,474
Other assets		211
Total assets		2,178,695,895
Liabilities
Due to custodian		899,117
Payable for investments purchased		16,303,354
Payable for fund shares redeemed		845,053
Payable for accumulated variation margin on futures		529,554
Payable to the Adviser		629,790
Payable to the Custodian		236,431
Accrued other expenses		1,251,151
Distribution and service fees		282,144
Accrued foreign capital gains tax		65,111
Total liabilities		21,041,705
Net Assets	$	2,157,654,190
Net Assets Consist of:
Capital paid in	$	1,691,736,151
Undistributed (distributions in excess of) net investment income		18,634,388
Accumulated net realized gain		25,304,565
Net unrealized appreciation (depreciation) on:
Unaffiliated Investments		422,167,082
Affiliated investments		412,379
Futures		(533,265	)
Foreign currency related transactions		(67,110	)
Net Assets	$	2,157,654,190
Class 1
Net Assets	$	805,840,474
Shares outstanding ($0.01 par value, unlimited shares authorized)		40,716,550
Net asset value per share	$	19.79
Class 3
Net Assets	$	1,351,813,716
Shares outstanding ($0.01 par value, unlimited shares authorized)		68,595,205
Net asset value per share	$	19.71

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

Statement of Assets and Liabilities 15

State Street Total Return V.I.S. Fund

Statement of Operations — For the period ended June 30, 2018 (Unaudited)

Investment Income
Income
Dividend	$	19,912,622
Interest		9,178,572
Income from affiliated investments		2,097,087
Less: Foreign taxes withheld		(1,203,426	)
Total income		29,984,855
Expenses
Advisory and administration fees		3,950,690
Distribution and service fees
Class 1		830,114
Class 3		3,165,729
Directors’ fees		179,109
Custody and accounting expenses		416,749
Professional fees		145,091
Other expenses		137,025
Total Expenses		8,824,507
Net investment income	$	21,160,348
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	27,871,505
Affiliated investments		51,400
Futures		536,577
Foreign currency transactions		(92,463	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(63,250,095	)*
Affiliated investrments		(2,609,538	)
Futures		(869,058	)
Foreign currency translations		(101,031	)
Net realized and unrealized gain (loss) on investments		(38,462,703	)
Net Decrease in Net Assets Resulting from Operations	$	(17,302,355	)

** Includes $13,911 of net realized gains from foreign capital tax gain.

* Includes change in accrued foreign capital gains tax of $9,133.

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

16 Statement of Operations

State Street Total Return V.I.S. Fund

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018*(a)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	21,160,348		$	38,873,989
Net realized gain (loss) on investments, futures, swap contracts, options contracts, and foreign currency related transactions		28,367,019			69,761,604
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and foreign currency transactions		(66,829,722	)		223,146,132
Net increase (decrease) from operations		(17,302,355	)		331,781,725
Distributions to shareholders from:
Net investment income
Class 1		—			(16,742,272	)
Class 3		—			(24,919,903	)
Net realized gains
Class 1		—			(22,419,435	)
Class 3		—			(38,500,904	)
Total distributions		—			(102,582,514	)
Increase (decrease) in assets from operations and distributions		(17,302,355	)		229,199,211
Share transactions:
Proceeds from sale of shares
Class 1		10,286,940			24,414,624
Class 3		19,370,557			14,991,248
Value of distributions reinvested
Class 1		—			39,161,707
Class 3		—			63,420,807
Cost of shares redeemed
Class 1		(55,235,826	)		(85,382,636	)
Class 3		(120,190,750	)		(270,955,830	)
Net increase (decrease) from share transactions		(145,769,079	)		(214,350,080	)
Total increase (decrease) in net assets		(163,071,434	)		14,849,131
Net Assets
Beginning of period		2,320,725,624			2,305,876,493
End of period	$	2,157,654,190		$	2,320,725,624
Undistributed (distributions in excess of) net investment income, end of period	$	18,634,388		$	(2,525,960	)
Changes in Fund Shares
Class 1
Shares sold		515,186			1,257,149
Issued for distributions reinvested		—			1,970,896
Shares redeemed		(2,766,796	)		(4,366,225	)
Net increase (decrease) in fund shares		(2,251,610	)		(1,138,180	)
Class 3
Shares sold		972,182			760,162
Issued for distributions reinvested		—			3,201,454
Shares redeemed		(6,033,499	)		(13,986,760	)
Net decrease in fund shares		(5,061,317	)		(10,025,144	)

(a) Unaudited.

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

Statements of Changes in Net Assets 17

State Street Total Return V.I.S. Fund

Notes to Financial Statements — June 30, 2018 (Unaudited)

1. Organization of the Company

State Street Variable Insurance Series Funds, Inc. (the “Company”) was incorporated under the laws of the Commonwealth of Virginia on May 14, 1984 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is currently composed of the following seven investment portfolios (collectively, the “Funds”): State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth Equity V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Total Return V.I.S. Fund (the “Fund”), State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund. Each Fund is a diversified investment company within the meaning of the 1940 Act

Shares of the Funds of the Company are offered only to insurance company separate accounts that fund certain variable life insurance contracts and variable annuity contracts.

The Company currently offers two share classes of the Fund as investment options for variable life insurance and variable annuity contracts — Class 1 and Class 3. Class 3 shares were first offered on May 1, 2006, and Fund shares outstanding prior to May 1, 2006 were designated as Class 1 shares. Each class of shares has different fees and expenses, and as a result, each class of shares will have different share price and performance. Not all variable contracts offer every class of the Fund’s shares.

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. Additionally, in the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

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 Company’s Board of Directors (the “Board”). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for determining the fair value of investments.

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

• Equity investments (including preferred stocks and registered investment companies that are exchange traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

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

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

18 Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

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

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

A “significant event” is an event that the Board believes, with a reasonably high degree of certainty, has caused the closing market prices of a Fund’s portfolio securities to no longer reflect their value at the time of the Fund’s net asset value calculation. Fair value may be determined using an independent fair value service under valuation procedures approved by the Board. The independent fair value service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of foreign securities exchanges. The use of the independent fair value service or alternative fair valuation methods would result in the investments being classified within Level 2 of the fair value hierarchy. At March 31, 2018, the independent fair value service was used for certain foreign securities in the State Street Total Return V.I.S. Fund, and these securities were classified within Level 2 of the fair value hierarchy.

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 June 30, 2018 is disclosed in the Fund’s Summary Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the beginning of the reporting period. The Fund had no material transfers between levels for the six-month period ended June 30, 2018.

Investment Transactions and Income Recognition  Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.

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

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

Notes to Financial Statements 19

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

Expenses  Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Company. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Company.

Foreign Currency Translation  The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes  The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2018, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

Distributions  The Fund declares and pays any dividends from net investment income annually.

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

3. Securities and Other Investments

Delayed Delivery Transactions and When-Issued Securities  During the six-month period ended June 30, 2018, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund’s Summary Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

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

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

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

4. Derivative Financial Instruments

Futures Contracts  The Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering

20 Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the six-month period ended June 30, 2018 the Fund entered into futures contracts for cash equitization.

The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2018 and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:

Liability Derivatives

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
State Street Total Return V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(529,554	)	$	—	$	(529,554	)

Net Realized Gain (Loss)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street Total Return V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	536,577	$	—	$	536,577

Net Change in Unrealized Appreciation (Depreciation)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
State Street Total Return V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(869,058	)	$	—	$	(869,058	)

5. Fees and Transactions with Affiliates

Advisory Fee  SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of the Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of the Fund at an annualized rate of 0.35%.

Investor Service Plan — Class 1 and Class 3 Shares  The Company adopted an Investor Service Plan (the “Service Plan”) on December 9, 2005 for Class 1 shares and on May 1, 2009 for Class 3 shares of the Fund. The Service Plan was not adopted pursuant to Rule 12b-1 under the 1940 Act. Each Service Plan provides that during any fiscal year, the amount of compensation paid under the Service Plan by the State Street Total Return V.I.S. Fund Class 1 or Class 3 shares may not exceed the annual rate of 0.20% of the average daily net assets of the Fund attributable to each such class shares.

Distribution and Shareholder Service (12b-1) Fees  The Company has adopted a Distribution and Service (12b-1) Plan (the “12b-1 Plan”) pursuant to Rule 12b-1 under the 1940 Act with respect to each of Class 1 and Class 3 shares of the Fund. Under the 12b-1 Plan for Class 1 shares that became effective May 1, 2009, payments made under the Class 1 Investor Service Plan are covered in the event that any portion of compensation paid pursuant to the Class 1 Investor Service Plan is

Notes to Financial Statements 21

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

determined to be an indirect use of the assets attributable to the Class 1 shares to finance distribution of such shares. Under the 12b-1 Plan for Class 3 shares, the Company, on behalf of the Fund, may have compensated State Street Global Advisors Funds Distributors, LLC (“SSGA FD”, formerly known as State Street Global Markets, LLC), the distributor of the shares of the Fund for certain sales services provided by SSGA FD or other broker dealers and investor services provided by SSGA FD or other service providers relating to the Fund’s Class 3 shares, including services to owners or prospective owners of variable contracts issued by insurance companies that offer Class 3 shares as an investment option under such variable contracts. The amount of compensation paid under the 12b-1 Plan for Class 3 shares may not exceed 0.25%, of the average daily net assets of the Fund attributable to such share class. The 12b-1 Plan continues in effect from year to year for so long as such continuance is approved annually by the Board, including by those Directors who are not interested persons of the Company and who have no direct or indirect financial interest in the operation of the 12b-1 Plan or in any agreement related to it. In addition, the Class 3 12b-1 Plan covers payments made under the Class 3 Investor Service Plan in the event that any portion of compensation paid pursuant to the Class 3 Investor Service Plan is determined to be an indirect use of the assets attributable to the Class 3 shares to finance distribution of such shares.

Administrator, Sub-Administrator and Custodian Fees  State Street Bank and Trust Company (“State Street”) serves as the sub-administrator and custodian to the Funds. Amounts paid by the Fund to State Street for performing such services are included in advisory and administration and custody and accounting expenses, respectively.

Due to Custodian  In certain circumstances, the Funds may have cash overdraft with the custodian. The Due to Custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds. As of June 30, 2018, the Fund had a cash overdraft related to fund share redemption activity.

Other Transactions with affiliates  The Fund may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the six-month period ended June, 30, 2018 are disclosed in the Summary Schedule of Investments.

6. Directors’ Fees

The fees and expenses of the Company’s directors who are not “interested persons” of the Company, as defined in the 1940 Act (“Independent Directors”) are paid directly by the Fund. The Independent Directors are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

7. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the six-month period ended June 30, 2018 were as follows:

U.S. Government Securities
Purchases			Sales
	$	154,190,233		$	112,915,285

Non-U.S. Government Securities
Purchases			Sales
	$	53,689,717		$	150,112,792

8. Income Taxes

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

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM

22 Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — June 30, 2018 (Unaudited)

has analyzed the Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

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

As of June 30, 2018, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
	$	1,745,907,338		$	498,585,328		$	86,964,953		$	411,620,375

9. Line of Credit

The Fund and other affiliated funds (each, a “Participant” and collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2018 unless otherwise extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

The Fund had no outstanding loans as of June 30, 2018.

10. Risks

Concentration Risk  As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund was more broadly diversified.

Foreign and Emerging Markets Risk  Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Fund invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk  In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

11. Recent Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.

12. Subsequent Events

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

Notes to Financial Statements 23

State Street Total Return V.I.S. Fund

Other Information (Unaudited)

Proxy Voting Policies and Procedures and Record

The Fund has adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Fund has adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, and (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330. Information regarding how the Fund voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Quarterly Portfolio Schedule

The Fund files its complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available (i) without charge, upon request, by calling 1-800-242-013, (ii) on the Fund’s website at http://www.ssga.com/geam, (iii) on the SEC’s website at www.sec.gov, and (iv) at the SEC’s public reference room. Information on the operation of the public reference room may be obtained by calling 1-800-SEC-0330.

24 Other Information

State Street Total Return V.I.S. Fund

Other Information (Unaudited), continued

Disclosure for the Board of Directors’ Consideration of the Renewal of the Investment Advisory and Administration Agreement with SSGA Funds Management, Inc. on behalf of the State Street Total Return V.I.S. Fund

At meetings of the Board of Directors (the “Board”) of State Street Variable Insurance Series Funds, Inc. (the “V.I.S. Funds”) held on May 16, 2018 and June 5, 2018 (the “Board Meetings”), the Board members, including the Board members who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the V.I.S. Funds (“Independent Board Members”), considered and unanimously approved the continuance for an additional year of the investment advisory and administration agreement (the “Investment Advisory and Administration Agreement”) between SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”) and the V.I.S. Funds on behalf of each of its series portfolios, including the State Street Total Return V.I.S. Fund (the “Fund”).

In considering whether to approve the continuance for an additional year of the Investment Advisory and Administration Agreement, the Board members considered and discussed a substantial amount of information and analysis provided, at the Board’s request, by the Adviser. The Board members also considered detailed information regarding performance and expenses of other investment companies, including those with similar investment strategies and sizes, which was prepared by an independent third party provider, Broadridge Financial Solutions, Inc. (“Broadridge”). The Board members reviewed the fees charged by the Adviser for other mutual funds and investment products other than mutual funds that employ a similar investment strategy as the Fund. The Board had the opportunity to ask questions and request additional information in connection with its considerations.

Before approving the continuance of the Investment Advisory and Administration Agreement, the Independent Board Members reviewed the information provided with management of the Adviser and with their independent legal counsel. The Board also reviewed a memorandum prepared by independent legal counsel discussing the legal standards for the consideration of the proposed continuance. The Independent Board Members discussed the proposed continuance of the Investment Advisory and Administration Agreement in detail during private sessions in advance of, and at, the Board Meetings with their independent legal counsel at which no representatives of the Adviser were present. The Independent Board Members and their independent legal counsel requested, and received and considered, additional information from the Adviser following the May 16, 2018 Board Meeting and prior to the June 5, 2018 Board Meeting.

In advance of the Board Meetings, and in response to their detailed requests, the Board members received from the Adviser written responses to their inquiries, which included substantial exhibits and other materials related to the Adviser’s business and the services it provides to the Fund. The Directors took into account their multi-year experience as Directors and particularly their previous consideration of these types of agreements.

During the Board Meetings, the Board members had an opportunity to discuss this information with SSGA FM representatives, including senior executives, representatives from the legal, compliance and finance departments, and investment personnel. The Board members posed questions to these representatives and engaged in significant discussions.

In reaching its determinations relating to the continuance of the Investment Advisory and Administration Agreement, the Board considered those factors it deemed relevant, including the factors discussed below. In its deliberations, the Board did not identify any single factor that was dispositive and each Director may have attributed different weights to the various factors. The Directors evaluated the information provided to them, as well as the presentations and discussions that occurred at the Board Meetings, for the Fund, and their determinations were made separately in respect of the Fund from other series portfolios of the V.I.S Funds.

The material factors and conclusions that formed the basis for the Board’s determinations to approve the continuance of the Investment Advisory and Administration Agreement with the Adviser on behalf of the Fund are as discussed below.

The Nature, Extent and Quality of Services Provided.

The Board reviewed the services provided to the Fund by the Adviser. The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries. The Board also considered the substantial expertise of the Adviser in developing and applying proprietary quantitative models for managing the Fund and the

Other Information 25

State Street Total Return V.I.S. Fund

Other Information (Unaudited), continued

extensive experience and resources committed by the Adviser to the evaluation of a portfolio’s quality distribution and sector and interest rate exposure. The Board considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including operational, enterprise, regulatory, litigation and compliance risks. The Board also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board had previously reviewed the compliance programs of SSGA FM and various affiliated service providers (“Affiliated Service Providers”). Among other things, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity, the allocation of investment opportunities and the voting of proxies.

In light of the foregoing and other relevant information, the Board, including the Independent Board Members, concluded that the services provided by the Adviser continue to be satisfactory.

Investment Performance.

The Board members considered the investment performance of the Fund for various periods. The Board members reviewed detailed comparisons of the performance of the Fund with the relevant securities indices and peer and category groupings of mutual funds prepared by Broadridge with respect to various periods. The Board members also engaged in detailed discussions with SSGA FM management about its investment processes and performance results. These discussions focused on the Fund’s investment objective, the number and experience of portfolio management and supporting research personnel, the Fund’s investment style and approach employed, the likely market cycles for the Fund’s investment style and the Fund’s competitive recent performance.

Taking these factors into consideration, the Board, including the Independent Board Members, concluded that the Fund’s performance was acceptable overall.

Cost of the Services Provided And Profits Realized From The Relationship with the Fund.

The Directors considered the management fees paid to the Adviser by the Fund. The Board reviewed the level of profits realized by the Adviser and the Affiliated Service Providers in providing investment advisory and other services to the Fund. Information also was presented regarding the financial condition of the Adviser for various past periods. The Directors also considered the Adviser’s statements concerning its significant investment in supporting registered investment companies. The Board also considered the various risks borne by SSGA FM and the Affiliated Service Providers in connection with their various roles in servicing the Fund, including enterprise, litigation, business, operational and entrepreneurial risk.

The Board concluded that the profitability of the Adviser with respect to the Fund, and the profitability range of each of the Affiliated Service Providers with respect to its services to the Fund, were reasonable in relation to the services provided.

The Extent to Which Economies of Scale Would Be Realized as the Fund Grows and Whether Fee Levels Would Reflect Such Economies of Scale.

The Board considered the extent to which the Adviser and the Affiliated Service Providers, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Fund. The Board concluded that, in light of, among other considerations, the current size of the Fund, the level of profitability of the Adviser and the Affiliated Service Providers with respect to the Fund, and/or the comparative management fee and expense ratio of the Fund, it does not appear that the Adviser or the Affiliated Service Providers has realized benefits from economies of scale in managing the assets of the Fund to such an extent that previously agreed management fees should be reduced or that breakpoints in such fees should be implemented for the Fund at this time.

Comparison of Services to be Rendered and Fees to be Paid.

The Board discussed the services provided to the Fund by the Adviser, and the fees charged to the Fund for those services. As part of its review, the Board considered the Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to the expense ratios of a group of comparable mutual funds selected

26 Other Information

State Street Total Return V.I.S. Fund

Other Information (Unaudited), continued

by Broadridge, and the related Broadridge analysis for the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund by the Adviser to the fees charged and services provided to other clients of the Adviser. Among other information, the Board considered that the Fund’s expense ratios and advisory fee were lower than the Broadridge peer group and category medians.

In light of the foregoing, the Board, including the Independent Board Members, determined that the management fees, considered in relation to the services provided to the Fund, supported the Board’s approval of the continuance of the Investment Advisory and Administration Agreement.

Fall-Out Benefits.

The Board considered actual and potential financial benefits that the Adviser could derive from its relationship with the Fund, including the custody, fund accounting and sub-administration services being provided to the Fund by affiliates of the Adviser and, to the extent applicable, soft dollar commission benefits generated through Fund portfolio transactions. The Board noted, however, that the Fund benefits from the vast array of resources available through SSGA FM, and that the Fund represents only a small portion of the assets managed by SSGA FM.

Conclusion.

No single factor was determinative to the Board’s decision. Based on their discussion and such other matters as were deemed relevant, the Directors, including the Independent Board Members, approved the continuance of the Investment Advisory and Administration Agreement for the Fund.

Other Information 27

Directors

John R. Costantino, Chairman

R. Sheldon Johnson

Donna M. Rapaccioli

Jeanne M. La Porta

Officers

Jeanne M. La Porta, President

Arthur Jensen, Treasurer

Brian Harris, Chief Compliance Officer and Anti-Money Laundering Officer

Bruce S. Rosenberg, Assistant Treasurer

Ann M. Carpenter, Assistant Treasurer

Chad C. Hallett, Assistant Treasurer

Darlene Anderson-Vasquez, Assistant Treasurer

Daniel G. Plourde, Assistant Treasurer

Jesse Hallee, Secretary

Investment Adviser and Administrator

SSGA Funds Management, Inc.

1600 Summer Street

P.O. Box 7900

Stamford, CT 06904-7900

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Schedule of Investments.

(a) The Schedule of Investments for the State Street Total Return V.I.S. Fund is listed below. The Schedules of Investments for the State Street U.S. Equity V.I.S. Fund, State Street S&P 500 Index V.I.S. Fund, State Street Premier Growth V.I.S. Fund, State Street Small-Cap Equity V.I.S. Fund, State Street Income V.I.S. Fund and State Street Real Estate Securities V.I.S. Fund and a Summary Schedule of Investments for the State Street Total Return V.I.S. Fund are included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

State Street Total Return V.I.S. Fund

	Number of Shares		Fair Value
Domestic Equity – 37.2% †
Common Stock – 37.2%
Advertising – 0.0% *
Clear Channel Outdoor Holdings Inc., Class A		823	$	3,539
Emerald Expositions Events Inc.		493		10,156
Fluent Inc.		233		571	(a)
MDC Partners Inc., Class A		1,024		4,710	(a)
National CineMedia Inc.		1,224		10,282
Omnicom Group Inc.		7,799		594,830
The Interpublic Group of Companies Inc.		13,224		309,970
				934,058
Aerospace & Defense – 1.0%
AAR Corp.		611		28,405
Aerojet Rocketdyne Holdings Inc.		1,305		38,485	(a)
Aerovironment Inc.		401		28,643	(a)
Arconic Inc.		14,123		240,232
Astronics Corp.		348		12,518	(a)
Axon Enterprise Inc.		973		61,474	(a)
Cubic Corp.		436		27,991
Curtiss-Wright Corp.		294		34,992
Ducommun Inc.		204		6,750	(a)
Engility Holdings Inc.		359		11,000	(a)
Esterline Technologies Corp.		645		47,601	(a)
General Dynamics Corp.		9,309		1,735,291
Harris Corp.		3,942		569,777
Huntington Ingalls Industries Inc.		1,500		325,185
KLX Inc.		1,271		91,385	(a)
Kratos Defense & Security Solutions Inc.		1,634		18,807	(a)
L3 Technologies Inc.		2,692		517,725
Lockheed Martin Corp.		8,334		2,462,114
Maxar Technologies Ltd.		1,052		53,147
Mercury Systems Inc.		854		32,503	(a)
Moog Inc., Class A		597		46,542
National Presto Industries Inc.		99		12,276
Northrop Grumman Corp.		5,787		1,780,660
Raytheon Co.		9,501		1,835,403
Rockwell Collins Inc.		5,502		741,009
Sparton Corp.		188		3,570	(a)
Teledyne Technologies Inc.		239		47,575	(a)
Textron Inc.		8,798		579,876
The Boeing Co.		18,229		6,116,012
The KeyW Holding Corp.		721		6,302	(a)
TransDigm Group Inc.		1,664		574,313
Triumph Group Inc.		925		18,130
United Technologies Corp.		24,882		3,110,997
Vectrus Inc.		210		6,472	(a)
Wesco Aircraft Holdings Inc.		810		9,113	(a)
				21,232,275
Agricultural & Farm Machinery – 0.1%
AGCO Corp.		446		27,081
Deere & Co.		10,873		1,520,046
Lindsay Corp.		186		18,040
The Toro Co.		716		43,139
Titan International Inc.		888		9,528
				1,617,834
Agricultural Products – 0.1%
Alico Inc.		66		2,092
Archer-Daniels-Midland Co.		18,704		857,204
Darling Ingredients Inc.		3,039		60,415	(a)
Fresh Del Monte Produce Inc.		575		25,616
Ingredion Inc.		475		52,583
Limoneira Co.		240		5,907
				1,003,817
Air Freight & Logistics – 0.2%
Air Transport Services Group Inc.		1,090		24,623	(a)
Atlas Air Worldwide Holdings Inc.		444		31,835	(a)
CH Robinson Worldwide Inc.		4,808		402,237
Echo Global Logistics Inc.		539		15,766	(a)

	Number of Shares		Fair Value
Expeditors International of Washington Inc.		6,050	$	442,255
FedEx Corp.		8,161		1,853,037
Forward Air Corp.		550		32,494
Hub Group Inc., Class A		582		28,984	(a)
Radiant Logistics Inc.		505		1,974	(a)
United Parcel Service Inc., Class B		22,943		2,437,235
				5,270,440
Airlines – 0.2%
Alaska Air Group Inc.		4,066		245,546
Allegiant Travel Co.		229		31,820
American Airlines Group Inc.		14,228		540,095
Delta Air Lines Inc.		21,537		1,066,943
Hawaiian Holdings Inc.		866		31,133
JetBlue Airways Corp.		2,132		40,465	(a)
SkyWest Inc.		946		49,097
Southwest Airlines Co.		18,133		922,607
Spirit Airlines Inc.		1,276		46,383	(a)
United Continental Holdings Inc.		7,861		548,147	(a)
				3,522,236
Alternative Carriers – 0.0% *
CenturyLink Inc.		31,723		591,317
Cogent Communications Holdings Inc.		781		41,705
Iridium Communications Inc.		1,804		29,044	(a)
ORBCOMM Inc.		1,307		13,201	(a)
pdvWireless Inc.		200		4,990	(a)
Vonage Holdings Corp.		4,110		52,978	(a)
				733,235
Aluminum – 0.0% *
Century Aluminum Co.		820		12,915	(a)
Kaiser Aluminum Corp.		307		31,962
				44,877
Apparel Retail – 0.2%
Abercrombie & Fitch Co., Class A		1,276		31,236
American Eagle Outfitters Inc.		4,088		95,046
Ascena Retail Group Inc.		3,466		13,812	(a)
Boot Barn Holdings Inc.		265		5,499	(a)
Caleres Inc.		794		27,306
Chico’s FAS Inc.		2,209		17,981
Citi Trends Inc.		159		4,363
DSW Inc., Class A		1,217		31,423
Express Inc.		1,136		10,394	(a)
Foot Locker Inc.		3,938		207,336
Francesca’s Holdings Corp.		734		5,542	(a)
Genesco Inc.		370		14,689	(a)
Guess? Inc.		1,045		22,363
L Brands Inc.		8,458		311,931
Ross Stores Inc.		12,616		1,069,206
Shoe Carnival Inc.		216		7,009
Tailored Brands Inc.		884		22,560
The Buckle Inc.		451		12,132
The Cato Corp., Class A		442		10,882
The Children’s Place Inc.		298		35,998
The Gap Inc.		7,007		226,957
The TJX Companies Inc.		21,070		2,005,443
Tilly’s Inc., Class A		209		3,166
Urban Outfitters Inc.		527		23,478	(a)
Zumiez Inc.		363		9,093	(a)
				4,224,845
Apparel, Accessories & Luxury Goods – 0.1%
Carter’s Inc.		319		34,577
Fossil Group Inc.		824		22,141	(a)
G-III Apparel Group Ltd.		778		34,543	(a)
Hanesbrands Inc.		11,180		246,184
Michael Kors Holdings Ltd.		5,240		348,984	(a)
Movado Group Inc.		304		14,683
Oxford Industries Inc.		305		25,309
Perry Ellis International Inc.		249		6,765	(a)
PVH Corp.		2,588		387,475
Ralph Lauren Corp.		1,818		228,559
Superior Group of Companies Inc.		159		3,293
Tapestry Inc.		9,509		444,165
Under Armour Inc., Class A		6,888		154,842	(a)
Under Armour Inc., Class C		6,931		146,106	(a)
Vera Bradley Inc.		408		5,728	(a)
VF Corp.		11,009		897,454
				3,000,808

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Application Software – 0.6%
8x8 Inc.		1,583	$	31,739	(a)
ACI Worldwide Inc.		2,913		71,864	(a)
Adobe Systems Inc.		16,342		3,984,343	(a,b)
Agilysys Inc.		301		4,666	(a)
Altair Engineering Inc., Class A		479		16,372	(a)
American Software Inc., Class A		521		7,591
ANSYS Inc.		2,900		505,122	(a)
Asure Software Inc.		226		3,605	(a)
Autodesk Inc.		7,223		946,863	(a)
Avaya Holdings Corp.		1,953		39,216	(a)
Blackbaud Inc.		1,216		124,579
Blackline Inc.		609		26,449	(a)
Bottomline Technologies de Inc.		687		34,233	(a)
Cadence Design Systems Inc.		9,700		420,107	(a)
CDK Global Inc.		819		53,276
Citrix Systems Inc.		4,278		448,506	(a)
Digimarc Corp.		187		5,012	(a)
Ebix Inc.		434		33,092
Ellie Mae Inc.		632		65,627	(a)
Everbridge Inc.		496		23,520	(a)
Fair Isaac Corp.		198		38,277	(a)
Glu Mobile Inc.		2,085		13,365	(a)
HubSpot Inc.		669		83,893	(a)
Intuit Inc.		8,181		1,671,419
Manhattan Associates Inc.		460		21,625	(a)
MicroStrategy Inc., Class A		179		22,867	(a)
Mitek Systems Inc.		595		5,295	(a)
MobileIron Inc.		892		3,969	(a)
Model N Inc.		444		8,258	(a)
Monotype Imaging Holdings Inc.		658		13,357
Park City Group Inc.		224		1,770	(a)
Paylocity Holding Corp.		543		31,961	(a)
PROS Holdings Inc.		506		18,504	(a)
PTC Inc.		771		72,328	(a)
QAD Inc., Class A		189		9,478
salesforce.com Inc.		23,605		3,219,722	(a)
Synopsys Inc.		4,900		419,293	(a)
Telenav Inc.		652		3,651	(a)
The Ultimate Software Group Inc.		194		49,918	(a)
Tyler Technologies Inc.		236		52,416	(a)
Upland Software Inc.		310		10,655	(a)
Verint Systems Inc.		1,182		52,422	(a)
VirnetX Holding Corp.		988		3,359	(a)
Workiva Inc.		439		10,712	(a)
Zix Corp.		1,087		5,859	(a)
				12,690,155
Asset Management & Custody Banks – 0.4%
Affiliated Managers Group Inc.		1,905		283,216
Ameriprise Financial Inc.		4,793		670,445
Arlington Asset Investment Corp., Class A		390		4,021
Artisan Partners Asset Management Inc., Class A		844		25,447
BlackRock Inc.		4,137		2,064,529
Cohen & Steers Inc.		401		16,726
Diamond Hill Investment Group Inc.		54		10,499
Eaton Vance Corp.		800		41,752
Federated Investors Inc., Class B		2,439		56,877
Financial Engines Inc.		1,181		53,027
Franklin Resources Inc.		10,686		342,486
GAMCO Investors Inc., Class A		65		1,739
Hamilton Lane Inc., Class A		261		12,520
Invesco Ltd.		14,064		373,540
Legg Mason Inc.		564		19,588
Northern Trust Corp.		6,928		712,822
Pzena Investment Management Inc., Class A		243		2,238
Safeguard Scientifics Inc.		435		5,568	(a)
SEI Investments Co.		884		55,268
Silvercrest Asset Management Group Inc., Class A		195		3,179
State Street Corp.		12,236		1,139,049	(c)

	Number of Shares		Fair Value
T Rowe Price Group Inc.		8,037	$	933,015
The Bank of New York Mellon Corp.		33,654		1,814,960
Virtus Investment Partners Inc.		127		16,250
Waddell & Reed Financial Inc., Class A		1,396		25,086
Westwood Holdings Group Inc.		172		10,241
WisdomTree Investments Inc.		1,977		17,951
				8,712,039
Auto Parts & Equipment – 0.0% *
American Axle & Manufacturing Holdings Inc.		2,083		32,411	(a)
BorgWarner Inc.		6,803		293,617
Cooper-Standard Holdings Inc.		313		40,900	(a)
Dana Inc.		3,690		74,501
Dorman Products Inc.		503		34,360	(a)
Fox Factory Holding Corp.		664		30,909	(a)
Gentex Corp.		1,832		42,173
Gentherm Inc.		694		27,274	(a)
LCI Industries		432		38,945
Modine Manufacturing Co.		946		17,264	(a)
Motorcar Parts of America Inc.		367		6,866	(a)
Shiloh Industries Inc.		381		3,315	(a)
Standard Motor Products Inc.		399		19,288
Stoneridge Inc.		528		18,554	(a)
Superior Industries International Inc.		503		9,004
Tenneco Inc.		948		41,674
Tower International Inc.		306		9,731
				740,786
Automobile Manufacturers – 0.2%
Ford Motor Co.		131,410		1,454,709
General Motors Co.		41,923		1,651,766
Thor Industries Inc.		329		32,041
Winnebago Industries Inc.		541		21,965
				3,160,481
Automotive Retail – 0.1%
Advance Auto Parts Inc.		2,329		316,045
America’s Car-Mart Inc.		109		6,747	(a)
Asbury Automotive Group Inc.		355		24,335	(a)
AutoNation Inc.		396		19,238	(a)
AutoZone Inc.		821		550,834	(a)
Camping World Holdings Inc., Class A		562		14,039
CarMax Inc.		5,728		417,399	(a)
Carvana Co.		461		19,178	(a)
Group 1 Automotive Inc.		357		22,491
Lithia Motors Inc., Class A		441		41,705
Monro Inc.		596		34,628
Murphy USA Inc.		783		58,169	(a)
O’Reilly Automotive Inc.		2,721		744,384	(a)
Sonic Automotive Inc., Class A		477		9,826
				2,279,018
Biotechnology – 1.0%
AbbVie Inc.		50,420		4,671,413	(b)
Abeona Therapeutics Inc.		457		7,312	(a)
ACADIA Pharmaceuticals Inc.		1,851		28,265	(a)
Acceleron Pharma Inc.		689		33,430	(a)
Achaogen Inc.		549		4,754	(a)
Achillion Pharmaceuticals Inc.		2,351		6,653	(a)
Acorda Therapeutics Inc.		735		21,095	(a)
Adamas Pharmaceuticals Inc.		434		11,210	(a)
Aduro Biotech Inc.		1,274		8,918	(a)
Adverum Biotechnologies Inc.		1,144		6,063	(a)
Aeglea BioTherapeutics Inc.		374		3,957	(a)
Agenus Inc.		1,467		3,330	(a)
Aimmune Therapeutics Inc.		818		21,996	(a)
Akebia Therapeutics Inc.		825		8,234	(a)
Albireo Pharma Inc.		191		6,781	(a)
Alder Biopharmaceuticals Inc.		948		14,978	(a)
Aldeyra Therapeutics Inc.		387		3,077	(a)
Alexion Pharmaceuticals Inc.		7,396		918,213	(a)
Allena Pharmaceuticals Inc.		273		3,557	(a)
AMAG Pharmaceuticals Inc.		546		10,647	(a)
Amgen Inc.		22,258		4,108,604
Amicus Therapeutics Inc.		3,510		54,826	(a)
AnaptysBio Inc.		327		23,230	(a)
Apellis Pharmaceuticals Inc.		696		15,312	(a)
Ardelyx Inc.		639		2,364	(a)

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Arena Pharmaceuticals Inc.		866	$	37,758	(a)
ArQule Inc.		1,752		9,689	(a)
Array BioPharma Inc.		3,774		63,328	(a)
Arrowhead Pharmaceuticals Inc.		1,651		22,454	(a)
Arsanis Inc.		84		305	(a)
Atara Biotherapeutics Inc.		761		27,967	(a)
Athenex Inc.		813		15,171	(a)
Athersys Inc.		1,530		3,014	(a)
Audentes Therapeutics Inc.		606		23,155	(a)
AVEO Pharmaceuticals Inc.		2,222		5,022	(a)
Avid Bioservices Inc.		1,163		4,559	(a)
Bellicum Pharmaceuticals Inc.		820		6,052	(a)
BioCryst Pharmaceuticals Inc.		1,493		8,555	(a)
Biogen Inc.		7,008		2,034,002	(a)
Biohaven Pharmaceutical Holding Company Ltd.		445		17,586	(a)
BioSpecifics Technologies Corp.		109		4,890	(a)
BioTime Inc.		1,269		2,614	(a)
Blueprint Medicines Corp.		768		48,753	(a)
Calithera Biosciences Inc.		580		2,900	(a)
Calyxt Inc.		151		2,819	(a)
Cara Therapeutics Inc.		451		8,637	(a)
CareDx Inc.		643		7,870	(a)
CASI Pharmaceuticals Inc.		900		7,407	(a)
Catalyst Pharmaceuticals Inc.		1,641		5,120	(a)
Celgene Corp.		23,720		1,883,842	(a)
Cellular Biomedicine Group Inc.		258		5,044	(a)
ChemoCentryx Inc.		422		5,558	(a)
Chimerix Inc.		862		4,103	(a)
Clovis Oncology Inc.		819		37,240	(a)
Cohbar Inc.		491		3,216	(a)
Coherus Biosciences Inc.		910		12,740	(a)
Concert Pharmaceuticals Inc.		333		5,604	(a)
Corbus Pharmaceuticals Holdings Inc.		839		4,237	(a)
Corvus Pharmaceuticals Inc.		90		988	(a)
CTI BioPharma Corp.		1,097		5,463	(a)
Cue Biopharma Inc.		207		2,455	(a)
Cytokinetics Inc.		675		5,603	(a)
CytomX Therapeutics Inc.		739		16,894	(a)
Deciphera Pharmaceuticals Inc.		152		5,981	(a)
Denali Therapeutics Inc.		292		4,453	(a)
Dicerna Pharmaceuticals Inc.		878		10,756	(a)
Dyax Corp.		4,362		10,687
Dynavax Technologies Corp.		1,128		17,202	(a)
Eagle Pharmaceuticals Inc.		202		15,283	(a)
Editas Medicine Inc.		855		30,635	(a)
Emergent BioSolutions Inc.		829		41,856	(a)
Enanta Pharmaceuticals Inc.		313		36,277	(a)
Epizyme Inc.		812		11,003	(a)
Esperion Therapeutics Inc.		439		17,204	(a)
Exelixis Inc.		1,870		40,242	(a)
Fate Therapeutics Inc.		709		8,040	(a)
FibroGen Inc.		1,330		83,258	(a)
Five Prime Therapeutics Inc.		541		8,553	(a)
Flexion Therapeutics Inc.		604		15,613	(a)
Fortress Biotech Inc.		629		1,874	(a)
Foundation Medicine Inc.		270		36,909	(a)
G1 Therapeutics Inc.		391		16,993	(a)
Genomic Health Inc.		374		18,850	(a)
Geron Corp.		2,688		9,220	(a)
Gilead Sciences Inc.		43,227		3,062,201
Global Blood Therapeutics Inc.		933		42,172	(a)
GlycoMimetics Inc.		668		10,775	(a)
Halozyme Therapeutics Inc.		2,220		37,451	(a)
Heron Therapeutics Inc.		1,112		43,201	(a)
Homology Medicines Inc.		235		4,794	(a)
Idera Pharmaceuticals Inc.		1,813		2,393	(a)
Immune Design Corp.		226		1,028	(a)
ImmunoGen Inc.		2,423		23,576	(a)
Immunomedics Inc.		2,444		57,850	(a)
Incyte Corp.		6,100		408,700	(a)
Inovio Pharmaceuticals Inc.		1,336		5,237	(a)
Insmed Inc.		1,431		33,843	(a)
Insys Therapeutics Inc.		475		3,439	(a)
Intellia Therapeutics Inc.		636		17,401	(a)
Intercept Pharmaceuticals Inc.		410		34,403	(a)

	Number of Shares		Fair Value
Intrexon Corp.		1,320	$	18,401	(a)
Invitae Corp.		1,265		9,298	(a)
Iovance Biotherapeutics Inc.		1,334		17,075	(a)
Ironwood Pharmaceuticals Inc.		2,435		46,557	(a)
Jounce Therapeutics Inc.		269		2,061	(a)
Kadmon Holdings Inc.		1,486		5,929	(a)
Karyopharm Therapeutics Inc.		930		15,801	(a)
Keryx Biopharmaceuticals Inc.		1,588		5,971	(a)
Kindred Biosciences Inc.		398		4,239	(a)
Kura Oncology Inc.		361		6,570	(a)
La Jolla Pharmaceutical Co.		419		12,222	(a)
Lexicon Pharmaceuticals Inc.		843		10,116	(a)
Ligand Pharmaceuticals Inc.		387		80,175	(a)
Loxo Oncology Inc.		490		85,005	(a)
MacroGenics Inc.		640		13,216	(a)
Madrigal Pharmaceuticals Inc.		109		30,486	(a)
MannKind Corp.		2,986		5,673	(a)
MediciNova Inc.		593		4,720	(a)
Mersana Therapeutics Inc.		270		4,822	(a)
MiMedx Group Inc.		1,829		11,687	(a)
Minerva Neurosciences Inc.		371		3,061	(a)
Miragen Therapeutics Inc.		239		1,532	(a)
Mirati Therapeutics Inc.		348		17,156	(a)
Momenta Pharmaceuticals Inc.		1,309		26,769	(a)
Myriad Genetics Inc.		1,220		45,591	(a)
NantKwest Inc.		332		1,016	(a)
Natera Inc.		525		9,881	(a)
NewLink Genetics Corp.		438		2,085	(a)
Novavax Inc.		5,417		7,259	(a)
OPKO Health Inc.		6,066		28,510	(a)
Organovo Holdings Inc.		1,876		2,626	(a)
Palatin Technologies Inc.		4,489		4,353	(a)
PDL BioPharma Inc.		2,959		6,924	(a)
Pieris Pharmaceuticals Inc.		649		3,290	(a)
PolarityTE Inc.		186		4,378	(a)
Portola Pharmaceuticals Inc.		1,210		45,702	(a)
Progenics Pharmaceuticals Inc.		1,405		11,296	(a)
PTC Therapeutics Inc.		845		28,502	(a)
Puma Biotechnology Inc.		520		30,758	(a)
Ra Pharmaceuticals Inc.		158		1,572	(a)
Radius Health Inc.		721		21,248	(a)
Recro Pharma Inc.		253		1,270	(a)
Regeneron Pharmaceuticals Inc.		2,612		901,114	(a)
REGENXBIO Inc.		512		36,736	(a)
Repligen Corp.		678		31,893	(a)
Retrophin Inc.		726		19,791	(a)
Rhythm Pharmaceuticals Inc.		151		4,720	(a)
Rigel Pharmaceuticals Inc.		2,728		7,720	(a)
Rocket Pharmaceuticals Inc.		420		8,245	(a)
Sangamo Therapeutics Inc.		1,906		27,065	(a)
Savara Inc.		518		5,864	(a)
Selecta Biosciences Inc.		265		3,511	(a)
Seres Therapeutics Inc.		358		3,079	(a)
Solid Biosciences Inc.		164		5,843	(a)
Sorrento Therapeutics Inc.		1,702		12,254	(a)
Spark Therapeutics Inc.		586		48,497	(a)
Spectrum Pharmaceuticals Inc.		1,852		38,818	(a)
Spring Bank Pharmaceuticals Inc.		262		3,105	(a)
Stemline Therapeutics Inc.		529		8,490	(a)
Syndax Pharmaceuticals Inc.		130		913	(a)
Synergy Pharmaceuticals Inc.		4,284		7,454	(a)
Synlogic Inc.		369		3,627	(a)
Syros Pharmaceuticals Inc.		278		2,838	(a)
T2 Biosystems Inc.		557		4,311	(a)
TG Therapeutics Inc.		947		12,453	(a)
Tocagen Inc.		328		3,064	(a)
Tyme Technologies Inc.		1,007		3,182	(a)
Ultragenyx Pharmaceutical Inc.		870		66,877	(a)
United Therapeutics Corp.		287		32,474	(a)
Vanda Pharmaceuticals Inc.		982		18,707	(a)
Veracyte Inc.		223		2,083	(a)
Verastem Inc.		1,062		7,307	(a)
Vericel Corp.		741		7,188	(a)
Vertex Pharmaceuticals Inc.		8,554		1,453,838	(a)
Viking Therapeutics Inc.		862		8,180	(a)
Vital Therapies Inc.		696		4,768	(a)

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Voyager Therapeutics Inc.		431	$	8,422	(a)
Xencor Inc.		866		32,051	(a)
Zafgen Inc.		528		5,401	(a)
ZIOPHARM Oncology Inc.		2,449		7,396	(a)
				22,144,268
Brewers – 0.0% *
Craft Brew Alliance Inc.		250		5,163	(a)
Molson Coors Brewing Co., Class B		6,369		433,347
The Boston Beer Company Inc., Class A		212		63,536	(a)
				502,046
Broadcasting – 0.1%
AMC Networks Inc., Class A		304		18,909	(a)
CBS Corp., Class B		11,553		649,510
Discovery Inc., Class A		5,819		160,023	(a)
Discovery Inc., Class C		10,531		268,540	(a)
Entercom Communications Corp., Class A		2,426		18,316
Entravision Communications Corp., Class A		1,320		6,600
Gray Television Inc.		1,455		22,989	(a)
Hemisphere Media Group Inc.		394		5,161	(a)
Media General Inc.		2,076		208
Nexstar Media Group Inc.		830		60,922
Saga Communications Inc., Class A		76		2,926
Sinclair Broadcast Group Inc., Class A		1,343		43,177
TEGNA Inc.		5,531		60,011
The EW Scripps Co., Class A		743		9,949
				1,327,241
Building Products – 0.1%
AAON Inc.		717		23,840
Advanced Drainage Systems Inc.		840		23,982
American Woodmark Corp.		265		24,261	(a)
AO Smith Corp.		5,000		295,750
Apogee Enterprises Inc.		458		22,062
Armstrong Flooring Inc.		247		3,468	(a)
Builders FirstSource Inc.		2,025		37,037	(a)
Continental Building Products Inc.		708		22,337	(a)
CSW Industrials Inc.		290		15,327	(a)
Fortune Brands Home & Security Inc.		5,069		272,155
Gibraltar Industries Inc.		527		19,762	(a)
Griffon Corp.		440		7,832
Insteel Industries Inc.		351		11,723
JELD-WEN Holding Inc.		1,254		35,852	(a)
Johnson Controls International PLC		31,052		1,038,689
Lennox International Inc.		249		49,837
Masco Corp.		10,423		390,029
Masonite International Corp.		512		36,787	(a)
NCI Building Systems Inc.		800		16,800	(a)
Patrick Industries Inc.		435		24,730	(a)
PGT Innovations Inc.		834		17,389	(a)
Quanex Building Products Corp.		689		12,368
Simpson Manufacturing Company Inc.		719		44,715
Trex Company Inc.		1,094		68,473	(a)
Universal Forest Products Inc.		1,118		40,941
				2,556,146
Cable & Satellite – 0.3%
Altice USA Inc., Class A		5,334		90,999
Cable One Inc.		32		23,465
Charter Communications Inc., Class A		6,179		1,811,745	(a)
Comcast Corp., Class A		152,989		5,019,569
DISH Network Corp., Class A		7,700		258,797	(a)
Loral Space & Communications Inc.		261		9,814	(a)
MSG Networks Inc., Class A		1,142		27,351	(a)
WideOpenWest Inc.		393		3,796	(a)
				7,245,536
Casinos & Gaming – 0.1%
Boyd Gaming Corp.		2,066		71,607
Century Casinos Inc.		441		3,859	(a)
Churchill Downs Inc.		292		86,578
Eldorado Resorts Inc.		1,223		47,819	(a)
Empire Resorts Inc.		39		772	(a)
Golden Entertainment Inc.		334		9,015	(a)
MGM Resorts International		16,800		487,704
Monarch Casino & Resort Inc.		216		9,515	(a)

	Number of Shares		Fair Value
Penn National Gaming Inc.		1,494	$	50,183	(a)
Pinnacle Entertainment Inc.		938		31,639	(a)
PlayAGS Inc.		224		6,064	(a)
Red Rock Resorts Inc., Class A		1,295		43,382
Scientific Games Corp., Class A		1,371		67,385	(a)
Wynn Resorts Ltd.		2,687		449,643
				1,365,165
Coal & Consumable Fuels – 0.0% *
Arch Coal Inc., Class A		353		27,686
Cloud Peak Energy Inc.		1,400		4,886	(a)
CONSOL Energy Inc.		533		20,440	(a)
NACCO Industries Inc., Class A		76		2,565
Peabody Energy Corp.		1,495		67,993
				123,570
Commercial Printing – 0.0% *
Brady Corp., Class A		879		33,885
Deluxe Corp.		1,203		79,651
Ennis Inc.		346		7,041
LSC Communications Inc.		633		9,913
Multi-Color Corp.		226		14,611
Quad/Graphics Inc.		579		12,061
RR Donnelley & Sons Co.		1,328		7,649
				164,811
Commodity Chemicals – 0.1%
AdvanSix Inc.		567		20,769	(a)
Cabot Corp.		402		24,832
Hawkins Inc.		192		6,787
Koppers Holdings Inc.		330		12,655	(a)
Kronos Worldwide Inc.		464		10,454
LyondellBasell Industries N.V., Class A		10,865		1,193,520
Olin Corp.		1,126		32,339
Trecora Resources		399		5,925	(a)
Tredegar Corp.		513		12,056
Trinseo S.A.		805		57,115
Tronox Ltd., Class A		1,754		34,519
Valvoline Inc.		1,302		28,084
				1,439,055
Communications Equipment – 0.4%
Acacia Communications Inc.		524		18,240	(a)
ADTRAN Inc.		867		12,875
Aerohive Networks Inc.		476		1,890	(a)
Applied Optoelectronics Inc.		335		15,042	(a)
CalAmp Corp.		560		13,121	(a)
Calix Inc.		830		6,474	(a)
Casa Systems Inc.		151		2,466	(a)
Ciena Corp.		3,625		96,099	(a)
Cisco Systems Inc.		156,534		6,735,658
Clearfield Inc.		229		2,530	(a)
Comtech Telecommunications Corp.		451		14,378
Digi International Inc.		520		6,864	(a)
Extreme Networks Inc.		2,073		16,501	(a)
F5 Networks Inc.		2,012		346,969	(a)
Finisar Corp.		2,042		36,756	(a)
Harmonic Inc.		1,543		6,558	(a)
Infinera Corp.		2,600		25,818	(a)
InterDigital Inc.		872		70,545
Juniper Networks Inc.		10,903		298,960
KVH Industries Inc.		306		4,100	(a)
Lumentum Holdings Inc.		1,574		91,135	(a)
Motorola Solutions Inc.		5,434		632,355
NETGEAR Inc.		584		36,500	(a)
NetScout Systems Inc.		2,097		62,281	(a)
Oclaro Inc.		3,137		28,013	(a)
Plantronics Inc.		809		61,686
Quantenna Communications Inc.		658		10,225	(a)
Ribbon Communications Inc.		960		6,835	(a)
ViaSat Inc.		1,381		90,759	(a)
Viavi Solutions Inc.		4,240		43,418	(a)
				8,795,051
Computer & Electronics Retail – 0.0% *
Best Buy Company Inc.		8,168		609,170
Conn’s Inc.		296		9,768	(a)
GameStop Corp., Class A		1,888		27,508
Rent-A-Center Inc.		811		11,938
				658,384

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Construction & Engineering – 0.1%
AECOM		1,061	$	35,045	(a)
Aegion Corp.		574		14,781	(a)
Ameresco Inc., Class A		412		4,944	(a)
Argan Inc.		270		11,057
Comfort Systems USA Inc.		638		29,220
Dycom Industries Inc.		765		72,300	(a)
EMCOR Group Inc.		1,457		110,994
Fluor Corp.		4,533		221,120
Granite Construction Inc.		1,134		63,118
Great Lakes Dredge & Dock Corp.		1,192		6,258	(a)
HC2 Holdings Inc.		645		3,773	(a)
IES Holdings Inc.		156		2,613	(a)
Infrastructure and Energy Alternatives Inc.		406		3,780	(a)
Jacobs Engineering Group Inc.		3,790		240,627
KBR Inc.		3,553		63,670
MasTec Inc.		1,201		60,951	(a)
MYR Group Inc.		279		9,893	(a)
Northwest Pipe Co.		217		4,203	(a)
NV5 Global Inc.		147		10,187	(a)
Orion Group Holdings Inc.		522		4,312	(a)
Primoris Services Corp.		677		18,435
Quanta Services Inc.		4,428		147,895	(a)
Sterling Construction Company Inc.		489		6,372	(a)
Tutor Perini Corp.		630		11,624	(a)
Valmont Industries Inc.		151		22,763
Willscot Corp.		663		9,812	(a)
				1,189,747
Construction Machinery & Heavy Trucks – 0.2%
Alamo Group Inc.		157		14,187
American Railcar Industries Inc.		157		6,198
Astec Industries Inc.		387		23,143
Blue Bird Corp.		305		6,817	(a)
Caterpillar Inc.		19,915		2,701,868
Commercial Vehicle Group Inc.		566		4,154	(a)
Cummins Inc.		5,086		676,438
Douglas Dynamics Inc.		355		17,040
Federal Signal Corp.		1,052		24,501
FreightCar America Inc.		248		4,164
Manitex International Inc.		335		4,181	(a)
Meritor Inc.		1,578		32,459	(a)
Miller Industries Inc.		220		5,621
Navistar International Corp.		919		37,422	(a)
Oshkosh Corp.		489		34,386
PACCAR Inc.		12,047		746,432
REV Group Inc.		422		7,178
Spartan Motors Inc.		666		10,057
Terex Corp.		490		20,673
The Greenbrier Companies Inc.		595		31,386
The Manitowoc Company Inc.		678		17,533	(a)
Trinity Industries Inc.		995		34,089
Twin Disc Inc.		199		4,939	(a)
Wabash National Corp.		1,098		20,489
Wabtec Corp.		568		55,993
				4,541,348
Construction Materials – 0.1%
Eagle Materials Inc.		321		33,695
Forterra Inc.		361		3,513	(a)
Martin Marietta Materials Inc.		2,155		481,276
Summit Materials Inc., Class A		2,080		54,600	(a)
United States Lime & Minerals Inc.		38		3,188
US Concrete Inc.		286		15,015	(a)
Vulcan Materials Co.		4,476		577,673
				1,168,960
Consumer Electronics – 0.0% *
GoPro Inc., Class A		2,032		13,086	(a)
Roku Inc.		811		34,565	(a)
Turtle Beach Corp.		180		3,658	(a)
Universal Electronics Inc.		262		8,659	(a)
Vuzix Corp.		548		4,082	(a)
ZAGG Inc.		406		7,024	(a)
				71,074
Consumer Finance – 0.3%
American Express Co.		23,985		2,350,530

	Number of Shares		Fair Value
Capital One Financial Corp.		16,175	$	1,486,483
Curo Group Holdings Corp.		156		3,892	(a)
Discover Financial Services		11,682		822,530
Elevate Credit Inc.		468		3,959	(a)
Encore Capital Group Inc.		433		15,848	(a)
Enova International Inc.		538		19,664	(a)
EZCORP Inc., Class A		762		9,182	(a)
FirstCash Inc.		823		73,947
Green Dot Corp., Class A		883		64,803	(a)
LendingClub Corp.		5,689		21,561	(a)
Navient Corp.		1,746		22,750
Nelnet Inc., Class A		339		19,801
PRA Group Inc.		810		31,226	(a)
Regional Management Corp.		114		3,992	(a)
SLM Corp.		2,853		32,667	(a)
Synchrony Financial		24,021		801,821
World Acceptance Corp.		119		13,210	(a)
				5,797,866
Copper – 0.0% *
Freeport-McMoRan Inc.		44,048		760,268
Southern Copper Corp.		1,879		88,069
				848,337
Data Processing & Outsourced Services – 1.2%
Alliance Data Systems Corp.		1,559		363,559
Automatic Data Processing Inc.		14,821		1,988,089
Broadridge Financial Solutions Inc.		4,000		460,400
Cardtronics PLC, Class A		646		15,620	(a)
Cass Information Systems Inc.		190		13,076
Convergys Corp.		2,319		56,676
CoreLogic Inc.		546		28,337	(a)
CSG Systems International Inc.		587		23,991
Everi Holdings Inc.		1,206		8,683	(a)
Exela Technologies Inc.		1,027		4,878	(a)
ExlService Holdings Inc.		597		33,796	(a)
Fidelity National Information Services Inc.		11,178		1,185,203
Fiserv Inc.		13,886		1,028,814	(a)
FleetCor Technologies Inc.		3,000		631,950	(a)
Global Payments Inc.		5,303		591,231
Information Services Group Inc.		600		2,460	(a)
Jack Henry & Associates Inc.		517		67,396
Mastercard Inc., Class A		30,552		6,004,079
MAXIMUS Inc.		1,640		101,860
MoneyGram International Inc.		597		3,994	(a)
Paychex Inc.		10,862		742,418
PayPal Holdings Inc.		37,413		3,115,381	(a)
PRGX Global Inc.		471		4,569	(a)
Sabre Corp.		1,699		41,863
Sykes Enterprises Inc.		653		18,793	(a)
Syntel Inc.		641		20,570	(a)
The Western Union Co.		15,645		318,063
Total System Services Inc.		5,581		471,706
TTEC Holdings Inc.		263		9,087
Visa Inc., Class A		59,457		7,875,080
WEX Inc.		264		50,287	(a)
				25,281,909
Department Stores – 0.1%
Dillard’s Inc., Class A		318		30,051
JC Penney Company Inc.		5,875		13,748	(a)
Kohl’s Corp.		5,518		402,262
Macy’s Inc.		10,075		377,107
Nordstrom Inc.		4,154		215,094
Sears Holdings Corp.		223		529	(a)
				1,038,791
Distillers & Vintners – 0.1%
Brown-Forman Corp., Class B		8,307		407,126
Constellation Brands Inc., Class A		5,508		1,205,536
MGP Ingredients Inc.		249		22,114
				1,634,776
Distributors – 0.0% *
Core-Mark Holding Company Inc.		820		18,614
Genuine Parts Co.		5,037		462,346
LKQ Corp.		10,450		333,355	(a)
Pool Corp.		268		40,602
Weyco Group Inc.		129		4,696
				859,613

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Diversified Banks – 1.7%
Bank of America Corp.		314,098	$	8,854,423
Citigroup Inc.		84,832		5,676,957
JPMorgan Chase & Co.		113,478		11,824,408
U.S. Bancorp		52,311		2,616,596
Wells Fargo & Co.		146,606		8,127,837
				37,100,221
Diversified Chemicals – 0.3%
DowDuPont Inc.		77,254		5,092,584
Eastman Chemical Co.		4,668		466,613
LSB Industries Inc.		420		2,226	(a)
The Chemours Co.		1,175		52,123
				5,613,546
Diversified Metals & Mining – 0.0% *
Compass Minerals International Inc.		814		53,520
Materion Corp.		358		19,386
				72,906
Diversified Real Estate Activities – 0.0% *
Consolidated-Tomoka Land Co.		80		4,921
Tejon Ranch Co.		336		8,165	(a)
The RMR Group Inc., Class A		135		10,591
The St Joe Co.		605		10,859	(a)
				34,536
Diversified REITs – 0.0% *
Alexander & Baldwin Inc.		1,707		40,115
American Assets Trust Inc.		670		25,654
Armada Hoffler Properties Inc.		847		12,620
Gladstone Commercial Corp.		448		8,611
Global Net Lease Inc.		1,288		26,314
iStar Inc.		1,279		13,800	(a)
Lexington Realty Trust		4,034		35,217
Liberty Property Trust		970		43,000
One Liberty Properties Inc.		273		7,210
PS Business Parks Inc.		371		47,673
Washington Real Estate Investment Trust		1,402		42,523
				302,737
Diversified Support Services – 0.1%
Cintas Corp.		2,869		530,966
Copart Inc.		6,700		378,952	(a)
Healthcare Services Group Inc.		1,857		80,204
Matthews International Corp., Class A		585		34,398
McGrath RentCorp.		454		28,725
Mobile Mini Inc.		792		37,145
UniFirst Corp.		283		50,063
Viad Corp.		374		20,289
VSE Corp.		166		7,931
				1,168,673
Drug Retail – 0.1%
Rite Aid Corp.		19,677		34,041	(a)
Walgreens Boots Alliance Inc.		28,463		1,708,207
				1,742,248
Education Services – 0.0% *
Adtalem Global Education Inc.		1,503		72,294	(a)
American Public Education Inc.		312		13,135	(a)
Cambium Learning Group Inc.		198		2,208	(a)
Capella Education Co.		199		19,641
Career Education Corp.		1,167		18,871	(a)
Chegg Inc.		1,974		54,858	(a)
Graham Holdings Co., Class B		30		17,583
Houghton Mifflin Harcourt Co.		1,959		14,986	(a)
K12 Inc.		679		11,115	(a)
Laureate Education Inc., Class A		787		11,278	(a)
Strayer Education Inc.		197		22,263
				258,232
Electric Utilities – 0.7%
ALLETE Inc.		1,292		100,014
Alliant Energy Corp.		7,871		333,101
American Electric Power Company Inc.		16,632		1,151,766
Duke Energy Corp.		23,344		1,846,043
Edison International		11,028		697,742

	Number of Shares		Fair Value
El Paso Electric Co.		755	$	44,620
Entergy Corp.		6,194		500,413
Evergy Inc.		9,100		510,965
Eversource Energy		10,833		634,922
Exelon Corp.		31,816		1,355,362
FirstEnergy Corp.		15,322		550,213
Hawaiian Electric Industries Inc.		741		25,416
IDACORP Inc.		1,267		116,868
MGE Energy Inc.		652		41,109
NextEra Energy Inc.		15,681		2,619,197
OGE Energy Corp.		1,312		46,196
Otter Tail Corp.		715		34,034
PG&E Corp.		16,835		716,498
Pinnacle West Capital Corp.		3,526		284,055
PNM Resources Inc.		2,014		78,345
Portland General Electric Co.		1,656		70,811
PPL Corp.		23,637		674,836
Spark Energy Inc., Class A		198		1,930
The Southern Co.		33,536		1,553,052
Xcel Energy Inc.		16,933		773,499
				14,761,007
Electrical Components & Equipment – 0.2%
Acuity Brands Inc.		268		31,053
Allied Motion Technologies Inc.		124		5,937
AMETEK Inc.		7,523		542,860
Atkore International Group Inc.		621		12,898	(a)
Eaton Corporation PLC		14,455		1,080,367
Emerson Electric Co.		21,095		1,458,508
Encore Wire Corp.		333		15,801
Energous Corp.		298		4,419	(a)
EnerSys		1,067		79,641
Enphase Energy Inc.		1,717		11,555	(a)
Generac Holdings Inc.		1,125		58,196	(a)
Hubbell Inc.		372		39,335
Plug Power Inc.		3,634		7,341	(a)
Powell Industries Inc.		173		6,026
Preformed Line Products Co.		47		4,173
Regal Beloit Corp.		300		24,540
Rockwell Automation Inc.		4,249		706,311
Sunrun Inc.		1,606		21,119	(a)
Thermon Group Holdings Inc.		503		11,504	(a)
Vicor Corp.		332		14,459	(a)
Vivint Solar Inc.		358		1,772	(a)
				4,137,815
Electronic Components – 0.1%
Amphenol Corp., Class A		9,808		854,767
AVX Corp.		790		12,379
Bel Fuse Inc., Class B		184		3,846
Belden Inc.		1,014		61,976
Corning Inc.		27,793		764,585
II-VI Inc.		1,148		49,881	(a)
Knowles Corp.		1,530		23,409	(a)
Littelfuse Inc.		165		37,650
Rogers Corp.		324		36,113	(a)
Vishay Intertechnology Inc.		3,335		77,372
				1,921,978
Electronic Equipment & Instruments – 0.0% *
Badger Meter Inc.		504		22,529
Cognex Corp.		1,154		51,480
Coherent Inc.		164		25,653	(a)
Control4 Corp.		403		9,797	(a)
Daktronics Inc.		742		6,314
Electro Scientific Industries Inc.		523		8,248	(a)
FARO Technologies Inc.		266		14,457	(a)
Fitbit Inc., Class A		3,895		25,434	(a)
FLIR Systems Inc.		4,785		248,676
Iteris Inc.		554		2,681	(a)
Itron Inc.		634		38,072	(a)
Keysight Technologies Inc.		1,234		72,843	(a)
Mesa Laboratories Inc.		60		12,665
MTS Systems Corp.		335		17,638
Napco Security Technologies Inc.		280		4,102	(a)
National Instruments Corp.		714		29,974
nLight Inc.		149		4,926	(a)
Novanta Inc.		611		38,065	(a)
OSI Systems Inc.		314		24,282	(a)

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
PAR Technology Corp.		262	$	4,632	(a)
Trimble Inc.		1,681		55,204	(a)
VeriFone Systems Inc.		2,682		61,203	(a)
Vishay Precision Group Inc.		158		6,028	(a)
Zebra Technologies Corp., Class A		354		50,710	(a)
				835,613
Electronic Manufacturing Services – 0.0% *
Benchmark Electronics Inc.		900		26,235
CTS Corp.		622		22,392
IPG Photonics Corp.		1,300		286,819	(a)
Jabil Inc.		1,151		31,837
KEMET Corp.		999		24,126	(a)
Kimball Electronics Inc.		360		6,588	(a)
Maxwell Technologies Inc.		632		3,286	(a)
Methode Electronics Inc.		630		25,389
Park Electrochemical Corp.		391		9,067
Plexus Corp.		611		36,379	(a)
Sanmina Corp.		1,266		37,094	(a)
TTM Technologies Inc.		1,758		30,993	(a)
				540,205
Environmental & Facilities Services – 0.1%
ABM Industries Inc.		1,237		36,096
Advanced Disposal Services Inc.		1,359		33,676	(a)
Casella Waste Systems Inc., Class A		628		16,083	(a)
CECO Environmental Corp.		591		3,629
Clean Harbors Inc.		346		19,220	(a)
Covanta Holding Corp.		2,199		36,283
Heritage-Crystal Clean Inc.		258		5,186	(a)
Republic Services Inc.		7,446		509,009
Rollins Inc.		638		33,546
SP Plus Corp.		435		16,182	(a)
Stericycle Inc.		2,942		192,083	(a)
Team Inc.		581		13,421	(a)
Tetra Tech Inc.		1,028		60,138
US Ecology Inc.		367		23,378
Waste Management Inc.		13,475		1,096,056
				2,093,986
Fertilizers & Agricultural Chemicals – 0.1%
AgroFresh Solutions Inc.		436		3,056	(a)
American Vanguard Corp.		568		13,036
CF Industries Holdings Inc.		7,939		352,492
FMC Corp.		4,566		407,333
Intrepid Potash Inc.		1,283		5,260	(a)
The Mosaic Co.		11,937		334,833
The Scotts Miracle-Gro Co., Class A		256		21,289
				1,137,299
Financial Exchanges & Data – 0.3%
Cboe Global Markets Inc.		3,900		405,873
CME Group Inc.		11,369		1,863,606
Donnelley Financial Solutions Inc.		501		8,702	(a)
FactSet Research Systems Inc.		260		51,506
Intercontinental Exchange Inc.		19,230		1,414,367
MarketAxess Holdings Inc.		252		49,861
Moody’s Corp.		5,562		948,655
MSCI Inc.		3,000		496,290
Nasdaq Inc.		3,760		343,175
S&P Global Inc.		8,408		1,714,307
				7,296,342
Food Distributors – 0.1%
Performance Food Group Co.		1,885		69,180	(a)
SpartanNash Co.		659		16,818
Sysco Corp.		16,177		1,104,727
The Andersons Inc.		466		15,937
The Chefs’ Warehouse Inc.		390		11,115	(a)
United Natural Foods Inc.		1,238		52,813	(a)
				1,270,590
Food Retail – 0.0% *
Casey’s General Stores Inc.		256		26,900
Ingles Markets Inc., Class A		277		8,809
Natural Grocers by Vitamin Cottage Inc.		188		2,395	(a)
Smart & Final Stores Inc.		456		2,531	(a)
Sprouts Farmers Market Inc.		808		17,832	(a)
SUPERVALU Inc.		598		12,271	(a)
The Kroger Co.		25,968		738,790
Village Super Market Inc., Class A		143		4,213
Weis Markets Inc.		188		10,028
				823,769

	Number of Shares		Fair Value
Footwear – 0.2%
Crocs Inc.		1,245	$	21,924	(a)
Deckers Outdoor Corp.		791		89,296	(a)
NIKE Inc., Class B		42,972		3,424,009
Rocky Brands Inc.		153		4,590
Skechers U.S.A. Inc., Class A		886		26,589	(a)
Steven Madden Ltd.		1,077		57,189
Wolverine World Wide Inc.		1,711		59,491
				3,683,088
Forest Products – 0.0% *
Boise Cascade Co.		666		29,770
Louisiana-Pacific Corp.		3,675		100,034
				129,804
Gas Utilities – 0.0% *
Atmos Energy Corp.		742		66,884
Chesapeake Utilities Corp.		295		23,585
National Fuel Gas Co.		565		29,922
New Jersey Resources Corp.		2,186		97,824
Northwest Natural Gas Co.		500		31,900
ONE Gas Inc.		1,308		97,760
RGC Resources Inc.		154		4,494
South Jersey Industries Inc.		1,595		53,385
Southwest Gas Holdings Inc.		1,209		92,210
Spire Inc.		913		64,504
UGI Corp.		1,159		60,349
WGL Holdings Inc.		1,287		114,221
				737,038
General Merchandise Stores – 0.1%
Big Lots Inc.		1,041		43,493
Dollar General Corp.		8,516		839,677
Dollar Tree Inc.		7,948		675,580	(a)
Ollie’s Bargain Outlet Holdings Inc.		1,250		90,625	(a)
Target Corp.		17,590		1,338,951
				2,988,326
Gold – 0.0% *
Gold Resource Corp.		1,024		6,748
Newmont Mining Corp.		17,225		649,555
Royal Gold Inc.		437		40,571
Tahoe Resources Inc.		5,844		28,752
				725,626
Health Care REITs – 0.1%
CareTrust REIT Inc.		1,402		23,399
Community Healthcare Trust Inc.		257		7,677
Global Medical REIT Inc.		302		2,676
HCP Inc.		15,538		401,191
Healthcare Realty Trust Inc.		3,141		91,340
LTC Properties Inc.		708		30,260
MedEquities Realty Trust Inc.		402		4,430
Medical Properties Trust Inc.		2,417		33,935
National Health Investors Inc.		747		55,039
New Senior Investment Group Inc.		1,086		8,221
Omega Healthcare Investors Inc.		1,314		40,734
Physicians Realty Trust		3,394		54,100
Quality Care Properties Inc.		2,371		51,000	(a)
Sabra Health Care REIT Inc.		4,498		97,742
Senior Housing Properties Trust		1,592		28,799
Universal Health Realty Income Trust REIT		248		15,867
Ventas Inc.		11,452		652,192
Welltower Inc.		12,080		757,295
				2,355,897
Healthcare Distributors – 0.1%
AmerisourceBergen Corp.		5,450		464,721
Cardinal Health Inc.		10,318		503,828
Henry Schein Inc.		4,818		349,980	(a)
McKesson Corp.		6,677		890,712
Owens & Minor Inc.		1,119		18,698
Patterson Companies Inc.		2,068		46,882
PetIQ Inc.		135		3,626	(a)
				2,278,447

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Healthcare Equipment – 0.9%
Abaxis Inc.		411	$	34,117
Abbott Laboratories		58,032		3,539,372	(b)
ABIOMED Inc.		1,400		572,670	(a)
Accuray Inc.		1,606		6,585	(a)
AngioDynamics Inc.		690		15,346	(a)
AtriCure Inc.		633		17,123	(a)
AxoGen Inc.		626		31,456	(a)
Baxter International Inc.		16,471		1,216,219
Becton Dickinson and Co.		8,895		2,130,886
Boston Scientific Corp.		45,618		1,491,709	(a)
Cantel Medical Corp.		240		23,606
Cardiovascular Systems Inc.		515		16,655	(a)
CONMED Corp.		472		34,550
CryoLife Inc.		678		18,882	(a)
CryoPort Inc.		515		8,127	(a)
Cutera Inc.		215		8,664	(a)
CytoSorbents Corp.		591		6,737	(a)
Danaher Corp.		20,370		2,010,112
Edwards Lifesciences Corp.		7,123		1,036,895	(a)
FONAR Corp.		141		3,743	(a)
GenMark Diagnostics Inc.		807		5,149	(a)
Glaukos Corp.		622		25,278	(a)
Globus Medical Inc., Class A		1,817		91,686	(a)
Helius Medical Technologies Inc.		362		3,446	(a)
Heska Corp.		121		12,559	(a)
Hill-Rom Holdings Inc.		440		38,430
Hologic Inc.		9,541		379,255	(a)
IDEXX Laboratories Inc.		2,800		610,232	(a)
Inogen Inc.		327		60,930	(a)
Integer Holdings Corp.		559		36,139	(a)
Integra LifeSciences Holdings Corp.		462		29,757	(a)
IntriCon Corp.		130		5,239	(a)
Intuitive Surgical Inc.		3,717		1,778,510	(a)
Invacare Corp.		640		11,904
iRhythm Technologies Inc.		444		36,022	(a)
K2M Group Holdings Inc.		768		17,280	(a)
LeMaitre Vascular Inc.		275		9,207
Masimo Corp.		311		30,369	(a)
Natus Medical Inc.		580		20,010	(a)
Nevro Corp.		507		40,484	(a)
NuVasive Inc.		1,295		67,495	(a)
Nuvectra Corp.		292		5,995	(a)
NxStage Medical Inc.		1,196		33,368	(a)
Orthofix International N.V.		318		18,069	(a)
Pulse Biosciences Inc.		173		2,619	(a)
ResMed Inc.		4,800		497,184
Rockwell Medical Inc.		970		4,782	(a)
SeaSpine Holdings Corp.		274		3,458	(a)
Stryker Corp.		10,656		1,799,372
Surmodics Inc.		199		10,985	(a)
Tactile Systems Technology Inc.		331		17,212	(a)
Tandem Diabetes Care Inc.		858		18,893	(a)
Teleflex Inc.		303		81,268
TransEnterix Inc.		3,058		13,333	(a)
Varex Imaging Corp.		713		26,445	(a)
Varian Medical Systems Inc.		3,063		348,324	(a)
ViewRay Inc.		666		4,609	(a)
Zimmer Biomet Holdings Inc.		6,943		773,728
				19,192,479
Healthcare Facilities – 0.1%
AAC Holdings Inc.		202		1,893	(a)
Acadia Healthcare Company Inc.		539		22,050	(a)
Brookdale Senior Living Inc.		3,507		31,879	(a)
Capital Senior Living Corp.		504		5,378	(a)
Community Health Systems Inc.		1,800		5,976	(a)
Encompass Health Corp.		667		45,169
Genesis Healthcare Inc.		651		1,491	(a)
HCA Healthcare Inc.		9,145		938,277
Kindred Healthcare Inc.		1,691		15,219	(a)
LifePoint Health Inc.		919		44,847	(a)
National HealthCare Corp.		223		15,695
Quorum Health Corp.		687		3,435	(a)
Select Medical Holdings Corp.		1,935		35,120	(a)
Surgery Partners Inc.		372		5,543	(a)
Tenet Healthcare Corp.		2,090		70,161	(a)

	Number of Shares		Fair Value
The Ensign Group Inc.		868	$	31,092
Universal Health Services Inc., Class B		2,949		328,636
US Physical Therapy Inc.		232		22,272
				1,624,133
Healthcare Services – 0.3%
Addus HomeCare Corp.		151		8,645	(a)
Amedisys Inc.		503		42,986	(a)
American Renal Associates Holdings Inc.		175		2,760	(a)
AMN Healthcare Services Inc.		877		51,392	(a)
Apollo Medical Holdings Inc.		494		12,775	(a)
BioScrip Inc.		1,987		5,822	(a)
BioTelemetry Inc.		541		24,345	(a)
Chemed Corp.		105		33,790
Civitas Solutions Inc.		301		4,936	(a)
CorVel Corp.		131		7,074	(a)
Cross Country Healthcare Inc.		643		7,234	(a)
CVS Health Corp.		33,698		2,168,466
DaVita Inc.		4,706		326,785	(a)
Diplomat Pharmacy Inc.		1,069		27,324	(a)
Envision Healthcare Corp.		4,383		192,896	(a)
Express Scripts Holding Co.		18,729		1,446,066	(a)
Laboratory Corporation of America Holdings		3,324		596,758	(a)
LHC Group Inc.		574		49,129	(a)
MEDNAX Inc.		622		26,920	(a)
National Research Corp., Class A		159		5,946
Quest Diagnostics Inc.		4,552		500,447
R1 RCM Inc.		1,899		16,483	(a)
RadNet Inc.		744		11,160	(a)
The Providence Service Corp.		188		14,767	(a)
Tivity Health Inc.		755		26,576	(a)
				5,611,482
Healthcare Supplies – 0.1%
Align Technology Inc.		2,400		821,136	(a)
Anika Therapeutics Inc.		281		8,992	(a)
Antares Pharma Inc.		2,720		7,018	(a)
Atrion Corp.		27		16,184
Avanos Medical Inc.		1,177		67,383	(a)
Cerus Corp.		2,029		13,533	(a)
DENTSPLY SIRONA Inc.		7,934		347,271
Endologix Inc.		1,626		9,203	(a)
Haemonetics Corp.		1,332		119,454	(a)
ICU Medical Inc.		102		29,952	(a)
Lantheus Holdings Inc.		733		10,665	(a)
Meridian Bioscience Inc.		634		10,081
Merit Medical Systems Inc.		863		44,186	(a)
Neogen Corp.		929		74,497	(a)
OraSure Technologies Inc.		1,042		17,162	(a)
OrthoPediatrics Corp.		157		4,182	(a)
Quidel Corp.		611		40,632	(a)
RTI Surgical Inc.		1,167		5,368	(a)
Senseonics Holdings Inc.		1,400		5,754	(a)
Sientra Inc.		465		9,072	(a)
STAAR Surgical Co.		789		24,459	(a)
The Cooper Companies Inc.		1,702		400,736
Utah Medical Products Inc.		69		7,600
West Pharmaceutical Services Inc.		493		48,950
				2,143,470
Healthcare Technology – 0.1%
Allscripts Healthcare Solutions Inc.		4,479		53,748	(a)
Castlight Health Inc., Class B		806		3,426	(a)
Cerner Corp.		10,486		626,958	(a)
Computer Programs & Systems Inc.		227		7,468
Cotiviti Holdings Inc.		691		30,494	(a)
Evolent Health Inc. Class A		1,268		26,691	(a)
HealthStream Inc.		513		14,010
HMS Holdings Corp.		1,476		31,911	(a)
Inovalon Holdings Inc., Class A		1,187		11,781	(a)
Inspire Medical Systems Inc.		167		5,955	(a)
Medidata Solutions Inc.		1,465		118,021	(a)
Omnicell Inc.		684		35,876	(a)
Quality Systems Inc.		866		16,887	(a)
Simulations Plus Inc.		252		5,607
Tabula Rasa HealthCare Inc.		330		21,064	(a)
Teladoc Inc.		1,147		66,583	(a)
Vocera Communications Inc.		498		14,885	(a)
				1,091,365

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Heavy Electrical Equipment – 0.0% *
AZZ Inc.		467	$	20,291
Babcock & Wilcox Enterprises Inc.		522		1,242	(a)
TPI Composites Inc.		298		8,714	(a)
				30,247
Home Building – 0.1%
AV Homes Inc.		240		5,136	(a)
Beazer Homes USA Inc.		640		9,440	(a)
Cavco Industries Inc.		160		33,224	(a)
Century Communities Inc.		496		15,649	(a)
D.R. Horton Inc.		11,715		480,315
Green Brick Partners Inc.		472		4,626	(a)
Hovnanian Enterprises Inc., Class A		2,473		4,031	(a)
Installed Building Products Inc.		401		22,676	(a)
KB Home		2,178		59,329
Lennar Corp., Class A		9,391		493,027
LGI Homes Inc.		309		17,839	(a)
M/I Homes Inc.		473		12,525	(a)
MDC Holdings Inc.		856		26,339
Meritage Homes Corp.		679		29,842	(a)
NVR Inc.		22		65,348	(a)
PICO Holdings Inc.		421		4,905	(a)
PulteGroup Inc.		9,281		266,829
Skyline Champion Corp.		150		5,256
Taylor Morrison Home Corp., Class A		2,090		43,430	(a)
The New Home Company Inc.		290		2,891	(a)
Toll Brothers Inc.		954		35,288
TopBuild Corp.		658		51,548	(a)
TRI Pointe Group Inc.		3,643		59,599	(a)
William Lyon Homes, Class A		483		11,206	(a)
				1,760,298
Home Entertainment Software – 0.2%
Activision Blizzard Inc.		25,222		1,924,943	(b)
Electronic Arts Inc.		10,302		1,452,788	(a)
Rosetta Stone Inc.		383		6,140	(a)
Take-Two Interactive Software Inc.		3,700		437,932	(a)
				3,821,803
Home Furnishing Retail – 0.0% *
Aaron’s Inc.		1,726		74,995
At Home Group Inc.		508		19,888	(a)
Bed Bath & Beyond Inc.		3,408		67,904
Haverty Furniture Companies Inc.		344		7,430
Kirkland’s Inc.		300		3,492	(a)
Pier 1 Imports Inc.		1,653		3,934
RH		358		50,013	(a)
Sleep Number Corp.		597		17,325	(a)
Williams-Sonoma Inc.		521		31,979
				276,960
Home Furnishings – 0.0% *
Bassett Furniture Industries Inc.		206		5,675
Ethan Allen Interiors Inc.		362		8,869
Flexsteel Industries Inc.		129		5,147
Hooker Furniture Corp.		228		10,693
La-Z-Boy Inc.		822		25,153
Leggett & Platt Inc.		4,543		202,800
Mohawk Industries Inc.		2,156		461,966	(a)
Tempur Sealy International Inc.		320		15,376	(a)
				735,679
Home Improvement Retail – 0.5%
Lowe’s Companies Inc.		27,336		2,612,501
Lumber Liquidators Holdings Inc.		532		12,954	(a)
The Home Depot Inc.		38,447		7,501,010
Tile Shop Holdings Inc.		650		5,005
				10,131,470
Hotel & Resort REITs – 0.1%
Ashford Hospitality Trust Inc.		1,574		12,749
Braemar Hotels & Resorts Inc.		450		5,139
Chatham Lodging Trust		758		16,085
Chesapeake Lodging Trust		1,111		35,152
CorePoint Lodging Inc.		732		18,959	(a)
DiamondRock Hospitality Co.		3,726		45,755
Hersha Hospitality Trust		653		14,007

	Number of Shares		Fair Value
Hospitality Properties Trust		1,088	$	31,128
Host Hotels & Resorts Inc.		23,469		494,492
LaSalle Hotel Properties		2,789		95,467
Pebblebrook Hotel Trust		1,267		49,160
RLJ Lodging Trust		3,217		70,935
Ryman Hospitality Properties Inc.		828		68,848
Summit Hotel Properties Inc.		1,735		24,828
Sunstone Hotel Investors Inc.		4,175		69,388
Xenia Hotels & Resorts Inc.		2,001		48,744
				1,100,836
Hotels, Resorts & Cruise Lines – 0.2%
BBX Capital Corp.		1,293		11,676
Bluegreen Vacations Corp.		173		4,117
Carnival Corp.		13,669		783,370
Hilton Worldwide Holdings Inc.		9,400		744,104
ILG Inc.		2,666		88,058
Lindblad Expeditions Holdings Inc.		299		3,962	(a)
Marriott International Inc., Class A		9,952		1,259,923
Marriott Vacations Worldwide Corp.		399		45,071
Norwegian Cruise Line Holdings Ltd.		6,500		307,125	(a)
Red Lion Hotels Corp.		265		3,087	(a)
Royal Caribbean Cruises Ltd.		5,654		585,755
Wyndham Destinations Inc.		659		29,174
Wyndham Hotels & Resorts Inc.		659		38,769
				3,904,191
Household Appliances – 0.0% *
Hamilton Beach Brands Holding Co., Class A		38		1,104
Helen of Troy Ltd.		681		67,044	(a)
iRobot Corp.		505		38,264	(a)
Whirlpool Corp.		2,031		296,993
				403,405
Household Products – 0.5%
Central Garden & Pet Co.		194		8,435	(a)
Central Garden & Pet Co., Class A		642		25,982	(a)
Church & Dwight Company Inc.		8,442		448,777
Colgate-Palmolive Co.		28,902		1,873,139
Energizer Holdings Inc.		393		24,743
HRG Group Inc.		2,237		29,282	(a)
Kimberly-Clark Corp.		11,619		1,223,945
Oil-Dri Corporation of America		99		4,172
The Clorox Co.		4,426		598,616
The Procter & Gamble Co.		83,702		6,533,778
WD-40 Co.		246		35,978
				10,806,847
Housewares & Specialties – 0.0% *
Lifetime Brands Inc.		220		2,783
Newell Brands Inc.		16,278		419,810
Tupperware Brands Corp.		1,306		53,859
				476,452
Human Resource & Employment Services – 0.0% *
ASGN Inc.		938		73,342	(a)
Barrett Business Services Inc.		142		13,713
BG Staffing Inc.		166		3,860
GP Strategies Corp.		257		4,523	(a)
Heidrick & Struggles International Inc.		278		9,730
Insperity Inc.		709		67,532
Kelly Services Inc., Class A		582		13,066
Kforce Inc.		416		14,269
Korn/Ferry International		1,046		64,779
ManpowerGroup Inc.		442		38,039
Robert Half International Inc.		4,283		278,823
TriNet Group Inc.		812		45,423	(a)
TrueBlue Inc.		734		19,781	(a)
WageWorks Inc.		712		35,600	(a)
				682,480
Hypermarkets & Super Centers – 0.3%
Costco Wholesale Corp.		14,650		3,061,557
PriceSmart Inc.		414		37,467
Walmart Inc.		48,422		4,147,344
				7,246,368
Independent Power Producers & Energy Traders – 0.0% *
AES Corp.		20,666		277,131
Atlantic Power Corp.		2,442		5,372	(a)
NRG Energy Inc.		10,124		310,807
NRG Yield Inc., Class A		688		11,731
NRG Yield Inc., Class C		1,100		18,920
				623,961

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Industrial Conglomerates – 0.6%
3M Co.		19,763	$	3,887,777	(b)
Carlisle Companies Inc.		403		43,649
General Electric Co.		288,811		3,930,718
Honeywell International Inc.		24,989		3,599,665
Raven Industries Inc.		648		24,916
Roper Technologies Inc.		3,457		953,821
				12,440,546
Industrial Gases – 0.1%
Air Products & Chemicals Inc.		7,387		1,150,377
Praxair Inc.		9,526		1,506,537
				2,656,914
Industrial Machinery – 0.3%
Actuant Corp., Class A		1,128		33,107
Albany International Corp., Class A		520		31,278
Altra Industrial Motion Corp.		505		21,765
Barnes Group Inc.		912		53,717
Briggs & Stratton Corp.		740		13,031
Chart Industries Inc.		526		32,444	(a)
CIRCOR International Inc.		256		9,462
Columbus McKinnon Corp.		393		17,040
Crane Co.		342		27,404
DMC Global Inc.		281		12,617
Donaldson Company Inc.		872		39,345
Dover Corp.		5,113		374,272
Energy Recovery Inc.		693		5,599	(a)
EnPro Industries Inc.		370		25,881
ESCO Technologies Inc.		459		26,484
Evoqua Water Technologies Corp.		1,424		29,192	(a)
Flowserve Corp.		4,491		181,436
Fortive Corp.		10,026		773,105
Franklin Electric Company Inc.		866		39,057
Gencor Industries Inc.		118		1,906	(a)
Global Brass & Copper Holdings Inc.		420		13,167
Graco Inc.		1,109		50,149
Graham Corp.		195		5,033
Harsco Corp.		1,442		31,868	(a)
Hillenbrand Inc.		1,165		54,930
Hurco Companies Inc.		128		5,728
Hyster-Yale Materials Handling Inc.		189		12,143
IDEX Corp.		509		69,468
Illinois Tool Works Inc.		10,182		1,410,614
Ingersoll-Rand PLC		8,277		742,695
ITT Inc.		584		30,526
John Bean Technologies Corp.		582		51,740
Kadant Inc.		180		17,307
Kennametal Inc.		2,057		73,846
LB Foster Co., Class A		188		4,315	(a)
Lincoln Electric Holdings Inc.		414		36,333
Lydall Inc.		332		14,492	(a)
Milacron Holdings Corp.		1,224		23,170	(a)
Mueller Industries Inc.		955		28,182
Mueller Water Products Inc., Class A		2,803		32,851
NN Inc.		530		10,017
Nordson Corp.		337		43,274
Omega Flex Inc.		58		4,588
Park-Ohio Holdings Corp.		172		6,416
Parker-Hannifin Corp.		4,495		700,546
Proto Labs Inc.		502		59,713	(a)
RBC Bearings Inc.		438		56,419	(a)
Rexnord Corp.		1,939		56,347	(a)
Snap-on Inc.		1,926		309,547
SPX Corp.		719		25,201	(a)
SPX FLOW Inc.		725		31,733	(a)
Standex International Corp.		226		23,097
Stanley Black & Decker Inc.		5,201		690,745
Sun Hydraulics Corp.		498		23,999
Tennant Co.		301		23,779
The Eastern Co.		130		3,647
The Gorman-Rupp Co.		355		12,425
The Timken Co.		463		20,164
TriMas Corp.		822		24,167	(a)
Watts Water Technologies Inc., Class A		518		40,611
Woodward Inc.		1,362		104,683
Xylem Inc.		6,099		410,951
				7,138,768

	Number of Shares		Fair Value
Industrial REITs – 0.1%
Americold Realty Trust		952	$	20,963
DCT Industrial Trust Inc.		619		41,306
Duke Realty Corp.		11,700		339,651
EastGroup Properties Inc.		638		60,967
First Industrial Realty Trust Inc.		3,122		104,088
Gramercy Property Trust		2,962		80,922
Industrial Logistics Properties Trust		366		8,180
Innovative Industrial Properties Inc.		141		5,164
Monmouth Real Estate Investment Corp.		1,271		21,010
Prologis Inc. REIT		17,445		1,145,962
Rexford Industrial Realty Inc.		1,501		47,116
STAG Industrial Inc.		1,732		47,162
Terreno Realty Corp.		993		37,406
				1,959,897
Insurance Brokers – 0.1%
Arthur J Gallagher & Co.		6,123		399,709
Brown & Brown Inc.		1,523		42,233
Crawford & Co., Class B		241		2,085
eHealth Inc.		378		8,354	(a)
Goosehead Insurance Inc., Class A		211		5,267	(a)
Health Insurance Innovations Inc., Class A		212		6,858	(a)
Marsh & McLennan Companies Inc.		16,758		1,373,653
				1,838,159
Integrated Oil & Gas – 1.0%
Chevron Corp.		63,788		8,064,717
Exxon Mobil Corp.		141,307		11,690,328
Occidental Petroleum Corp.		25,454		2,129,991
				21,885,036
Integrated Telecommunication Services – 0.7%
AT&T Inc.		242,291		7,779,964
ATN International Inc.		208		10,976
Cincinnati Bell Inc.		678		10,645	(a)
Consolidated Communications Holdings Inc.		1,301		16,080
Frontier Communications Corp.		1,489		7,981
Hawaiian Telcom Holdco Inc.		118		3,413	(a)
Ooma Inc.		385		5,448	(a)
Verizon Communications Inc.		137,840		6,934,730
Windstream Holdings Inc.		728		3,836
				14,773,073
Internet & Direct Marketing Retail – 1.5%
1-800-Flowers.com Inc., Class A		571		7,166	(a)
Amazon.com Inc.		13,415		22,802,817	(a)
Booking Holdings Inc.		1,614		3,271,723	(a)
Duluth Holdings Inc.		194		4,615	(a)
Expedia Group Inc.		3,947		474,390
Gaia Inc.		99		2,005	(a)
Groupon Inc.		8,237		35,419	(a)
Lands’ End Inc.		116		3,236	(a)
Liberty Expedia Holdings Inc., Class A		1,014		44,555	(a)
Liberty TripAdvisor Holdings Inc., Class A		1,346		21,671	(a)
Netflix Inc.		14,498		5,674,952	(a)
Nutrisystem Inc.		559		21,522
Overstock.com Inc.		400		13,460	(a)
PetMed Express Inc.		354		15,594
Shutterfly Inc.		613		55,188	(a)
TripAdvisor Inc.		3,684		205,236	(a)
				32,653,549
Internet Software & Services – 2.0%
Akamai Technologies Inc.		5,839		427,590	(a)
Alarm.com Holdings Inc.		582		23,501	(a)
Alphabet Inc., Class A		9,934		11,217,373	(a)
Alphabet Inc., Class C		10,163		11,338,351	(a)
Alteryx Inc., Class A		532		20,301	(a)
Amber Road Inc.		359		3,378	(a)
Appfolio Inc. Class A		282		17,244	(a)
Apptio Inc., Class A		639		23,132	(a)
Benefitfocus Inc.		387		13,003	(a)

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Blucora Inc.		879	$	32,523	(a)
Box Inc., Class A		2,355		58,851	(a)
Brightcove Inc.		606		5,848	(a)
Carbonite Inc.		464		16,194	(a)
Care.com Inc.		393		8,206	(a)
Cargurus Inc.		922		32,030	(a)
Cars.com Inc.		1,735		49,257	(a)
ChannelAdvisor Corp.		467		6,561	(a)
Cision Ltd.		770		11,511	(a)
Cloudera Inc.		1,790		24,416	(a)
Cornerstone OnDemand Inc.		992		47,050	(a)
Coupa Software Inc.		985		61,306	(a)
eBay Inc.		31,114		1,128,194	(a)
eGain Corp.		388		5,859	(a)
Endurance International Group Holdings Inc.		1,366		13,592	(a)
Envestnet Inc.		822		45,169	(a)
Etsy Inc.		2,203		92,944	(a)
Facebook Inc., Class A		79,972		15,540,159	(a)
Five9 Inc.		987		34,121	(a)
Gogo Inc.		1,134		5,511	(a)
GTT Communications Inc.		655		29,475	(a)
Hortonworks Inc.		1,296		23,613	(a)
Instructure Inc.		591		25,147	(a)
Internap Corp.		378		3,939	(a)
j2 Global Inc.		1,195		103,499
Leaf Group Ltd.		380		4,123	(a)
Limelight Networks Inc.		2,125		9,499	(a)
Liquidity Services Inc.		496		3,249	(a)
LivePerson Inc.		1,066		22,493	(a)
LogMeIn Inc.		343		35,415
MINDBODY Inc., Class A		726		28,024	(a)
New Relic Inc.		818		82,283	(a)
NIC Inc.		1,158		18,007
Pandora Media Inc.		4,784		37,698	(a)
Q2 Holdings Inc.		683		38,965	(a)
QuinStreet Inc.		753		9,563	(a)
Quotient Technology Inc.		1,287		16,860	(a)
Reis Inc.		170		3,706
SendGrid Inc.		152		4,031	(a)
ShotSpotter Inc.		152		5,765	(a)
Shutterstock Inc.		344		16,326	(a)
SPS Commerce Inc.		293		21,530	(a)
Stamps.com Inc.		320		80,976	(a)
TechTarget Inc.		355		10,082	(a)
Telaria Inc.		992		4,008	(a)
The Meet Group Inc.		837		3,750	(a)
The Trade Desk Inc., Class A		585		54,873	(a)
TrueCar Inc.		1,749		17,647	(a)
Twitter Inc.		21,600		943,272	(a)
VeriSign Inc.		2,852		391,922	(a)
Veritone Inc.		166		2,792	(a)
Web.com Group Inc.		680		17,578	(a)
XO Group Inc.		468		14,976	(a)
Yelp Inc.		1,503		58,887	(a)
Yext Inc.		1,526		29,513	(a)
				42,476,661
Investment Banking & Brokerage – 0.4%
B. Riley Financial Inc.		394		8,885
Cowen Inc.		531		7,354	(a)
E*TRADE Financial Corp.		8,825		539,737	(a)
Evercore Inc., Class A		274		28,893
GAIN Capital Holdings Inc.		226		1,706
Greenhill & Company Inc.		426		12,098
Houlihan Lokey Inc.		561		28,735
Interactive Brokers Group Inc., Class A		476		30,659
INTL. FCStone Inc.		288		14,893	(a)
Investment Technology Group Inc.		531		11,109
Ladenburg Thalmann Financial Services Inc.		2,143		7,286
Moelis & Co., Class A		727		42,639
Morgan Stanley		45,841		2,172,863
Oppenheimer Holdings Inc., Class A		105		2,940
Piper Jaffray Cos.		241		18,521
PJT Partners Inc., Class A		341		18,206
Raymond James Financial Inc.		4,300		384,205

	Number of Shares		Fair Value
Stifel Financial Corp.		1,768	$	92,378
The Charles Schwab Corp.		39,853		2,036,488
The Goldman Sachs Group Inc.		11,747		2,591,036
				8,050,631
IT Consulting & Other Services – 0.3%
Acxiom Corp.		1,983		59,391	(a)
CACI International Inc., Class A		454		76,522	(a)
Cognizant Technology Solutions Corp., Class A		19,782		1,562,580
ConvergeOne Holdings Inc.		544		5,108
DXC Technology Co.		9,735		784,738
Gartner Inc.		3,000		398,700	(a)
International Business Machines Corp.		28,437		3,972,649
Leidos Holdings Inc.		954		56,286
ManTech International Corp., Class A		499		26,766
Perficient Inc.		588		15,506	(a)
Perspecta Inc.		3,616		74,309
PFSweb Inc.		356		3,460	(a)
Presidio Inc.		571		7,480	(a)
Science Applications International Corp.		1,075		87,000
ServiceSource International Inc.		1,215		4,787	(a)
Teradata Corp.		790		31,719	(a)
The Hackett Group Inc.		447		7,183
Unisys Corp.		769		9,920	(a)
Virtusa Corp.		481		23,415	(a)
				7,207,519
Leisure Facilities – 0.0% *
Drive Shack Inc.		843		6,508	(a)
International Speedway Corp., Class A		545		24,362
Planet Fitness Inc., Class A		1,635		71,842	(a)
RCI Hospitality Holdings Inc.		99		3,133
SeaWorld Entertainment Inc.		894		19,507	(a)
Six Flags Entertainment Corp.		523		36,636
Speedway Motorsports Inc.		234		4,062
Town Sports International Holdings Inc.		340		4,947	(a)
				170,997
Leisure Products – 0.0% *
Acushnet Holdings Corp.		586		14,334
American Outdoor Brands Corp.		996		11,982	(a)
Brunswick Corp.		578		37,269
Callaway Golf Co.		1,758		33,349
Clarus Corp.		534		4,405	(a)
Escalade Inc.		203		2,862
Hasbro Inc.		3,903		360,286
Johnson Outdoors Inc., Class A		98		8,284
Malibu Boats Inc., Class A		367		15,392	(a)
Marine Products Corp.		125		2,223
Mattel Inc.		10,299		169,110
MCBC Holdings Inc.		265		7,672	(a)
Nautilus Inc.		617		9,687	(a)
Polaris Industries Inc.		386		47,161
Sturm Ruger & Company Inc.		325		18,200
Vista Outdoor Inc.		1,083		16,776	(a)
				758,992
Life & Health Insurance – 0.3%
Aflac Inc.		26,130		1,124,113
American Equity Investment Life Holding Co.		1,661		59,796
Brighthouse Financial Inc.		3,324		133,193	(a)
Citizens Inc.		936		7,291	(a)
CNO Financial Group Inc.		4,213		80,216
FBL Financial Group Inc., Class A		194		15,277
Genworth Financial Inc., Class A		12,882		57,969	(a)
Independence Holding Co.		26		864
Lincoln National Corp.		7,518		467,995
MetLife Inc.		34,073		1,485,583
National Western Life Group Inc., Class A		43		13,212
Primerica Inc.		1,103		109,859
Principal Financial Group Inc.		8,904		471,467
Prudential Financial Inc.		13,952		1,304,651
Torchmark Corp.		3,556		289,494
Trupanion Inc.		416	$	16,058	(a)
Unum Group		7,647		282,863
				5,919,901

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Life Sciences Tools & Services – 0.3%
Accelerate Diagnostics Inc.		464	$	10,347	(a)
Agilent Technologies Inc.		10,595		655,195
Bio-Rad Laboratories Inc., Class A		134		38,664	(a)
Bio-Techne Corp.		250		36,987
Cambrex Corp.		598		31,275	(a)
Charles River Laboratories International Inc.		314		35,250	(a)
Codexis Inc.		984		14,170	(a)
Enzo Biochem Inc.		798		4,142	(a)
Fluidigm Corp.		587		3,499	(a)
Harvard Bioscience Inc.		807		4,317	(a)
Illumina Inc.		4,928		1,376,341	(a)
IQVIA Holdings Inc.		5,000		499,100	(a)
Luminex Corp.		785		23,181
Medpace Holdings Inc.		236		10,148	(a)
Mettler-Toledo International Inc.		854		494,150	(a)
NanoString Technologies Inc.		296		4,049	(a)
NeoGenomics Inc.		1,061		13,910	(a)
Pacific Biosciences of California Inc.		1,928		6,844	(a)
PerkinElmer Inc.		3,746		274,320
PRA Health Sciences Inc.		332		30,995	(a)
Syneos Health Inc.		1,422		66,692	(a)
Thermo Fisher Scientific Inc.		13,442		2,784,376
Waters Corp.		2,662		515,337	(a)
				6,933,289
Managed Healthcare – 0.7%
Aetna Inc.		10,955		2,010,242
Anthem Inc.		8,542		2,033,252
Centene Corp.		6,828		841,278	(a)
Cigna Corp.		8,100		1,376,595
HealthEquity Inc.		1,000		75,100	(a)
Humana Inc.		4,637		1,380,110
Magellan Health Inc.		459		44,041	(a)
Molina Healthcare Inc.		313		30,655	(a)
UnitedHealth Group Inc.		32,011		7,853,579
WellCare Health Plans Inc.		298		73,380	(a)
				15,718,232
Marine – 0.0% *
Eagle Bulk Shipping Inc.		895		4,869	(a)
Kirby Corp.		356		29,762	(a)
Matson Inc.		769		29,514
Scorpio Bulkers Inc.		1,043		7,405
				71,550
Metal & Glass Containers – 0.0% *
AptarGroup Inc.		414		38,659
Ball Corp.		12,052		428,449
Greif Inc., Class A		662		35,013
Greif Inc., Class B		112		6,451
Myers Industries Inc.		439		8,429
Owens-Illinois Inc.		1,082		18,188	(a)
Silgan Holdings Inc.		514		13,791
				548,980
Mortgage REITs – 0.0% *
AG Mortgage Investment Trust Inc.		510		9,583
Anworth Mortgage Asset Corp.		2,001		9,945
Apollo Commercial Real Estate Finance Inc.		2,299		42,026
Arbor Realty Trust Inc.		1,075		11,212
Ares Commercial Real Estate Corp.		547		7,554
ARMOUR Residential REIT Inc.		699		15,944
Blackstone Mortgage Trust Inc., Class A		1,894		59,528
Capstead Mortgage Corp.		1,767		15,815
Cherry Hill Mortgage Investment Corp.		222		3,965
Colony Credit Real Estate Inc.		1,577		32,691
CYS Investments Inc.		2,818		21,135
Dynex Capital Inc.		967		6,315
Exantas Capital Corp.		613		6,240
Granite Point Mortgage Trust Inc.		787		14,441
Great Ajax Corp.		272		3,558

	Number of Shares		Fair Value
Hannon Armstrong Sustainable Infrastructure Capital Inc.		936	$	18,486
Invesco Mortgage Capital Inc.		1,987		31,593
KKR Real Estate Finance Trust Inc.		196		3,877
Ladder Capital Corp.		1,642		25,648
MTGE Investment Corp.		848		16,621
New York Mortgage Trust Inc.		2,225		13,372
Orchid Island Capital Inc.		1,087		8,174
PennyMac Mortgage Investment Trust		1,054		20,015
Redwood Trust Inc.		1,374		22,630
Sutherland Asset Management Corp.		320		5,200
TPG RE Finance Trust Inc.		614		12,477
Western Asset Mortgage Capital Corp.		844		8,795
				446,840
Motorcycle Manufacturers – 0.0% *
Harley-Davidson Inc.		5,762		242,465
Movies & Entertainment – 0.4%
AMC Entertainment Holdings Inc., Class A		823		13,086
Cinemark Holdings Inc.		713		25,012
Liberty Media Corp.-Liberty Braves, Class A		189		4,859	(a)
Liberty Media Corp.-Liberty Braves, Class C		635		16,421	(a)
Live Nation Entertainment Inc.		908		44,102	(a)
LiveXLive Media Inc.		193		1,114	(a)
Reading International Inc., Class A		333		5,311	(a)
The Marcus Corp.		370		12,025
The Walt Disney Co.		49,435		5,181,282
Twenty-First Century Fox Inc., Class A		34,894		1,733,883
Twenty-First Century Fox Inc., Class B		14,714		724,959
Viacom Inc., Class B		11,703		352,962
World Wrestling Entertainment Inc., Class A		785		57,164
				8,172,180
Multi-Line Insurance – 0.1%
American Financial Group Inc.		468		50,230
American International Group Inc.		30,271		1,604,968
Assurant Inc.		1,569		162,376
Horace Mann Educators Corp.		771		34,387
Kemper Corp.		1,066		80,643
Loews Corp.		8,297		400,579
National General Holdings Corp.		1,157		30,464
The Hartford Financial Services Group Inc.		12,246		626,138
				2,989,785
Multi-Sector Holdings – 0.6%
Berkshire Hathaway Inc., Class B		64,243		11,990,956	(a)
Cannae Holdings Inc.		1,283		23,800	(a)
Jefferies Financial Group Inc.		10,667		242,567
				12,257,323
Multi-Utilities – 0.4%
Ameren Corp.		8,249		501,952
Avista Corp.		1,214		63,929
Black Hills Corp.		1,356		83,001
CenterPoint Energy Inc.		14,767		409,194
CMS Energy Corp.		9,613		454,503
Consolidated Edison Inc.		10,460		815,671
Dominion Energy Inc.		21,988		1,499,142
DTE Energy Co.		5,959		617,531
MDU Resources Group Inc.		1,292		37,054
NiSource Inc.		10,814		284,192
NorthWestern Corp.		1,245		71,276
Public Service Enterprise Group Inc.		16,961		918,268
SCANA Corp.		4,859		187,169
Sempra Energy		8,691		1,009,112
Unitil Corp.		278		14,189
Vectren Corp.		559		39,940
WEC Energy Group Inc.		10,178		658,008
				7,664,131
Office REITs – 0.1%
Alexandria Real Estate Equities Inc.		3,400		428,978
Boston Properties Inc.		5,064		635,127
Corporate Office Properties Trust		665		19,278
Cousins Properties Inc.		10,599		102,704

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Douglas Emmett Inc.		1,078	$	43,314
Easterly Government Properties Inc.		879		17,369
Franklin Street Properties Corp.		1,965		16,820
Government Properties Income Trust		1,790		28,371
Highwoods Properties Inc.		682		34,598
JBG SMITH Properties		626		22,830
Kilroy Realty Corp.		665		50,301
Mack-Cali Realty Corp.		2,261		45,853
NorthStar Realty Europe Corp.		712		10,317
Piedmont Office Realty Trust Inc., Class A		2,386		47,553
Select Income REIT		1,110		24,942
SL Green Realty Corp.		2,835		285,003
Tier REIT Inc.		857		20,379
Vornado Realty Trust		5,867		433,689
				2,267,426
Office Services & Supplies – 0.0% *
ACCO Brands Corp.		1,861		25,775
Essendant Inc.		742		9,809
Herman Miller Inc.		1,463		49,596
HNI Corp.		1,088		40,474
Interface Inc.		1,078		24,740
Kimball International Inc., Class B		532		8,597
Knoll Inc.		871		18,126
MSA Safety Inc.		864		83,238
NL Industries Inc.		176		1,531	(a)
Pitney Bowes Inc.		4,800		41,136
Steelcase Inc., Class A		1,417		19,129
				322,151
Oil & Gas Drilling – 0.0% *
Diamond Offshore Drilling Inc.		1,629		33,981	(a)
Helmerich & Payne Inc.		3,684		234,892
Independence Contract Drilling Inc.		607		2,501	(a)
Nabors Industries Ltd.		2,430		15,576
Patterson-UTI Energy Inc.		1,503		27,054
Pioneer Energy Services Corp.		1,279		7,482	(a)
Rowan Companies PLC, Class A		3,130		50,768	(a)
Unit Corp.		864		22,084	(a)
				394,338
Oil & Gas Equipment & Services – 0.3%
Apergy Corp.		522		21,793	(a)
Archrock Inc.		2,395		28,740
Baker Hughes a GE Co.		14,441		476,986
Basic Energy Services Inc.		330		3,666	(a)
Bristow Group Inc.		464		6,547
C&J Energy Services Inc.		1,213		28,627	(a)
Cactus Inc., Class A		421		14,226	(a)
CARBO Ceramics Inc.		394		3,613	(a)
Covia Holdings Corp.		587		10,895	(a)
Dawson Geophysical Co.		492		3,887	(a)
Dril-Quip Inc.		963		49,498	(a)
Era Group Inc.		402		5,206	(a)
Exterran Corp.		630		15,775	(a)
Forum Energy Technologies Inc.		1,477		18,241	(a)
FTS International Inc.		410		5,838	(a)
Halliburton Co.		29,434		1,326,296
Helix Energy Solutions Group Inc.		2,658		22,141	(a)
ION Geophysical Corp.		231		5,613	(a)
Keane Group Inc.		965		13,192	(a)
Key Energy Services Inc.		236		3,833	(a)
Liberty Oilfield Services Inc., Class A		268		5,017	(a)
Mammoth Energy Services Inc.		152		5,162	(a)
Matrix Service Co.		535		9,817	(a)
McDermott International Inc.		4,533		89,073	(a)
National Oilwell Varco Inc.		13,065		567,021
Natural Gas Services Group Inc.		245		5,782	(a)
NCS Multistage Holdings Inc.		209		3,037	(a)
Newpark Resources Inc.		1,688		18,315	(a)
Nine Energy Service Inc.		147		4,869	(a)
Oceaneering International Inc.		2,474		62,988
Oil States International Inc.		1,115		35,791	(a)
PHI Inc.		280		2,848	(a)
ProPetro Holding Corp.		1,350		21,168	(a)
RigNet Inc.		255		2,627	(a)
Schlumberger Ltd.		46,233		3,098,998
SEACOR Holdings Inc.		315		18,040	(a)

		Number of Shares		Fair Value
SEACOR Marine Holdings Inc.			316	$	7,296	(a)
Select Energy Services Inc., Class A			886		12,874	(a)
Smart Sand Inc.			228		1,211	(a)
Solaris Oilfield Infrastructure Inc., Class A			531		7,588	(a)
Superior Energy Services Inc.			3,562		34,694	(a)
TETRA Technologies Inc.			1,871		8,326	(a)
Tidewater Inc.			466		13,481	(a)
U.S. Silica Holdings Inc.			1,461		37,533
					6,138,169
Oil & Gas Exploration & Production – 0.6%
Abraxas Petroleum Corp.			2,099		6,066	(a)
Alta Mesa Resources Inc.			1,871		12,741	(a)
Anadarko Petroleum Corp.			17,060		1,249,645
Apache Corp.			12,963		606,020
Bonanza Creek Energy Inc.			341		12,914	(a)
Cabot Oil & Gas Corp.			15,127		360,023
California Resources Corp.			780		35,443	(a)
Callon Petroleum Co.			5,740		61,648	(a)
Carrizo Oil & Gas Inc.			1,461		40,689	(a)
Chesapeake Energy Corp.			6,029		31,592	(a)
Cimarex Energy Co.			3,293		335,030
CNX Resources Corp.			1,311		23,309	(a)
Concho Resources Inc.			4,826		667,677	(a)
ConocoPhillips			39,125		2,723,882
Denbury Resources Inc.			8,245		39,658	(a)
Devon Energy Corp.			17,464		767,717
Earthstone Energy Inc., Class A			427		3,779	(a)
Eclipse Resources Corp.			1,210		1,936	(a)
Energen Corp.			645		46,969	(a)
Energy XXI Gulf Coast Inc.			560		4,950	(a)
EOG Resources Inc.			19,117		2,378,728
EP Energy Corp., Class A			772		2,316	(a)
EQT Corp.			8,200		452,476
Evolution Petroleum Corp.			511		5,033
Gulfport Energy Corp.			4,322		54,327	(a)
Halcon Resources Corp.			2,397		10,523	(a)
Hess Corp.			8,770		586,625
HighPoint Resources Corp.			1,797		10,926	(a)
Isramco Inc.			13		1,598	(a)
Jagged Peak Energy Inc.			1,063		13,840	(a)
Laredo Petroleum Inc.	��		2,940		28,283	(a)
Lilis Energy Inc.			955		4,966	(a)
Marathon Oil Corp.			27,752		578,907
Matador Resources Co.			2,512		75,486	(a)
Midstates Petroleum Company Inc.			211		2,872	(a)
Murphy Oil Corp.			1,067		36,033
Newfield Exploration Co.			6,811		206,033	(a)
Noble Energy Inc.			16,620		586,354
Northern Oil and Gas Inc.			2,267		7,141	(a)
Oasis Petroleum Inc.			6,724		87,210	(a)
Panhandle Oil and Gas Inc., Class A			297		5,673
PDC Energy Inc.			1,226		74,112	(a)
Penn Virginia Corp.			202		17,148	(a)
Pioneer Natural Resources Co.			5,667		1,072,423
QEP Resources Inc.			1,615		19,800	(a)
Range Resources Corp.			1,474		24,660
Resolute Energy Corp.			411		12,823	(a)
Ring Energy Inc.			1,110		14,008	(a)
Sanchez Energy Corp.			1,125		5,085	(a)
SandRidge Energy Inc.			438		7,770	(a)
SilverBow Resources Inc.			159		4,592	(a)
SM Energy Co.			678		17,418
Southwestern Energy Co.			14,460		76,638	(a)
SRC Energy Inc.			4,500		49,590	(a)
Talos Energy Inc.			369		11,856	(a)
Tellurian Inc.			1,554		12,929	(a)
Ultra Petroleum Corp.			1,931		4,461	(a)
W&T Offshore Inc.			1,772		12,670	(a)
WildHorse Resource Development Corp.			444		11,260	(a)
WPX Energy Inc.			2,633		47,473	(a)
Zion Oil & Gas Inc.			900		3,649	(a)
					13,667,403

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Oil & Gas Refining & Marketing – 0.3%
Adams Resources & Energy Inc.		39	$	1,677
Andeavor		4,504		590,835
Clean Energy Fuels Corp.		1,753		6,468	(a)
CVR Energy Inc.		240		8,878
Delek US Holdings Inc.		1,544		77,462
Green Plains Inc.		727		13,304
HollyFrontier Corp.		5,900		403,737
Marathon Petroleum Corp.		15,203		1,066,642
Par Pacific Holdings Inc.		602		10,463	(a)
PBF Energy Inc., Class A		733		30,735
Phillips 66		13,990		1,571,217
Renewable Energy Group Inc.		729		13,013	(a)
REX American Resources Corp.		114		9,230	(a)
Valero Energy Corp.		14,425		1,598,723
World Fuel Services Corp.		1,715		35,003
				5,437,387
Oil & Gas Storage & Transportation – 0.1%
Dorian LPG Ltd.		557		4,255	(a)
GasLog Ltd.		649		12,396
International Seaways Inc.		354		8,192	(a)
Kinder Morgan Inc.		63,888		1,128,901
Nordic American Tankers Ltd.		1,750		4,690
ONEOK Inc.		13,557		946,685
Overseas Shipholding Group Inc., Class A		385		1,494	(a)
SemGroup Corp., Class A		1,480		37,592
Ship Finance International Ltd.		1,579		23,606
The Williams Companies Inc.		27,100		734,681
				2,902,492
Packaged Foods & Meats – 0.4%
B&G Foods Inc.		1,161		34,714
Cal-Maine Foods Inc.		587		26,914	(a)
Calavo Growers Inc.		282		27,114
Campbell Soup Co.		6,585		266,956
Conagra Brands Inc.		12,742		455,272
Dean Foods Co.		1,723		18,109
Farmer Brothers Co.		161		4,918	(a)
Flowers Foods Inc.		1,219		25,392
Freshpet Inc.		458		12,572	(a)
General Mills Inc.		19,388		858,113
Hormel Foods Corp.		9,208		342,630
Hostess Brands Inc.		1,866		25,377	(a)
J&J Snack Foods Corp.		258		39,337
John B Sanfilippo & Son Inc.		171		12,731
Kellogg Co.		8,602		601,022
Lamb Weston Holdings Inc.		967		66,249
Lancaster Colony Corp.		481		66,580
Landec Corp.		537		8,001	(a)
McCormick & Company Inc.		4,191		486,533
Mondelez International Inc., Class A		49,106		2,013,346
Post Holdings Inc.		442		38,021	(a)
Sanderson Farms Inc.		516		54,257
Seneca Foods Corp., Class A		129		3,483	(a)
The Hain Celestial Group Inc.		693		20,651	(a)
The Hershey Co.		4,472		416,164
The JM Smucker Co.		3,864		415,303
The Kraft Heinz Co.		19,540		1,227,503
The Simply Good Foods Co.		1,163		16,794	(a)
Tootsie Roll Industries Inc.		456		14,068
TreeHouse Foods Inc.		368		19,324	(a)
Tyson Foods Inc., Class A		9,647		664,196
				8,281,644
Paper Packaging – 0.1%
Avery Dennison Corp.		3,016		307,933
Bemis Company Inc.		595		25,115
International Paper Co.		13,729		715,006
Packaging Corporation of America		3,200		357,728
Sealed Air Corp.		5,691		241,583
Sonoco Products Co.		662		34,755
UFP Technologies Inc.		127		3,918	(a)
WestRock Co.		8,833		503,658
				2,189,696
Paper Products – 0.0% *
Clearwater Paper Corp.		284		6,560	(a)
Domtar Corp.		429		20,481
KapStone Paper and Packaging Corp.		1,630		56,235

	Number of Shares		Fair Value
Neenah Inc.		299	$	25,370
PH Glatfelter Co.		705		13,811
Schweitzer-Mauduit International Inc.		545		23,827
Verso Corp., Class A		672		14,623	(a)
				160,907
Personal Products – 0.1%
Coty Inc., Class A		16,101		227,024
Edgewell Personal Care Co.		1,368		69,029	(a)
elf Beauty Inc.		392		5,974	(a)
Inter Parfums Inc.		320		17,120
Medifast Inc.		219		35,075
Natural Health Trends Corp.		150		3,753
Nature’s Sunshine Products Inc.		183		1,711	(a)
Nu Skin Enterprises Inc., Class A		365		28,540
Revlon Inc., Class A		37		649	(a)
The Estee Lauder Companies Inc., Class A		7,387		1,054,051
USANA Health Sciences Inc.		239		27,557	(a)
				1,470,483
Pharmaceuticals – 1.6%
Aclaris Therapeutics Inc.		382		7,628	(a)
Aerie Pharmaceuticals Inc.		663		44,786	(a)
Akcea Therapeutics Inc.		278		6,591	(a)
Akorn Inc.		2,412		40,015	(a)
Allergan PLC		10,990		1,832,253
Amneal Pharmaceuticals Inc.		1,631		26,765	(a)
Amphastar Pharmaceuticals Inc.		712		10,865	(a)
Ampio Pharmaceuticals Inc.		1,600		3,520	(a)
ANI Pharmaceuticals Inc.		159		10,621	(a)
Aratana Therapeutics Inc.		671		2,852	(a)
Assembly Biosciences Inc.		266		10,430	(a)
Bristol-Myers Squibb Co.		54,538		3,018,133
Catalent Inc.		888		37,198	(a)
Clearside Biomedical Inc.		440		4,704	(a)
Collegium Pharmaceutical Inc.		466		11,114	(a)
Corcept Therapeutics Inc.		1,722		27,070	(a)
Corium International Inc.		376		3,012	(a)
Cymabay Therapeutics Inc.		1,136		15,245	(a)
Depomed Inc.		1,223		8,157	(a)
Dermira Inc.		722		6,642	(a)
Dova Pharmaceuticals Inc.		243		7,271	(a)
Durect Corp.		2,560		3,994	(a)
Eli Lilly & Co.		32,018		2,732,096
Eloxx Pharmaceuticals Inc.		433		7,391	(a)
Endocyte Inc.		1,245		17,181	(a)
Evolus Inc.		122		3,415	(a)
Horizon Pharma PLC		3,070		50,839	(a)
Innovate Biopharmaceuticals Inc.		200		4,714	(a)
Innoviva Inc.		1,290		17,802	(a)
Intersect ENT Inc.		515		19,287	(a)
Intra-Cellular Therapies Inc.		859		15,178	(a)
Johnson & Johnson		89,493		10,859,081
Kala Pharmaceuticals Inc.		152		2,087	(a)
Lannett Company Inc.		560		7,616	(a)
Mallinckrodt PLC		2,109		39,354	(a)
Marinus Pharmaceuticals Inc.		784		5,543	(a)
Melinta Therapeutics Inc.		173		1,099	(a)
Menlo Therapeutics Inc.		141		1,145	(a)
Merck & Company Inc.		89,812		5,451,588
Mylan N.V.		17,190		621,247	(a)
MyoKardia Inc.		575		28,549	(a)
Nektar Therapeutics		5,400		263,682	(a)
Neos Therapeutics Inc.		456		2,850	(a)
Ocular Therapeutix Inc.		319		2,153	(a)
Odonate Therapeutics Inc.		154		3,400	(a)
Omeros Corp.		777		14,095	(a)
Optinose Inc.		329		9,205	(a)
Pacira Pharmaceuticals Inc.		701		22,467	(a)
Paratek Pharmaceuticals Inc.		362		3,692	(a)
Pfizer Inc.		194,779		7,066,582
Phibro Animal Health Corp., Class A		379		17,453
Prestige Brands Holdings Inc.		1,340		51,429	(a)
Reata Pharmaceuticals Inc., Class A		312		10,911	(a)
Revance Therapeutics Inc.		627		17,211	(a)
Sienna Biopharmaceuticals Inc.		315		4,785	(a)
SIGA Technologies Inc.		1,064		6,320	(a)

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Supernus Pharmaceuticals Inc.		858	$	51,351	(a)
Teligent Inc.		826		2,858	(a)
Tetraphase Pharmaceuticals Inc.		738		2,635	(a)
The Medicines Co.		1,281		47,013	(a)
TherapeuticsMD Inc.		3,005		18,751	(a)
WaVe Life Sciences Ltd.		339		12,967	(a)
Zoetis Inc.		16,366		1,394,219
Zogenix Inc.		631		27,890	(a)
				34,077,997
Property & Casualty Insurance – 0.2%
Ambac Financial Group Inc.		710		14,094	(a)
AMERISAFE Inc.		326		18,827
AmtTust Financial Services Inc.		2,080		30,306
Baldwin & Lyons Inc., Class B		179		4,368
Cincinnati Financial Corp.		4,871		325,675
Donegal Group Inc., Class A		163		2,218
EMC Insurance Group Inc.		168		4,667
Employers Holdings Inc.		565		22,713
FedNat Holding Co.		257		5,929
First American Financial Corp.		743		38,428
Hallmark Financial Services Inc.		283		2,824	(a)
HCI Group Inc.		123		5,113
Heritage Insurance Holdings Inc.		375		6,251
Infinity Property & Casualty Corp.		182		25,908
Investors Title Co.		28		5,170
Kingstone Companies Inc.		127		2,146
Kinsale Capital Group Inc.		372		20,408
MBIA Inc.		1,632		14,753	(a)
Mercury General Corp.		247		11,253
NI Holdings Inc.		236		4,000	(a)
Old Republic International Corp.		1,648		32,812
ProAssurance Corp.		993		35,202
RLI Corp.		729		48,253
Safety Insurance Group Inc.		264		22,546
Selective Insurance Group Inc.		1,075		59,125
State Auto Financial Corp.		310		9,272
Stewart Information Services Corp.		374		16,108
The Allstate Corp.		11,716		1,069,319
The Hanover Insurance Group Inc.		283		33,835
The Navigators Group Inc.		369		21,033
The Progressive Corp.		19,572		1,157,684
The Travelers Companies Inc.		8,936		1,093,230
Tiptree Inc.		455		3,094
United Fire Group Inc.		357		19,460
United Insurance Holdings Corp.		350		6,853
Universal Insurance Holdings Inc.		553		19,410
WR Berkley Corp.		631		45,691
				4,257,978
Publishing – 0.0% *
Daily Journal Corp.		22		5,064	(a)
Gannett Company Inc.		1,848		19,774
John Wiley & Sons Inc., Class A		300		18,720
Meredith Corp.		1,001		51,051
New Media Investment Group Inc.		1,134		20,956
News Corp., Class A		13,100		203,050
News Corp., Class B		4,475		70,929
Scholastic Corp.		536		23,750
The New York Times Co., Class A		3,266		84,589
tronc Inc.		370		6,394	(a)
				504,277
Railroads – 0.3%
CSX Corp.		28,955		1,846,750
Genesee & Wyoming Inc., Class A		397		32,284	(a)
Kansas City Southern		3,546		375,734
Norfolk Southern Corp.		9,374		1,414,255
Union Pacific Corp.		25,947		3,676,171
				7,345,194
Real Estate Development – 0.0% *
Forestar Group Inc.		230		4,773	(a)
Stratus Properties Inc.		122		3,727	(a)
				8,500
Real Estate Operating Companies – 0.0% *
FRP Holdings Inc.		127		8,223	(a)
Kennedy-Wilson Holdings Inc.		2,331		49,301
Trinity Place Holdings Inc.		367		2,404	(a)
				59,928

	Number of Shares		Fair Value
Real Estate Services – 0.0% *
CBRE Group Inc., Class A		10,380	$	495,541	(a)
HFF Inc. REIT, Class A		681		23,392
Jones Lang LaSalle Inc.		301		49,963
Marcus & Millichap Inc.		308		12,015	(a)
Newmark Group Inc., Class A		421		5,991
RE/MAX Holdings Inc., Class A		330		17,309
Redfin Corp.		1,391		32,118	(a)
				636,329
Regional Banks – 0.7%
1st Constitution Bancorp		172		3,939
1st Source Corp.		250		13,358
Access National Corp.		290		8,294
ACNB Corp.		119		4,052
Allegiance Bancshares Inc.		220		9,537	(a)
American National Bankshares Inc.		166		6,640
Ameris Bancorp.		744		39,692
Ames National Corp.		174		5,368
Arrow Financial Corp.		233		8,481
Associated Banc-Corp.		1,147		31,313
Atlantic Capital Bancshares Inc.		346		6,799	(a)
Banc of California Inc.		770		15,054
BancFirst Corp.		314		18,589
BancorpSouth Bank		2,315		76,279
Bank of Commerce Holdings		360		4,590
Bank of Hawaii Corp.		282		23,524
Bank of Marin Bancorp.		119		9,621
Bank of the Ozarks Inc.		810		36,482
Bankwell Financial Group Inc.		110		3,537
Banner Corp.		600		36,078
Bar Harbor Bankshares		289		8,754
Baycom Corp.		222		5,495	(a)
BB&T Corp.		25,854		1,304,076
BCB Bancorp Inc.		177		2,655
Berkshire Hills Bancorp Inc.		745		30,247
Blue Hills Bancorp Inc.		327		7,259
Boston Private Financial Holdings Inc.		1,529		24,311
Bridge Bancorp Inc.		247		8,880
Brookline Bancorp Inc.		1,394		25,928
Bryn Mawr Bank Corp.		334		15,464
Business First Bancshares Inc.		205		5,402
Byline Bancorp Inc.		304		6,791	(a)
C&F Financial Corp.		62		3,878
Cadence BanCorp		847		24,453
Cambridge Bancorp		77		6,664
Camden National Corp.		304		13,896
Capital City Bank Group Inc.		221		5,222
Capstar Financial Holdings Inc.		163		3,020	(a)
Carolina Financial Corp.		377		16,181
Cathay General Bancorp		1,951		78,996
CB Financial Services Inc.		108		3,715
CBTX Inc.		365		12,063
CenterState Bank Corp.		1,538		45,863
Central Pacific Financial Corp.		492		14,096
Central Valley Community Bancorp		178		3,766
Century Bancorp Inc., Class A		55		4,202
Chemical Financial Corp.		1,791		99,705
Chemung Financial Corp.		55		2,756
Citizens & Northern Corp.		239		6,181
Citizens Financial Group Inc.		15,985		621,816
City Holding Co.		248		18,657
Civista Bancshares Inc.		224		5,430
CNB Financial Corp.		281		8,447
CoBiz Financial Inc.		753		16,174
Codorus Valley Bancorp Inc.		166		5,093
Columbia Banking System Inc.		1,356		55,460
Comerica Inc.		5,904		536,792
Commerce Bancshares Inc.		627		40,573
Community Bank System Inc.		932		55,053
Community Bankers Trust Corp.		495		4,430	(a)
Community Trust Bancorp Inc.		243		12,138
ConnectOne Bancorp Inc.		572		14,243
County Bancorp Inc.		84		2,310

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Cullen/Frost Bankers Inc.		385	$	41,672
Customers Bancorp Inc.		487		13,821	(a)
CVB Financial Corp.		1,930		43,271
Eagle Bancorp Inc.		576		35,309	(a)
East West Bancorp Inc.		967		63,048
Enterprise Bancorp Inc.		170		6,873
Enterprise Financial Services Corp.		384		20,717
Equity Bancshares Inc., Class A		224		9,292	(a)
Esquire Financial Holdings Inc.		140		3,695	(a)
Evans Bancorp Inc.		105		4,841
Farmers & Merchants Bancorp Inc./Archbold		168		6,779
Farmers Capital Bank Corp.		144		7,502
Farmers National Banc Corp.		506		8,071
FB Financial Corp.		243		9,895
FCB Financial Holdings Inc., Class A		789		46,393	(a)
Fidelity D&D Bancorp Inc.		65		4,029
Fidelity Southern Corp.		420		10,672
Fifth Third Bancorp		22,950		658,665
Financial Institutions Inc.		280		9,212
First Bancorp Inc.		207		5,842
First Bancorp/Southern Pines NC		555		22,705
First Bank		360		5,004
First Busey Corp.		729		23,124
First Business Financial Services Inc.		163		4,238
First Choice Bancorp		136		4,156
First Commonwealth Financial Corp.		1,786		27,701
First Community Bancshares Inc.		315		10,036
First Community Corp.		165		4,142
First Connecticut Bancorp Inc.		275		8,415
First Financial Bancorp.		1,668		51,124
First Financial Bankshares Inc.		1,203		61,233
First Financial Corp.		201		9,115
First Financial Northwest Inc.		175		3,416
First Foundation Inc.		516		9,567	(a)
First Horizon National Corp.		2,159		38,517
First Internet Bancorp		105		3,581
First Interstate BancSystem Inc., Class A		621		26,206
First Merchants Corp.		920		42,688
First Mid-Illinois Bancshares Inc.		238		9,353
First Midwest Bancorp Inc.		1,793		45,668
First Northwest Bancorp		210		3,354	(a)
First United Corp.		160		3,272
Flushing Financial Corp.		432		11,275
FNB Bancorp		98		3,594
FNB Corp.		2,172		29,148
Franklin Financial Network Inc.		187		7,031	(a)
Fulton Financial Corp.		4,396		72,534
German American Bancorp Inc.		326		11,687
Glacier Bancorp Inc.		1,573		60,844
Great Southern Bancorp Inc.		216		12,355
Great Western Bancorp Inc.		1,102		46,273
Green Bancorp Inc.		425		9,180
Guaranty Bancorp		473		14,095
Guaranty Bancshares Inc.		143		4,710
Hancock Whitney Corp.		2,148		100,204
Hanmi Financial Corp.		566		16,046
HarborOne Bancorp Inc.		291		5,512	(a)
Heartland Financial USA Inc.		552		30,277
Heritage Commerce Corp.		777		13,201
Heritage Financial Corp.		641		22,339
Hilltop Holdings Inc.		1,328		29,309
Home BancShares Inc.		3,987		89,947
HomeTrust Bancshares Inc.		322		9,064	(a)
Hope Bancorp Inc.		2,303		41,062
Horizon Bancorp Inc.		716		14,814
Howard Bancorp Inc.		167		3,006	(a)
Huntington Bancshares Inc.		36,760		542,578
IBERIABANK Corp.		1,037		78,605
Independent Bank Corp.		404		10,302
Independent Bank Corp.		484		37,946
Independent Bank Group Inc.		398		26,586
International Bancshares Corp.		1,311		56,111
Investar Holding Corp.		186		5,143
Investors Bancorp Inc.		4,639		59,333

	Number of Shares		Fair Value
KeyCorp		35,495	$	693,572
Lakeland Bancorp Inc.		788		15,642
Lakeland Financial Corp.		448		21,589
LCNB Corp.		180		3,546
LegacyTexas Financial Group Inc.		835		32,582
Live Oak Bancshares Inc.		398		12,199
M&T Bank Corp.		4,861		827,099
Macatawa Bank Corp.		536		6,507
MB Financial Inc.		2,106		98,350
MBT Financial Corp.		362		3,855
Mercantile Bank Corp.		320		11,827
Metropolitan Bank Holding Corp.		73		3,831	(a)
Mid Penn Bancorp Inc.		110		3,839
Middlefield Banc Corp.		71		3,600
Midland States Bancorp Inc.		409		14,012
MidSouth Bancorp Inc.		270		3,578
MidWestOne Financial Group Inc.		166		5,607
MutualFirst Financial Inc.		105		3,964
MVB Financial Corp.		199		3,592
National Bank Holdings Corp., Class A		463		17,867
National Bankshares Inc.		137		6,357
National Commerce Corp.		290		13,427	(a)
NBT Bancorp Inc.		800		30,520
Nicolet Bankshares Inc.		151		8,322	(a)
Northeast Bancorp		134		2,921
Northrim BanCorp Inc.		136		5,379
Norwood Financial Corp.		133		4,791
Oak Valley Bancorp		165		3,774
OFG Bancorp		644		9,048
Ohio Valley Banc Corp.		31		1,626
Old Line Bancshares Inc.		310		10,822
Old National Bancorp		2,808		52,229
Old Second Bancorp Inc.		574		8,266
Opus Bank		333		9,557
Origin Bancorp Inc.		319		13,060
Orrstown Financial Services Inc.		172		4,472
Pacific Mercantile Bancorp		74		722	(a)
Pacific Premier Bancorp Inc.		854		32,580	(a)
PacWest Bancorp		840		41,513
Park National Corp.		240		26,741
Parke Bancorp Inc.		162		3,831
Peapack Gladstone Financial Corp.		317		10,965
Penns Woods Bancorp Inc.		95		4,254
People’s United Financial Inc.		11,949		216,157
People’s Utah Bancorp		262		9,353
Peoples Bancorp Inc.		321		12,127
Peoples Bancorp of North Carolina Inc.		121		3,876
Peoples Financial Services Corp.		138		6,489
Pinnacle Financial Partners Inc.		497		30,491
Preferred Bank		242		14,873
Premier Financial Bancorp Inc.		238		4,443
Prosperity Bancshares Inc.		465		31,787
QCR Holdings Inc.		235		11,151
RBB Bancorp		275		8,833
Regions Financial Corp.		38,475		684,085
Reliant Bancorp Inc.		162		4,544
Renasant Corp.		899		40,922
Republic Bancorp Inc., Class A		191		8,652
Republic First Bancorp Inc.		678		5,322	(a)
S&T Bancorp Inc.		617		26,679
Sandy Spring Bancorp Inc.		615		25,221
SB One Bancorp		158		4,693
Seacoast Banking Corporation of Florida		787		24,853	(a)
Select Bancorp Inc.		269		3,623	(a)
ServisFirst Bancshares Inc.		869		36,263
Shore Bancshares Inc.		250		4,755
Sierra Bancorp		237		6,693
Signature Bank		355		45,397	(a)
Simmons First National Corp., Class A		1,681		50,262
SmartFinancial Inc.		166		4,276	(a)
South State Corp.		677		58,391
Southern First Bancshares Inc.		112		4,950	(a)
Southern National Bancorp of Virginia Inc.		238		4,246
Southside Bancshares Inc.		631		21,252

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
State Bank Financial Corp.		703	$	23,480
Sterling Bancorp		1,497		35,179
Stock Yards Bancorp Inc.		341		13,009
Summit Financial Group Inc.		166		4,455
SunTrust Banks Inc.		15,498		1,023,178
SVB Financial Group		1,800		519,768	(a)
Synovus Financial Corp.		784		41,419
TCF Financial Corp.		1,115		27,451
Texas Capital Bancshares Inc.		326		29,829	(a)
The Bancorp Inc.		713		7,458	(a)
The Bank of Princeton		131		4,356	(a)
The Community Financial Corp.		74		2,617
The First Bancshares Inc.		161		5,788
The First of Long Island Corp.		429		10,661
The PNC Financial Services Group Inc.		15,769		2,130,392
Tompkins Financial Corp.		249		21,384
TowneBank		1,230		39,483
Trico Bancshares		321		12,021
TriState Capital Holdings Inc.		439		11,458	(a)
Triumph Bancorp Inc.		458		18,664	(a)
Trustmark Corp.		1,719		56,091
UMB Financial Corp.		1,134		86,445
Umpqua Holdings Corp.		1,457		32,914
Union Bankshares Corp.		1,218		47,356
Union Bankshares Inc.		78		4,048
United Bankshares Inc.		2,589		94,240
United Community Banks Inc.		1,459		44,748
United Security Bancshares		315		3,528
Unity Bancorp Inc.		52		1,183
Univest Corporation of Pennsylvania		499		13,723
Valley National Bancorp		7,739		94,106
Veritex Holdings Inc.		450		13,982	(a)
Washington Trust Bancorp Inc.		257		14,932
Webster Financial Corp.		612		38,984
WesBanco Inc.		832		37,473
West Bancorporation Inc.		325		8,174
Westamerica Bancorporation		461		26,051
Wintrust Financial Corp.		378		32,905
Zions Bancorporation		6,671		351,495
				14,939,009
Reinsurance – 0.0% *
Alleghany Corp.		102		58,647
Enstar Group Ltd.		224		46,435	(a)
Greenlight Capital Re Ltd., Class A		583		8,279	(a)
Maiden Holdings Ltd.		1,195		9,261
Reinsurance Group of America Inc.		428		57,130
WMIH Corp.		4,068		5,451	(a)
				185,203
Renewable Electricity – 0.0% *
Ormat Technologies Inc.		708		37,659
Pattern Energy Group Inc.		1,522		28,537
TerraForm Power Inc., Class A		1,409		16,485
				82,681
Research & Consulting Services – 0.1%
Acacia Research Corp.		1,007		4,179	(a)
CBIZ Inc.		981		22,563	(a)
CRA International Inc.		109		5,547
Equifax Inc.		4,105		513,576
Exponent Inc.		908		43,856
Forrester Research Inc.		194		8,138
Franklin Covey Co.		207		5,082	(a)
FTI Consulting Inc.		648		39,191	(a)
Hill International Inc.		639		3,770	(a)
Huron Consulting Group Inc.		429		17,546	(a)
ICF International Inc.		311		22,097
InnerWorkings Inc.		764		6,639	(a)
Mistras Group Inc.		343		6,476	(a)
Navigant Consulting Inc.		822		18,199	(a)
Nielsen Holdings PLC		11,589		358,448
Resources Connection Inc.		510		8,619
The Dun & Bradstreet Corp.		244		29,927
Verisk Analytics Inc.		5,204		560,159	(a)
Willdan Group Inc.		143		4,429	(a)
				1,678,441

	Number of Shares		Fair Value
Residential REITs – 0.2%
American Campus Communities Inc.		903	$	38,721
Apartment Investment & Management Co., Class A		5,370		227,151
AvalonBay Communities Inc.		4,707		809,086
Bluerock Residential Growth REIT Inc.		381		3,398
Camden Property Trust		621		56,592
Clipper Realty Inc.		342		2,921
Education Realty Trust Inc.		1,901		78,891
Equity Residential		12,003		764,471
Essex Property Trust Inc.		2,159		516,152
Independence Realty Trust Inc.		1,539		15,867
Investors Real Estate Trust		1,834		10,142
Mid-America Apartment Communities Inc.		3,900		392,613
NexPoint Residential Trust Inc.		224		6,373
Preferred Apartment Communities Inc., Class A		643		10,925
UDR Inc.		8,682		325,922
UMH Properties Inc.		493		7,568
				3,266,793
Restaurants – 0.4%
Biglari Holdings Inc., Class A		2		1,900	(a)
Biglari Holdings Inc., Class B		20		3,670	(a)
BJ’s Restaurants Inc.		346		20,760
Bloomin’ Brands Inc.		1,569		31,537
Bojangles’ Inc.		197		2,837	(a)
Brinker International Inc.		1,098		52,265
Carrols Restaurant Group Inc.		676		10,039	(a)
Chipotle Mexican Grill Inc.		766		330,429	(a)
Chuy’s Holdings Inc.		327		10,039	(a)
Cracker Barrel Old Country Store Inc.		515		80,448
Darden Restaurants Inc.		4,105		439,481
Dave & Buster’s Entertainment Inc.		744		35,414	(a)
Del Frisco’s Restaurant Group Inc.		392		4,939	(a)
Del Taco Restaurants Inc.		463		6,565	(a)
Denny’s Corp.		1,005		16,010	(a)
Dine Brands Global Inc.		319		23,861
Domino’s Pizza Inc.		281		79,290
Dunkin’ Brands Group Inc.		548		37,850
El Pollo Loco Holdings Inc.		410		4,674	(a)
Fiesta Restaurant Group Inc.		381		10,935	(a)
J. Alexander’s Holdings Inc.		273		3,044	(a)
Jack in the Box Inc.		744		63,329
McDonald’s Corp.		26,277		4,117,343
Nathan’s Famous Inc.		58		5,458
Noodles & Co.		224		2,755	(a)
Papa John’s International Inc.		514		26,070
Potbelly Corp.		479		6,203	(a)
Red Robin Gourmet Burgers Inc.		236		10,998	(a)
Ruth’s Hospitality Group Inc.		455		12,763
Shake Shack Inc., Class A		463		30,641	(a)
Sonic Corp.		580		19,964
Starbucks Corp.		46,192		2,256,479
Texas Roadhouse Inc.		1,646		107,829
The Cheesecake Factory Inc.		1,090		60,015
The Habit Restaurants Inc., Class A		276		2,760	(a)
The Wendy’s Co.		1,225		21,046
Wingstop Inc.		546		28,458
Yum China Holdings Inc.		10,767		414,099
Yum! Brands Inc.		10,868		850,095
Zoe’s Kitchen Inc.		384		3,748	(a)
				9,246,040
Retail REITs – 0.2%
Acadia Realty Trust		1,503		41,137
Agree Realty Corp.		514		27,124
Alexander’s Inc.		33		12,627
CBL & Associates Properties Inc.		3,125		17,406
Cedar Realty Trust Inc.		1,656		7,816
Federal Realty Investment Trust		2,458		311,060
Getty Realty Corp.		530		14,930
GGP Inc.		21,430		437,815
Kimco Realty Corp.		14,587		247,833
Kite Realty Group Trust		1,558		26,611
National Retail Properties Inc.		1,027		45,147

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Pennsylvania Real Estate Investment Trust		1,077	$	11,836
Ramco-Gershenson Properties Trust		1,457		19,247
Realty Income Corp.		9,697		521,602
Regency Centers Corp.		4,800		297,984
Retail Opportunity Investments Corp.		2,075		39,757
Saul Centers Inc.		185		9,912
Seritage Growth Properties REIT, Class A		609		25,840
Simon Property Group Inc.		10,234		1,741,724
Spirit MTA REIT		867		8,930	(a)
Tanger Factory Outlet Centers Inc.		2,320		54,497
Taubman Centers Inc.		396		23,269
The Macerich Co.		3,553		201,917
Urban Edge Properties		2,758		63,075
Urstadt Biddle Properties Inc., Class A		522		11,813
Washington Prime Group Inc.		3,324		26,958
Weingarten Realty Investors		776		23,909
Whitestone REIT		546		6,814
				4,278,590
Security & Alarm Services – 0.0% *
The Brink’s Co.		1,262		100,644
Semiconductor Equipment – 0.2%
Advanced Energy Industries Inc.		730		42,406	(a)
Amkor Technology Inc.		1,943		16,690	(a)
Applied Materials Inc.		33,746		1,558,728
Axcelis Technologies Inc.		551		10,910	(a)
AXT Inc.		705		4,970	(a)
Brooks Automation Inc.		1,222		39,862
Cabot Microelectronics Corp.		473		50,876
Cohu Inc.		530		12,990
Entegris Inc.		2,618		88,750
FormFactor Inc.		1,340		17,822	(a)
Ichor Holdings Ltd.		363		7,703	(a)
KLA-Tencor Corp.		5,333		546,792
Lam Research Corp.		5,343		923,538
MKS Instruments Inc.		363		34,739
Nanometrics Inc.		367		12,995	(a)
PDF Solutions Inc.		397		4,756	(a)
Photronics Inc.		1,258		10,033	(a)
Rudolph Technologies Inc.		600		17,760	(a)
Teradyne Inc.		1,265		48,159
Ultra Clean Holdings Inc.		556		9,230	(a)
Veeco Instruments Inc.		885		12,611	(a)
Versum Materials Inc.		709		26,339
Xcerra Corp.		1,063		14,850	(a)
Xperi Corp.		822		13,234
				3,526,743
Semiconductors – 1.3%
Adesto Technologies Corp.		418		3,511	(a)
Advanced Micro Devices Inc.		26,100		391,239	(a)
Alpha & Omega Semiconductor Ltd.		384		5,468	(a)
Ambarella Inc.		586		22,625	(a)
Analog Devices Inc.		12,220		1,172,142
Aquantia Corp.		452		5,234	(a)
ASE Technology Holding Company Ltd.		77,858		182,844
Broadcom Inc.		13,679		3,319,073
CEVA Inc.		394		11,899	(a)
Cirrus Logic Inc.		1,577		60,446	(a)
Cree Inc.		2,512		104,424	(a)
Cypress Semiconductor Corp.		2,356		36,707
Diodes Inc.		750		25,853	(a)
First Solar Inc.		534		28,120	(a)
Impinj Inc.		341		7,540	(a)
Inphi Corp.		795		25,925	(a)
Integrated Device Technology Inc.		3,311		105,555	(a)
Intel Corp.		155,440		7,726,922
Kopin Corp.		1,142		3,266	(a)
Lattice Semiconductor Corp.		1,815		11,906	(a)
MACOM Technology Solutions Holdings Inc.		768		17,695	(a)
MaxLinear Inc.		1,106		17,243	(a)
Microchip Technology Inc.		7,662		696,859
Micron Technology Inc.		38,578		2,023,030	(a)
Monolithic Power Systems Inc.		255		34,086
NeoPhotonics Corp.		622		3,875	(a)

	Number of Shares		Fair Value
NVE Corp.		70	$	8,525
NVIDIA Corp.		20,281		4,804,569
Power Integrations Inc.		534		39,009
Qorvo Inc.		4,167		334,068	(a)
QUALCOMM Inc.		49,375		2,770,925
Rambus Inc.		1,954		24,503	(a)
Semtech Corp.		1,206		56,742	(a)
Sigma Designs Inc.		683		4,166	(a)
Silicon Laboratories Inc.		1,076		107,170	(a)
Skyworks Solutions Inc.		5,984		578,354
SMART Global Holdings Inc.		172		5,482	(a)
SunPower Corp.		1,132		8,682	(a)
Synaptics Inc.		838		42,210	(a)
Texas Instruments Inc.		32,588		3,592,827
Xilinx Inc.		8,559		558,560
				28,979,279
Silver – 0.0% *
Coeur Mining Inc.		3,191		24,252	(a)
Hecla Mining Co.		6,938		24,144
				48,396
Soft Drinks – 0.5%
Coca-Cola Bottling Company Consolidated		85		11,486
Monster Beverage Corp.		13,733		786,901	(a)
National Beverage Corp.		212		22,663	(a)
PepsiCo Inc.		47,208		5,139,535
Primo Water Corp.		424		7,416	(a)
The Coca-Cola Co.		127,811		5,605,790
				11,573,791
Specialized Consumer Services – 0.0% *
Carriage Services Inc.		295		7,242
H&R Block Inc.		7,188		163,743
Regis Corp.		542		8,965	(a)
Service Corporation International		1,236		44,236
Sotheby’s		930		50,536	(a)
Weight Watchers International Inc.		713		72,084	(a)
				346,806
Specialized Finance – 0.0% *
Marlin Business Services Corp.		174		5,194
NewStar Financial Inc.		492		242
On Deck Capital Inc.		923		6,461	(a)
				11,897
Specialized REITs – 0.5%
American Tower Corp.		14,830		2,138,041
CatchMark Timber Trust Inc., Class A		789		10,044
CoreCivic Inc.		2,990		71,431
CorEnergy Infrastructure Trust Inc.		246		9,250
CoreSite Realty Corp.		224		24,824
Crown Castle International Corp.		13,995		1,508,941
CyrusOne Inc.		651		37,992
Digital Realty Trust Inc.		7,039		785,412
EPR Properties		424		27,471
Equinix Inc.		2,613		1,123,303
Extra Space Storage Inc.		4,349		434,074
Farmland Partners Inc.		684		6,019
Four Corners Property Trust Inc.		1,022		25,172
Gladstone Land Corp.		304		3,852
InfraREIT Inc.		810		17,958	(a)
Iron Mountain Inc.		9,170		321,042
Jernigan Capital Inc.		175		3,335
Lamar Advertising Co., Class A		559		38,185
Life Storage Inc.		310		30,166
National Storage Affiliates Trust		839		25,858
PotlatchDeltic Corp.		1,534		78,004
Public Storage		5,040		1,143,374
QTS Realty Trust Inc., Class A		885		34,957
Rayonier Inc.		858		33,196
Safety Income and Growth Inc.		192		3,642
SBA Communications Corp.		3,900		643,968	(a)
The GEO Group Inc.		3,049		83,969
Uniti Group Inc.		1,124		22,514	(a)
Weyerhaeuser Co.		25,239		920,214
				9,606,208

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Specialty Chemicals – 0.2%
A Schulman Inc.		482	$	21,449
Advanced Emissions Solutions Inc.		162		1,840
Albemarle Corp.		3,774		356,001
Ashland Global Holdings Inc.		416		32,523
Balchem Corp.		595		58,393
Chase Corp.		141		16,532
Ecolab Inc.		8,626		1,210,487
Ferro Corp.		1,478		30,816	(a)
Flotek Industries Inc.		1,049		3,388	(a)
FutureFuel Corp.		511		7,159
GCP Applied Technologies Inc.		1,273		36,853	(a)
HB Fuller Co.		942		50,567
Ingevity Corp.		785		63,475	(a)
Innophos Holdings Inc.		313		14,899
Innospec Inc.		453		34,677
International Flavors & Fragrances Inc.		2,567		318,205
KMG Chemicals Inc.		242		17,855
Kraton Corp.		518		23,900	(a)
Minerals Technologies Inc.		893		67,288
NewMarket Corp.		62		25,079
OMNOVA Solutions Inc.		854		8,882	(a)
PolyOne Corp.		2,027		87,607
PPG Industries Inc.		8,339		865,004
PQ Group Holdings Inc.		538		9,684	(a)
Quaker Chemical Corp.		244		37,788
Rayonier Advanced Materials Inc.		987		16,868
RPM International Inc.		902		52,605
Sensient Technologies Corp.		1,074		76,845
Stepan Co.		361		28,162
The Sherwin-Williams Co.		2,724		1,110,221
Valhi Inc.		555		2,642
				4,687,694
Specialty Stores – 0.1%
Barnes & Noble Education Inc.		802		4,523	(a)
Barnes & Noble Inc.		1,102		6,998
Big 5 Sporting Goods Corp.		360		2,736
Dick’s Sporting Goods Inc.		515		18,154
Five Below Inc.		1,373		134,156	(a)
GNC Holdings Inc., Class A		1,348		4,745	(a)
Hibbett Sports Inc.		290		6,641	(a)
MarineMax Inc.		400		7,580	(a)
National Vision Holdings Inc.		644		23,551	(a)
Office Depot Inc.		9,455		24,110
Party City Holdco Inc.		541		8,250	(a)
Sally Beauty Holdings Inc.		3,111		49,869	(a)
Signet Jewelers Ltd.		1,492		83,179
Sportsman’s Warehouse Holdings Inc.		518		2,652	(a)
The Container Store Group Inc.		311		2,616	(a)
The Michaels Companies Inc.		727		13,937	(a)
Tiffany & Co.		3,442		452,967
Tractor Supply Co.		4,279		327,301
Ulta Salon Cosmetics & Fragrance Inc.		1,970		459,916	(a)
Winmark Corp.		43		6,383
				1,640,264
Steel – 0.1%
AK Steel Holding Corp.		5,474		23,757	(a)
Allegheny Technologies Inc.		3,171		79,655	(a)
Carpenter Technology Corp.		1,173		61,665
Cleveland-Cliffs Inc.		5,539		46,694	(a)
Commercial Metals Co.		2,966		62,612
Haynes International Inc.		251		9,222
Nucor Corp.		10,775		673,437
Olympic Steel Inc.		182		3,715
Reliance Steel & Aluminum Co.		490		42,895
Ryerson Holding Corp.		218		2,431	(a)
Schnitzer Steel Industries Inc., Class A		419		14,120
Steel Dynamics Inc.		1,575		72,371
SunCoke Energy Inc.		1,247		16,710	(a)
Synalloy Corp.		191		3,810
TimkenSteel Corp.		613		10,023	(a)
United States Steel Corp.		1,163		40,414
Universal Stainless & Alloy Products Inc.		162		3,835	(a)
Warrior Met Coal Inc.		607		16,735
Worthington Industries Inc.		1,100		46,167
				1,230,268

	Number of Shares		Fair Value
Systems Software – 1.5%
A10 Networks Inc.		886	$	5,520	(a)
CA Inc.		10,505		374,503
Carbon Black Inc.		172		4,472	(a)
CommVault Systems Inc.		1,011		66,574	(a)
ForeScout Technologies Inc.		550		18,843	(a)
Fortinet Inc.		968		60,432	(a)
Imperva Inc.		653		31,507	(a)
Microsoft Corp.		256,085		25,252,542
OneSpan Inc.		609		11,967	(a)
Oracle Corp.		99,786		4,396,571
Progress Software Corp.		849		32,958
Qualys Inc.		625		52,688	(a)
Rapid7 Inc.		684		19,302	(a)
Red Hat Inc.		5,896		792,246	(a)
SailPoint Technologies Holding Inc.		685		16,810	(a)
SecureWorks Corp., Class A		103		1,282	(a)
Symantec Corp.		20,792		429,355
TiVo Corp.		2,124		28,568
Varonis Systems Inc.		518		38,591	(a)
Zscaler Inc.		275		9,831	(a)
				31,644,562
Technology Distributors – 0.0% *
Anixter International Inc.		506		32,030	(a)
Arrow Electronics Inc.		577		43,436	(a)
Avnet Inc.		783		33,583
ePlus Inc.		257		24,184	(a)
Insight Enterprises Inc.		628		30,728	(a)
PC Connection Inc.		218		7,238
ScanSource Inc.		417		16,805	(a)
SYNNEX Corp.		754		72,768
Tech Data Corp.		950		78,014	(a)
				338,786
Technology Hardware, Storage & Peripherals – 1.6%
3D Systems Corp.		2,017		27,855	(a)
Apple Inc.		163,887		30,337,123
Avid Technology Inc.		661		3,437	(a)
Cray Inc.		721		17,737	(a)
Diebold Nixdorf Inc.		1,458		17,423
Eastman Kodak Co.		343		1,303	(a)
Electronics For Imaging Inc.		796		25,918	(a)
Hewlett Packard Enterprise Co.		51,110		746,717
HP Inc.		54,128		1,228,164
Immersion Corp.		589		9,094	(a)
NCR Corp.		790		23,684	(a)
NetApp Inc.		8,703		683,447
Stratasys Ltd.		823		15,752	(a)
Super Micro Computer Inc.		617		14,592	(a)
USA Technologies Inc.		1,005		14,070	(a)
Western Digital Corp.		9,822		760,321
Xerox Corp.		7,342		176,208
				34,102,845
Textiles – 0.0% *
Culp Inc.		217		5,327
Unifi Inc.		314		9,954	(a)
				15,281
Thrifts & Mortgage Finance – 0.0% *
BankFinancial Corp.		310		5,472
Beneficial Bancorp Inc.		1,236		20,023
BofI Holding Inc.		1,102		45,083	(a)
BSB Bancorp Inc.		153		5,263	(a)
Capitol Federal Financial Inc.		2,418		31,821
Charter Financial Corp.		269		6,496
Columbia Financial Inc.		956		15,822	(a)
Dime Community Bancshares Inc.		630		12,285
Entegra Financial Corp.		165		4,835	(a)
ESSA Bancorp Inc.		149		2,359
Federal Agricultural Mortgage Corp., Class C		170		15,212
First Defiance Financial Corp.		175		11,736
Flagstar Bancorp Inc.		563		19,288	(a)
FS Bancorp Inc.		72		4,554
Greene County Bancorp Inc.		77		2,610
Hingham Institution for Savings		25		5,493
Home Bancorp Inc.		113		5,260

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
HomeStreet Inc.		467	$	12,586	(a)
Impac Mortgage Holdings Inc.		161		1,534	(a)
Kearny Financial Corp.		1,677		22,556
LendingTree Inc.		197		42,119	(a)
Luther Burbank Corp.		287		3,302
Malvern Bancorp Inc.		148		3,604	(a)
Merchants Bancorp		324		9,244
Meridian Bancorp Inc.		860		16,469
Meta Financial Group Inc.		164		15,974
MGIC Investment Corp.		6,857		73,507	(a)
Nationstar Mortgage Holdings Inc.		487		8,537	(a)
New York Community Bancorp Inc.		3,302		36,454
NMI Holdings Inc., Class A		998		16,267	(a)
Northfield Bancorp Inc.		841		13,977
Northwest Bancshares Inc.		1,668		29,007
OceanFirst Financial Corp.		895		26,814
Ocwen Financial Corp.		2,018		7,991	(a)
OP Bancorp		295		3,752	(a)
Oritani Financial Corp.		742		12,020
PCSB Financial Corp.		343		6,815
PennyMac Financial Services Inc., Class A		403		7,919	(a)
PHH Corp.		554		6,016	(a)
Provident Financial Services Inc.		1,114		30,668
Prudential Bancorp Inc.		215		4,150
Radian Group Inc.		4,000		64,880
Riverview Bancorp Inc.		396		3,342
SI Financial Group Inc.		213		3,142
Southern Missouri Bancorp Inc.		117		4,565
Sterling Bancorp Inc.		315		4,208
Territorial Bancorp Inc.		149		4,619
Timberland Bancorp Inc.		115		4,294
TrustCo Bank Corp.		1,687		15,014
United Community Financial Corp.		912		10,023
United Financial Bancorp Inc.		800		14,016
Walker & Dunlop Inc.		520		28,938
Washington Federal Inc.		2,134		69,782
Waterstone Financial Inc.		497		8,474
Western New England Bancorp Inc.		301		3,311
WSFS Financial Corp.		507		27,023
				890,525
Tires & Rubber – 0.0% *
Cooper Tire & Rubber Co.		935		24,591
The Goodyear Tire & Rubber Co.		8,001		186,343
				210,934
Tobacco – 0.4%
22nd Century Group Inc.		2,503		6,157	(a)
Altria Group Inc.		63,339		3,597,022
Philip Morris International Inc.		51,735		4,177,084
Turning Point Brands Inc.		96		3,063
Universal Corp.		441		29,128
Vector Group Ltd.		1,826		34,840
				7,847,294
Trading Companies & Distributors – 0.1%
Aircastle Ltd.		803		16,461
Applied Industrial Technologies Inc.		709		49,736
Beacon Roofing Supply Inc.		1,265		53,914	(a)
BlueLinx Holdings Inc.		183		6,868	(a)
BMC Stock Holdings Inc.		1,131		23,581	(a)
CAI International Inc.		316		7,344	(a)
DXP Enterprises Inc.		258		9,856	(a)
EnviroStar Inc.		89		3,587
Fastenal Co.		9,835		473,359
Foundation Building Materials Inc.		298		4,583	(a)
GATX Corp.		946		70,222
GMS Inc.		589		15,956	(a)
H&E Equipment Services Inc.		528		19,858
Herc Holdings Inc.		453		25,522	(a)
Kaman Corp.		516		35,960
Lawson Products Inc.		125		3,044	(a)
MRC Global Inc.		1,578		34,195	(a)
MSC Industrial Direct Company Inc., Class A		298		25,285
Nexeo Solutions Inc.		585		5,341	(a)
NOW Inc.		2,480		33,058	(a)
Rush Enterprises Inc., Class A		568		24,640	(a)

	Number of Shares		Fair Value
Rush Enterprises Inc., Class B		55	$	2,414	(a)
SiteOne Landscape Supply Inc.		739		62,054	(a)
Systemax Inc.		220		7,553
Textainer Group Holdings Ltd.		467		7,425	(a)
Titan Machinery Inc.		349		5,427	(a)
United Rentals Inc.		2,851		420,865	(a)
Veritiv Corp.		160		6,376	(a)
Watsco Inc.		211		37,617
Willis Lease Finance Corp.		81		2,559	(a)
WW Grainger Inc.		1,712		527,981
				2,022,641
Trucking – 0.0% *
ArcBest Corp.		491		22,439
Avis Budget Group Inc.		1,757		57,102	(a)
Covenant Transportation Group Inc., Class A		237		7,465	(a)
Daseke Inc.		833		8,272	(a)
Heartland Express Inc.		743		13,783
Hertz Global Holdings Inc.		1,036		15,892	(a)
JB Hunt Transport Services Inc.		2,827		343,622
Knight-Swift Transportation Holdings Inc.		842		32,173
Landstar System Inc.		278		30,358
Marten Transport Ltd.		760		17,822
Old Dominion Freight Line Inc.		459		68,373
Ryder System Inc.		359		25,798
Saia Inc.		443		35,816	(a)
Universal Logistics Holdings Inc.		169		4,436
USA Truck Inc.		182		4,271	(a)
Werner Enterprises Inc.		1,198		44,985
YRC Worldwide Inc.		655		6,583	(a)
				739,190
Water Utilities – 0.0% *
American States Water Co.		684		39,098
American Water Works Company Inc.		5,898		503,571
Aqua America Inc.		1,178		41,442
AquaVenture Holdings Ltd.		266		4,144	(a)
Artesian Resources Corp., Class A		156		6,048
Cadiz Inc.		396		5,188	(a)
California Water Service Group		899		35,016
Connecticut Water Service Inc.		216		14,109
Middlesex Water Co.		318		13,410
Pure Cycle Corp.		398		3,801	(a)
SJW Group		327		21,654
The York Water Co.		260		8,268
				695,749
Wireless Telecommunication Services – 0.0% *
Boingo Wireless Inc.		716		16,175	(a)
NII Holdings Inc.		1,887		7,359	(a)
Shenandoah Telecommunications Co.		822		26,879
Spok Holdings Inc.		415		6,246
Telephone & Data Systems Inc.		640		17,549
				74,208
Total Domestic Equity (Cost $455,174,236)				802,702,932
Foreign Equity – 26.3%
Common Stock – 26.0%
Advertising – 0.1%
Cheil Worldwide Inc.		2,021		37,446
CyberAgent Inc.		2,400		144,305
Dentsu Inc.		5,600		265,427
Hakuhodo DY Holdings Inc.		5,200		83,470
JCDecaux S.A.		2,402		80,376
Publicis Groupe S.A.		5,956		409,865
WPP PLC		32,825		517,013
				1,537,902
Aerospace & Defense – 0.3%
Airbus SE		15,367		1,798,840
AviChina Industry & Technology Company Ltd., Class H		76,000		45,239
BAE Systems PLC		87,174		744,412
Bombardier Inc., Class B		51,880		205,083	(a)

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
CAE Inc.		5,733	$	119,022
Dassault Aviation S.A.		59		112,421
Embraer S.A.		15,700		98,997
Korea Aerospace Industries Ltd.		1,660		61,366	(a)
Leonardo S.p.A.		11,422		112,901
Meggitt PLC		20,323		132,359
MTU Aero Engines AG		1,383		265,783
Rolls-Royce Holdings PLC		46,946		612,491	(a)
Safran S.A.		8,953		1,087,643
Singapore Technologies Engineering Ltd.		44,000		106,168
Thales S.A.		2,781		358,302
				5,861,027
Agricultural & Farm Machinery – 0.0% *
CNH Industrial N.V.		29,906		317,603
Kubota Corp.		27,782		437,178
				754,781
Agricultural Products – 0.0% *
Charoen Pokphand Indonesia Tbk PT		289,500		74,345
Felda Global Ventures Holdings Bhd		47,900		17,905
Genting Plantations Bhd		8,500		19,885
Golden Agri-Resources Ltd.		218,900		48,966
IOI Corporation Bhd		60,300		67,771
Kuala Lumpur Kepong Bhd		18,200		108,853
Sime Darby Plantation Bhd		71,462		94,292
Wilmar International Ltd.		30,800		69,122
				501,139
Air Freight & Logistics – 0.1%
Bollore S.A.		21,662		100,761
Deutsche Post AG		26,560		867,354
Hyundai Glovis Company Ltd.		540		55,962
Royal Mail PLC		25,601		170,824
Yamato Holdings Company Ltd.		8,900		262,263
				1,457,164
Airlines – 0.1%
Air China Ltd., Class H		28,000		27,053
AirAsia Group Bhd		48,500		35,899
ANA Holdings Inc.		3,200		117,553
China Airlines Ltd.		104,000		32,474	(a)
China Southern Airlines Company Ltd., H Shares		52,000		40,895
Deutsche Lufthansa AG		6,973		167,711
easyJet PLC		3,724		82,255
Eva Airways Corp.		80,650		39,018
International Consolidated Airlines Group S.A.		18,877		165,784
Japan Airlines Company Ltd.		2,900		102,841
Korean Air Lines Company Ltd.		1,954		49,529
Latam Airlines Group S.A.		11,360		113,107
Singapore Airlines Ltd.		13,700		107,410
Turk Hava Yollari AO		23,896		70,626	(a)
				1,152,155
Airport Services – 0.1%
Aena SME S.A.		1,879		341,140	(d)
Aeroports de Paris		773		174,817
Airports of Thailand PCL NVDR		124,100		235,989
Auckland International Airport Ltd.		33,997		156,060
Beijing Capital International Airport Company Ltd., Class H		64,000		67,463
Fraport AG Frankfurt Airport Services Worldwide		1,434		138,328
Grupo Aeroportuario del Pacifico SAB de C.V., Class B		10,700		100,104
Grupo Aeroportuario del Sureste SAB de C.V., Class B		4,855		77,897
Japan Airport Terminal Company Ltd.		1,400		65,598
Malaysia Airports Holdings Bhd		36,000		78,426
SATS Ltd.		11,000		40,337
Sydney Airport		31,381		166,011
TAV Havalimanlari Holding AS		6,264		30,683
				1,672,853
Alternative Carriers – 0.0% *
Iliad S.A.		770		121,681
Intelsat S.A.		780		12,995	(a)
				134,676

	Number of Shares		Fair Value
Aluminum – 0.0% *
Alumina Ltd.		63,034	$	130,403
Aluminum Corporation of China Ltd., Class H		152,000		67,035	(a)
Hindalco Industries Ltd.		39,321		132,285
Norsk Hydro ASA		39,840		238,491
				568,214
Apparel Retail – 0.1%
ABC-Mart Inc.		1,000		54,710
Fast Retailing Company Ltd.		1,500		689,433
Hennes & Mauritz AB, Class B		25,361		378,459
Industria de Diseno Textil S.A.		28,442		971,651
Mr Price Group Ltd.		8,676		143,222
Shimamura Company Ltd.		800		70,419
The Foschini Group Ltd.		7,946		100,874
Truworths International Ltd.		16,496		92,973
				2,501,741
Apparel, Accessories & Luxury Goods – 0.4%
Adidas AG		5,144		1,122,799
Burberry Group PLC		11,879		338,758
Cie Financiere Richemont S.A.		13,743		1,164,269
Gildan Activewear Inc.		6,442		181,343
Hermes International		841		514,325
HUGO BOSS AG		1,603		145,534
Kering S.A.		2,047		1,155,792
Li & Fung Ltd.		134,000		49,190
LPP S.A.		33		74,789
Luxottica Group S.p.A.		4,387		283,044
LVMH Moet Hennessy Louis Vuitton SE		7,412		2,468,088
Moncler S.p.A.		4,359		198,485
Pandora A/S		2,776		193,926
Shenzhou International Group Holdings Ltd.		16,000		197,516
The Swatch Group AG		808		383,351
The Swatch Group AG		1,309		113,176
				8,584,385
Application Software – 0.2%
Constellation Software Inc.		573		444,108
Dassault Systemes SE		3,526		494,014
Kingdee International Software Group Company Ltd.		68,000		69,600
Kingsoft Corporation Ltd.		27,000		81,907
LINE Corp.		500		20,832	(a)
Micro Focus International PLC ADR		12,240		211,385
Nice Ltd.		1,516		156,381	(a)
Open Text Corp.		7,724		271,686
SAP SE		25,933		2,996,017
Temenos AG		1,484		224,181	(a)
The Sage Group PLC		29,849		247,720
				5,217,831
Asset Management & Custody Banks – 0.1%
3i Group PLC		26,863		319,406
Amundi S.A.		1,515		104,963	(d)
BrightSphere Investment Group PLC		1,405		20,035
Brookfield Asset Management Inc., Class A		22,039		893,489
China Cinda Asset Management Company Ltd., Class H		246,000		79,017
China Huarong Asset Management Company Ltd.		248,000		71,756	(d)
CI Financial Corp.		7,514		134,977
Coronation Fund Managers Ltd.		10,031		42,675
Hargreaves Lansdown PLC		6,626		172,466
IGM Financial Inc.		2,320		67,213
Janus Henderson Group PLC		1,218		37,429
Julius Baer Group Ltd.		5,835		342,478	(a)
Partners Group Holding AG		451		330,432
Quilter PLC		1		1	(a,d)
SBI Holdings Inc.		4,900		126,255
Schroders PLC		3,183		132,711
St. James’s Place PLC		14,401		218,173
				3,093,476
Auto Parts & Equipment – 0.2%
Aisin Seiki Company Ltd.		4,658		212,368
Aptiv PLC		8,948		819,905

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Bharat Forge Ltd.		8,872	$	79,338
Bosch Ltd.		136		34,757
China First Capital Group Ltd.		102,000		65,006	(a)
Continental AG		2,869		655,034
Delphi Technologies PLC		596		27,094
Denso Corp.		11,857		579,335
Faurecia S.A.		1,920		137,012
Hanon Systems		6,000		57,066
Hyundai Mobis Company Ltd.		1,811		344,488
Koito Manufacturing Company Ltd.		2,955		195,284
Linamar Corp.		1,000		43,947
Magna International Inc.		8,881		516,205
Minth Group Ltd.		22,000		92,958
Motherson Sumi Systems Ltd.		9,738		40,464
NGK Spark Plug Company Ltd.		5,000		142,644
NOK Corp.		2,000		38,713
Stanley Electric Company Ltd.		4,000		136,505
Sumitomo Electric Industries Ltd.		19,500		290,480
Toyoda Gosei Company Ltd.		2,500		63,400
Toyota Industries Corp.		4,309		241,583
Valeo S.A.		6,560		358,601
				5,172,187
Automobile Manufacturers – 0.7%
Astra International Tbk PT		501,200		230,839
Bayerische Motoren Werke AG		8,717		790,082
Brilliance China Automotive Holdings Ltd.		90,000		162,438
BYD Company Ltd., Class H		19,500		118,186
Daimler AG		23,976		1,543,265
Dongfeng Motor Group Company Ltd., Class H		74,000		78,287
Ferrari N.V.		3,488		474,436
Fiat Chrysler Automobiles N.V.		27,307		520,765	(a)
Ford Otomotiv Sanayi AS		2,547		34,081
Geely Automobile Holdings Ltd.		138,000		357,953
Great Wall Motor Company Ltd., Class H		86,000		65,771
Guangzhou Automobile Group Company Ltd., Class H		84,000		82,121
Honda Motor Company Ltd.		42,976		1,262,140
Hyundai Motor Co.		4,288		482,857
Isuzu Motors Ltd.		14,900		197,945
Kia Motors Corp.		6,439		178,235
Mahindra & Mahindra Ltd.		22,838		299,229
Maruti Suzuki India Ltd.		2,782		358,357
Mazda Motor Corp.		15,400		189,085
Mitsubishi Motors Corp.		15,700		125,158
Nissan Motor Company Ltd.		60,000		583,939
Peugeot S.A.		15,358		350,735
Renault S.A.		5,007		425,759
Subaru Corp.		15,900		462,940
Suzuki Motor Corp.		9,300		513,677
Tata Motors Ltd.		33,690		132,419	(a)
Tofas Turk Otomobil Fabrikasi AS		4,588		24,096
Toyota Motor Corp.		60,521		3,917,624
UMW Holdings Bhd		21,300		31,479
Volkswagen AG		856		141,418
				14,135,316
Automotive Retail – 0.0% *
Hotai Motor Company Ltd.		9,000		79,260
USS Company Ltd.		4,800		91,350
				170,610
Biotechnology – 0.2%
3SBio Inc.		37,000		84,041	(d)
Arbutus Biopharma Corp.		768		5,606	(a)
Celltrion Inc.		2,089		568,875	(a)
CSL Ltd.		11,922		1,696,706
Genmab A/S		1,508		232,716	(a)
Grifols S.A.		8,144		245,130
Nymox Pharmaceutical Corp.		566		1,902	(a)
Prothena Corporation PLC		737		10,746	(a)
Shire PLC		23,888		1,345,102
SillaJen Inc.		1,318		86,684	(a)
				4,277,508

	Number of Shares		Fair Value
Brewers – 0.3%
AMBEV S.A.		129,211	$	603,840
Anadolu Efes Biracilik Ve Malt Sanayii AS		8,317		42,845
Anheuser-Busch InBev S.A.		20,797		2,100,354
Asahi Group Holdings Ltd.		9,312		476,844
Carlsberg A/S, Class B		2,787		328,247
China Resources Beer Holdings Company Ltd.		48,000		233,103
Cia Cervecerias Unidas S.A.		3,906		49,052
Heineken Holding N.V.		2,878		275,873
Heineken N.V.		6,681		670,991
Kirin Holdings Company Ltd.		21,373		571,735
Tsingtao Brewery Company Ltd., Class H		14,000		76,911
				5,429,795
Broadcasting – 0.0% *
Astro Malaysia Holdings Bhd		30,600		12,044
Central European Media Enterprises Ltd., Class A		1,533		6,362	(a)
ITV PLC		94,573		217,256
ProSiebenSat.1 Media SE		6,341		160,877
RTL Group S.A.		1,073		72,787
Zee Entertainment Enterprises Ltd.		13,471		106,948
				576,274
Building Products – 0.2%
Allegion PLC		3,051		236,025
Asahi Glass Company Ltd.		5,360		208,806
Assa Abloy AB, Class B		26,624		568,133
Caesarstone Ltd.		396		5,980
Cie de Saint-Gobain		12,890		575,953
Daikin Industries Ltd.		6,700		802,681
Geberit AG		1,006		431,498
KCC Corp.		194		57,095
LIXIL Group Corp.		7,200		144,046
TOTO Ltd.		3,600		167,056
				3,197,273
Cable & Satellite – 0.2%
Cyfrowy Polsat S.A.		6,693		41,367
Eutelsat Communications S.A.		5,802		120,342
Grupo Televisa SAB		63,924		245,149
Liberty Latin America Ltd., Class A		833		15,927	(a)
Liberty Latin America Ltd., Class C		2,118		41,047	(a)
Naspers Ltd., Class N		12,026		3,057,774
SES S.A.		9,814		179,781
Shaw Communications Inc., Class B		12,497		254,415
Sky PLC		27,727		535,005
Telenet Group Holding N.V.		1,308		61,086	(a)
				4,551,893
Casinos & Gaming – 0.1%
Aristocrat Leisure Ltd.		14,952		341,361
Crown Resorts Ltd.		12,361		123,294
Galaxy Entertainment Group Ltd.		60,000		464,600
Genting Bhd		64,500		134,285
Genting Malaysia Bhd		109,600		132,405
Genting Singapore Ltd.		165,000		147,635
GVC Holdings PLC		13,177		182,842
Kangwon Land Inc.		4,050		95,027
Melco Resorts & Entertainment Ltd. ADR		7,165		200,620
MGM China Holdings Ltd.		20,800		48,252
OPAP S.A.		4,860		54,927
Paddy Power Betfair PLC		2,176		241,356
Sands China Ltd.		67,200		359,322
SJM Holdings Ltd.		82,000		102,011
Tabcorp Holdings Ltd.		48,924		161,218
Wynn Macau Ltd.		42,000		135,174
				2,924,329
Coal & Consumable Fuels – 0.0% *
Adaro Energy Tbk PT		538,500		67,266
Banpu PCL NVDR		38,000		22,366
Cameco Corp.		8,409		94,545
China Shenhua Energy Company Ltd.		96,500		229,028
Coal India Ltd.		18,723		72,239
Energy Fuels Inc.		1,732		3,932	(a)

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Exxaro Resources Ltd.		4,703	$	43,131
United Tractors Tbk PT		33,500		73,873
Uranium Energy Corp.		3,122		5,026	(a)
Yanzhou Coal Mining Company Ltd., Class H		38,000		49,695
				661,101
Commercial Printing – 0.0% *
Cimpress N.V.		408		59,144	(a)
Dai Nippon Printing Company Ltd.		7,400		165,617
Toppan Printing Company Ltd.		16,000		125,383
				350,144
Commodity Chemicals – 0.2%
Asahi Kasei Corp.		34,400		437,279
Formosa Chemicals & Fibre Corp.		80,540		320,961
Formosa Plastics Corp.		115,960		427,883
Hanwha Chemical Corp.		3,760		73,716
Hyosung Corp.		768		92,339
Indorama Ventures PCL NVDR		55,500		91,718
Kaneka Corp.		8,000		71,719
Kumho Petrochemical Company Ltd.		572		59,792
Kuraray Company Ltd.		9,221		127,037
LG Chem Ltd.		1,269		379,732
Lotte Chemical Corp.		473		147,693
Methanex Corp.		1,527		107,910
Mexichem SAB de C.V.		22,840		66,734
Mitsui Chemicals Inc.		5,200		138,491
Nan Ya Plastics Corp.		128,850		368,523
Orica Ltd.		11,069		145,165
Petronas Chemicals Group Bhd		69,900		145,528
PTT Global Chemical PCL NVDR		62,900		138,597
Sinopec Shanghai Petrochemical Company Ltd., Class H		129,000		78,596
Teijin Ltd.		4,700		86,222
Toray Industries Inc.		39,800		314,045
Tosoh Corp.		7,924		122,832
				3,942,512
Communications Equipment – 0.1%
ARRIS International PLC		1,141		27,892	(a)
Nokia Oyj		146,979		846,015
Telefonaktiebolaget LM Ericsson, Class B		81,886		633,962
ZTE Corp., Class H		29,280		44,486	(a)
				1,552,355
Computer & Electronics Retail – 0.0% *
GOME Retail Holdings Ltd.		456,000		46,498	(a)
Hikari Tsushin Inc.		500		87,889
Yamada Denki Company Ltd.		17,200		85,561
				219,948
Construction & Engineering – 0.2%
ACS Actividades de Construccion y Servicios S.A.		5,751		232,996
Bouygues S.A.		6,436		277,355
China Communications Construction Company Ltd., Class H		117,000		113,041
China Railway Construction Corporation Ltd., Class H		73,500		74,480
China Railway Group Ltd., Class H		149,000		112,432
China State Construction International Holdings Ltd.		34,250		35,143
CIMIC Group Ltd.		2,648		82,759
Daelim Industrial Company Ltd.		460		31,575
Daewoo Engineering & Construction Company Ltd.		5,220		27,493	(a)
Eiffage S.A.		2,147		233,577
Ferrovial S.A.		11,951		245,231
Gamuda Bhd		63,600		51,485
GS Engineering & Construction Corp.		2,019		83,332
HDC Hyundai Development Company-Engineering & Construction		1,410		68,191	(a)
HOCHTIEF AG		448		80,970
Hyundai Engineering & Construction Company Ltd.		1,499		77,337
IJM Corporation Bhd		83,000		36,779
JGC Corp.		5,100		102,815
Kajima Corp.		27,000		209,146

	Number of Shares		Fair Value
Larsen & Toubro Ltd.		14,392	$	267,843
Obayashi Corp.		17,000		176,960
Shimizu Corp.		15,800		163,898
Skanska AB, Class B		10,011		182,181
SNC-Lavalin Group Inc.		4,467		197,160
Taisei Corp.		4,900		270,293
Vinci S.A.		13,213		1,270,555
WSP Global Inc.		2,400		126,290
				4,831,317
Construction Machinery & Heavy Trucks – 0.1%
Alstom S.A.		4,476		205,694
CRRC Corporation Ltd., Class H		103,950		80,691
Eicher Motors Ltd.		358		149,389
Epiroc AB A Shares		17,986		188,968	(a)
Epiroc AB B Shares		10,231		93,779	(a)
Hino Motors Ltd.		4,900		52,333
Hitachi Construction Machinery Company Ltd.		2,700		87,753
Hyundai Heavy Industries Company Ltd.		740		67,725	(a)
KION Group AG		1,793		129,038
Komatsu Ltd.		24,600		703,587
MAN SE		853		96,555
Samsung Heavy Industries Company Ltd.		7,691		49,272	(a)
Volvo AB, Class B		41,905		670,780
Weichai Power Company Ltd., Class H		72,000		99,298
Yangzijiang Shipbuilding Holdings Ltd.		42,700		28,341
				2,703,203
Construction Materials – 0.2%
Ambuja Cements Ltd.		22,724		68,804
Anhui Conch Cement Company Ltd., Class H		30,500		174,942
Asia Cement Corp.		78,030		85,737
Boral Ltd.		34,115		164,594
Cementos Argos S.A.		13,625		45,463
Cemex SAB de C.V.		404,612		268,839	(a)
China National Building Material Company Ltd., Class H		62,000		61,404
China Resources Cement Holdings Ltd.		68,000		68,906
CRH PLC		24,334		862,279
Fletcher Building Ltd.		30,991		145,828
Grasim Industries Ltd.		8,290		121,824
Grupo Argos S.A.		11,233		75,958
HeidelbergCement AG		4,028		338,985
Imerys S.A.		1,254		101,390
Indocement Tunggal Prakarsa Tbk PT		55,500		52,866
James Hardie Industries PLC		11,037		184,948
LafargeHolcim Ltd.		11,715		570,796	(a)
Semen Indonesia Persero Tbk PT		110,500		54,942
Taiheiyo Cement Corp.		3,400		111,886
Taiwan Cement Corp.		83,000		115,291
The Siam Cement PCL		7,500		93,269
The Siam Cement PCL NVDR		2,600		32,490
Titan Cement Company S.A.		1,510		38,257
UltraTech Cement Ltd.		1,319		73,513
				3,913,211
Consumer Electronics – 0.2%
Casio Computer Company Ltd.		5,100		82,970
Garmin Ltd.		3,307		201,727
LG Electronics Inc.		2,888		215,078
Nikon Corp.		10,100		160,757
Panasonic Corp.		58,900		794,178
Sharp Corp.		3,700		90,191
Sony Corp.		33,100		1,692,578
				3,237,479
Consumer Finance – 0.0% *
Acom Company Ltd.		16,000		61,536
AEON Financial Service Company Ltd.		2,900		61,893
Bajaj Finance Ltd.		4,737		158,765
Credit Saison Company Ltd.		3,600		56,682
Mahindra & Mahindra Financial Services Ltd.		10,172		69,726

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Samsung Card Company Ltd.		1,450	$	49,830
Shriram Transport Finance Company Ltd.		4,730		89,709
				548,141
Copper – 0.0% *
Antofagasta PLC		12,579		164,413
First Quantum Minerals Ltd.		18,044		265,698
Jiangxi Copper Company Ltd., Class H		29,000		36,964
KGHM Polska Miedz S.A.		3,476		81,702
Lundin Mining Corp.		16,300		90,580
				639,357
Data Processing & Outsourced Services – 0.1%
Amadeus IT Group S.A.		11,424		901,655
Cielo S.A.		35,804		153,735
Computershare Ltd.		12,912		175,823
EVERTEC Inc.		1,035		22,615
GDS Holdings Ltd. ADR		2,000		80,180	(a)
Travelport Worldwide Ltd.		2,170		40,232
TravelSky Technology Ltd. H Shares		31,000		90,288
Wirecard AG		3,185		512,988
				1,977,516
Department Stores – 0.1%
El Puerto de Liverpool SAB de C.V.		6,900		44,737
Hyundai Department Store Company Ltd.		375		38,863
Isetan Mitsukoshi Holdings Ltd.		9,800		122,450
J Front Retailing Company Ltd.		5,900		89,860
Lojas Renner S.A.		18,194		138,888
Lotte Shopping Company Ltd.		398		74,993
Marks & Spencer Group PLC		39,027		152,051
Marui Group Company Ltd.		5,300		111,680
Matahari Department Store Tbk PT		50,000		30,705
Next PLC		4,041		322,775
SACI Falabella		17,913		164,915
Shinsegae Inc.		156		56,199
Takashimaya Company Ltd.		10,000		85,587
Woolworths Holdings Ltd.		22,109		89,444
				1,523,147
Distillers & Vintners – 0.2%
Diageo PLC		65,049		2,337,680
Treasury Wine Estates Ltd.		18,140		233,074
Remy Cointreau S.A.		529		68,557
United Spirits Ltd.		7,660		74,342	(a)
Davide Campari-Milano S.p.A.		16,679		137,191
Pernod Ricard S.A.		5,731		936,103
				3,786,947
Distributors – 0.0% *
Imperial Holdings Ltd.		4,295		61,384
Jardine Cycle & Carriage Ltd.		2,744		64,037
				125,421
Diversified Banks – 3.3%
ABN AMRO Group N.V.		9,910		257,095	(d)
Abu Dhabi Commercial Bank PJSC		59,604		114,562
Agricultural Bank of China Ltd., Class H		810,000		378,908
AIB Group PLC		20,251		109,945
Akbank Turk AS		57,989		95,188
Alior Bank S.A.		1,742		31,127	(a)
Alliance Bank Malaysia Bhd		47,100		47,106
Alpha Bank AE		47,969		107,252	(a)
AMMB Holdings Bhd		71,600		66,469
Aozora Bank Ltd.		3,000		114,161
Australia & New Zealand Banking Group Ltd.		77,556		1,618,215
Axis Bank Ltd.		46,613		347,514
Banco Bilbao Vizcaya Argentaria S.A.		180,593		1,280,712
Banco Bradesco S.A.		28,943		183,404
Banco de Chile		420,853		65,082
Banco de Credito e Inversiones S.A.		1,123		74,989
Banco de Sabadell S.A.		147,393		247,033
Banco do Brasil S.A.		23,600		175,739
Banco Santander Brasil S.A.		9,921		75,554
Banco Santander Chile		1,613,068		127,030
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand, B Shares		38,960		53,180

	Number of Shares		Fair Value
Banco Santander S.A.		429,800	$	2,304,326
Bangkok Bank PCL		3,000		17,975
Bangkok Bank PCL NVDR		1,300		7,671
Bank Central Asia Tbk PT		271,500		406,871
Bank Danamon Indonesia Tbk PT		32,900		14,636
Bank Handlowy w Warszawie S.A.		1,235		23,354
Bank Hapoalim BM		32,415		219,167
Bank Leumi Le-Israel BM		35,948		212,120
Bank Mandiri Persero Tbk PT		464,000		221,800
Bank Millennium S.A.		17,468		37,419	(a)
Bank Negara Indonesia Persero Tbk PT		189,400		93,180
Bank of China Ltd., Class H		2,182,000		1,081,898
Bank of Communications Company Ltd., Class H		209,000		160,104
Bank of Ireland Group PLC		24,711		192,871
Bank of Montreal		16,898		1,305,390
Bank of the Philippine Islands		32,585		54,036
Bank Polska Kasa Opieki S.A.		5,497		165,911
Bank Rakyat Indonesia Persero Tbk PT		1,547,000		306,593
Bank Zachodni WBK S.A.		987		87,945
Bankia S.A.		29,006		108,608
Bankinter S.A.		17,977		175,091
Barclays Africa Group Ltd.		16,356		190,920
Barclays PLC		461,577		1,151,761
BDO Unibank Inc.		67,230		158,099
BNP Paribas S.A.		29,592		1,837,723
BOC Hong Kong Holdings Ltd.		101,500		478,038
CaixaBank S.A.		90,794		392,860
Canadian Imperial Bank of Commerce		11,448		995,244
Chang Hwa Commercial Bank Ltd.		140,805		81,744
China CITIC Bank Corporation Ltd., Class H		253,000		158,338
China Construction Bank Corp., Class H		2,542,000		2,349,069
China Development Financial Holding Corp.		406,000		148,479
China Merchants Bank Company Ltd., Class H		98,231		362,476
China Minsheng Banking Corporation Ltd., Class H		206,640		147,761
CIMB Group Holdings Bhd		133,920		180,682
Commercial International Bank Egypt SAE		34,995		166,818
Commerzbank AG		28,904		277,096	(a)
Commonwealth Bank of Australia		46,599		2,508,890
Credicorp Ltd.		1,951		439,209
Credit Agricole S.A.		32,280		430,968
CTBC Financial Holding Company Ltd.		486,661		350,368
Danske Bank A/S		20,112		629,534
DBS Group Holdings Ltd.		46,973		916,723
DNB ASA		25,499		498,379
Doha Bank QPSC		5,128		37,675
Dubai Islamic Bank PJSC		75,198		99,700
E.Sun Financial Holding Company Ltd.		257,132		179,217
Erste Group Bank AG		9,051		377,788	(a)
Eurobank Ergasias S.A.		2,173		2,271	(a)
First Abu Dhabi Bank PJSC		35,661		117,959
First Financial Holding Company Ltd.		210,166		142,002
Grupo Financiero Banorte SAB de C.V., Class O		67,000		399,053
Grupo Financiero Inbursa SAB de C.V., Class O		64,600		91,367
Hana Financial Group Inc.		8,259		317,540
Hang Seng Bank Ltd.		21,600		540,176
Hong Leong Bank Bhd		22,500		101,374
Hong Leong Financial Group Bhd		8,200		36,539
HSBC Holdings PLC		528,900		4,962,680
Hua Nan Financial Holdings Company Ltd.		146,710		85,413
ICICI Bank Ltd.		51,903		208,627
Industrial & Commercial Bank of China Ltd., Class H		1,827,000		1,366,969
Industrial Bank of Korea		6,426		88,794
ING Groep N.V.		101,277		1,457,737
Intesa Sanpaolo S.p.A.		18,145		55,039
Intesa Sanpaolo S.p.A.		365,624		1,061,448

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Itau CorpBanca		5,524,790	$	54,192
Japan Post Bank Company Ltd.		10,500		122,286
Kasikornbank PCL		38,000		229,399
Kasikornbank PCL NVDR		15,300		89,592
KB Financial Group Inc.		10,750		509,287
KBC Group N.V.		7,067		545,561
Komercni Banka AS		2,365		99,295
Krung Thai Bank PCL NVDR		138,400		69,764
Lloyds Banking Group PLC		1,895,961		1,578,232
Malayan Banking Bhd		108,351		241,406
Masraf Al Rayan QSC		10,608		101,768
mBank S.A.		587		62,683
Mega Financial Holding Company Ltd.		315,192		278,094
Metropolitan Bank & Trust Co.		21,790		29,969
Mitsubishi UFJ Financial Group Inc.		309,500		1,763,422
Mizrahi Tefahot Bank Ltd.		4,951		90,849
Mizuho Financial Group Inc.		651,328		1,096,670
National Australia Bank Ltd.		70,879		1,435,433
National Bank of Canada		9,663		463,665
National Bank of Greece S.A.		1,560		479	(a)
Nedbank Group Ltd.		5,488		99,932
Nordea Bank AB		81,543		786,444
OTP Bank Nyrt		7,068		255,998
Oversea-Chinese Banking Corporation Ltd.		81,675		697,247
Piraeus Bank S.A.		42		143	(a)
Powszechna Kasa Oszczednosci Bank Polski S.A.		28,491		281,489	(a)
Public Bank Bhd		81,840		473,272
Qatar Islamic Bank SAQ		1,140		36,320
Qatar National Bank QPSC		11,647		486,225
Raiffeisen Bank International AG		5,172		158,754
RHB Bank Bhd		34,822		47,067
Royal Bank of Canada		37,913		2,853,022
Royal Bank of Scotland Group PLC		99,516		336,480	(a)
Sberbank of Russia PJSC ADR		72,140		1,041,341
Shinhan Financial Group Company Ltd.		11,463		445,355
SinoPac Financial Holdings Company Ltd.		335,791		121,151
Skandinaviska Enskilda Banken AB, Class A		40,362		384,220
Societe Generale S.A.		21,025		886,542
Standard Bank Group Ltd.		36,859		515,979
Standard Chartered PLC		72,950		667,059
State Bank of India		47,012		177,955	(a)
Sumitomo Mitsui Financial Group Inc.		35,100		1,364,516
Sumitomo Mitsui Trust Holdings Inc.		9,200		364,877
Svenska Handelsbanken AB, Class A		40,945		455,677
Swedbank AB, Class A		25,743		551,923
Taishin Financial Holding Company Ltd.		280,597		132,529
Taiwan Business Bank		168,187		51,909
Taiwan Cooperative Financial Holding Company Ltd.		167,699		98,182
The Bank of East Asia Ltd.		26,966		107,755
The Bank of Nova Scotia		32,059		1,814,187
The Bank of NT Butterfield & Son Ltd.		957		43,754
The Commercial Bank PQSC		4,833		50,560
The Siam Commercial Bank PCL NVDR		60,100		214,967
The Toronto-Dominion Bank		48,415		2,800,484
TMB Bank PCL NVDR		250,000		17,356
Turkiye Garanti Bankasi AS		68,113		124,593
Turkiye Halk Bankasi AS		25,730		41,562
Turkiye Is Bankasi A/S , Class C		27,410		34,104
Turkiye Vakiflar Bankasi Tao, Class D		28,976		31,056
UniCredit S.p.A.		54,203		904,719
United Overseas Bank Ltd.		34,621		679,470
VTB Bank PJSC GDR		85,999		130,976
Westpac Banking Corp.		89,940		1,947,048
Woori Bank		10,759		157,355
Yapi ve Kredi Bankasi AS		67,070		36,308	(a)
Yes Bank Ltd.		46,710		231,556
				71,349,242
Diversified Capital Markets – 0.2%
China Everbright Ltd.		14,000		25,696
Credit Suisse Group AG		65,476		985,816	(a)

	Number of Shares		Fair Value
Deutsche Bank AG		54,090	$	582,395
Investec Ltd.		5,853		41,021
Investec PLC		16,536		117,454
Macquarie Group Ltd.		8,330		761,019
Mirae Asset Daewoo Company Ltd.		10,004		76,477
Natixis S.A.		27,108		192,369
UBS Group AG		96,687		1,492,249	(a)
				4,274,496
Diversified Chemicals – 0.2%
Arkema S.A.		2,022		239,384
BASF SE		24,646		2,356,997
Daicel Corp.		6,900		76,373
Incitec Pivot Ltd.		43,657		117,089
Lanxess AG		2,671		208,318
Mitsubishi Chemical Holdings Corp.		36,605		306,482
Mitsubishi Gas Chemical Company Inc.		5,100		115,569
Nissan Chemical Industries Ltd.		3,600		168,031
OCI Company Ltd.		643		59,425
Sasol Ltd.		14,767		541,777
Solvay S.A.		2,202		278,048
Sumitomo Chemical Company Ltd.		41,000		232,456
				4,699,949
Diversified Metals & Mining – 0.5%
Anglo American PLC		27,320		611,302
BHP Billiton Ltd.		85,117		2,132,555
BHP Billiton PLC		55,449		1,248,904
Boliden AB		7,002		227,451
China Molybdenum Company Ltd. H Shares		126,000		61,029
Ferroglobe PLC		1,316		—	(i,**)
Glencore PLC		303,977		1,452,799	(a)
Grupo Mexico SAB de C.V., Class B		98,250		281,867
Korea Zinc Company Ltd.		215		74,464
Mitsubishi Materials Corp.		2,800		76,974
MMC Norilsk Nickel PJSC ADR		17,154		309,287
Rio Tinto Ltd.		10,604		653,733
Rio Tinto PLC		32,372		1,795,472
South32 Ltd.		133,360		355,704
Sumitomo Metal Mining Company Ltd.		6,560		250,993
Teck Resources Ltd., Class B		12,981		330,483
Turquoise Hill Resources Ltd.		29,112		82,327	(a)
Vedanta Ltd.		42,022		144,867
				10,090,211
Diversified Real Estate Activities – 0.2%
Aldar Properties PJSC		118,736		65,297
Ayala Land Inc.		254,600		180,809
Barwa Real Estate Co.		6,158		57,842
CapitaLand Ltd.		75,000		173,817
City Developments Ltd.		11,100		88,979
Daito Trust Construction Company Ltd.		1,900		308,933
Daiwa House Industry Company Ltd.		15,460		527,034
Ezdan Holding Group QSC		23,752		53,493	(a)
Hang Lung Properties Ltd.		57,000		117,554
Henderson Land Development Company Ltd.		36,133		191,132
Kerry Properties Ltd.		17,000		81,366
LendLease Group		16,540		242,090
Mitsubishi Estate Company Ltd.		30,636		535,746
Mitsui Fudosan Company Ltd.		24,315		586,993
New World Development Company Ltd.		175,842		247,442
Nomura Real Estate Holdings Inc.		2,200		48,821
Sime Darby Property Bhd		71,462		21,229
Sumitomo Realty & Development Company Ltd.		10,000		369,160
Sun Hung Kai Properties Ltd.		37,000		558,387
Swire Pacific Ltd., Class A		16,000		169,474
The Wharf Holdings Ltd.		36,000		115,634
Tokyo Tatemono Company Ltd.		4,900		67,286
Tokyu Fudosan Holdings Corp.		10,100		71,306
UOL Group Ltd.		9,016		50,387
Wheelock & Company Ltd.		24,000		167,180
				5,097,391
Diversified REITs – 0.1%
Covivio		1,038		107,982
Daiwa House REIT Investment Corp.		34		80,699

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Fibra Uno Administracion S.A. de C.V.		80,100	$	117,527
Gecina S.A.		1,274		213,153
Growthpoint Properties Ltd.		64,536		125,670
H&R Real Estate Investment Trust		5,097		77,959
ICADE		1,137		106,599
Land Securities Group PLC		20,357		257,180
Mirvac Group		110,757		177,577
Nomura Real Estate Master Fund Inc.		120		169,331
Redefine Properties Ltd.		118,780		90,907
Stockland		68,792		201,783
Suntec Real Estate Investment Trust		65,800		83,487
The GPT Group		44,844		167,653
United Urban Investment Corp.		89		138,122
				2,115,629
Diversified Support Services – 0.0% *
Babcock International Group PLC		6,848		73,938
Brambles Ltd.		44,121		289,477
Edenred		5,890		186,088
ISS A/S		4,094		140,690
KEPCO Plant Service & Engineering Company Ltd.		1,248		39,921
				730,114
Drug Retail – 0.0% *
Raia Drogasil S.A.		7,400		127,712
Sundrug Company Ltd.		2,000		81,072
Tsuruha Holdings Inc.		1,000		125,401
				334,185
Education Services – 0.0% *
Benesse Holdings Inc.		1,700		60,317
Kroton Educacional S.A.		39,716		96,209
New Oriental Education & Technology Group Inc. ADR		4,000		378,640
TAL Education Group ADR		8,400		309,120	(a)
				844,286
Electric Utilities – 0.4%
AusNet Services		64,560		76,559
CEZ AS		3,979		94,110
Chubu Electric Power Company Inc.		17,227		258,331
CK Infrastructure Holdings Ltd.		14,500		107,473
CLP Holdings Ltd.		45,500		490,061
EDP - Energias de Portugal S.A.		64,760		257,076
EDP - Energias do Brasil S.A.		9,400		33,887
Electricite de France S.A.		11,548		158,828
Emera Inc.		2,100		68,326
Endesa S.A.		8,555		188,731
Enel Americas S.A.		730,486		128,685
Enel Chile S.A.		1,021,407		101,177
Enel S.p.A.		219,776		1,220,644
Fortis Inc.		11,647		372,045
Fortum Oyj		12,194		291,006
HK Electric Investments & HK Electric Investments Ltd.		40,500		38,717	(d)
Hydro One Ltd.		6,800		103,593	(d)
Iberdrola S.A.		156,501		1,210,356
Interconexion Electrica S.A. ESP		12,838		63,382
Korea Electric Power Corp.		6,435		184,764
Kyushu Electric Power Company Inc.		8,800		98,197
Orsted A/S		4,922		297,719	(d)
PGE Polska Grupa Energetyczna S.A.		27,532		68,684	(a)
Power Assets Holdings Ltd.		38,500		269,166
Power Grid Corporation of India Ltd.		36,135		98,545
Red Electrica Corp. S.A.		11,878		241,861
RusHydro PJSC ADR		52,229		54,840
SSE PLC		27,276		487,951
Tenaga Nasional Bhd		88,500		320,743
Terna Rete Elettrica Nazionale S.p.A.		35,635		192,717
The Chugoku Electric Power Company Inc.		7,600		98,255
The Kansai Electric Power Company Inc.		17,000		248,021
The Tata Power Company Ltd.		40,698		43,511
Tohoku Electric Power Company Inc.		13,200		161,239
Tokyo Electric Power Company Holdings Inc.		42,100		196,123	(a)
				8,325,323

	Number of Shares		Fair Value
Electrical Components & Equipment – 0.2%
ABB Ltd.		49,775	$	1,088,288
Fuji Electric Company Ltd.		14,000		106,676
Legrand S.A.		7,477		549,103
Mabuchi Motor Company Ltd.		1,800		85,641
Nidec Corp.		5,854		878,642
nVent Electric PLC		1,078		27,058	(a)
OSRAM Licht AG		2,597		106,124
Prysmian S.p.A.		5,426		135,128
Schneider Electric SE		14,101		1,175,832
Teco Electric and Machinery Company Ltd.		64,000		48,071
Zhuzhou CRRC Times Electric Company Ltd., Class H		17,000		80,824
				4,281,387
Electronic Components – 0.2%
Alps Electric Company Ltd.		5,800		149,025
AU Optronics Corp.		177,000		74,891
Delta Electronics Inc.		48,000		172,393
Hamamatsu Photonics KK		3,700		159,003
Hirose Electric Company Ltd.		840		104,123
Innolux Corp.		289,212		103,871
Kingboard Chemical Holdings Ltd.		22,500		82,309
Kyocera Corp.		8,755		493,770
Largan Precision Company Ltd.		3,000		441,806
LG Display Company Ltd.		5,500		90,310
LG Innotek Company Ltd.		512		66,383
Murata Manufacturing Company Ltd.		4,903		824,212
Nippon Electric Glass Company Ltd.		2,800		77,858
Omron Corp.		5,300		247,380
Samsung Electro-Mechanics Company Ltd.		1,559		207,727
Samsung SDI Company Ltd.		1,484		284,949
Sunny Optical Technology Group Company Ltd.		21,000		390,800
TDK Corp.		3,300		337,255
Yageo Corp.		5,000		184,496	(a)
Yaskawa Electric Corp.		6,600		233,278
Zhen Ding Technology Holding Ltd.		7,350		16,248
				4,742,087
Electronic Equipment & Instruments – 0.2%
Hexagon AB, Class B		7,213		402,738
Hitachi High-Technologies Corp.		2,400		97,937
Hitachi Ltd.		127,000		896,161
Ingenico Group S.A.		1,886		169,554
Keyence Corp.		2,600		1,468,478
Shimadzu Corp.		6,600		199,612
Yokogawa Electric Corp.		6,400		113,942
				3,348,422
Electronic Manufacturing Services – 0.1%
AAC Technologies Holdings Inc.		20,500		288,734
Fabrinet		597		22,023	(a)
Foxconn Technology Company Ltd.		32,561		79,671
Hon Hai Precision Industry Company Ltd.		428,844		1,170,272
TE Connectivity Ltd.		11,673		1,051,270
				2,611,970
Environmental & Facilities Services – 0.0% *
China Everbright International Ltd.		88,000		113,737
Park24 Company Ltd.		3,100		84,382
				198,119
Fertilizers & Agricultural Chemicals – 0.1%
Grupa Azoty S.A.		816		9,394
Israel Chemicals Ltd.		18,673		85,189
K+S AG		4,788		118,233
Nutrien Ltd.		17,522		952,658
UPL Ltd.		8,010		72,343
Yara International ASA		4,842		200,799
				1,438,616
Financial Exchanges & Data – 0.2%
ASX Ltd.		5,268		250,623
B3 S.A. - Brasil Bolsa Balcao		57,820		307,329
Deutsche Boerse AG		5,028		670,111
Hong Kong Exchanges & Clearing Ltd.		31,481		946,984
Japan Exchange Group Inc.		12,600		234,220

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
London Stock Exchange Group PLC		8,489	$	501,092
Singapore Exchange Ltd.		23,000		120,946
Thomson Reuters Corp.		7,493		302,181
				3,333,486
Food Distributors – 0.0% *
Bid Corporation Ltd.		8,193		164,569
The SPAR Group Ltd.		6,247		84,510
				249,079
Food Retail – 0.3%
Alimentation Couche-Tard Inc., Class B		11,352		492,845
BIM Birlesik Magazalar AS		7,874		115,415
Casino Guichard Perrachon S.A.		1,265		49,109
Colruyt S.A.		1,444		82,392
CP ALL PCL NVDR		136,400		302,608
Empire Company Ltd., Class A		3,981		79,865
FamilyMart UNY Holdings Company Ltd.		2,100		221,063
George Weston Ltd.		1,278		104,206
ICA Gruppen AB		2,095		64,330
J Sainsbury PLC		48,231		204,530
Jeronimo Martins SGPS S.A.		7,467		107,843
Koninklijke Ahold Delhaize N.V.		32,221		771,391
Lawson Inc.		1,200		74,969
Loblaw Companies Ltd.		5,200		267,224
Magnit PJSC GDR		9,333		167,994
Metro Inc.		5,991		203,533
Pick n Pay Stores Ltd.		9,438		51,493
President Chain Store Corp.		15,000		169,982
Seven & I Holdings Company Ltd.		20,200		881,020
Shoprite Holdings Ltd.		11,567		186,178
Tesco PLC		232,009		786,298
WM Morrison Supermarkets PLC		66,803		222,256
Woolworths Group Ltd.		33,655		758,910
				6,365,454
Footwear – 0.0% *
ANTA Sports Products Ltd.		34,000		180,066
Asics Corp.		3,500		59,184
Feng TAY Enterprise Company Ltd.		12,320		61,825
Pou Chen Corp.		80,000		92,888
Puma SE		170		99,440
Yue Yuen Industrial Holdings Ltd.		17,500		49,408
				542,811
Forest Products – 0.0% *
West Fraser Timber Company Ltd.		1,858		127,812
Gas Utilities – 0.1%
APA Group		29,541		214,990
Beijing Enterprises Holdings Ltd.		19,500		94,947
China Gas Holdings Ltd.		39,000		156,836
China Resources Gas Group Ltd.		16,000		69,339
ENN Energy Holdings Ltd.		22,000		216,342
GAIL India Ltd.		24,997		124,137
Gas Natural SDG S.A.		9,482		251,084
Hong Kong & China Gas Company Ltd.		259,441		496,696
Korea Gas Corp.		1,143		65,842	(a)
Osaka Gas Company Ltd.		9,200		190,412
Perusahaan Gas Negara Persero Tbk		118,500		16,497
Petronas Gas Bhd		24,000		102,785
Toho Gas Company Ltd.		1,400		48,472
Tokyo Gas Company Ltd.		9,700		257,508
				2,305,887
General Merchandise Stores – 0.1%
Canadian Tire Corporation Ltd., Class A		1,522		198,544
Dollarama Inc.		9,093		352,259
Don Quijote Holdings Company Ltd.		3,100		148,892
Harvey Norman Holdings Ltd.		20,526		50,350
Ryohin Keikaku Company Ltd.		700		246,468
				996,513
Gold – 0.1%
Agnico Eagle Mines Ltd.		5,834		267,297
AngloGold Ashanti Ltd.		14,863		121,582
Barrick Gold Corp.		30,839		404,872
Cia de Minas Buenaventura S.A. ADR		4,389		59,822
Franco-Nevada Corp.		5,022		366,309
Gold Fields Ltd.		31,089		111,597
Goldcorp Inc.		23,809		326,696

	Number of Shares		Fair Value
Kinross Gold Corp.		26,336	$	99,102	(a)
Klondex Mines Ltd.		1,624		3,751	(a)
Newcrest Mining Ltd.		20,430		329,065
Randgold Resources Ltd.		2,580		198,244
Zijin Mining Group Company Ltd., Class H		230,000		87,949
				2,376,286
Healthcare Distributors – 0.0% *
Alfresa Holdings Corp.		5,464		128,504
Medipal Holdings Corp.		5,400		108,619
Shanghai Pharmaceuticals Holding Company Ltd., Class H		22,700		62,642
Sinopharm Group Company Ltd., Class H		25,200		101,340
Suzuken Company Ltd.		1,700		71,981
				473,086
Healthcare Equipment – 0.4%
Cochlear Ltd.		1,449		214,301
CYBERDYNE Inc.		2,700		31,640	(a)
Fisher & Paykel Healthcare Corporation Ltd.		14,354		144,706
Koninklijke Philips N.V.		24,427		1,038,832
LivaNova PLC		1,190		118,786	(a)
Medtronic PLC		45,163		3,866,404
Novocure Ltd.		1,339		41,911	(a)
Olympus Corp.		7,300		273,507
Oxford Immunotec Global PLC		448		5,775	(a)
Siemens Healthineers AG		3,548		146,457	(a,d)
Smith & Nephew PLC		24,417		450,667
Sonova Holding AG		1,436		257,206
STERIS PLC		565		59,331
Straumann Holding AG		307		233,431
Sysmex Corp.		4,300		401,408
Terumo Corp.		8,458		484,885
William Demant Holding A/S		2,839		114,245	(a)
Wright Medical Group N.V.		1,971		51,167	(a)
				7,934,659
Healthcare Facilities – 0.0% *
Bangkok Dusit Medical Services PCL NVDR		109,000		82,252
Bumrungrad Hospital PCL NVDR		13,000		65,333
Healthscope Ltd.		37,679		61,524
IHH Healthcare Bhd		53,000		80,035
Life Healthcare Group Holdings Ltd.		54,534		98,992
Mediclinic International PLC		10,371		72,104
Netcare Ltd.		33,031		66,562
NMC Health PLC		2,422		114,540
Ramsay Health Care Ltd.		3,819		152,314
Ryman Healthcare Ltd.		15,299		123,987
				917,643
Healthcare Services – 0.1%
Fresenius Medical Care AG & Company KGaA		6,060		611,169
Fresenius SE & Company KGaA		10,909		876,293
Sonic Healthcare Ltd.		10,002		181,276
				1,668,738
Healthcare Supplies – 0.1%
Coloplast A/S, Class B		3,054		305,232
ConvaTec Group PLC		38,285		107,359	(d)
Essilor International Cie Generale d’Optique S.A.		5,373		758,436
Hoya Corp.		9,900		562,995
Shandong Weigao Group Medical Polymer Company Ltd., Class H		60,000		42,445
				1,776,467
Healthcare Technology – 0.0% *
Alibaba Health Information Technology Ltd.		44,000		42,455	(a)
M3 Inc.		5,100		203,282
				245,737
Heavy Electrical Equipment – 0.1%
Bharat Heavy Electricals Ltd.		33,360		34,935
Doosan Heavy Industries & Construction Company Ltd.		2,060		28,927	(a)
Melrose Industries PLC		123,607		347,110

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Mitsubishi Electric Corp.		49,627	$	660,633
Shanghai Electric Group Company Ltd., Class H		108,000		36,342	(a)
Siemens Gamesa Renewable Energy S.A.		7,678		103,136
Vestas Wind Systems A/S		5,674		351,207
				1,562,290
Highways & Railtracks – 0.1%
Atlantia S.p.A.		11,936		352,857
CCR S.A.		36,100		94,956
Getlink		12,314		168,860
Jasa Marga Persero Tbk PT		86,987		25,374
Jiangsu Expressway Company Ltd., Class H		44,000		52,438
Promotora y Operadora de Infraestructura SAB de C.V.		4,540		40,984
Transurban Group		57,663		509,973
Zhejiang Expressway Company Ltd., Class H		52,000		46,396
				1,291,838
Home Building – 0.1%
Barratt Developments PLC		24,654		167,760
Berkeley Group Holdings PLC		3,513		175,550
Iida Group Holdings Company Ltd.		5,300		102,253
Persimmon PLC		8,073		269,977
Sekisui Chemical Company Ltd.		10,823		184,479
Sekisui House Ltd.		17,500		309,665
Taylor Wimpey PLC		88,609		209,288
				1,418,972
Home Entertainment Software – 0.1%
Konami Holdings Corp.		2,600		132,388
NCSoft Corp.		441		146,802
Nexon Company Ltd.		10,000		145,263	(a)
Nintendo Company Ltd.		3,000		980,454
UbiSoft Entertainment S.A.		1,569		172,161	(a)
				1,577,068
Home Furnishing Retail – 0.0% *
Nitori Holdings Company Ltd.		2,200		343,213
Home Furnishings – 0.0% *
Hanssem Company Ltd.		113		10,646
Home Improvement Retail – 0.0% *
Home Product Center PCL NVDR		107,359		43,423
Kingfisher PLC		60,579		237,539
				280,962
Hotels, Resorts & Cruise Lines – 0.1%
Accor S.A.		5,072		248,835
Belmond Ltd., Class A		1,687		18,810	(a)
Carnival PLC		5,217		299,410
Flight Centre Travel Group Ltd.		1,226		57,656
Huazhu Group Ltd. ADR ADR		800		33,592
InterContinental Hotels Group PLC		4,966		309,461
Minor International PCL NVDR		48,840		47,911
Shangri-La Asia Ltd.		34,000		63,966
TUI AG		11,841		259,900
				1,339,541
Household Appliances – 0.0% *
Arcelik AS		8,562		28,502
Coway Company Ltd.		1,103		85,707
Electrolux AB, Class B		6,513		148,519
Haier Electronics Group Company Ltd.		31,000		106,093
Husqvarna AB, Class B		9,558		90,836
Rinnai Corp.		700		61,743
SEB S.A.		577		100,782
Techtronic Industries Company Ltd.		36,000		200,753
				822,935
Household Products – 0.2%
Essity AB, Class B		17,078		422,273
Henkel AG & Company KGaA		2,899		322,395
Hindustan Unilever Ltd.		19,404		464,787
Kimberly-Clark de Mexico SAB de C.V., Class A		32,800		55,986	(a)
Lion Corp.		7,000		128,289
Reckitt Benckiser Group PLC		18,132		1,493,541

	Number of Shares			Fair Value
Unicharm Corp.		10,200		$	306,925
Unilever Indonesia Tbk PT		40,100			129,003
					3,323,199
Human Resource & Employment Services – 0.1%
51job Inc. ADR		800			78,112	(a)
Adecco Group AG		4,533			268,250
Persol Holdings Company Ltd.		5,100			113,773
Randstad N.V.		3,215			189,260
Recruit Holdings Company Ltd.		28,600			791,655
Seek Ltd.		8,596			138,519
					1,579,569
Hypermarkets & Super Centers – 0.1%
Aeon Company Ltd.		15,500			331,648
Carrefour S.A.		15,763			255,265
Cencosud S.A.		43,221			106,897
E-MART Inc.		682			155,737
METRO AG		5,289			65,364
Sun Art Retail Group Ltd.		41,500			54,272
Wal-Mart de Mexico SAB de C.V.		139,124			370,606
Wesfarmers Ltd.		29,704			1,083,294
					2,423,083
Independent Power Producers & Energy Traders – 0.0%  *
Aboitiz Power Corp.		66,300			43,171
CGN Power Company Ltd., Class H		184,000			47,610	(d)
China Resources Power Holdings Company Ltd.		50,000			88,077
Colbun S.A.		260,471			54,007
Electric Power Development Company Ltd.		4,300			111,028
Glow Energy PCL NVDR		17,700			50,621
Huaneng Power International Inc., Class H		126,000			83,513
NTPC Ltd.		44,321			103,274
Uniper SE		5,110			152,376
					733,677
Industrial Conglomerates – 0.4%
Aboitiz Equity Ventures Inc.		66,580			67,993
Alfa SAB de C.V., Class A		80,824			94,987
Alliance Global Group Inc.		117,400			25,562	(a)
CITIC Ltd.		167,000			235,426
CJ Corp.		242			30,834
CK Hutchison Holdings Ltd.		75,064			796,044
DCC PLC		2,414			219,750
DMCI Holdings Inc.		140,000			27,545
Far Eastern New Century Corp.		69,916			66,273
Fosun International Ltd.		84,500			158,974
Grupo Carso SAB de C.V.		7,800			26,608
Hanwha Corp.		2,100			59,448
Industries Qatar QSC		5,401			158,722
Jardine Matheson Holdings Ltd.		5,900			372,290
Jardine Strategic Holdings Ltd.		6,200			226,176
JG Summit Holdings Inc.		62,960			58,987
Keihan Holdings Company Ltd.		2,400			86,128
Keppel Corporation Ltd.		34,300			179,864
KOC Holding AS		23,474			72,863
LG Corp.		2,760			178,552
Lotte Corp.		1,125			57,840	(a)
NWS Holdings Ltd.		37,653			65,175
Samsung C&T Corp.		2,265			236,763
Seibu Holdings Inc.		5,300			89,382
Sembcorp Industries Ltd.		25,600			51,632
Shanghai Industrial Holdings Ltd.		20,000			46,600
Siemens AG		20,535			2,714,523
Siemens Ltd.		2,575			36,845
Sime Darby Bhd		71,462			43,342
SK Holdings Company Ltd.		875			203,342	(a)
SM Investments Corp.		6,891			112,983
Smiths Group PLC		10,758	��		241,171
The Bidvest Group Ltd.		11,502			165,327
Toshiba Corp.		179,000			538,139	(a)
Turkiye Sise ve Cam Fabrikalari A/S		25,511			23,555
					7,769,645
Industrial Gases – 0.1%
Air Liquide S.A.		11,258			1,415,639
Air Water Inc.		2,800			51,417

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Linde AG		5,077	$	1,211,613
Taiyo Nippon Sanso Corp.		2,400		34,408
				2,713,077
Industrial Machinery – 0.4%
Alfa Laval AB		7,568		179,852
Amada Holdings Company Ltd.		8,600		82,689
ANDRITZ AG		2,708		143,732
Atlas Copco AB A Shares		17,986		524,340
Atlas Copco AB B Shares		10,231		268,355
China Conch Venture Holdings Ltd.		53,500		195,712
Daifuku Company Ltd.		2,500		109,579
FANUC Corp.		5,100		1,013,186
GEA Group AG		4,809		162,210
Hiwin Technologies Corp.		2,956		34,904
Hoshizaki Corp.		1,500		151,808
Hyundai Heavy Industries Holdings Company Ltd.		245		77,710	(a)
IHI Corp.		3,900		135,909
JTEKT Corp.		5,600		76,241
Kawasaki Heavy Industries Ltd.		4,100		120,855
Kone Oyj, Class B		8,624		439,611
Kurita Water Industries Ltd.		2,800		79,881
Makita Corp.		5,700		255,500
Metso Oyj		3,262		109,305
MINEBEA MITSUMI Inc.		10,300		174,263
MISUMI Group Inc.		8,200		239,119
Mitsubishi Heavy Industries Ltd.		7,700		280,221
Nabtesco Corp.		3,100		95,436
NGK Insulators Ltd.		7,700		137,156
NSK Ltd.		9,900		102,160
Pentair PLC		5,632		236,995
Sandvik AB		30,000		533,199
Schindler Holding AG		1,116		240,070
Schindler Holding AG		511		107,454
SKF AB, Class B		11,126		207,322
SMC Corp.		1,500		550,219
Sumitomo Heavy Industries Ltd.		3,000		101,296
The Weir Group PLC		6,522		172,213
THK Company Ltd.		3,300		94,592
Wartsila Oyj Abp		10,966		215,480
WEG S.A.		17,082		72,148
				7,720,722
Industrial REITs – 0.0% *
Ascendas Real Estate Investment Trust		68,150		131,952
Goodman Group		41,378		294,104
Nippon Prologis REIT Inc.		59		122,405
Segro PLC		27,154		239,980
				788,441
Insurance Brokers – 0.1%
Aon PLC		8,106		1,111,900
Willis Towers Watson PLC		4,363		661,431
				1,773,331
Integrated Oil & Gas – 1.2%
BP PLC		526,140		4,017,084
Cenovus Energy Inc.		26,809		278,188
China Petroleum & Chemical Corp., Class H		721,400		644,579
Ecopetrol S.A.		115,657		119,123
Eni S.p.A.		68,934		1,280,177
Equinor ASA		33,029		876,948
Galp Energia SGPS S.A.		13,729		261,839
Gazprom PJSC ADR		148,753		654,662
Husky Energy Inc.		9,854		153,490
Imperial Oil Ltd.		8,144		270,548
LUKOIL PJSC ADR		11,883		819,095
MOL Hungarian Oil & Gas PLC		12,112		116,955
OMV AG		4,339		246,056
Origin Energy Ltd.		46,625		345,522	(a)
PetroChina Company Ltd., Class H		530,000		403,304
Petroleo Brasileiro S.A.		84,800		428,033
Polskie Gornictwo Naftowe i Gazownictwo S.A.		63,407		96,704
PTT PCL NVDR		295,000		427,407
Repsol S.A.		32,228		630,830

	Number of Shares		Fair Value
Rosneft Oil Company PJSC GDR		33,380	$	207,624
Royal Dutch Shell PLC, Class A		122,523		4,252,698
Royal Dutch Shell PLC, Class B		98,895		3,542,913
Suncor Energy Inc.		44,147		1,795,480
Surgutneftegas OJSC ADR		3,950		19,474
Surgutneftegas OJSC ADR		17,768		79,423
Total S.A.		64,877		3,954,760
				25,922,916
Integrated Telecommunication Services – 0.5%
BCE Inc.		4,587		185,649
Bezeq The Israeli Telecommunication Corporation Ltd.		71,154		80,007
Bharti Infratel Ltd.		20,103		88,184
BT Group PLC		218,321		627,783
China Communications Services Corporation Ltd., Class H		84,000		53,213
China Telecom Corporation Ltd., Class H		324,000		151,563
China Unicom Hong Kong Ltd.		164,000		204,858
Chunghwa Telecom Company Ltd.		106,000		382,439
Deutsche Telekom AG		88,762		1,375,225	(a)
Elisa Oyj		3,759		174,105
Emirates Telecommunications Group Co. PJSC		34,000		149,490
Hellenic Telecommunications Organization S.A.		5,504		68,118
HKT Trust & HKT Ltd.		93,280		119,610
Koninklijke KPN N.V.		83,487		227,117
KT Corp.		1,110		27,289
Nippon Telegraph & Telephone Corp.		18,400		836,567
Ooredoo QPSC		3,023		60,369
Orange Polska S.A.		28,318		35,095	(a)
Orange S.A.		53,791		900,919
PCCW Ltd.		89,000		50,141
Proximus SADP		3,944		88,919
Singapore Telecommunications Ltd.		208,500		470,979
Spark New Zealand Ltd.		39,855		100,650
Swisscom AG		672		299,945
Telecom Italia S.p.A.		296,323		220,523	(a)
Telecom Italia S.p.A.		190,334		124,357
Telefonica Deutschland Holding AG		18,390		72,487
Telefonica S.A.		122,805		1,043,671
Telekom Malaysia Bhd		42,600		32,798
Telekomunikasi Indonesia Persero Tbk PT		1,277,700		334,360
Telenor ASA		19,438		398,638
Telia Company AB		69,057		316,183
Telstra Corporation Ltd.		115,589		223,756
TELUS Corp.		5,760		204,487
TPG Telecom Ltd.		9,892		37,786
True Corporation PCL NVDR		237,369		37,973
				9,805,253
Internet & Direct Marketing Retail – 0.1%
Ctrip.com International Ltd. ADR		11,426		544,220	(a)
JD.com Inc. ADR		19,658		765,679	(a)
Rakuten Inc.		25,700		173,878
Start Today Company Ltd.		4,400		159,491
Vipshop Holdings Ltd. ADR		7,000		75,950	(a)
Zalando SE		3,266		182,539	(a,d)
				1,901,757
Internet Software & Services – 0.9%
58.com Inc. ADR		2,400		166,416	(a)
Alibaba Group Holding Ltd. ADR		31,013		5,753,842	(a)
Auto Trader Group PLC		22,838		128,417	(d)
Autohome Inc. ADR		1,100		111,100
Baidu Inc. ADR		7,452		1,810,836	(a)
DeNA Company Ltd.		2,000		37,503
Kakaku.com Inc.		3,100		70,024
Kakao Corp.		954		98,011
Momo Inc. ADR		3,500		152,250	(a)
NAVER Corp.		780		533,997
NetEase Inc. ADR		2,271		573,814
REA Group Ltd.		1,262		84,730
Shopify Inc., Class A		2,200		320,622	(a)
SINA Corp.		1,700		143,973	(a)
Tencent Holdings Ltd.		153,300		7,694,847

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Tucows Inc., Class A		170	$	10,310	(a)
United Internet AG		3,650		209,072
Weibo Corp. ADR		1,170		103,849	(a)
Yahoo Japan Corp.		38,200		126,914
YY Inc. ADR		1,100		110,517	(a)
				18,241,044
Investment Banking & Brokerage – 0.1%
China Galaxy Securities Company Ltd., Class H		108,000		55,477
CITIC Securities Company Ltd., Class H		49,500		98,931
Daiwa Securities Group Inc.		40,000		232,312
GF Securities Company Ltd. H Shares		48,600		70,867
Haitong Securities Company Ltd., Class H		98,000		99,056
Huatai Securities Company Ltd. H Shares		52,400		83,354	(d)
Korea Investment Holdings Company Ltd.		626		47,238
Mediobanca Banca di Credito Finanziario S.p.A.		15,176		141,077
NH Investment & Securities Company Ltd.		2,669		35,802
Nomura Holdings Inc.		96,545		469,106
Samsung Securities Company Ltd.		1,372		42,779
Yuanta Financial Holding Company Ltd.		219,211		99,940
				1,475,939
IT Consulting & Other Services – 0.4%
Accenture PLC, Class A		21,567		3,528,146	(b)
Atos SE		2,475		337,949
Capgemini SE		4,515		607,276
CGI Group Inc., Class A		6,285		398,041	(a)
Fujitsu Ltd.		55,000		333,580
HCL Technologies Ltd.		17,282		233,634
Infosys Ltd.		47,028		897,249
Nomura Research Institute Ltd.		3,110		150,776
NTT Data Corp.		15,500		178,558
Obic Company Ltd.		1,800		149,018
Otsuka Corp.		2,600		101,991
Samsung SDS Company Ltd.		841		151,297
Tata Consultancy Services Ltd.		25,966		700,265
Tech Mahindra Ltd.		9,252		88,509
Wipro Ltd.		26,911		102,711
				7,959,000
Leisure Facilities – 0.0% *
Merlin Entertainments PLC		22,365		114,182	(d)
Oriental Land Company Ltd.		5,106		535,885
				650,067
Leisure Products – 0.0% *
Bandai Namco Holdings Inc.		5,200		214,544
Giant Manufacturing Company Ltd.		10,000		42,311
Sankyo Company Ltd.		800		31,310
Sega Sammy Holdings Inc.		3,600		61,687
Shimano Inc.		2,000		293,595
Yamaha Corp.		4,160		216,328
				859,775
Life & Health Insurance – 0.6%
Aegon N.V.		45,888		275,169
AIA Group Ltd.		324,400		2,836,528
Cathay Financial Holding Company Ltd.		205,417		362,479
China Life Insurance Company Ltd.		85,666		90,194
China Life Insurance Company Ltd., Class H		212,000		547,196
China Taiping Insurance Holdings Company Ltd.		40,488		126,695
CNP Assurances		5,764		131,163
Dai-ichi Life Holdings Inc.		29,400		524,483
Discovery Ltd.		11,285		121,444
Great-West Lifeco Inc.		8,127		199,677
Hanwha Life Insurance Company Ltd.		8,480		40,327
Industrial Alliance Insurance & Financial Services Inc.		2,375		91,627
Japan Post Holdings Company Ltd.		40,300		441,330
Legal & General Group PLC		167,728		589,038
Liberty Holdings Ltd.		4,059		34,447

	Number of Shares		Fair Value
Manulife Financial Corp.		54,093	$	971,285
Medibank Private Ltd.		73,749		159,109
MMI Holdings Ltd.		36,164		46,622
New China Life Insurance Company Ltd., Class H		23,300		96,967
NN Group N.V.		8,548		347,711
Old Mutual Ltd.		137,462		272,952	(a)
Ping An Insurance Group Company of China Ltd., Class H		141,500		1,302,194
Poste Italiane S.p.A.		12,446		104,190	(d)
Power Corporation of Canada		9,624		215,387
Power Financial Corp.		7,564		176,816
Prudential PLC		69,057		1,581,388
Rand Merchant Investment Holdings Ltd.		22,756		62,177
Samsung Life Insurance Company Ltd.		2,185		192,915
Sanlam Ltd.		42,288		216,188
Shin Kong Financial Holding Company Ltd.		265,751		102,418
Sony Financial Holdings Inc.		3,800		72,593
Sun Life Financial Inc.		16,723		671,615
Swiss Life Holding AG		902		313,400	(a)
T&D Holdings Inc.		13,800		207,377
				13,525,101
Life Sciences Tools & Services – 0.1%
Eurofins Scientific SE		326		181,328
Genscript Biotech Corp.		26,000		71,914
Lonza Group AG		1,995		529,415	(a)
QIAGEN N.V.		5,790		210,916	(a)
Samsung Biologics Company Ltd.		423		158,269	(a,d)
Wuxi Biologics Cayman Inc.		11,500		128,039	(a,d)
				1,279,881
Managed Healthcare – 0.0% *
Odontoprev S.A.		10,100		34,311
Triple-S Management Corp., Class B		349		13,632	(a)
				47,943
Marine – 0.0% *
AP Moller - Maersk A/S, Class A		91		108,019
AP Moller - Maersk A/S, Class B		168		209,240
Costamare Inc.		633		5,051
Evergreen Marine Corporation Taiwan Ltd.		72,001		30,701	(a)
Kuehne + Nagel International AG		1,482		222,684
MISC Bhd		11,500		16,854
Mitsui OSK Lines Ltd.		2,800		67,444
Nippon Yusen KK		4,500		89,338
Safe Bulkers Inc.		336		1,142	(a)
				750,473
Marine Ports & Services – 0.0% *
Adani Ports & Special Economic Zone Ltd.		26,135		142,338
China Merchants Port Holdings Company Ltd.		47,398		96,301
COSCO SHIPPING Ports Ltd.		63,292		52,761
DP World Ltd.		6,267		144,141
International Container Terminal Services Inc.		26,800		38,818
Kamigumi Company Ltd.		4,000		83,167
				557,526
Metal & Glass Containers – 0.0% *
CCL Industries Inc., Class B		3,800		186,180
Toyo Seikan Group Holdings Ltd.		3,200		56,220
				242,400
Motorcycle Manufacturers – 0.0% *
Bajaj Auto Ltd.		3,146		129,040
Hero MotoCorp Ltd.		1,341		67,985
Yamaha Motor Company Ltd.		6,900		173,551
				370,576
Movies & Entertainment – 0.0% *
Alibaba Pictures Group Ltd.		360,000		39,462	(a)
Eros International PLC		411		5,343	(a)
IMAX Corp.		1,004		22,239	(a)
Toho Company Ltd.		3,100		103,972
Vivendi S.A.		27,016		662,394
				833,410

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Multi-Line Insurance – 0.4%
Ageas		5,540	$	279,492
Allianz SE		11,608		2,399,139
Assicurazioni Generali S.p.A.		33,424		560,778
Aviva PLC		104,855		697,712
AXA S.A.		50,947		1,250,039
Baloise Holding AG		1,357		197,205
BB Seguridade Participacoes S.A.		19,900		126,515
China Pacific Insurance Group Company Ltd., Class H		67,800		262,283
Fairfax Financial Holdings Ltd.		773		432,885
Gjensidige Forsikring ASA		7,732		126,742
Mapfre S.A.		20,481		61,814
Porto Seguro S.A.		4,400		46,523
Powszechny Zaklad Ubezpieczen S.A.		10,589		110,247
Sampo Oyj, Class A		11,378		555,287
Sul America S.A.		5,783		27,477
Zurich Insurance Group AG		3,981		1,179,125
				8,313,263
Multi-Sector Holdings – 0.1%
Ayala Corp.		7,150		123,259
Eurazeo S.A.		1,081		81,975
EXOR N.V.		2,735		184,251
Groupe Bruxelles Lambert S.A.		2,203		232,313
Grupo de Inversiones Suramericana S.A.		8,633		110,522
GT Capital Holdings Inc.		2,225		37,940
Haci Omer Sabanci Holding AS		34,397		66,298
Industrivarden AB, Class C		4,939		95,898
Investor AB, Class B		12,087		493,019
Kinnevik AB, Class B		6,884		236,162
L E Lundbergforetagen AB, B Shares		1,568		48,235
Metro Pacific Investments Corp.		129,200		11,136
Onex Corp.		2,466		180,884
Pargesa Holding S.A.		1,294		109,598
Remgro Ltd.		15,705		234,081
Wendel S.A.		781		107,599
				2,353,170
Multi-Utilities – 0.2%
AGL Energy Ltd.		18,361		304,964
Atco Ltd., Class I		2,398		73,975
Canadian Utilities Ltd., Class A		2,362		59,613
Centrica PLC		140,336		292,092
E.ON SE		57,219		611,543
Engie S.A.		49,145		753,390
Innogy SE		4,122		176,576	(d)
National Grid PLC		91,442		1,012,170
RWE AG		13,542		308,709
Suez		11,414		147,990
Veolia Environnement S.A.		14,239		304,732
YTL Corporation Bhd		204,408		57,180
				4,102,934
Office REITs – 0.0% *
CapitaLand Commercial Trust		63,313		77,081
City Office REIT Inc.		452		5,799
Dexus		25,446		182,556
Japan Prime Realty Investment Corp.		22		79,944
Japan Real Estate Investment Corp.		36		190,457
Nippon Building Fund Inc.		32		184,607
				720,444
Office Services & Supplies – 0.0% *
Societe BIC S.A.		555		51,450
Oil & Gas Drilling – 0.0% *
China Oilfield Services Ltd., Class H		58,000		54,781
Ensco PLC, Class A		2,842		20,633
Noble Corporation PLC		4,625		29,276	(a)
Ocean Rig UDW Inc., A Shares		1,028		30,305	(a)
Transocean Ltd.		2,879		38,694	(a)
				173,689
Oil & Gas Equipment & Services – 0.0% *
Core Laboratories N.V.		297		37,485
Frank’s International N.V.		1,449		11,302
John Wood Group PLC		17,318		143,541

	Number of Shares		Fair Value
TechnipFMC PLC		13,899	$	441,154
Tenaris S.A.		13,599		249,515
				882,997
Oil & Gas Exploration & Production – 0.3%
ARC Resources Ltd.		11,975		123,624
Canadian Natural Resources Ltd.		29,895		1,078,352
CNOOC Ltd.		465,000		802,516
Crescent Point Energy Corp.		11,545		84,781
Encana Corp.		26,924		351,427
Inpex Corp.		24,900		258,408
Lundin Petroleum AB		5,364		171,305
Novatek PJSC GDR GDR		2,695		399,669
Oil & Natural Gas Corporation Ltd.		43,306		100,119
Oil Search Ltd.		37,134		244,184
PrairieSky Royalty Ltd.		6,224		122,781
PTT Exploration & Production PCL NVDR		52,000		220,525
Santos Ltd.		50,308		233,056	(a)
Seven Generations Energy Ltd., Class A		7,200		79,310	(a)
Tatneft PJSC ADR		7,219		456,674
Tourmaline Oil Corp.		6,249		111,588
Vermilion Energy Inc.		2,305		83,074
Woodside Petroleum Ltd.		23,384		612,652
				5,534,045
Oil & Gas Refining & Marketing – 0.2%
Bharat Petroleum Corporation Ltd.		19,440		105,918
Caltex Australia Ltd.		7,005		168,415
Cosan S.A. Industria e Comercio		5,500		50,291
Empresas COPEC S.A.		11,610		179,185
Formosa Petrochemical Corp.		29,000		116,519
Grupa Lotos S.A.		2,254		34,268
GS Holdings Corp.		895		43,686
Idemitsu Kosan Company Ltd.		3,200		114,115
IRPC PCL NVDR		378,600		66,281
JXTG Holdings Inc.		86,750		603,213
Neste Oyj		3,682		288,888
Petronas Dagangan Bhd		8,900		54,640
Polski Koncern Naftowy ORLEN S.A.		9,561		214,666
Reliance Industries Ltd.		74,629		1,059,227
S-Oil Corp.		1,258		123,599
Showa Shell Sekiyu KK		4,200		62,679
SK Innovation Company Ltd.		1,627		294,889
Thai Oil PCL NVDR		30,500		71,578
Tupras Turkiye Petrol Rafinerileri AS		3,135		73,906
				3,725,963
Oil & Gas Storage & Transportation – 0.2%
AltaGas Ltd.		4,683		96,654
Ardmore Shipping Corp.		614		5,035	(a)
DHT Holdings Inc.		1,868		8,761
Enagas S.A.		6,056		177,050
Enbridge Inc.		45,407		1,622,357
Frontline Ltd.		1,321		7,715
Golar LNG Ltd.		1,672		49,257
Inter Pipeline Ltd.		8,548		160,115
Keyera Corp.		4,876		135,592
Koninklijke Vopak N.V.		1,308		60,429
Kunlun Energy Company Ltd.		82,000		71,805
Pembina Pipeline Corp.		12,748		441,230
Scorpio Tankers Inc.		4,700		13,207
Snam S.p.A.		63,134		263,594
Teekay Corp.		991		7,680
Teekay Tankers Ltd., Class A		2,370		2,773
TransCanada Corp.		23,806		1,029,370
Ultrapar Participacoes S.A.		9,400		112,265
				4,264,889
Other Diversified Financial Services – 0.1%
AMP Ltd.		83,017		218,360
Challenger Ltd.		16,883		147,568
FGL Holdings		2,690		22,569	(a)
FirstRand Ltd.		89,181		415,706
Fubon Financial Holding Company Ltd.		167,000		279,899
ORIX Corp.		34,200		540,951

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
RMB Holdings Ltd.		14,855	$	82,142
Standard Life Aberdeen PLC		75,166		323,218
				2,030,413
Packaged Foods & Meats – 0.6%
a2 Milk Company Ltd.		17,008		131,965	(a)
Ajinomoto Company Inc.		13,100		247,891
Associated British Foods PLC		9,271		335,132
Barry Callebaut AG		54		96,802
BRF S.A.		12,000		56,142	(a)
Calbee Inc.		2,400		90,245
Charoen Pokphand Foods PCL NVDR		115,100		84,075
China Huishan Dairy Holdings Company Ltd.		55,000		—	(a,i,**)
China Mengniu Dairy Company Ltd.		77,000		261,069	(a)
Chocoladefabriken Lindt & Spruengli AG		26		168,367
Chocoladefabriken Lindt & Spruengli AG		3		227,806
CJ CheilJedang Corp.		140		44,280
Danone S.A.		16,395		1,203,457
Gruma SAB de C.V., Class B		4,540		56,104
Grupo Bimbo SAB de C.V., Class A		35,400		69,681
Indofood CBP Sukses Makmur Tbk PT		64,000		39,525
Indofood Sukses Makmur Tbk PT		63,900		29,654
JBS S.A.		25,900		62,606
Kerry Group PLC, Class A		4,207		440,105
Kikkoman Corp.		4,000		201,869
M Dias Branco S.A.		3,600		34,995
Marine Harvest ASA		13,598		270,612
MEIJI Holdings Company Ltd.		3,400		286,697
Nestle India Ltd.		845		120,989
Nestle S.A.		81,695		6,326,951
NH Foods Ltd.		2,500		101,002
Nisshin Seifun Group Inc.		5,400		114,323
Nissin Foods Holdings Company Ltd.		1,600		115,704
Orion Corp.		338		45,188
Orkla ASA		23,958		209,879
Pioneer Foods Group Ltd.		4,038		32,970
PPB Group Bhd		17,800		86,720
Saputo Inc.		6,496		215,554
Standard Foods Corp.		15,916		32,209
Tiger Brands Ltd.		4,749		114,825
Tingyi Cayman Islands Holding Corp.		46,000		106,712
Toyo Suisan Kaisha Ltd.		2,500		89,040
Ulker Biskuvi Sanayi AS		3,012		11,854	(a)
Uni-President Enterprises Corp.		121,303		307,947
Universal Robina Corp.		30,200		68,472
Want Want China Holdings Ltd.		141,000		125,446
WH Group Ltd.		197,500		160,861	(d)
Yakult Honsha Company Ltd.		2,500		167,020
Yamazaki Baking Company Ltd.		4,000		104,726
				13,097,471
Paper Packaging – 0.0% *
Amcor Ltd.		30,780		327,709
Klabin S.A.		19,600		99,849
Smurfit Kappa Group PLC		5,565		225,461
				653,019
Paper Products – 0.1%
Empresas CMPC S.A.		31,429		116,038
Fibria Celulose S.A.		5,900		111,286
Mondi Ltd.		2,641		71,600
Mondi PLC		9,702		262,714
Nine Dragons Paper Holdings Ltd.		25,000		31,866
Oji Holdings Corp.		22,000		136,451
Sappi Ltd.		19,577		130,692
Stora Enso Oyj, Class R		15,040		294,305
Suzano Papel e Celulose S.A.		9,200		107,533
UPM-Kymmene Oyj		13,658		488,279
				1,750,764
Personal Products – 0.4%
AMOREPACIFIC Corp.		813		235,256
AMOREPACIFIC Group		712		78,898
Beiersdorf AG		2,570		291,779
Dabur India Ltd.		13,803		78,861
Godrej Consumer Products Ltd.		4,735		84,707

	Number of Shares		Fair Value
Hengan International Group Company Ltd.		19,500	$	187,656
Kao Corp.		12,900		984,110
Kobayashi Pharmaceutical Company Ltd.		1,100		95,039
Kose Corp.		900		193,951
L’Oreal S.A.		6,627		1,636,451
LG Household & Health Care Ltd.		236		295,609
Marico Ltd.		10,808		52,317
Natura Cosmeticos S.A.		3,000		23,603
Pola Orbis Holdings Inc.		1,800		79,222
Shiseido Company Ltd.		10,355		822,492
Unilever N.V.		40,757		2,273,890
Unilever PLC		33,265		1,841,048
				9,254,889
Pharmaceuticals – 1.4%
Aspen Pharmacare Holdings Ltd.		11,107		209,251
Astellas Pharma Inc.		51,000		777,673
AstraZeneca PLC		33,942		2,353,971
Aurobindo Pharma Ltd.		9,370		83,026
Bayer AG		24,130		2,658,122
China Medical System Holdings Ltd.		44,000		87,939
China Resources Pharmaceutical Group Ltd.		54,000		74,749	(d)
Chugai Pharmaceutical Company Ltd.		5,500		288,494
Cipla Ltd.		12,861		115,752
CSPC Pharmaceutical Group Ltd.		134,000		404,795
Daiichi Sankyo Company Ltd.		14,600		558,481
Dr Reddy’s Laboratories Ltd.		3,837		125,168
Eisai Company Ltd.		6,457		454,931
Endo International PLC		4,186		39,474	(a)
GlaxoSmithKline PLC		130,774		2,641,268
Glenmark Pharmaceuticals Ltd.		5,757		48,991
H Lundbeck A/S		1,594		112,003
Hanmi Pharm Company Ltd.		120		45,330
Hisamitsu Pharmaceutical Company Inc.		1,500		126,619
Hypera S.A.		8,000		57,410
Ipsen S.A.		1,211		189,958
Kalbe Farma Tbk PT		295,000		25,115
Kyowa Hakko Kirin Company Ltd.		8,000		161,278
Lupin Ltd.		6,036		79,623
Merck KGaA		3,477		339,462
Mitsubishi Tanabe Pharma Corp.		5,900		101,951
Novartis AG		58,331		4,422,335
Novo Nordisk A/S, Class B		46,638		2,163,261
Ono Pharmaceutical Company Ltd.		10,200		239,150
Orion Oyj, Class B		2,832		76,347
Otsuka Holdings Company Ltd.		10,657		516,085
Perrigo Company PLC		4,533		330,501
Piramal Enterprises Ltd.		2,252		83,365
Recordati S.p.A.		3,367		133,895
Richter Gedeon Nyrt		2,156		39,389
Roche Holding AG		18,421		4,091,597
Sanofi		30,201		2,420,681
Santen Pharmaceutical Company Ltd.		10,600		184,793
Shanghai Fosun Pharmaceutical Group Company Ltd. H Shares		16,000		87,796
Shionogi & Company Ltd.		7,758		398,599
Sino Biopharmaceutical Ltd.		177,000		271,633
Sumitomo Dainippon Pharma Company Ltd.		3,400		71,981
Sun Pharmaceutical Industries Ltd.		26,058		214,504
Taisho Pharmaceutical Holdings Company Ltd.		700		81,966
Takeda Pharmaceutical Company Ltd.		19,400		819,331
Teva Pharmaceutical Industries Ltd.		8,871		210,424
Teva Pharmaceutical Industries Ltd. ADR		15,371		373,823
Theravance Biopharma Inc.		789		17,895	(a)
UCB S.A.		3,463		272,271
Valeant Pharmaceuticals International Inc.		7,948		184,886	(a)
Vifor Pharma AG		1,112		177,671
Yuhan Corp.		190		37,079
				30,082,092

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Precious Metals & Minerals – 0.0% *
Anglo American Platinum Ltd.		1,523	$	39,891
Fresnillo PLC		5,200		78,505
Industrias Penoles SAB de C.V.		2,630		47,639
				166,035
Property & Casualty Insurance – 0.3%
Admiral Group PLC		6,199		156,114
Argo Group International Holdings Ltd.		579		33,669
Aspen Insurance Holdings Ltd.		402		16,361
Chubb Ltd.		15,374		1,952,805
DB Insurance Company Ltd.		1,106		58,550
Direct Line Insurance Group PLC		40,658		184,064
Global Indemnity Ltd.		165		6,432
Hyundai Marine & Fire Insurance Company Ltd.		1,762		53,279
Insurance Australia Group Ltd.		58,709		370,007
Intact Financial Corp.		3,974		281,710
James River Group Holdings Ltd.		417		16,384
MS&AD Insurance Group Holdings Inc.		13,400		416,644
PICC Property & Casualty Company Ltd., Class H		183,900		198,540
Qatar Insurance Co. SAQ		5,654		55,127
QBE Insurance Group Ltd.		37,854		272,412
RSA Insurance Group PLC		27,906		250,311
Samsung Fire & Marine Insurance Company Ltd.		753		178,369
Sompo Holdings Inc.		9,260		374,530
Suncorp Group Ltd.		36,168		389,884
The People’s Insurance Company Group of China Ltd., Class H		224,000		105,355
Tokio Marine Holdings Inc.		18,300		857,960
Tryg A/S		2,560		60,094
XL Group Ltd.		8,729		488,388
				6,776,989
Publishing – 0.0% *
Axel Springer SE		1,610		116,451
Pearson PLC		20,641		241,174
Schibsted ASA, B Shares		3,679		103,819
Singapore Press Holdings Ltd.		45,337		86,451
				547,895
Railroads – 0.3%
Aurizon Holdings Ltd.		55,818		178,574
BTS Group Holdings PCL NVDR		100,000		26,562
Canadian National Railway Co.		19,828		1,620,818
Canadian Pacific Railway Ltd.		3,792		694,491
Central Japan Railway Co.		3,800		787,686
Container Corporation Of India Ltd.		3,036		28,902
East Japan Railway Co.		8,057		772,131
Hankyu Hanshin Holdings Inc.		6,409		257,772
Keikyu Corp.		7,000		114,765
Keio Corp.		2,400		116,138
Keisei Electric Railway Company Ltd.		3,000		103,056
Kintetsu Group Holdings Company Ltd.		4,400		179,551
Kyushu Railway Co.		5,000		153,027
MTR Corporation Ltd.		43,500		240,636
Nagoya Railroad Company Ltd.		4,600		118,774
Odakyu Electric Railway Company Ltd.		8,900		191,073
Rumo S.A.		23,400		85,757	(a)
Tobu Railway Company Ltd.		5,000		153,027
Tokyu Corp.		14,072		242,399
West Japan Railway Co.		4,100		302,193
				6,367,332
Real Estate Development – 0.1%
Agile Group Holdings Ltd.		50,000		85,145
Bumi Serpong Damai Tbk PT		185,500		20,259
China Evergrande Group		97,000		247,277	(a)
China Jinmao Holdings Group Ltd.		114,000		57,251
China Overseas Land & Investment Ltd.		94,000		309,721
China Resources Land Ltd.		65,777		221,759
China Vanke Company Ltd., Class H		32,800		114,762
CIFI Holdings Group Company Ltd.		114,000		72,508
CK Asset Holdings Ltd.		67,064		532,549
Country Garden Holdings Company Ltd.		202,333		355,900

	Number of Shares		Fair Value
Emaar Properties PJSC		105,792	$	141,703
Fullshare Holdings Ltd.		220,000		108,802	(a)
Guangzhou R&F Properties Company Ltd., Class H		33,600		67,839
Highwealth Construction Corp.		23,400		34,730
IOI Properties Group Bhd		93,258		36,938
Longfor Properties Company Ltd.		31,500		84,919
Ruentex Development Company Ltd.		33,448		38,617	(a)
Shimao Property Holdings Ltd.		27,500		72,207
Sino Land Company Ltd.		85,597		139,217
Sino-Ocean Group Holding Ltd.		104,500		60,738
Sunac China Holdings Ltd.		51,000		178,441
				2,981,282
Real Estate Operating Companies – 0.1%
Aeon Mall Company Ltd.		4,000		71,864
BR Malls Participacoes S.A.		18,383		46,347
Central Pattana PCL NVDR		44,200		93,056
Deutsche Wohnen SE		9,421		455,379
First Capital Realty Inc.		5,563		87,370
Hang Lung Group Ltd.		15,000		42,063
Hongkong Land Holdings Ltd.		27,800		198,770
Hulic Company Ltd.		10,000		106,803
Hysan Development Company Ltd.		15,000		83,743
Multiplan Empreendimentos Imobiliarios S.A.		3,375		50,001
NEPI Rockcastle PLC		9,520		85,057
SM Prime Holdings Inc.		245,000		165,040
SOHO China Ltd.		76,000		36,133
Swire Properties Ltd.		30,800		113,849
Swiss Prime Site AG		1,899		174,323	(a)
Vonovia SE		13,757		654,687
Wharf Real Estate Investment Company Ltd.		36,000		256,276
				2,720,761
Real Estate Services – 0.0% *
Altisource Portfolio Solutions S.A.		115		3,355	(a)
Regional Banks – 0.1%
Bank of Queensland Ltd.		12,904		97,153
Bendigo & Adelaide Bank Ltd.		11,341		90,831
BNK Financial Group Inc.		7,204		60,437
Chongqing Rural Commercial Bank Company Ltd., Class H		92,000		54,763
Concordia Financial Group Ltd.		32,500		165,485
DGB Financial Group Inc.		3,207		29,495
First BanCorp		4,014		30,707	(a)
Fukuoka Financial Group Inc.		19,000		95,545
Mebuki Financial Group Inc.		29,250		98,235
Resona Holdings Inc.		59,700		319,399
Seven Bank Ltd.		22,000		67,332
Shinsei Bank Ltd.		3,300		50,826
Suruga Bank Ltd.		4,900		43,840
The Bank of Kyoto Ltd.		1,600		74,103
The Chiba Bank Ltd.		13,900		98,259
The Shizuoka Bank Ltd.		10,300		93,083
Yamaguchi Financial Group Inc.		4,000		45,068
				1,514,561
Reinsurance – 0.1%
Everest Re Group Ltd.		1,300		299,624
Hannover Rueck SE		1,797		224,076
Muenchener Rueckversicherungs-Gesellschaft AG		4,086		863,719
RenaissanceRe Holdings Ltd.		266		32,005
SCOR SE		4,658		173,052
Swiss Re AG		8,115		700,393
Third Point Reinsurance Ltd.		1,314		16,425	(a)
				2,309,294
Renewable Electricity – 0.0% *
China Longyuan Power Group Corporation Ltd., Class H		101,000		81,362
Engie Brasil Energia S.A.		6,100		54,271
Meridian Energy Ltd.		50,908		107,538
				243,171
Research & Consulting Services – 0.2%
Bureau Veritas S.A.		6,561		175,114
Experian PLC		25,768		637,709

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
IHS Markit Ltd.		11,700	$	603,603	(a)
Intertek Group PLC		4,471		337,406
RELX N.V.		24,755		527,908
RELX PLC		29,097		623,289
SGS S.A.		135		359,202
Teleperformance		1,526		269,569
Wolters Kluwer N.V.		7,425		418,369
				3,952,169
Residential REITs – 0.0% *
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		58,985		26,137
Front Yard Residential Corp.		920		9,587
				35,724
Restaurants – 0.1%
Compass Group PLC		41,564		888,150
Domino’s Pizza Enterprises Ltd.		1,237		47,727
Jollibee Foods Corp.		15,290		75,351
McDonald’s Holdings Company Japan Ltd.		1,500		76,513
Restaurant Brands International Inc.		5,611		338,251
Sodexo SA		2,757		275,606
Whitbread PLC		5,025		262,650
				1,964,248
Retail REITs – 0.1%
CapitaLand Mall Trust		47,900		72,720
Hammerson PLC		20,726		143,002
Hyprop Investments Ltd.		6,628		49,489
Japan Retail Fund Investment Corp.		77		138,755
Klepierre S.A.		5,116		192,635
Link REIT		62,500		570,793
Resilient REIT Ltd.		11,324		46,473
RioCan Real Estate Investment Trust		5,179		95,080
Scentre Group		137,483		445,933
SmartCentres Real Estate Investment Trust		2,900		67,306
The British Land Company PLC		26,538		235,517
Unibail-Rodamco SE		19,740		213,960	(a)
Unibail-Rodamco-Westfield		2,839		624,982
Vicinity Centres		96,787		185,214
				3,081,859
Security & Alarm Services – 0.0% *
G4S PLC		40,283		142,373
S-1 Corp.		405		35,176
Secom Company Ltd.		5,900		453,133
Securitas AB, Class B		8,224		135,550
Sohgo Security Services Company Ltd.		1,800		84,828
				851,060
Semiconductor Equipment – 0.2%
ASM Pacific Technology Ltd.		9,300		117,592
ASML Holding N.V.		10,778		2,135,481
Disco Corp.		900		153,650
GCL-Poly Energy Holdings Ltd.		394,000		37,163	(a)
Hanergy Thin Film Power Group Ltd.		64,000		—	(a,**)
SUMCO Corp.		6,000		121,175
Tokyo Electron Ltd.		4,200		721,202
				3,286,263
Semiconductors – 0.4%
Infineon Technologies AG		29,687		756,651
MediaTek Inc.		38,352		377,375
Novatek Microelectronics Corp.		12,000		54,119
NXP Semiconductors N.V.		9,900		1,081,773	(a)
Phison Electronics Corp.		5,000		39,523
Powertech Technology Inc.		27,000		78,374
Realtek Semiconductor Corp.		16,160		58,834
Renesas Electronics Corp.		12,900		126,478	(a)
Rohm Company Ltd.		2,600		218,300
Semiconductor Manufacturing International Corp.		60,200		78,267	(a)
SK Hynix Inc.		15,744		1,210,642
STMicroelectronics N.V.		15,822		353,019
Taiwan Semiconductor Manufacturing Company Ltd.		646,000		4,587,271

	Number of Shares		Fair Value
United Microelectronics Corp.		344,000	$	191,246
Vanguard International Semiconductor Corp.		19,000		43,498
				9,255,370
Silver – 0.0% *
Wheaton Precious Metals Corp.		12,144		267,907
Soft Drinks – 0.1%
Arca Continental SAB de C.V.		9,800		60,957
Coca-Cola Amatil Ltd.		15,783		107,284
Coca-Cola Bottlers Japan Holdings Inc.		3,100		123,843
Coca-Cola European Partners PLC		5,957		241,898
Coca-Cola Femsa SAB de C.V., Class L		11,500		65,797
Coca-Cola HBC AG		5,186		173,293	(a)
Coca-Cola Icecek AS		2,227		16,489
Fomento Economico Mexicano SAB de C.V.		52,528		467,536
Suntory Beverage & Food Ltd.		3,900		166,542
				1,423,639
Specialized Finance – 0.0% *
Banco Latinoamericano de Comercio Exterior S.A., Class E		487		11,985
Chailease Holding Company Ltd.		32,718		107,313
Far East Horizon Ltd.		53,000		51,409
Mitsubishi UFJ Lease & Finance Company Ltd.		12,200		75,008
				245,715
Specialty Chemicals – 0.3%
Akzo Nobel N.V.		6,803		582,370
Asian Paints Ltd.		7,557		139,465
Chr Hansen Holding A/S		2,513		232,103
Clariant AG		5,968		143,167	(a)
Covestro AG		4,248		379,025	(d)
Croda International PLC		3,878		245,859
EMS-Chemie Holding AG		214		137,178
Evonik Industries AG		4,312		147,661
Givaudan S.A.		248		562,461
Hitachi Chemical Company Ltd.		4,000		80,711
Johnson Matthey PLC		5,286		252,564
JSR Corp.		4,600		78,324
Kansai Paint Company Ltd.		6,000		124,697
Koninklijke DSM N.V.		4,769		479,520
Nippon Paint Holdings Company Ltd.		4,158		179,061
Nitto Denko Corp.		4,500		340,572
Novozymes A/S, Class B		5,861		297,298
Shin-Etsu Chemical Company Ltd.		9,608		856,406
Sika AG		3,540		489,850
Symrise AG		3,381		296,456
Umicore S.A.		5,594		321,012
				6,365,760
Specialty Stores – 0.0% *
Dufry AG		1,056		134,426	(a)
FF Group		1,860		10,424	(a)
Hotel Shilla Company Ltd.		1,000		110,812
Hudson Ltd., Class A		721		12,610	(a)
JUMBO S.A.		4,127		68,037
				336,309
Steel – 0.2%
ArcelorMittal		17,248		505,663
BlueScope Steel Ltd.		14,355		183,063
China Steel Corp.		312,796		243,150
Cia Siderurgica Nacional S.A.		11,500		23,494	(a)
Eregli Demir ve Celik Fabrikalari TAS		38,107		84,845
Fortescue Metals Group Ltd.		41,355		134,137
Hitachi Metals Ltd.		8,000		83,059
Hyundai Steel Co.		2,772		130,827
JFE Holdings Inc.		14,000		264,921
JSW Steel Ltd.		28,960		138,132
Kobe Steel Ltd.		9,500		86,968
Maruichi Steel Tube Ltd.		1,000		33,901
Nippon Steel & Sumitomo Metal Corp.		19,400		381,029
POSCO		2,011		593,647
Severstal PJSC GDR		7,140		104,458
Tata Steel Ltd.		11,358		94,118
ThyssenKrupp AG		12,709		308,935

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Vale S.A.		86,200	$	1,111,051
voestalpine AG		3,277		150,938
				4,656,336
Systems Software – 0.0% *
BlackBerry Ltd.		11,499		110,842	(a)
Check Point Software Technologies Ltd.		3,980		388,766	(a)
Oracle Corporation Japan		800		65,364
Trend Micro Inc.		2,900		165,468
				730,440
Technology Distributors – 0.0% *
Synnex Technology International Corp.		50,400		76,042
WPG Holdings Ltd.		51,000		72,263
				148,305
Technology Hardware, Storage & Peripherals – 0.4%
Acer Inc.		102,084		83,372	(a)
Advantech Company Ltd.		12,093		79,725
Asustek Computer Inc.		19,000		173,557
Brother Industries Ltd.		6,800		134,324
Canon Inc.		26,173		857,980
Catcher Technology Company Ltd.		19,000		212,506
Chicony Electronics Company Ltd.		17,514		39,465
Compal Electronics Inc.		73,000		45,972
FUJIFILM Holdings Corp.		10,609		414,342
HTC Corp.		30,000		55,988	(a)
Inventec Corp.		80,000		62,843
Konica Minolta Inc.		11,900		110,550
Lenovo Group Ltd.		148,000		80,174
Lite-On Technology Corp.		36,669		44,380
NEC Corp.		7,600		208,586
Pegatron Corp.		59,000		121,334
Quanta Computer Inc.		79,000		138,626
Ricoh Company Ltd.		16,100		147,678
Samsung Electronics Company Ltd.		126,342		5,288,340
Seagate Technology PLC		9,795		553,124
Seiko Epson Corp.		8,200		142,583
Wistron Corp.		92,479		68,703
				9,064,152
Textiles – 0.0% *
Eclat Textile Company Ltd.		5,304		63,063
Formosa Taffeta Company Ltd.		25,000		27,346
Ruentex Industries Ltd.		19,711		40,213	(a)
				130,622
Thrifts & Mortgage Finance – 0.1%
Essent Group Ltd.		1,778		63,688	(a)
Housing Development Finance Corporation Ltd.		43,361		1,207,577
Indiabulls Housing Finance Ltd.		9,083		151,461
LIC Housing Finance Ltd.		11,981		81,951
				1,504,677
Tires & Rubber – 0.1%
Bridgestone Corp.		16,661		651,759
Cheng Shin Rubber Industry Company Ltd.		65,550		98,577
Cie Generale des Etablissements Michelin SCA		4,431		539,587
Hankook Tire Company Ltd.		1,864		70,412
Nokian Renkaat Oyj		2,727		107,744
Sumitomo Rubber Industries Ltd.		4,100		65,147
The Yokohama Rubber Company Ltd.		3,500		72,771
				1,605,997
Tobacco – 0.3%
British American Tobacco Malaysia Bhd		4,300		37,023
British American Tobacco PLC		57,760		2,920,669
British American Tobacco PLC ADR		2,827		142,622
Gudang Garam Tbk PT		7,700		36,136
Hanjaya Mandala Sampoerna Tbk PT		190,000		47,467
Imperial Brands PLC		25,046		933,150
ITC Ltd.		105,621		410,367
Japan Tobacco Inc.		29,200		815,907
KT&G Corp.		3,177		305,015
Swedish Match AB		4,864		241,243
				5,889,599

	Number of Shares		Fair Value
Trading Companies & Distributors – 0.3%
AerCap Holdings N.V.		3,234	$	175,121	(a)
Ashtead Group PLC		13,914		417,549
Brenntag AG		3,895		217,012
Bunzl PLC		8,385		254,064
Ferguson PLC		6,346		515,266
Finning International Inc.		4,230		104,347
ITOCHU Corp.		38,573		699,095
Marubeni Corp.		39,600		302,135
Mitsubishi Corp.		35,496		986,383
Mitsui & Company Ltd.		45,800		763,919
Posco Daewoo Corp.		2,030		38,979
Rexel S.A.		7,899		113,575
Sumitomo Corp.		30,670		503,944
Toyota Tsusho Corp.		5,600		187,568
Travis Perkins PLC		6,480		121,698
Triton International Ltd.		884		27,104
				5,427,759
Trucking – 0.0% *
ComfortDelGro Corporation Ltd.		50,000		86,175
DSV A/S		4,995		403,576
Localiza Rent a Car S.A.		16,206		99,956
Nippon Express Company Ltd.		2,300		166,948
				756,655
Water Utilities – 0.0% *
Aguas Andinas S.A., Class A		77,578		42,508
Beijing Enterprises Water Group Ltd.		130,000		70,920	(a)
Cia de Saneamento Basico do Estado de Sao Paulo		9,700		58,718
Consolidated Water Company Ltd.		301		3,883
Guangdong Investment Ltd.		92,000		146,113
Severn Trent PLC		7,131		186,364
United Utilities Group PLC		18,428		185,683
				694,189
Wireless Telecommunication Services – 0.5%
Advanced Info Service PCL NVDR		29,800		166,405
America Movil SAB de C.V., Class L		921,789		777,078
Axiata Group Bhd		99,282		93,396
Bharti Airtel Ltd.		29,526		164,598
China Mobile Ltd.		166,500		1,479,208
DiGi.Com Bhd		96,300		98,934
Empresa Nacional de Telecomunicaciones S.A.		4,152		38,593
Far EasTone Telecommunications Company Ltd.		32,000		82,706
Global Telecom Holding SAE		1,382		364	(a)
Globe Telecom Inc.		1,235		35,638
Idea Cellular Ltd.		24,304		21,053	(a)
KDDI Corp.		47,317		1,294,794
Maxis Bhd		48,900		66,096
Millicom International Cellular S.A.		1,697		100,348
Mobile TeleSystems PJSC ADR		13,956		123,231
MTN Group Ltd.		50,951		401,103
NTT DOCOMO Inc.		35,500		904,607
PLDT Inc.		1,920		46,410
Rogers Communications Inc., Class B		9,699		460,379
SK Telecom Company Ltd.		72		15,052
SoftBank Group Corp.		22,000		1,583,587
Taiwan Mobile Company Ltd.		43,000		155,846
Tele2 AB, Class B		8,464		99,626
TIM Participacoes S.A.		19,100		65,431
Turkcell Iletisim Hizmetleri AS		31,681		84,161
Vodacom Group Ltd.		9,090		81,434
Vodafone Group PLC		713,971		1,732,725
				10,172,803
Total Common Stock (Cost $469,720,060)				561,644,407
Preferred Stock – 0.3%
Auto Parts & Equipment – 0.0% *
Schaeffler AG		6,455		84,032
Automobile Manufacturers – 0.1%
Bayerische Motoren Werke AG		1,658		132,215

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

	Number of Shares		Fair Value
Hyundai Motor Co.		746	$	60,778
Hyundai Motor Co.		666		49,180
Porsche Automobil Holding SE		4,233		269,649
Volkswagen AG		4,893		812,478
				1,324,300
Commodity Chemicals – 0.0% *
Braskem S.A., Class A		6,100		80,479
FUCHS PETROLUB SE		2,446		120,630
LG Chem Ltd.		274		49,539
				250,648
Diversified Banks – 0.1%
Banco Bradesco S.A.		92,239		644,910
Bancolombia S.A.		12,485		151,844
Grupo Aval Acciones y Valores S.A.		128,800		53,941
Itau Unibanco Holding S.A.		89,197		935,231
Itausa - Investimentos Itau S.A.		119,202		284,419
				2,070,345
Electric Utilities – 0.0% *
Centrais Eletricas Brasileiras S.A., Class B		8,100		28,527	(a)
Cia Energetica de Minas Gerais		33,576		63,707
				92,234
Fertilizers & Agricultural Chemicals – 0.0% *
Sociedad Quimica y Minera de Chile S.A., Class B		3,310		159,830
General Merchandise Stores – 0.0% *
Lojas Americanas S.A.		16,686		72,297
Healthcare Equipment – 0.0% *
Sartorius AG		838		125,334
Household Products – 0.0% *
Henkel AG & Company KGaA		4,626		591,419
Hypermarkets & Super Centers – 0.0% *
Cia Brasileira de Distribuicao		4,800		97,175
Integrated Oil & Gas – 0.0% *
Petroleo Brasileiro S.A.		106,538		476,007
Integrated Telecommunication Services – 0.0% *
Telefonica Brasil S.A.		11,900		141,474
Multi-Sector Holdings – 0.0% *
Grupo de Inversiones Suramericana S.A.		3,183		38,734
Soft Drinks – 0.0% *
Embotelladora Andina S.A., Class B		7,865		30,605
Steel – 0.0% *
Gerdau S.A.		24,400		88,216
Technology Hardware, Storage & Peripherals – 0.1%
Samsung Electronics Company Ltd.		23,200		783,742
Total Preferred Stock (Cost $7,429,658)				6,426,392
Rights – 0.0% *
Construction & Engineering – 0.0% *
ACS Actividades de Construccion y Servicios S.A.		5,751		5,922	(a)
Diversified Banks – 0.0% *
Intesa Sanpaolo S.p.A.		383,769		—	(a,**)
Integrated Oil & Gas – 0.0% *
Repsol S.A.		32,228		18,291	(a)
Total Rights (Cost $24,423)				24,213
Total Foreign Equity (Cost $477,174,141)				568,095,012

		Principal Amount		Fair Value
Bonds and Notes – 30.8%
U.S. Treasuries – 11.3%
U.S. Treasury Bonds
2.25%	08/15/46	$	1,600,000		1,377,328

		Principal Amount		Fair Value
2.50%	02/15/45 - 05/15/46	$	4,510,000	$	4,101,329
2.75%	11/15/42 - 11/15/47		3,650,000		3,487,262
2.88%	08/15/45 - 11/15/46		1,800,000		1,763,548
3.00%	05/15/42 - 02/15/48		12,500,000		12,547,616
3.13%	08/15/44 - 05/15/48		2,500,000		2,566,550
3.38%	05/15/44		1,900,000		2,034,805
3.63%	08/15/43 - 02/15/44		1,740,000		1,939,547
3.75%	11/15/43		1,400,000		1,591,030
4.25%	05/15/39 - 11/15/40		2,000,000		2,417,890
4.38%	02/15/38 - 11/15/39		2,000,000		2,441,940
4.50%	02/15/36		2,000,000		2,445,720
4.63%	02/15/40		500,000		634,435
5.25%	02/15/29		200,000		243,566
5.50%	08/15/28		1,450,000		1,785,196
6.00%	02/15/26		1,827,000		2,225,067
6.38%	08/15/27		200,000		256,706
7.63%	11/15/22 - 02/15/25		500,000		618,528
7.88%	02/15/21		2,000,000		2,265,880
8.75%	05/15/20		3,000,000		3,342,810
U.S. Treasury Notes
1.00%	10/15/19		3,500,000		3,436,440
1.13%	03/31/20 - 09/30/21		6,500,000		6,235,796
1.25%	10/31/19 - 10/31/21		6,500,000		6,275,585
1.38%	07/31/19 - 05/31/21		15,500,000		15,171,165
1.50%	11/30/19 - 08/15/26		10,400,000		10,067,678
1.63%	08/31/19 - 05/15/26		19,540,000		18,806,757
1.75%	11/30/19 - 09/30/22		12,600,000		12,305,510
1.88%	12/15/20 - 09/30/22		23,000,000		22,341,750
2.00%	07/31/20 - 11/15/26		25,844,000		24,977,830
2.13%	08/31/20 - 11/30/23		8,600,000		8,443,432
2.25%	03/31/21 - 11/15/27		21,690,000		20,934,284
2.38%	12/31/20 - 05/15/27		14,000,000		13,742,560
2.50%	03/31/23 - 01/31/25		10,500,000		10,340,675
2.63%	08/15/20 - 02/28/23		5,885,000		5,881,403
2.75%	05/31/23 - 02/15/28		5,500,000		5,482,425
3.13%	05/15/21		1,500,000		1,520,865
3.38%	11/15/19		5,000,000		5,060,350
3.63%	02/15/20 - 02/15/21		2,700,000		2,753,312
					243,864,570
U.S. Government Sponsored Agency – 0.0% *
Tennessee Valley Authority
3.50%	12/15/42		1,000,000		1,002,760
Agency Mortgage Backed – 9.1%
Federal Home Loan Banks
1.38%	11/15/19		1,200,000		1,182,132
1.50%	10/21/19		1,000,000		987,360
Federal Home Loan Mortgage Corp.
1.13%	08/12/21		1,137,000		1,084,482
1.25%	10/02/19		1,500,000		1,477,095
2.38%	01/13/22		2,100,000		2,073,603
2.50%	07/01/28 - 02/01/32		3,539,747		3,456,165
2.51%	11/25/22		300,000		292,939
3.00%	05/01/30 - 03/01/47		13,895,996		13,600,979
3.50%	03/01/26 - 11/01/47		12,530,416		12,509,749
4.00%	06/01/42 - 08/01/47		6,395,642		6,543,625
4.50%	05/01/42 - 01/01/45		88,212		92,655
5.00%	12/01/22 - 06/01/41		1,888,660		1,990,322
5.50%	01/01/38 - 04/01/39		394,015		424,499
6.00%	06/01/37 - 11/01/37		380,461		415,808
6.25%	07/15/32		250,000		334,625
Federal Home Loan Mortgage Corp. 1.50% + 12 month USD LIBOR
4.01%	06/01/43		131,290		135,463	(e)
Federal Home Loan Mortgage Corp. 1.60% + 12 month USD LIBOR
2.51%	08/01/43		196,474		194,440	(e)
Federal Home Loan Mortgage Corp. 1.65% + 12 month USD LIBOR
2.45%	05/01/43		524,202		517,895	(e)
Federal National Mortgage Assoc.
1.50%	07/30/20		500,000		488,825
1.88%	09/24/26		1,000,000		911,730
2.13%	04/24/26		700,000		656,943
2.50%	02/01/28 - 11/01/31		5,754,591		5,638,992
2.68%	05/25/21		92,904		91,929	(e)
3.00%	01/01/28 - 05/01/47		26,270,550		25,724,129
3.50%	01/01/27 - 06/01/48		29,697,795		29,712,512
4.00%	10/01/41 - 01/01/48		12,810,593		13,108,514
4.50%	11/01/18 - 03/01/46		7,259,471		7,631,235

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

		Principal Amount		Fair Value
5.00%	12/01/39 - 06/01/41	$	1,810,622	$	1,929,594
5.50%	12/01/35 - 04/01/38		2,561,553		2,771,993
6.00%	03/01/34 - 08/01/37		1,769,640		1,933,281
6.63%	11/15/30		100,000		134,325
Federal National Mortgage Assoc. 1.53% + 12 month USD LIBOR
3.90%	04/01/43		79,936		82,281	(e)
Federal National Mortgage Assoc.
4.00%	TBA		3,350,000		3,415,331	(f)
Government National Mortgage Assoc.
2.50%	05/20/45		270,472		257,436
3.00%	10/15/42 - 06/20/47		16,294,377		16,002,278
3.50%	03/20/45 - 06/20/48		17,652,871		17,766,694
4.00%	12/20/40 - 02/20/48		13,753,893		14,157,625
4.50%	05/20/40		1,376,304		1,447,059
5.00%	08/15/41		2,185,405		2,315,853
3.50%	TBA		2,500,000		2,509,619	(f)
					196,002,014
Agency Collateralized Mortgage Obligations – 0.2%
Federal Home Loan Mortgage Corp.
2.37%	05/25/22		600,000		585,030
2.60%	10/25/23		103,971		102,613
2.75%	01/25/26		300,000		289,162
2.87%	12/25/21		800,000		794,311
3.06%	07/25/23		600,000		597,937	(e)
3.30%	04/25/23		100,000		100,756	(e)
3.39%	03/25/24		200,000		201,806
3.49%	01/25/24		300,000		305,295
3.53%	07/25/23		800,000		813,743	(e)
3.97%	01/25/21		200,000		204,204	(e)
4.25%	01/25/20		100,000		101,230
4.33%	10/25/20		450,000		461,738	(e)
Federal National Mortgage Assoc.
2.78%	06/25/21		328,675		326,447	(e)
					4,884,272
Asset Backed – 0.2%
American Express Credit Account Master Trust
1.93%	09/15/22		500,000		492,534
Americredit Automobile Receivables Trust 2018-1
3.50%	01/18/24		75,000		75,077
Chase Issuance Trust 2016-A5
1.27%	07/15/21		500,000		492,682
Citibank Credit Card Issuance Trust
1.92%	04/07/22		500,000		491,452
Discover Card Execution Note Trust 2015-A2
1.90%	10/17/22		1,000,000		982,470
Drive Auto Receivables Trust 2018-2
4.14%	08/15/24		150,000		150,794
Ford Credit Floorplan Master Owner Trust A
2.16%	09/15/22		250,000		245,396
GM Financial Automobile Leasing Trust 2018-2
3.06%	06/21/21		100,000		99,994
Honda Auto Receivables Owner Trust
2.60%	02/15/22		180,000		179,028
Santander Drive Auto Receivables Trust 2018-2
3.03%	09/15/22		60,000		59,632
Santander Drive Auto Receivables Trust 2018-3
3.03%	02/15/22		50,000		50,036
Synchrony Credit Card Master Note Trust 2016-2
2.21%	05/15/24		100,000		97,478
Toyota Auto Receivables 2018-B Owner Trust
2.96%	09/15/22		100,000		100,028
					3,516,601
Corporate Notes – 8.9%
21st Century Fox America Inc.
3.38%	11/15/26		200,000		191,668
4.75%	11/15/46		200,000		206,908
6.65%	11/15/37		279,000		345,539
3M Co.
3.00%	08/07/25		250,000		244,005
Abbott Laboratories
2.55%	03/15/22		230,000		222,907
2.90%	11/30/21		200,000		196,866
3.75%	11/30/26		200,000		196,490
4.75%	11/30/36		200,000		210,578
4.90%	11/30/46		200,000		215,312

		Principal Amount		Fair Value
AbbVie Inc.
2.30%	05/14/21	$	200,000	$	194,214
4.30%	05/14/36		200,000		191,226
4.40%	11/06/42		250,000		237,395
4.50%	05/14/35		70,000		68,442
4.70%	05/14/45		250,000		247,850
Adobe Systems Inc.
3.25%	02/01/25		70,000		68,652
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.95%	02/01/22		500,000		498,155
Aetna Inc.
2.75%	11/15/22		500,000		480,010
Aflac Inc.
3.63%	11/15/24		250,000		248,372
African Development Bank
2.13%	11/16/22		500,000		484,045
Air Lease Corp.
3.88%	04/01/21 - 07/03/23		250,000		251,183
Aircastle Ltd.
4.13%	05/01/24		20,000		19,150
5.00%	04/01/23		20,000		20,075
5.13%	03/15/21		20,000		20,450
5.50%	02/15/22		20,000		20,500
6.25%	12/01/19		20,000		20,686
7.63%	04/15/20		10,000		10,576
Alabama Power Co.
3.70%	12/01/47		100,000		92,562
Alexandria Real Estate Equities Inc.
3.45%	04/30/25		100,000		95,823
4.70%	07/01/30		15,000		15,161
Alibaba Group Holding Ltd.
3.13%	11/28/21		200,000		198,088
4.20%	12/06/47		60,000		54,914
Allergan Finance LLC
3.25%	10/01/22		500,000		485,925
Allergan Funding SCS
4.75%	03/15/45		350,000		334,096
Alphabet Inc.
3.38%	02/25/24		225,000		226,966
Altria Group Inc.
2.63%	09/16/26		200,000		182,306
4.25%	08/09/42		413,000		385,251
5.38%	01/31/44		70,000		75,729
Amazon.com Inc.
1.90%	08/21/20		100,000		97,948
3.15%	08/22/27		100,000		95,930
3.88%	08/22/37		100,000		97,709
4.25%	08/22/57		100,000		98,546
4.80%	12/05/34		250,000		273,555
America Movil SAB de C.V.
3.13%	07/16/22		300,000		294,870
American Campus Communities Operating Partnership LP
3.63%	11/15/27		30,000		28,107
American Electric Power Company Inc.
3.20%	11/13/27		100,000		93,560
American Express Co.
2.20%	10/30/20		220,000		214,922
3.00%	10/30/24		200,000		191,376
3.38%	05/17/21		50,000		50,060
3.40%	02/27/23		100,000		98,928
3.63%	12/05/24		250,000		246,300
American Financial Group Inc.
3.50%	08/15/26		65,000		61,039
American Honda Finance Corp.
2.15%	03/13/20		200,000		197,194
2.60%	11/16/22		100,000		97,429
American International Group Inc.
4.50%	07/16/44		250,000		233,132
4.88%	06/01/22		500,000		523,520
American Tower Corp. (REIT)
3.50%	01/31/23		300,000		295,254
AmerisourceBergen Corp.
3.45%	12/15/27		100,000		92,221
Amgen Inc.
3.20%	11/02/27		200,000		187,280
4.66%	06/15/51		205,000		202,569

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

		Principal Amount		Fair Value
Anadarko Petroleum Corp.
6.20%	03/15/40	$	442,000	$	497,480
Analog Devices Inc.
2.50%	12/05/21		200,000		193,954
3.50%	12/05/26		200,000		190,822
Andeavor
3.80%	04/01/28		30,000		28,352
4.50%	04/01/48		25,000		22,972
4.75%	12/15/23		50,000		51,907
5.13%	12/15/26		50,000		52,364
Andeavor Logistics LP/Tesoro Logistics Finance Corp.
4.25%	12/01/27		35,000		33,615
Anheuser-Busch InBev Finance Inc.
2.65%	02/01/21		200,000		197,154
3.65%	02/01/26		200,000		195,836
3.70%	02/01/24		500,000		500,450
4.90%	02/01/46		420,000		432,008
Anheuser-Busch InBev Worldwide Inc.
2.50%	07/15/22		892,000		861,743
3.50%	01/12/24		25,000		24,862
4.00%	04/13/28		255,000		254,278
4.38%	04/15/38		15,000		14,592
4.60%	04/15/48		235,000		231,381
4.75%	04/15/58		50,000		49,126
Anthem Inc.
3.30%	01/15/23		500,000		487,205
3.70%	08/15/21		237,000		238,697
4.38%	12/01/47		65,000		60,259
Apache Corp.
5.10%	09/01/40		250,000		246,033
Apple Inc.
1.10%	08/02/19		250,000		246,238
1.80%	11/13/19		50,000		49,463
2.00%	11/13/20		50,000		49,058
2.25%	02/23/21		200,000		196,398
2.40%	01/13/23		50,000		48,326
2.50%	02/09/22		300,000		294,219
2.75%	01/13/25		50,000		47,761
3.00%	11/13/27		100,000		94,968
3.25%	02/23/26		160,000		156,051
3.75%	11/13/47		50,000		47,072
4.38%	05/13/45		465,000		478,573
4.50%	02/23/36		300,000		322,353
4.65%	02/23/46		185,000		199,077
Applied Materials Inc.
3.90%	10/01/25		160,000		162,650
ArcelorMittal
5.25%	08/05/20		25,000		25,750
5.50%	03/01/21		25,000		26,000
6.13%	06/01/25		20,000		21,632
6.25%	02/25/22		25,000		26,655
6.75%	03/01/41		20,000		22,544
7.00%	10/15/39		40,000		45,776
Arch Capital Finance LLC
4.01%	12/15/26		100,000		98,753
5.03%	12/15/46		200,000		209,938
Archer-Daniels-Midland Co.
4.02%	04/16/43		370,000		360,558
Arrow Electronics Inc.
4.00%	04/01/25		40,000		39,183
Ascension Health
3.95%	11/15/46		25,000		24,588
Asian Development Bank
1.75%	01/10/20		200,000		197,422
2.13%	03/19/25		500,000		474,025
2.25%	01/20/21		500,000		493,900
2.75%	03/17/23		295,000		293,144
Assurant Inc.
4.90%	03/27/28		50,000		49,968
AstraZeneca PLC
6.45%	09/15/37		250,000		309,573
AT&T Inc.
4.10%	02/15/28		406,000		387,799	(d)
4.30%	02/15/30		520,000		491,478	(d)
4.35%	06/15/45		450,000		381,555
4.50%	05/15/35 - 03/09/48		395,000		345,925

		Principal Amount		Fair Value
4.75%	05/15/46	$	250,000	$	223,035
5.15%	03/15/42		250,000		236,522
5.55%	08/15/41		454,000		453,764
Australia & New Zealand Banking Group Ltd.
2.05%	09/23/19		200,000		197,756
3.70%	11/16/25		250,000		249,132
AutoNation Inc.
3.80%	11/15/27		50,000		46,530
AvalonBay Communities Inc.
3.20%	01/15/28		40,000		37,679
3.45%	06/01/25		115,000		112,297
AXA S.A.
8.60%	12/15/30		100,000		130,447
Baidu Inc.
3.88%	09/29/23		200,000		198,644
4.38%	03/29/28		200,000		197,968
Baker Hughes a GE Company LLC/Baker Hughes Co-Obligor Inc.
2.77%	12/15/22		50,000		48,550
3.34%	12/15/27		50,000		46,654
4.08%	12/15/47		50,000		44,899
Banco Santander S.A.
3.13%	02/23/23		200,000		189,702
3.80%	02/23/28		200,000		182,638
4.25%	04/11/27		100,000		95,203
Bank of America Corp.
2.15%	11/09/20		200,000		195,316
3.50%	04/19/26		145,000		140,224
3.88%	08/01/25		250,000		248,747
3.95%	04/21/25		155,000		151,787
4.00%	04/01/24		350,000		353,160
4.13%	01/22/24		500,000		508,010
4.18%	11/25/27		200,000		194,796
6.11%	01/29/37		250,000		287,620
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)
3.42%	12/20/28		1,207,000		1,137,573	(e)
Bank of America Corp. (3.50% fixed rate until 05/17/21; 0.63% + 3 month USD LIBOR thereafter)
3.50%	05/17/22		100,000		100,039	(e)
Bank of America Corp. (3.55% fixed rate until 03/05/23; 0.78% + 3 month USD LIBOR thereafter)
3.55%	03/05/24		100,000		98,898	(e)
Bank of America Corp. (3.97% fixed rate until 03/05/28; 1.07% + 3 month USD LIBOR thereafter)
3.97%	03/05/29		100,000		98,443	(e)
Bank of Montreal
2.10%	12/12/19		200,000		197,628
3.10%	04/13/21		90,000		89,632
Barclays Bank PLC
2.65%	01/11/21		200,000		195,488
Barclays PLC
3.65%	03/16/25		500,000		468,955
Barclays PLC (4.97% fixed rate until 05/16/28; 1.90% + 3 month USD LIBOR thereafter)
4.97%	05/16/29		200,000		198,110	(e)
BAT Capital Corp.
2.30%	08/14/20		100,000		97,830	(d)
2.76%	08/15/22		100,000		95,882	(d)
3.22%	08/15/24		100,000		94,754	(d)
3.56%	08/15/27		100,000		93,123	(d)
4.39%	08/15/37		100,000		93,584	(d)
Baxalta Inc.
4.00%	06/23/25		100,000		97,896
Baxter International Inc.
2.60%	08/15/26		230,000		209,926
BB&T Corp.
2.15%	02/01/21		200,000		194,986
2.85%	10/26/24		150,000		142,344
Becton Dickinson and Co.
3.70%	06/06/27		200,000		189,480
3.73%	12/15/24		50,000		48,828
Bed Bath & Beyond Inc.
3.75%	08/01/24		150,000		136,153
Berkshire Hathaway Energy Co.
6.13%	04/01/36		494,000		609,892

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

		Principal Amount		Fair Value
Berkshire Hathaway Finance Corp.
1.30%	08/15/19	$	350,000	$	344,746
3.00%	05/15/22		200,000		199,204
Biogen Inc.
4.05%	09/15/25		80,000		80,359
5.20%	09/15/45		150,000		158,670
Boeing Capital Corp.
4.70%	10/27/19		250,000		256,252
Booking Holdings Inc.
2.75%	03/15/23		100,000		96,487
3.55%	03/15/28		100,000		95,241
Boston Properties LP (REIT)
3.85%	02/01/23		250,000		251,740
Boston Scientific Corp.
4.00%	03/01/28		100,000		97,810
4.13%	10/01/23		100,000		101,622
BP Capital Markets PLC
2.32%	02/13/20		250,000		247,545
2.50%	11/06/22		100,000		96,544
2.52%	01/15/20		115,000		114,267
3.06%	03/17/22		210,000		208,469
3.22%	11/28/23		200,000		196,312
BPCE S.A.
4.00%	04/15/24		250,000		250,885
Branch Banking & Trust Co.
2.10%	01/15/20		100,000		98,526
2.63%	01/15/22		100,000		97,555
Bristol-Myers Squibb Co.
2.00%	08/01/22		500,000		476,745
British Telecommunications PLC
9.63%	12/15/30		250,000		356,398
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.20%	01/15/21		100,000		96,845
2.38%	01/15/20		100,000		98,684
2.65%	01/15/23		100,000		94,303
3.00%	01/15/22		100,000		97,254
3.13%	01/15/25		100,000		92,730
3.50%	01/15/28		100,000		91,044
3.63%	01/15/24		200,000		193,592
Broadridge Financial Solutions Inc.
3.40%	06/27/26		80,000		75,937
Brookfield Finance Inc.
3.90%	01/25/28		100,000		94,521
Brown-Forman Corp.
4.00%	04/15/38		30,000		29,901
Buckeye Partners LP
4.15%	07/01/23		250,000		247,318
Burlington Northern Santa Fe LLC
4.05%	06/15/48		75,000		72,479
5.75%	05/01/40		500,000		596,860
Campbell Soup Co.
3.65%	03/15/23		50,000		49,072
4.15%	03/15/28		50,000		47,623
4.80%	03/15/48		20,000		18,070
Canadian Imperial Bank of Commerce
2.10%	10/05/20		100,000		97,518
2.70%	02/02/21		40,000		39,378
Canadian National Railway Co.
2.95%	11/21/24		305,000		296,823
Canadian Natural Resources Ltd.
3.80%	04/15/24		250,000		248,097
3.85%	06/01/27		100,000		97,512
3.90%	02/01/25		250,000		247,205
Canadian Pacific Railway Co.
2.90%	02/01/25		250,000		238,498
Capital One Financial Corp.
2.50%	05/12/20		200,000		196,994
3.75%	07/28/26 - 03/09/27		430,000		403,317
4.20%	10/29/25		90,000		87,476
Cardinal Health Inc.
3.20%	03/15/23		500,000		486,425
Caterpillar Financial Services Corp.
2.00%	11/29/19		25,000		24,684
2.10%	01/10/20		100,000		98,972
2.55%	11/29/22		50,000		48,368
2.90%	03/15/21		100,000		99,446
3.25%	12/01/24		350,000		344,736

		Principal Amount		Fair Value
CBS Corp.
3.38%	03/01/22	$	250,000	$	246,715
4.00%	01/15/26		250,000		242,717
Celgene Corp.
2.75%	02/15/23		50,000		47,773
3.45%	11/15/27		50,000		46,033
4.35%	11/15/47		50,000		44,120
5.00%	08/15/45		150,000		146,061
5.25%	08/15/43		220,000		223,626
Celulosa Arauco y Constitucion S.A.
3.88%	11/02/27		200,000		186,510
Cenovus Energy Inc.
3.00%	08/15/22		35,000		33,484
4.25%	04/15/27		200,000		192,766
4.45%	09/15/42		75,000		64,600
5.70%	10/15/19		50,000		51,313
CenterPoint Energy Houston Electric LLC
4.50%	04/01/44		250,000		267,600
Charter Communications Operating LLC/Charter Communications Operating Capital
3.58%	07/23/20		200,000		199,740
4.46%	07/23/22		200,000		202,360
4.91%	07/23/25		235,000		237,301
6.48%	10/23/45		250,000		263,715
Chevron Corp.
2.19%	11/15/19		55,000		54,613
2.41%	03/03/22		145,000		141,507
2.43%	06/24/20		75,000		74,375
2.90%	03/03/24		300,000		291,480
2.95%	05/16/26		100,000		95,919
Chubb INA Holdings Inc.
2.70%	03/13/23		250,000		242,060
4.35%	11/03/45		200,000		204,262
Cintas Corporation No. 2
3.70%	04/01/27		200,000		196,252
Cisco Systems Inc.
2.90%	03/04/21		125,000		125,042
5.90%	02/15/39		200,000		247,462
Citibank NA
2.13%	10/20/20		200,000		194,754
2.85%	02/12/21		250,000		247,192
Citigroup Inc.
2.45%	01/10/20		100,000		98,892
2.65%	10/26/20		450,000		443,002
2.70%	10/27/22		100,000		96,043
2.90%	12/08/21		200,000		195,898
3.88%	03/26/25		250,000		242,467
4.30%	11/20/26		200,000		195,714
4.45%	09/29/27		250,000		245,690
4.75%	05/18/46		200,000		191,222
5.88%	01/30/42		272,000		313,156
6.13%	08/25/36		255,000		289,267
Citigroup Inc. (3.52% fixed rate until 10/27/27; 1.15% + 3 month USD LIBOR thereafter)
3.52%	10/27/28		200,000		187,638	(e)
Citizens Bank NA
2.25%	10/30/20		250,000		243,500
CME Group Inc.
3.00%	03/15/25		250,000		241,507
CNA Financial Corp.
5.88%	08/15/20		581,000		610,027
CNH Industrial Capital LLC
3.38%	07/15/19		15,000		14,972
3.88%	10/15/21		15,000		14,840
4.38%	11/06/20 - 04/05/22		35,000		35,285
4.88%	04/01/21		15,000		15,394
CNH Industrial N.V.
3.85%	11/15/27		15,000		14,008
Colgate-Palmolive Co.
3.25%	03/15/24		250,000		250,242
Comcast Corp.
3.15%	02/15/28		200,000		184,790
3.55%	05/01/28		100,000		95,419
3.90%	03/01/38		100,000		90,889
3.97%	11/01/47		100,000		88,032
4.00%	08/15/47 - 11/01/49		350,000		308,837
4.05%	11/01/52		100,000		86,788

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

		Principal Amount		Fair Value
4.25%	01/15/33	$	500,000	$	487,985
5.15%	03/01/20		300,000		309,465
Commonwealth Bank of Australia
2.30%	09/06/19		350,000		347,378
Commonwealth Edison Co.
4.60%	08/15/43		250,000		270,330
4.70%	01/15/44		175,000		189,311
Compass Bank
3.88%	04/10/25		250,000		241,637
Concho Resources Inc.
4.30%	08/15/28		25,000		25,098	(f)
4.85%	08/15/48		25,000		25,364	(f)
ConocoPhillips
6.50%	02/01/39		500,000		638,370
Consolidated Edison Company of New York Inc.
3.88%	06/15/47		200,000		187,636
3.95%	03/01/43		250,000		239,123
Constellation Brands Inc.
3.50%	05/09/27		100,000		94,712
3.88%	11/15/19		15,000		15,152
4.75%	11/15/24		200,000		207,664
Consumers Energy Co.
4.05%	05/15/48		150,000		150,069
Continental Resources Inc.
3.80%	06/01/24		35,000		34,153
4.38%	01/15/28		35,000		34,813
4.50%	04/15/23		50,000		50,715
4.90%	06/01/44		25,000		24,615
5.00%	09/15/22		70,000		70,910
Cooperatieve Rabobank UA
2.50%	01/19/21		250,000		245,067
2.75%	01/10/22		100,000		97,516
3.95%	11/09/22		200,000		198,514
4.63%	12/01/23		250,000		251,677
Corning Inc.
2.90%	05/15/22		255,000		251,101
Corporation Andina de Fomento
2.13%	09/27/21		300,000		288,702
4.38%	06/15/22		250,000		259,372
Costco Wholesale Corp.
2.25%	02/15/22		85,000		82,534
3.00%	05/18/27		100,000		95,614
Council Of Europe Development Bank
2.63%	02/13/23		120,000		118,404
Credit Suisse AG
3.63%	09/09/24		250,000		246,133
Credit Suisse Group Funding Guernsey Ltd.
4.88%	05/15/45		250,000		248,332
Crown Castle International Corp.
3.15%	07/15/23		255,000		244,127
3.80%	02/15/28		100,000		93,823
CSX Corp.
2.60%	11/01/26		200,000		180,648
4.10%	03/15/44		318,000		297,448
CVS Health Corp.
2.75%	12/01/22		500,000		479,915
3.35%	03/09/21		95,000		94,910
3.38%	08/12/24		250,000		241,397
3.70%	03/09/23		115,000		114,160
4.10%	03/25/25		300,000		298,494
4.30%	03/25/28		110,000		108,489
4.78%	03/25/38		95,000		93,806
5.05%	03/25/48		415,000		421,735
Darden Restaurants Inc.
4.55%	02/15/48		15,000		13,899
Deere & Co.
3.90%	06/09/42		171,000		168,240
Dell International LLC/EMC Corp.
6.02%	06/15/26		190,000		199,656	(d)
8.10%	07/15/36		200,000		233,834	(d)
Delmarva Power & Light Co.
4.15%	05/15/45		200,000		199,118
Delphi Corp.
4.15%	03/15/24		150,000		150,123
Delta Air Lines Inc.
2.60%	12/04/20		45,000		44,040

		Principal Amount		Fair Value
3.80%	04/19/23	$	30,000	$	29,659
4.38%	04/19/28		50,000		48,275
Deutsche Bank AG
2.95%	08/20/20		250,000		242,903
3.30%	11/16/22		100,000		93,750
3.38%	05/12/21		250,000		242,145
3.95%	02/27/23		100,000		95,944
Deutsche Telekom International Finance BV
8.75%	06/15/30		250,000		332,163
Devon Energy Corp.
3.25%	05/15/22		500,000		491,635
5.00%	06/15/45		100,000		101,601
Diageo Investment Corp.
2.88%	05/11/22		500,000		492,290
Digital Realty Trust LP
4.45%	07/15/28		150,000		150,868
Discover Bank
4.20%	08/08/23		350,000		353,136
Discovery Communications LLC
3.25%	04/01/23		325,000		314,834
3.45%	03/15/25		135,000		128,247
3.90%	11/15/24		250,000		245,970	(d)
Dollar General Corp.
4.13%	05/01/28		70,000		68,613
Dollar Tree Inc.
3.70%	05/15/23		20,000		19,817
4.00%	05/15/25		50,000		48,894
4.20%	05/15/28		25,000		24,126
Dominion Energy Inc.
2.58%	07/01/20		100,000		98,572
Dr Pepper Snapple Group Inc.
3.13%	12/15/23		200,000		191,210
3.43%	06/15/27		200,000		185,474
DTE Electric Co.
3.70%	03/15/45		145,000		135,862
DTE Energy Co.
3.85%	12/01/23		250,000		251,098
Duke Energy Carolinas LLC
3.05%	03/15/23		250,000		247,597
3.70%	12/01/47		50,000		46,245
3.95%	03/15/48		250,000		242,717
Duke Energy Corp.
3.05%	08/15/22		139,000		136,762
Duke Energy Florida LLC
2.10%	12/15/19		15,000		14,911
3.20%	01/15/27		300,000		288,828
3.40%	10/01/46		200,000		176,928
3.80%	07/15/28		50,000		50,369
Duke Realty LP
3.38%	12/15/27		50,000		46,588
Eaton Vance Corp.
3.50%	04/06/27		300,000		291,843
eBay Inc.
3.80%	03/09/22		145,000		146,438
Ecolab Inc.
2.38%	08/10/22		100,000		96,358
3.25%	12/01/27		70,000		66,954
Ecopetrol S.A.
4.13%	01/16/25		250,000		241,970
7.63%	07/23/19		345,000		360,487
Edison International
4.13%	03/15/28		50,000		49,232
EI du Pont de Nemours & Co.
2.20%	05/01/20		100,000		98,584
Eli Lilly & Co.
2.75%	06/01/25		45,000		42,839
Emera US Finance LP
3.55%	06/15/26		60,000		56,629
Emerson Electric Co.
2.63%	02/15/23		100,000		96,789
Enable Midstream Partners LP
4.95%	05/15/28		60,000		58,578
Enbridge Energy Partners LP
5.88%	10/15/25		125,000		135,469
Enbridge Inc.
3.50%	06/10/24		65,000		62,973

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

		Principal Amount		Fair Value
Enel Chile S.A.
4.88%	06/12/28	$	50,000	$	50,406
Energy Transfer Partners LP
4.20%	09/15/23		25,000		25,026
4.95%	06/15/28		75,000		74,978
6.00%	06/15/48		50,000		50,157
6.50%	02/01/42		250,000		260,095
EnLink Midstream Partners LP
5.60%	04/01/44		150,000		131,595
Entergy Louisiana LLC
4.05%	09/01/23		250,000		255,828
Enterprise Products Operating LLC
2.80%	02/15/21		50,000		49,413
3.70%	02/15/26		35,000		34,328
3.90%	02/15/24		175,000		175,702
4.25%	02/15/48		25,000		23,239
4.45%	02/15/43		442,000		419,436
Enterprise Products Operating LLC (5.38% fixed rate until 02/15/28; 2.57% + 3 month USD LIBOR thereafter)
5.38%	02/15/78		50,000		45,957	(e)
EOG Resources Inc.
2.45%	04/01/20		175,000		172,987
3.15%	04/01/25		80,000		76,911
EPR Properties
4.95%	04/15/28		100,000		97,586
EQT Corp.
3.90%	10/01/27		150,000		139,950
Equinor ASA
2.45%	01/17/23		750,000		722,445
ERP Operating LP (REIT)
3.00%	04/15/23		250,000		244,260
Essex Portfolio LP
3.63%	05/01/27		300,000		286,749
European Bank for Reconstruction & Development
1.13%	08/24/20		200,000		193,452
1.63%	05/05/20		400,000		392,508
European Investment Bank
1.38%	09/15/21		500,000		477,625
1.63%	12/15/20		1,000,000		973,590
2.00%	12/15/22		200,000		192,470
2.38%	05/13/21		250,000		247,027
3.25%	01/29/24		500,000		506,745
Eversource Energy
2.90%	10/01/24		100,000		94,956
3.15%	01/15/25		125,000		121,321
Exelon Generation Company LLC
2.95%	01/15/20		250,000		249,067
Export-Import Bank of Korea
2.38%	08/12/19		500,000		496,455
Express Scripts Holding Co.
4.75%	11/15/21		474,000		489,272
Exxon Mobil Corp.
2.71%	03/06/25		250,000		240,380
3.04%	03/01/26		50,000		48,676
3.18%	03/15/24		250,000		248,690
FedEx Corp.
3.40%	02/15/28		100,000		95,124
4.05%	02/15/48		100,000		90,069
4.75%	11/15/45		195,000		194,589
Fibria Overseas Finance Ltd.
4.00%	01/14/25		50,000		46,161
Fidelity National Information Services Inc.
4.25%	05/15/28		80,000		79,837
4.75%	05/15/48		100,000		96,477
Fifth Third Bank
2.20%	10/30/20		200,000		195,486
2.88%	10/01/21		230,000		226,998
FirstEnergy Corp.
4.25%	03/15/23		30,000		30,443
7.38%	11/15/31		55,000		71,303
Florida Power & Light Co.
4.13%	02/01/42		500,000		504,775
FMS Wertmanagement
1.75%	01/24/20		200,000		197,220
2.00%	08/01/22		200,000		193,122

		Principal Amount		Fair Value
Ford Motor Co.
4.35%	12/08/26	$	200,000	$	195,784
4.75%	01/15/43		250,000		216,130
5.29%	12/08/46		300,000		277,947
Ford Motor Credit Company LLC
2.46%	03/27/20		250,000		246,090
2.60%	11/04/19		250,000		247,745
2.68%	01/09/20		100,000		99,076
3.22%	01/09/22		250,000		244,485
GATX Corp.
3.50%	03/15/28		100,000		92,272
GE Capital International Funding Company Unlimited Co.
2.34%	11/15/20		500,000		488,670
General Dynamics Corp.
3.00%	05/11/21		50,000		49,833
3.38%	05/15/23		50,000		50,104
3.75%	05/15/28		55,000		55,543
General Electric Co.
5.50%	01/08/20		500,000		518,110
6.75%	03/15/32		300,000		367,749
General Mills Inc.
3.65%	02/15/24		250,000		246,513
General Motors Co.
5.20%	04/01/45		250,000		230,632
General Motors Financial Company Inc.
2.45%	11/06/20		100,000		97,689
3.15%	01/15/20		150,000		149,764
3.25%	01/05/23		50,000		48,370
3.45%	01/14/22		100,000		98,673
3.50%	11/07/24		100,000		95,181
3.70%	05/09/23		200,000		196,420
3.85%	01/05/28		250,000		232,353
4.35%	01/17/27		100,000		96,990
4.38%	09/25/21		100,000		101,938
5.25%	03/01/26		155,000		160,284
Georgia Power Co.
4.30%	03/15/42		472,000		470,660
Georgia-Pacific LLC
8.88%	05/15/31		150,000		219,160
Gilead Sciences Inc.
3.70%	04/01/24		500,000		500,835
4.80%	04/01/44		250,000		259,585
GlaxoSmithKline Capital Inc.
3.38%	05/15/23		100,000		99,978
3.63%	05/15/25		55,000		54,981
3.88%	05/15/28		100,000		100,895
GlaxoSmithKline Capital PLC
3.13%	05/14/21		70,000		70,062
Great Plains Energy Inc.
4.85%	06/01/21		204,000		209,412
Halliburton Co.
3.50%	08/01/23		400,000		398,712
Harris Corp.
3.83%	04/27/25		250,000		245,265
4.85%	04/27/35		40,000		40,933
HCP Inc. (REIT)
2.63%	02/01/20		500,000		493,880
Hewlett Packard Enterprise Co.
6.35%	10/15/45		250,000		248,225
Honeywell International Inc.
3.35%	12/01/23		300,000		302,391
Hospitality Properties Trust
4.65%	03/15/24		250,000		250,282
HP Inc.
6.00%	09/15/41		262,000		266,525
HSBC Bank USA NA
5.88%	11/01/34		500,000		568,600
HSBC Holdings PLC
3.90%	05/25/26		250,000		244,115
5.10%	04/05/21		500,000		522,395
HSBC Holdings PLC (3.95% fixed rate until 05/18/23; 0.99% + 3 month USD LIBOR thereafter)
3.95%	05/18/24		200,000		199,330	(e)
HSBC USA Inc.
2.38%	11/13/19		350,000		346,913
Hubbell Inc.
3.50%	02/15/28		50,000		47,710

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

		Principal Amount		Fair Value
Humana Inc.
2.50%	12/15/20	$	50,000	$	49,095
2.90%	12/15/22		100,000		97,238
Huntington Bancshares Inc.
3.15%	03/14/21		250,000		248,738
Husky Energy Inc.
4.00%	04/15/24		100,000		100,022
IBM Credit LLC
2.65%	02/05/21		200,000		197,990
Illinois Tool Works Inc.
2.65%	11/15/26		200,000		184,760
3.50%	03/01/24		250,000		252,392
Indiana Michigan Power Co.
3.85%	05/15/28		25,000		24,967
ING Groep N.V.
3.95%	03/29/27		200,000		195,472
Ingersoll-Rand Global Holding Company Ltd.
4.25%	06/15/23		200,000		205,874
Intel Corp.
2.60%	05/19/26		250,000		233,270
4.10%	05/11/47		100,000		99,829
Inter-American Development Bank
1.25%	09/14/21		400,000		380,908
2.13%	01/15/25		200,000		190,030
2.38%	07/07/27		200,000		190,068
3.00%	02/21/24		500,000		501,310
International Bank for Reconstruction & Development
0.88%	08/15/19		500,000		491,055
1.63%	09/04/20		400,000		391,236
1.88%	04/21/20		500,000		493,300
2.00%	01/26/22		500,000		485,750
2.25%	06/24/21		500,000		492,465
2.50%	07/29/25		500,000		485,395
International Business Machines Corp.
2.50%	01/27/22		300,000		293,196
4.00%	06/20/42		500,000		488,310
International Finance Corp.
2.00%	10/24/22		200,000		193,018
2.13%	04/07/26		300,000		282,270
International Paper Co.
3.65%	06/15/24		500,000		493,480
Invesco Finance PLC
3.13%	11/30/22		200,000		197,304
Jabil Inc.
3.95%	01/12/28		200,000		190,990
4.70%	09/15/22		223,000		229,746
Jefferies Group LLC
5.13%	01/20/23		250,000		260,053
John Deere Capital Corp.
2.35%	01/08/21		100,000		98,288
2.70%	01/06/23		100,000		97,471
2.88%	03/12/21		50,000		49,685
3.05%	01/06/28		100,000		95,017
3.45%	06/07/23 - 03/13/25		75,000		74,790
Johnson & Johnson
1.95%	11/10/20		15,000		14,751
2.45%	12/05/21 - 03/01/26		425,000		416,206
2.90%	01/15/28		50,000		47,783
3.40%	01/15/38		25,000		23,624
3.50%	01/15/48		30,000		27,962
4.38%	12/05/33		250,000		268,855
Johnson Controls International PLC
3.63%	07/02/24		80,000		78,859	(g)
JPMorgan Chase & Co.
2.25%	01/23/20		250,000		246,772
2.75%	06/23/20		250,000		247,935
2.97%	01/15/23		200,000		194,718
3.13%	01/23/25		250,000		239,237
3.25%	09/23/22		236,000		233,619
3.38%	05/01/23		250,000		244,115
4.50%	01/24/22		703,000		727,345
6.40%	05/15/38		500,000		616,665
JPMorgan Chase & Co. (3.51% fixed rate until 06/18/21; 0.61% + 3 month USD LIBOR thereafter)
3.51%	06/18/22		100,000		100,154	(e)

		Principal Amount		Fair Value
JPMorgan Chase & Co. (3.56% fixed rate until 04/23/23; 0.73% + 3 month USD LIBOR thereafter)
3.56%	04/23/24	$	300,000	$	297,207	(e)
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90%	01/23/49		300,000		270,063	(e)
JPMorgan Chase Bank NA (2.60% fixed rate until 02/01/20; 0.28% + 3 month USD LIBOR thereafter)
2.60%	02/01/21		250,000		247,790	(e)
Kaiser Foundation Hospitals
4.15%	05/01/47		100,000		101,150
Kansas City Power & Light Co.
4.20%	06/15/47		200,000		199,362
Kansas City Southern
4.70%	05/01/48		50,000		48,481
Kellogg Co.
2.65%	12/01/23		200,000		190,270
Kennametal Inc.
4.63%	06/15/28		25,000		24,949
Key Bank
3.38%	03/07/23		250,000		247,520
KeyCorp
2.90%	09/15/20		125,000		123,975
Kilroy Realty LP
3.45%	12/15/24		50,000		48,014
Kimberly-Clark Corp.
3.20%	07/30/46		125,000		107,742
Kinder Morgan Energy Partners LP
5.00%	08/15/42		442,000		409,898
Kinder Morgan Inc.
4.30%	06/01/25		115,000		114,648
5.05%	02/15/46		150,000		141,824
5.30%	12/01/34		300,000		294,873
KLA-Tencor Corp.
4.65%	11/01/24		215,000		222,357
Kraft Heinz Foods Co.
3.38%	06/15/21		15,000		15,041
4.00%	06/15/23		100,000		99,790
4.63%	01/30/29		50,000		49,647
5.00%	06/04/42		300,000		287,472
5.20%	07/15/45		150,000		146,185
Kreditanstalt fuer Wiederaufbau
1.50%	09/09/19 - 06/15/21		800,000		778,020
1.63%	05/29/20		300,000		294,084
1.75%	03/31/20 - 09/15/21		700,000		683,698
1.88%	12/15/20		150,000		146,893
2.00%	09/29/22 - 05/02/25		950,000		910,076
2.13%	03/07/22 - 06/15/22		600,000		584,094
2.63%	04/12/21		150,000		149,317
2.88%	04/03/28		175,000		173,064
L3 Technologies Inc.
3.85%	12/15/26		200,000		192,850
Laboratory Corporation of America Holdings
4.00%	11/01/23		200,000		202,406
Lam Research Corp.
3.80%	03/15/25		115,000		114,499
Landwirtschaftliche Rentenbank
2.50%	11/15/27		200,000		191,344
Leggett & Platt Inc.
3.50%	11/15/27		50,000		47,093
Lincoln National Corp.
3.63%	12/12/26		200,000		190,354
4.20%	03/15/22		317,000		324,507
Lloyds Bank PLC
2.70%	08/17/20		250,000		245,630
Lloyds Banking Group PLC
3.00%	01/11/22		100,000		97,353
4.45%	05/08/25		200,000		201,298
4.65%	03/24/26		250,000		246,195
Lockheed Martin Corp.
3.60%	03/01/35		55,000		51,355
4.25%	11/15/19		300,000		305,643
4.70%	05/15/46		250,000		264,583
Loews Corp.
2.63%	05/15/23		400,000		385,352

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

		Principal Amount		Fair Value
Lowe’s Companies Inc.
2.50%	04/15/26	$	230,000	$	210,471
3.12%	04/15/22		200,000		199,676
3.38%	09/15/25		30,000		29,409
4.05%	05/03/47		100,000		94,809
LYB International Finance II BV
3.50%	03/02/27		100,000		94,002
LyondellBasell Industries N.V.
6.00%	11/15/21		250,000		267,465
Macy’s Retail Holdings Inc.
3.88%	01/15/22		500,000		496,595
Maple Escrow Subsidiary Inc.
4.60%	05/25/28		50,000		50,182	(d)
4.99%	05/25/38		25,000		25,164	(d)
Markel Corp.
3.50%	11/01/27		50,000		46,531
Marriott International Inc.
4.00%	04/15/28		150,000		146,673
Marsh & McLennan Companies Inc.
4.20%	03/01/48		100,000		97,078
Martin Marietta Materials Inc.
3.50%	12/15/27		50,000		46,332
Masco Corp.
3.50%	04/01/21		60,000		59,889
4.38%	04/01/26		40,000		39,727
Mastercard Inc.
2.00%	11/21/21		200,000		194,010
2.95%	11/21/26		200,000		191,060
McDonald’s Corp.
3.70%	02/15/42		250,000		222,005
McKesson Corp.
3.80%	03/15/24		250,000		246,467
Mead Johnson Nutrition Co.
4.13%	11/15/25		110,000		112,278
Medtronic Inc.
3.63%	03/15/24		200,000		200,704
4.50%	03/15/42		250,000		258,498
4.63%	03/15/44 - 03/15/45		400,000		422,276
Memorial Sloan-Kettering Cancer Center
4.13%	07/01/52		395,000		398,385
Merck & Company Inc.
2.40%	09/15/22		878,000		851,493
2.75%	02/10/25		70,000		66,915
MetLife Inc.
4.13%	08/13/42		250,000		235,683
6.50%	12/15/32		250,000		309,625
Microsoft Corp.
1.10%	08/08/19		200,000		196,810
1.55%	08/08/21		300,000		287,775
2.40%	02/06/22 - 08/08/26		500,000		478,440
2.88%	02/06/24		300,000		294,042
3.45%	08/08/36		200,000		191,976
3.50%	02/12/35		65,000		63,103
3.75%	05/01/43		300,000		292,926
4.45%	11/03/45		425,000		460,700
Mid-America Apartments LP
4.20%	06/15/28		100,000		99,904
Mitsubishi UFJ Financial Group Inc.
2.76%	09/13/26		250,000		229,840
3.46%	03/02/23		100,000		99,088
3.78%	03/02/25		100,000		99,647
3.96%	03/02/28		100,000		100,410
Mizuho Financial Group Inc.
3.55%	03/05/23		200,000		198,656
4.02%	03/05/28		200,000		200,496
Molson Coors Brewing Co.
3.00%	07/15/26		95,000		86,437
Mondelez International Inc.
4.13%	05/07/28		100,000		98,960
Monsanto Co.
3.95%	04/15/45		150,000		131,014
4.20%	07/15/34		70,000		65,099
Moody’s Corp.
4.88%	02/15/24		250,000		262,417
Morgan Stanley
2.38%	07/23/19		350,000		348,110
2.63%	11/17/21		200,000		194,528

		Principal Amount		Fair Value
2.80%	06/16/20	$	230,000	$	228,109
3.13%	01/23/23 - 07/27/26		350,000		330,204
3.95%	04/23/27		250,000		238,677
4.00%	07/23/25		95,000		94,709
4.10%	05/22/23		250,000		251,292
4.35%	09/08/26		250,000		246,672
4.88%	11/01/22		250,000		259,375
5.50%	07/28/21		398,000		421,100
Morgan Stanley (3.74% fixed rate until 04/24/23; 0.84% + 3 month USD LIBOR thereafter)
3.74%	04/24/24		160,000		159,314	(e)
Morgan Stanley (3.77% fixed rate until 01/24/28; 1.14% + 3 month USD LIBOR thereafter)
3.77%	01/24/29		100,000		96,424	(e)
Morgan Stanley (4.46% fixed rate until 04/22/38; 1.43% + 3 month USD LIBOR thereafter)
4.46%	04/22/39		100,000		98,035	(e)
Motorola Solutions Inc.
3.50%	09/01/21		250,000		248,040
4.60%	02/23/28		200,000		198,818
MPLX LP
4.00%	03/15/28		35,000		33,304
4.50%	04/15/38		30,000		27,761
4.70%	04/15/48		25,000		23,210
4.90%	04/15/58		25,000		22,336
MUFG Americas Holdings Corp.
3.00%	02/10/25		250,000		239,035
Mylan Inc.
4.55%	04/15/28		100,000		97,685	(d)
5.20%	04/15/48		100,000		96,639	(d)
National Australia Bank Ltd.
2.13%	05/22/20		250,000		245,295
2.25%	01/10/20		100,000		98,745
2.80%	01/10/22		100,000		97,745
National Retail Properties Inc.
3.60%	12/15/26		200,000		189,442
National Rural Utilities Cooperative Finance Corp.
2.90%	03/15/21		70,000		69,490
3.40%	02/07/28		200,000		194,534
NetApp Inc.
3.38%	06/15/21		210,000		208,664
Newmont Mining Corp.
3.50%	03/15/22		250,000		248,747
Nexen Energy ULC
6.40%	05/15/37		500,000		612,175
NIKE Inc.
2.38%	11/01/26		250,000		227,515
NiSource Inc.
2.65%	11/17/22		40,000		38,612
3.65%	06/15/23		100,000		100,142	(d)
4.38%	05/15/47		100,000		97,944
Nordic Investment Bank
2.25%	02/01/21		200,000		197,468
Norfolk Southern Corp.
3.94%	11/01/47		160,000		148,016
4.15%	02/28/48		100,000		95,821
Northrop Grumman Corp.
2.08%	10/15/20		160,000		156,360
2.55%	10/15/22		100,000		96,407
2.93%	01/15/25		150,000		142,395
3.25%	01/15/28		165,000		155,333
4.03%	10/15/47		175,000		163,809
Northwestern University
3.66%	12/01/57		10,000		9,570
Novartis Capital Corp.
2.40%	09/21/22		552,000		535,628
3.00%	11/20/25		250,000		241,012
NSTAR Electric Co.
3.20%	05/15/27		100,000		95,960
Nutrien Ltd.
3.63%	03/15/24		250,000		242,580
4.00%	12/15/26		200,000		193,210
O’Reilly Automotive Inc.
4.35%	06/01/28		100,000		99,473
Occidental Petroleum Corp.
3.00%	02/15/27		200,000		189,602

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

		Principal Amount		Fair Value
3.40%	04/15/26	$	140,000	$	136,660
4.10%	02/15/47		200,000		196,072
Oesterreichische Kontrollbank AG
1.75%	01/24/20		200,000		197,250
Ohio Power Co.
4.15%	04/01/48		100,000		100,598
Omega Healthcare Investors Inc.
4.50%	04/01/27		200,000		190,914
Omnicom Group Inc./Omnicom Capital Inc.
3.63%	05/01/22		200,000		198,986
ONEOK Partners LP
6.13%	02/01/41		312,000		343,811
Oracle Corp.
1.90%	09/15/21		200,000		192,340
2.25%	10/08/19		250,000		248,535
2.65%	07/15/26		300,000		276,921
3.25%	05/15/30		250,000		236,495
3.63%	07/15/23		125,000		126,261
4.00%	07/15/46		200,000		188,872
4.30%	07/08/34		500,000		509,485
Orange S.A.
9.00%	03/01/31		250,000		343,177
Owens Corning
4.20%	12/15/22		250,000		250,783
PACCAR Financial Corp.
2.05%	11/13/20		50,000		48,904
3.10%	05/10/21		20,000		20,039
Pacific Gas & Electric Co.
6.05%	03/01/34		411,000		443,444
PacifiCorp
6.25%	10/15/37		153,000		195,913
Packaging Corporation of America
2.45%	12/15/20		70,000		68,690
3.40%	12/15/27		35,000		33,041
Parker-Hannifin Corp.
4.20%	11/21/34		350,000		356,738
Patterson-UTI Energy Inc.
3.95%	02/01/28		200,000		187,456	(d)
Pepsi-Cola Metropolitan Bottling Company Inc.
7.00%	03/01/29		150,000		191,137
PepsiCo Inc.
1.85%	04/30/20		250,000		245,600
2.00%	04/15/21		100,000		97,388
2.75%	03/01/23		250,000		244,463
3.00%	10/15/27		100,000		94,998
4.45%	04/14/46		250,000		262,412
Petroleos Mexicanos
4.50%	01/23/26		100,000		93,347
5.38%	03/13/22		300,000		307,332
5.50%	01/21/21 - 06/27/44		558,000		562,870
6.38%	01/23/45		250,000		229,492
6.50%	03/13/27 - 06/02/41		567,000		565,860
6.75%	09/21/47		113,000		106,620
6.88%	08/04/26		250,000		262,342
Pfizer Inc.
1.70%	12/15/19		200,000		197,156
3.00%	12/15/26		200,000		192,284
4.00%	12/15/36		100,000		100,437
4.13%	12/15/46		200,000		201,616
4.30%	06/15/43		350,000		357,686
Philip Morris International Inc.
2.00%	02/21/20		300,000		295,266
3.13%	03/02/28		50,000		47,342
3.88%	08/21/42		442,000		396,806
Phillips 66
3.90%	03/15/28		50,000		49,020
4.88%	11/15/44		45,000		46,541
Phillips 66 Partners LP
3.75%	03/01/28		10,000		9,358
4.68%	02/15/45		10,000		9,341
Pinnacle West Capital Corp.
2.25%	11/30/20		45,000		43,834
Plains All American Pipeline LP/PAA Finance Corp.
3.85%	10/15/23		200,000		195,254
4.50%	12/15/26		200,000		196,806

		Principal Amount		Fair Value
PNC Bank NA
2.00%	05/19/20	$	200,000	$	196,024
2.55%	12/09/21		250,000		243,592
2.95%	02/23/25		400,000		382,968
3.10%	10/25/27		200,000		189,238
PPG Industries Inc.
3.75%	03/15/28		50,000		49,282
PPL Capital Funding Inc.
3.40%	06/01/23		200,000		195,908
PPL Electric Utilities Corp.
4.15%	06/15/48		100,000		101,643
President & Fellows of Harvard College
3.15%	07/15/46		50,000		44,471
Principal Financial Group Inc.
3.40%	05/15/25		250,000		243,425
Prologis LP (REIT)
4.25%	08/15/23		250,000		257,510
Providence Saint Joseph Health Obligated Group
3.93%	10/01/48		20,000		19,066
Prudential Financial Inc.
3.94%	12/07/49		290,000		261,307
Public Service Company of Colorado
3.70%	06/15/28		50,000		50,290
4.10%	06/15/48		30,000		30,112
Public Service Electric & Gas Co.
2.38%	05/15/23		500,000		477,315
Puget Energy Inc.
3.65%	05/15/25		300,000		291,780
QUALCOMM Inc.
1.85%	05/20/19		200,000		199,907
4.30%	05/20/47		100,000		93,248
4.65%	05/20/35		150,000		151,741
Quest Diagnostics Inc.
3.50%	03/30/25		150,000		144,531
4.25%	04/01/24		250,000		253,967
Raytheon Co.
3.15%	12/15/24		90,000		89,023
Realty Income Corp. (REIT)
4.65%	08/01/23		500,000		517,820
Regency Centers LP
4.13%	03/15/28		50,000		49,432
RELX Capital Inc.
3.50%	03/16/23		30,000		29,789
Republic Services Inc.
5.50%	09/15/19		300,000		308,832
Reynolds American Inc.
4.45%	06/12/25		300,000		301,770
Rio Tinto Finance USA Ltd.
5.20%	11/02/40		450,000		508,586
Rogers Communications Inc.
2.90%	11/15/26		200,000		184,798
3.00%	03/15/23		250,000		244,030
3.63%	12/15/25		60,000		58,708
Roper Technologies Inc.
3.80%	12/15/26		200,000		194,930
Royal Bank of Canada
2.15%	03/06/20 - 10/26/20		475,000		466,077
2.75%	02/01/22		200,000		196,480
Royal Bank of Scotland Group PLC
3.88%	09/12/23		200,000		194,430
Royal Bank of Scotland Group PLC (4.89% fixed rate until 05/18/28; 1.75% + 3 month USD LIBOR thereafter)
4.89%	05/18/29		200,000		199,048	(e)
RPM International Inc.
4.25%	01/15/48		50,000		45,207
Ryder System Inc.
3.40%	03/01/23		150,000		147,868
S&P Global Inc.
4.40%	02/15/26		250,000		256,625
Sabine Pass Liquefaction LLC
5.63%	02/01/21 - 03/01/25		310,000		326,625
5.75%	05/15/24		135,000		143,962
San Diego Gas & Electric Co.
3.60%	09/01/23		500,000		502,505
Sanofi
3.63%	06/19/28		100,000		99,710

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

		Principal Amount		Fair Value
Santander Holdings USA Inc.
2.65%	04/17/20	$	150,000	$	148,615
3.40%	01/18/23		50,000		48,349
4.40%	07/13/27		50,000		47,843
Santander UK Group Holdings PLC (3.37% fixed rate until 01/05/23; 1.08% + 3 month USD LIBOR thereafter)
3.37%	01/05/24		200,000		192,556	(e)
Santander UK PLC
2.38%	03/16/20		250,000		246,225
Seagate HDD Cayman
4.75%	06/01/23		250,000		247,342
Sempra Energy
4.05%	12/01/23		250,000		253,225
Shell International Finance BV
4.00%	05/10/46		250,000		242,068
4.13%	05/11/35		250,000		253,627
4.38%	03/25/20		500,000		512,845
Shire Acquisitions Investments Ireland DAC
3.20%	09/23/26		150,000		137,200
Simon Property Group LP (REIT)
2.75%	02/01/23		621,000		600,706
SL Green Operating Partnership LP
3.25%	10/15/22		30,000		29,167
South Carolina Electric & Gas Co.
5.10%	06/01/65		150,000		151,107
Southern California Edison Co.
3.40%	06/01/23		200,000		199,178
3.60%	02/01/45		225,000		196,038
Southern Copper Corp.
5.88%	04/23/45		255,000		271,779
Southwest Airlines Co.
3.00%	11/15/26		200,000		184,460
Southwestern Electric Power Co.
3.85%	02/01/48		100,000		92,438
Spectra Energy Partners LP
3.50%	03/15/25		250,000		238,452
Stanley Black & Decker Inc.
2.90%	11/01/22		250,000		245,140
Starbucks Corp.
2.20%	11/22/20		20,000		19,548
3.10%	03/01/23		50,000		49,009
3.50%	03/01/28		50,000		48,116
3.75%	12/01/47		35,000		30,374
Stryker Corp.
3.65%	03/07/28		250,000		243,940
Sumitomo Mitsui Banking Corp.
2.45%	01/16/20		250,000		247,210
Sumitomo Mitsui Financial Group Inc.
2.78%	10/18/22		200,000		193,238
3.01%	10/19/26		500,000		468,225
3.35%	10/18/27		50,000		47,854
Suncor Energy Inc.
6.85%	06/01/39		250,000		321,217
Sunoco Logistics Partners Operations LP
5.95%	12/01/25		250,000		267,213
SunTrust Bank
2.25%	01/31/20		100,000		98,733
3.00%	02/02/23		100,000		97,819
SunTrust Banks Inc.
4.00%	05/01/25		50,000		50,251
Svensk Exportkredit AB
1.75%	05/18/20		200,000		196,332
Svenska Handelsbanken AB
3.35%	05/24/21		250,000		250,053
Synchrony Financial
3.95%	12/01/27		300,000		277,011
Sysco Corp.
3.55%	03/15/25		100,000		98,099
4.45%	03/15/48		100,000		96,912
Tampa Electric Co.
4.30%	06/15/48		50,000		49,701
Target Corp.
3.90%	11/15/47		50,000		46,379
4.00%	07/01/42		300,000		285,666
TC PipeLines LP
3.90%	05/25/27		100,000		94,214

		Principal Amount		Fair Value
TD Ameritrade Holding Corp.
2.95%	04/01/22	$	250,000	$	245,438
Telefonica Emisiones SAU
5.88%	07/15/19		500,000		514,675
TELUS Corp.
4.60%	11/16/48		50,000		49,053
Texas Instruments Inc.
1.75%	05/01/20		250,000		245,247
The Allstate Corp.
3.28%	12/15/26		100,000		96,279
4.20%	12/15/46		100,000		98,207
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75%	08/15/53		250,000		257,197	(e)
The Bank of New York Mellon Corp.
2.80%	05/04/26		30,000		28,363
3.00%	02/24/25		105,000		101,204
3.50%	04/28/23		100,000		100,081
The Bank of Nova Scotia
2.50%	01/08/21		200,000		196,366
3.13%	04/20/21		300,000		298,515
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter)
4.65%	12/31/99		200,000		181,078	(e)
The Board of Trustees of The Leland Stanford Junior University
3.65%	05/01/48		200,000		197,602
The Boeing Co.
3.38%	06/15/46		150,000		135,498
The Charles Schwab Corp.
3.85%	05/21/25		150,000		151,715
The Clorox Co.
3.50%	12/15/24		250,000		247,957
The Coca-Cola Co.
2.45%	11/01/20		300,000		297,612
The Dow Chemical Co.
3.00%	11/15/22		137,000		133,463
4.38%	11/15/42		437,000		413,533
The George Washington University
4.13%	09/15/48		50,000		50,781
The Goldman Sachs Group Inc.
2.30%	12/13/19		200,000		197,784
2.75%	09/15/20		750,000		741,667
3.00%	04/26/22		100,000		97,652
3.50%	11/16/26		250,000		235,212
3.85%	07/08/24		250,000		247,865
5.75%	01/24/22		500,000		535,035
6.25%	02/01/41		350,000		409,895
6.75%	10/01/37		400,000		474,204
The Goldman Sachs Group Inc. (2.88% fixed rate until 10/31/21; 0.82% + 3 month USD LIBOR thereafter)
2.88%	10/31/22		200,000		195,276	(e)
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter)
4.02%	10/31/38		200,000		181,946	(e)
The Hartford Financial Services Group Inc.
4.40%	03/15/48		100,000		96,205
The Hershey Co.
3.38%	05/15/23		50,000		50,075
The Home Depot Inc.
2.13%	09/15/26		245,000		218,658
2.63%	06/01/22		190,000		186,569
4.20%	04/01/43		250,000		250,680
4.40%	04/01/21		500,000		516,495
The JM Smucker Co.
3.38%	12/15/27		100,000		92,975
The Kroger Co.
3.85%	08/01/23		500,000		502,725
The Mosaic Co.
3.25%	11/15/22		50,000		48,727
4.05%	11/15/27		50,000		47,731
The Procter & Gamble Co.
1.70%	11/03/21		200,000		192,334
2.45%	11/03/26		200,000		184,710
The Progressive Corp.
4.35%	04/25/44		100,000		101,303

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

		Principal Amount		Fair Value
The Sherwin-Williams Co.
2.75%	06/01/22	$	100,000	$	96,866
3.45%	06/01/27		100,000		94,663
3.95%	01/15/26		100,000		99,420
4.20%	01/15/22		100,000		101,765
4.50%	06/01/47		100,000		95,637
The Southern Co. (5.50% fixed rate until 03/15/22; 3.63% + 3 month USD LIBOR thereafter)
5.50%	03/15/57		400,000		412,344	(e)
The Toronto-Dominion Bank
1.90%	10/24/19		200,000		197,714
2.25%	11/05/19		250,000		248,052
3.25%	06/11/21		100,000		100,098
The Travelers Companies Inc.
4.00%	05/30/47		200,000		192,568
5.35%	11/01/40		150,000		173,200
The Walt Disney Co.
2.30%	02/12/21		130,000		126,699
3.00%	07/30/46		60,000		47,941
3.15%	09/17/25		165,000		160,076
The Western Union Co.
3.60%	03/15/22		300,000		297,450
Thermo Fisher Scientific Inc.
3.30%	02/15/22		80,000		79,582
4.15%	02/01/24		25,000		25,403
Thomson Reuters Corp.
4.50%	05/23/43		150,000		139,257
Time Warner Cable LLC
4.50%	09/15/42		500,000		413,620
Total Capital International S.A.
2.75%	06/19/21		250,000		247,845
Total System Services Inc.
4.45%	06/01/28		100,000		99,721
Toyota Motor Credit Corp.
1.95%	04/17/20		200,000		196,600
2.60%	01/11/22		100,000		97,908
2.70%	01/11/23		200,000		194,588
3.05%	01/11/28		200,000		189,772
TransAlta Corp.
4.50%	11/15/22		373,000		369,154
TransCanada PipeLines Ltd.
7.63%	01/15/39		350,000		462,602
Transcontinental Gas Pipe Line Company LLC
4.00%	03/15/28		100,000		97,906	(d)
Tyson Foods Inc.
2.65%	08/15/19		250,000		249,010
4.88%	08/15/34		70,000		71,151
U.S. Bancorp
2.63%	01/24/22		100,000		97,927
Unilever Capital Corp.
2.00%	07/28/26		250,000		222,910
2.90%	05/05/27		100,000		94,781
Union Electric Co.
2.95%	06/15/27		200,000		189,062
3.65%	04/15/45		135,000		125,208
Union Pacific Corp.
3.00%	04/15/27		300,000		283,671
3.50%	06/08/23		50,000		50,065
3.95%	09/10/28		30,000		30,169
4.38%	09/10/38		15,000		15,206
4.50%	09/10/48		30,000		30,588
4.80%	09/10/58		25,000		25,964
United Airlines 2013-1 Class A Pass Through Trust
4.30%	08/15/25		206,851		209,520
United Parcel Service Inc.
2.45%	10/01/22		625,000		605,231
3.05%	11/15/27		50,000		47,655
3.75%	11/15/47		50,000		45,994
United Technologies Corp.
4.50%	06/01/42		458,000		450,965
UnitedHealth Group Inc.
2.95%	10/15/27		200,000		186,782
3.10%	03/15/26		350,000		334,316
3.45%	01/15/27		200,000		194,974
3.75%	10/15/47		200,000		184,308
4.63%	07/15/35		45,000		47,498
6.88%	02/15/38		250,000		332,117

		Principal Amount		Fair Value
University of Notre Dame du Lac
3.39%	02/15/48	$	25,000	$	23,493
US Bank NA
2.05%	10/23/20		250,000		244,123
2.80%	01/27/25		350,000		333,060
Vale Overseas Ltd.
6.88%	11/10/39		400,000		451,876
Valero Energy Corp.
6.63%	06/15/37		300,000		360,396
Valero Energy Partners LP
4.38%	12/15/26		200,000		197,318
Ventas Realty LP
4.00%	03/01/28		150,000		144,973
VEREIT Operating Partnership LP
4.13%	06/01/21		15,000		15,230
4.60%	02/06/24		20,000		19,996
4.88%	06/01/26		25,000		24,956
Verizon Communications Inc.
3.85%	11/01/42		436,000		365,721
4.33%	09/21/28		809,000		803,216	(d)
4.40%	11/01/34		250,000		235,650
4.52%	09/15/48		150,000		136,971
4.81%	03/15/39		539,000		522,108
5.01%	04/15/49		267,000		259,994
Viacom Inc.
5.85%	09/01/43		100,000		99,935
Virginia Electric & Power Co.
3.80%	04/01/28		200,000		199,308
4.65%	08/15/43		500,000		524,825
Visa Inc.
4.30%	12/14/45		350,000		363,226
Vodafone Group PLC
2.50%	09/26/22		376,000		359,445
4.38%	05/30/28 - 02/19/43		305,000		278,716
5.25%	05/30/48		50,000		49,783
Vornado Realty LP
3.50%	01/15/25		50,000		47,992
Vulcan Materials Co.
4.70%	03/01/48		50,000		46,803	(d)
Wabtec Corp.
3.45%	11/15/26		200,000		183,518
Walgreens Boots Alliance Inc.
3.45%	06/01/26		55,000		51,269
4.50%	11/18/34		155,000		146,432
Walmart Inc.
1.75%	10/09/19		100,000		98,915
1.90%	12/15/20		100,000		97,960
2.35%	12/15/22		400,000		385,972
2.65%	12/15/24		100,000		95,778
3.13%	06/23/21		50,000		50,267
3.40%	06/26/23		50,000		50,402
3.63%	12/15/47		125,000		116,529
3.70%	06/26/28		100,000		100,951
3.95%	06/28/38		40,000		40,162
4.05%	06/29/48		35,000		35,270
Warner Media LLC
6.10%	07/15/40		650,000		696,806
Waste Management Inc.
2.90%	09/15/22		500,000		491,585
WEC Energy Group Inc.
3.38%	06/15/21		65,000		65,253
Wells Fargo & Co.
2.15%	01/30/20		620,000		610,830
2.50%	03/04/21		240,000		234,710
4.13%	08/15/23		250,000		251,233
4.40%	06/14/46		250,000		229,035
4.65%	11/04/44		150,000		143,095
4.75%	12/07/46		200,000		193,042
5.61%	01/15/44		569,000		609,706
Wells Fargo Bank NA
2.15%	12/06/19		250,000		247,117
Welltower Inc.
4.25%	04/15/28		115,000		112,955
Western Gas Partners LP
5.45%	04/01/44		150,000		141,939

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

		Principal Amount		Fair Value
Westlake Chemical Corp.
4.38%	11/15/47	$	50,000	$	46,128
Westpac Banking Corp.
2.00%	08/19/21		500,000		479,330
2.80%	01/11/22		100,000		97,774
3.35%	03/08/27		200,000		191,548
Westpac Banking Corp. (2.24% fixed rate until 11/23/26; 2.24% + 5 Year US ISDA thereafter)
4.32%	11/23/31		100,000		96,464	(e)
Weyerhaeuser Co. (REIT)
7.38%	03/15/32		100,000		127,106
Whirlpool Corp.
3.70%	05/01/25		250,000		245,865
Williams Partners LP
4.85%	03/01/48		70,000		67,059
5.10%	09/15/45		150,000		148,141
5.80%	11/15/43		250,000		267,595
Wisconsin Power & Light Co.
3.05%	10/15/27		100,000		94,475
WPP Finance 2010
5.13%	09/07/42		191,000		188,773
Wyndham Destinations Inc.
4.25%	03/01/22		25,000		24,343
Xcel Energy Inc.
3.30%	06/01/25		250,000		241,650
4.00%	06/15/28		100,000		100,245
Zimmer Biomet Holdings Inc.
3.70%	03/19/23		75,000		74,540
Zoetis Inc.
4.70%	02/01/43		250,000		258,197
					192,148,814
Non-Agency Collateralized Mortgage Obligations – 0.4%
Benchmark Mortgage Trust
4.12%	07/15/51		100,000		102,922
CD 2017-CD6 Mortgage Trust
3.46%	11/13/50		150,000		146,661
Citigroup Commercial Mortgage Trust 2014-GC25
4.02%	10/10/47		800,000		809,786
COMM 2012-CR1 Mortgage Trust
3.39%	05/15/45		468,712		469,884
COMM 2013-CCRE12 Mortgage Trust
4.05%	10/10/46		200,000		205,701
COMM 2013-CR11 Mortgage Trust
4.72%	08/10/50		1,000,000		1,045,102	(e)
COMM 2013-CR8 Mortgage Trust
3.61%	06/10/46		750,000		757,309	(e)
COMM 2015-PC1 Mortgage Trust
3.90%	07/10/50		500,000		506,910
JPMBB Commercial Mortgage Securities Trust 2013-C14
3.76%	08/15/46		750,000		760,927	(e)
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29
3.14%	05/15/49		500,000		493,157
UBS Commercial Mortgage Trust 2017-C4
3.56%	10/15/50		185,000		181,693
UBS Commercial Mortgage Trust 2018-C10
4.31%	05/15/51		100,000		103,690
Wells Fargo Commercial Mortgage Trust 2012-LC5
4.69%	10/15/45		220,000		222,360	(e)
Wells Fargo Commercial Mortgage Trust 2017-C41
3.47%	11/15/50		300,000		293,373
Wells Fargo Commercial Mortgage Trust 2017-C42
3.59%	12/15/50		400,000		396,871
WF-RBS Commercial Mortgage Trust 2012-C10
3.24%	12/15/45		1,200,000		1,177,726
WF-RBS Commercial Mortgage Trust 2012-C7
3.43%	06/15/45		200,000		199,682
					7,873,754
Sovereign Bonds – 0.5%
Export Development Canada
1.63%	01/17/20		200,000		196,996
2.50%	01/24/23		200,000		196,564
Government of Canada
2.00%	11/15/22		125,000		120,894
Government of Chile
3.63%	10/30/42		350,000		326,833

		Principal Amount		Fair Value
Government of Colombia
4.38%	07/12/21	$	300,000	$	306,822
5.00%	06/15/45		250,000		245,185
6.13%	01/18/41		250,000		279,700
Government of Hungary
5.38%	03/25/24		300,000		319,485
Government of Italy
5.38%	06/15/33		250,000		269,718
Government of Mexico
3.50%	01/21/21		250,000		249,788
3.75%	01/11/28		200,000		188,950
4.35%	01/15/47		200,000		178,386
4.75%	03/08/44		702,000		659,733
5.75%	10/12/10		172,000		170,067
6.05%	01/11/40		130,000		143,048
Government of Panama
6.70%	01/26/36		250,000		305,592
Government of Peru
6.55%	03/14/37		297,000		371,158
7.35%	07/21/25		100,000		122,131
Government of Philippines
3.70%	03/01/41		200,000		184,232
4.00%	01/15/21		100,000		101,122
7.75%	01/14/31		500,000		658,045
Government of Poland
3.00%	03/17/23		147,000		143,626
3.25%	04/06/26		200,000		193,160
5.00%	03/23/22		100,000		105,465
6.38%	07/15/19		74,000		76,705
Government of Uruguay
4.50%	08/14/24		500,000		516,390
Indonesia Government International Bond
4.10%	04/24/28		200,000		193,454
Iraq Government AID Bond
2.15%	01/18/22		480,000		468,677
Japan Bank for International Cooperation
1.50%	07/21/21		400,000		381,708
2.13%	07/21/20		400,000		393,688
2.38%	11/16/22		200,000		193,518
2.88%	07/21/27		200,000		193,874
Province of Alberta Canada
3.30%	03/15/28		200,000		199,462
Province of Manitoba Canada
2.13%	05/04/22		200,000		192,726
Province of Ontario Canada
2.25%	05/18/22		200,000		193,758
2.55%	02/12/21		100,000		99,007
Province of Quebec Canada
2.50%	04/20/26		500,000		475,505
2.75%	04/12/27		200,000		192,424
The Korea Development Bank
2.63%	02/27/22		400,000		387,816
					10,195,412
Municipal Bonds and Notes – 0.2%
American Municipal Power Inc.
6.27%	02/15/50		200,000		255,090
Bay Area Toll Authority
6.26%	04/01/49		100,000		138,908
Chicago Transit Authority
6.90%	12/01/40		75,000		97,592
Commonwealth of Massachusetts
4.50%	08/01/31		200,000		213,398
Dallas Area Rapid Transit
5.02%	12/01/48		75,000		88,028
6.00%	12/01/44		100,000		129,704
East Bay Municipal Utility District
5.87%	06/01/40		100,000		126,784
Florida Hurricane Catastrophe Fund Finance Corp.
3.00%	07/01/20		100,000		100,282
Los Angeles Department of Water & Power
6.57%	07/01/45		100,000		141,247
6.60%	07/01/50		90,000		130,278
Los Angeles Unified School District
5.76%	07/01/29		110,000		128,753
Metropolitan Transportation Authority
6.81%	11/15/40		250,000		335,527

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

		Principal Amount		Fair Value
Municipal Electric Authority of Georgia
6.64%	04/01/57	$	125,000	$	158,049
New York City Water & Sewer System
6.01%	06/15/42		250,000		324,855
North Texas Tollway Authority
6.72%	01/01/49		100,000		141,968
Port Authority of New York & New Jersey
4.46%	10/01/62		100,000		106,207
5.31%	08/01/46		200,000		216,850
San Diego County Water Authority Financing Corp.
6.14%	05/01/49		100,000		131,996
South Carolina State Public Service Authority
6.45%	01/01/50		150,000		201,775
State of California
5.70%	11/01/21		605,000		657,611
7.55%	04/01/39		200,000		294,928
State of Illinois
5.10%	06/01/33		250,000		236,590
State of Texas
5.52%	04/01/39		200,000		252,630
University of California
4.60%	05/15/31		100,000		107,877
4.77%	05/15/15		100,000		103,845
6.58%	05/15/49		100,000		134,053
University of Texas System
4.79%	08/15/46		100,000		113,253
					5,068,078
FNMA (TBA) – 0.0% *
Lehman
5.50%	TBA		378,353		8,172	(h,i)
Total Bonds and Notes (Cost $680,493,893)					664,564,447

	Number of Shares		Fair Value
Exchange Traded & Mutual Funds – 3.3%
Exchange Traded & Mutual Funds – 3.3%
SPDR Bloomberg Barclays High Yield Bond ETF (Cost $72,005,250)		2,022,863	$	71,771,179	(j)
Total Investments in Securities (Cost $1,684,847,520)				2,107,133,570
Short-Term Investments – 2.4%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 1.86% (Cost $50,927,408)		50,927,408		50,927,408	(j,k)
Total Investments (Cost $1,735,774,928)				2,158,060,978
Liabilities in Excess of Other Assets, net – (0.0)%				(406,788	)
NET ASSETS – 100.0%			$	2,157,654,190

Other Information:

The Fund had the following long futures contracts open at June 30, 2018:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Depreciation
CME E-mini Russell 2000 Index Futures		September 2018		10		840,928	$	823,750	$	(17,178	)
MSCI EAFE Mini Index Futures		September 2018		9		906,385		879,930		(26,455	)
MSCI Emerging Markets Index Futures		September 2018		91		5,220,768		4,838,015		(382,753	)
S&P 500 Emini Index Futures		September 2018		31		4,316,400		4,218,480		(97,920	)
S&P Mid 400 Emini Index Futures		September 2018		2		400,179		391,220		(8,959	)
									$	(533,265	)

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

(a) Non-income producing security.

(b) At June 30, 2018, all or a portion of this security was pledged to cover collateral requirements for futures and/or TBA’s.

(c) State Street Corporation is the parent company of SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent.

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

(d) Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2018, these securities amounted to $6,829,755 or 0.32% of the net assets of the State Street Total Return V.I.S. Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Directors .

(e) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

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

(g) Step coupon bond.

(h) Security is in default.

(i) Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Fund’s Board of Directors . Security value is determined based on level 3 inputs.

(j) 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.

(k) Coupon amount represents effective yield.

† Percentages are based on net assets as of June 30, 2018.

* Less than 0.05%.

** Amount is less than $0.50.

Abbreviations:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
LIBOR	London Interbank Offered Rate
MBIA	Municipal Bond Investors Assurance Corporation
NVDR	Non-Voting Depositary Receipt
REIT	Real Estate Investment Trust
SPDR	Standard and Poor’s Depositary Receipt
TBA	To Be Announced

Investments	Level 1			Level 2		Level 3		Total
Investments in Securities
Domestic Equity	$	802,268,572		$	434,360	$	—	$	802,702,932
Foreign Equity		567,833,957			261,055		—		568,095,012
U.S. Treasuries		—			243,864,570		—		243,864,570
U.S. Government Sponsored Agencies		—			1,002,760		—		1,002,760
Agency Mortgage Backed		—			196,002,014		—		196,002,014
Agency Collateralized Mortgage Obligations		—			4,884,272		—		4,884,272
Asset Backed		—			3,516,601		—		3,516,601
Corporate Notes		—			192,148,814		—		192,148,814
Non-Agency Collateralized Mortgage Obligations		—			7,873,754		—		7,873,754
Sovereign Bonds		—			10,195,412		—		10,195,412
Municipal Bonds and Notes		—			5,068,078		—		5,068,078
FNMA (TBA)		—			—		8,172		8,172
Exchange Traded & Mutual Funds		71,771,179			—		—		71,771,179
Short-Term Investments		50,927,408			—		—		50,927,408
Total Investments in Securities	$	1,424,508,172		$	733,540,605	$	8,172	$	2,158,056,949
Other Financial Instruments
Long Futures Contracts - Unrealized Depreciation	$	(533,265	)	$	—	$	—	$	(533,265	)

The Fund was invested in the following countries/territories at June 30, 2018 (unaudited):

Country/Territory	Percentage (based on Fair Value)
United States		71.02	%
Japan		4.38	%
United Kingdom		3.56	%
Canada		2.08	%
China		1.99	%
France		1.97	%
Germany		1.93	%
Switzerland		1.64	%
Australia		1.34	%
South Korea		0.94	%
Netherlands		0.74	%
Taiwan		0.72	%
Hong Kong		0.68	%
Spain		0.57	%

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

Country/Territory	Percentage (based on Fair Value)
Ireland		0.55	%
India		0.54	%
Supranational		0.48	%
Sweden		0.48	%
South Africa		0.43	%
Brazil		0.39	%
Italy		0.39	%
Mexico		0.37	%
Denmark		0.29	%
Singapore		0.21	%
Russian Federation		0.21	%
Belgium		0.20	%
Finland		0.18	%
Norway		0.17	%
Malaysia		0.15	%
Thailand		0.14	%
Indonesia		0.12	%
Philippines		0.11	%
Chile		0.10	%
Colombia		0.10	%
Poland		0.09	%
Israel		0.09	%
Bermuda		0.06	%
Luxembourg		0.06	%
Austria		0.06	%
Turkey		0.05	%
Qatar		0.05	%
Cayman Islands		0.05	%
Peru		0.05	%
New Zealand		0.04	%
United Arab Emirates		0.04	%
Hungary		0.03	%
Portugal		0.03	%
Uruguay		0.02	%
Iraq		0.02	%
Greece		0.02	%
Panama		0.02	%
Guernsey		0.01	%
Czech Republic		0.01	%
Isle Of Man		0.01	%
Egypt		0.01	%
Uae		0.01	%
Romania		0.00	%
Jersey		0.00	%
Puerto Rico		0.00	%
Monaco		0.00	%
Virgin Islands		0.00	%
		100.00	%

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at June 30, 2018 (unaudited):

Industry	Domestic			Foreign			Total
Diversified Banks		1.72	%		3.40	%		5.12	%
Exchange Traded Funds		3.33	%		0.00	%		3.33	%
Pharmaceuticals		1.53	%		1.44	%		2.97	%
Internet Software & Services		1.90	%		0.91	%		2.81	%
Integrated Oil & Gas		1.01	%		1.23	%		2.24	%
Technology Hardware, Storage & Peripherals		1.58	%		0.46	%		2.04	%
Semiconductors		1.32	%		0.45	%		1.77	%
Internet & Direct Marketing Retail		1.50	%		0.10	%		1.60	%
Systems Software		1.45	%		0.05	%		1.50	%
Data Processing & Outsourced Services		1.13	%		0.13	%		1.26	%
Healthcare Equipment		0.85	%		0.41	%		1.26	%
Aerospace & Defense		0.95	%		0.31	%		1.26	%
Biotechnology		0.90	%		0.32	%		1.22	%
Integrated Telecommunication Services		0.68	%		0.47	%		1.15	%
Electric Utilities		0.66	%		0.41	%		1.07	%
Packaged Foods & Meats		0.36	%		0.63	%		0.99	%
Industrial Conglomerates		0.57	%		0.37	%		0.94	%
Life & Health Insurance		0.26	%		0.64	%		0.90	%
Oil & Gas Exploration & Production		0.61	%		0.28	%		0.89	%
Automobile Manufacturers		0.15	%		0.71	%		0.86	%
Application Software		0.54	%		0.29	%		0.83	%

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

Industry	Domestic			Foreign			Total
Regional Banks		0.47	%		0.29	%		0.76	%
Managed Healthcare		0.70	%		0.03	%		0.73	%
IT Consulting & Other Services		0.31	%		0.39	%		0.70	%
Industrial Machinery		0.26	%		0.43	%		0.69	%
Household Products		0.50	%		0.18	%		0.68	%
Multi-Sector Holdings		0.57	%		0.11	%		0.68	%
Tobacco		0.36	%		0.28	%		0.64	%
Railroads		0.35	%		0.29	%		0.64	%
Soft Drinks		0.54	%		0.06	%		0.60	%
Asset Management & Custody Banks		0.38	%		0.17	%		0.55	%
Cable & Satellite		0.32	%		0.23	%		0.55	%
Multi-Utilities		0.34	%		0.21	%		0.55	%
Apparel, Accessories & Luxury Goods		0.14	%		0.40	%		0.54	%
Multi-Line Insurance		0.13	%		0.39	%		0.52	%
Restaurants		0.40	%		0.12	%		0.52	%
Specialty Chemicals		0.18	%		0.33	%		0.51	%
Property & Casualty Insurance		0.17	%		0.34	%		0.51	%
Personal Products		0.06	%		0.44	%		0.50	%
Financial Exchanges & Data		0.34	%		0.15	%		0.49	%
Home Improvement Retail		0.47	%		0.01	%		0.48	%
Communications Equipment		0.37	%		0.11	%		0.48	%
Diversified Chemicals		0.26	%		0.22	%		0.48	%
Wireless Telecommunication Services		0.00	%		0.47	%		0.47	%
Diversified Metals & Mining		0.00	%		0.47	%		0.47	%
Hypermarkets & Super Centers		0.33	%		0.12	%		0.45	%
Specialized REITs		0.44	%		0.00	%		0.44	%
Investment Banking & Brokerage		0.36	%		0.08	%		0.44	%
Oil & Gas Refining & Marketing		0.24	%		0.18	%		0.42	%
Movies & Entertainment		0.37	%		0.05	%		0.42	%
Electrical Components & Equipment		0.18	%		0.21	%		0.39	%
Life Sciences Tools & Services		0.29	%		0.09	%		0.38	%
Trading Companies & Distributors		0.06	%		0.29	%		0.35	%
Retail REITs		0.16	%		0.18	%		0.34	%
Healthcare Services		0.25	%		0.09	%		0.34	%
Construction Machinery & Heavy Trucks		0.19	%		0.15	%		0.34	%
Food Retail		0.03	%		0.30	%		0.33	%
Oil & Gas Storage & Transportation		0.12	%		0.21	%		0.33	%
Oil & Gas Equipment & Services		0.25	%		0.08	%		0.33	%
Semiconductor Equipment		0.14	%		0.18	%		0.32	%
Air Freight & Logistics		0.24	%		0.07	%		0.31	%
Apparel Retail		0.17	%		0.14	%		0.31	%
Electronic Components		0.08	%		0.23	%		0.31	%
Consumer Finance		0.26	%		0.03	%		0.29	%
Construction & Engineering		0.04	%		0.24	%		0.28	%
Auto Parts & Equipment		0.01	%		0.27	%		0.28	%
Steel		0.03	%		0.25	%		0.28	%
Brewers		0.02	%		0.25	%		0.27	%
Building Products		0.09	%		0.18	%		0.27	%
Commodity Chemicals		0.06	%		0.20	%		0.26	%
Research & Consulting Services		0.07	%		0.19	%		0.26	%
Distillers & Vintners		0.08	%		0.17	%		0.25	%
Home Entertainment Software		0.18	%		0.07	%		0.25	%
Industrial Gases		0.12	%		0.13	%		0.25	%
Hotels, Resorts & Cruise Lines		0.17	%		0.07	%		0.24	%
Diversified Real Estate Activities		0.00	%		0.24	%		0.24	%
Construction Materials		0.05	%		0.19	%		0.24	%
Airlines		0.16	%		0.06	%		0.22	%
Casinos & Gaming		0.04	%		0.16	%		0.20	%
Diversified Capital Markets		0.00	%		0.20	%		0.20	%
Footwear		0.16	%		0.04	%		0.20	%
Electronic Equipment & Instruments		0.01	%		0.18	%		0.19	%
General Merchandise Stores		0.13	%		0.06	%		0.19	%
Healthcare Supplies		0.09	%		0.09	%		0.18	%
Insurance Brokers		0.08	%		0.09	%		0.17	%
Consumer Electronics		0.00	%		0.15	%		0.15	%
Residential REITs		0.15	%		0.00	%		0.15	%
Home Building		0.05	%		0.10	%		0.15	%
Electronic Manufacturing Services		0.01	%		0.14	%		0.15	%
Gold		0.03	%		0.11	%		0.14	%
Gas Utilities		0.01	%		0.13	%		0.14	%
Real Estate Development		0.00	%		0.14	%		0.14	%
Office REITs		0.08	%		0.06	%		0.14	%
Paper Packaging		0.09	%		0.04	%		0.13	%
Real Estate Operating Companies		0.00	%		0.13	%		0.13	%
Healthcare Distributors		0.10	%		0.03	%		0.13	%
Industrial REITs		0.07	%		0.06	%		0.13	%
Fertilizers & Agricultural Chemicals		0.06	%		0.07	%		0.13	%

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

State Street Total Return V.I.S. Fund
Schedule of Investments	June 30, 2018 (Unaudited)

Industry	Domestic			Foreign			Total
Department Stores		0.05	%		0.07	%		0.12	%
Healthcare Facilities		0.06	%		0.06	%		0.12	%
Reinsurance		0.00	%		0.12	%		0.12	%
Advertising		0.04	%		0.07	%		0.11	%
Automotive Retail		0.09	%		0.02	%		0.11	%
Diversified REITs		0.00	%		0.11	%		0.11	%
Thrifts & Mortgage Finance		0.00	%		0.11	%		0.11	%
Agricultural & Farm Machinery		0.07	%		0.04	%		0.11	%
Health Care REITs		0.11	%		0.00	%		0.11	%
Environmental & Facilities Services		0.08	%		0.03	%		0.11	%
Human Resource & Employment Services		0.01	%		0.09	%		0.10	%
Drug Retail		0.08	%		0.02	%		0.10	%
Other Diversified Financial Services		0.00	%		0.09	%		0.09	%
Specialty Stores		0.07	%		0.02	%		0.09	%
Paper Products		0.00	%		0.09	%		0.09	%
Broadcasting		0.05	%		0.04	%		0.09	%
Diversified Support Services		0.04	%		0.05	%		0.09	%
Tires & Rubber		0.01	%		0.07	%		0.08	%
Airport Services		0.00	%		0.08	%		0.08	%
Leisure Products		0.03	%		0.04	%		0.07	%
Heavy Electrical Equipment		0.00	%		0.07	%		0.07	%
Food Distributors		0.05	%		0.02	%		0.07	%
Agricultural Products		0.04	%		0.03	%		0.07	%
Trucking		0.02	%		0.05	%		0.07	%
Copper		0.04	%		0.03	%		0.07	%
Water Utilities		0.02	%		0.04	%		0.06	%
Independent Power Producers & Energy Traders		0.02	%		0.04	%		0.06	%
Healthcare Technology		0.04	%		0.02	%		0.06	%
Highways & Railtracks		0.00	%		0.06	%		0.06	%
Household Appliances		0.01	%		0.05	%		0.06	%
Education Services		0.00	%		0.05	%		0.05	%
Hotel & Resort REITs		0.05	%		0.00	%		0.05	%
Publishing		0.01	%		0.04	%		0.05	%
Distributors		0.04	%		0.01	%		0.05	%
Security & Alarm Services		0.00	%		0.04	%		0.04	%
Computer & Electronics Retail		0.03	%		0.01	%		0.04	%
Alternative Carriers		0.03	%		0.01	%		0.04	%
Marine		0.00	%		0.04	%		0.04	%
Leisure Facilities		0.00	%		0.04	%		0.04	%
Metal & Glass Containers		0.02	%		0.02	%		0.04	%
Coal & Consumable Fuels		0.00	%		0.04	%		0.04	%
Home Furnishings		0.03	%		0.00	%		0.03	%
Real Estate Services		0.02	%		0.01	%		0.03	%
Home Furnishing Retail		0.00	%		0.03	%		0.03	%
Aluminum		0.00	%		0.03	%		0.03	%
Motorcycle Manufacturers		0.01	%		0.02	%		0.03	%
Oil & Gas Drilling		0.01	%		0.02	%		0.03	%
Marine Ports & Services		0.00	%		0.03	%		0.03	%
Commercial Printing		0.00	%		0.02	%		0.02	%
Technology Distributors		0.00	%		0.02	%		0.02	%
Housewares & Specialties		0.02	%		0.00	%		0.02	%
Mortgage REITs		0.02	%		0.00	%		0.02	%
Office Services & Supplies		0.00	%		0.02	%		0.02	%
Specialized Consumer Services		0.02	%		0.00	%		0.02	%
Renewable Electricity		0.00	%		0.01	%		0.01	%
Silver		0.00	%		0.01	%		0.01	%
Forest Products		0.00	%		0.01	%		0.01	%
Specialized Finance		0.00	%		0.01	%		0.01	%
Precious Metals & Minerals		0.00	%		0.01	%		0.01	%
Textiles		0.00	%		0.01	%		0.01	%
								66.85	%

Sector	Percentage (based on Fair Value)
U.S. Treasuries		11.30	%
Agency Mortgage Backed		9.08	%
Corporate Notes		8.90	%
Sovereign Bonds		0.47	%
Non-Agency Collateralized Mortgage Obligations		0.37	%
Municipal Bonds and Notes		0.23	%
Agency Collateralized Mortgage Obligations		0.23	%
Asset Backed		0.16	%
U.S. Government Sponsored Agencies		0.05	%
FNMA (TBA)		0.00	%
		30.79	%
Short-Term Investments
Short-Term Investments		2.36	%
		2.36	%
		100.00	%

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

(b) Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

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 Registrant’s last fiscal quarter of the period covered by this Form N-CSR filing 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.

(b) Not applicable.

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 VARIABLE INSURANCE SERIES FUNDS, INC.

By:	/s/ Jeanne M. La Porta
	Jeanne M. La Porta
	President
Date:	August 17, 2018

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/ Jeanne M. La Porta
	Jeanne M. La Porta
	President (Principal Executive Officer)
Date:	August 17, 2018
By:	/s/ Arthur A. Jensen
	Arthur A. Jensen
	Treasurer (Principal Financial Officer)
Date:	August 17, 2018