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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-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	Timothy W. Diggins, Esq. Ropes & Gray LLP 800 Boylston Street Boston, Massachusetts 02110-2624

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2018

Item 1. Shareholder Reports.

Annual Report

December 31, 2018

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a Fund’s annual and semi- annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.ssga.com/geam), and you will be notified by mail each time a report is posted, and provided with a website link to access the report.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.

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

Annual Report

December 31, 2018

Table of Contents

	Page
Notes to Performance		1
Manager Review and Schedule of Investments		2
Financial Statements
Financial Highlights		16
Statement of Assets and Liabilities		17
Statement of Operations		18
Statements of Changes in Net Assets		19
Notes to Financial Statements		20
Report of Independent Registered Public Accounting Firm		25
Tax Information		26
Other Information		28

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

Notes to Performance — December 31, 2018 (Unaudited)

The information provided on the performance page relates to the State Street S&P 500 Index V.I.S. Fund (the “Fund”).

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.

The S&P 500^® Index is an unmanaged, market capitalization-weighted index of stocks of 500 large U.S. companies, which is widely used as a measure of large-cap U.S. stock market performance.

The Fund is not sponsored, endorsed, sold or promoted by S&P Global Ratings (“S&P”), and S&P makes no representation or warranty, express or implied, to the investors of the Fund or any member of the public regarding the advisability of investing in the securities generally or in this Fund particularly or the ability of the Fund to track general stock market performance.

The results shown for the foregoing index assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, the index returns do not reflect the actual cost of investing in the instruments that comprise the index.

The views expressed in this document reflect our judgement as of the publication date and are subject to change at any time without notice.

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.

Notes to Performance 1

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

Management’s Discussion of Fund Performance (Unaudited)

The State Street S&P 500 Index V.I.S. Fund (the “Fund”) seeks growth of capital and accumulation of income that corresponds to the investment return of the S&P 500 Index. The Fund’s benchmark is the S&P 500 Index (the “Index”).

For the12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund was -4.73%, and the Index was-4.38%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses, cash drag, futures, and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Index underperformed in Q1, rallied in Q2 and Q3, before trailing again in Q4 to end down for the year for the first time since 2015. Positive momentum from tax reform, strong earnings and macro data combined with increased M&A activity carried the Index through the third quarter. However in Q4, continued concerns about trade with China, a more hawkish Fed, geopolitical tensions, and the government shutdown concerns led to the overall negative performance of the Index last year. Health Care, Information Technology, and Consumer Discretionary were the positive drivers of Fund performance during the Reporting Period. Financials, Industrials and Energy were the main negative performance drivers in the Fund’s performance in 2018.

The Fund used futures in order to obtain desired market exposure during the Reporting Period. The Fund’s use of futures helped the Fund track the Index.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Microsoft Corporation, Amazon.com, Inc., and Merck & Co., Inc. The top negative contributors to the Fund’s performance during the Reporting Period were AT&T Inc., General Electric Company, and Facebook, Inc. Class A.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

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

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 entiresix-month period ended December 31, 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 July 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2018	$	929.70	$	1,023.59
Expenses Paid During the Period*	$	1.56	$	1.63

* Expenses are equal to the Fund’s annualized expense ratio of 0.32%** (for the period July 1, 2018-December 31, 2018), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

** May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.

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

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

Performance Summary — December 31, 2018 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2018 (as a % of Fair Value)^(a)(b)

Microsoft Corp.	3.69	%
Apple Inc.	3.35	%
Amazon.com Inc.	2.89	%
Berkshire Hathaway Inc., Class B	1.88	%
Johnson & Johnson	1.63	%
JPMorgan Chase & Co.	1.53	%
Alphabet Inc., Class C	1.50	%
Facebook Inc., Class A	1.49	%
Alphabet Inc., Class A	1.47	%
Exxon Mobil Corp.	1.35	%

Sector Allocation as of December 31, 2018

Portfolio composition as a % of Fair Value of $160,731 (in thousands) as of December 31, 2018^(a)(b)

Average Annual Total Return for the periods ended December 31, 2018

Class 1 Shares (Inception date: 4/15/85)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street S&P 500 Index V.I.S. Fund		-4.73	%		8.15	%		12.79	%	$	33,319
S&P 500® Index		-4.38	%		8.50	%		13.12	%	$	34,304

(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.

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

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

Performance Summary, continued — December 31, 2018 (Unaudited)

See Notes to Performance beginning on page 1 for further information.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

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

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

Schedule of Investments — December 31, 2018

	Number of Shares		Fair Value $
Common Stock - 98.8%†
Advertising - 0.1%
Omnicom Group Inc.		1,743		127,657
The Interpublic Group of Companies Inc.		2,720		56,114
				183,771
Aerospace & Defense - 2.4%
Arconic Inc.		2,788		47,006
General Dynamics Corp.		2,112		332,028
Harris Corp.		900		121,185
Huntington Ingalls Industries Inc.		300		57,093
L3 Technologies Inc.		589		102,286
Lockheed Martin Corp.		1,868		489,117
Northrop Grumman Corp.		1,297		317,635
Raytheon Co.		2,161		331,389
Textron Inc.		1,925		88,531
The Boeing Co.		3,967		1,279,357
TransDigm Group Inc. (a)		333		113,240
United Technologies Corp.		6,052		644,417
				3,923,284
Agricultural & Farm Machinery - 0.2%
Deere & Co.		2,406		358,903
Agricultural Products - 0.1%
Archer-Daniels-Midland Co.		4,324		177,154
Air Freight & Logistics - 0.6%
CH Robinson Worldwide Inc.		1,029		86,529
Expeditors International of Washington Inc.		1,399		95,258
FedEx Corp.		1,788		288,458
United Parcel Service Inc., Class B		5,340		520,810
				991,055
Airlines - 0.5%
Alaska Air Group Inc.		1,000		60,850
American Airlines Group Inc.		3,098		99,477
Delta Air Lines Inc.		4,832		241,117
Southwest Airlines Co.		3,961		184,107
United Continental Holdings Inc. (a)		1,650		138,154
				723,705
Alternative Carriers - 0.1%
CenturyLink Inc.		7,333		111,095
Aluminum - 0.0%*
Alcoa Corp. (a)		1		27

	Number of Shares		Fair Value $
Apparel Retail - 0.5%
Foot Locker Inc.		800		42,560
L Brands Inc.		1,488		38,197
Ross Stores Inc.		2,896		240,947
The Gap Inc.		1,676		43,174
The TJX Companies Inc.		9,538		426,730
				791,608
Apparel, Accessories & Luxury Goods - 0.3%
Hanesbrands Inc.		2,400		30,072
Michael Kors Holdings Ltd. (a)		1,222		46,338
PVH Corp.		669		62,183
Ralph Lauren Corp.		400		41,384
Tapestry Inc.		2,289		77,254
Under Armour Inc., Class A (a)		1,700		30,039
Under Armour Inc., Class C (a)		1,712		27,683
VF Corp.		2,502		178,493
				493,446
Application Software - 1.6%
Adobe Inc. (a)		3,709		839,124
ANSYS Inc. (a)		600		85,764
Autodesk Inc. (a)		1,648		211,949
Cadence Design Systems Inc. (a)		2,200		95,656
Citrix Systems Inc.		907		92,931
Intuit Inc.		1,987		391,141
salesforce.com Inc. (a)		5,712		782,373
Synopsys Inc. (a)		1,199		101,004
Verint Systems Inc. (a)		1		42
				2,599,984
Asset Management & Custody Banks - 0.9%
Affiliated Managers Group Inc.		400		38,976
Ameriprise Financial Inc.		1,005		104,892
BlackRock Inc.		926		363,751
Franklin Resources Inc.		2,000		59,320
Invesco Ltd.		3,250		54,405
Northern Trust Corp.		1,696		141,769
State Street Corp. (b)		2,911		183,597
T Rowe Price Group Inc.		1,740		160,637
The Bank of New York Mellon Corp.		7,066		332,596
				1,439,943
Auto Parts & Equipment - 0.1%
Aptiv PLC		2,056		126,588
BorgWarner Inc.		1,747		60,691
				187,279
Automobile Manufacturers - 0.4%
Ford Motor Co.		29,626		226,639

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 — December 31, 2018

	Number of Shares		Fair Value $
General Motors Co.		9,986		334,032
				560,671
Automotive Retail - 0.3%
Advance Auto Parts Inc.		522		82,194
AutoZone Inc. (a)		198		165,991
CarMax Inc. (a)		1,390		87,195
O’Reilly Automotive Inc. (a)		638		219,683
				555,063
Biotechnology - 2.6%
AbbVie Inc.		11,334		1,044,882
Alexion Pharmaceuticals Inc. (a)		1,701		165,609
Amgen Inc.		4,872		948,432
Biogen Inc. (a)		1,458		438,741
Celgene Corp. (a)		5,157		330,512
Gilead Sciences Inc.		9,905		619,558
Incyte Corp. (a)		1,400		89,026
Regeneron Pharmaceuticals Inc. (a)		550		205,425
Vertex Pharmaceuticals Inc. (a)		1,900		314,849
				4,157,034
Brewers - 0.0%*
Molson Coors Brewing Co., Class B		1,298		72,896
Broadcasting - 0.1%
CBS Corp., Class B		2,596		113,497
Discovery Inc., Class A (a)		1,497		37,036
Discovery Inc., Class C (a)		2,636		60,839
				211,372
Building Products - 0.3%
Allegion PLC		733		58,428
AO Smith Corp.		1,300		55,510
Fortune Brands Home & Security Inc.		1,000		37,990
Johnson Controls International PLC		7,042		208,795
Masco Corp.		2,542		74,328
				435,051
Cable & Satellite - 1.0%
Charter Communications Inc., Class A (a)		1,355		386,134
Comcast Corp., Class A		34,453		1,173,125
DISH Network Corp., Class A (a)		1,500		37,455
				1,596,714

	Number of Shares		Fair Value $
Casinos & Gaming - 0.1%
MGM Resorts International		3,500		84,910
Wynn Resorts Ltd.		751		74,281
				159,191
Commodity Chemicals - 0.1%
LyondellBasell Industries N.V., Class A		2,410		200,416
Communications Equipment - 1.1%
Arista Networks Inc. (a)		350		73,745
Cisco Systems Inc.		33,799		1,464,510
F5 Networks Inc. (a)		400		64,812
Juniper Networks Inc.		2,800		75,348
Motorola Solutions Inc.		1,244		143,110
				1,821,525
Computer & Electronics Retail - 0.1%
Best Buy Company Inc.		1,895		100,359
Construction & Engineering - 0.1%
Fluor Corp.		1,178		37,932
Jacobs Engineering Group Inc.		850		49,691
Quanta Services Inc.		1,200		36,120
				123,743
Construction Machinery & Heavy Trucks - 0.5%
Caterpillar Inc.		4,408		560,125
Cummins Inc.		1,056		141,124
PACCAR Inc.		2,703		154,449
				855,698
Construction Materials - 0.1%
Martin Marietta Materials Inc.		500		85,935
Vulcan Materials Co.		973		96,132
				182,067
Consumer Electronics - 0.0%*
Garmin Ltd.		1,000		63,320
Consumer Finance - 0.7%
American Express Co.		5,358		510,725
Capital One Financial Corp.		3,626		274,089
Discover Financial Services		2,677		157,889
Synchrony Financial		5,358		125,699
				1,068,402
Copper - 0.1%
Freeport-McMoRan Inc.		10,498		108,234

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 — December 31, 2018

	Number of Shares		Fair Value $
Data Processing & Outsourced Services - 3.4%
Alliance Data Systems Corp.		325		48,776
Automatic Data Processing Inc.		3,385		443,841
Broadridge Financial Solutions Inc.		900		86,625
Fidelity National Information Services Inc.		2,400		246,120
Fiserv Inc. (a)		3,058		224,732
FleetCor Technologies Inc. (a)		700		130,004
Global Payments Inc.		1,263		130,253
Jack Henry & Associates Inc.		600		75,912
Mastercard Inc., Class A		6,844		1,291,121
Paychex Inc.		2,534		165,090
PayPal Holdings Inc. (a)		8,892		747,728
The Western Union Co.		3,224		55,002
Total System Services Inc.		1,302		105,840
Visa Inc., Class A		13,227		1,745,170
				5,496,214
Department Stores - 0.1%
Kohl’s Corp.		1,273		84,451
Macy’s Inc.		2,334		69,506
Nordstrom Inc.		992		46,237
				200,194
Distillers & Vintners - 0.2%
Brown-Forman Corp., Class B		1,294		61,568
Constellation Brands Inc., Class A		1,279		205,689
				267,257
Distributors - 0.1%
Genuine Parts Co.		1,145		109,943
LKQ Corp. (a)		2,452		58,186
				168,129
Diversified Banks - 4.4%
Bank of America Corp.		68,726		1,693,409
Citigroup Inc.		18,317		953,583
JPMorgan Chase & Co.		25,114		2,451,629
U.S. Bancorp		11,549		527,789
Wells Fargo & Co.		31,899		1,469,906
				7,096,316
Diversified Chemicals - 0.6%
DowDuPont Inc.		17,525		937,237
Eastman Chemical Co.		1,118		81,737
				1,018,974
Diversified Support Services - 0.1%
Cintas Corp.		664		111,545

	Number of Shares		Fair Value $
Copart Inc. (a)		1,600		76,448
				187,993
Drug Retail - 0.3%
Walgreens Boots Alliance Inc.		6,013		410,868
Electric Utilities - 2.0%
Alliant Energy Corp.		1,600		67,600
American Electric Power Company Inc.		3,683		275,268
Duke Energy Corp.		5,404		466,365
Edison International		2,442		138,632
Entergy Corp.		1,253		107,846
Evergy Inc.		1,899		107,806
Eversource Energy		2,330		151,543
Exelon Corp.		7,334		330,763
FirstEnergy Corp.		3,754		140,963
NextEra Energy Inc.		3,602		626,100
PG&E Corp. (a)		3,754		89,158
Pinnacle West Capital Corp.		900		76,680
PPL Corp.		5,037		142,698
The Southern Co.		7,558		331,947
Xcel Energy Inc.		3,780		186,241
				3,239,610
Electrical Components & Equipment - 0.5%
AMETEK Inc.		1,800		121,860
Eaton Corporation PLC		3,345		229,668
Emerson Electric Co.		4,826		288,353
Rockwell Automation Inc.		919		138,291
				778,172
Electronic Components - 0.2%
Amphenol Corp., Class A		2,200		178,244
Corning Inc.		5,834		176,245
				354,489
Electronic Equipment & Instruments - 0.1%
FLIR Systems Inc.		1,100		47,894
Keysight Technologies Inc. (a)		1,400		86,912
				134,806
Electronic Manufacturing Services - 0.1%
IPG Photonics Corp. (a)		300		33,987
TE Connectivity Ltd.		2,654		200,722
				234,709
Environmental & Facilities Services - 0.3%
Republic Services Inc.		1,615		116,425
Rollins Inc.		1,200		43,320

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 — December 31, 2018

	Number of Shares		Fair Value $
Waste Management Inc.		2,903		258,338
				418,083
Fertilizers & Agricultural Chemicals - 0.1%
CF Industries Holdings Inc.		1,685		73,315
FMC Corp.		1,122		82,983
The Mosaic Co.		2,500		73,025
				229,323
Financial Exchanges & Data - 1.0%
Cboe Global Markets Inc.		800		78,264
CME Group Inc.		2,674		503,033
Intercontinental Exchange Inc.		4,355		328,062
Moody’s Corp.		1,329		186,113
MSCI Inc.		700		103,201
Nasdaq Inc.		968		78,960
S&P Global Inc.		1,926		327,304
				1,604,937
Food Distributors - 0.1%
Sysco Corp.		3,749		234,912
Food Retail - 0.1%
The Kroger Co.		6,090		167,475
Footwear - 0.4%
NIKE Inc., Class B		9,642		714,858
General Merchandise Stores - 0.4%
Dollar General Corp.		1,900		205,352
Dollar Tree Inc. (a)		1,792		161,853
Target Corp.		3,995		264,030
				631,235
Gold - 0.1%
Newmont Mining Corp.		4,011		138,981
Health Care REITs - 0.3%
HCP Inc.		3,274		91,443
Ventas Inc.		2,629		154,033
Welltower Inc.		2,800		194,348
				439,824
Healthcare Distributors - 0.3%
AmerisourceBergen Corp.		1,261		93,818
Cardinal Health Inc.		2,268		101,153
Henry Schein Inc. (a)		1,098		86,215
McKesson Corp.		1,489		164,490
				445,676
Healthcare Equipment - 3.2%
Abbott Laboratories		13,314		963,002

	Number of Shares		Fair Value $
ABIOMED Inc. (a)		300		97,512
Baxter International Inc.		3,777		248,602
Becton Dickinson and Co.		1,983		446,809
Boston Scientific Corp. (a)		10,299		363,967
Danaher Corp.		4,700		484,664
Edwards Lifesciences Corp. (a)		1,600		245,072
Hologic Inc. (a)		1,900		78,090
IDEXX Laboratories Inc. (a)		700		130,214
Intuitive Surgical Inc. (a)		869		416,181
Medtronic PLC		10,106		919,242
ResMed Inc.		1,070		121,841
Stryker Corp.		2,281		357,547
Varian Medical Systems Inc. (a)		634		71,838
Zimmer Biomet Holdings Inc.		1,537		159,418
				5,103,999
Healthcare Facilities - 0.2%
HCA Healthcare Inc.		1,991		247,780
Universal Health Services Inc., Class B		558		65,040
				312,820
Healthcare Services - 0.9%
Cigna Corp.		2,865		544,189
CVS Health Corp.		9,622		630,433
DaVita Inc. (a)		858		44,153
Laboratory Corporation of America Holdings (a)		800		101,088
Quest Diagnostics Inc.		1,000		83,270
				1,403,133
Healthcare Supplies - 0.2%
Align Technology Inc. (a)		561		117,490
DENTSPLY SIRONA Inc.		1,532		57,006
The Cooper Companies Inc.		315		80,167
				254,663
Healthcare Technology - 0.1%
Cerner Corp. (a)		2,400		125,856
Home Building - 0.1%
D.R. Horton Inc.		2,400		83,184
Lennar Corp., Class A		2,100		82,215
PulteGroup Inc.		2,235		58,088
				223,487
Home Furnishings - 0.1%
Leggett & Platt Inc.		1,000		35,840
Mohawk Industries Inc. (a)		500		58,480
				94,320

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 — December 31, 2018

	Number of Shares		Fair Value $
Home Improvement Retail - 1.3%
Lowe’s Companies Inc.		6,131		566,259
The Home Depot Inc.		8,574		1,473,185
				2,039,444
Hotel & Resort REITs - 0.1%
Host Hotels & Resorts Inc.		5,617		93,635
Hotels, Resorts & Cruise Lines - 0.4%
Carnival Corp.		2,900		142,970
Hilton Worldwide Holdings Inc.		2,100		150,780
Marriott International Inc., Class A		2,182		236,878
Norwegian Cruise Line Holdings Ltd. (a)		1,500		63,585
Royal Caribbean Cruises Ltd.		1,263		123,509
				717,722
Household Appliances - 0.0%*
Whirlpool Corp.		551		58,885
Household Products - 1.7%
Church & Dwight Company Inc.		1,838		120,867
Colgate-Palmolive Co.		6,453		384,083
Kimberly-Clark Corp.		2,612		297,611
The Clorox Co.		945		145,662
The Procter & Gamble Co.		18,751		1,723,592
				2,671,815
Housewares & Specialties - 0.0%*
Newell Brands Inc.		3,534		65,697
Human Resource & Employment Services - 0.0%*
Robert Half International Inc.		875		50,050
Hypermarkets & Super Centers - 1.0%
Costco Wholesale Corp.		3,309		674,077
Walmart Inc.		10,801		1,006,113
				1,680,190
Independent Power Producers & Energy Traders - 0.1%
AES Corp.		5,500		79,530
NRG Energy Inc.		2,038		80,705
				160,235
Industrial Conglomerates - 1.4%
3M Co.		4,406		839,519
General Electric Co.		66,094		500,332
Honeywell International Inc.		5,591		738,683
Roper Technologies Inc.		803		214,015
				2,292,549

		Number of Shares		Fair Value $
Industrial Gases - 0.6%
Air Products & Chemicals Inc.			1,641		262,642
Linde PLC			4,162		649,439
					912,081
Industrial Machinery - 0.7%
Dover Corp.			1,009		71,589
Flowserve Corp.			900		34,218
Fortive Corp.			2,149		145,401
Illinois Tool Works Inc.			2,260		286,319
Ingersoll-Rand PLC			1,800		164,214
Parker-Hannifin Corp.			1,034		154,211
Pentair PLC			1,407		53,157
Snap-on Inc.			409		59,424
Stanley Black & Decker Inc.			1,099		131,594
Xylem Inc.			1,281		85,468
					1,185,595
Industrial REITs - 0.2%
Duke Realty Corp.			2,500		64,750
Prologis Inc. REIT			4,829		283,559
					348,309
Insurance Brokers - 0.5%
Aon PLC			1,834		266,590
Arthur J Gallagher & Co.			1,427		105,170
Marsh & McLennan Companies Inc.			3,909		311,743
Willis Towers Watson PLC			958		145,482
					828,985
Integrated Oil & Gas - 2.6%
Chevron Corp.	��		14,449		1,571,907
Exxon Mobil Corp.			31,944		2,178,261
Occidental Petroleum Corp.			5,657		347,227
					4,097,395
Integrated Telecommunication Services - 2.1%
AT&T Inc.			54,766		1,563,022
Verizon Communications Inc.			31,192		1,753,614
					3,316,636
Interactive Home Entertainment - 0.3%
Activision Blizzard Inc.			5,800		270,106
Electronic Arts Inc. (a)			2,305		181,888
Take-Two Interactive Software Inc. (a)			900		92,646
					544,640
Interactive Media & Services - 4.6%
Alphabet Inc., Class A (a)			2,266		2,367,880

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 — December 31, 2018

	Number of Shares		Fair Value $
Alphabet Inc., Class C (a)(c)		2,335		2,418,149
Facebook Inc., Class A (a)		18,224		2,388,984
TripAdvisor Inc. (a)		650		35,061
Twitter Inc. (a)		5,100		146,574
				7,356,648
Internet & Direct Marketing Retail - 3.4%
Amazon.com Inc. (a)		3,092		4,644,091
Booking Holdings Inc. (a)		353		608,014
eBay Inc. (a)		6,960		195,367
Expedia Group Inc.		850		95,753
				5,543,225
Internet Services & Infrastructure - 0.1%
Akamai Technologies Inc. (a)		1,333		81,420
VeriSign Inc. (a)		824		122,191
				203,611
Investment Banking & Brokerage - 0.9%
E*TRADE Financial Corp.		2,040		89,515
Morgan Stanley		9,929		393,685
Raymond James Financial Inc.		1,100		81,851
The Charles Schwab Corp.		9,211		382,533
The Goldman Sachs Group Inc.		2,603		434,831
				1,382,415
IT Consulting & Other Services - 1.2%
Accenture PLC, Class A		4,845		683,194
Cognizant Technology Solutions Corp., Class A		4,519		286,866
DXC Technology Co.		2,124		112,933
Gartner Inc. (a)		700		89,488
International Business Machines Corp.		6,811		774,206
				1,946,687
Leisure Products - 0.1%
Hasbro Inc.		796		64,675
Mattel Inc. (a)		3,296		32,927
				97,602
Life & Health Insurance - 0.7%
Aflac Inc.		5,848		266,435
Brighthouse Financial Inc. (a)		841		25,634
Lincoln National Corp.		1,759		90,254
MetLife Inc.		7,360		302,202
Principal Financial Group Inc.		2,111		93,243
Prudential Financial Inc.		3,201		261,041
Torchmark Corp.		666		49,637
Unum Group		1,589		46,685
				1,135,131

	Number of Shares		Fair Value $
Life Sciences Tools & Services - 1.0%
Agilent Technologies Inc.		2,538		171,213
Illumina Inc. (a)		1,101		330,223
IQVIA Holdings Inc. (a)		1,200		139,404
Mettler-Toledo International Inc. (a)		207		117,075
PerkinElmer Inc.		711		55,849
Thermo Fisher Scientific Inc.		3,028		677,636
Waters Corp. (a)		584		110,172
				1,601,572
Managed Healthcare - 1.8%
Anthem Inc.		1,981		520,270
Centene Corp. (a)		1,600		184,480
Humana Inc.		1,027		294,215
UnitedHealth Group Inc.		7,248		1,805,622
WellCare Health Plans Inc. (a)		400		94,436
				2,899,023
Metal & Glass Containers - 0.1%
Ball Corp.		2,682		123,318
Motorcycle Manufacturers - 0.0%*
Harley-Davidson Inc.		1,135		38,726
Movies & Entertainment - 1.7%
Netflix Inc. (a)		3,328		890,772
The Walt Disney Co.		11,215		1,229,725
Twenty-First Century Fox Inc., Class A		8,190		394,103
Twenty-First Century Fox Inc., Class B		3,392		162,070
Viacom Inc., Class B		2,846		73,142
				2,749,812
Multi-Line Insurance - 0.3%
American International Group Inc.		6,887		271,417
Assurant Inc.		500		44,720
Loews Corp.		1,862		84,758
The Hartford Financial Services Group Inc.		2,544		113,081
				513,976
Multi-Sector Holdings - 1.9%
Berkshire Hathaway Inc., Class B (a)		14,773		3,016,351
Jefferies Financial Group Inc.		2,200		38,192
				3,054,543
Multi-Utilities - 1.1%
Ameren Corp.		1,942		126,677

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

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
CenterPoint Energy Inc.		3,718		104,959
CMS Energy Corp.		2,000		99,300
Consolidated Edison Inc.		2,255		172,417
Dominion Energy Inc.		4,982		356,014
DTE Energy Co.		1,366		150,670
NiSource Inc.		2,515		63,755
Public Service Enterprise Group Inc.		3,792		197,374
SCANA Corp.		1,100		52,558
Sempra Energy		2,100		227,199
WEC Energy Group Inc.		2,474		171,349
				1,722,272
Office REITs - 0.2%
Alexandria Real Estate Equities Inc.		800		92,192
Boston Properties Inc.		1,098		123,580
SL Green Realty Corp.		600		47,448
Vornado Realty Trust		1,211		75,118
				338,338
Oil & Gas Drilling - 0.0%*
Helmerich & Payne Inc.		900		43,146
Oil & Gas Equipment & Services - 0.5%
Baker Hughes a GE Co.		2,981		64,091
Halliburton Co.		6,850		182,073
National Oilwell Varco Inc.		2,846		73,142
Schlumberger Ltd.		10,671		385,010
TechnipFMC PLC		3,386		66,298
				770,614
Oil & Gas Exploration & Production - 1.3%
Anadarko Petroleum Corp.		3,657		160,323
Apache Corp.		2,948		77,385
Cabot Oil & Gas Corp.		3,600		80,460
Cimarex Energy Co.		700		43,155
Concho Resources Inc. (a)		1,500		154,185
ConocoPhillips		8,740		544,939
Devon Energy Corp.		3,592		80,964
Diamondback Energy Inc.		1,100		101,970
EOG Resources Inc.		4,300		375,003
Hess Corp.		2,049		82,984
Marathon Oil Corp.		5,742		82,340
Newfield Exploration Co. (a)		1,300		19,058
Noble Energy Inc.		3,700		69,412
Pioneer Natural Resources Co.		1,300		170,976
				2,043,154
Oil & Gas Refining & Marketing - 0.5%
HollyFrontier Corp.		1,300		66,456
Marathon Petroleum Corp.		4,976		293,634

	Number of Shares		Fair Value $
Phillips 66		3,161		272,320
Valero Energy Corp.		3,228		242,003
				874,413
Oil & Gas Storage & Transportation - 0.4%
Kinder Morgan Inc.		14,304		219,995
ONEOK Inc.		3,000		161,850
The Williams Companies Inc.		9,171		202,221
				584,066
Packaged Foods & Meats - 1.0%
Campbell Soup Co.		1,615		53,279
Conagra Brands Inc.		3,254		69,505
General Mills Inc.		4,436		172,738
Hormel Foods Corp.		1,800		76,824
Kellogg Co.		1,890		107,749
Lamb Weston Holdings Inc.		1,100		80,916
McCormick & Company Inc.		900		125,316
Mondelez International Inc., Class A		11,135		445,734
The Hershey Co.		1,016		108,895
The JM Smucker Co.		947		88,535
The Kraft Heinz Co.		4,795		206,377
Tyson Foods Inc., Class A		2,362		126,131
				1,661,999
Paper Packaging - 0.2%
Avery Dennison Corp.		692		62,162
International Paper Co.		3,030		122,291
Packaging Corporation of America		800		66,768
Sealed Air Corp.		1,331		46,372
WestRock Co.		1,775		67,024
				364,617
Personal Products - 0.2%
Coty Inc., Class A		3,445		22,599
The Estee Lauder Companies Inc., Class A		1,679		218,438
				241,037
Pharmaceuticals - 5.2%
Allergan PLC (c)		2,451		327,601
Bristol-Myers Squibb Co.		12,387		643,876
Eli Lilly & Co.		7,154		827,861
Johnson & Johnson		20,312		2,621,263
Merck & Company Inc.		19,568		1,495,191
Mylan N.V. (a)		3,904		106,970
Nektar Therapeutics (a)		1,300		42,731
Perrigo Company PLC		975		37,781
Pfizer Inc.		43,535		1,900,303
Zoetis Inc.		3,546		303,325
				8,306,902

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

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Property & Casualty Insurance - 0.8%
Chubb Ltd.		3,461		447,092
Cincinnati Financial Corp.		1,092		84,543
The Allstate Corp.		2,586		213,681
The Progressive Corp.		4,573		275,889
The Travelers Companies Inc.		2,067		247,523
				1,268,728
Publishing - 0.0%*
News Corp., Class A		3,400		38,590
Railroads - 0.9%
CSX Corp.		5,967		370,730
Kansas City Southern		700		66,815
Norfolk Southern Corp.		2,045		305,809
Union Pacific Corp.		5,580		771,323
				1,514,677
Real Estate Services - 0.1%
CBRE Group Inc., Class A (a)		2,573		103,023
Regional Banks - 1.2%
BB&T Corp.		5,837		252,859
Citizens Financial Group Inc.		3,400		101,082
Comerica Inc.		1,356		93,144
Fifth Third Bancorp		5,350		125,885
First Republic Bank		1,200		104,280
Huntington Bancshares Inc.		8,234		98,149
KeyCorp		8,028		118,654
M&T Bank Corp.		1,090		156,012
People’s United Financial Inc.		3,200		46,176
Regions Financial Corp.		7,168		95,908
SunTrust Banks Inc.		3,529		178,003
SVB Financial Group (a)		400		75,968
The PNC Financial Services Group Inc.		3,539		413,744
Zions Bancorp NA		1,500		61,110
				1,920,974
Reinsurance - 0.0%*
Everest Re Group Ltd.		300		65,328
Research & Consulting Services - 0.3%
Equifax Inc.		846		78,788
IHS Markit Ltd. (a)		2,800		134,316
Nielsen Holdings PLC		2,928		68,310
Verisk Analytics Inc. (a)		1,200		130,848
				412,262
Residential REITs - 0.4%
Apartment Investment & Management Co., Class A		977		42,871

	Number of Shares		Fair Value $
AvalonBay Communities Inc.		972		169,176
Equity Residential		2,808		185,356
Essex Property Trust Inc.		500		122,605
Mid-America Apartment Communities Inc.		900		86,130
UDR Inc.		1,900		75,278
				681,416
Restaurants - 1.3%
Chipotle Mexican Grill Inc. (a)		160		69,086
Darden Restaurants Inc.		1,029		102,756
McDonald’s Corp. (c)		5,859		1,040,383
Starbucks Corp.		9,362		602,913
Yum! Brands Inc.		2,274		209,026
				2,024,164
Retail REITs - 0.5%
Federal Realty Investment Trust		600		70,824
Kimco Realty Corp.		3,097		45,371
Realty Income Corp.		2,000		126,080
Regency Centers Corp.		1,299		76,226
Simon Property Group Inc.		2,379		399,648
The Macerich Co.		744		32,200
				750,349
Semiconductor Equipment - 0.3%
Applied Materials Inc.		7,438		243,520
KLA-Tencor Corp.		1,178		105,419
Lam Research Corp.		1,247		169,804
				518,743
Semiconductors - 3.4%
Advanced Micro Devices Inc. (a)		6,600		121,836
Analog Devices Inc.		2,787		239,208
Broadcom Inc.		3,116		792,336
Intel Corp.		34,700		1,628,471
Maxim Integrated Products Inc.		2,100		106,785
Microchip Technology Inc.		1,800		129,456
Micron Technology Inc. (a)		8,726		276,876
NVIDIA Corp.		4,638		619,173
Qorvo Inc. (a)		1,100		66,803
QUALCOMM Inc.		9,168		521,751
Skyworks Solutions Inc.		1,342		89,941
Texas Instruments Inc.		7,309		690,701
Xilinx Inc.		1,787		152,199
				5,435,536
Soft Drinks - 1.7%
Monster Beverage Corp. (a)		3,056		150,416
PepsiCo Inc.		10,754		1,188,102
The Coca-Cola Co.		28,870		1,366,995
				2,705,513

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

State Street S&P 500 Index V.I.S. Fund 13

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

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Specialized Consumer Services - 0.0%*
H&R Block Inc.		1,579		40,059
Specialized REITs - 1.2%
American Tower Corp.		3,391		536,422
Crown Castle International Corp.		3,100		336,753
Digital Realty Trust Inc.		1,500		159,825
Equinix Inc.		596		210,126
Extra Space Storage Inc.		1,000		90,480
Iron Mountain Inc.		1,886		61,125
Public Storage		1,130		228,723
SBA Communications Corp. (a)		900		145,701
Weyerhaeuser Co.		5,567		121,695
				1,890,850
Specialty Chemicals - 0.6%
Albemarle Corp.		900		69,363
Celanese Corp.		900		80,973
Ecolab Inc.		1,902		280,260
International Flavors & Fragrances Inc.		647		86,873
PPG Industries Inc.		1,859		190,045
The Sherwin-Williams Co.		613		241,191
				948,705
Specialty Stores - 0.1%
Tiffany & Co.		704		56,679
Tractor Supply Co.		837		69,839
Ulta Salon Cosmetics & Fragrance Inc. (a)		400		97,936
				224,454
Steel - 0.1%
Nucor Corp.		2,259		117,039
Systems Software - 4.5%
Fortinet Inc. (a)		1,100		77,473
Microsoft Corp.		58,322		5,923,766
Oracle Corp.		19,211		867,377
Red Hat Inc. (a)		1,300		228,332
Symantec Corp.		4,672		88,277
				7,185,225

	Number of Shares		Fair Value $
Technology Hardware, Storage & Peripherals - 3.8%
Apple Inc.		34,160		5,388,398
Hewlett Packard Enterprise Co.		10,619		140,277
HP Inc.		12,154		248,671
NetApp Inc.		1,870		111,583
Seagate Technology PLC		2,132		82,274
Western Digital Corp.		2,077		76,787
Xerox Corp.		1,811		35,785
				6,083,775
Tires & Rubber - 0.0%*
The Goodyear Tire & Rubber Co.		2,019		41,208
Tobacco - 0.9%
Altria Group Inc.		14,039		693,386
Philip Morris International Inc.		11,683		779,957
				1,473,343
Trading Companies & Distributors - 0.2%
Fastenal Co.		2,200		115,038
United Rentals Inc. (a)		700		71,771
WW Grainger Inc.		282		79,626
				266,435
Trucking - 0.0%*
JB Hunt Transport Services Inc.		720		66,989
Water Utilities - 0.1%
American Water Works Company Inc.		1,400		127,078
Total Common Stock (Cost $73,337,904)				158,949,496
Short-Term Investments - 1.1%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.31% (Cost $1,781,046) (d)(e)		1,781,046		1,781,046
Total Investments (Cost $75,118,950)				160,730,542
Other Assets and Liabilities, net - 0.1%				171,729
NET ASSETS - 100.0%				160,902,271

Other Information:

The Fund had the following long futures contracts open at December 31, 2018:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Depreciation
S&P 500 Emini Index Futures		March 2019		18	$	2,344,770	$	2,254,639	$	(90,131	)

During the year ended December 31, 2018, average notional value related to long futures contracts was $2,722,424.

See accompanying notes to financial statements.

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

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

Notes to Schedule of Investments — December 31, 2018

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’ssub-administrator, custodian and accounting agent.

(c) At December 31, 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’ssub-administrator, custodian and accounting agent.

(e) Coupon amount represents effective yield.

† Percentages are based on net assets as of December 31, 2018.

* Less than 0.05%.

Abbreviations:

REIT - Real Estate Investment Trust

The following table represents the Fund’s investments measured at fair value on a recurring basis at December 31, 2018:

	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stock	$	158,949,496		$	—	$	—	$	158,949,496
Short-Term Investments		1,781,046			—		—		1,781,046
Total Investments in Securities	$	160,730,542		$	—	$	—	$	160,730,542
Other Financial Instruments
Long Futures Contracts - Unrealized Depreciation	$	(90,131	)	$	—	$	—	$	(90,131	)

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 12/31/18		Value at 12/31/18		Dividend Income
State Street Corp.		3,111	$	303,665	$	—	$	20,315	$	6,151	$	(105,904	)		2,911	$	183,597	$	5,182
State Street Institutional U.S. Government Money Market Fund - Class G Shares		2,080,142		2,080,142		23,715,333		24,014,429		—		—			1,781,046	$	1,781,046		41,624
TOTAL			$	2,383,807	$	23,715,333	$	24,034,744	$	6,151	$	(105,904	)			$	1,964,643	$	46,806

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

State Street S&P 500 Index V.I.S. Fund 15

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

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

	12/31/18		��	12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date														4/15/85
Net asset value, beginning of period	$	44.09		$	38.22		$	36.16		$	36.60		$	32.83
Income/(loss) from investment operations:
Net investment income		0.74	(a)		0.71	(a)		0.72			0.69			0.61
Net realized and unrealized gains/(losses) on investments		(2.86	)		7.52			3.49			(0.28	)		3.76
Total income/(loss) from investment operations		(2.12	)		8.23			4.21			0.41			4.37
Less distributions from:
Net investment income		0.80			0.79			0.73			0.85			0.60
Net realized gains		3.04			1.57			1.42			—			—
Total distributions		3.84			2.36			2.15			0.85			0.60
Net asset value, end of period	$	38.13		$	44.09		$	38.22		$	36.16		$	36.60
Total Return(b)		(4.73	)%		21.50	%		11.61	%		1.07	%		13.28	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	160,902		$	194,117		$	180,761		$	179,395		$	203,262
Ratios to average net assets:
Net expenses		0.33	%		0.32	%		0.34	%(d)		0.37	%(d)		0.41	%(c)(d)
Gross expenses		0.33	%		0.32	%		0.37	%		0.42	%		0.46	%
Net investment income		1.62	%		1.69	%		1.86	%		1.72	%		1.65	%
Portfolio turnover rate		2	%		2	%		2	%		2	%		2	%

Notes to Financial Highlights

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

(b) Total returns are historical and assume changes in share price, 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.

* 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.

16 Financial Highlights

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

Statement of Assets and Liabilities — December 31, 2018

Assets
Investments in securities, at fair value (cost $73,169,511)	$	158,765,899
Investments in affiliated securities, at fair value (cost $168,393)		183,597
Short-term affiliated investments, at fair value		1,781,046
Cash		954
Cash collateral on deposit with broker for future contracts		222,796
Receivable for investments sold		44,840
Income receivables		183,239
Receivable for fund shares sold		8,332
Income receivable from affiliated investments		5,051
Total assets		161,195,754
Liabilities
Payable for investments purchased		104,240
Payable for fund shares redeemed		17,741
Payable for accumulated variation margin on futures contracts		90,090
Payable to the Adviser		35,229
Payable for custody, fund accounting andsub-administration fees		1,825
Accrued other expenses		44,358
Total liabilities		293,483
Net Assets	$	160,902,271
Net Assets Consist of:
Capital paid in	$	79,039,654
Total distributable earnings (loss)		81,862,617
Net Assets	$	160,902,271
Shares outstanding ($0.01 par value; unlimited shares authorized)		4,220,115
Net asset value per share	$	38.13

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

Statement of Assets and Liabilities 17

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

Statement of Operations — For the year ended December 31, 2018

Investment Income
Income
Dividend	$	3,599,186
Income from affiliated investments		46,806
Total income		3,645,992
Expenses
Advisory and administration fees		466,521
Directors’ fees		14,787
Custody, fund accounting andsub-administration fees		37,337
Professional fees		55,699
Other expenses		44,868
Total Expenses		619,212
Net investment income	$	3,026,780
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	13,250,589
Affiliated investments		6,151
Futures		(44,384	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(23,155,676	)
Affiliated investments		(105,904	)
Futures		(131,513	)
Net realized and unrealized gain (loss) on investments		(10,180,737	)
Net Decrease in Net Assets Resulting from Operations	$	(7,153,957	)

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

18 Statement of Operations

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

Statements of Changes in Net Assets

	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	3,026,780		$	3,149,646
Net realized gain (loss) on investments and futures		13,212,356			7,133,916
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		(23,393,093	)		26,115,746
Net increase (decrease) from operations		(7,153,957	)		36,399,308
Distributions to shareholders:
Total distributions		(14,751,301	)		(9,845,441	)
Increase (decrease) in assets from operations and distributions		(21,905,258	)		26,553,867
Share transactions:
Proceeds from sale of shares		2,837,356			3,059,520
Value of distributions reinvested		14,751,301			9,845,441
Cost of shares redeemed		(28,898,496	)		(26,102,452	)
Net increase (decrease) from share transactions		(11,309,839	)		(13,197,491	)
Total increase (decrease) in net assets		(33,215,097	)		13,356,376
Net Assets
Beginning of year		194,117,368			180,760,992
End of year	$	160,902,271		$	194,117,368
Changes in Fund Shares
Shares sold		61,494			73,043
Issued for distributions reinvested		389,731			222,798
Shares redeemed		(634,062	)		(622,096	)
Net decrease in fund shares		(182,837	)		(326,255	)

For the year ended December 31, 2017, the source of distributions paid to shareholders was (See Note 10 in the Notes to Financial Statements):

Net investment income	$	(3,286,275	)
Net realized gains		(6,559,166	)
Total distributions		(9,845,441	)
Undistributed net investment income as of December 31, 2017:	$	(13,301	)

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

Statements of Changes in Net Assets 19

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

Notes to Financial Statements — December 31, 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 anopen-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 StreetSmall-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 overseeing the determination of the fair value of investments.

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

• Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• 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.

20 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2018

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 December 31, 2018 is disclosed in the Fund’s Schedule of Investments.

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

Dividend income and capital gain distributions, if any, are recognized on theex-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.

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.

Notes to Financial Statements 21

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

Notes to Financial Statements, continued — December 31, 2018

For the fiscal year ended December 31, 2018, the Fund entered into futures contracts for cash equitization.

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 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 S&P 500 Index V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(90,090	)	$	—	$	(90,090	)

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	$	—	$	—	$	—	$	(44,384	)	$	—	$	(44,384	)

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	$	—	$	—	$	—	$	(131,513	)	$	—	$	(131,513	)

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 %.

Custody, Fund Accounting and Sub-Administration Fees  State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant andsub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included custody, fund accounting andsub-administration fees on the Statement of Operations.

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 fiscal year ended December 31, 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 otherout-of-pocket expenses in connection with meeting attendance and industry seminars.

22 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2018

6. Investment Transactions

Purchases and sales of investments (excludingin-kind transactions, short term investments and derivative contracts) for the year ended, December 31, 2018 were as follows:

Non-U.S. Government Securities
Purchases			Sales
	$	3,861,023		$	25,444,260

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 onex-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. Certain capital accounts in the financial statements have been adjusted for permanentbook-tax differences. These adjustments have no impact on net asset values or results of operations. Temporarybook-tax differences will reverse in the future. These book tax differences are primarily due to differing treatments for character of distributions, REIT basis adjustments, corporate actions, futures contracts, passive foreign investment company inclusions, return of capital distributions received, and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2018 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	3,417,861		$	11,333,440		$	14,751,301

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	3,444,426		$	6,401,015		$	9,845,441

At December 31, 2018 the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Capital Loss Carryforwards			Undistributed long term gain			Net Unrealized Gains (Losses)			Qualified Late-Year Losses	Total
	$	—		$	—		$	1,669,175		$	80,193,442			$	81,862,617

As of December 31, 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)
	$	80,446,410		$	85,222,926		$	5,029,484		$	80,193,442

Notes to Financial Statements 23

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

Notes to Financial Statements, continued — December 31, 2018

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 2019 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 and1-month LIBOR rate.

The Fund had no outstanding loans as of December 31, 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. New and Recent Accounting Pronouncements

In August 2018, the Securities and Exchange Commission released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The Fund has adopted the Final Rule for the current period with the most notable impacts being that the Fund is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

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.

24 Notes to Financial Statements

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

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of State Street S&P 500 Index V.I.S. Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of State Street S&P 500 Index V.I.S. Fund (the “Fund”) (one of the funds constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for periods ended prior to January 1, 2016 were audited by another independent registered public accounting firm whose report, dated February 19, 2016, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financials reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 19, 2019

Report of Independent Registered Public Accounting Firm 25

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

Tax Information — December 31, 2018 (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for its fiscal year ended December 31, 2018.

Dividends Received Deduction

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Long Term Capital Gain Distributions

Long term capital gains dividends were paid from the Fund during the year ended December 31, 2018 in the amount of $11,333,440.

26 Tax Information

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

Special Meeting of Shareholders — Voting Results (Unaudited)

A special meeting of shareholders of State Street Variable Insurance Series Funds, Inc. (the “Company”) was held on January 10, 2019 to elect the following six nominees as Directors of the Company: Michael F. Holland, Michael A. Jessee, Ellen M. Needham, Patrick J. Riley, Richard D. Shirk and Rina K. Spence. At the meeting the following votes were recorded:

Nominee	Shares For		Shares Withheld
Michael F. Holland		91,260,156.834		2,655,810.669
Michael A. Jessee		91,345,936.433		2,570,031.070
Ellen M. Needham		91,642,423.619		2,273,543.884
Patrick J. Riley		91,136,965.946		2,779,001.557
Richard D. Shirk		91,293,712.247		2,622,255.256
Rina K. Spence		90,957,562.624		2,958,404.879

The other Directors whose term of office continued after the meeting are as follows: Jeanne M. La Porta, John R. Costantino and Donna M. Rapaccioli.

Special Meeting of Shareholders — Voting Results 27

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

Other Information — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INDEPENDENT DIRECTORS
Michael F. Holland c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1944	Director and Co-Chairperson of the Board	Term: Indefinite Elected: 1/19	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		67	Director, the Holland Series Fund, Inc.; Director, The China Fund, Inc.; Director, The Taiwan Fund, Inc. (2007 – 2017); Director, Reaves Utility Income Fund, Inc.; and Director, Blackstone/GSO Loans (and Real Estate) Funds.
Patrick J. Riley c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Director and Co-Chairperson of the Board	Term: Indefinite Elected: 1/19	2002 to May 2010, Associate Justice of the Superior Court, Commonwealth of Massachusetts; 1985 to 2002, Partner, Riley, Burke & Donahue, L.L.P. (law firm); 1998 to Present, Independent Director, State Street Global Advisers Ireland, Ltd. (investment company); 1998 to Present, Independent Director, SSGA Liquidity plc (formerly, SSGA Cash Management Fund plc); January 2009 to Present, Independent Director, SSGA Fixed Income plc; and January 2009 to Present, Independent Director, SSGA Qualified Funds PLC.		67	Board Director and Chairman, SPDR Europe 1PLC Board (2011 – Present); Board Director and Chairman, SPDR Europe II, PLC (2013 – Present).
John R. Costantino c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director and Co-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 1997	Managing General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		67	Director of Kleinfeld Bridal Corp. (March 2016 – present);Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 – February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).
Donna M. Rapaccioli c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1962	Director and Co-Chairperson of the Audit Committee	Term: Indefinite Elected: 1/12	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		67	Director- Graduate Management Admissions Council (2015 – present); Trustee of Emmanuel College (2010 – present).

28 Other Information

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INDEPENDENT DIRECTORS (continued)
Richard D. Shirk c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1945	Director andCo-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 1/19	March 2001 to April 2002, Chairman (1996 to March 2001, President and Chief Executive Officer), Cerulean Companies, Inc. (holding company) (Retired); 1992 to March 2001, President and Chief Executive Officer, Blue Cross Blue Shield of Georgia (health insurer, managed healthcare).		67	1998 to December 2008, Chairman, Board Member and December 2008 to Present, Investment Committee Member, Healthcare Georgia Foundation (private foundation); September 2002 to 2012, Lead Director and Board Member, Amerigroup Corp. (managed health care); 1999 to 2013, Board Member and (since 2001) Investment Committee Member, Woodruff Arts Center; and 2003 to 2009, Trustee, Gettysburg College; Board member, Aerocare Holdings, Regenesis Biomedical Inc.
Rina K. Spence c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Director andCo-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee	Term: Indefinite Elected: 1/19	President of SpenceCare International LLC (international healthcare consulting) (1999 – present); Chief Executive Officer, IEmily.com (health internet company) (2000 – 2001); Chief Executive Officer of Consensus Pharmaceutical, Inc. (1998 – 1999); Founder, President and Chief Executive Officer of Spence Center for Women’s Health (1994 –1998); President and CEO, Emerson Hospital (1984 – 1994); Honorary Consul for Monaco in Boston (2015 – present).		67	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director andCo-Chairperson of the Valuation Committee	Term: Indefinite Elected: 1/19	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		67	None

Other Information 29

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INTERESTED DIRECTORS(1)
Jeanne M. La Porta(2) SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Director and President	Time Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.		18	None
Ellen M. Needham(3) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Director	Time Indefinite Elected: 1/19	President and Director, SSGA FM (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).*		67	None

⁽¹⁾  The individuals listed below are Directors who are “interested persons,” as defined in the 1940 Act, of the Company (“Interested Directors”).

⁽²⁾  Ms. La Porta is an Interested Director because of her employment by SSGA Funds Management, Inc., an affiliate of the Company.

⁽³⁾  Ms. Needham is an Interested Director because of her employment by SSGA Funds Management, Inc., an affiliate of the Company.

^*  Served in various capacities and/or with various affiliated entities during noted time period

† For the purpose of determining the number of portfolios overseen by the Directors, “Fund Complex” comprises registered investment companies for which SSGA FM serves as investment adviser.

The following lists the principal officers for the Company, as well as their mailing addresses and ages, positions with the Company and length of time served, and present and principal occupations:

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS:
Jeanne M. La Porta SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	President and Director	Term: Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.

30 Other Information

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS (continued):
Arthur A. Jensen SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 YOB: 1966	Treasurer	Term: Indefinite Elected: 6/11	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011 – July 2016); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 – July 2016).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer and Anti-Money Laundering Officer	Term: Indefinite Elected: 6/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (2013 – Present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Assistant Treasurer	Term: Indefinite Elected: 6/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Assistant Treasurer	Term: Indefinite Elected: 6/16	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present) *; Managing Director, State Street Global Advisors. (2005 – present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Assistant Treasurer	Term: Indefinite Elected: 6/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Assistant Treasurer	Term: Indefinite Elected: 3/17	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).
Daniel G. Plourde SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1980	Assistant Treasurer	Term: Indefinite Elected: 6/17	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).

Other Information 31

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS (continued):
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, 7th Floor Boston, MA 02111-2900 YOB: 1976	Secretary	Term: Indefinite Elected: 3/17	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007 – 2013).

* Served in various capacities and/or with various affiliated entities during noted time period.

32 Other Information

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

Other Information, continued — December 31, 2018 (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 calling1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam, or (iii) on the SEC’s website at www.sec.gov. Information regarding how the Fund voted proxies, if any, during the most recent12-month period ended June 30 is available by August 31 of each year without charge (1) by calling1-800-242-0134 (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 FormN-Q. The Fund’s FormsN-Q are available (i) without charge, upon request, by calling1-800-242-013, (ii) on the Fund’s website at http://www.ssga.com/geam, or (iii) on the SEC’s website at www.sec.gov.

Other Information 33

Directors

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers

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.

One Iron Street

Boston, MA 02210

Custodian andSub-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

Annual Report

December 31, 2018

State StreetSmall-Cap Equity V.I.S. Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a Fund’s annual and semi- annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.ssga.com/geam), and you will be notified by mail each time a report is posted, and provided with a website link to access the report.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.

State StreetSmall-Cap Equity V.I.S. Fund

Annual Report

December 31, 2018

Table of Contents

	Page
Notes to Performance		1
Manager Review and Schedule of Investments		2
Financial Statements
Financial Highlights		14
Statement of Assets and Liabilities		15
Statement of Operations		16
Statements of Changes in Net Assets		17
Notes to Financial Statements		18
Report of Independent Registered Public Accounting Firm		23
Tax Information		24
Special Meeting of Shareholders — Voting Results		25
Other Information		26

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 StreetSmall-Cap Equity V.I.S. Fund

Notes to Performance — December 31, 2018 (Unaudited)

The information provided on the performance page relates to the State Street Small-Cap Equity V.I.S. Fund (the “Fund”).

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.

The Russell 2000^® Index is an unmanaged market capitalization-weighted index consisting of 2,000 of the smallest U.S.-domiciled publicly traded common stocks that are included in the Russell 3000^® Index. The Russell 3000^® Index is comprised of the 3,000 largest U.S. domiciled companies.

Russell Investment Group owns the Russell Index data, including all applicable trademarks and copyrights, used by SSGA Funds Management, Inc. (“SSGA FM”) in these materials. Any unauthorized use or redistribution of such Russell Index data is strictly prohibited. Russell Investment Group is not responsible for the configuration of this material or for any inaccuracy in SSGA FM’s presentation thereof.

The results shown for the foregoing index assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, the index returns do not reflect the actual cost of investing in the instruments that comprise each index.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

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.

Notes to Performance 1

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

Management Discussion of Fund Performance — December 31, 2018 (Unaudited)

The State StreetSmall-Cap Equity V.I.S. Fund (the “Fund”) seeks to provide long-term growth of capital. The Fund’s benchmark is the Russell 2000 Index (the “Index”).

For the12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund was-9.70% and the Index was-11.01%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Investment decisions by two of the Fund’ssub-advisers, Champlain Investment Partners and Palisade Capital, were primary drivers of Fund performance during the Reporting Period relative to the Index. Two primary themes drove Champlain’s overall performance, the first being the tectonic shift toward cloud computing. This played out very favorably for the Fund, particularly in names like Okta and New Relic and also in the education space with Blackbaud. The other theme that work well for Champlain was personalized healthcare, where companies like Nuvasive, Insulet and Cardiovascular Systems helped drive performance.

Palisade benefited from similar themes, but its technology focus was on software firms and they benefited from SS&C Technologies, Corelogic and Paylocity among others.

The Fund used Russell 2000E-mini Index Futures in order to maintain exposure to the Russell 2000 Index for the cash sleeve that is used to handle daily liquidity needs during the Reporting Period. The Fund’s use of Index Futures did not materially contribute to Fund performance relative to the Index.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were K12, Inc., Darling Ingredients and Argo Group International Holdings. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Newfield Exploration, Koppers Holdings, and Welbilt Inc.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

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

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

Understanding Your Fund’s Expenses — December 31, 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 entiresix-month period ended December 31, 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.

July 1, 2018 - December 31, 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	$	839.20	$	1,019.81
Expenses paid during the period*	$	4.96	$	5.45

* Expenses are equal to the Fund’s annualized expense ratio of 1.07%^**(for the period July 1, 2018-December 31, 2018), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

** May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.

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

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

Performance Summary — December 31, 2018 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2018 (as a % of Fair Value)^(a)(b)

Ritchie Bros Auctioneers Inc.	1.34	%
John Wiley & Sons Inc., Class A	1.29	%
Sensient Technologies Corp.	1.11	%
Argo Group International Holdings Ltd.	1.05	%
The Brink’s Co.	1.01	%
Woodward Inc.	0.98	%
Darling Ingredients Inc.	0.95	%
The Timken Co.	0.91	%
Integra LifeSciences Holdings Corp.	0.90	%
Prosperity Bancshares Inc.	0.89	%

Sector Allocation as of December 31, 2018

Portfolio composition as a % of Fair Value of $30,815 (in thousands) as of December 31, 2018^(a)(b)

Average Annual Total Return for the periods ended December 31, 2018

Class 1 Shares (Inception Date 4/28/00)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State StreetSmall-Cap Equity V.I.S. Fund		-9.70	%		4.62	%		12.96	%	$	33,818
Russell 2000 Index		-11.01	%		4.41	%		11.97	%	$	30,983

(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.

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

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

Performance Summary, continued — December 31, 2018 (Unaudited)

See Notes to Performance beginning on page 1 for further information.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

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

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

Schedule of Investments — December 31, 2018

	Number of Shares		Fair Value $
Common Stock - 96.0%†
Aerospace & Defense - 0.8%
Esterline Technologies Corp. (a)		404		49,066
Teledyne Technologies Inc. (a)		919		190,297
				239,363
Agricultural & Farm Machinery - 0.6%
AGCO Corp. (b)		3,038		169,125
Agricultural Products - 1.0%
Darling Ingredients Inc. (a)		15,211		292,660
Air Freight & Logistics - 0.3%
Air Transport Services Group Inc. (a)		628		14,324
Forward Air Corp.		448		24,573
Hub Group Inc., Class A (a)		1,156		42,853
				81,750
Airlines - 0.0%*
Hawaiian Holdings Inc.		404		10,670
Apparel Retail - 0.6%
American Eagle Outfitters Inc.		1,367		26,424
Burlington Stores Inc. (a)		488		79,383
Chico’s FAS Inc.		1,294		7,272
Tailored Brands Inc.		550		7,502
The Buckle Inc.		4,054		78,405
				198,986
Apparel, Accessories & Luxury Goods - 0.4%
G-III Apparel Group Ltd. (a)		3,919		109,301
Application Software - 6.8%
ACI Worldwide Inc. (a)(b)		8,583		237,492
Blackbaud Inc. (b)		4,117		258,959
Blackline Inc. (a)		5,313		217,567
Cornerstone OnDemand Inc. (a)		3,484		175,698
Envestnet Inc. (a)		2,091		102,856
Fair Isaac Corp. (a)		127		23,749
LogMeIn Inc.		2,075		169,258
New Relic Inc. (a)		2,975		240,886
Paylocity Holding Corp. (a)		1,119		67,375
Q2 Holdings Inc. (a)		3,300		163,515
RealPage Inc. (a)		2,880		138,787
SS&C Technologies Holdings Inc.		2,782		125,496
Yext Inc. (a)		8,675		128,824
Zix Corp. (a)		4,753		27,235
				2,077,697
Asset Management & Custody Banks - 0.1%
BrightSphere Investment Group PLC		1,307		13,959

	Number of Shares		Fair Value $
Cohen & Steers Inc.		729		25,019
				38,978
Auto Parts & Equipment - 0.7%
Cooper-Standard Holdings Inc. (a)		303		18,822
Gentherm Inc. (a)		453		18,111
LCI Industries		467		31,196
Modine Manufacturing Co. (a)		985		10,648
Standard Motor Products Inc.		1,549		75,018
Stoneridge Inc. (a)		988		24,354
Tenneco Inc.		301		8,244
Tower International Inc.		678		16,137
				202,530
Automobile Manufacturers - 0.7%
Thor Industries Inc.		3,653		189,956
Winnebago Industries Inc.		433		10,483
				200,439
Automotive Retail - 1.3%
America’sCar-Mart Inc. (a)		497		36,008
Asbury Automotive Group Inc. (a)		364		24,264
Group 1 Automotive Inc.		1,870		98,586
Monro Inc.		1,053		72,394
Murphy USA Inc. (a)		2,347		179,874
				411,126
Biotechnology - 0.8%
Heron Therapeutics Inc. (a)		2,128		55,200
Myriad Genetics Inc. (a)		531		15,436
Repligen Corp. (a)		3,328		175,519
				246,155
Brewers - 0.3%
The Boston Beer Company Inc., Class A (a)		375		90,315
Building Products - 0.5%
American Woodmark Corp. (a)		201		11,191
Apogee Enterprises Inc.		702		20,955
Builders FirstSource Inc. (a)		1,166		12,721
Continental Building Products Inc. (a)		524		13,336
Masonite International Corp. (a)		178		7,980
NCI Building Systems Inc. (a)		1,145		8,301
Patrick Industries Inc. (a)		359		10,630
Trex Company Inc. (a)		628		37,278
Universal Forest Products Inc.		1,522		39,511
				161,903
Commercial Printing - 0.1%
Deluxe Corp.		425		16,337

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 — December 31, 2018

	Number of Shares		Fair Value $
Commodity Chemicals - 1.0%
AdvanSix Inc. (a)		795		19,350
Koppers Holdings Inc. (a)		14,732		251,033
Trinseo S.A.		485		22,204
				292,587
Communications Equipment - 0.4%
ADTRAN Inc.		1,269		13,629
Ciena Corp. (a)		521		17,667
Extreme Networks Inc. (a)		2,332		14,225
Lumentum Holdings Inc. (a)		989		41,548
NETGEAR Inc. (a)		158		8,221
Plantronics Inc.		374		12,379
				107,669
Construction & Engineering - 1.4%
Aegion Corp. (a)		11,845		193,311
Dycom Industries Inc. (a)		4,200		226,968
EMCOR Group Inc.		270		16,116
				436,395
Construction Machinery & Heavy Trucks - 1.4%
Alamo Group Inc.		415		32,088
Astec Industries Inc.		539		16,272
Federal Signal Corp.		7,700		153,230
The Greenbrier Companies Inc.		382		15,104
Trinity Industries Inc.		8,602		177,115
Wabash National Corp.		2,045		26,749
				420,558
Construction Materials - 0.1%
Eagle Materials Inc.		251		15,318
Summit Materials Inc., Class A (a)		992		12,301
				27,619
Consumer Electronics - 0.0%*
ZAGG Inc. (a)		897		8,773
Consumer Finance - 0.1%
Enova International Inc. (a)		1,940		37,752
Data Processing & Outsourced Services - 1.8%
Broadridge Financial Solutions Inc.		1,459		140,429
Cass Information Systems Inc.		278		14,712
CoreLogic Inc. (a)		2,406		80,409
CSG Systems International Inc.		1,787		56,773
EVERTEC Inc.		1,216		34,899
MAXIMUS Inc.		315		20,503
NIC Inc.		4,672		58,307
Travelport Worldwide Ltd.		9,183		143,438
				549,470

	Number of Shares		Fair Value $
Distillers & Vintners - 0.4%
MGP Ingredients Inc.		2,075		118,379
Distributors - 0.4%
LKQ Corp. (a)		5,752		136,495
Diversified Metals & Mining - 0.3%
Compass Minerals International Inc.		1,735		72,332
Materion Corp.		346		15,567
				87,899
Diversified Real Estate Activities - 0.1%
The RMR Group Inc., Class A		314		16,667
Diversified REITs - 0.2%
American Assets Trust Inc.		810		32,538
Global Net Lease Inc.		1,109		19,540
				52,078
Diversified Support Services - 1.9%
Healthcare Services Group Inc.		4,006		160,961
Ritchie Bros Auctioneers Inc.		12,590		411,945
UniFirst Corp.		184		26,325
				599,231
Education Services - 0.6%
K12 Inc. (a)		7,761		192,395
Electric Utilities - 1.0%
ALLETE Inc.		363		27,668
IDACORP Inc.		2,886		268,571
				296,239
Electrical Components & Equipment - 0.3%
Atkore International Group Inc. (a)		735		14,582
EnerSys		341		26,465
Generac Holdings Inc. (a)		398		19,781
Regal Beloit Corp.		533		37,337
				98,165
Electronic Components - 1.2%
Belden Inc.		4,767		199,118
Littelfuse Inc.		944		161,877
				360,995
Electronic Equipment & Instruments - 0.7%
Control4 Corp. (a)		538		9,469
National Instruments Corp.		1,156		52,459
Novanta Inc. (a)		425		26,775
Zebra Technologies Corp., Class A (a)		818		130,250
				218,953

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 — December 31, 2018

		Number of Shares		Fair Value $
Electronic Manufacturing Services - 0.3%
KEMET Corp.			1,018		17,856
Methode Electronics Inc.			997		23,220
Plexus Corp. (a)			483		24,672
Sanmina Corp. (a)			973		23,410
TTM Technologies Inc. (a)			1,301		12,659
					101,817
Environmental & Facilities Services - 0.7%
Clean Harbors Inc. (a)			4,214		207,961
Food Distributors - 0.7%
Performance Food Group Co. (a)	��		4,393		141,762
SpartanNash Co.			5,016		86,175
					227,937
Food Retail - 0.2%
Casey’s General Stores Inc.			154		19,733
Sprouts Farmers Market Inc. (a)			1,166		27,413
					47,146
Footwear - 1.0%
Deckers Outdoor Corp. (a)			1,088		139,210
Skechers U.S.A. Inc., Class A (a)			650		14,878
Wolverine World Wide Inc.			5,125		163,436
					317,524
Forest Products - 0.1%
Boise Cascade Co.			726		17,315
Louisiana-Pacific Corp.			812		18,043
					35,358
Gas Utilities - 0.3%
Chesapeake Utilities Corp.			210		17,073
South Jersey Industries Inc.			1,365		37,947
Spire Inc.			451		33,410
					88,430
Health Care REITs - 0.2%
CareTrust REIT Inc.			1,311		24,201
Physicians Realty Trust			1,996		31,996
					56,197
Healthcare Equipment - 5.4%
Cantel Medical Corp.			1,125		83,756
Cardiovascular Systems Inc. (a)			6,925		197,293
CONMED Corp.			3,800		243,960
Hill-Rom Holdings Inc.			2,783		246,435
Insulet Corp. (a)			1,650		130,878
Integer Holdings Corp. (a)			242		18,455
Integra LifeSciences Holdings Corp. (a)			6,150		277,365
IntriCon Corp. (a)			1,369		36,114

	Number of Shares		Fair Value $
LeMaitre Vascular Inc.		447		10,567
LivaNova PLC (a)		266		24,331
Masimo Corp. (a)		825		88,580
NuVasive Inc. (a)		3,415		169,248
Orthofix Medical Inc. (a)		296		15,537
Penumbra Inc. (a)		850		103,870
				1,646,389
Healthcare Facilities - 0.4%
Acadia Healthcare Company Inc.��(a)(b)		3,239		83,275
Select Medical Holdings Corp. (a)		1,423		21,843
Tenet Healthcare Corp. (a)		432		7,404
The Ensign Group Inc.		415		16,098
				128,620
Healthcare Services - 1.4%
Amedisys Inc. (a)		461		53,988
AMN Healthcare Services Inc. (a)		517		29,293
BioTelemetry Inc. (a)		1,859		111,020
Chemed Corp.		85		24,079
Diplomat Pharmacy Inc. (a)		4,472		60,193
MEDNAX Inc. (a)		3,838		126,654
RadNet Inc. (a)		1,973		20,065
				425,292
Healthcare Supplies - 1.1%
Avanos Medical Inc. (a)		5,620		251,720
Endologix Inc. (a)		9,292		6,653
ICU Medical Inc. (a)		106		24,341
Lantheus Holdings Inc. (a)		1,345		21,049
Merit Medical Systems Inc. (a)		691		38,565
				342,328
Healthcare Technology - 1.9%
HMS Holdings Corp. (a)		7,069		198,851
Medidata Solutions Inc. (a)		2,975		200,574
NextGen Healthcare Inc. (a)		1,018		15,423
Omnicell Inc. (a)		1,605		98,290
Teladoc Health Inc. (a)		1,675		83,030
				596,168
Home Building - 0.2%
KB Home		780		14,898
LGI Homes Inc. (a)		478		21,615
TopBuild Corp. (a)		838		37,710
				74,223
Home Furnishing Retail - 0.6%
Aaron’s Inc. (b)		3,953		166,224
RH (a)		273		32,711
				198,935

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 — December 31, 2018

	Number of Shares		Fair Value $
Hotel & Resort REITs - 0.5%
Ashford Hospitality Trust Inc.		1,664		6,656
Chatham Lodging Trust		1,193		21,092
RLJ Lodging Trust		6,764		110,930
				138,678
Hotels, Resorts & Cruise Lines - 0.8%
Extended Stay America Inc.		15,037		233,074
Hilton Grand Vacations Inc. (a)		301		7,943
				241,017
Household Appliances - 0.5%
Helen of Troy Ltd. (a)		1,084		142,199
Housewares & Specialties - 0.0%*
Tupperware Brands Corp.		235		7,419
Human Resource & Employment Services - 0.4%
ASGN Inc. (a)		447		24,361
Barrett Business Services Inc.		179		10,248
Heidrick & Struggles International Inc.		448		13,973
Insperity Inc.		622		58,070
Kforce Inc.		966		29,869
				136,521
Hypermarkets & Super Centers - 0.1%
BJ’s Wholesale Club Holdings Inc. (a)		941		20,853
Industrial Machinery - 7.8%
Actuant Corp., Class A (b)		10,126		212,545
Altra Industrial Motion Corp.		6,094		153,264
Barnes Group Inc.		5,093		273,087
Crane Co.		2,154		155,476
Evoqua Water Technologies Corp. (a)		3,275		31,440
Franklin Electric Company Inc.		641		27,486
Harsco Corp. (a)		594		11,797
Hillenbrand Inc.		489		18,548
John Bean Technologies Corp.		2,750		197,477
Kennametal Inc.		805		26,790
LB Foster Co., Class A (a)		741		11,782
Lydall Inc. (a)		3,375		68,546
Mueller Industries Inc.		4,698		109,745
Standex International Corp.		1,965		132,009
The Timken Co.		7,522		280,721
TriMas Corp. (a)		3,425		93,468
Watts Water Technologies Inc., Class A		1,507		97,247
Welbilt Inc. (a)		16,900		187,759
Woodward Inc.		4,050		300,874
				2,390,061

	Number of Shares		Fair Value $
Industrial REITs - 0.6%
EastGroup Properties Inc.		1,417		129,981
Rexford Industrial Realty Inc.		579		17,063
STAG Industrial Inc.		1,562		38,863
				185,907
Interactive Home Entertainment - 0.1%
Glu Mobile Inc. (a)		2,997		24,186
Interactive Media & Services - 0.1%
Care.com Inc. (a)		1,255		24,234
Internet & Direct Marketing Retail - 0.1%
Stamps.com Inc. (a)		130		20,233
Internet Services & Infrastructure - 0.8%
Okta Inc. (a)		4,025		256,795
Investment Banking & Brokerage - 0.9%
BGC Partners Inc., Class A		2,683		13,871
Evercore Inc., Class A		233		16,674
Greenhill & Company Inc.		707		17,251
Houlihan Lokey Inc.		798		29,366
Piper Jaffray Cos.		515		33,908
Raymond James Financial Inc.		1,842		137,063
Stifel Financial Corp.		781		32,349
				280,482
IT Consulting & Other Services - 0.1%
Perficient Inc. (a)		827		18,409
Science Applications International Corp.		248		15,798
				34,207
Leisure Products - 0.6%
Acushnet Holdings Corp.		438		9,229
Malibu Boats Inc., Class A (a)		628		21,854
MasterCraft Boat Holdings Inc. (a)		986		18,438
Polaris Industries Inc.		1,594		122,228
				171,749
Life & Health Insurance - 0.1%
Trupanion Inc. (a)		1,421		36,179
Life Sciences Tools & Services - 1.7%
Bruker Corp.		4,225		125,778
Cambrex Corp. (a)		204		7,703
ICON PLC (a)		1,401		181,023
Medpace Holdings Inc. (a)		448		23,713
PRA Health Sciences Inc. (a)		363		33,382
Syneos Health Inc. (a)		4,046		159,210
				530,809

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 — December 31, 2018

	Number of Shares		Fair Value $
Managed Healthcare - 0.1%
Magellan Health Inc. (a)		269		15,303
Marine - 0.1%
Kirby Corp. (a)		211		14,213
Matson Inc.		625		20,012
				34,225
Multi-Line Insurance - 0.4%
Horace Mann Educators Corp.		2,747		102,875
National General Holdings Corp.		807		19,538
				122,413
Multi-Utilities - 0.1%
Black Hills Corp.		640		40,179
Office REITs - 0.7%
Brandywine Realty Trust		1,999		25,727
Corporate Office Properties Trust		966		20,315
Cousins Properties Inc.		21,592		170,577
Franklin Street Properties Corp.		2,053		12,790
				229,409
Office Services & Supplies - 1.0%
Herman Miller Inc.		538		16,274
HNI Corp.		480		17,006
Knoll Inc.		691		11,388
MSA Safety Inc.		2,662		250,947
Steelcase Inc., Class A		1,243		18,434
				314,049
Oil & Gas Drilling - 0.0%*
Nabors Industries Ltd.		3,783		7,566
Oil & Gas Equipment & Services - 0.6%
C&J Energy Services Inc. (a)		1,391		18,779
Cactus Inc., Class A (a)		736		20,174
Forum Energy Technologies Inc. (a)		9,079		37,496
Keane Group Inc. (a)		689		5,636
Natural Gas Services Group Inc. (a)		1,010		16,604
Oil States International Inc. (a)		5,266		75,198
				173,887
Oil & Gas Exploration & Production - 1.4%
Callon Petroleum Co. (a)		4,780		31,022
Carrizo Oil & Gas Inc. (a)		5,917		66,803
Gulfport Energy Corp. (a)		2,332		15,275
Newfield Exploration Co. (a)		11,233		164,676
Oasis Petroleum Inc. (a)		1,484		8,207
PDC Energy Inc. (a)		344		10,237
Range Resources Corp.		1,086		10,393

	Number of Shares		Fair Value $
Ring Energy Inc. (a)		3,464		17,597
Rosehill Resources Inc. (a)		1,175		2,620
SM Energy Co.		6,627		102,586
WildHorse Resource Development Corp. (a)		461		6,505
				435,921
Oil & Gas Refining & Marketing - 0.1%
Renewable Energy Group Inc. (a)		807		20,740
Packaged Foods & Meats - 3.6%
B&G Foods Inc.		7,700		222,607
Calavo Growers Inc.		169		12,330
Hostess Brands Inc. (a)		19,950		218,253
J&J Snack Foods Corp.		425		61,451
John B Sanfilippo & Son Inc.		189		10,520
Sanderson Farms Inc.		2,637		261,828
The Simply Good Foods Co. (a)		6,850		129,465
TreeHouse Foods Inc. (a)		3,960		200,811
				1,117,265
Paper Products - 0.1%
Neenah Inc.		264		15,555
Verso Corp., Class A (a)		797		17,853
				33,408
Personal Products - 0.4%
elf Beauty Inc. (a)		9,350		80,971
USANA Health Sciences Inc. (a)		309		36,379
				117,350
Pharmaceuticals - 2.1%
Assertio Therapeutics Inc. (a)		2,242		8,094
Catalent Inc. (a)		4,887		152,377
Endo International PLC (a)		1,166		8,512
Horizon Pharma PLC (a)		1,435		28,040
Innoviva Inc. (a)		1,345		23,470
Phibro Animal Health Corp., Class A		628		20,196
Prestige Consumer Healthcare Inc. (a)		8,072		249,263
Supernus Pharmaceuticals Inc. (a)		4,688		155,735
				645,687
Property & Casualty Insurance - 2.8%
AMERISAFE Inc.		1,987		112,643
Argo Group International Holdings Ltd.		4,793		322,329
James River Group Holdings Ltd.		1,800		65,772
RLI Corp.		1,693		116,800
The Navigators Group Inc.		3,325		231,054
Universal Insurance Holdings Inc.		531		20,136
				868,734

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

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Publishing - 1.3%
John Wiley & Sons Inc., Class A (b)		8,462		397,460
Railroads - 0.7%
Genesee & Wyoming Inc., Class A (a)		2,912		215,546
Real Estate Services - 0.0%*
Newmark Group Inc., Class A		748		5,999
Regional Banks - 8.8%
1st Source Corp.		518		20,896
Bank OZK		486		11,095
BankUnited Inc.		265		7,934
Banner Corp.		369		19,734
Bryn Mawr Bank Corp.		2,575		88,580
Cadence BanCorp		1,778		29,835
Camden National Corp.		537		19,316
Cathay General Bancorp		480		16,094
Chemical Financial Corp.		891		32,620
Columbia Banking System Inc.		902		32,734
Community Bank System Inc.		2,150		125,345
Cullen/Frost Bankers Inc.		1,513		133,053
CVB Financial Corp.		5,900		119,357
Enterprise Financial Services Corp.		658		24,761
Equity Bancshares Inc., Class A (a)		434		15,298
First Financial Bankshares Inc.		675		38,941
First Interstate BancSystem Inc., Class A		937		34,257
Fulton Financial Corp.		8,536		132,137
German American Bancorp Inc.		2,750		76,367
Hancock Whitney Corp.		658		22,800
Home BancShares Inc.		1,368		22,353
IBERIABANK Corp.		2,252		144,759
Independent Bank Corp.		2,250		158,197
Lakeland Financial Corp.		387		15,542
LegacyTexas Financial Group Inc.		1,096		35,171
Origin Bancorp Inc.		650		22,152
Pinnacle Financial Partners Inc.		584		26,922
Prosperity Bancshares Inc.		4,417		275,179
Renasant Corp.		5,612		169,370
Sandy Spring Bancorp Inc.		758		23,756
Simmons First National Corp., Class A		932		22,489
Stock Yards Bancorp Inc.		2,290		75,112
UMB Financial Corp.		3,800		231,686
Umpqua Holdings Corp.		1,871		29,749
Union Bankshares Corp.		816		23,036
United Community Banks Inc.		1,150		24,679
Washington Trust Bancorp Inc.		1,975		93,872
Westamerica Bancorporation		2,587		144,044

	Number of Shares		Fair Value $
Western Alliance Bancorp (a)		3,851		152,076
Wintrust Financial Corp.		369		24,535
				2,715,833
Research & Consulting Services - 0.3%
Resources Connection Inc.		6,985		99,187
Restaurants - 1.2%
BJ’s Restaurants Inc.		553		27,965
Bloomin’ Brands Inc.		448		8,015
Brinker International Inc.		504		22,166
Cracker Barrel Old Country Store Inc.		456		72,896
Dave & Buster’s Entertainment Inc.		359		15,997
El Pollo Loco Holdings Inc. (a)		2,700		40,959
Red Robin Gourmet Burgers Inc. (a)		223		5,958
Ruth’s Hospitality Group Inc.		1,148		26,094
Texas Roadhouse Inc.		1,730		103,281
The Cheesecake Factory Inc.		1,268		55,171
				378,502
Retail REITs - 0.1%
Retail Opportunity Investments Corp.		2,050		32,554
Security & Alarm Services - 1.0%
The Brink’s Co.		4,834		312,518
Semiconductor Equipment - 0.6%
Advanced Energy Industries Inc. (a)		899		38,594
Amkor Technology Inc. (a)		1,883		12,353
Ichor Holdings Ltd. (a)		2,091		34,083
MKS Instruments Inc.		359		23,195
Nanometrics Inc. (a)		628		17,163
Rudolph Technologies Inc. (a)		2,835		58,033
Versum Materials Inc.		417		11,559
				194,980
Semiconductors - 0.6%
Cirrus Logic Inc. (a)		223		7,399
Semtech Corp. (a)		3,454		158,435
SMART Global Holdings Inc. (a)		1,026		30,472
				196,306
Soft Drinks - 0.2%
Cott Corp.		4,459		62,158
Specialized Consumer Services - 0.0%*
Weight Watchers International Inc. (a)		357		13,762

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

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

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

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Specialized REITs - 0.3%
CoreSite Realty Corp.		800		69,784
PotlatchDeltic Corp.		989		31,292
				101,076
Specialty Chemicals - 4.5%
Chase Corp.		385		38,519
Ferro Corp. (a)		1,236		19,380
HB Fuller Co.		5,516		235,368
Ingevity Corp. (a)		2,156		180,436
Innospec Inc.		2,475		152,856
Minerals Technologies Inc.		397		20,382
PolyOne Corp.		4,973		142,228
PQ Group Holdings Inc. (a)		590		8,738
Quaker Chemical Corp.		913		162,249
Sensient Technologies Corp.		6,133		342,528
Stepan Co.		1,306		96,644
				1,399,328
Specialty Stores - 0.6%
Sally Beauty Holdings Inc. (a)		10,348		176,433
Steel - 0.4%
Carpenter Technology Corp.		887		31,586
Commercial Metals Co.		4,896		78,434
				110,020
Systems Software - 1.0%
Progress Software Corp.		693		24,595
Qualys Inc. (a)		2,425		181,244
Talend S.A. ADR (a)		2,650		98,262
				304,101
Technology Distributors - 0.2%
Insight Enterprises Inc. (a)		448		18,256
SYNNEX Corp.		206		16,653
Tech Data Corp. (a)		466		38,124
				73,033
Technology Hardware, Storage & Peripherals - 0.7%
Diebold Nixdorf Inc.		6,252		15,567
Pure Storage Inc., Class A (a)		12,750		205,020
				220,587
Thrifts & Mortgage Finance - 0.6%
Axos Financial Inc. (a)		876		22,058
Essent Group Ltd. (a)		558		19,072

	Number of Shares		Fair Value $
HomeStreet Inc. (a)		1,008		21,400
Kearny Financial Corp.		646		8,282
NMI Holdings Inc., Class A (a)		1,076		19,206
Walker & Dunlop Inc.		444		19,203
WSFS Financial Corp.		2,042		77,412
				186,633
Tires & Rubber - 0.1%
Cooper Tire & Rubber Co.		1,412		45,650
Tobacco - 0.1%
Turning Point Brands Inc.		646		17,584
Trading Companies & Distributors - 0.6%
Applied Industrial Technologies Inc.		3,162		170,558
BMC Stock Holdings Inc. (a)		897		13,886
GMS Inc. (a)		571		8,485
				192,929
Trucking - 0.6%
ArcBest Corp.		448		15,349
Avis Budget Group Inc. (a)		538		12,094
Marten Transport Ltd.		1,200		19,428
Old Dominion Freight Line Inc.		1,020		125,960
Saia Inc. (a)		293		16,355
				189,186
Total Common Stock (Cost $26,774,201)				29,559,009
Short-Term Investments - 4.1%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.31%(Cost $1,256,107) (c,d)		1,256,107		1,256,107
Total Investments (Cost $28,030,308)				30,815,116
Liabilities in Excess of Other Assets, net - (0.1)%				(33,707	)
NET ASSETS - 100.0%				30,781,409

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

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

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

Notes to Schedule of Investments — December 31, 2018

Other Information:

The Fund had the following long futures contracts open at December 31, 2018:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Depreciation
E-mini Russell 2000 Index Futures		March 2019		7	$	490,332	$	472,150	$	(18,182	)

During the year ended December 31, 2018, average notional value related to long futures contracts was $649,706.

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 December 31, 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’ssub-administrator, custodian and accounting agent.

(d) Coupon amount represents effective yield.

† Percentages are based on net assets as of December 31, 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 December 31, 2018:

	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stock	$	29,559,009		$	—	$	—	$	29,559,009
Short-Term Investments		1,256,107			—		—		1,256,107
Total Investments in Securities	$	30,815,116		$	—	$	—	$	30,815,116
Other Financial Instruments
Long Futures Contracts - Unrealized Depreciation	$	(18,182	)	$	—	$	—	$	(18,182	)

Affiliate Table

	Number of Shares Held at 12/31/17		Value At 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Number of Shares Held at 12/31/18		Value at 12/31/18		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		2,619,140	$	2,619,140	$	12,603,910	$	13,966,943		1,256,107	$	1,256,107	$	36,501

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

State Street Small-Cap Equity V.I.S. Fund 13

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

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

	12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date														4/28/00
Net asset value, beginning of period	$	14.73		$	14.40		$	12.20		$	14.39		$	16.26
Income/(loss) from investment operations:
Net investment loss		(0.02	)(a)		(0.02	)(a)		(0.03	)		(0.04	)		(0.06	)
Net realized and unrealized gains/(losses) on investments		(1.43	)		1.86			2.93			(0.52	)		0.67
Total income/(loss) from investment operations		(1.45	)		1.84			2.90			(0.56	)		0.61
Less distributions from:
Net investment income		—			—			—			—			—
Net realized gains		2.04			1.51			0.70			1.63			2.48
Total distributions		2.04			1.51			0.70			1.63			2.48
Net asset value, end of period	$	11.24		$	14.73		$	14.40		$	12.20		$	14.39
					��
Total Return(b)		(9.70	)%		12.71	%		23.77	%		(4.12	)%		3.77	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	30,781		$	40,711		$	42,320		$	38,359		$	43,460
Ratios to average net assets:
Net expenses		1.20	%		1.25	%		1.40	%		1.36	%		1.33	%(c)
Gross expenses		1.20	%		1.25	%		1.40	%		1.36	%		1.33	%
Net investment loss		(0.13	)%		(0.13	)%		(0.22	)%		(0.30	)%		(0.35	)%
Portfolio turnover rate		33	%		32	%		36	%		42	%		37	%

Notes to Financial Highlights

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

(b) Total returns are historical and assume changes in share price, 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.

* 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 Small-Cap Equity V.I.S. Fund

Statement of Assets and Liabilities — December 31, 2018

Assets
Investments in securities, at fair value (cost $26,774,201)	$	29,559,009
Short-term affiliated investments, at fair value		1,256,107
Cash collateral on deposit with broker for future contracts		72,025
Receivable for investments sold		51,497
Income receivables		28,408
Receivable for fund shares sold		554
Income receivable from affiliated investments		2,925
Total assets		30,970,525
Liabilities
Payable for investments purchased		66,553
Payable for fund shares redeemed		31,310
Payable for accumulated variation margin on futures contracts		18,165
Payable to the Adviser		25,634
Payable for custody, fund accounting andsub-administration fees		2,409
Accrued other expenses		45,045
Total liabilities		189,116
Net Assets	$	30,781,409
Net Assets Consist of:
Capital paid in	$	28,261,672
Total distributable earnings (loss)		2,519,737
Net Assets	$	30,781,409
Shares outstanding ($0.01 par value; unlimited shares authorized)		2,739,490
Net asset value per share	$	11.24

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

Statement of Assets and Liabilities 15

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

Statement of Operations — For the year ended December 31, 2018

Investment Income
Income
Dividend	$	384,285
Income from affiliated investments		36,501
Less: Foreign taxes withheld		(1,399	)
Total income		419,387
Expenses
Advisory and administration fees		369,578
Directors’ fees		3,294
Custody, fund accounting andsub-administration fees		26,991
Professional fees		42,210
Other expenses		23,323
Total Expenses		465,396
Net investment loss	$	(46,009	)
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	4,486,906
Futures		(46,013	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(7,484,256	)
Futures		(23,882	)
Net realized and unrealized gain (loss) on investments		(3,067,245	)
Net Decrease in Net Assets Resulting from Operations	$	(3,113,254	)

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

16 Statement of Operations

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

Statements of Changes in Net Assets

	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment loss	$	(46,009	)	$	(52,152	)
Net realized gain (loss) on investments and futures		4,440,893			3,516,588
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		(7,508,138	)		1,434,489
Net increase (decrease) from operations		(3,113,254	)		4,898,925
Distributions to shareholders:
Total distributions		(4,717,857	)		(3,784,875	)
Increase (decrease) in assets from operations and distributions		(7,831,111	)		1,114,050
Share transactions:
Proceeds from sale of shares		513,653			1,538,799
Value of distributions reinvested		4,717,857			3,784,875
Cost of shares redeemed		(7,330,360	)		(8,046,695	)
Net increase (decrease) from share transactions		(2,098,850	)		(2,723,021	)
Total increase (decrease) in net assets		(9,929,961	)		(1,608,971	)
Net Assets
Beginning of year		40,711,370			42,320,341
End of year	$	30,781,409		$	40,711,370
Changes in Fund Shares
Shares sold		34,303			103,389
Issued for distributions reinvested		425,032			255,908
Shares redeemed		(482,858	)		(535,089	)
Net decrease in fund shares		(23,523	)		(175,792	)

For the year ended December 31, 2017, the source of distributions paid to shareholders was (See Note 11 in the Notes to Financial Statements):

Net realized gains	$	(3,784,875	)
Undistributed net investment income as of December 31, 2017:	$	—

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

Statements of Changes in Net Assets 17

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

Notes to Financial Statements — December 31, 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 anopen-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 StreetSmall-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 overseeing the determination 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.

18 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2018

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 December 31, 2018 is disclosed in the Fund’s Schedule of Investments.

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

Dividend income and capital gain distributions, if any, are recognized on theex-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 December 31, 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

Notes to Financial Statements 19

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

Notes to Financial Statements, continued — December 31, 2018

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 fiscal year ended December 31, 2018, the Fund entered into futures contracts for cash equitization.

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 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 StreetSmall-Cap Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(18,165	)	$	—	$	(18,165	)

Net Realized Gain (Loss)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
State StreetSmall-Cap Equity V.I.S. Fund
Futures contracts	$	—	$	—	$	—	$	(46,013	)	$	—	$	(46,013	)

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 StreetSmall-Cap Equity V.I.S. Fund
Futures contracts	$	—	$	—	$	—	$	(23,882	)	$	—	$	(23,882	)

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 %.

Custody, Fund Accounting andSub-Administration Fees  State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant andsub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included custody, fund accounting andsub-administration fees on the Statement of Operations.

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 fiscal year ended December 31, 2018 are disclosed in the Schedule of Investments.

20 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2018

5. Sub-Advisory Fees

Pursuant to investmentsub-advisory agreements with SSGA FM, the assets of the Fund are allocated to and managed by each of the followingsub-advisers: (i) Palisade Capital Management, L.L.C.; (ii) Champlain Investment Partners, LLC; (iii) GlobeFlex Capital, L.P.; (iv) Kennedy Capital Management, Inc.; and (v) SouthernSun Asset Management, LLC. SSGA FM is responsible for allocating the Fund’s assets among thesub-advisers in its discretion (“Allocated Assets”), and for managing the Fund’s cash position, while eachsub-adviser is responsible for theday-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 eachsub-adviser an investmentsub-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 otherout-of-pocket expenses in connection with meeting attendance and industry seminars.

7. Investment Transactions

Purchases and sales of investments (excludingin-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2018 were as follows:

Non-U.S. Government Securities
Purchases			Sales
	$	12,193,458		$	17,854,986

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 onex-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. Certain capital accounts in the financial statements have been adjusted for permanentbook-tax differences. These adjustments have no impact on net asset values or results of operations. Temporarybook-tax differences will reverse in the future. These book tax differences are primarily due to differing treatments for futures contracts, return of capital distributions received, and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2018 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	102,739		$	4,615,118		$	4,717,857

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	378,098		$	3,406,777		$	3,784,875

Notes to Financial Statements 21

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

Notes to Financial Statements, continued — December 31, 2018

At December 31, 2018 the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Capital Loss Carryforwards			Undistributed long term gain			Net Unrealized Gains (Losses)			Qualified Late-Year Losses			Total
	$	3,414		$	—		$	218,461		$	2,297,862		$	—		$	2,519,737

As of December 31, 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)
	$	28,499,072		$	5,648,140		$	3,350,278		$	2,297,862

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 2019 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 and1-month LIBOR rate.

The Fund had no outstanding loans as of December 31, 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. New and Recent Accounting Pronouncements

In August 2018, the Securities and Exchange Commission released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The Fund has adopted the Final Rule for the current period with the most notable impacts being that the Fund is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statement of Changes in Net Assets.

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.

22 Notes to Financial Statements

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

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of State Street Small-Cap Equity V.I.S. Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of State Street Small-Cap Equity V.I.S. Fund (the “Fund”) (one of the funds constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for periods ended prior to January 1, 2016 were audited by another independent registered public accounting firm whose report, dated February 19, 2016, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financials reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 19, 2019

Report of Independent Registered Public Accounting Firm 23

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

Tax Information — December 31, 2018 (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for its fiscal year ended December 31, 2018.

Dividends Received Deduction

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Long Term Capital Gain Distributions

Long term capital gains dividends were paid from the Fund during the year ended December 31, 2018 in the amount of $4,615,118.

24 Tax Information

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

Special Meeting of Shareholders — Voting Results

A special meeting of shareholders of State Street Variable Insurance Series Funds, Inc. (the “Company”) was held on January 10, 2019 to elect the following six nominees as Directors of the Company: Michael F. Holland, Michael A. Jessee, Ellen M. Needham, Patrick J. Riley, Richard D. Shirk and Rina K. Spence. At the meeting the following votes were recorded:

Nominee	Shares For		Shares Withheld
Michael F. Holland		91,260,156.834		2,655,810.669
Michael A. Jessee		91,345,936.433		2,570,031.070
Ellen M. Needham		91,642,423.619		2,273,543.884
Patrick J. Riley		91,136,965.946		2,779,001.557
Richard D. Shirk		91,293,712.247		2,622,255.256
Rina K. Spence		90,957,562.624		2,958,404.879

The other Directors whose term of office continued after the meeting are as follows: Jeanne M. La Porta, John R. Costantino and Donna M. Rapaccioli.

Special Meeting of Shareholders — Voting Results 25

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

Other Information — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INDEPENDENT DIRECTORS
Michael F. Holland c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1944	Director and Co-Chairperson of the Board	Term: Indefinite Elected: 1/19	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		67	Director, the Holland Series Fund, Inc.; Director, The China Fund, Inc.; Director, The Taiwan Fund, Inc. (2007-2017); Director, Reaves Utility Income Fund, Inc.; and Director, Blackstone/GSO Loans (and Real Estate) Funds.
Patrick J. Riley c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Director and Co-Chairperson of the Board	Term: Indefinite Elected: 1/19	2002 to May 2010, Associate Justice of the Superior Court, Commonwealth of Massachusetts; 1985 to 2002, Partner, Riley, Burke & Donahue, L.L.P. (law firm); 1998 to Present, Independent Director, State Street Global Advisers Ireland, Ltd. (investment company); 1998 to Present, Independent Director, SSGA Liquidity plc (formerly, SSGA Cash Management Fund plc); January 2009 to Present, Independent Director, SSGA Fixed Income plc; and January 2009 to Present, Independent Director, SSGA Qualified Funds PLC.		67	Board Director and Chairman, SPDR Europe 1PLC Board (2011 – Present); Board Director and Chairman, SPDR Europe II, PLC (2013 – Present).
John R. Costantino c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director and Co-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 1997	Managing General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		67	Director of Kleinfeld Bridal Corp. (March 2016 – present);Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 – February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).
Donna M. Rapaccioli c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1962	Director and Co-Chairperson of the Audit Committee	Term: Indefinite Elected: 1/12	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		67	Director- Graduate Management Admissions Council (2015 – present); Trustee of Emmanuel College (2010 – present).

26 Other Information

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INDEPENDENT DIRECTORS (continued)
Richard D. Shirk c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1945	Director andCo-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 1/19	March 2001 to April 2002, Chairman (1996 to March 2001, President and Chief Executive Officer), Cerulean Companies, Inc. (holding company) (Retired); 1992 to March 2001, President and Chief Executive Officer, Blue Cross Blue Shield of Georgia (health insurer, managed healthcare).		67	1998 to December 2008, Chairman, Board Member and December 2008 to Present, Investment Committee Member, Healthcare Georgia Foundation (private foundation); September 2002 to 2012, Lead Director and Board Member, Amerigroup Corp. (managed health care); 1999 to 2013, Board Member and (since 2001) Investment Committee Member, Woodruff Arts Center; and 2003 to 2009, Trustee, Gettysburg College; Board member, Aerocare Holdings, Regenesis Biomedical Inc.
Rina K. Spence c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Director andCo-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee	Term: Indefinite Elected: 1/19	President of SpenceCare International LLC (international healthcare consulting) (1999 – present); Chief Executive Officer, IEmily.com (health internet company) (2000 – 2001); Chief Executive Officer of Consensus Pharmaceutical, Inc. (1998 – 1999); Founder, President and Chief Executive Officer of Spence Center for Women’s Health (1994 – 1998); President and CEO, Emerson Hospital (1984 – 1994); Honorary Consul for Monaco in Boston (2015 – present).		67	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director andCo-Chairperson of the Valuation Committee	Term: Indefinite Elected: 1/19	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		67	None

Other Information 27

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INTERESTED DIRECTORS(1)
Jeanne M. La Porta(2) SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Director and President	Time Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.		18	None
Ellen M. Needham(3) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Director	Time Indefinite Elected: 1/19	President and Director, SSGA FM (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).*		67	None

⁽¹⁾  The individuals listed below are Directors who are “interested persons,” as defined in the 1940 Act, of the Company (“Interested Directors”).

⁽²⁾  Ms. La Porta is an Interested Director because of her employment by SSGA Funds Management, Inc., an affiliate of the Company.

⁽³⁾  Ms. Needham is an Interested Director because of her employment by SSGA Funds Management, Inc., an affiliate of the Company.

* Served in various capacities and/or with various affiliated entities during noted time period

† For the purpose of determining the number of portfolios overseen by the Directors, “Fund Complex” comprises registered investment companies for which SSGA FM serves as investment adviser.

28 Other Information

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

Other Information, continued — December 31, 2018 (Unaudited)

The following lists the principal officers for the Company, as well as their mailing addresses and ages, positions with the Company and length of time served, and present and principal occupations:

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS:
Jeanne M. La Porta SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	President and Director	Term: Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.
Arthur A. Jensen SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 YOB: 1966	Treasurer	Term: Indefinite Elected: 6/11	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011– July 2016); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 – July 2016).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer and Anti-Money Laundering Officer	Term: Indefinite Elected: 6/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (2013 – Present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).

Other Information 29

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS: (continued)
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Assistant Treasurer	Term: Indefinite Elected: 6/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Assistant Treasurer	Term: Indefinite Elected: 6/16	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present) *; Managing Director, State Street Global Advisors. (2005 – present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Assistant Treasurer	Term: Indefinite Elected: 6/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Assistant Treasurer	Term: Indefinite Elected: 3/17	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).
Daniel G. Plourde SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1980	Assistant Treasurer	Term: Indefinite Elected: 6/17	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, 7th Floor Boston, MA 02111-2900 YOB: 1976	Secretary	Term: Indefinite Elected: 3/17	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007 – 2013).

* Served in various capacities and/or with various affiliated entities during noted time period.

30 Other Information

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

Other Information, continued — December 31, 2018 (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 calling1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam, or (iii) on the SEC’s website at www.sec.gov. 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, or (iii) on the SEC’s website at www.sec.gov.

Other Information 31

Directors

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers

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.

One Iron Street

Boston, MA 02210

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Annual Report

December 31, 2018

State Street U.S. Equity V.I.S. Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.ssga.com/geam), and you will be notified by mail each time a report is posted, and provided with a website link to access the report.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.

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

Annual Report

December 31, 2018

Table of Contents

	Page
Notes to Performance		1
Manager Review and Schedule of Investments		2
Financial Statements
Financial Highlights		11
Statement of Assets and Liabilities		12
Statement of Operations		13
Statements of Changes in Net Assets		14
Notes to Financial Statements		15
Report of Independent Registered Public Accounting Firm		20
Tax Information		21
Special Meeting of Shareholders — Voting Results		22
Other Information		23

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

Notes to Performance — December 31, 2018 (Unaudited)

The information provided on the performance pages relates to the State Street U.S. Equity V.I.S. Fund (the “Fund”).

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 recentmonth-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.

The S&P 500^® Index is an unmanaged, market capitalization-weighted index of stocks of 500 large U.S. companies, which is widely used as a measure of large-cap U.S. stock market performance. The results shown for the foregoing index assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, the index returns do not reflect the actual cost of investing in the instruments that comprise the index.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

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.

Notes to Performance 1

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

Management Discussion of Fund Performance — December 31, 2018 (Unaudited)

The State Street U.S. Equity V.I.S. Fund (the “Fund”) seeks to provide long-term growth of capital. The Fund’s benchmark is the S&P 500 Index (the “Index”).

For the12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund was-3.40% and the Index was-4.38%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s preference for companies with sustainable earnings growth, positive sector allocation and positive stock selection were primary drivers of Fund performance during the Reporting Period relative to the Index. In a year where growth outperformed value, the Fund’s growth tilt contributed to outperformance against the Index. In terms of sector positioning, the Fund benefited both from overweighting the outperforming technology sector and underweighting the consumer staples and industrials sectors, which lagged. Positive stock selection was concentrated in the financials and information technology sectors, with a modest drag from energy-sector and health care holdings trimming outperformance. In late-year volatility, the Fund’s quality bias contributed to down market protection against a falling Index in the fourth quarter.

The Fund used equity futures in order to efficiently manage cash flows during the Reporting Period. The Fund’s use of futures had a negligible impact on Fund performance.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Visa Inc., Boston Scientific Corp. and CME Group. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Applied Materials Inc., United Rentals Inc., and Schlumberger Limited.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

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

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

Understanding Your Fund’s Expenses — December 31, 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 entiresix-month period ended December 31, 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 July 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2018	$	936.60	$	1,021.32
Expenses Paid During Period	$	3.76	$	3.92

* Expenses are equal to the Fund’s annualized expense ratio of 0.77% (for the period July 1, 2018-December 31, 2018), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

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

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

Performance Summary — December 31, 2018 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2018 (as a % of Fair Value)^(a)(b)

Microsoft Corp.	4.47	%
Amazon.com Inc.	3.56	%
Visa Inc., Class A	3.34	%
Apple Inc.	3.05	%
JPMorgan Chase & Co.	3.04	%
Alphabet Inc., Class A	2.71	%
PepsiCo Inc.	2.43	%
UnitedHealth Group Inc.	2.27	%
Gilead Sciences Inc.	1.88	%
Mondelez International Inc., Class A	1.85	%

Sector Allocation as of December 31, 2018

Portfolio composition as a % of Fair Value of $23,482 (in thousands) on December 31, 2018^(a)(b)

Average Annual Total Return for the periods ended December 31, 2018

Class I Shares (Inception date 1/3/95)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street U.S. Equity V.I.S. Fund		-3.40	%		6.89	%		11.79	%	$	30,484
S&P 500® Index		-4.38	%		8.50	%		13.12	%	$	34,304

(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.

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

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

Performance Summary, continued — December 31, 2018 (Unaudited)

See Notes to Performance beginning on page 1 for further information.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

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

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

Schedule of Investments — December 31, 2018

	Number of Shares			Fair Value $
Common Stock - 96.8%†
Aerospace & Defense - 1.4%
General Dynamics Corp.		406			63,827
Hexcel Corp.		1,047			60,035
Raytheon Co.		759			116,393
The Boeing Co.		249			80,302
					320,557
Air Freight & Logistics - 0.5%
FedEx Corp.		256			41,300
United Parcel Service Inc., Class B		700			68,271
					109,571
Airlines - 0.3%
Alaska Air Group Inc.		671			40,831
JetBlue Airways Corp. (a)		1,438			23,094
					63,925
Application Software - 1.8%
Adobe Inc. (a)		375			84,840
Intuit Inc.		264			51,968
salesforce.com Inc. (a)		2,166			296,677
					433,485
Auto Parts & Equipment - 0.3%
Aptiv PLC		1,035			63,725
Automotive Retail - 0.4%
AutoZone Inc. (a)		123			103,116
Biotechnology - 4.1%
Alexion Pharmaceuticals Inc. (a)		813			79,154
Biogen Inc. (a)		990			297,911
Gilead Sciences Inc.		7,072			442,353
Vertex Pharmaceuticals Inc. (a)		939			155,602
					975,020
Building Products - 0.3%
Allegion PLC		870			69,348
Cable & Satellite - 2.0%
Charter Communications Inc., Class A (a)		1,061			302,353
Comcast Corp., Class A		4,777			162,657
					465,010
Communications Equipment - 0.7%
Cisco Systems Inc.		3,693			160,018
			��
Construction Materials - 0.1%
Vulcan Materials Co.		168			16,598

	Number of Shares		Fair Value $
Consumer Finance - 0.3%
American Express Co.		847		80,736
Data Processing & Outsourced Services - 3.9%
Mastercard Inc., Class A		706		133,187
Visa Inc., Class A		5,937		783,328
				916,515
Diversified Banks - 4.1%
JPMorgan Chase & Co.		7,305		713,114
U.S. Bancorp		1,059		48,396
Wells Fargo & Co.		4,237		195,241
				956,751
Diversified Chemicals - 0.6%
DowDuPont Inc.		2,497		133,540
Electric Utilities - 1.5%
American Electric Power Company Inc.		869		64,949
Duke Energy Corp.		257		22,179
Edison International		456		25,887
Exelon Corp.		2,018		91,012
NextEra Energy Inc.		796		138,361
				342,388
Electrical Components & Equipment - 0.4%
Emerson Electric Co.		1,787		106,773
Electronic Components - 1.3%
Corning Inc.		10,243		309,441
Environmental & Facilities Services - 0.2%
Republic Services Inc.		591		42,605
Fertilizers & Agricultural Chemicals - 0.1%
The Mosaic Co.		1,220		35,636
Financial Exchanges & Data - 2.9%
CME Group Inc.		1,639		308,329
MSCI Inc.		530		78,138
S&P Global Inc.		1,728		293,656
				680,123
Footwear - 0.7%
NIKE Inc., Class B		2,181		161,699
General Merchandise Stores - 0.4%
Dollar Tree Inc. (a)		937		84,630
Gold - 0.1%
Newmont Mining Corp.		642		22,245

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

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Healthcare Distributors - 0.2%
Henry Schein Inc. (a)		503		39,496
Healthcare Equipment - 1.8%
Becton Dickinson and Co.		407		91,705
Boston Scientific Corp. (a)		5,609		198,222
Medtronic PLC		1,511		137,441
				427,368
Healthcare Services - 1.1%
Cigna Corp.		660		125,347
DaVita Inc. (a)		1,369		70,449
Quest Diagnostics Inc.		829		69,031
				264,827
Healthcare Supplies - 0.4%
The Cooper Companies Inc.		334		85,003
Home Improvement Retail - 0.5%
The Home Depot Inc.		716		123,023
Hotels, Resorts & Cruise Lines - 0.3%
Marriott International Inc., Class A		581		63,073
Household Products - 1.0%
The Procter & Gamble Co.		2,480		227,962
Hypermarkets & Super Centers - 0.3%
Walmart Inc.		811		75,545
Independent Power Producers & Energy Traders - 0.1%
NRG Energy Inc.		485		19,206
Industrial Conglomerates - 1.1%
Honeywell International Inc.		1,208		159,601
Roper Technologies Inc.		401		106,874
				266,475
Industrial Gases - 0.5%
Air Products & Chemicals Inc.		565		90,428
Linde PLC		201		31,364
				121,792
Industrial Machinery - 2.5%
Ingersoll-Rand PLC		3,261		297,501
Xylem Inc.		4,503		300,440
				597,941
Insurance Brokers - 0.3%
Marsh & McLennan Companies Inc.		893		71,217

	Number of Shares		Fair Value $
Integrated Oil & Gas - 2.4%
Chevron Corp.		3,250		353,568
Exxon Mobil Corp.		3,101		211,457
				565,025
Integrated Telecommunication Services - 0.7%
AT&T Inc.		1,699		48,490
Verizon Communications Inc.		2,183		122,728
				171,218
Interactive Home Entertainment - 0.3%
Activision Blizzard Inc.		885		41,214
Electronic Arts Inc. (a)		450		35,510
				76,724
Interactive Media & Services - 5.6%
Alphabet Inc., Class A (a)		608		635,336
Alphabet Inc., Class C (a)		325		336,573
Facebook Inc., Class A (a)		2,593		339,916
				1,311,825
Internet & Direct Marketing Retail - 4.3%
Amazon.com Inc. (a)		557		836,598
Booking Holdings Inc. (a)		103		177,409
				1,014,007
Investment Banking & Brokerage - 1.0%
The Charles Schwab Corp.		5,625		233,606
IT Consulting & Other Services - 0.6%
Accenture PLC, Class A		487		68,672
International Business Machines Corp.		693		78,773
				147,445
Life & Health Insurance - 0.3%
Prudential Financial Inc.		766		62,467
Life Sciences Tools & Services - 0.8%
IQVIA Holdings Inc. (a)		1,001		116,286
Thermo Fisher Scientific Inc.		126		28,198
Waters Corp. (a)		233		43,955
				188,439
Managed Healthcare - 2.8%
Humana Inc.		404		115,738
UnitedHealth Group Inc.		2,144		534,113
				649,851
Movies & Entertainment - 2.3%
Netflix Inc. (a)		431		115,362

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

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

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

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
The Walt Disney Co.		3,857		422,920
				538,282
Multi-Line Insurance - 0.3%
American International Group Inc.		734		28,927
The Hartford Financial Services Group Inc.		864		38,405
				67,332
Multi-Sector Holdings - 1.3%
Berkshire Hathaway Inc., Class B (a)		1,450		296,061
Multi-Utilities - 1.1%
Dominion Energy Inc.		685		48,950
Sempra Energy		1,840		199,070
				248,020
Oil & Gas Equipment & Services - 0.9%
Schlumberger Ltd.		5,949		214,640
Oil & Gas Exploration & Production - 1.6%
Concho Resources Inc. (a)		534		54,890
ConocoPhillips		1,292		80,556
Diamondback Energy Inc.		2,072		192,074
EOG Resources Inc.		436		38,024
				365,544
Oil & Gas Refining & Marketing - 0.3%
Marathon Petroleum Corp.		1,025		60,485
Packaged Foods & Meats - 2.1%
Mondelez International Inc., Class A		10,863		434,846
The Kraft Heinz Co.		1,203		51,777
				486,623
Pharmaceuticals - 4.6%
Allergan PLC		2,592		346,447
Elanco Animal Health Inc. (a)		1,687		53,191
Johnson & Johnson		2,071		267,263
Merck & Company Inc.		1,208		92,303
Mylan N.V. (a)		5,051		138,397
Pfizer Inc.		3,946		172,243
				1,069,844
Property & Casualty Insurance - 0.4%
Chubb Ltd.		719		92,880
Railroads - 0.5%
Union Pacific Corp.		883		122,057

	Number of Shares		Fair Value $
Regional Banks - 1.6%
First Republic Bank		4,376		380,274
Restaurants - 1.0%
McDonald’s Corp.		1,385		245,934
Semiconductor Equipment - 1.5%
Applied Materials Inc.		11,055		361,941
Semiconductors - 2.7%
Broadcom Inc.		1,611		409,645
Intel Corp.		2,844		133,469
NVIDIA Corp.		684		91,314
				634,428
Soft Drinks - 2.4%
PepsiCo Inc.		5,168		570,961
Specialized REITs - 3.2%
American Tower Corp. (b)		2,105		332,990
Equinix Inc.		722		254,548
Extra Space Storage Inc.		1,765		159,697
				747,235
Specialty Chemicals - 0.7%
Albemarle Corp.		1,504		115,914
PPG Industries Inc.		601		61,440
				177,354
Specialty Stores - 0.3%
Ulta Salon Cosmetics & Fragrance Inc. (a)		249		60,965
Steel - 0.0%*
Steel Dynamics Inc.		340		10,214
Systems Software - 5.7%
Microsoft Corp.		10,329		1,049,117
Oracle Corp.		3,177		143,442
Proofpoint Inc. (a)		492		41,234
Red Hat Inc. (a)		153		26,873
ServiceNow Inc. (a)		407		72,466
				1,333,132
Technology Hardware, Storage & Peripherals - 3.0%
Apple Inc.		4,546		717,086
Tobacco - 0.5%
Philip Morris International Inc.		1,732		115,628
Trading Companies & Distributors - 1.3%
United Rentals Inc. (a)		3,091		316,920

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

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

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

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Wireless Telecommunication Services - 0.2%
T-Mobile US Inc. (a)		744		47,327
Total Common Stock (Cost $20,077,990)				22,738,157
Short-Term Investments - 3.2%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.31% (Cost $743,662) (c)(d)		743,662		743,662
Total Investments (Cost $20,821,652)				23,481,819
Liabilities in Excess of Other Assets, net - (0.0)%*				(8,446	)
NET ASSETS - 100.0%				23,473,373

Other Information:

The Fund had the following long futures contracts open at December 31, 2018:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Depreciation
S&P 500 Emini Index Futures		March 2019		2	$	260,540	$	250,520	$	(10,020	)

During the year ended December 31, 2018, average notional value related to long futures contracts and short futures contracts was $219,813 and $52,995, respectively.

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

State Street U.S. Equity V.I.S. Fund 9

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

Notes to Schedule of Investments — December 31, 2018

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 December 31, 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’ssub-administrator, custodian and accounting agent.

(d) Coupon amount represents effective yield.

† Percentages are based on net assets as of December 31, 2018.

* Less than 0.05%.

Abbreviations:

REIT - Real Estate Investment Trust

Investments	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stock	$	22,738,157		$	—	$	—	$	22,738,157
Short-Term Investments		743,662			—		—		743,662
Total Investments in Securities	$	23,481,819		$	—	$	—	$	23,481,819
Other Financial Instruments
Long Futures Contracts - Unrealized Depreciation	$	(10,020	)	$	—	$	—	$	(10,020	)

Affiliate Table

	Number of Shares Held at 12/31/17		Value At 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Number of Shares Held at 12/31/18		Value at 12/31/18		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		1,034,501	$	1,034,501	$	5,718,026	$	6,008,865		743,662	$	743,662	$	12,720

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

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

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

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

	12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date														1/3/95
Net asset value, beginning of period	$	44.20		$	42.02		$	42.25		$	48.44		$	46.63
Income/(loss) from investment operations:
Net investment income		0.37	(a)		0.35	(a)		0.55			0.53			0.50
Net realized and unrealized gains/(losses) on investments		(1.90	)		8.03			3.41			(1.56	)		5.48
Total income/(loss) from investment operations		(1.53	)		8.38			3.96			(1.03	)		5.98
Less distributions from:
Net investment income		0.41			0.38			0.54			0.53			0.46
Net realized gains		4.19			5.82			3.65			4.63			3.71
Total distributions		4.60			6.20			4.19			5.16			4.17
Net asset value, end of period	$	38.07		$	44.20		$	42.02		$	42.25		$	48.44
Total Return(b)		(3.40	)%		19.91	%		9.31	%		(2.30	)%		12.77	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	23,473		$	28,308		$	27,336		$	31,405		$	35,178
Ratios to average net assets:
Net expenses		0.80	%		0.85	%		0.83	%		0.76	%		0.77	%(c)
Gross expenses		0.80	%		0.85	%		0.83	%		0.76	%		0.77	%
Net investment income		0.81	%		0.75	%		1.16	%		1.04	%		0.99	%
Portfolio turnover rate		41	%		80	%		37	%		37	%		43	%

Notes to Financial Highlights

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

(b) Total returns are historical and assume changes in share price, 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.

* 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 11

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

Statement of Assets and Liabilities — December 31, 2018

Assets
Investments in securities, at fair value (cost $20,077,990)	$	22,738,157
Short-term affiliated investments, at fair value		743,662
Cash		1,768
Cash collateral on deposit with broker for future contracts		29,258
Income receivables		28,704
Receivable for fund shares sold		415
Income receivable from affiliated investments		1,645
Total assets		23,543,609
Liabilities
Payable for fund shares redeemed		10,913
Payable for accumulated variation margin on futures contracts		10,015
Payable to the Adviser		11,247
Payable for custody, fund accounting andsub-administration fees		1,507
Accrued other expenses		36,554
Total liabilities		70,236
Net Assets	$	23,473,373
Net Assets Consist of:
Capital paid in	$	20,732,590
Total distributable earnings (loss)		2,740,783
Net Assets	$	23,473,373
Shares outstanding ($0.01 par value; unlimited shares authorized)		616,663
Net asset value per share	$	38.07

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

12 Statement of Assets and Liabilities

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

Statement of Operations — For the period ended December 31, 2018

Investment Income
Income
Dividend	$	433,285
Income from affiliated investments		12,720
Total income		446,005
Expenses
Advisory and administration fees		151,880
Directors’ fees		2,258
Custody, fund accounting andsub-administration fees		13,386
Professional fees		36,116
Other expenses		17,646
Total Expenses		221,286
Net investment income	$	224,719
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	2,183,723
Futures		2,165
Foreign currency transactions		(37	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(3,044,544	)
Futures		(10,491	)
Net realized and unrealized gain (loss) on investments		(869,184	)
Net Decrease in Net Assets Resulting from Operations	$	(644,465	)

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

Statement of Operations 13

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

Statements of Changes in Net Assets

	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	224,719		$	212,471
Net realized gain (loss) on investments and futures transactions		2,185,851			3,495,066
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		(3,055,035	)		1,432,584
Net increase (decrease) from operations		(644,465	)		5,140,121
Distributions to shareholders:
Total distributions		(2,528,893	)		(3,484,811	)
Increase (decrease) in assets from operations and distributions		(3,173,358	)		1,655,310
Share transactions:
Proceeds from sale of shares		241,533			272,095
Value of distributions reinvested		2,528,893			3,484,811
Cost of shares redeemed		(4,431,611	)		(4,440,611	)
Net increase (decrease) from share transactions		(1,661,185	)		(683,705	)
Total increase (decrease) in net assets		(4,834,543	)		971,605
Net Assets
Beginning of year		28,307,916			27,336,311
End of year	$	23,473,373		$	28,307,916
Changes in Fund Shares
Shares sold		5,408			5,950
Issued for distributions reinvested		66,920			78,699
Shares redeemed		(96,095	)		(94,827	)
Net decrease in fund shares		(23,767	)		(10,178	)

For the year ended December 31, 2017, the source of distributions paid to shareholders was (See Note 10 in the Notes to Financial Statements):

Net investment income	$	(212,881	)
Net realized gains		(3,271,930	)
Total distributions		(3,484,811	)
Undistributed net investment income as of December 31, 2017:	$	—

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

14 Statements of Changes in Net Assets

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

Notes to Financial Statements — December 31, 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 anopen-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 StreetSmall-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 overseeing the determination of the fair value of investments.

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

• Equity investments (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 (“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 15

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

Notes to Financial Statements, continued — December 31, 2018

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 December 31, 2018 is disclosed in the Fund’s Schedule of Investments.

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

Dividend income and capital gain distributions, if any, are recognized on theex-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 December 31, 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.

16 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2018

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 fiscal year ended December 31, 2018, the Fund entered into futures contracts for cash equitization.

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 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 U.S. Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(10,020	)	$	—	$	(10,020	)

Realized Gain (Loss)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
State Street U.S. Equity V.I.S. Fund
Futures contracts	$	—	$	—	$	—	$	2,165	$	—	$	2,165

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 U.S. Equity V.I.S. Fund
Futures contracts	$	—	$	—	$	—	$	(10,491	)	$	—	$	(10,491	)

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%.

Notes to Financial Statements 17

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

Notes to Financial Statements, continued — December 31, 2018

Custody, Fund Accounting andSub-Administration Fees  State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant andsub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included custody, fund accounting andsub-administration fees on the Statement of Operations.

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 fiscal year ended December 31, 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 otherout-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Investment Transactions

Purchases and sales of investments (excludingin-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2018 were as follows:

Non-U.S. Government Securities
Purchases			Sales
	$	10,944,678		$	14,571,772

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 onex-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. Certain capital accounts in the financial statements have been adjusted for permanentbook-tax differences. These adjustments have no impact on net asset values or results of operations. Temporarybook-tax differences will reverse in the future. These book tax differences are primarily due to differing treatments for foreign currency gains and losses, futures contracts, nontaxable dividends, and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2018 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	235,762		$	2,293,131		$	2,528,893

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	906,431		$	2,578,380		$	3,484,811

18 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2018

At December 31, 2018 the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Capital Loss Carryforwards			Undistributed long term gain			Net Unrealized Gains (Losses)			Qualified Late-Year Losses			Total
	$	6,559		$	—		$	220,619		$	2,513,605		$	—		$	2,740,783

As of December 31, 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)
	$	20,958,194		$	3,910,156		$	1,396,551		$	2,513,605

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 2019 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 and1-month LIBOR rate.

The Fund had no outstanding loans as of December 31, 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. New and Recent Accounting Pronouncements

In August 2018, the Securities and Exchange Commission released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The Fund has adopted the Final Rule for the current period with the most notable impacts being that the Fund is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

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.

Notes to Financial Statements 19

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

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of State Street U.S. Equity V.I.S. Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of State Street U.S. Equity V.I.S. Fund (the “Fund”) (one of the funds constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for periods ended prior to January 1, 2016 were audited by another independent registered public accounting firm whose report, dated February 19, 2016, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financials reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 19, 2019

20 Report of Independent Registered Public Accounting Firm

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

Tax Information — December 31, 2018 (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for its fiscal year ended December 31, 2018.

Dividends Received Deduction

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Long Term Capital Gain Distributions

Long term capital gains dividends were paid from the Fund during the year ended December 31, 2018 in the amount of $2,293,131.

Tax Information 21

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

Special Meeting of Shareholders — Voting Results

A special meeting of shareholders of State Street Variable Insurance Series Funds, Inc. (the “Company”) was held on January 10, 2019 to elect the following six nominees as Directors of the Company: Michael F. Holland, Michael A. Jessee, Ellen M. Needham, Patrick J. Riley, Richard D. Shirk and Rina K. Spence. At the meeting the following votes were recorded:

Nominee	Shares For		Shares Withheld
Michael F. Holland		91,260,156.834		2,655,810.669
Michael A. Jessee		91,345,936.433		2,570,031.070
Ellen M. Needham		91,642,423.619		2,273,543.884
Patrick J. Riley		91,136,965.946		2,779,001.557
Richard D. Shirk		91,293,712.247		2,622,255.256
Rina K. Spence		90,957,562.624		2,958,404.879

The other Directors whose term of office continued after the meeting are as follows: Jeanne M. La Porta, John R. Costantino and Donna M. Rapaccioli.

22 Special Meeting of Shareholders — Voting Results

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

Other Information — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INDEPENDENT DIRECTORS
Michael F. Holland c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1944	Director and Co-Chairperson of the Board	Term: Indefinite Elected: 1/19	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		67	Director, the Holland Series Fund, Inc.; Director, The China Fund, Inc.; Director, The Taiwan Fund, Inc. (2007 – 2017); Director, Reaves Utility Income Fund, Inc.; and Director, Blackstone/GSO Loans (and Real Estate) Funds.
Patrick J. Riley c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Director and Co-Chairperson of the Board	Term: Indefinite Elected: 1/19	2002 to May 2010, Associate Justice of the Superior Court, Commonwealth of Massachusetts; 1985 to 2002, Partner, Riley, Burke & Donahue, L.L.P. (law firm); 1998 to Present, Independent Director, State Street Global Advisers Ireland, Ltd. (investment company); 1998 to Present, Independent Director, SSGA Liquidity plc (formerly, SSGA Cash Management Fund plc); January 2009 to Present, Independent Director, SSGA Fixed Income plc; and January 2009 to Present, Independent Director, SSGA Qualified Funds PLC.		67	Board Director and Chairman, SPDR Europe 1PLC Board (2011 – Present); Board Director and Chairman, SPDR Europe II, PLC (2013 – Present).
John R. Costantino c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director and Co-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 1997	Managing General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		67	Director of Kleinfeld Bridal Corp. (March 2016 – present);Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 – February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).
Donna M. Rapaccioli c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1962	Director and Co-Chairperson of the Audit Committee	Term: Indefinite Elected: 1/12	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		67	Director- Graduate Management Admissions Council (2015 – present); Trustee of Emmanuel College (2010 – present).

Other Information 23

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INDEPENDENT DIRECTORS (continued)
Richard D. Shirk c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1945	Director andCo-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 1/19	March 2001 to April 2002, Chairman (1996 to March 2001, President and Chief Executive Officer), Cerulean Companies, Inc. (holding company) (Retired); 1992 to March 2001, President and Chief Executive Officer, Blue Cross Blue Shield of Georgia (health insurer, managed healthcare).		67	1998 to December 2008, Chairman, Board Member and December 2008 to Present, Investment Committee Member, Healthcare Georgia Foundation (private foundation); September 2002 to 2012, Lead Director and Board Member, Amerigroup Corp. (managed health care); 1999 to 2013, Board Member and (since 2001) Investment Committee Member, Woodruff Arts Center; and 2003 to 2009, Trustee, Gettysburg College; Board member, Aerocare Holdings, Regenesis Biomedical Inc.
Rina K. Spence c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Director andCo-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee	Term: Indefinite Elected: 1/19	President of SpenceCare International LLC (international healthcare consulting) (1999 – present); Chief Executive Officer, IEmily.com (health internet company) (2000 – 2001); Chief Executive Officer of Consensus Pharmaceutical, Inc. (1998 – 1999); Founder, President and Chief Executive Officer of Spence Center for Women’s Health (1994 –1998); President and CEO, Emerson Hospital (1984 – 1994); Honorary Consul for Monaco in Boston (2015 – present).		67	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director andCo-Chairperson of the Valuation Committee	Term: Indefinite Elected: 1/19	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		67	None

24 Other Information

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INTERESTED DIRECTORS(1)
Jeanne M. La Porta(2) SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Director and President	Time Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.		18	None
Ellen M. Needham(3) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Director	Time Indefinite Elected: 1/19	President and Director, SSGA FM (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).*		67	None

⁽¹⁾  The individuals listed below are Directors who are “interested persons,” as defined in the 1940 Act, of the Company (“Interested Directors”).

⁽²⁾  Ms. La Porta is an Interested Director because of her employment by SSGA Funds Management, Inc., an affiliate of the Company.

⁽³⁾  Ms. Needham is an Interested Director because of her employment by SSGA Funds Management, Inc., an affiliate of the Company.

^*  Served in various capacities and/or with various affiliated entities during noted time period

† For the purpose of determining the number of portfolios overseen by the Directors, “Fund Complex” comprises registered investment companies for which SSGA FM serves as investment adviser.

The following lists the principal officers for the Company, as well as their mailing addresses and ages, positions with the Company and length of time served, and present and principal occupations:

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS:
Jeanne M. La Porta SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	President and Director	Term: Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.

Other Information 25

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS (continued):
Arthur A. Jensen SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 YOB: 1966	Treasurer	Term: Indefinite Elected: 6/11	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011 – July 2016); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 – July 2016).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer and Anti-Money Laundering Officer	Term: Indefinite Elected: 6/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (2013 – Present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Assistant Treasurer	Term: Indefinite Elected: 6/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Assistant Treasurer	Term: Indefinite Elected: 6/16	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present) *; Managing Director, State Street Global Advisors. (2005 – present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Assistant Treasurer	Term: Indefinite Elected: 6/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Assistant Treasurer	Term: Indefinite Elected: 3/17	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).
Daniel G. Plourde SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1980	Assistant Treasurer	Term: Indefinite Elected: 6/17	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).

26 Other Information

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS (continued):
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, 7th Floor Boston, MA 02111-2900 YOB: 1976	Secretary	Term: Indefinite Elected: 3/17	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007 – 2013).

* Served in various capacities and/or with various affiliated entities during noted time period.

Other Information 27

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

Other Information, continued — December 31, 2018 (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 calling1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam, or (iii) on the SEC’s website at www.sec.gov. 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, or (iii) on the SEC’s website at www.sec.gov.

28 Other Information

Directors

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers

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.

One Iron Street

Boston, MA 02210

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Annual Report

December 31, 2018

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.ssga.com/geam), and you will be notified by mail each time a report is posted, and provided with a website link to access the report.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.

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

Annual Report

December 31, 2018

Table of Contents

	Page
Notes to Performance		1
Manager Review and Schedule of Investments		2
Financial Statements
Financial Highlights		9
Statement of Assets and Liabilities		10
Statement of Operations		11
Statements of Changes in Net Assets		12
Notes to Financial Statements		13
Report of Independent Registered Public Accounting Firm		18
Tax Information		19
Special Meeting of Shareholders — Voting Results		20
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 Premier Growth Equity V.I.S. Fund

Notes to Performance — December 31, 2018 (Unaudited)

The information provided on the performance pages relates to the State Street Premier Growth Equity V.I.S. Fund (the “Fund”).

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.

The S&P 500^® Index is an unmanaged, market capitalization-weighted index of stocks of 500 large U.S. companies, which is widely used as a measure of large-cap U.S. stock market performance.

The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those companies in the Russell 1000^® Index (which measures the entire U.S. equity large-cap segment) with higher price-to-book ratios and higher forecasted growth values. It is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership.

The results shown for the foregoing indices assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, the index returns do not reflect the actual cost of investing in the instruments that comprise each index.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

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.

Notes to Performance 1

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

Management Discussion of Fund Performance — December 31, 2018 (Unaudited)

The State Street Premier Growth Equity V.I.S. Fund (the “Fund”) seeks to provide long-term growth of capital and future income rather than current income. The Fund’s benchmarks are the Russell 1000 Growth Index and the S&P 500 Index (the “Indices”).

For the12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund was-2.66% and the returns for the Russell 1000 Growth Index and the S&P 500 Index were-1.51% and -4.38%, respectively. The Fund and Indices’ returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Indices are unmanaged and index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s preference for companies with sustainable earnings growth, coupled with mixed stock selection were primary performance drivers during the Reporting Period relative to the Indices. While the Fund’s growth tilt helped its performance relative to the broad S&P 500 Index in a growth market, the Fund was underweighted in some of the high flying tech bellwethers and trimmed exposure to these names over the course of the year as the tech sector outperformed the Russell 1000 Growth Index. Early in the year, high-momentum, expensive growth names drove the Indices higher, and the Fund trimmed its growth names as they advanced, including some of the high-flying technology bellwethers. In fact, the Fund was underweighted in the outperforming tech sector over the course of the year, negatively impacting performance relative to the Russell 1000 Growth Index. In late-year volatility, the Fund’s quality bias contributed to down market protection against falling Indices in the fourth quarter — locking in outperformance vs. the S&P 500 but not enough to pull ahead of the Russell 1000 Growth YTD.

While positive stock selection in Financials and Health Care bolstered relative results, underperformance in the Consumer Discretionary, Industrials and Energy Sectors detracted most from returns.

The Fund used equity futures in order to efficiently manage cash flows during the Reporting Period. The Fund’s use of futures had a negligible impact on Fund performance.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were CME Group, Boston Scientific Corp. and Salesforce.com. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were United Rentals Inc., Liberty Global, and Applied Materials Inc.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

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

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

Understanding Your Fund’s Expenses — December 31, 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 entiresix-month period ended December 31, 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 July 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2018	$	921.20	$	1,020.72
Expenses Paid During Period*	$	4.31	$	4.53

* Expenses are equal to the Fund’s annualized expense ratio of 0.89%** (for the period July 1, 2018-December 31, 2018), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

** May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.

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

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

Performance Summary — December 31, 2018 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2018 (as a % of Fair Value)^(a)(b)

Microsoft Corp.	7.02	%
Apple Inc.	5.80	%
Alphabet Inc., Class C	5.29	%
Amazon.com Inc.	5.02	%
Visa Inc., Class A	5.02	%
salesforce.com Inc.	3.72	%
The Walt Disney Co.	3.64	%
PepsiCo Inc.	3.41	%
American Tower Corp.	3.36	%
Boston Scientific Corp.	3.31	%

(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.

Sector Allocation as of December 31, 2018

Portfolio composition as a % of Fair Value of $30,413 December 31, 2018^(a)(b)

Average Annual Total Return for the periods ended December 31, 2018

Class 1 Shares (Inception date: 12/12/97)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Premier Growth Equity V.I.S. Fund		-2.66	%		8.56	%		14.36	%	$	38,255
S&P 500® Index		-4.38	%		8.50	%		13.12	%	$	34,304
Russell 1000® Growth Index		-1.51	%		10.41	%		15.29	%	$	41,481

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

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

Performance Summary, continued — December 31, 2018 (Unaudited)

See Notes to Performance beginning on page 1 for further information.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

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

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

Schedule of Investments — December 31, 2018

	Number of Shares		Fair Value $
Common Stock - 99.1%†
Application Software - 3.7%
salesforce.com Inc. (a)		8,267		1,132,331
Biotechnology - 6.6%
Alexion Pharmaceuticals Inc. (a)		8,292		807,309
Biogen Inc. (a)		1,424		428,510
Vertex Pharmaceuticals Inc. (a)		4,579		758,786
				1,994,605
Cable & Satellite - 4.8%
Charter Communications Inc., Class A (a)		3,307		942,396
Liberty Global PLC, Class C (a)		25,437		525,020
				1,467,416
Data Processing & Outsourced Services - 5.9%
Mastercard Inc., Class A (b)		1,470		277,316
Visa Inc., Class A		11,563		1,525,622
				1,802,938
Electronic Components - 2.4%
Corning Inc.		24,535		741,202
Financial Exchanges & Data - 5.8%
CME Group Inc.		5,277		992,709
S&P Global Inc.		4,494		763,711
				1,756,420
Healthcare Equipment - 4.9%
Boston Scientific Corp. (a)		28,523		1,008,003
Medtronic PLC		5,347		486,363
				1,494,366
Healthcare Supplies - 2.1%
The Cooper Companies Inc.		2,513		639,559
Interactive Media & Services - 9.4%
Alphabet Inc., Class A (a)		522		545,469
Alphabet Inc., Class C (a)		1,553		1,608,302
Facebook Inc., Class A (a)		5,393		706,969
				2,860,740
Internet & Direct Marketing Retail - 8.3%
Alibaba Group Holding Ltd. ADR (a)		2,927		401,204
Amazon.com Inc. (a)		1,017		1,527,504
Booking Holdings Inc. (a)		344		592,512
				2,521,220
Investment Banking & Brokerage - 3.1%
The Charles Schwab Corp.		22,724		943,728

	Number of Shares		Fair Value $
Managed Healthcare - 2.7%
UnitedHealth Group Inc.		3,335		830,815
Movies & Entertainment - 3.7%
The Walt Disney Co.		10,088		1,106,149
Oil & Gas Equipment & Services - 1.1%
Schlumberger Ltd.		9,157		330,385
Pharmaceuticals - 2.5%
Allergan PLC		5,588		746,892
Regional Banks - 2.6%
First Republic Bank		9,078		788,878
Semiconductor Equipment - 3.0%
Applied Materials Inc.		27,491		900,055
Soft Drinks - 3.4%
PepsiCo Inc.		9,399		1,038,402
Specialized REITs - 3.4%
American Tower Corp.		6,462		1,022,224
Specialty Chemicals - 1.4%
Albemarle Corp.		5,292		407,854
Systems Software - 9.6%
Microsoft Corp.		21,006		2,133,579
ServiceNow Inc. (a)		4,419		786,803
				2,920,382
Technology Hardware, Storage & Peripherals - 5.8%
Apple Inc.		11,179		1,763,375
Trading Companies & Distributors - 2.9%
United Rentals Inc. (a)		8,693		891,293
Total Common Stock (Cost $21,686,396)				30,101,229
Short-Term Investments - 1.0%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.31%(Cost $311,364) (c)(d)		311,364		311,364
Total Investments (Cost $21,997,760)				30,412,593
Liabilities in Excess of Other Assets,net - (0.1)%				(43,948	)
NET ASSETS - 100.0%				30,368,645

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

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

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

Schedule of Investments, continued — December 31, 2018

Other Information:

The Fund had the following short futures contracts open at December 31, 2018:

Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Depreciation
S&P 500 Emini Index Futures		March 2019		1	$	(124,410	)	$	(125,260	)	$	(850	)

During the year ended December 31, 2018, average notional values related to long and short futures contracts was $181,590 and $179,458, respectively.

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

State Street Premier Growth Equity V.I.S. Fund 7

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

Notes to Schedule of Investments — December 31, 2018

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 December 31, 2018, all or a portion of this security was pledged to cover collateral requirements for futures.

(c) Coupon amount represents effective yield.

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

† Percentages are based on net assets as of December 31, 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 December 31, 2018:

Investments	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stock	$	30,101,229		$	—	$	—	$	30,101,229
Short-Term Investments		311,364			—		—		311,364
Total Investments in Securities	$	30,412,593		$	—	$	—	$	30,412,593
Other Financial Instruments
Short Futures Contracts - Unrealized Depreciation	$	(850	)	$	—	$	—	$	(850	)

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 12/31/18		Value at 12/31/18		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		1,093,520	$	1,093,520	$	7,182,383	$	7,964,539		—		—		311,364	$	311,364	$	16,716

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

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

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

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

	12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date														12/12/97
Net asset value, beginning of period	$	99.23		$	86.08		$	94.07		$	106.58		$	107.84
Income/(loss) from investment operations:
Net investment income		0.12	(a)		0.32	(a)		0.50			0.52			0.63
Net realized and unrealized gains/(losses) on investments		(2.88	)		24.10			1.90			3.25			14.71
Total income/(loss) from investment operations		(2.76	)		24.42			2.40			3.77			15.34
Less distributions from:
Net investment income		0.15			0.34			0.48			0.53			0.58
Net realized gains		13.81			10.93			9.91			15.75			16.02
Total distributions		13.96			11.27			10.39			16.28			16.60
Net asset value, end of period	$	82.51		$	99.23		$	86.08		$	94.07		$	106.58
Total Return(b)		(2.66	)%		28.34	%		2.47	%		3.30	%		14.05	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	30,369		$	36,404		$	33,219		$	36,858		$	39,944
Ratios to average net assets:
Net expenses		0.87	%		0.85	%		0.84	%		0.81	%		0.81	%(c)
Gross expenses		0.87	%		0.85	%		0.84	%		0.81	%		0.81	%
Net investment income		0.11	%		0.31	%		0.52	%		0.46	%		0.52	%
Portfolio turnover rate		27	%		21	%		22	%		19	%		19	%

Notes to Financial Highlights

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

(b) Total returns are historical and assume changes in share price, 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.

* 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 9

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

Statement of Assets and Liabilities — December 31, 2018

Assets
Investments in securities, at fair value (cost $21,686,396)	$	30,101,229
Short-term affiliated investments, at fair value		311,364
Cash		58
Cash collateral on deposit with broker for future contracts		11,934
Receivable for investments sold		31,670
Income receivables		42,766
Receivable for fund shares sold		79
Income receivable from affiliated investments		1,270
Total assets		30,500,370
Liabilities
Payable for investments purchased		29,226
Payable for fund shares redeemed		44,668
Payable for accumulated variation margin on futures contracts		848
Payable to the Adviser		16,301
Payable for custody, fund accounting andsub-administration fees		1,493
Accrued other expenses		39,189
Total liabilities		131,725
Net Assets	$	30,368,645
Net Assets Consist of:
Capital paid in	$	21,819,589
Total distributable earnings (loss)		8,549,056
Net Assets	$	30,368,645
Shares outstanding ($0.01 par value; unlimited shares authorized)		368,062
Net asset value per share	$	82.51

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

10 Statement of Assets and Liabilities

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

Statement of Operations — For the year ended December 31, 2018

Investment Income
Income
Dividend	$	339,382
Income from affiliated investments		16,716
Total income		356,098
Expenses
Advisory and administration fees		234,395
Directors’ fees		2,833
Custody, fund accounting andsub-administration fees		16,815
Professional fees		37,400
Other expenses		23,796
Total Expenses		315,239
Net investment income	$	40,859
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	4,427,482
Futures		(27,605	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(4,978,245	)
Futures		(679	)
Net realized and unrealized gain (loss) on investments		(579,047	)
Net Decrease in Net Assets Resulting from Operations	$	(538,188	)

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

Statement of Operations 11

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

Statements of Changes in Net Assets

	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	40,859		$	112,102
Net realized gain (loss) on investments and futures		4,399,877			3,745,553
Net increase (decrease) in unrealized appreciation/depreciation on investments and futures		(4,978,924	)		4,967,942
Net increase (decrease) from operations		(538,188	)		8,825,597
Distributions to shareholders:
Total distributions		(4,400,219	)		(3,722,159	)
Increase (decrease) in assets from operations and distributions		(4,938,407	)		5,103,438
Share transactions:
Proceeds from sale of shares		175,763			664,651
Value of distributions reinvested		4,400,219			3,722,159
Cost of shares redeemed		(5,672,877	)		(6,305,076	)
Net increase (decrease) from share transactions		(1,096,895	)		(1,918,266	)
Total increase (decrease) in net assets		(6,035,302	)		3,185,172
Net Assets
Beginning of year		36,403,947			33,218,775
End of year	$	30,368,645		$	36,403,947
Changes in Fund Shares
Shares sold		1,683			6,781
Issued for distributions reinvested		53,766			37,435
Shares redeemed		(54,267	)		(63,263	)
Net increase (decrease) in fund shares		1,182			(19,047	)

For the year ended December 31, 2017, the source of distributions paid to shareholders was (See Note 10 in the Notes to Financial Statements):

Net investment income	$	(112,086	)
Net realized gains		(3,610,073	)
Total distributions		(3,722,159	)
Undistributed net investment income as of December 31, 2017:	$	—

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

12 Statements of Changes in Net Assets

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

Notes to Financial Statements — December 31, 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 anopen-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 StreetSmall-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 overseeing the determination of the fair value of investments.

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

• Equity investments (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.

Notes to Financial Statements 13

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

Notes to Financial Statements, continued — December 31, 2018

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 December 31, 2018 is disclosed in the Fund’s Schedule of Investments.

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

Dividend income and capital gain distributions, if any, are recognized on theex-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.

14 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2018

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 fiscal year ended December 31, 2018, the Fund entered into futures contracts for cash equitization.

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 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 Premier Growth Equity V.I.S. Fund
Futures Contracts	$	—	$	—	$	—	$	(848	)	$	—	$	(848	)

Realized Gain (Loss)

	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
State Street Premier Growth Equity V.I.S. Fund
Futures contracts	$	—	$	—	$	—	$	(27,605	)	$	—	$	(27,605	)

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 Premier Growth Equity V.I.S. Fund
Futures contracts	$	—	$	—	$	—	$	(679	)	$	—	$	(679	)

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 0.65 %.

Custody, Fund Accounting andSub-Administration Fees  State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant andsub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included custody, fund accounting andsub-administration fees on the Statement of Operations.

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 fiscal year ended December 31, 2018 are disclosed in the Schedule of Investments.

Notes to Financial Statements 15

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

Notes to Financial Statements, continued — December 31, 2018

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 otherout-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Investment Transactions

Purchases and sales of investments (excludingin-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2018 were as follows:

Non-U.S. Government Securities
Purchases			Sales
	$	9,369,773		$	14,022,828

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 onex-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. Certain capital accounts in the financial statements have been adjusted for permanentbook-tax differences. These adjustments have no impact on net asset values or results of operations. Temporarybook-tax differences will reverse in the future. These book tax differences are primarily due to differing treatments for character of distributions, futures contracts, return of capital distributions received, and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2018 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	95,684		$	4,304,535		$	4,400,219

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	159,229		$	3,562,930		$	3,722,159

At December 31, 2018 the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Capital Loss Carryforwards			Undistributed long term gain			Net Unrealized Gains (Losses)			Qualified Late- Year Losses			Total
	$	106,541		$	—		$	306,823		$	8,135,692		$	—		$	8,549,056

As of December 31, 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)
	$	22,276,051		$	9,790,417		$	1,654,725		$	8,135,692

16 Notes to Financial Statements

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

Notes to Financial Statements, continued — December 31, 2018

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 2019 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 and1-month LIBOR rate.

The Fund had no outstanding loans as of December 31, 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. New and Recent Accounting Pronouncements

In August 2018, the Securities and Exchange Commission released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The Fund has adopted the Final Rule for the current period with the most notable impacts being that the Fund is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

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.

Notes to Financial Statements 17

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

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of State Street Premier Growth Equity V.I.S. Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of State Street Premier Growth Equity V.I.S. Fund (the “Fund”) (one of the funds constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for periods ended prior to January 1, 2016 were audited by another independent registered public accounting firm whose report, dated February 19, 2016, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financials reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 19, 2019

18 Report of Independent Registered Public Accounting Firm

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

Tax Information — December 31, 2018 (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for its fiscal year ended December 31, 2018.

Dividends Received Deduction

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Long Term Capital Gain Distributions

Long term capital gains dividends were paid from the Fund during the year ended December 31, 2018 in the amount of $ 4,304,535.

Tax Information 19

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

Special Meeting of Shareholders — Voting Results (Unaudited)

A special meeting of shareholders of State Street Variable Insurance Series Funds, Inc. (the “Company”) was held on January 10, 2019 to elect the following six nominees as Directors of the Company: Michael F. Holland, Michael A. Jessee, Ellen M. Needham, Patrick J. Riley, Richard D. Shirk and Rina K. Spence. At the meeting the following votes were recorded:

Nominee	Shares For		Shares Withheld
Michael F. Holland		91,260,156.834		2,655,810.669
Michael A. Jessee		91,345,936.433		2,570,031.070
Ellen M. Needham		91,642,423.619		2,273,543.884
Patrick J. Riley		91,136,965.946		2,779,001.557
Richard D. Shirk		91,293,712.247		2,622,255.256
Rina K. Spence		90,957,562.624		2,958,404.879

The other Directors whose term of office continued after the meeting are as follows: Jeanne M. La Porta, John R. Costantino and Donna M. Rapaccioli.

20 Special Meeting of Shareholders — Voting Results

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

Other Information — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INDEPENDENT DIRECTORS
Michael F. Holland c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1944	Director and Co-Chairperson of the Board	Term: Indefinite Elected: 1/19	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		67	Director, the Holland Series Fund, Inc.; Director, The China Fund, Inc.; Director, The Taiwan Fund, Inc. (2007 – 2017); Director, Reaves Utility Income Fund, Inc.; and Director, Blackstone/GSO Loans (and Real Estate) Funds.
Patrick J. Riley c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Director and Co-Chairperson of the Board	Term: Indefinite Elected: 1/19	2002 to May 2010, Associate Justice of the Superior Court, Commonwealth of Massachusetts; 1985 to 2002, Partner, Riley, Burke & Donahue, L.L.P. (law firm); 1998 to Present, Independent Director, State Street Global Advisers Ireland, Ltd. (investment company); 1998 to Present, Independent Director, SSGA Liquidity plc (formerly, SSGA Cash Management Fund plc); January 2009 to Present, Independent Director, SSGA Fixed Income plc; and January 2009 to Present, Independent Director, SSGA Qualified Funds PLC.		67	Board Director and Chairman, SPDR Europe 1PLC Board (2011 – Present); Board Director and Chairman, SPDR Europe II, PLC (2013 – Present).
John R. Costantino c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director and Co-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 1997	Managing General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		67	Director of Kleinfeld Bridal Corp. (March 2016 – present);Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 – February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).
Donna M. Rapaccioli c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1962	Director and Co-Chairperson of the Audit Committee	Term: Indefinite Elected: 1/12	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		67	Director- Graduate Management Admissions Council (2015 – present); Trustee of Emmanuel College (2010 – present).

Other Information 21

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INDEPENDENT DIRECTORS (continued)
Richard D. Shirk c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1945	Director andCo-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 1/19	March 2001 to April 2002, Chairman (1996 to March 2001, President and Chief Executive Officer), Cerulean Companies, Inc. (holding company) (Retired); 1992 to March 2001, President and Chief Executive Officer, Blue Cross Blue Shield of Georgia (health insurer, managed healthcare).		67	1998 to December 2008, Chairman, Board Member and December 2008 to Present, Investment Committee Member, Healthcare Georgia Foundation (private foundation); September 2002 to 2012, Lead Director and Board Member, Amerigroup Corp. (managed health care); 1999 to 2013, Board Member and (since 2001) Investment Committee Member, Woodruff Arts Center; and 2003 to 2009, Trustee, Gettysburg College; Board member, Aerocare Holdings, Regenesis Biomedical Inc.
Rina K. Spence c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Director andCo-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee	Term: Indefinite Elected: 1/19	President of SpenceCare International LLC (international healthcare consulting) (1999 – present); Chief Executive Officer, IEmily.com (health internet company) (2000 – 2001); Chief Executive Officer of Consensus Pharmaceutical, Inc. (1998 – 1999); Founder, President and Chief Executive Officer of Spence Center for Women’s Health (1994 – 1998); President and CEO, Emerson Hospital (1984 – 1994); Honorary Consul for Monaco in Boston (2015 – present).		67	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director andCo-Chairperson of the Valuation Committee	Term: Indefinite Elected: 1/19	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		67	None

22 Other Information

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INTERESTED DIRECTORS(1)
Jeanne M. La Porta(2) SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Director and President	Time Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.		18	None
Ellen M. Needham(3) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Director	Time Indefinite Elected: 1/19	President and Director, SSGA FM (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).*		67	None

⁽¹⁾  The individuals listed below are Directors who are “interested persons,” as defined in the 1940 Act, of the Company (“Interested Directors”).

⁽²⁾  Ms. La Porta is an Interested Director because of her employment by SSGA Funds Management, Inc., an affiliate of the Company.

⁽³⁾  Ms. Needham is an Interested Director because of her employment by SSGA Funds Management, Inc., an affiliate of the Company.

^*  Served in various capacities and/or with various affiliated entities during noted time period

† For the purpose of determining the number of portfolios overseen by the Directors, “Fund Complex” comprises registered investment companies for which SSGA FM serves as investment adviser.

The following lists the principal officers for the Company, as well as their mailing addresses and ages, positions with the Company and length of time served, and present and principal occupations:

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS:
Jeanne M. La Porta SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	President and Director	Term: Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.

Other Information 23

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS (continued):
Arthur A. Jensen SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 YOB: 1966	Treasurer	Term: Indefinite Elected: 6/11	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011 – July 2016); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 – July 2016).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer and Anti-Money Laundering Officer	Term: Indefinite Elected: 6/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (2013 – Present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Assistant Treasurer	Term: Indefinite Elected: 6/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Assistant Treasurer	Term: Indefinite Elected: 6/16	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present) *; Managing Director, State Street Global Advisors. (2005 – present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Assistant Treasurer	Term: Indefinite Elected: 6/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Assistant Treasurer	Term: Indefinite Elected: 3/17	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).
Daniel G. Plourde SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1980	Assistant Treasurer	Term: Indefinite Elected: 6/17	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).

24 Other Information

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

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS (continued):
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, 7th Floor Boston, MA 02111-2900 YOB: 1976	Secretary	Term: Indefinite Elected: 3/17	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007 – 2013).

* Served in various capacities and/or with various affiliated entities during noted time period.

Other Information 25

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

Other Information, continued — December 31, 2018 (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 calling1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam or (iii) on the SEC’s website at www.sec.gov. Information regarding how the Fund voted proxies, if any, during the most recent12-month period ended June 30 is available by August 31 of each year without charge (1) by calling1-800-242-0134 (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 FormN-Q. The Fund’s FormsN-Q are available (i) without charge, upon request, by calling1-800-242-013, (ii) on the Fund’s website at http://www.ssga.com/geam or (iii) on the SEC’s website at www.sec.gov.

26 Other Information

Directors

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers

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.

One Iron Street

Boston, MA 02210

Custodian andSub-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

Annual Report

December 31, 2018

State Street Income V.I.S. Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a Fund’s annual and semi- annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.ssga.com/geam), and you will be notified by mail each time a report is posted, and provided with a website link to access the report.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.

State Street Income V.I.S. Fund

Annual Report

December 31, 2018

Table of Contents

	Page
Notes to Performance		1
Manager Review and Schedule of Investments		2
Financial Statements
Financial Highlights		24
Statement of Assets and Liabilities		25
Statement of Operations		26
Statements of Changes in Net Assets		27
Notes to Financial Statements		28
Report of Independent Registered Public Accounting Firm		36
Special Meeting of Shareholders — Voting Results		37
Other Information		38

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

Notes to Performance — December 31, 2018 (Unaudited)

The information provided on the performance pages relates to the State Street Income V.I.S. Fund (the “Fund”).

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.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index of taxable investment grade debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of one year or more. This index is designed to represent the performance of the U.S. investment-grade first rate bond market.

The results shown for the foregoing index assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, the index returns do not reflect the actual cost of investing in the instruments that comprise the index.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

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.

Notes to Performance 1

State Street Income V.I.S. Fund

Management Discussion of Fund Performance — December 31, 2018 (Unaudited)

The State Street Income V.I.S. Fund (the “Fund”) seeks to provide the maximum income consistent with prudent investment management and the preservation of capital. The Fund’s benchmark is the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”).

For the12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund was-1.42% and the Index was 0.01%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The primary drivers of underperformance were the Fund’s over-weights to both high yield and investment grade corporates. The Fund’s underweight to mortgage backed securities offset some underperformance versus the Index.

We expected the credit and economics cycles to continue, which they have. However, trade tensions between the U.S. & China, BREXIT, equity and commodity volatility weighed heavily on the credit markets causing high yield and investment grade corporate spreads to widen 183bps (108bps in December alone) and 47bps, respectively, negatively impacting the Fund’s performance.

The Fund had a large underweight in our mortgage backed securities position anticipating volatility in that asset class as the Federal Reserve would begin reducing its balance sheet exposure. Mortgage spreads did widen in the fourth quarter and the Fund pared its position still maintaining an underweight. This activity provided positive excess returns.

The Fund used treasury futures, interest rate swaps and other derivatives in order to actively manage duration during the Reporting Period. The Fund’s use of these derivatives contributed to fund liquidity and key rate exposure management versus utilizing cash instruments only.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

2 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Understanding Your Fund’s Expenses — December 31, 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 entiresix-month period ended December 31, 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 July 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2018	$	1,011.30	$	1,022.58
Expenses Paid During Period*	$	2.64	$	2.65

* Expenses are equal to the Fund’s annualized expense ratio of 0.52%** (for the period July 1, 2018-December 31, 2018), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

** May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.

State Street Income V.I.S. Fund 3

State Street Income V.I.S. Fund

Performance Summary — December 31, 2018 (Unaudited)

Quality Ratings

as of December 31, 2018 as a % of Fair Value^(a)(b)

Moody’s / S&P /Rating*	Percentage of Fair Value
Aaa / AAA		19.0	%
Aa / AA		46.2	%
A / A		6.1	%
Baa / BBB		19.4	%
Ba / BB and lower		8.6	%
NR / Other		0.7	%
		100.0	%

Sector Allocation

Portfolio composition as a % of Fair Value of $21,172 (in thousands) as of December 31, 2018^(a)(b)

Average Annual Total Return for the periods ended December 31, 2018

Class 1 Shares (Inception date: 1/03/95)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Income V.I.S. Fund		-1.42	%		1.87	%		3.59	%	$	14,232
Bloomberg Barclays U.S. Aggregate Bond Index		0.01	%		2.52	%		3.48	%	$	14,075

(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 Investors Services, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) are nationally recognized statistical rating organizations. The quality ratings represent the lower of Moody’s or S&P credit ratings. When a rating from only one of the rating agencies is available, that rating is used. Securities not rated by Moody’s or S&P are categorized as not rated. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute 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.

4 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Performance Summary, continued — December 31, 2018 (Unaudited)

See Notes to Performance beginning on page 1 for further information.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

State Street Income V.I.S. Fund 5

State Street Income V.I.S. Fund

Schedule of Investments — December 31, 2018

	Principal Amount ($)		Fair Value $
Bonds and Notes - 96.4%†
U.S. Treasuries - 27.5%
U.S. Treasury Bonds 2.25% 08/15/46 (a)		135,000		115,360
3.13% 05/15/48		135,000		137,566
3.75% 11/15/43 (a)		69,000		77,919
4.50% 02/15/36 (a)		71,400		88,011
U.S. Treasury Notes 1.38% 12/15/19 (a)		726,400		717,794
1.50% 11/30/19 - 08/15/20 (a)		1,303,100		1,288,203
2.25% 03/31/20 (a)		1,498,600		1,492,602
2.75% 11/15/23		305,600		308,991
2.88% 11/30/25		685,600		697,943
2.88% 08/15/28 (a)		216,700		220,053
				5,144,442
Agency Mortgage Backed - 21.7%
Federal Home Loan Mortgage Corp. 4.05% 09/25/28 (a)(b)		86,000		90,572
4.50% 06/01/33 - 02/01/35 (a)		4,122		4,313
5.00% 07/01/35 (a)		35,650		37,921
5.50% 05/01/20 - 01/01/38 (a)		42,741		45,917
6.00% 07/01/19 - 11/01/37 (a)		113,566		123,579
6.50% 02/01/29 (a)		57		63
6.93% 06/01/26 (a)(c)		60,000		76,027
7.00% 06/01/29 - 08/01/36 (a)		25,127		27,790
7.50% 01/01/30 - 09/01/33 (a)		4,121		4,443
8.00% 11/01/30 (a)		4,932		5,367
8.50% 04/01/30 (a)		4,501		5,503
Federal National Mortgage Assoc. 3.50% 08/01/45 (a)		16,928		16,982
4.00% 05/01/19 - 03/01/41 (a)		153,941		158,440
4.50% 05/01/19 - 02/01/40 (a)		41,777		43,571
5.00% 03/01/34 - 08/01/35 (a)		48,291		51,413
5.50% 06/01/20 - 01/01/39 (a)		162,805		174,936
6.00% 10/01/19 - 07/01/35 (a)		172,133		188,631
6.50% 10/01/28 - 08/01/34 (a)		25,352		27,295
7.00% 01/01/30 - 02/01/34 (a)		5,869		6,262
7.50% 11/01/22 - 12/01/33 (a)		18,996		20,121
8.00% 08/01/25 - 10/01/31 (a)		8,392		9,154
9.00% 12/01/22 (a)		268		282
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR 3.97% 04/01/37 (a)(b)		940		962
Federal National Mortgage Assoc. TBA
2.50% TBA (d)		354,000		345,814
3.00% TBA (d)		547,232		536,068
3.50% TBA (d)		414,000		413,870
4.00% TBA (d)		393,000		400,620
4.50% TBA (d)		33,000		34,162

	Principal Amount ($)		Fair Value $
Government National Mortgage Assoc. 4.00% 01/20/41 - 04/20/43 (a)		137,436		142,017
4.50% 08/15/33 - 03/20/41 (a)		101,091		105,802
6.00% 04/15/27 - 04/15/34 (a)		86,906		96,160
6.50% 04/15/19 - 08/15/34 (a)		38,137		41,390
7.00% 01/15/28 - 10/15/36 (a)		26,557		28,709
7.50% 11/15/31 (a)		205		205
9.00% 12/15/21 (a)		135		141
Government National Mortgage Assoc. 1.50% + 1 year CMT 3.13% 12/20/24 (a)(b)		793		806
3.38% 02/20/23 - 02/20/26 (a)(b)		2,394		2,415
Government National Mortgage Assoc. TBA 3.00% TBA (d)		183,000		180,164
3.50% TBA (d)		591,000		595,078
				4,042,965
Agency Collateralized Mortgage Obligations - 0.9%
Federal Home Loan Mortgage Corp. 0.08% 09/25/43 (a)(b)(e)		449,429		1,159
3.86% 11/25/28 (b)		36,000		37,381
4.06% 10/25/28 (b)		62,000		65,314
Federal Home Loan Mortgage Corp. REMIC
3.50% 09/15/29 - 11/15/30 (a)(e)		45,147		3,460
5.50% 06/15/33 (a)(e)		20,384		4,016
7.50% 07/15/27 (a)(e)		1,900		375
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR 4.14% 08/15/25 (a)(b)(e)		20,273		1,045
Federal Home Loan Mortgage Corp. STRIPS 1.47% 08/01/27 (f)(g)		231		203
8.00% 02/01/23 (e)		238		27
8.00% 07/01/24 (a)(e)		445		68
Federal National Mortgage Assoc. REMIC 0.51% 12/25/22 (a)(f)(g)		10		10
1.10% 12/25/42 (a)(b)(e)		23,805		1,734
5.00% 09/25/40 (a)(e)		19,900		2,149
7.00% 09/25/20 (a)		47		53
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 3.49% 07/25/38 (a)(b)(e)		7,058		921
Federal National Mortgage Assoc. REMIC 6.20% - 1 month USD LIBOR 3.69% 06/25/48 (b)(e)		161,864		26,495

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 — December 31, 2018

	Principal Amount ($)		Fair Value $
Federal National Mortgage Assoc. STRIPS 1.87% 12/25/34 (a)(f)(g)		16,663		13,916
4.50% 08/25/35 - 01/25/36 (a)(e)		20,878		2,592
5.00% 03/25/38 - 05/25/38 (a)(e)		11,651		2,492
5.50% 12/25/33 (a)(e)		5,072		1,115
6.00% 01/25/35 (a)(e)		8,415		1,955
7.50% 11/25/23 (a)(e)		3,120		378
8.00% 08/25/23 - 07/25/24 (a)(e)		1,369		193
Government National Mortgage Assoc. REMIC 4.50% 08/16/39 (a)(e)		14,017		1,015
5.00% 09/20/38 (a)(e)		4,242		127
Government National Mortgage Assoc. REMIC 6.80% - 1 month USD LIBOR 4.34% 01/16/40 (a)(b)(e)		23,781		3,969
				172,162
Asset Backed - 2.5%
American Express Credit Account Master Trust2017-6 2.04% 05/15/23 (a)		124,437		122,586
American Express Credit Account Master Trust2018-8 3.18% 04/15/24		104,000		104,760
BA Credit Card Trust2018-A1 2.70% 07/17/23		44,000		43,819
Citibank Credit Card Issuance Trust2016-A1 1.75% 11/19/21 (a)		200,000		197,921
				469,086
Corporate Notes - 39.5%
1011778 BC ULC/New Red Finance Inc. 4.25% 05/15/24 (a)(h)		7,000		6,428
21st Century Fox America Inc. 3.38% 11/15/26 (a)		5,000		4,932
4.50% 02/15/21 (a)		7,000		7,181
4.75% 11/15/46 (a)		4,000		4,270
6.65% 11/15/37 (a)		8,000		10,290
Abbott Laboratories 2.90% 11/30/21 (a)		15,000		14,859
3.75% 11/30/26 (a)		8,000		7,906
4.90% 11/30/46 (a)		10,000		10,512
AbbVie Inc. 3.20% 05/14/26 (a)		4,000		3,705
4.45% 05/14/46 (a)		11,000		9,669
4.88% 11/14/48 (a)		3,000		2,800
Acadia Healthcare Company Inc. 6.50% 03/01/24 (a)		20,000		19,253

	Principal Amount ($)		Fair Value $
Activision Blizzard Inc. 2.30% 09/15/21 (a)		37,000		36,010
AES Corp. 4.88% 05/15/23 (a)		22,000		21,514
Aetna Inc. 3.50% 11/15/24 (a)		10,000		9,656
Aflac Inc. 4.00% 10/15/46 (a)		3,000		2,756
Alexandria Real Estate Equities Inc. 4.70% 07/01/30 (a)		3,000		3,038
Alimentation Couche-Tard Inc. 2.70% 07/26/22 (a)(h)		10,000		9,668
4.50% 07/26/47 (a)(h)		4,000		3,639
Allergan Finance LLC
3.25% 10/01/22 (a)		8,000		7,792
4.63% 10/01/42 (a)		2,000		1,834
Allergan Funding SCS 3.00% 03/12/20 (a)		24,000		23,907
3.45% 03/15/22 (a)		12,000		11,811
Allergan Sales LLC 5.00% 12/15/21 (a)(h)		24,000		24,705
Altria Group Inc. 2.95% 05/02/23 (a)		5,000		4,754
4.50% 05/02/43 (a)		3,000		2,497
Amazon.com Inc. 2.80% 08/22/24 (a)		5,000		4,860
3.15% 08/22/27 (a)		4,000		3,859
3.88% 08/22/37 (a)		2,000		1,945
4.05% 08/22/47 (a)		5,000		4,900
4.25% 08/22/57 (a)		5,000		4,934
Ameren Corp. 3.65% 02/15/26 (a)		5,000		4,919
American Axle & Manufacturing Inc. 6.25% 04/01/25 (a)		16,000		14,556
American Campus Communities Operating Partnership LP 4.13% 07/01/24 (a)		4,000		4,012
American Express Co. 3.00% 10/30/24 (a)		14,000		13,395
American International Group Inc. 4.50% 07/16/44 (a)		9,000		8,000
6.40% 12/15/20 (a)		7,000		7,387
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter) 5.75% 04/01/48 (a)(b)		6,000		5,251
American Tower Corp. (REIT) 3.38% 10/15/26 (a)		5,000		4,658
3.40% 02/15/19 (a)		36,000		35,980

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 — December 31, 2018

	Principal Amount ($)		Fair Value $
American Water Capital Corp. 2.95% 09/01/27 (a)		11,000		10,367
Amgen Inc.
2.20% 05/22/19 (a)		38,000		37,862
2.65% 05/11/22 (a)		15,000		14,665
3.20% 11/02/27 (a)		5,000		4,700
4.56% 06/15/48 (a)		8,000		7,673
AMN Healthcare Inc. 5.13% 10/01/24 (a)(h)		23,000		22,030
Anadarko Petroleum Corp. 4.85% 03/15/21 (a)		3,000		3,064
6.20% 03/15/40 (a)		5,000		5,223
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 5.20% 12/01/47 (a)		3,000		2,697
5.25% 01/15/25 (a)		66,000		65,916
5.50% 10/15/19 (a)		24,000		24,220
6.25% 10/15/22 (a)		16,000		16,309
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. 4.70% 02/01/36 (a)(h)		8,000		7,381
4.90% 02/01/46 (a)(h)		9,000		8,328
Anheuser-Busch InBev Worldwide Inc. 2.50% 07/15/22 (a)		31,000		29,590
4.00% 04/13/28 (a)		4,000		3,826
4.38% 04/15/38 (a)		20,000		17,899
4.60% 04/15/48 (a)		9,000		8,054
4.75% 04/15/58 (a)		7,000		6,087
Anthem Inc. 3.30% 01/15/23 (a)		6,000		5,904
Apache Corp. 4.38% 10/15/28 (a)		3,000		2,800
5.10% 09/01/40 (a)		7,000		6,322
Apple Inc. 2.50% 02/09/22 (a)		9,000		8,872
2.85% 05/11/24 (a)		7,000		6,824
3.35% 02/09/27 (a)		7,000		6,838
3.45% 02/09/45 (a)		15,000		13,290
3.85% 08/04/46 (a)		7,000		6,585
4.25% 02/09/47 (a)		7,000		7,006
Applied Materials Inc. 4.35% 04/01/47 (a)		6,000		5,868
Aptiv PLC 4.40% 10/01/46 (a)		7,000		6,201
Aramark Services Inc. 5.00% 02/01/28 (a)(h)		14,000		13,093
Archer-Daniels-Midland Co. 2.50% 08/11/26 (a)		8,000		7,302
Arconic Inc. 5.13% 10/01/24 (a)		16,000		15,407
6.15% 08/15/20 (a)		5,000		5,101

	Principal Amount ($)		Fair Value $
Ascension Health 4.85% 11/15/53 (a)		10,000		10,831
Ashland LLC 4.75% 08/15/22 (a)		7,000		6,881
AstraZeneca PLC 2.38% 11/16/20 (a)		8,000		7,866
3.38% 11/16/25 (a)		4,000		3,874
3.50% 08/17/23 (a)		6,000		5,943
4.00% 01/17/29 (a)		3,000		2,980
4.38% 08/17/48 (a)		5,000		4,743
AT&T Inc. 3.00% 06/30/22 (a)		10,000		9,761
3.80% 03/15/22 (a)		15,000		15,063
4.10% 02/15/28		9,000		8,653
4.45% 04/01/24 (a)		9,000		9,132
4.50% 05/15/35 (a)		12,000		10,878
4.55% 03/09/49 (a)		4,000		3,446
4.75% 05/15/46 (a)		4,000		3,556
4.80% 06/15/44 (a)		7,000		6,279
5.00% 03/01/21 (a)		12,000		12,409
5.15% 11/15/46		2,000		1,862
5.25% 03/01/37 (a)		5,000		4,902
5.45% 03/01/47 (a)		7,000		6,826
Athene Holding Ltd. 4.13% 01/12/28 (a)		4,000		3,632
Avangrid Inc. 3.15% 12/01/24 (a)		16,000		15,433
Bank of America Corp. 2.65% 04/01/19 (a)		23,000		22,973
3.95% 04/21/25 (a)		11,000		10,660
4.25% 10/22/26 (a)		18,000		17,510
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)(b)		14,000		13,762
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter) 3.12% 01/20/23 (a)(b)		14,000		13,757
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter) 3.37% 01/23/26 (a)(b)		21,000		20,074
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)(b)		16,000		14,900

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 — December 31, 2018

	Principal Amount ($)		Fair Value $
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter) 3.95% 01/23/49 (a)(b)		9,000		8,011
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter) 4.24% 04/24/38 (a)(b)		13,000		12,325
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter) 4.27% 07/23/29 (a)(b)		3,000		2,984
Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter) 4.34% 10/05/28 (a)(b)		18,000		17,920
Barrick North America Finance LLC 5.70% 05/30/41 (a)		3,000		3,167
BAT Capital Corp. 2.30% 08/14/20		31,000		30,270
2.76% 08/15/22		9,000		8,496
3.56% 08/15/27		15,000		13,295
4.39% 08/15/37		3,000		2,465
4.54% 08/15/47		4,000		3,201
Bausch Health Companies Inc. 7.00% 03/15/24 (a)(h)		37,000		37,478
Baxalta Inc. 2.88% 06/23/20 (a)		5,000		4,946
Bayer US Finance II LLC 4.70% 07/15/64 (a)(h)		5,000		4,155
Becton Dickinson and Co. 2.89% 06/06/22 (a)		14,000		13,554
3.70% 06/06/27 (a)		23,000		21,784
3.73% 12/15/24 (a)		2,000		1,934
4.67% 06/06/47 (a)		3,000		2,823
4.69% 12/15/44 (a)		2,000		1,882
Berkshire Hathaway Energy Co. 2.40% 02/01/20 (a)		17,000		16,887
3.25% 04/15/28 (a)		4,000		3,807
3.80% 07/15/48 (a)		5,000		4,472
6.13% 04/01/36 (a)		5,000		5,963
Berry Global Inc. 5.13% 07/15/23 (a)		25,000		24,755
Biogen Inc. 2.90% 09/15/20 (a)		7,000		6,955
BNP Paribas S.A. 5.00% 01/15/21 (a)		7,000		7,230
Boston Scientific Corp. 4.00% 03/01/28 (a)		5,000		4,865

	Principal Amount ($)		Fair Value $
BP Capital Markets America Inc. 3.02% 01/16/27		28,000		26,284
3.22% 11/28/23		19,000		18,748
Brighthouse Financial Inc. 3.70% 06/22/27 (a)		2,000		1,690
Broadcom Corp./Broadcom Cayman Finance Ltd. 2.20% 01/15/21 (a)		7,000		6,841
2.65% 01/15/23 (a)		3,000		2,780
3.13% 01/15/25 (a)		3,000		2,692
3.88% 01/15/27 (a)		2,000		1,793
Brown-Forman Corp. 4.00% 04/15/38 (a)		2,000		1,956
Buckeye Partners LP 5.60% 10/15/44 (a)		7,000		6,030
Bunge Limited Finance Corp. 3.75% 09/25/27 (a)		3,000		2,667
Burlington Northern Santa Fe LLC 3.75% 04/01/24		18,000		18,457
4.15% 12/15/48 (a)		8,000		7,808
Campbell Soup Co. 3.30% 03/15/21 (a)		18,000		17,900
Canadian Natural Resources Ltd. 3.85% 06/01/27 (a)		3,000		2,838
4.95% 06/01/47 (a)		2,000		1,924
Capital One Financial Corp. 3.75% 07/28/26 (a)		5,000		4,570
4.20% 10/29/25 (a)		5,000		4,807
Cardinal Health Inc. 2.62% 06/15/22 (a)		6,000		5,787
3.08% 06/15/24 (a)		4,000		3,778
Caterpillar Financial Services Corp. 2.55% 11/29/22 (a)		19,000		18,448
Caterpillar Inc. 3.80% 08/15/42 (a)		4,000		3,727
Catholic Health Initiatives 4.35% 11/01/42 (a)		16,000		14,195
CBL & Associates LP 4.60% 10/15/24 (a)		26,000		19,161
CBS Corp. 2.50% 02/15/23 (a)		5,000		4,707
2.90% 01/15/27 (a)		5,000		4,420
CCO Holdings LLC/CCO Holdings Capital Corp. 5.00% 02/01/28 (a)(h)		23,000		21,158
Celgene Corp. 3.45% 11/15/27 (a)		2,000		1,821
4.55% 02/20/48 (a)		9,000		7,822
5.00% 08/15/45 (a)		5,000		4,616
Cenovus Energy Inc. 4.25% 04/15/27 (a)		2,000		1,821

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 — December 31, 2018

	Principal Amount ($)		Fair Value $
4.45% 09/15/42 (a)		2,000		1,535
5.40% 06/15/47 (a)		3,000		2,585
CenterPoint Energy Inc. 2.50% 09/01/22 (a)		21,000		20,070
3.60% 11/01/21		10,000		9,993
CenturyLink Inc. 5.63% 04/01/25 (a)		7,000		6,168
5.80% 03/15/22 (a)		15,000		14,406
CF Industries Inc. 7.13% 05/01/20 (a)		16,000		16,463
Charter Communications Operating LLC/Charter Communications Operating Capital 3.58% 07/23/20 (a)		16,000		15,980
4.91% 07/23/25 (a)		5,000		4,963
5.38% 05/01/47 (a)		7,000		6,295
5.75% 04/01/48 (a)		3,000		2,807
6.38% 10/23/35 (a)		3,000		3,073
6.48% 10/23/45 (a)		5,000		5,080
Chevron Corp. 2.42% 11/17/20 (a)		7,000		6,936
3.19% 06/24/23 (a)		4,000		3,993
Church & Dwight Company Inc. 2.45% 08/01/22 (a)		7,000		6,759
Cigna Corp. 4.13% 11/15/25 (a)(h)		13,000		12,972
4.38% 10/15/28 (a)(h)		3,000		3,014
4.80% 08/15/38 (a)(h)		3,000		2,951
4.90% 12/15/48 (a)(h)		3,000		2,934
Cigna Corp. 3.20% 09/17/20 (a)(h)		17,000		16,935
3.40% 09/17/21 (a)(h)		9,000		8,982
3.75% 07/15/23 (a)(h)		6,000		5,985
Cigna Holding Co. 3.25% 04/15/25 (a)		9,000		8,563
3.88% 10/15/47 (a)		6,000		5,030
Cimarex Energy Co. 3.90% 05/15/27 (a)		2,000		1,864
Cinemark USA Inc. 4.88% 06/01/23 (a)		18,000		17,280
Cisco Systems Inc. 5.90% 02/15/39 (a)		5,000		6,178
Citigroup Inc. 2.70% 10/27/22 (a)		10,000		9,637
2.75% 04/25/22		32,000		31,073
2.90% 12/08/21 (a)		16,000		15,713
4.40% 06/10/25 (a)		5,000		4,912
4.45% 09/29/27 (a)		4,000		3,856
4.65% 07/23/48 (a)		16,000		15,645
4.75% 05/18/46 (a)		9,000		8,345

	Principal Amount ($)		Fair Value $
Citigroup Inc. (2.88% fixed rate until 07/24/22; 0.95% + 3 month USD LIBOR thereafter) 2.88% 07/24/23 (a)(b)		8,000		7,734
Citigroup Inc. (3.88% fixed rate until 01/24/38; 1.17% + 3 month USD LIBOR thereafter) 3.88% 01/24/39 (a)(b)		7,000		6,259
Citigroup Inc. (4.28% fixed rate until 04/24/47; 1.84% + 3 month USD LIBOR thereafter) 4.28% 04/24/48 (a)(b)		11,000		10,263
CME Group Inc. 3.75% 06/15/28 (a)		2,000		2,026
CMS Energy Corp. 4.88% 03/01/44 (a)		21,000		22,092
CNA Financial Corp. 3.45% 08/15/27 (a)		5,000		4,651
5.88% 08/15/20 (a)		32,000		33,185
CNH Industrial Capital LLC 3.38% 07/15/19 (a)		10,000		9,973
4.38% 11/06/20 (a)		8,000		8,044
4.88% 04/01/21 (a)		10,000		10,083
CNH Industrial N.V. 4.50% 08/15/23 (a)		13,000		13,086
Columbia Pipeline Group Inc. 3.30% 06/01/20 (a)		11,000		10,965
Comcast Corp. 3.38% 08/15/25 (a)		5,000		4,872
3.97% 11/01/47 (a)		25,000		22,447
4.15% 10/15/28 (a)		23,000		23,345
4.20% 08/15/34 (a)		4,000		3,862
4.25% 10/15/30 (a)		7,000		7,076
4.60% 08/15/45 (a)		3,000		2,961
4.70% 10/15/48 (a)		4,000		4,048
Conagra Brands Inc. 3.80% 10/22/21 (a)		18,000		18,000
4.30% 05/01/24 (a)		19,000		18,902
5.30% 11/01/38 (a)		3,000		2,841
5.40% 11/01/48 (a)		7,000		6,455
Conagra Brands Inc. 0.75% + 3 month USD LIBOR 3.22% 10/22/20 (a)(b)		13,000		12,933
Concho Resources Inc. 3.75% 10/01/27 (a)		3,000		2,828
4.30% 08/15/28 (a)		9,000		8,805
4.88% 10/01/47 (a)		4,000		3,817
ConocoPhillips Co. 4.30% 11/15/44 (a)		8,000		7,890
Consolidated Edison Company of New York Inc. 2.90% 12/01/26 (a)		14,000		13,153
3.88% 06/15/47 (a)		4,000		3,666

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 — December 31, 2018

	Principal Amount ($)		Fair Value $
Constellation Brands Inc. 2.70% 05/09/22 (a)		9,000		8,690
4.50% 05/09/47 (a)		3,000		2,688
Continental Resources Inc. 4.50% 04/15/23 (a)		8,000		7,853
Corning Inc. 4.38% 11/15/57 (a)		6,000		5,036
Corporation Andina de Fomento 2.20% 07/18/20 (a)		16,000		15,757
4.38% 06/15/22 (a)		69,000		71,524
Crane Co. 4.20% 03/15/48 (a)		5,000		4,630
CSX Corp. 4.50% 08/01/54 (a)		11,000		10,416
CVS Health Corp. 2.25% 08/12/19 (a)		17,000		16,908
3.13% 03/09/20 (a)		51,000		50,900
3.35% 03/09/21 (a)		34,000		33,897
3.70% 03/09/23 (a)		7,000		6,931
3.88% 07/20/25 (a)		5,000		4,876
4.10% 03/25/25 (a)		9,000		8,908
4.30% 03/25/28 (a)		2,000		1,957
4.78% 03/25/38 (a)		2,000		1,922
5.00% 12/01/24 (a)		8,000		8,330
5.05% 03/25/48 (a)		6,000		5,854
D.R. Horton Inc. 2.55% 12/01/20 (a)		16,000		15,592
Dana Financing Luxembourg Sarl 6.50% 06/01/26 (a)(h)		15,000		14,406
Dell International LLC/EMC Corp. 3.48% 06/01/19 (a)(h)		32,000		31,924
5.45% 06/15/23 (a)(h)		5,000		5,095
6.02% 06/15/26 (a)(h)		5,000		5,024
8.10% 07/15/36 (a)(h)		2,000		2,164
8.35% 07/15/46 (a)(h)		4,000		4,333
Deutsche Bank AG 2.70% 07/13/20 (a)		16,000		15,518
Devon Energy Corp. 4.00% 07/15/21 (a)		20,000		20,044
5.00% 06/15/45 (a)		6,000		5,307
Diageo Investment Corp. 2.88% 05/11/22 (a)		20,000		19,773
Diamondback Energy Inc. 4.75% 11/01/24 (a)(h)		20,000		19,306
Discovery Communications LLC 2.20% 09/20/19 (a)		13,000		12,884
3.95% 03/20/28 (a)		5,000		4,634
5.00% 09/20/37 (a)		3,000		2,771
5.20% 09/20/47 (a)		2,000		1,842
DISH DBS Corp. 5.88% 07/15/22 (a)		12,000		10,992

	Principal Amount ($)		Fair Value $
Dollar Tree Inc. 3.70% 05/15/23 (a)		7,000		6,860
4.00% 05/15/25 (a)		7,000		6,728
Dominion Energy Inc. 2.58% 07/01/20 (a)		11,000		10,835
DowDuPont Inc. 3.77% 11/15/20 (a)		32,000		32,295
5.32% 11/15/38 (a)		6,000		6,187
5.42% 11/15/48 (a)		6,000		6,248
DTE Energy Co. 2.85% 10/01/26 (a)		10,000		9,203
3.85% 12/01/23 (a)		8,000		8,041
Duke Energy Carolinas LLC 3.95% 03/15/48 (a)		5,000		4,783
Duke Energy Corp. 1.80% 09/01/21		13,000		12,423
3.55% 09/15/21		8,000		8,022
3.75% 09/01/46 (a)		3,000		2,608
Duke Energy Progress LLC 4.15% 12/01/44 (a)		11,000		10,730
Duke Realty LP 3.25% 06/30/26 (a)		4,000		3,800
3.38% 12/15/27 (a)		3,000		2,847
Duquesne Light Holdings Inc. 3.62% 08/01/27 (a)(h)		11,000		10,353
Eastman Chemical Co. 3.50% 12/01/21 (a)		10,000		10,048
3.60% 08/15/22 (a)		9,000		8,992
4.50% 01/15/21 (a)		18,000		18,256
Eaton Corp. 3.10% 09/15/27 (a)		4,000		3,774
Ecolab Inc. 3.25% 12/01/27 (a)		2,000		1,922
3.95% 12/01/47 (a)		4,000		3,756
Ecopetrol S.A. 5.88% 05/28/45 (a)		16,000		15,100
Edison International 4.13% 03/15/28 (a)		8,000		7,586
EI du Pont de Nemours & Co. 0.53% + 3 month USD LIBOR 3.07% 05/01/20 (a)(b)		13,000		13,012
Electricite de France S.A. 2.15% 01/22/19 (a)(h)		46,000		45,968
Eli Lilly & Co. 3.70% 03/01/45 (a)		2,000		1,882
EMC Corp. 2.65% 06/01/20 (a)		39,000		37,452
Emera US Finance LP 4.75% 06/15/46 (a)		3,000		2,884
Enbridge Energy Partners LP 5.50% 09/15/40 (a)		4,000		4,110
Encana Corp. 3.90% 11/15/21 (a)		16,000		15,996

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 — December 31, 2018

	Principal Amount ($)		Fair Value $
Energy Transfer LP 4.25% 03/15/23 (a)		8,000		7,715
5.88% 01/15/24 (a)		84,000		85,603
7.50% 10/15/20 (a)		14,000		14,630
Energy Transfer Operating LP 4.95% 06/15/28 (a)		4,000		3,924
Energy Transfer Operating LP 5.80% 06/15/38 (a)		5,000		4,840
6.13% 12/15/45 (a)		3,000		2,909
6.50% 02/01/42 (a)		8,000		8,067
Energy Transfer Partners LP/Regency Energy Finance Corp. 4.50% 11/01/23 (a)		4,000		3,990
EnLink Midstream Partners LP 4.15% 06/01/25 (a)		15,000		13,500
Entergy Louisiana LLC 3.05% 06/01/31 (a)		10,000		9,023
4.00% 03/15/33 (a)		3,000		3,023
Enterprise Products Operating LLC 4.25% 02/15/48 (a)		19,000		16,999
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter) 5.25% 08/16/77 (a)(b)		7,000		5,834
EOG Resources Inc. 4.10% 02/01/21 (a)		16,000		16,215
EPR Properties 4.95% 04/15/28 (a)		4,000		3,960
EQM Midstream Partners LP 4.75% 07/15/23 (a)		2,000		1,990
5.50% 07/15/28 (a)		2,000		1,964
EQT Corp. 3.90% 10/01/27 (a)		4,000		3,459
ERP Operating LP 4.50% 07/01/44 (a)		9,000		9,056
Exelon Corp. 3.50% 06/01/22 (a)		11,000		10,749
4.45% 04/15/46 (a)		7,000		6,667
Express Scripts Holding Co. 3.40% 03/01/27 (a)		5,000		4,639
Exxon Mobil Corp. 2.22% 03/01/21 (a)		11,000		10,861
FedEx Corp. 4.10% 02/01/45 (a)		14,000		12,027
FirstEnergy Corp. 3.90% 07/15/27 (a)		2,000		1,937
4.85% 07/15/47 (a)		5,000		4,982
Florida Power & Light Co. 4.13% 02/01/42 (a)		17,000		17,105
Ford Motor Co. 4.35% 12/08/26 (a)		8,000		7,140

	Principal Amount ($)		Fair Value $
Frontier Communications Corp. 7.13% 03/15/19 (a)		19,000		18,390
General Dynamics Corp. 2.13% 08/15/26 (a)		15,000		13,535
2.88% 05/11/20 (a)		18,000		18,012
3.00% 05/11/21 (a)		24,000		24,024
3.50% 05/15/25 (a)		6,000		6,010
General Mills Inc. 3.20% 04/16/21 (a)		15,000		14,917
3.70% 10/17/23 (a)		5,000		4,977
4.55% 04/17/38 (a)		2,000		1,831
4.70% 04/17/48 (a)		3,000		2,730
General Motors Co. 5.20% 04/01/45 (a)		3,000		2,488
5.40% 04/01/48 (a)		2,000		1,754
General Motors Financial Company Inc. 2.35% 10/04/19 (a)		17,000		16,814
3.15% 01/15/20 (a)		22,000		21,859
3.20% 07/13/20 (a)		9,000		8,908
3.45% 01/14/22		20,000		19,355
3.55% 04/09/21 (a)		24,000		23,702
5.25% 03/01/26 (a)		19,000		18,649
Georgia-Pacific LLC 3.60% 03/01/25 (a)(h)		5,000		4,999
Gilead Sciences Inc. 2.55% 09/01/20 (a)		7,000		6,942
2.95% 03/01/27 (a)		3,000		2,789
3.50% 02/01/25 (a)		4,000		3,907
3.65% 03/01/26 (a)		2,000		1,963
4.15% 03/01/47 (a)		9,000		8,264
GlaxoSmithKline Capital Inc. 3.38% 05/15/23 (a)		9,000		9,045
3.63% 05/15/25 (a)		6,000		6,034
GlaxoSmithKline Capital PLC 3.13% 05/14/21 (a)		12,000		12,016
Glencore Finance Canada Ltd. 4.95% 11/15/21 (a)(h)		7,000		7,176
Glencore Funding LLC 2.50% 01/15/19 (a)(h)		33,000		32,990
Gray Escrow Inc. 7.00% 05/15/27 (a)(h)		9,000		8,762
H&E Equipment Services Inc. 5.63% 09/01/25 (a)		27,000		24,741
Halliburton Co. 3.80% 11/15/25 (a)		5,000		4,848
5.00% 11/15/45 (a)		6,000		5,888
HCA Inc. 4.75% 05/01/23 (a)		40,000		39,393
5.88% 02/15/26		8,000		8,028
HD Supply Inc. 5.38% 10/15/26 (a)(h)		7,000		6,790

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 — December 31, 2018

	Principal Amount ($)		Fair Value $
Hess Corp. 5.60% 02/15/41 (a)		4,000		3,521
5.80% 04/01/47 (a)		2,000		1,798
Hewlett Packard Enterprise Co. 6.35% 10/15/45 (a)		5,000		4,679
Highwoods Realty LP 4.13% 03/15/28 (a)		7,000		6,869
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75% 10/01/25 (a)(h)		24,000		21,386
6.25% 11/01/28 (a)(h)		5,000		4,396
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 yearMid-Market Swap Rate thereafter) 6.50% 12/31/99 (a)(b)		15,000		13,745
Hughes Satellite Systems Corp. 6.63% 08/01/26 (a)		7,000		6,431
Hyundai Capital America 3.10% 04/05/22 (a)(h)		7,000		6,839
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.00% 08/01/20 (a)		24,000		23,962
Ingersoll-Rand Luxembourg Finance S.A. 3.55% 11/01/24 (a)		7,000		6,933
Intel Corp. 2.60% 05/19/26 (a)		10,000		9,389
2.88% 05/11/24 (a)		3,000		2,926
International Paper Co. 4.40% 08/15/47 (a)		7,000		5,932
Interstate Power & Light Co. 3.40% 08/15/25 (a)		8,000		7,752
j2 Cloud Services LLC/j2 GlobalCo-Obligor Inc. 6.00% 07/15/25 (a)(h)		14,000		13,714
Jabil Inc. 3.95% 01/12/28 (a)		4,000		3,551
JBS USA LUX S.A./JBS USA Finance Inc. 6.75% 02/15/28 (a)(h)		15,000		14,653
Jefferies Group LLC 5.13% 01/20/23 (a)		10,000		10,267
6.50% 01/20/43 (a)		16,000		15,651
Johnson & Johnson 3.63% 03/03/37 (a)		5,000		4,806
Johnson Controls International PLC 4.50% 02/15/47 (a)		5,000		4,606
JPMorgan Chase & Co. 2.30% 08/15/21 (a)		31,000		30,190
2.55% 10/29/20 (a)		20,000		19,767

	Principal Amount ($)		Fair Value $
3.13% 01/23/25		12,000		11,439
3.30% 04/01/26 (a)		5,000		4,758
3.63% 12/01/27 (a)		5,000		4,663
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter) 3.51% 01/23/29 (a)(b)		8,000		7,540
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter) 3.88% 07/24/38 (a)(b)		4,000		3,621
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter) 3.90% 01/23/49 (a)(b)		4,000		3,513
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter) 4.01% 04/23/29 (a)(b)		4,000		3,924
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter) 4.03% 07/24/48 (a)(b)		5,000		4,483
JPMorgan Chase & Co. (4.63% fixed rate until 11/01/22; 2.58% + 3 month USD LIBOR thereafter) 4.63% 12/31/99 (a)(b)		12,000		10,271
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter) 6.10% 10/29/49 (a)(b)		45,000		44,668
JPMorgan Chase & Co. 3.47% + 3 month USD LIBOR 5.99% 12/29/49 (a)(b)		11,000		10,863
Keurig Dr Pepper Inc. 3.55% 05/25/21 (a)(h)		51,000		50,931
4.06% 05/25/23 (a)(h)		9,000		8,973
4.50% 11/15/45 (a)		3,000		2,636
4.60% 05/25/28 (a)(h)		6,000		5,980
Kimberly-Clark Corp. 3.95% 11/01/28 (a)		18,000		18,513
Kinder Morgan Energy Partners LP 3.50% 03/01/21 (a)		24,000		23,920
4.70% 11/01/42 (a)		2,000		1,773
5.30% 09/15/20 (a)		8,000		8,223
6.38% 03/01/41 (a)		9,000		9,589

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 — December 31, 2018

	Principal Amount ($)		Fair Value $
Kinder Morgan Inc. 3.05% 12/01/19 (a)		8,000		7,953
4.30% 03/01/28 (a)		3,000		2,939
5.05% 02/15/46 (a)		9,000		8,368
5.55% 06/01/45 (a)		10,000		9,963
Kraft Heinz Foods Co. 4.38% 06/01/46 (a)		6,000		4,964
L Brands Inc. 5.25% 02/01/28 (a)		22,000		18,804
L3 Technologies Inc. 3.85% 12/15/26 (a)		8,000		7,737
Lamb Weston Holdings Inc. 4.63% 11/01/24 (a)(h)		23,000		22,418
Lee Enterprises Inc. 9.50% 03/15/22 (a)(h)		23,000		23,425
Lennar Corp. 4.75% 05/30/25 - 11/29/27 (a)		34,000		31,245
Lincoln National Corp. 3.63% 12/12/26 (a)		4,000		3,856
3.80% 03/01/28 (a)		4,000		3,853
4.35% 03/01/48 (a)		7,000		6,363
LYB International Finance BV 4.88% 03/15/44 (a)		5,000		4,549
Macy’s Retail Holdings Inc. 4.30% 02/15/43 (a)		4,000		2,954
Marathon Oil Corp. 2.70% 06/01/20 (a)		19,000		18,689
3.85% 06/01/25 (a)		8,000		7,501
Marsh & McLennan Companies Inc. 3.50% 03/10/25 (a)		7,000		6,845
Masco Corp. 3.50% 11/15/27 (a)		2,000		1,841
McDonald’s Corp. 3.70% 01/30/26 (a)		5,000		4,912
3.80% 04/01/28 (a)		11,000		10,783
4.88% 12/09/45 (a)		8,000		8,064
McKesson Corp. 3.65% 11/30/20		40,000		40,164
Medtronic Inc. 2.50% 03/15/20 (a)		18,000		17,922
4.63% 03/15/45 (a)		6,000		6,309
Memorial Sloan-Kettering Cancer Center 4.13% 07/01/52 (a)		17,000		16,866
Merck & Company Inc. 2.75% 02/10/25 (a)		7,000		6,773
MetLife Inc. 4.05% 03/01/45 (a)		3,000		2,771
4.72% 12/15/44 (a)		10,000		10,205
MGM Resorts International 4.63% 09/01/26 (a)		16,000		14,380

	Principal Amount ($)		Fair Value $
Microsoft Corp. 2.40% 08/08/26 (a)		8,000		7,462
3.45% 08/08/36 (a)		5,000		4,747
3.50% 02/12/35 (a)		3,000		2,881
3.70% 08/08/46 (a)		13,000		12,481
4.00% 02/12/55 (a)		7,000		6,893
4.10% 02/06/37 (a)		4,000		4,109
4.50% 02/06/57 (a)		3,000		3,229
Molina Healthcare Inc. 4.88% 06/15/25 (a)(h)		21,000		19,180
Molson Coors Brewing Co. 2.10% 07/15/21 (a)		11,000		10,598
4.20% 07/15/46 (a)		6,000		4,986
Morgan Stanley 2.45% 02/01/19 (a)		54,000		53,969
2.63% 11/17/21 (a)		26,000		25,356
2.65% 01/27/20 (a)		25,000		24,824
2.75% 05/19/22 (a)		34,000		33,047
3.70% 10/23/24 (a)		8,000		7,875
3.95% 04/23/27 (a)		41,000		38,610
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) 3.97% 07/22/38 (a)(b)		8,000		7,295
MPLX LP 3.38% 03/15/23 (a)		5,000		4,857
4.50% 04/15/38 (a)		4,000		3,513
4.70% 04/15/48 (a)		6,000		5,182
5.50% 02/15/49 (a)		8,000		7,754
Murphy Oil Corp. 5.75% 08/15/25 (a)		56,000		52,509
Mylan Inc. 5.20% 04/15/48 (a)(h)		5,000		4,256
Mylan N.V. 3.15% 06/15/21 (a)		9,000		8,821
3.95% 06/15/26 (a)		4,000		3,610
National Retail Properties Inc. 4.00% 11/15/25 (a)		8,000		7,926
Navient Corp. 6.75% 06/15/26 (a)		15,000		12,451
8.00% 03/25/20 (a)		16,000		16,273
Newell Brands Inc. 3.85% 04/01/23 (a)		7,000		6,909
Newfield Exploration Co. 5.38% 01/01/26 (a)		23,000		22,766
5.75% 01/30/22 (a)		20,000		20,300
Newmark Group Inc. 6.13% 11/15/23 (a)(h)		10,000		9,604
Newmont Mining Corp. 4.88% 03/15/42 (a)		7,000		6,618
Nexen Energy ULC 6.40% 05/15/37 (a)		7,000		8,571

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 — December 31, 2018

	Principal Amount ($)		Fair Value $
NGPL PipeCo LLC 4.88% 08/15/27 (a)(h)		2,000		1,898
Noble Energy Inc. 3.90% 11/15/24 (a)		4,000		3,859
5.05% 11/15/44 (a)		3,000		2,612
Nordstrom Inc. 5.00% 01/15/44 (a)		2,000		1,719
Norfolk Southern Corp. 3.95% 10/01/42 (a)		6,000		5,493
Northern States Power Co. 2.20% 08/15/20 (a)		45,000		44,382
Northrop Grumman Corp. 2.08% 10/15/20 (a)		7,000		6,868
2.55% 10/15/22 (a)		5,000		4,842
3.25% 01/15/28 (a)		4,000		3,737
3.85% 04/15/45 (a)		4,000		3,530
4.03% 10/15/47 (a)		6,000		5,452
Novartis Capital Corp. 3.00% 11/20/25 (a)		3,000		2,908
Nucor Corp. 3.95% 05/01/28 (a)		6,000		5,939
4.13% 09/15/22 (a)		8,000		8,236
Nutrien Ltd. 4.00% 12/15/26 (a)		3,000		2,903
4.90% 06/01/43 (a)		6,000		5,755
Occidental Petroleum Corp. 4.10% 02/15/47 (a)		6,000		5,644
4.20% 03/15/48 (a)		3,000		2,865
Olin Corp. 5.00% 02/01/30 (a)		23,000		20,118
Omnicom Group Inc./Omnicom Capital Inc. 3.63% 05/01/22 (a)		13,000		12,825
Oncor Electric Delivery Company LLC 3.80% 09/30/47 (a)		2,000		1,885
Oracle Corp. 2.40% 09/15/23 (a)		4,000		3,840
3.25% 11/15/27 (a)		5,000		4,822
3.80% 11/15/37 (a)		3,000		2,803
4.00% 07/15/46 - 11/15/47 (a)		15,000		13,981
Oshkosh Corp. 5.38% 03/01/25 (a)		6,000		6,033
Owens Corning 4.40% 01/30/48 (a)		5,000		3,828
Pacific Gas & Electric Co. 3.40% 08/15/24 (a)		68,000		59,246
PacifiCorp 6.25% 10/15/37 (a)		4,000		4,969
Packaging Corporation of America 3.40% 12/15/27 (a)		3,000		2,805
Parker-Hannifin Corp. 3.25% 03/01/27 (a)		30,000		28,740

	Principal Amount ($)		Fair Value $
Party City Holdings Inc. 6.63% 08/01/26 (a)(h)		15,000		13,642
Penske Automotive Group Inc. 5.38% 12/01/24 (a)		19,000		17,791
PepsiCo Inc. 3.45% 10/06/46 (a)		6,000		5,370
Petroleos Mexicanos 5.35% 02/12/28		10,000		8,750
5.63% 01/23/46 (a)		10,000		7,576
6.35% 02/12/48		10,000		7,989
6.38% 01/23/45 (a)		12,000		9,703
6.50% 03/13/27 (a)		15,000		14,135
6.75% 09/21/47 (a)		20,000		16,573
Pfizer Inc. 3.00% 12/15/26 (a)		5,000		4,826
3.20% 09/15/23 (a)		6,000		6,015
3.60% 09/15/28 (a)		13,000		13,048
4.13% 12/15/46 (a)		7,000		7,026
4.40% 05/15/44 (a)		4,000		4,162
Philip Morris International Inc. 4.13% 03/04/43 (a)		7,000		6,219
Phillips 66 3.90% 03/15/28 (a)		7,000		6,736
Phillips 66 Partners LP 3.75% 03/01/28 (a)		3,000		2,771
4.68% 02/15/45 (a)		6,000		5,338
Pilgrim’s Pride Corp. 5.88% 09/30/27 (a)(h)		26,000		23,702
Pioneer Natural Resources Co. 3.95% 07/15/22		13,000		13,031
Plains All American Pipeline LP/PAA Finance Corp. 4.70% 06/15/44 (a)		6,000		5,006
5.75% 01/15/20 (a)		10,000		10,200
PPL Capital Funding Inc. 3.10% 05/15/26 (a)		19,000		17,815
Precision Castparts Corp. 4.38% 06/15/45 (a)		12,000		11,988
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter) 5.70% 09/15/48 (a)(b)		12,000		11,044
Public Service Company of Colorado 3.70% 06/15/28 (a)		11,000		11,111
Public Service Electric & Gas Co. 2.38% 05/15/23 (a)		47,000		45,406
PulteGroup Inc. 5.50% 03/01/26 (a)		20,000		19,300
QUALCOMM Inc. 2.90% 05/20/24 (a)		2,000		1,904

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

State Street Income V.I.S. Fund 15

State Street Income V.I.S. Fund

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
3.00% 05/20/22 (a)		5,000		4,926
3.25% 05/20/27 (a)		2,000		1,861
4.30% 05/20/47 (a)		3,000		2,670
Quicken Loans Inc. 5.25% 01/15/28 (a)(h)		14,000		12,565
Range Resources Corp. 5.00% 08/15/22 (a)		23,000		20,592
Realty Income Corp. 3.00% 01/15/27 (a)		5,000		4,641
Republic Services Inc. 3.38% 11/15/27 (a)		2,000		1,918
Reynolds American Inc. 4.45% 06/12/25 (a)		4,000		3,847
Rio Tinto Finance USA PLC 4.13% 08/21/42 (a)		6,000		5,783
Rockwell Collins Inc. 3.50% 03/15/27 (a)		3,000		2,824
Rogers Communications Inc. 5.00% 03/15/44 (a)		4,000		4,157
RPM International Inc. 3.75% 03/15/27 (a)		2,000		1,903
Ryder System Inc. 2.45% 09/03/19 (a)		53,000		52,694
Sabine Pass Liquefaction LLC 4.20% 03/15/28 (a)		4,000		3,806
5.00% 03/15/27 (a)		2,000		2,013
salesforce.com Inc. 3.25% 04/11/23 (a)		7,000		7,028
3.70% 04/11/28 (a)		11,000		11,048
Santander Holdings USA Inc. 2.65% 04/17/20 (a)		27,000		26,656
3.70% 03/28/22 (a)		27,000		26,515
4.40% 07/13/27 (a)		4,000		3,776
Schlumberger Holdings Corp. 3.00% 12/21/20 (a)(h)		10,000		9,916
3.63% 12/21/22 (h)		28,000		27,872
4.00% 12/21/25 (h)		10,000		9,860
Sempra Energy 3.80% 02/01/38 (a)		2,000		1,722
4.00% 02/01/48 (a)		4,000		3,376
Shell International Finance BV 2.38% 08/21/22		14,000		13,602
3.75% 09/12/46 (a)		7,000		6,485
4.13% 05/11/35 (a)		8,000		7,966
Shire Acquisitions Investments Ireland DAC 2.40% 09/23/21 (a)		7,000		6,763
2.88% 09/23/23 (a)		3,000		2,835
3.20% 09/23/26 (a)		3,000		2,735
Simon Property Group LP 3.38% 06/15/27 (a)		4,000		3,835
Sinclair Television Group Inc. 5.38% 04/01/21 (a)		29,000		28,905

	Principal Amount ($)		Fair Value $
Sirius XM Radio Inc. 5.00% 08/01/27 (a)(h)		7,000		6,393
SM Energy Co. 5.63% 06/01/25		8,000		6,960
Smithfield Foods Inc. 2.70% 01/31/20 (a)(h)		8,000		7,900
4.25% 02/01/27 (a)(h)		11,000		10,051
South Carolina Electric & Gas Co. 4.10% 06/15/46 (a)		4,000		3,796
Southern California Edison Co. 2.40% 02/01/22 (a)		20,000		19,265
Southern Company Gas Capital Corp. 4.40% 05/30/47 (a)		2,000		1,862
Southern Copper Corp. 5.88% 04/23/45 (a)		8,000		8,133
Southwestern Electric Power Co. 2.75% 10/01/26 (a)		7,000		6,446
Spectra Energy Partners LP 3.38% 10/15/26 (a)		2,000		1,874
4.50% 03/15/45 (a)		3,000		2,744
Sprint Corp. 7.63% 02/15/25 (a)		35,000		35,330
Standard Industries Inc. 5.38% 11/15/24 (a)(h)		52,000		48,959
Starbucks Corp. 4.00% 11/15/28 (a)		6,000		5,935
Steel Dynamics Inc. 5.13% 10/01/21 (a)		7,000		7,040
Sumitomo Mitsui Financial Group Inc. 2.78% 07/12/22 (a)		18,000		17,534
Suncor Energy Inc. 4.00% 11/15/47 (a)		3,000		2,660
Sunoco Logistics Partners Operations LP 5.30% 04/01/44 (a)		5,000		4,415
Sysco Corp. 3.25% 07/15/27 (a)		4,000		3,743
T-Mobile USA Inc. 4.50% 02/01/26 (a)		29,000		26,786
Tampa Electric Co. 4.35% 05/15/44 (a)		18,000		17,878
Target Corp. 2.50% 04/15/26 (a)		5,000		4,666
Teck Resources Ltd. 5.40% 02/01/43 (a)		19,000		16,517
6.00% 08/15/40 (a)		11,000		10,149
Tenet Healthcare Corp. 4.63% 07/15/24		10,000		9,315
4.75% 06/01/20 (a)		8,000		7,994
6.00% 10/01/20 (a)		36,000		36,298

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 — December 31, 2018

	Principal Amount ($)		Fair Value $
Teva Pharmaceutical Finance Netherlands III BV 1.70% 07/19/19 (a)		46,000		45,256
2.20% 07/21/21 (a)		8,000		7,342
2.80% 07/21/23 (a)		38,000		32,712
Texas Instruments Inc. 4.15% 05/15/48 (a)		5,000		4,992
The Allstate Corp. 4.20% 12/15/46 (a)		6,000		5,830
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) 5.75% 08/15/53 (a)(b)		25,000		24,229
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)(b)		13,000		12,672
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter) 4.63% 12/29/49 (a)(b)		43,000		38,553
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)(b)		19,000		16,815
The Boeing Co. 3.25% 03/01/28 (a)		5,000		4,897
3.55% 03/01/38 (a)		5,000		4,664
The Chemours Co. 5.38% 05/15/27 (a)		7,000		6,307
The Dow Chemical Co. 4.25% 10/01/34 (a)		5,000		4,529
5.55% 11/30/48 (h)		6,000		6,099
The George Washington University 4.13% 09/15/48		8,000		7,997
The Goldman Sachs Group Inc. 3.85% 01/26/27 (a)		4,000		3,769
4.25% 10/21/25 (a)		2,000		1,912
4.80% 07/08/44 (a)		6,000		5,711
5.15% 05/22/45 (a)		5,000		4,711
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)(b)		18,000		17,209
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter) 3.81% 04/23/29 (a)(b)		4,000		3,725

	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)(b)		6,000		5,271
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)(b)		5,000		4,817
The Hartford Financial Services Group Inc. 2.13% + 3 month USD LIBOR 4.74% 02/12/47 (a)(b)(h)		10,000		8,001
The Home Depot Inc. 3.35% 09/15/25 (a)		2,000		1,976
3.50% 09/15/56 (a)		7,000		5,880
3.90% 12/06/28		10,000		10,230
3.90% 06/15/47 (a)		7,000		6,622
4.50% 12/06/48		8,000		8,264
The Interpublic Group of Companies Inc. 3.75% 10/01/21 (a)		17,000		17,105
The Kroger Co. 2.95% 11/01/21 (a)		24,000		23,611
4.65% 01/15/48 (a)		4,000		3,607
The Mosaic Co. 5.63% 11/15/43 (a)		3,000		3,030
The Sherwin-Williams Co. 2.25% 05/15/20 (a)		11,000		10,828
2.75% 06/01/22 (a)		7,000		6,766
The Southern Co. 1.85% 07/01/19 (a)		45,000		44,667
4.40% 07/01/46 (a)		4,000		3,686
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)(b)		20,000		18,887
The Walt Disney Co. 4.13% 06/01/44 (a)		6,000		5,938
The Williams Companies Inc. 3.75% 06/15/27 (a)		3,000		2,821
4.85% 03/01/48 (a)		7,000		6,361
4.90% 01/15/45 (a)		5,000		4,533
5.40% 03/04/44 (a)		4,000		3,833
Time Warner Cable LLC 4.50% 09/15/42 (a)		3,000		2,384
6.55% 05/01/37 (a)		5,000		5,055
TransCanada PipeLines Ltd. 4.25% 05/15/28 (a)		18,000		17,816
4.88% 01/15/26 (a)		3,000		3,103

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 — December 31, 2018

	Principal Amount ($)		Fair Value $
Transcontinental Gas Pipe Line Company LLC 4.00% 03/15/28 (a)		6,000		5,796
Tyco Electronics Group S.A. 2.35% 08/01/19 (a)		35,000		34,819
3.13% 08/15/27 (a)		5,000		4,642
Tyson Foods Inc. 2.65% 08/15/19 (a)		7,000		6,964
4.55% 06/02/47 (a)		2,000		1,759
U.S. Bancorp 3.15% 04/27/27		12,000		11,518
U.S. Bancorp (5.13% fixed rate until 01/15/21; 3.49% + 3 month USD LIBOR thereafter) 5.13% 12/29/49 (a)(b)		45,000		44,655
Union Pacific Corp. 3.20% 06/08/21 (a)		19,000		19,069
3.50% 06/08/23 (a)		16,000		16,042
3.60% 09/15/37 (a)		3,000		2,684
4.10% 09/15/67 (a)		5,000		4,204
United Rentals North America Inc. 4.88% 01/15/28		8,000		7,023
United Technologies Corp. 3.65% 08/16/23 (a)		13,000		12,951
3.75% 11/01/46 (a)		4,000		3,422
3.95% 08/16/25 (a)		2,000		1,986
4.13% 11/16/28 (a)		2,000		1,982
4.15% 05/15/45 (a)		5,000		4,474
4.45% 11/16/38 (a)		4,000		3,859
4.50% 06/01/42 (a)		4,000		3,802
UnitedHealth Group Inc. 4.45% 12/15/48		8,000		8,240
4.75% 07/15/45 (a)		6,000		6,345
Vale Overseas Ltd. 4.38% 01/11/22 (a)		2,000		2,037
6.25% 08/10/26 (a)		10,000		10,830
6.88% 11/10/39 (a)		8,000		9,242
Vale S.A. 5.63% 09/11/42 (a)		5,000		5,051
Valero Energy Partners LP 4.38% 12/15/26 (a)		12,000		11,791
Ventas Realty LP 3.25% 10/15/26 (a)		20,000		18,603
Verizon Communications Inc. 3.38% 02/15/25 (a)		4,000		3,880
4.33% 09/21/28 (a)		7,000		7,026
4.40% 11/01/34 (a)		5,000		4,826
4.67% 03/15/55 (a)		6,000		5,523
4.86% 08/21/46 (a)		27,000		26,566
5.01% 04/15/49 (a)		5,000		4,982
5.25% 03/16/37 (a)		5,000		5,235
Viacom Inc. 3.45% 10/04/26 (a)		7,000		6,474

	Principal Amount ($)		Fair Value $
4.38% 03/15/43		5,000		4,041
5.25% 04/01/44 (a)		3,000		2,698
Virginia Electric & Power Co. 4.00% 11/15/46 (a)		7,000		6,630
Visa Inc. 3.15% 12/14/25 (a)		4,000		3,929
4.30% 12/14/45 (a)		7,000		7,249
Vodafone Group PLC 4.38% 05/30/28 (a)		14,000		13,571
5.25% 05/30/48 (a)		4,000		3,748
Vornado Realty LP 3.50% 01/15/25 (a)		4,000		3,851
Vulcan Materials Co. 3.90% 04/01/27 (a)		4,000		3,795
Wabtec Corp. 3.45% 11/15/26 (a)		2,000		1,786
Walgreens Boots Alliance Inc. 4.65% 06/01/46 (a)		4,000		3,611
Walmart Inc. 3.63% 12/15/47 (a)		6,000		5,553
3.70% 06/26/28 (a)		11,000		11,157
3.95% 06/28/38 (a)		3,000		2,981
4.05% 06/29/48 (a)		5,000		4,968
Warner Media LLC 5.35% 12/15/43 (a)		7,000		6,716
WEC Energy Group Inc. 3.55% 06/15/25 (a)		13,000		12,637
WellCare Health Plans Inc. 5.25% 04/01/25 (a)		19,000		18,291
Wells Fargo & Co. 2.63% 07/22/22 (a)		24,000		23,146
3.90% 05/01/45 (a)		3,000		2,753
4.75% 12/07/46 (a)		13,000		12,547
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter) 5.88% 12/29/49 (a)(b)		26,000		25,722
Wells Fargo & Co. (5.90% fixed rate until 06/15/24; 3.11% + 3 month USD LIBOR thereafter) 5.90% 12/29/49 (a)(b)		25,000		23,802
Wells Fargo & Co. 3.77% + 3 month USD LIBOR 6.56% 03/29/49 (a)(b)		16,000		15,906
Western Gas Partners LP 4.00% 07/01/22 (a)		25,000		24,668
5.38% 06/01/21 (a)		2,000		2,060
Westlake Chemical Corp. 3.60% 08/15/26 (a)		3,000		2,758
4.38% 11/15/47 (a)		2,000		1,660
5.00% 08/15/46 (a)		5,000		4,570
Willis North America Inc. 3.60% 05/15/24 (a)		6,000		5,843

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

Schedule of Investments, continued — December 31, 2018

	Principal Amount ($)		Fair Value $
WPP Finance 2010 3.75% 09/19/24 (a)		12,000		11,187
WRKCo Inc. 3.00% 09/15/24 (a)(h)		4,000		3,760
Xilinx Inc. 2.95% 06/01/24 (a)		5,000		4,774
XPO Logistics Inc. 6.50% 06/15/22 (a)(h)		13,000		12,874
Yamana Gold Inc. 4.63% 12/15/27 (a)		8,000		7,396
Zoetis Inc. 3.00% 09/12/27 (a)		3,000		2,770
3.90% 08/20/28 (a)		6,000		5,929
				7,376,800
Non-Agency Collateralized Mortgage Obligations - 3.0%
BANK 2018-BNK11 4.36% 03/15/61 (a)(b)		12,000		12,156
BXP Trust2017-GM 3.38% 06/13/39 (a)(h)		61,000		59,649
Citigroup Commercial Mortgage Trust2016-P6 3.72% 12/10/49 (a)(b)		63,309		63,796
4.03% 12/10/49 (a)(b)		31,273		31,479
Citigroup Commercial Mortgage Trust2018-C5 4.51% 06/10/51 (a)		21,000		21,462
COMM 2014-CR14 Mortgage Trust 4.53% 02/10/47 (a)(b)		25,000		25,838
GS Mortgage Securities Trust2016-GS3 2.85% 10/10/49 (a)		33,000		31,301
GS Mortgage Securities Trust2017-GS5 3.67% 03/10/50 (a)		39,990		39,948
GS Mortgage Securities Trust2017-GS8 3.47% 11/10/50 (a)		63,977		62,921
GS Mortgage Securities Trust2018-GS9 4.14% 03/10/51 (a)(b)		25,000		25,359
JPMBB Commercial Mortgage Securities Trust2013-C12 4.03% 07/15/45 (a)(b)		15,000		15,193
LB-UBS Commercial Mortgage Trust2007-C6 6.11% 07/15/40 (a)(b)		712		716
6.11% 07/15/40 (a)(h)		1,418		1,426
Morgan Stanley Bank of America Merrill Lynch Trust2015-C21 0.94% 03/15/48 (a)(b)(e)		379,815		16,666

	Principal Amount ($)		Fair Value $
Morgan Stanley Capital I Trust 2006-IQ11 6.25% 10/15/42 (a)(b)		50,000		51,012
Morgan Stanley Capital I Trust2006-T21 5.24% 10/12/52 (a)(b)		3,169		3,197
UBS Commercial Mortgage Trust2018-C12 4.79% 08/15/51 (a)(b)		17,000		17,542
WFRBS Commercial Mortgage Trust2013-C17 4.26% 12/15/46 (a)		25,000		25,518
WFRBS Commercial Mortgage Trust 2014-LC14 4.35% 03/15/47 (a)(b)		58,000		59,012
				564,191
Sovereign Bonds - 0.3%
Government of Mexico 4.00% 10/02/23		12,000		11,950
4.75% 03/08/44 (a)		20,000		18,155
Government of Peru 5.63% 11/18/50 (a)		11,000		12,907
Government of Uruguay 5.10% 06/18/50		14,040		13,800
				56,812
Municipal Bonds and Notes - 1.0%
American Municipal Power Inc. 6.27% 02/15/50 (a)		15,000		18,615
Metropolitan St. Louis Sewer District 5.00% 05/01/47		35,000		39,599
New Jersey Transportation Trust Fund Authority 6.88% 12/15/39 (a)		15,000		15,204
Port Authority of New York & New Jersey 4.46% 10/01/62 (a)		40,000		40,697
State of California 4.60% 04/01/38		15,000		15,470
5.70% 11/01/21 (a)		40,000		43,022
State of Illinois 5.10% 06/01/33 (a)		10,000		9,534
The University of Texas System 3.35% 08/15/47 (a)		10,000		9,055
				191,196
Total Bonds and Notes (Cost $18,099,403)				18,017,654

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

Schedule of Investments, continued — December 31, 2018

	Number of Shares		Fair Value $
Domestic Equity - 0.1%
Preferred Stock - 0.1%
Wells Fargo & Co. 3.09% + 3 month USD LIBOR (Cost $23,300) (a)(b)		932		22,899
Total Investments in Securities (Cost $18,122,703)				18,040,553
Short-Term Investments - 16.8%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.31% (Cost $3,131,172) (a)(f)(i)		3,131,172		3,131,172
Total Investments (Cost $21,253,875)				21,171,725
Liabilities in Excess of Other Assets, net - (13.3)%				(2,486,246	)
NET ASSETS - 100.0%				18,685,479

Other Information:

Centrally Cleared Credit Default Swaps - Sell Protection

Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract Annual Fixed Rate/ Payment Frequency		Termination Date		Market Value		Unamortized Upfront Payments Received		Unrealized Depreciation
Markit CDX North America High Yield Index	CME Group, Inc.	$	211		5.00%/ Quarterly		12/20/23	$	4,290	$	11,616	$	(7,327	)

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	$	(11,381	)	$	—	$	(11,381	)
CME Group, Inc.	$	884		Receives/ Quarterly		3 Month U.S. Dollar LIBOR		3.06%		11/19/21	$	(11,494	)	$	—	$	(11,493	)
																$	(22,874	)
																$	(30,201	)

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

Schedule of Investments, continued — December 31, 2018

The Fund had the following long futures contracts open at December 31, 2018:

Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation
Ultra Long-Term U.S. Treasury Bond Futures		March 2019		5	$	771,158	$	803,281	$	32,123
2 Yr. U.S. Treasury Notes Futures		March 2019		13		2,742,106		2,760,062		17,956
5 Yr. U.S. Treasury Notes Futures		March 2019		13		1,467,532		1,490,937		23,405
10 Yr. U.S. Treasury Notes Futures		March 2019		10		1,197,243		1,220,157		22,914
									$	96,398

The Fund had the following short futures contracts open at December 31, 2018:

Description	Expiration date		Number of Contracts		Notional Amount			Value			Unrealized Depreciation
U.S. Long Bond Futures		March 2019		1	$	(139,216	)	$	(145,999	)	$	(6,783	)
10 Yr. U.S. Treasury Ultra Futures		March 2019		6		(756,224	)		(780,469	)		(24,245	)
											$	(31,028	)
											$	65,370

During the period ended December 31, 2018, average notional values related to derivative contracts were as follows:

	Purchased Put Options		Purchased Call Options		Written Put Options		Written Call Options		Long Futures Contracts		Short Futures Contracts		Credit Default Swap Contracts		Interest Rate Swap Contracts
Average Notional Value	$	—	$	2,596	$	—	$	1,161	$	6,372,186	$	2,293,862	$	337,528	$	1,738,370

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

State Street Income V.I.S. Fund 21

State Street Income V.I.S. Fund

Notes to Schedule of Investments — December 31, 2018

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 December 31, 2018, all or a portion of this security was pledged to cover collateral requirements for futures, options, swaps and/or TBAs.

(b) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c) Step coupon bond.

(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 December 31, 2018, these securities amounted to $881,448 or 4.72% 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.

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

† Percentages are based on net assets as of December 31, 2018.

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 December 31, 2018:

Investments	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Treasuries	$	—		$	5,144,442		$	—	$	5,144,442
Agency Mortgage Backed		—			4,042,965			—		4,042,965
Agency Collateralized Mortgage Obligations		—			172,162			—		172,162
Asset Backed		—			469,086			—		469,086
Corporate Notes		—			7,376,800			—		7,376,800
Non-Agency Collateralized Mortgage Obligations		—			564,191			—		564,191
Sovereign Bonds		—			56,812			—		56,812
Municipal Bonds and Notes		—			191,196			—		191,196
Preferred Stock		22,899			—			—		22,899
Short-Term Investments		3,131,172			—			—		3,131,172
Total Investments in Securities	$	3,154,071		$	18,017,654		$	—	$	21,171,725
Other Financial Instruments
Credit Default Swap Contracts - Unrealized Depreciation	$	—		$	(7,327	)	$	—	$	(7,327	)
Interest Rate Swap Contracts - Unrealized Depreciation		—			(22,874	)		—		(22,874	)
Long Futures Contracts - Unrealized Appreciation		96,398			—			—		96,398
Short Futures Contracts - Unrealized Depreciation		(31,028	)		—			—		(31,028	)
Total Other Financial Instruments	$	65,370		$	(30,201	)	$	—	$	35,169

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

22 State Street Income V.I.S. Fund

State Street Income V.I.S. Fund

Notes to Schedule of Investments, continued — December 31, 2018

Affiliate Table

	Number of Shares Held at 12/31/17		Value At 12/31/17		Cost of Purchases		Proceeds from Shares Sold		Number of Shares Held at 12/31/18		Value at 12/31/18		Dividend Income
State Street Institutional U.S. Government Money Market Fund - Class G Shares		587,481	$	587,481	$	10,658,680	$	8,114,989		3,131,172	$	3,131,172	$	22,938

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

State Street Income V.I.S. Fund 23

State Street Income V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

	12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date														1/3/95
Net asset value, beginning of period	$	11.49		$	11.37		$	11.25		$	11.56		$	11.25
Income/(loss) from investment operations:
Net investment income		0.25	(a)		0.19	(a)		0.24			0.25			0.27
Net realized and unrealized gains/(losses) on investments		(0.41	)		0.18			0.09			(0.30	)		0.31
Total income/(loss) from investment operations		(0.16	)		0.37			0.33			(0.05	)		0.58
Less distributions from:
Net investment income		0.26			0.25			0.21			0.26			0.27
Total distributions		0.26			0.25			0.21			0.26			0.27
Net asset value, end of period	$	11.07		$	11.49		$	11.37		$	11.25		$	11.56
Total Return(b)		(1.42	)%		3.25	%		2.98	%		(0.42	)%		5.12	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	18,685		$	21,847		$	25,582		$	28,375		$	32,668
Ratios to average net assets:
Net expenses		1.00	%		1.36	%		1.15	%		1.06	%(c)		0.91	%(d)
Gross expenses		1.00	%		1.36	%		1.15	%		1.11	%		0.91	%
Net investment income		2.25	%		1.62	%		1.98	%		2.06	%		2.14	%
Portfolio turnover rate		182	%		255	%		220	%		241	%		282	%

Notes to Financial Highlights

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

(b) Total returns are historical and assume changes in share price, 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) 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.

(d) 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.

* 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.

24 Financial Highlights

State Street Income V.I.S. Fund

Statement of Assets and Liabilities — December 31, 2018

Assets
Investments in securities, at fair value (cost $18,122,703)	$	18,040,553
Short-term affiliated investments, at fair value		3,131,172
Cash collateral on deposit with broker for swap contracts		18,335
Receivable for investments sold		1,952,518
Income receivables		120,536
Income receivable from affiliated investments		5,853
Receivable for accumulated variation margin on futures contracts		65,427
Receivable for accumulated variation margin on swap contracts		4,642
Total assets		23,339,036
Liabilities
Due to custodian		4,082
Net cash collateral on futures contracts due to broker		56,719
Payable for investments purchased		4,488,654
Payable for fund shares redeemed		18,387
Payable for accumulated variation margin on swap contracts		23,587
Payable to the Adviser		7,907
Payable for custody, fund accounting andsub-administration fees		6,391
Accrued other expenses		47,830
Total liabilities		4,653,557
Net Assets	$	18,685,479
Net Assets Consist of:
Capital paid in	$	19,316,758
Total distributable earnings (loss)		(631,279	)
Net Assets	$	18,685,479
Shares outstanding ($0.01 par value; unlimited shares authorized)		1,688,184
Net asset value per share	$	11.07

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

Statement of Assets and Liabilities 25

State Street Income V.I.S. Fund

Statement of Operations — For the year ended December 31, 2018

Investment Income
Income
Dividend	$	3,412
Interest		618,944
Income from affiliated investments		22,938
Total income		645,294
Expenses
Advisory and administration fees		99,373
Directors’ fees		1,842
Custody, fund accounting andsub-administration fees		34,303
Professional fees		39,267
Other expenses		23,632
Total Expenses		198,417
Net investment income	$	446,877
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	(407,623	)
Futures		(93,507	)
Written options		11,397
Swap contracts		19,237
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(351,521	)
Futures		68,478
Swap contracts		(23,909	)
Net realized and unrealized gain (loss) on investments		(777,448	)
Net Decrease in Net Assets Resulting from Operations	$	(330,571	)

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

26 Statement of Operations

State Street Income V.I.S. Fund

Statements of Changes in Net Assets

	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	446,877		$	378,325
Net realized gain (loss) on investments, futures, written options and swap contracts		(470,496	)		128,953
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts		(306,952	)		266,491
Net increase (decrease) from operations		(330,571	)		773,769
Distributions to shareholders:
Total distributions		(420,122	)		(460,900	)
Increase (decrease) in assets from operations and distributions		(750,693	)		312,869
Share transactions:
Proceeds from sale of shares		412,104			352,577
Value of distributions reinvested		420,122			460,900
Cost of shares redeemed		(3,243,066	)		(4,860,905	)
Net increase (decrease) from share transactions		(2,410,840	)		(4,047,428	)
Total increase (decrease) in net assets		(3,161,533	)		(3,734,559	)
Net Assets
Beginning of year		21,847,012			25,581,571
End of year	$	18,685,479		$	21,847,012
Changes in Fund Shares
Shares sold		36,818			30,432
Issued for distributions reinvested		38,089			40,253
Shares redeemed		(288,624	)		(419,395	)
Net decrease in fund shares		(213,717	)		(348,710	)

For the year ended December 31, 2017, the source of distributions paid to shareholders was (See Note 11 in the Notes to Financial Statements):

Net investment income	$	(460,900	)
Undistributed net investment income as of December 31, 2017:	$	8,327

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

Statements of Changes in Net Assets 27

State Street Income V.I.S. Fund

Notes to Financial Statements — December 31, 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 anopen-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 StreetSmall-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 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 overseeing the determination of the fair value of investments.

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

• Equity investments (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.

• 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.

28 Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

• 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 December 31, 2018 is disclosed in the Fund’s Schedule of Investments.

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

Dividend income and capital gain distributions, if any, are recognized on theex-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.

Notes to Financial Statements 29

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

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 December 31, 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 fiscal year ended December 31, 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 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

30 Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

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 fiscal year ended December 31, 2018, the Fund entered into futures contracts to manage exposure to interest rates.

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 fiscal year ended December 31, 2018, the Fund purchased and wrote options in order to manage exposure to interest rates.

Credit Default Swaps  During the fiscal year ended December 31, 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 (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 fornon-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial

Notes to Financial Statements 31

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

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 fiscal year ended December 31, 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 December 31, 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	$	65,427	$	—	$	—	$	—	$	—	$	65,427
Swap Contracts		—		—		4,642		—		—		4,642

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
Swap Contracts	$	(23,587	)	$	—	$	—	$	—	$	—	$	(23,587	)

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	$	(93,507	)	$	—	$	—		$	—	$	—	$	(93,507	)
Swap Contracts		31,367			—		(12,130	)		—		—		19,237
Purchased Option Contracts(b)		(26,254	)		—		—			—		—		(26,254	)
Written Option Contracts		11,397			—		—			—		—		11,397

(b) Purchased options 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	$	68,478		$	—	$	—		$	—	$	—	$	68,478
Swap Contracts		(17,996	)		—		(5,913	)		—		—		(23,909	)

32 Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

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%.

Custody, Fund Accounting andSub-Administration Fees  State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant andsub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included in custody, fund accounting andsub-administration fees on the Statement of Operations.

Due to Custodian  In certain circumstances, the Fund may have cash overdrafts with the custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The due to custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Fund.

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 fiscal year ended December 31, 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 otherout-of-pocket expenses in connection with meeting attendance and industry seminars.

7. Investment Transactions

Purchases and sales of investments (excludingin-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2018 were as follows:

U.S. Government Securities
Purchases			Sales
	$	29,010,681		$	30,810,432

Non-U.S. Government Securities
Purchases			Sales
	$	5,561,730		$	6,267,584

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 onex-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. Certain capital accounts in the financial statements have been adjusted for permanentbook-tax differences. These adjustments have no impact on net asset values or results of operations. Temporarybook-tax differences will reverse in the future. These book tax differences are primarily due to differing treatments for paydown losses, swap contracts, futures contracts, open straddle adjustments, and wash sale loss deferrals.

Notes to Financial Statements 33

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

The tax character of distributions paid during the year ended December 31, 2018 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	420,122		$	—		$	420,122

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	460,900		$	—		$	460,900

At December 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Capital Loss Carryforwards				Undistributed long term gain			Net Unrealized Gains (Losses)				Qualified Late-Year Losses			Total
	$	75,054		$	(558,895	)		$	—		$	(147,438	)		$	—		$	(631,279	)

As of December 31, 2018, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Non-Expiring Short-Term			Non-Expiring Long-Term
	$	176,293		$	382,602

As of December 31, 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)
	$	21,325,356		$	310,143		$	428,550		$	(118,407	)

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 2019 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 and1-month LIBOR rate.

The Fund had no outstanding loans as of December 31, 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.

Interest Rate Risk  Is the risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Although governmental financial regulators, including the U.S. Federal Reserve, have taken steps to maintain historically low interest rates, the U.S. Federal Reserve has recently begun to raise interest rates and may continue to do so. Thus, the Fund currently faces a heightened level of interest rate risk.

34 Notes to Financial Statements

State Street Income V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

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. New and Recent Accounting Pronouncements

In August 2018, the Securities and Exchange Commission released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The Fund has adopted the Final Rule for the current period with the most notable impacts being that the Fund is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statement of Changes in Net Assets.

In March 2017, the FASB issued ASUNo. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20): 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 35

State Street Income V.I.S. Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of State Street Income V.I.S. Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of State Street Income V.I.S. Fund (the “Fund”) (one of the funds constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for periods ended prior to January 1, 2016 were audited by another independent registered public accounting firm whose report, dated February 19, 2016, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financials reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 19, 2019

36 Report of Independent Registered Public Accounting Firm

State Street Income V.I.S. Fund

Special Meeting of Shareholders — Voting Results

A special meeting of shareholders of State Street Variable Insurance Series Funds, Inc. (the “Company”) was held on January 10, 2019 to elect the following six nominees as Directors of the Company: Michael F. Holland, Michael A. Jessee, Ellen M. Needham, Patrick J. Riley, Richard D. Shirk and Rina K. Spence. At the meeting the following votes were recorded:

Nominee	Shares For		Shares Withheld
Michael F. Holland		91,260,156.834		2,655,810.669
Michael A. Jessee		91,345,936.433		2,570,031.070
Ellen M. Needham		91,642,423.619		2,273,543.884
Patrick J. Riley		91,136,965.946		2,779,001.557
Richard D. Shirk		91,293,712.247		2,622,255.256
Rina K. Spence		90,957,562.624		2,958,404.879

The other Directors whose term of office continued after the meeting are as follows: Jeanne M. La Porta, John R. Costantino and Donna M. Rapaccioli.

Special Meeting of Shareholders — Voting Results 37

State Street Income V.I.S. Fund

Other Information — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INDEPENDENT DIRECTORS
Michael F. Holland c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1944	Director and Co-Chairperson of the Board	Term: Indefinite Elected: 1/19	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		67	Director, the Holland Series Fund, Inc.; Director, The China Fund, Inc.; Director, The Taiwan Fund, Inc. (2007 – 2017); Director, Reaves Utility Income Fund, Inc.; and Director, Blackstone/GSO Loans (and Real Estate) Funds.
Patrick J. Riley c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Director and Co-Chairperson of the Board	Term: Indefinite Elected: 1/19	2002 to May 2010, Associate Justice of the Superior Court, Commonwealth of Massachusetts; 1985 to 2002, Partner, Riley, Burke & Donahue, L.L.P. (law firm); 1998 to Present, Independent Director, State Street Global Advisers Ireland, Ltd. (investment company); 1998 to Present, Independent Director, SSGA Liquidity plc (formerly, SSGA Cash Management Fund plc); January 2009 to Present, Independent Director, SSGA Fixed Income plc; and January 2009 to Present, Independent Director, SSGA Qualified Funds PLC.		67	Board Director and Chairman, SPDR Europe 1PLC Board (2011-Present); Board Director and Chairman, SPDR Europe II, PLC (2013- Present).
John R. Costantino c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director and Co-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 1997	Managing General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		67	Director of Kleinfeld Bridal Corp. (March 2016 – present);Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 – February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).
Donna M. Rapaccioli c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1962	Director and Co-Chairperson of the Audit Committee	Term: Indefinite Elected: 1/12	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		67	Director- Graduate Management Admissions Council (2015 – present); Trustee of Emmanuel College (2010 – present).

38 Other Information

State Street Income V.I.S. Fund

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INDEPENDENT DIRECTORS (continued)
Richard D. Shirk c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1945	Director andCo-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 1/19	March 2001 to April 2002, Chairman (1996 to March 2001, President and Chief Executive Officer), Cerulean Companies, Inc. (holding company) (Retired); 1992 to March 2001, President and Chief Executive Officer, Blue Cross Blue Shield of Georgia (health insurer, managed healthcare).		67	1998 to December 2008, Chairman, Board Member and December 2008 to Present, Investment Committee Member, Healthcare Georgia Foundation (private foundation); September 2002 to 2012, Lead Director and Board Member, Amerigroup Corp. (managed health care); 1999 to 2013, Board Member and (since 2001) Investment Committee Member, Woodruff Arts Center; and 2003 to 2009, Trustee, Gettysburg College; Board member, Aerocare Holdings, Regenesis Biomedical Inc.
Rina K. Spence c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Director andCo-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee	Term: Indefinite Elected: 1/19	President of SpenceCare International LLC (international healthcare consulting) (1999 – present); Chief Executive Officer, IEmily.com (health internet company) (2000 – 2001); Chief Executive Officer of Consensus Pharmaceutical, Inc. (1998 – 1999); Founder, President and Chief Executive Officer of Spence Center for Women’s Health (1994 –1998); President and CEO, Emerson Hospital (1984 – 1994); Honorary Consul for Monaco in Boston (2015 – present).		67	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director andCo-Chairperson of the Valuation Committee	Term: Indefinite Elected: 1/19	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		67	None

Other Information 39

State Street Income V.I.S. Fund

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INTERESTED DIRECTORS(1)
Jeanne M. La Porta(2) SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Director and President	Time Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.		18	None
Ellen M. Needham(3) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Director	Time Indefinite Elected: 1/19	President and Director, SSGA FM (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).*		67	None

⁽¹⁾  The individuals listed below are Directors who are “interested persons,” as defined in the 1940 Act, of the Company (“Interested Directors”).

⁽²⁾  Ms. La Porta is an Interested Director because of her employment by SSGA Funds Management, Inc., an affiliate of the Company.

⁽³⁾  Ms. Needham is an Interested Director because of her employment by SSGA Funds Management, Inc., an affiliate of the Company.

* Served in various capacities and/or with various affiliated entities during noted time period

† For the purpose of determining the number of portfolios overseen by the Directors, “Fund Complex” comprises registered investment companies for which SSGA FM serves as investment adviser.

The following lists the principal officers for the Company, as well as their mailing addresses and ages, positions with the Company and length of time served, and present and principal occupations:

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS:
Jeanne M. La Porta SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	President and Director	Term: Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.

40 Other Information

State Street Income V.I.S. Fund

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS (continued):
Arthur A. Jensen SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 YOB: 1966	Treasurer	Term: Indefinite Elected: 6/11	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011– July 2016); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 – July 2016).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer and Anti-Money Laundering Officer	Term: Indefinite Elected: 6/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (2013 – Present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Assistant Treasurer	Term: Indefinite Elected: 6/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Assistant Treasurer	Term: Indefinite Elected: 6/16	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present) *; Managing Director, State Street Global Advisors. (2005 – present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Assistant Treasurer	Term: Indefinite Elected: 6/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Assistant Treasurer	Term: Indefinite Elected: 3/17	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).
Daniel G. Plourde SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1980	Assistant Treasurer	Term: Indefinite Elected: 6/17	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).

Other Information 41

State Street Income V.I.S. Fund

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS (continued):
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, 7th Floor Boston, MA 02111-2900 YOB: 1976	Secretary	Term: Indefinite Elected: 3/17	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007-2013).

* Served in various capacities and/or with various affiliated entities during noted time period.

42 Other Information

State Street Income V.I.S. Fund

Other Information, continued — December 31, 2018 (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 calling1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam, or (iii) on the SEC’s website at www.sec.gov. Information regarding how the Fund voted proxies, if any, during the most recent12-month period ended June 30 is available by August 31 of each year without charge (1) by calling1-800-242-0134 (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 FormN-Q. The Fund’s FormsN-Q are available (i) without charge, upon request, by calling1-800-242-013, (ii) on the Fund’s website at http://www.ssga.com/geam, or (iii) on the SEC’s website at www.sec.gov.

Other Information 43

Directors

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers

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.

One Iron Street

Boston, MA 02210

Custodian andSub-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

Annual Report

December 31, 2018

State Street Real Estate Securities V.I.S. Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a Fund’s annual and semi- annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.ssga.com/geam), and you will be notified by mail each time a report is posted, and provided with a website link to access the report.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.

State Street Real Estate Securities V.I.S. Fund

Annual Report

December 31, 2018

Table of Contents

	Page
Notes to Performance		1
Manager Review and Schedule of Investments		2
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
Report of Independent Registered Public Accounting Firm		17
Tax Information		18
Special Meeting of Shareholders — Voting Results		19
Other Information		20

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

Notes to Performance — December 31, 2018 (Unaudited)

The information provided on the performance page relates to the State Street Real Estate Securities V.I.S Fund (the “Fund”).

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.

FTSE NAREIT Equity REITs Index is an unmanaged index of all tax-qualified equity real estate investment trusts (“REITs”) (except Timber REITs or Infrastructure REITs) listed on the New York Stock Exchange, American Stock Exchange and NASDAQ which have 75% or more of their gross invested book assets invested directly or indirectly in the equity ownership of real estate. The results shown for the foregoing index assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, the index returns do not reflect the actual cost of investing in the instruments that comprise the index.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

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.

Notes to Performance 1

State Street Real Estate Securities V.I.S. Fund

Management Discussion of Fund Performance — December 31, 2018 (Unaudited)

The State Street Real Estate Securities V.I.S. Fund (the “Fund”) seeks to provide the maximum total return through current income and capital appreciation. The Fund’s benchmark is the FTSE NAREIT Equity REITs Index (the “Index”).

For the12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund was-5.71% and the Index was-4.62%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The primary driver of Fund performance during the Reporting Period was an underweight to the Healthcare REIT sector which was the top performing sector of REITs. This underperformance was magnified by the Fund having an underweight to Managed Care Facilities within Healthcare REITs, which performed the strongest of the segments within Healthcare. This performance was somewhat offset by an underweight position in Hotel & Resort REITs, strong security selection within Office REITs and Retail REITs which were drivers of positive Fund performance during the Reporting Period relative to the Index. Hotels & Resorts sold off during the year despite the strong economic backdrop, which was additive to the Fund’s performance because it was underweight that segment of the market. The Fund was also overweight Office REITs, which detracted from overall returns but security selection within that segment positively overwhelmed the negative allocation impact. Security selection within the Retail segment was also a positive contributor to returns with an overweight to Simon Properties, a premier retail operator, being the primary driver.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Simon Properties, Cubesmart and Americold Realty. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Healthcare Trust of America, QTS Realty Inc. and Public Storage.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

2 State Street Real Estate Securities V.I.S. Fund

State Street Real Estate Securities V.I.S. Fund

Understanding Your Fund’s Expenses — December 31, 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 entiresix-month period ended December 31, 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.

July 1, 2018 - December 31, 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	$	936.10	$	1,020.06
Expenses paid during the period*	$	4.98	$	5.19

* Expenses are equal to the Fund’s annualized expense ratio of 1.02%** (for the period July 1, 2018-December 31, 2018), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

** May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.

State Street Real Estate Securities V.I.S. Fund 3

State Street Real Estate Securities V.I.S. Fund

Performance Summary — December 31, 2018 (Unaudited)

Top Ten Largest Holdings

as of December 31, 2018 (as a % of Fair Value)^(a)(b)

Simon Property Group Inc.	6.09	%
Prologis Inc. REIT	5.91	%
Equinix Inc.	5.24	%
AvalonBay Communities Inc.	4.47	%
HCP Inc.	3.63	%
Ventas Inc.	3.58	%
VEREIT Inc.	3.02	%
CubeSmart	2.96	%
Camden Property Trust	2.76	%
Boston Properties Inc.	2.73	%

Sector Allocation as of December 31, 2018

Portfolio composition as a % of Fair Value of $$50,050 (in thousands) as of December 31, 2018^(a)(b)

Average Annual Total Return for the periods ended December 31, 2018

Class 1 Shares (Inception date: 5/01/95)

	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Real Estate Securities V.I.S. Fund		-5.71	%		8.25	%		13.10	%	$	34,255
FTSE NAREIT Equity REITs Index		-4.62	%		7.90	%		12.12	%	$	31,382

(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.

4 State Street Real Estate Securities V.I.S. Fund

State Street Real Estate Securities V.I.S. Fund

Performance Summary, continued — December 31, 2018 (Unaudited)

See Notes to Performance beginning on page 1 for further information.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

State Street Real Estate Securities V.I.S. Fund 5

State Street Real Estate Securities V.I.S. Fund

Schedule of Investments — December 31, 2018

	Number of Shares		Fair Value $
Common Stock (REITs) - 99.3%†
Alternate Housing - 7.0%
American Homes 4 Rent, Class A		67,440		1,338,684
Invitation Homes Inc.		41,290		829,103
Sun Communities Inc.		13,410		1,363,931
				3,531,718
Diversified - 5.2%
JBG SMITH Properties		6,240		217,214
VEREIT Inc.		211,370		1,511,296
WP Carey Inc.		13,700		895,158
				2,623,668
Freestanding - 2.3%
Realty Income Corp.		6,760		426,150
STORE Capital Corp.		25,280		715,677
				1,141,827
Healthcare - 9.8%
HCP Inc.		65,080		1,817,684
Healthcare Trust of America Inc., Class A		52,100		1,318,651
Ventas Inc.		30,590		1,792,268
				4,928,603
Hotel - 5.6%
Chesapeake Lodging Trust		13,440		327,264
Hilton Worldwide Holdings Inc.		6,340		455,212
Host Hotels & Resorts Inc.		9,970		166,200
Park Hotels & Resorts Inc.		33,800		878,124
Pebblebrook Hotel Trust		6,000		169,860
Sunstone Hotel Investors Inc.		61,460		799,595
				2,796,255
Industrial - 10.1%
Americold Realty Trust		18,930		483,472
Duke Realty Corp.		7,810		202,279
Liberty Property Trust		19,560		819,173
Prologis Inc. REIT		50,340		2,955,965
STAG Industrial Inc.		26,040		647,875
				5,108,764
Multifamily - 12.9%
AvalonBay Communities Inc.		12,850		2,236,542
Camden Property Trust		15,710		1,383,266
Equity Residential		20,100		1,326,801
Essex Property Trust Inc.		2,290		561,531
UDR Inc.		25,190		998,028
				6,506,168
Office - 15.8%
Alexandria Real Estate Equities Inc.		9,420		1,085,561

	Number of Shares		Fair Value $
Boston Properties Inc.		12,130		1,365,231
Brandywine Realty Trust		26,910		346,332
Cousins Properties Inc.		80,720		637,688
Empire State Realty Trust Inc., Class A		51,950		739,248
Highwoods Properties Inc.		20,410		789,663
Kilroy Realty Corp.		20,910		1,314,821
Mack-Cali Realty Corp.		36,910		723,067
Tier REIT Inc.		11,430		235,801
VICI Properties Inc.		38,020		714,016
				7,951,428
Regional Malls - 8.3%
Simon Property Group Inc.		18,150		3,049,018
Taubman Centers Inc.		8,280		376,657
The Macerich Co.		17,860		772,981
				4,198,656
Self Storage - 6.2%
CubeSmart		51,650		1,481,839
Extra Space Storage Inc.		10,030		907,514
Public Storage		3,530		714,507
				3,103,860
Shopping Centers - 5.9%
Brixmor Property Group Inc.		34,970		513,709
Federal Realty Investment Trust		5,620		663,385
Regency Centers Corp.		14,740		864,943
Retail Properties of America Inc., Class A		45,390		492,481
Urban Edge Properties		15,330		254,785
Weingarten Realty Investors		7,670		190,293
				2,979,596
Specialty - 10.2%
CyrusOne Inc.		25,020		1,323,058
Equinix Inc.		7,440		2,623,046
Iron Mountain Inc.		36,000		1,166,760
				5,112,864
Total Common Stock (REITs) (Cost $49,613,566)				49,983,407
Short-Term Investments - 0.1%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.31%(Cost $66,693) (a)(b)		66,693		66,693
Total Investments (Cost $49,680,259)				50,050,100
Other Assets and Liabilities, net - 0.6%				309,974
NET ASSETS - 100.0%				50,360,074

See Notes to Schedule of Investments and Notes to Financial Statements

6 State Street Real Estate Securities V.I.S. Fund

State Street Real Estate Securities V.I.S. Fund

Notes to Schedule of Investments — December 31, 2018

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) Coupon amount represents effective yield.

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

† Percentages are based on net assets as of December 31, 2018.

Abbreviations:

REIT - Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2018:

Investments	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stock	$	49,983,407	$	—	$	—	$	49,983,407
Short-Term Investments		66,693		—		—		66,693
Total Investments in Securities	$	50,050,100	$	—	$	—	$	50,050,100

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 12/31/18		Value at 12/31/18		Dividend Income
State Street Institutional U.S. Government Money Market Fund-Class G Shares		327,393	$	327,393	$	12,317,533	$	12,578,233	$	—	$	—		66,693	$	66,693	$	2,963

See Notes to Schedule of Investments and Notes to Financial Statements

State Street Real Estate Securities V.I.S. Fund 7

State Street Real Estate Securities V.I.S. Fund

Financial Highlights

Selected data based on a share outstanding throughout the fiscal years indicated

	12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date														5/1/95
Net asset value, beginning of period	$	12.32		$	12.37		$	13.30		$	14.74		$	12.68
Income/(loss) from investment operations:
Net investment income		0.25	(a)		0.15	(a)		0.31			0.29			0.28
Net realized and unrealized gains/(losses) on investments		(0.95	)		0.57			0.71			0.41			3.79
Total income/(loss) from investment operations		(0.70	)		0.72			1.02			0.70			4.07
Less distributions from:
Net investment income		0.28			0.22			0.35			0.28			0.29
Net realized gains		0.16			0.55			1.60			1.86			1.72
Return of capital		0.04			—			—			—			—
Total distributions		0.48			0.77			1.95			2.14			2.01
Net asset value, end of period	$	11.14		$	12.32		$	12.37		$	13.30		$	14.74
Total Return(b)		(5.71	)%		5.84	%		8.00	%		4.56	%		31.90	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	50,360		$	61,685		$	72,483		$	78,912		$	91,007
Ratios to average net assets:
Net expenses		1.05	%		1.01	%		0.97	%		0.95	%		0.94	%(c)
Gross expenses		1.05	%		1.01	%		0.97	%		0.95	%		0.94	%
Net investment income		2.11	%		1.16	%		1.95	%		1.80	%		1.57	%
Portfolio turnover rate		59	%		73	%		67	%		57	%		53	%

Notes to Financial Highlights

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

(b) Total returns are historical and assume changes in share price, 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.

* 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.

8 Financial Highlights

State Street Real Estate Securities V.I.S. Fund

Statement of Assets and Liabilities — December 31, 2018

Assets
Investments in securities, at fair value (cost $49,613,566)	$	49,983,407
Short-term affiliated investments, at fair value		66,693
Receivable for investments sold		75,644
Income receivables		349,440
Receivable for fund shares sold		17,990
Income receivable from affiliated investments		197
Total assets		50,493,371
Liabilities
Payable for investments purchased		50,272
Payable for fund shares redeemed		1,872
Payable to the Adviser		38,219
Payable for custody, fund accounting andsub-administration fees		1,584
Accrued other expenses		41,350
Total liabilities		133,297
Net Assets	$	50,360,074
Net Assets Consist of:
Capital paid in	$	50,977,723
Total distributable earnings (loss)		(617,649	)
Net Assets	$	50,360,074
Shares outstanding ($0.01 par value; unlimited shares authorized)		4,521,194
Net asset value per share	$	11.14

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

Statement of Assets and Liabilities 9

State Street Real Estate Securities V.I.S. Fund

Statement of Operations — For the period ended December 31, 2018

Investment Income
Income
Dividend	$	1,784,974
Income from affiliated investments		2,963
Total income		1,787,937
Expenses
Advisory and administration fees		481,418
Directors’ fees		6,005
Custody, fund accounting andsub-administration fees		18,674
Professional fees		40,372
Printing and shareholder reports		40,255
Other expenses		5,265
Total Expenses		591,989
Net investment income	$	1,195,948
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on investments	$	(571,497	)
Increase (decrease) in unrealized appreciation/depreciation on investments		(3,874,624	)
Net realized and unrealized gain (loss) on investments		(4,446,121	)
Net Decrease in Net Assets Resulting from Operations	$	(3,250,173	)

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

10 Statement of Operations

State Street Real Estate Securities V.I.S. Fund

Statements of Changes in Net Assets

	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	1,195,948		$	778,423
Net realized gain (loss) on investments		(571,497	)		2,190,292
Net increase (decrease) in unrealized appreciation/depreciation on investments		(3,874,624	)		873,041
Net increase (decrease) from operations		(3,250,173	)		3,841,756
Distributions to shareholders:
Distributions to shareholders		(1,861,401	)		(3,611,632	)
Return of capital		(188,993	)		—
Total distributions		(2,050,394	)		(3,611,632	)
Increase (decrease) in assets from operations and distributions		(5,300,567	)		230,124
Share transactions:
Proceeds from sale of shares		5,027,170			1,252,390
Value of distributions reinvested		2,050,394			3,611,632
Cost of shares redeemed		(13,101,821	)		(15,891,981	)
Net increase (decrease) from share transactions		(6,024,257	)		(11,027,959	)
Total increase (decrease) in net assets		(11,324,824	)		(10,797,835	)
Net Assets
Beginning of year		61,684,898			72,482,733
End of year	$	50,360,074		$	61,684,898
Changes in Fund Shares
Shares sold		419,885			100,497
Issued for distributions reinvested		185,388			295,551
Shares redeemed		(1,090,576	)		(1,250,950	)
Net decrease in fund shares		(485,303	)		(854,902	)

For the year ended December 31, 2017, the source of distributions paid to shareholders was (See Note 10 in the Notes to Financial Statements):

Net investment income	$	(1,040,860	)
Net realized gains		(2,570,772	)
Total distributions		(3,611,632	)
Undistributed net investment income as of December 31, 2017:	$	—

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

Statements of Changes in Net Assets 11

State Street Real Estate Securities V.I.S. Fund

Notes to Financial Statements — December 31, 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 anopen-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 StreetSmall-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 overseeing the determination of the fair value of investments.

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

• Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• 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.

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

12 Notes to Financial Statements

State Street Real Estate Securities V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

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 December 31, 2018 is disclosed in the Fund’s Schedule of Investments.

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

Dividend income and capital gain distributions, if any, are recognized on theex-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 December 31, 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.

Notes to Financial Statements 13

State Street Real Estate Securities V.I.S. Fund

Notes to Financial Statements, continued — December 31, 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	%

Custody, Fund Accounting andSub-Administration Fees  State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant andsub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included custody, fund accounting andsub-administration fees on the Statement of Operations.

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 fiscal year ended December 31, 2018 are disclosed in the Schedule of Investments.

4. Sub-Advisory Fees

Pursuant to an investmentsub-advisory agreement with SSGA FM, CenterSquare Investment Management LLC (“CenterSquare”) is thesub-adviser to the Fund. CenterSquare is responsible for theday-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 monthlysub-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 otherout-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Investment Transactions

Purchases and sales of investments (excludingin-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2018 were as follows:

Non-U.S. Government Securities
Purchases			Sales
	$	33,533,737		$	39,104,278

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.

14 Notes to Financial Statements

State Street Real Estate Securities V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

Distributions to shareholders are recorded onex-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. Certain capital accounts in the financial statements have been adjusted for permanentbook-tax differences. These adjustments have no impact on net asset values or results of operations. Temporarybook-tax differences will reverse in the future. These book tax differences are primarily due to differing treatments for character of distributions, return of capital distributions received, REIT basis adjustments, and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2018 was as follows:

Ordinary Income			Long-Term Capital Gains			Return of Capital			Total
	$	1,250,834		$	610,567		$	188,993		$	2,050,394

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income			Long-Term Capital Gains			Return of Capital			Total
	$	1,040,860		$	2,570,772		$	—		$	3,611,632

At December 31, 2018 the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Capital Loss Carryforwards			Undistributed long term gain			Net Unrealized Gains (Losses)				Qualified Late-Year Losses			Total
	$	—		$	(537,396)		$	—		$	(80,249	)		$	—		$	(617,645	)

As of December 31, 2018, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Non-Expiring Short-Term			Non-Expiring Long-Term
	$	181,392		$	356,004

As of December 31, 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)
	$	50,130,349		$	2,382,757		$	2,463,006		$	(80,249	)

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 2019 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 and1-month LIBOR rate.

The Fund had no outstanding loans as of December 31, 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.

Notes to Financial Statements 15

State Street Real Estate Securities V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

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. New and Recent Accounting Pronouncements

In August 2018, the Securities and Exchange Commission released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The Fund has adopted the Final Rule for the current period with the most notable impacts being that the Fund is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

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.

16 Notes to Financial Statements

State Street Real Estate Securities V.I.S. Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of State Street Real Estate Securities V.I.S. Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of State Street Real Estate Securities V.I.S. Fund (the “Fund”) (one of the funds constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the schedule of investments, as of December 31, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for periods ended prior to January 1, 2016 were audited by another independent registered public accounting firm whose report, dated February 19, 2016, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financials reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 19, 2019

Report of Independent Registered Public Accounting Firm 17

State Street Real Estate Securities V.I.S. Fund

Tax Information — December 31, 2018 (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for its fiscal year ended December 31, 2018.

Dividends Received Deduction

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Long Term Capital Gain Distributions

Long term capital gains dividends were paid from the Fund during the year ended December 31, 2018 in the amount of $610,567.

18 Tax Information

State Street Real Estate Securities V.I.S. Fund

Special Meeting of Shareholders — Voting Results (Unaudited)

A special meeting of shareholders of State Street Variable Insurance Series Funds, Inc. (the “Company”) was held on January 10, 2019 to elect the following six nominees as Directors of the Company: Michael F. Holland, Michael A. Jessee, Ellen M. Needham, Patrick J. Riley, Richard D. Shirk and Rina K. Spence. At the meeting the following votes were recorded:

Nominee	Shares For		Shares Withheld
Michael F. Holland		91,260,156.834		2,655,810.669
Michael A. Jessee		91,345,936.433		2,570,031.070
Ellen M. Needham		91,642,423.619		2,273,543.884
Patrick J. Riley		91,136,965.946		2,779,001.557
Richard D. Shirk		91,293,712.247		2,622,255.256
Rina K. Spence		90,957,562.624		2,958,404.879

The other Directors whose term of office continued after the meeting are as follows: Jeanne M. La Porta, John R. Costantino and Donna M. Rapaccioli.

Special Meeting of Shareholders — Voting Results 19

State Street Real Estate Securities V.I.S. Fund

Other Information — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held By Director During Past Five Years
INDEPENDENT DIRECTORS
Michael F. Holland c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1944	Director and Co-Chairperson of the Board	Term: Indefinite Elected: 1/19	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		67	Director, the Holland Series Fund, Inc.; Director, The China Fund, Inc.; Director, The Taiwan Fund, Inc. (2007-2017); Director, Reaves Utility Income Fund, Inc.; and Director, Blackstone/GSO Loans (and Real Estate) Funds.
Patrick J. Riley c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Director and Co-Chairperson of the Board	Term: Indefinite Elected: 1/19	2002 to May 2010, Associate Justice of the Superior Court, Commonwealth of Massachusetts; 1985 to 2002, Partner, Riley, Burke & Donahue, L.L.P. (law firm); 1998 to Present, Independent Director, State Street Global Advisers Ireland, Ltd. (investment company); 1998 to Present, Independent Director, SSGA Liquidity plc (formerly, SSGA Cash Management Fund plc); January 2009 to Present, Independent Director, SSGA Fixed Income plc; and January 2009 to Present, Independent Director, SSGA Qualified Funds PLC.		67	Board Director and Chairman, SPDR Europe 1PLC Board (2011-Present); Board Director and Chairman, SPDR Europe II, PLC (2013- Present).
John R. Costantino c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director and Co-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 1997	Managing General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		67	Director of Kleinfeld Bridal Corp. (March 2016 – present); Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 – February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).
Donna M. Rapaccioli c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1962	Director and Co-Chairperson of the Audit Committee	Term: Indefinite Elected: 1/12	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		67	Director- Graduate Management Admissions Council (2015 – present); Trustee of Emmanuel College (2010 – present).

20 Other Information

State Street Real Estate Securities V.I.S. Fund

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held By Director During Past Five Years
Richard D. Shirk c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1945	Director and Co- Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 1/19	March 2001 to April 2002, Chairman (1996 to March 2001, President and Chief Executive Officer), Cerulean Companies, Inc. (holding company) (Retired); 1992 to March 2001, President and Chief Executive Officer, Blue Cross Blue Shield of Georgia (health insurer, managed healthcare).		67	1998 to December 2008, Chairman, Board Member and December 2008 to Present, Investment Committee Member, Healthcare Georgia Foundation (private foundation); September 2002 to 2012, Lead Director and Board Member, Amerigroup Corp. (managed health care); 1999 to 2013, Board Member and (since 2001) Investment Committee Member, Woodruff Arts Center; and 2003 to 2009, Trustee, Gettysburg College; Board member, Aerocare Holdings, Regenesis Biomedical Inc.
Rina K. Spence c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Director andCo-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee	Term: Indefinite Elected: 1/19	President of SpenceCare International LLC (international healthcare consulting) (1999 – present); Chief Executive Officer, IEmily.com (health internet company) (2000 – 2001); Chief Executive Officer of Consensus Pharmaceutical, Inc. (1998 – 1999); Founder, President and Chief Executive Officer of Spence Center for Women’s Health (1994 –1998); President and CEO, Emerson Hospital (1984 – 1994); Honorary Consul for Monaco in Boston (2015 – present).		67	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director andCo-Chairperson of the Valuation Committee	Term: Indefinite Elected: 1/19	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		67	None

Other Information 21

State Street Real Estate Securities V.I.S. Fund

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held By Director During Past Five Years
INTERESTED DIRECTORS(1)
Jeanne M. La Porta(2) SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Director and President	Time Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.		18	None
Ellen M. Needham(3) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Director	Time Indefinite Elected: 1/19	President and Director, SSGA FM (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).*		67	None

⁽¹⁾  The individuals listed below are Directors who are “interested persons,” as defined in the 1940 Act, of the Company (“Interested Directors”).

⁽²⁾  Ms. La Porta is an Interested Director because of her employment by SSGA Funds Management, Inc., an affiliate of the Company.

⁽³⁾  Ms. Needham is an Interested Director because of her employment by SSGA Funds Management, Inc., an affiliate of the Company.

^*  Served in various capacities and/or with various affiliated entities during noted time period

† For the purpose of determining the number of portfolios overseen by the Directors, “Fund Complex” comprises registered investment companies for which SSGA FM serves as investment adviser.

22 Other Information

State Street Real Estate Securities V.I.S. Fund

Other Information, continued — December 31, 2018 (Unaudited)

The following lists the principal officers for the Company, as well as their mailing addresses and ages, positions with the Company and length of time served, and present and principal occupations:

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS:
Jeanne M. La Porta SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	President and Director	Term: Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 –July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.
Arthur A. Jensen SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 YOB: 1966	Treasurer	Term: Indefinite Elected: 6/11	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011– July 2016); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 – July 2016).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer and Anti-Money Laundering Officer	Term: Indefinite Elected: 6/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (2013 – Present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Assistant Treasurer	Term: Indefinite Elected: 6/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Assistant Treasurer	Term: Indefinite Elected: 6/16	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present) *; Managing Director, State Street Global Advisors. (2005 –present).*
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Assistant Treasurer	Term: Indefinite Elected: 6/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 –November 2014).*

Other Information 23

State Street Real Estate Securities V.I.S. Fund

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Assistant Treasurer	Term: Indefinite Elected: 3/17	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).
Daniel G. Plourde SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1980	Assistant Treasurer	Term: Indefinite Elected: 6/17	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, 7th Floor Boston, MA 02111-2900 YOB: 1976	Secretary	Term: Indefinite Elected: 3/17	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007-2013).

* Served in various capacities and/or with various affiliated entities during noted time period.

24 Other Information

State Street Real Estate Securities V.I.S. Fund

Other Information, continued — December 31, 2018 (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 calling1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam, or (iii) on the SEC’s website at www.sec.gov. 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 calling1-800-242-013, (ii) on the Fund’s website at http://www.ssga.com/geam, or (iii) on the SEC’s website at www.sec.gov.

Other Information 25

Directors

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers

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.

One Iron Street

Boston, MA 02210

Custodian and Sub-Administrator

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Distributor

State Street Global Advisors Funds Distributors, LLC

One Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, Massachusetts 02116

Annual Report

December 31, 2018

State Street Total Return V.I.S. Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.ssga.com/geam), and you will be notified by mail each time a report is posted, and provided with a website link to access the report.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.

State Street Total Return V.I.S Fund

Annual Report

December 31, 2018 (Unaudited)

Table of Contents

	Page
Notes to Performance		1
Manager Review and Summary Schedule of Investments		2
Financial Statements
Financial Highlights		15
Statement of Assets and Liabilities		17
Statement of Operations		18
Statements of Changes in Net Assets		19
Notes to Financial Statements		20
Report of Independent Registered Public Accounting Firm		27
Tax Information		28
Special Meeting of Shareholders — Voting Results		29
Other Information		30

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

Notes to Performance — December 31, 2018 (Unaudited)

The information provided on the performance page relates to the State Street Total Return V.I.S Fund (the “Fund”).

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.

The S&P 500^® Index is an unmanaged, market capitalization-weighted index of stocks of 500 large U.S. companies, which is widely used as a measure of large-cap U.S. stock market performance.

The MSCI All Country WorldIndex ex-U.S. (“MSCI^® ACWI ex-U.S.”) is amarket-capitalization weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI^® ACWI ex-U.S. Index includes both developed and emerging markets.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index of taxable investment grade debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of one year or more. This index is designed to represent the performance of the U.S. investment-grade first rate bond market.

The results shown for the foregoing indices assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, the index returns do not reflect the actual cost of investing in the instruments that comprise each index.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

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.

Notes to Performance 1

State Street Total Return V.I.S. Fund

Management’s Discussion of Fund Performance — December 31, 2018 (Unaudited)

The State Street Total Return V.I.S. Fund (the “Fund”) seeks the highest total return, composed of current income and capital appreciation, as is consistent with prudent investment risk. The Fund’s benchmarks are the S&P 500 Index, the MSCI All Country Worldex-U.S. Index, and the Bloomberg Barclays U.S. Aggregate Bond Index (the “Indices”).

For the12-month period ended December 31, 2018 (the “Reporting Period”), the total return for the Fund’s Class 1 and Class 3 Shares was-6.34% and -6.61%, respectively. The total return for S&P 500 Index was-4.38%. The total return for MSCI All Country Worldex-U.S. Index was-14.20%. The total return for Bloomberg Barclays U.S. Aggregate Bond Index was 0.01%. The Fund and Indices’ returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Indices are unmanaged and index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund (Class 1 Shares) delivered absolute returns of-6.34% for the Reporting Period, trailing the S&P 500 Index. The negative contribution to return was driven primarily by asset allocation decisions, where strategic holdings tonon-US equities and commodities underperformed relative to domestic equities held in the portfolio. An underweight to fixed income securities also proved costly, as both government and corporate bonds experienced less volatility in general over the Reporting Period. Lastly, underperformance of the underlying ETFs relative to their respective benchmarks had an adverse impact.

On the positive side, the overweight to cash in the latter half of the Reporting Period helped provide some stability amid increasing volatility in more growth driven asset classes. Within equities, the Fund benefited from security selection on the core factors strategies, which are designed to provide exposure to certain stock market premia like value, momentum and market capitalization. A modest overweight to high yield bonds also contributed positively to returns overall.

The Fund used equity futures contracts in order to equitize cash in the portfolio during the Reporting Period. The Fund’s use of futures contracts did not have a material impact on Fund performance.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

2 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Understanding Your Fund’s Expenses — December 31, 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 entiresix-month period ended December 31, 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.

July 1, 2018 — December 31, 2018

Class 1	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value July 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2018	$	943.70	$	1,022.20
Expenses Paid During Period*	$	2.94	$	3.06
Class 3	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value July 1, 2018	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2018	$	942.00	$	1,020.92
Expenses Paid During Period*	$	4.16	$	4.33

* Expenses are equal to the Fund’s annualized net expense ratios of 0.60%** for Class 1 and 0.85%** for Class 3 (for the period July 1, 2018-December 31, 2018), multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).

** May differ from expense ratio disclosed in the financial highlights, which is calculated based on the entire fiscal year’s data.

State Street Total Return V.I.S. Fund 3

State Street Total Return V.I.S. Fund

Performance Summary — December 31, 2018 (Unaudited)

Top Ten Largest Equity Holdings

as of December 31, 2018 (as a % of Fair Value) ^(a)(b)

Berkshire Hathaway Inc., Class B	1.18	%
Johnson & Johnson	0.99	%
Cisco Systems Inc.	0.95	%
Intel Corp.	0.76	%
Danaher Corp.	0.75	%
Aflac Inc.	0.74	%
Republic Services Inc.	0.73	%
Accenture PLC, Class A	0.68	%
Honeywell International Inc.	0.68	%
Intuit Inc.	0.67	%

Sector Allocation

Portfolio Composition as a % of Fair Value of $1,904,110 (in thousands) as of December 31, 2018 ^(a)(b)

Average Annual Total Return for the periods ended December 31, 2018

Class 1 Shares (Inception date: 7/01/85)

	One Year	Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Total Return V.I.S Fund	-6.34%		3.69	%		7.15	%	$	19,953
S&P 500® Index	-4.38%		8.50	%		13.12	%	$	34,304
Bloomberg Barclays U.S. Aggregate Bond Index	0.01%		2.52	%		3.48	%	$	14,075
MSCI All Country World ex.-U.S.	-14.20%		0.68	%		6.57	%	$	18,899

Class 3 Shares (Inception date: 5/01/06)

	One Year	Five Year			Ten Year			Ending Value of a $10,000 Investment
State Street Total Return V.I.S Fund	-6.61%		3.43	%		6.89	%	$	19,464
S&P 500® Index	-4.38%		8.50	%		13.12	%	$	34,304
Bloomberg Barclays U.S. Aggregate Bond Index	0.01%		2.52	%		3.48	%	$	14,075
MSCI All Country Worldex-U.S.	-14.20%		0.68	%		6.57	%	$	18,899

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

4 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Performance Summary, continued — December 31, 2018 (Unaudited)

Class 1 Shares

Class 3 Shares

See Notes to Performance beginning on page 1 for further information.

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.

State Street Total Return V.I.S. Fund 5

State Street Total Return V.I.S. Fund

Summary Schedule of Investments — December 31, 2018

	Principal Amount ($) or Number of Shares		Fair Value $
Equity Securities - 54.8%†
Communication Services - 3.2%
CenturyLink Inc.		704,400		10,671,660
Swisscom AG		15,831		7,542,930
Other Securities				42,259,944
				60,474,534
Consumer Discretionary - 6.7%
FF Group (a)(b)		1,860		5,103
Genuine Parts Co.		89,774		8,620,099
Kohl’s Corp.		186,127		12,347,665
The TJX Companies Inc.		281,046		12,573,998
Urban Outfitters Inc. (a)		273,669		9,085,811
Other Securities				85,443,212
				128,075,888
Consumer Staples - 3.9%
China Huishan Dairy Holdings Company Ltd. (a)(b)		55,000		—
Colruyt S.A.		94,801		6,745,057
Costco Wholesale Corp.		52,919		10,780,129
Keurig Dr Pepper Inc.		452,314		11,597,331
The Estee Lauder Companies Inc., Class A		69,649		9,061,335
Other Securities				36,433,473
				74,617,325
Energy - 3.0%
PBF Energy Inc., Class A		216,686		7,079,132
Phillips 66		103,286		8,898,089
Valero Energy Corp.		129,181		9,684,700
Other Securities				30,282,953
				55,944,874
Financials - 12.1%
Aflac Inc. (d)		310,334		14,138,817
AGNC Investment Corp.		675,856		11,854,514
Allianz SE		34,492		6,905,687
Berkshire Hathaway Inc., Class B (a)		110,564		22,574,957
Loews Corp.		185,501		8,444,006
Royal Bank of Canada		120,230		8,225,429
T Rowe Price Group Inc.		110,847		10,233,395
Zurich Insurance Group AG		26,174		7,782,105
Other Securities				138,610,640
				228,769,550
Healthcare - 4.7%
Danaher Corp.		137,968		14,227,260
Johnson & Johnson		145,717		18,804,779

	Principal Amount ($) or Number of Shares		Fair Value $
Pfizer Inc.		232,090		10,130,728
Other Securities				46,157,626
				89,320,393
Industrials - 7.2%
Expeditors International of Washington Inc.		176,808		12,038,857
Honeywell International Inc.		97,981		12,945,250
MSC Industrial Direct Company Inc., Class A		153,879		11,836,373
Republic Services Inc.		191,737		13,822,320
Robert Half International Inc.		187,864		10,745,821
Other Securities				75,998,998
				137,387,619
Information Technology - 8.3%
Accenture PLC, Class A (d)		92,608		13,058,654
ANSYS Inc. (a)		74,747		10,684,336
Apple Inc. (d)		51,408		8,109,098
Broadridge Financial Solutions Inc.		110,752		10,659,880
Cisco Systems Inc.		416,173		18,032,776
Hanergy Thin Film Power Group Ltd. (a)(b)		64,000		—
Intel Corp.		308,444		14,475,277
Intuit Inc.		64,921		12,779,699
Jack Henry & Associates Inc.		55,565		7,030,084
Microsoft Corp.		62,558		6,354,016
Other Securities				56,988,334
				158,172,154
Materials - 2.3%
Ferroglobe PLC (a)(b)		1,316		—
Linde PLC		73,614		11,486,729
Other Securities				31,944,034
				43,430,763
Real Estate - 2.0%
Other Securities				37,840,537
Utilities - 1.2%
Other Securities				22,408,721
Total Equity Securities (Cost $1,100,355,488)				1,040,465,147
Bonds and Notes - 30.9%
U.S. Treasuries - 17.1%
U.S. Treasury Bonds
2.25% 08/15/46		1,600,000		1,367,233
2.50% 02/15/45 - 05/15/46		4,310,000		3,893,116
2.75% 11/15/42 - 11/15/47		2,150,000		2,041,635

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

Summary Schedule of Investments, continued — December 31, 2018

	Principal Amount ($) or Number of Shares		Fair Value $
2.88% 05/15/43 - 11/15/46		2,400,000		2,338,521
3.00% 05/15/42 - 08/15/48		11,250,000		11,219,078
3.13% 08/15/44 - 05/15/48		3,000,000		3,059,887
3.38% 05/15/44 - 11/15/48		2,400,000		2,557,444
3.63% 08/15/43 - 02/15/44		1,740,000		1,927,011
3.75% 11/15/43		1,400,000		1,580,964
4.25% 05/15/39 - 11/15/40		2,000,000		2,415,119
4.38% 02/15/38 - 05/15/40		2,300,000		2,818,851
4.50% 02/15/36		2,000,000		2,465,293
4.63% 02/15/40		500,000		633,631
5.25% 02/15/29		200,000		244,492
5.50% 08/15/28		200,000		247,086
6.00% 02/15/26		827,000		1,008,718
6.38% 08/15/27		200,000		256,916
7.63% 11/15/22 - 02/15/25		500,000		613,063
7.88% 02/15/21		2,000,000		2,220,431
8.75% 05/15/20		1,200,000		1,299,099
U.S. Treasury Inflation Indexed Bonds
0.63% 02/15/43		1,429,818		1,256,595
0.75% 02/15/42 - 02/15/45		3,659,026		3,303,620
0.88% 02/15/47		576,153		529,711
1.00% 02/15/46 - 02/15/48		4,093,272		3,886,620
1.38% 02/15/44		2,061,519		2,134,231
1.75% 01/15/28		965,632		1,026,299
2.13% 02/15/41		1,096,975		1,298,424
2.38% 01/15/25		2,515,331		2,720,635
2.50% 01/15/29		1,531,127		1,744,967
3.38% 04/15/32		997,234		1,281,757
3.88% 04/15/29		2,307,300		2,940,035
U.S. Treasury Inflation Indexed Notes
0.13% 04/15/20 - 07/15/26		31,872,425		30,855,157
0.25% 01/15/25		6,405,720		6,136,939
0.38% 07/15/23 - 07/15/27		13,514,253		13,023,285
0.50% 01/15/28		3,998,124		3,818,026
0.63% 07/15/21 - 01/15/26		10,487,425		10,338,783
0.75% 07/15/28		4,911,026		4,811,039
1.13% 01/15/21		3,467,910		3,453,799
1.25% 07/15/20		2,319,000		2,314,738
1.38% 01/15/20		818,552		813,528
U.S. Treasury Notes
1.13% 03/31/20 - 09/30/21		6,500,000		6,301,904
1.25% 01/31/20 - 10/31/21		6,500,000		6,329,347
1.38% 01/31/20 - 05/31/21		13,000,000		12,756,795
1.50% 01/31/22 - 08/15/26		2,900,000		2,743,313
1.63% 07/31/20 - 05/15/26		11,540,000		11,094,891
1.75% 10/31/20 - 05/15/23		9,600,000		9,393,955
1.88% 12/15/20 - 09/30/22		19,600,000		19,239,230
2.00% 01/31/20 - 11/15/26		22,644,000		22,197,287
2.13% 08/31/20 - 05/15/25		13,000,000		12,823,142
2.25% 03/31/21 - 11/15/27		17,390,000		17,029,843
2.38% 01/31/23 - 05/15/27		5,000,000		4,940,344
2.50% 05/31/20 - 01/31/25		8,500,000		8,492,210

	Principal Amount ($) or Number of Shares		Fair Value $
2.63% 07/31/20 - 12/31/25		10,885,000		10,919,156
2.75% 11/30/20 - 02/15/28		18,800,000		18,978,109
2.88% 10/15/21 - 08/15/28		12,900,000		13,101,339
3.00% 10/31/25		500,000		512,970
3.13% 05/15/21 - 11/15/28		3,000,000		3,078,383
3.63% 02/15/20 - 02/15/21		2,700,000		2,737,798
				324,565,792
U.S. Government Sponsored Agency - 0.0%*
Other Securities				490,020
Agency Collateralized Mortgage Obligations - 0.1%
Federal Home Loan Mortgage Corp.
2.75% 01/25/26		300,000		292,423
3.06% 07/25/23 (e)		600,000		602,020
3.30% 04/25/23 (e)		100,000		101,340
3.39% 03/25/24		200,000		203,398
3.49% 01/25/24		300,000		306,227
3.85% 06/25/28		250,000		259,335
3.97% 01/25/21 (e)		200,000		203,018
4.33% 10/25/20 (e)		50,000		50,819
Federal National Mortgage Assoc.
2.78% 06/25/21 (e)		304,743		303,314
3.08% 06/25/27 (e)		261,000		256,715
3.64% 08/25/30 (e)		200,000		201,359
				2,779,968
Agency Mortgage Backed - 6.4%
Federal Home Loan Mortgage Corp.
1.13% 08/12/21		637,000		615,227
2.38% 01/13/22		1,100,000		1,095,490
2.50% 07/01/28 - 02/01/32		1,325,061		1,295,111
2.51% 11/25/22		300,000		295,464
3.00% 05/01/30 - 03/01/48		11,866,622		11,679,665
3.50% 03/01/26 - 03/01/47		8,910,749		8,954,765
4.00% 06/01/42 - 12/01/48		5,753,469		5,884,844
4.50% 05/01/42 - 01/01/45		82,026		85,818
5.00% 06/01/41		1,408,176		1,507,335
5.50% 01/01/38 - 04/01/39		347,698		374,591
6.00% 06/01/37 - 11/01/37		326,223		360,477
6.25% 07/15/32		250,000		334,500
3.50% TBA (f)		500,000		506,235
4.50% TBA (f)		775,000		802,086
Federal National Mortgage Assoc.
1.50% 07/30/20		500,000		491,970
1.88% 09/24/26		1,000,000		930,630
2.13% 04/24/26		700,000		667,821
2.50% 09/01/28 - 08/01/30		1,055,851		1,035,717
3.00% 01/01/28 - 05/01/47		11,025,513		10,907,561
3.50% 01/01/27 - 09/01/48		16,415,942		16,502,218
4.00% 10/01/41 - 11/01/48		10,167,369		10,417,597

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

Summary Schedule of Investments, continued — December 31, 2018

	Principal Amount ($) or Number of Shares		Fair Value $
4.50% 01/01/27 - 03/01/46		3,904,851		4,085,857
5.00% 12/01/39 - 05/01/41		287,015		304,624
5.50% 12/01/35 - 04/01/38		1,201,340		1,294,347
6.00% 03/01/34 - 08/01/37		1,617,508		1,785,954
6.63% 11/15/30		100,000		134,347
4.00% TBA (f)		1,550,000		1,583,250
4.50% TBA (f)		1,250,000		1,294,000
Government National Mortgage Assoc.
2.50% 05/20/45		249,227		237,805
3.00% 10/15/42 - 06/20/47		7,491,703		7,405,374
3.50% 03/20/45 - 08/20/48		11,928,847		12,038,600
4.00% 12/20/40 - 09/20/47		6,893,972		7,102,040
4.50% 05/20/40 - 11/20/48		2,449,581		2,551,326
5.00% 08/15/41		2,009,447		2,148,218
3.50% TBA (f)		400,000		402,760
4.00% TBA (f)		250,000		256,050
4.50% TBA (f)		1,100,000		1,137,741
Other Securities				3,117,570
				121,624,985
Asset Backed - 0.1%
Other Securities				2,056,986
Corporate Notes - 6.4%
Aflac Inc.
3.63% 11/15/24		150,000		149,704
Apple Inc.
1.80% 05/11/20		200,000		197,588
2.00% 11/13/20		50,000		49,334
2.25% 02/23/21		200,000		197,726
2.40% 01/13/23		50,000		48,569
2.50% 02/09/22		150,000		147,873
2.75% 01/13/25		50,000		48,133
3.00% 11/13/27		100,000		95,094
3.25% 02/23/26		160,000		156,042
3.75% 11/13/47		50,000		46,203
4.38% 05/13/45		165,000		168,183
4.50% 02/23/36		150,000		158,122
4.65% 02/23/46		185,000		195,600
Broadridge Financial Solutions Inc.
3.40% 06/27/26		80,000		75,690
Cisco Systems Inc.
2.90% 03/04/21		125,000		125,061
5.90% 02/15/39		200,000		247,130
Costco Wholesale Corp.
2.25% 02/15/22		85,000		83,206
3.00% 05/18/27		100,000		96,342
Honeywell International Inc.
3.35% 12/01/23		150,000		150,688
Intel Corp.
2.60% 05/19/26		150,000		140,838
3.73% 12/08/47		100,000		92,793

	Principal Amount ($) or Number of Shares		Fair Value $
4.10% 05/11/47		100,000		97,657
Johnson & Johnson
1.95% 11/10/20		15,000		14,801
2.45% 12/05/21 - 03/01/26		275,000		268,194
2.90% 01/15/28		50,000		47,787
3.40% 01/15/38		25,000		23,338
3.50% 01/15/48		30,000		27,581
4.38% 12/05/33		150,000		161,184
Keurig Dr Pepper Inc.
4.60% 05/25/28 (c)		50,000		49,831
Loews Corp.
2.63% 05/15/23		100,000		96,420
Microsoft Corp.
1.55% 08/08/21		150,000		145,716
1.85% 02/06/20		200,000		198,508
2.40% 02/06/22 - 08/08/26		300,000		285,432
2.88% 02/06/24		150,000		148,374
3.45% 08/08/36		200,000		189,896
3.50% 02/12/35		65,000		62,419
3.75% 05/01/43		150,000		145,342
4.10% 02/06/37		200,000		205,470
4.45% 11/03/45		225,000		242,062
Pfizer Inc.
3.00% 09/15/21 - 12/15/26		220,000		217,400
3.20% 09/15/23		125,000		125,321
3.60% 09/15/28		50,000		50,186
4.00% 12/15/36		100,000		99,155
4.13% 12/15/46		100,000		100,373
4.20% 09/15/48		100,000		101,579
4.30% 06/15/43		100,000		102,005
Phillips 66
3.90% 03/15/28		50,000		48,111
4.88% 11/15/44		45,000		43,875
Royal Bank of Canada
2.15% 03/06/20 - 10/26/20		275,000		271,566
2.30% 03/22/21		150,000		148,083
2.75% 02/01/22		50,000		49,225
Valero Energy Corp.
6.63% 06/15/37		150,000		165,324
Other Securities				114,708,206
				121,310,340
Non-Agency Collateralized Mortgage Obligations - 0.2%
Other Securities				4,761,142
Sovereign Bonds - 0.4%
Other Securities				6,769,703
Municipal Bonds and Notes - 0.2%
Other Securities				3,196,326
Total Bonds and Notes (Cost $597,214,355)				587,555,262

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

Summary Schedule of Investments, continued — December 31, 2018

	Principal Amount ($) or Number of Shares		Fair Value $
Exchange Traded Funds - 9.8%
Exchange Traded & Mutual Funds - 9.8%
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		3,619,568		54,546,890
SPDR Bloomberg Barclays High Yield Bond ETF (h)		2,846,551		95,615,648
SPDR Dow Jones REIT ETF (h)		410,485		35,301,710
Total Exchange Traded Funds (Cost $205,081,032)				185,464,248
Total Investments in Securities (Cost $1,902,650,875)				1,813,484,657

	Principal Amount ($) or Number of Shares		Fair Value $
Short-Term Investments - 4.8%
State Street Institutional U.S. Government Money Market Fund - Class G Shares 2.31% (Cost $90,625,489) (h)(i)		90,625,489		90,625,489
Total Investments (Cost $1,993,276,364)				1,904,110,146
Liabilities in Excess of Other Assets,net - (0.3)%				(4,883,482	)
NET ASSETS - 100.0%				1,899,226,664

Other Information:

The Fund had the following long futures contracts open at December 31, 2018:

Description	Expiration date		Number of Contracts		Current Notional Value		Unrealized Depreciation
E-mini Russell 2000 Index Futures		March 2019		28	$	1,888,600	$	(81,402	)
MSCI EAFE Mini Index Future		March 2019		5		429,000		(7,637	)
MSCI Emerging Markets Index Futures		March 2019		39		1,885,260		(20,832	)
S&P 500 Emini Index Futures		March 2019		97		12,150,220		(209,697	)
							$	(319,568	)

During the year ended December 31, 2018, average notional value related to long futures contracts was $11,838,238.

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 — December 31, 2018

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) 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.

(c) 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 December 31, 2018, these securities amounted to $8,909,558 or 0.47% 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 State Street Variable Insurance Series Funds, Inc.’s Board of Directors.

(d) At December 31, 2018, all or a portion of this security was pledged to cover collateral requirements for futures and/or TBAs.

(e) Variable Rate Security - Interest rate shown is rate in effect at December 31, 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) 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.

(i) Coupon amount represents effective yield.

** Less than 0.005%.

† Percentages are based on net assets as of December 31, 2018.

* Less than 0.05%.

Abbreviations:

ADR - American Depositary Receipt

ISDA - International Swaps and Derivatives Association

LIBOR - London Interbank Offered Rate

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	$	650,568,854		$	336	$	—	$	650,569,190
Foreign Equity		389,479,608			411,246		5,103		389,895,957
U.S. Treasuries		—			324,565,792		—		324,565,792
U.S. Government Sponsored Agencies		—			490,020		—		490,020
Agency Collateralized Mortgage Obligations		—			2,779,968		—		2,779,968
Agency Mortgage Backed		—			121,624,985		—		121,624,985
Asset Backed		—			2,056,986		—		2,056,986
Corporate Notes		—			121,310,340		—		121,310,340
Non-Agency Collateralized Mortgage Obligations		—			4,761,142		—		4,761,142
Sovereign Bonds		—			6,769,703		—		6,769,703
Municipal Bonds and Notes		—			3,196,326		—		3,196,326
Exchange Traded & Mutual Funds		185,464,248			—		—		185,464,248
Short-Term Investments		90,625,489			—		—		90,625,489
Total Investments in Securities	$	1,316,138,199		$	587,966,844	$	5,103	$	1,904,110,146
Other Financial Instruments
Long Futures Contracts - Unrealized Depreciation	$	(319,568	)	$	—	$	—	$	(319,568	)

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 — December 31, 2018

The Fund was invested in the following countries/territories at December 31, 2018 (unaudited):

Country/Territory	Percentage (based on Fair Value)
United States		77.74%
Japan		2.87%
United Kingdom		2.54%
Canada		1.93%
Switzerland		1.92%
France		1.27%
Australia		1.26%
Germany		1.13%
China		0.91%
Singapore		0.86%
Hong Kong		0.75%
Ireland		0.74%
Sweden		0.64%
Italy		0.61%
Belgium		0.48%
Taiwan		0.43%
South Korea		0.37%
Supranational		0.36%
Austria		0.32%
South Africa		0.28%
Israel		0.26%
Netherlands		0.24%
India		0.23%
Norway		0.19%
Brazil		0.18%
Mexico		0.16%
Russian Federation		0.14%
Denmark		0.13%

Country/Territory	Percentage (based on Fair Value)
Puerto Rico		0.12%
Malaysia		0.10%
Spain		0.09%
Poland		0.08%
New Zealand		0.08%
Thailand		0.07%
Luxembourg		0.06%
Chile		0.06%
Indonesia		0.05%
Colombia		0.05%
Philippines		0.04%
Cayman Islands		0.03%
Finland		0.03%
Turkey		0.03%
Greece		0.03%
Iraq		0.02%
Czech Republic		0.02%
Hungary		0.02%
Peru		0.02%
Panama		0.02%
Guernsey		0.01%
Uruguay		0.01%
Czech		0.01%
Pakistan		0.01%
Bermuda		0.00%
Qatar		0.00%
		100.00%

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at December 31, 2018 (unaudited):

Industry	Domestic		Foreign		Total
Exchange Traded Funds		9.74%		0.00%		9.74%
Multi-Line Insurance		0.77%		1.28%		2.05%
Pharmaceuticals		1.56%		0.33%		1.89%
Mortgage REITs		1.78%		0.00%		1.78%
Multi-Sector Holdings		1.19%		0.53%		1.72%
Oil & Gas Refining & Marketing		1.44%		0.20%		1.64%
Life & Health Insurance		0.78%		0.79%		1.57%
Trading Companies & Distributors		0.97%		0.59%		1.56%
Apparel Retail		1.47%		0.08%		1.55%
Diversified Banks		0.00%		1.53%		1.53%
IT Consulting & Other Services		0.45%		1.00%		1.45%
Integrated Telecommunication Services		0.00%		1.43%		1.43%
Application Software		1.34%		0.00%		1.34%
Department Stores		0.91%		0.26%		1.17%
Data Processing & Outsourced Services		1.04%		0.04%		1.08%
Communications Equipment		0.98%		0.00%		0.98%
Environmental & Facilities Services		0.96%		0.00%		0.96%
Semiconductors		0.79%		0.11%		0.90%
Healthcare Equipment		0.86%		0.00%		0.86%

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 — December 31, 2018

Industry	Domestic		Foreign		Total
Hypermarkets & Super Centers		0.57%		0.29%		0.86%
Air Freight & Logistics		0.86%		0.00%		0.86%
Property & Casualty Insurance		0.47%		0.36%		0.83%
Retail REITs		0.20%		0.57%		0.77%
Apparel, Accessories & Luxury Goods		0.39%		0.38%		0.77%
Packaged Foods & Meats		0.25%		0.51%		0.76%
Industrial Conglomerates		0.68%		0.07%		0.75%
Personal Products		0.50%		0.23%		0.73%
Technology Hardware, Storage & Peripherals		0.55%		0.18%		0.73%
Asset Management & Custody Banks		0.66%		0.06%		0.72%
Electric Utilities		0.14%		0.56%		0.70%
Technology Distributors		0.66%		0.02%		0.68%
Soft Drinks		0.61%		0.00%		0.61%
Integrated Oil & Gas		0.00%		0.61%		0.61%
Human Resource & Employment Services		0.61%		0.00%		0.61%
Alternative Carriers		0.56%		0.05%		0.61%
Industrial Gases		0.00%		0.60%		0.60%
Financial Exchanges & Data		0.32%		0.23%		0.55%
Aerospace & Defense		0.33%		0.20%		0.53%
Steel		0.46%		0.06%		0.52%
Specialty Chemicals		0.00%		0.50%		0.50%
Home Building		0.00%		0.50%		0.50%
Trucking		0.40%		0.08%		0.48%
Distributors		0.48%		0.00%		0.48%
Food Retail		0.07%		0.40%		0.47%
Airlines		0.00%		0.45%		0.45%
Healthcare Distributors		0.02%		0.41%		0.43%
Regional Banks		0.20%		0.22%		0.42%
Auto Parts & Equipment		0.04%		0.37%		0.41%
Systems Software		0.38%		0.00%		0.38%
Biotechnology		0.36%		0.00%		0.36%
Wireless Telecommunication Services		0.24%		0.11%		0.35%
Life Sciences Tools & Services		0.16%		0.17%		0.33%
Coal & Consumable Fuels		0.00%		0.33%		0.33%
Managed Healthcare		0.32%		0.00%		0.32%
General Merchandise Stores		0.00%		0.30%		0.30%
Reinsurance		0.10%		0.20%		0.30%
Automobile Manufacturers		0.03%		0.27%		0.30%
Metal & Glass Containers		0.29%		0.00%		0.29%
Healthcare Services		0.22%		0.07%		0.29%
Internet & Direct Marketing Retail		0.23%		0.05%		0.28%
Diversified REITs		0.09%		0.19%		0.28%
Tobacco		0.03%		0.25%		0.28%
Research & Consulting Services		0.26%		0.00%		0.26%
Gas Utilities		0.00%		0.25%		0.25%
Electronic Components		0.21%		0.03%		0.24%
Publishing		0.15%		0.08%		0.23%
Real Estate Operating Companies		0.00%		0.23%		0.23%
Diversified Real Estate Activities		0.00%		0.22%		0.22%
Internet Services & Infrastructure		0.21%		0.00%		0.21%
Electronic Manufacturing Services		0.17%		0.04%		0.21%
Diversified Support Services		0.21%		0.00%		0.21%
Investment Banking & Brokerage		0.21%		0.00%		0.21%
Independent Power Producers & Energy Traders		0.08%		0.11%		0.19%

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

12 State Street Total Return V.I.S. Fund

State Street Total Return V.I.S. Fund

Notes to Summary Schedule of Investments, continued — December 31, 2018

Industry	Domestic		Foreign		Total
Footwear		0.19%		0.00%		0.19%
Industrial Machinery		0.03%		0.16%		0.19%
Specialty Stores		0.18%		0.01%		0.19%
Thrifts & Mortgage Finance		0.18%		0.00%		0.18%
Restaurants		0.16%		0.01%		0.17%
Oil & Gas Exploration & Production		0.15%		0.02%		0.17%
Broadcasting		0.16%		0.01%		0.17%
Insurance Brokers		0.16%		0.00%		0.16%
Cable & Satellite		0.15%		0.01%		0.16%
Home Furnishing Retail		0.16%		0.00%		0.16%
Real Estate Development		0.00%		0.15%		0.15%
Industrial REITs		0.01%		0.13%		0.14%
Interactive Media & Services		0.03%		0.11%		0.14%
Electronic Equipment & Instruments		0.13%		0.01%		0.14%
Commodity Chemicals		0.00%		0.13%		0.13%
Paper Products		0.12%		0.00%		0.12%
Leisure Facilities		0.10%		0.00%		0.10%
Agricultural Products		0.00%		0.10%		0.10%
Hotel & Resort REITs		0.09%		0.00%		0.09%
Office Services & Supplies		0.02%		0.07%		0.09%
Oil & Gas Equipment & Services		0.08%		0.00%		0.08%
Healthcare Supplies		0.08%		0.00%		0.08%
Advertising		0.02%		0.06%		0.08%
Oil & Gas Storage & Transportation		0.00%		0.08%		0.08%
Healthcare Facilities		0.05%		0.03%		0.08%
Construction Materials		0.00%		0.08%		0.08%
Construction & Engineering		0.01%		0.06%		0.07%
Marine Ports & Services		0.00%		0.06%		0.06%
Specialized REITs		0.06%		0.00%		0.06%
Leisure Products		0.03%		0.02%		0.05%
Automotive Retail		0.05%		0.00%		0.05%
Household Products		0.00%		0.04%		0.04%
Healthcare Technology		0.04%		0.00%		0.04%
Semiconductor Equipment		0.03%		0.01%		0.04%
Health Care REITs		0.04%		0.00%		0.04%
Electrical Components & Equipment		0.04%		0.00%		0.04%
Brewers		0.02%		0.02%		0.04%
Hotels, Resorts & Cruise Lines		0.00%		0.03%		0.03%
Education Services		0.03%		0.00%		0.03%
Marine		0.00%		0.03%		0.03%
Airport Services		0.00%		0.03%		0.03%
Other Diversified Financial Services		0.00%		0.02%		0.02%
Water Utilities		0.00%		0.02%		0.02%
Motorcycle Manufacturers		0.00%		0.02%		0.02%
Construction Machinery & Heavy Trucks		0.01%		0.01%		0.02%
Fertilizers & Agricultural Chemicals		0.02%		0.00%		0.02%
Building Products		0.02%		0.00%		0.02%
Oil & Gas Drilling		0.01%		0.01%		0.02%
Consumer Electronics		0.02%		0.00%		0.02%
Consumer Finance		0.02%		0.00%		0.02%
Distillers & Vintners		0.02%		0.00%		0.02%
Residential REITs		0.02%		0.00%		0.02%
Gold		0.00%		0.01%		0.01%
Drug Retail		0.00%		0.01%		0.01%

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

State Street Total Return V.I.S. Fund 13

State Street Total Return V.I.S. Fund

Notes to Summary Schedule of Investments, continued — December 31, 2018

Industry	Domestic		Foreign		Total
Textiles		0.00%		0.01%		0.01%
Renewable Electricity		0.00%		0.01%		0.01%
Highways & Railtracks		0.00%		0.01%		0.01%
Diversified Metals & Mining		0.00%		0.01%		0.01%
Diversified Capital Markets		0.00%		0.01%		0.01%
Copper		0.00%		0.01%		0.01%
Interactive Home Entertainment		0.00%		0.01%		0.01%
Paper Packaging		0.01%		0.00%		0.01%
Household Appliances		0.00%		0.00%		0.00%
Aluminum		0.00%		0.00%		0.00%
Tires & Rubber		0.00%		0.00%		0.00%
Food Distributors		0.00%		0.00%		0.00%
Specialized Finance		0.00%		0.00%		0.00%
						64.38%

Sector	Percentage (based on Fair Value)
U.S. Treasuries		17.04%
Agency Mortgage Backed		6.39%
Corporate Notes		6.37%
Sovereign Bonds		0.35%
Non-Agency Collateralized Mortgage Obligations		0.25%
Municipal Bonds and Notes		0.17%
Agency Collateralized Mortgage Obligations		0.15%
Asset Backed		0.11%
U.S. Government Sponsored Agencies		0.03%
		30.86%

Sector	Percentage (based on Fair Value)
Short-Term Investments
Short-Term Investments		4.76%
		4.76%
		100.00%

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 12/31/18		Value at 12/31/18		Dividend Income
SPDR Bloomberg Barclays High Yield Bond ETF		2,022,863	$	74,279,529	$	35,424,699	$	5,772,708	$	(193,121	)	$	(8,122,751	)		2,846,551	$	95,615,648	$	4,708,174
SPDR Dow Jones REIT ETF		—		—		43,344,692		3,699,772		(35,252	)		(4,307,958	)		410,485		35,301,710		964,276
State Street Corp.		13,036		1,272,444		—		1,146,900		622,094			(747,638	)		—		—		10,446
State Street Institutional U.S. Government Money Market Fund - Class G Shares		93,039,371		93,039,371		738,230,353		740,644,235		—			—			90,625,489		90,625,489		1,161,800
TOTAL			$	168,591,344	$	816,999,744	$	751,263,615	$	393,721		$	(13,178,347	)			$	221,542,847	$	6,844,696

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

14 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 fiscal years indicated

	Class 1
	12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date														7/1/85
Net asset value, beginning of period	$	19.94		$	18.08		$	17.66		$	18.81		$	18.71
Income/(loss) from investment operations:
Net investment income		0.40	(a)		0.36	(a)		0.35			0.31			0.35
Net realized and unrealized gains/(losses) on investments		(1.69	)		2.46			0.77			(0.52	)		0.65
Total income/(loss) from investment operations		(1.29	)		2.82			1.12			(0.21	)		1.00
Less distributions from:
Net investment income		0.45			0.41			0.35			0.34			0.34
Net realized gains		4.14			0.55			0.35			0.60			0.56
Total distributions		4.59			0.96			0.70			0.94			0.90
Net asset value, end of period	$	14.06		$	19.94		$	18.08		$	17.66		$	18.81
Total Return(b)		(6.34	)%		15.58	%		6.35	%		(1.13	)%		5.32	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	733,417		$	856,665		$	797,448		$	807,584		$	941,344
Ratios to average net assets:
Net expenses		0.62	%		0.62	%		0.60	%		0.61	%		0.62	%(c)
Gross expenses		0.62	%		0.62	%		0.60	%		0.61	%		0.62	%
Net investment income		2.01	%		1.83	%		1.85	%		1.56	%		1.66	%
Portfolio turnover rate		97	%		15	%		45	%		70	%		78	%

	Class 3
	12/31/18			12/31/17			12/31/16			12/31/15*			12/31/14*
Inception date														5/1/06
Net asset value, beginning of period	$	19.88		$	18.03		$	17.61		$	18.75		$	18.65
Income/(loss) from investment operations:
Net investment income		0.35	(a)		0.31	(a)		0.30			0.27			0.28
Net realized and unrealized gains/(losses) on investments		(1.69	)		2.44			0.77			(0.51	)		0.67
Total income/(loss) from investment operations		(1.34	)		2.75			1.07			(0.24	)		0.95
Less distributions from:
Net investment income		0.39			0.35			0.30			0.30			0.29
Net realized gains		4.14			0.55			0.35			0.60			0.56
Total distributions		4.53			0.90			0.65			0.90			0.85
Net asset value, end of period	$	14.01		$	19.88		$	18.03		$	17.61		$	18.75
Total Return(b)		(6.61	)%		15.26	%		6.08	%		(1.34	)%		5.07	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	1,165,809		$	1,464,061		$	1,508,428		$	1,633,723		$	1,842,997
Ratios to average net assets:
Net Expenses		0.87	%		0.87	%		0.85	%		0.86	%		0.87	%(c)
Gross Expenses		0.87	%		0.87	%		0.85	%		0.86	%		0.87	%
Net investment income		1.76	%		1.59	%		1.60	%		1.31	%		1.40	%
Portfolio turnover rate		97	%		15	%		45	%		70	%		78	%

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

Financial Highlights 15

State Street Total Return V.I.S. Fund

Notes to Financial Highlights

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

(b) Total returns are historical and assume changes in share price, 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.

* 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.

16 Financial Highlights

State Street Total Return V.I.S. Fund

Statement of Assets and Liabilities — December 31, 2018

Assets
Investments in securities, at fair value (cost $1,761,577,087)	$	1,682,567,299
Investments in affiliated securities, at fair value (cost $141,073,788)		130,917,358
Short-term affiliated investments, at fair value		90,625,489
Cash		933,420
Cash collateral on deposit with broker for future contracts		1,192,866
Foreign currency (cost $332,409)		333,656
Receivable for investments sold		406,078
Income receivables		5,566,025
Receivable for fund shares sold		12,730
Income receivable from affiliated investments		161,934
Total assets		1,912,716,855
Liabilities
Payable for investments purchased		10,532,236
Payable for fund shares redeemed		620,251
Payable for accumulated variation margin on futures contracts		319,183
Payable to the Adviser		562,183
Payable or custody, fund accounting andsub-administration fees		60,726
Accrued other expenses		147,299
Distribution and service fees		1,248,313
Total liabilities		13,490,191
Net Assets	$	1,899,226,664
Net Assets Consist of:
Capital paid in	$	2,012,367,366
Total distributable earnings (loss)		(113,140,702	)
Net Assets	$	1,899,226,664
Class 1
Net Assets	$	733,417,327
Shares outstanding ($0.01 par value, unlimited shares authorized)		52,170,987
Net asset value per share	$	14.06
Class 3
Net Assets	$	1,165,809,337
Shares outstanding ($0.01 par value, unlimited shares authorized)		83,197,843
Net asset value per share	$	14.01

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

Statement of Assets and Liabilities 17

State Street Total Return V.I.S. Fund

Statement of Operations — For the period ended December 31, 2018

Investment Income
Income
Dividend	$	34,486,360
Interest		17,367,213
Income from affiliated investments		6,844,696
Less: Foreign taxes withheld		(1,791,184	)
Total income		56,907,085
Expenses
Advisory and administration fees		7,581,685
Distribution and service fees
Class 1		1,627,685
Class 3		6,085,590
Directors’ fees		182,899
Custody, fund accounting andsub-administration fees		558,916
Professional fees		344,131
Other expenses		313,232
Total Expenses		16,694,138
Net investment income	$	40,212,947
Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Unaffiliated investments	$	406,278,921	*
Affiliated investments		393,721
Futures		(904,145	)
Foreign currency transactions		(239,176	)
Increase (decrease) in unrealized appreciation/depreciation on:
Unaffiliated investments		(564,426,964	)**
Affiliated investrments		(13,178,347	)
Futures		(655,361	)
Foreign currency translations		(39,901	)
Net realized and unrealized gain (loss) on investments		(172,771,252	)
Net Decrease in Net Assets Resulting from Operations	$	(132,558,305	)

* Includes $119,381 of net realized gains from foreign capital tax gain.

** Includes change in accrued foreign capital gains tax of $59,978.

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

18 Statement of Operations

State Street Total Return V.I.S. Fund

Statements of Changes in Net Assets

	Year Ended December 31, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	40,212,947		$	38,873,989
Net realized gain (loss) on investments, futures, and foreign currency transactions		405,529,321			69,761,604
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, and foreign currency translations		(578,300,573	)		223,146,132
Net increase (decrease) from operations		(132,558,305	)		331,781,725
Distributions to shareholders:
Total distributions
Class 1		(180,207,716	)		(39,161,707	)
Class 3		(284,866,389	)		(63,420,807	)
Total distributions		(465,074,105	)		(102,582,514	)
Increase (decrease) in assets from operations and distributions		(597,632,410	)		229,199,211
Share transactions:
Proceeds from sale of shares
Class 1		20,964,003			24,414,624
Class 3		30,059,171			14,991,248
Value of distributions reinvested
Class 1		180,207,716			39,161,707
Class 3		284,866,389			63,420,807
Cost of shares redeemed
Class 1		(94,290,832	)		(85,382,636	)
Class 3		(245,672,997	)		(270,955,830	)
Net increase (decrease) from share transactions		176,133,450			(214,350,080	)
Total increase (decrease) in net assets		(421,498,960	)		14,849,131
Net Assets
Beginning of year		2,320,725,624			2,305,876,493
End of year	$	1,899,226,664		$	2,320,725,624
Changes in Fund Shares
Class 1
Shares sold		1,059,253			1,257,149
Issued for distributions reinvested		12,899,622			1,970,896
Shares redeemed		(4,756,048	)		(4,366,225	)
Net increase (decrease) in fund shares		9,202,827			(1,138,180	)
Class 3
Shares sold		1,521,278			760,162
Issued for distributions reinvested		20,449,848			3,201,454
Shares redeemed		(12,429,805	)		(13,986,760	)
Net increase (decrease) in fund shares		9,541,321			(10,025,144	)
For the year ended December 31, 2017, the source of distributions paid to shareholders was (See Note 11 in the Notes to Financial Statements):
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	)
Undistributed net investment income as of December 31, 2017:				$	(2,525,960	)

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

Statements of Changes in Net Assets 19

State Street Total Return V.I.S. Fund

Notes to Financial Statements — December 31, 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 anopen-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 StreetSmall-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 each 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 overseeing the determination of the fair value of investments.

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

• Equity investments (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.

20 Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

• 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.

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 December 31, 2018 is disclosed in the Fund’s Summary Schedule of Investments.

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

Dividend income and capital gain distributions, if any, are recognized on theex-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.

Notes to Financial Statements 21

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

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 December 31, 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 fiscal year ended December 31, 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.

22 Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

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 fiscal year ended December 31, 2018, the Fund entered into futures contracts for cash equitization.

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 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	$	—	$	—	$	—	$	(319,183	)	$	—	$	(319,183	)

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	$	—	$	—	$	—	$	(904,145	)	$	—	$	(904,145	)

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	$	—	$	—	$	—	$	(655,361	)	$	—	$	(655,361	)

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 Rule12b-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 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 share class.

Notes to Financial Statements 23

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

Distribution and Shareholder Service(12b-1) Fees  The Company has adopted a Distribution and Service(12b-1) Plan (the“12b-1 Plan”) pursuant to Rule12b-1 under the 1940 Act with respect to each of Class 1 and Class 3 shares of the Fund. Under the12b-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 determined to be an indirect use of the assets attributable to the Class 1 shares to finance distribution of such shares. Under the12b-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”), 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 the12b-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. The12b-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 the12b-1 Plan or in any agreement related to it. In addition, the Class 312b-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.

Custody, Fund Accounting andSub-Administration Fees  State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant andsub-administrator to the Fund. Amounts paid by the Fund to State Street for performing such services are included custody, fund accounting andsub-administration fees on the Statement of Operations.

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 fiscal year ended December 31, 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 otherout-of-pocket expenses in connection with meeting attendance and industry seminars.

7. Investment Transactions

Purchases and sales of investments (excludingin-kind transactions, short term investments and derivative contracts) for the fiscal year ended December 31, 2018 were as follows:

U.S. Government Securities
Purchases		Sales
$	507,170,358	$	493,086,655
Non-U.S. Government Securities
Purchases		Sales
$	1,541,284,759	$	1,753,393,026

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.

24 Notes to Financial Statements

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

Distributions to shareholders are recorded onex-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. Certain capital accounts in the financial statements have been adjusted for permanentbook-tax differences. These adjustments have no impact on net asset values or results of operations. Temporarybook-tax differences will reverse in the future. These book tax differences are primarily due to differing treatments for foreign currency gains and losses, litigation, capital gain tax, passive foreign investment company gains and losses, partnership basis adjustments, future contracts, paydown losses, return of capital distributions received, and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2018 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	42,336,791		$	422,737,314		$	465,074,105

The tax character of distributions paid during the year ended December 31, 2017 was as follows:

Ordinary Income			Long-Term Capital Gains			Total
	$	41,662,175		$	60,920,339		$	102,582,514

At December 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income			Capital Loss Carryforwards			Undistributed long term gain			Net Unrealized Gains (Losses)				Qualified Late-Year Losses*				Total
	$	—		$	—		$	—		$	(91,240,515	)		$	(21,900,187	)		$	(113,140,702	)

* The Fund has elected to defer certain qualified late-year losses in the next taxable year.

As of December 31, 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)
	$	1,995,025,114		$	53,096,823		$	144,331,359		$	(91,234,536	)

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 2019 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 and1-month LIBOR rate.

The Fund had no outstanding loans as of December 31, 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.

Interest Rate Risk  Is the risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Although governmental

Notes to Financial Statements 25

State Street Total Return V.I.S. Fund

Notes to Financial Statements, continued — December 31, 2018

financial regulators, including the U.S. Federal Reserve, have taken steps to maintain historically low interest rates, the U.S. Federal Reserve has recently begun to raise interest rates and may continue to do so. Thus, the Fund currently faces a heightened level of interest rate risk.

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. New and Recent Accounting Pronouncements

In August 2018, the Securities and Exchange Commission released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The Fund has adopted the Final Rule for the current period with the most notable impacts being that the Fund is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributions to shareholders and the amount of undistributed net investment income on the Statement of Changes in Net Assets.

In March 2017, the FASB issued ASUNo. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20): 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.

26 Notes to Financial Statements

State Street Total Return V.I.S. Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of State Street Total Return V.I.S. Fund

Opinion on the Financial Statements and Schedule of Investments in Securities

We have audited the accompanying statement of assets and liabilities of State Street Total Return V.I.S. Fund (the “Fund”) (one of the funds constituting State Street Variable Insurance Series Funds, Inc. (the “Company”)), including the summary schedule of investments, as of December 31, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the “financial statements”) (the financial statements are included in Item 1 of this Form N-CSR), and the schedule of investments in securities as of December 31, 2018 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements and schedule of investments in securities present fairly, in all material respects, the financial position of the Fund (one of the funds constituting State Street Variable Insurance Series Funds, Inc.) at December 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for periods ended prior to January 1, 2016 were audited by another independent registered public accounting firm whose report, dated February 19, 2016, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements and schedule of investments in securities are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements and schedule of investments in securities based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and schedule of investments in securities are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financials reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and schedule of investments in securities, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and schedule of investments in securities. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and schedule of investments in securities. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts

February 19, 2019

Report of Independent Registered Public Accounting Firm 27

State Street Total Return V.I.S. Fund

Tax Information — December 31, 2018 (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for its fiscal year ended December 31, 2018.

Dividends Received Deduction

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Long Term Capital Gain Distributions

Long term capital gains dividends were paid from the Fund during the year ended December 31, 2018 in the amount of $422,737,314.

28 Tax Information

State Street Total Return V.I.S. Fund

Special Meeting of Shareholders — Voting Results (Unaudited)

A special meeting of shareholders of State Street Variable Insurance Series Funds, Inc. (the “Company”) was held on January 10, 2019 to elect the following six nominees as Directors of the Company: Michael F. Holland, Michael A. Jessee, Ellen M. Needham, Patrick J. Riley, Richard D. Shirk and Rina K. Spence. At the meeting the following votes were recorded:

Nominee	Shares For		Shares Withheld
Michael F. Holland		91,260,156.834		2,655,810.669
Michael A. Jessee		91,345,936.433		2,570,031.070
Ellen M. Needham		91,642,423.619		2,273,543.884
Patrick J. Riley		91,136,965.946		2,779,001.557
Richard D. Shirk		91,293,712.247		2,622,255.256
Rina K. Spence		90,957,562.624		2,958,404.879

The other Directors whose term of office continued after the meeting are as follows: Jeanne M. La Porta, John R. Costantino and Donna M. Rapaccioli.

Special Meeting of Shareholders — Voting Results 29

State Street Total Return V.I.S. Fund

Other Information — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INDEPENDENT DIRECTORS
Michael F. Holland c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1944	Director and Co-Chairperson of the Board	Term: Indefinite Elected: 1/19	Chairman, Holland & Company L.L.C. (investment adviser) (1995 – present).		67	Director, the Holland Series Fund, Inc.; Director, The China Fund, Inc.; Director, The Taiwan Fund, Inc. (2007-2017); Director, Reaves Utility Income Fund, Inc.; and Director, Blackstone/GSO Loans (and Real Estate) Funds.
Patrick J. Riley c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Director and Co-Chairperson of the Board	Term: Indefinite Elected: 1/19	2002 to May 2010, Associate Justice of the Superior Court, Commonwealth of Massachusetts; 1985 to 2002, Partner, Riley, Burke & Donahue, L.L.P. (law firm); 1998 to Present, Independent Director, State Street Global Advisers Ireland, Ltd. (investment company); 1998 to Present, Independent Director, SSGA Liquidity plc (formerly, SSGA Cash Management Fund plc); January 2009 to Present, Independent Director, SSGA Fixed Income plc; and January 2009 to Present, Independent Director, SSGA Qualified Funds PLC.		67	Board Director and Chairman, SPDR Europe 1PLC Board (2011 – Present); Board Director and Chairman, SPDR Europe II, PLC (2013 – Present).
John R. Costantino c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director and Co-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 1997	Managing General Partner, NGN Capital LLC (2006 – present); and Managing Director, Vice President of Walden Capital Management (1996 – present).		67	Director of Kleinfeld Bridal Corp. (March 2016 – present);Trustee of Neuroscience Research Institute (1986 – present); Trustee of Fordham University (1989 – 1995 and 2001 – 2007) and Trustee Emeritus (2007 – present); Trustee of GE Funds (1993 – February 2011); Director of Artes Medical (2006 – 2008); and Trustee of Gregorian University Foundation (1992 – 2007).
Donna M. Rapaccioli c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1962	Director and Co-Chairperson of the Audit Committee	Term: Indefinite Elected: 1/12	Dean of the Gabelli School of Business (2007 – present) and Accounting Professor (1987 – present) at Fordham University.		67	Director- Graduate Management Admissions Council (2015 – present); Trustee of Emmanuel College (2010 – present).

30 Other Information

State Street Total Return V.I.S. Fund

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INDEPENDENT DIRECTORS (continued)
Richard D. Shirk c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1945	Director and Co-Chairperson of the Qualified Legal and Compliance Committee	Term: Indefinite Elected: 1/19	March 2001 to April 2002, Chairman (1996 to March 2001, President and Chief Executive Officer), Cerulean Companies, Inc. (holding company) (Retired); 1992 to March 2001, President and Chief Executive Officer, Blue Cross Blue Shield of Georgia (health insurer, managed healthcare).		67	1998 to December 2008, Chairman, Board Member and December 2008 to Present, Investment Committee Member, Healthcare Georgia Foundation (private foundation); September 2002 to 2012, Lead Director and Board Member, Amerigroup Corp. (managed health care); 1999 to 2013, Board Member and (since 2001) Investment Committee Member, Woodruff Arts Center; and 2003 to 2009, Trustee, Gettysburg College; Board member, Aerocare Holdings, Regenesis Biomedical Inc.
Rina K. Spence c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1948	Director andCo-Chairperson of the Audit Committee, Chairperson of the Nominating Committee and Chairperson of the Governance Committee	Term: Indefinite Elected: 1/19	President of SpenceCare International LLC (international healthcare consulting) (1999 – present); Chief Executive Officer, IEmily.com (health internet company) (2000 – 2001); Chief Executive Officer of Consensus Pharmaceutical, Inc. (1998 – 1999); Founder, President and Chief Executive Officer of Spence Center for Women’s Health (1994 –1998); President and CEO, Emerson Hospital (1984 – 1994); Honorary Consul for Monaco in Boston (2015 – present).		67	None
Michael A. Jessee c/o SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1946	Director andCo-Chairperson of the Valuation Committee	Term: Indefinite Elected: 1/19	Retired; formerly, President and Chief Executive Officer of the Federal Home Loan Bank of Boston (1989 – 2009); Trustee, Randolph-Macon College (2004 – 2016).		67	None

Other Information 31

State Street Total Return V.I.S. Fund

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years and Relevant Experience	Number of Funds in Fund Complex Overseen by Director†		Other Directorships Held by Director During Past Five Years
INTERESTED DIRECTORS(1)
Jeanne M. La Porta(2) SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	Director and President	Time Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.		18	None
Ellen M. Needham(3) SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	Director	Time Indefinite Elected: 1/19	President and Director, SSGA FM (2001 – present)*; Senior Managing Director, State Street Global Advisors (1992 – present)*; Director, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).*		67	None

(1) The individuals listed below are Directors who are “interested persons,” as defined in the 1940 Act, of the Company (“Interested Directors”).

(2) Ms. La Porta is an Interested Director because of her employment by SSGA Funds Management, Inc., an affiliate of the Company.

(3) Ms. Needham is an Interested Director because of her employment by SSGA Funds Management, Inc., an affiliate of the Company.

* Served in various capacities and/or with various affiliated entities during noted time period

† For the purpose of determining the number of portfolios overseen by the Directors, “Fund Complex” comprises registered investment companies for which SSGA FM serves as investment adviser.

32 Other Information

State Street Total Return V.I.S. Fund

Other Information, continued — December 31, 2018 (Unaudited)

The following lists the principal officers for the Company, as well as their mailing addresses and ages, positions with the Company and length of time served, and present and principal occupations:

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS:
Jeanne M. La Porta SSGA Funds Management, Inc. 1600 Summer St. Stamford, CT 06905 YOB: 1965	President and Director	Term: Indefinite Elected: 3/14	Senior Managing Director at State Street Global Advisors (July 2016 – present); Director of State Street Global Advisors Funds Distributors, LLC (May 2017 – present); President of GE Retirement Savings Plan Funds (July 2016 – present); Senior Vice President and Commercial Operations Leader at GE Asset Management Incorporated (“GEAM”) (March 2014 – July 2016); President of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. (April 2014 – present); President and Trustee.
Arthur A. Jensen SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 YOB: 1966	Treasurer	Term: Indefinite Elected: 6/11	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); Deputy Treasurer of Elfun Funds (July 2016 – present); Treasurer of State Street Institutional Funds, State Street Variable Insurance Series Funds, Inc. and GE Retirement Savings Plan Funds (June 2011 – present); Treasurer of Elfun Funds (June 2011 – July 2016); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 – July 2016).
Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer and Anti-Money Laundering Officer	Term: Indefinite Elected: 6/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (2013 – Present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).
Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Assistant Treasurer	Term: Indefinite Elected: 6/16	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).
Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Assistant Treasurer	Term: Indefinite Elected: 6/16	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present) *; Managing Director, State Street Global Advisors. (2005 – present).*

Other Information 33

State Street Total Return V.I.S. Fund

Other Information, continued — December 31, 2018 (Unaudited)

Name, Address, and Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
OFFICERS: (continued)
Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Assistant Treasurer	Term: Indefinite Elected: 6/16	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*
Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Assistant Treasurer	Term: Indefinite Elected: 3/17	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).
Daniel G. Plourde SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1980	Assistant Treasurer	Term: Indefinite Elected: 6/17	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (May 2015 – present); Officer, State Street Bank and Trust Company (March 2009 – May 2015).
Jesse D. Hallee State Street Bank and Trust Company 100 Summer Street, 7th Floor Boston, MA 02111-2900 YOB: 1976	Secretary	Term: Indefinite Elected: 3/17	Vice President and Managing Counsel, State Street Bank and Trust Company (2013 – present); Vice President and Counsel, Brown Brothers Harriman & Co. (2007-2013).

* Served in various capacities and/or with various affiliated entities during noted time period.

34 Other Information

State Street Total Return V.I.S. Fund

Other Information, continued — December 31, 2018 (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 calling1-800-242-0134, (ii) on the Fund’s website at http://www.ssga.com/geam, or (iii) on the SEC’s website at www.sec.gov. Information regarding how the Fund voted proxies, if any, during the most recent12-month period ended June 30 is available by August 31 of each year without charge (1) by calling1-800-242-0134 (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 FormN-Q. The Fund’s FormsN-Q are available (i) without charge, upon request, by calling1-800-242-013, (ii) on the Fund’s website at http://www.ssga.com/geam, or (iii) on the SEC’s website at www.sec.gov.

Other Information 35

Directors

Michael F. Holland, Co-Chairperson

Patrick J. Riley, Co-Chairperson

John R. Costantino

Donna M. Rapaccioli

Michael A. Jessee

Richard D. Shirk

Rina K. Spence

Jeanne M. La Porta

Ellen M. Needham

Officers

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.

One Iron Street

Boston, MA 02210

Custodian andSub-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.

As of the end of the period covered by this report, State Street Variable Insurance Series Funds, Inc. (the “Company,” “Fund Entity” or “Registrant”) has adopted a code of ethics, as defined in Item 2(b) of FormN-CSR, that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code”). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the “SEC”) and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. The Code is combined with other mutual funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of FormN-CSR during the covered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Code is filed as Exhibit 13(a)(1) to this FormN-CSR.

Item 3. Audit Committee Financial Expert.

The Company’s Board of Directors (the “Board”) has determined that the Company has the following “audit committee financial experts” as defined in Item 3(b) of FormN-CSR serving on its audit committee (the “Audit Committee”): Messrs. Michael F. Holland, Richard D. Shirk and John R. Costantino and Ms. Donna M. Rapaccioli. Each of the “audit committee financial experts” is “independent” as that term is defined in Item 3(a)(2) of FormN-CSR.

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

For the fiscal years ended December 31, 2018 and December 31, 2017, the aggregate audit fees billed for professional services rendered by Ernst & Young LLP (“E&Y”), the Company’s principal accountant, for the audit of the Company’s annual financial statements or services normally provided by E&Y in connection with the Company’s statutory and regulatory filings and engagements were $195,570 and $195,570, respectively.

(b) Audit-Related Fees

For the fiscal years ended December 31, 2018 and December 31, 2017, there were no fees for assurance and related services by E&Y reasonably related to the performance of the audit of the Company’s financial statements that were not reported under paragraph (a) of this Item.

(c) Tax Fees

For the fiscal years ended December 31, 2018 and December 31, 2017, the aggregate tax fees billed for professional services rendered by E&Y for tax compliance, tax advice, and tax planning in the form of preparation of excise filings and income tax returns were $49,100 and $52,947, respectively.

(d) All Other Fees

For the fiscal years ended December 31, 2018 and December 31, 2017, there were no fees billed for professional services rendered by E&Y for products and services provided by E&Y to the Company, other than the services reported in paragraphs (a) through (c).

For the fiscal years ended December 31, 2018 and December 31, 2017, the aggregate fees for professional services rendered by E&Y for products and services provided by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Company that (i) relate directly to the operations and financial reporting of the Company and (ii) werepre-approved by the Audit Committee were approximately $6,581,832 and $7,777,372, respectively.

(e)(1) Audit CommitteePre-Approval Policies and Procedures

The Company’s Audit Committee Charter states the following with respect topre-approval procedures:

The Audit Committee shall have the following duties and powers:

• To pre-approve engagements by a Fund Entity’s independent auditor fornon-audit services to be rendered to the Fund’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund, if the engagement relates directly to the operations and financial reporting of the Fund;

• To establish, if deemed necessary or appropriate as an alternative to Audit Committeepre-approval of services to be provided by the independent auditor as required by paragraph (b) above, policies and procedures to permit such services to bepre-approved by other means, such as by action of a designated member or members of the Audit Committee, subject to the requirement that the decision of any member to whom authority is delegated topre-approve an activity shall be presented to the full Audit Committee at its next scheduled meeting;

AlternatePre-Approval Procedure:

• The Chairperson, or aCo-Chairperson, of the Audit Committee is authorized topre-approve any engagement involving the Fund Entity’s independent auditors to the same extent as the Audit Committee. Anypre-approval decision by the Chairperson, or aCo-Chairperson, under the foregoing authority shall be presented to the Audit Committee at its next scheduled meeting.

(e)(2) Percentages of Services

None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X during the period of time for which such rule was effective.

(f) Not applicable.

(g) Total Fees Paid By Adviser and Certain Affiliates

For the fiscal years ended December 31, 2018 and December 31, 2017, the aggregate non-audit fees billed by E&Y for services rendered to the Company and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Company were approximately $36,297,003 and $40,983,185, respectively. The figure for the fiscal year ended December 31, 2017 was previously reported as $28,718,894 and has been restated to include certain other audit fees totaling $12,264,291, in the aggregate, primarily relating to statutory and financial statement audits, the requirement to opine on the design and operating effectiveness of internal control over financial reporting and accounting consultations.

(h) E&Y notified the Company’s Audit Committee of allnon-audit services that were rendered by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the Company, which services were not required to bepre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X, allowing the Company’s Audit Committee to consider whether such services were compatible with maintaining E&Y’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. 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 StreetSmall-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 FormN-CSR.

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

State Street Total Return V.I.S. Fund

	Number of Shares		Fair Value
Domestic Equity – 34.3% †
Common Stock – 34.3%
Advertising – 0.0%*
Boston Omaha Corp., Class A		13,769	$	322,195	(a)
TechTarget Inc.		2,643		32,271	(a)
				354,466
Aerospace & Defense – 0.3%
National Presto Industries Inc.		9,066		1,059,997
Teledyne Technologies Inc.		24,947		5,165,775	(a)
				6,225,772
Air Freight & Logistics – 0.9%
CH Robinson Worldwide Inc.		45,265		3,806,334
Expeditors International of Washington Inc.		176,808		12,038,857
Hub Group Inc., Class A		12,222		453,069	(a)
				16,298,260
Alternative Carriers – 0.6%
CenturyLink Inc.		704,400		10,671,660
Apparel Retail – 1.5%
Abercrombie & Fitch Co., Class A		8,257		165,553
Ascena Retail Group Inc.		214,500		538,395	(a)
DSW Inc., Class A		28,871		713,114
Guess? Inc.		3,759		78,074
Shoe Carnival Inc.		46,483		1,557,645
The Buckle Inc.		98,279		1,900,716
The Cato Corp., Class A		20,137		287,355
The TJX Companies Inc.		281,046		12,573,998
Tilly’s Inc., Class A		26,146		283,945
Urban Outfitters Inc.		273,669		9,085,811	(a)
Zumiez Inc.		43,092		826,074	(a)
				28,010,680
Apparel, Accessories & Luxury Goods – 0.4%
Fossil Group Inc.		102,300		1,609,179	(a)
Movado Group Inc.		7,636		241,450
VF Corp.		80,512		5,743,726
				7,594,355
Application Software – 1.3%
American Software Inc., Class A		33,438		349,427
ANSYS Inc.		74,747		10,684,336	(a)
Cision Ltd.		133,169		1,558,077	(a)
Intuit Inc.		64,921		12,779,699
ShotSpotter Inc.		3,965		123,629	(a)
				25,495,168
Asset Management & Custody Banks – 0.7%
Arlington Asset Investment Corp., Class A		42,232		305,760
Associated Capital Group Inc., Class A		4,090		144,091
Cohen & Steers Inc.		44,815		1,538,051
Diamond Hill Investment Group Inc.		1,881		281,115
Silvercrest Asset Management Group Inc., Class A		4,764		63,028
T Rowe Price Group Inc.		110,847		10,233,395
Waddell & Reed Financial Inc., Class A		4,264		77,093
				12,642,533
Auto Parts & Equipment – 0.0%*
Gentex Corp.		40,016		808,723
Automobile Manufacturers – 0.0%*
Ford Motor Co.		74,915		573,100
Automotive Retail – 0.1%
Sonic Automotive Inc., Class A		69,622		957,999
Biotechnology – 0.4%
Adverum Biotechnologies Inc.		23,690		74,623	(a)
Aeglea BioTherapeutics Inc.		9,075		67,972	(a)
Allena Pharmaceuticals Inc.		18,071		98,487	(a)
Arcus Biosciences Inc.		24,410		262,896	(a)
Arrowhead Pharmaceuticals Inc.		51,800		643,356	(a)
Celcuity Inc.		3,789		90,898	(a)
Cue Biopharma Inc.		20,703		97,304	(a)
Denali Therapeutics Inc.		26,113		539,495	(a)

	Number of Shares		Fair Value
Emergent BioSolutions Inc.		4,613	$	273,459	(a)
Evelo Biosciences Inc.		24,031		312,643	(a)
Fate Therapeutics Inc.		30,200		387,466	(a)
G1 Therapeutics Inc.		7,917		151,610	(a)
Genomic Health Inc.		33,200		2,138,412	(a)
Homology Medicines Inc.		4,164		93,107	(a)
PDL BioPharma Inc.		296,687		860,392	(a)
Spero Therapeutics Inc.		30,173		185,564	(a)
Surface Oncology Inc.		31,636		134,137	(a)
UNITY Biotechnology Inc.		17,352		282,143	(a)
Unum Therapeutics Inc.		37,984		167,130	(a)
				6,861,094
Brewers – 0.0%*
The Boston Beer Company Inc., Class A		1,630		392,569	(a)
Broadcasting – 0.2%
Beasley Broadcast Group Inc., Class A		16,084		60,315
Discovery Inc., Class A		120,800		2,988,592	(a)
Media General Inc.		2,076		208
				3,049,115
Building Products – 0.0%*
Resideo Technologies Inc.		16,809		345,425	(a)
Cable & Satellite – 0.2%
Cable One Inc.		3,500		2,870,350
Coal & Consumable Fuels – 0.0%*
Hallador Energy Co.		15,813		80,172
NACCO Industries Inc., Class A		2,150		72,885
				153,057
Communications Equipment – 1.0%
Cisco Systems Inc.		416,173		18,032,776
NETGEAR Inc.		10,949		569,677	(a)
				18,602,453
Construction & Engineering – 0.0%*
MYR Group Inc.		7,615		214,514	(a)
Willscot Corp.		5,973		56,266	(a)
				270,780
Construction Machinery & Heavy Trucks – 0.0%*
Miller Industries Inc.		4,256		114,912
Construction Materials – 0.0%*
United States Lime & Minerals Inc.		1,127		80,017
Consumer Electronics – 0.0%*
Roku Inc.		1,761		53,957	(a)
Turtle Beach Corp.		19,800		282,546	(a)
				336,503
Consumer Finance – 0.0%*
Curo Group Holdings Corp.		33,755		320,335	(a)
Data Processing & Outsourced Services – 1.0%
Broadridge Financial Solutions Inc.		110,752		10,659,880
Jack Henry & Associates Inc.		55,565		7,030,084
NIC Inc.		17,369		216,765
Paychex Inc.		28,066		1,828,500
				19,735,229
Department Stores – 0.9%
Dillard’s Inc., Class A		7,450		449,310
Kohl’s Corp.		186,127		12,347,665
Macy’s Inc.		152,100		4,529,538
				17,326,513
Distillers & Vintners – 0.0%*
Brown-Forman Corp., Class A		6,253		296,517
Distributors – 0.5%
Funko Inc., Class A		30,900		406,335	(a)
Genuine Parts Co.		89,774		8,620,099
Weyco Group Inc.		2,809		81,939
				9,108,373
Diversified Metals & Mining – 0.0%*
Materion Corp.		1,498		67,395
Diversified REITs – 0.1%
Armada Hoffler Properties Inc.		88,020		1,237,561
One Liberty Properties Inc.		12,478		302,217
				1,539,778
Diversified Support Services – 0.2%
McGrath RentCorp.		23,318		1,200,411

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

	Number of Shares		Fair Value
UniFirst Corp.		15,889	$	2,273,239
Viad Corp.		11,419		571,978
				4,045,628
Education Services – 0.0%*
American Public Education Inc.		21,851		621,879	(a)
Electric Utilities – 0.1%
Hawaiian Electric Industries Inc.		74,371		2,723,466
Electrical Components & Equipment – 0.0%*
Encore Wire Corp.		11,068		555,392
Preformed Line Products Co.		2,625		142,406
				697,798
Electronic Components – 0.2%
AVX Corp.		62,945		959,911
Dolby Laboratories Inc., Class A		49,044		3,032,881
				3,992,792
Electronic Equipment & Instruments – 0.1%
Badger Meter Inc.		27,783		1,367,201
Electro Scientific Industries Inc.		29,293		877,618	(a)
Vishay Precision Group Inc.		8,477		256,260	(a)
				2,501,079
Electronic Manufacturing Services – 0.2%
Benchmark Electronics Inc.		30,507		646,138
Park Electrochemical Corp.		38,384		693,599
Plexus Corp.		36,485		1,863,654	(a)
				3,203,391
Environmental & Facilities Services – 1.0%
Republic Services Inc.		191,737		13,822,320
Rollins Inc.		125,448		4,528,673
				18,350,993
Fertilizers & Agricultural Chemicals – 0.0%*
The Mosaic Co.		11,900		347,599
Financial Exchanges & Data – 0.3%
CME Group Inc.		21,641		4,071,105
Morningstar Inc.		19,845		2,179,775
				6,250,880
Food Retail – 0.1%
Natural Grocers by Vitamin Cottage Inc.		8,238		126,289	(a)
Village Super Market Inc., Class A		5,177		138,433
Weis Markets Inc.		19,893		950,487
				1,215,209
Footwear – 0.2%
Rocky Brands Inc.		28,315		736,190
Steven Madden Ltd.		95,544		2,891,161
				3,627,351
Health Care REITs – 0.0%*
Community Healthcare Trust Inc.		24,337		701,636
Healthcare Distributors – 0.0%*
PetIQ Inc.		20,180		473,625	(a)
Healthcare Equipment – 0.9%
ABIOMED Inc.		1,500		487,560	(a)
Danaher Corp.		137,968		14,227,260
Globus Medical Inc., Class A		2,891		125,123	(a)
iRadimed Corp.		10,640		260,255	(a)
Surmodics Inc.		2,882		136,203	(a)
Tandem Diabetes Care Inc.		24,000		911,280	(a)
Varian Medical Systems Inc.		2,765		313,302	(a)
				16,460,983
Healthcare Facilities – 0.1%
Genesis Healthcare Inc.		229,006		270,227	(a)
HCA Healthcare Inc.		2,200		273,790
National HealthCare Corp.		6,642		521,065
Tenet Healthcare Corp.		3,091		52,980	(a)
				1,118,062
Healthcare Services – 0.2%
Cigna Corp.		20,218		3,839,807
CorVel Corp.		6,443		397,662	(a)
				4,237,469
Healthcare Supplies – 0.1%
Anika Therapeutics Inc.		3,976		133,633	(a)
ICU Medical Inc.		1,256		288,415	(a)
Meridian Bioscience Inc.		32,523		564,599

	Number of Shares		Fair Value
OrthoPediatrics Corp.		4,718	$	164,564	(a)
Utah Medical Products Inc.		5,245		435,755
				1,586,966
Healthcare Technology – 0.0%*
Simulations Plus Inc.		36,922		734,748
Home Furnishing Retail – 0.2%
Williams-Sonoma Inc.		58,779		2,965,401
Hotel & Resort REITs – 0.1%
Chesapeake Lodging Trust		72,933		1,775,919
Household Appliances – 0.0%*
Hamilton Beach Brands Holding Co., Class A		3,357		78,755
Human Resource & Employment Services – 0.6%
Kelly Services Inc., Class A		29,809		610,488
Kforce Inc.		10,333		319,496
Robert Half International Inc.		187,864		10,745,821
				11,675,805
Hypermarkets & Super Centers – 0.6%
Costco Wholesale Corp.		52,919		10,780,130
Independent Power Producers & Energy Traders – 0.1%
Vistra Energy Corp.		62,748		1,436,302	(a)
Industrial Conglomerates – 0.7%
Honeywell International Inc.		97,981		12,945,250
Industrial Machinery – 0.0%*
Hurco Companies Inc.		3,373		120,416
The Eastern Co.		2,884		69,735
The Gorman-Rupp Co.		13,405		434,456
				624,607
Industrial REITs – 0.0%*
Innovative Industrial Properties Inc.		3,169		143,841
Insurance Brokers – 0.2%
Brown & Brown Inc.		79,663		2,195,512
Goosehead Insurance Inc., Class A		35,033		921,018	(a)
				3,116,530
Interactive Media & Services – 0.0%*
Alphabet Inc., Class C		387		400,781	(a)
Travelzoo		28,551		280,656	(a)
				681,437
Internet & Direct Marketing Retail – 0.2%
1-800-Flowers.com Inc., Class A		20,040		245,089	(a)
Amazon.com Inc.		2,741		4,116,900	(a)
				4,361,989
Internet Services & Infrastructure – 0.2%
Okta Inc.		63,599		4,057,616	(a)
Investment Banking & Brokerage – 0.2%
Houlihan Lokey Inc.		48,495		1,784,616
INTL. FCStone Inc.		14,560		532,604	(a)
Moelis & Co., Class A		45,089		1,550,160
Oppenheimer Holdings Inc., Class A		2,827		72,230
Siebert Financial Corp.		5,200		75,192	(a)
				4,014,802
IT Consulting & Other Services – 0.4%
Amdocs Ltd.		93,837		5,496,971
ManTech International Corp., Class A		34,149		1,785,822
Perficient Inc.		6,130		136,454	(a)
Unisys Corp.		95,300		1,108,339	(a)
				8,527,586
Leisure Facilities – 0.1%
International Speedway Corp., Class A		42,130		1,847,822
Speedway Motorsports Inc.		5,617		91,388
				1,939,210
Leisure Products – 0.0%*
Johnson Outdoors Inc., Class A		3,214		188,790
MasterCraft Boat Holdings Inc.		23,948		447,828	(a)
				636,618
Life & Health Insurance – 0.8%
Aflac Inc.		310,334		14,138,817	(b)
FBL Financial Group Inc., Class A		3,413		224,063
Independence Holding Co.		2,459		86,557
National Western Life Group Inc., Class A		2,095		629,967
				15,079,404

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

	Number of Shares		Fair Value
Life Sciences Tools & Services – 0.2%
Bio-Techne Corp.		14,458	$	2,092,362
Luminex Corp.		39,385		910,187
Quanterix Corp.		3,515		64,360	(a)
				3,066,909
Managed Healthcare – 0.3%
Molina Healthcare Inc.		13,400		1,557,348	(a)
UnitedHealth Group Inc.		18,428		4,590,783
				6,148,131
Metal & Glass Containers – 0.3%
AptarGroup Inc.		40,919		3,849,250
Silgan Holdings Inc.		73,740		1,741,739
				5,590,989
Mortgage REITs – 1.8%
AG Mortgage Investment Trust Inc.		38,754		617,351
AGNC Investment Corp.		675,856		11,854,514
Apollo Commercial Real Estate Finance Inc.		179,195		2,985,389
Arbor Realty Trust Inc.		82,247		828,227
Ares Commercial Real Estate Corp.		25,557		333,263
Blackstone Mortgage Trust Inc., Class A		33,815		1,077,346
Capstead Mortgage Corp.		169,833		1,132,786
Cherry Hill Mortgage Investment Corp.		30,174		529,252
Chimera Investment Corp.		163,861		2,920,003
Dynex Capital Inc.		93,385		534,162
MFA Financial Inc.		419,764		2,804,024
Starwood Property Trust Inc.		216,119		4,259,706
TPG RE Finance Trust Inc.		21,207		387,664
Two Harbors Investment Corp.		286,898		3,683,770
				33,947,457
Multi-Line Insurance – 0.8%
American Financial Group Inc.		58,779		5,321,263
American National Insurance Co.		7,910		1,006,468
Loews Corp.		185,501		8,444,006
				14,771,737
Multi-Sector Holdings – 1.2%
Berkshire Hathaway Inc., Class B		110,564		22,574,958	(a)
Office Services & Supplies – 0.0%*
Steelcase Inc., Class A		30,041		445,508
Oil & Gas Drilling – 0.0%*
Rowan Companies PLC, Class A		16,101		135,087	(a)
Oil & Gas Equipment & Services – 0.1%
Dawson Geophysical Co.		19,735		66,704	(a)
Liberty Oilfield Services Inc., Class A		4,902		63,481
Mammoth Energy Services Inc.		26,828		482,367
Matrix Service Co.		40,248		722,049	(a)
Profire Energy Inc.		72,929		105,747	(a)
Quintana Energy Services Inc.		11,897		41,164	(a)
Solaris Oilfield Infrastructure Inc., Class A		10,474		126,631
				1,608,143
Oil & Gas Exploration & Production – 0.1%
Evolution Petroleum Corp.		9,272		63,235
Whiting Petroleum Corp.		113,300		2,570,777	(a)
WildHorse Resource Development Corp.		9,681		136,599	(a)
				2,770,611
Oil & Gas Refining & Marketing – 1.4%
Adams Resources & Energy Inc.		2,209		85,510
CVR Energy Inc.		7,656		263,979
HollyFrontier Corp.		29,235		1,494,493
PBF Energy Inc., Class A		216,686		7,079,132
Phillips 66		103,286		8,898,089
Valero Energy Corp.		129,181		9,684,700
				27,505,903
Packaged Foods & Meats – 0.3%
J&J Snack Foods Corp.		5,711		825,753
Lancaster Colony Corp.		19,032		3,366,000
Tootsie Roll Industries Inc.		19,329		645,589
				4,837,342
Paper Packaging – 0.0%*
UFP Technologies Inc.		3,051		91,652	(a)

	Number of Shares		Fair Value
Paper Products – 0.1%
Verso Corp., Class A		102,983	$	2,306,819	(a)
Personal Products – 0.5%
Medifast Inc.		2,575		321,926
The Estee Lauder Companies Inc., Class A		69,649		9,061,335
USANA Health Sciences Inc.		746		87,827	(a)
				9,471,088
Pharmaceuticals – 1.6%
Amneal Pharmaceuticals Inc.		6,068		82,100	(a)
Evolus Inc.		9,820		116,858	(a)
Johnson & Johnson		145,717		18,804,779
Menlo Therapeutics Inc.		44,902		184,996	(a)
Pfizer Inc.		232,090		10,130,728
resTORbio Inc.		41,815		360,445	(a)
scPharmaceuticals Inc.		14,502		54,528	(a)
				29,734,434
Property & Casualty Insurance – 0.5%
AMERISAFE Inc.		15,694		889,693
CNA Financial Corp.		32,791		1,447,723
Donegal Group Inc., Class A		6,022		82,170
Erie Indemnity Co., Class A		5,529		737,071
Kinsale Capital Group Inc.		18,239		1,013,359
Old Republic International Corp.		130,220		2,678,625
Protective Insurance Corp., Class B		2,264		37,696
Safety Insurance Group Inc.		5,703		466,562
WR Berkley Corp.		24,003		1,774,062
				9,126,961
Publishing – 0.2%
John Wiley & Sons Inc., Class A		61,896		2,907,255
Regional Banks – 0.3%
1st Constitution Bancorp		4,246		84,623
ACNB Corp.		2,457		96,437
American National Bankshares Inc.		2,128		62,372
Ames National Corp.		2,633		66,931
Arrow Financial Corp.		3,000		96,060
Auburn National Bancorporation Inc.		1,634		51,732
Baycom Corp.		14,107		325,731	(a)
Cambridge Bancorp		2,724		226,773
CB Financial Services Inc.		2,510		62,198
CenterState Bank Corp.		5,232		110,081
Chemung Financial Corp.		2,785		115,048
Citizens & Northern Corp.		3,011		79,581
City Holding Co.		6,876		464,749
Community Trust Bancorp Inc.		8,859		350,905
Evans Bancorp Inc.		1,757		57,120
Fidelity D&D Bancorp Inc.		1,258		80,738
First Choice Bancorp		600		13,560
First Community Corp.		3,265		63,439
First Financial Corp.		6,595		264,789
First Financial Northwest Inc.		17,123		264,893
FirstMid-Illinois Bancshares Inc.		8,122		259,254
First Savings Financial Group Inc.		1,132		58,796
First United Corp.		4,390		69,889
LCNB Corp.		5,108		77,386
Level One Bancorp Inc.		3,009		67,492
MBT Financial Corp.		7,276		67,667
Metropolitan Bank Holding Corp.		4,149		127,997	(a)
Mid Penn Bancorp Inc.		700		16,114
Middlefield Banc Corp.		1,750		74,252
MutualFirst Financial Inc.		2,252		59,836
National Bankshares Inc.		1,756		63,971
Northrim BanCorp Inc.		4,556		149,756
Norwood Financial Corp.		2,332		76,956
Oak Valley Bancorp		3,644		66,685
Ohio Valley Banc Corp.		1,991		70,461
Orrstown Financial Services Inc.		3,614		65,811
Park National Corp.		6,865		583,182
Penns Woods Bancorp Inc.		1,879		75,611
Premier Financial Bancorp Inc.		4,512		67,274
Select Bancorp Inc.		4,109		50,869	(a)
Shore Bancshares Inc.		4,983		72,453
Spirit of Texas Bancshares Inc.		10,868		247,573	(a)
				5,407,045

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

	Number of Shares		Fair Value
Reinsurance – 0.1%
Reinsurance Group of America Inc.		13,596	$	1,906,567
Research & Consulting Services – 0.3%
CBIZ Inc.		45,133		889,120	(a)
CRA International Inc.		10,375		441,456
Exponent Inc.		47,444		2,405,885
Forrester Research Inc.		7,522		336,234
ICF International Inc.		5,595		362,444
Resources Connection Inc.		37,814		536,959
				4,972,098
Residential REITs – 0.0%*
BRT Apartments Corp.		25,767		294,774
Restaurants – 0.2%
Biglari Holdings Inc., Class A		88		51,715	(a)
Brinker International Inc.		25,796		1,134,508
J. Alexander’s Holdings Inc.		7,535		62,013	(a)
The Cheesecake Factory Inc.		44,870		1,952,294
				3,200,530
Retail REITs – 0.2%
Getty Realty Corp.		27,225		800,687
Retail Properties of America Inc., Class A		278,583		3,022,626
				3,823,313
Semiconductor Equipment – 0.0%*
Photronics Inc.		67,701		655,346	(a)
Semiconductors – 0.8%
Intel Corp.		308,444		14,475,277
NVE Corp.		6,526		571,286
				15,046,563
Soft Drinks – 0.6%
Keurig Dr Pepper Inc.		452,314		11,597,331
Specialized Finance – 0.0%*
NewStar Financial Inc.		492		128
Specialized REITs – 0.1%
Jernigan Capital Inc.		52,531		1,041,164
Specialty Stores – 0.2%
Dick’s Sporting Goods Inc.		82,774		2,582,549
Hibbett Sports Inc.		26,865		384,170	(a)
MarineMax Inc.		24,401		446,782	(a)
				3,413,501
Steel – 0.5%
Ramaco Resources Inc.		28,857		142,842	(a)
Reliance Steel & Aluminum Co.		79,096		5,629,262
Warrior Met Coal Inc.		116,261		2,803,053
				8,575,157
Systems Software – 0.4%
Fortinet Inc.		3,900		274,677	(a)
Microsoft Corp.		62,558		6,354,016
SecureWorks Corp., Class A		35,100		592,839	(a)
				7,221,532
Technology Distributors – 0.7%
Arrow Electronics Inc.		67,945		4,684,808	(a)
Avnet Inc.		172,178		6,215,626
Insight Enterprises Inc.		15,597		635,578	(a)
PC Connection Inc.		12,235		363,746
ScanSource Inc.		15,838		544,510	(a)
				12,444,268
Technology Hardware, Storage & Peripherals – 0.5%
Apple Inc.		51,408		8,109,098	(b)
Dell Technologies, Class C		2,315		113,158	(a)
HP Inc.		100,075		2,047,534
				10,269,790
Thrifts & Mortgage Finance – 0.2%
Entegra Financial Corp.		10,184		211,318	(a)
FS Bancorp Inc.		6,229		267,100
Luther Burbank Corp.		11,850		106,887
Northwest Bancshares Inc.		90,630		1,535,272
OP Bancorp		13,561		120,286	(a)
Oritani Financial Corp.		36,682		541,059
Territorial Bancorp Inc.		2,756		71,601

	Number of Shares		Fair Value
Timberland Bancorp Inc.		3,387	$	75,530
TrustCo Bank Corp.		66,036		453,007
				3,382,060
Tobacco – 0.0%*
Turning Point Brands Inc.		23,739		646,176
Trading Companies & Distributors – 1.0%
BlueLinx Holdings Inc.		39,000		963,690	(a)
Foundation Building Materials Inc.		8,263		68,665	(a)
General Finance Corp.		11,500		116,265	(a)
Kaman Corp.		49,140		2,756,263
MSC Industrial Direct Company Inc., Class A		153,879		11,836,373
Nexeo Solutions Inc.		47,608		408,953	(a)
Rush Enterprises Inc., Class B		2,239		79,708
Willis Lease Finance Corp.		3,174		109,820	(a)
WW Grainger Inc.		8,222		2,321,564
				18,661,301
Trucking – 0.4%
ArcBest Corp.		11,668		399,746
Landstar System Inc.		34,397		3,290,761
Marten Transport Ltd.		91,361		1,479,135
PAM Transportation Services Inc.		3,947		155,551	(a)
Schneider National Inc., Class B		44,441		829,713
Werner Enterprises Inc.		48,804		1,441,670
				7,596,576
Wireless Telecommunication Services – 0.2%
NII Holdings Inc.		215,800		951,678	(a)
Telephone & Data Systems Inc.		35,600		1,158,424
United States Cellular Corp.		46,700		2,426,999	(a)
				4,537,101
Total Domestic Equity (Cost $677,277,547)				650,569,192
Foreign Equity – 20.5%
Common Stock – 20.3%
Advertising – 0.1%
Hakuhodo DY Holdings Inc.		84,800		1,217,336
Aerospace & Defense – 0.2%
Thales S.A.		33,886		3,951,151
Agricultural Products – 0.1%
China Agri-Industries Holdings Ltd.		113,000		40,268
Wilmar International Ltd.		770,400		1,763,498
				1,803,766
Airlines – 0.5%
China Eastern Airlines Corporation Ltd., Class H		162,000		90,214
Japan Airlines Company Ltd.		186,324		6,607,909
Korean Air Lines Company Ltd.		2,043		60,514
Singapore Airlines Ltd.		259,500		1,793,463
				8,552,100
Airport Services – 0.0%*
Grupo Aeroportuario del Sureste SAB de C.V., Class B		17,214		258,921
SATS Ltd.		48,200		164,793
TAV Havalimanlari Holding A/S		21,321		95,866
				519,580
Alternative Carriers – 0.1%
Intelsat S.A.		46,600		996,774	(a)
Aluminum – 0.0%*
China Zhongwang Holdings Ltd.		116,400		51,589
Apparel Retail – 0.1%
ABC-Mart Inc.		17,600		975,327
Mr Price Group Ltd.		12,737		217,950
Truworths International Ltd.		51,953		318,183
				1,511,460
Apparel, Accessories & Luxury Goods – 0.4%
Burberry Group PLC		170,803		3,775,314
FF Group		1,860		5,103	(a,c)
HUGO BOSS AG		35,345		2,178,618

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

	Number of Shares		Fair Value
Shenzhou International Group Holdings Ltd.		21,000	$	238,047
The Swatch Group AG		15,808		910,828
				7,107,910
Asset Management & Custody Banks – 0.1%
Hargreaves Lansdown PLC		44,898		1,057,297
Auto Parts & Equipment – 0.4%
Fuyao Glass Industry Group Company Ltd., Class H		8,800		28,156	(d)
Garrett Motion Inc.		9,870		121,796	(a)
Magna International Inc.		125,334		5,686,739
Toyoda Gosei Company Ltd.		58,800		1,165,656
				7,002,347
Automobile Manufacturers – 0.2%
Astra International Tbk PT		238,536		136,437
Dongfeng Motor Group Company Ltd., Class H		318,000		288,376
Ford Otomotiv Sanayi A/S		8,238		77,426
Isuzu Motors Ltd.		196,445		2,772,593
Kia Motors Corp.		18,557		560,469
				3,835,301
Brewers – 0.0%*
AMBEV S.A.		20,700		82,143
Cia Cervecerias Unidas S.A.		15,595		200,344
				282,487
Broadcasting – 0.0%*
Surya Citra Media Tbk PT		678,900		88,285
Cable & Satellite – 0.0%*
Cyfrowy Polsat S.A.		13,925		83,622	(a)
Megacable Holdings SAB de C.V.		35,185		157,472
				241,094
Coal & Consumable Fuels – 0.3%
Adaro Energy Tbk PT		332,500		28,094
Bukit Asam Tbk PT		338,100		101,101
China Shenhua Energy Company Ltd., Class H		395,000		865,742
Coal India Ltd.		80,150		276,389
United Tractors Tbk PT		14,276		27,152
Washington H Soul Pattinson & Company Ltd.		277,667		4,865,435
				6,163,913
Commodity Chemicals – 0.1%
Kaneka Corp.		31,800		1,141,977
Kumho Petrochemical Company Ltd.		868		67,912
Mexichem SAB de C.V.		16,840		42,703
Petkim Petrokimya Holding AS		31,083		29,448
Petronas Chemicals Group Bhd		281,700		633,271
Sinopec Shanghai Petrochemical Company Ltd., Class H		171,000		74,914
				1,990,225
Construction & Engineering – 0.1%
China Railway Construction Corporation Ltd., Class H		231,500		321,111
China Railway Group Ltd., Class H		444,461		404,760
Hyundai Engineering & Construction Company Ltd.		2,452		119,985
Metallurgical Corporation of China Ltd., Class H		221,000		53,067
Sinopec Engineering Group Company Ltd., Class H		154,000		126,475
				1,025,398
Construction Machinery & Heavy Trucks – 0.0%*
Sinotruk Hong Kong Ltd.		80,500		121,325
Weichai Power Company Ltd., Class H		102,000		116,600
				237,925
Construction Materials – 0.1%
Anhui Conch Cement Company Ltd., Class H		63,500		308,199
Asia Cement Corp.		61,030		67,410
China Resources Cement Holdings Ltd.		287,161		258,576
POSCO Chemtech Company Ltd.		2,774		158,365
The Siam Cement PCL		5,646		75,604
The Siam Cement PCL NVDR		39,400		527,592
				1,395,746

	Number of Shares		Fair Value
Copper – 0.0%*
Jiangxi Copper Company Ltd., Class H		146,000	$	171,746
Data Processing & Outsourced Services – 0.0%*
EVERTEC Inc.		30,800		883,960
Department Stores – 0.3%
El Puerto de Liverpool SAB de C.V.		22,023		141,092
Hyundai Department Store Company Ltd.		1,648		133,518
Next PLC		91,819		4,667,102
				4,941,712
Diversified Banks – 1.5%
Absa Group Ltd.		79,454		893,795
Agricultural Bank of China Ltd., Class H		2,972,000		1,302,019
Alliance Bank Malaysia Bhd		29,800		28,989
Aozora Bank Ltd.		8,300		247,756
Banco de Chile		1,485,844		212,321
Banco de Credito e Inversiones S.A.		2,437		158,317
Banco Santander Brasil S.A.		34,665		381,912
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand, Class B		98,949		122,595
Bancolombia S.A.		7,747		72,520
Bangkok Bank PCL		3,000		19,072
Bangkok Bank PCL NVDR		27,000		168,335
Bank Handlowy w Warszawie S.A.		1,647		30,294
Bank Hapoalim BM		279,442		1,768,597
Bank LeumiLe-Israel BM		443,126		2,680,042
Bank of China Ltd., Class H		889,631		384,062
Bank of Communications Company Ltd., Class H		1,027,000		801,468
Bank Polska Kasa Opieki S.A.		20,025		581,014
China CITIC Bank Corporation Ltd., Class H		1,047,000		636,543
China Construction Bank Corp., Class H		375,049		309,453
China Everbright Bank Company Ltd., Class H		297,000		128,597
First Financial Holding Company Ltd.		468,707		304,979
Grupo Financiero Banorte SAB de C.V., Class O		19,126		93,019
Hong Leong Bank Bhd		17,800		87,869
Hong Leong Financial Group Bhd		15,300		68,716
Industrial & Commercial Bank of China Ltd., Class H		750,178		535,612
Industrial Bank of Korea		29,581		372,480	(a)
Komercni Banka A/S		7,849		295,286
Krung Thai Bank PCL NVDR		410,100		241,828
MCB Bank Ltd.		23,743		33,185
Mega Financial Holding Company Ltd.		566,192		478,013
Mizrahi Tefahot Bank Ltd.		34,913		589,926
Moneta Money Bank AS		56,991		183,523	(d)
Nedbank Group Ltd.		46,977		897,151
Postal Savings Bank of China Company Ltd., Class H		326,000		171,966	(d)
RHB Bank Bhd		82,222		105,252
Royal Bank of Canada		120,230		8,225,429
Santander Bank Polska S.A.		435		41,477
SinoPac Financial Holdings Company Ltd.		728,106		243,989
Taiwan Business Bank		449,514		151,364
Taiwan Cooperative Financial Holding Company Ltd.		421,739		242,174
Turkiye Halk Bankasi A/S		64,594		85,237
United Overseas Bank Ltd.		196,676		3,545,363
				27,921,539
Diversified Capital Markets – 0.0%*
Investec Ltd.		33,693		185,036
Diversified Metals & Mining – 0.0%*
Ferroglobe PLC		1,316		—	(c)
Korea Zinc Company Ltd.		331		128,300
				128,300
Diversified Real Estate Activities – 0.2%
Barwa Real Estate Co.		7,908		86,676

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

	Number of Shares		Fair Value
Swire Pacific Ltd., Class A		245,341	$	2,591,492
The Wharf Holdings Ltd.		575,000		1,498,209
				4,176,377
Diversified REITs – 0.2%
Fibra Uno Administracion S.A. de C.V.		53,000		58,776
Growthpoint Properties Ltd.		348,749		564,884
Redefine Properties Ltd.		489,390		328,981
The GPT Group		740,036		2,782,061
				3,734,702
Drug Retail – 0.0%*
Clicks Group Ltd.		18,814		250,396
Electric Utilities – 0.6%
CEZ A/S		1,452		34,504
CLP Holdings Ltd.		145,500		1,644,677
Electricite de France S.A.		140,995		2,224,262
Manila Electric Co.		11,030		79,707
Tokyo Electric Power Company Holdings Inc.		118,000		702,310	(a)
Verbund AG		140,515		5,981,850
				10,667,310
Electronic Components – 0.0%*
Delta Electronics Inc.		30,865		130,039
LG Display Company Ltd.		3,476		56,230	(a)
Samsung Electro-Mechanics Company Ltd.		1,449		134,407
Yageo Corp.		5,990		62,167
Zhen Ding Technology Holding Ltd.		51,481		134,326
				517,169
Electronic Equipment & Instruments – 0.0%*
China Railway Signal & Communication Corporation Ltd. Class H		94,000		65,793	(d)
Electronic Manufacturing Services – 0.0%*
Venture Corporation Ltd.		82,707		846,488
Financial Exchanges & Data – 0.2%
ASX Ltd.		57,720		2,435,654
Singapore Exchange Ltd.		338,300		1,774,648
				4,210,302
Food Distributors – 0.0%*
The SPAR Group Ltd.		2,524		36,408
Food Retail – 0.4%
Colruyt S.A.		94,801		6,745,057
J Sainsbury PLC		293,311		989,936
				7,734,993
Gas Utilities – 0.3%
Naturgy Energy Group S.A.		45,779		1,164,916
Osaka Gas Company Ltd.		166,372		3,046,451
Petronas Gas Bhd		47,100		218,831
Tokyo Gas Company Ltd.		12,600		319,895
				4,750,093
General Merchandise Stores – 0.3%
Harvey Norman Holdings Ltd.		408,326		908,378
Wesfarmers Ltd.		212,717		4,825,033
				5,733,411
Gold – 0.0%*
Zijin Mining Group Company Ltd., Class H		672,000		254,918
Healthcare Distributors – 0.4%
Alfresa Holdings Corp.		86,864		2,219,203
Medipal Holdings Corp.		130,800		2,807,583
Suzuken Company Ltd.		53,800		2,741,120
				7,767,906
Healthcare Facilities – 0.0%*
Ryman Healthcare Ltd.		57,465		413,846
Healthcare Services – 0.1%
Sonic Healthcare Ltd.		78,608		1,223,568
Highways & Railtracks – 0.0%*
Jasa Marga Persero Tbk PT		87		26
Jiangsu Expressway Company Ltd., Class H		142,000		198,055
				198,081

	Number of Shares		Fair Value
Home Building – 0.5%
Berkeley Group Holdings PLC		115,149	$	5,102,084
Persimmon PLC		178,485		4,387,246
				9,489,330
Hotels, Resorts & Cruise Lines – 0.0%*
Flight Centre Travel Group Ltd.		21,764		657,614
Household Products – 0.0%*
Hindustan Unilever Ltd.		25,852		673,804
Unilever Indonesia Tbk PT		37,300		117,762
				791,566
Hypermarkets & Super Centers – 0.3%
Aeon Company Ltd.		48,500		950,196
Coles Group Ltd.		212,717		1,758,097	(a)
METRO AG		170,011		2,603,292
Sun Art Retail Group Ltd.		131,250		133,775
Wal-Mart de Mexico SAB de C.V.		76,413		193,887
				5,639,247
Independent Power Producers & Energy Traders – 0.1%
Aboitiz Power Corp.		101,400		67,683
Colbun S.A.		127,081		25,519
Electricity Generating PCL NVDR		15,400		117,297
Huadian Power International Corporation Ltd., Class H		190,000		85,665
Uniper SE		76,081		1,965,567
				2,261,731
Industrial Conglomerates – 0.1%
DMCI Holdings Inc.		211,600		51,426
Far Eastern New Century Corp.		376,982		342,187
Grupo Carso SAB de C.V., Class A1		21,674		77,490
NWS Holdings Ltd.		228,653		469,025
Shanghai Industrial Holdings Ltd.		57,000		115,320
Sime Darby Bhd		279,362		162,243
Turkiye Sise ve Cam Fabrikalari A/S		79,242		84,457
				1,302,148
Industrial Gases – 0.6%
Linde PLC		73,614		11,486,729
Industrial Machinery – 0.2%
Atlas Copco AB, Class B		91,886		2,003,576
Schindler Holding AG		4,785		925,158
				2,928,734
Industrial REITs – 0.1%
Segro PLC		344,026		2,578,959
Integrated Oil & Gas – 0.6%
China Petroleum & Chemical Corp., Class H		1,360,125		971,102
Equinor ASA		83,732		1,776,821
Gazprom PJSC ADR		305,961		1,355,101
LUKOIL PJSC ADR		13,994		998,332
Oil & Natural Gas Corporation Ltd.		117,431		252,136
PetroChina Company Ltd., Class H		206,768		128,878
Polskie Gornictwo Naftowe i Gazownictwo S.A.		203,476		374,265
Total S.A.		110,259		5,820,645
				11,677,280
Integrated Telecommunication Services – 1.4%
BCE Inc.		167,971		6,632,505
China Communications Services Corporation Ltd., Class H		280,000		231,743
China Telecom Corporation Ltd., Class H		1,279,047		653,463
Chunghwa Telecom Company Ltd.		372,000		1,367,602
Elisa Oyj		14,499		598,009
KT Corp.		310		8,279	(a)
LG Uplus Corp.		11,538		182,511
PCCW Ltd.		952,000		548,388
Spark New Zealand Ltd.		379,616		1,056,389
Swisscom AG		15,831		7,542,930
Telenor ASA		84,014		1,625,142
Telia Company AB		363,986		1,723,482
Telkom S.A. SOC Ltd.		32,997		145,178
TELUS Corp.		149,035		4,937,644
				27,253,265

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

	Number of Shares		Fair Value
Interactive Home Entertainment – 0.0%*
CD Projekt S.A.		2,536	$	98,287	(a)
Interactive Media & Services – 0.1%
Autohome Inc. ADR		1,315		102,872
Momo Inc. ADR		11,097		263,554	(a)
Tencent Holdings Ltd.		38,763		1,554,610
				1,921,036
Internet & Direct Marketing Retail – 0.1%
Alibaba Group Holding Ltd. ADR		7,647		1,048,174	(a)
IT Consulting & Other Services – 1.0%
Accenture PLC, Class A		92,608		13,058,654	(b)
HCL Technologies Ltd.		11,200		154,705
Infosys Ltd.		71,533		675,165
Nomura Research Institute Ltd.		35,610		1,322,615
Obic Company Ltd.		32,600		2,522,663
Tata Consultancy Services Ltd.		14,558		394,744
Tech Mahindra Ltd.		37,518		388,615
Wipro Ltd.		97,565		462,356
				18,979,517
Leisure Products – 0.0%*
Sankyo Company Ltd.		9,800		373,367
Life & Health Insurance – 0.8%
CNP Assurances		144,083		3,050,400
Great-West Lifeco Inc.		76,240		1,573,029
Hanwha Life Insurance Company Ltd.		7,583		28,679
Liberty Holdings Ltd.		15,119		115,613
MMI Holdings Ltd.		107,774		128,340	(a)
Poste Italiane S.p.A.		707,874		5,651,495	(d)
Power Corporation of Canada		101,228		1,818,072
Power Financial Corp.		76,958		1,455,429
Sun Life Financial Inc.		29,565		980,377
				14,801,434
Life Sciences Tools & Services – 0.2%
Divi’s Laboratories Ltd.		9,350		198,564
Sartorius Stedim Biotech		30,578		3,053,340
				3,251,904
Marine – 0.0%*
COSCO SHIPPING Energy Transportation Company Ltd., Class H		144,000		71,914
Costamare Inc.		91,147		400,135
MISC Bhd		76,900		124,678
				596,727
Marine Ports & Services – 0.1%
COSCO SHIPPING Ports Ltd.		122,746		120,718
Kamigumi Company Ltd.		49,500		1,017,837
				1,138,555
Motorcycle Manufacturers – 0.0%*
Bajaj Auto Ltd.		5,984		233,150
Hero MotoCorp Ltd.		2,799		124,455
				357,605
Multi-Line Insurance – 1.3%
Allianz SE		34,492		6,905,687
Assicurazioni Generali S.p.A.		340,168		5,677,400
Baloise Holding AG		21,726		2,984,074
BB Seguridade Participacoes S.A.		82,146		584,766
Porto Seguro S.A.		11,383		153,164
Sul America S.A.		24,027		177,300
Zurich Insurance Group AG		26,174		7,782,105
				24,264,496
Multi-Sector Holdings – 0.5%
EXOR N.V.		55,295		2,987,327
Groupe Bruxelles Lambert S.A.		28,364		2,466,841
Industrivarden AB, Class C		78,517		1,587,016
Kinnevik AB, Class B		98,339		2,370,336
Pargesa Holding S.A.		10,126		727,761
				10,139,281
Office Services & Supplies – 0.1%
Societe BIC S.A.		11,592		1,181,362
Oil & Gas Drilling – 0.0%*
Noble Corporation PLC		78,466		205,581	(a)

	Number of Shares		Fair Value
Oil & Gas Exploration & Production – 0.0%*
Oil & Gas Development Company Ltd.		75,062	$	69,248
Tatneft PJSC ADR		4,730		297,990
				367,238
Oil & Gas Refining & Marketing – 0.2%
Cosan S.A.		19,163		165,437
Idemitsu Kosan Company Ltd.		12,400		408,003
JXTG Holdings Inc.		592,362		3,113,660
Tupras Turkiye Petrol Rafinerileri A/S		5,127		112,468
				3,799,568
Oil & Gas Storage & Transportation – 0.1%
Ship Finance International Ltd.		148,005		1,558,493
Other Diversified Financial Services – 0.0%*
RMB Holdings Ltd.		82,855		454,450
Packaged Foods & Meats – 0.5%
China Huishan Dairy Holdings Company Ltd.		55,000		—	(a,c)
Chocoladefabriken Lindt & Spruengli AG		882		5,457,699
Chocoladefabriken Lindt & Spruengli AG		11		817,914
JBS S.A.		32,821		98,148
Nestle Malaysia Bhd		2,800		99,872
Nisshin Seifun Group Inc.		129,800		2,686,741
PPB Group Bhd		42,960		182,755
QL Resources Bhd		76,200		125,571
Uni-President China Holdings Ltd.		62,000		53,849
Yihai International Holding Ltd.		55,000		134,456
				9,657,005
Paper Products – 0.0%*
Indah Kiat Pulp & Paper Corp. Tbk PT		36,300		29,156
Personal Products – 0.2%
L’Oreal S.A.		18,359		4,222,602
Marico Ltd.		47,075		251,777
				4,474,379
Pharmaceuticals – 0.3%
Astellas Pharma Inc.		209,008		2,669,869
China Traditional Chinese Medicine Holdings Company Ltd.		130,000		75,715
Hisamitsu Pharmaceutical Company Inc.		14,300		791,150
Luye Pharma Group Ltd.		134,000		93,277	(d)
SSY Group Ltd.		176,000		130,381
Sumitomo Dainippon Pharma Company Ltd.		8,200		261,213
Taisho Pharmaceutical Holdings Company Ltd.		21,800		2,191,624
Tong Ren Tang Technologies Company Ltd., Class H		21,000		27,520
				6,240,749
Property & Casualty Insurance – 0.4%
DB Insurance Company Ltd.		4,849		305,941
Direct Line Insurance Group PLC		703,144		2,854,035
Hyundai Marine & Fire Insurance Company Ltd.		7,345		270,221
Samsung Fire & Marine Insurance Company Ltd.		3,615		871,514
Tryg A/S		97,112		2,438,232
				6,739,943
Publishing – 0.1%
Singapore Press Holdings Ltd.		833,737		1,437,478
Real Estate Development – 0.2%
China Jinmao Holdings Group Ltd.		92,000		41,362
China Overseas Land & Investment Ltd.		56,000		192,404
China Resources Land Ltd.		111,777		429,728
China Vanke Company Ltd., Class H		9,645		32,769
KWG Group Holdings Ltd.		47,000		41,601	(a)
Land & Houses PCL NVDR		369,100		112,226
Longfor Group Holdings Ltd.		173,500		518,549
Shimao Property Holdings Ltd.		136,500		364,379
Sino Land Company Ltd.		582,767		998,899

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

	Number of Shares		Fair Value
Yuexiu Property Company Ltd.		160,000	$	29,428
Yuzhou Properties Company Ltd.		191,000		78,797
				2,840,142
Real Estate Operating Companies – 0.2%
First Capital Realty Inc.		85,194		1,175,800
Hysan Development Company Ltd.		131,000		623,264
Swire Properties Ltd.		525,600		1,846,130
Swiss Prime Site AG		8,207		662,271	(a)
				4,307,465
Regional Banks – 0.1%
DGB Financial Group Inc.		19,856		147,879
Popular Inc.		29,200		1,378,824
Yamaguchi Financial Group Inc.		115,000		1,105,820
				2,632,523
Reinsurance – 0.2%
Hannover Rueck SE		26,354		3,545,897
IRB Brasil Resseguros S/A		12,815		275,957
				3,821,854
Renewable Electricity – 0.0%*
Engie Brasil Energia S.A.		23,968		204,199
Restaurants – 0.0%*
Jollibee Foods Corp.		18,650		103,491
Retail REITs – 0.6%
CapitaLand Mall Trust		2,166,089		3,591,608
Hyprop Investments Ltd.		10,436		59,126
Link REIT		372,500		3,772,887
Scentre Group		143,210		393,197
Vicinity Centres		1,674,852		3,065,648
				10,882,466
Semiconductor Equipment – 0.0%*
Hanergy Thin Film Power Group Ltd.		64,000		—	(a,c)
Xinyi Solar Holdings Ltd.		156,000		54,794
				54,794
Semiconductors – 0.1%
Hua Hong Semiconductor Ltd.		52,000		96,304	(d)
Novatek Microelectronics Corp.		68,000		314,149
Realtek Semiconductor Corp.		53,770		250,158
SK Hynix Inc.		5,233		283,740	(a)
Taiwan Semiconductor Manufacturing Company Ltd.		132,943		975,328
Vanguard International Semiconductor Corp.		102,000		197,449
				2,117,128
Soft Drinks – 0.0%*
Fraser & Neave Holdings Bhd		10,200		82,686
Specialty Chemicals – 0.5%
Croda International PLC		51,066		3,047,014
Givaudan S.A.		1,346		3,107,624
Johnson Matthey PLC		94,365		3,363,929
				9,518,567
Specialty Stores – 0.0%*
JUMBO S.A.		7,425		107,966
Steel – 0.1%
Angang Steel Company Ltd., Class H		126,000		86,904
China Oriental Group Company Ltd.		130,000		77,375
Eregli Demir ve Celik Fabrikalari TAS		63,784		86,566
Maanshan Iron & Steel Company Ltd., Class H		202,000		89,011
Maruichi Steel Tube Ltd.		31,800		1,004,302
				1,344,158
Technology Distributors – 0.0%*
Synnex Technology International Corp.		166,400		197,058
WPG Holdings Ltd.		176,920		212,681
				409,739
Technology Hardware, Storage & Peripherals – 0.1%
Asustek Computer Inc.		79,000		517,894
Chicony Electronics Company Ltd.		68,647		139,809
Inventec Corp.		294,000		210,908
Legend Holdings Corp., Class H		9,800		25,660	(d)
Lite-On Technology Corp.		34,669		45,794
Micro-Star International Company Ltd.		13,000		32,313
Quanta Computer Inc.		300,000		514,364

		Number of Shares		Fair Value
Samsung Electronics Company Ltd.			24,529	$	850,755
Wistron Corp.			333,195		207,047
					2,544,544
Textiles – 0.0%*
Formosa Taffeta Company Ltd.			88,000		98,917
Ruentex Industries Ltd.			41,187		105,322
					204,239
Tires & Rubber – 0.0%*
Hankook Tire Company Ltd.			1,125		40,481
Tobacco – 0.2%
British American Tobacco Malaysia Bhd			6,000		52,385
Gudang Garam Tbk PT			5,254		30,554
Hanjaya Mandala Sampoerna Tbk PT			573,700		148,013
ITC Ltd.			58,451		235,805
Swedish Match AB			105,681		4,161,274
					4,628,031
Trading Companies & Distributors – 0.6%
Ferguson PLC			79,990		5,111,081
Marubeni Corp.			816,548		5,748,545
Posco Daewoo Corp.			5,793		94,491
					10,954,117
Trucking – 0.1%
ComfortDelGro Corporation Ltd.			970,600		1,531,027
Water Utilities – 0.0%*
Aguas Andinas S.A., Class A			221,747		121,967
Guangdong Investment Ltd.			126,000		243,653
					365,620
Wireless Telecommunication Services – 0.1%
China Mobile Ltd.			66,562		640,596
Far EasTone Telecommunications Company Ltd.			19,997		49,705
SK Telecom Company Ltd.			820		198,055
Taiwan Mobile Company Ltd.			176,762		612,459
Vodacom Group Ltd.			70,725		648,988
					2,149,803
Total Common Stock (Cost $418,582,131)					385,873,166
Preferred Stock – 0.2%
Automobile Manufacturers – 0.1%
Bayerische Motoren Werke AG			13,249		940,541
Hyundai Motor Co.			2,420		167,002
Hyundai Motor Co.			2,290		144,074
					1,251,617
Commodity Chemicals – 0.0%*
FUCHS PETROLUB SE			8,888		365,568
LG Chem Ltd.			464		81,298
					446,866
Diversified Banks – 0.1%
Grupo Aval Acciones y Valores S.A.			202,526		62,301
Itausa—Investimentos Itau S.A.			378,047		1,178,303
					1,240,604
Integrated Telecommunication Services – 0.0%*
Telefonica Brasil S.A.			3,027		36,106
Technology Hardware, Storage & Peripherals ��� 0.0%*
Samsung Electronics Company Ltd.			36,816		1,047,596
Total Preferred Stock (Cost $4,185,809)					4,022,789
Total Foreign Equity (Cost $422,767,940)					389,895,955
		Principal Amount ($)		Fair Value
Bonds and Notes – 30.9%
U.S. Treasuries – 17.1%
U.S. Treasury Bonds
2.25%	08/15/46	$	1,600,000		1,367,233
2.50%	02/15/45 - 05/15/46		4,310,000		3,893,116
2.75%	11/15/42 - 11/15/47		2,150,000		2,041,635

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

		Principal Amount ($)		Fair Value
2.88%	05/15/43 - 11/15/46	$	2,400,000	$	2,338,521
3.00%	05/15/42 - 08/15/48		11,250,000		11,219,078
3.13%	08/15/44 - 05/15/48		3,000,000		3,059,887
3.38%	05/15/44 - 11/15/48		2,400,000		2,557,444
3.63%	08/15/43 - 02/15/44		1,740,000		1,927,011
3.75%	11/15/43		1,400,000		1,580,964
4.25%	05/15/39 - 11/15/40		2,000,000		2,415,119
4.38%	02/15/38 - 05/15/40		2,300,000		2,818,851
4.50%	02/15/36		2,000,000		2,465,293
4.63%	02/15/40		500,000		633,631
5.25%	02/15/29		200,000		244,492
5.50%	08/15/28		200,000		247,086
6.00%	02/15/26		827,000		1,008,718
6.38%	08/15/27		200,000		256,916
7.63%	11/15/22 - 02/15/25		500,000		613,063
7.88%	02/15/21		2,000,000		2,220,431
8.75%	05/15/20		1,200,000		1,299,099
U.S. Treasury Inflation Indexed Bonds
0.63%	02/15/43		1,429,818		1,256,595
0.75%	02/15/42 - 02/15/45		3,659,026		3,303,620
0.88%	02/15/47		576,153		529,711
1.00%	02/15/46 - 02/15/48		4,093,272		3,886,620
1.38%	02/15/44		2,061,519		2,134,231
1.75%	01/15/28		965,632		1,026,299
2.13%	02/15/41		1,096,975		1,298,424
2.38%	01/15/25		2,515,331		2,720,635
2.50%	01/15/29		1,531,127		1,744,967
3.38%	04/15/32		997,234		1,281,757
3.88%	04/15/29		2,307,300		2,940,035
U.S. Treasury Inflation Indexed Notes
0.13%	04/15/20 - 07/15/26		31,872,425		30,855,157
0.25%	01/15/25		6,405,720		6,136,939
0.38%	07/15/23 - 07/15/27		13,514,253		13,023,285
0.50%	01/15/28		3,998,124		3,818,026
0.63%	07/15/21 - 01/15/26		10,487,425		10,338,783
0.75%	07/15/28		4,911,026		4,811,039
1.13%	01/15/21		3,467,910		3,453,799
1.25%	07/15/20		2,319,000		2,314,738
1.38%	01/15/20		818,552		813,528
U.S. Treasury Notes
1.13%	03/31/20 - 09/30/21		6,500,000		6,301,904
1.25%	01/31/20 - 10/31/21		6,500,000		6,329,347
1.38%	01/31/20 - 05/31/21		13,000,000		12,756,795
1.50%	01/31/22 - 08/15/26		2,900,000		2,743,313
1.63%	07/31/20 - 05/15/26		11,540,000		11,094,891
1.75%	10/31/20 - 05/15/23		9,600,000		9,393,955
1.88%	12/15/20 - 09/30/22		19,600,000		19,239,230
2.00%	01/31/20 - 11/15/26		22,644,000		22,197,287
2.13%	08/31/20 - 05/15/25		13,000,000		12,823,142
2.25%	03/31/21 - 11/15/27		17,390,000		17,029,843
2.38%	01/31/23 - 05/15/27		5,000,000		4,940,344
2.50%	05/31/20 - 01/31/25		8,500,000		8,492,210
2.63%	07/31/20 - 12/31/25		10,885,000		10,919,156
2.75%	11/30/20 - 02/15/28		18,800,000		18,978,109
2.88%	10/15/21 - 08/15/28		12,900,000		13,101,339
3.00%	10/31/25		500,000		512,970
3.13%	05/15/21 - 11/15/28		3,000,000		3,078,383
3.63%	02/15/20 - 02/15/21		2,700,000		2,737,798
					324,565,792
Agency Mortgage Backed – 6.4%
Federal Home Loan Banks
2.13%	02/11/20		2,000,000		1,992,440
2.38%	03/30/20		1,000,000		997,850
3.25%	11/16/28		125,000		127,280
Federal Home Loan Mortgage Corp.
1.13%	08/12/21		637,000		615,227
2.38%	01/13/22		1,100,000		1,095,490
2.50%	07/01/28 - 02/01/32		1,325,061		1,295,111
2.51%	11/25/22		300,000		295,464
3.00%	05/01/30 - 03/01/48		11,866,622		11,679,665
3.50%	03/01/26 - 03/01/47		8,910,749		8,954,765
4.00%	06/01/42 - 12/01/48		5,753,469		5,884,844
4.50%	05/01/42 - 01/01/45		82,026		85,818
5.00%	06/01/41		1,408,176		1,507,335
5.50%	01/01/38 - 04/01/39		347,698		374,591
6.00%	06/01/37 - 11/01/37		326,223		360,477

		Principal Amount ($)		Fair Value
6.25%	07/15/32	$	250,000	$	334,500
3.50%	TBA		500,000		506,235	(e)
4.50%	TBA		775,000		802,086	(e)
Federal National Mortgage Assoc.
1.50%	07/30/20		500,000		491,970
1.88%	09/24/26		1,000,000		930,630
2.13%	04/24/26		700,000		667,821
2.50%	09/01/28 - 08/01/30		1,055,851		1,035,717
3.00%	01/01/28 - 05/01/47		11,025,513		10,907,561
3.50%	01/01/27 - 09/01/48		16,415,942		16,502,218
4.00%	10/01/41 - 11/01/48		10,167,369		10,417,597
4.50%	01/01/27 - 03/01/46		3,904,851		4,085,857
5.00%	12/01/39 - 05/01/41		287,015		304,624
5.50%	12/01/35 - 04/01/38		1,201,340		1,294,347
6.00%	03/01/34 - 08/01/37		1,617,508		1,785,954
6.63%	11/15/30		100,000		134,347
4.00%	TBA		1,550,000		1,583,250	(e)
4.50%	TBA		1,250,000		1,294,000	(e)
Government National Mortgage Assoc.
2.50%	05/20/45		249,227		237,805
3.00%	10/15/42 - 06/20/47		7,491,703		7,405,374
3.50%	03/20/45 - 08/20/48		11,928,847		12,038,600
4.00%	12/20/40 - 09/20/47		6,893,972		7,102,040
4.50%	05/20/40 - 11/20/48		2,449,581		2,551,326
5.00%	08/15/41		2,009,447		2,148,218
3.50%	TBA		400,000		402,760	(e)
4.00%	TBA		250,000		256,050	(e)
4.50%	TBA		1,100,000		1,137,741	(e)
					121,624,985
Agency Collateralized Mortgage Obligations – 0.1%
Federal Home Loan Mortgage Corp.
2.75%	01/25/26		300,000		292,423
3.06%	07/25/23		600,000		602,020	(f)
3.30%	04/25/23		100,000		101,340	(f)
3.39%	03/25/24		200,000		203,398
3.49%	01/25/24		300,000		306,227
3.85%	06/25/28		250,000		259,335
3.97%	01/25/21		200,000		203,018	(f)
4.33%	10/25/20		50,000		50,819	(f)
Federal National Mortgage Assoc.
2.78%	06/25/21		304,743		303,314	(f)
3.08%	06/25/27		261,000		256,715	(f)
3.64%	08/25/30		200,000		201,359	(f)
					2,779,968
Asset Backed – 0.1%
American Express Credit Account Master Trust2018-8
3.18%	04/15/24		171,000		172,250
Americredit Automobile Receivables Trust2018-1
3.50%	01/18/24		75,000		75,131
BA Credit Card Trust
3.10%	12/15/23		200,000		201,047
Citibank Credit Card Issuance Trust
3.21%	12/07/24		300,000		302,854
Discover Card Execution Note Trust
3.32%	03/15/24		65,000		65,702
Drive Auto Receivables Trust2018-2
4.14%	08/15/24		150,000		151,278
Ford Credit Auto Lease Trust
3.19%	12/15/21		40,000		40,012
Ford Credit Floorplan Master Owner Trust A
2.16%	09/15/22		250,000		246,439
GM Financial Automobile Leasing Trust2018-2
3.06%	06/21/21		100,000		99,875
Honda Auto Receivables Owner Trust
2.60%	02/15/22		180,000		178,878
Nissan Auto Receivables2018-B Owner Trust
3.06%	03/15/23		115,000		115,136
Santander Drive Auto Receivables Trust2018-2
3.03%	09/15/22		60,000		59,887
Santander Drive Auto Receivables Trust2018-3
3.03%	02/15/22		50,000		49,954
Synchrony Credit Card Master Note Trust2016-2
2.21%	05/15/24		100,000		98,009
Toyota Auto Receivables2018-B Owner Trust
2.96%	09/15/22		100,000		100,043

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

		Principal Amount ($)		Fair Value
World Omni Auto Receivables Trust2018-D
3.33%	04/15/24	$	50,000	$	50,429
World Omni Automobile Lease Securitization Trust2018-B
3.19%	12/15/21		50,000		50,062
					2,056,986
Corporate Notes – 6.4%
21st Century Fox America Inc.
3.38%	11/15/26		100,000		98,637
4.75%	11/15/46		100,000		106,755
6.65%	11/15/37		179,000		230,248
3M Co.
3.00%	09/14/21 - 08/07/25		50,000		49,156
3.25%	02/14/24		25,000		25,146
3.63%	09/14/28		25,000		25,416
4.00%	09/14/48		25,000		24,814
Abbott Laboratories
2.55%	03/15/22		130,000		126,659
3.75%	11/30/26		57,000		56,331
4.75%	11/30/36		100,000		104,454
4.90%	11/30/46		100,000		105,124
AbbVie Inc.
2.30%	05/14/21		100,000		97,603
3.75%	11/14/23		35,000		34,795
4.25%	11/14/28		15,000		14,609
4.30%	05/14/36		100,000		90,811
4.40%	11/06/42		150,000		132,270
4.50%	05/14/35		70,000		64,772
4.70%	05/14/45		150,000		137,128
4.88%	11/14/48		125,000		116,656
Adobe Inc.
3.25%	02/01/25		70,000		68,868
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.45%	10/01/25		100,000		94,722
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.95%	02/01/22		100,000		98,030
Aetna Inc.
2.75%	11/15/22		50,000		47,908
Aflac Inc.
3.63%	11/15/24		150,000		149,704
African Development Bank
2.13%	11/16/22		100,000		98,112
3.00%	09/20/23		150,000		152,074
Air Lease Corp.
3.88%	04/01/21 - 07/03/23		150,000		149,074
Aircastle Ltd.
4.13%	05/01/24		20,000		18,833
5.00%	04/01/23		20,000		19,973
5.13%	03/15/21		20,000		20,315
5.50%	02/15/22		20,000		20,490
7.63%	04/15/20		10,000		10,459
Alabama Power Co.
3.70%	12/01/47		100,000		91,601
Alexandria Real Estate Equities Inc.
3.45%	04/30/25		100,000		96,226
4.70%	07/01/30		15,000		15,189
Alibaba Group Holding Ltd.
3.13%	11/28/21		200,000		198,366
4.20%	12/06/47		60,000		53,284
Allergan Finance LLC
3.25%	10/01/22		150,000		146,109
Allergan Funding SCS
4.75%	03/15/45		100,000		94,985
Alphabet Inc.
3.38%	02/25/24		125,000		126,765
Altria Group Inc.
2.63%	09/16/26		100,000		86,892
4.25%	08/09/42		213,000		171,661
5.38%	01/31/44		70,000		65,272
Amazon.com Inc.
1.90%	08/21/20		100,000		98,526
3.15%	08/22/27		100,000		96,473
3.88%	08/22/37		100,000		97,273
4.25%	08/22/57		100,000		98,673
4.80%	12/05/34		150,000		161,848
America Movil SAB de C.V.
3.13%	07/16/22		150,000		147,018

		Principal Amount ($)		Fair Value
American Campus Communities Operating Partnership LP
3.63%	11/15/27	$	30,000	$	28,112
American Electric Power Company Inc.
3.20%	11/13/27		100,000		94,637
American Express Co.
2.20%	10/30/20		120,000		117,758
3.00%	10/30/24		100,000		95,675
3.38%	05/17/21		50,000		50,063
3.40%	02/27/23		100,000		99,280
3.63%	12/05/24		150,000		146,623
3.70%	11/05/21		25,000		25,244
American Financial Group Inc.
3.50%	08/15/26		65,000		60,927
American Honda Finance Corp.
2.15%	03/13/20		200,000		197,698
2.60%	11/16/22		100,000		97,353
American International Group Inc.
4.50%	07/16/44		150,000		133,337
4.88%	06/01/22		200,000		207,298
American Tower Corp.
3.50%	01/31/23		150,000		147,570
AmerisourceBergen Corp.
3.45%	12/15/27		100,000		92,994
Amgen Inc.
2.20%	05/11/20		300,000		296,307
3.20%	11/02/27		100,000		93,995
4.66%	06/15/51		105,000		99,438
Anadarko Petroleum Corp.
6.20%	03/15/40		142,000		148,336
Analog Devices Inc.
2.50%	12/05/21		200,000		194,916
Andeavor Logistics LP/Tesoro Logistics Finance Corp.
4.25%	12/01/27		35,000		32,979
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%	02/01/26		200,000		188,992	(d)
4.70%	02/01/36		150,000		138,399	(d)
4.90%	02/01/46		220,000		203,562	(d)
Anheuser-Busch InBev Finance Inc.
2.65%	02/01/21		250,000		245,732
3.70%	02/01/24		150,000		147,100
Anheuser-Busch InBev Worldwide Inc.
2.50%	07/15/22		242,000		230,991
3.50%	01/12/24		25,000		24,308
4.00%	04/13/28		155,000		148,271
4.38%	04/15/38		15,000		13,424
4.60%	04/15/48		135,000		120,809
4.75%	04/15/58		50,000		43,482
Anthem Inc.
3.30%	01/15/23		100,000		98,394
3.70%	08/15/21		237,000		238,536
4.38%	12/01/47		65,000		60,493
Aon Corp.
4.50%	12/15/28		100,000		101,209
Apache Corp.
4.38%	10/15/28		25,000		23,336
5.10%	09/01/40		150,000		135,482
Apple Inc.
1.80%	05/11/20		200,000		197,588
2.00%	11/13/20		50,000		49,334
2.25%	02/23/21		200,000		197,726
2.40%	01/13/23		50,000		48,569
2.50%	02/09/22		150,000		147,873
2.75%	01/13/25		50,000		48,133
3.00%	11/13/27		100,000		95,094
3.25%	02/23/26		160,000		156,042
3.75%	11/13/47		50,000		46,203
4.38%	05/13/45		165,000		168,183
4.50%	02/23/36		150,000		158,122
4.65%	02/23/46		185,000		195,600
Applied Materials Inc.
3.90%	10/01/25		160,000		161,141
Aptiv Corp.
4.15%	03/15/24		150,000		149,530
ArcelorMittal
5.25%	08/05/20		30,000		30,330
5.50%	03/01/21		25,000		25,817

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

		Principal Amount ($)		Fair Value
6.13%	06/01/25	$	20,000	$	20,932
6.25%	02/25/22		25,000		26,417
7.00%	10/15/39		28,000		29,317
Arch Capital Finance LLC
4.01%	12/15/26		100,000		100,183
5.03%	12/15/46		100,000		103,401
Archer-Daniels-Midland Co.
4.02%	04/16/43		120,000		113,231
Arrow Electronics Inc.
4.00%	04/01/25		40,000		38,779
Ascension Health
3.95%	11/15/46		25,000		23,957
Asian Development Bank
1.75%	01/10/20		100,000		99,176
2.13%	03/19/25		500,000		482,350
2.25%	01/20/21		200,000		198,714
2.75%	03/17/23		295,000		296,000
3.13%	09/26/28		25,000		25,542
Assurant Inc.
4.90%	03/27/28		50,000		49,874
AstraZeneca PLC
3.50%	08/17/23		25,000		24,762
4.00%	01/17/29		20,000		19,866
4.38%	08/17/48		20,000		18,973
6.45%	09/15/37		150,000		179,550
AT&T Inc.
2.45%	06/30/20		200,000		197,622
4.10%	02/15/28		206,000		198,046
4.30%	02/15/30		120,000		113,750
4.35%	06/15/45		150,000		127,314
4.50%	05/15/35 - 03/09/48		245,000		215,092
4.75%	05/15/46		150,000		133,335
5.15%	03/15/42		150,000		140,115
5.20%	03/15/20		300,000		306,705
5.55%	08/15/41		254,000		247,533
Atmos Energy Corp.
4.30%	10/01/48		100,000		99,587
Australia & New Zealand Banking Group Ltd.
3.70%	11/16/25		150,000		149,277
AutoNation Inc.
3.80%	11/15/27		50,000		44,587
AvalonBay Communities Inc.
3.20%	01/15/28		40,000		37,999
3.45%	06/01/25		115,000		113,185
AXA S.A.
8.60%	12/15/30		100,000		123,595
Baidu Inc.
3.88%	09/29/23		100,000		99,658
4.38%	03/29/28		100,000		98,311
Baker Hughes a GE Company LLC/Baker HughesCo-Obligor Inc.
2.77%	12/15/22		50,000		48,116
3.34%	12/15/27		50,000		45,992
4.08%	12/15/47		50,000		41,185
Banco Santander S.A.
3.13%	02/23/23		100,000		94,595
3.80%	02/23/28		100,000		89,057
4.25%	04/11/27		100,000		92,845
Bank of America Corp.
2.15%	11/09/20		200,000		196,146
2.25%	04/21/20		300,000		296,637
3.50%	04/19/26		145,000		139,464
3.88%	08/01/25		150,000		148,461
3.95%	04/21/25		155,000		150,215
4.00%	04/01/24		150,000		150,880
4.18%	11/25/27		100,000		96,020
6.11%	01/29/37		100,000		109,908
Bank of America Corp. (2.37% fixed rate until 07/21/20; 0.66% + 3 month USD LIBOR thereafter)
2.37%	07/21/21		300,000		294,906	(f)
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter)
3.42%	12/20/28		107,000		99,647	(f)
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		99,966	(f)

		Principal Amount ($)		Fair Value
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	$	98,688	(f)
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95%	01/23/49		200,000		178,026	(f)
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		97,278	(f)
Bank of America Corp. (4.24% fixed rate until 04/24/37; 1.81% + 3 month USD LIBOR thereafter)
4.24%	04/24/38		150,000		142,215	(f)
Bank of Montreal, Series MTN
3.10%	07/13/20 - 04/13/21		140,000		140,021
Barclays Bank PLC
2.65%	01/11/21		200,000		195,932
Barclays PLC
3.65%	03/16/25		150,000		139,422
Barclays PLC (4.61% fixed rate until 02/15/22; 1.40% + 3 month USD LIBOR thereafter)
4.61%	02/15/23		200,000		198,162	(f)
Barclays PLC (4.97% fixed rate until 05/16/28; 1.90% + 3 month USD LIBOR thereafter)
4.97%	05/16/29		100,000		96,194	(f)
BAT Capital Corp.
2.30%	08/14/20		100,000		97,646
2.76%	08/15/22		100,000		94,399
3.22%	08/15/24		100,000		91,981
3.56%	08/15/27		100,000		88,634
4.39%	08/15/37		100,000		82,180
Baxalta Inc.
4.00%	06/23/25		30,000		29,253
Baxter International Inc.
2.60%	08/15/26		130,000		118,723
BB&T Corp.
2.15%	02/01/21		100,000		97,879
2.85%	10/26/24		50,000		48,032
3.75%	12/06/23		200,000		201,766
Becton Dickinson and Co.
3.70%	06/06/27		100,000		94,712
3.73%	12/15/24		50,000		48,346
Berkshire Hathaway Energy Co.
6.13%	04/01/36		194,000		231,382
Berkshire Hathaway Finance Corp.
3.00%	05/15/22		200,000		199,412
4.20%	08/15/48		200,000		198,596
Best Buy Company Inc.
4.45%	10/01/28		25,000		23,893
Biogen Inc.
4.05%	09/15/25		80,000		79,743
5.20%	09/15/45		150,000		153,756
Black Hills Corp.
4.35%	05/01/33		30,000		30,055
Booking Holdings Inc.
2.75%	03/15/23		100,000		96,458
3.55%	03/15/28		100,000		94,083
Boston Properties LP
3.85%	02/01/23		150,000		150,202
Boston Scientific Corp.
4.00%	03/01/28		100,000		97,303
4.13%	10/01/23		100,000		101,501
BP Capital Markets America Inc.
3.22%	11/28/23		100,000		98,673
3.94%	09/21/28		100,000		100,134
BP Capital Markets PLC
2.32%	02/13/20		150,000		148,803
2.50%	11/06/22		100,000		96,781
2.52%	01/15/20		115,000		114,251
3.06%	03/17/22		210,000		208,125
BPCE S.A.
4.00%	04/15/24		150,000		151,086
Branch Banking & Trust Co.
2.10%	01/15/20		100,000		98,966
2.63%	01/15/22		100,000		98,041
Bristol-Myers Squibb Co.
2.00%	08/01/22		150,000		144,226

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

		Principal Amount ($)		Fair Value
British Telecommunications PLC
9.63%	12/15/30	$	150,000	$	203,187
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.38%	01/15/20		100,000		98,796
2.65%	01/15/23		100,000		92,681
3.00%	01/15/22		100,000		96,156
3.13%	01/15/25		100,000		89,738
3.63%	01/15/24		100,000		94,562
Broadridge Financial Solutions Inc.
3.40%	06/27/26		80,000		75,690
Brookfield Finance Inc.
3.90%	01/25/28		100,000		93,879
Brown-Forman Corp.
4.00%	04/15/38		30,000		29,346
Buckeye Partners LP
4.15%	07/01/23		150,000		145,531
Bunge Limited Finance Corp.
4.35%	03/15/24		50,000		49,264
Burlington Northern Santa Fe LLC
5.75%	05/01/40		300,000		350,745
Camden Property Trust
4.10%	10/15/28		10,000		10,129
Campbell Soup Co.
3.65%	03/15/23		50,000		48,872
4.15%	03/15/28		50,000		46,542
4.80%	03/15/48		20,000		16,951
Canadian Imperial Bank of Commerce
2.10%	10/05/20		100,000		98,075
2.70%	02/02/21		40,000		39,601
Canadian National Railway Co.
2.95%	11/21/24		155,000		150,581
Canadian Natural Resources Ltd.
3.80%	04/15/24		150,000		146,974
3.85%	06/01/27		100,000		94,611
3.90%	02/01/25		50,000		48,502
Canadian Pacific Railway Co.
2.90%	02/01/25		150,000		143,608
Capital One Financial Corp.
2.50%	05/12/20		200,000		197,516
3.75%	07/28/26 - 03/09/27		230,000		211,716
4.20%	10/29/25		90,000		86,519
Cardinal Health Inc.
3.20%	03/15/23		150,000		145,954
Caterpillar Financial Services Corp.
2.10%	01/10/20		100,000		99,016
2.55%	11/29/22		50,000		48,547
2.90%	03/15/21		100,000		99,557
3.15%	09/07/21		15,000		15,039
3.25%	12/01/24		100,000		99,044
3.35%	12/07/20		200,000		200,916
CBS Corp.
3.38%	03/01/22		150,000		148,977
4.00%	01/15/26		150,000		144,849
Celgene Corp.
2.75%	02/15/23		50,000		47,976
3.45%	11/15/27		50,000		45,519
4.35%	11/15/47		50,000		42,341
5.00%	08/15/45		150,000		138,490
5.25%	08/15/43		220,000		211,321
Celulosa Arauco y Constitucion S.A.
3.88%	11/02/27		100,000		91,950
Cenovus Energy Inc.
3.00%	08/15/22		35,000		33,177
4.25%	04/15/27		100,000		91,059
4.45%	09/15/42		75,000		57,569
CenterPoint Energy Houston Electric LLC
4.50%	04/01/44		150,000		157,858
Charter Communications Operating LLC/Charter Communications Operating Capital
3.58%	07/23/20		100,000		99,874
4.46%	07/23/22		100,000		100,963
4.91%	07/23/25		135,000		134,002
6.48%	10/23/45		150,000		152,388
Chevron Corp.
2.41%	03/03/22		45,000		43,961
2.43%	06/24/20		75,000		74,459
2.90%	03/03/24		150,000		146,604

		Principal Amount ($)		Fair Value
2.95%	05/16/26	$	100,000	$	96,295
Chubb INA Holdings Inc.
2.70%	03/13/23		150,000		145,977
4.35%	11/03/45		100,000		102,311
Cigna Corp.
4.38%	10/15/28		40,000		40,189	(d)
4.80%	08/15/38		30,000		29,510	(d)
4.90%	12/15/48		330,000		322,687	(d)
Cigna Corp.
3.40%	09/17/21		40,000		39,918	(d)
3.75%	07/15/23		55,000		54,865	(d)
Cintas Corporation No. 2
3.70%	04/01/27		100,000		97,487
Cisco Systems Inc.
2.90%	03/04/21		125,000		125,061
5.90%	02/15/39		200,000		247,130
Citibank NA
2.13%	10/20/20		200,000		195,954
2.85%	02/12/21		150,000		148,687
Citigroup Inc.
2.40%	02/18/20		100,000		98,992
2.45%	01/10/20		100,000		99,159
2.70%	10/27/22		100,000		96,371
2.90%	12/08/21		200,000		196,412
3.88%	03/26/25		150,000		143,880
4.30%	11/20/26		200,000		192,566
4.45%	09/29/27		150,000		144,588
4.75%	05/18/46		50,000		46,363
5.88%	01/30/42		172,000		193,940
6.13%	08/25/36		155,000		169,647
Citigroup Inc. (3.52% fixed rate until 10/27/27; 1.15% + 3 month USD LIBOR thereafter)
3.52%	10/27/28		100,000		93,283	(f)
Citizens Bank NA
2.25%	10/30/20		150,000		146,862
CME Group Inc.
3.00%	03/15/25		150,000		145,948
CNA Financial Corp.
5.88%	08/15/20		181,000		187,704
CNH Industrial Capital LLC
3.88%	10/15/21		15,000		14,911
4.38%	11/06/20 - 04/05/22		35,000		35,192
4.88%	04/01/21		15,000		15,124
CNH Industrial N.V.
3.85%	11/15/27		15,000		13,810
Colgate-Palmolive Co.
3.25%	03/15/24		150,000		150,924
Comcast Corp.
3.15%	02/15/28		100,000		93,837
3.30%	10/01/20		200,000		200,896
3.45%	10/01/21		40,000		40,407
3.55%	05/01/28		100,000		96,543
3.70%	04/15/24		55,000		55,325
3.90%	03/01/38		200,000		185,214
3.97%	11/01/47		100,000		89,789
4.00%	08/15/47 - 11/01/49		250,000		225,930
4.05%	11/01/52		100,000		89,535
4.15%	10/15/28		45,000		45,676
4.25%	01/15/33		100,000		99,453
4.60%	10/15/38		30,000		30,348
4.70%	10/15/48		40,000		40,476
5.15%	03/01/20		150,000		153,565
Comerica Inc.
3.70%	07/31/23		25,000		24,994
Commonwealth Edison Co.
4.60%	08/15/43		150,000		157,570
4.70%	01/15/44		175,000		186,396
Compass Bank
3.88%	04/10/25		150,000		144,175
Conagra Brands Inc.
3.80%	10/22/21		10,000		10,000
4.30%	05/01/24		5,000		4,974
4.85%	11/01/28		25,000		24,579
5.30%	11/01/38		10,000		9,471
5.40%	11/01/48		20,000		18,442
Concho Resources Inc.

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

		Principal Amount ($)		Fair Value
4.30%	08/15/28	$	25,000	$	24,459
4.85%	08/15/48		25,000		23,779
ConocoPhillips
6.50%	02/01/39		300,000		371,238
Consolidated Edison Company of New York Inc.
3.88%	06/15/47		100,000		91,655
3.95%	03/01/43		150,000		139,038
4.00%	12/01/28		25,000		25,661
Constellation Brands Inc.
3.50%	05/09/27		100,000		92,624
4.75%	11/15/24		100,000		102,987
5.25%	11/15/48		15,000		15,040
Consumers Energy Co.
4.05%	05/15/48		150,000		148,047
Continental Resources Inc.
3.80%	06/01/24		35,000		33,075
4.38%	01/15/28		35,000		32,995
4.50%	04/15/23		50,000		49,083
4.90%	06/01/44		25,000		22,210
5.00%	09/15/22		56,000		55,556
Cooperatieve Rabobank UA
2.50%	01/19/21		150,000		147,378
2.75%	01/10/22		100,000		97,960
3.95%	11/09/22		100,000		99,762
4.63%	12/01/23		150,000		152,349
Corning Inc.
2.90%	05/15/22		155,000		152,687
Corporation Andina de Fomento
2.13%	09/27/21		150,000		145,713
Costco Wholesale Corp.
2.25%	02/15/22		85,000		83,206
3.00%	05/18/27		100,000		96,342
Council Of Europe Development Bank
2.63%	02/13/23		120,000		119,779
Credit Suisse AG
3.63%	09/09/24		150,000		147,120
Credit Suisse Group Funding Guernsey Ltd.
2.75%	03/26/20		100,000		98,978
4.88%	05/15/45		150,000		147,990
Crown Castle International Corp.
3.15%	07/15/23		155,000		148,904
3.80%	02/15/28		100,000		93,899
CSX Corp.
2.60%	11/01/26		100,000		90,453
4.10%	03/15/44		68,000		63,184
4.75%	11/15/48		65,000		65,952
CVS Health Corp.
2.75%	12/01/22		150,000		144,189
3.13%	03/09/20		200,000		199,608
3.35%	03/09/21		195,000		194,411
3.38%	08/12/24		150,000		145,023
3.70%	03/09/23		115,000		113,871
4.10%	03/25/25		150,000		148,468
4.30%	03/25/28		110,000		107,653
4.78%	03/25/38		95,000		91,305
5.05%	03/25/48		215,000		209,760
Darden Restaurants Inc.
4.55%	02/15/48		15,000		13,684
Deere & Co.
3.90%	06/09/42		71,000		68,733
Dell International LLC/EMC Corp.
6.02%	06/15/26		190,000		190,901	(d)
8.10%	07/15/36		100,000		108,183	(d)
Delmarva Power & Light Co.
4.15%	05/15/45		100,000		97,553
Delta Air Lines Inc.
2.60%	12/04/20		45,000		44,096
3.80%	04/19/23		30,000		29,165
4.38%	04/19/28		50,000		47,500
Deutsche Bank AG
2.95%	08/20/20		150,000		145,389
3.30%	11/16/22		100,000		92,674
3.38%	05/12/21		150,000		144,439
Deutsche Telekom International Finance BV
8.75%	06/15/30		150,000		197,053
Devon Energy Corp.

		Principal Amount ($)		Fair Value
3.25%	05/15/22	$	150,000	$	146,146
5.00%	06/15/45		100,000		88,443
Diageo Investment Corp.
2.88%	05/11/22		150,000		148,294
Digital Realty Trust LP
4.45%	07/15/28		150,000		149,245
Discover Bank
4.20%	08/08/23		150,000		150,139
Discovery Communications LLC
3.25%	04/01/23		175,000		168,411
3.45%	03/15/25		135,000		126,117
3.90%	11/15/24		150,000		146,206	(d)
Dollar General Corp.
4.13%	05/01/28		70,000		68,097
Dollar Tree Inc.
3.70%	05/15/23		20,000		19,601
4.00%	05/15/25		50,000		48,057
4.20%	05/15/28		25,000		23,678
Dominion Energy Inc.
2.58%	07/01/20		100,000		98,496
DowDuPont Inc.
3.77%	11/15/20		100,000		100,923
4.21%	11/15/23		50,000		51,123
4.73%	11/15/28		50,000		51,789
5.32%	11/15/38		15,000		15,468
5.42%	11/15/48		40,000		41,656
DTE Electric Co.
3.70%	03/15/45		145,000		134,770
DTE Energy Co.
3.85%	12/01/23		150,000		150,765
Duke Energy Carolinas LLC
3.05%	03/15/23		150,000		148,648
3.70%	12/01/47		50,000		46,021
3.95%	03/15/48		150,000		143,493
Duke Energy Corp.
3.05%	08/15/22		139,000		136,276
Duke Energy Florida LLC
2.10%	12/15/19		10,000		9,944
3.20%	01/15/27		100,000		97,232
3.40%	10/01/46		100,000		87,056
3.80%	07/15/28		50,000		50,511
Duke Energy Progress LLC
3.70%	09/01/28		100,000		100,376
Duke Realty LP
3.38%	12/15/27		50,000		47,455
Eaton Vance Corp.
3.50%	04/06/27		100,000		96,359
eBay Inc.
3.80%	03/09/22		145,000		145,786
Ecolab Inc.
2.38%	08/10/22		100,000		96,378
3.25%	12/01/27		70,000		67,273
Ecopetrol S.A.
4.13%	01/16/25		250,000		238,145
Edison International
4.13%	03/15/28		50,000		47,412
EI du Pont de Nemours & Co.
2.20%	05/01/20		100,000		99,298
Eli Lilly & Co.
2.75%	06/01/25		45,000		43,291
Emera US Finance LP
3.55%	06/15/26		60,000		56,685
Emerson Electric Co.
2.63%	02/15/23		100,000		97,276
Enable Midstream Partners LP
4.95%	05/15/28		60,000		57,386
Enbridge Energy Partners LP
5.88%	10/15/25		125,000		135,533
Enbridge Inc.
3.50%	06/10/24		65,000		62,927
Enel Chile S.A.
4.88%	06/12/28		50,000		49,811
Energy Transfer Operating LP
4.95%	06/15/28		75,000		73,571
Energy Transfer Operating LP
4.20%	09/15/23		25,000		24,694

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

		Principal Amount ($)		Fair Value
6.00%	06/15/48	$	50,000	$	48,638
6.50%	02/01/42		150,000		151,261
Entergy Louisiana LLC
4.05%	09/01/23		150,000		153,762
Enterprise Products Operating LLC
2.80%	02/15/21		50,000		49,446
3.50%	02/01/22		25,000		25,016
3.70%	02/15/26		35,000		34,194
3.90%	02/15/24		175,000		175,983
4.15%	10/16/28		25,000		24,858
4.25%	02/15/48		25,000		22,367
4.45%	02/15/43		142,000		129,724
4.80%	02/01/49		25,000		24,190
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		41,164	(f)
EOG Resources Inc.
2.45%	04/01/20		75,000		74,185
3.15%	04/01/25		80,000		77,009
EPR Properties
4.95%	04/15/28		100,000		98,999
EQT Corp.
3.90%	10/01/27		150,000		129,714
Equinor ASA
2.45%	01/17/23		250,000		242,177
ERP Operating LP
3.00%	04/15/23		150,000		147,631
Essex Portfolio LP
3.63%	05/01/27		100,000		96,366
European Bank for Reconstruction & Development
1.13%	08/24/20		200,000		195,210
1.63%	05/05/20		100,000		98,738
European Investment Bank
1.38%	06/15/20		300,000		294,726
1.63%	12/15/20		500,000		490,570
1.75%	05/15/20		300,000		296,547
2.00%	12/15/22		200,000		195,282
2.38%	05/13/21		250,000		248,712
2.88%	12/15/21		115,000		115,860
3.13%	12/14/23		200,000		204,048
Evergy Inc.
4.85%	06/01/21		104,000		106,091
Eversource Energy
2.90%	10/01/24		100,000		95,840
3.15%	01/15/25		125,000		120,110
Exelon Generation Company LLC
2.95%	01/15/20		150,000		148,873
Express Scripts Holding Co.
4.75%	11/15/21		174,000		179,020
Exxon Mobil Corp.
2.71%	03/06/25		150,000		144,438
3.04%	03/01/26		50,000		48,741
3.18%	03/15/24		150,000		150,039
FedEx Corp.
3.40%	02/15/28		100,000		94,305
4.05%	02/15/48		100,000		84,398
4.75%	11/15/45		195,000		183,128
Fibria Overseas Finance Ltd.
4.00%	01/14/25		50,000		47,235
Fidelity National Financial Inc.
4.50%	08/15/28		25,000		24,975	(d)
Fidelity National Information Services Inc.
4.25%	05/15/28		80,000		79,537
4.75%	05/15/48		100,000		93,770
Fifth Third Bank
2.20%	10/30/20		100,000		98,025
2.88%	10/01/21		80,000		79,051
FirstEnergy Corp.
4.25%	03/15/23		30,000		30,443
7.38%	11/15/31		55,000		69,539
Fiserv Inc.
3.80%	10/01/23		25,000		25,117
4.20%	10/01/28		30,000		29,948
Florida Power & Light Co.
4.13%	02/01/42		200,000		201,232

		Principal Amount ($)		Fair Value
Fluor Corp.
4.25%	09/15/28	$	50,000	$	48,348
FMS Wertmanagement
2.00%	08/01/22		200,000		195,566
Ford Motor Co.
4.35%	12/08/26		100,000		89,245
4.75%	01/15/43		150,000		116,271
Ford Motor Credit Company LLC
2.46%	03/27/20		150,000		146,575
2.68%	01/09/20		100,000		98,318
3.81%	10/12/21		200,000		194,218
GATX Corp.
3.50%	03/15/28		100,000		91,365
GE Capital International Funding Company Unlimited Co.
2.34%	11/15/20		400,000		385,876
4.42%	11/15/35		200,000		167,620
General Dynamics Corp.
3.00%	05/11/21		50,000		50,051
3.38%	05/15/23		50,000		50,305
3.75%	05/15/28		55,000		55,484
General Electric Co.
2.70%	10/09/22		100,000		92,856
5.50%	01/08/20		200,000		202,410
6.75%	03/15/32		100,000		104,255
General Mills Inc.
3.65%	02/15/24		150,000		148,668
General Motors Co.
5.20%	04/01/45		150,000		124,377
General Motors Financial Company Inc.
2.45%	11/06/20		100,000		97,354
3.25%	01/05/23		50,000		47,131
3.45%	01/14/22		100,000		96,777
3.50%	11/07/24		100,000		91,520
3.70%	05/09/23		100,000		95,710
4.35%	01/17/27		100,000		91,911
4.38%	09/25/21		100,000		100,449
5.25%	03/01/26		155,000		152,137
Georgia Power Co.
4.30%	03/15/42		172,000		158,536
Georgia-Pacific LLC
8.88%	05/15/31		150,000		219,075
Gilead Sciences Inc.
3.70%	04/01/24		150,000		149,923
4.80%	04/01/44		150,000		149,761
GlaxoSmithKline Capital Inc.
3.38%	05/15/23		100,000		100,500
3.63%	05/15/25		55,000		55,314
3.88%	05/15/28		100,000		101,692
GlaxoSmithKline Capital PLC
3.13%	05/14/21		70,000		70,091
GLP Capital LP/GLP Financing II Inc.
4.88%	11/01/20		30,000		30,328
5.25%	06/01/25		10,000		9,960
5.38%	11/01/23 - 04/15/26		30,000		29,739
5.75%	06/01/28		10,000		9,942
Halliburton Co.
3.50%	08/01/23		100,000		98,657
Harris Corp.
3.83%	04/27/25		150,000		146,749
4.85%	04/27/35		40,000		39,979
HCP Inc.
2.63%	02/01/20		150,000		148,918
Hewlett Packard Enterprise Co.
3.50%	10/05/21		50,000		50,095
6.35%	10/15/45		150,000		140,368
Honeywell International Inc.
3.35%	12/01/23		150,000		150,688
Hospitality Properties Trust
4.65%	03/15/24		150,000		149,706
HP Inc.
6.00%	09/15/41		162,000		161,036
HSBC Bank USA NA
5.88%	11/01/34		150,000		167,748
HSBC Holdings PLC
3.40%	03/08/21		200,000		199,386
3.90%	05/25/26		150,000		143,734

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

		Principal Amount ($)		Fair Value
5.10%	04/05/21	$	100,000	$	103,281
HSBC Holdings PLC (3.95% fixed rate until 05/18/23; 0.99% + 3 month USD LIBOR thereafter)
3.95%	05/18/24		100,000		99,419	(f)
HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.35% + 3 month USD LIBOR thereafter)
4.29%	09/12/26		200,000		196,502	(f)
HSBC Holdings PLC (4.58% fixed rate until 06/19/28; 1.53% + 3 month USD LIBOR thereafter)
4.58%	06/19/29		200,000		198,282	(f)
HSBC USA Inc.
2.75%	08/07/20		150,000		148,509
Hubbell Inc.
3.50%	02/15/28		50,000		46,667
Humana Inc.
2.50%	12/15/20		50,000		49,332
2.90%	12/15/22		100,000		96,848
Huntington Bancshares Inc.
3.15%	03/14/21		150,000		149,334
Husky Energy Inc.
4.00%	04/15/24		100,000		98,380
IBM Credit LLC
2.65%	02/05/21		100,000		98,844
3.60%	11/30/21		100,000		100,802
Illinois Tool Works Inc.
2.65%	11/15/26		100,000		93,025
3.50%	03/01/24		50,000		50,730
Indiana Michigan Power Co.
3.85%	05/15/28		25,000		25,174
ING Groep N.V.
3.95%	03/29/27		200,000		191,292
Ingersoll-Rand Global Holding Company Ltd.
4.25%	06/15/23		100,000		102,304
Intel Corp.
2.60%	05/19/26		150,000		140,838
3.73%	12/08/47		100,000		92,793
4.10%	05/11/47		100,000		97,657
Inter-American Development Bank
1.25%	09/14/21		400,000		386,068
2.13%	01/15/25		200,000		193,176
2.38%	07/07/27		200,000		192,882
2.63%	04/19/21		100,000		100,087
3.00%	09/26/22		50,000		50,631
Intercontinental Exchange Inc.
3.45%	09/21/23		90,000		90,323
International Bank for Reconstruction & Development
1.63%	09/04/20		400,000		393,668
1.88%	04/21/20		170,000		168,487
2.13%	11/01/20		300,000		297,438
2.50%	07/29/25		300,000		295,671
2.75%	07/23/21		200,000		200,828
3.00%	09/27/23		150,000		152,340
International Business Machines Corp.
2.50%	01/27/22		150,000		146,013
4.00%	06/20/42		150,000		135,926
International Finance Corp.
2.00%	10/24/22		200,000		195,554
2.13%	04/07/26		150,000		144,148
2.25%	01/25/21		100,000		99,318
International Flavors & Fragrances Inc.
5.00%	09/26/48		15,000		14,922
International Paper Co.
3.65%	06/15/24		150,000		150,675
Invesco Finance PLC
3.13%	11/30/22		200,000		195,768
Jabil Inc.
3.95%	01/12/28		100,000		88,778
4.70%	09/15/22		23,000		23,043
Jefferies Group LLC
5.13%	01/20/23		150,000		154,008
John Deere Capital Corp.
2.35%	01/08/21		100,000		98,731
2.70%	01/06/23		100,000		97,547
2.88%	03/12/21		50,000		49,815
3.05%	01/06/28		100,000		95,321
3.45%	06/07/23 - 03/13/25		75,000		74,995

		Principal Amount ($)		Fair Value
Johnson & Johnson
1.95%	11/10/20	$	15,000	$	14,801
2.45%	12/05/21 - 03/01/26		275,000		268,194
2.90%	01/15/28		50,000		47,787
3.40%	01/15/38		25,000		23,338
3.50%	01/15/48		30,000		27,581
4.38%	12/05/33		150,000		161,184
Johnson Controls International PLC
3.63%	07/02/24		80,000		78,729	(g)
JPMorgan Chase & Co.
2.25%	01/23/20		150,000		148,506
2.75%	06/23/20		150,000		148,969
3.13%	01/23/25		150,000		142,989
3.25%	09/23/22		236,000		234,291
3.38%	05/01/23		150,000		146,745
4.50%	01/24/22		203,000		209,100
6.40%	05/15/38		100,000		122,223
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		100,151	(f)
JPMorgan Chase & Co. (3.54% fixed rate until 05/01/27; 1.38% + 3 month USD LIBOR thereafter)
3.54%	05/01/28		150,000		142,816	(f)
JPMorgan Chase & Co. (3.80% fixed rate until 07/23/23; 0.89% + 3 month USD LIBOR thereafter)
3.80%	07/23/24		200,000		200,084	(f)
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)
3.88%	07/24/38		250,000		226,292	(f)
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90%	01/23/49		200,000		175,644	(f)
JPMorgan Chase & Co. (4.02% fixed rate until 12/05/23; 1.00% + 3 month USD LIBOR thereafter)
4.02%	12/05/24		150,000		151,098	(f)
JPMorgan Chase & Co. (4.45% fixed rate until 12/05/28; 1.33% + 3 month USD LIBOR thereafter)
4.45%	12/05/29		150,000		152,422	(f)
JPMorgan Chase Bank NA (2.60% fixed rate until 02/01/20; 0.28% + 3 month USD LIBOR thereafter)
2.60%	02/01/21		200,000		198,604	(f)
JPMorgan Chase Bank NA (3.09% fixed rate until 04/26/20; 0.35% + 3 month USD LIBOR thereafter)
3.09%	04/26/21		300,000		299,142	(f)
Kaiser Foundation Hospitals
4.15%	05/01/47		100,000		99,856
Kansas City Power & Light Co.
4.20%	06/15/47		100,000		96,726
Kansas City Southern
4.70%	05/01/48		50,000		48,892
Kellogg Co.
2.65%	12/01/23		100,000		94,531
Kennametal Inc.
4.63%	06/15/28		25,000		24,664
Keurig Dr Pepper Inc.
3.13%	12/15/23		100,000		95,193
4.99%	05/25/38		25,000		24,210	(d)
Keurig Dr Pepper Inc.
4.60%	05/25/28		50,000		49,831	(d)
KeyBank NA
3.38%	03/07/23		150,000		149,824
KeyCorp
2.90%	09/15/20		125,000		124,103
Kilroy Realty LP
3.45%	12/15/24		50,000		48,247
Kimberly-Clark Corp.
3.20%	07/30/46		125,000		106,106
Kinder Morgan Energy Partners LP
5.00%	08/15/42		242,000		222,904
Kinder Morgan Inc.
4.30%	06/01/25		115,000		114,401
5.05%	02/15/46		150,000		139,462
5.30%	12/01/34		100,000		98,242
KLA-Tencor Corp.
4.65%	11/01/24		115,000		117,769
Kraft Heinz Foods Co.

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

		Principal Amount ($)		Fair Value
3.38%	06/15/21	$	15,000	$	14,956
4.00%	06/15/23		100,000		99,782
4.63%	01/30/29		50,000		49,414
5.00%	06/04/42		150,000		133,613
5.20%	07/15/45		150,000		135,458
Kreditanstalt fuer Wiederaufbau
1.63%	05/29/20		300,000		295,848
1.75%	03/31/20 - 09/15/21		500,000		491,229
1.88%	12/15/20		150,000		147,865
2.00%	09/29/22 - 05/02/25		450,000		434,327
2.13%	03/07/22		400,000		393,848
2.63%	04/12/21		150,000		150,079
2.88%	04/03/28		175,000		175,665
L3 Technologies Inc.
3.85%	12/15/26		100,000		96,716
Laboratory Corporation of America Holdings
4.00%	11/01/23		100,000		100,767
Lam Research Corp.
3.80%	03/15/25		115,000		114,127
Landwirtschaftliche Rentenbank
2.50%	11/15/27		200,000		194,230
Leggett & Platt Inc.
3.50%	11/15/27		50,000		46,756
Lincoln National Corp.
3.63%	12/12/26		50,000		48,195
4.20%	03/15/22		117,000		119,239
Lloyds Bank PLC
2.70%	08/17/20		150,000		148,113
Lloyds Banking Group PLC
3.00%	01/11/22		100,000		96,674
4.45%	05/08/25		100,000		98,727
4.65%	03/24/26		150,000		141,453
Lockheed Martin Corp.
3.60%	03/01/35		55,000		51,038
4.70%	05/15/46		150,000		156,564
Loews Corp.
2.63%	05/15/23		100,000		96,420
Lowe’s Companies Inc.
2.50%	04/15/26		130,000		115,608
3.38%	09/15/25		30,000		28,479
4.05%	05/03/47		100,000		86,223
LYB International Finance II BV
3.50%	03/02/27		100,000		91,299
LyondellBasell Industries N.V.
6.00%	11/15/21		100,000		105,843
M&T Bank Corp.
3.55%	07/26/23		150,000		150,864
Macy’s Retail Holdings Inc.
3.88%	01/15/22		150,000		148,197
Marathon Petroleum Corp.
3.80%	04/01/28		30,000		28,177	(d)
4.50%	04/01/48		25,000		21,159	(d)
4.75%	12/15/23		50,000		51,312	(d)
5.13%	12/15/26		50,000		51,045	(d)
Markel Corp.
3.50%	11/01/27		50,000		47,077
Marriott International Inc.
4.00%	04/15/28		150,000		143,596
Marsh & McLennan Companies Inc.
4.20%	03/01/48		100,000		91,448
Martin Marietta Materials Inc.
3.50%	12/15/27		50,000		45,743
Masco Corp.
3.50%	04/01/21		60,000		59,635
4.38%	04/01/26		40,000		39,760
Mastercard Inc.
2.95%	11/21/26		100,000		96,519
McDonald’s Corp.
2.75%	12/09/20		200,000		198,530
3.70%	02/15/42		150,000		129,315
3.80%	04/01/28		50,000		49,014
McKesson Corp.
3.80%	03/15/24		150,000		148,023
Mead Johnson Nutrition Co.
4.13%	11/15/25		110,000		112,630
Medtronic Inc.

		Principal Amount ($)		Fair Value
3.63%	03/15/24	$	100,000	$	100,924
4.50%	03/15/42		150,000		154,630
4.63%	03/15/44 - 03/15/45		300,000		313,272
Memorial Sloan-Kettering Cancer Center
4.13%	07/01/52		195,000		193,463
Merck & Company Inc.
2.40%	09/15/22		128,000		124,886
2.75%	02/10/25		70,000		67,735
Mercy Health
4.30%	07/01/28		100,000		101,908
MetLife Inc.
4.13%	08/13/42		150,000		140,670
6.50%	12/15/32		150,000		185,032
Microsoft Corp.
1.55%	08/08/21		150,000		145,716
1.85%	02/06/20		200,000		198,508
2.40%	02/06/22 - 08/08/26		300,000		285,432
2.88%	02/06/24		150,000		148,374
3.45%	08/08/36		200,000		189,896
3.50%	02/12/35		65,000		62,419
3.75%	05/01/43		150,000		145,342
4.10%	02/06/37		200,000		205,470
4.45%	11/03/45		225,000		242,062
Mid-America Apartments LP
4.20%	06/15/28		100,000		100,306
Mitsubishi UFJ Financial Group Inc.
2.76%	09/13/26		150,000		138,573
3.46%	03/02/23		100,000		99,516
3.78%	03/02/25		100,000		99,855
3.96%	03/02/28		100,000		100,193
4.05%	09/11/28		100,000		100,929
Mizuho Financial Group Inc.
3.55%	03/05/23		100,000		99,747
4.02%	03/05/28		100,000		100,967
Molson Coors Brewing Co.
3.00%	07/15/26		95,000		84,764
Mondelez International Inc.
4.13%	05/07/28		100,000		99,404
Moody’s Corp.
4.88%	02/15/24 - 12/17/48		350,000		363,322
Morgan Stanley
2.63%	11/17/21		200,000		195,050
2.80%	06/16/20		230,000		228,411
3.13%	01/23/23		200,000		195,516
3.95%	04/23/27		150,000		141,255
4.00%	07/23/25		95,000		93,756
4.10%	05/22/23		150,000		150,339
4.35%	09/08/26		150,000		145,494
4.88%	11/01/22		150,000		154,336
5.50%	07/28/21		98,000		102,634
Morgan Stanley (3.74% fixed rate until 04/24/23; 0.85% + 3 month USD LIBOR thereafter)
3.74%	04/24/24		160,000		158,610	(f)
Morgan Stanley (3.77% fixed rate until 01/24/28; 1.14% + 3 month USD LIBOR thereafter)
3.77%	01/24/29		100,000		95,665	(f)
Morgan Stanley (4.46% fixed rate until 04/22/38; 1.43% + 3 month USD LIBOR thereafter)
4.46%	04/22/39		100,000		97,376	(f)
Motorola Solutions Inc.
3.50%	09/01/21		50,000		49,745
4.60%	02/23/28		100,000		96,881
MPLX LP
4.00%	03/15/28		35,000		32,843
4.50%	04/15/38		30,000		26,346
4.70%	04/15/48		25,000		21,591
4.80%	02/15/29		70,000		69,799
4.90%	04/15/58		25,000		21,092
5.50%	02/15/49		70,000		67,843
MUFG Americas Holdings Corp.
3.00%	02/10/25		120,000		114,520
Mylan Inc.
4.55%	04/15/28		100,000		93,227	(d)
5.20%	04/15/48		100,000		85,128	(d)
National Australia Bank Ltd.
2.13%	05/22/20		150,000		147,925

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

		Principal Amount ($)		Fair Value
2.25%	01/10/20	$	100,000	$	99,119
2.80%	01/10/22		100,000		98,213
National Fuel Gas Co.
4.75%	09/01/28		50,000		49,141
National Retail Properties Inc.
3.60%	12/15/26		200,000		192,036
National Rural Utilities Cooperative Finance Corp.
2.90%	03/15/21		70,000		69,675
3.40%	02/07/28		100,000		97,892
4.40%	11/01/48		10,000		10,326
NetApp Inc.
3.38%	06/15/21		110,000		109,567
Newmont Mining Corp.
3.50%	03/15/22		150,000		148,492
Nexen Energy ULC
6.40%	05/15/37		200,000		244,880
NextEra Energy Capital Holdings Inc.
3.34%	09/01/20		100,000		100,029
NIKE Inc.
2.38%	11/01/26		150,000		138,259
NiSource Inc.
2.65%	11/17/22		40,000		38,576
3.65%	06/15/23		100,000		100,258	(d)
4.38%	05/15/47		100,000		93,606
Nordic Investment Bank
2.25%	02/01/21		200,000		198,614
Norfolk Southern Corp.
3.80%	08/01/28		30,000		29,857
3.94%	11/01/47		160,000		144,765
4.15%	02/28/48		100,000		93,843
Northern Trust Corp.
3.65%	08/03/28		100,000		100,326
Northrop Grumman Corp.
2.08%	10/15/20		60,000		58,870
2.55%	10/15/22		100,000		96,849
2.93%	01/15/25		50,000		47,426
3.25%	01/15/28		65,000		60,730
4.03%	10/15/47		75,000		68,150
Northwestern University
3.66%	12/01/57		10,000		9,639
Novartis Capital Corp.
2.40%	09/21/22		202,000		197,196
3.00%	11/20/25		150,000		145,396
NSTAR Electric Co.
3.20%	05/15/27		100,000		96,755
Nutrien Ltd.
3.63%	03/15/24		150,000		146,013
4.00%	12/15/26		100,000		96,757
NXP BV/NXP Funding LLC
5.55%	12/01/28		200,000		204,980	(d)
O’Reilly Automotive Inc.
4.35%	06/01/28		100,000		99,794
Occidental Petroleum Corp.
3.40%	04/15/26		140,000		136,983
4.10%	02/15/47		100,000		94,071
Oesterreichische Kontrollbank AG
2.88%	09/07/21		100,000		100,622
Ohio Power Co.
4.15%	04/01/48		100,000		98,515
Omega Healthcare Investors Inc.
4.50%	04/01/27		200,000		191,692
Omnicom Group Inc./Omnicom Capital Inc.
3.63%	05/01/22		100,000		98,657
ONE Gas Inc.
4.50%	11/01/48		20,000		20,642
ONEOK Partners LP
6.13%	02/01/41		162,000		169,685
Oracle Corp.
1.90%	09/15/21		400,000		386,936
2.65%	07/15/26		200,000		185,668
2.95%	11/15/24		200,000		194,372
3.25%	05/15/30		150,000		141,567
3.63%	07/15/23		125,000		126,893
4.00%	07/15/46		100,000		93,276
4.30%	07/08/34		100,000		100,395

		Principal Amount ($)		Fair Value
Orange S.A.
9.00%	03/01/31	$	150,000	$	207,027
Owens Corning
4.20%	12/15/22		150,000		148,774
PACCAR Financial Corp.
2.05%	11/13/20		50,000		49,107
3.10%	05/10/21		20,000		19,981
Pacific Gas & Electric Co.
4.25%	08/01/23		100,000		92,011	(d)
6.05%	03/01/34		111,000		103,712
PacifiCorp
6.25%	10/15/37		153,000		190,061
Packaging Corporation of America
2.45%	12/15/20		70,000		68,577
3.40%	12/15/27		35,000		32,724
Parker-Hannifin Corp.
4.20%	11/21/34		100,000		99,605
Patterson-UTI Energy Inc.
3.95%	02/01/28		100,000		90,902
PepsiCo Inc.
1.85%	04/30/20		150,000		147,958
2.00%	04/15/21		300,000		294,201
2.75%	03/01/23		150,000		147,391
3.00%	10/15/27		100,000		95,627
Petroleos Mexicanos
4.50%	01/23/26		100,000		86,542
5.50%	01/21/21 - 06/27/44		258,000		243,498
6.38%	01/23/45		250,000		202,147
6.50%	01/23/29 - 06/02/41		442,000		375,629
6.75%	09/21/47		113,000		93,636
Pfizer Inc.
3.00%	09/15/21 - 12/15/26		220,000		217,400
3.20%	09/15/23		125,000		125,321
3.60%	09/15/28		50,000		50,186
4.00%	12/15/36		100,000		99,155
4.13%	12/15/46		100,000		100,373
4.20%	09/15/48		100,000		101,579
4.30%	06/15/43		100,000		102,005
Philip Morris International Inc.
2.00%	02/21/20		150,000		148,177
3.13%	03/02/28		50,000		46,796
3.88%	08/21/42		92,000		78,808
Phillips 66
3.90%	03/15/28		50,000		48,111
4.88%	11/15/44		45,000		43,875
Phillips 66 Partners LP
3.75%	03/01/28		10,000		9,237
4.68%	02/15/45		10,000		8,896
Pinnacle West Capital Corp.
2.25%	11/30/20		45,000		44,092
Plains All American Pipeline LP/PAA Finance Corp.
3.85%	10/15/23		100,000		96,709
4.50%	12/15/26		100,000		96,154
PNC Bank NA
2.00%	05/19/20		200,000		196,844
2.55%	12/09/21		150,000		146,346
2.95%	02/23/25		100,000		96,066
3.10%	10/25/27		100,000		95,304
PPG Industries Inc.
3.75%	03/15/28		50,000		48,213
PPL Electric Utilities Corp.
4.15%	06/15/48		100,000		99,715
President & Fellows of Harvard College
3.15%	07/15/46		50,000		44,736
Principal Financial Group Inc.
3.40%	05/15/25		150,000		146,487
Prologis LP
4.25%	08/15/23		150,000		154,809
Providence Saint Joseph Health Obligated Group
3.93%	10/01/48		20,000		18,985
Prudential Financial Inc.
3.94%	12/07/49		190,000		169,736
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter)
5.70%	09/15/48		100,000		92,037	(f)
Public Service Company of Colorado

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

		Principal Amount ($)		Fair Value
3.70%	06/15/28	$	50,000	$	50,507
4.10%	06/15/48		30,000		29,810
Public Service Electric & Gas Co.
2.38%	05/15/23		200,000		193,216
3.65%	09/01/28		25,000		25,131
Puget Energy Inc.
3.65%	05/15/25		150,000		145,726
QUALCOMM Inc.
4.30%	05/20/47		100,000		89,015
4.65%	05/20/35		150,000		145,159
Quest Diagnostics Inc.
4.25%	04/01/24		150,000		152,187
Raytheon Co.
3.15%	12/15/24		90,000		89,582
Realty Income Corp.
4.65%	08/01/23		100,000		104,016
Regency Centers LP
4.13%	03/15/28		50,000		49,293
Regions Bank (3.37% fixed rate until 08/13/20; 0.50% + 3 month USD LIBOR thereafter)
3.37%	08/13/21		50,000		49,765	(f)
Regions Financial Corp.
3.80%	08/14/23		50,000		50,028
RELX Capital Inc.
3.50%	03/16/23		30,000		29,688
Reynolds American Inc.
4.45%	06/12/25		100,000		96,184
Rio Tinto Finance USA Ltd.
5.20%	11/02/40		250,000		276,572
Rogers Communications Inc.
2.90%	11/15/26		100,000		92,772
3.00%	03/15/23		50,000		49,025
3.63%	12/15/25		60,000		58,512
Roper Technologies Inc.
3.80%	12/15/26		100,000		97,104
Royal Bank of Canada
2.15%	03/06/20 - 10/26/20		275,000		271,566
2.30%	03/22/21		150,000		148,083
2.75%	02/01/22		50,000		49,225
Royal Bank of Scotland Group PLC
3.88%	09/12/23		100,000		95,855
5.13%	05/28/24		80,000		77,630
6.00%	12/19/23		75,000		75,905
6.10%	06/10/23		35,000		35,545
6.13%	12/15/22		85,000		86,423
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		100,000		95,514	(f)
RPM International Inc.
4.25%	01/15/48		50,000		42,552
Ryder System Inc.
3.40%	03/01/23		150,000		147,888
S&P Global Inc.
4.40%	02/15/26		100,000		103,046
Sabine Pass Liquefaction LLC
5.63%	02/01/21 - 03/01/25		310,000		320,830
5.75%	05/15/24		35,000		36,566
San Diego Gas & Electric Co.
3.60%	09/01/23		100,000		100,310
Sanofi
3.63%	06/19/28		100,000		100,822
Santander Holdings USA Inc.
2.65%	04/17/20		50,000		49,363
3.40%	01/18/23		50,000		48,083
4.40%	07/13/27		50,000		47,199
4.45%	12/03/21		200,000		202,818
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		100,000		94,627	(f)
Santander UK PLC
2.38%	03/16/20		150,000		148,195
Seagate HDD Cayman
4.75%	06/01/23		150,000		141,060
Sempra Energy
3.80%	02/01/38		100,000		86,083
4.05%	12/01/23		150,000		150,577

		Principal Amount ($)		Fair Value
Shell International Finance BV
3.50%	11/13/23	$	140,000	$	141,555
4.00%	05/10/46		150,000		145,285
4.13%	05/11/35		150,000		149,365
4.38%	03/25/20 - 05/11/45		200,000		204,243
Shire Acquisitions Investments Ireland DAC
3.20%	09/23/26		150,000		136,731
Simon Property Group LP
2.75%	02/01/23		121,000		117,393
SL Green Operating Partnership LP
3.25%	10/15/22		30,000		28,987
South Carolina Electric & Gas Co.
5.10%	06/01/65		150,000		154,701
Southern California Edison Co.
3.40%	06/01/23		100,000		98,956
3.60%	02/01/45		125,000		107,435
Southern Copper Corp.
5.88%	04/23/45		155,000		157,585
Southwest Airlines Co.
3.00%	11/15/26		100,000		92,569
Southwestern Electric Power Co.
3.85%	02/01/48		100,000		88,438
Spectra Energy Partners LP
3.50%	03/15/25		150,000		143,064
SSM Health Care Corp.
3.69%	06/01/23		10,000		10,099
Stanley Black & Decker Inc.
2.90%	11/01/22		150,000		147,466
Starbucks Corp.
2.20%	11/22/20		20,000		19,671
3.10%	03/01/23		50,000		49,216
3.50%	03/01/28		50,000		47,723
3.75%	12/01/47		35,000		29,185
Stryker Corp.
3.65%	03/07/28		150,000		144,991
Sumitomo Mitsui Banking Corp.
2.45%	01/16/20		150,000		148,764
Sumitomo Mitsui Financial Group Inc.
2.78%	10/18/22		200,000		194,228
3.01%	10/19/26		100,000		93,862
3.35%	10/18/27		50,000		47,902
3.94%	10/16/23		100,000		101,527
4.31%	10/16/28		100,000		102,965
Suncor Energy Inc.
6.85%	06/01/39		150,000		178,569
Sunoco Logistics Partners Operations LP
5.95%	12/01/25		150,000		156,829
SunTrust Bank
2.25%	01/31/20		100,000		98,794
3.00%	02/02/23		100,000		98,039
SunTrust Banks Inc.
4.00%	05/01/25		50,000		50,111
Svensk Exportkredit AB
1.75%	05/18/20		200,000		197,536
Svenska Handelsbanken AB
3.35%	05/24/21		150,000		149,856
Synchrony Financial
3.95%	12/01/27		100,000		83,941
Sysco Corp.
3.55%	03/15/25		100,000		98,112
4.45%	03/15/48		100,000		94,728
Takeda Pharmaceutical Company Ltd.
3.80%	11/26/20		100,000		100,722	(d)
4.40%	11/26/23		50,000		50,570	(d)
5.00%	11/26/28		50,000		51,078	(d)
Tampa Electric Co.
4.30%	06/15/48		50,000		48,384
Target Corp.
3.90%	11/15/47		50,000		45,988
4.00%	07/01/42		150,000		141,516
TC PipeLines LP
3.90%	05/25/27		100,000		94,823
TD Ameritrade Holding Corp.
2.95%	04/01/22		150,000		148,441
Telefonica Emisiones SA
5.13%	04/27/20		300,000		306,594

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

		Principal Amount ($)		Fair Value
TELUS Corp.
4.60%	11/16/48	$	50,000	$	49,662
Texas Instruments Inc.
1.75%	05/01/20		150,000		147,861
The Allstate Corp.
4.20%	12/15/46		100,000		97,162
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter)
5.75%	08/15/53		50,000		48,458	(f)
The Bank of New York Mellon Corp.
2.80%	05/04/26		30,000		28,101
3.00%	02/24/25		105,000		101,092
3.45%	08/11/23		200,000		200,704
3.50%	04/28/23		100,000		100,288
3.85%	04/28/28		100,000		100,758
The Bank of Nova Scotia
2.50%	01/08/21		200,000		197,654
3.13%	04/20/21		100,000		99,829
The Boeing Co.
3.38%	06/15/46		150,000		132,021
The Charles Schwab Corp.
3.85%	05/21/25		150,000		152,748
The Clorox Co.
3.50%	12/15/24		150,000		149,362
The Coca-Cola Co.
2.45%	11/01/20		150,000		148,938
The Dow Chemical Co.
3.00%	11/15/22		137,000		133,090
4.38%	11/15/42		237,000		208,451
The George Washington University
4.13%	09/15/48		50,000		49,983
The Goldman Sachs Group Inc.
2.60%	12/27/20		200,000		196,306
2.75%	09/15/20		150,000		148,303
3.00%	04/26/22		100,000		97,227
3.50%	11/16/26		150,000		139,113
3.85%	07/08/24		150,000		146,139
4.80%	07/08/44		200,000		190,356
5.38%	03/15/20		100,000		102,193
5.75%	01/24/22		100,000		104,704
6.25%	02/01/41		150,000		170,731
6.75%	10/01/37		200,000		226,538
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		193,896	(f)
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		175,716	(f)
The Hartford Financial Services Group Inc.
4.40%	03/15/48		100,000		93,053
The Hershey Co.
3.38%	05/15/23		50,000		50,404
The Home Depot Inc.
2.13%	09/15/26		45,000		40,489
2.63%	06/01/22		190,000		187,853
3.90%	12/06/28		100,000		102,302
4.20%	04/01/43		150,000		147,780
4.40%	04/01/21		150,000		154,587
5.88%	12/16/36		200,000		240,122
The Interpublic Group of Companies Inc.
4.65%	10/01/28		10,000		9,876
The JM Smucker Co.
3.38%	12/15/27		100,000		93,026
The Kroger Co.
3.85%	08/01/23		150,000		150,507
The Mosaic Co.
3.25%	11/15/22		50,000		48,566
4.05%	11/15/27		50,000		48,086
The Procter & Gamble Co.
1.70%	11/03/21		200,000		193,974
2.45%	11/03/26		100,000		93,592
The Progressive Corp.
4.35%	04/25/44		100,000		100,645
The Sherwin-Williams Co.
3.95%	01/15/26		100,000		97,338
4.20%	01/15/22		100,000		100,982

		Principal Amount ($)		Fair Value
4.50%	06/01/47	$	100,000	$	90,166
The Southern Co. (5.50% fixed rate until 03/15/22; 3.63% + 3 month USD LIBOR thereafter)
5.50%	03/15/57		100,000		96,351	(f)
The Timken Co.
4.50%	12/15/28		20,000		19,672
The Toronto-Dominion Bank
3.15%	09/17/20		100,000		100,268
3.25%	06/11/21		100,000		100,372
The Travelers Companies Inc.
4.00%	05/30/47		100,000		96,316
5.35%	11/01/40		100,000		113,885
The Walt Disney Co.
2.30%	02/12/21		130,000		128,337
3.00%	07/30/46		60,000		48,946
3.15%	09/17/25		165,000		161,109
The Western Union Co.
3.60%	03/15/22		150,000		149,971
The Williams Companies Inc.
3.70%	01/15/23		10,000		9,757
4.55%	06/24/24		40,000		40,380
4.85%	03/01/48		70,000		63,609
5.10%	09/15/45		150,000		139,395
5.75%	06/24/44		15,000		14,868
5.80%	11/15/43		150,000		152,188
Thermo Fisher Scientific Inc.
3.30%	02/15/22		80,000		79,392
4.15%	02/01/24		25,000		25,371
Time Warner Cable LLC
4.50%	09/15/42		150,000		119,222
Torchmark Corp.
4.55%	09/15/28		25,000		25,395
Total Capital International S.A.
2.75%	06/19/21		150,000		148,800
Total Capital S.A.
3.88%	10/11/28		25,000		25,668
Total System Services Inc.
4.45%	06/01/28		100,000		98,369
Toyota Motor Credit Corp.
1.95%	04/17/20		100,000		98,551
2.60%	01/11/22		100,000		98,380
2.70%	01/11/23		100,000		97,216
3.05%	01/11/28		100,000		96,052
3.45%	09/20/23		50,000		50,110
TransAlta Corp.
4.50%	11/15/22		123,000		119,410
TransCanada PipeLines Ltd.
4.25%	05/15/28		50,000		49,488
5.10%	03/15/49		50,000		49,908
7.63%	01/15/39		100,000		125,586
Transcontinental Gas Pipe Line Company LLC
4.00%	03/15/28		100,000		96,605
Tucson Electric Power Co.
4.85%	12/01/48		50,000		52,039
Tyson Foods Inc.
4.88%	08/15/34		70,000		66,854
5.10%	09/28/48		30,000		28,873
U.S. Bancorp
2.63%	01/24/22		100,000		98,390
UDR Inc.
4.40%	01/26/29		50,000		50,303
Unilever Capital Corp.
2.00%	07/28/26		150,000		134,504
2.90%	05/05/27		100,000		95,197
Union Electric Co.
2.95%	06/15/27		100,000		95,349
3.65%	04/15/45		135,000		123,705
Union Pacific Corp.
3.00%	04/15/27		100,000		94,564
3.20%	06/08/21		200,000		200,726
3.50%	06/08/23		50,000		50,131
3.95%	09/10/28		30,000		29,983
4.38%	09/10/38		15,000		14,778
4.50%	09/10/48		30,000		29,653
4.80%	09/10/58		25,000		24,944

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

		Principal Amount ($)		Fair Value
United Airlines2013-1 Class A Pass Through Trust
4.30%	08/15/25	$	200,622	$	201,420
United Parcel Service Inc.
2.45%	10/01/22		175,000		170,809
3.05%	11/15/27		50,000		47,601
3.75%	11/15/47		50,000		45,114
United Technologies Corp.
1.90%	05/04/20		200,000		196,556
3.35%	08/16/21		110,000		109,674
3.65%	08/16/23		20,000		19,924
3.95%	08/16/25		15,000		14,897
4.13%	11/16/28		30,000		29,726
4.45%	11/16/38		110,000		106,123
4.50%	06/01/42		158,000		150,160
4.63%	11/16/48		15,000		14,493
UnitedHealth Group Inc.
2.95%	10/15/27		200,000		189,706
3.10%	03/15/26		150,000		144,888
3.50%	02/15/24		10,000		10,077
3.70%	12/15/25		10,000		10,142
3.75%	10/15/47		100,000		91,845
3.88%	12/15/28		15,000		15,208
4.45%	12/15/48		10,000		10,300
4.63%	07/15/35		45,000		47,638
6.88%	02/15/38		100,000		130,633
University of Notre Dame du Lac
3.39%	02/15/48		25,000		23,690
US Bancorp
3.95%	11/17/25		100,000		102,379
US Bank NA
2.05%	10/23/20		150,000		147,345
2.80%	01/27/25		150,000		143,865
Vale Overseas Ltd.
6.88%	11/10/39		100,000		115,531
Valero Energy Corp.
6.63%	06/15/37		150,000		165,324
Valero Energy Partners LP
4.38%	12/15/26		100,000		98,260
Ventas Realty LP
4.00%	03/01/28		150,000		145,242
4.40%	01/15/29		100,000		99,578
VEREIT Operating Partnership LP
4.13%	06/01/21		15,000		15,125
4.60%	02/06/24		20,000		20,182
4.88%	06/01/26		25,000		24,972
Verizon Communications Inc.
2.63%	02/21/20		150,000		149,425
3.85%	11/01/42		236,000		203,826
4.33%	09/21/28		109,000		109,399
4.40%	11/01/34		150,000		144,783
4.52%	09/15/48		150,000		140,499
4.81%	03/15/39		189,000		185,917
5.25%	03/16/37		350,000		366,429
Viacom Inc.
5.85%	09/01/43		100,000		97,894
Virginia Electric & Power Co.
3.80%	04/01/28		100,000		100,385
4.60%	12/01/48		60,000		62,719
4.65%	08/15/43		100,000		104,388
Visa Inc.
2.15%	09/15/22		200,000		193,760
4.30%	12/14/45		100,000		103,556
Vodafone Group PLC
2.50%	09/26/22		226,000		216,250
4.38%	05/30/28 - 02/19/43		205,000		179,908
5.25%	05/30/48		50,000		46,851
Vornado Realty LP
3.50%	01/15/25		50,000		48,142
Vulcan Materials Co.
4.70%	03/01/48		50,000		43,003
Wabtec Corp.
3.45%	11/15/26		100,000		89,277
Walgreens Boots Alliance Inc.
3.45%	06/01/26		55,000		51,718
4.50%	11/18/34		155,000		145,232
Walmart Inc.

		Principal Amount ($)			Fair Value
1.90%	12/15/20	$	100,000		$	98,402
2.35%	12/15/22		100,000			97,348
2.65%	12/15/24		100,000			96,696
3.13%	06/23/21		50,000			50,364
3.40%	06/26/23		50,000			50,569
3.63%	12/15/47		125,000			115,694
3.70%	06/26/28		100,000			101,428
3.95%	06/28/38		40,000			39,748
4.05%	06/29/48		35,000			34,774
Warner Media LLC
3.60%	07/15/25		100,000			94,872
6.10%	07/15/40		150,000			155,091
Waste Management Inc.
2.90%	09/15/22		150,000			147,651
WEC Energy Group Inc.
3.38%	06/15/21		65,000			64,841
Wells Fargo & Co.
2.15%	01/30/20		220,000			217,668
2.50%	03/04/21		240,000			235,714
4.13%	08/15/23		150,000			150,723
4.40%	06/14/46		150,000			138,247
4.65%	11/04/44		150,000			141,726
4.75%	12/07/46		100,000			96,512
5.61%	01/15/44		169,000			183,213
Wells Fargo Bank NA
2.40%	01/15/20		100,000	��		99,133
3.55%	08/14/23		150,000			149,416
Wells Fargo Bank NA (3.33% fixed rate until 07/23/20; 0.49% + 3 month USD LIBOR thereafter)
3.33%	07/23/21		150,000			149,701	(f)
Welltower Inc.
4.25%	04/15/28		115,000			113,814
Western Gas Partners LP
5.45%	04/01/44		150,000			132,240
Westlake Chemical Corp.
4.38%	11/15/47		50,000			41,505
Westpac Banking Corp.
2.00%	08/19/21		100,000			96,707
2.80%	01/11/22		100,000			98,197
3.35%	03/08/27		100,000			96,353
Westpac Banking Corp. (4.32% fixed rate until 11/23/26; 2.24% + 5 Year US ISDA thereafter)
4.32%	11/23/31		100,000			94,429	(f)
Westrock Co.
4.65%	03/15/26		100,000			101,289	(d)
Weyerhaeuser Co. (REIT)
7.38%	03/15/32		100,000			122,081
Whirlpool Corp.
3.70%	05/01/25		150,000			143,332
Willis North America Inc.
4.50%	09/15/28		50,000			48,824
Wisconsin Electric Power Co.
4.30%	10/15/48		10,000			10,268
Wisconsin Power & Light Co.
3.05%	10/15/27		100,000			95,324
WPP Finance 2010
5.13%	09/07/42		191,000			175,433
Xcel Energy Inc.
3.30%	06/01/25		150,000			146,206
4.00%	06/15/28		100,000			100,611
Zimmer Biomet Holdings Inc.
3.70%	03/19/23		75,000			73,918
Zoetis Inc.
4.70%	02/01/43		150,000			152,152
						121,310,340
Non-Agency Collateralized Mortgage Obligations – 0.2%
BANK 2018-BNK14
4.23%	09/15/60		191,106			198,948
BBCMS Mortgage Trust2018-C2
4.31%	12/15/51		50,000			52,238
Benchmark2018-B5 Mortgage Trust
4.21%	07/15/51		100,000			103,943
Benchmark Mortgage Trust
4.12%	07/15/51		100,000			103,053
CD2017-CD6 Mortgage Trust
3.46%	11/13/50		150,000			147,078

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

		Principal Amount ($)		Fair Value
Citigroup Commercial Mortgage Trust 2014-GC21
4.03%	05/10/47	$	100,000	$	101,323
Citigroup Commercial Mortgage Trust 2014-GC25
4.02%	10/10/47		300,000		303,166
COMM 2012-CCRE 1 Mortgage Trust
3.39%	05/15/45		468,712		468,519
COMM 2013-CCRE12 Mortgage Trust
4.05%	10/10/46		200,000		206,199
CSAIL 2018-CX12 Commercial Mortgage Trust
4.22%	08/15/51		300,000		311,106
GS Mortgage Securities Trust 2015-GC28
3.98%	02/10/48		150,000		147,597
GS Mortgage Securities Trust2016-GS3
2.78%	10/10/49		80,000		78,053
GS Mortgage Securities Trust2017-GS5
3.67%	03/10/50		204,729		204,511
JP Morgan Chase Commercial Mortgage Securities Trust2014-C20
3.80%	07/15/47		250,000		254,299
JPMBB Commercial Mortgage Securities Trust2013-C14
3.76%	08/15/46		228,926		230,917	(f)
JPMBB Commercial Mortgage Securities Trust2014-C22
3.80%	09/15/47		75,000		76,137
Morgan Stanley Bank of America Merrill Lynch Trust2016-C29
3.14%	05/15/49		500,000		495,190
Morgan Stanley Capital I Trust 2016-UBS12
3.60%	12/15/49		150,000		149,614
UBS Commercial Mortgage Trust2017-C4
3.56%	10/15/50		185,000		183,190
Wells Fargo Commercial Mortgage Trust2012-LC5
2.92%	10/15/45		158,783		156,861
4.69%	10/15/45		220,000		223,494	(f)
Wells Fargo Commercial Mortgage Trust2017-C41
3.47%	11/15/50		300,000		295,352
WFRBS Commercial Mortgage Trust2012-C7
3.43%	06/15/45		200,000		201,069
WFRBS Commercial Mortgage Trust2014-C23
3.65%	10/15/57		68,545		69,285
					4,761,142
Sovereign Bonds – 0.4%
Export Development Canada
2.50%	01/24/23		200,000		198,820
Export-Import Bank of Korea
3.00%	11/01/22		200,000		197,730
3.63%	11/27/23		200,000		201,402
Government of Canada
2.00%	11/15/22		125,000		122,419
Government of Chile
3.88%	08/05/20		200,000		202,308
Government of Colombia
5.00%	06/15/45		250,000		238,380
6.13%	01/18/41		250,000		270,547
Government of Hungary
5.38%	03/25/24		300,000		322,005
Government of Indonesia
4.75%	02/11/29		200,000		203,570
Government of Italy
5.38%	06/15/33		250,000		262,483
Government of Mexico
3.50%	01/21/21		200,000		199,230
4.35%	01/15/47		200,000		171,894
4.75%	03/08/44		102,000		92,591
5.75%	10/12/10		172,000		161,702
6.05%	01/11/40		130,000		137,821
Government of Panama
6.70%	01/26/36		250,000		306,177
Government of Peru
6.55%	03/14/37		147,000		185,424
7.35%	07/21/25		100,000		121,731
Government of Philippines
3.70%	03/01/41		200,000		189,430
4.00%	01/15/21		100,000		101,149
4.20%	01/21/24		200,000		205,716
Government of Poland
3.00%	03/17/23		147,000		145,442
3.25%	04/06/26		100,000		98,181
5.00%	03/23/22		100,000		105,483

		Principal Amount ($)		Fair Value
Government of Uruguay
4.50%	08/14/24	$	200,000	$	204,808
Iraq Government AID Bond
2.15%	01/18/22		480,000		473,947
Japan Bank for International Cooperation
2.13%	07/21/20		400,000		395,972
2.88%	07/21/27		200,000		195,244
3.38%	10/31/23		200,000		203,800
Province of Alberta Canada
3.35%	11/01/23		150,000		152,903
Province of Ontario Canada
2.55%	02/12/21		150,000		149,388
3.40%	10/17/23		150,000		153,228
Province of Quebec Canada
3.50%	07/29/20		200,000		202,508
The Korea Development Bank
2.63%	02/27/22		200,000		196,270
					6,769,703
Municipal Bonds and Notes – 0.2%
American Municipal Power Inc.
6.27%	02/15/50		200,000		248,200
Bay Area Toll Authority
6.26%	04/01/49		100,000		136,098
Chicago O’Hare International Airport
4.47%	01/01/49		100,000		101,451
Chicago Transit Authority
6.90%	12/01/40		75,000		95,812
Commonwealth of Massachusetts
4.50%	08/01/31		100,000		106,986
Dallas Area Rapid Transit
5.02%	12/01/48		75,000		87,395
6.00%	12/01/44		100,000		129,709
East Bay Municipal Utility District
5.87%	06/01/40		100,000		128,634
Florida Hurricane Catastrophe Fund Finance Corp.
3.00%	07/01/20		100,000		100,131
Los Angeles Department of Water & Power
6.57%	07/01/45		100,000		138,663
6.60%	07/01/50		90,000		127,021
Los Angeles Unified School District
5.76%	07/01/29		110,000		127,298
Metropolitan Transportation Authority
6.81%	11/15/40		150,000		199,240
Municipal Electric Authority of Georgia
6.64%	04/01/57		125,000		132,155
New York City Water & Sewer System
6.01%	06/15/42		50,000		64,536
North Texas Tollway Authority
6.72%	01/01/49		100,000		137,606
Port Authority of New York & New Jersey
4.46%	10/01/62		100,000		101,741
5.31%	08/01/46		200,000		215,926
San Diego County Water Authority Financing Corp.
6.14%	05/01/49		100,000		131,088
South Carolina State Public Service Authority
6.45%	01/01/50		150,000		190,117
State of California
7.60%	11/01/40		100,000		145,621
University of California
4.60%	05/15/31		100,000		107,365
6.58%	05/15/49		100,000		132,271
University of Texas System
4.79%	08/15/46		100,000		111,262
					3,196,326
U.S. Government Sponsored Agency – 0.0%*
Tennessee Valley Authority
3.50%	12/15/42		500,000		490,020
Total Bonds and Notes (Cost $597,214,355)					587,555,262

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

	Number of Shares		Fair Value
Exchange Traded & Mutual Funds – 9.8%
Invesco Optimum Yield Diversified Commodity Strategy NoK-1 ETF		3,619,568		54,546,890
SPDR Bloomberg Barclays High Yield Bond ETF		2,846,551	$	95,615,648	(h)
SPDR Dow Jones REIT ETF		410,485		35,301,710	(h)
				185,464,248
Total Exchange Traded & Mutual Funds (Cost $205,081,032)				185,464,248
Total Investments in Securities (Cost $1,902,340,874)				1,813,484,657

		Fair Value
Short-Term Investments – 4.8%
State Street Institutional U.S. Government Money MarketFund - Class G Shares 2.31% (Cost $90,625,489)	90,625,489	$	90,625,489	(h,i)
Total Investments (Cost $1,992,966,363)			1,904,110,146
Liabilities in Excess of Other Assets, net – (0.3)%			(4,883,482	)
NET ASSETS – 100.0%		$	1,899,226,664

Other Information:

The Fund had the following long futures contracts open at December 31, 2018:

Description	Expiration date	Number of Contracts	Notional Amount		Value		Unrealized Depreciation
E-mini Russell 2000 Index Futures	March 2019	28		1,970,002	$	1,888,600	$	(81,402	)
MSCI EAFE Mini Index Future	March 2019	5		436,637		429,000		(7,637	)
MSCI Emerging Markets Index Futures	March 2019	39		1,906,092		1,885,260		(20,832	)
S&P 500 Emini Index Futures	March 2019	97		12,359,917		12,150,220		(209,697	)
							$	(319,568	)

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 December 31, 2018, all or a portion of this security was pledged to cover collateral requirements for futures and/or TBA’s.

(c) 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.

(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 December 31, 2018, these securities amounted to $8,909,558 or 0.47% 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) Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (TBA) in the future.

(f) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(g) Step coupon bond.

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

(i) Coupon amount represents effective yield.

† Percentages are based on net assets as of December 31, 2018.

* Less than 0.05%.

Abbreviations:

ADR	American Depositary Receipt
ISDA	International Swaps and Derivatives Association
LIBOR	London Interbank Offered Rate
NVDR	Non-Voting Depositary Receipt
REIT	Real Estate Investment Trust
SPDR	Standard and Poor’s Depositary Receipt
TBA	To Be Announced

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

The following table represents the Fund’s investments measured at fair value on a recurring basis at December 31, 2018:

Investments	Level 1			Level 2		Level 3		Total
Investments in Securities
Domestic Equity	$	650,568,856		$	336	$	—	$	650,569,192
Foreign Equity		389,815,248			75,604		5,103		389,895,955
U.S. Treasuries		—			324,565,792		—		324,565,792
Agency Mortgage Backed		—			121,624,985		—		121,624,985
Agency Collateralized Mortgage Obligations		—			2,779,968		—		2,779,968
Asset Backed		—			2,056,986		—		2,056,986
Corporate Notes		—			121,310,340		—		121,310,340
Non-Agency Collateralized Mortgage Obligations		—			4,761,142		—		4,761,142
Sovereign Bonds		—			6,769,703		—		6,769,703
Municipal Bonds and Notes		—			3,196,326		—		3,196,326
U.S. Government Sponsored Agencies		—			490,020		—		490,020
Exchange Traded & Mutual Funds		185,464,248			—		—		185,464,248
Short-Term Investments		90,625,489			—		—		90,625,489
Total Investments in Securities	$	1,316,473,841		$	587,631,202	$	5,103	$	1,904,110,146
Other Financial Instruments
Long Futures Contracts - Unrealized Depreciation	$	(319,568	)	$	—	$	—	$	(319,568	)

The Fund was invested in the following countries/territories at December 31, 2018 (unaudited):

Country/Territory	Percentage (based on Fair Value)
United States		77.74	%
Japan		2.87	%
United Kingdom		2.54	%
Canada		1.93	%
Switzerland		1.92	%
France		1.27	%
Australia		1.26	%
Germany		1.13	%
China		0.91	%
Singapore		0.86	%
Hong Kong		0.75	%
Ireland		0.74	%
Sweden		0.64	%
Italy		0.61	%
Belgium		0.48	%
Taiwan		0.43	%
South Korea		0.37	%
Supranational		0.36	%
Austria		0.32	%
South Africa		0.28	%
Israel		0.26	%
Netherlands		0.24	%
India		0.23	%
Norway		0.19	%
Brazil		0.18	%
Mexico		0.16	%
Russian Federation		0.14	%
Denmark		0.13	%
Puerto Rico		0.12	%
Malaysia		0.10	%
Spain		0.09	%
Poland		0.08	%
New Zealand		0.08	%
Thailand		0.07	%
Luxembourg		0.06	%
Chile		0.06	%
Indonesia		0.05	%
Colombia		0.05	%
Philippines		0.04	%
Cayman Islands		0.03	%
Finland		0.03	%
Turkey		0.03	%
Greece		0.03	%
Iraq		0.02	%
Czech Republic		0.02	%
Hungary		0.02	%
Peru		0.02	%
Panama		0.02	%
Guernsey		0.01	%
Uruguay		0.01	%
Czech		0.01	%
Pakistan		0.01	%
Bermuda		0.00	%
Qatar		0.00	%
		100.00	%

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

The Fund’s % share of investment in the various categories, based on Fair Value, is as follows at December 31, 2018 (unaudited):

Industry	Domestic			Foreign			Total
Exchange Traded Funds		9.74	%		0.00	%		9.74	%
Multi-Line Insurance		0.77	%		1.28	%		2.05	%
Pharmaceuticals		1.56	%		0.33	%		1.89	%
Mortgage REITs		1.78	%		0.00	%		1.78	%
Multi-Sector Holdings		1.19	%		0.53	%		1.72	%
Oil & Gas Refining & Marketing		1.44	%		0.20	%		1.64	%
Life & Health Insurance		0.78	%		0.79	%		1.57	%
Trading Companies & Distributors		0.97	%		0.59	%		1.56	%
Apparel Retail		1.47	%		0.08	%		1.55	%
Diversified Banks		0.00	%		1.53	%		1.53	%
IT Consulting & Other Services		0.45	%		1.00	%		1.45	%
Integrated Telecommunication Services		0.00	%		1.43	%		1.43	%
Application Software		1.34	%		0.00	%		1.34	%
Department Stores		0.91	%		0.26	%		1.17	%
Data Processing & Outsourced Services		1.04	%		0.04	%		1.08	%
Communications Equipment		0.98	%		0.00	%		0.98	%
Environmental & Facilities Services		0.96	%		0.00	%		0.96	%
Semiconductors		0.79	%		0.11	%		0.90	%
Healthcare Equipment		0.86	%		0.00	%		0.86	%
Hypermarkets & Super Centers		0.57	%		0.29	%		0.86	%
Air Freight & Logistics		0.86	%		0.00	%		0.86	%
Property & Casualty Insurance		0.47	%		0.36	%		0.83	%
Retail REITs		0.20	%		0.57	%		0.77	%
Apparel, Accessories & Luxury Goods		0.39	%		0.38	%		0.77	%
Packaged Foods & Meats		0.25	%		0.51	%		0.76	%
Industrial Conglomerates		0.68	%		0.07	%		0.75	%
Personal Products		0.50	%		0.23	%		0.73	%
Technology Hardware, Storage & Peripherals		0.55	%		0.18	%		0.73	%
Asset Management & Custody Banks		0.66	%		0.06	%		0.72	%
Electric Utilities		0.14	%		0.56	%		0.70	%
Technology Distributors		0.66	%		0.02	%		0.68	%
Soft Drinks		0.61	%		0.00	%		0.61	%
Integrated Oil & Gas		0.00	%		0.61	%		0.61	%
Human Resource & Employment Services		0.61	%		0.00	%		0.61	%
Alternative Carriers		0.56	%		0.05	%		0.61	%
Industrial Gases		0.00	%		0.60	%		0.60	%
Financial Exchanges & Data		0.32	%		0.23	%		0.55	%
Aerospace & Defense		0.33	%		0.20	%		0.53	%
Steel		0.46	%		0.06	%		0.52	%
Specialty Chemicals		0.00	%		0.50	%		0.50	%
Home Building		0.00	%		0.50	%		0.50	%
Trucking		0.40	%		0.08	%		0.48	%
Distributors		0.48	%		0.00	%		0.48	%
Food Retail		0.07	%		0.40	%		0.47	%
Airlines		0.00	%		0.45	%		0.45	%
Healthcare Distributors		0.02	%		0.41	%		0.43	%
Regional Banks		0.20	%		0.22	%		0.42	%
Auto Parts & Equipment		0.04	%		0.37	%		0.41	%
Systems Software		0.38	%		0.00	%		0.38	%
Biotechnology		0.36	%		0.00	%		0.36	%
Wireless Telecommunication Services		0.24	%		0.11	%		0.35	%
Life Sciences Tools & Services		0.16	%		0.17	%		0.33	%
Coal & Consumable Fuels		0.00	%		0.33	%		0.33	%
Managed Healthcare		0.32	%		0.00	%		0.32	%
General Merchandise Stores		0.00	%		0.30	%		0.30	%
Reinsurance		0.10	%		0.20	%		0.30	%
Automobile Manufacturers		0.03	%		0.27	%		0.30	%
Metal & Glass Containers		0.29	%		0.00	%		0.29	%
Healthcare Services		0.22	%		0.07	%		0.29	%
Internet & Direct Marketing Retail		0.23	%		0.05	%		0.28	%
Diversified REITs		0.09	%		0.19	%		0.28	%
Tobacco		0.03	%		0.25	%		0.28	%
Research & Consulting Services		0.26	%		0.00	%		0.26	%
Gas Utilities		0.00	%		0.25	%		0.25	%
Electronic Components		0.21	%		0.03	%		0.24	%
Publishing		0.15	%		0.08	%		0.23	%

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

Industry	Domestic			Foreign			Total
Real Estate Operating Companies		0.00	%		0.23	%		0.23	%
Diversified Real Estate Activities		0.00	%		0.22	%		0.22	%
Internet Services & Infrastructure		0.21	%		0.00	%		0.21	%
Electronic Manufacturing Services		0.17	%		0.04	%		0.21	%
Diversified Support Services		0.21	%		0.00	%		0.21	%
Investment Banking & Brokerage		0.21	%		0.00	%		0.21	%
Independent Power Producers & Energy Traders		0.08	%		0.11	%		0.19	%
Footwear		0.19	%		0.00	%		0.19	%
Industrial Machinery		0.03	%		0.16	%		0.19	%
Specialty Stores		0.18	%		0.01	%		0.19	%
Thrifts & Mortgage Finance		0.18	%		0.00	%		0.18	%
Restaurants		0.16	%		0.01	%		0.17	%
Oil & Gas Exploration & Production		0.15	%		0.02	%		0.17	%
Broadcasting		0.16	%		0.01	%		0.17	%
Insurance Brokers		0.16	%		0.00	%		0.16	%
Cable & Satellite		0.15	%		0.01	%		0.16	%
Home Furnishing Retail		0.16	%		0.00	%		0.16	%
Real Estate Development		0.00	%		0.15	%		0.15	%
Industrial REITs		0.01	%		0.13	%		0.14	%
Interactive Media & Services		0.03	%		0.11	%		0.14	%
Electronic Equipment & Instruments		0.13	%		0.01	%		0.14	%
Commodity Chemicals		0.00	%		0.13	%		0.13	%
Paper Products		0.12	%		0.00	%		0.12	%
Leisure Facilities		0.10	%		0.00	%		0.10	%
Agricultural Products		0.00	%		0.10	%		0.10	%
Hotel & Resort REITs		0.09	%		0.00	%		0.09	%
Office Services & Supplies		0.02	%		0.07	%		0.09	%
Oil & Gas Equipment & Services		0.08	%		0.00	%		0.08	%
Healthcare Supplies		0.08	%		0.00	%		0.08	%
Advertising		0.02	%		0.06	%		0.08	%
Oil & Gas Storage & Transportation		0.00	%		0.08	%		0.08	%
Healthcare Facilities		0.05	%		0.03	%		0.08	%
Construction Materials		0.00	%		0.08	%		0.08	%
Construction & Engineering		0.01	%		0.06	%		0.07	%
Marine Ports & Services		0.00	%		0.06	%		0.06	%
Specialized REITs		0.06	%		0.00	%		0.06	%
Leisure Products		0.03	%		0.02	%		0.05	%
Automotive Retail		0.05	%		0.00	%		0.05	%
Household Products		0.00	%		0.04	%		0.04	%
Healthcare Technology		0.04	%		0.00	%		0.04	%
Semiconductor Equipment		0.03	%		0.01	%		0.04	%
Health Care REITs		0.04	%		0.00	%		0.04	%
Electrical Components & Equipment		0.04	%		0.00	%		0.04	%
Brewers		0.02	%		0.02	%		0.04	%
Hotels, Resorts & Cruise Lines		0.00	%		0.03	%		0.03	%
Education Services		0.03	%		0.00	%		0.03	%
Marine		0.00	%		0.03	%		0.03	%
Airport Services		0.00	%		0.03	%		0.03	%
Other Diversified Financial Services		0.00	%		0.02	%		0.02	%
Water Utilities		0.00	%		0.02	%		0.02	%
Motorcycle Manufacturers		0.00	%		0.02	%		0.02	%
Construction Machinery & Heavy Trucks		0.01	%		0.01	%		0.02	%
Fertilizers & Agricultural Chemicals		0.02	%		0.00	%		0.02	%
Building Products		0.02	%		0.00	%		0.02	%
Oil & Gas Drilling		0.01	%		0.01	%		0.02	%
Consumer Electronics		0.02	%		0.00	%		0.02	%
Consumer Finance		0.02	%		0.00	%		0.02	%
Distillers & Vintners		0.02	%		0.00	%		0.02	%
Residential REITs		0.02	%		0.00	%		0.02	%
Gold		0.00	%		0.01	%		0.01	%
Drug Retail		0.00	%		0.01	%		0.01	%
Textiles		0.00	%		0.01	%		0.01	%
Renewable Electricity		0.00	%		0.01	%		0.01	%
Highways & Railtracks		0.00	%		0.01	%		0.01	%
Diversified Metals & Mining		0.00	%		0.01	%		0.01	%
Diversified Capital Markets		0.00	%		0.01	%		0.01	%
Copper		0.00	%		0.01	%		0.01	%
Interactive Home Entertainment		0.00	%		0.01	%		0.01	%
Paper Packaging		0.01	%		0.00	%		0.01	%
Household Appliances		0.00	%		0.00	%		0.00	%
Aluminum		0.00	%		0.00	%		0.00	%
Tires & Rubber		0.00	%		0.00	%		0.00	%
Food Distributors		0.00	%		0.00	%		0.00	%
Specialized Finance		0.00	%		0.00	%		0.00	%
								64.38	%

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

State Street Total Return V.I.S. Fund
Schedule of Investments	December 31, 2018

Sector	Percentage (based on Fair Value)
U.S. Treasuries		17.04	%
Agency Mortgage Backed		6.39	%
Corporate Notes		6.37	%
Sovereign Bonds		0.35	%
Non-Agency Collateralized Mortgage Obligations		0.25	%
Municipal Bonds and Notes		0.17	%
Agency Collateralized Mortgage Obligations		0.15	%
Asset Backed		0.11	%
U.S. Government Sponsored Agencies		0.03	%
		30.86	%
Short-Term Investments
Short-Term Investments		4.76	%
		4.76	%
		100.00	%

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 12/31/18		Value at 12/31/18		Dividend Income
SPDR Bloomberg Barclays High Yield Bond ETF		2,022,863		74,279,529		35,424,700		5,772,708		(193,121	)		(8,122,752	)		2,846,551	$	95,615,648		4,708,174
SPDR Dow Jones REIT ETF		—		—		43,344,692		3,699,772		(35,252	)		(4,307,958	)		410,485		35,301,710		964,276
State Street Corp.		13,036		1,272,444		—		1,146,900		622,094			(747,638	)		—		—		10,446
State Street Institutional U.S. Government Money Market Fund - Class G Shares		93,039,371		93,039,371		738,230,353		740,644,235		—			—			90,625,489		90,625,489		1,161,800
TOTAL			$	168,591,344	$	816,999,745	$	751,263,615	$	393,721		$	(13,178,348	)			$	221,542,847	$	6,844,696

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 forClosed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities byClosed-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.

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 Rule30a-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 FormN-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 Rule30a-3(b) under the 1940 Act and Rules13a-15(b) or15d-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 Rule30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter of the period covered by this FormN-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 forClosed-End Management Investment Companies.

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

Item 13. Exhibits.

(a)(1) Code of Ethics pursuant to Item 2 of FormN-CSR is attached hereto.

(a)(2)  Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule30a-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 Rule30a-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:	March 1, 2019

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:	March 1, 2019
By:	/s/ Arthur A. Jensen
	Arthur A. Jensen Treasurer (Principal Financial Officer)

Date: March 1, 2019